ServiceNow bills its software largely by the seat, and I hear management says the unit is shifting: 50% of net‑new business now comes from a non‑seat model—tokens, infrastructure, connectors. We frame it as a hybrid—predictable seats plus usage‑scale—and call the portfolio AI native, embedding AI, data, security, governance. There is real evidence from one customer, Robinhood, deflecting 70% of requests and cutting 2,200 manual hours a month. That is a single case, not a portfolio‑wide figure, and whether usage revenue offsets seat erosion remains the open test. There you have it.