ServiceNow Inc (NOW) 2023 Q3 法說會逐字稿

Good day, everyone, and welcome to the Third Quarter 2023 ServiceNow Earnings Call. Today's call is being recorded. (Operator Instructions) I would now like to turn the conference over to Darren Yip, Vice President of Investor Relations. Please go ahead, sir.

大家好，歡迎參加 ServiceNow 2023 年第三季財報電話會議。今天的電話會議正在錄音中。 （接線生指示）現在，我想將會議交給投資人關係副總裁 Darren Yip。先生，請發言。

Good afternoon, and thank you for joining ServiceNow's Third 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.

下午好，感謝您參加ServiceNow 2023年第三季財報電話會議。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)。

During today's call, we will review our third quarter 2023 results and discuss our guidance for the fourth quarter and full year 2023. Before we get started, we want to emphasize that the information discussed on this call, including our guidance, is based on information as of today and contains forward-looking statements that involve risks, uncertainties and assumptions.

在今天的電話會議中，我們將回顧 2023 年第三季的業績，並討論我們對 2023 年第四季和全年的指導。在開始之前，我們想強調的是，本次電話會議中討論的信息（包括我們的指導）均基於截至今天的信息，並包含涉及風險、不確定性和假設的前瞻性陳述。

We undertake no duty or obligation to update such statements as a result of new information or future events. Please refer to today's earnings press release and our SEC filings, including our most recent 10-Q and 2022 10-K for factors that may cause actual results to differ materially from our forward-looking statements.

我們不承擔因新資訊或未來事件而更新此類聲明的責任或義務。請參閱今日的收益新聞稿以及我們向美國證券交易委員會 (SEC) 提交的文件，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聲明產生重大差異的因素。

We'd also like to point out that we present non-GAAP measures in addition to and not as a substitute for financial measures calculated in accordance with GAAP. Unless otherwise noted, all financial measures and related growth rates we discuss today are non-GAAP except for revenues, remaining performance obligations or RPO; current RPO; and cash and investments.

我們還想指出，我們採用非公認會計準則 (Non-GAAP) 指標是為了補充而非取代根據公認會計準則 (GAAP) 計算的財務指標。除非另有說明，我們今天討論的所有財務指標及相關成長率均為非公認會計準則 (Non-GAAP)，但收入、剩餘履約義務或 RPO、當前 RPO 以及現金和投資除外。

To see the reconciliation between these non-GAAP and GAAP measures, please refer to today's earnings press release and investor presentation, which are both posted on our website at investors.servicenow.com. A replay of today's call will also be posted on our website. With that, I'll turn the call over to Bill.

如需查看這些非公認會計準則 (Non-GAAP) 指標與公認會計準則 (GAAP) 指標之間的對比，請參閱今天的收益新聞稿和投資者簡報，它們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。現在，我將把電話會議交給比爾。

Thank you, Darren, and thank you, everyone, for joining us today. On behalf of Gina, CJ and our entire company, I'd like to first make a brief statement about recent events. ServiceNow has a very special team in Israel. One of our own colleagues, Shlomi Sividia, was at the Supernova music festival. He was murdered in the unprecedented Hamas attack. Shlomi was highly respected, admired and a good friend to many.

謝謝達倫，也謝謝大家今天加入我們。首先，我謹代表吉娜、CJ 和我們整個公司，就最近發生的事件做一個簡短的聲明。 ServiceNow 在以色列有一支非常特別的團隊。我們的一位同事什洛米·西維迪亞 (Shlomi Sividia) 參加了超新星音樂節。他在史無前例的哈馬斯襲擊中被殺害。什洛米備受尊敬和欽佩，是許多人的好朋友。

We stand in solidarity with our team and with their families. Terrorism has caused the unfathomable humanitarian crisis, and now engulfs millions of people in Israel and Gaza. Our hearts break for the innocent on all sides. Even with optimism in short supply, we choose to honor the dream of a peaceful and prosperous future for the Middle East region. God bless and protect all those in harm's way.

我們與我們的團隊及其家人團結一致。恐怖主義造成了深不可測的人道危機，如今正吞噬以色列和加薩數百萬民眾。我們為各方無辜的人們感到心碎。即使樂觀情緒日漸消退，我們仍選擇尊重中東地區和平繁榮未來的夢想。願上帝保佑並保護所有身處險境的人們。

Now for business. Of course, that's the reason we're here to discuss ServiceNow's Q3 results. We're proud that our company once again delivered beyond expectations. ServiceNow has delivered subscription revenue that grew by 24.5% in constant currency, over 1 point above our guidance. cRPO grew a strong 24%. That's 2.5 points above our guidance. Operating margin was 30%, more than 2.5 points above our guidance. We had 83 deals greater than $1 million in net new ACV, up from 69 a year ago, a 20% increase year-over-year.

現在開始談正事。當然，這也是我們今天討論 ServiceNow 第三季業績的原因。我們很自豪公司再次超越預期。 ServiceNow 的訂閱收入以固定匯率計算成長了 24.5%，比我們的預期高出 1 個百分點以上。 cRPO 強勁成長了 24%，比我們的預期高出 2.5 個百分點。營業利益率為 30%，比我們的預期高出 2.5 個百分點以上。我們有 83 筆交易的淨新 ACV 超過 100 萬美元，高於去年的 69 筆，年增 20%。

Our focus on landing the right new customers continue to deliver. Large new logo growth accelerated for the third consecutive quarter. ServiceNow's traction as the intelligent platform for end-to-end digital transformation has intensified. All of our workflow businesses were in 14 or more of the top 20 deals: ITSM, ITOM, ITAM, security and risk, customer, employee and creator. Within our technology workflows, security and risk had a very strong quarter with 10 deals over $1 million. Employee workflows had a stellar quarter, with 7 deals over $1 million and 1 deal over $10 million.

我們專注於吸引合適的新客戶，並持續取得成效。大型新標誌成長連續第三個季度加速。 ServiceNow 作為端到端數位轉型智慧平台的吸引力不斷增強。我們所有的工作流程業務均參與了前 20 筆交易中的 14 筆或更多：ITSM、ITOM、ITAM、安全與風險、客戶、員工和創建者。在我們的技術工作流程中，安全與風險業務在本季表現非常強勁，有 10 筆交易超過 100 萬美元。員工工作流程在本季表現亮眼，有 7 筆交易超過 100 萬美元，1 筆交易超過 1,000 萬美元。

From an industry perspective, this was the best U.S. federal quarter in ServiceNow's history and in ACV, was up over 75% year-over-year. U.S. federal agencies are standardizing on a single platform with a core set of end-to-end solutions. We had 19 federal deals over $1 million, including 3 deals over $10 million. Our top deal in the quarter, the United States Air Force, was the third-largest deal in the company's history. You'll hear from Gina that this performance has heightened our confidence for a strong Q4.

從產業角度來看，這是ServiceNow史上最好的美國聯邦季度業績，其ACV年成長超過75%。美國聯邦機構正在採用一套核心的端到端解決方案，以實現單一平台的標準化。我們完成了19筆超過100萬美元的聯邦交易，其中包括3筆超過1000萬美元的交易。本季我們最大的一筆交易是美國空軍，也是公司史上第三大交易。 Gina會告訴大家，這樣的業績增強了我們對強勁第四季業績的信心。

We're increasing the full year guidance on the top line and the bottom line. And here is the key takeaway. AI has strengthened the market dynamics for enterprise software. ServiceNow is the fastest-growing company in this market at relative scale. We have the highest rule of 50 plus across our peer set, with the highest growth of any other large cap software company. We are the best-performing enterprise software company to IPO.

我們上調了全年營收和淨利的預期。關鍵在於：人工智慧增強了企業軟體的市場活力。 ServiceNow 是該市場中相對規模成長最快的公司。我們的估值規則在同業中最高，超過 50%，並且是所有大型軟體公司中成長最快的。我們是 IPO 以來表現最佳的企業軟體公司。

This is a unique, highly differentiated company that is rewriting the benchmarks to be best-in-class in the SaaS industry. Looking beyond the quarterly results, while the world's challenges are sobering, the digitization imperative is stronger than ever. Gartner forecasts that $3 trillion will be spent on AI and gen AI between 2023 and 2027. gen AI represents 36% of AI spending overall. We believe every dollar of global GDP will be impacted by AI over the next several years. This isn't a hype cycle. It is a generational movement.

這是一家獨一無二、高度差異化的公司，正在重塑行業標桿，成為SaaS行業的佼佼者。拋開季度業績不談，儘管全球面臨的挑戰令人擔憂，但數位化的必要性比以往任何時候都更加迫切。 Gartner預測，2023年至2027年期間，人工智慧和新一代人工智慧（gen AI）的支出將達到3兆美元。新一代人工智慧佔人工智慧總支出的36%。我們相信，未來幾年，全球GDP的每一美元都將受到人工智慧的影響。這並非炒作週期，而是一場世代運動。

In the last year, ServiceNow has doubled down on our AI investments. Our Vancouver release includes generative AI-powered Now Assist for every workflow. Others issue press releases. We release product. At ServiceNow, our strategy isn't about exuberance. It's about execution. We've carefully laid the groundwork for success and talent and resources and technology. This investment is accelerating our already robust pipeline, with customers lining up to be first movers in this next wave of business transformation.

去年，ServiceNow 在人工智慧方面的投資翻了一番。我們在溫哥華發布的版本包含由人工智慧驅動的生成式 Now Assist，適用於所有工作流程。其他公司發布新聞稿，而我們則發布產品。在 ServiceNow，我們的策略並非空談熱情，而是執行。我們精心奠定了人才、資源和技術等成功的基礎。這項投資正在加速我們本已強大的產品線，客戶正排隊等待成為下一波業務轉型的先驅。

The question we've been asked repeatedly, does AI drive growth? The definitive answer is yes, it does. gen AI represents a tailwind of growth for ServiceNow. We have over 300 customers in our pipeline from every industry, every buying center and every stage of testing. Our gen AI SKU drove the highest number of customer requests for a prereleased product in our history. We launched Vancouver on September 29. That left us 1 day in Q3 to sign deals, and we signed 4 large deals.

我們一再被問到的問題是：人工智慧會推動成長嗎？答案是肯定的。新一代人工智慧 (gen AI) 為 ServiceNow 帶來了成長的順風。我們擁有來自各行各業、各個採購中心和各個測試階段的 300 多家客戶。我們的新一代人工智慧 SKU 推動了我們歷史上預發布產品的客戶請求數量最高。我們於 9 月 29 日在溫哥華上線。這給我們在第三季留下了一天時間來簽約，最終我們簽下了 4 筆大單。

A U.S. government agency selected our premium SKU offering to be an early adopter of gen AI. Real estate leader CBRE is harnessing generative AI with ServiceNow to deliver superior service to customers and employees while reducing costs. NVIDIA is accelerating its own ServiceNow journey with Generative AI. Among other leading companies, Teleperformance joined ServiceNow's AI Lighthouse program. They will collaborate on new generative AI use cases that boosts productivity while increasing customer and employee satisfaction in key industries.

美國政府機構選擇了我們的高端產品，成為生成式人工智慧的早期採用者。房地產領導企業世邦魏理仕 (CBRE) 正與 ServiceNow 攜手，利用生成式人工智慧為客戶和員工提供卓越服務，同時降低成本。 NVIDIA 正利用生成式人工智慧加速其 ServiceNow 之旅。在其他領先公司中，Teleperformance 加入了 ServiceNow 的 AI Lighthouse 計劃。他們將合作開發新的生成式人工智慧用例，以提高生產力，同時提升關鍵產業的客戶和員工滿意度。

We have a wide range of other customer wins in the quarter as well. FedEx is using ServiceNow to simplify their IT workflows while building a universal employee portal to improve employee experience for 0.5 million global employees. One of the world's largest automakers selected ServiceNow to help consolidate dozens of applications into a new modern platform to accelerate their push into the EV market.

本季我們也贏得了許多其他客戶。聯邦快遞正在使用 ServiceNow 簡化其 IT 工作流程，同時建立通用員工門戶，以提升全球 50 萬名員工的體驗。全球最大的汽車製造商之一選擇 ServiceNow 幫助其將數十個應用程式整合到一個新的現代化平台中，以加速進入電動車市場。

Philips, Mars, Banc of California, Cleveland Clinic, the U.S. Department of Defense, Fujitsu, Asahi Mutual insurance and the state of California are among many others. We see a meaningful path for all customers to recognize value from generative AI in the quarters to come. Our innovation velocity is very high. Pipeline is growing fast and capacity to execute is well proven. And this is just the beginning.

飛利浦、瑪氏、加州銀行、克利夫蘭診所、美國國防部、富士通、朝日相互保險公司以及加州等眾多客戶都已加入。我們預見到，未來幾個季度，所有客戶都將從生成式人工智慧中獲益，並實現價值。我們的創新速度非常快。產品線正在快速成長，執行能力也得到了充分的證明。而這只是個開始。

Looking holistically in our business, we see progress everywhere. We have an aspiration to significantly increase the percentage of net new revenue sourced by our partners in the coming years. This is about partners making the ServiceNow platform the core of their emerging business models. One exciting example is our customer, Trane Technologies. They are a global climate innovator, which recently announced plans to acquire ServiceNow partner, Nuvolo.

縱觀我們的業務，我們處處都能看到進步。我們的目標是在未來幾年大幅提升合作夥伴帶來的淨新收入比例。這意味著合作夥伴將把 ServiceNow 平台作為其新興商業模式的核心。我們的客戶特靈科技就是一個令人興奮的例子。他們是一家全球氣候創新企業，最近宣布計劃收購 ServiceNow 的合作夥伴 Nuvolo。

With Nuvolo, Trane Technologies can bring world-class digital solutions engineered on the ServiceNow platform to their global customer base. This creates a flywheel effect to ServiceNow. More use cases drive more workflow automation. And today, we're excited to share that Deloitte and ServiceNow announce an expansion to our alliance. Deloitte will become a pioneering partner, integrating our generative AI capabilities into their leading Operate services globally.

透過 Nuvolo，特靈科技能夠將基於 ServiceNow 平台打造的世界級數位化解決方案帶給其全球客戶群。這將為 ServiceNow 帶來飛輪效應。更多用例將推動工作流程自動化。今天，我們很高興地宣布，德勤與 ServiceNow 宣布進一步拓展合作。德勤將成為我們先鋒合作夥伴，將我們的生成式人工智慧能力整合到其全球領先的營運服務中。

This addition underscores Deloitte's commitment to enhance performance with cross-industry solutions built on the ServiceNow platform. We're also scaling our ecosystem globally with today's announcement of a co-investment in ANSR, a market leader in enabling companies to scale technology centers. Another area that we expect to fuel long-term sustainable growth is industry verticalization.

此次收購彰顯了德勤致力於透過基於 ServiceNow 平台建置的跨產業解決方案提升績效的承諾。此外，我們今天宣布與 ANSR 進行聯合投資，ANSR 是幫助企業擴展技術中心規模的市場領導者，我們正在全球擴展我們的生態系統。我們預計另一個能夠推動長期可持續成長的領域是產業垂直化。

Our product development road map is expanding, with use cases in telecommunications, financial services, retail and the public sector. And beyond any one industry, we increasingly see both intra and inter enterprise workflow opportunities on the ServiceNow platform. This new generation of business networks is creating value chains that transcend traditional business boundaries.

我們的產品開發路線圖正在不斷擴展，使用案例涵蓋電信、金融服務、零售和公共部門。除了單一產業之外，我們在 ServiceNow 平台上也越來越多地看到了企業內部和企業間工作流程的機會。新一代業務網絡正在創造超越傳統業務界限的價值鏈。

Our rapid pace of workflow innovation creates an even greater demand for our training and skills initiative, RiseUp with ServiceNow. As one example, FutureSkills Prime, a digital skilling initiative of the Indian government, will train thousands of learners across India in new digital skills. This partnership offers clear pathways to build careers as businesses worldwide grow their ServiceNow workforce. Bottom line, this all points to grow for ServiceNow.

我們快速的工作流程創新步伐，也為我們的培訓和技能計畫「RiseUp with ServiceNow」帶來了更大的需求。例如，印度政府的一項數位技能計畫「FutureSkills Prime」將為印度各地數千名學習者提供新的數位技能培訓。隨著全球企業擴大其 ServiceNow 員工隊伍，這項合作為職涯發展提供了清晰的途徑。總而言之，這一切都預示著 ServiceNow 的成長。

In closing, we are building a company for the ages. By concentrating on customer value, we are creating immense shareholder value. At a strategic level, we [show] to set the bar high to be the defining enterprise software company of the 21st century. We have an inspired team that is committed to our exponential dream. A company is only is great as each member of the team, and the team is only as great as the company. That is what culture is all about.

總而言之，我們正在打造一家歷久不衰的公司。透過專注於客戶價值，我們正在創造巨大的股東價值。在策略層面，我們設定了高標準，致力於成為21世紀最具代表性的企業軟體公司。我們擁有一支充滿靈感的團隊，致力於實現我們指數級成長的夢想。一家公司的偉大取決於團隊中的每一位成員，而團隊的偉大也取決於公司。這就是企業文化的意義。

Our employee engagement scores increased across the board this year. So did our retention rates, which are already best-in-class. We never went for layoffs. We went for thoughtful, careful expansion. When you look at the ongoing momentum from Knowledge 23, it's clear the approach is working. The profitable growth profile of this company speaks for itself. The market is there for us, and now we're focused on Q4, delivering a strong full year and a fast start in 2024 as well.

今年，我們的員工敬業度全面提升。我們的員工留任率也大幅提升，目前已達到業界最高水準。我們從未裁員，而是謹慎謹慎地進行擴張。看看 Knowledge 23 持續成長的勢頭，就能明白這種方法行之有效。這家公司獲利的成長態勢不言而喻。市場對我們有利，現在我們專注於第四季度，力爭全年業績強勁，並在 2024 年取得良好開局。

Thank you for your time today. I look forward to your questions. Now I'll turn it over to our outstanding CFO, Gina Mastantuono. Gina, over to you.

感謝您今天抽出時間。期待您的提問。現在，我將把時間交給我們傑出的財務長吉娜·馬斯坦托諾（Gina Mastantuono）。吉娜，您好。

Thank you, Bill. Q3 marks another quarter of strong execution as we once again significantly surpassed the high end of our top line growth and profitability guidance metrics. ServiceNow continues to demonstrate its resilience as the intelligent platform for end-to-end digital transformation. Customers are seeking enhanced productivity solutions in the current macro environment and ServiceNow is delivering.

謝謝，比爾。第三季再次展現強勁的執行力，我們再次大幅超越了營收成長和獲利預期指標的上限。 ServiceNow 作為端到端數位轉型的智慧平台，持續展現出其強大的韌性。在當前的宏觀環境下，客戶正在尋求更有效率的生產力解決方案，而 ServiceNow 正在提供這樣的解決方案。

In Q3, subscription revenues were $2.216 billion, growing 24.5% year-over-year in constant currency, exceeding the high end of our guidance range by over 100 basis points. Amazing organic growth at massive scale. RPO ended the quarter at approximately $14.4 billion, representing 23.5% year-over-year constant currency growth. Current RPO was approximately $7.43 billion, representing 24% year-over-year constant currency growth and a 250 basis point beat versus our guidance.

第三季度，訂閱營收為22.16億美元，以固定匯率計算年增24.5%，超出我們預期範圍的上限100個基點以上。實現了驚人的大規模有機成長。本季末，RPO約144億美元，以固定匯率計算年增23.5%。目前RPO約為74.3億美元，以固定匯率計算年增24%，超出我們預期250個基點。

As Bill highlighted, federal had its best net new ACV quarter ever, growing over 75% year-over-year. I want to give a quick shout out to the federal team who has just been crushing it. Among the other industries, transportation and logistics was very strong, growing over 100% year-over-year, followed by education, which grew over 75%. Manufacturing and TMT also saw robust growth.

正如比爾所強調的，聯邦銀行的淨新增ACV（年度價值）創下了歷史新高，年增超過75%。我想向聯邦銀行團隊致以最誠摯的謝意，他們剛剛取得了巨大的成功。在其他產業中，運輸和物流表現強勁，年成長超過100%，其次是教育產業，成長超過75%。製造業和TMT產業也實現了強勁成長。

We had some outstanding achievements from a workflow standpoint as well. I'm pleased to announce that Creator Workflows crossed $1 billion in ACV in Q3, a monumental milestone. And our employee Pro SKU saw over 100% growth in net new ACV year-over-year. Retention remained exceptional, with a renewal rate of 98% in Q3, reaffirming the essential role the Now Platform plays in our customers' operations.

從工作流程的角度來看，我們也取得了一些傑出的成就。我很高興地宣布，Creator Workflows 的 ACV 在第三季突破了 10 億美元，這是一個里程碑。我們的員工 Pro SKU 的淨新增 ACV 年成長超過 100%。客戶留存率依然出色，第三季的續訂率達到 98%，這再次證明了 Now Platform 在客戶營運中扮演的關鍵角色。

Our customer cohorts displayed solid expansion as the quarter closed with 1,789 customers contributing over $1 million in ACV, with 58% year-over-year growth in those contributing over $20 million. In Q3, we successfully closed 83 deals greater than $1 million in net new ACV, with 4 deals greater than $10 million. Notably, 18 of our top 20 net new ACV deals included 8 or more products. Despite launching at the end of the quarter, we have also already closed 4 gen AI-related enterprise deals, and we're seeing strong pipeline build for our Plus SKUs.

截至本季末，我們的客戶群呈現穩健成長，共有1,789位客戶貢獻了超過100萬美元的ACV，其中貢獻超過2,000萬美元的客戶年增58%。第三季度，我們成功完成了83筆淨新增ACV超過100萬美元的交易，其中4筆交易超過1,000萬美元。值得注意的是，在我們前20筆淨新增ACV交易中，有18筆涉及8種或更多產品。儘管這些產品於本季末推出，但我們已完成4筆與新一代人工智慧相關的企業交易，並且我們的Plus系列產品線正在強勁構建。

Turning to profitability. Non-GAAP operating margin was 30% over 250 basis points above our guidance, driven by disciplined spend management and the top line outperformance. Our free cash flow margin was 9%, up 300 basis points year-over-year. We ended the quarter with a robust balance sheet, including $7 billion in cash and investments.

在獲利能力方面，非公認會計準則營業利益率達30%，比我們的預期高出250個基點，這得益於嚴格的支出管理和優異的營收表現。我們的自由現金流利潤率為9%，年增300個基點。本季末，我們擁有穩健的資產負債表，其中包括70億美元的現金和投資。

In Q3, we repurchased 0.5 million shares as part of our first-ever share repurchase program, with the primary objective of managing the impact of dilution. As of the end of the quarter, we have approximately $1.2 billion remaining of the original $1.5 billion authorization. Together, these results continue to demonstrate our ability to drive a strong balance of world class growth, profitability and shareholder value.

第三季度，我們回購了50萬股股票，這是我們首次股票回購計畫的一部分，主要目的是控制股權稀釋的影響。截至本季末，我們最初授權的15億美元中剩餘約12億美元。這些業績繼續證明我們有能力在世界級成長、獲利能力和股東價值之間實現強勁平衡。

Moving to our guidance. We are raising the full year outlook to reflect the strength of Q3. As we have done all year, we continue to prudently factor the macro crosswinds into our guidance. This includes incremental FX headwinds from a strengthening U.S. dollar. For 2023, we are raising our subscription revenues outlook by $48 million at the midpoint to a range of $8.635 billion to $8.640 billion, representing 25% year-over-year growth or 25% on a constant currency basis.

談到我們的業績指引。我們上調了全年業績預期，以反映第三季的強勁表現。正如我們全年所做的那樣，我們將繼續審慎地將宏觀經濟逆風納入我們的績效指引。這包括美元走強帶來的外匯逆風。對於2023年，我們將訂閱營收預期中位數上調了4,800萬美元，至86.35億美元至86.40億美元之間，年增25%，或以固定匯率計算成長25%。

We're also raising our full year operating margin target from 26.5% to 27%, 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 Q4, we expect subscription revenues between $2.320 billion and $2.325 billion, representing 24.5% to 25% year-over-year growth or 23% to 23.5% on a constant currency basis.

我們也將全年營業利潤率目標從26.5%上調至27%，並持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2.06億美元。我們預期第四季訂閱營收將在23.20億美元至23.25億美元之間，年增24.5%至25%，以固定匯率計算則為23%至23.5%。

We expect cRPO growth of 20.5% or 21% on a constant currency basis. Notably, the strength of our federal business has resulted in a higher mix of 12-month contracts that will create a 1-point headwind to Q4 cRPO growth and remain a headwind into 2024. We expect that these contracts will renew in 2024 as ServiceNow's federal contract renewal rates are 99%. We expect an operating margin of 27.5%, and we expect 206 million GAAP diluted weighted average outstanding shares for the quarter.

我們預期cRPO成長率為20.5%，以固定匯率計算為21%。值得注意的是，我們聯邦業務的強勁成長導致12個月合約組合比例更高，這將對第四季度cRPO成長造成1個百分點的阻力，並持續到2024年。我們預計這些合約將在2024年續簽，因為ServiceNow的聯邦合約續約率為99%。我們預期本季營業利益率為27.5%，GAAP稀釋加權平均流通股數為2.06億股。

In conclusion, our team delivered an exceptional performance across the board. With a culture focused on customer success, our people have worked relentlessly to provide solutions to meet enterprises needs, and it's showing in our robust results. Businesses are looking to consolidate vendors and standardize on a platform with a core set of products so they can build a predictable and reliable road map to drive digital transformation.

總而言之，我們的團隊在各方面都表現出色。秉承以客戶成功為核心的文化，我們的員工不懈地努力，提供滿足企業需求的解決方案，這體現在我們強勁的業績中。企業正在尋求整合供應商，並在一個擁有核心產品的平台上實現標準化，從而建立可預測且可靠的路線圖，推動數位轉型。

ServiceNow is that strategic platform. With the addition of our Vancouver release and the capabilities presented by gen AI, the window of opportunity is even more expansive than ever before. The result is a more powerful and intelligent platform that enables customers to ignite end-to-end action across the enterprise in ways not seen before. It's an exciting opportunity to further improve productivity and employee satisfaction, optimize processes, reduce costs and create organizational agility.

ServiceNow 正是這樣的戰略平台。隨著我們溫哥華版本的推出以及新一代人工智慧 (gen AI) 帶來的功能的加入，機會之窗比以往任何時候都更加廣闊。最終，我們將打造一個更強大、更聰明的平台，讓客戶能夠以前所未有的方式在整個企業範圍內啟動端到端的行動。這是一個令人興奮的機會，可以進一步提高生產力和員工滿意度，優化流程，降低成本，並提升組織敏捷性。

The possibilities are endless. Bill and I extend our gratitude to all our employees worldwide for their unwavering dedication and commitment that puts us at the forefront of this opportunity, and further driving ServiceNow towards its ambition of becoming the defining enterprise software company of the 21st century. With that, I'll open it up for Q&A.

可能性無窮無盡。比爾和我衷心感謝我們全球各地的員工，感謝他們堅定不移的奉獻和承諾，使我們站在了這一機遇的前沿，並進一步推動 ServiceNow 朝著成為 21 世紀最具影響力的企業軟體公司的宏偉目標邁進。現在，我開始提問環節。

(Operator Instructions) We'll take our first question from Raimo Lenschow with Barclays.

（操作員指示）我們將回答巴克萊銀行的 Raimo Lenschow 提出的第一個問題。

If I look at the mix on the product side, it looks like ITSM, ITOM was very strong this quarter. Can you a little bit speak to that? I sense it's probably the big federal deals, but maybe more broadly, what you see in the different product categories. Many thanks and congrats from me.

從產品組合來看，ITSM 和 ITOM 本季表現非常強勁。您能簡單談談這一點嗎？我覺得這可能是大型聯邦交易的原因，但更廣泛地說，可能是您在不同產品類別中看到的情況。非常感謝，也恭喜您。

Raimo, thank you so much. This is CJ for the question. Great to hear from you. ITSM and ITOM, which we define from a solution perspective as service operation, is core of our core, so as Bill outlined that we had very strong new logo business and new logos that matter, where we almost always land with ITSM and ITOM.

Raimo，非常感謝。我是 CJ，很高興收到您的來信。 ITSM 和 ITOM，我們從解決方案的角度將其定義為服務運營，是我們核心業務的核心。正如 Bill 所述，我們有非常強大的新標識業務和重要的新標識，而我們幾乎總是選擇 ITSM 和 ITOM。

And in general, we are seeing that ITSM continues to have expansion rates, whether it's via Pro SKUs or just recently added Pro Plus. And with ITOM and our AIOps strategy, we continue to execute on not only the product road map but how our customers are leveraging those innovations from visibility all the way to health in their digital real estate.

整體而言，我們看到ITSM持續保持擴張速度，無論是透過Pro SKU，或是最近新增的Pro Plus。憑藉ITOM和AIOps策略，我們不僅持續執行產品路線圖，還關注客戶如何利用這些創新，從數位資產的可視性到健康狀況。

We'll take our next question from Kash Rangan with Goldman Sachs.

我們將回答高盛的卡什·蘭根 (Kash Rangan) 提出的下一個問題。

Congratulations Bill, CJ and Gina. Outstanding results. Bill, we've all been waiting for this recession. Some have been calling for a hard landing and some others aren't. It looks like we've been waiting forever for this recession to happen. It's not happening. And I'm sure it's serious if you do business with -- or have been somewhat cautious in the last 3 to 4 quarters.

恭喜比爾、CJ 和吉娜。你們的成績非常優秀。比爾，我們都在等待這場衰退。有些人預測經濟將硬著陸，有些人則不然。看來我們一直在等待這場衰退的到來。它並沒有發生。而且我敢肯定，如果你和我們做生意——或者在過去三到四個季度裡一直保持謹慎——那麼這場衰退就很嚴重了。

But it looks like things are stable. And with the tailwind of potentially a soft landing, if I could use that expression, a software landing, and AI as wind in your sails, what does the company's growth prospects look like in '24 versus the last couple of years that we've all been slogging through this, granted that you have been executing really well, outperforming your peer group. What does the growth curve look like with all these tailwinds ahead of you?

但看起來情況很穩定。在軟著陸（如果我可以用軟著陸這個詞來形容的話，也就是軟體著陸）和人工智慧的助力下，與過去幾年我們一直在努力應對的局面相比，假設你們的執行力非常出色，表現優於同行，那麼公司在2024年的增長前景如何？在所有這些順風順水的情況下，你們的成長曲線是什麼樣的呢？

Well, Kash, thank you. I think that's the reason why we've raised our guidance on top of an outstanding quarter like this because we have great confidence in the core business. All CEOs right now are either in a move to increase productivity because of the crosswinds that you referenced in the macro or as I'd say, cost out.

嗯，Kash，謝謝你。我想這就是我們在這個季度表現出色的情況下上調業績預期的原因，因為我們對核心業務充滿信心。目前所有的CEO要么因為你在宏觀經濟中提到的逆風而提高生產力，要么像我所說的那樣，為了降低成本。

And obviously, while doing so, they also have the added challenge of new business model innovations such as the auto industry now dealing with the transition to EV. What's unique about ServiceNow is digital transformation can deflect so many of the cost-intensive, labor-intensive procedures that companies have to deal with to properly serve their market. On top of that, you have 1/3 of the productivity of knowledge workers getting torn apart by swivel chairing between, on average, 13 individual applications a day.

顯然，在這樣做的同時，他們也面臨新的商業模式創新所帶來的額外挑戰，例如汽車產業目前正在應對電動車的轉型。 ServiceNow 的獨特之處在於，數位轉型可以避免企業為了更好地服務市場而必須處理的許多成本高昂、勞力密集的流程。除此之外，知識型員工平均每天要處理 13 個獨立的應用程序，導致三分之一的生產力被浪費。

Now you add the productivity tailwind of generative AI on this once-in-a-generation ServiceNow platform, and you have achieved a very important business transformation. And I think right now, CEOs are focused on business transformation. And when you can give them one common UX that is consumer grade, that integrates with the half a century of legacy mess that they have to contend with, and we can get the actions that they need done, done, done to achieve cost out productivity in and growth on, they're all about service down now. And that's why you're seeing these results, and they are sustainable.

現在，在這個百年一遇的 ServiceNow 平台上，加上生成式人工智慧帶來的生產力順風，你就實現了非常重要的業務轉型。我認為，現在 CEO 正專注於業務轉型。當你能為他們提供一個通用的消費級用戶體驗，能夠與他們不得不應對的半個世紀以來遺留的混亂局面相融合，並且我們能夠幫助他們完成所需的行動，從而降低成本、提高生產力並實現增長時，他們現在就專注於降低服務成本。這就是你看到這些成果的原因，而這些成果是可持續的。

We'll take our next question from Tyler Radke with Citi.

我們將回答花旗銀行的 Tyler Radke 提出的下一個問題。

So the beat on constant currency current RPO was one of the largest we've seen in quite a while. Could you just unpack? Was that mostly federal? Or was it broad-based?

因此，固定匯率現行RPO的超支是我們相當長一段時間以來見過的最大超支之一。能具體解釋一下嗎？這主要是聯邦層級的嗎？還是普遍層面的？

And then secondly, Gina, on the current RPO outlook for Q4, can you just help us understand the dynamic with the 1 point headwind a little bit better? Did Q3 also face that headwind, given you booked so many of these large federal contracts?

其次，吉娜，關於第四季的RPO前景，您能否幫助我們更能理解1個百分點逆風帶來的動態？鑑於您簽訂瞭如此多的大型聯邦合同，第三季度是否也面臨同樣的逆風？

Tyler, thanks so much for the question. So yes, we're very excited. Q3 results were just phenomenal across the board. And the beat on constant currency cRPO was two things: specifically strong net new ACV growth, and that was primarily driven, but not entirely, primarily, not entirely driven by very strong federal business which was just fantastic and great business for us.

泰勒，非常感謝你的提問。是的，我們非常興奮。第三季的業績全面亮眼。以固定匯率計算的cRPO業績超出預期主要有兩個原因：一是強勁的淨新增ACV成長，這主要（但並非完全）是由非常強勁的聯邦業務推動的，這對我們來說是一筆非常棒的、非常好的業務。

We also did have better early renewals. If you remember, we've been really prudent in how we've been forecasting early renewals given the current macro environment. And so the beat this quarter was two-pronged, right? So strong net new ACV growth as well as strong early renewals. To your question on the impact of Q4 cRPO and the 1-point headwind, how federal agencies usually contract is 1 year out, right?

我們的提前續約情況也確實有所改善。如果您還記得的話，考慮到當前的宏觀環境，我們對提前續約的預測一直非常謹慎。所以，本季業績的超出預期是雙管齊下的，對吧？強勁的淨新增ACV成長以及強勁的提前續約。關於您關於第四季度cRPO和1個百分點的不利因素的影響的問題，聯邦機構通常的合約期限是一年，對嗎？

So their contracts are only 12 months in duration. So it doesn't have a negative impact on Q3, right, because at the end of Q3, you have it in there for a full year. But at the end of Q4, when 1/4 of those contracts roll off cRPO, it means that there is a headwind to Q4. And because Q4 -- sorry, because federal was so strong and the mix of federal in Q3 was stronger than we've ever seen before, there is that headwind into Q4.

他們的合約只有12個月的期限。所以這不會對第三季產生負面影響，對吧，因為到第三季末，合約期限已經是一年了。但到了第四季末，當這些合約中有四分之一從cRPO合約中到期時，這意味著第四季將面臨阻力。而且由於第四季——抱歉，因為聯邦政府的採購非常強勁，而且第三季的採購組合比我們以往任何時候都強，所以第四季將面臨阻力。

But again, as you think about the underlying business, extremely strong results. In fact, federal business has a strong renewal rate at 99%. So as you think about the underlying health of the business going into '24, it remains very strong.

但再說一次，考慮到基礎業務，業績非常強勁。事實上，聯邦業務的續保率高達99%。因此，考慮到2024年業務的潛在健康狀況，它仍然非常強勁。

We'll take our next question from Keith Weiss with Morgan Stanley.

我們將回答摩根士丹利的 Keith Weiss 提出的下一個問題。

This is Sanjit Singh for Keith. I wanted to congratulate the team on the 24% constant -- on the current RPO growth. That was really impressive. Bill, when I looked at what you were talking about in terms of gen AI trials and landing 4 customers right at the end of the quarter, in terms of your -- the team's expectation about adoption of ITSM Pro Plus versus Pro, is there -- do you see a scenario where that adoption could potentially happen faster than the cadence of adoption that you've seen over the last 5 years with ITSM Pro? I appreciate the thoughts.

我是Keith的Sanjit Singh。我想祝賀團隊目前的RPO成長率達到了24%。這真的令人印象深刻。 Bill，當我看到你提到的新一代人工智慧試驗以及在本季末獲得4個客戶的情況時，你團隊對ITSM Pro Plus和Pro的採用情況有何預期？你是否認為這種採用速度有可能比過去5年ITSM Pro的採用速度更快？我很欣賞你的想法。

Well, I can tell you that -- we, first of all, appreciate your question, Keith. You know how well we have done with the Pro version of the platform, and there's still plenty of room to expand on that. But the demand that we've seen so far for Pro Plus and the transformational nature of what customers are now able to do on the Now platform has led to the single best hype that we have seen at ServiceNow. I'll let CJ give you some color on individual customers and some of the actual stories that I think you'll find illuminating.

嗯，我可以告訴你——首先，我們很感謝你的提問，Keith。你知道我們平台的專業版做得有多好，而且還有很大的擴展空間。但到目前為止，我們看到的對專業版的需求，以及客戶現在能夠在Now平台上實現的變革性功能，使得ServiceNow獲得了前所未有的熱度。接下來，CJ會向你介紹一些特定客戶的情況，以及一些我認為會讓你受益匪淺的真實案例。

Absolutely. Thank you, Bill, and thanks for the question. So we have one data point from the last week of September, which I do not want to translate it to trend, however, we are having many, many conversations with some of the iconic companies and public sector customers around ServiceNow's generative AI offering. So when we launched in 2018 Q3 the Pro SKUs, there was a term that followed over multiple quarters now, 20 quarters, and we know what that looks like.

當然。謝謝你，比爾，也謝謝你的提問。我們有一個9月最後一周的數據點，我不想把它轉化為趨勢，但是，我們正在與一些標誌性公司和公共部門客戶就ServiceNow的生成式人工智慧產品進行大量對話。所以，當我們在2018年第三季推出Pro SKU時，有一個術語持續了多個季度，現在已經有20個季度了，我們知道它是什麼樣子的。

With Pro Plus, what I'm seeing is it is no longer about the potential of generative AI. Where they are questioning is generative AI good for us in context of ServiceNow platform, but the conversations have shifted to, CJ, how long would it take for us to implement? Does our data strategy need to be aligned? And what about security, et cetera?

而 Pro Plus 則讓我看到了，重點不再是生成式人工智慧的潛力。他們質疑的是，在 ServiceNow 平台的背景下，生成式人工智慧是否對我們有利，但討論的焦點已經轉移到：CJ，我們需要多長時間才能實現？我們的數據策略是否需要調整？安全性又如何？等等。

So the positive side of this is that we are seeing good demand. And on the cautionary side is we will work with our customers. They are learning, like Bill said, the 4 customers who leaned in and bought our products on the last day of the quarter. But as we move forward, we'll work with these customers. And as we get a couple of quarters under the belt, we will be able to tell you how this is looking versus Pro. So Pro Plus versus Pro.

所以正面的一面是，我們看到了良好的需求。值得警惕的是，我們將與客戶合作。正如比爾所說，他們正在學習，在本季最後一天，有四位客戶主動購買了我們的產品。但隨著我們不斷前進，我們將與這些客戶合作。等我們完成幾個季度的測試後，我們就能告訴你與 Pro 相比，Pro Plus 和 Pro 的表現如何。

And Keith (sic) [Sanjit], one thing to keep in mind is Pro is a necessary stepping stone to Pro Plus. So from a shareholder value creation standpoint, it's plus, plus.

還有Keith（原文如此）[Sanjit]，要記住的一點是，Pro是邁向Pro Plus的必要墊腳石。所以從股東價值創造的角度來看，Pro是加分項。

We'll take our next question from John DiFucci with Guggenheim.

我們將回答古根漢的 John DiFucci 提出的下一個問題。

Gina, thanks for all the detail around cRPO. That's really helpful in understanding that metric. I know we've talked about this in the past, but I mean that. It's helpful. My question is really around the federal business, which is really -- it's been really strong for at least a year, more than offsetting any commercial weakness when it happened like maybe a year ago or so.

吉娜，謝謝你關於cRPO的所有細節。這對理解這個指標非常有幫助。我知道我們以前討論過這個問題，但我是認真的。它很有幫助。我的問題實際上是關於聯邦業務的，至少一年來，聯邦業務一直非常強勁，足以抵消大約一年前出現的任何商業疲軟。

And just adding to what -- at least what I think is surprising, commercial strength, as Kash sort of hit on that, in periods like this quarter. I guess my question is how sustainable is that federal business in regards to new ACV, which it sounds like it just continues. It's like the energizer bunny. It just sort of keeps on giving.

補充一點——至少我認為令人驚訝的是，商業實力，正如卡什在本季度提到的那樣。我的問題是，聯邦業務在新的ACV方面有多可持續？聽起來好像還在繼續。就像勁量兔一樣，一直持續提供。

Yes. John, I'll start it off and then let Gina give you some of her color as well. But our federal business, as I said, had the biggest quarter in ServiceNow's history with 75% year-over-year growth in ACV, and we had 19 deals that were more than $1 million, including $3 million over $10 million with the U.S. Air Force as the third-biggest deal in the history of ServiceNow.

是的。約翰，我先介紹一下，然後吉娜也來跟你講講她的狀況。正如我所說，我們的聯邦業務本季度是 ServiceNow 歷史上業績最好的一個季度，平均合約價值 (ACV) 同比增長 75%，我們有 19 筆交易金額超過 100 萬美元，其中包括與美國空軍達成的 300 萬美元以上的交易，這是 ServiceNow 歷史上第三大交易。

And what we're seeing is across all areas, federal agencies are really looking to consolidate contracts, point solutions, the messy middle, and they really want to standardize on a platform with a core set of products that they can grow with. And our gen AI offerings, for example, are really reinforcing our ability to help accelerate their transformation journey, and they're seeing really tremendous opportunity in gen AI on our platform.

我們看到，在所有領域，聯邦機構都迫切希望整合合約、單點解決方案以及複雜的中間環節，他們也迫切希望在一個平台上實現標準化，並擁有一套核心產品，以便他們能夠隨之發展。例如，我們的新一代人工智慧產品正在切實增強我們幫助加速其轉型之旅的能力，他們也看到了我們平台上新一代人工智慧領域蘊藏的巨大機會。

And we're already seeing early adopters show an interest in domain-specific models, which offer better security, as CJ said, and we're working with some agencies that I can tell you care a lot about security. So I think it's really a tribute to ServiceNow's engineering and the way ServiceNow runs our cloud and the manner in which we care for our customers at a deep technical level, and they know that they can count on that.

正如CJ所說，我們已經看到早期採用者對特定領域模型表現出興趣，這些模型提供了更好的安全性。而且，我們正在與一些機構合作，我可以說，他們非常重視安全。所以我認為這是對ServiceNow工程技術的認可，以及ServiceNow運行雲端的方式，以及我們在深層技術層面上關懷客戶的方式，他們知道他們可以信賴這一點。

And every agency where we've done business is highly referenceable, and they're telling our story to other agencies for us. It's really a beautiful force multiplying situation. But I want to leave you with one thought. We're only getting started. With federal, with state, with local, the business transformation that's going to go on in the next decade across all of those categories will play beautifully into our growth agenda, and we'll continue to service it with 100% customer satisfaction. We are fired up with what we're able to do to transform government and make it run like a best run business.

我們合作過的每個機構都極具參考價值，它們正在向我們講述我們的故事。這真是一個美好的力量倍增的局面。但我想告訴大家一點：我們才剛起步。未來十年，聯邦、州和地方政府等各領域的業務轉型都將與我們的成長議程完美契合，我們將繼續以100%的客戶滿意度提供服務。我們熱切期待著能夠為政府轉型做出貢獻，使其像最佳營運模式一樣運作。

The only thing I would add -- and Bill, fantastic answer. The only thing I would add, John, is that this is durable demand. The federal agencies, the digitization agenda is only growing. And the success that we've had at federal we absolutely have the ability to replicate that outside of the U.S. and public sector around the world.

我唯一想補充的是──比爾，你的回答太棒了。約翰，我唯一想補充的是，這是持久的需求。聯邦機構的數位化議程正在不斷發展。我們在聯邦機構的成功，我們完全有能力在美國以外以及世界各地的公共部門複製。

We'll take our next question from Mark Murphy with JPMorgan.

我們將回答摩根大通的馬克墨菲提出的下一個問題。

Bill, the level of confidence that we hear from SIs on maintaining this kind of 20% plus growth trajectory for their ServiceNow practices is truly standing out across the software landscape. One of them surveyed their customers and the top 3 topics of interest that came back were Microsoft, Azure and ServiceNow.

Bill，我們從系統整合商那裡聽到的關於其 ServiceNow 業務保持 20% 以上成長軌蹟的信心，在整個軟體領域確實非常突出。其中一家公司對客戶進行了調查，結果顯示客戶最感興趣的三大主題是 Microsoft、Azure 和 ServiceNow。

So just in light of that joint prioritization there, could you shed a little light on traction with your Microsoft relationship? Is that kicking in already at this stage? And are you able to go to market as a bit of a one-two punch with the Azure Copilots and Now Assist?

那麼，鑑於雙方的共同優先事項，您能否稍微介紹一下您與微軟的合作關係進展如何？目前這種合作關係是否已經開始發揮作用了？您是否能夠利用 Azure Copilots 和 Now Assist 兩款產品，以「一箭雙雕」的方式進軍市場？

Yes. I'll start off and then please, CJ, feel free to add your opinion on this as well. But our partnership with Microsoft is really geared to open additional addressable market for ServiceNow. And we're doing that by creating an expanding co-sell motion with Microsoft's enterprise sales team. So that would talk to you one-two punch.

是的。我先說到這裡，CJ，也請您發表一下您的意見。我們與微軟的合作其實是為了為 ServiceNow 開拓更多潛在市場。我們正透過與微軟企業銷售團隊建立不斷擴大的聯合銷售機制來實現這一目標。所以，這可以說是一舉兩得。

And ServiceNow is really helping streamline their migrations to Azure, while Azure exposes us to a much wider spectrum of customers. So we saw the partnership influence deals across geos in Q3, including government wins in Americas and APAC, as real driving forces between both Microsoft and ServiceNow. And we really are confident that the partnership and the synergy with Microsoft does enable us to bring value to more customers and do so at an unprecedented speed.

ServiceNow 確實幫助他們簡化了向 Azure 的遷移，而 Azure 也讓我們接觸到更廣泛的客戶群。因此，我們看到，此次合作對第三季跨地域交易產生了影響，包括美洲和亞太地區的政府訂單，成為微軟和 ServiceNow 之間真正的驅動力。我們堅信，與微軟的合作和綜效能夠讓我們以前所未有的速度為更多客戶創造價值。

And I do want to say that we've been friends with Satya myself on a personal level for a long time, and we've done a lot of business together, and the friendship that exists with CJ and the engineering team at Microsoft is very rock solid, and we trust each other. And we see that our mutual interest gets better by working together, but also we're doing it in the name of the customer. And I think that's the big thing.

我想說的是，我和薩蒂亞在私人層面上是多年的好友，我們一起做過很多生意，我和CJ以及微軟工程團隊的友誼也非常牢固，我們彼此信任。我們看到，透過合作，我們的共同利益得到了改善，而且我們這樣做也是為了客戶的利益。我認為這才是最重要的。

And I just want to compliment CJ and our engineering team, not just for the 5,000 new innovations they brought to the platform this year. That would have been enough. But also for the hands-on relationship with great partners like Microsoft, because you got to remember, everything we have has been integrated into Microsoft from Office 365 to Dynamics, to Teams, to Azure, to AIOps.

我只想讚揚 CJ 和我們的工程團隊，不僅因為他們今年為平台帶來了 5,000 項新創新。這已經足夠了。更要感謝他們與微軟等優秀合作夥伴的緊密合作，因為要知道，我們所有的一切都已整合到微軟，從 Office 365 到 Dynamics、Teams、Azure 到 AIOps。

It's pretty amazing when you think about the engineering work and talent that went into putting this together. So this isn't just like let's go to market, and 2 is better than 1. This is deep technical integration to serve customers at an unprecedented level.

想想為了打造這一切所投入的工程和人才，真是令人驚嘆。所以，這不只是「我們去市場，兩個比一個好」那麼簡單。這是深度技術整合，旨在以前所未有的水平服務客戶。

Bill, you said it well. Mark, the only thing -- good to hear from you. The only thing I would add is the engineering collaboration is absolutely necessary but not sufficient when it comes to go-to-market partnership and relationship we have working with Microsoft.

比爾，你說得很好。馬克，唯一要說的是──很高興收到你的來信。我唯一想補充的是，工程合作是絕對必要的，但就我們與微軟的市場合作和關係而言，這還不夠。

So whether it's our financial services customers or health care or government customers, when they are trying to leverage ServiceNow hey, where are my assets? Are my assets healthy? Are they secure, whether they're running on-prem or in Azure? We have the best-in-class partnership with Microsoft, and that is definitely being noticed by some of our largest as well as midsized customers and brand-new customers.

因此，無論是我們的金融服務客戶、醫療保健客戶或政府客戶，當他們嘗試利用 ServiceNow 時，我的資產在哪裡？我的資產健康嗎？它們安全嗎？無論它們是在本地運行還是在 Azure 中運行？我們與微軟建立了一流的合作夥伴關係，這無疑引起了我們一些最大、中型客戶以及全新客戶的注意。

We'll take our next question from Karl Keirstead with UBS.

我們將回答瑞銀的 Karl Keirstead 提出的下一個問題。

Okay. Great. Maybe I'll direct this one to Gina. Gina, I know from the past when you've had strong fed quarters that by virtue of those deals, they tend to have, I think, correct me if I'm wrong, a little bit more upfront rev rec.

好的。太好了。也許我應該把這個問題轉給吉娜。吉娜，我知道過去聯準會季度表現強勁的時候，由於這些交易，他們往往會，如果我錯了，請糾正我，多一點預付收入。

So I'm just curious. You laid out the impact on cRPO, but how does that strong fed quarter that you saw in September impact the reported subscription revenue and margins that you put up? And if you could, in any way, maybe size that lift, given that I think there's more upfront rev rec. Much appreciated.

我只是好奇。您闡述了對cRPO的影響，但您9月份看到的強勁的聯邦季度數據對您公佈的報告訂閱收入和利潤率有何影響？考慮到我認為預付收入會更多，您能否透露一下這個成長幅度的規模？非常感謝。

It's a great question, Karl. Actually, quarter-over-quarter, year-over-year on-prem has remained consistent. So there hasn't been an impact. And so the strength in our revenue in the quarter was the result of extremely fantastic execution by the team.

卡爾，這個問題問得很好。實際上，本地部署的季度環比和同比表現都保持穩定。所以沒有受到影響。我們本季營收的強勁成長得益於團隊極為出色的執行力。

We'll take our next question from Gregg Moskowitz with Mizuho.

我們將回答瑞穗的 Gregg Moskowitz 提出的下一個問題。

So it's really interesting that you signed 4 large deals on September 30, literally right after the availability of Vancouver and Now Assist. And it sounds like your gen AI tech was a clear catalyst, if not the catalyst for these transactions.

所以，很有趣的是，你們在9月30日就簽下了四筆大單，這幾乎是在Vancouver和Now Assist上市之後。聽起來，你們的新一代人工智慧技術顯然是這些交易的催化劑，甚至可以說是催化劑本身。

So I guess for Bill or CJ, I assume these were all existing customers, but did they all purchase Pro Plus? Did any of them purchase Enterprise Plus? Are any of them deploying your new functionality? Just curious to hear any additional color that you might be able to share.

所以我想對於 Bill 或 CJ 來說，我假設他們都是現有客戶，但他們都買了 Pro Plus 嗎？他們有人買了 Enterprise Plus 嗎？他們有人部署了你們的新功能嗎？我很想知道您能否分享更多細節。

Gregg, thanks for the question. I'll take this question. I would say, just to summarize, because we in the Vancouver release launched Now Assist for our 4 flagship product lines, which is ITSM, HR, customer service and creator. So we'll start with that. And those are all resonating whether our customers want text to core or text to workflow capabilities, or they want their employees to be more productive or they want their IT staff or customer service agents to be more productive.

Gregg，謝謝你的提問。我來回答這個問題。我想總結一下，因為我們在溫哥華版本中為我們的四大旗艦產品線（ITSM、HR、客戶服務和Creator）推出了Now Assist。所以我們就從這四條產品線開始。無論我們的客戶是想要文字到核心或文字到工作流程的功能，還是希望他們的員工、IT員工或客服人員更有效率，這些功能都能滿足他們的需求。

So depending on the customer and what they're solving for, all of them are resonating really well. So this was driven mainly on Pro Plus. So these were Pro customers who also bought Pro Plus. So one example, one of the customers who did buy this on September 29 specifically said to me, hey, CJ, we had the most successful ITSM rollout. Now we want to buy Pro Plus. And they are on ITSM Pro already, and we just want our employee experience to be great.

所以，根據客戶及其解決方案的不同，所有這些方案都獲得了很好的回應。所以，這主要得益於 Pro Plus 的推動。這些 Pro 客戶也購買了 Pro Plus。舉個例子，9 月 29 日購買 Pro Plus 的一位客戶特意對我說：「嘿，CJ，我們的 ITSM 部署非常成功。現在我們想購買 Pro Plus。」他們已經在使用 ITSM Pro 了，我們只想為員工帶來卓越的體驗。

Versus another customer that Bill mentioned, they said not only we want to solve for our employees but also our end customers. So these 4 specific transactions were across the board, resulting in very strategic and significant wins. As we move forward, I would tell you that what is still resonating with our customers is the speed to value.

比爾提到的另一位客戶則表示，我們不僅想為員工解決問題，也想為最終客戶解決問題。所以，這四筆具體的交易是全方位的，最終帶來了極具戰略意義且意義重大的勝利。隨著我們不斷前進，我想說的是，我們始終與客戶產生共鳴的是我們快速實現價值的速度。

This is not something where Now large language model need to be fine-tuned for one customer at a time. And the way our engineering team has implemented this solution. I can tell you generative AI is probably one of the best, if not the best, complement I have seen to ServiceNow platform where you can use generative AI to look up something, to summarize something and then you take action via ServiceNow platform.

現在，大型語言模型不再需要針對每位客戶進行微調。我們的工程團隊已經實現了這個解決方案。我可以告訴你，生成式人工智慧可能是我見過的 ServiceNow 平台最好的補充之一，即使不是最好的，它也是最佳的補充。你可以使用生成式人工智慧來尋找資訊、總結訊息，然後透過 ServiceNow 平台採取行動。

We'll take our next question from Kirk Materne with Evercore ISI.

我們將回答 Evercore ISI 的 Kirk Materne 提出的下一個問題。

Congrats on the quarter. Bill and CJ, I was wondering if you could just talk about the concept of starting to deliver AI solutions that are more vertically oriented. How far away are you from that? How much of the verticalization do you want to take on? And how much do you want to leave to your partners to sort of take some of these use cases with gen AI into verticals with specific vertical technology?

恭喜本季取得佳績。 Bill 和 CJ，我想請問您能否談談開始提供更垂直化的 AI 解決方案的想法。您距離這個目標還有多遠？您希望承擔多少垂直化業務？您希望留給合作夥伴多少空間，讓他們利用特定的垂直技術，將一些 AI 用例應用到垂直領域？

So first of all, Kirk, thank you for the question. When we start -- and yesterday, we had our Board of Directors meeting and a similar question was asked. We are first prioritized on our core set of use case that cut across every single industry. We are very focused on that via ITSM, customer service, HR as well as our creator offerings. As we look forward, though, there are specific use cases within a financial services or a health care types of customers or even governments.

首先，Kirk，謝謝你的提問。昨天我們召開了董事會，有人問了類似的問題。我們首先優先考慮的是涵蓋各行各業的核心用例。我們非常專注於IT服務管理（ITSM）、客戶服務、人力資源以及我們的Creator產品。不過，展望未來，金融服務、醫療保健甚至政府領域也會有具體的用例。

I'll give you an example where some of our public sector customers, they asked us, hey, CJ and the team, can you provide us a solution that can potentially run on-prem, given the nature of that agency, and our engineering team delivered that for our public sector customers. So I would consider that as a vertical solution that we had to create for our public sector customers. But as we take it to the next level, post this core set of use cases across our 4 workflows, we will definitely be prioritizing financial services and TMT moving forward.

我舉個例子，我們的一些公共部門客戶問我們，嘿，CJ 和團隊，考慮到他們機構的性質，你們能否提供一個可以在本地運作的解決方案？我們的工程團隊為公共部門客戶交付了此解決方案。所以我認為這是我們必須為公共部門客戶打造的垂直解決方案。但隨著我們將其提升到一個新的水平，將這套核心用例應用於我們的四個工作流程，我們肯定會優先考慮金​​融服務和 TMT 業務。

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

我們將回答 Wolfe Research 的 Alex Zukin 提出的下一個問題。

Congrats on another great quarter. Maybe just 2 quick ones for me. Clearly, the story of this quarter was the unbelievable federal growth that you guys posted. Maybe ex federal, to the extent of the incremental challenges or lack of thereof from the macro and pipeline, like what's the story of the quarter ex Fed?

恭喜你們又一個出色的季度。我只想快速說兩句話。顯然，本季的亮點在於你們公佈的令人難以置信的聯邦成長。或許除了聯邦之外，就宏觀和通路方面面臨的增量挑戰或缺乏挑戰而言，例如，聯邦以外的季度情況如何？

And then some of the deals that you guys referenced either on the Pro Plus side or just a very large deal side, like maybe talk a little bit about the competitive environment? Are you taking them away from some of your front office peers? Or kind of how does that shape up as you look at the pipeline?

你們之前提到的一些交易，無論是Pro Plus還是大型交易，能否談談競爭環境？你們會從一些前台同事那裡搶走這些交易嗎？或者說，從你們的角度來看，這些交易的進展如何？

Yes, Alex, thanks for the question. It's CJ. First of all, yes, federal had a phenomenal quarter, and it has been talked about by both Bill and Gina. But we also saw strength in certain industries and certain geographies across the board. We won't be able to produce these kind of results and this kind of beat on cRPO without strength in other industries and other geographies.

是的，Alex，謝謝你的提問。我是CJ。首先，聯邦航空集團本季表現確實非常出色，Bill和Gina都談到了這一點。但我們也看到了某些產業和某些地區的全面實力。如果沒有其他產業和其他地區的強勁表現，我們就不可能在cRPO領域取得這樣的業績和超預期成長。

So that's what I would say at the highest level that there were a lot of further strengths. And even from a use case or a workflow perspective, Bill already outlined that our employee workflow, which is now customers are asking us this question that we want our employee productivity to be high and what is ServiceNow solution, because employees waste too much time swivel chairing or looking for information. So we saw significant growth there, but the growth was across the board, even from a workflow perspective, and all 4 workflows grew very, very nicely.

所以，我想說的是，從最高層來看，我們還有很多其他優點。即使從用例或工作流程的角度來看，比爾已經概述了我們的員工工作流程，現在客戶問我們這個問題：我們希望員工的工作效率更高，ServiceNow 解決方案是什麼？因為員工在旋轉椅子或尋找資訊上浪費了太多時間。所以我們看到了顯著的成長，而且這種成長是全面的，即使從工作流程的角度來看，所有四個工作流程都成長得非常非常好。

And Alex, you know how much I pay attention to that. The second thing I would say on Pro and Pro Plus, what we are seeing is that customers understand ServiceNow's strategy is very specific to ServiceNow use cases. And one of the things that I realized after having this Pro Plus conversations with customers on a large sample size, that generative AI on our Pro Plus SKU is a productivity multiplier. It's not a productivity enhancer.

亞歷克斯，你知道我有多關注這一點。關於專業版和專業增強版，我想說的第二點是，我們看到客戶理解 ServiceNow 的策略非常具體地針對 ServiceNow 的用例。在與大量客戶進行專業增強版對話後，我意識到，我們專業增強版 SKU 上的生成式人工智慧可以提升生產力，而不是提高生產力。

So when you have a productivity multiplier and you can articulate what kind of productivity gains they will get, that is when they say, "Okay, we got it. And now let's figure out what are the pricing and other things." So competitive dynamics-wise, from a generative AI standpoint for overall this Pro Plus SKU, it is still in the context of ServiceNow. How much value will they get, how fast will they get that value, and how much they're willing to pay.

所以，當你擁有一個生產力倍增器，並且能夠清楚地說明他們將獲得什麼樣的生產力提升時，他們就會說：「好的，我們明白了。現在讓我們來算一下價格和其他方面。」 因此，從生成式人工智慧的角度來看，就整個Pro Plus SKU的競爭動態而言，它仍然處於ServiceNow的背景下。他們將獲得多少價值，他們將多快獲得這些價值，以及他們願意支付多少錢。

And Alex, if I may build on what CJ said, I can give you some additional color, if you like. One thing that might be of interest to you is in America, the number of $5 million-plus deals actually more than quadrupled year-over-year and the number of $10 million-plus deals doubled year-over-year. And I think as CJ laid out beautifully, technology and employee workflows were enormously successful.

亞歷克斯，如果您願意的話，我可以基於CJ所說的內容，補充一些細節。您可能感興趣的是，在美國，500萬美元以上的交易數量實際上同比增長了四倍多，1000萬美元以上的交易數量同比增長了一倍。我認為，正如CJ所闡述的那樣，技術和員工工作流程取得了巨大的成功。

And in EMEA, our 1 million-plus deals grew 70% year-over-year, which means that the platform and multiple components of the solutions that our great engineering team builds is resonating, and we're seeing particular uplift now in government and manufacturing. And one interesting fact, we have these world forums coming up in London, Paris, Frankfurt and Rotterdam, and we have $1 billion-plus pipeline that's registered for those events.

在歐洲、中東和非洲地區，我們的交易量超過100萬筆，年增70%。這意味著我們優秀的工程團隊所建立的平台及其解決方案的多個組件正在產生共鳴，目前我們在政府和製造業領域尤其看到了成長。值得一提的是，我們即將在倫敦、巴黎、法蘭克福和鹿特丹舉辦世界論壇，這些活動的註冊資金超過10億美元。

So we feel good about that. And APJ, when you think about it, their 1 million-plus deals increased 40% year-over-year, and Japan is continuing to impress us with the unprecedented opportunity of the world's third-largest economy as Germany is as well. So we're seeing lots of real growth opportunities on the global stage, and I think Gina pointed that out earlier as well.

所以我們對此感到欣慰。想想看，亞太及日本地區（APJ）的百萬級以上交易量年增了40%，而日本作為世界第三大經濟體，正以前所未有的機會繼續給我們留下深刻印象，德國也是如此。因此，我們在全球舞台上看到了許多真正的成長機會，我想吉娜之前也指出了這一點。

We'll take our next question from Brad Sills with Bank of America.

我們將回答美國銀行的布拉德·西爾斯提出的下一個問題。

It looks like an uptick here in head count this quarter, sales and marketing hires. Net adds looks like more than 500. R&D almost 400. Would love to get some color on some of those areas of prioritizing -- that you're prioritizing in the investment, both in sales and marketing and R&D?

本季度，銷售和市場部門的招聘人數似乎有所增加。淨增人數似乎超過500人，研發部門接近400人。能否詳細了解你們在銷售、市場和研發方面的投資重點？

Yes, Brad, listen, this is a tale of continued execution. We've been very focused on adding heads and investing in our R&D resources and our quota-bearing sales. And so you will continue to see us invest in those critical areas for us. And that's been something that we've been doing for quarters now. And so we'll continue to add the quota-bearing sales, the direct sales folks.

是的，布拉德，聽著，這是一個持續執行的故事。我們一直非常注重增加人員，投資研發資源和配額銷售。所以，你會看到我們繼續在這些關鍵領域進行投資。我們已經連續幾個季度這樣做了。因此，我們將繼續增加配額銷售人員，也就是直銷人員。

As we enter into '24, you could expect to see similar levels of growth as we enter the following year. So I feel really good about where we've been investing in those same areas that we've been talking about, quota-bearing, direct sales heads as well as critical key engineering as we think about the great innovation that comes from our R&D and engineering teams across the world.

隨著我們步入2024年，您可以預期在新的一年我們仍將保持類似的成長水準。因此，我對我們一直在討論的那些領域進行的投資感到非常滿意，這些領域包括配額制、直銷主管以及關鍵工程，因為我們想到了來自全球研發和工程團隊的偉大創新。

We'll take our next question from Michael Turrin with Wells Fargo Securities.

我們將回答富國證券的麥可‧圖林提出的下一個問題。

Fantastic job with the Q3 results. Gina, you gave us some 2024 mile markers at the Analyst Day earlier this year. It's now October. A lot has changed, but the growth profile has proven impressively durable throughout. Is there anything you're seeing that's meaningfully different here today versus where things were in May? It sounds more clear in terms of some of the initial value you're seeing from the gen AI capabilities, but are there other swing factors we should keep in mind? Understanding Q4 is very important, but anything you can add is useful.

第三季的業績非常出色。吉娜，你在今年早些時候的分析師日上給了我們一些2024年的里程碑。現在已經是十月了。很多事情都發生了變化，但成長勢頭始終令人印象深刻，而且持續強勁。今天你看到的情況與五月相比有什麼顯著不同嗎？從你從新一代人工智慧能力中看到的一些初始價值來看，這聽起來更清晰了，但還有其他我們應該關注的波動因素嗎？理解第四季非常重要，但你能補充的任何資訊都很有用。

Yes, Michael, thanks for the question. We don't provide formal fiscal year guidance, right, until next quarter. That said, given our increase in revenue this year, we remain ever confident in the goals that we put forth back in May at Analyst Day for 2024 as well as 2026.

是的，邁克爾，謝謝你的提問。我們直到下個季度才會提供正式的財年指引。話雖如此，鑑於我們今年的營收成長，我們對今年5月分析師日提出的2024年和2026年目標仍然充滿信心。

The strength of our underlying business does provide solid momentum and the potential for upside heading into '24. But as you said, Q4 is a big quarter for us. We expect great things, but it has a significant impact on next year. So we'll wait for the formal guide, but feel very, very confident in the numbers that we laid out for you back in May. And stay tuned as we head into '24.

我們基礎業務的強勁表現確實為2024年帶來了強勁的勢頭和上升潛力。但正如您所說，第四季對我們來說意義重大。我們期待著取得佳績，但這對明年的業績將產生重大影響。因此，我們將等待正式的業績指南，但我們對5月公佈的數據非常有信心。敬請期待，我們將邁向2024年。

We'll take our next question from Samad Samana with Jefferies.

我們將回答 Jefferies 的 Samad Samana 提出的下一個問題。

Gina, I actually wanted to follow up on that. I had a different version of that question, which is just more precisely on gen AI. When you gave the outlook at the time of the Analyst Day, there's obviously already a lot of discussion about AI with the products that have been rolled out, but when you gave the '24 targets, did that embed any potential impact from gen AI specifically? Or was that something that was just on the horizon or on the comm that wasn't included? Just for clarification. I've gotten the question a lot.

吉娜，我其實想跟進這個問題。我之前對這個問題有不同的看法，更準確地說是關於人工智慧的。當您在分析師日會議上給出展望時，顯然已經有很多關於人工智慧的討論，並且已經推出了一些產品。但是，您提出的「24個目標」是否具體反映了人工智慧的潛在影響？還是說，人工智慧只是剛出現，還是只是在溝通上沒有提到？我只是想澄清一下。我常被問到這個問題。

Sure. Yes, Samad, great question. As you recall at Analyst Day, we actually showed a lot of live demos of the work that we were doing around generative AI. We talked also about the fact that we're not jumping on this AI bandwagon, but we've been investing in AI for years and years, and generative AI was part of that. So as you think about our road map and our plan, gen AI was part of that. Now that being said, the interest and the understanding and the excitement about gen AI today versus back in May is extremely exciting to us.

當然。是的，Samad，這個問題問得好。你還記得，在分析師日上，我們現場示範了很多我們圍繞生成式人工智慧所做的工作。我們也談到，我們不會盲目跟風，但我們多年來一直在人工智慧領域投資，生成式人工智慧就是其中的一部分。所以，想想我們的路線圖和計劃，生成式人工智慧也是其中的一部分。話雖如此，與五月相比，如今人們對生成式人工智慧的興趣、理解和熱情讓我們非常興奮。

And so if your question is, is there a potential upside as a result of gen AI? Absolutely. But one quarter does not a trend make. So we will absolutely continue to keep you posted on the adoption rate of our gen AI SKUs, but we are extremely excited about the pipeline build that we've seen already, and it's just been out for a very short amount of time. And yes, so more to come on where gen AI goes for us. But rest assured, ServiceNow is going to be a winner in the gen AI space, and we're extremely excited about pipeline build and where we are today.

所以，如果你的問題是，人工智慧是否會帶來潛在的好處？答案是肯定的。但一個季度的數據並不能代表一種趨勢。因此，我們一定會繼續更新我們人工智慧SKU的採用率，但我們對已經看到的頻道建設感到非常興奮，儘管它才剛剛推出很短的時間。是的，關於人工智慧將為我們帶來什麼，我們將繼續發布更多消息。但請放心，ServiceNow將成為人工智慧領域的贏家，我們對通路建設以及我們目前的狀況感到非常興奮。

Great. And Bill, if I could squeeze one in for you. You've talked about how much interest and buzz that's been generated and how it's increased the velocity of conversations. When you think about your Board-level conversations, are you seeing that the budget that's being carved out for spend on gen AI, is that being taken away from other parts of the overall IT budget? Or is that hey, this is a strategic imperative, and we need to find the money, whether we're growing our IT budget or not. Just how are they thinking about those dollars and where they're going to...

太好了。比爾，我可以插一句嗎？你剛才談到了這引發了多少關注和討論，以及它如何提高了對話的速度。當你考慮董事會層面的對話時，你是否看到，為人工智慧支出劃撥的預算，是從整體IT預算的其他部分中抽出來的？或者說，這是一個策略要務，無論我們是否增加IT預算，我們都需要找到資金。他們是如何考慮這些資金的，又將用於何處…

Yes, Samad, the CEOs all have Boards of Directors, and they don't want to show up without a gen AI plan. So this is a CEO-level decision. And I think that is why we meet with so many CEOs and the C-suite is now completely embedded in the ServiceNow go-to-market plan, and it's working beautifully.

是的，Samad，CEO們都有董事會，他們不想在沒有人工智慧計畫的情況下出席會議。所以這是一個CEO級別的決定。我想這就是為什麼我們與這麼多CEO會面，而且現在C級主管已經完全融入了ServiceNow的市場推廣計劃，而且效果非常好。

What they are doing is as follows: according to IDC, the IT budget this year would have been about 3.5% spend. And next year, it's expected to go to -- instead of incrementally increasing 3.5%, which is your typical year, it's expected, according to IDC, to incrementally go up 7%. And that's the IT budget itself.

他們的做法如下：根據IDC的數據，今年的IT預算約為3.5%。而明年，IT預算預計將逐步成長——而不是像往年那樣逐步增加3.5%，根據IDC的數據，預計明年將逐步增加7%。這就是IT預算本身。

What I believe is going to happen and based upon the CEO discussions that I'm having and also based on my own way of thinking, I would very much like to take the position of looking at the world through the customers' eyes that if I'm them, 7% may or may not get it done. I might look to G&A functions to further fuel this generative AI revolution. Because this is really about business transformation and truly transforming the way you run your company, and it's not a nice to have IT project.

我認為接下來會發生什麼，基於我和CEO們的討論，也基於我自己的想法，我非常希望站在客戶的立場上看待世界。如果我是他們，7%的人可能會也可能不會完成任務。我可能會考慮利用一般行政職能來進一步推動這場生成式人工智慧革命。因為這關乎業務轉型，真正改變公司的營運方式，而僅僅依靠IT專案並不是什麼好事。

And I do think that is one of the interesting question you have, because I think it's one of the reasons why I have said repeatedly the IT strategy has become the business strategy because digital transformation is an end-to-end imperative. Now generative AI across platforms that matter, and there's only a few and we're one of them. is really, to me, going to get a very nice tailwind investment in 2024, regardless of the macro.

我確實認為你這個問題很有意思，因為我認為這也是我一再強調IT策略已成為商業策略的原因之一，因為數位轉型是端到端的當務之急。現在，跨平台的生成式人工智慧很重要，而且只有少數公司，而我們就是其中之一。對我來說，無論宏觀經濟如何，在2024年，我們都會獲得一筆非常好的順風投資金。

We'll take our next question from Derrick Wood with TD Cowen.

我們將回答 TD Cowen 的 Derrick Wood 提出的下一個問題。

I guess either for Bill or CJ, but I was hoping you could expand on your new AI Lighthouse program with NVIDIA and Accenture. You guys announced this initiative a couple of months ago. It'd be great just to get a bit more color on the undertakings around this program and how these particular partners are helping to drive more kind of generative AI investments on the ServiceNow platform.

我想比爾和CJ都會問這個問題，但我希望你能與NVIDIA和埃森哲合作，進一步拓展你們的新AI Lighthouse計畫。你們幾個月前就宣布了這個計畫。如果能更詳細地介紹這個專案的具體內容，以及這些合作夥伴如何幫助推動ServiceNow平台上更多類型的生成式AI投資，那就太好了。

Yes, Derrick. I'll start off and then CJ can build on it. I'd like to first acknowledge NVIDIA in particular to being such a great partner, really taking their fantastic GPU technology and then working hand in glove with them on fine-tuning these large language models, especially beginning in IT, but even more recognizing that one of the great brands and great companies of the world is using ServiceNow to transform their company on our platform, where generative AI is such a complement.

是的，Derrick。我先開始，然後CJ可以繼續在此基礎上發展。首先，我要特別感謝NVIDIA，他是一位非常棒的合作夥伴，我們真正採用了他們出色的GPU技術，並與他們密切合作，對這些大型語言模型進行微調，尤其是在IT領域。更重要的是，我們意識到，世界上一個偉大的品牌和公司正在使用ServiceNow在我們的平台上轉型，而生成式AI正是我們平台的強大補充。

And so I just want to say thank you, Jensen. Thank you NVIDIA for being a great partner. And yes, with regards to Accenture and Julie and so forth, we are really doing some great things with Accenture. They're a fantastic partner. And we're building now generative AI use cases across 300 different customers with our ecosystem, and that doesn't even touch on the broader pipeline.

所以，我只想說謝謝你，Jensen。感謝NVIDIA，你是一位優秀的合作夥伴。是的，關於埃森哲和Julie等等，我們確實和埃森哲合作取得了一些很棒的成果。他們是一位非常棒的合作夥伴。我們現在正在利用我們的生態系統為300個不同的客戶建立生成式AI用例，這還不包括更廣泛的產品線。

CJ can give you some detail on exactly what we're doing, but I really do want to say that I'm incredibly appreciative of our partners, and I want to thank our partners for recognizing that we're a good partner, and it takes a good partner to know one, and we have really built foundational trust with the ecosystem, and I appreciate them all.

CJ 可以向您詳細介紹我們正在做的事情，但我真的想說，我非常感謝我們的合作夥伴，我想感謝我們的合作夥伴認識到我們是一個很好的合作夥伴，一個好的合作夥伴才能了解一個好的合作夥伴，我們確實與生態系統建立了基礎信任，我感謝他們所有人。

And I think that is another tailwind effect that we're getting because I believe we're moving into a world of not just intra enterprise, but inter-enterprise business network opportunities, and I believe our platform in generative AI will fuel a completely new frontier of solutions and offerings in the global economy. And I think that this has only just begun. I just want to really give you that as a thought because we'll have more to say about that in the future. CJ?

我認為這是我們正在獲得的另一個順風效應，因為我相信我們正在進入一個不僅充滿企業內部，而且充滿企業間商業網路機會的世界，我相信我們在生成人工智慧領域的平台將為全球經濟帶來全新的解決方案和產品。我認為這才剛開始。我只是想先跟您簡單介紹一下，因為我們以後會就此進行更多討論。 CJ？

Absolutely, Bill. Right on. And Derrick, one of the things with this Lighthouse program that we are solving for is have a great technology partner, and Jensen and the team are a great technology partner. Most of them -- most of us know NVIDIA as a great CPU provider, among other engineered systems. But in this specific program, what most do not know is that NVIDIA's software team is working very closely with ServiceNow's engineering team to really innovate on generative AI.

沒錯，比爾。說得對。德里克，Lighthouse 計畫正在解決的一個問題是找到一個優秀的技術合作夥伴，而詹森和他的團隊就是一個優秀的技術合作夥伴。我們大多數人都知道，NVIDIA 是一家優秀的 CPU 供應商，以及其他工程系統供應商。但在這個特定的專案中，大多數人不知道的是，NVIDIA 的軟體團隊正在與 ServiceNow 的工程團隊密切合作，以在生成式 AI 領域實現真正的創新。

And that is a very important point as part of this Lighthouse program is the engineering collaboration between NVIDIA and ServiceNow and a software layer, which obviously then pushes the hardware in the right direction. And then when these customers, we talked about the 4 customers, there will be many who will start using this product, as they need to get adopted, besides Accenture, there will be other partners that we are also training, enabling so that they can implement really, really fast the solutions that come out of ServiceNow.

這一點非常重要，因為Lighthouse計劃的一部分是NVIDIA和ServiceNow之間的工程合作以及軟體層面的合作，這顯然會推動硬體朝著正確的方向發展。然後，當這些客戶（我們之前提到的4家客戶）開始使用這款產品時，會有很多客戶開始使用，因為他們需要被採用。除了埃森哲之外，我們還在培訓其他合作夥伴，使他們能夠非常快速地實施ServiceNow的解決方案。

So overall, this is a holistic strategy, engineering collaboration, and as Bill said, ecosystem collaboration so that we can deliver the value for our customers. Customers' demands are high on the value that we will deliver, and we need a great set of friends between technology and system integrators to deliver that value.

總的來說，這是一個整體策略，包括工程協作，以及比爾所說的生態系統協作，這樣我們才能為客戶創造價值。客戶對我們提供的價值要求很高，我們需要技術和系統整合商之間的良好合作關係來實現這一價值。

One last question. We'll take that question from Matt Hedberg with RBC Capital Markets.

最後一個問題。這個問題我們由加拿大皇家銀行資本市場 (RBC Capital Markets) 的 Matt Hedberg 來回答。

CJ, a question for you. A lot has changed in the observability market with the Splunk proposed acquisition. I'm curious, could you give us a sense for your positioning in the cloud observability market? With Lightstep and other advancements there, how well positioned do you feel to gain additional share there?

CJ，我想問您一個問題。隨著 Splunk 的收購提議，可觀測性市場發生了很大變化。能否介紹一下您在雲端可觀測性市場的定位？憑藉 Lightstep 和其他技術進步，您認為自己在該市場佔據多大？

Absolutely. So I would say observability is still fundamentally a big market. It's a big market that continues to grow. We started with Lightstep. And as you are aware that they provided a great solution for tracing and with OTL as in open telemetry, they had done some phenomenal work. Then we added the metrics capability, and just end of September, we finally added logging capabilities.

絕對沒錯。所以我認為可觀察性從根本上仍然是一個巨大的市場。這是一個持續成長的龐大市場。我們從 Lightstep 開始。正如你們所知，他們提供了一個很好的追蹤解決方案，並且在 OTL（開放式遙測）方面取得了非凡的成就。之後我們加入了指標功能，就在九月底，我們終於加入了日誌記錄功能。

So now we feel that we have a full-blown cloud observability solution that we can take to the enterprise market, and we will compete head on for the types of use cases that we need to with whoever we need to. And that's how I look at it. So I'm optimistic. We have a lot of work to do. Finally, the product is there, full-blown cloud observability product between metrics, traces and logging, and we are ready to go.

所以現在我們覺得我們已經擁有一個成熟的雲端可觀測性解決方案，可以將其推向企業市場，並且我們將與任何需要的對手，在我們需要的用例類型上展開正面競爭。這就是我的看法。所以我很樂觀。我們還有很多工作要做。最終，產品已經面世，一個涵蓋指標、追蹤和日誌記錄的成熟的雲端可觀測性產品，我們已經準備好了。

And that does conclude today's presentation. We thank you for your participation, and you may now disconnect. Goodbye.

今天的演講到此結束。感謝大家的參與，現在可以斷開連結了。再見。