ServiceNow Inc (NOW) 2022 Q4 法說會逐字稿

Good afternoon, ladies and gentlemen, and welcome to the ServiceNow Q4 2022 Earnings Conference Call. (Operator Instructions) And please be advised that this call is being recorded. (Operator Instructions) And now at this time, I'll turn things over to Darren Yip, Vice President, Investor Relations. Darren, please go ahead.

女士們先生們，下午好，歡迎來到 ServiceNow 2022 年第四季度收益電話會議。 （操作員說明）請注意，此通話正在錄音中。 （操作員說明）現在這個時候，我將把事情交給投資者關係副總裁 Darren Yip。達倫，請繼續。

Good afternoon, and thank you for joining ServiceNow's Fourth Quarter and Full Year 2022 Earnings Conference Call. Joining me are Bill McDermott, our Chairman and Chief Executive Officer; Gina Mastantuono, our Chief Financial Officer; and CJ Desai, our President and Chief Operating Officer.

下午好，感謝您參加 ServiceNow 的第四季度和 2022 年全年收益電話會議。加入我的是我們的董事長兼首席執行官比爾·麥克德莫特 (Bill McDermott)； Gina Mastantuono，我們的首席財務官；和我們的總裁兼首席運營官 CJ Desai。

During today's call, we will review our fourth quarter 2022 results and discuss our guidance for the first quarter and full year 2023. 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.

在今天的電話會議中，我們將回顧 2022 年第四季度的業績，並討論我們對 2023 年第一季度和全年的指導。在我們開始之前，我們想強調的是，本次電話會議上討論的一些信息，例如我們的指導，是基於截至今天的信息，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責任或義務。

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. 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 revenue, remaining performance obligations, or RPO, current RPO and cash and investments.

請參閱今天的收益新聞稿和我們提交給美國證券交易委員會的文件，包括我們最近的 10-Q 和 2021 10-K，了解可能導致實際結果與我們的前瞻性陳述存在重大差異的因素。我們還想指出，我們提出的非 GAAP 指標是根據 GAAP 計算的財務指標的補充，而不是替代這些指標。除非另有說明，否則我們今天討論的所有財務指標和相關增長率均為非 GAAP，但收入、剩餘履約義務或 RPO、當前 RPO 以及現金和投資除外。

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.

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介紹，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。

With that, I'll turn the call over to Bill. Bill?

有了這個，我會把電話轉給比爾。賬單？

Thank you, Darren, and thank you, ladies and gentlemen, for joining us today. ServiceNow continues to perform as-the-beyond expectations company. For Q4, we beat guidance with subscription revenue growth of 27.5% in constant currency. Operating margin was 28%, 2 points above our guidance. Our free cash flow margin was 30%, 1 point above our guidance. We had 126 deals greater than $1 million in Q4, including our largest deals ever worldwide in EMEA and in Latin America. Our 98% renewal rate remains the industry benchmark. With 25.5% constant currency cRPO growth, we actually had better-than-expected new business in Q4 with less reliance on early renewals.

謝謝達倫，女士們先生們，謝謝你們今天加入我們。 ServiceNow 繼續表現超出預期的公司。對於第四季度，我們以固定匯率計算的訂閱收入增長了 27.5%，超出了預期。營業利潤率為 28%，比我們的指導高出 2 個百分點。我們的自由現金流利潤率為 30%，比我們的指導高出 1 個百分點。我們在第四季度完成了 126 筆超過 100 萬美元的交易，其中包括我們在 EMEA 和拉丁美洲的全球最大交易。我們 98% 的續訂率仍然是行業基準。憑藉 25.5% 的恆定貨幣 cRPO 增長，我們在第四季度的新業務實際上好於預期，對早期續訂的依賴程度較低。

Based on this new business surge, we are giving a very strong guidance for 2023. Our guidance reflects a disciplined forecast that appropriately balances our well-founded optimism for ServiceNow's business. We'll work hard to go beyond it, and we'll begin that march in Q1.

基於這一新的業務激增，我們對 2023 年給出了非常強有力的指導。我們的指導反映了一個有紀律的預測，適當地平衡了我們對 ServiceNow 業務的有充分理由的樂觀情緒。我們將努力超越它，我們將在第一季度開始前進。

Here is the main takeaway. Even in a complex operating environment, ServiceNow is executing at the rule of 58.5. We are driving net new innovation, fast growth and operating leverage. ServiceNow is the proverbial safe harbor in all weather conditions.

這是主要內容。即使在復雜的運行環境中，ServiceNow 也按照 58.5 的規則執行。我們正在推動淨創新、快速增長和運營槓桿。 ServiceNow 是眾所周知的在所有天氣條件下的安全港。

Let me unpack the current environment for you. The secular tailwinds of digital transformation aren't going anywhere. IDC's research makes it clear that technology budgets are growing. They forecast IT spend will grow 5% in 2023, software spend at 8% and Software-as-a-Service spend at 15%. So as businesses increase spend, the only question then is where will all that investment go? And this answer has everything to do with the great reprioritization.

讓我為您解壓當前環境。數字化轉型的長期順風無處不在。 IDC 的研究表明，技術預算正在增長。他們預測 IT 支出將在 2023 年增長 5%，軟件支出將增長 8%，軟件即服務支出將增長 15%。因此，隨著企業增加支出，唯一的問題是所有投資將流向何處？這個答案與偉大的重新確定優先級有關。

The theme in Davos this year was cooperation in a fragmented world. It all begins with a fragmented enterprise. C-level buyers don't want long-term road maps to clean up a siloed mess of point solutions. They want integration, speed, automation, great experiences and business impact. A CEO told me, "We can't afford 1,000 points of dim light. We need a cohesive plan with a trusted platform." So this is now without any doubt, a platform economy. And only a few platforms will be relevant in this shift, and none are as well positioned at ServiceNow.

今年達沃斯的主題是在碎片化的世界中合作。這一切都始於一個支離破碎的企業。 C 級買家不希望長期路線圖來清理一堆孤立的點解決方案。他們想要集成、速度、自動化、出色的體驗和業務影響。一位首席執行官告訴我，“我們負擔不起 1,000 點昏暗的燈光。我們需要一個具有可信賴平台的凝聚力計劃。”所以現在毫無疑問，這是一個平台經濟。並且只有少數平台與這一轉變相關，而且沒有一個平台在 ServiceNow 中定位良好。

This begins with our business model. ServiceNow was born in the cloud, established itself in IT and expanded from that core. It accelerates with the realities of the multi-cloud world. Many enterprises are struggling to use public cloud capacity that they have already procured into ServiceNow, which directly enables cloud workload migration. We are the control tower for any architecture, public, hybrid or multi-cloud. And with open telemetry, we help business build and monitor cloud-native applications. This all extends to driving automation.

這始於我們的商業模式。 ServiceNow 誕生於雲端，立足於 IT 並從該核心擴展。它隨著多雲世界的現實而加速。許多企業都在努力將他們已經採購的公共雲容量用於 ServiceNow，直接實現雲工作負載遷移。我們是任何架構、公共雲、混合雲或多雲架構的控制塔。通過開放遙測，我們幫助企業構建和監控雲原生應用程序。這一切都延伸到駕駛自動化。

ServiceNow has natively embedded the complete tool set from AI to RPA to process mining in our platform. Now professional developers and the rest of us, real people like you and me, can build mission-critical applications to automate the world of work. Everything culminates with real business outcomes.

ServiceNow 原生嵌入了從 AI 到 RPA 的完整工具集，以在我們的平台中處理挖掘。現在，專業開發人員和我們其他人，像你我這樣的真人，可以構建關鍵任務應用程序來自動化工作世界。一切都以真正的業務成果告終。

ServiceNow integrates the enterprise to deliver better customer service, employee experiences, security, risk management and next-generation business processes like procure-to-pay, technology foundation, hyperautomation, process orchestration. With this completeness of vision, ServiceNow is the end-to-end platform for digital transformation. If all we did was help existing customers consume everything this platform can do, we would stay a fast-growing company. But of course, our strategy goes well beyond this as does our proven ability to execute.

ServiceNow 整合企業以提供更好的客戶服務、員工體驗、安全、風險管理和下一代業務流程，如採購到付款、技術基礎、超級自動化、流程編排。憑藉這種完整的願景，ServiceNow 成為數字化轉型的端到端平台。如果我們所做的只是幫助現有客戶消費這個平台所能做的一切，我們將保持一家快速發展的公司。但當然，我們的戰略遠不止於此，我們已證明的執行能力也是如此。

Right now, many fine technology companies are working to shift resources from bad businesses to good ones. ServiceNow only has good businesses. Our products and engineering team is building organic net new innovation with an unmatched level of speed and quality. When we started to sense noise in the macro early in 2022, we shifted immediately to a conservative cost management posture in running the company. This allowed us to focus on execution with our team rather than look to workforce actions to leverage. It also allowed us to continue hiring, especially in engineering and quota-carrying roles. The results tell the story.

目前，許多優秀的科技公司正在努力將資源從糟糕的業務轉移到好的業務。 ServiceNow 只有好的業務。我們的產品和工程團隊正在以無與倫比的速度和質量水平構建有機網絡新創新。當我們在 2022 年初開始感覺到宏觀中的噪音時，我們立即轉向保守的成本管理姿態來運營公司。這使我們能夠專注於與我們的團隊一起執行，而不是依靠勞動力行動來發揮作用。它還使我們能夠繼續招聘，特別是在工程和配額承擔角色方面。結果說明了一切。

ITSM was in 14 of our top 20 deals, with 15 deals over $1 million. ITOM was in 16 of the top 20, with 14 deals over $1 million. Security and Risk Solutions were in 13 of the top 20, with 9 deals over $1 million. Customer Workflows were in 13 of the top 20, with 13 deals over $1 million. Employee Workflows were in 13 of the top 20, with 11 deals over $1 million. And Creator Workflows were in 19 of the top 20, with 11 deals over $1 million.

ITSM 參與了我們排名前 20 位的交易中的 14 筆，其中 15 筆交易超過 100 萬美元。 ITOM 在前 20 名中有 16 位，有 14 筆交易超過 100 萬美元。安全和風險解決方案在前 20 名中有 13 名，有 9 筆交易超過 100 萬美元。客戶工作流程在前 20 名中有 13 名，其中 13 筆交易超過 100 萬美元。員工工作流程在前 20 名中有 13 名，其中 11 項交易超過 100 萬美元。 Creator Workflows 在前 20 名中有 19 名，有 11 筆交易超過 100 萬美元。

We saw new business growth, new logos and major expansions with some of our existing customers. The United States Army expanded its ServiceNow road map to go well beyond IT. ServiceNow will improve the Army's ability to consolidate service management for its over 1 million active military contractor and civilian population. The Schwarz Group, one of the world's top retailers will digitize its 11,000 stores from retail locations to logistics on ServiceNow as its digital business platform. This transition is a transformation and it will position to Schwarz Group at the forefront of the next-generation retail industry.

我們看到了一些現有客戶的新業務增長、新徽標和重大擴展。美國陸軍擴展了其 ServiceNow 路線圖，遠遠超出了 IT 的範疇。 ServiceNow 將提高陸軍為其超過 100 萬現役軍事承包商和平民人口整合服務管理的能力。 Schwarz Group 是全球頂級零售商之一，將通過 ServiceNow 作為其數字業務平台，將其 11,000 家商店從零售點到物流數字化。這次轉型是一次轉型，它將把施瓦茨集團定位於下一代零售業的前沿。

From Banco do Brasil, to AT&T, to Sumitomo, we have countless stories that span ServiceNow's workflows, Lightstep, geographic regions and industries across the board, we're winning. And as you'll hear from Gina, we grew new business 100% year-over-year across retail, hospitality, transportation and logistics. That's only one example. And with the expansion of ServiceNow's impact, we are setting the standard for speed of deployment and business value for our customers.

從 Banco do Brasil，到 AT&T，再到 Sumitomo，我們有無數的故事跨越 ServiceNow 的工作流程、Lightstep、地理區域和行業，我們正在獲勝。正如 Gina 所說，我們在零售、酒店、運輸和物流領域的新業務同比增長 100%。那隻是一個例子。隨著 ServiceNow 影響的擴大，我們正在為客戶設定部署速度和商業價值的標準。

More than 3 years ago, I stated our ambition to be the defining enterprise software company in the 21st century. And this is an ambition I will see through to its full completion. Following my elevation to Chairman and CEO, I'm delighted to announce that CJ Desai has been promoted to President and Chief Operating Officer. CJ is the leader of consequence, well-known in the industry. His track record in ServiceNow speaks for itself from strengthening our platform to driving our customer experience. This is exactly how we are orchestrating our company to perform on an end-to-end basis from innovation to execution with our customers. And I'd like to personally congratulate CJ for his latest well-deserved endorsement of his leadership. Congratulations, CJ.

3 年多前，我提出了成為 21 世紀定義企業軟件公司的雄心壯志。這是我要完成的雄心壯志。在我晉升為董事長兼首席執行官之後，我很高興地宣布 CJ Desai 已晉升為總裁兼首席運營官。 CJ是影響力的領導者，在業界享有盛譽。他在 ServiceNow 的業績從加強我們的平台到推動我們的客戶體驗不言而喻。這正是我們如何安排我們的公司在端到端的基礎上與我們的客戶一起從創新到執行。我想親自祝賀 CJ 最近對他的領導力的當之無愧的認可。祝賀你，CJ。

In other news, we proudly welcome Masatoshi Suzuki as the new President of ServiceNow Japan. He brings a long history of successful leadership with some of the industries most respected brands. We will elevate ServiceNow Japan to a fourth geographic region reporting directly to our proven Chief Commercial Officer, Paul Smith. And to add fuel to the growth fire, we rolled out a new partner program to help our ecosystem drive full platform adoption of ServiceNow. We're also getting an enthusiastic reception for the company's premier global initiative, RiseUp with ServiceNow. And under the thoughtful leadership of Lara Caimi, we will continue to rise up. We offer the training and certification to help people build a lifelong career working on this platform. We have never seen so much interest in the ServiceNow franchise around the world as we are seeing right now.

在其他新聞中，我們自豪地歡迎 Masatoshi Suzuki 擔任 ServiceNow Japan 的新總裁。他為一些行業最受尊敬的品牌帶來了成功領導的悠久歷史。我們將把 ServiceNow Japan 提升到第四個地理區域，直接向我們久經考驗的首席商務官 Paul Smith 報告。為了推動增長，我們推出了一個新的合作夥伴計劃，以幫助我們的生態系統推動 ServiceNow 的全平台採用。該公司的首要全球計劃 RiseUp with ServiceNow 也受到熱烈歡迎。在 Lara Caimi 的深思熟慮的領導下，我們將繼續崛起。我們提供培訓和認證，以幫助人們在此平台上建立終身職業生涯。我們從未見過像現在這樣在全球範圍內對 ServiceNow 特許經營權如此感興趣。

And from an ongoing operating perspective, we entered 2023 with much stronger sales coverage on a year-over-year basis. We have the feet on the street. We also see stronger pipeline coverage and the maturity of that pipeline, much more so than we did a year ago. The latest Glassdoor ratings feature ServiceNow as the 9th best place to work in the United States, 2nd best in the United Kingdom. The company is fully invested in all of our stated ESG objectives with our global impact report coming later this year. All this is a reflection of our proud culture built on Fred Luddy's founding vision for our company.

從持續運營的角度來看，我們進入 2023 年的銷售覆蓋面比去年同期大得多。我們的腳在街上。我們還看到了更強大的管道覆蓋率和管道的成熟度，比一年前要好得多。最新的 Glassdoor 評級將 ServiceNow 評為美國最佳工作場所第 9 名，英國第 2 名。該公司在今年晚些時候發布的全球影響報告中全面投資於我們聲明的所有 ESG 目標。所有這一切都反映了我們自豪的文化，這種文化建立在 Fred Luddy 對我們公司的創始願景之上。

I was just in Las Vegas last week for our sales kick-off event. And I can tell you, our team is fired up and ready to go for the year ahead. Really fired up. I can only reiterate that we have said consistently, there is only one way forward, and that is innovation. IDC says that by 2027, the number of digital businesses on the S&P 500 would double. Every industry is being reframed by a new paradigm or several. The participants that lean in will lead, the others will fall behind and quickly.

上週我剛剛在拉斯維加斯參加我們的銷售啟動活動。我可以告訴你，我們的團隊充滿活力，準備迎接新的一年。真的火了我只能重申，我們一貫說過，前進的道路只有一條，那就是創新。 IDC 表示，到 2027 年，標準普爾 500 指數中的數字企業數量將翻一番。每個行業都在被一個或多個新範式重新構建。靠前的參與者將領先，其他人將迅速落後。

For ServiceNow, we are committed to make the world work better for everyone. Our fundamentals are operating at peak performance, net new innovation for our customers, business impact, driving long-term stickiness of our platform, the network effects, giving us a competitive moat with multiple avenues for market expansion and profitable growth with a pristine balance sheet.

對於 ServiceNow，我們致力於讓世界為每個人更好地工作。我們的基本面以最佳性能運行，為我們的客戶帶來全新的創新，業務影響，推動我們平台的長期粘性，網絡效應，為我們提供了一條具有競爭力的護城河，具有多種市場擴張途徑和原始資產負債表的盈利增長.

All in all, when people talk about cloud economics, ServiceNow is the blue chip standard. Whatever the world lacks in stability, we will more than offset with relentless execution. Our customers need to automate for cost reduction and to innovate for growth. Yes, ServiceNow helps them do both. The world works with ServiceNow as the end-to-end platform for digital transformation.

總而言之，當人們談論云經濟時，ServiceNow 是藍籌標準。無論世界缺乏什麼穩定性，我們都將通過不懈的執行來彌補。我們的客戶需要通過自動化來降低成本並通過創新來實現增長。是的，ServiceNow 可以幫助他們做到這兩點。世界與 ServiceNow 合作，將其作為數字化轉型的端到端平台。

I'd like to personally thank our customers, partners and shareholders for their steadfast trust in ServiceNow. You can count on us. We're in your service, we're hungry and humble as ever. I'd like to now hand the call over to our CFO, Gina Mastantuono. Gina, over to you.

我要親自感謝我們的客戶、合作夥伴和股東對 ServiceNow 的堅定信任。你可以指望我們。我們為您服務，我們一如既往地渴望和謙虛。我現在想把電話轉給我們的首席財務官 Gina Mastantuono。吉娜，交給你了。

Thank you, Bill, and happy new year to all of you who are listening in. Q4 was another great quarter of execution. We exceeded our subscription revenue guidance and drove strong renewal and expansion rates. Our operating and free cash flow margins also exceeded our outlook as disciplined cost management drove tailwinds to profitability.

謝謝你，比爾，祝所有正在收聽的人新年快樂。第四季度是執行力的又一個重要季度。我們超出了我們的訂閱收入指導，並推動了強勁的續訂和擴展率。我們的運營和自由現金流利潤率也超出了我們的預期，因為嚴格的成本管理推動了盈利能力的提升。

In Q4, subscription revenues were $1.86 billion, growing 27.5% year-over-year in constant currency, exceeding the high end of our guidance range by 50 basis points. RPO ended the year at approximately $14 billion, representing 25% year-over-year constant currency growth. Current RPO was approximately $6.94 billion, representing 22% year-over-year growth and a 2-point bp versus our guidance, primarily driven by favorable FX movements in the quarter. On a constant currency basis, growth was 25.5%. While constant currency cRPO growth came in just shy of our guidance of 26%, we actually outperformed our target for net new ACV and renewal ACV for contracts expiring in the quarter. The delta came from fewer early 2023 renewals than is typical in the fourth quarter.

第四季度，訂閱收入為 18.6 億美元，按固定匯率計算同比增長 27.5%，超出我們指導範圍的上限 50 個基點。全年 RPO 約為 140 億美元，同比增長 25%。目前的 RPO 約為 69.4 億美元，同比增長 22%，比我們的指導高出 2 個基點，這主要是受到本季度有利的外匯走勢的推動。按固定匯率計算，增長率為 25.5%。雖然恆定的貨幣 cRPO 增長略低於我們 26% 的指導，但我們實際上超過了本季度到期合同的淨新 ACV 和續訂 ACV 的目標。增量來自 2023 年初的續約少於第四季度的典型情況。

Given our strong renewal rates, which remain the best-in-class 98% in Q4, this is only a timing issue. We expect these customers to ultimately renew upon contract expirations, providing opportunities to drive further expansion throughout 2023. The timing of early renewals does not impact 2023 subscription revenue growth, only RPO. Net new ACV would drive incremental revenue growth, and there, we exceeded our forecast. Our larger-than-average Q4 customer cohort not only renewed at a very strong rate, net expansion also remained robust. What's more, the strength in net new ACV wasn't limited to existing customers. New customer net new ACV grew over 30%.

鑑於我們強勁的續訂率，在第四季度仍然是同類最佳的 98%，這只是一個時間問題。我們預計這些客戶最終會在合同到期時續約，從而提供在整個 2023 年推動進一步擴張的機會。提前續約的時間不會影響 2023 年的訂閱收入增長，只會影響 RPO。淨新 ACV 將推動收入增量增長，並且我們超出了我們的預期。我們超過平均水平的第四季度客戶群不僅以非常強勁的速度更新，淨擴張也保持強勁。此外，淨新 ACV 的優勢不僅限於現有客戶。新客戶淨新 ACV 增長超過 30%。

We ended the quarter with 1,637 customers paying us over $1 million in ACV, up 22% year-over-year. From an industry perspective, retail and hospitality and transportation and logistics saw net new ACV growth of well over 100% year-over-year. Government remained strong, growing more than 50% year-over-year. Manufacturing and financial services also saw healthy double-digit growth. We closed 126 deals greater than $1 million in net new ACV in the quarter, including 2 of our top 5 largest ever. In addition, we saw 100% increases in the number of both $5 million plus and $10 million-plus net new ACV deals. More and more customers are seeing the true power of the ServiceNow portfolio as a unified platform. That's leading to more multiproduct deals in Q4, 5 of our top 10 deals contain 10 or more products.

本季度結束時，有 1,637 名客戶向我們支付了超過 100 萬美元的 ACV，同比增長 22%。從行業角度來看，零售和酒店以及運輸和物流的新 ACV 淨增長同比超過 100%。政府部門保持強勢，同比增長超過 50%。製造業和金融服務業也實現了兩位數的健康增長。我們在本季度完成了 126 筆淨新 ACV 超過 100 萬美元的交易，其中包括有史以來最大的 5 筆交易中的 2 筆。此外，我們看到 500 萬美元以上和 1000 萬美元以上的淨新 ACV 交易數量增加了 100%。越來越多的客戶看到了 ServiceNow 產品組合作為統一平台的真正力量。這導致第四季度有更多的多產品交易，我們的前 10 大交易中有 5 筆交易包含 10 種或更多產品。

Turning to profitability. Operating margin was 28%, 200 basis points above our guidance, driven by disciplined spend management and less-than-expected FX headwinds. Our free cash flow margin was 53%, up 650 basis points year-over-year. For full year 2022, operating margin was 26%, 100 basis points above our guidance and free cash flow margin was 30%, also 100 basis points above our guidance. Total free cash flow for 2022 was a robust $2.2 billion. We ended the year with a healthy balance sheet, including $6.4 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 28%，比我們的指導高出 200 個基點，這主要得益於嚴格的支出管理和低於預期的外匯逆風。我們的自由現金流利潤率為 53%，同比增長 650 個基點。 2022 年全年，營業利潤率為 26%，比我們的指導高出 100 個基點，自由現金流利潤率為 30%，也比我們的指導高出 100 個基點。 2022 年的自由現金流總額為 22 億美元。我們以健康的資產負債表結束了這一年，其中包括 64 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的強大平衡。

Before I move to guidance, I want to give a brief update on the trends we are seeing. Heading into 2023, we believe we have prudently factored in the evolving macro crosswinds into our guidance. Overall, the demand environment remains healthy, deals are getting done, the market opportunity is growing, the ecosystem is expanding, our renewal and net expansion rates ended the year strong, our pipeline is robust.

在我轉向指導之前，我想簡要介紹一下我們所看到的趨勢。進入 2023 年，我們相信我們已謹慎地將不斷變化的宏觀側風納入我們的指導方針。總的來說，需求環境保持健康，交易正在完成，市場機會在增加，生態系統在擴大，我們的續約率和淨擴張率在年底強勁，我們的管道穩健。

With that in mind, let's turn to our 2023 outlook. We expect subscription revenues between $8.44 billion and $8.5 billion, representing 22.5% to 23.5% year-over-year growth on both a reported and constant currency basis. We expect subscription gross margin of 84%, reflecting the expected diminishing impact of the change in useful life of our data center equipment as well as investments to accelerate customer time to value as part of our impact offering and higher inflation. We expect operating margin of 26% as sales and marketing efficiencies are offsetting headwinds from gross margins. We expect free cash flow margin of 30%. And we expect GAAP diluted weighted average outstanding shares of 206 million.

考慮到這一點，讓我們轉向我們的 2023 年展望。我們預計訂閱收入在 84.4 億美元至 85 億美元之間，按報告和固定匯率計算，同比增長 22.5% 至 23.5%。我們預計訂閱毛利率為 84%，這反映了我們數據中心設備使用壽命變化的預期影響減弱，以及作為我們影響力產品和更高通貨膨脹的一部分加快客戶價值實現時間的投資。我們預計營業利潤率為 26%，因為銷售和營銷效率正在抵消毛利率的不利因素。我們預計自由現金流利潤率為 30%。我們預計 GAAP 攤薄加權平均流通股為 2.06 億股。

For Q1, we expect subscription revenues between $1.99 billion and $2 billion, representing 25% to 25.5% year-over-year growth on a constant currency basis, excluding a 300 basis point FX headwind. We expect cRPO growth of 24% on a constant currency basis, excluding 300 basis points of FX headwind. We expect an operating margin of 24%, and we expect 204 million GAAP diluted weighted average outstanding shares for the quarter.

對於第一季度，我們預計訂閱收入在 19.9 億美元至 20 億美元之間，按固定匯率計算同比增長 25% 至 25.5%，不包括 300 個基點的外匯逆風。我們預計 cRPO 在固定匯率基礎上增長 24%，不包括 300 個基點的外匯逆風。我們預計營業利潤率為 24%，我們預計本季度 GAAP 攤薄加權平均流通股數為 2.04 億股。

In conclusion, we had a strong Q4, capping a resilient year. As we enter 2023, the macro challenges many enterprises face underscore a point we have made consistently. The technology strategy has become the business strategy. Digital technologies are growth-stimulating deflationary force. They power new business models, accelerating productivity while reducing costs. Our unique ability to drive business model transformation while delivering efficiency gains has created durable demand for the Now Platform. Our investment strategy is a laser focus on our customers' most pressing issues, and that continuous net new innovation translates into net new business for ServiceNow. We are well positioned for 2023 and remain on our way to becoming the defining enterprise software company of the 21st century.

總之，我們有一個強勁的第四季度，結束了富有彈性的一年。進入2023年，眾多企業面臨的宏觀挑戰凸顯了我們一貫強調的一個觀點。技術戰略變成了商業戰略。數字技術是刺激增長的通貨緊縮力量。它們為新的商業模式提供動力，在降低成本的同時提高生產力。我們在提高效率的同時推動業務模式轉型的獨特能力為 Now Platform 創造了持久的需求。我們的投資策略是專注於客戶最緊迫的問題，持續的淨創新轉化為 ServiceNow 的淨新業務。我們已為 2023 年做好準備，並繼續朝著成為 21 世紀定義企業軟件公司的方向前進。

Finally, I'm extremely proud of our team's performance this year. Bill and I can't thank our employees enough for their continued hard work and dedication. With that, I'll open it up for Q&A.

最後，我為我們團隊今年的表現感到非常自豪。比爾和我對我們的員工一直以來的辛勤工作和奉獻精神感激不盡。有了這個，我將打開它進行問答。

(Operator Instructions) We'll take our first question this afternoon from Brad Zelnick of Deutsche Bank.

（操作員說明）今天下午我們將從德意志銀行的 Brad Zelnick 那裡回答我們的第一個問題。

Congratulations, everybody. Bill, we continue to hear from some of your largest partners of the great opportunity ahead in the middle office for which ServiceNow platform just seems to be ideally suited. How are customers prioritizing these opportunities right now and into this year? And how do you position yourselves particularly with partners and vertical industry solutions to best capture it? And I've got a follow-up for Gina.

祝賀大家。比爾，我們繼續從您的一些最大的合作夥伴那裡聽說，ServiceNow 平台似乎非常適合中台部門的巨大機遇。客戶現在和今年如何優先考慮這些機會？您如何定位自己，特別是與合作夥伴和垂直行業解決方案，以最好地抓住它？我有 Gina 的跟進。

Yes. Thank you very much, Brad. And before I answer the first question, ladies and gentlemen, I just wanted to officially welcome CJ Desai as our newly minted President and COO, who is joining me here today, and I will have him continue to join me on these calls. And I'd also like to acknowledge Gina for powering through while she's a bit under the weather, so please her voice might be a little scratchy, but her passion is on fire. So she's in good shape, but losing her voice a little bit. We've been all over the world from Davos to Vegas to here. So that's what happens when you travel a little bit.

是的。非常感謝你，布拉德。女士們先生們，在我回答第一個問題之前，我只想正式歡迎 CJ Desai 成為我們新任命的總裁兼首席運營官，他今天將加入我的行列，我將讓他繼續與我一起參加這些電話會議。我還要感謝 Gina 在她有點不舒服的情況下堅持不懈，所以她的聲音可能有點沙啞，但她的熱情如火如荼。所以她的狀態很好，但她的聲音有點失聲。我們去過世界各地，從達沃斯到維加斯再到這裡。這就是當你稍微旅行時會發生的事情。

Brad, the partners and the largest partners are really doubling down on their investment with ServiceNow. And I look at it as a multifaceted situation. First, on this RiseUp with ServiceNow, we're going to train 1 million people in the ecosystem to be fully certified on the platform to ensure that we globally scale. Second, partners are teaming up with us on an industry domain basis also based on persona and mapping that back to our solution road map and naturally, everybody is all in on the platform. So the big ones are really doubling down on the platform. What's interesting, and you bring up a good point, this is for the front, the mid and the back office. And there's a next-generation ERP evolving here with things like procure-to-pay, optimizing supply chains and other things that definitely impact the middle office. But I would also say we have a great opportunity. And if you saw our new business surge in Q4, you're seeing it play out, where we're going to net new logos and drawing net new business. And I think that will be a big part of it. CJ, you may want to build on it from what you're seeing in the middle office.

布拉德、合作夥伴和最大的合作夥伴確實在對 ServiceNow 的投資上加倍下注。我將其視為一個多方面的情況。首先，在這個帶有 ServiceNow 的 RiseUp 上，我們將培訓生態系統中的 100 萬人，以在平台上獲得全面認證，以確保我們在全球範圍內擴展。其次，合作夥伴在行業領域的基礎上與我們合作，也基於角色和映射回到我們的解決方案路線圖，自然地，每個人都在平台上。所以大公司真的在平台上加倍下注。有趣的是，你提出了一個很好的觀點，這是針對前台、中台和後台的。下一代 ERP 在這裡發展，包括採購到付款、優化供應鍊和其他肯定會影響中台的事情。但我也想說我們有一個很好的機會。如果你看到我們在第四季度的新業務激增，你就會看到它發揮作用，我們將在其中獲得新標識並吸引新業務。我認為這將是其中的很大一部分。 CJ，你可能想根據你在中間辦公室看到的內容來構建它。

Brad, here is what I would say, when we look at the engagement layer, engagement layer has been around for a long time, say, for a customer service request. So for a large financial services organization, moving the workflow from the engagement layer on, say, a customer complain to the mid-office where we really shine because of our interoperability of the platform and our ability to integrate the systems and to different clouds all the way to the back office. And that's what is driving the middle office acceleration, whether that's for a financial services organization, telecommunications or a health care organization.

布拉德，這就是我要說的，當我們查看參與層時，參與層已經存在了很長時間，例如，用於客戶服務請求。因此，對於一家大型金融服務組織而言，將工作流程從參與層轉移到客戶投訴的中台，因為我們平台的互操作性以及我們集成系統和不同雲的能力，我們真正大放異彩去後台辦公室的路。這就是推動中台加速發展的原因，無論是針對金融服務組織、電信還是醫療保健組織。

Excellent. And I know, Brad, you have the second question, I think, for Gina.

出色的。我知道，布拉德，我想你有第二個問題要問吉娜。

Congrats. I was remiss in not congratulating you, CJ. For you Gina, I appreciate the additional disclosure on net new ACV. You guys clearly had a really strong quarter for new business, which is what matters most to investors. But as we think about cRPO and what you shared with us, I mean, we're all trying to understand the customer mindset during these uncertain times. Is it fair to conclude that perhaps there was less of a traditional Q4 IT budget flush in 2023? And if not, what else would be the rationale as to why you would see that phenomenon?

恭喜。我沒有祝賀你是我的失職，CJ。對於你吉娜，我很欣賞淨新 ACV 的額外披露。你們顯然有一個非常強勁的新業務季度，這對投資者來說最重要。但是當我們考慮 cRPO 以及您與我們分享的內容時，我的意思是，我們都在努力了解客戶在這些不確定時期的心態。是否可以得出這樣的結論，即 2023 年傳統的第四季度 IT 預算激增可能較少？如果不是，您會看到這種現象的其他原因是什麼？

Yes, of course, Brad. Thanks for the question, and apologies for my throat. So I think what you're seeing is early renewals were always correlated and still always correlated to net new ACV. And when people early renew, it's really about co-terming multiple contracts. And certainly, in the current environment, I don't know if you want to say it's less budget flush or just more tightening of budgets, the need or the desire to co-term the contract is a little bit less than what we've seen historically, not altogether surprising given the current macro. It's why I wanted to be really clear about the fact that early renewals have no impact on future revenue, right? And in the quarter, our target forecast for net new ACV as well as renewal ACV within the quarter actually overachieved, which is why we were able to come out with a strong 2023 revenue guide and why we feel good about not only the Q4 results, but also the position that we stand in the market as well entering 2023.

是的，當然，布拉德。感謝您提出問題，並為我的喉嚨道歉。所以我認為你看到的是早期續約總是相關的，並且仍然總是與淨新 ACV 相關。當人們提前續約時，實際上是關於共同終止多份合同。當然，在當前環境下，我不知道你是想說是預算充裕減少了還是預算收緊了，共同簽訂合同的需要或願望比我們現在要少一些從歷史上看，考慮到當前的宏觀經濟，這並不奇怪。這就是為什麼我想非常清楚提前續約對未來收入沒有影響這一事實，對嗎？在本季度，我們對本季度淨新 ACV 和續訂 ACV 的目標預測實際上超額完成，這就是為什麼我們能夠得出強勁的 2023 年收入指南，以及為什麼我們不僅對第四季度的結果感到滿意，以及進入 2023 年我們在市場中的地位。

Excellent. And thank you for the very important disclosure on net new ACV.

出色的。並感謝您對 net new ACV 進行的非常重要的披露。

We go next now to Raimo Lenschow at Barclays.

接下來我們去巴克萊銀行的 Raimo Lenschow。

Congrats from me as well. A quick question. If you think about the different pockets of growth, you saw this quarter that the HR and CRM part was a little bit stronger for Q4. Can you talk a little bit about the drivers? Because like ITSM, ITOM, you're kind of the #1 player. And the other ones you're expanding. So it's nice to see the expansion in them. And then I had one follow-up for Gina.

我也祝賀你。一個快速的問題。如果你考慮不同的增長點，你會發現本季度的人力資源和客戶關係管理部分在第四季度有所增強。你能談談司機嗎？因為像 ITSM、ITOM 一樣，您是排名第一的玩家。還有你正在擴展的其他人。所以很高興看到它們的擴展。然後我對吉娜進行了一次跟進。

Yes, I'll make the first point, Raimo. And then I think CJ can actually even give you some customer examples that might be helpful. We have become the platform for digital transformation, and that's an end-to-end platform for digital transformation. So what you're seeing now is a company that has evolved from IT to the employee experience to customer service management. And now obviously, the low-code platform and how the Creator Workflow is exploding is demonstrated in our outstanding results and our very strong guide. So we're really now a platform company with a multiproduct approach to helping every customer in the industry they operate in, based on the persona we're discussing business with and ultimately, it's that completeness of vision now that has made us one of -- about a handful of companies in the entire world that really matter in the enterprise. CJ, you've got some examples you want to talk about?

是的，我會提出第一點，Raimo。然後我認為 CJ 實際上甚至可以為您提供一些可能有用的客戶示例。我們已經成為數字化轉型的平台，這是一個端到端的數字化轉型平台。因此，您現在看到的是一家從 IT 發展到員工體驗再到客戶服務管理的公司。現在很明顯，低代碼平台以及 Creator Workflow 的爆炸式增長在我們出色的結果和我們非常強大的指南中得到了證明。所以我們現在真的是一家平台公司，採用多產品方法來幫助他們所在行業的每一位客戶，基於我們正在與之討論業務的角色，最終，正是這種完整的願景使我們成為 - - 關於整個世界中對企業真正重要的少數公司。 CJ，你有一些你想談談的例子嗎？

Absolutely. So employee experience and employee productivity are two sides of the same coin. And with our HR service delivery product that is resonating really well, whether it's in commercial markets, including we had a very strong public sector performance as Gina outlined, where that product is resonating. And during this macroeconomic times, when you think about customer service, you want to hold on to your customers and you want to serve them profitability. That's what is driving business for our customer service management product. So we are seeing that despite the technology foundation where IT is the business, digital services other business which is what driving our ITSM and ITOM product lines and what we call service operations, picking the best of service management and operations management, but HR and our customer service management are also driving growth in very specific industries from telco to public sector and health care.

絕對地。因此，員工體驗和員工生產力是同一事物的兩個方面。我們的人力資源服務交付產品引起了很好的共鳴，無論是在商業市場上，包括我們在公共部門的表現都非常出色，正如 Gina 所概述的那樣，該產品正在引起共鳴。在這個宏觀經濟時代，當您考慮客戶服務時，您希望留住您的客戶，並希望為他們提供盈利服務。這就是推動我們的客戶服務管理產品業務發展的原因。因此，我們看到，儘管 IT 是業務的技術基礎，但數字服務是其他業務驅動我們的 ITSM 和 ITOM 產品線以及我們所謂的服務運營，選擇最好的服務管理和運營管理，但人力資源和我們的客戶服務管理也在推動從電信到公共部門和醫療保健等非常具體的行業的發展。

Okay. That was very clear. And then the -- Gina one for you quickly, on the margin and cash flow outperformance. Can you talk a little bit about factors that we should consider in terms of timing, et cetera, that might have impacted this more, will we kind of don't want to extrapolate into next year, et cetera.

好的。這很清楚。然後 - 吉娜很快就為您提供利潤率和現金流量表現出色。您能否談談我們應該考慮的時間等因素，這些因素可能會影響更大，我們是否不想推斷到明年等。

Yes. It's a great question, Raimo. So I gave a good strong guide for operating margin as well as free cash flow margin for 2023. I think what you saw in Q4 from an operating margin perspective was continued discipline on the cost side, as you have seen us do and as you will consistently see us do. On the free cash flow side, obviously, that disciplined cost management flows through. But also, we did see some CapEx spend come through towards the tail end of Q4, which means that the payments are not due until Q1 of '23. So that does drive a little bit of headwind on the free cash flow margin in '23, which is why you see the guide that I gave. Hopefully, that's helpful.

是的。這是一個很好的問題，Raimo。因此，我為 2023 年的營業利潤率和自由現金流量利潤率提供了一個很好的強有力的指導。我認為從營業利潤率的角度來看，您在第四季度看到的是成本方面的持續紀律，正如您看到我們所做的和您將看到的那樣一直看到我們這樣做。在自由現金流方面，顯然，紀律嚴明的成本管理貫穿始終。而且，我們確實看到一些資本支出支出在第四季度末完成，這意味著付款要到 23 年第一季度才到期。因此，這確實對 23 年的自由現金流利潤率造成了一些不利影響，這就是為什麼你會看到我給出的指南。希望這會有所幫助。

We go next now to Sterling Auty at SVB.

接下來我們去 SVB 的 Sterling Auty。

Just want to circle back on the cRPO. Given the constant currency was 25.5%, is more of the issue that you described more happening internationally than in the U.S.? And how should we think about kind of the appetite to do renewals? And is there any concern about expansions from some of those international customers here in the first part of '23?

只想回到 cRPO。鑑於固定匯率為 25.5%，您描述的問題是否更多地發生在國際上而不是在美國？我們應該如何考慮續訂的胃口？在 23 世紀的第一部分，這裡的一些國際客戶的擴張是否令人擔憂？

Yes. Surely, it has nothing to do with the renewal dynamics internationally versus domestic. The difference between the constant currency growth and nominal growth really just has to do with FX rates that moved within the quarter. So no real differences internationally versus the Americas on the renewal side of things. With respect to the early renewals, what I would point to is the strong net new ACV growth in Q4 tells you. And by the way, very strong expansion rate in Q4 tells you that customers are not changing their behaviors with respect to renewals, on-time renewals or with net new expansion. What you're just seeing is a little bit of the lack of meeting to do co-terms and bring things forward in the current macro. Again, with 98% renewal rates across the board, we remain as positive as ever that not only will we continue to expand in '23, as you've seen us do in '22, but also continue to renew at those best-in-class renewal rates.

是的。當然，這與國際與國內的更新動態無關。貨幣持續增長與名義增長之間的差異實際上只與本季度內匯率的變動有關。因此，在更新方面，國際上與美洲沒有真正的區別。關於提前續約，我要指出的是第四季度強勁的新 ACV 淨增長告訴你。順便說一下，第四季度非常強勁的擴張率告訴你，客戶並沒有改變他們在續約、準時續約或淨新擴張方面的行為。你剛剛看到的是，在當前的宏觀政策中，有點缺乏會議來做聯合條款和推進事情。同樣，憑藉全面的 98% 的續訂率，我們一如既往地保持樂觀，我們不僅會像您在 22 年看到的那樣在 23 年繼續擴張，而且還會繼續更新那些最好的類更新率。

We'll go next now to Karl Keirstead at UBS.

接下來我們將去瑞銀的 Karl Keirstead。

Sorry for asking. You have to use your voice again. But how are you feeling about the 2024 targets? I think the consensus to you is that the $11 billion might be a little bit of a stretch given that you've had to absorb a pretty heavy FX headwind. The operating margin target of 27% seems doable. But when I look at your free cash flow target of 33%, that would be a 300 bps improvement in calendar '25. So that one feels like a little bit of a push. Do you mind just commenting on those targets? Much appreciated.

抱歉問了。你必須再次使用你的聲音。但您對 2024 年的目標有何看法？我認為你的共識是，考慮到你不得不承受相當沉重的外匯逆風，110 億美元可能有點牽強。 27% 的營業利潤率目標似乎是可行的。但是當我看到你的 33% 的自由現金流目標時，這將比日曆 '25 提高 300 個基點。所以那個感覺有點像推動。你介意只評論這些目標嗎？非常感激。

Yes. Great question, Karl. What I would say is, overall, the underlying growth that we're seeing remains healthy. FX headwinds have eased slightly, but certainly are still material. And with the uncertain macro backdrop, we're going to continue to monitor the market and provide an update on our long-term targets at our Analyst Day in May. So I'd say, again, underlying demand, really strong; operating margin, well on the trajectory to hit 27%; with respect to top line and free cash flow, with the impact of FX, and that keeps moving along, we'll update those targets for you in May. But let's go back to what Bill talked about earlier. We remain very well positioned given the current macro environment. We are the platform of choice for digital transformation. And that opportunity has not changed. If anything, it continues to grow.

是的。好問題，卡爾。我要說的是，總體而言，我們看到的潛在增長仍然健康。外匯逆風略有緩解，但肯定仍然很重要。在不確定的宏觀背景下，我們將繼續監測市場並在 5 月份的分析師日提供我們長期目標的最新信息。所以我要再次說，潛在需求非常強勁；營業利潤率有望達到 27%；關於頂線和自由現金流，受 FX 的影響，並且不斷發展，我們將在 5 月份為您更新這些目標。但讓我們回到比爾之前談到的內容。鑑於當前的宏觀環境，我們仍然處於有利地位。我們是數字化轉型的首選平台。而這個機會並沒有改變。如果有的話，它會繼續增長。

We'll hear next now from Mark Murphy of JPMorgan.

接下來我們將聽到摩根大通的馬克·墨菲 (Mark Murphy) 的講話。

Bill, just given your comments on the pipeline coverage and also the maturity, would you say that the macro headwinds have actually dissipated somewhat if you compare it back to the summer? Or are those winds still blowing fairly steadily, but you're just able to kind of navigate through them through will power and execution rigor?

比爾，剛剛給出了你對管道覆蓋率和成熟度的評論，如果你將它與夏季進行比較，你會說宏觀逆風實際上已經消散了嗎？還是那些風仍然相當穩定地吹著，但你只能通過意志力和執行力來駕馭它們？

Yes, Mark, thank you very much for the question. I did call it out. I think maybe we were the first ones to call it out but there were some clouds on the horizon back then with the macro, and we all know the forces that were blowing between Ukraine, inflation, tightening monetary policies, supply chain dislocation, and everyone sees that to a halt so we don't need to go there. I think what happened back then is most businesses were not ready for that market. And we immediately revamped our go-to-market in the way we approached the customer because we knew the customer would have to do more with less, automate their business, take cost out and improve productivity per person. And the work wasn't going to go away. It still had to be done, and step ServiceNow's platform.

是的，馬克，非常感謝你提出這個問題。我確實叫出來了。我想也許我們是第一個提出這個問題的人，但當時宏觀經濟出現了一些烏雲，我們都知道烏克蘭、通貨膨脹、收緊貨幣政策、供應鏈錯位和每個人之間的力量看到它停下來所以我們不需要去那裡。我認為當時發生的事情是大多數企業還沒有為那個市場做好準備。我們立即改進了與客戶打交道的上市方式，因為我們知道客戶必須事半功倍、實現業務自動化、降低成本並提高人均生產力。而且這項工作不會消失。它仍然必須完成，並踏上 ServiceNow 的平台。

And then we also knew at the same time that CEOs, 98% of them, this is a fact have a digital-first strategy. Worried about the other 2%, but I'm good with the 98% because that makes a lot of sense. And we also knew that they weren't going to give up on their digital business dreams and they would be investing to reorient business models, as Gina said and think differently about their enterprise, which CJ's example underscored and growth would still remain on the agenda. It's just a question of what equilibrium between growth and cost takeout would be necessary for them to achieve their goals.

然後我們同時也知道 CEO，其中 98%，這是一個事實，他們有數字優先戰略。擔心其他 2%，但我對 98% 很好，因為這很有意義。我們也知道他們不會放棄他們的數字業務夢想，他們會投資以重新調整業務模式，正如 Gina 所說，並對他們的企業有不同的看法，CJ 的例子強調了這一點，增長仍將留在議事日程上.這只是他們實現目標所必需的增長和成本削減之間的平衡的問題。

The good thing is, with ServiceNow's platform, you could say yes to both. And you don't have to make that choice. So what I see in the market, I see commodity tech that was at the peak of the hype cycle during the pandemic being dialed down or eliminated. And I see that investment freeing up to platforms that actually matter.

好處是，借助 ServiceNow 的平台，您可以對兩者都說“是”。而且您不必做出該選擇。因此，我在市場上看到的是，我看到大流行期間處於炒作週期頂峰的商品技術被調低或淘汰。而且我看到投資釋放到真正重要的平台上。

So I do think our circumstances are actually improving because of this particular macro, because it's well-known now that ServiceNow can take the cost down, if that's what you need immediately. And given the layoffs that we're seeing and the stories that we're reading, I clearly see that our company is rising accordingly. And I see that in the pipeline. I see that in the maturity of the pipeline which is a really important fact.

因此，我確實認為，由於這個特定的宏，我們的情況實際上正在改善，因為現在眾所周知，ServiceNow 可以降低成本，如果那是您立即需要的。鑑於我們看到的裁員和我們正在閱讀的故事，我清楚地看到我們公司正在相應地崛起。我在管道中看到了這一點。我看到管道的成熟度是一個非常重要的事實。

And this year, we came in with sales productivity at least 20% better than I had at the start of last year based on the feet on the street and the readiness of those feet because they've been well trained and certified to do their job. All these forces are coming together in a way that gives me a feeling the market will be on our side, but our executional excellence will never have to rely on the weather conditions. We're ready.

今年，我們的銷售效率比去年年初高出至少 20%，這是基於街上的腳和這些腳的準備情況，因為他們接受過良好的培訓和認證，可以勝任他們的工作.所有這些力量匯集在一起，讓我感覺市場會站在我們這邊，但我們的卓越執行永遠不必依賴天氣條件。我們準備好了。

Very clear. And Gina, sorry again, given your voice. But just again, on the topic of the lower mix of early renewals from 2023, should we interpret it at all as customers may be a little hesitant to renew early just because of the cost of capital is higher, they want to hang on to cash a little longer? Or on the flip side, is there some element of maybe you actually enjoyed the luxury of not having to encourage as many early renewals because you did see so much strength on the new logo side?

非常清楚。鑑於你的聲音，吉娜再次抱歉。但是，關於從 2023 年開始提前續約率較低的話題，我們是否應該將其解釋為客戶可能會因為資金成本較高而對提前續約有點猶豫，他們希望繼續持有現金再長一點？或者在另一方面，是否有一些因素可能是因為您確實在新徽標方面看到瞭如此多的力量，所以您實際上享受了不必鼓勵盡可能多的早期續訂的奢侈？

A great point, Mark. And certainly, I think you're seeing a little bit of both. And what I keep telling folks is the fact that we are not having to rely on early renewals as much as we've done in the past, shows the resilience and the strength and the power of the Now Platform. But yes, I also think that in this market, people are holding on to cash a little bit longer. And that's not altogether surprising either.

一個偉大的觀點，馬克。當然，我認為你看到了兩者。我一直告訴人們的是，我們不必像過去那樣依賴早期續訂，這顯示了 Now 平台的彈性、力量和力量。但是，是的，我也認為在這個市場上，人們持有現金的時間更長了。這也不完全令人驚訝。

And Mark, one thing I would just build on what Gina is saying, and for every investor out there, when you don't need to rely on early renewals, that means you have a competitive advantage with your technology. It also means that you're able to preserve your pricing power as you go into the renewal cycles on their normal terms. So this is actually a super healthy thing, and that's why the guide for 2023 was above all the consensus estimates that you guys have.

馬克，我想根據吉娜所說的做一件事，對於那裡的每一位投資者來說，當你不需要依賴提前續約時，這意味著你在技術方面具有競爭優勢。這也意味著您可以在按照正常條款進入續訂週期時保留您的定價權。所以這實際上是一件非常健康的事情，這就是為什麼 2023 年的指南高於你們所有的共識估計。

The next is from Kash Rangan at Goldman Sachs.

下一位來自高盛的 Kash Rangan。

I would think that in a time of inflationary environments that people would want to get rid of cash and preserve the purchasing power. But anyways, a little counterintuitive. That was not my question anyway. So congratulations, first of all, Bill, CJ. And Gina, I will spare you. I'll give you some time off and not ask you a question, so you can rest your voice.

我認為在通貨膨脹環境下，人們會想要擺脫現金並保持購買力。但無論如何，有點違反直覺。無論如何，那不是我的問題。首先，祝賀 CJ 比爾。吉娜，我會饒了你。我給你一些時間休息，不問你問題，這樣你就可以休息一下了。

Bill, one thing that occurs to me is that you've scaled a very successful technology company before. So what are the patterns that you see at this point of the evolution of ServiceNow, there could be so many things that you could be doing differently, from a go-to-market perspective, verticalizing the product, expanded distribution partnerships with resellers potentially. There's so much innovation. I look at the number of products that you have, it's mind blowing. Almost complex. How do you ensure that this all does not get in the way of your mission to build the defining enterprise software company of the 21st century? How do you make these catalysts and tailwinds and ensure that nothing gets in the way since you've especially seen this pattern play out and you've successfully done this before?

比爾，我想到的一件事是，你以前曾擴大過一家非常成功的科技公司的規模。那麼，在 ServiceNow 的這一點上，您看到的模式是什麼，您可以做很多不同的事情，從進入市場的角度來看，垂直化產品，擴大與經銷商的潛在分銷合作夥伴關係。有這麼多的創新。我看看你們擁有的產品數量，這令人震驚。幾乎複雜。您如何確保這一切不會妨礙您打造 21 世紀定義性企業軟件公司的使命？你如何製造這些催化劑和順風並確保沒有任何阻礙，因為你已經特別看到這種模式發揮作用並且你之前已經成功地做到了這一點？

Yes, absolutely. Yes, Kash, as I said, we've been through this movie before, and I'd like to show. So here's the situation. We're keeping it real simple for 22,000 of our closest friends within ServiceNow and for our partners. We have the end-to-end platform for digital transformation. That platform is applicable to each industry and every persona within the enterprise. And we are going to expand that across the world. And you saw the move we made with Japan, our ambitions are going to India, to the Middle East and many other places.

是的，一點沒錯。是的，卡什，就像我說的，我們以前看過這部電影，我想展示一下。這就是情況。對於 ServiceNow 中的 22,000 名最親密的朋友和我們的合作夥伴，我們使它變得真正簡單。我們擁有用於數字化轉型的端到端平台。該平台適用於每個行業和企業內的每個角色。我們將把它擴展到全世界。你看到了我們與日本的舉動，我們的野心是去印度、中東和許多其他地方。

So end-to-end platform, by industry, persona and geo, and we kept it very simple for our colleagues and also our partners. We focused on net new innovation. We will build the future. We have the best engineering leader and the best engineering team in the industry, hard stop. We have an incredible go-to-market machine, and we are betting on ourselves. So we're going to keep a real simple around net new innovation and net new ACV. That's it. And with a loyal customer base that will remain ever loyal with many upsells, cross-sells and same-account revenue growth. If you get new business on top of that because you're building the best product in the world, you're going to have the defining enterprise software company in the 21st century.

所以端到端的平台，按行業、角色和地域劃分，我們為我們的同事和合作夥伴保持非常簡單。我們專注於淨新創新。我們將建設未來。我們擁有業內最好的工程領導和最好的工程團隊，hard stop。我們擁有一台令人難以置信的上市機器，我們正在押注自己。因此，我們將圍繞淨新創新和淨新 ACV 保持真正簡單。就是這樣。並擁有忠實的客戶群，這些客戶群將永遠忠誠於許多追加銷售、交叉銷售和同一賬戶收入增長。如果您因為正在開發世界上最好的產品而在此基礎上獲得新業務，那麼您將擁有 21 世紀具有決定性意義的企業軟件公司。

We go next now to Peter Weed at Bernstein.

接下來我們去伯恩斯坦的彼得韋德。

Congratulations on the performance, particularly on the net new ACV. In fact, that's what I'd love to help -- a little bit of help unpacking that because obviously, it's including both new logos and expansion. And I think we heard last quarter and correct me if I'm wrong, that new customer acquisition had slowed relative to, say, Q2 where I think for new revenue, you had talked about maybe 10% of growth was coming from new customers. When you look forward now and looking forward to next year and the revenue growth, are you seeing most of that growth coming from existing customers relative to what you would have normally done with new customers, I guess, is part of the question. And then the other side of the question is it appears that NRR declined by about 300 basis points quarter-over-quarter and in your guide, it would anticipate continuing decline in NRR by probably another 300 basis points to hit your guide. What is really creating that weakness in the kind of the renewal NRR relative to recent quarters that have been pretty consistently at or above 130%?

祝賀性能，特別是在淨新 ACV 上。事實上，這就是我願意提供的幫助——一點點幫助打開包裝，因為很明顯，它包括新徽標和擴展包。而且我認為我們上個季度聽到並糾正我，如果我錯了，新客戶獲取相對於第二季度有所放緩，我認為對於新收入，您曾談到可能有 10% 的增長來自新客戶。當你現在展望明年和收入增長時，你是否看到大部分增長來自現有客戶，而不是你通常對新客戶所做的，我想，這是問題的一部分。然後問題的另一面是，NRR 似乎比上一季度下降了約 300 個基點，在您的指南中，預計 NRR 可能會繼續下降 300 個基點以達到您的指南。相對於最近幾個季度一直保持在 130% 或以上的 NRR，真正造成這種弱勢的原因是什麼？

Peter, I'll take the first question. So clearly, we're thrilled with the net new ACV growth that we're seeing, and not only our expansion rates strong within the quarter and for the full year in 2022, we were really, really pleased to see that new customer, net new ACV grew over 30% year-over-year despite the headwinds. And we've talked about this in the past. We've really evolved our focus away from the number and the volume of new customers to landing the right new customers that can land with us and expand with us over time. And so the fact that these new lands are growing is testament to the platform and testament to the breadth of products on the platform.

彼得，我來回答第一個問題。很明顯，我們對我們看到的新 ACV 淨增長感到興奮，不僅我們在本季度和 2022 年全年的擴張速度強勁，我們真的非常高興看到新客戶，淨儘管逆風，新的 ACV 同比增長超過 30%。我們過去也談過這個。我們確實已經將重點從新客戶的數量和數量轉移到吸引合適的新客戶，這些新客戶可以隨我們登陸並隨著時間的推移與我們一起擴展。因此，這些新領域正在增長的事實證明了平台和平台上產品的廣度。

And so as we think about 2023 and beyond, we absolutely expect to continue to see very strong expansion rates as well as good new logo growth. But again, it's about not the volume of those new logos, but the quality. And really, you can see that in our results. With respect to your comment on NRR declining by 300 basis points, that's not what we're seeing. I'm not sure what math you're doing, but I'm sure that off-line, Darren can talk you through it. But our net retention rate and expansion rate remains very strong in Q4 and for the whole year in 2022.

因此，當我們考慮 2023 年及以後時，我們絕對希望繼續看到非常強勁的擴張速度以及良好的新徽標增長。但同樣，重要的不是這些新徽標的數量，而是質量。實際上，您可以在我們的結果中看到這一點。關於您對 NRR 下降 300 個基點的評論，這不是我們所看到的。我不確定你在做什麼數學，但我敢肯定，離線時，Darren 可以告訴你。但我們的淨保留率和擴張率在第四季度和 2022 年全年仍然非常強勁。

We go next to now to Keith Weiss at Morgan Stanley.

接下來我們去摩根士丹利的 Keith Weiss。

And very nice end to the year with that new business growth there. Gina, I wanted to dig in on gross margins a little bit. I'm still trying to wrap my head around a 200 basis point decline. We haven't seen 84% subscription gross margins in ServiceNow since 2016, if I'm looking on my model correctly. I believe you told us last year at this time that there's still an incremental 50 basis points of tailwind that you can get from the accounting change on useful life. So there's somewhere a 250 basis point offset that's driving down gross margins. Can you help us understand what that is, a little bit better? What's that added expense that had such a weight on gross margin heading into FY '23?

隨著那裡的新業務增長，今年年底非常好。吉娜，我想深入了解一下毛利率。我仍在試圖將我的頭腦集中在 200 個基點的下降附近。如果我正確地看待我的模型，我們自 2016 年以來就沒有看到 ServiceNow 84% 的訂閱毛利率。我相信你去年這個時候告訴我們，你仍然可以從使用壽命的會計變更中獲得 50 個基點的順風。因此，有 250 個基點的抵消導致毛利率下降。你能幫助我們更好地理解那是什麼嗎？在進入 23 財年之前，對毛利率產生如此大影響的額外費用是多少？

Yes. Great question, Keith. So first of all, your math is a little off, right? So we had in 2021, we had 85% gross margin, and then this year, 86%. And we talked about that 100 basis points being the change in depreciation life of our assets. And we've said that 100 basis points was going to come down to 50, right? So you take 86, you come off to 50, that gives you 85.5. And so what you're seeing, what I tried to call out in my script is, number one, we are seeing impacts of inflation, right, not surprising, and we've talked about. But also, we are also investing heavily in ensuring that our customers are getting to success in getting to implementation much faster with respect to our impact products. And so very conscious investment decisions being made there, offset by sales and marketing efficiencies that you've come to expect from us, which is why the operating margin guide remains absolutely where you would have expected to be because we're making investments in cost of sales to get our customers to implementation as a value faster, offset by the sales and marketing efficiencies.

是的。好問題，基思。所以首先，你的數學有點差，對吧？所以我們在 2021 年的毛利率是 85%，然後今年是 86%。我們談到這 100 個基點是我們資產折舊年限的變化。我們說過 100 個基點會降到 50，對嗎？所以你拿 86，你得到 50，這給你 85.5。所以你所看到的，我試圖在我的劇本中說的是，第一，我們看到了通貨膨脹的影響，對，這並不奇怪，我們已經討論過了。而且，我們也在大力投資，以確保我們的客戶能夠成功地更快地實施我們的影響產品。因此，在那裡做出非常有意識的投資決策，被您對我們期望的銷售和營銷效率所抵消，這就是為什麼營業利潤率指南絕對保持在您預期的水平，因為我們正在對成本進行投資的銷售讓我們的客戶更快地實現價值，並被銷售和營銷效率所抵消。

We'll take our next question now from Alex Zukin at Wolfe Research.

我們現在將接受 Wolfe Research 的 Alex Zukin 的下一個問題。

Congrats, CJ. Congrats guys on a solid quarter. I guess, we're all trying to unpack, I think, 2 metrics that would be very, very helpful from the quarter itself. So apologies for the more financial-oriented question. But Gina, can you quantify the renewal headwind from the smaller early renewals? And can you comment on the net retention rate itself? Was it still 125 for the full year? Because when you take a step back, it looks like the cRPO guide for Q1 is a lot stronger than where people thought it would be, which implies that maybe that renewal headwind becomes a tailwind if you get those renewals or maybe you've got them already in the quarter. And the guide for the full year, to your point, is I think, a lot stronger than what people realize. So we're all trying to kind of piece together that -- those 2 dynamics and questions.

恭喜，CJ。祝賀你們一個穩定的季度。我想，我認為，我們都在努力解開 2 個對本季度本身非常非常有幫助的指標。因此，對於更注重財務的問題，我們深表歉意。但是吉娜，你能量化較小的早期續約帶來的續約逆風嗎？你能評論一下淨保留率本身嗎？全年還是125嗎？因為當你退後一步時，第一季度的 cRPO 指南看起來比人們想像的要強得多，這意味著如果你獲得這些續訂或者你已經獲得它們，那麼續訂逆風可能會變成順風已經在這個季度了。就你的觀點而言，我認為全年指南比人們意識到的要強大得多。所以我們都在努力拼湊——這兩個動態和問題。

I won't quantify the exact renewal headwind. But what I would say is that if not for the early renewals, we would have beat our cRPO guide. And with respect to the NRR, while we don't comment on exact numbers, it was absolutely consistent and relatively close to the 125 that you quote.

我不會量化確切的更新逆風。但我要說的是，如果不是因為提前續約，我們就會擊敗我們的 cRPO 指南。關於 NRR，雖然我們不對確切數字發表評論，但它絕對一致並且相對接近您引用的 125。

Perfect. Super helpful. And I guess maybe a technical one or a product-oriented one for you, Bill or CJ. With respect to some of the other new areas of innovation that you're bringing to bear, particularly in industries going forward. Can you maybe highlight some early anecdotes and examples of kind of some of the larger customer wins and verticals that give you confidence to kind of pour gas on the fire there?

完美的。超級有幫助。我想也許是技術性的或面向產品的，對你來說，Bill 或 CJ。關於您要承擔的其他一些新的創新領域，特別是在未來的行業中。你能不能強調一些早期的軼事和例子，比如一些更大的客戶勝利和垂直領域，讓你有信心在那里火上澆油？

Absolutely. So great to hear from you, Alex. I would say one of the products that we verticalized pretty early on was in the telco, media and tech back in -- started building that in 2019, seeing very strong traction, everything from order management to mid-office to back office in telcos. And that product line which was created for that industry is now at top 10 telcos and continue to win market share and displace multiple systems, whether it's a telco company or a media company.

絕對地。很高興收到你的來信，亞歷克斯。我想說的是，我們很早就垂直化的產品之一是在電信、媒體和技術領域——從 2019 年開始構建，看到了非常強大的牽引力，從訂單管理到中台到電信的後台。為該行業創建的產品線現在位居電信公司前 10 名，並繼續贏得市場份額並取代多個系統，無論是電信公司還是媒體公司。

Similarly, the public sector, we created a product for public sector as well as health care that is seeing strong traction as well. And overall, between the new products, horizontal products like we have done in the world of ERP on procure-to-pay or supplier life cycle management, combined that with some of these new industry products, we are winning 7-figure deals, sometimes much larger and having massive traction in that specific where customers are actually going live in 3 to 4 months.

同樣，在公共部門，我們為公共部門和醫療保健創造了一種產品，也看到了強大的牽引力。總的來說，在新產品之間，像我們在採購到付款或供應商生命週期管理的 ERP 領域所做的橫向產品，結合其中一些新的行業產品，我們贏得了 7 位數的交易，有時在客戶實際在 3 到 4 個月內上線的特定領域中，規模要大得多，並且具有巨大的吸引力。

Thank you, Alex. By the way, CJ had one go live yesterday with 50,000 agents, and we were in the board room together as we were watching the go live and it was flawless. So that's a customer service management example for one of the most prestigious brands in the world. So you can count on our customer service management business to continue to rock the house. So we're ready to go. And by the way, don't get caught up in the cRPO thing because it's only a forecasting based on prior year assumptions, has nothing to do with what actually happened. The net new business was fantastic. And all those renewals are sitting for us in 2023. And obviously, because we're delivering business value and impact, it is sitting there for us at the right pricing structure. So it's actually a super good thing from a shareholder value creation perspective.

謝謝你，亞歷克斯。順便說一句，CJ 昨天與 50,000 名特工一起上線，我們一起在董事會會議室觀看上線，它完美無缺。這是世界上最負盛名的品牌之一的客戶服務管理示例。因此，您可以指望我們的客戶服務管理業務繼續取得成功。所以我們準備好了。順便說一下，不要被 cRPO 所困擾，因為它只是基於前一年假設的預測，與實際發生的事情無關。淨新業務非常棒。所有這些續約都在 2023 年等待我們。顯然，因為我們正在提供商業價值和影響，所以它以正確的定價結構為我們坐在那裡。因此，從股東價值創造的角度來看，這實際上是一件超級好的事情。

We can go next now to Brad Reback at Stifel.

接下來我們可以去 Stifel 的 Brad Reback。

Bill, last week, you spoke pretty adamantly about continuing to hire. Hiring net new downtick a little bit here in 4Q versus the previous few quarters. Maybe you can give us an idea of what the plan is for this year.

比爾，上週，你非常堅定地談到繼續招聘。與前幾個季度相比，第 4 季度這裡的新招聘淨額略有下降。也許你可以告訴我們今年的計劃是什麼。

Yes. Thank you very much, Brad. As Gina said, we're going to be very intentional about how we manage the head count in the corporation. We are protecting this house as a primary objective. And we have invested very heavily, as you know, for the last 3.5 years, for sure, on head count. And we have what we need. Where we are investing, and we'll continue to invest, primarily will be coders, people that actually write the code and also people that are actually responsible for the customer relationship and carry a quota. So we're going to be very, very intentional. And I'm really super excited because we're in great shape on our workforce.

是的。非常感謝你，布拉德。正如 Gina 所說，我們將非常謹慎地管理公司的員工人數。我們將保護這座房子作為首要目標。正如你所知，在過去的 3.5 年裡，我們肯定在人數上投入了大量資金。我們有我們需要的。我們投資的地方，我們將繼續投資，主要是編碼人員，實際編寫代碼的人以及實際負責客戶關係並承擔配額的人。所以我們會非常非常有意識。我真的非常興奮，因為我們的員工隊伍狀況良好。

We have really happy workforce. Our retention rates are better than ever. The Glassdoor ranking speaks to some of that. So what we are finding is because of our intentionality, we're getting 9s and 10s in here, and the people we are choosing to hire come from a pool of thousands and thousands and only the best get to go to ServiceNow. And I think that's going to build an even stronger ServiceNow going forward. So no problem with the workforce. Everything is about driving innovation or net new ACV, net new innovation, net new ACV. That's the ball game.

我們擁有非常快樂的員工隊伍。我們的保留率比以往任何時候都好。 Glassdoor 排名說明了其中的一些問題。所以我們發現是因為我們的意圖，我們在這裡得到了 9s 和 10s，我們選擇僱用的人來自成千上萬的人，只有最好的人才能去 ServiceNow。我認為這將在未來建立一個更強大的 ServiceNow。所以勞動力沒有問題。一切都是為了推動創新或淨新 ACV、淨新創新、淨新 ACV。這就是球賽。

If I could just add, we're entering 2023, and Bill alluded to this earlier, we're entering 2023 with significantly more ramp reps than we entered into '22. So that growth. Yes, we might have had a little bit of a slowdown in hiring in Q4, but that was not on quota-bearing sales or engineering. We're entering 2023 from a ramp reps perspective, very strong, which gives us confidence not only with the pipeline we're seeing, but with the productivity that we'll get out of those ramp reps.

如果我可以補充一點，我們將進入 2023 年，比爾早些時候提到過，我們進入 2023 年的斜坡代表比進入 22 年要多得多。所以說成長。是的，我們在第四季度的招聘速度可能有所放緩，但這不是在配額銷售或工程方面。從斜坡代表的角度來看，我們正在進入 2023 年，非常強勁，這讓我們不僅對我們看到的管道充滿信心，而且對我們將從這些斜坡代表中獲得的生產力充滿信心。

We'll take our next question now from Keith Bachman of BMO.

我們現在將從 BMO 的 Keith Bachman 那裡回答下一個問題。

Gina, I hope you feel better. A question and a clarification. First, a clarification. Gina, it was an impressive metric you provided on the net new customer ACV growth of 30%. Can you just -- for context, can you give us what that same number would have been last year in the December quarter or an average over the last 2 years in the December quarter? I'm just trying to see what the calibration point is. And then my question, it relates to the upsell. And in particular, on ITOMs and ITSM, in the past, you provided updates on kind of the SKU mix, in other words, going to Pro to Enterprise. If you could just give us an update on -- is that slowing up at all given the economy or are customers kind of forging ahead and just where are -- if you could give us an update on the transition? That's it for me.

吉娜，我希望你感覺好些。一個問題和一個澄清。首先，澄清一下。 Gina，您提供的新客戶 ACV 淨增長 30% 令人印象深刻。你能不能 - 作為背景，你能告訴我們去年 12 月季度的相同數字或過去 2 年 12 月季度的平均值嗎？我只是想看看校準點是什麼。然後是我的問題，它與追加銷售有關。特別是，在 ITOM 和 ITSM 上，過去，您提供了關於 SKU 組合的更新，換句話說，從 Pro 到 Enterprise。如果你能給我們一個最新的信息——考慮到經濟，這種情況是否正在放緩，或者客戶是否在某種程度上向前邁進，以及在哪裡——如果你能給我們一個關於過渡的最新信息？對我來說就是這樣。

Yes, Keith, I'll tell you that 30% net new ACV -- net new customer ACV growth, we're really proud of in the quarter -- we haven't given those metrics in prior quarters. Suffice it to say that we continue to see those net new customer ACVs growing as we are landing larger deals with new customers. And those new customers are able to expand with us more. So really strong growth in the quarter, but we've not consistently given that, but suffice it to say that we are continuing to see that grow. With respect to ITSM Pro, we've talked about penetration being at about 35%, and that continues to do well.

是的，基思，我會告訴你 30% 的新 ACV 淨值——新客戶 ACV 淨增長，我們在本季度感到非常自豪——我們在前幾個季度沒有給出這些指標。可以這麼說，隨著我們與新客戶達成更大的交易，我們繼續看到這些淨新客戶 ACV 增長。這些新客戶能夠與我們一起擴展更多。本季度的增長非常強勁，但我們並沒有始終如一地給出這一點，但足以說明我們將繼續看到這種增長。關於 ITSM Pro，我們談到滲透率約為 35%，並且繼續表現良好。

And so does that continue to move higher, Gina, through the year? Or is that kind of -- is there any pressure on that stalling out at all in terms of customers willing to mix up?

吉娜，這一年會繼續走高嗎？或者是那種 - 就願意混淆的客戶而言，這種停滯是否有任何壓力？

It has continued to grow. We don't give that percentage every single quarter. We'll give it every time it hits the next five if that makes sense. But we absolutely are seeing Pro penetration continuing. CJ, I don't know if you want to add anything...

它繼續增長。我們不會每個季度都給出這個百分比。如果有意義的話，我們會在每次它擊中接下來的五個時給予它。但我們絕對看到專業人士的滲透仍在繼續。 CJ，我不知道你要不要補充什麼……

Absolutely, Keith. Here is what I can say. So the number continues to increase since we launched this in 2018. And what was super encouraging in Q4 was that some of the new logos that we got with ITSM also landed with ITSM Pro besides our existing cohort upgrading to ITSM Pro. So 35%, we are currently very, very optimistic. And at Financial Analyst Day, we will provide bigger updates on what's happening with ITSM Pro and Enterprise.

當然，基思。這就是我能說的。因此，自從我們在 2018 年推出這一數字以來，這個數字一直在增加。在第四季度，非常令人鼓舞的是，除了我們現有的隊列升級到 ITSM Pro 之外，我們通過 ITSM 獲得的一些新徽標也登陸了 ITSM Pro。所以 35%，我們目前非常非常樂觀。在金融分析師日，我們將提供有關 ITSM Pro 和 Enterprise 最新動態的更多更新。

We'll go next now to Tyler Radke at Citi.

接下來我們將談談花旗銀行的 Tyler Radke。

Maybe for Bill or CJ, just given the widespread conversations around cloud optimizations as we heard from Microsoft last night, can you just talk about how you're approaching these conversations with your customers? Are there specific products that you're leading with? And then CJ, just I would love to get an update on your view on the ServiceNow observability strategy heading into 2023. Kind of what are your key milestones from a product perspective? And how is just the progress gone since the most recent acquisition?

也許對於 Bill 或 CJ，鑑於我們昨晚從微軟聽到的關於雲優化的廣泛對話，你能談談你是如何與客戶進行這些對話的嗎？是否有您領導的特定產品？然後是 CJ，我很想了解您對進入 2023 年的 ServiceNow 可觀察性戰略的最新看法。從產品的角度來看，您的關鍵里程碑是什麼？自最近的收購以來，進展如何？

Absolutely. So let's first start with the cloud optimization question. Listen, our product line since day 1, whether you look at ITSM, ITOM or asset management, our ability to discover assets whether they are an on-prem cloud, private cloud, public cloud or multi-cloud has continued to be best-in-class. So we help our customer, they're trying to optimize their power spend. That's great. If they're trying to move to public cloud and they want to accelerate that journey, that's great too. So our portfolio is best suited for meeting our customers where they are on that cloud journey and where they want to go. So I feel actually pretty good in terms of just our portfolio's relevance in this multi-cloud states. And how our different product lines can help them with their acceleration and optimization.

絕對地。因此，讓我們首先從雲優化問題開始。聽著，從第一天起，我們的產品線，無論您是關注 ITSM、ITOM 還是資產管理，我們發現資產的能力，無論它們是本地雲、私有云、公共雲還是多雲，一直是最好的-班級。所以我們幫助我們的客戶，他們正在努力優化他們的電力支出。那太棒了。如果他們正在嘗試遷移到公有云並且希望加快這一進程，那也很好。因此，我們的產品組合最適合滿足客戶在雲之旅中所處的位置以及他們想去的地方。因此，就我們的投資組合在這種多雲狀態下的相關性而言，我感覺實際上相當不錯。以及我們不同的產品線如何幫助他們加速和優化。

And on observability, what was really encouraging for me in Q4 is that we had 3 of Fortune 100 companies decided to buy ServiceNow observability solution and Lightstep at a meaningful scale. And these are real workloads that are really being monitored by our Lightstep solution. And as I think about 2023 milestones, as you know, Tyler, we bought company called Era, which provides log management solution. We will fully integrate that in our observability platform. So we have not only primary observability solution, but also unified observability solutions that work across multi-states. So very optimistic going into '23.

在可觀察性方面，第四季度真正讓我感到鼓舞的是，我們有 3 家財富 100 強公司決定以有意義的規模購買 ServiceNow 可觀察性解決方案和 Lightstep。這些是我們的 Lightstep 解決方案真正監控的真實工作負載。當我想到 2023 年的里程碑時，正如你所知，泰勒，我們收購了一家名為 Era 的公司，該公司提供日誌管理解決方案。我們將把它完全整合到我們的可觀察性平台中。所以我們不僅有主要的可觀察性解決方案，還有跨多狀態工作的統一可觀察性解決方案。進入 23 年非常樂觀。

We do have time for one more question this afternoon. We'll take that now from Sarah Bowler at Macquarie Capital.

今天下午我們還有時間再問一個問題。我們現在將從 Macquarie Capital 的 Sarah Bowler 那裡接受。

Congrats to CJ, wonderful to see. Really, I think just given that you're operating in this, what feels like rarefied air, let me sort of flip things over a little bit and ask if there were any verticals that you haven't called out or regions in particular where you saw any softness or perhaps extra layers of scrutiny on overall spending?

恭喜 CJ，很高興看到。真的，我想只要你在這方面工作，感覺就像稀薄的空氣，讓我把事情翻過來一點，問一下是否有任何你沒有提到的垂直領域，或者特別是你在哪裡的區域是否看到了對總體支出的任何軟化或額外的審查？

So I will say -- I'm going to take this, Sarah. Thank you very much. But overall, we feel very balanced performance. Gina called out certain verticals super proud of what we did in public sector. Typically, in Q3, we are expected to do well in public sector. But even in Q4, we did really well and as Gina called out 50% growth. So whether it's public sector, whether it's retail, whether it's health care and others, very balanced performance and strong growth, an amazing quarter. I would say, as Bill just touched on, we are really excited about our growth potential in Japan and India. And with new appointment in Japan and Japan being the core geography according to Paul Smith, Chief Commercial Officer, is somewhere we really want to pay attention to, and we are very optimistic on the market side there.

所以我會說——莎拉，我要接受這個。非常感謝你。但總的來說，我們感覺表現非常平衡。吉娜 (Gina) 稱某些垂直行業對我們在公共部門所做的事情感到非常自豪。通常，在第三季度，我們有望在公共部門表現良好。但即使在第四季度，我們也做得很好，正如 Gina 所說的那樣增長了 50%。因此，無論是公共部門，還是零售業，無論是醫療保健還是其他領域，都非常平衡的表現和強勁的增長，一個驚人的季度。我想說，正如比爾剛才提到的那樣，我們對我們在日本和印度的增長潛力感到非常興奮。根據首席商務官 Paul Smith 的說法，隨著日本的新任命和日本成為核心地理位置，這是我們真正想要關注的地方，我們對那裡的市場方面非常樂觀。

And again, ladies and gentlemen, we'd like to thank you all for joining today's ServiceNow Q4 2022 earnings conference call. Again, that will bring us to the end of today's call. Thank you for joining us. Have a great afternoon. Goodbye.

女士們先生們，我們再次感謝大家參加今天的 ServiceNow 2022 年第四季度收益電話會議。同樣，這將使我們結束今天的電話會議。感謝您加入我們。祝你下午愉快。再見。