美洲新兴软件：第一季度业绩中浮现的关键主题：重新审视首要投资观点；买入OS、VERX、WAY

Investment Rating - The report maintains a "Buy" rating for OneStream (OS), Vertex (VERX), and Waystar (WAY) based on increasing conviction following Q1 results and recent events [5][6][13]. Core Insights - The median stock in the SMID-cap software coverage is down approximately 15% year-to-date, contrasting with the S&P 500's decline of about 1%. Despite this, Q1 results were generally better than feared, with no companies lowering the high-end of their FY revenue guidance [17][19]. - The report emphasizes that management messaging has become crucial for share performance, with companies that provided clear guidance being rewarded, while those with less clarity faced negative reactions [37][39]. Key Themes Emerging from Q1 Results 1. Revenue performance was better than expected, with median revenue coming in about 1% ahead of consensus expectations [18][22]. 2. Profitability margins exceeded consensus by approximately 1.3%, although full-year outlooks remained largely unchanged [27][29]. 3. Management commentary was critical, influencing share performance more than formal guidance in some cases [37][38]. 4. Buyer behavior remained stable despite macro uncertainty, with some companies emphasizing faster time-to-value to address budget scrutiny [42][44]. 5. AI strategies are gaining focus, with companies beginning to discuss their AI roadmaps more deliberately [45][46]. Sub-Sector Takeaways - Vertical Software: Stocks are down about 10% year-to-date but have shown resilience with a median revenue and profitability performance coming in 2% and 9% ahead of consensus expectations, respectively [49][51]. - Back Office Software: Stocks are down approximately 10% year-to-date but have improved by about 16% since Q1 results, with median revenue and profitability also exceeding expectations [52][53]. - Front Office Software: Stocks have seen a significant decline of around 29% year-to-date, but median revenue and profitability were 1% and 6% ahead of guidance, respectively [54][56].