2Q:25 results were a bit of a mixed bag, in our view, as lower than expected revenue ($461.9 million versus our estimate of $475.9 million) was offset by adjusted EPS of $0.27, matching our forecast. Management noted that under prior management, the Presort Services segment overemphasized driving higher segment margins, which resulted in some clients moving to competitors. PBI is now working to win back those clients, which we think will materialize over the coming quarters. Nevertheless, Pitney Bowes trimmed its outlook for revenue and EBIT for this year though, with increased share buybacks, PBI raised its EPS guidance. Hence, mainly reflecting a lower diluted share count assumption, partly offset by reduced sales and margin expectations, we increase our 2025 EPS estimate by $0.04 to $1.29. Otherwise, we maintain our 2026 EPS estimate of $1.34. Pitney Bowes also announced that Paul Evans (a former Board director of PBI) is now the CFO, replacing Bob Gold. Mr. Evans and CEO Kurt Wolf previously worked together, including as Board directors at Game Stop (NYSE: GME, NC) in 2020-2021. Our moderate risk rating on PBI factors in the company's enhanced earnings profile, solid free cash flow and increasing dividends (raised last night by $0.01 per quarter to $0.08 per share now).