Revenue increased 2.6% year over year to $183.2 million in 3Q:25 and was just above our $182.4 million forecast. The International segment performed in line with our forecast, but progress in the company's U.S. Telecom transformation drove revenue growth and better-than-projected profitability from this business. As a result, EPS increased to $0.16 from $0.01 a year earlier, beating our loss per share forecast of $0.06. With its major company-funded fiber investments complete, free cash flow (FCF) is showing strong improvement this year. The balance sheet remains in good shape, in our view. ATN ended 3Q:25 with $460 million of net debt and net leverage of 2.5x. We raise our price target to $39, based on an unchanged 14x our newly introduced 2027 FCF per share estimate of $2.76. Our previous $36 price target was based on 14x our previous 2026 FCF per share estimate of $2.60. Considering the company's asset base, rising cash flow, and leading market position in international markets, we maintain our Moderate risk rating.