Yesterday, ISG announced the acquisition of The AI Maturity Index. The AI Maturity Index is a leading tool that provides enterprises with a platform to address employees' readiness to adopt artificial intelligence. We think client spending growth will likely accelerate as long delayed technology investments begin to take place in a potentially lower interest rate environment. In November, management provided 4Q:25 revenue guidance of $60.5-$61.5 million (versus our estimate of $60.9 million). We maintain our EPS estimates of $0.22 in 2025, $0.34 in 2026 and $0.45 in 2027. Our free cash flow per share (excluding the add back of stock-based compensation expense) estimates of $0.23 in 2025, $0.29 in 2026 and $0.40 in 2027 imply respective FCF yields of 3.7%, 4.8% and 6.5%. Our $8 price target is based on 18x our 2027 EPS estimate of $0.45. Our multiple represents a 10% discount to the five-year EPS CAGR projection of 20%, primarily due to the time horizon to our 2027 estimate. Free cash flow, the global customer base, a 3% dividend yield and the balance sheet support the multiple and our Moderate risk rating, in our view.