Financial Data and Key Metrics Changes - Full year 2025 organic revenues increased by 5.5% to $1,128 million, with adjusted EBITDA rising approximately 8% to $405 million, resulting in an adjusted EBITDA margin of 35.9%, up 220 basis points from 2024 [17][18] - Non-GAAP EPS increased to $4.45, up approximately 12% year-over-year [18] - Adjusted free cash flow for the year was $208 million, exceeding the high end of the revised guidance range [18] Business Line Data and Key Metrics Changes - The company achieved its goal of becoming a Rule of 40 company two years ahead of plan, driven by operational efficiencies and product innovation, particularly in AI [4] - The average daily AI chat usage grew five times since October, with over half of Raiser's Edge NXT customers utilizing machine learning-enabled donor prospecting [9] Market Data and Key Metrics Changes - The company noted that while some customers are experiencing reduced government grants, this has not significantly impacted their business, as nonprofits are increasingly relying on the Blackbaud platform for donations [36] - The 2026 contractual revenue renewal cohort is approximately 40% larger than the previous year, which is expected to negatively impact total revenue growth by half a point to three-quarters of a point [21] Company Strategy and Development Direction - The company is focused on aggressive investment in innovation, particularly in AI capabilities, to enhance product offerings and operational efficiency [5][15] - Blackbaud plans to leverage its data moat and AI solutions to drive future growth, with a target of organic total revenue growth of 4%-6% from 2026 to 2030 [28][30] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate current market challenges, emphasizing that the need for their platform is increasing among nonprofits facing funding pressures [36] - The company anticipates a significant increase in free cash flow in 2026, projecting $280 million-$290 million, and plans to allocate at least 50% of cumulative free cash flow from 2026 to 2030 for stock repurchases [25][30] Other Important Information - The company has reduced its debt leverage from 2.9 times in Q1 to 2.5 times at the end of the year [18] - Blackbaud is expanding its workforce strategy, including operations in India, which is expected to provide long-term benefits [23][44] Q&A Session Summary Question: Insights on AI pricing and deployment - Management clarified that the pricing model discussed pertains to the development agent, which is the first product in a new revenue line, with more products expected in the future [32][33] Question: Current environment for nonprofits and funding stress - Management noted that while some nonprofits are experiencing reduced government grants, this has not led to significant business losses for Blackbaud, as customers are relying more on their platform [36] Question: Contribution to long-term revenue growth - Management indicated that new AI products are not included in the long-term guidance, but there are opportunities for pricing increases, new logos, and cross-selling contributing to revenue growth [38]

Market Overview - The current leadership rotation in the market is seen as healthy, with over 68% of the S&P 500 above its 200-day moving average, indicating a strong market condition [2] - The S&P 500 has 17% of its components making new highs, while only 3% are making new lows, suggesting positive market momentum [3] Sector Performance - The technology sector, particularly software stocks like Salesforce and Adobe, is experiencing significant challenges, with Salesforce being highlighted as a major laggard [3][8] - The Dow Jones Industrial Average reached a milestone of 50,000, with a third of its components making new highs, reinforcing the notion of a strong secular bull market [4][5] Earnings Insights - Earnings growth remains a key narrative, but the market reaction to earnings reports has been mixed, with companies like Meta and Microsoft facing sell-offs despite solid earnings [6][7] - Upcoming earnings reports from companies such as Apploven, Unity Software, and Data Dog are anticipated to provide further insights into the software sector's performance [11] Investment Strategies - There is a shift towards more stable, dividend-paying stocks in the current market environment, with companies like Coca-Cola and Exxon Mobil being recommended for long-term investment [18][20] - The focus is on identifying individual companies within the software sector that can differentiate themselves and provide guidance to alleviate market fears [12][14] Future Outlook - The market is expected to remain volatile, with attention on upcoming economic indicators such as unemployment numbers and CPI inflation data [8] - The potential for recovery in the software sector is contingent on individual company performance and market sentiment towards technology stocks [10][12]

责任编辑：张俊 SF065 大和资本市场（Daiwa Capital Markets）认为，Palantir Technologies的股票今年有望收复早前的跌幅。该 投行将这家软件分析公司的评级从中性上调至买入。不过，分析师Shigemichi Yoshizu将其目标股价从 200美元下调至180美元。 Palantir的股价在过去12个月内上涨了23%，但2026年至今下跌了20%。Yoshizu最新给出的目标价仍意 味着该股有26%的上涨空间。 大和资本市场（Daiwa Capital Markets）认为，Palantir Technologies的股票今年有望收复早前的跌幅。该 投行将这家软件分析公司的评级从中性上调至买入。不过，分析师Shigemichi Yoshizu将其目标股价从 200美元下调至180美元。 Palantir的股价在过去12个月内上涨了23%，但2026年至今下跌了20%。Yoshizu最新给出的目标价仍意 味着该股有26%的上涨空间。 责任编辑：张俊 SF065 ...

Core Insights - Cloudera has expanded its AI capabilities to on-premises environments, allowing customers to utilize advanced AI and analytics directly within their data centers [1][3] - The focus of enterprise AI discussions has shifted from data storage locations to ensuring secure and controlled access to data for AI applications [2] - Cloudera's AI Inference, powered by NVIDIA technology, enables enterprises to deploy and scale AI models directly in data centers, providing cost efficiency and predictable economic benefits [3] Group 1: AI and Data Solutions - Cloudera AI Inference and Cloudera Data Warehouse with Trino can now be deployed on-premises, enhancing centralized security, governance, and observability across data assets [4] - The integration of AI-driven analytics and visualization capabilities allows enterprises to derive actionable insights without compromising security and compliance [4] - Cloudera's enhancements in Data Visualization provide deeper insights and streamline AI-driven workflows in data centers [4] Group 2: Technological Advancements - Cloudera's AI Inference supports the deployment of various AI models, including large language models and applications in fraud detection and computer vision [3] - The solution avoids cloud cost fluctuations, offering superior cost efficiency and long-term manageability for enterprises [3] - AI features such as instant summarization for visual content and robust resilience capabilities enhance the clarity and monitoring of data assets [5] Group 3: Company Overview - Cloudera is recognized as a trusted data and AI platform for large enterprises, integrating open-source technology across public cloud, on-premises data centers, and edge environments [7] - The company empowers enterprises to enhance data security, governance, and real-time insights, ultimately improving decision-making and profitability [7]

Core Insights - VERSES AI Inc. has appointed David T. Scott as Interim CEO following the resignation of founders Gabriel René and Dan Mapes for personal reasons [1] - The company is actively searching for a permanent CEO while focusing on converting R&D into commercial products and pursuing revenue opportunities in the financial services sector [3][4] Company Leadership - David T. Scott brings over 30 years of experience in public-company leadership and operational discipline, having worked with major firms like Amazon Web Services and Twitter [2] - The Board Chair, Michael Blum, highlighted Scott's ability to manage multi-billion-dollar budgets and his track record in transforming organizations [2] Strategic Focus - The company aims to execute a disciplined go-to-market strategy and drive near-term revenue, particularly in the financial services sector [3][4] - Ongoing initiatives include cost-reduction and operational efficiency to enhance commercialization of financial services products [4] Company Overview - VERSES is a cognitive computing company that develops next-generation agentic software systems, with its flagship product, Genius™, designed to provide reliable predictions and decisions [5]

格隆汇2月10日｜摩根大通策略师表示，软件股有望从历史性跌势中反弹，因为市场目前对人工智能带 来的短期颠覆性影响定价过高。由杜布拉夫科·拉科斯-布亚斯领导的团队认为，投资者应增持高质量及 对人工智能具有韧性的软件股，因为"极端的价格走势"可能促使资金轮动重回该板块，至少短期内如 此。"考虑到仓位调整已较充分、市场对AI颠覆软件业的看法过于悲观，以及企业基本面依然稳固，我 们认为风险平衡正日益向反弹倾斜，"该团队在一份报告中写道。该团队表示，目前尚不清楚传统软件 公司长期是否会被人工智能取代，但认为当前市场对颠覆性影响的悲观情绪"目前反应过度"。该团队补 充称，软件公司第四季度财报迄今总体表现积极，分析师预计2026年盈利将增长16.8%。 ...

Core Viewpoint - Baron Asset Fund outperformed the Russell Midcap Growth Index in Q4 2025, achieving a return of 7.89% compared to the Index's decline of 3.70% [1] Group 1: Fund Performance - The Baron Asset Fund returned 7.89% in Q4 2025, surpassing the Russell Midcap Growth Index by 11.59 percentage points [1] - As of December 31, 2025, the Fund held 53 positions, with the 10 largest holdings representing 52.8% of net assets and the 20 largest holdings representing 73.3% of net assets [1] Group 2: Fair Isaac Corporation (NYSE:FICO) - Fair Isaac Corporation's stock experienced a one-month return of -15.43% and a 52-week decline of 23.62%, closing at $1,372.76 per share with a market capitalization of $32.56 billion on February 9, 2026 [2] - Investments in IT, Health Care, and Financials contributed positively to the Fund's performance, with Fair Isaac Corporation being highlighted for its strong Q4 earnings and positive fiscal year 2026 guidance [3] - Fair Isaac Corporation reported Q1 fiscal 2026 revenue of $512 million, reflecting a 16% year-over-year growth [4]

Group 1: Fund Performance - Baron Asset Fund achieved a return of 7.89% in Q4 2025, outperforming the Russell Midcap Growth Index by 11.59 percentage points, which ended the quarter down 3.70% [1] - The Fund held a total of 53 positions as of December 31, 2025, with the 10 largest holdings representing 52.8% of net assets and the 20 largest holdings representing 73.3% of net assets [1] Group 2: Veeva Systems Inc. Analysis - Veeva Systems Inc. (NYSE:VEEV) was highlighted as a notable detractor for the Baron Asset Fund, with a one-month return of -19.20% and a 12-month decline of 21.22% [2] - The company's market capitalization is reported at $30.347 billion [2] - Following a quarterly update in November, Veeva's management tempered expectations for customer retention, expecting only 14 of the top 20 global pharmaceutical companies to adopt its next-generation Vault CRM product, down from 18 for the legacy Veeva CRM [3] - The termination of Veeva's long-standing partnership with Salesforce has allowed for greater control over its product roadmap but has also introduced direct competition with Salesforce, which has announced its own product development efforts [3] - Despite recent challenges, the company retains long-term conviction in Veeva due to favorable secular tailwinds and confidence in its 2030 financial targets [3]

Core Insights - Monday.com reported better-than-expected fourth-quarter earnings with a revenue growth of 25% year-on-year to $333.88 million, surpassing the analyst consensus estimate of $329.64 million. The adjusted EPS for the quarter was $1.04, exceeding the consensus estimate of 92 cents [1][2]. Financial Performance - The company achieved a revenue growth of 27% in 2025, with an adjusted operating margin of 14%. This growth was attributed to disciplined execution, product lineup expansion, and strong adoption of AI offerings [2]. - For the fiscal first quarter of 2026, Monday.com expects revenue guidance of $338.00 million to $340.00 million, slightly below the analyst consensus estimate of $342.97 million. The adjusted operating margin outlook is projected to be between 11% and 12% [3]. - The 2026 revenue guidance is set at $1.452 billion to $1.462 billion, again below the analyst consensus estimate of $1.477 billion, with an adjusted operating margin outlook of 11% to 12% [3]. Market Reaction - Following the earnings announcement, Monday.com shares fell by 1.3% to $76.60 in pre-market trading [3]. - Analysts have adjusted their price targets for Monday.com in response to the earnings report [4].

Microsoft and Oracle may be bargain stocks, according to this analysis - MarketWatch## Tech Stocks# Microsoft and Oracle may be bargain stocks, according to this analysis## Both stocks are relatively cheap on an earnings basis. And the companies have projected revenue growth rates much higher than that of the S&P 500.Published: Feb. 10, 2026 at 8:15 a.m. ETShareResize---Listen(8 min)Oracle and Microsoft are both projected to increase sales rapidly over the next two years, while their stocks are trading at a ...