We maintain our 2Q:25 EPS estimate of $0.48, down from $0.71 in the prior year period due to the absence of one-time items. Our revenue forecast of $1.12 billion is up 6.1% year-over-year, partially led by two months of acquisition contributions Management noted that 2Q:25 total company revenue growth would be 6.0%-7.0%, with an adjusted EBITDA margin contraction of 20-30 basis points against the prior year. We maintain our EPS estimates of $2.13 in 2025 and $2.85 in 2026. We maintain our free cash flow per share (excluding the add back of stock-based compensation expense) estimates of $1.37 and $3.99 in 2026. Our estimates imply respective FCF yields of 11.3% and 33.0%. Our $29 price target is based on 10x our 2026 EPS estimate of $2.85. KELYA shares have traded at an average forward twelve-month P/E multiple of 11x over the last decade. Free cash flow generation, the company's diverse customer base and an attractive balance sheet support the multiple and moderate risk rating, in our view.