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1、EquityResearch22December2017U.S.SoftwareINDUSTRYUPDATEBestofRaimo’sRoundupsin2017U.S.SoftwarePOSITIVEMajorThemesof2017:Softwarehasoutperformedthisyear(up38%vs.S&Pof20%),Unchangedwithhealthyend-demandandmacrotailwinds(relativeto2016).Afewcommonthemeswesawthisyearforthesectorincludedtheimpactofreg
2、ulatoryandtaxU.S.Softwarechanges,intensifyingcompetitioninthepubliccloud,theevolvinggrowthvs.RaimoLenschow,CFAprofitabilitydebateandthedifferentwaystoplaytherallythisyear.Wehaverecapped+12125262712thesethemeswithourmostnotable’roundups’inthisnote.raimo.lenschow@barclays.comRegulatoryShakeupImpac
3、tsSoftware:WiththefinalversionoftheTaxCutsandJobsBCI,USActmovingontotheWhiteHouseforfinalsigningoverthecomingweeks,werecapSaketKalia,CFAwhowillbenefitthemostinourcoverage(foroffshorecash,CTXS,TDC,MSFT,VMW,+12125268465andORCLholdmorethan85%oftheircashabroad,andforEPSupliftwefindthatsaket.kalia@ba
4、rclays.comPAYCandINTUwouldlikelybenefitmost).Furthermore,withsomeofthelargeinternetBCI,USnamescompletelymovingawayfromnon-GAAPreporting,welookedatwhichHadleyTamburo,CFAcompanieshavethelargestdeltabetweenNon-GAAPandGAAPnetincome(CRM,+12125268682TDC,NOW,DATA,SPLK,WDAY,CSODandRHTallhavemorethan100%
5、delta).hadley.tamburo@barclays.comBCI,USCompetitionintheCloud:Wecontinuedtoseeintensivecompetitionamongpubliccloudvendorsthisyear,withpricecutsandproductannouncementsasthetwoDavidRainvillehighlights.Onthecloud-hostingfront,wefoundthatMSFTandGOOGsteppedupto+12125269318competewithAWS’aggressivepri
6、cecuts.WealsodovedeeperintotheAWSproductdavid.rainville@barclays.comannouncementstofindthatAWSwilllikelyneedtoinvestmoreinordertomaketheseBCI,USproductssuccessful.AndwhiletheAWSconferenceinNovemberdidnotboastnewMohitGogiaproductannouncementsaswesawearlierintheyear,wedidseeanincreasedfocuson+1212
7、5261053infrastructuresoftwareandserverlesscomputing,whichcouldredefinethemohit.gogia@barclays.cominfrastructuresoftwareindustryoncemore.BCI,USACloserLookatProfitability:Thedebateongrowthvs.profitabilitycontinuestobeanPreeGad
