EVR-ISI Software: Daily Cloud Bytes (ORCL/ADBE EPS, BSP/Miro & More)

Research evidence excerpt

Technology | Software

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September 10, 2026

Kirk Materne, CFA

Peter Levine

Peter Burkly

Vinod Srinivasaraghavan, CFA

Bill McNamara

Charlie Zhou

Sid Shah

Weekly Video:

EVR-ISI Software: Daily Cloud Bytes

(ORCL/ADBE EPS, BSP/Miro & More)

EVR-ISI Software Daily Nugget: Good morning! ORCL and ADBE are

both set to report AMC tonight. For Oracle, all eyes are on the pace of

the OCI buildout, and after the F4Q RPO print we see three areas

driving the reaction: 1) whether the ~1GW management pointed to

lands on schedule; 2) how ORCL frames the pace and mix of the

~$70bn of FY27 capex that needs to be financed; and 3) any color on

gross margins troughing in FY27. We see this as a set-up quarter for

the October analyst day - where the long-term guide and the funding

plan actually get recalibrated - rather than a clearing event in itself. Not

expecting fireworks out of ADBE, but all eyes will be on AI ARR and the

F4Q guide. As we've said since June, sentiment doesn't turn until a new

CEO and CFO are in place and begin to execute, and with the CFO

seat still open we'd view tonight as a checkpoint on the numbers rather

than on the strategy. We'll be hosting our 'after dark' call on

ORCL/ADBE tonight at 8:30pm ET, reach out for the link. Lastly,

BSP announced this morning that it is acquiring Miro for an EV of

$1.355bn, or roughly 2.3x Miro's ~$600mn of ARR, versus the ~2.7x it

paid for Airtable last month. We assume ~$1.3bn of acquisition-related

revenue in FY27, with Airtable conservatively contributing ~$550mn or

about 42% of that; normalizing Miro the same way gets the two deals

to roughly 80% of the bar, which materially de-risks the FY27 revenue

set up even if the timing of the close and the usual post-close

transformation still swing the actual contribution. Reach out for our

Dreamforce slate next week, along with our CRM Partner breakfast

on 9/16 in SF. Have a great day!

Recent EVR-ISI Software Research, In Case You Missed It:

CGNT: In-Line F2Q, With Software Strength Offset By Softer

Bookings

SAIL: Solid F2Q Print With FY27/FY29 Targets Reiterated As AI

Begins To Gain Ground

Materne’s Software Catalyst: Software Is Proving More Durable…

So What Now?

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