ServiceNow Inc (NOW) 2024 Q1 法說會逐字稿

Good day, everyone, and welcome to the First Quarter 2024 ServiceNow Earnings Conference Call. Today's call is being recorded. I would now like to turn the call over to Darren Yip, Group Vice President of Investor Relations. Please go ahead.

大家好，歡迎參加 2024 年第一季 ServiceNow 收益電話會議。今天的通話正在錄音。我現在想將電話轉給集團投資者關係副總裁 Darren Yip。請繼續。

Good afternoon, and thank you for joining ServiceNow's First Quarter 2024 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 2024 年第一季財報電話會議。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 first quarter 2024 results and discuss our guidance for the second quarter and full year 2024. 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 2023 10-K for factors that may cause actual results to differ materially from our forward-looking statements.

在今天的電話會議中，我們將回顧2024 年第一季的業績，並討論我們對2024 年第二季和全年的指導。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。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 2023 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. A replay of today's call will also be posted on our website.

我們還想指出的是，我們提供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原則，但收入、剩餘履約義務或 RPO、當前 RPO 以及現金和投資除外。要了解這些非公認會計原則和公認會計原則衡量標準之間的調節，請參閱今天的收益新聞稿和投資者演示文稿，這些內容均發佈在我們的網站 Investors.servicenow.com 上。今天電話會議的重播也將發佈在我們的網站上。

With that, I'll turn the call over to Bill.

這樣，我就把電話轉給比爾。

Thank you very much, Darren, and thank you, everyone, for joining today's call. ServiceNow's first quarter results were outstanding. We once again outperformed our guidance across all top line and profitability metrics.

非常感謝達倫，也感謝大家參加今天的電話會議。 ServiceNow 第一季的業績非常出色。我們在所有營收和獲利指標方面再次超出了我們的指導。

Subscription revenue grew by 24.5% year-over-year in constant currency. That's approximately 50 basis points above the high end of our guidance. CRPO grew 21% year-over-year in constant currency, 100 basis points above our guidance. Operating margin was over 30%, 150 basis points above our guidance. Even as Q1 is not traditionally a large quarter, we had 8 deals over $5 million in net new ACV, a 100% increase year-over-year. 4 deals were over $10 million, which is a 300% increase year-over-year.

以固定匯率計算，訂閱收入年增 24.5%。這比我們指導的上限高出約 50 個基點。以固定匯率計算，CRPO 年增 21%，比我們的指引高出 100 個基點。營業利益率超過 30%，比我們的指導水準高出 150 個基點。儘管第一季傳統上不是一個大季度，但我們有 8 筆淨新 ACV 交易超過 500 萬美元，年增 100%。超過1000萬美元的交易有4起，較去年同期成長300%。

ServiceNow is strengthening its position as the AI platform for business transformation. This is fueling strong performances for each of our key businesses. ITSM and ITOM were each in 16 of the top 20 deals. Security and risk, combined, were an 11 of the top 20, customer creator and employee workflows were in 10 of the top 20 deals. GenAI adoption remained on a tear in Q1. Companies are leaning into GenAI as a powerful deflationary force to drive productivity. That's why NNACV for Pro plus is record-breaking. In fact, it's the fastest selling offering in the company's history.

ServiceNow 正在鞏固其作為業務轉型人工智慧平台的地位。這推動了我們每項關鍵業務的強勁業績。 ITSM 和 ITOM 各佔前 20 筆交易中的 16 筆。安全與風險合計佔前 20 筆交易中的 11 筆，客戶創建者和員工工作流程占前 20 筆交易中的 10 筆。第一季 GenAI 的採用率仍大幅上升。公司正在將 GenAI 視為推動生產力的強大通貨緊縮力量。這就是為什麼 NNACV for Pro plus 打破了記錄。事實上，這是該公司史上銷售最快的產品。

Iconic brands are adopting ServiceNow's Now Assist AI as a standard for their GenAI road maps. This quarter, we expanded our long-standing partnership with Microsoft to include new generative AI capabilities while also integrating Now Assist AI and Copilot into employee experiences. Really exciting.

標誌性品牌正在採用 ServiceNow 的 Now Assist AI 作為其 GenAI 路線圖的標準。本季度，我們擴大了與 Microsoft 的長期合作夥伴關係，納入新的生成式 AI 功能，同時也將 Now Assist AI 和 Copilot 整合到員工體驗中。真的令人激動。

Hitachi Energy is using case summarization with Now Assist for ITSM to resolve cases faster, saving millions. Equinix is deploying Now Assist AI for HR workflows, aiming to increase agent productivity by 30%. ServiceNow at IBM are combining the power of the Now Platform with Watson X to increase productivity for IBM's employees, customers and partners. BNY Mellon and ServiceNow are exploring the utilization of AI and other leading technologies and IT service management helping to unlock additional value for the bank and its clients.

Hitachi Energy 正在使用案例總結和 Now Assist for ITSM 來更快地解決案例，從而節省數百萬美元。 Equinix 正在為 HR 工作流程部署 Now Assist AI，旨在將座席工作效率提高 30%。 IBM 的 ServiceNow 將 Now Platform 的強大功能與 Watson X 結合，以提高 IBM 員工、客戶和合作夥伴的工作效率。紐約梅隆銀行和 ServiceNow 正在探索利用人工智慧和其他領先技術以及 IT 服務管理，幫助為銀行及其客戶釋放額外價值。

We look forward to further demonstrating the exceptional GenAI customer successes and a detailed road map at our Financial Analyst Day on May 6 in Las Vegas. From an industry perspective, public sector continues to excel globally. Major transactions in Q1 included government of Australia's health department and the government of Italy's IT division, Sogei; the government of Sao Paulo Motor Vehicle Department created an app on ServiceNow to give customers, in that case, citizens, a fast, transparent digital experience that handles requests in minutes.

我們期待在 5 月 6 日拉斯維加斯金融分析師日上進一步展示 GenAI 卓越的客戶成功經驗和詳細的路線圖。從產業角度來看，公共部門在全球範圍內持續表現出色。第一季的主要交易包括澳洲政府衛生部門和義大利政府IT部門Sogei；聖保羅機動車輛部門政府在 ServiceNow 上創建了一個應用程序，為客戶（即公民）提供快速、透明的數位體驗，可在幾分鐘內處理請求。

Our global footprint is booming. We're seeing a vast expansion in our most important geographies. This quarter, our Japan team signed the largest NNACV deal in its history. Novartis in Switzerland is implementing ServiceNow GenAI technology to transform the business into one of the most innovative companies in therapeutic medicine. NEOM is harnessing ServiceNow single data model along with other partners to scale its IT services across the Middle East regions while seeking to create the first cognitive city where data-driven intelligence meets urban everyday needs.

我們的全球足跡正在蓬勃發展。我們看到我們最重要的地區出現了巨大的擴張。本季度，我們的日本團隊簽署了歷史上最大的 NNACV 協議。瑞士諾華公司正在實施 ServiceNow GenAI 技術，將其業務轉型為治療醫學領域最具創新性的公司之一。 NEOM 正在與其他合作夥伴一起利用 ServiceNow 單一資料模型在整個中東地區擴展其 IT 服務，同時尋求創建第一個認知城市，以資料驅動的智慧滿足城市的日常需求。

Suzuki, Tokyo Gas iNet, ANA Systems are all top deals signed in Q1. And this is just scratching the surface of what we achieved this quarter. There's a lot of guesswork out there right now about the geopolitics and economic policies among other things. ServiceNow's philosophy is simple. We focus on the things we can control, building great products, delivering great service for our customers and forging a winning culture, where people can do the best work of their careers. And that's why we perform well when some others don't.

鈴木、東京瓦斯 iNet、全日空系統都是第一季簽署的頂級交易。這只是我們本季所取得的成就的冰山一角。目前對於地緣政治和經濟政策等存在著許多猜測。 ServiceNow 的理念很簡單。我們專注於我們可以控制的事情，打造卓越的產品，為客戶提供優質的服務，並打造一種成功的文化，讓人們在職業生涯中做到最好的工作。這就是為什麼我們表現良好而其他人卻表現不佳的原因。

It's also why our guidance, as you'll hear from Gina, remains ever strong. Let's talk about the demand environment for enterprise software. AI is not simply a fast maturing technology. AI is a catalyst for business transformation. When I speak to CEOs all over the world, they recognize this is a change moment. Over the past 15 years, enterprise has experienced a massive decentralization of technology governance. As every department became an IT buyer, the result was too many systems, too many apps, low data quality and high vulnerability to cybersecurity risk. And here's the key. Those decisions have been made. So even as CEOs want to consolidate on to strategic platforms for the long term, they also don't want to delay the potential of net new innovation in the short term. They want to derisk the past while getting immediate business value from AI.

這也是為什麼我們的指導（正如您將從吉娜那裡聽到的那樣）始終保持強有力的原因。我們先來談談企業軟體的需求環境。人工智慧不僅僅是一項快速成熟的技術。人工智慧是業務轉型的催化劑。當我與世界各地的執行長交談時，他們認識到這是一個變革的時刻。在過去的 15 年裡，企業經歷了技術治理的大規模去中心化。隨著每個部門都成為 IT 買家，結果是系統太多、應用程式太多、資料品質低且容易受到網路安全風險的影響。這是關鍵。這些決定已經做出。因此，即使執行長希望長期鞏固策略平台，他們也不想在短期內推遲淨新創新的潛力。他們希望消除過去的風險，同時從人工智慧中獲得直接的商業價值。

Process optimization is the #1 GenAI use case in the global economy today. This is why ServiceNow's strategic relevance as the AI platform for business transformation has never been higher. Every business workflow in every enterprise will be engineered with GenAI at its core. We are the single pane of glass that enables end-to-end digital transformation.

流程優化是當今全球經濟中排名第一的 GenAI 用例。這就是為什麼 ServiceNow 作為業務轉型人工智慧平台的策略相關性從未如此高。每個企業的每個業務工作流程都將以 GenAI 為核心進行設計。我們是實現端到端數位轉型的單一管理平台。

At ServiceNow, we pride ourselves on being the living embodiment of an AI run company through our Now on Now strategy. Every week that passes the impact of our own Now on Now AI deployments continues to grow. GenAI deflection rates have doubled for both our employees and customers, and they are improving each and every month. Software engineers are accepting 48% of text-to-code generation. These are meaningful productivity improvements, and it's only the beginning. That's why IDC estimates an $11 trillion impact from AI in the next 3 years. It's also why businesses will spend more than $0.5 trillion on GenAI in 2027, according to IDC. So contrary to some opinions out there, we are witnessing the biggest enterprise software market opportunity in a generation.

在 ServiceNow，我們很自豪能夠透過 Now on Now 策略成為一家人工智慧營運公司的生動體現。我們自己的 Now on Now 人工智慧部署的影響每週都在持續成長。我們的員工和客戶的 GenAI 偏差率都翻了一番，而且每個月都在進步。軟體工程師接受了 48% 的文本到程式碼產生。這些都是有意義的生產力改進，而這只是個開始。這就是為什麼 IDC 預計人工智慧在未來 3 年內將產生 11 兆美元的影響。 IDC 表示，這也是企業在 2027 年將在 GenAI 上花費超過 5 兆美元的原因。因此，與一些觀點相反，我們正在見證一代人以來最大的企業軟體市場機會。

Business leaders are waking up to the fact that they have a fresh choice now. They can radically simplify the tech stack. We are entering a new frontier. We are in a race to put AI to work for people, and that's a race ServiceNow intends to win for our customers. There's a lot happening at ServiceNow that only heightens our optimism for the remainder of this year and beyond. Our recent Washington, D.C. platform release included very exciting new features for our customers. Now Assist AI for ITOM AIOps supercharges ServiceNow's market-leading solution, applying generative AI to speed up issue resolution.

商界領袖開始意識到他們現在有了新的選擇。他們可以從根本上簡化技術堆疊。我們正在進入一個新領域。我們正在進行一場讓人工智慧為人們服務的競賽，ServiceNow 打算為我們的客戶贏得這場競賽。 ServiceNow 發生了很多事情，這只會增強我們對今年剩餘時間及以後的樂觀情緒。我們最近在華盛頓特區發布的平台包括為客戶提供的非常令人興奮的新功能。 Now Assist AI for ITOM AIOps 增強了 ServiceNow 市場領先的解決方案，應用生成式 AI 來加快問題解決速度。

Sales and order management unites the sales order life cycles across the front, middle and back office teams on the ServiceNow platform. ServiceNow is also staying at the forefront of building innovative enterprise GenAI applications.

銷售和訂單管理將前台、中台和後台團隊的銷售訂單生命週期統一在 ServiceNow 平台上。 ServiceNow 也處於建立創新企業 GenAI 應用程式的最前沿。

As one example, Now Assist AI for Telecommunications Service Management, what we call TSM, which also uses NVIDIA AI, will boost agent productivity and build on our great partnership. It's also worth noting the ServiceNow research team is stacked with world-renowned AI experts helping our customers stay on the cutting edge. We're expanding our ecosystem capacity to meet growing customer demand.

舉個例子，Now Assist AI 用於電信服務管理（我們稱之為 TSM），它也使用 NVIDIA AI，將提高客服人員的工作效率並鞏固我們良好的合作夥伴關係。另外值得注意的是，ServiceNow 研究團隊由世界知名的人工智慧專家組成，幫助我們的客戶保持領先地位。我們正在擴大我們的生態系統容量，以滿足不斷增長的客戶需求。

One example is our investment in platformation, a global IT consultancy and leading ServiceNow implementation partner to enhance expertise and generative AI-enabled technology. And anyone who'd like to get the full story, I warmly invite you to join us for Knowledge 2024 in Las Vegas on May 7.

一個例子是我們對 platformation 的投資，這是一家全球 IT 顧問公司和領先的 ServiceNow 實施合作夥伴，旨在增強專業知識和產生人工智慧技術。對於想要了解完整故事的人，我熱烈邀請您參加 5 月 7 日在拉斯維加斯舉行的 Knowledge 2024。

In closing, I'll end how I began, the company is in a market-leading position. We have the product recognition from the industry analysts. All of them were showing up on all of the most admired company lists and we're moving up the ranks every year. Those things are always encouraging, and we're proud of it all. But the biggest indication I can give you is qualitative. It's how our team feels about what we're doing together. This culture is different. It's rooted in ServiceNow's earliest days as a customer-obsessed company.

最後，我將結束我的開頭，該公司處於市場領先地位。我們的產品得到了產業分析師的認可。他們所有人都出現在所有最受尊敬的公司名單上，而且我們的排名每年都在上升。這些事情總是令人鼓舞，我們為此感到自豪。但我能給你的最大指示是定性的。這就是我們的團隊對我們一起做的事情的感受。這種文化是不同的。它植根於 ServiceNow 早期作為一家以客戶為中心的公司。

We are ever-hungry, ever-humble. So when I'm told that over 1 million people applied to join us last year, I'm not surprised. When you have a galvanizing ambition to become the defining enterprise software company in the 21st century, people want to be a part of that. They recognize this is about more than technology. This is about helping people to know more, care more and do more. We'll continue on this mission in Q2. I'd like to thank all of you for the trust that you've invested in ServiceNow. We're going to keep working hard for you, and we're going to keep striving to honor our brand promise. The world works with ServiceNow.

我們永遠飢餓，永遠謙卑。因此，當我得知去年有超過 100 萬人申請加入我們時，我並不感到驚訝。當您有成為 21 世紀最具影響力的企業軟體公司的雄心壯志時，人們就會希望成為其中的一部分。他們認識到這不僅僅是技術的問題。這是為了幫助人們了解更多、關心更多、做得更多。我們將在第二季度繼續執行這項任務。我要感謝大家對 ServiceNow 的信任。我們將繼續為您努力工作，我們將繼續努力兌現我們的品牌承諾。世界與 ServiceNow 合作。

I'll now hand things over to our outstanding CFO, Gina Mastantuono. Gina, over to you.

我現在將把事情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. Q1 set a strong precedent for the year ahead. Building on the momentum from Q4, our team delivered another exceptional outperformance. We surpassed all of our top line and profitability guidance metrics for the quarter. With GenAI conversations serving as a digital transformation catalyst, we see that momentum carrying into Q2.

謝謝你，比爾。第一季為未來一年樹立了強而有力的先例。在第四季度的勢頭基礎上，我們的團隊再次取得了出色的表現。我們超出了本季所有的營收和獲利指導指標。隨著 GenAI 對話成為數位轉型催化劑，我們看到這種勢頭延續到了第二季。

Turning to our results. In Q1, subscription revenues were $2.523 billion, growing 24.5% year-over-year in constant currency, exceeding the high end of our guidance range by approximately 50 basis points. RPO ended the quarter at approximately $17.7 billion, representing 27% year-over-year constant currency growth. We continue to see average contract terms increase year-over-year as the strategic importance of the Now platform has driven longer duration deals. Current RPO was $8.45 billion, representing 21% year-over-year constant currency growth, a 100 basis point beat versus our guidance.

轉向我們的結果。第一季度，訂閱收入為 25.23 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約 50 個基點。本季末，RPO 約為 177 億美元，以固定匯率計算年增 27%。我們繼續看到平均合約條款逐年增加，因為 Now 平台的策略重要性推動了更長期限的交易。目前的 RPO 為 84.5 億美元，以固定匯率計算年增 21%，比我們的指引高出 100 個基點。

From an industry perspective, technology, media and telecom was extremely robust, growing net new ACV over 100% year-over-year. Education had a fantastic quarter, growing nearly 50% year-over-year. Transportation and Logistics, Business and Consumer Services and Retail and Hospitality also saw strength. Our renewal rate was a best-in-class 98% as the Now platform remains a strategic imperative for our customers' operations.

從產業角度來看，科技、媒體和電信極為強勁，新增 ACV 淨值年增超過 100%。教育產業的季度表現非常出色，年成長近 50%。運輸和物流、商業和消費者服務以及零售和酒店業也表現強勁。我們的續訂率達到了同類最佳的 98%，因為 Now 平台仍然是我們客戶營運的策略要務。

We closed 59 deals greater than $1 million in net new ACV in the quarter with 4 deals greater than $10 million, representing 300% year-over-year growth. Our focus on selling a comprehensive platform continue to drive more multiproduct deals as 15 of our top 20 deals included 7 or more products. We now have 1,933 customers paying us over $1 million in ACV. In addition, the number of customers paying us $20 million or more grew over 50% year-over-year.

本季度，我們完成了 59 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，年增 300%。我們對銷售綜合平台的關注繼續推動更多的多產品交易，因為我們的前 20 筆交易中有 15 筆包括 7 種或更多產品。現在，我們有 1,933 名客戶向我們支付了超過 100 萬美元的 ACV。此外，支付2,000萬美元及以上的客戶數量較去年同期成長超過50%。

In Q1, our GenAI products continue to see very healthy adoption. As Bill mentioned, our Pro Plus net new ACV to date continued the trend ahead of any new product family launched for the comparable period. Our GenAI products were in 7 of our top 10 deals, and we closed 7 deals over $1 million in ACV in the quarter. We had wins at a second Wall Street bank, a leading cybersecurity firm and many more, including a significant win for ITOM Pro Plus, which just launched in March.

在第一季度，我們的 GenAI 產品繼續得到非常健康的採用。正如 Bill 所提到的，我們的 Pro Plus 淨新 ACV 迄今為止繼續保持領先於同期推出的任何新產品系列的趨勢。我們的 GenAI 產品出現在我們前 10 筆交易中的 7 筆中，本季我們完成了 7 筆超過 100 萬美元的 ACV 交易。我們在第二家華爾街銀行、一家領先的網路安全公司等方面取得了勝利，其中包括 3 月剛推出的 ITOM Pro Plus 的重大勝利。

Turning to profitability. Non-GAAP operating margin was over 30%, approximately 150 basis points above our guidance, driven by the timing of marketing spend, OpEx efficiencies and our top line outperformance. Our free cash flow margin was 47%, up 12 points year-over-year. We ended the quarter with a robust balance sheet, including $8.8 billion in cash and investments. In Q1, we bought back 225,000 shares as part of our share repurchase program with the primary objective of managing the impact of dilution.

轉向盈利能力。在行銷支出時機、營運支出效率和我們的營收優異表現的推動下，非 GAAP 營運利潤率超過 30%，比我們的指導高出約 150 個基點。我們的自由現金流利潤率為 47%，年增 12 個百分點。本季結束時，我們的資產負債表穩健，其中包括 88 億美元的現金和投資。第一季度，作為股票回購計畫的一部分，我們回購了 225,000 股股票，主要目標是管理稀釋的影響。

As of the end of the quarter, we have approximately $787 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.

截至本季末，我們最初的 15 億美元授權還剩約 7.87 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. In Q1, we initiated a program to hedge a portion of our foreign currency denominated revenues. The initiative is expected to lessen the impact of recent movements in the euro and pound, but the incremental strengthening of the U.S. dollar has still resulted in FX headwinds compared to our previous guidance. Given our Q1 outperformance, we are raising our 2024 top line outlook to more than offset those moves.

轉向我們的指導。在第一季度，我們啟動了一項計劃來對沖部分外幣計價收入。預計該舉措將減輕歐元和英鎊近期走勢的影響，但與我們先前的指引相比，美元的逐步走強仍導致匯市面臨阻力。鑑於我們第一季的優異表現，我們正在上調 2024 年的營收預期，以抵消這些變動。

For 2024, we are raising our subscription revenues by $20 million at the midpoint of the range to more than offset an incremental $17 million headwind from FX. This raises a net increase of $3 million on a narrowed range of $10.560 billion to $10.575 billion, representing 21.5% to 22% year-over-year growth or 21.5% on a constant currency basis. We continue to expect subscription gross margin of 84.5%, operating margin of 29% and free cash flow margin of 31%.

到 2024 年，我們將訂閱收入提高 2,000 萬美元（以區間中點計算），足以抵銷外匯帶來的 1,700 萬美元增量阻力。這使得淨成長 300 萬美元，區間縮小至 105.60 億美元至 105.75 億美元，年增 21.5% 至 22%，以固定匯率計算成長 21.5%。我們繼續預期認購毛利率為 84.5%，營業利益率為 29%，自由現金流利潤率為 31%。

Finally, we expect GAAP diluted weighted average outstanding shares of 208 million. For Q2, we expect subscription revenues between $2.525 billion and $2.530 billion, representing 21.5% to 22% year-over-year growth or 22% on a constant currency basis. We expect cRPO growth of 20.5%, both on a reported and constant currency basis. We expect an operating margin of 25%.

最後，我們預期 GAAP 稀釋後加權平均流通股數為 2.08 億股。對於第二季度，我們預計訂閱收入在 25.25 億美元至 25.30 億美元之間，年增 21.5% 至 22%，以固定匯率計算成長 22%。我們預計 cRPO 成長率為 20.5%，無論是在報告基礎上還是在固定匯率基礎上。我們預計營業利益率為 25%。

Finally, we expect 208 million GAAP diluted weighted average outstanding shares for the quarter. In summary, Q1 was a great start to what we expect to be another tremendous year. Organizations are under more pressure than ever to maximize the benefits of the technology investments. In this environment, ServiceNow's traction as the intelligent platform for end-to-end digital transformation continues to intensify. GenAI is only as powerful as the platform it's built on.

最後，我們預期本季 GAAP 攤薄加權平均流通股數為 2.08 億股。總而言之，第一季是我們預計又一個偉大的一年的良好開端。為了最大限度地提高技術投資的效益，組織面臨比以往更大的壓力。在這種環境下，ServiceNow 作為端到端數位轉型智慧平台的吸引力不斷增強。 GenAI 的強大程度取決於它所建構的平台。

The Now platform gives us deep insights with the remarkable ability to tailor AI outputs to the specific needs of our customers. Business users need AI to power actions across the enterprise. Our workflows are designed to do just that, deliver complete solutions to supercharge experiences, creating extraordinary value. You'll hear more about these experiences, our strategy and long-term opportunities at our upcoming Investor Day on May 6, which will be webcast on our Investor Relations website.

Now 平台為我們提供了深刻的見解，並具有根據客戶的特定需求客製化人工智慧輸出的卓越能力。商業用戶需要人工智慧來推動整個企業的行動。我們的工作流程旨在做到這一點，提供完整的解決方案來增強體驗，創造非凡的價值。您將在 5 月 6 日即將舉行的投資者日上聽到有關這些經驗、我們的策略和長期機會的更多信息，該活動將在我們的投資者關係網站上進行網絡直播。

Finally, before moving on to Q&A, I want to thank all of our employees worldwide for helping make ServiceNow one of the Fortune 100 Best Places to Work yet again in 2024. ServiceNow's greatest asset is its people, and you all continue to make us, ServiceNow strong. Bill and I couldn't be prouder of this incredible team. With that, I'll open it up for Q&A.

最後，在進行問答之前，我要感謝我們全球的所有員工，感謝你們幫助ServiceNow 在2024 年再次成為《財富》100 強最佳工作場所之一。繼續讓我們，服務現在很強。比爾和我為這支令人難以置信的團隊感到無比自豪。這樣，我將打開它進行問答。

(Operator Instructions) We'll now take our first question from Kash Rangan with Goldman Sachs.

（操作員說明）我們現在將回答高盛的 Kash Rangan 提出的第一個問題。

First earnings report and software for the year, Bill, good to see the optimism. My question on AI is at what point does AI get more broadly adopted, at least from a sales cycle standpoint, that despite the tough economic environment, you can actually draw in more potential prospects into the category because of the cost savings here. And one for Gina, I noticed that -- it's still too early in the year, cRPO, RPO, a bit of seasonality there. Can you give us some insight into what to make of the rest of the year? Congratulations.

比爾，今年的第一份收益報告和軟體，很高興看到樂觀情緒。我對人工智慧的問題是，人工智慧在什麼時候會得到更廣泛的採用，至少從銷售週期的角度來看，儘管經濟環境嚴峻，但由於這裡節省了成本，你實際上可以吸引更多潛在的前景進入該類別。對吉娜來說，我注意到，現在還為時過早，cRPO、RPO，還有一點季節性。您能否向我們介紹今年剩餘時間的情況？恭喜。

Thank you very much for the question, Kash. As I said, process optimization is the single biggest GenAI use case in the enterprise. And any process that exists in the enterprise today will be reengineered or engineered depending on how messy the process is with GenAI. So every workflow in every enterprise will be rethought. So just think about the sales process, for example, and the whole order to cash process, for example, or think about employees and onboarding and training them and providing all the services to them. Think about agent productivity, which is something that we're obviously moving very quickly on where you can bypass the systems that don't integrate very well. And instead of swivel sharing around or putting customers on hold or I'll get back to you tomorrow, have real-time data where most of the cases are deflected from virtual agent. But if an agent is involved, they have choice A or B, which one is more pleasing to the customer.

非常感謝你的提問，卡什。正如我所說，流程優化是企業中最大的 GenAI 用例。當今企業中存在的任何流程都將根據 GenAI 流程的混亂程度進行重新設計或設計。因此，每個企業的每個工作流程都將被重新考慮。因此，只需考慮一下銷售流程，例如整個訂單到現金流程，或考慮員工、入職和培訓他們以及為他們提供所有服務。想想代理生產力，這顯然是我們正在快速發展的事情，您可以繞過整合不良的系統。並且不要旋轉共享或讓客戶等待，或者我明天再回复您，而是擁有實時數據，其中大多數案例都從虛擬代理中轉移。但如果涉及到代理商，他們可以選擇A或B，哪個更讓客戶滿意。

Okay, you like B, you got B. And the case is closed. Think about managing complex cases across an enterprise where all those screens are open and data is being processed instead of having spreadsheets and workarounds and e-mails and text. Now you have everything done on one platform with full case information and case closure. So literally, from running a business in every department to building software, like I said, with the breakthrough on natural language tech turning into code. Every single enterprise will run completely differently because of GenAI and because of our clean sheet platform.

好吧，你喜歡 B，你就得到了 B。考慮在整個企業中管理複雜的案例，其中所有這些螢幕都是開放的並且正在處理數據，而不是電子表格和解決方法以及電子郵件和文字。現在，您可以在一個平台上完成所有工作，並獲得完整的案​​例資訊和案件結案。從字面上看，從每個部門的業務運作到建立軟體，就像我說的，隨著自然語言技術的突破轉化為程式碼。由於 GenAI 和我們的乾淨的平台，每個企業的運作方式都將完全不同。

Yes. And Kash, on your question around seasonality about the cRPO. So first and foremost, really proud of the fact that we beat our guide in Q1 by 100 basis points. That beat was twofold: one, strong net new ACV growth as well as higher early renewals. And so from a seasonality perspective you'll remember, we talked about the Fed duration. And so Q2 is slightly more impacted, right, before it pops up again in Q3. And so we feel really good about the trends that we're seeing. And again, feel really good. We continue to be prudent in our guide around early renewals, while we are seeing them stronger than we saw last year. Again, from a guidance perspective and a forecast perspective, we're continuing to be prudent there.

是的。 Kash，關於您關於 cRPO 季節性的問題。因此，首先也是最重要的是，我們對第一季的業績超出預期 100 個基點感到非常自豪。這種成長是雙重的：一是新 ACV 的強勁淨成長以及早期續約量的增加。因此，從季節性角度來看，您會記得，我們​​討論了聯準會的期限。因此，在第三季度再次出現之前，第二季度受到的影響稍微大一些，對吧。因此，我們對所看到的趨勢感到非常滿意。再說一遍，感覺真的很好。我們在早期續約指南中繼續保持謹慎態度，同時我們看到它們比去年更強勁。同樣，從指導角度和預測角度來看，我們將繼續保持謹慎態度。

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。

Bill and Gina, maybe even CJ. I wonder if you could just comment on the environment that you're seeing. I think in prior quarters, you've described it as after a pretty rough, call it, year stretch, it started to stabilize in 3Q and stabilized again in 4Q. Was that still the case in Q1? Were there one or two verticals that maybe lag? Maybe some of the puts and takes about how the environment broadly felt.

比爾和吉娜，甚至可能是 CJ。我想知道您是否可以評論一下您所看到的環境。我認為在前幾個季度，您將其描述為在經歷了相當艱難的一年延伸之後，它在第三季度開始穩定，並在第四季度再次穩定。第一季還是這樣嗎？是否有一兩個垂直領域可能有滯後？也許是一些關於環境的普遍感受的決定和採取。

So I would say, Karl, I would start first is environment, and we shared this in January, Bill, Gina and I, it remains pretty much the same from our perspective as it -- and what we mean by that, it is not 2021, specifically. So it still takes many approvals and all the things that we discussed from a sales perspective in trying to get business validation done or a purchase being made. And pretty much, I would say, that's a standard across industries and geographies.

所以我想說，卡爾，我首先會從環境開始，我們在一月份分享了這一點，比爾、吉娜和我，從我們的角度來看，它幾乎保持不變 - 我們的意思是，它不是具體來說，就是2021 年。因此，在嘗試完成業務驗證或進行購買時，仍然需要許多批准以及我們從銷售角度討論的所有事情。我想說，這幾乎是跨行業和跨地區的標準。

We are absolutely executing well within that environment given our promise of efficiency and automation so that is absolutely resonating and combine that with our in-platform generative AI, which also resonates really well because that is an accelerant to the productivity enhancements that an organization can take.

鑑於我們對效率和自動化的承諾，我們在該環境中絕對執行得很好，因此這絕對能引起共鳴，並將其與我們的平台內生成人工智慧相結合，這也能產生很好的共鳴，因為這是組織可以提高生產力的促進劑。

So whether it's Wall Street banks, whether it's a life sciences corporation, whether it's governments, that story of automation, digital, productivity, enhance via GenAI is absolutely resonating and that is what is helping us, despite the environment continuing to be the same.

因此，無論是華爾街銀行、生命科學公司、政府，透過 GenAI 實現自動化、數位化、生產力提升的故事絕對能引起共鳴，這就是幫助我們的原因，儘管環境仍然一樣。

And I would just build on that, Karl, just for your benefit on the budgets themselves. The budgets are going up. And what I definitely see is the preference for GenAI now. I think we're ending one era in the enterprise, and we've begun another. And we're into a new frontier now where GenAI has opened up the eyes of the customer to say, there might be a different way of doing this. And that's creating real opportunity for us.

卡爾，我會以此為基礎，只是為了您的預算本身的利益。預算正在增加。我現在確實看到了對 GenAI 的偏好。我認為我們正在結束企業的一個時代，並且我們已經開始了另一個時代。現在我們進入了一個新的領域，GenAI 讓客戶大開眼界，說可能有不同的方法來做到這一點。這為我們創造了真正的機會。

So CJ has it exactly right on the value-based economy, but also I do see the budgets not only going up in IT, but also just see GenAI becoming more of a business imperative. And if you can increase productivity, take cost out and show that in a value case this money that will be spent and maybe different people approving it, but the money will be spent.

因此，CJ 在基於價值的經濟方面的做法完全正確，而且我確實看到 IT 領域的預算不僅在增加，而且 GenAI 也越來越成為業務的必需品。如果你可以提高生產力，去掉成本，並表明在有價值的情況下，這筆錢將會被花掉，也許不同的人會批准它，但這筆錢將會被花掉。

I also want to acknowledge some really great partnerships that we've achieved with Microsoft and IBM and NVIDIA. And I look at great companies like Novartis really rethinking the whole pharma process altogether with GenAI. There's just so much goodness going on in this market. And I feel that you're coming off a strong Q4 to have a great print like this in Q1 with the momentum going into knowledge. I don't think I've ever felt this good in the 5 years that I've been here than I do right now on this call with you right now, absolutely the best I've felt.

我還要感謝我們與 Microsoft、IBM 和 NVIDIA 建立的一些非常出色的合作夥伴關係。我看到像諾華這樣的偉大公司正在與 GenAI 一起重新思考整個製藥流程。這個市場上有太多美好的事情發生。我覺得你們在第四季表現強勁，在第一季取得了這樣的出色成果，並有動力進入知識領域。我認為我在這裡的 5 年裡從來沒有像現在和你們通話時感覺這麼好，絕對是我感覺最好的一次。

We'll take our next question from Matt Hedberg with RBC Capital Markets.

我們將回答加拿大皇家銀行資本市場公司的 Matt Hedberg 提出的下一個問題。

Bill, given your comments on Pro Plus net new ACV growth, are you seeing faster Pro Plus deal cycles relative to what you saw when the Pro was first launched? And anything you just need to call out from a discounting perspective on Pro Plus relative to maybe some of your initial expectations?

Bill，鑑於您對 Pro Plus 新 ACV 淨增長的評論，您是否看到相對於 Pro 首次推出時看到的 Pro Plus 交易週期更快？相對於您最初的一些期望，您只需要從 Pro Plus 的折扣角度指出什麼？

Yes. Matt, I'll take that one. So yes, we are absolutely seeing faster Pro Plus adoption versus Pro. It's 2 quarters out, right? So it's early days, but we feel really good about the adoption curve. And we've been talking about whether or not that adoption curve would be faster. And we posited that it would be, and that's certainly proving out to be the case, although again, early days.

是的。馬特，我要那個。所以，是的，我們絕對看到 Pro Plus 的採用速度比 Pro 更快。已經過去 2 個季度了，對嗎？所以現在還處於早期階段，但我們對採用曲線感覺非常好。我們一直在討論採用曲線是否會更快。我們假設會是這樣，而且事實證明確實如此，儘管這還處於早期階段。

With respect to discounting versus initial expectations, we feel really good about the realized pricing and it has been very much in line with our initial expectations. And we'll talk a lot more as you would expect at Investor Day about the overall GenAI opportunity for ServiceNow as well as where we are to date. But we feel very good about what we're seeing in the markets. Customers are really leaning in. We talked about 7 deals in the top 10 had GenAI in it, significant deals over $1 million as well. So we're definitely seeing monetization happening already.

就折扣與最初預期而言，我們對實現的定價感覺非常好，並且與我們最初的預期非常一致。正如您在投資者日所期望的那樣，我們將更多地討論 ServiceNow 的整體 GenAI 機會以及我們迄今為止的進展。但我們對市場上看到的情況感覺非常好。客戶確實在關注。所以我們肯定已經看到貨幣化的發生。

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

我們將回答美國銀行證券公司的布拉德希爾斯 (Brad Sils) 提出的下一個問題。

A question for Gina, please. Real nice results on RPO. I think this is the second quarter since we've seen significant outperformance there versus cRPO. Just curious what's driving that? And does that give you some visibility perhaps for cRPO to ramp from here given perhaps a ramping component in there?

請教吉娜一個問題。 RPO 取得了非常好的結果。我認為這是第二季度，因為我們看到該季度的表現明顯優於 cRPO。只是好奇是什麼推動了這一點？考慮到那裡可能有一個斜坡組件，這是否可以讓您對 cRPO 從這裡開始的斜坡有一定的了解？

Yes, it's a great point, and I did call that out. So RPO growth was 27% year-over-year in constant currency, which is 300 basis points improvement versus last year. And yes, that is our longer-term backlog. So as you think more longer term about the opportunity in ServiceNow, I couldn't be more excited about that. We are seeing the average duration growing. And in fact, duration this Q1 is the largest it's been in the Q1 since, I think, 2019. And so I feel really good about what that means for the mid- and long-term opportunity here for sure.

是的，這是一個很好的觀點，我確實指出了這一點。因此，以固定匯率計算，RPO 年增 27%，比去年提高了 300 個基點。是的，這就是我們的長期積壓工作。因此，當您更長遠思考 ServiceNow 的機會時，我對此感到非常興奮。我們看到平均持續時間在成長。事實上，我認為，第一季的持續時間是自 2019 年以來第一季最長的。

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。

Sanjit Singh in for Keith Weiss. Bill, I wanted to ask a little bit about GenAI adoption within ServiceNow, you mentioned Now on Now, but in terms of just like the GenAI adoption, both broadly and with the engineering team, it looks like you're hiring for this quarter in R&D, you kept a pace. How is GenAI adoption changing or not changing your hiring plans more broadly and specifically in the engineering team?

桑吉特·辛格替換基斯·韋斯。 Bill，我想問一些有關 ServiceNow 中 GenAI 採用情況的問題，您提到了 Now on Now，但就 GenAI 的採用而言，無論是廣泛還是工程團隊，看起來您本季度的招聘人數是研發，你跟上了步伐。 GenAI 的採用是否會改變或不改變您在工程團隊中更廣泛、更具體的招募計畫？

This is CJ. And here is where I would say that specifically, we absolutely believe, and we have seen it that GenAI is helping our software engineers code faster. I mean, straight up. It helps us our software engineers code faster, whether they are junior software engineers or very senior software engineers, they still can leverage and continue to leverage generative AI. So I'll start with that, that is increasing our engineering productivity and it varies depending on how senior the engineer is or how junior the engineer is. And number two, it helps us increase our innovation velocity. So that is really, really important to us that it increases our innovation velocity.

這是CJ。我要特別指出的是，我們絕對相信，並且我們已經看到 GenAI 正在幫助我們的軟體工程師更快地編碼。我的意思是，直接說。它幫助我們的軟體工程師更快地編碼，無論他們是初級軟體工程師還是非常高級的軟體工程師，他們仍然可以利用並繼續利用生成式人工智慧。所以我將從這一點開始，那就是提高我們的工程生產力，這取決於工程師的高級程度或工程師的初級程度。第二，它幫助我們提高創新速度。因此，這對我們來說非常非常重要，因為它提高了我們的創新速度。

When I flip that for our customers is that when customers leverage ServiceNow generative AI, and if they can do automation faster, whether he's using text to code or text to workflow types of use cases that they can not only increase the number of workflows that they put on ServiceNow, but second, it also increases that digital efficiency. So it's both ways. Our engineers are able to innovate faster and then our customers are able to workflow faster because of generative AI.

當我為我們的客戶翻轉這一點時，當客戶利用ServiceNow 生成式人工智慧時，如果他們能夠更快地實現自動化，無論他是使用文字到程式碼還是文字到工作流程類型的用例，他們不僅可以增加他們需要的工作流程數量推出 ServiceNow，但其次，它也提高了數位效率。所以這是雙向的。由於生成式人工智慧，我們的工程師能夠更快地進行創新，而我們的客戶也能夠更快地工作。

And one thing just to share with you, Keith (sic) [Sanjit], we have 20 -- 20 GenAI cases on the Now on Now story within ServiceNow. And our Chief Information Officer, Chris Bedi, put a very interesting LinkedIn post out there. Please take a look at it. Not only is he doing a great job. But if you think about ServiceNow, we have a financial system in ServiceNow. It's a system of record. We have one of them. Unlike many customers out there that have hundreds, we have a CRM system. We have one of them. And we have an HR system. We have one of them. But they are feeding the ServiceNow platform.

有一件事要與您分享，Keith（原文如此）[Sanjit]，我們有 20 - 20 個關於 ServiceNow 中的 Now on Now 故事的 GenAI 案例。我們的資訊長 Chris Bedi 在 LinkedIn 上發布了一篇非常有趣的文章。請看一下。他不僅做得很好。但如果你考慮一下 ServiceNow，我們在 ServiceNow 中有一個財務系統。這是一個記錄系統。我們有其中之一。與許多擁有數百名客戶的客戶不同，我們擁有 CRM 系統。我們有其中之一。我們有一個人力資源系統。我們有其中之一。但他們正在為 ServiceNow 平台提供服務。

So all the data from those systems of record in terms of how we run this company, we run the whole company on ServiceNow. And now we have 20 different GenAI use cases across all the departments of the company. So my full expectation is that someday, we could do the earnings call where we're all in this room together and we'll take you through the living, learning lab of a GenAI-run company here at ServiceNow.

因此，來自這些記錄系統的關於我們如何運作這家公司的所有數據，我們都在 ServiceNow 上經營整個公司。現在，我們在公司所有部門都有 20 個不同的 GenAI 用例。因此，我的全部期望是，有一天，我們可以在這個房間裡召開財報電話會議，我們將帶您參觀位於 ServiceNow 的 GenAI 營運公司的生活學習實驗室。

Yes. And I would just add -- I think I would just add, we are absolutely customer 0, 100% on all of our GenAI use cases. Deflection rates have doubled for both our employees and customers and they're improving every month. Right? It's really early days. So it's learning faster and faster. Software engineers are accepting 48% of text to code generation. So there's absolutely the ability to see leverage in our R&D as we look to the mid- and long term. So thank you for the question.

是的。我想補充一點——我想我補充一點，我們在所有 GenAI 用例上絕對是 0、100% 的客戶。我們的員工和客戶的偏差率都增加了一倍，而且每個月都在改善。正確的？現在確實還早。所以它的學習速度越來越快。軟體工程師正在接受 48% 的文字到程式碼產生。因此，當我們著眼於中長期時，我們絕對有能力在研發中看到槓桿作用。謝謝你的提問。

We'll take our next question from Keith Bachman with BMO.

我們將回答 BMO 的 Keith Bachman 提出的下一個問題。

I have two questions, but I'll ask them as one. First, Gina, I don't know if this is for you or not, but acknowledge that the adoption does seem quite strong for the various GenAI offerings, and so how would you characterize? And yet you're pointing to decelerating growth through 2024. So what's not growing as well? If GenAI is getting great adoption, probably small dollar amounts contribution. But what's not growing as well?

我有兩個問題，但我會把它們當作一個問題來問。首先，Gina，我不知道這是否適合您，但承認各種 GenAI 產品的採用率似乎相當強勁，那麼您會如何描述？然而，您卻指出，到 2024 年，成長都會放緩。如果 GenAI 得到廣泛採用，可能會貢獻少量的美元。但什麼都沒有成長呢？

And the second part is perhaps going to come at the Analyst Day, but is there any specific metrics you could give us on dollars of ACV or anything else related to the GenAI SKUs? Or should we wait for Analyst Day perhaps to some more specific indications on what the adoption is?

第二部分可能會在分析師日發布，但是您是否可以向我們提供有關 ACV 美元或與 GenAI SKU 相關的任何其他內容的具體指標？或者我們應該等待分析師日，也許會得到一些關於採用情況的更具體的指示？

Yes. So we'll definitely give you a lot more details on all things GenAI at Investor Day, and that's in a week and a bit. So stay tuned there. Yes, the adoption curve is stronger than we've seen in any new product category launch, but that's starting from 0, right? So it's a small dollar at this point in time, but the speed at which it's going to grow to be a really meaningful contributor is faster than anything we've seen.

是的。因此，我們肯定會在投資者日向您提供有關 GenAI 所有內容的更多詳細信息，這將在一周左右的時間內完成。所以請繼續關注那裡。是的，採用曲線比我們在任何新產品類別發布中看到的都要強，但那是從 0 開始的，對嗎？因此，目前這只是一筆小錢，但它成長為真正有意義的貢獻者的速度比我們見過的任何東西都要快。

And so what I'd say is that 24.5% revenue growth at the scale at which we are, the larger numbers is pretty incredible. And we see continued traction across the board, whether it's our technology workflows, our customer workflows or our creator as well. And so really across the board, employees had a really strong quarter, customer had a really strong quarter. ITSM core remains healthy in 16 of our top 20 deals, 10 deals over $1 million. ITOM was included also in 16 of the top 20 deals with 9 deals over $1 million, security and risk in totality, still doing well. And so it's the great thing about having a platform with the breadth that ServiceNow has, that we continue to drive really, really good growth at our scale across the platform.

所以我想說的是，以我們目前的規模來看，24.5% 的營收成長是相當令人難以置信的。我們看到了全面的持續吸引力，無論是我們的技術工作流程、客戶工作流程或我們的創作者。因此，從整體來看，員工的季度表現非常強勁，客戶的季度表現也非常強勁。在我們排名前 20 的交易中，有 16 筆 ITSM 核心保持健康，其中 10 筆交易價值超過 100 萬美元。 ITOM 也被納入前 20 筆交易中的 16 筆，其中 9 筆交易超過 100 萬美元，整體安全性和風險仍然表現良好。因此，擁有像 ServiceNow 這樣廣泛的平台是一件很棒的事情，我們可以繼續在整個平台上推動真正非常好的成長。

Yes. And the only thing I would add there is every single workflow continues to still grow double digits plus, plus. So we have no, hey, this has been taken out of x or this been taken out of y besides Gina individually calling out all our growth vectors, whether it's our core, which is ITSM and ITOM or whether it's our growth, which our CSM and other products, AppEngine, part of creator and customer, all of them continue to grow very nicely, and they grew very nicely in Q1.

是的。我唯一要補充的是，每個工作流程仍然以兩位數的速度成長。所以我們沒有，嘿，這個已經從x 中取出了，或者這個已經從y 中取出了，除了Gina 單獨指出了我們所有的增長向量，無論是我們的核心，即ITSM 和ITOM，還是我們的增長，即我們的CSM和其他產品，AppEngine，創建者和客戶的一部分，它們都繼續成長得非常好，並且在第一季成長得非常好。

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。

I wanted to ask you how you're seeing the momentum just in terms of Standard to Pro migrations. We talked a lot about Pro Plus, but it would seem that still a huge opportunity in terms of, I think, close to 50% of the installed base on Standard. Have you started to see an acceleration in those migrations? Can you just talk about the opportunity there?

我想問您如何看待標準版到專業版遷移的勢頭。我們談論了很多關於 Pro Plus 的問題，但我認為，就接近 50% 的 Standard 安裝基礎而言，這似乎仍然是一個巨大的機會。您是否開始看到這些遷移的加速？能簡單談談那裡的機會嗎？

So first, I'll use, Tyler, one quick example that I was in a conversation at a bank, very technical audience in their technology organization. They were still on ITSM Standard. Once they saw what we have done with Pro plus, they actually bought Pro and Pro Plus together. And that is just amazing that they bought both technologies together, not just saying, "hey, I'm going to go to Pro and then staircase to Pro Plus." That's a very specific example. But the way we look at this specific product line, whether it's ITSM or whether it's CSM, our customer service, is I look at both Pro and Enterprise in total.

泰勒，首先，我將使用一個簡單的例子，我在一家銀行與他們技術組織中非常技術性的受眾進行對話。他們仍然採用 ITSM 標準。一旦他們看到我們在 Pro plus 上所做的事情，他們實際上就一起購買了 Pro 和 Pro Plus。令人驚訝的是，他們同時購買了這兩種技術，而不僅僅是說，“嘿，我要升級到 Pro，然後升級到 Pro Plus。”這是一個非常具體的例子。但我們看待這個特定產品線的方式，無論是 ITSM 還是 CSM（我們的客戶服務），我都會同時專注於 Pro 和 Enterprise。

So when I look at Pro and Enterprise in total, so I'm excluding Pro Plus on purpose here, so Pro and Enterprise, which are the bigger SKUs at a higher priced amount, they grew nicely for ITSM, for CSM, for our HR Service Delivery. Three of our anchor businesses, when you combine Pro and Enterprise, that is still a high-growth business and then you add Pro Plus, that's what allows us, at this scale of $2.52 billion to grow at 24.5%.

因此，當我總體考慮 Pro 和 Enterprise 時，我在這裡故意排除 Pro Plus，因此 Pro 和 Enterprise 是較大的 SKU，價格較高，它們對於 ITSM、CSM 和我們的 HR 都有很好的成長服務交付。我們的三個主要業務，當你將 Pro 和 Enterprise 結合起來時，這仍然是一項高成長業務，然後你加入 Pro Plus，這就是讓我們以 25.2 億美元的規模成長 24.5% 的原因。

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。

Bill, getting back to the topic of IT budgets as it relates to ServiceNow broadly, you took a sense of how much of GenAI software spend is incremental today as opposed to perhaps coming from other areas of IT.

Bill，回到 IT 預算主題，因為它與 ServiceNow 廣泛相關，您了解到今天有多少 GenAI 軟體支出是增量的，而不是來自其他 IT 領域。

Yes. It's a really important question, Gregg. I really believe the IT budgets in their own right will go up on a standard rate basis as we've seen now for many, many years. The business executives, however, are inserting their will into the generative AI revolution because the CEO is in a boardroom with her senior team sitting around a table with the Board of Directors, and they're like, "hey, what are you guys doing on GenAI?" And they know now that they got to go into that room with a story because this is a lot like when we had the internet, then we had the iPhone moment, everything went mobile. Everything is going GenAI. It's just a question of how quickly you get there.

是的。這是一個非常重要的問題，格雷格。我真的相信 IT 預算本身將會以標準費率成長，正如我們多年來所看到的那樣。然而，企業主管正在將他們的意願融入生成式人工智慧革命中，因為執行長在會議室裡，她的高階團隊與董事會圍坐在一張桌子旁，他們會說：「嘿，你們在做什麼？他們現在知道他們必須帶著故事走進那個房間，因為這很像我們有了互聯網，然後我們有了 iPhone 的時刻，一切都變得移動了。一切都在向 GenAI 發展。這只是你到達那裡的速度有多快的問題。

So I believe that a lot of the business operating spend will be moved to GenAI technology use cases that serve the business. And the reason I believe I'm right on that, if you look at great companies, some of them in this quarter like Microsoft and Novartis, so Hitachi Energy or Equinix or IBM, they're looking at this as, hey, what does this mean to my employees, to my customers, to my partners and they're very well aware of the fact that inflation is sticky and rates are high, and they're on their own.

因此，我相信大量的業務營運支出將轉移到為業務服務的 GenAI 技術用例上。我相信我在這一點上是對的，如果你看看偉大的公司，其中一些公司在本季度，比如微軟和諾華，所以日立能源、Equinix 或 IBM，他們會認為，嘿，這對我的員工、我的客戶、我的合作夥伴來說意味著，他們非常清楚通貨膨脹是黏性的、利率很高的事實，而他們只能依靠自己。

They've got to deal with this stuff. And the only way to change the game is to rethink the game and move from checkers to chess and GenAI is now opening up the window for transformational conversations. And that's why I say we are the AI platform for business transformation because we're using technology to transform the business, how can the business run at a lower cost. They're asking questions like, why am I on several different releases on-premise and in cloud and why do I have all these systems? I need a system for every 1,000 employees, it's ridiculous.

他們必須處理這些事情。改變遊戲的唯一方法是重新思考遊戲，從跳棋轉向國際象棋，GenAI 現在正在打開變革對話的視窗。這就是為什麼我說我們是業務轉型的AI平台，因為我們正在用技術來轉型業務，業務如何以更低的成本運作。他們會問這樣的問題：為什麼我在本地和雲端中使用多個不同的版本？我每 1000 名員工都需要一個系統，這太荒謬了。

So they want to rethink things. And so I think there's two things that are going to happen: one is business budget is going to move into the GenAI category, and it's not going to take away from the IT spend in the end; and two, there's going to be real winners and real losers. And real winners and real losers has already begun its formation because if you don't plant the AI flag in the ground in the next 8 months, there's not going to be an AI flag to put in the ground and ours are getting put in the ground all over the global economy. And the company that I see out there doing extremely well in that regard is what Microsoft is doing with Copilot.

所以他們想要重新思考事情。所以我認為有兩件事將會發生：一是業務預算將進入 GenAI 類別，而且最終不會減少 IT 支出；二是業務預算將進入 GenAI 類別，並且最終不會減少 IT 支出；第二，將會有真正的贏家和真正的輸家。真正的贏家和真正的輸家已經開始形成，因為如果你不在接下來的 8 個月內將 AI 旗幟插在地上，就不會有 AI 旗幟可以插在地上，而我們的旗幟將被插在地上。遍及全球經濟。我看到在這方面做得非常好的公司就是微軟與 Copilot 所做的事情。

And I see what we are doing with Now Assist AI. And I think it's the combination of those 2 players in the enterprise. And obviously, you've got the great ones like NVIDIA and so forth that's building the GPU force, but that is really what I'm seeing. And I'm also super honored this quarter to see IBM really jump in as a friend and a partner with ServiceNow, and we feel the same way about Watson X. And we're very open to all the participants that are making LLMs and they can all integrate with ServiceNow, and we'll own the domain specific to ServiceNow, but we welcome all participants. And I think that's another unique part of ServiceNow that we're not interested in shutting anybody out. We're actually technology capable enough to open up to everybody and that's really turning on the whole ecosystem in our favor. So plants are being put in flags in the ground in the Kingdom of Saudi Arabia, all the way to Japan and beyond. We are winning.

我明白了我們正在利用 Now Assist AI 做什麼。我認為這是企業中這兩個參與者的結合。顯然，像 NVIDIA 等偉大公司正在建立 GPU 力量，但這確實是我所看到的。我也非常榮幸本季度看到 IBM 真正成為 ServiceNow 的朋友和合作夥伴，我們對 Watson X 也有同樣的感覺。特定的域，但我們歡迎所有參與者。我認為這是 ServiceNow 的另一個獨特之處，我們無意將任何人拒之門外。實際上，我們的技術能力足以向所有人開放，這確實使整個生態系統對我們有利。因此，從沙烏地阿拉伯王國，一直到日本及其他地區，植物都被插在地上的旗幟上。我們正在獲勝。

We'll take our next question from Mark Murphy with JPMorgan. I do apologize. It looks like Mark has disconnected. We'll take our next question from Brad Zelnick with Deutsche Bank.

我們將回答摩根大通的馬克墨菲提出的下一個問題。我很抱歉。看來馬克已經斷線了。我們將回答德意志銀行的 Brad Zelnick 提出的下一個問題。

It's great to hear all the traction in international. You called out deals in Australia, Italy, Brazil. But I want to focus, Bill, on what you just mentioned about the Kingdom of Saudi Arabia, where in your press release, you called out a $500 million investment in that market given obviously it's a massive, massive opportunity. Gina, can you double-click into the $500 million investment you're making over what time period, where it lands on the financials? And maybe more generally, how should we think about your strategic use of capital and CapEx for these types of deals?

很高興聽到國際上的所有關注。你在澳洲、義大利、巴西達成了交易。但比爾，我想重點關注您剛才提到的有關沙烏地阿拉伯王國的情況，在您的新聞稿中，您呼籲在該市場投資 5 億美元，因為這顯然是一個巨大的機會。吉娜，您能雙擊查看您在哪個時期進行的 5 億美元投資以及其財務狀況嗎？也許更一般地說，我們應該如何考慮您對此類交易的資本和資本支出的策略性使用？

Brad, thanks so much for the question. So we're really excited about the investment in Saudi. And rest assured, that $500 million is a long-term investment over a long horizon period. It will be in -- most of that investment is in data center, so it will be in cost of sales, but you'll -- again, we manage our margin very tightly. And the growth that we're from that investment is huge. The opportunity that we see in Riyadh and Saudi, NEOM, is great. And Bill spent a nice time there at the LEAP conference, and we're really excited about really pulling our technology to really help that society grow and become a digital-first economy.

布拉德，非常感謝你的提問。因此，我們對在沙烏地阿拉伯的投資感到非常興奮。請放心，5 億美元是一項長期投資。大部分投資將用於資料中心，因此將計入銷售成本，但我們會非常嚴格地管理我們的利潤。我們從這項投資中獲得的成長是巨大的。我們在利雅德和沙烏地阿拉伯 NEOM 看到的機會是巨大的。 Bill 在 LEAP 會議上度過了愉快的時光，我們非常高興能真正利用我們的技術來真正幫助社會發展並成為數位優先經濟體。

And they're leaning in very heavy with ServiceNow, are really excited about our product portfolio, not only our GenAI, but really the breadth of the entirety of the portfolio. So it will be within our CapEx guide that you have always seen, it's not on top of, and we're just really excited about planning flags more in the Middle East.

他們非常依賴 ServiceNow，對我們的產品組合感到非常興奮，不僅是我們的 GenAI，而且是整個產品組合的廣度。因此，它將在您一直看到的我們的資本支出指南中，它不是最重要的，我們只是對在中東規劃更多旗幟感到非常興奮。

And Mark Murphy has dialed back in. We will go to Mark Murphy with JPMorgan.

馬克墨菲已經撥回電話。

Bill, I'm curious how you're looking at the onboarding of talent into the ServiceNow ecosystem because we're being told that the demand for ServiceNow consultants, is that a multiyear high. We're wondering if the economy can create those jobs quickly enough to keep up with the bookings that you're driving. And just also, is there a pivot point coming where you would want to crank up your own hiring engine within ServiceNow to keep up with the top line growth?

Bill，我很好奇您如何看待人才進入 ServiceNow 生態系統，因為我們被告知對 ServiceNow 顧問的需求是多年來的最高點。我們想知道經濟是否能夠足夠快地創造這些就業機會，以跟上您推動的預訂量。另外，您是否希望在 ServiceNow 中啟動自己的招募引擎以跟上收入成長的關鍵點？

Yes. First of all, Mark, thank you very much. Incidentally, my compliments on the research that you put out. I read your e-mail this morning and you called the quarter exactly as it was. So super well done on your part, not surprising considering the great company you work for.

是的。首先，馬克，非常感謝你。順便說一句，我對你所做的研究表示讚賞。我今天早上讀了你的電子郵件，你對這個季度的稱呼與原樣完全一樣。你做得非常好，考慮到你工作的偉大公司，這並不奇怪。

I will give you a couple of things. Leadership is everything. We just hired a great leader who is leading our training initiatives globally, both internally and externally, world renowned and she is going to drive not only a knowledge revolution within our own company but also within the ecosystem. And no, we're not going to build a services company here. We're very comfortable with the ecosystem and building out the ecosystem. We made a commitment with rise up with ServiceNow that we have 1 million people trained around the world on the ServiceNow platform, and we're well on our way to achieving that goal.

我會給你一些東西。領導力就是一切。我們剛剛聘請了一位偉大的領導者，她在全球範圍內領導我們的培訓計劃，包括內部和外部，享譽世界，她不僅將推動我們公司內部的知識革命，還將推動生態系統內的知識革命。不，我們不會在這裡建立一家服務公司。我們對生態系統以及生態系統的建設感到非常滿意。我們在 ServiceNow 的崛起中做出了承諾，我們在全球範圍內有 100 萬人接受了 ServiceNow 平台的培訓，並且我們正在努力實現這一目標。

I talked about platformation as one company that probably not everybody on this call ever heard of, but you know all the big ones, and they're all investing huge human capital contributions and some of them have literally multi, multibillion business plans built with ServiceNow. So we really like the fact that we can impact the customers' value case with our ServiceNow Six Sigma knowledge team and then we can extend the feet on the street through the ecosystem and also the trust that we have with the ecosystem where they know we're not trying to duplicate their business models on the contrary.

我談到了平台化公司，可能並不是這次電話會議上的每個人都聽說過，但你知道所有的大公司，他們都投入了大量的人力資本貢獻，其中一些公司實際上擁有使用ServiceNow 構建的數十億美元的業務計劃。因此，我們真的很喜歡這樣一個事實：我們可以透過ServiceNow 六西格瑪知識團隊影響客戶的價值案例，然後我們可以透過生態系統擴大我們的影響力，以及我們對生態系統的信任，因為他們知道我們」相反，我們並不想複製他們的商業模式。

We need them to invest in their business models to move our ambition to be the defining one forward. So it's a really good question actually. And you are right, we're working really hard at it, but it's also true for you to know that the partners see the opportunity like never before, and they're doubling down on ServiceNow. So we think we got a good formed strategy, and we think that we are going to be able to cover this global economy, and we're moving at warp speed to do so.

我們需要他們投資他們的商業模式，以推動我們成為決定性商業模式的雄心壯志。所以這實際上是一個很好的問題。您是對的，我們正在為此努力工作，但您也知道，合作夥伴看到了前所未有的機會，並且他們正在 ServiceNow 上加倍努力。因此，我們認為我們制定了良好的策略，我們認為我們將能夠涵蓋全球經濟，而且我們正在以極快的速度做到這一點。

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。

I guess, Bill, I wanted to follow up a little bit to Mark's question because sales and marketing hiring in the first quarter was basically as many heads as you did the last 3 quarters of 2023. And I know there's some seasonality to it, but is that you guys ramping hiring back up as you see more demand? Is it a certain type of salesperson that you need as you think of more AI-driven sales? Just maybe help us understand what you saw in 1Q and maybe the philosophy around it.

我想，比爾，我想對馬克的問題進行一些跟進，因為第一季的銷售和營銷招聘基本上與 2023 年最後三個季度的招聘人數一樣多。當你們看到更多的需求時，你們會增加招募嗎？當您考慮更多由人工智慧驅動的銷售時，您是否需要某種類型的銷售人員？也許可以幫助我們理解您在第一季看到的內容以及圍繞它的哲學。

Yes. Samad, we see the biggest opportunity we've ever seen. And we know the GenAI revolution is real, and we're doubling down. What you're seeing our investments are very focused on building the best software in the world, and selling the best software in the world. So we have great leadership on both the engineering side and the go-to-market side and we're going to have more clarity of focus in the way we drive the go-to-market.

是的。薩馬德，我們看到了有史以來最大的機會。我們知道 GenAI 革命是真實的，我們正在加倍努力。您所看到的，我們的投資非常專注於建立世界上最好的軟體，並銷售世界上最好的軟體。因此，我們在工程方面和進入市場方面都擁有出色的領導力，並且我們將在推動進入市場的方式上更加明確重點。

Now we're getting to size and scale the calls for that. So there are various motions to market that will have single line of sight accountability and responsibility for a number and the accountability can't be stressed highly enough because we need leaders that can run businesses here. And that's what really big leaders want to do anyway. And Gina rightfully pointed out, we don't do anything without the margin in mind. So we have a pipeline. We manage the whole company on something we call the CEO of Dashboard. We are in real time with a rolling 4-quarter average pipe. We have our GenAI use cases that are against that pipe based on the stage of the sales cycle.

現在我們正在確定並擴大呼籲的規模。因此，市場上有各種各樣的動議，這些動議將具有單一視線問責制和對多個人的責任，而且這種問責制的壓力怎麼強調都不過分，因為我們需要能夠在這裡經營業務的領導者。無論如何，這正是真正的大領導者想要做的事。吉娜正確地指出，我們做任何事都不會忘記利潤。所以我們有一個管道。我們透過所謂的儀表板執行長來管理整個公司。我們即時了解滾動的 4 個季度的平均管道。我們有基於銷售週期階段的 GenAI 用例。

So we know how many we can afford to hire based on probability of closure within 1% to 2%, and that is how we drive the financial performance of the company and how many people we let in the door. I do want to stress because we run a clean platform here and we run a GenAI company here. That's our absolute commitment.

因此，根據 1% 到 2% 的關閉機率，我們知道我們能夠僱用多少人，這就是我們推動公司財務業績以及讓多少人進入的方式。我確實想強調，因為我們在這裡經營一個乾淨的平台，並且在這裡經營一家 GenAI 公司。這是我們的絕對承諾。

We are going to run a super efficient company. So on the G&A side of the equation, we continue to be lean and as we get bigger as a percent of revenue, that will drop even further. So I think you're going to like that. And I think a lot of companies now are showing up here at our doorstep, they want to see the Now on Now story because they're like, how is it that you could have one financial system for thousands and thousands and one HR system and one CRM system, when my company has hundreds and I can't even keep track of them all. And I think a lot of what I'm trying to explain to you is we're in the beginning stages of the end of one era and the beginning of another.

我們將經營一家超有效率的公司。因此，在等式的一般行政費用方面，我們繼續保持精簡，隨著我們收入的百分比越來越大，這一比例將進一步下降。所以我想你會喜歡的。我認為現在很多公司都出現在我們家門口，他們希望看到現在的故事，因為他們想，你怎麼可能擁有一個適用於成千上萬的財務系統和一個人力資源系統，一個CRM 系統，而我的公司有數百個CRM 系統，而我甚至無法追蹤所有系統。我想我想向你們解釋的很多內容是我們正處於一個時代結束和另一個時代開始的開始階段。

And I would just add to that, Samad. I would just add that last year, might have looked like we slowed down sales and marketing, but there's a lot in that number, and we talked about this, a lot of operations, sales ops. And we actually were very focused even last year on continuing to hire quota-bearing feet on the street sales folks. We're entering -- we entered 2024 with the higher -- the highest increase in ramp reps that we have in a while.

我想補充一點，薩馬德。我想補充一點，去年，我們看起來可能放慢了銷售和行銷速度，但這個數字很大，我們談到了這一點，很多營運、銷售營運。實際上，即使在去年，我們也非常專注於繼續僱用有配額的街頭銷售人員。進入 2024 年，我們將迎來一段時間以來坡道次數的最高增幅。

So yes, we will be reaccelerating. We feel really good about pipe. We feel really good about demand. And so -- but I want to make clear that we didn't stop hiring salespeople feet on the street. Last year, we continue to hire and we will continue to do that because our pipe looks strong and demand looks great.

所以，是的，我們將重新加速。我們對管道感覺非常好。我們對需求感覺非常好。所以，但我想澄清的是，我們並沒有停止僱用街頭銷售人員。去年，我們繼續招聘，我們將繼續這樣做，因為我們的管道看起來很強勁，需求看起來也很大。

Very helpful. And then Gina, I had a quick follow-up for you. On cRPO, you mentioned, I think, in response to another question about maybe some early renewals in 1Q. Can you maybe just help us understand if it was material enough to impact the Q2 guidance or just I know the guidance was good, but just trying to think through on that timing, if there's anything we should consider for 2Q and then maybe even the back half based on your expectations on renewals?

很有幫助。然後吉娜，我對你進行了快速跟進。關於 cRPO，我認為您提到了另一個問題，即可能會在第一季進行一些早期續約。您能否幫助我們了解它是否足以影響第二季度的指導，或者只是我知道指導很好，但只是想仔細考慮一下這個時間安排，如果有什麼我們應該考慮第二季度，甚至可能是後面的事情一半是基於您對續約的期望？

Yes. So if you remember, Samad, last year, we've been -- over the last year, we've been more prudent in how we've been forecasting early renewals because it's hard to forecast. It's very customer specific and customer by customer. And so in Q1, our beat was really strong on our net new ACV growth, but we also saw early renewals than our prudent forecast. I haven't changed how we're thinking about forecasting. I'm still remaining prudent given the macro. And so as we think about seasonality. I talked about Q2 being lower, slightly lower, but then it bounced back up in Q3 when Fed is our strong quarter. And so again, it wasn't material enough to impact the Q2 guidance, but I'm not assuming better early renewals in Q2 like we saw in Q1.

是的。所以，薩馬德，如果你還記得，去年，我們在預測提前續約方面更加謹慎，因為很難預測。這是非常針對客戶的，而且是針對客戶的。因此，在第一季度，我們的新 ACV 淨成長非常強勁，但我們也看到了比我們謹慎預測更早的續約。我沒有改變我們對預測的思考方式。考慮到宏觀因素，我仍然保持謹慎態度。當我們考慮季節性時也是如此。我談到第二季較低，略低，但隨後在第三季反彈，當時聯準會是我們強勁的季度。再說一遍，這不足以影響第二季的指導，但我並不認為第二季的早期續約會像我們在第一季看到的那樣更好。

Awesome. See you guys in a week and a bit.

驚人的。一周後見。

By the way, Samad, when you show up, you'll notice that it will be a stunning knowledge, and you'll see thousands more people than you saw last year. We just keep getting bigger and bigger. So get ready for the best Vegas show you've ever seen.

順便說一句，薩馬德，當你出現時，你會發現這將是一個令人驚嘆的知識，你會看到比去年多數千人。我們只是不斷變得越來越大。因此，準備好觀看您所見過的最好的維加斯表演。

We'll take our next question from Patrick Walravens with JMP Securities.

我們將回答 JMP 證券的 Patrick Walravens 提出的下一個問題。

Bill and CJ, can you help us understand how important it is to have and release your own LLM, so you guys had StarCoder in February, Databricks' DBRX in March? I'll just say Snowflake did their Arctic family.

Bill 和 CJ，你們能否幫助我們了解擁有並發布自己的 LLM 有多重要，所以你們二月份擁有了 StarCoder，三月擁有了 Databricks 的 DBRX？我只想說雪花成就了他們的北極家庭。

I would say it is extremely important, Patrick, is the simple answer. Here are the three things we are solving for with our own LLMs. First of all, they are use case specific. And ServiceNow has many use cases that are used by our customers, whether it's IT service management, customer service, our ITOM, all of our key product lines. These are use case specific. And sometimes you would say, even for what Bill talked about agent summarization and other things or text to code, we always want use case-specific LLMs.

我想說這非常重要，派崔克，這是簡單的答案。以下是我們透過自己的法學碩士解決的三件事。首先，它們是特定於用例的。 ServiceNow 有許多我們的客戶使用的用例，無論是 IT 服務管理、客戶服務、我們的 ITOM、我們所有的關鍵產品線。這些是特定於用例的。有時你會說，即使是比爾談到的代理摘要和其他事情或文本到程式碼，我們總是想要特定於用例的法學碩士。

So then the question is why. One, the accuracy is higher; number two, these are smaller models which are efficient to run, as you have seen, our gross margin guidance that Gina provided that we feel comfortable with the cost to run these models because when the models are smaller, the cost to run them is not high; and number three, from an end user perspective, a smaller model always performs better. So I consider this as a unique strategy that we are fortunate to have a great AI teams at ServiceNow, focused on not only the engineering execution, but combine that with research and experience on how our customers will consume Pro Plus, these things matter. And that's why domain-specific SLMs, small language models, is the right strategy for ServiceNow. We can run it in our cloud, customers' data is protected, and they have higher throughput and get higher value.

那麼問題就是為什麼。一、準確度更高；第二，這些是較小的模型，運行效率很高，正如您所看到的，吉娜提供的毛利率指導我們對運行這些模型的成本感到滿意，因為當模型較小時，運行它們的成本並不高。第三，從最終用戶的角度來看，較小的模型總是表現得更好。所以我認為這是一個獨特的策略，我們很幸運在ServiceNow 擁有一支優秀的人工智慧團隊，不僅專注於工程執行，而且將其與我們的客戶如何使用Pro Plus 的研究和經驗相結合，這些事情很重要。這就是為什麼特定領域的 SLM（小型語言模型）是 ServiceNow 的正確策略。我們可以在我們的雲端中運行它，客戶的資料受到保護，並且他們具有更高的吞吐量並獲得更高的價值。

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。

Bill, you both talked about the strong government across the world and emphasizing international. I know the U.S. government is strong for you. And I suppose it's still pretty good for you. But Gina, you didn't mention it in the list of verticals that did well this quarter. Can you comment a little bit more on the U.S. federal government and what you expect for the rest of the year?

比爾，你們都談到了世界各地的強大政府並強調國際化。我知道美國政府對你很強大。我想這對你來說仍然很好。但是吉娜，您在本季度表現良好的垂直行業列表中沒有提到它。您能否對美國聯邦政府以及您對今年剩餘時間的預期發表更多評論？

Absolutely, John. Thanks for the question. I didn't mention it because we had such great results in so many other industries and sectors. But our federal business also was strong and had its biggest Q1 ever with $8 million plus deals and net new ACV growth that accelerated. And so we hosted our largest Fed forum ever with customers representing more than $1 billion in ACV and triple the number of attendees at our executive circle and over 35 partner sponsorships and so really strong federal business. And actually, our GenAI offerings are reinforcing our ability to help accelerate the transformation journey for our federal customers. And so we're seeing early adopters and healthy industry -- sorry, healthy interest in our domain specific models, which offer better security that CJ just talked about and really can drive tremendous efficiency gains. And so exciting themes ahead for 2024 and feel really good about what the federal business will continue to do for us as well as public sector as a whole. So thanks so much for the question.

絕對是，約翰。謝謝你的提問。我沒有提到這一點，因為我們在許多其他行業和領域中取得瞭如此出色的成果。但我們的聯邦業務也很強勁，第一季的交易規模達到了 800 萬美元以上，新 ACV 淨成長速度加快。因此，我們舉辦了有史以來規模最大的聯準會論壇，客戶代表了超過10 億美元的ACV，我們高階主管圈的與會者人數增加了三倍，還有超過35 個合作夥伴贊助，因此聯邦業務非常強大。事實上，我們的 GenAI 產品正在增強我們幫助聯邦客戶加速轉型之旅的能力。因此，我們看到了早期採用者和健康的行業——抱歉，人們對我們的特定領域模型產生了濃厚的興趣，這些模型提供了CJ 剛才談到的更好的安全性，並且確實可以帶來巨大的效率提升。 2024 年的主題令人興奮，我們對聯邦企業將繼續為我們以及整個公共部門所做的事情感到非常滿意。非常感謝你的提問。

We'll take our next question from Ethan Bruck with Wolfe Research.

我們將回答沃爾夫研究中心的伊森布魯克 (Ethan Bruck) 提出的下一個問題。

This is Alex Zukin from Wolfe. Maybe just the question that you guys have gotten a couple of times on Pro Plus adoption. Listen, it's very clear that the enthusiasm is there, the interest level is there. You talked about it at length in terms of the new product launch being the fastest ever. Is there a way to kind of stratify? Or at a high level, just give us a sense for what percentage of your deals or pipeline either for Q1 included Pro Plus? And how it looks for the rest of the year? And how like that compares to your kind of expectations when you set on this journey? And then I've got a quick follow-up.

我是沃爾夫的亞歷克斯·祖金。也許這只是你們在採用 Pro Plus 時多次遇到的問題。聽著，很明顯，熱情是存在的，興趣程度是存在的。您詳細談到了新產品的推出是有史以來最快的。有沒有辦法進行分層？或者在較高的層面上，讓我們了解您的第一季交易或管道中包含 Pro Plus 的百分比是多少？今年剩餘時間的情況如何？與您踏上這段旅程時的期望相比，情況如何？然後我會進行快速跟進。

Alex, great to hear from you. So I'll take this on. So there are a couple of things we are seeing. So when we launched Pro in 2018 September, and we launched Pro Plus in 2023 September. As Bill outlined in his comments, the Pro Plus uptake by our customers is at a higher pace than Pro uptake was across not only just ITSM, but also CSM and also HR, which are 3 big product lines for ServiceNow. So when you look at exactly 2 quarters and 2 days that we have been in the market, it has exceeded our internal projections on what Pro Plus will do and our ability to sell them. And as Gina outlined, that not only it was in the 7 out of 10 deals, which are the top deals for ServiceNow in Q1, we had $7 million-plus deals, including public sector deals in a regulated environment where our engineers have made the technology work for this regulated environment.

亞歷克斯，很高興收到你的來信。所以我會接受這個。我們看到了一些事情。所以當我們在 2018 年 9 月推出 Pro 時，我們在 2023 年 9 月推出 Pro Plus。正如 Bill 在他的評論中所概述的那樣，我們的客戶對 Pro Plus 的採用速度比對 Pro 的採用速度要快，不僅是 ITSM，而且還有 CSM 和 HR（ServiceNow 的 3 個主要產品線）。因此，當您查看我們進入市場的兩個季度零兩天時，您會發現它超出了我們對 Pro Plus 的功能和銷售能力的內部預測。正如Gina 所概述的那樣，不僅是在10 筆交易中的7 筆（這是ServiceNow 第一季的頂級交易）中，我們還有超過700 萬美元的交易，包括在受監管環境中的公共部門交易，我們的工程師在這些交易中完成了技術適用於這種受監管的環境。

So overall, when I see what is happening on the demand environment, it is at a higher pace given very clear metrics around productivity for whether it's IT agents, customer service agents, HR staff, or for the employees. And that's what is driving the demand because it accelerates the productivity or multiplies it however you want to call it.

因此，總的來說，當我看到需求環境中發生的情況時，考慮到無論是IT 代理、客戶服務代理、人力資源人員還是員工的生產力，都有非常明確的生產力指標，需求環境的發展速度更快。這就是推動需求的原因，因為它提高了生產力，或倍增生產力，無論你怎麼稱呼它。

The second thing I would say is when I look out Q2, Q3, Q4, I still see significant interest from customers, and they are saying, okay, CJ, what's going on with the customers who purchased this in, say, for example, Q4. Now here is a really positive news that I do want to report, and we will share more details at our Financial Analyst Day, Alex, is that customers are, for the first time very eager to turn on Pro Plus and want to see and work with us on where the productivity improvements they are seeing and say, help us understand, I saw that when a call got transferred from one IT agent to the other IT agent on follow-the-sun model, the quick summarization help them significantly, so they didn't ask the end user same question. So there are a lot of nuances we are learning as we work with our customers, but they are deploying. And when I say deploying, as in implementing Pro Plus at a much faster rate than Pro, which is allowing us and our sales team to use this as an example, while convincing other customers to sell.

我要說的第二件事是，當我查看第二季、第三季、第四季時，我仍然看到客戶表現出濃厚的興趣，他們說，好吧，CJ，購買此產品的客戶的情況如何，例如， Q4。現在，我確實想報告一個非常積極的消息，我們將在財務分析師日分享更多詳細信息，亞歷克斯，客戶第一次非常渴望打開 Pro Plus，並希望看到和工作與我們討論他們所看到的生產力改進的地方，並說，幫助我們理解，我看到，當呼叫按照“跟隨太陽”模式從一個IT 代理轉移到另一個IT 代理時，快速總結對他們有很大幫助，因此他們沒有問最終用戶同樣的問題。因此，在與客戶合作時，我們正在了解許多細微差別，但他們正在部署。當我說部署時，就像以比 Pro 快得多的速度實施 Pro Plus 時，這使我們和我們的銷售團隊可以以此為例，同時說服其他客戶進行銷售。

So overall, not only the demand environment I'm seeing is better for Pro Plus than Pro, if you ask me the same question in 2019 April, which was 5 years ago. But I'm also seeing that customers are turning on Pro Plus and working with us saying, here is where I'm seeing the improvement. Here is how I should think about it. And our engineering teams are doing a phenomenal job releasing improvements literally on a monthly basis to make sure that our customers are successful with Pro Plus.

所以總的來說，如果你在 2019 年 4 月（也就是 5 年前）問我同樣的問題，我所看到的不僅僅是 Pro Plus 的需求環境比 Pro 更好。但我也看到客戶開始使用 Pro Plus 並與我們合作，他們說，這就是我看到的改進之處。這是我該如何思考的。我們的工程團隊做得非常出色，每月都會發布改進，以確保我們的客戶在 Pro Plus 上取得成功。

And 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。

I appreciate you squeezing me in. Gina, 47% free cash flow margin certainly stands out, maybe walk us through the drivers of strength there for Q1. Anything onetime for us to consider? And maybe just given we're holding on to the margin guide for the year, just how we should think about seasonality of free cash flow throughout the rest of the year.

我很感謝你讓我加入。有什麼需要我們考慮的嗎？也許考慮到我們堅持今年的利潤指引，我們應該如何考慮今年剩餘時間自由現金流的季節性。

Yes. Thanks, Michael, for noticing. We're really proud of the 47% free cash flow margin. Year-over-year, though, you have to remember that Q1 of last year was lower than normal given the Silicon Valley Bank and regional bank crisis that happened that quarter. All of that being said, even if you normalize for that, we are significantly higher. And that's testament to the strong margin, operating margin and some nice work that we've been doing on working capital efficiencies. And so we feel really good. Seasonality for free cash flow will be similar to what you've seen historically. And so just really strong results. The team has done an outstanding job on working capital efficiencies, and we'll continue to see that as well.

是的。謝謝邁克爾的注意到。我們對 47% 的自由現金流利潤率感到非常自豪。不過，您必須記住，考慮到該季度發生的矽谷銀行和地區銀行危機，去年第一季的業績低於正常水平。話雖這麼說，即使你對此進行正常化，我們的水平也要高得多。這證明了我們的強勁利潤率、營業利潤率以及我們在營運資本效率方面所做的一些出色工作。所以我們感覺非常好。自由現金流的季節性將與您歷史上看到的類似。所以結果非常強勁。團隊在營運資金效率方面做得非常出色，我們也將繼續看到這一點。

And we have time for one last question. We'll take our last question from Derrick Wood with Cowen.

我們還有時間回答最後一個問題。我們將與考恩一起回答德里克伍德的最後一個問題。

Great. CJ, just to kind of follow-up on that last discussion. Just in terms of how you're seeing adoption of GenAI. I guess on one end of the spectrum, perhaps it's easy to drop this into the hands of workers, let them experiment quickly figure out how to drive productivity. On the other end of the spectrum, perhaps there's a lot of data hygiene investments needed. You need SIs to come in and help drive real process change and really drive the learning curve. I guess where do you guys -- what end of the spectrum are you seeing when it comes to adopting LLMs within the ServiceNow platform?

偉大的。 CJ，只是對最後一次討論的後續討論。就您如何看待 GenAI 的採用而言。我想一方面，也許很容易將其交給工人，讓他們快速試驗找出如何提高生產力。另一方面，也許需要大量的數據衛生投資。您需要 SI 介入並幫助推動真正的流程變革並真正推動學習曲線。我猜你們在 ServiceNow 平台中採用法學碩士時，你們認為屬於哪一端？

So first of all, thanks for the question, Derrick. Here is how I would describe it. Our design goals and engineering goals were, this has to be super simple to turn it on, as in Pro Plus, once you are on Pro, and you can start using our Pro Plus capabilities, whether it's for agents, employees and so on. That has been our design principle. The setup is super simple, and customers are turning it on and seeing where they are seeing improvements on productivity, whether it's for agents or employees. So that's number one.

首先，感謝德瑞克提出的問題。我是這樣描述的。我們的設計目標和工程目標是，這必須非常簡單才能打開它，就像在 Pro Plus 中一樣，一旦您使用 Pro，您就可以開始使用我們的 Pro Plus 功能，無論是針對代理商、員工等。這一直是我們的設計原則。設定非常簡單，客戶打開它並查看他們在哪些方面看到生產力的提高，無論是對於代理商還是員工。所以這是第一。

Number two, I absolutely do not expect that this requires a heavy system integrator types of implementation that is drawn out in the old machine learning technologies, where you create a model, refine a model and you need data scientists, machine learning engineers and so on. This is pretty straightforward for ServiceNow use cases. Where system integrators can help is what Bill talked about that, hey, is there a new way to look at this process? And should I even put in another process on ServiceNow platform because I can see this is just super fast to get value out of ServiceNow.

第二，我絕對不認為這需要舊的機器學習技術中的重型系統整合類型的實現，在這種技術中，您創建模型，完善模型，並且需要資料科學家、機器學習工程師等。這對於 ServiceNow 用例來說非常簡單。系統整合商可以提供幫助的地方是比爾所說的，嘿，有沒有一種新的方法來看待這個過程？我是否應該在 ServiceNow 平台上添加另一個流程，因為我可以看到，從 ServiceNow 中獲取價值的速度非常快。

So in terms of implementation cycles, they are actually faster on Pro Plus than they have ever been before. And we don't expect a heavy implementation cost. However, if our customers want to leverage system integrators, the biggest value that they always had is helping them think through what additional generative AI use cases they can use and redefining processes.

因此，就實施週期而言，Pro Plus 上的實施速度實際上比以前更快。我們預計實施成本不會很高。然而，如果我們的客戶想要利用系統整合商，他們一直擁有的最大價值就是幫助他們思考可以使用哪些額外的產生人工智慧用例並重新定義流程。

And Derrick, I would just give you one thing to think about, too. You could take great companies like Novartis, who want to be a global leader in their industry. And that industry has been held back with 6.5-year clinical trials. And these kinds of CEOs are rethinking everything and they're using generative AI as the gateway to change. And they're looking at not only GenAI, but they're also looking at ServiceNow as a fresh new platform design to take on some of the tougher process challenges that has slowed companies down. And as CJ said, which I think is a major point, the time to implementation on these GenAI use cases has been faster than anything I've seen, not just against Pro, but against anything.

Derrick，我也想告訴你一件事。你可以選擇像諾華這樣的偉大公司，他們希望成為所在產業的全球領導者。該行業因 6.5 年的臨床試驗而受到阻礙。這些類型的執行長正在重新思考一切，他們正在使用生成式人工智慧作為變革的門戶。他們不僅關注 GenAI，還關注 ServiceNow 作為一種全新的平台設計，以應對一些拖慢公司發展速度的更嚴峻的流程挑戰。正如 CJ 所說，我認為這是一個重點，這些 GenAI 用例的實施時間比我見過的任何東西都快，不僅針對 Pro，而且針對任何東西。

They want it in now. So there's an urgency and that urgency is coming from the C-suite, and it's a movement. And I've never seen a desire for implementation speed like I have for GenAI. And that, to me, is a big factor as you navigate and the way you think about this business, this business model and GenAI is a category, who's going to win, who's going to lose and which customers really want the solution, how quickly do they want the solution if they see the value they want it yesterday, and that's a great sign for us.

他們現在就想要它。因此，存在著一種緊迫感，這種緊迫感來自最高管理階層，這是一項運動。我從未見過像對 GenAI 那樣對實施速度的渴望。對我來說，這是一個重要因素，當你導航和思考這個業務、這個商業模式和GenAI 是一個類別時，誰會贏，誰會輸，以及哪些客戶真正想要解決方案，需要多快的速度如果他們昨天看到了他們想要的價值，他們是否想要該解決方案，這對我們來說是一個很好的跡象。

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

謝謝。今天的演講到此結束。我們感謝您今天的參與，您現在可以斷開連接。