We are encouraged by UIS' 1Q:26 results and think the company is well positioned to achieve the full year 2026 guidance which was reaffirmed. We expect Digital Workplace Solutions (DWS) and Cloud, Applications and Infrastructure (CA&I) to remain muted in 2026 before returning to growth in 2027. Fewer license renewals in 2026 are also lowering revenue. We expect this trend 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 and that the company will continue to use cash to fund pension obligations and likely undertake further annuity purchases in 2H:26. We project UIS will 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 AI.