ServiceNow, Inc. (NOW) 2019 Q2 法說會逐字稿

Good evening. My name is Chris and I will be your conference operator today. At this time, I would like to welcome everyone to the Q2 2019 ServiceNow Earnings Conference Call. (Operator Instructions) Michael Scarpelli, Chief Financial Officer, you may begin your conference.

晚安。我叫 Chris，今天將擔任各位的電話會議主持人。此刻，我謹代表公司歡迎各位參加 ServiceNow 2019 年第二季財報電話會議。(接線員指示) 財務長 Michael Scarpelli，您可以開始會議。

Good afternoon, and thank you for joining us. On the call with me today is John Donahoe, our President and Chief Executive Officer.

午安，感謝各位加入我們。今天與我一同出席電話會議的還有我們的總裁兼執行長 John Donahoe。

During today's call, we will review our second quarter financial results and discuss our financial guidance for the third 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 remaining performance obligation. To see the reconciliation between these non-GAAP and GAAP results, please refer to our press release filed earlier today, our investor presentation and for prior quarters previously filed press releases, all of which are posted at investors.servicenow.com.

在今天的電話會議中，我們將回顧第二季財務結果，並討論 2019 年第三季及全年財務指引。我們想指出，公司除依 GAAP 計算之財務衡量外，亦揭露非 GAAP 結果；非 GAAP 結果並非用以取代或優於依 GAAP 計算之財務衡量。除營收與剩餘履約義務（remaining performance obligation）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 結果之調節表，請參閱我們今日稍早發布並提交的新聞稿、投資人簡報，以及先前季度已提交之新聞稿；上述資料皆刊載於 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 this information is not historical fact. These statements are subject to risks, uncertainties and assumptions. Please refer to the press release and risk factors in documents filed with the Securities and Exchange Commission, including our most recent annual report on Form 10-K and quarterly reports on Form 10-Q for information on risks and certainties that may cause actual results to differ materially from those set forth in such forward-looking statements.

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，以表明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。關於可能導致實際結果與該等前瞻性陳述所述結果出現重大差異之風險與不確定性資訊，請參閱新聞稿以及向美國證券交易委員會提交之文件中的風險因素，包括我們最近一期 Form 10-K 年度報告與 Form 10-Q 季度報告。

I would now like to turn the call over to John.

接下來我想把電話交給 John。

Thanks, Mike. Good afternoon, everyone, and thank you for joining us on today's call.

謝謝，Mike。各位午安，感謝各位參加今天的電話會議。

We delivered another strong quarter, continuing our focus on driving customer success and enabling digital transformation as a strategic partner to the world's largest enterprises. We make work, work better for people. That's our purpose. People want technology to make their lives at work simple, easy and convenient and that's exactly what's happened over the past decade in our lives at home.

我們再度交出強勁的一季，持續聚焦於推動客戶成功，並作為全球最大型企業的策略夥伴，協助其實現數位轉型。我們讓工作更有效率、更適合人。這就是我們的使命。人們希望科技能讓工作生活變得簡單、容易且便利，而這正是過去十年我們在居家生活中所發生的改變。

Cloud-based consumer apps and platforms have made the routine tasks of everyday life at home more simple, easy and convenient.

以雲端為基礎的消費者應用程式與平台，讓居家日常生活中的例行任務變得更簡單、容易且便利。

And now the same thing is happening at work. Digital transformation has become an essential business imperative for companies and governments all over the world and C-suite leaders are embracing cloud-based platforms as a critical component of their digital transformation strategies. That is creating an exciting moment, an inflection point where ServiceNow is well positioned to help make life at work, more like our lives at home: simple, easy and convenient.

而現在，同樣的事情也正在職場發生。數位轉型已成為全球各地企業與政府不可或缺的關鍵要務，而企業高層正將雲端平台視為其數位轉型策略中的關鍵組成。這正創造了一個令人振奮的時刻、一個轉折點：ServiceNow 已做好充分準備，協助讓職場生活更像居家生活——簡單、容易且便利。

I'll speak more about this in a minute, but first let's take a look at the highlights from the quarter. In the second quarter, we closed 39 deals with ACV greater than $1 million. We now have 766 customers doing more than $1 million in business with us annually, which represents 33% growth year-over-year and our renewal rates for the quarter continued to be strong at 98%.

我稍後會再多談一些，但首先讓我們看看本季的重點摘要。第二季我們完成了 39 筆 ACV（年度合約價值）超過 100 萬美元的交易。目前每年與我們合作金額超過 100 萬美元的客戶已達 766 家，年增 33%；本季續約率也持續維持強勁，達 98%。

Our Q2 results continue to demonstrate our strong product portfolio. 17 of our top 20 deals involved 3 or more products and we landed several large deals in the financial services, technology and automotive industries that involved multiple IT products. In fact, we signed one of our largest new customer deals ever with a major financial institution, which purchased most of our IT portfolio. We also had significant wins in CSM with 3 deals over $1 million. Our customer workflow products enhance customer operations management. We help customers manage better their inbound contacts, identifying the root causes of customer issues, working to fix those issues to prevent future problems and automating self-help solutions. That creates great experiences and better outcomes.

我們第二季的成果持續展現出強大的產品組合。前 20 大交易中有 17 筆涉及 3 項或以上產品；我們也在金融服務、科技與汽車產業拿下多筆大型交易，且涉及多項 IT 產品。事實上，我們與一家大型金融機構簽下了史上最大的新客戶交易之一，該客戶採購了我們 IT 產品組合中的大多數產品。我們在 CSM（客戶服務管理）方面也取得重大勝利，包含 3 筆超過 100 萬美元的交易。我們的客戶工作流程產品可強化客戶營運管理。我們協助客戶更妥善管理其來電／來訊等進線聯繫，找出客戶問題的根本原因，著手修復以避免未來再發生，並自動化自助服務解決方案。這能創造絕佳體驗與更好的成果。

Our Knowledge19 customer event in May was our biggest ever and product innovation took center stage, which brings me back to the inflection point I mentioned at the beginning of my remarks. Our Chief Product Officer, CJ Desai, and his global product team continue to do an incredible job delivering product innovations to make work, work better for people and that was evident at Knowledge as we unveiled native mobile capabilities rolling out in our upcoming New York release. I'm personally very excited about our Now mobile and mobile onboarding capabilities. We are delivering easy, intuitive, out-of-the-box mobile capabilities that enable consumer-like experiences across the enterprise, making life at work more like life at home. These are the kinds of experiences that employees expect and demand today.

我們在 5 月舉辦的 Knowledge19 客戶活動是歷來規模最大的一次，產品創新成為全場焦點，這也讓我回到一開始提到的那個轉折點。我們的產品長 CJ Desai 與其全球產品團隊持續以卓越表現推出產品創新，實現「讓工作更有效率、更適合人」的使命；在 Knowledge 大會上，我們揭示了即將於 New York 版本推出的原生行動功能，充分展現了這一點。我個人對 Now mobile 與行動到職（mobile onboarding）功能感到非常興奮。我們提供簡單、直覺、開箱即用的行動功能，讓整個企業都能擁有如同消費者般的體驗，使職場生活更像居家生活。這正是員工在今日所期待並要求的體驗。

Now mobile is designed to easily help employees get work done, solve problems and search for information on the go and our Now mobile onboarding app is purpose built to do one thing very well, make it simple and easy for a new employee to get up to speed fast and get productive quickly. Mobile technology was at the epicenter of the digital transformation in our lives at home, and we believe mobile technology will be at the very center of great experiences at work.

Now mobile 的設計旨在讓員工能輕鬆完成工作、解決問題，並在外出時隨時搜尋資訊；而我們的 Now mobile onboarding 應用程式則是為了把一件事做到最好而打造：讓新進員工能簡單、容易地快速上手並迅速產生生產力。行動科技是我們居家生活數位轉型的核心，我們相信行動科技也將成為職場卓越體驗的核心。

Our recently announced partnership with Microsoft illustrates our focus on accelerating digital transformation for enterprise and government customers. This partnership will enable us to more fully leverage and integrate our platform and products with Microsoft's leading enterprise technology and capabilities. And using Microsoft Azure for workloads in highly regulated industries will help accelerate digital transformation for enterprise and public sector customers. With ServiceNow available through Azure government, U.S. government agencies will be able to leverage their compliance coverage across regulatory standards available through Azure. The U.S. federal government continues to look to ServiceNow as an important strategic partner as it modernizes its IT infrastructure and accelerates the use of modern technology to digitally transform how they operate.

我們近期宣布與 Microsoft 的合作夥伴關係，展現了我們致力於加速企業與政府客戶數位轉型的聚焦方向。此合作將使我們能更充分運用並整合我們的平台與產品，結合 Microsoft 領先的企業級技術與能力。此外，在高度監管產業中使用 Microsoft Azure 承載工作負載，將有助於加速企業與公部門客戶的數位轉型。透過 Azure Government 提供 ServiceNow 後，美國政府機關將能運用 Azure 所提供、涵蓋各項監管標準的合規覆蓋。美國聯邦政府在現代化其 IT 基礎架構、並加速採用現代技術以數位化轉型其營運方式的過程中，持續將 ServiceNow 視為重要的策略夥伴。

We'll also be partnering with Microsoft in Australia followed by additional markets in the future. The Microsoft partnership is just one example of how we are enhancing our alliances and partner ecosystem. For example, we also announced in the quarter a strategic agreement with Deloitte. Deloitte and ServiceNow plan to jointly develop, coordinate and bring to market new products, assets and solutions built on the Now Platform. This will help deliver seamless digital experiences across the enterprise, improve workflows and enhance productivity.

我們也將與 Microsoft 在澳洲展開合作，未來並將擴展至更多市場。Microsoft 的合作只是我們強化聯盟與夥伴生態系的其中一個例子。例如，我們也在本季宣布與 Deloitte 達成策略協議。Deloitte 與 ServiceNow 計畫共同開發、協調並推向市場基於 Now Platform 所打造的新產品、資產與解決方案。這將有助於在整個企業提供無縫的數位體驗、改善工作流程並提升生產力。

Deloitte will also serve as the lead launch partner for our new financial operations management product, which we announced at Knowledge in May. Our first application is Finance Close Automation, a natural extension of ServiceNow's workflows and platform capabilities. Finance Close Automation will help finance and accounting teams digitize their workflows to reduce Finance Close risk, improve team satisfaction and accelerate the Finance Close process.

Deloitte 也將擔任我們新推出之財務營運管理產品的首席上市合作夥伴；該產品已於 5 月的 Knowledge 大會上宣布。我們的第一個應用是「財務關帳自動化」（Finance Close Automation），這是 ServiceNow 工作流程與平台能力的自然延伸。財務關帳自動化將協助財務與會計團隊將其工作流程數位化，以降低關帳風險、提升團隊滿意度，並加速關帳流程。

At Knowledge, we also announced a number of enhancements to our partner strategy, this includes more intuitive segmentation of our global partner portfolio, better differentiating levels of expertise for our partners and customers.

在 Knowledge 大會上，我們也宣布了多項夥伴策略的強化措施，包括對全球夥伴組合進行更直覺的分群，並更清楚地區分夥伴的專業層級，以服務夥伴與客戶。

We're also implementing a more consistent, proactive and predictable joint go-to-market engagement framework with our partners. Following Knowledge, we held a very successful Partner Executive Summit in early June with 16 of our top global partners. The shared energy and enthusiasm for the opportunities we have to jointly serve our customers was infectious. Creating a robust partner ecosystem is a priority for us, and we're off to a great start. David Parsons, who joined us last year, is doing a terrific job leading this effort.

我們也正在與合作夥伴推動一套更一致、更主動且更可預期的聯合市場推進（go-to-market）合作框架。繼 Knowledge 之後，我們於 6 月初與 16 家全球頂尖合作夥伴舉辦了一場非常成功的合作夥伴高階主管高峰會。我們共同為能攜手服務客戶所擁有的機會而展現的能量與熱情極具感染力。打造強健的合作夥伴生態系是我們的優先事項，而我們已經有了非常好的開始。David Parsons 去年加入我們，正出色地領導這項工作。

Before closing, I want to take a moment to express my deep thanks and appreciation to Mike. As previously announced, Mike is leaving ServiceNow in August. Mike has been with ServiceNow for 8 years and most of you have gotten to know Mike very well during that time. And anyone who has worked with Mike knows what an exceptional CFO and customer-focused leader he has been for our company. Mike joined ServiceNow in 2011 when the company had only 400 employees and was roughly $100 million in revenue. He helped take ServiceNow public in 2012 and has helped create the very foundation for our success. Mike's made many ServiceNow friends over the years, and we will definitely miss him. Personally, I'm deeply appreciative for Mike's partnership over the past 2.5 years. He's been instrumental in our continued success and has helped set the stage for our next phase of growth.

在結束之前，我想花點時間向 Mike 表達我由衷的感謝與敬意。如先前所宣布，Mike 將於 8 月離開 ServiceNow。Mike 在 ServiceNow 任職 8 年，這段期間各位大多也都非常熟悉 Mike。任何與 Mike 共事過的人都知道，他一直是我們公司一位卓越的 CFO，以及以客戶為中心的領導者。Mike 於 2011 年加入 ServiceNow，當時公司僅有 400 名員工，營收約 1 億美元。他協助 ServiceNow 於 2012 年上市，並協助奠定我們成功的根基。多年來 Mike 在 ServiceNow 結交了許多朋友，我們一定會想念他。就我個人而言，我非常感謝過去 2.5 年與 Mike 的合作夥伴關係。他對我們持續的成功至關重要，也協助為下一階段的成長奠定基礎。

We have an active search underway for Mike's successor and Mike's size 16 feet mean his successor has big shoes to fill, literally and figuratively. In all seriousness, there's strong interest in the role, and we will move as quickly as possible to land the right candidate. Meanwhile, Mike leaves a great finance team in place.

我們正在積極尋找 Mike 的接任者，而 Mike 的 16 號大腳意味著他的接任者要填補很大的空缺——無論是字面上還是比喻上。認真來說，這個職位受到高度關注，我們會以最快速度找到合適的人選。同時，Mike 也留下了一支優秀的財務團隊。

In summary, I'm pleased with our continued progress and our focus and commitment on our customers and our teams. It was gratifying to see our momentum recognized during the quarter when Gartner gave us a positive vendor rating in its first-ever review of our full company strategy and vision. We're committed to making the world of work, work better for people and we're focused on building deep customer relationships to enable their digital transformations. Technology should make life at work as easy as our lives at home. That's the future of work, and we intend to help make it happen.

總結來說，我對我們持續的進展，以及我們對客戶與團隊的專注與承諾感到滿意。令人欣慰的是，本季我們的動能獲得肯定：Gartner 在其首次針對我們整體公司策略與願景的評估中，給予我們正面的供應商評等。我們致力於讓工作世界對人們而言運作得更好，並專注於建立深厚的客戶關係，以推動其數位轉型。科技應該讓工作中的生活像家中的生活一樣輕鬆。那就是工作的未來，而我們打算協助讓它成真。

Now I'll turn it back over to Mike.

現在我把時間交回給 Mike。

Thank you, John. I appreciate those kind words.

謝謝你，John。我很感謝你那些溫暖的話。

Now let's dive into the highlights from the quarter.

現在讓我們深入看看本季的重點。

Subscription revenues for the first quarter were $781 million, representing 36% year-over-year adjusted growth, including $17 million of foreign exchange headwind. Our subscription revenues were negatively impacted by a few self-hosted renewals shifting from Q2 to Q3, the largest of which was a federal customer we are working with to consolidate contracts and expand their customer relationship with us in Q3. Well, the nature of early and late renewals was similar in Q2 versus previous quarters. The late renewals in Q2 were self-hosted contracts, which pushed more upfront revenue recognition into Q3. We're on track to close these contracts in Q3.

第一季訂閱營收為 7.81 億美元，年增 36%（調整後），其中包含 1,700 萬美元的外匯逆風。我們的訂閱營收受到少數自建（self-hosted）續約案由第二季延後至第三季的影響而下滑，其中最大的一筆為一位聯邦政府客戶；我們正與其合作於第三季整併合約並擴大與我們的合作關係。整體而言，第二季提前與延後續約的性質與前幾季相近。第二季的延後續約為自建合約，這使得更多一次性（upfront）的營收認列推遲到第三季。我們正按計畫在第三季完成這些合約的簽訂。

Subscription billings were $817 million, representing 34% year-over-year adjusted growth, including $17 million of foreign exchange headwind and a $6 million duration tailwind, respectively. Our remaining performance obligations, or RPO, ended the second quarter at approximately $5.4 billion, representing 36% year-over-year adjusted growth, including $53 million of foreign exchange headwind. Current RPO, which represents RPO that will be recognized as revenue in the next 12 months, was approximately $2.7 billion, representing 37% year-over-year adjusted growth, including $26 million of foreign exchange headwinds.

訂閱帳單金額（subscription billings）為 8.17 億美元，年增 34%（調整後），其中分別包含 1,700 萬美元的外匯逆風與 600 萬美元的期間（duration）順風。我們的剩餘履約義務（remaining performance obligations，RPO）在第二季末約為 54 億美元，年增 36%（調整後），其中包含 5,300 萬美元的外匯逆風。目前 RPO（current RPO），亦即未來 12 個月內將認列為營收的 RPO，約為 27 億美元，年增 37%（調整後），其中包含 2,600 萬美元的外匯逆風。

Moving on to profitability. Our Q2 operating margin was 18% driven by a shift of expenses that will be realized in Q3 and our free cash flow margin was 23%. With talent being a top company priority, we continue to invest in our people and attract top talent. We successfully onboarded a record 700-plus net new employees in Q2.

接著談獲利能力。我們第二季營業利益率為 18%，主要受部分費用移轉、將於第三季反映所帶動；自由現金流利益率為 23%。人才是公司最優先的事項之一，我們持續投資於員工並吸引頂尖人才。我們在第二季成功到職（onboard）創紀錄的 700 多名淨新增員工。

Now let's turn to guidance for the third quarter and full year 2019. For Q3, we expect subscription revenues between $830 million and $835 million, representing 33% to 34% year-over-year adjusted growth, including approximately $6 million of foreign exchange headwind. We expect subscription billings between $848 million and $853 million, representing 27% to 28% year-over-year adjusted growth, including approximately $6 million and $3 million of foreign exchange and duration headwind, respectively. As a reminder, we expect billings to continue to become seasonally stronger in Q4 as it is our largest new bookings in renewals quarter each year. We expect a 23% operating margin and 195 million diluted weighted average shares outstanding.

現在讓我們來看第三季與 2019 全年的財測指引。第三季方面，我們預期訂閱營收介於 8.30 億至 8.35 億美元，年增 33% 至 34%（調整後），其中包含約 600 萬美元的外匯逆風。我們預期訂閱帳單金額介於 8.48 億至 8.53 億美元，年增 27% 至 28%（調整後），其中分別包含約 600 萬美元的外匯逆風與 300 萬美元的期間（duration）逆風。提醒各位，依季節性因素，我們預期第四季帳單金額將持續走強，因為每年第四季是我們新增訂單與續約金額最大的季度。我們預期營業利益率為 23%，稀釋後加權平均流通股數為 1.95 億股。

We are raising our full year 2019 subscription revenue guidance to between $3.245 billion and $3.255 billion, representing 36% year-over-year adjusted growth, including approximately $44 million of foreign exchange headwinds. We are also raising our full year 2019 subscription billings guidance to between $3.74 billion and $3.75 billion, representing 32% year-over-year adjusted growth, including approximately $47 million and $17 million of foreign exchange and duration headwind, respectively.

我們上調 2019 全年訂閱營收指引至 32.45 億至 32.55 億美元，年增 36%（調整後），其中包含約 4,400 萬美元的外匯逆風。我們也上調 2019 全年訂閱帳單金額指引至 37.4 億至 37.5 億美元，年增 32%（調整後），其中分別包含約 4,700 萬美元的外匯逆風與 1,700 萬美元的期間（duration）逆風。

We are maintaining full year 2019 margin guidance as follows: subscription gross margins of 86%, operating margin of 21% and free cash flow margin of 28%. For the year, we expect diluted weighted average shares outstanding of 194 million.

我們維持 2019 全年利潤率指引如下：訂閱毛利率 86%、營業利益率 21%、自由現金流利益率 28%。全年稀釋後加權平均流通股數預期為 1.94 億股。

Before we get to your questions, I'd like to say that I'm extremely proud of everything ServiceNow has accomplished over the last 8 years and especially the finance team that we have built. During the interim period, before a new CFO joins ServiceNow, Fay Sien Goon, our Chief Accounting Officer will assume the internal role of leading the finance organization; and Lisa Banks, our VP of Investor Relations and Treasury, will be your primary contact; along with the support of Dominic Phillips, our VP of FP&A and Corporate Development, who you've all gotten to know over the last 5 years. It has been a pleasure working with so many great people at the company and all of you on this call. I'm very confident ServiceNow will achieve its long-term aspiration of $10 billion in revenue.

在進入提問之前，我想說我對 ServiceNow 過去 8 年所取得的一切成就感到無比自豪，尤其是我們所建立的財務團隊。在過渡期間、在新任 CFO 加入 ServiceNow 之前，我們的首席會計官 Fay Sien Goon 將承擔內部領導財務組織的角色；而我們投資人關係與財務（Treasury）副總裁 Lisa Banks 將成為各位的主要聯絡窗口；同時也會有各位在過去 5 年已熟悉的財務規劃與分析（FP&A）及企業發展副總裁 Dominic Phillips 的支援。能與公司裡這麼多優秀的人，以及在這通電話上的各位共事，是我的榮幸。我非常有信心 ServiceNow 將達成其長期目標：營收達到 100 億美元。

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

接下來，接線員，您可以開放電話線讓大家提問。

(Operator Instructions) Your first question comes from the line of Jennifer Lowe with UBS.

(接線員指示) 您的第一個問題來自 UBS 的 Jennifer Lowe。

First, I just wanted to start by Mike -- saying, Mike, it's been great getting to know you over these past few years since the IPO, and we look forward to bugging you at [some point], shortly. So thanks for all of your insights, and we look forward to continuing the dialogue in your next role. And on that note, I have a question about billings. Looking at the contracts that pushed out of Q2 into Q3, you mentioned revenue, but presumably that would have impacted billings as well. So first, is that correct? And then secondly, in the context of the broader billings guide, it looks like the full year increase was less than what we saw Q2 beat by, so sort of implicitly a guide down for H2. Shouldn't that push-out potentially be an offset to that? I just wanted to understand the moving pieces a little better.

首先，我只是想先從 Mike 開始——想說，Mike，自從 IPO 以來這幾年能夠認識你真的很棒，我們也期待在不久的將來在[某個時候]再去「打擾」你。所以謝謝你所有的洞見，我們也期待你在下一個職務中能繼續對話。在此我想問一個關於帳單（billings） 的問題。看著那些從 Q2 延後到 Q3 的合約，你提到了營收，但推測這也會影響帳單。所以第一，這樣理解正確嗎？第二，在更廣泛的帳單指引脈絡下，看起來全年增幅低於我們看到 Q2 超預期的幅度，所以某種程度上等同於對下半年（H2）隱含下修指引。那麼這個延後不應該可能對此形成抵銷嗎？我只是想更清楚理解這些變動因素。

No, so your first question is, yes, those renewals that got pushed did negatively impact billings as well, actually more than revenue, but that's purely timing and that was already reflected in our billing guide for the full year as well remember there's a number of things that go into billings. A big piece of billings is renewals. There were early renewals that happened in Q2 as well, too, which took from Q3, which really had no impact on the full year of billings because they were already being forecast in Q3, which got pulled into Q2. And as I said in my calls, the normal push-outs and pull-ins of renewals was normal. The only difference was this quarter a lot of the ones that got pushed were self-hosted and it was principally with some of the government deals that we have.

不，你的第一個問題，答案是是的，那些被延後的續約也確實對帳單造成了負面影響，實際上影響比營收更大，但那純粹是時間點的因素，而且也已經反映在我們全年帳單指引中；同時也請記得，帳單是由多個因素構成的。帳單的一大部分是續約。Q2 也發生了一些提前續約，等於從 Q3 挪到 Q2；這對全年帳單其實沒有影響，因為原本就預估會在 Q3 發生，只是被拉到 Q2。而且如我在電話會議中所說，續約正常的延後與提前（push-outs and pull-ins）屬於常態。唯一的差異是，本季被延後的很多是自建部署（self-hosted），主要與我們的一些政府交易有關。

Okay. Great. And you'd also mentioned that this was a record onboarding quarter. There is more than 700 employees added in Q2. And if I look at sort of the disclosures by -- of headcount by role, it looks like sales and marketing growth kind of accelerated in Q2 versus the trend line that we've seen. So I'm just curious what's going on there? Is it just normal fluctuations? Or is there a bit more of a push on the hiring front on sales and marketing? And if so, where are those heads going?

好的。很好。你也提到這是一個創紀錄的到職（onboarding）季度。Q2 新增了超過 700 名員工。如果我看你們按職能揭露的人頭數，銷售與行銷的人數成長在 Q2 似乎相較於我們看到的趨勢線有所加速。所以我想了解這裡發生了什麼？這只是正常波動嗎？還是你們在銷售與行銷端的招募上有更積極的推進？如果是的話，這些人力會配置到哪裡？

So we had a very much a focused push on sales and marketing. Two things, we're focused on pipeline generation and the marketing organization business sales. As we're getting into bigger and bigger accounts, we need to split territories and reallocate accounts to reps, so they can adequately cover those big accounts and that's been part of our strategy for a while.

所以我們確實非常聚焦地推動銷售與行銷的擴編。兩件事：我們聚焦於管線（pipeline）生成，以及行銷組織對業務銷售的支持。隨著我們進入越來越大的客戶，我們需要拆分區域並將客戶重新分配給業務代表，讓他們能夠充分覆蓋這些大型客戶；這也是我們策略的一部分，而且已經推行一段時間了。

Your next question comes from the line of Kirk Materne with Evercore. Your next question comes from the line of Matt Hedberg with RBC Capital Markets.

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

I'll offer, Mike, congrats, as well. It's been great working with you. John, the -- you talked about the Azure partnership in your prepared remarks, it was super pretty interesting. I guess -- I'm wondering if you could provide a bit more detail on that and maybe how should we think about the partnership in terms of -- sort of a dual go-to-market strategy between the 2 companies?

Mike，我也要向你道賀。和你合作一直很愉快。John，你在事先準備的發言中談到了與 Azure 的合作夥伴關係，這點非常有意思。我想——我想知道你是否能提供更多細節，以及我們應該如何看待這項合作：就——某種雙方的雙軌（dual）市場進入（go-to-market）策略而言？

Well, Matt, this actually started in some ways last year when we announced intensive work with Microsoft with particular focus on the federal business, U.S. federal business, and what that really led to was the realization that we could take advantage of the highest security clearance that Azure has in the federal business. There is certain data sovereignty and other security requirements. We have what's called IL5 or FedRAMP High, which has enabled us to build a tremendous federal business. Microsoft has the absolute highest security clearance, IL6. And so we just determined that it would make sense, instead of us building that data center capacity for that market as well as for few other federal markets or federal government markets, that we'd take advantage of Azure and -- as part of that. So that's -- we're taking advantage of their capability and then that's led to a broader conversation around how we can work together and combine our go-to-market efforts. Our product lines are very complementary with each other. In fact, we have over 20 integrations with Microsoft products. That's the largest of any partner. Customers really look to us to work seamlessly together. And so we're coming together to try to make it easier for customers and easier for our go-to-market teams to support each other, both in the federal market, but also we think over time, in the general marketplace. So we're excited about the partnership.

Matt，這其實在某種程度上是從去年開始的，當時我們宣布與 Microsoft 進行密切合作，特別聚焦在聯邦業務，也就是美國聯邦政府業務；而這真正帶來的結果是，我們意識到可以利用 Azure 在聯邦業務中所具備的最高安全等級認證。其中有特定的資料主權（data sovereignty）以及其他安全要求。我們有所謂的 IL5 或 FedRAMP High，這讓我們得以建立非常可觀的聯邦業務。Microsoft 擁有絕對最高的安全等級認證：IL6。因此我們判斷，與其由我們自己為該市場以及少數其他聯邦市場／聯邦政府市場建置資料中心容量，不如改為利用 Azure——作為其中一部分。所以我們是在利用他們的能力，而這也引發了更廣泛的討論：我們如何能一起合作並結合彼此的市場進入（go-to-market）努力。我們的產品線彼此非常互補。事實上，我們與 Microsoft 產品有超過 20 個整合。這是所有合作夥伴中最多的。客戶確實希望我們能無縫協作。因此我們正在攜手，讓客戶更容易使用，也讓我們的 go-to-market 團隊更容易彼此支援，不僅在聯邦市場，也包括我們認為隨著時間推進，在一般商業市場也是如此。所以我們對這項合作夥伴關係感到很興奮。

And then maybe just as a follow-up and it's sort of related, I guess, Mike, you called out some of the self-help federal deals in the quarter that's helpful to kind of think about the linearity here. But staying on the federal side, obviously, it's a huge opportunity. It seems like Microsoft could be a multiyear catalyst, maybe more next year and the year after, but could you talk about the federal opportunity just overall into what is a seasonally strong government quarter?

接著也許再追問一個，這也算相關：Mike，你提到本季有一些自建部署（self-hosted）的聯邦交易，這有助於我們思考這裡的線性（linearity）。但回到聯邦端，顯然這是一個巨大的機會。看起來 Microsoft 可能會成為多年期的催化劑，也許更多會在明年與後年顯現；但你能否談談整體的聯邦機會，尤其是在一個季節性偏強的政府季度中？

We expect Q3 will be a very strong federal quarter for us, but I can't stress enough it's not just the U.S. federal government, we are doing business with governments around the world and that's a key part of that Azure strategy, that a number of those governments around the world have data sovereignty requirements where we don't have data centers and that's the other thing that we're going to leverage out of Azure as well.

我們預期 Q3 對我們而言會是非常強勁的聯邦季度，但我再怎麼強調都不為過：不只是美國聯邦政府，我們也與全球各地的政府做生意，而這也是 Azure 策略的關鍵部分——全球許多政府都有資料主權要求，而我們在那些地方沒有資料中心；這也是我們將透過 Azure 來加以運用的另一項能力。

And I misspoke. We have IL4. The FedRAMP High and IL4.

我剛剛口誤了。我們是 IL4。FedRAMP High 與 IL4。

Your next question comes from the line of Chris Merwin with Goldman Sachs.

下一個問題來自 Goldman Sachs 的 Chris Merwin。

I want to start actually asking about ITSM Pro, anything you can say about where you are with renewals for that. We saw ITSM revenue step up in Q2 in terms of new ACV. Just curious like what percentage of your customers have gone through this renewal cycle and maybe what uptake you've seen so far there?

我想先從 ITSM Pro 開始問起，關於其續約進展你能分享些什麼嗎？我們看到 Q2 的 ITSM 營收在新增 ACV 方面有所提升。我想了解例如有多少比例的客戶已經走過這一輪續約週期，以及到目前為止你們看到的採用（uptake）情況如何？

You have to remember we just introduced ITSM Pro in the last kind of -- it was in Q4 when we really came out with that. On average we sell a 3-year contract, so we're still very much in the early innings of the renewal cycle with our customers on that, but the uptick has been very good. And we expect that will continue.

你要記得，我們其實是在最近才推出 ITSM Pro——真正正式推出是在 Q4。我們平均銷售的是 3 年期合約，所以就此而言，我們與客戶的續約週期仍然非常早期，但成長動能（uptick）非常不錯。而且我們預期這會持續。

Great. And maybe one quick follow-up on ITOM. I think, yes, for new deals we saw customers taking a lot more ITOM this quarter relative to last, but in Q1 we saw that growth rate decelerate. So just curious if we should think about that picking up again in light of what we saw with new ACV?

很好。另外也許再快速追問一個關於 ITOM 的問題。我想，是的，就新交易而言，我們看到本季客戶採購的 ITOM 相較去年多了很多，但在 Q1 我們看到那個成長率有所放緩。所以我想了解，考量我們在新增 ACV 看到的情況，我們是否應該預期它會再次回升？

So as we said quite often is the ITOM deals tend to be big and lumpy. Yes, Q2 was a very strong ITOM quarter, and we do think with a lot of the investments we've been making in ITOM that will continue, but you will see some lumpiness there given the deal sizes.

所以如同我們常常提到的，ITOM 的交易往往規模大、且具有不均勻的波動性。是的，第二季是非常強勁的 ITOM 季度，我們也認為，隨著我們在 ITOM 上持續投入，這樣的動能會延續；但由於交易規模的關係，你仍會看到一定程度的起伏。

I mean, I may just build on that, just for a second, Chris, what I think we're beginning to see more and more is conversations with customers that's not IT product by product by product, but rather it's our IT Suite or our IT portfolio. And the conversations going how do we help them go from legacy IT to modern IT. And so you see more and more deals that have elements across our IT portfolio.

我的意思是，我想再補充一下，Chris。我認為我們開始越來越常看到的是，與客戶的對話不再是以 IT 產品一個接一個來談，而是以我們的 IT 套件或 IT 產品組合來談。而對話的方向是：我們如何協助他們從傳統 IT 走向現代 IT。因此你會看到越來越多的交易，涵蓋我們 IT 產品組合中的多個面向。

Your next question comes from the line of Walter Pritchard from Citi.

下一個問題來自花旗（Citi）的 Walter Pritchard。

Question for John and then a question for Mike. John, first on your end with the CFO transition here, I think we're all thinking one thing that the company's benefited a lot from is the transparency and financial disclosure and things like the slide deck given us a lot of data here. I'm wondering as you go through the CFO search, how important is it to get someone that wants to maintain that little transparency, and how do you think about that in terms of the way you manage the business?

先給 John 一個問題，接著給 Mike 一個問題。John，首先關於這次 CFO 交接，我想大家都在想一件事：公司過去很受益於透明度與財務揭露，例如投影片簡報提供了大量數據。我想請教，在你們進行 CFO 徵選的過程中，找到一位願意維持這種透明度的人有多重要？你又如何把這點納入你管理公司業務的思考？

Well, I think the top priority is to find a CFO that wants to hide everything. Walter, Mike is a great CFO because he's very transparent and my [friend], Bob Swan, was a great CFO because he was very transparent and shared data in a very consistent way. And so clearly, that's going to be -- I almost consider that table stakes for a modern CFO and for the kind of people we're looking for. And so that I would call as kind of core capability. And then we're also looking for our -- I'm also looking for someone who does some of the other things Mike does that maybe you don't see. Mike's a very customer-focused CFO. Mike's always talking to customers. He loves being with customers. And I think that's really important in this business. You can't be a CFO that just sits in the office. You got to be out there with customers.

嗯，我認為首要優先事項是找到一位想把一切都藏起來的 CFO。Walter，Mike 是一位很棒的 CFO，因為他非常透明；而我的[朋友] Bob Swan 也是一位很棒的 CFO，因為他非常透明，並且以非常一致的方式分享數據。所以很明顯，這將會是——我幾乎把它視為現代 CFO 的基本門檻，也是我們在尋找的人才類型所必備的。因此我會把這稱為一種核心能力。另外，我也在尋找一位能做到 Mike 其他一些你可能看不到的事情的人。Mike 是一位非常以客戶為中心的 CFO。Mike 總是在和客戶交流。他很喜歡和客戶在一起。我認為這在這門生意中非常重要。你不能當一個只坐在辦公室裡的 CFO。你必須走出去，和客戶在一起。

The other thing I want to add to that, too, Walter, is you have to remember, it was a team of people behind me that did that transparency, and I don't see any changes in those people there, and we will continue -- or I expect the company will continue with that same level of transparency.

Walter，我也想補充一點：你要記得，推動那種透明度的其實是一個在我背後的團隊；而我看不出那些人有任何變動，我們會繼續——或者我預期公司會繼續維持同樣程度的透明度。

Well, they're sitting right around the table. In other words, they make you look good, Mike, right? They make you and me both look good. Let me just add one more thing that we're looking for, Walter, that Mike does is Mike partners with our senior team to help both coach and mentor them and help accelerate decision-making and help accelerate decisions. And so I'm confident we're going to get -- Mike's been outstanding CFO, and I'm confident we're going to get a -- no one will replace his size 16 shoes, but I'm confident we'll get a strong successor. And we're going to take our time to make sure it's a good one. And as Mike said, between Lisa and Dom and Fay Sien and the entire financing, we have a very strong team that will continue the high-level performance in the interim.

嗯，他們就坐在桌子旁邊。換句話說，他們讓你看起來很出色，Mike，對吧？他們讓你和我都看起來很出色。Walter，我再補充一點我們在尋找、而 Mike 也具備的特質：Mike 會與我們的高階團隊合作，協助教練與指導他們，並幫助加速決策、加速做出決定。所以我很有信心我們會找到——Mike 一直是非常傑出的 CFO，我也很有信心我們會找到一位強而有力的接班人。沒有人能取代他 16 號鞋的尺寸，但我相信我們會找到一位強勁的繼任者。我們會花時間，確保找到合適的人選。而且如同 Mike 所說，在 Lisa、Dom、Fay Sien 以及整個財務團隊的支持下，我們有一支非常強的團隊，能在過渡期間持續維持高水準的表現。

Got it. And on -- I guess for Mike, as we look at billings in Q3, I think one thing, your business has played out a little bit different from a seasonal perspective this year than in past years. And I think last few years you've had a stronger uptick from Q2 to Q3 in terms of billings. I'm wondering if you could walk us through how this year is different and especially what you're thinking about in terms of the strength in the federal business in Q3 given how strong that was as a driver last year.

了解。那麼——我想是給 Mike 的問題：當我們看第三季的帳單金額（billings）時，我認為有一點是，今年你們的業務在季節性表現上，和過去幾年有些不同。而且我想在過去幾年，你們在帳單金額方面，從第二季到第三季通常會有更強的上升幅度。我想請你帶我們了解今年有何不同，特別是你對第三季聯邦業務強度的看法，考量到去年聯邦業務作為驅動因素非常強勁。

So first of all, the federal business will be extremely strong for us. You have to remember I think a lot of those federal deals will actually have October 1 start dates that will have no impact on your billings because they'll sign contracts that will start in their next fiscal year, which is October 1. That federal [growth] down that we've talked to you about in the past. And what I would say too is I think people need to start really focusing on RPO and especially when you look at our current RPO growth rate of 37% year-over-year, we're very happy with how that has grown and I just think as we've been talking about for a while, Q4 is just becoming such a seasonally strong quarter for us because many of our contracts that we sign during the year, they will sign -- they are shorter than 1 year to co -- especially the upsells -- to co-term together on an annual billing cycle and a lot of those billings actually happened on December 31, even though the initial deal may have happened throughout the year.

首先，聯邦業務對我們來說會非常強勁。你要記得，我認為很多聯邦交易實際上會是 10 月 1 日的起始日，這對你們看到的帳單金額不會有影響，因為他們會簽署合約，但合約會在他們下一個會計年度開始，也就是 10 月 1 日。這就是我們過去跟你們談過的聯邦[成長]下滑。另外我想說的是，我認為大家需要開始真正聚焦在 RPO（剩餘履約義務），尤其當你看到我們目前 RPO 年增 37% 的成長率時，我們對這樣的成長非常滿意。我也認為，如同我們談了一段時間的，第四季正變得對我們而言在季節性上非常強，因為我們在一年中簽署的許多合約——它們會簽——其期限短於 1 年，以便共同終止（co-term），特別是加購（upsells）——把它們對齊到年度帳單週期；而其中很多帳單實際上發生在 12 月 31 日，即使最初的交易可能是在一年中的不同時間點完成。

Your next question comes from the line of Sarah Hindlian with Macquarie.

下一個問題來自 Macquarie 的 Sarah Hindlian。

Mike, few CFOs will be as sorely missed, and I hope this is goodbye for now but certainly, not forever. So let me ask you, Mike, as you're leaving, how do you feel about the phase of the company and what's been the most surprising change today versus 8 years ago when you first joined, and I'll buy you a second there to think of an answer for that one. I do have a follow-up for you as well, John.

Mike，很少有 CFO 會像你這樣讓人如此不捨，我希望這只是暫時的道別，但肯定不是永別。所以我想問你，Mike，在你即將離開之際，你如何看待公司所處的階段？以及相較於 8 年前你剛加入時，今天最令你驚訝的變化是什麼？我先給你一點時間想想這個答案。我也有一個後續問題要問你，John。

I feel really good about the company the way that it's set up from a product perspective, a go-to-market. Obviously, we'll continue to evolve but the company today is very different from when the company I joined in 2011. I have more people in my finance organization underneath me than the whole company had at that time. So clearly, there's been a lot of change, but I think with John coming onboard, you got to remember the main purpose John was brought onboard over 2 years ago was really to scale the company to that next level, and I think he's been doing a great job. We've shown you we just had record hiring. So I feel very, very good about where I'm leaving the company right now. And as I mentioned before, you got to remember I'm leaving because I want to go back to a small company and build from scratch.

我對公司目前在產品面與市場推進（go-to-market）的布局感到非常有信心。顯然我們會持續演進，但今天的公司和我在 2011 年加入時已經非常不同。我在財務組織底下的人數，比當時整間公司的人數還多。所以很明顯變化非常大；但我認為 John 加入之後，你要記得，兩年多前把 John 找來的主要目的，就是要把公司擴展到下一個層級，而我認為他做得非常好。我們也向你們展示了，我們剛創下招募人數的新高。所以我對我現在離開時公司的狀態感到非常、非常好。而且如我之前提到的，你要記得我離開是因為我想回到一家小公司，從零開始打造。

Follow-up for you, John. I think one thing that stands out about ServiceNow is that you continue to be a single platform with a single code base and data model across all of your products where perhaps it would be fair to say that other scaled SaaS vendors have faltered. When I think about you and your ability to deliver ongoing product innovation to your customer base, how important is that single platform and code base? And how sustainable is it also?

John，給你的後續問題。我認為 ServiceNow 有一點很突出：你們持續以單一平台、單一程式碼基礎（code base）與資料模型，支撐所有產品；而或許可以說，其他已具規模的 SaaS 供應商在這方面有所失足。當我想到你以及你為客戶群持續交付產品創新的能力時，這個單一平台與程式碼基礎有多重要？而它的可持續性又如何？

Well, I think it's one of the clear strengths of our model and of our platform when customers say that our platform is easy to build on, extensible, it's fast, that's because the discipline the company's always had to make it one platform every time we do an acquisition, a technology tuck-in, we rebuild it into the code whether that's machine learning or chatbot or other functionality. I don't think that will continue to be the core of our core over time. And a lot of our organic innovation will be off our core Now Platform. But I also think over time this is not a religion. And so I could see on our path to $10 billion, we may do an acquisition or even a couple that would add a complementary platform. Nothing specific in mind. I'm making a more general statement, but it's -- and then we just want to make sure that the 2 platforms can connect interchangeably. So it won't be a impediment from continuing to build and scale our organization. And I would tell you, customers say to us that they -- it's not infrequent, they say "Hey, well, we'd really love if you guys are also supporting us in this area." And often that would be with a complementary platform. So I think most of our organic growth will be on the current platform and -- but over time, over a 3-, 5-year time horizon, we could -- you could easily see us adding another platform or 2 through M&A in a very complementary way.

嗯，我認為當客戶說我們的平台很容易在其上建置、具延展性、速度快時，這正是我們模型與平台的明顯優勢之一；這是因為公司一直以來都很自律：每當我們進行併購、技術併入時，都會把它重建並整合進同一個平台的程式碼中，不論是機器學習、聊天機器人或其他功能。我不認為這會在長期持續成為我們核心中的核心。而我們許多有機創新將會建立在我們核心的 Now Platform 之外。但我也認為，長期來看這不是一種信條。因此，在我們邁向 100 億美元的路徑上，我可以想像我們可能會做一筆、甚至幾筆併購，以增加一個互補的平台。目前沒有特定標的。我是在做較一般性的陳述，但重點是——然後我們只想確保這兩個平台能夠互相連接、可互換地運作。因此，這不會成為我們持續建置並擴大組織規模的阻礙。我也會告訴你，客戶常常對我們說——這並不罕見——他們會說：「嘿，如果你們也能在這個領域支援我們就太好了。」而那往往會需要一個互補的平台。所以我認為我們大部分的有機成長會在現有平台上發生——但長期來看，在 3 到 5 年的時間範圍內，你很容易看到我們透過併購以非常互補的方式再增加一到兩個平台。

Your next question comes from the line of Keith Weiss with Morgan Stanley.

下一個問題來自摩根士丹利（Morgan Stanley）的 Keith Weiss。

I wanted to talk to you kind of 2 elements that I think we're talking to a little bit less in kind of recent periods just to check in and see how they're doing. One, being new customer growth, we see the metrics on sort of deal -- sort of customers getting to that $1 million point. I just want to check in and see sort of how like the new customer pipeline is going and getting kind of new customers in the door for the broader platform, number one. And number two, just checking in on the commercial business doing really well growing really big customers. What's the competitive environment sort of the -- look like in the commercial business? How have you guys been faring on that side of the equation?

我想跟你談兩個面向，我覺得我們在最近一段時間談得比較少，想確認一下它們目前的狀況如何。第一是新客戶成長；我們看到一些指標，像是交易——或是客戶達到 100 萬美元門檻的情況。我只是想確認一下，新客戶的管線進展如何，以及把新客戶帶進門、導入更廣泛平台的狀況，這是第一點。第二點是，商業（commercial）業務表現很好，也在成長出很大的客戶。商業業務的競爭環境——大概是什麼樣子？你們在這一端的表現如何？

So the commercial business that continues to do very well for us, but as we've said many times, most of our revenue comes from the larger enterprise business. And so clearly, we put more resources and dollars into the enterprise because it's 75%-plus of our business, but the commercial is very key, especially that's where you tend to keep the competition out on the bottom end of the market from moving up into the enterprise. And new customer adds, we continue every quarter to add customers. We're not disclosing customers on a quarterly basis. It was consistent with what we did last year, but we will disclose that annually. But as we said too, the bulk of our net new ACV in any quarter is coming from our existing installed base of customers. We generally land customers small, but then they quickly grow and you see that in the cohort analysis and there's been no change in that at all. Those customers you can see, we filed -- the presentation they continue to grow. And the second part of your question in terms of what we're seeing in competition. It's really no change down there. We continue to see -- there is Atlassian, I know a lot of investors talk about Atlassian. They tend to be in the lower end of the market. Cherwell tends to be in the lower end of the market. They do try to get up into the smaller enterprise, but there's really been no change there. Obviously, that's in core IT and the CSM is probably the most competitive market out there, but it's the biggest market opportunity out there for us.

我會說，商業業務對我們而言仍然表現非常好，但正如我們多次提到的，我們的大部分營收來自較大型的企業（enterprise）業務。因此很明顯地，我們會把更多資源與資金投入企業端，因為它占我們業務的 75% 以上；但商業端也非常關鍵，特別是它能在市場的低端把競爭者擋在外面，避免他們往上打進企業市場。至於新客戶新增，我們每一季都持續增加客戶。我們不會按季揭露客戶數。它與去年一致，但我們會按年揭露。但如同我們也說過的，每一季我們的淨新增 ACV（年度合約價值）大多來自既有的已安裝客戶基礎。我們通常先以較小規模切入客戶，但他們很快就會成長，你可以在同群（cohort）分析中看到，這點完全沒有改變。你可以看到那些客戶——我們已提交——在簡報中他們仍持續成長。至於你問題的第二部分，也就是我們看到的競爭情況。那邊其實沒有什麼變化。我們持續看到——有 Atlassian，我知道很多投資人會談 Atlassian。他們通常在市場的低端。Cherwell 也通常在市場的低端。他們確實會嘗試往較小型的企業市場上攻，但那邊真的沒有什麼變化。顯然，這是在核心 IT 領域，而 CSM（客戶服務管理）可能是目前最具競爭的市場，但同時也是我們最大的市場機會。

And some of our most I think interesting early CSM wins were in commercial. You see -- I mean what's fascinating is for some smaller companies, they are driving their entire business off ServiceNow. So it's also playing a role. Yes, it's participation of market, but it also helps feed our innovation pipeline because we get to see a COO of a 4,000-person organization drive a lot of their operations, but you see CSM employee experience and IT off the Now Platform. So I almost think there's a little bit of a product development or a product innovation input that we get out of the commercial business.

而且我認為我們一些最有意思的早期 CSM 勝利案例是在商業端。你會看到——我的意思是，令人著迷的是，對某些較小的公司而言，他們是用 ServiceNow 來驅動整個業務。所以它也扮演著一個角色。是的，這是市場參與的一部分，但它也有助於餵養我們的創新管線，因為我們能看到一個擁有 4,000 名員工的組織的 COO 如何推動大量營運；而你會看到 CSM、員工體驗以及 IT 都是建立在 Now Platform 之上。所以我幾乎認為，我們從商業業務中也獲得了一些產品開發或產品創新的輸入。

Your next question comes from the line of Derrick Wood with Cowen and Company.

下一個問題來自 Cowen and Company 的 Derrick Wood。

Last quarter you guys mentioned a bit softer activity out of Europe and I think in general there are more investor questions about the macro and how it's impacting demand. So just wondering if you could shed some light on how you guys saw activity progress from Q1 to Q2 in Europe and how you're feeling about demand trends for the rest of the year?

上一季你們提到歐洲的活動稍微疲弱一些，而我想整體而言，投資人也更常問到總體環境以及它如何影響需求。所以想請你們說明一下，從第一季到第二季，你們在歐洲看到的活動進展如何，以及你們對今年剩餘時間的需求趨勢感受如何？

What I would say is we had a very aggressive plan for the year and Europe was slightly behind. It's planned for the first half, but I kind of see it making up fast in the second half, but overall as a company we're kind of on track to where we need to be. I don't think -- there's nothing that indicates that macro was a concern, but I'm hearing that from our customers. We're not seeing it in terms of -- usually, when you have macro concerns, customers start to slow down on their payments to us and stuff. We're not seeing that at all in our cash flow. So I'm just not seeing it from my perspective in the business now.

我會說，我們今年的計畫非常積極，而歐洲略微落後。這是在上半年計畫中的情況，但我有點看到它在下半年會很快補回來；不過整體而言，公司大致上仍在我們需要達成的軌道上。我不認為——沒有任何跡象顯示總體環境是個疑慮，但我確實從客戶那邊聽到這樣的說法。我們在——通常當你有總體疑慮時，客戶會開始放慢對我們的付款之類的。我們在現金流方面完全沒有看到這種情況。所以就我目前在業務中的觀察，我並沒有看到這個問題。

Okay. And John, I think you mentioned that you're working on building a new framework with your channel and with your partner engagement process. Can you just give us a little more detail around some of the changes and the mechanics that you're working on right now with your partners?

好的。另外，John，我想你提到你正在與通路以及合作夥伴互動流程一起建立一個新的框架。你能否就你們目前正在與合作夥伴推動的一些變更與運作機制，多提供一點細節？

Well, Derrick, to be honest, it's to some extent blocking and tackling. But here's what's happening. For our customer base and certainly our largest customers, for them to get maximum value out of the ServiceNow Platform, they need to reengineer their processes and redesign them. That's how you get the maximum impact of automating your processes, right, automating your workflows. And so the partnering with partners at customers is critically important. It's not just implementation work. It's often more value-added workaround process redesign, change management, culture change. And so we're now being far more strategic in our segmentation of our partners because we work with the very largest ones, the Accentures, the Deloittes, the KPMGs, the DFCs, the IBMs, as well as the next tier as well. And we're just doing fundamental blocking and tackling. Many of these partners say that we're the fastest growing practice in their organization. We're now -- Dave Parsons has brought this mindset of let's build billion dollar plans with our top partners. How do we get to $1 billion over the -- $1 billion for them over the next 3 to 4 years? And that then forces us to focus with different partners on different industries, making sure that our go-to-market teams are aligned with their local go-to-market partners, and that's systematic, and we're jointly innovating with them. So that systematic blocking and tackling, I can tell you it's just, even in the 2.5 years I've been here, we're more coordinated, and I think it's more central to both us and them. I was on the phone this morning with the Vice Chair, or I guess -- he's the Vice Chair of one of the top 5, he's personally sponsoring the ServiceNow relationship and alliance and partnership because he says, we view it as very strategic to our success and our client success, and I said we feel the same way. And so David Parsons and his alliance teams, as I said in my remarks, have just done a very nice job of allowing us to be more focused, more strategic and more disciplined on just how we're going after it. We're also trying to grow new partners. One of the biggest issues we have is there is a shortage of trained, certified ServiceNow professional resources in the market. So we've been doing things like going to universities and trying to grow the number of the pool of trained and certified ServiceNow professionals, but then enter these partners and serve our customers. So that's an important part of our success, and I think over time we'll also get some go-to-market benefits as well.

嗯，Derrick，老實說，這在某種程度上就是基本功。但事情是這樣的。對於我們的客戶群，尤其是我們最大的客戶而言，若要從 ServiceNow 平台獲得最大價值，他們需要重新設計並再造其流程。這就是你如何讓流程自動化、工作流程自動化發揮最大影響力，對吧。因此，與客戶端的合作夥伴協作至關重要。這不只是導入（implementation）工作。更多時候是更具附加價值的流程重設、變革管理、文化變革。因此，我們現在在合作夥伴分群上採取更具策略性的做法，因為我們與最大型的合作夥伴合作——Accenture、Deloitte、KPMG、DFC、IBM——以及下一層級的合作夥伴也同樣合作。而我們就是把基本功做好。許多這些合作夥伴都說，我們是他們組織內成長最快的業務實務（practice）。現在——Dave Parsons 帶來了這樣的思維：讓我們與頂尖合作夥伴一起建立十億美元計畫。我們如何在未來 3 到 4 年內讓他們做到 10 億美元——也就是他們的 10 億美元？而這會迫使我們與不同合作夥伴聚焦於不同產業，確保我們的市場推進（go-to-market）團隊與他們在地的 go-to-market 夥伴對齊，而且這是系統化的，我們也與他們共同創新。所以這種系統化的基本功，我可以告訴你，就在我來的這 2.5 年裡，我們的協同更到位了，而且我認為這對我們和他們都更核心。我今天早上還在電話上和其中一家前五大（事務所/公司）的副主席通話——或者我想他是副主席——他親自贊助 ServiceNow 的合作關係、聯盟與夥伴關係，因為他說，我們把它視為對我們成功與客戶成功都非常具策略性的事情，而我說我們也有同樣的感受。因此，正如我在發言中提到的，David Parsons 和他的聯盟團隊做得非常好，讓我們能更聚焦、更具策略性，也更有紀律地推進。我們也在嘗試培育新的合作夥伴。我們面臨的最大問題之一是，市場上受過訓練、取得認證的 ServiceNow 專業人才資源短缺。所以我們一直在做一些事情，例如走進大學，試圖擴大受訓並取得 ServiceNow 認證的專業人才池，然後讓這些人才進入合作夥伴體系來服務我們的客戶。因此，這是我們成功的重要一環，而且我認為隨著時間推進，我們也會獲得一些 go-to-market 的效益。

Your next question comes from the line of Brad Zelnick with Crédit Suisse.

下一個問題來自 Crédit Suisse 的 Brad Zelnick。

Congrats as well. I've got one question for John and a follow-up for Mike. John, can you maybe expand a bit about the record megadeal you signed in financial services this quarter? What was the evolution of that transaction? And how are you being deployed at this institution and maybe even if you could talk about the pipeline for such megadeals in the future?

也恭喜你們。我有一個問題要問 John，並對 Mike 有一個追問。John，你能否多談一些你們本季在金融服務業簽下的創紀錄大型交易（megadeal）？那筆交易的演進過程是什麼？你們在這家機構內是如何被部署的？另外，如果你也能談談未來這類大型交易的管線（pipeline）就更好了。

I think, what, 5 years, Mike?

我想，是 5 年，Mike？

Five years.

五年。

Five years. And I mean that in a thoughtful way that in many cases what's beginning to happen is clients that are not yet customers, maybe our remedy customers or others, they see when their renewals -- their next renewal is going to be and they begin to reach out to us a year, 2 years, sometimes 3 years before that's coming. So we then work with them so that when that major renewal point for them hits, they migrate over to ServiceNow, and we're prepared to do so. And that was the case here. I will say I was on our call with this organization's CIO, and I think it was 300 to 400 of their organization and literally out of the gate, this has been planned for 6 to 12 months. The deal was signed in the quarter and they are mobilizing for a major transformation based on ServiceNow. And so that literally within 30 days of the deal being signed, they're moving. And I think we're seeing that with more and more of our new customers where we're entering in a more strategic way. It's often they're making investment in ServiceNow's platform not just a single product. And a lot of our presale conversation is around implementation approach. It's not just, oh, buy this great product. It's how can I be sure we're going to get the business value? How can I tap ServiceNow your best practices? How can I make sure we're working with your best third-party partners? But by the way, on this call, I talked about third-party partners, it was us, the partner and the client, all on same call, all focused on the outcomes that they wanted to achieve. And so the conversation is less around product A, product B, it's more around business outcome A and business outcome B that they want to achieve. And that I think -- consistent with us becoming more of a strategic business partner with our customers, which I think is the only way you build sustainable growth. You have to continue to innovate on products, but the more our customers are confident that we deliver strong return on investment and help them achieve their business outcomes, the more sustainable our growth will be and the more our pricing will hold up over time.

五年。我這麼說是經過深思的：在很多情況下，開始發生的是，尚未成為我們客戶的客戶——可能是我們的 Remedy 客戶或其他——他們看到自己的續約——下一次續約——會在什麼時候到來，於是他們會在那之前 1 年、2 年，有時甚至 3 年就開始主動聯繫我們。因此，我們會與他們合作，讓他們在那個重大續約時間點到來時，能夠遷移到 ServiceNow，而我們也已準備好協助他們完成。這次就是這樣的案例。我想說的是，我參加了與該組織 CIO 的電話會議，我記得大概有 300 到 400 位他們組織的人員參與，而且一開始就很明確，這件事已規劃了 6 到 12 個月。交易在本季簽署，他們正動員進行一項以 ServiceNow 為基礎的重大轉型。因此，幾乎在交易簽署後 30 天內，他們就開始推進。我認為我們在越來越多新客戶身上也看到這種情況：我們以更具策略性的方式切入。通常他們投資的是 ServiceNow 的平台，而不只是單一產品。而我們許多售前對話都圍繞在導入方法。不只是「喔，買這個很棒的產品」。而是「我如何確保我們能取得商業價值？」「我如何運用 ServiceNow 的最佳實務？」「我如何確保我們與你們最好的第三方合作夥伴一起合作？」順帶一提，在這通電話上，我談到第三方合作夥伴時，現場就是我們、合作夥伴與客戶三方同在一通電話上，所有人都聚焦在他們想要達成的成果。因此，對話較少圍繞產品 A、產品 B，而更多是圍繞他們想要達成的商業成果 A 與商業成果 B。而我認為——這與我們正逐步成為客戶的策略性商業夥伴一致，我認為這也是建立可持續成長的唯一方式。你必須持續在產品上創新，但客戶越有信心我們能帶來強勁的投資報酬率並協助他們達成商業成果，我們的成長就越可持續，而我們的定價也越能在時間推移中維持韌性。

It's clearly working. And for Mike, Mike, as we retrain our sights to really hone in on RPO this quarter, current RPO, really strong up an adjusted 37%. I know it's not a metric that you're going to specifically guide us to quarterly, but how should we think about it going forward?

顯然這正在奏效。那對 Mike 的問題是，Mike，當我們把焦點重新拉回、真正聚焦在本季的 RPO——當期 RPO——經調整後強勁成長 37%。我知道這不是你會特別按季提供指引的指標，但我們未來應該如何看待它？

Not going to guide it for the rest of the year. We're guiding billings for this year. I do expect as some companies have transitioned to RPO, next year, that's something the new CFO along with the team, I would encourage to consider doing that. We thought about doing it this year, but we wanted 1 year under our belt before we started doing that.

今年剩下的時間不會對它提供指引。我們今年提供的是 billings（帳單金額/開立帳單）指引。我確實預期，隨著一些公司已轉向以 RPO 作為指標，明年這會是新任 CFO 與團隊可以考慮去做的事情，我也會鼓勵他們這麼做。我們今年也想過要做，但我們希望先累積一年的數據基礎，再開始這麼做。

Your next question comes from the line of Raimo Lenschow from Barclays.

下一個問題來自 Barclays 的 Raimo Lenschow。

Mike, all the best. Actually, can I stay on that topic because and since your last call, maybe I'll ask more theoretical question. If I use current RPO to calculate bookings number and bookings were on that calculation 41% so even -- like really, really strong. Can you just kind of -- conceptually, I mean, that should be the cleaner number in theory, so that's why we kind of all looking at that. And why is -- at your scale, to grow 41% bookings is like a crazy good number. Can you just kind of give us some puts and takes there a little bit?

Mike，祝你一切順利。其實我想延續這個主題，因為自從你們上次電話會議之後，也許我問一個更偏理論性的問題。如果我用當期 RPO 來計算 bookings（訂單/簽約額）數字，按那個算法 bookings 是 41%，也就是——非常非常強。你能否從概念上稍微——我的意思是，理論上那應該是更乾淨的數字，所以我們才都在看它。那為什麼——以你們這樣的規模，bookings 成長 41% 是個瘋狂地好的數字。你能否稍微跟我們講講其中的一些利弊取捨（puts and takes）？

Yes. Well, you got to remember a big chunk of that growth is the renewals we signed as well too and renewals is getting a [big] -- we've mentioned it before we crossed over where our renewals number, on an annual basis, is bigger than our net new ACV from customers. So I don't know what else to tell you. It is what it is. It grew very nicely, and we did very closely what you said on that bookings growth.

是的。嗯，你得記得那個成長中有很大一部分也來自我們簽下的續約，而續約正在變成一個[很大]——我們之前提過，我們已經跨過那個門檻：以年度來看，我們的續約金額已經大於來自客戶的淨新增 ACV。所以我也不知道還能跟你說什麼。就是這樣。它成長得非常漂亮，而我們在預訂（bookings）成長上也確實非常貼近你所說的那樣去做。

And then maybe one follow-up, going back to earlier conversation on Q4 getting bigger. So it seems like it's the same kind of co-terming we see on sales force, et cetera, where Q4 is getting bigger and you get, basically, every year like a compounding effect. Are you kind of thinking of breaking that out at some point with the team, when you're talking with the team?

然後也許再追問一個，回到先前談到第四季（Q4）變得更大的話題。所以看起來這有點像我們在 Salesforce 等看到的那種共同到期（co-terming），也就是 Q4 變得更大，而你基本上每年都會有一種複利效應。你是否在想，之後在跟團隊溝通時，某個時間點把這個拆開來講？

What do you mean breaking out in the fourth quarter?

你說的在第四季拆開來講是什麼意思？

Like the compounding effect that you will get there?

像是你在那裡會得到的那種複利效應？

Well, I'm not going to be here in Q4 so I don't think (inaudible) the company on that, but I think that's a good question for Lisa and the next CFO in December.

嗯，我在 Q4 不會在這裡，所以我不認為（聽不清）公司在這件事上，但我覺得這是個好問題，可以在 12 月問 Lisa 和下一任 CFO。

Your next question comes from the line of Tom Roderick with Stifel.

下一個問題來自 Stifel 的 Tom Roderick。

Mike, [all like] a sentiment here and say congratulations on your next gig. It's been great working with you. So one of the metrics just from the presentation that I wanted to sort of call out and see if I can get a better understanding of it, it looks like even despite the currency headwinds, Europe was up a tick on a percentage of revenue basis. So it looks like Europe is accelerating on a reported basis even better than that on constant currency. Can you just talk a little bit about what you're seeing in EMEA and speak to whatever driver is behind the strength you are seeing there?

Mike，我想先表達一下心意，恭喜你接下來的新職務。跟你合作很愉快。所以我想從簡報裡挑一個指標出來，想更了解一下：看起來即使面臨匯率逆風，歐洲在營收占比上仍然小幅上升。所以看起來歐洲在報表口徑下的加速甚至比固定匯率口徑還要更好。你能不能談談你在 EMEA 看到的情況，以及你看到那邊強勁表現背後的驅動因素是什麼？

I'll step back because I think quarter-to-quarter is a little less in any given region like Q4 was really strong in Europe because (inaudible) Got pulled in. Q1, as Mike said, was a little lighter. I've been in Europe a couple of times this year and the fundamentals are very consistent where large multinationals and there are a lot of great large multinationals across Europe are embracing cloud, and we are increasingly a strategic partner in those relationships. One of the markets that we're particularly focused on and excited about is Germany. Germany was relative to other markets a little later in embracing cloud. German multinationals, the German government had more questions around the security of cloud, privacy of data and things. Now the German market is embracing cloud at an accelerating rate. And so we think given the size of that market and it's still younger in that cloud adoption curve, it's a real important area of investment and opportunity for us. The German business had a very strong Q2, and we are going to continue to invest in Germany. I think it offers a large opportunity. So I would say there was nothing discontinuous in, frankly, any of the quarters over the last 4 or 5 quarters with Europe. It's strong and strong demand and our job is to build high-quality relationships with the leading enterprise companies. And as Mike said earlier, governments, we've been having some of the European governments saying we want to do business with you, but you got to have local data sovereignty or you got to have complied with local data regulations and that's where the Azure partnership and potentially future partnerships like that will help us accelerate our ability to serve that part of the European business.

我先退一步看，因為我覺得逐季來看，在任何特定區域都比較不具代表性；像 Q4 歐洲就非常強，因為（聽不清）被提前拉進來了。Q1 如 Mike 所說就稍微淡一些。我今年去過歐洲幾次，基本面非常一致：大型跨國企業——而歐洲有很多很棒的大型跨國企業——正在擁抱雲端，而我們在這些關係中也愈來愈成為策略性合作夥伴。我們特別聚焦且感到興奮的一個市場是德國。相較其他市場，德國在擁抱雲端上稍微晚一些。德國的跨國企業以及德國政府對雲端安全、資料隱私等議題有更多疑問。現在德國市場正以加速的速度擁抱雲端。因此我們認為，考量該市場規模且其雲端採用曲線仍較早期，這對我們而言是非常重要的投資與機會領域。德國業務在 Q2 表現非常強勁，我們也會持續投資德國。我認為那裡提供了很大的機會。所以我會說，坦白講，過去 4 到 5 個季度在歐洲並沒有任何不連續或突變的情況。需求很強，而我們的工作是與領先的企業客戶建立高品質的關係。另外如 Mike 先前提到，政府方面，我們也有一些歐洲政府表示想跟我們做生意，但你必須具備本地資料主權，或必須符合本地資料法規；而這正是 Azure 的合作夥伴關係，以及未來可能類似的合作，能幫助我們加速服務歐洲這部分業務的能力。

Outstanding. Really helpful. Then quick follow-up for you, sort of mildly related on the topic of Germany. But the financial close management product, very interesting insofar as it's a little bit more of a foray into back office and touching ERP than you've really done before. Can you talk about some of the important partnerships and technology integrations that we got to be thinking about with that product? And then who do you hope to compete more in that market for financial close management?

太好了。非常有幫助。接著快速追問一個，跟德國這個話題算是稍微相關。但財務關帳管理（financial close management）產品很有意思，因為它更像是切入後台、並且觸及 ERP，這是你們以前比較少做的。你能談談我們在思考這個產品時，需要關注哪些重要的合作夥伴與技術整合嗎？另外，在財務關帳管理這個市場，你們希望主要跟誰競爭？

Well, given that Mike's team was the one that built it for our own financial close, how would you say that you related to it, the integration, so I can talk about the partnership?

嗯，既然這是 Mike 的團隊為了我們自己的財務關帳所打造的，你會怎麼說你們在整合方面的做法？這樣我就可以談談合作夥伴關係。

Yes, so what I would say is we work with SAP and Oracle and the integrations and those are the 2 main ones that you have to be integrating with. We actually closed our first, we got our first PO, and I'll tell you it was a very nice deal -- size deal. It was actually the largest first PO ever out of any new business unit within ServiceNow. And so that just tells you the potential of this. And in terms of who we compete with, I really don't want to get into who we compete with right now until the product is more in the market out there, but most of you know from conversations before, I don't really want to name names of companies. But it's not the ERP people. It's more around workflow associated with the Financial Close process. But in general, we're going after the white spaces being served in e-mail and Excel spreadsheets today is what we're doing to offer a much better visibility into the Financial Close process for the office of the CFO, and then I'll let John touch on partnerships...

是的，所以我會說我們與 SAP 和 Oracle 合作做整合，而這兩個是你必須整合的主要系統。我們其實已經拿到第一張 PO，我可以告訴你，那是一筆非常不錯的案子——規模很大的案子。它實際上是 ServiceNow 任何新業務單位史上最大的第一張 PO。所以這就告訴你它的潛力。至於我們跟誰競爭，在產品更全面進入市場之前，我現在真的不想談競爭對手；但你們大多從之前的對話也知道，我不太想點名公司。但不是 ERP 廠商。比較是圍繞在財務關帳流程相關的工作流程（workflow）。總體而言，我們是在攻佔目前仍由電子郵件與 Excel 試算表所服務的空白地帶，為 CFO 辦公室提供對財務關帳流程更好的可視性；接著我讓 John 補充談合作夥伴……

It's been interesting. I'll just build on what Mike said. In our product strategy meetings over the last couple of years, Mike has continually said, there are a lot of finance processes that are highly manual, but none of the ERP providers focus on -- that there's really no one else focusing on, and Finance Close the books, is a classic case. It was done by spreadsheets, e-mails and other things, and that our platform is very well suited to help address those. And so this was the first of what I think will be several, we hope, over time. We're also very I think cognizant and humble that we're not going to devolve an entirely new go-to-market notion calling on the CFO. That's why partnering with Deloitte was our early partner, partnering with literally the ERP providers, partnering with others that we view this as a way to piggyback on others that are serving that market and in many ways our product is up. I almost consider -- and a feature on top of their products. And we think there is a good opportunity there over time, but we'll see, still early days.

這很有意思。我就延伸 Mike 的說法。在過去幾年的產品策略會議上，Mike 一直說：有很多財務流程高度仰賴人工，但 ERP 供應商並不聚焦在——也真的沒有其他人聚焦在——而財務關帳（Finance Close the books）就是典型案例。過去是用試算表、電子郵件和其他方式完成，而我們的平台非常適合協助解決這些問題。所以我認為這會是第一個，之後希望隨時間推進還會有好幾個。我們也非常清楚並保持謙遜：我們不會去發展一套全新的 go-to-market 概念，直接去拜訪 CFO。這也是為什麼我們早期選擇與 Deloitte 合作、也與 ERP 供應商等合作、以及與其他夥伴合作；我們把這視為一種方式，去搭載那些已在服務該市場的夥伴，而在很多方面，我們的產品是建立在他們之上。我幾乎把它視為——是在他們產品之上的一個功能。我們認為長期來看有不錯的機會，但我們再看看，畢竟還在早期階段。

Your next question comes from the line of Sterling Auty with JPMorgan.

下一個問題來自 JPMorgan 的 Sterling Auty。

Mike, I just want to circle back to billings. Apologize for that but just help me connect the dots. I think in the quarter the $817 million in the presentation. You outlined $12 million of outperformance. But in the full year guide, $5 million of outperformance is responsible for the increase. You talked about the deal, the renewals shifting, which I would have thought would have benefited the second half. So what's the puts and takes, how do we get from the outperformance of $12 million to just the $5 million of outperformance in the full year?

Mike，我想再回到帳單金額（billings）這個問題。抱歉一直追問，但請幫我把脈絡串起來。我記得本季簡報裡是8.17億美元。你提到有1,200萬美元的超預期表現。但在全年指引中，帶動上調的超預期表現只有500萬美元。你談到交易、續約時點的移動，我原本以為這會讓下半年受益。所以這中間的增減因素是什麼？我們怎麼從1,200萬美元的超預期表現，變成全年只有500萬美元的超預期表現？

Well, because most of renewals that were the outperformance was early renewals that got pulled from Q3 or Q4 into Q2 and there were deals, as I mentioned, that got pushed from Q2 into Q3. That's all about when were those deals renewing? By the way, sometimes we do deals with people we could early renewal in more than a year in advance. If a customer is doing a much bigger deal where they want to just review the whole contract and renew early on. So each deal is very different, but that's the way the math works. We're not -- it's not going beyond -- it's really only a $5 million impact that flows through for the full year. That was the stuff that was not in there. That was really the ACV you should think about.

因為大部分帶來超預期表現的續約，都是提前續約，從原本Q3或Q4被拉到Q2；同時也有一些交易，如我提到的，從Q2被推遲到Q3。這完全取決於那些交易原本是什麼時候續約。順帶一提，有時候我們會跟客戶做交易，提前一年以上就續約。如果客戶要做一筆更大的交易，想把整份合約重新檢視並提前續約。所以每筆交易都很不一樣，但數學上就是這樣運作的。我們沒有——這並沒有超出——全年真正流過去的影響只有500萬美元。那是原本沒有包含在裡面的部分。你應該把那視為ACV。

All right. Got it. I apologize for that. And then just one follow-up. At Knowledge, there was the discussion of the vertical -- kind of a vertical strategy. Obviously, been so successful in government and then you kind of outlined some other verticals including financial services that you're looking to go after, how much of that is going to be people-focused in terms of just the go-to-market strategy versus the development of vertical-specific products and to the extent that it is, the technology and product focus, where are we on that road map to roll out those other vertical industry solutions?

好。了解。抱歉一直追問。再追問一個。在Knowledge大會上，有討論到垂直——算是一種垂直產業策略。你們在政府領域顯然非常成功，然後你也提到一些其他想要攻的垂直領域，包括金融服務；這當中有多少會是以人員為主、也就是市場進入（go-to-market）策略的調整，而不是開發垂直產業專用產品？若確實有技術與產品面的投入，那在推出其他垂直產業解決方案的路線圖上，目前進度到哪裡？

I mean, I'd say, strongly, by and large, it is more go-to-market than it is product. Fundamentally, I think one of the great strengths of our platform is it's largely horizontal. It -- IT helpdesk is the same in a bank as it is in a pharma company as it is in a retailer and a lot of what we do is more consistent than different. Now the one place that there is product implications are around security, compliance and regulatory. And so whether it's banking or health care or federal government, there we have to comply with industry-based regulations and standards. But the real value in our vertical motion is being able to speak the language of the industry and relate what we do to business value in that industry. And so I think if you look at what we do in federal, our federal sales team -- I spend a lot of time in D.C. -- our federal sales team speaks the language of their customer and that really comes through, whether it's calling in the military services or the veteran's administration or the various agencies our teams speak the language, and that adds a certain amount of credibility. Similarly, in financial services, our team speaks the language of banks or insurance companies. And that gives a greater sense of confidence, and I think more targeted focus on the business value I referred to earlier. So we'll continue to layer on thoughtfully, additional industry verticals, but it's -- I'd say, I don't know, Mike, I said 80% go-to-market, 20% product?

我的意思是，我會說很明確地，整體而言更多是go-to-market，而不是產品。從根本上說，我認為我們平台的一大優勢是它大多是水平型（horizontal）的。它——IT服務台在銀行、在製藥公司、在零售商其實都一樣，我們做的很多事情一致性大於差異性。不過有一個地方確實會牽涉到產品層面的影響，就是安全、合規與監管。所以不論是銀行、醫療保健或聯邦政府，我們都必須符合以產業為基礎的法規與標準。但我們垂直產業推進（vertical motion）的真正價值，在於能說產業的語言，並把我們做的事情連結到該產業的商業價值。所以我想如果你看我們在聯邦政府做的事，我們的聯邦銷售團隊——我花很多時間在華盛頓特區——我們的聯邦銷售團隊能說客戶的語言，這點非常明顯；不論是與各軍種、退伍軍人事務部，或各個機構接觸，我們的團隊都能說他們的語言，這會帶來一定程度的可信度。同樣地，在金融服務領域，我們的團隊能說銀行或保險公司的語言。這會帶來更高的信心，也讓我們能更聚焦在我先前提到的商業價值上。因此我們會持續審慎地疊加更多產業垂直領域，但——我會說，我不知道，Mike，我是不是說80%是go-to-market、20%是產品？

Correct. I think we're still very much in the early innings on the product side.

沒錯。我認為在產品面我們仍然非常處於早期階段。

Yes. Encrypted data would be an example. Different requirements from encryption of data, that's one that's very industry based at the moment.

是的。加密資料就是一個例子。對資料加密有不同的要求，這目前是一個非常因產業而異的需求。

Your final question comes from the line of Samad Samana from Jefferies.

最後一個問題來自Jefferies的Samad Samana。

Mike, if I look through the slide deck, it looks like the average contract term jumped quite a bit for new customers in the second quarter and that the average for renewals has also been moving up. I'm wondering is there anything particular that's driving the trend for the expansion deals and then the trend that happened in 2Q for new customers and then I have a follow-up to that.

Mike，如果我看簡報投影片，似乎第二季新客戶的平均合約期限大幅拉長，而續約的平均期限也在上升。我想請問，擴充（expansion）交易的這個趨勢，以及2Q新客戶出現的這個趨勢，有沒有什麼特別的驅動因素？然後我還有一個追問。

So the new customer was really driven by that one record new financial institution that signed a long-term contract with us. That's what drove that. And the renewals as we've been saying for a while, we're becoming more and more strategic with customers. That hasn't really changed that much, but people are renewing on average for north of 2 years. I would expect that in Q3, that new customer length will be shorter and the reason being is because of the federal government. I just want to remind you guys that the federal government typically do 1-year deals. They don't do multiyear deals.

新客戶那部分主要是因為有一家創紀錄的新金融機構客戶，跟我們簽了一份長期合約。這就是主要原因。至於續約，我們講了一段時間了，我們與客戶的關係正變得越來越具策略性。這點其實沒有太大改變，但大家平均續約期限都超過2年。我預期Q3新客戶的合約期限會更短，原因是聯邦政府。我想提醒各位，聯邦政府通常只做1年期的合約。他們不做多年期合約。

Okay. That's helpful. And I was just going to ask if that -- how the average contract term, how we should think about maybe that onetime impact on the change in RPO in 2Q? And maybe adjusted for that, what the RPO growth will look like?

好的。這很有幫助。我想問的是——平均合約期限這件事，我們應該如何看待它對2Q RPO變動的那個一次性影響？以及如果把那個因素調整掉，RPO成長看起來會是什麼樣子？

So first of all, that average term life really does not impact current RPO. That's really current RPO because that's the next 12 months. That would go into total RPO, the contract length would impact more.

首先，平均期限其實不會影響當期（current）RPO。因為那是當期RPO，指的是接下來12個月。合約期限會更多影響的是總RPO（total RPO）。

Yes. So I that's what I was wondering if you could give us what the -- maybe the adjusted growth rate would have been since it was meaningful enough to impact the overall average?

是的。所以我才想問你能不能告訴我們——因為它大到足以影響整體平均值——那麼調整後的成長率大概會是多少？

Well, I'm only giving you the current RPO growth rate because I don't need to adjust -- it's 12 months on 12 months. So I haven't -- we haven't calculated that adjusted for the total RPO. And I don't think that's something we will do.

嗯，我只提供當期RPO的成長率，因為不需要調整——它是12個月對12個月。所以我們沒有——我們沒有去計算總RPO的調整後數字。而且我不認為這是我們會去做的事情。

Congrats on the tenure and the next move.

恭喜任期表現，以及下一步的動向。

Okay. As a reminder, a replay of this call will be available as a webcast in the Investors Section of our website. Thank you for joining us today.

好的。提醒各位，本次電話會議的重播將以網路直播回放形式，提供於我們網站的投資人專區。感謝各位今天的參與。

This concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以掛線。