Daily Briefs

• Pegasystems’ third-quarter financial results from 2025 highlight both strengths and challenges for the company.
• The reported results underline Pegasystems’ ability to execute its cloud strategy and leverage artificial intelligence innovations, which have been key growth drivers.
• The company’s focus on AI-driven process automation and orchestration platforms remains a cornerstone of its strategy, which is increasingly appealing to financial services and other regulated industries due to its approach of ensuring predictable workflows.

• Amazon’s long-term AI ambitions are being tested as its $8 billion bet on Anthropic faces a potential turning point.
• Recent reports reveal that Anthropic, the AI startup behind the Claude language model and currently enjoying a $5 billion annualized revenue run rate, is in talks with Alphabet’s Google for a cloud-computing deal potentially worth tens of billions of dollars.
• This shift, if finalized, could grant Anthropic access to Google’s advanced AI chips, a key competitive asset as workloads grow increasingly complex.

• Vertiv Corporation reported robust financial performance for the third quarter of 2025, indicating strong growth across several metrics.
• The company reported an adjusted diluted earnings per share (EPS) of $1.24, a 63% increase year-over-year, largely driven by enhanced operating profit margins, which stood at 22.3%, up from the previous year.
• Organic net sales grew 28%, with the Americas contributing a substantial 43%, and the AsiaPacific (APAC) region also showing a strong performance with a 21% increase.

• Moody’s Corporation reported a strong financial performance in its third-quarter results for 2025, achieving a record revenue of over $2 billion, marking an 11% increase from the previous year.
• The corporation has also raised full-year guidance across nearly all metrics, demonstrating considerable growth and operational leverage.
• The adjusted operating margin stood at 53%, a 500-basis point improvement from the previous year, and adjusted diluted EPS increased by 22% to $3.92, highlighting robust earnings power.

• Balchem Corporation reported robust financial performance for the third quarter of 2025, setting record figures across key financial metrics.
• The company achieved consolidated sales of $268 million, which marked an 11.5% increase from the prior year, and delivered record earnings from operations at $55 million, reflecting a 13.7% rise.
• This resulted in a net income of $40 million, up by 19.1%.

• United Rentals reported its third-quarter results, showcasing some notable achievements alongside challenges that could impact its future performance.
• The company experienced record revenue and adjusted EBITDA due to robust demand, particularly from large projects and key verticals.
• Total revenue increased by 5.9% year-over-year to $4.2 billion, with rental revenue rising by 5.8% to $3.7 billion.

• Badger Meter reported a robust third quarter in 2025, displaying continued growth and a solid financial footing.
• The company achieved a 13% year-over-year increase in total sales, reaching $236 million.
• This growth was mainly driven by the utility water product line, which saw a 14% increase, driven by higher ultrasonic meter volumes, BEACON Software sales, and water quality product sales.

• Las Vegas Sands Corporation (LVS) has reported its third-quarter 2025 earnings, showcasing impressive performance, particularly in its Singapore operation, Marina Bay Sands (MBS), and significant improvements in Macau.
• The company’s Financial Year 2025 demonstrates robust growth, but some challenges remain, especially in Macau.
• The standout performer in this quarter for Las Vegas Sands was Marina Bay Sands, which delivered EBITDA of $743 million, pointing to an expected annual EBITDA well above the projected $2.5 billion, potentially nearing $2.8 or $2.9 billion.

• Reddit has surged in prominence over the past year, benefiting from two fast-growing monetization channels: AI licensing and advertising.
• With daily active users (DAUs) up 21% year-over-year and advertising revenue soaring 84% to $465 million in Q2 2025, Reddit is experiencing its most profitable quarters ever.
• Strategic licensing agreements with OpenAI and Google have brought highmargin revenues to the company, capitalizing on Reddit’s vast trove of authentic, human-generated content.

• Privatization by Vista Equity Partners: In a significant strategic shift, EngageSmart was acquired by Vista Equity Partners for approximately $4.0 billion and taken private on January 26, 2024. This transaction fundamentally alters the investment landscape, as the company’s stock is no longer publicly traded. The partnership with a top-tier software investor like Vista is expected to accelerate growth and innovation.
• Strong Position in Vertical SaaS: EngageSmart is a leading provider of vertically-tailored customer engagement software and integrated payment solutions. The company operates through two main segments, SMB Solutions and Enterprise Solutions, serving specific verticals like Health & Wellness, Government, Utilities, and Financial Services. This focused approach allows for deep industry integration and high customer retention.
• Consistent Financial Outperformance: The company has demonstrated a robust track record of revenue growth and expanding profitability. For the third quarter of 2023, EngageSmart reported a 24% year-over-year increase in revenue to $97.7 million. This financial strength is driven by strong demand for its SaaS solutions, high digital adoption rates, and successful customer acquisition and expansion within its niche markets.

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