On Friday, January 30th after the market closed, Hunt Equity Opportunities finalized its acquisition of Class B (KELYB) shares from the Terence E. Adderley Revocable Trust K, making Hunt the controlling shareholder of Kelly Services. James Christopher (Chris) Hunt joins as Board Chairman, with three additional Hunt directors, while five former members announced resignations, effective immediately. As a reminder, Chris Layden was appointed President/Chief Executive Officer last September. In November, management commented that 4Q:25 revenue would decline 12%-14% year over year, due to reduced demand from U.S. Federal contractors and large existing customers, and anticipated impacts from the federal government shutdown. We maintain our estimates of $1.62 in 2025, $1.74 in 2026 and $2.20 in 2027. Our free cash flow per share (excluding the add back of stock-based compensation expense) estimates of $2.11 in 2025, $2.57 in 2026 and $2.99 in 2026 imply respective FCF yields of 19.5%, 23.8% and 27.7%. Our $20 price target is based on 9x our 2027 EPS estimate of $2.20. We view the multiple as appropriate and note it represents an 18% discount to the average forward twelve-month P/E multiple of 11x over the last decade. We think the attractive free cash flow generation and balance sheet support the multiple and moderate risk rating.