US Application Software: Software Bus Tour Takeaways: INTU, NAVN, BOX, ASAN

We hosted investor meetings as part of Citi's Software bus tour, including meetings with our Top Picks BOX (CEO, CFO) and NAVN (CFO), along with INTU (EVP of Small Biz & Mid-Market) and ASAN (CEO, CFO). Our meetings reinforced the broadening strategic relevance of software as a harness for AI, yet the path from product innovation to durable rev accel remains uneven. BOX and ASAN are positioning their platforms as orchestration layers for agentic workflows, while INTU and NAVN are using AI to deepen monetization and lower service costs. Across the group, the clearest NT opportunities are premium-tier adoption, AI supporting cross-sell, enterprise expansion, and efficiency, with implementation and GTM execution as key variables to watch. We come away from the meetings with the most confidence in BOX and NAVN as demand proves resilient and AI is creating incremental opportunity in the NT.