While 2Q:25 results were ahead of our projections led by better revenue, FORR tempered the upper end of its revenue guidance range for 2025, while maintaining margin and EPS expectations. While the pipeline expanded 15% sequentially it is still taking longer to close deals. Management is taking pro-active steps to improve this. We are adjusting our estimates to reflect the updated 2025 guidance and taking a more cautious stance towards our 2026 projections. FORR is focusing on improving its sales force. It has revamped its event team with a new leader and is adding new products to its offering. We expect FORR will continue to be net cash positive and prioritize organic growth, M&A opportunities, share buybacks and debt paydown. We derive our new $12 price target by applying a 16x multiple to our new 2026 non-GAAP adjusted EPS adjusted of 0.77. We previously used the same multiple on our prior 2026 non-GAAP adjusted EPS projection of $0.87 to derive our prior $14 price target. Given Forrester's operating history, management experience, sustained profitability and cash flow generation, we apply a moderate risk rating.