on 23-Feb-2026 23 February 2026 Global Software Global Software: Our thoughts on Snowflake vs. MongoDB into 4Q26 earnings Firoz Valliji, CFA +1 917 344 8316 firoz.valliji@bernsteinsg.com Over the longer term, we continue to favor MongoDB due to its exposure to a large and fast- growing market and its potential to benefit from AI adoption. For SNOW, we are encouraged by the innovation and execution focus under the new CEO. However, we remain concerned that competition is increasing in its core market and tha ...

Ultra Clean Reports Fourth Quarter and Full Year 2025 Financial Results [Accessibility Statement] Skip NavigationHAYWARD, Calif., Feb. 23, 2026 /PRNewswire/ -- Ultra Clean Holdings, Inc. (Nasdaq: UCTT), today reported its financial results for the fourth quarter and full year ended December 26, 2025."UCT delivered fourth quarter results in line with expectations, reflecting disciplined execution in a dynamic operating environment," said James Xiao, CEO. "As AI adoption gains momentum, we are increasing our ...

Summary of Enel Capital Market Day 2026 Company Overview - **Company**: Enel - **Event**: Capital Market Day 2026 - **Key Speakers**: CEO Flavio Cattaneo, CFO Stefano De Angelis Core Industry Insights - **Industry**: Energy and Utilities - **Trends**: Structural long-term growth in global power demand driven by data centers, AI, electric mobility, robotics, automation, and industrial recovery [3][4] - **Market Dynamics**: Anticipation of local accelerations in power demand, particularly in the U.S. [3] Financial Performance - **Net Income**: Improved to 30% [2] - **EBITDA Growth**: Increased by 5% per year [2] - **Earnings Per Share (EPS)**: Grew by 9% per year [2] - **Market Capitalization**: Increased by almost 50% during the mandate [2] Strategic Plan - **Investment Focus**: Increase in renewable generation investments, particularly in brownfield opportunities [4][6] - **Capital Expenditure (CapEx)**: Cumulative investment plan of EUR 53 billion, an increase of EUR 10 billion from the previous plan [6][13] - **Financial Flexibility**: Focus on maintaining a solid leverage level below sector average while optimizing capital allocation [6][35] Growth Drivers - **Renewable Energy**: Significant investment in renewable capacity expected to grow at a CAGR of 5% [35] - **Grid Expansion**: Regulated asset base in grids projected to expand at a CAGR of 6% [35] - **Data Centers**: Identified eight strategic locations for data centers, leveraging competitive advantages in permitting and site readiness [8][66] Efficiency and Productivity - **Efficiency Plan**: Targeting a 25% increase in efficiency compared to the 2022 baseline, leveraging AI and cloud-based applications [8][12] - **Cost Management**: Achieved a strong reduction in ICT costs by over 30% [12] Shareholder Returns - **Dividend Policy**: Proposed a dividend per share (DPS) of EUR 0.49, with a share buyback program of EUR 2.5 billion [34] - **EPS Target**: Expected EPS in the range of EUR 0.80-0.82 by 2028 [34] Market Risks and Considerations - **Energy Pricing**: Adjustments in assumptions for electricity prices in Italy and Spain due to changes in the ETS [40][72] - **Hydro Concessions**: Ongoing discussions regarding hydro concessions in Italy, with no immediate concerns [70][82] - **Regulatory Environment**: Potential changes in the European Union's pricing system could impact competitiveness [42] Conclusion - **Outlook**: Enel is positioned for sustainable growth with a focus on renewable energy, efficiency improvements, and shareholder returns while navigating market risks and regulatory changes [36]

Core Insights - Hyperscalers are significantly increasing their AI capital expenditure (capex) and are increasingly utilizing credit markets for funding, which is challenging their previously held 'fortress balance sheet' status [1][2][5] - Investors are concerned that this shift disrupts the "unspoken contract" that kept speculative AI spending separate from debt markets, raising questions about creditworthiness [4][5] Capital Expenditure Trends - Major tech companies like Amazon, Meta, and Alphabet have announced substantial increases in their full-year capex plans, with UBS projecting that aggregated capex among AI hyperscalers could exceed $770 billion by 2026, a 23% increase from prior expectations [2] - This increase in capex is expected to lead to an additional $40 billion to $50 billion in borrowing, pushing public market debt issuance to between $230 billion and $240 billion for the year [2] Market Dynamics - The shift towards bond markets is altering the relationship between hyperscalers and investors, as these companies are now seen as taking on more debt rather than relying solely on cash flow for AI investments [3][4] - Investors are now scrutinizing the debt levels of these companies, which were previously viewed as low-risk due to their strong credit ratings [5][10] Investor Sentiment - BlackRock has indicated that mega-cap tech companies are using the current credit issuance boom to bridge the gap between current investments and future revenues, raising concerns about rising corporate borrowing adding supply to bond markets [5][6] - The focus of the market has shifted to how AI adoption will translate into revenues and profits, creating a need for active investing strategies [9] Financial Health and Risks - While AI hyperscalers maintain strong balance sheets and cash flow generation, they are taking on more leverage, which raises concerns about potential hidden risks in the system [12][13] - There are fears that rapid technological advancements could render large data centers obsolete, impacting the long-term viability of investments in these assets [10][11]

Group 1: Small-Cap Stocks Overview - Small-cap stocks have underperformed large- and mid-cap indexes globally over the past decade, with exceptions in India and Australia, but valuation-driven opportunities may arise within this segment [1] - The valuation gap between large and small-cap stocks is more pronounced in Europe than in the U.S., indicating potential for growth in small-cap investments [2] Group 2: Software Industry Outlook - The global software industry is expected to see significant AI adoption and a shift towards AI-first products by 2026, leading to increased competition [3] - Larger software companies are likely to invest in becoming comprehensive platforms through strategic acquisitions, creating investment opportunities in select areas [3] Group 3: Small-Cap Software Infrastructure Stocks - A methodology was employed to identify U.S.-listed software infrastructure companies with market capitalizations between $300 million and $2 billion, focusing on those with at least 45% upside potential [6] - Nine small-cap software infrastructure stocks with the highest upside potential were selected and ranked [4][6] Group 4: Allot Limited (NASDAQ:ALLT) Analysis - Allot Limited has an upside potential of 45.6%, with Cantor Fitzgerald assigning an Overweight rating and a $15 price target, indicating a potential upside of over 49% [9] - The company is transitioning towards a security-centric consumer model, benefiting from strong business momentum and partnerships with telecom carriers, while its valuation remains below comparable companies [10] - Allot Limited offers network intelligence and security solutions, including a comprehensive suite of end-to-end security management services through its Allot Secure Management platform [12]

Financial Data and Key Metrics Changes - Gross premiums written decreased to $156.8 million from $176.3 million, an 11% decline primarily due to lower new business writings and lower final audit premiums [8] - Losses and LAE increased to $134.4 million from $113.2 million, an 18.7% increase attributed to a higher accident year 2025 selected loss and LAE ratio [8] - Net investment income rose to $31.4 million from $26.7 million, a 17.6% increase driven by private equity investment returns and a higher book yield on the fixed income portfolio [9] - Adjusted net income was $14.5 million compared to $28.7 million in the previous year [11] - Book value per share increased by 11% to $51.31 [7] Business Line Data and Key Metrics Changes - The small commercial franchise maintained strong retention rates throughout 2025, indicating successful investments in automation and ease of use [4] - The company is experiencing lower new business writings and has exited certain classes of business, particularly in California [35] Market Data and Key Metrics Changes - The California market is characterized as hardening, with rate increases being implemented, while the overall environment remains competitive across the country [22][24] - Average renewal rates increased by over 5% for the entire book, driven largely by California [24] Company Strategy and Development Direction - The company is expanding its capabilities with a new excess workers' compensation product, leveraging core expertise and AI tools to create new growth avenues [6] - A focus on disciplined underwriting, prudent risk management, and strategic investments is expected to strengthen the company's position in the workers' compensation insurance market [7] - The company aims to improve its expense ratio through AI initiatives and operational excellence, with a target to reduce the expense ratio further [14][29] Management's Comments on Operating Environment and Future Outlook - Management noted that the frequency of cumulative trauma claims in California has flattened, although it remains elevated compared to historical levels [20] - The company anticipates reduced written premiums in 2026 due to the hardening market and cautious risk selection [22][35] - Confidence in financial strength and strategic capital management was emphasized, with ongoing share repurchases and dividends planned [14] Other Important Information - The board declared a quarterly dividend of $0.32 per share, payable on March 18 [14] - The company executed a $125 million recapitalization plan in January, reflecting confidence in its financial position [7] Q&A Session Summary Question: Trajectory of CT claims - Management observed that the acceleration of CT claims frequency has slowed down and flattened, although it remains elevated compared to the past [20] Question: Dynamics of the hardening market - The hardening market is primarily in California, with some competitors exiting certain states or classes of business, while the overall environment remains competitive [22][24] Question: Buybacks for 2026 - Management expects to return to a normal level of share repurchases in 2026, being opportunistic in timing [26] Question: Improvement in expense ratio - Management is optimistic about improving the expense ratio through ongoing AI initiatives and operational enhancements [27][29] Question: Gross written premium in California - Lower new business writings and some non-renewals are contributing to the decline in gross written premium in California [35] Question: Scaling the new excess workers' comp product - The company plans to scale the new product cautiously, with expectations for it to become a meaningful revenue driver over time [36] Question: Competition in the excess workers' comp market - Management believes that efficiency through AI and unique offerings in loss control will help differentiate the company in a competitive market [44] Question: Performance expectations for the new product - The excess comp space is expected to perform with a combined ratio in the mid-80s, with a strong expense ratio due to AI-driven underwriting [48]

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There could be a consolidation within the industry when some software firms fail to transform their businesses for AI adoption, ServiceNow COO Amit Zavery says https://t.co/76G6ZDeW3f ...

Core Insights - Fiverr International Ltd. reported a 10.1% year-over-year revenue growth for 2025, reaching $430.9 million, while maintaining a strong Adjusted EBITDA margin of 21.3% [4][10] - The company is undergoing a transformation plan to enhance its marketplace capabilities, focusing on high-value projects and aligning its leadership structure to support scalability [2][4] - The CEO emphasized the importance of human talent in an increasingly AI-driven economy, positioning Fiverr as a bridge between businesses and exceptional talent [2] Financial Performance - Fourth quarter revenue for 2025 was $107.2 million, a 3.4% increase from $103.7 million in Q4 2024 [5] - Annual active buyers decreased by 13.6% to 3.1 million, while annual spend per buyer increased by 13.3% to $342 [5][17] - Services revenue grew significantly by 50.9% year-over-year to $133.4 million, while marketplace revenue declined by 1.8% to $297.5 million [10][17] Operational Highlights - The company saw a 22.8% growth in GMV from transactions over $1,000, indicating a shift towards more complex projects [4] - Adjusted EBITDA for Q4 2025 was $26.5 million, with an Adjusted EBITDA margin of 24.7%, reflecting a 470 basis points improvement year-over-year [5] - The transformation plan initiated in September aims to enhance trust, quality, and AI-native capabilities, with expected measurable progress in the next four to six quarters [4] Leadership Changes - Ofer Katz continues as President while Esti Levy Dadon has been promoted to CFO, focusing on strategic investments and M&A efforts [11] - Jinjin Qian has been appointed as Chief Business Officer, overseeing revenue and business operations [11] Future Outlook - For Q1 2026, revenue guidance is set between $100 million and $108 million, with full-year 2026 guidance ranging from $380 million to $420 million, reflecting uncertainty due to the ongoing transformation [7][8] - The company is prioritizing product innovation and platform re-architecture investments while maintaining a disciplined capital allocation strategy [2][4]

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