Starting with 30 seconds of our views, just to give a framework to our discussion. The boss is talking, that's always a good thing. We started with a positive view because we distinguish between companies that will use AI as a tailwind and companies that will see great competition because of AI. Our biggest fear is that the AI labs, the next step for them is to launch applications. Especially those that are going to lose on the enterprise side, meaning they'll be behind, the natural evolution for them is to launch an application and to go into CRM. That's the way to penetrate to the enterprise space. When we looked at our entire universe, whether it's Workday or ServiceNow or Salesforce, we identified ServiceNow as a company that is really entrenched, meaning it's impossible, in my view, to replace ServiceNow. It's also impossible to replace Salesforce. It's also impossible to replace Workday. That's not the point. The point is, can you grow with new customers? Can you grow with upselling, and can you grow with AI? If you can do that, your growth could accelerate. That's how we identified ServiceNow as a winner in a space of enterprise software. That's my introduction. I think I took a bad decision to host this in this room. We should have taken the bigger room, I apologize, but it's only 30 minutes, and it's your daily workout. Gina, thank you so much for coming. Thank you for having me. I want to start with a softball question, with an easy question. Articulate your growth strategy. In the context of my initial thoughts on your company, articulate the growth strategy, and if you can speak about two things, growth before AI, meaning as if AI doesn't happen, how do you grow with existing customers, upselling? That's before we talk about AI driver, and then growth in the context of AI. A couple of things. I think it's impossible in this day and age to talk about growth without AI. Yeah. Because AI is embedded in every single product now that we offer to our customers. To talk about and to think about growth in enterprise technology without AI, I think is a fallacy. What I will do is I will bifurcate AI. It is a huge part of the growth strategy because ServiceNow is the AI Control Tower for business reinvention, AI built into the platform that, as you say, is entrenched in our customer base so strongly. You think about 98% average renewal rates every single quarter for over 20 quarters consecutively. Over 20% revenue growth, even at $13 billion, before any acquisitions, consistently at our scale. It tells you a lot before you think about the growth trend, about how entrenched and how mission-critical we are in our customer space. The other great thing about us is that we are the trusted platform of the IT organization. IT and technology is the business for every single business, every single customer, every single industry. As you think about growth from here, and we articulated, I think, really strongly at our investor day just last month, it's a few different things, right? We talked very clearly about our three big growth vectors being security and risk, CRM, data and analytics. That's on top of an incredible base, core technology that even our most penetrated product set of ITSM still has so much white space. If you think about customers, even within U.S., outside U.S. It's about really embedding AI into the company, and it's part of each of the growth strategies. I can't talk about security and risk, I can't talk about CRM, I can't talk about data and analytics without including AI in there. Because fundamentally, what people have to understand is that AI is the tailwind that will enable a company like ServiceNow to continue to grow at over 20%, even at our scale, while at the same time driving pretty incredible margin accretion. If you think about security and risk, data analytics, CRM, then think about employee work. We did this incredible acquisition of Moveworks, which we integrated the technology into our employee experience within three weeks and launched EmployeeWorks, which is Moveworks plus our HR, to really be that front door to the entirety of our entire platform. For customers, incredible technology, all AI-driven, that really allows their employees to self-service across the enterprise, whether they have questions about HR, IT, legal, security. That's adding AI to our core. If we think about AI for our core IT, we just launched Level one autonomous agents that are really there to help drive end-to-end resolution on our platform for our most prolific SKU of ITSM. That ability to build incredible agentic AI into the platform to help our customers drive increasingly complex workflows and get great results, autonomously resolving 90% of issues, drives huge value both to the bottom line and as well to the top line. The value of an engaged employee versus an unengaged employee is tremendous. Right. You can rinse and repeat for CRM, rinse and repeat for security and risk. If you think about what customers have been telling us for two, three years now, and telling most people, that the number one barrier to scaled deployment of AI in the enterprise is all around security risk and governance. Yeah of the AI in the enterprise. How do we make sure that the AI is doing what it's supposed to be doing, is governed, is running the rules, has the right authority to do the right things? By the way, it needs to all be auditable. It needs to be traceable. If it's going off the rails, there needs to be a kill switch. Yeah. The AI Control Tower enables our customers to have a bird's eye view across the enterprise of every single asset, AI asset, across the enterprise, and enables them to see what it's doing, how it's doing it. It enables identity. It enables visibility, and then it enables the governance and the scalability across. Right. These are just a few areas of really how we think about growth. Yeah. I fully agree with everything you said, but I have a question about it. Okay. The question is about competition. AI enables other companies to actually try and be part of the workflow. Meaning, if you ask any winner, any leading enterprise software company, "What is your strength?" They tell you, "We're entrenched into the workflow." Google is trying to be part of the workflow. CRM is trying to now, because of AI, because of the availability of AI tools, they're trying to go into areas where you are strong. You're trying to go to their areas. I'll ask it in two ways. Do you see increased competition in the areas you're trying to go to? The flip side of this question is what makes you the winner? Meaning, what makes you better positioned to use AI to grow into all these areas? Yeah. Would you believe me if I said the competition was not heavier? No, right? Competition is fierce. Competition has always been fierce. Yes, competition is out there. What we've been doing, and continue to do, is ensure that we are staying at the cutting edge of innovation. ServiceNow has always been known as an incredible technology innovation company, organic innovation company. We will not change that. We've been innovating, we've been building AI into our products since before 2018. Right? We had our Pro SKUs. That was the first kind of machine learning AI built into our SKUs. Number 1, stay on the cutting edge of technology and innovation. We have done that always. We will continue to do that. What I'd say competitive differentiation and advantage is in the context engine. 20-plus years of understanding the rules and rails of the companies, of understanding the workflows, of understanding context, of understanding the assets. We are the CMDB of the companies, meaning that we know where all the assets are, we know what they're doing, we know how they're doing their work. The ability to continue to drive that. The large language models are driving incredible innovation in intelligence, and intelligence is really important. Our value proposition, the intelligence piece is less than 10%. Where the value is really accruing is on the context, is on the execution. Intelligence, without the ability to act upon it, is just really, really good, pretty darn expensive advice. You need to be able to do something with that advice, to be able to do something with that intelligence, and that's all about scaling context, execution, the action layer. This is why we continue to have 22% growth at our scale. While we gave an initial guide for our AI of $1 billion by 2026, we just increased that to $1.5 billion. The conversations that we're having with customers are all about how do they use the platform? How do we build more AI into the platform to help them drive even greater efficiency? I'll tell you the proof point to customers when I can go in and say, "We're customer zero on all of our AI products," and I've been able to, over the course of 2025 and 2026, drive $300 million of savings to the bottom line. We have over $500 million of actual savings, some of which I've reinvested back into the company. $300 million of real tangible savings from our AI driven to the bottom line. When we can show that to our customers, that's a compelling value proposition, and I'm probably one of the best people that they want to talk to when they look to buy. I'm paid for expressing views, so I'll tell you my view. I believe you, by the way. Great. The concern, and that's a question, not a statement. The concern is that AI and agentic AI will happen. It's not a very near-term phenomenon, meaning companies are talking about it. We see companies investing in cybersecurity now to protect for it and to prepare for it. What is the risk that spending on the existing businesses not related to AI, your regular customers, what you're doing with IT? What's the risk that spending slows down ahead of AI? That companies invest less because they need to shift money in order to prepare for AI? Yeah. I get that question a lot. A couple of points, right? Growth continues to be strong. Yeah. Demand continues to be strong. By the way, I just talked about $200 million in savings this year, $100 million last year. That's all from less hiring that I've had to do because of AI. Even internally, the savings isn't coming from IT budgets. The savings is coming from labor pool. Yeah. The ability to utilize the dollars, some of it's coming from historical IT budgets, but a big chunk, C-suites, boards, CEOs, CFOs, the mandate is to really think about their AI strategy, and they need to lean into it. Some of the budget is coming from historical IT budgets, but not all of it, right? There's separate budgets coming because the understanding that this AI super cycle is really going to drive significant benefits, top line and bottom line to customers. They need to start building, and they need to- Yeah start building now. We're seeing budgets come from many different places, depending on the customers. I know you have a question, I'm sure, on the demand environment and spending environment. Yeah. What we're seeing is not a slowdown in spending in IT. It's a prioritization for sure. The core of what we do, and the reason why ServiceNow is such a winner in this space is because we are a platform across the enterprise. Yeah. When you build AI into the platform and you then expand it across the enterprise, you're getting that value and those functionality, that capability, whether you're in HR, IT, finance, legal, support, and the ability to really drive that platform value for customers has been. Yeah significant. Let's make an assumption. Assumptions are that budgets are not going to increase. Across the board, all of enterprise, budgets, if the revenues do not increase, budgets will stay the same. That means investment for AI will have to come from something else. The question I have is, when you combine everything you're doing, and you combine the AI, do you think that you can maintain the growth? Meaning, do you think that spending overall on what you're doing- Yeah. will actually expand- Yeah You'll take the share of the pie from something else? Yeah. If you look at a lot of the banks, a lot of the industry analysts do CIO surveys. Yeah every year. Yeah. Right? Are you going to spend more or less on A, B, C, D, E, F, G vendor? Right. 90% of them will tell you that they expect to spend more on ServiceNow. Yeah. Got it. Okay. Of your target areas, you have multiple target areas. Can you rank them, again, qualitatively, not in numbers, but can you rank them just to understand where do you see bigger opportunities versus where do you see more, maybe later opportunities or smaller opportunities? Yeah. I won't rank them because I'll get in trouble by my teams back home. To your point, if everything's a priority, then nothing's a priority. The growth areas that I talked about earlier around security and risk, around data and analytics, around CRM, around EmployeeWorks combined with Moveworks. Yeah. Obviously, AI baked into everything, I don't like to talk about AI separately because it is baked into everything, are the key priority areas for us. Financial Analyst Day, we talked about the growth between 2026 and 2030 of security risk, CRM, and data analytics being above 25%. We talked about a revenue target between $30 billion and $32 billion in 2030. Those growth areas are probably the top where we're focused, but that doesn't mean that our core is not hugely important to us. Yeah That we continue to build AI into everything. Yeah. Just look about the launch of the L1 specialists. A lot of our L1 specialists are all about our core IT functionality. Just because the growth is probably not as high in our more mature products, it doesn't mean that the focus is not as important. Yeah. Our core is who we are, and we'll never stop. Yeah investing behind it. Another aspect of AI or deployment of AI is the question of pricing. On one hand, most of the companies I know are announcing workforce reductions. On the other hand, your historical pricing was seat-based. How do your customers make the change from seat-based to consumption-based? How do you help them to make the transition? The hybrid model of pricing that we've put in place over the last couple of years is a great way to help them in the transition, and by the way, help me in the transition as we think about predictability for revenue flow, right? The hybrid model allows a ton of predictability for the customer. It also allows them to not have to over-commit all up front. As AI is in experimentation phase and is moving to scalability, they don't know what they don't know. There's articles out there right now about token budgets and people blowing through their token budgets in a quarter. Let me tell you, every CFO I talk to is really freaking out about that right now. How do we think about the hybrid model allows them to have a much more predictable base, but if they start to really consume more, we're able to take the value from that, and they're able to consume as they go. As we think about what the monetization model looks like, what I say to everyone is, we were the first one to announce this hybrid pricing model. Finally, a lot of people are copying it. Fantastic. We will always be on the front end of how we think about enabling our customers to get the most value, but also for us to be able to monetize the value that we're providing. For example, when seats end up being lower because AI is driving such incredible productivity, well, the only reason why they're able to lower seats is because they're using the AI. Well, we monetize the AI. The more AI that's being consumed, the more value that we'll get. Then we talked earlier about accessing that labor pool of funds. Yeah. If you're able to reduce labor by 65%, you can increase technology by a whole hell of a lot and still be driving significant value for our customers, where our customers are very happy to pay more for the technology, because at the end, the value that's accruing to their bottom line is much, much greater. Right. How do you monetize the AI opportunity? Meaning not from a pricing, we discussed the pricing, but rather what kind of products. You spoke about Control Tower. There are other products. There are probably people in the room that don't really know what you're offering, so maybe this is the opportunity to explain how you go after the opportunity. Yeah. It's all about innovation. We talk about AI Control Tower. We talk about Veza being the place where you're able to have identity control over all assets, human and non-human. Any finance person knows that one of the big issues always in an organization from a cybersecurity perspective is identity risk. It was really, really hard to manage that with humans. Can you imagine how complex and complicated it is with non-human? That ability to really manage identity and then visibility across the estate of not only your physical IT assets, but now your digital, hugely important. That's Armis. Think about the autonomous agents that we're building within our product set, the L1 specialists for technology. We're doing the same for CRM. We're doing the same for EmployeeWorks. Moveworks, combined with our employee experience, is the best of both worlds. I had this great conversation with someone internally the other day. The biggest competition that Moveworks had was people not doing anything, but Moveworks combined with ServiceNow, the conversations that their salespeople are having with customers is so robust and the sales cycle is accelerating pretty dramatically. Fantastic. It's all about continued incredible innovation. When we went public how many years ago, Gartner, I think, had our TAM at $1 billion. It's over $600 billion now, not because the market just expanded. Some of it is market, but we didn't sit still. Yeah. We are known for our innovation. We moved out of IT into HR, into CSM, into legal and procurement and office of the CFO. It's all about continued innovation and continued product launches and making sure that we're building AI into the platform and into the products, not bolted on on top. There's no integration issues. There's no complexity. One of the reasons why we've been so successful is our one data model, one orchestration, simplicity, and not putting complexity on our customers. Why was it important? I'm a cybersecurity analyst. I understand the importance of cybersecurity. Cybersecurity was around your solution for 20 years. Why is it important to get now to cybersecurity? Why did you make the acquisition? Yeah. Why it's more important in AI than it was before? Yeah. First of all, we had a security risk business before. It's over $1 billion. This isn't like, oh, ServiceNow decided to move into here. Security workflows are a big part of the enterprise. I'll go back to the comment I made earlier. Over the last two years, the biggest comment we heard from customers about the obstacle to scale deployment of AI in the enterprise is all around security and risk and governance. All of those security issues that we had with human identities with humans just got multiplied 100 times in the world of AI. When you have agentic AI deployed, scaled within the enterprise, the attack surface just grew significantly. How do we help our customers think about secured, governed AI scale deployment? Execution and workflow is a really big part of it. Security and governance, so very important. If it was important before, it just got 100x more important because the attack surface is so much larger. Is it the same buyer? Meaning the same buyer that is buying ServiceNow also buys security, or is it a different department and you need to develop new relationships. Yeah. One of the reasons why you buy an incredible cyber company like Armis, like Veza, is because they are very connected to the CISO. Arguably, even our prior security and risk products, the CISO was part of that conversation already. In most organizations, the CISO rolls up into the IT organization. It's definitely very adjacent to what we've historically always done. That being said, we also work with the CHRO with our HR products. Yeah. We also work with the chief procurement officer for our procurement products. We also work with the COO on customer service. Our buying center over before AI has expanded much more broadly over the past five, 10 years. Yeah. Let's talk about the numbers a little bit. You have expansion plans. AI helps on expenses. Your margins are extremely strong. Lots of opposing forces. Take us through your margin journey, your plans for margin journey for the next few years. Yeah. We have historically been on a trajectory of at least 100 basis points of expansion and margin every year, and that's before AI. Yeah. That's because of the inherent leverage in the organization, right? One platform, the ability to drive innovation into products across the platform, not siloed within specific product categories, has been a huge differentiation from a leverage perspective. On the go-to-market side, the same thing. There's innate leverage even in the initial model. If I think about from here to 2030, that leverage just becomes even greater because the ability of AI to help drive incredible efficiencies on the innovation and engineering side of things, as well as across the enterprise. The ability to absorb margin dilution from the acquisitions we made within this year all by next year, pretty remarkable. A lot of that comes from the inherent leverage in the initial platform, and then AI built on top of it. I talked about the 300 million over the last two years built. That will only continue to grow. Right. The hybrid pricing model, what's the impact of it on margins? The hybrid pricing model, at the end of the day, the hybrid pricing model doesn't have a huge impact on margins. What does have an impact on margins you would've seen a little bit of pressure on gross margins over the last couple of years. Historically, we were like 95% our own data centers. We've been slowly migrating our strategy to use more hyperscalers, the hyperscaler margins, especially as you build, our margin profile for our own data centers was best in class. It's a little bit more expensive, especially as we scale, on the hyperscaler side. As we grow bigger, that margin dilution comes down a little bit. You have a little bit of compression from AI. You also have a little bit of compression from our ServiceNow Impact, which is our business that provides. It's all about getting our customers to value quicker and deploy quicker. We have technology that helps them think about autonomous deployments, think about also having L1 support to help drive implementations. Has a little bit of impact on gross margins, but we've been able to offset all of that with the operational margins on OpEx. You'll continue to see, I think we gave Rule of 60 from a margin perspective by 2030. Our margins continue to accrue. I feel really strongly that ServiceNow has been an incredible bellwether for a company that's able to continue to grow at over 20%. Best in class high growth and best in class margins at the same time, and you'll continue to see us do more of that. Great. We only have two minutes left. I'm wondering if we have any question from the audience. We have a mic to pass around. No? I'll continue if you have about 90 seconds to raise your hand. I want to ask you about. It's very easy to ask managers to talk about the growth initiatives because that's what you do day to day. I want to ask you the flip side. What are your challenges? What are the things, in your view, if you think strategically about the company, what's the challenge of the company for the next three years? Oh, good question. A couple things. Number one, I'd say that we have a lot, and I'll turn it around into a growth opportunity, but historically, we've been under-penetrated internationally. Yeah. As we think about growth vectors outside of the U.S., we have a lot of white space to go after. We've been investing there, and that's going to be a huge area for us. The second piece I'll say, also part of the growth opportunity for us is deployment. Like how do we get our customers? We feel so strongly and we know customers who deploy and get to value fast continue to expand even faster. What are our opportunities to ensure that we're getting our customers deployed as quickly as possible? We're continuing to invest in there. I talked a little bit about autonomous deployment, using AI to seamlessly help a lot of the journey upfront to really allow our customers to get to value faster. That flywheel of consumption, right? The more they deploy, the more AI they use, the more capacity they generate, the more value they generate, the more they will buy, and the more value they will get. It's a huge area of focus for us as we think about getting our customers to value as quickly as possible. Great. Gina, thank you so much. Thank you so much, Tom. It was a pleasure.