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. (Operator Instructions) Thank you. I would now like to hand the conference over to your speaker today, Lisa Banks, Vice President of Investor Relations. Please go ahead.

各位女士、先生，感謝您稍候，歡迎參加 ServiceNow 2019 年第四季財報電話會議。(接線員指示) 謝謝。現在我想把會議交給今天的講者——投資人關係副總裁 Lisa Banks。請開始。

Good afternoon, and thank you for joining us for ServiceNow's Fourth Quarter and Full Year 2019 Earnings Conference Call. On the call with me today are Bill McDermott, our President and Chief Executive Officer; and Gina Mastantuono, our Chief Financial Officer.

各位下午好，感謝您參加 ServiceNow 2019 年第四季及全年財報電話會議。今天與我一同出席的有：我們的總裁暨執行長 Bill McDermott，以及財務長 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 2019 年第四季與全年業績，並討論 2020 年第一季的財務指引以及 2020 年全年的指引。

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, net income and remaining performance obligations. 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. A replay of today's call will also be posted on the website.

我們想指出，公司除依 GAAP 計算的財務衡量指標外，也會揭露非 GAAP 結果；非 GAAP 結果並非用以取代或優於 GAAP 指標。除營收、淨利與剩餘履約義務外，我們今天討論的所有財務數字皆為非 GAAP。如欲查看非 GAAP 與 GAAP 結果之間的調節，請參閱我們今日稍早提交的新聞稿、投資人簡報，以及先前季度已提交的新聞稿；上述資料皆刊載於 investors.servicenow.com。今日電話會議的重播也將發布於該網站。

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

我們可能在本次電話會議中作出前瞻性陳述，而該等陳述受風險、不確定性與假設影響。請參閱新聞稿以及我們向 SEC 提交文件中的風險因素（包括我們最新的 Form 10-Q，以及將就截至 2019 年 12 月 31 日年度提交的 Form 10-K），以了解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的風險與不確定性。

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. In-person attendance will be limited, so if interested, please send an e-mail to ir@servicenow.com. For those who cannot join in person, we will hold the webcast of the event accessible on our IR website.

在我把電話交給 Bill 之前，請注意，我們的金融分析師日將於 5 月 4 日（週一）在奧蘭多舉行，並與我們年度用戶大會 Knowledge 2020 同期舉辦。現場名額有限，如有興趣，請寄電子郵件至 ir@servicenow.com。無法親臨現場者，我們將提供活動網路直播，可於我們的投資人關係網站收看。

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 也很高興宣布，我們將參加即將舉行的高盛科技與網際網路大會，以及摩根士丹利 TMT 大會。

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

接下來，我想把電話交給 Bill。

Thank you very much, Lisa, and good afternoon, everyone. Welcome to our Q4 earnings call.

非常感謝你，Lisa，各位下午好。歡迎參加我們的第四季財報電話會議。

As you've already seen from our earnings release, we finished 2019 very strong, beating the high end of our guidance for Q4. Allow me to share a few observations.

如各位已從我們的財報新聞稿中看到的，我們以非常強勁的表現結束 2019 年，第四季業績超越我們指引區間的上緣。請容我分享幾點觀察。

We had 76 deals greater than $1 million in the quarter. Our performance underscores the strength of our core IT workflows. We had 16 ITSM deals topping $1 million. That's our biggest number ever. And we signed our largest ITAM deal ever with the U.S. Department of Veteran Affairs.

本季我們有 76 筆金額超過 100 萬美元的交易。我們的表現凸顯了核心 IT 工作流程的強勁實力。我們有 16 筆 ITSM 交易金額超過 100 萬美元。這是我們歷來最高的數字。此外，我們與美國退伍軍人事務部簽下了史上最大的一筆 ITAM 交易。

IT is where digital transformation begins, and we are a powerful strategic partner for CIOs all over the world. CIOs are struggling with fragmented legacy technology instead of delivering the experiences their employees and customers really need. Our IT workflows provide a single platform from planning to operations to service management. We're modernizing IT, enabling high-performing services with modern experiences. That is enabling us to not only enhance the core of how IT works. But also extend the perimeter of IT itself. 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. 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. And best of all, everything is powered by the Now Platform, one platform, one data model, one architecture.

IT 是數位轉型的起點，而我們是全球各地 CIO 的強大策略夥伴。CIO 們正苦於支離破碎的傳統舊有技術，無法交付員工與客戶真正需要的體驗。我們的 IT 工作流程提供單一平台，涵蓋從規劃、營運到服務管理。我們正在讓 IT 現代化，以現代化體驗支援高效能服務。這使我們不僅能強化 IT 的核心運作方式，也能擴展 IT 本身的邊界。我們在整個企業範圍內推動這件事，並帶動我們龐大產品組合的動能，包括快速成長的 HR 與 CSM 產品。客戶正體認到，將 ServiceNow 的 IT 工作流程與 HR、CSM、安全、GRC、財務結帳與 DevOps 等結合，能在整個企業範圍內創造更大價值的策略意義。最棒的是，一切都由 Now Platform 驅動：一個平台、一個資料模型、一個架構。

There is a very deep sense of pride in engineering here at ServiceNow, and that distinguishes us in the enterprise software industry. And it shows in the results. We landed 9 HR deals greater than $1 million, our largest number yet within a quarter. And in CSM, we now have over 1,000 customers using our technology to deliver better experiences for their customers.

在 ServiceNow，我們的工程團隊有非常深厚的自豪感，這使我們在企業軟體產業中脫穎而出。而這也反映在成果上。我們拿下 9 筆金額超過 100 萬美元的 HR 交易，創下單季新高。在 CSM 方面，目前已有超過 1,000 家客戶使用我們的技術，為其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. This is why customer service agents rarely get to the root cause of the problem. That really frustrates customers. With ServiceNow CSM product, companies can drive end-to-end resolution. Instead of solving problems in an ad hoc way, they can now focus on delivering great experiences. And great experiences drive powerful employee engagement, fierce customer loyalty and significant productivity gains. This is what every CEO and every company we talked to, this is what they want. Both HR and CSM are now over $200 million businesses for us, and we're just getting started.

在多數公司中，客服系統的設計僅用於回答問題，而非解決問題。因此，客服人員很少能找出問題的根本原因。這會讓客戶非常挫折。透過 ServiceNow 的 CSM 產品，企業可以推動端到端的問題解決。他們不再以臨時、零散的方式處理問題，而是能專注於交付卓越體驗。而卓越體驗能帶來強大的員工投入度、極高的客戶忠誠度，以及顯著的生產力提升。這正是我們與每位 CEO、每家公司交談時，他們所想要的。HR 與 CSM 現在對我們而言都已是超過 2 億美元規模的業務，而我們才剛剛開始。

Let me share a few examples of how the power of our platform and products translated into strategic customer wins in the quarter. With a focus on CSM, we expanded our relationship with one of the largest global content companies in the telecommunications, media and technology industry. You see, they needed one solution with one platform to serve their customers. Using our workflow and integration capabilities, they are now consolidating all customer-related processes into streamlined workflows.

我想分享幾個例子，說明我們平台與產品的力量如何在本季轉化為策略性的客戶勝利。以 CSM 為重點，我們擴大了與電信、媒體與科技產業中某家全球最大內容公司之一的合作關係。你看，他們需要一個以單一平台為基礎的解決方案來服務其客戶。運用我們的工作流程與整合能力，他們現在正把所有與客戶相關的流程整併為精簡的工作流程。

In Latin America, we expanded our relationship with one of the region's largest banks. 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. 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. ServiceNow is the core of the VA's enterprise service desk, which supports more than 0.5 million full-time employees and contractors. 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.

在拉丁美洲，我們擴大了與該地區最大銀行之一的合作關係。在看到其初期投資 ServiceNow 帶來的可觀回報後，該銀行正在其全體員工範圍內導入 Now Platform 與我們的 IT 工作流程產品，取代超過 10 套各自為政的舊有系統。先前我提到我們史上最大的一筆 ITAM 交易，這是與美國退伍軍人事務部更大型 IT 產品組合交易的一部分。ServiceNow 是 VA 企業服務台的核心，該服務台支援超過 50 萬名全職員工與承包商。透過我們的 IT 產品組合以及 Now Platform 的跨職能能力，VA 正在精簡流程、節省時間與成本、提升生產力，並更妥善管理科技資產，當然也能交付更好的體驗。

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

百時美施貴寶（Bristol-Myers Squibb）採購了 3 項 IT 產品加上 HR，以為所有員工打造世界級的到職（onboarding）體驗。在一個競爭激烈的銷售流程中，百時美施貴寶認可我們的跨職能企業能力正是加速生產力、降低新進人員流動率，並在人才爭奪戰中勝出的關鍵所需。

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. ServiceNow will be the global solution to service project and portfolio management across the entire Roche group. This strategic partnership will help Roche transform its internal business processes end to end, simplifying and improving the user experience. 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. These customer examples demonstrate the enterprise value that ServiceNow delivers. Our customers know that behind every great experience is a great workflow. The power of the Now Platform combined with the quality of our IT, employee and customer workflow products are expanding our addressable market dramatically.

在一項具策略性的高階主管（C-suite）勝利中，全球最大的生物科技公司羅氏（Roche）已與 ServiceNow 簽署協議，以支持其數位轉型策略。ServiceNow 將成為羅氏集團全體在服務專案與投資組合管理方面的全球解決方案。此策略夥伴關係將協助羅氏端到端地轉型其內部業務流程，簡化並改善使用者體驗。這將使羅氏的科學家與研究人員能以更敏捷的方式工作，從而加倍專注於其核心業務——打造創新的醫療保健解決方案。這些客戶案例展現了 ServiceNow 所帶來的企業價值。我們的客戶知道，每一次卓越體驗的背後，都有一個卓越的工作流程。Now Platform 的強大能力結合我們 IT、員工與客戶工作流程產品的品質，正大幅擴展我們的可服務市場。

Digital transformation is the biggest opportunity of our time, and ServiceNow is exceptionally well positioned to seize this opportunity to compete and to win. We are a game-changer company for our customers and shareholders.

數位轉型是我們這個時代最大的機會，而 ServiceNow 具備極佳的有利位置，能把握此機會、參與競爭並取得勝利。我們對客戶與股東而言，都是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. To continue driving our growth, we are focused on 5 clear priorities for 2020. They include: one, being a trusted innovator for the C-suite. This starts with our brands, making every C-suite leader aware of ServiceNow and what we can do for them. You may have noticed, we launched our new brand campaign across all channels this week. We are receiving rave reviews. I personally love our brand. It's so human, personal and inviting. We'll keep it going.

擴大 ServiceNow 規模的機會就在眼前，我們的目標鎖定在達成 100 億美元及以上的營收。為了持續推動成長，我們聚焦於 2020 年的 5 項明確優先事項。包括：第一，成為 C-suite 值得信賴的創新者。這從我們的品牌開始，讓每一位 C-suite 領導者都認識 ServiceNow，以及我們能為他們做什麼。你可能已注意到，我們本週在所有通路推出了全新的品牌行銷活動。我們收到極佳的回饋。我個人非常喜歡我們的品牌。它非常有人味、個人化且具吸引力。我們會持續推進。

Number two, we're engaging customers with a world-class go-to-market machine. The company already has a strong go-to-market organization, and we are now taking it to the next level.

第二，我們以世界級的市場進入（go-to-market）機器與客戶互動。公司已擁有強大的市場進入組織，而我們現在正把它提升到更高層次。

Number three, we will force multiply ServiceNow with a strong industry and partner ecosystem. The ecosystem is going to become more strategic and more powerful. Our partners tell me they see ServiceNow as the cross-platform integration engine of the modern enterprise. Going after industry verticals and building strong partner relationships will force multiply ServiceNow's coverage by 10x. This will happen across geos, industries and across buying centers. As you saw on Monday, we announced our new industry solution strategy and our expanded partnerships with Deloitte in banking and Accenture in telecommunications.

第三，我們將透過強大的產業與合作夥伴生態系，倍增 ServiceNow 的影響力。這個生態系將變得更具策略性、也更強大。我們的合作夥伴告訴我，他們將 ServiceNow 視為現代企業的跨平台整合引擎。鎖定產業垂直領域並建立強健的夥伴關係，將使 ServiceNow 的覆蓋範圍擴大 10 倍。這將在各地區、各產業以及各採購決策中心同步發生。如你在週一所見，我們宣布了新的產業解決方案策略，並擴大與德勤在銀行業、以及與埃森哲（Accenture）在電信業的合作夥伴關係。

Number four, we're creating product experiences that people at work will love. The Now Platform is ServiceNow's secret sauce. We are a platform company. In fact, we are the platform of platforms. And we are committed to excellence, delivering an innovative, scalable, secure, highly available platform and products that digitize workflows and deliver great experiences.

第四，我們正在打造讓職場人士喜愛的產品體驗。Now Platform 是 ServiceNow 的秘密武器。我們是一家平台公司。事實上，我們是「平台中的平台」。我們致力於卓越，提供創新、可擴展、安全、高可用的平台與產品，將工作流程數位化並帶來卓越體驗。

Number five, teamwork. As you all know, teamwork does make the dream work. And it happens with trust, collaboration and communication at mass scale. Our culture is our ultimate competitive advantage. All 10,371 and growing ServiceNow colleagues are committed to our purpose of making the world of work, work better for people.

第五，團隊合作。如各位所知，團隊合作確實能讓夢想成真。而這需要在大規模下建立信任、協作與溝通。我們的文化是我們最終的競爭優勢。ServiceNow 目前 10,371 位且持續成長的同仁，都致力於我們的使命：讓工作的世界，對人們而言運作得更好。

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

ServiceNow 既渴望成功也保持謙遜，並始終如一地專注於服務客戶。我們非常榮幸被納入標普 500 指數，並在本月獲《財富》（Fortune）評選為全球最受推崇的公司之一。我們團隊與文化的力量，是 ServiceNow 過去 15 年所受惠的卓越領導力的累積成果——從創辦人 Fred Luddy（一位非凡的人與產品遠見者）開始；到成功擴大 Fred 願景的 Frank Slootman；並由衷感謝我非常要好的朋友 John Donahoe，他為未來奠定了堅若磐石的基礎。

I'm truly fired up to lead the next phase of ServiceNow's journey as we scale to $10 billion in revenue and beyond. We will accomplish this by delivering exceptional business value to our customers. We will do so across every geography, every industry and, of course, every buying center. We will continue to create workflows that deliver great employee and customer experiences. It is our dream to become the defining enterprise software company of the 21st century.

我真的充滿幹勁，將帶領 ServiceNow 旅程的下一階段，邁向 100 億美元及以上的營收規模。我們將透過為客戶交付卓越的商業價值來達成。我們會在每個地理區域、每個產業，當然也在每個採購決策中心做到這一點。我們將持續打造能帶來卓越員工與客戶體驗的工作流程。我們的夢想，是成為 21 世紀具代表性的企業軟體公司。

This is the limitless opportunity I saw in ServiceNow. It is why I chose to come here. And in my first 3 months as CEO, my belief has only become deeper, my commitment stronger and my passion greater.

這就是我在 ServiceNow 看到的無限機會。這也是我選擇來到這裡的原因。而在我擔任執行長的前三個月裡，我的信念只變得更深、承諾更強、熱情更高。

Before closing, I want to thank our outstanding global finance organization supporting a CEO and CFO transition. This team demonstrated extraordinary commitment, which leads me to my final note. We now have a world-class CFO in Gina. Asking Gina to join our team was absolutely the best first decision I could have made as CEO. I'm thrilled that she is here. I'm excited about this team and this company, and I cannot wait to deliver on our dreams for all of you.

在結束之前，我想感謝我們傑出的全球財務組織，在執行長與財務長交接期間提供支持。這個團隊展現了非凡的投入，也引出我最後一點。我們現在有一位世界級的財務長——Gina。邀請 Gina 加入我們團隊，絕對是我作為執行長所做的最佳第一個決定。我很高興她在這裡。我對這個團隊與這家公司充滿期待，也迫不及待要為各位實現我們的夢想。

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

謝謝，接下來我把電話會議交給 Gina。Gina，交給你。

Thank you, Bill, for the very kind words. 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. 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. 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.

謝謝你，Bill，謝謝你非常親切的話語。在我們深入財務結果與財測指引之前，我想表達我個人對加入 Bill 與整個 ServiceNow 團隊的興奮之情。我對產品組合、我們對客戶成功的專注、卓越的人才，以及那種既渴望成功又保持謙遜、驅動我們為客戶交付世界級成果並為股東帶來強勁表現的文化，感到非常欽佩。我對公司在過去 15 年所達成的成就印象深刻——在全球最大型企業推動業務數位轉型之際，成為其策略夥伴。

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

儘管我們已走了這麼遠，我仍對眼前龐大的機會感到振奮。我有信心，我們具備產品、人才與熱情，能達成 100 億美元營收的願景；更重要的是，讓工作的世界，對人們而言運作得更好。

I'm completely aligned with Bill on our 5 priorities, which I believe will enable us to reach our $10 billion revenue goal. And together, we are committed to driving strong top line growth along with disciplined investment as we scale to get there.

我在我們的 5 項優先事項上與 Bill 完全一致，我相信這將使我們達成 100 億美元的營收目標。同時，我們也承諾在邁向該規模的過程中，以紀律性的投資搭配推動強勁的營收成長。

Now let's turn to our financial results. We delivered another outstanding Q4 and full year, and we have a lot of momentum as we begin the new year. Q4 subscription revenues were $899 million, representing 35% year-over-year growth. Q4 subscription billings were $1.298 billion, representing 36% year-over-year growth, and our first quarter ever exceeding $1 billion in subscription billings.

現在讓我們來看財務結果。我們在第四季與全年再次交出亮眼成績，並在新年度開始之際擁有強勁動能。第四季訂閱營收為 8.99 億美元，年增 35%。第四季訂閱帳單金額（subscription billings）為 12.98 億美元，年增 36%，並且是我們史上首次單季訂閱帳單金額超過 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. 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. And our renewal rate for the quarter continued to be strong at 97%.

如 Bill 所提到的，我們強勁的營收表現主要由 76 筆超過 100 萬美元的新交易所帶動，這是我們史上單季最高數量，年增 49%。我們目前擁有超過 6,200 家客戶，其中有 892 家每年與我們的業務規模超過 100 萬美元，年增 32%。本季的續約率也持續維持強勁，達到 97%。

Remaining performance obligations, RPO, ended the year at approximately $6.6 billion, representing 34% year-over-year growth. Current RPO was approximately $3.3 billion, representing 34% year-over-year growth. 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.

剩餘履約義務（RPO）年末約為 66 億美元，年增 34%。當期 RPO 約為 33 億美元，年增 34%。這些卓越成果持續展現我們強大的產品組合、我們專注於建立深厚客戶關係，以及我們致力於協助客戶推動數位轉型。

Moving on to profitability. Q4 operating margin was 22%, and free cash flow margin was 36%. For full year 2019, operating margin was 21%, and free cash flow margin was 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. 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. We reached that conclusion in Q4. As a result, we are reporting GAAP net income of $599 million and $627 million for Q4 2019 and full year 2019, respectively. This is a onetime benefit and will impact year-over-year comparisons in future quarters. Importantly, excluding the impact of this onetime benefit, 2019 was our first full year of GAAP profitability.

接著談獲利能力。第四季營業利益率為 22%，自由現金流利益率為 36%。2019 全年營業利益率為 21%，自由現金流利益率為 28%。此外，我也想指出，我們第四季 GAAP 淨利受到一項 5.74 億美元的一次性所得稅利益的正面影響，該利益來自於釋放我們某海外實體遞延所得稅資產的估值備抵。我們在近期的季度財務報告中已表示，我們認為由於國際擴張與營業利益率改善，我們可能會得出結論：這些遞延所得稅資產的估值備抵將不再需要。我們在第四季達成了該結論。因此，我們第四季 2019 與 2019 全年分別報告 GAAP 淨利 5.99 億美元與 6.27 億美元。這是一項一次性利益，將在未來季度影響年對年比較。重要的是，排除這項一次性利益的影響後，2019 年是我們首個 GAAP 全年獲利的年度。

Now let's turn to guidance. For Q1 2020, we expect subscription revenues between $975 million and $980 million, representing 32% year-over-year growth. We expect subscription billings between $1.040 billion and $1.045 billion, representing 28% to 29% year-over-year growth. We expect a 22% operating margin and 195 million diluted weighted outstanding shares for the quarter.

現在來看財測指引。對於 2020 年第一季，我們預期訂閱營收介於 9.75 億至 9.80 億美元之間，年增 32%。我們預期訂閱帳單金額介於 10.40 億至 10.45 億美元之間，年增 28% 至 29%。我們預期本季營業利益率為 22%，稀釋加權流通股數為 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. We expect subscription billings between $4.805 billion and $4.825 billion, representing 27% year-over-year growth. 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.

對於 2020 全年，我們預期訂閱營收介於 42.2 億至 42.4 億美元之間，年增 30%。我們預期訂閱帳單金額介於 48.05 億至 48.25 億美元之間，年增 27%。我們預期 2020 年訂閱毛利率為 86%，營業利益率為 22%，自由現金流利益率為 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. 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.

我們對第四季與 2019 全年業績感到非常滿意，也很期待在 2020 年延續這股動能。我們也非常自豪，因為我們對 2020 全年訂閱營收的指引為 42 億美元，已超過 2015 年所設定的 40 億美元總營收目標。

I would like to conclude by expressing my sincere appreciation for my predecessor Mike Scarpelli. During Mike's time at ServiceNow, he built outstanding relationships with our employees, our customers and shareholders. And I'm inheriting a well-managed and super talented organization. I look forward to meeting all of you at the upcoming conferences and our Financial Analyst Day in May.

最後，我想以對我的前任 Mike Scarpelli 表達由衷的感謝作結。在 Mike 任職 ServiceNow 期間，他與我們的員工、客戶及股東建立了卓越的關係。而我接手的是一個管理良好且極具才華的組織。我期待在即將到來的各項會議，以及 5 月的金融分析師日與各位見面。

Operator, would you please open the lines for questions.

主持人，請您開放電話線供提問。

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

(主持人指示) 第一個問題來自美國銀行（Bank of America）的 Kash Rangan。

Congratulations, team and Bill. The messaging and the positioning of ServiceNow is exceedingly, brilliantly clear. So congratulations on that. 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. You talk about HR, CSM, et cetera. 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. 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? Congratulations.

恭喜你們，團隊以及 Bill。ServiceNow 的訊息傳達與市場定位非常、非常清晰，而且做得相當出色。因此先恭喜你們。我想問的是，當我聽完你們事先準備的發言後，感覺 ServiceNow 正在明確轉向，從純粹的 IT 供應商，轉為更像是一家應用程式供應商。你們談到 HR、CSM 等等。我想知道，在你曾經領導全球最大型的應用軟體公司之一的背景下，你會如何規劃與組織 go-to-market 策略？當 ServiceNow 開啟不同篇章、朝向成為一家 100 億美元營收公司的道路前進時，你能把哪些在那個角色中的經驗帶進來、加以運用？再次恭喜。

Thank you very much, Kash. I really appreciate your kind remarks. 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. We have an excellent team. The go-to-market has been well thought through, and the team itself is highly stable, and we intend to keep it that way.

非常感謝你，Kash。我很感謝你的好評。我認為我現在最想傳達、也最關注的重點，是業務連續性、穩定性與規模化。我們有一支非常優秀的團隊。我們的 go-to-market 已經經過周全規劃，團隊本身也非常穩定，我們打算維持這樣的狀態。

There are no plans to make coverage changes. What we have is what we want. 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. 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. With ServiceNow, that all changes. And you can see the impact that we've had on the employee with employee service delivery. You can see the impact that we've had on customer service management. And many of the big companies in the world today are figuring this out pretty quickly.

我們沒有計畫要調整覆蓋策略。我們目前擁有的就是我們想要的。我們將更大膽地強調：這個令人驚豔的互動系統、這個名為 workflow 的行動系統，在現代職場中可以扮演的角色。如果你想想客戶今天面臨的問題，他們有許多記錄系統；但不幸的是，當他們試著思考人們如何工作、以及人們想要如何工作時，他們缺少能讓團隊真正踏上執行一個簡單業務流程之路的工作流程。有了 ServiceNow，這一切都會改變。你可以看到我們在員工服務交付（employee service delivery）上對員工帶來的影響。你也可以看到我們在客戶服務管理（customer service management）上帶來的影響。而當今全球許多大型企業也正相當快速地理解到這一點。

So we will go to market as we are today in the various geographies. We can expand our footprint. We clearly are going to focus on industries such as banking and telco. I referenced a few partner examples. You know we're doing very well in regulated. You can see that in the public sector in the United States. You can see that in Australia, where we're bringing in large deals. 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. Actually, every company would ideally like to be a software company, but it all starts with that tech backbone. And we can carry that. We've proven it to HR. We've proven it to customer service management. We can prove it with the COO. We can prove it with the risk and compliance folks, and of course, we can also now prove it with CEOs.

因此，我們將以目前的方式在各個地區推進市場。我們可以擴大我們的版圖。我們顯然會聚焦於銀行、電信等產業。我也提到了一些合作夥伴的例子。你知道我們在受監管領域表現非常好。你可以在美國的公共部門看到這一點。你也可以在澳洲看到，我們正在拿下大型交易。而我目前對我們在採購決策中心（buying centers）的進展感到非常振奮，因為如你所知，Kash，要在企業中擴展成為端到端解決方案供應商，其骨幹是 IT；這對 ServiceNow 而言是獨特的，因為每家公司都想成為一家科技公司。事實上，每家公司理想上都希望成為一家軟體公司，但一切都始於那個科技骨幹。而我們能承載並提供那個骨幹。我們已在 HR 上證明了這點。我們已在客戶服務管理上證明了這點。我們也能在 COO 端證明。我們能在風險與合規團隊那裡證明，當然，我們現在也能在 CEO 端證明。

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. So good news for the shareholder, no territory changes, no disruption. It's only on top value add for growth.

而我尤其對此感到振奮，因為我手上的人脈一直在找我，請我提供新的、創新的方式來幫助他們：要嘛透過更好的工作流程降低成本，要嘛因為能更有效地管理業務而帶來更多營收與成長。所以對股東來說是好消息，不會有區域劃分的變動，也不會造成任何干擾。這只是為成長帶來額外的價值增益。

Your next question comes from Michael Turits with Raymond James.

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

Congratulations, and welcome to both Bill and to Gina. Bill, I wonder if you could talk about some of the directions that you might be thinking in terms of the platform. 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. Just how you conceptualize that would be helpful relative to that platform.

恭喜，也歡迎 Bill 與 Gina 加入。Bill，我想請你談談你對平台未來可能發展方向的一些想法。你提到其優勢在於單一平台，因此我想外界也有一些想法，認為你們可能會隨時間在資料、監控以及各式各樣的領域擴展。你如何構想這件事、以及相對於這個平台的定位，若能說明會很有幫助。

Sure. Thank you so much, Michael. Well, first of all, the platform is very unique in the sense that, as you mentioned, it's one architecture, one data model. This is a really a pristine platform that's fully integrated on our own code base. In fact, even when M&A moves took place, they were replatformed onto the Now Platform. So we have a really, really very, very clean company here. 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. For example, in natural language capabilities or in AI operations, business continuity, it's all strengthening the argument of that strong platform.

當然。非常感謝你，Michael。首先，這個平台非常獨特，正如你提到的，它是一套架構、一個資料模型。這是一個非常純粹的平台，完全整合在我們自有的程式碼基礎之上。事實上，即使發生了併購（M&A）動作，相關產品也都被重新平台化到 Now Platform 上。因此我們是一家非常、非常乾淨的公司。舉例來說，即便是我們做的那些補強型（tuck-in）的併購，目的也都是為了強化平台，讓平台對客戶更為健全。例如自然語言能力、AI 營運（AI operations）、業務持續性等，都是在強化這個強大平台的論點。

We have to make that an easy platform to consume for business analysts and technologists alike. So that's one aspect of the growth strategy. And the other is to build applications on top of that platform. 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. And he didn't want a team of consultants to have to do it. He wanted his own business analyst people to do it. And of course, we were able to do that for him in a few days on the Now Platform. So think of it as expandable on many dimensions. 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.

我們必須讓這個平台對商業分析師與技術人員都同樣容易使用。這是成長策略的一個面向。另一個面向是在這個平台之上建置應用程式。我曾與一位 CEO 合作，他非常希望在平台上建立一個獎勵計畫，但他希望用幾天或一週完成，而不是花上好幾年。而且他不希望必須靠一整個顧問團隊來做。他希望由他自己的商業分析師團隊來完成。當然，我們能在 Now Platform 上於幾天內為他做到。所以你可以把它想成在許多維度上都可擴展。不論是技術人員、分析師或業務人員，他們都將在這個神奇的平台上打造神奇的工作流程，為其數位轉型策略創造巨大的生產力與成長。

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

另一個有趣的點是，Kash 提到了市場上那些「記錄系統」（system of record）的玩家。而有一家非常大型的系統整合商告訴我——我在發言中也提到——我們把這視為現代企業一個不可思議的跨平台整合引擎，因為有太多彼此斷裂的工作流程與流程，而它可以成為把一切黏合在一起的黏著劑。

So all those dimensions spell growth. We've actually even simplified it. 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.

因此，所有這些面向都意味著成長。我們甚至把它進一步簡化了。我們讓使用更容易、定價更容易；而我們剛結束在拉斯維加斯舉行的全公司銷售啟動大會（Sales Kickoff），大家對平台的成長前景比以往任何時候都更振奮。

Your next question comes from Jennifer Lowe with UBS.

下一個問題來自 UBS 的 Jennifer Lowe。

I'm sitting in for Jen Lowe. This is Rakesh Kumar. I wanted to dig a little more around your industry solution announcement that you made a couple of days ago. I was curious if there will be more products tailored for these vertical use cases. And also outside of partner efforts, what sort of internal go-to-market motion is being put in place?

我代替 Jen Lowe 出席。我是 Rakesh Kumar。我想更深入了解你們幾天前發布的產業解決方案公告。我想知道是否會有更多針對這些垂直領域使用情境量身打造的產品。另外，除了合作夥伴的推動之外，你們內部會建立什麼樣的市場進入（go-to-market）推進機制？

Yes. 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. In fact, they've been very kind. They've actually even come to Santa Clara. 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.

是的。先談合作夥伴這一塊，一個很有意思的事情是，我們已與全球最大的一些合作夥伴公司之 CEO 與董事長進行了多次會議。事實上，他們非常友善。他們甚至親自來到聖塔克拉拉。而多數來訪者都帶著非常扎實的構想，討論有哪些可能性；而且沒有任何一家在離開時，不至少把他們認為與 ServiceNow 絕對可達成的目標之「分子」再增加 10 億美元。

So some of these investments are in industries. 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. 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. And they're very interested in the industry, the subindustry vertical and the buying center approach. 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. 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. But again, it's all about growth. It's all about opportunity. It's all about honesty, open collaboration and real trust with the partners. And the good news is they all know me, so they know we don't break promises around here, which is very helpful.

其中一些投資是在產業面向。例如，想像以產業為基礎的工作流程，聚焦於某個產業的特定領域或次垂直（subvertical），再想像如何針對營運中的不同角色（persona）進行個人化。Now Platform 在這裡再次展現其能力，因為它具備 IT 主幹能力，以及能跨不同採購決策中心連結工作流程的特性。他們對「產業、次產業垂直，以及採購決策中心」的切入方式非常有興趣。而我們正努力把事情做好，讓合作夥伴能夠創新、與我們及客戶共同創新並成長。我們在全球各地理區域都這麼做；或者在某個地理區域、某個產業中與特定合作夥伴合作，我們也可以做得非常精準。但再次強調，一切都關乎成長。一切都關乎機會。一切都關乎誠實、開放協作，以及與合作夥伴之間真正的信任。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?

我想就此再追問一下：近期收購 Loom Systems，這項收購是否代表你們有意進入互補的細分領域，例如 APM 或 AIOps，以及其他一些基礎架構相關領域？

Yes. I mean, first of all, regarding Loom, right, so this is really extending our core. 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? So IT departments today want to proactively pinpoint and resolve operational issues. They don't want problems. They want predictive analytics.

是的。我的意思是，首先關於 Loom，對吧，這其實是在延伸我們的核心。所以如果你把它放在 IT 服務管理（ITSM）、IT 營運管理（IT operations management）的脈絡下看，這本質上是讓 ServiceNow 客戶能在 IT 問題真正變成問題之前就預防並解決它，對吧？如今 IT 部門希望能主動精準定位並解決營運問題。他們不想要問題。他們想要預測分析（predictive analytics）。

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. 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. But our core is our core. I gave you an outline of our strategy. And for now we'll leave it at that.

另外，如果你看 Gartner——我非常重視他們的觀點——他們認為這是非常、非常巨大的向前一步，能真正讓我們的 ITSM 平台成為企業的 AI 營運引擎（AI operations engine），而我們也收到許多正面的評論。但如你所知，我們也在自然語言能力與業務持續性方面有所布局；我們做這一切的目的都是為了強化平台。但我們的核心就是核心。我已向你概述了我們的策略。目前我們就先談到這裡。

Your next question comes from Sarah Hindlian with Macquarie.

下一個問題來自 Macquarie 的 Sarah Hindlian。

First off, congrats to you both on your first quarter. Welcome, and way to hit it out of the park.

首先，恭喜你們兩位第一季表現亮眼。歡迎加入，也恭喜一出手就一鳴驚人。

Thank you, Sarah.

謝謝你，Sarah。

I have a couple of questions. First, Bill -- same. Nice to meet you. 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. And then I have a follow-up for Gina when you're finished.

我有幾個問題。首先，Bill——一樣。很高興認識你。首先，Bill，你提到你們在 HR 和 CSM 方面成長得相當可觀，這點很高興聽到，但我想請你多分享一些 ITOM 目前規模成長到多大，以及在你開始整合 Loom 和其他類似技術、考量到 TAM 這麼大的情況下，你認為它未來可能成長到多大。然後等你回答完，我還有一個問題要問 Gina。

Yes. So I mean I think it's very, very good question actually. So if you look at this company, first of all, let's just baseline the company. 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. If you think about that on an international level, you can climb up to $400 billion pretty quickly. So all of these businesses can be really, really big businesses. And we don't think of any business right now in terms that are less than $1 billion.

是的。所以我的意思是，我覺得這其實是一個非常、非常好的問題。如果你看這家公司，首先，我們先把公司作為基準來看。以我看到的摩根士丹利的一些資料為例，如果你只是把企業裡某種程度上手動或紙本的流程自動化，光是在美國就有超過 2,250 億美元的 TAM。如果把這放到國際層面來看，很快就能上升到 4,000 億美元。所以這些業務都可以成為非常、非常大的業務。而我們目前不會用低於 10 億美元的規模來看待任何一項業務。

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. And ITOM, what I'm impressed with this, in particular, is it's growing so fast. 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. We're also seeing very large deals. In the quarter, we closed 5 that were bigger than $1 million. 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.

所以當你思考我們經營公司的心態時，如果我們看上一個項目，它就得有 10 億美元的標籤。而 ITOM，我對它特別印象深刻的是，它成長得非常快。所以你每一年看我們，它都會遠遠超過翻倍；任何一年內能遠遠超過翻倍的東西都會讓我們非常興奮。我們也看到非常大的交易。在本季，我們成交了 5 筆超過 100 萬美元的案子。而且基本上，在 ITOM 類別中，我們做的前 20 大交易裡有 15 筆在物料清單（BOM）中包含 ITOM，所以這個可能會是一個大項目。

All right. That's very helpful. Good to hear. Gina, nice to meet you and welcome. We were really curious about your new verticalization strategy. 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. 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.

好。這非常有幫助。很高興聽到。Gina，很高興認識你，歡迎加入。我們對你們新的垂直化策略非常好奇。我知道 Bill 在電話會議上稍微提到了一些，但我們過去確實看到，對 SaaS 供應商而言，這往往是把特定產業業務做大的一個關鍵轉折點。所以我想請教，我們應該預期你們新的垂直產業團隊（vertical practices）需要多久的爬坡期；以及隨著這項轉變，銷售與行銷（S&M）是否可能也會出現一些小幅或同步的上升。

Sure. Thank you so much, and I'm looking forward to meeting you as well in person. 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. We do not expect, however, to be adding huge overlay types of sales folks throughout the organization. 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. We do expect that we will invest here. We will invest smartly and disciplined, and we do expect that with the material and with our workflow products, that this will ramp. But from a timing perspective, we haven't modeled that out. But it's something that we're very focused on. We are investing, but we do not expect to see significantly higher investment as a percentage of revenue to total sales and marketing.

當然。非常感謝，我也很期待之後能當面認識你。首先，重申 Bill 所說的，產業別對我們的成長至關重要，而垂直策略是我們非常專注的方向。不過，我們不預期會在整個組織中大量增加那種 overlay 類型的銷售人員。因此，我們不預期銷售與行銷占銷售——占營收的百分比會大幅上升。我們確實預期會在這裡投資。我們會以聰明且有紀律的方式投資，也預期隨著相關內容與我們的工作流程產品，這會逐步爬坡成長。但就時程而言，我們尚未把它建模到具體數字。不過這是我們非常聚焦的事情。我們正在投資，但不預期會看到以營收百分比計的總銷售與行銷投入顯著提高。

Your next question comes from Brad Zelnick with Crédit Suisse.

下一個問題來自瑞士信貸（Crédit Suisse）的 Brad Zelnick。

And I echo my congratulations on a stellar Q4. Welcome to you, Gina. And Bill, if I can start out with a question for you. 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? 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? And perhaps, how can you improve upon it to take things to the next level?

我也要再次恭喜你們第四季表現出色。也歡迎你，Gina。Bill，如果我可以先從問你一個問題開始。現在你已經在駕駛艙裡操控飛機一段時間了，而且我們也看到你站在《華爾街日報》整版廣告上巨大的「dream big」標語前，到目前為止，相較於你想達成的目標，最大的正面與負面驚喜分別是什麼？另外特別想問公司文化：團隊合作是你今年的第五項優先事項，我想未來每一年也都會是；而且我們都知道，這對任何公司而言都是非常長久且關鍵的事。你對 ServiceNow 的文化有什麼觀察？以及或許，你要如何在此基礎上再提升，把公司帶到下一個層級？

Well, it's a really great question, Brad. Thank you very much for your very kind words. 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. Everybody shows an enormous empathy for the customer regardless of the department that they serve within the company. So that is really positive.

Brad，這真的是個很棒的問題。非常感謝你非常友善的話語。首先，我想先肯定 Fred Luddy，因為我們的創辦人做得非常出色：他不僅打造了一個以客戶利益為核心的平台，並且對客戶有真正的同理心，而這也成為公司內部無所不在的文化。不論在公司內服務於哪個部門，每個人都展現出對客戶極大的同理心。所以這點非常正面。

And I mentioned my 2 predecessors in my remarks. 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. 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. And my job is to take it now and scale it to be the defining enterprise software company in the 21st century. And I intend to do just that as we go for $10 billion and way beyond.

我在致詞中也提到了我的兩位前任。我非常肯定 Frank Slootman 的貢獻：他在公司歷史上一個重要的時刻，把 Fred 的發明加以規模化。而我也要給我的摯友 John Donahoe 極高的讚譽：在 Frank 之後，他再次把公司規模化，讓它走到今天這個位置。而我的工作，是把它再往上擴張，讓它成為 21 世紀具代表性的企業軟體公司。而我打算在我們邁向 100 億美元、以及遠超過 100 億美元的過程中，確實做到這一點。

So what did I pick up along the way? Number one, culture, culture, culture. This culture is amazing. It's exciting. It's humble and it always wants to keep getting better. Nobody here is looking for a pat on the back for too long. They want to know what they could do to get better, and I love that.

那我一路上學到了什麼？第一，文化、文化、文化。這個文化非常棒。它令人振奮。它謙遜，而且總是想持續變得更好。這裡沒有人會想要被拍肩膀稱讚太久。他們想知道自己還能做什麼來變得更好，而我很喜歡這一點。

The second thing is the customers love us. 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. I'm now going on a world tour. We'll hit 3 continents in the next 11 days, and I'll see many, many more customers. 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. And what you find is the customers, they just love this company, and the products work, and we do what we said we do. They just want us to keep doing more. 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. So I think we can really broaden the perimeter with the buying centers. I think the expansion geographically is still there for us. There's a big opportunity in the Middle East. We have plenty of opportunities to expand in Europe. Latin America is still young. Japan is a big market for us. We're just going into Korea in a big way. So all of that is there and more.

第二件事是客戶很愛我們。我的意思是，這很驚人，不僅體現在你看到的忠誠度指標上——那是業界最佳——而且說真的，我去了好幾個城市，見了非常多的客戶。我現在要開始全球巡迴。接下來 11 天我們會跑 3 大洲，我也會見到更多、更多的客戶。此外，到那個時候，我也將親自接觸到公司裡的每一個人，這很酷，因為那是超過 10,300 人。你會發現，客戶就是很愛這家公司，產品也確實有效，我們做到了我們說要做的事。他們只希望我們持續做得更多。事實上，我學到的一件事、也是我認為我可以帶進來幫助整體方程式的一點——因為你問我有哪些觀察、我也許能找出不完美之處或增加一些價值——就在於我們往 C-suite 推進的這個動作；因為如果你去見 CEO——我非常習慣見他們——他們會說：「我沒有接到過 ServiceNow 的電話。」但那是在我剛跟 CIO、COO 會面完之後，而他們告訴我他們有多喜歡 ServiceNow。所以我認為我們真的可以把採購決策中心的外圍邊界擴大。我認為我們在地理擴張上仍然有空間。中東有很大的機會。我們在歐洲也有很多擴張機會。拉丁美洲仍然很年輕。日本對我們來說是個大市場。我們正大舉進軍韓國。所以這些機會都在，而且還有更多。

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. 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. And being a good partner is essential to being the defining enterprise software company of the 21st century. So that is kind of where I'm going.

所以我會說，在我看過的所有事情裡，我對這種文化——追求變得更好——、擁有極度忠誠的客戶基礎，以及我們現在正往 C-suite、產業與採購決策中心推進，感到非常印象深刻。而我們在做這件事時也把生態系放在心上，因為我認為，隨著合作夥伴的擴張，這會為 ServiceNow 帶來一個驚人的力量倍增器。而成為一個好的合作夥伴，是成為 21 世紀具代表性的企業軟體公司的關鍵。所以這大概就是我前進的方向。

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

最後，請讓我代表我的同事說一件事：這家公司對工程的自豪感、對產品的專注——當我跟 CJ 或 P4 的任何人談，甚至當我們站在董事會面前，我們談的都是產品。我們展示 demo。我們看的是下一代的可能性。我們正在重新思考企業裡工作的完成方式，因為我們知道人們還有很多可以改善的地方；但我們不是用 PowerPoint、不是用大型投影片簡報來做，而是用產品來做到這件事。

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

我非常欣賞 Winners Dream 的做法，也期待你們持續成功。

I'm honored. Thank you very much, Brad. Thank you.

我深感榮幸。非常感謝你，Brad。謝謝。

Your next question comes from Keith Weiss with Morgan Stanley.

下一個問題來自 Morgan Stanley 的 Keith Weiss。

This is Sanjit Singh for Keith Weiss. And congrats on a really strong end to 2019. Bill, in your script, you mentioned the momentum you're seeing around CSM and HR. 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. 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?

我是代 Keith Weiss 提問的 Sanjit Singh。恭喜 2019 年底表現非常強勁。Bill，你在講稿中提到你看到 CSM 和 HR 方面的動能。但當我看你們前 20 大交易時，讓我印象深刻的是 IT 交易的數量——涵蓋 ITSM、資產管理、IT 業務管理——在前 20 大清單裡到處都是。你能否談談整體 IT 產品組合，尤其是你們在進入 2020 財年時，IT 端所看到的成長韌性（durability of growth）？

Absolutely. 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. And we're proud of the core. We like who we are very much here. 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. ITSM is really on fire. I mean 16 deals were $1 million or more in the quarter with ITSM, and 17 of the top 20 deals included ITSM.

當然可以。首先，Keith，非常感謝你注意到這點，因為我跟你一樣，從未見過一家真正偉大的公司沒有一個很強的核心。而我們以這個核心為傲。我們很喜歡我們在這裡的定位與樣貌。如果你看這一路的軌跡，前 20 大交易中有 14 筆在銷售中包含 3 個或以上的 IT 產品。ITSM 真的非常火熱。我的意思是，本季有 16 筆包含 ITSM 的交易金額達到 100 萬美元或以上，而前 20 大交易中有 17 筆包含 ITSM。

We talked about ITOM earlier. And of course, ITOM, I made comments of it. I mean, like, we're growing that business like 51% in a quarter. So it's going extremely well. 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. So then I said to myself what about ITAM. I mentioned, as you know, the Veteran Affairs situation, and we closed 2 deals that were very, very sizable in the ITAM category.

我們先前談過 ITOM。當然，ITOM 我也做過評論。我的意思是，我們在單一季度把那個業務做到了約 51% 的成長。所以進展非常順利。我們有 5 筆 ITOM 交易金額超過 100 萬美元，而前 20 大交易中有 15 筆——前 20 大交易裡有 15 筆包含 ITOM。然後我又想，那 ITAM 呢？如你所知，我提到退伍軍人事務部（Veteran Affairs）的情況，而我們在 ITAM 類別中成交了 2 筆非常、非常可觀的交易。

So what's the point of all this? The point of all of this is our solutions are better together, and everything pivots from that backbone IT core. And when we carry that backbone IT core into the other domains of the enterprise, everything gets better. 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. 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.

那這一切的重點是什麼？重點是我們的解決方案「一起用更好」，而一切都以那個骨幹式的 IT 核心為樞紐。當我們把這個骨幹 IT 核心帶進企業的其他領域時，所有事情都會變得更好。這也是為什麼我甚至會向其他那些作為系統紀錄（systems of record）的企業軟體公司解釋：我們會讓你變得更好，因為我們在核心所做的事情，會在端到端工作流程（end-to-end workflow）的層級，跨所有採購決策中心被複製與延伸；而這也會讓我們所有的合作夥伴——不論是技術合作夥伴或系統整合合作夥伴——變得更強。ITSM Pro 的成長前景，以及我們持續加到平台上的所有增值功能，將讓公司的核心在未來很多很多年都能穩健成長。

That's very encouraging. If I could do one quick follow-up if I may. 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. I was wondering if you could hit upon Microsoft. That was another strategic partner -- strategic partnership that was signed this summer around federal. 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?

這非常令人鼓舞。如果可以的話，我想快速追問一個問題。Bill，你提到未來合作夥伴與生態系的重要性，並點出最近與 Accenture 和 Deloitte 的合作關係有所強化。我想請你也談談 Microsoft。那也是另一個策略合作夥伴——今年夏天在聯邦（federal）領域簽署的策略合作。那麼你如何看待未來與 Microsoft 的合作機會、共同機會，以強化這個生態系布局？

Right, right. Well, actually, in July, we announced a new partnership with Microsoft, in which we'll be hosting ServiceNow instances in Azure. And the initial focus there is on public sector in the U.S., specifically, but also Australia. So we believe other highly regulated industries globally could also benefit from this focus, but of course, it's early days. I consider Satya a personal friend. I consider Azure an amazing platform and Microsoft, a great company. I can tell you that I'm convinced we'll do big things there. 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. So we're open for business. We're opening for partnerships, and my advice to the partners out there is don't waste too much time. We're on the move.

對，對。其實在 7 月，我們宣布與 Microsoft 建立新的合作關係，我們將在 Azure 上託管 ServiceNow 執行個體（instances）。初期的重點會放在美國的公共部門，特別是如此，但也包括澳洲。所以我們相信，全球其他高度受監管的產業也可能從這個重點中受益，但當然，現在還在早期階段。我把 Satya 視為私人的朋友。我認為 Azure 是一個很了不起的平台，而 Microsoft 是一家很棒的公司。我可以告訴你，我深信我們會在那裡做出大事。我也深信，我的電話真的一直響個不停，因為還有其他非常大型的公司想要與 ServiceNow 做更多合作。所以我們隨時歡迎合作。我們正在開放合作夥伴關係，而我給外部合作夥伴的建議是：不要浪費太多時間。我們正在加速前進。

Your next question comes from Sterling Auty with JPMorgan.

您的下一個問題來自摩根大通（JPMorgan）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. 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.

在您事先準備的發言中，您提到的兩個核心支柱有點像是品牌行銷以及市場進入（go-to-market）機器。我只是好奇，我們應該如何把這些轉化為對 2020 年行銷支出，以及 2020 年銷售人員招募人數的看法。

Sure. Maybe I'll start big picture, and then Gina, I'm sure, would love to add some value to this. So we're at the point now where we're investing in engineers, and obviously, we're investing in channels that grow our company. 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. So the margin expansion story can obviously be there. But we've been adding headcount commensurate with growth, and we're not going to get headcount in front of growth. So that's just kind of big picture. It's a pretty disciplined company, and we're going to keep it that way.

當然。也許我先從大方向談起，接著我相信 Gina 也很樂意補充一些觀點。所以我們現在正處於投資工程師的階段，當然也在投資能推動公司成長的通路。而在一般與行政（G&A）方面，我們會盡可能保持精實，並讓我們優秀的工作流程技術讓公司維持簡單、維持高生產力。因此，利潤率擴張的故事顯然是可以成立的。但我們一直是隨著成長相應增加人力編制，我們不會在人力編制上超前於成長。這就是大方向。我們是一家相當自律的公司，而且會持續保持這種作風。

For example, as I look at margin leverage and how we can improve, I think about keeping the company simple and simple things. Like we're a bigger company now. We got unbelievable customer loyalty. How do we make a frictionless company possible for our customers so renewals are smooth? Upsell and cross-sell is simple. 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. And in particular, we'd like to see that in sales.

例如，當我看利潤率槓桿以及我們如何改善時，我會想到讓公司保持簡單，以及一些簡單的事情。像是我們現在是一家更大的公司了。我們擁有令人難以置信的客戶忠誠度。我們要如何讓客戶能夠享有無摩擦（frictionless）的體驗，讓續約流程順暢？讓加購（upsell）與交叉銷售（cross-sell）變得簡單。而公司裡每個人，不論職務是什麼，我們都可以看「每位員工創造的營收」這個記分卡，並說我們要持續變得更好。尤其我們希望在銷售端看到這點。

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. 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. 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.

所以例如，您很清楚我們在超大型企業與大型企業的作法，以及我們如何覆蓋商業市場，但我們也越來越多地透過客戶開發代表（account development reps）來推動銷售管線。我們也越來越多地在內勤銷售（inside sales）層級投入，這樣我們在銷售人力的投資上能取得更好的報酬，並真正推動的不只是忠誠度，還有全新客戶標誌（net new logos）；這仍然是我們今年非常強的重點。所以請相信我們會把營收做到位，同時確保在這個過程中，「每位員工創造的營收」記分卡持續上升。

And I'll just add to that. We will continue to invest in the right places, but it's a very disciplined approach to investing. 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. We'll also invest in brand. From an overall perspective, we expect some leverage. And obviously, we've guided to the total overall OI margin for the year.

我再補充一下。我們會持續在正確的地方投資，但投資方式非常自律。從銷售與行銷的角度來看，我們絕對期待能從生產力與銷售端看到一些槓桿效益，但我們也會投資在其他領域。我們也會投資品牌。從整體角度來看，我們預期會有一些槓桿效益。而且很明顯地，我們也已經對今年的整體營業利益（OI）利潤率給出指引。

Got it. And then maybe one quick follow-up. Renewal rates, 97%, is still very, very high, but it did tick down a little bit compared to the last several quarters. Were there any onetime items or things that we should look at that impacted it in the quarter?

了解。接著可能一個快速追問。續約率 97% 仍然非常、非常高，但相較於過去幾季確實小幅下滑。本季是否有任何一次性項目或我們應該注意、對其造成影響的因素？

No, I'll say, listen, 97% renewal rate remains industry leading and very strong. We're really proud of that. The most common reasons why a customer doesn't renew is usually through M&A and consolidation. We're not seeing more customers choose not to renew because of anything with respect to pricing or lack of value at all.

沒有。我會說，聽著，97% 的續約率仍然是業界領先且非常強勁。我們對此非常自豪。客戶不續約最常見的原因通常是併購（M&A）與整併。我們沒有看到更多客戶因為定價或價值不足等任何因素而選擇不續約。

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. You had a great start to your respective tenures.

再次恭喜兩位。你們各自的任期都有一個很棒的開局。

Bill, would love your perspective given your unique background here with respect to the back office. And thinking about the integration points with financials, ERP more broadly. ServiceNow has had a nice product in the market for under a year now for close management. 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. How do you think about that?

Bill，鑑於您在後台（back office）方面獨特的背景，我很想聽聽您的看法。並且思考與財務系統、更廣義的 ERP 的整合接點。ServiceNow 在市場上推出關帳管理（close management）產品還不到一年，但表現不錯。很想聽聽您對這個產品在成熟度／就緒度方面的看法，以及您認為公司在後台領域下一步可以走向哪裡。您怎麼看？

Yes. Well, thank you very much, Tom. 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. 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.

是的。非常感謝你，Tom。首先，我想先說明，市場上既有的記錄系統（systems of record）不需要擔心 ServiceNow 不會成為一個好朋友、好夥伴。大家都很清楚，客戶在這些記錄系統上已經投入了大量資本，我們完全尊重這點；而我們也非常堅信，我們在工作流程以及端到端能力上所做的事情，實際上可以為記錄系統帶來顯著的附加價值。

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. But it was something that was mission critical. It was a real system of action they needed. We were able to provide that in less than 30 days. So that's just adding value to the system that's already there, not taking anything away from it, very important.

具體來說，我曾拜訪一家非常大型的航空公司，他們正嘗試做一些非常獨特的事情；如果他們要透過後台的記錄系統進行升級週期來完成，那會是一項非常耗時的工程。但那件事又是攸關任務成敗（mission critical）的。他們需要的是一個真正的行動系統（system of action）。我們在不到 30 天內就能提供。所以這就是在既有系統之上增加價值，而不是從中拿走任何東西——這點非常重要。

As it relates to the financial close product, we have to have a leader on that and focus on that. It is an outstanding product. We have a very large pipeline for that, and we intend to pursue that vigorously in the marketplace. It's early days in terms of the math on that, though.

至於財務關帳（financial close）產品，我們必須要有一位負責的領導者並專注推進。這是一個非常出色的產品。我們在這方面有非常龐大的銷售管線，我們打算在市場上積極推進。不過，就相關的量化（math）來說，目前仍屬於早期階段。

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

太棒了。Bill，針對 VA 這筆案子快速追問一下。我們過去已經習慣第三季或 9 月季度在聯邦業務上非常強勁，但現在看起來需求似乎更平均地分散在全年。在產品組合持續變得越來越廣的情況下，您能否再多談一點聯邦以及更廣泛公共部門的機會，目前的發展態勢如何？

Yes. I think this is going to be a huge opportunity. The word is going around pretty quickly because what's happening is these leaders of very important departments are capital constrained. 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. Everybody knows that, and they shout that from the mountain tops. 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. I spent 1.5 days there in December in Washington and visited many of the agencies. One agency who had 75,000 people also had 75 legacy systems that was designed to do one thing. Probably, they could have gotten away with 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. And it was so stunning. 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?"

是的。我認為這將會是一個巨大的機會。消息傳得很快，因為正在發生的是：這些重要部門的領導者在資本支出上受到限制。當他們檢視自己的營運費用，並看到他們有那麼多的舊系統與那麼多的低效率——這不是什麼秘密。大家都知道，而且他們也常常大聲疾呼。所以問題是：哪一個平台、哪一家公司能在非常短的價值實現時間（time to value）內，以非常可負擔的解決方案真正帶來巨大的改變。我在 12 月到華盛頓待了 1.5 天，拜訪了許多機構。其中一個機構有 75,000 名員工，同時也有 75 套舊系統，而每套系統都只為了做一件事而設計。也許他們其實用 74 套就夠了。所以我們帶著一個工作流程解決方案進去，它實際上扮演企業入口網站（enterprise portal）的角色，彙整記錄系統的資料，把它放到行動平台上，並提供非常漂亮的使用情境（user case）：人們可以依照工作類型點兩下就完成任務。那效果非常驚人。它帶來巨大的成本節省，而且不管你在一年中的什麼時候提出這種具變革性的方案，都會有人說：「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. So maybe, Gina, one for you. I just am curious, Mike had provided in the past recently just the dollar-based net expansion rate. 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.

而且如同其他人所說，恭喜您在 ServiceNow 的任期有個強勁的開局，也接近年末。所以也許，Gina，這題給您。我只是好奇，Mike 先前最近只提供了以美元計的淨擴張率（dollar-based net expansion rate）。我想知道這是否是一個指標——現在您在這個職位上，是否計畫未來會持續提供；以及第四季的表現大概如何，然後再給 Bill 一個追問。

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

當然。我們會在 5 月的分析師日提供擴張率，而第四季的表現非常強勁。

Okay. Great. 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. 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? 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? Or how should we think about bigger deals?

好的。太好了。接著，Bill，我知道隨著電話會議進行您已經提到過這點，我想——但我認為併購一直是大家思考很多的事情。所以第一個，我只是出於好奇，你們剛宣布的兩筆小型交易，對 2020 年的數字是否有任何貢獻？然後作為延伸，你們的併購理念我們應該怎麼看待？會不會延續我們看到的那種較小的補強式併購（tuck-ins）？或者我們應該如何看待更大型的交易？

Yes. Samad, thank you very much for your question. 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.

是的。Samad，非常感謝你的提問。首先，任何這些小型補強式併購，對我和 Gina 今天向各位報告的營收數字貢獻為 0，0 貢獻，完全是 0。

Secondly, the company has benefited and will continue to benefit from organic growth. 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. 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. At this stage, there are no large deals that are on the table. And if we were to consider something of that nature, I give you my word. 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. So we are really an organic growth company with small tuck-ins as our preferred option at this stage. And it wouldn't change unless there was something dramatically interesting that would greatly benefit our customers and shareholders. And at this time, there are nothing of that kind on the table.

第二，公司已經受益於、也將持續受益於有機成長。我們前方有非常長的跑道可供有機成長；當你考量我們擁有的獨特平台、它如今在全球擴展的能力，以及進入各個產業與新的採購決策中心的能力，就會發現以有機方式來看，跑道非常長。因此，補強式併購策略——也就是能為客戶關係增加技術與價值、為我們同級最佳的平台建立更深護城河——這就是你們應該期待的方向。在這個階段，沒有任何大型交易在檯面上。而如果我們要考慮那種性質的交易，我向你保證，我會花大量時間與委員會、策略團隊、工程團隊一起討論，並與財務團隊進行壓力測試，從每一個角度檢視，甚至在我們真正嚴肅考慮之前就會先做足功課。所以我們確實是一家以有機成長為主、並以小型補強式併購作為現階段偏好選項的公司。除非出現某個極具吸引力、能大幅造福我們客戶與股東的機會，否則這點不會改變。而目前並沒有任何這類交易在檯面上。

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

您的最後一個問題來自 RBC Capital Markets 的 Alex Zukin。

This is Dylan Reider on for Alex. 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. 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? 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?

我是代替 Alex 的 Dylan Reider。Bill，在思考 CSM 這個區塊時，從您在事先準備的講稿中提到的 2 億美元數字來看，很明顯你們在那裡取得了成功。當我們考量 ServiceNow 在這個類別中不斷演進的願景與使命時，我們應該用什麼方式來理解你們如何在 CSM 中為這個產品區塊加速成長（supercharge）？另外，鑑於相較於你們產品組合的其他部分，這裡的競爭環境不同，我們應該如何更廣泛地看待公司在 CSM 的成長前景？

Thank you very much, Dylan. I'm really excited about CSM. I'm excited about it because I like swimming in big ponds, and that's a big TAM.

非常感謝你，Dylan。我對 CSM 真的非常興奮。我之所以興奮，是因為我喜歡在大池塘裡游泳，而那是一個很大的 TAM（可服務總市場）。

What we're extremely good at is -- think of it this way. There's really 3 layers within customer service management that matter to the customer. One is the engagement layer, do you know who I am, and can you have a multi-channel strategy around creating value with me.

我們非常擅長的是——可以這樣想。在客戶服務管理中，真正對客戶重要的其實有 3 個層次。第一個是互動層（engagement layer）：你知道我是誰嗎？你能否用多渠道策略來與我互動並創造價值？

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. 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. 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.

第二個是與工作流程相關、發生在中台與後台的非常龐大的營運事項，並藉此為客戶提供卓越服務。例如，我們本季與一家醫療保健機構合作，透過服務管理為他們管理 5,000 萬筆理賠申請。在服務管理層面，如果你以現場服務（field service）為例，有一家高科技公司有數千名現場服務人員在外勤，透過 Now Platform 在行動端運作，且使用者體驗非常出色，讓他們的技術人員能把工作完成。

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. 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. That's what our platform is built to do. Think of operations. We have unique levels of complexity in the mid- and the back office, where we can bring real value to that. And on the engagement layer, there's some -- a lot going on in the media industry. And there's one example where we have 20 million users engaging us. And we actually had 100,000 concurrent users touching on our -- one of our applications within the first 5 minutes that they went live. So we scale. So we could do engagement. Other people are there, too. We could do operations like no one else, and we can do service management like no one else, or we can do all 3.

而我看到的是，特別是對於大型勞動力，尤其是如果他們還不是非常數位化，他們會非常受益於我們的應用程式是如此簡單、具消費者等級（consumer grade）且以行動為優先。所以，把我們視為更廣義的服務管理中的現場服務，因為我們能比其他任何公司更深入找到問題的根本原因。這正是我們平台打造的目的。再想想營運（operations）。在中台與後台，我們能處理獨特且高複雜度的情境，並在那裡帶來真正的價值。而在互動層面，媒體產業有——有很多事情正在發生。有一個例子是我們有 2,000 萬名使用者與我們互動。而且在他們上線後的前 5 分鐘內，實際上就有 10 萬名同時在線使用者在使用我們的——其中一個應用程式。所以我們具備可擴展性。因此我們能做互動。其他人也在那裡。我們能做營運，這點無人能及；我們也能做服務管理，這點同樣無人能及；或者我們也可以三者都做。

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. 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.

我的看法是，正在做互動層的那些業者應該嘗試與 ServiceNow 合作，因為在營運與服務管理這一端，我們是最強的。我們可以全都做，所以如果你對於與 ServiceNow 應該怎麼做還有任何疑慮，與我們合作可能會是更好的選擇。

That's all the time we have for questions. I'll turn the call back to the presenters for closing remarks.

我們的提問時間就到這裡。我將把電話會議交回給簡報者做結語。

Closing remarks, I'd just like to thank, everybody, for joining us. Exceptionally proud of the 10,300-plus professionals at ServiceNow for the job that they did. 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. And I would just like to thank all of you for the confidence that you've demonstrated in our company. We're just getting warmed up. We're fired up. We're ready to go.

結語部分，我只想感謝各位今天加入我們。我為 ServiceNow 超過 10,300 位專業人士所完成的工作感到無比自豪。我要感謝 Gina 的領導，也特別要感謝我的摯友 John Donahoe，在我加入公司時給了我非常出色的交接，以及董事會的支持，特別是我們的創辦人。我也要感謝各位對我們公司所展現的信心。我們才剛開始熱身。我們士氣高昂。我們準備好了。

This concludes today's conference call. Thank you very much for joining us. You may now disconnect.

今天的電話會議到此結束。非常感謝各位的參與。您現在可以掛線。