Bending the Curve

研报英文原文证据摘录

Bending the Curve

June 22, 2026 | 04:00 ET~

Software

Bending the Curve Software

Daniel Jester Analyst

daniel.jester@bmo.com (646) 276-6546

Kyle Aberasturi Senior Associate

Bottom Line: kyle.aberasturi@bmo.com (917) 715-0142

In this report, we provide thoughts on few areas which have become more topical in Will S. Hancock Associate

investor conversations, including two themes, share buybacks and cost structure, where will.hancock@bmo.com (929) 837-9151

more evidence has emerged that companies across our application and vertical software Legal Entity: BMO Capital Markets Corp.

coverage areas are trying to "bend the curve." We see this trend as consistent with

some of the themes regarding valuation that we outlined a few months ago in Waiting Software

Game Part 2 (link). We also provide thoughts on the M&A environment and implications 9,500

9,000

for our coverage. Top ideas in our coverage are Navan and Samsara. 8,500

8,000

500Key Points 7,500 400 7,000

6,500

Creating Flexibility — Reflecting on our recent conversations with management teams 6,000 200100

and trends in the broader software industry, it seems to us that many companies 5,500 0

Dec Jun Dec Jun

appear more confident they can meet their financial objectives with less net hiring. LHS: Price / RHS: Volume (k) Source: FactSet

A "glass half full" perspective is that companies have gathered enough data on how

broad advances in AI inform necessary strategic pivots for product development and

driving internal efficiencies, and are making difficult but necessary changes toward

improving the business. A "glass half empty" perspective is that these are signs of

management teams reacting to the current and anticipated future business growth

risks and AI-related costs to maintain earnings.