We are encouraged by UIS's 4Q:25 results. Although we expect softer revenue in 2026 before a return to growth in 2027, we anticipate continued profitability expansion aided by restructuring initiatives, efficiency and scale on higher revenue. Although 2026 revenue guidance was below our expectations, management said it expects higher margins. We adjust our model to reflect the updated guidance. We expect Digital Workplace Solutions (DWS) and Cloud, Applications and Infrastructure (CA&I) to remain muted in 2026 before returning to growth in 2027. A lower license renewal in 2026 is also lowering revenue. We expect this to continue in 2026 before a return to growth in 2027. However, we expect margins to continue to improve. We expect management to remain focused on expenses and cash flow. We expect the company to continue to use cash to fund pension obligations, and think it will undertake further annuity purchases. We expect UIS to continue to benefit from the digital transformation and secular tailwinds from artificial intelligence (AI) that is embedded in its solutions, making the company more competitive, especially with its proprietary data to support the AI.