While 2Q:25 EPS of $1.88 was $0.04 above consensus and the year ago $1.83 tally, it was $0.12 below our street-high estimate. The shortfall relative to our estimate was exclusively due to interest expense of approximately $1.8 million, a $0.19 per share impact by our calculation. Total revenue of $186.9 million was up 9.0% year-over-year and bested our $182.7 million estimate. Seven practices reported revenue gains against the prior year. Four practices (Antitrust & Competition Economics, Energy, Intellectual Property and Labor & Employment) reported double-digit revenue growth year-over-year. CRAI increased 2025 guidance, which now includes a revenue range (on a constant currency basis) of $730-$745 million (up from $715-$735 million) and an adjusted EBITDA margin range of 12.3%-13.0% (from 12.0%-13.0%). While we view the fundamentals as positive, we now anticipate interest expenses of $4.8 million in 2025 (up from our prior estimate of $0.3 million). As a result, we reduce our EPS estimate to $8.05 (from $8.35) in 2025 and maintain our estimate of $8.83 in 2026. Our free cash flow per share (excluding the add back of stock-based compensation expense) estimate of $11.39 (from $11.70) in 2025 and $11.82 in 2026 imply respective FCF yields of 6.5% and 6.7%. Our $244 (from $247) price target is based on 26x our 2026 EPS estimate of $8.83, plus projected year-end 2026 net cash per share of $14.39 (from $17.76). On a P/E-only basis, the price target implies a 27.6x multiple of our 2026 EPS estimate, which we view as consistent with high level consulting peers. Attractive fundamentals, high client retention and free cash flow support the valuation and moderate risk rating, in our view