ServiceNow, Inc. (NOW) 2020 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the Q3 2020 ServiceNow Earnings Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded. (Operator Instructions) I would now like to hand the conference over to your speaker, Ms. Lisa Banks, Senior Vice President of Finance. Thank you. Please go ahead, ma'am.

各位女士、先生，感謝您稍候，歡迎參加 ServiceNow 2020 年第三季（Q3 2020）財報電話會議。（接線員指示）請注意，今天的會議將被錄音。（接線員指示）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。謝謝。女士，請開始。

Thank you. Good afternoon, and thank you for joining us for ServiceNow's Third 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 third quarter 2020 financial results and discuss our financial guidance for the fourth quarter of 2020 and full year of 2020.

謝謝。各位下午好，感謝各位參加 ServiceNow 2020 年第三季財報電話會議。與我一同出席的有：總裁兼執行長 Bill McDermott，以及財務長 Gina Mastantuono。在今天的電話會議中，我們將回顧 2020 年第三季的財務結果，並討論 2020 年第四季及 2020 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 October 28, 2020, 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 to 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 2020 年 10 月 28 日為基準，並包含前瞻性陳述，涉及風險、不確定性與假設，其中包括與 COVID-19 對我們業務及全球經濟狀況持續影響相關的因素。我們今天提供的指引係基於我們對所處宏觀經濟環境的假設；這些假設是根據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 no limited to, the time frames for and severity of social distancing and other mitigation requirements, the continued impact of COVID-19 on customers' purchasing decision and the length of our sales cycle particularly for customers in certain industries. Please refer to the press release and risk factors and MD&A in our SEC filings, including our 2019 10-K and our 10-Q that will be filed for Q3 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）。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層討論與分析（MD&A），包括 2019 年 10-K 以及將就 2020 年第三季提交的 10-Q。

We'd also like to point out that the company reports non-GAAP results 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 and remaining performance obligations. To see the reconciliation between these non-GAAP and GAAP results, please refer to our press release filed earlier today, our investor presentation and for prior quarters' previously filed press releases, all of which are posted at investors.servicenow.com. A replay of today's call will also be posted on the website.

我們也要指出，公司除依 GAAP 計算的財務衡量指標外，亦報告非 GAAP 結果；非 GAAP 結果是補充資訊，並非用以取代依 GAAP 計算的財務衡量指標。除營收、淨利與剩餘履約義務（remaining performance obligations）外，我們今天討論的所有財務數字皆為非 GAAP。若要查看非 GAAP 與 GAAP 結果之間的調節表，請參閱我們今日稍早發布的新聞稿、投資人簡報，以及先前季度已提交的新聞稿；上述資料均刊載於 investors.servicenow.com。今天電話會議的重播也將發布於該網站。

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

接下來，我想把電話會議交給 Bill。

Thank you, Lisa, and good afternoon, everyone. Welcome to our Q3 earnings call. I hope you and your loved ones are healthy and safe.

謝謝你，Lisa，各位下午好。歡迎參加我們的第三季財報電話會議。希望你和你所愛的人都健康平安。

We continue to be ServiceNow strong in support of our employees and communities in these challenging times. We also remain passionately focused on delivering for our customers, partners and shareholders. 2020 has brought unimaginable change to the world. Companies have to operate in new and faster ways, pivoting their business models. Everyone is adapting to new employee and customer expectations. It's all about people. Getting teams to collaborate across the enterprise is now more important than ever. The workplace of the future will be distributed. Managing complex digital workflows will be critical. Enterprises need innovation without disruption. It's clear that speed has become the differentiator.

在這段充滿挑戰的時期，我們持續以「ServiceNow 強韌精神」支持員工與社區。我們也依然滿懷熱情地專注於為客戶、合作夥伴與股東交付成果。2020 年為世界帶來難以想像的變化。企業必須以全新且更快速的方式運作，並調整其商業模式。每個人都在適應員工與客戶的新期待。一切都關乎人。讓團隊能在全企業範圍內協作，比以往任何時候都更重要。未來的工作場所將是分散式的。管理複雜的數位工作流程將至關重要。企業需要在不造成中斷的情況下創新。很明顯，速度已成為差異化的關鍵。

ServiceNow is leading this once-in-a-generation opportunity to make work, work better for people. And this is what we're seeing. All value chains are being split apart. They are being reformed into modern digital workflows across the enterprise. More than $3 trillion have been invested in digital transformation initiatives. But as IDC research shows us, only 26% of the investments have delivered meaningful ROI. Massive investment is simply not creating massive change. This is fueling the workflow revolution.

ServiceNow 正引領這個一代僅見的機會，讓工作對人而言更有效率、更順暢。這也是我們所看到的趨勢：所有價值鏈都在被拆解，並被重塑為跨全企業的現代數位工作流程。數位轉型計畫已投入超過 3 兆美元。但正如 IDC 研究所示，只有 26% 的投資帶來有意義的投資報酬率（ROI）。龐大的投資並未帶來同等規模的變革。這正在推動工作流程革命。

The missing link is integration. Systems, silos, departments and processes must come together into holistic, cross-enterprise workloads. The Now Platform unlocks this ROI by offering speed, agility and resilience. Companies need it now. It gives companies the ability to deliver at scale the experiences employees and customers demand. That's the power of the Now Platform, a single architecture and data model that serves as the enterprise platform for all other platforms. In other words, it's the platform for digital business.

缺失的關鍵環節是整合。系統、孤島、部門與流程必須整合為整體、跨企業的工作負載。Now Platform 透過提供速度、敏捷性與韌性來釋放這些 ROI。企業現在就需要它。它讓企業能以規模化方式交付員工與客戶所要求的體驗。這就是 Now Platform 的力量：以單一架構與資料模型，作為所有其他平台的企業級平台。換言之，它是數位化業務的平台。

As one CIO said to me, my goal with the Now Platform is to enable my colleagues to perform their top 50 tasks in a single environment that provides a consumer-like experience. The momentum of the workflow revolution is unstoppable. Despite the COVID operating environment, our team delivered outstanding Q3 results. Gina will provide the details. Here are the headlines.

正如一位 CIO 對我說的：我使用 Now Platform 的目標，是讓我的同事能在單一環境中完成他們最重要的 50 項任務，並提供如同消費者般的使用體驗。工作流程革命的動能勢不可擋。儘管處於 COVID 的營運環境，我們的團隊仍交出卓越的第三季成果。Gina 將提供細節。以下是重點摘要。

We beat expectations across the board. We surpassed 1,000 customers with ACV over $1 million. We landed our largest deal ever with our largest customer who has now crossed over $40 million in ACV. And we're raising full year guidance today. We're driving sustainable growth well on our way to $10 billion and beyond.

我們在各方面都超出預期。我們的年約合約價值（ACV）超過 100 萬美元的客戶數突破 1,000 家。我們與最大客戶簽下史上最大一筆交易，該客戶的 ACV 現已超過 4,000 萬美元。而且我們今天上調全年指引。我們正推動可持續的成長，穩步邁向 100 億美元及更高目標。

I'm incredibly proud of our team. In the most challenging of times, we are focused, disciplined committed to helping our customers succeed above all other priorities. The speed at which we're innovating has never been faster. Our team is leading the future of work. We are releasing new innovations every 2 weeks with our Safe Workplace suite to help our customers safely return their employees back to the workplace. Other new product introductions include Hardware Asset Management, Financial Services Operations, Telecom Service Management, Legal Service Delivery, Workplace Service Delivery and Connected Operations. I could go on.

我為我們的團隊感到無比自豪。在最艱難的時刻，我們仍保持專注、紀律與承諾，把協助客戶成功置於所有優先事項之上。我們創新的速度從未如此之快。我們的團隊正在引領未來的工作方式。我們透過 Safe Workplace 套件每兩週發布一次新創新，協助客戶讓員工安全重返工作場所。其他新產品推出還包括：硬體資產管理（Hardware Asset Management）、金融服務營運（Financial Services Operations）、電信服務管理（Telecom Service Management）、法律服務交付（Legal Service Delivery）、工作場所服務交付（Workplace Service Delivery）以及連結式營運（Connected Operations）。我還可以繼續列舉。

In addition, our platform innovations are differentiated for the direct-to-consumer industry where subscribers demand flawless customer service. One of the largest streaming services in the world seamlessly upgraded their ServiceNow environment this past weekend with 0 downtime. There was no impact to any of their active subscribers. How's that for customer service.

此外，我們的平台創新也在直面消費者（direct-to-consumer）產業中展現差異化，因為訂閱者要求零瑕疵的客戶服務。全球最大的串流服務之一在上週末無縫升級其 ServiceNow 環境，且停機時間為 0。對任何活躍訂閱者都沒有影響。這樣的客戶服務如何？

Such innovation demonstrates the power of the Now Platform. We were honored in Q3 to be named a leader in the 2020 Gartner Magic Quadrant for enterprise low-code application platforms. We believe this is yet another example of the agility of the Now Platform to help customers quickly workflow any challenge. We think our Gartner recognition validates the breadth of our IT solutions, putting ServiceNow in a leader position in the two 2020 Magic Quadrants: IT risk management and IT vendor risk management tools. And of course, we remain the leader on both completeness of vision and highest in ability to execute for our ITSM core business. Amazing.

這些創新展現了 Now Platform 的力量。我們很榮幸在第三季被評為 2020 年 Gartner 企業級低程式碼應用平台魔力象限（Magic Quadrant）的領導者。我們相信，這再次證明 Now Platform 的敏捷性，能協助客戶快速以工作流程方式應對任何挑戰。我們認為 Gartner 的肯定也驗證了我們 IT 解決方案的廣度，使 ServiceNow 在 2020 年兩個魔力象限中居於領導地位：IT 風險管理，以及 IT 供應商風險管理工具。當然，在我們的 ITSM 核心業務上，我們仍在「願景完整性」與「執行能力」兩方面皆保持領先。令人驚嘆。

Now let's look at Q3 performance. Highlights across our portfolio, here we go. Our top 20 deals included 3 or more products. Our core remains ever strong. ITSM was included in 17 of the top 20 deals with customers choosing ITSM Pro in 16 deals. The embedded AI and machine learning capabilities are helping IT organizations scale and automate, reduce complexity, cost and risk, while enabling people to work from anywhere. ITOM was included in 18 of the top 20 deals. We won deals with Mount Sinai and the Federal Defense Information Systems Agency. Our customer workflows continue to be a growth driver. 13 of the top 20 deals included CSM. 8 of those deals were greater than $1 million.

現在來看第三季表現。我們產品組合的亮點如下。我們前 20 大交易中，每筆都包含 3 個或以上產品。我們的核心依然強勁。ITSM 出現在前 20 大交易中的 17 筆，且客戶在其中 16 筆選擇 ITSM Pro。內嵌的 AI 與機器學習能力正協助 IT 組織擴展與自動化、降低複雜度、成本與風險，同時讓人們能在任何地方工作。ITOM 出現在前 20 大交易中的 18 筆。我們贏得了 Mount Sinai 與聯邦國防資訊系統局（Federal Defense Information Systems Agency）的交易。我們的客戶工作流程持續成為成長動能。前 20 大交易中有 13 筆包含 CSM，其中 8 筆交易金額超過 100 萬美元。

Our customer wins in Q3 demonstrate how ServiceNow is becoming the enterprise workflow standard. For example, Q3 was our largest federal quarter ever. We now have 9 federal customers over $10 million in ACV. Deals included the U.S. Air Force, U.S. Army and the U.S. Department of Veteran Affairs. And we had new customer wins with agencies such as the U.S. Senate and Federal Claims Court.

我們第三季的客戶勝利顯示，ServiceNow 正成為企業工作流程的標準。例如，第三季是我們史上最大的聯邦政府季度。我們目前有 9 個聯邦客戶的 ACV 超過 1,000 萬美元。交易包含美國空軍、美國陸軍與美國退伍軍人事務部（U.S. Department of Veteran Affairs）。我們也在美國參議院與聯邦索賠法院（Federal Claims Court）等機構取得新客戶。

In our largest deal ever, the Department of Veteran Affairs is modernizing its enterprise service management and IT capabilities. They are using the Now Platform to have real-time visibility into the health, availability and costs of their critical business services. This will deliver significant benefits to our heroic veterans. With ITSM Pro, VA will automate its manual workflows with AI and machine learning capabilities to free up employees to better serve veterans. As the U.S. Air Force has publicly described, they are deploying the Now Platform as part of their digital Air Force of the Future vision. We are helping them deliver Genius Bar-like self-help services to the women and men serving our country around the globe.

在我們史上最大的一筆交易中，退伍軍人事務部（Department of Veteran Affairs）正在現代化其企業服務管理與 IT 能力。他們使用 Now Platform 以即時掌握其關鍵業務服務的健康狀況、可用性與成本。這將為我們英勇的退伍軍人帶來重大效益。透過 ITSM Pro，VA 將以 AI 與機器學習能力自動化其手動工作流程，釋放員工時間以更好地服務退伍軍人。正如美國空軍公開描述的那樣，他們正將 Now Platform 作為其「未來數位空軍」願景的一部分進行部署。我們正協助他們提供類似 Genius Bar 的自助服務，服務全球各地為國家效力的男女官兵。

In addition to federal, state governments also are leveraging the Now Platform. Tennessee's Department of Human Services expanded its relationship with ServiceNow. They are using CSM to reopen state offices for public services, while keeping health and safety a priority. They quickly adopted our latest Now Platform Paris release, utilizing a new feature that enables the public to self-schedule appointments and digitally check in when arriving for appointments.

除了聯邦政府之外，各州政府也在運用 Now Platform。田納西州人類服務部擴大了與 ServiceNow 的合作關係。他們使用 CSM 來重新開放州政府辦公室以提供公共服務，同時將健康與安全列為優先事項。他們迅速採用我們最新的 Now Platform Paris 版本，運用一項新功能，讓民眾可自行預約並在到達時進行數位報到。

The State of Alaska's governor issued a directive to protect workers and ensure that the state can continue operating in a pandemic environment. Their existing systems, manual processes and dispersed population created numerous issues to work effectively. The HR department is transitioning to a centralized operating model, and ServiceNow will solve their manual onboarding issues and enable employee workflows to be digitally transformed.

阿拉斯加州州長發布指令，以保護勞工並確保該州能在疫情環境下持續運作。他們既有系統、人工流程以及分散的人口結構，造成許多難以有效運作的問題。人資部門正轉型為集中式營運模式，而 ServiceNow 將解決其人工到職（onboarding）問題，並使員工工作流程得以數位化轉型。

Outside of federal and state and customers across industries, the Now Platform is the standard for driving enterprise digital transformation. 2020 has brought significant changes to Dell's work-from-home model. Our HR product will support this new way of working by providing enterprise onboarding and transitions. And the Now Platform is helping Dell in its mission to provide the best customer experience in the markets they serve. Leading managed services provider, TPx, became the first customer of our new telecom industry-specific product. ServiceNow is going to run TPx' customer portal, enabling, onboarding, project management, customer servicing and IT support. A major Indian financial institution chose ServiceNow to give them complete visibility to better control enterprise risks, replacing legacy solutions that were stitched together. This is another example of the movement we are seeing in the industry to replace legacy solutions and consolidate on the Now Platform. Huge savings.

在聯邦與州政府之外，跨產業的客戶也將 Now Platform 視為推動企業數位轉型的標準。2020 年為 Dell 的居家辦公模式帶來重大變化。我們的人資產品將透過提供企業到職與轉任支援，支持這種新的工作方式。而 Now Platform 也正協助 Dell 完成其使命：在其服務的市場中提供最佳客戶體驗。領先的託管服務供應商 TPx 成為我們全新電信產業專屬產品的第一位客戶。ServiceNow 將運行 TPx 的客戶入口網站，支援啟用、到職、專案管理、客戶服務與 IT 支援。一家印度大型金融機構選擇 ServiceNow，以取得完整可視性來更好地控管企業風險，並取代那些拼接而成的舊式解決方案。這是我們在產業中看到的另一個趨勢例證：以 Now Platform 取代舊式解決方案並加以整合。節省巨大。

In Q3, we continued to see strong momentum with our Safe Workplace suite of apps. This quarter, we added 2 new apps into the Safe Workplace suite: Employee Travel Safety and Health and Safety Testing. Our Safe Workplace apps demonstrate our ability to innovate quickly and deliver fast time to value in weeks, not months and years. We've seen nearly 800 downloads of our Safe Workplace apps. Customers include Standard & Poor's, Raymond James and Rutgers University. At Rutgers, our Safe Workplace apps are being used for health screening, contact tracing and room reservations to ensure a safe environment for all students and faculty.

在第三季，我們持續看到 Safe Workplace 安全職場應用套件的強勁動能。本季我們在 Safe Workplace 套件中新增了 2 款新應用：員工差旅安全（Employee Travel Safety）以及健康與安全檢測（Health and Safety Testing）。我們的 Safe Workplace 應用展現了快速創新能力，並能在數週而非數月或數年內快速實現價值。我們的 Safe Workplace 應用下載量已接近 800 次。客戶包括標準普爾（Standard & Poor's）、Raymond James 與羅格斯大學（Rutgers University）。在羅格斯大學，我們的 Safe Workplace 應用用於健康篩檢、接觸追蹤與教室/房間預約，以確保所有學生與教職員的安全環境。

Here's my favorite customer win. I'm a huge basketball fan. As many of you know, my grandfather, Bobby McDermott, was a Hall of Famer. So I couldn't be more proud of how ServiceNow helped pro basketball have a successful restart season. The NBA and WNBA were able to implement ServiceNow's employee workflows in under a week to manage the complex manual processes associated with restarting. ServiceNow helped the league facilitate screening for more than 2,600 league staff, vendors and guests who entered the NBA and WNBA bubble in Florida and successfully processed more than 13,000 essential documents. Using ServiceNow technology, the league demonstrated that a safe, careful return to professional sports was possible with the right tools and protocols in place. We are very proud to become the official workflow partner of the NBA and WNBA, and we look forward to helping the league continue to drive digital transformation to deliver great employee player and fan experiences.

這是我最喜歡的一個客戶勝利案例。我是個超級籃球迷。許多人都知道，我的祖父 Bobby McDermott 是名人堂成員。因此，我對 ServiceNow 協助職業籃球成功重啟賽季感到無比自豪。NBA 與 WNBA 能在不到一週內導入 ServiceNow 的員工工作流程，以管理與重啟相關的複雜人工流程。ServiceNow 協助聯盟為超過 2,600 名進入佛羅里達 NBA 與 WNBA 泡泡園區的聯盟員工、供應商與訪客進行篩檢，並成功處理超過 13,000 份必要文件。透過 ServiceNow 技術，聯盟證明只要具備正確工具與規範，專業運動就能安全且謹慎地回歸。我們非常自豪能成為 NBA 與 WNBA 的官方工作流程合作夥伴，並期待協助聯盟持續推動數位轉型，為員工、球員與球迷帶來卓越體驗。

As we drive great customer wins, our partner ecosystem is growing even stronger. We are grateful for the investments our partners are making to grow their ServiceNow businesses and to serve our customers. We recently announced a go-to-market partnership between IBM and ServiceNow. This new business opportunity combines ServiceNow's ITSM and ITOM capabilities with IBM's Watson AI ops to help customers automate IT and scale, reducing cost and risk. Last week, we announced an expanded partnership with Accenture. The new Accenture ServiceNow business group will accelerate digital transformation programs for customers in telecom, government, financial services, manufacturing, health care and life sciences.

在我們推動一個個重要客戶勝利的同時，我們的合作夥伴生態系也更加強大。我們感謝合作夥伴為擴展其 ServiceNow 業務並服務客戶所做的投資。我們近期宣布 IBM 與 ServiceNow 的上市（go-to-market）合作夥伴關係。這項新商機結合 ServiceNow 的 ITSM 與 ITOM 能力，以及 IBM 的 Watson AIOps，協助客戶自動化 IT 並擴大規模，降低成本與風險。上週，我們宣布與 Accenture 擴大合作。全新的 Accenture ServiceNow 事業群將加速電信、政府、金融服務、製造、醫療保健與生命科學等領域客戶的數位轉型計畫。

Hey, in summary, Q3 was another great outperform quarter. ServiceNow is accelerating. We are confident in our ability to succeed in this environment. We are bullish on our long-term outlook and our path to $10 billion and beyond. Our leadership is expanding our reach and opportunities with marquee partnerships, such as the NBA and WNBA, IBM and Accenture. There are many more.

總結來說，第三季又是一個表現超預期的優異季度。ServiceNow 正在加速前進。我們對在此環境中成功的能力充滿信心。我們看好長期展望，以及邁向 100 億美元及更高目標的路徑。我們的領導團隊正透過具指標性的合作夥伴關係擴大觸及與機會，例如 NBA 與 WNBA、IBM 與 Accenture。還有更多。

Our brand is resonating. We are becoming an essential C-suite strategic partner. Our ecosystem is growing fast. Our go-to-market capabilities are stronger than ever. Our product innovation is second to none. We are deeply committed to attracting, retaining and developing the best talent in this industry. We are a big tent company dedicated to diversity, inclusion and belonging. Diversity makes us stronger, making ServiceNow the destination company where the best talent belongs and thrives. And this is what's going to make us unstoppable.

我們的品牌正在引起共鳴。我們正成為 C 級高層不可或缺的策略夥伴。我們的生態系快速成長。我們的上市（go-to-market）能力比以往更強。我們的產品創新無與倫比。我們深度承諾吸引、留任並培育本產業最優秀的人才。我們是一家「大帳篷」公司，致力於多元、共融與歸屬感。多元讓我們更強大，使 ServiceNow 成為頂尖人才歸屬並蓬勃發展的首選公司。而這將使我們勢不可擋。

Our new Board member and new Chief Global Talent Officer were announced today, and it demonstrates the caliber of people we are attracting. I could not be more thrilled to have Larry Jackson joining our Board and Gaby Toledano joining our leadership team. Both are exceptional leaders. Larry is leading the music industry revolution for Apple Music. His experience using technology to create innovative, market-leading consumer experiences will be invaluable as we drive innovative employee and customer experiences for the global marketplace. Likewise, Gaby brings deep tech industry and talent leadership experience, building world-class organizations at scale for some of the best-known companies in the world. We were humbled to recently be recognized as the company with the best leadership team in an anonymous survey of more than 10,000 employees across the industry. Gaby is a great addition who will only make us stronger.

我們今天宣布新增董事會成員與新任全球人才長（Chief Global Talent Officer），這展現了我們所吸引人才的水準。我非常興奮 Larry Jackson 加入董事會、Gaby Toledano 加入領導團隊。兩位都是卓越的領導者。Larry 正引領 Apple Music 的音樂產業革命。他運用科技打造創新、領先市場的消費者體驗之經驗，將在我們為全球市場推動創新的員工與客戶體驗時帶來無可估量的價值。同樣地，Gaby 擁有深厚的科技產業與人才領導經驗，曾為全球一些最知名的公司打造可規模化的世界級組織。我們也很榮幸近期在一項涵蓋全產業逾 10,000 名員工的匿名調查中，被評為擁有最佳領導團隊的公司。Gaby 的加入非常出色，將只會讓我們更強大。

In so many ways, we are just getting started. This year's unprecedented headwinds have only strengthened our digital transformation tailwinds. We have the platform businesses need to workflow standard for enterprise transformation, the missing link for integration of existing technology investments and the creation of modern enterprise workflows. Remember, behind every great experience is a great workflow. Whatever challenge a business is facing, we workflow it. We will make workflow a verb. ServiceNow is incredibly well positioned to become the defining enterprise software company in the 21st century. We will not slow down in pursuit of this goal. We couldn't be more fired up to finish this year very strong.

在許多方面，我們才正要開始。今年前所未有的逆風，反而強化了我們數位轉型的順風。我們擁有企業所需的平台：作為企業轉型的工作流程標準、整合既有科技投資的缺失環節，以及建立現代化企業工作流程的關鍵。請記住，每一個卓越體驗背後都有卓越的工作流程。無論企業面臨什麼挑戰，我們都能以工作流程來解決。我們將讓 workflow 成為動詞。ServiceNow 具備絕佳定位，有望成為 21 世紀具代表性的企業軟體公司。我們不會在追求此目標的道路上放慢腳步。我們對以非常強勁的表現完成今年感到無比振奮。

And now I'll turn the call over to our outstanding CFO and my friend, Gina.

接下來我將把電話會議交給我們傑出的財務長，也是我的朋友 Gina。

Thank you, Bill. Q3 was a fantastic quarter for ServiceNow as the team continued to execute very well despite the challenges created by COVID-19. We exceeded the high end of our subscription revenues and subscription billings guidance, and that top line beat carried through to our robust operating margin and strong free cash flow generation. Q3 subscription revenues were $1.091 billion, representing 29% year-over-year constant currency growth. Q3 subscription billings were $1.081 billion, representing 24% year-over-year adjusted growth driven by the great execution from our sales team. Remaining performance obligations, or RPO, ended the quarter at approximately $7.3 billion, representing 28% year-over-year constant currency growth. And current RPO was approximately $3.8 billion, representing 30% year-over-year constant currency growth.

謝謝你，Bill。儘管 COVID-19 帶來挑戰，團隊仍持續出色執行，使第三季成為 ServiceNow 非常精彩的一季。我們的訂閱營收與訂閱帳單金額（subscription billings）皆超越指引區間上緣，而這項營收端的超預期也延伸到強勁的營業利益率與自由現金流產生。第三季訂閱營收為 10.91 億美元，按固定匯率計算年增 29%。第三季訂閱帳單金額為 10.81 億美元，年增 24%（調整後），主要由我們銷售團隊的優異執行所帶動。剩餘履約義務（Remaining Performance Obligations，RPO）季末約為 73 億美元，按固定匯率計算年增 28%。而當期 RPO 約為 38 億美元，按固定匯率計算年增 30%。

Our top line strength demonstrates the power of our product portfolio and our ability to meet the evolving needs of our customers. The Now Platform is uniquely positioned to deliver exceptional time to value and provide workflows that create great experiences for customers, employees and partners. We are solving customers' challenges and playing a key role in accelerating their digital transformation. The Now Platform enables the missing integrations that link together systems, silos, departments and processes into unified workflows.

我們營收端的強勁表現，展現了產品組合的力量，以及我們滿足客戶不斷演進需求的能力。Now Platform 具備獨特優勢，能提供卓越的價值實現速度（time to value），並提供可為客戶、員工與合作夥伴創造卓越體驗的工作流程。我們正在解決客戶的挑戰，並在加速其數位轉型方面扮演關鍵角色。Now Platform 能補上缺失的整合，將系統、孤島、部門與流程串聯為一致的工作流程。

Our best-in-class renewal rate improved quarter-over-quarter to 98%, demonstrating the resilience of our business as the Now Platform remains a mission-critical part of our customers' operations. As Bill highlighted, our sales teams continued to win bigger deals in Q3, including our largest ever $13 million ACV deal. We closed 41 deals greater than $1 million in ACV in the quarter, and what's more, 9 of those were with net new customers. Our ability to land new logos despite the macro uncertainty that COVID has introduced is a testament to our amazing products and our brand that continues to resonate with the C-suite. We now have over 1,000 customers paying us more than $1 million of ACV.

我們同級最佳的續約率較上一季提升至 98%，顯示在 Now Platform 仍是客戶營運中任務關鍵的一環之下，我們業務的韌性。如 Bill 所強調，我們的銷售團隊在第三季持續拿下更大型的交易，包括我們史上最大的 1,300 萬美元 ACV 交易。本季我們完成了 41 筆 ACV 超過 100 萬美元的交易；更重要的是，其中有 9 筆來自全新客戶。即使 COVID 帶來總體不確定性，我們仍能拿下新客戶標誌（new logos），這證明了我們卓越的產品，以及持續在 C 級高層引起共鳴的品牌。我們目前已有超過 1,000 家客戶支付超過 100 萬美元的 ACV。

Turning to profitability. Q3 operating margin was 26%, a 400 basis point beat versus our guidance driven by our strong top line outperformance, lower T&E expenses as a result of COVID and about 150 basis points of marketing spend that shifted from Q3 into Q4. Year-over-year, our Q3 operating margin was consistent with last year as lower T&E expenses were offset by planned incremental investments in R&D and marketing spend of pipeline generation. Our free cash flow margin was 19%, up 500 basis points year-over-year driven by lower T&E spend in CapEx in the quarter as well as strong collections. Together, these results demonstrate the strength of our business model and our ability to drive a balance of growth and profitability.

接著談獲利能力。第三季營業利益率為 26%，較我們的指引高出 400 個基點，主要受惠於我們強勁的營收表現超出預期、因 COVID 而降低的差旅與娛樂（T&E）費用，以及約 150 個基點的行銷支出由第三季遞延至第四季。與去年同期相比，第三季營業利益率與去年持平，因較低的 T&E 費用被我們在研發與用於管線開發的行銷支出之計畫性增量投資所抵銷。我們的自由現金流利潤率為 19%，年增 500 個基點，主要來自本季資本支出（CapEx）中的 T&E 支出降低，以及強勁的收款表現。綜合而言，這些結果展現了我們商業模式的韌性，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 trends we are seeing in our business. Overall, we see strong momentum heading into the last quarter of the year. The highly affected industries we outlined earlier in the year, which represented about 20% of our business and include areas such as transportation, hospitality, retail and energy, continue to see macro headwinds but remain steady customers of ServiceNow. We closed 6 new deals over $1 million in these affected industries. And while we do expect some headwinds in severely impacted industries like airlines, renewals of existing customers have remained very strong. Furthermore, we've also seen very healthy payment terms and DSOs. Collections have been strong, helping drive free cash flow upside in Q3, and we expect that trend to continue into Q4.

在我談指引之前，我想先簡要更新我們在業務中觀察到的趨勢。整體而言，我們看到在進入年度最後一季時動能強勁。我們在年初提到的受影響較大的產業約占我們業務的 20%，包括運輸、旅宿、零售與能源等領域，仍持續面臨總體環境逆風，但依然是 ServiceNow 的穩定客戶。我們在這些受影響產業中完成了 6 筆超過 100 萬美元的新交易。雖然我們確實預期在航空等受衝擊嚴重的產業會有一些逆風，但既有客戶的續約仍維持非常強勁。此外，我們也看到非常健康的付款條件與 DSO（應收帳款週轉天數）。收款表現強勁，推動第三季自由現金流優於預期，我們預期這個趨勢將延續到第四季。

Enterprises are realizing that they need to quickly adapt to the workplace of the future, and ServiceNow is providing a smarter and faster way to workflow. Our pipeline generation has remained robust, and our pipeline coverage ratio for the remainder of the year gives us confidence in our ability to deliver a strong finish to 2020. As a result, we are raising guidance for the full year.

企業正意識到他們需要快速適應未來的工作場域，而 ServiceNow 正在提供更聰明、更快速的工作流程方式。我們的管線開發仍然強勁，而我們對今年剩餘期間的管線覆蓋率讓我們有信心能在 2020 年交出強勁的收官表現。因此，我們上調全年指引。

We're raising our subscription revenues range to between $4.257 billion and $4.262 billion, representing 31% year-over-year constant currency growth. We are raising our subscription billings range to between $4.78 billion and $4.8 billion, representing 26% to 27% year-over-year adjusted growth. We continue to expect 2020 subscription gross margin of 86%, and we are raising our full year 2020 operating margin from 24% to 24.5%. This reflects additional savings from lower T&E expenses related to COVID.

我們將訂閱營收區間上調至 42.57 億至 42.62 億美元，代表以固定匯率計年增 31%。我們將訂閱帳單金額（subscription billings）區間上調至 47.8 億至 48.0 億美元，代表年增 26% 至 27%（調整後）。我們仍預期 2020 年訂閱毛利率為 86%，並將 2020 全年營業利益率由 24% 上調至 24.5%。這反映了與 COVID 相關、較低的 T&E 費用所帶來的額外節省。

Let me note that while we expect many of these expenses to return at some point in the future, we're taking our learnings from the current environment and leaning into the future of work. These learnings will have lasting effects on our overall efficiency, giving us the ability to redeploy savings elsewhere. We plan to take advantage of the incremental leverage and make disciplined investments for growth. We're reinvesting in R&D and quota-bearing resources to drive innovation and pipeline to fill our tremendous organic growth engine, ensuring that we maintain our market leadership and are well positioned to take advantage of the digital acceleration heading into 2021 and beyond.

我想指出，雖然我們預期其中許多費用在未來某個時間點會回升，但我們正把當前環境中的學習帶入「未來工作」的方向。這些學習將對我們整體效率產生長期影響，使我們能將節省的資源重新部署到其他領域。我們計畫運用額外的營運槓桿，並以紀律性的方式投資成長。我們正再投資於研發與配額承擔（quota-bearing）的資源，以推動創新與管線，為我們強大的有機成長引擎補充燃料，確保我們維持市場領導地位，並能在邁向 2021 年及更遠的數位加速趨勢中把握機會。

Turning to free cash flow. We're raising our full year 2020 free cash flow margin 200 basis points from 29.5% to 31.5%, reflecting the increase in our operating margin. And our expectations for better than originally forecasted collections for the year.

接著談自由現金流。我們將 2020 全年自由現金流利潤率上調 200 個基點，從 29.5% 提升至 31.5%，反映營業利益率的提升，以及我們對全年收款表現優於原先預測的預期。

Turning to Q4. We expect subscription revenues between $1.155 billion and $1.160 billion, representing 27% year-over-year constant currency growth. We expect subscription billings between $1.625 billion and $1.645 billion, representing 24% to 26% year-over-year adjusted growth.

接著談第四季。我們預期訂閱營收介於 11.55 億至 11.60 億美元，代表以固定匯率計年增 27%。我們預期訂閱帳單金額介於 16.25 億至 16.45 億美元，代表年增 24% 至 26%（調整後）。

Moving on to profitability. For Q4, we expect a 21% operating margin, which includes about 150 basis points of marketing spend that shifted from Q3 into Q4 and some incremental investment into pipeline-generating activities to set us up for a strong and successful 2021. Finally, we expect fourth quarter and full year 2020 diluted weighted average outstanding shares of 201 million and 199 million, respectively.

接著談獲利能力。第四季我們預期營業利益率為 21%，其中包含約 150 個基點的行銷支出由第三季轉至第四季，以及為了讓我們在 2021 年有強勁且成功的開局而增加的一些管線開發活動投資。最後，我們預期 2020 年第四季與全年稀釋後加權平均流通股數分別為 2.01 億股與 1.99 億股。

In summary, ServiceNow is the strategic workflow authority. As enterprises are adapting to the workplace of the future, CXOs are using the Now Platform to create new workflows for new value chains, transforming experiences across siloed systems and functions across the enterprise. The Now platform is the missing integration layer that multiplies the power of enterprises' existing technology investments and delivers exceptional time to value.

總結而言，ServiceNow 是策略性工作流程的權威。隨著企業適應未來的工作場域，CXO 們正使用 Now Platform 為新的價值鏈建立新的工作流程，跨越企業內部各自為政的系統與職能，轉型整體體驗。Now Platform 是缺失的整合層，能放大企業既有科技投資的效能，並提供卓越的價值實現速度（time to value）。

I'm extremely proud of our team's performance as we focus on addressing these needs for our customers. Our ecosystem partners are efficiently expanding our capabilities and our reach. And more and more enterprises are recognizing the strength of our one architecture model and its ability to deliver great, scalable experiences with speed and efficiency. We are the platform company for digital business. I'm very excited about the traction we are seeing in our journey towards becoming a $10 billion revenue company and the defining enterprise software company of the 21st century.

我為團隊的表現感到非常自豪，因為我們專注於滿足客戶的這些需求。我們的生態系夥伴正有效率地擴展我們的能力與觸及範圍。越來越多企業也正在認可我們單一架構模型的優勢，以及其以速度與效率交付優異、可擴展體驗的能力。我們是數位商務的平台型公司。對於我們在邁向成為年營收 100 億美元公司、以及成為 21 世紀定義性的企業軟體公司這段旅程中所看到的進展，我感到非常振奮。

Finally, before moving on to Q&A, I just want to thank all of our employees around the world for your dedication during these trying times. We know everyone has a lot going on in their lives, juggling work and caring for your families at home. And we just want to express how appreciative we are of your contributions. ServiceNow wouldn't be in the position of strength it is without each and every one of you. You make us ServiceNow strong.

最後，在進入問答之前，我只想感謝全球所有員工在這段艱難時期的投入與奉獻。我們知道每個人的生活中都有很多事情要處理，一邊工作、一邊在家照顧家人。我們也想表達我們對各位貢獻的由衷感謝。若沒有你們每一位，ServiceNow 不可能處於如今這樣的強勢地位。你們讓我們更強大，成就 ServiceNow 的韌性。

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

接下來，接線員，我們想把電話交給提問環節。

(Operator Instructions) And your first question is from Raimo Lenschow of Barclays.

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

Congratulations from my side. Bill, a slightly bigger picture question. Now that we are living in this normal environment of kind of working from home, demand generation in a different way than we had before, what lessons have you learned so far in terms of like how this new world is going to function now in terms of you planning for the coming years in terms of sales hiring, lead generation, et cetera?

我這邊先恭喜一下。Bill，我有個比較宏觀的問題。現在我們生活在這種算是居家辦公的常態環境中，需求開發的方式也和以前不同了。到目前為止，你們學到了哪些課題，關於這個新世界接下來會如何運作，以及你們在規劃未來幾年（例如銷售招募、線索開發等等）時會如何因應？

Thank you very much. Appreciate it, Raimo. First of all, we're learning that digital transformation is actually accelerating in the COVID environment. It is, however, a platform thing. So you need to have the platform that can truly make the difference. And we see workflow as the new productivity unlock. When you look at IDC talking about $3 trillion invested and system of record kind of change, you see system of action taking on a whole new meaning now in the information technology industry, which puts us in a very nice position in any environment.

非常感謝。謝謝你，Raimo。首先，我們學到的是，在 COVID 的環境下，數位轉型其實正在加速。不過，這是一個平台層面的事情，所以你需要一個真正能帶來差異的平台。我們把工作流程視為解鎖新生產力的關鍵。當你看到 IDC 談到 3 兆美元的投資，以及「記錄系統」（system of record）那種變革時，你會發現「行動系統」（system of action）在資訊科技產業中正被賦予全新的意義，這讓我們在任何環境下都處於非常有利的位置。

So I think what happened here is COVID accelerated digital transformation. Now that people are into it, they've got to keep going as fast as they possibly can. Our direct sales force is everything as relevant as ever before, and we are continuing to make sure the coverage model expands geographically by industry and also persona. You can also complement this very nicely with an inside selling motion to both support existing accounts and pursue net new logos. You're going to be in an environment where you can do events. These events do not have to be done in big stadiums with thousands of people. You can do them digitally and have techniques where you bring live experiences into the event. That also gives a growth company like ServiceNow the ability to take some of that T&E and put it into revenue strategies for future growth.

所以我認為這裡發生的事情是，COVID 加速了數位轉型。現在人們已經投入其中，就必須盡可能快地持續推進。我們的直銷團隊一如既往地重要且高度相關，我們也持續確保覆蓋模型在地理區域、產業以及角色（persona）面向上擴張。你也可以用內勤銷售（inside selling）的方式很好地補強，既支援既有客戶，也追求全新的客戶標誌（net new logos）。你將處在一個可以做活動的環境；這些活動不必在可容納數千人的大型體育場舉辦，你可以用數位方式進行，並運用把即時體驗帶入活動的技巧。這也讓像 ServiceNow 這樣的成長型公司，能把部分 T&E 支出轉投入到未來成長的營收策略上。

So we're super excited, super confident about our ability to execute in this environment because as you know, Raimo, the future of work is now totally different than it was 8 months ago. And thank goodness we leaned into that when we did in March and started a revolution.

所以我們非常興奮，也對在這個環境中的執行能力非常有信心，因為如你所知，Raimo，「未來的工作」和 8 個月前已經完全不同。也很慶幸我們在 3 月就順勢投入並開始了一場革命。

Yes. Well done. Congratulations.

是的。做得很好。恭喜。

Thank you very much.

非常感謝。

Your next question is from Samad Samana.

下一個問題來自 Samad Samana。

Congrats on a great quarter. Bill, I wanted to maybe touch on the federal strength and even the state and local government. It seems like you're seeing an acceleration in transformation there as well. And I'm curious, how much of the strength there was driven by modernizing existing processes or old processes versus kind of near-term, pandemic-driven spend on dealing with like monitoring PP&E or contact tracing, et cetera?

恭喜你們交出很棒的一季。Bill，我想談談聯邦政府的強勁表現，甚至州與地方政府也是如此。看起來你們也在那裡看到轉型加速。我很好奇，那邊的強勁表現有多少是由現代化既有流程或舊流程所驅動， versus 多少是由短期、疫情驅動的支出所帶動，例如用於監測 PP&E 或接觸者追蹤等等？

Yes. I believe, as I said, what happened with digital transformation might have been accelerated by COVID, but the fact is I think it brought everything to light. When people had to work in a distributed way, work from home, all of the technology needs that they have, the communications need that they have, the self-service needs that they have, all these things became extremely clear in a COVID environment. And now that, that environment is clear, if you read the research, clearly, we're never going to go back to the way things were even after the pandemic is resolved. So the future of work is changing. The millennial generation is changing. The way people work will change.

是的。我相信，正如我所說，數位轉型所發生的事情可能因 COVID 而加速，但事實是，我認為它讓一切都浮上檯面。當人們必須以分散的方式工作、在家工作時，他們所有的技術需求、通訊需求、自助服務需求，這些事情在 COVID 的環境下都變得極其清楚。而現在，既然那個環境已經明朗，如果你閱讀研究報告，很明顯地，即使疫情結束，我們也永遠不會回到過去的樣子。所以工作的未來正在改變。千禧世代正在改變。人們工作的方式將會改變。

And as it relates to the federal government, it's a big opportunity because the information that's required to get across the country to citizens is very slow. So the government is rethinking strategies in terms of communication and providing digital services. So these workflow services are going to be here for a long time because there's a lot of things to fix. So we are in an environment now where I think the genie is out of its bottle, is never going back in and digital transformation is going to continue to accelerate. And yes, we do have return to work, but that hasn't been the major source of the revenue drive in federal, state and local. It's really been more automating and rethinking work processes and automating everything in a much more human-friendly way.

而就聯邦政府而言，這是一個很大的機會，因為要把資訊傳遞到全國各地給公民所需的速度非常慢。因此政府正在重新思考溝通策略以及提供數位服務的方式。所以這些工作流程服務將會存在很長一段時間，因為有很多事情需要修復。所以我們現在所處的環境，我認為精靈已經從瓶子裡跑出來了，不會再回去，數位轉型也將持續加速。是的，我們確實有回到辦公室，但那並不是聯邦、州與地方政府收入成長的主要來源。真正更多的是自動化、重新思考工作流程，並以更人性化的方式把一切自動化。

Congrats again. Great to see you guys doing well.

再次恭喜。很高興看到你們表現得這麼好。

Thank you very much.

非常感謝。

Your next question is from Kirk Materne of Evercore ISI.

下一個問題來自 Evercore ISI 的 Kirk Materne。

Congrats on the quarter. Bill, I was just wondering if you could give us some idea of when you're going into these big deals, obviously, the economic backdrop is still choppy. So your customers are having to make decisions about maybe bringing budgets from other areas and sort of giving it to you or allowing you to earn it, I guess. What's going on in those conversations? Are you taking budgets from other area -- from other vendors? Are -- is this -- are these dollars that used to be spent on more antiquated business processes that you're now able to sort of pull together? Yes, I'm just trying to get a sense because if you take a larger view of what's going on, obviously, this is still a difficult economic backdrop, but you all are clearly taking wallet share and just would love some more color on that.

恭喜這一季的表現。Bill，我只是想知道，當你們在談這些大型交易時，很明顯經濟背景仍然起伏不定。所以你們的客戶必須做決策，可能要把其他領域的預算挪過來，某種程度上交給你們，或讓你們去爭取到它。我想問，這些對話裡到底在發生什麼？你們是在從其他領域——從其他供應商那裡拿到預算嗎？還是——這些資金原本是花在比較老舊的業務流程上，而你們現在能把它們整合起來？是的，我只是想了解一下，因為如果從更大的角度看，很明顯這仍是困難的經濟環境，但你們顯然正在提高錢包份額（wallet share），很希望能多一些細節。

It's my pleasure. So the bottom line, Kirk, if you think about it, the future of work in terms of the employee experience, it's clear now that one portal that can provide all the services that employees need, from onboarding an employee to self-serving all of their cases, to training them and creating a segment of one learning journey for them, to managing issues that might resolve -- that might come up and need to be resolved across multiple functions, all of these things are workflow related. So I think the future of work has truly accelerated the consumer strength of our application because it's so easy to use. It's so beautiful to use. People love it, and we hide all the complexity of what's been created over the last half century.

我的榮幸。所以，Kirk，歸根結底，如果你想一想，關於員工體驗的工作的未來，現在很清楚：一個入口網站就能提供員工所需的所有服務，從員工入職（onboarding）到自助處理他們所有的案件（cases），到訓練他們並為他們建立一段個人化的學習旅程，再到管理可能出現、且需要跨多個職能解決的問題——這些全部都與工作流程有關。所以我認為，工作的未來確實加速了我們應用程式的消費者級優勢，因為它非常容易使用、使用起來很美觀。人們喜歡它，而我們把過去半個世紀所建立的所有複雜性都隱藏起來。

In terms of the customer experience, the customers today, especially in the digital world, expect companies to give them great service. And the kind of the SFA of the past, how do I upsell you and cross-sell you, they're not in a good mood for that. What they really want is they want you to give them a great service in terms of whatever they signed up for and then make all the self-help tools available to them and use AI to automate the experience. And then if you do need human intervention, the workflow process itself should initiate a call order to a bot or to a human to resolve something. So the customer gets what they want, and they get it digitally.

就客戶體驗而言，今天的客戶，尤其在數位世界裡，期待企業提供很棒的服務。而過去那種 SFA（銷售自動化）的思維——我如何向你加售（upsell）與交叉銷售（cross-sell）——他們現在對那套並沒有好心情。他們真正想要的是：你把他們所訂購的服務做好，並把所有自助工具提供給他們，並使用 AI 來自動化體驗。然後如果確實需要人工介入，工作流程本身應該啟動一個呼叫指令給機器人或真人來解決問題。如此一來，客戶得到他們想要的，而且是以數位方式得到。

And Netflix taught us this. Disney+ taught us this. This is the new way that customers want to work, and they're not in the mood for an upsell or a cross-sell when they're calling in to have a problem resolved or they're trying to get a service initiated. And similarly, big companies have a direct-to-consumer heads-up right now. It's kind of like, "Hey, the middle people I used to work through, the wholesalers, retailers, et cetera, aren't open. So I've got to go direct to my consumer with my brand and my product and create a great experience." All of this is workflow. So the changes in the future of work are going to be there.

Netflix 教會了我們這點。Disney+ 也教會了我們這點。這就是客戶想要互動的新方式；當他們打電話進來要解決問題，或他們正試著啟動某項服務時，他們並沒有心情聽你加售或交叉銷售。同樣地，大型公司現在也正面臨直接面向消費者（direct-to-consumer）的提醒。這有點像：「嘿，我以前透過中間人合作的那些批發商、零售商等等都沒有開門，所以我必須用我的品牌與產品直接面向消費者，並創造很棒的體驗。」這一切都是工作流程。所以，工作的未來所帶來的改變將會持續存在。

But then you could take a large bank. I had a CIO extraordinaire in with our Board and she talked about retiring 283 legacy applications and converging them all on the Now Platform, and then a list of another 100. And she basically told a great story about literally thousands of people working from everywhere and getting them all their tools and procedures and allowing them to navigate in this world on their own in a way that's highly pleasing to them because they want to drive productivity with their workforce. They also want to mitigate risk and have controls in place, so the places run well and everything now is just running so much better. They took out all these 283 systems, and they delivered like hundreds and hundreds of thousands of dollars by application that they retired. And when you add it all up, it's in the triple-digit millions. So they're saving huge money.

但接著你也可以看一家大型銀行。我曾有一位傑出的 CIO 與我們董事會會面，她談到要汰除 283 個舊有（legacy）應用程式，並把它們全部整合到 Now Platform 上，然後還有另外 100 個的清單。她基本上講了一個很棒的故事：真的有成千上萬的人在各地工作，而他們為所有人提供工具與流程，讓他們能在這個世界中自行操作，而且讓他們非常滿意，因為他們想用員工隊伍來提升生產力。他們也想降低風險並建立控制機制，讓各個據點運作良好，而現在一切都運轉得更好。他們移除了這 283 套系統，並且每汰除一個應用程式就帶來數十萬美元的效益。當你把它全部加總起來，是三位數百萬美元等級（triple-digit millions）。所以他們省下了巨額成本。

And your next question is from Karl Keirstead of UBS.

下一個問題來自 UBS 的 Karl Keirstead。

Maybe I'll direct this one to Gina. Gina, on the margin improvement trajectory, it seems like there's a band we should be thinking about. Maybe at the low end, the pre-COVID rate at which ServiceNow was improving margins at about 100 basis points a year, and perhaps at the high end, the roughly 300 basis points that you're going to put up in 2020, which is probably somewhat unsustainable. I wanted to ask whether your comments about upticking investments was intended to perhaps push us to one end of that spectrum. I'm not asking for a firm guidance. I know that will probably come later. But just directionally, maybe how this experience with COVID and the cost structure has changed, if at all, your view of ServiceNow as a margin improvement story?

也許我把這題給 Gina。Gina，關於毛利率改善的軌跡，看起來我們應該用一個區間來思考。也許低端是 COVID 之前 ServiceNow 改善毛利率的速度，大約每年 100 個基點；高端則可能是你們在 2020 年將達到的大約 300 個基點，而那大概有點不可持續。我想問的是，你提到投資會上升（upticking investments），是否意在把我們推向那個區間的某一端。我不是在要求明確指引，我知道那可能會在之後提供。但就方向性而言，這次 COVID 的經驗以及成本結構是否改變（如果有的話），是否改變了你對 ServiceNow 作為一個毛利率改善故事的看法？

Yes. So thanks for the question, Karl. It's a great question, and I was trying to give some -- I was trying to elaborate here, right? So the 300 basis point of margin improvement that you're seeing this year, as you said, is not sustainable, right? Some of these costs will return, and what we wanted to say is that not all of them will at the same level, right? And so we absolutely will be leaning into the future of work and what that means from a cost perspective.

是的。Karl，謝謝你的問題。這是個很好的問題，而我也試著提供一些——我試著在這裡更詳細說明，對吧？所以你今年看到的 300 個基點毛利率改善，正如你所說，是不可持續的，對吧？其中一些成本會回來，而我們想表達的是，不是所有成本都會以同樣的水準回來，對吧？因此我們絕對會加大投入到工作的未來，以及從成本角度來看那代表什麼。

But we don't plan because we [don't rest on our laurels]. And as Bill talked about, this acceleration in digital transformation, really being at the forefront and really making sure that we are well positioned to take advantage of that growth and really remain market leader, we will absolutely continue to invest to ensure that we are well positioned in the view of that acceleration happening. And so more will come on the [absolute margin side], but I wanted to make clear that the 300 basis points is not sustainable. And that certainly, some of the learnings and efficiencies that we'll see in a post-pandemic world will be redeployed in areas such as R&D and in quota-bearing resources to really kickstart growth.

但我們不會打算這樣做，因為我們[不會躺在功勞簿上]。而正如 Bill 所談到的，數位轉型的加速，真正站在最前線，並確保我們處於有利位置以把握那樣的成長、並真正維持市場領導者地位，我們絕對會持續投資，以確保在這種加速發生的情況下我們仍然處於有利位置。因此在[絕對毛利率方面]還會有更多內容，但我想清楚說明：這 300 個基點是不可持續的。而且可以確定的是，我們在後疫情世界所學到的一些經驗與效率，將會重新部署到例如研發（R&D）以及配額承擔資源（quota-bearing resources）等領域，以真正啟動成長。

Okay. That's helpful. And if I could ask a follow-up to Bill. Bill, it's now been pretty well a year since you were announced as new CEO of ServiceNow. Congrats, by the way, on that anniversary. And I'm just wondering, now that you're getting comfortable in the seat, the execution has been strong, perhaps it's time that M&A becomes a bigger lever to move ServiceNow in the direction you'd like. I'd love your thoughts on that.

好的。這很有幫助。如果我可以再追問 Bill 一題。Bill，距離你被宣布成為 ServiceNow 新任 CEO，現在差不多已經一年了。順便恭喜你這個周年。我只是想知道，現在你已經逐漸坐穩這個位置，執行表現也很強，也許是時候讓併購（M&A）成為更大的槓桿，推動 ServiceNow 朝你想要的方向前進。我很想聽聽你的看法。

Well, Karl, thank you very much. It's been a year. It's been amazing, [a lot of you]. And the workforce, the partners, the customers, the satisfaction, the loyalty, the excitement on Net Promoter Score, everything is just so positive. And the culture here is so committed, and I think that has really gelled very well with my DNA. So I'm just honored to be here and having the time on my life.

Karl，非常感謝。已經一年了。這一年非常精彩，[你們很多人]。而員工、合作夥伴、客戶、滿意度、忠誠度、在淨推薦值（Net Promoter Score）上的熱情，一切都非常正面。這裡的文化也非常投入，我認為那與我的 DNA 非常契合。所以我很榮幸能在這裡，也正享受人生中最美好的時光。

As it relates to M&A, we have a situation here where the core business, and the core business has so much potential in and of itself and the platform has so much potential in and of itself, and when you extend that to the employee experience and some of the items I mentioned today and then you also think about the workforce and the workforce of the future and all the experience layers that go along with that and what ServiceNow will do for people and we're going to make people and their lives some much better in the enterprise, then you think about customer service maintenance and the enormous success we're having with customer service management and the huge TAM of customer service management, we just have so much opportunity organically that you have to think about geographies, you have to think about industries, you have to think about the personas we're going to serve.

就併購（M&A）而言，我們目前的情況是：核心業務本身就有極大的潛力，平台本身也有極大的潛力；當你把這延伸到員工體驗，以及我今天提到的一些事項，再進一步思考勞動力與未來的勞動力、以及隨之而來的所有體驗層，以及 ServiceNow 將為人們做什麼、我們將在企業中讓人們與他們的生活變得更好，接著你再想到客戶服務維護，以及我們在客戶服務管理（CSM）上取得的巨大成功與其龐大的 TAM（總可服務市場），我們在有機成長方面就有非常多的機會，因此你必須思考地理區域、必須思考產業、也必須思考我們將服務的各類角色（persona）。

And when you put it all together, I mean, depending on what research you look at, Morgan Stanley, when I first came in here, had just taking paper-based processes and enterprises and automating them into workflow. So it's $228 billion in the U.S. So if you extrapolate that to the world, you could easily get to $400 billion, just the math. You think about the employee experience, the CSM, the core business now with (inaudible) and AI and [mobi] operational efficiencies, so much organic growth.

而當你把這一切整合起來，我是說，取決於你看哪一份研究，Morgan Stanley 在我剛加入這裡時的觀點是：僅僅把以紙本為基礎的流程在企業中自動化成工作流程，在美國就有 2,280 億美元的市場。所以如果把這外推到全球，光用數學推算，你很容易就能到 4,000 億美元。再想想員工體驗、CSM、現在的核心業務加上（聽不清）與 AI，以及 [mobi] 營運效率，這些都帶來非常多的有機成長。

So I think the tuck-in strategy has worked well for us because we've been able to re-platform all of that code to the Now Platform. We have no tech debt. Many companies sort of expanding through acquisition now have a mess on their hands, that they're spending engineering time reintegrating all the time instead of building that through innovation. So we're very thoughtful about what we're doing here and why we're doing it in service to the customers.

所以我認為「小型併購整合（tuck-in）」策略對我們很有效，因為我們能把所有那些程式碼重新平台化到 Now Platform 上。我們沒有技術債。許多公司現在透過併購擴張，手上反而是一團亂，工程團隊一直花時間反覆做重新整合，而不是透過創新來打造。因此我們對在這裡做什麼、以及為什麼這麼做都非常審慎，目的都是為了服務客戶。

So long and short of it is it's an organic growth story. There's plenty of room to grow. The TAM is big. And if we did something on a more sizable scale, we would have very clear guardrails on doing them for the customers' interests and the large expansion opportunity. But we would never take away the experience benefits they're getting from the Now Platform.

所以簡而言之，這是一個有機成長的故事。成長空間很大。TAM 很大。若我們要做更大規模的事情，我們會有非常清楚的護欄（guardrails），確保一切以客戶利益與龐大的擴張機會為依歸。但我們絕不會犧牲他們從 Now Platform 所獲得的體驗效益。

Your next question is from Keith Weiss of Morgan Stanley.

下一個問題來自 Morgan Stanley 的 Keith Weiss。

Very nice quarter. Bill, a question for you and then one for Gina. Definitely feel your excitement about the kind of workflow space. But it does seem like there's a lot of other vendors that are trying to converge on this opportunity as well and trying to automate people's workflows and perhaps sort of different competitive set or environment that ServiceNow have seen historically. Can you give us your perspective on sort of who are the main competitors for the big vision of ServiceNow, who are the guys that you really are going out there and looking to that to get those big deals done?

這一季表現非常好。Bill，我有一個問題問你，然後一個問題問 Gina。確實能感受到你對工作流程（workflow）領域的興奮。但看起來也有很多其他供應商正試圖在這個機會上匯聚，嘗試自動化人們的工作流程，競爭組合或環境可能也與 ServiceNow 過去所見不同。你能否分享一下你們的觀點：就 ServiceNow 的宏大願景而言，主要競爭對手是誰？你們在外面真正會盯著哪些對手，來拿下那些大型交易？

Keith, that's the amazing thing. We don't need anyone to lose for us to win. So if you think about the large system of record providers out there, we have no quarrel with them. Most of the CEOs and technology leaders out there have invested heavily in those platforms. And the last thing they're interested in doing right now is switching out those platforms, especially in the COVID environment where speed, acceleration, resiliency and serving customer and employees are at the top of their to-do list. So that's not a problem for us.

Keith，最令人驚訝的是：我們不需要別人輸，我們才能贏。所以如果你想到那些大型的系統紀錄（system of record）供應商，我們跟他們沒有衝突。外面的多數 CEO 與技術領導者都已在那些平台上投入很多。而他們現在最不想做的，就是替換那些平台，尤其在 COVID 的環境下，速度、加速、韌性，以及服務客戶與員工都排在待辦清單最前面。所以這對我們不是問題。

And then if you think about the point solution providers, of course, there's always going to be point solution providers running around. But we became the platform standard for workflow automation. And now we've extended the perimeter into the employee and the customer service management areas, which are huge TAMs. Also, as Gartner indicated, we're really gaining tremendous traction on the platform itself where people are building innovation onto the platform.

再來，如果你想到點解決方案（point solution）供應商，當然永遠都會有點解決方案供應商到處跑。但我們已成為工作流程自動化的平台標準。現在我們也把邊界延伸到員工與客戶服務管理領域，而那是非常龐大的 TAM。此外，正如 Gartner 所指出的，我們在平台本身也正獲得巨大的動能，因為人們正在平台上打造創新。

So what I see happening is large companies in the Fortune 2000 are basically taking legacy and they're putting it on to Now. They're basically saying, "How can I [fire] my legacy? Because I can go to ServiceNow to give the consumer a great experience. I can automate my workflows across domains, systems, silos and give my employees and their customers a great experience." And that's so important to them, they don't even ask about price as much as they ask about how quickly can you get it done. And then when we tell them how quickly we can get it done, they're literally in awe because we're talking weeks. We don't talk in years, and that's a very different language for most large-scale companies.

所以我看到正在發生的是：Fortune 2000 的大型公司基本上把舊系統（legacy）搬到 Now 上。他們基本上是在說：「我怎麼才能把我的舊系統『淘汰』？因為我可以用 ServiceNow 給消費者很棒的體驗。我可以跨領域、系統與孤島自動化我的工作流程，並為我的員工與他們的客戶帶來很棒的體驗。」這對他們非常重要，以至於他們問價格的程度，甚至不如問你能多快完成。然後當我們告訴他們我們能多快完成時，他們真的會驚嘆，因為我們談的是幾週。我們不談幾年，這對多數大型企業而言是非常不同的語言。

So I would really tell you, there's no competitor that we go into these large deals are worried about. We just focus on the customer, getting their business to run and do it well. And then obviously, we have all the tools, processes and people in place to show them the value. And we not only show them what's possible, but we manage the value through the life cycle of the relationship at an [odd] form level. And these are plays that have been put into the ServiceNow playbook in the last year that is scaling very, very nicely, and the customer can see what they're getting out of the platform and they like it.

所以我會告訴你，在這些大型交易中，我們沒有一個會讓我們擔心的競爭對手。我們只專注在客戶，讓他們的業務能運作、而且運作得很好。然後很顯然，我們具備所有工具、流程與人員來向他們展示價值。我們不只展示什麼是可能的，我們還會在關係的生命週期中，以一種在 [odd] 形式層級的方式來管理價值。這些打法在過去一年已被寫進 ServiceNow 的作戰手冊（playbook），而且擴展得非常、非常好；客戶看得到他們從平台得到什麼，而且他們喜歡。

Got it. Got it. And then for Gina, the confidence you guys have in the business, you guys are definitely expressing on the conference call, but also in hiring. If I got my math right, I think head count is up something in the order of like 27% on a year-on-year basis. So definitely investing behind this opportunity.

了解。了解。那接著問 Gina：你們對業務的信心，不只在電話會議上表達得很明確，也反映在招募上。如果我算得沒錯，我想員工人數年增大概在 27% 左右。所以你們確實在這個機會上加大投資。

Two questions for you. One, is that level of growth sustainable for ServiceNow on a going-forward basis? Or should we expect that to moderate? And two, just given the dynamics of the subscription model where revenues kind of follow the trend of subscription billings and billings overall, are there some margin implications to that type of growth that we should be keeping in mind as we think about 2021?

我有兩個問題。第一，這樣的成長幅度對 ServiceNow 未來而言是否可持續？還是我們應該預期會放緩？第二，考量訂閱模式的動態——營收某種程度上會跟著訂閱開立帳單（subscription billings）以及整體 billings 的趨勢走——這種成長型態是否會帶來一些毛利率/利潤率（margin）上的影響，是我們在思考 2021 年時需要留意的？

Great question, Keith, so I appreciate it. So yes, you're right in your numbers. Head count is up significantly. We made the pledge that we were not going to lay off this year in the COVID environment, and not only that, that we were actually going to continue to grow our head count pretty aggressively year-over-year especially in R&D and in sales. And so we have done just that, and we'll continue to do that.

好問題，Keith，謝謝你。所以是的，你的數字沒錯。員工人數確實大幅增加。我們承諾在 COVID 的環境下今年不會裁員，而且不只如此，我們實際上還會在年對年基礎上相當積極地擴增人力，特別是在研發（R&D）與銷售。因此我們確實這麼做了，而且也會持續這麼做。

With respect to trends, we are really focused on hiring 9s and 10s in this organization. And the announcements that we've made on new leadership have been fantastic, and we're really getting high-quality, high-caliber talent. People want to come work with ServiceNow, and we are just so thrilled about that. And so yes, I absolutely believe that the trend will continue, that we will grow head count.

就趨勢而言，我們非常專注於在這個組織中招募 9 分與 10 分的人才。我們對外宣布的新領導團隊非常出色，我們確實正在吸引高品質、高水準的人才。人們想來 ServiceNow 工作，我們對此非常振奮。所以是的，我完全相信這個趨勢會持續，我們會持續增加人力。

From a margin perspective, I said earlier, it's a bit too early to comment on '21. Certainly, the 300 basis points that we're seeing this year is not sustainable. And we absolutely will be very focused and disciplined in all our investments, including head count, to ensure that we're driving the right level of ROI, but at the same time, really investing behind growth and innovation.

從利潤率角度來看，我先前提過，現在評論 2021 年還稍早。當然，我們今年看到的 300 個基點改善並不可持續。我們也一定會在所有投資上保持高度聚焦與紀律，包括人力編制，以確保我們推動的是正確水準的投資報酬率（ROI）；但同時，也會真正加大對成長與創新的投資。

Yes. And Keith, one of the things to build on what Gina is saying, we pretty much have so many people trying to work with ServiceNow, and we're very honored by that. But you got to really thread the needle to get in there. So what we're putting into the company is sustainable, and we'd rather have a job open for an extended period of time rather than settle on talent. So we're going to build a great company here.

是的。Keith，另外補充 Gina 所說的一點：基本上有非常多人想和 ServiceNow 一起工作，我們對此深感榮幸。但要進來你必須非常出色、要能穿針引線。所以我們投入公司的做法是可持續的；我們寧可讓職缺空著更久，也不願在人才上妥協。所以我們會在這裡打造一家很棒的公司。

The other thing I want to mention to you is the margin profile is also substantiated by revenue per employee. And if you look at our revenue per employee and how it's climbed and how it's climbed against any comparisons we've come up with in the enterprise, it's pretty impressive. And Gina and I study that very carefully, and we want to make sure that our shareholders have total visibility into all the things that we're doing. And we also run the whole company on the Now Platform. So we're getting tremendous efficiencies out of that, that being reinvested into people. And I think that's a big thing.

我還想跟你提的是，我們的利潤率結構也受到「每位員工創造的營收」所支撐。如果你看我們每位員工營收的提升幅度，以及相對於我們在企業領域所能找到的任何可比對象的提升幅度，都相當令人印象深刻。Gina 和我非常仔細地研究這個指標，我們希望確保股東能完全看清我們正在做的所有事情。我們也用 Now Platform 來營運整家公司。因此我們從中獲得了巨大的效率，而這些效率又被再投資到人才上。我認為這是一件很重要的事。

And we're really focused on the engineering pride of the company. We make great, great products, and we provide great service with those products, and the brand obviously is resonating. But in addition to that, where we put the money is on things that will return for the shareholder, so in the form of revenue and sustained revenue in addition to the margins. So really, really focused on the whole P&L right now.

而且我們確實非常專注於公司在工程上的自豪感。我們打造非常、非常出色的產品，也透過這些產品提供很棒的服務，品牌顯然正在引起共鳴。但除此之外，我們把資金投入在能為股東帶來回報的事情上，也就是以營收與可持續的營收形式呈現，並且同時兼顧利潤率。所以我們現在真的、真的非常聚焦在整個損益表（P&L）。

Yes. ServiceNow's unit economics are really best in class. So we definitely take notice of the efficiency with which you guys make those investments and the greater returns. So great job, guys.

是的。ServiceNow 的單位經濟效益確實是同業最佳。因此我們確實注意到你們進行這些投資的效率以及更高的回報。做得很好，各位。

Thank you very much.

非常感謝。

Your next question is from Phil Winslow of Wells Fargo.

下一個問題來自富國銀行（Wells Fargo）的 Phil Winslow。

A question for you, Bill, then a follow-up for Gina. Bill, obviously, given your background scaling go-to-market with large application platform companies, now that you've been at ServiceNow for 3-plus quarters, how do you think about the opportunity that ServiceNow has, not just simply to sell deeper into the organization, but as you mentioned, you acquired new customers? How do you think about sort of balancing that opportunity?

先問你一個問題，Bill，接著我會對 Gina 追問。Bill，顯然，考量到你過去在大型應用平台公司擴展 go-to-market 的背景，現在你在 ServiceNow 已經超過三個季度了，你如何看待 ServiceNow 的機會——不只是更深入地向組織內部銷售，還包括如你提到的，你們也獲得了新客戶？你如何思考在這些機會之間取得平衡？

And then Gina, sort of as a follow-up to that in terms of just go-to-market capacity, obviously, you've added a lot of go-to-market heads this year. What are you seeing in terms of just ramp of those new heads, especially doing so in a virtual environment?

然後 Gina，作為延伸追問，就 go-to-market 產能而言，顯然你們今年新增了很多 go-to-market 人員。你們看到這些新進人員的上手（ramp）情況如何，尤其是在虛擬環境下進行？

Yes. So Phil, I'm really excited [across] the year here. We crossed that threshold, which is great. In terms of building the go-to-market machine here, it's an outstanding business because the business was built on Net Promoter Score, customer satisfaction and loyalty. And when you have a baseline of very, very happy customers that love the product and are having a great experience, it's a lot easier to scale an organization. So I start with that in total respect of the great engineering and outstanding go-to-market folks that we have in the company that deeply care about customer satisfaction and loyalty. And that baseline has enabled us to focus.

是的。Phil，我對今年整體進展感到非常興奮。我們跨過了那個門檻，這很棒。就打造 go-to-market 機器而言，這是一門非常出色的生意，因為這個業務是建立在淨推薦值（Net Promoter Score）、客戶滿意度與忠誠度之上。當你有一個非常、非常滿意、喜愛產品且體驗很好的客戶基礎時，擴大組織規模就容易得多。所以我首先要對我們公司優秀的工程團隊與卓越的 go-to-market 團隊致上最高敬意，他們非常在乎客戶滿意度與忠誠度。而這樣的基礎讓我們得以聚焦。

I'd say we're focusing very carefully, Phil, on the Global 2000. We are now geographically expanding in Asia. We also have several places within EMEA that we can expand, and we're on top of that. And we're also segmenting things much more by industry now because as you know, when you have an industry solution, it's easily replicated in other parts of the world and in other accounts. So we're very good with large customers getting success and then fast replication of that success. And the value that, that delivers is something that's still a tailwind, and there's plenty of room to grow.

我會說，Phil，我們非常謹慎地聚焦在 Global 2000。我們現在也在亞洲進行地理擴張。在 EMEA 也有幾個地方可以擴張，我們正在積極推進。同時我們也更以產業來做分眾，因為如你所知，當你有一個產業解決方案時，它很容易在世界其他地區與其他客戶中複製。因此我們很擅長讓大型客戶取得成功，然後快速複製這個成功。而這所帶來的價值仍然是一股順風，而且成長空間仍然很大。

Furthermore, I do believe that, that works especially well on a COVID environment [on a same account] revenue growth basis. And then there's a whole new motion that we have where the net new logo expands into the company, and that will nicely complement the direct sales force. So there are several indirect techniques that we're putting into place. And just to let all shareholders know what we're thinking about this stuff [and in our sleep, too], we want to make sure that things that we used to do, that perhaps because of COVID or we came up with a better idea even after COVID, is going to be invested in things that give us growth and do so with high efficiency.

此外，我確實相信，這在 COVID 環境下特別適用於同一客戶（same account）的營收成長。然後我們還有一個全新的動能：全新 logo（net new logo）在公司內部擴張，這將很好地補充直銷團隊。因此我們正在導入幾種間接的做法。也讓所有股東了解我們對這些事情的思考（甚至睡覺也在想），我們希望確保過去做的事情，無論是因為 COVID 的影響，或是即便在 COVID 之後我們想出了更好的方法，都會把投資放在能帶來成長、且效率很高的事情上。

So we're covering the board geographically by industry, by persona. It's a direct game. The focus is on the 2000. But we can also go down market with a lot of self-service techniques and [in size] techniques that we've yet to fully form. And they are in place, and we think they'll hit the ground running in '21 as well.

所以我們在地理、產業、以及 persona（角色/職能）上全面佈局。這是一個直銷為主的戰場，重點放在 2000 大客戶。但我們也可以透過許多自助式（self-service）技巧以及我們尚未完全成形的規模化（in size）技巧來往下打入中小市場。這些都已經在進行中，我們也認為它們在 2021 年同樣會迅速啟動並產生效果。

And then on your second question with respect to sales efficiency and ramp rep, I've been extremely impressed still with the sales teams' ability to close large deals [a la mode]. As we mentioned, we closed 41 deals greater than $1 million in ACV this quarter. On a sequential basis, we actually saw an improvement in sales productivity with the most notable uptick coming from North America. Attrition rate remains low, almost at the lowest rates we've seen in quite a long time. And so we're entering into '21 with this ramp rep significantly higher than at this time last year. So we feel really good about sales productivity, about the ramp rep.

至於你的第二個問題，關於銷售效率與業務上手（ramp rep），我仍然對銷售團隊在成交大型交易方面的能力印象非常深刻。[a la mode] 如我們提到的，本季我們完成了 41 筆 ACV 超過 100 萬美元的交易。以季對季來看，我們實際上看到銷售生產力有所提升，其中最明顯的增幅來自北美。離職率仍然很低，幾乎是我們很長一段時間以來看到的最低水準。因此我們進入 2021 年時，業務上手（ramp rep）的狀況顯著優於去年此時。我們對銷售生產力、對業務上手都感到非常有信心。

And of course, ramping new employees in a virtual environment, we use the Now Platform. And so onboarding platform and product has just been phenomenal. And so the 27% growth that you've seen this year in total heads, we've been onboarding the bulk of those folks remotely in a COVID environment, and it's been solid. I actually had a couple of hires that were just so impressed with how easy it was to onboard. And so really, really proud of the entire team.

當然，在虛擬環境中讓新員工上手，我們使用 Now Platform。因此入職（onboarding）平台與產品的表現非常出色。所以你今年看到總人數成長 27%，其中大多數人我們都是在 COVID 的遠端環境下完成入職，整體很穩健。我其實有幾位新進同仁對入職流程的容易程度印象深刻。所以我對整個團隊真的、真的非常自豪。

Your next question is from Derrick Wood of Cowen and Company.

下一個問題來自 Cowen and Company 的 Derrick Wood。

I'll echo my congrats. I guess for Bill or Gina, I know you guys don't disclose net revenue retention rates. But I'm just curious, if you look outside of the distressed verticals you talked about, how would you characterize how expansion rates have trended this year versus what you saw pre-COVID?

我也要附和一下恭喜。我想問 Bill 或 Gina：我知道你們不揭露淨營收留存率（net revenue retention rates）。但我很好奇，如果排除你們提到的受衝擊產業（distressed verticals），你們會如何描述今年的擴張率相較於 COVID 之前的趨勢？

And then as a follow-up, I mean, as you enter your strongest renewal quarter in Q4, can you talk about the focus and the demand for ITSM Pro and maybe give us a sense as to what inning you think we're in, in terms of penetrating the installed base?

然後作為追問，當你們進入第四季這個最強的續約季度時，能否談談你們對 ITSM Pro 的聚焦與需求情況，並且讓我們了解一下，就滲透既有客戶基礎（installed base）而言，你們覺得目前大概在第幾局（inning）？

Yes. Great. I'll take that. Listen, I think that our expansion rates have been really holding up well, similar to what we've seen pre-COVID. So really strong, happy with what we're seeing, even with respect to the distressed verticals. I talked about those deals greater than $1 million in the year -- sorry, in the quarter holding up really strong. And so we feel really good about expansion rates. We feel really good about even our significantly distressed verticals, right, we are seeing more upsell than down-sell. And so again, feel really good about that.

好的，很好。我來回答。聽著，我認為我們的擴張率一直維持得很好，與 COVID 之前看到的情況相近。所以表現非常強勁，我們對目前看到的狀況很滿意，即便是在那些受衝擊的產業也是如此。我剛才提到，本季單筆超過 100 萬美元的交易仍然非常強勁。所以我們對擴張率感覺很好。即便在受衝擊非常嚴重的產業，我們看到的也是加購（upsell）多於降購（down-sell）。因此再次強調，對此我們感覺非常好。

If you talk about the demand for ITSM Pro, well, it continues to be going well and really strong. We continue to have a strong quarter in Q3. We had great strength. We saw increases in automation and operational resiliency within the product. As we've talked about before, there's a 25% price [hike] -- uplift from ITSM Pro, and 15% of our customers are using it today. So there's significant runway still ahead of us with respect to the Pro SKU.

如果談到 ITSM Pro 的需求，它持續表現良好且非常強勁。我們在第三季仍然有很強的一季，展現出很好的動能。我們看到產品在自動化與營運韌性方面的提升。如我們之前談過，ITSM Pro 相較之下有 25% 的價格提升（uplift），而目前有 15% 的客戶正在使用它。因此就 Pro SKU 而言，我們前方仍有相當可觀的成長跑道。

And so again, in summary, really doing well. Customers are resonating in the AI and ML capabilities that are incremental, and the Pro SKU are really resonating right now more than ever as you think about the future of work in this COVID environment. And so still early inning with a lot of runway to go.

所以再次總結，整體表現非常好。客戶對 AI 與 ML 的增量能力很有共鳴，而 Pro SKU 在你思考 COVID 環境下的未來工作型態時，比以往任何時候都更能引起共鳴。因此仍然在早期局數，還有很長的跑道可走。

And Derrick, one thing to build on Gina's commentary, on the pipeline, if you look at our pipeline in a snapshot, this time last year, our pipeline is up this year versus last year. And even when -- if you want to play the [weigh up game in certain] industries that are harder hit so you have enough coverage on this conversion side, we have more than enough. So we've already gone through all that, and the retention has been outstanding, including in the distressed industries. And the pipeline overall is substantially strong, and the loyalty actually went up this quarter versus last. So the business is in really good shape.

Derrick，再補充 Gina 的評論，關於 pipeline，如果你看我們 pipeline 的快照，與去年此時相比，我們今年的 pipeline 是增加的。即便——如果你想在某些受衝擊較大的產業做[weigh up game in certain] 的權衡，以確保在轉換端有足夠覆蓋，我們也綽綽有餘。我們已經把這些都走過一遍了，而留存表現非常出色，包括在受衝擊的產業也是如此。整體 pipeline 也相當強勁，而且本季的忠誠度相較上一季還上升了。所以業務狀況非常良好。

Your next question is from Brad Zelnick.

下一個問題來自 Brad Zelnick。

I want to follow up on Keith's question around head count because I noticed the exception was in professional services. And Bill, I don't think anyone has the kind of experience and relationships with the global SIs as you do. So can you give us an update on these relationships, the joint investments you're making and the kind of partner leverage that we should expect to see out of the business going forward?

我想延伸 Keith 關於人頭數的問題，因為我注意到例外是在專業服務。Bill，我想沒有人像你一樣，對全球系統整合商（SI）擁有這樣的經驗與人脈。所以你能否更新一下這些關係、你們正在進行的共同投資，以及未來我們應該期待業務能從合作夥伴槓桿中獲得什麼樣的效益？

Yes. This is such a good question. If you think about a partner like EY as an example, if you talk to Carmine, ServiceNow, (inaudible) a year ago on ServiceNow platform [building his whole] team. And we were one of the partners. We were one of the companies. And now it's us and Microsoft as his 2 most strategic global partners. If you think about Accenture, I talked about [to you Accenture] today, Accenture's now opened up a global practice dedicated with complete passion and investment. If you look at IBM, IBM had a very large on-premise, their version of ITSM on-premise legacy. And they've entered into a big partnership with us to actually move that to the ServiceNow Cloud. We teamed up with them on their Watson AI ops. Everybody wins. But best of all, now IBM is committed to a large-scale ServiceNow practice. And this is also true with all the other signature partners that you're well aware of.

是的。這真的是個很好的問題。以像 EY 這樣的合作夥伴為例，如果你去跟 Carmine 談，一年前他在 ServiceNow 平台上（聽不清）[建立他的整個] 團隊。而我們是其中一個合作夥伴、其中一家公司。現在，我們和微軟成了他最具策略性的兩個全球合作夥伴。如果你看 Accenture，我今天也跟你提到 [跟你談到 Accenture]，Accenture 現在已經成立了一個全球實務，並以十足的熱情與投資全力投入。如果你看 IBM，IBM 過去有非常龐大的地端（on-premise）部署，他們有自己版本的 ITSM 地端傳統系統。而他們已經與我們建立了一項重大合作夥伴關係，實際上要把那套移轉到 ServiceNow 雲端。我們也和他們在 Watson AIOps 上合作。大家都贏。但最棒的是，現在 IBM 承諾要建立大規模的 ServiceNow 實務。你所熟悉的其他所有標誌性合作夥伴也同樣如此。

So what has happened? What has changed. There isn't a single partner out there that doesn't have at least a $1 billion, if not many more billion, vision for what they will do with ServiceNow in the very near future. They are all increasing their investment. They're all looking at ServiceNow as a standard for digital transformation. And they all see either ServiceNow as a cross-platform integration engine to straighten out the way companies run and also complement their auto practices, or they're looking at it as a pure net new workflow revolution practice on some of the dimensions that Gina and I discussed today.

那麼發生了什麼？改變了什麼？現在外面沒有任何一家合作夥伴，對於在非常近期與 ServiceNow 合作能做什麼，不至少有 10 億美元的願景（甚至是數十億美元）。他們都在增加投資。他們都把 ServiceNow 視為數位轉型的標準。他們都看到：要嘛把 ServiceNow 視為跨平台整合引擎，用來理順企業的運作方式並且補強他們的自動化實務；要嘛把它視為一個全新的工作流程革命實務，涵蓋我和 Gina 今天討論的一些面向。

In all cases, it is really getting tremendous tailwind, and it's one of the network effects that I think is coming from building great products, having tremendous engineering pride and also lining up the company only with customer satisfaction. I mean that's really what we care about. And the partners are really resonating with that because when you work with ServiceNow, you don't have situations where you're seeing a product [misses], situations where ServiceNow complements their practice, it works, everybody is happy with it, how do we scale. That's the conversation.

在所有情況下，這確實帶來了巨大的順風，而我認為這也是一種網路效應：來自於打造優秀的產品、擁有強烈的工程自豪感，並且讓公司的一切只對齊客戶滿意度。我的意思是，這才是我們真正關心的。而合作夥伴也真的對此產生共鳴，因為當你和 ServiceNow 合作時，不會出現你看到產品[失誤]的情況；相反地，ServiceNow 能補強他們的實務，能運作，大家都很滿意，那接下來要怎麼擴大規模——對話就是這樣。

Awesome, Bill. If I could just squeeze one in for Gina. I want to ask about the COVID assumptions that you have baked into the Q4 guide. Because if I look at what you were saying a quarter ago, you would assume that the most significant headwinds would occur in Q2 and Q3 and that -- as it relates to COVID, and that into Q4, the economy would be opening up more broadly. Now if I look at the safe harbor in the deck that you have out there today, it instead says that the assumptions are based on information available to us today.

太棒了，Bill。如果我可以再塞一題給 Gina。我想問你們在第四季指引中納入的 COVID 假設。因為如果我看你們一季前的說法，你們會假設最顯著的逆風會出現在第二季和第三季——就 COVID 而言——而到了第四季，經濟會更廣泛地重新開放。現在如果我看你們今天釋出的簡報中的安全港聲明（safe harbor），反而寫的是：這些假設是基於我們今天可取得的資訊。

Can you just maybe talk a little bit about is this, in your mind, a headwind relative to what your assumptions were a few months ago? Because we're seeing -- I know this is changing and evolving very rapidly. But even today with France shutting down, how are you thinking about this?

你能不能稍微談一下：在你看來，這相較於你們幾個月前的假設，是不是一個逆風？因為我們看到——我知道情況變化與演進非常快。但即使是今天法國再度封城，你們是怎麼思考這件事的？

Yes. It's a great question, as you know, right? So the uptick in cases and France closing down is certainly a key on all of our minds, right, not just from a business perspective. But what I will say is that as you saw the guide, we're actually raising our guide for Q4. And so we definitely took a cautious approach in all of our assumptions back at the end of March, and we continue to refine them as we go. What gives me confidence right now in our current Q4 guide is our pipeline stack, right? The coverage is better than last year. Our close rates are strong. And so we continue to be able to evolve and close deals in this remote environment.

是的。這是個很好的問題，你也知道，對吧？病例回升以及法國封城，當然是我們所有人心中的重點，不只是從商業角度。但我要說的是，正如你在指引中看到的，我們其實是在上調第四季指引。所以我們在三月底對所有假設確實採取了審慎的做法，並且持續在過程中加以精煉。讓我對目前第四季指引有信心的是我們的管線堆疊（pipeline stack），對吧？覆蓋度比去年更好。我們的成交率很強。因此即使在遠端環境下，我們仍能持續推進並完成交易。

And so if you think about where we were back in March, April, May, the whole world basically locked down. We feel confident that we'll be able to really continue to hit our numbers and have a strong close to 2020 and Q4. The team is doing a phenomenal job. Execution is just top rate. And at the end of the day, back to the comments that Bill has made earlier, more and more companies are leaning in and not leaning out because they absolutely have to. And the longer COVID exists, and let's be clear, no one thinks this is going away tomorrow, the more companies have to invest in exactly what ServiceNow is providing. And so again, pipeline looks strong. We feel really good about our Q4 guidance.

所以如果你回想三月、四月、五月，那時幾乎全世界都封鎖。我們有信心能夠持續達成我們的數字，並在 2020 年與第四季有一個強勁的收官。團隊表現非常出色，執行力是一流的。歸根結底，回到 Bill 先前的評論，越來越多公司是在加碼投入，而不是抽身，因為他們絕對必須這麼做。而 COVID 存在得越久——而且說清楚，沒有人認為這明天就會消失——公司就越必須投資於 ServiceNow 正在提供的這些能力。所以再說一次，管線看起來很強。我們對第四季指引感覺非常好。

Congrats on all the success.

恭喜你們取得這麼多成功。

Thank you.

謝謝。

And your last question is from Zane Chrane of Bernstein Research.

你們的最後一個問題來自 Bernstein Research 的 Zane Chrane。

A little bit of a conceptual question regarding your TAM. I know you've alluded to this in the past, but I get a lot of questions from investors regarding how much is your TAM when you add up the spend on HR versus customer service or IT management, et cetera. And it seems like that's maybe not the best way to think about it. Increasingly, it seems like the TAM is a function of how much the employee time -- the value of employee time tracking work about work is being wasted in aggregate around the world, compounded with the lost value and suboptimal business results.

有個關於你們 TAM 的概念性問題。我知道你們過去提過這點，但我常被投資人問到：如果把人資、客服或 IT 管理等各項支出加總，你們的 TAM 到底有多大？而看起來那可能不是最好的思考方式。越來越像是：TAM 取決於全球範圍內員工時間——也就是員工花在「追蹤工作中的工作」（work about work）上的時間價值——被浪費的總量，再加上因此造成的價值流失與不理想的營運結果。

When you guys look at your opportunity in terms of those 2 variables, assuming that's the correct way to look at it, what do you see as being the size of the opportunity? And then which technologies or competitors do you view as being most concerning for as ones you would want to watch on the horizon as a potential threat?

當你們用這兩個變數來看待你們的機會（假設這是正確的看法）時，你們認為機會的規模有多大？另外，從技術或競爭者的角度，你們覺得哪些最值得擔心、最需要在地平線上關注，可能成為潛在威脅？

Yes. I mean it's an interesting question. And if you ask 10 different people what the TAM is, you will absolutely get 10 different answers. If you look at what Gartner said when we IPO-ed about what the TAM was for ITSM, it was significantly lower than what it is. I think most people would say the TAM is about $165 billion, but that's not including exactly what you talked about, right? The real opportunity to automate manual processes throughout every single organization, it's enormous. It's huge. And if we think about that, I think that -- I'm not going to quantify it here, but you all can do your math. It's large.

是的。我的意思是，這是個有趣的問題。如果你問 10 個不同的人 TAM 是多少，你絕對會得到 10 個不同的答案。如果你看 Gartner 在我們 IPO 時對 ITSM 的 TAM 評估，那個數字明顯比現在低。我想多數人會說 TAM 大約是 1,650 億美元，但那並沒有包含你剛剛提到的部分，對吧？真正的機會在於把每一個組織裡的手動流程自動化，這是巨大的、非常龐大的。如果我們從這個角度來想，我——我不會在這裡量化，但你們都可以自己算一算。它很大。

And so we absolutely believe that the acceleration of digital transformation is happening today, and that we're going to continue to evolve and innovate to ensure that we remain the market leader. And so from a competition perspective, we talked about this often. We're a platform company and a platform company first. And so really with respect to competition, there's no one out there that can do what we do the way we do it, can automate complex workflows across the enterprise, across silos, across departments. The benefit is really that we can provide the end-to-end functionality across IT, employee, customer throughout the organization. We're the only cross-functional platform that can sit on top of any of the systems of records to enable workflows across those systems of records, right?

因此我們絕對相信，數位轉型的加速正在今天發生，而我們會持續演進與創新，以確保我們維持市場領導地位。就競爭而言，我們也常談到這點：我們是一家平台公司，而且首先是一家平台公司。所以就競爭來說，外面沒有任何人能以我們的方式做到我們所做的事——能在整個企業內、跨越孤島、跨越部門，自動化複雜的工作流程。其好處在於，我們能在整個組織中，跨 IT、員工與客戶提供端到端的功能。我們是唯一能夠坐落在任何記錄系統（systems of records）之上、在這些記錄系統之間啟用工作流程的跨職能平台，對吧？

So as Bill said earlier, no one has to lose for us to continue to grow and thrive. And so our differentiation is that we're really the only software company at our size with one platform, one data model, one architecture. And so we're poised to take advantage of that incremental opportunity as it comes. But you're absolutely right. The TAM is getting larger and larger as we really think about how companies really need to automate the back and middle office, for sure.

所以如同 Bill 先前所說，我們要持續成長與茁壯，並不需要有人輸。因此我們的差異化在於：以我們這樣的規模，我們幾乎是唯一一家只有一個平台、一個資料模型、一個架構的軟體公司。因此當增量機會出現時，我們已蓄勢待發、能夠把握。但你說得完全正確。當我們真正去思考企業需要如何自動化後台與中台（back and middle office）時，TAM 正在變得越來越大，這是肯定的。

Very helpful. And for what it's worth, I think ServiceNow is the only company that ever estimated a larger TAM than what management claims. So you guys have definitely executed well, and congrats on the success.

非常有幫助。順帶一提，我覺得 ServiceNow 可能是唯一一家曾經估出比管理層宣稱還要更大的 TAM 的公司。所以你們確實執行得很好，也恭喜你們的成功。

Thank you very much, Zane.

非常謝謝你，Zane。

Ladies and gentlemen, this concludes today's conference call. Thank you 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。