ServiceNow Inc (NOW) 2024 Q3 法說會逐字稿

Good afternoon, and welcome to the ServiceNow third quarter 2024 earnings conference call. Please note that this call is being recorded at this time. (Operator Instructions)

下午好，歡迎參加 ServiceNow 2024 年第三季財報電話會議。請注意，此時此通話正在錄音。 （操作員說明）

I will now turn the call over to Darren Yip, Group Vice President, Investor Relations. Please go ahead, sir.

我現在將把電話轉給投資者關係集團副總裁 Darren Yip。請繼續，先生。

Good afternoon, and thank you for joining ServiceNow third 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'll review our third quarter 2024 results and discuss our guidance for the fourth quarter and full year 2024.

下午好，感謝您參加 ServiceNow 2024 年第三季財報電話會議。與我一起的還有我們的董事長兼執行長比爾·麥克德莫特 (Bill McDermott)；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 年第三季的業績，並討論我們對 2024 年第四季和全年的指導。

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.

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。

We undertake no duty or obligation to update such statements as a result of new information or future events. Please refer to today's earnings press release and our SEC filings including our most recent 10-Q and 2023 10-K for factors that may cause actual results to differ materially from our forward-looking statements.

我們不承擔因新資訊或未來事件而更新此類聲明的責任或義務。請參閱今天的收益新聞稿和我們向 SEC 提交的文件，包括我們最近的 10-Q 和 2023 年 10-K，以了解可能導致實際結果與我們的前瞻性陳述有重大差異的因素。

We'd also like to point out that we present non-GAAP measures in addition to and not as a substitute for financial measures calculated in accordance with GAAP. Unless otherwise noted, all financial measures and related growth rates we discussed today are non-GAAP except for revenues remaining performance obligations or RPO current RPO and cash and investments.

我們還想指出的是，我們提供的非公認會計原則衡量標準是根據公認會計原則計算的財務衡量標準的補充，而不是替代。除非另有說明，我們今天討論的所有財務指標和相關成長率均為非公認會計原則，但剩餘履約義務的收入或 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，這些新聞稿和投資者演示文稿均發佈在我們的網站Investors.servicenow.com上。今天電話會議的重播也將發佈在我們的網站上。

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

這樣，我就把電話轉給比爾。

Thank you very much, Darren. Good afternoon, everyone, I really appreciate you joining today. Because a lot to cover in this latest beat and raise report, I'll focus on five powerful tailwinds that underscore our strong confidence in ServiceNow is growth trajectory. First is elite level execution, with our Q3 results we have demonstrated once again ServiceNow's strong execution.

非常感謝你，達倫。大家下午好，非常感謝你們今天的加入。因為在這份最新的擊敗和提高報告中要涵蓋很多內容，所以我將重點放在五個強大的推動力，這些推動力強調了我們對 ServiceNow 成長軌蹟的強烈信心。首先是精英級執行力，第三季的業績再次證明了 ServiceNow 強大的執行力。

We outperformed all top line and profitability metrics. Subscription revenue growth was 22.5% at constant currency, 200 basis points above the high end of our guidance. CRPO was 23.5% at constant currency, 150 basis points above our guidance. Operating margin was over 31% more than 150 basis points above our guidance. We had 96 deals greater than 1 million and net new ACV.

我們的表現優於所有營收和獲利指標。以固定匯率計算，訂閱收入成長 22.5%，比我們指引的上限高出 200 個基點。以固定匯率計算，CRPO 為 23.5%，比我們的指引高 150 個基點。營業利益率超過 31%，比我們的指引高出 150 個基點以上。我們有 96 筆交易金額超過 100 萬筆，淨新增 ACV。

We landed our second largest new logo deal ever, and our second customer crossed the 100 million mark in total ACV. Customer adoption of ServiceNow platform continues to move across the enterprise end to end. For CIOs and their tech teams ITSM and ITOM were each in at least 15 of our top 20 deals, with double digit deals over 1 million.

我們達成了有史以來第二大新徽標交易，我們的第二個客戶的 ACV 總量突破了 1 億大關。 ServiceNow 平台的客戶採用繼續在整個企業範圍內進行端到端。對於 CIO 及其技術團隊而言，ITSM 和 ITOM 分別參與了我們排名前 20 的交易中的至少 15 起，其中兩位數的交易超過 100 萬筆。

It's also worth noting that it asset management was in all of our top 20 deals, and Q3 was another strong performance for security and risk as they combined for 14 of the top 20 deals with 11 deals that were over 1 million.

另外值得注意的是，IT 資產管理出現在我們所有的前20 筆交易中，而第三季在安全性和風險方面又表現強勁，因為在前20 筆交易中，有14 筆交易的金額超過100萬筆，其中11 筆交易金額總計超過100 萬筆。

As we see more opportunity to disrupt the front office, customer workflows had a great Q3 with 15 of the top 20 deals and 17 deals over 1 million. Employee workflows were in 13 of the top 20 with nine deals over 1 million and create a workflow is strong again and 17 of the top 20 with 13 deals over 1 million, here's the headline. Many companies have struggled to execute in what has been a complex macro environment ServiceNow has delivered consistently beyond the rule of 50. We are the benchmark for elite level execution.

隨著我們看到更多顛覆前台的機會，客戶工作流程在第三季表現出色，前 20 筆交易中有 15 筆，其中 17 筆交易金額超過 100 萬筆。員工工作流程在前20 名中佔據13 名，其中9 筆交易金額超過100 萬筆，創建工作流程再次表現強勁，在前20 名中佔17 名，其中13 筆交易金額超過100 萬筆，這是標題。許多公司都在複雜的宏觀環境中努力執行，ServiceNow 始終超越 50 規則。

The second tailwind behind ServiceNow success is our growing strategic relevance. Three years, we've been talking about the mess of the 20th century enterprise systems organizations around the world needed a platform to help them clean up that mess so they can modernize for the AI world. ServiceNow is that chosen strategic platform, and we integrate with all those other systems orchestrate the silos into modern workflows and create a consistent consumer grade user experience. It's important to understand the history here.

ServiceNow 成功背後的第二個動力是我們不斷成長的策略相關性。三年來，我們一直在談論 20 世紀企業系統的混亂，世界各地的組織需要一個平台來幫助他們清理混亂，以便他們可以實現人工智慧世界的現代化。 ServiceNow 是我們選擇的策略平台，我們與所有其他系統集成，將孤島編排到現代工作流程中，並創建一致的消費級用戶體驗。了解這裡的歷史很重要。

When public cloud solutions came online as the last secular shift in the enterprise, they created sprawling governance challenges. CIOs at the direction of their CEOs were asked to get things under control of cost, security, and integration, and ServiceNow played that role. Now the C-suite is looking to ServiceNow to prevent another mess with AI.

當公有雲解決方案作為企業最後的長期轉變上線時，它們帶來了巨大的治理挑戰。首席資訊長在執行長的指導下被要求控製成本、安全性和集成，而 ServiceNow 扮演了這個角色。現在，最高管理層正在尋求 ServiceNow 來防止人工智慧再次出現混亂。

Leaders see the risk that every vendor's bots and agents will scatter like hornets fleeing the nest and they trust ServiceNow as the governance control tower which is a privileged position for our platform. This brings me to the third momentum driver ServiceNow has emerged as the AI platform for business transformation. The secular shift to AI is validated and is unfolding in real time. With now assist we have 44 customers spending more than $1 million in ACV including $6 million over $5 million and $2 million over $10 million.

領導者看到了每個供應商的機器人和代理商都會像逃離巢穴的黃蜂一樣分散的風險，他們信任 ServiceNow 作為治理控制塔，這對我們的平台來說是一個特權地位。這讓我想到了第三個驅動力 ServiceNow 已成為業務轉型的人工智慧平台。向人工智慧的長期轉變已經得到驗證，並且正在即時展開。目前，我們有 44 位客戶在 ACV 上花費超過 100 萬美元，其中 600 萬美元超過 500 萬美元，以及 200 萬美元超過 1,000 萬美元。

And this continues to be our fastest growing product ever and an accelerant to our cross enterprise expansion. In Q3, we announced our biggest GenAI release to date Xanadu.

這仍然是我們有史以來成長最快的產品，也是我們跨企業擴張的促進劑。在第三季度，我們宣布了迄今為止最大的 GenAI 版本 Xanadu。

This included over 350 net new innovations delivered through 5 million-plus engineering hours. Xanadu has supercharged now assist with analytics generation, custom skills development, Microsoft co-pilot integration and more.

其中包括超過 500 萬個工程小時交付的 350 多項淨新創新。 Xanadu 現在在分析生成、自訂技能開發、微軟副駕駛整合等方面提供了強大的協助。

Xanadu expanded industry vertical AI powered automation, the telco, tech, public sector, banking insurance, and manufacturing we released now assist for security procurement and an integrated development solution for software engineers.

Xanadu 擴展了行業垂直人工智慧驅動的自動化、電信、科技、公共部門、銀行保險和製造業，我們現在發布了支援安全採購和軟體工程師整合開發解決方案的服務。

Xanadu showcased ServiceNow leadership with Agentic AI and until now, Agentic AI and the enterprise requires human prompts to initiate action. We're now deploying autonomous AI agents that work with people, not just for them. Using ServiceNow, single architecture platform and cross enterprise data ServiceNow AI agents can uniquely advance beyond prompt based activity to deep contextual comprehension.

Xanadu 透過 Agentic AI 展示了 ServiceNow 的領導力，到目前為止，Agentic AI 和企業需要手動提示才能啟動行動。我們現在正在部署與人合作的自主人工智慧代理，而不僅僅是為他們服務。使用 ServiceNow、單一架構平台和跨企業資料 ServiceNow AI 代理程式可以獨特地超越基於提示的活動，進入深入的上下文理解。

This is like hiring an additional workforce to support people by doing the jobs they've never wanted to do in the first place. We intend to be the control point that governs the deployment of Agentic AI across the enterprise. As this AI innovation on ServiceNow contributes to what IDC says will be a nearly $20 trillion global impact by 2030. That means every $1 spent on AI solutions and services will generate nearly $5 in value to the global economy.

這就像僱用額外的勞動力來支持人們做他們本來不想做的工作。我們打算成為管理整個企業代理人工智慧部署的控制點。據IDC 稱，到2030 年，ServiceNow 上的人工智慧創新將產生近20 兆美元的全球影響。的價值。

This is why IDC also forecasts businesses will spend more than $0.5 trillion on AI in 2027 alone. So when you combine a massive once in a generation technological shift with a platform that is engineered to lead the transformation ServiceNow's momentum is the result.

因此，IDC 也預測，光是 2027 年，企業在人工智慧上的支出將超過 5 兆美元。因此，當您將一代人一次的大規模技術變革與旨在引領變革的平台相結合時，ServiceNow 的動力就產生了。

The fourth factor is our growing brand awareness and addressable market. When you consider the countless success stories, the world works with ServiceNow was a present identity for our brand. The defense logistics agency works with ServiceNow assist to digitally transform, following a highly successful citizen development project. Bangkok de Brazil works with ServiceNow to increase visibility and automation.

第四個因素是我們不斷成長的品牌知名度和潛在市場。當您考慮到無數的成功故事時，與 ServiceNow 合作的世界就是我們品牌的現有標誌。繼一個非常成功的公民發展計畫之後，國防後勤機構與 ServiceNow 合作協助進行數位轉型。巴西曼谷與 ServiceNow 合作以提高可見度和自動化。

The Veterans Affairs IT office works with ServiceNow to ensure their mission critical systems perform with minimal disruptions to the Veterans, their families and the employees who serve them. Lloyds Banking Group works with ServiceNow to transform its people operations with AI powered solutions to improve its colleague experience.

退伍軍人事務部 IT 辦公室與 ServiceNow 合作，確保其關鍵任務系統的運作對退伍軍人、他們的家人和為他們服務的員工造成的干擾最小。勞埃德銀行集團與 ServiceNow 合作，透過人工智慧驅動的解決方案轉變其人員運營，以改善其同事體驗。

After rolling out now assist globally, EY works with ServiceNow to automate a wide range of tasks to deliver faster resolutions for enhanced client service. The American Red Cross works with ServiceNow to automate risk management so they can concentrate on their life saving mission.

在全球推出「立即協助」後，安永與 ServiceNow 合作自動執行各種任務，以更快地提供解決方案，從而增強客戶服務。美國紅十字會與 ServiceNow 合作實現風險管理自動化，以便他們能夠專注於拯救生命的使命。

Mercedes Benz work to its ServiceNow to support their business transformation. It's no surprise our partnerships are expanding as well. Siemens in ServiceNow announced a new collaboration aimed at enhancing industrial cyber security, driving the integration of gen AI into shop floor operations. Bell Canada recently announced the acquisition of HGC technologies a ServiceNow partner to increase their leadership in the North American marketplace.

梅賽德斯·奔馳 (Mercedes Benz) 透過 ServiceNow 來支援其業務轉型。毫不奇怪，我們的合作關係也不斷擴大。西門子在 ServiceNow 上宣布了一項新的合作，旨在增強工業網路安全，推動將新一代人工智慧整合到車間運作中。貝爾加拿大公司最近宣布收購 HGC Technologies 為 ServiceNow 合作夥伴，以增強其在北美市場的領導地位。

We announced an expanded strategic alliance with Zoom to integrate our gen AI technologies, and we're just getting started. In fact, today, we unveiled a series of powerful new growth initiatives. Our partnership with NVIDIA has been a game changer for enterprises embracing AI. We're taking that to the next level by co-creating a shared vision on Agentic AI together, NVIDIA and ServiceNow are developing out of the box use cases for AI agents on the now platform using NVIDIA NIM Agent Blueprints.

我們宣布與 Zoom 擴大策略聯盟，以整合我們的新一代人工智慧技術，而我們才剛開始。事實上，今天我們推出了一系列強而有力的新增長措施。我們與 NVIDIA 的合作關係改變了企業擁抱人工智慧的遊戲規則。我們透過共同創建 Agentic AI 的共同願景，將這一目標提升到了新的水平，NVIDIA 和 ServiceNow 正在使用 NVIDIA NIM Agent 藍圖在 now 平台上為 AI 代理開發開箱即用的用例。

Customers simply turn on these capabilities and start reinventing workflows across the enterprise, the small single issue resolutions all the way to entire incident response workflows. You heard a knowledge that ServiceNow launched RaptorDB our new ultra fast database built for AI first enterprises which processes transactions 12 times faster analytics 27 times faster customers including Amadeus are already in the process of implementing RaptorDB to supercharge processing speeds across their global systems.

客戶只需開啟這些功能並開始重新設計整個企業的工作流程，從小的單一問題解決一直到整個事件回應工作流程。您聽說ServiceNow 推出了RaptorDB，這是我們專為AI 優先企業構建的全新超快資料庫，處理交易的速度提高了12 倍，分析速度提高了27 倍，包括Amadeus 在內的客戶已經在實施RaptorDB，以提高其全球系統的處理速度。

Our data ambition doesn't end there. We are expanding deeper with our new workflow data fabric which will unify business and technology data, so it flows seamlessly across the enterprise. Companies have always trusted us to bring order to the chaos of 20th century enterprise architectures. Now we could do the same with their data by powering automation and AI with real time secure access to data from any source.

我們的數據野心還不止於此。我們正在透過新的工作流程資料結構進行更深入的擴展，該結構將統一業務和技術數據，使其在整個企業中無縫流動。公司始終相信我們能夠為 20 世紀企業架構的混亂帶來秩序。現在，我們可以透過支援自動化和人工智慧，即時安全地存取任何來源的數據，對他們的數據做同樣的事情。

Workflow data fabric also includes Zero Copy partnerships with established leaders like Databricks and Snowflake. So customers can turn data into instant AI powered action all on the ServiceNow platform. One of the world's leading professional services companies, Cognizant became the first systems integrator taking workflow data fabric to market.

工作流程資料結構還包括與 Databricks 和 Snowflake 等知名領導者的零複製合作夥伴關係。因此，客戶可以在 ServiceNow 平台上將資料轉化為即時人工智慧驅動的行動。作為世界領先的專業服務公司之一，Cognizant 成為第一家將工作流程資料結構推向市場的系統整合商。

These innovations, open the door to massive market opportunity for ServiceNow. Nearly doubling our TAM to a $0.5 trillion. We also announced a partnership with Rimini Street to unlock value in the existing ERP market for net new innovation, digital growth, and scale. All this momentum is creating an even bigger flywheel for our business, this is why we created ServiceNow university encompassing all ServiceNow learning experiences.

這些創新為 ServiceNow 開啟了巨大的市場機會之門。我們的 TAM 幾乎翻了一番，達到 0.5 兆美元。我們也宣布與 Rimini Street 建立合作夥伴關係，以釋放現有 ERP 市場的價值，以實現淨創新、數位成長和規模化。所有這些動力正在為我們的業務創造一個更大的飛輪，這就是我們創建包含所有 ServiceNow 學習體驗的 ServiceNow 大學的原因。

ServiceNow university represents a strategic investment in the global workforce with the goal to skill another 3 million learners in the next few years. With all this momentum, it's no surprise that our recognition is also growing. The American Opportunity Index assesses how well employers develop their talent. We have learned that ServiceNow will be the highest ranking technology company again this year, ranking fifth overall among 400 brands.

ServiceNow 大學代表著對全球勞動力的策略性投資，目標是在未來幾年內培養另外 300 萬名學習者。有了這樣的勢頭，我們的認可度也不斷提高也就不足為奇了。美國機會指數評估雇主開發人才的狀況。據了解，ServiceNow今年再次成為排名最高的科技公司，在400個品牌中總體排名第五。

Even more importantly, when it comes to internal advancement as measured by the index, how well we promote and build the careers of our people. ServiceNow is the top company overall with the best score among all firms across all sectors.

更重要的是，當談到以指數衡量的內部晉升時，我們如何更好地促進和建立員工的職涯。 ServiceNow 是整體上名列前茅的公司，在所有行業的所有公司中得分最高。

We also rank on list for best places to work in technology in Europe and Singapore for women and for parents, which is why we have already more than 1.5 million candidates for our open roles this year. This brings me to the final tailwind, the best people want to be at ServiceNow. I'm very proud to announce that Amit Zavery will join ServiceNow as our President, Chief Product Officer and COO.

我們也躋身歐洲和新加坡最適合女性和家長的技術工作場所名單，這就是為什麼今年我們已經有超過 150 萬名空缺職位候選人。這給我帶來了最後的推動力，最優秀的人才希望加入 ServiceNow。我非常自豪地宣布 Amit Zavery 將加入 ServiceNow，擔任我們的總裁、首席產品長兼營運長。

Amit joins from Alphabet where he was General Manager of the Google Cloud platform. During his tenure, he helped build Google Cloud into the fourth largest enterprise software company by increasing annualized revenue from $7 billion to over $41 billion. Before joining Google Cloud Amit had a distinguished career at Oracle where he presided over their growth and platform as a service and data analytics.

Amit 在加入 Alphabet 之前曾擔任 Google Cloud 平台總經理。在任職期間，他協助將 Google Cloud 打造成第四大企業軟體公司，年收入從 70 億美元增加到超過 410 億美元。在加入 Google Cloud 之前，Amit 在 Oracle 有著傑出的職業生涯，他負責領導該公司的發展以及平台即服務和數據分析。

With sterling educational and career credentials, Amit is a world class engineer and engineering leader. From a commercialization perspective, he's also an expert in packaging and pricing. With a compelling vision for AI business transformation, he is hungry and humble to his core. He joins an exemplar engineering leadership team that is full of highly accomplished innovators. I'd like to warmly welcome Amit and all our new hires who have joined the defining enterprise software company of the 21st century.

阿米特擁有出色的教育和職業資格，是世界級的工程師和工程領導者。從商業化的角度來看，他也是包裝和定價的專家。他對人工智慧業務轉型有著令人信服的願景，內心充滿渴望和謙虛。他加入了一個由卓有成就的創新者組成的模範工程領導團隊。我熱烈歡迎 Amit 和我們所有新進員工加入這家 21 世紀的企業軟體公司。

And I'd also like to give a special shout out to Mr. Chris Beatty, our Chief Customer Officer who did a great job in filling in Q3 and aligning our whole company with our partners and customers to ensure that, we as a company also did a great job.

我還要特別讚揚我們的首席客戶官 Chris Beatty 先生，他在填寫第三季度以及使我們整個公司與合作夥伴和客戶保持一致方面做得非常出色，以確保我們作為一家公司也做得很好。

In closing, I could have focused on any number of factors that make ServiceNow the standout growth company, it is today. There's a lot of speculation out there about which companies will be the winners in AI. We shouldn't look past the companies that are already winning ServiceNow is putting AI to work for people. Our World Forum events are over subscribed in some cases, more than double the attendance year over year.

最後，我本可以專注於使 ServiceNow 成為當今傑出的成長型公司的許多因素。關於哪些公司將成為人工智慧領域的贏家，人們有很多猜測。我們不應該忽視那些已經獲勝的公司，ServiceNow 正在讓人工智慧為人們服務。我們的世界論壇活動在某些情況下報名人數過多，出席人數比去年同期增加了一倍以上。

By definition, a safe haven is a place of refuge or security by virtue of our team, our technology, and our strategic choices, no company is more closely aligned to where our customers need to go, that not only makes us a safe haven for customers, it also fuels our rocket ship to hit new milestones as we grow to $30 billion and beyond.

根據定義，安全港是憑藉我們的團隊、技術和戰略選擇而提供的避難所或安全場所，沒有一家公司比我們的客戶需要去的地方更緊密地結合在一起，這不僅使我們成為了安全港客戶，它也為我們的火箭飛船提供了動力，讓我們的資產成長到300 億美元甚至更多，達到新的里程碑。

I couldn't be more proud to celebrate my fifth -ear anniversary as CEO and to redouble my commitment to serving Fred Luddy's dream for the full potential of ServiceNow. Thank you all very much for your time. I hand things over to Gina Mastantuono, our Chief Financial Officer.

我非常自豪地慶祝我擔任執行長五週年，並加倍致力於實現 Fred Luddy 的夢想，以充分發揮 ServiceNow 的潛力。非常感謝大家抽出寶貴的時間。我將工作交給我們的財務長吉娜·馬斯坦托諾 (Gina Mastantuono)。

Thank you, Bill Q3 was another stellar quarter for ServiceNow, with substantial out performances across all of our growth and profitability metrics as digital transformation and gen AI remain top priorities for C-suites. The now platform and now assist continue to see robust demand. ServiceNow stands out as the strategic partner to deliver intelligent solutions, driving incredible business outcomes in every corner of the enterprise.

謝謝，比爾第三季度是 ServiceNow 的又一個出色的季度，我們所有的成長和獲利指標都表現出色，因為數位轉型和新一代人工智慧仍然是最高管理層的首要任務。現在的平台和現在的支援繼續看到強勁的需求。 ServiceNow 作為提供智慧解決方案的策略合作夥伴脫穎而出，在企業的各個角落推動令人難以置信的業務成果。

Q3 subscription revenues were $2.715 billion growing 22.5% year-over-year in constant currency exceeding the high end of our guidance range by 200 basis points. RPO ended the quarter at approximately $19.5 billion representing 33% year-over-year in constant currency growth accelerating both quarter-over-quarter and year-over-year.

第三季訂閱營收為 27.15 億美元，以固定匯率計算年增 22.5%，超出我們指引範圍的上限 200 個基點。本季末，RPO 約為 195 億美元，以恆定匯率計算年增 33%，環比和年比均加速成長。

Current RPO with $9.36 billion representing 23.5% year-over-year, constant currency growth, a 150 basis point beat versus our guidance and a 100 basis point acceleration from Q2. From an industry perspective, technology media and telecom was very strong growing net new ACV over 100% year over year, retail and hospitality also had a fantastic quarter growing over 80% year over year.

目前的 RPO 為 93.6 億美元，年增 23.5%，匯率穩定成長，比我們的指引高出 150 個基點，比第二季加速 100 個基點。從行業角度來看，科技媒體和電信的淨新增 ACV 成長非常強勁，年成長超過 100%，零售和酒店業也有一個出色的季度同比增長超過 80%。

Healthcare and life sciences and manufacturing also saw strength. Year-to-date us, Federal has demonstrated outstanding execution further growing net new ACV on top of a phenomenal 2023. In Q3, we landed five deals over $5 million and $2 million over $20 million. Overall, we once again achieved a robust renewal rate in the quarter reflecting the value ServiceNow consistently provides to customers.

醫療保健、生命科學和製造業也表現強勁。今年迄今為止，Federal 展現了出色的執行力，在2023 年取得驚人業績的基礎上，新ACV 淨值進一步增長。的200 萬美元交易。總體而言，我們在本季再次實現了強勁的續訂率，反映出 ServiceNow 始終如一地為客戶提供的價值。

The importance of the now platform has driven the number of customers paying us over $1 million in ACV to 2020. What's more the number of customers paying us $20 million or more grew nearly 40% year by year, Powered by large deal momentum. We closed 96 deals greater than $1 million in net new ACV in the quarter including six with new logos.

Now平台的重要性推動了2020年向我們支付超過100萬美元ACV的客戶數量。 40%。本季度，我們完成了 96 筆新 ACV 淨值超過 100 萬美元的交易，其中 6 筆交易帶有新徽標。

Among them 15 deals were over [5 million] and six deals were over [10 million]. The proliferation of large deal reflects a greater emphasis on selling the platform and with it, more products per transaction. In Q3, 18 of our top 20 deals included seven or more products.

其中[500萬]以上交易15起，[1000萬]以上交易6起。大額交易的激增反映出人們更加重視銷售平台以及每筆交易較多的產品。第三季度，前 20 筆交易中有 18 筆包含 7 種或更多產品。

Our GenAI capabilities also continue to gain commercial traction in the quarter. As Bill mentioned, we now have 44 customers spending more than $1 million and now assist including $6 million over $5 million and $2 million over $10 million. Pricing has also remained healthy as our plus SKU continue to see a greater than 30% price uplift over [pro] in Q3.

我們的 GenAI 功能在本季也持續獲得商業關注。正如 Bill 所提到的，我們現在有 44 名客戶的消費超過 100 萬美元，現在提供的援助包括 500 萬美元以上的 600 萬美元和 1000 萬美元以上的 200 萬美元。定價也保持健康，因為我們的 plus SKU 在第三季度繼續比 [pro] 價格上漲 30% 以上。

With more proof points from real world case studies, we're seeing rising demand from customers increasing confidence and now it's its ability to deliver significant productivity improvements and savings. For instance, a multinational conglomerate has seen a 75% improvement in case deflection rates with ITSM and [HRSD] Enterprise plus, pushing towards its goal of automating 60% of transactional work.

透過現實世界案例研究的更多證據，我們看到客戶不斷增長的需求增強了信心，現在它能夠顯著提高生產力並節省成本。例如，一家跨國集團透過 ITSM 和 [HRSD] Enterprise plus 將案件偏轉率提高了 75%，推動了 60% 事務工作自動化的目標。

Another large tech company adopted ITSM Enterprise Plus to increase self service by 30%, while enhancing employee satisfaction. The majority of GenAI ideas were sold direct. So we're starting to see our partner enablement produce results. For example, in Q3, with the help of one of our largest GSI partners. We closed in HRSD Enterprise Plus deal with a federal agency.

另一家大型科技公司則採用 ITSM Enterprise Plus 將自助服務提高了 30%，同時提高了員工滿意度。大多數 GenAI 創意都是直接出售的。因此，我們開始看到我們的合作夥伴支持產生了成果。例如，在第三季度，在我們最大的 GSI 合作夥伴之一的幫助下。我們與一家聯邦機構達成了 HRSD Enterprise Plus 協議。

In fewer than 60 days, they were fully configured and production ready. Our industry SKUs also had a phenomenal quarter tripling net new ACV year over year led by financial services and [TMC] which both quadrupled.

在不到 60 天的時間裡，它們就完成了完全配置並準備好投入生產。我們的行業 SKU 的淨新 ACV 也出現了驚人的季度增長，同比增長了兩倍，其中金融服務和 [TMC] 領先，兩者均增長了四倍。

Turning to profitability non-GAAP operating margin was over 31% more than 150 basis points above our guidance driven by the timing of spend our top line outperformance and OpEx efficiencies. Our cash margin was 17% up over 800 basis points year-over-year. We ended the quarter with a robust balance sheet including $9.1 billion in cash and investments. In Q3, we bought back approximately 272,000 shares as part of our share repurchase program with the primary objective of managing the impact of dilution.

轉向獲利能力，非 GAAP 營業利潤率超過 31%，比我們的指引高出 150 個基點以上，這是由於我們的營收表現優異和營運支出效率的支出時機所致。我們的現金利潤率為 17%，年成長超過 800 個基點。本季末，我們的資產負債表穩健，其中包括 91 億美元的現金和投資。在第三季度，作為股票回購計劃的一部分，我們回購了約 272,000 股股票，主要目標是管理稀釋的影響。

As of the end of the quarter, we have approximately $562 million remaining of the original $1.5 billion authorization. Together, these results continue to demonstrate our ability to drive a strong balance of world class growth, profitability, and shareholder value.

截至本季末，我們最初的 15 億美元授權還剩約 5.62 億美元。總之，這些結果繼續證明我們有能力推動世界級成長、獲利能力和股東價值的強勁平衡。

Moving to our guidance, given the Q3 outperformance, we are further raising our 2024 growth outlook. For 2024, we're raising our subscription revenues by $78 million at the midpoint to a range of $10.65 billion to $10.66 billion. Representing 23% year-over-year growth or 22.5% on a constant currency basis.

鑑於第三季的優異表現，我們進一步提高了 2024 年的成長預期。到 2024 年，我們的訂閱收入將增加 7,800 萬美元，達到 106.5 億至 106.6 億美元的範圍。年增 23%，以固定匯率計算成長 22.5%。

We continue to expect subscription gross margin of 84.5% operating margin of 29.5% free cash flow margin of 31% and GAAP diluted weighted average outstanding shares of $208 million. For Q4, we expect subscription revenues between $2.875 billion and $2.88 billion, representing 21.5% to 22% 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%，營業利益率為 29.5%，自由現金流利潤率為 31%，GAAP 稀釋後加權平均流通股為 2.08 億美元。對於第四季度，我們預計訂閱收入在 28.75 億美元至 28.8 億美元之間，年增 21.5% 至 22%，以固定匯率計算成長 20.5%。

We expect cRPO growth of 21.5% on both a reported and constant currency basis. We expect an operating margin of 29%. Finally, we expect $209 million GAAP diluted weighted average outstanding shares for the quarter.

我們預計 cRPO 在報告和固定匯率基礎上成長 21.5%。我們預計營業利益率為 29%。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。

In summary, Q3 was another spectacular quarter driven by strong demand for the Now platform and exceptional team execution. ServiceNow continues to be laser focused on delivering a complete end to end platform experience. With the Xanadu release, marking our most comprehensive set of new AI innovations, yet we're empowering enterprises to quickly seamlessly and responsibly harness the power of intelligence. And we're in great company with strong partners like NVIDIA, Microsoft, Snowflake and Databricks.

總而言之，在對 Now 平台的強勁需求和出色的團隊執行力的推動下，第三季又是一個精彩的季度。 ServiceNow 繼續專注於提供完整的端到端平台體驗。 Xanadu 的發布標誌著我們最全面的人工智慧創新，同時我們也使企業能夠快速、無縫、負責任地利用智慧的力量。我們與 NVIDIA、Microsoft、Snowflake 和 Databricks 等強大的合作夥伴建立了良好的合作關係。

I'm excited about the opportunities created by our latest innovations as they fuel our durable top line growth and margin expansion on our journey to becoming the defining enterprise software company of the 21st century. Bill and I would like to extend a heartfelt thank you to our employees worldwide for their continued hard work and dedication. Our people are our greatest strength. Their commitment to elite level execution has positioned ServiceNow among the best places to work globally with that.

我對我們的最新創新所創造的機會感到興奮，因為它們推動了我們持續的營收成長和利潤擴張，幫助我們成為 21 世紀的企業軟體公司。比爾和我謹向我們全球員工的持續辛勤工作和奉獻精神表示衷心的感謝。我們的員工是我們最大的力量。他們對精英級執行力的承諾使 ServiceNow 躋身全球最佳工作場所之列。

I'll open it up for Q&A.

我將打開它進行問答。

Thank you. I will now open the line for questions. (Operator Instructions)

謝謝。我現在將開通提問熱線。 （操作員說明）

Alex Zukin, Wolfe Research.

亞歷克斯祖金，沃爾夫研究中心。

Hey guys. Thanks for taking the question. I want to maybe ask just a market environment demand question first, and then a quick follow up on product. Bill -- I mean, Gina, you called out some unbelievable growth rates from the TMT vertical from the retail vertical, appreciate that this is a much better year seemingly in those areas versus last year.

嘿夥計們。感謝您提出問題。我想也許先問一個市場環境需求問題，然後快速跟進產品。比爾——我的意思是，吉娜，你提到了 TMT 垂直領域和零售垂直領域令人難以置信的成長率，並意識到今年在這些領域似乎比去年好得多。

But maybe are we back to kind of some sort of a steady medium? How do you think about it for the next 12 months given all the tailwinds that you're seeing just maybe a quick tangent on how you're viewing the buying and demand environment if AI is helping you in that or not?

但也許我們又回到了某種穩定的媒介？考慮到您所看到的所有有利因素，您如何看待未來 12 個月的情況，無論人工智慧是否能在這方面為您提供幫助，您對購買和需求環境的看法可能會發生快速的變化？

Well, Alex, thank you very much for the question. You know, I I think the overall macro is not dissimilar, it's still a value based market out there, but it's been a value based market for some time. And so the question then becomes, who's really got the innovation, who's really got the platform and who's really got real GenAI to tell a real use case story that delivers for the customer.

好吧，亞歷克斯，非常感謝你提出這個問題。你知道，我認為整體宏觀並沒有什麼不同，它仍然是一個基於價值的市場，但它已經成為一個基於價值的市場一段時間了。那麼問題就變成了，誰真正擁有創新，誰真正擁有平台，誰真正擁有真正的 GenAI 來講述為客戶提供的真實用例故事。

And obviously, I think we answered that definitively with yet another beat and raise. So I feel like the market is really excited about AI. It's going from experimentation to actually choosing the platforms that matter. And companies especially at the C-suite are building their future plans with real partnership. So I'm super excited. Our pipelines are great. The global events that we're holding are double subscribed compared to last year. Our team is fired up and we're really ready to win and we want -- we work for the customer and the customer feels it. And I think culture is something that gets under reported in earnings calls and ours is on fire.

顯然，我認為我們透過又一次擊敗和加註明確地回答了這個問題。所以我覺得市場對人工智慧非常興奮。它從實驗到實際選擇重要的平台。公司，尤其是最高管理層，正在透過真正的合作夥伴關係制定未來計劃。所以我非常興奮。我們的管道很棒。我們舉辦的全球活動的訂閱人數是去年的兩倍。我們的團隊充滿熱情，我們真的已經準備好贏得勝利，我們希望——我們為客戶工作，客戶也能感受到這一點。我認為文化在財報電話會議中被低估了，而我們的文化卻很火爆。

Well, just by our calculations, just under $90 million in pro and now assist ACV, definitely is a real number. So congratulations on that. Maybe, maybe just to follow up. Again, we haven't heard you talk about a product that doubles your TAM in quite a long time. So maybe just help us understand what, what the incremental opportunity is with within your existing customers, with this new data platform product. And how you expect, how long do you expect it to take to kind of start seeing some meaningful traction there and P&L?

好吧，根據我們的計算，職業和現在輔助 ACV 的價值略低於 9000 萬美元，這絕對是一個真實的數字。所以恭喜你。也許，也許只是為了跟進。再說一遍，我們已經很久沒有聽到您談論過可以讓您的 TAM 翻倍的產品了。因此，也許只是幫助我們了解這個新的數據平台產品在您現有客戶中帶來的增量機會是什麼。您預計需要多長時間才能開始看到一些有意義的牽引力和損益表？

Well, I think first and foremost, just dealing with RaptorDB alone, rolling that out to the customer base with the RaptorDB Pro version is an up sell opportunity across the entire install base of ServiceNow. So it's kind of a simple sale. It's like you want to go 25% faster, put RaptorDB in and by the way, with the greatest engineers in the industry, it's a seamless process and it happens in hours.

嗯，我認為首先也是最重要的，僅處理 RaptorDB，透過 RaptorDB Pro 版本將其推廣到客戶群，對於整個 ServiceNow 安裝群來說都是一個向上銷售的機會。所以這是一個簡單的銷售。就像您希望速度提高 25% 一樣，將 RaptorDB 放入其中，順便說一句，與業內最優秀的工程師一起，這是一個無縫的過程，​​並且只需幾小時即可完成。

So it's pretty fascinating to see the executional excellence of this engineering leadership team. They know I love and admire them. But as I see the world Alex, we have this idea of the workflow automation platform that's evolved into the AI platform for business transformation. But the data part of this is super exciting because we can now access data from any source and then align that perfectly with the workflow that we are automating.

因此，看到這個工程領導團隊的卓越執行力真是令人著迷。他們知道我愛他們並欽佩他們。但正如我所看到的世界，Alex，我們有工作流程自動化平台的想法，該平台已演變成用於業務轉型的人工智慧平台。但其中的數據部分非常令人興奮，因為我們現在可以從任何來源存取數據，然後將其與我們自動化的工作流程完美地結合。

And by doing that and making everything go faster, the customer is getting all of that structured and unstructured data under control in an automated workflow or an automated process, and this has magnificent benefits. You saw the announcement that we made with Databricks and Snowflake. But clearly, we've always been able to access the data and all the systems of record and we've been doing this for some time now.

透過這樣做並使一切進展得更快，客戶可以在自動化工作流程或自動化過程中控制所有結構化和非結構化數據，這具有巨大的好處。您看到了我們與 Databricks 和 Snowflake 發布的公告。但顯然，我們一直能夠存取資料和所有記錄系統，而且我們這樣做已經有一段時間了。

So I think the data fabric element should be thought of a lot like workflow was to applications. The data workflow fabric is the data, and so if you talk to the analysts that I've been talking to with independent research firms, they said, Bill ServiceNow pulls this off, you just doubled your TAM. So that's exactly where the numbers come from two independent sources that are really psyched up by what we're building here and I am too.

所以我認為資料結構元素應該像工作流程對於應用程式一樣被認為是很重要的。數據工作流程結構就是數據，因此，如果您與我一直在與獨立研究公司交談的分析師交談，他們會說，Bill ServiceNow 成功實現了這一點，您的 TAM 就增加了一倍。因此，這正是來自兩個獨立來源的數字，他們對我們在這裡建立的東西感到非常興奮，我也是如此。

Excellent. Congratulations guys.

出色的。恭喜你們。

Thanks a lot, Alex.

非常感謝，亞歷克斯。

Brad Zelnick, Deutsche Bank.

布拉德‧澤爾尼克，德意志銀行。

Great. Thank you so much for taking the question. I wanted to ask about the meaningful uptick in head count additions and OpEx growth in the back half of the year. How much of this should we think of as catch up for what had been more modest, sub 20% growth in OpEx over the past year versus a reflection of the opportunity you see ahead and anything else you can share on the expected pace of investment beyond Q4 would be really helpful. Thank you.

偉大的。非常感謝您提出這個問題。我想詢問今年下半年員工數量增加和營運支出成長的有意義的成長。我們應該在多大程度上追趕過去一年營運支出低於 20% 的溫和成長，而不是反映您看到的未來​​機會以及您可以分享的有關預期投資速度的其他資訊Q4 真的很有幫助。謝謝。

Great question, Brad. So, we told you in the past that we presented uptake our headcount growth in the back half, right? The vast majority of the sales and marketing hiring is quota bearing reps. And so, absolutely, you can think about that as our confidence in the opportunity that we see in front of us. We're planning to continue to accelerate our head count growth, but remember, we do it prudently, we do it a quarter at a time, so that we're able to pivot if we see something different.

好問題，布拉德。那麼，我們過去告訴過您，我們在後半段提出了員工人數成長，對嗎？絕大多數銷售和行銷招募都是配額代表。因此，絕對可以將其視為我們對擺在我們面前的機會的信心。我們計劃繼續加速員工人數成長，但請記住，我們會謹慎行事，一次一個季度進行一次，以便在看到不同情況時能夠進行調整。

And so you can expect similar levels of head count growth in the next few quarters as we lean into the opportunity we see in front of us with every with now assist with the Agentic AI with the workflow data fabric, all the innovation that the team is driving not only is sales and marketing head count up, but our R&D head count has been consistently up and will continue to be at similar pace.

因此，您可以預期在接下來的幾個季度中，隨著我們利用擺在我們面前的機會，每個人都透過工作流程資料結構協助Agentic AI，團隊的所有創新，人員數量的成長水準將達到類似水準。

Thanks for that, Gina. If I could just slip in one more for Bill because I'm dying to ask him. Bill, you've mentioned multiple times now, something that I think, for some go in one year and out the other, but that's elite level execution, you're clearly out executing others. Can you shed light on how you do it, how durable it is, and what you might say to skeptics concerned that?

謝謝你，吉娜。如果我能為比爾再塞一張就好了，因為我很想問他。比爾，你現在已經多次提到過，我認為，有些人一年進一年出，但這是精英級別的執行力，你顯然比其他人執行力差。您能否透露一下您是如何做到這一點的、它的持久性如何，以及您可能會對對此持懷疑態度的人說些什麼？

We're going to begin to lap the strong execution or that there may be some pay the piper moment where you risk reverting to the mean of the more average execution levels of so many other companies? Thank you so much, and congrats.

我們將開始採用強大的執行力，或者可能會出現一些付出代價的時刻，您可能會面臨恢復到許多其他公司的平均執行水平的平均值的風險？非常感謝，也恭喜。

Well, thank you very much, Brad. Well, the first thing you going to do in business is make sure you hire great people and great leaders and I have the best leadership team in the industry, hard stop. And we just made that even stronger with Amit, and I do want to give a shout out back to Google and Sundar and Thomas, they would total collapse and this was done in a highly transparent, wonderful way.

嗯，非常感謝你，布萊德。嗯，在商業上你要做的第一件事就是確保你僱用優秀的人才和優秀的領導者，而我擁有業內最好的領導團隊，很難停止。我們剛剛與阿米特一起讓這一點變得更加強大，我確實想向谷歌、桑達爾和托馬斯大聲喊叫，他們會徹底崩潰，而這是以一種高度透明、美妙的方式完成的。

And that would only strengthen the relationship between Google Cloud platform and ServiceNow, I feel like that's a necessary thing and I just want to virtually shake hands on a really class. Set of people there at Google, really wonderful people. And if enough people care, we have a very clear plan here. It's highly thought of by people.

這只會加強 Google Cloud 平台和 ServiceNow 之間的關係，我覺得這是一件必要的事情，我只想在真正的課程上進行虛擬握手。谷歌的一群人，非常優秀的人。如果有足夠多的人關心，我們這裡有一個非常明確的計劃。受到人們的高度重視。

We actually participate in building our plans together and then we over communicate everything and then ultimately, the execution really comes down to wanting it more. And if you get 26,000 people that want to win more than anything in their professional careers, you can build the defining enterprise software company of the 21st century.

我們實際上一起參與制定我們的計劃，然後我們過度溝通一切，最後，執行實際上歸結為想要更多。如果你有 26,000 名渴望在職涯中贏得勝利的人，你就可以建立 21 世紀的企業軟體公司。

Now, we're not even close to hitting our peak, we're not even near it. So as you think about lapping, ourselves and getting caught up in the hype of our own elite level execution, there's plenty of things we can do better. There's plenty of people that still have to get on the Board and get more results, but all those things are in flight and that gives me such optimism about what we've yet to do as we look into the future and now to build this unbelievable platform with this net new innovation on top, it's just going to unleash the will of this company in a way that is just super stunning to watch.

現在，我們還沒有接近達到頂峰，我們甚至還沒有接近它。因此，當您想到我們自己的圈速並陷入對我們自己的精英級執行力的炒作時，我們還有很多事情可以做得更好。有很多人仍然需要加入董事會並取得更多成果，但所有這些事情都在進行中，這讓我對我們在展望未來和現在建立這個令人難以置信的事業時尚未做的事情感到非常樂觀有了這個全新的創新平台，它將以令人驚嘆的方式釋放這家公司的意志。

And I do want to thank my partners out there. They know all word is good and they want to be part of ServiceNow . And I think Jensen says it best. He says we're the AI operating system for the enterprise, and by being that we integrate with everybody, we're open to all the LLMs that are out there you can even bring your own model and at the same time.

我確實要感謝我的合作夥伴。他們知道一切都是好的，他們希望成為 ServiceNow 的一部分。我認為詹森說得最好。他說我們是企業的人工智慧作業系統，透過與每個人集成，我們向所有現有的法學碩士開放，你甚至可以同時帶來自己的模型。

We've integrated with all the system in terms of record and it's an opportunity for customers to think about using AI across a magic platform that does amazing things to improve business results, not just on a productivity take cost out but also on a growth level.

我們已經在記錄方面整合了所有系統，這是客戶考慮在一個神奇平台上使用人工智慧的機會，該平台可以做出驚人的事情來提高業務成果，不僅在生產力降低成本方面，而且在增長水平上。

And I think when I look at our great customer service management leadership and how we're going to help companies grow again, it gets people internally excited because they know the world needs to grow again and with our CSM leadership and solutions, we're going to keep going. So it's constant innovation, constant planning, over communicating and getting everybody involved in the pitch.

我認為，當我看到我們出色的客戶服務管理領導力以及我們將如何幫助公司再次發展時，人們內心會感到興奮，因為他們知道世界需要再次成長，而憑藉我們的CSM 領導力和解決方案，我們會繼續下去。因此，這需要不斷的創新、不斷的規劃、過度溝通以及讓每個人都參與其中。

Awesome Bill. Thank you so much.

很棒的比爾。太感謝了。

Thank you very much, Brad.

非常感謝你，布拉德。

(Operator Instructions)

（操作員說明）

Mark Murphy, JPMorgan.

馬克墨菲，摩根大通。

Thank you very much. I'll give you just one long question. Bill, congrats on everything. Our field work was showing a big ramp up in your AI bookings in Q3. There were some comments that it could explode heading into next year. And by the way, I can't believe the now assist numbers that you gave. They're just so big, and I happen to see a mention in the media about ServiceNow and CORE.

非常感謝。我只會問你一個很長的問題。比爾，祝賀一切。我們的實地工作顯示，您在第三季的人工智慧預訂量大幅增加。有一些評論稱它可能會在明年爆發。順便說一句，我不敢相信你現在提供的助攻數字。它們太大了，我碰巧在媒體上看到有關 ServiceNow 和 CORE 的提及。

We've investing billions into the UK and it included for AI data center. So I'm curious if we should connect the dots to think that this AI inflection point is just getting so material that it's going to drive that kind of investment in specific countries or maybe leads you to work with the GPU as a service provide just to be able to power all your AI agents.

我們已向英國投資數十億美元，其中包括人工智慧資料中心。因此，我很好奇我們是否應該將這些點聯繫起來，認為這個人工智慧拐點正在變得如此重要，以至於它將推動特定國家的此類投資，或者可能會導致您使用 GPU 作為服務提供來能夠為您所有的人工智慧代理提供動力。

Yeah. Well, first of all, thank you so much for your kind words, Mark, I really appreciate it. And then it means a lot to everybody hearing you representing such a great firm, speaking well of our company. Thank you very much.

是的。嗯，首先，非常感謝你的客氣話，馬克，我真的很感激。然後，對於每個人來說，聽到您代表這樣一家偉大的公司，稱讚我們公司，都意義重大。非常感謝。

I do believe that the best days of growth are far in front of us. I see that in the pipelines, I see that at the C-suite, both in the public and the private sector. And now once we have so many referenceable customers that are doing real things and it was great, Mark you get a kick at us. We just did a Board Meeting and Fred Luddy was at the labor cup which we sponsored and he said there were a few people that didn't know what we do.

我確實相信，最好的成長日子就在我們面前。我在管道中看到了這一點，在公共和私營部門的最高管理層中也看到了這一點。現在，一旦我們有了這麼多可參考的客戶，他們正在做真正的事情，這真是太棒了，馬克，你對我們很感興趣。我們剛剛召開了一次董事會會議，弗雷德·盧迪（Fred Luddy）參加了我們贊助的勞工杯，他說有一些人不知道我們在做什麼。

And he said to him, well, let's just assume, somebody's going out on maternity leave and having to fill out all those crazy forms and go through all these internal processes and corporations that soul crush people just know that now assist is automatically updating your healthcare, your compensation and all the benefits that you rely on most and you didn't have to touch a single thing.

他對他說，好吧，讓我們假設，有人要休產假，必須填寫所有這些瘋狂的表格，並完成所有這些令人心碎的內部流程和公司，人們只知道現在援助正在自動更新您的醫療保健，你的報酬以及你最依賴的所有福利，而你不需要碰任何一件事。

You just can have a nice experience as a worker in any company, and everybody there said, oh man, you guys do that. It's like whatever you can imagine that's wearing people out, we can fix it and that's the beauty of this. So I think that what you're looking for is also what we're looking for, which is that inflection point where the AI gear kicks into higher demand for everything. And I certainly believe we're well positioned for that.

作為任何公司的員工，你都可以擁有美好的經歷，那裡的每個人都說，天哪，你們就是這麼做的。就像任何你能想像到的讓人疲憊不堪的事情，我們都可以解決它，這就是它的美妙之處。所以我認為你們正在尋找的也是我們正在尋找的，這就是人工智慧設備對一切事物提出更高需求的轉折點。我當然相信我們已經做好充分準備了。

Thank you so much.

太感謝了。

Thank you.

謝謝。

Thanks Mark.

謝謝馬克。

Kash Rangan, Goldman Sachs.

卡什·蘭根，高盛。

(Operator Instructions)

（操作員說明）

Okay, great. Thank you so much. I'll fire off two questions very quickly. The one congrats Bill. First of all. Secondly, that was not a question. Secondly, the data platform, what does that allow ServiceNow to do for its customers that you could make money and generate revenue that you could not do previously? Gina, the strength in RPO 35% besides long term contracts. What's driving that? nd finally, congratulations on hiring. I think is going to be great.

好的，太好了。太感謝了。我會很快提出兩個問題。一個人祝賀比爾。首先。其次，這不是一個問題。其次，數據平台，它能讓ServiceNow為客戶做些什麼，讓你可以賺錢並產生以前無法做到的收入？吉娜，除了長期合約外，RPO 35% 的優勢。是什麼推動了這一點？最後，恭喜您受聘。我認為會很棒。

So I'll start first on the strength of our RPO what it, repeats itself. So it's better than last quarter but remains consistently strong. And that's really a testament to the fact that our customers are leaning in much more strategically with us and not only are our the portfolio of products getting larger and the deal size is getting larger, but the contract terms are getting longer and longer and that's really what's driving that incredible RPO growth.

因此，我將首先從我們的 RPO 的優勢開始，它將不斷重複。因此，它比上季度要好，但仍然保持強勁。這確實證明了這樣一個事實：我們的客戶越來越傾向於與我們進行策略合作，不僅我們的產品組合越來越大，交易規模越來越大，而且合約條款也越來越長，這確實是一個事實。

We have really strong cRPO but that RPO growth when our average contract terms continue to move up is why you see that continuing to strengthen quarter after quarter. And that's test to the incremental strategic relevance that we have with our customers and so really proud of all the results that execution elite level across the Board. And that's showing not only in our revenues and our cRPO but our RPO number, which is a really strong long term measure of the health of our business.

我們的 cRPO 非常強勁，但當我們的平均合約條款繼續上升時，RPO 就會成長，這就是為什麼你會看到它逐季持續增強的原因。這是對我們與客戶的增量策略相關性的測試，因此我們對全面執行精英級別的所有結果感到非常自豪。這不僅體現在我們的收入和 cRPO 中，還體現在我們的 RPO 數字中，這是衡量我們業務健康狀況的一個非常強大的長期指標。

And I will talk about this amazing workflow data fabric. So think of it this way in terms of the monetization of it RaptorDB the Pro version delivers enormous value for our customers. So think about improving transaction times by up to 53% and running reports and analytics 27 times faster and think about bringing next generation performance and scale to ServiceNow customers.

我將談論這個令人驚奇的工作流程資料結構。因此，從 RaptorDB Pro 版本的貨幣化角度考慮，它為我們的客戶帶來了巨大的價值。因此，請考慮將交易時間縮短高達 53%，將報告和分析的運行速度提高 27 倍，並考慮為 ServiceNow 客戶帶來下一代效能和規模。

So the performance, the speed, the scale as we get bigger, the customer installs get bigger. Gina talked about all the cohorts the platform buying his is you know, quite a fascinating thing to see. Then think about enabling enterprises to unify disparate data and then apply the power of the now AI platform for business transformation to drive productivity, improve operations, and speed of execution.

因此，隨著我們規模的擴大，客戶安裝量的增加，效能、速度和規模也會變得更大。吉娜談到了平台購買他的所有人群，你知道，這是一件非常有趣的事情。然後考慮使企業能夠統一不同的數據，然後利用現有人工智慧平台的力量進行業務轉型，以提高生產力、改善營運和執行速度。

So all of this is driving performance for the customer and the migrations take hours, not days or weeks. And we have truly perfected that. So this is going to be an up sell opportunity for every existing installation across the world, the ServiceNow. And to get that enhanced benefit, there will be pieces of it that people will invest in. But it will be well worth it for the benefits that they're going to get from it.

因此，所有這些都在提高客戶的效能，並且遷移需要數小時，而不是數天或數週。我們已經真正完善了這一點。因此，對於世界各地現有的 ServiceNow 裝置來說，這將是一個追加銷售的機會。為了獲得更大的收益，人們會投資其中的一部分。

And this will be an ongoing story as we continue to to build it out. But remember one thing, it's it's pretty unique to be able to access any data regardless of the source, whether it's structured or unstructured and to compose that in a data platform that perfectly coincides with the work, how it flows and what you're trying to automate on one common pane of glass, no other company in the world could do that.

隨著我們繼續建造它，這將是一個持續的故事。但請記住一件事，能夠存取任何數據，無論其來源如何，無論是結構化還是非結構化，並將其組合到一個與工作、其流動方式以及您正在嘗試的內容完全一致的數據平台中，這是非常獨特的要在一塊通用玻璃上實現自動化，世界上沒有其他公司可以做到這一點。

And we believe that that will give us a very exciting position for future growth and we're super excited and we're rolling it out now in Q4. And we already have great companies like Amadeus that have adopted RaptorDB and we're counting on hundreds more.

我們相信，這將為我們的未來成長帶來非常令人興奮的地位，我們非常興奮，我們現在將在第四季度推出它。我們已經有像 Amadeus 這樣的偉大公司採用了 RaptorDB，我們預計還有數百家公司。

Thank you so much. It sounds really truely.

太感謝了。聽起來確實是真的。

Thank you very much

非常感謝

Thanks Kash.

謝謝卡什。

Keith Weiss, Morgan Stanley

基斯‧韋斯，摩根士丹利

Excellent. Thank you guys for taking the question and congratulations on a great quarter. One question for Gina. One question for Bill. Gina last quarter, you talked to us about 200 basis points of duration headwinds that came from the strong federal business last year given that you had such a strong federal quarter this year, I'm assuming those duration bene or headwinds don't exist in Q3.

出色的。感謝你們提出問題，並祝賀你們度過了一個美好的季度。有個問題想問吉娜。有一個問題要問比爾。吉娜，上個季度，您向我們談到了去年強勁的聯邦業務帶來的 200 個基點的久期逆風，鑑於今年聯邦業務表現如此強勁，我假設這些久期利好或逆風在Q3。

So is that correct that you don't have that duration headwind in Q3? And then the question for Bill, agents kind of came onto the scene in, in a really big way over the last couple of months. You guys have your new agent solution as well. A lot of people are talking about agents.

那麼，您在第三季沒有遇到持續時間的逆風，這是正確的嗎？然後比爾的問題是，在過去的幾個月裡，特工以非常大的方式出現在現場。你們也有新的代理商解決方案。很多人都在談論代理。

Does that change like the sales cycle at all about for like now assist and the pro plus KW. Now that there's this new sort of technology, people are talking about in terms of agents or does it just kind of flow naturally into the conversation?

對於現在的輔助和 Pro Plus KW 來說，這種情況是否會像銷售週期一樣改變。現在有了這種新技術，人們正在談論代理，或者它只是自然地融入對話中？

Thank you very much, Keith. It flows naturally. It's yet another advancement in the ServiceNow innovation story. And I think it does if you're not yet a ServiceNow, customer or you're thinking about now, is just it further your resolve that ServiceNow is one of maybe a handful of platforms that companies are going to bet on for the future.

非常感謝你，基斯。它自然地流動。這是 ServiceNow 創新故事的另一個進步。我認為，如果您還不是 ServiceNow 客戶，或者您現在正在考慮，這是否會進一步堅定您的決心，ServiceNow 可能是公司未來押注的少數平台之一。

So not disruptive, totally complementary and yet another up sell opportunity. And we intend to do very well with it. And I think a lot of people will benefit from ServiceNow agents working together with each other and with humans to proactively and predictively resolve and almost any task you could possibly think of.

所以不是破壞性的，完全互補的，也是另一個向上銷售的機會。我們打算用它做得很好。我認為很多人都會受益於 ServiceNow 代理之間的合作以及與人類的合作，以主動和預測性的方式解決您可能想到的幾乎任何任務。

And these partnerships that we've established, with great companies like NVIDIA and building market making solutions. For example, taking on some of the enterprise security challenges that have existed out there for years and years on an out of the box type solution, I think is really pretty breathtaking and at an architectural level we don't have to try to translate between our GenAI models and some third party system, which most people have to since everything is on one platform with one architecture and one data model.

我們與 NVIDIA 等偉大公司建立了這些合作夥伴關係，並建立了做市解決方案。例如，透過開箱即用的解決方案來應對多年來存在的一些企業安全挑戰，我認為這確實非常令人驚嘆，並且在架構層級上，我們不必嘗試在兩者之間進行轉換我們的GenAI 模型和一些第三方系統，大多數人都必須這樣做，因為一切都在一個平台上，具有一種架構和一種資料模型。

So this has given us an opportunity to innovate faster but also integrate better. As I said, many times 85% of Digital Transformation ROI never came to for our customers because they couldn't integrate those old systems. Now, everything integrates into one platform and you turbo charge it with now assist in Agentic A I and, and you're off to the races.

因此，這為我們提供了更快創新、更好整合的機會。正如我所說，很多時候我們的客戶從未實現 85% 的數位轉型投資報酬率，因為他們無法整合那些舊系統。現在，一切都整合到一個平台中，您可以在 Agentic A I 的協助下對其進行渦輪增壓，然後您就可以開始比賽了。

And then Keith on your question on duration for cRPO from fed the mix, we, we had another great quarter beat expectations from our perspective, but the mix hasn't changed significantly. So Q3, that duration definitely goes away as fed kind of re-ups. But then you will see continued headwind quarter over quarter in Q1, Q2 until we get back to Q3 of next year. Does that make sense?

然後基思就您關於美聯儲組合的 cRPO 持續時間的問題，從我們的角度來看，我們又一個偉大的季度超出了預期，但組合併沒有發生重大變化。因此，第三季度，隨著聯準會的復甦，這段持續時間肯定會消失。但隨後你會看到第一季、第二季逐季持續的逆風，直到我們回到明年第三季。這樣有道理嗎？

Yeah, so like on the duration adjusted basis, it Q2 was stronger than what was reported in Q3 didn't really have a duration headwind, but that duration headwind is going to come back into the numbers as we go through the year and get further away from the federal quarter.

是的，就像在久期調整後的基礎上一樣，第二季度比第三季度報告的要強，並沒有真正存在久期逆風，但隨著我們度過這一年並取得進一步進展，久期逆風將重新回到數字中遠離聯邦區。

That's exactly correct.

這是完全正確的。

Okay, perfect.

好的，完美。

Thanks, Keith.

謝謝，基斯。

Brad Sills, Bank of America.

布拉德·希爾斯，美國銀行。

Oh, great. Thank you so much. A question on head count here as well. Yeah, it's pretty remarkable really since the beginning of last year that you're starting to see R&D headcount out pace sales and marketing historically, that was the opposite. And and it looks pretty pretty significant here by almost, you know, 2 to 1 ratio there.

哦，太好了。太感謝了。這裡還有一個關於人數的問題。是的，從去年年初開始，你開始看到研發人員的數量超過了銷售和行銷的速度，這是非常引人注目的，事實恰恰相反。而且這裡看起來非常重要，那裡幾乎是 2 比 1 的比例。

So I guess the question is, what does that say about the business is the gating factor to growth here really? Just about your ability to get out more product and categories like AI and some of these newer application categories that you're going after with the platform and less so about hiring the next rep to go win new business and go find that bigger expansion deal? Thank you.

所以我想問題是，這說明業務成長的真正關鍵因素是什麼？只是關於你有能力獲得更多的產品和類別，如人工智慧和你在平台上追求的一些較新的應用程式類別，而不是僱用下一個代表來贏得新業務並尋找更大的擴張交易？謝謝。

Yeah, I, I say it, it's a couple of things, right? So sales and marketing, there's a lot of stuff in there, right? So it's not only quarter bearing sales. So just because you saw total sales and marketing not growing as fast as R&D, it doesn't mean that we weren't growing our feet on the street quarter bearing sales at a really strong way.

是的，我，我說過，有幾件事，對吧？銷售和行銷，裡面有很多東西，對吧？因此，這不僅僅是季度軸承銷售。因此，僅僅因為您看到總銷售額和行銷的成長速度不如研發的成長速度，這並不意味著我們沒有以真正強勁的方式在街頭市場上立足。

There's lots of marketing and sales operations head count that we were building up as we were scaling that now we're not increasing at the same level. So I want to be clear and I have, I've said this each quarter just because it looked like sales and marketing head count was a little bit lighter. That's the leverage as we're scaling, especially on the operational side of things with respect to R&D head count, it's been pretty consistent.

我們在擴大規模時增加了許多行銷和銷售營運人員，但現在我們並沒有以相同的水平增加。所以我想澄清一下，我每季都會這麼說，只是因為看起來銷售和行銷人員的人數減少了一些。這就是我們擴大規模的槓桿作用，特別是在研發人員數量方面的運作方面，它非常一致。

It's always been an area of huge focus for us and certainly in the age of AI and all of the innovation that our incredible engineering team has been focused on that has consistently been a place where we have invested and will continue to invest. And so from our perspective, head count growth is always first and foremost allocated to incredible engineering R&D talent, as well as feet on the street quarter bearing sales hitting the road, hitting the streets, working with our customers to solve their biggest fraught problems. And you'll continue to see us do just that.

這一直是我們非常關注的領域，當然在人工智慧時代以及我們令人難以置信的工程團隊一直關注的所有創新領域，這一直是我們投資並將繼續投資的領域。因此，從我們的角度來看，員工數量的成長始終首先分配給令人難以置信的工程研發人才，以及在街上進行銷售的人員，與我們的客戶合作解決他們最棘手的問題。您將繼續看到我們這樣做。

Wonderful. Thanks, Gina.

精彩的。謝謝，吉娜。

Thanks, Brad.

謝謝，布拉德。

Michael Turrin, Wells Fargo Securities.

麥可特林，富國銀行證券。

Hey, great, good afternoon. Thanks for taking the question. Know the numbers can bounce around a bit, but we've seen and heard the focus on customer workflows and now see the customer and employee workflow segment hit a high at 31% of net new ACV. Bill, you mentioned the opportunity to disrupt the front office there in the prepared remarks.

嘿，太好了，下午好。感謝您提出問題。我們知道數字可能會有所波動，但我們已經看到並聽到了對客戶工作流程的關注，現在看到客戶和員工工作流程部分達到了淨新 ACV 的 31%。比爾，你在準備好的演講中提到了擾亂前台的機會。

So I was hoping you could maybe frame what you're hearing from a demand perspective there for us and maybe couple that with what the Xanadu release and agent solutions could do to help further that opportunity. Thanks.

因此，我希望您可以從需求角度為我們建立您所聽到的內容，並可能將其與「上都」版本和代理解決方案可以做的事情結合起來，以幫助進一步實現這一機會。謝謝。

Absolutely. Thank you very much Michael. As I said, customer workflows were in 15 of the top 20 deals and it was very, very strong and we grew net new ACV, over 50% -- 50%. And it's fantastic performance by our industry SKUs and the continued traction in the front office has been going on for some time now. But we're getting known for it and we're winning, we're winning a lot.

絕對地。非常感謝邁克爾。正如我所說，前 20 筆交易中有 15 筆涉及客戶工作流程，而且非常非常強勁，我們的新 ACV 淨增長超過 50% - 50%。我們的行業 SKU 表現出色，前台部門的持續吸引力已經持續了一段時間。但我們正因此而出名，我們正在獲勝，我們贏得了很多。

So it's a healthy adoption of our Pro plus offering the industry SKUs the driving things, financial services was out in front for sure. Technology and media, absolutely, public sector, technology and media was over 300%, public sector grew over 60%.

因此，這是對我們的 Pro 的健康採用，加上為行業 SKU 提供了驅動力，金融服務無疑處於領先地位。科技和媒體，絕對，公共部門、科技和媒體超過300%，公共部門成長超過60%。

And in the front office, our sales and order management product has demonstrated significant traction, significant traction. And I'm serious, it's like every industry you look at. It's really amazing from managed service providers to manufacturing semiconductors, medical devices, chemicals, public sector agencies, it's extremely, extremely exciting.

在前台，我們的銷售和訂單管理產品已經表現出巨大的吸引力，巨大的吸引力。我是認真的，就像你看到的每個行業一樣。從託管服務提供者到製造半導體、醫療設備、化學品、公共部門機構，這確實令人驚嘆，這非常非常令人興奮。

And I think the idea of our value proposition comes down to sales productivity just think about reduced time to quote a higher deal sizes, lower fulfillment time, a zero touch, provisioning, optimizing for customer lifetime value. All this is resonating with the market in a big, big way. And I have a feeling that will end up being the biggest business in ServiceNow.

我認為我們的價值主張的理念可以歸結為銷售生產力，只需考慮減少報價更大交易規模的時間、縮短履行時間、零接觸、配置、優化客戶終身價值。所有這些都在很大程度上引起了市場的共鳴。我有一種預感，最終將成為 ServiceNow 最大的業務。

So very clear. Thanks very much.

所以非常清楚。非常感謝。

Thank you.

謝謝。

Karl Keirstead, UBS.

卡爾凱斯特德，瑞銀集團。

Okay, great. Maybe I'll direct this to to Bill. Bill, I think a lot of your shareholders are pretty confident about how ServiceNow is doing in your enterprise commercial segments. But I'm sure you're aware there's been a debate over the last two to three months about the, the Federal Business partly because of the issues that you and Gina raised with us three months ago that led to the leadership changes, but also in the interim where there's been issues with one of your partners at Carahsoft.

好的，太好了。也許我會把這個轉給比爾。 Bill，我認為你們的許多股東對 ServiceNow 在企業商業領域的表現非常有信心。但我相信你知道，過去兩到三個月裡，關於聯邦業務的爭論，部分原因是你和吉娜三個月前向我們提出的問題導致了領導層的變動，但也在此期間，您與Carahsoft 的一位合作夥伴之間出現了問題。

I'm wondering if you could hit that, hit those issues head on, maybe give us an update and talk about how confident you are in continued good fed bookings over the next couple of quarters. Thank you.

我想知道您是否可以解決這個問題，直面這些問題，也許給我們提供最新情況，並談談您對未來幾季持續良好的聯準會預訂有多大信心。謝謝。

Yeah, sure, Karl, we didn't see any impact in Q3 and we're currently not involved in any issues regarding Carahsoft with the US Federal Business. So you should just take that one off of any concern list that you might have. And you know, as I look at the business and fed it could not possibly be stronger. The net new ACV growth is fantastic.

是的，當然，Karl，我們在第三季沒有看到任何影響，而且我們目前沒有與美國聯邦商務部涉及任何有關 Carahsoft 的問題。因此，您應該將這一問題從您可能關心的問題清單中刪除。你知道，當我觀察這個業務並餵養牠時，它不可能變得更強大。新蘋果醋的淨增長非常驚人。

We have five deals, greater than $5 million, a couple of deals over $20 million and ServiceNow has become the standard platform for federal agencies as they're looking to consolidate contracts and standardize on a single vendor to drive digital transformation. And that's the bandwidth that's built into this platform. So as I think about where we're going now, GenAI is top of mind.

我們有五筆交易，金額超過 500 萬美元，幾筆交易金額超過 2000 萬美元，ServiceNow 已成為聯邦機構的標準平台，因為他們正在尋求整合合約並在單一供應商上實現標準化，以推動數位轉型。這就是該平台內建的頻寬。因此，當我思考我們現在的發展方向時，GenAI 是我首先想到的。

I know because I've been there with the US federal government agencies. They're looking for efficiency gains and they know our software platform does it, they also know the implementations of stellar and the referenceability is fantastic. And so I think getting things done quickly, which is one of our calling cards, giving people great experiences that really make them happy and more productive.

我知道，因為我曾與美國聯邦政府機構一起去過那裡。他們正在尋求效率提升，他們知道我們的軟體平台可以做到這一點，他們也知道恆星的實現，而且參考性非常好。因此，我認為快速完成工作是我們的名片之一，為人們提供良好的體驗，真正讓他們快樂並提高工作效率。

It's all working for us and I'm very, very excited about our GenAI SKUs for our government community cloud as you know, that went generally available recently was actually in June, and we saw great traction on it with federal and we partnered with Accenture as a matter of fact to kick off a 60 day pilot with one agency and they ended it early to get into the GenAI race because it works so well. So everything is a thumbs up here, Karl and I, I'm very grateful for the question. Thank you.

這一切都對我們有用，我對我們的政府社區雲的GenAI SKU 感到非常非常興奮，正如你所知，最近實際上是在6 月份正式推出，我們看到了聯邦政府對它的巨大吸引力，並且我們與埃森哲合作事實上，與一家機構啟動了為期 60 天的試點，但他們提前結束了，以參加 GenAI 競賽，因為它效果很好。所以，卡爾和我，一切都豎起大拇指，我非常感謝這個問題。謝謝。

Okay. Good. Nice to hear. Thanks, Bill.

好的。好的。很高興聽到。謝謝，比爾。

Thank you so much.

太感謝了。

Gregg Moskowitz, Mizuho.

格雷格·莫斯科維茨，瑞穗。

All right. Thank you very much for taking the question. So, the growth for analysis and Pro-plus has obviously been highly impressive, but we've also been hearing about a real uptick in customers choosing to upgrade from standard to Pro as an intermediate step towards adoption and obviously that drives in our uplift as well.

好的。非常感謝您提出問題。因此，分析和專業增強版的成長顯然非常令人印象深刻，但我們也聽說選擇從標準升級到專業版作為採用的中間步驟的客戶數量確實有所增加，顯然這推動了我們的提升出色地。

So, you know, Bill when you look across your install base, is that something you're seeing quite a bit more of today as compared with three, six, nine months ago to the point where you would expect a second wave with the set of customers going forward?

所以，比爾，當你審視你的安裝基礎時，你會發現與三、六、九個月前相比，你今天看到的東西要多得多，以至於你會期待該系列的第二波浪潮未來的客戶數？

Absolutely, I do Greg. I expect a nice second wave, Pro is still doing extremely well. When you, when you can now add the now assist and the premium on top of that, customers don't even blink because the returns to them is so much greater than any pricing and we're very fair company in the way we do things and it's highly transparent.

當然，我喜歡格雷格。我預計第二波會很好，Pro 仍然表現得非常好。當你，當你現在可以添加現在的幫助和溢價時，客戶甚至不會眨眼，因為他們的回報比任何定價都大得多，而且我們在做事方式上是非常公平的公司而且它的透明度很高。

I see a plus up with that, I see a plus up with RaptorDB globally. Because it's such a sensation, people see the clock speed of how the system runs on it. They all want it and Paul is now rolling that out globally in Q4. We'll see how it goes, but we're highly optimistic, great engineering built into it, amazing. We really hit it with our database and our -- I would say first round draft choice team that built this it's really something to behold.

我看到了這一點，我看到了 RaptorDB 在全球的優勢。因為它是如此的轟動，人們可以看到系統在其上運行的時脈速度。他們都想要它，保羅現在正在第四季度在全球推出。我們會看看它會如何發展，但我們非常樂觀，它內建了偉大的工程，令人驚嘆。我們真的用我們的資料庫和我們的資料——我想說的是，建立這個的第一輪選秀團隊真的很值得一看。

So I am feeling extremely good and the customer relationship, the focus and intensity around those relationships, if you come to our building in Santa Clara, it's a revolving door. CEOs are flying in from all over the world. So I'm not suggesting that they don't stop other places too, but they definitely don't miss stopping in ServiceNow. And they kind of tell me that at the end of it, what they see from our team and our product is not PowerPoints, it's real products, doing real things with a real value proposition. So I'm really excited Greg.

所以我感覺非常好，客戶關係，這些關係的焦點和強度，如果你來到我們位於聖克拉拉的大樓，那就是一扇旋轉門。執行長們從世界各地飛來。所以我並不是建議他們不要在其他地方停留，但他們絕對不會錯過在ServiceNow停留。他們告訴我，最後，他們從我們的團隊和我們的產品中看到的不是幻燈片，而是真正的產品，以真正的價值主張做真正的事情。所以我真的很興奮格雷格。

Fantastic. Thank you, Bill.

極好的。謝謝你，比爾。

Thank you very much.

非常感謝。

Derek Lessard, TD Cowen.

德里克·萊薩德 (Derek Lessard)，TD 考恩 (TD Cowen)。

Thanks. Bill. Really exciting to see this next new chapter of AI with autonomous agents. Just wanted to kind of touch on like what technology is coming to market to power these agentic networks. It sounds like it's technology from RaptorDB, Data Fabric, Zero Copy integration, maybe NVIDIA's NIM advancements with various LLMs. But could you just kind of share the highlights on what is key to unlocking these new autonomous capabilities on the ServiceNow platform and when some of these capabilities are going to be coming in [GA]?

謝謝。帳單。看到人工智慧與自主代理的下一個新篇章真是令人興奮。只是想談談市場上即將推出哪些技術來為這些代理商網路提供動力。聽起來像是來自 RaptorDB、Data Fabric、零複製整合的技術，也許是 NVIDIA 的 NIM 與各種法學碩士的進步。但是您能否分享一下在 ServiceNow 平台上解鎖這些新的自主功能的關鍵是什麼以及其中一些功能何時會在 [GA] 中推出的要點？

Yes, sure. Well, first of all on, I think there's really three areas that I I would highlight for you that are my top three if that helps, just put this into some context. The GenAI race is one that we're winning first mover and we intend to run the table. So now assist is a sensation and GenAI on the now platform because of the uniqueness of this platform and it's perfection in the way it was engineered and the fact that we never took any shortcuts and we always protected the single platform with the single architecture, the single CMDB, it really is magnificent.

是的，當然。好吧，首先，我認為我要向你們強調三個領域，如果這有幫助的話，我會重點強調三個領域，只需將其放在一定的背景下即可。 GenAI 比賽是我們贏得先行者的比賽，我們打算在比賽中佔據主導地位。因此，現在的 Assist 在現在的平台上引起了轟動，因為這個平台的獨特性和它的設計方式是完美的，而且我們從未走任何捷徑，我們總是用單一架構保護單一平台，單一的CMDB ，確實很宏偉。

Now you put RaptorDB. So you know now assist is priority one. You put RaptorDB and you build out the workflow data platform again, if that workflow data platform which is already in flight connects to the workflow automation platform.

現在你放入 RaptorDB。所以你現在知道協助是第一要務。如果已經運行的工作流程資料平台連接到工作流程自動化平台，那麼您可以放置​​ RaptorDB 並再次建立工作流程資料平台。

What customer wouldn't want to connect to any data source in their enterprise for structured or unstructured data to drive their workflow performance to get a business outcome. I'll literally couldn't pick one out of a lineup. And then you say, what else are you going to do? And it's really the front office, everything else is still going full pace, but the front office is getting a step function increase in terms of its focus and the innovation and the execution because it's the biggest town and because we're winning everywhere we go, we think that that can be like a major catalyst.

哪些客戶不希望連接到企業中的任何資料來源以獲取結構化或非結構化數據，以提高工作流程效能以獲得業務成果。我真的無法從陣容中挑選一個。然後你說，你還要做什麼？這實際上是前台辦公室，其他一切仍在全速進行，但前台辦公室在其重點、創新和執行方面的功能正在逐步增強，因為它是最大的城鎮，而且因為我們所到之處都在獲勝，我們認為這可以成為一個主要的催化劑。

And in terms of when the products are coming, they're out. So you got now assist in full flight, you've got wrap RaptorDB in full flight Q4 will be a big quarter for that. You got the workflow data platform, which I explained, which works now and it'll continue to evolve and be a big part of our future. And you have the front office where wins are happening every day.

就產品何時推出而言，它們已經上市了。所以你現在得到了全面支持，你已經在全面飛行中得到了 RaptorDB 的支持，第四季度將是一個重要的季度。您已經獲得了我解釋過的工作流程資料平台，該平台現在可以運行，並將繼續發展並成為我們未來的重要組成部分。前台辦公室每天都在發生勝利。

And we're beautifully led there and we've got amazing dreams and then take all the core stuff with the upsells and the cross sells and the cohorts that Gina talked about and there's just so much in front of us, we feel like a scale company with the heart of a start up.

我們在那裡得到了很好的領導，我們有令人驚嘆的夢想，然後採取所有核心內容，包括追加銷售和交叉銷售以及吉娜談到的群體，我們面前有這麼多，我們感覺就像一個秤具有新創企業之心的公司。

And that's kind of the emotion that's running through ServiceNow now and tomorrow when we get to ServiceNow live, which is an iconic cultural event that we do every quarter. I could just imagine the seats are going to be rumbling all over the world.

這就是 ServiceNow 現在和明天當我們現場直播 ServiceNow 時所流淌的情感，這是我們每個季度都會舉辦的標誌性文化活動。我可以想像世界各地的座位都會隆隆作響。

Fantastic. Thanks.

極好的。謝謝。

Thank you very much. Appreciate the question, Derek. Thank you.

非常感謝。感謝這個問題，德里克。謝謝。

Raimo Lenschow, Barclays.

雷莫‧倫肖 (Raimo Lenshow)，巴克萊銀行。

Thanks for squeezing me in and congrats from me as well. Bill, you talk with a lot of like [C-suite] level executives. How do we think about like AI and as we go into next year in terms of, is that like coming out of the it budget? Do you do a second budget, and how do you make sure that you kind of continue to gain share in that one? Just kind of talk us through the dynamic you're seeing in your conversations. Thank you.

感謝您對我的邀請，也向我表示祝賀。比爾，你和很多[C-suite]等級的高階主管交談過。我們如何看待人工智慧，當我們進入明年時，這是否就像從 IT 預算中出來一樣？您是否會制定第二份預算？請告訴我們您在談話中看到的動態。謝謝。

Yeah, I, I think the good news, the really good news here, Raimo is it budgets continue to grow. So the digital strategy has been and will continue to be the business strategy. And you know, we we really work hard on studying the world around us, and Gartner expects global it spending to grow almost a 10.5% next year. And that's double what it was in 2023 and it expects software to grow at 15%.

是的，我，我認為好消息，真正的好消息，Raimo 是預算繼續增長。因此，數位化策略已經並將繼續成為業務策略。您知道，我們確實在努力研究周遭的世界，Gartner 預計明年全球 IT 支出將成長近 10.5%。這是 2023 年的兩倍，預計軟體將以 15% 的速度成長。

And the secular tailwinds of Gen AI and workflow automation are clear C-suite priorities and we're the best positioned to take advantage of the opportunity. So I think it's clear to me that customers are focused on digital transformation within the IT budget, it's growing, we're gaining more share because clearly we're gaining share, because we're growing faster than markets, especially the customer service management market, which I talked about.

Gen AI 和工作流程自動化的長期推動力顯然是高階主管的優先事項，我們最有能力利用這個機會。因此，我認為很明顯，客戶在 IT 預算內專注於數位轉型，它正在成長，我們正在獲得更多份額，因為顯然我們正在獲得份額，因為我們的成長速度快於市場，尤其是客戶服務管理市場，我談過。

And we're gaining share, but I also think there's new share to be gained from more investment. And I really believe when I talk to the CEOs IT is clearly their business focus within IT GenAI is their number one focus and they are going to get the money from somewhere and if they have to take it out of another line item to fuel this, they will.

我們正在獲得份額，但我也認為透過更多投資可以獲得新的份額。我真的相信，當我與執行長交談時，IT 顯然是他們的業務重點，IT GenAI 是他們的首要重點，他們將從某個地方獲得資金，如果他們必須從另一個專案中取出資金來推動這一點，他們會的。

So on top of IT, I think there will be money coming from other departments, especially back office functions that will be put to the front of the line around GenAI, and also see a consolidation effect taking place. People say to me, where's the new money coming from? Well, we had one company recently that basically took ServiceNow by consolidating 250 point solutions that the light was so dim on, it really gave you a headache.

因此，除了 IT 之外，我認為還會有來自其他部門的資金，尤其是後台職能部門，這些職能部門將被置於 GenAI 周圍的一線，並且還會看到整合效應正在發生。人們問我，新錢從哪裡來？嗯，我們最近有一家公司，基本上透過整合250點解決方案來實現ServiceNow，燈光太暗了，這確實讓你很頭痛。

But there's hundreds and hundreds of accounts like that all over the world that just need to really think about what they want for their future, and the future is now so now no pun intended. But I think that all of that is goodness for ServiceNow.

但世界各地有數百個這樣的帳戶，他們只需要認真思考他們對未來的需求，而未來就是現在，所以現在沒有雙關語的意思。但我認為所有這些對 ServiceNow 來說都是好事。

IT but other line item budgets coming in and of course the consolidation to a premier partner -- premier platform like this incidentally, the partner ecosystem is grabbing on to ServiceNow in a way that I have never seen before and it's accelerating quickly and we just got done with a Board meeting where our team presented some of these dynamics and the expansion of the channels, and how the channels are now leaning in.

IT 和其他專案預算進來，當然還有對首要合作夥伴的整合——順便說一句，像這樣的首要平台，合作夥伴生態系統正在以我以前從未見過的方式抓住ServiceNow，而且它正在迅速加速，我們剛剛得到了在一次董事會會議上，我們的團隊介紹了其中一些動態和管道的擴展，以及頻道現在如何傾斜。

And building on top of and around ServiceNow in ways they never did before. And I just think all of that says growth.

並以前所未有的方式在 ServiceNow 之上並圍繞 ServiceNow 進行構建。我認為所有這些都說明了成長。

Yeah. Okay, perfect. That's really clear. Thank you, congrats.

是的。好的，完美。這真的很清楚。謝謝你，恭喜你。

Thank you very much. Appreciate it.

非常感謝。欣賞它。

Samad Samana, Jefferies.

薩馬德·薩馬納，杰弗里斯。

Great. Thank you. I will talk fast. Bill, I couldn't help but have my ears perk up a little when you said that it has expertise in packaging and pricing. And I was wondering if there's a reason why you called that out specifically, just especially as we think about kind of this big AI boom period for ServiceNow and related just how his responsibilities as the President when he comes over and joins, how they differ from maybe kind of prior iterations of that role?

偉大的。謝謝。我會說得很快。比爾，當你說它在包裝和定價方面有專業知識時，我不禁豎起了耳朵。我想知道你是否有理由特別指出這一點，特別是當我們想到 ServiceNow 的人工智能繁榮時期，以及當他過來加入時，他作為總統的職責有何不同，這些職責與也許是該角色的先前迭代？

That's a really great question Samad. You know how I learned about that was actually in a live interview with it and we talked about his past and everything that he's done and he called that out as a unique professional I guess strength, but it was also he went into scenario planning and different things that he's done. And I see that as a skill that'll help us tremendously. Really, it's a net new add on to what I think we're good at and that's what you always try to do.

薩馬德，這是一個非常好的問題。你知道我是如何了解到這一點的，實際上是在一次現場採訪中，我們談論了他的過去和他所做的一切，他稱這是一個獨特的專業人士，我猜是他的優勢，但他也參與了場景規劃和不同的工作。我認為這是一項對我們有很大幫助的技能。確實，這是對我認為我們擅長的領域的全新補充，而這正是您一直在嘗試做的事情。

You always try to hire great human beings first of all, and he is one with a hungry and humble heart. He has one, but also has domain expertise in areas that expand the bandwidth of what ServiceNow is all about. And so in terms of his focus, and I did call it out deliberately, by the way, in terms of his focus, he's an engineer's engineer.

你總是先嘗試僱用偉大的人，而他是一個擁有一顆飢餓和謙虛的心的人。他不僅擁有這一點，而且還擁有擴展 ServiceNow 頻寬的領域專業知識。所以就他的關注點而言，我確實故意指出了這一點，順便說一句，就他的關注點而言，他是工程師中的工程師。

We need an absolute thought leader that loves product, loves working with great engineers, builds camaraderie with the best engineering team in the business which we have and invent new growth shoots and new opportunities by seeing things through a broad lens which he has from all of his experiences.

我們需要一位絕對的思想領袖，他熱愛產品，熱愛與偉大的工程師合作，與我們擁有的業內最好的工程團隊建立友情，並透過他擁有的廣泛視角來看待事物，創造新的成長機會和新的機會。

So I just think that it was a wonderful opportunity to bring a mid on and we always are very respectful of this because he's had great careers in other places including Oracle and obviously Google with the Google cloud platform.

所以我認為這是一個引進中鋒的絕佳機會，我們一直非常尊重這一點，因為他在其他地方擁有出色的職業生涯，包括甲骨文，顯然還有谷歌的谷歌雲平台。

And as I said earlier, I do really respect that when you get a great individual. It's also good for the company he came from, and all the relationships that he brought with him and that was part of the ethos of it and the conversation that we had, it was a deeply thoughtful person and a person that wants to do good, and we want to do good because we believe good wins.

正如我之前所說，當你找到一個優秀的人時，我真的很尊重這一點。這對他所在的公司以及他帶來的所有關係也有好處，這是公司精神和我們談話的一部分，他是一個深思熟慮的人，一個想做好事的人，我們想做善事，因為我們相信善行必勝。

Exciting times and congrats on all the success to the whole team.

激動人心的時刻，祝賀整個團隊的成功。

Thanks so much.

非常感謝。

This concludes our question-and-answer session. And with that, we will conclude today's conference call. Bye, bye. Thanking you all for your participation. You may now disconnect.

我們的問答環節到此結束。我們將結束今天的電話會議。再見，再見。感謝大家的參與。您現在可以斷開連線。