ServiceNow, Inc. (NOW) Management presents at J.P. Morgan Global Technology, Media and Communications Conference (Transcript)

News Room

ServiceNow, Inc. (NYSE:NOW) J.P. Morgan Global Technology, Media and Communications Conference May 21, 2024 2:25 PM ET

Company Participants

CJ Desai – President and COO

Conference Call Participants

Mark Murphy – JPMorgan

Mark Murphy

Okay. Welcome, everyone. Good afternoon. I’m Mark Murphy, software analyst with JPMorgan. And it is a great pleasure to be here with CJ Desai, President and COO of ServiceNow. CJ, welcome to the conference.

CJ Desai

Good to be here. Thank you.

Mark Murphy

A pleasure to have you. So maybe you could just give us a quick 30-second introduction of yourself and ServiceNow just for the benefit. In case there’s anyone else — anyone out here in this audience who’s not totally familiar.

CJ Desai

Absolutely, I’m responsible overall for ServiceNow R&D, our innovation factory, new product introduction, cloud operations, customer success, among other things at ServiceNow. Been with ServiceNow seven-plus years. And ServiceNow continues to be a workflow automation company, a platform company that serves a multitude of use cases across the enterprise.

Question-and-Answer Session

Q – Mark Murphy

So, CJ, my team here covers 25 large and mid-cap software companies. And we took a look at this back in March. And we commented on — so we were at the end of the Q4 earnings cycle. Only one company guided above the consensus growth rate for 2024, and that was ServiceNow. And that was just barely the case. But we were in an environment where most companies were guiding a few points below consensus. And when we look at it for companies that have over $10 billion in revenue at this point, ServiceNow is the only one that is growing 20% plus. And then we look at the rest in that category, and on average, they’re growing actually below 10%. So how can you explain the phenomenon to this audience. Why is ServiceNow is seeing so much prioritization?

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