美股软件行业-夏季巴士之旅的收获

Equity Research 14 June 2022U.S. Software Summer Bus Tour Takeaways The vendors acknowledged macro uncertainties, but remained optimistic about prospects. Part of the confidence was likely the mission critical areas these players are addressing (ESTC, DT with security/observability), but also that they simply have not seen that much of a headwind yet, as software is a late-cycle sector. We appreciate your consideration in the Institutional Investor All-America & All-Canada Research Survey 2022. View our analysts. Vote for Barclays. Highlighted Conversations: ESTC (OW/POS, PT $80): We came away bullish after Elastic reiterated its long-term targets, •including Cloud comprising at least 50% of total revenue by 4QFY24, total revenue of $2bn by FY25, and several basis points of operating margin expansion after FY23. Strong customer adoption backs the outlook. Cloud NRR >140% and revenue growth remains over 70% and traction for the observability (>40% acv) and security (25% acv) use cases remains strong and should remain so, even during choppy macro times. INTU (OW/POS, PT $480): Our conversation provided both incremental confidence on the •resiliency of the business and the momentum brewing in key business areas. The lack of a negative economic impact seen on the business was reiterated. Small Business and Credit Karma were cited to have improved resiliency from the financial crisis and the pandemic, respectively, due to a higher subscription mix and diversified revenue. Looking forward, commentary around QBO Advanced (customers +57% y/y last year), TurboTax Live ($1bn run rate growing customers +20% y/y), and Credit Karma Money (3x the amount of users depositing tax returns this year) pointed to the plethora of growth levers the business has. PATH (OW/POS, PT $25): UiPath continues to see large deals mature through the pipeline •and we felt better on PATH’s competitive positioning following commentary that large entrants in the space, like Microsoft, are playing more in the personal productivity side of the enterprise automation use cases, and that win rates remain healthy. The new high-profile executive hires of Rob Enslin (Co-CEO) and Chris Weber (Chief Business Officer) seem to be making an immediate impact, helping drive globalization in the digital sales org and will help elevate the sales conversation to the C-level.Barclays Capital Inc. and/or one of its affiliates 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. Please see analyst certifications and important disclosures beginning on page 29 .CORE U.S. Software Raimo Lenschow, CFA +1 212 526 2712 raimo.lenschow@barclays.com BCI, US Frank Surace +1 212 526-5143 frank.surace@barclays.com BCI, US Vinod Srinivasaraghavan, CFA +1 212 526