Management commented last November that total revenue would decline 12%-14% year over year, due to client demand reductions led by losses of U.S. Federal contractors and other large customers. As a result, we maintain our 4Q:25 EPS estimate of $0.48, down from reported EPS of $0.82 in 4Q:24. We maintain our estimates of $1.62 in 2025, $1.74 in 2026 and $2.20 in 2027. Our free cash flow per share (excluding the add back of stock-based compensation expense) estimates of $2.11 in 2025, $2.57 in 2026 and $2.99 in 2026 imply respective FCF yields of 19.0%, 23.1% and 26.9%. The $20 price target is based on 9x our 2027 EPS estimate of $2.20. We view the multiple as reasonable, as it represents an 18% discount to the average forward twelve-month P/E multiple of 11x over the last decade. Free cash flow generation and strong balance sheet support the multiple and moderate risk rating, in our view.