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1、EquityResearch22December2017U.S.SoftwareINDUSTRYUPDATEBestofRaimo’sRoundupsin2017U.S.SoftwarePOSITIVEMajorThemesof2017:Softwarehasoutperformedthisyear(up38%vs.S&Pof20%),Unchangedwithhealthyend-demandandmacrotailwinds(relativeto2016).Afewcommonthemeswesawthisyearforthese
2、ctorincludedtheimpactofregulatoryandtaxU.S.Softwarechanges,intensifyingcompetitioninthepubliccloud,theevolvinggrowthvs.RaimoLenschow,CFAprofitabilitydebateandthedifferentwaystoplaytherallythisyear.Wehaverecapped+12125262712thesethemeswithourmostnotable’roundups’inthisno
3、te.raimo.lenschow@barclays.comRegulatoryShakeupImpactsSoftware:WiththefinalversionoftheTaxCutsandJobsBCI,USActmovingontotheWhiteHouseforfinalsigningoverthecomingweeks,werecapSaketKalia,CFAwhowillbenefitthemostinourcoverage(foroffshorecash,CTXS,TDC,MSFT,VMW,+12125268465a
4、ndORCLholdmorethan85%oftheircashabroad,andforEPSupliftwefindthatsaket.kalia@barclays.comPAYCandINTUwouldlikelybenefitmost).Furthermore,withsomeofthelargeinternetBCI,USnamescompletelymovingawayfromnon-GAAPreporting,welookedatwhichHadleyTamburo,CFAcompanieshavethelargestd
5、eltabetweenNon-GAAPandGAAPnetincome(CRM,+12125268682TDC,NOW,DATA,SPLK,WDAY,CSODandRHTallhavemorethan100%delta).hadley.tamburo@barclays.comBCI,USCompetitionintheCloud:Wecontinuedtoseeintensivecompetitionamongpubliccloudvendorsthisyear,withpricecutsandproductannouncements
6、asthetwoDavidRainvillehighlights.Onthecloud-hostingfront,wefoundthatMSFTandGOOGsteppedupto+12125269318competewithAWS’aggressivepricecuts.WealsodovedeeperintotheAWSproductdavid.rainville@barclays.comannouncementstofindthatAWSwilllikelyneedtoinvestmoreinordertomaketheseBC
7、I,USproductssuccessful.AndwhiletheAWSconferenceinNovemberdidnotboastnewMohitGogiaproductannouncementsaswesawearlierintheyear,wedidseeanincreasedfocuson+12125261053infrastructuresoftwareandserverlesscomputing,whichcouldredefinethemohit.gogia@barclays.cominfrastructuresof
8、twareindustryoncemore.BCI,USACloserLookatProfitability:Thedebateongrowthvs.profitabilitycontinuestobeanPreeGad
