ServiceNow Inc (NOW) 2022 Q3 法說會逐字稿

Good afternoon, ladies and gentlemen. Welcome to the ServiceNow Q3 2022 Earnings Conference Call. (Operator Instructions) And please be advised that this call is being recorded. (Operator Instructions) And now I'd like to turn the call over to Mr. Darren Yip, Vice President, Investor Relations. Please go ahead.

下午好，女士們，先生們。歡迎參加 ServiceNow 2022 年第三季度收益電話會議。 （操作員說明）請注意，此電話正在錄音。 （操作員說明）現在我想將電話轉給投資者關係副總裁 Darren Yip 先生。請繼續。

Thank you. Good afternoon, and thank you for joining ServiceNow's Third Quarter 2022 Earnings Conference Call. Joining me are Bill McDermott, Chairman, President and Chief Executive Officer; and Gina Mastantuono, our Chief Financial Officer. During today's call, we will review our third quarter 2022 results and discuss our guidance for the fourth quarter and full year 2022.

謝謝你。下午好，感謝您參加 ServiceNow 的 2022 年第三季度收益電話會議。加入我的還有董事長、總裁兼首席執行官比爾·麥克德莫特（Bill McDermott）；和我們的首席財務官 Gina Mastantuono。在今天的電話會議中，我們將回顧 2022 年第三季度的業績，並討論我們對 2022 年第四季度和全年的指導。

Before we get started, we want to emphasize that some of the information discussed on this call such as our guidance, is based on information as of today and contains forward-looking statements that involve risks, uncertainties and assumptions. We undertake no duty or obligation to update such statements as a result of new information or future events. Please refer to today's earnings press release and our SEC filings, including our most recent 10-Q and 2021 10-K for factors that may cause actual results to differ materially from our forward-looking statements.

在開始之前，我們要強調的是，本次電話會議中討論的一些信息（例如我們的指導）基於截至今天的信息，並包含涉及風險、不確定性和假設的前瞻性陳述。我們不承擔因新信息或未來事件而更新此類聲明的義務或義務。請參閱今天的收益新聞稿和我們的 SEC 文件，包括我們最近的 10-Q 和 2021 10-K，以了解可能導致實際結果與我們的前瞻性陳述產生重大差異的因素。

We'd also like to point out that we present non-GAAP measures in addition to, and not as a substitute for, financial measures calculated in accordance with GAAP. Unless otherwise noted, all financial measures and related growth rates we discuss today are non-GAAP except for revenues, remaining performance obligations or RPO, current RPO and cash and investment. To see the reconciliation between these non-GAAP and GAAP measures, please refer to today's earnings press release and investor presentation, which are both posted on our website at servicenow.com. A replay of today's call will also be posted on our website. With that, I'll turn the call over to Bill.

我們還想指出，我們提出了非 GAAP 措施，以補充而非替代根據 GAAP 計算的財務措施。除非另有說明，我們今天討論的所有財務指標和相關增長率均為非公認會計原則，但收入、剩餘履約義務或 RPO、當前 RPO 以及現金和投資除外。要查看這些非 GAAP 和 GAAP 措施之間的協調，請參閱今天的收益新聞稿和投資者演示文稿，它們都發佈在我們的網站 servicenow.com 上。今天電話會議的重播也將發佈在我們的網站上。有了這個，我會把電話轉給比爾。

Thank you very much, Darren, and I'll add my welcome to everyone joining today's call. ServiceNow had an outstanding third quarter. Looking at the top line results in constant currency, subscription revenue was 28.5% growth. cRPO growth was 25%. On profitability, operating margin was 26%. All 3 metrics are above our guidance, beating expectations once again.

非常感謝您，Darren，我歡迎大家加入今天的電話會議。 ServiceNow 第三季度表現出色。從固定匯率來看，訂閱收入增長了 28.5%。 cRPO 增長 25%。在盈利能力方面，營業利潤率為 26%。所有 3 個指標均高於我們的指導，再次超出預期。

ServiceNow had 69 Q3 deals greater than $1 million. Our U.S. federal business had its best quarter ever in Q3. We saw strength across industries and business segments. Our performance was consistent globally with Europe executing especially well this quarter. Our renewal rate remains best-in-class at 98%. We are the largest organically grown enterprise software company. We have an unmatched combination of organic growth and profitability at scale. As these Q3 results demonstrate, we fully intend to maintain this leadership position.

ServiceNow 在第三季度完成了 69 筆超過 100 萬美元的交易。我們的美國聯邦業務在第三季度實現了有史以來最好的季度。我們看到了各個行業和業務領域的實力。我們在全球範圍內的表現與本季度歐洲的表現一致。我們的續訂率保持在 98% 的一流水平。我們是最大的有機成長型企業軟件公司。我們在規模上擁有無與倫比的有機增長和盈利能力。正如這些第三季度的結果所表明的那樣，我們完全打算保持這一領先地位。

Regarding the operating environment, in recent quarters, we said that secular tailwinds were stronger than macro crosswinds. They are. Nothing we saw in Q3 changes this core thesis. Digital technology is a deflationary force. The enterprise digital transformation market is validated. The investment thesis is stronger than ever. Hybrid multi-cloud deployments, adoption of a modern data infrastructure stack, cybersecurity and risk management, AI and data analytics, remote work and collaboration, these trends are not only durable, their relevance is expanding.

關於經營環境，最近幾個季度，我們說長期順風強於宏觀逆風。他們是。我們在第三季度看到的一切都沒有改變這個核心論點。數字技術是一種通縮力量。企業數字化轉型市場得到驗證。投資論點比以往任何時候都更有說服力。混合多雲部署、採用現代數據基礎架構堆棧、網絡安全和風險管理、人工智能和數據分析、遠程工作和協作，這些趨勢不僅持久，而且相關性正在擴大。

There'll be 750 million new applications built by 2025. In the U.S. alone, nearly 100 million workers will remain in hybrid environments. 27 billion connected devices will drive more data in the cloud over the next 3 years. And ServiceNow's platform directly addresses all these challenges, which translates to numerous growth vectors for our business.

到 2025 年，將有 7.5 億個新應用程序構建。僅在美國，就有近 1 億工人將留在混合環境中。未來 3 年，270 億台聯網設備將在雲中驅動更多數據。 ServiceNow 的平台直接解決了所有這些挑戰，這轉化為我們業務的眾多增長載體。

I hear one thing from CEOs consistently. Anything we prioritize must generate results in weeks or months. This is the essence of the great reprioritization. In past decades, waves of enterprise systems were introduced to meet market challenges of those times, operating systems, databases, applications. What we see now is a generational shift from architectures built in the lab sentry to platforms engineered for this one. If you look at the ERP market, we see customers at various stages of their move to the cloud. Some of the world's largest manufacturers, for example, are consolidating hundreds of old procurement processes into a modern workflow experience. This declutters the legacy environment, driving more than $1 billion in cost efficiencies for just one of our many ERP wins this quarter.

我一直從 CEO 那裡聽到一件事。我們優先考慮的任何事情都必須在數週或數月內產生結果。這就是重排優先順序的本質。在過去的幾十年裡，為了應對當時的市場挑戰，操作系統、數據庫、應用程序引入了一系列企業系統。我們現在看到的是從實驗室哨兵構建的架構到為此設計的平台的代際轉變。如果您查看 ERP 市場，我們會看到客戶處於遷移到雲的不同階段。例如，世界上一些最大的製造商正在將數百個舊採購流程整合到現代工作流程體驗中。這使遺留環境變得混亂，僅在本季度我們贏得的眾多 ERP 勝利中的一項中，就推動了超過 10 億美元的成本效率。

We could do it because ServiceNow was born in the cloud. We integrate with everyone. We meet our customers wherever they are, any environment, any organizational structure, any operating model. Where there is complexity, we simplify. We are fast to deploy, fast to generate ROI. In this need-for-speed environment, the ServiceNow platform is becoming the strategic center of gravity for our customers.

我們可以做到這一點，因為 ServiceNow 誕生於雲中。我們與每個人融為一體。無論客戶身在何處、任何環境、任何組織結構、任何運營模式，我們都能滿足他們的需求。哪裡有復雜，我們就簡化。我們快速部署，快速產生投資回報。在這種急需速度的環境中，ServiceNow 平台正在成為我們客戶的戰略重心。

In light of this, today, we're announcing a new initiative: RiseUp with ServiceNow to skill 1 million ServiceNow-certified professionals by 2024. Our customers, partners and ServiceNow itself are all growing as ServiceNow workforces. We see opportunity everywhere. With RiseUp with ServiceNow, we'll give people the knowledge to seize it. Overall, the demand environment is strong. The market opportunity is growing. The ecosystem is expanding. ServiceNow is a growth company on every level.

有鑑於此，今天，我們宣布了一項新計劃：通過 ServiceNow 崛起，到 2024 年讓 100 萬獲得 ServiceNow 認證的專業人士獲得技能。我們的客戶、合作夥伴和 ServiceNow 本身都在成長為 ServiceNow 員工。我們到處都能看到機會。借助帶有 ServiceNow 的 RiseUp，我們將為人們提供抓住它的知識。總體而言，需求環境強勁。市場機會正在增長。生態系統正在擴大。 ServiceNow 在各個層面都是一家成長型公司。

We see the growth across multiple buyer personas as customers consume more of our expanding solutions portfolio. In Q3, both ITSM and ITOM were in 17 of our top 20 deals, with 6 deals each over $1 million. Security and risk were in 15 of the top 20 with 5 deals over $1 million. Customer and Employee Workflows were each in 12 of the top 20. Once again, we saw Creator Workflows in all the top 20 deals with 9 deals over $1 million.

隨著客戶消耗更多我們不斷擴大的解決方案組合，我們看到了多個買家角色的增長。在第三季度，ITSM 和 ITOM 在我們的前 20 筆交易中有 17 筆交易，每筆交易超過 100 萬美元。前 20 名中有 15 項交易超過 100 萬美元，其中安全和風險佔 15 項。客戶和員工工作流程在前 20 名中各佔 12 名。我們再次在所有前 20 名交易中看到創作者工作流程，其中 9 筆交易超過 100 萬美元。

Customers view ServiceNow as mission-critical. The Defense Logistics Agency works with ServiceNow to support the global defense supply chain with automated workflows. Faced with the crisis of Hurricane Ian, the State of Florida worked with ServiceNow to deploy a mission-critical application to manage requests from people searching for their loved ones. In crisis situations, weeks to deploy isn't an option, which is why the state did it with ServiceNow in a few hours.

客戶將 ServiceNow 視為關鍵任務。國防後勤局與 ServiceNow 合作，通過自動化工作流程支持全球國防供應鏈。面對伊恩颶風的危機，佛羅里達州與 ServiceNow 合作部署了一個關鍵任務應用程序來管理人們尋找親人的請求。在危機情況下，部署數週不是一種選擇，這就是該州在幾個小時內使用 ServiceNow 的原因。

Deutsch Telekom provided KPN works with ServiceNow to reduce their order management process from 3 days to under a minute, saving millions. Thank you. These stories are everywhere. In fact, 1 CEO chose ServiceNow for the first time, said it best to me personally. "It's always easier to make a strategic partner decision when you trust the people on the other side of it."

Deutsch Telekom 提供 KPN 與 ServiceNow 合作，將他們的訂單管理流程從 3 天縮短到 1 分鐘以下，從而節省了數百萬美元。謝謝你。這些故事無處不在。事實上，1 CEO 第一次選擇了ServiceNow，對我個人說最好。 “當你信任對方的人時，做出戰略合作夥伴的決定總是更容易。”

In late September, we announced the ServiceNow Tokyo release. We delivered AI-powered task intelligence, which is all about making the customer service agents like more productive, reducing manual effort, speeding time to resolution and improving the customer experience. On the revenue-facing side, we delivered enhancements to order management, including support for bundling, configurable products and pricing models. We delivered major advances in field service operations and dispatch with scheduled optimization and territory planning. These capabilities help our customers better manage their costs but also their ESG footprint.

9 月下旬，我們發布了 ServiceNow Tokyo 版本。我們提供了人工智能驅動的任務智能，這一切都是為了提高客戶服務代理的工作效率、減少人工、加快解決問題的時間並改善客戶體驗。在收入方面，我們增強了訂單管理，包括支持捆綁、可配置產品和定價模型。我們通過預定的優化和區域規劃在現場服務運營和調度方面取得了重大進展。這些功能幫助我們的客戶更好地管理他們的成本以及他們的 ESG 足跡。

At a moment when customer service is at the very top of C-level agenda, ServiceNow's net new innovation is driving and transforming the front office. The technology leaders, we released a new service operations workspace which will deliver faster incident resolutions to keep people highly productive. And given the ongoing migration to the cloud, we released a new licensed cloud cost simulator so leaders can model the cost benefits by moving from on-premise to cloud deployments.

在客戶服務成為 C 級議程最重要的時刻，ServiceNow 的全新創新正在推動和改造前台。作為技術領導者，我們發布了一個新的服務運營工作區，它將提供更快的事件解決方案，以保持人們的高效工作。鑑於持續向雲遷移，我們發布了一個新的許可云成本模擬器，以便領導者可以通過從內部部署遷移到雲部署來模擬成本收益。

The Tokyo release contains many more new features across each of our major workflow businesses, technology, customer, employee and creator. It is the latest demonstration that ServiceNow's products and engineering machine is the best in the world, the best in class, like no other.

東京版本包含我們每個主要工作流業務、技術、客戶、員工和創建者的更多新功能。這是 ServiceNow 的產品和工程機器是世界上最好的、同類中最好的、獨一無二的最新證明。

And speaking of best-in-class, I've been lucky enough to learn from one of the greatest innovators at the 21st century. Fred Luddy and I have been on a multiyear journey together, one built on love and mutual respect. At this week's Board meeting, I was honored to take on the role of Chairman, with Fred remaining an active member of our Board for the long term. Fred remains the soul and inspiration of ServiceNow, and I'm honored to call him our founder and my personal friend.

說到一流，我很幸運能夠向 21 世紀最偉大的創新者之一學習。 Fred Luddy 和我一起經歷了多年的旅程，一個建立在愛和相互尊重之上的旅程。在本週的董事會會議上，我很榮幸擔任董事長一職，而 Fred 將長期擔任我們董事會的積極成員。 Fred 仍然是 ServiceNow 的靈魂和靈感來源，我很榮幸稱他為我們的創始人和我的私人朋友。

In conclusion, we again delivered on our promise in Q3. We said the company would continue its SaaS growth in any operating environment. We did. We said that cRPO growth would accelerate during H2. As our Q4 guidance reflects, it is. We said that we preserved the benchmark near the Rule of 60 for the full year and constant currency. We are on track. ServiceNow has a revenue growth, predictability of growth and sustainable business model. While others are managing the past, our engineers are innovating for the future.

總之，我們在第三季度再次兌現了我們的承諾。我們表示，該公司將在任何運營環境中繼續其 SaaS 增長。我們做到了。我們說過，cRPO 的增長將在下半年加速。正如我們的第四季度指導所反映的那樣，確實如此。我們說我們將全年和固定貨幣的基准保持在 60 規則附近。我們走上了正軌。 ServiceNow 具有收入增長、增長可預測性和可持續的商業模式。當其他人在管理過去時，我們的工程師正在為未來而創新。

The fundamental question facing enterprises today is this: can modernization wait? With the robust demand environment we see, the answer is a compelling no, it cannot. The stated ambition of ServiceNow remains. We will be the defining enterprise software company of the 21st century. We are firmly committed to that journey. We are focused on value creation for our customers, our partners, our colleagues and our shareholders.

當今企業面臨的根本問題是：現代化可以等待嗎？鑑於我們看到的強勁需求環境，答案是令人信服的不，它不能。 ServiceNow 的雄心壯志依然存在。我們將成為 21 世紀具有決定性意義的企業軟件公司。我們堅定地致力於這一旅程。我們專注於為我們的客戶、合作夥伴、同事和股東創造價值。

Our confidence in Q4 extends to 2023 and beyond. Sales capacity and pipeline coverage are higher today than at any point this year. We have best-in-class sales and marketing efficiency. We have a highly differentiated platform. We have a business model that will be managed by design for net new innovation, growth and profitabilities you can count on. With this growth and margin profile, operating near the Rule of 60, ServiceNow is a unique asset and a premier company. We are hiring with an absolute focus on people who can innovate through code and who can sell solutions and who can help customers realize success.

我們對第四季度的信心延伸到 2023 年及以後。今天的銷售能力和管道覆蓋率比今年任何時候都要高。我們擁有一流的銷售和營銷效率。我們有一個高度差異化的平台。我們的商業模式將通過設計進行管理，以實現您可以信賴的全新創新、增長和盈利能力。憑藉這種增長和利潤率狀況，ServiceNow 的運營接近 60 規則，是一項獨特的資產和一流的公司。我們招聘的重點是能夠通過代碼進行創新、能夠銷售解決方案以及能夠幫助客戶實現成功的人。

The bottom line is this. When our customers work, the world works better for everyone. That's why the world works with ServiceNow. If we didn't do what we do, it wouldn't get done. The hallmark for ServiceNow is net new innovation. And with that in mind, I thank you so much, and I'll hand things over to Gina.

底線是這個。當我們的客戶工作時，每個人的世界都會變得更好。這就是世界與 ServiceNow 合作的原因。如果我們不做我們所做的，它就不會完成。 ServiceNow 的標誌是全新的創新。考慮到這一點，我非常感謝你，我會把事情交給吉娜。

Thank you, Bill. Q3 was a fantastic quarter of execution. The team delivered strong results, beating all of our constant currency growth and operating margin guidance metrics, an outstanding performance across the board. Investments in digital transformation are a necessity, and ServiceNow remains a strategic priority. CEOs recognize that the Now Platform can deliver the workflow needs for their digital-first initiative while driving quick time to value and hard dollar savings. These outcomes are imperative in the current macro environment and while we continue to see robust demand for our products.

謝謝你，比爾。第三季度是一個出色的執行季度。該團隊取得了強勁的業績，超過了我們所有的恆定貨幣增長和營業利潤率指導指標，全面表現出色。對數字化轉型進行投資是必要的，ServiceNow 仍然是戰略重點。 CEO 們認識到，Now 平台可以為他們的數字優先計劃提供工作流程需求，同時加快實現價值的時間並節省成本。在當前的宏觀環境中，這些結果勢在必行，而我們繼續看到對我們產品的強勁需求。

In Q3, subscription revenues were $1.742 billion, growing 28.5% year-over-year in constant currency, exceeding the high end of our guidance range by 100 basis points. RPO ended the quarter at approximately $11.4 billion, representing 24.5% year-over-year constant currency growth. Current RPO was approximately $5.87 billion, representing 25% year-over-year constant currency growth, a 150 basis points beat versus our FX-adjusted guidance. 50 basis points of the beat was driven by early renewals from Q4 as the team looks to get ahead of our large renewal cohort.

第三季度，訂閱收入為 17.42 億美元，按固定匯率計算同比增長 28.5%，超出我們指導範圍的高端 100 個基點。本季度末 RPO 約為 114 億美元，同比增長 24.5%。當前的 RPO 約為 58.7 億美元，同比增長 25%，比我們的外匯調整指導高出 150 個基點。 50 個基點的節拍是由第四季度的早期續約推動的，因為該團隊希望領先於我們龐大的續約團隊。

Our renewal rate was a best-in-class 98%, continuing to demonstrate the stickiness of our business as the Now Platform remains a mission-critical part of our customers' operations. We finished the quarter with 1,530 customers paying us over $1 million in ACV, up 22% year-over-year. The number of customers paying us over $10 million in ACV grew 60% year-over-year as our cohort expansion remained healthy.

我們的續訂率達到了同類最佳的 98%，繼續展示了我們業務的粘性，因為 Now 平台仍然是我們客戶運營的關鍵任務部分。我們在本季度結束時有 1,530 名客戶向我們支付了超過 100 萬美元的 ACV，同比增長 22%。由於我們的隊列擴張保持健康，向我們支付超過 1000 萬美元 ACV 的客戶數量同比增長 60%。

From an industry perspective, net new ACV growth was led by retail and hospitality, up nearly 50%, followed by strength in education. Manufacturing had a good quarter as well, led by a large 8-digit deal, and technology, media and telecom continue to show durability. Federal had its best quarter ever, including an over $20 million net new ACV win. We closed 69 deals greater than $1 million in net new ACV in the quarter, including 5 with new logos. What's more, each of those 5 deals were led by a different product. That diversification showcases the breadth of our product portfolio and increasing customer awareness of ServiceNow's capabilities as a platform, which includes 11 organic businesses with over $200 million in ACV. In fact, 18 of our top 20 deals contained 5 or more products.

從行業角度來看，零售業和酒店業的淨新增 ACV 增長近 50%，其次是教育。製造業也有一個不錯的季度，由一筆 8 位數的大宗交易帶動，技術、媒體和電信繼續表現出耐用性。 Federal 迎來了有史以來最好的一個季度，其中包括超過 2000 萬美元的新 ACV 淨贏額。我們在本季度完成了 69 筆淨新 ACV 超過 100 萬美元的交易，其中 5 筆帶有新徽標。更重要的是，這 5 筆交易中的每筆交易都由不同的產品主導。這種多元化展示了我們產品組合的廣度，並提高了客戶對 ServiceNow 作為平台能力的認識，其中包括 11 家有機企業，其 ACV 超過 2 億美元。事實上，我們的前 20 筆交易中有 18 筆包含 5 種或更多產品。

Turning to profitability. Operating margin was 26%, 1 point above our guidance, driven by our top line beat and operating efficiencies. Our free cash flow margin was 6%. We ended the quarter with a healthy balance sheet, including $5.5 billion in cash and investments. Together, these results continue to demonstrate our ability to drive a strong balance of world-class growth and profitability.

轉向盈利能力。營業利潤率為 26%，比我們的指導高 1 個百分點，這主要得益於我們的營收表現和運營效率。我們的自由現金流利潤率為 6%。我們以健康的資產負債表結束了本季度，其中包括 55 億美元的現金和投資。總之，這些結果繼續證明我們有能力推動世界級增長和盈利能力之間的強勁平衡。

Before I move to guidance, I want to give a brief update on the macro. Our ability to outperform in Q3 is a testament to the strong execution of the ServiceNow teams. Account executives are staying close to the customer, constantly checking in and proactively assembling the necessary materials to get deals across the line. We will operate with the same rigor in Q4 and are confident that we're factoring in the macro trends into our guidance.

在我轉向指導之前，我想簡要介紹一下宏的更新。我們在第三季度表現出色的能力證明了 ServiceNow 團隊的強大執行力。客戶主管與客戶保持密切聯繫，不斷檢查並主動收集必要的材料以達成全面交易。我們將在第四季度以同樣嚴格的方式運營，並有信心將宏觀趨勢納入我們的指導。

Consistent with the market on a year-over-year basis, the strengthening of the U.S. dollar also resulted in incremental FX headwind. We now expect a $290 million headwind to 2022 subscription revenue; a $330 million headwind to Q4 cRPO; 100 basis points headwind to operating margin; an approximate $160 million or 100 basis point headwind to free cash flow margin for 2022.

與去年同期的市場一致，美元走強也導致外匯逆風增加。我們現在預計 2022 年訂閱收入將達到 2.9 億美元；第四季度 cRPO 面臨 3.3 億美元的逆風；營業利潤率下降 100 個基點； 2022 年的自由現金流利潤率約為 1.6 億美元或 100 個基點。

With that in mind, let's turn to our 2022 outlook. We're revising our subscription revenues range to between $6.865 billion and $6.870 billion, representing a raise to our year-over-year constant currency growth outlook to 28.5%, excluding a 550 basis point FX headwind. We continue to expect subscription gross margin of 86%, up 100 basis points year-over-year. We continue to expect an operating margin of 25%, consistent with our original guidance at the beginning of the year as we are offsetting incremental FX headwinds with operational efficiencies and disciplined spend management.

考慮到這一點，讓我們轉向我們的 2022 年展望。我們將訂閱收入範圍調整至 68.65 億美元至 68.70 億美元之間，這意味著我們的同比固定匯率增長預期提高至 28.5%，不包括 550 個基點的外匯逆風。我們繼續預計訂閱毛利率為 86%，同比增長 100 個基點。我們繼續預計營業利潤率為 25%，這與我們年初的原始指導一致，因為我們正在通過運營效率和嚴格的支出管理來抵消增加的外匯逆風。

We now expect the capital margin of 29%, reflecting the incremental FX headwinds I previously noted. Despite the $160 million impact of FX, we will generate over $2.1 billion of free cash flow, demonstrating the incredible resilience of our business model. Finally, we expect GAAP diluted weighted average outstanding shares of 203 million. For Q4, we expect subscription revenues between $1.834 billion and $1.839 billion, representing 26% to 27% year-over-year growth on a constant currency basis, excluding a 600 basis point FX headwind. We expect cRPO growth of 26% on a constant currency basis, excluding 600 basis points of FX headwinds. We expect an operating margin of 26%, and we expect 204 million GAAP diluted weighted average outstanding shares for the quarter.

我們現在預計資本利潤率為 29%，反映了我之前提到的增量外匯逆風。儘管外匯產生了 1.6 億美元的影響，但我們將產生超過 21 億美元的自由現金流，展示了我們商業模式令人難以置信的彈性。最後，我們預計 GAAP 稀釋加權平均流通股為 2.03 億股。對於第四季度，我們預計訂閱收入在 18.34 億美元至 18.39 億美元之間，按固定匯率計算，同比增長 26% 至 27%，不包括 600 個基點的外匯逆風。我們預計 cRPO 在固定貨幣基礎上增長 26%，不包括 600 個基點的外匯逆風。我們預計營業利潤率為 26%，我們預計本季度將有 2.04 億股 GAAP 稀釋加權平均流通股。

In summary, we had a fantastic Q3. I'm so proud of our people for being focused, disciplined and committed to helping our customers succeed. Bill and I would like to thank all of our employees around the globe for their continued hard work and dedication. Our business is resilient, our teams are delivering, and we're as confident as ever about the future. We have the platform enterprises need to reinvent their business models and adapt to the new economy so they can innovate to win and come out of this moment stronger than ever. We continue to see a robust pipeline and are maintaining our investments in growth hires as the opportunity in front of us remains large. We're well on our way to becoming the defining enterprise software company of the 21st century. With that, I'll open it up for Q&A.

總之，我們有一個很棒的第三季度。我為我們的員工專注、自律並致力於幫助我們的客戶取得成功感到非常自豪。比爾和我要感謝我們全球所有員工的持續辛勤工作和奉獻精神。我們的業務具有彈性，我們的團隊正在交付，我們對未來一如既往地充滿信心。我們擁有企業重塑商業模式和適應新經濟所需的平台，以便他們能夠通過創新贏得勝利，並比以往任何時候都更強大。由於擺在我們面前的機會仍然很大，我們繼續看到強勁的管道，並保持我們對增長型招聘的投資。我們正朝著成為 21 世紀具有決定意義的企業軟件公司的目標邁進。有了這個，我將打開它進行問答。

(Operator Instructions) We go first this afternoon to Samad Samana at Jefferies.

（操作員說明）我們今天下午首先去 Jefferies 的 Samad Samana。

Great to see strong results. Bill, maybe I'll start with you. You've been telling us, as you noted on the call that ServiceNow is going to grow durably regardless of the environment. I'm just wondering if maybe either the shape or the nature of the conversation that you're having with executives has changed in this type of environment, and how that's ultimately still allowing you to close all of these large deals and maintain this momentum.

很高興看到強勁的結果。比爾，也許我會從你開始。正如您在電話會議中指出的那樣，您一直在告訴我們，無論環境如何，ServiceNow 都將持續增長。我只是想知道，在這種環境下，你與高管的對話的形式或性質是否發生了變化，以及這最終如何讓你完成所有這些大宗交易並保持這種勢頭。

Yes. I think Gina said it very well, Samad, when she said we're mission-critical and the Now Platform has really become the standard for digital transformation in a modern enterprise today. And we're solving so many challenges. Our customers need to drive automation and productivity. As you know, they're either not hiring, they're laying people off and they have to do more with less. We're built for that.

是的。我認為 Gina 說得非常好，Samad，她說我們是關鍵任務，Now 平台已經真正成為當今現代企業數字化轉型的標準。我們正在解決如此多的挑戰。我們的客戶需要推動自動化和生產力。如你所知，他們要么不招聘，要么裁員，他們不得不事半功倍。我們為此而生。

They need the computers and the platforms to do the work so that people have a more pleasant experience on the employee side, and they require an experience no matter where they're working from that's world-class. We take care of that. The customer service management has evolved from just the engagement layer of how I market to you, sell you, cross-sell you. It's really moved into the mid-office and the back office and back into the supply chain on how I can streamline with great efficiency, giving you the right product and the right form factor and price on time just as you expected it. And that end-to-end is all about the ServiceNow platform.

他們需要計算機和平台來完成工作，以便人們在員工方面獲得更愉快的體驗，無論他們在哪里工作，他們都需要一種世界級的體驗。我們會處理這個。客戶服務管理已經從我如何向您推銷、向您推銷、交叉推銷您的參與層演變。它真的被轉移到了中台和後台，然後又回到了供應鏈中，讓我能夠高效地進行精簡，按照您的預期按時為您提供正確的產品、正確的外形尺寸和價格。端到端都是關於 ServiceNow 平台的。

And finally, you're seeing a breakthrough here on building net new innovation. Customers are going to have to do that for themselves and with partners. And we are also going into a co-creation mode with our partners in every industry and geo around the world. That's pretty stunning, and there's lots of use cases and examples. The big thing, Samad, is that C-level executives are looking to ServiceNow. They are calling us. They want to work with us. They see that we're the defining one. And that took some time to build and I think we're there now.

最後，您在這裡看到了建立全新創新的突破。客戶將不得不為自己和合作夥伴這樣做。我們也將與我們在全球各個行業和地區的合作夥伴進入共創模式。這非常令人驚嘆，並且有很多用例和示例。 Samad 最重要的是，C 級高管正在尋求 ServiceNow。他們在呼喚我們。他們想和我們一起工作。他們看到我們是決定性的。這需要一些時間來建立，我認為我們現在就在那裡。

Well, the growth is incredibly impressive. And Gina, maybe just a quick follow-up for you. On the comment around factoring macro, can you maybe just help us understand, last quarter, you called out slightly longer deal cycles. Any change, can you just dimensionalize what you factored in from a macro perspective as it relates to maybe deal cycles or close rates?

嗯，增長令人難以置信。吉娜，也許只是對你的快速跟進。關於保理宏觀的評論，您能否幫助我們理解，上個季度，您要求交易週期稍長一些。任何變化，您能否從宏觀角度對您考慮的因素進行維度化，因為它可能與交易週期或收盤率有關？

Yes, it's a great question. And certainly, we are not immune to the macro environment, and we're certainly not blind to what's happening around us. Our ability to execute despite the macro is quite astounding. And I give amazing kudos to our incredible sales organization around the world. We are staying closer to our customers than ever before, checking in with them, making sure we understand the levels of approval that they need to go through, making sure that we understand what they need to get that deal across the line.

是的，這是一個很好的問題。當然，我們不能對宏觀環境免疫，我們當然不會對周圍發生的事情視而不見。儘管有宏，我們的執行能力還是相當驚人的。我對我們在世界各地令人難以置信的銷售組織給予了驚人的讚譽。我們比以往任何時候都更貼近我們的客戶，與他們聯繫，確保我們了解他們需要通過的批准級別，確保我們了解他們需要什麼才能完成交易。

We will maintain that level of rigor that you've seen us do in Q3. And so while, certainly, there's more outlook on deals that are getting closed and there's more -- people are looking at deals closer, but we are closing them. Close rates are stronger and we feel really good about how we put that all into our guidance. And so macro is evolving but our sales force is staying so close to our customers and really driving superb execution.

我們將保持您在第三季度看到的那種嚴格程度。因此，當然，對即將完成的交易有更多的前景，而且還有更多——人們正在密切關注交易，但我們正在關閉它們。收盤率更高，我們對如何將所有這些都納入我們的指導感到非常滿意。所以宏觀正在發展，但我們的銷售人員與我們的客戶保持如此緊密的聯繫，並真正推動了卓越的執行。

(Operator Instructions) We go next now to Phil Winslow at Credit Suisse.

（操作員說明）我們現在去瑞士信貸的菲爾溫斯洛。

Congrats on just an awesome quarter. Bill, one of the things that you mentioned during your comments was sales capacity has never been higher and never has, and the coverage ratio for the year has not been higher. This is even on the context of growing sales and marketing headcount 30%. My question to you is, this is one of the biggest net add quarters in terms of employees in sales and marketing this year and over the past couple of years.

祝賀一個很棒的季度。比爾，您在評論中提到的一件事是銷售能力從未如此高，也從未如此高，並且今年的覆蓋率也沒有更高。這甚至是在銷售和營銷人員增長 30% 的背景下。我的問題是，就今年和過去幾年的銷售和營銷員工而言，這是最大的淨增加季度之一。

You usually don't see a lot of salespeople moving to a new company in Q3 but they're doing that to ServiceNow. When you talk to these new employees and your management team, what are they saying about why they're coming to ServiceNow? And then Gina, you talked about continuing to invest in go-to-market there. You obviously hit 30% growth in Q3. How should we think about the exit rate for this year?

你通常不會看到很多銷售人員在第三季度搬到一家新公司，但他們正在為 ServiceNow 這樣做。當您與這些新員工和您的管理團隊交談時，他們對為何來到 ServiceNow 有何看法？然後吉娜，你談到繼續在那裡投資進入市場。您顯然在第三季度實現了 30% 的增長。我們應該如何看待今年的退出率？

Well, Phil, thank you very much for your kind remarks and also the question. If you think about the first quarter of the year, the economies of the world really weren't shaking. Everything was going very well. And especially a tech company like ServiceNow, people were very desirous of having our people, too. But we still weathered that and we continued to hire. And obviously, the people that you hired in the second and the third quarter, the beauty of that is they're now becoming truly productive and certified to execute at a level that we would consider statistically relevant for moving the needle.

好吧，菲爾，非常感謝你的客氣話和問題。如果你想想今年第一季度，世界經濟真的沒有動搖。一切進展順利。尤其是像 ServiceNow 這樣的科技公司，人們也非常渴望擁有我們的員工。但我們仍然經受住了考驗，我們繼續招聘。顯然，您在第二季度和第三季度僱用的人員，其美妙之處在於他們現在變得真正富有成效，並且經過認證可以在我們認為與移動針頭具有統計相關性的水平上執行。

And that's where I come with my max capacity. It's not just based on the number of people, but it's based upon their readiness to enter into the customer relationship with a level of proficiency so they can execute at a high level. That's what I'm talking about. And we're there now. And we're there stronger than we were all year long, Phil. So it's in absolute numbers. But it's also on readiness and it's in the pipeline and the coverage in the pipeline is better. So all those dials look great.

這就是我發揮最大能力的地方。這不僅僅是基於人數，而是基於他們是否願意以一定的熟練程度進入客戶關係，以便他們能夠在高水平上執行。我正是這個意思。我們現在就在那裡。菲爾，我們比全年都強大。所以它是絕對數字。但它也已準備就緒，並且正在籌備中，並且管道中的覆蓋範圍更好。所以所有這些錶盤看起來都很棒。

In terms of why people come here, they come here for the culture. They know that this is all about net new innovation. It's all about customer centricity and brilliant execution and it's a politically fat-free environment. We just want to win, and people want to be a part of a winning organization.

就人們來這裡的原因而言，他們來這裡是為了文化。他們知道這完全是關於全新的創新。這一切都是關於以客戶為中心和出色的執行力，這是一個政治上沒有脂肪的環境。我們只想贏，人們想成為贏家的一部分。

And then on your question on actual sales and marketing hire, Phil, yes. ServiceNow is hiring and will continue to hire and are investing for growth. So we are absolutely committed to continuing to build up our world-class, go-to-market organization. And it's all about driving long-term growth and ensuring that we also are continuing to drive ramp rep productivity.

然後關於你關於實際銷售和營銷招聘的問題，菲爾，是的。 ServiceNow 正在招聘並將繼續招聘和投資以實現增長。因此，我們絕對致力於繼續建立我們世界級的市場營銷組織。這一切都是為了推動長期增長，並確保我們也繼續提高坡道代表的生產力。

It's really about ensuring that the opportunity that we see in front of us, that our sales and go-to-market teams are ready to drive that growth that we continue to see. So you'll see us continue to grow our sales, quota-bearing especially. We'll also be hiring our critical engineering heads. We're very much open for hiring these critical growth hires.

這實際上是為了確保我們看到擺在我們面前的機會，我們的銷售和上市團隊準備好推動我們繼續看到的增長。因此，您會看到我們的銷售額繼續增長，尤其是在配額下。我們還將招聘我們的關鍵工程負責人。我們非常願意僱用這些關鍵的成長型員工。

And one thing, Phil, I just don't want to fall between the cracks, is the 1 million in the RiseUp with ServiceNow campaign, where we're going to hire them. Some of them will end up getting hired here, of course, but we're going to train them for our customers, for our partners and to ServiceNow. So there's a bold move for 1 million ServiceNow-trained professionals to put them into the growth engine of ServiceNow. And that will be done on a global basis. We see bold moves that need to be taken in India, Japan, Korea and continued expansion in Europe. We just have a tireless appetite for growth.

還有一件事，菲爾，我只是不想陷入困境，那就是 RiseUp with ServiceNow 活動中的 100 萬人，我們將在其中僱用他們。當然，他們中的一些人最終會在這裡被錄用，但我們將為我們的客戶、我們的合作夥伴和 ServiceNow 培訓他們。因此，100 萬受過 ServiceNow 培訓的專業人士採取了大膽舉措，將他們納入 ServiceNow 的增長引擎。這將在全球範圍內完成。我們看到印度、日本、韓國需要採取大膽舉措，並在歐洲繼續擴張。我們只是對增長有著不知疲倦的渴望。

We go next now to Sterling Auty at MoffettNathanson.

我們現在去 MoffettNathanson 的 Sterling Auty。

My question is, when you look at the large deal activity in the quarter and the pipeline, how much of that is actually replacing legacy architectures to save money in this tough budget environment we're heading into? And how much of it is about that automation to drive increased productivity?

我的問題是，當您查看本季度的大宗交易活動和管道時，其中有多少實際上是在替換傳統架構以在我們正在進入的這個艱難的預算環境中節省資金？自動化在多大程度上推動了生產力的提高？

Thank you, Sterling. It's an interesting question. It's always important to reinforce that the 20th century architectures were heavily invested in by our customers. And our desire is not to replace them. Our desire is to make them more relevant so they deliver modern value and a highly agile and experience-oriented way for employees, customers and partners.

謝謝你，斯特林。這是一個有趣的問題。強調我們的客戶對 20 世紀的架構進行了大量投資總是很重要的。我們的願望不是取代它們。我們的願望是讓它們更具相關性，以便為員工、客戶和合作夥伴提供現代價值和高度敏捷和以體驗為導向的方式。

So those underlying systems, some of them that are point solutions, and they never should have been there in the first place, they do disappear. The core large, well-known brand systems, they remain, but with the agility of the ServiceNow platform above them and our ability to automate the workflows and completely change the experience set, we're now reinventing the way supply chains run for the biggest auto manufacturers in the world.

所以那些底層系統，其中一些是單點解決方案，它們本來就不應該存在，它們確實消失了。核心大型知名品牌系統仍然存在，但憑藉其上方 ServiceNow 平台的敏捷性以及我們自動化工作流程和徹底改變體驗集的能力，我們現在正在重塑供應鏈的運行方式，以實現最大的世界上的汽車製造商。

We're now taking procurement management to an entirely new level of procurement and finance organizations for the biggest retailers, manufacturers, freight companies around the world. They were double-digit wins, doing this for some of the largest companies in the world. So they're taking out huge costs. They are getting rid of point solutions. They're keeping the main ones and then they're automating for speed and agility and value on the ServiceNow platform. The business cases are unbelievable. It makes one ask, why are we so generous with our pricing? If they can get $1 billion, can't we get a little more? That's the situation we're in here.

我們現在將採購管理提升到一個全新的水平，為全球最大的零售商、製造商和貨運公司提供採購和財務組織。他們取得了兩位數的勝利，為世界上一些最大的公司做到了這一點。所以他們要付出巨大的代價。他們正在擺脫單點解決方案。他們保留主要的，然後在 ServiceNow 平台上實現速度、敏捷性和價值的自動化。商業案例令人難以置信。有人會問，為什麼我們對定價如此慷慨？如果他們能得到 10 億美元，我們就不能再得到一點嗎？這就是我們在這裡的情況。

We'll go next now to Keith Weiss of Morgan Stanley.

接下來我們將討論摩根士丹利的 Keith Weiss。

Bill, congratulations on the new Chairman position, and congratulations on a great quarter in a difficult environment. My question is actually for Gina. You guys did a tremendous job in driving operating margins. At the same time, you're hiring to plan, right? And you're still aggressively hiring. Can you, one, talk to us a little bit about where you're seeing the efficiencies and sort of where you're able to kind of drive that incremental productivity out of the entire ServiceNow?

比爾，祝賀新的主席職位，並祝賀在艱難的環境中度過了一個偉大的季度。我的問題實際上是針對吉娜的。你們在提高營業利潤率方面做得非常出色。同時，您正在招聘計劃，對嗎？而且你還在積極招聘。您能否與我們談談您在哪些方面看到了效率，以及您在哪些方面能夠從整個 ServiceNow 中提高生產力？

And two, I was wondering if you could touch on free cash flow a little bit. It has been getting more seasonal over the years. This is the lowest free cash flow margin we've seen in quite some time. Were there FX impacts? Was there increased seasonality? If you could just give us any kind of visibility in terms of what happened on that side of the equation.

第二，我想知道你是否可以稍微談談自由現金流。這些年來，它變得越來越季節性。這是我們在相當長一段時間內看到的最低自由現金流量利潤率。有外匯影響嗎？季節性增加了嗎？如果您可以就等式的那一側發生的事情給我們任何形式的可見性。

Yes, absolutely. Great question. So really proud of the fact that despite about 100 basis points of FX impact on our operating margins, we're able to hold them flat with our original guidance at the beginning of the year, while at the same time, still hiring for quota-bearing, go-to-market, fingers-on-keyboard engineers, right? And the efficiencies that we're seeing are across the board.

是的，一點沒錯。好問題。非常自豪的是，儘管外匯對我們的營業利潤率產生了大約 100 個基點的影響，但我們能夠將它們與年初的原始指導保持一致，同時仍在招聘配額-軸承，進入市場，手指在鍵盤上的工程師，對嗎？我們看到的效率是全面的。

So if you think about leverage in mid- and back-office G&A, leverage on the marketing side of things, if you think about really what our incredible cloud infrastructure team is able to drive with respect to efficiencies even in this macro environment, it's pretty remarkable. And so the other thing is that our platform drives efficiency for ourselves. We are the customer 0 for all of our new product innovation, so our platform enables those efficiencies across the board. So that's the other big lever that we always have to play here.

因此，如果您考慮在中後台 G&A 中的槓桿作用，對事物的營銷方面的槓桿作用，如果您真正考慮我們令人難以置信的雲基礎架構團隊即使在這個宏觀環境中能夠在效率方面推動什麼，那就太棒了卓越。所以另一件事是我們的平台為我們自己提高效率。我們是所有新產品創新的客戶 0，因此我們的平台可以全面提高這些效率。所以這是我們總是必須在這裡發揮的另一個重要槓桿。

So feel really great about the fact that we've been able to drive those efficiencies even through this current macro environment. With respect to free cash flow, absolutely. So Q3, in general, is a lower free cash flow period. We have our midyear bonus payout. We have bond interest payout. But we also have seen a pretty big FX impact in the quarter and for the remainder of the year. So we talked about 100 basis points impact on free cash flow margin that we're not able to absorb this year because truly the impact on collection happens all at once, whether the FX impact on your P&L because of the ratable way that we recognize revenue and FX happens over a period of time.

因此，即使在當前的宏觀環境下，我們也能夠提高這些效率，對此我們感到非常高興。關於自由現金流，絕對是。所以第三季度，一般來說，是一個較低的自由現金流期。我們有年中獎金。我們有債券利息支付。但我們也看到了本季度和今年剩餘時間的相當大的外匯影響。因此，我們談到了對自由現金流利潤率的 100 個基點影響，這是我們今年無法吸收的，因為對收款的影響確實是同時發生的，無論是由於我們確認收入的可評估方式，外匯對您的損益的影響FX 會在一段時間內發生。

And so underlying health of free cash flow remains great. We're obviously, as we talked about, staying close to our customers and giving them some leeway on payment terms if they need it. But what I can tell you is that it's days as opposed to weeks. And so we are really staying close to the customers. The trajectory of free cash flow accretion over time remains the same.

因此，自由現金流的基本健康狀況仍然很好。正如我們所談到的，我們顯然會與客戶保持密切聯繫，並在他們需要時在付款條件上給予他們一些迴旋餘地。但我可以告訴你的是，這是幾天而不是幾週。所以我們真的很貼近客戶。隨著時間的推移，自由現金流增長的軌跡保持不變。

Got it. So it sounds like much more linearity and FX headwinds than any significant change in invoicing terms or payment terms.

知道了。因此，與發票條款或付款條款的任何重大變化相比，這聽起來更像是線性度和外匯逆風。

Exactly, exactly.

正是，正是。

We go next now to Matt Hedberg of RBC Capital Markets.

接下來我們來談談 RBC Capital Markets 的 Matt Hedberg。

Great quarter. Bill, I had a question for you. You've made some previous advances in observability of Lightstep. In this quarter, you acquired Era Software, which looks like a great addition to the platform. Can you talk about sort of what the integration plans are there and sort of maybe refresh what this means for your broader observability efforts?

很棒的季度。比爾，我有一個問題要問你。您已經在 Lightstep 的可觀察性方面取得了一些先前的進展。在本季度，您收購了 Era Software，這看起來是該平台的一個很好的補充。您能否談談那裡的集成計劃，並可能刷新這對您更廣泛的可觀察性工作意味著什麼？

Yes, absolutely. Thank you very much for the question, Matt. Basically, if you look at what we're trying to do here, we are bringing a scalable, cloud-native log management solution and database that complements Lightstep's existing solutions to the world. And this is really exemplifying and accelerating our vision, which is essentially to unify telemetry, logs, metrics and traces and now deliver that truly unified observability workflow on 1 platform.

是的，一點沒錯。非常感謝你的問題，馬特。基本上，如果您看看我們在這裡嘗試做的事情，我們將帶來一個可擴展的雲原生日誌管理解決方案和數據庫，以補充 Lightstep 向世界提供的現有解決方案。這確實體現並加速了我們的願景，本質上是統一遙測、日誌、指標和跟踪，現在在一個平台上提供真正統一的可觀察性工作流程。

And this is going to take huge costs out of the equation. And it's going to bring a much greater experience to all users involved because they'll avoid the confusing context switches they have to do now. So all the integration work that is necessary is being done. It is all integrated back onto the Now Platform and there's a road map to do that. But right now, we're extremely happy with the way Ben is leading. Era Software just makes us stronger, and we're super excited about the future of this business and what it can be. It's going to be interesting to watch this thing play out.

這將消除巨大的成本。並且它將為所有相關用戶帶來更好的體驗，因為他們將避免他們現在必須進行的令人困惑的上下文切換。因此，所有必要的集成工作都在完成。所有這些都集成回了 Now 平台，並且有一個路線圖可以做到這一點。但現在，我們對 Ben 的領導方式非常滿意。 Era Software 讓我們變得更強大，我們對這項業務的未來及其發展前景感到非常興奮。看這件事上演會很有趣。

We go next now to Alex Zukin of Wolfe Research.

接下來我們來看看 Wolfe Research 的 Alex Zukin。

Bill, I don't think we've heard you say the words procurement and supply chain more often than you have on this earnings call. And I guess I want to dive into that because after seeing SAP's results, after what Oracle was talking about, it does feel like there's a -- there's like a deferred amount of activity that's getting done in the back office. And I just want to see your take on kind of participating in that activity as you're talking about that driving, it seems like, some pretty material wins in the quarter.

比爾，我認為我們在本次財報電話會議上聽到您說採購和供應鏈這兩個詞的頻率並不高。我想我想深入研究一下，因為在看到 SAP 的結果之後，在甲骨文所說的之後，確實感覺有一個 - 在後台辦公室完成的活動數量似乎有所延遲。我只是想看看你對參與這項活動的看法，因為你在談論駕駛，似乎在本季度取得了一些不錯的實質性勝利。

And then I guess maybe a follow-up for Gina is around linearity in the quarter. And also if there's a way to quantify the federal business seems like it, again, had the best quarter ever. Just how much of that was upfront or kind of self-hosted revenue recognition?

然後我想 Gina 的後續行動可能是本季度的線性度。而且，如果有一種方法可以量化聯邦業務，那麼它似乎又是有史以來最好的一個季度。其中有多少是前期或某種自託管的收入確認？

Alex, first of all, let me thank you for your question. You're right. There's quite a bit that has to be done in the back office to automate business processes for a new world order of things in the macro. So you're 100% right. It's still early days, but I see a massive opportunity, given how much enterprises spend on ERP today. And if you look at procurement and supplier life cycle management solutions that make it possible for customers to unify these transactional systems and enable them, through workflow capabilities, that truly drive efficiency.

亞歷克斯，首先，讓我感謝你的問題。你是對的。在後台辦公室中必須做很多事情來自動化業務流程，以實現宏觀事物的新世界秩序。所以你是 100% 正確的。現在還為時尚早，但鑑於企業如今在 ERP 上的花費，我看到了巨大的機會。如果您查看採購和供應商生命週期管理解決方案，這些解決方案使客戶能夠統一這些交易系統並通過工作流功能使它們真正提高效率。

And the user experience and the consumer grade aspect of ServiceNow is really coming front and center because these transactional systems, they all work fine if you're a power user or a super user. But when you start to get more people collaboratively involved in a process, there's a demand now for consumer-grade UX. And there's nothing that works better than workflow automation to solve some of these problems. So we are providing a collaborative platform for all the stakeholders in an enterprise, and that consistent user experience is our superpower.

ServiceNow 的用戶體驗和消費級方面確實是最重要的，因為這些事務系統，如果你是高級用戶或超級用戶，它們都可以正常工作。但是，當您開始讓更多人協作參與流程時，現在就需要消費級用戶體驗。沒有什麼比工作流自動化更能解決這些問題的了。因此，我們為企業中的所有利益相關者提供了一個協作平台，而一致的用戶體驗是我們的超能力。

And I do want to underscore, we are not interested or trying to replace the transactional systems of the brands that you mentioned. Those are wonderful companies and they do something that's very important. What we're responding to is the agility of the supply chain and how you can reorient it in record speed because that's what this world order is asking for, how you can rethink suppliers to manage different labor issues, whether it's in arbitrage or just buying from the people you should be based on your ESG efforts, or your MWBE spend and many other things that many customers care a lot about.

我確實想強調，我們不感興趣或試圖取代你提到的品牌的交易系統。這些都是很棒的公司，他們做的事情非常重要。我們正在回應的是供應鏈的敏捷性，以及您如何以創紀錄的速度重新調整它，因為這是世界秩序所要求的，您如何重新考慮供應商以管理不同的勞動力問題，無論是套利還是購買根據您的 ESG 工作或您的 MWBE 支出以及許多客戶非常關心的許多其他事情，您應該從哪些人那裡獲得。

ESG is a big thing. They're doing that all on the workflow automation context of ServiceNow. And they love the fact that we integrate with everybody, and we're not at war with anybody because we're on the side of the customer and that's what we should all be doing.

ESG 是一件大事。他們在 ServiceNow 的工作流自動化上下文中完成了這一切。他們喜歡我們與每個人融為一體的事實，我們不會與任何人交戰，因為我們站在客戶一邊，這是我們都應該做的。

And on your question, Alex, on linearity in the quarter, we actually had great linearity in Q3, our best ever. Really, really pleased with how the sales organization is, again, staying really close to the customers. Federal business had its best quarter ever this year in Q3 and outperformed. We had 16 deals over $1 million, one of which closed with over $20 million of net new ACV. Federal also saw great linearity in the quarter really because the platform is demonstrating such strong ROI that is really enabling them to get through the approval process faster.

關於你的問題，亞歷克斯，關於本季度的線性度，我們實際上在第三季度有很好的線性度，這是我們有史以來最好的。真的，真的很高興銷售組織再次與客戶保持密切聯繫。聯邦業務在今年第三季度創下了今年以來最好的一個季度，並且表現出色。我們有 16 筆超過 100 萬美元的交易，其中一筆以超過 2000 萬美元的淨新 ACV 成交。 Federal 在本季度也看到了很好的線性度，因為該平台展示瞭如此強大的投資回報率，這確實使他們能夠更快地通過審批流程。

We're really seeing an increase in the volume of federal agencies that are really looking at their partnership with ServiceNow through an enterprise lens, right? So those deals are getting bigger, more strategic, more multiyear. And we're seeing cabinet-level agencies really trying to consolidate contracts at an enterprise level with us and standardize their spend on the Now Platform. So federal team just doing incredible work with their customers.

我們確實看到，真正通過企業視角看待與 ServiceNow 合作的聯邦機構數量有所增加，對吧？因此，這些交易變得更大、更具戰略性、更多年。我們看到內閣級機構真的試圖在企業層面與我們合併合同，並標準化他們在 Now 平台上的支出。所以聯邦團隊只是與他們的客戶一起做令人難以置信的工作。

With respect to hosted, we had about 3% this year -- sorry, this quarter, which is flat quarter-on-quarter but down 1% from last year Q3. And so really great linearity across the board. Hosted, flat quarter-over-quarter but down 1 point year-over-year, which is actually a headwind to that revenue growth, which means our revenue growth is even stronger. So really, really great results across the board.

在託管方面，我們今年大約有 3%——抱歉，本季度與上一季度持平，但比去年第三季度下降了 1%。如此全面的線性度非常好。託管，環比持平，但同比下降 1 個百分點，這實際上是收入增長的逆風，這意味著我們的收入增長更加強勁。所以真的，非常好的結果。

Very comprehensive. Congratulations.

非常全面。恭喜。

We take our next question now from Kash Rangan at Goldman Sachs.

我們現在從高盛的 Kash Rangan 那裡提出下一個問題。

Congratulations, and what a change from the Microsoft earnings conference call yesterday. Bill, I wanted to get your perspective. You talked about the great reprioritization. Microsoft talked about how some new cloud workloads are being paused by the customers and they're optimizing existing workloads. So I just wanted to see, what is it that is different about the prioritization of ServiceNow in the face of other headwinds that we're starting to hear about in the public cloud? And how does this position the company for '23 looking into a more uncertain time?

恭喜，昨天的微軟財報電話會議有多麼大的變化。比爾，我想听聽你的看法。你談到了重新確定優先級。微軟談到了一些新的雲工作負載是如何被客戶暫停的，他們正在優化現有的工作負載。所以我只是想看看，面對我們開始在公共雲中聽到的其他不利因素，ServiceNow 的優先級有什麼不同？在 23 年尋找一個更加不確定的時期，這對公司有何影響？

We all thought we're going to have a recession in '22. We sort of escaped it. Maybe it happens in '23 or maybe it doesn't. The great reprioritization that you talked about, Bill, how are customers viewing the value proposition, return on investment on ServiceNow relative to the cost of capital? And Gina, if you could care, how would you be approaching calendar '23 guidance? Are you going to be more conservative than usual, given the risks in the environment that we all appreciate?

我們都認為我們將在 22 年經歷經濟衰退。我們有點逃避它。也許它發生在 23 年，也可能不會。比爾，您談到的重排優先順序，客戶如何看待價值主張，ServiceNow 的投資回報率與資本成本的關係？吉娜，如果你能關心的話，你將如何接近日曆 '23 指導？考慮到我們都認可的環境風險，你會比平時更保守嗎？

Yes, Kash. Markets are very rational. Customers are extremely focused right now on productivity. They care a lot about their customers and their employees and, obviously, their bottom lines. And no platform in the enterprise software industry gets them what they want faster, from creating great experiences for their employees. You can't give a customer a 3-star Michelin experience until you first energize your employees. So that's 1 aspect of it.

是的，卡什。市場非常理性。客戶現在非常關註生產力。他們非常關心他們的客戶和他們的員工，顯然，他們的底線。企業軟件行業中沒有任何平台能夠更快地為他們的員工創造出色的體驗，從而獲得他們想要的東西。在您首先激發員工活力之前，您無法為客戶提供 3 星級米其林體驗。這就是它的一方面。

They know they have to have more productive, happy people. The cost of turnover and problems in the workforce, it's a huge, huge bottom line hit that a lot of people don't factor into the equation. And a lot of it is caused by bad onboarding, bad systems and not really a great user experience for the people who work for their company from anywhere they want to be.

他們知道他們必須擁有更高效、更快樂的人。人員流動成本和勞動力問題，這是一個巨大的、巨大的底線打擊，很多人都沒有考慮到這個等式。其中很大一部分是由糟糕的入職、糟糕的系統造成的，而且對於從他們想去的任何地方為公司工作的人來說，這並不是真正好的用戶體驗。

And as it relates to the customer, I touched on that. I think what we're adding on customer service management right now with the completeness of our vision is stunning in terms of value creation and a big surprise to customers who didn't use to think of ServiceNow in that space and now they do. And as it relates to our core IT, I mean, we're obviously the leader there, so I won't go into great details on that, but they're blown away by the San Diego release in March and the Tokyo release in October. They know there's an immediate cycle from what they need and how quickly we can engineer it and get it into the release level.

由於它與客戶有關，我談到了這一點。我認為我們現在在客戶服務管理中添加的內容是我們願景的完整性，這在價值創造方面是驚人的，對於那些過去沒有想到 ServiceNow 而現在他們想到的客戶來說，這是一個很大的驚喜。由於它與我們的核心 IT 相關，我的意思是，我們顯然是那裡的領導者，所以我不會對此進行詳細介紹，但他們被 3 月份的聖地亞哥版本和 3 月份的東京版本所震撼十月。他們知道他們需要什麼以及我們可以多快對其進行設計並使其進入發布級別有一個直接的循環。

So the existing customers love that, that they have this incredible seamless experience with ServiceNow. They know the innovation is coming on time and at the highest level of quality. And finally, I think, and at a platform level, the need to speed, Kash, is everything. Getting these business cases rational, getting these customers up and running swiftly and demonstrating immediate business value is the essential ingredient. I didn't give you 1 example in the ERP world where we did not get these customers live in more than 100 days. So we're talking need for speed and we're talking ability to deliver and the customers are having great experiences. You can't find a customer in the global economy that doesn't love the platform. I keep trying, I still can't find them.

因此，現有客戶喜歡這一點，他們通過 ServiceNow 獲得了令人難以置信的無縫體驗。他們知道創新將按時並以最高質量水平出現。最後，我認為，在平台層面，對速度的需求，Kash，就是一切。讓這些商業案例合理化，讓這些客戶快速啟動並運行並展示直接的商業價值是必不可少的要素。在 ERP 世界中，我沒有給你 1 個例子，我們沒有讓這些客戶存活超過 100 天。因此，我們正在談論對速度的需求，我們正在談論交付能力，並且客戶正在獲得出色的體驗。在全球經濟中，您找不到不喜歡該平台的客戶。我一直在努力，我仍然找不到它們。

And Kash, on your question with respect to 2023, obviously, we'll provide more details on 2023 in January. Overall, as you're hearing from our tone, the demand that we're seeing for the Now Platform has remained resilient and strong. FX, as you know, has become a significant headwind, particularly over the last 3 months. Since the beginning of this year, we now see about a $400 million headwind related to FX in 2023. And we certainly don't think the macro environment is, all of a sudden, going to change as we enter into 2023. So when we think about guidance, we'll be taking all of these factors into account, as you would expect us to.

卡什，關於你關於 2023 年的問題，很明顯，我們將在 1 月份提供更多關於 2023 年的細節。總體而言，正如您從我們的語氣中聽到的那樣，我們對 Now 平台的需求一直保持彈性和強勁。如您所知，外匯已成為一個重大逆風，尤其是在過去 3 個月中。自今年年初以來，我們現在看到 2023 年與外匯有關的逆風約為 4 億美元。而且我們當然不認為隨著我們進入 2023 年宏觀環境會突然發生變化。所以當我們考慮指導，我們將考慮所有這些因素，正如您所期望的那樣。

And we'll go next now to Brad Sills of Bank of America.

接下來我們將討論美國銀行的布拉德·西爾斯。

I wanted to ask about an update quickly on the SI channel. I think Bill, in the past, you've said 7 or 8 of the top 10 global SIs with $1 billion-plus pipeline. That's just an astounding number when you think just a few years ago, that channel was almost nonexistent. So just curious, how much of their productivity is contributing to your results here today? How do they give you that reach into these other departments that historically ServiceNow hasn't been and obviously, you're talking about ERP and back office, creator employee customer. You're seeing a ton of momentum there. Just wanted to get your thoughts on how important that channel is in bringing you into those types of opportunities and the traction you're seeing there.

我想在 SI 頻道上快速詢問更新。我認為比爾，在過去，您曾說過全球前 10 大 SI 中有 7 或 8 個擁有超過 10 億美元的管道。當您認為幾年前幾乎不存在該頻道時，這只是一個驚人的數字。所以只是好奇，他們的生產力對你今天的成果有多大貢獻？他們如何讓您接觸到歷史上 ServiceNow 沒有的其他部門，顯然，您正在談論 ERP 和後台，創建者員工客戶。你在那裡看到了大量的動力。只是想了解一下該渠道在將您帶入這些類型的機會以及您在那裡看到的牽引力方面的重要性。

Brad, it's a great question. And look, it was very interesting in the early days just opening people's minds to the power of the Now Platform. And our global partner ecosystem is obviously a meaningful enabler. And they're critical for us to drive successful implementations for our customers and also to tailor our products to different industries. So this idea of co-creation, whether it's for an industry, it's for a sub-industry vertical and even at a micro-vertical level, we've only scratched the surface of what's possible with the ecosystem. We're young in terms of the runway for growth.

布拉德，這是一個很好的問題。看，在早期讓人們對 Now Platform 的力量敞開心扉是非常有趣的。我們的全球合作夥伴生態系統顯然是一個有意義的推動者。它們對於我們為客戶推動成功實施以及為不同行業量身定制產品至關重要。因此，這種共同創造的想法，無論是針對一個行業，還是針對子行業垂直，甚至在微觀垂直層面，我們都只是觸及了生態系統可能實現的表面。就增長的跑道而言，我們還很年輕。

As it relates to the top ones, we now have 8 of the top 10 global advisory and systems integrators that have committed to a plan greater than $1 billion with ServiceNow. And again, I'm very open to the ecosystem. And that's why you see us making a bold move today on RiseUp with ServiceNow to scale 1 million. I know I under-called it but it is what it is. I'm sure it will be 2 million because there's such demand for the platform. And I really want our partners to love and trust ServiceNow as we love and trust them because it really is about mutual goal setting. It's about making sure we're very clear about who's doing what, and we don't duplicate efforts and we never disappoint our partners. It's all about trust. And they like us because we're straight shooters here and we want to win, and they want to win.

由於與頂級公司相關，我們現在擁有全球前 10 名諮詢和系統集成商中的 8 家，它們已承諾通過 ServiceNow 制定超過 10 億美元的計劃。再說一次，我對生態系統非常開放。這就是為什麼您看到我們今天在 RiseUp with ServiceNow 上採取了大膽的舉措，以擴大 100 萬。我知道我低估了它，但它就是這樣。我確信它將是 200 萬，因為對平台有這樣的需求。我真的希望我們的合作夥伴愛和信任 ServiceNow，就像我們愛和信任他們一樣，因為這真的是關於共同目標設定。這是為了確保我們非常清楚誰在做什麼，我們不會重複努力，我們永遠不會讓我們的合作夥伴失望。這一切都與信任有關。他們喜歡我們，因為我們是這裡的直射手，我們想贏，他們也想贏。

And the other thing that's happening is they have -- like to Kash's point on the great reprioritization, there's going to be so much spend that will go around. But what they all realize now is business impact is what it's all about, especially in this macro, and then more and more reaching deep into the ServiceNow relationship because the customers won't listen to long, drawn-out, expensive, time-consuming multiyear projects. If that project isn't in the same calendar year, the likelihood of getting approved is real low.

正在發生的另一件事是他們有 - 就像卡什關於重新優先排序的觀點一樣，將會有如此多的支出。但是他們現在都意識到，業務影響就是它的全部，尤其是在這個宏觀方面，然後越來越深入到 ServiceNow 關係，因為客戶不會聽冗長、冗長、昂貴、耗時的多年項目。如果該項目不在同一日曆年，則獲得批准的可能性非常低。

And if you remember, in 2008, that was the era where everyone moved away from CapEx to OpEx, and that was where the cloud got the big tailwind. Well, now you got half of them in the cloud so they're looking at OpEx. And that OpEx question is which platform can get me to the winning equation the fastest? And which platform is going to be around 10 years from now to be a dominant force in my infrastructure? And that's where ServiceNow seems to be answering the bell.

如果你還記得，在 2008 年，那是每個人都從資本支出轉向運營支出的時代，那是雲計算獲得大順風的地方。好吧，現在你有一半在雲中，所以他們正在關注運營支出。運營支出問題是哪個平台可以讓我以最快的速度獲得勝利？哪個平台會在 10 年後成為我基礎設施的主導力量？這就是 ServiceNow 似乎正在接聽電話的地方。

We go next now to Mark Murphy of JPMorgan.

接下來我們來看摩根大通的馬克·墨菲。

I'll add my congrats on a fantastic quarter. So Bill, how broad are your ambitions in the Employee Workflows market? I believe you had crossed $500 million there. Some of your partners seem to have 20% or 30% of their pipeline in HR. And now you have this Hitch Works asset for talent intelligence and skills. So just curious how broad is that multiyear road map at this point.

我將祝賀一個美妙的季度。那麼比爾，您在員工工作流市場的野心有多大？我相信你在那裡已經超過了 5 億美元。您的一些合作夥伴似乎有 20% 或 30% 的人力資源管道。現在，您擁有了 Hitch Works 的人才智慧和技能資產。所以只是好奇這個多年的路線圖在這一點上有多麼廣泛。

Yes, it's -- first of all, thank you for the question, Mark. It's really broad. If you look at Employee Workflows, they're 12 of our top 20 deals and we had 7 deals greater than $1 million. And what we're helping customers do really is navigate this uncertainty that they're dealing with. And they've got to give these employees that they have, no matter where they work, a great experience.

是的，首先，謝謝你的問題，馬克。它真的很廣泛。如果您查看員工工作流程，它們是我們前 20 項交易中的 12 項，我們有 7 項交易超過 100 萬美元。我們正在幫助客戶真正做的是駕馭他們正在處理的這種不確定性。無論他們在哪里工作，他們都必須為這些員工提供很棒的體驗。

And it's not only limited to, I would say, recruiting, hiring, on-boarding, training, certifying, providing all the services that the employee needs on 1 mobile app. And that includes off-boarding employees in a first-class way, which most companies forget to do, which really hurts their brand image. We care about all of that. But in addition to all of that, we're now in a world where customers are really pulling at us because they're like, "Hey, I'm not going to have as many people. And I really got to think about reorienting my business processes or rethinking how I automate things that I just haven't gotten to yet, but I need to do it quick."

我想說，它不僅限於招聘、招聘、入職、培訓、認證，在 1 個移動應用程序上提供員工所需的所有服務。這包括以一流的方式讓員工離職，這是大多數公司忘記做的，這確實損害了他們的品牌形象。我們關心這一切。但除此之外，我們現在處於一個客戶真正吸引我們的世界，因為他們就像，“嘿，我不會有那麼多人。我真的要考慮重新定位我的業務流程或重新思考如何自動化我還沒有做到的事情，但我需要快速完成。”

So our ambitions are always in the billions. And this is another business where we're in billions. And I think we're just getting started on the employee experience journey. And I'll tell you why. If you look at even ourselves, there isn't a single employee in this company that could tell you a single system of record that might be in the infrastructure somewhere in our cloud. They have no idea. But what they do know, like Gina said earlier, everything that they do is on a mobile application on their phone, and it says ServiceNow because we completely workflow automated the entire corporation.

所以我們的野心總是在數十億。這是我們擁有數十億美元的另一項業務。我認為我們才剛剛開始員工體驗之旅。我會告訴你為什麼。如果你甚至看看我們自己，這家公司中沒有一個員工可以告訴你一個單一的記錄系統，它可能位於我們雲中某處的基礎設施中。他們不知道。但是他們確實知道，就像 Gina 之前所說的那樣，他們所做的一切都是在手機上的移動應用程序上進行的，上面寫著 ServiceNow，因為我們完全實現了整個公司的工作流程自動化。

So they don't know anything else. And what we're constantly hearing is people want to join because their on-boarding experience is so great. And we don't lose employees. We have gotten lots of employees joining here that literally bounced out of another company in a week because they couldn't stand the onboarding experience and said, "This isn't for me." So everything having to do with the employee experience and the management experience. We launched in the Tokyo release a complete manager solution so we can manage their careers, their hierarchy of their training and development and they can also do that with their employees on the Now Platform.

所以他們什麼都不知道。我們經常聽到的是人們想要加入，因為他們的入職體驗非常棒。而且我們不會失去員工。我們已經有很多員工加入這裡，他們實際上在一周內就從另一家公司跳了出來，因為他們無法忍受入職體驗並說：“這不適合我。”所以一切都與員工經驗和管理經驗有關。我們在東京發布了一個完整的經理解決方案，這樣我們就可以管理他們的職業生涯、他們的培訓和發展層次，他們也可以在 Now 平台上與他們的員工一起這樣做。

And all of this is happening in real time. So the system of record, again, we're not interested in being one of those, and we have no quarrel with any of them. We are interested in the experience and that's where the money is.

而這一切都是實時發生的。所以記錄系統，我們對成為其中之一不感興趣，我們與他們中的任何一個都沒有爭吵。我們對體驗感興趣，這就是錢的所在。

We go next now to John DiFucci of Guggenheim.

我們現在去古根海姆的約翰迪福奇。

Bill, we've done a lot of work on the U.S. government opportunity. And you and Gina both mentioned the record results there in this quarter. As you know, this is the fiscal fourth quarter for the government and likely the strongest spending quarter of the year for that customer or vertical, I guess, it's a vertical. But can you talk about the opportunity for any spillover into next quarter or even next year? Or is this really sort of a use or lose it mentality? Something -- is that something you can avoid in this vertical so it's always going to be material just like a third quarter thing?

比爾，我們在美國政府的機會上做了很多工作。你和吉娜都提到了本季度創紀錄的結果。如您所知，這是政府的第四財季，並且可能是該客戶或垂直行業一年中最強勁的支出季度，我猜，這是一個垂直行業。但是你能談談下個季度甚至明年的任何溢出的機會嗎？或者這真的是一種使用或失去它的心態？一些東西——在這個垂直領域你可以避免一些東西，所以它總是像第三季度的東西一樣重要嗎？

Yes, John, thank you for the question. We have always been really strong in federal. And a lot of that is driven by productivity, efficiency and government organizations. And I think we can all agree that, that's a big opportunity. So that area of focus for us has always been a priority. The budget there is large and there's a lot of demand for updating the technology environment for governments.

是的，約翰，謝謝你的問題。我們在聯邦中一直非常強大。其中很大一部分是由生產力、效率和政府組織推動的。我想我們都同意，這是一個很大的機會。因此，對我們來說，這個重點領域一直是優先事項。那裡的預算很大，對政府更新技術環境的需求很大。

What they love about ServiceNow is we integrate the things that they've already done. And we're not in a debate about whether the task was done properly or not. The customer can decide how they retire point solutions by the bundles, but we don't insist upon that. We are driving the experience. And I can tell you with great confidence, John, we have a very strong pipeline going into the fourth quarter with more multimillion-dollar deals, and I couldn't be prouder or more confident in our team.

他們喜歡 ServiceNow 的地方在於我們整合了他們已經完成的事情。而且我們不會就任務是否正確完成進行辯論。客戶可以通過捆綁決定他們如何淘汰單點解決方案，但我們並不堅持這一點。我們正在推動體驗。我可以非常有信心地告訴你，約翰，我們有一個非常強大的管道進入第四季度，有更多數百萬美元的交易，我對我們的團隊感到無比自豪或更有信心。

We go next now to Karl Keirstead of UBS.

我們接下來是瑞銀的 Karl Keirstead。

I'll ask a quick one for Gina. Gina, did that pull-forward phenomenon that you cited in 3Q continue into the fourth quarter, such that it's shaping up to perhaps be a little bit more front-end loaded in terms of renewal timing than you would have expected?

我會為吉娜問一個快速的。吉娜，您在第三季度提到的這種拉動現像是否會持續到第四季度，以至於就更新時間而言，它的前端負載可能比您預期的要多一些？

So I talked about the fact that one of the reasons why our cRPO beat in Q3 was related to 50 basis points of pull-forwards of Q4 renewals into Q3. And if you remember, on prior calls, I talked about the fact that this Q4 was a large renewal cohort because the fact that we were able to get some of them done early absolutely helped drive cRPO but also ramped our revenue beat as well. Expectation is that our Q4 renewal will be on par. We had 98% renewal rate in Q3. We expect similar levels in Q4, and so feel very good about the pace of renewals for the remainder of the year.

所以我談到了這樣一個事實，即我們的 cRPO 在第三季度擊敗的原因之一與第四季度續約提前 50 個基點到第三季度有關。如果您還記得，在之前的電話會議上，我談到了第四季度是一個大型續約隊列的事實，因為我們能夠提前完成其中一些任務，這絕對有助於推動 cRPO，但也提高了我們的收入。預期我們的第 4 季度續約將持平。我們在第三季度有 98% 的續訂率。我們預計第四季度會有類似的水平，因此對今年剩餘時間的續訂速度感到非常滿意。

And ladies and gentlemen, we have time for one more question this afternoon, and that will come from Michael Turits of KeyBanc.

女士們先生們，今天下午我們還有時間再回答一個問題，這個問題將來自 KeyBanc 的 Michael Turits。

Congrats on a good job. So maybe to continue on that vein. My understanding is the expectation for the cRPO increase was primarily predicated on renewals and at par as opposed to expansion. So maybe can you comment on how the expansions have been going both on the early renewals and the prospects for those that you expect to renew in 4Q?

恭喜你有一份好工作。所以也許會繼續走這條路。我的理解是，對 cRPO 增長的預期主要是基於續約和與擴張相對的。那麼，也許你能評論一下早期續約和你希望在第四季度續約的那些擴張的進展情況嗎？

Yes. Great question, Michael. Expansion rates, you know we don't give expansion rates anymore on a quarterly basis, but we reported last year expansion rates of 125%. And we've seen very strong similar expansion rates throughout 2022.

是的。很好的問題，邁克爾。擴張率，你知道我們不再按季度給出擴張率，但我們去年報告的擴張率為 125%。我們在整個 2022 年看到了非常強勁的類似擴張率。

And ladies and gentlemen, that will conclude the ServiceNow Q3 2022 Earnings Conference Call. I'd like to thank you all so much for joining us, and wish you all a great evening. Goodbye.

女士們先生們，ServiceNow 2022 年第三季度收益電話會議將結束。我非常感謝大家加入我們，並祝大家度過一個愉快的夜晚。再見。