As we see it, total revenue in 2Q:25 was $475.9 million, reflecting the exit from the Global E-commerce segment and an estimated increase in Presort Services sales, which was partly offset by an expected year-over-year sales decline in SendTech Solutions. Along with expected operating margin improvement and reduced interest costs, we estimate EPS of $0.27 in 2Q:25 versus $0.03 reported a year earlier. Assuming additional corporate overhead expense reductions and lower interest expenses, we estimate 2025 and 2026 EPS of $1.25 and $1.34, respectively, from just $0.55 in 2024. Our moderate risk rating on PBI is supported by the company's improving earnings profile and solid free cash flow.