ServiceNow, Inc. (NOW) 2021 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to ServiceNow's Fourth Quarter Fiscal 2021 Earnings Call. (Operator Instructions) Thank you. Darren Yip, Vice President of Investor Relations, you may begin your conference.

各位女士、先生，感謝您稍候，歡迎參加 ServiceNow 2021 會計年度第四季財報電話會議。（接線員指示）謝謝。投資人關係副總裁 Darren Yip，您可以開始會議。

Good afternoon, and thank you for joining ServiceNow's Fourth Quarter and Full Year 2021 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 fourth quarter 2021 results and discuss our guidance for the first quarter and full year 2022.

各位下午好，感謝您參加 ServiceNow 2021 年第四季與全年財報電話會議。與我一同出席的有我們的總裁兼執行長 Bill McDermott，以及財務長 Gina Mastantuono。在今天的電話會議中，我們將回顧 2021 年第四季的業績，並討論我們對 2022 年第一季與全年之財測指引。

Before we get started, we want to emphasize that some of our information discussed on this call such as guidance is based on information as of today and contains forward-looking statements that involve risks, uncertainties and assumptions, including those related to the impact of COVID-19 on our business and global economic conditions. 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 our 2021 10-K that will be filed for factors that may cause actual results to differ materially from those set forth in such forward-looking statements.

在開始之前，我們想強調，本次電話會議中討論的部分資訊（例如財測指引）係以截至今日所掌握的資訊為基礎，並包含前瞻性陳述；此類陳述涉及風險、不確定性與假設，其中包括與 COVID-19 對我們業務及全球經濟情勢影響相關者。因新資訊或未來事件而更新此等陳述，我們不承擔任何責任或義務。請參閱今日的財報新聞稿以及我們向美國證券交易委員會（SEC）提交的文件（包括我們最新的 10-Q，以及將提交的 2021 年 10-K），以了解可能導致實際結果與此等前瞻性陳述所述結果出現重大差異的因素。

We'd like to also point out that we have presented 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, and current RPO. 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.

我們也要指出，我們除依據 GAAP 計算的財務衡量指標外，亦提供非 GAAP 指標；非 GAAP 指標為補充資訊，並非用以取代 GAAP 指標。除非另有說明，我們今天討論的所有財務衡量指標及其相關成長率皆為非 GAAP，惟營收、剩餘履約義務（RPO）及當期 RPO 除外。若要查看非 GAAP 與 GAAP 指標之間的調節表，請參閱今日的財報新聞稿與投資人簡報，兩者皆已發布於我們的網站 investors.servicenow.com。今日電話會議的重播也將發布於我們的網站。

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

接下來，我想把電話會議交給 Bill。

Thank you very much, Darren, and a warm welcome to everybody joining us on today's call. ServiceNow has once again delivered results that significantly beat the high end of expectations.

非常感謝你，Darren，也熱烈歡迎各位參加今天的電話會議。ServiceNow 再次交出顯著超越市場預期上緣的成績。

Here's the Q4 rundown in constant currency. Subscription revenue growth was 30%. CRPO growth was 32%. Free cash flow growth was 32%. Adjusted subscription billings growth was an exceptional 33%. Operating margin was 23%, 1 point over our guidance. We had a record 135 deals over $1 million, which was up 50% year-over-year. There has long been a Rule of 40 benchmark for highly successful software companies. These results demonstrate that ServiceNow operates beyond the Rule of 60. The company is expanding in all geographies, industries and buyer personas. Gina will share the details in a few moments, including our strong 2022 guidance.

以下是以固定匯率計算的第四季重點：訂閱營收成長 30%。CRPO 成長 32%。自由現金流成長 32%。調整後訂閱帳單成長表現卓越，達 33%。營業利益率為 23%，較我們的指引高出 1 個百分點。我們創下紀錄，完成 135 筆超過 100 萬美元的交易，年增 50%。長期以來，「40 法則」一直是高度成功軟體公司的基準；而這些結果顯示，ServiceNow 的表現已超越「60 法則」。公司在所有地區、產業與買方角色中持續擴張。Gina 將在稍後分享細節，包括我們強勁的 2022 年指引。

ServiceNow is uniquely positioned. We're growing like a fast-moving start-up with the profitability of a global market leader. We're on a clear growth trajectory to $15 billion plus by 2026. While our strong cash position preserves optionality, we don't depend on M&A for growth. While rising interest rates challenge others, ServiceNow's business model is built to flourish in any economic environment. We are not opportunity constrained as our customers' need for digital transformation is ever expanding. Our organic growth machine is in full flight, and our pipeline is stronger than ever. Our 99% renewal rate is one of several lead indicators for sustained performance moving forward. I'd like to thank all of our stakeholders, especially our customers, for their steadfast confidence in ServiceNow.

ServiceNow 具備獨特的市場定位。我們以快速成長的新創速度擴張，同時擁有全球市場領導者的獲利能力。我們正沿著清晰的成長軌跡邁向 2026 年超過 150 億美元的規模。雖然我們強勁的現金部位保留了策略彈性，但我們的成長不依賴併購。當升息對其他公司造成挑戰時，ServiceNow 的商業模式能在任何經濟環境中茁壯。我們不受機會限制，因為客戶對數位轉型的需求持續擴大。我們的有機成長引擎全速運轉，銷售管線也比以往更強勁。我們 99% 的續約率，是未來持續表現的多項領先指標之一。我要感謝所有利害關係人，尤其是我們的客戶，對 ServiceNow 的堅定信任。

I'll give you the breakdown of our portfolio results, but first, let's discuss the market dynamics. We're in a sustained demand environment here. There are structural challenges facing every industry in every geographic region. The great resignation, supply chain disruption, inflation, to name a few. These underscore a point we have made consistently: the technology strategy has become the business strategy.

我將說明我們各產品組合的表現，但首先先談市場動態。我們正處於需求持續強勁的環境。每個地區、每個產業都面臨結構性挑戰，例如大離職潮、供應鏈中斷、通膨等。這些都再次印證我們一再強調的一點：科技策略已成為企業策略。

Digital technologies are growth stimulating deflationary force. They power new business models, accelerating productivity while reducing costs. 85% of chief executives will sustain or increase technology budgets this year, and that's according to IDC's global CEO survey. IDC has increased their forecast for digital transformation, now a $10.7 trillion opportunity through 2025. Gartner forecasts worldwide software spending will increase 12% in 2022. The data shows this is clearly more than a pandemic-induced transformation.

數位科技是一股能刺激成長、同時具通縮效應的力量。它們驅動新的商業模式，在降低成本的同時加速生產力。根據 IDC 的全球 CEO 調查，今年有 85% 的執行長將維持或增加科技預算。IDC 也上調其對數位轉型的預測，至 2025 年累計機會規模達 10.7 兆美元。Gartner 預測 2022 年全球軟體支出將成長 12%。這些數據顯示，這顯然不只是疫情所引發的轉型。

A CEO I spoke to last week said it perfectly, "I have a long list of strategic priorities. Technology isn't one of them. It runs through all of them."

我上週與一位 CEO 交談，他說得非常貼切：「我有一長串策略優先事項。科技不是其中之一；科技貫穿其中每一項。」

ServiceNow's Q4 results clearly validate the structural incline of this digital economy. As enterprises build, deploy, monitor and service technology, our IT workflow business is at the core. IT service management was in 16 of our top 20 Q4 deals, with 19 deals over $1 million. IT operations management was in 18 of our top 20, with 21 deals over $1 million.

ServiceNow 第四季的成果清楚驗證了這個數位經濟的結構性上升趨勢。當企業建置、部署、監控並維運科技時，我們的 IT 工作流程業務正位於核心。IT 服務管理出現在我們第四季前 20 大交易中的 16 筆，其中有 19 筆交易金額超過 100 萬美元。IT 營運管理出現在前 20 大交易中的 18 筆，其中有 21 筆交易金額超過 100 萬美元。

Bell Canada, Canada's largest telco company, uses IT workflows and IT operations management to enable its operations. Our platform will improve critical dimensions of both asset management and the employee experience. ServiceNow will also be supporting the United States Space Force to connect its space operators with war fighters across the globe.

加拿大最大電信公司 Bell Canada 使用 IT 工作流程與 IT 營運管理來支援其營運。我們的平台將在資產管理與員工體驗兩個關鍵面向帶來改善。ServiceNow 也將支援美國太空軍，協助其將太空作戰人員與全球各地的作戰人員連結起來。

The hyper focus on hybrid work continues to propel our Employee Workflows business. HR service delivery was in 11 of our top 20 deals with an exciting 24 deals over $1 million. Johnson Controls International, a smart building solutions leader, will use employee workflows to unlock productivity for its 105,000 employees. Together with ServiceNow, they are focused on creating a human-centered approach to the employee experience. NVIDIA is using employee workflows to support its employee experience transformation. With ServiceNow, NVIDIA will provide its global employees a unified service model to support its mission by providing a frictionless employee experience. CVS Health will also leverage our technology and employee workflows to help deliver a best-in-class colleague experience.

對混合辦公的高度聚焦，持續推動我們的員工工作流程（Employee Workflows）業務。人力資源服務交付（HR service delivery）出現在我們前 20 大交易中的 11 筆，且有令人振奮的 24 筆交易金額超過 100 萬美元。智慧建築解決方案領導者 Johnson Controls International 將使用員工工作流程，為其 105,000 名員工釋放生產力。他們與 ServiceNow 一起，專注於打造以人為本的員工體驗。NVIDIA 正使用員工工作流程來支援其員工體驗轉型。透過 ServiceNow，NVIDIA 將為其全球員工提供一致的服務模式，以無摩擦的員工體驗支持其使命。CVS Health 也將運用我們的技術與員工工作流程，協助提供同仁一流的工作體驗。

As business integration is key to customer service, our Customer Workflows business is thriving. Customer service management was in 13 of our top 20 deals, with 10 deals over $1 million. Google Cloud plans to use our customer workflows to enhance its customer support operations. British Telecom chose ServiceNow to address the needs of its next generation of customers. The ServiceNow platform will help BT accelerate the delivery of new services from 36 weeks to 3. Our new industry vertical solutions also continue to gain traction with wins at major brands, including SAS Institute, Deutsche Telekom and Wellstar.

由於業務整合是客戶服務的關鍵，我們的客戶工作流程（Customer Workflows）業務表現強勁。客戶服務管理出現在我們前 20 大交易中的 13 筆，其中有 10 筆交易金額超過 100 萬美元。Google Cloud 計畫使用我們的客戶工作流程來強化其客戶支援營運。英國電信（British Telecom）選擇 ServiceNow 以滿足其下一代客戶的需求。ServiceNow 平台將協助 BT 將新服務交付時間從 36 週縮短至 3 週。我們新的產業垂直解決方案也持續獲得市場動能，並在多個大型品牌取得勝利，包括 SAS Institute、Deutsche Telekom 與 Wellstar。

Technology teams alone can't build the 500 million new applications IDC forecasts by 2023. Our Creator Workflows business is leading the citizen developer revolution. Our platform solutions were in 19 of our top 20 deals. Lockheed Martin, the world's largest aerospace and defense company, is using ServiceNow to support its enterprise digital transformation. They will use our creator workflows to help automate processes globally. Petrobras, a Brazilian energy company, is using creator workflows as the foundation for its application development function. They have already built over 26 applications such as onboarding for oil platforms and managing data privacy regulations.

僅靠科技團隊無法打造 IDC 預測至 2023 年將新增的 5 億個新應用程式。我們的創作者工作流程（Creator Workflows）業務正引領公民開發者革命。我們的平台解決方案出現在前 20 大交易中的 19 筆。全球最大的航太與國防公司 Lockheed Martin 正使用 ServiceNow 來支援其企業數位轉型；他們將使用我們的創作者工作流程，在全球範圍內協助流程自動化。巴西能源公司 Petrobras 正以創作者工作流程作為其應用開發職能的基礎；他們已建置超過 26 個應用程式，例如油田平台的到職流程（onboarding）以及資料隱私法規管理。

Together, these businesses, IT, customer, employee, creator, represent a next-generation suite built on a pure-play born in the cloud architecture. Our intuitive consumer-grade experience is expanding adoption of this platform everywhere, already 70 million users strong. This has created a unique moat in terms of ServiceNow's strategic relevance in the enterprise.

綜合而言，這些業務——IT、客戶、員工、創作者——代表一套建立在純雲原生架構之上的新一代套件。我們直覺、消費級的使用體驗正在推動此平台在各處加速採用，使用者規模已達 7,000 萬。這也在企業中為 ServiceNow 的策略關聯性建立了獨特的護城河。

From a geographic perspective, we've continued to see momentum worldwide. This includes APJ with wins at Samsung SDS in South Korea and NEC in Japan. In EMEA, we're partnering with the French postal service, La Poste; and leading Italian energy company, Enel.

從地理區域來看，我們持續在全球看到動能，包括亞太與日本（APJ）地區在韓國 Samsung SDS 與日本 NEC 的勝利。在歐洲、中東與非洲（EMEA），我們正與法國郵政 La Poste 合作，並與義大利能源領導企業 Enel 攜手。

As you can see, the digital opportunity is expanding dramatically for ServiceNow. Already, in 2022, we're taking significant steps on our long-term road map. We're introducing a state-of-the-art new solution, ServiceNow Impact. Leaders need a command center to navigate the fully connected world. ServiceNow Impact includes an intuitive consumer-grade mobile application that visualizes the value from transformation investments in real time on their device. As this experience speeds up user adoption, we anticipate a significant halo effect with broader consumption of our growing solutions portfolio.

如各位所見，ServiceNow 的數位機會正在大幅擴張。僅在 2022 年，我們就已在長期路線圖上採取重要步驟。我們將推出最先進的新解決方案 ServiceNow Impact。領導者需要一個指揮中心來駕馭全面互聯的世界。ServiceNow Impact 包含一款直覺、消費級的行動應用程式，可在裝置上即時視覺化呈現轉型投資所帶來的價值。隨著這種體驗加速使用者採用，我們預期將產生顯著的光環效應，帶動對我們持續擴大的解決方案產品組合更廣泛的使用。

As our market opportunities expand, we are promoting strong leaders for scale. As a result of the consistent speed and unmatched quality of our innovation teams, we are expanding CJ Desai's role to Chief Operating Officer of the company. He will continue to lead products and engineering while also assuming industry and solution responsibilities for the company.

隨著我們的市場機會持續擴大，我們正在提拔具備規模化能力的強力領導者。因此，憑藉我們創新團隊一貫的速度與無可匹敵的品質，我們將擴大 CJ Desai 的職責，任命其為公司營運長（Chief Operating Officer）。他將持續領導產品與工程，同時也將承擔公司層面的產業與解決方案相關職責。

Our top sales leader, Kevin Haverty, has executed at an art form level for more than 10 years at ServiceNow. Kevin will also step into a strategic role for the company, serving as a mentor for the next generation of ServiceNow leaders. He will work directly with me on expanding our footprint in the public sector worldwide.

我們的頂尖銷售領導者 Kevin Haverty，在 ServiceNow 超過 10 年以來以近乎藝術般的水準持續交出成果。Kevin 也將在公司擔任一個策略性職務，作為下一代 ServiceNow 領導者的導師。他將直接與我合作，擴大全球公共部門的業務版圖。

Paul Smith will become Chief Commercial Officer, assuming our global sales responsibility. As ServiceNow's President of Europe, Middle East and Africa, Paul has established himself as a leader of consequence who can broaden the geographic reach of ServiceNow. All regions in the company have outstanding leadership in place, and I'm very, very proud of the work they are doing indeed.

Paul Smith 將出任首席商務長（Chief Commercial Officer），承擔我們的全球銷售責任。作為 ServiceNow 歐洲、中東與非洲總裁，Paul 已證明自己是一位舉足輕重的領導者，能夠拓展 ServiceNow 的地理覆蓋範圍。公司各區域皆已具備傑出的領導團隊，而我也對他們確實正在做的工作感到非常、非常自豪。

We're also recruiting outstanding new leaders to the company. Karen Pavlin has joined ServiceNow to become Chief Diversity, Equity and Inclusion Officer. Karen joins from our great partner, Accenture, where she led this function. She will help us embed diverse strategies directly into our business strategy because inclusive companies outperform all the others.

我們也正在為公司招募傑出的新領導者。Karen Pavlin 已加入 ServiceNow，擔任首席多元、公平與共融長（Chief Diversity, Equity and Inclusion Officer）。Karen 來自我們的重要合作夥伴 Accenture，並在那裡領導此職能。她將協助我們把多元策略直接嵌入到商業策略之中，因為具包容性的公司表現優於其他所有公司。

While our leadership team continues to strengthen, our inspired global workforce remains ever loyal. Look at our retention rate. ServiceNow is not only recruiting great talent. We keep it. In the engineering function as an example, we see much lower attrition rates than any of our peer group benchmarks. While no company is immune from the war on talent, our unique culture puts us in a highly differentiated position. Our high rankings from Glassdoor show that our people are invested in ServiceNow's bright future.

在我們的領導團隊持續強化之際，我們充滿熱情的全球員工隊伍依然高度忠誠。看看我們的留任率。ServiceNow 不僅招募到優秀人才，我們也留得住。以工程職能為例，我們看到的流失率遠低於同業基準。雖然沒有任何公司能完全免於人才爭奪戰，但我們獨特的文化讓我們處於高度差異化的位置。Glassdoor 的高排名顯示，我們的員工對 ServiceNow 光明的未來投入其中。

We see growth everywhere for ServiceNow. Our customers now view us as the standard platform for digital transformation. Our engineers continue to strengthen this highly innovative, scalable platform architecture.

我們看到 ServiceNow 在各處都在成長。我們的客戶如今將我們視為數位轉型的標準平台。我們的工程師也持續強化這個高度創新、可擴展的平台架構。

Our customer success teams have navigated the COVID challenges without missing a beat. Our partner ecosystem continues to build ServiceNow practices with even bigger commitments for long-term growth. The market forces are moving even more intensely in our direction.

我們的客戶成功團隊在面對 COVID 挑戰時依然應對自如、毫不失速。我們的合作夥伴生態系也持續建立 ServiceNow 的實務能力，並以更大的承諾投入長期成長。市場力量正更強烈地朝著對我們有利的方向推進。

For the future of work, businesses need to integrate disparate systems. Leaders are more invested in ESG than ever. There are 2 common threads here. First, ServiceNow's platform is purpose-built for each opportunity. Our new integrated ESG-in-a-box offering is a perfect example. Second, every company wants to become an exponential business. They cannot do that with linear processes. Of the 20 most valuable companies 30 years ago, 0 are in the top 20 today. The question is then which companies will be on that list 10 years from now. To be in that conversation, leaders need outcomes really fast. ServiceNow gives them the speed advantage they're looking for. We're empowering digital-first leaders to accelerate their vision.

面向未來的工作型態，企業需要整合分散的系統。領導者對 ESG 的投入也前所未有地提高。這裡有兩個共同主軸。第一，ServiceNow 的平台是為每一個機會量身打造。我們全新的整合式「ESG-in-a-box」產品就是最佳例證。第二，每家公司都希望成為指數型企業；他們無法用線性流程做到這一點。30 年前市值最高的 20 家公司中，如今在前 20 名的有 0 家。問題因此變成：10 年後哪些公司會在那份名單上？要進入那個討論，領導者需要非常快速地取得成果。ServiceNow 提供他們所尋求的速度優勢。我們正在賦能數位優先的領導者，加速實現他們的願景。

Our purpose is to make the world work better for everyone. Our ambition is to be the defining enterprise software company of the 21st century. ServiceNow's 2021 results and strong 2022 guidance signal our unshakable confidence in that goal. Our performance should leave no doubt. We are executing on all cylinders, and we will continue to do so. The world is looking for market leaders to build a new inclusive, sustainable wave of economic value, and ServiceNow is delivering. This is why we embrace the brand, the motto and the maxim. The world works with ServiceNow.

我們的使命是讓世界為每個人運作得更好。我們的抱負是成為 21 世紀具代表性的企業軟體公司。ServiceNow 2021 年的成果與 2022 年強勁的指引，彰顯我們對此目標堅定不移的信心。我們的表現不應留下任何疑問。我們正全速執行，並將持續如此。世界正在尋找市場領導者，以打造一波新的、具包容性且可持續的經濟價值浪潮，而 ServiceNow 正在交付成果。這也是為什麼我們擁抱這個品牌、這句口號與這項信念：世界與 ServiceNow 一起運作。

Thank you for your time. I look forward to your questions. Now over to our great CFO, Gina Mastantuono. Gina, over to you.

感謝各位撥冗。我期待各位的提問。接下來交給我們優秀的財務長 Gina Mastantuono。Gina，交給你。

Thank you, Bill, and Happy New Year to everyone listening in. Q4 was a fantastic quarter, capping an already phenomenal 2021. Despite increased FX headwind, ServiceNow outperformed across all of our top line guidance metrics in Q4.

謝謝你，Bill，也祝各位收聽的朋友新年快樂。第四季表現非常出色，為已經極為亮眼的 2021 年畫下完美句點。儘管外匯逆風加劇，ServiceNow 在第四季仍於我們所有主要營收指引指標上全面超越預期。

Our performance over the past couple of years not only exemplifies our unwavering focus on delivering customer success but is a testament to the innovation and flexibility the Now Platform provides to our customers. Whatever the macro challenges were, ServiceNow adapted to deliver value.

我們過去幾年的表現，不僅展現我們對交付客戶成功的堅定專注，也證明 Now Platform 為客戶帶來的創新與彈性。無論宏觀環境面臨何種挑戰，ServiceNow 都能調整以交付價值。

ServiceNow's ability to quickly respond to the needs of enterprises when and where they require us most is why we've become the trusted digital platform to drive transformation. It's why our renewal rates are best in class, creating a solid foundation from which we grow upon each year. It's why in 2021, we added more incremental subscription revenues than we reported in 2016.

ServiceNow 能夠在企業最需要我們的時間與地點快速回應其需求，正是我們成為推動轉型、值得信賴的數位平台的原因。這也是為什麼我們的續約率為同業最佳，為我們每年持續成長奠定穩固基礎。也因此在 2021 年，我們新增的訂閱收入增量，甚至超過我們在 2016 年所報告的訂閱收入。

I want to pause there for that to sink in. In 2021, we added a whole other 2016 ServiceNow to the top line, incredible organic growth at scale while generating over 30% free cash flow margin.

我想在這裡停一下，讓大家消化這件事。2021 年，我們在營收端等於再新增了一個完整的 2016 年 ServiceNow——在規模化之下仍實現驚人的有機成長，同時產生超過 30% 的自由現金流利潤率。

Now turning to our Q4 results. Subscription revenues were $1.523 billion, growing 30% year-over-year in constant currency. We exceeded the high end of our guidance range by $3 million when adjusting for the incremental $15 million FX headwind we saw in the quarter we beat by $18 million. RPO ended the quarter at approximately $11.5 billion, representing 32% year-over-year constant currency growth. Current RPO was approximately $5.7 billion, representing 32% year-over-year constant currency growth and a nearly 4 point beat versus our FX-adjusted guidance.

接著看第四季業績。訂閱收入為 15.23 億美元，以固定匯率計年增 30%。在調整本季額外 1,500 萬美元的外匯逆風後，我們仍較指引區間上緣高出 300 萬美元；若以本季外匯逆風計算，我們超出幅度為 1,800 萬美元。RPO（剩餘履約義務）季末約為 115 億美元，以固定匯率計年增 32%。其中，當期 RPO 約為 57 億美元，以固定匯率計年增 32%，相較於我們經外匯調整後的指引，幾乎高出 4 個百分點。

Q4 subscription billings were $2.420 billion, a $110 million beat versus the high end of our guidance. This represents 32% year-over-year growth on a reported basis and 33% year-over-year growth on an adjusted basis as FX and duration were a headwind of 100 basis points.

第四季訂閱帳單金額為 24.20 億美元，較指引上緣高出 1.10 億美元。以報告基礎計年增 32%；以調整後基礎計年增 33%，因外匯與合約期間（duration）帶來 100 個基點的逆風。

From an industry perspective, energy and utilities more than doubled its net new ACV contribution from the year-ago period. Business services and health care and life sciences also had a robust Q4 with very high double-digit net new ACV growth. Our renewal rate was a best-in-class 99%, continuing to demonstrate the stickiness of our business as the Now Platform remains a mission-critical part of our customers' operations. These enterprises not only remain loyal ServiceNow customers, but our customer cohorts have continued to show solid expansion over time. As of the end of Q4, we had over 1,350 customers paying us over $1 million in ACV.

從產業面來看，能源與公用事業的淨新增 ACV 貢獻較去年同期增加逾一倍。商業服務以及醫療保健與生命科學在第四季也表現強勁，淨新增 ACV 皆達到非常高的雙位數成長。我們的續約率為同業最佳的 99%，持續證明我們業務的黏著度，因為 Now Platform 仍是客戶營運中不可或缺的關鍵部分。這些企業不僅持續忠誠於 ServiceNow，我們的客戶群組也隨時間展現穩健擴張。截至第四季末，我們有超過 1,350 家客戶的 ACV 超過 100 萬美元。

Our strategy of targeting the right enterprise customers that drive the best ROI and can grow with us over time is bearing fruit. In Q4, we closed 135 deals greater than $1 million in net new ACV in the quarter, up over 50% year-over-year. In addition, our better together story is resonating as 18 of our top 20 deals included 5 or more products.

我們鎖定能帶來最佳投資報酬率、並可隨我們長期成長的合適企業客戶之策略，正逐步開花結果。第四季，我們在單季內完成 135 筆淨新增 ACV 超過 100 萬美元的交易，年增超過 50%。此外，我們「更好在一起」的整合敘事正在引起共鳴，前 20 大交易中有 18 筆包含 5 項或以上產品。

Turning to profitability. Operating margin was 23%, 1 point above our guidance, primarily driven by the strong revenue beat. Our free cash flow margin in the quarter was 46%. For full year 2021, operating margin was 25% and free cash flow margin was 32%, representing $1.9 billion of free cash flow.

接著談獲利能力。營業利潤率為 23%，較指引高出 1 個百分點，主要由強勁的營收超預期所帶動。本季自由現金流利潤率為 46%。2021 全年營業利潤率為 25%，自由現金流利潤率為 32%，相當於 19 億美元的自由現金流。

We ended the year with a healthy balance sheet, including $4.9 billion in cash and investments, putting us in excellent shape to continue investing in strategic initiatives to drive organic growth. Together, these results show the power of our business model and our ability to drive a balance of growth and profitability.

我們以健康的資產負債表結束本年度，包括 49 億美元的現金與投資，使我們具備極佳條件，得以持續投資於推動有機成長的策略性計畫。綜合而言，這些成果展現我們商業模式的力量，以及我們在成長與獲利之間取得平衡的能力。

What's more? We're achieving all of this with a focus on ESG and winning the right way. Last quarter, I announced our commitment to reaching our net zero emissions goal by 2030, 2 decades earlier than our previous goal. This quarter, you heard Bill introduce Karen Pavlin, who will lead our efforts to strengthen our culture, ensuring equity and creating an even deeper sense of belonging. Diversity, equity, inclusion are business imperatives for ServiceNow; and in 2021, we outperformed all 6 of our representation and hiring goals across 3 categories: Black, Hispanic and Latinx and women in leadership. At its core, ServiceNow's culture is one of belonging. It is core to who we are, and it will be one of the keys to our company's growth for many years to come.

更重要的是？我們在達成這一切的同時，也聚焦於 ESG，並以正確的方式取勝。上季我宣布，我們承諾在 2030 年達成淨零排放目標，比先前目標提前了 20 年。本季，各位也聽到 Bill 介紹 Karen Pavlin，她將領導我們強化文化的努力，確保公平並打造更深層的歸屬感。多元、公平、共融對 ServiceNow 而言是商業上的必要條件；而在 2021 年，我們在 3 個類別的 6 項代表性與招募目標上全面超標：黑人、西語裔與拉丁裔，以及女性領導者。歸根結底，ServiceNow 的文化是一種歸屬感。這是我們的核心，也是未來多年推動公司成長的關鍵之一。

Moving on to guidance. Since the end of Q3, we've seen an incremental strengthening of the U.S. dollar, resulting in a material FX headwind in 2022. To help provide investors better visibility into the underlying strength of the business, I'll be providing constant currency guidance. I would also note that, in January, we completed an assessment of the useful life of our data center equipment and determined that we could extend their estimated life from 3 to 4 years. As a result, we expect a reduction in depreciation expense, which will contribute approximately 100 basis points to gross margin in 2022, trending down to just 50 basis points in 2024.

接著談指引。自第三季末以來，我們看到美元進一步走強，導致 2022 年面臨顯著的外匯逆風。為了讓投資人更清楚看見業務的內在強勁動能，我將提供以固定匯率（constant currency）為基礎的指引。我也要補充說明，我們在 1 月完成了對資料中心設備耐用年限的評估，並判定可將其估計使用年限由 3 年延長至 4 年。因此，我們預期折舊費用將下降，這將在 2022 年為毛利率貢獻約 100 個基點，並在 2024 年逐步下降至僅 50 個基點。

With that in mind, I'll turn to our 2022 outlook. Last year was a strong year, and I'm excited to announce that our momentum will carry into 2022 as we do not expect any change in constant currency growth year-over-year. We expect subscription revenues between $7.02 billion and $7.04 billion, representing 26% year-over-year growth. That's 28% on a constant currency basis, the same growth as 2021.

基於上述背景，我接著說明我們對 2022 年的展望。去年表現強勁，我也很高興宣布，我們的動能將延續到 2022 年，因為我們預期以固定匯率計算的年增成長不會改變。我們預期訂閱營收介於 70.2 億至 70.4 億美元，代表年增 26%。以固定匯率計算則為 28%，與 2021 年相同的成長率。

It's an amazing achievement when you think about the fact that the base we are growing off of is $1.3 billion higher when we started just last year. We expect subscription gross margin of 86%, up 100 basis points year-over-year. We expect an operating margin of 25%.

當你想到我們成長所依據的基期，相較於去年剛開始時已高出 13 億美元，這真的是一項了不起的成就。我們預期訂閱毛利率為 86%，年增 100 個基點。我們預期營業利益率為 25%。

With regard to operating expenses, we have reopened many offices and are planning in-person conferences and user events this year. Our sales force has also already begun to travel again. As such, we expect certain COVID-related savings we've seen over the past 2 years to fade in 2022.

就營業費用而言，我們已重新開放許多辦公室，並計畫今年舉辦實體研討會與使用者活動。我們的銷售團隊也已開始再次出差。因此，我們預期過去 2 年因 COVID 相關因素所帶來的部分節省，將在 2022 年逐漸消退。

We expect free cash flow margins of 31%, and we expect diluted weighted average outstanding shares of 204 million.

我們預期自由現金流利潤率為 31%，並預期稀釋加權平均流通在外股數為 2.04 億股。

For Q1, I'm pleased to announce that we expect subscription revenue growth to accelerate year-over-year on a constant currency basis. We expect subscription revenues between $1.61 billion and $1.615 billion, representing 25% year-over-year growth or 27.5% constant currency growth. We expect cRPO growth of 28% year-over-year or 29.5% on constant currency basis. We expect an operating margin of 25%, and we expect 203 million diluted weighted outstanding shares for the quarter.

就第一季而言，我很高興宣布，我們預期以固定匯率計算的訂閱營收年增將加速。我們預期訂閱營收介於 16.10 億至 16.15 億美元，代表年增 25%，或以固定匯率計算年增 27.5%。我們預期 cRPO 年增 28%，或以固定匯率計算年增 29.5%。我們預期營業利益率為 25%，並預期本季稀釋加權流通在外股數為 2.03 億股。

In summary, we had a very strong Q4, and I'm so proud of what our team has accomplished over the past year and what they continue to achieve. The pace of digital investment is accelerating. Demand in 2022 continues to be strong. Enterprises are turning to ServiceNow to create new business models to address the new ways employees and customers want to engage. The Now Platform offers the speed, flexibility and innovation companies need. We're well on our way to $15 billion and beyond and becoming the defining enterprise software company of the 21st century.

總結來說，我們第四季表現非常強勁，我也為團隊在過去一年所完成的成果以及持續達成的成就感到非常自豪。數位投資的步伐正在加速。2022 年的需求仍然強勁。企業正轉向 ServiceNow，打造新的商業模式，以因應員工與客戶希望互動的新方式。Now Platform 提供企業所需的速度、彈性與創新。我們正穩步邁向 150 億美元及更高的目標，並成為 21 世紀具代表性的企業軟體公司。

Before moving on to Q&A, Bill and I want to thank our employees around the world for a tremendous year. You are the key to ServiceNow's success, and you all continue to make us ServiceNow strong.

在進入問答之前，Bill 和我想感謝全球各地的員工，讓今年成為非凡的一年。你們是 ServiceNow 成功的關鍵，而你們也持續讓我們更強大、成為 ServiceNow strong。

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

那麼，我們現在開放問答。

(Operator Instructions) Your first question comes from the line of Phil Winslow with Credit Suisse.

（接線員指示）第一個問題來自 Credit Suisse 的 Phil Winslow。

Congratulations on a strong end to a really strong full year. Investors have been concerned this year about a potential pull forward in demand really setting the stage for decelerating growth across software. Now looking at your results tonight and the guidance, I really can't find any signs of decelerating demand for ServiceNow. In fact, sales and marketing headcount in Q4 grew at its fastest rate since Q1 2020, which suggests you're continuing to lean in here.

恭喜你們在非常強勁的全年表現之後，又以強勁的第四季作結。今年投資人一直擔心需求可能被提前拉動，進而為整體軟體產業的成長放緩埋下伏筆。但從你們今晚的結果與指引來看，我實在找不到任何 ServiceNow 需求放緩的跡象。事實上，第四季銷售與行銷的人力編制以自 2020 年第一季以來最快的速度成長，這顯示你們仍在加大投入。

So 2 questions. First, Bill, my question to you is what are you hearing from customers that gives you confidence in the sustainability of growth and to accelerate this go-to-market hiring exiting the year. And Gina, what trends are you seeing in terms of ramping these new sales and marketing hires?

所以有兩個問題。第一個，Bill，我想請教你：你從客戶那邊聽到什麼，讓你對成長的可持續性有信心，並在年底加速擴編 go-to-market 團隊？另外，Gina，你看到這些新進的銷售與行銷人員在上手（ramp）方面有哪些趨勢？

Thank you very much, Phil, for your kind remarks and also for your question. Customers are absolutely focused on technology being the business strategy. And digital transformation is in full flight, and we will capitalize on that greatly.

非常感謝你，Phil，謝謝你的肯定，也謝謝你的提問。客戶確實非常聚焦於「科技就是商業策略」。而數位轉型正全面展開，我們將在其中大幅受益。

The reality on our numbers is we did not see any evidence of unusual demand pull forward into our business for 2021. It happened in an extremely linear and coherent fashion, which was really a thing of beauty to watch from an execution perspective. And as I look at the pipelines, they're ever increasing, and they're doing that across the platform, the employee experience, the customer experience, the creator experience. And all of this now is really making ServiceNow one of those real standard platforms for well-run companies in the 21st century. And I think that includes a very short list of others. We're one of them. And Phil, the business just couldn't be going better.

就我們的數據而言，我們在 2021 年並未看到任何證據顯示有不尋常的需求提前拉動進入我們的業務。整體發展非常線性且一致，從執行角度來看，能看到這樣的表現真的很美妙。當我觀察銷售管線時，它們持續增加，而且是在整個平台上增加，涵蓋員工體驗、客戶體驗、創作者體驗。所有這些正讓 ServiceNow 成為 21 世紀管理良好的企業所採用的標準平台之一。我認為能列入這個名單的公司非常少，而我們就是其中之一。Phil，這門生意再好不過了。

And then, Phil, on your question with respect to ramped rep, you're absolutely right. We did not pause at all on our headcount growth in Q4. We're entering 2022 with more ramped sales reps than we entered 2021, and we feel really good about pipeline and the demand that we see in front of us. So we are absolutely not stopping our investment in go-to-market resources. We are planning for a very strong 2022.

另外，Phil，關於你提到的業務代表上手（ramped rep）問題，你說得完全正確。我們在第四季完全沒有放慢人力成長。我們進入 2022 年時，已上手的銷售代表人數比進入 2021 年時更多，而且我們對眼前所看到的管線與需求感到非常有信心。因此，我們絕對不會停止對 go-to-market 資源的投資。我們正以 2022 年將非常強勁來做規劃。

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

下一個問題來自 Barclays 的 Raimo Lenschow。

Congrats from me as well. Well done. The -- can we talk a little bit about the revenue or you're achieving with one of your biggest clients? You have like a record number now of people over $1 million in ACV, but the ACV number is also going up. Like, Bill, can you talk a little bit about how you see this trending going forward with all the different products that you have but also the product expansion that you're seeing there? How do you think this will evolve over time?

我也要恭喜你們，做得很好。那個——我們能否談談你們與某些最大客戶之一所達成的營收？你們現在有創紀錄數量的客戶 ACV 超過 100 萬美元，而且 ACV 數字也在上升。Bill，你能否談談你如何看待在你們擁有多元產品、以及你們在客戶端看到的產品擴張之下，這個趨勢未來會如何發展？你認為它會隨時間如何演進？

Raimo, excellent question. This is really a beautiful point in the scale phase that ServiceNow is in. And you might notice the substantial promotion for CJ in addition to taking on his normal great results for development and engineering. He's now moving into the industry phase where we're going to connect the code to the actual industry-specific solutions the specialist professionals that guide our general line sales force and our customer relationships each and every day. And that's going to give us a real special bilateral communication with our customers to innovate at an even faster clip than we have in the past, if that's possible.

Raimo，這是個很棒的問題。這正是 ServiceNow 所處規模化階段的一個非常美好的切入點。你可能也注意到 CJ 獲得了大幅度的升任；除了他在研發與工程方面一如既往的卓越成果之外，他現在也進入產業（industry）階段，我們將把程式碼與實際的產業別解決方案連結起來，並由專業的產業專家來指導我們的一線通用型銷售團隊，以及我們每天與客戶的關係經營。這將讓我們與客戶之間形成真正特別的雙向溝通，使我們能以比過去更快的速度創新——如果那還可能更快的話。

And you see what happens in telecommunications, in financial services. You see what happens in government, health care, life sciences. All the businesses that we've chosen to focus on from an industry perspective are really scaling and doing so very, very quickly.

你可以看到在電信、金融服務領域發生的事情；也可以看到在政府、醫療保健、生命科學領域發生的事情。我們從產業角度選擇聚焦的所有業務，都正在擴大規模，而且速度非常、非常快。

And here's where the big deals have only just begun. If you look at businesses today, and there's one retailer in particular that I referenced in the call like CVS, which is a great company. They have retail customers, but they're also transforming into a health and wellness company. And they understand the experience that they have to give their customers is evolving into a multi-workflow environment.

而這正是大型交易才剛開始的地方。如果你看看今天的企業，有一家零售商我在電話會議中提到過，例如 CVS，這是一家很棒的公司。他們有零售客戶，但也正在轉型為健康與福祉公司。他們理解自己必須提供給客戶的體驗，正在演進成一個多工作流程（multi-workflow）的環境。

So on one hand, I have to keep my associates super happy because they have complex enough jobs. I have to keep my customers happy because, in some cases, they want to come to the store. In other cases, they want the store to come to them. I'm transforming my business model between all of these factors, and now I'm going for health and wellness. And someday, I'll not only do that in store, but I can do that at the home. So you're seeing multi-complex workflows possible on the Now Platform coming together to form greater-sized solutions that have major business impact for our customers and the value we can create with digital transformation.

所以一方面，我必須讓我的門市同仁非常滿意，因為他們的工作已經夠複雜了；我也必須讓我的客戶滿意，因為有些情況下他們想來店裡，另一些情況下他們希望店鋪把服務送到他們身邊。我正在在所有這些因素之間轉型我的商業模式，而現在我又朝健康與福祉前進。未來某一天，我不僅能在店內做到這些，我也能在家中做到。因此，你會看到在 Now Platform 上，多重且高度複雜的工作流程正在匯聚，形成規模更大的解決方案，為客戶帶來重大的商業影響，以及我們透過數位轉型所能創造的價值。

So the challenge I've got out to the company, Raimo, is the large deals will accelerate dramatically on a year-over-year basis. We are now prepared for that, and we have the best leaders in the positions in the company to deliver that, and we have an extremely inspired workforce and an extremely inspired ecosystem. So all that comes together. And as you know, I've seen the movie before. When it all comes together, it equals big growth.

所以我對公司提出的挑戰，Raimo，是大型交易將以年對年為基礎大幅加速。我們現在已為此做好準備，而且我們在公司各個關鍵職位上配置了最優秀的領導者來交付成果；我們也擁有一支極度受鼓舞的員工隊伍，以及一個極度受鼓舞的生態系統。所以這一切會匯聚在一起。而如你所知，我以前看過這部電影。當一切都到位時，就等於巨大的成長。

Your next question comes from the line of Alex Zukin with Wolfe Research.

你的下一個問題來自 Wolfe Research 的 Alex Zukin。

Congrats on a great end to the year. Bill, maybe the first one for you. If you think about what you just said to Raimo's question about being in a great position to massively accelerate the amount of large deals, is it right to kind of think that industry clouds and the low-code platform vision, that's the big motion that you think will unlock the most value in some of these larger deals, even more -- maybe even more so than HR, CSM? Or what's the right way to think about like the growth drivers of these expansion opportunities over the course of the next year? And look, it doesn't escape all of us the valuation contraction we've seen in the public markets. Does it change or in any way influence your strategy or thought process around organic versus inorganic growth?

恭喜你們在年底交出非常亮眼的成績。Bill，第一題可能先問你。若回到你剛才對 Raimo 的提問所說、我們處於一個能夠大幅加速大型交易數量的絕佳位置，是否可以這樣理解：產業雲與低程式碼平台的願景，是你認為能在這些較大型交易中解鎖最多價值的主要推動力，甚至可能比 HR、CSM 更重要？或者，該如何正確看待未來一年這些擴張機會的成長驅動因素？另外，我們都注意到公開市場出現的估值收縮。這是否會改變或以任何方式影響你們在有機成長與非有機成長之間的策略或思考？

Yes. Alex, that's a really significant set of issues, and I'll address them head on. First of all, every great company has a great core business because when you have a multibillion core business, that core business has to perform, so you get the leverage on all the adjacencies. Our core business is better than ever, and it's growing really strong. And in fact, I think it could be very close to the overall corporate growth rate as we look into the crystal ball.

是的。Alex，這是一組非常重要的議題，我會正面回應。首先，每一家偉大的公司都有一個很強的核心業務，因為當你擁有一個數十億美元規模的核心業務時，這個核心業務必須表現出色，這樣你才能在所有相鄰領域上取得槓桿效益。我們的核心業務比以往任何時候都更好，而且成長非常強勁。事實上，當我們透過水晶球往前看時，我認為它很可能會非常接近整體公司的成長率。

Then you add on employee experience. You have to remember, this employee experience and the future of work and where people are going to be working and how they're going to be working, especially exacerbated by a talent war out there, is really a big deal. And CEOs need to retain the people they have now. They better be recruiting and onboarding in a flawless manner because the employees today expect consumer-grade user experiences in the enterprise. And if they don't get them, they either don't come on in the first place because they know what's going on in these companies, the Internet tells them that or when they get there, they don't stay very long because they're not happy. So the employee experience is front and center.

接著你再加上員工體驗。你必須記得，員工體驗、未來的工作型態、人們將在哪裡工作以及如何工作——尤其在外部人才戰加劇的情況下——真的是一件大事。CEO 需要留住現在的人才。他們必須以無可挑剔的方式進行招募與到職導入，因為今天的員工期待企業也能提供消費者等級的使用者體驗。如果得不到，他們要嘛一開始就不會加入，因為他們知道這些公司內部發生什麼事，網路會告訴他們；要嘛即使加入了，也不會待太久，因為他們不滿意。所以員工體驗是最核心、最優先的。

And then on customer service management, the reality is this is just starting because the world has really acknowledged that the customer is not going to come to you the way they used to. You're going to have to go to them, and you're going to have to explain to that customer that your brand gets it and you can give them an experience. No matter where they're experiencing your brand, that has enormous consistency, service value, and yes, even helpful hands in terms of smart transactions through an AI platform like ServiceNow's.

再來談客戶服務管理。現實是，這才剛開始，因為世界已經真正意識到，客戶不會再像過去那樣主動找上門。你必須走向客戶，並向客戶說明你的品牌懂他們、能提供體驗。無論他們在哪裡接觸你的品牌，都要有極高的一致性、服務價值，甚至在透過像 ServiceNow 這樣的 AI 平台進行智慧交易時，能提供實際的協助。

And then you take the creator workflow. Look, 500 million applications between now and the end of 2023 is more applications that have been built in the last 40 years. So there's no choice. It's going to be low code, no code, and the ServiceNow platform is beautifully positioned.

然後是創作者工作流程。你看，從現在到 2023 年底將會有 5 億個應用程式——這比過去 40 年所建置的應用程式還要多。所以別無選擇，必然會走向低程式碼、無程式碼，而 ServiceNow 平台的定位非常到位。

Now let me extend to your question on industry and low code. That is absolutely a very astute observation because if you take the low-code revolution and you combine it with industry, we're now solving business problems that have been out there for a long time. We featured the Celonis partnership where they could do the X-ray in the non-ServiceNow installed environments. We can activate all the changes that are necessary to augment the business process on the Now Action layer.

現在延伸到你關於產業與低程式碼的問題。這確實是非常敏銳的觀察，因為如果你把低程式碼革命與產業結合起來，我們正在解決長期存在的商業問題。我們展示了與 Celonis 的合作夥伴關係，他們可以在非 ServiceNow 已安裝的環境中做 X 光式的洞察。我們則可以在 Now Action 層啟動所有必要的變更，以強化業務流程。

And of course, here's the big thing. All those systems out there have been mass customized. But with ServiceNow, you can carry forward all your customizations with the creator workflow. You don't need a team of consultants in a truck coming over there for years and years projects and billions and billions. This is speed to market. This is low-cost rollout of big ideas and business model innovations and better service for the employee and the customer.

當然，這裡有個重點：外面那些系統都被大量客製化了。但透過 ServiceNow，你可以用創作者工作流程把所有客製化延續下去。你不需要一整車顧問團隊跑來跑去、做上好幾年、花上數十億又數十億。這就是上市速度（speed to market）。這是以低成本推出大構想與商業模式創新，並為員工與客戶提供更好的服務。

So it all comes together. And the reason I'm so excited about what we're doing with the executive team here is we're all lined up now to take everything we know how to do and scale it across the world in every geo, in every industry and every persona. And I have to thank my partners out there. I mean they're knocking down the door to get a bigger piece of the ServiceNow franchise. So it's all of those things coming together, Alex.

所以一切都匯聚在一起。我之所以對我們與這裡的高階主管團隊正在做的事情感到如此興奮，是因為我們現在已經對齊，準備把我們所知道如何做到的一切，在全球每個地區、每個產業、每個角色（persona）全面擴大規模。我也必須感謝外部的合作夥伴。我的意思是，他們都在敲門，希望能在 ServiceNow 這個版圖中取得更大份額。所以，Alex，這就是所有這些因素的匯聚。

Now on M&A, I want to be really super clear about this. We have no targets on the Board for M&A. And the reason for that it is on an organic growth basis, you see the numbers as much as I see the numbers. The cloud economics are in full flight. And we have engineers that love this company, and they love coming to work every day, whether they're working out of their home or our office. We're all open. And they come in and they create new things. And they have an idea that they can take, and they have a dream that they can build. When I listen to other engineers in other software companies that want to come over here telling me they spend 90% of their time integrating the past as opposed to innovating the future, it just reminds me of how thoughtful we have to be on M&A.

至於併購（M&A），我想把話說得非常清楚：董事會沒有設定任何併購目標。原因在於，就有機成長而言，你看到的數字跟我看到的一樣。雲端經濟正全面起飛。而且我們有熱愛這家公司的工程師，他們每天都喜歡來上班，不管是在家工作或在辦公室工作。我們都已開放。他們進來就創造新事物。他們有可以落地的想法，也有可以打造的夢想。當我聽到其他軟體公司的工程師想轉來這裡，跟我說他們 90% 的時間都在整合過去、而不是創新未來時，這只會提醒我：我們在併購上必須非常審慎。

So as Gina said, we have $5 billion in cash. That's going to continue to grow exponentially. You know that. We're fueling our organic growth ambitions. We can be opportunistic. But in this guide and this current state of affairs, there is no intent to do any large-scale M&A. And if that were to change, I would be the first to tell you.

所以如 Gina 所說，我們有 50 億美元現金，而且這還會持續呈指數型成長，你也知道。我們正在為有機成長的企圖心提供燃料。我們可以把握機會、保持彈性。但在這份指引與目前的情勢下，沒有任何意圖要進行大型併購。如果這點有變，我會第一時間告訴你。

Incredibly specific and we all love the candor and appreciate that color. I guess maybe just a quick follow-up. First of all, congratulations to CJ. What a wonderful expansion of his abilities and opportunities. I wanted to ask about the shift on the Chief Customer Officer. What plays -- Workday, as an example, is another company that's made a move to historically make the head of Europe the head of overall sales. I wanted to ask, what -- in terms of the motion that you're seeing successful in -- outside of the U.S. that can be applied to the rest of the organization, and particularly inside the U.S., what plays are successful that you think can be run or expanded that will work?

非常具體，我們也都很喜歡這種坦率，並感謝你提供的補充說明。我想再快速追問一下。首先，恭喜 CJ。這真是他能力與機會的一次很棒的擴展。我想問的是首席客戶長（Chief Customer Officer）的調整。像 Workday 也是另一家曾經做過類似動作的公司，歷來把歐洲負責人提升為整體銷售負責人。我想問的是，就你們在美國以外看到的成功推進方式（motion）而言，有哪些可以套用到整個組織、特別是美國內部？以及在你看來，有哪些成功的打法可以複製或擴大，並且會奏效？

Well, first of all, I want to tip my cap to our regional presidents because they know I love them, and I love all of them. We have great leadership with Mitch in APJ, great leadership with Mike in the Americas and now [Ulrich] coming on in EMEA. I know them all personally. I admire them deeply, and I really appreciate what they're doing for ServiceNow. And they're all playing critical roles in our future.

首先，我要向我們的區域總裁致敬，因為他們知道我很愛他們，我愛他們每一位。我們在 APJ 有 Mitch 的卓越領導，在美洲有 Mike 的卓越領導，現在在 EMEA 也有 [Ulrich] 加入。我都認識他們每一位。我非常敬佩他們，也非常感謝他們為 ServiceNow 所做的一切。他們都在我們的未來扮演關鍵角色。

Mike, as an example, has done an extraordinary job here for a very, very long period of time, and 65% of the number resides in his [past]. So he knows what we think of him. And I've always told our leaders that this is a significant company, and each piece of this puzzle needs to be managed with incredible care. And these are the leaders that will do that.

以 Mike 為例，他在這裡非常、非常長的一段時間內都做得極為出色，而 65% 的業績數字都在他的 [過去] 範疇之內。所以他知道我們如何看待他。我也一直告訴我們的領導者，這是一家重要的公司，而這個拼圖的每一塊都需要以極度謹慎的方式管理。而這些領導者就是能做到這點的人。

Now Paul Smith brings a very unique style and know-how, especially around the expansion of the C-level relationships where he has proven himself in an exemplar fashion for the 18 months that he has been here. And as you know, we had a great track record before we got here. And he understands all the concepts that I put out on this call today because he's been through them, and we're activating them together, and we know exactly what we are doing.

而 Paul Smith 帶來非常獨特的風格與專業能力，特別是在擴展與 C 級高層關係方面；在他加入的這 18 個月裡，他以堪稱典範的方式證明了自己。而如你所知，在我們來到這裡之前，我們就有很好的成績紀錄。他也理解我今天在這通電話會議上提出的所有概念，因為他都親身經歷過；我們正在一起把它們啟動落地，而且我們非常清楚自己在做什麼。

And the other thing is with CJ and the closeness that CJ and Kevin have had all these years, that continues. Kev's still with me. And CJ is right with me. And Paul is right with me. So we're all putting this together, and we're going to activate it in every region, in every industry and across every persona.

另外一件事是，CJ 以及 CJ 和 Kevin 這些年來一直保持的緊密關係，仍在延續。Kev 仍然和我在一起。CJ 也和我並肩。Paul 也和我並肩。所以我們正在把這一切整合起來，並且要在每個地區、每個產業、以及跨越每一種人物角色（persona）去啟動它。

And what I'm so inspired by is these executives. I respect them with my whole heart, and they're doing a fabulous job, and they want ServiceNow to be the defining enterprise software company in the 21st century. And they all want it as badly as I do, which is why I know it's going to happen.

而讓我深受鼓舞的是這些高階主管。我全心全意地尊敬他們，他們做得非常出色，而且他們希望 ServiceNow 成為 21 世紀具代表性的企業軟體公司。他們渴望成功的程度和我一樣強烈，這也是我知道它一定會發生的原因。

Your next question comes from the line of Kash Rangan with Goldman Sachs.

下一個問題來自高盛（Goldman Sachs）的 Kash Rangan。

What an incredible finish to '21. You have more than $5 billion in revenue, and you have close to $11-plus billion in RPO that you are hardly within sight of your long-term goal, Bill and team. So kudos on that wonderful milestone.

2021 年的收官真是令人驚艷。你們的營收超過 50 億美元，RPO 接近 110 億美元以上，而距離你們的長期目標其實還遠遠未到，Bill 和團隊。所以恭喜達成這個精彩的里程碑。

Bill, my question for you is, certainly, your vision of the platform revolution taking over from the database, relational database, middleware, that whole stack, old revolution is a very compelling one because you can bring value to customers, pricing problems immediately, right? So that's been the long-term thesis of ServiceNow.

Bill，我想問你的是，當然，你所描繪的平台革命願景——取代資料庫、關聯式資料庫、中介軟體以及那整套舊有技術堆疊——非常有說服力，因為你可以立即為客戶帶來價值、立刻解決定價問題，對吧？所以這一直是 ServiceNow 的長期論點。

Now a little bit more tactically, as you head into '22, we've got no need to reiterate but very briefly, inflation pressures, labor shortage, supply chain shortage and a need to boost productivity despite all these constraints. How do you see the Now Platform being equipped to handle these challenges, these tactical challenges in the near term for corporations with your execution?

現在更戰術性地看，當你們邁入 2022 年，我們不需要再重申，但簡要來說：通膨壓力、勞動力短缺、供應鏈短缺，以及在所有這些限制下仍需要提升生產力。你如何看待 Now Platform 在你們的執行之下，能在短期內協助企業應對這些挑戰、這些戰術性挑戰？

Well, I really appreciate the question. Thank you so much for your kind remarks. I really do, Kash. Thanks a lot. ServiceNow has a unique ability to drive more efficiency and automate these processes and is absolutely a deflationary tool that helps alleviate the need for more hiring. Many companies think the only way to solve a problem is throw more bodies at it. While we have no quarrel with increasing jobs, if there's a limited pool of digital assets, that's a problem. And that's why you need ServiceNow. So driving the productivity and efficiency out of the resources enterprises already have, helping them reduce the need for additional spend is our lead play in the playbook for the scenarios you laid out there.

我非常感謝這個問題。也非常謝謝你的好評。我真的很感激，Kash。非常感謝。ServiceNow 具備獨特能力，能提升效率並自動化這些流程，絕對是一種「通縮型」工具，有助於減輕必須增加招募的需求。許多公司認為解決問題的唯一方式就是投入更多人力。我們並不反對增加就業，但如果可用的數位人才資源池有限，那就是問題。這也是為什麼你需要 ServiceNow。因此，從企業既有資源中榨出更高的生產力與效率，協助他們降低額外支出的需求，就是我們針對你所描述情境的首要策略。

And one simple example, take virtual agents deflecting and automating tickets so that the IT help desk personnel can spend their time tackling more strategic issues, giving them more satisfaction with their job and creating a happier work environment. And this also reduces the need to hire more people in the first place. But then really smart CEOs are literally struggling every day now how I keep my people. And the only way to keep them is to give them a great experience. And they're going to feel you right out of the gates. If you recruited them and you can't onboard them properly, they're going to feel you if you can't train them and activate a customized training curriculum that's targeted specifically to their unique skills and attributes. And they're going to feel you real quick if they can't go to one portal to activate all of their services on their mobile device. So no matter where they are, their company's brand, their company's culture is talking to them.

舉個簡單例子：使用虛擬代理（virtual agents）來分流並自動化工單（tickets），讓 IT 服務台人員能把時間用在更具策略性的議題上，讓他們對工作更有成就感，並創造更快樂的工作環境。而這也能在一開始就降低必須再多招人的需求。但真正聰明的 CEO 現在每天都在苦惱：我要如何留住我的員工。唯一的方法就是給他們很棒的體驗。他們一進門就會立刻感受到。如果你招募了他們卻無法妥善完成入職（onboard），他們會立刻感受到；如果你無法訓練他們、無法啟動一套針對其獨特技能與特質量身打造的訓練課程，他們也會感受到；如果他們無法透過一個入口網站（portal）在行動裝置上啟用所有服務，他們也會很快感受到。所以不論他們身在何處，公司品牌與公司文化都在與他們對話。

And then you do need to manage these cases with people. My goodness, legal could be involved. Finance could be involved. HR could be involved. COOs and CEOs could be involved. And most companies have literally thousands of cases that are in flight at any one time. Only ServiceNow, only ServiceNow can manage the multidisciplinary workflows that go across an organization in many different circular forms to close out a case properly. That's what we do, Kash.

接著，你確實需要以人來管理這些案件（cases）。天啊，法務可能會介入；財務可能會介入；人資可能會介入；營運長（COO）和執行長（CEO）也可能會介入。而大多數公司在任何一個時間點，實際上都有成千上萬個正在進行中的案件。只有 ServiceNow，只有 ServiceNow 能管理跨越組織、涉及多學科、以多種循環形式運作的工作流程（workflows），並把案件妥善結案。這就是我們在做的事，Kash。

So I lean into the inflation conversation, the labor conversation. We're more and more activated now and straightening out supply chain dilemmas. We have one manufacturer in the auto industry that has us as the control tower for their entire supply chain now. A few years ago, nobody would even know that. We are solving ERP cases left, right and center with ServiceNow as the action platform.

所以我正面迎向通膨的討論、勞動力的討論。我們現在也越來越積極地投入並理順供應鏈困境。我們在汽車產業有一家製造商，現在把我們當作其整個供應鏈的控制塔（control tower）。幾年前，沒有人會想到這點。我們正以 ServiceNow 作為行動平台（action platform），到處在解決 ERP 案例。

So I think the idea of this productivity, and I mentioned it in my discussion earlier, really manifests itself in our new Impact product. We took a service, productized it in software where we can look at the entire value chain, on the Now Platform, the entire value chain from the presale to the sale and the post sale, all the activities that have taken place in the deployment in relation to the value that's being delivered in real time with hard dollars and cents and an absolute measurement that the customer can look at on their iPhone, that the partner participates in the conversation -- incidentally, we're not using any other technology with the Now Platform -- and that ServiceNow can use.

所以我認為「生產力」這個概念——我在先前的討論也提到——在我們新的 Impact 產品上真正具體展現出來。我們把一項服務用軟體方式產品化（productized），讓我們可以在 Now Platform 上檢視整條價值鏈：從售前到銷售再到售後；部署過程中發生的所有活動；以及與所交付價值之間的關聯——以即時方式呈現，並以真金白銀的硬性金額（hard dollars and cents）與絕對量化指標來衡量，客戶可以在 iPhone 上查看；合作夥伴也能參與這段對話——順帶一提，我們沒有使用 Now Platform 以外的任何其他技術——而 ServiceNow 也能使用。

So now just think about the gorgeousness of that conversation where, as we deploy, we can show the business outcome. And the partner and ServiceNow and the customer are all on the same sheet of music on the Now Platform with ServiceNow Impact.

所以現在想像一下那段對話有多精彩：當我們在部署時，就能展示業務成果（business outcome）。而合作夥伴、ServiceNow 與客戶，透過 ServiceNow Impact，都在 Now Platform 上「同一份樂譜」上對齊。

Kash, it's amazing. We have 17 customers in the pilot join up on the Impact platform before we even launched it. We're now GA on it, and we're launching it with all of our employees globally tomorrow in every geography. This is going to create a renaissance of value delivery in the enterprise, the likes of which has never been seen before.

Kash，這真的很驚人。我們甚至在正式推出之前，就有 17 家客戶加入 Impact 平台的試點（pilot）。我們現在已經正式全面上市（GA），而且明天將在全球所有地區，對我們所有員工一併啟動。這將在企業價值交付上掀起一場前所未見的復興。

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

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

Excellent. Let me echo the congratulations on a great quarter and a great year. I want to follow through on Kash's interesting question and kind of turn it inward to ServiceNow. And so Bill, from your perspective, do you see any constraints in terms of your partners finding the people or your customers finding the people to be able to deploy ServiceNow? We're hearing about that in some of our checks and some of the systems integrated. It's just such a tight labor market. Are the people there to sort of deploy the solution? Or could that become something of a friction to just getting ServiceNow up and running?

很好。我也要呼應一下，恭喜你們有個很棒的季度和很棒的一年。我想延續 Kash 那個有趣的問題，並把焦點稍微轉回 ServiceNow 本身。所以 Bill，從你的角度來看，你是否看到任何限制，例如你們的合作夥伴找不到人、或你們的客戶找不到人來部署 ServiceNow？我們在一些調查以及部分系統整合商（systems integrators）的回饋中聽到這種情況。勞動市場真的非常緊。是否有人力可以部署這個解決方案？或者這會不會成為讓 ServiceNow 順利上線的一種摩擦因素？

And to Gina, are you seeing any incremental or increased wage inflation in terms of sort of -- you guys are hiring very aggressively, and I think headcount is up 29% year-on-year. So you're definitely finding the people. Is there any increase in wage inflation or anything extraordinary on that side of the equation given that tight labor market that might impact margins on a go-forward basis?

另外問 Gina，你是否看到在薪資方面有任何額外或更高的通膨壓力？你們正在非常積極地招募，我記得人力規模年增 29%。所以你們顯然找得到人。在這麼緊的勞動市場下，薪資通膨是否有上升，或有任何異常狀況，可能在未來影響毛利率？

Well, thank you very much for the question, Keith. As I mentioned earlier, we are one of these significant partners to the global SIs. So if you look at the top 5 technology partners for the top 10 SIs, we're 1 of them. So while they may have some difficulty hiring to meet demand, we are getting preferential resource allocation not only as a top 5 technology partner but also because our swelling pipeline and our growth is so amazing that they all want more of that real estate. And where they have less interesting growth scenarios with other partners, they're actually peeling off headcount in favor of the ServiceNow practice. This is happening all over the place.

非常感謝你的問題，Keith。如我先前提到的，我們是全球 SI（系統整合商）非常重要的合作夥伴之一。所以如果你看前 10 大 SI 的前 5 大技術合作夥伴，我們就是其中之一。因此，即使他們在招募以滿足需求方面可能有些困難，我們仍能獲得優先的資源配置——不僅因為我們是前 5 大技術合作夥伴之一，也因為我們不斷膨脹的商機管線與驚人的成長，讓他們都想要更多這樣的「版圖」。而在其他合作夥伴那邊若成長情境較不吸引人，他們其實會把人力編制挪出來，轉而投入 ServiceNow 的實務團隊（practice）。這種情況到處都在發生。

In addition, one of the things we have done is we took matters into our own hands and built out academies. And we're doing more for university programs to meet the demand, the ServiceNow train talent. And I'd note that we've also been working with our partners to sponsor and engage with local diversity profit and nonprofits to target diverse populations for next-gen skill development, which will help alleviate such labor shortages in the future. We have to initiate people into the digital world that perhaps aren't initiated but is certainly more than capable.

此外，我們做的一件事是把主導權掌握在自己手上，建立了學院（academies）。我們也為大學計畫投入更多，以滿足需求、培養 ServiceNow 受訓人才。我也要指出，我們一直與合作夥伴合作，贊助並參與在地的多元化營利機構與非營利組織（nonprofits），鎖定多元族群進行下一代技能培育，這將有助於在未來緩解這類勞動力短缺。我們必須把一些可能尚未進入數位世界的人帶進來，但他們絕對有能力做到。

And I always go back to the root cause of why ServiceNow is so special. When Fred Luddy created this company, he created a platform that was a sensation, and it was designed to give people productivity, a tool to enable them to do things with their lives and their jobs that they could have never done without it. And I think that level of simplicity and agility in the general construct of the platform makes it so much easier for people to learn and develop and grow on it. And now they see where we're going. They know it's a growth sensation. And you know how it is. Rising tide kind of lifts all boats, and everybody wants to get on this one.

而我總是回到 ServiceNow 如此特別的根本原因。當 Fred Luddy 創立這家公司時，他打造了一個引起轟動的平台，其設計目的就是為人們帶來生產力——提供一個工具，讓他們在生活與工作上能做到沒有它就不可能做到的事。我認為，平台整體架構所呈現的那種簡潔與敏捷，使得人們更容易學習、在其上發展並成長。而現在他們也看見我們要往哪裡去。他們知道這是一股成長熱潮。你也知道的，水漲船高，人人都想搭上這一班。

And then, Keith, on your question with respect to labor inflation rates, enterprise software's talent has been in high demand for some time now. So competitive compensation has been on the rise, and it's not new for us. We continue to monitor it. We definitely anticipate some continued pressure in the coming quarters, but we remain very committed to our margin guidance that we've given you for 2022 and beyond.

然後，Keith，針對你關於勞動力通膨率的問題，企業軟體的人才一直以來都處於高度需求之中。因此，具競爭力的薪酬一直在上升，這對我們而言並不新鮮。我們會持續監控。我們確實預期未來幾季仍會有一些持續的壓力，但我們仍然非常堅定地遵守我們已向你們提供的 2022 年及以後的利潤率指引。

Your next question comes from the line of Michael Turits with KeyBanc.

你的下一個問題來自 KeyBanc 的 Michael Turits。

Congrats on the quarter. One for Bill and one for Gina. So Bill, I want to talk about a couple of submarkets that you have made acquisitions and specifically in RPA and observability and how you're thinking about those markets and your strategy, whether this will be really directed at existing larger ServiceNow implementations or how directly you're going to go into those types of deals. And then something for Gina.

恭喜本季表現。我有一題問 Bill，一題問 Gina。Bill，我想談談你們已進行收購的幾個子市場，特別是在 RPA 與可觀測性（observability）方面，以及你們如何看待這些市場與你們的策略：這是否會主要針對既有、規模較大的 ServiceNow 導入案，或是你們會多直接地切入這類型的交易？然後還有一題要問 Gina。

Yes. Of course. Well, Michael, thank you very much. First of all, we are very excited about Ben, his leadership and the whole Lightstep team. As you know, they have been doing a great job winning amazing forward-thinking brands, and they have been doing a phenomenal job culturally integrating back into ServiceNow. So we are going to begin going to market with Lightstep, and that's going to be at mass scale, and that will be announced at the employee kickoff tomorrow. So that's exciting. And the work with Lightstep to not only serve the needs of IT but to observe things in a way that can be consumed across the value chain of decision-makers in an enterprise is pretty big.

是的，當然。Michael，非常感謝你。首先，我們對 Ben、他的領導力以及整個 Lightstep 團隊都感到非常興奮。如你所知，他們在贏得令人驚豔、具前瞻思維的品牌方面做得非常出色，而且在文化上重新整合回 ServiceNow 也做得非常成功。因此，我們將開始把 Lightstep 推向市場，而且會以大規模方式進行，並將在明天的員工啟動大會上宣布。這非常令人振奮。Lightstep 的工作不僅能滿足 IT 的需求，還能以一種可供企業決策者跨價值鏈使用的方式來進行觀測，這點相當重要。

And then RPA, this whole process mining, RPA and AI, the platform for hyper automation is the ServiceNow platform. That's a huge point. And CJ and his great team, unbelievable team, they are making a major release in RPA, as you know, in our San Diego release. So more and more customers will benefit from the power of the ServiceNow platform, including RPA built into the San Diego release. It's an exciting release. What Amy Lokey and the team have done also on the user experience, I mean, we saw a demonstration of it with the Board. It's unbelievable.

接著談 RPA：整個流程探勘（process mining）、RPA 與 AI，超自動化（hyper automation）的平台就是 ServiceNow 平台。這是一個非常重要的觀點。CJ 和他優秀的團隊——真的是不可思議的團隊——正如你所知，他們會在我們的 San Diego 版本中推出 RPA 的重大發佈。因此，會有越來越多客戶受惠於 ServiceNow 平台的力量，包括在 San Diego 版本中內建的 RPA。這是一個令人興奮的版本。Amy Lokey 和團隊在使用者體驗上所做的工作也是如此——我的意思是，我們和董事會一起看了示範，真的令人難以置信。

You know when you're dealing with ServiceNow because you're going to have one gorgeous user experience, and it doesn't matter what area of the platform you're looking to enable. It's all one gorgeous user experience. And I mean I've never seen anything better. And it is the scale story all the way.

你一看就知道是在使用 ServiceNow，因為你會擁有一個非常出色的使用者體驗，而且不管你想啟用平台的哪個領域，都是同一個非常出色的使用者體驗。我的意思是，我從未見過更好的。而且這完全就是規模化的故事。

And when we hit Tokyo in September, I hope to be in Tokyo with that announcement because I want to reach out to my great friends in Japan. There's a Japanese expression called (foreign language), and that underscores the spirit of ServiceNow to be better than the best. And that's the standard that we hold ourselves to. And the marketplace in Japan is really getting the memo on the power of ServiceNow and what we can do to liberate them into the cloud. And that's going to be an exciting part of our growth story.

而當我們在 9 月推出 Tokyo 版本時，我希望能在東京親自宣布，因為我想和我在日本的好朋友們聯繫。有一句日文表達叫做（foreign language），它強調了 ServiceNow 的精神：要比最好的更好。這就是我們對自己的標準。而日本市場也真的開始理解 ServiceNow 的力量，以及我們能如何把他們解放到雲端。這將會是我們成長故事中令人興奮的一部分。

Great. And then, Gina, just some clarifications on the extension of the useful life. So you got essentially to flattish op margins but down a bit, like 70 bps on free cash flow. So just making sure that I understand it. And then obviously, you get that benefit to EBIT margins, but that flows through, and we see it on free cash flow because this is just a noncash and you're actually including expenses. So I want to make sure those mechanics are right. And then also, do you get -- in year 2 of this, do you get that tailwind to EBIT and accrual? Does that flip around to a headwind on EBIT margins and gross margins?

很好。接著，Gina，我想釐清一下延長使用年限（useful life）的部分。所以你基本上讓營業利潤率（op margins）趨於持平但略降，而自由現金流（free cash flow）則下降大約 70 個基點。我只是想確認我理解正確。然後很明顯，你在 EBIT 利潤率上獲得了好處，但這會往下傳導，而我們在自由現金流上看不到，因為這只是非現金項目，而且你其實是把費用納入了。所以我想確認這些機制是否正確。另外，到了第 2 年，你是否仍會在 EBIT 與應計（accrual）上得到這個順風？還是說它會反過來，變成對 EBIT 利潤率與毛利率的逆風？

Great question, Michael. So you're absolutely right. The benefit that you're seeing this year hit EBIT and operating margins but not free cash flow, right, because it's just a change in depreciation, which is a noncash, right? So that's the reason why you're seeing the benefit in operating income but not in free cash flow. What you are seeing is free cash flow is the increased cost that I've been talking about as the COVID savings start to fade in '22 as we come back in person for digital events and in-person events and travel.

Michael，問得很好。你完全正確。今年你看到的好處會反映在 EBIT 與營業利潤率上，但不會反映在自由現金流上，對吧？因為這只是折舊的變更，而折舊是非現金項目，對吧？所以這就是你看到營業利益受惠、但自由現金流沒有受惠的原因。你在自由現金流上看到的，是我一直在談的成本增加：隨著我們在 2022 年回到線下參與數位活動、實體活動與差旅，COVID 期間的節省開始消退。

With respect to the longer tail of this change in depreciation, it definitely tapers off and gets smaller, right? So it's a 100 basis points benefit this year. By 2024, it goes down to just 50 points, right? So -- and that's only on the EBIT margins, not on free cash flow.

至於這項折舊變更較長尾端的影響，它確實會逐步遞減並變得更小，對吧？所以今年是 100 個基點的好處。到 2024 年，就降到只有 50 個基點，對吧？所以——而且這只影響 EBIT 利潤率，不影響自由現金流。

Your next question comes from the line of Brad Zelnick with Deutsche Bank.

你的下一個問題來自 Deutsche Bank 的 Brad Zelnick。

Bill, Gina, my congrats as well to you and the entire team and especially to CJ and the others that are so deservedly being elevated within the organization. Bill, you personally have been serving enterprise technology customers for many years. And many of us have been students of the industry for a long time as well. And I hesitate to say this, but it feels like this time is different. This digital transformation freight train just keeps steam rolling down the tracks. And rather than ask you to tell us about the environment, which is obviously very strong for what ServiceNow delivers, I would instead ask you, if you agree with my characterization, why do you think this time might be different.

Bill、Gina，我也要向你們以及整個團隊表示祝賀，特別是 CJ 和其他在組織內實至名歸獲得晉升的人。Bill，你個人多年來一直在服務企業科技客戶。我們當中許多人也長期研究這個產業。我有點猶豫要不要這麼說，但感覺這次真的不一樣。這列數位轉型的貨運列車持續沿著軌道呼嘯前進。與其請你談環境（顯然對 ServiceNow 所提供的價值而言非常強勁），我更想問你：如果你同意我的描述，你認為為什麼這次可能不一樣？

Thank you for the question. It is entirely different. It is entirely different because the technology that is available to customers today can be so transformative. And I believe strongly that the Now Platform from ServiceNow is literally the control tower, the platform for digital transformation or digital business.

謝謝你的問題。這完全不一樣。完全不一樣，因為客戶今天可用的技術具有極強的變革性。我也堅信，ServiceNow 的 Now Platform 真的就是控制塔台——數位轉型或數位業務的平台。

And the reason I feel so strongly about that is the enterprise has been so behind in consumerizing experiences for people. And now with ServiceNow, these leaders of companies can finally say all I hear is good news. My HR leader tells me that all the clunkiness of the past goes away with ServiceNow and my people are happy, and they're getting what they need. My head of revenue is telling me, wow, we could finally now do all the remote heavy thinking and diagnostics in a fully digital way, and we can bring our story to the customer and have that frictionless digital experience that's easily repeatable, drives tremendous customer sat and NPS and creates the loyalty effect. Wow, we're finally there.

我之所以如此堅信，是因為企業在把體驗「消費者化」（consumerizing）方面一直落後太多。現在有了 ServiceNow，這些企業領導者終於可以說：我聽到的全是好消息。我的人資主管告訴我，過去所有笨重不順的流程在 ServiceNow 的幫助下都消失了，我的員工很開心，也拿到了他們需要的東西。我的營收主管告訴我，哇，我們終於可以用完全數位化的方式來做所有遠端的深度思考與診斷，我們可以把我們的故事帶給客戶，並提供那種無摩擦、可輕鬆複製的數位體驗，能大幅提升客戶滿意度與 NPS，並創造忠誠效應。哇，我們終於做到了。

And then we can finally break through. Where companies are trying to refresh old applications, they can say, wow, now I can empower my people. They can build the new innovations. They can refresh the old but build the new innovations. And tech is the idea of liberating, not replacing people and creating more economic value and value-add. Plus, every young person today doesn't want to work for just a paycheck. They want a purpose. And I think our purpose to make work better for everyone is absolutely the right way to go. And I think that the leaders of companies want that for their company.

然後我們終於可以突破。當企業試圖更新舊應用程式時，他們可以說：哇，現在我可以賦能我的員工。他們可以打造新的創新；他們可以在更新舊系統的同時打造新的創新。科技的理念是解放，而不是取代人，並創造更多經濟價值與附加價值。此外，今天每一位年輕人都不想只為了薪水而工作，他們想要使命。我認為我們「讓每個人的工作更好」的使命絕對是正確的方向。我也認為企業領導者希望他們的公司也能如此。

And therefore, I think the confluence of all of this on one platform with one consumer-grade user experience for all people, whether they're inside or outside the company, a platform that could take cost out and build revenue in is what this generation is waiting for. And once people are aware of ServiceNow, we win every time.

因此，我認為把所有這些匯聚在同一個平台上，並為所有人提供同一個消費者等級的使用者體驗——不論他們是在公司內部或外部——再加上一個既能降低成本又能帶動營收的平台，正是這一代人一直在等待的。一旦人們認識 ServiceNow，我們每次都會贏。

So one of the moves that we've made, and I'm sure you've seen the pivot with the world works with ServiceNow, is bringing the world the brand that it deserves from ServiceNow. And I think that's going to really turn on a lot of people to say, aha, I might have been a C-level decision maker that knew my IT people were happy with ServiceNow. I just never knew why. Once I started to learn about it or I asked about it, now I know that they can activate transformation in all dimensions of my company, not the least of which is be the action layer for the whole enterprise.

所以我們做出的其中一個動作——我相信你也看到了「the world works with ServiceNow」的轉向——就是把 ServiceNow 應得的品牌形象帶給全世界。我認為這真的會讓很多人恍然大悟：啊哈，我可能是一位 C-level 決策者，我知道我的 IT 團隊對 ServiceNow 很滿意，但我從來不知道為什麼。一旦我開始了解它，或我去問了之後，我現在知道他們可以在我公司的各個面向啟動轉型，其中最重要的之一，就是成為整個企業的行動層（action layer）。

And I keep telling people, when I meet with the CEOs, like we have good systems of record. They're all very fine. But I don't use them. We only use ServiceNow to run ServiceNow. And that's why our people are so happy because everything works.

我一直跟大家說，當我和各位 CEO 會面時，我們確實有很好的記錄系統（systems of record）。它們都非常出色。但我不使用它們。我們只用 ServiceNow 來運行 ServiceNow。這就是為什麼我們的員工這麼開心，因為一切都能順利運作。

Your next question comes from the line of Pat Walravens with JMP Securities.

下一個問題來自 JMP Securities 的 Pat Walravens。

Bill, congrats on the terrific results and outlook. I love hearing the enthusiasm. Could you drill down deeper for us on the relationship with Celonis and how ServiceNow and Celonis work together to solve customers' problems?

Bill，恭喜你們出色的業績與展望。我很喜歡聽到這份熱情。你能否為我們更深入說明與 Celonis 的合作關係，以及 ServiceNow 與 Celonis 如何攜手解決客戶的問題？

Yes, I absolutely will. And thank you very much for your kind remarks. I really appreciate it. I want to go back a little bit in time on this one. There once was a time where these gentlemen graduated from Technical University of Munich. We call it TUM over in Germany. And I got to know Alex very well several years ago and also his cofounders, and we built a very strong friendship. And he used to laugh because he sent me a note in December telling me about his business. And within a few minutes, I'd get back to him, and he never forgot that. And I still get back to him within a few minutes, and we still have a great friendship. And we know that we have to liberate the past and move it into the cloud. We know we need to put it on an automation platform that can really change business.

是的，我當然會。也非常感謝你的好評，我真的很感激。我想把時間稍微往回拉一點。曾經有一段時間，這幾位先生畢業於慕尼黑工業大學（Technical University of Munich），在德國我們稱之為 TUM。我在幾年前就非常了解 Alex，也認識了他的共同創辦人，我們建立了非常深厚的友誼。他以前常笑說，因為他在 12 月寄了一封便條告訴我他的業務，而我在幾分鐘內就回覆他，他一直記得這件事。直到現在，我仍然會在幾分鐘內回覆他，我們依然維持很棒的友誼。我們知道必須解放過去，並把它帶到雲端。我們知道需要把它放在一個能真正改變企業的自動化平台上。

And therefore, in the non-ServiceNow environments, especially where it's an ERP environment, Celonis does a very good job in the process mining to actually understand where the breaks are and the opportunities are in the business process to drive business productivity and performance. It is on that basis that we said, look, we should team up because our customers more and more are asking us to get involved, automating back-office business operations and business processes with the Now Platform.

因此，在非 ServiceNow 的環境中，特別是 ERP 環境裡，Celonis 在流程探勘（process mining）方面做得非常好，能真正理解業務流程中斷點在哪裡、機會在哪裡，以提升企業生產力與績效。基於此，我們說，聽著，我們應該合作，因為我們的客戶越來越常要求我們參與，使用 Now Platform 來自動化後台業務營運與業務流程。

So we are essentially taking this relationship and applying automation that truly moves the needle for organizations to understand how work flows across the people, processes and systems of their companies. And we're helping map those elements in real time and building digital workflows to more efficiently automate work because the X-ray by itself doesn't really help. We have to then put it on the action platform to actually automate it to drive a result.

所以我們基本上是把這段合作關係加以延伸，套用能真正帶來顯著成效的自動化，協助組織了解工作如何在其公司的人員、流程與系統之間流動。我們也在即時協助映射這些要素，並建立數位工作流程，以更有效率地自動化工作，因為光有 X 光檢視本身並沒有太大幫助。我們必須把它放到行動平台上，實際去自動化，才能推動成果。

So our engineering teams have created a seamless product experience that's going to make it easy and simple for customers to get the insight into the process across multiple, I might add, enterprise systems, and they'll use Celonis EMS platform and convert that insight into action, automation and remediation with the ServiceNow workflow platform.

因此，我們的工程團隊打造了無縫的產品體驗，讓客戶能輕鬆、簡單地洞察跨越多個（我補充一下）企業系統的流程，並使用 Celonis 的 EMS 平台，把這些洞察轉化為行動、自動化與修復（remediation），透過 ServiceNow 的工作流程平台來完成。

And when you bring together process mining, automation, machine learning, RPA and low-code app development, and this touches on a question that came up earlier, low-code app development, into a seamless product experience, customers will enable quick, continuous improvement with the flow of work. And I stress quick because -- and this touches on an earlier, very smart question. These opportunities haven't been there for customers in the past, and they're only going to start learning about them now, which is why I see an even bigger hockey stick as we look into the future because we can revolutionize old installed base problems into new market opportunities in the cloud that are just sensational in terms of the business value they drive for corporations all over the world.

當你把流程探勘、自動化、機器學習、RPA 與低程式碼應用開發結合在一起——這也呼應了先前出現的一個問題：低程式碼應用開發——並整合成無縫的產品體驗時，客戶就能在工作流（flow of work）中實現快速、持續的改善。我特別強調「快速」，因為——這也呼應了先前一個非常聰明的問題——過去客戶並沒有這些機會，而他們現在才會開始了解這些機會。這也是為什麼我在展望未來時看到更大的「曲棍球棒」成長，因為我們可以把舊有已安裝基礎（installed base）的問題，在雲端轉化為全新的市場機會；就其為全球企業帶來的商業價值而言，這些機會非常驚人。

Your last question comes from the line of Drew Glaeser with JPMorgan.

最後一個問題來自 JPMorgan 的 Drew Glaeser。

This is Drew on for Sterling. I was just wondering how the government vertical performed in the quarter and whether you could provide some more detail on that.

我是 Drew，代替 Sterling 提問。我想請教政府垂直領域在本季的表現如何，以及你是否能提供更多細節？

Yes, I'd be happy to. Our government business is truly a growth story at ServiceNow that is very, very special. So we look at the tailwinds in the U.S. federal market. It came through very strongly. It's a big opportunity for us. What's happening through is many of these agencies, they need or they have a mandate actually to digitally transform. One of the mandates is the President's management agenda, PMA. Their vision is the administration's guide to invest in the government's capacity to deliver better results. And it's aligning with ServiceNow's core offering.

是的，我很樂意。我們在 ServiceNow 的政府業務確實是一個非常、非常特別的成長故事。所以我們看到美國聯邦市場的順風因素，表現得非常強勁。這對我們而言是個很大的機會。正在發生的是，許多機構需要——或者說他們其實有一項強制要求——進行數位轉型。其中一項要求是總統管理議程（President's management agenda，PMA）。其願景是政府的施政指南，用以投資提升政府交付更好成果的能力。而這與 ServiceNow 的核心產品高度契合。

So for example, if you look at the pillars, it's all about strengthening and empowering federal workflow in the workforce. It's sharing data, sharing business processes, looking at things across boundaries. They have delivered excellent, equitable and secure federal services and customer experiences. This is driving acceleration for better customer service.

例如，如果你看這些支柱（pillars），核心都在於強化並賦能聯邦工作流程與勞動力。包括資料共享、業務流程共享、跨邊界地看待事務。他們已提供卓越、公平且安全的聯邦服務與客戶體驗。這正在推動更佳客戶服務的加速。

If you look at their pillar 3, it's managing the business of government and that they want to make sure the systems work well. So this is all about business resiliency. Our cloud is extremely resilient. And they're focused also on cybersecurity. And I think you're familiar with that and the role that we could play in having a control tower for all the things going on from a security perspective. We can help other people's solutions also tie into that control tower effect to manage the nation's cybersecurity and obviously avoid recent ransomware attacks and other things.

如果你看他們的第 3 支柱，是管理政府的業務運作，他們希望確保系統能良好運作。所以這完全關乎業務韌性（business resiliency）。我們的雲端極具韌性。他們也聚焦在資安（cybersecurity）。我想你對此很熟悉，以及我們能扮演的角色：作為安全面向各項活動的控制塔（control tower）。我們也能協助把其他人的解決方案串接到這種控制塔效應中，以管理國家的網路安全，並且顯然要避免近期的勒索軟體攻擊與其他事件。

They're also focused on vaccine management. And we said a long time ago -- I believe this was in March of 2020 when we said this -- that the old vaccine management process would be the greatest workflow challenge the government faces maybe in our lifetime. And as you know, we have the world's leading solution for that with entire countries, of course, parts of the United States, Germany, Scotland, many countries, including in Asia running on the Now Platform for vaccine management and returning to work safely and so forth.

他們也聚焦在疫苗管理。我們很久以前就說過——我相信是在 2020 年 3 月我們說的——舊的疫苗管理流程，可能會是政府在我們一生中面臨的最大工作流程挑戰。正如你所知，我們在這方面擁有全球領先的解決方案，整個國家，當然也包括美國的部分地區、德國、蘇格蘭，以及許多國家（包含亞洲）都在 Now Platform 上運行，用於疫苗管理與安全復工等。

So all of this, to net it out, basically says that at the federal, the state, the local, the university and all public entities combined are focused on transforming digitally. They have to take these paper-based, slow, dangerous processes and put them in order. And the only way to do that is workflow them, digitize them and then execute the mission of government serving the people. And that's why the public sector now represents double digits of the Now business, about 10% of our business.

所以把這一切加總起來，基本上就是說：聯邦、州、地方、各大學以及所有公共實體合在一起，都聚焦於數位轉型。他們必須把這些以紙本為主、緩慢且危險的流程整頓好。而唯一的方法就是把它們工作流程化（workflow them）、數位化，然後執行政府服務人民的使命。這也是為什麼公部門現在占 Now 業務的雙位數比重，約占我們業務的 10%。

And look, with the problems the government has been digitizing things, this should be one of the more sensational industry stories for us for a long, long time, which is one of the reasons why the great Kevin Haverty and I, we'll be working very, very closely on the public sector initiative globally in his new capacity.

而且你看，考量政府在數位化方面面臨的問題，這應該會在很長、很長一段時間內成為我們最令人驚豔的產業故事之一；這也是為什麼我和非常優秀的 Kevin Haverty，將在他的新職務下，就全球公部門倡議（public sector initiative）非常、非常緊密地合作。

This concludes today's conference call. Thank you for your participation, and you may now disconnect.

今天的電話會議到此結束。感謝各位的參與，現在可以掛線。