We model a softer start for APOG in 1Q:F27, as we forecast EPS to contract 39% year over year to $0.34 on a 5% sales decline to $329 million. Management expects continued pressure from pricing, volume, and elevated aluminum input costs. Heading into the call, a key focus for us will be gauging whether APOG is on track with pricing, productivity, and cost actions to offset the aforementioned input cost pressures. In May, APOG agreed to acquire Kalwall Companies, a leading provider of translucent daylighting solutions, for $105 million in cash and up to $10 million of cash earnout. We expect the 1Q:F27 release and call to also include an update to the company's financial guidance for Kalwall. Our estimates already embed Kalwall and assume a close at quarter-end 2Q:F27 (August 31, 2026). Our F2027 EPS estimate of $2.77 includes $0.05 from Kalwall, and our F2028 EPS estimate of $3.70 includes $0.13 of accretion. APOG enters fiscal 2027 with a leverage ratio of 1.2x. We project leverage to increase to 1.7x by the end of fiscal 2027, driven by the Kalwall acquisition, before improving to 1.0x by the end of fiscal 2028. We maintain our $45 price target, based on 14x our average F2027-F2028 EPS forecast of $3.24. We view the solid balance sheet as supportive of our moderate risk rating.