Revenue increased 1.6% year over year to $182.2 million in 1Q:26 and was just below our $183.4 million forecast. EPS of $0.12 was in line with our forecast and a significant improvement from a loss of $0.19 per share a year earlier as depreciation and interest expenses declined. ATN's network investments have laid the foundation for growth in the Americas. The company's business transformation is gaining some traction, but there still remains significant untapped potential within the markets it serves. ATN ended 1Q:25 with net debt of $447 million and net leverage of 2.3x, which we expect to decline to 1.2x by year-end 2026 after the company completes the sale of its U.S. tower assets in 2Q:26. We maintain our $69 price target, based on 25x our 2027 free cash flow (FCF) per share estimate of $2.77 (was $2.76). Considering the company's asset base, rising cash flow, and leading market position in international markets, we maintain our Moderate risk rating.