ServiceNow Inc (NOW) 2023 Q2 法說會逐字稿

Good afternoon, ladies and gentlemen. 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 年第二季財報電話會議。 （接線員指示）請注意，本次電話會議正在錄音。講者發表完準備好的發言後，將進入問答環節。 （接線生指示）

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，我想把發言權交給投資人關係副總裁 Darren Yip 先生。先生，請發言。

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年第二季財報電話會議。與我一同出席的還有我們的董事長兼執行長比爾‧麥克德莫特 (Bill McDermott)、財務長吉娜‧馬斯坦托諾 (Gina Mastantuono) 以及總裁兼營運長CJ‧德賽 (CJ Desai)。在今天的電話會議上，我們將回顧2023年第二季的業績，並討論我們對2023年第三季和全年的預期。

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，我們想強調的是，本次電話會議中討論的資訊（包括指引）均基於截至今日的信息，並包含涉及風險、不確定性和假設的前瞻性陳述。我們不承擔因新資訊或未來事件而更新此類陳述的責任或義務。

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.

請參閱今日的財報新聞稿以及我們提交給美國證券交易委員會 (SEC) 的文件，包括我們最新的 10-Q 和 2022 年 10-K 報表，以了解可能導致實際結果與我們的前瞻性陳述有重大差異的因素。我們還想指出，我們提供的非公認會計準則 (Non-GAAP) 指標是根據公認會計準則 (GAAP) 計算的財務指標的補充，而非替代。除非另有說明，我們今天討論的所有財務指標和相關成長率均為非公認會計準則 (Non-GAAP)，但收入、剩餘履約義務 (RPO)、當期 RPO 以及現金和投資除外。要查看這些非公認會計準則 (Non-GAAP) 和公認會計準則 (GAAP) 指標之間的對賬，請參閱今日的財報新聞稿和投資者介紹，它們均發佈在我們的網站 investors.servicenow.com 上。今日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.

說完這些，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 Darren，也謝謝大家今天加入我們。 ServiceNow 第二季的業績再次超越所有關鍵績效指標的預期。以固定匯率計算，訂閱收入成長了 25%，比我們預期的上限高出 1%。以固定匯率計算，CRPO 成長了 24%，比我們預期高出 1.5%，營業利潤率為 25%，比我們預期高出 2 個百分點。我們有 70 筆交易的淨新增 ACV 超過 100 萬美元，比去年同期的 54 筆有所增長，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，客戶正轉向 ServiceNow，將其作為端到端數位轉型的智慧平台。目前，我們每年透過 ServiceNow 運行的工作流程超過 1 兆個，而且這個數字還在以每年 40% 的速度成長。生成式人工智慧 (Generic AI) 正在為 ServiceNow 的長期發展提供強勁動力。 ServiceNow 是企業軟體領域最具差異化的資產，是人工智慧的先驅，以有機創新為主導，營收成長迅速，獲利能力一流，續約率高達 99%，並處於圍繞我們 IT 護城河進行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.

我們一直堅信，ServiceNow 將成為 21 世紀最具代表性的企業軟體公司。第二季的業績超乎預期並實現成長，是我們在這一征程上邁出的又一步。

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，第二季大型交易分佈均勻，這說明了該平台的廣泛吸引力。 ITSM 在前 20 筆交易中佔據 16 筆，其中 7 筆交易超過 100 萬美元。 ITOM 在前 20 筆交易中佔據 13 筆，其中 7 筆交易超過 100 萬美元。安全與風險合計佔據前 20 筆交易中的 17 筆，其中 8 筆交易超過 100 萬美元。客戶工作流程本季表現出色，創下 3 年來最佳淨新增 ACV 成長。客戶在前 20 筆交易中佔據 16 筆，其中 8 筆交易超過 100 萬美元。員工工作流程在前 20 筆交易中佔據 14 筆，其中 7 筆交易超過 100 萬美元，創作者工作流在前 20 筆交易中佔據 18 筆，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.

眾多優秀企業正藉助 ServiceNow 實現轉型，其中包括巴克萊銀行、英國電信、本田、惠普、巴西石油、印度 CSB 銀行以及日本橫濱市等。我們所有產品業務、地理區域和垂直產業都擁有持續的需求環境和發展潛力。我們已經為下半年的強勁成長做好了充分的準備。

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.

正如吉娜所說，我們正在上調全年訂閱收入和營業利潤率的預期。對於企業軟體來說，這是一個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 大會。黃仁勳表示，擴大 NVIDIA 與 ServiceNow 的合作關係非常重要，這是企業 IT 領域的首選合作夥伴。他認為這對兩家公司來說都是一個令人興奮的成長機會。我們對此表示贊同。

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.

我們正處於軟體經濟的急劇擴張之中。 IDC 預測，僅在 2023 年，平台即服務 (PaaS) 支出將成長 30%，軟體即服務 (SaaS) 應用將成長 17%。如果將這一點與 ServiceNow 的平台和我們在工作流程方面的領先地位聯繫起來，就會發現我們顯然生活在一個很棒的社區，街道也非常棒，也許我們住的房子也是最好的。

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.

ServiceNow 多年來一直專注於人工智慧，尤其是大型語言模式。 2020 年，我們收購了 Element AI，進一步加速了這項策略。如今，據估計，生成式人工智慧可以推動全球 GDP 成長近 7 兆美元。我們看到消費者和企業正在以前所未有的速度並行採用該技術。

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.

我們的平台專家曾服務於許多知名品牌和技術，他們相信，這一刻的變革性不亞於網路甚至iPhone。但他們也謹慎地提醒我，這一切都是為了提供企業級、特定領域的大型語言模型，而這正是ServiceNow人工智慧策略的核心。這些模型將提高結果的準確性，在符合客戶業務規則的情況下利用客戶的企業數據，同時保持最高的數據隱私道德標準。

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.

正如您在財務分析師日活動上所見，ServiceNow 正在將生成式 AI 融入我們所有的工作流程產品中。我們先前已宣布推出 Now Assist 虛擬客服助手，它能夠減少搜尋資訊的時間，從而最大限度地提高工作效率。另一個例子是 ServiceNow 生成式 AI 控制器。它允許組織將 ServiceNow 實例連接到 Bolt、Microsoft Azure OpenAI 服務和 OpenAI API 大型語言模型。我們也將更進一步，透過案例摘要、文字轉代碼、文字轉流程以及文字轉新應用程式開發等功能，擴展我們的生成式 AI 功能。

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報酬率和客戶服務、更佳的員工自助服務體驗以及開發者生產力的大幅提升感到非常興奮。他們已準備好投資以推動這些成果。基於客戶將從我們的生成式人工智慧創新中獲得的巨大價值，我們制定了清晰的獲利策略。

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，由於我們已融入這些產品的超自動化技術，我們現有的 Pro 產品在第二季創下了紀錄。從溫哥華版本開始，我們將針對所有新的生成式 AI 功能，推出一系列針對 ITSM、CSM 和 HRSD 的全新高級升級版 SKU 產品。我們還與 NVIDIA 和埃森哲攜手推出了全新的 ServiceNow AI Lighthouse 客戶計劃，旨在加速在生成式 AI 前沿領域實現價值。具體來說，這將涉及我們的工程師與 NVIDIA 攜手合作，共同開發新的企業用例。

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.

我們已經與製藥、金融服務、製造和醫療保健領域最重要的公司展開合作。其他客戶也將成為其各自產業新 AI 功能的設計合作夥伴。我們目前正在評估一系列符合該專案候選資格的客戶，客戶的興趣正在持續增長。

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.

這些合作都體現出一種共同的情感：購買意願始終存在。即使我們的潛在成長已經強勁，正如我們第二季的業績所表明的那樣，人工智慧對 ServiceNow 來說仍是一股助推市場發展的順風。智能只有在真正落地到工作完成的地方才有意義。也因為如此，我們單一架構、單一資料模型的工作流程平台比以往任何時候都更重要。

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.

隨著人工智慧投入使用，人類將成為真正的機器，因為在大多數情況下，人工智慧只是增強人類的能力，而不是取代人類。在雇主面臨17年來最高職缺之際，生成式人工智慧將提升人類生產力，讓我們能夠追逐全球經濟乃至全球的更大夢想。憑藉我們整合的自動化技術套件，包括人工智慧、機器人流程自動化和流程挖掘，ServiceNow 在引領智慧革命方面擁有獨特的優勢。我們一定會做到。

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，隨著即將於9月在溫哥華發布的版本，我們勢頭強勁，我們的產品和工程團隊將帶來更多人工智慧創新。我們的合作夥伴生態系統投入從未像現在這麼多。我們宣布與Cognizant擴大策略夥伴關係，以加速人工智慧驅動自動化的普及。我們擴大了與畢馬威的合作關係，透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，以提升保險體驗。我們的產品也獲得了廣泛的第三方認可。 ServiceNow的AIOps、應用引擎和雲端可觀察性已獲得知名產業分析師的認可。從客戶服務到風險控制，再到員工體驗和ERP簡化，我們還可以繼續擴展。

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.

這助力我們首度躋身《財富》500強。這再次致敬了佛瑞德魯迪的創始願景：一家充滿渴望、謙遜進取、引領市場的公司，而我們才剛起步。

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 are sponsoring them. 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.

最後，IT產業正處於一個充滿活力的時期。不妨這樣想：每個產業、每個部門、每個業務領域的領導者都在為人工智慧世界撰寫新的劇本。 CEO們在支持他們，所有職能部門的高階主管也在提供他們資金。而對於少數真正的平台來說，機會比以往任何時候都更大。 ServiceNow為業務架構注入了速度。我們的平台已成為智慧自動化事實上的標準。我們是一家成長型公司，獲利能力強，發展穩健。憑藉著不懈的執行力和不言而喻的成果，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.

世界瞬息萬變，想像力才是唯一的限制。 ServiceNow 正在前進。今年夏天，我採訪的一位執行長對此進行了完美的總結。她說，我引用她的話：「無論我走到哪裡，人們都在談論 ServiceNow。無論你們做什麼，都行之有效。」這也是我們如今一如既往地自豪地說，世界與 ServiceNow 攜手共進的眾多原因之一。

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！期待大家的提問。不過首先，我想把時間交給我們傑出的財務長吉娜。

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，比爾。第二季對 ServiceNow 來說又是一個異常強勁的季度。我們所有關鍵績效指標都超出了預期範圍的上限，實現了強勁的訂閱收入和 CRPO 成長，同時繼續推動營業利潤率的成長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，訂閱營收為20.8億美元，以固定匯率計算年增25%，超出我們預期範圍的上限100個基點。季末RPO約142億美元，以固定匯率計算年增22.5%。目前RPO約72億美元，以固定匯率計算年增24%，超出我們預期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.

從產業角度來看，運輸和物流業在第二季成長超過80%，領先產業。其次是教育、商業和消費者服務、能源和公用事業以及政府部門，這些產業的成長也十分強勁。事實上，美國聯邦儲備銀行的第二季業績創下了歷史新高，延續了過去幾季的強勁成長動能。

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.

我們第二季的客戶續約率達到了業內最佳的99%，這體現了我們業務的韌性，因為Now平台仍然是我們客戶營運的關鍵組成部分。憑藉這一成長基礎，我們現有客戶的健康擴張進一步推動了本季營收的成長。本季結束時，共有1,724位客戶向我們支付了超過100萬美元的ACV，其中45位客戶支付了超過2,000萬美元的ACV，較去年同期成長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.

隨著企業希望透過 ServiceNow 等策略平台整合採購，Better Together 的故事持續在推動更大規模多產品交易的高階主管中引起共鳴。第二季度，我們前 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。除了交叉銷售外，我們的追加銷售也保持強勁。 ITSM Pro 在本季度實現了自 2020 年以來最強勁的成長，這得益於標準 SKU 的追加銷售和現有客戶的席位擴展。

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.

整體而言，本季我們完成了70筆淨新ACV超過100萬美元的交易，高於去年同期的54筆，較去年同期成長30%。其中，12筆交易超過500萬美元，其中3筆超過1,000萬美元。

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.

我們的行業 SKU 也表現強勁，其中電信和技術 SKU 達成了 6 筆淨新 ACV 超過 100 萬美元的交易，而我們新推出的公共部門 SKU 獲得了進一步發展勢頭，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.

談到盈利能力。非公認會計準則 (Non-GAAP) 營業利潤率為 25%，比我們的預期高出 200 個基點，這得益於我們持續嚴格的支出管理。我們的自由現金流利潤率為 21%。我還想指出，鑑於我們持續盈利的趨勢，我們在第二季度錄得了巨額公認會計準則所得稅收益，這反映了與我們在美國的遞延所得稅資產相關的 9.65 億美元估值準備金的釋放。本季末，我們的資產負債表表現穩健，包括 75 億美元的現金和投資。

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以及我們5月份強勁的現金狀況，董事會批准了公司首個股票回購計畫。新計劃授權回購價值高達15億美元的普通股。該計劃的主要目標是控制股權稀釋的影響。這些業績持續展現出我們有能力在世界一流的成長、獲利能力和股東價值之間實現強勁平衡。

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.

談到我們的展望。雖然我們繼續審慎地將不斷變化的宏觀經濟交叉優勢納入我們的業績指引，但我們上半年的優異表現已為下半年的強勁增長勢頭提供了動力。因此，我們上調了營收和營業利潤率指引。對於2023年，我們將訂閱營收預期中位數上調了9,500萬美元，至85.8億美元至86億美元之間，年增24.5%至25%，或以固定匯率計算成長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.

我們將全年營業利益率目標從26%上調至26.5%。我們繼續預期訂閱毛利率為84%；自由現金流利潤率為30%；GAAP稀釋加權平均流通股數為2.06億股。我們預計第三季訂閱營收將在21.85億美元至21.95億美元之間，年增25.5%至26%，以固定匯率計算則為23%至23.5%。我們預期CRPO成長率為25.5%，以固定匯率計算則為21.5%。我們預期本季營業利益率為27%，GAAP稀釋加權平均流通股數為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.

總而言之，第二季再次展現出卓越的執行力，我們已為今年剩餘時間的業績做好了充分準備。我們的專案儲備依然強勁，5月份的「知識2023」活動已帶來5億美元的專案儲備。為期一周的活動涵蓋主題演講、小組討論和客戶討論，展示了ServiceNow工作流程的強大功能和無限可能，以及我們Gen AI路線圖所釋放的增量機會。超過30億美元的專案儲備參與其中，高階主管專案參與人數增加了50%以上。活動反應熱烈。

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.

我們用於端到端數位轉型的智慧平台使我們能夠抓住眼前的機遇，在成為 21 世紀具有決定性意義的企業軟體公司的過程中，繼續實現持久的收入成長和利潤擴張。

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.

我和比爾也要衷心感謝我們全球各地的員工，感謝他們持續的辛勤工作和奉獻精神。正是他們對卓越的執著追求，推動了ServiceNow躋身《財星》500強，我們對此深感自豪。這項殊榮證明了我們作為一支秉持核心價值的團隊所取得的成就，也體現了我們齊心協力、滿懷熱情地為客戶、合作夥伴和投資者服務所取得的卓越成果。

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

有了這些，我就可以開始問答了。

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

（操作員指示）今天下午我們先去摩根士丹利的 Keith Weiss。

Excellent. And really nice quarter in what still, we understand, still not a super solid spending environment. So it definitely looks like ServiceNow is outperforming in that environment.

太棒了！我們理解，儘管支出環境仍然不太穩健，但本季的表現確實不錯。所以，ServiceNow 在這種環境下的表現肯定更勝一籌。

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?

我相信許多投資人的關注點都會集中在通用人工智慧（Gen AI）上。你們一直在不斷創新，不斷推出新的解決方案。我不確定這是比爾（Bill）的問題還是吉娜（Gina）的問題。或許您能幫我們理解一下，我們應該如何考慮這個時間框架——我們將在9月看到一些產品的發布。但是，我們該如何考慮這些產品真正被客戶採用的時間框架呢？或許吉娜更想問的是，我們應該什麼時候開始考慮在ServiceNow模式中看到這些通用人工智慧解決方案帶來的實際收入貢獻？

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.

好的，Keith，謝謝你所有的評論。非常感謝。溫哥華的發表會將於九月底舉行。所以，如果從時間角度來看，我們實際上要到第四季才能在市場上看到它。我請CJ再多談談我們非常令人興奮的Lighthouse計劃。至於長期指導，我們的規模如此之大，需要一段時間才能看到對營收的真正影響，但請放心，考慮到我們透過Gen AI為客戶創造的價值，我們絕對非常看好眼前的機會。

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.

謝謝吉娜。謝謝基斯的提問。我的回答是——我們看到一些大型公司（其中一些公司之前從行業角度提到過）的需求非常真實。他們相信，在 ServiceNow 的背景下，生成式人工智慧將帶來更高的生產力。我始終堅持，只有當我們為客戶創造更高的價值時，我們才會獲利，並且只獲得其中的一部分價值，無論是 10% 還是 90% 還是其他。所以，如果客戶獲得了 100% 的價值，ServiceNow 會保留 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.

我指的是 Bill 提到的高級 SKU 是 Pro Plus。它將在 ITSM Pro、CSM Pro 和 HRSD Pro 的基礎上，為 ServiceNow 開發人員提供一項令人興奮的新產品，我們在 Knowledge 大會上展示了這項功能，即文字轉代碼和文字轉工作流程。這些產品將於 9 月發布。我們拭目以待。我們知道 2019 年 ITSM Pro 和 CSM Pro 的採用曲線，所以我們有一些模型。但客戶希望先試用，看看它的價值，然後我們會在下次財報會議上與您分享進度。

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

接下來我們將前往 Jefferies 的 Samad Samana。

Great. And 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?

太好了。恭喜您本季業績強勁。我想問一個後續問題。吉娜，您提到溫哥華將於九月底上市。我想問的一個問題是，它是否會改變客戶對續約時間的看法？我想把這個問題與您剛才給出的第三季CRPO指引連結起來。我們該如何看待您對新產品發布的看法？這些看法又如何影響您剛才給的第三季短期指引？這對第四季以及今年剩餘時間的業績可能意味著什麼？

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，薩馬德，這個問題問得很好。我想說的是，聽著，歸根結底，你看到的ServiceNow每季的執行力都很紮實。需求環境非常持久。話雖如此，我們仍然會謹慎地制定業績指引，對吧？歸根結底，我們絕對相信生成式人工智慧可能會提前續約，但我現在還沒有將其納入指引。我們只是不知道最終會是什麼樣子。

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，如果你把第三季的指引與去年的指引進行比較，你會發現，今年全年宏觀需求都在放緩，對吧？所以，實際上，第三季才是情況開始轉變的時候。在去年第三季的CRPO指引中，2021年第四季和2022年第一季的表現都令人難以置信。

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.

我們目前對第三季的CRPO指引表現強勁。我們反映出，早期續約率有所下降，正如我們持續看到的。但您說的完全正確。生成式人工智慧的潛力和機會絕對可能帶來一些我們目前尚未在指引中體現的上升空間。

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

接下來我們來談談加拿大皇家銀行資本市場的 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. I think you got some perspective there as well.

各位，我再次祝賀你們本季的強勁表現。聽到ITSM Pro的席次增加真是太好了，尤其是在投資人質疑Gen AI領域IT開發人員減少的情況下。您能否提供更多背景資訊？ a，是什麼導致了這種情況？ b，Bill，鑑於您的經驗，Gen AI領域開發人員的長期趨勢是什麼？ CJ，當然，您可以評論一下。我認為您在這方面也有一些見解。

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 Matt，我先開始。如同先前所提到的，ITSM Pro 和 CSM Pro 非常相似，分別面向客戶和員工，在第二季都實現了驚人的成長。即使從佔比來看，基於我們透過 Pro 提供的自動化和其他功能，我對我們過去幾年在這個市場上的 Pro 發展軌跡感到非常滿意。

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%. So you may ask, okay, why is that?

關於席位擴展的問題，我認為是T乘以Q乘以R，其中R是成長率。所以，如果你看看ITSM Pro，你會發現，除了Gina在財務分析師日分享的25%的成長之外，席位擴展了10%。你可能會問，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，隨著世界數位化程度的提高，隨著企業數位化程度的提高，事件數量或客戶服務請求也不斷增加。因此，儘管他們正在利用Pro功能，但席位的擴大並非巧合，因為事件數量（無論是安全事件、IT事件還是我們的數位產品）都在持續增長。這就是為什麼我會考慮T乘以Q乘以R，其中R是數量的成長率，如果數量不變，那麼R是由更高水準的數位化所驅動的。

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 for 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.

所以，當我具體思考生成式人工智慧時，我們會著眼於Pro的基礎，並思考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、客戶的客戶，或是我們的代理商。這就是為什麼我們對Pro Plus的獲利策略感到非常滿意，因為我們的客戶將因更高的生產力而獲得價值，而我們只會從中獲得一小部分。

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，我想從CJ的評論中進一步理解的是，這關乎企業轉型的方方面面。生成式人工智慧和這些法學碩士（LLM）模型現在正讓CEO們面臨一個必須制定新策略的情況。所以，如果你和電信、媒體和科技業的CEO交談，他們會想，我該如何重塑我的客戶服務導向，我提供的服務？我該如何管理網路？我該如何提供卓越的服務營運？

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，你可能會對公共部門的前瞻性感到驚訝。他們正在思考如何打造自助式公民體驗。我該如何真正重新思考面向公民的輔助服務？我該如何提高員工生產力，並真正重新思考我們的營運方式？在製造業，我遇到一位首席執行官，他告訴我，車間每停工一分鐘，或者效率就達不到應有的水平。每分鐘都意味著50萬美元的損失。那麼，工廠員工、採購和供應鏈，以及數位化工廠的建設，我該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.

醫療保健領域，一位管理著可能是世界上最負盛名的醫療保健機構的首席執行官說，我該如何重新思考醫療保健，並完全模擬當今尚不存在的與患者護理相關的事物？我該如何將服務從機構內部轉移到人們的家中？一切都擺在桌面上。

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 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.

我想強調的是，ServiceNow 現在正處於所有這些討論之中。你可能覺得，哇，這聽起來像是 ERP 現代化，或像是供應鏈或製造業的案例。但實際上，這就是重點。我們已經成為數位轉型的智慧企業。我們正在幫助人們擺脫令人精疲力竭的工作，並用一個 21 世紀的、具有共鳴的平台來實現這些公司的現代化。再加上法學碩士 (LLM) 學位，以及英偉達 (NVIDIA) 和其他公司的合作，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.

接下來我們來談談摩根大通的馬克墨菲。

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?

我要祝賀你。比爾，聽起來你上個月的會議確實創造了不少機會。你能評論一下商業信心和投資意願的趨勢嗎？特別是，如果你認為──與4月和3月相比──6月和7月的退出速度是否有所改善？我還想知道，目前美國、歐洲和亞洲的退出速度是否更一致？

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.

非常感謝你的提問，馬克。首先，當我們談到C級主管，談到辦公室主管時，我們談到的都是創新。他們對數位轉型的興趣絲毫不減。他們對重新思考員工或客戶體驗，甚至如何賦能員工，尤其是工程師和IT專業人士，讓他們發揮出最佳水平，也同樣感興趣，因為數位化策略已經成為了商業策略。

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.

所以，對我們來說，整件事的意義並不在於某個月或某個季度與另一個月或某個季度的對比。我們的目標是有機會向理解轉型真正意義的高層決策者展示我們廣闊的願景和完整的願景。所以，這是唯一的限制因素，我們只需要確保有機會闡述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.

就地域格局而言，我們在所有地區都發展良好。每個地區都有各自的發展格局。顯然，你非常了解能源和安全問題，當然也了解烏克蘭局勢，這簡直是一場人間悲劇。美洲地區非常強勁。儘管如此，歐洲仍然強勁，因為他們需要技術來擺脫許多複雜局面。亞洲地區我們也發展得很好，尤其是日本，現在我們有了一位新的領導者。我們真的感覺我們在日本插上了一面旗幟，我們擁有了一個新的前沿，它將快速發展。所以我們對所有地域都充滿信心。

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.

有些行業正在創造奇蹟。同時，我想再次強調這一點。在我們最重要的20筆交易中，有19筆交易的合約包含5種或5種以上的產品。其中9筆交易包含10種或10種以上的產品。這不僅要感謝CJ和他出色的工程團隊，也要感謝Paul和我們的市場推廣機制。這種合作，將創新從工廠帶到客戶手中，並迅速將其交付，在這裡已經發展成為一門藝術。我為我們的團隊感到無比自豪，我真心希望為他們付出一切。

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

接下來我們去古根漢美術館參觀約翰‧迪富奇 (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，您說美聯儲垂直行業或美聯儲經歷了有史以來最好的季度，這真的很有趣。我想再詳細解釋一下。您指的是新的平均銷售收​​入 (ACV) 嗎？如果是的話，可以和我們分享一下嗎？例如粗略估計一下，例如成長了多少，或是您能進一步分享一些相關資訊嗎？

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。約翰，我說的是，它的第二季業績是有史以來最好的。如你所知，第三季對聯準會來說一直是一個重要的季度。但我說的是延續這股趨勢。它的第一季業績是有史以來最好的，第二季也是有史以來最好的，第四季也同樣出色。雖然它沒有比第三季業績更好，但第四季表現很棒。它完成了1000萬美元的交易，其中有一筆交易超過800萬美元。你真正看到的是，我們關於加速數位轉型進程的理念正在引起共鳴。

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.

如果你思考他們真正希望與 ServiceNow 以及 ServiceNow 等平台合作的是什麼，你會發現他們更多地是從企業角度出發，更具戰略性，更具長期性，他們真正希望的是全面數位化地改變公民體驗。因此，我們對目前看到的持續趨勢感到非常興奮。我們有一位非常出色的新領導者 Raj Iyer 博士，他和整個團隊一起進行著出色的工作。因此，你可以想像，未來的機會仍然非常強勁。

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.

約翰，我想補充一點吉娜的評論。你可能還記得偉大的凱文·哈弗蒂，他帶領我們所有的銷售團隊工作了數年，業績都達到了兩位數。凱文不僅在我們公司工作，他還負責管理公司旗下的整個政府業務。我們看到了絕佳的機會，可以藉鏡我們在美國聯邦政府、州和地方政府部門的經驗。別忘了，我們在美國50個州中有40個州都在運行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.

我們看到了將其推廣到亞洲（尤其是印度和日本）的絕佳機會，當然還有歐洲，例如德國、法國、英國等等。此外，我們也看到了在中東地區拓展的機會。我特別想向凱文致敬，因為他能來到這裡，成為我們未來的一部分，同時指導拉傑，真正打造出一支強大的團隊，這讓我感到非常興奮。我熱愛聯邦團隊，也想為他們點贊，因為他們太棒了。

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

接下來我們去拜訪 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.

我知道大家對下半年的銷售管道和熱情有很多討論，但我只想從經濟角度更深入地探討一下。我想，這方面的討論比較膚淺。但展望下半年，客戶投資意願增強，而且顯然 ServiceNow 正在搶佔市場份額，並積極應對這種環境。您認為這是否明確表明您在本季將展現強勁勢頭？我只是想請您為我們描繪未來前景。

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。我不會說我們給你們一個經濟完全恢復的訊號，對吧？我認為我們仍然表現得非常好，但從宏觀角度來看，除了對人工智慧的評論之外，我認為不會有太大的變化，對吧？所以每個人都對人工智慧帶來的生產力提升和它將為企業創造的價值感到非常興奮。

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 attendees.

我認為，現在就下結論對下半年意味著什麼還為時過早。但最終，我要告訴大家的是，我們的專案儲備依然健康，事實上，我們進入第三季後，專案儲備覆蓋率比去年更高。知識23大會帶來了巨大的發展動能。我在演講稿中提到，超過30億美元的計畫儲備參加了那屆知識大會，高階主管計畫的參與人數也增加了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.

所以，如果你想想高階主管們，高階人士開始了解ServiceNow能做什麼、能提供什麼。因此，迄今為止，我們已經透過那次活動創造了約5億美元的銷售管道。而且，我們持續看到對我們的團隊飛往各地進行演示的需求強勁，類似於我們在K23上展示的內容，尤其是在人工智慧領域。

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，我會保持謹慎，因為宏觀層面不會發生太大的變化，但人們對 Gen AI，特別是 ServiceNow 的 Gen AI 策略在短期、中期和長期內能為客戶帶來什麼感到非常興奮。

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，有一組事實可能對你和其他人來說很有趣，那就是忠誠度效應。你當然了解雲端經濟學，但忠誠度也具有人性化效應。目前，我們對員工堅定承諾，無論市場狀況如何，我們都會對他們保持忠誠，我們會攜手共進。我們現在擁有公司史上最高的員工留任率。我們的客戶留任率高達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.

所以，如果考慮到忠誠度效應，也就是它所代表的淨現值，再加上我們認為能夠從這個令人驚嘆的平台以及引領我們前進的創新者那裡獲得的淨新增平均價值 (ACV)，我們公司內部就會充滿巨大的使命感和信心。我認為這真的很有趣，看到我們能為客戶帶來什麼，也令人興奮不已。我對這個美麗新世界感到興奮不已。我們充滿熱情，準備迎接挑戰。

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

接下來我們來聽聽高盛的卡什·蘭根的發言。

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，一個問題給你，另一個問題給CJ。吉娜，我們會在後續電話會議上聯絡你。比爾，回顧過去12個月，經濟正處於充滿挑戰的時期，但ServiceNow的表現卻超越了競爭對手，獲得了更大的市場份額。那麼，當週期轉向更具建設性時，ServiceNow的定價能力會如何？你如何讓你的生成式人工智慧投資獲得價值，並從寶貴的IT預算中獲得份額？

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.

還有一點想問你，CJ。你提到了100美元的價值，以及如何保留其中10美元。為什麼不多於10美元？可以告訴我們客戶是如何獲得這90美元價值的嗎？我肯定你做過一些流程圖、一些精妙的財務圖等等。只是想問你的想法。再次恭喜你。

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，Kash，非常感謝你的提問。首先，科技公司的定價權始終是其創新能力的展現。再次感謝公司領導階層，從CJ到整個工程部門，他們的傑出領導力令人欽佩。我堅信，我們有一些基於事實的成果可以供大家參考。正如CJ所說，我們已經將人工智慧引入ServiceNow平台一段時間了。我們看到ServiceNow平台的專業版年增超過50%，達到5%到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.

至於具體數字，透過 Pro Plus，我們將這些 LLM 模型建置到 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，而且非常重要，因為客戶的商業案例非常引人注目。

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，Bill，你說得對。 Kash，我們一直在考慮 ServiceNow 的定價，考慮的是客戶能獲得的價值。我們五年前推出 ITSM Pro 的時候，價格就一直沒改變。現在說到 Pro Plus，價格是基於非常具體的用例，對吧？所以我先從具體的用例說起，我們稱之為領域特定。我們不需要運行那些大型語言模型，也不需要運行超大型語言模型，因為我們說，對於 ITSM 來說，這個模型會在 Pro 的基礎上提升生產力。

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顯著。因此，從定價角度來看，我們希望在 Pro 的基礎上至少能達到 60% 以上的收益。因此，作為 Pro 客戶，您已經獲得了價值。過去 5 年我們已經見證了這一點，我們也看到了用戶數量的成長。因此，在 Pro Plus 上，您的初始收益將達到 60% 以上。客戶正在嘗試這種大型語言模式。這些模型具有準確性，它們正在嘗試自我學習。那麼，我應該接受大型語言模型所得出的預測嗎？還是該接受它？但我們從根本上相信，正如我在財務分析師日上分享的那樣，生成式人工智慧對我們的業務來說是順風，但最重要的是，它能為客戶帶來價值。

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.

所以我想先解釋一下價值，因為你可以說某人在重複完成某項任務時效率更高，但他們每天在這項任務上花費的時間佔比是多少？我們如何看待特定的工作週，或是客服人員或IT人員？然後，如果我們可以說，對於你的行業，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，我們有付費版本，例如Pro Plus。我們將從10-90的地圖開始。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.

接下來我們來談談 BMO 的 Keith Bachman。

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, Gina, 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Keith Bachman。我想跟進一下這個問題。只是澄清一下。過去，你們有ITSM Pro和Enterprise版本。還會有Enterprise版本嗎？或者Pro Plus會以某種方式取代Enterprise版本？然後問題是，在你們舉辦的分析師活動中，你們多次談到隨著Gen AI的推出，你們不確定席位數可能會產生什麼影響。但在Lighthouse專案中，我想知道，當客戶正在考慮推出Gen AI解決方案時，你們是否從他們那裡獲得了一些看法？你們對如何增加席位數量有什麼額外的想法或回饋？ Gina，我知道，你們提到了席位數的影響。所以我實際上是在問，從未來的角度來看，當你們為ITSM、CSM、HR等部門推出這些Gen AI解決方案時，席位數可能產生什麼影響？

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.

確實如此。首先，謝謝你，Keith。這裡面有很多問題。我想說，當我們在2018年9月推出ITSM Pro時，也有人問過同樣的問題。當時我說，好吧，聽著，即使Q值保持不變，標價上漲50%，我們也應該能夠為客戶提供價值。結果顯示，我們不僅獲得了25%的ITSM Pro價格提升，而且席數也增加了10%，這就是成長率。

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，當我談到生成式人工智慧時，為了回答你的第一個問題，我不僅提到了Pro Plus，還提到了Enterprise Plus。因為Enterprise Plus的功能包括流程挖掘、勞動力優化、IT或客戶服務人員的技能映射等。這些與人工智慧功能集無關。因此，Enterprise Plus的負載與Pro Plus截然不同。我們既是Pro Plus，也是Enterprise Plus。這是第一點。

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，關於您先前與客戶溝通的問題，客戶仍在應對勞動力短缺的問題。他們仍在努力尋找提高勞動生產力的方法。效率始終是關鍵，這樣他們才能完成更多工作。在這種環境下，我現在已經形成了這樣的信念：生成式人工智慧是一種催化劑，可以提高員工的生產力。因此，即使Q值保持不變，我仍然對成長率以及我們將獲得的價格持樂觀態度，因為我們將提供的價值。

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

（操作員指示）接下來我們去 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的一些定價評論感到驚訝。所以我想問一下——我還有其他問題，但我先把它們放在一邊。我想，當我們考慮這種提升的可能性時，您能否具體地講一下，這主要來自費用的增加嗎？這更多的是一種消費動態嗎？您對整個客戶群中積極採用的比例有什麼看法？

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，從投資角度來看，是否需要較大的資本支出週期？您提到，模型的強度可能不一定在所有情況下都成為基礎模型。能否具體闡述這些觀點？

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，當然，亞歷克斯。所以我會讓吉娜回答你的資本支出和銷貨成本問題，然後我會回答你的定價問題。

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.

所以，亞歷克斯，從資本支出的角度來看，這已經包含在我們今年的利潤率指引中了，我並不擔心，對吧？所以任何增量需求都會反映在2023年的自由現金流中。展望未來，目前來看，我們還沒有看到任何大幅成長的需求。但隨著我們看到需求在第三季和第四季（也就是下半年）開始出現，我會在2024年的指引中反映這一點。

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，我們一直都是這樣做的，如果由於資本支出增加而對毛利率造成一些壓力，我們將透過提高營運效率來抵消這一壓力，因為我們將繼續在我們自己的組織內推出 Gen AI 功能。

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.

明白了。 Alex，根據 Gina 的評論，我想分享兩點：第一，我們不需要擁有數千億個參數的大型語言模型，因為對於我們特定領域的用例，我們可以運行我們在文字轉程式碼中看到的方法，例如，它的大小是 OpenAI 模型的十分之一。這使我們能夠有效率地運行它，同時又能尊重客戶資料的隱私。這是第一點，這也與 Gina 根據初始需求和我們正在合作的客戶給出的 COGS 答案有關。

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.

現在就您關於 P 乘以 Q 的問題而言。我們相信，我們絕對可以將其定價為價格的提升。因此，如果數量保持不變，提升幅度將基於 Pro 的標價，即 60% 的提升。當然，我們的銷售團隊會提供企業折扣等等。您知道具體是怎麼回事。這就是為什麼如果您假設如此，為什麼這個數字是 60%？這完全取決於我們認為客戶將從我們即將為 ITSM 或客戶服務管理發布的額外 Gen AI 功能中獲得的價值。這些功能當然需要研發成本以及營運成本，但最終還是取決於客戶獲得的價值。因此，我對在特定座位等級上提升標價感到相當放心。

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%.

然後我想說的第二件事是，我們已經看到，由於 ITSM Pro 的數位化，這也是我之前試圖提出的觀點，在過去 5 年裡，席位擴大了 10%，而我們實現的價格上漲，在 ITSM 的基礎上上漲了 50%，我們獲得了 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，我想讓你和其他人知道的一件事是，我們正在獲得很多新標誌。每當你獲得一個新標識，你就會獲得新的席位。另一件事是關於公司平台的擴展，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和業務解決方案的世界，我們正在與所有相關人員進行溝通。所以，你可能會感興趣的一個數據是，本季前20筆交易中，有19筆涉及5種或更多產品。這意味著很多席位。在我們的9筆交易中，涉及10種或更多產品。最後，如果你考慮大型企業交易，我們在2000萬美元以上的類別中的交易年增了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，我們獲得了許多新客戶。我認為這是你應該時刻牢記的。新的標識，在每家公司平台上的擴展，進入新的地域，新的用戶群體，所有新的客戶。然後，如果你運用創新和定價的邏輯，正如CJ所說，你將為客戶和股東帶來許多良好的結果。

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

聽起來這真是個成功的好方法，夥計們。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.

接下來我們來談談瑞銀的 Karl Keirstead。

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，你們的季度業績表現穩健，但你們告訴我們，FINS 垂直業務（你們最大的業務之一）感覺有點不穩定。宏觀不確定性加劇。您能否在三個月後更新 ServiceNow 在該垂直業務上的表現，看看它在本季度的業績如何，以及到年底的前景如何？

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 [growth] 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，我之前提到過，儘管產業宏觀環境變化，我們在第一季仍然實現了成長，而且在2022年第一季也經歷了巨大的成長週期。我們對第一季的業績非常滿意。我想說，我們繼續看到金融服務領域的強勁成長，我們在該領域實現了良好的成長，實際上，正如我們談到與巴克萊銀行的交易時所說的那樣，成長非常好。因此，我們持續在所有金融服務客戶身上展現強大的價值。所以，卡爾，我們在這方面的實力持續增強。

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。卡爾，關於吉娜的觀點，我只想補充一點，具體到第二季度，在銀行業FIN部門，我們看到我們的投資組合在美國、加拿大以及歐洲都取得了顯著的進展。所以這個平台正在產生共鳴。最大的銀行也擴張了。我可以告訴你，有一家與我們擴張的銀行，在第二季與我們續約時，其TCV水平已經接近1億美元。所以我們看到銀行正在回歸，下半年也有非常好的發展前景。

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

接下來我們來談談 AllianceBernstein 的 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未來成長槓桿之一就是通路的擴張及其與ServiceNow協同交付的能力。過去，您曾提到大概15%到20%的收入是由通路驅動的，而且更多的收入來自支持。目前進展如何？您預計未來一年這個數字會達到多大？這是否會成為您未來獲利報告中經常提及的重點內容？

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，彼得，這是個好問題。我想和大家分享的一點是，我們有非常非常好的合作關係。我提到了與Cognizant的合作，他們正在與我們一起加速採用人工智慧驅動的自動化技術，並將其推向市場。還有與畢馬威的合作，他們正在重塑財務、供應鏈和採購。我們也談到了埃森哲。他們是加入ServiceNow客戶Lighthouse計畫的先驅。

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.

但我們也有其他正在發展的通路合作夥伴，包括一些大型科技公司，它們正在幫助我們擴大銷售團隊的覆蓋範圍。未來或許值得報道這些情況，當然也並非完全不合適。但您說得對，很多技術合作夥伴，無論是超大規模企業、技術棧的一部分，還是實力雄厚的科技公司，都認識到，當其解決方案與 ServiceNow 的工作流自動化相結合時，其威力巨大。因為這樣一來，他們就不再銷售整套產品或SKU（庫存​​單位）中的產品，而是轉向商業解決方案。然後，他們可以根據行業定制解決方案。

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.

我們甚至在通路方面也遇到了一些情況，我們正在開發一些可以在虛擬世界中銷售的小型交鑰匙解決方案。所以我們可以利用管道做很多事。我認為這些技術通路合作夥伴現在還處於早期階段。系統整合商（SI）都已經採用了我們的方案。現在都已經採用了——大型系統整合商的業務規模都超過10億美元。其中一家甚至超過了50億美元。所以你說的很有道理，我們一定會常常討論這個問題。

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

接下來我們來談談美國銀行的布拉德·西爾斯。

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?

太好了。我想問一下客戶工作流程。您提到了客戶工作流程的一些優勢，這可以從本季淨新增ACV的貢獻中看出。我們當然也從通路方面聽到了這一點。您認為這種優勢是什麼？這是一個如此廣泛的產品組合。您在那裡看到了哪些應用程式或用例？我們是否期待創作者能夠追隨您在客戶工作流程上看到的趨勢？也許這裡有一個管道運作機制，其中有一些流程建構和一些針對此的執行。您能否具體說明是什麼推動了客戶工作流程的優勢，以及是否可以更好地遵循這一趨勢？

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. 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.

是的。非常感謝，布拉德。首先，我想說的是，除了客戶工作流程之外，Pro for CSM 也取得了最佳的季度業績，包括我們的現場服務管理也同樣取得了優異的季度業績。所以，當我思考這個類別時，我發現我們非常擅長將前台、中台和後台整合在一起。這一直是我們的差異化優勢，不僅僅是在客戶互動層面，而是在客戶提出請求時真正完成工作。現在，一些全球最大的品牌也參加了我們的 Knowledge '23 活動，展示了他們如何使用我們的客戶工作流程解決方案，從互動層面到中台和後台工作流程。所以，這是第一點。

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.

吉娜之前分享的另一點是，我們在某些​​特定行業也看到了客戶工作流程的良好反響。其中一個是電信業，正如吉娜在我們針對特定行業的SKU上分享的那樣。此外，當我檢視公共部門，檢視政府與公民之間的經驗時，我發現這一切都歸功於我們在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相結合，在美國和歐洲的一些最大品牌中也引起了共鳴。我對這條產品線仍然非常樂觀，因為我們已經改變了將前台、中台和後台結合的方式，從而更好地服務客戶。

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.

Creator 在第二季度也取得了非常非常好的成長，這主要得益於——之前我提到了美國聯邦，但我們看到 App Engine 為我們的客戶提供了低代碼功能，能夠與所有可用系統集成，以及我們平台的加密和安全功能，這些功能在金融服務、醫療保健以及許多其他組織（包括公共部門內的子垂直行業）中都引起了強烈反響。所以，當你想到 App Engine 的低程式碼和我們將在 9 月推出的文字到程式碼創新（我們在知識大會上展示了這些創新）時，你會發現市場需求非常大。

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.

Bill 早些時候就提到了這一點。我和一些最大的客戶以及中型客戶交流時，發現 ServiceNow 的積壓訂單仍然很高。我所說的積壓訂單是指他們希望使用 ServiceNow 來實現更多工作的自動化。但他們沒有足夠的人手來使用 ServiceNow 來實現更多工作的自動化。因此，有了生成式人工智慧、文字轉代碼和文字轉工作流程的功能，他們真正感到興奮的是，這樣他們就可以減少積壓訂單，利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回答一個問題。現在我們由巴克萊銀行的Raimo Lenschow來回答這個問題。

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，我想問一個簡短的、高層次的問題。如果您考慮人工智慧及其應用，那麼今年對企業來說可能會很艱難，因為去年企業的IT預算已經確定。供應商方面出現了很大的通貨膨脹。所以，你們正在從緊縮的預算中擠出人工智慧。您對明年有什麼打算？比爾，也許在您與董事會成員的談話中，他們是如何看待代際轉變的，以及這將如何影響你們的預算和未來幾年的規劃？

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.

我想回到我之前提到的一個觀點。高階主管對人工智慧（Gen AI）並不缺乏興趣。事實上，他們每個人都知道必須有一套策略，而且他們對此非常關注。大多數真正有遠見的人都要求他們的高管直接下屬在日常業務活動中運用這些策略，以更好地運營公司，運營一家利潤效率更高的公司，並最終運營一家更好地照顧員工和客戶的公司。所以，現在這一點已經板上釘釘。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 now as a company that can fundamentally change the game.

關於IT預算，有趣的是，我之前和Alex分享過一點，IT作為標準，這很好，因為IT策略很容易成為商業策略，但現在我們正在涵蓋企業中的所有角色。雲端業務模式的優點在於，許多角色都有自己的預算，他們會為自己的計畫提供資金，他們現在將ServiceNow視為一家能夠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。無論你考慮的是客戶和員工服務台，那裡有虛擬客服人員解答疑問並提供常規操作指南，還是文字轉代碼，如何自動分類不同的案例並解決問題，如何獲得營運支援（不僅在IT部門，還要主動管理涉及所有其他部門的案例），如何進行非接觸式溝通，以及如何真正整合所有業務流程。

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.

如果你是吉娜，你會思考我的合作夥伴是誰，我要從誰那裡採購，我要如何讓這個入職流程以及所有業務運營的透明度完全無縫銜接。這就是現在每家公司都在發生的事情。我認為我們將成為一個巨大的受益者，因為我們成為了一家平台公司，我們現在擁有與這些高階主管的關係資本，其影響力遠遠超出了IT預算。並不是說IT預算不好，但如果你能掌控整個預算，那就更好了。所有使用者數量都集中在這個層面。商業模式創新也集中在這個層面，我們的影響力也最大。

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.

這就是我們的目標。展望2024年，我認為未來將會一片光明。我認為我們現在必須全力以赴，確保公司整體預算的大幅削減，無論是在部門層級還是在核心IT層面。

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.

謝謝大家。女士們，先生們，ServiceNow 2023年第二季財報電話會議到此結束。非常感謝大家的參與，祝大家有個愉快的夜晚。再見。