英文【高盛】美洲新兴软件：第一季度业绩中浮现的关键主题：重新审视首要投资观点；买入OS、VERX、WAY

With the median stock in our SMID-cap Software coverage down ~15% YTD (vs. the S&P 500 down ~1%), we revisit quarterly performance, highlight emerging trends, and frame characteristics of top tactical ideas as we think of where we go from here. Exiting Q4 results, we saw a “trough-on-trough” narrative emerge for a number of companies under coverage (i.e. BL, OS, VERX, WK, SMWB), where management teams opted to lean into growth investment ahead of expectations for a stronger 2H of the year while Q1 guidance was impacted by pockets of deal softness, tougher comps, and F/X. Across the board Q1 results & guidance were better than feared, and cleaner messaging (even in cases with less constructive formal guidance) was generally rewarded. We think we’ve returned to an environment where estimate revisions through the rest of the year (and less-so comments around geopolitical events) will be the key driver of multiples / stocks, and companies penalized by investors for less clear forward messaging have the opportunity to execute against formal guidance in order to converge with peer outperformers. In this note, we briefly revisit select top ideas where we got increasing conviction coming out of Q1 results and subsequent events like Conferences (OS, VERX, WAY), as well as go deeper on key themes emerging from Q1 across our coverage and by subsector. Click through our observations & takeaways story in charts: 1) 1Q revenue performance and guidance analysis across our coverage (Exhibit 1 - Exhibit 4); 2) 1Q profitability performance and guidance analysis across our coverage (Exhibit 5 - Exhibit 8); 3) Implied revenue acceleration/deceleration throughout the year across our coverage (Exhibit 9); and 4) Drivers of stock price performance across our coverage and sub-sectors (Exhibit 10 - Exhibit 13).Adam Hotchkiss +1(212)902-3941 | adam.hotchkiss@gs.com Goldman Sachs & Co. LLC Greyson Sklba +1(212)357-2534 | greyson.sklba@gs.com Goldman Sachs & Co. LLC Aditya Diwan +1(332)245-7827 | aditya.diwan@gs.com Goldman Sachs India SPLAmericas Emerging Software Key Themes Emerging from 1Q results: Revisiting Top Ideas; Buy OS, VERX, WAY27 May 2025 | 12:29AM EDT Goldman Sachs does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. For Reg AC certification and other important disclosures, see the Disclosure Appendix, or go to www.gs.com/research/hedge.html. Analysts employed by non-US affiliates are not registered/qualified as research analysts with FINRA in the U.S. Revisiting Top Ideas 3 Key Themes Emerging from 1Q results 5 Sub-Sector Takeaways 11 Valuation & Key Risks 13 Disclosure Appendix 17 27 May 2025 2Goldman SachsAmericas Emerging SoftwareTable of Contents Revisiting Top Ideas We briefly revisit select Buy-ratings wh