Hawkins reported 3Q:F26 sales of $244.1 million compared to our $247.4 million estimate, with gross profit of $50.8 million versus our $56.5 million estimate and adjusted EPS of $0.70 compared to our $0.87 estimate. Results reflected continued pressure from amortization and interest expense associated with the company's acquisition of WaterSurplus. In light of recent performance and management commentary, we are adopting a more conservative near-term modeling stance. We now forecast F2026 sales of $1.073 billion (from $1.085 billion) and adjusted EPS of $4.05 (from $4.30), reflecting ongoing acquisition-related expense headwinds. For F2027, we lower our full-year sales estimate to $1.14 billion (from $1.16 billion) and adjusted EPS to $4.60 (from $5.10). While near-term earnings visibility remains impacted by integration timing, we believe these revisions better reflect the pace at which acquisition benefits are realized. We are introducing F2028 estimates and shifting our longer-term optimism accordingly. We now model F2028 sales of $1.225 billion and adjusted EPS of $5.10, reflecting expectations for a return to long-term organic growth rates across all segments. Despite significant acquisition activity over the past year, management continues to demonstrate strong cash flow generation and balance sheet discipline. Total debt declined to $264 million at the end of 3Q:F26 from $279 million at the end of 2Q:F26, while leverage improved to 1.47x from 1.53x. We maintain our $184 price target, based on an intact 36x our newly introduced F2028 EPS estimate of $5.10 (previously based on our prior F2027 EPS estimate of $5.10). We justify this multiple relative to the company's 20x five-year average based on its strategy to invest in its higher margin Water Treatment segment. Our moderate risk rating reflects Hawkins' portfolio strategy, historical and projected earnings expansion, healthy balance sheet and consistent dividend payment.