美国应用软件-2025 年第三季度业绩总结-AI 变现尚处初期，软件整体情绪持续走弱-US Application Software 3Q25 Earnings Wrap-Up Early Days of AI Monetization as Broader Software Sentiment Continues to Erode

Summary of Earnings Call for US Application Software Industry Industry Overview - The earnings season for 3Q25 highlighted a bifurcation in sentiment between AI winners and the rest of the software sector, with companies like PEGA, APPN, BL, WK, and INTA showing positive performance in billings and ARR growth [1][2] - The overall sentiment in the Back Office Software sector remains negative, with valuations nearing 2016 lows on EV/revenue metrics [2][20] - AI adoption is increasing, but monetization is still in early stages for many companies, with notable early beneficiaries including PEGA, NAVN, APPN, OS, and BOX [3][11] Key Companies and Performance - PEGA: Reported solid cloud ACV growth of 27%, driven by its Blueprint product, despite temporary disruptions from government shutdowns [10][13] - APPN: AI is now adopted by 25% of its customer base, leading to significant enterprise wins and a 31% year-over-year growth in federal contracts [10][13] - WK: Achieved record large customer additions and sustained over 20% billings growth [10][13] - NAVN: Experienced momentum in enterprise sales, although impacted by a CFO transition [10][13] - ROP: Faced near-term headwinds due to government shutdowns and tariffs, resulting in softer organic growth [10][13] Market Trends and Sentiment - The market is showing a clear preference for high-growth companies with tangible AI monetization potential, while companies lacking clear catalysts are seeing reduced interest [2][20] - The overall software sector is underperforming the market, with the IGV index lagging behind the S&P 500 by 8.4 points year-to-date [20] - There is a notable shift in investor preference back towards growth, particularly for companies demonstrating AI-related growth, which are commanding higher EV/revenue multiples [23] Future Outlook - For 2026, there is potential for increased adoption of Office of the CFO applications driven by an ERP upgrade cycle, which could support higher growth in adjacent markets [12] - Ongoing M&A discussions and activist involvement are expected to create further opportunities within the sector [12] - The valuation fallout in financial software, combined with emerging themes, presents an attractive opportunity for investment in the Office of the CFO segment [12] Additional Insights - The sentiment for HR software remains negative due to concerns over seat-based pricing models and labor market conditions [17] - The Back Office Software sector has underperformed the IGV over the last six months, with significant declines in financial and supply chain management software attributed to macroeconomic impacts [17][20] - Companies like VERX, SPSC, and EXFY have seen substantial declines in stock performance, driven by lower-than-expected earnings and macroeconomic challenges [17] This summary encapsulates the key points from the earnings call, highlighting the performance of specific companies, market trends, and future outlooks within the US Application Software industry.