ServiceNow, Inc. (NYSE:NOW) Q3 2024 Earnings Conference Call October 23, 2024 5:00 PM ET

Company Participants

Darren Yip - VP, IR
William McDermott - Chairman and CEO
Gina Mastantuono - CFO

Conference Call Participants

Alex Zukin - Wolfe Research
Brad Zelnick - Deutsche Bank
Mark Murphy - JPMorgan
Kash Rangan - Goldman Sachs
Keith Weiss - Morgan Stanley
Brad Sills - Bank of America
Michael Turrin - Wells Fargo Securities
Karl Keirstead - UBS
Gregg Moskowitz - Mizuho
Derek Wood - TD Cowen
Raimo Lenschow - Barclays
Samad Samana - Jefferies

Operator

Good afternoon, and welcome to the ServiceNow Third Quarter 2024 Earnings Conference Call. Please note, that this call is being recorded. [Operator Instructions]

I will now turn the call over to Darren Yip, Group Vice President, Investor Relations. Please go ahead, sir.

Darren Yip

Good afternoon and thank you for joining ServiceNow's third quarter 2024 earnings conference call. Joining me are Bill McDermott, our Chairman and Chief Executive Officer; and Gina Mastantuono, our Chief Financial Officer. During today's call, we will review our third quarter 2024 results and discuss our guidance for the fourth quarter and full-year 2024.

Before we get started, we want to emphasize that the information discussed on this call, including our guidance, is based on information as of today and contains forward-looking statements that involve risks, uncertainties and assumptions. We undertake no duty or obligation to update such statements as a result of new information or future events. Please refer to today's earnings press release and our SEC filings, including our most recent 10-Q and 2023 10-K, for factors that may cause actual results to differ materially from our forward-looking statements.

We'd also like to point out that we present non-GAAP measures in addition to, and not as a substitute for, financial measures calculated in accordance with GAAP. Unless otherwise noted, all financial measures and related growth rates we discuss today are non-GAAP, except for revenues, Remaining Performance Obligations or RPO, current RPO, and cash and investments.

To see the reconciliation between these non-GAAP and GAAP measures, please refer to today's earnings press release and investor presentation, which are both posted on our website at investors.servicenow.com. A replay of today's call will also be posted on our website.

With that, I'll turn the call over to Bill.

William McDermott

Thank you very much, Darren. Good afternoon everyone. I really appreciate you joining today.

There's a lot to cover in this latest beat and raise report. I'll focus on five powerful tailwinds that underscore our strong confidence in ServiceNow's growth trajectory. The first is elite level execution. With our Q3 results, we have demonstrated once again ServiceNow's strong execution. We outperformed all top line and profitability metrics. Subscription revenue growth was 22.5% at constant currency, 200 basis points above the high end of our guidance.