All right. We'll go ahead and get started. Thank you everybody for joining us. We have Amit Zavery from ServiceNow, President, COO, and Chief Product Officer as well. Amit, thank you for joining us today. Thanks for having me. Hello, everyone. Look, originally, I think the shape of the conversation was going to maybe be a little bit different, but given the speed at which things are moving and the focus on AI, I wanted to maybe just jump right into that. I think there's a lot of questions, some might say some debates, but can you talk about how the Now Assist platform has broadened both in flexibility and capability over time? Then I have a bunch of framing questions or follow-up questions after that. Yeah. I think if you look at just in AI, it is moving at a very fast pace, right? We, of course, started with this idea of GenAI and giving summarization, helping users get more value from the content they have or what they're doing as the day-to-day task. Over the last year and a half, we've accelerated what we've done with Now Assist, specifically becoming more of system of action, right? The idea of doing things with agentic and making it an agentic platform. Taking different AI agents, how you orchestrate them, how do you work with them, how do you use AI agents to finish tasks, and coordinating the full activity end to end. It's been the next phase from GenAI to more agentic use cases. That has been a big game changer because now you're getting a lot more value out of the investment of AI, and you're also getting a lot more efficiency associated, and removing some of the complexity associated with that, right? When we started doing a lot of that work, one of the big things which came up was around this idea of governance, security, compliance, visibility. We build on top of our Now Assist platform, something we call AI Control Tower. That was a big evolution because that removed some of the barriers customers had in terms of adopting AI, especially agentic, as well as ability to have visibility across not just our platform, but third-party systems out there as well. Our agentic platform has become more this heterogeneous, connecting different agents together, but with visibility. Over the last many months, at Knowledge, we announced this idea of AI specialist. We have 20 different AI specialists which do full end-to-end work. It's really human equivalent AI specialist, like a level one support engineer, HRSD or HR service manager, things around FinOps, things around security ops, things like that. 20 of these AI specialists now really driving not this idea of you have to manage all your AI agents, but we're finishing that work for them. That is a big change, right? Now you remove a lot of the barriers, the work you have to do, but you're getting an outcome which you can also now calculate the ROI against a human cost associated with doing that same task. That has been the evolution. We use that as a term, but it's pretty much across all of our portfolio, right? We're adding AI across our stack and making sure we have tiering in terms of functionality, but also making sure that this kind of capability becomes much easier to use as well as adopt across the different kind of use cases which are happening inside the enterprise. We've been adding a lot of more capabilities across the board in this area now. There's a lot I want to unpack there, especially on the technology side. Before I jump to that, you mentioned this idea of lowering the barrier, and I think one of the big changes that happened recently was putting AI at every level of the product portfolio. Maybe help investors understand what signals drove that decision and what it unlocks for the end customer? No, I think so. If you look at, we had this Pro Plus SKU, which is the Now Assist idea of providing a premium capability for doing automation. We had this hybrid pricing for last year and a half already. We have gotten a lot of signals from a customer that they like this idea of combination of flexibility and predictability with the pricing. They like that they need AI, and they can get that full end to end in one particular offering as well. One of the feedback we were getting is that why do I have to always start at the top, right? There might be some other use cases. I want AI as a table stakes. We wanted to make sure that we bring AI not only in the premium SKU, but AI capabilities, all very, I would say, factored by functionality in different tiers, but available in all of our products. We don't want to have a non-AI and AI mindset anymore inside the company. Our customers don't want it. They want to be able to adopt AI as part of the same products they buy from us, not just one of the products. That kind of drove this. We knew the pricing is work. The feedback we got from our customers were very positive, how we've approached this AI capabilities in our Pro Plus. Then we tiered the functionality and gave the basic base capability in the SKU we called Foundation. We have advanced SKU, which has little more ability to take action on top of it, and then autonomous at the top tier. That's what drove it, and it allows our go-to-market to be much more simpler, for our reps to go and have this conversation with the customers. It allows us to monetize AI across our full SKUs as well. Our messaging becomes much more simpler as well, and also lets me drive one integrated technology stack instead of having fragmentation in a product for no reason, really. Over time, it had to get to an AI end to end. We kind of took that accelerated path towards it based on the feedback we've received, it's been very positive so far, and customers like this idea that they can start anywhere, and they can get the value of AI investments we're making while we let them move up as they need to. We preserve the top capabilities only on the top tier anyway, so we're not losing any of the revenue opportunity, but we're monetizing AI in other SKUs now as well. I think the simplification makes it a lot easier for adoption, and I think that's important. The other thing investors are really focused on, we hear it across the different platforms and software, who's going to be the AI Control Tower? Now, I know at Knowledge and the Financial Analyst Day, you unveiled it to investors, but help us understand what ServiceNow's platform allows it uniquely to be well-positioned to be the Control Tower for organizations. Yeah, I think you look at ServiceNow as always been this system of record for enterprises, for any kind of assets, right? With CMDB, which is the core foundation of ServiceNow, which became kind of the way companies adopted ServiceNow, was to really have visibility across every asset they have inside the company, any hardware, any software, any IT asset. If you look at what AI agents are, it's really a software asset. We were already discovering everything a company was using from IT perspective and bringing into CMDB for many, many years. If you ask IT departments in terms of knowing what they're using, what licenses they have, who's using how many of those licenses, what much you paid for it, all that stuff, they used to go to ServiceNow CMDB to get that data typically, right? For us, it's a very natural extension to now say that I will also discover and track and manage and give you visibility to AI agents. We discover them just the same way, in the same architecturally. We, of course, build connectors and adapters to discover a lot of the next-generation AI systems out there. For IT managers and IT system owners, this was like, "Okay, I already have all the other visibility. I don't want to go to a third-party system for only AI-related stuff. I want to go into the same place where I can have full license visibility, all usage visibility, all cost visibility." That's what drove AI Control Tower. Second thing, we're always doing compliance management, auditing, risk management in the CMDB as well. It was very natural for us to expand that into the AI domain as well. The reason why we've been able to do very well is because it was not very difficult for them to implement this. It comes naturally as part of what they already have in the IT systems. What we are thinking of it is that, one, we've always been heterogeneous. We look at everything inside a particular enterprise systems anyway. I can give you, as somebody managing the environment, full visibility control while I integrate with third party. It's not only about ServiceNow, it's always been about the third-party systems as well. That's what's giving us the right to play, right to win, and we've been winning in that area, right? Because we are probably as neutral as it gets from all these things. We discover all these things. We give you the cost management associated with that. Really remove some of the barriers associated with these shadow AI projects or cost runaways or even security. One of the reasons we did the acquisition of Veza was that idea of non-human identities, right? How do you have visibility in the non-human identities, the governance associated with that, any kind of security issues you run into, and what are these AI agents doing given they change identities so frequently based on the role and request they get? It became very natural for us to keep on expanding into it. It's been resonating. It's one of the fastest-growing products for us as we speak. It really gives a lot of peace of mind for any operator inside an enterprise, right? Our view and our vision is that we would kind of integrate with all these different things out there, and we are not just saying it has to be only about ServiceNow. That's why our integration with Anthropic, Google, Microsoft, OpenAI, but also a lot of agents coming from Workday, Salesforce, others. We can bring that into one place, and nobody else has been able to do that today. Earlier today to kick off, we had the CIO of Jefferies on stage. He said in multiple different ways that we're essentially a ServiceNow shop, that's not something we're going to look to recreate, that we're going to continue to build on it. He also mentioned this idea of the difficulty around on agents, right? That we didn't build for a world where you had agents, you had humans that were meant to work, right? You just mentioned with the acquisition, how does the recent M&A allow you to help companies monitor what agents are doing? What's the unlock there that other systems aren't designed for? Maybe speak to the M&A specifically, how that adds to your capabilities. No, I think we're hearing the same thing. I talk to CIOs and all, right? One, they do depend on ServiceNow. It works very well, just because you can do something separate differently, you don't need to. Right? I think that's been pretty much the theme I stick talk to every customers. The second thing is that our view always has been we need to keep on making sure we bring the value of AI or any innovation, a matter of fact, into our platform, the customers don't have to deal with it later, right? We keep on modernizing. My job at the company and what we're doing with our R&D work as well is to really ensure that we remain ahead and continue to innovate to give value to our customers. As I look at the landscape of opportunities for us across AI and what we've been building. The AI agents are going to be a new paradigm, and it's already starting to happen, where they will interact with all these systems. Users are not only going to be going and pointing and clicking through UX, there will be also AI agents who will request some activity from third-party systems. Similarly, one of the reasons we have opened up our platform and we launched something called Action Fabric, is to allow any AI agent to call into ServiceNow and allow us to do the actioning for them, right? We've been always a system of action, irrespective of whether you come from our UX or you come from Copilot, you come from Enterprise Cloud or Cowork or whatever it is. We also want to make sure that we also provide you the first-party experience if you want to choose to. Our UX has been modernized drastically. If you look at the experience layer, it's as AI native as it gets with the conversational front first mindset. The Moveworks acquisition we did kind of led that, to give this one unified modern experience across all of our products. We added this idea of conversational experience for voice and multimodal, omnichannel into the same platform, so you don't have different stacks for different things. It's completely modern going forward. Underneath the covers, we're doing a lot of work around security, compliance, and visibility and giving that view to our customers so they don't run into issues when they're deploying AI and they find nefarious things happening into the system. I don't know how many people realize, we have a very large post-breach security business, $1 billion plus, and has been growing very significantly. When we now augment a lot of the cybersecurity, vulnerability management, as well as the non-human identity or devices, which is becoming big as well, where devices are accessing a lot of the system as well. That's where the acquisition of Armis and Veza fits in. Armis gives you full understanding of any devices out there in the system, be it OT, IoT, medical devices, physical AI now, which is becoming prevalent inside shop floors and manufacturing environments, and hospitals. How do you bring Just like we were doing any asset, we need to bring every device into this thing. Now this idea of a platform which has full visibility, full understanding, provided securely, and then giving you the ability to interact with that through our UX, third party, or any agent. You have a platform which is very robust, very end-to-end capable, very modern, but also in a very secured, governed, and compliant manner, which really gives you peace of mind if somebody's going to operate it. I keep on modernizing while keeping the enterprise mindset always in a platform. That's why a lot of customers love it, because they can keep the same platform. As we upgrade, they get new features. You don't have re-platform, right? Our platform is still one platform. We add new domains on top of the same platform, but it becomes very simple for customers. That's how we've been able to get into CRM and other areas, because it's the same underlying technology stack. Now you have a very modern AI-native stack underneath the covers. I want to pull on some of the newer areas that you're moving into, but before I get there, I did want to touch on the M&A question, right? If we zoom out, there happened to be a cluster of M&A in a very short period of time, and so the follow-up question has been, is there a shift in strategy, or how should we think about M&A going forward? I figured as a technologist, how are you thinking about the M&A strategy at ServiceNow? What led to the recent M&A, and then how do you think about it going forward? We have been very careful with capital allocations in general, right? We definitely want to make sure we feed our organic engine everywhere. Everywhere we have opportunity, we need to make sure we build the best product, which are well-differentiated. AI also opens up opportunities to expand our TAM, and areas where we believe we can accelerate our roadmap based on customer demand, where we can also continue building our differentiation and new opportunities for us. Our tuck-in, ServiceNow has typically been doing tuck-in acquisition, and that all continues, right? Where we want to find good IP or acqui-hires or good talent who can help build our teams faster and provide better delivery on the roadmap and new IP as well. In some areas, as you mentioned in some of the acquisitions we did recently, cybersecurity, and I think the security space for me and for all of us, is really relevant to AI. Without that capability in the platform, you really become just a feature provider without any kind of governance and security associated with that. We saw immense opportunity with the acquisition we did of Armis to augment what we did with CMDB with any asset. To expand, we've been talking about OT anyway, so we've been doing IT and OT work. Adding the security layer around, that changes the game. They have a lot of good IP, very domain-specific capabilities, and adding that to our security business really does one plus one is much bigger than would be possible otherwise, right? That's really the kind of drivers for some of these things. I think we are at a point where we have all the assets we need at the size we're talking about. There'll always be tuck-ins when we need to, or where we find something unique. Beyond that, I think between what we've done with Armis and Moveworks, we cover what we need. Veza is a smaller company, but it gave us this ability to do non-human identities with a patented access graph technology, which is very critical. You talk to any large company now, they want that. We had done another smaller acquisition of Logik.io to really expand what we can do with CPQ, because that's a more AI-driven case management capability, so you can do accelerated configure price and quote. We've been always finding those things so we can really get faster at where we need to go and bring in people who have a lot of the domain expertise. I think it has worked out so well so far. As your question, in broader, in terms of acquisition, I think what you should expect is the tuck-ins. Beyond that, I don't think that there's anything we really need to do drastic size-wise. I think one of the things that underpins all of this is when the company rolled out RaptorDB, which I think allowed a lot more workload horsepower. Can you just help understand how that underpins all of this, and maybe what adoption of RaptorDB Pro has looked like? I think it's another area where probably a lot of people don't have understanding. We have a very large, now very fast-growing data analytics business. The couple of core foundations to it. One is RaptorDB, which is a Postgres database. We rewrote it to be more of an HTAP, so basically hybrid, both analytic as well as transactional processing database. All of our products now underlying that, it comes automatically with RaptorDB standard. Right? That you have a good, scalable, highly performant product available to all our customers. Given the size of ServiceNow deployments have grown quite a lot across our customers. We wanted to make sure we have a very foolproof and balanced database underneath the covers. Before, we used to use some open source technology, we didn't scale to the level we need. Beyond that, what we're discovering now is that customers want to do a lot more with the information they have inside ServiceNow, as well as bring in other information through either Zero Copy Adapter or any other way. What RaptorDB Pro does is, one, it's much more highly performant and scalable. Performance is like 17x of what the standard would be. Plus, we've been able to now do a lot of analytics workloads on top of it. You could do insight to action. You can understand what your incidents happened, where it happened, what you need to do with it. Also connecting to Databricks, Snowflake, BigQuery, and really do a much more and a very detailed analysis associated with that. We've been able to sell that. It went to $100 million in a very short amount of time in the last four quarters ACV. We continue to see that expansion happen because there's a whole thousands of customer ServiceNow who don't have that, and we can easily go and talk to them the value of going to Pro. On top of that, what we build is the idea of Workflow Data Fabric, the connector as well as the integration into 300 different data systems. Then we are layering on top of a semantic layer and a data catalog to do analytics apps which we can now monetize by different domains as well. This portfolio and the platform has grown drastically to be now providing a dual data stack. Using that stack, we did a knowledge graph, we have a context engine, all built on the same stack, where customers can now use a lot more capability from ServiceNow than they could typically do. Before, they used to extract and move everything out. Now they can do inside ServiceNow, and they get more out of it because we are touching so many different systems anyway. That's really the RaptorDB, as well as the Workflow Data Fabric and the data analytics stack. We have said openly that's our next big growth engine. It should be getting to $1 billion plus and continue to grow beyond that. It really changes how a platform can be used and to different use cases than we were monetizing before. Helpful. You mentioned now different growth opportunities and you mentioned moving to different areas. I think one of the questions we get commonly is maybe around the right to win in categories like CRM. I think it would be helpful maybe even to explain just what is ServiceNow focusing on in these newer areas. Where do you see maybe existing vendors as competition versus you're just offering something that isn't addressed? Can everybody please silence their phones? Let's just all do this at once. Thank you. Yeah, no, I think, see, our right to play has always been about really doing actioning across multiple different domains. Our heritage has been IT, no doubt, but case management. Like how do we resolve an issue somebody has? That we did that for IT, we do that for HR, we do that for finance, we do that for procurement, we do it for security now. Our CISO is the second-largest buying center for us, right? Because any incident happens, somebody needs to help you resolve it, and then you need to coordinate across many people. There's a workflow, there's a resolution plan, there's triaging. Same thing applies to customer service. When we look at CRM, it's a natural extension of what we did inside a company. I can do it for outside the company, for enterprise. Right? What we're trying to do there is somebody has an incident with customer service. They need help. Somebody needs to answer that either on a chat or a phone or whatever other mediums is, and then triage that and help other people resolve it, and get the resolution back to the end user. When we look at CRM, it's really about expansion in areas where we're good at. It's customer service. We're not doing full-blown SFA, marketing automation, things like that. CRM is big enough space. The largest TAM is customer service, and that's an area where we are very good at. Naturally, we are starting to win there. As you see the numbers there, one of the fastest-growing area, a couple of billion USD now and heading forward. The core of it is really the complex orchestration and with an outcome mindset. Not just giving you information, but taking action. If you look at customer service, you're taking an action by resolving something. You look at what we're doing with CPQ, same thing. You're configuring something, you're taking pricing associated with that, then getting a quote. It means you're connecting various different systems together and now making some decisions for them, helping you orchestrate that, getting an outcome, which is a quote. Not just like, say, "Tell me what is my forecast," because that's just information gathering. How do you do these various steps, which we've been very good at for years and years? That's really been the heritage of ServiceNow for 20+ years. This idea is wherever it's applicable for us, we go. We started with, of course, IT, but very naturally, we moved into other areas. Because it's the same platform. We don't have to rebuild everything. It's the same technology underneath the covers. The customers love it because when they add new domains to us, new workflows on it's on the same platform, so you're not re-platforming every time you want to add this particular use case. Versus what you find with most of the other vendors is that every domain is a different platform, different stack. Marketing is a different stack, sales is a different stack, service is a different stack, IT is a different stack, which is painful. That's why customers and IT love us, because we are able to do this thing on the same way. It's very modern and able to do this thing very quickly. That's our right to play, and that's why we win. Yeah, there will be natural worry that there are a lot of other vendors in every space, but we've been multi-vendor competition for every space we've been in. It's just that we have to make sure we out-innovate, we build the best product, make our customers happy, and we've been doing that, and we feel that we will continue doing that because we have that ability to do it. Well, I think the growth speaks for itself, right? It's been very durable because you guys have been making customers happy and adding a lot of value. As I think forward to the 2030 I cannot believe it's going to be 2030 in a few years. As I think about the 2030 targets and the growth to get there, can you maybe just help us think about what you think is going to be the biggest engine to drive to those 2030 targets? I have a couple of follow-ups. 2030, you saw the numbers we are talking about. Base case is $30 billion, right? A very good growth rate as well as continued improvement in the margins, free cash flow, while absorbing some of the acquisition, plus also a lot of the innovation we are doing, right? The growth drivers are straightforward, right? One, our AI stack and the agentic is going to be what we are seeing with our already increased guidance on top of what we are doing with Now Assist this year, and that continues to grow. A lot of the use cases we are doing in that area will drive a lot of that growth associated. Second growth driver is security space. I think security and risk is becoming a very key element of our portfolio, and the assets we have, the differentiation we've brought in, and the innovation we're bringing in there is a great adoption happening already. Plus also solving a lot of the critical problems to remove the barriers for AI. The third driver is Workflow Data Fabric and the data analytics stack. As I say, it's one of the big growth engine for us, and we're already starting to show that acceleration. The more investment we make in there to continue bringing a lot of the data and the ability to do analytics on it drives a lot more value of a platform. The fourth one is CRM, right? Customer service, the CPQ, and CPQ is leading a lot of the conversation with the customers to really improve how they deal with their end customers as well. Those are the growth drivers. A platform broadly touching everything around IT, HR, the EmployeeWorks, which we released recently between the combination of Moveworks and what we do for HRSD. Just bringing that thing into the platform end to end, and then have the AI associated with it, every product, and then you layer the data, the security, and CRM. You have a portfolio which is very robust, very fast growth, and differentiated in the market. That's what will get us to beyond the base cases we expect in the future. Helpful. I want to end on a curveball that I didn't prepare you for, which is, I love asking technologists what they have found to be either I'll let you define it how you want as a Rorschach Test, whatever cool means, but what has been your coolest experience using AI tools, whether that's as an employee at ServiceNow or whether that's in your personal life? What have you found to be the most interesting thing in terms of your AI utilization? I think to me, AI should be really like, you shouldn't care it's AI. Why do you care it's AI or what it is, right? If it can help me solve my day-to-day job and make me more productive or make me better, that's how I look at AI. I'm not really go looking for AI tools anymore. I'm seeing how is my product improved by its using AI. I think the AI specialist I'm really excited about what we're doing inside ServiceNow with the AI specialist. It does what you need to do in a short amount of time with better outcome and solves the customer problem. Eventually, what you use underneath the covers, as an end user, don't care. As a technologist, I love it, because I'm using a lot of this technology to learn how we can do better with our products. End user, when I look at customers, I shouldn't worry about it at all. Super helpful, Amit. Thanks for joining us. Great to have you, and wish you the best of luck. Thanks for having me. Thank you, everyone.