EVR-ISI Software: Daily Cloud Bytes (INTU/Tax Thoughts, WDAY, OAI & More)

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EVR-ISI Software: Daily Cloud Bytes (INTU/Tax Thoughts, WDAY, OAI & More)

Technology | Software

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May 21, 2026

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

212 497 0873 (INTU/Tax Thoughts, WDAY, OAI & More) kirk.materne@evercoreisi.com

Peter Levine EVR-ISI Software Daily Nugget: Good morning. Fairly frustrating

212 497 0833 stumble in tax by INTU last night. While the magnitude (7% vs. 8%) isn’t

peter.levine@evercoreisi.com a huge deal in aggregate, the issue is that INTU investors now have to

Peter Burkly wait another year to prove out that the tax business durability is not in

212 497 0831 question. Our view is that INTU needs to simply rip the band-aid off as

peter.burkly@evercoreisi.com it relates to tax and set a FY27 guide more in the 5% range and if it

Bill McNamara ends up coming in closer to 7-8%, great. But missing tax creates a

212 446 5626 lingering overhang that bears are going to lean into given the ongoing

bill.mcnamara@evercoreisi.com

AI overhang. As such, shares are now in the penalty box despite the

Charlie Zhou fact that EPS forecasts are likely to move higher based on the

646-551-8513

streamlined cost base. At a high level, INTU’s stumble will only charlie.zhou@evercoreisi.com

strengthen the argument for scaffolding over apps in software. Vinod Srinivasaraghavan, CFA

646-551-8831 Speaking of infrastructure names, news reports of OAI potentially filing

Vinod.Srinivas@evercoreisi.com for an IPO should provide a bit of a tailwind for ORCL and MSFT and

we believe SNOW, PANW (Levine), and OKTA (Levine) are other

Weekly Video: infra/cyber names that we favor heading into late-cycle earnings

season. We will be hosting our ‘after dark’ call on WDAY at 7:45pm

tonight. Have a great day.

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