ServiceNow Inc (NOW) 2023 Q2 法說會逐字稿

Good afternoon, ladies and gentlemen, and welcome to the ServiceNow Second Quarter 2023 Earnings Conference Call. (Operator Instructions) And please be advised that this call is being recorded. After the speaker's prepared remarks, there will be a question-and-answer session. (Operator Instructions)

女士們、先生們，下午好，歡迎參加 ServiceNow 2023 年第二季度收益電話會議。 （操作員說明）請注意，此通話正在錄音。演講者準備好發言後，將進行問答環節。 （操作員說明）

And at this time, I would like to turn things over to Mr. Darren Yip, Vice President, Investor Relations. Please go ahead, sir.

現在，我想把事情交給投資者關係副總裁葉達倫先生。請繼續，先生。

Thank you. Good afternoon, and thank you for joining ServiceNow's Second Quarter 2023 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. During today's call, we will review our second quarter 2023 results and discuss our guidance for the third quarter and full year 2023.

謝謝。下午好，感謝您參加 ServiceNow 2023 年第二季度收益電話會議。與我一起的還有我們的董事長兼首席執行官比爾·麥克德莫特 (Bill McDermott)；吉娜·馬斯坦托諾 (Gina Mastantuono)，我們的首席財務官；以及我們的總裁兼首席運營官 CJ Desai。在今天的電話會議中，我們將回顧 2023 年第二季度的業績，並討論我們對 2023 年第三季度和全年的指導。

Before we get started, we want to emphasize that the information discussed on this call, including 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.

在開始之前，我們想強調，本次電話會議中討論的信息（包括指南）基於截至目前的信息，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責任或義務。

Please refer to today's earnings press release and our SEC filings, including our most recent 10-Q and 2022 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 revenues, remaining performance obligations, or RPO, current RPO and cash and investments. 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 investors.servicenow.com. A replay of today's call will also be posted on our website.

請參閱今天的收益新聞稿和我們向 SEC 提交的文件，包括我們最近的 10-Q 和 2022 年 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。我們還想指出的是，我們提出的非公認會計原則衡量標準是對根據公認會計原則計算的財務衡量標準的補充，而不是替代。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。要了解這些非公認會計原則和公認會計原則衡量標準之間的調節，請參閱今天的收益新聞稿和投資者演示文稿，這些內容均發佈在我們的網站 Investors.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.

這樣，我就把電話轉給比爾。

Thank you, Darren, and thank you, everyone, for joining us today. Once again, ServiceNow's Q2 results beat expectations for all key performance metrics. Subscription revenue grew 25% in constant currency, 1% above the high end of our guidance. CRPO grew 24% in constant currency, 1.5% above our guidance, and operating margin was 25%, 2 points above our guidance. We had 70 deals greater than $1 million in net new ACV, which was up from 54 a year ago or a 30% increase.

謝謝達倫，也謝謝大家今天加入我們。 ServiceNow 第二季度的業績再次超出了所有關鍵績效指標的預期。按固定匯率計算，訂閱收入增長了 25%，比我們指導的上限高出 1%。按固定匯率計算，CRPO 增長了 24%，比我們的指導高出 1.5%，營業利潤率為 25%，比我們的指導高出 2 個百分點。我們有 70 筆淨新 ACV 交易金額超過 100 萬美元，比一年前的 54 筆有所增加，增幅為 30%。

As the market consolidates, customers are moving to ServiceNow as the intelligent platform for end-to-end digital transformation. We have now more than 1 trillion workflows running through ServiceNow each year, and that metric is already growing at 40% annually. ServiceNow's long-term trajectory is being supercharged by generative AI. ServiceNow is the most differentiated asset in enterprise software, AI first mover, organic innovation-led, fast top line growth, best-in-class profitability, 99% renewal rate, early stages of cross-sell expansion around our IT moat.

隨著市場整合，客戶開始轉向 ServiceNow 作為端到端數字化轉型的智能平台。現在，我們每年有超過 1 萬億個工作流程通過 ServiceNow 運行，並且該指標已經以每年 40% 的速度增長。 ServiceNow 的長期發展軌跡正在受到生成式人工智能的推動。 ServiceNow 是企業軟件領域最具差異化的資產、人工智能先行者、有機創新主導、快速的營收增長、一流的盈利能力、99% 的續訂率、圍繞我們 IT 護城河的交叉銷售擴張的早期階段。

We have said consistently, ServiceNow will be the defining enterprise software company of the 21st century. This Q2 beat and raise is another step forward on that journey.

我們一貫表示，ServiceNow 將成為 21 世紀的企業軟件公司。第二季度的擊敗和加註是這一旅程的又一步。

Looking at our solutions portfolio, large deals were evenly spread in Q2, which illustrates the broad appeal of this platform. ITSM was in 16 of the top 20 deals, with 7 deals over $1 million. ITOM was in 13 of the top 20, also with 7 deals over $1 million. Together, security and risk combined for 17 of the top 20 with 8 deals over $1 million. Customer workflows had a sensational quarter, its best net new ACV growth in 3 years. Customer was in 16 of the top 20 deals with 8 deals over $1 million. Employee workflows were in 14 of the top 20 with 7 deals over $1 million, and Creator Workflows were in 18 of the top 20, with 8 deals over $1 million.

從我們的解決方案組合來看，第二季度大額交易均勻分佈，這說明了該平台的廣泛吸引力。 ITSM 參與了前 20 筆交易中的 16 筆，其中 7 筆交易金額超過 100 萬美元。 ITOM 在前 20 名中佔據了 13 名，另外還有 7 筆交易金額超過 100 萬美元。前 20 名交易中，有 17 筆交易的安全性和風險合計超過 100 萬美元。客戶工作流程在本季度表現出色，是 3 年來最好的新 ACV 淨增長。客戶參與了前 20 筆交易中的 16 筆，其中 8 筆交易金額超過 100 萬美元。員工工作流程在前 20 名中佔據 14 個，其中 7 筆交易超過 100 萬美元；創作者工作流程在前 20 名中佔據 18 個，其中 8 筆交易超過 100 萬美元。

Great organizations are transforming with ServiceNow, including Barclays, BT, Honda, HP, Petrobras, CSB Bank in India and Yokohama City in Japan, to name a few. We see a sustained demand environment and pipeline for all of our product businesses, geographic regions and industry verticals. We're set up very well for a strong second half.

偉大的組織正在利用 ServiceNow 進行轉型，其中包括巴克萊銀行、英國電信、本田、惠普、巴西國家石油公司、印度 CSB 銀行和日本橫濱市等。我們看到了我們所有產品業務、地理區域和垂直行業的持續需求環境和渠道。我們已經為強勢的下半場做好了準備。

As you'll hear from Gina, we are raising our full year guidance for subscription revenue and operating margin. This is an unprecedented market environment for enterprise software. Our good friend, NVIDIA Co-Founder and CEO, Jensen Huang, joined us at Knowledge '23 earlier this year. And Jensen stated the expanded NVIDIA-ServiceNow partnership is really important, their partnership of choice for enterprise IT. He thinks it's an exciting growth opportunity for both companies. We agree.

正如您將從吉娜那裡聽到的那樣，我們正在提高訂閱收入和營業利潤率的全年指導。這是企業軟件前所未有的市場環境。我們的好朋友、NVIDIA 聯合創始人兼首席執行官黃仁勳今年早些時候參加了 Knowledge '23。 Jensen 表示，擴大的 NVIDIA-ServiceNow 合作夥伴關係非常重要，他們是企業 IT 的首選合作夥伴關係。他認為這對兩家公司來說都是一個令人興奮的增長機會。我們同意。

We're in the midst of a dramatic expansion of the software economy. In 2023 alone, IDC says Platform-as-a-Service spending will grow 30%, and Software-as-a-Service applications will grow 17%. When you correlate that to ServiceNow's platform and our workflow leadership, it's clear we live in a great neighborhood on a super nice street, and maybe we're in the best house.

我們正處於軟件經濟急劇擴張的時期。 IDC 表示，僅 2023 年，平台即服務支出將增長 30%，軟件即服務應用程序將增長 17%。當您將其與 ServiceNow 的平台和我們的工作流程領導力聯繫起來時，很明顯我們住在一條超級漂亮的街道上的一個很棒的社區，也許我們住在最好的房子裡。

With regard to artificial intelligence, especially large language models, ServiceNow strategy has been laser-focused for years. We accelerated that focus with our Element AI acquisition in 2020. Today, by some estimates, generative AI could boost global GDP by almost $7 trillion. We see unprecedented parallel adoption across consumer and the enterprise.

對於人工智能，尤其是大型語言模型，ServiceNow 戰略多年來一直聚焦。我們在 2020 年收購 Element AI，加速了這一重點。今天，根據一些估計，生成式 AI 可以使全球 GDP 增長近 7 萬億美元。我們看到消費者和企業前所未有地並行採用。

Our platform experts, who have worked for the greatest brands and technology, believe this moment is as transformative, if not even more so than the Internet or even the iPhone. But they're careful to remind me, it's all about delivering enterprise-grade, domain-specific large language models, which is the core of ServiceNow's AI strategy. These models will improve the accuracy results, leveraging a customer's enterprise data in alignment with their business rules while maintaining the highest ethical standards for data privacy.

我們的平台專家曾為最偉大的品牌和技術工作過，他們相信這一時刻的變革性甚至不亞於互聯網甚至 iPhone。但他們小心翼翼地提醒我，這一切都是為了提供企業級、特定領域的大語言模型，這是 ServiceNow 人工智能戰略的核心。這些模型將提高結果的準確性，利用客戶的企業數據使其符合其業務規則，同時保持數據隱私的最高道德標準。

As you saw at our Financial Analyst Day, ServiceNow is infusing generative AI into all of our workflow offerings. We have since announced, Now Assist for virtual agent, which maximizes productivity by eliminating time spent searching for information. Another example is ServiceNow Generative AI Controller. It allows organizations to connect ServiceNow instances to Bolt, Microsoft Azure OpenAI service, and OpenAI API large language models. We're going even further by expanding our generative AI capabilities with case summarization and text-to-code, text-to-flow and text to new application development.

正如您在我們的金融分析師日所看到的，ServiceNow 正在將生成式人工智能融入我們所有的工作流程產品中。此後，我們宣布推出虛擬代理 Now Assist，它可以消除搜索信息的時間，從而最大限度地提高工作效率。另一個例子是ServiceNow Generative AI Controller。它允許組織將 ServiceNow 實例連接到 Bolt、Microsoft Azure OpenAI 服務和 OpenAI API 大語言模型。我們將進一步擴展我們的生成式人工智能功能，包括案例總結、文本到代碼、文本到流以及文本到新應用程序開發。

Our customers are so excited for greater ROI and customer service, better employee self-service experiences and a substantial boost in developer productivity. They are ready to invest to drive these outcomes. And based on the immense value our customers will realize from our generative AI innovation, we have a clear strategy for monetization.

我們的客戶對更高的投資回報率和客戶服務、更好的員工自助服務體驗以及開發人員生產力的大幅提升感到非常興奮。他們已準備好投資來推動這些成果。基於我們的客戶將從我們的生成式人工智能創新中實現的巨大價值，我們制定了明確的貨幣化戰略。

First, our existing Pro offerings had a record quarter in Q2 based on the hyperautomation technologies we already engineered into those products. For all new generative AI capabilities beginning with our Vancouver release, we will introduce a new set of premium plus SKU offerings across ITSM, CSM and HRSD. We have also introduced a new ServiceNow AI Lighthouse customer program, alongside NVIDIA and Accenture, all in lockstep to accelerate value realization at the cutting edge of generative AI. Specifically, this involves our engineers locking arms with NVIDIAs to codevelop new use cases for the enterprise.

首先，基於我們已經在這些產品中設計的超自動化技術，我們現有的 Pro 產品在第二季度創下了創紀錄的季度業績。對於從溫哥華版本開始的所有新的生成式 AI 功能，我們將在 ITSM、CSM 和 HRSD 中引入一套新的高級 SKU 產品。我們還與 NVIDIA 和 Accenture 一起推出了新的 ServiceNow AI Lighthouse 客戶計劃，所有這些都齊頭並進，以加速生成式 AI 前沿的價值實現。具體來說，這需要我們的工程師與 NVIDIA 合作，共同為企業開發新的用例。

We already have the most significant pharmaceutical, financial services, manufacturing and health care companies engage with us. Additional customers will become design partners for new AI capabilities in their specific industries. We're currently evaluating a range of customers, who are candidates for this program, and the interest is continuing to surge.

已經有最重要的製藥、金融服務、製造和醫療保健公司與我們合作。更多客戶將成為其特定行業新人工智能功能的設計合作夥伴。我們目前正在評估一系列作為該計劃候選者的客戶，並且興趣正在持續激增。

These engagements share one sentiment perfectly in common: The propensity to buy is there. Even as our underlying growth is already strong, as our Q2 results indicate, AI represents a market-making tailwind to ServiceNow. Intelligence is only relevant when it is delivered where work actually gets done. It's why our single architecture, single data model workflow platform has never been more relevant than it is right now.

這些活動完全有一個共同點：購買傾向就在那裡。正如我們第二季度的業績所表明的那樣，儘管我們的潛在增長已經很強勁，但人工智能代表了 ServiceNow 的做市順風。情報只有在實際完成工作的地方交付時才具有相關性。這就是為什麼我們的單一架構、單一數據模型工作流程平台從未像現在這樣重要。

As AI goes to work, humans will be the real machines because in most cases, AI augments people, it doesn't replace them. At a moment when employers face a 17-year high in unfilled job openings, generative AI will lift human productivity so we can chase even bigger dreams for the global economy and for the world. With our integrated suite of automation technologies, including AI, RPA and process mining, ServiceNow is uniquely positioned to lead the intelligence revolution. And we will.

隨著人工智能開始發揮作用，人類將成為真正的機器，因為在大多數情況下，人工智能會增強人類，而不是取代人類。當雇主面臨 17 年來最高的空缺職位空缺時，生成式人工智能將提高人類生產力，以便我們能夠為全球經濟和世界追逐更大的夢想。憑藉我們的集成自動化技術套件（包括人工智能、RPA 和流程挖掘），ServiceNow 處於引領智能革命的獨特地位。我們會的。

Looking broadly at the state of our business, we have the momentum with our upcoming Vancouver release in September, our products and engineering team will deliver even more AI innovation. Our partner ecosystem has never been more invested than they are right now. We announced an expanded strategic partnership with Cognizant to accelerate adoption of AI-driven automation. We expanded our partnership with KPMG to co-develop joint offerings through our finance and supply chain workflows. We launched a new collaboration with Guidewire to improve insurance experiences. We're also seeing extensive third-party recognition of our products. ServiceNow has been recognized for AIOps, app engine and cloud observability by prominent industry analysts. From customer service to risk to employee experience and ERP simplification, we can go on and on.

縱觀我們的業務狀況，我們在 9 月份即將在溫哥華髮布產品時勢頭強勁，我們的產品和工程團隊將提供更多的人工智能創新。我們的合作夥伴生態系統的投資從未像現在這樣多。我們宣布擴大與 Cognizant 的戰略合作夥伴關係，以加速採用人工智能驅動的自動化。我們擴大了與畢馬威的合作夥伴關係，通過我們的財務和供應鏈工作流程共同開發聯合產品。我們與 Guidewire 開展了新的合作，以改善保險體驗。我們還看到第三方對我們的產品的廣泛認可。 ServiceNow 的 AIOps、應用程序引擎和雲可觀察性得到了著名行業分析師的認可。從客戶服務到風險，再到員工體驗和 ERP 簡化，我們可以繼續下去。

This has fueled our rise into the Fortune 500 for the first time. And this is another tribute to Fred Luddy's founding vision for a hungry and humble market-leading company, and we're only getting started.

這推動了我們首次躋身財富 500 強。這是對 Fred Luddy 創立一家渴望而謙虛的市場領先公司願景的又一次致敬，而我們才剛剛開始。

In closing, this is a dynamic period for the IT industry. Think about it this way. Every leader in every department, in every business, in every industry is writing a new playbook for the AI world, CEOs' response right now. The C-suite across all functions is funding them. And for the few true platforms, the opportunity is bigger than ever. ServiceNow injects speed into the business architecture. Our platform has become the de facto standard for intelligent automation. We are a growth company. We are profitable and durable. And thanks to the relentless execution and results speak for themselves, we believe in our people, our culture, our platform and our partners.

總之，這是 IT 行業的一個充滿活力的時期。這樣想吧。每個部門、每個業務、每個行業的每個領導者都在為人工智能世界編寫新的劇本，這是首席執行官們現在的回應。所有職能部門的最高管理層都在為他們提供資金。對於少數真正的平台來說，機會比以往任何時候都大。 ServiceNow 為業務架構注入了速度。我們的平台已成為智能自動化事實上的標準。我們是一家成長型公司。我們盈利且持久。由於不懈的執行和結果不言而喻，我們相信我們的員工、我們的文化、我們的平台和我們的合作夥伴。

The world is changing. Imagination is the only limit. ServiceNow is on the move. The CEO I spoke to this summer summed things up perfectly. She said, and I quote, "Everywhere I go, people are talking about ServiceNow. Whatever you all are doing, it's working." That's one of the many reasons we proudly say now as ever, the world works with ServiceNow.

世界正在發生變化。想像力是唯一的限制。 ServiceNow 正在行動。今年夏天我採訪過的首席執行官對事情做了完美的總結。她說，我引用她的話：“無論我走到哪裡，人們都在談論 ServiceNow。無論你們在做什麼，它都在發揮作用。”這是我們現在一如既往地自豪地說，世界與 ServiceNow 合作的眾多原因之一。

Thank you all very much. I look forward to your questions. But first, let me turn it over to our great CFO, Gina.

非常感謝大家。我期待您的提問。但首先，讓我把它交給我們偉大的首席財務官吉娜。

Thank you, Bill. Q2 was another exceptionally strong quarter for ServiceNow. We exceeded the high end of our guidance range for all of our key performance metrics, delivering robust subscription revenue and CRPO growth while continuing to drive operating margin expansion and very healthy free cash flow.

謝謝你，比爾。第二季度是 ServiceNow 另一個異常強勁的季度。我們的所有關鍵績效指標都超出了指導範圍的上限，實現了強勁的訂閱收入和 CRPO 增長，同時繼續推動營業利潤率擴張和非常健康的自由現金流。

In Q2, subscription revenues were $2.08 billion, growing 25% year-over-year in constant currency, exceeding the high end of our guidance range by 100 basis points. RPO ended the quarter at approximately $14.2 billion, representing 22.5% year-over-year constant currency growth. Current RPO was approximately $7.2 billion, representing 24% year-over-year constant currency growth, a 150 basis point beat versus our guidance.

第二季度，訂閱收入為 20.8 億美元，按固定匯率計算同比增長 25%，超出我們指導範圍的上限 100 個基點。本季度末，RPO 約為 142 億美元，按固定匯率計算同比增長 22.5%。目前的 RPO 約為 72 億美元，按固定匯率計算同比增長 24%，比我們的指引高出 150 個基點。

From an industry perspective, transportation and logistics led the way with over 80% growth in Q2, followed by a very strong growth in education, business and consumer services, energy and utilities and government. In fact, U.S. Federal had its best Q2 ever, continuing the trend of strong growth over the past several quarters.

從行業角度來看，交通運輸和物流行業處於領先地位，第二季度增長超過80%，其次是教育、商業和消費服務、能源和公用事業以及政府部門，增長非常強勁。事實上，美國聯邦航空第二季度的表現是有史以來最好的，延續了過去幾個季度的強勁增長趨勢。

Our best-in-class renewal rate was 99% in Q2, demonstrating the resilience of our business as the Now Platform remains a mission-critical part of our customers' operations. With that foundation from which to grow, top line strength in the quarter was further driven by healthy expansion of our existing customers. We ended the quarter with 1,724 customers paying us over $1 million in ACV, including 45 paying us over $20 million, a 55% increase year-over-year.

第二季度我們一流的續訂率為 99%，這證明了我們業務的彈性，因為 Now 平台仍然是我們客戶運營的關鍵任務部分。有了這個增長基礎，現有客戶的健康擴張進一步推動了本季度的營收實力。截至本季度末，有 1,724 名客戶向我們支付了超過 100 萬美元的 ACV，其中 45 名客戶向我們支付了超過 2000 萬美元，同比增長 55%。

The Better Together Story is continuing to resonate with C-suites driving larger multiproduct deals as enterprises are looking to consolidate purchasing with our strategic platforms like ServiceNow. In Q2, 19 of our top 20 deals contained 5 or more products, with 9 of them containing 10 or more products. In addition to our cross-sell, our upsell motion also remained very strong. ITSM Pro had its strongest growth quarter since 2020, driven by both upsells from the standard SKU and seat expansions from existing customers.

隨著企業希望通過我們的 ServiceNow 等戰略平台整合採購，“Better Together”故事繼續引起高管層的共鳴，推動更大規模的多產品交易。第二季度，前 20 筆交易中有 19 筆包含 5 種或以上產品，其中 9 筆包含 10 種或以上產品。除了交叉銷售之外，我們的追加銷售動力也仍然非常強勁。在標準 SKU 的追加銷售和現有客戶的席位擴張的推動下，ITSM Pro 經歷了 2020 年以來最強勁的增長季度。

Overall, we closed 70 deals greater than $1 million in net new ACV in the quarter, up from 54 a year ago, representing 30% year-over-year growth. What's more, 12 of those deals were over $5 million, of which 3 were over $10 million.

總體而言，本季度我們完成了 70 筆新 ACV 淨額超過 100 萬美元的交易，高於去年同期的 54 筆，同比增長 30%。此外，其中 12 筆交易金額超過 500 萬美元，其中 3 筆交易金額超過 1000 萬美元。

We also saw a strong performance from our industry SKUs, with our telco and technology SKUs closing 6 deals over $1 million in net new ACV, and our newly launched public sector SKU gaining further momentum and landing another 7-figure deal in the quarter.

我們還看到行業 SKU 的強勁表​​現，我們的電信和技術 SKU 完成了 6 筆淨新 ACV 價值超過 100 萬美元的交易，而我們新推出的公共部門 SKU 獲得了進一步的動力，並在本季度達成了另一筆 7 位數的交易。

Turning to profitability. Non-GAAP operating margin was 25%, 200 basis points above our guidance, driven by continued disciplined spend management. Our free cash flow margin was 21%. I would also note that given our path to sustained profitability, in Q2, we recorded a large GAAP income tax benefit, reflecting a $965 million valuation allowance release related to our deferred tax assets in the U.S. We ended the quarter with a robust balance sheet, including $7.5 billion in cash and investments.

轉向盈利能力。在持續嚴格的支出管理的推動下，非 GAAP 營業利潤率為 25%，比我們的指導高出 200 個基點。我們的自由現金流利潤率為 21%。我還想指出的是，考慮到我們實現持續盈利的道路，在第二季度，我們獲得了巨額 GAAP 所得稅收益，反映出與我們在美國的遞延稅資產相關的 9.65 億美元估值備抵釋放。我們在本季度結束時擁有穩健的資產負債表，其中包括 75 億美元現金和投資。

Given the current macro environment and our strong cash position in May, the Board of Directors authorized the company's first-ever share repurchase program. The new program authorizes the purchase of up to $1.5 billion of common stock. The program's primary objective is managing the impact of dilution. Together, these results continue to demonstrate our ability to drive a strong balance of world-class growth, profitability and shareholder value.

鑑於當前的宏觀環境和我們五月份強勁的現金狀況，董事會批准了公司的首次股票回購計劃。新計劃授權購買最多 15 億美元的普通股。該計劃的主要目標是管理稀釋的影響。總之，這些結果繼續證明我們有能力推動世界級增長、盈利能力和股東價值的強勁平衡。

Moving to our outlook. While we continue to prudently factor the evolving macro cross win into our guidance, our first half outperformance has driven strong momentum as we head into the back half of the year. As a result, we are raising our top line and operating margin guidance. For 2023, we are raising our subscription revenue outlook by $95 million at the midpoint to a range of $8.58 billion to $8.6 billion, representing 24.5% to 25% year-over-year growth or 24% on a constant currency basis.

轉向我們的展望。雖然我們繼續謹慎地將不斷變化的宏觀交叉勝利納入我們的指導，但我們上半年的優異表現在我們進入今年下半年時推動了強勁的勢頭。因此，我們提高了營收和營業利潤率指引。對於 2023 年，我們將訂閱收入預期中值上調 9500 萬美元，達到 85.8 億美元至 86 億美元的範圍，同比增長 24.5% 至 25%，按固定匯率計算增長 24%。

We are raising our full year operating margin target from 26% to 26.5%. And we continue to expect subscription gross margin of 84%; free cash flow margin of 30%; and GAAP diluted weighted average outstanding shares of 206 million. For Q3, we expect subscription revenues between $2.185 billion and $2.195 billion, representing 25.5% to 26% year-over-year growth, or 23% to 23.5% on a constant currency basis. We expect CRPO growth of 25.5% or 21.5% on a constant currency basis. We expect an operating margin of 27%, and we expect 206 million GAAP diluted weighted average outstanding shares for the quarter.

我們將全年營業利潤率目標從 26% 提高到 26.5%。我們繼續預計認購毛利率為 84%；自由現金流利潤率為30%； GAAP 稀釋後加權平均流通股為 2.06 億股。對於第三季度，我們預計訂閱收入在 21.85 億美元至 21.95 億美元之間，同比增長 25.5% 至 26%，按固定匯率計算增長 23% 至 23.5%。我們預計 CRPO 增長率為 25.5% 或按固定匯率計算 21.5%。我們預計營業利潤率為 27%，按 GAAP 計算，本季度攤薄加權平均流通股預計為 2.06 億股。

In conclusion, Q2 was another tremendous quarter of outstanding execution, and we are well positioned for the remainder of the year. Our pipeline remains strong as we've already seen $0.5 billion of pipeline generation from our Knowledge 2023 event in May. The week-long event of keynote, panels and customer discussions showcase the power and the endless possibilities achievable through ServiceNow workflows, along with the incremental opportunities unlocked with our Gen AI road map. Over $3 billion in pipeline attended with an over 50% increase in executive program attendees. The response has been overwhelming.

總之，第二季度是又一個執行力出色的季度，我們為今年剩餘時間做好了準備。我們的渠道仍然強勁，因為我們已經在 5 月份的 Knowledge 2023 活動中看到了 5 億美元的渠道生成。為期一周的主題演講、小組討論和客戶討論活動展示了通過 ServiceNow 工作流程可實現的力量和無限可能性，以及我們的 Gen AI 路線圖釋放的增量機會。參加培訓的資金超過 30 億美元，高管培訓項目的參加人數增加了 50% 以上。反響熱烈。

Our intelligent platform for end-to-end digital transformation uniquely positions us to seize the opportunities in front of us as we continue to deliver durable top line growth and margin expansion on our journey to becoming the defining enterprise software company in the 21st century.

我們用於端到端數字化轉型的智能平台使我們能夠抓住面前的機遇，在成為 21 世紀定義企業軟件公司的過程中繼續實現持久的營收增長和利潤擴張。

Bill and I would also like to extend a heartfelt thank you to our employees around the globe for their continued hard work and dedication. It's their commitment to excellence, which has propelled ServiceNow into the Fortune 500, and we couldn't be proud of. This distinction is a testament to our win as a team of core value and a culmination of the outstanding results we passionately delivered together in service to our customers, partners and investors.

比爾和我還要向全球員工的持續辛勤工作和奉獻精神表示衷心的感謝。正是他們對卓越的承諾，推動 ServiceNow 躋身財富 500 強，我們對此深感自豪。這一殊榮證明了我們作為一個核心價值團隊的勝利，也是我們熱情地共同為客戶、合作夥伴和投資者提供服務所取得的傑出成果的頂峰。

With that, I'll open it up for Q&A.

這樣，我將打開它進行問答。

(Operator Instructions) We'll go first this afternoon to Keith Weiss at Morgan Stanley.

（操作員指示）今天下午我們首先去摩根士丹利的基思·韋斯 (Keith Weiss)。

Excellent. And really nice quarter with still -- we're going to -- is still not a super solid spending environment. So it definitely looks like ServiceNow is outperforming in that environment.

出色的。確實不錯的季度——我們將——仍然不是一個超級穩定的消費環境。因此，看起來 ServiceNow 在該環境中確實表現出色。

I'm sure the focal point for a lot of investors though is going to be on sort of the Gen AI. You guys continue to innovate there. You continue to roll out new solutions. And I'm not sure if this is for Bill or Gina. But maybe you could help us kind of understand how we should be thinking about the time frame of -- we're going to see some releases in September. But how should we be thinking about the time frame of when this actually gets adopted by customers? And maybe more for Gina, when should we start to think about seeing actually like revenue contributions coming from these Gen AI solutions in the ServiceNow model?

我確信許多投資者的焦點將集中在人工智能上。你們繼續在那裡創新。您繼續推出新的解決方案。我不確定這是給比爾的還是給吉娜的。但也許你可以幫助我們理解我們應該如何考慮時間框架——我們將在 9 月份看到一些版本。但我們應該如何考慮客戶實際採用這一技術的時間範圍呢？也許對 Gina 來說，我們什麼時候應該開始考慮看到 ServiceNow 模型中的這些 Gen AI 解決方案實際上帶來的收入貢獻？

Well, thank you, Keith, for all of those comments, appreciate that. Vancouver launch is the end of September. So if you think about from a timing perspective, we won't see it even in the market really until Q4. I'll let CJ talk a little bit more about our very exciting Lighthouse program. But as we think about longer-term guidance, right, our scale is such that it's going to take a little while for us to see real impact on the top line, but rest assured, we absolutely are very bullish on the opportunities in front of us as we think about the value that we're creating for our customers with Gen AI.

好吧，謝謝你，基思，感謝所有這些評論。溫哥華將於九月底推出。因此，如果從時間角度考慮，我們甚至要到第四季度才能真正在市場上看到它。我會讓 CJ 多談談我們非常令人興奮的燈塔計劃。但當我們考慮長期指導時，我們的規模如此之大，我們需要一段時間才能看到對營收的真正影響，但請放心，我們絕對非常看好眼前的機會當我們思考通過 Gen AI 為客戶創造的價值時。

Thank you, Gina. Thank you, Keith, for the question. And the way I would answer it in terms of -- the demand that we are seeing from some of the largest companies, some of them that were mentioned earlier from the industry perspective is very real. They believe that generative AI, in context of ServiceNow, will deliver higher productivity. And I stay consistent that we are going to monetize only when we get higher value that are delivered for our customer and get a fraction of that value, whether it's 10-90 or whatever. So if a customer gets 100 points of value, ServiceNow keeps 10%, customer gets 90% of the value.

謝謝你，吉娜。謝謝基思提出的問題。我的回答是——我們從一些最大的公司看到的需求，其中一些之前從行業角度提到的需求是非常真實的。他們相信，在 ServiceNow 的背景下，生成式人工智能將帶來更高的生產力。我堅持認為，只有當我們為客戶提供更高的價值並獲得該價值的一小部分（無論是 10-90 還是其他）時，我們才會貨幣化。因此，如果客戶獲得 100 點價值，ServiceNow 保留 10%，客戶獲得 90% 的價值。

What I mean here is our premium SKUs that Bill outlined will be Pro Plus. So this will be on top of ITSM Pro, CSM Pro, HRSD Pro with an exciting new offering for ServiceNow developers that we showcased at Knowledge, which will be text-to-code, text-to-workflow. These products are being released in September. We will see. We know how our adoption curve was for ITSM Pro and CSM Pro in 2019, so we have some models. But customers want to try first, see the value, and then we will share with you at the next earnings on how things are going.

我的意思是，比爾概述的我們的高級 SKU 將是 Pro Plus。因此，這將是在 ITSM Pro、CSM Pro、HRSD Pro 之上，為我們在 Knowledge 上展示的 ServiceNow 開發人員提供的令人興奮的新產品，這將是文本到代碼、文本到工作流程。這些產品將於九月發布。我們會看到。我們知道 2019 年 ITSM Pro 和 CSM Pro 的採用曲線如何，因此我們有一些模型。但客戶希望先嘗試一下，看看價值，然後我們將在下一次財報中與您分享事情的進展情況。

We'll go next now to Samad Samana at Jefferies.

接下來我們將前往 Jefferies 的 Samad Samana。

Great. Congrats on a strong quarter. I want to maybe ask a follow-up question. Gina you mentioned Vancouver is coming out at the end of September. I guess one of the questions I wanted to ask is, is it changing how customers are thinking about renewal timing? And I want to tie that to maybe the CRPO guidance that you just gave for the third quarter. How should we think about what you're thinking about the release, the new products and maybe how that informs the short-term guidance that you've just given for the third quarter and what that maybe implies for the fourth quarter as well as we've seen through the rest of this year in particular?

偉大的。祝賀季度表現強勁。我想問一個後續問題。吉娜，你提到《溫哥華》將於九月底上映。我想我想問的問題之一是，它是否改變了客戶對續訂時間的看法？我想將其與您剛剛給出的第三季度 CRPO 指導聯繫起來。我們應該如何考慮您對發布、新產品的看法，也許這會如何影響您剛剛給出的第三季度的短期指導，以及這可能對第四季度以及我們意味著什麼尤其是今年剩下的時間？

Yes, it's a great question, Samad. And what I'd say is, listen, at the end of the day, what you've seen quarter after quarter from ServiceNow is solid execution. The demand environment is very durable. And that being said, we continue to be prudent with our guidance, right? At the end of the day, we absolutely believe that generative AI could potentially bring renewals forward, but I'm not baking that into a guide right now. We just don't know what that's going to look like.

是的，這是一個很好的問題，薩馬德。我想說的是，聽著，歸根結底，您每個季度都從 ServiceNow 看到的是可靠的執行力。需求環境非常持久。話雖這麼說，我們仍然對我們的指導保持謹慎，對吧？歸根結底，我們絕對相信生成式人工智能有可能推動更新，但我現在不會將其納入指南。我們只是不知道那會是什麼樣子。

What I can tell you is that from a -- if you think about the Q3 guide versus last year, we have a full year now of slower macro demand, right? So really Q3 is when things started to shift. The Q3 of last year had an incredible Q4 of '21 and an incredible Q1 of '22 in that CRPO guide.

我可以告訴你的是，如果你考慮一下第三季度的指導與去年相比，我們現在有一整年的宏觀需求放緩，對嗎？所以第三季度確實是事情開始發生變化的時候。在 CRPO 指南中，去年的第三季度有令人難以置信的 21 年第四季度和令人難以置信的 22 年第一季度。

Our CRPO guide now for Q3 is strong. We are reflecting lower level of early renewals as we continue to see. But you're 100% right. The generative AI potential and opportunity could absolutely have some upside that we've not reflected into our guide right now.

我們的 CRPO 第三季度指南很強大。正如我們繼續看到的那樣，我們反映出早期續訂水平較低。但你是100%正確的。生成式人工智能的潛力和機會絕對有一些我們目前尚未反映在我們的指南中的優勢。

Congrats again.

再次恭喜。

Thank you, Samad.

謝謝你，薩馬德。

We'll go next now to Matt Hedberg at RBC Capital Markets.

接下來我們請聽加拿大皇家銀行資本市場部的馬特·赫德伯格 (Matt Hedberg)。

I'll offer my congrats again, guys, on the strong quarter. Hearing seat expansion within ITSM Pro is great, especially when there is some investor questions about fewer IT developers in the Gen AI world. Could you put a little bit more context, I guess, a, on what drove that; and b, given the history bill that you have, what are the long-term trends for developers in this Gen AI world? CJ, obviously, you can comment, but I think you got some perspective there as well.

伙計們，我將再次祝賀這一季度的強勁表現。 ITSM Pro 中的聽證會席位擴展很棒，尤其是當投資者對 Gen AI 世界中 IT 開發人員數量減少提出疑問時。我想，你能否提供更多背景信息來說明是什麼推動了這一點？ b，考慮到您所掌握的歷史記錄，開發人員在這個世代人工智能世界中的長期趨勢是什麼？ CJ，顯然，你可以發表評論，但我認為你也有一些觀點。

Okay. So first of all, thanks, Matt, and I will start. As it was outlined that ITSM Pro as well as CSM Pro, which are very similar, customer-facing agents and employee-facing agents, had amazing growth in second quarter. And even when I look at the percent of total, I feel very good about the Pro trajectory that we have been on in this market for the past few years based on automation and other features that we deliver via Pro.

好的。首先，謝謝馬特，我要開始了。正如概述的那樣，ITSM Pro 和 CSM Pro 非常相似，面向客戶的代理和麵向員工的代理在第二季度都有驚人的增長。即使當我查看總數的百分比時，我對過去幾年我們在這個市場上基於自動化和我們通過 Pro 提供的其他功能所遵循的 Pro 軌跡感到非常滿意。

Now on your question on seat expansion, the way I think about it is T times Q times R, where R is the rate of increase. So if you look at ITSM Pro, what we have seen is besides the 25% uplift that Gina shared at the Financial Analyst Day, the seat expansion has been 10%. And so you may ask, okay, why is that?

現在關於你關於座位擴展的問題，我的想法是T乘Q乘R，其中R是增長率。因此，如果你看看 ITSM Pro，我們看到除了吉娜在金融分析師日分享的 25% 的提升之外，席位擴張了 10%。所以你可能會問，好吧，這是為什麼？

The reason is very simple, as the world is becoming more digitized, as the corporations are becoming more digitized, the incident volumes or a customer service requests are going up. So while they are leveraging the Pro features, the seat expansion is not a coincidence because number of incidents, whether you look at security incidents, IT incidents, our digital products continue to go up. And that's why I look at T times Q times R where R being the rate of increase on the number of if you keep the quantity constant, that R is driven by higher level of digitization.

原因很簡單，隨著世界變得更加數字化，隨著公司變得更加數字化，事件數量或客戶服務請求正在增加。因此，雖然他們正在利用 Pro 功能，但席位擴展並非巧合，因為事件數量，無論是安全事件、IT 事件還是我們的數字產品都在持續增加。這就是為什麼我考慮 T 乘以 Q 乘以 R，其中 R 是數量的增長率，如果保持數量不變，則 R 是由更高水平的數字化驅動的。

So when I think about generative AI specifically, we look at this base of Pro and we think about Pro Plus. And given the value that is already being delivered by Pro, Pro Plus will allow you to gain additional value or whether it's the employees, whether it's our customers' customers or whether it's our agents. And that's why we feel very comfortable with the monetization strategy with Pro Plus because our customers will get value because of higher productivity, and we'll get a small percent of it.

因此，當我具體考慮生成式人工智能時，我們會考慮 Pro 的基礎，並考慮 Pro Plus。鑑於 Pro 已經提供的價值，Pro Plus 將使您獲得額外的價值，無論是員工、我們客戶的客戶還是我們的代理商。這就是為什麼我們對 Pro Plus 的貨幣化策略感到非常滿意，因為我們的客戶將因為更高的生產力而獲得價值，而我們將獲得其中的一小部分。

And Matt, what I would build on from CJ's commentary, is this is the entire enchilada as it relates to transforming businesses. Generative AI and these LLM models are now putting CEOs in a position where they have to come up with a new playbook. So if you're talking, for example, to a telco, media and technology CEO, they're thinking, how do I reinvent my customer service orientation, the offers that I'm making? How do I manage the network? How do I deliver great service operations?

馬特（Matt），我從 CJ 的評論中得到的結論是，這就是與業務轉型相關的整個辣醬玉米餅餡。生成式人工智能和這些法學碩士模型現在讓首席執行官們不得不制定新的策略。因此，例如，如果您與電信、媒體和技術首席執行官交談，他們會想，我如何重新設計我的客戶服務導向和我正在提供的服務？我如何管理網絡？如何提供出色的服務運營？

Similarly, you might be surprised a little bit to know how forward-leaning the public sector is. They're thinking like self-service citizen experience. How do I really rethink citizen-facing assisted services? How do I drive employee productivity and really rethink the way we're running things? And manufacturing, I met with one CEO that for every minute, the shop floor is down or isn't as productive as it should be. Every minute is $500,000. So that factory employee, the sourcing and supply chain, building a digital factory, how do I rethink sales and service.

同樣，您可能會對公共部門的前瞻性感到驚訝。他們正在思考自助服務公民體驗。我如何真正重新考慮面向公民的輔助服務？我如何提高員工的工作效率並真正重新思考我們的運作方式？在製造業方面，我會見了一位首席執行官，他表示，車間每一分鐘都在癱瘓，或者生產力沒有達到應有的水平。每分鐘是 500,000 美元。那麼工廠員工、採購和供應鏈、建設數字化工廠，我如何重新思考銷售和服務。

And health care, health care CEO who's running probably the most prestigious health care institution in the world said, how do I rethink health care and completely model something that doesn't exist today as it relates to the patient care and how I can move services from an in-house establishment to somebody's home? Like it's all on the table.

醫療保健方面，運營著世界上最負盛名的醫療保健機構的醫療保健首席執行官表示，我如何重新思考醫療保健並完全模擬當今不存在的東西，因為它與患者護理以及我如何轉移服務有關從內部機構到某人的家中？就像一切都擺在桌面上一樣。

So the point that I want to make is this. ServiceNow is now in all of those conversations. And many of those you might have thought of as, wow, that sounds like ERP modernization or probably sounds like a supply chain case or a manufacturing case. So actually, that's the point. We have become the intelligent enterprise antenna for digital transformation. And we're lifting people out of soul-crushing work and modernizing these companies with a 21st century platform that's resonating. You combine that with LLMs, the combination of NVIDIA and others, I really think this is a once-in-a-generation moment.

所以我想說的就是這一點。 ServiceNow 現在已融入所有這些對話中。您可能會想到其中許多，哇，這聽起來像 ERP 現代化，或者可能聽起來像供應鏈案例或製造案例。所以實際上，這就是重點。我們成為企業數字化轉型的智慧天線。我們正在幫助人們擺脫令人心碎的工作，並通過一個能引起共鳴的 21 世紀平台實現這些公司的現代化。你把它與法學碩士、英偉達和其他公司的結合結合起來，我真的認為這是一個千載難逢的時刻。

We'll go next now to Mark Murphy at JPMorgan.

接下來我們請摩根大通的馬克·墨菲發言。

I'll add my congrats. Bill, it sounds like you generated real pipeline coming out of the conference last month. Can you comment on the trend in business confidence and willingness to invest? In particular, is the exit velocity coming out of June and July turning a corner, if you think -- if you compare to how it felt coming out of April and March? And I'm also just curious, is there more consistency in the U.S. or Europe and Asia at the moment?

我會添加我的祝賀。比爾，聽起來你在上個月的會議上產生了真正的渠道。您能否評論一下企業信心和投資意願的趨勢？特別是，如果你想，與四月和三月的感覺相比，六月和七月的退出速度是否出現了拐點？我也很好奇，目前美國或歐洲和亞洲的一致性是否更高？

Well, thank you very much for the question, Mark. First of all, when we get to the C level, and we're talking to the corner office, it's all about innovation. And there is no lack of interest in digital transformation. There is no lack of interest in rethinking the employee or the customer experience or even how you empower people to do their best work, especially engineers and IT professionals because the digital strategy has become the business strategy.

嗯，非常感謝你提出這個問題，馬克。首先，當我們到達 C 級時，我們正在與角落辦公室交談，這都是關於創新的。人們對數字化轉型也不乏興趣。人們不乏重新思考員工或客戶體驗，甚至如何讓人們（尤其是工程師和 IT 專業人員）更好地工作的興趣，因為數字戰略已成為業務戰略。

So the whole thing for us is not so much based on 1 month or 1 quarter versus another. It's having a chance to portray the broad vision and the completeness of vision we have with C-level decision-makers that understand what transformation really is all about. So that is the only limiting factor, just making sure we get a chance to explain the breadth and depth of our story.

因此，對我們來說，整個事情並不是基於一個月或一個季度與另一個季度的比較。它有機會向 C 級決策者描繪廣闊的願景和完整的願景，他們了解轉型的真正含義。所以這是唯一的限制因素，只是確保我們有機會解釋我們故事的廣度和深度。

In terms of the geographic scenario, we're growing in all of them very well. They each have their own individual scenarios. Obviously, you're well aware of energy and security and, obviously, the Ukrainian situation, which is just a human tragedy. Americas is extremely strong. Europe is strong in spite of that because they need technology to dig their way out of a lot of the complexity. And Asia is going well for us, especially Japan, where we have a new leader now, and we really feel like we planted a flag in Japan, and we have a new frontier that's going to grow really fast. So we're feeling good about all the geos.

就地理場景而言，我們在所有這些地區都發展得很好。他們每個人都有自己獨特的場景。顯然，你很清楚能源和安全，當然也很清楚烏克蘭的局勢，這只是一場人類悲劇。美洲非常強大。儘管如此，歐洲仍然很強大，因為他們需要技術來擺脫許多複雜的情況。亞洲對我們來說進展順利，尤其是日本，我們現在有了新的領導者，我們真的感覺我們在日本插上了一面旗幟，我們有一個將快速增長的新領域。所以我們對所有的地理位置都感覺良好。

Some of the industries are doing incredible things. And yet at the same time, I want to make the point back to the platform. We had 19 of our top 20 deals with 5 or more products in the deal bond. And in 9 of the deals, we had 10 or more products. And that's a tribute to CJ and his amazing engineering team, but also in concert with Paul and our go-to-market machine, the collaboration on taking innovation from the factory and getting it in the hands of the customer quickly, is really establishing itself as an art form here. And I'm super proud of the team, and I just want to give it up for the team.

一些行業正在做一些令人難以置信的事情。但與此同時，我想把觀點重新回到平台上。在我們的前 20 筆交易中，有 19 筆交易債券中有 5 種或更多產品。在其中 9 筆交易中，我們擁有 10 種或更多產品。這是對 CJ 和他出色的工程團隊的致敬，也是對 Paul 和我們的上市機器的配合，從工廠獲取創新並將其快速交付到客戶手中的合作確實正在建立起來作為一種藝術形式在這裡。我為這支球隊感到超級自豪，我只想為球隊放棄一切。

We'll go next now to John DiFucci at Guggenheim.

接下來我們將去古根海姆的約翰·迪福奇 (John DiFucci)。

So Gina, you said the Fed vertical or the U.S. Fed had its best quarter ever, which is really interesting. I guess just a little more color on that. Were you referring to new ACV? And if so, whatever you can share with us, like a rough gauge of that, like how much it grew maybe or anything that you can share further on that?

吉娜，你說美聯儲垂直行業或美聯儲迎來了有史以來最好的季度，這真的很有趣。我想只是多一點顏色而已。您指的是新的 ACV 嗎？如果是這樣，您可以與我們分享什麼，比如粗略地衡量它，比如它可能增長了多少，或者您可以就此進一步分享什麼？

Yes. So John, what I said was that it had its best Q2 ever. And so Q3, as you know, is always a big quarter for Fed. But what I said was continuing the trend. So it had its best Q1 ever. It had its best Q2 ever. It had its best Q4 as well. And so it's not bigger than Q3, but it had a great quarter. It saw $10 million deals, including one over $8 million. And what you're really seeing is that our message around accelerating digital transformation journey is resonating.

是的。所以約翰，我說的是它有有史以來最好的第二季度。因此，如您所知，第三季度對於美聯儲來說始終是一個重要的季度。但我所說的是繼續這個趨勢。所以它有有史以來最好的第一季度。它有有史以來最好的第二季度。它也有最好的第四季度。所以它的規模並不比第三季度大，但它有一個很棒的季度。它的交易金額達 1000 萬美元，其中一筆交易金額超過 800 萬美元。您真正看到的是，我們關於加速數字化轉型之旅的信息正在引起共鳴。

If you think about what they're looking to really partner with ServiceNow and platforms like ServiceNow, much more through an enterprise lens, more strategic, more multiyear, and they're really looking to digitally transform the citizen experience across the board. And so we're really excited about the continued trends that we're seeing. We have an incredible new leader in Dr. Raj Iyer doing incredible work with that whole team. And so you can only imagine that the opportunity remains really strong.

如果你想想他們真正希望與 ServiceNow 和 ServiceNow 等平台合作，更多地從企業角度、更具戰略性、更具長期性，他們確實希望全面數字化轉變公民體驗。因此，我們對所看到的持續趨勢感到非常興奮。我們有一位令人難以置信的新領導者 Raj Iyer 博士，他與整個團隊一起做了令人難以置信的工作。所以你只能想像機會仍然非常強大。

And if I could just build one thing on Gina's commentary, John. You might remember the great Kevin Haverty that ran all of our sales force for double-digit years. Kevin is not only with us, but he oversees the whole government business as an entity for the corporation. And we see amazing opportunities to take what we have done in U.S. federal also state and local, don't forget, 40 out of the 50 states here running ServiceNow.

如果我能在吉娜的評論上建立一件事的話，約翰。您可能還記得偉大的凱文·哈弗蒂（Kevin Haverty），他帶領我們所有的銷售隊伍工作了兩位數的年頭。凱文不僅與我們在一起，而且作為公司的一個實體負責監督整個政府業務。我們看到了絕佳的機會，可以藉鑑我們在美國聯邦、州和地方所做的一切，不要忘記，這裡 50 個州中有 40 個州正在運行 ServiceNow。

We see a great opportunity to take that to Asia, specifically India and Japan, obviously, across Europe, Germany, France, the U.K., to name a few, and we also see expansive opportunities in the Middle East. And I just want to shout out to Kevin because him being here and being a part of our future, and also mentoring Raj and really building a powerhouse is just so exciting to me personally. And I love the Fed team, and I just want to give them a little shout out, too, because they're amazing.

我們看到了將其帶到亞洲的絕佳機會，特別是印度和日本，顯然，整個歐洲，德國，法國，英國等等，我們還看到了中東的廣闊機會。我只想向凱文大聲喊叫，因為他來到這裡並成為我們未來的一部分，並且指導拉吉並真正建立一個強大的力量，這對我個人來說是如此令人興奮。我喜歡美聯儲團隊，我也想為他們點贊，因為他們太棒了。

Bill, Gina, nice job. Nice job, Kevin.

比爾，吉娜，幹得好。幹得好，凱文。

Thanks, John.

謝謝，約翰。

Thank you.

謝謝。

We'll go next now to Rob Owens at Piper Sandler.

接下來我們將採訪 Piper Sandler 的 Rob Owens。

I know there's been a lot of discussion around pipeline and enthusiasm towards the second half, but I just want to drill down, I guess, more from an economic standpoint. There's been a lot of discussion, I guess, around the edges here. But as you look at the second half, willingness to invest from customers and, obviously, ServiceNow is taking share and executing this environment. But do you think that there's an all clear signal here that you're giving us with the strength in this quarter? I just want you to paint the landscape for us.

我知道人們對下半年的管道和熱情進行了很多討論，但我想，我只是想更多地從經濟角度進行深入探討。我想，這裡已經有很多討論了。但當你看到下半年時，客戶願意投資，顯然，ServiceNow 正在佔據份額並執行這個環境。但您是否認為這裡有一個明確的信號表明您在本季度為我們提供了力量？我只是想讓你為我們畫出風景。

Yes. I would not say that we're giving you an all-clear sign on the economy, right? I think we continue to execute extremely well, but from a macro perspective, I would say that there's not a whole lot of change, except for the commentary on Gen AI, right? So everyone is really excited about the productivity gains and the value that Gen AI is going to create for the business.

是的。我不會說我們正在向您提供有關經濟的明確信號，對吧？我認為我們繼續執行得非常好，但從宏觀角度來看，我想說除了對 Gen AI 的評論之外，沒有太多變化，對嗎？因此，每個人都對 Gen AI 將為企業創造的生產力提升和價值感到非常興奮。

What that means for the back half is, I believe, it's early to tell. But at the end of the day, what I'll tell you is our pipeline remains healthy, and we actually see higher pipeline coverage ratios going into Q3 than we saw last year. A lot of momentum coming out of Knowledge '23. I talked about in my script, over $3 billion in pipeline attended that Knowledge Conference, and we saw a 50% increase in the executive program attending.

我相信，這對於後半部分意味著什麼，現在說還為時過早。但歸根結底，我要告訴您的是，我們的管道仍然健康，而且我們實際上看到第三季度的管道覆蓋率比去年更高。 Knowledge '23 帶來了很多動力。我在劇本中談到，參加知識會議的資金超過 30 億美元，我們看到參加的高管項目增加了 50%。

So if you think of the C-suite, the higher-up folks are coming to understand what ServiceNow can do and provide. And so we've created approximately $0.5 billion in pipeline, to date, out of that event. And we continue to see strong demand for our team to fly out and do demos, similar to what we presented at K23, especially around gen AI.

因此，如果你想到最高管理層，高層人士就會開始了解 ServiceNow 可以做什麼和提供什麼。到目前為止，我們已經通過該活動創造了大約 5 億美元的資金。我們繼續看到對我們團隊飛出去進行演示的強烈需求，類似於我們在 K23 上展示的內容，特別是圍繞 gen AI。

And so I'd be cautious, like there's not a whole lot of change in the macro, but there's a lot of excitement about what Gen AI and, in particular, with ServiceNow's Gen AI strategy can do for customers in the short, mid and long term.

因此，我會持謹慎態度，就像宏觀上沒有太大變化一樣，但 Gen AI 的作用令人興奮，特別是 ServiceNow 的 Gen AI 戰略可以在短期、中期和未來為客戶做些什麼。長期。

And one set of facts, Rob, that might be interesting to you and others is the loyalty effect. You understand cloud economics, of course, but there's also the human effect of loyalty. Right now, we took a very strong position with our employees that we would remain loyal to them, no matter the weather conditions in the marketplace, that we would do it together. And we now have the best retention rates in the history of the company. We have 99% retention rate with our customers.

羅布，您和其他人可能感興趣的一組事實是忠誠效應。當然，您了解雲經濟，但忠誠度也對人產生影響。現在，我們對員工採取了非常強硬的立場，無論市場的天氣條件如何，我們都將保持對他們的忠誠，我們將共同努力。我們現在擁有公司歷史上最好的保留率。我們的客戶保留率高達 99%。

So if you take the loyalty effect into consideration, the net present value of what that means, and you combine it with the net new ACV that we think we can get out of this amazing platform and the innovators that are leading the charge for us, we have a tremendous sense of purpose and confidence within the company. And I think that really is fun to watch, and it's pretty thrilling to see what we can do with our customers. And I'm excited about this brave new world. And we're really fired up and ready to go over here.

因此，如果你考慮忠誠度效應，即其含義的淨現值，並將其與我們認為可以從這個令人驚嘆的平台中獲得的淨新ACV以及為我們帶頭衝鋒的創新者結合起來，我們對公司有強烈的使命感和信心。我認為這確實很有趣，而且看到我們可以為客戶做些什麼是非常令人興奮的。我對這個美麗的新世界感到興奮。我們真的很興奮並準備好去這裡。

We'll hear next from Kash Rangan at Goldman Sachs.

接下來我們將聽到高盛 (Goldman Sachs) 的卡什·蘭根 (Kash Rangan) 的發言。

One for you, Bill and one for CJ. And Gina, we'll get to you on the follow-up call. Bill, when you look at the last 12 months, challenging time for the economy, but ServiceNow out-executed gain share. So when the cycle turns towards being more constructive, what does ServiceNow pricing power look like? And how do you get value for your generative AI investments and gain share of the precious IT budget?

比爾，一份給你，一份給 CJ。吉娜，我們會在後續電話中與您聯繫。 Bill，過去 12 個月對經濟來說是一個充滿挑戰的時期，但 ServiceNow 的表現卻超出了市場份額。那麼，當週期轉向更具建設性時，ServiceNow 的定價能力會是什麼樣子呢？如何讓生成式 AI 投資發揮價值並分享寶貴的 IT 預算？

And one for you, CJ. You talked about $100 of value and how you keep 10. Why not more than 10? And can you tell us how the customer gets that $90 of value? I mean I'm sure that you've done some process mapping, some fancy map financials, et cetera. Just curious to get your thoughts. Congrats, once again.

還有一份給你，CJ。您談到了 100 美元的價值以及如何保留 10 美元。為什麼不超過 10 美元？您能告訴我們客戶如何獲得這 90 美元的價值嗎？我的意思是，我確信您已經完成了一些流程圖、一些精美的財務地圖等等。只是好奇想知道你的想法。再次恭喜。

Yes, Kash, Thank you so much for the question. First of all, the pricing power in a technology company is always representative of its innovation. And again, I can't thank the leaders, from CJ all the way through the engineering organization of this company for their great leadership. And I believe strongly, we have something you can reference that's quite fact-based. We have already introduced AI into the ServiceNow platform for some time, as CJ said. And we're seeing the Pro version of the ServiceNow platform grow more than 50%, 5-0 percent, year-on-year.

是的，卡什，非常感謝你的提問。首先，科技公司的定價能力永遠代表著其創新能力。再次，我無法感謝從 CJ 一直到該公司工程組織的領導者的出色領導。我堅信，我們有一些非常基於事實的東西可供您參考。正如 CJ 所說，我們已經將人工智能引入 ServiceNow 平台一段時間了。我們看到 ServiceNow 平台的專業版同比增長超過 50%（5-0%）。

And in terms of putting a figure on it, with Pro Plus, where we are building those LLM models into the ServiceNow platform and extending those partnerships, I'll let CJ talk about what we think we can get, but it is on top, and it is pretty significant because the business cases for the customers are so compelling.

就數字而言，通過 Pro Plus，我們將這些 LLM 模型構建到 ServiceNow 平台中並擴展這些合作夥伴關係，我會讓 CJ 談談我們認為我們可以獲得什麼，但它是最重要的，這非常重要，因為客戶的業務案例非常引人注目。

Yes, thank you, Bill, and spot on. So Kash, we have always thought about pricing of ServiceNow in the context of what value our customers get. Whether -- when we launched ITSM Pro, which was exactly 5 years ago, and we have kept the same price for ITSM Pro over the past 5 years. Now in terms of Pro Plus, based on very specific use cases, right? So I'll start with specific use cases, which we call domain specific. Those large language models we do not need to run super large language models because we are saying that, hey, for ITSM, this model will give additional productivity on top of Pro.

是的，謝謝你，比爾，說得對。因此，Kash，我們一直根據客戶獲得的價值來考慮 ServiceNow 的定價。是否——當我們推出 ITSM Pro 時，也就是 5 年前，我們在過去 5 年裡一直保持 ITSM Pro 的價格不變。現在就 Pro Plus 而言，基於非常具體的用例，對嗎？因此，我將從特定用例開始，我們稱之為特定領域。對於那些大型語言模型，我們不需要運行超大型語言模型，因為我們說，嘿，對於 ITSM，該模型將在 Pro 之上提供額外的生產力。

And that productivity based on the use case could be significant. So from a pricing perspective, on the list price, we would like to be at least minimum 60% plus when we start on top of Pro. So you're a Pro customer, you're already getting the value. We have seen it over the past 5 years, and we have seen the seat expansion happen as well. So on Pro Plus, you start with 60% plus. Customers are trying out this large language models. The models have accuracy, they are trying to learn themselves. Hey, do I take the prediction that comes out of large language model, do I just accept it? But we fundamentally believe, which is what I shared at the Financial Analyst Day, that generative AI is a tailwind for our business, but most importantly, the value that customers get.

基於用例的生產力可能非常重要。因此，從定價角度來看，當我們從 Pro 開始時，我們希望在標價上至少提高 60% 以上。所以您是 Pro 客戶，您已經獲得了價值。過去5年我們已經看到了這一點，我們也看到了座位擴張的發生。因此，在 Pro Plus 上，您從 60% 以上開始。客戶正在嘗試這個大型語言模型。這些模型具有準確性，它們正在嘗試自我學習。嘿，我是否採用大型語言模型的預測，我是否接受它？但我們從根本上相信，正如我在金融分析師日分享的那樣，生成式人工智能是我們業務的推動力，但最重要的是客戶獲得的價值。

So I want to start with explaining the value because you can say somebody is more productive for a particular task that they are repeating over and over again, but what percent of their day they spend on the task. And how do we look at the particular work week or a customer service agent or an IT, and then if we can say, okay, for your industry, for these use cases on ServiceNow, we believe we can deliver very high value. And hence, there is a premium, we have Pro Plus. And we'll start with the 10-90 map. And as we see more and more value getting delivered, of course, we are going to ask for higher prices.

所以我想從解釋價值開始，因為你可以說某人對於他們一遍又一遍地重複的特定任務更有效率，但是他們一天中花在該任務上的百分比是多少。我們如何看待特定的工作週、客戶服務代理或 IT，然後如果我們可以說，好吧，對於您的行業，對於 ServiceNow 上的這些用例，我們相信我們可以提供非常高的價值。因此，有溢價，我們有 Pro Plus。我們將從 10-90 地圖開始。隨著我們看到越來越多的價值被交付，我們當然會要求更高的價格。

We'll go next now to Keith Bachman at BMO.

接下來我們請 BMO 的基思·巴赫曼 (Keith Bachman) 發言。

It's Keith Bachman. I wanted to follow up on that. Just a clarification. In the past, you've had ITSM Pro and Enterprise. Will there still be an Enterprise? Or does the Pro Plus subsume that in some way? And then the question is, at the analyst event that you had, you talked a lot about as Gen AI rolls out, you're not sure what the seat may -- seat count may impact, too. But in the Lighthouse program, I just wondered if you've got any perspective from any customers as they're thinking about rolling out Gen AI solutions, where you've had additional thoughts or feedback on how that may increase the seat count. I know, CJ, you said what the seat count has been doing. So I'm really asking on a prospective basis, what seat count may do as you roll out these Gen AI solutions for ITSM, CSM, HR, et cetera.

我是基思·巴赫曼。我想跟進此事。只是一個澄清。過去，您擁有 ITSM Pro 和 Enterprise。還會有企業嗎？或者 Pro Plus 是否以某種方式包含了這一點？然後問題是，在您舉辦的分析師活動中，您談論了很多關於 Gen AI 推出的問題，您不確定席位可能會是什麼——席位數量也可能會產生影響。但在 Lighthouse 計劃中，我只是想知道，當客戶考慮推出 Gen AI 解決方案時，您是否有任何觀點，您對如何增加座位數有其他想法或反饋。我知道，CJ，你說過座位數一直在做什麼。因此，我實際上是在前瞻性地詢問，當您為 ITSM、CSM、HR 等推出這些 Gen AI 解決方案時，座位數量可能會起到什麼作用。

Absolutely. So first of all, thank you, Keith. Lots of questions in there. And I would say when we launched ITSM Pro in September 2018, the exact same question was asked. And at that point, I said, okay, listen, if -- even if Q remains the same, with the 50% on the list price uplift, we should be able to deliver value for our customers. And how it has played out, though, is that not only we have been able to get 25% uplift on ITSM Pro, but in addition, the seat count went up by 10%, which is the rate of increase.

絕對地。首先，謝謝你，基思。裡面有很多問題。我想說，當我們在 2018 年 9 月推出 ITSM Pro 時，也提出了完全相同的問題。那時，我說，好吧，聽著，如果——即使 Q 保持不變，標價上漲 50%，我們也應該能夠為我們的客戶提供價值。但結果是，我們不僅在 ITSM Pro 上獲得了 25% 的提升，而且座位數也增加了 10%，即增長率。

Now when I look at generative AI, to answer your first question, not only is Pro Plus, because it's also Enterprise Plus. Because Enterprise features are things like process mining, workforce optimization, skills mapping for the workforce in IT or customer service. So these are not related to AI feature set. So enterprise has a very different payload than Pro. So we are Pro Plus as well as Enterprise Plus. So that's number one.

現在，當我看到生成式人工智能時，回答你的第一個問題，不僅是 Pro Plus，因為它也是 Enterprise Plus。因為企業功能包括流程挖掘、勞動力優化、IT 或客戶服務勞動力的技能映射等。所以這些與AI功能集無關。因此，企業版的有效負載與專業版截然不同。所以我們是專業增強版和企業增強版。所以這是第一。

And number two, in your question around early customer conversations, customers are still dealing with labor shortage. They are still trying to figure out how they can make their labor force more productive. It is always about efficiency so they can get more work done. And in that environment, I have formed belief right now that generative AI is a catalyst so that their employee base is still more productive. And so even if Q remains the same, I'm still optimistic on the rate of increase as well as the price we will get because of the value we are going to deliver.

第二，在您關於早期客戶對話的問題中，客戶仍在應對勞動力短缺問題。他們仍在試圖弄清楚如何提高勞動力的生產力。這始終與效率有關，以便他們可以完成更多工作。在這種環境下，我現在已經形成了這樣的信念：生成式人工智能是一種催化劑，可以使他們的員工基礎更加高效。因此，即使 Q 保持不變，我仍然對增長率以及我們將獲得的價格感到樂觀，因為我們將提供價值。

(Operator Instructions) We'll go next now to Alex Zukin at Wolfe Research.

（操作員說明）接下來我們將請教 Wolfe Research 的 Alex Zukin。

I think a lot of us are kind of taken aback by some of the pricing commentary on Pro Plus. So I wanted to maybe -- I had other questions, but I'll throw them to the side. I guess as we think about the potential for that type of uplift, can you walk us through, specifically, is this more going to come from a fee increase? Is it more of a consumption dynamic? Is there any thoughts about the percentage of adopting aspirationally you anticipate throughout your client base?

我想我們很多人都對 Pro Plus 上的一些定價評論感到驚訝。所以我想也許——我還有其他問題，但我會把它們扔到一邊。我想當我們考慮這種類型的提升的潛力時，您能否向我們介紹一下，具體來說，這更多的是來自費用的增加嗎？這更多的是一種消費動態嗎？您對整個客戶群中預期採用的比例有什麼想法嗎？

And finally, from an investment perspective, is there a big CapEx cycle required? You mentioned the intensity of the models might not be needed to be foundational models in every case. So just can you contextualize some of those points?

最後，從投資的角度來看，是否需要很大的資本支出週期？您提到模型的強度可能不需要在每種情況下都成為基礎模型。那麼您能將其中一些觀點結合起來嗎？

Yes, absolutely, Alex. So I'm going to have Gina answer the CapEx and COGS question, and then I'll answer your pricing question.

是的，絕對是，亞歷克斯。因此，我將讓吉娜回答資本支出和銷貨成本問題，然後我將回答您的定價問題。

So from a CapEx perspective, Alex, baked into our margin guide for this year, I'm not concerned, right? So any incremental demand is reflected in the free cash flow for 2023. As we think about going forward, at this point, we don't see any large requirements for increases. But as we see where demand kind of starts coming through in Q3 and Q4, the back half of the year, I'll reflect that in my guide for 2024.

因此，從資本支出的角度來看，亞歷克斯，納入我們今年的保證金指南，我並不擔心，對嗎？因此，任何增量需求都會反映在 2023 年的自由現金流中。當我們考慮未來時，目前我們認為沒有任何大幅增長的需求。但當我們看到需求在今年下半年的第三季度和第四季度開始出現時，我將在 2024 年的指南中反映這一點。

But rest assured, as you have known us to always do, if there is some pressure on gross margins as a result of a little bit more CapEx, we'll be offsetting that with operational efficiencies as we continue to roll out Gen AI capabilities within our own organization.

但請放心，正如您所知，我們總是這樣做，如果由於資本支出增加一點而對毛利率造成一些壓力，我們將通過運營效率來抵消這一壓力，因為我們將繼續在內部推出 Gen AI 功能我們自己的組織。

Got it. So Alex, the 2 things that I do want to share based on Gina's comments is, number one, we do not require large language model with hundreds of billions of parameters because for our domain specific use case, we can run what we have seen with text-to-code, for example, is 1/10 per size of OpenAI model. So that allows us to run it efficiently. It allows us to run while respecting the privacy of our customers' data. So that's number one, and that goes into the COGS answer that Gina gave based on the initial demand and customers that we are working with.

知道了。所以亞歷克斯，根據吉娜的評論，我想分享的兩件事是，第一，我們不需要具有數千億參數的大型語言模型，因為對於我們特定領域的用例，我們可以運行我們所看到的例如，文本到代碼的大小是 OpenAI 模型大小的 1/10。這樣我們就可以有效地運行它。它使我們能夠在尊重客戶數據隱私的同時運行。這是第一位的，吉娜根據最初的需求和我們正在合作的客戶給出的 COGS 答案。

Now in terms of your question around P times Q. The uplift that we believe we can absolutely price it as would be on the price. So if the quantity remains the same, the uplift will be on top of Pro with the list price, 60% uplift. And then, of course, our sales team works with enterprise discounts, all that, you know how that plays out. And that's why if you assume that, why is that 60% is the number? It is all based on the value that we believe our customers will derive with additional Gen AI features that we are going to release for ITSM or whether it's for customer service management. Those things, definitely, there is a cost of R&D and as well as cost to run something like that, but it will always be based on the value they get. So I feel pretty comfortable on the uplift list price on that specific price at the seat level.

現在就你關於 P 乘 Q 的問題而言。我們相信我們絕對可以像價格一樣對其進行定價。所以如果數量不變的話，漲幅會在Pro的標價之上，漲幅60%。當然，我們的銷售團隊會提供企業折扣，所有這些，你都知道結果如何。這就是為什麼如果你假設的話，為什麼這個數字是 60%？這一切都是基於我們相信我們的客戶將從我們將為 ITSM 或客戶服務管理髮布的附加 Gen AI 功能中獲得的價值。這些東西肯定有研發成本以及運行類似東西的成本，但它始終基於它們獲得的價值。因此，我對座位級別的特定價格的上漲標價感到非常滿意。

And then the second thing I would say is that we have seen, because of digitization on ITSM Pro, which was the point I was trying to make earlier, the seats have expanded by 10% over the last 5 years, while the price uplift that we have realized, which was 50% on top of ITSM, and we got 25%.

我要說的第二件事是，我們已經看到，由於 ITSM Pro 的數字化（這也是我之前試圖指出的），座位在過去 5 年裡擴大了 10%，而價格則上漲了我們已經意識到，除了 ITSM 之外，還有 50%，我們得到了 25%。

And Alex, one thing I would also like you to know and everybody else is we're getting a lot of new logos. And every time you get a new logo, you get new seats. The other thing is on the platform expansion in the company, we are now in a world where we're selling multi-product solutions, business solutions, to significant companies and industries, and we're communicating with all the personas. So one data point that you might find interesting is that 19 of the top 20 deals this quarter, there was 5 or more products in there. That's a lot of seats. In 9 of our deals, there was 10-or-more products in the deal. And then finally, if you think about large-scale enterprise deals, we are growing our deals in the $20-plus million category 50% year-on-year.

亞歷克斯，我還想讓你和其他人知道一件事，那就是我們正在獲得很多新徽標。每次獲得新徽標，您都會獲得新席位。另一件事是公司的平台擴展，我們現在正處於一個向重要公司和行業銷售多產品解決方案、業務解決方案的世界，並且我們正在與所有角色進行溝通。因此，您可能會感興趣的一個數據點是，本季度前 20 筆交易中有 19 筆包含 5 種或更多產品。那有很多座位。在我們的 9 筆交易中，交易中有 10 種或更多產品。最後，如果您考慮大型企業交易，我們的 20 多萬美元類別交易將同比增長 50%。

So we're getting a lot of new seats. And I think that is something that you should always keep in mind. New logos, expanding on the platform in every company, going into new geos, and new personas, all new seats. And then if you apply the logic of innovation and pricing, as CJ said, you're going to get a lot of good outcomes for the customer and for the shareholders.

所以我們獲得了很多新席位。我認為這是你應該永遠牢記的事情。新標識，在每個公司的平台上擴展，進入新的地理區域，新的角色，所有新的座位。然後，如果你應用創新和定價的邏輯，正如 CJ 所說，你將為客戶和股東帶來很多好的結果。

Sounds like a pretty good recipe for success, guys. Congrats.

伙計們，這聽起來是一個非常好的成功秘訣。恭喜。

Thank you, Alex.

謝謝你，亞歷克斯。

Thanks, Alex.

謝謝，亞歷克斯。

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

接下來我們請瑞銀集團的卡爾·凱爾斯特德 (Karl Keirstead) 發言。

Gina, 3 months ago, you guys put up a solid quarter, but you did tell us that the FINS vertical, which is one of your largest, felt a little wobblier. Macro uncertainty picked up. Do you mind just giving us an update with the passage of 3 months, how that vertical tracked for ServiceNow in the quarter and how it might through year-end?

吉娜，三個月前，你們在季度中取得了穩定的成績，但你們確實告訴我們，FINS 垂直系統（你們最大的垂直系統之一）感覺有點不穩定。宏觀不確定性加劇。您介意向我們提供 3 個月過去的最新情況嗎？該季度 ServiceNow 的垂直跟踪情況如何，以及到年底的情況如何？

Yes. We -- so if you remember, I talked about the fact that we actually, in Q1, despite the macro stuff going on within that industry, we saw growth in Q1, and that was cycling huge growth in Q1 of 2022. And so we were really pleased with what we saw in Q1. And I would say we continue to see strength in Financial Services, and we had good growth in there and, actually, very good as we talked about deals with Barclays, for example. And so we continue to be demonstrating really strong value in all our Financial Services customers. So continued strength there, Karl.

是的。如果你還記得的話，我談到了這樣一個事實：實際上，在第一季度，儘管該行業內發生了宏觀變化，但我們在第一季度看到了增長，並且在 2022 年第一季度出現了巨大的增長。所以我們我們對第一季度看到的情況非常滿意。我想說的是，我們繼續看到金融服務業的實力，我們在該領域取得了良好的增長，實際上，例如，當我們談論與巴克萊銀行的交易時，情況非常好。因此，我們繼續向所有金融服務客戶展示真正強大的價值。所以卡爾，繼續保持力量。

Yes. And I'll just add one thing, Karl, on Gina's point, is that specifically in Q2, within FIN in the banking sector, we saw measurable progress across our portfolio, both in the United States and Canada as well as in Europe. So the platform is resonating. The largest of the largest bank expanded. And I can tell you that 1 bank, which expanded with us, is now close to -- at a TCV level, $100 million when they renewed with us in Q2. So we are seeing that banks are back, and there is a very decent pipeline in the second half as well.

是的。 Karl，根據 Gina 的觀點，我只想補充一件事，特別是在第二季度，在銀行業的 FIN 範圍內，我們在美國、加拿大以及歐洲的投資組合中都看到了可衡量的進展。所以這個平台正在引起共鳴。最大銀行的最大擴張。我可以告訴您，與我們一起擴張的 1 家銀行在第二季度與我們續約時，目前的 TCV 水平已接近 1 億美元。所以我們看到銀行回來了，下半年也有一個非常不錯的渠道。

We'll go next now to Peter Weed at AllianceBernstein.

接下來我們請來聯博公司的彼得·威德 (Peter Weed)。

I think one of the areas you've been emphasizing as kind of a future growth lever has been the ramping up of channel and its ability to really deliver alongside ServiceNow. And in the past, you've talked maybe 15%, 20% of revenue is kind of really channel-directed and more was supported. How is that going? And how large do you see that getting to over the coming year? And is this something that you might start breaking out, something that you might speak about regularly in your earnings going forward?

我認為您一直強調的作為未來增長槓桿的領域之一是渠道的擴大及其與 ServiceNow 一起真正交付的能力。過去，您說過可能 15%、20% 的收入是真正以渠道為導向的，並且更多的收入得到了支持。進展如何？您認為來年的規模有多大？這是您可能會開始爆發的事情，是您可能會在未來的收入中定期談論的事情嗎？

Yes, it's a good question, Peter. One of the things that I would just share with the group here is we have really, really great partnerships. And I mentioned the Cognizant partnership, they're accelerating their adoption of AI-driven automation with us and taking that to market. KPMG, reimagining finance, supply chain and procurement. We talked a little bit about Accenture. They're the first mover in joining the ServiceNow customer Lighthouse program.

是的，這是一個好問題，彼得。我想與大家分享的一件事是我們擁有非常非常好的合作夥伴關係。我提到了 Cognizant 的合作夥伴關係，他們正在與我們一起加速採用人工智能驅動的自動化，並將其推向市場。畢馬威重新構想財務、供應鍊和採購。我們談論了一些關於埃森哲的事情。他們是加入 ServiceNow 客戶 Lighthouse 計劃的先行者。

But we also have other channel partners that are developing, giving our sales force expanded reach, very large technology companies. And reporting on that might be worth doing in the future, certainly wouldn't be against it. But you're right, that a lot of the technology partners, whether they're hyperscalers, they're part of the technology stack or they're just strong technology companies, they recognize the power of their solutions when you combine it with workflow automation from ServiceNow. Because then instead of selling boxes or products in a SKU, they move into business solutions. And then they can customize that story by industry.

但我們還有其他正在發展的渠道合作夥伴，這些合作夥伴是非常大型的科技公司，使我們的銷售隊伍擴大了影響範圍。將來對此進行報導可能是值得的，當然不會反對。但你是對的，很多技術合作夥伴，無論他們是超大規模企業、技術堆棧的一部分還是只是強大的技術公司，當你將其解決方案與工作流程結合起來時，他們都會認識到其解決方案的力量ServiceNow 的自動化。因為這樣他們就不再銷售 SKU 中的盒子或產品，而是轉向業務解決方案。然後他們可以按行業定制該故事。

And we're even having some situation in the channel where we're developing smaller bite-sized turnkey solutions that can be sold in a virtual world. So we can do a lot with the channel. I think it's early days for those technology channel partners. The SIs have all adopted us. All have now -- the big ones all have billion-plus practices. One is beyond $5 billion. So you're on a good point, and we'll be sure to talk about that a lot.

我們甚至在渠道中遇到了一些情況，我們正在開發可以在虛擬世界中銷售的小型交鑰匙解決方案。所以我們可以利用這個渠道做很多事情。我認為對於那些技術渠道合作夥伴來說現在還處於早期階段。 SI 都採納了我們。現在所有的公司都擁有了——大公司都擁有超過十億的實踐。其中一項超過50億美元。所以你說得很好，我們一定會經常討論這個問題。

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

接下來我們請美國銀行的布拉德·希爾斯 (Brad Sils) 發言。

Great. I wanted to ask about Customer Workflows. You called out some strengths there, and you can see it in the net new ACV contribution this quarter. We're certainly hearing that from the channel as well. What would you attribute that strength to? It's such a broad portfolio. Are there any applications or use cases that you're seeing there? And might we expect to see creator follow the trend that you're seeing there with customer? Perhaps there's a channel play here, where there's some pipeline builds and some execution against that. Any color on just what's driving the strength in Customer Workflows and could greater follow that?

偉大的。我想詢問有關客戶工作流程的問題。您指出了其中的一些優勢，您可以在本季度的新 ACV 淨貢獻中看到這一點。我們當然也從頻道中聽到了這一點。您將這種力量歸因於什麼？這是一個如此廣泛的投資組合。您在那裡看到了任何應用程序或用例嗎？我們是否期望看到創作者追隨您在客戶那裡看到的趨勢？也許這裡有一個通道，其中有一些管道構建和一些執行。關於推動客戶工作流程的力量的任何顏色，以及可以更好地遵循的是什麼？

Yes. So thank you so much, Brad. So first of all, I would start with, Pro for CSM also had its best quarter besides Customer Workflow overall, including our field service management also had a great quarter. So when I think about this category, we were very good on tying front office to the mid office to the back office. And that has been our differentiator, not just the engagement layer, but actually getting work done when a customer raises a request.

是的。非常感謝你，布拉德。首先，我首先要說的是，除了總體客戶工作流程之外，CSM Pro 也經歷了最好的季度，包括我們的現場服務管理也經歷了出色的季度。因此，當我考慮這一類別時，我們非常擅長將前台、中台和後台聯繫起來。這就是我們的與眾不同之處，不僅僅是參與層，而是在客戶提出請求時實際完成工作。

And now we have some of the largest brands in the world, which showed up at our Knowledge '23 event, on how they are using our Customer Workflow solution, all the way from engagement layer, to mid-office and back-office workflows. So that's number one.

現在，我們擁有一些世界上最大的品牌，它們出現在我們的 Knowledge '23 活動中，介紹他們如何使用我們的客戶工作流程解決方案，從參與層一直到中台和後台工作流程。所以這是第一。

The other comments that were shared earlier by Gina is that we are also seeing, in certain specific industries, Customer Workflows resonate really, really well. One is telco, as Gina shared on our industry-specific SKUs, but also when I look at public sector, when I look at government-to-citizen experience, all of that on our ability to get work done on ServiceNow platform. And leveraging our back-office experience and tying that to the front office is resonating at the largest brands in United States and Europe. And I remain extremely optimistic on this particular product line as we have transformed how customer can be served better when you tie the front office to the mid office and back office.

吉娜早些時候分享的其他評論是，我們還看到，在某些特定行業中，客戶工作流程真的非常非常好地引起共鳴。一是電信公司，正如吉娜在我們特定行業的 SKU 中分享的那樣，而且當我審視公共部門時，當我審視政府與公民之間的體驗時，所有這些都取決於我們在 ServiceNow 平台上完成工作的能力。利用我們的後台經驗並將其與前台聯繫起來，在美國和歐洲的最大品牌中引起了共鳴。我對這個特定的產品線仍然非常樂觀，因為當您將前台與中台和後台聯繫起來時，我們已經改變了更好地服務客戶的方式。

And on Creator, also very, very nice growth in Q2 driven by just -- there was an earlier comment on U.S. Federal, but we are seeing App Engine, which provides low-code capabilities for our customers, the ability to integrate with all the systems that are available as well as our platform encryption and just the security features of our platform, that is resonating really well from financial services to health care and many other organizations, including subverticals within public sector. So App Engine, when you think about low code and the text-to-code innovation that we will deliver in September, which we showcased at our Knowledge Conference, there is so much demand.

在 Creator 方面，第二季度的增長也非常非常好，這是由美國聯邦早前的評論推動的，但我們看到 App Engine 為我們的客戶提供了低代碼功能，能夠與所有可用的系統以及我們的平台加密和我們平台的安全功能，從金融服務到醫療保健和許多其他組織（包括公共部門內的垂直組織）都產生了很好的共鳴。因此，當您想到 App Engine 的低代碼和我們將在 9 月提供的文本到代碼創新（我們在知識會議上展示）時，就會發現需求非常大。

And Bill touched on this early on when I speak to some of our largest customers, our midsized customers, the backlog on ServiceNow remains very high. And what I mean by backlog, they want to automate more things using ServiceNow. They don't have enough people who can automate more things using ServiceNow. So with generative AI and text-to-code and text-to-workflow capabilities, that's what really excites them so that they can reduce the backlog, automate more using our platform, so they get higher value and become an efficient organization.

當我與我們的一些最大客戶、中型客戶交談時，比爾很早就談到了這一點，ServiceNow 的積壓仍然很高。我所說的待辦事項的意思是，他們希望使用 ServiceNow 自動化更多的事情。他們沒有足夠的人員來使用 ServiceNow 自動化更多的事情。因此，借助生成式人工智能以及文本到代碼和文本到工作流功能，這才是真正讓他們興奮的地方，這樣他們就可以減少積壓，使用我們的平台實現更多自動化，從而獲得更高的價值並成為一個高效的組織。

And ladies and gentlemen, we do have time for one more question this afternoon. We'll take that now from Raimo Lenschow at Barclays.

女士們、先生們，今天下午我們還有時間再問一個問題。我們現在將從巴克萊銀行的 Raimo Lenschow 那裡得到這一點。

Just maybe a quick high-level question on the end. If you think about AI and adoption, this year could be tough for corporates because the IT budget was set for enterprises last year. There was a lot of inflation from the vendor side. And so you're kind of squeezing AI out of the kind of tightened budget. How do you think about next year? And Bill, maybe in some of your conversations with Board members -- with Boards, like how are they thinking about the generational shift and how that impacts how you budget and how you plan for the coming years?

最後也許只是一個快速的高級問題。如果考慮人工智能及其採用，今年對企業來說可能會很艱難，因為去年為企業製定了 IT 預算。供應商方面存在大量通貨膨脹。因此，你可以將人工智能從緊縮的預算中擠出來。您對明年有何看法？比爾，也許在您與董事會成員的一些對話中，例如他們如何看待代際轉變以及這如何影響您的預算以及未來幾年的計劃？

I want to go back to one of the comments I made earlier. There is no lack of interest in the C-suite for Gen AI. In fact, every one of them knows they have to have a playbook, and they're extremely focused on this. And most of the really forward-leaning ones are demanding of their C-suite direct reports that they're using this in their everyday business activities to run a better company, to run a more margin-efficient company and ultimately, a company that takes better care of their people and their customers. So this is set in stone now. This is real. This is happening.

我想回到我之前發表的評論之一。高管們對 Gen AI 並不缺乏興趣。事實上，他們每個人都知道他們必須有一本劇本，並且他們非常關注這一點。大多數真正具有前瞻性的人都要求他們的最高管理層直接下屬在日常業務活動中利用這一點來經營一家更好的公司，經營一家利潤效率更高的公司，並最終經營一家能夠更好地照顧他們的員工和客戶。所以現在這已經是板上釘釘的事情了。這是真的。這正在發生。

And what's interesting about IT budgets, and this is something that I shared a little bit with Alex earlier, where in IT as the standard, which is great, because the IT strategy has easily become the business strategy, but we are now going across all the personas in an enterprise. And what's great about the cloud business model, a lot of these personas have their own budgets and they're going to fund their own initiatives, and they're looking at ServiceNow as a company that can fundamentally change the game.

IT 預算的有趣之處在於，這是我之前與 Alex 分享過的內容，其中以 IT 為標準，這很棒，因為 IT 戰略很容易成為業務戰略，但我們現在正在跨越所有內容企業中的角色。雲業務模式的優點在於，許多角色都有自己的預算，他們將為自己的計劃提供資金，並且他們將 ServiceNow 視為一家可以從根本上改變遊戲規則的公司。

So I think that the future is bright. And whether you're thinking about customer and employee service desk where you have virtual agents that are serving queries and general how-tos, you think about text-to-code, you think about automating a classification of different cases and how you resolve them, how you take operational support, not only across IT, but proactively manage cases that go through all the other departments, how you have touchless correspondence and literally onboard all the business processes.

所以我認為未來是光明的。無論您是在考慮客戶和員工服務台（其中有提供查詢和一般操作方法的虛擬代理），還是在考慮文本到代碼，您都會考慮對不同案例進行自動分類以及如何解決它們，您如何獲得運營支持，不僅是跨 IT，而且還主動管理所有其他部門的案例，您如何進行非接觸式通信並真正融入所有業務流程。

So if you're Gina, you're thinking about who are my partners, who am I going to procure things from, how am I going to make this onboarding process and all the visibility into all business operations completely seamless. So this is what's happening in every company right now. And I think we're going to be a big benefactor because we became a platform company, and we now have the relationship capital with these executives to go way beyond just the IT budget. Not that, that's not a good place to be, but it's better when you can go into the entirety of the budget. And that's where all the user counts are. That's where the business model innovation is, and that's where we have the biggest impact.

因此，如果您是吉娜，您會考慮誰是我的合作夥伴，我將從誰那裡採購東西，我將如何使這個入職流程以及所有業務運營的所有可見性完全無縫。這就是目前每家公司正在發生的事情。我認為我們將成為一個大捐助者，因為我們成為了一家平台公司，而且我們現在與這些高管的關係資本遠遠超出了 IT 預算。並不是說，這不是一個好地方，但是當您可以考慮全部預算時會更好。這就是所有用戶數量所在的地方。這就是商業模式創新的所在，也是我們影響最大的地方。

So that's where we're going to be. So I think the future, as you look into 2024, is going to be extremely bright. And I think we have to now do all the hard work to make sure we're the benefactor of a big cut of that overall budget in the company, whether it's at the department level or the central IT level.

這就是我們要去的地方。所以我認為，展望 2024 年，未來將會非常光明。我認為我們現在必須盡一切努力確保我們成為公司總體預算大幅削減的受益者，無論是在部門級別還是中央 IT 級別。

Thank you. And ladies and gentleman, that will bring us to the conclusion of ServiceNow Second Quarter 2023 Earnings Call. I'd like to thank you all so much for joining us and wish you all a great evening. Goodbye.

謝謝。女士們、先生們，ServiceNow 2023 年第二季度財報電話會議即將結束。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。