ServiceNow Inc (NOW) 2022 Q2 法說會逐字稿

Good day, everyone, and welcome to the Second Quarter 2022 ServiceNow Earnings Conference Call. I would now like to turn today's call over to Darren Yip, Vice President, Head of Investor Relations. Please go ahead, sir.

大家好，歡迎參加 2022 年第二季度 ServiceNow 收益電話會議。我現在想將今天的電話轉給副總裁兼投資者關係主管 Darren Yip。請繼續，先生。

Thank you. Good afternoon, and thank you for joining ServiceNow's Second Quarter 2022 Earnings Conference Call. Joining me are Bill McDermott, our President and Chief Executive Officer; and Gina Mastantuono, our Chief Financial Officer. During today's call, we will review our second quarter 2022 results and discuss our guidance for the third quarter and full year 2022.

謝謝你。下午好，感謝您參加 ServiceNow 的 2022 年第二季度收益電話會議。加入我的還有我們的總裁兼首席執行官 Bill McDermott；和我們的首席財務官 Gina Mastantuono。在今天的電話會議中，我們將回顧 2022 年第二季度的業績，並討論我們對 2022 年第三季度和全年的指導。

Before we get started, we want to emphasize that some of the information discussed on this call such as our guidance is based on information as of today and contains forward-looking statements that involve risks, uncertainties and assumptions. We undertake no duty or obligation to update such statements as a result of new information or future events. Please refer to today's earnings press release and our SEC filings, including our most recent 10-Q and 2021 10-K for factors that may cause actual results to differ materially from our forward-looking statements.

在我們開始之前，我們要強調的是，本次電話會議中討論的一些信息（例如我們的指導）基於截至今天的信息，並包含涉及風險、不確定性和假設的前瞻性陳述。我們不承擔因新信息或未來事件而更新此類聲明的義務或義務。請參閱今天的收益新聞稿和我們的 SEC 文件，包括我們最近的 10-Q 和 2021 10-K，以了解可能導致實際結果與我們的前瞻性陳述產生重大差異的因素。

We'd also like to point out that we present non-GAAP measures in addition to and not as a substitute for, financial measures calculated in accordance with GAAP. Unless otherwise noted, all financial measures and related growth rates we discuss today are non-GAAP except for revenues, remaining performance obligations, or RPO, current RPO and cash and investments. To see the reconciliation between these non-GAAP and GAAP measures, please refer to today's earnings press release and investor presentation, which are both posted on our website at investors.servicenow.com. A replay of today's call will also be posted on our website.

我們還想指出，我們提出非 GAAP 措施是對根據 GAAP 計算的財務措施的補充而非替代。除非另有說明，否則我們今天討論的所有財務指標和相關增長率都是非公認會計原則，但收入、剩餘履約義務或 RPO、當前 RPO 以及現金和投資除外。要查看這些非 GAAP 和 GAAP 措施之間的協調，請參閱今天的收益新聞稿和投資者演示文稿，它們都發佈在我們的網站 Investors.servicenow.com 上。今天電話會議的重播也將發佈在我們的網站上。

With that, I'll turn the call over to Bill.

有了這個，我會把電話轉給比爾。

Thank you, Darren, and hello, everyone. We appreciate you joining us for today's call. ServiceNow's Q2 results once again beat expectations on the top line and the bottom line. Revenue growth was 29.5% at constant currency. Operating margin was 23%. Both results were above our guidance for the quarter. Our 99% renewal rate remains the industry's benchmark. We had 54 deals over $1 million. Our 27% constant currency cRPO growth is also strong. And looking forward for a moment, once you factor the large renewal cohort effect in Q3, our full year cRPO outlook is also strong.

謝謝你，達倫，大家好。感謝您加入我們今天的電話會議。 ServiceNow 的第二季度業績再次超出了頂線和底線的預期。按固定匯率計算，收入增長 29.5%。營業利潤率為 23%。這兩項結果均高於我們本季度的預期。我們 99% 的續訂率仍然是行業的標杆。我們有 54 筆交易超過 100 萬美元。我們 27% 的固定貨幣 cRPO 增長也很強勁。展望一下，一旦考慮到第三季度的大規模更新隊列效應，我們的全年 cRPO 前景也很強勁。

Like other premier technology companies, we are managing through the current macro. As you'll hear from Gina, we're simply returning to the outlook we originally set for you in January of this year on a constant currency basis. Unlike others, while the currency effect also applies pressure on our margin, ServiceNow will maintain our full year margin guidance of 25%. We will absorb the impact through disciplined cost management as we run more efficiently on the ServiceNow platform.

像其他一流的科技公司一樣，我們正在通過當前的宏觀管理。正如您從 Gina 那裡聽到的那樣，我們只是回到了我們最初在今年 1 月為您設定的前景，以不變貨幣為基礎。與其他公司不同，雖然貨幣效應也對我們的利潤率施加壓力，但 ServiceNow 將維持我們 25% 的全年利潤率指導。隨著我們在 ServiceNow 平台上更高效地運行，我們將通過嚴格的成本管理來吸收影響。

Looking beyond 2022, our confidence in our midterm aspirations, which we raised earlier this year to $11 billion plus by 2024 and $16 billion plus by 2026 is rock solid. In short, ServiceNow's iron-clad fundamentals will not waver. The secular digital transformation tailwinds are blowing stronger than the macro crosswinds. ServiceNow generates an unmatched combination of organic growth and profitability at scale. We believe there is a generational value creation opportunity here on every level of our company. Therefore, we are hiring, expanding and investing for the future. Growth companies don't get stronger than this one.

展望 2022 年之後，我們對中期目標的信心堅如磐石，我們在今年早些時候將其提高到 2024 年超過 110 億美元，到 2026 年達到 160 億美元以上。總之，ServiceNow 堅如磐石的基本面不會動搖。長期的數字化轉型順風吹得比宏觀逆風更強。 ServiceNow 在規模上產生了無與倫比的有機增長和盈利能力。我們相信，在我們公司的各個層面，都有一個世代價值創造機會。因此，我們正在為未來招聘、擴展和投資。成長型公司不會比這家更強大。

Before I hand things over to Gina, let me offer some additional color to underscore the state of the business. Enterprise software is an all-weather industry. Some businesses out there are prioritizing enhanced productivity to lower costs. Others are evolving business models to stimulate growth. All of them know full well that digital technology is the only answer. That's why the demand environment to software is consistent and durable.

在我把事情交給 Gina 之前，讓我提供一些額外的顏色來強調業務的狀態。企業軟件是一個全天候的行業。一些企業正在優先考慮提高生產力以降低成本。其他人正在發展商業模式以刺激增長。他們都非常清楚數字技術是唯一的答案。這就是為什麼軟件的需求環境是一致且持久的。

Market research from IDC and several prestigious institutions on this call, I might add, have all affirmed the stability of technology budgets. We also see consolidation of enterprise software as buyers shift further away from experimentation with unsustainable solutions.

IDC 和幾家著名機構在這次電話會議上的市場研究，我可能會補充說，都肯定了技術預算的穩定性。我們還看到企業軟件的整合，因為買家進一步遠離不可持續解決方案的試驗。

So when you think about the technology sector, they're on niche vendors, legacy leaders and platforms. ServiceNow is a platform company with strong demand in a fast-changing world. And this is consistent with what we see from our customers. It's all about reprioritization. Customers are making significant investments with fewer platforms to drive faster ROI.

因此，當您考慮技術領域時，它們是利基供應商、傳統領導者和平台。 ServiceNow 是一家在瞬息萬變的世界中需求旺盛的平台公司。這與我們從客戶那裡看到的一致。這一切都與重新確定優先級有關。客戶正在使用更少的平台進行大量投資，以提高投資回報率。

As this process unfolds, while sales cycles can lengthen, deal sizes get bigger as more materials are negotiated into those agreements. And we at ServiceNow, are on the right side of the great reprioritization. One customer summed things up well. She said, "We have a capacity challenge, not for ServiceNow, but for all the others that want to be like ServiceNow. It's time to standardize on the platforms we trust for the long haul."

隨著這一過程的展開，雖然銷售週期可能會延長，但隨著更多材料被協商到這些協議中，交易規模會變得更大。而我們在 ServiceNow 的工作，則站在了重新劃分優先級的正確一邊。一位客戶總結得很好。她說：“我們面臨容量挑戰，不是針對 ServiceNow，而是針對所有其他想成為 ServiceNow 的人。是時候在我們長期信任的平台上進行標準化了。”

The current macro environment likely will move overnight, neither will the theme for automation as companies need to make money, save money and differentiate, and they need to do all of that really fast. Time has become the greatest asset of business.

當前的宏觀環境可能會在一夜之間發生變化，自動化主題也不會因為公司需要賺錢、省錢和差異化，而且他們需要真正快速地完成所有這些工作。時間已成為企業最大的資產。

When you look at our results and our opportunity, it's clear evidence that digital transformation is the only way forward. ServiceNow is helping our customers innovate to win. Our ability to execute is another key point of confidence. This is a proven team. And what's happening here is about more than great business results. It's about honoring Fred Luddy's founding vision, to change the paradigm of enterprise software. That's why, from a technology perspective, ServiceNow has maintained a fully integrated workflow automation platform that gives everyone the great experiences they deserve.

當您查看我們的成果和機會時，就會清楚地證明數字化轉型是唯一的前進道路。 ServiceNow 正在幫助我們的客戶通過創新來取勝。我們的執行能力是另一個關鍵的信心點。這是一支久經考驗的團隊。這裡發生的不僅僅是偉大的業務成果。這是為了紀念 Fred Luddy 的創始願景，即改變企業軟件的範式。這就是為什麼從技術角度來看，ServiceNow 維護了一個完全集成的工作流自動化平台，為每個人提供他們應得的出色體驗。

With artificial intelligence, robotic process automation, process mining and low-code capabilities all embedded in our architecture, we make hyperautomation about people. With 750 million net new applications being built on the horizon, ServiceNow is leading the low-code revolution, our born in the cloud suite of applications stretches across the enterprise end to end. And all of our businesses are performing extremely well.

我們的架構中嵌入了人工智能、機器人流程自動化、流程挖掘和低代碼功能，我們對人進行了超自動化。隨著 7.5 億個淨新應用程序的構建，ServiceNow 正在引領低代碼革命，我們誕生於雲應用程序套件的應用程序端到端延伸到整個企業。我們所有的業務都表現得非常好。

In Q2, ITSM was in 12 of the top 20 deals with 7 deals over $1 million. ITOM was in 13 of the top 20, 9 deals over $1 million. Customer workflows was in 14 of the top 20. Employee workflows, 13 of the top 20, and creative workflows was in a remarkable 20 of the top 20. World-class brands like Dun & Bradstreet, Banco Bradesco, Virgin Media Ireland and CDW are some of the many selecting or expanding on ServiceNow.

在第二季度，ITSM 在前 20 名交易中佔據了 12 項，其中 7 筆交易超過 100 萬美元。 ITOM 進入前 20 名中的 13 家，其中 9 筆交易超過 100 萬美元。客戶工作流程在前 20 名中佔 14 名。員工工作流程在前 20 名中佔 13 名，創意工作流程在前 20 名中佔 20 名。鄧白氏、Banco Bradesco、Virgin Media Ireland 和 CDW 等世界級品牌是許多選擇或擴展 ServiceNow 中的一些。

Adobe works with ServiceNow to transform the way it serves employees, driving 30% faster care resolutions for everyday requests. NTT Data works with ServiceNow to generate end-to-end visibility of their ESG performance, and they also provide ServiceNow's ESG solution to their own customers. Things Hawaiian works with ServiceNow to streamline its end-to-end procurement operations.

Adobe 與 ServiceNow 合作，轉變了其為員工服務的方式，將日常需求的護理解決方案速度提高了 30%。 NTT Data 與 ServiceNow 合作以生成其 ESG 績效的端到端可見性，並且他們還為自己的客戶提供 ServiceNow 的 ESG 解決方案。 Things Hawaiian 與 ServiceNow 合作簡化其端到端採購操作。

Frankly, ServiceNow has become the platform for digital business. And looking at SaaS businesses across the industry that have built $200 million or greater in ACV businesses, it's important to call out that ServiceNow has actually accomplished that milestone with 11 businesses in our current portfolio. And several of these businesses achieved that $200 million-plus figure faster than many prominent publicly traded software companies.

坦率地說，ServiceNow 已經成為數字業務的平台。縱觀整個行業中在 ACV 業務中創造了 2 億美元或更多美元的 SaaS 業務，重要的是要指出，ServiceNow 實際上已經通過我們當前投資組合中的 11 家業務實現了這一里程碑。其中有幾家企業比許多著名的上市軟件公司更快地實現了 2 億美元以上的數字。

So we see countless opportunities to build on this with expansion into additional adjacencies, and most of these adjacencies will be built on our platform like you're seeing with ERP workflows. Others might operate as integrated portfolio businesses that benefit from our strong installed base across the Global 2000. And one example here is Lightstep, which is delivering observability and incident response to some of the world's most innovative companies.

因此，我們看到了無數機會在此基礎上擴展至其他鄰接點，並且大多數這些鄰接點將在我們的平台上構建，就像您在 ERP 工作流程中看到的那樣。其他公司可能作為綜合投資組合業務運營，受益於我們在全球 2000 強中的強大安裝基礎。這裡的一個例子是 Lightstep，它正在為一些世界上最具創新性的公司提供可觀察性和事件響應。

Overall, ServiceNow is hitting its stride as a platform, as a business architecture and as a commercialization engine. And next up is our Tokyo platform release coming in September. I'm heading to Tokyo personally, and this will be a major milestone in our growing commitment to the Japan market and our pursuit of our annual objectives.

總體而言，ServiceNow 作為一個平台、一個業務架構和一個商業化引擎正在大踏步前進。接下來是我們將於 9 月發布的東京平台。我將親自前往東京，這將是我們對日本市場日益增長的承諾和我們追求年度目標的一個重要里程碑。

The final point I'd like to stretch -- stress is this fast-expanding ServiceNow ecosystem. This is happening with some of our most strategic partners. Through our partnership with Microsoft, our technology workflows help customers streamline the migration of existing workloads to Azure. This is opening additional addressable market to ServiceNow by creating an expanded co-sell motion with Microsoft enterprise sales and public sector teams. This is about incremental net new revenue growth.

我想強調的最後一點——壓力是這個快速擴展的 ServiceNow 生態系統。我們的一些最具戰略意義的合作夥伴正在發生這種情況。通過與 Microsoft 的合作，我們的技術工作流可幫助客戶簡化將現有工作負載遷移到 Azure 的過程。通過與 Microsoft 企業銷售和公共部門團隊創建擴大的聯合銷售行動，這為 ServiceNow 開闢了更多的潛在市場。這是關於增量的淨新收入增長。

We are not opportunity constrained. The need for digital transformation continues to grow, and enterprise software remains a defining deflationary force in this marketplace. The ecosystem effect also applies to the talent marketplace. There's a massive opportunity to talented professionals who aspire to build their future on ServiceNow. And as an employer, while others in the tech industry are slowing or even stopping hiring, ServiceNow is hiring. We are hiring. We are doubling down on our talent brand. And that's a reflection of our deep belief and the amazing potential of this company. Our customers and partners are also expanding their ServiceNow workforces at a record clip, which is another indication of the expansive cross-enterprise adoption we are seeing for the ServiceNow platform.

我們不受機會限制。數字化轉型的需求持續增長，企業軟件仍然是這個市場上一個決定性的通貨緊縮力量。生態系統效應也適用於人才市場。對於渴望在 ServiceNow 上建立未來的才華橫溢的專業人士來說，這是一個巨大的機會。作為雇主，當科技行業的其他公司正在放緩甚至停止招聘時，ServiceNow 正在招聘。我們正在招聘。我們正在加倍努力打造人才品牌。這反映了我們的堅定信念和這家公司的驚人潛力。我們的客戶和合作夥伴也在以創紀錄的速度擴大他們的 ServiceNow 員工隊伍，這是我們看到的 ServiceNow 平台廣泛跨企業採用的另一個跡象。

Finally, ServiceNow's Impact solution is a critical piece of our ecosystem strategy. We are setting a new standard with respect to fast deployment and value realization. The faster we implement, the more we expand the use of the platform. It all adds up to a virtual cycle for stakeholders and for ServiceNow.

最後，ServiceNow 的 Impact 解決方案是我們生態系統戰略的關鍵部分。我們正在為快速部署和價值實現設定新標準。我們實施得越快，我們就越能擴大平台的使用範圍。對於利益相關者和 ServiceNow，這一切都構成了一個虛擬循環。

In closing, we are confronting reality but not conforming to it. Our Q2 beat on the top line and the bottom line reinforces who we are. The digital transformation imperative will not shift to the sidelines.

最後，我們面對現實，但不順從它。我們的 Q2 擊敗了頂線，底線強化了我們的身份。數字化轉型的當務之急不會轉移到場邊。

I would like to thank our customers, our partners and our shareholders for their continued trust and confidence in ServiceNow. We're proud to help you make the world work better for everyone. We will continue full speed on our growth journey to be the defining enterprise software company of the 21st century. We are resolute because now as ever, the world works with ServiceNow.

我要感謝我們的客戶、合作夥伴和股東對 ServiceNow 的持續信任和信心。我們很自豪能幫助您讓世界對每個人都更美好。我們將繼續全速發展，成為 21 世紀最具影響力的企業軟件公司。我們很堅定，因為現在世界與 ServiceNow 一起工作。

With that, I'll hand things over to Gina. Gina, over to you.

有了這個，我會把事情交給吉娜。吉娜，交給你了。

Thank you, Bill. In Q2, we beat the high end of both our constant currency subscription revenue growth and operating margin guidance while maintaining our best-in-class renewal rate at 99%. Our business remains strong. Our opportunity is greater than ever. However, as Bill highlighted, our customers are feeling the effects of the macro environment.

謝謝你，比爾。在第二季度，我們超越了固定貨幣訂閱收入增長和營業利潤率指導的高端，同時將我們同類最佳的續訂率保持在 99%。我們的業務依然強勁。我們的機會比以往任何時候都大。然而，正如比爾強調的那樣，我們的客戶正在感受到宏觀環境的影響。

So what are we doing? What ServiceNow always does. We're putting our customers front and center to deliver a great experience so they can retain their customers, to drive productivity so they can bend the curve on the bottom line, to reinvent their business model so they can innovate to win and come out of this moment stronger than ever.

那麼我們在做什麼呢？ ServiceNow 一直在做的事情。我們將客戶放在首位和中心，以提供出色的體驗，以便他們留住客戶，提高生產力，以便他們可以彎曲底線，重塑他們的商業模式，以便他們能夠通過創新贏得勝利並擺脫困境這一刻比以往任何時候都強烈。

We're continuing to invest in our powerful go-to-market and incredible R&D organization to drive future growth while keeping both hands on the wheel and being disciplined with spend. We're leaning into our people path, our commitment to our amazing employees, so they can do their best work and we can fulfill our purpose together. This is what the ServiceNow culture is all about.

我們將繼續投資於我們強大的上市和令人難以置信的研發組織，以推動未來的增長，同時保持雙手在方向盤上並嚴格控制支出。我們傾向於我們的人才之路，我們對優秀員工的承諾，這樣他們就可以做到最好，我們可以一起實現我們的目標。這就是 ServiceNow 文化的意義所在。

Turning to our Q2 results. Subscription revenues were $1.658 billion, growing 29.5% year-over-year in constant currency. This reflects an over 300 basis point acceleration in growth year-over-year. RPO ended the quarter at approximately $11.5 billion, representing 27% year-over-year constant currency growth. Current RPO is approximately $5.75 billion, representing 27% year-over-year constant currency growth.

轉向我們的第二季度業績。訂閱收入為 16.58 億美元，按固定匯率計算，同比增長 29.5%。這反映出同比增長超過 300 個基點。本季度末 RPO 約為 115 億美元，同比增長 27%。目前的 RPO 約為 57.5 億美元，同比增長 27%。

At the end of June, we started to see customers elevate larger spend decisions to the C-suite, resulting in elongated deal cycles. We've already closed several of those deals in July; and as Bill noted, this access to the C-suite has resulted in even greater exposure to the capabilities of the Now Platform.

6 月底，我們開始看到客戶將更大的支出決策提交給最高管理層，從而導致交易週期延長。我們已經在 7 月份完成了其中的幾筆交易；正如 Bill 所指出的，這種對 C-Suite 的訪問導致對 Now Platform 功能的更多了解。

Our renewal and net expansion rates remained very strong. Our renewal rate was 99% in Q2 for all regions, demonstrating the resilience of our business. The Now Platform remains a mission-critical part of our customers' operations.

我們的續訂率和淨擴張率仍然非常強勁。第二季度，我們所有地區的續訂率為 99%，顯示了我們業務的彈性。 Now 平台仍然是我們客戶運營的關鍵任務部分。

We finished the quarter with 1,463 customers paying us over $1 million in ACV, up 22% year-over-year. And our largest customers continue to expand with us. We have now more than 100 customers paying us over $10 million in ACV, up more than 50% year-over-year.

我們在本季度結束時有 1,463 名客戶向我們支付了超過 100 萬美元的 ACV，同比增長 22%。我們最大的客戶繼續與我們一起擴大。我們現在有 100 多個客戶向我們支付了超過 1000 萬美元的 ACV，同比增長超過 50%。

From an industry perspective, technology, media and telecom led all other verticals, growing net new ACV 100% year-over-year, and our better together go-to-market positioning continued to resonate as we closed 54 deals greater than $1 million in net new ACV with 16 of our top 20 deals containing 5 or more products.

從行業角度來看，技術、媒體和電信引領所有其他垂直行業，淨新增 ACV 同比增長 100%，隨著我們在 2019 年完成 54 筆超過 100 萬美元的交易，我們更好的市場定位繼續引起共鳴在我們的前 20 項交易中，有 16 項包含 5 種或更多產品的淨新 ACV。

Turning to profitability. Operating margin was 23%, 1 point above our guidance driven by operating efficiencies, partially offset by FX headwinds. Our free cash flow margin was 16%. We ended the quarter with a healthy balance sheet, including $5.4 billion in cash and investments. Together, these results continue to demonstrate our ability to drive a strong balance of growth and profitability.

轉向盈利能力。營業利潤率為 23%，比我們在運營效率驅動下的指引高出 1 個百分點，部分被外匯逆風所抵消。我們的自由現金流利潤率為 16%。我們以健康的資產負債表結束了本季度，其中包括 54 億美元的現金和投資。總之，這些結果繼續證明我們有能力推動增長和盈利能力之間的強勁平衡。

Before I move to guidance, let me give you some context as to how we're thinking about the months ahead. While our business remains resilient, we do expect the elongated deal cycles that we experienced in the last couple of weeks of June to persist for the remainder of the year. We have factored that into our updated guidance. Additionally, which I know is no surprise to any of you, we've continued to see an incremental strengthening of the U.S. dollar, resulting in further FX headwinds for the second half of the year. We expect the total FX impact to be a $220 million headwind for 2022 subscription revenues and a $180 million headwind for Q3 cRPO.

在我轉向指導之前，讓我給你一些關於我們如何考慮未來幾個月的背景信息。儘管我們的業務保持彈性，但我們確實預計 6 月最後幾周經歷的交易週期延長將持續到今年剩餘時間。我們已將這一點納入我們更新的指南中。此外，我知道你們中的任何人都不足為奇，我們繼續看到美元逐步走強，導致下半年的外匯逆風進一步加劇。我們預計，2022 年訂閱收入的總外匯影響將是 2.2 億美元，而第三季度 cRPO 的總外匯影響將是 1.8 億美元。

We have a well-diversified customer base with over 80% of our business in large global enterprises. As a result, we expect to sustain our best-in-class renewal rates. Over 85% of our new business comes from existing customers, which drives our robust net expansion and predictable growth.

我們擁有多元化的客戶群，超過 80% 的業務來自大型全球企業。因此，我們希望保持一流的續訂率。我們超過 85% 的新業務來自現有客戶，這推動了我們強勁的淨擴張和可預測的增長。

We also continue to see a very strong pipeline at our recent Knowledge event, which some of you attended in Q2, we drove a 40% increase in pipeline year-over-year. We're confident that we're appropriately factoring in the macro trends as we see them today and will continue to be transparent as the remainder of the year unfolds.

在我們最近的知識活動中，我們還繼續看到非常強大的管道，你們中的一些人在第二季度參加了該活動，我們推動管道同比增長 40%。我們有信心，正如我們今天所看到的那樣，我們正在適當地考慮宏觀趨勢，並且隨著今年剩餘時間的展開，我們將繼續保持透明。

With that in mind, let's turn to our 2022 outlook. Primarily to reflect the incremental $87 million headwind we're seeing from FX since the end of March, we now expect subscription revenues between $6.915 billion and $6.925 billion representing 24% year-over-year growth. That's 28% growth on a constant currency basis, in line with the original outlook that we provided in January.

考慮到這一點，讓我們轉向我們的 2022 年展望。主要是為了反映自 3 月底以來我們從 FX 看到的增量 8700 萬美元逆風，我們現在預計訂閱收入在 69.15 億美元至 69.25 億美元之間，同比增長 24%。按固定匯率計算，增長率為 28%，與我們在 1 月份提供的原始展望一致。

We continue to expect subscription gross margin of 86%, up 100 basis points year-over-year. We continue to expect an operating margin of 25% as we currently plan to offset an approximate 1 point impact from FX with operational efficiencies and disciplined spend management. We will continue to monitor FX rates over the next couple of quarters.

我們繼續預計訂閱毛利率為 86%，同比增長 100 個基點。我們繼續預計營業利潤率為 25%，因為我們目前計劃通過運營效率和嚴格的支出管理來抵消外匯帶來的大約 1 個百分點的影響。我們將在接下來的幾個季度繼續監控外匯匯率。

We now expect free cash flow margin of 30%, reflecting slightly lower collection as we expect to provide greater payment flexibility to support our customers when they need us most in this current environment. Finally, we expect diluted weighted average outstanding shares of 203 million.

我們現在預計自由現金流利潤率為 30%，這反映了收款率略低，因為我們希望在當前環境下最需要我們的客戶提供更大的支付靈活性以支持他們。最後，我們預計稀釋後的加權平均流通股為 2.03 億股。

For Q3, we expect subscription revenues between $1.75 billion and $1.755 billion representing 23% year-over-year growth, inclusive of a 450 basis point FX headwind. On a constant currency basis, we expect subscription revenue growth to be approximately 27.5%. We expect cRPO growth of 20% year-over-year or 23.5% on a constant currency basis. As I've discussed in prior quarters, this reflects about 2 points of headwind due to our larger-than-average customer cohort that renews in Q4. Excluding this headwind, our constant currency cRPO growth would be 25.5%.

對於第三季度，我們預計訂閱收入在 17.5 億美元至 17.55 億美元之間，同比增長 23%，包括 450 個基點的外匯逆風。在固定貨幣基礎上，我們預計訂閱收入增長約為 27.5%。我們預計 cRPO 將同比增長 20%，或按固定匯率計算增長 23.5%。正如我在前幾個季度所討論的那樣，這反映了大約 2 個逆風點，因為我們在第四季度更新了超過平均水平的客戶群。排除這種不利因素，我們的固定貨幣 cRPO 增長將達到 25.5%。

We expect an operating margin of 25%, and we expect 203 million GAAP diluted weighted average outstanding shares for the quarter. Finally, we remain very confident in achieving our 2024 and 2026 subscription revenue targets of $11 billion plus and $16 billion plus that we provided at our Analyst Day in May. Our long-term trajectory has not changed.

我們預計營業利潤率為 25%，我們預計本季度將有 2.03 億股 GAAP 稀釋加權平均流通股。最後，我們仍然非常有信心實現我們在 5 月分析師日提供的 2024 年和 2026 年訂閱收入目標，即 110 億美元和 160 億美元以上。我們的長期軌跡沒有改變。

In conclusion, ServiceNow has established itself as an enduring platform. Our execution is proven, and we continue to lean into our great opportunity with operational rigor. We're accelerating our development cycles with our September Tokyo release to launch the powerful new products that our customers need now. We're doubling down and expanding our go-to-market programs for customers, including our top 250 key accounts to help them recognize value with greater business agility.

總之，ServiceNow 已將自己確立為一個經久不衰的平台。我們的執行力得到了證明，我們將繼續以嚴謹的運營方式抓住我們的大好機會。我們正在通過 9 月份的東京發布來加速我們的開發週期，以推出我們的客戶現在需要的強大的新產品。我們正在加倍努力並擴大面向客戶的市場推廣計劃，包括我們的前 250 名關鍵客戶，以幫助他們以更高的業務敏捷性識別價值。

We're being prudent with OpEx but remain bullish on hiring go-to-market resources and the critical innovation roles necessary for future growth. And as always, we will remain disciplined as we evaluate our investments to ensure we generate the greatest ROI possible. These actions will enable ServiceNow to continue delivering strong growth and profitability on our way towards our future targets. We remain ever confident in our journey towards becoming the defining enterprise software company of the 21st century.

我們對運營支出持謹慎態度，但仍看好招聘上市資源和未來增長所需的關鍵創新角色。與往常一樣，我們將在評估投資時保持紀律，以確保我們產生最大的投資回報率。這些行動將使 ServiceNow 在我們實現未來目標的過程中繼續實現強勁的增長和盈利能力。我們對成為 21 世紀具有決定性意義的企業軟件公司的旅程充滿信心。

Before moving on to Q&A, I just want to thank all of our employees around the world for their incredible dedication and commitment. It's your relentless focus on our customers' needs that makes us ServiceNow strong.

在繼續進行問答之前，我只想感謝我們在世界各地的所有員工，感謝他們令人難以置信的奉獻精神和承諾。正是您對客戶需求的不懈關注使我們的 ServiceNow 變得強大。

With that, I'll open it up for Q&A.

有了這個，我將打開它進行問答。

(Operator Instructions) Our first question comes from Kash Rangan with Goldman Sachs.

（操作員說明）我們的第一個問題來自高盛的 Kash Rangan。

I had a question for Bill. You talked -- Bill, you talked about how deal sizes are becoming larger, although there are some delays in sales cycles in certain segments of the market. Can you talk about the flip side coming out of these elongated deal cycles? What are the positive consequences for ServiceNow as these deals become potentially larger?

我有一個問題要問比爾。你談到了——比爾，你談到了交易規模如何變得越來越大，儘管在某些市場領域的銷售週期存在一些延遲。你能談談這些延長的交易週期的另一面嗎？隨著這些交易的規模擴大，ServiceNow 會產生哪些積極影響？

And one for you, Gina. Gina, you said that while the Q3 cRPO growth expectations have been reined in, it does look like the burden of cRPO performance shifts to Q4. Can you talk a little bit about how you sort of implied that you're keeping the year cRPO largely unchanged, which means that Q4 is when we see the reacceleration? Can you talk about the dynamics there from the quarter-to-quarter perspective?

給你一個，吉娜。吉娜，你說雖然第三季度 cRPO 增長預期已經得到控制，但看起來 cRPO 業績的負擔確實轉移到了第四季度。你能談談你是如何暗示你保持年度 cRPO 基本不變的，這意味著第四季度是我們看到重新加速的時候嗎？你能從季度到季度的角度談談那裡的動態嗎？

Sure, Kash. I'll take the cRPO question first. And if you remember, we've been talking about this for several quarters now that with the renewal cohort that Q3 was going to be the bottom, right? So if you think about a renewal of 1 million at the end of Q4, at the end of Q1, it becomes 750,000; end of Q2, 500,000; end of Q3, only 250,000, it'll pop back up in Q4. And so Q3 is absolutely the bottom of that renewal cohort, and we'll see that reacceleration as we move into Q4.

當然，卡什。我將首先回答 cRPO 問題。如果你還記得的話，我們已經討論了幾個季度了，因為隨著更新隊列的第三季度將是底部，對吧？所以如果考慮到Q4末續約100萬，Q1末就變成750000；第二季度末，500,000；第三季度末，只有 250,000，它將在第四季度重新出現。因此，第三季度絕對是更新隊列的底部，隨著我們進入第四季度，我們將看到這種重新加速。

And Kash, on the deal sizes, what you're seeing in certain cases is lengthening deal cycles because I call this the great reprioritization where C-level executives are now looking at their business and they're saying, "What are the platforms that we will team up with for the next decade?" And they are prioritizing that list along the lines of which platforms make me more productive or I can do a lot more with less because the work isn't going away, even though you might have less people doing it.

卡什，關於交易規模，你在某些情況下看到的是延長交易週期，因為我稱之為重大的重新優先排序，C 級高管現在正在關注他們的業務，他們說，“什麼是平台？下一個十年我們會合作嗎？”他們正在根據哪些平台讓我更有效率或者我可以用更少的錢做更多的事情來優先考慮這個列表，因為工作不會消失，即使你可能有更少的人在做這件事。

The second aspect is, "How do I grow and what channels will I need to innovate in to grow my business?" And then finally, "How do I differentiate against competition?" Every industry has that marquee company that seems to be out front; and lots of times, companies are either playing catch-up or they simply want to have a different level of secret sauce, so they can do something their competitor isn't doing.

第二個方面是，“我如何成長，我需要在哪些渠道進行創新來發展我的業務？”最後，“我如何在競爭中脫穎而出？”每個行業都有那家似乎走在前面的大公司。很多時候，公司要么在追趕，要么只是想擁有不同級別的秘訣，這樣他們就可以做競爭對手沒有做的事情。

On all those dimensions, we're now seeing the ServiceNow platform chosen by especially the Global 2000 and that differentiation platform to really get business going either to save money or make money or compete better. And that is big because now we're not talking about a nice to have on the employee experience or better customer service management or even low code. We're talking about making that amazing platform the business platform for digital transformation for the world's largest companies.

在所有這些方面，我們現在看到了特別是全球 2000 強企業選擇的 ServiceNow 平台，以及該差異化平台，以真正讓業務要么省錢，要么賺錢，要么更好地競爭。這很重要，因為現在我們不是在談論對員工體驗或更好的客戶服務管理甚至低代碼的好處。我們正在談論使這個驚人的平台成為世界上最大的公司進行數字化轉型的業務平台。

And I think Gina pointed out the $10 million and above growing at 50% year-over-year. So even as you might need to wait a little bit longer in certain cases, when you do, it just gets bigger. And Kash, I think this is now the moment where ServiceNow really gets a big, big tailwind from a macro that forces customers to really think deeply about where they're spending their money. And they're not interested in long drawn-out projects that might take multiyear to get there. They have to perform for the capital markets now. So we are bringing a calling card with the fastest ROI in the enterprise, hard stop.

我認為 Gina 指出了 1000 萬美元及以上的年增長率為 50%。因此，即使在某些情況下您可能需要等待更長時間，但當您這樣做時，它只會變得更大。 Kash，我認為現在是 ServiceNow 真正從宏觀中獲得巨大順風的時刻，它迫使客戶真正深入思考他們在哪里花錢。而且他們對可能需要多年才能實現的長期項目不感興趣。他們現在必須為資本市場表演。因此，我們帶來了企業中投資回報率最快的名片，硬停。

We'll take our next question from Brad Zelnick with Deutsche Bank.

我們將向德意志銀行的 Brad Zelnick 提出下一個問題。

Gina, with the large Q4 renewal cohort coming up, is there any argument to try and get some of these deals done early, perhaps before the backdrop deteriorates further? And I imagine, where inflation stands right now, customers might be only too glad to lock in pricing. Is that part of the strategy?

吉娜，隨著第四季度大規模續約隊列的到來，是否有任何理由試圖儘早完成其中一些交易，也許在背景進一步惡化之前完成？而且我想，在目前通貨膨脹的情況下，客戶可能會很高興鎖定價格。這是戰略的一部分嗎？

And just maybe a follow-up as well for Bill. Bill, everyone knows the environment has changed, and I think we appreciate why ServiceNow is only more important. But how do you distinguish environment first execution at times like these? And how do you feel your field organization is performing during these uncertain times?

可能只是比爾的後續行動。比爾，每個人都知道環境已經改變，我認為我們理解為什麼 ServiceNow 變得更加重要。但是在這種情況下，您如何區分環境首次執行？在這些不確定的時期，您覺得您的現場組織的表現如何？

Yes, Brad, I'll take that, the renewal cohort. So what I'll point to is our continued best-in-class renewal rates. Q3 at 99% across the board in every geography during this macro environment gives me much confidence that the renewal cohort is solid, right? And so sometimes, we renew early. Sometimes we don't. We are having conversations always with our customers to lean in to what they're trying to do and how we can help them back. I really tried to bring that together in the script by talking about how ServiceNow is focused always on the customer first, and we will absolutely continue to do that, and we'll meet our customers where they are always.

是的，布拉德，我會接受的，更新隊列。所以我要指出的是我們持續一流的續訂率。在這種宏觀環境下，每個地區的第三季度全面達到 99%，這讓我非常有信心續約群體是穩固的，對吧？所以有時，我們會提前更新。有時我們不會。我們一直在與客戶進行對話，以了解他們正在嘗試做的事情以及我們如何幫助他們。我真的試圖通過談論 ServiceNow 如何始終以客戶為先，將其整合到腳本中，我們絕對會繼續這樣做，我們將在客戶一直在的地方與他們會面。

Brad, it's a great question, and I'll give you a little feel for how confident I am in the field organization. Now first of all, Kevin Haverty, who ran the field organization for over a decade, as you know, is still on the executive management team and putting special focus on public sector.

布拉德，這是一個很好的問題，我會讓你稍微感受一下我對現場組織的信心。現在首先，如您所知，管理該領域組織十多年的凱文·哈弗蒂（Kevin Haverty）仍然在執行管理團隊中，並特別關注公共部門。

Paul Smith, who is an industry veteran running global sales and he has a very experienced team and a tenured team in Europe, in Asia Pacific and Japan, and of course, in the Americas with our most tenured sales executive who hits every quarter. So we have a really, really excellent team on the field.

Paul Smith 是一位負責全球銷售的行業資深人士，他在歐洲、亞太地區和日本，當然還有美洲，擁有一支經驗豐富的團隊和一個終身團隊，我們最資深的銷售主管每個季度都在工作。所以我們在球場上有一支非常非常優秀的球隊。

We also have a very diligent attention to detail as we run the business on the ServiceNow platform. That's why we can run so efficiently. And I actually have something we call the CEO digital dashboard, and I have a complete purview on the pipelines across the world. And if you look at them year-over-year, our coverage is better now than it was last year geographically and by industry and by persona. I'm very comfortable with where we're at. And of course, I'm very comfortable with our ability to execute.

當我們在 ServiceNow 平台上開展業務時，我們也非常注重細節。這就是為什麼我們可以如此高效地運行。事實上，我有一個我們稱之為 CEO 數字儀表板的東西，我對世界各地的管道有完整的權限。如果您逐年查看它們，我們現在的覆蓋範圍比去年在地理、行業和角色方面都要好。我對我們所處的位置非常滿意。當然，我對我們的執行能力非常滿意。

Furthermore, I just want to give you some transparency on the coverage model. We're doubling down on hiring, as I mentioned. We will have a full capacity to achieve our '23 objectives at the Q4 mark. So please know that we're covered, and that actually intensifies along the lines of each month and this year to actually expand furthermore in our indirect or our digital sales effort. We're doing some very unique things there to not only cover existing but also to get net new logos.

此外，我只想讓您了解覆蓋模型的一些透明度。正如我所提到的，我們正在加倍招聘。我們將有充分的能力在第四季度實現我們的 '23 目標。所以請知道我們已經被覆蓋，並且實際上每個月和今年都會加強，以進一步擴大我們的間接或數字銷售工作。我們在那裡做了一些非常獨特的事情，不僅涵蓋現有的，而且還獲得全新的徽標。

And I did, in the midst of the script, did mention the Microsoft Azure arrangement where we can actually take advantage of customers that are moving to the cloud and taking advantage of a hyperscaler that's doing very well in the enterprise that's also teaming their sales force up with our sales force to cover net new revenue growth opportunity. This can happen at the IL5 level. It could happen at the sovereign government level, and it can also just happen in net new logos, where our strong market leading ITSM solution can get many new customers to ServiceNow. It's good for Microsoft. It's good for ServiceNow. And I think it's also a tailwind that isn't really factored into our numbers.

我確實在腳本中提到了 Microsoft Azure 安排，我們實際上可以利用正在遷移到雲的客戶並利用在企業中表現出色的超大規模服務器，該企業還與他們的銷售人員合作與我們的銷售團隊合作，以應對新的淨收入增長機會。這可能發生在 IL5 級別。它可能發生在主權政府層面，也可能發生在全新的徽標中，我們強大的市場領先 ITSM 解決方案可以為 ServiceNow 吸引許多新客戶。這對微軟有好處。這對 ServiceNow 有好處。而且我認為這也是我們的數據中沒有真正考慮到的順風。

We'll take our next question from Raimo Lenschow with Barclays.

我們將向巴克萊銀行的 Raimo Lenschow 提出下一個問題。

Can you -- Bill, I guess, the platform message and that's what we hear in the market as well, can you speak a little bit to the components? And I'm specifically wondering, if I look at your slides, the customer and employee workflow this quarter in terms of contribution was slightly lower than in other quarters. Is that a thing that is not quite as strategic or built out as the others and that's why there's something going on there? Or maybe speak to that if something else, what's happened there.

你能不能——比爾，我猜，平台信息，這也是我們在市場上聽到的，你能談談組件嗎？我特別想知道，如果我查看您的幻燈片，本季度的客戶和員工工作流程在貢獻方面略低於其他季度。那是不是不像其他東西那樣具有戰略意義或建立起來，這就是為什麼那裡發生了一些事情？或者，如果有其他事情，也許可以談談那裡發生的事情。

Yes. Thank you very much, Raimo. I appreciate it. Yes, don't read anything into the perhaps somewhat lumpy details on one workflow versus another in any given quarter. Employee experience is actually gaining momentum, and we have a fantastic general manager of that business, who's been with us for many years, along with our well-known great leader of engineering, CJ. This is Blake McConnell, I'm talking about. And he's got a great team. We just leveled all of our product reviews about 10 days ago, and the prospects in employee and customer is fantastic.

是的。非常感謝你，雷莫。我很感激。是的，不要在任何給定的季度閱讀任何關於一個工作流程與另一個工作流程的可能有些混亂的細節。員工體驗實際上正在獲得動力，我們有一位出色的業務總經理，他與我們一起工作了很多年，還有我們著名的工程領袖 CJ。我說的是布萊克·麥康奈爾。而且他有一個很棒的團隊。大約 10 天前，我們剛剛調整了所有產品評論，員工和客戶的前景非常好。

We have John Ball, Jon Sigler, 2 industry veterans at the platform and the customer service level. All those businesses are going to do absolutely fantastic. So don't look for 1 quarter or another to make any inferences.

我們有 John Ball、Jon Sigler、2 位平台和客戶服務級別的行業資深人士。所有這些企業都會做得非常棒。因此，不要尋找 1 個季度或另一個來做出任何推論。

I think the employee experience in a world where headcount is going to be incredibly important as companies decide on their hiring case, they're going to need to create great experiences. They're going to need to aggregate all the services in one portal to give those employees the most productive futuristic user experience possible to give them all their training and needs and make sure that they're serviced properly.

我認為，在一個員工人數將非常重要的世界中，隨著公司決定招聘案例，員工體驗將需要創造出色的體驗。他們需要將所有服務聚合到一個門戶中，為這些員工提供最高效的未來用戶體驗，為他們提供所有培訓和需求，並確保他們得到適當的服務。

On the customer service side, I just think what we're doing there on the mid- and the back office to make the engagement layer come to life is extraordinary. So I am really pumped up about us as a platform company. And I think the bigger thing you should read into it is companies now, as they go through the great REIT prioritization on looking at things they used to do in the 20th century, which is to double click and that's a lot, and how quickly do I realize the benefits from that and is there a way using the ServiceNow enterprise workflow automation platform that I can leverage my processes, give people a great UI but also get business outcomes faster. And when I say faster, I mean, some of the conversations are in-quarter or within half a year. And therefore, I think a lot of pressure would be on companies that tend to take a long time to get the value.

在客戶服務方面，我只是認為我們在中後台所做的讓參與層變得栩栩如生的工作是非同尋常的。所以我對我們作為一家平台公司感到非常興奮。而且我認為你應該讀到的更大的事情是現在的公司，因為他們經歷了偉大的房地產投資信託基金優先考慮他們過去在 20 世紀所做的事情，即雙擊，這是很多，以及多快做我意識到這樣做的好處，是否有一種方法可以使用 ServiceNow 企業工作流自動化平台，我可以利用我的流程，為人們提供出色的用戶界面，同時更快地獲得業務成果。當我說更快時，我的意思是，一些對話是在季度內或半年內進行的。因此，我認為那些往往需要很長時間才能獲得價值的公司將面臨很大的壓力。

The other thing, which is new that came up very recently but is happening is companies that are in point solution where the customer says, "I like RPA or I like process this or AI that." You're basically saying, look, are they going to be on my team 10 years from now at the platform. And a lot of them are starting to consolidate those point solutions into the Now Platform, and you guys got that covered. And they're getting good economies of scale from ServiceNow when they do that. So again, all of that is new developments where I actually think a macro could lead to a tailwind that's not in the numbers.

另一件事是最近出現的新事物，但正在發生的是那些在客戶說“我喜歡 RPA 或者我喜歡處理這個或 AI 那個”的點解決方案中的公司。你基本上是在說，看，他們是否會在 10 年後在我的團隊中加入這個平台。他們中的許多人開始將這些單點解決方案整合到 Now 平台中，你們已經掌握了這一點。當他們這樣做時，他們從 ServiceNow 獲得了良好的規模經濟。再說一次，所有這些都是新的發展，我實際上認為宏觀可能會帶來數字上沒有的順風。

We'll take our next question from Tyler Radke with Citi.

我們將向花旗的 Tyler Radke 提出下一個問題。

Maybe we just go back to the specifics in terms of the deal slippage in the quarter. Was it a handful of large customers? Are these deals just now taking place in Q4? And then, Gina, just help us understand your assumptions you've made around close rates in the overall environment. Are you assuming that kind of the operating environment in Q2 holds for Q3 and Q4?

也許我們只是回到本季度交易滑點方面的細節。是少數大客戶嗎？這些交易是否剛剛在第四季度進行？然後，吉娜，請幫助我們了解您在整體環境中圍繞收盤價所做的假設。您是否假設 Q2 的那種運營環境適用於 Q3 和 Q4？

Sure, Tyler. Sorry about that. So yes, if you think about the elongated deal cycles, I want to be really clear and transparent, as I always try to be with you, on how we're thinking about the back half. And so we're assuming that we'll have similar trends through Q3 and Q4 on close rates and elongated deal cycles.

當然，泰勒。對於那個很抱歉。所以是的，如果你考慮延長的交易週期，我想非常清楚和透明，因為我一直試圖和你在一起，關於我們如何考慮後半部分。因此，我們假設在第三季度和第四季度的收盤率和延長交易週期方面我們將有類似的趨勢。

What we also are trying to emphasize is that the deals aren't going away, right? They're elongated, but many of the deals that were elongated in Q2 have already closed in July. And so those digital transformation tailwinds that we talked about, the platform relevancy that we continue to talk about is very relevant and as relevant as ever, which is why we felt very confident in reasserting our mid- and long-term guide of $11 billion by 2024 and $16 billion by 2026.

我們還試圖強調的是，交易不會消失，對吧？它們被延長了，但許多在第二季度延長的交易已經在 7 月完成。因此，我們談到的那些數字化轉型順風，我們繼續談論的平台相關性非常相關，並且一如既往地相關，這就是為什麼我們對重申我們的 110 億美元中長期指南充滿信心2024 年和 2026 年 160 億美元。

And so close rate, we are taking into account the macro environment that we see in place today. Our customers -- we're leaning in more than ever with our customers, and we feel good about our revised guidance that we're taking into account everything that we're seeing in the marketplace today.

如此接近的利率，我們正在考慮我們今天看到的宏觀環境。我們的客戶——我們比以往任何時候都更傾向於我們的客戶，我們對修訂後的指導感到滿意，我們正在考慮我們今天在市場上看到的一切。

Yes. And I think if you really look at it, Tyler, I mean, FX aside, we always said no one is outrunning the strength of the dollar in this environment, and that was pression, of course, because you've seen that play out in the market. And we also acknowledge that, especially in theaters of operation that are more affected by the macro, you'll see a lengthening of the cycle because, especially in markets that have grown accustomed to doing things a certain way, now they're in the great reprioritization. There is a time equation there, but there's also an expansion of the power of our platform that's not factored into the numbers. And we'll have to see how that plays out in the back half.

是的。我認為如果你真的看一下，泰勒，我的意思是，除了外匯，我們總是說在這種環境下沒有人能超越美元的強勢，這當然是壓力，因為你已經看到了這種情況在市場上。而且我們也承認，尤其是在受宏觀影響較大的地區，您會看到週期延長，因為，尤其是在已經習慣以某種方式做事的市場中，現在它們處於重排優先級。那裡有一個時間等式，但我們平台的力量也有擴展，這沒有計入數字中。我們將不得不看看它在後半區的表現如何。

But what I can tell you is we have a plan. We have a very carefully thought through plan to actually not only get the deals that may not have come in at the time we wanted them, but they come in. But we also have a plan to expedite the ROI conversation at the point of discussion versus the point of proposal to get to the close earlier so companies can factor a larger scale relationship with ServiceNow in.

但我可以告訴你的是我們有一個計劃。我們有一個經過深思熟慮的計劃，實際上不僅獲得了在我們想要的時候可能沒有達成的交易，而且他們進來了。但我們也有一個計劃，在討論時加快投資回報率對話，而不是提早結束的建議點，以便公司可以考慮與 ServiceNow 的更大規模的關係。

Many of them can't even believe how quickly we can get them to value because they may not be as aware, for example, of ServiceNow in Frankfurt as they might be in New York City. So we're making sure that we're bringing all dimensions of fast ROI, critical thinking and industry, solution-based by persona and dynamite execution in each geo, not only with ServiceNow but also with our partners to deliver that business impact.

他們中的許多人甚至無法相信我們能多快讓它們增值，因為他們可能不像在紐約市那樣了解法蘭克福的 ServiceNow。因此，我們確保我們將快速投資回報率、批判性思維和行業、基於解決方案的各個方面的角色和炸藥執行在每個地區，不僅與 ServiceNow 一起，而且與我們的合作夥伴一起提供業務影響。

And what's changed in the environment? You didn't have to have so much on business impact when digital transformation was all the rage, you could land and just expand. Now I think you have to have that conversation, especially in the larger transaction, and we're very, very well equipped to do that.

環境發生了什麼變化？當數字化轉型風靡一時，您不必對業務產生如此大的影響，您可以登陸並進行擴展。現在我認為你必須進行這種對話，特別是在更大的交易中，我們非常非常有能力做到這一點。

We'll take our next question from Phil Winslow with Crédit Suisse.

我們將回答瑞士信貸的菲爾溫斯洛的下一個問題。

One for you, Bill, and one for Gina. Bill, obviously, you've operated in the software industry for multiple years and seen multiple different sort of through global crises. I wonder if you could compare and contrast what you're hearing from the executives that you speak to year-to-date versus, let's say, the beginning of COVID, European debt crisis, global financial crisis. Wondering if you can compare and contrast what you heard from executives during those periods versus now and maybe even sort of the KPIs that you're seeing in this business versus past businesses.

一份給你，比爾，一份給吉娜。比爾，很明顯，您在軟件行業工作多年，經歷過多種不同類型的全球危機。我想知道您是否可以比較和對比您從年初至今與您交談的高管所聽到的內容與比方說 COVID 的開始、歐洲債務危機、全球金融危機。想知道您是否可以比較和對比您在那些時期從高管那裡聽到的內容與現在，甚至可能是您在此業務中與過去業務中看到的 KPI。

And then, Gina, just a follow-up on the sales productivity side. Obviously, sales productivity, to your point, remains high. You also grew sales and marketing headcount 26%. Last quarter, you expected to grow headcount in the high 20s. Does that still hold?

然後，吉娜，只是對銷售生產力方面的跟進。顯然，就您而言，銷售效率仍然很高。您還增加了 26% 的銷售和營銷人員。上個季度，您預計員工人數將在 20 多歲時增加。這還成立嗎？

So I'll take the second part first, and then I'll pass it over to Bill. So sales productivity remains strong and is better this year than even last year. And so we expect that to hold, Phil, and feel really good about where we're leaning. We certainly have continued to hire feet-on-the-street go to market. We're continuing to invest. We're not pulling back at all on feet-on-the-street hiring. And so we absolutely expect to continue to see similar pace in the back half as we continue to hire quota-bearing sales?

所以我先講第二部分，然後再交給比爾。因此，銷售生產力依然強勁，今年甚至比去年還要好。所以我們希望它能夠保持下去，菲爾，並且對我們的傾向感到非常好。我們當然會繼續僱傭街上的腳去市場。我們正在繼續投資。我們根本不會在街頭招聘方面有所退縮。所以我們絕對希望在我們繼續僱傭有配額的銷售時，後半段會繼續看到類似的速度？

And Phil, just on the idea of the global financial crisis and COVID, comparing that to this current environment, they're all a little bit different. But the one thing that they all have in common is they were absolutely an elixir for cloud computing. So if you think about the global financial crisis, Phil, you remember I was working with a different software company at that time. And I tell the story in that September quarter, how I saw EUR 1 billion disappear in a day. So it was very sudden. This hasn't been as sudden, and actually, COVID evolved a little less suddenly as well.

菲爾，就全球金融危機和 COVID 的想法而言，與當前的環境相比，它們都有點不同。但它們都有一個共同點，那就是它們絕對是雲計算的靈丹妙藥。所以如果你想想全球金融危機，菲爾，你記得我當時在另一家軟件公司工作。我在 9 月的那個季度講述了我如何看到 10 億歐元在一天之內消失的故事。所以非常突然。這並沒有那麼突然，實際上，COVID 的演變也沒有那麼突然。

But that was the moment where everything moved to the cloud. Remember, everything became OpEx. All budgets were controlled by the line of business executive. Well now, as you got through the global financial crisis and cloud computing became the pervasive computing theme of the 21st century, cloud is what got you through COVID because everybody had to work virtually, and you had to enable productivity in a completely digital world because nobody was doing business in person. Again, cloud got you through it.

但那是一切都轉移到雲端的時刻。請記住，一切都變成了運營支出。所有預算都由業務主管控制。現在好了，當你度過了全球金融危機，雲計算成為 21 世紀普遍的計算主題時，雲是讓你度過 COVID 的原因，因為每個人都必須虛擬工作，你必須在完全數字化的世界中提高生產力，因為沒有人親自做生意。再次，雲讓您度過難關。

And this one here, what you're going to see is cloud just gets reinforced. And I've always said that the infrastructure moves to the cloud. The hyperscalers will all do great in this environment. And then there's only a couple of other SaaS platforms that matter. And while it may be a little bit lumpier in a macro that's reprioritizing things, those 5 platforms that have been defined by the marketplace will, I believe, do extremely well in this environment. And it will be yet another proof point that it's all about the cloud.

而這裡的這個，你會看到雲只是得到加強。我一直說基礎設施會遷移到雲端。在這種環境下，超大規模的人都會做得很好。然後只有幾個其他 SaaS 平台很重要。雖然在重新確定優先級的宏中可能有點笨拙，但我相信，由市場定義的這 5 個平台在這種環境下會做得非常好。這將是另一個證明這一切都與云有關的證據。

Our next question comes from Michael Turrin with Wells Fargo Securities.

我們的下一個問題來自 Wells Fargo Securities 的 Michael Turrin。

Gina, on the free cash flow side, clearly, you have the luxury of leaning into margin if growth is seeing impacts. You did mention just a minor step down on the margin you're expecting there tied to collections. Somewhat of a similar question, though, getting on the other metrics, just wondering if there's anything you can add to put some context behind that, whether it's a certain industry or something you're seeing and then confidence you have the ability to use free cash flow to offset any moderation you're seeing for the rest of the year, I think, is very top of mind for investors.

吉娜，在自由現金流方面，很明顯，如果增長受到影響，你可以享受利潤率。您確實提到了您期望的與收藏相關的利潤的一小步。有點類似的問題，但是，在其他指標上，只是想知道是否可以添加任何內容來為其添加一些背景信息，無論是某個行業還是您所看到的東西，然後相信您有能力免費使用我認為，現金流來抵消你在今年餘下時間看到的任何放緩，是投資者最關心的問題。

Yes, sure. So listen, I think you're absolutely right, and we have the flexibility and the ability given our best-in-class margin structure to be able to lean in with our customers here, right? And so I want to be clear, it's slightly lower collections as we think about assisting our customers. And if you think about industries that probably have a little bit of cash flow or built-up working capital given the supply chain constraints, right, so those are the industries that you would expect to see us leaning in with here. But again, it's a small impact to our free cash flow margin that, from our perspective, makes complete sense, and it's really purely just timing.

是的，當然。所以聽著，我認為你是絕對正確的，而且我們有靈活性和能力，因為我們擁有一流的利潤率結構，能夠與我們的客戶合作，對吧？所以我想明確一點，當我們考慮幫助我們的客戶時，它的集合略低。而且，如果您考慮考慮到供應鏈限制可能有一點現金流或積累營運資金的行業，對，那麼這些行業就是您希望看到我們在這裡傾斜的行業。但同樣，這對我們的自由現金流邊際影響很小，從我們的角度來看，這是完全有道理的，而且這純粹是時間問題。

There's no concerns with respect to any bad debt assumptions or anything like that. It's just about allowing for and leading into a little bit longer payment terms given the current macro environment and so real strength here. It's all about being proactive and working with our customers.

沒有關於任何壞賬假設或類似的問題的擔憂。考慮到當前的宏觀環境以及這裡的真正實力，這只是允許並導致更長的付款期限。這一切都是為了積極主動並與我們的客戶合作。

We'll take our next question from Keith Weiss with Morgan Stanley.

我們將向摩根士丹利的 Keith Weiss 提出下一個問題。

Gina, I think this one is for you and 2 for you. I think Kash was trying to put some words in your mouth and talking about sort of no change in the cRPO outlook for Q4. I wanted to ask you that question directly. Like are you guys adjusting your view on sort of the cRPO growth that you're exiting Q4 with? And any chance that you give us that number, so we have more of a sort of a perspective on sort of how we're entering calendar '23?

吉娜，我想這個是給你的，兩個是給你的。我認為 Kash 試圖在你嘴裡說一些話，並談論第四季度 cRPO 前景沒有變化。我想直接問你這個問題。你們是否正在調整您對第四季度結束時的 cRPO 增長的看法？你有沒有機會給我們這個數字，所以我們對我們如何進入 23 年日曆有更多的看法？

So I think, Keith, listen, I'm not guiding to Q4 now, but what I wanted to make the point, and I think what Kash was trying to allude to as well is, is Q3 the bottom when we think about that renewal cohort and how do we think about the back half, right? And so you could imagine from our slight return to our January revenue guide that we are absolutely continuing.

所以我想，基思，聽著，我現在不是在指導第四季度，但我想說明這一點，我認為卡什也試圖暗示的是，當我們考慮更新時，第三季度是底部嗎隊列，我們如何看待後半部分，對吧？因此，您可以從我們對 1 月份收入指南的輕微回歸中想像我們絕對會繼續。

And I was very explicit in my script that we're factoring in throughout the back half of the year slightly longer deal cycles. And so that will impact Q4 cRPO. But again, just a timing perspective, right, why we are also very confident in reiterating our mid- and long-term goals of $11 billion by '24 and $16 billion by 2026. So I know you'd love to hear a Q4 guide. Give us a few more months, and we'll give it to you then.

而且我在我的腳本中非常明確，我們將在整個下半年考慮到稍微更長的交易週期。這將影響第四季度的 cRPO。但同樣，只是一個時間角度，對，為什麼我們也非常有信心重申我們的中長期目標，即到 24 年 110 億美元和 2026 年 160 億美元。所以我知道你很想听聽第四季度的指南.再給我們幾個月，到時候我們就給你。

I think all investors would love to hear Q4 guide. It's not just me. The other question I ask you, Gina, was on the operational. It sounds like it's not coming from headcount. It's not coming from slowing down hiring. Can you give us some visibility into where the additional operational efficiencies are going to come from in the back half?

我認為所有投資者都希望聽到第四季度的指南。不只是我。我問你的另一個問題，吉娜，是關於操作的。聽起來這不是來自人數。這不是來自放緩招聘。您能否讓我們了解後半部分的額外運營效率將來自何處？

Yes. So a couple of things. So we talked pretty explicitly about not slowing down hiring on feet-on-the-street go to market and on critical R&D resources, but we are being much more mindful and planful of other kind of support types of roles as well as if you think about T&E expense, event expense, did -- marketing things. We're not cutting anything that's driving demand. Just being really smart and disciplined, keeping the hands on the steering wheel, making sure that we're being disciplined about cost while really not touching our feet on the street or "critical fingers on keyboards" engineers.

是的。所以有幾件事。因此，我們非常明確地談到了不要放慢在街頭上市和關鍵研發資源方面的招聘速度，但我們對其他類型的支持類型的角色以及如果你認為關於 T&E 費用，活動費用，做 - 營銷的事情。我們不會削減任何推動需求的東西。只是非常聰明和自律，把手放在方向盤上，確保我們在成本方面受到紀律處分，同時真的不會在街上碰腳或“鍵盤上的關鍵手指”工程師。

Okay. (inaudible) sorry to cut you off.

好的。 （聽不清）抱歉打斷你。

And Keith -- go ahead with your last question. Go ahead.

基思——繼續你的最後一個問題。前進。

No, sorry, I was just apologizing for cutting you off before.

不，對不起，我只是為之前打斷你而道歉。

No, no, Keith, I don't want to miss your opportunity to get something. I just wanted to offer something to build on what Gina is saying. Like we never talk about this, but we've run the company on the ServiceNow platform. It's not an employee out of almost 20,000 people that know that we have anything but the ServiceNow platform.

不，不，基思，我不想錯過你得到東西的機會。我只是想在 Gina 所說的基礎上提供一些東西。就像我們從不談論這個，但我們已經在 ServiceNow 平台上運營公司。在將近 20,000 人中，知道我們除了 ServiceNow 平台以外的任何東西的員工中，沒有一個是知道的。

So for example, when you're hiring, it's pretty nice to know in real time where the money is moving in terms of the market and what it takes to hire the best-in-class talent and how you can adjust the ratios of salary versus equity and these kinds of things.

因此，例如，當您在招聘時，很高興能夠實時了解資金在市場方面的動向，以及僱用一流人才需要什麼，以及如何調整工資比率與公平和這類事情相比。

That, for a large company, can be millions and millions of dollars. It's pretty nice to run on a platform that's the leanest in terms of the G&A component of it in the industry. So there are many aspects of the ServiceNow platform that we're actually putting to work on the agility side for the savings that we're putting forward and managing operational excellence can hold our margin rate. And a lot of companies could never do that on the fly. So that's a very interesting observation.

對於一家大公司來說，這可能是數百萬美元。在業界 G&A 組件方面最精簡的平台上運行非常好。因此，我們實際上在敏捷性方面投入了 ServiceNow 平台的許多方面，以節省我們提出的節省，管理卓越運營可以保持我們的利潤率。許多公司永遠無法即時做到這一點。所以這是一個非常有趣的觀察。

The second thing I just wanted to say like just out of all respect for all shareholders, like between love and respect our shareholders, you have no issues with this company on renewals and the cohort from Q3 to Q4. It follows the historical path. It's just that we never outlook that way. So why start now? But I think we should give you every confidence that the company is in great shape, and you don't need to lose any sleep.

我只想說的第二件事，就像出於對所有股東的尊重，比如在愛和尊重我們的股東之間，你對這家公司的續約和從第三季度到第四季度的隊列沒有任何問題。它遵循歷史路徑。只是我們從不這樣看。那麼為什麼現在開始呢？但我認為我們應該讓你充分相信公司狀況良好，你不需要失眠。

Our next question comes from Keith Bachman with Bank of Montreal.

我們的下一個問題來自蒙特利爾銀行的 Keith Bachman。

I wanted to ask a clarification than a question. And Gina, the clarification is for you, and I agree with the other Keith's comment that I think investors are candidly disappointed with the cRPO guide for September. And so when you say there'll be an increase for the December quarter, do you mean from the from the 25.5% adjusted number or the 23.5%, if you could just clarify what an increase the base level is?

我想問一個澄清而不是一個問題。吉娜，澄清是給你的，我同意另一個基思的評論，我認為投資者對 9 月份的 cRPO 指南感到坦率地失望。因此，當您說 12 月季度將增加時，您是指從 25.5% 調整後的數字還是從 23.5% 開始，如果您能澄清基本水平的增加是多少？

And then my question for Bill is something we talked about a few times over the last year. As sales cycles elongate, the valuations of tech companies are declining, continue to decline. And so how do you think about the ability to make M&A work on behalf of ServiceNow? Does it increase your interest, no change in strategy? If you could just update us on how you're thinking about the M&A opportunities as you look at the deal pipeline?

然後我對比爾的問題是我們在去年討論過幾次的問題。隨著銷售週期的延長，科技公司的估值正在下降，繼續下降。那麼您如何看待代表 ServiceNow 進行併購的能力？它是否增加了您的興趣，沒有改變策略？如果您能向我們介紹一下您在查看交易渠道時對併購機會的看法？

Thanks, Keith. On the clarification, and I know everyone's wanting to get a Q4 guide from me on cRPO. What I will say is that we expect it to reaccelerate from Q3, and we expect it to reaccelerate by at least 2 points because that's what the renewal cohort is impacting in Q3.

謝謝，基思。關於澄清，我知道每個人都想從我這裡獲得關於 cRPO 的 Q4 指南。我要說的是，我們預計它會從第三季度開始重新加速，我們預計它會重新加速至少 2 個百分點，因為這就是第三季度更新隊列正在影響的內容。

Yes. Sorry, Gina, just to push you, but accelerate from what? What number are you referring to is what I'm trying to clarify.

是的。對不起，吉娜，只是為了推動你，但從什麼加速？你指的是什麼數字是我想要澄清的。

The 23.5%. The 23.5%, that is the constant currency guide for Q2 -- sorry, for Q3. We expect Q4 to increase by at least 2 points from there.

23.5%。 23.5%，即第二季度的固定貨幣指南——對不起，第三季度。我們預計第四季度將至少增加 2 個百分點。

Okay. Okay. And then, Bill, for you?

好的。好的。然後，比爾，為你？

Yes. So first of all, on our capital allocation strategy, there is no change to the strategy at this time. The $11 billion plus and the $16 billion plus with regards to 2024 and 2026, respectively, as Gina said, we reinforced that. That's based upon our current strategy and no change to it.

是的。所以首先，在我們的資本配置策略上，這個時候策略沒有變化。正如 Gina 所說，分別與 2024 年和 2026 年有關的 110 億美元和 160 億美元以上，我們強化了這一點。這是基於我們當前的策略，沒有改變。

I also would say that we have done tuck-ins and that's business as usual. One of them that has caught fire really is Hitch Works, and we did that because the employee experience now matters more than ever. And managing employees and their capabilities to the productivity needs and the project needs that different companies are managing are really, really important priority now.

我還要說我們已經完成了折疊，這是照常營業。其中一個真正著火的是 Hitch Works，我們這樣做是因為員工體驗現在比以往任何時候都重要。現在，管理員工及其能力以滿足不同公司正在管理的生產力需求和項目需求是非常非常重要的優先事項。

So it's those kinds of things where it makes sense to one of our core platforms. It's what the customer wants. It's the tuck-in. That's the kind of thing that we would look to do.

因此，正是這些事情對我們的核心平台之一有意義。這是客戶想要的。是內收。這就是我們想做的事情。

I do acknowledge that you bring up a good point. We're in a very strong position. When Gina gave you the cRPO with the RPO at $11.5 billion and the cash, $5.4 billion, we know that's only going to grow over time. So we're watching everything, but right now, there's absolutely no change to the strategy.

我承認你提出了一個很好的觀點。我們處於非常有利的位置。當 Gina 為您提供 cRPO 時，RPO 為 115 億美元，現金為 54 億美元，我們知道這只會隨著時間的推移而增長。所以我們正在關註一切，但現在，策略絕對沒有變化。

We'll take our next question from Alex Zukin with Wolfe Research.

我們將向 Wolfe Research 的 Alex Zukin 提出我們的下一個問題。

So kind of going on this path. I think one of the other things that candidly surprised people was just the rate of change and the pace of change in Q2. So maybe just help us understand when did these issues start showing up. I think you've alluded to certain verticals and certain geographies that may have been more impacted than others.

就這樣走上了這條路。我認為讓人們坦率地感到驚訝的另一件事就是第二季度的變化速度和變化速度。所以也許只是幫助我們了解這些問題是什麼時候開始出現的。我認為您已經提到了某些可能比其他行業受到更大影響的垂直行業和某些地區。

And to the question, I guess, that was asked earlier, Gina, if you think about the assumptions that you're making in terms of what you're seeing now in July for the rest of the year versus maybe what you saw in the quarter, are you assuming in some of the guide, particularly for cRPO in the back half in worsening of trends as you start to see longer sales cycles on a larger cohort of bookings come to bear?

對於這個問題，我想，這是之前問過的，吉娜，如果你考慮一下你所做的假設，即你現在在今年剩下的時間裡看到的情況，而不是你在去年看到的情況。季度，您是否在某些指南中假設，特別是對於後半部分的 cRPO，隨著您開始看到更多預訂隊列的銷售週期更長，趨勢惡化？

And then just on the cash flow portion, I guess, is there an assumption in that 30% that there's a further deterioration or further, I would say, flexibility in terms of collections with certain clients? Or are you already embedding some conservatism there?

然後就現金流部分，我猜，是否有假設在這 30% 中會進一步惡化，或者我會說，在與某些客戶的收款方面有進一步的靈活性？還是您已經在其中嵌入了一些保守主義？

So I'll start with the forecast, right? And so we're not assuming a worsening trend in our cRPO guide from what we saw in the last couple of weeks of June. And so the rate of change when the issues start showing up, it was very late in the quarter, and we are assuming similar assumptions in Q3 and Q4, so no worsening trends. In fact, July looks strong. A lot of those deals have closed. And as Bill articulated, some actually closed at a higher bill of materials than initially assumed.

所以我將從預測開始，對吧？因此，我們不會假設我們在 6 月最後幾週看到的 cRPO 指南會出現惡化的趨勢。因此，問題開始出現時的變化率，在本季度已經很晚了，我們在第三季度和第四季度假設類似的假設，因此沒有惡化的趨勢。事實上，七月看起來很強勁。其中很多交易已經結束。正如比爾所闡述的那樣，有些公司實際上以比最初假設的更高的材料清單成交。

And so similar assumptions for Q3 and Q4, and this is after, Alex, rigorous analysis of pipeline trends, rigorous analysis by industry. Coverage rate -- ratios look strong. And so very similar to what we saw in the last couple of weeks of June is our assumption and what we're seeing through July.

第三季度和第四季度的類似假設，這是在亞歷克斯對管道趨勢進行嚴格分析之後，按行業進行嚴格分析。覆蓋率——比率看起來很強勁。與我們在 6 月最後幾週看到的非常相似的是我們的假設以及我們在 7 月看到的情況。

On the free cash flow, the 30% includes the flexibility that I'm talking about. I do not expect further deterioration from that point.

關於自由現金流，30% 包括我所說的靈活性。從那時起，我預計不會進一步惡化。

And Alex, in our customer relationships, the relationship with the customers couldn't be better. If you look at the customer set, you look at Net Promoter Score, you look at the retention rate that Gina took you through at 99 plus, and it's absolutely the standard in the industry. And if you look at Q2 specifically and you say where did you see what, as Gina said, last couple of weeks of June, you saw some deals elongate their cycles based upon higher levels of authority having to approve them, and you saw that more in Europe than you saw in other geographies. So that's it in a nutshell.

亞歷克斯，在我們的客戶關係中，與客戶的關係再好不過了。如果你看看客戶群，你看看淨推薦值，你看看 Gina 給你帶來的 99+ 的保留率，這絕對是行業的標準。如果你特別看第二季度，你說你在哪裡看到了什麼，正如吉娜所說，6 月的最後幾週，你看到一些交易基於更高級別的授權而延長了它們的周期，你看到了更多在歐洲比在其他地區看到的。簡而言之就是這樣。

And as it relates to the guide, the guide, like Gina said, assumed a continuation of that to ensure we had this level based on our customers dealing with their macro because that's what enterprise companies do. We serve them, so they can serve their customers. And we factored that into the guide. Again, it's restoring the 2022 guide.

因為它與指南有關，所以就像 Gina 所說的那樣，指南假設了這一點的延續，以確保我們根據客戶處理他們的宏觀問題來達到這個水平，因為這是企業公司所做的。我們為他們服務，所以他們可以為他們的客戶服務。我們在指南中考慮了這一點。同樣，它正在恢復 2022 年指南。

We all know FX is an issue across the industry, and we all know that we've heard our customers are dealing with a tougher macro. That's in the numbers. I'm not worried at all about Gina's guide on the Q3 or the cohort conversation going into Q4. We're in great shape. We really are in great shape. So don't take waiting for it a little bit longer as any lack of strength. On the contrary, we're seeing signs that it's making us even stronger.

我們都知道外匯是整個行業的一個問題，而且我們都知道我們聽說我們的客戶正在處理更嚴厲的宏觀問題。那就是數字。我一點也不擔心 Gina 關於 Q3 的指南或進入 Q4 的群組對話。我們的狀態很好。我們真的很好。所以不要因為缺乏力量而等待它更長的時間。相反，我們看到了它讓我們變得更強大的跡象。

We'll take our next question from Brad Sills with Bank of America Securities.

我們將向美國銀行證券公司的 Brad Sills 提出下一個問題。

ServiceNow has such a unique perspective across such a broad swath of different IT categories. I'm curious, with the changing macro, if you're seeing any reprioritization within the categories, whether it's IT or customer employee, custom apps, anything you've noticed there.

ServiceNow 在如此廣泛的不同 IT 類別中擁有如此獨特的視角。我很好奇，隨著宏的變化，如果您在類別中看到任何重新優先級，無論是 IT 還是客戶員工、自定義應用程序，以及您在那裡註意到的任何內容。

Well, thank you very much, Brad. There's no question that all of those dimensions are really super important. But this low-code revolution, if you think about companies having to build 750 million net new applications in the next 2 years, you have to say that that's one that we should do a call out on, especially since we have the best low-code platform in the business.

好吧，非常感謝你，布拉德。毫無疑問，所有這些維度都非常重要。但是這場低代碼革命，如果你考慮公司必須在未來兩年內構建 7.5 億個淨新應用程序，你不得不說這是我們應該呼籲的，特別是因為我們擁有最好的低代碼——業務代碼平台。

There's nobody that's going to back off on taking care of their customers and having a predictive way of managing their relationships with their customers and to make sure the promise that's made in the engagement layer can be kept in the full value chain of mid- and back-office operations. So you deliver the right product at the right price point, configurations at the right place at the right time, and then you service that customer and that account very carefully.

沒有人會在照顧他們的客戶和有預測的方式來管理他們與客戶的關係方面退縮，並確保在參與層做出的承諾可以保持在中後端的整個價值鏈中- 辦公室操作。因此，您以合適的價格提供合適的產品，在合適的時間在合適的地點進行配置，然後非常小心地為該客戶和該帳戶提供服務。

Every company wants to do that. And I can tell you, the employee experiences piece, super, super important because you have to make every employee to have more productive. And then if you're not going to have the employee number that you expected because you have to deal with the macro, you're going to have to apply automation.

每個公司都想這樣做。我可以告訴你，員工體驗非常重要，因為你必須讓每個員工都更有效率。然後，如果您因為必須處理宏而無法獲得預期的員工人數，那麼您將不得不應用自動化。

So I think this experience of the knowledge worker and how you enable them to work from any place and be extremely happy and productive because you don't want them to turn over. And certainly, you got to get more out of each one through your own automation. And I don't think any company will argue with that.

因此，我認為知識工作者的這種經驗以及您如何使他們能夠在任何地方工作並非常快樂和富有成效，因為您不希望他們翻身。當然，您必須通過自己的自動化從每一個中獲得更多收益。而且我認為任何公司都不會對此提出異議。

And then on the IT side, I mean, it is the marquee jewel of our company, and it just keeps chugging along and growing and growing and growing. And one of the areas that has really taken off is asset manager because companies have to be very careful on how they manage their assets. They have to get all the value out of their assets. So they have to bring their assets in, and they have to retire their assets. And they have to do that in a highly sustainable way, which is something that Gina has championed along with CJ for the company on ESG. And that's a really fast-growing business for us, and security operations.

然後在 IT 方面，我的意思是，它是我們公司最耀眼的寶石，它一直在不斷發展，不斷成長，不斷壯大。真正起飛的領域之一是資產管理公司，因為公司必須非常謹慎地管理資產。他們必須從資產中獲取所有價值。所以他們必須把他們的資產帶進來，他們必須退休他們的資產。他們必須以高度可持續的方式做到這一點，這是 Gina 與 CJ 一起為公司在 ESG 方面所倡導的。這對我們和安全運營來說是一項真正快速增長的業務。

If you look at having all security operations on one pane of glass because security is an issue at the C level in every company, and it's not because they haven't invested. They've invested so much in so many different things that they need one thing that can pull it all together so they have visibility on an end-to-end basis to secure their operations. And that's been just growing so, so fast for us.

如果您考慮將所有安全操作都集中在一塊玻璃上，因為安全是每家公司的 C 級問題，這並不是因為他們沒有投資。他們在許多不同的事情上投入瞭如此多的資金，以至於他們需要一件可以將所有事情整合在一起的東西，這樣他們就可以在端到端的基礎上獲得可見性以確保他們的運營。這對我們來說一直在增長，如此之快。

And I do want to give a shout out to Ben and Lightstep. I mean the logos that they win is just unreal. So when you think of observability and the areas that Lightstep and Ben are driving in the best brands in the world, the most innovative brands in the world is pretty compelling. And again, that's all part of our IT category. So they're all doing very, very well.

我確實想向 Ben 和 Lightstep 大聲疾呼。我的意思是他們贏得的標誌是不真實的。因此，當您想到可觀察性以及 Lightstep 和 Ben 在世界上最好的品牌中所推動的領域時，世界上最具創新性的品牌非常引人注目。同樣，這都是我們 IT 類別的一部分。所以他們都做得非常非常好。

Our next question comes from Derrick Wood with Cowen.

我們的下一個問題來自 Derrick Wood 和 Cowen。

Great. So there's clearly been a lot of questions on what's causing the sales cycle and kind of where it's coming from. Maybe I'd ask it a different way. When you look at your 3 core cohorts, the G2K, the government and the commercial, could you just kind of give us a little compare and contrasting across those 3 areas? And then since we're heading into the big government flush quarter in Q3, how do you feel about pipelines and close rates and spending behavior out of the Fed looking into the upcoming quarter?

偉大的。因此，對於導致銷售週期的原因以及它的來源，顯然存在很多問題。也許我會用不同的方式問它。當您查看您的 3 個核心群體時，G2K、政府和商業，您能否給我們在這 3 個領域進行一些比較和對比？然後，由於我們將在第三季度進入大型政府沖洗季度，您如何看待美聯儲在即將到來的季度中的管道、關閉利率和支出行為？

Yes. Thank you very much, Derrick. As you know, this is the time of the year for the government business. Couldn't be more confident. I could tell you, couldn't possibly be more confident in what we're seeing in federal, state and local. In terms of our commercial business, very, very good. And you look at our industries, we're very bullish on all of them. And I'm also very -- I'm very happy that we put industries as a priority for CJ and the whole engineering team to link the industry domain expertise of great development and cloud services to the solution experts that actually interface with the account executive in comporting the best possible road mapping and account plan for every customer we have, including how our partners in ServiceNow deliver that impact of business value.

是的。非常感謝，德里克。如您所知，這是政府業務的一年中的時間。再自信不過了。我可以告訴你，對我們在聯邦、州和地方所看到的情況充滿信心。就我們的商業業務而言，非常非常好。你看看我們的行業，我們都非常看好它們。而且我也非常 - 我很高興我們將行業作為 CJ 和整個工程團隊的優先事項，將大開發和雲服務的行業領域專業知識與實際與客戶經理互動的解決方案專家聯繫起來為我們擁有的每一位客戶制定最佳路線圖和客戶計劃，包括我們在 ServiceNow 中的合作夥伴如何提供業務價值的影響。

That value chain has fully been realized in its structure and its execution, and we actually expect now to start getting some real returns out of that in the back half and beyond. So we're real strong on all the dimensions that you mentioned and really, really can't be more confident.

該價值鏈在其結構和執行方面已完全實現，我們實際上希望現在開始在後半部分及以後開始從中獲得一些真正的回報。所以我們在你提到的所有維度上都非常強大，而且真的非常有信心。

And I would just add to that, the largest industries we play in, if you think about financial services industry, energy, sorry, public sector, federal, telco, these are all industries that holds up, I know, most resilient in these environments. And so feel really good about the industry perspective.

我想補充一下，我們所從事的最大行業，如果您考慮金融服務行業，能源，對不起，公共部門，聯邦，電信，我知道，這些都是在這些環境中最有彈性的行業.所以對行業的觀點感覺非常好。

Fed, Q3 -- going into Q3, feel really strong. In particular, we had great results and impact even in Q2 in the Fed business. We saw really strong demand for that new solution. So as we're going into Q3, the federal team has ramped up and very excited. And so really across the board from an industry perspective, federal as well as the G2K, very strong.

美聯儲，第三季度——進入第三季度，感覺非常強勁。特別是，即使在第二季度，我們在美聯儲業務中也取得了巨大的成果和影響。我們看到對這種新解決方案的需求非常強勁。因此，當我們進入第三季度時，聯邦團隊已經加強並且非常興奮。因此，從行業的角度來看，聯邦和 G2K 都非常強大。

We'll take our next question from Peter Weed with Bernstein.

我們將向 Peter Weed 和 Bernstein 提出下一個問題。

One of the things that I think the business has been built on for so long has been a consistency in the ability to expand, and you've talked about the elongating sales cycle. And you might be able to interpret that as putting a damper on expansion. But what I observe, looking at your cohort chart, is that you've been able to attain right around 130% net expansion with some of your oldest cohorts actually growing quite strongly, well into the mid-120s.

我認為業務已經建立了這麼長時間的一件事是擴展能力的一致性，你已經談到了延長的銷售週期。您也許可以將其解釋為抑制膨脹。但是我觀察到，看看你的隊列圖表，你已經能夠實現大約 130% 的淨擴張，而你的一些最老的隊列實際上增長非常強勁，一直到 120 年代中期。

What are you seeing that is enabling even your cohorts that are a decade or longer old to continue to have such consistency, particularly in a situation like this where they may be incredibly built out and it might be easier for them to push out or see less strategic benefit? What is enabling that consistency?

你所看到的是什麼使即使是十年或更長時間的同夥也能繼續保持這種一致性，特別是在這種情況下，他們可能會難以置信地建立起來，他們可能更容易推出或看到更少戰略利益？是什麼促成了這種一致性？

Yes. A few things there. So first of all, you're absolutely correct, right? We talked about 99% renewal rates across the board in every geo in Q2. We're also seeing exactly what you're seeing on expansion rates, remain extremely high even at our scale, even with our customers who have been with us for so long. The reason for that, Peter, is exactly what we're talking about. It's the breadth and scope of our incredible product portfolio, right?

是的。那裡有幾件事。所以首先，你是絕對正確的，對吧？我們談到了第二季度每個地區的 99% 的全面續訂率。我們還確切地看到了您所看到的擴張率，即使在我們的規模下仍然非常高，即使我們的客戶已經與我們合作了這麼久。彼得，原因正是我們正在談論的。這是我們令人難以置信的產品組合的廣度和範圍，對吧？

It's the expansion out of IT into HR, into customer, into creator. It's about the platform evolution story. And that is more powerful today than ever before. And so you'll continue to see similar levels of renewal expansion rates as we continue to innovate, as we continue to make our platform stronger and better and more capable and as we continue to innovate where customers need us and want us to go.

這是從 IT 擴展到人力資源、客戶和創造者。這是關於平台演變的故事。這在今天比以往任何時候都更強大。因此，隨著我們不斷創新，隨著我們繼續使我們的平台更強大、更好、更有能力，以及隨著我們繼續在客戶需要我們並希望我們去的地方進行創新，您將繼續看到類似水平的續訂擴展率。

And Peter, one stat that may be interesting to you, even where we have, as Gina said, a great customer relationship and we're expanding along the lines of that platform, we're only 15% penetrated. So if you look at the product portfolio and the innovation that's come out of our engineering team, we in every count have so far to go against our bill of materials of that road map.

彼得，你可能會感興趣的一個統計數據，即使我們有，正如吉娜所說，良好的客戶關係，我們正在沿著該平台的路線擴展，我們只有 15% 的滲透率。因此，如果您查看我們工程團隊的產品組合和創新，到目前為止，我們在各個方面都違反了該路線圖的材料清單。

And all of that is upside in the Global 2000. And it also gives us permission to take it way beyond the Global 2000 as well in our commercial business and in our kind of inside selling business and some of the partnerships that we've built, taking advantage of co-selling with some of the bigger companies in the world, will also be an interesting thing to keep an eye on.

所有這些在全球 2000 強中都有優勢。它還允許我們在商業業務、內部銷售業務和我們建立的一些合作夥伴關係中超越全球 2000 強，利用與世界上一些大公司的聯合銷售的優勢，也將是一件值得關注的有趣事情。

We have time for one last question. Our last question comes from Pat Walravens with JMP Securities.

我們有時間回答最後一個問題。我們的最後一個問題來自 JMP 證券公司的 Pat Walravens。

Great. So Bill, maybe to sum it all up here, how are you going to allocate your time over the rest of this year? What are your top 1 or 2 priorities?

偉大的。所以比爾，也許在這裡總結一下，你將如何在今年剩下的時間里分配你的時間？您的首要 1 或 2 個優先事項是什麼？

Yes. Thank you very much, Pat. One of the things I said is, I'll be in Japan as we do our Tokyo release. And I'm doing that because Japan is a major market, and we intend to treat Japan as one of the most important regions in our company. And that's the world's third largest market as measured by GDP, and we intend to do extremely well there.

是的。非常感謝你，帕特。我說過的其中一件事是，我會在我們在東京發佈時在日本。我這樣做是因為日本是一個主要市場，我們打算將日本視為我們公司最重要的地區之一。以 GDP 衡量，這是世界第三大市場，我們打算在那裡做得非常好。

I'll also spend 2.5 weeks going across APJ. I'll be in Europe and obviously across the Americas. So I think the most important thing, and I've made this very clear to our management team, is to take it to The Street. So I will be taking it to The Street.

我還將花 2.5 週時間穿越 APJ。我將在歐洲，顯然在整個美洲。所以我認為最重要的事情，我已經向我們的管理團隊非常清楚地表明了這一點，就是把它帶到華爾街。所以我會把它帶到The Street。

After we're done with this, we have an all-hands meeting where we'll talk to 19-plus thousand of our closest friends, around our great Board meeting and now our wonderful opportunity to talk to our investors, and now it's all about the customers. So when we take this level of passion to The Street, it's usually very good things happen.

完成這些之後，我們將舉行一次全體會議，與 19 萬多名最親密的朋友交談，圍繞著我們偉大的董事會會議，現在是我們與投資者交談的絕佳機會，現在一切都結束了關於客戶。因此，當我們將這種程度的熱情帶到街頭時，通常會發生非常好的事情。

And that does conclude today's presentation. Thank you for your participation. You may now disconnect.

今天的演講到此結束。感謝您的參與。您現在可以斷開連接。