ServiceNow Inc (NOW) 2019 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the Q4 2019 ServiceNow Earnings Conference Call.

女士們，先生們，感謝您的支持，歡迎參加 2019 年第四季度 ServiceNow 收益電話會議。

(Operator Instructions) Thank you.

（操作員說明）謝謝。

I would now like to hand the conference over to your speaker today, Lisa Banks, Vice President of Investor Relations.

我現在想把會議交給你今天的演講者，投資者關係副總裁麗莎班克斯。

Please go ahead.

請繼續。

Good afternoon, and thank you for joining us for ServiceNow's Fourth Quarter and Full Year 2019 Earnings Conference Call.

下午好，感謝您加入我們的 ServiceNow 2019 年第四季度和全年收益電話會議。

On the call with me today are Bill McDermott, our President and Chief Executive Officer; and Gina Mastantuono, our Chief Financial Officer.

今天與我通話的是我們的總裁兼首席執行官 Bill McDermott；和我們的首席財務官 Gina Mastantuono。

During today's call, we will review our fourth quarter and full year 2019 results and discuss our financial guidance for the first quarter of 2020 and guidance for the full year 2020.

在今天的電話會議中，我們將回顧我們 2019 年第四季度和全年的業績，並討論我們對 2020 年第一季度的財務指導和 2020 年全年的指導。

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.

我們想指出，該公司報告的非公認會計原則結果是對根據公認會計原則計算的財務指標的補充，而不是替代或優於財務指標。

All financial figures we will discuss today are non-GAAP, except for revenues, net income and remaining performance obligations.

我們今天將討論的所有財務數據都是非公認會計原則，除了收入、淨收入和剩餘的履約義務。

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.

要查看這些非 GAAP 和 GAAP 結果之間的對賬，請參閱我們今天早些時候提交的新聞稿、我們的投資者演示文稿以及之前幾個季度提交的新聞稿，所有這些都發佈在investors.servicenow.com 上。

A replay of today's call will also be posted on the website.

今天電話會議的重播也將發佈在網站上。

We may make forward-looking statements on this conference call, which are subject to risks, uncertainties and assumptions.

我們可能會在本次電話會議上做出前瞻性陳述，這些陳述受風險、不確定性和假設的影響。

Please refer to the press release and risk factors in our SEC filings, including our most recent Form 10-Q and our Form 10-K that will be filed for the year ended December 31, 2019, for information on risks and uncertainties that may cause actual results to differ materially from those set forth in such forward-looking statements.

有關可能導致實際結果與此類前瞻性陳述中所述的結果存在重大差異。

Before I pass it on to Bill, please note, our Financial Analyst Day will be held on Monday, May 4 in Orlando in conjunction with our annual users' conference, Knowledge 2020.

在我將其傳遞給比爾之前，請注意，我們的金融分析師日將於 5 月 4 日星期一在奧蘭多與我們的年度用戶大會 Knowledge 2020 一起舉行。

In-person attendance will be limited, so if interested, please send an e-mail to ir@servicenow.com.

現場出席人數有限，因此如果有興趣，請發送電子郵件至 ir@servicenow.com。

For those who cannot join in person, we will hold the webcast of the event accessible on our IR website.

對於那些不能親自參加的人，我們將在我們的 IR 網站上進行活動的網絡直播。

ServiceNow is also pleased to announce that we will be participating in the upcoming Goldman Sachs Technology and Internet Conference and Morgan Stanley TMT Conference.

ServiceNow 也很高興地宣布，我們將參加即將舉行的高盛科技與互聯網大會和摩根士丹利 TMT 大會。

With that, I would like now to turn the call over to Bill.

有了這個，我現在想把電話轉給比爾。

Thank you very much, Lisa, and good afternoon, everyone.

非常感謝麗莎，大家下午好。

Welcome to our Q4 earnings call.

歡迎來到我們的第四季度財報電話會議。

As you've already seen from our earnings release, we finished 2019 very strong, beating the high end of our guidance for Q4.

正如您已經從我們的收益發布中看到的那樣，我們在 2019 年的表現非常強勁，超過了我們第四季度指引的高端。

Allow me to share a few observations.

請允許我分享一些觀察。

We had 76 deals greater than $1 million in the quarter.

我們在本季度完成了 76 筆超過 100 萬美元的交易。

Our performance underscores the strength of our core IT workflows.

我們的表現突顯了我們核心 IT 工作流程的實力。

We had 16 ITSM deals topping $1 million.

我們有 16 筆 ITSM 交易超過 100 萬美元。

That's our biggest number ever.

這是我們有史以來最大的數字。

And we signed our largest ITAM deal ever with the U.S. Department of Veteran Affairs.

我們與美國退伍軍人事務部簽署了有史以來最大的 ITAM 協議。

IT is where digital transformation begins, and we are a powerful strategic partner for CIOs all over the world.

IT 是數字化轉型的起點，我們是全球 CIO 強大的戰略合作夥伴。

CIOs are struggling with fragmented legacy technology instead of delivering the experiences their employees and customers really need.

首席信息官們正在與零散的遺留技術作鬥爭，而不是提供他們的員工和客戶真正需要的體驗。

Our IT workflows provide a single platform from planning to operations to service management.

我們的 IT 工作流程提供了從規劃到運營再到服務管理的單一平台。

We're modernizing IT, enabling high-performing services with modern experiences.

我們正在實現 IT 現代化，通過現代體驗實現高性能服務。

That is enabling us to not only enhance the core of how IT works.

這使我們不僅能夠增強 IT 工作方式的核心。

But also extend the perimeter of IT itself.

但也擴展了 IT 本身的範圍。

We're doing this across the entire enterprise, and that's driving momentum in our vast portfolio of products, including our fast-growing HR and CSM products.

我們正在整個企業中這樣做，這推動了我們龐大的產品組合的發展勢頭，包括我們快速增長的 HR 和 CSM 產品。

Customers are realizing the strategic value of combining ServiceNow IT workflows with everything from HR, CSM, security, GRC, financial close and DevOps to deliver greater value across the entire enterprise.

客戶正在意識到將 ServiceNow IT 工作流與 HR、CSM、安全、GRC、財務結算和 DevOps 等所有內容相結合的戰略價值，從而為整個企業提供更大的價值。

And best of all, everything is powered by the Now Platform, one platform, one data model, one architecture.

最重要的是，一切都由 Now Platform、一個平台、一個數據模型、一個架構提供支持。

There is a very deep sense of pride in engineering here at ServiceNow, and that distinguishes us in the enterprise software industry.

ServiceNow 對工程技術有一種非常深的自豪感，這使我們在企業軟件行業中脫穎而出。

And it shows in the results.

它顯示在結果中。

We landed 9 HR deals greater than $1 million, our largest number yet within a quarter.

我們達成了 9 筆超過 100 萬美元的人力資源交易，這是我們在一個季度內的最大數量。

And in CSM, we now have over 1,000 customers using our technology to deliver better experiences for their customers.

在 CSM，我們現在有超過 1,000 名客戶使用我們的技術為他們的客戶提供更好的體驗。

In most companies, customer service systems are set up only to answer questions, not to solve problems.

在大多數公司中，建立客戶服務系統只是為了回答問題，而不是為了解決問題。

This is why customer service agents rarely get to the root cause of the problem.

這就是為什麼客戶服務代理很少找到問題的根本原因。

That really frustrates customers.

這確實讓客戶感到沮喪。

With ServiceNow CSM product, companies can drive end-to-end resolution.

借助 ServiceNow CSM 產品，公司可以推動端到端解決方案。

Instead of solving problems in an ad hoc way, they can now focus on delivering great experiences.

他們現在可以專注於提供出色的體驗，而不是以臨時的方式解決問題。

And great experiences drive powerful employee engagement, fierce customer loyalty and significant productivity gains.

出色的體驗推動了強大的員工敬業度、強烈的客戶忠誠度和顯著的生產力提升。

This is what every CEO and every company we talked to, this is what they want.

這就是我們交談過的每一位 CEO 和每一家公司，這就是他們想要的。

Both HR and CSM are now over $200 million businesses for us, and we're just getting started.

HR 和 CSM 現在對我們來說都是超過 2 億美元的業務，而我們才剛剛起步。

Let me share a few examples of how the power of our platform and products translated into strategic customer wins in the quarter.

讓我分享幾個例子，說明我們平台和產品的力量如何在本季度轉化為戰略客戶。

With a focus on CSM, we expanded our relationship with one of the largest global content companies in the telecommunications, media and technology industry.

以 CSM 為重點，我們擴大了與電信、媒體和技術行業最大的全球內容公司之一的關係。

You see, they needed one solution with one platform to serve their customers.

你看，他們需要一種解決方案和一個平台來為他們的客戶服務。

Using our workflow and integration capabilities, they are now consolidating all customer-related processes into streamlined workflows.

使用我們的工作流程和集成功能，他們現在將所有與客戶相關的流程整合到簡化的工作流程中。

In Latin America, we expanded our relationship with one of the region's largest banks.

在拉丁美洲，我們擴大了與該地區最大銀行之一的關係。

After seeing tremendous returns on their initial ServiceNow investment, the bank is implementing the Now Platform and our IT workflow products across its entire employee base, replacing more than 10 siloed legacy systems.

在看到其初始 ServiceNow 投資的巨大回報後，該銀行正在其整個員工群中實施 Now 平台和我們的 IT 工作流產品，以取代 10 多個孤立的遺留系統。

Earlier, I mentioned our largest ITAM deal ever, which was part of a bigger IT portfolio deal with the United States Department of Veteran Affairs.

早些時候，我提到了我們有史以來最大的 ITAM 交易，它是與美國退伍軍人事務部更大的 IT 投資組合交易的一部分。

ServiceNow is the core of the VA's enterprise service desk, which supports more than 0.5 million full-time employees and contractors.

ServiceNow 是 VA 企業服務台的核心，它支持超過 50 萬全職員工和承包商。

With our IT portfolio and the cross-functional capabilities of the Now Platform, the VA is streamlining processes, saving time and money, improving productivity and better managing technology assets and, of course, delivering better experiences.

憑藉我們的 IT 產品組合和 Now 平台的跨職能功能，VA 正在簡化流程、節省時間和金錢、提高生產力和更好地管理技術資產，當然，還可以提供更好的體驗。

Bristol-Myers Squibb purchased 3 IT products plus HR to enable a world-class onboarding experience for all employees.

Bristol-Myers Squibb 購買了 3 種 IT 產品和 HR，為所有員工提供世界級的入職體驗。

In a competitive sales process, Bristol-Myers Squibb recognized that our cross-functional enterprise capabilities are exactly what was needed to accelerate productivity, reduce new higher turnover and win the war for talent.

在競爭激烈的銷售過程中，Bristol-Myers Squibb 認識到，我們的跨職能企業能力正是提高生產力、減少新的更高營業額和贏得人才爭奪戰所需要的。

In a strategic C-suite win, Roche, the world's largest biotech company, has signed an agreement with ServiceNow to support its digital transformation strategy.

在戰略高層的勝利中，全球最大的生物技術公司羅氏與 ServiceNow 簽署了一項協議，以支持其數字化轉型戰略。

ServiceNow will be the global solution to service project and portfolio management across the entire Roche group.

ServiceNow 將成為整個羅氏集團的服務項目和投資組合管理的全球解決方案。

This strategic partnership will help Roche transform its internal business processes end to end, simplifying and improving the user experience.

這一戰略合作夥伴關係將幫助羅氏端到端地轉變其內部業務流程，簡化和改善用戶體驗。

This will enable Roche scientists and researchers to work in a more agile way so they can redouble their focus on their business, which is creating innovative health care solutions.

這將使羅氏的科學家和研究人員能夠以更靈活的方式工作，從而可以加倍關注他們的業務，即創造創新的醫療保健解決方案。

These customer examples demonstrate the enterprise value that ServiceNow delivers.

這些客戶示例展示了 ServiceNow 提供的企業價值。

Our customers know that behind every great experience is a great workflow.

我們的客戶知道，每一次出色體驗的背後都有出色的工作流程。

The power of the Now Platform combined with the quality of our IT, employee and customer workflow products are expanding our addressable market dramatically.

Now 平台的強大功能與我們的 IT、員工和客戶工作流程產品的質量相結合，正在顯著擴展我們的潛在市場。

Digital transformation is the biggest opportunity of our time, and ServiceNow is exceptionally well positioned to seize this opportunity to compete and to win.

數字化轉型是我們這個時代最大的機遇，ServiceNow 非常有能力抓住這個機會來競爭和取勝。

We are a game-changer company for our customers and shareholders.

對於我們的客戶和股東來說，我們是一家改變遊戲規則的公司。

The opportunity to scale ServiceNow is right in front of us, and we have our sights set on achieving $10 billion in revenue and beyond.

擴展 ServiceNow 的機會就在我們面前，我們的目標是實現 100 億美元甚至更多的收入。

To continue driving our growth, we are focused on 5 clear priorities for 2020.

為了繼續推動我們的增長，我們專注於 2020 年的 5 個明確優先事項。

They include: one, being a trusted innovator for the C-suite.

它們包括：第一，成為最高管理層值得信賴的創新者。

This starts with our brands, making every C-suite leader aware of ServiceNow and what we can do for them.

這從我們的品牌開始，讓每一位高管都了解 ServiceNow 以及我們可以為他們做些什麼。

You may have noticed, we launched our new brand campaign across all channels this week.

您可能已經註意到，我們本週在所有渠道推出了新的品牌活動。

We are receiving rave reviews.

我們收到了好評如潮。

I personally love our brand.

我個人很喜歡我們的品牌。

It's so human, personal and inviting.

它是如此人性化、個性化和誘人。

We'll keep it going.

我們會繼續下去。

Number two, we're engaging customers with a world-class go-to-market machine.

第二，我們正在用世界一流的上市機器吸引客戶。

The company already has a strong go-to-market organization, and we are now taking it to the next level.

該公司已經擁有強大的上市組織，我們現在正在將其提升到一個新的水平。

Number three, we will force multiply ServiceNow with a strong industry and partner ecosystem.

第三，我們將通過強大的行業和合作夥伴生態系統強制增加 ServiceNow。

The ecosystem is going to become more strategic and more powerful.

生態系統將變得更具戰略性和更強大。

Our partners tell me they see ServiceNow as the cross-platform integration engine of the modern enterprise.

我們的合作夥伴告訴我，他們將 ServiceNow 視為現代企業的跨平台集成引擎。

Going after industry verticals and building strong partner relationships will force multiply ServiceNow's coverage by 10x.

追求垂直行業並建立強大的合作夥伴關係將迫使 ServiceNow 的覆蓋率增加 10 倍。

This will happen across geos, industries and across buying centers.

這將發生在地理、行業和採購中心。

As you saw on Monday, we announced our new industry solution strategy and our expanded partnerships with Deloitte in banking and Accenture in telecommunications.

正如您在周一看到的那樣，我們宣布了新的行業解決方案戰略，並擴大了與德勤在銀行業和埃森哲在電信領域的合作夥伴關係。

Number four, we're creating product experiences that people at work will love.

第四，我們正在創造工作中人們會喜歡的產品體驗。

The Now Platform is ServiceNow's secret sauce.

Now 平台是 ServiceNow 的秘訣。

We are a platform company.

我們是一家平台公司。

In fact, we are the platform of platforms.

事實上，我們是平台的平台。

And we are committed to excellence, delivering an innovative, scalable, secure, highly available platform and products that digitize workflows and deliver great experiences.

我們致力於追求卓越，提供創新、可擴展、安全、高度可用的平台和產品，將工作流程數字化並提供出色的體驗。

Number five, teamwork.

第五，團隊合作。

As you all know, teamwork does make the dream work.

眾所周知，團隊合作確實讓夢想成真。

And it happens with trust, collaboration and communication at mass scale.

它發生在大規模的信任、協作和溝通中。

Our culture is our ultimate competitive advantage.

我們的文化是我們最終的競爭優勢。

All 10,371 and growing ServiceNow colleagues are committed to our purpose of making the world of work, work better for people.

ServiceNow 的所有 10,371 名和不斷增長的同事都致力於實現我們的目標，即讓工作世界更好地為人們工作。

ServiceNow is hungry and humble, and we have an unwavering focus on serving our customers.

ServiceNow 既飢渴又謙虛，我們堅定不移地專注於為客戶服務。

We are so honored to have been added to the S&P 500 and to be recognized this month by Fortune as one of the world's most admired companies.

我們很榮幸被納入標準普爾 500 指數，並在本月被《財富》雜誌評為全球最受尊敬的公司之一。

The strength of our team and our culture is a culmination of the great leadership ServiceNow has benefited from for the past 15 years, starting with our Founder, Fred Luddy, an incredible man and product visionary; to Frank Slootman, who successfully scaled Fred's vision; and a big heartfelt thank you to my great personal friend, John Donahoe, who set a rock-solid foundation for the future.

我們團隊的力量和我們的文化是 ServiceNow 在過去 15 年中受益的偉大領導力的結晶，首先是我們的創始人 Fred Luddy，他是一位令人難以置信的人和產品遠見者；感謝 Frank Slootman，他成功地擴展了 Fred 的視野；衷心感謝我的好朋友約翰·多納霍，他為未來奠定了堅實的基礎。

I'm truly fired up to lead the next phase of ServiceNow's journey as we scale to $10 billion in revenue and beyond.

隨著我們將收入擴大到 100 億美元甚至更多，我真的很興奮能夠領導 ServiceNow 下一階段的旅程。

We will accomplish this by delivering exceptional business value to our customers.

我們將通過為客戶提供卓越的商業價值來實現這一目標。

We will do so across every geography, every industry and, of course, every buying center.

我們將在每個地區、每個行業，當然還有每個採購中心這樣做。

We will continue to create workflows that deliver great employee and customer experiences.

我們將繼續創建可提供出色員工和客戶體驗的工作流程。

It is our dream to become the defining enterprise software company of the 21st century.

成為 21 世紀具有決定性意義的企業軟件公司是我們的夢想。

This is the limitless opportunity I saw in ServiceNow.

這是我在 ServiceNow 看到的無限機會。

It is why I chose to come here.

這就是我選擇來這裡的原因。

And in my first 3 months as CEO, my belief has only become deeper, my commitment stronger and my passion greater.

在我擔任 CEO 的頭 3 個月裡，我的信念越來越深，我的承諾更加堅定，我的熱情更加強烈。

Before closing, I want to thank our outstanding global finance organization supporting a CEO and CFO transition.

在結束之前，我要感謝我們出色的全球金融組織支持 CEO 和 CFO 過渡。

This team demonstrated extraordinary commitment, which leads me to my final note.

這個團隊表現出非凡的承諾，這使我成為了我的最後一點。

We now have a world-class CFO in Gina.

我們現在在吉娜擁有世界級的首席財務官。

Asking Gina to join our team was absolutely the best first decision I could have made as CEO.

邀請 Gina 加入我們的團隊絕對是我作為 CEO 所能做出的最好的第一個決定。

I'm thrilled that she is here.

我很高興她在這裡。

I'm excited about this team and this company, and I cannot wait to deliver on our dreams for all of you.

我對這個團隊和這家公司感到興奮，我迫不及待地想為你們所有人實現我們的夢想。

Thank you, and now I'll turn the call over to Gina.

謝謝，現在我將把電話轉給吉娜。

Gina, over to you.

吉娜，交給你了。

Thank you, Bill, for the very kind words.

謝謝你，比爾，非常客氣的話。

Before we dive into our financial results and guidance, I would like to express my personal excitement to join Bill and the entire ServiceNow team.

在我們深入了解我們的財務業績和指導之前，我想表達我個人對加入 Bill 和整個 ServiceNow 團隊的興奮。

I'm incredibly impressed by the product portfolio, our focus on our customers' success, the extraordinary talent and the hungry and humble culture that drives us to deliver world-class outcomes for our customers and strong results for our shareholders.

產品組合、我們對客戶成功的關注、非凡的人才以及渴望和謙遜的文化給我留下了非常深刻的印象，這些文化驅使我們為客戶提供世界一流的成果並為我們的股東帶來強勁的業績。

I could not be more impressed by what the company has accomplished over the past 15 years, becoming a strategic partner to the world's largest enterprises as they digitally transform their businesses.

該公司在過去 15 年中取得的成就給我留下了深刻的印象，成為全球最大企業的戰略合作夥伴，因為他們正在對業務進行數字化轉型。

Even though we've already come so far, I'm fired up by the enormous opportunity still in front of us.

儘管我們已經走了這麼遠，但仍然擺在我們面前的巨大機會讓我興奮不已。

I'm confident that we have the products, the talent and the passion to reach our $10 billion revenue aspiration and, more importantly, to make the world of work, work better for people.

我相信我們擁有產品、人才和熱情來實現我們 100 億美元的收入目標，更重要的是，讓工作世界更好地為人們服務。

I'm completely aligned with Bill on our 5 priorities, which I believe will enable us to reach our $10 billion revenue goal.

在我們的 5 個優先事項上，我與比爾完全一致，我相信這將使我們能夠實現 100 億美元的收入目標。

And together, we are committed to driving strong top line growth along with disciplined investment as we scale to get there.

我們一起致力於推動強勁的收入增長以及嚴格的投資，以實現這一目標。

Now let's turn to our financial results.

現在讓我們轉向我們的財務業績。

We delivered another outstanding Q4 and full year, and we have a lot of momentum as we begin the new year.

我們交付了另一個出色的第四季度和全年，並且在新的一年開始時我們有很大的動力。

Q4 subscription revenues were $899 million, representing 35% year-over-year growth.

第四季度訂閱收入為 8.99 億美元，同比增長 35%。

Q4 subscription billings were $1.298 billion, representing 36% year-over-year growth, and our first quarter ever exceeding $1 billion in subscription billings.

第四季度訂閱費用為 12.98 億美元，同比增長 36%，我們的第一季度訂閱費用超過 10 億美元。

As Bill mentioned, our strong top line performance was driven by 76 new transactions greater than $1 million, our largest quarterly number ever, representing 49% year-over-year growth.

正如比爾所說，我們強勁的收入表現是由 76 筆超過 100 萬美元的新交易推動的，這是我們有史以來最大的季度數字，同比增長 49%。

We now have more than 6,200 customers, of which 892 of them are doing more than $1 million of business with us annually, representing 32% year-over-year growth.

我們現在擁有 6,200 多家客戶，其中 892 家每年與我們的業務量超過 100 萬美元，同比增長 32%。

And our renewal rate for the quarter continued to be strong at 97%.

我們本季度的續訂率繼續保持在 97% 的強勁水平。

Remaining performance obligations, RPO, ended the year at approximately $6.6 billion, representing 34% year-over-year growth.

剩餘的履約義務，RPO，截至年底約為 66 億美元，同比增長 34%。

Current RPO was approximately $3.3 billion, representing 34% year-over-year growth.

目前的 RPO 約為 33 億美元，同比增長 34%。

These outstanding results continue to demonstrate our strong product portfolio, our focus on building deep customer relationships and our commitment to enabling customers' digital transformation.

這些出色的成績繼續展示了我們強大的產品組合、我們專注於建立深厚的客戶關係以及我們致力於實現客戶數字化轉型的承諾。

Moving on to profitability.

繼續盈利。

Q4 operating margin was 22%, and free cash flow margin was 36%.

第四季度營業利潤率為 22%，自由現金流利潤率為 36%。

For full year 2019, operating margin was 21%, and free cash flow margin was 28%.

2019 年全年，營業利潤率為 21%，自由現金流利潤率為 28%。

Additionally, I would like to note that our Q4 GAAP net income was favorably impacted by a $574 million onetime income tax benefit from the release of the valuation allowance on our deferred tax assets in a foreign entity.

此外，我想指出，我們的第四季度 GAAP 淨收入受到了 5.74 億美元的一次性所得稅收益的有利影響，該收益來自我們在外國實體的遞延所得稅資產的估值免稅額的釋放。

We have indicated in our recent quarterly financial reports that we believe that, due to our international expansion and improved operating margins, we could potentially conclude that evaluation allowance on these deferred tax assets would no longer be necessary.

我們在最近的季度財務報告中表示，我們認為，由於我們的國際擴張和經營利潤率的提高，我們可能會得出結論，這些遞延稅項資產的評估準備金將不再是必要的。

We reached that conclusion in Q4.

我們在第四季度得出了這個結論。

As a result, we are reporting GAAP net income of $599 million and $627 million for Q4 2019 and full year 2019, respectively.

因此，我們報告 2019 年第四季度和 2019 年全年的 GAAP 淨收入分別為 5.99 億美元和 6.27 億美元。

This is a onetime benefit and will impact year-over-year comparisons in future quarters.

這是一次性的好處，將影響未來幾個季度的同比比較。

Importantly, excluding the impact of this onetime benefit, 2019 was our first full year of GAAP profitability.

重要的是，排除這一一次性收益的影響，2019 年是我們實現 GAAP 盈利的第一個全年。

Now let's turn to guidance.

現在讓我們轉向指導。

For Q1 2020, we expect subscription revenues between $975 million and $980 million, representing 32% year-over-year growth.

對於 2020 年第一季度，我們預計訂閱收入在 9.75 億美元至 9.8 億美元之間，同比增長 32%。

We expect subscription billings between $1.040 billion and $1.045 billion, representing 28% to 29% year-over-year growth.

我們預計訂閱費用在 10.40 億美元至 10.45 億美元之間，同比增長 28% 至 29%。

We expect a 22% operating margin and 195 million diluted weighted outstanding shares for the quarter.

我們預計本季度的營業利潤率為 22%，稀釋後的加權流通股為 1.95 億股。

For the full year 2020, we expect subscription revenues between $4.22 billion and $4.24 billion, representing 30% year-over-year growth.

對於 2020 年全年，我們預計訂閱收入在 42.2 億美元至 42.4 億美元之間，同比增長 30%。

We expect subscription billings between $4.805 billion and $4.825 billion, representing 27% year-over-year growth.

我們預計訂閱費用在 48.05 億美元至 48.25 億美元之間，同比增長 27%。

We expect 2020 subscription gross margin of 86%, operating margin of 22%, free cash flow margin of 29% and 196 million diluted weighted average shares.

我們預計 2020 年認購毛利率為 86%，營業利潤率為 22%，自由現金流利潤率為 29%，稀釋加權平均股數為 1.96 億股。

We are very pleased with our Q4 and full year 2019 results, and we are excited to continue our momentum into 2020.

我們對我們的第四季度和 2019 年全年業績感到非常滿意，我們很高興將我們的勢頭延續到 2020 年。

We're also extremely proud that our full year 2020 subscription revenue guidance of $4.2 billion exceeds the $4 billion total revenue target that was set back in 2015.

我們也非常自豪，我們 2020 年全年 42 億美元的訂閱收入指導超過了 2015 年設定的 40 億美元的總收入目標。

I would like to conclude by expressing my sincere appreciation for my predecessor Mike Scarpelli.

最後，我要對我的前任 Mike Scarpelli 表示由衷的感謝。

During Mike's time at ServiceNow, he built outstanding relationships with our employees, our customers and shareholders.

Mike 在 ServiceNow 期間，他與我們的員工、客戶和股東建立了良好的關係。

And I'm inheriting a well-managed and super talented organization.

而且我正在繼承一個管理良好且才華橫溢的組織。

I look forward to meeting all of you at the upcoming conferences and our Financial Analyst Day in May.

我期待在即將舉行的會議和五月的金融分析師日與大家見面。

Operator, would you please open the lines for questions.

接線員，請您打開線路提問。

(Operator Instructions) And your first question comes from Kash Rangan with Bank of America.

（操作員說明）您的第一個問題來自美國銀行的 Kash Rangan。

Congratulations, team and Bill.

祝賀你，團隊和比爾。

The messaging and the positioning of ServiceNow is exceedingly, brilliantly clear.

ServiceNow 的信息傳遞和定位非常清晰。

So congratulations on that.

恭喜你。

My question for you, as I listened to your prepared comments, it appears that ServiceNow is firmly pivoting towards being more of an applications provider away from being just purely IT.

我的問題是，當我聽取了您準備好的評論時，ServiceNow 似乎正在堅定地轉向成為更多的應用程序提供商，而不僅僅是純粹的 IT。

You talk about HR, CSM, et cetera.

你談論 HR、CSM 等等。

I'm wondering how do you go about organizing the go-to-market strategy, well, given that you ran one of the biggest applications companies in the world.

我想知道你是如何組織進入市場戰略的，好吧，鑑於你經營著世界上最大的應用程序公司之一。

What are some of the experiences from that role that you can bring to bear as ServiceNow embarks on a different chapter on its way to being a $10 billion revenue company?

隨著 ServiceNow 開啟新的篇章，成為一家收入 100 億美元的公司，您可以從這個角色中獲得哪些經驗？

Congratulations.

恭喜。

Thank you very much, Kash.

非常感謝你，卡什。

I really appreciate your kind remarks.

我真的很感謝你的好意。

I think the most important thing I wanted to convey is business continuity, stability and scale are the things that I'm most in front of right now.

我認為我想傳達的最重要的事情是業務連續性、穩定性和規模是我現在最關心的事情。

We have an excellent team.

我們有一支優秀的團隊。

The go-to-market has been well thought through, and the team itself is highly stable, and we intend to keep it that way.

進入市場經過深思熟慮，團隊本身非常穩定，我們打算保持這種狀態。

There are no plans to make coverage changes.

沒有計劃更改覆蓋範圍。

What we have is what we want.

我們擁有的就是我們想要的。

What we will do is we will take a bolder position on the role that this incredible system of engagement, this system of action called workflow can take in the modern workplace.

我們將要做的是，我們將對這種令人難以置信的參與系統，這種稱為工作流的行動系統在現代工作場所中所扮演的角色採取更大膽的立場。

If you think about the problems that customers are having today, they have many systems of record, and unfortunately, when they try to think about how people work and how people want to work, they don't have the workflow that enables a team to really set on a course of executing a simple business process.

如果您考慮客戶今天遇到的問題，他們有許多記錄系統，不幸的是，當他們嘗試思考人們如何工作以及人們想要如何工作時，他們沒有使團隊能夠真正開始執行一個簡單的業務流程。

With ServiceNow, that all changes.

使用 ServiceNow，這一切都會改變。

And you can see the impact that we've had on the employee with employee service delivery.

您可以看到我們通過員工服務交付對員工產生的影響。

You can see the impact that we've had on customer service management.

您可以看到我們對客戶服務管理的影響。

And many of the big companies in the world today are figuring this out pretty quickly.

當今世界上的許多大公司都很快就解決了這個問題。

So we will go to market as we are today in the various geographies.

因此，我們將像今天一樣在各個地區進入市場。

We can expand our footprint.

我們可以擴大我們的足跡。

We clearly are going to focus on industries such as banking and telco.

我們顯然將專注於銀行和電信等行業。

I referenced a few partner examples.

我參考了一些合作夥伴的例子。

You know we're doing very well in regulated.

你知道我們在監管方面做得很好。

You can see that in the public sector in the United States.

你可以在美國的公共部門看到這一點。

You can see that in Australia, where we're bringing in large deals.

你可以在澳大利亞看到這一點，我們正在那裡進行大筆交易。

And I'm really encouraged right now with what we're doing in buying centers because, as you know, Kash, to expand as an end-to-end solution provider in the enterprise, the backbone is IT, which is unique to ServiceNow because every company wants to be a tech company.

我現在對我們在採購中心所做的工作感到非常鼓舞，因為如你所知，Kash 作為企業中的端到端解決方案提供商擴展，其骨幹是 IT，這是 ServiceNow 獨有的因為每家公司都想成為一家科技公司。

Actually, every company would ideally like to be a software company, but it all starts with that tech backbone.

實際上，理想情況下，每家公司都希望成為一家軟件公司，但這一切都始於技術骨幹。

And we can carry that.

我們可以攜帶它。

We've proven it to HR.

我們已經向 HR 證明了這一點。

We've proven it to customer service management.

我們已經向客戶服務管理證明了這一點。

We can prove it with the COO.

我們可以向首席運營官證明這一點。

We can prove it with the risk and compliance folks, and of course, we can also now prove it with CEOs.

我們可以向風險和合規人員證明這一點，當然，我們現在也可以向 CEO 證明這一點。

And I'm, in particular, excited about that because the Rolodex that I have has been calling on me, asking me for new and innovative ways to help them, either take cost out with better workflow or bring in more revenue and growth because they can manage their business more effectively.

我特別興奮，因為我一直在打電話給我，要求我提供新的和創新的方法來幫助他們，要么通過更好的工作流程降低成本，要么帶來更多的收入和增長，因為他們可以更有效地管理他們的業務。

So good news for the shareholder, no territory changes, no disruption.

對股東來說是個好消息，沒有領土變化，沒有中斷。

It's only on top value add for growth.

它只是增長的最高附加值。

Your next question comes from Michael Turits with Raymond James.

您的下一個問題來自 Michael Turits 和 Raymond James。

Congratulations, and welcome to both Bill and to Gina.

恭喜，歡迎比爾和吉娜。

Bill, I wonder if you could talk about some of the directions that you might be thinking in terms of the platform.

比爾，我想知道您能否談談您可能在平台方面考慮的一些方向。

You said the strength in this is a single platform, so I think there's been some thoughts about how you might expand over time in areas like data, monitoring, a wide variety of areas.

您說這個平台的優勢在於單一平台，所以我認為隨著時間的推移您可能會在數據、監控等各種領域進行擴展。

Just how you conceptualize that would be helpful relative to that platform.

相對於該平台，您如何概念化這將是有幫助的。

Sure.

當然。

Thank you so much, Michael.

非常感謝你，邁克爾。

Well, first of all, the platform is very unique in the sense that, as you mentioned, it's one architecture, one data model.

嗯，首先，從某種意義上說，該平台非常獨特，正如您所提到的，它是一種架構，一種數據模型。

This is a really a pristine platform that's fully integrated on our own code base.

這是一個真正的原始平台，完全集成在我們自己的代碼庫中。

In fact, even when M&A moves took place, they were replatformed onto the Now Platform.

事實上，即使發生了併購活動，它們也被重新平台化到了 Now 平台上。

So we have a really, really very, very clean company here.

所以我們這裡有一家非常非常非常乾淨的公司。

And as an example, even in the tuck-in M&A moves that we made, it was all about strengthening and making the platform even more robust for our customers.

舉個例子，即使在我們採取的併購行動中，這也是為了加強和使平台對我們的客戶更加強大。

For example, in natural language capabilities or in AI operations, business continuity, it's all strengthening the argument of that strong platform.

例如，在自然語言能力或人工智能運營、業務連續性方面，這一切都在強化這個強大平台的論據。

We have to make that an easy platform to consume for business analysts and technologists alike.

我們必須使該平台成為業務分析師和技術人員使用的簡單平台。

So that's one aspect of the growth strategy.

所以這是增長戰略的一個方面。

And the other is to build applications on top of that platform.

另一個是在該平台之上構建應用程序。

I was working with one CEO, who was very interested in having a rewards program built on the platform, but he wanted to do it in a couple of days or a week as opposed to years.

我與一位 CEO 合作，他對在平台上建立獎勵計劃非常感興趣，但他希望在幾天或一周內完成，而不是幾年。

And he didn't want a team of consultants to have to do it.

而且他不希望一個顧問團隊不得不這樣做。

He wanted his own business analyst people to do it.

他希望自己的業務分析師人員來做這件事。

And of course, we were able to do that for him in a few days on the Now Platform.

當然，我們能夠在幾天內在 Now Platform 上為他做到這一點。

So think of it as expandable on many dimensions.

所以認為它可以在許多方面進行擴展。

If you think about technology people, you think about analysts, if you think about business people, they're all going to build magic workflows on this magic platform to create immense productivity and growth in their digital transformation strategy.

如果您想到技術人員，您會想到分析師，如果您想到業務人員，他們都會在這個神奇的平台上構建神奇的工作流程，以在他們的數字化轉型戰略中創造巨大的生產力和增長。

The other thing that's kind of interesting is Kash mentioned the kind of system of record players that are in the marketplace.

另一件有趣的事是 Kash 提到了市場上的那種唱片播放器系統。

And one of the very large systems integrators told me, and I did mention that in my remarks, that we view this as this unbelievable cross-platform integration engine for the modern enterprise because there's so many disconnected workflows and processes that this can be the glue that puts it all together.

一位非常大的系統集成商告訴我，我確實在我的發言中提到，我們認為這是現代企業的這個令人難以置信的跨平台集成引擎，因為有太多不連貫的工作流和流程，這可以成為粘合劑這把它放在一起。

So all those dimensions spell growth.

所以所有這些維度都意味著增長。

We've actually even simplified it.

我們實際上甚至簡化了它。

We made the consumption of it easier, the pricing of it easier, and we just left our -- all company Sales Kickoff meeting in Las Vegas, and people are more fired up than ever before about the growth prospects on the platform.

我們讓它的消費更容易，它的定價更容易，我們剛剛離開了在拉斯維加斯舉行的所有公司的銷售啟動會議，人們比以往任何時候都更加關注平台上的增長前景。

Your next question comes from Jennifer Lowe with UBS.

您的下一個問題來自瑞銀的 Jennifer Lowe。

I'm sitting in for Jen Lowe.

我坐在 Jen Lowe 的位置上。

This is Rakesh Kumar.

這是拉克什庫馬爾。

I wanted to dig a little more around your industry solution announcement that you made a couple of days ago.

我想進一步了解您幾天前發布的行業解決方案公告。

I was curious if there will be more products tailored for these vertical use cases.

我很好奇是否會有更多針對這些垂直用例量身定制的產品。

And also outside of partner efforts, what sort of internal go-to-market motion is being put in place?

此外，在合作夥伴的努力之外，正在實施什麼樣的內部上市行動？

Yes.

是的。

So one thing that's kind of interesting just on the partners, in general, we have had numerous meetings with CEOs and chairmen of the largest partner firms in the world.

因此，對於合作夥伴來說，有一件事很有趣，總的來說，我們與世界上最大的合作夥伴公司的首席執行官和董事長舉行了多次會議。

In fact, they've been very kind.

事實上，他們一直很友善。

They've actually even come to Santa Clara.

他們實際上甚至來到了聖克拉拉。

And most of them that come in with very robust ideas on what's possible, and none of them have left without at least adding $1 billion to the numerator of what they think is absolutely achievable with ServiceNow.

他們中的大多數人都對可能發生的事情提出了非常有力的想法，而且他們中的任何一個人都沒有在他們認為使用 ServiceNow 絕對可以實現的分子上至少增加 10 億美元。

So some of these investments are in industries.

因此，其中一些投資是在工業領域。

For example, think about workflows that are industry-based that are focused on specific domains of the industry or the subvertical, and then think about how that could be personalized to the various personas in the operation.

例如，考慮基於行業的工作流，專注於行業的特定領域或顛覆性領域，然後考慮如何將其個性化為運營中的各種角色。

Again, the Now Platform comes shining through here because of its capabilities and the IT backbone and the nature of connecting workflows across various buying centers.

再次，Now 平台因其功能和 IT 主幹以及跨各個採購中心連接工作流的性質而在這里大放異彩。

And they're very interested in the industry, the subindustry vertical and the buying center approach.

他們對行業、子行業垂直和採購中心方法非常感興趣。

And we're trying to do a very good job of giving partners the ability to innovate, co-innovate with us and the customer and to grow.

我們正在努力做好，讓合作夥伴能夠創新，與我們和客戶共同創新並成長。

And we're doing this across all the geographies of the world or we might have a certain partner in a certain geography in a certain industry and we could be very specific.

我們在世界所有地區都在這樣做，或者我們可能在某個行業的某個地區有某個合作夥伴，我們可以非常具體。

But again, it's all about growth.

但同樣，這一切都與增長有關。

It's all about opportunity.

這一切都與機會有關。

It's all about honesty, open collaboration and real trust with the partners.

這一切都與合作夥伴的誠實、開放合作和真正信任有關。

And the good news is they all know me, so they know we don't break promises around here, which is very helpful.

好消息是他們都認識我，所以他們知道我們在這裡不會違背承諾，這非常有幫助。

And if I could add a follow-up around this, the recent acquisition of Loom Systems, does this acquisition signal your intent to move into complementary segments like APM or AIOps and some other infrastructure segment?

如果我可以圍繞最近對 Loom Systems 的收購添加後續行動，這次收購是否表明您打算進入 APM 或 AIOps 等互補領域以及其他一些基礎設施領域？

Yes.

是的。

I mean, first of all, regarding Loom, right, so this is really extending our core.

我的意思是，首先，關於 Loom，對，所以這確實是在擴展我們的核心。

So if you think IT service management, IT operations management, this is essentially giving ServiceNow customers the ability to prevent and resolve IT issues before they actually become problems, right?

因此，如果您認為 IT 服務管理、IT 運營管理，本質上是讓 ServiceNow 客戶能夠在 IT 問題真正成為問題之前預防和解決問題，對嗎？

So IT departments today want to proactively pinpoint and resolve operational issues.

因此，今天的 IT 部門希望主動查明和解決運營問題。

They don't want problems.

他們不想要問題。

They want predictive analytics.

他們需要預測分析。

The other thing is, if you look at Gartner, and I do value very much what they say, they thought it was a very, very giant step forward in really making our ITSM platform, that AI operations engine of the enterprise, and we received a lot of positive commentary.

另一件事是，如果你看看 Gartner，我確實非常重視他們所說的話，他們認為這是在真正打造我們的 ITSM 平台、企業的人工智能運營引擎方面邁出了非常非常大的一步，我們收到了很多積極的評論。

But we also made moves, as you know, with natural language capabilities and business continuity, and we're doing this all with the intent of strengthening the platform.

但如您所知，我們也採取了自然語言功能和業務連續性的舉措，我們這樣做的目的是加強平台。

But our core is our core.

但我們的核心就是我們的核心。

I gave you an outline of our strategy.

我給了你一個我們的戰略大綱。

And for now we'll leave it at that.

現在我們將把它留在那裡。

Your next question comes from Sarah Hindlian with Macquarie.

您的下一個問題來自麥格理的 Sarah Hindlian。

First off, congrats to you both on your first quarter.

首先，祝賀你們在第一季度的表現。

Welcome, and way to hit it out of the park.

歡迎，以及將它打出公園的方式。

Thank you, Sarah.

謝謝你，莎拉。

I have a couple of questions.

我有一些問題。

First, Bill -- same.

首先，比爾——同樣。

Nice to meet you.

很高興見到你。

First, Bill, you mentioned that you were growing quite sizable on HR and CSM, which was really nice to hear, but I was wondering if you could give us some color around how big ITOM is getting and even how large you could see it growing as you start to integrate Loom and other such technologies given how big the TAM is.

首先，Bill，你提到你在 HR 和 CSM 方面的規模越來越大，這真的很高興，但我想知道你是否可以告訴我們 ITOM 正在變得多大，甚至你能看到它增長到多大鑑於 TAM 有多大，當您開始集成 Loom 和其他此類技術時。

And then I have a follow-up for Gina when you're finished.

然後，當你完成後，我會對 Gina 進行跟進。

Yes.

是的。

So I mean I think it's very, very good question actually.

所以我的意思是我認為這是一個非常非常好的問題。

So if you look at this company, first of all, let's just baseline the company.

因此，如果您查看這家公司，首先，讓我們對公司進行基線。

If you take a look at some of the data I saw from Morgan Stanley as an example, if you were just to automate kind of the manual or paper-based processes in the enterprise, you have a TAM in the United States alone of more than $225 billion.

如果您以我從摩根士丹利看到的一些數據為例，如果您只是為了自動化企業中的手動或紙質流程，那麼僅在美國就有超過2250 億美元。

If you think about that on an international level, you can climb up to $400 billion pretty quickly.

如果你從國際層面考慮，你可以很快攀升至 4000 億美元。

So all of these businesses can be really, really big businesses.

所以所有這些企業都可以是非常非常大的企業。

And we don't think of any business right now in terms that are less than $1 billion.

我們現在不認為任何低於 10 億美元的業務。

So as you think about our mentality in just running the company, if we look at something, it's got a $1 billion tag on it.

因此，當您考慮我們在經營公司時的心態時，如果我們看一些東西，它上面貼著 10 億美元的標籤。

And ITOM, what I'm impressed with this, in particular, is it's growing so fast.

而ITOM，尤其讓我印象深刻的是它的增長速度如此之快。

So in each year that you think of us, it'll much more than double, so anything that much more than doubles within a year gets us super excited.

因此，在您想到我們的每一年，它都會翻一番以上，所以一年內翻一番以上的任何事情都會讓我們非常興奮。

We're also seeing very large deals.

我們也看到了非常大的交易。

In the quarter, we closed 5 that were bigger than $1 million.

在本季度，我們關閉了 5 家超過 100 萬美元的企業。

And essentially, within the ITOM category, 15 of the top 20 deals that we did had ITOM in the bill of materials, so this one could be a biggie.

從本質上講，在 ITOM 類別中，我們所做的前 20 項交易中有 15 項在物料清單中包含 ITOM，因此這一項可能是個大問題。

All right.

好的。

That's very helpful.

這很有幫助。

Good to hear.

很高興聽到。

Gina, nice to meet you and welcome.

吉娜，很高興認識你，歡迎你。

We were really curious about your new verticalization strategy.

我們真的很好奇你們新的垂直化戰略。

And I know Bill touched on it a bit on the call, but we've really seen this be a critical tipping point to growing very large industry businesses for SaaS vendors in the past.

我知道比爾在電話會議上談到了一點，但我們確實看到這是過去為 SaaS 供應商發展非常大的行業業務的關鍵轉折點。

So I was wondering how long we should expect the ramp of your new vertical practices to take and maybe if we should even expect somewhat of a small or concurrent rise in S&M along with this move.

所以我想知道我們應該期待你的新垂直實踐需要多長時間，也許我們是否應該期待隨著這一舉措在 S&M 中出現一些小幅或同時的增長。

Sure.

當然。

Thank you so much, and I'm looking forward to meeting you as well in person.

非常感謝你，我也期待著親自見到你。

So first of all, to reiterate what Bill said, industries are critical to our growth, and the vertical strategy is something that we're very focused on.

因此，首先，重申比爾所說的話，行業對我們的增長至關重要，而垂直戰略是我們非常關注的事情。

We do not expect, however, to be adding huge overlay types of sales folks throughout the organization.

但是，我們不希望在整個組織中增加大量重疊類型的銷售人員。

So we do not expect there to be a huge increase in sales and marketing as a percent of sales -- as a percent of revenue.

因此，我們預計銷售和營銷佔銷售額的百分比不會大幅增加 - 佔收入的百分比。

We do expect that we will invest here.

我們確實希望我們會在這裡投資。

We will invest smartly and disciplined, and we do expect that with the material and with our workflow products, that this will ramp.

我們將進行明智和自律的投資，並且我們確實希望通過材料和我們的工作流程產品，這將會增加。

But from a timing perspective, we haven't modeled that out.

但從時間的角度來看，我們還沒有模擬出來。

But it's something that we're very focused on.

但這是我們非常關注的事情。

We are investing, but we do not expect to see significantly higher investment as a percentage of revenue to total sales and marketing.

我們正在投資，但我們預計投資佔總銷售和營銷收入的百分比不會顯著提高。

Your next question comes from Brad Zelnick with Crédit Suisse.

您的下一個問題來自瑞士信貸的 Brad Zelnick。

And I echo my congratulations on a stellar Q4.

我對出色的 Q4 表示祝賀。

Welcome to you, Gina.

歡迎你，吉娜。

And Bill, if I can start out with a question for you.

還有比爾，如果我可以先問你一個問題。

Now that you've had some time in the cockpit flying the plane and we've seen you standing in front of giant dream big signs in the Wall Street Journal full-page ad, what are the biggest positive and negative surprises so far relative to what you intend to accomplish?

既然你已經在駕駛艙裡駕駛過飛機，我們已經看到你站在華爾街日報整版廣告中的巨大夢想大標誌前，到目前為止，最大的正面和負面驚喜是什麼？你打算完成什麼？

And specifically on company culture with teamwork being your fifth priority this year, and I imagine every year ahead, and something that we all know is very enduring for any company, what are your observations on ServiceNow's culture?

特別是關於公司文化，團隊合作是你今年的第五個優先事項，我想像著未來的每一年，我們都知道對於任何公司來說都是非常持久的，你對 ServiceNow 的文化有什麼看法？

And perhaps, how can you improve upon it to take things to the next level?

也許，您如何改進它以將事情提升到一個新的水平？

Well, it's a really great question, Brad.

嗯，這是一個非常好的問題，布拉德。

Thank you very much for your very kind words.

非常感謝你的客氣話。

First, I'd like to acknowledge Fred Luddy because our Founder did an amazing job of not only building a platform with the customers' interest in mind and that true empathy for the customer but that became a pervasive culture in this company.

首先，我要感謝 Fred Luddy，因為我們的創始人做了一項了不起的工作，不僅建立了一個考慮到客戶利益和真正同情客戶的平台，而且這成為了這家公司的一種普遍文化。

Everybody shows an enormous empathy for the customer regardless of the department that they serve within the company.

無論他們在公司內服務的部門如何，每個人都對客戶表現出極大的同情心。

So that is really positive.

所以這真的是積極的。

And I mentioned my 2 predecessors in my remarks.

我在發言中提到了我的兩位前任。

I give Frank Slootman a lot of credit for taking Fred's invention and scaling that at an important time in the company's history.

我非常感謝弗蘭克·斯洛特曼（Frank Slootman），他在公司歷史上的重要時刻採用了 Fred 的發明並對其進行了擴展。

And I give my great friend, John Donahoe, amazing accolades for the job that he did in scaling it yet again, post Frank, to get it to where it is at this point.

我給我的好朋友約翰·多納霍（John Donahoe）以驚人的讚譽，感謝他在弗蘭克（Frank）之後再次擴展它所做的工作，以使其達到現在的水平。

And my job is to take it now and scale it to be the defining enterprise software company in the 21st century.

而我的工作是現在就接受它，並將其擴展為 21 世紀具有決定性意義的企業軟件公司。

And I intend to do just that as we go for $10 billion and way beyond.

我打算在我們投資 100 億美元甚至更多的時候做到這一點。

So what did I pick up along the way?

那我一路上撿到了什麼？

Number one, culture, culture, culture.

第一，文化，文化，文化。

This culture is amazing.

這種文化是驚人的。

It's exciting.

是興奮的。

It's humble and it always wants to keep getting better.

它很謙虛，它總是想變得更好。

Nobody here is looking for a pat on the back for too long.

這裡沒有人想拍拍背太久。

They want to know what they could do to get better, and I love that.

他們想知道他們可以做些什麼來變得更好，我很喜歡。

The second thing is the customers love us.

第二件事是客戶喜歡我們。

I mean it's amazing not only in the loyalty rates that you see, which are the best in the business, but literally, I went to several cities, met so many customers.

我的意思是，不僅您看到的忠誠度令人驚嘆，這是業內最好的，而且從字面上看，我去了幾個城市，遇到了這麼多客戶。

I'm now going on a world tour.

我現在要去世界巡迴演唱會。

We'll hit 3 continents in the next 11 days, and I'll see many, many more customers.

在接下來的 11 天內，我們將到達 3 大洲，我會看到更多、更多的客戶。

In addition, I will have, at that point, then touched every single person personally in the company, which is cool, because that's more than 10,300 people.

此外，到那時，我將親自觸摸公司中的每一個人，這很酷，因為那是超過 10,300 人。

And what you find is the customers, they just love this company, and the products work, and we do what we said we do.

你找到的是客戶，他們只是喜歡這家公司，產品有效，我們按照我們所說的去做。

They just want us to keep doing more.

他們只是希望我們繼續做得更多。

And in fact, one of the things that I learned and that I think I can help bring to the equation, because you asked me for observations where I could also perhaps find something that wasn't perfect or add some value, it's really in this maneuver to the C-suite because if you meet the CEOs -- I'm very used to meeting them -- they would say, "I haven't had a call from ServiceNow." But that's after I just got done meeting with the CIO, with the COO, and they told me how much they love ServiceNow.

事實上，我學到的一件事，我認為我可以幫助解決這個問題，因為你問我觀察，我可能還可以找到一些不完美的東西或增加一些價值，它真的在這個調到最高管理層，因為如果你遇到首席執行官——我已經習慣了與他們見面——他們會說，“我還沒有接到來自 ServiceNow 的電話。”但那是在我剛剛與首席信息官和首席運營官會面之後，他們告訴我他們多麼喜歡 ServiceNow。

So I think we can really broaden the perimeter with the buying centers.

所以我認為我們可以真正擴大採購中心的範圍。

I think the expansion geographically is still there for us.

我認為地理上的擴張對我們來說仍然存在。

There's a big opportunity in the Middle East.

中東有很大的機會。

We have plenty of opportunities to expand in Europe.

我們有很多機會在歐洲擴張。

Latin America is still young.

拉丁美洲還很年輕。

Japan is a big market for us.

日本對我們來說是一個很大的市場。

We're just going into Korea in a big way.

我們只是大舉進軍韓國。

So all of that is there and more.

所以所有這些都在那裡，還有更多。

So I would say of all the things I've ever seen, I'm so impressed with the culture, the idea of getting better, having an incredibly loyal customer base, and now we're moving to the C-suite and industry and buying center.

所以我想說的是我所見過的所有事情，我對文化印象深刻，變得更好的想法，擁有一個非常忠誠的客戶群，現在我們正在轉向最高層和行業，採購中心。

And we're doing that with the ecosystem in mind because I think it's an amazing force multiplier that comes ServiceNow's way with the expansion of our partners.

我們這樣做是考慮到生態系統，因為我認為這是一個驚人的力量倍增器，ServiceNow 隨著我們合作夥伴的擴張而出現。

And being a good partner is essential to being the defining enterprise software company of the 21st century.

成為一個好的合作夥伴對於成為 21 世紀的企業軟件公司至關重要。

So that is kind of where I'm going.

所以這就是我要去的地方。

And finally, please let me say one thing on behalf of my colleagues, the engineering pride in this company, the focus on products, when I talk to CJ or I talk to anybody on the P4, even when we get in front of the Board of Directors, we're talking product.

最後，請讓我代表我的同事說一件事，這家公司的工程自豪感，對產品的關注，當我與 CJ 或 P4 上的任何人交談時，即使我們在董事會面前董事們，我們談論的是產品。

We're showing demos.

我們正在展示演示。

We're looking at the next generation of what's possible.

我們正在研究下一代的可能性。

We're rethinking the way work is done in enterprises because we know people have so much to improve upon, but we do that not with PowerPoints, not with big slide shows, but we do this with product.

我們正在重新思考企業的工作方式，因為我們知道人們有很多需要改進的地方，但我們這樣做不是用 PowerPoints，不是用大型幻燈片，而是用產品來做這件事。

I'm a big fan of the way Winners Dream and look forward to your continued success.

我非常喜歡贏家夢想的方式，並期待您繼續取得成功。

I'm honored.

我很榮幸。

Thank you very much, Brad.

非常感謝你，布拉德。

Thank you.

謝謝你。

Your next question comes from Keith Weiss with Morgan Stanley.

您的下一個問題來自摩根士丹利的 Keith Weiss。

This is Sanjit Singh for Keith Weiss.

這是 Keith Weiss 的 Sanjit Singh。

And congrats on a really strong end to 2019.

並祝賀 2019 年的結束非常強勁。

Bill, in your script, you mentioned the momentum you're seeing around CSM and HR.

比爾，在你的劇本中，你提到了你在 CSM 和 HR 周圍看到的勢頭。

But when I sort of look at your top 20 deals, what's striking to me is sort of the number of IT deals across ITSM, asset management, IT business management, all over the top 20 grid.

但是，當我查看您的前 20 項交易時，令我印象深刻的是 ITSM、資產管理、IT 業務管理等所有前 20 名網格中的 IT 交易數量。

Can you sort of give us a sense about the IT portfolio overall in terms of the durability of growth that you're seeing in the IT side going into fiscal year 2020?

您能否根據您在 2020 財年 IT 方面看到的增長的持久性，讓我們了解整個 IT 產品組合？

Absolutely.

絕對地。

So first of all, Keith, thank you very much for noticing that because I, like you, have never seen a truly great company that doesn't have a great core.

所以首先，基思，非常感謝你注意到這一點，因為我和你一樣，從未見過沒有偉大核心的真正偉大的公司。

And we're proud of the core.

我們為核心感到自豪。

We like who we are very much here.

我們非常喜歡我們在這裡的樣子。

And if you look at kind of the path of this, 14 of the top 20 deals included 3 or more IT products in the sale.

如果你看一下這種路徑，前 20 項交易中有 14 項在銷售中包含 3 種或更多 IT 產品。

ITSM is really on fire.

ITSM 真的很火。

I mean 16 deals were $1 million or more in the quarter with ITSM, and 17 of the top 20 deals included ITSM.

我的意思是本季度與 ITSM 達成的 16 筆交易價值 100 萬美元或更多，前 20 筆交易中有 17 筆包括 ITSM。

We talked about ITOM earlier.

我們之前談到了 ITOM。

And of course, ITOM, I made comments of it.

當然，ITOM，我對此發表了評論。

I mean, like, we're growing that business like 51% in a quarter.

我的意思是，我們的業務在一個季度內增長了 51%。

So it's going extremely well.

所以進展非常順利。

We had 5 ITOM deals that were greater than $1 million, and there were 15 of the top 20 -- 15 of the top 20 deals had ITOM in it.

我們有 5 筆超過 100 萬美元的 ITOM 交易，前 20 名中有 15 筆交易——前 20 名交易中有 15 筆包含 ITOM。

So then I said to myself what about ITAM.

所以我對自己說 ITAM 怎麼樣。

I mentioned, as you know, the Veteran Affairs situation, and we closed 2 deals that were very, very sizable in the ITAM category.

如您所知，我提到了退伍軍人事務的情況，我們完成了兩筆在 ITAM 類別中非常非常大的交易。

So what's the point of all this?

那麼這一切有什麼意義呢？

The point of all of this is our solutions are better together, and everything pivots from that backbone IT core.

所有這一切的重點是我們的解決方案可以更好地結合在一起，並且一切都以該骨幹 IT 核心為中心。

And when we carry that backbone IT core into the other domains of the enterprise, everything gets better.

當我們將主幹 IT 核心帶入企業的其他領域時，一切都會變得更好。

And that's why I even explain to other enterprise software companies that are systems of record out there, we just make you better because what we do in our core emulates across all the buying centers on an end-to-end workflow level, and that just makes all of the partners that we have, whether they're technology partners or systems integration partners that much stronger.

這就是為什麼我什至向其他有記錄系統的企業軟件公司解釋，我們只是讓您變得更好，因為我們在核心中所做的工作在端到端工作流級別上模擬所有採購中心，而這只是使我們擁有的所有合作夥伴，無論是技術合作夥伴還是系統集成合作夥伴，都變得更加強大。

The growth in front of us with ITSM Pro and all the value add that we're putting into the platform will keep this company's core growing solid for years and years and years to come.

ITSM Pro 在我們面前的增長以及我們在平台中投入的所有附加值將使這家公司的核心在未來幾年和幾年內保持穩定增長。

That's very encouraging.

這是非常令人鼓舞的。

If I could do one quick follow-up if I may.

如果可以的話，我可以做一個快速的跟進。

You mentioned, Bill, about the importance of partners and the ecosystem going forward, calling out the recent strengthening of that partnership with Accenture and Deloitte.

比爾，你提到了合作夥伴和未來生態系統的重要性，並呼籲最近加強與埃森哲和德勤的伙伴關係。

I was wondering if you could hit upon Microsoft.

我想知道你是否可以找到微軟。

That was another strategic partner -- strategic partnership that was signed this summer around federal.

那是另一個戰略夥伴——今年夏天圍繞聯邦簽署的戰略夥伴關係。

But what do you see as sort of the partnership opportunities, the joint opportunities with Microsoft going forward in terms of strengthening that ecosystem play?

但是你認為什麼是合作機會，在加強生態系統發揮方面與微軟的聯合機會？

Right, right.

是的是的。

Well, actually, in July, we announced a new partnership with Microsoft, in which we'll be hosting ServiceNow instances in Azure.

嗯，實際上，在 7 月，我們宣布與 Microsoft 建立新的合作夥伴關係，我們將在 Azure 中託管 ServiceNow 實例。

And the initial focus there is on public sector in the U.S., specifically, but also Australia.

最初的重點是美國的公共部門，特別是澳大利亞的公共部門。

So we believe other highly regulated industries globally could also benefit from this focus, but of course, it's early days.

因此，我們相信全球其他高度監管的行業也可以從這一重點中受益，但當然，這還為時過早。

I consider Satya a personal friend.

我認為薩蒂亞是私人朋友。

I consider Azure an amazing platform and Microsoft, a great company.

我認為 Azure 是一個了不起的平台，而微軟則是一家偉大的公司。

I can tell you that I'm convinced we'll do big things there.

我可以告訴你，我相信我們會在那裡做大事。

I'm also convinced that my phone has been literally ringing off the hook with other very large companies that want to do more with ServiceNow.

我還確信，我的手機已經與其他希望使用 ServiceNow 做更多事情的大公司打成一片。

So we're open for business.

所以我們開始營業了。

We're opening for partnerships, and my advice to the partners out there is don't waste too much time.

我們正在開放合作夥伴關係，我對合作夥伴的建議是不要浪費太多時間。

We're on the move.

我們正在行動中。

Your next question comes from Sterling Auty with JPMorgan.

您的下一個問題來自摩根大通的 Sterling Auty。

In your prepared remarks, 2 of the tenants that you pointed out were kind of brand marketing and the go-to-market machine.

在您準備好的評論中，您指出的 2 個租戶是一種品牌營銷和進入市場的機器。

I'm just curious how we translate that into what we should think about as the marketing spend for 2020 and the sales count hiring for 2020.

我只是好奇我們如何將其轉化為我們應該考慮的 2020 年營銷支出和 2020 年招聘人數。

Sure.

當然。

Maybe I'll start big picture, and then Gina, I'm sure, would love to add some value to this.

也許我會從大局開始，然後我敢肯定，吉娜很樂意為此增加一些價值。

So we're at the point now where we're investing in engineers, and obviously, we're investing in channels that grow our company.

因此，我們現在正處於投資工程師的地步，顯然，我們正在投資發展我們公司的渠道。

And we're trying to keep it as lean as we can on the G&A side and let our great workflow technology keep us simple, keep us highly productive.

我們正在努力使其在 G&A 方面盡可能精簡，並讓我們出色的工作流程技術讓我們保持簡單，讓我們保持高效。

So the margin expansion story can obviously be there.

因此，利潤率擴張的故事顯然可以存在。

But we've been adding headcount commensurate with growth, and we're not going to get headcount in front of growth.

但是我們一直在增加與增長相稱的員工人數，而且我們不會在增長之前增加員工人數。

So that's just kind of big picture.

所以這只是一個大圖景。

It's a pretty disciplined company, and we're going to keep it that way.

這是一家非常有紀律的公司，我們將保持這種狀態。

For example, as I look at margin leverage and how we can improve, I think about keeping the company simple and simple things.

例如，當我研究保證金槓桿以及我們如何改進時，我會考慮讓公司保持簡單和簡單的事情。

Like we're a bigger company now.

就像我們現在是一家更大的公司一樣。

We got unbelievable customer loyalty.

我們得到了難以置信的客戶忠誠度。

How do we make a frictionless company possible for our customers so renewals are smooth?

我們如何為我們的客戶打造一家無摩擦的公司，以便順利續約？

Upsell and cross-sell is simple.

追加銷售和交叉銷售很簡單。

And everybody in the company, no matter what job it is, we can look at the revenue per employee scorecard and say we keep getting better.

公司中的每個人，無論是什麼工作，我們都可以查看每個員工記分卡的收入，並說我們一直在變得更好。

And in particular, we'd like to see that in sales.

特別是，我們希望在銷售中看到這一點。

So for example, you're very aware of what we do with very large enterprises and large enterprises and how we cover our commercial space, but we're doing more and more with account development reps to drive pipeline.

因此，例如，您非常了解我們對超大型企業和大型企業所做的事情以及我們如何覆蓋我們的商業空間，但我們越來越多地與客戶開發代表一起推動管道。

We're doing more and more on the inside sales level, so we can have a better return on our investment with sales headcount and really drive, not just loyalty, but net new logos, which remains a very strong focus for this year.

我們在內部銷售層面做的越來越多，因此我們可以通過銷售人數獲得更好的投資回報，並真正推動，不僅僅是忠誠度，而是全新的徽標，這仍然是今年的重點。

So count on us to get to top line and make sure, while we're doing it, the revenue per employee scorecard keeps going up.

因此，請指望我們達到頂線，並確保在我們這樣做的同時，每個員工記分卡的收入不斷上升。

And I'll just add to that.

我會補充一點。

We will continue to invest in the right places, but it's a very disciplined approach to investing.

我們將繼續在正確的地方進行投資，但這是一種非常自律的投資方式。

From a sales and marketing perspective, we will absolutely expect to see some leverage from productivity and sales, but we'll be investing in other areas.

從銷售和營銷的角度來看，我們絕對希望看到生產力和銷售方面的一些影響，但我們將投資於其他領域。

We'll also invest in brand.

我們還將投資品牌。

From an overall perspective, we expect some leverage.

從整體角度來看，我們預計會有一些影響力。

And obviously, we've guided to the total overall OI margin for the year.

顯然，我們已經指導了今年的總體 OI 利潤率。

Got it.

知道了。

And then maybe one quick follow-up.

然後也許是一個快速的跟進。

Renewal rates, 97%, is still very, very high, but it did tick down a little bit compared to the last several quarters.

97% 的續訂率仍然非常非常高，但與過去幾個季度相比確實有所下降。

Were there any onetime items or things that we should look at that impacted it in the quarter?

是否有任何我們應該關注的一次性項目或事情在本季度對其產生了影響？

No, I'll say, listen, 97% renewal rate remains industry leading and very strong.

不，我會說，聽著，97% 的續訂率仍然是行業領先且非常強勁。

We're really proud of that.

我們為此感到非常自豪。

The most common reasons why a customer doesn't renew is usually through M&A and consolidation.

客戶不續訂的最常見原因通常是併購和整合。

We're not seeing more customers choose not to renew because of anything with respect to pricing or lack of value at all.

我們沒有看到更多的客戶因為定價或缺乏價值而選擇不續訂。

Your next question comes from Tom Roderick with Stifel.

您的下一個問題來自 Stifel 的 Tom Roderick。

And again, congratulations both.

再次祝賀雙方。

You had a great start to your respective tenures.

你在各自的任期內有一個良好的開端。

Bill, would love your perspective given your unique background here with respect to the back office.

鑑於您在後台方面的獨特背景，比爾會喜歡您的觀點。

And thinking about the integration points with financials, ERP more broadly.

並更廣泛地考慮與財務、ERP 的集成點。

ServiceNow has had a nice product in the market for under a year now for close management.

ServiceNow 已經在市場上推出了一款不錯的產品，時間不到一年就可以進行密切管理。

Would love your take on sort of where that product is in terms of readiness and your thoughts on where this company can go next in the back office.

希望您對該產品在準備情況方面的看法以及您對該公司下一步在後台可以去哪裡的想法。

How do you think about that?

你怎麼看？

Yes.

是的。

Well, thank you very much, Tom.

嗯，非常感謝你，湯姆。

So first of all, I want to acknowledge that the systems of record that are out there need not worry about ServiceNow not being a good friend and a good partner.

因此，首先，我要承認現有的記錄系統不必擔心 ServiceNow 不是好朋友和好夥伴。

I think there's plenty of acknowledgment that customers have made substantial investments in these systems of record, and we respect that fully, and we feel very strongly that what we do with workflow and the end-to-end nature of that can really add significant value, actually, to the system of record.

我認為有很多人承認客戶已經對這些記錄系統進行了大量投資，我們完全尊重這一點，並且我們非常強烈地認為，我們對工作流程所做的事情及其端到端的性質確實可以增加顯著的價值，實際上，到記錄系統。

So specifically, there was a very large airline that I called upon, and they were trying to do some very unique things, which if they were going through an upgrade cycle on a back-office system of record, it would have been a very time-consuming endeavor.

所以具體來說，我拜訪了一家非常大的航空公司，他們正在嘗試做一些非常獨特的事情，如果他們在後台記錄系統上進行升級週期，那將是一個非常時期- 消耗的努力。

But it was something that was mission critical.

但這是一項至關重要的任務。

It was a real system of action they needed.

這是他們需要的真正的行動系統。

We were able to provide that in less than 30 days.

我們能夠在不到 30 天的時間內提供。

So that's just adding value to the system that's already there, not taking anything away from it, very important.

所以這只是為已經存在的系統增加價值，而不是從它那裡拿走任何東西，非常重要。

As it relates to the financial close product, we have to have a leader on that and focus on that.

由於它與財務結算產品有關，我們必須在這方面有一個領導者並專注於此。

It is an outstanding product.

這是一款出色的產品。

We have a very large pipeline for that, and we intend to pursue that vigorously in the marketplace.

我們有一個非常大的管道，我們打算在市場上大力追求這一點。

It's early days in terms of the math on that, though.

不過，就數學而言，這還為時過早。

Fantastic.

極好的。

Bill, a quick follow-up just on the VA deal.

比爾，對 VA 交易的快速跟進。

I think we've gotten accustomed to the third quarter or the September quarter being very strong federal, but it seems like the demand is sort of pacing itself out over the course of the year.

我認為我們已經習慣了第三季度或 9 月季度非常強大的聯邦，但似乎需求在一年中逐漸增長。

Can you just talk a little bit more about how the federal and broader public sector opportunity is shaping up now that the product portfolio continues to get wider and wider?

在產品組合越來越廣泛的情況下，您能否多談談聯邦和更廣泛的公共部門機會是如何形成的？

Yes.

是的。

I think this is going to be a huge opportunity.

我認為這將是一個巨大的機會。

The word is going around pretty quickly because what's happening is these leaders of very important departments are capital constrained.

這個詞很快就傳開了，因為正在發生的事情是這些非常重要的部門的領導者資金有限。

And when they look at their operating expenses and the fact that they have so much legacy and so much inefficiency -- and it's not like I'm telling a secret.

當他們看到他們的運營費用以及他們有如此多的遺產和如此低效率的事實時——這不像我在告訴一個秘密。

Everybody knows that, and they shout that from the mountain tops.

每個人都知道這一點，他們在山頂上大喊大叫。

So the question is what platform, what company can go in there with a very limited time to value and a very affordable solution to truly make a massive difference.

所以問題是什麼平台，什麼公司可以在非常有限的時間內進入價值和非常實惠的解決方案，真正產生巨大的影響。

I spent 1.5 days there in December in Washington and visited many of the agencies.

12 月，我在華盛頓呆了 1.5 天，參觀了許多機構。

One agency who had 75,000 people also had 75 legacy systems that was designed to do one thing.

一家擁有 75,000 人的機構還擁有 75 個旨在做一件事的遺留系統。

Probably, they could have gotten away with 74.

可能，他們本可以逃脫 74。

So we went in there with a workflow solution that literally acted as the enterprise portal to aggregate the data from the system of record, put it on a mobile platform with gorgeous user case where people, by job type, could click twice and achieve their mission.

因此，我們採用了一個工作流解決方案，該解決方案實際上充當了企業門戶，用於聚合來自記錄系統的數據，將其放在具有華麗用戶案例的移動平台上，人們可以根據工作類型點擊兩次並完成他們的任務.

And it was so stunning.

它是如此驚人。

It was a huge cost savings, and no matter what time of year you would propose something that transformational, someone's going to say, "Where do I sign?"

這是一個巨大的成本節約，無論一年中的什麼時候你會提出一些變革性的建議，有人會說，“我在哪裡簽名？”

Your next question comes from Samad Samana from Jefferies.

您的下一個問題來自 Jefferies 的 Samad Samana。

And as others have said, congrats on a strong start to your tenure at ServiceNow and close to the year.

正如其他人所說，恭喜您在 ServiceNow 的任期內取得了良好的開端並接近今年。

So maybe, Gina, one for you.

所以也許，吉娜，給你一個。

I just am curious, Mike had provided in the past recently just the dollar-based net expansion rate.

我只是好奇，邁克過去最近提供的只是基於美元的淨擴張率。

I'm curious if that's a metric that -- now that you're in the role, if you plan on giving that going forward, and maybe just how that looked in the fourth quarter and then just a follow-up for Bill.

我很好奇這是否是一個衡量標準——既然你已經擔任了這個角色，你是否打算繼續這樣做，也許只是第四季度的情況，然後只是比爾的後續行動。

Sure.

當然。

We will be providing the expansion rate at Analyst Day in May, and it was very strong in Q4.

我們將在 5 月的分析師日提供擴張率，並且在第四季度非常強勁。

Okay.

好的。

Great.

偉大的。

And then, Bill, I know you've touched on this as the call has gone on, and I think -- but I think M&A has been something that people have thought a lot about.

然後，比爾，我知道隨著電話會議的進行，你已經談到了這一點，我認為 - 但我認為併購是人們思考過很多的事情。

So one, I guess, just out of curiosity, was there any contribution to 2020, the numbers from the 2 small deals that you guys just announced?

所以一個，我猜，只是出於好奇，你們剛剛宣布的兩筆小交易的數字對 2020 年有什麼貢獻嗎？

And then I guess as a dovetail to that, how should we think about the M&A philosophy, will it mirror what you've -- what we've seen in terms of smaller tuck-ins?

然後我想作為一個契合點，我們應該如何看待併購哲學，它會反映你所擁有的——我們在較小的收購方面所看到的嗎？

Or how should we think about bigger deals?

或者我們應該如何考慮更大的交易？

Yes.

是的。

Samad, thank you very much for your question.

薩馬德，非常感謝你的提問。

First of all, there was 0, 0 contribution from any of the small tuck-ins to the revenue numbers that Gina and I reported to you today, 0.

首先，我和吉娜今天向您報告的收入數字中的任何小額收入都有 0、0 的貢獻，即 0。

Secondly, the company has benefited and will continue to benefit from organic growth.

其次，公司已經並將繼續受益於有機增長。

There is a very large runway in front of us, organic growth, and when you consider the unique platform that we have, its ability now to move throughout the globe and into industries and new buying centers, there's just so much runway on an organic basis.

我們面前有一條非常大的跑道，有機增長，當你考慮到我們擁有的獨特平台，它現在有能力在全球範圍內移動並進入行業和新的購買中心時，有機基礎上的跑道就這麼多.

So therefore, the tuck-in strategy, something that adds technology and value to the customer relationship, creates a larger moat for our best-in-class platform, is the kind of thing that you should expect.

因此，為客戶關係增加技術和價值、為我們一流的平台創造更大的護城河的整合策略是您應該期待的。

At this stage, there are no large deals that are on the table.

在這個階段，桌面上沒有大筆交易。

And if we were to consider something of that nature, I give you my word.

如果我們要考慮這種性質的事情，我向你保證。

I would spend enormous amount of time with the committee on that, with our strategy folks, with our engineering folks, and we would pressure test that with finance and look at that from every single angle before we actually even seriously considered it.

我會花大量時間與委員會、我們的戰略人員、我們的工程人員一起，我們會在財務方面進行壓力測試，並在我們真正認真考慮之前從各個角度看待它。

So we are really an organic growth company with small tuck-ins as our preferred option at this stage.

因此，我們確實是一家有機增長的公司，現階段我們的首選是小額折舊。

And it wouldn't change unless there was something dramatically interesting that would greatly benefit our customers and shareholders.

除非有一些非常有趣的東西可以極大地造福我們的客戶和股東，否則它不會改變。

And at this time, there are nothing of that kind on the table.

而此時，桌面上沒有任何東西。

Your last question comes from Alex Zukin with RBC Capital Markets.

您的最後一個問題來自加拿大皇家銀行資本市場的 Alex Zukin。

This is Dylan Reider on for Alex.

這是亞歷克斯的迪倫·里德。

Bill, in thinking about the CSM segment, clearly, from the $200 million figure you mentioned in your prepared remarks, you guys are seeing success there.

比爾，在考慮 CSM 部分時，很明顯，從你在準備好的評論中提到的 2 億美元的數字來看，你們在那裡看到了成功。

When we consider ServiceNow's evolving vision, mission in this category, what's the right way for us to think about how you guys supercharge that product segment in CSM?

當我們考慮 ServiceNow 在這一類別中不斷發展的願景和使命時，我們思考你們如何在 CSM 中增強該產品部分的正確方法是什麼？

And then just given the different competitive environment relative to other parts of your portfolio, how should we think about the company's growth prospects in CSM more broadly?

然後考慮到相對於您投資組合的其他部分的不同競爭環境，我們應該如何更廣泛地考慮公司在 CSM 中的增長前景？

Thank you very much, Dylan.

非常感謝你，迪倫。

I'm really excited about CSM.

我對 CSM 感到非常興奮。

I'm excited about it because I like swimming in big ponds, and that's a big TAM.

我很興奮，因為我喜歡在大池塘里游泳，那是一個很大的 TAM。

What we're extremely good at is -- think of it this way.

我們非常擅長的是——這樣想。

There's really 3 layers within customer service management that matter to the customer.

客戶服務管理中確實有 3 個層次對客戶很重要。

One is the engagement layer, do you know who I am, and can you have a multi-channel strategy around creating value with me.

一個是參與層，你知道我是誰嗎，你能有一個圍繞我創造價值的多渠道策略。

The second is really huge operational things that go on in the mid- and the back office as it relates to workflow and providing the customer an excellent service.

第二個是在中後台進行的真正巨大的運營事情，因為它與工作流程相關，並為客戶提供優質服務。

For example, we work with one health care agency this quarter that had 50 million claims that we're managing for them with service management.

例如，本季度我們與一家醫療機構合作，該機構有 5000 萬份索賠，我們正在通過服務管理為他們管理這些索賠。

On the service management layer, if you think about field service, for example, there's a high-tech company that has thousands of field service personnel in the field that are working with the Now Platform on a mobile level with a gorgeous user experience, so their technicians can get the job done.

在服務管理層，如果您考慮現場服務，例如，有一家高科技公司，在現場擁有數千名現場服務人員，他們在移動端使用 Now 平台，用戶體驗非常好，所以他們的技術人員可以完成工作。

And what I see, especially with large workforces, especially if they're not extremely digital, they really benefit from how simple and consumer grade and mobile our application is.

而我所看到的，特別是對於大量勞動力，特別是如果他們不是非常數字化的，他們真正受益於我們的應用程序的簡單性、消費級和移動性。

So think of us as field service with service management more broadly because we can get to the root causes of things like no other company can.

因此，將我們視為具有更廣泛的服務管理的現場服務，因為我們可以找到其他公司無法做到的事情的根本原因。

That's what our platform is built to do.

這就是我們構建平台的目的。

Think of operations.

想想運營。

We have unique levels of complexity in the mid- and the back office, where we can bring real value to that.

我們在中後台具有獨特的複雜性，我們可以為此帶來真正的價值。

And on the engagement layer, there's some -- a lot going on in the media industry.

在參與層，媒體行業發生了很多事情。

And there's one example where we have 20 million users engaging us.

舉個例子，我們有 2000 萬用戶參與其中。

And we actually had 100,000 concurrent users touching on our -- one of our applications within the first 5 minutes that they went live.

我們實際上有 100,000 名並髮用戶在他們上線的前 5 分鐘內接觸了我們的一個應用程序。

So we scale.

所以我們擴大規模。

So we could do engagement.

所以我們可以訂婚。

Other people are there, too.

其他人也在那裡。

We could do operations like no one else, and we can do service management like no one else, or we can do all 3.

我們可以像其他人一樣做運營，我們可以像其他人一樣做服務管理，或者我們可以做所有 3。

My opinion, the folks that are doing engagement should try to team up with ServiceNow because, in the operations and the service management side, we're the best.

我認為，參與的人應該嘗試與 ServiceNow 合作，因為在運營和服務管理方面，我們是最好的。

We could do it all, so you're probably better off partnering with us if you're having any doubts about what you should do with ServiceNow.

我們可以做到這一切，所以如果您對使用 ServiceNow 應該做什麼有任何疑問，最好與我們合作。

That's all the time we have for questions.

這就是我們提出問題的所有時間。

I'll turn the call back to the presenters for closing remarks.

我會將電話轉回給演示者以進行結束髮言。

Closing remarks, I'd just like to thank, everybody, for joining us.

結束語，我只想感謝大家加入我們。

Exceptionally proud of the 10,300-plus professionals at ServiceNow for the job that they did.

ServiceNow 的 10,300 多名專業人員為他們所做的工作感到非常自豪。

I'd like to thank Gina for her leadership, and I'd like to thank especially my great friend, John Donahoe, for the wonderful handoff that he gave me in coming into the company, for the Board's support, especially our Founder.

我要感謝 Gina 的領導，我要特別感謝我的好朋友 John Donahoe，感謝他在我進入公司時給了我很好的交接機會，感謝董事會的支持，尤其是我們的創始人。

And I would just like to thank all of you for the confidence that you've demonstrated in our company.

我只想感謝你們所有人對我們公司表現出的信心。

We're just getting warmed up.

我們只是在熱身。

We're fired up.

我們被激怒了。

We're ready to go.

我們準備好了。

This concludes today's conference call.

今天的電話會議到此結束。

Thank you very much for joining us.

非常感謝您加入我們。

You may now disconnect.

您現在可以斷開連接。