The Q1 figures were compelling on their own, as adj. EPS came in 19% above consensus and corresponded to a run-rate P/E of 6.5x as of reporting morning. Despite this, the real headliner the Q2 bookings, which are set to ensure significant estimate revisions going forward. We lift our Q2 and 2026 EBITDA estimates by 20% and 5% respectively, leaving us with 18% upside to both Q2 and 2026 street estimates, respectively. While we did not get a distribution surprise during the quarter, we argue that ....
