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Keith Spackman

Managing Director and Senior Equity Analyst at BMO

Keith Spackman is a Managing Director and Senior Equity Analyst at BMO Capital Markets, specializing in Canadian real estate and REIT sector research. He covers leading companies such as RioCan REIT, Canadian Apartment Properties REIT, SmartCentres REIT, and Allied Properties REIT, regularly providing investment recommendations and sector outlooks. With over 20 years of experience, Spackman began his career in real estate investment banking and research, joining BMO in the mid-2000s after roles at established financial institutions. He holds CSA and CFA designations and maintains active FINRA registration, consistently earning industry recognition for his analytical insight and performance.

Keith Spackman's questions to ServiceNow (NOW) leadership

Question · Q3 2025

Keith Spackman asked about the acceleration of the security business as it crossed the $1 billion ACV threshold, including benefits from AI, and whether the previous 2026 margin guidance (plus 100 for operating, plus 50 for free cash flow) still holds on the higher base.

Answer

President, CPO, and COO Amit Zavery confirmed that AI is a significant tailwind for security, as companies seek to manage, secure, and control AI proliferation, driving demand for automated resolution and risk management. He noted the AI Control Tower's role in this. CFO and President Gina Mastantuono stated that the 2025 margin raises accelerate the trajectory for margin accretion, but she would provide more specifics on 2026 and long-term outlook next year, while acknowledging AI-driven efficiencies and potential for reinvestment. CEO Bill McDermott highlighted ServiceNow's consistent 'rule of 50+' performance.

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Question · Q3 2025

Keith Spackman asked about the acceleration of the security business as it crossed the $1 billion ACV threshold, including benefits from AI, and whether the previous 2026 margin guidance (plus 100 for operating, plus 50 for free cash flow) still holds on the higher base.

Answer

President, CPO, and COO Amit Zavery confirmed that AI is a significant tailwind for security, as companies seek to manage, secure, and control AI proliferation, driving demand for automated resolution and risk management. He noted the AI Control Tower's role in this. CFO and President Gina Mastantuono stated that the 2025 margin raises accelerate the trajectory for margin accretion, but she would provide more specifics on 2026 and long-term outlook next year, while acknowledging AI-driven efficiencies and potential for reinvestment. CEO Bill McDermott highlighted ServiceNow's consistent 'rule of 50+' performance.

Ask follow-up questions

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