NOW - ServiceNow Inc. (NOW) TD Cowen's 52nd Annual Technology Media & Telecom Conference (Transcript)
2024-05-31 16:06:05 ET
ServiceNow, Inc. (NOW)
TD Cowen's 52nd Annual Technology, Media & Telecom Conference
May 29, 2024 01:15 PM ET
Company Participants
Chirantan Desai - President & COO
Conference Call Participants
James Wood - TD Cowen
Presentation
James Wood
Thank you, everyone, for joining. I'm Derrick Wood, senior analyst covering enterprise software at TD Cowen. We have CJ Desai, President and COO of ServiceNow. Thanks for coming.
Chirantan Desai
Thank you for having me.
Question-and-Answer Session
Q - James Wood
And just a reminder, [iVote] (ph) start next week. We appreciate your support. And with that, let's dive in. I think we're fortunate to have you here because you guys are such an important part of the software stack. You have such strong relationships in the G2K. So you have a pretty good sense of spending behavior and what you're seeing in the market today. We've had a lot of turbulence around macro. How are you guys feeling about kind of budget spend this year in software and particularly around your applications?
Chirantan Desai
So I would say, Derrick, that ServiceNow has always believed now for many, many years in outcome-based selling, right? So we always sell with outcomes in mind, which is around automation, efficiency, and so on. So even if you look at 2022 and 2023, ServiceNow growth has outpaced IT budget growth or overall GDP growth, whichever growth numbers you want to look at. And even in 2024, we continue to -- you look at our Q1 numbers, we grew 25% on $2.5 billion sub-revenue. So we continue to do well given our position from a software stack perspective, which is around workflow automation. AI is an enhancer or a multiplier to productivity. So I would say the environment is pretty much the same, but we are positioned correctly, we are always serving our clients for efficiency and automation, and also consolidation of tools with AI now productivity. So we are at the right place despite what's happening with IT budgets....
ServiceNow, Inc. (NOW) TD Cowen's 52nd Annual Technology, Media & Telecom Conference (Transcript)