2025 Fourth Quarter Earnings Review 2026 Annual Guidance February 12, 2026 Statement Regarding Use of Non-GAAP Measures Tyler Technologies has provided in this press release financial measures that have not been prepared in accordance with generally accepted accounting principles (GAAP) and are therefore considered non-GAAP financial measures. This information includes non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating income, non-GAAP operating margin, non-GAAP net income, non-GAAP earnings p ...

Group 1 - The core viewpoint of the article highlights the mixed performance of AI application software stocks in the U.S. market on February 12, with notable gains for some companies and significant losses for others [1] Group 2 - Fastly experienced a substantial increase of over 60% [1] - HubSpot saw an increase of more than 10% [1] - Duolingo rose by over 3% [1] - ServiceNow had a gain of over 2% [1] Group 3 - Applovin faced a decline of more than 14% [1] - Unity dropped nearly 6% [1] - Spotify fell by over 4% [1]

Upgrades - Fastly (FSLY) upgraded to Outperform from Market Perform due to a "stellar" quarter driven by rising contribution from agentic AI traffic [2] - MercadoLibre (MELI) upgraded to Overweight from Neutral with a price target increase to $2,800 from $2,650, citing valuation after recent underperformance [2] - Analog Devices (ADI) upgraded to Overweight from Equal Weight with a price target increase to $375 from $315, highlighting strong correlation between sales growth and the Purchasing Managers' Index [3] - BorgWarner (BWA) upgraded to Buy from Hold with a price target increase to $82 from $46, noting a pivotal shift with the company's entrance into the AI data center market [3] - Shopify (SHOP) upgraded to Buy from Hold with an unchanged price target of $159, citing valuation and strong quarter performance [3] - Shopify also upgraded to Outperform from Neutral with an unchanged price target of $150 [3] Downgrades - Coinbase (COIN) downgraded to Sell from Buy with a price target of $120, as estimates are cut ahead of the Q4 report, modeling softness through the first half of 2026 [4] - Kraft Heinz (KHC) downgraded to Underweight from Neutral with a price target decrease to $22 from $24, despite a Q4 beat, due to below consensus growth and earnings outlooks for 2026 [4] - Icon (ICLR) downgraded to Underperform from Neutral with a price target decrease to $75 from $195, following an internal board investigation into accounting practices [4] - Inspire Medical (INSP) downgraded to Equal Weight from Overweight with a price target decrease to $70 from $145, citing uncertainty about physician reimbursement [4] - Humana (HUM) downgraded to Sector Perform from Outperform with a price target decrease to $189 from $322, indicating a balanced risk/reward setup in an uncertain reimbursement backdrop [4]

智东西 作者 | 李水青 编辑 | 心缘 智东西2月12日报道，千呼万唤始出来，今天午间，字节跳动终于正式发布其视频创作模型Seedance 2.0。 ▲Seedance 2.0已正式上线豆包 字节称，Seedance 2.0采用统一的多模态音视频联合生成架构，支持文字、图片、音频、视频四种模态输入，集成了目前业界最全面的多模态内容参考和编 辑能力。该项目的更多的技术测评细节及大量案例Demo也随之公布。 在过去几天里，这款在灰度测试阶段的模型已经火遍全球。在国内，《黑神话·悟空》背后的游戏科学创始人兼CEO、制作人冯骥盛赞其为"地表最强"，并 称"AIGC的童年时代，结束了。"知名导演贾樟柯在昨晚也发微博称："Seedance 2.0确实厉害，我准备用它做个短片。"在各大平台，网友用Seedance 2.0制 作的视频作品已出现井喷之势。 ▲知名导演贾樟柯评论Seedance 2.0（图源：新浪微博） 在国外，a16z的合伙人Justine Moore感叹"AI视频模型的图灵测试已经被攻克了"；就连马斯克今日也跳出来赞叹"事情正快速发生"，意指技术发展太快了； 许多电影制作领域专业人士表示"这个模型让人感到 ...

Core Insights - Paycom Software, Inc. has revealed findings from a commissioned study by Forrester Consulting, which examines the projected benefits of its AI engine, IWant™ [1] Group 1: Company Overview - Paycom is a leading provider of comprehensive, cloud-based human capital management software [1] Group 2: Study Findings - The Forrester study indicates that a composite organization, representative of interviewed Paycom clients, is projected to receive a three-year return on investment [1]

Core Viewpoint - Unity Software Inc. reported strong fourth-quarter financial results but provided first-quarter revenue guidance that fell short of analyst expectations [1][2]. Financial Performance - The company achieved adjusted earnings per share of 24 cents, surpassing the consensus estimate of 20 cents [1]. - Unity's revenue for the fourth quarter was $503.08 million, exceeding the consensus estimate of $491.42 million [1]. Future Guidance - For the first quarter, Unity anticipates revenue between $480 million and $490 million, which is below the consensus estimate of $493.93 million [2]. - The company expects flat sequential revenue in the Grow segment, while the Create segment is projected to deliver double-digit year-over-year growth, excluding non-strategic revenue [2]. Management Commentary - CEO Matt Bromberg highlighted that the fourth-quarter results exceeded guidance, driven by strong performance from the Vector segment, which saw its third consecutive quarter of mid-teen sequential revenue growth [3]. Market Reaction - Following the earnings announcement, Unity shares experienced a slight decline of 0.1%, trading at $21.40 in pre-market [3]. Analyst Ratings - BTIG analyst Clark Lampen maintained a Buy rating on Unity but reduced the price target from $60 to $41 [4]. - Needham analyst Bernie McTernan also maintained a Buy rating while lowering the price target from $50 to $35 [4].

Market Volatility and Positioning - Market volatility is expected to be a feature this year, driven by high valuations and earnings expectations, indicating limited cushion for absorbing bad news [2][3] - Recent corrections are viewed more as positioning and sentiment resets rather than true growth scares, suggesting they are likely to be shorter and shallower [3][4] Key Metrics to Monitor - Two critical metrics to watch are market leadership and intermarket analysis, particularly high yield spreads, which remain contained despite concerning headlines [6][7] - The ratio of equal weight consumer discretionary to consumer staples has softened, which could indicate pressure on consumer spending, a significant driver of GDP [8][9] Consumer Spending Insights - Recent jobs data showed stronger-than-expected results, but retail sales numbers were weaker, presenting conflicting signals about consumer behavior [10][11] - The K-shaped economy is highlighted, where consumption is primarily driven by wealthy households, necessitating a strong stock market to sustain their spending [12][13] Software Sector Analysis - The software sector is experiencing significant selling pressure, referred to as "software as a soreness," indicating that trades in this area are likely to be short-term [16] - The software index has shown oversold conditions, but any bounce has been short-lived, suggesting ongoing challenges within the sector [16][17]

Core Insights - The company reported a revenue of $1.4 million for fiscal 2024, marking a 66% increase compared to fiscal 2023 [1] - The operating loss for 2024 was $5.4 million, reduced from $8.9 million in the previous year, due to increased revenue and significant cost reductions [2] - The company achieved its first gross profit of $61,239 in 2024, with improved gross margins driven by cost rationalization and a higher-margin software revenue mix [3] Fiscal 2025 Performance - For the nine months ended September 30, 2025, the company reported revenue of $1,857,932, a 92% increase year-over-year compared to $967,651 in the same period of 2024 [4] - Revenue for the first nine months of 2025 has already surpassed the full-year revenue of 2024, indicating strong commercial traction [4] - The net loss for the nine-month period was $4,956,684, slightly higher than the $4,714,868 loss in the prior-year period, reflecting ongoing investments in revenue expansion and product development [4] Cost Structure and Operational Efficiency - The current cost structure is significantly lower than in previous years, allowing for more efficient translation of incremental revenue growth into operating leverage [5] - The company has implemented a disciplined expense reduction program, streamlining operations and renegotiating vendor relationships [3] Management Commentary - The CEO highlighted the completion of the 2024 audit and the establishment of a stronger operational discipline, which has lowered the operating break-even threshold and positioned the company for scalable growth [5] - The generation of the first gross profit and strong revenue acceleration in 2025 validate the company's strategic focus [6] Industry Outlook - There is a growing global demand for AI-enabled security infrastructure and data-driven retail media, as governments and enterprises seek real-time operational intelligence [7] - The company's integrated edge-to-cloud AI architecture places it at the intersection of physical security and digital intelligence, with expectations for a stronger revenue profile in 2026 as major deployments advance [8]

Core Viewpoint - SAP SE is recognized as one of the best Strong Buy stocks in the tech sector, despite ongoing challenges in the software industry [1]. Group 1: Analyst Ratings and Price Targets - Piper Sandler maintained an Overweight rating on SAP with a price target of €220, highlighting ongoing pessimism in the software sector due to seat compression and AI-generated code concerns [2]. - Barclays lowered its price target on SAP from $348 to $283 while maintaining an Overweight rating, noting that the market's reaction to Q4 results was overly severe [3]. Group 2: Financial Performance and Projections - SAP reported strong operating profit and free cash flow for FY25, exceeding expectations, with an anticipated effective tax rate of 32% and free cash flow of about €8 billion [4]. - The management emphasized that the solid performance in SaaS and PaaS development supports confidence in SAP's long-term strategy and value generation [4]. Group 3: Company Overview - SAP SE is a German multinational software corporation that develops enterprise software for business operations and customer relations, including ERP, analytics, cloud, and AI solutions [5].