We view SCHL's strong brand, content IP, and differentiated school distribution channels as key strengths. Current realignment initiatives in SCHL's Education Solutions businesses will require patience, in our view. We expect growth to resume in F2027. Though excluded from our estimates, SCHL remains on track to monetize its valuable real estate assets, which we forecast could generate after-tax proceeds of around $380 million that could be used to pay down debt and buyback shares. Management mentioned interest has been strong and the process could conclude before year end. Adjusting for 1Q:F26 results, we otherwise maintain our F2026 estimates, which call for 2% revenue growth due to strength across the Children's Book Group segment. Our F2026 adjusted EBITDA estimate of $162 million, up 11% from F2025 mostly due to expense management, falls within SCHL's $160-$170 million guidance. In SCHL's seasonally slower first fiscal quarter, the company's adjusted operating loss improved to $81.9 million in 1Q:F26 from $85.6 million in 1Q:F25 largely due to cost saving initiatives. Amid the summer months, early indicators for book fairs appear encouraging, according to the company. In addition, the content schedule remains strong with new titles poised to benefit 2Q:F26 trade sales. Education solutions sales will be weighted toward 2H:F26, according to SCHL, as the sales pipeline builds. SCHL maintains a healthy balance sheet and a strong free cash flow profile that can support capital allocation priorities, including sizable share buybacks. We maintain our $35 price target, based on 16x our F2027 EPS forecast of $2.10. Our moderate risk rating balances SCHL's strong market position in children's book publishing and current restructuring initiatives.