President and Chief Executive Officer at ServiceNow
Thank you very much, Darren, and a warm welcome to everybody joining us on today's call. ServiceNow has once again delivered results that significantly beat the high end of expectations. Here is the Q4 run down in constant currency. Subscription revenue growth was 30%, cRPO growth was 32%, free cash flow growth was 32%, adjusted subscription billings growth was an exceptional 33%, operating margin was 23%, one point over our guidance.
We had a record 135 deals over $1 million, which was up 50% year-over-year. There is long been a Rule of 40 benchmark for highly successful software companies. These results demonstrate that ServiceNow operates beyond the Rule of 60. The company is expanding in all geographies, industries and by our personas. Gina will share the details in a few moments including our strong 2022 guidance.
ServiceNow is uniquely positioned. We're growing like a fast-moving startup with the profitability of a global market leader. We're on a clear growth trajectory to $15 billion plus by 2026. While our strong cash position preserves optionality, we don't depend on M&A for growth. While rising interest rates challenge others, ServiceNow's business model is built to flourish in any economic environment. We are not opportunity-constrained. As our customers need for digital transformation is ever expanding, our organic growth machine is in full-flight and our pipeline is stronger than ever. Our 99% renewal rate is one of several lead indicators for sustained performance moving forward. I'd like to thank all of our stakeholders, especially our customers for their steadfast confidence in ServiceNow.
I'll give you the breakdown of our portfolio results, but first, let's discuss the market dynamics. We're in a sustained demand environment here. There are structural challenges facing every industry in every geographic region with great resignation, supply chain disruption, inflation to name a few. These underscore point we have made consistently. The technology strategy has become the business strategy.
Digital technologies are growth stimulating deflationary force. They power new business models, accelerating productivity while reducing costs. 85% of Chief Executives will sustain or increase technology budgets this year and that's according to IDC's Global CEO survey. IDC has increased their forecast for digital transformation now a $10.7 trillion opportunity through 2025. Gartner forecast worldwide software spending will increase 12% in 2022. The data shows this is clearly more than a pandemic induced transformation. A CEO I spoke to last week said it perfectly, "I have a long list of strategic priorities. Technology is one of them, it runs through all of them."
ServiceNow's Q4 results clearly validate the structural incline of this digital economy. As enterprises build, deploy and monitor and service technology, our IT workflow business is at the core. IT service management was in 16 of our top 20, Q4 deals with 19 deals over $1 million. IT operations management was in 18 of our top 20 with 21 deals over $1 million.
Bell Canada, Canada's largest telco company uses IT workflows and IT operations management to enable its operations. Our platform will improve critical dimensions of both asset management and the employee experience. ServiceNow will also be supporting the United States space force to connect its space operators with war fighters across the globe.
The hyperfocus on hybrid work continues to propel our employee workflows business. HR service delivery was in 11 of our top 20 deals with an exciting 24 deals over $1 million. Johnson Controls International, a smart building solutions leader, will use employee workflows to unlock productivity for its 105,000 employees. Together with ServiceNow they're focused on creating a human centered approach to the employee experience. Nvidia is using employee workflows to support its employee experience transformation. With ServiceNow Nvidia will provide its global employees a unified service model to support its mission by providing a frictionless employee experience.
CVS Health will also leverage our technology and employee workflows to help deliver a best-in-class colleague experience. As business integration is key to customer service, our customer workflows business is thriving. Customer Service management was in 13 of our top 20 deals with 10 deals over $1 million. Google Cloud plans to use our customer workflows to enhance its customer support operations.
British Telecom chose ServiceNow to address the needs of its next generation of customers and ServiceNow platform will help BT accelerate the delivery of new services from 36 weeks to three. Our new industry vertical solutions also continued to gain traction with wins at major brands, including SAS Institute, Deutsche Telekom, and Wellstar. Technology teams alone can't build the 500 million new applications IDC forecast by 2023. Our Creator Workflows business is leading the citizen developer revolution.
Our Platform Solutions were in 19 of our top 20 deals. Lockheed Martin, the world's largest aerospace and defense company, is using ServiceNow to support its enterprise digital transformation. They will use our Creator Workflows to help automate processes globally. Petrobras, a Brazilian energy company is using Creator Workflows as the foundation for its application development function. They have already built over 26 applications such as on-boarding for oil platforms and managing data privacy regulations.
Together, these businesses, IT, customer, employee, creator represent a next generation suites built on a pure play born in the cloud architecture. Our intuitive consumer grade experience is expanding adoption of this platform everywhere, already 70 million uses strong. This has created a unique mode in terms of ServiceNow's strategic relevance in the enterprise. From a geographic perspective, we continue to see momentum worldwide. This includes APJ with wins at Samsung SDS in South Korea and NEC in Japan. In EMEA, we're partnering with the French postal service La Poste and leading Italian energy company, Enel.
As you can see, the digital opportunity is expanding dramatically for ServiceNow. Already in 2022, we're taking significant steps on our long-term roadmap. We're introducing a state-of-the-art new solution ServiceNow Impact. Leaders need a command center to navigate the fully connected world. ServiceNow Impact includes an intuitive consumer grade mobile application that visualizes the value from transformation investments in real-time on their device. As this experience speeds up user adoption, we anticipate a significant halo effect with broader consumption of our growing solutions portfolio.
As our market opportunities expand, we are promoting strong leaders for scale. As a result of the consistent speed and unmatched quality of our innovation teams, we are expanding CJ Desai's role to Chief Operating Officer of the company. He will continue to lead products and engineering while also assuming industry and solution responsibilities for the company.
Our top Sales Leader, Kevin Haverty, has executed at an [Indecipherable] form level for more than 10-years at ServiceNow. Kevin will also step into a strategic role for the company serving as a mentor for the next generation of ServiceNow leaders. He will work directly with me on expanding our footprint in the public sector worldwide. Paul Smith will become Chief Commercial Officer assuming our global sales responsibility. As ServiceNow's President of Europe, Middle East, and Africa, Paul has established himself as a leader of consequence, who can broaden the geographic reach of ServiceNow. All regions in the company have outstanding leadership in place and I'm very, very proud of the work they are doing indeed.
We're also recruiting outstanding new leaders to the company. Karen Pavlin has joined ServiceNow to become Chief Diversity Equity and Inclusion Officer. Karen joins from our great partner Accenture where she led this function. She will help us embed diverse strategies directly into our business strategy, because inclusive companies outperform all the others. While our leadership team continues to strengthen, our inspired global workforce remains ever loyal.
Look at our retention rate. ServiceNow is not only recruiting great talent, we keep it. In the engineering function as an example, we see much lower attrition rates than any of our peer group benchmarks. While no company is immune from the war on talent, our unique culture puts us in a highly differentiated position. Our high rankings from Glassdoor show that our people are invested in ServiceNow's bright future. We see growth everywhere for ServiceNow. Our customers now view us as the standard platform for digital transformation. Our engineers continue to strengthen this highly innovative scalable platform architecture. Our customer success teams have navigated the COVID challenges without missing a beat. Our partner ecosystem continues to build ServiceNow practices with even bigger commitments for long-term growth. The market forces are moving even more intensely in our direction.
For the future work, businesses need to integrate disparate systems. Leaders are more invested in ESG than ever. There are two common threads here. First, ServiceNow's platform is purpose built for each opportunity. Our new integrated ESG in a box offering is a perfect example. Second, every company wants to become an exponential business. They cannot do that with linear processes. Of the 20 most valuable companies 30-years ago, zero are in the top 20 today. The question is then which companies will be on that list 10-years from now? To be in that conversation, leaders need outcomes really fast. ServiceNow gives them the speed, advantage they are look for. We are empowering digital first leaders to accelerate their vision.
Our purpose is to make the world work better for everyone. Our ambition is to be the defining enterprise software company of the 21st century. ServiceNow's 2021 results and strong 2022 guidance signal our unshakable confidence in that goal. Our performance should leave no doubt we are executing on all cylinders and we will continue to do so. The world is looking for market leaders to build a new inclusive sustainable wave of economic value and ServiceNow is delivering. This is why we embrace the brand, the model and the maxim, the world works with ServiceNow.
Thank you for your time. I look forward to your questions. Now over to our great CFO, Gina Mastantuono. Gina, over to you.