As we see it, 3Q:F26 was a better than expected quarter; revenue of $293.0 million topped our estimate of $288.0 million and the loss of $0.77 per share was $0.03 narrower than we expected. Given management's guidance for revenue and profitability, that includes increased, targeted marketing spending, we now estimate a loss of $0.82 per share in 4Q:F26 (was a loss of $0.68 per share previously). After the reset year of F2026, we still expect FLWS to benefit from its efforts to have a more modern, AI-enabled, data-driven business model, along with expanded channels of distribution through third-party marketplaces and delivery apps. However, we reduce our F2027 revenue and margin projections and now estimate a loss of $0.25 per share versus EPS of $0.31 previously to reflect a more measured pace of demand and margin recovery. As we assume a more normalized macroeconomic and operating environment in F2028, we introduce our F2028 EPS estimate of $0.32. Our steady $6 price target is now based on 18x our new F2028 EPS estimate of $0.32; previously we valued FLWS at 18x our prior F2027 EPS projection of $0.31. Our moderate risk rating factors in our assumption for better results in F2027 and an expected return to positive free cash flow in F2027 and F2028.