ServiceNow, Inc. (NOW) 2020 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the Q4 2020 ServiceNow Earnings Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded.

各位女士、先生，感謝您稍候，歡迎參加 ServiceNow 2020 年第四季財報電話會議。（接線員指示）敬請注意，今日會議將被錄音。

I would now like to turn the conference over to your speaker today, Lisa Banks, SVP of Finance. Thank you. Please go ahead.

現在我想將會議交給今日的講者——財務資深副總裁 Lisa Banks。謝謝。請開始。

Thank you, and good afternoon. Thank you for joining us for ServiceNow's Fourth Quarter 2020 Earnings Conference Call. Joining me are Bill McDermott, our President and Chief Executive Officer; and Gina Mastantuono, our Chief Financial Officer. During today's call, we will review our fourth quarter 2020 financial results and discuss our financial guidance for the first quarter of 2021 and full year 2021.

謝謝，大家午安。感謝各位參加 ServiceNow 2020 年第四季財報電話會議。與我一同出席的有我們的總裁暨執行長 Bill McDermott，以及財務長 Gina Mastantuono。在今天的電話會議中，我們將回顧 2020 年第四季財務結果，並討論 2021 年第一季及 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 January 27, 2021, and contains forward-looking statements that involve risks, 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 for the macroeconomic environment in which we will be operating. Those assumptions are based on the facts we know today.

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 2021 年 1 月 27 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者。我們今天提供的指引係基於我們對營運所處宏觀經濟環境的假設，而這些假設是基於我們目前所知的事實。

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 that will be 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.

其中許多假設涉及我們無法控制且變化迅速的事項，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）。有關可能導致實際結果與此等前瞻性陳述所述結果出現重大差異的風險、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，包括我們最近一期的 10-Q，以及將就 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 GAAP 計算的財務衡量指標外，亦提供非 GAAP 指標，且非 GAAP 指標並非用以取代 GAAP 指標。除營收、淨利、剩餘履約義務（RPO）以及當期 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 指標之間的調節，請參閱我們今日稍早提交的新聞稿與投資人簡報，以及先前季度已提交的新聞稿；上述資料均發布於 investors.servicenow.com。

A replay of today's call will also be posted on the website. With that, I would now like to turn the call over to Bill.

今日電話會議的重播也將發布於該網站。接下來，我想把電話會議交給 Bill。

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

謝謝你，Lisa，大家午安。歡迎參加我們的第四季財報電話會議。

Let me begin by extending my hope that you and your loved ones are healthy and safe. Having confronted an unprecedented global environment, we are looking ahead with optimism and are thankful to be so well positioned to serve our customers.

首先，我希望你和你所愛的人都健康平安。在面對前所未有的全球環境之後，我們以樂觀的態度展望未來，也很感謝我們能處於如此有利的位置來服務客戶。

Needless to say, we delivered a market-leading 2020. We significantly beat expectations across the board, bringing great momentum into the new year. I could not be prouder of our team's execution. We delivered over 30% organic top line growth, 25% operating margins and $1.4 billion in free cash flow, just an outstanding performance and a testament to our ServiceNow strong culture.

毋庸置疑，我們交出了一個市場領先的 2020 年。我們在各方面都大幅超越預期，為新的一年帶來強勁動能。我對團隊的執行力感到無比自豪。我們實現了超過 30% 的有機營收成長、25% 的營業利益率，以及 14 億美元的自由現金流——這是極為出色的表現，也證明了 ServiceNow 強大的企業文化。

Throughout the year, we led with courage and conviction. We took care of our team, our customers and our communities. And most importantly, we led with ServiceNow's purpose to make the world of work work better for people. We strive to see the world through our customer's eyes with empathy to address their needs.

在整個年度中，我們以勇氣與信念領導。我們照顧我們的團隊、客戶與社區。而最重要的是，我們以 ServiceNow 的使命為指引：讓工作的世界對人更好。我們努力以同理心從客戶的角度看世界，以回應他們的需求。

The workflow revolution is happening, and the pandemic is accelerating digital transformation. Every business needs speed, agility and resilience, and every C-suite leader wants to deliver great experiences for their employees and their customers. Businesses are changing the way they operate. They need to deliver fierce customer loyalty and deep employee engagement to win. It's all about people, empathy at mass scale is the business imperative of the 21st century. The secular tailwinds of digital transformation, cloud computing and business model innovation have all intersected at a perfect moment in time. A paradigm shift is happening worldwide.

工作流程革命正在發生，而疫情正在加速數位轉型。每一家企業都需要速度、敏捷與韌性，而每一位 C 級主管都希望為員工與客戶提供卓越體驗。企業正在改變其營運方式。要勝出，他們需要帶來強大的客戶忠誠度與深度的員工投入。一切都關乎人；大規模的同理心是 21 世紀的商業必需。數位轉型、雲端運算與商業模式創新的長期趨勢在此刻完美交會。全球正在發生典範轉移。

In 2020, for the first time in history, we saw digital transformation spending accelerate despite GDP declining globally. Digital investments are at an all-time high and are expected to continue growing. According to IDC, worldwide digital transformation investments will total more than $7.4 trillion by 2044. The digital economy is firing on all cylinders.

2020 年，我們首次在歷史上看到：即使全球 GDP 下滑，數位轉型支出仍加速成長。數位投資達到歷史新高，且預期將持續成長。根據 IDC，全球數位轉型投資到 2044 年將累計超過 7.4 兆美元。數位經濟正全速運轉。

ServiceNow is the platform company for digital business. The Now Platform, what I call the platform of platforms, offers the speed, flexibility and innovation companies need. Our simple low-code app development enables fast workflows to solve any business challenge, delivering consumer-grade digital experiences. And Now Platform enables easier and faster implementation, delivering unbeatable time to value and fast ROI. That's the beauty of the Now Platform: one platform, one data model and one architecture. We seamlessly integrated all of this and through our system.

ServiceNow 是數位企業的平台公司。Now Platform——我稱之為「平台中的平台」——提供企業所需的速度、彈性與創新。我們簡單的低程式碼應用開發可快速建立工作流程以解決任何業務挑戰，並提供消費者等級的數位體驗。而 Now Platform 也能更容易、更快速地導入，帶來無可匹敵的價值實現速度與快速的投資報酬率（ROI）。這就是 Now Platform 的美妙之處：一個平台、一個資料模型、一個架構。我們將這一切無縫整合，並透過我們的系統加以實現。

And that system integrates seamlessly with all systems of record that matter most to our customers. We deliver workflows through their preferred collaboration platform as well. We give our customers the freedom of choice to use their preferred tools and the unique ability to build apps at record speed.

而該系統也能與對客戶最重要的所有記錄系統無縫整合。我們也透過他們偏好的協作平台交付工作流程。我們讓客戶能自由選擇使用其偏好的工具，並具備以破紀錄速度建置應用的獨特能力。

Hungry and humble is a core ServiceNow value. It's proven now in the number. We are grateful to be in such a strong position at such a pivotal moment, and we are hungry. We are eager to use our strengths to help our customers succeed, help make our community stronger and help create great experiences for people.

「渴望且謙遜」是 ServiceNow 的核心價值之一。如今，數字已證明這一點。我們很感恩能在如此關鍵的時刻處於如此強勢的位置，而我們也充滿企圖心。我們渴望運用自身優勢，協助客戶成功、讓社區更強大，並為人們創造卓越體驗。

We are seeing an extraordinary expansion of use cases in our business. Health care organizations are using ServiceNow to improve operations and service delivery, which means better outcomes for people. St. Jude Children's Hospital has been on a journey to accelerate progress towards finding cures and saving children.

我們看到業務使用情境出現非凡的擴張。醫療保健機構正在使用 ServiceNow 改善營運與服務交付，這意味著人們能獲得更好的結果。St. Jude 兒童醫院一直在加速推進尋找治癒方法並拯救兒童的旅程。

In 2020, COVID-19 created a significant headwind to that mission. With much of the hospital staff required to work from home, the need to digitize manual workflows became more important than ever. The hospital leveraged ServiceNow's low-code App Engine and integration hub to integrate disparate systems and build custom end-to-end workflows, ultimately allowing them to ensure seamless delivery of clinical services. In under 4 weeks the ServiceNow solution was implemented at St. Jude's Children's Hospital and everybody was moving toward their goal.

2020 年，COVID-19 對該使命造成顯著逆風。由於大量醫院員工必須在家工作，將手動工作流程數位化的需求比以往任何時候都更為重要。該醫院運用 ServiceNow 的低程式碼 App Engine 與 Integration Hub，整合分散的系統並建立客製化端到端工作流程，最終使其能確保臨床服務的無縫交付。在不到 4 週內，ServiceNow 解決方案便在 St. Jude 兒童醫院完成導入，所有人都朝著他們的目標前進。

We're also proud to be supporting NHS Scotland in their efforts to vaccinate 5.5 million citizens. NHS Scotland is using the Now Platform and our customer workflow to deploy a customized solution designed to meet their specific needs. Deployment took only 6 weeks, showing the agility of the Now Platform. ServiceNow is enabling a comprehensive solution for the schedule and the reporting of vaccination for Scotland's most vulnerable citizens. Within 12 hours of rollout, NHS Scotland booked over 220,000 appointments.

我們也很自豪能支持 NHS Scotland 為 550 萬名公民接種疫苗的努力。NHS Scotland 正使用 Now Platform 與我們的客戶工作流程，部署一套為其特定需求量身打造的解決方案。部署僅花了 6 週，展現 Now Platform 的敏捷性。ServiceNow 正在為蘇格蘭最脆弱公民的疫苗接種排程與通報提供一套全面性的解決方案。上線後 12 小時內，NHS Scotland 就預約了超過 22 萬個接種時段。

So as you can see, it's not just about business workflows. It's about real people, enterprise digital transformation with how every organization in every sector in every geo are adapting, growing, creating new business models and empowering their people to be productive in any environment under any condition. That's modern, agile, resilient business at work. And it's being powered by the Now Platform. Our unique platform and innovative product suite, our strong brand, high customer satisfaction and compelling value proposition are the differentiating factors and competitive advantages fueling our performance.

因此，如你所見，這不僅僅是關於業務工作流程。這關乎真實的人——企業數位轉型正在推動每個產業、每個地區的每個組織如何適應、成長、創造新的商業模式，並讓其員工在任何環境、任何條件下都能保持生產力。這就是現代、敏捷且具韌性的企業運作方式。而這一切由 Now Platform 所驅動。我們獨特的平台與創新產品組合、強大的品牌、高客戶滿意度與具吸引力的價值主張，是推動我們表現的差異化因素與競爭優勢。

Our Q4 results are testament. We dreamed big and delivered. We grew billings by more than 40% year-over-year organically. We delivered 89 deals greater than $1 million and now have close to 1,100 customers paying us over $1 million annually. We landed our largest deal ever, surpassing the deal record we set in Q3 with the U.S. Department of Veteran Affairs. Deal sizes overall keep getting larger. Our renewal rate remained best in class at 99%. Here are some key customer wins from Q4.

我們第四季的結果就是明證。我們志存高遠並且交出成果。我們的帳單金額（billings）有機年增超過 40%。我們完成了 89 筆超過 100 萬美元的交易，目前每年支付我們超過 100 萬美元的客戶接近 1,100 家。我們拿下史上最大的一筆交易，超越我們在第三季與美國退伍軍人事務部創下的交易紀錄。整體交易規模持續變大。我們的續約率仍維持同級最佳的 99%。以下是第四季一些重要的客戶贏單。

We signed a multiyear and multi-product strategic deal with AT&T. They are transforming by focusing on broadband connectivity, 5G and software-based entertainment while relentlessly focusing on digital, consumer preferences and experiences.

我們與 AT&T 簽署了一項多年期、涵蓋多項產品的策略性交易。他們正透過聚焦寬頻連線、5G 與軟體化娛樂進行轉型，同時持續專注於數位化、消費者偏好與體驗。

We're delighted to work with AT&T Communications in its transformation. ServiceNow's AI-powered platform and service operations product lines will provide AT&T accurate and real-time operational visibility into every layer of the network fabric and help deliver the best-in-class customer experience, better experiences for people enabled by ServiceNow.

我們很高興能在 AT&T Communications 的轉型過程中與其合作。ServiceNow 的 AI 驅動平台與服務營運產品線，將為 AT&T 提供對網路架構每一層的精準且即時的營運可視性，並協助提供同級最佳的客戶體驗，透過 ServiceNow 為人們帶來更好的體驗。

One of the U.K.'s big 4 banks is using multiple ServiceNow products, including our purpose-built new financial services operations product to help transform the way it operates and to deliver better customer experiences. The bank has seen a 70% efficiency and improvement of payment processing by integrating the Now Platform into its core banking systems. With ServiceNow, this bank implemented new automated processes in 60 workdays. In their words, employees moved from cut and paste, swivel chair manual processes to efficient, automated workflows. In one case, employees went from managing 10 requests an hour to 1,000 requests in 3 minutes on the Now Platform, better experiences for people.

英國四大銀行之一正在使用多項 ServiceNow 產品，包括我們專為金融服務營運打造的新產品，以協助轉型其營運方式並提供更佳的客戶體驗。該銀行透過將 Now Platform 整合至其核心銀行系統，使付款處理效率提升並改善達 70%。在 ServiceNow 的協助下，該銀行在 60 個工作天內導入新的自動化流程。用他們的話說，員工從剪貼、轉椅式的人工流程，轉變為高效率的自動化工作流程。在其中一個案例中，員工在 Now Platform 上從每小時處理 10 個請求，提升到 3 分鐘內處理 1,000 個請求，為人們帶來更好的體驗。

PayPal recently expanded their relationship with ServiceNow as a key partner for elements of their digital transformation. And we're proud to have expanded our relationship with Nike, who is using the Now Platform to create better customer and employee experiences. Other Q4 deals across our portfolio represented wins with major customers in key sectors such as Booking.com in travel and hospitality, BP in energy, Santander U.K. and USAA in financial services.

PayPal 近期擴大了與 ServiceNow 的合作關係，將我們作為其數位轉型若干要素的關鍵合作夥伴。我們也很自豪能擴大與 Nike 的合作關係；Nike 正使用 Now Platform 來打造更好的客戶與員工體驗。第四季我們產品組合中的其他交易，亦在關鍵產業的大型客戶中取得勝利，例如旅遊與飯店業的 Booking.com、能源業的 BP、金融服務業的 Santander U.K. 與 USAA。

And the list goes on and on. I hear so many ServiceNow success stories every day. Companies are onboarding thousands of people in a work from home environment, making them feel productive and part of the team from day 1. Customers are going live on the Now Platform in days, not months, making a difference for people now, not next month or next year. Now. More productive employees, happier customers, more efficient operations, there is not a CEO on the planet who doesn't want that. The Now Platform delivers.

而且名單還在不斷增加。我每天都聽到許多 ServiceNow 的成功故事。企業在居家辦公環境中為數千人辦理到職，讓他們從第一天起就感到有生產力並成為團隊的一份子。客戶在幾天內而非數月內就能在 Now Platform 上線，現在就為人們帶來改變，而不是下個月或明年。現在。更高生產力的員工、更滿意的客戶、更有效率的營運，地球上沒有任何一位 CEO 不想要這些。Now Platform 做得到。

These examples show how technology is no longer supporting the business. Technology is the business. Our IT leadership and workflows gives us a uniquely strong foundation to be the leading platform for digital transformation across the enterprise. In Q4, IT workflow products remained strong. ITSM delivered 17 deals over $1 million. Our AI and machine learning capabilities embedded within our Pro SKU continue to resonate with our customers. ITSM Pro penetration is now over 20%. The AI/ML capabilities of our Pro SKUs are automating processes to allow people to focus on the work that really matters. We saw a 3x increase in usage of our virtual agent technology in 2020.

這些例子顯示，科技不再只是支援業務。科技就是業務。我們在 IT 領導力與工作流程方面的優勢，為我們奠定了獨特且強大的基礎，使我們成為企業全域數位轉型的領先平台。第四季，IT 工作流程產品依然強勁。ITSM 達成 17 筆超過 100 萬美元的交易。我們嵌入於 Pro SKU 的 AI 與機器學習能力持續引起客戶共鳴。ITSM Pro 的滲透率目前已超過 20%。我們 Pro SKU 的 AI/ML 能力正在自動化流程，讓人們能專注於真正重要的工作。2020 年我們的虛擬代理技術使用量成長了 3 倍。

And our Element AI acquisition underscores our commitment to being the leader in AI-enabled workflows. Element AI's deep bench of world-class scientists and practitioners will accelerate our AI innovation on the Now Platform, delivering not only better capabilities for it, but for employee and customer experiences as well. ITOM was included in 16 of the top 20 deals and had 15 deals over $1 million.

而我們收購 Element AI，更凸顯我們致力成為 AI 賦能工作流程領導者的承諾。Element AI 擁有世界級科學家與實務專家的深厚人才庫，將加速我們在 Now Platform 上的 AI 創新，不僅為 IT，也為員工與客戶體驗帶來更好的能力。ITOM 被納入前 20 大交易中的 16 筆，並有 15 筆交易超過 100 萬美元。

Risk had a very strong Q4, booking more wins than all of the prior year combined. Our ability to manage risk is really resonating with customers. ServiceNow is no longer viewed as back-end IT-oriented solution. We're now seen as a strategic partner that impacts the entire business.

風險（Risk）在第四季表現非常強勁，取得的勝利比前一年全年加總還多。我們管理風險的能力確實引起客戶強烈共鳴。ServiceNow 不再被視為後端、以 IT 為導向的解決方案。我們現在被視為能影響整體業務的策略夥伴。

Customer workflows is our next $1 billion-plus market opportunity for ServiceNow, and Q4 showed strong momentum. Customer workflows were included in 11 of our top 20 deals, driving such wins as AT&T. 10 of our customer workflow deals were greater than $1 million.

客戶工作流程是 ServiceNow 下一個超過 10 億美元的市場機會，而第四季展現了強勁動能。客戶工作流程被納入我們前 20 大交易中的 11 筆，推動了包括 AT&T 在內的勝利。我們的客戶工作流程交易中，有 10 筆金額超過 100 萬美元。

In this pandemic, the employee experience is more important than ever, and our employee workflows is seeing strong demand. In Q4, 11 of our top 20 deals included employee workflows.

在這場疫情中，員工體驗比以往任何時候都更重要，而我們的員工工作流程需求強勁。第四季，我們前 20 大交易中有 11 筆包含員工工作流程。

The pandemic is creating the greatest workflow challenge of our time, and ServiceNow is responding with agility speed and continuous innovation. We began last spring, as you'll remember, with our emergency response apps helping the state of Washington and many others respond to COVID. We fast followed that release with our Safe Workplace suite of apps that has demonstrated the power of the Now Platform and great employee workflows that we can deliver very quickly. In fact, more than 900 organizations now have downloaded the suite already.

疫情正在造成我們這個時代最大的工作流程挑戰，而 ServiceNow 以敏捷、速度與持續創新來回應。我們從去年春天開始——你們還記得——推出緊急應變應用程式，協助華盛頓州以及許多其他單位因應 COVID。隨後我們迅速推出 Safe Workplace 應用程式套件，展現 Now Platform 的力量，以及我們能非常快速交付的優秀員工工作流程。事實上，目前已有超過 900 個組織下載了該套件。

This week, we just launched the first in a suite of planned vaccine administration applications to deliver out-of-the-box functionality for our customers. Our comprehensive approach enables workflow solutions to the complex challenges of vaccine distribution, administration and monitoring. As we have done with Safe Workplace, we will be delivering continuous innovation with our vaccine administration management applications. I'm excited to announce that the state of North Carolina Department of Health and Human Services is already leveraging the ServiceNow Platform to power its COVID vaccine management system to help quickly and efficiently vaccinate 10 million North Carolinians.

本週，我們剛推出規劃中的疫苗施打管理應用程式套件中的第一個，為客戶提供開箱即用的功能。我們的全面性方法，能以工作流程解決方案應對疫苗配送、施打與監測的複雜挑戰。如同我們在 Safe Workplace 所做的，我們將透過疫苗施打管理應用程式持續創新。我很高興宣布，北卡羅來納州衛生與公共服務部已在運用 ServiceNow Platform 來驅動其 COVID 疫苗管理系統，協助快速且有效率地為 1,000 萬名北卡羅來納州居民接種疫苗。

President Biden has declared the distribution of COVID vaccines a top priority for his administration. This is one of the great workflow challenges of our time. As we are doing right now in Scotland, North Carolina and many other places, ServiceNow is ready to ensure vaccine distribution, administration and monitoring that it's simple, it's fast and it's effective. It will be so at the federal, state and local level.

拜登總統已將 COVID 疫苗的配送列為其政府的首要優先事項。這是我們這個時代最重大的工作流程挑戰之一。正如我們目前在蘇格蘭、北卡羅來納州以及許多其他地方所做的，ServiceNow 已準備好確保疫苗配送、施打與監測做到簡單、快速且有效，並將在聯邦、州與地方層級皆能如此。

In summary, we had an outstanding close to 2020, and we are not slowing down. We are changing the world one workflow at a time, and our vision is really resonating. C-level executives realize that behind every great experience is a great workflow. Our company is hitting on all cylinders.

總結來說，我們在 2020 年末交出亮眼成績，而且我們不會放慢腳步。我們正以一次一個工作流程的方式改變世界，而我們的願景確實引起強烈共鳴。C 級高階主管意識到，每一個卓越體驗的背後，都有一個卓越的工作流程。我們公司各方面都在全速運轉。

In 2020, we grew our global workflows by 26%, hiring 3,000 people in 25 countries, with most hired and onboarded digitally. We are hiring incredible talent, including some of the greatest minds in the AI industry.

2020 年，我們的全球工作流程業務成長 26%，在 25 個國家聘僱了 3,000 人，其中大多數以數位方式完成招募與到職。我們正在招募傑出人才，包括 AI 產業中一些最頂尖的頭腦。

Our culture is incredibly strong. Our employee engagement is at historic highs. So too is our employee retention. Our brand is strong. C-suite awareness increased in double digits.

我們的文化非常強大。我們的員工敬業度達到歷史新高，員工留任率亦同。我們的品牌很強，C-suite 的認知度以雙位數成長。

Our innovation pipeline is robust. We delivered 70% more features and innovations on the platform in 2020.

我們的創新管線十分強健。2020 年我們在平台上交付的功能與創新增加了 70%。

Our partner ecosystem is expanding. IBM, Microsoft, Accenture, Deloitte, EY, KPMG and all the great partners in India, and many others have joined the workflow revolution with us. Together, we're bringing the innovation speed of a start-up with the scale and reach of a rapidly growing $5 billion-plus pure-play SaaS company.

我們的合作夥伴生態系正在擴張。IBM、Microsoft、Accenture、Deloitte、EY、KPMG，以及印度所有優秀的合作夥伴與許多其他夥伴，都與我們一同加入工作流程革命。我們攜手結合新創的創新速度，以及一家快速成長、年營收超過 50 億美元的純 SaaS 公司的規模與觸及範圍。

And our RPO is nearly double that at $9 billion. We're the only born in the cloud software company to have reached this size without large-scale M&A. And we have a clear path to achieve our $10 billion revenue target.

而我們的 RPO 幾乎是其兩倍，達到 90 億美元。我們是唯一一家在雲端誕生、在未進行大規模併購（M&A）的情況下達到此規模的軟體公司。而且我們有清晰的路徑來達成 100 億美元的營收目標。

We are also deeply committed to making the world of work work better for people to helping our customers succeed. We are deeply committed to making the world work better, too. Gina will share more about our focus on elevating our global impact. I'm incredibly proud of our just announced $100 million investment in an impact fund benefiting underserved communities.

我們也深切承諾，讓工作的世界更好地為人們運作，並協助客戶成功。我們也深切承諾，讓世界運作得更好。Gina 將分享更多我們在提升全球影響力方面的重點。我對我們剛宣布的 1 億美元影響力基金投資感到無比自豪，該基金將使資源不足的社群受益。

And we're deeply committed to being a leader in building a diverse, inclusive workforce in which everyone feels that they belong. Because diverse teams with an indomitable will to win create great companies. ServiceNow is such a company, and we are well on our way to becoming the defining enterprise software company of the 21st century. That's our dream, and we will pursue it tirelessly with courage, passion and conviction.

我們也深切承諾，成為打造多元、共融的勞動力的領導者，讓每個人都感到自己被接納、屬於這裡。因為多元的團隊加上不可撼動的必勝意志，能創造偉大的公司。ServiceNow 就是這樣的公司，而我們正穩步邁向成為 21 世紀具代表性的企業軟體公司。那是我們的夢想，我們將以勇氣、熱情與信念不懈追求。

Thank you. Over to you, Gina.

謝謝。交給你了，Gina。

Thank you, Bill. Happy New Year, everyone.

謝謝你，Bill。各位新年快樂。

I want to start off by echoing Bill's praise for all the employees of ServiceNow. It has been a year of unprecedented challenges, but the team has remained focused on executing and meeting the needs of our customers. I couldn't be more impressed with our resilience, which is a testament to our great culture here at ServiceNow.

我想先呼應 Bill 對 ServiceNow 全體員工的讚揚。這一年充滿前所未有的挑戰，但團隊始終專注於執行並滿足客戶需求。我對我們的韌性印象深刻，這也證明了 ServiceNow 這裡卓越的企業文化。

And it's thanks to our people that we delivered another fantastic quarter to cap a strong year. We exceeded the high end of our subscription revenues and subscription billings guidance, which carried through to strong free cash flow generation.

也正因為我們的人才，我們又交出一個精彩的季度，為強勁的一年畫下句點。我們的訂閱營收與訂閱帳單金額（subscription billings）均超越指引區間上緣，並帶動強勁的自由現金流產生。

Q4 subscription revenues were $1.184 billion, representing 32% year-over-year growth, inclusive of a 3-point tailwind from FX. Q4 subscription billings were very strong at $1.828 billion, representing 41% year-over-year growth and $183 million beat versus the high end of our guidance. Adjusted growth was 38% year-over-year.

第四季訂閱營收為 11.84 億美元，年增 32%，其中包含外匯帶來的 3 個百分點順風。第四季訂閱帳單金額表現非常強勁，達 18.28 億美元，年增 41%，較我們指引上緣高出 1.83 億美元。調整後年增率為 38%。

The outperformance was driven by tremendous execution from our sales team, which resulted in significant net new ACV upside for the quarter as well as $80 million of billings pulled forward from 2021 due to early customer payments. We believe the high levels of early payments were onetime in nature and the result of customers having excess cash at the end of the year, given the incremental cost savings enterprises saw from COVID. Excluding these early payments, normalized Q4 billings would have grown 35% year-over-year, still well ahead of our guidance.

優於預期的表現主要來自我們銷售團隊卓越的執行力，這使得本季淨新增 ACV 顯著超出預期，並且由於客戶提前付款，從 2021 年提前拉動了 8,000 萬美元的帳單金額。我們認為這些高水準的提前付款屬一次性性質，原因是客戶在年末擁有較多現金，因為企業在 COVID 期間看到了額外的成本節省。若排除這些提前付款，經常態化後的第四季帳單年增率將為 35%，仍明顯高於我們的指引。

Remaining performance obligations, or RPO, ended the quarter at approximately $8.9 billion, representing 35% year-over-year growth. And current RPO was approximately $4.4 billion, representing 33% year-over-year growth. FX was about a 3-point tailwind.

剩餘履約義務（RPO）在本季末約為 89 億美元，年增 35%。而當期 RPO 約為 44 億美元，年增 33%。匯率（FX）約帶來 3 個百分點的順風。

The traction we are seeing in our top line results reflect our focus on meeting the needs of our customers and their employees. As Bill noted, the workflow revolution is underway and is centered around the best experiences. And that's the Now Platform's super power, the ability to deliver workflows that create those great experiences for people. The Now Platform is playing a critical role in accelerating digital transformation. We're treating our customers as partners, listening and learning about their challenges so we can help solve them. We aren't selling point products. We're providing them with comprehensive solutions with measurable results and quick time to value. Better together, that's the power of our portfolio.

我們在營收端所看到的動能，反映了我們專注於滿足客戶及其員工需求的努力。如 Bill 所提，工作流程革命正在進行中，其核心在於最佳體驗。而這正是 Now Platform 的超能力：能夠交付工作流程，為人們創造卓越體驗。Now Platform 在加速數位轉型方面扮演關鍵角色。我們將客戶視為合作夥伴，傾聽並了解他們的挑戰，以便協助解決。我們不是在銷售單點產品；我們提供具備可衡量成果且能快速實現價值的整體解決方案。更好的結合在一起，這就是我們產品組合的力量。

It's this attention to our customers' needs that's driving our best-in-class renewal rate of 99%, demonstrating the stickiness of our business as the Now Platform remains a mission-critical part of our customers' operations. Our sales teams continued to win bigger deals in Q4, including our largest deal ever, which is 3x the size of our previous largest deal.

正是這種對客戶需求的重視，推動我們達到同業最佳的 99% 續約率，展現出我們業務的高黏著度，因為 Now Platform 仍是客戶營運中不可或缺的關鍵系統。我們的銷售團隊在第四季持續拿下更大型的交易，包括我們史上最大的一筆交易，其規模是先前最大交易的 3 倍。

We closed 89 deals greater than $1 million in ACV in the quarter, with average deal sizes up 18% year-over-year. In 2020, we added nearly 700 net new customers, ending the year with almost 6,900 enterprises. The number of customers paying us $5 million or more in ACV grew over 40% in fiscal 2020. Customers are realizing the strategic value of combining ServiceNow IT workflows with everything from HR, CSM and our App Engine to deliver greater value across the enterprise. Our ability to land new logos and expand our existing relationships amid a pandemic further validate the strength of our platform and the value we're delivering to enterprise C-suite.

本季我們完成了 89 筆 ACV 超過 100 萬美元的交易，平均交易規模年增 18%。2020 年我們新增近 700 家淨新客戶，年底企業客戶總數接近 6,900 家。2020 會計年度中，支付我們 ACV 達 500 萬美元或以上的客戶數成長超過 40%。客戶正體認到，將 ServiceNow 的 IT 工作流程與 HR、CSM 以及我們的 App Engine 等結合，能在整個企業範圍內帶來更大價值。在疫情期間，我們仍能取得新客戶標誌（new logos）並擴大既有合作關係，進一步驗證了我們平台的實力，以及我們為企業高階管理層所交付的價值。

Turning to profitability. Q4 operating margin was 22%, a 100 basis point beat versus our guidance, driven by our strong top line outperformance. Year-over-year, our Q4 operating margin was consistent with last year as lower T&E expenses were offset by planned incremental R&D investments and marketing spend on pipeline generation. Our free cash flow margin was 45%, up 900 basis points year-over-year, driven by lower T&E spend and strong collection.

接著談獲利能力。第四季營業利益率為 22%，較我們的指引高出 100 個基點，主要受惠於營收端強勁超預期。與去年同期相比，第四季營業利益率與去年持平，因較低的差旅與娛樂（T&E）費用被計畫性的額外研發投資與用於管線生成的行銷支出所抵銷。我們的自由現金流利益率為 45%，年增 900 個基點，主要由較低的 T&E 支出與強勁的收款所帶動。

For full year 2020, operating margin was 25%, up 300 basis points year-over-year. And free cash flow was 32%, up 400 basis points year-over-year. Together, these results show the power of our business model and our ability to drive a balance of growth and profitability.

2020 全年營業利益率為 25%，年增 300 個基點；自由現金流利益率為 32%，年增 400 個基點。綜合來看，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 the business. The highly affected industries we outlined early last year, which represented about 20% of our business, continue to see macro headwinds but remained resilient. 3 of our top 20 deals in the quarter were from highly impacted industries, including retail, automotive and energy. We do expect headwinds in some severely impacted industries to persist in 2021. However, retention of existing customers remained very strong in Q4.

在我進入指引之前，我想簡要更新我們在業務中觀察到的總體趨勢。我們在去年年初提到的受影響較大的產業（約占我們業務的 20%）仍面臨總體逆風，但表現依然具韌性。本季前 20 大交易中，有 3 筆來自受衝擊較大的產業，包括零售、汽車與能源。我們確實預期 2021 年某些受重創產業的逆風仍將持續。然而，第四季既有客戶的留存仍然非常強勁。

Overall, we're entering 2021 with strong secular tailwinds created by a surge in demand for digital transformation. Our pipeline continues to look healthy, and our brand continues to resonate with enterprise leaders. ServiceNow is exceptionally well positioned to seize this opportunity. We have the unique platform and innovative product suite businesses need, the workflow standard for enterprise transformation.

整體而言，我們以強勁的長期結構性順風進入 2021 年，這些順風來自數位轉型需求的激增。我們的銷售管線持續健康，我們的品牌也持續引起企業領導者共鳴。ServiceNow 具備極佳的有利位置把握此機會。我們擁有企業所需的獨特平台與創新產品套件，是企業轉型的工作流程標準。

Turning to guidance. For transparency and clarity, I'd like to call out a few items. First, as I noted earlier, we saw $80 million in early payments from customers in Q4, which was an approximately 200 basis point tailwind to full year subscription billings growth in 2020. These result in a more significant headwind of about 350 basis points for 2021 billings growth. To be clear, these early payments have no effect on the timing of revenue. We've also previously talked about how early renewals and success with very large customers were impacting billing cycles as they can add additional volatility to timing and duration. This makes billings a less reliable leading indicator of top line growth.

接著談指引。為了透明與清晰起見，我想特別說明幾點。第一，如我先前提到的，我們在第四季看到客戶 8,000 萬美元的提前付款，這對 2020 全年訂閱帳單成長約帶來 200 個基點的順風；但對 2021 年帳單成長則形成約 350 個基點的更大逆風。需要澄清的是，這些提前付款不會影響營收認列的時點。我們也曾談到，提前續約以及在超大型客戶上的成功，正在影響帳單週期，因為它們可能為時點與期間帶來額外波動，這使得帳單成為營收成長較不可靠的領先指標。

Given this noise and to provide investors with even greater transparency, we're introducing quarterly CRPO guidance. We believe CRPO will provide better visibility and is a more consistent indicator of business performance, normalizing for timing and duration noise. We will continue to provide billings guidance throughout 2021 as a transition period.

鑑於這些雜訊，並為投資人提供更高透明度，我們將推出按季提供的 CRPO 指引。我們相信 CRPO 能提供更好的能見度，並且在排除時點與期間雜訊後，是更一致的業務表現指標。我們將在 2021 年作為過渡期，持續提供帳單指引。

Second, the need to digitally transform has been accelerated by the current macro environment, creating a very large opportunity for ServiceNow. With the savings we are recognizing from our more efficient operating environment, we're continuing to invest in R&D and quota-bearing resources to drive innovation and pipeline to fuel our tremendous organic growth engine, ensuring that we maintain our market leadership and are well positioned to take advantage of the digital acceleration. These investments include those we were making in AI, such as the acquisition of Element AI. Similar to previous investments and successful growth initiatives like our Pro SKUs or geographic expansion, we will be disciplined about our spend.

第二，當前的總體環境加速了數位轉型需求，為 ServiceNow 創造了非常龐大的機會。憑藉我們在更高效率營運環境下所實現的節省，我們將持續投資於研發以及配額承擔（quota-bearing）資源，以推動創新與管線，為我們強勁的內生成長引擎提供燃料，確保我們維持市場領導地位，並能充分把握數位加速帶來的機會。這些投資包括我們在 AI 方面的投入，例如收購 Element AI。與先前的投資以及成功的成長計畫（如 Pro SKU 或地域擴張）類似，我們將在支出上保持紀律。

Beyond our business investments, we will also be investing in people and communities. We've always been focused on diversity, inclusion and belonging. And as Bill noted, we recently announced our first ever $100 million investment in a racial equity fund to build equitable opportunity for Black communities. This investment is expected to earn a solid return while facilitating sustainable wealth creation through homeownership, entrepreneurship and neighborhood revitalization.

除了業務投資之外，我們也將投資於人才與社區。我們一向重視多元、共融與歸屬感。如 Bill 所提，我們近期宣布首次投入 1 億美元於種族平權基金，以為黑人社區建立更公平的機會。此投資預期可帶來穩健回報，同時透過住宅自有、創業與社區更新，促進可持續的財富創造。

Finally, COVID cases have been spiking in recent weeks, and some regions have reentered lockdown protocols. While we haven't seen any significant impact on our business, we will continue to monitor and be transparent in our disclosures throughout 2021.

最後，近幾週 COVID 病例數激增，部分地區重新進入封鎖措施。雖然我們尚未看到對業務造成任何重大影響，但我們將在 2021 年持續監測，並在揭露中保持透明。

With that in mind, for Q1, we expect subscription revenues between $1.275 billion and $1.28 billion, representing 28% to 29% year-over-year growth, including a 4-point FX tailwind.

基於上述考量，第一季我們預期訂閱營收介於 12.75 億至 12.8 億美元，年增 28% 至 29%，其中包含匯率（FX）帶來的 4 個百分點順風。

We expect subscription billings between $1.31 billion and $1.315 billion, representing 24% to 25% year-over-year growth. Excluding the early payments from customers in 2020, our Q1 normalized subscription billings growth outlook would be 32% year-over-year. Growth includes a net tailwind from FX and duration of 4 points.

我們預期訂閱帳單介於 13.1 億至 13.15 億美元，年增 24% 至 25%。若排除 2020 年客戶提前付款的影響，我們對第一季經常態化訂閱帳單成長的展望將為年增 32%。成長包含匯率與期間（duration）合計帶來的 4 個百分點淨順風。

We expect cRPO growth of 32% year-over-year, including a 5-point FX tailwind. We expect an operating margin of 25% and 202 million diluted weighted outstanding shares for the quarter.

我們預期 cRPO 年增 32%，其中包含匯率（FX）帶來的 5 個百分點順風。我們預期本季營業利益率為 25%，稀釋加權平均流通股數為 2.02 億股。

For the full year 2021, we expect subscription revenues between $5.48 billion and $5.5 billion, representing 28% year-over-year growth, including a 3-point FX tailwind. We expect subscription billings between $6.205 billion and $6.225 billion, representing 25% year-over-year growth. Excluding the early customer payments in 2020, our 2021 normalized subscription billings growth outlook would be 28% to 29% year-over-year growth. This growth reflects an acceleration in net new ACV in 2021, and it also includes a net tailwind from FX and duration of 2 points.

2021 全年方面，我們預期訂閱營收介於 54.8 億至 55 億美元，年增 28%，其中包含匯率（FX）帶來的 3 個百分點順風。我們預期訂閱帳單介於 62.05 億至 62.25 億美元，年增 25%。若排除 2020 年客戶提前付款的影響，我們對 2021 年經常態化訂閱帳單成長的展望將為年增 28% 至 29%。此成長反映 2021 年淨新增 ACV 的加速，同時也包含匯率與期間（duration）合計帶來的 2 個百分點淨順風。

We expect subscription gross margin of 85%, reflecting some federal and public sector customers moving to our newly launched Azure offering as well as increased support for customers impacted by new and evolving data residency requirements. We expect an operating margin of 23.5%, representing 150 basis points expansion off of our pre-COVID 2020 run rate. I would note that this is also an incremental 50 basis points more than the 100 basis points of expansion we target each year. Finally, we expect free cash flow margin of 30% and 202 million diluted weighted outstanding shares for the year.

我們預期訂閱毛利率為 85%，反映部分聯邦與公共部門客戶轉移至我們新推出的 Azure 方案，以及因應客戶受到新的與持續演進中的資料駐留（data residency）要求影響而增加的支援。我們預期營業利益率為 23.5%，較我們 COVID 前 2020 年的運行水準擴張 150 個基點。我也要指出，這比我們每年目標的 100 個基點擴張還多出額外 50 個基點。最後，我們預期全年自由現金流利益率為 30%，稀釋加權平均流通股數為 2.02 億股。

In summary, in 2020, we delivered a combination of both strong top line growth and profitability, an incredible accomplishment in a COVID environment. Our outstanding results continue to demonstrate our strong product portfolio, our focus on building deep customer relationships and our commitment to enabling their digital transformation. We're delivering great experiences that drive powerful employee engagement, fierce customer loyalty and significant productivity gains. We are the platform company for digital business.

總結來說，2020 年我們同時實現了強勁的營收成長與獲利能力，在 COVID 的環境下這是令人難以置信的成就。我們卓越的成果持續展現出我們強大的產品組合、我們專注於建立深厚的客戶關係，以及我們致力於協助客戶推動數位轉型。我們提供能帶動強大員工投入、極高客戶忠誠度與顯著生產力提升的優質體驗。我們是數位商務的平台型公司。

I'm extremely proud of our team's performance and our unrelenting execution in a turbulent year. We can't thank our employees enough for their hard work and dedication. We're well on our way to becoming a $10 billion revenue company on the strength of incredible organic innovation. I'm excited about the opportunities ahead of us in 2021.

我為團隊在動盪的一年中展現的表現與不懈的執行力感到無比自豪。我們再怎麼感謝員工的辛勤工作與奉獻都不為過。憑藉驚人的有機創新動能，我們正穩步邁向年營收 100 億美元的公司。我對 2021 年即將到來的機會感到振奮。

With that, operator, we'd like to now turn over the call for questions.

接下來，主持人，我們想把電話會議交給提問環節。

(Operator Instructions) For our first question, we have Sterling Auty from JPMorgan.

（接線員指示）我們的第一個問題來自摩根大通（JPMorgan）的 Sterling Auty。

So in relation to the margin outlook, understand the investment opportunity that you have, but also curious what you factored in, in terms of any increased T&E and maybe perhaps even, dare I say, the return to a little bit of business travel throughout the year. Can you help us understand kind of what assumptions underlie the margin outlook on that front?

關於毛利率展望，我理解你們有投資機會，但也想了解你們在假設上納入了哪些因素，例如差旅與招待（T&E）費用是否會增加，甚至——我斗膽說——今年是否會有一些商務旅行回歸。能否協助我們理解，在這方面支撐毛利率展望的假設是什麼？

Sure, Sterling. Thanks for the question. We talked about really continuing to focus on driving a balance of growth and profitability. And I've been pretty transparent and open about those margins.

當然可以，Sterling。謝謝你的問題。我們談到的是持續專注於在成長與獲利之間取得平衡。而且我對這些毛利率一直相當透明、也很開放。

We are currently expecting that a more normalized T&E will come back towards the back half of 2021. And so the expectations on the Pro path will be similar to what we've been seeing, but that we would expect some more normalized T&E to start again in the back half.

我們目前預期，較為正常化的差旅與招待（T&E）將在 2021 年下半年逐步回來。因此，Pro 路徑的預期會與我們目前看到的情況相近，但我們預期在下半年會開始出現較為正常化的 T&E。

Great. And then one just follow-up. In terms of the digital transformations and the applications that you're tying into, I'd be kind of curious. Beyond HR and CSM, what are perhaps some of the other applications that you think that customers are going to more rely on your platform? As hopefully, the economy picks up on the back of vaccinations.

很好。接著一個追問。就你們所連結的數位轉型與應用而言，我有點好奇：除了人資（HR）與客戶服務管理（CSM）之外，還有哪些其他應用，你們認為客戶會更依賴你們的平台？尤其是隨著疫苗接種帶動經濟回升。

Well, thank you very much, Sterling. This is Bill. What you're seeing out there is each industry has its own nuances. For example in financial services, I talked about security. Obviously, the future of work is a big movement to work from anywhere. And certainly enable that modern work environment and do that in a way where people can be onboarded without actually even meeting them, train them appropriately, and do the ongoing management of people where they can truly execute their mission and they know all the information and they have all the data to do their job.

非常感謝你，Sterling。我是 Bill。你在市場上看到的是，每個產業都有其細微差異。以金融服務業為例，我談到的是資安。顯然，「未來的工作型態」是一個重大的趨勢，也就是隨時隨地工作。當然，要能支援那樣的現代化工作環境，並且以一種方式做到：即使沒有實際見面也能完成新人到職（onboarding）、適當訓練，以及持續的人員管理，讓他們能真正執行其使命，掌握所有資訊與數據來完成工作。

So this -- it's happening in every industry, and it's happened in every geo, and each persona has its own unique needs. What we think is unique about ServiceNow is that this platform, think of it as the workflow automation platform, comprehends all the opportunities with App Engine to customize things very rapidly like vaccine management, for example. It also offers the IntegrationHub, and what the IntegrationHub enables is all the things from RPA, process mining, API integration, process analytics, native mobile, contextual interfaces and all the other things that CIOs and leaders of businesses are counting on to create end-to-end continuity in the business.

因此，這件事——正在每個產業發生，也在每個地區發生，而每一種角色（persona）都有其獨特需求。我們認為 ServiceNow 的獨特之處在於：這個平台——可把它視為工作流程自動化平台——透過 App Engine 能非常快速地客製化各種機會，例如疫苗管理。它也提供 IntegrationHub，而 IntegrationHub 所能啟用的能力涵蓋：從 RPA、流程探勘、API 整合、流程分析、原生行動功能、情境式介面，以及 CIO 與企業領導者用來打造端到端業務連續性所倚賴的所有其他能力。

And that's what makes us so unique. So having that platform advantage and our well-known position in IT is equally as relevant with the employee experience, because now you have one portal with a consumer-grade UX. All the complexity of hidden. All the onboarding caring for the employee is done. And they are right off and running with their mission. In some cases, I have one very high level executive tell me, "I haven't met the 5,000 people I hired this year because of the Now Platform."

這就是我們如此獨特的原因。因此，擁有平台優勢以及我們在 IT 領域眾所周知的地位，對員工體驗同樣重要，因為現在你有一個具備消費者等級 UX 的單一入口。所有複雜性都被隱藏起來。所有新人到職與員工關懷都已完成。而員工可以立刻投入並執行其使命。在某些情況下，有一位非常高階的主管告訴我：「因為 Now Platform，我今年雇用的 5,000 人我都還沒見過面。」

And then on customer service management, in every industry, I gave the AT&T example as one, you're seeing the frictionless business environment really take off. So how do we deal with the end consumer and do so directly in a way that enables our services to be consumed.

再談到客戶服務管理（CSM），在每個產業中，我以 AT&T 的例子作為其中之一，你會看到「無摩擦」的商業環境正在快速起飛。因此，我們要如何面對終端消費者，並以一種能讓我們的服務被直接使用與消費的方式來進行。

So you're seeing this ease of use around ServiceNow. You're seeing the virtual agent guide people through subscription processes. And you're seeing all of our deep machine learning and AI help the customer navigate their sign-on processes and so forth.

所以你會看到圍繞 ServiceNow 的易用性。你會看到虛擬代理（virtual agent）引導人們完成訂閱流程。你也會看到我們深度的機器學習與 AI 協助客戶在登入流程等方面進行導引。

And the workflow then becomes the exception because humans shouldn't have to get involved in these processes unless the computer didn't get the job done. And that gives us such an advantage because we're seeing situations where we can literally consolidate hundreds of systems to the Now Platform, take out huge costs, give the customer a great experience, and obviously not put so much pressure on human capital because people are only engaged when they're absolutely necessary in the customer satisfaction process.

而工作流程接著就成為「例外處理」，因為除非電腦沒有把事情完成，人類不應該介入這些流程。這讓我們擁有巨大的優勢，因為我們看到一些情境：我們確實可以把數百個系統整併到 Now Platform、移除龐大成本、為客戶提供極佳體驗，並且顯然不會對人力資本造成那麼大的壓力，因為只有在客戶滿意流程中絕對必要時，人員才會被動員。

So you're seeing a mass consolidation of all the old stuff to the Now Platform. You're seeing IT, employee, customer and all the App Engine and IntegrationHub opportunities really come together on one common platform, one data model and one architecture. So it's now a solutions company. It's now selling a suite. And the broad spectrum of offerings gives us reach to the whole C-level executive team, not just one persona on the executive team.

因此你會看到大量把舊系統整併到 Now Platform。你會看到 IT、員工、客戶，以及所有 App Engine 與 IntegrationHub 的機會，真正匯聚到同一個共同平台、同一個資料模型與同一個架構上。所以它現在是一家解決方案公司。現在是在銷售一套產品組合（suite）。而廣泛的產品光譜讓我們能觸及整個 C-level 高階主管團隊，而不只是高階團隊中的某一個角色。

For our next question, we have Keith Bachman from Bank of Montreal.

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

Yes. I'll ask my questions, my 2 questions concurrently, if I could. One, in the comments, you mentioned that you thought you would see an acceleration of net new ACV, which -- in 2021, which I thought was very interesting. I was wondering if you could just drill down a little bit more on, a, the visibility into that; and b, anything that's bubbling up in terms of -- this seems to be a greater emphasis to drive that net new ACV. What area?

是的。如果可以的話，我想把兩個問題一起問。第一，在你們的評論中，你提到你們認為 2021 年淨新增 ACV 會加速成長，我覺得這非常有意思。我想請你們再深入一點說明：a）你們對此的能見度如何；b）在推動淨新增 ACV 方面，是否有任何正在浮現的動向——看起來你們更強調要推動淨新增 ACV。會是哪些領域？

The follow-on question I want to direct to you, Bill, if I could. Last year, you were pretty clear that acquisitions was not part of your strategy. Maybe some tuck-ins here and there. '21 the new year, lots of changes, the digital landscape is a greater priority. Is there any change in your thoughts as you're considering how ServiceNow could effectively build that long-term model as it relates to M&A? That's it for me.

第二個追問如果可以的話我想請教 Bill。去年你相當清楚地表示，併購不是你們策略的一部分，可能只會有一些零星的小型併購（tuck-ins）。2021 是新的一年，變化很多，數位版圖的優先順序更高。當你們思考 ServiceNow 如何有效建立與 M&A 相關的長期模式時，你的想法有任何改變嗎？我就這些。

Yes. Well, thank you very much, Keith. Maybe I'll start off and then give Gina a chance to build as she wishes on the net new ACV inquiry.

是的。非常感謝你，Keith。也許我先開始，然後再讓 Gina 依她的想法補充淨新增 ACV 的問題。

First of all, I'll just say that net new ACV on a year-over-year basis will increase. And the pipelines that we have in the company, and we manage the company on what we call the CEO of dashboards in real time, give us much greater coverage than we had last year. So we know that the facts substantiate the net new ACV increase.

首先，我要說的是，淨新增 ACV 以年對年來看會增加。我們公司所擁有的銷售管線，以及我們以即時方式透過我們所稱的「CEO 儀表板」來管理公司，讓我們的覆蓋度比去年高得多。因此，我們知道事實足以證明淨新增 ACV 的提升。

One of the interesting things that is fascinating is actually our executive briefings have increased 70% on a year-over-year basis. So if you think about our ability to get to the C-suite and increase the contact in this kind of virtual environment, it's actually gone way up. So a lot of people, I guess, need a good meeting, and they want to figure out how they're going to digitally transform. And the Now Platform has just dynamite tailwind, Keith.

有一件很有趣、也令人著迷的事是：我們的高階主管簡報（executive briefings）年對年增加了 70%。所以如果你想想看，在這種虛擬環境下，我們接觸 C-suite 的能力以及互動頻率其實大幅提升。很多人我想都需要一場好的會議，他們也想弄清楚要如何進行數位轉型。而 Now Platform 正迎來極強的順風，Keith。

Now in terms of the whole digital landscape, IDC, I think, the $7.4 trillion is very interesting statistic. This is factual. If you just look at the way companies are prioritizing their investments, the one thing that's not going to get deprioritized is digital transformation and things that enable digital business. Because it's really the only way to either get yourself competitive or to increase your competitive advantage in your peer group, and every CEO completely understands that.

至於整體數位版圖，我認為 IDC 提到的 7.4 兆美元是一個非常有意思的統計數字。這是事實。如果你只看企業如何排定投資優先順序，有一件事不會被降級，那就是數位轉型以及能支援數位商務的各項投入。因為這幾乎是讓自己具備競爭力、或在同業中擴大競爭優勢的唯一方式，而每位 CEO 都完全理解這一點。

And within that context, I think the uniqueness of ServiceNow to have so much momentum, not just in exciting new areas like the future of work with our employee experience or customer service management which is really a frictionless economy now more and more coming ServiceNow's way. But even in our core with IT, you look at our ITSM core business, it's outgrown our internal expectations by a lot. And you're seeing with the Pro SKU where we add on the machine learning and the AI capabilities on a platform approach, that too is growing fast.

在這樣的背景下，我認為 ServiceNow 的獨特之處在於擁有如此強的動能，不僅是在令人振奮的新領域，例如透過員工體驗推動「未來的工作型態」，或是客戶服務管理（CSM）——在如今愈來愈「無摩擦」的經濟中，更多機會正朝 ServiceNow 而來。甚至在我們的核心 IT 領域也是如此：你看我們的 ITSM 核心業務，其成長大幅超出我們內部預期。你也看到透過 Pro SKU，我們在平台方法上加入機器學習與 AI 能力，這部分同樣成長很快。

And our engineering team is incredible here. I mean the level of innovation they're pushing out was 70% increase 2020 over 2019. And we have major releases coming this year commensurate with what we did last year.

而且我們這裡的工程團隊非常出色。我是說，他們所推動的創新水準在 2020 年相較 2019 年提升了 70%。而且我們今年也將推出與去年同等規模的重大版本發佈。

So I wanted to give you a lot of confidence that the net new ACV is going up. The customers are buying, and the pipeline is super strong.

所以我想讓各位非常有信心，淨新增 ACV 正在上升。客戶正在購買，而我們的銷售管線非常強勁。

And here's one thing that I found fascinating. There was a study done by Deloitte. And with all this digital transformation, a lot of executives are looking back and saying, "Hey, why didn't I get a better return on all I put into digital?" And what they found is that about 3/4 of the digital transformation projects didn't give the yielded return on investment that they had hoped for, and the #1 root cause was integration.

另外有一點我覺得很有意思。有一項由 Deloitte 進行的研究。在這一波數位轉型之下，許多高階主管回頭看會說：「嘿，為什麼我在數位上投入了這麼多，卻沒有得到更好的回報？」他們發現，大約 3/4 的數位轉型專案並沒有產生他們所期望的投資報酬率，而排名第 1 的根本原因是整合。

So as you think about the Now Platform integrating with 550 systems of record out of the box and all the collaboration tools, no matter which one the customer likes, and have that completely synchronized into the Now Platform out of the box, and you're up and running in days, it's kind of an attractive value proposition to our customers and even noncustomers that want to jump on board.

因此，當你想到 Now Platform 能夠開箱即用地與 550 個系統（system of record）以及所有協作工具整合——不管客戶偏好哪一種——並且能夠開箱即用地把這些完全同步到 Now Platform，而且幾天內就能上線運作，這對我們的客戶，甚至想加入的非客戶而言，都是相當有吸引力的價值主張。

I wouldn't add anything more on that. I think that, that was a great answer, Bill, on the acceleration of net new ACV. On the M&A conversation, I think Bill, I know you have a perspective.

我不會再補充更多了。我認為那是個很好的回答，Bill，關於淨新增 ACV 加速的部分。至於併購（M&A）的討論，我想 Bill，我知道你有一些看法。

Yes. I mean look, here's the situation, Keith. We are not against M&A. So far, we have done technology tuck-ins. Or we've done what I would call human capital tuck-ins, such as we've done with AI. We've gotten tremendous people into the organization to put all the value into the Now Platform and to generate net new revenue growth in the SKUs, such as what we did with IT, we'll do with employee, we'll do with customer, and obviously we'll do with the low-code no-code innovation that we can give to the creator, which is literally a business analyst or anyone that wants to write a low-code application in an enterprise.

是的。我的意思是，Keith，情況是這樣：我們並不反對併購。到目前為止，我們做的是技術型的補強式收購（technology tuck-ins）。或者我們做的是我所稱的人才資本補強（human capital tuck-ins），例如我們在 AI 方面所做的。我們把非常優秀的人才帶進組織，將所有價值注入 Now Platform，並在 SKU 上帶動淨新增營收成長；就像我們在 IT 上所做的，我們也會在員工、在客戶上這麼做，當然也會在我們能提供給創作者的低程式碼／無程式碼創新上這麼做——創作者其實就是商業分析師，或任何想在企業中撰寫低程式碼應用的人。

So the way we look at large-scale or larger scale M&A, we wouldn't be doing our job if we didn't look at every opportunity to satisfy our customers and our shareholders. But it's important just to register with you that our projection on the $10 billion is clearly in hand with our organic innovation and the momentum we have in the marketplace with our customers and also the noncustomers that want to join the team.

所以我們看待大型或更大規模併購的方式是：如果我們不去檢視每一個能滿足客戶與股東的機會，那就等於沒有把工作做好。但也重要的是讓你知道，我們對 100 億美元的預測，透過我們的有機創新，以及我們在市場上、在客戶與也想加入的非客戶之間所累積的動能，顯然是十拿九穩。

So there's nothing on the table right now for a larger deal, but it's not like we don't have our eyes wide open at the various opportunities. And if they ever presented themselves, you would know that we thought through it rigorously and it was part of our strategic imperative to really do the best we can for our shareholders and our customers. But right now, that is not on the table, and it's not something that's actionable at this time.

所以目前桌上沒有任何更大型交易的案子，但也不是說我們沒有睜大眼睛關注各種機會。如果未來真的出現機會，你也會知道我們已經嚴謹地思考過，而且它會是我們策略要務的一部分，確保我們為股東與客戶做到最好。但就目前而言，這不在桌上，也不是此刻可執行的事項。

For our next question, we have Raimo Lenschow from Barclays.

下一個問題，我們請到 Barclays 的 Raimo Lenschow。

Congrats from me as well. I have 2 quick questions. One number question, I'll start with that before I forget. Gina, I got a couple of questions in the 200 basis point headwind you got in 2020, like can you just walk us through the math how that becomes like 350 in 2021? You had a good few guys that just kind of struggled with that one.

我也表示祝賀。我有兩個快速問題。一個是數字問題，我先問這個免得忘了。Gina，關於你在 2020 年提到的 200 個基點逆風，你能不能帶我們走一遍數學，說明它怎麼會在 2021 年變成大約 350？我們這邊有幾位同事對這點有點卡住。

And then let's start with one for Bill. Bill, ITSM Pro should give you like a -- we see the early momentum there. You talked about a 20% penetration. Just how does it help you on the expansion and the renewal and the conversations you get with clients as a really good tool to engage the client base?

然後先問 Bill 一個問題。Bill，ITSM Pro 應該能帶給你——我們看到那裡有早期動能。你提到 20% 的滲透率。它在擴張、續約，以及你與客戶對話時，作為一個很好的工具來帶動客戶群互動，具體是如何幫助你的？

Sure. So I'll take the first one. So yes, in Q4, we talked about $80 million of billings that were accelerated in Q4 out of Q1 of 2020. And so basically if you take that $80 million out of Q4 and put it back into '20 -- and put it back into 2021, that's where you see the double impact, right? And so you might take it out of 2020 and add it back into 2021. And so it's about a 200 basis points tailwind to 2020, but then about a 350 basis headwind in '21.

好的。我先回答第一個。是的，在第四季我們提到有 8,000 萬美元的帳單金額（billings）在第四季提前入帳，原本是從 2020 年第一季移過來的。所以基本上，如果你把這 8,000 萬美元從第四季拿掉，放回到 2020 年——再把它放回到 2021 年——你就會看到雙重影響，對吧？也就是你可能從 2020 年拿掉，再加回到 2021 年。因此它對 2020 年大約是 200 個基點的順風，但對 2021 年則大約是 350 個基點的逆風。

So we try to do all the math for you so that is pretty clear. And just to be clear that these were early customer payments, and we feel like it's onetime in nature. And it was really a result of our hub customers having excess cash, driven by the OpEx savings that we said they were seeing in 2020. And so I hope that, that clarifies to you, Raimo.

所以我們盡量把所有數學都替你算清楚，讓它相當明確。並且要說清楚，這些是客戶提前付款，我們認為它本質上是一次性的。這主要是因為我們的樞紐客戶（hub customers）有多餘現金，而這些現金是由我們所說他們在 2020 年看到的營運費用（OpEx）節省所驅動的。所以希望這能替你釐清，Raimo。

Perfect. That really helps. Appreciate that.

完美。這真的很有幫助。謝謝。

Great. And then Raimo, I'll just give you a view for our ITSM Pro since that was your question. First of all, it's growing in steep double digits, very important. And while we've penetrated 20%, that means we still have 80% to go. So we really, really want the growth opportunity from a shareholder value creation perspective.

很好。然後 Raimo，既然你問到 ITSM Pro，我也補充一下看法。首先，它以強勁的雙位數成長，這非常重要。雖然我們已經滲透 20%，但這代表還有 80% 的空間。所以從股東價值創造的角度，我們非常、非常看重這個成長機會。

But what you're looking at is the remote IT services requests growing exponentially, and many of the IT organizations out there are looking for ways to deflect lower-tier cases. So by leveraging Chatbox and streamlining processes, part of the AI capabilities are embedded in our Pro SKU. So that's one aspect of it.

但你看到的是，遠端 IT 服務請求呈指數型成長，而許多 IT 組織正在尋找方法來分流較低層級的案件。因此透過運用 Chatbox 並簡化流程，我們 Pro SKU 內嵌了部分 AI 能力。這是其中一個面向。

And when you start to think about all the innovation that we've built into this platform and the latest product releases, again the value is so much greater because of the organic innovation the team has put into it. But customers are loving, "Gee wow, I can transform IT," which then has an impact on the employee experience and the whole future of work.

而當你開始思考我們在這個平台中打造的所有創新，以及最新的產品發佈時，再次強調，因為團隊投入的有機創新，價值變得更大。但客戶很喜歡，會說：「哇，我可以改造 IT」，而這接著會影響員工體驗以及整個未來工作的樣貌。

And incidentally, there isn't a customer out there now that's not asking us to revolutionize their call center operations or enable people to work from a virtual environment better. And obviously in this frictionless economy, "How can I do things with a no-touch or possibly the lowest touch possible? How can I eliminate the middleman in my margin pursuit?" as companies trying to grow in different industries.

順帶一提，現在沒有任何一家客戶不在要求我們徹底革新他們的客服中心（call center）營運，或讓人們能更好地在虛擬環境中工作。顯然在這個無摩擦經濟中，「我如何做到免接觸（no-touch），或至少把接觸降到最低？我如何在追求毛利的過程中消除中間商？」這是各產業公司在尋求成長時都在思考的問題。

All of that requires the IT backbone. So what you're seeing is a multiplying effect of one story compounding into another and really stretching the perimeter of what we're doing for executives across the enterprise. That's why you're seeing deal sizes get larger and larger. You are seeing us be in a very strong position in terms of the product, the value that it delivers, and the processes that we've built for not only presale value creation but also post-sale value creation. So ML, AI and the leadership that we've built into this platform is really unique.

而這一切都需要 IT 的骨幹。因此你看到的是，一個故事乘數式地帶動另一個故事，並且真正把我們為企業內各層級高階主管所做的事情邊界不斷外擴。這也是為什麼你會看到交易規模越來越大。你也會看到我們在產品、其交付的價值，以及我們所建立的流程方面都處於非常強勢的位置——不僅是售前的價值創造，也包括售後的價值創造。因此，我們在這個平台中打造的 ML、AI 與領先能力確實非常獨特。

Perfect, very clear. Congrats again.

完美，非常清楚。再次恭喜。

For our next question, we have Kash Rangan from Goldman Sachs.

下一個問題，我們請到 Goldman Sachs 的 Kash Rangan。

Congratulations, Bill and Gina and the rest of the team. My question for you, Bill, is the company has done a phenomenal job increasing its wallet share with really large companies through ITSM Pro, CSM workflow, HR, et cetera. My question for you, as you approach the $10 billion journey and you look at other markets and software, you tend to have companies that's in database market or ERP, have a customer base that's closer to 100,000, 200,000, maybe even 400,000, 500,000.

恭喜你，Bill、Gina，以及團隊其他成員。Bill，我的問題是：公司透過 ITSM Pro、CSM 工作流程、HR 等等，在大型企業客戶中提升錢包占比（wallet share）方面做得非常出色。我的問題是，當你邁向 100 億美元的旅程、並且看向其他市場與軟體領域時，你會看到在資料庫市場或 ERP 的公司，往往擁有更接近 10 萬、20 萬，甚至 40 萬、50 萬的客戶基礎。

So as you look at the -- how do we put the scaling up of ServiceNow into a company that can serve not just 8,000, 9,000 customers, but more like 100,000, 200,000 customers, what does that journey look like? And what are your plans to make this excellent piece of technology that's known to less than 10,000 to be actually known and adopted by 100,000, maybe 200,000 customers. That's my only question.

所以當你思考——我們要如何把 ServiceNow 擴展成一家不只是服務 8,000、9,000 名客戶，而是更像 10 萬、20 萬名客戶的公司——這段旅程會是什麼樣子？你有哪些計畫，讓這個目前被不到 1 萬名客戶所熟知的優秀技術，能真正被 10 萬、甚至 20 萬名客戶所認識並採用？這是我唯一的問題。

It's my pleasure, Kash. Thank you very much for your kind remarks.

很榮幸，Kash。非常感謝你友善的讚美。

As you think about our company, what's the beauty of us right now is we execute with the speed of a start-up, but we have the scale of a global company. So you're seeing us now expand in Europe quite dramatically. We're hiring amazing, amazing talent. You're seeing us make moves into the Middle East. You're seeing the expansion in Latin America. We're really like starting to kick it into high gear in Asia with an expansion in South Korea. We have lots of plans. And we have a well-known brand, of course, in Australia, in other more mature markets.

當你思考我們公司時，我認為我們目前最迷人的地方在於：我們以新創公司的速度執行，但同時具備全球公司的規模。因此你現在看到我們在歐洲相當大幅度地擴張。我們正在招募非常、非常優秀的人才。你也看到我們進軍中東。你看到我們在拉丁美洲的擴張。我們也真的開始在亞洲加速推進，包含在南韓的擴張。我們有很多計畫。而且當然，我們在澳洲以及其他較成熟的市場也擁有廣為人知的品牌。

In the United States, I feel like we're just getting started based upon the amazing receptivity to this Now Platform. And I think that a lot of that came from our emergency response to COVID and now the vaccine management. And you look at markets and industries like financial services, like telecommunications, like our government business and so many more.

在美國，我覺得我們才剛開始，因為市場對這個 Now Platform 的接受度非常驚人。我認為其中很大一部分來自我們對 COVID 的緊急應變，以及現在的疫苗管理。再看看金融服務、電信、政府業務等市場與產業，還有更多其他領域。

So I would say we're just getting started in terms of the real extent and the scale. The brand has now become a very well-known brand. The ecosystem tailwind has really kicked in, in the last 12 months.

所以我會說，就真正的廣度與規模而言，我們才剛起步。品牌如今已成為非常知名的品牌。生態系的順風在過去 12 個月也確實全面啟動了。

And once you get calls from amazing big brands who then say, "I have to team up with you. My customers have demanded that I team up with you and integrate beautifully in Now Platform. My customers are telling me." That's a large telco company. In fact, it's not the one that I mentioned as the example, and they said, "We got to do more with you."

而一旦你接到一些令人驚豔的大品牌來電，然後他們說：「我必須跟你合作。我的客戶要求我必須跟你合作，並且在 Now Platform 上漂亮地整合。我的客戶就是這樣告訴我的。」那是一家大型電信公司。事實上，不是我先前提到的那個例子，他們說：「我們得跟你做更多事情。」

So you're seeing now a world where the Fortune 2000 gives us an extreme opportunity for growth beyond $10 billion. But our brand in industry; in geography; in persona; in same account revenue growth; in net new logos, which Gina and I also have an operating plan that increases very large this year-over-year in addition to the ACV -- net new ACV.

所以你現在看到的是，Fortune 2000 為我們帶來了超越 100 億美元的極大成長機會。但我們的品牌在產業、在地理區域、在角色（persona）、在同一客戶的營收成長、以及在淨新增標誌客戶（net new logos）方面——Gina 和我也有一個營運計畫，讓這些指標在今年相較去年大幅提升，此外還包括 ACV——淨新增 ACV（net new ACV）。

So Kash, it's going to be -- look at our 4 businesses that we already are in. Look at every one of them as multibillion opportunities. And then don't forget the platform. Because I think more and more, as the citizen developer concept takes off with ServiceNow, will find us in locations that go way beyond the Fortune 2000.

所以 Kash，這將會是——看看我們已經在做的 4 個業務。把每一個都視為數十億美元級的機會。然後別忘了平台。因為我認為，隨著 ServiceNow 的公民開發者（citizen developer）概念越來越起飛，我們會出現在遠遠超出 Fortune 2000 的場景中。

And keep in mind, a lot of those large companies that we mentioned, they might have about a couple of thousand companies, and they say they have a couple of hundred thousand because of all the subsidiaries and so on. So we're talking about real companies with real names, and I think the subsidiaries of those in all areas of the world will really take off as well. We're in the early days here.

也請記住，我們提到的那些大型公司，可能本身大約只有幾千家公司，但他們會說自己有幾十萬家，因為有所有子公司等等。所以我們談的是有真實名稱的真實公司，而我認為這些公司在全球各地的子公司也會同樣快速起飛。我們現在仍在早期階段。

For our next question, we have Walter Pritchard from Citi.

下一個問題是 Citi 的 Walter Pritchard。

Bill, a question for you just broadly. I think if we were sitting here, when we were sitting here 3 or 4 years ago, we wouldn't have imagined the success that the employee product and the customer service product have had. And I'm wondering how you think about over the next several years, your growth from more prescribed SaaS applications versus the past? I feel like you've talked about more on this call. And what would you point to in terms of some of the emerging SaaS products that might be today where HR and customer service were 3 or 4 years ago?

Bill，想請教你一個比較宏觀的問題。我想如果我們回到 3、4 年前坐在這裡，我們不會想像到員工產品與客戶服務產品能有今天這樣的成功。我想知道你如何看待未來幾年，你們來自更「預先定義」的 SaaS 應用程式的成長，相較於過去會是怎樣？我覺得你在這通電話裡談得更多了。以及就一些正在浮現的 SaaS 產品而言，你會指出哪些可能正處於今天的階段，就像 3、4 年前的 HR 與客戶服務那樣？

Yes, sure. Absolutely. Well, first of all, I would feature, Walter, the platform itself. And I believe strongly that ServiceNow has now pivoted to be that platform company for digital transformation. And that is a big difference from being what some used to say was the ERP of it.

是的，當然，絕對可以。首先，Walter，我會把重點放在平台本身。我非常堅信 ServiceNow 現在已經轉型成為數位轉型的平台型公司。這與過去有人說我們是 IT 的 ERP，有很大的不同。

So think about this as a platform company. Think about the core business and the continuous innovation that we're doing in the core, to stretch the core into new frontiers. We have a whole organization that is focused on the next big thing.

所以把它視為一家平台公司。想想核心業務，以及我們在核心上持續進行的創新，如何把核心延伸到新的前沿。我們有一整個組織專注於下一個大機會。

So all the businesses that you would understand well, whether we invented it or someone else did, they all want to cooperate with the Now Platform because the IntegrationHub enables them to get in. And once they get in, then they can build their imagination and their dreams with ServiceNow.

所以所有你很熟悉的業務，不管是我們發明的還是別人發明的，他們都希望與 Now Platform 合作，因為 IntegrationHub 讓他們能夠接入。而一旦接入，他們就能用 ServiceNow 去打造他們的想像與夢想。

So I think there's a big business model in that, that we have only scratched the surface on. If you think about employee experience, I think the companies that I talked to, including ours, we run someone else's system of record. But if you talk to 13,000 people in ServiceNow, nobody could possibly pick the system of record out of a lineup. Because all they look at is this gorgeous consumer-grade UI that's driven by the ServiceNow portal, where all the services that they need based on their job profile are right there for them. I mean how big is that market?

所以我認為這裡面有一個很大的商業模式，而我們目前只是觸及皮毛。以員工體驗來說，我認為我所交流的公司（包括我們自己）都在使用別人的記錄系統（system of record）。但如果你問 ServiceNow 的 13,000 名員工，沒有人可能從一排系統中辨認出那個記錄系統。因為他們看到的只有這個漂亮的、消費者等級的 UI，由 ServiceNow 入口網站驅動，所有他們依照工作角色所需要的服務都在那裡。這個市場有多大？

And the same thing with customer service management. We're learning fast in this new world that we've gone way beyond SFA and upsells and cross-sells and conditioning that around a marketing campaign. We're into business model innovation, where great companies like Disney or AT&T are rethinking their business model entirely. And they're capitalizing on the streaming rage, and they're coming up with subscription business models that reinvent the customer experience and give them net new businesses. ServiceNow is in that to win, and I think that TAM is absolutely unbelievable.

客戶服務管理也是一樣。我們在這個新世界裡快速學習到，我們早已超越 SFA、加購（upsells）、交叉銷售（cross-sells），以及把這些圍繞在行銷活動上。我們進入的是商業模式創新：像 Disney 或 AT&T 這樣的優秀公司正在全面重新思考他們的商業模式。他們抓住串流熱潮，提出訂閱制商業模式，重新發明客戶體驗並帶來全新的業務。ServiceNow 會全力投入並贏得這場戰役，我認為那個 TAM 絕對令人難以置信。

The other TAM that's pretty interesting that nobody spent much time talking about, but it's one of the reasons I see ServiceNow's future is so bright, if you just take paper-based processes that are clocking up all of these companies and you digitize them to the Now Platform. There is a well-known bank out there that says the U.S. market alone is a $280 billion market, which maybe globally that's a $400 billion market. And then I think this platform business, I really see an amazing, amazing future for the platform business.

另一個相當有趣、但沒有人花太多時間談的 TAM，也是我認為 ServiceNow 未來如此光明的原因之一：如果你把這些拖慢公司運作的紙本流程數位化，搬到 Now Platform 上。有一家知名銀行指出，光是美國市場就有 2,800 億美元的規模，而全球可能是 4,000 億美元。然後我認為這個平台業務，我真的看到一個非常、非常驚人的未來。

Just think about this. If you're the state of North Carolina and you're a ServiceNow customer and you've got a vaccine management challenge, like literally in days they can build a custom application tailored to 10 million citizens to get them the vaccine in their arm to protect them from this terrible virus. Again, that is just built on to the Now Platform using the app engine, the IntegrationHub and all the innovation that our great engineers have built.

想想看：如果你是北卡羅來納州政府，你是 ServiceNow 的客戶，而你面臨疫苗管理的挑戰，那麼他們真的可以在短短幾天內打造一個客製化應用程式，為 1,000 萬名居民量身設計，讓他們把疫苗打進手臂裡，以保護他們免受這個可怕病毒的侵害。同樣地，這一切都是建立在 Now Platform 上，使用 app engine、IntegrationHub，以及我們優秀工程師所打造的所有創新。

So we're at the early days and there are some things that we have planned for that will be forthcoming in the months and year ahead. But right now, I just want to keep you focused on what we're doing, because literally we've only scratched the surfaces of these businesses.

所以我們仍在早期階段，接下來幾個月到明年也有一些我們規劃中的事情會陸續推出。但現在，我只想讓你把焦點放在我們正在做的事情上，因為我們在這些業務上真的只是觸及表面而已。

Next, we have Tom Roderick from Stifel.

接下來是 Stifel 的 Tom Roderick。

I'll echo the sentiments on congratulations on a great finish to a challenging but phenomenal year. Bill, I wanted to ask you just a question on the app engine. Just looking at this percentage of ACV mix surged to 15%. You're seeing certainly larger and larger customers and more customers lean in on the App Engine vision.

我也呼應大家的感受：恭喜你們在充滿挑戰但又非常出色的一年，交出很棒的收官。Bill，我想就 App Engine 問一個問題。從數據來看，ACV 組合占比躍升到 15%。你們確實看到越來越大的客戶，以及更多客戶更積極投入 App Engine 的願景。

I'd love to hear a little bit more about that. In particular, if you could talk about what the App Engine vision has meant for your relationship with the channel partners, Accenture, Deloitte and others. Just broadly speaking, it would be fantastic to hear about how you look at that today and how that's changing how big customers and partners like your SIs are leaning in here.

我很想多聽你談談這一點。特別是，如果你能談談 App Engine 的願景對你們與通路夥伴（Accenture、Deloitte 等）的關係意味著什麼。更廣泛地說，很希望聽到你現在如何看待這件事，以及這如何改變大型客戶與像 SI 這類合作夥伴在這裡投入的程度。

Yes, fantastic. So let's start with the whole idea of the partners. There isn't a partner that's a global partner right now that does not have a business plan that's $1 billion or more with ServiceNow. And many of them are in the multiple billions, and they're building their business model. Some of them tell me, they look at the Now Platform as the cross-platform integration engine of their business model with the various other companies, whether it's system of record software company or collaborative software company that they also have partnerships with. But they're looking at us at the center of that digital transformation effort. That is a very, very big tailwind. Many of the net new innovative applications that they will bring to their customers, they're building on to -- on the Now Platform because the low code, no-code simplicity of the platform can enable them to do things at record speeds. And I think that is a big, big unlock for them.

是的，非常好。那我們先從合作夥伴的整體概念談起。現在沒有任何一家全球合作夥伴，沒有與 ServiceNow 相關、規模達 10 億美元或以上的商業計畫。很多甚至是數十億美元等級，他們正在打造自己的商業模式。有些夥伴告訴我，他們把 Now Platform 視為其商業模式的跨平台整合引擎，用來串接各種其他公司——不論是記錄系統（system of record）軟體公司，或是協作軟體公司——他們也同時與那些公司建立合作關係。但他們把我們視為數位轉型努力的核心。這是一股非常、非常強的順風。他們將帶給客戶的許多淨新增創新應用，都是建立在——建立在 Now Platform 上，因為平台的低程式碼、無程式碼（low code, no-code）簡易性，讓他們能以創紀錄的速度完成事情。我認為這對他們而言是一個非常、非常大的解鎖。

So platform is really big. I also think the ML and the AI movement that we're on, Element AI was kind of the finishing touch of 4 M&A moves that we made, which was really about acquiring not just patents and thought leadership, but real enablement of the Now Platform so we can truly unleash humanity in ways that heretofore were not possible. And the computer and the human now can do things in terms of decision-making, removing soul-crushing work that nobody really wants to do. Issuing workflow orders only when it's necessary because the virtual agent can solve 90% of the problems in most engagement with customers.

所以這個平台真的很龐大。我也認為我們正在進行的 ML 與 AI 浪潮，Element AI 算是我們進行的 4 次併購（M&A）動作的最後一塊拼圖；這些動作的重點不只是取得專利與思想領導力，而是讓 Now Platform 真正具備實際的賦能能力，讓我們能以過去不可能的方式真正釋放人類的潛能。現在電腦與人類在決策方面可以一起做更多事，移除那些令人心力交瘁、沒有人真的想做的工作。只有在必要時才下達工作流程指令，因為在多數與客戶互動的情境中，虛擬代理可以解決 90% 的問題。

And this is now like a whole new universe because many of those partners looked at us in IT, and now the employee experience, for example, is one of Deloitte's most desired personas, and they're actually extraordinarily good at the employee experience and they give us reach globally. And there are others on customer service management now that is saying what we're doing especially with digitizing business processes, ease of use on subscription models, like Disney+. We are so honored to see Disney+ say, "That's our digital bridge to the future. We have great core businesses, but this is the digital bridge to the future." And ServiceNow is right in the mix of all of that. So look, it's a once-in-a-generation opportunity, and I'm really, really happy.

而這現在就像是一個全新的宇宙，因為許多合作夥伴過去是在 IT 領域看待我們；而現在例如員工體驗就是德勤（Deloitte）最渴望的關鍵人物角色（persona）之一，他們在員工體驗方面確實非常出色，並且能讓我們在全球觸及更廣。還有其他人在客戶服務管理方面也在談論我們正在做的事，特別是數位化業務流程、訂閱模式的易用性，例如 Disney+。我們非常榮幸看到 Disney+ 說：「那是我們通往未來的數位橋樑。我們有很棒的核心業務，但這是通往未來的數位橋樑。」而 ServiceNow 正在這一切之中扮演關鍵角色。所以你看，這是一個一代人才會遇到一次的機會，我真的、真的很開心。

And I also look at the technology partners that we have now that have just adopted us as the standard for IT and so many other things. We made the announcement on IBM where they basically looked at their ITSM on-premise business and said, "We got to go to the cloud. We'd rather go to the cloud with you. That's where the innovation is."

我也看到我們現在的技術合作夥伴，已經把我們採用為 IT 以及許多其他領域的標準。我們與 IBM 的公告就是如此：他們基本上檢視了自家的 ITSM 本地部署（on-premise）業務後說：「我們必須上雲。我們寧可跟你一起上雲，因為創新就在那裡。」

And we formed very good partnerships like what we're doing with Microsoft, connecting with O 365, Teams, Dynamics and bringing a whole new understanding of what's possible with the Now Platform working interdependently with Microsoft. So all that and more is all in the mix for our growth plan.

而且我們也建立了非常好的合作夥伴關係，例如我們與 Microsoft 的合作，連結 O 365、Teams、Dynamics，並帶來一種全新的理解：Now Platform 與 Microsoft 以相互依存的方式協同運作時，能做到哪些可能性。所以這些以及更多內容，都包含在我們的成長計畫之中。

That's great color, Bill. Congratulations.

這些說明很有幫助，Bill。恭喜。

Thank you very much.

非常感謝。

Next question, we have Gregg Moskowitz from Mizuho.

下一個問題，我們請到來自瑞穗（Mizuho）的 Gregg Moskowitz。

All right, congratulations as well on a very strong end of the year. I'll just ask one question in the interest of time. Bill, you recently hired a leader for your customer workflows business. And you've obviously done well here, but can you walk through what you see as incremental solutions or monetization opportunities in this area?

好的，也恭喜你們在年底交出非常強勁的表現。為了節省時間我只問一個問題。Bill，你最近為客戶工作流程（customer workflows）業務聘請了一位領導者。你們在這方面顯然做得不錯，但你能否談談你認為在這個領域有哪些增量解決方案或變現機會？

Yes, absolutely. Again, we're hiring best-in-class talent. We obviously have extremely bold ambitions to what we think we can do in the customer service management arena. Also, John Ball, who is the gentleman that we hired as you know, he ran the Einstein Initiative over another software company in the area. And we feel that he has domain expertise. And when he saw what we were doing in customer service management, he said, "This is where I want to work." He said, "this is the biggest thing that I've seen." He said, "I can't get over this Now Platform, its simplicity, how quickly I can innovate on it."

是的，當然可以。再說一次，我們正在招募同級最佳的人才。我們對於在客戶服務管理領域能做的事情，顯然有非常宏大的企圖心。另外，如你所知，我們聘請的那位先生 John Ball，他先前在該領域的另一家軟體公司主導 Einstein Initiative。我們認為他具備產業領域專長。而當他看到我們在客戶服務管理上所做的事情時，他說：「這就是我想工作的地方。」他說：「這是我見過最重大的事情。」他說：「我無法不驚訝於這個 Now Platform——它的簡潔性，以及我能在上面多快地進行創新。」

I'll give you an example. He was front and center on the vaccine management innovation. Literally, that whole process took us 3 weeks where vaccine management as a concept and an application was developed in 3 weeks and launched to the global marketplace. And it's in Scotland, it's in U.K., it's in many states now in the United States. In the not-too-distant future, hopefully it's helping many of the federal agencies help the Biden administration save lives here in America and obviously in other parts of the world, too.

我舉個例子。他在疫苗管理（vaccine management）的創新上扮演核心角色。真的，整個流程只花了 3 週：把疫苗管理作為一個概念與應用在 3 週內開發完成，並推向全球市場。它已在蘇格蘭、在英國，也在美國的許多州上線。在不久的將來，希望它也能協助許多聯邦機構，幫助拜登政府在美國拯救生命，當然也包括世界其他地方。

So it's the speed at which you can innovate on this platform. It's the pristine nature of this platform that you don't have to work with multiple different platforms from different M&A moves or different levels of complexity that others have built up over time. Here, it's just like, here it is, innovate on it. What's the idea, let's code it and let's get it out to the market.

所以關鍵在於你能在這個平台上創新的速度。也在於這個平台的純粹性（pristine nature）：你不必像其他公司那樣，因為多次併購（M&A）或不同層級的複雜度而必須同時處理多個不同平台、以及他們長期累積起來的複雜架構。在這裡就是：平台就在這裡，直接在上面創新。想法是什麼？我們就把它寫成程式，然後推向市場。

We did emergency response apps, if you remember, over a weekend. And we launched them globally in a week. I mean it's just unheard of. And that's what's really exciting that our engineers are spending all of their time coding new innovations as opposed to integrating past applications.

我們還在一個週末內做出了緊急應變（emergency response）應用程式，如果你還記得的話。而且我們在一週內就把它們推向全球。我的意思是，這簡直前所未聞。而真正令人興奮的是，我們的工程師把所有時間都用在撰寫新的創新功能上，而不是整合過去的應用。

We have time for one more question, and it's from Fred Havemeyer from Macquarie.

我們還有時間再問一個問題，來自 Macquarie 的 Fred Havemeyer。

I thought I'd actually go on a bit of a different direction here. And I'd like to ask as someone who actually led no-code projects for Fortune 500 companies during the pandemic, I'd love to dig into your low-code vision a little bit more. How do you see ServiceNow positioned within the low- and no-code markets, to be able to enable line of business users to develop workflow automation and really deliver on that promise of democratizing development?

我想我會從稍微不同的方向來問。作為一個在疫情期間為《財富》500 大公司主導無程式碼（no-code）專案的人，我很想更深入了解你們的低程式碼（low-code）願景。你如何看待 ServiceNow 在低程式碼與無程式碼市場中的定位，以便讓業務部門使用者能夠開發工作流程自動化，並真正兌現「開發民主化」的承諾？

Yes, that's the whole point. That's what we're talking about here.

是的，這就是重點。這正是我們在這裡談的事情。

I'll give you an example. I had one CEO said to me, "Hey, I want to get a good score on Glassdoor." And he said, "There doesn't seem to be an application on the market for it." I said, "Yes, why don't you get a business analyst and we'll design a workflow around that, and you can launch it out into your company in record speed like a couple of days."

我舉個例子。有位 CEO 跟我說：「嘿，我想在 Glassdoor 上拿到好評分。」他說：「市場上似乎沒有對應的應用程式。」我說：「有的，為什麼你不找一位商業分析師，我們圍繞這件事設計一個工作流程，然後你可以用破紀錄的速度——像是幾天內——在公司內部上線。」

So what's unique here in the case of vaccine management as an example, you took the platform and you customized something in a few days basically to vaccinate 5.5 million people. But in the case of something where you just need to flow chart a workflow and rethink a process to, for example, roll out a rewards program or a recognition program, that could be done by a business analyst. So we're not inhibited by prepackaged software or doing things that are quite complex in development in the case of the platform because all you need is an idea. And if you have an idea, a business analyst can code on this platform. If you have an idea that's a little bit more complex, you can have a low-code situation where somebody with a little bit of computer intelligence skills can navigate this platform.

所以這裡的獨特之處，以疫苗管理為例，是你把平台拿來，在幾天內就客製化出一個東西，基本上可以為 550 萬人接種疫苗。但如果是另一種情境，你只需要把工作流程畫成流程圖並重新思考流程，例如推出獎勵計畫或表揚計畫，那就可以由商業分析師來完成。因此我們不會受限於預先封裝的軟體，也不會因為平台開發很複雜而受阻，因為你需要的只是想法。只要你有想法，商業分析師就能在這個平台上寫出來。如果你的想法稍微更複雜，你可以採用低程式碼的方式，讓具備一些電腦技能的人也能駕馭這個平台。

So this is kind of the secret sauce. I tell you when I think about what it can be because of the architecture and the simplicity of the platform itself, our imaginations just keep getting more and more fulfilled with dreams and excitement. And I'm just so excited by our engineering teams. And Gina and I have made sure that we funded them now appropriately. And most of the investments around here go to the great engineers and the people that serve our customers. There's 0 bureaucracy in this company, just like there's 0 bureaucracy in the platform.

所以這有點像是祕密武器（secret sauce）。我告訴你，當我想到它因為架構與平台本身的簡潔性而能成為什麼樣子時，我們的想像力就不斷被更多的夢想與興奮所滿足。我也對我們的工程團隊感到非常振奮。而且 Gina 和我也確保我們現在已適當地為他們提供資金支持。這裡大多數的投資都投入在優秀的工程師以及服務客戶的人身上。這家公司有 0 官僚作風，就像這個平台也有 0 官僚作風一樣。

And ladies and gentlemen, this concludes today's conference call. Thank you all for participating. You may now disconnect.

各位女士、先生，今天的電話會議到此結束。感謝各位參與。您現在可以掛線。