While 3Q:25 revenue was a bit softer than we expected, margins were stronger, leading to an EPS beat on a non-GAAP basis. Management sounded optimistic and noted positive early feedback from the release of Forrester AI Access and the record contract win with the US Government, which should be a good reference contract for further wins. Management noted it does not expect general AI search models to compete with its offering, as Forrester's AI model Izola is based on proprietary and reliable research, that is not available on generative AI search functions, such as OpenAI, ChatGPT and others. We are adjusting our 2025 and 2026 projections based on the revised 2025 guidance and management's commentary. We also introduce 2027 estimates. We expect FORR to continue to be net cash positive and prioritize organic growth, M&A opportunities, share buybacks and debt paydown. We derive our $12 price target by applying a 13x multiple to our new 2027 non-GAAP adjusted EPS forecast of $0.95. We previously applied a 16x multiple to our 2026 non-GAAP adjusted EPS estimate of $0.75 to derive the $12 price target Given Forrester's operating history, management experience, sustained profitability and cash flow generation, we apply a moderate risk rating.