2Q:25 revenue declined 7.6% year over year to $1,586 million, beating our $1,571 million forecast, with both the retail and B2B segments contributing to the upside. EPS declined 10% to $0.51, also beating our $0.42 forecast. ODP's results were encouraging on several fronts. Revenue trends in both segments improved, restructuring efforts are supporting margins, and the B2B segment is gaining momentum with its large new contracts. We are particularly encouraged by the progress the B2B business is making in the hospitality market, a large new opportunity for ODP, and one the company is still not getting credit for. We maintain our outlook. In adjusting our model we refine our revenue and margin dispersion, leading us to trim our net estimates for this year and next. Lastly, cash conversion is improving. After declining sharply in 2024, free cash flow (FCF) has rebounded in the first half of 2025 and management is now projecting at least $115 of FCF (excluding restructuring charges) for the year. We maintain a Moderate risk rating and $41 price target, based on 12x our 2026 EPS estimate of $3.38 (from $3.45).