27 May 2025 | 12:29AM EDT Americas Emerging Software Key Themes Emerging from 1Q results: Revisiting Top Ideas; Buy 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), ...