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, with growth resuming in F2026. SCHL recently disclosed updates to its shareholder value enhancement initiatives centered on cost reductions and optimizing capital allocation. In addition, the company updated its F2025 adjusted EBITDA guidance to $140-$150 million (up from a previously narrowed $140 million at 3Q:F25). The update follows reduced expenses to align the cost structure with demand trends, in our view. We take up our adjusted EBITDA forecast for F2025 to $142 million from $140 million on modest 1.4% revenue growth. SCHL recently disclosed the integration of its Trade Publishing, Book Fairs and Book Clubs divisions into the newly formed Children's Book Group (CBG) to align the school distribution channels and maximize the value of IP. The CBG will be led by Sasha Quinton, who led what we believe was a well-executed transition of the Book Fairs business, improving fair economics and profitability. We forecast mixed revenue trends, with strong frontlist title sales and cost reductions, drove a 51% year over year decline in EPS in 4Q:F25. SCHL maintains a healthy balance sheet, supported by strong free cash flow generation. The company had a manageable net debt position of $186 million at 3Q:F25 and real estate assets that could be monetized. We maintain our $35 price target, based on 16x our F2026 EPS forecast of $2.13. Our moderate risk rating balances SCHL's strong market position in children's book publishing and current restructuring initiatives.