Achieved 100 consecutive quarters of revenue growth despite a challenging macroeconomic backdrop and tariff-related uncertainty that delayed customer purchase decisions. Performance was driven by a 22% increase in fulfillment revenue, reflecting the company's critical role in managing increasingly complex omnichannel supply chains. The acquisition of Carbon6 and SupplyPike has established leadership in the $750,000,000 revenue recovery addressable market, creating significant cross-sell opportunities. ...

Core Insights - SPS Commerce has announced the launch of MAX, which enhances agentic capabilities by leveraging 300,000 trading connections, decades of expertise, proprietary network intelligence, and billions of transactions to provide customers with greater value from AI [1] Company Developments - The introduction of MAX builds on SPS Commerce's recent AI-driven Fulfillment capabilities, marking a significant advancement in the company's offerings [1]

Thomson Reuters (TRI) came out with quarterly earnings of $1.07 per share, beating the Zacks Consensus Estimate of $1.06 per share. This compares to earnings of $1.01 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of +1.42%. A quarter ago, it was expected that this news and financial information company would post earnings of $0.81 per share when it actually produced earnings of $0.85, delivering a surprise of +4.94%.Over the la ...

Core Insights - Fenimore Asset Management's Q4 2025 investor letter indicates a solid yet volatile stock market, influenced by AI enthusiasm, economic uncertainty, and monetary policy concerns [1] - The firm anticipates mixed market conditions in 2026, with many AI-related stocks appearing expensive while high-quality companies are trading at multi-year lows, presenting potential investment opportunities [1] Market Performance - The S&P 500 Index rose by 2.66% in Q4 2025, driven by large-cap technology and communication services stocks [1] - Fenimore Small Cap Strategy returned -4.12%, underperforming the Russell 2000 Index, which returned 2.19% [1] - Fenimore Dividend Focus Strategy declined by -4.41% compared to the Russell Midcap Index's 0.16% return [1] - Fenimore Value Strategy saw a decline of -1.17% against the Russell Midcap Index's 0.16% return [1] Company-Specific Insights - FirstService Corporation (NASDAQ:FSV) was a significant performance detractor in the Fenimore Small Cap Strategy during Q4 2025 [2][3] - FSV's stock closed at $163.13 on January 15, 2026, with a one-month return of 5.46% and a 52-week loss of 10.55% [2] - FSV has a market capitalization of $7.469 billion [2] - The company faced slower-than-expected results due to weather-related issues in its restoration business tied to roofing [3] - Fenimore believes FSV has multiple avenues for reinvestment and that its management can generate long-term shareholder value [3]

Core Insights - Fenimore Asset Management's Q4 2025 investor letter indicates a solid yet volatile stock market, influenced by AI enthusiasm, economic uncertainty, and monetary policy concerns [1] - The firm anticipates mixed market conditions in 2026, with many AI-related stocks appearing expensive while high-quality companies are trading at multi-year lows, presenting potential investment opportunities [1] Performance Summary - The S&P 500 Index rose by 2.66% in Q4 2025, with large-cap technology and communication services sectors leading the market [1] - Fenimore Small Cap Strategy returned -4.12%, underperforming the Russell 2000 Index, which returned 2.19% [1] - Fenimore Dividend Focus Strategy declined -4.41% compared to the Russell Midcap Index's 0.16% return [1] - Fenimore Value Strategy saw a decline of -1.17% in Q4, also underperforming against the Russell Midcap Index [1] Company-Specific Insights - Dream Finders Homes, Inc. (NYSE:DFH) was identified as a significant performance detractor in the Fenimore Small Cap Strategy [2][3] - As of January 15, 2026, Dream Finders Homes, Inc. had a stock price of $20.30, with a one-month return of 13.41% but a 52-week loss of 15.87% [2] - The company has a market capitalization of $1.88 billion [2] - Challenges in affordability for first-time home buyers have impacted Dream Finders Homes, Inc., despite the company's asset-light approach and skilled management [3]

Core Insights - Fenimore Asset Management's Q4 2025 investor letter indicates a solid yet volatile stock market, influenced by AI enthusiasm, economic uncertainty, and monetary policy concerns [1] - The firm anticipates mixed market conditions in 2026, with many AI-related stocks appearing expensive while high-quality companies are trading at multi-year lows, presenting potential investment opportunities [1] Market Performance - The S&P 500 Index rose by 2.66% in Q4 2025, driven by large-cap technology and communication services stocks [1] - Fenimore Small Cap Strategy returned -4.12%, underperforming the Russell 2000 Index, which returned 2.19% [1] - Fenimore Dividend Focus Strategy declined -4.41% compared to the Russell Midcap Index's 0.16% return [1] - Fenimore Value Strategy also declined -1.17% against the Russell Midcap Index's 0.16% return, with underperformance attributed to investments in the financial and industrial sectors [1] Company Focus: SPS Commerce, Inc. - SPS Commerce, Inc. (NASDAQ:SPSC) was highlighted as a significant performance detractor in the Fenimore Small Cap Strategy [2][3] - As of January 15, 2026, SPS Commerce's stock closed at $91.24, with a one-month return of 0.74% and a 52-week loss of 52.23% [2] - The company has a market capitalization of $3.459 billion [2] - Management's poor acquisition decision has attracted activist attention, although the firm is still viewed as having multiple avenues for value creation [3]

Core Viewpoint - AMN Healthcare Services experienced a significant share price increase of 27.6%, closing at $19.55, following the release of a growth framework and 2026 revenue expectations, despite a prior 3.2% loss over the past month [1][2]. Company Performance - AMN Healthcare is projected to report quarterly earnings of $0.22 per share, reflecting a year-over-year decline of 70.7%, with expected revenues of $723.87 million, down 1.5% from the same quarter last year [3]. - The consensus EPS estimate for AMN Healthcare has remained unchanged over the last 30 days, indicating a lack of upward revisions in earnings estimates, which typically correlates with stock price movements [4]. Growth Expectations - The company’s 2026 "base scenario" anticipates revenue growth from the normalized fourth-quarter run-rate and a gross margin expansion of 50-100 basis points, consistent with management's commentary from the third-quarter 2025 earnings [2]. - Beyond 2026, AMN Healthcare aims for 4%-6% annual organic revenue growth, leading to 10%-15% adjusted EBITDA growth driven by gross margin mix improvement and SG&A leverage [2]. Industry Context - AMN Healthcare is part of the Zacks Business - Services industry, where another company, SPS Commerce, has also maintained a stable EPS estimate, reflecting a year-over-year increase of 12.4% [4][5].

Core Insights - The article highlights significant breakthroughs in flow cytometry expected in 2025, with spectral flow cytometry emerging as the mainstream technology, driven by multi-laser, high-channel, and full-spectrum systems that enhance multi-color detection capabilities [1][2] - New technologies such as imaging flow cytometry, Raman spectral flow cytometry, and nano flow cytometry are making notable progress, indicating a shift from "phenotypic analysis" to "structural and functional integration analysis" [2] Product Releases - A total of 13 new flow cytometry products from 11 manufacturers were reported for release in 2025, showcasing advancements in various types of flow cytometry technologies [3] - Key products include: - BD's FlowJo™ v11 flow analysis software, which features a new code architecture and intuitive interface for high-dimensional data mining [10] - Cytek's Aurora™ Evo system, which enhances the capabilities of the previous Aurora system with improved sensitivity and resolution [32] - BaySpec's Endogen 3 Implex, a high-throughput flow cytometer based on coherent Raman spectroscopy, capable of measuring at a rate of up to 24,000 spectra per second [26] Technological Advancements - The FACSDi scover™ A8/A8 FX imaging spectral flow cytometer by BD allows for high-definition imaging of cell morphology and subcellular structures, enhancing the understanding of cell function [7] - The OMNIS ONE by Cytek integrates a 5-laser, 79-channel full-spectrum detection system, achieving over 99% cell viability and 95% single-cell rate post-sorting [13] - The iQue® 5 high-throughput flow cytometer from Sartorius supports up to 27 channels and is designed for continuous operation, significantly reducing operational maintenance time [29] Application Scope - The advancements in flow cytometry technologies are applicable across various fields, including basic research, clinical tumor immune microenvironment analysis, and pathogen fine typing in infectious diseases [9] - The new products are designed to meet diverse laboratory needs, from high-dimensional immune analysis to clinical diagnostics, enhancing the capabilities of researchers and clinicians alike [24][30]

Summary of Earnings Call for US Application Software Industry Industry Overview - The earnings season for 3Q25 highlighted a bifurcation in sentiment between AI winners and the rest of the software sector, with companies like PEGA, APPN, BL, WK, and INTA showing positive performance in billings and ARR growth [1][2] - The overall sentiment in the Back Office Software sector remains negative, with valuations nearing 2016 lows on EV/revenue metrics [2][20] - AI adoption is increasing, but monetization is still in early stages for many companies, with notable early beneficiaries including PEGA, NAVN, APPN, OS, and BOX [3][11] Key Companies and Performance - **PEGA**: Reported solid cloud ACV growth of 27%, driven by its Blueprint product, despite temporary disruptions from government shutdowns [10][13] - **APPN**: AI is now adopted by 25% of its customer base, leading to significant enterprise wins and a 31% year-over-year growth in federal contracts [10][13] - **WK**: Achieved record large customer additions and sustained over 20% billings growth [10][13] - **NAVN**: Experienced momentum in enterprise sales, although impacted by a CFO transition [10][13] - **ROP**: Faced near-term headwinds due to government shutdowns and tariffs, resulting in softer organic growth [10][13] Market Trends and Sentiment - The market is showing a clear preference for high-growth companies with tangible AI monetization potential, while companies lacking clear catalysts are seeing reduced interest [2][20] - The overall software sector is underperforming the market, with the IGV index lagging behind the S&P 500 by 8.4 points year-to-date [20] - There is a notable shift in investor preference back towards growth, particularly for companies demonstrating AI-related growth, which are commanding higher EV/revenue multiples [23] Future Outlook - For 2026, there is potential for increased adoption of Office of the CFO applications driven by an ERP upgrade cycle, which could support higher growth in adjacent markets [12] - Ongoing M&A discussions and activist involvement are expected to create further opportunities within the sector [12] - The valuation fallout in financial software, combined with emerging themes, presents an attractive opportunity for investment in the Office of the CFO segment [12] Additional Insights - The sentiment for HR software remains negative due to concerns over seat-based pricing models and labor market conditions [17] - The Back Office Software sector has underperformed the IGV over the last six months, with significant declines in financial and supply chain management software attributed to macroeconomic impacts [17][20] - Companies like VERX, SPSC, and EXFY have seen substantial declines in stock performance, driven by lower-than-expected earnings and macroeconomic challenges [17] This summary encapsulates the key points from the earnings call, highlighting the performance of specific companies, market trends, and future outlooks within the US Application Software industry.

Core Insights - A group of five growth stocks is highlighted as potential multibaggers for long-term investors, despite recent declines of 22% to 55% from their 52-week highs [1][2] Group 1: Rocket Lab USA - Rocket Lab USA has seen its sales increase nearly tenfold since its IPO in 2021, positioning it as the No. 3 player in the launch services industry [4][5] - The company is expected to launch its Neutron rocket in Q1 next year, which could enhance its competitive stance against larger peers like SpaceX [4] - The space industry is projected to grow from $630 billion in 2023 to $1.8 trillion by 2035, indicating significant growth potential for Rocket Lab, which has a current market cap of $28 billion [7] - Rocket Lab's gross margin stands at 28.93%, and shares are currently 20% below their high, making it an attractive investment opportunity [9] Group 2: Kinsale Capital - Kinsale Capital Group has delivered a 39% total return since its 2016 IPO, with a combined ratio of 77%, outperforming peers with an average of 92% [10][11] - The company focuses on small, hard-to-assess risks, which has allowed it to carve out a profitable niche, although its revenue growth slowed to 19% in the latest quarter due to increased pricing competition [12] - Kinsale's stock is down 24% due to this growth slowdown, presenting a potential buying opportunity [13] Group 3: MercadoLibre - MercadoLibre has transformed from $85 million in sales at its 2007 IPO to $26 billion today, making it a 70-bagger [14] - The company operates in a market where online buying penetration in Latin America is only half that of the U.S., indicating further growth potential [15] - MercadoLibre's logistics network supports its e-commerce and fintech operations, and the stock has dipped 23% from its July 2025 highs, making it a favorable buy [16] Group 4: SPS Commerce - SPS Commerce has delivered 18% annualized returns since 2010, with sales growing 26 times in value during that period [17] - The company has achieved 99 consecutive quarters of positive sales growth, although its growth rate has decelerated, leading to a 55% drop in stock price over the last year [18] Group 5: Dutch Bros - Dutch Bros has seen a 14% annual stock price increase since 2021 and aims to expand from 1,089 locations to 2,029 by 2029 [20] - The company plans to buy back shares using at least half of its free cash flow, marking a shift from previous reliance on issuing new shares [21][22] - Despite trading at 40 times cash from operations, the growth potential could make it a multibagger if expansion goals are met [23]