Bill McDermott

I think the most important thing is to level set what ServiceNow is all about.

First, it's the fastest growing enterprise software company of all time.

First to a billion, 5, 10, and now 15 billion plus.

So that's fantastic.

And we're operating at the rule of 55.

They say you're world class when you're operating at the rule of 40.

We're now growing revenues more than 20 percent and free cash flow at 37 percent.

So it's actually a rule of 57 company.

And we gave a guide that blew away everyone's expectations.

So I think the key is this.

We're in a category of one and we're playing a different game.

And right now, the disjoint between that successful company and the compression of the multiples is simply

Wall Street putting ServiceNow in a SaaS neighborhood with other SaaS companies where they think that AI can rewrite those programs.

AI can't rewrite our programs.

In fact, AI makes us better and we make AI better.

We've been building AI into our model for seven years now.

We have 80 billion workflows in flight today doing six and a half trillion transactions.

That's pretty hard to rewrite overnight.

So we're beautifully positioned and we just announced partnerships with OpenAI and Anthropic because they understand the meaningful difference between giving enterprise access to an AI model and building that model into workflow where real decisions are made.

So it's actually a win-win and the market hasn't caught up with that story yet, but they will.