Joining us now is Ben Ritz from Melius Research. Ben, good to see you. Now, this is probably confusing to a lot of people because AI is software, but the way it's been sold to businesses for generations now is based on seats.How many people are using it. AI and agentic AI seems to me could mean software operating software instead of as many people and that blows up some business models. Oh yeah. Oh yeah.We're just in the beginning of this and I don't think the SAS guys know what's hitting them. Um, and uh, ...

Summary of Pegasystems (PEGA) FY Conference - August 13, 2025 Company Overview - **Company**: Pegasystems (PEGA) - **Industry**: Software, specifically focusing on AI-powered workflow and decisioning platforms for large enterprises Core Points and Arguments 1. **Business Model and Clientele**: Pegasystems primarily serves large enterprises across various sectors, including financial services, health insurance, and government agencies. The company emphasizes the importance of structured workflows and decision-making processes in its offerings [4][8][10]. 2. **AI Integration**: The company has been incorporating AI into its platform since 2010, focusing on statistical AI and more recently generative AI. This integration aims to enhance workflow design and execution, allowing for real-time decision-making [11][12][13]. 3. **Market Positioning**: Pegasystems believes that while some SaaS companies may face challenges due to generative AI, its focus on structured processes and explainable decision-making will protect it from such risks. The company sees generative AI as a tool to enhance its existing capabilities rather than a threat [15][16][20]. 4. **Blueprint Technology**: The introduction of the Blueprint technology has led to over 100,000 blueprints created by customers, indicating strong interest and engagement. This technology is expected to accelerate delivery cycles and improve outcomes for clients [27][28]. 5. **Legacy Application Replacement**: The push from companies like SAP for cloud migration is driving clients to replace legacy systems. Pegasystems positions itself as a solution for businesses needing to modernize their applications [31][32][33]. 6. **Financial Performance and Goals**: The company has transitioned from a perpetual licensing model to a subscription model, with over 50% of its Annual Contract Value (ACV) now from cloud services. The goal is to achieve $700 million in revenue and free cash flow by 2028, with current free cash flow margins approaching 30% [40][43][46]. 7. **Partnerships**: Pegasystems has formed strategic partnerships with AWS and Google to enhance its market reach and capabilities in legacy transformation and modernization [51][52][53]. 8. **Public Sector Opportunities**: The company identifies significant opportunities in the public sector, where many agencies still rely on outdated technology. There is a growing demand for modernization to improve constituent services [58][61][63]. Additional Important Insights 1. **Market Trends**: The top three trends identified in the industry are AI, cloud, and transformation, with a noted connection between AI advancements and the need for digital transformation [37][38]. 2. **Sales Transformation**: Pegasystems has undergone a sales transformation to improve efficiency and effectiveness, contributing to its current financial health [42][43]. 3. **Future Outlook**: The company is optimistic about its unique position in the market, driven by its differentiated technology and the potential for significant growth in various sectors, particularly in government and public services [66][67]. This summary encapsulates the key discussions and insights from the Pegasystems FY Conference, highlighting the company's strategic direction, market positioning, and future growth opportunities.

Docebo (DCBO) FY Conference Summary Company Overview - Docebo is a global cloud-based learning technology software company that has transitioned towards an AI-first positioning. It is dual-listed, having started its public journey in Canada with a TSX listing and is now also listed in the US [2][4]. Key Financial Performance - Docebo reported Q2 earnings, beating and raising revenue guidance by approximately 1%. This follows a previous reduction in guidance due to macroeconomic weakness observed in sectors such as manufacturing, retail, and automotive, which constituted about one-third of the pipeline [4][14]. - The company experienced strong performance in the mid-market segment, particularly with contracts valued between $50,000 to $100,000, indicating a return to spending confidence among customers [6][8]. - The enterprise segment continues to face elongated sales cycles, with no significant change from Q1 to Q2 [9][10]. Market Dynamics - The macroeconomic environment has shown signs of improvement, particularly in the mid-market, which contributed to the raised guidance. Factors influencing this include favorable foreign exchange rates and stronger professional services [13][14]. - Docebo's international footprint is significant, with 25-30% of revenue coming from foreign markets, primarily in Europe rather than Canada [15][16]. Customer Segments and Retention - Smaller clients, which make up about 20% of the overall business, are considered stable despite having lower gross retention compared to mid-market and enterprise clients. These customers typically have low acquisition costs and quick sales cycles [19][20]. - The company is focusing on larger enterprise clients, with ongoing opportunities in its pipeline, particularly in H2, which is traditionally stronger for enterprise sales [8][9]. Strategic Partnerships and Competition - Docebo has partnerships with major technology vendors, including AWS and Google. AWS is transitioning to an internal system after a successful collaboration, while Google is adopting Docebo for its learning management needs due to its scalability and security features [21][26][29]. - The competitive landscape in the FedRAMP space is limited, with only a few vendors approved, which positions Docebo favorably for government contracts [56][59]. Growth Opportunities - The company is exploring various use cases across different sectors, including quick-service restaurants (QSR) and federal government contracts. The QSR sector is particularly attractive due to high employee turnover and the need for effective training solutions [50][51][53]. - Docebo's recent FedRAMP approval has accelerated its pipeline development, with expectations to secure more substantial government contracts starting in 2026 [61][63]. Product Development and Innovation - Docebo is actively rolling out AI-driven products, including Docebo Creator and Harmony Search, aimed at enhancing user experience and productivity [72][73]. - The company is balancing the need for innovation with maintaining EBITDA margins, targeting a gradual increase to 25% EBITDA margins over the next three years [78][79]. Capital Allocation Strategy - Docebo is focused on reinvesting cash into growth avenues, strategic share buybacks, and pursuing M&A opportunities when favorable conditions arise [82][83]. Conclusion - Docebo is navigating a complex macroeconomic landscape while capitalizing on growth opportunities in both the mid-market and enterprise segments. The company's strategic focus on AI innovation and government contracts positions it well for future growth, despite challenges in the enterprise sales cycle and competition in the learning management system space.

Lumentum (LITE) Q4 2025 Earnings Call August 12, 2025 05:00 PM ET Company ParticipantsKathryn Ta - VP - Investor Relations & Corporate MarketingMichael Hurlston - President, CEO & DirectorWajid Ali - Executive VP & CFOSimon Leopold - Managing DirectorThomas O'Malley - Director - Equity ResearchEzra Weener - VP - Equity ResearchWupen Yuen - President - Cloud & NetworkingAren Nakpil - Equity Research AssociateMeta Marshall - MD & VPDavid Vogt - Managing DirectorGeorge Notter - Managing DirectorVivek Arya - Ma ...

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Industry Overview - The Technology Services industry ranks within the top 40% of Zacks Ranked Industries and is expected to outperform the market over the next three to six months [1][8] - The industry is mature with strong demand for services, leading to significant growth in the first half of 2025, which is likely to continue in the second half [1][3] Market Trends - The global shift toward digitization is creating opportunities in markets such as 5G, blockchain, and artificial intelligence (AI) [3] - Companies are rapidly adopting generative AI, machine learning (ML), and data science to gain competitive advantages [3][4] - There is robust demand for multi-cloud-enabled software solutions as businesses transition from legacy platforms to modern cloud-based infrastructure [3] Company Highlights Coherent Corp. (COHR) - Coherent is positioned in the industrial, communications, electronics, and instrumentation markets, offering diversified applications [7] - Expected revenue and earnings growth rates for the current year are 11.5% and 29.3%, respectively, with a 4.1% improvement in the Zacks Consensus Estimate for current-year earnings over the last 30 days [9] Vimeo Inc. (VMEO) - Vimeo provides cloud-based video software solutions, including video hosting, management, and analytics [10][11] - Expected revenue and earnings growth rates for the next year are 6.2% and over 100%, respectively, with no change in the Zacks Consensus Estimate for next-year earnings over the last 60 days [12] Skillsoft Corp. (SKIL) - Skillsoft offers personalized learning experiences and operates in two segments: Talent Development Solutions and Global Knowledge [13][14] - Expected revenue and earnings growth rates for the current year are 1.2% and -157%, respectively, with a 54.8% improvement in the Zacks Consensus Estimate for current-year earnings over the last 60 days [15] Vontier Corp. (VNT) - Vontier focuses on transportation and mobility solutions, operating through three segments: Mobility Technologies, Repair Solutions, and Environmental and Fueling Solutions [16] - Expected revenue and earnings growth rates for the current year are 0.1% and 9%, respectively, with a 2.9% improvement in the Zacks Consensus Estimate for current-year earnings over the last seven days [17] SPX Technologies Inc. (SPXC) - SPX Technologies is a diversified supplier in the HVAC and detection and measurement markets, operating in two segments [18] - Expected revenue and earnings growth rates for the current year are 12.7% and 17%, respectively, with a 3.2% improvement in the Zacks Consensus Estimate for current-year earnings over the last seven days [19]

[Table_Title] Research Report 6 Aug 2025 中国电子 China (Overseas) Technology 全球科技业绩快报: Arista 2Q25 Global Tech earnings snapshots: Arista 2Q25 姚书桥 Barney Yao 纪雨岑 Grace Chi barney.sq.yao@htisec.com grace.yt.chi@htisec.com [Table_yemei1] Flash Analysis 毛利率：非 GAAP 毛利率为 65.6%，高于此前指引的 63%，环比从 64.1%提升，同比从 65.4%提升，主要得益于供应 链效率提升和库存管理优化，关税影响不显著。 地区收入占比：国际市场收入占比为 21.8%，美洲市场占比为 78.2%。国际收入环比从 20.3%提升，主要受 EMEA 地 区表现强劲推动。 利润指标：第二季度运营收入首次突破 10 亿美元，达到 10.8 亿美元，占营收比例 48.8%；净利润为 9.235 亿美元， 占营收比例 41.9%；稀释每股收益为 0.73 美元，同比增长 37.7% ...

I still like Fortinet, Inc. (NASDAQ: FTNT ), even though the ride has been choppy lately. The stock is basically flat since I last checked in back in January and off its February peak, but I don't think the recentWith over 15 years of experience in the markets and a degree in economics, I focus on breaking down companies with clarity and discipline. My goal is to give individual investors a straightforward, honest view—what’s working, what isn’t, and where the risks and opportunities actually are. I don’t c ...

@AkaveCloud Decentralized storage is finally usable at scale.Akave is showing what a serious alternative to cloud looks like.Read the full breakdown here:https://t.co/SPlK15wGd1 ...