Mainly reflecting better than expected SendTech sales, PBI reported 4Q:25 revenue of $477.6 million (a 7.5% decrease from 4Q:24) compared to our estimate of $469.8 million and the FactSet consensus forecast of $483.6 million. By segment, Presort Services sales declined 11.0% year over year to $159.7 million (estimated $161.1 million), while on a combined basis, SendTech Solutions and Other revenue decreased 5.5% to $317.9 million (expected $308.8 million). As detailed in Exhibit 1 below, both the gross margin and operating margin beat our forecasts. In addition, PBI benefited from an approximate 13% reduction of the diluted share count compared to 4Q:24. Hence, for 4Q:25, Pitney Bowes reported adjusted EPS of $0.45 compared to our consensus matching estimate of $0.38. For 2026, PBI introduced revenue guidance of $1.76-$1.86 billion (versus our prior estimate of $1.82 billion), EBIT of $410-$460 million (compared to our former forecast of $436.6 million) and EPS of $1.40-$1.60 (we had previously projected $1.38). For now, we bump up our 2026 EPS forecast to $1.40 (from $1.38) and maintain our 2027 EPS estimate at $1.47. CEO Kurt Wolf also noted in his shareholder letter that PBI remains on track to begin the second phase of its strategic review by the end of 2Q:25, working with independent financial and legal advisors to evaluate alternatives to its standalone value creation plan. We expect to update our EPS estimates further and will provide additional comments after today's 8:00am ET conference call: 844-543-0451. Our $17 price target is based on approximately 12x our 2027 EPS estimate of $1.47. Our moderate risk rating factors in our assumption of additional earnings growth, ample free cash flow generation and increasing dividends.