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]

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 ...

Veradigm Update Conference Call Summary Company Overview - **Company**: Veradigm (OTCPK:MDRX) - **Date of Call**: February 18, 2026 Key Points Strategic Objectives - The CEO outlined three strategic objectives: reset business strategy, recover market leadership with independent physician practices, and reignite profitable growth [4][10] - The "Reset, Recover, Reignite" plan is fully launched, with a focus on aligning with independent physician practices to strengthen retention and drive growth [4][10] Financial Performance - Revenue for 2025 is estimated to be between $584 million and $589 million, essentially flat compared to 2024, with a slight decline of 1% at the midpoint [19] - The Provider segment, generating the majority of recurring revenue, is estimated to have revenue between $463 million and $467 million, down 2% at the midpoint compared to the prior year [20] - The Payer and Life Sciences segment revenue is estimated to be between $121 million and $122 million, flat at the midpoint compared to 2024 [20] Operational Changes - Six low-revenue products will be discontinued to focus on growth bets with near-term revenue potential [5][41] - The company plans to broaden revenue cycle services and enhance its global R&D function, leveraging AI as a key growth driver [6][51] - A new Chief Product and Technology Officer was appointed to accelerate AI adoption in product development [6] Workforce and Organizational Changes - The company eliminated 15% of its workforce in 2025 to flatten organizational design and increase decision velocity [7] - Internal engagement survey results showed an increase in confidence in strategic direction from 68% to 84% after the company kickoff in January [9] Market Opportunities - The company launched integrated billing for Practice Fusion clients, addressing a significant demand among small practice clients [10] - New deals in the payer space, including a partnership with Sentara Health Plans, highlight the market opportunity with large health systems [12] - The life sciences business closed two deals with a total contract value exceeding $1 million, indicating growth potential in this segment [13] Cash Flow and Financial Health - The company remains net cash positive, with cash at $120 million and debt at $75 million as of year-end 2025 [21] - Cash decreased by $174 million during 2025, primarily due to non-typical items such as debt financing activities and legal fees [21][22] SEC Filing Progress - The company is working to get current and stay current with SEC filings, with the next major milestone being the filing of the 2023/2024 Super K [15][25] - The launch of new IT systems under Project Atlas is critical for improving data integrity and contract standardization [14][25] Future Outlook - The CEO expressed optimism about the growth potential in 2026, emphasizing the importance of aligning with independent practices and enhancing revenue cycle management [34][36] - The company aims to leverage AI to improve operational performance and client engagement, particularly in revenue cycle areas [50][53] Conclusion - 2026 is viewed as a critical year for Veradigm, with a focus on resetting the business strategy, recovering financial performance, and reigniting growth [16][88]

Global-E Online (NasdaqGS:GLBE) Q4 2025 Earnings call February 18, 2026 08:00 AM ET Company ParticipantsAlan Katz - Head of Investor RelationsAmir Schlachet - Co‑Founder and CEOKoji Ikeda - Director in Enterprise Software Equity ResearchNir Debbi - Co-founder and PresidentOfer Koren - CFOConference Call ParticipantsBilly Fitzsimmons - Equity Research AnalystBrian Petersen - Managing Director and Senior Equity Research AnalystChristopher Zhang - AnalystJames Faucette - Equity Research AnalystPatrick Walraven ...

Financial Data and Key Metrics Changes - For the full year 2025, adjusted net revenue was $9.32 billion, a 6% increase from the prior year on a constant currency basis, excluding dispositions [40] - Adjusted operating margin improved by 100 basis points to 44.2% for the full year [41] - Adjusted earnings per share (EPS) for the full year was $12.22, a 12% increase compared to 2024 [42] - In Q4, adjusted net revenue was $2.32 billion, reflecting a 6% increase year-over-year on a constant currency basis [42] - Adjusted operating margin for Q4 increased by 80 basis points to 44.7% [42] - Adjusted EPS for Q4 was $3.18, a 12% increase compared to the prior year [42] Business Line Data and Key Metrics Changes - Merchant Solutions segment achieved adjusted net revenue of $1.78 billion for Q4, reflecting growth of slightly over 6% [43] - POS and software business within Merchant Solutions achieved high single-digit growth in Q4 [43] - Genius's payments attach rate in the enterprise segment nearly doubled in Q4, enhancing customer lifetime value [44] - Integrated and embedded business grew in the high single digits in Q4 [44] - Core payments delivered mid-single-digit growth in Q4, benefiting from strong distribution channels [45] Market Data and Key Metrics Changes - Revenue in Central Europe grew in the mid-teens, with Greece experiencing one of the strongest quarters on record [45] - New sales in the U.S. during Q4 were 35% higher than the prior year, marking the strongest quarter in several years [45] Company Strategy and Development Direction - The acquisition of Worldpay is seen as a pivotal moment for the company, aimed at creating a better Global Payments with enhanced scale and capabilities [4][5] - The company plans to invest approximately $1 billion annually in commerce technology to expand omni-channel offerings and advance AI-enabled product roadmaps [12] - Four strategic pillars include pure-play focus, client-centric approach, enhanced capabilities through innovation, and global reach with local expertise [16] - In 2026, the company will focus on integrating Worldpay, accelerating go-to-market strategies, expanding Genius, and leveraging AI for new revenue streams [17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving $200 million in annualized revenue and $600 million in expense synergies over the next three years from the Worldpay integration [17] - The company expects constant currency adjusted net revenue growth of approximately 5% for 2026, with modest acceleration anticipated in the second half of the year [50][51] - Management highlighted the importance of a disciplined integration plan to support future growth and the need to unite as one global team [38][39] Other Important Information - The company generated strong free cash flow in 2025, with over 100% adjusted free cash flow conversion [7] - A $2.5 billion share repurchase authorization was approved, with an immediate repurchase of $550 million of shares [8] - The company plans to return more than $2 billion of capital to shareholders in 2026 through share repurchases and dividends [52] Q&A Session Summary Question: What is the split between enterprise and SMB growth? - Management indicated that the merchant business exited the year a little over 6% organically, with SMB approximately 50% of revenue composition and enterprise and platforms each representing about 25% [59][62] Question: What is the trajectory of the expected synergies? - The company expects to realize $600 million in cost synergies over three years, with $70 million-$80 million expected in 2026 [69][70] Question: How is the cross-sell into the SMB business at Worldpay progressing? - Management expressed optimism about cross-selling capabilities into the existing Worldpay base and leveraging distribution platforms to enhance market penetration [71][72]

Global Payments (NYSE:GPN) Q4 2025 Earnings call February 18, 2026 08:00 AM ET Company ParticipantsAndrew Schmidt - Managing DirectorBob Cortopassi - COOCameron Bready - CEODarrin Peller - Managing DirectorDominic Ball - VP of Equity ResearchJosh Whipple - CFONate Rozof - SVP of Investor RelationsTien-Tsin Huang - Managing DirectorConference Call ParticipantsDan Dolev - Senior Analyst of FinTech Equity ResearchDave Koning - Equity Research AnalystDave Koning - Senior Research AnalystJames Cantwell - Senior ...

Global-E Online (NasdaqGS:GLBE) Q4 2025 Earnings call February 18, 2026 08:00 AM ET Company ParticipantsAlan Katz - Head of Investor RelationsAmir Schlachet - Co‑Founder and CEOKoji Ikeda - Director in Enterprise Software Equity ResearchNir Debbi - Co-founder and PresidentOfer Koren - CFOConference Call ParticipantsBilly Fitzsimmons - Equity Research AnalystBrian Petersen - Managing Director and Senior Equity Research AnalystChristopher Zhang - AnalystJames Faucette - Equity Research AnalystPatrick Walraven ...

Global Payments (NYSE:GPN) Q4 2025 Earnings call February 18, 2026 08:00 AM ET Speaker12Ladies and gentlemen, thank you for standing by, and welcome to Global Payments' fourth quarter and full year 2025 earnings conference call. At this time, all participants are in a listen-only mode. Later, we will open the lines for questions and answers. As a reminder, today's conference will be recorded. At this time, I would like to turn the conference over to your host, Senior Vice President, Investor Relations, Nath ...

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 ...

Quick Read IBM Was Tech Leader In The 1980s It Was Left Behind in Smartphones And AI Microsoft and Apple Now Lead The Industry A recent study identified one single habit that doubled Americans’ retirement savings and moved retirement from dream, to reality. Read more here. IBM (NYSE: IBM) ranked No. 1 by market capitalization in the US in 1985, according to a study by Axios. By 1995 and 2005, under legendary CEO Jack Welch (who retired in 2001), GE was the world's largest conglomerate and ranked ...