While we expect a 2Q:25 year over year revenue decline due a tough compare in 2Q:24, we project a sequential improvement and expect an acceleration in 2H:25. At the release of 1Q:25 results the 2025 guidance was maintained, with non-GAAP operating margin expected to be above the midpoint of the guidance range of 6.5%-8.5% The company undertook a refinancing in June, which included extra capital to alleviate some of the pension overhang. We expect a positive tone at the earnings call and continue to expect 2H:25 revenue growth acceleration, supported by a strong backlog. We expect UIS to continue to benefit from a PC refresh cycle, the digital transformation and secular tailwinds from artificial intelligence (AI), which is embedded in UIS's solutions, making them more competitive. We expect a cash generation to improve in 2026 potentially aiding debt reduction. To derive our $8 price target, we apply an approximate 15x multiple to our 2026 GAAP EPS projection of $0.55; this multiple is roughly in line with the company's historical average. Debt reduction and a drop in Unisys' pension overhang are needed before we revisit our high risk rating. While the pension overhang has become less burdensome, we still view the debt level as a bit elevated at this point.