Image source: The Motley Fool. Wednesday, Feb. 11, 2026 at 8:30 a.m. ET Call participants President and Chief Executive Officer — Christopher Young Chief Financial Officer — John Schwab Takeaways Total Revenue -- $194.7 million for the quarter, representing a 9.1% increase year over year and meeting company guidance. -- $194.7 million for the quarter, representing a 9.1% increase year over year an...
Image source: The Motley Fool. Wednesday, Feb. 11, 2026 at 8:30 a.m. ET Call participants President and Chief Executive Officer — Christopher Young Chief Financial Officer — John Schwab Takeaways Total Revenue -- $194.7 million for the quarter, representing a 9.1% increase year over year and meeting company guidance. -- $194.7 million for the quarter, representing a 9.1% increase year over year and meeting company guidance. Full-Year Revenue -- $748.4 million, reflecting growth of 12.2% over 2024. -- $748.4 million, reflecting growth of 12.2% over 2024. Subscription Revenue -- $166.2 million for the quarter, up 8.9% year over year; full-year subscription revenue reached $639.7 million, increasing 12.8%. -- $166.2 million for the quarter, up 8.9% year over year; full-year subscription revenue reached $639.7 million, increasing 12.8%. Cloud Revenue -- $94.6 million for the quarter, up 23% year over year; full-year cloud revenue totaled $352.9 million, with 27.9% annual growth, aligning with the 28% guidance. -- $94.6 million for the quarter, up 23% year over year; full-year cloud revenue totaled $352.9 million, with 27.9% annual growth, aligning with the 28% guidance. Services Revenue -- $28.5 million for the quarter, up 10.2% year over year; $108.8 million for the year, with 9.2% growth. -- $28.5 million for the quarter, up 10.2% year over year; $108.8 million for the year, with 9.2% growth. ARR (Annual Recurring Revenue) -- $671 million at quarter end, up 11.3% year over year. -- $671 million at quarter end, up 11.3% year over year. Net Revenue Retention (NRR) -- 105% at year-end, consistent with company targets. -- 105% at year-end, consistent with company targets. Gross Revenue Retention (GRR) -- 94% at year-end, within the 94%-96% target range. -- 94% at year-end, within the 94%-96% target range. Average Annual Revenue per Customer (AARPC) -- $137,867, an increase of 12.4% year over year. -- $137,867, an increase of 12.4% year over year. Scaled Customer Growth --...
Many of the victims of the new year fire were teenagers - the ages of the dead ranging from 14 to 39. It has since emerged that a service door had been locked, preventing many of those inside the bar from getting out as the fire spread at about 01:30 on New Year's Day.
Many of the victims of the new year fire were teenagers - the ages of the dead ranging from 14 to 39. It has since emerged that a service door had been locked, preventing many of those inside the bar from getting out as the fire spread at about 01:30 on New Year's Day.
Artificial intelligence is the greatest investment opportunity of our lifetime. The time to invest in groundbreaking AI is now, and this stock is a steal! AI is eating the world—and the machines behind it are ravenous. Each ChatGPT query, each model update, each robotic breakthrough consumes massive amounts of energy. In fact, AI is already pushing global power grids to the brink. Wall Street is p...
Artificial intelligence is the greatest investment opportunity of our lifetime. The time to invest in groundbreaking AI is now, and this stock is a steal! AI is eating the world—and the machines behind it are ravenous. Each ChatGPT query, each model update, each robotic breakthrough consumes massive amounts of energy. In fact, AI is already pushing global power grids to the brink. Wall Street is pouring hundreds of billions into artificial intelligence—training smarter chatbots, automating industries, and building the digital future. But there’s one urgent question few are asking: Where will all of that energy come from? AI is the most electricity-hungry technology ever invented. Each data center powering large language models like ChatGPT consumes as much energy as a small city. And it’s about to get worse. Even Sam Altman, the founder of OpenAI, issued a stark warning: “The future of AI depends on an energy breakthrough.” Elon Musk was even more blunt: “AI will run out of electricity by next year.” As the world chases faster, smarter machines, a hidden crisis is emerging behind the scenes. Power grids are strained. Electricity prices are rising. Utilities are scrambling to expand capacity. And that’s where the real opportunity lies… One little-known company—almost entirely overlooked by most AI investors—could be the ultimate backdoor play. It’s not a chipmaker. It’s not a cloud platform. But it might be the most important AI stock in the US owns critical energy infrastructure assets positioned to feed the coming AI energy spike. As demand from AI data centers explodes, this company is gearing up to profit from the most valuable commodity in the digital age: electricity. The “Toll Booth” Operator of the AI Energy Boom It owns critical nuclear energy infrastructure assets , positioning it at the heart of America’s next-generation power strategy. , positioning it at the heart of America’s next-generation power strategy. It’s one of the only global companies capable ...
M.photostock/iStock via Getty Images Market Review U.S. equities ended the fourth quarter and the full year higher, extending a multi-year rally. Positive factors for the markets included stronger-than-expected corporate earnings, continued consumer spending, and large investments in artificial intelligence (AI) by major technology companies, alongside interest rate cuts from the Federal Reserve. ...
M.photostock/iStock via Getty Images Market Review U.S. equities ended the fourth quarter and the full year higher, extending a multi-year rally. Positive factors for the markets included stronger-than-expected corporate earnings, continued consumer spending, and large investments in artificial intelligence (AI) by major technology companies, alongside interest rate cuts from the Federal Reserve. Easing trade tensions and ongoing merger activity also helped reinforce confidence in the economic outlook. Despite the strong quarter, investors grew more cautious about whether heavy AI spending will translate into profits, while signs of a softening job market and affordability pressures weighed on sentiment. Housing-related industries and several consumer-focused sectors lagged, highlighting growing concerns that economic strength is becoming less evenly shared.[1] Portfolio Review The Fund returned -3.36%, reflecting performance at the net asset value (NAV) of Class I shares with all distributions reinvested for the quarter ended December 31, 2025, compared to the 1.17% return of the Fund’s benchmark, the Russell 1000® Growth Index[2]. Security selection within the Information Technology sector detracted from relative performance over the period, driven by an overweight allocation to Astera Labs, Inc. ( ALAB ) (1.4%), a manufacturer of semiconductor-based connectivity solutions for cloud and AI infrastructure. Security selection within the Communication Services sector also detracted from relative performance, driven by an overweight allocation to Spotify Technology SA ( SPOT )(1.5%), a provider of digital music-streaming services. Security selection within the Health Care sector contributed to relative performance over the period, driven by an overweight allocation to Natera, Inc. ( NTRA )(2.1%), a diagnostics company that provides molecular testing services. A lack of exposure to the Utilities sector also contributed to relative performance as it was the worst perfor...
Key Points Nike will get back to revenue and profit growth if it can introduce products that drive consumer excitement. Its leadership position in the industry and strong brand provide a durable advantage. Nike hitting $100 in a few years is likely the best-case scenario. 10 stocks we like better than Nike › There aren't many companies that have the brand recognition that Nike (NYSE: NKE) does. Ov...
Key Points Nike will get back to revenue and profit growth if it can introduce products that drive consumer excitement. Its leadership position in the industry and strong brand provide a durable advantage. Nike hitting $100 in a few years is likely the best-case scenario. 10 stocks we like better than Nike › There aren't many companies that have the brand recognition that Nike (NYSE: NKE) does. Over the decades, its leadership within the sportswear market has supported its financial success. And with its marketing prowess, the business has resonated with people all over the world. It's not always an easy journey, however. This consumer discretionary stock is not winning right now, as its price has declined 56% in the past five years (as of Feb. 6). Does Nike have what it takes to get to $100 per share? Where to invest $1,000 right now? Our analyst team just revealed what they believe are the 10 best stocks to buy right now, when you join Stock Advisor. See the stocks » Patience is important Investors are seeking a 56% gain from the current price of $64. For what it's worth, Nike's all-time high stock price is around $166. This was reached in November 2021. Given that shares trade 64% below that record and show no signs of life, investors are lacking the optimism to be bullish. However, I think that it's only a matter of time for the stock to hit $100. It probably will take a few years, though, in a best-case scenario. Nike's turnaround will take time The current leadership team is working to boost Nike's growth, which has come under pressure in recent years. Competition, especially in the running category, is stiff. The company has failed to drive consumer excitement, with product innovation lacking. Nike also wants to strengthen ties with wholesale accounts that it abandoned during the pandemic-fueled e-commerce boom. Revenue is expected to rise by less than 1% in fiscal 2026, according to the consensus view among sell-side analysts. And earnings per share are expe...
There is no chance we are in an AI bubble, according to the heads of companies like Nvidia (NASDAQ: NVDA), Alphabet (NASDAQ: GOOG), and OpenAI. If the US is completely at the center of the AI universe, that might be true. But, it isn’t The Semafor headline reads “China’s AI industry gears up for pivotal ... The Collapse Of America’s AI Bubble Is In China
There is no chance we are in an AI bubble, according to the heads of companies like Nvidia (NASDAQ: NVDA), Alphabet (NASDAQ: GOOG), and OpenAI. If the US is completely at the center of the AI universe, that might be true. But, it isn’t The Semafor headline reads “China’s AI industry gears up for pivotal ... The Collapse Of America’s AI Bubble Is In China
Image source: The Motley Fool. Feb. 11, 2026, at 8:00 a.m. ET Call participants Chief Operating Officer and Chief Financial Officer — Ken Stillwell Founder and Chief Executive Officer — Alan Trefler Vice President, Investor Relations — Peter Welburn Need a quote from a Motley Fool analyst? Email [email protected] Takeaways Total Annual Contract Value (ACV) -- Increased 17% year over year as report...
Image source: The Motley Fool. Feb. 11, 2026, at 8:00 a.m. ET Call participants Chief Operating Officer and Chief Financial Officer — Ken Stillwell Founder and Chief Executive Officer — Alan Trefler Vice President, Investor Relations — Peter Welburn Need a quote from a Motley Fool analyst? Email [email protected] Takeaways Total Annual Contract Value (ACV) -- Increased 17% year over year as reported and 14% in constant currency, with growth exceeding company guidance. -- Increased 17% year over year as reported and 14% in constant currency, with growth exceeding company guidance. Pega Cloud ACV -- Rose 33% year over year as reported and 28% in constant currency, accelerating from last year’s 18% as reported and 21% in constant currency. -- Rose 33% year over year as reported and 28% in constant currency, accelerating from last year’s 18% as reported and 21% in constant currency. Net New ACV -- Increased by 37% year over year in constant currency, attributed to Blueprint adoption, global sales execution, and higher demand for AI-powered automation. -- Increased by 37% year over year in constant currency, attributed to Blueprint adoption, global sales execution, and higher demand for AI-powered automation. Free Cash Flow -- Grew 45% year over year to $491 million, surpassing guidance by $51 million. -- Grew 45% year over year to $491 million, surpassing guidance by $51 million. Cash and Investments -- Ended the period at $426 million. -- Ended the period at $426 million. Debt Repayment -- $468 million repaid during the year. -- $468 million repaid during the year. Share Repurchases -- $498 million of shares repurchased in 2025. -- $498 million of shares repurchased in 2025. Dividends -- Dividends distributed during the year (amount not specified in the call). -- Dividends distributed during the year (amount not specified in the call). Contractually Committed Backlog -- Reached over $2 billion as reported for the first time, up 28% as reported and 23% in constant curre...
Elon Musk told employees at xAI ( X.AI ) on Tuesday that the AI startup needed a factory on the moon to build AI satellites and a massive catapult to launch them into space, the New York Times reported. The space catapult would be known as a mass driver and would be part of an imagined facility on the moon that makes satellites to provide the computing power for the company’s AI, the report added ...
Elon Musk told employees at xAI ( X.AI ) on Tuesday that the AI startup needed a factory on the moon to build AI satellites and a massive catapult to launch them into space, the New York Times reported. The space catapult would be known as a mass driver and would be part of an imagined facility on the moon that makes satellites to provide the computing power for the company’s AI, the report added . xAI did not immediately respond to a request for comment from Seeking Alpha. "You have to go to the moon," said Tesla ( TSLA ) CEO Musk during an all-hands meeting, which was heard by the news outlet. Musk added that the move would help xAI harness more power than other companies to build its AI, according to the report. "It's difficult to imagine what an intelligence of that scale would think about, but it’s going to be incredibly exciting to see it happen," Musk noted. Earlier this month, SpaceX ( SPACE ) announced it was acquiring xAI. Musk had said then, "This marks not just the next chapter, but the next book in SpaceX and xAI's mission: scaling to make a sentient sun to understand the Universe and extend the light of consciousness to the stars!" On Monday, Musk said on his social media platform X that SpaceX will focus on building a base on the moon before attempting Mars. "For those unaware, SpaceX has already shifted focus to building a self-growing city on the Moon, as we can potentially achieve that in less than 10 years, whereas Mars would take 20+ years," Musk added . In his hour long talk on Tuesday, Musk did not say how the lunar facility could be built, the report added. Musk's focus on the moon is a recent one. Two former SpaceX executives told the news outlet that the moon had never been a main focus of the company, the report noted. Musk described the moon as a stepping stone to Mars. First, he noted that the company would build "a self-sustaining city on the moon," then travel to Mars and finally explore star systems in search of aliens, the report adde...
RiverNorthPhotography/iStock Unreleased via Getty Images T. Rowe Price Group ( TROW ) on Wednesday said its January-end assets under management stood at $1.80 trillion, up from $1.78 trillion at the end of December 2025. By asset class, Equity had $879B in AUM as of January 31, Fixed income, including money market, had $213B in AUM, Multi-asset had $646B, while Alternatives had $59B in AUM. More o...
RiverNorthPhotography/iStock Unreleased via Getty Images T. Rowe Price Group ( TROW ) on Wednesday said its January-end assets under management stood at $1.80 trillion, up from $1.78 trillion at the end of December 2025. By asset class, Equity had $879B in AUM as of January 31, Fixed income, including money market, had $213B in AUM, Multi-asset had $646B, while Alternatives had $59B in AUM. More on T. Rowe Price T. Rowe Price: Goldman Sachs Partnership Helps This High-Yield Dividend Aristocrat T. Rowe Price Group, Inc. (TROW) Q4 2025 Earnings Call Transcript T. Rowe Price Group, Inc. 2025 Q4 - Results - Earnings Call Presentation T. Rowe Price raises quarterly dividend by 2.4% to $1.30/share T. Rowe Price outlines 3% to 6% expense growth target for 2026 while advancing ETF and global partnership strategy
Baron Fund, an investment management company, released its Q4 2025 letter for “Baron Durable Advantage Fund”. A copy of the letter can be downloaded here. The Fund returned 2.6% in the fourth quarter, which mirrored the S&P 500 Index’s 2.7% return. The Fund returned 16.6% in 2025, compared to 17.9% for the Index and 16.1% gain for the Peer Group, Morningstar Large Growth Category average. Moving t...
Baron Fund, an investment management company, released its Q4 2025 letter for “Baron Durable Advantage Fund”. A copy of the letter can be downloaded here. The Fund returned 2.6% in the fourth quarter, which mirrored the S&P 500 Index’s 2.7% return. The Fund returned 16.6% in 2025, compared to 17.9% for the Index and 16.1% gain for the Peer Group, Morningstar Large Growth Category average. Moving to 2026, in an environment dominated by geopolitics, changing regulatory trends, and artificial intelligence, the Fund focuses on investing in high-quality, large-cap companies with solid competitive advantages, proven track record, and consistent shareholder returns. Please review the Fund’s top five holdings to gain insights into their key selections for 2025. In its fourth-quarter 2025 investor letter, Baron Durable Advantage Fund highlighted Broadcom Inc. (NASDAQ:AVGO) as a notable contributor. Broadcom Inc. (NASDAQ:AVGO)is a leading semiconductor and infrastructure software solutions company. On February 10, 2026, Broadcom Inc. (NASDAQ:AVGO) stock closed at $340.44 per share. One-month return of Broadcom Inc. (NASDAQ:AVGO) was 0.16%, and its shares are up 44.04% over the past twelve months. Broadcom Inc. (NASDAQ:AVGO) has a market capitalization of $1.614 trillion. Baron Durable Advantage Fund stated the following regarding Broadcom Inc. (NASDAQ:AVGO) in its fourth quarter 2025 investor letter:
Baron Fund, an investment management company, released its Q4 2025 letter for “Baron Durable Advantage Fund”. A copy of the letter can be downloaded here. The Fund returned 2.6% in the fourth quarter, which mirrored the S&P 500 Index’s 2.7% return. The Fund returned 16.6% in 2025, compared to 17.9% for the Index and 16.1% gain for the Peer Group, Morningstar Large Growth Category average. Moving t...
Baron Fund, an investment management company, released its Q4 2025 letter for “Baron Durable Advantage Fund”. A copy of the letter can be downloaded here. The Fund returned 2.6% in the fourth quarter, which mirrored the S&P 500 Index’s 2.7% return. The Fund returned 16.6% in 2025, compared to 17.9% for the Index and 16.1% gain for the Peer Group, Morningstar Large Growth Category average. Moving to 2026, in an environment dominated by geopolitics, changing regulatory trends, and artificial intelligence, the Fund focuses on investing in high-quality, large-cap companies with solid competitive advantages, proven track record, and consistent shareholder returns. Please review the Fund’s top five holdings to gain insights into their key selections for 2025. In its fourth-quarter 2025 investor letter, Baron Durable Advantage Fund highlighted Broadcom Inc. (NASDAQ:AVGO) as a notable contributor. Broadcom Inc. (NASDAQ:AVGO)is a leading semiconductor and infrastructure software solutions company. On February 10, 2026, Broadcom Inc. (NASDAQ:AVGO) stock closed at $340.44 per share. One-month return of Broadcom Inc. (NASDAQ:AVGO) was 0.16%, and its shares are up 44.04% over the past twelve months. Broadcom Inc. (NASDAQ:AVGO) has a market capitalization of $1.614 trillion. Baron Durable Advantage Fund stated the following regarding Broadcom Inc. (NASDAQ:AVGO) in its fourth quarter 2025 investor letter:
Daniel Grizelj/DigitalVision via Getty Images Embotelladora Andina ( AKO.B ) ( AKO.A ) reported 4Q25 and FY25 results . The numbers were good overall across regions, particularly in sales figures in CLP. Not so much in volumes or margins, especially in Chile and Argentina. Brazil was the best performer. Looking forward, Argentina and Chile should improve, with more risk around Brazil (currency, po...
Daniel Grizelj/DigitalVision via Getty Images Embotelladora Andina ( AKO.B ) ( AKO.A ) reported 4Q25 and FY25 results . The numbers were good overall across regions, particularly in sales figures in CLP. Not so much in volumes or margins, especially in Chile and Argentina. Brazil was the best performer. Looking forward, Argentina and Chile should improve, with more risk around Brazil (currency, political). My overall outlook is neutral. Unfortunately, the name is already trading at almost 20x TTM earnings. Based on an earnings yield + growth yield from historical capital returns, we obtain an HSD yield. This is not particularly attractive for consumer discretionary in Latin America after a period of USD depreciation. I maintain a Hold. 4Q25 Results 4Q25 results by region (Author, based on AKO's 4Q25 earnings release) AKO posted positive developments across all markets generally, with growing sales for the year and the quarter. Sales in local currency were up in all regions in 4Q25. Volumes were not so well behaved, potentially signalling market challenges. Brazil was the only country with positive volumes, whereas Chile, Paraguay, and Argentina were pressured. Argentina volumes are decreasing on top of decreases in 2024. For the year, volumes were positive (+6%), but the fall in the all-important Q4 (summer, holidays, Christmas) is a bad indication for 2026. In terms of margins, Brazil was the star, thanks to volume and pricing capabilities, whereas admin and distribution costs were down. Adjusted EBITDA margins were up 440bps. Brazil got help from the inauguration of a plant in Duque de Caixas, which helps leverage overhead, without the impact from D&A in adjusted EBITDA. Argentina was positive because prices are growing above inflation. This might signal competitive space in Argentina, with more focus on margins than on volumes. We should note that costs were up in Argentina despite falling volumes (and after adjustment for inflation) Chile was barely negative on ...
Artificial intelligence is the greatest investment opportunity of our lifetime. The time to invest in groundbreaking AI is now, and this stock is a steal! AI is eating the world—and the machines behind it are ravenous. Each ChatGPT query, each model update, each robotic breakthrough consumes massive amounts of energy. In fact, AI is already pushing global power grids to the brink. Wall Street is p...
Artificial intelligence is the greatest investment opportunity of our lifetime. The time to invest in groundbreaking AI is now, and this stock is a steal! AI is eating the world—and the machines behind it are ravenous. Each ChatGPT query, each model update, each robotic breakthrough consumes massive amounts of energy. In fact, AI is already pushing global power grids to the brink. Wall Street is pouring hundreds of billions into artificial intelligence—training smarter chatbots, automating industries, and building the digital future. But there’s one urgent question few are asking: Where will all of that energy come from? AI is the most electricity-hungry technology ever invented. Each data center powering large language models like ChatGPT consumes as much energy as a small city. And it’s about to get worse. Even Sam Altman, the founder of OpenAI, issued a stark warning: “The future of AI depends on an energy breakthrough.” Elon Musk was even more blunt: “AI will run out of electricity by next year.” As the world chases faster, smarter machines, a hidden crisis is emerging behind the scenes. Power grids are strained. Electricity prices are rising. Utilities are scrambling to expand capacity. And that’s where the real opportunity lies… One little-known company—almost entirely overlooked by most AI investors—could be the ultimate backdoor play. It’s not a chipmaker. It’s not a cloud platform. But it might be the most important AI stock in the US owns critical energy infrastructure assets positioned to feed the coming AI energy spike. As demand from AI data centers explodes, this company is gearing up to profit from the most valuable commodity in the digital age: electricity. The “Toll Booth” Operator of the AI Energy Boom It owns critical nuclear energy infrastructure assets , positioning it at the heart of America’s next-generation power strategy. , positioning it at the heart of America’s next-generation power strategy. It’s one of the only global companies capable ...
The Club's top 10 things to watch Wednesday, Feb. 11 — Today's newsletter was written by Jeff Marks, the Club's director of portfolio analysis. 1. Stock futures rose after the January jobs report showed the economy added 130,000 jobs lasts month, double the consensus estimate of 65,000. The unemployment rate ticked down to 4.3% from 4.4% in December, and average hourly earnings increased 3.7% year...
The Club's top 10 things to watch Wednesday, Feb. 11 — Today's newsletter was written by Jeff Marks, the Club's director of portfolio analysis. 1. Stock futures rose after the January jobs report showed the economy added 130,000 jobs lasts month, double the consensus estimate of 65,000. The unemployment rate ticked down to 4.3% from 4.4% in December, and average hourly earnings increased 3.7% year over year. 2. Vertiv shares surged more than 17% after a blowout quarter. Fourth-quarter organic orders increased 252% year over year and 117% from the third quarter. The company said the data center market is showing robust momentum, which could lead to another day of gains for the picks and shovel data center plays, Eaton included. 3. Cloudflare shares rallied over 13% after reporting better-than-expected fourth-quarter results. The company's 2026 revenue forecast was above the Street. Baird upgraded the stock to a buy-equivalent outperform. 4. Lyft shares sank more than 15% after missing on fourth-quarter revenues and active riders, while giving a light adjusted EBITDA forecast. 5. Kraft Heinz shares slipped 6% after the packaged foods giant said it's pausing its breakup plan and gauve weak 2026 guidance. New CEO Steve Cahillane said many of its problems are "fixable and within our control." Kraft Heinz is investing $600 million across marketing, sales and R & D to boost its U.S. business. 6. Dick's Sporting Goods was upgraded to a buy rating at Baird, with analysts expressing optimism in a multi-year recovery for its Foot Locker brand and continued momentum at its core stores. Could be positive for Club name Nike . 7. UBS raised its price target on Nvidia to $245 from $235 ahead of earnings later this month, implying about 30% upside from yesterday's close. Analysts expect revenue will be $2.5 billion ahead of guidance. 8. There are a handful of price target increases on Club name DuPont after its better-than-expected earnings report yesterday . Mizuho goes to $52 (fro...
Image source: The Motley Fool. Tuesday, February 10, 2026 at 5 p.m. ET Call participants Chief Executive Officer and President — Dennis Woodside Chief Operating Officer and Chief Financial Officer — Tyler Sloat Need a quote from a Motley Fool analyst? Email [email protected] Takeaways Revenue -- $222.7 million for the quarter, reflecting 14% year-over-year growth on an as-reported basis and 13% on...
Image source: The Motley Fool. Tuesday, February 10, 2026 at 5 p.m. ET Call participants Chief Executive Officer and President — Dennis Woodside Chief Operating Officer and Chief Financial Officer — Tyler Sloat Need a quote from a Motley Fool analyst? Email [email protected] Takeaways Revenue -- $222.7 million for the quarter, reflecting 14% year-over-year growth on an as-reported basis and 13% on a constant currency basis. -- $222.7 million for the quarter, reflecting 14% year-over-year growth on an as-reported basis and 13% on a constant currency basis. Annual Recurring Revenue (ARR) -- $907 million to close the year, up 18% year over year as reported and 14% on a constant currency basis. -- $907 million to close the year, up 18% year over year as reported and 14% on a constant currency basis. Employee Experience (EX) ARR -- $510 million, growing 26% year over year as reported and 22% on a constant currency basis. -- $510 million, growing 26% year over year as reported and 22% on a constant currency basis. Customer Experience (CX) ARR -- $395 million, increasing 9% year over year as reported and 5% on a constant currency basis. -- $395 million, increasing 9% year over year as reported and 5% on a constant currency basis. Device 42 ARR -- Surpassed $40 million, with a 30% attach rate to new top 50 EX deals. -- Surpassed $40 million, with a 30% attach rate to new top 50 EX deals. Enterprise Service Management (ESM) ARR -- $40 million in Q4, nearly doubling year over year. -- $40 million in Q4, nearly doubling year over year. Large Customer Growth -- Over 1,500 customers with more than $100,000 in ARR, a 28% increase year over year; more than 3,700 customers over $50,000 in ARR, up 23% year over year. -- Over 1,500 customers with more than $100,000 in ARR, a 28% increase year over year; more than 3,700 customers over $50,000 in ARR, up 23% year over year. Freddie AI ARR -- Exceeded $25 million with more than 8,000 customers, and AI agent conversations grew over 80% t...
Eoneren/iStock via Getty Images Volatility and Dispersion: Buzzwords in 2026 The year 2024 was primarily about AI and gradually easing inflation. The year 2025 was about tariffs, a resilient and growing economy, and continued enthusiasm about AI. For this year, the buzzwords seem to be "volatility" and "dispersion." And fairly so. Just think about it. We have the perfect marriage in place for expe...
Eoneren/iStock via Getty Images Volatility and Dispersion: Buzzwords in 2026 The year 2024 was primarily about AI and gradually easing inflation. The year 2025 was about tariffs, a resilient and growing economy, and continued enthusiasm about AI. For this year, the buzzwords seem to be "volatility" and "dispersion." And fairly so. Just think about it. We have the perfect marriage in place for experiencing heightened volatility. On the one hand, the equity markets ( SPY ) and especially the names that have driven the bull market in the past couple of years are richly priced , trading close to all-time highs. The same applies to credit spreads , which are at 10-year lows, indicating a minor compensation for risk. On the other hand, the market and economic conditions are getting increasingly risky, unpredictable, and punctuated by pockets of deterioration. I don't know where to even start. Here are some of the key items that encapsulate the story pretty well: The labor market is weakening . The CPI inflation remains high , above the long-term target. The number of corporate bankruptcies is up. Private credit (BDC) is on a decline. The U.S. dollar is deteriorating. The geopolitical relationships are becoming more stretched. This is a perfect setup for elevated volatility. Namely, the presence of rich valuations makes the asset prices very sensitive to each incoming data point that is negative or bodes ill for future growth prospects that are critical for valuation justifications. The YTD VIX, or implied volatility dynamics, confirms that this is indeed the case: YCharts The other aspect that has become more relevant is dispersion, whereby the market deemphasizes certain investment factors and/or securities and instead allocates marginal capital towards the other end of the spectrum (but while remaining in the same playing field). Equities serve as a great example. If we look at the S&P 500, we will observe an upward-trending level for, say, the past 3-month period. At t...