Our 3Q:25 EPS estimate of $0.37 implies gains against the $0.21 reported in 3Q:24 due to reduced operating expenses. We estimate SG&A expenses of $187.5 million, down from the $219.0 million reported in the prior year period, due to cost reduction efforts taken throughout the year. Management noted in August that 3Q:25 total company revenue would decline 5%-7% due to reduced client demand from U.S. federal contractors and other large customers. Kelly Services appointed Chris Layden president/chief executive officer, effective September 2. We estimate at least a half year for new leadership to develop and begin communicating updated strategic visions and goals, under normal circumstances. We maintain our EPS estimates of $2.03 in 2025 and $2.56 in 2026. Our free cash flow per share (excluding the add back of stock-based compensation expense) estimates of $3.16 in 2025 and $3.69 in 2026 imply respective FCF yields of 28.0% and 32.8%. Our $26 price target is based on 10x our 2026 EPS estimate of $2.56. We view the multiple as appropriate as it is consistent with the average forward 12-month P/E multiple of 11x over the last decade. Free cash flow generation and an attractive balance sheet support the multiple and our moderate risk rating, in our view.