TBI reported a $0.07 loss per share, a $0.24 improvement on our estimate, due to lower-than-expected SG&A expenses and the benefit of one-time items. Total revenue of $369.3 million was slightly higher than the $396.2 million reported in the year-earlier period, marking the first revenue growth quarter since 2Q:22. Management provided guidance included 3Q:25 revenue of $400-$417 million (versus our prior estimate of $385.2 million), with a gross margin contraction of 240-280 basis points year over year and SG&A expenses of $93-$97 million (versus our prior $96.3 million forecast). We now estimate a loss per share of $0.57 (an improvement from a loss per share of $0.64) in 2025 and maintain our EPS estimate of $0.87 in 2026. Our free cash flow (excluding the add back of stock-based compensation expense) per share estimates of $0.63 (from $0.70) in 2025 and $1.64 in 2026 imply FCF yields of 9.9% and 25.9%, respectively. TrueBlue shares closed last night trading at 78% of tangible book value, supporting the potential upside, in our view. Our $11 price target is based on 11x our 2026 EPS estimate of $0.87, plus our projected 2026 year-end net cash per share estimate of $0.96 (from $1.52). On a P/E-only basis, our target implies a 12.6x multiple to our 2026 EPS estimate. Shares of TrueBlue have traded at an average forward P/E multiple of 13.5x over the last decade, nearly matching our five-year EPS CAGR of 14%. Our moderate risk rating is based on the solid balance sheet and free cash flow generation.