III reported 2Q:26 EPS (including stock based compensation expense) of $0.07 was just below our $0.08 estimate due to higher than anticipated stock-based compensation expenses. We note that GAAP EPS of $0.07 and the pro-forma EPS of $0.10 each exceeded our estimates by $0.01. Revenue of $65.5 million was up 6.4% year-over-year, above the $62.5-$63.5 million guidance range provided by management and our $61.5 million estimate. Management provided 3Q:26 revenue guidance range of $63.5-$64.5 million, above our prior $63.4 million forecast. Our revenue estimates of $253.8 million (from $249.7 million) in 2026 and $264.4 million in 2027 now imply growth of 3.7% in 2026 and 4.2% in 2027, led by improving demand trends driven by AI adoption and recurring revenue gains. We maintain our EPS estimates of $0.34 in 2026 and $0.44 in 2027. Our free cash flow per share (excluding the add back of stock-based compensation expense) estimates of $0.30 (from $0.29) in 2026 and $0.39 in 2027 imply respective FCF yields of 6.0% and 7.8%. The $9 price target is based on 20x our 2027 EPS estimate of $0.44. Our prior $8 price target was based on 18x the same our 2027 estimate. The increased multiple reflects improved revenue trends and now matches our 5-year EPS CAGR projection of 20%. Solid fundamentals, free cash flow generation and the improved balance sheet support the multiple and our moderate risk rating, in our view.