ServiceNow, Inc. (NOW) 2018 Q4 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the Fourth Quarter 2018 ServiceNow Earnings Conference Call. (Operator Instructions) As a reminder, this conference call is being recorded. I would now like to introduce your host for today's conference, Mr. Michael Scarpelli, Chief Financial Officer. Sir, you may begin.

各位女士、先生，大家好，歡迎參加 ServiceNow 2018 年第四季財報電話會議。(接線員指示) 提醒各位，本次電話會議將被錄音。現在我想介紹今天會議的主持人：Michael Scarpelli 先生，財務長。先生，您可以開始了。

Good afternoon and thank you for joining us. On the call with me today is John Donahoe, our Chief Executive Officer. During today's call, we will review our fourth quarter financial results and discuss our financial guidance for the first quarter and full year 2019. We'd like to point out that the company reports non-GAAP results in addition to and not as a substitute for or superior to financial measures calculated in accordance with GAAP. All financial figures we will discuss today are non-GAAP, except for revenues and revenue growth. To see the reconciliation between these non-GAAP and GAAP results, please refer to our press release filed earlier today; and for prior quarters, previously filed press releases, all of which are posted at investors.servicenow.com.

各位下午好，感謝各位加入我們。今天與我一同出席電話會議的是我們的執行長 John Donahoe。在今天的電話會議中，我們將回顧第四季財務結果，並討論 2019 年第一季及 2019 全年的財務指引。我們想指出，公司除依 GAAP 計算的財務衡量外，也會揭露非 GAAP 結果；非 GAAP 結果並非用來取代或優於依 GAAP 計算的財務衡量。除營收與營收成長外，我們今天討論的所有財務數字皆為非 GAAP。如欲查看非 GAAP 與 GAAP 結果之間的調節，請參閱我們今天稍早提交的新聞稿；至於先前季度，請參閱先前提交的新聞稿，以上皆公布於 investors.servicenow.com。

We may make forward-looking statements on this conference call, such as those using the words may, will, expects, believes or similar phrases to convey that information is not historical fact. These statements are subject to risks, uncertainties and assumptions. Please refer to the press release and risk factors and documents filed with the Securities and Exchange Commission, including our most recent quarterly report on Form 10-Q for information on risks and uncertainties that may cause actual results to differ materially from those set forth in such forward-looking statements. I would now like to turn the call over to John.

在本次電話會議中，我們可能會作出前瞻性陳述，例如使用「可能」、「將」、「預期」、「相信」或類似措辭，以表達該等資訊並非歷史事實。這些陳述受風險、不確定性與假設影響。請參閱新聞稿以及向美國證券交易委員會提交的風險因素與文件（包括我們最近一期的 Form 10-Q 季度報告），以了解可能導致實際結果與此等前瞻性陳述所述結果出現重大差異的風險與不確定性。現在我想把電話交給 John。

Thanks, Mike. Good afternoon, everyone, and thank you for joining us on today's call. We finished 2018 with our strongest fourth quarter ever, continuing our momentum as the leading digital workflow company shaping the future of work. Our role as a strategic partner to the world's largest enterprises continues to accelerate, enabling their digital transformation by making work, work better for people. Our teams continue to execute well, and our continued focus and commitment to customer success shows in our strong results.

謝謝你，Mike。各位下午好，感謝各位參加今天的電話會議。我們以 2018 年史上最強的第四季作結，並持續保持動能，作為引領未來工作型態的數位工作流程領導公司。我們作為全球最大型企業的策略夥伴之角色持續加速，透過讓工作對人更有效率，協助其推動數位轉型。我們的團隊持續良好執行，而我們對客戶成功的持續專注與承諾，也反映在我們強勁的成果上。

Expanding our existing customer relationships will drive much of our growth going forward, and we have ample opportunity. We are now helping to enable the digital transformation of almost 5,400 enterprise customers, including almost 75% of the Fortune 500. We now have 678 customers doing more than $1 million in business annually with us, and we have 74 customers who are doing greater than $5 million, up 54% year-over-year. And the number of customers doing greater than $10 million has more than tripled year-over-year to 18, including 3 above $20 million.

未來我們的成長很大一部分將來自擴展既有客戶關係，而我們擁有充足的機會。我們目前正協助近 5,400 家企業客戶推動數位轉型，其中包括《財富》500 大企業中近 75%。目前有 678 家客戶每年與我們的業務規模超過 100 萬美元，另有 74 家客戶超過 500 萬美元，年增 54%。而每年超過 1,000 萬美元的客戶數較去年同期增加逾三倍至 18 家，其中包含 3 家超過 2,000 萬美元。

Our renewal rate for the quarter was a strong 98%.

本季的續約率強勁，達 98%。

Our formula is clear. When we land our platform and products with a new customer, we begin delivering great experiences and unlocking productivity. That, in turn, is what drives our expansion. And our focus is on building long-term strategic partnerships with our customers that enable their success. And I'll point out that we still represent a small percentage of IT spend for most of our customers. That gives us tremendous opportunity to grow and deliver the business outcomes that our customers want and need.

我們的公式很清楚。當我們把平台與產品導入新客戶時，就開始提供卓越體驗並釋放生產力。而這反過來會驅動我們的擴張。我們的重點是與客戶建立長期的策略夥伴關係，以促成其成功。我也要指出，對於多數客戶而言，我們目前仍僅占其 IT 支出的一小部分。這為我們帶來巨大的成長機會，並能交付客戶想要且需要的業務成果。

Strong performance across our portfolio and across every geography drove our momentum, led by accelerating year-over-year growth in EMEA. Our teams exceeded their plans for the fourth quarter and for the full year.

我們的動能來自產品組合各面向以及各地區的強勁表現，其中以 EMEA 年增成長加速領先。我們的團隊在第四季與全年皆超越既定計畫。

All of our products performed well. Both our HR and customer service products, for example, now have more than 20 customers doing more than $1 million, and 19 of our top 20 deals in the quarter included 3 or more products. Even more importance, net new business in our core IT workflow products reaccelerated in 2018. This underscores the strength of our flagship product, the strategic partners we're building with CIOs and the continued market opportunity to expand the impact of our core IT workflow products. We are very well positioned.

我們所有產品表現都很出色。例如，我們的 HR 與客戶服務產品目前各自都有超過 20 家客戶，與我們的年度業務規模超過 100 萬美元；而本季前 20 大交易中有 19 筆包含 3 項或以上產品。更重要的是，我們核心 IT 工作流程產品的淨新增業務在 2018 年重新加速。這凸顯了我們旗艦產品的實力、我們與 CIO 建立的策略夥伴關係，以及持續存在的市場機會，可擴大我們核心 IT 工作流程產品的影響力。我們的定位非常有利。

In the fourth quarter, I had an opportunity to meet with the 50 of the world's most respected CIOs. They reiterated common themes I shared with you before, and that I continue to hear in my customer conversations worldwide: the business imperative for digital transformation, the need for trusted technology partners, and the challenges of driving cultural change. These leading CIOs understand the power of our Now Platform and products. They view ServiceNow as a strategic partner. But as one CIO put it, he doesn't view us as just another cloud partner. He sees ServiceNow as the platform that creates a multiplier effect in his cloud ecosystem.

在第四季，我有機會與全球最受尊敬的 50 位 CIO 會面。他們重申了我先前與各位分享、且我在全球與客戶對談時持續聽到的共同主題：數位轉型的業務迫切性、對可信賴技術夥伴的需求，以及推動文化變革的挑戰。這些領先的 CIO 了解我們 Now Platform 與產品的力量。他們將 ServiceNow 視為策略夥伴。但正如其中一位 CIO 所說，他不把我們視為只是另一個雲端夥伴。他認為 ServiceNow 是能在其雲端生態系中創造乘數效應的平台。

Our enterprise capabilities link together other systems and platforms, enabling seamless digital workflows that create great experiences and unlock productivity, and that's what every C suite executive I speak with is looking for.

我們的企業級能力可將其他系統與平台串聯起來，實現無縫的數位工作流程，創造卓越體驗並釋放生產力；而這正是我所接觸的每一位 C-level 高階主管所尋求的。

Ongoing product innovation is essential to enabling these business outcomes and continues to be a top priority for us. I feel very good about the progress our product organization is making in improving our user experience and user interface, creating simple, intuitive mobile experiences, and making our platform and product easier to deploy and upgrade. We're getting great feedback from beta testers in our upcoming Madrid release, and we expect to be launching significant enhancements in our mobile capabilities and user experience later this year.

持續的產品創新對於實現這些業務成果至關重要，並且仍是我們的首要優先事項之一。我對我們產品組織在改善使用者體驗與使用者介面、打造簡單直覺的行動體驗，以及讓平台與產品更易於部署與升級方面所取得的進展感到非常滿意。我們即將推出的 Madrid 版本已從 Beta 測試者獲得很好的回饋，我們預期在今年稍晚將推出行動能力與使用者體驗的重大強化。

I also feel very good about the progress driving customer success, another top priority. We're driving customer success to be a natural extension of our sales motion, and are committed to landing new customers and expanding the existing relationships in a healthy and sustainable manner. We're entering this year with strong alignment across our pre-sales and post-sales teams. And we're driving a consistent approach to creating value for our customers and delivering their desired business outcomes. Leading this effort is David Schneider, who was recently promoted to be our President, Global Customer Operations. Dave is an exceptional leader who's deeply committed to driving successful customer outcomes.

我也對推動客戶成功（另一項首要優先事項）的進展感到非常滿意。我們正讓客戶成功成為我們銷售動作的自然延伸，並致力於以健康且可持續的方式導入新客戶並擴展既有關係。我們以售前與售後團隊之間高度一致的協作進入今年。我們也在推動一致的方法，為客戶創造價值並交付其期望的業務成果。領導這項工作的是 David Schneider，他最近升任為全球客戶營運總裁。Dave 是一位傑出的領導者，並深度致力於推動客戶取得成功的成果。

So as we enter 2019, we're also investing in increased awareness of our company through the launch this month of our first ever brand campaign. While many decision-makers already know us well, this campaign is designed to increase awareness of ServiceNow more broadly with C suite executives. The campaign highlights our focus as a digital workflow company, creating great experiences and unlocking productivity. That is what digital transformation's all about, and that is the future of work.

隨著我們邁入2019年，我們也將透過本月推出公司史上首個品牌行銷活動，投資提升外界對我們公司的認知度。雖然許多決策者已經很了解我們，這項活動旨在更廣泛地提升C級高階主管對ServiceNow的認知。該活動凸顯我們作為數位工作流程公司的定位，打造卓越體驗並釋放生產力。這正是數位轉型的核心，也是未來的工作樣貌。

The intelligent and intuitive capabilities of our Now Platform and our IT employee and customer workflows make work simpler, easier and faster across the enterprise. Simply put, we make the world of work, work better for people. That's our focus and our commitment.

我們的Now Platform具備智慧且直覺的能力，加上我們的IT、員工與客戶工作流程，讓整個企業的工作變得更簡單、更容易且更快速。簡而言之，我們讓工作的世界，對人而言運作得更好。這就是我們的重點與承諾。

So in closing, I'm very pleased with the strong quarter and year and our continued momentum. We are making continued progress against our strategic priorities, led by our focus on product innovation and customer success. And now, I'll turn the call back over to Mike.

最後總結，我對本季與本年度的強勁表現以及我們持續的動能感到非常滿意。在產品創新與客戶成功的帶動下，我們在策略優先事項上持續取得進展。接下來我把電話交回給Mike。

Thank you, John. Q4 was our strongest quarter ever, and we have a lot of momentum as we begin the new year. During the quarter, we booked $1.5 billion in total contract value, and our total backlog, including deferred revenue as of December 31, was $5.1 billion, representing 38% year-over-year adjusted growth, including $112 million of foreign exchange headwind. Q4 subscription revenues were $666 million, representing 35% year-over-year adjusted growth, including $7 million of foreign exchange headwind.

謝謝你，John。第四季是我們史上最強的一季，隨著新年度開始，我們也擁有很強的動能。本季我們的總合約價值（TCV）簽約達15億美元；截至12月31日，我們的總待履約金額（backlog），包含遞延收入在內，為51億美元，年增38%（調整後），其中包含1.12億美元的外匯逆風。第四季訂閱收入為6.66億美元，年增35%（調整後），其中包含700萬美元的外匯逆風。

Our Q4 subscription billings were $952 million, representing 39% year-over-year adjusted growth, including $11 million of foreign exchange headwind and $4 million of duration tailwind. And our Q4 total billings crossed the $1 billion mark for the first time ever. I'd also like to note that Q4 billings continues to grow seasonally stronger. It is our largest new bookings in renewals quarter each year, which compounds into larger Q4 billings over time. We expect this dynamic will continue, and therefore, will impact the seasonality of billings in other quarters throughout the year.

我們第四季訂閱開立帳單金額（subscription billings）為9.52億美元，年增39%（調整後），其中包含1,100萬美元的外匯逆風以及400萬美元的期間（duration）順風。而我們第四季總開立帳單金額（total billings）也首次突破10億美元大關。我也想指出，第四季的開立帳單金額持續呈現季節性更強的成長。每年第四季都是我們新簽約與續約金額最大的季度，隨時間推移，這會累積成更大的第四季開立帳單金額。我們預期這種動態將持續，因此也會影響全年其他季度的開立帳單金額季節性。

Our strong top line performance was driven by 51 new transactions greater than $1 million, 6 of which were new ServiceNow customers. IT transformations continue to be the catalyst for new customer relationships. We reaccelerated growth across our IT workflows throughout 2018, underscoring the massive opportunity remaining for ServiceNow's lead customer through their digital transformations. The remaining 45 transactions greater than $1 million were expansions of existing customer relationships across our full suite of enterprise workflow solutions, highlighted by every one of our products outperforming expectations.

我們強勁的營收表現主要由51筆超過100萬美元的新交易所帶動，其中6筆來自ServiceNow的新客戶。IT轉型持續成為建立新客戶關係的催化劑。我們在2018年全面加速IT工作流程的成長，凸顯ServiceNow在引領客戶進行數位轉型方面仍有龐大的機會。其餘45筆超過100萬美元的交易，則是既有客戶關係的擴張，涵蓋我們完整的企業工作流程解決方案套件；值得一提的是，我們每一項產品的表現都優於預期。

Moving to Q4 profitability. Operating margin was 21%, and free cash flow margin was 34%, which was driven by strong Q4 collections and improved DSOs.

接著談第四季獲利能力。營業利益率為21%，自由現金流利益率為34%，主要受惠於第四季強勁的收款表現以及DSO（應收帳款週轉天數）的改善。

Now let's turn to guidance. For Q1, we expect subscription revenues between $715 million and $720 million, representing 35% to 36% year-over-year adjusted growth, including approximately $21 million of foreign exchange headwind. We expect subscription billings between $790 million and $795 million, representing 30% to 31% year-over-year adjusted growth, including approximately $23 million of foreign exchange headwind and $18 million of duration headwind. We expect a 16% operating margin and $190 million diluted weighted outstanding shares outstanding for the quarter.

現在我們來看財測指引。第一季我們預期訂閱收入介於7.15億至7.20億美元，年增35%至36%（調整後），其中包含約2,100萬美元的外匯逆風。我們預期訂閱開立帳單金額介於7.90億至7.95億美元，年增30%至31%（調整後），其中包含約2,300萬美元的外匯逆風以及1,800萬美元的期間（duration）逆風。我們預期本季營業利益率為16%，稀釋加權平均流通在外股數為1.90億股。

For 2019, we expect subscription revenues between $3.215 billion and $3.235 billion, representing 34% to 35% year-over-year adjusted growth, including approximately $41 million of foreign exchange headwinds. We expect subscription billings between $3.705 billion and $3.725 billion, representing 31% to 32% year-over-year adjusted growth, including approximately $45 million and $22 million of foreign exchange and duration headwind, respectively.

就2019年而言，我們預期訂閱收入介於32.15億至32.35億美元，年增34%至35%（調整後），其中包含約4,100萬美元的外匯逆風。我們預期訂閱開立帳單金額介於37.05億至37.25億美元，年增31%至32%（調整後），其中分別包含約4,500萬美元的外匯逆風與2,200萬美元的期間（duration）逆風。

We expect 2019 subscription gross margins of 86%, operating margin of 21%, free cash flow margin of 28% and 190 million diluted weighted average shares outstanding.

我們預期2019年訂閱毛利率為86%，營業利益率為21%，自由現金流利益率為28%，稀釋加權平均流通在外股數為1.90億股。

To conclude, our 2018 performance, we are very pleased with our top line returns from investments made throughout the year, and we'll continue to invest in the priorities John outlined in his prepared remarks. Our goal is to build an enduring company, and we couldn't be more excited about the opportunity in front of us.

最後總結，我們對2018年的表現感到非常滿意，尤其是全年投資所帶來的營收成效；我們也將持續投資於John在事先準備的發言中所提到的各項優先事項。我們的目標是打造一家能長久經營的公司，對於眼前的機會我們感到無比振奮。

Before closing, please note, our Financial Analyst Day will be held on Monday, May 6, in Las Vegas, in conjunction with our annual users conference, Knowledge18. In person attendance will be limited, so if interested, please send an e-mail ir@servicenow.com. For those who cannot join in person, we will hold the webcast of the event accessible on our IR website.

在結束之前提醒一下，我們的金融分析師日將於5月6日（週一）在拉斯維加斯舉行，並與我們年度用戶大會Knowledge18同時舉辦。現場名額有限，如有興趣請寄電子郵件至ir@servicenow.com。無法親臨現場者，我們將提供活動網路直播，可於我們的投資人關係（IR）網站觀看。

With that, operator, you can now open up the line up for questions.

以上，接線員，現在可以開放提問。

(Operator Instructions) And our first question comes from Kirk Materne with Evercore ISI.

(接線員指示) 我們的第一個問題來自Evercore ISI的Kirk Materne。

John, just given the strength you're seeing in really big deals and the upsell momentum you're having in the G2K, I was just curious, are you starting to face off with different buyer sets in the customer base? Meaning, I think one of the opportunities has been to expand or take ServiceNow to be more of an enterprise platform, not just serve an IT platform. I'm just kind of curious where you think you are on that journey based on who you're speaking with these days? And then Mike, to your point on seasonality in billings and the fourth quarter getting bigger, as we think about the full year as we model billings, is there anything else we should take into account in terms of just seasonality as we get past the first quarter?

John，考量到你們在超大型交易上看到的強勁表現，以及你們在G2K客戶群的加購（upsell）動能，我想請教一下：你們是否開始在客戶基礎中面對不同的買方族群？也就是說，我認為其中一個機會在於擴大ServiceNow的定位，讓它更像是一個企業級平台，而不只是IT平台。我想了解的是，依照你們最近主要在跟哪些人對話，你覺得你們在這段旅程上目前走到哪一步？另外Mike，延續你提到的開立帳單金額季節性以及第四季規模變大的觀察，當我們在建模全年開立帳單金額時，除了第一季之外，還有沒有其他關於季節性需要納入考量的因素？

So yes, Kirk. I think what's happening is, frankly, largely driven by what's happening at customers, that as customers are embracing digital transformation -- and digital transformation, I can't emphasize this enough, there's -- even the time I've been here, it's not a business buzzword in these companies anymore. It's actually core strategic reality; in fact, survival, in some companies. It's forcing them to think in a more cross-functional way. And so I'll just give an example. There's a lot more focus on the end-to-end employee experience for 2 reasons: One is that everyone wants to digitally connect with their employees in a world where you've got to recruit millennials and retain them; and everyone wants productivity. So that requires -- and employee experience is, by definition, cross-functional, where an employee doesn't really care if they're dealing with IT or HR or finance or facilities. And so we're seeing more and more customer initiatives, where they're looking for cross-functional support to drive a better employee experience. So IT is involved, but they're partnering with their CHRO or HR. They're partnering with facilities. They're partnering with finance. And so I can give you several examples where I was with major Fortune 100 customers, and all those people are in the room, and they're turning to us, saying, we want to build an end-to-end employee experience, and we believe your platform connects effectively in with many of the other core systems of record, be it a Concur for T&E, or an ADP for payroll, or Workday for an HCM or many others, and they look to us to stitch the workflow together. And so often, these sales are joint sales. It's not like we're only in IT or only in HR or only in customer service. Increasingly, you're seeing kind of a shared services mindset. And I think we're benefiting from that because our platform really does help workflow around each of the other systems of record in a way that allows the customer to get the benefit. So -- and I think our sales teams and our POS teams are responding well to that, but it's, in many ways, the cross-functional message that is most powerful and distinct in our customers.

所以是的，Kirk。我認為目前發生的情況，坦白說，很大程度上是由客戶端正在發生的事情所驅動：當客戶擁抱數位轉型——而數位轉型，我再怎麼強調都不為過——即使在我在這裡的這段時間裡，它在這些公司裡也不再只是商業流行語了。它其實已成為核心的策略現實；事實上，對某些公司而言甚至關乎生存。這迫使他們以更跨職能的方式思考。我舉個例子。大家更聚焦於端到端的員工體驗，原因有二：第一，在必須招募並留住千禧世代的世界裡，每家公司都希望能以數位方式與員工連結；第二，大家都想要生產力。因此這就需要——而員工體驗按其定義就是跨職能的，員工其實不在乎他們是在跟 IT、HR、財務或設施部門打交道。因此我們看到越來越多客戶的專案，他們在尋求跨職能的支援，以推動更好的員工體驗。所以 IT 會參與，但他們會與 CHRO 或 HR 合作。他們會與設施部門合作。他們會與財務部門合作。我可以給你幾個例子：我與多家《財富》100 大客戶會面時，這些人都在同一個會議室裡，他們轉向我們說：我們想打造端到端的員工體驗，而且我們相信你們的平台能有效連結到許多其他核心的記錄系統（systems of record），不論是用於差旅與費用（T&E）的 Concur、用於薪資的 ADP、用於人力資本管理（HCM）的 Workday 或其他許多系統，而他們期待我們把工作流程串接起來。因此這些銷售往往是聯合銷售。並不是說我們只在 IT、或只在 HR、或只在客戶服務。你會越來越常看到一種共享服務的思維。我認為我們正從中受益，因為我們的平台確實能圍繞其他各個記錄系統來協助工作流程，讓客戶獲得效益。所以——我認為我們的銷售團隊與 POS 團隊對此反應良好，但在很多方面，最有力、也最能在客戶中形成差異化的，就是這個跨職能的訊息。

And Kirk, on your question in billing, Q1 is seasonally our lowest billings quarter. In 2018, we did see our billings increase. The growth rate was increasing every quarter. I will say a lot of that was driven by the strong outperformance we had, especially in the second half of the year last year. And I do expect that our billings will continue to get stronger as we go, but I'm not forecasting it to be as strong a growth as last year, just much bigger numbers.

Kirk，關於你在帳單（billings）方面的問題，第一季在季節性上是我們帳單最低的季度。在 2018 年，我們確實看到帳單增加。成長率每一季都在提升。我會說其中很大一部分是由我們強勁的超預期表現所帶動，尤其是去年下半年。我也預期我們的帳單會隨著時間推進而持續走強，但我不會預測其成長會像去年那樣強勁，因為基數已經大很多。

And our next question comes from Matt Hedberg with RBC Capital Markets.

下一個問題來自 RBC Capital Markets 的 Matt Hedberg。

John, obviously, your billings guidance was great. When you talk to executives, can you give us a sense of what's sort of the overall view of tech spending in 2018? And then how do I think about prioritizing your avenue of digital transformation versus other areas of spend? And then maybe just a quick follow up. You commented that ITSM reaccelerated in '18. I wonder if you could put your finger on sort of what drove that reacceleration this year.

John，顯然你們的帳單指引很出色。當你與企業高層交流時，能否讓我們了解一下 2018 年整體科技支出的總體看法大概是什麼？另外，我該如何看待你們所處的數位轉型方向，相較於其他支出領域的優先順序？再快速追問一下。你提到 ITSM 在 2018 年重新加速。我想知道你是否能指出今年這個重新加速主要是由什麼驅動的。

Yes, Matt. On outlook, I'm not sure that we had anything unique to say on that, in that most of our customers are onto the gun, to be honest, to deliver strong digital transformation results. And digital transformation results, as I said a few minutes ago, include better employee and customer experiences and productivity. And so we still -- as we look into 2019, we can't really forecast macroeconomics, and we're not going to try to. But we see companies continuing to invest in technology as a core enabler of digital transformation, and then our focus is very much on demonstrating business value, demonstrating economic value. The fact is we automate workflows. And automating workflows, yes, provide better experiences, but they also drive productivity. And so even in an environment if spend gets tougher over time, we want to be at the top of the list as a productivity enhancer, and we believe that we are. And so without being able to predict the future, we're kind of going full steam ahead. And I haven't seen any major changes in customers yet, but obviously, none of us don't know -- we don't know what we don't know. But focus on productivity, focus on business value. That's the long-cycle view. And then on ITSM, this is, to be honest, I think we -- the narrative got ahead of the reality around our ITSM when we started publishing we're in 75% of Fortune 500, that the reality is, we frequently land in a division or in a geography or in a part of a company. And so with even with ITSM, we may have landed only one part of the company, and so there's absolutely the opportunity to expand across the enterprise. And increasingly, I think, as companies see the power of the ITSM product and see the power of automating and providing self-help for IT Service Management, that you're seeing more enterprise-wide initiatives. So existing customers, that's driving expansion, where we already won enterprise-wide initiatives. And in new customers, you're seeing they're starting off with more enterprise-wide initiatives, and that's sometimes in centralized companies, but it's also increasingly decentralized companies where you may have 5 or 6 different branded divisions that are saying, you know what, there's only one way to do IT Service Management. And let's get to a common way, so we provide better -- I'm saying the same things, better employee experience, better productivity, and it's kind of real.

是的，Matt。關於展望，我不確定我們在這方面是否有什麼特別獨到的看法；坦白說，我們的大多數客戶都在全力以赴，力求交付強勁的數位轉型成果。而數位轉型的成果，如我幾分鐘前所說，包括更好的員工與客戶體驗，以及更高的生產力。因此，當我們展望 2019 年時，我們無法真正預測總體經濟，也不打算嘗試。但我們看到企業仍持續投資科技，將其視為數位轉型的核心推動者；而我們的重點非常明確，就是證明商業價值、證明經濟價值。事實是，我們在自動化工作流程。而自動化工作流程，沒錯，能帶來更好的體驗，但也能提升生產力。因此即便未來支出環境變得更吃緊，我們也希望能排在清單最前面，成為提升生產力的工具，而我們相信我們做得到。所以在無法預測未來的情況下，我們基本上仍是全速前進。我目前還沒有看到客戶端出現任何重大變化，但顯然，我們都不知道——我們不知道自己不知道的事。聚焦生產力，聚焦商業價值。這是長週期的觀點。至於 ITSM，坦白說，我認為當我們開始公布我們已進入《財富》500 大企業的 75% 時，市場敘事在某種程度上超前了我們 ITSM 的實際落地情況；現實是，我們常常先在某個事業部、某個地區或公司的一部分落地。因此即便在 ITSM 上，我們也可能只落地於公司的一個部分，所以絕對存在向全企業擴張的機會。而且我認為，隨著企業看到 ITSM 產品的威力，看到在 IT 服務管理中自動化並提供自助服務的威力，你會看到更多全企業範圍的專案。所以在既有客戶中，這正在推動擴張——我們已經贏得了全企業範圍的專案。而在新客戶中，你會看到他們一開始就以更全企業範圍的專案起步；這有時發生在集中式的公司，但也越來越多出現在分散式的公司——可能有 5 或 6 個不同品牌的事業部在說：你知道嗎，IT 服務管理只有一種做法。讓我們走向一致的做法，這樣我們就能提供更好的——我又在說同樣的事——更好的員工體驗、更高的生產力，而且這是真實存在的。

I'll also add, Matt, that I think we're seeing the benefit of the investments we've made over the last few years, on really improving our overall IT portfolio and some of the focus we've had around the whole user experience and other things that's really driving that with both the existing customers and new customers.

我也想補充一下，Matt，我認為我們正在看到過去幾年所做投資的效益，這些投資確實提升了我們整體 IT 產品組合，並且我們在整體使用者體驗等方面的聚焦，也真正推動了這一點，無論是對既有客戶還是新客戶皆然。

And we're both really excited about the next step of that's coming here in mobile. The kind of mobile experiences, consumer-grade mobile experiences we have coming out in the next -- a little bit in the next release, but then in New York this summer, awesome mobile experiences.

而我們兩位都對接下來在行動端的下一步感到非常興奮。我們即將推出的各類行動體驗、消費者等級的行動體驗，下一次版本會先帶來一點點，但今年夏天在紐約，將會有非常棒的行動體驗。

And our next question comes from Sarah Hindlian with Macquarie.

下一個問題來自 Macquarie 的 Sarah Hindlian。

John, congrats on your 2-year anniversary, and that to you both on the $50 million of outperformance. On that point, John, I'm looking at the top 20 data and all the regional data, and it looks very broad based, but it's also the biggest beat you've had in, it looks like 7 quarters. So can you help just hone in a little bit on exactly what drove that? And then second, actually, I'd like to squeeze in 2 for you Mike. But given the growth you're seeing, are you thinking at all differently versus your last update on margins given the significant growth? And then I need to ask about federal. I haven't heard it come up. With the shutdown in your recurring model, can you just give us a little bit of color as to if anything and what you guys did see within your business?

John，恭喜你就任滿兩週年，也恭喜你們兩位在 5,000 萬美元的超預期表現。就這點而言，John，我在看前 20 大數據以及所有區域數據，看起來是非常廣泛的成長動能，但這似乎也是你們在大約 7 個季度以來最大的一次超預期。所以你能否協助我們更聚焦一點，究竟是什麼驅動了這個表現？第二個，其實我想再塞兩個問題給你，Mike。鑑於你們看到的成長，你們是否會因為顯著的成長，而對利潤率的看法與上次更新時有所不同？另外我必須問一下聯邦業務。我沒有聽到有人提到。在你們的經常性模式下，面對政府停擺，你能否提供一些背景說明：你們的業務是否有看到任何影響？以及你們看到了什麼？

Sure, Sarah. I'll start that out. So the performance this year, we really just saw strength across-the-board, as we said, in all of our products. But all of our geos as well too. Every geo hit their targets, but what really stood out was EMEA had a fabulous year and a fabulous quarter. Americas, which were the most penetrated, had a fabulous year and quarter as well, too. And APJ performed for the year. So I can't call out any one thing. I just think it's really the fruit of all the investments we've been making over the last number of years, and in particular, some of the things we're starting to see with customer successes, driving customers to buy more from us. In terms of the federal business, the federal shutdown, I think, that's where you're getting to. That, potentially, will have an impact, but we think it will get resolved before the end of the year. Q3 is obviously our big federal quarter. So defense is our biggest customer within the U.S. government, and the shutdown really isn't being impacted at all, from what we see in talking to our federal sales team. But as I said, it's really Q3, and that's our big federal quarter. In terms of our operating margin guidance, we set that out at our Analyst Day, and what -- the results of what we've seen in 2018 give us the confidence that we should invest more because of the opportunity we're seeing. And hence, why we're giving the 100 basis points operating margin expansion for the full year, is what we said was the minimum. We would do it in our Analyst Day, and we're keeping our free cash flow margins flat to start the year out. And we're really focused on growth, and I think you've seen the growth in 2018. And I didn't think anyone thought we could grow at the size we are at the rates we've been doing.

好的，Sarah。我先來回答。今年的表現，我們確實如同所說，在所有產品上都看到全面性的強勁表現。同時也涵蓋我們所有地理區域。每個區域都達成了目標，但真正突出的，是 EMEA 有非常出色的一年與非常出色的一季。美洲地區（滲透率最高的區域）同樣也有非常出色的一年與一季。APJ 也完成了全年表現。所以我無法點名單一因素。我認為這真的是我們過去多年持續投資所結出的成果，尤其是我們開始看到的一些客戶成功（customer success）相關作為，正在推動客戶向我們購買更多產品。至於聯邦業務、聯邦政府停擺，我想你指的是這個。那可能會帶來影響，但我們認為會在年底前解決。第三季顯然是我們聯邦業務的大季。因此，國防部是美國政府體系內我們最大的客戶；就我們與聯邦銷售團隊的溝通來看，停擺目前並沒有造成任何影響。但如我所說，關鍵在第三季，那是我們聯邦業務的大季。至於營業利益率（operating margin）指引，我們在分析師日已經提出；而我們在 2018 年看到的結果，讓我們更有信心應該因應所見到的機會而加大投資。因此我們才給出全年營業利益率擴張 100 個基點，正如我們所說那是最低水準。我們會在分析師日那樣做，同時我們在年初將自由現金流利潤率維持持平。我們真正聚焦在成長，我想你也在 2018 年看到了這個成長。我不認為有人曾以為，以我們目前的規模，還能以我們所做到的速度成長。

Our next question comes from Brad Zelnick with Crédit Suisse.

下一個問題來自 Crédit Suisse 的 Brad Zelnick。

Really impressive results for the quarter and for the year. And it was quite impressive hearing every product outperformed expectations in the quarter. But specific to emerging products now representing 30% of net new ACV versus 25% a year ago. Can you maybe drill down a little bit into which one of these products are seeing the most adoption? And I've got a follow-up.

本季以及全年結果都非常亮眼。而且聽到每一項產品在本季都超出預期，確實令人印象深刻。不過就新興產品而言，現在其占淨新增 ACV 的比重為 30%，而一年前是 25%。你能否再深入說明一下，這些產品之中哪些的採用度最高？我還有一個追問。

I mean, it's all of them in many ways. There's not massive variability across them. Interestingly, one of the things, and we've began talking about this in Q4, we are refining how we're sort of positioning our platform and products to be more in terms that align with how customers think about it. And you heard me talk about this in Q4 where we're saying -- in essence, we're the digital workflow platform, that's what we do. That's our unique role in the sort of modern tech stack of the future. And we're a platform with 3 workflows, right? And we are, first and foremost, a platform. We have an IT workflow, and what that's all about it's helping the CIO create the IT department of the future, help them move into a future, and that includes ITOM, IT Business Management, IT analytics and many of our IT-related products. Our second major bucket, if you will, is employee experience workflow, and this gets to what I was talking about earlier in the call, where customers are thinking about is how do they deliver a strong end-to-end employee experience. And so frankly, we put ITSM in there, along with HR case management, employee onboarding and our other products that tie together to enable that IT experience. And then last is the customer service workflow, and that's where a growing number of customers want to replicate for their customers what we enable them to do with their employees. Namely, get to the root cause of a problem, fix it so it doesn't happen again, and when a problem -- a customer does contact them, enable self-help and automation wherever possible. And so by grouping the 10, 12 products we have into those 3 groups, if you will, or those 2 workflows, it aligns more of how customers think about the business problems that they're trying to address. And CJ kind of refined his product organization in Q -- the beginning of this quarter to align with that. And so I think it's going to enable us to continue to, in some ways, simplify our message and get to the right decision makers at the right strategic level.

我的意思是，從很多角度來看，幾乎是全部。它們之間並沒有非常大的差異。有趣的是，其中一件事——而我們從第四季開始談到——我們正在精煉我們如何定位平台與產品，使其更貼近客戶的思考方式。你在第四季也聽我談過：本質上，我們是數位工作流程平台（digital workflow platform），這就是我們所做的事。這是我們在未來現代技術堆疊（modern tech stack）中獨特的角色。而我們是一個擁有 3 個工作流程的平台，對吧？而且我們首先是一個平台。我們有 IT 工作流程，其核心是協助 CIO 打造未來的 IT 部門，幫助他們邁向未來；其中包含 ITOM、IT 業務管理（IT Business Management）、IT 分析，以及許多與 IT 相關的產品。第二個主要類別（如果你願意這麼稱呼）是員工體驗工作流程（employee experience workflow），這也呼應我在電話會議前面提到的：客戶正在思考如何提供強而有力的端到端員工體驗。因此坦白說，我們把 ITSM 放在這裡，並結合 HR 個案管理、員工入職（onboarding）以及其他能串聯起來、以實現該 IT 體驗的產品。最後是客戶服務工作流程（customer service workflow），越來越多客戶希望把我們為其員工所實現的能力，複製到他們自己的客戶身上。也就是找出問題的根本原因、修復它以避免再次發生；並且當客戶確實聯繫他們時，盡可能啟用自助服務與自動化。因此，透過把我們的 10 到 12 項產品歸入這 3 個群組（如果你願意這麼說），或這 2 個工作流程中，它更符合客戶對其試圖解決之業務問題的思考方式。而 CJ 在本季初——在 Q 的這個季度開始——也精煉了他的產品組織架構，使其與此一致。因此我認為，這將使我們能在某些方面持續簡化訊息，並在正確的策略層級，觸及正確的決策者。

I want to stress though that this is really -- will not change external reporting for us. This is really just the way we deal with customers and talk to customers, so don't expect changes there.

我想強調的是，這其實——不會改變我們的對外財務報導。這真的只是我們與客戶互動、以及和客戶溝通的方式，所以不要期待那方面會有變化。

And we're not reorganizing the sales teams or product line specialists because that go-to-market motion is working. So this is just a matter of sort of simplifying and ensuring the various products stitch together in an effective way.

而且我們不會重整銷售團隊或產品線專家，因為那套市場進入（go-to-market）的運作方式是有效的。所以這只是某種程度上的簡化，並確保各項產品能以有效的方式彼此串接整合。

And just a follow-up, I get a lot of questions from investors as we look out on the horizon to achieving $10 billion and beyond. Can you give us any update on how you're thinking on progress has evolved on corporative development and M&A since we talked about this topic at Analyst Day?

另外追問一下，當我們放眼未來要達成 100 億美元、甚至更高時，我從投資人那裡收到很多問題。自從我們在分析師日談到這個主題之後，你能否更新一下你對公司發展與併購（M&A）進展的看法有何演變？

Brad, as I said in Analyst Day, priority 1, 2 and 3 is to execute against our organic growth opportunities which continue to be enormous. And so shame on us if we take our eye off the ball against our organic growth opportunities. Priority 2, is to invest in additional organic innovation and with our formation of our NowX group, which is when -- during 2018, this is one of the areas that we're investing in, as Mike talked about earlier. We've gone from 2 engineers in NowX to 20 engineers -- or I'm sorry, 50 engineers in NowX 100% focused on developing new products that will come out in 2, 3 years. And so at Knowledge this year, I think we'll launch 1 to 2 new products, and we'll try to do that routine. So organic innovation has been one of the remarkable hallmarks of this company, and is one we're committed to continuing to pursue. And then as we look forward, as I said, in the spring, and we did more work on it later in the year, to $10 billion and beyond, often, you have -- you can selectively use M&A to create other growth engines. It's not out of needing to buy growth or out of defensive necessities, about how do we, in a very strategic way, find additional growth engines over time. We're not in any rush to do it. Interestingly, our customers are pointing us to some. Our customers are saying, man, if you guys, we'd really like if you can help transform IT. If you can take a look at these kinds of companies or those and we see some others. So we'll continue to monitor. Nothing's imminent. But when we see something that we think is additive to our portfolio and positions us on that path to $10 billion, we won't be shy about pursuing it.

Brad，正如我在分析師日所說，優先順序第 1、第 2 以及第 3 都是把握並執行我們的有機成長機會，而這些機會仍然非常龐大。所以如果我們在有機成長機會上分心，那就是我們的失職。第二個優先事項，是投資更多的有機創新；隨著我們成立 NowX 團隊——也就是在 2018 年期間——這是我們正在投入的領域之一，正如 Mike 先前提到的。我們的 NowX 從 2 位工程師成長到 20 位工程師——不對，抱歉，是 50 位工程師——NowX 團隊 100% 專注於開發將在 2、3 年後推出的新產品。因此在今年的 Knowledge 大會上，我想我們會推出 1 到 2 個新產品，而且我們會努力把這變成例行做法。所以，有機創新一直是這家公司最顯著的特質之一，而我們也承諾會持續追求。接著展望未來，正如我所說，在春季，以及我們在年內稍晚做了更多工作，朝向 100 億美元、甚至更高的目標時，通常你可以——有選擇性地運用併購來打造其他成長引擎。這不是因為需要買成長、也不是出於防禦性的必要，而是我們如何以非常策略性的方式，隨時間推進找到額外的成長引擎。我們並不急著做這件事。有趣的是，我們的客戶正在指引我們一些方向。客戶會說，天啊，如果你們能幫忙推動 IT 轉型，我們真的很希望你們能做到。如果你們能看看這類公司或那類公司，而我們也看到一些其他的機會。所以我們會持續觀察。目前沒有迫在眉睫的案子。但當我們看到某個標的能為我們的產品組合加分，並讓我們更站穩通往 100 億美元那條路時，我們不會羞於去追求。

Our next question comes from Raimo Lenschow with Barclays.

下一個問題來自 Barclays 的 Raimo Lenschow。

Can you talk a little bit, because we are starting a new year, about the changes or no changes to the sales organization? Maybe kind of double-click on Dave Schneider getting a bigger role as well and how that will play out for you. And then, I have a follow on for Mike.

能否談談，因為我們正要開始新的一年，銷售組織會有哪些變化或不變？也許可以更深入談談 Dave Schneider 承擔更大職責這件事，以及這將如何在你們那邊落地推進。然後我還有一個問題要問 Mike。

Maybe I'll just talk a little bit about Dave and then, Mike, you can put changes in the sales organization, the contacts compared to previous years as well. So I'll just say -- first thing I'll say is Dave Schneider is just a spectacular leader and he's known for, along with Kevin Haverty, to be kind of the godfather of the ServiceNow best-in-class go-to-market organization. I heard about that before I joined this company. I've had the privilege to see that up close and personal since I've been here and seeing Dave's incredible leadership and followership he engenders. And Dave has always been someone that cares a lot around the customer results, not just selling in, but understanding that if our platform and product help customers get results, then expansion becomes a healthy and sustainable opportunity. And so what we are doing is not trying to do sales and customer success in 2 different parts of the organization, but Dave is stitching together the full end-to-end customer life cycle. And we think there's a real opportunity to do it differently and do it well. And so we made -- Dave and the team made nice progress in 2018. And we're very excited. We just held our sales kickoff last week. It was the most aligned end-to-end customer sort of mindset we talked about, formula for success for our customers. And we're excited about taking that forward in 2019 and beyond. And you want to answer how specific changes to the sales team?

也許我先稍微談一下 Dave，然後 Mike 你也可以補充銷售組織的變化、以及相較於前幾年的脈絡。所以我先說——我首先要說的是，Dave Schneider 是一位非常傑出的領導者；他和 Kevin Haverty 一起，被視為 ServiceNow 同級最佳（best-in-class）市場進入（go-to-market）組織的某種「教父」級人物。在我加入這家公司之前就聽說過這件事。自從我來到這裡，我有幸近距離親眼看到這一切，看到 Dave 非凡的領導力，以及他所激發的追隨力。而 Dave 一直非常重視客戶成果，不只是把產品賣進去，而是理解：如果我們的平台與產品能幫助客戶取得成果，那麼後續擴張就會成為健康且可持續的機會。因此我們正在做的，不是把銷售與客戶成功分散在組織的兩個不同部分，而是由 Dave 把端到端的完整客戶生命週期串接起來。我們認為這裡有很大的機會，可以用不同的方式把它做好。因此我們——Dave 和團隊在 2018 年取得了不錯的進展。我們非常振奮。我們上週剛舉辦銷售啟動會（sales kickoff）。我們談到的是最一致、端到端的客戶思維——也就是我們為客戶成功所提出的成功公式。我們也很期待在 2019 年以及更往後把它推進。你要回答一下銷售團隊有哪些具體變化嗎？

Yes. What I would say, Raimo, is there's no material changes at all to the structure of our sales organization going into 2019. If you recall, the last major change was in Q1 of 2015. It will be just the normal tweaking of the sales organization. We're going to continue to invest in enterprise because that's where our focus is. We're still investing in commercial, so that will involve splitting territories, but not moving reps from one class to another. And we will continue. We continue to look at verticalization, real -- no decisions there. We're going to kind of try a few things, but no major changes at all to our sales organization-wide because it's been working and we don't want to mess that up.

是的。Raimo，我想說的是，進入 2019 年，我們的銷售組織架構完全沒有任何重大的變動。如果你還記得，上一次重大變更是在 2015 年第一季。接下來只會是銷售組織的例行微調。我們會持續投資企業市場（enterprise），因為那是我們的重點。我們也仍在投資商業市場（commercial），因此會涉及拆分銷售區域，但不會把業務代表從一個層級調到另一個層級。而且我們會繼續。我們也持續在看垂直化（verticalization），目前——還沒有任何決定。我們會嘗試幾件事，但整體而言，銷售組織不會有任何重大變動，因為它一直運作良好，我們不想把它搞亂。

Our next question comes from Justin Furby with William Blair & Company.

下一個問題來自 William Blair & Company 的 Justin Furby。

John, I want to ask about the ISV community you guys are building. I think the platform is clearly a powerful part of your story and always has been, but my sense is, is that it's still sort of an untapped opportunity in terms of building out the store and monetizing it. So I was wondering if you could maybe give a sense for how big you think that opportunity could be for you when you look out over the next 5, 7 years. And is there any reason why you think, longer term, it couldn't be something like it's become for Salesforce? Or do you think of it in a different way?

John，我想問你們正在建立的 ISV 社群。我認為平台顯然是你們故事中很有力的一部分，而且一直都是，但我的感覺是，就建立應用商店並將其變現而言，這仍然算是一個尚未被充分開發的機會。所以我想請你談談，當你展望未來 5 到 7 年時，你認為這個機會對你們而言可能有多大。以及，長期來看，你是否認為它沒有理由不能像 Salesforce 那樣發展成為一個重要的生態系？或者你是用不同的方式來看待它？

Let me start with platform. We are fundamentally a platform company and a significant -- and our customers recognize that. That was one of the things that struck me most when I first joined the company, how many customers led with it. They say things like, well, I love your products, but I really love your platform. It's easy to build on, it's fast and it's extensible. And so already we have many developers and our customers building on our platform and that -- and so we're continuing to make investments in the platform to enable that. Our -- we call it platform-as-a-business. Josh Kahn took over that product earlier this year. And it's an important area of investment because when customers build their applications on our platform, the propensity for them to buy our prepackaged applications and to expand is simply higher. And so -- and it provides a growing, really, product development laboratory for us because we see where our customers are building and where they want us to build something out of the box. And then our ISV programs, you said it's still relatively in its early stages. We've got a good strong leader there, Avanish. And I characterize it in early days. We're trying to encourage people building vertical solutions. We think that's one of the real sweet spots where our platform is fundamentally horizontal. As Mike mentioned, we're kind of verticalizing our go-to-market a little bit, but there's certain industry use cases that, to be honest, we're never going to build a specific use case for that industry. And so we're trying to find and encourage partners who can build something that's customized to specific end use case and that creates a win-win for the end customer, for the partner and for us. And so I think the analogy you talked about earlier is very much possible and achievable, maybe even more so in a world where platforms are becoming more and more important. And the number of apps in our store grew 100% last year. The number of ISV partner transactions grew 124%. So the metrics are good, but it's still a pretty small base and we want to continue to focus on it. We think it's one of those organic growth opportunities that we think is still in its early days.

讓我先從平台談起。我們從根本上是一家平台型公司，而且這一點非常重要——我們的客戶也認同這點。這是我剛加入公司時最讓我印象深刻的事情之一：有多少客戶一開始就先談平台。他們會說，嗯，我喜歡你們的產品，但我更喜歡你們的平台。它很容易在上面開發，速度快，而且可擴展。因此，我們已經有許多開發者以及客戶在我們的平台上進行建置——所以我們也持續加大對平台的投資來支持這件事。我們——稱之為 platform-as-a-business（平台即業務）。Josh Kahn 在今年稍早接手了這個產品。這是一個重要的投資領域，因為當客戶把他們的應用建在我們的平台上時，他們購買我們的預先封裝應用並進一步擴張的傾向就會更高。而且——它也為我們提供了一個持續成長的、真正的產品開發實驗室，因為我們能看到客戶正在建什麼、以及他們希望我們提供哪些開箱即用的功能。接著談到我們的 ISV 計畫，你說它仍相對處於早期階段。我們那邊有一位很強的領導者 Avanish。我也把它形容為早期階段。我們正試著鼓勵大家去打造垂直解決方案。我們認為那是我們平台的一個真正甜蜜點，因為我們的平台本質上是水平型的。如同 Mike 提到的，我們在 go-to-market 上有點在做垂直化，但有些產業使用情境，坦白說，我們永遠不會為那個產業去打造一個特定的使用案例。因此我們試著尋找並鼓勵能夠打造針對特定終端使用情境客製化方案的合作夥伴，這會為終端客戶、合作夥伴以及我們創造三贏。所以我認為你先前提到的那個類比是非常可能且可達成的，甚至在平台變得越來越重要的世界裡更是如此。我們商店裡的應用數量去年成長了 100%。ISV 合作夥伴交易數成長了 124%。所以指標表現不錯，但基礎仍然相當小，我們希望持續聚焦在這上面。我們認為這是那種仍處於早期階段的有機成長機會之一。

Our next question comes from Rob Owens with KeyBanc Capital.

下一個問題來自 KeyBanc Capital 的 Rob Owens。

While you're on the topic of partners, maybe you could share some of the success you saw this year with what was partner influence. And it ticked up, I think, over the first 3 quarters relative to percentage, but it still is modest overall. So I would just like an update, I guess, relative to fourth quarter contribution, what's partner influence and how we should think about 2019 relative to that metric.

既然你們正在談合作夥伴，也許你可以分享一下今年在「合作夥伴影響」方面看到的一些成功案例。我記得相較於占比，它在前三個季度有所上升，但整體仍然不算高。所以我想請你更新一下，尤其是第四季的貢獻：合作夥伴影響是多少，以及我們應該如何看待 2019 年相對於這個指標的表現。

Yes. What I would say, Rob, is there's a partner involved in almost every one of our large deals that we do. In terms of -- as you know, very little of our business goes through the channel, but our deals are heavily influenced by our partners. And we think it was somewhere, for the full year or for Q4, you look at our top deals, it was 79% influenced and sourced was 29% that's worked through the channel.

是的。Rob，我想說的是，我們幾乎每一筆大型交易都會有合作夥伴參與。就——如你所知，我們的業務真正透過通路成交的比例很小，但我們的交易在很大程度上受到合作夥伴的影響。我們認為，若看全年或第四季，聚焦在我們的頂級交易，受影響的比例是 79%，而透過通路促成（sourced）的比例是 29%。

Sure.

了解。

But what I would say, we're getting better. Again, we have a nice new strong leader in our partner ecosystem, David Parsons, who's joined us in the fourth quarter. And just in the last 60 days, we've had top-to-tops with 3 of our top 4 at size. And I can tell you that the -- they're all saying comparable things to us, namely that ServiceNow is one of, if not the largest practice -- or I'm sorry, one of, if not the fastest growth practice. We want to go comb the largest practice, that's the aspiration, but we're getting better in partnering with them, and that's on both sides. I might say 12 months ago, we might have had alliance people talking to alliance people. And today, we have, I'll say Philip van der Wilt, who runs our European business, he has made a real effort to ensure that our U.K. leader and specific account execs on U.K. accounts are talking to their partner counterparts on those accounts. So there's more joint planning at accounts. There's more joint sales campaigns. And so I think we are, in some ways, I'd use a reference inside that on a scale of 1 to 10 where 10 is world-class, we've gone from a 2 to a 4 in the last year. We're twice as good than we are a year ago, but we're a 4 and we want to be 10 and world-class, and the partners feel the same way.

但我想說的是，我們正在變得更好。同樣地，我們在合作夥伴生態系有一位很強的新領導者 David Parsons，他在第四季加入我們。而且就在過去 60 天內，我們已經和規模最大的前四名中的三家做了 top-to-top（高層對高層）會談。我可以告訴你，他們都對我們說了類似的話，也就是 ServiceNow 是他們成長最快的實務之一——如果不是最大，也是其中之一。我們希望把它打造成最大的實務，這是我們的目標；但我們在與他們合作方面正在變得更好，而且是雙方都在進步。我可能會說，12 個月前，我們可能還是聯盟（alliance）的人在跟聯盟的人對話。而今天，我們例如負責歐洲業務的 Philip van der Wilt，他非常努力確保我們英國的負責人以及英國客戶的特定客戶經理（account execs），會與那些客戶對應的合作夥伴窗口進行對話。因此在客戶層面有更多的聯合規劃。也有更多的聯合銷售活動。所以我認為在某些方面，如果用內部常用的 1 到 10 的尺度來比喻，10 代表世界級，我們在過去一年從 2 進步到 4。我們比一年前好了一倍，但我們現在是 4，我們想成為 10、成為世界級，而合作夥伴也有同樣的感受。

So it's getting increased attention. I think strong leadership from Dave Parsons and our aligned organization is now embracing partners, recognizing that you can't get to digital transformation, which is software, just a platform. You need a really strong partner to help reengineer the processes and ensure that the implementation is done in a high-quality, out-of-the-box manner. So partners are very important to our success and we are going to continue to get better and better at making sure we operate strategically and effectively with it.

所以它正受到更多關注。我認為在 Dave Parsons 的強力領導下，以及我們對齊的組織現在正在擁抱合作夥伴，並認知到：你不可能只靠軟體、只靠平台就完成數位轉型。你需要非常強的合作夥伴來協助重新設計流程，並確保導入能以高品質、開箱即用的方式完成。因此合作夥伴對我們的成功非常重要，我們也會持續變得越來越好，確保我們能以策略性且有效的方式與其合作。

Great. And then, John, since you provided the segue again for me, I guess, on the international front, you talked about the acceleration. Any changes behind that international acceleration? Is it just maturation or is it more in your go-to-market efforts?

很好。接著，John，既然你又替我鋪了梗，我想在國際市場方面，你提到了加速成長。這個國際加速背後有任何變化嗎？這只是市場成熟度提升，還是更多來自你們 go-to-market 的努力？

I think on Philip -- there's no simple answer to that, but I'll just make maybe one or 2 observations that -- these are not silver bullets, but they're among things. Our European team has done a really nice job of being innovators inside of our company. And so Philip and team were the first that they identified the top 35 strategic accounts in Europe and they did the best account planning. One of our leaders, Michael Maas, there has a template that we just rolled out at our sales kickoff. Michael ran Northern Europe and he has a template of how we build a strategic plan with the customer, a shared strategic plan around the -- around their company's strategic priorities, around the CIO's priorities, around the business outcomes they're trying drive in digital transformation and how the Now Platform is helping them achieve those outcomes to achieve the results. And so, I guess, I don't look at the math of those exact 35 accounts, but I think the kind of account coverage and dialogue and elevating their way into the strategic -- into the C-suite, they've done a really nice job in Europe and as well on the frontline, how our CS people partner -- our customer success people are partnering with the product line specialists who partner with the Inspire team. In some places, in the U.S., we're different buildings from one another. Often in our European offices, they're on the same floor. And so it really has helped us lead the way in some ways internally about best practices, about how we can have a real strategic conversation with the customer and drive toward customer value and outcomes and then that leads to the expansion. And that is -- it's not rocket science, but it's a formula that it's proving its way out.

我想就 Philip——這沒有一個簡單的答案，但我先提出一兩點觀察——這些不是靈丹妙藥，但它們是其中一些因素。我們的歐洲團隊在公司內部做了非常好的創新示範。因此 Philip 和團隊是最早在歐洲識別出前 35 個策略性客戶，並且做出最佳客戶規劃的團隊。我們那邊的一位領導者 Michael Maas 做了一個範本，我們剛在銷售啟動大會上把它推廣出去。Michael 曾負責北歐，他有一個範本，說明我們如何與客戶共同建立策略計畫——一個共享的策略計畫，圍繞他們公司的策略優先事項、圍繞 CIO 的優先事項、圍繞他們在數位轉型中想要推動的業務成果，以及 Now Platform 如何幫助他們達成那些成果、取得結果。所以，我想我沒有去看那 35 個客戶的精確數學拆解，但我認為在那種客戶覆蓋、對話品質、以及把對話提升到策略層級——進入 C-suite（高階主管層）方面，他們在歐洲做得非常好；同時在第一線，我們的 CS 團隊——我們的客戶成功團隊——如何與產品線專家合作、再與 Inspire 團隊合作，也做得很好。在某些地方，在美國，我們彼此在不同的辦公大樓。但在我們的歐洲辦公室，他們往往在同一層樓。因此在某些方面，它確實幫助我們在內部引領最佳實務：如何與客戶進行真正的策略性對話，推動客戶價值與成果，然後進而帶來擴張。而這——這不是什麼火箭科學，但它是一個正在被驗證有效的公式。

Anything you'd add, Mike?

你還想補充什麼嗎，Mike？

I would add to that. I think a lot of the investments that Philip has made over the last few years in new sales leadership in Europe is really paying off as well too because remember, this is a long sales cycle. When you change the leader, many times, they change people out. And I think we have a very stable sales organization in Europe. We made some big investments in Germany in 2018 that I think are going to pay off big time in '19 and '20. And so I think leadership is really what's been driving a lot of the outperformance in EMEA.

我會補充一下。我認為 Philip 過去幾年在歐洲新銷售領導團隊上的許多投資也確實開始見到成效，因為請記得，這是一個很長的銷售週期。當你更換領導者時，很多時候他們也會把人員換掉。而我認為我們在歐洲擁有非常穩定的銷售組織。我們在 2018 年於德國做了一些重大投資，我認為這些投資將在 2019 年與 2020 年帶來很大的回報。因此我認為，領導力確實是推動 EMEA 地區多數超預期表現的關鍵。

Our next question comes from Samad Samana with Jefferies.

下一個問題來自 Jefferies 的 Samad Samana。

So I wanted to ask about the 6 $1 million-plus deals that were new customers to ServiceNow in the quarter. A couple of questions. First, of those deals, were any of them driven by noncore ITSM where the customer came in because of either HR or CSM? And then the second question I have on that is, was there any change in who ServiceNow is competing against and/or what they are replacing in those deals?

我想問一下本季有 6 筆 100 萬美元以上、且是 ServiceNow 新客戶的交易。有幾個問題。第一，在這些交易中，是否有任何一筆是由非核心 ITSM 所帶動，也就是客戶因為 HR 或 CSM 而導入？第二個問題是，在這些交易中，ServiceNow 的競爭對手是否有任何變化，和／或你們在取代的是哪些產品或供應商？

So what I would say is, in those deals, there was a -- some CSM and HR in there, but IT was in all of those deals as well too and it's still IT which is the main driver. One there was HR that helped drive it, but as I said, this is the biggest product. There's other things as well. It's the regular people that we're replacing all the time. It's still, in these larger accounts, it's a pretty big -- they tend to be HP or BMC depending on what the company had chosen, and we're still seeing those replacements.

我會這麼說：在那些交易裡面，確實有一些包含 CSM 和 HR，但所有交易也都包含 IT，而且主要驅動因素仍然是 IT。其中有一筆是 HR 協助推動的，但如我所說，這是最大的產品。另外也還有其他因素。我們一直在取代的就是那些常見的既有供應商。在這些較大型的客戶中，通常會是 HP 或 BMC，取決於公司原先選擇的是哪一家，而我們仍然持續看到這些替換。

And then some of those lower accounts, we're seeing CSM, right? There's a -- down in the -- certainly in the commercial segment, there are a number of new customers starting with the CSM product and then migrating their way. And that's often because the Chief Operating Officer who oversees all elements of that, but not as much as the upper level.

至於一些較小的客戶，我們則看到 CSM，對吧？在商業市場（commercial segment）裡，確實有不少新客戶是從 CSM 產品開始，然後再逐步擴展到其他產品。這通常是因為負責監督所有相關面向的營運長（COO）所推動，但在高階大型客戶那邊就沒那麼常見。

And then maybe, Mike, just one follow-up. In terms of -- was there any on-premise revenue in the quarter? I think you called it out last for the third quarter. I know federal tends to drive more of that than your enterprise customers, but just how much was the on-premise revenue this year in the fourth quarter versus last year?

另外，Mike，我再追問一個問題。就——本季是否有任何地端（on-premise）營收？我記得你們上次是在第三季特別提到。我知道聯邦政府客戶通常比企業客戶更會帶動這部分，但今年第四季的地端營收相較去年第四季大概是多少？

In the fourth quarter -- the fourth quarter was $29 million in comparison to $26 million in Q4 of '17. That's actually down from Q3. Q3 tends to be our biggest on-prem because that's a big federal quarter and a lot of our federal customers are on-prem due to security requirements.

第四季——第四季是 2,900 萬美元，相較於 2017 年第四季的 2,600 萬美元。其實這比第三季還低。第三季通常是我們地端營收最高的季度，因為那是聯邦政府的大季度，而我們許多聯邦客戶因安全要求而採用地端部署。

Our next question comes from Walter Pritchard with Citi.

下一個問題來自 Citi 的 Walter Pritchard。

A question for Mike. Just wondering on the metrics here as we look forward now, you've had about a year and some time to look at the backlog number and help maybe just understand how to think about that would be helpful. I think we've become accustomed to looking at billings as a sort of a leading indicator. How are you thinking about billings and backlog now as you've had more time under your belt, just looking at how those play out?

有個問題想請教 Mike。我想了解一下這裡的指標：展望未來，你已經有大約一年多的時間觀察 backlog（在手訂單／待履約合約）數字，若能幫我們理解該如何看待它會很有幫助。我想我們已經習慣把 billings（開立帳單金額）視為某種領先指標。在你累積更多經驗後，你現在如何看待 billings 與 backlog？從它們的表現來看，你怎麼思考？

We will continue for 2019 to give guidance around billings and you will see the backlog in our Qs when we file our Qs as required under 606.

我們在 2019 年仍會持續提供關於 billings 的指引，而你們也會在我們依 606 規定提交季度報告（Qs）時，在其中看到 backlog。

And just maybe a follow-up to that, Mike. Just in terms of managing the business, how do you think about sort of managing on those 2 metrics then? And as we orient our models going forward, should we be (inaudible) or not?

再追問一下，Mike。就經營管理的角度，你如何看待用這兩個指標來管理業務？而我們在建立未來模型時，是否應該（聽不清）或不應該？

The way we manage the business and how we have managed the business is net new ACV. And you see that annually in the proxy and you will get a proxy for it by now, seeing the backlog on a quarterly basis and the disclosures around what's going to roll off over the next 12 months. That's how we manage the business.

我們管理業務的方式，以及一直以來管理業務的方式，是看淨新增 ACV。你們會在年度委託書（proxy）中看到這個數字；而現在你們也可以透過每季看到的 backlog，以及關於未來 12 個月將到期／轉出部分的揭露，來取得一個替代性的觀察指標。這就是我們管理業務的方式。

Our next question comes from Michael Turits with Raymond James.

下一個問題來自 Raymond James 的 Michael Turits。

One for Mike and one for John. First, for John, how do you think about expansion strategically in 2 areas: One, security; and 2, in ITOM?

一個問題給 Mike，一個問題給 John。先問 John：你如何從策略角度看待在兩個領域的擴張：第一是資安；第二是 ITOM？

And then for Mike, just a clarification with IT, up 58% of new ACV this quarter. Is that only because everything else grew so fast? Or if we did the math, would we come out with less growth in the fourth quarter? I know you said you did well for the year.

再問 Mike：關於 IT，本季淨新增 ACV 中 IT 佔比上升到 58%，我想確認一下。這只是因為其他項目成長太快嗎？還是如果我們自己計算，第四季其實會得出較低的成長？我知道你說你們全年表現不錯。

Michael, I mean, I'll say what I always say. We start with the customer in mind and we listen to our customers. And as we think about the IT workflow, that group of products, what we're asking CIOs and what they're asking us is how we can help them build the modern IT shop of the future. And so our ITOM business, our ITOM product, which had a very strong year, is increasing. Whether it's service mapping or some of the other products within ITOM, they view it as important and so we're investing in that and we're trying to ensure that we have both modern -- we have both legacy ITOM capabilities and modern ITOM capabilities. And so I think that will continue to be an area of investment and focus.

Michael，我的意思是，我會說我一直以來都說的：我們以客戶為出發點，並傾聽客戶。當我們思考 IT workflow 這一組產品時，我們在問 CIO 的、以及 CIO 問我們的，是我們如何協助他們打造未來的現代化 IT 組織。因此我們的 ITOM 業務、我們的 ITOM 產品在今年表現非常強勁，也正在成長。不論是服務映射（service mapping）或 ITOM 內的其他產品，他們都認為這很重要，所以我們正在投入資源，並確保我們同時具備現代化——同時具備傳統 ITOM 能力與現代 ITOM 能力。因此我認為這將持續是我們投資與聚焦的領域。

And then in security, it's -- to be clear, we play a, I'll call it, a fairly narrow role or a specific role in security. We do infinite response and vulnerability response. And in many ways, that should take in the core competence of what our platform does and applying it to IT use -- or sorry, security use cases. And so I don't see us getting into fundamentally new areas of security where there are already solutions existing. If they're a natural extension of our platform that help a CIO or a CISO build a better overall security experience or better overall security portfolio, then we'll look at them, but it's not a market segment per se and we're going to say let's pursue it because they're -- it's a very crowded and, frankly, fragmented arena. An area that we do see, and we initially had this in our security organization, but it's really -- it's partly security-related, but it's, I think, somewhat distinct, we see a lot of demand for GRC, government risk and compliance -- governance risk and compliance. And as audit committees and CIOs, CISOs, CFOs look for greater scrutiny around those 3 separate but related areas, our GRC product and our platform, we think has enormous opportunity. And so the GRC product grew very aggressively in 2018. I think it will continue in 2019. I'll just tell one small story of the kind of thing, I think, we can see more of. I had a CIO of a -- probably a global 20 company call me last year and he said, "You know, John, ServiceNow is my one source of truth for our GRC and how we -- and I have to report to the audit committee every quarter on our enterprise risk. Why can't I just show the ServiceNow dashboard to my audit committee as the authoritative dashboard, authoritative source of the enterprise-wide risk data? And could you work with our accountants, and in this case it was Pricewaterhouse, to see if you could get it blessed and validated?" And so that -- whether that happens exactly or not, we're working on it, but more it's the kind of customer demand where they're saying, "We've got so much going on in governance risk and compliance. If I can pull it together into a coherent set of metrics and dashboards, I can run my business, manage and avoid risk and ensure that we're compliant." That's an area, I don't know if you call that security or not, but that's an area we think there's a lot of opportunity for ServiceNow. And our platform is uniquely positioned to help you [have] a strong solution on that.

接著談到資安，先說清楚，我們在資安領域扮演的角色——我會稱之為——相當聚焦或特定的角色。我們做事件回應與弱點回應。而在很多方面，這應該是把我們平台的核心能力納入，並將其應用到 IT 使用——或抱歉，資安使用情境上。因此，我不認為我們會進入資安中那些本質上全新的領域，因為那裡已經有既有解決方案。如果它們是我們平台的自然延伸，能幫助 CIO 或 CISO 建立更好的整體資安體驗或更好的整體資安產品組合，我們就會評估，但那並不是一個我們會說「這是一個市場區隔，我們要去追」的領域，因為——那是一個非常擁擠且坦白說相當分散的競技場。我們確實看到的一個領域，而且我們一開始把它放在資安組織裡，但其實——它部分與資安相關，但我認為也有些不同——我們看到對 GRC 的需求很大，也就是治理、風險與合規（governance, risk and compliance）。當審計委員會以及 CIO、CISO、CFO 對這三個彼此獨立但相關的領域要求更高的檢視力度時，我們的 GRC 產品與平台，我們認為有巨大的機會。因此，GRC 產品在 2018 年成長非常強勁。我認為 2019 年會持續。我只分享一個小故事，說明我認為我們可能會看到更多的這類情況。去年有一家——可能是全球前 20 大企業——的 CIO 打電話給我，他說：「你知道嗎，John，ServiceNow 是我們 GRC 的唯一真實來源（one source of truth），而且我每一季都必須向審計委員會報告我們的企業風險。為什麼我不能直接把 ServiceNow 的儀表板展示給審計委員會，作為權威儀表板、作為企業全域風險資料的權威來源呢？」「你能不能和我們的會計師合作——這個案例是普華永道（Pricewaterhouse）——看看能否讓它被認可並完成驗證？」所以——這件事是否會完全照那樣發生，我們正在推進，但更重要的是，這反映了客戶需求：他們在說：「我們在治理、風險與合規上有太多事情在進行。如果我能把它整合成一套一致的指標與儀表板，我就能經營我的業務、管理並避免風險，並確保我們合規。」這個領域，我不知道你是否把它稱為資安，但我們認為這是 ServiceNow 有很多機會的領域。而我們的平台在協助你[擁有]一個強而有力的解決方案方面，具備獨特的定位。

So on your question with regards to growth, IT was very strong for the full year. It was a strong in Q4, but emerging growth was very strong in Q4 that shadowed that and you can see that in the IR deck.

所以針對你關於成長的問題，IT 在全年表現非常強勁。第四季也很強，但新興成長在第四季非常強勁，幾乎蓋過了它，你可以在 IR 簡報中看到。

Our next question comes from Keith Weiss with Morgan Stanley.

我們的下一個問題來自 Morgan Stanley 的 Keith Weiss。

This is Sanjit Singh. I wanted to revisit some of the topics that were addressed a little bit earlier. I guess, which of these opportunities do you feel is going to be most impactful to the business? On one hand, you have -- John, as you said, you mentioned helping CIOs reinvent IT. And then on the other side of the equation, you're seeing -- you're helping customers digitize the front office. And maybe a way of framing it, if Michael came to you, John and said I need a grant. We found another $100 million in the budget, where would you deploy that $100 million in terms of those 2 -- in terms of the various opportunities you have in front of you first?

我是 Sanjit Singh。我想回到稍早提到的一些主題。我想問，在這些機會之中，你覺得哪一個會對業務帶來最大的影響？一方面，你有——John，如你所說，你提到協助 CIO 重塑 IT。另一方面，你也看到——你們正在協助客戶將前台（front office）數位化。也許換個方式來問，如果 Michael 來找你，John，說我需要一筆撥款。我們在預算裡又找到 1 億美元，你會把這 1 億美元部署到哪裡——在這兩個——在你面前的各種機會之中，優先會投到哪裡？

Characterize those 2 again for me to make sure I understand.

請你再把那兩個機會描述一次，讓我確認我理解正確。

Yes. So just if you think about just at the core IT business and helping customers reinvent the IT department or IT operations and then in areas like HR and customer service where you guys are seeing large-sized deals, which of those sort of opportunities broadly do you think are -- is going to be the most impactful to the business, whether it's in ROI or durability of growth, any way that you want to frame it.

好的。所以如果你只看核心的 IT 業務，也就是協助客戶重塑 IT 部門或 IT 營運，然後再看像 HR 與客戶服務這些領域——你們在那裡看到大型交易——在這些大方向的機會中，你認為哪一個會對業務影響最大？不論你要用 ROI 或成長的持久性來框架，或用任何你想採用的方式。

The answer to your question is yes. I would just state that IT will continue to be extremely impactful to our business for a very long time. That is the core of our business. And as we've said before, we're very excited about CSM and HR because they land new opportunities for us without being in IT and -- but we're excited about all of our emerging products. And then your question around if we had another $100 million, where would we invest it? Where would you? Double down on Customer Service Management. That's a massive opportunity.

你這個問題的答案是：是的。我只想說，IT 在很長一段時間內仍會對我們的業務極具影響力。那是我們業務的核心。而且如同我們之前說過的，我們對 CSM 與 HR 非常興奮，因為它們讓我們在不依賴 IT 的情況下切入新的機會——但我們也對所有新興產品感到興奮。至於你問如果我們多了 1 億美元，我們會投到哪裡？你會投到哪裡？加碼投資客戶服務管理（Customer Service Management）。那是一個巨大的機會。

I mean, yes, we have -- just one other comment I'd make. Software, for the last 30 years, has been very functionally defined and functionally bought. And that may have improved operations and functions, but it didn't really drive great productivity and better experiences at work because, actually, most business processes at work for employees and for customers are fundamentally cross-functional in nature. And what a cloud platform like ServiceNow does is that it enables a cross-functional -- using software, using platform to drive cross-functional processes. And so I think what we're seeing is even the distinctions, the historical -- it's back to the first answer I gave in this call around the end-to-end employee experience. When you think digital transformation inside a company, you've got to think cross-functionally. Even our Customer Service Management product is -- when a customer has a problem, you're getting to the root cause of that problem. The root cause often touches product, legal, compliance, engineering, marketing. And so it's cross-functional in nature and our platform is uniquely positioned to drive cross-functional workflow. And so you won't see IDC or Gartner [Marimekkos] cut like that, but I do think it is one of the things that's fueling our growth is that unlocking that kind of productivity. As for the incremental $100 million, we've got 5 priorities, and the 5 priorities remain in 2018. We're investing in our product and platform, #1. It's priority #1 in our investment. Organic innovation, ensuring we don't take our foot off the gas in innovation. Number 2, we're investing in a end-to-end customer -- or end-to-end go-to-market motion. I would put both sales and customer success in it. I guess these are 4. Number 3, talent. We're growing out our talent globally. Talent is the lifeblood of any company that wants to build and endure for long-term. And then investment priority #4, which we just really, for the first time, are doing -- is our brand and doing things to elevate our company brand. I hope you've seen the fabulous ServiceNow TV commercial that we've been running on CNBC and the Golf Channel as I mentioned in my remarks. There's another way we can raise our visibility with C-suite executives.

我的意思是，是的——我還想補充一點。過去 30 年，軟體一直是以功能來定義、也以功能來採購。那或許改善了營運與各項職能，但它並沒有真正帶來很高的生產力與更好的工作體驗，因為事實上，員工與客戶在工作中的大多數業務流程，本質上都是跨職能的。而像 ServiceNow 這樣的雲端平台所做的，是讓你能用軟體、用平台來推動跨職能流程。因此我認為我們看到的是，即便是那些區分、那些歷史上的——這又回到我在這通電話一開始給的第一個答案，關於端到端的員工體驗。當你思考企業內部的數位轉型時，你必須以跨職能的角度來思考。即便是我們的客戶服務管理產品——當客戶遇到問題時，你要追溯到問題的根因。而根因往往會牽涉到產品、法務、合規、工程、行銷。因此它本質上是跨職能的，而我們的平台在推動跨職能工作流程方面具備獨特的定位。所以你不會看到 IDC 或 Gartner 的[Marimekkos] 圖表用那樣的方式切分，但我確實認為，推動我們成長的因素之一，就是釋放那種生產力。至於額外的 1 億美元，我們有 5 個優先事項，而這 5 個優先事項在 2018 年維持不變。我們投資在產品與平台，#1。這是我們投資的第一優先。有機創新，確保我們在創新上不鬆油門。第二，我們投資在端到端的客戶——或端到端的市場推進（go-to-market）動能。我會把銷售與客戶成功都包含在其中。我想這些是 4 個。第三，人才。我們在全球擴充我們的人才隊伍。人才是任何想要長期建立並持續發展的公司的命脈。然後投資優先事項 #4——也是我們真的第一次在做的——是品牌，以及提升公司品牌的各種作為。我希望你已經看過我們在 CNBC 與高爾夫頻道投放的精彩 ServiceNow 電視廣告，正如我在談話中提到的。這是我們提高在 C-suite 高階主管間能見度的另一種方式。

I appreciate the thoughts. Maybe just one quick follow-up maybe for Mike. As we head into the Madrid release, how should we think about pricing and potential price increases as a driver in terms of your organic growth in 2019?

感謝您的想法。也許再快速追問一個問題，給 Mike。隨著我們即將推出 Madrid 版本，我們應該如何看待定價以及潛在的漲價，作為 2019 年有機成長的驅動因素？

Price increases are not a driver of our growth at all. They never really have been. Our -- we've never tried to really optimize for price per user. We've always tried to get more usage by our customers and drive what we're extracting out of a customer. That way when they see value in what they're getting out of ServiceNow. So that does not play into 2019 at all.

漲價完全不是我們成長的驅動因素。事實上一直都不是。我們——從來沒有真正試圖去最佳化每位使用者的價格。我們一直都在努力讓客戶更多使用，並提升我們從單一客戶身上所能取得的價值。這樣一來，當他們看到從 ServiceNow 獲得的價值時，所以這在 2019 年完全不會起作用。

Our last question comes from Kash Rangan with Merrill Lynch.

我們的最後一個問題來自美林（Merrill Lynch）的 Kash Rangan。

Okay. I guess, Kash has dropped off the line. So thank you, operator.

好的。我想 Kash 已經掉線了。所以謝謝您，接線員。

As a reminder, a replay of this call will be available as a webcast in the Investors section of our website. Thanks for joining us today, everyone.

提醒一下，本次電話會議的重播將以網路直播的形式，提供於我們網站「投資人」專區。感謝各位今天加入我們。

Ladies and gentlemen, thank you for participating in today's conference. This does conclude today's program and you may all disconnect. Everyone, have a wonderful day.

各位女士、先生，感謝您參與今天的電話會議。今天的議程到此結束，您可以掛線。祝各位有美好的一天。