We expect muted 2Q:25 results as FORR continues to navigate a challenging environment, while focusing on initiatives to drive growth and expand profitability. Although the revamped sale team has been successful in increasing customer engagement and expanding the pipeline, the sales cycle to close the deals has lengthened. On a positive note, multi-year contracts continued to grow in 1Q:25. FORR is focusing on launching research directed at helping its clients navigate the current economic uncertainties with a specific focus on AI and Cybersecurity. Management expects cash flow to return to historical levels. 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 $14 price target by applying an 16x multiple to our 2026 non-GAAP adjusted EPS projection of $0.87. Given Forrester's operating history, management experience, sustained profitability and cash flow generation, we apply a moderate risk rating.