ServiceNow Inc at Deutsche Bank Technology Conference Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Brad Zelnick - Deutsche Bank AG - Analyst : Let's settle in. Exciting times for sure. Exciting times for ServiceNow. Format of this presentation will be a fireside chat. Got a bunch of questions I think that'll hopefully leave us a lot smarter on all things ServiceNow and get to hear about your perspective on the industry, which you've been around -- I don't want to date you or age you, but you've got great perspective. Maybe, Amit, just to kick us off, can you level set everyone why ServiceNow is the AI platform of choice for the enterprise? How should we think about ServiceNow as a company? Is it a SaaS platform, an infrastructure software company, maybe none of these things? And what role will ServiceNow play in an AI-first future?

Question: Brad Zelnick - Deutsche Bank AG - Analyst : The notion of an enterprise OS is extremely powerful and has really well served the company from its inception all the way to today. Amit, you yourself are relatively new to the leadership team. What's the opportunity ahead that attracted you to ServiceNow, and how do you foresee making the greatest impact from here?

Question: Brad Zelnick - Deutsche Bank AG - Analyst : A lot of companies are talking about it. ServiceNow is actually doing it.

Question: Brad Zelnick - Deutsche Bank AG - Analyst : So just maybe shifting back to Q2 results, ServiceNow differentiated itself from peers by once again demonstrating elite-level execution. Why do you think the company's been able to execute so well despite recent macro turbulence, especially given volatility in one of your fastest-growing verticals, US Federal?

Question: Brad Zelnick - Deutsche Bank AG - Analyst : Makes perfect sense. Maybe if I can dig a little bit more on the US federal opportunity, it seems the underlying intent of DOGE deeply aligns with ServiceNow, the value proposition of the underlying platform. When do you think we reach an inflection point where these agencies start to lean in further and ultimately drive reacceleration in federal for ServiceNow? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. AUGUST 27, 2025 / 8:15PM, NOW.N - ServiceNow Inc at Deutsche Bank Technology Conference

Question: Brad Zelnick - Deutsche Bank AG - Analyst : That makes sense. As I think about the heritage of the company, ServiceNow is no doubt a core system of record for the enterprise. And in the age of AI, there's competition from other players to be the central orchestrator of AI agents. What gives ServiceNow the right to be the control tower for AI?

Question: Brad Zelnick - Deutsche Bank AG - Analyst : Your advantage seems very clear when you articulate it that way. Maybe just as we think about AI, while it's very exciting, investors at least have expected more meaningful direct revenue benefit for software companies to date, not just ServiceNow. And we know thousands of customers are piloting apps, but it seems like meaningful enterprise-wide adoption has been a little bit more elusive What do you think ultimately catalyzes

Question: Brad Zelnick - Deutsche Bank AG - Analyst : It almost feels like ServiceNow has an unfair advantage. I don't want to get too far ahead of ourselves, but --

Question: Brad Zelnick - Deutsche Bank AG - Analyst : That makes sense. And just on a related thread, AI in production at scale requires having a data strategy and a data estate that's AI ready, if you will. What can ServiceNow do to help customers lacking a robust data strategy realize the promise of AI.

Question: Brad Zelnick - Deutsche Bank AG - Analyst : Got it. I want to shift gears a little bit. Amit, you said that you've been in the industry for 35 years. You've got tremendous perspective. There are investor fears out there that AI will ultimately prove destructive to the software industry as we've known it. You've worked for many category-defining companies along the way. What gives you the confidence that AI is net good for the industry overall and even more so for ServiceNow?

Question: Brad Zelnick - Deutsche Bank AG - Analyst : Translating that back to ServiceNow's ambitions and putting numbers to it, the company expects to achieve over $1 billion in annual contract value from Now Assist by the end of 2026. While you've already made significant progress, how much traction with the consumption element of your mix is required to achieve that target? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. AUGUST 27, 2025 / 8:15PM, NOW.N - ServiceNow Inc at Deutsche Bank Technology Conference

Question: Brad Zelnick - Deutsche Bank AG - Analyst : I think it's fair to say the entire industry is trying to figure out how to adapt to what is clearly a new frontier. I think you have a lot of experience in having embarked on other frontiers and your experience from GCP and dealing with being right there on the leading edge of a consumption model.

Question: Brad Zelnick - Deutsche Bank AG - Analyst : Along those lines, I mean, the software industry, I think, has a very good track record of capturing the value that it creates. But as we think about these pricing models, it's an evolution, at least for the industry. For sure. And I would imagine if we look back in three or five years, it won't be exactly perhaps what it looks like today at ServiceNow. How do you get comfortable that AI and now Assist are ultimately good for pricing and the value you're able to extract from each and every customer?

Question: Brad Zelnick - Deutsche Bank AG - Analyst : I think we'll use the term forward-deployed engineers, which is a model that's increasingly common and one that I imagine is going to work really well. I know we only got a few minutes left here. There's a number of topics I want to hit on. Just product roadmap wise, I don't expect you're going to announce a new product here on stage with me today, but just -- what are you doing differently to meet the moment in terms of leveraging AI, both internally and allocating resources to meet AI market demand and be able to intercept the curve of what the client needs from an AI perspective going forward?

Question: Brad Zelnick - Deutsche Bank AG - Analyst : With respect for time, you've mentioned data.world. Two other really important acquisitions: Moveworks has yet to close; Logic AI, we don't have enough time to dig into both of those other two. I'm going to lean towards Logic AI if that's okay, because I think it's the one that maybe people might be less familiar with. And we've heard ambitions to build on CSM and expand on the front office over many years. But it feels like this is now a seminal moment. What does Logic AI bring to the table, and why might it be such an important unlock for the front office opportunity?

Question: Brad Zelnick - Deutsche Bank AG - Analyst : Awesome. We're just about out of time. I want to sneak in one very quick one. You can answer it very quickly, but you recently signed a significant deal with Google Cloud, and your expected Cloud spend has ramped up significantly per your most recent 10-Q filing. How has your infrastructure strategy evolved, and what strategically can you achieve with a partner like Google?

Question: Brad Zelnick - Deutsche Bank AG - Analyst : Awesome. Amit, really great to see you. Thank you so much.

Question: Brad Zelnick - Deutsche Bank AG - Analyst : Always a pleasure. This was really informative. Thank you. Thanks, everybody.