Financial Data and Key Metrics Changes - Revenue for Q4 2025 was $107.2 million, a 3% year-over-year increase, while full-year revenue grew 10% from 2024 [15][4] - Adjusted EBITDA reached $26.5 million in Q4, with an adjusted EBITDA margin of 25%, improving by 470 basis points year-over-year [16] - Free cash flow for Q4 was $21.8 million, and the company fully repaid a convertible note of $460 million during the same quarter [16] Business Line Data and Key Metrics Changes - Marketplace revenue in Q4 was $71.5 million, driven by 3.1 million active buyers and a spend per buyer of $342, with a marketplace take rate of 27.7% [16] - Services revenue for Q4 was $35.6 million, representing an 18% year-over-year growth and accounting for 33% of total revenue [18] - GMV from transactions over $1,000 grew 22.8% year-over-year in Q4, indicating a shift towards higher-value work [17] Market Data and Key Metrics Changes - The company noted a broader softness in SMB sentiment and muted freelancer hiring demand, impacting low-end transactions while high-value work continues to grow [17] - Projects over $1,000 currently represent less than 15% of marketplace GMV but are expected to become a larger contributor to overall business [7][8] Company Strategy and Development Direction - Fiverr is transitioning from a transaction-oriented marketplace to a trusted work platform, focusing on high-value, complex projects and AI-native work [5][10] - The company is prioritizing investments in matching technology, product experience, and operational excellence to support this transformation [11] - A multi-year execution plan has been developed to enhance the platform's capabilities and expand into enterprise and AI-native distribution channels [11] Management's Comments on Operating Environment and Future Outlook - Management believes that AI is reshaping access to talent rather than eliminating jobs, creating opportunities for higher-value specialized work [6][12] - The company expects 2026 to be a transformational year, with significant investments aimed at positioning for accelerated growth in 2027 and beyond [12][19] - There is an anticipated decline in low-end transactions due to AI solutions, while high-end segments are expected to grow significantly [37][66] Other Important Information - The company has initiated a restructuring to accelerate its strategic shift, with new leadership roles being established to enhance execution [12][13] - The guidance for 2026 revenue is projected to be between $380 million and $420 million, reflecting a year-over-year decline of 12% to 3% [19][20] Q&A Session Summary Question: Insights on execution plan around matching product and capital allocation - Management emphasized the focus on high-end projects and the need to deprioritize low-end transactions to drive growth [26][30] Question: Financial impact of deprioritizing lower-end market - Management clarified that the deprioritization is aimed at reallocating resources to high-end segments, which are expected to grow, while maintaining a healthy cash flow [36][37] Question: Margin profile post-transformation - Short-term EBITDA margins are expected to be lower due to increased investments, but long-term margins are anticipated to return to previous levels [41][42] Question: Revenue expectations for 2026 - Management indicated that revenue guidance reflects ongoing trends and uncertainties in the marketplace, particularly in low-end services [70] Question: Free cash flow expectations for 2026 - Free cash flow is expected to follow EBITDA trends, with a midpoint EBITDA margin of 18% [72] Question: Recurring work and product functionalities - The company is focused on enhancing data infrastructure and matching algorithms to support recurring work [76] Question: Buybacks versus M&A prioritization - Management maintains a balanced approach to capital allocation, continuing buybacks while being opportunistic in M&A [77]

LITTLE ROCK, Ark., Feb. 18, 2026 (GLOBE NEWSWIRE) -- Uniti Wholesale today announced accelerated progress on its 2026 expansion plan, including new data center on-ramps, key route upgrades, and the launch of FastWaves™—a pre-deployed optical capacity program designed to cut delivery intervals for 100G and 400G wavelength services to less than three weeks on select routes. These initiatives expand the company’s reach to critical U.S. data centers while pairing faster turn-ups with market-aligned pricing and ...

Fluor Corporation (NYSE:FLR) is one of the best stocks under $50 to invest in. On January 14, Bank of America analyst Michael Feniger raised the firm’s price target on Fluor to $47.50 from $43 and kept a Neutral rating. This adjustment was made as part of the firm’s 2026 outlook for the machinery, engineering, construction, and waste sectors. While much of Feniger’s coverage experienced a multiple re-rating to a recovery valuation as demand and earnings per share reached their lows, the analyst suggested ...

DraftKings Inc. (NASDAQ:DKNG) is one of the best stocks under $50 to invest in. On February 13, BMO Capital analyst Brian Pitz lowered the firm’s price target on DraftKings to $42 from $50 while maintaining an Outperform rating. The analyst noted that the company’s 2026 guidance fell 8% below revenue and 20% below EBITDA estimates at the midpoint. This guidance is discouraging despite management’s claims that prediction markets have a minimal impact on business. Additionally, the firm also suggested that ...

Maplebear Inc. (NASDAQ:CART) is one of the best stocks under $50 to invest in. On February 13, Needham raised its price target for Instacart from $50 to $55 and maintained a Buy rating. The firm noted that the company’s ongoing execution serves as a positive indicator against competition concerns. On the same day, Cantor Fitzgerald lowered its price target on Instacart to $47 from $54 while keeping an Overweight rating. The firm noted that Instacart reported a record 14% GTV growth in Q4 2025 and exceeded ...

我是卢明浩 【千万粉丝私域操盘手】 【深度私域陪跑服务企业超50+】 【私域三心力与三步曲首创】 这是我的第 697 篇原创文章 感谢您的悦读 ▲ 算起来，我做知识付费这个赛道已经有好几个年头了。 经常看我公众号的读者都知道，我从事的是私域领域，主要的付费项目就是给企业提供私域陪跑，也就是所谓的咨询顾问服务，toB业务。 toC业务做的不算多，偶尔会讲讲课，做了一个私域社群圈子，但不是我的重心所在。 最近这两年经常会听到的一句话，知识付费已经不能做了，还在做知识付费的肯定完蛋。 要我说啊，知识付费不会死，而且还会一直存在，但它已经换壳了，不会再像以前那么容易，用户不会那么容易被忽悠了。 知识付费经常会跟一个词联系在一起，割韭菜，但我不认同这个词，每个人对于知识的价值感知是不一样的，你不能因为自己主观的认为课程或者服务不 值这个钱，就认为是割韭菜，更多的可能还是不适合吧。 为知识买单这件事情，我认为是对创作者的尊重，对知识的尊重，而不是一味的白嫖，拿来主义，什么都想着免费获取，这样的心态注定学不到东西。 有一句话怎么说来着，免费的东西其实才是最贵的。 最近这两年，确实能够感觉到知识付费的寒冬，就是以前很好卖的课 ...

The London Company, an investment management company, released “The London Company Large Cap Strategy” fourth-quarter 2025 investor letter. In Q4 2025, US equities ended the third consecutive quarter of higher returns, with the Russell 3000 Index rising 2.4%. A copy of the letter can be downloaded here. The market highlighted how investors balanced the optimism on earnings growth and concerns regarding AI returns and cooling macroeconomic factors. Against this backdrop The London Company Large Cap portfolio ...

Core Insights - The London Company Large Cap Strategy reported a 0.4% return in Q4 2025, underperforming the Russell 1000 Index which rose by 2.4% [1] - The economic environment heading into 2026 presents a mix of confidence and doubt, impacting investor sentiment [1] Company Performance - Chubb Limited (NYSE:CB) was highlighted as a leading contributor in the portfolio, achieving an all-time high stock price of $331.89 on February 17, 2026 [2][3] - Chubb Limited's one-month return was 10.64%, and its shares increased by 24.56% over the past twelve months, with a market capitalization of $130.62 billion [2] Financial Metrics - Chubb Limited reported record core operating income and industry-leading combined ratios, indicating strong financial health [3] - The company's diversified portfolio and disciplined underwriting practices have reinforced confidence in its ability to generate attractive returns [3] Hedge Fund Interest - Chubb Limited is held by 64 hedge fund portfolios as of the end of Q3 2025, an increase from 61 in the previous quarter [5] - Despite its potential, the company is not among the 30 most popular stocks among hedge funds, with some analysts suggesting that certain AI stocks may offer greater upside potential [5]

Core Insights - The London Company Large Cap Strategy reported a 0.4% return in Q4 2025, underperforming the Russell 1000 Index which rose by 2.4% [1] - The portfolio faced challenges from volatility factors and concentrated market leadership, while the economic backdrop heading into 2026 presents mixed signals of confidence and doubt [1] Company Analysis: Fiserv, Inc. (NASDAQ:FISV) - Fiserv, Inc. has experienced a significant decline, with a one-month return of -3.47% and a 12-month drop of 73.15%, currently valued at $63.45 per share and a market capitalization of $34.491 billion [2][3] - The company faced issues related to a slowdown in its small business POS platform, leading to a steep guidance cut and management changes, which resulted in a loss of credibility and increased doubts about its long-term growth outlook [3] - The London Company sold its position in Fiserv due to the reset in expectations and diminished confidence in the investment thesis [3] Hedge Fund Interest - Fiserv, Inc. is not among the 30 most popular stocks among hedge funds, with 83 hedge fund portfolios holding the stock at the end of Q3 2025, down from 94 in the previous quarter [4] - The London Company suggests that certain AI stocks may offer greater upside potential and less downside risk compared to Fiserv, indicating a shift in investment focus [4]

Core Viewpoint - The London Company Large Cap Strategy's fourth-quarter 2025 investor letter indicates a mixed market environment, with US equities showing higher returns but facing challenges from volatility and concentrated market leadership. The portfolio aims for long-term wealth creation while managing downside risk [1]. Group 1: Market Performance - In Q4 2025, US equities experienced a 2.4% increase in the Russell 3000 Index, marking the third consecutive quarter of higher returns [1]. - The London Company Large Cap portfolio returned 0.4% (0.2% net), underperforming compared to the 2.4% increase in the Russell 1000 Index [1]. Group 2: Norfolk Southern Corporation (NSC) Overview - Norfolk Southern Corporation (NYSE:NSC) specializes in rail transportation and has a market capitalization of $70.99 billion [2]. - As of February 17, 2026, NSC stock closed at $316.12 per share, with a one-month return of 9.35% and a 26.93% increase over the past twelve months [2]. Group 3: Investment Positioning - The London Company increased its position in Norfolk Southern Corporation after a share pullback, viewing it as trading at a discount relative to a pending deal with UNP [3]. - Despite softer-than-expected recent earnings, NSC is showing signs of improved execution, and the chairman's recent share purchases are seen as a positive indicator of confidence in the business [3]. Group 4: Hedge Fund Interest - Norfolk Southern Corporation is held by 81 hedge fund portfolios at the end of Q3 2025, an increase from 71 in the previous quarter [4]. - While acknowledging NSC's potential, the company suggests that certain AI stocks may offer greater upside potential with less downside risk [4].