Reported 2Q:25 EPS of $0.06 (excluding the add back of stock-based compensation) was flat with the year ago tally and exceeded our estimate by $0.01, led by revenue and margin gains. Revenue of $61.6 million was $1.7 million above our estimate, as well as the guidance range provided by management of $59.5-$60.5 million. Revenue strength was led by the Americas revenue growth of 16% (excluding divestiture impacts), which included client gains for ISG Tango and artificial intelligence (AI) services. Management provided 3Q:25 revenue guidance range of $60.5-$61.5 million (versus our prior estimate of $58.7 million) and adjusted EBITDA of $7.5-$8.5 million (compared with our former estimate of $6.7 million). We increase our 2025 EPS estimate to $0.23 (from $0.21) and maintain our $0.39 estimate in 2026. III announced the agreement to acquire Martino & Partners, a privately held advisory firm based in Milan, Italy with public sector client exposure and recurring revenue streams. Our free cash flow per share (excluding the add back of stock-based compensation expense) estimates of $0.19 (from $0.16) in 2025 and $0.34 in 2026 imply respective FCF yields of 4.5% and 8.0%. Our $7 price target is based on 19x our 2026 EPS estimate of $0.39. Free cash flow generation, the global customer base and a strengthened balance sheet support the multiple and our moderately risky rating, in our view.