Financial Data and Key Metrics Changes - Total revenue grew by 14% year-over-year, surpassing $2 billion, with acquisitions contributing 8% and organic growth at 6% [9][30] - EBITDA increased by 13% to $810 million, with an EBITDA margin of 40.2% [10][30] - Free cash flow rose by 17% to $842 million, representing 32% of revenue on a trailing twelve-month basis [10][30] - Adjusted diluted earnings per share (DEPS) was $5.14, an 11% increase year-over-year, exceeding guidance by $0.02 [10][30] Business Line Data and Key Metrics Changes - Application software segment revenue grew by 18% in total and 6% organically, with EBITDA margins at 43.4% [16][30] - Network segment revenue increased by 13% with organic growth of 6%, maintaining strong EBITDA margins at 53.7% [21][30] - TEP segment revenue grew by 7% with organic growth of 6%, and EBITDA margins were at 35.2% [26][30] Market Data and Key Metrics Changes - Deltek experienced softness in government contracting due to a government shutdown, impacting commercial activity [17][30] - The freight market showed headwinds, but DAT continued to execute well on its core strategy [21][30] - The overall market environment remains uncertain, particularly in government contracting and trade markets [7][30] Company Strategy and Development Direction - The company is focused on AI as a significant growth driver, expanding its total addressable market (TAM) by automating labor-intensive tasks [14][30] - A $3 billion share repurchase program was announced, reflecting confidence in the company's strategy and commitment to shareholder value [6][12] - The M&A strategy continues to be a priority, with over $5 billion in capital deployment capacity available over the next 12 months [7][11] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the long-term growth potential driven by AI and the execution of M&A strategies [7][30] - There are expectations for improvement in government contracting markets in 2026, particularly following the passage of the One Big Beautiful Bill [37][30] - The company anticipates organic revenue growth in the mid-single digits for the upcoming quarter, with potential variability due to market conditions [20][30] Other Important Information - The company completed several tuck-in acquisitions, including Orchard, enhancing its clinical laboratory capabilities [18][30] - AI initiatives are being integrated across various business units, with significant progress reported in product development and market traction [15][30] Q&A Session Summary Question: Organic growth outlook and re-acceleration confidence - Management acknowledged short-term dynamics affecting organic growth but expressed confidence in a re-acceleration in 2026, particularly in application software and government contracting [36][37] Question: AI strategy and product innovation pace - Management reported strong progress in AI initiatives, with 40 new AI features released, and emphasized the importance of commercialization in 2026 and beyond [40][41] Question: Buyback strategy versus M&A focus - The $3 billion buyback is seen as a complement to the ongoing M&A strategy, reflecting confidence in the company's execution and market position [46][47] Question: Addressing setbacks in guidance - Management noted that bespoke situations have caused recent setbacks, but the diversified portfolio is designed to mitigate cyclicality [48][49] Question: Software bookings and Deltek's performance - The decline in software bookings was primarily attributed to Deltek, with expectations for improvement as government activities normalize [55][56] Question: Organic growth contributions from acquisitions - Management indicated that ProCare's contribution to organic growth was less than initially expected but still positive [64][65] Question: DAT's pricing and packaging strategy - The strategy at DAT focuses on enhancing value for both brokers and carriers, with significant potential for automation and cost savings [88][90]

Core Viewpoint - The company has announced a delay in the completion of several key projects, extending the timeline to between December 31, 2026, and December 31, 2027, due to external economic factors and strategic adjustments [1] Project Delays - The company has postponed the following projects: industry smart cloud solution development, cornerstone research institute construction, sales and service system development, and the Harmony-based industry distribution version development [1] - The original completion date for these projects was set for December 31, 2025 [1] Reasons for Delay - The delay is attributed to objective factors such as social economy and macro environment, which have constrained the company's equipment procurement and personnel investment [1] - The company is adopting a cautious approach with a strategy termed 'AIX Harmony', focusing on gradual progress in project implementation [1] Impact on Operations - The delay is not expected to have a substantial negative impact on the implementation of fundraising projects or the company's normal operations [1] - The adjustments align with the company's long-term development plan [1] Future Planning - The company will closely monitor market changes, reasonably plan project construction progress, optimize resource allocation, and enhance supervision of fundraising usage to ensure projects are implemented according to the new schedule [1]

Core Viewpoint - The company has announced delays in several fundraising projects due to AI technology changes and strategic adjustments towards "AI×Hongmeng" [1] Group 1: Project Delays - The industry smart cloud solution R&D project and the cornerstone research institute construction project have been postponed to December 31, 2027 [1] - The sales and service system construction project and the Hongmeng-based industry distribution version R&D project have been delayed to December 31, 2026 [1] Group 2: Reasons for Delays - The delays are attributed to the transformation of AI technology and the company's strategic shift [1] - The company is adopting a cautious approach and implementing projects in a "small steps" manner [1] Group 3: Resource Management - The company is utilizing existing resources and cloud resource leasing to slow down the pace of its self-built computing power center project [1] - The company plans to invest the unused fundraising in phases based on the actual implementation progress [1]

Marco’s Technology Services, an affiliate of Marco’s Franchising, has named technology company NCR Voyix as its preferred tech partner for the brand’s new international sites. Marco’s Pizza, which operates more than 1,200 outlets in the US, will begin the deployment of NCR Voyix solutions with a store launch in Mexico before the end of 2025. This will be followed by at least five more international locations. NCR Voyix chief revenue officer Miguel Solares stated: “NCR Voyix is honoured to be chosen by M ...

Core Insights - IBM's stock dropped over 7% in pre-market trading, reaching $267.2 [1] - In Q3, IBM reported a 9.1% year-over-year revenue increase to $16.3 billion [1] - Adjusted earnings per share were $2.65, exceeding analyst expectations of $2.41 [1] - The revenue growth rate of the hybrid cloud segment, which includes Red Hat, slowed to 14%, below the average analyst expectation of 16%, raising concerns about IBM's growth engine [1]

Core Viewpoint - IBM's stock dropped over 7% in pre-market trading due to a slowdown in cloud business growth in Q3 [2] Group 1: Company Performance - IBM's Q3 cloud business growth has shown signs of deceleration, impacting investor sentiment and stock performance [2]

Core Points - Wolters Kluwer has repurchased 339,700 ordinary shares for €37.3 million at an average price of €109.95 from October 16 to October 22, 2025 [1] - The share buyback program, announced on February 26, 2025, aims to repurchase shares worth €1 billion during 2025 [2] - Cumulatively, 6,856,391 shares have been repurchased in 2025, totaling €933.9 million at an average price of €136.21 [2] - A third party has been engaged to execute €363 million of buybacks from July 31, 2025, to November 3, 2025 [2] - Repurchased shares will be held as treasury shares and used for capital reduction through share cancellation [3] Company Overview - Wolters Kluwer reported annual revenues of €5.9 billion for 2024 and operates in over 180 countries with approximately 21,900 employees [4] - The company is headquartered in Alphen aan den Rijn, Netherlands, and is listed on Euronext Amsterdam [5]

Core Viewpoint - The company has signed a cooperation framework agreement with Shen Kai Hong to integrate resources and collaborate on OpenHarmony technology development and ecosystem building, but is not involved in humanoid robot development [1] Group 1 - The cooperation framework agreement was signed on November 2, 2021 [1] - The collaboration focuses on integrating resources for technology development and ecosystem construction [1] - The company currently does not participate in the development of humanoid robots [1]

Core Viewpoint - The company is focusing on the development of various hardware products and aims to achieve breakthroughs in domestic chip technology for ultrasonic fluid measurement applications [1] Group 1: Product Development - The company is developing a range of hardware products, including smart POS systems, IoT terminals, and smart sensors, utilizing a wide variety of chips [1] - The performance of the chips used in these products shows significant variation, with a primary focus on procuring mature and general chip solutions for application development [1] Group 2: Technological Innovation - The company possesses proprietary core algorithms for ultrasonic fluid measurement, emphasizing a commitment to independent domestic technology paths [1] - The company is actively engaging with several capable domestic chip teams to evaluate the feasibility of joint research and development for custom ultrasonic measurement chips [1]

Core Viewpoint - NetEase Cloud Communication is celebrating its 10th anniversary with a brand upgrade and the launch of AI-driven products, aiming to enhance value delivery to enterprise clients across various industries [1][5]. Group 1: Company Background and Development - NetEase Cloud Communication has evolved from providing SDK-based instant messaging solutions to becoming a key player in the AI-driven communication landscape, having served 2.35 million enterprise developers and over 800,000 registered applications globally [4][6]. - The company has a strong foundation in instant messaging technology, having previously collaborated with China Telecom to develop applications like YiXin and NetEase POPO, which contributed to its expertise in enterprise-level IM cloud services [4][6]. Group 2: AI Integration and Transformation - The recent brand upgrade signifies a shift from being a basic communication channel to becoming a critical engine for AI interaction, leveraging AI's capabilities in knowledge storage, understanding, and human-like interaction [5][6]. - The integration of AI into communication services allows for the transmission of information not only between individuals but also between individuals and AI, enhancing the depth of communication [6][7]. Group 3: AI Applications and Value Delivery - NetEase Cloud Communication introduced a comprehensive AI application suite, including emotional companion agents and AI meeting assistants, aimed at delivering tangible value to clients in sectors like entertainment, smart hardware, and corporate office environments [7][8]. - The emotional companion agent addresses the growing need for emotional interaction in an aging society, utilizing features like emotional perception and memory to facilitate deep, human-like conversations [7][8]. - The AI meeting assistant enhances meeting efficiency by providing real-time transcription, translation, and automatic meeting summaries, thereby improving knowledge retention and workflow connectivity within organizations [8][9]. - The AI bidding review assistant streamlines the bidding process by ensuring compliance with tender requirements and enhancing the overall quality of bid documents, thus reducing potential errors and risks [9]. Group 4: Future Outlook - With AI deeply integrated into its operations, NetEase Cloud Communication is poised to leverage ongoing advancements in AI technology and macro policies to foster human-machine collaboration and value co-creation across various industries [9].