Mainly reflecting lower than anticipated sales in its Presort Services segment, PBI delivered total revenue of $459.7 million in 3Q:25, which trailed our forecast of $467.4 million. With a lower than expected EBIT, partly offset by share buybacks, EPS of $0.31 in 3Q:25 was a penny below our forecast. PBI now expects to be at the lower end of its previous forecast for revenue and EBIT and around the midpoint of its previous guidance for EPS in 2025. As we fine tune our quarterly assumptions, we trim our 2025 EPS estimate by $0.01 to $1.29 and maintain our 2026 annual EPS projection at $1.36. We also introduce our initial 2027 EPS estimate of $1.45. For the fourth consecutive quarter, Pitney Bowes raised its quarterly cash dividend, to $0.09 per share (was $0.08) and increased its share buyback program by $100 million to $500 million. Our $17 price target is now based on 12x our new 2027 EPS estimate of $1.45. Previously, we valued PBI at about 13x our 2026 EPS estimate of $1.36. Our moderate risk rating factors in PBI's healthy earnings profile, ample free cash flow and increasing dividends.