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，今天我將擔任你們的會議操作員。此時此刻，我歡迎大家參加 2024 年第二季 ServiceNow 財報電話會議。 （操作員指示）我現在將會議轉交給集團投資者關係副總裁 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)；以及我們的財務長 Gina Mastantuono。在今天的電話會議中，我們將回顧 2024 年第二季業績，並討論我們對 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，本次電話會議中討論的資訊（包括我們的指導）基於截至目前的信息，並包含涉及風險、不確定性和假設的前瞻性陳述。我們不承擔因新資訊或未來事件而更新此類聲明的責任或義務。

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

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.

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, 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。到現在為止，你們都已經看到新聞稿了。你知道，我們在這個季度表現出色，我們提高了全年指導，而且我們對 ServiceNow 的未來感到前所未有的興奮。但在我們討論所有細節之前，我只想對我們今天發布的領導公告發表評論。

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.

該公司今年稍早收到一份內部投訴，涉及僱用一名曾任美國政府員工的個人。正如您所料，我們非常認真地對待投訴。董事會在外部顧問的協助下進行了徹底的內部調查，並確定我們的公司政策遭到違反。該公司以完全透明的方式行事，並主動向適當的政府實體披露調查結果。

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，我們宣布原投訴涉及的人員離職。我們還達成了一項共同協議，即我們的總裁兼營運長 CJ Desai 將立即向公司提出辭呈。雖然我們認為這是一起孤立事件，但鑑於這種情況，我們正在進一步改善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.

在合規性方面，我要明確表示，我們完全致力於做正確的事。從連續性的角度來看，我感到非常自豪，我們的團隊擁有令人難以置信的人才和專業知識深度，可以在不受任何干擾的情況下實現跨越式發展。

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，克里斯貝迪(Chris Bedi) 在過去十年擔任ServiceNow 高管，最近被任命為2024 年麻省理工學院斯隆管理學院CIO 領導力獎獲得者，他將擔任臨時首席產品官，而我同時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，他們致力於在幾週內交付我們的 Xanadu 版本。事實上，我剛剛和他們談完，他們狀態很好。我們想向您提供事實。它盡可能清晰、簡潔，因為我們今天還有很多其他內容要介紹。

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.

正如我一開始所說的，ServiceNow 再次陷入了困境。我們第二季的結果證明我們正在提供精英級的執行力。以固定匯率計算，訂閱收入年增 23%，比我們指導的上限高出 100 個基點。以固定匯率計算，cRPO 成長 22.5%，比我們的指導高出 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%，比我們的指引高出近 250 個基點。我們有 88 筆新 ACV 淨值超過 100 萬美元的交易，高於一年前的 70 筆，年增 26%。一年前，從淨新標誌的角度來看，第二季有一筆超過 100 萬美元的交易。今年，我們有六個全新標誌。我們的第一個聯邦客戶實際上跨越了 1 億多美元的 ACV 門檻，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甚至佔了前 20 名交易的一半以上。安全與風險 ITSM 和 ITOM 分別有 8 起、9 起和 10 起超過 100 萬美元的交易。第二季客戶工作流程表現強勁，有 14 筆交易超過 100 萬美元。員工工作流程有 12 筆超過 100 萬美元的交易，創作者有 10 筆超過 100 萬美元的交易。

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發展軌道上的成長型公司。

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.

轉向人工智慧的話題。現在，Assist 淨新 ACV 環比增加了一倍，大大超出了我們的預期。它成為公司歷史上成長最快的客製化新產品。第二季度，我們與 NNACV 簽署了 11 份 Now Assist 協議，金額超過 100 萬美元，其中兩份協議金額超過 500 萬美元。我們在銀行、醫療保健、製造業、半導體技術等眾多行業中取得了令人印象深刻的勝利。

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.

作為人工智慧燈塔客戶，Stellantis 使用 ServiceNow 作為其策略人工智慧平台來管理人力資源、財務和供應鏈的營運。美國本田選擇 Now Assist 作為他們的 GenAI 解決方案，以提高服務偏轉和效率，為員工提供世界一流的體驗。默克正在使用 ServiceNow 平台簡化 IT 和網路安全方面的運營，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 與其服務功能整合起來，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 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了 30%。我們也共同合作，發展和擴展金融和供應鏈工作流程中的產品。

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?

那為什麼這麼多企業會迅速採用ServiceNow的GenAI策略呢？在設計、思維和創新的背景下思考這個問題。第一個支柱始終是願望：我們有偉大的想法嗎？

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 正在讓人工智慧為人們服務。現在，GenAI 策略的重點是將智慧融入整個企業、每個部門、每個角色的工作流程中。透過我們的本機集成，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，讓人們可以升級到知識工作。

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：我們的 GenAI 方法是否具有商業意義？我們為特定領域的多模式語言模型的創新定下了基調。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，部署這些模型也更快。它更具成本效益和可持續性，因為這些模型比公共模型對 GPU 的需求更少。

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，因為我們實際上已經做到了。當您查看我們自己的 Now Assist 部署時，您會發現最初的結果是驚人的。憑藉更好的偏轉，我們的 IT 幫助台在客戶服務中每個避免的案例節省了 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.

透過更快的自助服務，我們的員工將節省 21,000 個小時，而我們的開發人員只需一半的時間即可完成不複雜的腳本。這是企業領導者尋找榜樣的時刻，以 GenAI 為核心經營企業會是什麼樣子？由於我們的工程技術和 Now on Now 團隊，ServiceNow 處於領先地位。

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 來說是令人興奮的事情。 Gartner 最近的一份報告預測，到 2024 年，全球 IT 支出將增加 8.9%。據 IDC 稱，在軟體支出中，軟體即服務將成長 17%。所以趨勢線清晰。企業軟體買家正在從鞏固過去轉向建立人工智慧未來。

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 在這個過程中的許多方面都實現了現代化，在IT 資產中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級應用程式。人工智慧時刻是這趟旅程的頂峰。

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 不想要 1,000 個昏暗的燈光點。他們正在競標幾個市場領先的平台，共同合作作為偉大的解鎖。他們將 ServiceNow 視為跨越整個企業的智慧行動平台。這就是為什麼我們的管道是基於知識建立的，年比改進超過 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 的相關性不斷上升到排行榜的首位。這就是為什麼越來越多的 IT 和業務線買家正在關注 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操作系統時一針見血的暗示。

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.

客戶看待我們就像 Jensen 看待我們一樣。儘管我們的業績一直強勁，但我們並不認為這是理所當然的。我們的創新引擎和上市機器的各個方面都在邁向新的水平。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.

我們新的創意工作室與 ServiceNow App Engine 一起使用，正在將我們現有的低程式碼領先優勢擴展到無程式碼，以便每個員工現在都可以建立應用程式。我們的自動化引擎的其他更新有助於簡化我們的 PA 部署。我們在那裡看到了 ServiceNow 的絕佳機會。我們正在更快地與全球主要品牌建立核心創新合作夥伴關係，擴大的多年協議將把 ServiceNow 功能擴展到英國電信集團的所有部門。

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方面開發新功能，同時加速自身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，也是加拿大的首次此類合作。 Boomi 正在從較小的 ServiceNow 足跡擴展到取代現有的競爭對手實施方案，這些實施方案很可能會使用所有 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 平台推動特定產業的託管服務，為世界各地的客戶帶來基於人工智慧的創新。我們正在加速關鍵地域市場和垂直市場的成長。 ServiceNow 將幫助美國空軍採用一流的新技術。

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、擴展知識以及科學、工程和教育的使命。在德國，拜耳正在使用 Now Assist 為員工提供 GenAI 和超自動化能力，打造一種讓每位員工都有創新潛力的文化。

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.

我們在日本的勢頭繼續保持，本季度取得了重大勝利，包括野村證券 (Nomura)、松下資訊系統 (Panasonic Information Systems) 和 Nitori Holdings。我們宣布計劃推出託管在 Microsoft Azure 上的 ServiceNow UAE 雲，以便滿足阿聯酋所有公有和私部門實體的業務轉型需求。我們宣布了對印度合作夥伴生態系統的兩項成長投資。

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整個東南亞的業務。 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。我們也擴展到新的類別，再次進一步提高 ServiceNow 作為總目標市場的地位。

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整理資料倉儲。這就是為什麼在 Knowledge，我們分享了我們的強大新資料庫產品計劃。 RaptorDB 專為尋求速度和規模以支援新的人工智慧用例的企業而建置。 RaptorDB 使 ServiceNow 客戶能夠從多個資料來源大規模獲取數據，因此他們可以更快地進行分析，為我們的特定領域模型提供支援。

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.

我們已經在 Pro+ 版本的平台中實現了 12 倍的交易吞吐量以及 27 倍的分析查詢改進和回應時間。今天，我們將啟動 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人工智慧世界前沿的精選頂級客戶群而設計。我們已經有很多人報名了。

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.

我們也完成了一家位於德國的收購、營運和業界領先的數據公司。與 Now Assist 結合，Raytion 將進一步加速我們的 GenAI 支援的搜尋和知識管理能力。這只是個開始。數據機會巨大，我們打算在 9 月 10 日就我們不斷增長的數據雄心壯志發布一些額外的公告。

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.

正如您所看到的，ServiceNow 不受機會限制。新的購買中心、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。在社區、在我們公司，人們都感到興奮，這都是有充分理由的。

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，我們的重點正是它應該在的地方：擴展這個差異化平台，擴展這項業務並為我們的利害關係人提供出色的成果。我對下半年有一些疑問，有一個罕見的猜測，即選舉或其他宏觀因素將挑戰商業環境。當然，我們的客戶關注更宏觀的未知因素。

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，因為人工智慧是提高生產力、成本效率和新業務模式的靈丹妙藥。簡而言之，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。我們看好未來。這就是為什麼我們不僅確認而且還提高了全年指導。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們服務的原因，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.

在我們慶祝 Fred Luddy 最初夢想 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.

我現在把你交給吉娜。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取得了驚人的速度。 ServiceNow 業務保持彈性，新增 ACV 和 GenAI 貢獻超出預期。隨著我們繼續看到對 Now 平台和 Now Assist 產品的強勁需求，團隊再次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%，超出我們指引範圍的上限 100 個基點。本季末，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，五年多的 TCV 合約的平均合約期限比去年同期增長了兩倍以上。目前的 RPO 為 878 萬美元，年比恆定匯率成長 22.5%，比我們的指導高出 200 個基點，比第一季加速 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.

從行業角度來看，美國聯邦航空季度表現出色，季度環比和同比增速均有所加快，新 ACV 淨值較上一季增長超過 50%。製造業、能源和公用事業也是其優勢領域，新增 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都有出色的季度表現，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 平台仍然是我們客戶營運的關鍵任務部分，高達 98% 的續訂率就反映了這一點。客戶群的黏性為我們持續發展奠定了堅實的基礎。本季我們完成了 88 筆新 ACV 淨額超過 100 萬美元的交易，年增 26%。其中包括六個新徽標，其中兩個是 G2K 的客戶。

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.

我們繼續看到本季大宗交易的強勁勢頭，完成了 14 筆淨新 ACV 交易超過 500 萬美元的交易，以及 4 筆交易超過 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 筆包括 8 種或更多產品。現在，我們有 1,988 名客戶向我們支付了 100 萬美元的 ACV。此外，支付2,000萬美元及以上的客戶數量年增近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 Bill 所強調的那樣，迄今為止，我們的 GenAI 淨新 ACV 繼續領先於同期任何新產品系列的推出。第二季度，我們的 Plus SKU 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比同類專業升級增加了 3 倍以上。現在，創作者工作流程中的 Assist 熱電聯產功能仍然是一種強大的生產力工具選擇，出現在超過 70% 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，客戶可以快速上線。我們正在與他們一起學習，根據他們的回饋快速發布創新，讓他們發揮價值。 7 月，BT 集團宣布 Now Assist 試點可協助代理商更快地對案例摘要進行評分並審查複雜的註釋，將時間縮短 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 GenAI 的絕大多數銷售都是直接的。我們正在努力與他們合作，為他們提供細胞分析工具，並進一步擴大我們的市場覆蓋範圍。

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。在營運支出效率、營收表現和行銷支出時機的推動下，非 GAAP 營運利潤率超過 27%，比我們的指引高出約 250 個基點。我們的自由現金流利潤率為 14%。本季結束時，我們的資產負債表穩健，其中包括 89 億美元的現金和投資。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. 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，我們將訂閱收入提高 3,300 萬美元（以區間中點計算），足以抵銷 2,000 萬美元增量的外匯逆風。此次融資淨增加 1,300 萬美元，區間收窄為 105.75 億美元至 105.85 億美元，按報告匯率和固定匯率計算，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 攤薄加權平均流通股為 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%，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 會以報告計算成長 22.5%，以固定匯率計算成長 22%。我們預計營業利益率為 29.5%。最後，我們預計本季 GAAP 攤薄後加權平均流通股價值為 2.09 億美元。總而言之，第二季度是一個強勁的季度，我們繼續看到下半年的強勁勢頭。

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.

所有這些現在都在五月舉行，為期三天的鼓舞人心的主題演講、令人驚嘆的演示、交易分組會議以及圍繞人工智能的大量討論，因為它融入了活動的各個方面。 ServiceNow 專注於為人們提供人工智慧工作，並為其他 22 萬名參與者提供一致的主題，其中包括價值 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 Bill 所提到的，僅 60 天後新創建的管道就同比增長了 50%，此後已增長至超過 10 億美元。我們的下半年管道，加上我們在 24 年上半年的淨新 ACV 優異表現，使我們能夠很好地了解我們的營收指南，並進一步對我們實現超過 150 億美元收入的旅程充滿信心。

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.

我們正在努力定義 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。比爾和我對我們員工的辛勤工作和奉獻精神感激不盡。比爾和我不能為這個令人難以置信的團隊感到自豪。

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

這樣，我將打開它進行問答。

(Operator Instructions) Keith Weiss, Morgan Stanley.

（操作員指令）Keith Weiss，摩根士丹利。

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。感謝你們提出問題，並祝賀這個季度的強勁表現。正如你們所指出的，在一個很多人都關心的環境中，比爾，如果願意的話，你們能多談談是什麼讓你們能夠完成這些合約嗎？

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?

我們從許多資訊長那裡聽到的是對這個機會的興奮，但在扣動扳機方面卻猶豫不決。但你們似乎能夠讓人們扣下板機。是什麼讓你扣下板機？

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?

然後吉娜的後續行動會說，類似交易從第一季下滑到第二季是否有任何異常活動？還是這只是未來的根本力量？

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.

非常感謝你提出這個問題，基斯。首先，我將首先討論這個令人難以置信的平台及其所帶來的變化。如果你考慮到所有的複雜性，並思考當今執行長想要什麼，他們正在尋找新的成長載體，以從根本上簡化他們的公司。而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，大多數人都向某個部門銷售產品，因為他們的解決方案範圍很窄。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——尤其是透過將 GenAI 內建到這個令人難以置信的平台中，我們能夠展示真正的價值。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.

我們擁有一種旨在創造價值的文化。我們擁有一支知道如何描述價值的團隊。顯然，我們與市場的連結非常緊密。我確實將這裡的文化歸功於我所說的（技術難度）執行程度。因此，這已經融入了我們的DNA 結構中，偉大的創新、出色的執行力、我們所構建的產品、我們如何將其推向市場以及我們如何在售後領域中實現最終快速交付和交付的價值之間的完美整合。

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，關於你關於任何不尋常活動和交易從第一季滑到第二季度的問題，沒有。事實上，我們剛剛在第二季度看到了令人難以置信的全面執行。從收入的角度來看，我們談到的 ServiceNow 的強大執行力，淨新 ACV 的出色表現得到了令人難以置信的上市團隊，正如您所期望的那樣。 On-Prem 的表現確實有點超出預期，但新 ACV 的淨表現更具影響力。

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.

至於 cRPO 的表現，同樣主要是由新 ACV 的淨表現優異、提前更新略高所推動。如您所知，我一直非常謹慎（技術難度）地指導早期續訂，並將繼續這樣做。但節奏確實是這支團隊再次令人難以置信的執行力的結果。

Raimo Lenschow, Barclays.

雷莫‧倫肖 (Raimo Lenshow)，巴克萊銀行。

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，也恭喜我。 Bill，您談到了一些用例，例如 BT，您的功能稍微小一些，但功能更高效，這更能取得非常好的結果。這是否就像我們應該思考人工智慧未來發展的藍圖，就像可能非常大的模型一樣，你作為一個更小、更靈活的模型，如果它們實際上可以實現更多，因為你更專業？謝謝你並恭喜你。

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。雷莫，非常感謝你的提問。正如您所提到的，我認為我們的特定領域或更小的模型的關鍵是閃電般的速度，沒有延遲，因為我們正在處理客戶的資料。它們再次變得高度安全，因為這是客戶的資料。而且它們的運作成本很高。

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.

當公司看到一個端到端平台的頻寬時——從整個IT 產業的各個地方進行數位轉型或重建員工體驗，員工實際上會很興奮地來上班並完成他們的工作，因為我們承擔了繁忙的工作擺脫他們的生活，或可以完全重新構想客戶體驗，然後激勵開發人員做他們最擅長的事情，這是關於淨新創新和建立新商業模式的夢想。

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.

你看到這個了。顯然，你提到了BT。我可以輕鬆地說倫敦證券交易所，他們部署我們進行核心業務轉型，並在 ServiceNow 平台上統一 15 個孤立的平台和 14 個業務線。事實上，他們發現案例的偏差率增加到了 85%，事件總結時間得到了改善 35%。順便說一句，Now Assist 只需幾秒鐘即可完成此操作。

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力提高。我本來可以去 Try Medics，一家生技公司。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，使他們的工作效率提高了 22%。他們發現 50% 的開發人員在短短三個月內積極使用 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 Kainos，一家數位技術解決方案提供商。他們使用 Now Assist 創建了 600 篇知識文章。他們能夠改善客戶和員工對知識內容的存取。從客戶的角度來看，他們的滿意度從 80 升至 99。

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.

我們剛剛為政府社區雲提供了 GenAI 傾斜的全面可用性。順便說一句，這是 6 月 28 日。一位客戶制定了第三季的即時目標和實施計劃。但他們的試點進展順利，他們決定需要在第二季度立即啟動它。

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，您在這裡進入了一個完全不同的計劃，可以快速實現價值，這是人們喜歡使用的產品。高階主管們很興奮，因為他們的員工如此快樂，他們的客戶如此快樂，他們的創新者如此快樂。我們與市場的聯繫如此緊密，以至於我們知道每一種情況下正在發生什麼。他們知道我們不是在辦公桌上郵寄和進來的。

Perfect, that's amazing. Thank you.

完美，太棒了。謝謝。

Kash Rangan, Goldman Sachs.

卡什·蘭根，高盛。

(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 GenAi 取得了一些驚人的成績。我不禁注意到，RPO 整體成長八年來首次達到 30% 以上。所以在這方面絕對是值得稱讚的。

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。你已經經歷了多個宏觀週期。如果有扣除並且有願景變化，為了更加有利於商業，如果你想在日曆'25中這樣稱呼它，是否有某些事情一直在阻礙（聽不清）你們真的，真的做了出色地？當我們未來進一步降息時，更大的宏觀調控可能會是什麼？

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.

另外，在人工智慧方面，（聽不清楚）您僅用兩個季度的產品交付時間就能為客戶帶來多少生產力提升？您認為 Now Assist 未來會在哪裡發展？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，我們是否要深入這些領域並揭開越來越多的人工智慧解鎖？非常感謝並祝賀。

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.

非常感謝你，卡什。我真的很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推動前進，而創新未來才是。

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最高管理層描述這個夢想。我認為我們現在正在整個高階主管層進行切換，我們已經擴大了關係計劃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的規模，現在它已經準備好採取大膽的行動，並成為企業中的決定性人物。

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.

所以我認為所有這些對我們來說都是一次。就更廣泛的宏觀而言，您顯然看到了人工智慧世界對硬體的投資。您看到了這家偉大的視訊公司取得的令人難以置信的成功以及他們正在做的工作。你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好。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，它們都表現得很好。好消息是我們與他們所有人融為一體。所以我們知道超大規模的趨勢，好嗎？我們在影片中製定了 GenAI 策略。我們知道他們將成為勝利者。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 世紀的世界最終會意識到，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，我們的創新都會讓人們驚嘆不已。

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.

但要回答你的問題，我們要去哪裡，我們要去哪裡，我們將改變整個產業。如果我給你舉一個例子，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緩解關鍵資產的漏洞，並且需要即時完成所有工作。無論是維修、保養設備、秤、零件、現場服務、技術人員、設備供應商，都有一個完整的分散式價值鏈。

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，並將其放在 ServiceNow 平台上。我們將獲取數據。我們將把讓公司感到窒息的所有不同部分連接起來，並將其轉移到 Now 平台中。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，考慮跨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。他們希望人工智慧驅動的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.

想想你自己的購物經驗。您可以購買很棒的產品。但如果你不能以簡化的方式退貨，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，並最終為客戶辯護並給他們想要的東西，這是一個良性循環。這就是全部工作流程。我們將實現整個產業的自動化。因此，我們認為醫療保健、製造業、公用事業、消費品都是我們的目標。

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.

感謝您並祝賀您的持續發展勢頭。我認為今天令人驚訝的重大消息顯然是領導層的一些變化。 CJ 顯然是高階領導團隊的重要組成部分。他是我經常向客戶指出其成功和領導的人之一。

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，克里斯作為首席產品官，您認為確保平穩過渡的關鍵操作步驟是什麼？您將採取哪些額外措施來確保連續性？成功的關鍵是什麼？我想這可能不僅是團隊的營運問題，也可能是公共部門業務的問題，因為這也是這項工作的來源？

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.

非常感謝你，彼得。我很欣賞你的問題。我們有一支令人難以置信的團隊。事實上，我們已經進入了公司和領導團隊的執行模式。我今天會見了他們所有人，包括帕特·凱西（Pat Casey），他是公司的聯合創始人之一，他實際上負責公司的雲端運算，以及所有業務開發領導者。

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) 的表演能力非常出色，因為他了解我的決策風格，而且他能夠與我們優秀的工程師以及優秀的市場營銷人員完美地融合在一起，因此我們不會放棄任何一個人。於是大家都沸騰了。他們了解使命，並做好了出發的準備。

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.

我將聘請一名首席產品長。它可以來自公司內部，也可以來自公司外部，而且是更持久的。但我們不會錯過執行中的任何一步。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.

所以我對我們公司非常非常有信心，順便說一句，我對我們的業務狀況非常非常有信心。我確實想提一下，美國公共部門對我們公司來說仍然是非常重要的垂直產業。我們仍然相信，這將進一步成長，尤其是在第三季度，因為那時需要做出很多決定。我們全力支持這一點。

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愛我們。我們愛他們。我們為他們做得很好。我們不想錯過任何一個節拍，彼得。

Thank you.

謝謝。

Operator, do we lose you there?

接線員，我們在那裡失去你了嗎？

Samad Samana, Jefferies.

薩馬德·薩馬納，杰弗里斯。

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.

嗨，晚上好，感謝您提出我的問題。夥計們，這真是一個非凡的季度。感謝您讓一切變得更容易。比爾，第一個問題也許是問你的。

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，你們是少數能夠看到大量前期需求和強大早期吸引力的公司之一。我想我想弄清楚的是，對於你正在談論的尚未涉足人工智慧的公司來說，你認為是什麼導致他們堅持不懈？您認為促使他們入黨的機會是什麼？

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

哪些公司購買了人工智慧產品，哪些公司沒有購買？

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。對於那些尚未收養但仍在與您進行對話的人，您如何讓他們加入？

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，因為我認為發生的情況是他們從冒充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這樣做的參考。在你知道之前，我們就要去比賽了。

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我們要帶領公司走向何方的路線圖，他們意識到他們不想要後發優勢，因為如果他們行業的其他參與者搬走而他們不搬走，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 號碼的胡言亂語、忙碌的工作、毫無意義的愚蠢工作，他們會去其他地方工作。對於客戶來說也是如此。所以我認為這是一種教育。這是一個示範。當你被允許進入最高管理層，並且他們有興趣聽你的故事時，它就具有成功的有效性。

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。然後是快速安裝，然後上線，然後是驚人的生產力。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，我想補充一點，我在劇本中談到了這一點，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，對吧？因此，我們現在正在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，這將擴大我們的市場覆蓋範圍。這些合作夥伴是如此關鍵和重要，他們非常依賴我們。因此，這將是這裡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.

我認為吉娜在那裡提出了一個很好的觀點。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，但我沒有從合作夥伴那裡聽到太多消息。是的，那是因為，正如吉娜所說，它們仍在被激活。但是你能想像當他們這樣做時，如果你看到這些結果，當我們自己做的時候，然後你在街上有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.

卡爾凱斯特德，瑞銀集團。

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?

非常感謝。也許我會把這個轉給吉娜。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。所以我只是想知道你是否可以重新審視下半年的前景。具體來說，考慮到比爾指出的下半年選舉的不確定性，考慮到公共部門第三季的規模有多大，我想知道您是否對第三季 cRPO 指南更加保守？

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，我早些時候談到了這部分節拍，第二季度的大部分節拍都是關於執行和淨新 ACV，但也有一部分節拍是早期更新。

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.

我將繼續謹慎地考慮提前續約的因素，因為它們是針對不同客戶的。因此，我想說的是，我對第三季和全年的指南的看法仍然保持謹慎。但我對我談到的這條管道仍然非常有信心。因此管道覆蓋率很強，成熟度比去年同期好。

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.

根據我們的了解，前 60 天內產生的管道數量增加了 50%。我之前說過，這個數字已經超過 10 億美元。因此管道仍然堅固。正如您今天聽到比爾和我談論的那樣，機會是非常棒的。需求似乎很健康，但你是對的，今年下半年肯定存在一些不確定性，我們對一些假設仍然持謹慎態度。

Brad Sills, Bank of America Securities.

布拉德·希爾斯，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。我想在管道上的同一張紙條上問一個關於這個問題的問題。

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.

有了50%的知識提升，聽起來令人印象深刻，聽起來令人興奮。我很想了解您在哪裡看到這種優勢，也許可以一睹堆疊中的管道是什麼樣子。無論是 IT 領域還是客戶員工創建者領域，是否有任何傑出人物？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顏色。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，整個平台都具有真正的優勢，無論是 IT、客戶員工、創建者還是 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，我們正在對這裡的所有氣缸進行操作，並且正在生成的管道確實非常全面。但正如你所想像的那樣，對於 GenAI，人們如此興奮和關注，當我們考慮後半段的 GenAI，然後進入 25 年及以後時，我們絕對看到了非常強大的管道。

Kirk Materne, Evercore ISI.

柯克·馬特納，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，我也會對這個非常美好的季度表示祝賀。比爾，您在之前的一個回答中提到了這一點，但我只是想知道您是否可以為大家擴展一下圍繞運營技術的機會。您在開始與客戶對話方面處於什麼階段？當我們展望未來 6、12 個月時，您能否詳細說明您對該產品系列的想法和希望？

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以及您在 Knowledge '24 上看到的那樣，對該產品和產品的最初需求確實讓我們感到驚訝，因為它的發展速度如此之快。

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 混合在一起。我們擁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 和一家同樣位於日本的跨國電子公司等合作夥伴都在為此努力。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 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。這有助於我們解決價值 680 億美元的客戶工作流程 TAM 問題。所以現在還處於早期階段，但我們對迄今為止所看到的牽引力感到非常鼓舞，我們將繼續監控並向大家更新這方面的信息，但它現在是我們產品組合中有意義的一部分。

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.

再說一遍，這家公司的優點之一是將工程開發工作與實際行動聯繫起來，與客戶保持高度接觸，並形成良性循環，讓客戶覺得他們是最重要的開發人員。我們偉大的工程師能夠在這裡快速完成任務。這是另一個例子。

Alex Zukin, Wolfe Research.

亞歷克斯祖金，沃爾夫研究中心。

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.

大家好。感謝您提出問題。也許只是第一個。我認為，到目前為止，這是自 2021 年以來三年來最強勁的 RPO 季度。任何交易您覺得比您想像的更早完成，否則您可能會參與任何交易，因為吉娜，您提到的正在醞釀中的信心，幫助我們給予我們對此有感覺嗎？然後我會進行快速跟進。

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。所以你是完全正確的。 RPO 年成長 31% 令人難以置信，尤其是在我們的規模下。我們繼續看到平均合約條款增加，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，我們看到五年多的交易中的 TCV 增加了兩倍多。我在劇本裡這麼說過。因此，我們確實看到了多年期合約的有意義的成長，因為客戶真正看到了 Now 平台的力量，並且只是達成了更長、更具策略性的交易，這就是結果。

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，任何提前續約的交易都沒有太大差異，早期續約略有增加，但這只是違反了審慎的指導方針。再說一遍，這實際上取決於平台客戶的力量，他們真正了解我們如何將 GenAI 運用到該平台中，並真正成為業務轉型的人工智慧平台。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，有什麼評論嗎？如果人工智慧對話已經推動了規模更大、更具策略性的合作，從而導致 RPO 的部分成長，也許也是如此。

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。所以第二季的線性度很好。我對我們所看到的感覺非常好。當然，人工智慧對話正在推動非常策略性的合作，顯然，會推動更大的平均合約條款，對嗎？再說一次，客戶確實傾向於建立更長期的策略夥伴關係，並且現在就得到了它。因此，我認為所有這些都是您在我們的結果中看到的重要組成部分。

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，我會以吉娜的立場為基礎，考慮一下你提到的時間表，我們成為了一家平台公司，這就是發生的事情。我們已經從一家擁有土地和擴張心態的產品公司轉變為一個用於業務轉型的人工智慧平台，該平台著眼於行業，我們正在著眼於公司試圖實現的完整頻寬。然後，為了讓您了解這個品牌，我認為我們透過讓人工智慧為人們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.

人們包括像我們這樣的人。其中包括員工。它包括客戶。它包括建立軟體的人員以及確保場所安全的人員。因此，我們在建構策略平台公司的策略方向中考慮了所有這些因素。當吉娜告訴你時，交易規模正在擴大。協議的期限正在延長。這與您眼前正在擴張的公司是一致的。

Mark Murphy, JPMorgan.

馬克墨菲，摩根大通。

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，非常棒的季度。比爾，我想知道你經歷了什麼？您認為針對人群罷工問題和停電問題可能會出現什麼類型的機會。您是否可以合理地認為，一些大公司希望在整個 IP 範圍內進行更多遙測，以提高監控和偵測中斷並改善事件回應的能力。這似乎可以直接發揮 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人數成長加快。我想知道你是否剛剛達到了某種程度，向你發出信號，要求你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，並感謝你的善意評論，馬克。 7 月 18 日，與 ServiceNow 相關的 CrowdStrike 中斷對客戶系統影響為零。與 ServiceNow 相關的資料完整性財務系統和公司營運完整性受到的影響為零。

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，我認為您獲得了非常好的行銷和銷售理念以及 CMDB 的服務映射，我們可以即時了解哪些系統、哪些業務服務和基礎設施在我們的客戶環境中受到影響。我們的自動化工作流程加快了修復速度，並且員工可以透過我們的 ServiceNow 入口網站了解最新情況。因此，我認為，一旦非 ServiceNow 客戶看到這樣的平台的潛力，這實際上可能會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.

關於你關於銷售和行銷的問題，我強調說，即使在第一季度，它也會有所回升，對嗎？因此，第一季的招聘人數略低，因為去年第一季是招聘季。但是，是的，我們絕對專注於確保我們在街上招募員工，進行配額銷售，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、銷售和行銷將繼續有所成長，這與我們最初的計劃非常一致。顯然，我們超越得越多，機會就越多，我們將繼續招聘，以確保我們有能力推動並完成這些交易。

Joel Fishbein, Truist Securities.

喬爾‧菲什拜因 (Joel Fishbein)，Truist 證券公司。

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.

感謝您提出問題，並祝賀這個精彩的季度。比爾，對你來說，你承認你宣布了與微軟的進一步戰略合作夥伴關係，現在正在協助副駕駛整合。只是很想聽聽您的實際進展以及您是否正在共同推動這些解決方案的交易。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.

非常感謝你，喬爾。我們與微軟有著非常出色的合作關係。我認為這實際上為 ServiceNow 開闢了額外的潛在市場。此外，還有一項與 Microsoft 企業銷售團隊共同銷售的動議。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就是客戶想要的。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，但我認為我們也有助於提高 Azure 的相關性，因為我們正在變得更大。我們正在多個行業和地區進行擴張。

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.

我們確實在策略性地思考如何共同贏得淨新徽標，並且我們已經有一些例子。我們在第二季完成了 7 筆價值超過 100 萬美元的 Azure 交易，其中兩筆是新標誌獲勝，事實上，一筆交易的新 ACV 淨值超過 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，這種夥伴關係和協同效應將使我們能夠為更多客戶帶來價值，而且我們將以前所未有的速度和規模做到這一點。我對每個人都非常坦誠。我不會去任何地方而不承認微軟是一個標準。我認識到副駕駛做了非常重要的事情，當 Now Assist 的所有功能和我們構建平台要做的事情互補並完全整合到 Microsoft 中時，它會變得更加有趣。這確實是製勝法寶，從第一天起就是如此。

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，有點好奇，當我們考慮這些現代架構時，客戶對話是圍繞著資料治理進行的，就像您考慮 RaptorDB 一樣，這是我們應該期望 ServiceNow 直接參與還是透過合作夥伴參與的領域？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.

非常感謝你提出這個問題，羅布。在這一點上，我想說的是，我希望您考慮一下工作流程自動化、我們平台上的GenAI 以及我們採用RaptorDB 並收集任何資料來源的能力，無論誰在管理它或它在哪裡，並將其啟動以實現自動化事情完成的方式。

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，我們的這個燈塔專案現在有一群設計合作夥伴和 RaptorDB 的早期適配器。我認為，除了讓我們進入一個全新的 TAM 來補充 Now Platform、Pro+、Now Assist 和 RaptorDB Pro 之外，它還將進一步加速我們的 ServiceNow 平台專業版。

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學到的知識來進一步開發我們的產品。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，以便更好地處理他們擁有的所有數據資產，因為我們擁有唯一用於企業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.

如果我們能夠走到任何地方，它就會擴大我們的影響力和 TAM 的頻寬，以及我們可以為利害關係人帶來的卓越執行力。因此，這都是我們大膽思考並在特定行業用例中激活所有這些的一部分。因此，當我們出現時，我們不是透過宣傳冊提供資金，我們手中有一個演示，我們向您展示如何轉變業務流程。

Brad Zelnick, Deutsche Bank.

布拉德‧澤爾尼克，德意志銀行。

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。非常感謝並祝賀你們的精英級執行力和出色的成果。吉娜，我剛剛為你準備了一些快速的。本季您的資本支出有了很大的提高。您能否評論一下是什麼推動了這一趨勢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。根據您進行的調查，您預計是否有任何聯邦業務需要撤銷？我們是否應該假設，這一切都會被納入指導？

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。所以我先回答第二個問題。因此，不，我們預計不需要完全停止任何聯邦業務。然後，就資本支出的增加而言，它更多的是按季度進行。

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.

對全年的預期沒有改變。正如您所想像的，我們的資本支出重點是人工智慧和 GenAI。但正如我們在金融分析師日所討論的那樣，它已經融入我向您提供的任何指導中。所以我不會考慮任何季度性的與時間相關的事情。

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)，李約瑟公司

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。我只是有幾個簡單的問題。第一個，我認為你們已經預料到，與公共部門相關的第二季 cRPO 會出現約 200 個基點的逆風。事情的發展是否如預期的呢？然後你能提醒我們嗎？

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 的逆風確實如預期般發揮了作用。是的，它將在第三季恢復正常。但請記住，根據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，無論是否實現，我們都會通知您。但是，是的，它現在應該如預期在第三季度正常化。

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

明白了。非常感謝並祝賀季度業績強勁。

Matt Hedberg, RBC Capital Markets.

馬特‧赫德伯格，加拿大皇家銀行資本市場部。

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。也許對吉娜來說只是一個簡短的問題，有點像是對最後幾個問題的跟進。這裡的訂閱收入一直在減速，但 cRPO 一直在加速，而且顯然，甚至給出了指南。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？也許只是訂閱收入和 cRPO 成長之間的一點差異。

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，這真正向您展示的是，與 23 年上半年相比，24 年上半年淨新增 ACV 再次加速。另一件事情實際上與提前續訂無關。另一件事情是，預計今年第三季的本地混合比去年略低。因此，當您考慮第二季的結果及其對未來意味著什麼時，一切都是好事。

Great. Congrats on the quarter guys.

偉大的。恭喜本季的伙伴們。

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。