ServiceNow Inc (NOW) 2023 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by. My name is Sheryl, and I will be your conference operator today. At this time, I would like to welcome everyone to the Q4 2023 ServiceNow Earnings Conference Call. (Operator Instructions)

女士們先生們，謝謝你們的支持。我叫謝麗爾，今天我將擔任你們的會議操作員。此時此刻，我歡迎大家參加 2023 年第四季 ServiceNow 收益電話會議。 （操作員說明）

I would now like to turn the call over to Darren Yip, Vice President of Investor Relations. Darren, the floor is yours.

我現在想將電話轉給投資者關係副總裁 Darren Yip。達倫，地板是你的。

Good afternoon, and thank you for joining ServiceNow's Fourth Quarter and Full Year 2023 Earnings Conference Call.

下午好，感謝您參加 ServiceNow 2023 年第四季和全年財報電話會議。

Joining me are Bill McDermott, our Chairman and Chief Executive Officer; Gina Mastantuono, our Chief Financial Officer; and CJ Desai, our President and Chief Operating Officer. During today's call, we will review our fourth quarter 2023 results and discuss our guidance for the first quarter and full year 2024.

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。在今天的電話會議中，我們將回顧 2023 年第四季的業績，並討論我們對 2024 年第一季和全年的指導。

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. 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.

在開始之前，我們想強調，本次電話會議中討論的資訊（包括我們的指導）基於截至目前的信息，並包含涉及風險、不確定性和假設的前瞻性陳述。我們不承擔因新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. 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.

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、當前 RPO 以及現金和投資除外。要了解這些非公認會計原則和公認會計原則衡量標準之間的調節，請參閱今天的收益新聞稿和投資者演示文稿，這些內容均發佈在我們的網站 Investors.servicenow.com 上。

A replay of today's call will also be posted on our website. With that, I'll turn the call over to Bill.

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 very much, everyone, for joining today's call. ServiceNow closed an outstanding 2023 with a beyond expectations Q4. Here's the state of our business.

謝謝達倫，非常感謝大家參加今天的電話會議。 ServiceNow 以超越預期的第四季業績結束了出色的 2023 年。這是我們的業務狀況。

Artificial intelligence is injecting new fuel into our already high-performing growth engine. The company's Q4 results tell that story. Subscription revenue grew by 25.5% at constant currency. That's 200 basis points above the high end of our guidance. cRPO growth is 23% at constant currency, also 200 basis points above our guidance. Operating margin was over 29%. That's approximately 200 basis points above our guidance. We had 168 deals greater than $1 million in net new ACV, up from 126 a year ago, a 33% increase.

人工智慧正在為我們已經表現出色的成長引擎注入新的燃料。該公司第四季的業績就說明了這一點。以固定匯率計算，訂閱收入成長 25.5%。這比我們指導的上限高出 200 個基點。以固定匯率計算，cRPO 成長率為 23%，也比我們的指導高出 200 個基點。營業利益率超過 29%。這比我們的指導值高出約 200 個基點。我們有 168 筆淨新 ACV 交易金額超過 100 萬美元，比一年前的 126 筆增加了 33%。

ServiceNow's Q4 performance is packed with milestones spanning the full breadth of our portfolio. With technology, customer and creator, we now have 3 workflow businesses over $1 billion in ACV. We have 11 individual product lines with north of $250 million in ACV. ITSM, ITOM and ITAM, each had double-digit deals over $1 million in Q4. Security and risk combined for 12 of the top 20 with 9 deals over $1 million. Customer, employee and creative workflows, each had double-digit deals over $1 million.

ServiceNow 第四季的業績充滿了跨越我們整個產品組合的里程碑。憑藉技術、客戶和創造者，我們現在擁有 3 個工作流程業務，ACV 價值超過 10 億美元。我們擁有 11 條單獨的產品線，ACV 價值超過 2.5 億美元。 ITSM、ITOM 和 ITAM 在第四季的交易額均超過 100 萬美元，均達到兩位數。在前 20 名交易中，有 12 筆交易的安全性和風險總計超過 100 萬美元，其中 9 筆交易金額超過 100 萬美元。客戶、員工和創意工作流程均達成了超過 100 萬美元的兩位數交易。

Our large new logo count continued to accelerate in Q4. We had a record 10 new customers signing deals over 1 million in NNACV including a $10 million win with a very large global financial services firm, which is our largest new customer logo in history. Global iconic brands such as Chipotle, Air France, TIAA, NTT, Data Group Corporation and Busch are digitally transforming with ServiceNow. We are proud that TIAA, one of our first 10 customers, is still expanding their business with us through new out-of-the-box functionality so they can accelerate time to market.

我們的大量新徽標數量在第四季度繼續加速。我們有創紀錄的 10 個新客戶在 NNACV 上簽署了超過 100 萬美元的交易，其中包括與一家大型全球金融服務公司贏得了 1000 萬美元，這是我們歷史上最大的新客戶標誌。 Chipotle、Air France、TIAA、NTT、Data Group Corporation 和 Busch 等全球標誌性品牌正在利用 ServiceNow 進行數位轉型。我們感到自豪的是，TIAA（我們的前 10 位客戶之一）仍在透過新的開箱即用功能與我們擴展業務，以便加快上市時間。

Following a record Q3, public sector continued its strong growth in Q4 with key wins including in the United States Army, U.S. Postal Service and Australian Department of Defense Digital Delivery Group. We are extremely proud to have finished 2023 operating at the rule of 55 plus. As you'll hear from Gina, our 2024 guidance reflects our ongoing belief and ServiceNow's strategic relevance. Our core business is rock solid and growing. Our perimeter is growing. Our platform adoption is growing.

繼第三季創紀錄的成長之後，公共部門在第四季度繼續強勁成長，美國陸軍、美國郵政服務和澳洲國防部數位交付集團等公司取得了重大勝利。我們非常自豪能夠在 2023 年按照 55+ 規則運作。正如您將從吉娜那裡聽到的那樣，我們的 2024 年指導反映了我們持續的信念和 ServiceNow 的策略相關性。我們的核心業務堅如磐石並且不斷成長。我們的邊界正在擴大。我們的平台採用率正在不斷成長。

We are, in fact, in a new era of business transformation powered by AI. This is unlocking massive opportunity in the enterprise software industry. And ServiceNow is extremely well positioned, not only to lead this movement, but to define it. 2023 was the latest successful milestone on this journey, and we intend to make 2024 an even greater success. To say we're fired up would be an understatement.

事實上，我們正​​處於人工智慧驅動的業務轉型的新時代。這為企業軟體產業釋放了巨大的機會。 ServiceNow 處於非常有利的位置，不僅可以引領這一運動，而且可以定義它。 2023 年是這趟旅程中最新的成功里程碑，我們打算讓 2024 年取得更大的成功。說我們興奮是輕描淡寫的。

Let's spend some time framing the dimensions of this new AI world. Gartner estimates $5 trillion in tech spending in 2024, growing to $6.5 trillion by 2027. That means that spending will grow another $1 trillion in only 2 years, accelerating from the decade plus it took for us to get to $5 trillion. For the first time in a decade, IT services will become bigger than communication services in 2024. Gartner estimates that by 2027, nearly all of the growth in worldwide IT spending will come from software and IT services.

讓我們花一些時間來建構這個新人工智慧世界的維度。 Gartner 預計2024 年科技支出將​​達到5 兆美元，到2027 年將增加至6.5 兆美元。這意味著支出將在短短2 年內再增加1 兆美元，比我們達到5 兆美元所需的十年時間還要加速。到 2024 年，IT 服務十年來首次超過通訊服務。Gartner 估計，到 2027 年，全球 IT 支出的幾乎所有增長都將來自軟體和 IT 服務。

And when you drill deeper into the Gartner forecast between 2023 and 2027, $3 trillion will be spent on AI. What we have here is a strong, durable market being supercharged by a once-in-a-generation secular trend. ServiceNow has been investing, innovating and preparing for this wave for years, which is why we're catching it so early. We have a long track record of commercializing breakthrough technologies. When our Pro SKUs were introduced, we saw very exciting traction and customer adoption. Our Pro Plus offerings, which we launched just 4 months ago with our Vancouver release, are outperforming the pace of the Pro upgrade cycle. Exciting.

當你深入研究 Gartner 預測 2023 年至 2027 年間，人工智慧將花費 3 兆美元。我們現在擁有的是一個強大、持久的市場，並受到千載難逢的長期趨勢的推動。 ServiceNow 多年來一直在為這一浪潮進行投資、創新和準備，這就是我們這麼早就抓住這一浪潮的原因。我們在將突破性技術商業化方面有著悠久的記錄。當我們的 Pro SKU 推出時，我們看到了非常令人興奮的吸引力和客戶採用率。我們的 Pro Plus 產品於 4 個月前在溫哥華發佈時推出，其表現超過了 Pro 升級週期的速度。令人興奮。

The results in our first full quarter since launch validate this trajectory. Siemens AG is using Now Assist for HR service delivery to resolve HR cases faster for its entire global workforce. This is 1 example of many. And as always, ServiceNow's strength and our capacity to deploy net new innovation, especially our ambitious gen AI road map. In Q4, we released significant new capabilities, Virtual Agent Update drives faster issue resolution through advanced conversational AI chat. Employees get the immediate answers they need. Businesses get higher self-solve rates, and it only takes 15 minutes to set it up. Our text to workflow capability dramatically increases developer productivity. ServiceNow's developers have been using text to code for several months. They are generating high-quality code using text to describe the type of code they won. This has increased our developer innovation speed by 52%.

自推出以來第一個完整季度的結果驗證了這一軌跡。西門子股份公司正在使用 Now Assist 提供人力資源服務，為其全球員工更快解決人力資源案例。這只是眾多例子之一。一如既往，ServiceNow 的實力和我們部署全新創新的能力，尤其是我們雄心勃勃的新一代人工智慧路線圖。在第四季度，我們發布了重要的新功能，虛擬代理更新透過進階對話式 AI 聊天推動更快的問題解決。員工立即獲得所需的答案。企業自助解決率更高，僅需15分鐘即可完成設定。我們的文字到工作流程功能極大地提高了開發人員的工作效率。 ServiceNow 的開發人員使用文字編碼已有幾個月了。他們使用文字來描述他們贏得的程式碼類型，從而產生高品質的程式碼。這使我們的開發人員創新速度提高了 52%。

Now Assist for field service management reduces cost while increasing revenue by helping technicians get the job done in the first visit. Identifying the necessary equipment, providing repair recommendations and automating follow-up at speed. Beyond the platform itself, we see AI as a 360-degree strategic imperative. It's why ServiceNow joined the AI Alliance to advance open, safe and responsible AI. It's also why we are continuing to grow our strategic partnerships to ensure every enterprise can use AI as the cornerstone of business transformation.

現在，協助現場服務管理可協助技術人員在第一次訪問時完成工作，從而降低成本，同時增加收入。識別必要的設備，提供維修建議並快速自動跟進。除了平臺本身之外，我們還將人工智慧視為 360 度的戰略要務。這就是 ServiceNow 加入人工智慧聯盟以推進開放、安全和負責任的人工智慧的原因。這也是我們不斷發展策略夥伴關係的原因，以確保每個企業都可以使用人工智慧作為業務轉型的基石。

Today, we expanded our strategic alliance with EY to co-create solutions for generative AI governance for our customers. And of course, EY will also be using ServiceNow's generative AI capabilities to enhance experiences for all of their employees.

今天，我們擴大了與安永的策略聯盟，共同為客戶創建生成式人工智慧治理解決方案。當然，安永也將利用 ServiceNow 的生成式人工智慧功能來增強所有員工的體驗。

We also unveiled another major expansion to our partner program, the latest addition in a series of investments as partners are building new business models on the ServiceNow platform. These are 2 examples of many. I've told ServiceNow's team worldwide that the company is now moving into Phase 5, the culmination of our long-term goal of surpassing $10 billion in ACV, which incidentally only a handful of software companies have ever achieved.

我們還公佈了合作夥伴計劃的另一個重大擴展，這是一系列投資的最新補充，因為合作夥伴正在 ServiceNow 平台上建立新的業務模式。這些只是眾多例子中的兩個。我已經告訴 ServiceNow 的全球團隊，該公司現在正在進入第五階段，這是我們 ACV 超過 100 億美元的長期目標的頂峰，順便說一句，只有少數軟體公司實現了這一目標。

We have so much runway ahead for the long-term growth of this company. There are 2 key elements of our strategy: execution and scale. Execution, we know is an art form. Scale is all about capitalizing on new opportunities as a truly global platform company. One of those in our market making alliance was Visa. Today, ServiceNow and Visa announced a 5-year strategic alliance to transform payment service experiences. In the initial phase of the alliance, the companies will launch ServiceNow Disputes Management built with Visa, a single connected solution for dispute resolution. This gen AI-powered solution will offer end-to-end dispute resolution for customers globally, everything from the first indication of a questionable charge through early investigation to final resolution.

對於這家公司的長期發展，我們還有很長的路要走。我們的策略有兩個關鍵要素：執行和規模。我們知道，執行是一種藝術形式。作為一家真正的全球平台公司，規模就是要充分利用新機會。 Visa 是我們做市聯盟的成員之一。今天，ServiceNow 和 Visa 宣佈建立為期 5 年的策略聯盟，以轉變支付服務體驗。在聯盟的初始階段，兩家公司將推出使用 Visa 建置的 ServiceNow 爭議管理，這是解決爭議的單一互聯解決方案。這個由人工智慧驅動的解決方案將為全球客戶提供端到端的爭議解決方案，從可疑指控的第一個跡像到早期調查到最終解決。

Another example is our growing partnership with AWS. Beginning this month, ServiceNow will be available as a SaaS offering in the AWS marketplace. From an automation perspective, we have long believed that identifying legacy process challenges is an active stimulant for new workflows. That's the beauty of our platform. The architecture gives us limitless ways to accelerate speed to value for our customers. And the more workflows we drive, the more value we create. That's why we tucked in UltimateSuite, a task mining company to enhance intelligent automation across the Now Platform. If we can help customers find it, ServiceNow can fix it. And we fix it in complete harmony with any existing software landscape delivered in a consumer-grade user experience.

另一個例子是我們與 AWS 不斷發展的合作關係。從本月開始，ServiceNow 將作為 SaaS 產品在 AWS 市場上提供。從自動化的角度來看，我們長期以來一直相信，識別遺留流程挑戰是新工作流程的積極興奮劑。這就是我們平台的美妙之處。該架構為我們提供了無限的方法來加快為客戶創造價值的速度。我們驅動的工作流程越多，我們創造的價值就越多。這就是我們選擇任務挖掘公司 UltimateSuite 來增強 Now 平台智慧自動化的原因。如果我們可以幫助客戶找到它，ServiceNow 就可以修復它。我們將其修復為與以消費級用戶體驗提供的任何現有軟體環境完全協調一致。

CEOs don't want to wait another decade for technology to finally deliver on its promise. One told me, "I'm tired of excuses coming into my boardroom. We need new innovation and new experiences, and we need it now." That's obviously music to our ears and nicely on brand for ServiceNow.

執行長們不想再等十年才能讓科技最終兌現其承諾。其中一位告訴我，“我厭倦了董事會會議室裡出現的藉口。我們需要新的創新和新的體驗，而且我們現在就需要。”這顯然是我們耳中的美妙音樂，也很好地體現了 ServiceNow 的品牌特色。

There's plenty more to discuss about the company we are building and the progress we're making. We have more accolades than time to listen to them. Top analyst firms ranked ServiceNow as a leader in 14 separate reports in 2023 for our automation and AI capabilities. Glassdoor's recent U.S. Best Places to Work lists ServiceNow as #3 overall and #1 in software. One of our proudest achievements is the American Opportunity Index. This index is databased. They study what really happens to employees at America's largest companies over time. ServiceNow scored fifth, and that's out of 400 companies overall and ServiceNow was the #1 technology company on the index.

關於我們正在建設的公司和我們正在取得的進展，還有很多值得討論的地方。我們獲得的榮譽比聆聽他們的時間還要多。頂級分析公司在 2023 年的 14 份獨立報告中將 ServiceNow 評為自動化和人工智慧能力的領導者。 Glassdoor 最近的美國最佳工作場所將 ServiceNow 列為整體排名第三、軟體排名第一。我們最自豪的成就之一是美國機會指數。該索引已存入資料庫。他們研究隨著時間的推移，美國最大的公司的員工到底發生了什麼事。 ServiceNow 在 400 家公司中排名第五，是該指數排名第一的科技公司。

That means that people who have fought hard to build a great company are being rewarded with a great life. This all means so much to us because culture is the glue that binds a winning team together. We have world-class professionals at ServiceNow who care deeply about our customers and our partners. Since Fred Luddy invented the company, we've all made our contributions to help ServiceNow emerge as the hungry and humble winner it is. We believe in our platform. We stick together and we try to have some fun along the way, too. That's why the results show up the way they do. It's also why over 1 million people applied to work here last year.

這意味著那些為建立一家偉大公司而奮鬥的人們將獲得美好生活的回報。這一切對我們來說意義重大，因為文化是將獲勝團隊凝聚在一起的黏合劑。 ServiceNow 擁有世界一流的專業人員，他們非常關心我們的客戶和合作夥伴。自從 Fred Luddy 創立這家公司以來，我們都為幫助 ServiceNow 成為渴望而謙遜的贏家做出了自己的貢獻。我們相信我們的平台。我們團結在一起，也嘗試一路享受一些樂趣。這就是結果如此顯示的原因。這也是去年有超過一百萬人申請在這裡工作的原因。

To all of our shareholders who continue to invest your trust in ServiceNow, we thank you, and we've got you back. We're building a masterpiece here, and we're only getting started. 2024 will show that we're putting AI to work for the world because now, as ever, the world works with ServiceNow.

感謝所有繼續信任 ServiceNow 的股東，我們感謝你們，我們已經讓你們回來了。我們正在這裡建造一個傑作，而我們才剛剛開始。 2024 年，我們將讓人工智慧為世界服務，因為現在世界將一如既往地與 ServiceNow 合作。

I look forward to the questions and the discussion we'll have shortly. In the meantime, I'd like to turn the call over to our outstanding Chief Financial Officer, Gina.

我期待著我們很快就會提出的問題和討論。同時，我想將電話轉給我們傑出的財務長吉娜。

Thank you, Bill. Happy New Year to all of you who are listening in. Q4 was another exceptional quarter to conclude what has been a phenomenal year. Once again, we exceeded our top line growth and operating margin guidance metrics, showcasing our team's relentless focus on execution. ServiceNow's agility in responding to enterprise needs has solidified our position as the trusted intelligent platform for driving digital transformation.

謝謝你，比爾。祝所有正在收聽的人新年快樂。第四季是另一個特別的季度，為這非凡的一年畫下句點。我們再次超越了營收成長和營業利潤指導指標，展現了我們團隊對執行力的不懈關注。 ServiceNow 在回應企業需求方面的敏捷性鞏固了我們作為推動數位轉型的值得信賴的智慧平台的地位。

In Q4, subscription revenues were $2.365 billion, growing 25.5% year-over-year in constant currency, exceeding the high end of our guidance range by 200 basis points. We closed out 2023 with $8.68 billion in subscription revenues, also representing 25.5% constant currency growth. All organic at a scale that hasn't been accomplished by any other enterprise software company.

第四季度，訂閱收入為 23.65 億美元，以固定匯率計算年增 25.5%，超出我們指導範圍的上限 200 個基點。 2023 年，我們的訂閱收入為 86.8 億美元，也代表著 25.5% 的恆定匯率成長率。一切都是有機的，其規模是任何其他企業軟體公司都沒有達到的。

RPO ended the quarter at approximately $18 billion, representing an acceleration to 27.5% year-over-year constant currency growth. cRPO was $8.6 billion, representing 23% year-over-year constant currency growth, a 200 basis point beat versus our guidance. From an industry perspective, energy and utilities business and consumer services, and education were particularly robust in the quarter. Government control continued to show impressive growth and Telecom, Media and Technology also saw strength.

本季末，RPO 約為 180 億美元，以固定匯率計算，年成長率加速至 27.5%。 cRPO 為 86 億美元，以固定匯率計算年增 23%，比我們的指引高出 200 個基點。從行業角度來看，本季能源和公用事業業務以及消費者服務和教育尤其強勁。政府控制繼續顯示出令人印象深刻的成長，電信、媒體和技術也看到了力量。

As Bill noted, I'm pleased to announce that customer workflows crossed $1 billion in ACV in Q4, fast following our creative workflows, which hit that momentous milestone in just Q3. We now have 3 workflow categories generating over $1 billion in ACV, highlighting the breadth of our portfolio. Our renewal rate was a best-in-class 99% in Q4, continuing to demonstrate the strategic relevance of the NOW platform as it remains a mission-critical part of our customers' operations.

正如 Bill 指出的那樣，我很高興地宣布，客戶工作流程在第四季度的 ACV 突破了 10 億美元，緊隨我們的創意工作流程，後者在第三季度達到了這一重要里程碑。我們現在有 3 個工作流程類別，產生了超過 10 億美元的 ACV，凸顯了我們產品組合的廣度。第四季我們的續訂率達到了同類最佳的 99%，繼續證明了 NOW 平台的策略相關性，因為它仍然是我們客戶營運的關鍵任務部分。

We ended the year with over 8,100 customers with our focus on landing the right new customers continuing to bear fruit as large new logo growth accelerated for the fourth consecutive quarter. We ended Q4 with 1,897 customers paying us over $1 million in ACV. We closed 168 deals greater than $1 million in net new ACV in the quarter, a 33% increase year-over-year. That includes 5 deals over $10 million. And for the full year 2023, we saw an approximate 30% increase in deals greater than $1 million in net new ACV. In Q4, our gen AI products drove the largest net new ACV contribution for our first full quarter of any of our new product family releases ever, including our original Pro SKU.

截至今年年底，我們擁有超過 8,100 家客戶，我們的重點是吸引合適的新客戶，隨著新商標的大幅成長連續第四個季度加速，我們繼續取得成果。在第四季結束時，有 1,897 名客戶向我們支付了超過 100 萬美元的 ACV。本季我們完成了 168 筆新 ACV 淨值超過 100 萬美元的交易，年增 33%。其中包括 5 筆價值超過 1000 萬美元的交易。 2023 年全年，我們發現新 ACV 淨額超過 100 萬美元的交易增加了約 30%。在第四季度，我們的一代 AI 產品為我們有史以來發布的任何新產品系列（包括我們最初的 Pro SKU）的第一個完整季度貢獻了最大的淨新 ACV 貢獻。

Turning to profitability. Non-GAAP operating margin exceeded 29%, approximately 200 basis points above our guidance, driven by the top line outperformance and disciplined spend management. Our free cash flow margin was 55%, up 250 basis points year-over-year. For the full year 2023 operating margin was 28% and free cash flow margin was 30%. Total free cash flow for 2023 was a robust $2.7 billion.

轉向盈利能力。在出色的營收表現和嚴格的支出管理的推動下，非 GAAP 營運利潤率超過 29%，比我們的指引高出約 200 個基點。我們的自由現金流利潤率為 55%，年增 250 個基點。 2023 年全年營業利益率為 28%，自由現金流利潤率為 30%。 2023 年自由現金流總額高達 27 億美元。

We ended the year with a healthy balance sheet, including $8.1 billion in cash and investments. In Q4, we repurchased 400,000 shares as part of our share repurchase program, with the primary objective of managing the impact of dilution. As of the end of the quarter, we have $962 million 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.

年底，我們擁有健康的資產負債表，其中包括 81 億美元的現金和投資。第四季度，作為股票回購計劃的一部分，我們回購了 400,000 股股票，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 9.62 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 our 2024 outlook to reflect the strong momentum with which we exited 2023. This partially reflects the early success we've seen with our gen AI products as those investments are accelerating the build of our already robust pipeline with customers lining up to be first movers in this next wave of business transformation. As always, we continue to be prudent around our assumptions for incremental customer budgets and the macro cost in our guidance.

轉向我們的指導。我們正在上調2024 年的展望，以反映我們退出2023 年時的強勁勢頭。這在一定程度上反映了我們在新一代人工智慧產品方面取得的早期成功，因為這些投資正在加速我們本已強大的管道的建設，客戶正在排隊等待下一波業務轉型的先驅。一如既往，我們在指導下對增量客戶預算和宏觀成本的假設繼續持謹慎態度。

With that in mind, let's turn to 2024 guidance. We are raising our subscription revenue's outlook by $165 million at the midpoint to a range of $10.555 billion to $10.575 billion, representing 21.5% to 22% year-over-year growth or 21.5% on a constant currency basis. We expect subscription gross margin of 84.5%, reflecting investments in our data centers and emerging growth opportunities, offset by 100 basis point benefit from a change in useful life of our data center equipment from 4 to 5 years resulting from an assessment completed earlier this month.

考慮到這一點，讓我們轉向 2024 年指導。我們將訂閱收入預期中位數上調 1.65 億美元，至 105.55 億美元至 105.75 億美元之間，年增 21.5% 至 22%，以固定匯率計算成長 21.5%。我們預計認購毛利率為84.5%，反映了對我們資料中心的投資和新興成長機會，但由於本月初完成的評估，我們的資料中心設備的使用壽命從4 年變為5 年，因此抵消了100個基點的收益。

We're also raising our full year operating margin target from 28% to 29%, driven by continued OpEx efficiencies. We expect free cash flow margin of 31%, up 50 basis points year-over-year, overcoming an incremental point of cash tax headwinds. Finally, we expect GAAP diluted weighted average outstanding shares of 208 million.

在持續營運支出效率的推動下，我們也將全年營運利潤率目標從 28% 提高到 29%。我們預期自由現金流利潤率為 31%，年成長 50 個基點，克服現金稅不利因素的增量點。最後，我們預期 GAAP 稀釋後加權平均流通股數為 2.08 億股。

For Q1, we expect subscription revenues between $2.510 billion and $2.515 billion, representing 24% to 24.5% year-over-year growth or 23.5% to 24% on a constant currency basis. We expect cRPO growth of 20% on both a reported and constant currency basis. This reflects the tremendous strength of our federal business, which has resulted in a higher mix of 12-month contracts that will create a negative 150 basis point impact to Q1 cRPO growth. We expect that these contracts will renew in Q3 as ServiceNow's federal contract renewal rates are 99%. We expect an operating margin of 29%. Finally, we expect 208 million GAAP diluted weighted average outstanding shares for the quarter.

我們預計第一季的訂閱收入將在 25.10 億美元至 25.15 億美元之間，年增 24% 至 24.5%，以固定匯率計算成長 23.5% 至 24%。我們預計 cRPO 在報告和固定匯率基礎上成長 20%。這反映了我們聯邦業務的巨大實力，這導致 12 個月合約的組合增加，這將對第一季 cRPO 成長產生 150 個基點的負面影響。我們預計這些合約將在第三季續簽，因為 ServiceNow 的聯邦合約續約率為 99%。我們預計營業利益率為 29%。最後，我們預期本季 GAAP 攤薄加權平均流通股數為 2.08 億股。

In summary, ServiceNow's Q4 outperformance is another example of the strength of our platform and our people. The team's amazing accomplishments in 2023 set the stage for continued success in 2024. ServiceNow's position as the intelligent platform for end-to-end digital transformation has gained momentum throughout the year. Leaders are shifting their investments into proven strategic platforms that leverage the power of AI to deliver growth across the top and bottom lines, with customers prioritizing quick time to value the Now Platform delivers. The accelerating pace of investment in workflow automation and interest in gen AI positions us well on our journey to becoming the defining enterprise software company of the 21st century.

總之，ServiceNow 第四季的優異表現是我們平台和員工實力的另一個例子。該團隊在 2023 年取得的驚人成就為 2024 年的持續成功奠定了基礎。ServiceNow 作為端到端數位轉型智慧平台的地位在這一年中不斷增強。領導者正在將投資轉向經過驗證的策略平台，利用人工智慧的力量實現營收和利潤的成長，而客戶則優先考慮快速實現 Now 平台帶來的價值。對工作流程自動化的投資步伐加快以及對新一代人工智慧的興趣使我們在成為 21 世紀定義企業軟體公司的道路上處於有利地位。

Bill, CJ and I would like to extend our gratitude to all our employees worldwide for their outstanding contributions to ServiceNow's success this past year. 2023 was a remarkable year, and we look forward to an even more exciting 2024.

Bill、CJ 和我謹向全球所有員工表示感謝，感謝他們在過去一年為 ServiceNow 的成功做出的傑出貢獻。 2023年是不平凡的一年，我們期待更令人興奮的2024年。

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

這樣，我將打開它進行問答。

(Operator Instructions) Your first question comes from the line of Brad Zelnick with Deutsche Bank.

（操作員說明）您的第一個問題來自德意志銀行的 Brad Zelnick。

Great, and congrats on an amazing finish to 2023. Bill, it's clear the Now Platform is a destination of choice for enterprise AI and modern digital workflows. But I'd love to hear your view of the environment versus what you see as Now-specific. It would be great if maybe you can share a bit about close rates, sales rep participation rates or even the net new ACV performance as you did last year, just to help us contextualize how it's going out there.

太棒了，恭喜 2023 年取得了驚人的成績。比爾，很明顯，Now 平台是企業人工智慧和現代數位工作流程的首選目的地。但我很想聽聽您對環境的看法以及您對當前特定情況的看法。如果您能像去年一樣分享一些有關成交率、銷售代表參與率甚至新 ACV 淨績效的信息，以幫助我們了解其實際情況，那就太好了。

Yes, Brad, thank you very much for the question. Things are going very well out there, and the momentum is terrific. What's really happening, and I can say this after 186 CEO meetings in the last 6 months, the CEOs are now getting very involved with the gen AI revolution. They realize there has to be architectural adjustments to their environment and the manner in which they manage their data and the platforms they're beholden to, to actually take advantage of gen AI. And if you think about the half a century mess that exists out there with legacy systems, in many cases, multiples of the same system, we have one unifying force in these conversations, which is the Now Platform because we cooperate with the complexity of this landscape without putting people in a position to rip and replace. So they're looking for platforms that matter. We're one of those. And I think, as Gina said, we are the intelligent platform for end-to-end digital transformation. When you have that C-level executive meeting, they really get it now.

是的，布拉德，非常感謝你提出這個問題。那裡的事情進展順利，勢頭非常好。到底發生了什麼，在過去 6 個月召開了 186 次執行長會議之後，我可以說，執行長們現在正在積極參與新一代人工智慧革命。他們意識到，必須對他們的環境、管理資料的方式以及他們所依賴的平台進行架構調整，才能真正利用新一代人工智慧。如果您考慮遺留系統存在半個世紀的混亂，在許多情況下，同一系統的多個，我們在這些對話中擁有一種統一力量，那就是 Now 平台，因為我們與這個複雜性進行合作景觀，而不會讓人們處於撕裂和替換的境地。因此，他們正在尋找重要的平台。我們就是其中之一。我認為，正如吉娜所說，我們是端到端數位轉型的智慧平台。當你召開 C 級高階主管會議時，他們現在真的明白了。

And with regard to gen AI, the momentum is outstanding. As I said, that SKU has outsold any other new introduction we put into the marketplace. So there's a real appetite to invest in gen AI, and there's no price sensitivity around it because the business cases are so unbelievable. I mean if you're improving productivity, 40%, 50%, it just sells itself. So I think we're in a really, really good place. The gen AI investments are coming. We're actually getting orders because we have great product, thanks to CJ and his unbelievable engineering team. So I would tell you at this time last year, compared to this time this year, you should be more bullish now.

而在新一代人工智慧方面，勢頭十分強勁。正如我所說，該 SKU 的銷售量超過了我們投放到市場上的任何其他新產品。因此，人們確實有投資新一代人工智慧的興趣，而且它不存在價格敏感性，因為商業案例是如此令人難以置信。我的意思是，如果你的生產力提高了 40%、50%，那麼它就會自我推銷。所以我認為我們處於一個非常非常好的位置。新一代人工智慧投資即將到來。事實上，我們之所以能夠獲得訂單，是因為我們擁有出色的產品，這要感謝 CJ 和他令人難以置信的工程團隊。所以我去年這個時候告訴你，比起今年這個時候，你現在應該會更看好。

Yes. And it's great to see it reflected in the guidance. Thanks so much for taking the question.

是的。很高興看到它反映在指南中。非常感謝您提出問題。

Thank you, Brad.

謝謝你，布拉德。

Your next question comes from the line of Mark Murphy with JPMorgan. Mark, the floor is yours.

你的下一個問題來自摩根大通的馬克墨菲。馬克，地板是你的。

So Bill, I don't think I've heard any other software companies say that its gen AI products produce the strongest net new ACV of any product family. We had a contact saying it's really the only platform with real-life uses of AI right now. So I'm wondering if you think that is accurate, and that's what's driving it. Or should we relate it more to the work you've done getting ahead on pricing and packaging? Should we think back to the efforts of that element AI team, which is so fantastic? Or maybe it's some other factor in your mind that's really allowing you to see faster adoption of AI.

所以比爾，我想我沒有聽過任何其他軟體公司說它的一代 AI 產品產生了任何產品系列中最強的淨新 ACV。我們的一位聯絡人說，它確實是目前唯一一個在現實生活中使用人工智慧的平台。所以我想知道你是否認為這是準確的，這就是推動它的原因。或者我們應該將其更多地與您在定價和包裝方面所做的工作聯繫起來？我們是否應該回想一下元素AI團隊的努力，如此出色？或者也許是您心中的其他一些因素真正讓您看到人工智慧的更快採用。

Yes. I mean I'll obviously let CJ comment on this also. But you look at the Visa strategic partnership using gen AI solution to manage end-to-end dispute resolutions with customers. I mean this is one of the great brands in the world, one of the substantial companies. And just think about the impact gen AI has in radically simplifying their conversation with their customer and deflecting all the human capital it takes to resolve these cases when technology can do it.

是的。我的意思是，我顯然也會讓 CJ 對此發表評論。但你看看 Visa 的策略夥伴關係，使用 gen AI 解決方案來管理與客戶的端到端爭議解決方案。我的意思是，這是世界上最偉大的品牌之一，也是實力雄厚的公司之一。想想一代人工智慧的影響，它從根本上簡化了他們與客戶的對話，並在技術可以做到的情況下轉移了解決這些案例所需的所有人力資本。

If you look at EY and the idea of instilling gen AI governance on a single pane of glass to manage risk and compliance for some of the biggest corporations in the world, if you look at the opportunity, every single industry has a great opportunity. I was in Germany recently, and I was talking to a home appliance industry participant. Post COVID, they went from 25% online sales to much more than 50%, and it's growing. So when CJ and his team brought Field Service Management with gen AI to the marketplace, just think about one call where the agent instead of -- the rep instead of using a clipboard and a pencil, he's got it on the mobile, knows exactly what part to bring, resolves the case on the spot. That's one part of it, but here is another part of it.

如果你看看安永，以及在單一管理平台上灌輸新一代人工智慧治理的想法，以管理世界上一些最大的公司的風險和合規性，如果你看看機會，每個行業都有巨大的機會。我最近在德國，和一位家電業的參與者交談。新冠疫情之後，他們的線上銷售額從 25% 上升到 50% 以上，而且還在成長。因此，當CJ 和他的團隊將帶有gen AI 的現場服務管理引入市場時，只需考慮一個電話，座席而不是代表，而不是使用剪貼板和鉛筆，他可以在移動設備上使用它，確切地知道什麼部分攜帶，當場解決。這是其中的一部分，但這是另一部分。

The consumer will pay a lot more if they can get a same-day repairs agreement along with the appliance. And the margins on same-day repair are far greater than the box itself, plus you create a nice annuity stream. So what we're talking about here is fundamentally rethinking the way business is transformed using our platform and gen AI. And CJ, I know and I do want to congratulate you and thank you for the unbelievable job that you continue to do bringing this innovation to the marketplace. Please give us your thoughts.

如果消費者能與設備一起獲得當日維修協議，他們將支付更多費用。當日維修的利潤遠大於盒子本身，而且你還創造了一個不錯的年金流。因此，我們在這裡討論的是從根本上重新思考使用我們的平台和新一代人工智慧進行業務轉型的方式。 CJ，我知道，我確實想祝賀你，並感謝你為將這項創新推向市場所做的令人難以置信的工作。請告訴我們您的想法。

Thank you, Bill. And Mark, here is how I would say, some of the questions that you asked are absolutely spot on. Element AI team was absolutely a game changer from talent perspective. And our investments in AI that you're very familiar with since 2017 continue for us not only on the speed of innovation, but what we learned from our customers. Let me give you a couple of quick insights.

謝謝你，比爾。馬克，我想說的是，你問的一些問題絕對是對的。從人才角度來看，Element AI 團隊絕對是遊戲規則的改變者。自 2017 年以來，我們對人工智慧的投資一直是大家所熟悉的，這不僅體現在創新速度上，也體現在我們從客戶身上學到的東西。讓我給你一些快速的見解。

We were the first ones -- one of the first ones to release the product with use case specific generative AI starting in September. So we definitely had first mover's advantage from that perspective. However, from a customer sentiment perspective, I will tell you there were 2 Wall Street banks telling me specifically that they wanted to be the first ones on the Street, Wall Street, in New York, to go with our gen AI solution and one of them signed with us. And you know you work for one, but in the sense that this is a highly regulated environment, regulators want to know how AI is done, and we were able to sign with the first Wall Street Bank in New York in Q4. In addition, we also signed with a large manufacturing company that wants to fundamentally transform their employee productivity. And then we also signed with a very large restaurant food retailer who wanted to transform employee experience and overall shared services productivity so that their margins can go up.

我們是第一批從 9 月開始發布具有特定用例產生人工智慧產品的公司之一。所以從這個角度來看，我們絕對有先發優勢。然而，從客戶情緒的角度來看，我會告訴你，有兩家華爾街銀行明確告訴我，他們希望成為紐約華爾街第一家採用我們的人工智慧解決方案的銀行，也是其中之一他們與我們簽約。你知道你為一個人工作，但從某種意義上說，這是一個高度監管的環境，監管機構想知道人工智慧是如何實現的，我們能夠在第四季度與紐約第一家華爾街銀行簽約。此外，我們也與一家大型製造公司簽約，希望從根本上改變員工的生產力。然後我們也與一家非常大的餐廳食品零售商簽約，他們希望改變員工體驗和整體共享服務生產力，以便提高利潤。

This is definitely a game changer. We are learning a lot from our customers. We are seeing very significant momentum. And I was here when we launched 2018 September, ITSM Pro, and as Bill and Gina shared that this has exceeded all of our expectations on how well we did on the monetization of our Pro Plus SKUs. Thank you, Mark.

這絕對是一個遊戲規則的改變者。我們從客戶身上學到了很多。我們看到了非常顯著的勢頭。當我們在 2018 年 9 月推出 ITSM Pro 時，我就在場，正如 Bill 和 Gina 所說，這超出了我們對 Pro Plus SKU 貨幣化表現的所有預期。謝謝你，馬克。

Our next question comes from the line of Arjun Bhatia with William Blair.

我們的下一個問題來自阿瓊·巴蒂亞 (Arjun Bhatia) 和威廉·布萊爾 (William Blair) 的對話。

I'll add my congrats. I wanted to maybe touch on the strength that you're seeing in customer and employee workflows because if I look at the net new ACV that you're driving there, the mix is relatively stronger than IT workflows there this quarter. Is that attributed to some of this AI adoption and plus SKU? Or are there other drivers there that you're seeing driving momentum in those solutions?

我會添加我的祝賀。我想談談您在客戶和員工工作流程中看到的優勢，因為如果我看看您在那裡駕駛的淨新 ACV，就會發現這種組合比本季的 IT 工作流程相對更強。這是否歸因於人工智慧的採用以及 SKU？或者您認為這些解決方案中還有其他驅動因素嗎？

Yes. Thank you very much, Arjun, and I really appreciate it. Just a couple of statistics on the customer workflows, 18 of our top 20 deals, what we're seeing is there's a tremendous opportunity to really take ServiceNow and squarely place it on the Customer Relationship Management category. When you think about front, mid and back office and the fact that we can align all 3 of those things and nobody has to lose for us to win, we can fill in all the blanks for what the current participants don't do, especially with their integration problems. It's just a fantastic opportunity for our customers.

是的。非常感謝你，阿瓊，我真的很感激。只需一些關於客戶工作流程的統計數據，我們的前 20 筆交易中的 18 筆，我們看到的是真正採用 ServiceNow 並將其直接置於客戶關係管理類別中的巨大機會。當你想到前台、中台和後台，以及我們可以調整所有這三件事並且沒有人必須輸掉才能讓我們獲勝這一事實時，我們可以填補當前參與者不做的所有空白，特別是以及他們的整合問題。這對我們的客戶來說是一個絕佳的機會。

And I think it's important to note, when I gave the Field Service Management example, our net new ACV in Field Service Management, specifically, was up over 50% year-over-year. So I think it's important to recognize that we have a whole list of new logos in this space. And employee workflows, 9 of our top 20 deals and was kind of interesting. Every single CEO now is looking to make the people packed far more productive than it is and with natural language. To have your employees seek the data and the information they want and have it reported back to them in just a very nice paragraph of content and data so they can do their jobs better is kind of like in the no-brainer category. And we have some really great logos that I'm sure CJ would like to share with you as well. But both of those areas are really good. And incidentally, that employee spot that I mentioned was up 80% year-over-year.

我認為值得注意的是，當我給出現場服務管理範例時，我們在現場服務管理方面的淨新 ACV 同比增長了 50% 以上。因此，我認為重要的是要認識到我們在這個領域擁有一整套新徽標。還有員工工作流程，我們的前 20 筆交易中有 9 筆很有趣。現在，每一位執行長都希望透過自然語言，讓員工的工作效率大大提升。讓您的員工尋找他們想要的數據和信息，並以一段非常好的內容和數據的形式將其報告給他們，以便他們可以更好地完成工作，這有點像無需動腦筋的類別。我們有一些非常棒的徽標，我相信 CJ 也願意與您分享。但這兩個領域都非常好。順便說一句，我提到的員工職位年增了 80%。

Thank you, Bill. And Arjun, some of the questions that you asked, you're spot on. So AI and specifically Pro Plus SKU was a catalyst both for our employee and customer workflow. So that's number one. Number two, within customer workflow, which had an amazing quarter, and I'm so proud of that team and ServiceNow to cross $1 billion of ACV, which just a few years ago was $10 million. That's a multiple orders of magnitude growth on the difference we are making in customer service because we are ServiceNow and we know how to do customer service.

謝謝你，比爾。阿瓊，你問的一些問題是正確的。因此，人工智慧，特別是 Pro Plus SKU 是我們員工和客戶工作流程的催化劑。所以這是第一。第二，在客戶工作流程中，這個季度的表現令人驚嘆，我為團隊和 ServiceNow 突破 10 億美元的 ACV 感到非常自豪，而就在幾年前，這個數字還只有 1000 萬美元。這是我們在客戶服務方面所取得的進步的多個數量級的增長，因為我們是 ServiceNow，我們知道如何提供客戶服務。

So ServiceNow growth was unbelievable from customer service and customer workflow perspective. Two sectors I'll call out besides Bill's point on Field Service Management. Number one, our telco products, specifically designed for telco industry, saw triple-digit growth with some of the largest telcos in the world related to customer service. And also, we saw in public sector from a direct to citizen perspective, Customer Service Management did really well in Q4. And on employee workflow, as Gina outlined, we had many million-dollar deals across the industries, including public sector and that business, in addition to HR service delivery with workplace service delivery and legal service delivery, continues to do very well, growing very strongly.

因此，從客戶服務和客戶工作流程的角度來看，ServiceNow 的成長令人難以置信。除了比爾關於現場服務管理的觀點之外，我還要指出兩個部分。第一，我們專為電信業設計的電信產品在全球一些最大的電信公司的客戶服務方面實現了三位數的成長。此外，我們從直接面向公民的角度看到，在公共部門，客戶服務管理在第四季度表現非常好。在員工工作流程方面，正如吉娜所概述的那樣，我們在各個行業（包括公共部門）進行了許多價值數百萬美元的交易，除了人力資源服務交付、工作場所服務交付和法律服務交付之外，該業務繼續表現出色，成長非常快強烈。

Your next question comes from the line of Kash Rangan with Goldman Sachs.

你的下一個問題來自高盛的 Kash Rangan。

Congratulations, Bill, Gina, CJ. Great to hear that you're among the first sort of software companies to give us splendid results and we feel better about 2024 already just based on your numbers. Bill, a question for you. It looks like generative AI is making sales cycles easier, if I could say that, and has the potential to bring in repeat business with existing customers at a faster pace and magnitude. Can you talk a little bit about how much easier it has gotten despite the environment staying tough? But with generative AI, how much easier has it gotten for the company to generate that initial lead and close that deal and do more repeat business? That's it for me.

恭喜，比爾、吉娜、CJ。很高興得知你們是第一批為我們帶來出色業績的軟體公司之一，僅根據你們的數字，我們就對 2024 年感覺更好了。比爾，問你一個問題。如果我可以這麼說的話，看起來生成式人工智慧正在使銷售週期變得更容易，並且有可能以更快的速度和規模為現有客戶帶來重複業務。您能否談談儘管環境依然嚴峻，但事情變得容易了多少？但有了生成式人工智慧，公司在產生最初的領先優勢、完成交易並開展更多回頭客業務方面變得容易多了？對我來說就是這樣。

Yes. Kash, so I will touch on this from a couple of things. Demand environment, as Gina has outlined, it continues to be still tough, right? We are not ready to say that things have improved significantly. It is our platform's strategic relevance, as Gina called out, is very high, which has allowed us to what you saw million-dollar deals and large deals that happened in our Q4. Across the globe, across the industries, the performance was very strong. So let me just touch on that.

是的。卡什，所以我將從幾個方面來談這個問題。正如吉娜所概述的那樣，需求環境仍然很艱難，對嗎？我們還沒準備好說事情已經有了顯著改善。正如吉娜所說，我們平台的策略相關性非常高，這使我們能夠看到第四季度發生的數百萬美元交易和大型交易。在全球範圍內，各行業的表現都非常強勁。讓我簡單談談這一點。

On generative AI the demand for generative AI varies by industry, but we are -- I'll give you an example of a large manufacturing company, the CIO reached out to me in October, wanted to do a 4 weeks POC and purchased it in December. So from a sales cycle perspective, that was a top-down decision moving very, very fast. A large retailer is currently also doing a proof of concept with ServiceNow Pro Plus SKU because it is a CEO initiative that Bill talked about. So from a demand on gen AI specifically, it is very, very clear that customers are pulling us in that direction in certain industries. And for those sales cycles, yes, they are very fast.

關於生成式人工智慧，對生成式人工智慧的需求因行業而異，但我們——我給你舉一個大型製造公司的例子，首席資訊長在10 月聯繫了我，想做一個為期4 週的POC，並於2019 年購買了它。十二月。因此，從銷售週期的角度來看，這是一個由上而下的決策，進展非常非常快。一家大型零售商目前也正在對 ServiceNow Pro Plus SKU 進行概念驗證，因為這是 Bill 談到的 CEO 倡議。因此，從對新一代人工智慧的具體需求來看，非常非常明顯的是，在某些產業，客戶正在將我們拉向這個方向。對於這些銷售週期來說，是的，它們非常快。

They want to see -- a large manufacturing company CEO that Bill met in Germany, I had a follow-up call in December, and he said, "CJ, I want to kick off on Pro Plus SKU for the specific use cases on ITSM. And you and I should review the results end of February." This is faster than ITSM Pro sales cycle. And so I would say overall environment is still similar from what we saw in Q3 to Q4, and Gina will touch on it, but gen AI, it's on a faster cycle.

他們希望看到比爾在德國會見的一家大型製造公司的首席執行官，我在 12 月進行了後續通話，他說：「CJ，我想針對 ITSM 上的特定用例啟動 Pro Plus SKU …你和我應該在二月底查看結果。”這比 ITSM Pro 銷售週期更快。所以我想說，整體環境與我們在第三季到第四季看到的情況仍然相似，吉娜會談到它，但人工智慧時代，它的周期更快。

Yes. May I also just add one thing, Kash. If you think about every single industry, they all have their own personality. So for example, I had the opportunity to meet a pharma company. And as you know, the average life cycle, for example, for clinical trials is over 6.5 years. And this is an industry that drops $200 billion a year on this clinical trial process and 90% of them fail. So if you just think about that for a minute, you say, well, what can generative AI do to automate document generation, for example, that would be in line with regulatory protocols? And you come up with site contracting agreements, for example, that also include the patient because the patient has to be engaged in the process, otherwise they won't stay in the trial.

是的。我還可以補充一件事嗎，卡什。如果你考慮一下每個產業，你會發現它們都有自己的個性。例如，我有機會見到一家製藥公司。如您所知，例如臨床試驗的平均生命週期超過 6.5 年。這個產業每年在臨床試驗過程中投入 2,000 億美元，其中 90% 都失敗了。因此，如果你想一想，你會說，那麼，生成式人工智慧可以做什麼來自動生成文檔，例如，這符合監管協議？例如，您會提出現場承包協議，其中也包括患者，因為患者必須參與該過程，否則他們將不會留在試驗中。

And every time a patient opts out, they lose money, $20,000 per patient. So generative AI on the ServiceNow platform obviously can go in there and radically cut down the cycle time of these clinical trials. So CEOs, right out of the gates, are ready to go. Your team, my team, let's figure this out. So there's a real appetite. And I think why I'm so bullish is we have a platform that already has it.

每次患者選擇退出，他們都會損失金錢，每位患者損失 20,000 美元。因此，ServiceNow 平台上的生成式人工智慧顯然可以發揮作用，從根本上縮短這些臨床試驗的周期時間。因此，執行長們一出門就做好了出發的準備。你的團隊，我的團隊，讓我們來解決這個問題。所以確實有胃口。我認為我如此看好的原因是我們已經擁有一個平台。

The next question comes from the line of Keith Weiss with Morgan Stanley.

下一個問題來自摩根士丹利的 Keith Weiss。

Again, congratulations on really strong end to 2023. I wanted to talk a little bit on the expense side of the equation. You guys really outperformed nicely on the operating margin side of the equation this quarter looking for further expansion next year. And looking at sort of where you guys are hiring, I was a little bit surprised to see more strength on the R&D side of the equation than sales and marketing. Sales and marketing head count is only up 6%. Can you talk to us about sort of that relationship changing a little bit?

再次恭喜 2023 年取得了非常強勁的成績。我想談談費用方面的問題。你們本季在營運利潤率方面確實表現出色，尋求明年的進一步擴張。看看你們招募的地方，我有點驚訝地發現研發的實力比銷售和行銷方面更強。銷售和行銷人員數量僅增加了 6%。您能和我們談談這種關係的一些變化嗎？

R&D head count is almost matching sales and marketing head count right now. If we went back 5 years ago, sales and marketing was 50% ahead of R&D. So how are the investment priorities changing now, especially as we go into 2024? And how are you guys feeling about sales capacity and sort of the necessity to expand sales capacity heading into 2024?

目前，研發人員數量幾乎與銷售和行銷人員數量相符。如果我們回到 5 年前，銷售和行銷領先研發 50%。那麼，現在的投資重點有何變化，尤其是進入 2024 年？你們對銷售能力以及 2024 年擴大銷售能力的必要性有何看法？

Keith, this is Gina. Thanks so much for the question. So yes, we're really proud of the beat on the top line as well as the bottom line in Q4 and obviously continuing to expand those margins in 2024. Specifically, when you think about investments in R&D head count, it's all around continued innovation and our investments in gen AI and AI. And so not surprising given the commentary that you've already heard, we're continuing to double down in investments on fingers on keyboards and engineers really driving the gen AI revolution. So you'll continue to see more of that.

基思，這是吉娜。非常感謝您的提問。所以，是的，我們對第四季度的營收和淨利潤的成長感到非常自豪，並且顯然會在2024 年繼續擴大這些利潤。具體來說，當你考慮研發人員數量的投資時，一切都圍繞著著持續創新以及我們對人工智慧和人工智慧的投資。因此，考慮到您已經聽到的評論，我們將繼續增加對真正推動新一代人工智慧革命的鍵盤手指和工程師的投資，這並不奇怪。所以你會繼續看到更多這樣的事。

On the sales side, it's really about scale and leverage, right? And so sales and marketing head count, there's a lot in there. It's not just quota-bearing feet on the street sales, right? So you've got marketing, you've got marketing operations, you have sales operations in there. If you actually were able to break it down to feet on the street quota-bearing sales, you would see that growth rate much higher. And in fact, as I think about sales capacity going into 2024, we have a larger increase in ramped reps going into '24 than we've had in years. So from a capacity perspective, we feel great about how we're entering 2024.

在銷售方面，這實際上與規模和槓桿有關，對吧？因此，銷售和行銷人員數量非常多。這不僅僅是街頭銷售的配額，對吧？所以你有行銷、行銷營運、銷售營運。如果你真的能夠將其分解為街道配額銷售的英尺，你會發現增長率要高得多。事實上，當我考慮到 2024 年的銷售能力時，我們進入 24 年的銷售代表增幅比多年來都要大。因此，從產能角度來看，我們對進入 2024 年的情況感到滿意。

It seems like it really speaks to an increasing sales efficiency then. You just need less people to support any given quota-bearing sales reps.

看來這確實說明了銷售效率的提升。您只需要更少的人來支持任何給定的配額銷售代表。

Absolutely. Productivity and efficiency is going up as well as the fact that from a scale perspective, you're not growing some of the operational heads as much. And we'll be definitely increasing hiring as we go into '24 as you would expect.

絕對地。生產力和效率正在提高，而且從規模角度來看，一些營運主管的成長並沒有那麼多。正如您所期望的那樣，隨著進入 24 年，我們肯定會增加招募。

And Keith, Gina doesn't brag about this, neither does Russ Elmer, who is our Office of General Counsel Lead. We're using the Now Platform. So in all the back office functions of the company, we're so automated, so productive. And they're getting things done on the Now Platform that it would take other companies 5 and 6x the head count to do the same job. And that is really something. We actually even had, with legal service delivery, AI tell us that we're spending too much time on contracts less than $250,000.

基斯、吉娜並沒有吹噓這一點，我們總法律顧問辦公室負責人拉斯·埃爾默也沒有吹噓這一點。我們正在使用 Now 平台。因此，在公司的所有後台職能中，我們都非常自動化，而且非常有效率。他們在 Now 平台上完成的工作需要其他公司 5 到 6 倍的員工才能完成相同的工作。這真的很重要。實際上，在提供法律服務時，人工智慧告訴我們，我們在金額低於 25 萬美元的合約上花費了太多時間。

Our office of General Counsel, Russ made the decision based on AI that we could fundamentally change that and reorient the workflow around those kinds of agreements, which gave us a huge rush, and he didn't have to hire anybody. And then he actually took that product and our great engineering team built it. We call it LSD, Legal Service Delivery, and now lawyers all over the world, they want to jump on. So everything we do internally with Now on Now as an external marketing force associated with it.

我們的總法律顧問辦公室Russ 基於人工智慧做出了決定，我們可以從根本上改變這一點，並圍繞此類協議重新調整工作流程，這給了我們巨大的推動力，而且他不需要雇用任何人。然後他實際上採用了該產品，我們偉大的工程團隊建造了它。我們稱之為LSD，即法律服務交付，現在世界各地的律師都想加入。因此，我們內部所做的一切都是與 Now on Now 作為與之相關的外部行銷力量。

Yes. And Keith, Gina handled this really well in terms of sales efficiency. But one of the things that Bill mentioned that I just wanted to call out that we are really proud of our sales teams besides expansion of our platform in different buying centers, but also the new logo growth. The new logo growth for 2023 was way ahead of what our expectations were specifically in Americas and Europe compared to 2022, including the large transaction that Bill referenced. But when your sales capacity and sales efficiency specifically is improving while you're also gaining new logos, which is just a very super proud moment for us in 2023.

是的。基斯、吉娜在銷售效率方面處理得非常好。但比爾提到的一件事我只是想指出，除了在不同購買中心擴展我們的平台以及新徽標的增長之外，我們對我們的銷售團隊感到非常自豪。與 2022 年相比，2023 年新標誌的成長遠遠超出了我們的預期，特別是在美洲和歐洲，包括比爾提到的大型交易。但是，當您的銷售能力和銷售效率得到具體提高，同時您也獲得了新徽標時，這對我們來說是 2023 年非常值得驕傲的時刻。

Your next question comes from the line of Samad Samana with Jefferies.

你的下一個問題來自 Samad Samana 和 Jefferies 的對話。

Congrats on a great close to 2023. Gina, I was wondering if maybe you could help us understand that on the cRPO upside, if you think about the 200 basis points and could you kind of break down for us how much of it was adoption of gen AI and the net new ACV that, that drove exceeding expectations versus just kind of more strength than expected on the renewal cohort and what drove -- what's the mechanic of the upside was in the quarter?

恭喜 2023 年圓滿結束。吉娜，我想知道您是否可以幫助我們了解 cRPO 的上升趨勢，如果您考慮 200 個基點，您能否為我們詳細說明其中有多少是採用了gen AI 和淨新ACV 的推動超出了預期，而更新群體的實力比預期更強，是什麼推動了- 本季度的上漲機制是什麼？

Yes, sure. So we beat our Q4 cRPO growth guidance by 200 basis points as you know. And I would say it's driven probably half and half by net new ACV outperformance and certainly, gen AI is in there, but it's not all gen AI. So our core business is also doing well. And then we also did see higher early renewals than we had assumed in our guidance. And I would say it's about half and half of the total beat.

是的，當然。因此，如您所知，我們比第四季 cRPO 成長指引高出 200 個基點。我想說，這可能一半是由淨新 ACV 的優異表現推動的，當然，一代人工智慧也在那裡，但並非全是一代人工智慧。所以我們的核心業務也做得很好。然後我們也確實看到了比我們在指導中假設的更高的早期續訂。我想說這大約是總節拍的一半。

Great. And then, Bill, this is maybe for you or for CJ. But as you think about the product portfolio and some of the newer products you've talked about over the last year or so beyond gen AI, whether it's observability or ERP workflows, where are you seeing the most demand or interest outside of gen AI? And what are you most optimistic about in 2024 beyond the gen AI...

偉大的。然後，Bill，這可能適合你或 CJ。但是，當您考慮過去一年左右談論的gen AI 之外的產品組合和一些較新產品時，無論是可觀察性還是ERP 工作流程，您在gen AI 之外看到的最大需求或興趣在哪裡？除了新一代人工智慧之外，您對 2024 年最樂觀的是什麼...

Absolutely. So Samad, here is what I would say. In general, every single workflow grew for us on net new ACV, which is always a great thing that, that's a balanced performance across every single workflow. And so really proud of the team, both our go-to-market and engineering teams that we continue to deliver innovations. And our go-to-market teams, they know how to sell that innovation across our product lines. So that's number one.

絕對地。薩馬德，這就是我要說的。總的來說，每個工作流程都在淨新 ACV 上為我們成長，這始終是一件好事，因為每個工作流程都具有平衡的效能。我們為我們的市場推廣團隊和工程團隊感到非常自豪，我們將繼續提供創新。我們的行銷團隊知道如何在我們的產品線上銷售創新。所以這是第一。

Number two, when I look at some of our industry products that I called out, specifically for TMT, as in telco, media and tech, they are seeing very nice traction. We also released in our technology workflow under the leadership of Pablo Stern, operational technology product that also grew very nicely.

第二，當我看到我提到的一些行業產品時，特別是 TMT，如電信、媒體和科技領域，他們看到了非常好的吸引力。我們還在 Pablo Stern 的領導下在我們的技術工作流程中發布了營運技術產品，該產品也成長得非常好。

Bill called out Field Service Management. Customer Service Management had an amazing not only Q4 but 2023, and then employee workflow also grew. So as I'm walking through this list besides gen AI and then I can tell you the same thing about security, risk, and so our asset management had a phenomenal 2023. So I expect all these product lines to continue to have momentum besides generative AI.

比爾呼叫了現場服務管理人員。客戶服務管理不僅在第四季度取得了驚人的成績，在 2023 年也取得了驚人的成績，然後員工工作流程也隨之增長。 So as I'm walking through this list besides gen AI and then I can tell you the same thing about security, risk, and so our asset management had a phenomenal 2023. So I expect all these product lines to continue to have momentum besides generative人工智慧.

Your next question comes from the line of Alex with Wolfe Research.

您的下一個問題來自沃爾夫研究中心的亞歷克斯。

So first of all, congratulations on a fantastic quarter. And I think the amount of conversation about gen AI and the tangible impacts of it on the model and the quarter were really great to hear about and see. I just -- I wanted to dig in a little bit to see if you could dimensionalize further either from a revenue contribution kind of cRPO or bookings contribution in the quarter or attach rate that you're seeing with Pro Plus as you go to market? And how should we think about that for fiscal '24? What's the aspiration here for Q1? Just give us a better -- I'd say, a better indicator or something that we can kind of monitor and track where we can see the gen AI penetration going forward. And I have a quick follow-up.

首先，恭喜這個季度的出色表現。我認為關於人工智慧的大量討論及其對模型和本季的實際影響真的很值得聽到和看到。我只是想深入了解一下，看看您是否可以進一步從收入貢獻類型的 cRPO 或本季度的預訂貢獻或您在進入市場時透過 Pro Plus 看到的附加率進一步進行維度化？我們該如何考慮 24 財年的情況？第一季的願望是什麼？只要給我們一個更好的——我想說的是，一個更好的指標或我們可以監控和追蹤的東西，我們可以看到未來人工智慧的滲透率。我有一個快速的跟進。

Sure, Alex. It's Gina. What I'd say is and we called this out in my script, right? At the end of the day, gen AI products drove the largest net new ACV contribution in the first full quarter of any of our new product family releases ever, including original Pro SKU. So I get the question often, do we the adoption curve to be steeper for our Pro Plus than our Pro? Certainly, in the first full quarter of launch, it absolutely has shown that.

當然，亞歷克斯。是吉娜。我想說的是，我們在我的劇本中提到了這一點，對吧？歸根結底，在我們有史以來發布的任何新產品系列（包括原始 Pro SKU）的第一個完整季度中，Gen AI 產品推動了最大的新 ACV 淨貢獻。所以我常常收到這樣的問題，我們的 Pro Plus 的採用曲線是否比 Pro 更陡峭？當然，在發布的第一個完整季度中，它絕對已經證明了這一點。

That being said, it's very early days. And so from a revenue contribution perspective, it's not going to be huge, but it's certainly helped when I thought about my guide for '24 and that increase of $165 million at the midpoint, right? So gen AI, early days, but the adoption curve so far is steeper than the original Pro. We will keep an eye on it. And as the numbers get larger, we will continue to update you and everyone else as to the penetration. But right now, excitement and interest from our customer base is much stronger than we ever saw in the first -- in early days of our Pro SKU, and we're excited by that momentum at the same time being conservative as I think about the guidance for '24 because it's still so early.

話雖如此，現在還為時過早。因此，從收入貢獻的角度來看，這不會很大，但當我想到 24 年的指南以及中點 1.65 億美元的增長時，這肯定有所幫助，對吧？所以，Gen AI 還處於早期階段，但迄今為止的採用曲線比最初的 Pro 更陡峭。我們將密切關注。隨著數字越來越大，我們將繼續向您和其他人通報滲透率的最新情況。但現在，我們的客戶群的興奮和興趣比我們在 Pro SKU 的早期看到的要強烈得多，我們對這種勢頭感到興奮，同時保持保守，因為我認為'24 的指導，因為現在還很早。

Super helpful. And then I guess, if I think about just the opportunity around or actually just the cRPO linearity throughout the year, you talked about the headwinds in the first half. How does that trend through the second half of the year? And then what other things should we be paying attention to there?

超有幫助。然後我想，如果我只考慮全年的機會或實際上只考慮 cRPO 線性，您談到了上半年的不利因素。下半年這一趨勢如何？那我們還應該注意哪些事情呢？

Yes. So we called out the 150 basis point impact in Q1 that increases to about 200 basis points in Q2, so we expect similar levels from Q1 to Q2. I'm not going to guide out any further than that at this point. But what I'll tell you is that I increased the full year 2024 guide by $165 million. We remain as confident as ever in our guide of $15 billion plus in '26. And gen AI and the innovation in our -- all of our product portfolio is going to help drive that growth.

是的。因此，我們指出第一季的 150 個基點影響將在第二季增加到約 200 個基點，因此我們預期第一季到第二季的水準類似。目前我不會做更多的指導。但我要告訴你的是，我將 2024 年全年指南增加了 1.65 億美元。我們對 26 年 150 億美元以上的目標仍然充滿信心。新一代人工智慧和我們所有產品組合的創新將有助於推動這一成長。

Your next question comes from the line of Mike Cikos with Needham & Company.

您的下一個問題來自 Needham & Company 的 Mike Cikos。

I'll echo my sentiment as well along with my peers. I just wanted to come back, I think earlier during the Q&A, CJ had kind of teased and maybe the monetization here for the Plus SKUs relative to the Pro SKU exceeding your expectations. And just wanted to make sure I was interpreting that properly. Can you give us any indication for what that price capture is like relative the Pro SKUs which we've had out in the market now for a couple of years?

我也會和我的同行們一起表達我的觀點。我只是想回來，我想早些時候在問答期間，CJ 有點調侃，也許 Plus SKU 相對於 Pro SKU 的貨幣化超出了你的預期。只是想確保我正確地解釋了這一點。您能否告訴我們，與我們已經在市場上推出幾年的 Pro SKU 相比，價格捕獲情況如何？

Yes. So Mike, first of all, the Pro SKUs, as you know, that we launched it in 2018 Q3, so we have 5 years of consistent trajectory and measures on how we did on Pro across ITSM, CSM and so on. And that we shared at Financial Analyst Day in May. Gina shared that number that we got 25% uplift. When I look at Pro Plus, first, just to underscore what Gina said that it definitely exceeded our expectation, did really, really well and the fastest growth. We have launched so many products over so many years. This definitely exceeded our expectations. So that's number one.

是的。麥克，首先是 Pro SKU，如你所知，我們在 2018 年第三季推出了它，所以我們有 5 年的一致軌跡和衡量標準，了解我們在 ITSM、CSM 等方面在 Pro 上的表現。我們在五月的金融分析師日分享了這一點。吉娜分享了我們獲得 25% 提升的數字。當我看到 Pro Plus 時，首先，只是為了強調 Gina 所說的，它絕對超出了我們的預期，表現非常非常好，成長最快。多年來我們推出了許多產品。這絕對超出了我們的預期。所以這是第一。

Number two, just simple thing. When I'm looking at what, based on the volume discounts, customers leaning in, asking us to try out from POC, POE perspective, it is in line with what my expectations were on how we would get the price uplift. So right now, as Bill said, I did not get any, "Oh my god, CJ. This is not going to work for us. Where is the value?" We have to always earn our right and deliver the value for our customers. But right now, it is in line with my expectations.

第二，很簡單的事。當我看到，基於批量折扣，客戶傾向於要求我們從 POC、POE 的角度嘗試時，這符合我對如何提高價格的預期。所以現在，正如比爾所說，我沒有得到任何信息，“天哪，CJ。這對我們不起作用。價值在哪裡？”我們必須始終贏得我們的權利並為我們的客戶提供價值。但現在看來，是符合我的預期的。

Your next question comes from the line of Karl with UBS.

你的下一個問題來自瑞銀集團的卡爾。

Maybe I'll direct this to Bill and CJ. You both mentioned ServiceNow's largest ever new customer win with a bank. I guess I'm surprised that there's big bank out there that's not already on ServiceNow, but I'd love to hear a little bit more about that. And I'm not even sure how big a deal would have to be your largest new win. So any size and color would be fabulous.

也許我會把這個轉給 Bill 和 CJ。你們都提到了 ServiceNow 有史以來與銀行贏得的最大的新客戶。我想我很驚訝有大銀行還沒有在 ServiceNow 上，但我很想聽到更多關於這方面的資訊。我什至不確定一筆交易有多大才能成為您最大的新勝利。所以任何尺寸和顏色都會很棒。

Yes. I think we were -- I think, Mike, you called it. I think we were at 23 out of 24 of the world's largest and most significant ones. And now we're at 24 out of 24. And I just seriously want to credit the amazing platform of ServiceNow, the MRA process and integrated risk management and the complexity of going into an environment like that is pretty serious stuff. And to have a marquee brand trust us and believe in us and believe in ServiceNow the way they did is really inspiring. And I really have to turn it over to CJ and give him so much credit for the hard work that he put into it. And I know firsthand because I had the front row seat to watching it and how we spent time with this wonderful customer. And CJ, I'm sure you got some color that you might want to put on that.

是的。我想我們——我想，麥克，你這麼稱呼它。我認為我們在全球 24 個最大、最重要的企業中排名第 23 位。現在我們在 24 家中排名第 24 名。我真的很想讚揚 ServiceNow 令人驚嘆的平台、MRA 流程和整合風險管理，以及進入這樣的環境的複雜性是非常嚴重的事情。讓一個知名品牌像他們一樣信任我們、相信我們、相信 ServiceNow，真的很鼓舞人心。我真的必須把它交給 CJ，並對他所付出的辛勤工作給予高度讚揚。我有第一手資料，因為我坐在前排觀看了這一切，以及我們如何與這位出色的顧客共度時光。 CJ，我相信你一定有一些想要在上面塗上的顏色。

Yes. Karl, great to hear from you. I would say fundamentally, when I look at that particular financial services institution, 100% is true that it is on our core of the core. So from an IT service management perspective, IT operations management perspective, this is not generative AI-specific deal, but it was very much a very strategic transaction on the foundational platform for automation and digital services at this large financial services institution. It is the largest new logo win that we had there, and it is in 8 figures of net new ACV. So that is material.

是的。卡爾，很高興收到你的來信。我想說，從根本上來說，當我審視那個特定的金融服務機構時，100% 確實它是我們的核心核心。因此，從IT 服務管理的角度、IT 營運管理的角度來看，這不是專門針對生成式人工智慧的交易，但它在這家大型金融服務機構的自動化和數位服務基礎平台上是一項非常具有戰略意義的交易。這是我們在那裡獲得的最大的新標誌勝利，淨新 ACV 達到 8 位數。這就是物質。

Your next question comes from the line of Joel Fishbein with Truist Securities.

您的下一個問題來自 Truist Securities 的 Joel Fishbein。

I will also echo the outstanding execution you guys have done. Bill, I guess this is for you. Just around the public sector vertical, it's been very strong for you for several quarters. I guess 2 things. Number one is, how does the spending remain consistent? It used to be very cyclical there. And the second question around public sector is, what do you think their AI adoption cadence is going to look like from your perspective?

我也會贊同你們所做的出色執行。比爾，我想這是給你的。就公共部門垂直領域而言，幾個季度以來，情況一直非常強勁。我猜有兩件事。第一個問題是，支出如何保持一致？那裡曾經是非常週期性的。圍繞公共部門的第二個問題是，從您的角度來看，您認為他們的人工智慧採用節奏會是什麼樣子？

Yes. Well, thank you very much for the question. I really appreciate it. Our federal business is really outstanding. And for the benefit of our shareholders, I think that there's a tremendous opportunity to replicate what we're doing in the United States federal and many other governments around the world. That is clearly an ambition that we have, and we have many use cases and many references to back that up. So CJ, I think you spent a lot of time with our team. And I know that I mentioned some of the names like United States Army, United States Postal Service as an example, really marquee wins, really, really important stuff. Why don't you build on that?

是的。嗯，非常感謝你的提問。對此，我真的非常感激。我們的聯邦業務確實非常出色。為了我們股東的利益，我認為有巨大的機會來複製我們在美國聯邦政府和世界各地許多其他政府所做的事情。這顯然是我們的雄心壯志，我們有許多用例和許多參考資料來支持這一目標。所以 CJ，我認為你花了很多時間與我們的團隊在一起。我知道我提到了一些名字，例如美國陸軍、美國郵政服務，這些名字確實非常重要，非常非常重要。為什麼不以此為基礎呢？

Yes. So Joel, everything that we have seen, as you saw in 2023, consistent performance in our what we call global public sector. So let me start there. U.S. federal, we highlighted the strength in Q3, followed by some of the logos that Bill discussed. However, I do want to state that we are also doing really well, our platform is, for state and local governments in the United States. And that growth was also very inspiring in 2023. So not only U.S. federal, but also U.S. state and local.

是的。所以喬爾，我們所看到的一切，正如你在 2023 年所看到的，我們所謂的全球公共部門的一致表現。讓我從這裡開始。美國聯邦，我們強調了第三季的實力，然後是比爾討論的一些標誌。然而，我確實想說，我們也做得非常好，我們的平台是為美國的州和地方政府服務的。 2023 年的成長也非常鼓舞人心。因此，不僅是美國聯邦政府，還有美國各州和地方。

Now let me take an example for Q4. Besides United States, we also did really well in public sector in United Kingdom. On Bill's ask and our customers' ask, I spent some time in London with our public sector customers, and they continue to also leverage ServiceNow for similar use cases that we have seen in the U.S. federal. And then in Q4, our Australia public sector team also did really well, and we had significant platform expansion with some of the large central governments, their agencies, including generative AI. So it is a pretty good picture. And we see in 2024, besides these nations, when I look at Canada, when I look at Germany and many others, the opportunity remains large, as Bill called it out.

現在讓我以第四季為例。除了美國之外，我們在英國的公共部門也做得很好。應 Bill 和我們客戶的要求，我在倫敦與我們的公共部門客戶一起度過了一段時間，他們也繼續利用 ServiceNow 來實現我們在美國聯邦部門看到的類似用例。然後在第四季度，我們的澳洲公共部門團隊也做得非常好，我們與一些大型中央政府及其機構（包括產生人工智慧）進行了重大平台擴展。所以這是一個非常好的圖片。我們看到，到 2024 年，除了這些國家之外，當我看到加拿大、德國和許多其他國家時，正如比爾所說，機會仍然很大。

Great. And just as the follow-up on the public sector adopting AI. Can you just give us a little color on what you think the trajectory is there?

偉大的。正如公共部門採用人工智慧的後續行動。您能否給我們一些關於您認為的軌跡的資訊？

The trajectory, so I just want to make sure that you understand, first is that our gen AI conversations have started with the government. One of our first logos in Q3 was with a large public sector agency, as I call it. We also had a few wins in Q4 in public sector. And as we go into 2024, across state, local and federal, across countries, we will continue to see the demand. It's early days, I would say, compared to like a financial services or manufacturing and others. But given our position of our platform and the strength we have with AI, we are definitely going to see in the second half adoption of generative AI.

所以我只想確保你們理解，首先我們的人工智慧對話已經開始與政府對話。我們在第三季的第一個標誌是與一個大型公共部門機構（我稱之為）合作的。我們在公共部門的第四季也取得了一些勝利。進入 2024 年，跨州、地方和聯邦、跨國家，我們將繼續看到需求。我想說，與金融服務業或製造業等其他產業相比，現在還處於早期階段。但考慮到我們平台的地位以及我們在人工智慧方面的實力，我們肯定會在下半年看到生成式人工智慧的採用。

The next question comes from the line of Peter Weed.

下一個問題來自彼得·威德（Peter Weed）。

Congratulations on the amazing continued momentum and wins that you are seeing with the latest releases. And I guess building on that, I'd say, prior to this year, for several years, I think there have been some really nice stability in kind of expansion in NRR or customers that I think Gina had flagged and really comforted. But I think this year, there has been some deceleration in that driven by macro. As you look out to 2024, do you see signals that we may be able to see some acceleration where NRR in 2024 might exceed what they kind of dipped to this year? Or is this kind of like the new normal and kind of from here, things may continue to trend down?

恭喜您在最新版本中看到的令人驚嘆的持續勢頭和勝利。我想在此基礎上，我想說，在今年之前，幾年來，我認為 NRR 或客戶的擴張已經出現了一些非常好的穩定性，我認為吉娜已經對此進行了標記並真正感到安慰。但我認為今年在宏觀驅動下出現了一些減速。當您展望 2024 年時，您是否看到了一些訊號，表明我們可能會看到一些加速，2024 年的 NRR 可能會超過今年下降的水平？或者這有點像新常態，從這裡開始，情況可能會繼續下降？

Thanks, Peter, for the question. What I'd say is that we are -- we feel great about our expansion rates at the scale that we're at as well as on new logo growth. So CJ mentioned earlier, our new logo growth, especially in our larger customers, has been accelerating each and every year and each and every quarter over the last several years. And so at our scale, our expansion rates remain extremely strong, and as does our net new logo growth. And so you will continue to see a nice mix of existing customers upselling with us as well as new logos joining us. And so we hit $8.7 billion in revenue going to $10.575 billion next year. At our scale, these expansion rates are best-in-class, and we remain extremely proud of them.

謝謝彼得提出的問題。我想說的是，我們對目前規模的擴張速度以及新標誌的成長感到非常滿意。因此，CJ 之前提到，我們的新標誌成長，特別是在我們的大客戶中，在過去幾年中每年、每季都在加速。因此，就我們的規模而言，我們的擴張率仍然非常強勁，我們的新標誌淨成長也是如此。因此，您將繼續看到現有客戶與我們進行追加銷售以及新徽標加入我們的良好組合。因此，明年我們的營收將達到 87 億美元，達到 105.75 億美元。就我們的規模而言，這些擴張率是同類中最好的，我們仍然對此感到非常自豪。

We have time for one more question. And that question will come from the line of Brad Sills with Bank of America.

我們還有時間再問一個問題。這個問題將來自美國銀行的布拉德希爾斯 (Brad Sils)。

I wanted to ask about the large new logo strength. We just haven't heard from a lot of enterprise applications companies around that this year. It seems like a tough environment to close big transformational new application deals. So I wanted to ask why now? I know this has been a focus, but any color on where you're at in kind of closing that gap on some of these large global organizations? And then also, what does that mean for your expansion opportunity? Does this give you more line of sight to that given that these are large organizations with big wallets just getting started with ServiceNow?

我想問一下新標誌的強度。今年我們還沒有收到很多企業應用程式公司的消息。完成大型變革性新應用程式交易似乎是一個艱難的環境。所以我想問為什麼現在？我知道這一直是一個焦點，但是您對縮小與某些大型全球組織的差距有何看法？另外，這對您的擴張機會意味著什麼？考慮到這些都是財力雄厚、剛開始使用 ServiceNow 的大型組織，這是否能讓您有更多的視野？

Yes. So Brad, I will touch on it. Besides financial services institution, we also saw many large new customer wins in manufacturing, specifically automotive. We also saw in public sector. We got new logos with new agencies. And commercial business, which is a massive strength for ServiceNow, continue to outperform large new logos. And in my initial commentary, I stated that Americas and Europe also had large logo, new growth. So this is something that Paul Smith and the team focused on, starting with the first quarter and continued to build throughout the year. And as I told Keith Weiss, this is something we are really, really proud of in terms of just our ability to focus on high-quality logos that matter.

是的。布拉德，我會談談它。除了金融服務機構之外，我們還看到製造業（特別是汽車業）贏得了許多大型新客戶。我們在公共部門也看到了這一點。我們與新機構一起使用了新標誌。商業業務是 ServiceNow 的一大優勢，其表現持續優於大型新商標。在我最初的評論中，我指出美洲和歐洲也有大標誌，新的成長。因此，這是保羅史密斯和團隊從第一季開始並在全年中持續關注的重點。正如我告訴 Keith Weiss 的那樣，我們真的非常非常自豪，因為我們有能力專注於重要的高品質徽標。

And even these logos, whether it's in public sector, manufacturing, financial services or our commercial segment, it's not that we have maxed out. Even this large financial services, they just bought ITSM and ITOM. When I look at a large automotive, it was just ITSM and ITOM. So yes, we are starting at a bigger scale, but this specific account will continue to expand for us.

即使是這些標誌，無論是在公共部門、製造業、金融服務業或我們的商業領域，我們都沒有達到極限。即使是這麼大的金融服務，他們也只是買了ITSM和ITOM。當我看到大型汽車時，它只是 ITSM 和 ITOM。所以，是的，我們正在以更大的規模開始，但這個特定的帳戶將繼續為我們擴大。

And one last thing I'll touch on that some of the big ones who became our customer for the first time, our teams did a beautiful job working with the customer that, hey, once you implement, say, ITSM in the next 6 to 9 months, then they have set aside budget for IT asset management or for security or risk. So that has been also built in as we go into 2024.

我要提到的最後一件事是，一些首次成為我們客戶的大公司，我們的團隊在與客戶的合作中做得非常出色，嘿，一旦您在接下來的 6 年內實施 ITSM， 9 個月後，他們就為IT 資產管理或安全或風險預留了預算。因此，當我們進入 2024 年時，這一點也已內建。

Ladies and gentlemen, that concludes today's call. Thank you all for joining. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝大家的加入。您現在可以斷開連線。