ServiceNow, Inc. (NOW) 2021 Q1 法說會逐字稿

Good day and thank you for standing by, and welcome to the Q1 2021 ServiceNow Earnings Conference Call.

各位好，感謝您稍候，歡迎參加 ServiceNow 2021 年第一季（Q1）財報電話會議。

(Operator Instructions) Please be advised that today's conference is being recorded. (Operator Instructions)

（接線員指示）請注意，今天的會議將被錄音。（接線員指示）

I would now like to hand the conference over to your speaker for today, Ms. Lisa Banks, Senior Vice President of Finance.

現在我想把會議交給今天的主講人，財務資深副總裁 Lisa Banks 女士。

Thank you, ma'am. Please go ahead.

謝謝您，女士。請開始。

Good afternoon, and thank you for joining us for ServiceNow's First Quarter 2021 Earnings Conference Call.

各位下午好，感謝您參加 ServiceNow 2021 年第一季財報電話會議。

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 first quarter 2021 financial results and discuss our financial guidance for the second quarter of 2021 and full year 2021.

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 年第一季的財務結果，並討論我們對 2021 年第二季及 2021 全年的財務指引。

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 April 28, 2021; and contains forward-looking statements that involve risks, uncertainties and assumptions, including those related to the continued impacts 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 impacts 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，我們要強調，本次電話會議中討論的部分資訊，特別是我們的指引，是以截至 2021 年 4 月 28 日的資訊為基礎；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者。我們今天提供的指引係基於我們對將要營運之總體經濟環境的假設。這些假設是基於我們今天所知的事實。許多假設涉及超出我們控制且快速變動的事項，包括但不限於：社交距離及其他緩解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載內容出現重大差異之風險、不確定性與假設，請參閱我們的新聞稿，以及我們向美國證券交易委員會（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, net income, remaining performance obligations or RPO and current RPO or cRPO. To see the reconciliation between these non-GAAP and GAAP measures, please refer to our press release filed earlier today; and our investor presentation; and for prior quarters, previously filed press releases, all of which are posted at investors.servicenow.com.

我們也要指出，公司除依據 GAAP 計算的財務衡量指標外，亦提供非 GAAP 衡量指標，且非用以取代 GAAP 衡量指標。除營收、淨利、剩餘履約義務（RPO）及當期 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 衡量指標之間的調節，請參閱我們今天稍早發布的新聞稿與投資人簡報；至於前幾季，請參閱先前提交的新聞稿，以上資料均刊載於 investors.servicenow.com。

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

今天電話會議的重播也將發布於該網站。

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

接下來，我想把電話會議交給 Bill。

Thank you, Lisa. And good afternoon to all of you. Welcome to our Q1 earnings call. I hope everyone remains healthy and safe and you and your loved ones are benefiting from broader vaccine availability.

謝謝你，Lisa。各位下午好，歡迎參加我們的第一季財報電話會議。我希望大家都能保持健康與安全，也希望您與親友能受惠於更廣泛的疫苗供應。

ServiceNow remains grateful to be in such a strong position to help support our families, communities and customers. We started 2021 with another outstanding quarter, delivering a perfect balance of growth and profitability. Our team is executing, maintaining a swift pace towards our path to $10 billion in revenue and beyond. In Q1, we grew subscription revenue 30% year-over-year, exceeding the high end of our guidance. We delivered strong profitability with operating margin over 27%. And we increased free cash flow margin 7 points year-over-year to 46%. Our significant Q1 beat across the board represents the passion our culture has for innovating and our relentless focus on the customer. We are ideally positioned to deliver what our customers need.

ServiceNow 仍然很感恩能處於如此強勁的位置，協助支持我們的家庭、社區與客戶。我們以另一個傑出的季度開啟 2021 年，在成長與獲利之間取得完美平衡。我們的團隊正在落實執行，並以迅速步伐朝向營收 100 億美元及更高目標邁進。第一季，我們的訂閱營收年增 30%，超越指引區間上緣。我們也交出強勁獲利能力，營業利益率超過 27%。同時，自由現金流利益率年增 7 個百分點至 46%。我們第一季在各項指標全面超越預期，展現了我們文化對創新的熱情，以及對客戶的堅定聚焦。我們具備理想條件，能交付客戶所需。

In the past year, the transformation of work has accelerated the adoption of digital products, services and experiences. As a result, digital investments are at an all-time high; and will total more than $7.8 trillion by 2024, according to IDC. ServiceNow is the strategic authority for digital transformation across the enterprise. We have expanded the boundaries from IT to employee, customer and now creator workflows for citizen developers. The digital economy is firing on all cylinders, and so are we.

過去一年，工作型態的轉變加速了數位產品、服務與體驗的採用。因此，數位投資達到歷史新高；根據 IDC 的資料，到 2024 年將合計超過 7.8 兆美元。ServiceNow 是企業全域數位轉型的策略權威。我們已將邊界從 IT 擴展到員工、客戶，現在更延伸到面向公民開發者的創作者工作流程。數位經濟火力全開，我們亦是如此。

Our culture was born for this moment. Our team of 14,000 colleagues are exponential thinkers. This is how we continuously bring innovation to everything we do. In just the past 18 months, we have more than doubled the features and functionality of our platform for our customers. We're at the epicenter of the workflow revolution. Our purpose has never been more relevant. We are making the world of work, work better for people. We are helping our customers dream big and to build their digital bridge to the future. Xerox, for example, is working with ServiceNow to transform the services industry. Leveraging our field service management, their technicians will use machine learning to proactively solve customer problems. They're using virtual and augmented reality tools to resolve their customers' issues via desktop, mobile and smart glass devices. In this bold new world, it's as if their agents are there in person.

我們的文化正是為此刻而生。我們 14,000 名同仁是一群指數型思考者。這使我們能持續為所做的一切帶來創新。在過去短短 18 個月內，我們為客戶的平台功能與特性已增加逾一倍。我們正處於工作流程革命的核心。我們的使命從未如此切合時勢：讓工作世界更好地為人服務。我們協助客戶勇於想像，並打造通往未來的數位橋樑。以 Xerox 為例，他們正與 ServiceNow 合作，推動服務產業轉型。運用我們的現場服務管理，其技術人員將使用機器學習主動解決客戶問題。他們也使用虛擬與擴增實境工具，透過桌機、行動裝置與智慧眼鏡設備解決客戶問題。在這個大膽的新世界裡，彷彿他們的服務人員親臨現場。

Digital transformation is about creating great employee and customer experiences. In an increasingly distributed, hybrid workforce, companies need to create frictionless experiences that make it easy for employees to get work done. This requires seamless cross-enterprise workflows linking systems, silos, departments and processes. Only the Now Platform can do this with native integrations: the platform of platforms, the power of one, one data model, one architecture, one enterprise solution to workflow every business challenge. This is what ServiceNow delivers. We are the only ones doing what we do the way we do it. Strong demand for ServiceNow is evident in our results, high growth organically driven at mass scale while aggressively investing in future growth and delivering significant profitability, an amazing business model and a true testament to the power of the Now Platform.

數位轉型的核心在於打造卓越的員工與客戶體驗。在日益分散的混合式勞動力環境中，企業需要創造無摩擦的體驗，讓員工能輕鬆完成工作。這需要跨企業的無縫工作流程，串聯系統、孤島、部門與流程。只有 Now Platform 能透過原生整合做到這一點：平台中的平台、One 的力量、單一資料模型、單一架構、單一企業解決方案，以工作流程應對每一項業務挑戰。這正是 ServiceNow 所交付的。我們是唯一能以我們的方式做到我們所做之事的公司。對 ServiceNow 的強勁需求在我們的成果中表露無遺：在大規模下由內生成長驅動的高速成長，同時積極投資未來成長並交出顯著獲利能力——這是一個令人驚嘆的商業模式，也是真正證明 Now Platform 力量的最佳例證。

Our teams keep innovating. We're proud that Quebec, our latest platform release, delivered 1,700 new customer capabilities; breakthrough innovations like predictive AI operations, AI search and virtual agents that enhance every experience, to name a few. ServiceNow is helping customers move to the cloud and invent new business models. The past year has demonstrated that giving people the right productivity tools is critical to success, especially in distributed work environments. It's why organizations like Adobe, Deutsche Telekom, Logitech, city of Los Angeles and [Discover] are using the Now Platform. Discover , in fact, is fully utilizing the Now Platform's ease of upgrade, participating in the early adopter program for our Quebec release. Now Discover is able to focus on timely availability and adoption of new functionality. The Now Platform is the gold standard for time to value.

我們的團隊持續創新。我們很自豪，Quebec 作為我們最新的平台版本，帶來了 1,700 項新的客戶能力；其中包括預測式 AI 營運、AI 搜尋與虛擬代理等突破性創新，能強化每一種體驗，僅舉數例。ServiceNow 正協助客戶遷移至雲端並發明新的商業模式。過去一年已證明，為人們提供正確的生產力工具對成功至關重要，尤其是在分散式工作環境中。這也是為什麼 Adobe、Deutsche Telekom、Logitech、洛杉磯市以及 [Discover] 等組織都在使用 Now Platform。事實上，Discover 正全面運用 Now Platform 易於升級的優勢，並參與我們 Quebec 版本的早期採用者計畫。如今 Discover 能將重心放在新功能的即時可用性與採用上。Now Platform 在價值實現速度（time to value）方面是黃金標準。

By the end of 2021, Forrester Research predicts that 75% of development shops will use low-code platforms. With Quebec, we are delivering new low-code tools that move app development beyond the borders of the engineering organization and into the hands of citizen developers, employees without software expertise who need to quickly create workflow applications. We're seeing strong response. The National Cancer Institute at the U.S. Department of Health and Human Services is a great example. NCI has established a digital service center around ServiceNow's low-code app engine platform. In just 10 days, NCI leveraged ServiceNow to build a new application for an online portal to collect and track specimens from COVID-19 patients. ServiceNow's low-code app is helping NCI staff support the global research community in understanding how genetic factors contribute to the severity of COVID-19 cases.

Forrester Research 預測，到 2021 年底，75% 的開發團隊將使用低程式碼平台。透過 Quebec，我們提供新的低程式碼工具，將應用程式開發從工程組織的邊界延伸出去，交到公民開發者手中——也就是沒有軟體專業、但需要快速建立工作流程應用程式的員工。我們看到強烈回響。美國衛生與公共服務部（U.S. Department of Health and Human Services）旗下的國家癌症研究所（National Cancer Institute，NCI）就是很好的例子。NCI 已圍繞 ServiceNow 的低程式碼 App Engine 平台建立數位服務中心。僅在 10 天內，NCI 便運用 ServiceNow 建置了一個新應用程式，用於線上入口網站以收集並追蹤 COVID-19 病患的檢體。ServiceNow 的低程式碼應用正協助 NCI 人員支援全球研究社群，理解遺傳因素如何影響 COVID-19 病例的嚴重程度。

We also introduced process and workforce optimization capabilities in our new enterprise SKUs. This brings even more intelligence to our customers, allowing them to be more agile. We're putting new AI capabilities in the hands of our customers so they can enhance productivity while spending more time on human creativity. With our recent acquisition of Intellibot, ServiceNow will have an unmatched intelligent workflow automation solution with RPA, AI, machine learning and process mining native to the Now Platform. You'll hear more about this from our Chief Product and Engineering Officer, CJ Desai, at our upcoming Investor Day. Please be there.

我們也在新的企業級 SKU 中導入流程與人力優化能力。這為客戶帶來更多智慧，使其能更敏捷。我們正把新的 AI 能力交到客戶手中，讓他們在提升生產力的同時，能投入更多時間於人類創造力。透過近期收購 Intellibot，ServiceNow 將擁有無可匹敵的智慧工作流程自動化解決方案，將 RPA、AI、機器學習與流程探勘以原生方式整合至 Now Platform。您將在即將到來的投資人日（Investor Day）上，從我們的產品與工程長 CJ Desai 那裡聽到更多內容。請務必出席。

Now let's look more closely at Q1 performance highlights across our portfolio.

現在讓我們更仔細地看看我們整體產品組合在第一季的績效亮點。

Our better together solutions continue to drive more multiproduct deals. Our core IT workflows remain strong. ITSM was in 12 of our top 20 deals. Our AI and ML capabilities embedded with our pro SKU continue to resonate with customers. ITOM had a strong quarter and was in 13 of the top 20 deals. EMEA was especially strong. We're hitting a new gear with CEO engagement. We're seeing more demand across industries, including financial services, as EU banking regulations require companies to have full visibility into their assets while also managing risk. HSBC, for example, chose ServiceNow in a multiyear partnership as their workflow partner of choice to help them digitize at scale. Supporting HSBC's employees, ServiceNow will deliver the technologies needed to simplify their architectural landscape. This creates efficiencies, better controls and compliance. Australia and New Zealand Banking Group also chose the ServiceNow platform to consolidate, simplify its IT systems and streamline operations to improve the employee experience. The Now Platform gives them the advantage of a fully integrated view of technology and risk.

我們的「更好在一起」解決方案持續推動更多多產品交易。我們的核心 IT 工作流程依然強勁。ITSM 出現在我們前 20 大交易中的 12 筆。我們嵌入於 pro SKU 的 AI 與 ML 能力持續引起客戶共鳴。ITOM 本季表現強勁，出現在前 20 大交易中的 13 筆。EMEA 尤其強勁。我們在 CEO 參與度方面正進入新檔位。我們看到跨產業需求增加，包括金融服務業，因為歐盟銀行法規要求企業在管理風險的同時，必須對其資產具備完整可視性。例如，HSBC 選擇 ServiceNow，建立多年期合作夥伴關係，作為其首選工作流程合作夥伴，協助其大規模推動數位化。為了支援 HSBC 的員工，ServiceNow 將提供所需技術以簡化其架構版圖。這將帶來效率提升、更佳的控制以及合規性。澳洲與紐西蘭銀行集團（ANZ）也選擇 ServiceNow 平台，以整合並簡化其 IT 系統、精簡營運，進而改善員工體驗。Now Platform 讓他們具備完整整合的技術與風險視圖優勢。

We continue to see strength in our customer workflows. Our investments in the telco vertical are gaining traction daily and it's materializing in wins across the globe. Lumen Technologies, a leading telecommunications company, is transforming its customer care and assurance function with ServiceNow customer workflows. They will use the Now Platform to deliver best-in-class customer experiences across their networking, cloud and security solutions. Telia, a leading multinational telecommunications company, selected ServiceNow to transform service operations, connecting network operations, employees and customers around the world.

我們持續看到客戶工作流程的強勁表現。我們在電信垂直領域的投資每天都在取得進展，並在全球各地轉化為勝出案例。領先的電信公司 Lumen Technologies 正透過 ServiceNow 客戶工作流程，改造其客戶服務與保障職能。他們將使用 Now Platform，為其網路、雲端與資安解決方案提供同級最佳的客戶體驗。領先的跨國電信公司 Telia 選擇 ServiceNow 來轉型服務營運，連結全球的網路營運、員工與客戶。

Creator workflows, our platform business, was in 19 of our top 20 deals. 3 of our top 10 app engine wins came from APJ, where we are seeing increased awareness of ServiceNow and is continuing to drive demand. A large global manufacturing company in Japan is planning to use our app engine to automate manual processes, take out costs and risks associated with migrating on-premise applications to the cloud. This will be a movement in Japan. In the U.S., the Now Platform is at the heart of the city of Los Angeles' digital transformation, helping to provide reliable access to essential services for its 4 million citizens. The city is expanding its use of digital technology to provide immediate-access services, which enables citizens to get the assistance they deserve. Employee workflows were included in 8 of our top 20 deals. Zalando is a leading online platform for fashion and lifestyle connecting customers, brands and partners. As part of their HR transformation, they will implement a central employee services portal using ServiceNow's employee workflows. Zalando sees this as a critical component in supporting their growth and improving their employee experiences.

創作者工作流程（Creator workflows），也就是我們的平台業務，出現在我們前 20 大交易中的 19 筆。我們前 10 大 App Engine 勝出案例中有 3 筆來自 APJ，我們在該區看到對 ServiceNow 的認知提升，並持續帶動需求。日本一家大型全球製造企業計畫使用我們的 App Engine 來自動化人工流程，降低將內部部署應用程式遷移至雲端所伴隨的成本與風險。這將成為日本的一股趨勢。在美國，Now Platform 位於洛杉磯市數位轉型的核心，協助其 400 萬市民可靠地取得基本服務。該市正在擴大數位技術的使用，以提供可即時存取的服務，讓市民能獲得他們應得的協助。員工工作流程（Employee workflows）納入我們前 20 大交易中的 8 筆。Zalando 是領先的時尚與生活風格線上平台，連結客戶、品牌與合作夥伴。作為其人資轉型的一部分，他們將使用 ServiceNow 的員工工作流程導入中央員工服務入口網站。Zalando 認為這是支援其成長並改善員工體驗的關鍵組成。

Employee and workplace safety are top of mind for our customers. We are the only company with a complete suite of applications to meet these critical needs. Since the start of the pandemic, ServiceNow has been at the forefront of solving unprecedented challenges. We saw the need early and acted quickly, first, with our Emergency Response apps; then our Safe Workplace apps; and now with Vaccine Administration Management. We leverage the speed and agility of the Now Platform and the incredible talent of our product team to innovate fast, deliver market-leading solutions to support our customers and help keep them safe.

員工與職場安全是我們客戶最關切的議題。我們是唯一一家擁有完整應用程式套件、可滿足這些關鍵需求的公司。自疫情開始以來，ServiceNow 一直站在解決前所未有挑戰的最前線。我們很早就看見需求並迅速採取行動：首先推出緊急應變（Emergency Response）應用程式；接著推出安全職場（Safe Workplace）應用程式；如今則推出疫苗施打管理（Vaccine Administration Management）。我們運用 Now Platform 的速度與敏捷性，以及產品團隊的卓越人才，快速創新，提供市場領先的解決方案來支援客戶並協助確保他們的安全。

You see organizations are trapped in the last mile of vaccine management, as they lack the processes and infrastructure needed to vaccinate people quickly. This is the workflow challenge of our time. To address these challenges, organizations are using the Now Platform as their vaccine management command center. Our workflows are connecting organizations' existing technology infrastructure to help orchestrate the critical elements of the vaccine management process, including distributing, administering and monitoring vaccines. The Minnesota Children's hospital implemented our Vaccine Administration Management in 5 days so they could stay focused on their #1 priority, caring for children. The hospital is using ServiceNow virtual assistant to answer questions and schedule patient vaccinations. They are leveraging inventory tracking and scheduling to ensure appointments, staffing levels and vaccines are all in sync. Germany's largest state, North Rhine-Westphalia, is using ServiceNow to support vaccinations for millions of people. Within 2 hours of the portal going live, 120,000 people have registered and received an appointment. ServiceNow ended Q1 working with over 100 organizations and governments globally to help vaccinate people at scale. We are supporting the delivery and management of millions of vaccines globally. We will continue to do more. The workflow revolution is all about helping people. We are humbled to be helping so many people around the world manage this workflow challenge.

你會看到，許多組織被困在疫苗管理的「最後一哩路」，因為他們缺乏快速為人們接種所需的流程與基礎設施。這是我們這個時代的工作流程挑戰。為了因應這些挑戰，組織正將 Now Platform 作為其疫苗管理指揮中心。我們的工作流程正在連結組織既有的技術基礎設施，協助協調疫苗管理流程中的關鍵要素，包括分配、施打與監測疫苗。明尼蘇達兒童醫院在 5 天內導入我們的疫苗施打管理，讓他們能專注於第一優先事項：照護兒童。該醫院使用 ServiceNow 虛擬助理回答問題並安排病患接種。他們運用庫存追蹤與排程，確保預約、人力配置與疫苗供應保持同步。德國最大邦北萊茵-西發利亞州（North Rhine-Westphalia）正在使用 ServiceNow 支援數百萬人的疫苗接種。入口網站上線後 2 小時內，就有 120,000 人完成註冊並取得預約。ServiceNow 在第一季結束時已與全球超過 100 個組織與政府合作，協助大規模為人們接種。我們正在支援全球數百萬劑疫苗的交付與管理。我們將持續做得更多。工作流程革命的核心就是幫助人們。能協助世界各地這麼多人管理這項工作流程挑戰，我們深感謙卑。

In summary, we had a great start to the year with strong momentum. I'm so proud of what our team has accomplished over the past year and what they continue to achieve. From the beginning of this pandemic, we have focused on taking care of our people and taking care of our customers. That's why we're so grateful to be named to the Fortune 100 "best places to work" list for the first time. And we're proud to have increased our position on the Fortune's Best Workplaces in Technology list by more than 10 points. Our culture demonstrates time and again how we've powered through all weather conditions. Our engineering pride is unmatched, our innovation relentless and our customer focus tireless. We have a very, very robust pipeline substantially greater than anything we've seen before. We have all the learnings of digital customer relationship management. Our strong go-to-market organization is operating in high gear. Our customer services and partner ecosystem is accelerating time to value. Our business is ever resilient, our opportunities never greater.

總結來說，我們以強勁動能迎來新年度的良好開局。我為團隊在過去一年所完成的成果，以及他們持續達成的成就感到非常自豪。自疫情一開始，我們就專注於照顧我們的員工並照顧我們的客戶。這也是為什麼我們非常感謝首次入選《財富》（Fortune）100 大「最佳雇主」榜單。我們也很自豪在《財富》科技業最佳職場榜單上的排名提升超過 10 個名次。我們的文化一次又一次證明，我們如何在各種環境下持續前進。我們的工程自豪感無可匹敵、創新永不停歇、以客為本不知疲倦。我們擁有非常、非常強健的管線，顯著高於我們以往所見。我們具備數位客戶關係管理的所有學習成果。我們強大的市場推進（go-to-market）組織正全速運轉。我們的客戶服務與合作夥伴生態系正在加速價值實現時間。我們的業務始終具備韌性，我們的機會從未如此之大。

We continue to work with some of the world's greatest brands, including BMW, Bristol Myers Squibb, FIS, Subway, Standard & Poor's. We're honored to be their digital transformation partner. And we're also excited to highlight even more customers at our upcoming Knowledge21 experience in May, which will be our biggest customer event ever. And we look forward to seeing all of you at our upcoming Investor Day.

我們持續與一些全球最頂尖的品牌合作，包括 BMW、Bristol Myers Squibb、FIS、Subway、Standard & Poor's。我們很榮幸成為他們的數位轉型夥伴。我們也很期待在 5 月即將舉行的 Knowledge21 活動中，呈現更多客戶案例，這將是我們史上規模最大的客戶活動。我們也期待在即將到來的投資人日與各位相見。

This ServiceNow machine is firing on all cylinders. We're not slowing down. We are well on our way to $10 billion and beyond, and we are striving with all we have to be the defining enterprise software company of the 21st century.

這台 ServiceNow 機器正全速運轉、火力全開。我們不會放慢腳步。我們正穩步邁向 100 億美元及更高目標，並竭盡全力，致力成為 21 世紀具代表性的企業軟體公司。

Gina, over to you.

Gina，交給你。

Thank you, Bill.

謝謝你，Bill。

Q1 was a great start to the year. On the heels of a tremendous Q4, the team continued to execute well and delivered another strong quarter of outperformance. We exceeded the high end of our subscription revenue, subscription billings and cRPO guidance; and those top line beats carried through to a very robust operating margin and strong free cash flow.

第一季為今年帶來了很好的開局。在第四季表現卓越之後，團隊持續良好執行，並在本季再次交出強勁、超越預期的成績。我們的訂閱營收、訂閱帳單（subscription billings）與 cRPO 指引皆超過區間上緣；而這些營收端的超預期也延伸到非常強健的營業利益率與強勁的自由現金流。

Q1 subscription revenues were $1.293 billion, representing 30% year-over-year growth inclusive of a 4-point tailwind from FX. Remaining performance obligations or RPO ended the quarter at approximately $8.8 billion, representing 34% year-over-year growth, putting us well on our way towards our $10 billion revenue target. Current RPO was approximately $4.4 billion, representing 33% year-over-year growth and a 100 basis points beat versus our guidance. Notably, we delivered that beat with 100 basis points less of an FX tailwind. Due to the weaker euro, currency contributed 4 points instead of our original outlook for a 5-point tailwind.

第一季訂閱營收為 12.93 億美元，年增 30%，其中包含外匯帶來的 4 個百分點順風。剩餘履約義務（RPO）季末約為 88 億美元，年增 34%，使我們朝 100 億美元營收目標穩步前進。當期 RPO 約為 44 億美元，年增 33%，較我們的指引高出 100 個基點。值得注意的是，我們是在外匯順風少 100 個基點的情況下達成這個超預期。由於歐元走弱，匯率貢獻為 4 個百分點，而非我們原先預期的 5 個百分點順風。

Q1 subscription billings were $1.365 billion, representing 29% year-over-year growth and a $50 million beat versus the high end of our guidance. FX and duration were a 4-point tailwind year-over-year.

第一季訂閱帳單為 13.65 億美元，年增 29%，較我們指引上緣高出 5,000 萬美元。外匯與合約期間（duration）年對年帶來 4 個百分點順風。

As Bill mentioned, we saw particular strength in EMEA as investments made in 2020 are gaining traction. In Q1, the region closed one of its largest deals ever, helping to drive very strong year-over-year net new ACV growth. We're also seeing improving trends in APJ, where we landed 2 of the top 3 platform deals in the quarter.

如 Bill 所提到，我們在 EMEA 看到特別強勁的表現，因為 2020 年的投資正逐步展現成效。第一季，該區完成了其史上最大交易之一，帶動非常強勁的年對年淨新增 ACV 成長。我們也看到 APJ 的趨勢正在改善，本季我們在該區拿下了前三大平台交易中的 2 筆。

We continue to see the secular tailwinds driven by the intersection of digital transformation, cloud computing and business model innovation. Every C-suite leader wants to create great experiences for their employees and their customers, and ServiceNow is delivering. The Now Platform offers the speed, flexibility and innovation companies need. The sustained strength of our top line growth is the result of consistent execution from across the organization as we address these opportunities, from our engineers who continue to drive leading-edge innovation, to the sales and customer success teams who partner with our customers to ensure we're delivering value and everyone else in between that help to deliver great experiences. It's been a tremendous team effort.

我們持續看到由數位轉型、雲端運算與商業模式創新交會所驅動的長期結構性順風。每一位 C 級主管都希望為員工與客戶打造卓越體驗，而 ServiceNow 正在交付成果。Now Platform 提供企業所需的速度、彈性與創新。我們營收成長動能的持續強勁，來自全組織一致且穩健的執行力：從持續推動前沿創新的工程師，到與客戶攜手確保我們交付價值的銷售與客戶成功團隊，以及其間所有協助交付卓越體驗的同仁。這是一項非凡的團隊成果。

Our renewal rates remained strong at 97%, as the Now Platform remains a mission-critical part of our customers' operations. We closed 37 deals greater than $1 million ACV in the quarter, including 7 net new customers. Our focus on selling comprehensive solutions instead of point products continue to drive more multi-product deals as 17 of our top 20 deals included 3 or more products. We now have 1,146 customers paying us over $1 million in ACV, up 23% year-over-year. And the number of customers paying us $5 million or more in ACV grew over 50% year-over-year.

我們的續約率維持強勁，達 97%，因為 Now Platform 仍是客戶營運中不可或缺的關鍵任務組成。我們在本季完成 37 筆 ACV 超過 100 萬美元的交易，其中包含 7 位淨新增客戶。我們專注於銷售完整解決方案而非單點產品，持續推動更多多產品交易，因為我們前 20 大交易中有 17 筆包含 3 項或以上產品。目前有 1,146 位客戶支付我們超過 100 萬美元的 ACV，年增 23%。此外，支付我們 500 萬美元或以上 ACV 的客戶數年增超過 50%。

Turning to profitability. Operating margin was 27%, up 300 basis points year-over-year, driven by our strong top line outperformance and the timing of some spend that will shift into Q2. Our free cash flow margin was 46%, up 700 basis points year-over-year, driven by strong collections and lower T&E. Together, these results show the power of our business model and our ability to drive a balance of growth and profitability.

接著談獲利能力。營業利益率為 27%，年增 300 個基點，主要受惠於我們強勁的營收超預期表現，以及部分支出時點將移轉至第二季。我們的自由現金流利益率為 46%，年增 700 個基點，主要由強勁的收款表現與較低的差旅與娛樂（T&E）支出所帶動。綜合而言，這些結果展現了我們商業模式的威力，以及我們在成長與獲利之間取得平衡的能力。

Before I move to guidance, I want to give a brief update on the macro trends we're seeing in our business. The industries highly affected by COVID that we outlined early last year, which represent about 20% of our business, remained resilient in Q1. We closed several 7-figure deals in these verticals, and renewal rates were ahead of the company average. However, we did continue to see some headwinds in severely impacted industries such as airlines. Regardless of the industry, in an increasingly distributed and hybrid workforce, companies need to create consistent and frictionless experiences that make it easy for employees to get work done. Digital investments are at an all-time high and are expected to continue growing, as companies must reinvest themselves for the new economy. ServiceNow is the strategic authority in digital transformation, and we're committed to helping our customers succeed in that journey.

在我談指引之前，我想簡要更新我們在業務中觀察到的總體趨勢。我們在去年年初所提及、受 COVID 影響較大的產業（約占我們業務的 20%）在第一季仍展現韌性。我們在這些垂直領域完成了數筆七位數美元的交易，且續約率高於公司平均。不過，我們確實仍在航空等受衝擊最嚴重的產業看到一些逆風。無論產業別，在日益分散且混合的勞動力型態下，企業都需要打造一致且無摩擦的體驗，讓員工能更容易完成工作。數位投資正處於歷史新高，且預期將持續成長，因為企業必須為新經濟重新投資與再造。ServiceNow 是數位轉型的策略權威，我們致力於協助客戶在這段旅程中取得成功。

These strong secular tailwinds, paired with the strength and agility of the Now Platform, positions us well for 2021 and beyond. Pipeline generation has remained robust globally even ahead of our Knowledge 2021 event, which is a big driver particularly for the Americas. [It is] helping to drive the net new ACV acceleration in our business this year. Enterprises around the world are recognizing the strength of our one architecture model; and its ability to deliver great, scalable experiences with speed and efficiency.

這些強勁的長期結構性順風，加上 Now Platform 的實力與敏捷性，使我們在 2021 年及未來具備良好定位。即使在我們 Knowledge 2021 活動之前，全球的管線開發仍維持強勁，而該活動是重要的驅動因素，特別是在美洲地區。[它] 正協助推動我們今年業務中淨新增 ACV 的加速成長。全球企業正認可我們單一架構模型的優勢，以及其以速度與效率交付卓越、可擴展體驗的能力。

Now let's turn to guidance.

現在讓我們來看指引。

For Q2, we expect subscription revenues between $1.29 billion and $1.295 billion, representing 27% to 28% year-over-year growth, including a 300 basis point FX tailwind. We expect cRPO growth of 30% year-over-year, including a 250 basis point FX tailwind. We expect subscription billings between $1.25 billion and $1.255 billion, representing 23% year-over-year growth. Growth includes a net tailwind from FX and duration of 300 basis points.

針對第二季，我們預期訂閱營收介於 12.9 億至 12.95 億美元，年增 27% 至 28%，其中包含 300 個基點的外匯（FX）順風。我們預期 cRPO 年增 30%，其中包含 250 個基點的外匯順風。我們預期訂閱帳單金額介於 12.5 億至 12.55 億美元，年增 23%。成長包含來自外匯與合約期間（duration）的 300 個基點淨順風。

We expect an operating margin of 21.5%, which includes $15 million of sales and marketing spend that shifted out of Q1 and into Q2; and 202 million diluted weighted outstanding shares for the quarter.

我們預期營業利益率為 21.5%，其中包含 1,500 萬美元的銷售與行銷支出由第一季遞延至第二季；以及本季稀釋後加權平均流通股數為 2.02 億股。

For the full year 2021, we're raising our top line growth guidance on a constant currency basis. We are increasing the midpoint of our previous subscription revenue expectations by $32 million based on the strong trends we saw in Q1. However, a weaker euro resulted in a $59 million headwind to our growth. Taken together, we expect subscription revenues between $5.455 billion and $5.47 billion, representing 27% to 28% year-over-year growth. This includes a 200 basis points FX tailwind. Similarly, we're increasing the midpoint of our previous subscription billings expectation by $50 million on a constant currency basis. However, the weaker euro resulted in a $68 million headwind to our growth. Taken together, we expect subscription billings between $6.19 billion and $6.205 billion, representing 24% to 25% year-over-year growth. This includes a net tailwind from FX and duration of 150 basis points.

針對 2021 全年，我們在固定匯率基礎上上調營收成長指引。基於第一季所見的強勁趨勢，我們將先前訂閱營收預期的中位數上調 3,200 萬美元。然而，歐元走弱對我們成長造成 5,900 萬美元的逆風。綜合而言，我們預期訂閱營收介於 54.55 億至 54.7 億美元，年增 27% 至 28%。其中包含 200 個基點的外匯順風。同樣地，在固定匯率基礎上，我們將先前訂閱帳單金額預期的中位數上調 5,000 萬美元。然而，歐元走弱對我們成長造成 6,800 萬美元的逆風。綜合而言，我們預期訂閱帳單金額介於 61.9 億至 62.05 億美元，年增 24% 至 25%。其中包含來自外匯與合約期間（duration）的 150 個基點淨順風。

In terms of quarterly seasonality, we're continuing to see a shift of Q2 and Q3 subscription billings into Q4. We now expect about 21% of our total subscription billings to be in Q3 and 37% to be in Q4. We continue to expect subscription gross margins of 85% and an operating margin of 23.5%.

就季度季節性而言，我們持續看到第二季與第三季的訂閱帳單金額移轉至第四季。我們目前預期約 21% 的全年訂閱帳單金額將落在第三季，37% 將落在第四季。我們仍預期訂閱毛利率為 85%，營業利益率為 23.5%。

Finally, we expect free cash flow margin of 30% and 202 million diluted weighted outstanding shares for the year.

最後，我們預期全年自由現金流利益率為 30%，以及全年稀釋後加權平均流通股數為 2.02 億股。

You'll hear more about our strategy and long-term opportunity at our upcoming Investor Day on May 10, which will be webcast on our Investor Relations website. In addition to making work, work better for people, we're also committed to making the world work better as well. This week, we unveiled our first-ever global impact report. At our Investor Day, I'm excited to be able to share ServiceNow's global impact strategy with you.

您將在 5 月 10 日即將舉行的投資人日聽到更多關於我們策略與長期機會的內容，活動將在我們投資人關係網站進行網路直播。除了讓工作對人們而言更有效率之外，我們也致力於讓世界運作得更好。本週，我們發布了公司史上第一份全球影響力報告。在投資人日上，我很期待能與各位分享 ServiceNow 的全球影響力策略。

In conclusion. ServiceNow is leading this "once in a generation" opportunity to make work, work better for people. We are focused, disciplined and committed to helping our customers succeed. We have the platform [businesses need], and we're the workflow standard for enterprise transformation. Customers are using the Now Platform to create new workflows for new value chains to improve experiences across siloed systems and functions to reduce friction in people's daily lives, and it's showing in our financial results. I'm very excited about the future in front of us.

總結來說。ServiceNow 正引領這個「一代一次」的機會，讓工作對人們而言更有效率。我們專注、嚴謹，並致力於協助客戶成功。我們擁有[企業所需的]平台，並且是企業轉型的工作流程標準。客戶正使用 Now Platform 建立新的工作流程與新的價值鏈，跨越孤島式系統與職能來改善體驗、降低人們日常生活中的摩擦，而這也反映在我們的財務成果上。我對我們面前的未來感到非常振奮。

Finally, before moving on to Q&A, I just want to thank all of our employees around the world for helping to make ServiceNow one of the Fortune 100 best places to work. ServiceNow's greatest strength is its people, and you all continue to make us ServiceNow strong. Bill and I couldn't be prouder of this team.

最後，在進入問答之前，我只想感謝全球所有員工，協助讓 ServiceNow 成為《Fortune》百大最佳雇主之一。ServiceNow 最大的優勢是人才，而各位持續讓我們保持 ServiceNow 的強大。Bill 和我對這個團隊感到無比自豪。

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

那麼，我們現在開放問答。

(Operator Instructions) Your first question comes from the line of Keith Weiss with Morgan Stanley.

（接線員指示）第一個問題來自摩根士丹利（Morgan Stanley）的 Keith Weiss。

Nice to see the really strong start to the year. I think -- a question for Bill. I think one of the most notable kind of KPIs that we saw is that pickup in the platform business going to 20% with that new ACV, up from 15% just last quarter. That seems to be a pretty big pickup. Can you talk to us and give us a little bit of color in terms of what's enabling those bigger, more strategic platform sales? Was there any processes you put into place with the sales force, or was it the new partnerships? Or give us some kind of idea of kind of how that picked up so much in the results this quarter.

很高興看到今年開局如此強勁。我想——這個問題問 Bill。我認為我們看到最值得注意的 KPI 之一，是平台業務在這筆新 ACV 中的占比提升到 20%，高於上一季的 15%。這看起來是相當大的提升。你能否跟我們談談，究竟是什麼促成了這些更大、更具策略性的平臺銷售？你們是否在銷售團隊導入了任何流程，或是新的合作夥伴關係？請給我們一些脈絡，說明為何本季結果中會有如此明顯的提升。

Yes, absolutely. I'd be happy to, Keith. Thank you for the question. I think the answer is we've done all of those things. With Quebec, we're delivering new low-code tools that move app development beyond the borders of just the engineering organization and really into the hands of the citizen developers. So as you know, with digital transformation there's a whole move to modernize apps, and this is really tying engineering and business together. And we're seeing a greater market awareness for ServiceNow's digital transformation enablement to automate manual processes within organizations. And we have a focus in this company on being the platform of all platforms, which means we don't need anyone to lose for us to win. So lots of folks integrate into the Now Platform. And our low-code, no-code app development to create new workflows that deliver great experiences is really taking off, and I gave a couple of examples in our prepared remarks. One such example is National Cancer Institute, if you think about what they're doing at NCI. They established a digital service center of excellence, and they've done that around ServiceNow's low-code app engine platform. And when you think about time to value: In just 10 days, they were up and running with an online portal to collect and track specimens of COVID-19 patients. So we think that this is going to be a runaway success story for the company. And when you look at the year-on-year growth here and you look at the pipeline, we are extremely bullish on this business.

是的，絕對可以。我很樂意，Keith。謝謝你的提問。我認為答案是：我們已經做了所有這些事情。就 Quebec 而言，我們正在推出新的低程式碼工具，讓應用程式開發不再侷限於工程組織的邊界，而是真正交到公民開發者手中。所以如你所知，隨著數位轉型，整體趨勢是要現代化應用程式，而這確實是在把工程與業務連結在一起。我們也看到市場對 ServiceNow 的數位轉型賦能（enablement）有更高的認知，用以自動化組織內的手動流程。而我們公司聚焦於成為「所有平台的平台」，這意味著我們不需要別人輸，我們才能贏。因此，很多夥伴都會整合到 Now Platform。我們的低程式碼、無程式碼應用程式開發，用來建立新的工作流程、提供卓越體驗，確實正在快速起飛；我在事先準備的發言中也舉了幾個例子。其中一個例子是美國國家癌症研究所（National Cancer Institute），想想他們在 NCI 做的事情：他們建立了一個數位服務卓越中心，而這是圍繞 ServiceNow 的低程式碼 App Engine 平台來打造的。再談到價值實現時間（time to value）：僅僅 10 天，他們就上線並運行了一個線上入口網站，用於收集與追蹤 COVID-19 病患的檢體。因此我們認為，這將會成為公司一個勢不可擋的成功案例。而當你看這裡的年對年成長，以及你看我們的管線（pipeline），我們對這項業務極度看多。

Our next question comes from the line of Karl Keirstead with UBS.

我們的下一個問題來自 UBS 的 Karl Keirstead。

If I could just ask you about the seasonality in subscription billings this year, maybe sort of a 2 parter. In terms of 2Q, it looks like, your constant currency billings guide of 20%, that's about a 5-point step down from what you did in Q1, yet the 2Q compare, I think, is reasonably easy given that was a tough quarter for everybody in software in the year ago period. And then in terms of the full year billings guide, it looks like the constant currency guide is about 23% at the midpoint. Just to clarify, was it about 22% before so you've in fact upped it by a percentage point or so? Just to clarify.

我想請教一下今年訂閱帳單（subscription billings）的季節性，可能分成兩個部分。就第二季而言，看起來你們以固定匯率（constant currency）計的帳單指引為 20%，這比你們第一季做到的水準大約下滑了 5 個百分點；然而第二季的比較基期，我認為相對容易，因為去年同期對所有軟體公司來說都是艱難的一季。再就全年帳單指引而言，看起來固定匯率的指引在中位數約為 23%。想確認一下：之前是不是大約 22%，所以你們其實上調了大概 1 個百分點左右？只是想釐清一下。

Sure. So I'll take the first question, on the Q2 billings and the deceleration from Q1. So first off, you can see in our IR deck that in Q1 we had $11 million in multiyear billings that we don't expect to occur in Q2. So that's part of the deceleration. As well, we talk about timing. And we've talked about this in the past, and why billings is not the best metric, right? Because if customers are co-terming during a contract period, they often renew early, which changes the timing of renewals and really impacts billings and so one of the reasons why billings is not the greatest of metrics and why we are pointing to and giving guidance now for cRPO of 30% in Q2. What I would say is that we are in fact seeing a reacceleration of net new ACV in Q2 given the Q2 comp from last year. It's just that there is a lot of noise in billings, and so I just continue to really stress that we should be looking more at cRPO. And then for the full year, it's about 28% normalized because, remember, last year, we had the pull-forward of $80 million of billings out of Q1 of 2021 and into Q4. And so the full year guide, we have increased it by almost the full Q1 beat that you're seeing.

好的。我先回答第一個問題：關於第二季帳單以及相較第一季的放緩。首先，你可以在我們的 IR 簡報中看到，第一季我們有 1,100 萬美元的多年期（multiyear）帳單，我們預期第二季不會再出現。因此這是放緩的一部分。另外，我們也談到時點（timing）。我們過去也談過，為什麼帳單不是最好的衡量指標，對吧？因為如果客戶在合約期間進行共同到期（co-terming），他們往往會提前續約，這會改變續約的時點，並且實質影響帳單；這也是為什麼帳單不是最理想的指標之一，以及為什麼我們現在改為指向並提供第二季 cRPO 30% 的指引。我想說的是，考量去年第二季的比較基期，我們其實在第二季看到淨新增 ACV（net new ACV）重新加速。只是帳單裡有很多雜訊，所以我會持續強調，我們應該更多看 cRPO。至於全年，按常態化（normalized）來看大約是 28%，因為請記得，去年我們把 8,000 萬美元的帳單從 2021 年第一季提前拉到第四季。因此在全年指引方面，我們已經把它上調了，幅度幾乎等同於你看到的第一季超預期（beat）。

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

下一個問題來自 Wolfe Research 的 Alex Zukin。

So maybe, first, on just the pipeline and the visibility, for Bill. I'd love to just get a sense for how you're thinking about kind of the large strategic deals. I think there's a fear that last year was a time to really go and sell into the base and that there's not a lot of incremental monetization opportunity available in some of the large customers, but it does seem we're at least picking up in our checks that couldn't be further from the truth and that there's a lot more strategic opportunity available. So maybe just, first, I'd love to hear kind of your take on that, Bill. And then I've got a quick follow-up for Gina.

那我先從管線和能見度談起，給 Bill 的問題。我很想了解你如何看待大型策略性交易。我認為市場有一種擔憂：去年是深入既有客戶基礎（sell into the base）的時期，而在一些大型客戶身上，可能沒有太多額外的變現（monetization）機會；但至少從我們的調查看起來，事實似乎完全相反，仍有更多策略性機會可供開拓。所以首先，我很想聽聽你對此的看法，Bill。然後我還有一個簡短的追問要問 Gina。

Sure, absolutely, Alex. And first of all, when you look at the pipeline, in my prepared remarks I was very careful to point out that it's never been better than it is right now. And in fact, it's outstanding, and there's a couple of driving forces here. One, if you look at EMEA as a theater, the EMEA business is smoking hot. And you saw 80% year-on-year growth in the first quarter out of EMEA. So let that be the first indicator that the brand is now alive and well. We are operating extremely well through the Rolodex of EMEA. And the CEOs across various industries and various mission-critical geographies are adopting us as the workflow standard. Continue to believe in EMEA as a great wellspring of growth for ServiceNow, and that was a big one for us to get really rolling. The other piece is APJ. We're seeing now outstanding growth out of APJ, and I would say the same is true for the brand. Now we are well known, and we're on fire in Japan. As you know, Japan is an on-premise market and needs to move to the cloud. The workflow revolution is one great way to get them going into cloud. I gave an example of that in my prepared remarks. We're also expecting better things out of Australia with the leadership adjustments that we've made. We see South Korea doing extremely well, so I want you to believe APJ is yet another wellspring of growth that can go higher and higher for ServiceNow. We've always been strong in the Americas. The Americas had an extraordinary Q4, as you know. And they will kick back into their normal growth rates and higher and be on course with where we wanted them to be at the end of Q2. So you add all that up in the geographic theaters and the business is in great shape.

當然可以，Alex。首先，當你看管線時，我在事先準備的發言中非常謹慎地指出：它從未像現在這麼好。事實上，它非常出色，而背後有幾個驅動因素。第一，如果你把 EMEA 當作一個戰區（theater）來看，EMEA 的業務熱度爆表。你也看到第一季 EMEA 年對年成長 80%。所以這是第一個指標，顯示品牌現在已經活躍且狀態良好。我們在 EMEA 的人脈網（Rolodex）中運作得非常順暢。各行各業、各個關鍵地理區域的 CEO 都在採用我們作為工作流程標準。我們持續相信 EMEA 是 ServiceNow 一個很好的成長泉源（wellspring），而這也是讓我們真正加速起來的一大關鍵。另一塊是 APJ。我們現在也看到 APJ 的成長非常亮眼，我認為品牌也是同樣的情況。現在我們的知名度很高，而且在日本勢如破竹。如你所知，日本是一個偏向地端（on-premise）的市場，需要轉向雲端。工作流程革命是推動他們上雲的一個很好的方式。我在事先準備的發言中也舉了相關例子。我們也預期，隨著我們做出的領導層調整，澳洲會有更好的表現。我們看到南韓表現非常好，所以我希望你相信 APJ 也是另一個能讓 ServiceNow 持續攀升的成長泉源。我們在美洲一直很強。你也知道，美洲在第四季表現非凡。而他們會回到正常且更高的成長率，並在第二季末回到我們希望達到的軌道上。把這些地理戰區加總起來，整體業務狀況非常好。

The other thing we've done is really focused on some breakthrough industries. Financial services and telecommunications quickly come to mind, where once we get rolling, the bowling alley effect takes effect very, very quickly here. And keep in mind we're now in a global economy that is shifting quickly to lights back on. Last year, GDP was down substantially in the global economy, yet digital transformation spend was up. This year, as the economy comes back, they're not slowing down digital transformation spend actually. It's also going up, but the economy is waking up. So what's gorgeous about this for us is we now have the CRM techniques of digital selling. Combine it with the direct selling that always worked well; and some of the techniques that we've enabled also on inside selling; and how we've taken the whole marketing value chain, from the brand and communications to field marketing, industry specialization, product marketing and then all the resources in the field to basically take that industry-specific, value-driven story to the customer. And we've aligned that with our services organization and an expansive ecosystem, with all the big partners betting long on ServiceNow, setting up global practices with ServiceNow. So Alex, I've been in this business for 20 years. I've never seen an opportunity like this in my career, and I actually think we are just getting started.

我們做的另一件事，是把重點放在一些突破性的產業。金融服務與電信很快就會讓人想到；一旦我們開始推進，「保齡球道效應」（bowling alley effect）就會非常、非常快地發生。並且請記得，我們現在處在一個全球經濟快速轉向「重新開燈」（lights back on）的階段。去年全球經濟的 GDP 大幅下滑，但數位轉型支出卻是上升的。今年隨著經濟復甦，他們其實沒有放慢數位轉型支出，反而也在增加，只是經濟正在甦醒。對我們來說，這件事最美妙之處在於：我們現在具備數位銷售的 CRM 技法，並把它與一直以來效果很好的直銷（direct selling）結合；再加上我們也在內勤銷售（inside selling）上啟用的一些方法；以及我們如何把整個行銷價值鏈，從品牌與傳播到區域行銷（field marketing）、產業專精、產品行銷，乃至於前線的所有資源，整合起來，基本上把那個產業特定、以價值為導向的故事帶給客戶。我們也把這與我們的服務組織以及一個龐大的生態系對齊，所有大型合作夥伴都在長期押注 ServiceNow，並以 ServiceNow 建立全球實務（global practices）。所以 Alex，我在這個產業做了 20 年。我職涯中從未見過像這樣的機會，而且我真的認為我們才剛剛開始。

That's awesome. And then maybe just a follow-up for Gina: So as we think about moving our forward-looking indicators to current RPO and RPO, I guess, is it -- can you maybe remind us of are there any kind of quirks or seasonality or things we should keep in mind? Because I think some people are going to do changes in RPO, which is a little bit harder when there's less decimal places, quite frankly, to do it from. But anything we should keep in mind? You're guiding to that 30%. There's a little bit of FX tailwind there. Anything we should think about there?

太棒了。那接著可能再追問 Gina 一下：當我們把前瞻性指標轉向目前的 cRPO 和 RPO（我想是指這兩個指標），你能不能提醒我們，有沒有任何需要留意的特殊之處、季節性或其他事項？因為我想有些人會去看 RPO 的變動，但老實說，在小數位數比較少的情況下，這樣做會更難一些。不過有沒有什麼我們應該記在心上的？你們指引到 30%。那裡面有一點外匯（FX）的順風。這方面有什麼我們應該考量的嗎？

Yes. I mean cRPO is definitely a better guide. And there's less noise in it than billings, but there is noise. There's no perfect forward indicator for you. And so if you think about contracted upsells, for example, and the timing of renewals, that could impact cRPO. Additionally, self-hosted deals could potentially impact cRPO vis-à-vis revenue growth. So there's no one perfect indicator, but cRPO is definitely a stronger indicator with less noise, so we will continue to guide 1 quarter out. And we'll continue to stress that it has less noise and less confusion in it than the billings metric.

是的。我是說，cRPO 確實是更好的指引。它比 billings（開立帳單金額）雜訊更少，但仍然有雜訊。沒有任何一個完美的前瞻指標。所以如果你想想像是已簽約的加購（contracted upsells），以及續約時點，這些都可能影響 cRPO。此外，自建部署（self-hosted）的交易，可能會在 cRPO 相對於營收成長（revenue growth）的關係上造成影響。所以沒有單一完美指標，但 cRPO 的確是更強的指標、雜訊更少，因此我們會持續提供往後 1 個季度的指引。我們也會持續強調，相較於 billings 指標，它的雜訊更少、也更不容易造成混淆。

Your next question comes from the line of Samad Samana.

下一個問題來自 Samad Samana。

Good to see the strong start to the year as well. Maybe on the federal side, just with the change in administration, I'm curious if there's been any change in either the demand environment there; or if there's been a change in maybe the linearity of how we should think about federal and, for that matter, state and local government deals this year as well. And then I have one follow-up.

也很高興看到今年開局強勁。也許先問聯邦端：隨著政府換屆，我想了解那邊的需求環境是否有任何變化；或者我們在思考今年聯邦、以及州與地方政府案子的線性（linearity）時，是否也應該有不同的看法。然後我還有一個追問。

Yes, thanks, Samad. It's actually very obvious that, with the change in administration, everybody has to get their offices and get settled in place. And budgets have to be allocated and so on, so we see the lights turning on, on the business model at the federal level very strongly in Q2. And we expected that all along. So makes up about 10% of our business now, so it's a big part of our business. And the pipeline is absolutely swelling. And it's swelling because of the change in administration, but the administration, as you know, is very focused on digital transformation because it's really the only way to run a much more refined, low-cost, high-delivery process for the constituents that put you in office. So everybody is highly aware of that. And we do fantastic, as you know, in federal. And in fact, Homeland Security and many other departments have chosen us for vaccine management, just as one thing to give you -- and state and local, we're doing really good and again a groundswell of opportunity there. And I do believe, as we go through Q2 and into Q3 and Q4, the deals will just get larger and the business will come in stronger as we go. We're doing great in federal, state and local.

是的，謝謝你，Samad。其實很明顯的是，隨著政府換屆，每個人都得進駐辦公室、把事情安頓就位。預算也必須分配等等，所以我們看到聯邦層級的業務動能在第二季（Q2）非常明顯地亮起來。而這也一直在我們的預期之中。現在聯邦約占我們業務的 10%，所以是我們業務很大的一部分。而且管線（pipeline）確實正在快速膨脹。它之所以膨脹，一方面是因為政府換屆；但如你所知，新政府非常聚焦在數位轉型，因為這幾乎是唯一能以更精緻、低成本、高交付的流程來服務把你送進辦公室的選民的方法。所以大家都高度意識到這點。而我們在聯邦市場做得非常好，你也知道。事實上，國土安全部（Homeland Security）以及許多其他部門選擇我們來做疫苗管理（vaccine management），這只是舉一個例子——而在州與地方政府方面，我們也做得非常好，同樣有一波機會的浪潮。我確實相信，隨著我們走過 Q2 並進入 Q3、Q4，案子只會變得更大，業務也會隨著推進而更強勁地進來。我們在聯邦、州與地方政府都表現得很出色。

Very helpful. And then maybe, Gina, just as a follow-up for you: On the comment around the net new ACV accelerating, could you maybe help us understand if -- bifurcate that from new ACV from new customers to ServiceNow versus new ACV from existing customers; and how -- if either, both of those are accelerating; or just maybe how the trend line there looks.

非常有幫助。那接著也許 Gina 再追問一下：關於你提到淨新增 ACV（net new ACV）在加速的評論，你能不能幫我們理解——把它拆分成：來自 ServiceNow 新客戶的新增 ACV，與來自既有客戶的新增 ACV；以及——這兩者是否都在加速，或只有其中之一在加速；或者整體趨勢線大概長什麼樣子。

Yes. I would say that we were really pleased with new logo growth in Q1. We saw strong growth in our new logos; and 7 new customers greater than $1 million across several verticals, right, pharmaceutical, insurance, e-commerce, just to name a few. Most of these deals actually had 4-plus products, and so we are continuing to see good traction in the new logos and obviously existing as well. And so we saw -- we're not going to give you numbers, but I wanted to make sure again, with billings noise, that people understood that we saw strong net new ACV acceleration in Q1 and expect that as well in Q2 and throughout the year.

是的。我會說我們對第一季（Q1）的新客戶（new logo）成長非常滿意。我們看到新 logo 強勁成長；而且在多個垂直領域中，有 7 家新客戶的合約金額超過 100 萬美元，例如製藥、保險、電商等，只是舉幾個例子。這些交易多數其實包含 4 個以上的產品，因此我們持續看到新 logo 有良好動能，當然既有客戶也一樣。所以我們看到——我們不會提供數字，但我想再次確保，考量到 billings 的雜訊，大家能理解我們在 Q1 看到強勁的淨新增 ACV 加速，並且也預期在 Q2 以及全年都會如此。

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。

Congratulations on the superb quarter, Bill and team. Bill, I have a question for you. It's been a year now since we've been working and running the business virtually. And so at one end you could argue that the deals are getting closed today or at least that -- got into the system about a year back or so. Now as we remain virtual, how do you think about lead generation and driving the business for calendar '21 and beyond? And also given that you've had tremendous success selling virtually and scaling the business virtually, does opening of the economy really drive any benefits for ServiceNow incrementally speaking? And for you, Gina, I'll save the follow-up.

恭喜 Bill 與團隊交出非常出色的一季。Bill，我有個問題想請教你。到現在我們以虛擬方式工作、營運公司已經一年了。一方面你可以說，今天成交的案子，或至少進入系統的案子，大概是一年前左右開始的。那麼在我們仍維持虛擬模式的情況下，你如何看待 2021 年以及之後的潛在客戶開發（lead generation）與業務推動？另外，鑑於你們在虛擬銷售與虛擬擴張業務上非常成功，經濟重啟是否會為 ServiceNow 帶來任何增量上的好處？至於你，Gina，我把追問先留著。

Sure. And Kash, thank you very much for the question because it's a very important one. Somehow, some way, I actually think some people have this illusion that ServiceNow was advantaged because of COVID; and the truth is that is not the case. The truth is that we leaned into vaccine management on an emergency response, return-to-work and vaccine management level. It was great for our brand. It was the right thing for our purpose. And it was wonderful in terms of expanding the inspiration of ServiceNow in the global economy. On a financial level, we, like everyone else, had to figure out a new way of connecting with customers. And in that environment, you'll always do better, with your existing customers that already really like you and are loyal to you, in terms of expanding your portfolio across your base. What you're going to see now is net new logos, net new ACV really kick up into high gear at ServiceNow, which makes this such an exciting story, because our sales force is a largely go-to-market direct sales force. And now they will be able to utilize all of those skills that have been built into that culture and are wired for perfection, really wired for perfection geographically, by industry and by persona. And that will now be a new tailwind for the investors to enjoy as we progress in 2021.

好的。Kash，也非常感謝你的問題，因為這確實很重要。不知怎麼的，我其實覺得有些人有一種錯覺，認為 ServiceNow 因為 COVID 而占了便宜；但事實並非如此。事實是，我們在緊急應變、復工（return-to-work）以及疫苗管理（vaccine management）的層面全力投入。這對我們的品牌很有幫助，也符合我們的使命（purpose），並且在擴大 ServiceNow 在全球經濟中的啟發性影響方面非常好。從財務層面來看，我們和其他人一樣，必須找出與客戶連結的新方式。在那樣的環境下，你在既有客戶身上通常會做得更好——那些本來就很喜歡你、對你很忠誠的客戶——在你的客戶基礎上擴展產品組合。你們現在將會看到的是，ServiceNow 的淨新增 logo、淨新增 ACV 會真正進入高速成長，這也讓這個故事非常令人興奮，因為我們的銷售團隊主要是一支以市場開拓（go-to-market）的直銷團隊。現在他們將能運用所有已融入文化、並且為追求完美而打造的技能——在地理區域、產業與客群角色（persona）上都為完美而「布線」。而這將在我們 2021 年的推進過程中，成為投資人可以享受的新順風。

Lead generation, I tried to cover that earlier too, Kash, because I want to really make this clear. We have really refined the company in the context of generating leads. And what I mean by that is we took the brand. We ran a campaign today, if you care to see it. You can look at The Wall Street Journal. And you'll see the Wonka campaign because we're letting the world know that the workflow revolution is on and even the Willy Wonka chocolate factory can run better on the backbone of the ServiceNow platform. And we're educating a whole new generation around what workflow is really all about. And we've taken the brand, the communications, the field, the product, marketing; and align that to the industry, the geo, the persona, the inside sales, the direct sales. And we're managing that funnel with a meticulous level of detail around machine learning and AI. That manifests itself ultimately in a CEO dashboard, but we manage the whole company on a CRM level that is really, really world class. In fact, I've never seen it anywhere at the depth of analytics we're running the business on now. So the leads are not all equal. You have to understand how to manage the pipeline. You have to manage the noise in the pipeline. And as the economy opens up, those processes have been built now for industrial mass scale. So I want to let you know: Watch net new ACV. Watch net new logos. And watch this machine kick into high gear on the back of Knowledge21 and an already robust and swelling pipeline. We're really in great shape.

關於潛在客戶開發（lead generation），Kash，我剛才也試著先提到，因為我想把這點講得非常清楚。我們已經在產生 leads 的脈絡下，把公司做了非常精細的優化。我所謂的意思是：我們把品牌拿來運作。我們今天推出了一個活動，如果你有興趣可以去看《華爾街日報》（The Wall Street Journal）。你會看到 Wonka 的活動，因為我們要讓全世界知道工作流程革命（workflow revolution）正在發生，甚至連威利旺卡巧克力工廠（Willy Wonka chocolate factory）都能在 ServiceNow 平台的骨幹上運作得更好。我們也在教育新一代，讓他們理解 workflow 到底是什麼。我們把品牌、溝通、前線（field）、產品、行銷整合起來，並且對齊到產業、地理區域（geo）、persona、內勤銷售（inside sales）、直銷（direct sales）。我們用機器學習與 AI，以極其細緻的程度來管理這個漏斗（funnel）。最終這會呈現在 CEO 儀表板上，但我們是在 CRM 的層級管理整個公司，而且真的、真的世界級。事實上，我從未在任何地方看過像我們現在用來營運公司的分析深度。所以 leads 並不都一樣。你必須理解如何管理管線（pipeline），也必須管理管線中的雜訊。隨著經濟重啟，這些流程如今已經為工業級的大規模擴張建立完成。所以我想讓你知道：請關注淨新增 ACV。關注淨新增 logo。並且看著這台機器在 Knowledge21 以及一條本就強健且持續膨脹的管線支撐下，如何進入高速運轉。我們的狀態非常好。

It sounds like [now we go]. Gina, a question for you: It's -- so Bill's take on how the economy opening up will have some implications, ramifications. How much of that have you [dug in the] guidance? Or are you keeping guidance relatively conservative not taking to account all the upside that Bill -- as he talked about opening of economy, that -- if it does materialize?

聽起來像是[現在我們開始]。Gina，我想問你一個問題：也就是說，Bill 對於經濟重新開放將帶來一些影響、後續效應的看法。你們在指引中有多少已經[深入納入]？還是你們維持相對保守的指引，沒有把 Bill 所談到的經濟開放——如果真的實現——所帶來的所有上行空間納入考量？

Yes. I think that we feel really good about our guidance from top line to bottom line. I think the growth is strong. Pipeline is good. From an operating margin perspective, it's strong, free cash flow at 30%. I mean, where are you seeing growth that you're seeing top line and free cash flow margins of 30% with the scale that we're at? So we feel really good about the guidance, feel really good about the growth. And we'll just continue to keep executing according to plan.

是的。我認為我們對指引從營收端到獲利端都感到非常有信心。我覺得成長力道很強，pipeline 也很好。從營業利益率的角度來看很強勁，自由現金流達到 30%。我的意思是，你在哪裡還能看到在我們這樣的規模之下，營收成長同時自由現金流利潤率還有 30%？所以我們對指引非常有信心，對成長也非常有信心。我們會持續依照計畫執行。

Brilliant.

太棒了。

And Kash, one thing that's really interesting is, when Gina talks about those numbers, which I totally agree with, let's keep in mind it's organic.

而且 Kash，有一點非常有意思：當 Gina 談到那些數字時——我完全同意——我們要記得那是有機成長。

Absolutely.

完全同意。

Thanks, Kash.

謝謝你，Kash。

Thank you, Kash.

謝謝你，Kash。

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

下一個問題來自 KeyBanc 的 Michael Turits。

I have one for Bill and one for Gina. So Bill, very big picture question but a lot that you've done to do more in automation with the Intellibot acquisition. There's a lot of activity in that sector. I'd like to know where you think ServiceNow fits in to that broader automation scheme, with so many different types of players out there, over the medium to long term. And Gina, I have one for you.

我有一個問題要問 Bill，另一個要問 Gina。Bill，這是一個非常宏觀的問題：你們透過收購 Intellibot 在自動化方面做了很多事情。這個領域也非常活躍。我想了解你認為在中長期、在有這麼多不同類型參與者的情況下，ServiceNow 在更廣泛的自動化版圖中會處於什麼位置？另外 Gina，我也有一個問題要問你。

Yes, excellent question, Michael. Many of our customers are trying to drive automation. And they're trying to drive it across a mix of legacy and, of course, modern applications. And when you think about RPA, it's not a particularly differentiating technology, but it's particularly important for integrating with legacy applications that don't support API-based integrations. So what Intellibot does is -- it has a very strong experience in developing RPA solutions and has existing product capabilities and technical talent that will help us accelerate and enhance our automation efforts. So think about it this way: Our focus is on delivering world-class automation in a platform we call the Now Platform, and what we want to do is accelerate digital transformation. And RPA is a piece of that strategy. So RPA will extend our core ServiceNow workflows. And it'll automate certain repetitive tasks and it'll integrate with these legacy systems for basically intelligent end-to-end automation. And this is strengthened with our existing technologies such as AI and ML.

是的，Michael，這是個很棒的問題。我們許多客戶都在嘗試推動自動化，而且他們希望在一個混合環境中推動——包含既有的 legacy 應用，當然也包含現代化應用。當你想到 RPA 時，它並不是特別具差異化的技術，但對於整合那些不支援以 API 為基礎整合的 legacy 應用而言，它非常重要。Intellibot 所做的事情是——它在開發 RPA 解決方案方面有非常強的經驗，並且具備既有的產品能力與技術人才，能幫助我們加速並強化自動化的投入。所以可以這樣想：我們的重點是在我們稱為 Now Platform 的平台上提供世界級的自動化，而我們想做的是加速數位轉型。RPA 是這個策略的一部分。因此，RPA 會延伸我們核心的 ServiceNow 工作流程；它會自動化某些重複性工作，並與這些 legacy 系統整合，以實現基本上智慧化的端到端自動化。而這也會結合我們既有的技術，例如 AI 與 ML。

And as it relates to our participation in the open market, I can tell you that customers tell me that they feel like RPA has left them with islands of automation. And it's getting harder for them to manage as they scale. They're kind of hitting a wall, so what they're looking for is what we are providing, which is a single platform where workflow is the core engine that drives the process. And then they have a choice of the right automation technology for the use case based on integrations, RPA, decision management or artificial intelligence. So what we'll give them is we'll give them something that's natively integrated into the Now Platform, but for example, if -- UiPath or any other well-known RPA technology out there such as Automation Anywhere, if they're looking to work with them, that simply integrates into the Now Platform. And they support us and we support them because we're all on the side of the customer, and that's what really matters. And I really think this is a breakthrough moment in this Q&A because we have taken that position with all participants in the market, that we don't need anyone to lose for us to win. What we do is we workflow end-to-end business processes, and we're automating work to make it work better for people. And if the customer has a certain vendor that they're working with, it integrates seamlessly within the Now Platform, it's okay, but there's a lot more of them that is saying, "Give it to me on one platform. Make my life simple. I don't want islands of automation. I want a platform that really manages my business in a smart way." Either way the customer wants to work with us, we're happy to work with them.

至於我們在開放市場中的參與方式，我可以告訴你，客戶跟我說他們覺得 RPA 讓他們形成了一座座自動化孤島。隨著規模擴大，管理變得更困難；他們有點撞到牆了。因此他們在尋找的正是我們所提供的：一個單一平台，以 workflow 作為驅動流程的核心引擎。然後他們可以依據使用情境，在整合、RPA、決策管理或人工智慧之間選擇合適的自動化技術。我們會提供的是原生整合到 Now Platform 的能力；但例如，如果——UiPath 或其他知名的 RPA 技術（例如 Automation Anywhere）——客戶希望與它們合作，那也可以很容易地整合到 Now Platform。它們支持我們、我們也支持它們，因為我們都站在客戶這一邊，而這才是真正重要的。我也真的認為，這在這段 Q&A 中是一個突破性的時刻，因為我們對市場上所有參與者都採取了這樣的立場：我們不需要別人輸，我們才能贏。我們做的是端到端的業務流程工作流化（workflow end-to-end business processes），並且自動化工作，讓人們的工作更順暢。如果客戶正在與某個供應商合作，它可以在 Now Platform 內無縫整合，沒問題；但也有更多客戶在說：「把它給我放在同一個平台上。讓我的生活簡單一點。我不想要自動化孤島。我想要一個能以智慧方式管理我業務的平台。」不論客戶想用哪種方式與我們合作，我們都很樂意與他們合作。

And Gina, my question for you. In some sense, it may be an extension of what Kash was asking, but I -- as you pointed out, you raised the guidance for subscription billings for the year by just under the 1Q raise. And there is still some -- even ex the $11 million, there is some slight decel in the next quarter, so is there anything that is in fact holding you back from a guidance that would have been higher at this point?

Gina，我的問題是：某種程度上可能是 Kash 剛才問題的延伸，但——如你所指出的，你把今年訂閱帳單（subscription billings）的全年指引上調的幅度，略低於 1Q 上調的幅度。而且即使扣除那 1,100 萬美元，下一季仍有些微放緩，所以是否有任何因素確實讓你無法在此時給出更高的指引？

No. The only reason why the full guide wasn't [put through] to the full year was we had some pull-through of billings from Q2 into Q1 of about $7 million. We feel really good about the guide. And there's -- I mean I think it's a strong guide throughout, and we're going to really see the seasonality, right? So Q2 and Q3, I tried to talk about that, whereas we're seeing more and more billings being pushed into Q4. That's really what you're seeing here. We're seeing very strong acceleration of net new in Q2 as well as into Q3 and Q4.

沒有。全年指引沒有完全等比例上調到全年，唯一原因是我們有一部分帳單從 Q2 拉到 Q1，大約 700 萬美元。我們對指引感覺非常好。而且——我的意思是，我認為整體來看這是一個很強的指引，我們也會真的看到季節性，對吧？所以 Q2 和 Q3——我有試著談到這點——我們看到越來越多的帳單被推遲到 Q4。你在這裡看到的就是這個。我們也看到 Q2 的淨新增（net new）非常強勁地加速，並延續到 Q3 和 Q4。

(inaudible) -- yes. I think this is worth noting, that like it's the way the customer wants to do business, right? So when they have a multiproduct contract and they want to consume and combine and do all these things, we're just seeing the trend lines go more towards the Q4 from the seasonality standpoint, but the good news is -- and that's why I think Gina did a great job with changing kind of the nomenclature around this to RPO, because that's what the customer wants. We give the customer what they want and the timing that they want, but what I think our investors want out there is they want to know, "Are you guys getting new logos? Do you guys get net new ACV? Is your pipeline doing great? Do we have room to believe that this is a story that can keep delivering?" And the answer to all those questions is yes, yes, yes.

（聽不清）——是的。我覺得這點值得注意：這取決於客戶想怎麼做生意，對吧？當他們有一份多產品合約，想要使用、組合並做所有這些事情時，我們只是看到從季節性的角度，趨勢線更往 Q4 移動。但好消息是——這也是為什麼我認為 Gina 在把這件事的用語改成 RPO 上做得很好，因為那才是客戶想要的。我們在客戶想要的時間點，提供客戶想要的東西；但我認為投資人真正想知道的是：「你們有拿到新客戶（new logos）嗎？你們有拿到淨新增 ACV 嗎？你們的 pipeline 表現很好嗎？我們有理由相信這是一個能持續交付的故事嗎？」而對所有這些問題的答案都是：是、是、是。

Our next question comes from the line of Brad Sills with BofA Securities.

下一個問題來自 BofA Securities 的 Brad Sills。

One on the DevOps release. It's exciting because it really could further that evolution of ServiceNow as a custom apps platform. There's always been that potential for ServiceNow to play in that market, but primarily the success has been in packaged applications, ITSM; ITOM; employee, customer workflows. So my question is, is that the case? Does this DevOps solution accelerate the company's kind of move towards a custom apps platform? And given that that's such a vast market, are there certain areas or use cases that you might see success early?

我想問一個關於 DevOps 發布的問題。這很令人興奮，因為它確實可能進一步推動 ServiceNow 演進成為自訂應用（custom apps）平台。ServiceNow 一直有機會切入那個市場，但主要的成功仍是在套裝應用上，例如 ITSM、ITOM、員工與客戶工作流程。所以我的問題是：是這樣嗎？這個 DevOps 解決方案是否會加速公司朝向自訂應用平台的轉型？而且考量那是一個非常龐大的市場，你們是否看到某些領域或使用情境會較早取得成功？

Yes, I think that's a really insightful question, for sure. When you think about what's going on -- like I talked about [Discover] in the prepared remarks, right? They were an early adopter of the Quebec release, and what they're doing is trying to give value back to the business. So this -- they shared that it's a better time to be a developer on the ServiceNow platform than ever before because they use the new user interface builder. And this capability has allowed them to basically create modern and data-rich applications at an incredible pace. And then at the same time, what you see happening is innovation at the edge of the enterprise. Like I'm the executive sponsor for one of the biggest banking customers in the world. They've got to modernize 5,000 applications. So [they're saying to me is], "How can I, for my business people, modernize an application really quick or build a net new application?" So what you're seeing is this convergence now between the developers and the business people demanding innovation change swiftly coming together on the Now Platform. This business, I would not be surprised if it ends up being the biggest business we have. I see the money going to the cloud, whether it's multi-cloud platforms. It's SaaS platforms or it's app innovation at the edge of the enterprise; and we are right there. And the fact that we can connect it across all the experience zones all the way back to IT, security, DevOps, et cetera gives us a unique competitive differentiation and competitive advantage.

是的，我認為這確實是一個非常有洞見的問題。當你思考正在發生的事情——就像我在事先準備的發言中談到的[Discover]，對吧？他們是 Quebec 版本的早期採用者，而他們正在做的是把價值回饋給業務端。他們分享說，因為使用了新的使用者介面建置器（new user interface builder），現在在 ServiceNow 平台上當開發者比以往任何時候都更好。這項能力讓他們基本上能以驚人的速度打造現代化、資料豐富的應用。同時，你也會看到企業邊緣（edge of the enterprise）的創新正在發生。像我是全球最大銀行客戶之一的高階贊助人（executive sponsor），他們必須現代化 5,000 個應用。所以[他們對我說]：「我怎麼能讓我的業務人員快速把一個應用現代化，或是建立一個全新的應用？」因此你看到的是，開發者與業務人員對快速創新變革的需求，正在 Now Platform 上匯聚。我不會意外這個業務最後成為我們最大的業務。我看到資金正流向雲端，不論是多雲平台（multi-cloud platforms）、SaaS 平台，或是企業邊緣的應用創新；而我們就在那裡。而且我們能把它跨越所有體驗區域（experience zones）一路連回 IT、安全、DevOps 等等，這讓我們具備獨特的競爭差異化與競爭優勢。

Your next question comes from the line of Sterling Auty with -- we do apologize. Sterling Auty.

您的下一個問題來自 Sterling Auty 的線路——我們深感抱歉。Sterling Auty。

With JPMorgan. Just one question from my side. So on those hardest-hit industries, you called out airlines. I'm just kind of curious. What percentage of those, that roughly 20% of revenue in the hard-hit industries, are in the airline use case, where there's still a headwind versus the rest that maybe are starting to bounce back and maybe look at incremental investment for digital transformation?

來自摩根大通（JPMorgan）。我這邊只有一個問題。關於那些受衝擊最嚴重的產業，你提到了航空公司。我有點好奇：在那些受重創產業約占營收 20% 的部分中，有多少比例是航空這個使用情境（相較於其他產業仍面臨逆風），而其餘的可能已開始反彈，甚至可能考慮為數位轉型進行增量投資？

It's -- yes. So thanks, Sterling. It's much, much smaller. It's less than 5%. And so we are really seeing a bounce back in the bulk of those industries that we've called out last year as being part of the 20%. And we talked about some really large deals in some of those verticals, including retail, entertainment, transportation and manufacturing, in this quarter; as well as the renewal rates in those industries are actually higher. So what's really happening, as you can imagine, is these customers who have been harder hit, they're more focused than ever on reducing risk, taking out costs, driving productivity. And so they are leaning in even more heavily with ServiceNow than before. And so I just wanted to make sure that people understood that not every customer is in that lucky position right now. And there are still some that are hard hit and we continue to work with them and help them through it, but yes, the bulk of these industries are really bouncing back fairly well and really helping lean into this digital transformation that we're seeing.

是——是的。謝謝你，Sterling。那部分小得多，小非常多。不到 5%。因此，我們確實看到，去年我們點名屬於那 20% 的多數產業正在反彈。我們也在本季談到其中一些垂直領域的幾筆非常大型的交易，包括零售、娛樂、運輸與製造；此外，這些產業的續約率其實更高。所以真正發生的情況是，如你所想像，這些受衝擊較大的客戶比以往更專注於降低風險、削減成本、提升生產力。因此，他們比以前更大幅度地加深與 ServiceNow 的合作。我只是想確保大家理解，並不是每位客戶現在都處於那種幸運的位置。仍然有一些客戶受到重創，我們會持續與他們合作並協助他們度過難關；但沒錯，這些產業中的大多數確實反彈得相當不錯，也確實在推動我們所看到的這波數位轉型。

And we do have time for one more question, from Derrick Wood.

我們還有時間再回答一個問題，來自 Derrick Wood。

Question back on the low-code side of the market. There certainly seems to be just a lot more market dialogue around low-code tools to accelerate transformation, and Bill, I'd love to hear. Who's championing these initiatives? And will you be looking to add new kinds of sales motions to target the citizen developer outside of IT? And then maybe, if you can just touch on: I think Quebec had a focus on advancing some low code. Anything to highlight there?

問題回到低程式碼（low-code）市場這一端。市場上關於低程式碼工具、用以加速轉型的討論顯然多了很多。Bill，我很想聽聽：是誰在主導（championing）這些計畫？你們是否會考慮加入新的銷售推進方式（sales motions），以鎖定 IT 之外的公民開發者（citizen developer）？另外也許你可以談一下：我想 Quebec 曾聚焦推進一些低程式碼，有沒有什麼值得強調的？

Yes, sure. First of all, I will just remind you that like ServiceNow's positioning enabling line-of-business users to develop workflow automation is really perfect. And we are at the kind of epicenter, I will say, of secular tailwinds which are forming around the convergence of IT and business, which I said earlier. So app modernization, operational transformation, IT in the business, they're all moving as quickly as possible to drive greater efficiency and more agility. This is a product already today where we have a very capable leader in engineering, Josh Kahn, who's been with us now for some time. And when I first came in here, the first thing he said to me is, "Hey, I'm raising my hand. This could be big." And I said, "Well, we're going to get all behind you."

好的，當然。首先我想提醒你，ServiceNow 的定位——讓業務線（line-of-business）使用者能夠開發工作流程自動化——其實非常契合。我會說，我們正處於一股長期結構性順風（secular tailwinds）的「震央」，這股順風正圍繞著我先前提到的 IT 與業務的融合而形成。因此，應用程式現代化、營運轉型、IT 融入業務——它們都在以最快速度推進，以帶來更高效率與更強敏捷性。這是一個我們今天就已具備的產品；我們在工程方面已有一位非常有能力的領導者 Josh Kahn，他加入我們也有一段時間了。我剛來的時候，他對我說的第一句話就是：「嘿，我舉手。這可能會很大。」我說：「好，我們會全力支持你。」

So we already have specialist sales force that complements the general line to make sure that we capitalize on this opportunity. And I think the reason that this opportunity is so smoking hot right now is there just aren't enough developers to build the applications that the enterprises need to transform their business. So this huge unmet need in application delivery is really falling right onto the Now Platform. And these creative workflows are really driving the foundation of the partnership with our customers, tying together engineering and the business executives. So I will just say to you that we don't need to like hire new sales force to do this. We already got the specialists. We already got a great engineering, and our team really understands app engine and really understands the platform. Even the general-line AE in the field sees this as a golden opportunity. And we've aligned all the empowerment levels and the compensation schemes and all the focus to be there because we know that's where the money is.

所以我們已經有一支專業銷售團隊（specialist sales force）來補強一般銷售線，確保我們能把握這個機會。我認為這個機會之所以現在如此火熱，是因為根本沒有足夠的開發者去打造企業轉型所需的應用程式。因此，應用交付（application delivery）這個巨大的未被滿足需求，正好落在 Now Platform 上。而這些創新的工作流程，正在驅動我們與客戶夥伴關係的基礎，把工程團隊與業務高層連結在一起。所以我要說的是，我們不需要為此再去招募新的銷售團隊。我們已經有專家。我們已經有很強的工程團隊，而我們的團隊非常理解 app engine，也非常理解平台。就連前線的一般 AE（客戶經理）也把這視為黃金機會。我們已把所有賦能層級、獎酬方案與重點都對齊到這裡，因為我們知道錢就在那裡。

I'll just add one thing, Derrick, to say that the IT organizations are becoming more and more important here because, the businesses, while -- yes, they bought these applications. The IT organization is responsible for ensuring they're safe, secure, right? And so the partnership between the business and IT is becoming stronger and stronger. And ServiceNow is the platform that's strategic to IT, trusted, scalable and secure. And it's a platform that IT is going to continue to use to build these mission-critical applications for the lines of business. And so really we are very well positioned given our strategic relevancy in the suite with the CIO.

Derrick，我再補充一點：IT 組織在這裡變得越來越重要，因為企業端——雖然，是的，他們買了這些應用程式——但 IT 組織要負責確保它們是安全的、受保護的，對吧？因此，業務與 IT 之間的合作正變得越來越緊密。ServiceNow 是對 IT 具有策略性、值得信賴、可擴展且安全的平台。而且這也是 IT 將持續用來為各業務線打造這些關鍵任務（mission-critical）應用的平台。因此，鑑於我們在 CIO 的套件（suite）中具備策略相關性（strategic relevancy），我們的定位確實非常有利。

And Derrick, keep in mind, right -- Gina is absolutely right. The company started in IT, so this is actually a core strength of ours. And then we moved to the employee and the customer, and now it's all about the app engine and sort of this low-code world that we see converging between business and IT. Our company grew up there. It's now prime time because business is pulling at engineering and IT to say, "I want my new modern application and I want to now." So we're kind of right there.

Derrick，另外請記住——Gina 說得完全正確。公司是從 IT 起家，所以這其實是我們的核心強項。接著我們延伸到員工與客戶，現在則聚焦在 app engine，以及我們看到業務與 IT 之間正在匯聚的這個低程式碼世界。我們公司就是在那裡成長起來的。現在正是黃金時刻，因為業務正在拉著工程與 IT 說：「我要我的新式現代化應用，而且我現在就要。」所以我們剛好就在那個位置上。

The other thing we probably could have covered in greater detail, but I think you already all know this, is this one architecture, one data model and one platform, is really coming through strong now because most companies out there are either best of breed where they do one thing particularly well but not many things or they have many different platforms that aren't so well integrated. In our case, even as we put new innovation on the Now Platform, it's all integrated and it all works. So folks are really excited about that within these enterprises because they got a lot riding on whatever they invest in working, pleasing people, delivering a positive ROI and really making the decision-makers that invest in the platform look good because there's no tech debt with ServiceNow.

另外一點，我們或許可以更詳細地說明，但我想你們其實都已經知道：這種單一架構、單一資料模型與單一平台，現在正展現出強勁的優勢，因為市面上多數公司不是「最佳單點」（best of breed）——某一件事做得特別好但不擅長做很多事——就是擁有許多彼此整合不佳的不同平台。就我們而言，即使我們在 Now Platform 上推出新的創新，它們也都是整合在一起、而且能協同運作。因此，企業內部的人對此非常興奮，因為他們在任何投資上都背負著很大的成敗賭注：要能運作、讓人滿意、帶來正向的投資報酬率（ROI），並且讓投資這個平台的決策者看起來很成功，因為使用 ServiceNow 不會產生技術債（tech debt）。

Great. Can't wait to see the Wonka campaign too.

很好。我也迫不及待想看到 Wonka 的行銷活動。

Ladies and gentlemen, this does conclude today's conference call. We thank you for your participation. You may now disconnect.

各位女士先生，今天的電話會議到此結束。感謝各位的參與。您現在可以掛線。