III reported 3Q:25 EPS of $0.07 matching our expectations, led by revenue of $62.4 million which exceeded our $60.7 million forecast. Artificial Intelligence (AI) research and advisory services ended the quarter with over 350 clients with AI-related revenue which was four times greater than the prior year period ISG Tango (the digital sourcing platform) ended 3Q:25 with a total contract value of over $15 billion, up from $11 billion in 2Q:25. Management provided 4Q:25 revenue guidance range of $60.5-$61.5 million (vs. our prior estimate of $58.9 million) and adjusted EBITDA of $7.5-$8.5 million (vs. our prior $6.8 million estimate). Adjusting for 3Q:25 results, higher expected taxes, management commentary and our updated expectations, we lower our EPS estimates to $0.22 (from $0.23) in 2025 and $0.34 (from $0.39) in 2026 and introduce our 2027 estimate of $0.45. Our free cash flow per share (excluding the add back of stock-based compensation expense) estimates of $0.23 (from $0.19) in 2025, $0.29 (from $0.34) in 2026 and $0.40 in 2027 imply respective FCF yields of 3.7%, 4.8% and 6.5%. Our $8 price target now based on 18x our newly introduced 2027 EPS estimate of $0.45. The target was previously based on 20x our prior 2026 EPS estimate of $0.39. Our multiple represents a 10% discount to the 5-year EPS CAGR projection of 20% and nearly matches the 17.7x P/E multiple to our updated 2026 estimate. Free cash flow, the attractive global customer base and the solid balance sheet support the multiple and our moderately risky rating, in our view.