ServiceNow (NOW) Q3 2024 Earnings Name Transcript

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To see the reconciliation between these non-GAAP and GAAP measures, please check with right now’s earnings press launch and investor presentation, that are each posted on our web site at buyers.servicenow.com. A replay of right now’s name can even be posted on our web site. With that, I will flip the decision over to Invoice.

William R. McDermott — Chair and Chief Government Officer

Thanks very a lot, Darren. Good afternoon, everybody. I actually respect you becoming a member of right now. There’s loads to cowl on this newest beat and lift report.

I will give attention to 5 highly effective tailwinds that underscore our robust confidence in ServiceNow’s development trajectory. The primary is elite stage execution. With our Q3 outcomes, we’ve got demonstrated as soon as once more ServiceNow’s robust execution. We outperformed all prime line and profitability metrics.

Subscription income development was 22.5% at fixed forex, 200 foundation factors above the excessive finish of our steerage. cRPO was 23.5% at fixed forex, 150 foundation factors above our steerage. Working margin was over 31%, greater than 150 foundation factors above our steerage. We had 96 offers higher than $1 million in web new ACV.

We landed our second largest new emblem deal ever and our second buyer crossed the $100 million mark in complete ACV. Buyer adoption of ServiceNow’s platform continues to maneuver throughout the enterprise finish to finish. For CIOs and their tech groups, ITSM and ITOM had been every in at the very least 15 of our High 20 offers with double-digit offers over $1 million. It is also value noting that IT asset administration was in all of our High 20 offers and Q3 was one other robust efficiency for Safety and Danger as they mixed for 14 of the High 20 offers with 11 offers that had been over $1 million.

As we see extra alternative to disrupt the entrance workplace, buyer workflows had an excellent Q3 with 15 of the High 20 offers and 17 offers over $1 million. Worker workflows had been in 13 of the High 20 with 9 offers over $1 million and artistic workflow was robust once more in 17 of the High 20 with 13 offers over $1 million. Here is the headline. Many corporations have struggled to execute in what has been a posh macro surroundings.

ServiceNow has delivered constantly past the Rule of fifty. We’re the benchmark for elite stage execution. The second tailwind behind ServiceNow’s success is our rising strategic relevance. For years, we have been speaking concerning the mess of the twentieth century enterprise techniques.

Organizations around the globe wanted a platform to assist them clear up that mess, to allow them to modernize for the AI world, ServiceNow is that chosen strategic platforms. And we combine with all these different techniques, orchestrate the silos into fashionable workflows and create a constant consumer-grade person expertise. It is vital to know the historical past right here. When public cloud options got here on-line because the final secular shift within the enterprise, they created sprawling governance challenges.

CIOs on the path of their CEOs had been requested to get issues beneath management, the fee, safety and integration. And ServiceNow performed that function. Now the C-suite is trying to ServiceNow to forestall one other mess with AI. We do see the danger that each vendor’s bots and brokers will scatter like hornets fleeing the nest and so they belief ServiceNow because the governance management tower, which is a privileged place for our platform.

This brings me to the third momentum driver. ServiceNow has emerged because the AI platform for enterprise transformation. The secular shift to AI is validated and is unfolding in actual time. With Now Help we’ve got 44 clients spending greater than $1 million in ACV, together with six over $5 million and two over $10 million, and this continues to be our fastest-growing product ever and an accelerant to our cross-enterprise growth.

In Q3, we introduced our largest gen AI launch up to now, Xanadu. This included over 350 web new improvements delivered via 5 million-plus engineering hours. Xanadu has supercharged Now Help with analytics era, customized abilities growth, Microsoft CoPilot integration and extra. Xanadu expanded trade vertical AI-powered automation for telco, tech, public sector, banking, insurance coverage and manufacturing.

We launched Now Help with safety, procurement and an built-in growth resolution for software program engineers. Xanadu showcased ServiceNow’s management with a agentic AI. And till now, generative AI and the enterprise requires human prompts to provoke motion. We’re now deploying autonomous AI brokers that work with folks, not only for them.

Utilizing ServiceNow single structure platform and cross enterprise knowledge, ServiceNow AI brokers can uniquely advance past prompt-based exercise to deep contextual comprehension. That is like hiring a further workforce to assist folks by doing the roles they’ve by no means wished to do within the first place. We intend to be the management level that governs the deployment of agentic AI throughout the enterprise. As this AI innovation on ServiceNow contributes to what IDC says will likely be an almost $20 trillion international impression by 2030.

Meaning each $1 spent on AI options and providers will generate practically $5 in worth to the worldwide financial system. That is why IDC additionally forecast companies will spend greater than $0.5 trillion on AI in 2027 alone. So once you mix an enormous once-in-a-generation technological shift with a platform that’s engineered to steer the transformation ServiceNow’s momentum is the outcome. The fourth issue is our rising model consciousness and addressable market.

When you think about the numerous success tales, the world works with ServiceNow was a prescient identification for our model. The Protection Logistics Company works with ServiceNow Help to digitally remodel. Following a extremely profitable citizen growth challenge, Banco do Brazil works with ServiceNow to extend visibility and automation. The Veteran Affairs IT workplace works with ServiceNow to make sure their mission-critical techniques carry out with minimal disruptions to the veterans, their households and the staff who serve them.

Lloyds Banking Group works with ServiceNow to rework its folks operations with AI-powered options to enhance its colleague expertise. After rolling out Now Help globally, EY works with ServiceNow to automate a variety of duties to ship quicker resolutions or enhanced consumer service. The American Pink Cross works with ServiceNow to automate danger administration to allow them to consider their life-saving mission. Mercedes Benz works with ServiceNow to assist their enterprise transformation.

It is no shock our partnerships are increasing as nicely. Siemens and ServiceNow introduced a brand new collaboration geared toward enhancing industrial cybersecurity driving the combination of Gen AI into store ground operations. Invoice Canada lately introduced the acquisition of HGC Applied sciences, a ServiceNow companion to extend their management within the North American market. We introduced an expanded strategic alliance with Zoom to combine our Gen AI applied sciences, and we’re simply getting began.

In truth, right now, we unveiled a sequence of highly effective new development initiatives. Our partnership with NVIDIA has been a recreation changer for enterprises embracing AI. We’re taking that to the following stage by co-creating a shared imaginative and prescient on agentic AI. Collectively, NVIDIA and ServiceNow are creating out-of-the-box use circumstances for AI brokers on the Now platform utilizing NVIDIA NIM Agent Blueprints.

Clients merely activate these capabilities and begin reinventing workflows throughout the enterprise for small single concern resolutions, all the way in which to whole incident response workflows. You heard, acknowledge that ServiceNow launched RaptorDB, our new ultrafast database constructed for AI-first enterprises, which processes transactions 12 instances quicker, analytics 27 instances quicker. Clients, together with Amadeus, are already within the means of implementing RaptorDB, to supercharge processing speeds throughout their international techniques. Our knowledge ambition does not finish there.

We’re increasing deeper with our new workflow knowledge cloth, which can unify enterprise and know-how knowledge, so it flows seamlessly throughout the enterprise. Corporations have at all times trusted us to carry order to the chaos of twentieth century enterprise architectures. Now we will do the identical with their knowledge by powering automation and AI with real-time safe entry to knowledge from any supply. Workflow Information Cloth additionally consists of zero copy partnerships with established leaders like Databricks and Snowflake so clients can flip knowledge into instantaneous AI-powered motion, all on the ServiceNow platform.

One of many world’s main skilled providers firm is Cognizant grew to become the primary techniques integrator taking workflow knowledge cloth to market. These improvements open the door to large market alternative for ServiceNow, practically doubling our TAM to $0.5 trillion. We additionally introduced a partnership with Treatment Avenue to unlock worth within the current ERP marketplace for web new innovation, digital development and scale. All this momentum is creating an excellent larger flywheel for our enterprise.

That is why we created ServiceNow College, encompassing all ServiceNow studying experiences. ServiceNow College represents a strategic funding within the international workforce with the aim to ability one other 3 million learners within the subsequent few years. With all this momentum, it is no shock that our recognition can be rising. The American Alternative Index assesses how nicely employers develop their expertise.

We’ve discovered that ServiceNow would be the highest rating know-how firm once more this yr, rating fifth general amongst 400 manufacturers. Much more importantly, in terms of inside development as measured by the index, how nicely we promote and construct the careers of our folks. ServiceNow is the highest firm general with the most effective rating amongst all companies throughout all sectors. We additionally rank our checklist for greatest locations to work in know-how in Europe, in Singapore for ladies and for folks, which is why we’ve got already greater than 1.5 million candidates for our open roles this yr.

This brings me to the ultimate tailwind. The very best folks need to be at ServiceNow. I am very proud to announce that Amit Zavery will be a part of ServiceNow as our president, chief product officer, and COO. Amit joins from Alphabet, the place he was basic supervisor of the Google Cloud Platform.

Throughout his tenure, he helped construct Google Cloud into the fourth largest enterprise software program firm by rising annualized income from $7 billion to over $41 billion. Earlier than becoming a member of Google Cloud, Amit had a distinguished profession at Oracle, the place he presided over their development and Platform as a Service and knowledge analytics. With Sterling instructional and profession credentials, Amit is a world-class engineer and engineering chief. From a commercialization perspective, he is additionally an professional in packaging and pricing.

With a compelling imaginative and prescient for AI enterprise transformation, he’s hungry and humble to his core. He joins an exemplar engineering management group that is filled with extremely achieved innovators. I might wish to warmly welcome Amit and all our new hires who’ve joined the defining enterprise software program firm of the twenty first century. And I might additionally like to present a particular shout out to Mr.

Chris Bedi, our chief buyer officer, who did an excellent job in filling it in Q3 and aligning our entire firm with our companions and clients to make sure that we, as an organization, additionally did an excellent job. In closing, I might have targeted on any variety of components that make ServiceNow the standout development firm it’s right now. There’s a whole lot of hypothesis on the market about which corporations would be the winners in AI. We should not look previous the businesses which are already profitable.

ServiceNow is placing AI to work for folks. Our world discussion board occasions are oversubscribed in some circumstances, greater than double the attendance yr over yr. By definition, a protected haven is a spot of refuge for safety. By advantage of our group, our know-how and our strategic decisions, no firm is extra carefully aligned to the place our clients have to go.

That not solely makes us a protected haven for purchasers, it additionally fuels our rocket ship to hit new milestones as we develop to $30 billion and past. I could not be extra proud to have a good time my fifth yr anniversary as CEO and to redouble my dedication to serving Fred Luddy’s dream for the complete potential of ServiceNow. Thanks all very a lot on your time. I hand issues over to Gina Mastantuono, our chief monetary officer.

Gina M. Mastantuono — Chief Monetary Officer

Thanks, Invoice. Q3 was one other stellar quarter for ServiceNow with substantial outperformances throughout all of our development and profitability metrics as digital transformation and Gen AI stay prime priorities for C-suites, the Now Platform and Now Help proceed to see strong demand. ServiceNow stands out because the strategic companion to ship clever options driving unimaginable enterprise in each nook of the enterprise. Q3 subscription revenues had been $2.715 billion, rising 22.5% yr over yr in fixed forex, exceeding the excessive finish of our steerage vary by 200 foundation factors.

RPO ended the quarter at roughly $19.5 billion, representing 33% year-over-year constant-currency development, accelerating each quarter over quarter and yr over yr. Present RPO was $9.36 billion, representing 23.5% year-over-year constant-currency development, a 150-basis-point beat versus our steerage and a 100-basis-point acceleration from Q2. From an trade perspective, know-how, media and telecom was very robust, rising web new ACV over 100% yr over yr. Retail and Hospitality additionally had a implausible quarter, rising over 80% yr over yr.

Healthcare and life sciences and manufacturing additionally noticed power. Yr up to now, U.S. Federal has demonstrated excellent execution, additional rising web new ACV on prime of an outstanding 2023. In Q3, we landed 5 offers over $5 million and two over $20 million.

General, we as soon as once more achieved a sturdy renewal charge within the quarter reflecting the worth ServiceNow constantly offers to clients. The significance of the Now platform has pushed the variety of clients paying us over $1 million in ACV to 2020. What’s extra, the variety of clients paying us $20 million or extra grew practically 40% yr over yr, powered by massive deal momentum. We closed 96 offers higher than $1 million in web new ACV within the quarter, together with six with new logos.

Amongst them, 15 offers had been over $5 million and 6 offers had been over $10 million. The proliferation of huge deal displays a higher emphasis on promoting the platform, and with it, extra merchandise per transaction. In Q3, 18 of our High 20 offers included seven or extra merchandise. Our Gen AI capabilities additionally proceed to achieve industrial traction within the quarter.

As Invoice talked about, we now have 44 clients spending greater than $1 million in Now Help, together with six over $5 million and two over $10 million. Pricing has additionally remained wholesome as our plus SKUs proceed to see a higher than 30% value uplift over Professional in Q3. With extra proof factors from real-world case research, we’re seeing rising demand from clients rising confidence in Now Help’s capacity to ship important productiveness enhancements and financial savings. As an example, a multinational conglomerate has seen a 75% enchancment in case deflection charges with ITSM and HRSD Enterprise Plus, pushing towards its aim of automating 60% of transactional work.

One other massive tech firm adopted ITSM Enterprise Plus to extend self-service by 30% whereas enhancing worker satisfaction. The vast majority of Gen AI offers had been offered direct, so we’re beginning to see our companion enablement produce outcomes. For instance, in Q3, with the assistance of considered one of our largest GSI companions, we closed an HRSD Enterprise Plus cope with a federal company. In fewer than 60 days, they had been totally configured and manufacturing prepared.

Our trade SKUs additionally had an outstanding quarter, tripling web new ACV yr over yr led by monetary providers and TMC, which each quadrupled. Turning to profitability. Non-GAAP working margin was over 31%, greater than 150 foundation factors above our steerage, pushed by the timing of spend, our top-line outperformance and opex efficiencies. Our free money circulate margin was 17%, up over 800 foundation factors yr over yr.

We ended the quarter with a sturdy stability sheet, together with $9.1 billion in money and investments. In Q3, we purchased again roughly 272,000 shares as a part of our share repurchase program with the first goal of managing the impression of dilution. As of the top of the quarter, we’ve got roughly $562 million remaining of the unique $1.5 billion authorization. Collectively, these outcomes proceed to show our capacity to drive a robust stability of world-class development, profitability and shareholder worth.

Transferring to our steerage. Given the Q3 outperformance, we’re additional elevating our 2024 development outlook. For 2024, we’re elevating our subscription revenues by $78 million on the midpoint to a variety of $10.655 billion to $10.66 billion, representing 23% year-over-year development or 22.5% on a constant-currency foundation. We proceed to anticipate subscription gross margin of 84.5%, working margin of 29.5%, free money circulate margin of 31% and GAAP diluted weighted common excellent shares of 208 million.

For This fall, we anticipate subscription revenues between $2.875 billion and $2.88 billion, representing 21.5% to 22% year-over-year development or 20.5% on a constant-currency foundation. We anticipate cRPO development of 21.5% on each the reported and constant-currency foundation. We anticipate an working margin of 29%. Lastly, we anticipate 209 million GAAP diluted weighted common excellent shares for the quarter.

In abstract, Q3 was one other spectacular quarter pushed by robust demand for the Now platform and distinctive group execution. ServiceNow continues to be laser-focused on delivering a whole end-to-end platform expertise. With the Xanadu launch marking our most complete set of recent AI improvements but, we’re empowering enterprises to shortly, seamlessly and responsibly harness the facility of intelligence and we’re in nice firm with robust companions like NVIDIA, Microsoft, Snowflake and Databricks. I am excited concerning the alternatives created by our newest improvements as they gasoline our sturdy top-line development and margin growth on our journey to changing into the defining enterprise software program firm of the twenty first century.

Invoice and I want to prolong a heartfelt thanks to our workers worldwide for his or her continued onerous work and dedication. Our persons are our best power. Their dedication to elite stage execution has positioned ServiceNow among the many greatest locations to work globally. With that, I will open it up for Q&A.

Questions & Solutions:

Operator

Thanks. [Operator instructions] Our first query comes from the road of Alex Zukin with Wolfe Analysis. Please go forward.

Alex Zukin — Analyst

Hey, guys, thanks for taking the query. I need to perhaps ask only a market surroundings demand query first after which a fast follow-up on product. Invoice, I imply — or Gina, you referred to as out some unbelievable development charges from the TMT vertical, from the retail vertical, respect that this can be a significantly better yr seemingly in these areas versus final yr. However perhaps are we again to type of some type of a gentle medium? How do you concentrate on it for the following 12 months, given all of the tailwinds that you just’re seeing? Simply perhaps a fast tangent on the way you’re viewing the shopping for and demand surroundings if AI helps you in that or not?

William R. McDermott — Chair and Chief Government Officer

Effectively, Alex, thanks very a lot for the query. I feel, the general macro isn’t dissimilar. It is nonetheless a value-based market on the market, however it’s been a value-based marketplace for a while. And so, the query then turns into who’s actually bought the innovation, who’s actually bought the platform and who’s actually bought actual gen AI to inform an actual use case story that delivers for the shopper.

And clearly, I feel we answered that definitively with one more beat and lift, so I really feel just like the market is absolutely enthusiastic about AI. It is going from experimentation to really selecting the platforms that matter and corporations, particularly on the C-suite, are constructing their future plans with actual partnerships, so I am tremendous excited. Our pipelines are nice. The worldwide occasions that we’re holding are double subscribed in comparison with final yr.

Our group is fired up and we’re actually able to win. And we work for the shopper. And the shopper feels that and I feel tradition is one thing that will get underreported in earnings calls and ours is on fireplace.

Alex Zukin — Analyst

Effectively, by our calculations, slightly below $90 million, and Now Help ACV, positively is an actual quantity, so congratulations on that. Perhaps only a follow-up. Once more, we have not heard you discuss a product that doubles your TAM in fairly a very long time. So perhaps simply assist us perceive what the incremental alternative is inside your current clients with this new knowledge platform product and the way you anticipate — how lengthy do you anticipate it to take to type of begin seeing some significant traction there and within the P&L?

William R. McDermott — Chair and Chief Government Officer

Effectively, I feel at the beginning, simply coping with RaptorDB alone, rolling that out to the shopper base with the RaptorDB Professional model is an upsell alternative throughout the complete put in base of ServiceNow. So it is type of a easy sale. It is such as you need to go 25% quicker, put RaptorDB in. And by the way in which, with the best engineers within the trade, it is a seamless course of and it occurs in hours.

So it is fairly fascinating to see the executional excellence of this engineering management group. They know I like and admire them. However as I see the world, Alex, we’ve got this concept of the workflow automation platform that is advanced into the AI platform for enterprise transformation. However the knowledge a part of that is tremendous thrilling as a result of we will now entry knowledge from any supply after which align that completely with the workflow that we’re automating.

And by doing that and making every part go quicker, the shopper is getting all of that structured and unstructured knowledge beneath management in an automatic workflow or an automatic course of. And this has magnificent advantages. You noticed the announcement that we made with Databricks and Snowflake. However clearly, we have at all times been in a position to entry the information and all of the techniques of document, and we have been doing this for a while now.

So I feel the information cloth component needs to be considered loads like workflow was to purposes. The info workflow cloth is to knowledge. And so, should you discuss to the analysts that I have been speaking to in impartial analysis companies, they stated, “Invoice, ServiceNow pulls us off, you simply doubled your TAM.” In order that’s precisely the place the numbers come from two impartial sources which are actually psyched up by what we’re constructing right here, and I’m too.

Alex Zukin — Analyst

Wonderful. Congratulations, guys.

William R. McDermott — Chair and Chief Government Officer

Thanks loads, Alex.

Operator

Our subsequent query comes from the road of Brad Zelnick with Deutsche Financial institution. Please go forward.

Brad Zelnick — Analyst

Nice, thanks a lot for taking the query. I wished to ask concerning the significant uptick in headcount additions and opex development within the again half of the yr. How a lot of this could we consider as catch-up for what had been extra modest sub-20% development in opex over the previous yr versus a mirrored image of the chance you see forward and the rest you’ll be able to share on the anticipated tempo of funding past This fall can be actually useful. Thanks.

Gina M. Mastantuono — Chief Monetary Officer

Nice query, Brad. So we have advised you up to now that we had been going to uptick our headcount development within the again half, proper? The overwhelming majority of the gross sales and advertising hiring is quota-bearing reps. And so, completely, you’ll be able to take into consideration that as our confidence within the alternative that we see in entrance of us. We’re planning to proceed to speed up our headcount development.

However keep in mind, we do it prudently. We do it 1 / 4 at a time, in order that we’re in a position to pivot if we see one thing completely different. And so, you’ll be able to anticipate comparable ranges of head rely development within the subsequent few quarters as we lean into the chance we see in entrance of us with every part with Now Help, with the Agentic AI, with the workflow knowledge cloth, all of the innovation that the group is driving. Not solely is gross sales and advertising headcount up, however our R&D head rely has been constantly up and can proceed to be at comparable tempo.

Brad Zelnick — Analyst

Thanks for that, Gina. And if I might simply slip in yet one more for Invoice as a result of I am dying to ask them. Invoice, you have talked about a number of instances now, one thing that I feel for some go in a single yr and never the opposite, however that is elite-level execution. You are clearly out-executing others, are you able to make clear the way you do it, how sturdy it’s and what you may say to skeptics involved that we will start to lap the robust execution or that there could also be some pay-to-piper second had been you danger reverting to the imply of the extra common execution ranges of so many different corporations.

William R. McDermott — Chair and Chief Government Officer

Effectively, thanks very a lot, Brad. Effectively, the very first thing you have to do in enterprise is be sure you rent nice folks and nice leaders. And I’ve the most effective management group within the trade, a tough cease, and we simply made that even stronger with Amit. And I do need to give a shout out again to Google and Sundar and Thomas, they had been complete class and this was finished in a extremely clear, fantastic means, and that will solely strengthen the connection between Google Cloud Platform and ServiceNow.

I really feel like that is a essential factor. And I simply need to nearly shake palms on a very class set of individuals there at Google, actually fantastic folks. And if sufficient folks care, we’ve got a really clear plan right here. It is extremely thought-of by folks.

We really take part in constructing our plans collectively, after which, we overcommunicate every part. After which, finally, the execution actually comes right down to wanting it extra. And should you get 26,000 those who need to win greater than something of their skilled careers, you’ll be able to construct a defining enterprise software program firm within the twenty first century. Now we’re not even near hitting our peak.

We’re not going close to it. In order you concentrate on lapping ourselves and getting caught up within the hype of our personal elite stage execution, there’s loads of issues we will do higher. There’s loads of folks that also need to get on the board and get extra outcomes however all these issues are in flight, and that provides me such optimism about what we have but to do as we glance into the long run and now to construct this unbelievable platform with this web new innovation on prime, it is simply going to unleash the need of this firm in a means that’s simply tremendous beautiful to look at. And I do need to thank my companions on the market.

They know our phrase is sweet, and so they need to be a part of ServiceNow. And I feel Jensen says it greatest. He says we are the AI working system for the enterprise. And by being that, we combine with all people.

We’re open to all of the LLMs which are on the market. You may even carry your individual mannequin. And on the similar time, we have built-in with all of the techniques of document, and it is a possibility for purchasers to consider utilizing AI throughout our magic platform that does wonderful issues to enhance enterprise outcomes not simply on productiveness, take price out, but in addition on a development stage. And I feel once I have a look at our nice customer support administration management and the way we will assist corporations develop once more, it will get folks internally excited as a result of they know the world must develop once more and with our CSM management and options we will preserve going.

So it is fixed innovation, it is fixed planning, overcommunicating and getting all people concerned within the pitch.

Brad Zelnick — Analyst

Superior, Invoice. Thanks a lot.

William R. McDermott — Chair and Chief Government Officer

Thanks very a lot, Brad.

Operator

[Operator instructions] Our subsequent query comes from the road of Mark Murphy with J.P. Morgan. Please go forward.

Mark Murphy — Analyst

Effectively, thanks very a lot. I will provide you with only one lengthy query. Invoice, congrats on every part. Our fieldwork was displaying an enormous ramp-up in your AI bookings in Q3.

There have been some feedback that it might exclude heading into subsequent yr. And by the way in which, I can not imagine the Now Help numbers that you just gave, they’re simply so large. And I occur to see a point out within the media about ServiceNow and CoreWeave, investing billions into the U.Ok. and it included for AI knowledge middle.

So I am curious if we should always join the dots to suppose that this AI inflection level is simply getting so materials that it is going to drive that type of funding in particular nations or perhaps leads you to work with the GPU as a service suppliers simply to have the ability to energy all of your AI brokers.

William R. McDermott — Chair and Chief Government Officer

Yeah. Effectively, to start with, thanks a lot on your sort phrases, Mark, I actually respect it. After which, it means loads to all people listening to you representing such an excellent agency talking nicely of our firm, thanks very a lot. I do imagine that the most effective days of development are far in entrance of us.

I see that within the pipeline. I see that on the C-suite, each within the public and the personal sector. And now, as soon as we’ve got so many referenceable clients which are doing actual issues. And it was nice.

Mark, you are going to kick on this. We simply did a board assembly, and Fred Luddy was on the labor cup, which we sponsored and he stated there have been a number of folks that did not know what we do. And he stated to him, “Effectively, let’s simply assume any person goes out on maternity go away and having to fill out all these loopy types and undergo all these inside processes and firms that soul crush folks simply know that Now Help is routinely updating your healthcare, your compensation and all the advantages that you just depend on most. And you did not have to the touch a single factor.

You simply can have a pleasant expertise as a employee in any firm.” And all people there stated, “oh, man, you guys try this.” It is like no matter you’ll be able to think about that is carrying folks out, we might repair it. And that is the great thing about this. So I feel that what you are searching for can be what we’re searching for, which is that inflection level the place the AI gear kicks into increased demand for every part, and I definitely imagine we’re well-positioned for that.

Mark Murphy — Analyst

Thanks a lot.

William R. McDermott — Chair and Chief Government Officer

Thanks. Thanks, Mark.

Operator

Our subsequent query comes from the road of Kash Rangan with Goldman Sachs. Please go forward.

Kash Rangan — Analyst

OK. A few —

William R. McDermott — Chair and Chief Government Officer

Kash, did we lose you?

Kash Rangan — Analyst

Oh, are you able to hear me OK?

William R. McDermott — Chair and Chief Government Officer

Oh, there you’re. We missed you, however now we will hear you.

Kash Rangan — Analyst

OK. Nice. Thanks a lot. I will fireplace off two questions in a short time.

The one — congrats Invoice, to start with. Secondly, that was not a query. Secondly, the information platform, what does that enable ServiceNow to do for its clients that you would earn money and generate income that you would not do beforehand. Gina, the power in RPO 35% in addition to long-term contracts, what’s driving that? And eventually, congratulations on hiring Amit, I feel it is going to be nice.

Gina M. Mastantuono — Chief Monetary Officer

So Kash, I will begin first on the power of RPO. It repeats itself, so it is higher than final quarter however stays constantly robust. And that is actually a testomony to the truth that our clients are leaning in rather more strategically with us and never solely our portfolio of merchandise getting bigger and the deal dimension is getting bigger, however the contract phrases are getting longer and longer. And that is actually what’s driving that unimaginable RPO development.

We’ve actually robust cRPO, however that RPO development when our common contract phrases proceed to maneuver up is why you see that persevering with to strengthen quarter after quarter and that is testomony to the incremental strategic relevance that we’ve got with our clients. And so, actually pleased with all the outcomes that execution elite stage throughout the board, and that is displaying not solely in our revenues and our cRPO, however our RPO quantity, which is a very robust long-term measure of the well being of our enterprise.

William R. McDermott — Chair and Chief Government Officer

And I’ll discuss this wonderful workflow knowledge cloth. So consider it this fashion by way of the monetization of it. RaptorDB, the Professional model delivers monumental worth for our clients. So take into consideration bettering transaction instances by as much as 53% and operating experiences and analytics 27 instances quicker and take into consideration bringing next-generation efficiency and scale to ServiceNow clients, so the efficiency, the pace, the dimensions.

As we get larger, the shopper installs get larger. Gina talked about all of the cohorts, the platform shopping for. That is fairly an interesting factor to see. Then take into consideration enabling enterprises to unify disparate knowledge after which apply the facility of the Now AI platform for enterprise transformation to drive productiveness, enhance operations and pace of execution.

So all of that is driving efficiency for the shopper. And the migrations take hours, not days or even weeks, and we’ve got really perfected that. So that is going to be an upsell alternative for each current set up the world over for ServiceNow. And to get that enhanced profit, there will likely be items of it that individuals will spend money on, however will probably be nicely value it for the advantages that they are going to get from it.

And this will likely be an ongoing story as we proceed to construct it out. However keep in mind one factor, it is fairly distinctive to have the ability to entry any knowledge whatever the supply, whether or not it is structured or unstructured and to compose {that a} knowledge platform that completely coincides with the work, the way it flows and what you are attempting to automate on one widespread pane of glass. No different firm on the planet might try this. And we imagine that that can give us a really thrilling place for future development, and we’re tremendous excited.

And we’re rolling it out now in This fall, and we have already got nice corporations like Amadeus which have adopted RaptorDB and we’re relying on tons of extra.

Kash Rangan — Analyst

Thanks a lot.

William R. McDermott — Chair and Chief Government Officer

Thanks very a lot, Kash.

Operator

Our subsequent query comes from the road of Keith Weiss with Morgan Stanley. Please go forward.

Keith Weiss — Analyst

Wonderful. Thanks guys for taking the query, and congratulations on an excellent quarter. One query for Gina, one query for Invoice. Gina, final quarter, you talked to us about 200 foundation factors of length headwind that got here from the robust federal enterprise final yr.

Given that you just had such a robust federal quarter this yr. I am assuming these length — or headwinds do not exist in Q3. So is that appropriate that you do not have that length headwind in Q3? After which, the query for Invoice. Brokers type of got here on to the scene in a very large means during the last couple of months.

You guys have your new agent resolution as nicely. Lots of people are speaking about brokers. Does that change just like the gross sales cycle in any respect about if we’re like Now Help within the Professional Plus SKU now that there is this new type of know-how persons are speaking about by way of the brokers? Or does it simply type of circulate naturally into the dialog?

William R. McDermott — Chair and Chief Government Officer

Thanks very a lot, Keith. It flows naturally. It is one more development within the ServiceNow innovation story. And I feel it does, should you’re not but a ServiceNow buyer otherwise you’re fascinated by Now Help, it additional cements your resolve that ServiceNow is considered one of perhaps a handful of platforms that corporations are going to wager on for the long run.

So not disruptive, completely complementary and one more upsell alternative, and we intend to do very nicely with it. And I feel lots of people will profit from ServiceNow brokers working along with one another and with people to proactively and predictively resolve nearly any activity you’ll be able to probably consider. And these partnerships that we have established with nice corporations like NVIDIA and constructing market-making options, for instance, taking over a few of the enterprise safety challenges which have existed on the market for years and years on an out-of-the-box kind resolution, I feel, it’s actually fairly breathtaking. And at an architectural stage, we do not have to attempt to translate between our Gen AI fashions and a few third-party system, which most individuals need to since every part is on one platform with one structure and one knowledge mannequin, so this has given us a possibility to innovate quicker, but in addition combine higher.

As I stated many instances, 85% of digital transformation ROI by no means got here to for our clients as a result of they could not combine these previous techniques. Now every part integrates into one platform, and also you turbocharge it with Now Help in a Agentic AI and also you’re off to the races.

Gina M. Mastantuono — Chief Monetary Officer

After which, Keith, in your query on length for cRPO from Fed. The combo we had one other nice quarter beat expectations from our perspective, however the combine hasn’t modified considerably. So Q3, that length positively goes away as Fed type of reups, however then, you will note continued headwind quarter over quarter in Q1, Q2 till we get again to Q3 of subsequent yr. Does that make sense?

Keith Weiss — Analyst

Yeah, so like on the duration-adjusted foundation, Q2 was stronger than what was reported in Q3 did not actually have a length headwind, however that length headwind goes to come back again into the numbers as we undergo the yr and get additional away from the federal quarter.

Gina M. Mastantuono — Chief Monetary Officer

That is precisely appropriate.

Keith Weiss — Analyst

OK. Good.

Gina M. Mastantuono — Chief Monetary Officer

Thanks, Keith.

Operator

Our subsequent query comes from the road of Brad Sills with Financial institution of America. Please go forward.

Brad Sills — Analyst

Nice. Thanks a lot. A query on headcount right here as nicely. It is fairly exceptional actually because the starting of final yr that you just’re beginning to see R&D headcount outpace gross sales and advertising, traditionally, that was the alternative, and it regarded fairly important right here by nearly 2:1 ratio there.

So I suppose, the query is, what does that say concerning the enterprise? Is the gating issue to development right here actually nearly your capacity to get out extra product in classes like AI and a few of these newer software classes that you are going after with the platform and fewer so about hiring the following rep to go win new enterprise and go discover that larger growth deal. Thanks.

Gina M. Mastantuono — Chief Monetary Officer

Yeah, I might say, it is a few issues, proper? So gross sales and advertising, there’s a whole lot of stuff in there, proper? So it isn’t solely quota bearing gross sales. So simply since you noticed complete gross sales and advertising not rising as quick as R&D, it does not imply that we weren’t rising our toes on the road quarter-bearing gross sales at a very robust means. There’s a number of advertising and gross sales operations headcount that we had been build up as we had been scaling that now we’re not rising on the similar stage. So I need to be clear, and I’ve stated this every quarter simply because it regarded like gross sales and advertising headcount was just a little bit lighter.

That is the leverage as we’re scaling, particularly on the operational aspect of issues. With respect to R&D headcount, it has been fairly constant. It is at all times been an space of big focus for us. And definitely, within the age of AI and all the innovation that our unimaginable engineering group has been targeted on that has constantly been a spot the place we’ve got invested and we’ll proceed to take a position.

And so, from our perspective, headcount development is at all times, at the beginning, allotted to unimaginable engineering R&D expertise, in addition to feed on the road quota-bearing gross sales hitting the highway, hitting the streets, working with our clients to resolve their largest issues and you may proceed to see us do exactly that.

Brad Sills — Analyst

Fantastic. Thanks, Gina.

Gina M. Mastantuono — Chief Monetary Officer

Thanks, Brad.

Operator

Our subsequent query comes from the road of Michael Turrin with Wells Fargo Securities. Please go forward.

Michael Turrin — Wells Fargo Securities — Analyst

Hey, Invoice, good afternoon. Thanks for taking the query. I do know the numbers can bounce round a bit, however we have seen and heard the give attention to buyer workflows and now see the shopper and worker workflow section hit a excessive at 31% of web new ACV, Invoice, you talked about the chance to disrupt the entrance workplace there within the ready remarks. I hoped you would perhaps body what you are listening to from a requirement perspective there for us.

And perhaps couple that with what the Xanadu launch and agent options might do to assist additional that chance. Thanks.

William R. McDermott — Chair and Chief Government Officer

Completely. Thanks very a lot, Michael. As I stated, buyer workflows had been in 15 of the High 20 offers and it was very, very robust. And we grew web new ACV over 50%, 5-0 %, and it is implausible efficiency by our trade SKUs and the continued monitoring within the entrance workplace has been happening for a while now, however we’re getting recognized for it, and we’re profitable and we’re profitable loads.

So it is a wholesome adoption of our Professional Plus providing. The trade SKUs are driving issues, monetary providers was out in entrance for certain, know-how and media, completely public sector. Expertise and Media was over 300% public sector grew over 60% and the entrance workplace, our gross sales and order administration product has demonstrated important traction, important traction. And I am severe, it is like each trade you have a look at, it is actually wonderful from managed providers suppliers to manufacturing, semiconductors, medical units, chemical compounds, public sector companies.

It is extraordinarily, extraordinarily thrilling. And I feel the concept of our price proposition comes right down to gross sales productiveness. Simply take into consideration decreased time to cite increased deal sizes, decrease achievement time, a zero-touch provisioning, optimizing for buyer lifetime worth. All that is resonating with the market in an enormous, large means.

And I’ve a sense that this may find yourself being the most important enterprise in ServiceNow.

Michael Turrin — Wells Fargo Securities — Analyst

It is all very clear. Thanks very a lot.

William R. McDermott — Chair and Chief Government Officer

Thanks.

Operator

Our subsequent query comes from the road of Karl Keirstead with UBS. Please go forward.

Karl Keirstead — Analyst

OK. Nice. Perhaps I will direct this to Invoice. Invoice, I feel a whole lot of your shareholders are fairly assured about how ServiceNow is doing in your enterprise industrial segments.

However I am certain you are conscious, there’s been a debate during the last two to 3 months concerning the federal enterprise, partly due to the problems that you just Gina raised with us three months in the past that led to the management adjustments, but in addition within the interim the place there’s been points with considered one of your companions at Carahsoft. I am questioning should you might hit that — hit these points head on, perhaps give us an replace and discuss how assured you’re in continued good Fed bookings over the following couple of quarters? Thanks.

William R. McDermott — Chair and Chief Government Officer

Positive, Karl. We did not see any impression in Q3, and we’re presently not concerned in any points relating to Carahsoft with the U.S. federal enterprise. So you must simply take that one off of any concern checklist that you just may need and as I have a look at the enterprise in Fed, it couldn’t probably be stronger.

The web new ACV development is implausible. We had 5 offers higher than $5 million, a few offers over $20 million, and ServiceNow has turn into the usual platform for federal companies as they’re trying to consolidate contracts and standardize on a single vendor to drive digital transformation. That is the bandwidth that is constructed into this platform. In order I take into consideration the place we’re going now, Gen AI is prime of thoughts.

I do know as a result of I have been there with the U.S. federal authorities companies, they’re searching for effectivity positive factors, and so they know our software program platform does it. In addition they know the implementations are stellar and the referenceability is implausible. And so, I feel getting issues finished shortly, which is considered one of our cooling playing cards, giving folks nice experiences that actually make them glad and extra productive, it is all working for us.

And I am very, very enthusiastic about our Gen AI SKUs for our authorities Group Cloud. As you already know, that went typically out there lately, it was really in June, and we noticed nice traction on it with federal, and we partnered with Accenture as a matter of truth, to kick off a 60-day pilot with one company and so they ended it early to get into the Gen AI race as a result of it really works so nicely. So every part is thumbs up right here, Karl, and I am very grateful for the query. Thanks.

Karl Keirstead — Analyst

OK. Good. Good to listen to. Thanks, Invoice.

William R. McDermott — Chair and Chief Government Officer

Thanks a lot.

Operator

Our subsequent query comes from the road of Gregg Moskowitz with Mizuho. Please go forward.

Gregg Moskowitz — Analyst

All proper. Thanks very a lot for taking the query. So the expansion for Now Help and Professional Plus has, clearly, been extremely spectacular. However we have additionally been listening to about an actual uptick in clients selecting to improve from Normal to Professional as an intermediate step towards Gen AI adoption and clearly, that driving ARPU uplift as nicely.

So Invoice, once you look throughout your put in base, is that one thing you are seeing fairly a bit extra of right now as in contrast with three, six, 9 months in the past to the purpose the place you’d anticipate a second wave with these set of shoppers going ahead?

William R. McDermott — Chair and Chief Government Officer

Completely. I do, Gregg, I anticipate a pleasant second wave, Professional continues to be doing extraordinarily nicely. Once you now add the Now Help and the premium on prime of that, clients do not even blink as a result of the returns to them are a lot higher than any pricing. And we’re a very reasonable firm in the way in which we do issues, and it is extremely clear.

I see a plus up with that. I see a plus up with RaptorDB globally as a result of it is such a sensation. Folks see the clock pace of how the system runs on it, all of them need it. And Paul is now rolling that out globally in This fall.

We’ll see the way it goes, however we’re extremely optimistic, nice engineering constructed into it wonderful. We actually hit it with our database and our, I’d say, first spherical draft alternative group that constructed this, it is actually, actually one thing to behold. So I’m feeling extraordinarily good. And the shopper relationship, the main target and depth round these relationships, should you come to our constructing in Santa Clara, it is a revolving door, CEOs are flying in from everywhere in the world.

So I am not suggesting that they do not cease different locations too, however they positively do not miss stopping in ServiceNow, and so they type of inform me that on the finish of it, what they see from our group and our product isn’t PowerPoint, it is actual merchandise doing actual issues with an actual worth proposition. So I am actually excited, Gregg.

Gregg Moskowitz — Analyst

Incredible. Thanks, Invoice.

William R. McDermott — Chair and Chief Government Officer

Thanks very a lot.

Operator

Our subsequent query comes from the road of Derrick Wooden with TD Cowen. Please go forward.

Derrick Wooden — Analyst

Thanks. Invoice, actually thrilling to see this subsequent new chapter of AI with autonomous brokers. Simply wished to type of contact on like what know-how is coming to market to energy these agentic networks. It sounds prefer it’s know-how from RaptorDB, Information Cloth, zero-copy integration, perhaps NVIDIA’s NIM developments with varied LOMs.

However might you simply type of share the highlights on what is essential to unlocking these new autonomous capabilities on the ServiceNow platform and when a few of these capabilities are going to be are available in GA?

William R. McDermott — Chair and Chief Government Officer

Yeah, certain. Effectively, to start with, I feel there’s actually three areas that I’d spotlight for you which are my High 3, if that helps, simply put this into some context. The Gen AI race is one which we’re profitable, first mover, and we intend to run the desk. So Now Help is the feeling and Gen AI on the Now Platform due to the individuality of this platform, and its perfection in the way in which it was engineered and the truth that we by no means took any shortcuts, and we at all times protected the only platform with the only structure, the only CMDB it truly is magnificent.

Now, you set RaptorDB. So Now Help is Precedence 1, you set RaptorDB and also you construct out the workflow knowledge platform, once more, if that workflow knowledge platform, which is already in flight connects to the workflow automation platform, what buyer would not need to hook up with any knowledge supply of their enterprise, constructure or unstructured knowledge, to drive their workflow efficiency to get a enterprise end result. I actually could not decide one out of a lineup. After which, you say, what else are you going to do? And it is actually the entrance workplace, every part else continues to be going full tempo, however the entrance workplace is getting a step perform enhance by way of its focus and the innovation and the execution as a result of it is the most important TAM and since we’re profitable in every single place we go, we expect that that may be like a serious catalyst.

And by way of when the product is coming, they’re out. So you bought Now Help in full flight, you have bought RaptorDB in full flight, This fall will likely be an enormous quarter for that. You bought the workflow knowledge platform, which I defined, which works now, and it’ll proceed to evolve and be an enormous a part of our future and you’ve got the entrance workplace the place wins are occurring day-after-day, and we’re superbly led there, and we have got wonderful desires after which take all of the core stuff with the upsells and the cross-sells and the cohorts that Gina talked about, and it is simply a lot in entrance of us, we really feel like a scale firm with the guts of a start-up. And that is type of movement that is operating via ServiceNow now.

And tomorrow, once we get to ServiceNow Reside, which is an iconic cultural occasion that we do each quarter, I might simply think about the seats are going to be rumbling everywhere in the world.

Derrick Wooden — Analyst

Incredible. Thanks.

William R. McDermott — Chair and Chief Government Officer

Thanks very a lot. I respect the query, Derrick. Thanks.

Operator

Our subsequent query comes from the road of Raimo Lenschow with Barclays. Please go forward.

Raimo Lenschow — Analyst

Thanks for squeezing me in and congrats from me as nicely. Invoice, you talked about a whole lot of like C-level executives, how do they give thought to like AI as we go into subsequent yr by way of — is that like popping out of the IT price range? Did you do a second price range? And the way do you just remember to type of proceed to achieve share in that one? Simply type of discuss us via the dynamic you are seeing in your conversations. Thanks.

William R. McDermott — Chair and Chief Government Officer

Yeah, I feel the excellent news — the actually excellent news right here, Raimo, is IT budgets proceed to develop. So the digital technique has been and can proceed to be the enterprise technique. And we actually work onerous on finding out the world round us. And Gartner expects international IT spending to develop nearly 10.5% subsequent yr.

And that is double what it was in 2023. And it expects software program to develop at 15%. And the secular tailwinds at Gen AI and workflow automation are clear C-suite priorities, and we are the best-positioned to make the most of the chance. So I feel it is clear to me that clients targeted on digital transformation throughout the IT price range.

It is rising. We’re getting extra share as a result of clearly, we’re gaining share as a result of we’re rising quicker than markets, particularly the customer support administration market, which I talked about, and we’re gaining share. However I additionally suppose there’s new share to be gained from extra funding, and I actually imagine once I discuss to the CEOs, IT is clearly their enterprise focus inside IT Gen AI is their No. 1 focus.

And they’re going to get the cash from someplace. And in the event that they need to take it out of one other line merchandise to gasoline this, they are going to. So on prime of IT, I feel there will likely be cash coming from different departments, particularly again workplace capabilities that will likely be put to the entrance of the road round Gen AI. And I additionally see a consolidation impact happening.

Folks say to me, the place is the brand new cash coming from? We had one firm lately that mainly took ServiceNow by consolidating 250-point options that the sunshine was so dim on, it actually gave you a headache, however there’s tons of and tons of of accounts like that everywhere in the world that simply want to essentially take into consideration what they need for his or her future. And the long run is now. So N-O-W, no pun meant. However I feel that every one of that’s goodness for ServiceNow.

IT, different line merchandise budgets coming in, and naturally, the consolidation to a premier companion — a premier platform like this By the way, the companion ecosystem is grabbing on to ServiceNow in a means that I’ve by no means seen earlier than, and it is accelerating shortly. And we simply bought finished with a board assembly the place our group offered a few of these dynamics and the growth of the channels and the way the channels are actually leaning in and constructing on prime of and round ServiceNow in methods they by no means did earlier than. And I simply suppose all that claims development.

Raimo Lenschow — Analyst

Yeah. OK. Good. That is actually clear.

Thanks. Congrats.

William R. McDermott — Chair and Chief Government Officer

Thanks very a lot. Recognize it.

Operator

We’ve time for yet one more query. Our closing query comes from the road of Samad Samana with Jefferies. Please go forward.

Samad Samana — Analyst

Nice. Thanks. I’ll discuss quick. Invoice, I could not assist however have my ears perk up just a little once you stated that Amit has experience in packaging and pricing.

And I used to be questioning if there is a purpose why you referred to as that out particularly, simply particularly as we take into consideration this large AI growth interval for ServiceNow. And associated, simply how his tasks because the president when he comes over and be a part of how will they differ from perhaps type of prior iterations of that function?

William R. McDermott — Chair and Chief Government Officer

That is a very nice query, Samad. How I discovered about that was really in a dwell interview with Amit. And we talked about his previous and every part that he is finished, and he referred to as that out as a novel skilled, I suppose, power, however it was additionally he went into situation planning and various things that he is finished and I see that as a ability that can assist us tremendously. Actually, it is a web new add on to what I feel we’re good at.

And that is what you at all times attempt to do. You at all times attempt to rent nice human beings, to start with, and he’s one with a hungry and humble coronary heart, he has one but in addition has area experience in areas that develop the bandwidth of what ServiceNow is all about. And so, by way of his focus, and I did name it out intentionally, by the way in which. By way of his focus, he is an engineer’s engineer.

We want an absolute thought chief that loves product, loves working with nice engineers, construct comradery with the most effective engineering group within the enterprise, which we’ve got and invent new development shoots and new alternatives by seeing issues via a broad lens, which he has from all of his experiences. So I simply suppose that it was a beautiful alternative to carry Amit on. And we at all times are very respectful of this as a result of he is had nice careers somewhere else, together with Oracle and clearly, Google with the Google Cloud platform. And as I stated earlier, I do actually respect that once you get an excellent particular person, it is also good for the corporate he got here from and all of the relationships that he introduced with him and that was a part of the ethos of Amit and a dialog that we had.

It was a deeply considerate individual and an individual that desires to do good. And we need to do good as a result of we imagine good wins.

Samad Samana — Analyst

Thrilling instances, and congrats on all of the success to the entire group.

William R. McDermott — Chair and Chief Government Officer

Thanks a lot a lot.

Operator

[Operator signoff]

Period: 0 minutes

Name contributors:

Darren Yip — Head of Investor Relations and Market Perception

William R. McDermott — Chair and Chief Government Officer

Gina M. Mastantuono — Chief Monetary Officer

Alex Zukin — Analyst

Invoice McDermott — Chair and Chief Government Officer

Brad Zelnick — Analyst

Gina Mastantuono — Chief Monetary Officer

Mark Murphy — Analyst

Kash Rangan — Analyst

Keith Weiss — Analyst

Brad Sills — Analyst

Michael Turrin — Wells Fargo Securities — Analyst

Karl Keirstead — Analyst

Gregg Moskowitz — Analyst

Derrick Wooden — Analyst

Raimo Lenschow — Analyst

Samad Samana — Analyst

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