Reported EPS of $2.06 was $0.24 above our estimate, led by revenue of $185.9 million (up 10.8% year over year and $8.5 million above our estimate). Four practices (Antitrust & Competition Economics, Energy, Intellectual Property and Finance) reported double-digit revenue growth year over year. Management increased 2025 guidance to total revenue (on a constant currency basis) of $740-$748 million (up from $730-$745 million) and adjusted EBITDA margin of 12.6%-13.0% (from 12.3%-13.0%). We increase our EPS estimate to $8.25 (from $8.05) in 2025, maintain our estimate of $8.83 in 2026 and introduce our estimate of $9.92 in 2027. Our free cash flow per share (excluding the add back of stock-based compensation expense) estimate of $11.41 (from $11.39) in 2025, $11.82 in 2026 and $12.80 in 2027 imply respective FCF yields of 6.2%, 6.4% and 6.9%. Our new $260 price target is based on 24x our 2027 EPS estimate of $9.92, plus projected year-end 2027 net cash per share of $21.82. Our prior $253 price target was based on 27x our 2026 EPS estimate of $8.83, plus our previous projected year-end 2026 net cash per share of $14.39. Our reduced multiple is due to the expanded time horizon with the introduction of our 2027 estimates. On a P/E only basis, our price target implies a 26.2x multiple of our 2027 EPS estimate, which we view as consistent with high level consulting peers. Strong fundamentals, high client retention and free cash flow support the valuation and the moderate risk rating, in our view. CRA International is scheduled to present and host 1x1 meetings at the Sidoti Year-End Virtual Investor Conference on December 10-11.