ServiceNow Inc (NOW) 2024 Q2 法說會逐字稿

My name is Jale, and I will be your conference operator today. At this time, I would like to welcome everyone to the Q2 2024 ServiceNow earnings conference call. (Operator Instructions) I would now like to turn the conference over to Darren Yip, Group Vice President of Investor Relations. You may begin.

我叫 Jale，今天我將擔任您的會議主持人。現在，我歡迎大家參加 2024 年第二季 ServiceNow 收益電話會議。（操作員指示）現在，我想將會議交給投資者關係集團副總裁 Darren Yip。你可以開始了。

Good afternoon and thank you for joining ServiceNow second quarter 2024 earnings conference call. Joining me are Bill McDermott, our Chairman and Chief Executive Officer; and Gina Mastantuono, our Chief Financial Officer. During today's call, we will review our second-quarter 2024 results and discuss our guidance for the third quarter and full year 2024.

下午好，感謝您參加 ServiceNow 2024 年第二季財報電話會議。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) 和我們的財務長吉娜·馬斯坦托諾 (Gina Mastantuono)。在今天的電話會議上，我們將回顧 2024 年第二季的業績，並討論 2024 年第三季和全年的指導。

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.

在開始之前，我們想強調的是，本次電話會議中討論的信息（包括我們的指導）均基於截至今天的信息，並包含涉及風險、不確定性和假設的前瞻性陳述。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。

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. We'ld 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.

請參閱今天的收益新聞稿和我們向美國證券交易委員會 (SEC) 提交的文件，包括我們最新的 10-Q 和 2023 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。我們還想指出，我們提供的非 GAAP 指標是根據 GAAP 計算的財務指標的補充，而不是替代方案。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 GAAP，但收入、剩餘履約義務或 RPO、當前 RPO 以及現金和投資除外。

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

如需查看這些非公認會計準則 (Non-GAAP) 指標與公認會計準則 (GAAP) 指標之間的對帳情況，請參閱今日的收益新聞稿和投資者簡報，兩者均發佈於我們的網站 investors.servicenow.com。今日電話會議的重播也將發佈於我們的網站。

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

說完這些，我就把電話轉給比爾。

Thank you, Darren, and thank you, everyone, for joining us today. By now, you've all seen the press release. You know we crush the quarter, we raised the full year guidance, and we've never been more excited about the future of ServiceNow. But before we get into all the details, I just want to comment on the leadership announcements we made today.

謝謝達倫，也謝謝大家今天加入我們。至此，大家都已經看到新聞稿了。你知道我們在本季度取得了巨大的成功，我們提高了全年業績預期，我們對 ServiceNow 的未來從未如此興奮。但在我們討論所有細節之前，我只想對我們今天宣布的領導狀況發表評論。

The company received an internal complaint earlier this year regarding the hiring of an individual who had previously been a US government employee. As you would expect, we took the complaint very seriously. The Board of Directors conducted a thorough internal investigation with the assistance of outside counsel and determine that our company policy was violated. Acting with total transparency, the company proactively disclose the findings of the investigation to the proper government entities.

今年早些時候，該公司收到了一份內部投訴，涉及聘用一名曾任美國政府員工的個人。正如您所期望的，我們非常重視這項投訴。董事會在外部律師的協助下進行了徹底的內部調查，並確定我們的公司政策受到了違反。該公司採取完全透明的行動，主動向相關政府機構揭露調查結果。

And as a result, today, we're announcing the departure of the individual whose hiring was the subject of the original complaint. We also came to a mutual agreement that CJ Desai, our President and COO, will offer his resignation from the company effective immediately. While we believe this was an isolated incident, we are further sharpening our hiring policies and procedures as a result of the situation.

因此，今天，我們宣布最初因僱用問題而受到投訴的那位員工已離職。我們也達成一致，我們的總裁兼營運長 CJ Desai 將立即向公司提出辭呈。雖然我們認為這只是一個孤立事件，但鑑於這一情況，我們正在進一步加強我們的招募政策和程序。

And when it comes to compliance, let me be perfectly clear, we are fully committed to doing the right thing. And from a continuity standpoint, I'm extremely proud that our team has the incredible depth of talent and expertise to leap forward without any disruption.

當談到合規性時，請讓我明確地指出，我們完全致力於做正確的事情。從連續性的角度來看，我非常自豪我們的團隊擁有令人難以置信的深厚才能和專業知識，能夠順利向前邁進。

In fact, Chris Bedi, a respective ServiceNow executive for the past decade, who was recently named the MIT Sloan CIO leadership award winner for 2024, he'll will serve as the Interim Chief Product Officer while I consider internal and external candidates alike. Our entire products and engineering team is the best in the enterprise software industry, and they're focused on delivering our Xanadu release in a few weeks' time. In fact, I just got done talking with them, they're in great shape. And we wanted to give you the facts. It's clearly and succinctly as possible because we have so much else to cover today.

事實上，Chris Bedi 在過去十年中一直擔任 ServiceNow 高管，最近被提名為 2024 年麻省理工學院斯隆 CIO 領導力獎獲得者，他將擔任臨時首席產品官，同時我會考慮內部和外部候選人。我們的整個產品和工程團隊都是企業軟體行業中最好的，他們專注於在幾週內推出我們的 Xanadu 版本。事實上，我剛剛和他們談完，他們的狀態非常好。我們想向你們提供事實。由於我們今天還有很多內容要講，所以我們會盡可能清晰簡潔地講解。

So as I said at the start, ServiceNow is once again in a beat and raise situation. Our Q2 results prove that we are delivering elite level execution. Subscription revenue grew 23% year over year at constant currency, which is 100 basis points above the high end of our guidance. cRPO grew 22.5% at constant currency, which is 200 basis points above our guidance.

因此，正如我在開始時所說的那樣，ServiceNow 再次陷入困境。我們第二季的業績證明，我們正在實現精英級別的執行力。以固定匯率計算，訂閱收入年增 23%，比我們的預期高出 100 個基點。以固定匯率計算，cRPO 成長 22.5%，比我們的預期高出 200 個基點。

Operating margin was over 27%, nearly 250 basis points above our guidance. And we had 88 deals greater than $1 million in net new ACV, up from 70 a year ago, a 26% year-over-year increase. A year ago, Q2 had one deal greater than $1 million from a net new logo perspective. This year, we had six of them that were net new logos. Our first federal customer actually crossed the $100 million-plus ACV threshold, and we signed our third largest net new ACV deal ever.

營業利益率超過 27%，比我們的預期高出近 250 個基點。我們有 88 筆淨新 ACV 超過 100 萬美元的交易，比一年前增加了 70 筆，年增 26%。從淨新標誌角度來看，一年前第二季有一筆交易價值超過 100 萬美元。今年，我們有六個全新的標誌。我們的第一位聯邦客戶實際上突破了 1 億美元以上的 ACV 門檻，並且我們簽署了有史以來第三大淨新 ACV 交易。

All of our workflow businesses were even more than one-half of our top 20 deals. Security and risk ITSM and ITOM had 8, 9 and 10 deals over $1 million, respectively. Customer workflows had a big Q2, with 14 deals over $1 million. Employee workflows had 12 deals over $1 million, and creator had 10 deals over $1 million.

我們所有的工作流程業務占我們前 20 筆交易的一半以上。安全與風險 ITSM 和 ITOM 分別有 8、9 和 10 筆超過 100 萬美元的交易。客戶工作流程在第二季表現突出，共 14 筆交易金額超過 100 萬美元。員工工作流程有 12 筆交易超過 100 萬美元，創作者有 10 筆交易超過 100 萬美元。

What's the headline? ServiceNow as relevant to the AI platform for business transformation is soaring. This is a growth company on unprecedented trajectory.

標題是什麼？ServiceNow 作為與業務轉型相關的 AI 平台正在飆升。這是一家處於前所未有的成長軌跡的公司。

Moving to the topic of AI. Now Assist net new ACV doubled quarter over quarter, significantly overachieving our expectations. And it became the fastest growing new product in the custom -- in the company's history. We signed 11 Now Assist deals with $1 million-plus NNACV in Q2, two of which were over $5 million. We had impressive wins across industries from banking, healthcare, and manufacturing to semi-tech and many others.

轉到人工智慧的話題。現在，Assist 淨新 ACV 環比翻了一番，大大超出了我們的預期。它成為該公司歷史上定制領域成長最快的新產品。我們在第二季與 Now Assist 簽署了 11 份協議，NNACV 超過 100 萬美元，其中兩份協議的價值超過 500 萬美元。我們在銀行業、醫療保健業、製造業、半科技業等許多行業都取得了令人矚目的勝利。

As an AI lighthouse customer, Stellantis is using ServiceNow as its strategic AI platform to manage operations across HR, finance, and supply chain. American Honda selected Now Assist as their GenAI solution of choice to improve deflection and efficiency of service, delivering a world-class experience to their employees. Merck is using the ServiceNow platform to streamline operations across IT and cybersecurity to advance its global biopharmaceutical business. Adobe will leverage Now Assist to optimize routine tasks for employees, which will increase efficiency across the entire organization.

作為 AI 燈塔客戶，Stellantis 正在使用 ServiceNow 作為其策略 AI 平台來管理人力資源、財務和供應鏈方面的營運。美國本田選擇 Now Assist 作為其首選的 GenAI 解決方案，以提高服務的偏向性和效率，為其員工提供世界一流的體驗。默克公司正在利用 ServiceNow 平台簡化 IT 和網路安全領域的運營，以推進其全球生物製藥業務。Adobe 將利用 Now Assist 優化員工的日常任務，進而提高整個組織的效率。

Dell will integrate Now Assist with its service capabilities to deliver a seamless customer and employee experience. And with Now Assist, STMicroelectronics plans to enhance productivity and user experiences across their entire organization. LTIMindtree is using Now Assist for ITSM to increased developer productivity by 30% with code and flow generation. We're also collaborating together to grow and expand offerings in finance and supply chain workflows.

戴爾將把 Now Assist 與其服務功能結合，以提供無縫的客戶和員工體驗。透過 Now Assist，意法半導體計畫提高整個組織的生產力和使用者體驗。LTIMindtree 正在使用 Now Assist for ITSM，透過程式碼和流程產生將開發人員的工作效率提高 30%。我們也正在共同合作，發展和擴大金融和供應鏈工作流程的產品。

So why are so many enterprises rapidly adopting ServiceNow's GenAI strategy? Think about this in the context of design, thinking, and innovation. The first pillar is always desirability: do we have the big idea?

那麼，為什麼這麼多企業迅速採用 ServiceNow 的 GenAI 策略呢？在設計、思考和創新的背景下思考這個問題。第一個支柱始終是可取性：我們是否有偉大的想法？

ServiceNow is putting AI to work for people. Now GenAI strategy is focused on infusing intelligence into the flow of work and across the enterprise, every department, every persona. With our native integrations, we already have people orchestrate across different systems and data sources. Now we can train the machines to do the low value work so that people can up level to the knowledge work.

ServiceNow 正在利用人工智慧為人類服務。現在，GenAI 策略專注於將智慧注入工作流程以及整個企業、每個部門、每個人物。透過我們的原生集成，我們已經讓人們跨不同的系統和資料來源進行協調。現在我們可以訓練機器去做低價值的工作，以便人們可以提升到知識工作的程度。

The second pillar is viability: does our approach to GenAI make business sense? We set the tone on innovating with domain-specific multimodal language models. This approach is more accurate. It doesn't have the hallucinations of the large models from the Internet. It's faster to train, and it's faster to deploy these models. It's more cost effective and sustainable because these models are less GPU hungry than public models.

第二個支柱是可行性：我們對 GenAI 的方法是否具有商業意義？我們致力於透過特定領域的多模態語言模型進行創新。這種方法比較準確。它沒有網路上那些大模型的幻覺。訓練速度更快，部署這些模型的速度也更快。由於這些模型比公共模型對 GPU 的要求更低，因此更具成本效益和可持續性。

The final pillar is feasibility: can we actually do it? This is the best pillar of all for ServiceNow because we've actually done it. When you look at our own deployment of Now Assist, the initial results are staggering. With better deflection, our IT help desk is saving 45 minutes per avoided case in customer service. Our colleagues are saving 30 minutes every time the computer generates the knowledge base article for them.

最後一個支柱是可行性：我們真的能做到嗎？這是 ServiceNow 最好的支柱，因為我們確實做到了。當您查看我們自己對 Now Assist 的部署時，初步結果是驚人的。透過更好的處理，我們的 IT 幫助台每避免一個客戶服務案例就可以節省 45 分鐘。每次電腦為我們的同事產生知識庫文章時，他們都可以節省 30 分鐘。

Our employees will save 21,000 hours with faster self-service, and our developers are completing non-complex scripts and half the time. This is a moment with business leaders are looking for the role model, what does it look like to run a business with GenAI at the core? ServiceNow, thanks to our engineering and our Now on Now team, is leading the way.

我們的員工將透過更快的自助服務節省 21,000 小時，而我們的開發人員只需花費一半的時間即可完成非複雜的腳本。此時，企業領導者正在尋找榜樣，以 GenAI 為核心經營企業是什麼樣的？由於我們的工程技術和 Now on Now 團隊，ServiceNow 正在引領潮流。

It's excitement for GenAI. And it's one recent Gartner, forecast global IT spending will be up 8.9% in 2024. And that's even higher than originally forecasted, by the way, more than 3 times GDP. Within software spend, according to IDC, Software as a Service will grow 17%. So the trend lines clear. Enterprise software buyers are moving away from consolidating the past into building for the AI future.

這對 GenAI 來說是一件令人興奮的事情。Gartner 最近預測，2024 年全球 IT 支出將成長 8.9%。順便說一句，這甚至比最初預測的還要高，是 GDP 的 3 倍多。根據 IDC 的預測，在軟體支出方面，軟體即服務將成長 17%。因此趨勢線清晰。企業軟體購買者正從鞏固過去轉向建構人工智慧的未來。

ServiceNow has been modernizer at many points on this journey, creating a single pane of glass into the IT estate, expanding our core from IT to employee service to customer service, now making it easy to build new consumer grade applications on a single data model. The AI moment is the culmination of this journey.

ServiceNow 在這段旅程中的許多階段都實現了現代化，在 IT 領域創建了單一管理平台，將我們的核心從 IT 擴展到員工服務再到客戶服務，現在可以輕鬆地在單一資料模型上建立新的消費者級應用程式。人工智慧時刻是這趟旅程的頂點。

CIOs don't want a 1,000 points of dim light. They're bidding on a few market-leading platforms working together as the great unlock. They see ServiceNow as the intelligent action platform spanning the entire enterprise. And that is why our pipeline has built from knowledge over 50% year-over-year improvement.

CIO 們不想要 1,000 個昏暗的燈光。他們正在競標幾個市場領先的平台，共同努力實現偉大的解鎖。他們將 ServiceNow 視為覆蓋整個企業的智慧行動平台。這就是為什麼我們的管道從知識中建立的年增長率超過 50%。

It's why CIOs surveys continue to show ServiceNow relevance rising to the top of the charts. It's why more IT and line of business buyers alike are looking at long-term blueprints for ServiceNow and planning out the future with us. It's why Jensen Huang hinted on the head when he said ServiceNow is the AI operating system for the enterprise.

這就是為什麼 CIO 調查繼續顯示 ServiceNow 的相關性位居榜首。這就是為什麼越來越多的 IT 和業務線買家都在關注 ServiceNow 的長期藍圖並與我們一起規劃未來。這就是為什麼黃仁勳在說 ServiceNow 是企業的 AI 作業系統時，會暗示這一點。

Customers are seeing us like Jensen sees us. While our performance has been consistently strong, we take nothing for granted. Every aspect of our innovation engine and our go-to-market machine is moving up to the next level. We're tracking and tackling more of the automation and market opportunities every day with both our customers and our engineers.

客戶對我們的看法與 Jensen 的看法一樣。儘管我們的業績一直表現強勁，但我們並不認為任何事情都是理所當然的。我們的創新引擎和行銷機器的各個方面都在提升到新的水平。我們每天都在與客戶和工程師一起追蹤和應對更多的自動化和市場機會。

Our new creative studio available with ServiceNow App Engine is extending our existing low code leadership to no code so every employee can now build applications. Other updates to our automation engine help simplify our PA deployments. We see a great opportunity for ServiceNow there. We're moving even faster on core innovation partnerships with major global brands and expanded multiyear agreement will extend ServiceNow capabilities to all BT Group units.

我們配備 ServiceNow App Engine 的新創意工作室將我們現有的低程式碼領導地位擴展為無程式碼，因此每位員工現在都可以建立應用程式。我們自動化引擎的其他更新有助於簡化我們的 PA 部署。我們看到 ServiceNow 在那裡面臨著巨大的機會。我們正在與全球主要品牌建立核心創新合作夥伴關係，而擴大的多年期協議將把 ServiceNow 功能擴展到所有 BT 集團部門。

Bell Canada will develop new capabilities within the business service experience while accelerating their own internal transformation as a tech services and digital media leader. This is the largest telecommunications collaboration for ServiceNow and the first of its kind in Canada. Boomi is expanding from a small ServiceNow footprint to replace existing competitor implementations who may well use all Now Assist solutions and work with us on joint product development.

貝爾加拿大公司將在商業服務體驗中開發新的能力，同時加速其作為技術服務和數位媒體領導者的內部轉型。這是 ServiceNow 最大的電信合作，也是加拿大首個此類合作。Boomi 正在從小型 ServiceNow 足跡擴展，以取代現有的競爭對手的實施，他們可能會使用所有 Now Assist 解決方案並與我們合作進行聯合產品開發。

Deloitte is leveraging the ServiceNow platform to drive industry specific managed services to bring AI-based innovations to clients around the world. We are accelerating our growth in key geographic markets and verticals. ServiceNow will help the US Air Force adapt new best in class technology.

德勤正在利用 ServiceNow 平台推動業界特定的託管服務，為全球客戶帶來基於人工智慧的創新。我們正在加速主要地理市場和垂直行業的成長。ServiceNow 將協助美國空軍採用最新、最先進的技術。

The federal government's National Science Foundation is utilizing ServiceNow's new GenAI solutions to support their mission to promote research, expanding knowledge and science, engineering and education. In Germany, Bayer is using Now Assist to empower their employees with GenAI and hyper automation as they create a culture where every employee has the potential to innovate.

聯邦政府的國家科學基金會正在利用 ServiceNow 的新 GenAI 解決方案來支持其促進研究、擴展知識和科學、工程和教育的使命。在德國，拜耳正在使用 Now Assist 透過 GenAI 和超級自動化為其員工提供支持，以創造一種讓每位員工都具有創新潛力的文化。

Our momentum in Japan continues with major wins this quarter, including Nomura, Panasonic Information Systems and Nitori Holdings. We announced plans to launch a ServiceNow UAE cloud hosted on Microsoft Azure, so we can meet the business transformation requirements of all public and private sector entities in the UAE. We announced two growth investments in our partner ecosystem in India.

我們在日本的勢頭持續強勁，本季取得了包括野村證券、松下資訊系統和似鳥控股在內的多項重大勝利。我們宣布計劃推出託管在 Microsoft Azure 上的 ServiceNow 阿聯酋雲，以便滿足阿聯酋所有公共和私營部門實體的業務轉型需求。我們宣布對印度合作夥伴生態系統進行兩項成長投資。

In markets, we'll extend our presence in India and across Southeast Asia through the development of new GenAI offerings, solutions, and digital skills training. Prodapt will further develop digital business transformation through AI enabled solutions and the Now Platform skills expansion. We're also expanding into new categories, further increasing ServiceNow as total addressable market yet again.

在市場方面，我們將透過開發新的 GenAI 產品、解決方案和數位技能培訓來擴大我們在印度和東南亞的業務。Prodapt 將透過人工智慧解決方案和 Now Platform 技能擴展進一步發展數位業務轉型。我們也正在擴展到新的類別，進一步擴大 ServiceNow 的總可尋址市場。

Industry analysts have reported that the number one priority to CIOs is getting their data house in order. And that's why at Knowledge, we shared our plans for a powerful new database offering. RaptorDB, it's built for enterprises looking for speed and scale to support new AI use cases. RaptorDB give ServiceNow customers the capability to ingest data at massive scale from multiple data sources, so they can analyze much faster to feed our domain specific models.

產業分析師報告稱，資訊長的首要任務是理順資料庫。這就是為什麼我們在知識上分享了強大的新資料庫產品計劃。RaptorDB，專為尋求速度和規模以支援新的 AI 用例的企業而建置。RaptorDB 使 ServiceNow 客戶能夠從多個資料來源大規模提取數據，因此他們可以更快地進行分析以提供我們特定領域的模型。

We're already achieving 12x transactional throughput and 27x improvement and response time for analytic inquiries in our Pro+ version of the platform. Today, we're launching the RaptorDB Lighthouse program. This is similar to our highly successful GenAI Lighthouse program. This new offering is designed for select group of top customers at the forefront of this new AI world. We already had many signing up.

在我們的 Pro+ 版本平台中，我們已經實現了 12 倍的交易吞吐量和 27 倍的改進以及分析查詢的回應時間。今天，我們啟動 RaptorDB Lighthouse 計劃。這與我們非常成功的 GenAI Lighthouse 計劃類似。這項新產品專為處於新 AI 世界前沿的精選頂級客戶群而設計。我們已經有很多報名了。

We also completed a tuck-in acquisition, operation, and industry-leading data company based in Germany. In combination with Now Assist, Raytion will further accelerate our GenAI powered search and knowledge management capabilities. This is only the beginning. The data oppurtunity is massive, and we intend to make some additional announcements on September 10 regarding our growing data ambition.

我們也完成了對一家總部位於德國的行業領先數據公司的收購、營運。與 Now Assist 結合，Raytion 將進一步加速我們由 GenAI 支援的搜尋和知識管理能力。這只是個開始。數據機會是巨大的，我們打算在 9 月 10 日發布一些關於我們不斷增長的數據雄心的額外公告。

As you can see, ServiceNow is not opportunity constrained. New buying centers, new industries, new geographic markets, and we're fielding more inbound interest for new partnerships at any point in our history. There's a sense of excitement here in the community, in our company, and it's all for good reason.

如您所見，ServiceNow 不受機會限制。新的採購中心、新的產業、新的地理市場，我們在歷史上的任何時候都對新的合作關係產生了更多的興趣。在我們的社區、在我們的公司，到處都洋溢著興奮的氣氛，這一切都是有充分理由的。

In closing, our focus is exactly where it should be: expanding this differentiated platform, scaling this business and delivering great results for our stakeholders. I've got a few questions about the second half with a rare speculation out there that elections or other macro factors will challenge the business environment. Our customers are mindful of the unknowns in the broader macro of course.

最後，我們的重點正是應該放在：擴大這個差異化平台，擴大這項業務，並為我們的利害關係人帶來豐厚的成果。我對下半年有一些疑問，因為有罕見的猜測稱，選舉或其他宏觀因素將對商業環境構成挑戰。當然，我們的客戶會留意更廣泛的宏觀中的未知因素。

That's exactly why they are leaning in to ServiceNow because AI is the elixir to drive productivity, cost efficiency, and new business models. Simply put, enterprises are investing in business transformation. They are investing in AI. They are building a new reference architecture for the decades to come.

這正是他們傾向於 ServiceNow 的原因，因為 AI 是推動生產力、成本效率和新商業模式的靈丹妙藥。簡單來說，企業正在投資業務轉型。他們正在投資人工智慧。他們正在為未來幾十年建立新的參考架構。

This is the largest, most compelling business opportunity in the world. We are bullish on what's ahead. That's why we have not only confirmed but also raised our full year guidance. Our brand represents an optimistic view of the world's future. It's why we're putting AI work for people, and ultimately, why.

這是世界上最大、最引人注目的商業機會。我們對未來充滿信心。這就是為什麼我們不僅確認而且提高了全年業績預期。我們的品牌代表了對世界未來的樂觀看法。這就是我們讓人工智慧為人類服務的原因，也是最終的原因。

As we celebrate the 20th anniversary of Fred Luddy's original dream, we believe the next 20 years will be even more exciting. I personally have never been more convinced that ServiceNow will be the defining enterprise software company of the 21st century. Thank you for your time and attention. I look forward to your questions.

在弗雷德魯迪最初夢想實現 20 週年之際，我們相信，未來 20 年將會更加精彩。我個人從未如此確信 ServiceNow 將成為 21 世紀具有代表性的企業軟體公司。感謝您的時間和關注。我期待您的提問。

I'll now turn you over to Gina. Gina, over to you.

現在我將把你們交給吉娜。吉娜，交給你了。

Thank you, Bill. Q2 was another fantastic quarter with tremendous speed across all of our top line and profitability metrics. ServiceNow business remains resilient with net new ACV and GenAI contributions exceeding expectations. Once again, the team demonstrated exceptional execution as we continue to see strong demand for the Now Platform and our Now Assist offerings.

謝謝你，比爾。第二季度是另一個出色的季度，我們所有的營收和獲利指標都實現了驚人的成長。ServiceNow 業務保持彈性，淨新 ACV 和 GenAI 貢獻超出預期。我們再次看到對 Now Platform 和 Now Assist 產品的強勁需求，團隊展現了卓越的執行力。

Q2 subscription revenues were $2.542 billion, growing 23% year over year in constant currency, exceeding the high end of our guidance range by 100 basis points. RPO ended the quarter at approximately $18.6 billion, representing 31.5% year-over-year constant currency growth.

第二季訂閱營收為 25.42 億美元，以固定匯率計算年增 23%，超出我們預期範圍的高階 100 個基點。本季結束時，RPO 約為 186 億美元，以固定匯率計算年增 31.5%。

We continue to see average contract term increase with TCV from five-plus year deals more than tripling year over year. Current RPO was $8.78 million, representing 22.5% year-over-year constant currency growth, a 200 basis point beat versus our guidance and 150 basis point acceleration from Q1.

我們繼續看到平均合約期限增加，五年以上合約的 TCV 年比增長兩倍多。目前 RPO 為 878 萬美元，以固定匯率計算年增 22.5%，比我們的預期高出 200 個基點，比第一季加快 150 個基點。

From an industry perspective, US federal had a great quarter, accelerating both quarter over quarter and year over year with net new ACV up well over 50% from last Q2. Manufacturing and energy and utilities were also areas of strength, growing net new ACV over 50% year over year. Healthcare and life sciences and retail and hospitality both had a great quarter, growing about 30% year over year.

從產業角度來看，美國聯邦本季表現優異，季和年比均有成長，淨新 ACV 較去年第二季成長逾 50%。製造業、能源和公用事業也是表現強勁的領域，新 ACV 淨值年增超過 50%。醫療保健和生命科學以及零售和酒店業均在本季度表現出色，年增約 30%。

The Now Platform remains a mission critical part of our customers' operations, reflected by a strong 98% renewal rate. The stickiness of our customer base has served as a solid foundation for us to continue to build upon. We closed 88 deals greater than $1 million in net new ACV in the quarter, representing 26% growth year over year. This includes six new logos, two of which were G2K customers.

Now Platform 仍然是我們客戶營運的關鍵部分，高達 98% 的更新率就反映了這一點。我們客戶群的黏性為我們持續發展奠定了堅實的基礎。本季度，我們完成了 88 筆淨新 ACV 超過 100 萬美元的交易，年增 26%。其中包括六個新標誌，其中兩個是 G2K 客戶。

We continue to see robust large deal momentum in the quarter, closing 14 deals over $5 million in net new ACV and 4 deals over $10 million. Our focused on selling a comprehensive platform continue to drive more multi-product deal as 14 of our top 20 deals included 8 or more products. We now have 1,988 customers paying us have a $1 million in ACV. In addition, the number of customers paying us $20 million or more grew nearly 40% year over year.

本季我們繼續看到強勁的大交易勢頭，完成了 14 筆淨新 ACV 超過 500 萬美元的交易，以及 4 筆超過 1000 萬美元的交易。我們專注於銷售綜合平台，並繼續推動更多多產品交易，因為我們的前 20 筆交易中有 14 筆包含 8 種或更多產品。現在我們有 1,988 位客戶向我們支付了 100 萬美元的 ACV。此外，向我們支付2000萬美元或以上的客戶數量同比增長了近40％。

As Bill highlighted, our GenAI net new ACV to date continues to trend ahead of any new product family launch for the comparable period. Our Plus SKUs saw more than a 30% price uplift over Pro in Q2. Furthermore, since launch, we're seeing a greater than 3x increase in average deal size versus the comparable pro-upgrade. Now Assist co-generation capabilities within creator workflows remain a powerful productivity tool of choice as well, appearing in over 70% of our GenAI ideals.

正如比爾所強調的，迄今為止，我們的 GenAI 淨新 ACV 繼續領先於同期推出的任何新產品系列。我們的 Plus SKU 在第二季的價格比 Pro 上漲了 30% 以上。此外，自推出以來，我們發現平均交易規模與同類升級版相比增加了 3 倍以上。現在，創作者工作流程中的輔助共同生成功能仍然是一種強大的生產力工具，出現在我們 70% 以上的 GenAI 理想中。

Best of all, customers of going live fast. We're learning with them, releasing innovation based on their feedback at a very fast clip to get them to value. In July, BT Group announced that Now Assist pilot help agents rate case summaries and review complex notes faster, cutting both times by 55%. This helped drive down the average time to resolve cases by a third.

最重要的是，客戶上線速度很快。我們正在與他們一起學習，並根據他們的反饋以極快的速度發布創新，以讓他們獲得價值。7 月，英國電信集團宣布 Now Assist 試點計畫可協助代理人員更快評估案例摘要並審查複雜的筆記，將兩項時間縮短 55%。這有助於將解決案件的平均時間縮短三分之一。

We are just scratching the surface of the opportunity as the vast majority of GenAI sales are direct. We're working to onboard partnered arming them with the tools to cell analysis and further extend our go-to market reach.

我們只是觸及了機會的表面，因為絕大多數 GenAI 銷售都是直接的。我們正在努力與合作夥伴合作，為他們提供細胞分析工具，進一步擴大我們的市場範圍。

Turning to profitability. Non-GAAP operating margin was over 27%, approximately 250 basis points above our guidance, driven by OpEx efficiencies, top line outperformance, and timing of marketing spend. Our free cash flow margin was 14%. We ended the quarter with a robust balance sheet include $8.9 billion in cash and investments. Together, these results continue to demonstrate our ability to drive a strong balance of world-class growth, profitability, and shareholder value.

轉向盈利能力。非公認會計準則營業利潤率超過 27%，比我們的預期高出約 250 個基點，這得益於營運支出效率、營收表現優異以及行銷支出時機的推動。我們的自由現金流利潤率為14%。本季結束時，我們的資產負債表強勁，其中包括 89 億美元的現金和投資。總的來說，這些業績繼續證明了我們有能力實現世界一流的成長、獲利能力和股東價值之間的平衡。

Moving to our guidance. Given our Q2 outperformance, we are raising our 2024 outlook. For 2024, we are raising our subscription revenues by $33 million at the midpoint of the range to more than offset an incremental $20 million FX headwind. This raise yields a net increase of $13 million on a narrowed range of $10.575 billion to $10.585 billion or between 22% year-over-year growth on both reported and constant currency basis. We're also raising our full-year operating margin target from 29% to 29.5%.

轉向我們的指導。鑑於我們第二季的優異表現，我們上調了 2024 年的展望。到 2024 年，我們將把訂閱收入提高 3,300 萬美元（中位數），以抵銷 2,000 萬美元的外匯逆風。此次加薪將使淨利潤增加 1,300 萬美元，使利潤範圍縮小至 105.75 億美元至 105.85 億美元，按報告和固定匯率計算，年增 22%。我們也將全年營業利潤率目標從 29% 提高到 29.5%。

We continue to expect subscription gross margin of 84.5%, free cash flow margin of 31%, and GAAP diluted weighted average outstanding share of $208 million. For Q3, we expect subscription revenues between $2.660 billion and $2.665 billion, representing 20% to 20.5% year-over-year growth or 20.5% on a constant currency basis.

我們繼續預期認購毛利率為 84.5%，自由現金流利潤率為 31%，GAAP 稀釋加權平均流通股數為 2.08 億美元。對於第三季度，我們預計訂閱收入在 26.60 億美元至 26.65 億美元之間，年增 20% 至 20.5%，或以固定匯率計算成長 20.5%。

We expect cRPO growth of 22.5% on a reported basis or 22% on a constant currency basis. We expect an operating margin of 29.5%. Finally, we expect $209 million GAAP diluted weighted average outstanding shares for the quarter. In summary, Q2 was a strong quarter, and we continue to see strength heading into the second half of the year.

我們預期 cRPO 成長率為 22.5%（以報告基礎計算）或 22%（以固定匯率計算）。我們預期營業利益率為29.5%。最後，我們預計本季 GAAP 稀釋加權平均流通股數為 2.09 億美元。總而言之，第二季表現強勁，我們預計下半年該表現將持續保持強勁。

All now embed in May with an incredible three days of inspiring keynote, amazing demos, and trading breakout sessions and plenty of discussions around AI as it was woven into every aspect of the event. ServiceNow focus on putting AI work for people with a consistent theme for the other 220,000 participants, including $5 billion of pipeline in the room.

現在，所有這些都融入了 5 月份為期三天的令人難以置信的鼓舞人心的主題演講、精彩的演示和交易分組會議以及大量有關人工智能的討論，人工智能已融入活動的各個方面。ServiceNow 專注於讓人工智慧為人類服務，與其他 22 萬名參與者的主題一致，其中包括會議室中價值 50 億美元的管道。

Response from customers around the latest innovation has been incredible. As Bill mentioned, newly created pipeline after only 60 days was up 50% year over year, and that has since grown to over $1 billion. Our second-half pipeline, combined with our net new ACV outperformance in the first half of '24 gives us very good visibility into our top line guide and further confidence in our journey to $15 billion-plus in revenue.

客戶對最新創新的反應令人難以置信。正如比爾所提到的，僅僅 60 天后，新創建的管道就比去年同期增長了 50%，而且已經增長到 10 億美元以上。我們下半年的銷售管道，加上我們在 2024 年上半年的淨新 ACV 優異表現，讓我們對我們的營業收入指南有了很好的了解，並對我們實現 150 億美元以上收入的目標更有信心。

We are well on our way to come into defining enterprise software company the 21st century. I'm extremely proud of our team's performance this quarter. And Bill and I can't thank our employees enough for their hard work and dedication. Bill and I couldn't be proud of this incredible team.

我們正在順利地定義 21 世紀的企業軟體公司。我對我們團隊本季的表現感到非常自豪。比爾和我對我們的員工的辛勤工作和奉獻精神表示衷心的感謝。比爾和我為這支出色的團隊感到無比自豪。

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

有了這些，我將開始問答環節。

(Operator Instructions) Keith Weiss, Morgan Stanley.

（操作員指示） 摩根士丹利的 Keith Weiss。

Excellent. Thank you guys for taking the question and congratulations on a really strong quarter. In an environment that, as you guys noted, a lot of people are concerned about, Bill, can you talk a little bit more about what is that enabled you guys to get these contracts closed, if you will?

出色的。感謝你們回答這個問題，並祝賀你們本季取得了非常強勁的業績。正如你們所指出的，在這樣一個很多人都擔心的環境下，比爾，你能否再多談一下是什麼讓你們能夠完成這些合約呢？

What we're hearing from a lot of CIOs is excitement about the opportunity, but tentativeness in pulling the trigger. But you guys seem to be able to get people to pull the trigger. What is it that enabled you to pull the trigger?

我們從許多 CIO 那裡聽到的反饋是，他們對這個機會感到興奮，但在採取行動時卻猶豫不決。但你們似乎能夠讓人們扣下板機。是什麼促使你扣下板機？

And then a follow-up for Gina, would say any unusual activity in terms of like deals slipping from Q1 to Q2? Or was this just fundamentally the strength of future?

然後問吉娜，從第一季到第二季度，類似交易方面是否有任何異常活動？或者這根本上只是未來的力量？

Thank you very much for the question, Keith. I would, first of all, begin by discussing this incredible platform and the difference that it makes. If you take all the complexity that's out there and you think about what CEOs today want, they are looking for new vectors of growth to have to radically simplify their companies. And digitization is really the only way out.

非常感謝你的提問，基斯。首先，我想討論這個令人難以置信的平台以及它所帶來的變化。如果你考慮到所有存在的複雜性，並思考當今的執行長想要什麼，你會發現他們正在尋找新的成長方向，以便從根本上簡化他們的公司。數位化確實是唯一的出路。

But the difficult thing is most people are selling into a department for they have a narrow threaded solution. And that doesn't necessarily change the way workflows and the way business processes get executed. So we're able -- especially with our GenAI built into this incredible platform, we're able to demonstrate real value. And that ROI is undeniable.

但困難的是，大多數人向某個部門銷售產品是因為他們的解決方案線程狹窄。這並不一定會改變工作流程和業務流程的執行方式。因此，我們能夠——尤其是將 GenAI 融入這個令人難以置信的平台後，我們能夠展示真正的價值。而投資報酬率是不可否認的。

And we have a culture built to deliver value. We have a team that knows how to describe value. And obviously, we were very market connected. I do give the culture here a credit for what I call (technical difficulty) level of execution. So that's just built into the fabric of our DNA, great innovation, great execution, great integration between what we build, how we take it to market, and how in the post-sale world we care for that value to be ultimately delivered quickly and provable ROI.

我們建立了一種旨在傳遞價值的文化。我們擁有一支懂得如何描述價值的團隊。顯然，我們與市場緊密相連。我確實對這裡的文化給予了讚揚，因為我稱之為（技術難度）執行程度。所以，這只是融入我們的 DNA 結構中，偉大的創新，偉大的執行，我們所構建的產品、我們如何將其推向市場以及在售後世界中我們如何關心最終快速交付價值和可證明的投資回報率之間的完美整合。

And then Keith, on your question about any unusual activity and deals slipping from Q1 to Q2, no. Actually, we just saw pretty incredible great execution across the Board in Q2. From a revenue perspective, net new ACV outperformance that we talked about strong execution of the ServiceNow got incredible go-to-market team, as you would expect. On-prem did come in a little bit ahead of expectations, but the net new ACV outperformance was much more impactful.

然後，基思，關於你關於任何異常活動和交易從第一季下滑到第二季的問題，答案是沒有。實際上，我們剛剛看到第二季度各部門的執行情況都非常出色。從收入角度來看，我們談到的淨新 ACV 表現優異，ServiceNow 的強勁執行獲得了令人難以置信的上市團隊，正如您所期望的那樣。本地部署確實略微超出了預期，但淨新 ACV 的優異表現更具影響力。

With respect to the cRPO beat, also, again, primarily driven by net new ACV outperformance, a little bit higher early renewal. As you know, I've been pretty prudent (technical difficulty) guiding for early renewals and continue to do so. But the beat was really a function of incredible execution by this team once again.

就 cRPO 表現而言，同樣，主要受淨新 ACV 優異表現的推動，早期續約率略高。如您所知，我一直非常謹慎（技術難度）地指導早期續約，並將繼續這樣做。但這次擊敗確實再次體現了這支球隊令人難以置信的執行力。

Raimo Lenschow, Barclays.

巴克萊銀行的 Raimo Lenschow。

Perfect. Thank you and congrats from me as well. Bill, you talked about some of the use cases like BT where you kind of -- with your slightly smaller and more efficient functioning, which more achieving very good results. Is that like a blueprint of the way we should think about AI going forward in terms of like probably very large models that you, as a smaller, more nimble if they actually can do achieve a lot more because you're more specialized? Thank you and congrats.

完美的。謝謝你，我也向你表示祝賀。比爾，你談到了一些用例，例如 BT，它的功能稍微小一些，但效率更高，從而取得了非常好的效果。這是否就像是我們應該如何思考人工智慧未來的藍圖，例如可能非常大的模型，而你作為一個更小、更靈活的模型，如果它們實際上能夠取得更多成就，因為你更加專業化？謝謝，恭喜。

Yes. Raimo, thank you very much for the question. And I think the key to our domain specific or smaller models, as you mentioned -- the lightening quick, there's no latency because we're working with the customer's data. They're highly secure again because it's the customer's data. And they're an expensive to run.

是的。Raimo，非常感謝您的提問。我認為，正如您所提到的，我們特定領域或較小模型的關鍵是——閃電般快速，沒有延遲，因為我們處理的是客戶的資料。由於這是客戶的數據，因此它們非常安全。而且運作起來成本很高。

And when companies see the bandwidth of a platform that goes end to end -- so everywhere from the entire IT estate for digital transformation or recreating an employee experience where employees actually get excited to come to work and do their job because we take the busy work out of their life, or the customer experience can be totally reimagine, and then inspiring developers to do what they do best, which is dream about net new innovation and building new business models.

當公司看到端到端平台的頻寬時——從整個 IT 領域到處都是數位轉型或重新創造員工體驗，員工實際上會興奮地來上班並做好他們的工作，因為我們把繁忙的工作從他們的生活中帶了出來，或者客戶體驗可以完全重新構想，然後激勵開發人員做他們最擅長的事情，那就是夢想全新的創新和建立新的商業模式。

You see this. Obviously, you mentioned BT. I could have easily said London Stock Exchange where they deployed us for a core business transformation and a unified 15 siloed platforms and 14 lines of business on the ServiceNow platform. And they actually saw deflection rates increase to 85% of the cases and 35% time improved and summarizing incidents. And by the way, Now Assist does this in seconds.

你看到了這個。顯然，您提到了 BT。我本可以輕鬆地說倫敦證券交易所，他們在那裡部署我們進行核心業務轉型，並在 ServiceNow 平台上統一 15 個孤立平台和 14 條業務線。他們實際上看到偏轉率增加到 85% 的案例，並且改進和總結事件的時間增加了 35%。順便說一句，Now Assist 可以在幾秒鐘內完成此操作。

So we're talking about two days per employee improvement in productivity. I could have gone to Try Medics, a biotech company. And basically, what they're doing with Now Assist is they are enhancing developer productivity, which has increased for them 22%. And they saw a 50% of their developers actively using Now Assist in just three months.

所以我們談論的是每個員工兩天的生產效率提高。我本來可以去一家生技公司 Try Medics。基本上，他們使用 Now Assist 所做的就是提高開發人員的工作效率，這使他們的工作效率提高了 22%。他們發現，在短短三個月內，就有 50% 的開發人員積極使用 Now Assist。

I could have also mentioned Kainos, a digital technology solutions provider. They created 600 knowledge articles with Now Assist. And they were able to improve access to their knowledge content for their customers and employees. Their satisfaction from a customer standpoint went from 80 to 99. And this is just amazing stuff.

我還可以提到數位技術解決方案提供者 Kainos。他們利用 Now Assist 創建了 600 篇知識文章。他們也能夠提高客戶和員工獲取知識內容的管道。從客戶角度來看，他們的滿意度從 80 上升到了 99。這真是令人驚奇的事。

We just went general availability with our GenAI skews for our government Community Cloud. This is June 28 by the way. One customer had a goal live and implementation schedule for Q3. But their pilot went so well that they decided they needed it immediately activated in Q2.

我們剛剛為政府社群雲推出了 GenAI 傾斜版本。順便說一下，今天是 6 月 28 日。一位客戶制定了第三季的目標和實施計劃。但他們的試點進展非常順利，因此他們決定需要在第二季立即啟動它。

So you're into a whole different program here with rapid time to value, a product that people love to use. And the executives get excited because their people are so happy, their customers are so happy, they're innovators are so happy. And we're so market connected that we know what's going on in every one of these instances. They know we're not mailing and in from a desk.

因此，您在這裡看到的是一個完全不同的程序，它可以快速實現價值，是人們喜歡使用的產品。高階主管們感到興奮，因為他們的員工非常高興，他們的客戶非常高興，他們的創新者非常高興。我們與市場緊密相連，了解每個案例的進展。他們知道我們不是在辦公桌上發送郵件。

Perfect, that's amazing. Thank you.

完美，太棒了。謝謝。

Kash Rangan, Goldman Sachs.

高盛的卡什·蘭根（Kash Rangan）。

(inaudible) That's for sure. Well, congratulations for some amazing results in GenAi. I couldn't help but notice that the RPO growth overall hit 30% plus for the first time in eight years. So it's certainly kudos on this front.

（聽不清楚）這是肯定的。好吧，恭喜你在 GenAi 中取得了一些驚人的成果。我注意到，RPO 整體成長率八年來首次達到 30% 以上。因此從這方面來說這無疑是值得稱讚的。

Bill, one for you. You've been through multiple macro cycles. If there is a deduction and there's a vision change, for more pro-business, if you want to call it that way in calendar '25, have there been certain things that have been holding back (inaudible) you guys have done really, really well? What could be the bigger macro unlocks as we head towards more rate cuts ahead?

比爾，給你一個。您已經歷過多個宏觀週期。如果有扣除並且有願景變化，為了更加親商，如果您想在日曆 25 中這樣稱呼它，那麼是否存在某些事情阻礙了（聽不清楚）你們做得非常非常好？隨著我們未來進一步降息，更大的宏觀調控可能是什麼？

And also, on the AI front, (inaudible) how much productivity improvement you've been able to give your clients with just two quarters of shipping the product? Where you see Now Assist going forward? I mean, this is going to follow the path created by employee workflows, customer service workflows, creator workflows. I mean, are we going to go deeper into these domains and unveil more and more AI unlocks? Thank you so much and congratulations.

此外，在人工智慧方面，（聽不清楚）產品交付僅兩個季度，您就能夠為客戶帶來多少生產力提升？您認為 Now Assist 未來會如何發展？我的意思是，這將遵循員工工作流程、客戶服務工作流程、創建者工作流程所建立的路徑。我的意思是，我們是否會深入這些領域並揭開越來越多的人工智慧的神秘面紗？非常感謝，恭喜你。

Thank you very much, Kash. I really appreciate your thoughtful comments and your question. I think the bottom line is consolidating the past is really not moving the ball forward and innovating the future is.

非常感謝，卡什。我非常感謝您深思熟慮的評論和問題。我認為底線是，鞏固過去並不能真正推動進步，創新未來才是。

I think we have a dream for the company. I think we know how to describe that dream to the C-suite. I think we're now toggling across the entire C-suite where we've expanded the perimeter in the relationship plan and the solution road map. And obviously, internally, we've scaled the company where it's ready to make a bold move now and be the defining one in the enterprise.

我認為我們對公司有一個夢想。我想我們知道如何向高階主管描述這個夢想。我認為我們現在正在整個高階主管中進行切換，擴大關係計畫和解決方案路線圖的範圍。顯然，在內部，我們已經擴大了公司規模，準備採取大膽的舉措，成為企業中的決定性力量。

So I think all that's coming together once for us. In terms of the broader macro, you saw the investment in hardware, obviously, for the AI world. You saw the incredible success of the great and video company and the work that they're doing. You see great companies like Microsoft doing incredibly well with office and dynamics and teams and co-pilot. So there are standard.

所以我認為，對我們來說，這一切都將一起到來。從更廣泛的宏觀角度來看，你顯然看到了對人工智慧領域的硬體投資。您看到了這家偉大的視訊公司所取得的令人難以置信的成功以及他們所做的工作。您會看到，像微軟這樣的偉大公司在辦公室、動態、團隊和副駕駛方面做得非常出色。所以有標準。

And then you see the hyperscalers all doing well. Whether it's Azure, it's AWS, or GCP, they're all doing well. And good news is we integrate with all of them. So we know the hyperscale trend, okay? We built our GenAI strategy within video. We knew they were going to be the winner. We had no doubt about that.

然後你會看到超大規模企業都表現良好。無論是 Azure、AWS 還是 GCP，它們都表現良好。好消息是我們與它們全部融合了。所以我們知道超大規模的趨勢，好嗎？我們在影片中建立了我們的 GenAI 策略。我們知道他們會成為贏家。我們對此毫不懷疑。

And we knew that the world of the 20th century will eventually get the picture that you can upgrade the past and expect it to give you a different result. And anytime we get a chance to tell that story and prove it with great demo and great success cases, we blow people away with innovation.

我們知道，20 世紀的世界最終會明白，你可以升級過去，並期望它為你帶來不同的結果。每當我們有機會講述這個故事並透過精彩的演示和成功案例來證明它時，我們就會用創新震撼人們。

But to answer your question in terms of where are we headed, where we're headed is we're going to transform the entire industries. And if I give you an example of that, take the utility industry, for example. They have to maximize the power grid uptime. They're trying to detect and mitigate vulnerabilities of critical assets, and they need to do everything in real time. Whether it's repairing things, taking care of equipment, scale, parts, field service, technicians, equipment suppliers, there's a whole distributed value chain.

但要回答你關於我們要去哪裡的問題，我們的目標就是改變整個產業。如果我給你舉個例子，就以公用事業產業為例。他們必須最大限度地延長電網的正常運作時間。他們正在嘗試檢測和減輕關鍵資產的漏洞，並且需要即時完成所有工作。無論是修理東西、維修設備、規模、零件、現場服務、技術人員、設備供應商，都有一整條分散式價值鏈。

We're going to reinvent the whole industry, and we're going to put it on the ServiceNow platform. And we're going to take the data. And we're going to connect all the disparate parts that are suffocating companies, and we're going to move it into the Now Platform. And we're going to reimagine the way work flows.

我們將重塑整個產業，並將其置於 ServiceNow 平台上。我們將獲取數據。我們將把所有阻礙公司發展的分散部分連結起來，並將其轉移到 Now 平台。我們將重新構想工作流程。

And I could say that for manufacturing, think about predictive maintenance across our multiple sites, combining IoT data with advanced analytics to optimize profitability, improve operational efficiency, think about consumer goods. They want AI powered chat bots to deliver personalized shopping experiences.

我可以說，對於製造業來說，考慮我們多個站點的預測性維護，將物聯網數據與高級分析相結合以優化盈利能力，提高營運效率，考慮消費品。他們希望人工智慧聊天機器人能夠提供個人化的購物體驗。

And just think about your own shopping experience. You can buy a great product. But if you can't return it in a streamlined way, you dropped the brand. You're not doing business with them anymore.

想想您自己的購物體驗。您可以購買到優質的產品。但如果你無法以流線型的方式將其退回，那麼你就放棄了這個品牌。你不再和他們做生意了。

So it's a virtuous cycle to think about the quality of the product, the service experience of the customer, and ultimately advocating for the customer and giving them what they want. That's all workflow. And we're going to automate that entire industry. And so we think healthcare, we think manufacturing, we think utilities, we think consumer goods, we're going for them.

因此，考慮產品的品質、客戶的服務體驗，並最終為客戶提供支援並滿足他們的需求，這是一個良性循環。這就是全部工作流程。我們將使整個產業實現自動化。因此，我們認為醫療保健、我們認為製造業、我們認為公用事業、我們認為消費品，我們都在追求它們。

Peter Weed, Bernstein.

彼得威德，伯恩斯坦。

Thank you and congratulations on the continued momentum. I think the big surprising news of the day was obviously some of the changes in leadership. CJ is obviously a really an important part of the senior leadership team. He's one of the people that I often pointed out to clients about either the success and leadership there.

謝謝您，並祝賀您繼續保持這樣的勢頭。我認為當天最令人驚訝的新聞顯然是領導層的一些變動。CJ 顯然是高階領導團隊中非常重要的一員。他是我經常向客戶介紹其成功和領導力的人之一。

Beyond meaning, Chris, as the Chief Product Officer, what do you see the key operational steps to ensure a smooth transition? And what additional actions are you taking to ensure continuity? And what are those keys to success? And I guess it's probably not just operationally the team but also probably with the public sector business, given that was a bit of where this work came from?

除了意義之外，克里斯，身為首席產品官，您認為確保順利過渡的關鍵操作步驟是什麼？您還採取了哪些額外措施來確保連續性？那麼成功的關鍵是什麼？我想這可能不僅涉及營運團隊，也可能涉及公共部門業務，因為這項工作部分來自於此？

Thank you very much, Peter. I appreciate your question. We have an unbelievable team. And actually, we've already been in execution mode on where we're taking the company and the leadership team. I met with all of them today, including Pat Casey who is one of the co-founders of the company, and he actually runs the cloud for the company, and all of the line of business development leaders.

非常感謝，彼得。我很感謝你的提問。我們擁有一支令人難以置信的團隊。實際上，我們已經進入了執行模式，決定帶領公司和領導團隊走向何方。我今天與所有人會面，包括公司聯合創始人之一帕特凱西 (Pat Casey)，他實際上負責公司雲端運算，以及所有業務開發領導。

Chris Bedi is in there on an acting capacity because he knows my decision-making style, and he can integrate beautifully with the great engineers that we have and the great go-to-market people we have, so we don't drop a single step in our march to be the defining one. So everybody is fired up. They understand the mission, and they're ready to go.

克里斯貝迪 (Chris Bedi) 擔任代理職務，因為他了解我的決策風格，並且他可以與我們優秀的工程師和優秀的市場營銷人員完美地融合，因此我們在成為決定性人物的道路上不會落後一步。所以每個人都很興奮。他們了解任務，並已做好出發的準備。

And I will hire a Chief Product Officer. It could come from the inside of the company or the outside of the company on a more permanent basis. But we're not going to miss a step in execution. We're already on the move.

我也會聘請一位首席產品長。它可能來自公司內部，也可能來自公司外部，更為持久。但我們不會在執行過程中錯過任何一步。我們已經在行動了。

So I'm very, very, very confident in our company, and by the way, very, very confident that our business is in great shape. And I do want to mention, the US public sector remains substantially important industry vertical to our company. And we continue to believe that that is poised for further growth, especially in third quarter because that's when a lot of the decisions to be made. And we have our arms around that.

所以我對我們的公司非常非常有信心，順便說一句，我非常非常有信心我們的業務狀況良好。我想提一下，美國公共部門對我們公司來說仍然是一個相當重要的垂直產業。我們仍然相信這將進一步成長，特別是在第三季度，因為那時需要做出很多決策。我們已經做好準備了。

Our great public service companies love us. We love them. We're doing a great job for them. And we don't intend to miss a beat here, Peter.

我們偉大的公共服務公司熱愛我們。我們愛他們。我們正在為他們做著出色的工作。我們不想錯過任何精彩瞬間，彼得。

Thank you.

謝謝。

Operator, do we lose you there?

接線員，我們跟你失去聯絡了嗎？

Samad Samana, Jefferies.

薩瑪德·薩馬納（Samad Samana），傑富瑞集團。

Hi, good evening, and thanks for taking my question. Just an exceptional quarter, guys. Thanks for making it even easier. So maybe, Bill, first question, for you.

大家好，晚上好，感謝您回答我的問題。夥計們，這真是一個非凡的季度。感謝您讓一切變得更加簡單。所以，比爾，也許這是我要問你的第一個問題。

Just as I think through AI, clearly, you're one of the few companies that seeing significant demand upfront and strong early traction. I guess what I'm trying to figure out is, for the company that you're talking to about AI that haven't touched yet, what do you think is causing them to hold out? And what do you think is the trigger that makes them joined the party?

正如我透過人工智慧思考的那樣，顯然，你們是少數幾家預先看到巨大需求和強勁早期牽引力的公司之一。我想弄清楚的是，對於您所談論的那些尚未涉足人工智慧的公司，您認為是什麼原因導致他們堅持不前？您認為是什麼促使他們加入該黨？

In terms of the companies that are buying AI products and the companies that aren't?

就購買人工智慧產品的公司和不購買人工智慧產品的公司而言？

Correct. For the ones that haven't adopted yet that you're still having that conversation with, how do you get them to join the party?

正確的。對於那些尚未採用而您仍在與之對話的人，您如何讓他們加入我們？

Yes. It's a really important question, Samad, because I think what's happened is they've heard so many whitewashed AI stories from pretenders that they are a little jaded. So we have to get in there and show them all the use cases, show them the demos, show them the customer success stories, give them a handful of reference that already doing it. And before you know, we're off to races.

是的。薩馬德，這是一個非常重要的問題，因為我認為發生的事情是，他們從偽裝者那裡聽到了太多粉飾的人工智慧故事，以至於他們有點厭倦了。因此，我們必須進入那裡並向他們展示所有的用例，向他們展示演示，向他們展示客戶成功案例，為他們提供一些已經在做的參考。在您還沒反應過來之前，我們就已經出發參加比賽了。

And then we show them our road map for where we're taking the company and they realize they don't want second-mover advantage, because if other participants in their industry move out and they don't, they could lose.

然後我們向他們展示了我們公司的發展路線圖，他們意識到他們不想要後發優勢，因為如果行業中的其他參與者退出而他們沒有退出，他們可能會失敗。

And also, if you think about employees, soon, employees won't tolerate the nonsenses going on with 800 numbers, busy work, silly work that doesn't make a difference, and they'll go work somewhere else. So the same thing is true with customers. So I think that it's an education. It's a demonstration. And it's having the validity of success where you have permission to go into the C-suite, and they're interested in listening to your story.

而且，如果你考慮員工，很快，員工將無法容忍 800 號碼帶來的無意義的工作、繁忙的工作、毫無意義的愚蠢工作，他們就會去其他地方工作。對於顧客來說也是如此。所以我認為這是一種教育。這是一場示威。成功的有效性在於你有權進入高階主管層，而且他們有興趣聽你的故事。

Once they hear our story and once they see us in action, it's an order. And then it's a quick install and then it's a go-live and then it's amazing productivity. That's what's happening.

一旦他們聽到我們的故事並看到我們的行動，這就是命令。然後它就可以快速安裝，然後就可以上線，然後可以實現驚人的生產力。這就是正在發生的事情。

And Samad, I would just add, and I talked about this in my script that we're just scratching the surface of that opportunity and the vast majority of our current sales are direct, right? So we're working now really strongly with our partners and the ecosystem to arm them with the tools to sell, and that's going to extend our go-to-market reach even broader. Those partners are so critical and so important, and they are leaning in very heavily with us. And so that's going to be another part of kind of the continued acceleration here.

薩馬德，我只想補充一點，我在我的腳本中談到了這一點，我們只是觸及了這個機會的表面，我們目前的絕大多數銷售都是直接的，對嗎？因此，我們現在正與我們的合作夥伴和生態系統密切合作，為他們提供銷售工具，這將進一步擴大我們的市場覆蓋範圍。這些合作夥伴至關重要，他們給予我們很大的支持。因此，這將成為持續加速的另一部分。

I think Gina makes a great point there. And I did hear one analyst one say, yes, I've been talking to the partner checks and the channel and I'm not hearing a lot from the partners. Yes, that's because, as Gina said, they're still getting activated. But can you imagine when they do, if you see these results when we're doing it on our own and then you get thousands and thousands and thousands of more feet on the street telling the same story, it's a wow factor.

我認為吉娜的觀點非常正確。我確實聽到一位分析師說，是的，我一直在與合作夥伴檢查和管道進行交談，但我沒有聽到很多來自合作夥伴的消息。是的，這是因為，正如吉娜所說，它們仍處於激活狀態。但是你能想像當他們這樣做的時候，如果你看到我們自己做這件事的結果，然後你看到街上成千上萬的人講述同樣的故事，這是一個令人驚嘆的因素。

Karl Keirstead, UBS.

瑞銀的卡爾·基爾斯特德（Karl Keirstead）。

Well, thanks. Maybe I'll direct this one to Gina. Gina, three months ago, you had signaled an expected pretty solid sequential acceleration in cRPO in 3Q. I know things change. So I'm just wondering if you might revisit that second half outlook. And specifically, given the second half election uncertainty that Bill flagged, I'm wondering if you're being a shade more conservative on the 3Q cRPO guide, given how big 3Q is in the public sector?

嗯，謝謝。也許我會把這個交給吉娜。吉娜，三個月前，您曾表示，預計第三季 cRPO 將出現相當穩健的連續加速。我知道事情會改變的。所以我只是想知道您是否可以重新審視下半年的展望。具體來說，考慮到比爾提到的下半年選舉的不確定性，考慮到 3Q 在公共部門的規模，我想知道您是否對 3Q cRPO 指南持更保守的態度？

Yes, Karl. It’s a great question. I think that as expected, and I talked a little bit earlier that part of the beat, most of the beat for Q2 was all about execution and net new ACV, but there was part of the beat that was early renewals.

是的，卡爾。這是一個很好的問題。我認為正如預期的那樣，我之前談到了部分節拍，第二季的大部分節拍都與執行和淨新 ACV 有關，但有一部分節拍與早期續約有關。

I’m continuing to be prudent in how I’m factoring in early renewals because they are so customer-by-customer specific. And so what I would say is that I continue to be prudent in how we think about guide for Q3 and the full year. But I remain extremely confident in that pipeline that I talked about. So pipeline coverage ratios are strong maturity is better than same time last year.

我將繼續謹慎考慮提前續約的情況，因為它們是針對每個客戶的具體情況。因此我想說的是，我會繼續謹慎考慮第三季和全年的指導方針。但我對我談到的那個管道仍然非常有信心。因此，管道覆蓋率強勁、成熟度優於去年同期。

We came out of knowledge with 50% more pipe generated in the first 60 days. And that number, I spoke earlier, has surpassed $1 billion. And so pipe remains strong. Opportunity, as you’ve heard Bill and I talk about so far today is fantastic. Demand seems healthy, but you’re right, there’s definitely a little bit of uncertainty in the back half of the year, and we continue to be prudent in some of our assumptions.

我們了解到，在前 60 天內管道產量增加了 50%。正如我之前所說，這個數字已經超過了 10 億美元。因此管道依然堅固。正如你們今天聽到比爾和我談論的那樣，機會是絕佳的。需求看起來很健康，但您說得對，今年下半年肯定存在一些不確定性，我們對一些假設仍然保持謹慎。

Brad Sills, Bank of America Securities.

布拉德‧西爾斯 (Brad Sills)，美國銀行證券公司。

Great. Thank you so much. I wanted to ask a question around that on that same note there on pipeline.

偉大的。太感謝了。我想就管道上的同一個問題提出一個問題。

With 50% increase since knowledge, sounds impressive, sounds exciting. Would love to get some color as to where you're seeing that strength, maybe a glimpse into what that pipeline looks like across the stack. Are there any standouts whether it's in IT or customer employee creator? Obviously, Now Assist, I'm sure, has a large part to do with that as well. So I just would love to get a little color there. Thank you.

知識增加了 50%，聽起來令人印象深刻，令人興奮。我很想了解您在哪裡看到了這種優勢，也許可以大致了解一下整個堆疊中的管道是什麼樣的。無論是在 IT 領域還是在客戶員工創造方面，有什麼突出表現嗎？顯然，我確信 Now Assist 也與此有很大關係。所以我只是想在那裡得到一點色彩。謝謝。

Yes, Brad. I would say it’s very much across the board. Similar to the results that you saw in Q3, it’s really strength across the platform, whether it’s IT, customer employee, creator, as well as Now Assist.

是的，布拉德。我想說這是非常全面的。與您在第三季看到的結果類似，這確實是整個平台的優勢，無論是 IT、客戶員工、創作者，還是 Now Assist。

And so what I would say is, we’re operating on all cylinders here and pipeline being generated is really very across the board. But as you would imagine, with respect to GenAI, there is such excitement and such attention there that we absolutely see very strong pipeline as we think about GenAI in the back half and then moving into '25 and beyond.

所以我想說的是，我們正全力以赴，正在生成的管道確實非常全面。但正如您所想像的，就 GenAI 而言，人們對此非常興奮，並且非常關注，當我們考慮下半年以及 25 年及以後的 GenAI 時，我們絕對會看到非常強大的管道。

Kirk Materne, Evercore ISI.

柯克·馬特恩（Kirk Materne），Evercore ISI。

Yes. Thanks very much, and I'll echo the congrats on a really nice quarter. Bill, you alluded to this a little bit earlier in one of your answers, but I was just wondering if you could expand a little bit on the opportunity around operational technology for you all. Where are you in terms of starting to have those conversations with customers? And can you just expand a little bit on your thoughts and hopes for that product set as we look out over the next 6, 12 months?

是的。非常感謝，我也要對這個非常好的季度表示祝賀。比爾，你之前在一個回答中提到了這一點，但我只是想知道你是否可以稍微詳細地介紹一下圍繞運營技術的機會。您從哪裡開始與客戶進行這些對話？展望未來 6 至 12 個月，能否稍微闡述對該產品系列的想法和期望？

Yes. Thank you very much, Kirk, for the question. I really do appreciate it. It’s really amazing. The initial demand for this product and this offering, as you saw from the Washington, D.C. release and what you saw at knowledge '24 has really surprised us on the upside how quickly it’s taken off.

是的。非常感謝柯克提出這個問題。我真的很感激。這真是太神奇了。正如您從華盛頓特區的發布會以及在 Knowledge '24 上看到的那樣，該產品和該產品的初始需求確實讓我們感到驚訝，它的普及速度如此之快。

In Q2, as an example, we had a large biopharmaceutical company, Golfer OT. They mix it with IT. We had a huge biotech and pharma company and a large Japanese auto company. And what we’re already seeing is partners like Boomi, STMicro and a multinational electronics company also based in Japan go for it. So we think that there’s a big opportunity here for both of these products.

以第二季為例，我們有一家大型生物製藥公司 Golfer OT。他們將其與 IT 混合。我們有一家大型生物技術和製藥公司以及一家大型日本汽車公司。我們已經看到，Boomi、STMicro 以及同樣位於日本的跨國電子公司等合作夥伴正在積極推動這項計畫。因此我們認為這兩種產品都有很大的機會。

OT has increased our technology workflow TAM by about $5 billion. In addition, we see sales and order management. This is helping us address the $68 billion customer workflow TAM. So it’s still early days, but we are super encouraged by the traction that we see so far and we’ll continue to monitor and update you guys on this, but it’s a meaningful part of our portfolio now.

OT 已將我們的技術工作流程 TAM 增加了約 50 億美元。此外，我們還看到銷售和訂單管理。這有助於我們解決 680 億美元的客戶工作流程 TAM。所以現在還為時過早，但我們對目前看到的進展感到非常鼓舞，我們將繼續關注並向大家通報這一情況，但它現在是我們投資組合中一個有意義的一部分。

And again, one of the beauties of this company is the beauty of linking the engineering development effort with the feet on the street and having that high-touch intimacy with the customer and the virtuous cycle back into development where the customer feels that they are the developers developing their dreams and our great engineers are capable of doing things so quickly here. And this is yet another example.

再次強調，這家公司的優點之一就是將工程開發工作與實際工作緊密結合起來，與客戶建立密切的聯繫，形成良性循環，讓客戶感覺自己就是實現夢想的開發人員，而我們優秀的工程師能夠在這裡快速完成任務。這又是一個例子。

Alex Zukin, Wolfe Research.

沃爾夫研究公司的亞歷克斯·祖金（Alex Zukin）。

Hey, guys. Thanks for taking the questions. Maybe just the first one. This was like I think, by far, the strongest RPO quarter that you had in I think three years since 2021. And I guess the question is, if I look at -- if I think about the inverse of Keith's questions around deals that pushed from Q1 to Q2, are there any deals that you feel like got done earlier than you otherwise would have thought that you may be pulled in any deals because the confidence, Gina, that you're referring to in the pipeline, help us just give us a sense for that? And then I've got a quick follow-up.

嘿，大家好。感謝您回答這些問題。也許只是第一個。我認為，這是自 2021 年以來三年來最強勁的 RPO 季度。我想問題是，如果我看一下 - 如果我考慮一下 Keith 提出的關於從第一季度推遲到第二季度的交易的問題的反面，您是否覺得有些交易比您原本認為的完成得更早，您可能會參與任何交易，因為吉娜，您提到的對渠道的信心可以幫助我們了解這一點？然後我有一個快速的跟進。

Yes. So you're absolutely right. RPO growing at 31% year-over-year is pretty incredible, especially at our scale. We continue to see average contract terms increase right? And so Q2 had the largest quarterly average contract term for Q2 since 2018.

是的。所以你完全正確。RPO 年成長 31% 是相當不可思議的，尤其是在我們的規模下。我們繼續看到平均合約期限增加，對嗎？因此，第二季的季度平均合約期限是自 2018 年以來最長的。

And so we're seeing TCV from five plus year deals more than tripling. I said that in my script. And so we're really seeing a meaningful uptick in multiyear duration contracts as customers are really seeing the power of the Now Platform and just making longer, more strategic deals, which is resulting in that.

因此，我們看到五年期以上交易的 TCV 增加了兩倍多。我在我的劇本裡說過這件事。因此，我們確實看到多年期合約數量顯著上升，因為客戶真正看到了 Now Platform 的強大功能，並且正在達成更長、更具策略性的交易，從而實現了這一目標。

And so no big differences in kind of any pull forwards of deals, a slight uptick in early renewals, as I talked about, but that was only against a prudent guide. So again, it's really about the power of the platform customers really understanding how we're using GenAI into that platform and really becoming the AI platform for business transformation. That's it.

因此，正如我所說，在交易的提前方面沒有太大差異，早期續約略有增加，但這只是針對審慎的指導。所以，這實際上是關乎平台的力量，客戶真正理解我們如何將 GenAI 融入該平台並真正成為業務轉型的 AI 平台。就是這樣。

Perfect. And maybe just linearity in the quarter, any commentary there? And maybe also if AI conversations are already driving just much larger, more strategic engagements that are leading to some of this RPO growth.

完美的。也許只是本季的線性趨勢，有什麼評論嗎？也許如果 AI 對話已經推動了更大規模、更具策略性的參與，那麼 RPO 將會有所成長。

Yes. So linearity in Q2 was good. I feel really good about what we saw. And absolutely, AI is AI conversations are driving very strategic engagements and obviously, driving larger average contract terms, right? Again, it's customers really leaning into a longer strategic partnership and getting it now. And so I think all of that is a big part of what you're seeing in our results.

是的。因此 Q2 的線性很好。我對我們所看到的一切感到非常高興。當然，人工智慧對話正在推動非常具有策略性的參與，並且顯然正在推動更大的平均合約條款，對嗎？再次，客戶確實傾向於建立更長期的策略合作夥伴關係並且現在就獲得它。所以我認為所有這些都是你在我們的結果中看到的很大一部分。

And Alex, I would build on what Gina stand by just thinking about the time line that you mentioned, we became a platform company, that's what happened. We've gone from a product company with a land and expand mentality to an AI platform for business transformation that's looking at industry that we're looking at the complete bandwidth of what a company is trying to pull off. And then to give you a piece of the brand, I think we differentiated ourselves by putting AI to work for people.

亞歷克斯，我會以吉娜的觀點為基礎，想想你提到的時間線，我們成為了一家平台公司，事情就是這樣的。我們已經從一家具有土地和擴張心態的產品公司轉變為一個致力於業務轉型的人工智慧平台，我們關注的是產業，我們關注的是公司試圖實現的完整頻寬。然後，為了向您展示品牌的一部分，我認為我們透過讓人工智慧為人類服務而使自己與眾不同。

And people include people like us. It includes employees. It includes customers. It includes people that build the software and includes people to keep the place secure. So all these things were taken into account in the strategic direction of how we would build a strategic platform company. And when Gina tells you, the deal sizes are expanding. The duration of the agreements are expanding. It’s consistent with the company that is scaling, right, before your eyes.

這些人中也包括像我們這樣的人。其中包括員工。其中包括顧客。其中包括建置軟體的人員和維護場所安全的人員。因此，我們在製定如何建立策略平台公司的策略方向時，已經考慮到了所有這些因素。當吉娜告訴你時，交易規模正在擴大。協議期限正在延長。這與你眼前正在擴張的公司是一致的。

Mark Murphy, JPMorgan.

摩根大通的馬克墨菲。

Thank you very much, amazing quarter. Bill, I'm wondering what did you experience? And what type of opportunity do you see perhaps in response to the crowd strike issues and outages. Is it reasonable to think that you could have some large companies that would want more telemetry across the IP estate more ability to monitor and detect outages and improve incident response. It would seem like that could play a directly into your ITOM and SecOps capabilities.

非常感謝，這是一個令人驚嘆的季度。比爾，我想知道你經歷了什麼？您認為應對人群罷工和停電問題有哪些機會？您是否合理地認為，一些大公司可能希望在 IP 資產上進行更多的遙測，從而擁有更強的監控和檢測中斷能力並改善事件回應能力。這似乎可以直接影響您的 ITOM 和 SecOps 功能。

And then, Gina, I saw the sales and marketing headcount growth picked up. And I was wondering if you just reached a point where something is signaling to you to move into a more aggressive kind of a hiring posture?

然後，吉娜，我看到銷售和行銷人員數量有所增長。我想知道，您是否已經到了某種階段，某種東西在向您發出信號，要求您採取更積極的招募姿態？

Okay. Well, I'll start off and then Gina can talk about our hiring strategy, and thank you for your kind remarks, Mark. There was 0 impact on customer systems from CrowdStrike outage on July 18 as it relates to ServiceNow. There was zero impact to data integrity financial systems and the integrity of the operations of the companies as it relates to ServiceNow.

好的。好吧，我先開始，然後吉娜可以談談我們的招募策略，謝謝你的善意評論，馬克。7 月 18 日 CrowdStrike 中斷對 ServiceNow 相關的客戶系統沒有影響。與 ServiceNow 相關的資料完整性財務系統和公司營運完整性沒有任何影響。

And thanks to our CMDB, I think you're onto a very good marketing and sales idea and the service mapping of the CMDB we had instant visibility into which systems, which business services and infrastructure were impacted in our customers' environment. And our automated workflows sped up the remediation and the employees were kept up to date via our ServiceNow portal. So I think this could actually lead to more sales opportunities once non-ServiceNow customers see what's possible with a platform like this.

感謝我們的 CMDB，我認為您有一個非常好的行銷和銷售理念，並且透過 CMDB 的服務映射，我們可以立即了解客戶環境中哪些系統、哪些業務服務和基礎設施受到了影響。我們的自動化工作流程加快了補救速度，員工可以透過我們的 ServiceNow 入口網站隨時了解最新情況。因此我認為，一旦非 ServiceNow 客戶看到這樣的平台的潛力，這實際上可以帶來更多的銷售機會。

And on your question on sales and marketing, I highlighted that it would be picking up even in Q1, right? So Q1 was a little bit lower because last year, Q1 was a big hiring quarter. But yes, we absolutely are focused on ensuring that we're hiring feet on the street, quota bearing sales to go and drive these opportunities that we keep talking about.

關於您關於銷售和行銷的問題，我強調過，即使在第一季度，銷售和行銷也會回升，對嗎？因此第一季的業績略低，因為去年第一季是招募高峰。但是的，我們絕對專注於確保我們僱用街頭人員，承擔配額銷售，以推動我們一直在談論的這些機會。

So we do expect hiring and sales and marketing to kind of continue to tick up a bit that very much in line with our original plans. And obviously, the more we over exceed and the opportunity grows, we will continue to hire to ensure that we have those feet on the street driving and closing those deals.

因此，我們確實預期招募、銷售和行銷將繼續略有上升，這與我們的原計劃非常一致。顯然，我們超出預期的越多，機會就越多，我們就會繼續招聘，以確保我們有足夠的人才來推動和完成這些交易。

Joel Fishbein, Truist Securities.

Truist Securities 的 Joel Fishbein。

Thanks for taking the question and congrats on the fantastic quarter. Bill, for you, you acknowledge you announced a further strategic partnership with Microsoft now assisting copilot integration. Just love to hear from you how that's actually proceeding and if you're driving deals together for those solutions. Thanks.

感謝您提出這個問題，並祝賀本季度取得了出色的成績。比爾，您承認您宣布與微軟建立進一步的策略合作夥伴關係，目前正在協助副駕駛整合。我很想聽聽您的意見，了解事情的進展情況，以及您是否正在為這些解決方案達成協議。謝謝。

Thank you very much, Joel. We have a really fantastic partnership with Microsoft. And I think that has actually opened additional addressable market for ServiceNow. And there is a co-sell motion with Microsoft’s enterprise sales team. We do work together very closely with them. And we’re a good teammate, and we’re good partners.

非常感謝，喬爾。我們與微軟的合作關係非常良好。我認為這實際上為 ServiceNow 開闢了額外的潛在市場。並且與微軟的企業銷售團隊有共同銷售的動議。我們確實與他們密切合作。我們是很好的隊友，也是很好的夥伴。

And we know that both of us working together is what the customer wants. That’s why we do it. And ServiceNow is really helping customers streamline their migrations to Azure. And while Azure exposes us to a much wider spectrum of customers, I think we also help the relevance of Azure because we’re getting big. And we’re expanding in multiple industries and geographies.

我們知道，我們雙方的共同努力正是客戶所希望的。這就是我們這樣做的原因。ServiceNow 確實在協助客戶簡化向 Azure 的遷移。雖然 Azure 讓我們接觸到更廣泛的客戶群，但我認為我們也有助於提升 Azure 的相關性，因為我們正在變得越來越大。我們正在多個行業和地區擴張。

And we’re really thinking strategically about how we can win net new logos together, and we’ve had some examples of them. We closed seven $1 million plus now on Azure deals in Q2, with two of them as new logo wins, and one deal, in fact, was over $30 million in net new ACV.

我們正在策略性地思考如何共同贏得新的標識，我們已經有一些例子。我們在第二季完成了七筆價值超過 100 萬美元的 Azure 交易，其中兩筆是新標誌勝利，而一筆交易的淨新 ACV 實際上超過了 3000 萬美元。

So we’re quite confident that the partnership and synergy will enable us to bring value to more customers and we’ll do it at unprecedented speed and scale. And I have been very straight up with everybody. I don’t go any place without acknowledging Microsoft as a standard. And I recognize the copilot does very important things, and it gets even more interesting when all the capability of Now Assist and the things that we built our platform to do is complementary and fully integrated into Microsoft. And that’s really the winning formula, and it has been from day one.

因此，我們非常有信心，合作夥伴關係和協同效應將使我們能夠為更多客戶帶來價值，並且我們將以前所未有的速度和規模來實現這一目標。我對每個人都非常坦誠。無論我走到哪裡，我都會承認微軟是我的標準。我認識到副駕駛做著非常重要的事情，當 Now Assist 的所有功能以及我們建立平台所要做的事情相互補充並完全整合到微軟時，事情會變得更加有趣。這確實是成功的秘訣，從第一天起就是這樣。

Rob Owens, Piper Sandler.

羅伯歐文斯、派珀桑德勒。

Great. Thank you very much for taking my question. Bill, somewhat curious just where customer conversations are around data governance as we think about these modern architectures as you're thinking about RaptorDB, is that an area that we should expect ServiceNow to play in directly or play in via partnership? Thanks.

偉大的。非常感謝您回答我的問題。Bill，我有點好奇，當我們考慮這些現代架構時，客戶在資料治理方面的對話在哪裡，就像你在考慮 RaptorDB 一樣，這是我們應該期望 ServiceNow 直接參與還是透過合作參與的領域？謝謝。

Thank you very much for the question, Rob. I would say at this point, I want you to think about workflow automation, GenAI on our platform and our ability to take RaptorDB and gather any data source, regardless of who’s governing it or where it is and activating that in to automate the way things get done.

非常感謝你的提問，羅布。我想說，在這一點上，我希望您考慮工作流程自動化、我們平台上的 GenAI 以及我們採用 RaptorDB 和收集任何資料來源的能力，無論誰在管理它或它在哪裡，並啟動它以自動化完成工作的方式。

And as an example, this lighthouse program that we have has a group right now of design partners and early adapters of RaptorDB. And I think it will further accelerate our pro version of the ServiceNow platform in addition to entering us into a whole new TAM to complement the Now Platform, Pro+, Now Assist and then the RaptorDB Pro.

舉個例子，我們的這個燈塔計畫現在有一群設計合作夥伴和 RaptorDB 的早期適配器。我認為它將進一步加速我們的 ServiceNow 平台專業版的開發，並讓我們進入一個全新的 TAM 來補充 Now Platform、Pro+、Now Assist 以及 RaptorDB Pro。

And we’re going to use the learnings from this program to further develop our offering. And we do see our role as integrating as opposed to competing with other data providers because the customer wants to activate our platform to do good work with all of the data estates that they have because we have the only AI platform for business transformation in the enterprise.

我們將利用從該計劃中獲得的經驗來進一步開發我們的服務。我們確實認為我們的角色是整合而不是與其他數據提供者競爭，因為客戶希望啟動我們的平台，以便很好地利用他們擁有的所有數據資產，因為我們擁有企業中唯一用於業務轉型的人工智慧平台。

And if we can go everywhere, it just extends our reach and the bandwidth of our TAM and the executional excellence that we can bring to stakeholders. So it’s all part of our thinking big and activating all this in industry-specific use cases. So when we show up, we’re not funding through a brochure, we got a demo in our hands, and we’re showing you how you can transform a business process.

如果我們可以無所不在，那麼它就會擴大我們的覆蓋範圍和 TAM 的頻寬，以及我們可以為利害關係人帶來的卓越執行力。所以這都是我們宏大思維的一部分，並在特定產業的用例中啟動這一切。因此，當我們出現時，我們不是透過小冊子來提供資金，而是我們手裡拿著演示，向您展示如何轉變業務流程。

Brad Zelnick, Deutsche Bank.

德意志銀行的布拉德‧澤爾尼克 (Brad Zelnick)。

Great. Thank you so much and congrats on the elite level execution and the great results. Gina, I just got a couple of quick ones for you. You had a big step-up in CapEx this quarter. Can you comment on what drove that and the cadence we should expect going forward?

偉大的。非常感謝您，並祝賀您取得的精英級別的執行和出色的成績。吉娜，我只想給你幾個問題。本季您的資本支出大幅增加。您能否評論一下推動這一進程的因素以及我們未來應該期待的節奏？

And then also just a point of clarification. Is there any federal business you foresee having to unwind as a result of the investigation you conducted? And should we assume that, that would all be factored into guidance?

然後還需要澄清一點。在您進行的調查之後，您是否預見到需要解除任何聯邦業務？我們是否應該假設這些都會被納入指導之中？

Yes. So I’ll take that second question first. So no, there’s no federal business that we foresee we will need to unwind full stop. And then with respect to the step-up in CapEx, it’s more quarterly timing than anything else.

是的。我先回答第二個問題。所以，我們預見到我們不需要完全解除任何聯邦業務。然後，就資本支出的增加而言，更多的是按季度進行的時間表。

Expectations for full year has not changed. And as you would imagine, focus of our CapEx is on AI and GenAI. But as we talked about at Financial Analyst Day, it’s already baked into any guidance that I would have given you. So I wouldn’t take into account an any quarterly kind of timing-related stuff.

全年預期沒有改變。正如您所想像的，我們的資本支出重點是 AI 和 GenAI。但正如我們在財務分析師日所討論的那樣，它已經融入我給你的任何指導中。所以我不會考慮任何與季度時間相關的東西。

Awesome. Very helpful and congrats again.

驚人的。非常有幫助，再次恭喜。

Mike Cikos, Needham & Co.

麥克·西科斯（Mike Cikos），Needham & Co.

Great. Thanks for getting me on, guys. I just had a couple of quick questions. The first I think that you guys had expected, call it, about 200 basis points of headwind to 2Q cRPO in relation to the public sector. Did that play out as expected? And then can you remind us -- off the top of my head, I want to say that normalizes as we lap those contracts in Q3, but does that federal headwind go away now?

偉大的。謝謝你們讓我加入，夥伴們。我只想問幾個簡單的問題。首先，我認為你們已經預料到，第二季 cRPO 與公部門相比將面臨約 200 個基點的阻力。事情是否如預期的發展？然後您能否提醒我們——我想說，隨著我們在第三季度完成這些合同，這種情況會變得正常化，但是聯邦逆風現在消失了嗎？

So yes, that headwind to Q2 cRPO did play out as expected. And yes, it will normalize in Q3. But remember, depending on the size of our Fed business in Q3, it could pop up again as we play out Q4 and beyond. Obviously, we’ll let you know as that comes to fruition or not. But yes, it should normalize now in Q3 as expected.

所以是的，第二季 cRPO 面臨的不利因素確實如預期般顯現。是的，它將在第三季恢復正常。但請記住，根據我們第三季聯準會業務的規模，它可能會在第四季度及以後再次出現。顯然，無論結果如何，我們都會通知您。但是是的，它應該會像預期的那樣在第三季度恢復正常。

Understood. Thank you very much and congrats on a strong quarter.

明白了。非常感謝，並祝賀本季業績強勁。

Matt Hedberg, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的 Matt Hedberg。

Great. Thanks for taking my questions. Maybe just a quick one for Gina, kind of following up on the last few questions. Subscription revenue has been decelerating here, but cRPO has been accelerating, and obviously, even put the guide. Is that just a function, Gina, of the renewals that we’re seeing, whether it’s Q2 or Q3? Just maybe a little bit of the divergence between subscription revenue and cRPO growth.

偉大的。感謝您回答我的問題。也許只是對吉娜的一個快速提問，有點像是跟進最後幾個問題。這邊訂閱收入一直在減速，但cRPO卻在加速，而且顯然，甚至把指南也放了下來。吉娜，這只是我們所看到的更新的功能嗎，無論是第二季還是第三季？訂閱收入和 cRPO 成長之間可能存在一點點差異。

Yes. So basically, what that really is showing you is that net new ACV has reaccelerated in first half '24 versus first half '23. The other piece has nothing to do with early renewals really. The other piece is that are expected on-prem mix in Q3 of this year is a little bit lower than last year. So all good things as you think about the results for Q2 and what it means going forward.

是的。所以基本上，這實際上向您顯示的是，與 2023 年上半年相比，2024 年上半年的淨新 ACV 再次加速成長。另一部分實際上與提前續約無關。另一點是，預計今年第三季的內部部署組合將比去年略低。因此，當您考慮第二季的結果及其對未來的意義時，一切都是好事。

Great. Congrats on the quarter guys.

偉大的。恭喜大家本季取得的成績。

We thank you for your participation in today's call. This concludes today's conference call. You may now disconnect.

我們感謝您參加今天的電話會議。今天的電話會議到此結束。您現在可以斷開連線。