Market Overview - The market is experiencing a positive trend, but movement remains sideways with limited volatility observed this week [1] - There is a heavy rotation trade occurring, indicating a shift in market leadership expected in 2026 [2] Technology Sector Analysis - The technology sector, which has performed well over the past three years, is anticipated to struggle this year, suggesting a need to reduce exposure to this area [3][4] - Recent volatility in technology stocks, such as Data Dog and Palantir, indicates that any significant bounce should be viewed as an opportunity to reallocate investments [5][6] - The IGV index has already declined by 20% this year, reflecting high earnings expectations for technology stocks that may not be met [7] Economic Sensitivity and Sector Performance - Economically sensitive sectors, including industrials, home builders, small caps, and regional banks, have shown strong performance, with increases of 9% to 12% at the start of the year [12] - The disparity in returns suggests that large institutions may be forced to sell concentrated technology positions and redirect funds into stronger sectors [12] Housing Market Outlook - The housing market is expected to perform well due to underbuilding and supportive government policies, with specific interest in companies like Toll Brothers [14][15] - While significant monthly increases are not expected, continued outperformance relative to technology and the S&P is anticipated [16] Interest Rates and Inflation Expectations - Current interest rates are seen as conducive to economic growth and housing recovery, with expectations that inflation data will show a deceleration [17] - Anticipated labor market weakness and declining inflation could lead to increased probabilities of rate cuts in March [19][20]

Financial Data and Key Metrics Changes - Freshworks achieved profitability for the first time in its history, generating record free cash flow in 2025, with a free cash flow margin of 25% in Q4 [5][21] - Q4 total revenue increased to $222.7 million, growing 14% year-over-year on an as-reported basis and 13% on a constant currency basis [19] - Annual recurring revenue (ARR) ended at $907 million, representing 18% growth year-over-year on an as-reported basis [9] Business Line Data and Key Metrics Changes - Employee Experience (EX) business crossed the $500 million ARR mark, reaching approximately $510 million, representing 26% year-over-year growth [20] - Customer Experience (CX) business reached $395 million in ARR, reflecting year-over-year growth of 9% on an as-reported basis [20] - Device42 ended 2025 with over $40 million in ARR, with a 30% attach rate to top new EX deals [11] Market Data and Key Metrics Changes - Over 1,500 customers now contribute more than $100,000 in ARR, representing a 28% year-over-year growth [9] - The number of customers contributing more than $50,000 in ARR grew 23% year-over-year [25] - Net dollar retention was 108% on an as-reported basis, with expectations to improve to approximately 105% in Q1 2026 [24] Company Strategy and Development Direction - Freshworks aims to expand its EX business and monetize AI at scale, targeting $100 million in AI-driven ARR by 2028 [16][13] - The acquisition of FireHydrant is expected to enhance IT operations management capabilities and open an $8 billion addressable market [12] - The company is focused on integrating its product offerings to provide a unified service operations platform for IT teams [13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in sustained growth and profitability, projecting revenue growth of approximately 13.5%-14.5% for the full year 2026 [31][32] - The company anticipates continued demand in the EX market, with a clear strategy to drive top-line growth [18][60] - Management highlighted the importance of AI as a revenue driver, with significant growth potential in the coming years [56] Other Important Information - Freshworks generated $56.2 million in free cash flow in Q4, outperforming expectations due to strong cash collections [27] - The company ended the year with cash, cash equivalents, and marketable securities of nearly $844 million [28] - Freshworks is on track to achieve sustainable GAAP profitability by Q4 of 2026 [23] Q&A Session Summary Question: What factors are creating headwinds on the CX side of the business? - Management noted that the focus has been on EX, and the recent unification of conversational and ticketing capabilities is expected to drive faster growth in CX [37] Question: How should we think about the attach rate for Device42 trending in 2026? - Management indicated that Device42 is integral to sustaining growth in EX, with expectations for continued success in larger organizations [48] Question: What are the expectations for Freddy AI's contribution to growth in 2026? - Management expressed confidence in Freddy AI's growth potential, with expectations for significant upside as capabilities improve [56] Question: How does the company view its guidance compared to last year? - Management stated that the current guidance reflects increased confidence in the EX opportunity and the execution of their strategy [60] Question: What is the strategy for penetrating the customer base with Freddy AI? - The focus is on building out agentic capabilities and prepackaged workflows for both CX and EX, which are expected to drive increased usage [84]

Core Insights - Palantir Technologies reported strong Q4 2025 results, showcasing significant growth in the AI sector, with a year-over-year revenue increase of 70% [2][4] - The stock has appreciated over 30% in the past year, despite a decline in early 2026 [1] Financial Performance - Palantir's Q4 revenue reached $1.41 billion, exceeding management's guidance of $1.327 billion to $1.331 billion [2] - Adjusted earnings per share rose from $0.14 to $0.25 [2] - Revenue growth has accelerated for ten consecutive quarters, with growth rates increasing from 13% in Q2 2023 to 70% in Q4 2025 [3] Revenue Breakdown - U.S. commercial revenue surged 137% to $507 million, with remaining deal value increasing 145% to $4.38 billion [4] - Total contract value for U.S. commercial deals reached $1.34 billion, marking a 67% year-over-year increase [4] - Government revenue grew 60% year over year to $730 million, with U.S. government revenue climbing 66% to $570 million [6] Customer Metrics - Net revenue retention stood at an impressive 139%, indicating strong expansion among existing customers [5] - The customer count increased by 34%, reflecting successful acquisition strategies [5] Future Projections - For Q1 2026, Palantir projects revenue between $1.532 billion and $1.536 billion, representing 74% growth at the midpoint [7] - The full-year revenue forecast is between $7.182 billion and $7.198 billion, indicating 61% growth at the midpoint, with U.S. commercial revenue expected to rise by at least 115% [7]

Core Viewpoint - Michael Saylor remains committed to Bitcoin investments despite recent price declines and significant paper losses for Strategy [1][2] Group 1: Bitcoin Holdings and Financial Impact - Strategy has acquired a total of 713,502 BTC for approximately $54.3 billion, with an average cost of $76,052 per coin, now valued at around $50 billion, resulting in over $4 billion in unrealized losses [2] - The firm recently purchased 855 BTC for $75.3 million at an average price of $87,974 per coin, which is currently underwater as Bitcoin trades near $69,000 [1] - In the fourth quarter of 2025, Strategy reported a net loss of $12.4 billion, or $42.93 per share, compared to a net loss of $670.8 million in the same period the previous year [3] Group 2: Stock Performance - MSTR stock has declined approximately 12% year-to-date, 44% over the past three months, and 60% over the past 52 weeks, with a drop of more than 70% from its peak of $457.22 in July 2025 [3] Group 3: Market Perspective - Saylor views Bitcoin's volatility as an opportunity, suggesting it deters less committed investors and benefits younger investors who can accumulate Bitcoin over time [4][6]

Most investors looking to capitalize on the artificial intelligence (AI) craze start their search with a familiar name like Nvidia, Microsoft, or Alphabet. And understandably so. These companies are not only advancing AI technology but monetizing it more than most other outfits. There's a largely overlooked AI outfit, however, that's just now coming into its own and could readily outperform the industry's more popular picks. Will AI create the world's first trillionaire? Our team just released a report o ...

Microsoft (NASDAQ:MSFT), a global software and cloud solutions provider, closed Tuesday’s session at $413.27, down 0.08%. The stock moved as investors weighed a Melius downgrade focused on AI spending risks against bullish analyst commentary and data highlighting resilient long-term AI earnings power.Trading volume reached 44.6 million shares, about 48% above its three-month average of 30.2 million shares. Microsoft IPO'd in 1986 and has grown 424,974% since going public. How the markets moved today The ...

Teradata (NYSE:TDC) Q4 2025 Earnings call February 10, 2026 04:30 PM ET Company ParticipantsChad Bennett - SVP of Investor Relations and Corporate DevelopmentDerrick Wood - Managing DirectorErik Woodring - Managing DirectorJohn Ederer - CFONick Jones - Managing DirectorRadu Saltan - Director of Equity ResearchSteve McMillan - President and CEOWamsi Mohan - Managing DirectorYitchuin Wong - Senior Equity Research AssociateConference Call ParticipantsChirag Ved - VP and Equity Research AnalystSheldon McMeans - ...

Financial Data and Key Metrics Changes - Klaviyo achieved a revenue growth of 32% year-over-year, reaching $1.2 billion for the fiscal year 2025, with a non-GAAP operating margin of 14% [5][26] - In Q4, revenue was $350 million, reflecting a 30% year-over-year increase, leading to an annualized revenue run rate of $1.4 billion [27] - Non-GAAP operating income for Q4 was $51 million, representing a 15% non-GAAP operating margin, which is a 900 basis point expansion year-over-year [31] - Free cash flow surged 61% year-over-year to $87 million, highlighting the high quality of earnings [32] Business Line Data and Key Metrics Changes - The largest customers, contributing over $50,000 of ARR, grew by 37% year-over-year [26] - The new service category is the fastest-growing product launch in Klaviyo's history, contributing to a net revenue retention (NRR) of 110%, an increase of over 200 basis points year-over-year [27][29] - Over 60% of ARR now comes from multi-product customers, with more than 15% of ARR from customers adopting at least three products [29] Market Data and Key Metrics Changes - International revenue growth accelerated to 42%, with revenue outside the Americas representing more than one-third of the business by the end of Q4 [26][24] - Q4 saw strong momentum in mobile, with over 29% of SMB Plus customers utilizing text and WhatsApp [28] Company Strategy and Development Direction - Klaviyo is focused on delivering autonomous customer experiences through its B2C CRM, leveraging AI to enhance customer engagement and operational efficiency [5][18] - The company aims to consolidate customer engagement tools into a single platform to improve decision-making and personalization, addressing the fragmentation in customer relationship management [20][22] - Klaviyo is expanding its enterprise pipeline and has seen a doubling of customers generating at least $1 million of ARR, indicating strong demand in the enterprise segment [23] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's growth trajectory, projecting revenue between $1.501 billion and $1.509 billion for 2026, representing a year-on-year growth of 21.5%-22.5% [33] - The outlook for 2026 is considered de-risked, assuming minimal revenue contribution from new AI and service products, which are viewed as upside potential [33][34] - Management emphasized the importance of AI in driving customer engagement and operational efficiency, positioning Klaviyo as a revenue-yield engine [36] Other Important Information - Klaviyo processed 0.5 trillion customer interactions across 8 billion consumer profiles, translating into 3.7 billion daily signals that inform customer engagement strategies [11] - The company has launched agents for marketing and customer service, with over half of the campaigns created by the Marketing Agent now generated by AI [14][15] Q&A Session Summary Question: What was the impact from the portfolio enforcement change in the quarter? - Management indicated that the portfolio enforcement change had a smaller impact on NRR compared to the growing usage of the platform across email and SMS products and the cross-sell of newer products [41][42] Question: How did SMS perform in the quarter versus expectations? - SMS performance was strong, with a transition from SMS to RCS allowing for better customer experiences, and the integration of WhatsApp also showed positive trends [44][45] Question: Can you provide visibility into adoption and engagement trends by cohorts? - Adoption of the customer agent is seen across all customer segments, with a strong interest in the agent's capabilities, although there are challenges in training and quality assurance [49][52] Question: What is the limiting factor to an LLM or AI-native company replicating Klaviyo's context? - Klaviyo's extensive dataset and real-time data infrastructure provide a significant competitive advantage that is difficult to replicate [57][60] Question: How does the Co-CEO's enterprise experience fit into Klaviyo's strategy? - The Co-CEO's experience in scaling enterprise businesses is expected to enhance operational strengths and improve alignment across product, engineering, and go-to-market strategies [63] Question: What do you see in the Accenture partnership? - The partnership with Accenture is focused on providing services around marketing and service reinvention, leveraging Klaviyo's capabilities to address customer fragmentation [66][71]

Financial Data and Key Metrics Changes - In Q4 2025, total revenue was $421 million, up 3% year-over-year, exceeding expectations due to higher recurring revenue [17] - Total ARR grew 3% on a reported basis, marking a stabilization milestone for the business [15][16] - Free cash flow for the year reached $285 million, exceeding the high end of the outlook [20] Business Line Data and Key Metrics Changes - Recurring revenue for Q4 was $367 million, up 5% year-over-year, driven by higher upfront revenue from term license subscriptions [17] - Consulting services revenue for Q4 was $53 million, down 4% year-over-year, indicating challenges in this segment [17] Market Data and Key Metrics Changes - Cloud ARR grew 15% as reported, now representing 46% of total ARR, reflecting a strong shift towards cloud solutions [16] - The trailing 12-month cloud net expansion rate was 108%, indicating robust customer engagement in cloud services [16] Company Strategy and Development Direction - The company is focused on harnessing AI systems to enhance enterprise decision-making and operational efficiency [6][10] - A hybrid model combining on-prem and cloud solutions is being emphasized to meet diverse customer needs [6][10] - The launch of new products, including the Enterprise Vector Store and Teradata AI Factory, aims to drive AI adoption and operationalize autonomous AI [8][9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in continuing profitable growth into 2026, supported by strong customer engagement and product innovations [5][14] - The company anticipates a typical seasonal decline in ARR in Q1, followed by stabilization and growth in subsequent quarters [22] Other Important Information - The board announced the addition of Melissa Fisher, enhancing governance and oversight [27] - The company plans to invest more in product development to capitalize on market opportunities while maintaining profitability [26] Q&A Session Summary Question: On-premise AI materiality and customer production status - Management sees on-premise AI as a key growth driver, with increased production activity from proof of concepts [30] Question: Free cash flow growth versus EPS guidance - The difference in guidance is attributed to a one-time tax benefit in Q4, affecting EPS but not free cash flow [32] Question: Growth inflection drivers - The growth is attributed to improved demand and proactive product enhancements, particularly in AI solutions [36] Question: 2026 outlook visibility and uncertainties - Migration deals are complex and timing can be uncertain, while expansions provide more consistent growth visibility [40] Question: Impact of large deals on performance - Strong deal momentum across various industries has contributed positively to performance, with improved retention rates expected to continue [46] Question: Contribution from new AI-related solutions - New product initiatives are expected to provide upside potential, but not heavily factored into current financial outlooks [62] Question: Hardware refresh status and customer visibility - The new hardware platform is expected to be available in late Q2 or Q3, with sales teams preparing customers for its deployment [66] Question: Investments in headcount and sales hiring - The company plans to focus on forward-deployed engineering and product development to enhance AI solution delivery [72]

Financial Data and Key Metrics Changes - Klaviyo reported a revenue growth of 32% year-over-year, reaching $1.2 billion for 2025, with a non-GAAP operating margin of 14% [5][28] - In Q4, revenue was $350 million, up 30% year-over-year, contributing to an annualized revenue run rate of $1.4 billion [28] - Non-GAAP operating income for Q4 was $51 million, representing a 15% non-GAAP operating margin, reflecting a 900-basis-point expansion year-over-year [32] - Free cash flow surged 61% year-over-year to $87 million, highlighting the high quality of earnings [33] Business Line Data and Key Metrics Changes - The largest customers, contributing over $50,000 of ARR, grew by over 37% year-over-year [28] - The new service category is the fastest-growing product launch in Klaviyo's history, contributing to a net revenue retention (NRR) of 110%, an increase of over 200 basis points year-over-year [28] - 60% of ARR now comes from multi-product customers, with over 15% of ARR from customers adopting at least three products [30] Market Data and Key Metrics Changes - International revenue growth accelerated to 42%, with revenue outside the Americas representing more than one-third of the business by the end of Q4 [28][25] - Q4 saw strong performance in Italy, Spain, and Portugal, alongside traction with global brands like Bayer and KIKO Milano [31] Company Strategy and Development Direction - Klaviyo is focused on delivering autonomous customer experiences powered by AI, positioning itself as a leader in the B2C CRM space [5][19] - The company aims to consolidate customer engagement tools into a single platform to enhance personalization and decision-making [22] - Klaviyo is expanding its enterprise pipeline and has partnered with Accenture to drive integrated customer outcomes for large brands [24][70] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth potential, citing strong momentum in customer engagement and the shift towards autonomous experiences [26][34] - The 2026 revenue guidance is projected between $1.501 billion and $1.509 billion, representing 21.5%-22.5% year-on-year growth, with expectations for continued operating margin expansion [34][35] - Management emphasized the importance of AI in enhancing customer engagement and driving revenue growth [37] Other Important Information - Klaviyo processed half a trillion customer interactions across 8 billion consumer profiles, translating into 3.7 billion daily signals [11] - The company is seeing increased adoption of its Customer Agent, which is designed to handle real-time customer interactions and improve service outcomes [15][50] Q&A Session Summary Question: What was the impact from the portfolio enforcement change in the quarter? - The portfolio enforcement change had a smaller impact on NRR compared to the growing usage of the platform across email and SMS products and the cross-sell of newer products [42] Question: How did SMS perform in the quarter versus expectations? - SMS performed very strongly, with a transition from SMS to RCS allowing for better experiences and increased engagement [44] Question: Can you provide visibility into adoption and engagement trends by cohorts? - Adoption of the Customer Agent is seen across all customer segments, with significant interest from SMBs to enterprise customers [50] Question: What is the limiting factor to an LLM or AI-native company replicating Klaviyo's context? - Klaviyo's extensive dataset and real-time infrastructure provide a significant competitive advantage that is difficult to replicate [56][58] Question: How does the skill set of the new co-CEO fit into Klaviyo's strategy? - The new co-CEO brings experience in scaling enterprise technology businesses, which aligns with Klaviyo's focus on expanding its enterprise customer base [61] Question: What do you see in the Accenture partnership? - Accenture views Klaviyo as a strong partner for providing AI-driven solutions to address fragmentation in customer engagement [69]