Revenue in 1Q:25 grew 8% year over year to $97.7 million, beating our $96 million forecast. EPS of $0.08 was also above our loss per share estimate of $0.03 and considerably improved from the year ago $0.09 loss per share. While the connected home market was a strong contributor to growth in 2Q:25, growth in the market is proving more lumpy and less linear than projected. As a result, revenue and EPS guidance for 3Q:25 was below our former forecasts. Factoring a slower growth trajectory in the connected home market we are lowering our 2025 and 2026 revenue and EPS estimates. UEI continues to strengthen its balance sheet, ending 2Q:25 with a net cash position of $2.3 million, much improved from the net debt position of $18 million a year ago. We lower our price target to $8 (from $10) based on an unchanged 18x our newly lowered 2026 EPS estimate of $0.43 (from $0.58). We maintain a high risk rating given UEI's losses and the secular headwinds facing the cable market.