Reported EPS of $0.18 fell short of our $0.37 estimate due to lower-than-expected revenue and margins. Total revenue of $935 million was down 9.9% year over year and missed of our $970 million forecast due to reduced client demand from U.S. federal government customers and certain large customers. Management commented that for 4Q:25, total company revenue would decline 12%-14% year over year, with an adjusted EBITDA margin of approximately 3%. We reduce our EPS estimates to $1.62 (from $2.03) in 2025, $1.74 (from $2.56) in 2026 and introduce our estimate of $2.20 in 2027. Our free cash flow per share (excluding the add back of stock-based compensation expense) estimates of $2.11 (from $3.16) in 2025, $2.57 (from $3.69) in 2026 and $2.99 in 2027 imply respective FCF yields of 22.5%, 27.5% and 31.9%. Our new $20 price target is based on 9x our 2027 EPS estimate of $2.20. Our prior $26 price target was based on 10x our previous 2026 EPS estimate of $2.56. Our reduced multiple is due to the expanded time horizon to our 2027 estimate. We view the multiple as appropriate as it represents an 18% discount to the average forward 12-month P/E multiple of 11x over the last decade. Free cash flow generation and an attractive balance sheet further support the multiple and our moderate risk rating, in our view.