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 2023 年第三季 ServiceNow 財報電話會議。今天的通話正在錄音。 （操作員指示）我現在將會議轉交給投資人關係副總裁 Darren Yip。請繼續，先生。

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。與我一起的還有我們的董事長兼執行長比爾·麥克德莫特 (Bill McDermott)；吉娜‧馬斯坦托諾 (Gina Mastantuono)，我們的財務長；以及我們的總裁兼營運長 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，我們要強調，本次電話會議中討論的資訊（包括我們的指導）基於資訊截至今天，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。請參閱今天的收益新聞稿和我們向 SEC 提交的文件，包括我們最近的 10-Q 和 2022 年 10-K，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。

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.

我們還想指出的是，我們提出的非公認會計原則衡量標準是根據公認會計原則計算的財務衡量標準的補充，而不是替代。除非另有說明，我們今天討論的所有財務指標和相關成長率均為非公認會計準則，但收入、剩餘履約義務或 RPO 除外；當前恢復點目標；以及現金和投資。

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.

要了解這些非公認會計原則和公認會計原則衡量標準之間的調節，請參閱今天的收益新聞稿和投資者演示文稿，這些內容均發佈在我們的網站 Investors.servicenow.com 上。今天電話會議的重播也將發佈在我們的網站上。這樣，我就把電話轉給比爾。

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。我謹代表吉娜、CJ 和我們整個公司，首先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 Shlomi Sividia 參加了 Supernova 音樂節。他在史無前例的哈馬斯襲擊中被謀殺。什洛米深受許多人的尊敬與欽佩，也是許多人的好朋友。

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站在一起。恐怖主義造成了難以估量的人道危機，目前席捲了以色列和加薩的數百萬人。我們為各方無辜者心碎。即使樂觀情緒不足，我們仍然選擇實現中東地區和平與繁榮未來的夢想。上帝保佑並保護所有受到傷害的人。

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.

現在做生意。當然，這就是我們在這裡討論 ServiceNow 第三季業績的原因。我們感到自豪的是，我們公司的交付再次超出了預期。 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 24%。這比我們的指導值高出 2.5 點。營業利益率為 30%，比我們的指引高出 2.5 個百分點以上。我們有 83 筆新 ACV 淨額超過 100 萬美元的交易，高於去年同期的 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，並持續提供服務。大型新標誌的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都參與了前 20 項交易中的 14 項或更多：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，安全和風險季度表現非常強勁，有 10 筆交易超過 100 萬美元。員工工作流程在本季表現出色，其中 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.

從行業角度來看，這是 ServiceNow 歷史上最好的美國聯邦季度，ACV 年比成長超過 75%。美國聯邦機構正在利用一套核心的端到端解決方案在單一平台上進行標準化。我們有 19 筆超過 100 萬美元的聯邦交易，其中 3 筆超過 1000 萬美元。我們本季最大的交易是美國空軍，是公司史上第三大交易。您會從吉娜那裡聽到，這種表現增強了我們對第四季強勁表現的信心。

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.

我們正在增加對營收和利潤的全年指導。這是關鍵要點。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。我們在同行中擁有 50+ 的最高規則，是任何其他大型軟體公司中成長最快的。我們是IPO中表現最好的企業軟體公司。

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.

這是一家獨特的、高度差異化的公司，正在重寫基準，成為 SaaS 行業中的佼佼者。超越季度業績，雖然世界面臨的挑戰令人警醒，但數位化的必要性比以往任何時候都更加強烈。 Gartner 預測，2023 年至 2027 年間，人工智慧和新一代人工智慧的支出將達到 3 兆美元。新一代人工智慧佔人工智慧整體支出的 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。這不是一個炒作週期。這是一場代際運動。

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。我們的溫哥華版本包括每個工作流程的由人工智慧驅動的生成式 Now Assist。其他人則發布新聞稿。我們發布產品。在 ServiceNow，我們的策略不是繁榮。這是關於執行的。我們精心為成功、人才、資源和技術奠定了基礎。這項投資正在加速我們本已強大的管道，客戶將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，人工智慧能否推動成長？明確的答案是肯定的，確實如此。 gen AI 代表了 ServiceNow 的成長動力。我們擁有來自各行業、各個採購中心和各個測試階段的 300 多家客戶。我們的第一代 AI SKU 推動了我們歷史上對預發布產品的最高數量的客戶請求。我們於 9 月 29 日推出了溫哥華。這給我們在第三季度留下了 1 天的時間來簽署交易，我們簽署了 4 筆大交易。

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.

一個美國政府機構選擇我們的優質 SKU 產品作為 gen AI 的早期採用者。房地產領導者 CBRE 正在利用 ServiceNow 的生成式人工智慧為客戶和員工提供優質服務，同時降低成本。 NVIDIA 正在利用 Generative AI 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，同時提高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。 FedEx 正在使用 ServiceNow 簡化其 IT 工作流程，同時建立通用員工入口網站，以改善全球 50 萬名員工的員工體驗。全球最大的汽車製造商之一選擇 ServiceNow 來幫助將數十個應用程式整合到一個新的現代平台中，以加速進入電動車市場。

Philips, Mars, Bank 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、朝日互助保險和加州等。我們看到了一條有意義的道路，讓所有客戶在未來幾季認識到生成式人工智慧的價值。我們的創新速度非常高。管道正在快速成長，執行能力已得到充分證明。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，我們到處都看到進步。我們希望在未來幾年顯著提高合作夥伴帶來的淨新收入的百分比。這是關於合作夥伴將 ServiceNow 平台作為其新興業務模式的核心。我們的客戶特靈科技 (Trane Technologies) 就是一個令人興奮的例子。他們是全球氣候創新者，最近宣布計劃收購 ServiceNow 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.

借助 Nuvolo，特靈科技可以為全球客戶群帶來在 ServiceNow 平台上設計的世界級的數位解決方案。這對 ServiceNow 產生了飛輪效應。更多用例推動更多工作流程自動化。今天，我們很高興與大家分享德勤和 ServiceNow 宣布擴大我們的聯盟。德勤將成為先鋒合作夥伴，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.

這項新增功能突顯了德勤致力於透過基於 ServiceNow 平台建構的跨產業解決方案來提高績效的承諾。我們今天也宣布共同投資 ANSR，從而在全球擴展我們的生態系統，ANSR 是幫助企業擴展技術中心的市場領導者。我們預計推動長期可持續成長的另一個領域是產業垂直化。

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擴展，使用案例涉及電信、金融服務、零售和公共部門。除了任何一個行業之外，我們越來越多地在 ServiceNow 平台上看到企業內部和企業間工作流程的機會。新一代的商業網絡正在創造超越傳統商業邊界的價值鏈。

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對我們的培訓和技能計劃 RiseUp with ServiceNow 提出了更大的需求。例如，印度政府的數位技能計畫 FutureSkills Prime 將為印度各地的數千名學習者提供新的數位技能培訓。隨著全球企業增加 ServiceNow 員工隊伍，這種合作夥伴關係為建立職業生涯提供了明確的途徑。最重要的是，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.

最後，我們正在打造一百年企業。透過專注於客戶價值，我們正在創造巨大的股東價值。在策略層面上，我們[表明]要樹立高標準，成為 21 世紀的定義性企業軟體公司。我們擁有一支充滿靈感的團隊，致力於實現我們的指數級夢想。公司的偉大取決於團隊中的每一位成員，而團隊也只有公司的偉大。這就是文化的意義。

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得分全面提升。我們的保留率也是如此，已經是同類中最好的了。我們從來沒有裁員。我們進行了深思熟慮、謹慎的擴張。當您觀察 Knowledge 23 的持續勢頭時，您會發現該方法顯然正在發揮作用。該公司的獲利成長狀況不言而喻。市場就在我們身邊，現在我們專注於第四季度，實現強勁的全年業績並在 2024 年實現快速開局。

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。我期待您的提問。現在我將把它交給我們傑出的財務長吉娜·馬斯坦托諾 (Gina Mastantuono)。吉娜，交給你了。

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.

謝謝你，比爾。第三季度標誌著又一個強勁執行的季度，我們再次大幅超越了營收成長和獲利指導指標的高端。 ServiceNow 持續展示其作為端到端數位轉型智慧平台的彈性。客戶正在當前的宏觀環境中尋求提高生產力的解決方案，而 ServiceNow 正在提供這種解決方案。

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，訂閱收入為 22.16 億美元，以固定匯率計算年增 24.5%，超出我們指導範圍的上限 100 個基點以上。大規模的驚人有機成長。本季末，RPO 約為 144 億美元，以固定匯率計算年增 23.5%。目前的 RPO 約為 74.3 億美元，年比恆定匯率成長 24%，比我們的指導高出 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 Bill 所強調的那樣，聯邦政府迎來了有史以來最好的淨新 ACV 季度，同比增長超過 75%。我想向剛剛粉碎它的聯邦團隊大聲喊叫。其他產業中，交通運輸和物流表現非常強勁，年成長超過100%，其次是教育，成長超過75%。製造業和TMT產業也出現強勁成長。

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，創作者工作流程的 ACV 在第三季突破了 10 億美元，這是一個具有里程碑意義的里程碑。我們的員工 Pro SKU 的新 ACV 淨值年增超過 100%。保留率依然出色，第三季的續訂率為 98%，再次證明了 Now 平台在客戶營運中發揮的重要作用。

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擴張，共有 1,789 名客戶貢獻了超過 100 萬美元的 ACV，其中貢獻超過 2,000 萬美元的客戶年增了 58%。第三季度，我們成功完成了 83 筆新 ACV 淨額超過 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，我們前 20 筆新 ACV 淨交易中有 18 筆包括 8 種或更多產品。儘管我們在本季末推出，但我們也已經完成了與第四代人工智慧相關的企業交易，我們看到我們的 Plus SKU 正在建立強大的管道。

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.

轉向盈利能力。在嚴格的支出管理和出色的營收表現的推動下，非 GAAP 營業利潤率為 30%，比我們的指引高出 250 個基點。我們的自由現金流利潤率為 9%，年增 300 個基點。本季結束時，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.

在第三季度，我們回購了 50 萬股股票，作為我們首次股票回購計畫的一部分，主要目標是管理稀釋的影響。截至本季末，我們最初的 15 億美元授權還剩下約 12 億美元。總之，這些結果繼續證明我們有能力推動世界級成長、獲利能力和股東價值的強勁平衡。

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.

轉向我們的指導。我們正在上調全年展望，以反映第三季的實力。正如我們全年所做的那樣，我們繼續謹慎地將宏觀側風納入我們的指導中。這包括美元走強帶來的外匯不利因素。對於 2023 年，我們將訂閱營收預期中位數上調 4,800 萬美元，至 86.35 億美元至 86.40 億美元之間，年增 25%，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% 提高到 27%，我們繼續預期認購毛利率為 84%，自由現金流利潤率為 30%，GAAP 攤薄加權平均已發行股票為 2.06 億美元。我們預計第四季度訂閱收入將在 23.20 億美元至 23.25 億美元之間，年增 24.5% 至 25%，以固定匯率計算成長 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，我們聯邦業務的實力導致12 個月合約的組合增加，這將對第四季度cRPO 成長造成1 個百分點的阻力，並在2024 年之前仍然是阻力。我們預計這些合約將在2024年作為ServiceNow 的聯邦合約續約續約率為99%。我們預期營業利潤率為 27.5%，以 GAAP 計算，本季攤薄加權平均流通股預計為 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.

總之，我們的團隊在各方面都表現優異。憑藉著專注於客戶成功的文化，我們的員工不懈地努力，提供滿足企業需求的解決方案，這在我們強勁的業績中得到了體現。企業正在尋求整合供應商並在具有核心產品集的平台上進行標準化，以便他們可以建立可預測且可靠的路線圖來推動數位轉型。

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 就是這個戰略平台。隨著我們溫哥華版本的增加以及 gen AI 提供的功能，機會之窗比以往任何時候都更加廣闊。其結果是一個更強大、更聰明的平台，使客戶能夠以前所未有的方式在整個企業中激發端到端行動。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、降低成本和創造組織敏捷性。

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.

可能性是無止境。 Bill 和我向全球所有員工表示感謝，感謝他們堅定不移的奉獻精神和承諾，使我們處於這一機會的最前沿，並進一步推動 ServiceNow 實現成為 21 世紀定義企業軟體公司的雄心壯志。這樣，我將打開它進行問答。

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

（操作員說明）我們將接受巴克萊銀行 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.

如果我看一下產品方面的組合，ITSM、ITOM 本季的表現非常強勁。你能談談這一點嗎？我覺得這可能是聯邦的大交易，但也許更廣泛地說，是你在不同產品類別中看到的。我非常感謝和祝賀。

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.

雷莫，非常感謝你。這是 CJ 的提問。很高興聽到你的消息。 ITSM 和ITOM，我們從解決方案的角度將其定義為服務運營，是我們核心的核心，因此，正如Bill 概述的那樣，我們擁有非常強大的新徽標業務和重要的新徽標，我們幾乎總是以ITSM 和ITOM 落地。

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.

總的來說，我們看到 ITSM 繼續保持擴張速度，無論是透過 Pro SKU 還是最近新增的 Pro Plus。借助 ITOM 和我們的 AIOps 策略，我們不僅繼續執行產品路線圖，還繼續執行我們的客戶如何在其數位房地產中利用這些創新，從可視性一直到健康。

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

我們將回答高盛 (Goldman Sachs) 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。成績斐然。比爾，我們都在等待這次經濟衰退。有些人一直呼籲硬著陸，有些人則不這麼認為。看起來我們一直在等待這次衰退的發生。這並沒有發生。我確信，如果您與之開展業務，或者在過去 3 到 4 個季度中保持謹慎態度，那麼情況會很嚴重。

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?

但看起來事情很穩定。伴隨著潛在軟著陸的順風，如果我可以用這個表達方式，即軟體著陸和人工智慧作為你航行中的風，那麼與我們過去幾年相比，公司在 24 年的增長前景會是什麼樣子？所有人都在艱難地度過這一切，當然你的執行力非常好，超越了你的同儕。面對所有這些有利因素，成長曲線是什麼樣的？

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.

好吧，卡什，謝謝你。我認為這就是我們在這樣一個出色的季度基礎上提高指導的原因，因為我們對核心業務充滿信心。現在所有的執行長要么因為你在宏觀中提到的側風而採取提高生產力的舉措，要么正如我所說的，成本下降。

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，他們也面臨新商業模式創新的額外挑戰，例如汽車產業現在正在向電動車轉型。 ServiceNow 的獨特之處在於，數位轉型可以轉移公司為正確服務其市場而必須處理的許多成本密集型、勞動力密集型程序。最重要的是，平均每天 13 個單獨的應用程式之間的轉椅會破壞知識工作者 1/3 的生產力。

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，您在這個千載難逢的 ServiceNow 平台上添加了生成式人工智慧的生產力推動力，您已經實現了非常重要的業務轉型。我認為現在執行長們的重點是業務轉型。當你能為他們提供一種消費級的通用用戶體驗時，它與他們必須應對的半個世紀的遺留混亂相結合，我們就可以完成他們需要完成、完成、完成的操作，以實現成本效益生產力隨著時間的推移和成長，他們現在都在關注服務下降。這就是為什麼你會看到這些結果，而且它們是可持續的。

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

我們將接受花旗集團泰勒拉德克 (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，以固定匯率計算的當前 RPO 的漲幅是我們相當長一段時間以來見過的最大的漲幅之一。你能把包裝拆開嗎？這主要是聯邦制的嗎？或它的基礎廣泛嗎？

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，關於當前第四季的 RPO 前景，您能否幫助我們更好地理解 1 點逆風的動態？鑑於您預訂瞭如此多的大型聯邦合同，第三季度是否也面臨這種阻力？

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。所以，是的，我們非常興奮。第三季的業績全面出色。固定匯率cRPO 的表現有兩點：特別強勁的新ACV 淨增長，這主要是由非常強大的聯邦業務推動的，但不完全是由非常強大的聯邦業務推動的，這對我們來說是非常棒的業務。

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?

我們也確實有更好的早期續約。如果您還記得的話，考慮到當前的宏觀環境，我們對提前續訂的預測非常謹慎。所以本季的節奏是雙管齊下的，對吧？新 ACV 淨成長如此強勁，早期續訂也強勁。對於您關於第四季度 cRPO 的影響和 1 點逆風的問題，聯邦機構通常如何在 1 年後簽訂合同，對吧？

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.

所以他們的合約期限只有12個月。所以它不會對第三季產生負面影響，對吧，因為在第三季末，它已經存在了一整年。但在第四季末，當這些合約中有 1/4 超出 cRPO 時，這意味著第四季度將面臨阻力。因為第四季度——抱歉，因為聯邦是如此強大，而且第三季聯邦的組合比我們以前見過的更強大，所以第四季度出現了逆風。

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.

但同樣，當你考慮基礎業務時，結果非常強勁。事實上，聯邦企業的續約率高達 99%。因此，當你考慮進入 24 世紀的業務的基本健康狀況時，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基斯‧韋斯 (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.

我是基斯的桑吉特·辛格。我想祝賀該團隊保持了 24% 的穩定成長——當前的 RPO 成長。這真是令人印象深刻。 Bill，當我看到您所說的關於 gen AI 試驗和在季度末吸引 4 個客戶時，就您的團隊對採用 ITSM Pro Plus 與 Pro 的期望而言，是這樣的 - - 您是否認為這種採用速度可能比您在過去5 年中看到的ITSM Pro 的採用節奏更快？我很欣賞這些想法。

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.

好吧，我可以告訴你——首先，我們感謝你的問題，基斯。您知道我們在該平台的專業版上做得有多好，並且仍有很大的擴展空間。但到目前為止，我們看到的對 Pro Plus 的需求以及客戶現在能夠在 Now 平台上執行的操作的變革性質導致了我們在 ServiceNow 上看到的最好的炒作。我將讓 CJ 向您介紹一些有關個別客戶的資訊以及一些我認為您會發現有啟發性的實際故事。

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.

絕對地。謝謝你，比爾，也謝謝你的提問。因此，我們有 9 月最後一周的一個數據點，我不想將其轉化為趨勢，但是，我們正在與一些標誌性公司和公共部門客戶圍繞 ServiceNow 的生成人工智慧產品進行很多很多對話。因此，當我們在 2018 年第三季度推出 Pro SKU 時，有一個術語持續了多個季度，現在是 20 個季度，我們知道它是什麼樣的。

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?

有了 Pro Plus，我看到的不再是生成式人工智慧的潛力。他們質疑生成式人工智慧在 ServiceNow 平台的背景下是否對我們有利，但話題已經轉向，CJ，我們需要多長時間才能實施？我們的數據策略需要保持一致嗎？那麼安全性等方面又如何呢？

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.

因此，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主動購買我們產品的 4 位客戶。但隨著我們的前進，我們將與這些客戶合作。當我們了解了幾個季度的情況後，我們將能夠告訴您與 Pro 版相比，它的表現如何。所以 Pro Plus 與 Pro。

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.

Keith（原文如此）[Sanjit]，需要記住的一件事是 Pro 是通往 Pro Plus 的必要墊腳石。因此，從股東價值創造的角度來看，這是加號，加號。

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

我們將接受古根漢的約翰·迪福奇提出的下一個問題。

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.

Gina，感謝您提供有關 cRPO 的所有詳細資訊。這對於理解該指標確實很有幫助。我知道我們過去曾討論過這個問題，但我是認真的。這很有幫助。我的問題實際上是圍繞聯邦業務的，這確實是——至少一年來它一直非常強勁，超過了抵消大約一年前發生的任何商業弱點。

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.

至少我認為令人驚訝的是商業實力，正如卡什在本季這樣的時期所提到的那樣。我想我的問題是聯邦業務在新 ACV 方面的可持續性如何，聽起來似乎還在繼續。它就像能量兔。它只是不斷地給予。

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，我先開始，然後讓吉娜也給你一些她的顏色。但正如我所說，我們的聯邦業務經歷了ServiceNow 歷史上最大的季度，ACV 同比增長75%，我們有19 筆交易金額超過100 萬美元，其中包括與美國航空(U.S. Air) 的300 萬美元以上1000 萬美元交易Force 成為 ServiceNow 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.

我們所看到的是，在所有領域，聯邦機構確實希望整合合約、單點解決方案、混亂的中間部分，並且他們確實希望在一個平台上實現標準化，其中包含可以與之一起發展的核心產品集。例如，我們的 gen AI 產品確實增強了我們幫助加速他們的轉型之旅的能力，他們在我們的平台上看到了 gen AI 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.

我們已經看到早期採用者對特定領域的模型表現出了興趣，正如CJ 所說，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，我可以告訴你們，他們非常關心安全性。因此，我認為這確實是對 ServiceNow 的工程設計、ServiceNow 運行我們的雲端的方式以及我們在深層技術層面上關心客戶的方式的致敬，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.

我們開展業務的每個機構都具有很高的參考價值，他們正在為我們向其他機構講述我們的故事。這確實是一個美麗的力量倍增的情況。但我想留給你們一個想法。我們才剛開始。與聯邦、州、地方一起，未來十年將在所有這些類別中進行的業務轉型將在我們的成長議程中完美發揮作用，我們將繼續以 100% 的客戶滿意度為其提供服務。我們對能夠改變政府並使其像最佳營運企業一樣運作感到興奮。

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.

我唯一要補充的是──比爾，非常棒的答案。約翰，我唯一要補充的是，這是持久的需求。對聯邦機構來說，數位化議程只會不斷成長。我們絕對有能力在美國以外和世界各地的公共部門複製我們在聯邦部門的成功。

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 SI 那裡聽到的對 ServiceNow 實踐保持這種 20% 以上成長軌蹟的信心在整個軟體領域確實很突出。其中一位對客戶進行了調查，結果顯示最受關注的 3 個主題是 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，根據那裡的共同優先順序，您能否透露一下您與 Microsoft 的關係的吸引力？這個階段已經開始了嗎？您是否能夠透過 Azure Copilots 和 Now Assist 以一打二打的方式進入市場？

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。我將首先開始，然後請 CJ 也隨意添加您對此的看法。但我們與 Microsoft 的合作確實是為了為 ServiceNow 開拓更多的潛在市場。我們正在透過與微軟的企業銷售團隊制定擴大聯合銷售的動議來做到這一點。這樣就可以跟你說一打二拳了。

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 確實幫助簡化了他們向 Azure 的遷移，而 Azure 則使我們接觸到了更廣泛的客戶。因此，我們看到合作關係影響了第三季度跨地區的交易，包括政府在美洲和亞太地區的勝利，這是微軟和 ServiceNow 之間的真正推動力。我們非常有信心，與 Microsoft 的合作夥伴關係和協同作用確實使我們能夠以前所未有的速度為更多客戶帶來價值。

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.

我確實想說，我們與 Satya 本人在個人層面上是朋友很長時間了，我們一起做了很多業務，與 CJ 和 Microsoft 工程團隊之間的友誼非常深厚。堅如磐石，我們彼此信任。我們看到，透過合作，我們的共同利益會變得更好，而且我們也是以客戶的名義這樣做的。我認為這是一件大事。

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，而不僅僅是他們今年為該平台帶來的 5,000 項新創新。這就足夠了。而且還與 Microsoft 等優秀合作夥伴建立了實際關係，因為您必須記住，我們所擁有的一切都已整合到 Microsoft 中，從 Office 365 到 Dynamics、Teams、Azure、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.

當您想到將其組合在一起所需的工程工作和人才時，這真是令人驚嘆。所以這不僅僅是我們進入市場，2比1好。這是深度的技術集成，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，你說得好。馬克，唯一的事——很高興收到你的來信。我唯一要補充的是，工程合作是絕對必要的，但在我們與微軟的市場合作夥伴關係和關係方面還不夠。

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、醫療保健客戶還是政府客戶，當他們嘗試利用 ServiceNow 時，嘿，我的資產在哪裡？我的資產健康嗎？無論它們是在本地運行還是在 Azure 中運行，它們是否安全？我們與微軟有著一流的合作關係，我們的一些大中型客戶和全新客戶肯定注意到了這一點。

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

我們將回答瑞銀集團的 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。偉大的。也許我會把這個轉給吉娜。吉娜，我從過去就知道，當聯準會季度表現強勁時，憑藉這些交易，我想，如果我錯了，他們往往會糾正我，多一點前期的轉速記錄。

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.

所以我只是好奇。您列出了對 cRPO 的影響，但是您在 9 月看到的強勁的聯準會季度對您報告的訂閱收入和利潤率有何影響？如果你可以，以任何方式，也許可以調整升力的大小，因為我認為有更多的前期轉速記錄。非常感激。

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.

這是一個很好的問題，卡爾。實際上，本地部署的環比、同比保持一致。所以沒有受到影響。因此，我們本季營收的強勁表現是團隊極其出色的執行力的結果。

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

我們將接受瑞穗格雷格·莫斯科維茨 (Gregg Moskowitz) 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.

因此，非常有趣的是，您在 9 月 30 日簽署了 4 筆大筆交易，就在溫哥華和 Now Assist 推出後。聽起來你們的一代人工智慧技術即使不是這些交易的催化劑，也是一個明顯的催化劑。

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.

所以我猜對於 Bill 或 CJ，我假設這些都是現有客戶，但他們都購買了 Pro Plus 嗎？他們有人買了 Enterprise Plus 嗎？他們中有人正在部署您的新功能嗎？只是好奇想聽聽您可能能夠分享的任何其他顏色。

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.

格雷格，謝謝你的提問。我來回答這個問題。我想說，只是總結一下，因為我們在溫哥華版本中為我們的 4 個旗艦產品線推出了 Now Assist，即 ITSM、HR、客戶服務和創作者。那我們就從這個開始吧。無論我們的客戶想要文字到核心或文字到工作流程功能，還是希望員工提高工作效率，或希望 IT 員工或客戶服務代理提高工作效率，這些都會引起共鳴。

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.

因此，根據客戶和他們要解決的問題，所有這些都會引起很好的共鳴。所以這主要是由 Pro Plus 驅動的。這些是 Pro 客戶，他們也購買了 Pro Plus。舉個例子，一位在 9 月 29 日購買了這款產品的客戶特別對我說，嘿，CJ，我們推出了最成功的 ITSM。現在我們想買 Pro Plus。他們已經在 ITSM Pro 上，我們只是希望我們的員工體驗很棒。

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.

與比爾提到的另一位客戶不同，他們說我們不僅要為我們的員工解決問題，還要為我們的最終客戶解決問題。因此，這 4 筆具體交易是全面的，帶來了非常策略性和重大的勝利。在我們前進的過程中，我想告訴您，仍然能引起客戶共鳴的是價值實現的速度。

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，大型語言模型不需要一次為一個客戶進行微調。以及我們的工程團隊實施該解決方案的方式。我可以告訴你，生成式人工智慧可能是我見過的對ServiceNow 平台最好的（如果不是最好的）補充之一，你可以使用生成式人工智慧來尋找某些內容、總結某些內容，然後透過ServiceNow 平台採取行動。

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

我們將接受 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。 Bill 和 CJ，我想知道你們是否可以談談開始提供更垂直的人工智慧解決方案的概念。你離那個還有多遠？您想要承擔多少垂直化？您希望為您的合作夥伴留出多少空間，讓他們能夠利用特定的垂直技術將這些帶有 gen AI 的用例引入垂直領域？

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，柯克，謝謝你提出這個問題。當我們開始時——昨天，我們召開了董事會會議，並提出了類似的問題。我們首先優先考慮跨越每個產業的核心用例集。我們非常注重透過 ITSM、客戶服務、人力資源以及我們的創作者產品來實現這一點。不過，正如我們所期望的那樣，金融服務或醫療保健類型的客戶甚至政府都會有特定的用例。

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，考慮到該機構的性質和我們的工程，你們能否為我們提供一個可以在本地運行的解決方案團隊為我們的公共部門客戶提供了這項服務。因此，我認為這是我們必須為公共部門客戶創建的垂直解決方案。但當我們將其提升到一個新的水平，在我們的 4 個工作流程中發布這組核心用例時，我們肯定會優先考慮金​​融服務和 TMT 向前發展。

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?

恭喜又一個偉大的季度。也許對我來說只有兩個快速的。顯然，本季的故事是你們發布的令人難以置信的聯邦成長。也許是前聯邦，就宏觀和管道方面的增量挑戰或缺乏挑戰而言，例如前聯準會本季的情況如何？

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?

然後你們提到的一些交易要么是在 Pro Plus 方面，要么只是一個非常大的交易方面，例如也許可以談談競爭環境？您是否正在從您的一些前台同事那裡奪走他們？或當你觀察管道時，它是如何形成的？

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，亞歷克斯，謝謝你的提問。是CJ。首先，是的，聯邦有一個驚人的季度，比爾和吉娜都談到了這一點。但我們也看到了某些產業和某些地區的全面優勢。如果沒有其他產業和其他地區的實力，我們就無法取得這樣的成果，也無法在 cRPO 上取得這樣的成績。

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.

這就是我在最高層要說的，還有很多進一步的優勢。即使從用例或工作流程的角度來看，比爾也已經概述了我們的員工工作流程，現在客戶正在問我們這個問題，我們希望我們的員工生產力很高，什麼是ServiceNow 解決方案，因為員工浪費了太多時間旋轉主持或尋找資訊。因此，我們看到了顯著的成長，但成長是全面的，即使從工作流程的角度來看也是如此，所有 4 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，你知道我對此有多關注。關於 Pro 和 Pro Plus，我要說的第二件事是，我們看到客戶了解 ServiceNow 的策略非常針對 ServiceNow 用例。在與大樣本量的客戶進行 Pro Plus 對話後，我意識到的一件事是，我們 Pro Plus SKU 上的生成式人工智慧是生產力倍增器。它不是生產力增強劑。

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.

因此，當你有了生產力乘數並且你可以清楚地闡明他們將獲得什麼樣的生產力提升時，他們就會說：「好吧，我們明白了。現在讓我們弄清楚定價和其他事情是多少。 」因此，就競爭動態而言，從產生人工智慧的角度來看，對於整個 Pro Plus SKU，它仍然處於 ServiceNow 的背景下。他們將獲得多少價值，他們獲得該價值的速度有多快，以及他們願意支付多少。

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，如果我可以根據 CJ 所說的話，如果你願意的話，我可以給你一些額外的顏色。您可能感興趣的一件事是，在美國，500 萬美元以上的交易數量實際上比去年同期增加了四倍多，1000 萬美元以上的交易數量比去年同期增加了一倍多。我認為，正如 CJ 精心設計的那樣，技術和員工工作流程都取得了巨大成功。

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 100 多萬筆交易同比增長 70%，這意味著我們優秀的工程團隊構建的解決方案的平台和多個組件正在引起共鳴，我們現在看到政府和製造業。一個有趣的事實是，我們將在倫敦、巴黎、法蘭克福和鹿特丹舉辦這些世界論壇，並且我們為這些活動註冊的資金超過 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.

所以我們對此感覺良好。亞太及日本地區，你想想看，他們的 100 萬多筆交易同比增長了 40%，日本和德國一樣，繼續以世界第三大經濟體的前所未有的機遇給我們留下深刻的印象。因此，我們在全球舞台上看到了很多真正的成長機會，我認為吉娜早些時候也指出了這一點。

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

我們將回答美國銀行布拉德希爾斯 (Brad Sils) 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?

本季的員工人數、銷售和行銷人員人數似乎有所增加。淨增加看起來超過 500。研發幾乎 400。想了解一些優先領域的一些資訊 - 您在銷售、行銷和研發方面的投資優先順序嗎？

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數量並投資於我們的研發資源和配額銷售。因此，您將繼續看到我們在這些關鍵領域進行投資。這是我們幾個季度以來一直在做的事情。因此，我們將繼續增加配額銷售人員、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.

當我們進入 24 世紀時，您可能會看到與進入下一年類似的增長水平。因此，我對我們在我們一直在談論的相同領域進行投資感到非常滿意，即配額制、直銷負責人以及關鍵工程，因為我們想到了來自我們研發和生產的偉大創新。世界各地的工程團隊。

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

我們將回答富國銀行證券公司 Michael Turrin 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，您在今年早些時候的分析師日上向我們提供了一些 2024 英里標記。現在已經十月了。雖然發生了許多變化，但事實證明，成長狀況始終令人印象深刻地持久。今天看到的情況與五月相比有什麼明顯不同嗎？就您從一代人工智慧功能中看到的一些初始價值而言，這聽起來更清楚，但我們還應該牢記其他搖擺因素嗎？了解 Q4 非常重要，但是您可以添加的任何內容都是有用的。

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。我們要到下個季度才會提供正式的財政年度指引。儘管如此，鑑於我們今年的營收成長，我們對 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.

我們基礎業務的實力確實為進入 24 年提供了堅實的動力和上升潛力。但正如您所說，第四季度對我們來說是一個重要的季度。我們期待偉大的事情，但這對明年有重大影響。因此，我們將等待正式指南，但對我們五月為您列出的數字非常非常有信心。請繼續關注我們即將進入 24 世紀。

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

我們將回答 Samad Samana 和 Jefferies 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，我實際上想跟進此事。我對這個問題有一個不同的版本，更準確地說是關於人工智慧。當您在分析師日給出展望時，顯然已經有很多關於人工智慧和已推出的產品的討論，但是當您給出「24 年目標」時，這是否包含了 gen AI 的任何潛在影響？或者這只是即將出現或未包含在通訊中的東西？只是為了澄清。我已經收到很多這樣的問題了。

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，薩馬德，好問題。正如您在分析師日上所記得的那樣，我們實際上展示了我們圍繞生成人工智慧所做的工作的許多現場演示。我們也談到了這樣一個事實：我們並沒有追趕人工智慧的潮流，但我們多年來一直在人工智慧領域進行投資，而生成式人工智慧就是其中的一部分。因此，當你思考我們的路線圖和計畫時，人工智慧就是其中的一部分。話雖這麼說，與 5 月相比，今天對 gen AI 的興趣、理解和興奮對我們來說非常令人興奮。

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.

那麼，如果你的問題是，新一代人工智慧是否有潛在的好處？絕對地。但四分之一並不代表趨勢。因此，我們絕對會繼續向您通報我們的一代 AI SKU 的採用率，但我們對我們已經看到的管道構建感到非常興奮，而且它剛剛發布了很短的時間。是的，未來人工智慧將為我們帶來更多的發展。但請放心，ServiceNow 將成為新一代人工智慧領域的贏家，我們對管道建置以及我們今天所處的位置感到非常興奮。

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...

偉大的。比爾，如果我能為你擠一份的話。您已經談到了它產生了多少興趣和嗡嗡聲，以及它如何提高了對話的速度。當您思考董事會層級的對話時，您是否發現用於新一代人工智慧支出的預算是否從整體 IT 預算的其他部分中扣除？或者說，嘿，這是戰略要務，我們需要找到資金，無論我們是否增加 IT 預算。他們如何看待這些美元以及他們將去往何處...

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，薩馬德，執行長都有董事會，他們不想在沒有人工智慧計畫的情況下出現。所以這是一個執行長級別的決定。我認為這就是為什麼我們會見如此多的首席執行官，而最高管理層現在已完全融入 ServiceNow 上市計劃，並且運作良好。

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.

他們正在做的事情如下：根據 IDC 的數據，今年的 IT 預算約為 3.5% 的支出。根據 IDC 的數據，明年預計將逐步成長 7%，而不是典型的 3.5%。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.

我相信將會發生什麼，基於我正在與執行長進行的討論，也基於我自己的思維方式，我非常願意採取透過客戶的眼睛看待世界的立場，如果我對他們來說，7% 的人可能會或可能不會完成它。我可能會希望 G&A 功能能進一步推動這場生成式人工智慧革命。因為這實際上關係到業務轉型並真正改變您經營公司的方式，而擁有 IT 專案並不是一件好事。

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.

我確實認為這是您提出的有趣問題之一，因為我認為這就是我反覆說過 IT 策略已成為業務策略的原因之一，因為數位轉型是端到端的勢在必行。現在，跨平台的生成式人工智慧很重要，但只有少數平台，我們就是其中之一。對我來說，無論宏觀經濟如何，2024 年確實會獲得非常好的順風投資。

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

我們將回答 Derrick Wood 和 TD Cowen 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.

我想要么是 Bill，要么是 CJ，但我希望你們能夠與 NVIDIA 和 Accenture 一起擴展你們的新 AI Lighthouse 計劃。你們幾個月前宣布了這項倡議。如果能夠進一步了解該計劃的相關內容，以及這些特定合作夥伴如何幫助推動 ServiceNow 平台上更多類型的生成式人工智慧投資，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，德里克。我會開始，然後 CJ 可以在此基礎上繼續發展。我首先要特別感謝 NVIDIA 作為如此出色的合作夥伴，真正採用了他們出色的 GPU 技術，然後與他們密切合作，微調這些大型語言模型，尤其是在 IT 領域開始，但更重要的是認識到世界上偉大的品牌和優秀的公司之一正在使用ServiceNow 在我們的平台上改造他們的公司，而生成式人工智慧就是這樣的補充。

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，詹森。感謝 NVIDIA 成為優秀的合作夥伴。是的，關於埃森哲和朱莉等，我們確實與埃森哲一起做了一些偉大的事情。他們是一個很棒的合作夥伴。我們現在正在透過我們的生態系統為 300 個不同的客戶建立生成式 AI 用例，而這甚至還沒有觸及更廣泛的管道。

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，我要感謝我們的合作夥伴認識到我們是一個很好的合作夥伴，而且需要一個好的合作夥伴才能認識一個人，我們確實與生態系統建立了基礎信任，我很感謝他們所有人。

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還充滿企業間業務網絡機會的世界，而且我相信我們的生成人工智能平台將推動一個全新的全球經濟中解決方案和產品的前沿。我認為這才剛開始。我只是想真正給你們一個想法，因為我們將來會有更多關於這個的話題。希傑？

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.

當然，比爾。就在。 Derrick，我們正在解決的燈塔計劃的問題之一是擁有一個出色的技術合作夥伴，而 Jensen 和他的團隊是一個出色的技術合作夥伴。他們中的大多數人——我們大多數人都知道 NVIDIA 是一家很棒的 CPU 供應商以及其他工程系統供應商。但在這個具體計劃中，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，真正在生成式 AI 上進行創新。

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.

這是非常重要的一點，因為 Lighthouse 計劃的一部分是 NVIDIA 和 ServiceNow 以及軟體層之間的工程合作，這顯然會推動硬體朝著正確的方向發展。然後當這些客戶時，我們談到了 4 個客戶，將會有很多人開始使用這個產品，因為他們需要被採用，除了埃森哲之外，我們還會培訓其他合作夥伴，使他們能夠非常非常快地實施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、工程協作，以及比爾所說的生態系統協作，以便我們能夠為客戶提供價值。客戶對我們將提供的價值要求很高，我們需要技術和系統整合商之間的大量朋友來提供該價值。

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

最後一個問題。我們將回答加拿大皇家銀行資本市場部的 Matt Hedberg 提出的這個問題。

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，問你一個問題。隨著 Splunk 的收購提議，可觀測性市場發生了很大變化。我很好奇，您能為我們介紹一下您在雲端可觀測市場的定位嗎？有了 Lightstep 和其他進步，您覺得自己處於什麼位置才能獲得額外的份額？

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.

絕對地。所以我想說，可觀察性從根本上仍然是一個很大的市場。這是一個持續成長的大市場。我們從 Lightstep 開始。如您所知，他們提供了一個很好的追蹤解決方案，並使用 OTL（如開放式遙測），他們做了一些出色的工作。然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.

因此，現在我們覺得我們擁有一個成熟的雲端可觀測性解決方案，我們可以將其推向企業市場，並且我們將與任何我們需要的人就我們需要的用例類型進行正面競爭。我就是這麼看的。所以我很樂觀。我們還有很多工作要做。最後，產品已經存在，指標、追蹤和日誌記錄之間的成熟雲端可觀測性產品，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。我們感謝您的參與，您現在可以斷開連接。再見。