We forecast 2Q:25 revenue increased 2.2% from the year-earlier quarter to $182.4 million and EBITDA increased 1.5% to $44.5 million. 2025 has been a transition year for ATN's U.S. operations. We expect revenue growth to improve as the company begins to monetize its fiber investments. While revenue growth in the U.S. has been slower to develop, free cash flow is significantly improving. The balance sheet remains in good shape, in our view. ATN ended 2Q:25 with $470 million of net debt and net leverage of 2.6x. We maintain our $36 price target, based on 14x our 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.