We view SCHL's strong brand, content IP, and differentiated school distribution channels as key strengths. Current repositioning efforts in the Education Solutions businesses will require patience, in our view. SCHL closed its previously announced sale-leaseback transactions, generating $401 million in net proceeds. With an increased buyback authorization ($150 million) and a renewed, shareholder focus on capital allocation, we expect SCHL will prioritize share buybacks in the near term. Our increased EPS estimates reflect a roughly 10% reduction in share count in both F2026 and F2027. We update our model to incorporate a net $14 million negative impact on adjusted EBITDA in 2H:F26 due to the sale-leaseback transactions. Our outlook reflects continued headwinds in Education Solutions, with sales down 19% through 1H:F26, and cost reductions to support margins. SCHL updated F2026 adjusted EBITDA guidance to $146-$156 million (from $160-$170 million), solely due to the $14 million impact from the real estate sale-leaseback transactions, which were not originally included in guidance. SCHL generated EPS of $2.57 in 2Q:F26, above our $2.07 estimate and ahead of $1.82 in the prior year period, driven by strong results in book fairs and trade channel sales as well as good expense management. The balance sheet has meaningfully improved, with the company in a net cash position of nearly $220 million pro-forma for the sale-leasebacks. SCHL has ample flexibility for further buybacks or debt retirement, potential upside catalysts. We maintain our $35 price target, based on 16x our F2027 EPS forecast of $2.18 (from $2.10). Our moderate risk rating balances SCHL's strong market position in children's book publishing and current restructuring initiatives.