ServiceNow, Inc. (NOW) 2021 Q2 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Q2 2021 ServiceNow Earnings Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded. (Operator Instructions)

各位好，感謝您稍候。歡迎參加 ServiceNow 2021 年第二季（Q2）財報電話會議。（接線員指示）請注意，今天的會議將被錄音。（接線員指示）

I will now turn the call over to your first speaker today, Lisa Banks, Senior Vice President of Finance. You may begin your conference.

現在我將把電話交給今天的第一位講者：財務資深副總裁 Lisa Banks。您可以開始您的會議。

Good afternoon, and thank you for joining us for ServiceNow's Second Quarter 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 second quarter 2021 financial results and discuss our financial guidance for the third quarter of 2021 and full year 2021.

各位下午好，感謝您參加 ServiceNow 2021 年第二季財報電話會議。與我一同出席的有我們的總裁暨執行長 Bill McDermott，以及我們的財務長 Gina Mastantuono。在今天的電話會議中，我們將回顧 2021 年第二季的財務結果，並討論 2021 年第三季與 2021 全年的財務展望。

Before we get started, we want to emphasize that some of the information discussed on this call, particularly our guidance, is based on information as of July 28, 2021, and contains forward-looking statements that involve risk, uncertainties and assumptions, including those related to the continued impact of COVID-19 on our business and global economic conditions. The guidance we will provide today is based on our assumptions as to the macroeconomic environment in which we will be operating. Those assumptions are based on the facts we know today. Many of these assumptions relate to matters that are beyond our control and changing rapidly, including, but not limited to, the time frames for and severity of social distancing and other mitigation requirements; the continued impact of COVID-19 on customers' purchasing decisions; and the length of our sales cycle, particularly for customers in certain industries. Please refer to the press release and the risk factors and MD&A sections of our SEC filings, including our most recent 10-Q and our 10-K filed for fiscal year 2020, for information regarding such risks, uncertainties and assumptions 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，特別是我們的展望，是以 2021 年 7 月 28 日當時所掌握的資訊為基礎，並包含前瞻性陳述，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狀況持續影響相關的因素。我們今天提供的展望係基於我們對所處宏觀經濟環境的假設。這些假設是基於我們今天所知的事實。許多假設與我們無法控制且快速變動的事項相關，包括但不限於：社交距離及其他緩解措施要求的時間範圍與嚴重程度；COVID-19 對客戶採購決策的持續影響；以及我們的銷售週期長度，特別是某些產業的客戶。關於可能導致實際結果與此等前瞻性陳述所述內容出現重大差異的風險、不確定性與假設，請參閱新聞稿以及我們向 SEC 提交文件中的風險因素與管理階層討論與分析（MD&A）章節，包括我們最新的 10-Q，以及針對 2020 會計年度提交的 10-K。

We'd also like to point out that the company presents non-GAAP measures in addition to and not as a substitute for financial measures calculated in accordance with GAAP. All financial figures we will discuss today are non-GAAP except for revenues; remaining performance obligations, or RPO; and current RPO, or CRPO. To see the reconciliation between these non-GAAP and GAAP results, please refer to our press release filed earlier today in our investor presentation. These and all prior press releases and investor presentations are posted at investors.servicenow.com. A replay of today's call will also be posted on the website.

我們也想指出，公司除依 GAAP 計算的財務衡量指標外，亦提供非 GAAP 指標，作為補充而非替代。除營收；剩餘履約義務（remaining performance obligations，RPO）；以及當期 RPO（current RPO，CRPO）外，我們今天討論的所有財務數字皆為非 GAAP。若要查看非 GAAP 與 GAAP 結果之間的調節，請參閱我們今天稍早發布的新聞稿（載於我們的投資人簡報中）。上述及所有先前的新聞稿與投資人簡報皆公布於 investors.servicenow.com。今天電話會議的重播也將發布於該網站。

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

接下來，我想把電話交給 Bill。

Thank you, Lisa, and good afternoon, everyone. Welcome to our Q2 earnings call. Our team delivered an outstanding quarter, significantly exceeding the high end of our guidance across all metrics. Subscription revenues were up 31%. Subscription billings were up 30%. Operating margin was 25%. And the number of deals greater than $1 million was 51, up 28% year-over-year. Free cash flow for the first half of the year was up 34% year-over-year. An incredible performance by our team, an exceptional first half and we have unstoppable momentum. And we reflected this in our strong full year guidance raise across the board. Gina will review the details with you in a few moments.

謝謝你，Lisa，各位下午好。歡迎參加我們的第二季財報電話會議。我們的團隊交出非常出色的一季，在所有指標上都大幅超越我們展望區間的高端。訂閱營收成長 31%。訂閱帳單金額成長 30%。營業利益率為 25%。而金額超過 100 萬美元的交易筆數為 51 筆，年增 28%。上半年自由現金流年增 34%。這是我們團隊令人驚豔的表現、卓越的上半年，我們的動能勢不可擋。我們也在全面上調的強勁全年展望中反映了這一點。Gina 會在稍後幾分鐘內為各位說明細節。

The global economy is recovering at the fastest pace in 80 years. The enterprise digital transformation market is expected to grow nearly 3x faster than GDP in 2021. Business leaders worldwide are facing do-or-die moments. Business models have changed forever. The pandemic has accelerated the digital imperative. We are in a leading position to capitalize on this unprecedented tailwind. We are giving customers the innovative solutions they need to solve the greatest challenges of our time. The world's biggest challenges are ServiceNow's biggest opportunities: from vaccine management, to ESG, to the new world of hybrid work.

全球經濟正以 80 年來最快的速度復甦。企業數位轉型市場預期在 2021 年的成長速度將接近 GDP 的 3 倍。全球各地的企業領導人正面臨成敗攸關的關鍵時刻。商業模式已永遠改變。疫情加速了數位化的迫切需求。我們處於領先位置，能夠把握這股前所未有的順風。我們為客戶提供創新解決方案，以解決這個時代最重大的挑戰。世界上最大的挑戰，就是 ServiceNow 最大的機會：從疫苗管理、到 ESG、到混合辦公的新世界。

Whatever the challenge, work flows with ServiceNow. We've created a new market, one that respects the billions and billions of dollars of investment that customers have put into their systems of record. We make those investments work for today's digital business demands. The Now Platform, the platform of platforms, delivers workflow automation with a consumer-grade user experience that inspires our customers, enabling siloed systems across an enterprise to work together, creating more efficient, more productive ways to get work done. ServiceNow is the control tower for digital transformation for every business, in every industry, serving every persona. The power of the Now Platform makes this possible with one data model, one architecture and one platform to workflow a better world.

無論面臨什麼挑戰，工作都能透過 ServiceNow 的工作流程順暢運作。我們創造了一個新市場，一個尊重客戶在其記錄系統（systems of record）上投入數十億、數百億美元投資的市場。我們讓這些投資能符合今日數位化商業的需求。Now Platform——平台中的平台——以消費者等級的使用者體驗提供工作流程自動化，激發客戶的使用意願，使企業內各自孤立的系統能協同運作，打造更有效率、更具生產力的工作完成方式。ServiceNow 是每一家企業、每一個產業、服務每一種角色的數位轉型控制塔。Now Platform 的力量使這一切成為可能：以一個資料模型、一套架構與一個平台，透過工作流程打造更美好的世界。

For example, a premium German auto manufacturer faces huge logistical challenges in maintaining on-target production. Every 30 million parts are processed daily and are dispatched to more than 4,000 supplier locations to production centers in Europe and Mexico. To manage this complexity, ServiceNow provides a single connected supply chain technology platform. ServiceNow analyzes 300,000 data points per month, optimizing the performance of each aspect of the value chain. This is just one example of the power of the Now Platform.

例如，一家德國高端汽車製造商在維持準時達標的生產方面面臨巨大的物流挑戰。每天處理 3,000 萬個零件，並配送至超過 4,000 個供應商據點，送往歐洲與墨西哥的生產中心。為了管理這種複雜性，ServiceNow 提供單一且互聯的供應鏈技術平台。ServiceNow 每月分析 300,000 個資料點，優化價值鏈各環節的表現。這只是 Now Platform 強大能力的一個例子。

I'd like to share an overview of our success across ServiceNow's portfolio. Let's begin with our IT workflows. We are the standard for optimizing all IT services and operations. Our core IT workflows remained very strong. ITSM was in 16 of our top 20 deals, with 14 deals over $1 million. ITOM was in 15 of our top 20 deals, with 6 deals over $1 million.

我想分享我們在 ServiceNow 產品組合上的成功概況。先從 IT 工作流程開始。我們是優化所有 IT 服務與營運的標準。我們的核心 IT 工作流程依然非常強勁。ITSM 出現在我們前 20 大交易中的 16 筆，其中 14 筆交易金額超過 100 萬美元。ITOM 出現在我們前 20 大交易中的 15 筆，其中 6 筆交易金額超過 100 萬美元。

Our AI-powered Service Operations is resonating big time with customers. We saw great wins with leading companies, including Travelers and Walgreens Boots Alliance and more. They're working with ServiceNow to support their digital transformation of their enterprises. And we're honored that Maritime and Port Authority of Singapore is working with ServiceNow to accelerate its digital transformation efforts as it looks to make Singapore a leading global port and international maritime center. MPA will leverage the Now Platform to drive automation and to improve productivity and employee experience.

我們以 AI 驅動的 Service Operations 正在強力引起客戶共鳴。我們在多家領先企業取得重大勝利，包括 Travelers、Walgreens Boots Alliance 等。他們正與 ServiceNow 合作，支持其企業的數位轉型。我們也很榮幸新加坡海事及港務管理局（Maritime and Port Authority of Singapore）與 ServiceNow 合作，加速其數位轉型工作，致力於將新加坡打造為全球領先港口與國際海事中心。MPA 將運用 Now Platform 推動自動化，並提升生產力與員工體驗。

With Employee Workflows, we make work better by driving outstanding employee experiences that enhance productivity for employees anytime, anywhere while also developing company loyalty, which is particularly important in this environment. The Now Platform provides employees the system of action for key events, including onboarding, parental leave, moving and many more moments that matter for people. Employee Workflows were in 13 of our top 20 deals, with 6 deals over $1 million. Asahi, for example, is focused on expanding growth while reinforcing ESG initiatives that support sustainable value creation. They chose the Now Platform to improve the employee experience by providing a single point of contact for employees to improve productivity. They wanted service catalogs so they could standardize HR processes, and they wanted integrations to connect all their siloed workflows.

透過員工工作流程（Employee Workflows），我們藉由打造卓越的員工體驗來讓工作更美好，讓員工隨時隨地提升生產力，同時培養對公司的忠誠度——在當前環境下尤其重要。Now Platform 為員工在關鍵事件上提供行動系統（system of action），包括到職（onboarding）、育嬰假、搬遷以及更多對人們重要的時刻。員工工作流程出現在我們前 20 大交易中的 13 筆，其中 6 筆交易金額超過 100 萬美元。以 Asahi 為例，他們專注於擴大成長，同時強化支持永續價值創造的 ESG 倡議。他們選擇 Now Platform，透過為員工提供單一聯絡窗口來改善員工體驗並提升生產力。他們需要服務目錄以便標準化人資流程，也需要整合能力來連結所有各自孤立的工作流程。

With Customer Workflows, we're creating a new service paradigm by delivering connected experiences that redefine customer operations for greater speed, agility, transparency and convenience, all while working with existing systems. Customer Workflows were in 10 of our top 20 deals, with 4 deals over $1 million. We now have over 2,000 customers running customer service management. Deutsche Telekom is leveraging ServiceNow's telecommunication solution to streamline order management to become the leading B2B telco provider. The Now Platform will be at the heart of the order management process, enabling a 360-degree view of orders, inventory and infrastructure, creating a seamless, connected experience for DT's employees and customers.

透過客戶工作流程（Customer Workflows），我們藉由提供互聯體驗來創造新的服務典範，在與既有系統協作的同時，以更高的速度、敏捷性、透明度與便利性重新定義客戶營運。客戶工作流程出現在我們前 20 大交易中的 10 筆，其中 4 筆交易金額超過 100 萬美元。目前已有超過 2,000 家客戶在使用客戶服務管理。德國電信（Deutsche Telekom）正運用 ServiceNow 的電信解決方案來簡化訂單管理，成為領先的 B2B 電信服務供應商。Now Platform 將成為訂單管理流程的核心，提供訂單、庫存與基礎設施的 360 度視圖，為 DT 的員工與客戶打造無縫、互聯的體驗。

With Creator Workflows, we're accelerating software development across the entire enterprise by giving everyone the low-code tools to quickly create applications and beautiful experiences. IDC predicts that more than 500 million apps will be developed by 2023. This is equivalent to the total number of apps that were developed in the past 40 years. For example, Airbus built an innovative tracking application in less than 3 months using ServiceNow's low-code app engine. Now Airbus employees can scan barcodes of any piece of factory equipment to see the relevant information they need in real time. Manufacturing transportation incidents have dropped 20%. In Q2, Creator Workflows were in 18 of our top 20 deals. Nokia picked ServiceNow's Creator Workflows to develop custom apps in significantly less time at a fraction of the cost of alternative platforms.

透過創作者工作流程（Creator Workflows），我們為所有人提供低程式碼工具，以快速建立應用程式與精美體驗，從而加速整個企業的軟體開發。IDC 預測，到 2023 年將開發超過 5 億個應用程式。這相當於過去 40 年所開發的應用程式總數。例如，Airbus 使用 ServiceNow 的低程式碼應用引擎在不到 3 個月內打造出創新的追蹤應用程式。現在 Airbus 員工可以掃描任何工廠設備的條碼，即時查看所需的相關資訊。製造運輸事故已下降 20%。在第二季，創作者工作流程出現在我們前 20 大交易中的 18 筆。Nokia 選擇 ServiceNow 的創作者工作流程，以顯著更短的時間、並以替代平台成本的一小部分來開發客製化應用程式。

These examples show how the combined capabilities of the workflows on the Now Platform are better together. They deliver even more value than the sum of their parts. Our introduction of the Now Buying Program has helped customers realize those synergies more quickly by simplifying the buying process, providing greater usage flexibility, all while improving business impact.

這些例子顯示，Now Platform 上各項工作流程的綜合能力相輔相成，合在一起更強大，所帶來的價值甚至超過各部分之和。我們推出 Now Buying Program，透過簡化採購流程、提供更高的使用彈性，同時提升業務影響力，協助客戶更快速地實現這些綜效。

Continuing to build a strong client and alliance ecosystem, we established an enterprise agreement through the Now Buying Program with Deloitte, who will take advantage of our full product suite to facilitate great experiences for their employees and clients while enhancing efficiencies and compliance management for the business.

在持續打造強大的客戶與聯盟生態系的同時，我們透過 Now Buying Program 與 Deloitte 建立了企業協議；Deloitte 將運用我們完整的產品套件，為其員工與客戶帶來卓越體驗，同時提升企業的效率與合規管理。

Also in our partner ecosystem, we recently announced our integration with Microsoft Windows 365. This will enable users to easily access cloud PCs directly through Microsoft Teams regardless of the employees' location in the hybrid work environment.

此外，在我們的合作夥伴生態系中，我們近期宣布與 Microsoft Windows 365 進行整合。這將使使用者無論員工在混合辦公環境中的所在地點為何，都能直接透過 Microsoft Teams 輕鬆存取雲端 PC。

In closing, I am incredibly proud of our team's passion for solving the world's greatest challenges. Our engineering team is second to none. Our go-to-market organization is the best in the business, and our purpose to make work better for people is resonating. It's been an honor to help turn vaccines into vaccinations for millions and millions of people. It's a privilege to help the world reopen and safely return to the workplace. We are engaging leaders on how we can solve society's biggest problems, improve the lives of people and help deliver better services to citizens everywhere.

最後，我為我們團隊致力於解決世界最重大挑戰的熱情感到無比自豪。我們的工程團隊無與倫比。我們的市場推進組織是業界最佳，而我們「讓工作對人更好」的使命正在引起共鳴。能夠協助將疫苗轉化為數以百萬計人們實際接種的疫苗，是一種榮幸。能夠協助世界重新開放並安全返回工作場所，是一種特權。我們正與領導者交流，探討我們如何解決社會最重大的問題、改善人們的生活，並協助在各地為公民提供更好的服務。

We are better than we were yesterday, not as good as we'll be tomorrow. This is a special company with unbridled energy and unprecedented opportunity. We are well on our way to becoming the defining enterprise software company in the 21st century. And I look forward to taking your questions.

我們比昨天更好，但還不如明天的我們。這是一家充滿無限能量、擁有前所未有機會的特別公司。我們正穩步邁向成為 21 世紀具代表性的企業軟體公司。我也期待回答各位的問題。

But first, I'll turn it over to our Chief Financial Officer, Gina. Gina, over to you.

不過在此之前，我先把時間交給我們的財務長 Gina。Gina，交給你。

Thank you, Bill. Q2 was a tremendous quarter with strong beats across our top line and profitability guidance metrics. The team demonstrated exceptional execution, and we saw strong demand across all regions and workflows.

謝謝你，Bill。第二季是非常出色的一季，我們在營收與獲利指引相關指標上全面優於預期。團隊展現了卓越的執行力，我們也看到所有地區與各項工作流程的需求都相當強勁。

Q2 subscription revenues were $1.33 billion, $35 million above the high end of our guidance range and growing 31% year-over-year, inclusive of a 450 basis point tailwind from FX. Remaining performance obligations, or RPO, ended the quarter at approximately $9.5 billion, representing 35% year-over-year growth. Current RPO was approximately $4.7 billion, representing 34% year-over-year growth and a 4-point beat versus our guidance. Currency was a 300 basis point tailwind year-over-year. Q2 subscription billings were $1.328 billion, representing 30% year-over-year growth and a $73 million beat versus the high end of our guidance. FX and duration were a 500 basis points tailwind year-over-year.

第二季訂閱營收為 13.3 億美元，較我們指引區間上緣高出 3,500 萬美元，年增 31%，其中包含匯率帶來的 450 個基點順風。剩餘履約義務（RPO）於季末約為 95 億美元，年增 35%。其中，當期 RPO（Current RPO）約為 47 億美元，年增 34%，並較我們指引高出 4 個百分點。匯率年對年帶來 300 個基點順風。第二季訂閱帳單金額（subscription billings）為 13.28 億美元，年增 30%，較指引上緣高出 7,300 萬美元。匯率與合約期間（duration）年對年合計帶來 500 個基點順風。

We saw growth across all our industry categories. Financial services and manufacturing were particularly strong across the globe driven by investments in business continuity. Industries impacted by COVID, including retail and hospitality, also showed signs of recovery with strong net new ACV growth in the quarter.

我們在所有產業類別都看到成長。受業務持續性投資帶動，金融服務與製造業在全球表現尤其強勁。受 COVID 影響的產業（包括零售與旅宿）也展現復甦跡象，本季淨新增 ACV 成長強勁。

The Now Platform remains a mission-critical part of our customers' operations, reflected by our strong 97% renewal rate. The stickiness of our customer base has served as a solid foundation for us to build upon with our land-and-expand growth strategy. This is evident with the continued growth in our average customer spend this quarter. As of the end of Q2, we had 1,201 customers paying us over $1 million in ACV, up 25% year-over-year. This included 62 customers paying us over $10 million in ACV. Overall, we closed 51 deals greater than $1 million net new ACV in the quarter. We're also seeing robust net new ACV growth from new customers, with the average deal size growing over 50% year-over-year. Going to market with a solution sales approach to deliver the full capabilities of the portfolio instead of selling point products continues to drive more multiproduct deals. In Q2, 18 of our top 20 deals included 3 or more products.

Now Platform 仍是客戶營運中不可或缺的關鍵平台，這也反映在我們強勁的 97% 續約率上。我們客戶基礎的高黏著度，為我們以「先落地、再擴張」（land-and-expand）的成長策略奠定了穩固基礎。本季客戶平均支出持續成長即為明證。截至第二季末，共有 1,201 位客戶的 ACV 付款超過 100 萬美元，年增 25%；其中包含 62 位客戶的 ACV 付款超過 1,000 萬美元。整體而言，本季我們完成了 51 筆淨新增 ACV 超過 100 萬美元的交易。我們也看到新客戶帶來的淨新增 ACV 成長強勁，平均交易規模年增超過 50%。以解決方案銷售方式推向市場，提供整體產品組合的完整能力、而非銷售單點產品，持續帶動更多多產品交易。第二季我們前 20 大交易中，有 18 筆包含 3 項或以上產品。

Turning to profitability, operating margin was 25%, 3 points above our guidance, driven by the strong revenue beat, T&E cost savings and some marketing spend that was pushed into the second half of the year. Our free cash flow margin was 19%. Together, these results show the power of our business model and our ability to drive a balance of growth and profitability.

在獲利能力方面，營業利益率為 25%，較我們指引高出 3 個百分點，主要受惠於強勁的營收超預期、差旅與娛樂（T&E）成本節省，以及部分行銷支出延後至下半年。自由現金流利益率為 19%。綜合來看，這些結果展現了我們商業模式的力量，以及在成長與獲利之間取得平衡的能力。

To navigate the post-COVID economy and the new era of work, businesses are investing in digital transformation to unlock new levels of innovation, agility and productivity. As you heard from Bill, the macro trends driving digital transformation are a significant opportunity for ServiceNow. Our Knowledge 2021 event in May included 2 amazing weeks of keynotes, panels and discussions that brought together experts and thought leaders of every industry across 141 countries to focus on these topics. This year, we released new solutions, including our manufacturing and healthcare industry products, and showcased the power and endless possibilities achievable through ServiceNow workflows. The response from customers has been fantastic. The pipeline generated per attending account was up 45% year-over-year. Together, the macro tailwinds and interest generated from Knowledge has accelerated pipeline growth for the second half of 2021.

為了因應後 COVID 經濟與新的工作時代，企業正投資數位轉型，以釋放更高層次的創新、敏捷與生產力。如同 Bill 所提到的，推動數位轉型的總體趨勢對 ServiceNow 而言是重大機會。我們在 5 月舉辦的 Knowledge 2021 活動，包含為期兩週的精彩主題演講、座談與討論，匯聚來自 141 個國家、各產業的專家與思想領袖，聚焦於這些議題。今年我們發布了新解決方案，包括製造業與醫療保健產業產品，並展示透過 ServiceNow 工作流程可達成的強大能力與無限可能。客戶回應非常熱烈。每個參與帳戶所產生的管線（pipeline）年增 45%。總體順風與 Knowledge 所帶來的關注度，共同加速了 2021 年下半年的管線成長。

Furthermore, our coverage ratio today continues to remain ahead of a year ago. As a result, we are raising guidance for the full year. We are raising our subscription revenue outlook by $73 million at the midpoint to a range of $5.53 billion to $5.54 billion, representing 29% year-over-year growth, including 250 basis points of FX tailwind. We are raising our subscription billings outlook by $123 million at the midpoint to a range of $6.315 billion to $6.325 billion, representing 27% year-over-year growth. Excluding the early customer payments in 2020, our normalized subscription billings growth outlook for the year would be 31% at the midpoint. Growth includes the net tailwinds in FX and duration of 200 basis points.

此外，我們目前的覆蓋比率（coverage ratio）仍持續領先於一年前。因此，我們上調全年指引。我們將訂閱營收展望在中位數上調 7,300 萬美元至 55.3 億至 55.4 億美元區間，代表年增 29%，其中包含匯率帶來的 250 個基點順風。我們將訂閱帳單金額展望在中位數上調 1.23 億美元至 63.15 億至 63.25 億美元區間，代表年增 27%。若排除 2020 年客戶提前付款的影響，我們今年常態化（normalized）的訂閱帳單金額成長展望在中位數將為年增 31%。成長包含匯率與合約期間（duration）合計 200 個基點的淨順風。

We continue to expect 2021 subscription gross margin at 85%, and we are raising our full year 2021 operating margin from 23.5% to 24.5%. This reflects the increase in our top line growth, more efficient marketing spend and savings from some continued lower T&E expenses related to COVID. We are raising our full year 2021 free cash flow margin by 1 point from 30% to 31%. I'd note that from a seasonality perspective, we're expecting 40% of our total free cash flow in Q4. And lastly, we expect diluted weighted average outstanding shares of 202 million.

我們仍預期 2021 年訂閱毛利率為 85%，並將 2021 年全年營業利益率由 23.5% 上調至 24.5%。這反映了營收成長上修、更有效率的行銷支出，以及因 COVID 相關因素使部分差旅與娛樂（T&E）費用持續偏低所帶來的節省。我們也將 2021 年全年自由現金流利益率上調 1 個百分點，由 30% 提升至 31%。我也要提醒，從季節性角度來看，我們預期全年自由現金流的 40% 將在第四季產生。最後，我們預期稀釋後加權平均流通股數為 2.02 億股。

For Q3, we expect subscription revenues between $1.4 billion and $1.405 billion, representing 28% to 29% year-over-year growth, including the 150 basis point FX tailwind. We expect CRPO growth of 30% year-over-year, including 150 basis point FX tailwind. We expect subscription billings between $1.32 billion and $1.325 billion, representing 22% to 23% year-over-year growth. Growth includes a net tailwind from FX and duration of 50 basis points. As a reminder, looking at billings from a 4-quarter rolling basis will help normalize the quarterly seasonality and changes in customer invoicing terms. On that basis, our Q3 subscription billings guidance would represent 31% year-over-year growth. We expect an operating margin of 23%. There's 202 million diluted weighted outstanding shares for the quarter.

針對第三季，我們預期訂閱營收介於 14.0 億至 14.05 億美元，代表年增 28% 至 29%，其中包含匯率帶來的 150 個基點順風。我們預期當期 RPO（CRPO）年增 30%，其中包含匯率帶來的 150 個基點順風。我們預期訂閱帳單金額介於 13.2 億至 13.25 億美元，代表年增 22% 至 23%。成長包含匯率與合約期間（duration）合計 50 個基點的淨順風。提醒各位，從 4 季滾動基礎來看帳單金額，有助於常態化季度季節性與客戶開立發票條款的變動。在該基礎下，我們第三季訂閱帳單金額指引將代表年增 31%。我們預期營業利益率為 23%。本季稀釋後加權平均流通股數為 2.02 億股。

In conclusion, digital transformation is accelerating across the globe, and ServiceNow is at the epicenter of that opportunity. ServiceNow is the digital fabric that stitches together existing systems of record, collapsing silos to connect fragmented processes. We are the platform company for digital business, and we are well on our way to becoming a $15 billion revenue company. I'm extremely proud of our team's performance this quarter, and Bill and I can't thank our employees enough for their hard work and incredible dedication.

總結來說，數位轉型正在全球加速推進，而 ServiceNow 正處於這一機會的核心。ServiceNow 是將既有的記錄系統縫合在一起的數位織網，打破孤島、連結破碎的流程。我們是數位業務的平台型公司，正穩步邁向成為一家年營收 150 億美元的公司。我為團隊本季的表現感到無比自豪，Bill 和我也非常感謝員工們的辛勤付出與令人敬佩的投入。

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

接下來，我們開放問答。

(Operator Instructions) And your first question comes from the line of Raimo Lenschow from Barclays.

（接線員指示）第一個問題來自 Barclays 的 Raimo Lenschow。

Congrats on a very strong second quarter. Bill, can you talk a little bit to the growing pipeline that you kind of mentioned here on the call? Just talk a little bit about sales cycles. I would assume that's helping you this year a bit, probably also kind of sets the foundation for next year. Just any color there, that would be nice.

恭喜第二季表現非常強勁。Bill，你能否談談你在電話會議中提到的、正在成長的銷售管線？也請談談銷售週期。我想這今年應該對你們有些幫助，也可能為明年奠定基礎。若能提供一些補充說明就太好了。

Sure. Thank you very much, Raimo, for the question. First, I'd like to recognize our outstanding IT leadership as well as our incredible focus on analytics in the company, because we really run the company on the ServiceNow platform. And whatever other systems even exist in the company, I couldn't pick them out of a lineup because the only thing we look at is Now, ServiceNow. And I have real-time data on every single account and every single deal that's moving in the global economy. And I can tell you that the pipeline is incredibly robust, and it has substantially grown and the lights are all green.

當然。非常感謝你提問，Raimo。首先，我想肯定我們卓越的 IT 領導力，以及公司對分析能力的高度聚焦，因為我們確實是用 ServiceNow 平台來營運公司。至於公司裡還存在的其他系統，就算讓我從一排系統裡挑，我也挑不出來，因為我們看的只有 Now、ServiceNow。我能即時掌握每一個帳戶、每一筆在全球經濟中推進的交易數據。我可以告訴你，銷售管線非常強勁，已大幅成長，而且一切訊號都是綠燈。

Our sales leader is extremely positive on the second half of the year, as is our engineering leader, and the unity in the company around performing right now is really strong. So you can take Gina's guide and the raise that she just put in front of the capital markets to heart, because we looked at every detail and everywhere we could with our own information, and it's very, very strong.

我們的銷售主管對下半年非常樂觀，我們的工程主管也是如此；公司上下在當下執行與達成績效方面的凝聚力非常強。因此，你可以把 Gina 的指引以及她剛向資本市場提出的上調預期放在心上，因為我們用自己的資訊把每個細節、每個可能性都看過了，整體表現非常、非常強勁。

In terms of the sales cycles, I think the sales cycles are moving quicker. The notoriety of the brand is resonating as the digital transformation control tower, as I said. IT has a stronghold on so many things now because if you want to give the employees a great experience, you want to provide the customers an unmatched service or you want to unify IT and business around creating these new workflows, which are necessary because there's not enough developers to develop all the applications that are required, everybody can agree on the Now Platform, and that seems to be unifying organizations between IT and business and accelerating our sales cycles and enlarging our deal sizes.

至於銷售週期，我認為正在加快。品牌知名度正以我所說的「數位轉型控制塔」定位產生共鳴。現在 IT 在很多事情上都有很強的主導力，因為如果你想讓員工有很好的體驗、想為客戶提供無可匹敵的服務，或想讓 IT 與業務共同打造這些新的工作流程——這些工作流程是必要的，因為沒有足夠的開發者去開發所有所需的應用——大家都能在 Now Platform 上達成共識。這似乎正在促進組織內 IT 與業務的整合，加速我們的銷售週期並擴大交易規模。

Perfect. And then any early feedback from the customers around Lightstep? Because that's obviously, like, expanding your TAM quite a bit. What has been the early feedback from the customer base?

很好。那麼，客戶對 Lightstep 有沒有任何早期回饋？因為這顯然會把你們的 TAM（可服務總市場）擴大不少。客戶群的早期反應如何？

Yes. I'd really like to thank Ben and his team for their trust in ServiceNow and Pablo and CJ and our great engineering team for the work that they're doing together. Now what we think is that ServiceNow's proven capabilities, combined with Lightstep's observability technology, will really help organizations seamlessly connect because that's the big deal, seamlessly connect the insights in that data, form the necessary patterns in that data and then action them into the workflow, which enables people, process and technology to truly deliver great experiences for the customers and the employees.

有的。我非常想感謝 Ben 與他的團隊對 ServiceNow 的信任，也感謝 Pablo、CJ 以及我們優秀的工程團隊共同投入的工作。我們的看法是，ServiceNow 已被驗證的能力結合 Lightstep 的可觀測性技術，將真正幫助組織無縫連結——這是關鍵——無縫連結數據中的洞察、在數據中形成必要的模式，並把它們落地到工作流程中，讓人員、流程與技術能真正為客戶與員工帶來卓越體驗。

And I think what differentiates us uniquely is this is one pane of glass, it's one user experience and it is not just the developer operations; you'll also see business executives align on this as well. And to us, that's going to really help organizations seamlessly connect their digital experiences across the enterprise. Again, the platform, I can't stress this enough, the digital platform, the Now Platform, is the glue that's tying it all together.

我認為我們獨特的差異化在於：這是一個單一視窗（one pane of glass）、單一使用者體驗，而且不僅僅是開發者營運（DevOps）；你也會看到企業高階主管在這方面達成一致。對我們而言，這將真正幫助組織在整個企業內無縫串聯其數位體驗。再次強調，我怎麼強調都不為過：平台——數位平台、Now Platform——就是把一切黏合在一起的黏著劑。

Thank you; well done.

謝謝；做得很好。

And your next question comes from Matt Hedberg from RBC Capital Markets.

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

Congrats from me as well. Bill, you talked about the power of the platform with really a consumer-grade interface. But also, I think the simplified buying process, new ELAs is really powerful. And you called out Deloitte. I guess I wanted to double-click on that a bit and really the importance of the simplified buying process and how you see that benefiting really new account acquisition as well as expansion.

我也要恭喜你們。Bill，你談到平台的力量，並具備真正消費者等級的介面。不過我也認為，簡化的採購流程、新的 ELA（企業授權協議）非常有力。你也提到了 Deloitte。我想更深入追問一下：簡化採購流程的重要性，以及你如何看待它對新客戶取得與既有客戶擴張的助益。

Yes, absolutely, Matt. The main thing is speed, right? We're in a market that is very robust, digital transformation is really hot, and we are that signature brand. So the more quickly we can evolve the upgrade process and the net new deals to get customers live, that's really what it's all about. And I want you to rest assured that from finance to legal, to the way we execute the sales motions in the field and also enable our ecosystem, that whole value chain is right now pedal to the metal.

是的，當然，Matt。最重要的是速度，對吧？我們所處的市場非常強勁，數位轉型非常火熱，而我們就是那個標誌性品牌。因此，我們越能快速推進升級流程與新增交易、讓客戶上線，這就是關鍵所在。我也希望你放心，從財務到法務、從我們在前線執行銷售動作的方式到賦能我們的生態系，整條價值鏈現在都是全速前進。

So when you think about the Now Buying Program, we're looking at larger, rapidly expanding customers and making it easier for them to grow with us. So that includes simplifying the buying process, as you rightfully point out, using flexibility so they can easily upgrade to higher tiers of product innovation. Our innovators are just so amazing here. Every time you turn around, in the next release there's a new breakthrough. I just can't thank them enough. ITSM Pro and Enterprise are doing terrific. And this is enabling customers to try things as well and exchange or adopt products at their will, and it's giving them a forward look at where we're going with our road maps. And when they see the innovation power of ServiceNow, that actually buys them in very quickly.

當你想到 Now Buying Program（Now 採購計畫）時，我們鎖定的是規模更大、快速擴張的客戶，並讓他們更容易與我們一起成長。這包括如你所說的簡化採購流程，並運用彈性，讓他們能輕鬆升級到更高層級的產品創新。我們的創新者真的非常了不起。每次一轉眼，下一個版本就有新的突破。我對他們感激不盡。ITSM Pro 和 Enterprise 的表現非常出色。這也讓客戶能夠嘗試不同方案，並依其意願交換或採用產品，同時也讓他們提前了解我們產品路線圖的方向。當他們看到 ServiceNow 的創新能量時，往往很快就會買單。

And finally, I would just like to say we've done a really good job on the industry domain expertise in the company, but also on aligning all the value that we have to the platform and making sure the customer understands the value they realize. So as they step into bigger relationships with us, we can predict those expansions and those pricing tiers and the integrated customer success, support and value and maybe carry that into the boardroom with great confidence and say this is what ServiceNow is doing to deliver for you. I was really excited when I saw the Telia article that went out today where they were talking about retiring 75 legacy systems as they standardize on the Now Platform. So it's just really good for the customer, and it's good for our folks, too, to get the customer value fast.

最後我想說的是，我們在公司內的產業領域專業做得非常好，同時也把我們所有的價值與平台對齊，並確保客戶理解他們所實現的價值。因此，當他們與我們建立更深、更大的合作關係時，我們能預測這些擴張、這些定價層級，以及整合式的客戶成功、支援與價值，並且能很有信心地把這些帶進董事會會議室，說明 ServiceNow 正如何為你們交付成果。今天我看到 Telia 發出的那篇文章時非常興奮，他們談到在標準化採用 Now Platform 的同時，將汰除 75 套舊有系統。這對客戶非常有利，對我們的團隊也同樣有利，因為能更快讓客戶取得價值。

Makes sense. And maybe just a quick one for Gina. Last quarter, you talked about net new ACV acceleration. And I guess maybe I can assume based on your increased guidance what the answer is. But curious if you have any thoughts on net new ACV.

了解。再快速問 Gina 一題。上季你談到淨新增 ACV（年度合約價值）加速。我想根據你上調的指引，大概可以推測答案，但仍想聽聽你對淨新增 ACV 的看法。

Yes. So I talked about net new ACV accelerating in 2021 versus 2020, and we have definitely seen that happening across the board. And with our strong beat in Q2 and our raise in the back half, the acceleration that we're seeing is actually greater than initially anticipated.

好的。我提到 2021 年相較 2020 年，淨新增 ACV 正在加速，而我們確實看到這種情況在各方面全面發生。隨著我們第二季強勁超預期，以及我們對下半年指引的上調，我們目前看到的加速幅度其實比最初預期更大。

And your next question comes from the line of Kash Rangan from Goldman Sachs.

下一個問題來自 Goldman Sachs 的 Kash Rangan。

A hearty congratulations on another spectacular quarter. I couldn't help but notice that the net new ACV contribution from your core IT workflow business was up very sharply. Curious to get your thoughts on what's happening in that segment of the market. And Bill, I also noticed that the headcount in sales and marketing also went up pretty significantly. Can you just talk about what the implications are for, number one, the increase in the net new business coming from your core business, coupled with what seems to be a pretty gigantic increase in sales and marketing, which I guess is a positive? But I just want you to give me the implications of these 2 observations. Congrats.

衷心恭喜你們又交出一個非常亮眼的季度。我注意到，你們核心 IT 工作流程業務對淨新增 ACV 的貢獻大幅上升。想請教你對該市場區隔正在發生什麼的看法。另外 Bill，我也注意到銷售與行銷的人力編制也相當明顯地增加。你能否談談這兩點觀察的意涵：第一，核心業務帶來的淨新增業務增加；第二，看起來相當可觀的銷售與行銷擴編——我想這是正面訊號——但我希望你能說明這兩項觀察所代表的意涵。恭喜。

Well, thank you very much, Kash, and thank you for all the things that you saw in the Now Platform and our leadership in the market. I really appreciate it. In terms of the core business, the core is becoming more and more relevant as these enterprises try to separate away from the old world of islands of automation and point solution buying and dealing with fragmented systems, processes and silos. So the core of the core, of course, is our ITX portfolio, and that is really resonating with our customers because they can do all the things they want to do on one platform. And to the extent they want to leverage other technologies that they've already invested in, of course we're so accommodating to that because our great engineers have built all out-of-the-box integrations to the biggest systems in the world. So it's kind of started with the core, and now it's moving across the enterprise with great speed.

嗯，非常感謝你，Kash，也謝謝你對 Now Platform 以及我們在市場上領導地位所看到的一切。我真的很感激。就核心業務而言，隨著這些企業試圖擺脫舊世界那種自動化孤島、單點解決方案採購，以及面對分散的系統、流程與各自為政的孤島，核心變得越來越重要、也越來越切題。因此，核心中的核心，當然就是我們的 ITX 產品組合；這點確實引起客戶強烈共鳴，因為他們可以在同一個平台上完成所有想做的事。而在他們希望運用既有已投資的其他技術之處，我們當然也非常願意配合，因為我們優秀的工程師已經為全球最大的系統打造了各種開箱即用的整合。所以一開始是從核心出發，現在正以非常快的速度擴展到整個企業。

And all the businesses have done great. And in fact, all the geos are ahead of their operating plans. And they're all doing really, really well in every geography and every industry. It's amazing. So I would just like to give you a feel for this, Kash, by just saying like we have seen the immediate impact of our innovation in the core as we expand the perimeter to Employee and Customer Service Management and now Creator. Our great sales leadership sees the opportunity. And they see the hockey stick building in the pipeline, and we're trying to get out in front of that with the coverage model.

而且所有業務都表現得很出色。事實上，所有地區都超前於各自的營運計畫。他們在每個地理區域、每個產業都做得非常、非常好。這很驚人。所以我想用一個方式讓你感受一下，Kash：我們已經看到核心創新帶來的立即影響，因為我們正在擴大邊界到員工與客戶服務管理，現在也延伸到 Creator。我們優秀的銷售領導團隊看到了機會。他們看到管線正在形成「曲棍球棒」式的成長，我們正試圖透過覆蓋模型走在這之前。

And what I think you made a great sage comment on is that's a high-class situation, because most companies are complaining about the war on talent, and they're actually suffering because they don't have enough talented people to do the job. We're only hiring 1% of the applicants that are highly qualified to come into ServiceNow, and the hardest part our recruiting team is doing right now is just keeping up with the inflow of all the resumes. So I think it's great that we're actually hiring ahead. We see a great hockey stick in the pipeline, and I have tremendous confidence in our sales leadership all over the world.

而我認為你提出了一個非常睿智的觀點：這其實是個高級的情境，因為多數公司都在抱怨人才戰，並且因為沒有足夠優秀的人才來完成工作而受苦。我們只錄用 1% 高度合格、能加入 ServiceNow 的應徵者，而我們招募團隊現在最難的部分，就是跟上所有履歷湧入的速度。所以我認為我們能夠提前招募其實很棒。我們在管線中看到很強的「曲棍球棒」趨勢，並且我對全球各地的銷售領導團隊充滿信心。

And your next question comes from the line of Alex Zukin.

接下來的問題來自 Alex Zukin。

I want to ask a similar question on that around the ELA cycle and the deals that you talked about. Can you comment on how common that is for your pipeline right now versus maybe in previous years? And give us a sense for the kind of magnitude of upsell that is possible when customers move at an accelerated pace to these enterprise buying activities.

我想就你提到的 ELA 週期以及那些交易問一個類似的問題。你能否評論一下，這在你們目前的管線中有多常見，相較於過去幾年？另外，當客戶以加速的步伐轉向這些企業級採購活動時，請讓我們了解一下可能的加購（upsell）幅度大概會有多大。

Thank you very much, Alex. I mean the good news is it's early. It's a very, very small part of our results and a very, very small part of our pipeline. So the upside for this initiative and this way of thinking is quite dramatic because if you think about enterprise solution selling and you do that in all the geos and all the industries and you really establish a relationship plan with the customers at the C level that's quite convincing, you could do a lot. And what we could also do is get customers resonating with this and really lock them into the idea of a future road map. So they become a design partner, and that's really what we want. We don't want sales, we want partnerships.

非常感謝你，Alex。我的意思是，好消息是現在還很早。這在我們的業績中占比非常、非常小，在我們的管線中也占比非常、非常小。所以，這項倡議與這種思維方式的上行空間相當可觀，因為如果你想想企業解決方案式的銷售，並且在所有地區、所有產業都這樣做，同時在 C-level 與客戶建立一個相當有說服力的關係計畫，你可以做很多事。而我們也能讓客戶對這件事產生共鳴，並真正把他們鎖定在未來產品路線圖的概念上。如此一來，他們就成為設計夥伴，而這正是我們想要的。我們不要只是銷售，我們要的是夥伴關係。

So if we have designed partnerships that go 3 or 5 years, we're buying into the road map, and we're doing that, giving the customer all the benefits of scale and innovation that they deserve from ServiceNow. And at the same time, we're investing less calories in selling things and more calories on building relationships that last a lifetime.

所以如果我們建立的是為期 3 年或 5 年的設計型夥伴關係，我們就是在共同投入路線圖，並且這麼做，讓客戶獲得他們理應從 ServiceNow 得到的規模與創新效益。同時，我們也能把更少的精力花在賣東西上，把更多的精力放在建立能維持一輩子的關係上。

And I would just add, Alex, that on -- while still small, the current expansion that we're having with our customers who are going through this Now Buying Program is pretty significant. So we're really happy with it.

我再補充一下，Alex，雖然目前占比仍小，但我們與正在參與 Now Buying Program 的客戶所產生的擴張規模相當顯著。所以我們對此非常滿意。

Perfect. And then just maybe one follow-up for you, Gina. If you look at the guidance on a constant currency basis, can you give us a sense just -- I mean, clearly Q3 is a big federal quarter and everything we've heard suggest your federal pipeline is quite robust. Can you give us some puts and takes around the guardrails or the conservatism in the guidance that takes that strong federal pipeline into account?

很好。接著可能再追問你一題，Gina。若以固定匯率基礎來看你們的指引，你能否讓我們了解一下——我的意思是，很明顯 Q3 是一個很大的聯邦季度，而且我們聽到的訊息都顯示你們的聯邦管線相當強勁。你能否談談在指引中，為了把這個強勁的聯邦管線納入考量，你們在上下限（guardrails）或保守程度（conservatism）上有哪些取捨？

Yes, great question. We absolutely are expecting another strong federal quarter this year. But if you remember, on a quarterly basis, there's a lot of seasonality built into billings. And so as we shared in the past, there's a couple of drivers impacting the growth rate, which is really a function of renewal and invoice timing and not a function of business performance. So one particular item this quarter for Q3 is, as some of our customers are becoming larger, they've requested a change in annual to semiannual billing, and this is much more pronounced in Q3 of this year as we had 2 large customers that were previously invoiced annually in Q3 2020 that are now being invoiced semiannual. So that's actually resulting in a 2-point headwind to the year-over-year growth.

是的，這個問題很好。我們今年確實預期會再迎來一個強勁的聯邦季度。但如果你記得，以季度來看，帳單金額（billings）本身具有很強的季節性。因此，正如我們過去分享的，有幾個因素會影響成長率，而這些其實主要是續約與開立發票時點的函數，並不是業務表現的函數。就本季 Q3 而言，有一個特別的項目是：隨著部分客戶規模變大，他們要求把年度計費改為半年計費；而今年 Q3 這個現象更為明顯，因為我們有 2 位大型客戶在 2020 年 Q3 原本是按年在 Q3 開票，現在改為半年開票。因此，這實際上對年對年成長造成 2 個百分點的逆風。

It's one of the reasons why I talked about the 4-quarter rolling number. And if you look at 4-quarter rolling for Q3 with this guide, it implies 31% year-over-year growth. So we absolutely expect a strong federal quarter. We absolutely expect continued acceleration in net new, and we are feeling really good about both the Q3 as well as the full year increase in billings guidance.

這也是我為什麼提到 4 季滾動數字的原因。如果你看這份指引下 Q3 的 4 季滾動數字，它意味著年對年成長 31%。所以我們絕對預期會有一個強勁的聯邦季度。我們絕對預期淨新增（net new）會持續加速，而且我們對 Q3 以及全年帳單金額指引的上調都感到非常有信心。

And Alex, if I could build on Gina's outstanding commentary, I would just say there's many big opportunities in the back end of the year in federal in particular, and they're tending to be large programs as opposed to smaller point solutions. And again, this is more or less the theme now as we become an enterprise solutions company. And you're seeing business in the area of resiliency. There's a lot of focus on business continuity now, outages, of course, and dealing with the COVID scenario. Cybersecurity is on the top of many lists and programs that we're involved in and vaccine management. Vaccine management is one of the greatest workflow challenges the government faces. And as you can tell, they'll likely need to be readministering things regularly and managing that process. We're front and center in that.

Alex，如果我能在 Gina 非常出色的說明上再補充一下，我想說的是：在今年下半年，尤其是在聯邦領域，後段還有許多大型機會，而且它們往往是大型計畫，而不是較小的單點解決方案。同樣地，這或多或少就是我們現在的主題：我們正成為一家企業級解決方案公司。你會看到在韌性（resiliency）方面的業務；現在大家非常關注業務持續性、當機（outages），以及如何應對 COVID 的情境。資安（cybersecurity）也在我們參與的許多清單與計畫中名列前茅，還有疫苗管理。疫苗管理是政府面臨的最大工作流程挑戰之一。而且如你所見，他們很可能需要定期重新施打並管理整個流程。我們在這方面處於核心位置。

And of course, I'm really proud actually of the way the government is looking at digital transformation. They really are looking at this as a way to help government run like business. And there's a lot of really smart operators on the technology side that I've met in many of the large programs, and our team is very humbled to have an opportunity to help not only the United States, but many of the governments around the world. It's really exciting.

當然，我其實也為政府看待數位轉型的方式感到非常自豪。他們確實把這視為一種讓政府像企業一樣運作的方法。我在許多大型計畫中遇到不少在技術端非常聰明的實務操作者，而我們的團隊也非常謙卑，能有機會不僅協助美國，也協助全球許多政府。這真的令人振奮。

Makes total sense. And Gina, this is why we're all very thankful that you're now guiding to current RPO where these issues probably don't -- are less impactful.

完全說得通。而且 Gina，這也是為什麼我們都非常感謝你現在改以 current RPO 來提供指引，因為這些問題在那裡可能不——影響會比較小。

Exactly, exactly. Thank you.

沒錯，沒錯。謝謝你。

And your next question comes from Gregg Moskowitz from Mizuho.

接下來的問題來自 Mizuho 的 Gregg Moskowitz。

Okay. Bill, should we construe the strong Q2 results and your bullish pipeline commentary to mean that you've clearly begun to benefit more from the economy reopening? And then also, how do you see that playing out over the back half of the year?

好的。Bill，我們是否應該把強勁的 Q2 結果以及你對管線的樂觀評論解讀為：你們顯然已經開始更明顯地受惠於經濟重啟？另外，你如何看待這在今年下半年會如何發展？

Thank you very much, Gregg. Certainly, I think it's beginning to show in the results. And I have to say, part of my belief is that as the economy opens up even more, that can only benefit ServiceNow even more. We have done a great job, and I really do take my hat off to our team and all functions of the company. To stay focused on the customer in a digital-only world is not an easy thing to do, and ServiceNow employees have stood up to the challenge. But now as the economies open up and people are back in the office and there is a hybrid world that we're all accommodating, I do believe getting our sales professionals and executives in front of other executives is only going to help the story resonate even more.

非常感謝你，Gregg。當然，我認為這已經開始在結果中顯現。我也必須說，我的部分信念是：隨著經濟進一步開放，這只會讓 ServiceNow 受益更多。我們做得非常好，我也真的要向我們的團隊以及公司各個職能致敬。在一個純數位的世界裡仍然專注於客戶，並不是一件容易的事，而 ServiceNow 的員工迎接了這個挑戰。但現在，隨著經濟開放、人們回到辦公室，並且我們都在適應一個混合式的世界，我確實相信，讓我們的銷售專業人士與高階主管面對面接觸其他高階主管，只會讓我們的故事更能引起共鳴。

So the important thing, I believe, is that we all learned something from COVID and we recognized what's essential in terms of travel and accommodating personal meetings versus what is more adequately handled using tools that are digital and can be scaled even faster. And it's the combination of those 2 forces that I think will really lift ServiceNow actually to new heights, Gregg.

所以我認為重要的是，我們都從 COVID 中學到了一些東西，並且我們認清了在旅行與安排面對面會議方面，哪些是必要的；相較之下，哪些更適合用可數位化、而且能更快擴展的工具來處理。我認為正是這兩股力量的結合，將真正把 ServiceNow 推向新的高度，Gregg。

That's great. And then just one for Gina. I think your subscription gross margins were a bit lower than they've been in a while. Is there anything that you would call out here?

很好。接著我想問 Gina 一個問題。我覺得你們的訂閱毛利率比過去一段時間略低。這裡有什麼你想特別說明的嗎？

Yes. The margins we talked about there, we're keeping them flat for our guide. But they are impacted versus the prior year a bit. And we talked about this earlier in the year. We're making increased investments in our data centers and customer support to serve customers impacted by the new data residency regulations as well as serving our customers who require additional security measures such as IL5 for our Fed customers. So those are big-ticket items that are impacting our margin. That was included in our original guide for the year, and we are achieving exactly what we set out to do on both those fronts.

是的。我們剛才談到的毛利率，在我們的指引中維持持平。但相較於前一年，確實受到一些影響。我們今年稍早也提過：我們正在加大對資料中心與客戶支援的投資，以服務受到新資料駐留（data residency）法規影響的客戶，同時也服務需要額外安全措施的客戶，例如我們聯邦（Fed）客戶所需的 IL5。這些都是大項目，正在影響我們的毛利率。這些內容已包含在我們年初的原始全年指引中，而我們在這兩個面向都正如期達成當初設定的目標。

And your next question comes from Arjun Bhatia.

下一個問題來自 Arjun Bhatia。

Perfect. Congrats on the quarter. I wanted to start off maybe with the new customers because it clearly seems like there's strong traction there and your platform is broader than it used to be many years ago. I'm wondering how many of your new customers are coming in off the bat outside of your core IT workflows in HR, in customer service management. Are you seeing traction there from new customers? Or is that mostly a point of expansion from existing customers?

太好了。恭喜本季表現。我想先從新客戶談起，因為看起來你們在這方面的動能很強，而且你們的平台比多年前更為廣泛。我想了解的是：你們有多少新客戶一開始就不是從核心 IT 工作流程切入，而是從 HR、客戶服務管理等領域切入？你們是否看到新客戶在那裡的牽引力？還是那主要是既有客戶擴張時才會採用的？

That's a really good question, Arjun. What we're seeing is, ServiceNow has hired some of the best people in the world in Creator Workflows, in Customer Service Management, in Employee Experience. And we have built big businesses within our company in these categories. So it's not at all unusual to see a customer begin with us on the Employee Experience side. There are many customers out there today that have systems of record that, frankly, can't accommodate a one-stop shop for all the hybrid work needs of a workforce that's going to be everywhere. And we uniquely serve that need with that consumer-grade UX on the mobile. And now you see us with amazing partnerships with Microsoft and others, and I think that really is creating a lot of interest in the marketplace, and yes, new deals beginning with Employee Experience.

這是個非常好的問題，Arjun。我們看到的是，ServiceNow 在 Creator Workflows、Customer Service Management、Employee Experience 這些領域，延攬了世界上一些最優秀的人才。我們也在公司內部把這些類別做成了很大的業務。因此，看到客戶從 Employee Experience 端開始與我們合作，一點也不罕見。現在市場上有很多客戶的記錄系統（systems of record），坦白說，無法提供一站式解決方案來滿足一個「到處工作」的混合型勞動力的所有混合辦公需求。而我們以行動端的消費者等級 UX，獨特地滿足了這個需求。再加上我們與 Microsoft 等夥伴的出色合作，我認為這確實在市場上引發了很大的興趣；而且是的，新的交易確實有從 Employee Experience 開始的。

The same thing on Customer Service Management. We're now in a direct-to-consumer, digital-first world. And the Now Platform is uniquely advantaged for customer service, and that is our focus. And there's many companies, especially in telecommunications and banking, not limited to that, that have come to us and started with us there. And I really want to stress this Creator Workflow situation. If you think about the 500 million apps that are going to have to be developed and the shortage of developers to do it, what you're going to see is a groundswell of new business opportunities with ServiceNow starting there because what's happening is they have to start with the low code, but they also want the resiliency and the security of tying into a unified platform like ServiceNow's. And ServiceNow is friendly to everybody in the market, and that's what customers want. They want somebody that breaks them out of the islands of automation.

Customer Service Management 也是同樣的情況。我們現在處在一個直面消費者、數位優先的世界。Now Platform 在客戶服務方面具有獨特優勢，而這也是我們的重點。有許多公司，特別是在電信與銀行業（當然不僅限於此），都來找我們並從這裡開始合作。我也很想強調 Creator Workflow 這個面向。如果你想想看，未來必須開發的應用程式可能多達 5 億個，而開發者又短缺，你會看到以 ServiceNow 為起點的新商機將大量湧現，因為他們必須從低程式碼開始，但同時也希望把韌性與安全性建立在像 ServiceNow 這樣的統一平台之上。ServiceNow 對市場上的每個人都很友善，而這正是客戶想要的。他們想要的是能把他們從自動化孤島中解放出來的夥伴。

So we've seen new deals in Creator, in Customer and Employee, not just starting with IT. And yes, that is kind of a new frontier, and it's one of the reasons why we're very bullish on the company.

因此我們看到在 Creator、Customer 與 Employee 這些領域都有新的交易，不只是從 IT 開始。是的，這算是一個新的前沿，也正是我們對公司非常看多的原因之一。

And I would just add on that, really pleased with our new customer growth. We talked about it in the script about 5 new customers just this quarter over $1 million, and that's across several different industries. And all of those 5 customers actually purchased 5 or more products, so cross-platform. It's quite amazing. And so as Bill talked about, IT certainly continues to be a high percentage of our new logos. But we're seeing more and more high-percentage lands with CSM, App Engine and HR. So really, really pleased with the progress there.

我再補充一點：我們對新客戶成長非常滿意。我們在講稿中提到，本季就新增了 5 位年合約金額超過 100 萬美元的新客戶，而且分布在多個不同產業。更令人驚訝的是，這 5 位客戶每一位都購買了 5 個以上的產品，屬於跨平台採購。正如 Bill 所說，IT 當然仍占我們新客戶（new logos）的很高比例。但我們也看到越來越多以 CSM、App Engine 和 HR 作為高占比的首次落地（land）。所以我們對這方面的進展真的非常、非常滿意。

Absolutely.

完全同意。

Perfect. That's great to hear. And one more, if I can follow up on Gregg's question about reopening. I'm curious if the Delta variant or any impact from that is coming up in your conversations with customers and whether this is something that you're factoring -- if you're factoring that into guidance at all at this point or if it's still too early to bake in any impact from the impact of verticals on that front.

太好了。很高興聽到這些。如果可以的話我再追問一個，延續 Gregg 關於重啟（reopening）的問題。我想知道 Delta 變異株或其影響是否在你們與客戶的對話中被提及？以及你們目前是否把這點納入指引考量——或者現在要把它的影響（尤其是對各垂直產業的影響）反映進去仍然太早？

Yes. Yes, it's a great question. And certainly, first and foremost, our greatest concern is always for the health and well-being of our people. And our hearts go out to all those affected, and we're definitely having conversations with customers. But with that said, our business model is extremely resilient and predictable. We have a very robust backlog of RPO exiting Q2 at $9.5 billion. And we talked about pipeline, right? Our pipeline continues to look really strong, and our coverage ratio is better than the same time last year. So that's definitely offsetting any potential conversion rates that might come under pressure. So I feel extremely confident in our guide right now, and we're certainly seeing the acceleration of digital transformation in a hybrid environment continuing to accelerate, and so we feel very strong about the guide.

是的。這是個很好的問題。當然，首先也是最重要的，我們最大的關切永遠是員工的健康與福祉。我們也向所有受影響的人致意，我們確實正在與客戶進行相關對話。不過話說回來，我們的商業模式非常具韌性且可預測。我們在第二季結束時有非常強勁的 RPO 待履約訂單（backlog），達 95 億美元。再談到 pipeline（銷售管線），我們的管線看起來依然非常強勁，而且覆蓋率（coverage ratio）比去年同期更好。因此，這些因素確實能抵消任何可能承壓的轉換率。我對目前的指引非常有信心；而且我們也確實看到在混合環境下的數位轉型加速仍在持續加快，所以我們對指引感到非常有把握。

Great. Congrats again.

很好。再次恭喜。

Thank you.

謝謝。

Your next question comes from Keith Weiss from Morgan Stanley.

下一個問題來自 Morgan Stanley 的 Keith Weiss。

Excellent, and congratulations on the really nice quarter as well. I wanted to ask kind of a higher-level question. One of the, I think, the investor debates going on right now is the relative strength in the market of back-office type applications versus front-office, with most investors are thinking that most of the focal point is on the front office. You guys see both sides of the equation. So Bill, can you give us some indication on sort of whether there's a relative more strength in the front office versus the back office? Or how are you seeing that market environment right now?

很好，也恭喜你們交出非常亮眼的一季。我想問一個比較高層次的問題。我認為投資人目前正在辯論的一個議題是：後台（back-office）類型應用與前台（front-office）應用在市場上的相對強弱；多數投資人認為焦點主要在前台。你們同時涵蓋這兩端。所以 Bill，你能否分享一下，你們觀察到前台相對後台是否更強？或者你們現在怎麼看這個市場環境？

That's a really important question. One of the things that's really, really interesting, Keith, is it's neither a back- nor front-office world anymore. It actually is both, and that's the big change in the enterprise. And that's why the Now Platform is a uniquely competitive advantage for us and for our customers and our ecosystem -- because it actually ties the front and the back together, and that's the big aha. So many enterprise participants, and I've been in the enterprise for a while, made their success out of being good in functional domains. We shrinkwrap software and then pushing it out globally and getting standards built on it, and then ecosystems evolve on top of that.

這是個非常重要的問題。Keith，有一件非常、非常有趣的事是：現在已經不再是單純後台或前台的世界了。實際上是兩者兼具，而這正是企業端最大的改變。也因此 Now Platform 對我們、對客戶以及對我們的生態系而言，形成了獨特的競爭優勢——因為它把前台與後台真正串在一起，這就是那個關鍵的「啊哈」時刻。很多企業參與者——我在企業軟體領域也待了一段時間——過去的成功來自於在特定功能領域做得很好：把軟體封裝成套裝（shrinkwrap），再推向全球、建立標準，然後生態系在其上演進。

But what happened, especially in this hybrid work-from-anywhere world and with the digital transformation era, these are do-or-die moments now. And the executives in these companies need to have that resilient IT core that's absolutely Fort Knox in terms of its security, its resilience and its performance, and it has to serve the business. And then the business is pulling at IT to serve it. But even as the business wants to get innovative and do its own thing, in this world the silos are an impediment to progress.

但發生的事情是，特別是在這個隨處工作（work-from-anywhere）的混合世界，以及數位轉型時代，現在都是攸關生死的時刻。這些公司的高階主管需要一個具韌性的 IT 核心，在安全性、韌性與效能方面必須像「諾克斯堡」（Fort Knox）一樣堅不可摧，而且它必須服務業務。接著業務端會拉著 IT 來支援它。但即使業務端想要創新、想要自己做，在這個世界裡，孤島（silos）反而成了進步的阻礙。

So I think having a great front-office Employee Experience and having a great front-office Customer Service Management and a great Creator Workflow tied to that resilient core, is really resonating so big-time. And the other thing is it's really nice to speak well of all the market participants because we just want to make them all better and we want to make all the customers successful. So that Now Platform is really sinking in as the platform for digital business, and that's really what we dreamed of, and it's happening.

所以我認為，擁有出色的前台 Employee Experience、出色的前台 Customer Service Management，以及與那個具韌性核心相連結的優秀 Creator Workflow，正以非常強烈的方式引起共鳴。另一點是，我們也很樂於正面看待所有市場參與者，因為我們希望讓大家都變得更好，也希望讓所有客戶都成功。因此 Now Platform 正逐步被理解為數位業務的平台，而這正是我們所夢想的方向，而且它正在發生。

Got it. And if I can take one last one. I think it kind of dovetails what you're talking about in terms of working well with the other market participants. And kind of more a question on the other side. I've always thought of your ITSM solution as kind of the backbone within the IT department, which everybody integrates into. And one of those major integrations has been the observability of vendors in this space. I've always heard them talk about ServiceNow being one of the most requested integrations on their platform. But now you're going to start competing with these guys. So how do you balance being that good partner as the backbone within IT but also starting to emerge as more of a competitor in observability?

了解。那如果我可以再問最後一個問題。我覺得這和你剛才談到的、與其他市場參與者良好合作的部分有點相呼應，也算是從另一個角度的問題。我一直把你們的 ITSM 解決方案視為 IT 部門內的骨幹，大家都會整合進來。而其中一個主要整合就是這個領域的可觀測性（observability）供應商。我一直聽他們說，ServiceNow 是他們平台上最常被要求的整合之一。但現在你們要開始和這些人競爭了。所以你們要如何在作為 IT 內部骨幹的良好合作夥伴、同時又開始在可觀測性領域更像競爭者之間取得平衡？

I think it's very important to acknowledge that it's not about competing with the other participants in the market, it's about innovating on the Now Platform and giving the customer as much innovation as we possibly can so they can conduct their business processes and their workflows on the Now Platform. To the extent there are functionalities or investments that have been made in other participants in the market, we're very happy to integrate with them and accentuate that functionality into our Now workflow. So the customer gets the best of all worlds.

我認為很重要的一點是要承認：這不是在和市場上的其他參與者競爭，而是在 Now Platform 上持續創新，盡可能把更多創新帶給客戶，讓他們能在 Now Platform 上執行其業務流程與工作流程。在其他市場參與者已投入並具備某些功能或投資的範圍內，我們非常樂意與他們整合，並把那些功能強化到我們的 Now 工作流程中。如此一來，客戶就能兼得各方所長。

I will tell you that there are many customers that absolutely tell us that we want ServiceNow to be that digital transformation platform, that backbone for all of our functions. And we expect to build that RPA, that process mining, that observability, that AI Ops, that ML into that platform. But at the same time, if there's others in their installed base that they want to amplify, we're happy to do that. And I think that good-heartedness and really working on the customers' side and making them successful has differentiated us in the market. And candidly, I think all companies should coalesce on the Now Platform and just make it easier for customers.

我可以告訴你，有很多客戶非常明確地跟我們說，他們希望 ServiceNow 成為那個數位轉型平台、成為所有職能的骨幹。他們期待在這個平台上建構 RPA、流程探勘（process mining）、可觀測性、AIOps、AI、ML。但同時，如果他們既有安裝基礎（installed base）裡還有其他解決方案想要放大其價值，我們也很樂意協助。我認為這種善意、真正站在客戶這一邊、讓客戶成功的做法，讓我們在市場上脫穎而出。坦白說，我覺得所有公司都應該在 Now Platform 上凝聚起來，讓客戶更容易。

Sounds like a plan.

聽起來是個好計畫。

Thank you very much.

非常感謝。

And your next question comes from Keith Bachman from Bank of Montreal.

下一個問題來自蒙特婁銀行（Bank of Montreal）的 Keith Bachman。

Bill, I want to direct this one to you, if I could, to start out with the competitive landscape. And in particular, in the IT workflow world, could you talk a little bit about how competition may be changing? And amongst the comments, certainly not all inclusive, but amongst the comments, I'd like to hear your feedback on is Atlassian's product. Are you starting to see them more in your bidding or in the competitive landscape? And then I have a follow-up, if I could.

Bill，如果可以的話，我想先請你談談競爭態勢。特別是在 IT 工作流程（IT workflow）領域，你能否談談競爭可能正在如何改變？在一些評論中——當然不一定涵蓋全部——我想聽聽你對 Atlassian 產品的看法。你們是否開始在投標或競爭版圖中更常看到他們？然後如果可以的話，我還有一個追問。

Sure, Keith. Well, specifically speaking of Atlassian, we are aware of their presence in the small-, medium-sized and midsized market, of course. And we understand that. And certainly on the enterprise side, we have cooperated with them where it's helpful to our customers. That's absolutely fine.

當然，Keith。就 Atlassian 而言，我們確實知道他們在小型、中型以及中階市場的存在，這點當然了解。而在企業端，我們也在對客戶有幫助的情況下與他們合作。這完全沒問題。

I think where our customers have really differentiated again on ServiceNow is on the completeness of the vision. And they're not interested in kind of like start-up islands of automation and I've got this feature or this function, and I can do certain pieces of the puzzle. They're really looking for that whole puzzle. And that's why I'm so proud that if you go to Forrester or if you go to Gartner, all you need to do is go to Gartner and you'll see that the ITSM Magic Quadrant has us as the absolute de facto standard and has had it for many, many years. So there are participants out there that do things. They have very good businesses, and that's fine, but we have not seen any sign in our core that the customers aren't doubling down with ServiceNow whatsoever.

我認為客戶在 ServiceNow 上真正再次看見的差異化，在於願景的完整性。他們不想要那種像新創孤島式的自動化：我有這個功能、那個功能，只能做拼圖的一部分。他們真正要的是整個拼圖。這也是為什麼我很自豪：如果你去看 Forrester 或 Gartner——其實你只要去看 Gartner——你會看到 ITSM 魔力象限（Magic Quadrant）把我們視為絕對的事實標準（de facto standard），而且已經很多很多年都是如此。市場上確實有其他參與者在做一些事情，他們也有很不錯的業務，這很好；但我們在核心領域完全沒有看到任何跡象顯示客戶沒有持續加碼 ServiceNow。

Yes, makes perfect sense, Bill. I wanted -- on my follow-up, I want to ask you a similar question that I posed earlier in the year, and that is how you're thinking about M&A. And I wanted to orient the question around you're now in observability as (technical difficulty) as those are 2 emerging areas, do you feel like your portfolio is complete? Or do you feel like there's maybe incremental opportunities to add to your portfolio in those 2 particular functional areas through inorganic means? And that's it for me.

是的，Bill，這很合理。我的追問是——我想問你一個我今年稍早也問過的類似問題，也就是你如何看待併購（M&A）。我想把問題聚焦在：你們現在進入可觀測性（observability），以及（technical difficulty）作為兩個新興領域，你是否覺得你們的產品組合已經完整？或者你是否覺得在這兩個特定功能領域，透過非有機方式還有一些增量機會可以補強產品組合？我就問到這裡。

Thank you very much for your question, Keith. Look, the reality is we're the only born-in-the-cloud software company to have eclipsed $5 billion in revenue with our large M&A. We're highly aware of that. But we're also aware that this is a very unique culture and (technical difficulty) our engineers is really in a league of its own, and we continue to run the playbook (inaudible) innovation. And that is what I represented and Gina represented at our Capital Markets Day when we said we'd be a $15 billion-plus revenue company.

非常感謝你的提問，Keith。你看，現實是：我們是唯一一家原生雲（born-in-the-cloud）的軟體公司，在進行大型併購的同時，營收仍突破 50 億美元。我們非常清楚這點。但我們也知道，這是一種非常獨特的文化，而（technical difficulty）我們的工程師確實是獨樹一格；我們也持續依照既定打法（playbook）來推動（inaudible）創新。這也是我與 Gina 在資本市場日（Capital Markets Day）所傳達的：我們將成為一家營收超過 150 億美元的公司。

Having said that, RPA and some of the other items that you mentioned, you shouldn't expect us to make acquisitions in that space, but you should expect us to build our functionality and our capabilities, but also be an open and willing partner for the customers because it's really about solving their problems. And the biggest thing I hear from them is they've got lots of good point solutions all over the place. And that, in effect, is the root cause of a lot of the mess that's been created in these enterprises. And more and more, when I talk to leaders of companies, and spent quite a bit of time doing that this year, they tell me that they're looking for that control tower, that clear pane of glass that can move their workloads, enable their workflows, tighten up their systems, their siloed operations and enable their people to serve their customers. And really, that's what we're doing.

話雖如此，RPA 以及你提到的一些其他項目，你不應該預期我們會在那個領域進行收購；但你應該預期我們會自行打造我們的功能與能力，同時也會對客戶保持開放、願意合作的夥伴姿態，因為重點是解決他們的問題。我從他們那裡聽到最大的痛點是：他們到處都有很多不錯的點狀解決方案（point solutions）。而這在某種程度上，正是這些企業裡許多混亂的根源。越來越多地，當我和企業領導者交流——而我今年也花了不少時間做這件事——他們告訴我，他們在尋找一個控制塔（control tower）、一個清晰的單一視窗（clear pane of glass），能夠移動他們的工作負載、啟用他們的工作流程、強化他們的系統、打通他們各自為政的營運，並讓員工能更好地服務客戶。而這正是我們在做的事。

So I'll always keep bringing it back to we can get where we said we'd go organically. We're always on our tippy toes, looking at what's best for our customers and our shareholders. And we always look at that. But right now, the plan is ever steady, and there are no plans to acquire in the spaces that you mentioned.

所以我總是會回到同一點：我們可以透過有機成長達到我們所說的目標。我們也一直保持高度警覺，觀察什麼對客戶與股東最有利，我們一直都會評估。但就目前而言，計畫維持穩健不變，對你提到的那些領域沒有收購計畫。

And your next question comes from Tyler Radke from Citi.

下一個問題來自花旗（Citi）的 Tyler Radke。

Bill, last quarter you talked about the EMEA business. I think you said it was on fire. And clearly, it's nice to see the uptick in EMEA as a percentage of revenue. Curious how that's evolved this quarter. Obviously, there's kind of some mixed trends over there as it relates to reopening. But just wanted to see if you're seeing that momentum carry into Q2 and your thoughts there for the back half of the year.

Bill，上個季度你談到 EMEA 業務，我記得你說它「火力全開」。而且很明顯，看到 EMEA 佔營收比重上升也很不錯。我想了解這一季的情況如何演變。顯然那邊在重新開放方面有一些好壞參半的趨勢。但我想看看你是否看到這股動能延續到第二季，以及你對下半年有何看法。

EMEA is doing fabulous. And one of the big changes that we've made in EMEA was obviously the proper leadership, not just at the EMEA head level, which is obviously working extremely well, I'm very proud of that, but also in significant countries within EMEA. Because as you know, every country in Europe has its own unique culture, its own unique business motions and you have to be strong with leadership in all of the geographies. And we're able to attract and retain the very best people in the enterprise software industry, and I think that's one of the root causes of our success.

EMEA 表現非常出色。我們在 EMEA 做出的其中一個重大改變，顯然是配置了合適的領導力，不僅是在 EMEA 區域負責人層級——這顯然運作得非常好，我也為此感到非常自豪——同時也在 EMEA 內的重要國家配置了強而有力的領導。因為如你所知，歐洲每個國家都有其獨特文化、獨特的商業運作方式，你必須在所有地理區域都具備強勢的領導力。我們能夠吸引並留住企業軟體產業中最優秀的人才，我認為這是我們成功的根本原因之一。

The second would be our C-level relationships. We have upped our game. And instead of dealing with only the CIO, which is an incredibly important executive to us, we have also created relationship plans across the C-suite and really enable the platform strategy for our customers, and I think that's the big evolution of ServiceNow in EMEA. We've become a platform company there as well. So it's kind of exciting when you consider how tough Europe has had it with COVID and the travel restrictions to do as well as we are. And can you imagine when things do loosen up and open up a little bit, just how big this is going to get in Europe for us? So we're very excited. The business is going great. And EMEA, just so you know, is ahead of the first-half operating plan, the internal operating plan, and that's a really good sign.

第二點是我們與 C-level 的關係。我們提升了我們的水準。不再只和 CIO 打交道——CIO 對我們而言當然是極其重要的高階主管——我們也在整個 C-suite 建立了關係計畫，真正為客戶推動平台策略，我認為這就是 ServiceNow 在 EMEA 的重大演進。我們在那裡也成為一家平台型公司。所以，考慮到歐洲在 COVID 與旅行限制下承受了多大的壓力，我們仍能有如此表現，這令人振奮。你能想像當限制逐步放寬、重新開放一些之後，我們在歐洲的規模會變得多大嗎？所以我們非常興奮。業務進展得很順利。而且 EMEA——讓你知道——已經超前於上半年營運計畫、也就是內部營運計畫，這是一個非常好的訊號。

And I would just add there that not only did EMEA do well, we had really strong performance across all regions, Americas and APJ as well. So we're really feeling good from a geography perspective that we're hitting on all cylinders.

我只想在這裡補充一點，不僅是 EMEA 表現出色，我們在所有地區——美洲與 APJ——也都有非常強勁的表現。所以從地域布局的角度來看，我們真的感覺各個面向都在全速運轉。

Great. And just to sneak in a quick follow-up. So I think you talked about Creator Workflows being in 18 of the top 20 deals, which was more than both ITSM and ITOM, but it did downtick from 20% of net new ACV to 14% this quarter. I was curious if there's anything to call out there, whether it was just smaller creator deal sizes or it was just the IT piece was so strong this quarter.

很好。我再快速追問一下。我想你提到 Creator Workflows 出現在前 20 大交易中的 18 筆，這比 ITSM 和 ITOM 都多，但本季它在淨新增 ACV 中的占比從 20% 下滑到 14%。我想了解這裡是否有什麼值得特別說明的——是因為 Creator 的交易規模較小，還是因為本季 IT 相關表現特別強勁？

Yes. Yes, I'll take that. So platform had a very strong quarter. And you're right, in 17 of our top 20 deals, including one deal over $1 million. Q1, we closed some 7-figure, a multiple 7-figure Creator Workflow deals, which were unusually large and more than we typically see in one particular quarter. And so that's why you're seeing a little bit of a shift Q-over-Q. In Q2, we really basically went back to a more normalized run rate of the 14%, which is consistent with what we've been seeing. I'd note that back in Financial Analyst Day in May, we talked about the fact that we expect Creator Workflow to become 20% of net new ACV by 2024, and we're well on our way and are doing extremely well in that trajectory. So we feel really good about the performance. And then, Bill, I don't know if you want to add anything on the actual strategy behind.

是的，是的，我來回答。平台本季表現非常強勁。你說得沒錯，在我們前 20 大交易中有 17 筆包含平台，其中還有一筆超過 100 萬美元的交易。第一季我們成交了一些七位數、甚至多筆七位數的 Creator Workflow 交易，規模異常大，且在單一季度中比我們通常看到的還要多。這就是你看到季度環比（Q-over-Q）有些變動的原因。第二季我們基本上回到較為正常化的運行水準，14% 這個比例與我們一直以來看到的情況一致。我也要指出，在 5 月的 Financial Analyst Day 上，我們談到預期到 2024 年 Creator Workflow 會成為淨新增 ACV 的 20%，我們正穩步朝這個方向前進，且在這條軌跡上表現非常出色。所以我們對這項表現感到非常好。然後，Bill，我不確定你是否想就背後的實際策略再補充一些。

No, I think you did it great, Gina. And I think you also acknowledged all of our regional leaders, and I'd like to acknowledge all of our regional leaders along with you because it's the right thing, and also our leadership executive team here and all the folks in engineering that have worked tirelessly to build the most innovative platform in the world. It's truly an honor to be associated with these folks. And I'm so bullish on Creator Workflow. And I truly believe that the new motion in the enterprise is not going to be separate endeavors of innovation. It's going to be the unification of innovation. And the big organizations are going to insist on enterprise coherence and security and business process alignment, and the CEOs are very involved in digital transformation.

不，我覺得你講得很好，Gina。我也認為你提到了我們所有的區域領導者，我想和你一起向所有區域領導者致意，因為這是應該做的；同時也要向我們這裡的領導執行團隊，以及所有在工程團隊中不懈努力、致力打造全球最具創新平台的同仁致意。能與這些人共事真的是一種榮幸。我對 Creator Workflow 非常看好。我也真心相信，企業中的新動能不會是彼此分離的創新嘗試，而會是創新的整合與統一。大型組織將會要求企業一致性與安全性，以及業務流程的對齊，而 CEO 也會深度參與數位轉型。

These CEOs that are out there are some of the greatest leaders I've ever seen, and they're very focused on digital-first. And they're not going to let these enterprises do whatever they want to do. So the companies that have true platforms that are acknowledged in the strategy room of the Board of Directors of given companies, are going to do very well now. And the ones that are trying to get there, you better have a really great story on how you're going to take care of all the needs of the enterprise and not just a few needs of a specific silo.

現在這些 CEO 是我見過最傑出的領導者之一，他們非常聚焦於「數位優先」。他們不會讓企業各自為政、想做什麼就做什麼。因此，那些擁有真正平台、並且在各公司董事會策略會議室中被認可的公司，現在會做得非常好。而那些還在努力達到那一步的公司，你必須有一個非常好的故事，說明你將如何照顧企業的所有需求，而不只是某個特定孤島的一小部分需求。

And we will be taking one more question from the line of Sterling Auty from JPMorgan.

接下來我們將再從電話線上接受最後一個提問，來自摩根大通（JPMorgan）的 Sterling Auty。

Just one question from my side. You mentioned the improvement in the hardest-hit industries from the pandemic. I'm curious, what are these industries prioritizing in terms of their spend with ServiceNow? And how durable do you expect that spending to be moving forward?

我這邊只有一個問題。你提到受疫情衝擊最嚴重的產業正在改善。我想了解，這些產業在與 ServiceNow 相關的支出上，目前優先投入的方向是什麼？以及你預期這樣的支出在未來會有多持久？

Yes, great question. We're really pleased with the trajectory there and that they're returning to more normalized spending habits. The areas that I can call out most are really around business resilience and how do they make sure that they are extremely well positioned as we come out of this pandemic, to help their employees be more productive in a hybrid world, to really help ensure that their operations are as resilient as possible. So that's throughout our IT, whether it's ITOM and ITAM together or ITBM as well as risk and security. So really across the board, feeling really good about the fact that that's opening up again.

是的，這是個很好的問題。我們對那裡的走勢感到非常滿意，也很高興他們正在回到更正常化的支出習慣。我最能點出的重點領域，主要圍繞在業務韌性（business resilience），以及他們如何確保在走出這場疫情之際能處於非常有利的位置：幫助員工在混合辦公的世界中更具生產力，並確保營運盡可能具備韌性。這涵蓋我們的 IT 全面領域，不論是 ITOM 與 ITAM 的組合，或是 ITBM，以及風險與安全。因此整體而言，我們對於這些需求再次開放、重新啟動感到非常樂觀。

And I would build on Gina's comments, Sterling, by also saying that the speed of digital business right now is faster than I think anyone of us could have even imagined, and they're all talking seamless customer experience. And when you happen to have a seamless customer experience to win, you have to align the value chain across the entire enterprise to earn that customer loyalty. And what you see in a lot of these companies is the mid-office operations and just how manual these processes are and just how fractured the data is.

Sterling，我也想在 Gina 的評論基礎上補充：目前數位業務的速度之快，恐怕超出我們任何人過去所能想像，而大家都在談「無縫的客戶體驗」。當你要靠無縫客戶體驗取勝時，你必須把整個企業的價值鏈對齊，才能贏得客戶忠誠度。而你在許多公司看到的是中台（mid-office）營運，以及這些流程有多麼仰賴人工、資料有多麼破碎分散。

So we are really good in getting the data organized and focused and put into a workflow so you can align the business process and you can be more resilient. But at the same time, you can enable this direct-to-consumer relationship. I mean when was the last time anyone on this call went into a bank? Everything is done on the mobile. Everything is direct-to-consumer. Everything has to happen with a gorgeous, simplified UI, and I think that is really driving so much of the conversations we're in right now.

因此，我們非常擅長把資料整理好、聚焦起來，並放入工作流程中，讓你能對齊業務流程、提升韌性。同時，你也能促成這種直達消費者（direct-to-consumer）的關係。我的意思是，這通電話裡有誰最近一次走進銀行是什麼時候？現在所有事情都在手機上完成，一切都是直達消費者。所有事情都必須透過漂亮、簡化的 UI 來發生，而我認為這正驅動了我們目前所參與的許多對話。

And due to time constraints, that will be our last question. And this concludes today's conference call. Thank you for participating. You may now disconnect your lines. Goodbye.

由於時間限制，這將是我們最後一個問題。今天的電話會議到此結束。感謝各位參與。您現在可以掛斷電話線。再見。