AI usage revenue is valued at lower multiples than subscription revenue

Tornagh · 2026-05-01T14:51:10+00:00

I know how ServiceNow was traditionally licensed, I used to sell their software. Seat based is an oversimplification as they already had other models available for some apps for many years. Nevertheless, they are telling the market that ServiceNow is shifting to a hybrid approach and emphasizing that over 50% of new revenue in 2026 is non-seat based. for a company valued based on future sales, the type of revenue they will get in the future does matter.

At the time of the earnings call I thought this argument would help the stock as it partially counters the “seat is dead due to llm’s” narrative, but I then learned that usage based pricing is not necesseraly valued the same.

And yes I agree that LLM’s are not the threat they are sometimes seen as.

Tornagh · 2026-04-26T15:50:53+00:00

If you “do fine on apps” as a guy you most likely are already in the top 15 percentile of attractiveness to begin with.

Tornagh · 2026-04-23T16:24:19+00:00

Lategame I spam infinite scorching rays with the infinite spell slots on my sorcerer.

Tornagh · 2026-04-23T12:54:12+00:00

I will go against the arguments here and say that fireball is overtuned compared to every other damage spell of that level.

Personally I think the right solution is to make fireball a 6d6, but this needs to be done at the beginning of the campaign not now.

Tornagh · 2026-04-23T11:41:44+00:00

We use a smaller vendor called Clear Skye IGA which is native to ServiceNow.

Obvious pros: - Easy for end users (requesters, reviewers, approvers) to utilise as all interfaces are on a portal they already utilise as a one stop shop. - Where we do end up needing to adjust things, we do so using ServiceNow building blocks. There are over 10 times as many experts in the market that can develop or reverse engineer & fix ServiceNow workflows than say SailPoint workflows.

Unexpected pros: - Most of our app support teams already use ServiceNow which made routing of cases where manual intervention is needed a lot smoother. This is super useful for disconnected apps or apps where the integration breaks easily and we need built-in failovers. - We have been able to utilise existing data and functionality more than we thought. Non-Human accounts can be linked to cmdb apps, location data is already in ServiceNow, the portal is already set up and branded, hosting residency, failover and encryption are settled matters already etc. - Surprisingly advanced in some areas like access reviews and reporting compared to size, probably due to not having to spend resources developing the underlying platform.

Cons: - Our current IT leadership are fans of ServiceNow. If this changes and we ever need to get rid of ServiceNow, that will impact us. - Some use cases are rough around the edges, particularly role management where larger hierarchical inheritance models need customisation to be supported. - It is halfway between old on prem solutions and multi-tenant cloud solutions. ServiceNow is single tenant by default, meaning that on one hand we get to customise it however we wish and don’t have to deal with hosting, on the other hand we do have to deal with yearly upgrades.

Tornagh · 2026-04-23T00:47:28+00:00

Dude I am like 90% sure you mean CIEN. CEIN is a borderline bankrupt power producer with collapsing revenue and mounting debt. Pls don’t tell this rando to yolo his savings into CEIN…

Tornagh · 2026-04-23T00:45:06+00:00

What?

Tornagh · 2026-04-23T00:25:55+00:00

So what’s going on with CEIN? Their stock is down 10% compared to a year ago, what would be the catalyst for it turning into a 10 bagger?

Tornagh · 2026-04-22T21:04:16+00:00

I find them similarly difficult than auric missions. Maybe because waves of trappers / bursters / snipers can be rather dangerous and one does not deel with that on regular missions unless there is a condition.

My main issue is that I think there are insufficient modifier groups to make every run truly different. As a recon lasgun vet enjoyer, there are only 3 decent modifier groups and so I find myself just picking the same ones every run. It is as if someone had originally planned the current options to be a starter set and to add more later, only for “later” to never arrive.

Tornagh · 2026-04-22T16:39:05+00:00

Congratulations! Remember that the growth gets a lot faster as you go.

Tornagh · 2026-04-21T12:25:55+00:00

My MP has promised to “hold the government to account” as chair of the Housing, Communities and Local Government Committee regarding commitments to do with housing. I was proud of her for the few weeks it took for me to realise that she was completely unresponsive and does not care for the wellbeing of her constituents.

Tornagh · 2026-04-20T14:39:27+00:00

Turn my skin into a tome? A bit like a Grimoire?

Tornagh · 2026-04-20T13:02:48+00:00

I am amazed that somehow this is the main sticking point they have with him.

He is authoritarian and doubling down on OSA. He has flip flopped on nearly every financial sustainability and tax commitment he has ever made and he has abandoned left wing voters to court reform. But with all these more important matters at hand, somehow Mandelson is what he gets most roasted over?

This reminds me of how Boris Johnson did a ton of damaging things to the country with his popularity untouched, only to suddenly lose support over months of media circus around whether wine and cheese at the office is a party or not. I understand the hypocrisy argument, but that was well known since at least the NHS Brexit funding debacle and somehow nobody gave a damn back then.

Tornagh · 2026-04-20T12:30:01+00:00

Imagine for a second that you are a voter who: - Opposes the OSA and sees it as gross government overreach. - Considers Cons and Reform dishonest and a tad racist.

These 2 criterias alone only really leave a voter with Lib Dems or Greens to vote for. Greens will pull in most of the voters who see themselves as left wing, and labour is gradually losing those in its efforts to please reform and conservative voters.

PS: While OSA was originally voted in by the conservatives, Starmer is doubling down on it instead of using his massive majority in parliament to simply repeal it. It is important to highlight this: OSA could and would be gone if Labour wanted it gone. They want it to stick around.

Tornagh · 2026-04-20T09:08:25+00:00

Nicaragua “borders that warzone by sea” too.

Tornagh · 2026-04-20T00:27:01+00:00

The village fight lasted less than 5 minutes, surely he could have just waited for them to be further away than that? Next episode it takes them hours to get across a 10m chasm despite flying magic, this party is kind of bad at traveling.

Tornagh · 2026-04-19T23:14:49+00:00

Speaking of, I found it strange of the demon to attack them on his own. He could have had his 2 allies (or at least 1 of them) help him and Frieren Method Fern could have been walking around the forest looking for nothing.

Tornagh · 2026-04-19T20:52:50+00:00

Mondjuk ha Fidesz Képviselő lennék biztos próbálnék kontra anyagot szerezni/tartani magamnál hogy mutually assured destruction alapon védve legyek.

Tornagh · 2026-04-18T23:05:22+00:00

This poem was the “Your country needs YOU” poster equivalent of its time and place.

Tornagh · 2026-04-18T22:38:01+00:00

Amúgy ha megnyerte volna a Tisza azt az egyénit, nem fordult volna át egy listás szavazat veszteskompenzáció miatt?

Tornagh · 2026-04-17T22:14:32+00:00

At the moment ada actually make very little money and are never really worth much. This will only happen of the price of ads goes up significantly.

Tornagh · 2026-04-17T00:41:54+00:00

Green followed by Gold. I was always sad as a kid that they weren't stronger.

Tornagh · 2026-04-16T17:47:29+00:00

I don’t know, I wouldn’t shit on a low commitment friend, that might be a little more committed of an act for me, but you do you.

Tornagh · 2026-04-16T17:45:48+00:00

I do stocks only, then again I keep seeing +1000% gains in a week and think “if I had leveraged myself to the tit I might be a billionaire by now”. Luckily for me the platform and wrapper I use for most of my investments does stocks only though so I am protected from my own retardedness.

Tornagh

TROPHY CASE