Revenue declined 1.1% to $181.3 million in 2Q:25, about in line with our $181.7 million forecast, due to declines in the U.S. Telecom segment, as this business transitions to fiber-focused services. Cost and efficiency programs helped narrow the loss per share to $0.10 in the quarter, from $0.35 a year ago but this was wider than our $0.07 forecast. 2025 is a transition year for ATN's U.S. operations, so revenue and operating income will be in line with 2024. FCF is going to improve however, now that the company's three-year capex cycle completed. While our cash flow estimates remain mostly unchanged, we are increasing our depreciation forecasts and lowering our earnings estimates. The balance sheet remains in good shape, in our view. ATN ended 1Q: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 (from $2.58). Considering the company's asset base, rising cash flow, and leading market position in international markets, we maintain our Moderate risk rating.