CNDT reported an adjusted (for divestitures and restructuring) loss per share of $0.13, compared to our loss per share forecast of $0.19. Revenue of $754 million slightly exceeded our $750 million estimate and represented an 8.9% decline year over year. Management updated 2025 guidance included adjusted revenue of $3.10-$3.20 billion (from $3.10-$3.25 billion) and adjusted EBITDA margin of 5.0%-5.5% (from 4.5%-5.5%). We maintain our adjusted (for divestitures and restructuring) loss per share estimate of $0.29 in 2025 and breakeven in 2026. We update our free cash flow (excluding the add back of stock-based compensation expense) per share estimates to $0.02 (from $0.11) in 2025 and $0.22 (from $0.30) in 2026. Our 2025 and 2026 estimates imply a respective FCF yield of 0.7% and 8.9%. Conduent's valuation is most appropriately tied to book value per share, in our view. Our $7 price target is therefore based on the year-end 2026 book value per share of $6.76 (from $6.85). The defensible business model, solid customer base and balance sheet improvements support both the valuation and our moderate risk rating, in our view.