Reported EPS of $0.16 missed our $0.48 estimate and the consensus estimate of $0.44, primarily due to lower than anticipated margins. Revenue mix led to a gross margin of 18.8%, which was below our 20.9% estimate, leading to gross profit of $197.0 million, or $18.6 million below our forecast. Reported total revenue of $1.049 billion was down 11.9% year-over-year, slightly above our $1.03 billion forecast. Management commented that total company revenue would decline 11%-13% year over year in 1Q:26, due to reduced demand from key customers. As such, we reduce our EPS estimates to $0.78 (from $1.74) in 2026 and $1.95 (from $2.20) in 2027. Our free cash flow per share (excluding the add back of stock-based compensation expense) estimates of $1.19 (from $2.57) in 2026 and $2.68 (from $2.99) in 2027 imply respective FCF yields of 12.2% and 27.4%. The $18 price target is based on 9x our reduced 2027 EPS estimate of $1.95. The previous $20 price target was based on the same multiple applied to our former 2027 EPS estimate of $2.20. Our multiple is an 18% discount to the average forward twelve-month P/E multiple of 11x over the last decade, which we view as reasonable given the current revenue challenges. We think free cash flow generation and the solid balance sheet support both the multiple and moderate risk rating.