CA - ServiceNow Inc. (NOW) Bernstein's 40th Annual Strategic Decisions Conference (Transcript)

2024-05-29 21:52:09 ET

ServiceNow, Inc. (NOW)

Bernstein's 40th Annual Strategic Decisions Conference

May 29, 2024, 02:30 AM ET

Company Participants

CJ Desai - President and COO

Conference Call Participants

Peter Weed - Bernstein

Presentation

Peter Weed

Hello, everybody. Welcome. Thank you for joining the session on ServiceNow. Johnson & Johnson was an hour ago. So if you're still here from that one, now we're going to focus on technology and how we can deliver a lot of growth.

Last year, some of you may have joined a session that I had on ServiceNow on our best ideas forum. And in that, I likened ServiceNow to be the next Microsoft. And I think over this last year, they've done nothing but validate a lot of that pretty heady call that we had.

And we're really honored this year to upgrade from the Best Ideas session to having CJ, the President and COO of ServiceNow here with us today, to talk about that. To talk about what the opportunity is, what the challenges are to get there.

And as I was poking them a little bit, Bill, the CEO, kind of alluded to the fact that you wanted to see the business be a $30 billion ACV business before he was out, and he's talked about being around until the end of the decade. So it's maybe not something you have personally signed up for, but I think it's that type of aspiration that we see. And I think we want to explore with you about like what are the opportunities and the challenges to get there. So thank you very much for joining us today.

CJ Desai

Thank you, Peter, for inviting us.

Question-and-Answer Session

Q - Peter Weed

I think the place to start is growth, right? So a lot of the reason people love the business is that side and we shouldn't shirk the fact that the bottom line is amazing, and you've been doing a lot to kind of pivot towards what you might consider to be kind of a large cap profile with stock-based compensation coming down and free cash flow is looking a lot like some of the durable large-cap winners that are out there. But I think people still look to the business for growth. And one of the biggest growth drivers for the business has been existing customers. And so a question that we always get is, how long can that persist, right?...

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