Economic Outlook - The jobs data released indicates a stronger than expected increase of 130,000 jobs, suggesting resilience in the economy [1][2] - GDP forecasts range from 2.8% to 5% for the year, with President Trump citing a figure of 15% [2] - Unemployment has decreased for three consecutive months, indicating a positive trend in the labor market [3] Federal Reserve Policy - Improved job numbers may reduce the necessity for rate cuts, which could have negative long-term implications for the market [4] - Current market expectations show a 94% chance of no change in interest rates, with potential for a quarter-point decrease if inflation rises [5] - The upcoming leadership change at the Federal Reserve may bring a more visionary approach to monetary policy, focusing on consumer impacts [6][8] Consumer Behavior and Retail Sales - Retail sales data suggests a K-shaped economy, where 40% of the population accounts for 90% of consumption, leading to consumer pullback as prices rise [11][12] - Inflation is expected to remain around 2.1% for the last three months, with hopes for a lower number to support potential rate cuts [12] Market Trends and Investment Sentiment - Current market sentiment appears stretched, with profit-taking observed across various sectors, particularly in tech stocks like Microsoft and Nvidia [14] - The market is broadening due to economic growth, which is beneficial for the overall market and tech sector [14] - Significant capital expenditures in AI from major tech companies are expected to accelerate revenue growth, although immediate results may not be visible [16] Company-Specific Insights - Tesla is viewed as a key player in building infrastructure for future energy and transportation ecosystems, positioning itself beyond just electric vehicles [18][19] - The company's long-term vision aligns with the transition to a data and software-driven economy, making it a compelling investment opportunity [19]

Core Viewpoint - SmartRent, Inc. will report its fourth quarter and full-year 2025 financial results on March 4, 2026, and will host a conference call to discuss its performance [1]. Group 1: Financial Results Announcement - SmartRent will release its fourth quarter and full-year 2025 financial results before the market opens on March 4, 2026 [1]. - A conference call will be held at 11:30 a.m. ET on the same day, featuring Frank Martell, President and CEO, and Daryl Stemm, CFO [1]. - The press release and supporting materials will be available on the Company's Investor Relations website [1]. Group 2: Company Overview - SmartRent, founded in 2017, is a leading provider of smart community solutions and smart operations solutions for the rental housing industry [1]. - The company's ecosystem automates operations, protects assets, and reduces energy consumption, enhancing the living and working experience in rental housing [1]. - SmartRent's solutions are utilized by 15 of the top 20 multifamily operators and millions of users daily [1].

Core Viewpoint - The company achieved a revenue of $35.37 million in Q3 2025, marking a year-on-year growth of 12.0%, and turned a net profit of $2.7 million, achieving GAAP profitability for four consecutive quarters [1][2]. Financial Performance - In Q3 2025, the company reported a revenue of $35.37 million, which is a 12.0% increase compared to the previous year, and a net profit of $2.7 million, indicating a turnaround to profitability [1][2]. - For Q4 2025, the company projects total revenue to be between $37 million and $38 million, representing a year-on-year growth of 7.2% to 10.1% [1][2]. Business Development - The company significantly increased its investment in conversational AI, launching products such as Conversational AI Engine 2.0 and Conversational AI Studio in 2025 to enhance the interaction experience of voice agents [3]. - Collaborations with major model vendors like MiniMax and SenseTime have been established to expand into smart hardware and education sectors [3]. Financial Position - As of September 30, 2025, the company held a total of $374.3 million in cash, cash equivalents, and financial products, supporting customer growth and technological investments [4]. - The number of active customers continued to grow steadily, with a year-on-year increase of 11.4% in non-China market customers as of June 30, 2025 [4].

Core Viewpoint - monday.com Ltd. is facing significant challenges due to persistent weakness in its "no-touch" performance marketing channel and rising costs associated with AI investments, which have been reflected in its reduced 2026 guidance without prior disclosure of these headwinds [1] Group 1: Financial Guidance and Performance - The company disclosed two main headwinds in its 2026 guidance: ongoing weakness in the no-touch performance marketing channel and a foreign exchange drag of 100–200 basis points due to the appreciation of the Israeli shekel [1] - CFO Eliran Glazer indicated that the 2026 guidance does not anticipate any recovery in performance marketing or top-of-funnel activity, stating it is based on current conditions [1] - The stock experienced a decline of 13–14% on February 9, 2026, contributing to an overall drop of approximately 70% from its 52-week highs [1] Group 2: No-Touch Channel Concerns - The no-touch SMB channel has been a recurring issue, with management previously attributing revenue headwinds to temporary web-traffic softness from Google search algorithm changes, leading to a 26% stock drop in Q2 FY2025 [1] - In Q3 FY2025, a similar guidance miss resulted in a 19% decline in stock value, indicating that the no-touch weakness is now viewed as a structural issue rather than a temporary disruption [1] - Management's acknowledgment of the no-touch channel's persistent weakness raises questions about when they first recognized this shift and whether prior disclosures adequately reflected this evolution [1] Group 3: AI Investment and Profitability - monday.com is increasing its investment in AI products, including Monday Vibe, Monday Sidekick, and Monday Agents, which are expected to require additional spending [1] - The company has guided for a decline in gross margins from 90% to the mid-to-high 80s in FY2026, partly due to AI infrastructure costs [1] - R&D spending increased from 17% to 19% of revenue in FY2025, with management forecasting mid-teens percentage headcount growth in FY2026, primarily in sales and R&D [1] - The early-stage revenue contribution from AI products, such as Monday Vibe reaching $1 million in ARR, represents a small fraction of the company's total annual revenue of $1.2 billion [1]

Financial Data and Key Metrics Changes - Q4 revenue grew 18.2% year-over-year in constant currency, with full-year 2025 revenue also growing 18.2% to $3.1 billion [6][21] - Q4 operating margin was 22.6%, while the full-year operating margin was 18.6%, reflecting strong operating profit growth [6][24] - Net income for Q4 was $163 million, or $3.09 per share, and for the full year, it was $516 million, or $9.70 per share [24] Business Line Data and Key Metrics Changes - Subscription revenue in Q4 grew 21% year-over-year, while services and other revenue increased by 12% [21] - The number of customers grew to over 288,000, with 9,800 net new customers added in Q4 [6][22] - Average subscription revenue per customer was $11,700 in Q4, up year-over-year [22] Market Data and Key Metrics Changes - Domestic revenue grew 17% year-over-year, while international revenue grew 19% in constant currency and 24% as reported, representing 49% of total revenue [21] - Net revenue retention increased to 105% in Q4, up from 101.8% in 2024, indicating strong customer expansion [22][24] Company Strategy and Development Direction - The company aims to leverage AI to drive growth for mid-market companies, focusing on making AI practical and actionable [10][14] - A new growth playbook for the AI era was launched, alongside AI-powered solutions to enhance marketing efforts [16] - The strategy includes accelerating upmarket growth and enhancing multi-hub adoption, with a focus on delivering both power and simplicity [13][18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to deliver durable growth, citing strong core fundamentals and emerging AI levers [29] - The company anticipates net revenue retention to grow by another 1-2 points year-over-year in 2026, driven by continued seat expansion and credit adoption [23][25] - Management highlighted the importance of customer context in AI adoption, emphasizing that the gap between AI output and outcomes is a significant challenge [33][35] Other Important Information - The Board of Directors authorized a share repurchase program of up to $1 billion, reflecting confidence in the business [7][24] - The company expects total as-reported revenue for Q1 2026 to be in the range of $862-$863 million, representing a 16% year-over-year increase in constant currency [26] Q&A Session Summary Question: Concerns about AI disruption in the software industry - Management addressed concerns about AI disruption, emphasizing the importance of customer context and the company's role as a system of record [31][33] Question: Guidance on revenue growth and net new ARR - Management explained that while guidance indicates a 16% growth, net new ARR growth is expected to outpace revenue growth, indicating potential acceleration [39][41] Question: Pricing impact on growth - Management clarified that pricing changes contributed to net revenue retention, but the primary driver was higher upgrade rates for seats [64][66] Question: Internal benefits from AI - Management highlighted that AI has transformed product development and operational efficiency, with significant improvements in support and sales processes [70][72] Question: Adoption among AI-native companies - Management noted that AI-native companies choose HubSpot for its platform value and context, which is essential for decision-making [76][78]

Financial Data and Key Metrics Changes - Q4 revenue grew 18.2% year-over-year in constant currency, with full-year 2025 revenue also growing 18.2% to $3.1 billion [6][21] - Operating margin was 22.6% in Q4 and 18.6% for the full year, reflecting strong operating profit growth [6][24] - Net income for Q4 was $163 million, or $3.09 per share, and for the full year, it was $516 million, or $9.70 per share [24] Business Line Data and Key Metrics Changes - Subscription revenue in Q4 grew 21% year-over-year, while services and other revenue increased by 12% [21] - The number of customers grew to over 288,000, with 9,800 net new customers added in Q4 [6][22] - Average subscription revenue per customer was $11,700 in Q4, up year-over-year [22] Market Data and Key Metrics Changes - Domestic revenue grew 17% year-over-year, while international revenue growth was 19% in constant currency [21] - International revenue represented 49% of total revenue [21] Company Strategy and Development Direction - The company aims to lead with AI, focusing on making AI work for growth companies and reimagining marketing with new products [13][14] - The strategy includes accelerating upmarket growth and enhancing the agentic customer platform [18] - The company has authorized a $1 billion share repurchase program, signaling confidence in future growth opportunities [7][24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to deliver durable growth, driven by strong fundamentals and AI momentum [29] - The company anticipates net revenue retention to increase by one to two points year-over-year in 2026 [23] - Management highlighted the importance of customer context in driving AI adoption and outcomes [33][35] Other Important Information - The company reported a significant increase in multi-hub adoption, with 62% of new Pro Plus customers using multiple hubs [9] - The Core Seat adoption has expanded, with nearly 70% of customers utilizing enriched data by Q4 [19] Q&A Session Summary Question: Concerns about AI disruption in the software industry - Management addressed concerns about AI disruption, emphasizing the importance of customer context and the company's role as a system of record [31][33] Question: Guidance on revenue growth and net new ARR - Management explained that while guidance indicates a 16% growth, net new ARR is expected to outpace revenue growth, indicating potential acceleration [39][41] Question: Pricing impact on growth - Management clarified that pricing changes contributed to net revenue retention, but the primary driver was higher upgrade rates for seats [64][66] Question: Internal benefits from AI - Management highlighted that AI has transformed product development and operational efficiency, with significant portions of coding and support handled by AI [70][72] Question: Adoption among AI-native companies - Management noted that AI-native companies are choosing HubSpot for its platform value and context, which is essential for decision-making [76][78]

Core Insights - Kessler Topaz Meltzer & Check, LLP is investigating potential violations of federal securities laws on behalf of investors of Commvault Systems, Inc. [1] Financial Performance - Commvault reported a 40% growth in SaaS ARR to $364 million for the third quarter of fiscal 2026, which ended on December 31, 2025 [2] - The growth rate of 40% represents a significant deceleration from the 56% growth reported for the second quarter of fiscal 2026 [2] Stock Market Reaction - Following the financial results announcement, Commvault's stock price fell by $40.23 per share, approximately 31.1%, from a closing price of $129.36 on January 26, 2026, to $89.13 on January 27, 2026 [3]

Financial Data and Key Metrics Changes - Q4 revenue grew 18.2% year-over-year in constant currency, reaching $3.1 billion for the full year 2025, also an 18.2% increase in constant currency [4][18] - Q4 operating margin was 22.6%, with a full-year operating margin of 18.6%, reflecting strong operating profit growth [4][21] - Net income for Q4 was $163 million, or $3.09 per share, and for the full year, it was $516 million, or $9.70 per share [22] - Free cash flow was $209 million in Q4, representing 25% of revenue, and $595 million for the full year, or 19% of revenue [22] Business Line Data and Key Metrics Changes - Subscription revenue in Q4 grew 21% year-over-year, while services and other revenue increased by 12% [18] - The number of customers grew to over 288,000, with 9,800 net new customers added in Q4 [19] - Average subscription revenue per customer was $11,700 in Q4, up year-over-year [19] Market Data and Key Metrics Changes - Domestic revenue grew 17% year-over-year, while international revenue growth was 19% in constant currency and 24% as reported, representing 49% of total revenue [18] - Net revenue retention increased to 105% in Q4, up from 103.5% for the full year, reflecting strong seat expansion and pricing changes [19][20] Company Strategy and Development Direction - The company aims to leverage AI to drive growth for mid-market companies, focusing on embedding AI across its platform [10][12] - A new growth playbook for the AI era was launched, along with AI-powered solutions to enhance marketing capabilities [14] - The strategy includes accelerating upmarket growth and enhancing multi-hub adoption, with a focus on delivering both power and simplicity [16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to deliver durable growth, citing strong core fundamentals and emerging AI levers [26] - The company anticipates net revenue retention to grow by another 1-2 points year-over-year in 2026, driven by continued seat expansion and credit adoption [20] - Management acknowledged the challenges posed by AI disruption but emphasized the importance of customer context in driving growth outcomes [29][31] Other Important Information - The Board of Directors authorized a share repurchase program of up to $1 billion, signaling confidence in the business [5] - The company expects calculated billings for Q4 to be $971 million, growing 20% year-over-year in constant currency [20] Q&A Session Summary Question: Concerns about AI disruption and HubSpot's defensibility - Management highlighted the difference between point SaaS solutions and platforms, emphasizing the importance of customer context in driving AI outcomes [29][30] Question: Guidance for 2026 and net new ARR growth - Management confirmed confidence in re-accelerating growth, with net new ARR growth expected to outpace revenue growth [39][40] Question: Pricing impact on growth - Management indicated that pricing changes contributed to net revenue retention, with higher upgrade rates for seats being a significant factor [62] Question: Internal benefits from AI - The company reported that 97% of code committed last year was done with AI assistance, significantly improving innovation speed [66][68] Question: Adoption among AI-native companies - Management noted that AI-native companies choose HubSpot for its platform value and context, which are essential for decision-making [74]

Core Insights - HubSpot Inc. reported fourth-quarter earnings of $3.09 per share, surpassing the analyst estimate of $2.99 [2] - Quarterly revenue reached $846.75 million, exceeding the Street estimate of $830.54 million and increasing from $703.17 million in the same period last year [2] Financial Performance - The company experienced a 16% increase in customers, growing to 288,706 as of December 31, 2025, compared to the previous year [4] - Average Subscription Revenue Per Customer was $11,683 during the fourth quarter of 2025, reflecting a 3% increase on an as-reported basis compared to the fourth quarter of 2024 [4] - Calculated billings for the fourth quarter of 2025 were $971.4 million, marking a 27% increase on an as-reported basis and a 20% increase in constant currency compared to the fourth quarter of 2024 [4] Future Outlook - HubSpot anticipates fiscal 2026 adjusted EPS in the range of $12.38 to $12.46, compared to the analyst estimate of $11.45 [4] - Revenue guidance for fiscal 2026 is projected between $3.69 billion and $3.7 billion, exceeding the $3.61 billion estimate [4] Strategic Highlights - The CEO of HubSpot, Yamini Rangan, emphasized that 2025 was a transformative year, driven by the momentum of their customer platform and accelerated AI adoption [3]

Core Viewpoint - The article suggests that several human capital management (HCM) technology stocks are currently in oversold territory and may present buying opportunities following a strong U.S. jobs report in January, where 130,000 jobs were added, exceeding expectations of 68,000-75,000, and the unemployment rate decreased to 4.3% from an expected 4.4% [1]. Group 1: Workday (WDAY) - Workday is identified as the largest global HCM applications vendor, with its stock down nearly 50% from its 52-week high of $281 per share [4][5]. - Despite slower annual revenue growth, a 12% increase is projected for FY26 and FY27, with revenue approaching $10 billion [5]. - Annual earnings are expected to rise by 24% this year and another 16% in FY27 to $10.57 per share, with the stock trading at its lowest forward earnings multiple of 14X since becoming profitable [6]. Group 2: Paylocity (PCTY) - Paylocity, which provides cloud-based payroll and HCM software solutions, has seen its stock price cut in half from a one-year high of $218 per share [9]. - The stock is considered affordable, with single-digit growth appealing at a 15X forward earnings multiple, and it recently reported Q2 EPS of $1.85, exceeding expectations of $1.57 and up 21% from $1.52 a year ago [10]. Group 3: Automatic Data Processing (ADP) - ADP is recognized as a diverse provider of HCM technology solutions, with its stock down more than 30% from its 52-week high of $329 per share [12]. - The stock is trading at a reasonable 20X forward earnings multiple, with projected EPS growth of over 9% for FY26 and FY27 [13]. - ADP is forecasted to have 5% annual revenue growth, with strong financial figures, cash flow, and recurring revenue, and is noted as a Dividend King with a current annual yield of 3.02% [14][15].