ServiceNow, Inc. (NOW) Earnings Call Transcript & Summary

Okay. Good morning, everyone. Welcome. I am Mark Murphy, Head of Software Research with JPMorgan. Great to see this packed room. Apologies to those of you standing in the back. Great to be here with Amit Zavery, who is President and Chief Product Officer of ServiceNow. So Amit, first off, welcome to the conference.

Thanks for having me.

It's great to be here with you. And would you mind giving us a 30-second introduction of yourself for those...

Oh, yes. 100%. Sure. So Amit Zavery, President, CPO and COO for ServiceNow. I joined 6 months ago. Previously, I was 6 years at Google Cloud, running all the platform products and engineering and operations. And I was 24 years at Oracle, did in various roles, including EVP of all of our cloud as well as the platform products over there as well at Oracle. Currently, I run product engineering, operations, product strategy at ServiceNow. I'm very excited to be here and getting a chance to talk to you all.

Yes. Well, I watched you on stage for, as I was saying, probably about 3 hours last week at the ServiceNow user conference. And so now it's nice to be on stage here.

Thanks for coming. That was a great conference. I hope you really enjoyed it.

It sure was. Yes, huge attendance.

So let's dive right in, Amit, and talk a bit about Q1. That performance looked very clean. You had 21% to 22% top line trajectory. That's happening at a $12 billion scale of the business. And it caught our attention that the backlog, right, or the cRPO, the upside there was actually larger in Q1 than it had been in Q4. Can you help us understand from your perspective, just how did the company perform quite so well when -- we did have the backdrop of a trade war, the news is changing on that kind of day-to-day with the tweets, but business confidence had taken a hit. So how do you think the business performed so well?

No, we're very happy with the outcome, of course. I think there is definitely still a lot of concerns and questions about trade war and everything else. But the good thing is that where ServiceNow is and what we deliver for customers is about efficiency, automation, really getting value from their existing investment and how they can leverage a lot of the software assets they might have to run the company more efficiently. So ServiceNow provides that platform for everybody out there to really get great results from it, right? So the customers we speak to really appreciate how we can help them get the value out of the investment, but also really look at the future, especially when you're talking about AI, we're talking about automation, what we're doing around agentic is really resonating very well with our customers. So that's really helping where companies are starting to invest and looking at forward-looking more than anything else. So we didn't see really any concerns from the forward-looking investments and every department we speak to and every enterprise, they're really seeing that ServiceNow platform can drive the future outcome for them and get growth out of it, and that's really where the difference comes in.

I want to -- we'll definitely come back and spend some time on talking about what's happening with agents. Two, just to close the loop on that. So we went into Q1 actually saying that investors have become too pessimistic on ServiceNow. Our view was that the hard data was hanging in there, right, a lot better than the soft data, which we think of as opinions and sentiment. So would you agree with that -- when you're out there speaking with the field and the customers, the mood has changed, but the spending and the activity level hasn't changed. Just any thought on maybe how long that might kind of last with the backdrop that we've got?

Yes. As was mentioned earlier, I mean, there's definitely that overhang in everybody's mind. So when we talk to customers, they do worry about the macroeconomic situation as well as what they need to be, how do they plan for the future. But there was really no resistance in terms of investing in the future part of it, at least on the software side. So that's where we saw very good momentum in Q1. And the backlog, as you saw with the cRPO was because people are -- customers are investing in this area because of the value they're going to create out of it and allows them to also really rejig -- like, for example, we're talking to a customer, automobile customer CEO, and they are having to reengineer their supply chain instantly, right? If you have to reengineer supply chain instantly, in the previous world where you had very rigid IT systems, you can't really find new suppliers or you can't even bring on the new suppliers very quickly. What -- the software they're looking for is how do you have a lot more flexibility? How do you reconfigure supply chains? How do you find new suppliers and onboard them fast as well? And that kind of conversations were becoming very common in Q1 for us. And we're starting to see that more and more is like flexibility, be able to adapt to all the changes, be able to move things around and have visibility in terms of where things could go wrong and how do you now adjust to all the new rules and regulations, which might be coming in, tariff situation might be changing. So for this automobile company CEO was very much about that reengineering things on the fly and having the flexibility and visibility in terms of what you do. And that conversation that you have, you see a lot more interest. And we were having conversations at a very senior C-suite level because of the software and the technology we provide for that flexibility customers expect.

So -- and that's great to hear that example in the automotive industry because we know that's an industry that they're under stress, they're under strain, right, because of the tariff impact on the raw materials. Would you apply that sense that you have into other tariff-sensitive industries, manufacturing, shipping, construction, retailers, energy? Is there any different vibe in these very...

No, I think anywhere where there is going to be uncertainty, right? You talked about manufacturing is a very good example. You saw the numbers. We had a very high growth in the manufacturing sector in Q1 as well because the idea that you want ability to kind of make changes frequently based on the new things you're hearing while keeping your revenue going as well as maintaining the business without having a lot of churn in all the different things you do on a daily basis. So manufacturing is definitely very good. Retail is another one. We're seeing a lot of interest from retail customers because they are also very impacted by supply chain-related issues, tariff-related issues as well as what the customer demands are, the signals they collect and how do you do analytics on it and where do you invest in. We're seeing a lot of things like construction similarly as well. So all these industries which are going through this kind of changes and have a need to adapt quickly, we're seeing a lot of interest from ServiceNow platform perspective.

Great to hear. So one other aspect of that would be what's happening in public sector, federal and on the defense side, we learned -- I think we learned about this after ServiceNow's earnings report. But the administration is proposing actually a 13% increase in defense spending, right, for fiscal year '26. And -- so that budget is going to go over $1 trillion, right, for the first time. Homeland Security is going to be up 65%. And then we think about ServiceNow and we say, well, you have material exposure to defense and intelligence because you have the Navy, you have the Air Force. That's at least our belief is that you have this and the Army, if I didn't mention that. So let me just ask you point blank. Is there a bit of good news there in the last couple of weeks? Or can that help you do slightly more federal business in Q2, Q3?

I mean, as you know, we are a trusted supplier to the Department of Defense and many of the agencies out there. And many of them depend on automation using ServiceNow products. So we did notice the news. But with any kind of projects, any kind of new investment which is coming in, it takes some time to really get into the buying and using a lot of the new software. But having said that, we are seeing automation being a big driver for every department across the federal government. And there are a lot of agencies and departments who are looking at how do we really bring efficiency because of as you heard DOGE and other things in their mind, like efficiency becomes a key thing and which is what we are really driving towards. So with Department of Defense and other areas, you will see a lot more of that conversations as well going forward. Many of them are ServiceNow users already. They want to expand, but it's a matter of timing. So I mean, it's hard to know when some of these budgets and other implications will help us or not, but definitely, it's a positive sign.

Yes. Okay. And then any compare and contrast to the -- the budget is going to have cuts on nondefense, right, surprise, surprise, education, health care environment. Do you expect the civilian side is going to have a little more friction in deal processes?

I think there is going to be -- I mean, there has always been conversations about reduction in staff in some of these departments. But the way a lot of these departments are handling that -- because the work they need to do is still the same. It's not the work is reducing. It's not the amount of things they need to be doing is going away, but number of people might decrease. So again, this conversation of deflationary kind of measures, how do you manage those situations with less head count while you're having to keep up with the demand. And the automation, again, becomes the central theme in every department we speak to, and they're looking for ways for them to drive efficiency, but also ways to kind of keep up with what's going on in the future and what do you need to do from the systems perspective. So I think even though these different departments might reduce the staff, we do see a lot of opportunity for us as ServiceNow for those departments.

You could end up with less staff, more software automation.

Yes. That's why the AI agents, and I know we want to talk about that as well, but that is a big interest from many of these departments because that kind of takes over some of the work humans were doing and you can automate it as well as you can now make that departments a little more efficient as well.

Okay. So Amit, if we zoom out then for just a moment and try to think about the bigger picture, ServiceNow has been an elite performer in these large-scale CIO surveys that we run. And -- by the way, that's true since 2011 when it was a private company. And it's firmly cemented next to Microsoft, Amazon, Google and others. They -- when you look at that feedback, it's registering as a low-code platform. They're saying it has robust AI tooling, right? These are the comments that we're getting. At a high level, what's allowing ServiceNow to stand out that far from the crowd where it would register with CIOs the way that Microsoft, Amazon and Google do?

One is very good to see that kind of results. I mean, I think we do appreciate a lot of the CIOs' feedback, and we really are very customer-centric, right? So we do understand what value we're bringing and how we can continue innovating to help the customers on a regular basis. But I think the biggest thing for us has been this idea of one platform and a platform which can bring in a lot of the different capabilities in one standard architecture, one data model and one user experience. And that has resonated a lot, and that's why I think you see us compared to all the -- comparable to all the large other software providers as a very trusted software stack for CIOs, right? So we are being able to provide a lot of capabilities very quickly because of the standardized platform. And a lot of new requirements we see from customers, we're able to deliver that on a regular basis without really building a completely different stack or a different platform every time. So this integrated architecture has really resonated. And then we integrate with a full ecosystem of vendors. We've always been about any system, any kind of infrastructure. So we are big partners of Microsoft, Googles and Amazons as well. So we work in that kind of an ecosystem as a vendor who can connect all the various things together, but also keep on innovating and adding value on a regular basis. And that has become -- we've become the biggest trusted software vendor for many IT teams now.

Okay. So the cohesiveness of that single platform is allowing you to innovate faster and then you multiply that by the partner network. Okay. So I think it feeds into where I wanted to go next, which is on the earnings call, Bill McDermott mentioned this intelligence super cycle. He said it could run for 10 years. We're big believers in this. And it got our attention because we had heard about a multiple 8-figure AI deal in your pipeline, not that it was done, but I think it was trying to be formulated that way. How large do you think AI deals in the future could become for ServiceNow if that intelligence super cycle plays out?

Yes. I think if you see even over the last few years, we've seen a lot more of the $20 million, $30 million, $50 million, $100 million -- we have customers who are now spending $100 million with -- ACV with ServiceNow. It's because I think it's the breadth and the depth of our product portfolio. And as I said, information super cycle drives a lot more opportunities for ServiceNow because we are now in every corner of the business, and we're connecting various different segments across the functional areas into one cohesive integrated business plane, right? So we are kind of becoming the enterprise operating system for businesses now out there. And once you become that, you are now becoming the central way where everybody is interacting with you, taking the value out of existing investment and automating a lot of those business processes. So I see that very clearly, there's a huge opportunity for us. And this information super cycle will drive $100 million-plus deals over time. And there's a huge opportunity for us to continue to be taking a large share of wallet because of that capability we have in the enterprise operating system.

Yes. And I assume when you say $100 million-plus deals, you're talking about across the entire product stack.

Yes, that's $100 million deal...

So if the intelligence super cycle plays out the way you see it, how many organizations do you think could be spending 7, 8 figures really on the AI piece of this? Like...

Yes, AI think AI -- sorry, finish...

And if you look -- think about like the largest 10,000 companies in the world, can that become fairly commonplace?

Yes. No, I think this is -- applies to everyone, right? So at least we have always been very much on the high-end enterprise, like Fortune 5000, Fortune 2000 kind of companies. And all of them are asking for capabilities around AI, right? And this information super cycle, what they're looking for is automation with AI agents and driving efficiency. And once you see the scale of usage, that's where the driving for large deals comes in for us, right? So I would envision most of these large enterprises would need something which we deliver today on the AI side. And the $100 million deals can become pretty common.

Yes. Wow, amazing. So Amit, a question on one of the comments that we've been hearing from ServiceNow recently is there's this vision of -- you have a problem of all these siloed apps, right, across a typical company. I think we can all relate to that. And all of those are trying to carve out some kind of a role in AI, right? In other words, all the SaaS providers. ServiceNow, and it can become kind of chaos. ServiceNow can consolidate all the chaos then into one platform. And you -- so you're talking a lot more about AI orchestration or being in the control tower. I think that's great branding, by the way, in the architecture. Could you help us understand how that's going to work? And how does this -- how does it advantage the company to just be a winner in AI?

Yes. I think as you point out, everybody is talking about AI agents. Everybody is talking about adding AI to their existing system. But the way many of these vendors out there are approaching this AI revolution and the new generational AI agents kind of capabilities is adding AI agents to the siloed apps. So they're basically automating those individual apps for that particular small segment of the business function. And the issue many enterprises are running into is there's all these AI agents by individual apps running around without having any ability to really connect together. And if you -- the automation and the value for AI is going to be at the business layer. When you can automate a business process, not integrate different systems and underneath the covers at a data level, but really at the business process level. That's where the enterprise efficiency goes up because you're now getting a flexibility, predictability as well as the ability to really now have a much more cohesive business processes and cohesive business systems out there. So that's where this idea of control plane comes in because what we need to do and what we talk to many customers today is that can you now look at all these AI agents out there, both ServiceNow AI agents and other third party and put it in some structured way. That's why you register them in the AI Control Tower. There's governance, there's regulation kind of related information. You can get understanding of what access of -- information they access, what kind of upgrades you have applied to it. So really bringing a lot of governance and visibility into your AI assets across the company. And we've been, as I said earlier, been the operating system of enterprise as well as connecting various systems together. We are able to provide that because we're connected to all these different back-end systems already as well as we're now doing a lot of point-to-point integration with a lot of these vendors with their AI agents, right? So at Knowledge last week, we announced this idea of AI Agent Fabric. The AI Agent Fabric now takes AI agents from various different providers and puts them into much more better ways management-wise but connects them and you have visibility as a company when you're running and operating these systems today. So that's where the AI Control Tower has become very, very important solution to solve this problem every enterprise is facing today. And we have invested aggressively with this idea of, one, making sure that we can integrate with, say, Google, Microsoft, Amazon, but also Workday, Box, Cisco. So we have hundreds of those agent-to-agent integration. We put them into this control tower. We allow everybody to have visibility and now the flexibility of what you're doing and how do you operate your business process. So it becomes very manageable and well -- as well as you're getting value much more faster and able to run your business much more efficiently. So that's where the things are resonating quite well.

I guess you can take the chaos of the siloed SaaS agents and make it more manageable. What do you think is going to be the right pricing model for that, Amit? Because it -- we think across Pro Plus, Now Assist, you've got the agents, you've got the Control Tower, you've got the Agent Fabric. You can do a flat monthly fee, right? You can have consumption-based pricing. You could tuck AI into a premium SKU. You can do -- there's talk of outcome-based pricing. Where are customers favoring right now? Do they want the simplicity of just give me a flat fee every month? Or do they want to just kind of be built for every little LLM?

No, I think the customer -- I mean, we've been, of course, talking to quite a lot of customers in terms of what pricing model will work. And we also want to keep it simple, but predictable, right? So the customers want the predictability of subscription pricing. So we continue the subscription. If you look at our pricing models, it's kind of remained pretty consistent with this idea of predicting what kind of spend you will have as a customer with the subscription model. But they also want to, with AI, given that they don't know how much the usage will be or what kind of outcomes they're going to get, this idea of can you now do some combination of consumption for the AI usage inside a subscription model, the idea of hybrid pricing. So what we have done, as we've been sharing publicly as well, we kept the subscription model intact. We have now a higher-end SKU with AI capabilities as something we call Now Assist and the Pro Plus capabilities, which are higher priced, 30% premium and above. But it comes with a set of tokens in some -- in the Now Assist in terms of how much AI are you using, you burn down that from a debit card perspective. But I still get a subscription revenue. I get predictability. Customers know how much they're going to spend. And then once they use up that kind of tokens, they can buy a higher level -- higher amount of tokens again. But it gives them the predictability. They know how much they're using and they're still kind of knowing how much they're spending as well. We are also getting to give them ideas of what value are they generating out of it. And the good thing about it is that you don't have to keep on going and selling them every time. So this idea of this hybrid pricing allows us as a vendor, also be able to now get in cycle during -- without having to go renewals, new revenue opportunities. And this -- the agentic AI capabilities and AI agents scales very fast. So the usage goes up a lot because you're using it for many of those automation and they keep on buying the more [ patch ] in the same system without us having to call them or they having to call us. So otherwise, what happens in subscription business is you wait for renewals to go and sell new subscriptions. Here, I'm getting in the middle of the cycle a lot more opportunity to generate new revenue without having to now do it at cent at a time, right? So this is a great model for us and a great model for customers. We're seeing the hybrid pricing resonate very well. And this is driving usage for us. I can show what customers are getting out of it as well as customers are seeing value and they want to pay more after that. So it's a great combination.

Okay. So it feels like you're going to be settling on a hybrid structure and you're going to be having more of these mid-cycle discussions. What about the absolute pricing level? We were in a partner discussion, they said they're seeing more value since ServiceNow reduced the pricing for Assist. Is that -- have you been tinkering with that? We don't know if -- you never know if we're hearing about a volume discount, if you're tinkering with it or they're talking about that you have a Starter Pack, right?

Probably I'm guessing is referring to the Starter Pack. We did introduce a few months ago a Starter Pack, which allows customers to start with a smaller subscription for Now Assist and especially commercial customers and others, they also appreciate the idea that I can start as a smaller and then go. And a lot of the starter packs get live very fast. They use up their capabilities instantly in terms of AI agent calls and then they go and add more packs on top of it very quickly as well.

Okay.

I'll comment the current pricing structure remains intact, right? The subscription for all of our products, the Pro, Pro Plus and everything, Now Assist. And the Starter Pack is just one way for them to enter. But it's always Starter Pack is also on top of our core subscription. So you can't buy that stand-alone, right? So you're still committing to ServiceNow platform as a subscription, and that's your base structure. And then you go from Standard, Pro, Pro Plus -- Standard, Enterprise Pro, Pro Plus and Now Assist. So there's a huge ability for us to keep on monetizing the investments we're making and for customers to keep on upgrading to newer things when the new features show up.

Okay. So it's an easier on-ramp and...

Much easier. And they do like that, and our sales teams are appreciating it because they can now have conversations with many more customers.

Okay. So let's move on and talk for a moment about Moveworks. We had spoken to 11 ServiceNow partners last month, and we were asking them about the announced intent to acquire Moveworks. And impressively, they actually -- it was 11 out of 11, they were universally positive on it. One of the comments was it tightens the platform story around AI-driven employee support. I think, Amit, the question we have is ServiceNow generally has preferred organic development. It is part of the value proposition of the platform. So what makes Moveworks worth that price tag? If you could just -- can you make this product come to life a little bit? Can you make it tangible for people in the audience that haven't seen it?

Yes. No, I think, one, of course, we're waiting for the regulatory approval. So with all this in mind, we definitely -- what -- the way we've been thinking about with Moveworks, one, there is a paradigm shift in terms of many enterprises also want to start with enterprise search. So what Moveworks provide is the ability to provide an enterprise search as a starting point for requester or the user inside the company or employee or could be a customer service request as well, starting from a search perspective. The second part with Moveworks, which we look at is a unified employee experience on top of all the different workflows. So we do provide virtual agents. We have a unified experience, but what Moveworks has done is combine various workflows into one unified end-to-end experience as well. So we expect that to become kind of bringing the requester interface, and we have a lot of capabilities on the fulfillment side, which ServiceNow has been very, very good at. The combination allows customers to now get going faster with the idea of requester and fulfillment part combining together in a much more integrated offering. So that's what we're looking towards with Moveworks. They also have a very large AI team. They have 500-plus employees who've been working on AI. So as you know, we've been very keen on continuing to grow our AI team and hiring one at a time takes time. So this gives us that opportunity as well. The third area that for us is interesting is CRM. As you know, we've been investing aggressively in the customer service area and the sales order management and things like that. Moveworks' capability especially around this unified experience applies very well for the customer virtual agent kind of interaction as well. So we expect to take that capability and enhance our CRM offering going forward with Moveworks. So that's what has got us interested in Moveworks. And we'll continue the way we've been, of course, doing acquisitions, tuck-ins, but this was a good opportunity for us to bring in a good team with good capability and allow us to increase our total addressable market and an opportunity to really bring a better end-to-end experience for customers where they were -- and we have 70% of Moveworks customers use ServiceNow already. So that means there is use cases. There is a lot of integration already customers are appreciating between the 2 companies. So this allows us to even do more together.

So -- okay, so enterprise search and then when you say requester, Moveworks is going to be the requester and ServiceNow is going to be the fulfiller. What should we think of that as the front end and the back end or what...

Yes, I think the way to think about it is the requester is like just giving an ability for anybody who wants to find or do something about an enterprise information. So a requester is employee typically or a customer who's asking for support. So we -- that interface becomes the unified experience for somebody to request something they need and then us to finish all of that integration in the back end to do that work across various systems.

Okay. So then if we think about what you're getting with Moveworks and then you had commented earlier about this automotive company and that there was going to be activity related to the supply chain. Is there any way to tie this together because this notion of a supply chain agent, and we may be in a window of time. I know the headlines are always changing. But is there an opportunity where more companies want to rework suppliers due to the trade war?

Yes. I think the supply chain is becoming definitely very fluid. And there is an opportunity, which we're doing already with these AI agents. The idea behind what I talked to you about this automotive company CEO was that where they want to find suppliers or vendors they can easily onboard and be able to now reconfigure the supply chain based on new tariff information or whatever may be the case. I think their data was like $10,000 extra per car if they did not change the supply chain very quickly, right? So that's going to be the cost. So that's what we were trying to do with the supply chain agents and the supplier whole ecosystem. So there's opportunity to keep on improving there for sure.

Okay. So Amit, again, one -- zooming out again for just a moment and thinking about the broader ServiceNow strategy, we do these quarterly partner interviews and the breadth of products that they're mentioning, we're always a little floored by it, right? Where do you see traction? Now Assist, Pro Plus, CSM, ITOM, CRM, App Engine, Field Service Management, ITAM, SecOps, IRM, source-to-pay. And we -- I always tell investors, it shouldn't really be possible for a company to be succeeding in all those areas because the -- every department kind of has a different workflow, a different need, and they can -- they're speaking a different language. And I would imagine there's a bit of a hurdle there that somehow you're overcoming. How are you able to overcome that type of hurdle? And how do you avoid ending up where you said like we just spread the company too thin?

Yes. No, no, I think we've been very careful about it. I think that we still stick to the principle of one platform, one data model, one architecture and one experience offering. And all the things we do for different departments inside the company, as you pointed out, for IT, HR, for legal, for finance, for customer service is still built on the same stack. For us to innovate, the big reason why we're able to innovate and get into many other lines of businesses across an enterprise is because the technology stack is the same underneath the covers. So when you build a workflow for a particular department, as you said, for IT might be different than what you need to do for HR or for legal, we are able to do that very quickly because it's on the same stack. So the layer on top for every workflow is much thinner requirement-wise from the engineering perspective than if you had to build a full vertical stack. Most of the vendors, the difference between ServiceNow and other vendors is that every time they get into a different business, they build a full vertical stack. And then you have multiple platforms and none of them work together. The beauty of ServiceNow is that we have one platform and each of these different workflows or applications are built on the same platform. So the layer we build, which might be domain-specific, it's a thinner layer than you have to do full vertical stack. So we are able to get into many different business segments. And second thing is our platform -- the workflow product we have is very flexible. So I can bring in data -- the ability to create a different custom workflows is very, very easy. So we do provide a product called Creator and App Engine, which is the same platform we do our internal engineering work on for a particular department or other workflows, customers can build their own workflows. And we have billions of workflows built on that by customers because they do appreciate the flexibility as well as the quickness, the no-code thing you talked about, the low-code capabilities where they can build their workflows for their own use cases, and it integrates with the rest of ServiceNow, right? So if you're using ITSM from us and then build a workflow for finance, it's connected because underneath the cover is the same architecture. And that's how we've been able to innovate fast, but also keep customers' investment intact without having to redo it every time. So upgrade becomes easier, adding new capabilities becomes easier, integrating to third-party systems becomes easier, and that's where the value to get generation happens.

Okay. In our last 1.5 minutes, Amit, let's talk about the CRM market because I think you briefly touched on it earlier in the session. The -- we think about ServiceNow, the company has always said, we're going to be complementary to the other apps, right? Nobody has to lose for us to win. But lately, the messaging is a little bit different. When -- the intensity of the aspiration in the CRM market and this comment came up that customers are saying they want someone to lose in that area. What is prompting them to make that statement? And then how do you see that opportunity forming for ServiceNow?

I think what many customers when we speak to, they do realize their systems are broken, especially CRM. There's a lot of fragmentation, a lot of old legacy systems out there, and they're not getting value of the investment. So what they're asking us and what we're seeing success because of that is that can you be more outcome driven, right? So what we're delivering is not just information but finishing a task, finishing an action and finishing the work. On customer service specifically or CRM, when a user says, I have a problem, I don't want to give them how to fix it, but also fix it for them. And that end-to-end workflow, which is really case management, system insights, workflow for approvals, fix finding issues and then resolving and then getting back the answer across multiple systems is the big difference maker. And that's what the customer is saying, okay, you know what, we need to remove some of this legacy stuff and move to a more modern CRM because it is going to drive NPS, it's going to drive revenue. It's going to drive overall satisfaction for people who work in the company, and that's what's driving our business in that space.

Great vision, great opportunity, Amit. I cannot thank you enough, and I want to also thank Darren and Alex, who I think are over here for taking the time to fly across the country and be here with us. Thank you so much.

Thank you. Thanks for having us.