What drove the operating expense surge in Q4 2024?

The surge in operating expenses in Q4 2024 can be attributed to several key factors:

1. **Organic Growth**: Companies like FactSet Research Systems Inc. saw an increase in operating expenses due to organic growth. For instance, FactSet added $53,500,000 of organic ASV in Q4, bringing the annual total to $104,400,000. This organic growth drives the need for additional resources and infrastructure, thereby increasing operating expenses.
2. **International Expansion**: Huize Holding Limited reported an increase in operating costs due to an increase in channel expenses, primarily driven by its international business expansion. This expansion into new markets often requires additional investments in marketing, distribution, and operational infrastructure, which can lead to higher operating expenses.
3. **Restructuring and Efficiency**: Companies like FuelCell Energy reported significant revenue growth but also noted increased losses and restructuring efforts. These restructuring efforts can involve significant upfront costs, such as severance pay or restructuring charges, which are reflected in the operating expenses.
4. **Cost Management**: While some companies managed to grow revenue and profitability, others faced challenges such as increased weather-related activity, which reduced revenues and increased operating expenses. This highlights the importance of effective cost management in controlling the growth of operating expenses.

In summary, the surge in operating expenses in Q4 2024 is primarily driven by organic growth, international expansion, restructuring, and cost management efforts.