EVR-ISI Software: Daily Cloud Bytes (SAP Sapphire, GTLB/ZI RIF & More)

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EVR-ISI Software: Daily Cloud Bytes (SAP Sapphire, GTLB/ZI RIF & More)

Technology | Software

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May 12, 2026

Kirk Materne, CFA EVR-ISI Software: Daily Cloud Bytes (SAP

212 497 0873 Sapphire, GTLB/ZI RIF & More) kirk.materne@evercoreisi.com

Peter Levine EVR-ISI Software Daily Nugget: Good morning. We’ll be attending

212 497 0833 SAP’s Sapphire conference this week and believe the big question is

peter.levine@evercoreisi.com whether there are any changes to the company’s prior long-term

Peter Burkly guidance. Our best guess is that the company maintains its

212 497 0831 ‘accelerating’ revenue outlook into FY27 but potentially lowers its op.

peter.burkly@evercoreisi.com margin forecast a bit to account for its recent acquisitions and what we

Bill McNamara expect will be a heavier investment cycle around AI. The tactical

212 446 5626 question is whether a small trim to the op. margin forecast would even

bill.mcnamara@evercoreisi.com

matter at these levels? In our view, we expect the analyst day tomorrow

Charlie Zhou to be less about being a near-term catalyst for the shares and more

646-551-8513

about aligning the investment narrative to an accelerating AI adoption charlie.zhou@evercoreisi.com

curve. The thesis being that investors start to circle back to the name in

Weekly Video: 2H based on a lowered bar for CY27 and if/when there is some more

clarity on the macro backdrop. Let us know if you want to catch up on

some of the takeaways later this week. In our view, the other topic worth

discussing this morning is the new cost reality for software companies

in an AI world with both Zoom Info and GitLab announcing RIF’s

following on Cloudflare’s announcement last week. Given that the vast

majority of op-ex for software companies relates to human labor, we