TMTB: NOW TXN IBM First Takes

NOW +8%: better with cRPO +22% vs bogeys 21% and street at 20.5%. Q2 cRPO guided to 19.5% better than bogeys of 19% and street at 20%. FY sub rev cc taken down slightly to 19.5% from 19.5% -20%. FY FCF and OM reiterated.

Overall looks v. solid vs. fears and given stock has massively underperformed since last q. Key will be how CEO sounds on the call re: demand environment (I imagine decent given results) and pricing change, but so far another notch in the sw bucket post SAP/PEGA/MANH …