This $NOW chart is crazy. ServiceNow had roughly $7B in Remaining Performance Obligations in Q2 2020. Today? $29 BILLION. That’s more than 4x in just six years. And even at this scale, RPO still grew 21% YoY last quarter. For anyone unfamiliar, RPO is essentially contracted revenue that ServiceNow has already secured but hasn’t recognized yet. So when I look at this chart, I’m looking at an enormous amount of future revenue already sitting in the pipeline. Add in: $13.2B of cRPO 24.5% subscription revenue growth $1B+ of AI ACV And I continue to think the long-term $NOW story is being underestimated. The stock has had its struggles. The underlying business hasn’t.
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