ServiceNow Inc (NOW) 2024 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by.

女士們、先生們，感謝你們的支持。

My name is Abby, and I'll be your conference operator today.

我叫艾比，今天我將擔任您的會議主持人。

At this time, I would like to welcome everyone to the ServiceNow fourth-quarter 2024 earnings conference call.

現在，我歡迎大家參加 ServiceNow 2024 年第四季財報電話會議。

(Operator Instructions)

（操作員指令）

And I would now like to turn the conference over to Mr. Darren Yip, Group Vice President of Investor Relations and Market Insights.

現在，我想將會議交給投資者關係和市場洞察集團副總裁 Darren Yip 先生。

You may begin.

你可以開始了。

Good afternoon and thank you for joining ServiceNow's fourth-quarter 2024 earnings conference call.

下午好，感謝您參加 ServiceNow 2024 年第四季財報電話會議。

Joining me are Bill McDermott, our Chairman and Chief Executive Officer; and Gina Mastantuono, our President and Chief Financial Officer.

和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)；以及我們的總裁兼財務長 Gina Mastantuono。

During today's call, we will review our fourth-quarter 2024 results and discuss our guidance for the first-quarter and full-year 2025.

在今天的電話會議上，我們將回顧 2024 年第四季的業績，並討論 2025 年第一季和全年的指導。

Before we get started, we want to emphasize that the information discussed on this call, including our guidance, is based on information as of today and contains forward-looking statements that involve risks, uncertainties, and assumptions.

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

We undertake no duty or obligation to update such statements as a result of new information or future events.

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 10-K for factors that may cause actual results to differ materially from our forward-looking statements.

請參閱今天的收益新聞稿和我們的 SEC 文件，包括我們最近的 10-Q 和 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.

我們還想指出，我們提供的非 GAAP 指標是為了補充而不是取代根據 GAAP 計算的財務指標。

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.

除非另有說明，我們今天討論的所有財務指標和相關成長率均為非 GAAP，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 GAAP 和 GAAP 指標之間的對賬，請參閱今天的收益新聞稿和投資者介紹，它們均發佈在我們的網站 investors.servicenow.com 上。今天的電話會議重播也將發佈在我們的網站上。

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

說完這些，我會把電話轉給比爾。

Thank you, Darren.

謝謝你，達倫。

Good afternoon, and thank you very much for joining today's call.

下午好，非常感謝您參加今天的電話會議。

There are two big themes I'll cover.

我將討論兩個大主題。

The first is ServiceNow's outstanding business fundamentals.

首先是ServiceNow出色的業務基本面。

We'll discuss another quarterly result that beat expectations driving our remaining performance obligation to nearly $23 billion and a platinum balance sheet with $10 billion in cash and investments on hand.

我們將討論另一個超出預期的季度業績，推動我們剩餘的履約義務達到近 230 億美元，並且白金資產負債表上有 100 億美元的現金和投資。

We are one of one, a 20%-plus grower at scale with margin accretion, printing free cash operating at the Rule of 54.

我們是唯一一家規模成長 20% 以上的企業，利潤率不斷提高，以 54 規則運營，賺取自由現金。

We blew through our original $10 billion dream, and now we're on track for our midterm target of $15 billion plus by 2026, with a long-term vision to be the defining enterprise software company of the 21st century.

我們實現了最初 100 億美元的夢想，現在我們正在朝著 2026 年達到 150 億美元以上的中期目標邁進，我們的長期願景是成為 21 世紀具有代表性的企業軟體公司。

The second theme is ServiceNow is the leadership position in the seismic shift to a genetic AI.

第二個主題是 ServiceNow 在向基因 AI 的重大轉變中處於領導地位。

Stunning 150% quarter-over-quarter deal growth in our key Pro Plus AI offerings is an exciting sign of what's ahead, especially with the new innovations we announced today.

我們的主要 Pro Plus AI 產品交易量較上季成長高達 150%，這是一個令人興奮的未來訊號，尤其是考慮到我們今天宣布的新創新。

It doesn't matter to ServiceNow who builds the models with the precipitous drop in LLM compute costs; there is much more capital allocation available for the business impact layer.

隨著 LLM 計算成本的急劇下降，誰來建立模型對 ServiceNow 來說並不重要；為業務影響層提供的資本配置則多得多。

Our position at the center of data, AI agents, workflow orchestration, and enterprise governance is the nexus of AI's massive value-creation opportunity.

我們處於資料、人工智慧代理、工作流程編排和企業治理的中心位置，是人工智慧巨大價值創造機會的核心。

Let's talk about the business fundamentals first.

我們先來談談業務基本面。

You'll recall that during the course of 2024, we consistently beat expectations and raised our guidance twice.

您會記得，在 2024 年期間，我們始終超出預期，並兩次上調了預期。

In Q4, our biggest quarter of the year, we exceeded expectations on top of that beat and raise track record.

第四季是我們今年表現最好的一個季度，不僅超出了預期，還打破了先前的紀錄。

Subscription revenue growth was 21%, CRPO growth was 22%.

訂閱收入成長21%，CRPO成長22%。

That's double IDC's 2024 growth rate for the IT sector.

這是 IDC 預測的 2024 年 IT 產業成長率的兩倍。

Operating margin was 29.5%.

營業利益率為29.5%。

Each of those results was 50 basis points above the high end of our guidance.

每個結果都比我們預期的最高值高出 50 個基點。

So two was our full-year 2024 free cash flow margin of 31.5%.

因此，我們的 2024 年全年自由現金流利潤率為 31.5%。

In terms of the shape of the business, ServiceNow continues its enterprise platform expansion.

從業務形態來看，ServiceNow 持續進行企業平台擴展。

We had 19 deals greater than $5 million in net new ACV.

我們有 19 筆交易的淨新 ACV 超過 500 萬美元。

We landed our largest new logo deal ever.

我們達成了迄今為止最大的新標誌交易。

We had two additional customers cross the $100 million in total ACV, doubling our total in one quarter.

我們又有兩位新客戶的 ACV 總額突破 1 億美元，使我們的 ACV 總額在一個季度內翻了一番。

It's clear that our AI platform message is standing and it's scaling.

顯然，我們的人工智慧平台資訊仍然有效，並且正在不斷擴大。

On the product areas, 76 of our tech workflow deals were over $1 million, including one over 15 million, ITSM, ITOM, and ITAM and Security and Risk were all in at least 15 of the top 20 deals.

在產品領域，我們的 76 筆技術工作流程交易金額超過 100 萬美元，其中一筆交易金額超過 1500 萬美元，ITSM、ITOM、ITAM 以及安全和風險均在前 20 筆交易中佔據至少 15 席。

IT asset management was actually in all of our top 20.

IT資產管理其實名列我們所有前20名。

Customer and industry workflows more on this later, continued its disruption of the category with 30 deals over $1 million.

稍後將詳細介紹客戶和產業工作流程，其繼續顛覆該類別，共達成 30 筆超過 100 萬美元的交易。

Employee and creative workflows, both had very good quarters with at least 17 deals, each over $1 million.

員工和創意工作流程都有非常好的季度表現，至少有 17 筆交易，每筆交易金額都超過 100 萬美元。

We're very proud of ServiceNow's performance in 2024.

我們對 ServiceNow 在 2024 年的表現感到非常自豪。

No enterprise software company has ever executed at this scale the way we have.

從來沒有一家企業軟體公司像我們這樣達到如此規模的執行。

You'll hear from Gina on the 2025 guide in a few minutes.

幾分鐘後您將聽到吉娜關於 2025 年指南的介紹。

To say, we expect another great year is a given.

可以這麼說，我們期待又是一個偉大的一年。

This is consistent with how we have guided the business in recent years when you'll recall, we consistently overachieved our stated goals.

這與我們近年來指導業務的方式一致，您會記得，我們​​始終超額實現了既定目標。

Even on this bigger revenue base, be assured, we will save the innovative fast growth highly profitable company we are today.

即使在更大的收入基礎上，請放心，我們仍將挽救如今這家創新、快速成長、高利潤的公司。

Let's spend some time on AI.

讓我們花一些時間在人工智慧上。

I gave you the 150% quarter-over-quarter result.

我給了你季度環比成長 150% 的業績。

This is the number of customer deals for the AI-fueled Pro+ level in our ITSM, CSM, and HRSD solutions.

這是我們 ITSM、CSM 和 HRSD 解決方案中 AI 驅動的 Pro+ 等級的客戶交易數量。

Let's go a level deeper.

讓我們更深入地探討一下。

IDC forecasts worldwide revenue for AI platforms software will grow to USD153 billion in 2028, with a 40.6% CAGR during that period.

IDC 預測，到 2028 年，全球人工智慧平台軟體收入將成長至 1,530 億美元，複合年增長率為 40.6%。

For 2025 alone, they forecast 46% growth in AI software spending.

光是 2025 年，他們就預測人工智慧軟體支出將成長 46%。

With this secular strength, AI is fueling a top to bottom reordering of the enterprise technology landscape.

憑藉這種長期實力，人工智慧正在推動企業技術格局自上而下的重新排序。

You've seen the impact of this in energy, infrastructure, and hardware.

您已經看到了它對能源、基礎設施和硬體的影響。

You'll now see it even more in software.

現在您會在軟體中看到更多它。

Every CEO I meet wants to simplify their business to unlock the heaviness of legacy architectures.

我遇到的每一位執行長都希望簡化他們的業務，以擺脫遺留架構的沉重。

They want to innovate with data, workflows, and agentic AI.

他們希望利用數據、工作流程和代理商 AI 進行創新。

ServiceNow is winning with 1,000 customers on the agentic AI journey already.

ServiceNow 在代理 AI 之旅中已經贏得了 1,000 名客戶的青睞。

Here's why.

原因如下。

First, ServiceNow has the AI agents, the workflows, the workflow data fabric, Raptor DB, and the integration hub in one platform at scale.

首先，ServiceNow 在一個平台上大規模擁有 AI 代理、工作流程、工作流程資料結構、Raptor DB 和整合中心。

The majority in enterprise software is struggling with their well-known integration challenges and in some cases, exaggerating the readiness of incremental progress.

大多數企業軟體都在努力應對眾所周知的整合挑戰，在某些情況下，也誇大了漸進式進展的準備程度。

Second, ServiceNow has thousands of AI agents, leveraging 20 years of automation, data and outcomes.

其次，ServiceNow 擁有數千名 AI 代理，利用 20 年的自動化、數據和成果。

This is knowledge gleaned from trillions of workflows we run, including billions of automation, knowledge sources, and tools.

這是從我們運行的數兆個工作流程中收集到的知識，包括數十億個自動化、知識來源和工具。

We've been building an genic architecture.

我們一直在建構基因架構。

For the five-plus years I've been the CEO and lockstep with Jensen Wang and our great friends at NVIDIA.

在過去五年多的時間裡，我一直擔任 NVIDIA 的首席執行官，與王延森以及我們的好朋友們步調一致。

Third, since enterprises will experiment with more than one vendor's agents, ServiceNow's platform handles orchestration and governance.

第三，由於企業將嘗試多個供應商的代理，ServiceNow 的平台可以處理編排和治理。

Nobody wants a new cloud mess where every department is out buying agents and nobody understands what the agents are doing.

沒有人希望出現新的雲端運算混亂局面，即每個部門都在購買代理，但沒有人了解代理在做什麼。

Our AI agent orchestrator eliminates sprawl, managing teams of AI agents to tackle the most complex enterprise processes.

我們的 AI 代理協調器消除了蔓延，管理 AI 代理團隊來處理最複雜的企業流程。

Even as we reach new buyers, like chief data and AI officers ServiceNow's role as the CIO's control plane is the ultimate move in enterprise AI.

即使我們獲得了新的買家，例如首席數據和人工智慧官，ServiceNow 作為 CIO 控制平面的角色也是企業人工智慧的最終舉措。

If you haven't seen Idris Elba's latest brand work for ServiceNow, you can check it out on servicenow.com or on the ServiceNow YouTube channel.

如果您還沒有看過伊德瑞斯艾爾巴為 ServiceNow 創作的最新品牌作品，您可以在 servicenow.com 或 ServiceNow YouTube 頻道上查看。

The theme is every corner of your office.

主題是辦公室的每個角落。

Our differentiation goes east to west and north to south.

我們的差異化從東到西、從北到南。

And here's what this all means for our business: we are only getting started.

對我們的業務來說，這一切意味著：我們才剛起步。

The opportunity is in its early days.

機會尚處於初期。

The unique agility of our business model sets us up for a quantum leap and future business growth.

我們的商業模式的獨特靈活性為我們實現巨大的飛躍和未來的業務成長奠定了基礎。

We have predicted and protected that are seat-based subscription staying as is a foundation you can feel secure in.

我們已經預測並保護基於座位的訂閱將繼續存在，這是您可以感到安全的基礎。

We have also included a massive upgrade path to Pros Raptor DB and Workflow Data Fabric.

我們也為 Pros Raptor DB 和 Workflow Data Fabric 提供了大規模升級路徑。

So seat-based subscription still there, rock solid, not going anywhere.

因此，基於座位的訂閱仍然存在，堅如磐石，不會消失。

Then we have these massive upgrade paths to the new innovation.

然後我們就有了這些通往新創新的大規模升級路徑。

Customers still like the predictability of this approach, and they're committed to long-term transformation on our platform.

客戶仍然喜歡這種方法的可預測性，並且他們致力於我們平台的長期轉型。

Now, we are also enabling elements of consumption-based pricing as AI agents become a potent value driver for the enterprise.

現在，隨著人工智慧代理成為企業強大的價值驅動力，我們也正在啟用基於消費的定價元素。

While we could have launched an additional SKU and offered AI agents as an add-on to drive more immediate revenue growth, our strategy prioritizes accelerating adoption.

雖然我們可以推出額外的 SKU 並提供 AI 代理程式作為附加元件來推動更直接的收入成長，但我們的策略優先考慮加速採用。

So by foregoing upfront incremental new subscriptions, we are enabling faster penetration into our customer base and monetizing the hockey stick of usage over time.

因此，透過放棄前期增量新訂閱，我們可以更快地滲透到我們的客戶群，並隨著時間的推移將曲棍球棒使用量貨幣化。

As the agents become increasingly productive, they will drive the consumption pricing meter.

隨著代理商的生產力不斷提高，他們將推動消費定價機制。

And that, of course, will be in addition to the seat-based licensing foundation, you'll get both.

當然，這將是基於座位的許可基礎的補充，您將獲得兩者。

The consumption of assists with agentic AI will be a multiple factor higher than that of a standard now-assist query.

帶有代理 AI 的助攻消耗將比標準現助攻查詢高出多倍。

This approach ensures customers can access our AI capabilities as quickly and as seamlessly as possible while simplifying the sales process at the same time.

這種方法可確保客戶能夠盡快、無縫地存取我們的 AI 功能，同時簡化銷售流程。

This is the most transformative technology in decades.

這是幾十年來最具變革性的技術。

We are solidifying our leadership position as the AI platform for business transformation.

我們正在鞏固我們作為業務轉型人工智慧平台的領導地位。

The bedrock strength of this business model is built on driving the success of our customers.

這項商業模式的基本優勢建立在推動客戶成功的基礎上。

Some examples include Petrobras works with ServiceNow, connecting data across more than 6,000 applications and catalog items, processing over 250,000 requests monthly to improve decision-making and governance.

一些例子包括巴西石油公司與 ServiceNow 合作，連接超過 6,000 個應用程式和目錄項目的數據，每月處理超過 250,000 個請求，以改善決策和治理。

A large DoD agency works with ServiceNow, getting immediate visibility into critical data and assets previously trapped in manual processes and outdated legacy systems.

一家大型國防部機構與 ServiceNow 合作，可以立即查看以前陷入手動流程和過時的遺留系統中的關鍵資料和資產。

New Zealand Parliamentary service is using ServiceNow to reduce employee request response times from weeks to two days.

紐西蘭議會服務正在使用 ServiceNow 將員工請求回應時間從幾週縮短至兩天。

And our largest nonprofit deal to date, Scouting America will leverage the ServiceNow platform to digitally transform its legacy HR and customer service processes with AI.

作為我們迄今為止最大的非營利交易，Scouting America 將利用 ServiceNow 平台透過人工智慧對其傳統人力資源和客戶服務流程進行數位轉型。

Grupo Bimbo will revolutionize its factory operations using ServiceNow to get real-time insights and boost production efficiency.

賓堡集團將利用 ServiceNow 徹底改變其工廠運營，以獲得即時洞察並提高生產效率。

Toyota, Rolls-Royce, the federal service desk, NTT Data, they all work with ServiceNow to put AI to work for people.

豐田、勞斯萊斯、聯邦服務台、NTT Data 等公司都與 ServiceNow 合作，讓人工智慧為人類服務。

As always, there's so much more to give you a complete picture of ServiceNow's progress.

像往常一樣，還有更多內容可以讓您全面了解 ServiceNow 的進展。

We told you about the launch of Workflow Data Fabric, which is significantly expanding ServiceNow's addressable market.

我們向您介紹了 Workflow Data Fabric 的推出，它大大擴展了 ServiceNow 的潛在市場。

The increasing traction on agentic AI is surging awareness of workflow data fabric and our RaptorDB Pro offering, with new customers like NTT signing this quarter.

Agentic AI 的關注度不斷提高，人們對工作流程資料結構和我們的 RaptorDB Pro 產品的認識不斷提高，NTT 等新客戶於本季簽約。

We're further augmenting Data Fabric capabilities with the new Oracle and Google Cloud integrations announced earlier today.

我們將透過今天早些時候宣布的新的 Oracle 和 Google Cloud 整合進一步增強 Data Fabric 功能。

In terms of our key strategic industries, the public sector is poised for a major modernization effort this year and beyond.

就我們的重點策略產業而言，公共部門準備在今年及以後開展重大的現代化建設。

The United States government alone spends $125 billion a year on IT, much of which is unauditable, not cataloged, and not tracked against actual usage.

光是美國政府每年在 IT 方面的花費就高達 1,250 億美元，其中大部分是不可審計的、未編目的，也沒有根據實際使用情況進行追蹤。

That's why we're so enthusiastic on the new Department of Government Efficiency mandate from President Trump.

這就是我們對川普總統頒布的新的政府效率部授權如此熱情的原因。

If you look at our track record across all federal government customers, ServiceNow is saving millions and millions in costs through efficiency improvements and millions and millions of hours by automating mind-numbing work.

如果你查看我們在所有聯邦政府客戶的業績記錄，你會發現 ServiceNow 透過提高效率節省了數百萬美元的成本，並透過自動化繁瑣的工作節省了數百萬小時的時間。

There's so much more we will do to help.

我們還會提供更多協助。

In terms of our partner ecosystem, there is growth happening everywhere.

就我們的合作夥伴生態系統而言，各方面都在成長。

ServiceNow and AWS expanded our collaboration with new capabilities to accelerate AI transformation.

ServiceNow 和 AWS 擴展了我們的合作，並推出了新功能，以加速 AI 轉型。

This enables use of multimodal models developed on Amazon Bedrock, and additional solutions are available on the AWS marketplace.

這使得可以使用在 Amazon Bedrock 上開發的多模式模型，並且在 AWS 市場上還有其他解決方案可用。

ServiceNow and Google Cloud are expanding our partnership to deliver AI-powered tools to millions of users.

ServiceNow 和 Google Cloud 正在擴大合作夥伴關係，為數百萬用戶提供人工智慧工具。

ServiceNow will launch on Google Cloud Marketplace and Google-distributed cloud to address demand from global enterprises.

ServiceNow 將在 Google Cloud Marketplace 和 Google 分散式雲端上推出，以滿足全球企業的需求。

ServiceNow and Visa are expanding our strategic alliance yet again.

ServiceNow 和 Visa 再次擴大我們的策略聯盟。

Visa will use ServiceNow disputes management, built with Visa's solution, and together with ServiceNow, we combine AI capabilities.

Visa 將使用基於 Visa 解決方案建置的 ServiceNow 爭議管理，並與 ServiceNow 一起結合 AI 功能。

ServiceNow and Five9 expanded our partnership to deliver a turnkey AI-powered solution for unified experiences.

ServiceNow 和 Five9 擴大了合作夥伴關係，以提供由 AI 驅動的交鑰匙解決方案，以實現統一體驗。

The streamlined solution reduces operational costs, increases agent efficiency, and simplifies contact center operations.

簡化的解決方案可降低營運成本、提高代理效率並簡化聯絡中心營運。

ServiceNow and Microsoft are expanding our alliance to accelerate disruption in the CRM category.

ServiceNow 和 Microsoft 正在擴大聯盟，以加速 CRM 類別的顛覆。

This is built on Microsoft CoPilot and ServiceNow AI agent collaboration, leveraging the unique strengths of both platforms.

這是建立在 Microsoft CoPilot 和 ServiceNow AI 代理程式協作的基礎上的，利用了兩個平台的獨特優勢。

It's a good time to remind you at CRM and industry workflows is ServiceNow's fastest-growing business; there's a reason for that.

現在是時候提醒您 CRM 和行業工作流程是 ServiceNow 成長最快的業務；這是有原因的。

ServiceNow is uniquely positioned to take action and fully automate workflows across the enterprise.

ServiceNow 具有獨特的優勢，可以採取行動並完全自動化整個企業的工作流程。

We have a key differentiator at the architectural level.

我們在架構層面有一個關鍵的區別因素。

We don't have to try to translate between our AI models and some third-party system.

我們不必嘗試在我們的人工智慧模型和某些第三方系統之間進行轉換。

We sell, fulfill, and service on one platform, one architecture and one data model, absolute beauty.

我們在一個平台、一個架構和一個資料模型上進行銷售、履行和服務，絕對完美。

Other software vendors need to communicate across multiple systems and stitch them together to make their software work, resulting in poor customer experiences saddled with technical debt.

其他軟體供應商需要跨多個系統進行通訊並將它們拼接在一起才能使其軟體正常運行，導致技術債纏身、客戶體驗不佳。

We're just a front-end AI agent.

我們只是一個前端的AI代理。

A customer is limited in their ability to take action across the enterprise to drive the ticket to resolution.

客戶在整個企業內採取行動以推動問題解決的能力有限。

ServiceNow enables AI agents to seamlessly collaborate across the entire enterprise with our single database and single architecture.

ServiceNow 透過我們的單一資料庫和單一架構使 AI 代理能夠在整個企業內無縫協作。

Our peers, agents perform simple tasks, while our AI agents work together and leverage the entire system to solve complex tasks and enable true business transformation.

我們的同行、代理商執行簡單的任務，而我們的人工智慧代理商協同工作並利用整個系統來解決複雜的任務並實現真正的業務轉型。

We know that agentic AI promises exponential increase on the ServiceNow platform.

我們知道，agentic AI 預計將在 ServiceNow 平台上實現指數級成長。

This is an exponential increase in seamless automation.

這是無縫自動化的指數級增長。

On a fragmented platform like many others, there will be an exponential increase in complexity and failure rates.

在許多其他分散的平台上，複雜性和故障率將呈指數級增長。

Autonomous AI running on a fragile foundation bespoke integrations between disparate systems is a recipe for exponential disaster.

自主人工智慧在脆弱的基礎上運行，不同系統之間的客製化整合是導致指數級災難的根源。

Industry analysts have acknowledged ServiceNow's completeness of vision.

產業分析師對 ServiceNow 的願景的完整性表示認可。

ServiceNow is named a leader in the 2024 Gartner Magic Quadrant for the CRM Customer Engagement Center.

ServiceNow 被評為 2024 年 Gartner CRM 客戶參與中心魔力像限的領導者。

ServiceNow is also recognized as a leader in the Forrester Wave task-centric automation software.

ServiceNow 也被公認為 Forrester Wave 任務中心自動化軟體的領導者。

The global marketplace is noticing too, just today's ServiceNow was recognized as number two on Fortune's world's most admired software companies and even better.

全球市場也注意到了這一點，就在今天，ServiceNow 在《財星》全球最受讚賞的軟體公司中排名第二，甚至更好。

We were number one in innovation and number one for building a people-first culture.

我們在創新方面是第一，在建立以人為本的文化上也是第一。

Forbes named ServiceNow is the number two on the first-ever most trusted companies list right behind NVIDIA, pretty good company, if you ask me.

《富比士》將 ServiceNow 評為首屆最值得信賴公司榜單中的第二名，僅次於 NVIDIA，在我看來，這是一家相當不錯的公司。

The American Opportunity Index, which ranks companies based on creating opportunity for their employees, ranked ServiceNow in the top five in the world, number one in software.

美國機會指數根據公司為員工創造的機會進行排名，將 ServiceNow 列為全球前五名，在軟體領域排名第一。

These are just some of the many awards, all of which are rooted in a world-class team that is completely obsessed with serving our customers.

這些只是眾多獎項中的一部分，所有獎項都源自於一支全心全意為客戶服務的世界級團隊。

In summary, ServiceNow is full speed ahead.

總而言之，ServiceNow 正在全速前進。

We are putting AI to work for people, our innovation, growth, profitability, and brand leadership position us as a class of one in enterprise software.

我們致力於讓人工智慧為人類服務，我們的創新、成長、獲利能力和品牌領導力使我們成為企業軟體領域的佼佼者。

The market is moving with ServiceNow.

市場正在隨著 ServiceNow 而發展。

With this combination of start-up passion and scale maturity, we have the right strategy to deliver immense shareholder value in the years to come.

憑藉創業熱情和規模成熟度的結合，我們擁有正確的策略，能夠在未來幾年為股東創造巨大的價值。

That's why I keep reminding our team, our $15 billion-plus by 2026 midterm guidance is only one chapter on our path to $30 billion-plus in revenue and beyond.

這就是為什麼我不斷提醒我們的團隊，我們在 2026 年實現 150 億美元以上的中期指導目標只是我們實現 300 億美元以上收入及更高目標的道路上的一個篇章。

When the world works with ServiceNow, imagination is the limit.

當世界與 ServiceNow 合作時，想像力就是極限。

Thank you all for your time and confidence.

感謝大家的時間和信任。

Before we take questions, I'll hand things over to our President and Chief Financial Officer, Gina Mastantuono.

在我們回答問題之前，我會將問題交給我們的總裁兼財務長吉娜·馬斯坦托諾 (Gina Mastantuono)。

She will illuminate our unique ability to sustain profitable revenue growth, even as we add the revenue equivalent of like a number-six-scaled market-leading software company on top of ServiceNow every year.

她將闡明我們維持獲利性收入成長的獨特能力，即使我們每年在 ServiceNow 之上增加的收入相當於六大市場領先軟體公司的收入。

Pretty exciting stuff.

相當令人興奮的事。

Gina, over to you.

吉娜，交給你了。

Thank you, Bill.

謝謝你，比爾。

Q4 was a great quarter, capping a year of incredible innovation and execution.

第四季是一個偉大的季度，為這一年令人難以置信的創新和執行畫上了圓滿的句號。

Once again, we exceeded all of our constant currency growth and profitability guidance metrics, demonstrating the strength of our platform and the extraordinary efforts of our team. 2024 was a pivotal year in driving customer adoption of our generative AI solutions.

我們再次超越了所有持續貨幣成長和獲利指導指標，展現了我們平台的實力和團隊的非凡努力。 2024 年是推動客戶採用我們的生成式 AI 解決方案的關鍵一年。

By embedding powerful AI capabilities into our offerings, we've enabled organizations to reimagine how work is done, unlocking new levels of efficiency, creativity, and value.

透過將強大的 AI 功能嵌入到我們的產品中，我們幫助組織重新構想工作方式，從而實現更高的效率、創造力和價值。

Customers across industries are embracing these solutions at a rapid pace proving the immense opportunity, AI and data bring to our business.

各行各業的客戶都在迅速採用這些解決方案，證明了人工智慧和數據為我們的業務帶來的巨大機會。

Turning to our results.

談到我們的結果。

Q4 subscription revenues were $2.866 billion, growing 21% year over year in constant currency, exceeding the high end of our guidance range by 50 basis points.

第四季訂閱營收為 28.66 億美元，以固定匯率計算年增 21%，超出我們預期範圍的高階 50 個基點。

RPO ended the quarter at approximately $22.3 billion, representing 26% year-over-year constant currency growth.

本季結束時，RPO 總額約為 223 億美元，以固定匯率計算年增 26%。

Current RPO was $10.27 billion, representing 22% year-over-year constant currency growth, a 50-basis-point beat versus our guidance.

目前 RPO 為 102.7 億美元，以固定匯率計算年增 22%，比我們的預期高出 50 個基點。

From an industry perspective, manufacturing posted impressive growth, surpassing 50% year over year.

從產業角度來看，製造業成長強勁，年成長超過50%。

Public sector grew nearly 40% year over year, driven by the strength in US federal and state and local government.

受美國聯邦、州和地方政府實力的推動，公共部門年增近 40%。

Transportation and Logistics also reported significant growth during the quarter.

運輸和物流在本季度也報告了顯著的增長。

We delivered a very strong 98% renewal rate in Q4, highlighting the trust and value customers consistently place in the Now platform.

我們在第四季度實現了非常強勁的 98% 的續訂率，突顯了客戶對 Now 平台一貫的信任和重視。

The number of customers generating over $1 million in ACV rose to 2,109, even more remarkable, the number of customers contributing $20 million or more in ACV was 35% year over year, fueled by continued success in securing large deals.

創造超過 100 萬美元 ACV 的客戶數量上升至 2,109 家，更引人注目的是，得益於持續成功達成大額交易，創造 2,000 萬美元或以上 ACV 的客戶數量同比增長了 35%。

We ended the year with approximately 8,400 customers as our strategic focus on landing the right new customers continues to deliver results.

我們致力於吸引合適的新客戶的策略重點持續取得成果，年底我們擁有約 8,400 名客戶。

The average deal size of our new logos has consistently grown, marking the sixth consecutive year of expansion.

我們新標誌的平均交易規模持續成長，這標誌著我們連續第六年擴張。

And in Q4, we landed our largest new logo deal in company history.

在第四季度，我們達成了公司歷史上最大的新標誌交易。

We closed 170 deals greater than $1 million in net new ACV in the quarter, including 15 with new logos.

本季度，我們完成了 170 筆淨新 ACV 超過 100 萬美元的交易，其中 15 筆採用了新標誌。

What's more impressive is that 19 of these deals exceeded $5 million and three deals were over $20 million.

更令人印象深刻的是，其中 19 筆交易的金額超過 500 萬美元，3 筆交易的金額超過 2,000 萬美元。

Our GenAI net new ACV to date continues to trend ahead of any new product family launch for the comparable period in our history.

到目前為止，我們的 GenAI 淨新 ACV 繼續領先於我們歷史上同期任何新產品系列的發布。

In fact, GenAI net new ACV stepped up meaningfully in Q4 from Q3 as we saw momentum accelerate for our plus SKUs.

事實上，隨著我們看到加大 SKU 的成長勢頭加速，GenAI 淨新 ACV 在第四季度較第三季大幅上升。

As Bill noted, the number of now assist service desk deals, which include ITSM, CSM, and HRSD grew over 150% quarter over quarter.

正如比爾所指出的，現在協助服務台交易的數量（包括 ITSM、CSM 和 HRSD）環比增長了 150% 以上。

Furthermore, the number of customers who bought two or more of our GenAI capabilities doubled quarter over quarter.

此外，購買我們兩種或兩種以上 GenAI 功能的客戶數量較上季翻了一番。

Our plus SKUs also maintained a greater than 30% price uplift over Pro in Q4, a strong indication of the tremendous value they deliver.

我們的 plus SKU 在第四季度的價格上漲也比 Pro 款高出 30% 以上，有力地證明了它們所提供的巨大價值。

For example, a multinational conglomerate customers are a 45% reduction in live chat from July to December would now assist and the company is now targeting to save millions by the end of 2025.

例如，一家跨國企業集團的客戶從 7 月到 12 月的即時聊天減少了 45%，現在該公司的目標是在 2025 年底節省數百萬美元。

For the addition of our AI agents to many of these SKUs, we think the value proposition becomes even more compelling in 2025.

由於我們的 AI 代理添加到了許多此類 SKU，我們認為價值主張在 2025 年將變得更具吸引力。

We're also seeing great early traction with our RaptorDB Pro offering.

我們也看到 RaptorDB Pro 產品早期獲得了巨大發展。

Since the announcement in just September, we already have five customers over $1 million in ACV, a leading multinational technology company that adopted RaptorDB Pro in Q4 is already achieving performance improvements that exceed expectations, with database response times up to 3.5 times faster than previous benchmarks and a database size reduction of over 30%, driving significant cost savings.

自9 月宣布以來，我們已經擁有5 位ACV 超過100 萬美元的客戶，一家領先的跨國科技公司在第四季度採用了RaptorDB Pro，並且已經實現了超出預期的性能提升，數據庫響應時間比以前的基準快了3.5 倍資料庫大小減少了 30% 以上，大幅節省了成本。

Turning to profitability.

轉向盈利能力。

Non-GAAP operating margin was 29.5%, driven by OpEx efficiencies and our top-line outperformance.

非公認會計準則營業利潤率為 29.5%，這得益於營運支出效率和我們的營收優異表現。

Our free cash flow margin was 47.5%.

我們的自由現金流利潤率為47.5%。

For full year 2024, operating margin was 29.5%, up 200 basis points year over year, and free cash flow margin was 31.5%, 50 basis points above our guidance and up 100 basis points year over year.

2024 年全年，營業利益率為 29.5%，較去年同期成長 200 個基點，自由現金流利潤率為 31.5%，比我們的預期高出 50 個基點，較去年同期成長 100 個基點。

Total free cash flow for 2024 was a robust $3.5 billion.

2024 年的自由現金流總強勁達到 35 億美元。

We ended the year with a healthy balance sheet of $10 billion in cash and investments.

截至今年底，我們的資產負債表十分健康，現金和投資總額達 100 億美元。

In Q4, we bought back approximately 293,000 shares as part of our share repurchase program.

在第四季度，作為股票回購計畫的一部分，我們回購了約 293,000 股。

As of the end of the quarter, we had approximately $266 million remaining of the original $1.5 billion authorization.

截至本季末，我們在最初的 15 億美元授權中還剩餘約 2.66 億美元。

Given our strong cash position and our strategy of managing the impact of dilution, we announced today that the Board of Directors authorized the purchase of up to an additional $3 billion of common stock under this program.

鑑於我們強大的現金狀況和管理稀釋影響的策略，我們今天宣布董事會批准根據該計劃購買最多 30 億美元的額外普通股。

Together, these results continue to demonstrate our ability to drive a strong balance of world-class growth, profitability, and shareholder value.

總體而言，這些業績繼續證明了我們有能力實現世界一流的成長、獲利能力和股東價值之間的平衡。

Moving to our outlook.

轉向我們的展望。

As we enter 2025, we're not just planning to win today; we're making bold strategic decisions to position ourselves for sustainable strong growth in the years ahead.

當我們進入 2025 年時，我們不只是計劃取得今天的勝利；我們正在做出大膽的策略決策，為未來幾年可持續的強勁成長做好準備。

This year, we will incorporate more elements of consumption-based monetization across our AI and data solutions.

今年，我們將在我們的人工智慧和數據解決方案中融入更多基於消費的貨幣化元素。

For instance, we will include AI agents and our plus SKUs for going upfront incremental new subscriptions to instead drive even faster adoption and monetize the hockey stick of usage over time.

例如，我們將包括人工智慧代理和我們的附加 SKU，以便提前增加新的訂閱，從而推動更快的採用，並隨著時間的推移將使用率貨幣化。

We're optimizing our go-to-market approach and evolving our business model to create even more integrated solutions and sees the massive agentic AI and data opportunity in front of us.

我們正在優化我們的市場進入方式並改進我們的商業模式以創造更整合的解決方案，並看到我們面前巨大的代理人工智慧和數據機會。

Our guidance prudently reflects the flexibility to make these moves while delivering higher incremental free cash flow building on the accelerated margin trajectory created by our outstanding 2024 outperformance.

我們的指引審慎地反映了採取這些舉措的靈活性，同時在我們出色的 2024 年業績創造的加速利潤率軌蹟的基礎上實現更高的增量自由現金流。

With that in mind, for 2025, we expect subscription revenues between $12.635 billion and $12.675 billion, representing 20% year-over-year growth at the midpoint in a constant currency basis.

考慮到這一點，我們預計 2025 年的訂閱收入將在 126.35 億美元至 126.75 億美元之間，以固定匯率計算，中間值年增 20%。

This reflects an incremental $175 million FX headwind since the end of September and assumes a more pronounced back-half weighted seasonal linearity in our US federal business due to the change in the presidential administration.

這反映了自九月底以來外匯逆風增加的1.75億美元，並假設由於總統政府的更迭，我們的美國聯邦業務的後半年加權季節性線性更加明顯。

We expect subscription gross margin of 83.5%, reflecting the diminishing impact of the change in useful life of our data center equipment as well as incremental data center investments related to public cloud partners, [geo expansion], and AI.

我們預計訂閱毛利率為 83.5%，這反映了我們的資料中心設備使用壽命變化以及與公有雲合作夥伴、[地理擴展] 和人工智慧相關的增量資料中心投資的影響不斷減少。

We expect an operating margin of 30.5%, up 100 basis points year over year driven by OpEx leverage across the board, including sales and marketing.

我們預期營業利潤率為 30.5%，比去年同期成長 100 個基點，主要得益於包括銷售和行銷在內的全面營運支出槓桿。

We expect free cash flow margin of 32%.

我們預期自由現金流利潤率為32%。

This reflects an incremental 50 basis points of margin expansion on top of our 2024 outperformance and in spite of an incremental cash tax headwind of 100 basis points year over year.

這反映了我們 2024 年優異表現的基礎上，利潤率仍增長了 50 個基點，儘管現金稅逆風同比增加了 100 個基點。

And we expect GAAP diluted weighted average outstanding shares of $210 million.

我們預計 GAAP 稀釋加權平均流通股數為 2.1 億美元。

For Q1, we expect subscription revenues between $2.95 billion and $3 billion, representing 20% year-over-year growth at the midpoint on a constant currency basis.

對於第一季度，我們預計訂閱收入將在 29.5 億美元至 30 億美元之間，以固定匯率計算，年增 20%。

This reflects an incremental $40 million FX headwind since the end of September and the previously noted Fed seasonality assumptions.

這反映了自九月底以來增量的 4,000 萬美元外匯逆風和先前提到的聯準會季節性假設。

We expect CRPO growth of 20.5% on a constant currency basis.

我們預計以固定匯率計算 CRPO 成長率將達到 20.5%。

I would note that CRPO saw an incremental $205 million FX headwind since the end of September.

我要指出的是，自 9 月底以來，CRPO 的外匯逆風增加 2.05 億美元。

We expect an operating margin of 30%, and we expect $210 million GAAP diluted weighted average outstanding shares for the quarter.

我們預期營業利益率為 30%，本季 GAAP 攤薄加權平均流通股數為 2.1 億美元。

In summary, 2024 was an amazing year, but we're just scratching the surface of what's possible.

總而言之，2024 年是令人驚嘆的一年，但我們對未來的可能性只是觸及了皮毛。

Our ability to seamlessly orchestrate and govern AI agents, coupled with our unified data architecture positions us uniquely to bring all your data, people, and processes onto a single platform so you can take action on it.

我們能夠無縫地協調和管理 AI 代理，再加上我們統一的資料架構，這使得我們能夠將您的所有資料、人員和流程整合到一個平台上，以便您採取行動。

The moves we're making in 2025 aren't just about maintaining our lead, they're about expanding it.

我們在 2025 年採取的措施不僅是為了保持領先地位，更是為了擴大領先地位。

We're setting ourselves up to define the future of agent powered automation, solidify ServiceNow as the AI platform for business transformation and deliver strong growth year after year.

我們正在致力於定義代理驅動自動化的未來，鞏固 ServiceNow 作為業務轉型的 AI 平台的地位，並逐年實現強勁成長。

Finally, Bill and I want to express our deepest gratitude to our employees around the world for their unwavering hard work and dedication.

最後，比爾和我要向我們在世界各地的員工表示最深切的感謝，感謝他們不懈的辛勤工作和奉獻精神。

You are the heart of our success.

您是我們成功的核心。

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

現在，我將開始問答環節。

(Operator Instructions) Kash Rangan, Goldman Sachs.

（操作員指示） 高盛的 Kash Rangan。

Thank you very much.

非常感謝。

What a superb quarter fiscal year end as well.

這真是一個出色的季度財政年度結束。

Bill, a question for you.

比爾，問你一個問題。

Can you talk a little bit more about your decision to do a hybrid consumption and subscription?

您能否進一步談談您決定進行混合消費和訂閱的原因？

And the reason behind your confidence that you can walk both those tracks very well.

這就是為什麼您有信心可以很好地走好這兩條路的原因。

And Gina, if you could do a pro forma, had you not done the consumption?

吉娜，如果您可以做一份形式發票，您是否沒有計算消費量？

What would the subscription revenue growth outlook would have been hypothetically?

假設訂閱營收成長前景如何？

Thank you once again.

再次感謝您。

Congratulations.

恭喜。

Thank you so much, Kash.

非常感謝，Kash。

Our goal is to combine both subscription and consumption pricing.

我們的目標是將訂閱定價和消費定價結合起來。

So customers can start with a base subscription, which they like.

因此客戶可以從他們喜歡的基本訂閱開始。

They want that flag in the ground so they can predict their spend and their current ROI schemes.

他們希望將這面旗幟插在地上，這樣他們就可以預測他們的支出和當前的投資回報率方案。

But then, they obviously want to take advantage of agentic AI and yet at the same time, the industry is early in its formation.

但是，他們顯然想要利用代理人工智慧，但同時，該產業仍處於形成初期。

So we're actually innovating faster than they have deployed it.

因此我們的創新速度實際上比他們的部署速度更快。

So they want to scale with us in harmony and in partnership.

因此他們希望與我們和諧合作、共同擴大規模。

So with our Pro Plus version, they'll get access to our agentic AI agents and will give them a meter-based pricing methodology where they will take out the sole crushing business process work that is tedious and complex that people actually don't even want to do, and agentic AI agents will do that for them.

因此，使用我們的 Pro Plus 版本，他們將能夠使用我們的代理 AI 代理，並為他們提供基於計量器的定價方法，從而消除人們實際上甚至不了解的繁瑣而復雜的業務流程工作想做什麼，代理AI 代理就會為他們做這件事。

They will see a very nice ROI on that.

他們將會看到非常好的投資回報。

And by definition, if the meter is running up, that means they're using it and deriving financial gain from it, and they're happy to pay and share with us the profits.

根據定義，如果電錶電量增加，就意味著他們正在使用它並從中獲得經濟收益，他們很樂意付費並與我們分享利潤。

So in a certain sense, Kash, it's the Goldilocks model where you get it both ways.

所以從某種意義上來說，卡什，這是一個金髮女孩模型，可以讓你實現兩全其美。

You get the same revenue and predictability you've been used to.

您可以獲得與以往相同的收入和可預測性。

But now, we have a hockey stick formation that can turn into a sensational growth shoot for the company.

但現在，我們擁有曲棍球棒陣型，這能為公司帶來驚人的成長。

So I think we really got this right, and with Amit's leadership and our great engineering team, the way we're pressing innovation into the market is truly, truly stunning, and I'm so, so excited.

所以我認為我們確實做對了，在阿米特的領導和我們優秀的工程團隊的幫助下，我們將創新推向市場的方式確實非常令人驚嘆，我感到非常興奮。

I just want to give you one thought that nobody ever talks about.

我只是想告訴你一個沒人談論過的想法。

And that is, no matter where you travel in the world, and I just got done with a global road show, there are millions of technical jobs that go unfilled year after year.

那就是，無論你去世界哪裡，我剛完成一次全球路演，每年都有數百萬個技術職缺。

With a agentic AI agents, you can now fill those jobs and at the same time, improve human productivity and the productivity curve of these businesses in a dramatic way.

借助代理 AI 代理，您現在可以填補這些職位，同時顯著提高人類生產力和這些企業的生產力曲線。

And nobody actually talks about there not being any such thing as artificial intelligence without human intelligence.

但實際上沒有人談論過沒有人類智慧就不存在人工智慧。

And that's why we are putting AI to work for people, and that has landed in a very pleasant way with our customer relationships.

這就是我們利用人工智慧為人類服務的原因，這與我們的客戶關係也產生了非常愉快的關係。

So everything we're doing is on the right side of customer success.

因此，我們所做的一切都是為了客戶的成功。

So Kash, thanks for the question.

所以 Kash，謝謝你的提問。

This is Amit here.

我是阿米特 (Amit)。

Just to add to what Bill was saying.

只是想補充一下比爾所說的內容。

The way we are thinking about this, the Pro Plus we have 1,000-plus customers already who will be able to now take advantage of the innovation we're bringing out with agentic, and it is subscription.

我們對此的看法是，Pro Plus 已經擁有超過 1,000 名客戶，他們現在將能夠利用我們與 agentic 一起推出的創新，即訂閱服務。

So they're still paying for that kind of capacity.

所以他們仍在為這種容量付費。

If they go beyond the capacity and the assist, which is the meter gap capacity, if they go beyond that, they're still buying assist packs.

如果他們超出了容量和輔助範圍，即米距容量，如果超出了這個範圍，他們仍然會購買輔助包。

So it's not like one assist per time in terms of consumption.

所以從消耗上來說，並不是每次助攻都是一個。

So it's not really subscription packs in a way, but just that they can now go and tier those things much more easily versus having to do everything upfront, right?

所以從某種意義上來說，它並不是真正的訂閱包，而只是他們現在可以更輕鬆地對這些東西進行分層，而不必預先完成所有事情，對嗎？

So they get the predictability and the confidence of the usage and the value and they grow with it.

因此，他們獲得了可預測性和對使用和價值的信心，並隨之成長。

And they assist with a genetic really scales very, very fast because each assist each agentic call requires many assets.

而且他們透過基因協助的規模確實非常非常大，因為每次協助、每次代理呼叫都需要許多資產。

So we just started getting them seeded and get going and the subscriptions really keep on growing as they start using more and more.

因此，我們剛開始為他們播種並開始運行，隨著他們開始使用越來越多，訂閱量確實不斷增長。

So it's not completely like pay as you go or individual assist.

因此，它並不完全像預付費或個人協助。

It's really packs of assist in a way.

從某種意義上來說，這確實是一種輔助。

So subscription pricing and we are giving them some flexibility as well and then giving the ability for customers to see value instantly.

因此，我們也為訂閱定價提供了一些彈性，然後讓客戶能夠立即看到價值。

And then on the second part of your question, Kash, as always, we're beginning the year with a thoughtful guide, right, that sets a strong foundation for success.

然後關於你問題的第二部分，卡什，和往常一樣，我們以一份周到的指南開始新的一年，對吧，這為成功奠定了堅實的基礎。

And I talked about factors that we prudently factored into our guide.

我談到了我們在指南中謹慎考慮的因素。

We just talked about the monetization of the agentic AI.

我們剛剛討論了代理人工智慧的貨幣化。

I won't go into that further because I think Bill and Amit explained it quite clearly.

我不會進一步討論這個問題，因為我認為比爾和阿米特已經解釋得很清楚了。

The other piece is that we anticipate a more back-end weighted deal linearity in 2025 for federal, reflecting the outcome of the US election.

另一點是，我們預期 2025 年聯邦的後端加權交易線性度將進一步提高，這反映了美國大選的結果。

And so what I'd say is that we're giving you a 20% constant currency guide while de-risking the guidance.

所以我想說的是，我們會給你 20% 的固定匯率指導，同時降低指導風險。

And to your question on what would it be if we didn't do that, I would say higher.

對於你問的「如果我們不這樣做會怎樣」這個問題，我的答案是更高。

Thank you.

謝謝。

Thank you.

謝謝。

Mark Murphy, JPMorgan.

摩根大通的馬克墨菲。

Thank you.

謝謝。

So Bill, regarding the DeepSeek models, I'm very interested how you're assessing this moment where we have a Chinese AI model.

所以 Bill，關於 DeepSeek 模型，我非常感興趣的是你如何評估我們擁有中國 AI 模型的現狀。

It seems to perform well at a fraction of the cost, and I'm curious if it's something like DeepSeek, is that an option for ServiceNow?

它似乎只需要花費很少的成本就能達到很好的效果，我很好奇它是否像 DeepSeek 一樣，這對 ServiceNow 來說是一個選擇嗎？

Or is it too risky with the data protections.

或資料保護風險太大。

And just more broadly, what do you think ServiceNow can do to exert its leadership as this cost of one of your input costs, which is the underlying models?

更廣泛地說，您認為 ServiceNow 可以做些什麼來發揮其領導作用，因為這是您的一項投入成本，即底層模型？

It seems like it's starting to drop at a faster pace.

看起來它正開始以更快的速度下降。

Yeah.

是的。

Thank you very much for the question, Mark.

非常感謝您的提問，馬克。

It's actually a fantastic news for ServiceNow because as these models are being commoditized at a rapid rate and probably more rapid than anyone could have dreamed of.

對於 ServiceNow 來說，這實際上是一個好消息，因為這些模型正在迅速商品化，其速度可能比任何人想像的都要快。

It's super, super exciting platform. and app vendors like us since the competitive differentiation will happen at our level in terms of the applications, the business processes how you can help these companies run better and then ultimately get a business outcome.

這是一個超級、超級令人興奮的平台。以及像我們這樣的應用程式供應商，因為競爭差異將發生在應用程式、業務流程方面的層面，你如何幫助這些公司更好地運營，並最終獲得業務成果。

And again, what I think helps us a lot financially, you can see the gross margin benefit of that, but you can also see our customers that have been investing in these LMs, getting a lot better deal now, so they kind of past the hardware, the infrastructure and the LLM and that price is dropping on everything, they'll have more left over to invest in ServiceNow.

再說一次，我認為這對我們在財務上有很大幫助，你可以看到它的毛利率優勢，但你也可以看到，我們已經投資了這些LM 的客戶現在得到了更好的待遇，所以他們有點過去了硬體、基礎設施和法學碩士學位，而且所有東西的價格都在下降，他們將有更多的剩餘資金來投資 ServiceNow。

But we're truly set ServiceNow apart is our platform's ability to orchestrate and operationalize AI to create meaningful outcomes.

但 ServiceNow 的真正與眾不同之處在於，我們的平台能夠協調和操作 AI 以創造有意義的成果。

Our customers are using ServiceNow to turn these AI insights into real tangible actions whether it's automating workflows, resolving issues proactively, or enhancing productivity across the enterprise.

我們的客戶正在使用 ServiceNow 將這些 AI 洞察轉化為真正的實際行動，無論是自動化工作流程、主動解決問題還是提高整個企業的生產力。

And as it relates to DeepSeek, I would just simply say, we have a deep belief here in basically measuring twice, if not three times in counting once.

至於它與 DeepSeek 相關，我只想簡單地說，我們深信，基本上測量兩次，如果不是三次，則計數一次。

So we believe very strongly in understanding what's really going on, and we're highly committed to responsible AI, and I know Amit and his team are taking a look at that right now.

因此，我們堅信了解真正發生的事情，我們高度致力於負責任的人工智慧，我知道阿米特和他的團隊現在正在研究這個問題。

Yeah, to add to what Bill said.

是的，補充一下比爾說的話。

We definitely are going to -- we are supporting third-party large language models.

我們肯定會——我們支援第三方大型語言模型。

And we continue to work with many of those providers and doing a lot of integration with those technologies as well.

我們將繼續與許多供應商合作，並與這些技術進行大量整合。

The way we've architected our platform today, it's very easy for us to keep on adding any innovation which happens in that place and give that outcome from our applications.

透過今天我們建立平台的方式，我們可以非常輕鬆地在該平台不斷添加任何創新，並透過我們的應用程式實現該結果。

So it's really the combination of workflows with AI and the data is what our power is.

所以，我們的力量其實就是工作流程與人工智慧和數據的結合。

And we would take any technologies out there, which helps our customer and get them the best outcome.

我們會採用任何現有的技術來幫助我們的客戶並讓他們獲得最好的結果。

So that's really go, and we continue to work with all the large language providers, and we will look at DeepSeek.

所以這真的開始了，我們將繼續與所有大型語言提供者合作，我們將關注 DeepSeek。

We have teams kind of investigating that, but the goal is that architecturally, we can support everything out there as needed.

我們有一些團隊正在研究這個問題，但我們的目標是從架構上來說，我們可以根據需要支援那裡的一切。

And then Mark, on the cost side, I would just say this is not unexpected.

然後馬克，就成本方面而言，我只想說這並不出乎意料。

We've been talking about innovation and investing in innovation in AI for quite a while, and yet we continue to accrete margins.

我們一直在談論創新並投資人工智慧領域的創新，但我們的利潤仍在增加。

Our guide next year is for 100 basis points on operating and 50 basis points on free cash flow on top of overachieving in '24.

我們明年的預期是在24年超額完成目標的基礎上，營業現金流增加100個基點，自由現金流增加50個基點。

And so really great cost discipline at ServiceNow while we continue to out innovate.

因此，ServiceNow 在不斷創新的同時，確實實施了非常好的成本管控。

Well, congrats on having that foresight and delivering that efficiency, and thank you for taking my question.

好吧，恭喜您有如此的遠見和效率，感謝您回答我的問題。

Thank you, Mark.

謝謝你，馬克。

Thank you very much.

非常感謝。

Keith Weiss, Morgan Stanley.

摩根士丹利的基斯‧韋斯。

Thank you for taking the questions.

感謝您回答這些問題。

This is Sanjit Singh for Keith.

我是 Keith 的 Sanjit Singh。

Bill, when you think about this year, I kind of have sympathy for a lot of enterprise customers, every vendor in software is going to be pushing their agentic capabilities.

比爾，當你想到今年時，我對許多企業客戶感到同情，每個軟體供應商都將推動他們的代理能力。

So Bill, could you just detail a little bit about your agent strategy in that more fragmented landscape, what's going to give ServiceNow, the license to win?

那麼比爾，你能否詳細介紹一下在這種更加分散的環境中你的代理策略，是什麼讓 ServiceNow 獲得勝利？

And also importantly, what are you contemplating from a go-to-market change perspective that's associated with this move to agents and the move to a hybrid subscription consumption model?

而且同樣重要的是，從市場進入變革的角度來看，您正在考慮與代理商的轉變以及混合訂閱消費模式的轉變相關的什麼？

Yeah.

是的。

I think the number one most important thing is our AI orchestration serves as the control tower for business transformation.

我認為最重要的是我們的人工智慧編排充當業務轉型的控制塔。

And if you think about our core strength in IT and how we handle all things IT from servicing the business, running the operations, the assets, the security of it all, and then moving into the employee and the experience and giving them all the things they need and think about the customer, it's literally sell, fulfill, and service all on one platform.

如果你想想我們在 IT 方面的核心優勢，以及我們如何處理所有 IT 事務，從服務業務、營運、資產、安全，到員工和體驗，並為他們提供所有的東西他們需要並考慮客戶，這實際上是在一個平台上進行銷售、履行和服務。

And then from a creator perspective, with natural language wiping out 60% of the productivity drag to actually get them to doing the code and inventing something.

然後從創造者的角度來看，自然語言消除了 60% 的生產力拖累，真正讓他們編寫程式碼並發明一些東西。

We're handling all of that today on one platform with one architecture and one data model.

目前，我們在一個平台、一個架構和一個資料模型上處理所有這些問題。

So we'll give you our agentic AI solution in all of those domains.

因此，我們將為您提供所有這些領域的代理 AI 解決方案。

But best of all, because everyone is pounding them with their siloed solutions, it's become highly credible to customers that somebody has to be the controller or the orchestrator for all of these other agents as well if they decide to implement them.

但最重要的是，由於每個人都在用孤立的解決方案轟炸他們，因此，如果客戶決定實施這些解決方案，那麼就必須有人成為所有這些其他代理的控制者或協調者，這一點對客戶來說變得非常可信。

And as soon as they see the architectural advantage of what ServiceNow has.

一旦他們看到 ServiceNow 的架構優勢。

They say, I go for this one.

他們說，我選這個。

And there's another thing that's happening in combination, thanks to Amit and the great engineering here, we now have RaptorDB, and I do remind you that Amit had an amazing career at Oracle before GCP.

還有另一件事正在發生，感謝 Amit 和這裡的偉大工程師，我們現在有了 RaptorDB，我提醒你，Amit 在 GCP 之前在 Oracle 有著令人驚嘆的職業生涯。

So he understands all of this at a very deep technical level.

所以他對這一切有著非常深厚的技術理解。

And frankly, we have some amazing talent in our company on database.

坦白說，我們公司在資料庫方面擁有一些出色的人才。

And RaptorDB is a sensation not only in its speed and its ability to be fully automated on the ServiceNow instance and make big companies go three or five times faster but we also now have connectors into Snowflake, into data bricks, into oral, into all of the hyperscalers, including the announcement today with GCP, we had AWS and Microsoft.

RaptorDB 之所以如此受歡迎，不僅因為它的速度和在 ServiceNow 實例上完全自動化的能力，它能讓大公司的速度提高三到五倍，而且我們現在還擁有與 Snowflake、資料區塊、口頭等所有超大規模企業，包括今天與GCP 共同發布的公告，還有AWS 和微軟。

Interestingly, AWS is number one and number four biggest deal ever in the enterprise, with ServiceNow customers running in AWS.

有趣的是，AWS 是企業史上最大交易量排名第一和第四位，ServiceNow 客戶都在 AWS 上運作。

So they know us well.

所以他們很了解我們。

Everybody knows us really well.

大家都很了解我們。

So now you're controlling east to west and you're going north to south up and down the stack, and then you ultimately integrate in all these systems of record where we have been moving that data into ServiceNow for years.

所以現在您可以從東到西進行控制，從北到南沿著堆疊上下移動，然後最終整合所有這些記錄系統，我們多年來一直將這些資料移至 ServiceNow 中。

But with RaptorDB, some customers are saying, well, why don't I just move it all into ServiceNow and skip the fragmented step of hundreds of broken fragmented installs that have been put in there departmentally over the last 55 years.

但是對於 RaptorDB，一些客戶會說，好吧，為什麼我不把它全部移到 ServiceNow 中並跳過過去 55 年來各部門在那裡進行的數百個破碎的零散安裝的零散步驟。

And we tell them, have a way you want to leave the data where it is, we'll make a zero copy.

我們告訴他們，如果你想將資料保留在原處，我們將進行零拷貝。

You want to move it into ServiceNow, that's fine, too.

您想將其移入 ServiceNow，這也可以。

You want to run it in the hyperscalers, including running our ServiceNow instance with some customers want to do, we let you do that, too.

您想在超大規模器中運行它，包括與一些客戶一起運行我們的 ServiceNow 實例，我們也允許您這樣做。

And as Amit said, we already integrate with all the LLMs.

正如 Amit 所說，我們已經與所有 LLM 進行整合。

So I mean, seriously, if I'm sitting back as the CEO, I spoke with one that runs the largest insurance company in Asia, and I think that I'm going into an insurance call telling them how we can improve insurance claims and all this sort of stuff, and he said, Bill, I want to be a data company.

所以，說真的，如果我作為首席執行官坐下來，我會和亞洲最大的保險公司的老闆交談，我想我會去參加一個保險電話會議，告訴他們我們如何改善保險索賠，所有這類東西，他說，「比爾，我想成為一家數據公司。

Actually, I want to rely on the old business model of my agents shaking everyone's hands.

實際上，我想依靠我的經紀人與每個人握手的舊商業模式。

I want agentic AI to do that.

我希望代理人工智慧能夠做到這一點。

I want to be a retail company.

我想成為一家零售公司。

And then I explain our story and he tells me I have no idea.

然後我解釋了我們的故事，他卻說我不知道。

I said, well, we're still a young company, but now that you do, what do you want to do about it?

我說，好吧，我們還是一家年輕的公司，但既然你這樣做了，你想做什麼呢？

I want to go with you.

我想和你一起去。

I said, great, I'll send them the team.

我說，太好了，我會把團隊派給他們。

Let's get it done.

讓我們完成它。

So when they hear this story properly presented, it's game set match.

因此，當他們聽到這個故事的正確呈現方式時，遊戲就結束了。

So our challenge is simply to help you and the media and the customers get the memo because once you get the memo, this is the only viable option.

因此，我們的挑戰很簡單，幫助您、媒體和客戶取得備忘錄，因為一旦您獲得備忘錄，這就是唯一可行的選擇。

I appreciate the vision, Bill.

我很欣賞你的遠見，比爾。

Thank you so much.

太感謝了。

Thank you so much.

太感謝了。

Appreciate the question.

我很感謝你提出這個問題。

Matt Hedberg, RBC Capital Markets.

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

All right, thanks for taking my question.

好的，感謝您回答我的問題。

Congrats as well.

也恭喜。

And Gina, congrats on your expanded role.

吉娜，恭喜你的職位得到提升。

Really great to see that.

真的很高興看到這一幕。

Bill, so obviously, a lot of -- Bill, obviously, a lot of enthusiasm on AI, which is great to hear.

比爾，很明顯，比爾對人工智慧非常熱情，聽到這個我很高興。

Just given your global perspective, you have such a good pulse on overall IT spending trends.

從您的全球視野來看，您對整體 IT 支出趨勢有著非常敏銳的把握。

Did you see things improve from what we last talked on September results?

與我們上次討論的 9 月結果相比，您是否發現情況有所改善？

And how do you feel at this point versus, say, this point last year, like are things improving out there in general?

與去年同期相比，您現在的感覺如何？

I think that -- Matt, thank you for the question, by the way.

我認為——順便說一句，馬特，謝謝你的提問。

And I couldn't agree with you more on Gina's promotion.

我非常同意你對吉娜晉升的看法。

She is stunningly fantastic and it's an honor to work with her and has been for the five years we've been together, and I'm just so proud to see her richly rewarded for what she deserves as a leader.

她非常出色，能夠與她共事是我的榮幸，我們在一起的五年裡，我很榮幸看到她作為領導者獲得應得的豐厚回報。

So I think it's great.

所以我認為這很棒。

And congrats, Gina.

恭喜你，吉娜。

On the IT spending environment, I think it's similar in the IT spending environment to what it's been.

就 IT 支出環境而言，我認為目前的 IT 支出環境與以前類似。

But I do think the big change is the move from AI fascination to AI business model innovation.

但我確實認為，最大的改變是從對人工智慧的迷戀轉向人工智慧商業模式創新。

And it's clear to me that the best CEOs in the world have AI at the forefront of their mind.

我很清楚世界上最好的 CEO 都把人工智慧放在第一位。

In fact, I actually see them even extracting AI from the CIO and the CTO remit, and it's not because they don't respect or really take pride in their CIOs and CTOs, but they believe they have to be AI-led companies.

事實上，我看到他們甚至將人工智慧從CIO 和CTO 的職責範圍中剔除，這並不是因為他們不尊重或不為他們的CIO 和CTO 感到自豪，而是他們相信他們必須成為由人工智慧主導的公司。

And so they're actually creating AI leadership and data leadership within the construct model of their org charts and those individuals are showing up in their boardrooms because these CEOs really understand that if they don't capitalize on this moment and they end up with second mover advantage.

因此，他們實際上正在組織結構圖的建構模型中創建人工智慧領導和數據領導力，而這些人出現在董事會會議室中，因為這些執行長真正明白，如果他們不利用這一時機，他們最終會落得第二名先行者優勢。

It might be a liability.

這可能是一種負擔。

So they're really on their tippy toes.

所以他們確實非常警惕。

And therefore, if you have a great agentic AI story.

因此，如果你有一個偉大的代理 AI 故事。

You plant that flag in the essence of a great business model like we have, and you do the end model on what it very appropriately said on our agentic AI portfolio would now assist and you have a win-win relationship on consumption, value, and we both benefit from that.

你在一個偉大的商業模式的本質中插上這面旗幟，就像我們一樣，你做的最終模型非常恰當地說，我們的代理人工智慧投資組合現在會提供幫助，你在消費、價值和我們都從中受益。

It is an extremely pleasing story.

這是一個極其令人愉快的故事。

And on that dimension, they will open up the pocketbook and that is the key because they're getting value from it.

從這個角度來看，他們會打開錢包，這是關鍵，因為他們從中獲得了價值。

And the other piece is, in the public sector, I see a complete renaissance happening which I think is truly outstanding.

另一點是，在公共部門，我看到了一場徹底的復興，我認為這是非常了不起的。

Nowhere in the world do I go where they don't want to talk about those and what's happening in America.

無論我走到哪裡，世界上的人都會談論這些以及美國正在發生的事情。

And so the administration has done a very good job of getting everybody aware that something big is happening here.

因此，政府已經做好了讓每個人都意識到這裡正在發生大事的工作。

And because we have such a strong foothold in the agencies, in the military establishments, and the defense establishments from all of them that you can possibly think of that really matter, including veterans, affairs, we have a great reputation.

由於我們在各機構、軍事機構和國防機構中擁有如此強大的立足點，在所有你能想到的真正重要的領域，包括退伍軍人事務，我們享有盛譽。

And so they know when we come in, we make work simple for people.

所以他們知道，當我們進來時，我們會讓人們的工作變得簡單。

And so if you think about sending everybody back to the office and telling them good luck, you're going to announce swivel chair between 17 different application experiences, which will eat up a 30-year productivity a day, they'll probably take the package and leave.

因此，如果你想讓所有人回到辦公室，祝他們好運，你將宣佈在 17 種不同的應用程式體驗之間進行旋轉，這將消耗每天 30 年的生產力，他們可能會選擇打包走人。

So the ServiceNow solution becomes even more relevant.

因此，ServiceNow 解決方案變得更加重要。

And the fact that we could take cost out, bring productivity in and inspire the best in people is extremely inspiring.

而我們可以降低成本、提高生產力並激發人們的最大潛能，這一事實非常鼓舞人心。

The other thing that's really inspiring, and this is true in the private sector too, but in the public sector, they know they're inheriting more than half a century of disasters.

另一件真正鼓舞人心的事情是，私營部門也是如此，但在公共部門，他們知道他們正在繼承半個多世紀的災難。

So they're not interested in the rip and replace.

所以他們對拆除和替換不感興趣。

They're also not interested in layering silos.

他們對於分層筒倉也沒有興趣。

They really want to rethink how things are running.

他們確實想重新思考事情的運作方式。

So because we can extract the data from the systems they have.

因為我們可以從他們現有的系統中提取資料。

We have RaptorDB and the connections to all the best companies in the world, and we could orchestrate the AI transformation.

我們擁有 RaptorDB 以及與世界上所有最優秀公司的聯繫，我們可以協調 AI 轉型。

They're like, how do we get started?

他們問，我們該如何開始？

Because only you guys came in here with a price that I can afford, and you're going to have me up and running in weeks instead of years and congressional trips.

因為只有你們以我能負擔的價格來到這裡，並且你們將讓我在幾週內而不是幾年內以及國會之旅中開始工作。

So we're a whole different allocator when it comes to serving the government than anyone else.

因此，在為政府服務方面，我們與其他任何人都是完全不同的分配者。

Great answer.

很好的答案。

Thanks, Bill.

謝謝，比爾。

Best of luck.

祝你好運。

Thank you.

謝謝。

Thanks, Matt.

謝謝，馬特。

Brad Sills, Bank of America.

美國銀行的布拉德·西爾斯。

Oh, wonderful.

噢，太棒了。

Thank you so much.

太感謝了。

I wanted to ask a question around customer employee workflow.

我想問一個有關客戶員工工作流程的問題。

It continues to represent real key specific incremental growth.

它繼續代表真正的關鍵特定增量成長。

We certainly hear about real strong traction in the channel anything to call out there?

我們確實聽說過該頻道有非常強勁的吸引力，有什麼需要注意的嗎？

There's a lot in those two offerings.

這兩份產品包含的內容很多。

So would love to get any thoughts from you on what's driving the strength there?

那麼，我很想聽聽你對推動這股力量發展的因素的看法？

And my notion is that perhaps now assisted starting to kind of pull customers into those applications?

我的想法是，現在可能有助於開始吸引客戶使用這些應用程式？

Are you seeing any kind of halo effect or pull-through, if you will, as customers are getting ready for Now Assist in those categories?

當客戶為這些類別的 Now Assist 做好準備時，您是否看到了任何形式的光環效應或拉動動作？

Yeah.

是的。

It's a great question.

這是一個很好的問題。

Brad, the whole agentic AI revolution is a lot like the chicken and the egg, right?

布拉德，整個代理 AI 革命很像先有雞還是先有蛋，對吧？

Is the agentic AI pulling the core or is the core pulling agentic AI?

是代理 AI 拉動核心，還是核心拉動代理 AI？

In our case, both are working for each other, which is truly a beautiful thing.

在我們的情況下，雙方都在為彼此工作，這確實是一件美好的事情。

If you look at customer workflows, they're performing extremely well, as I said that, and the industry workflows are the fastest growing in the company.

如果你看一下客戶工作流程，你會發現他們的表現非常好，正如我所說的那樣，行業工作流程是公司中成長最快的。

And in most cases, when you talk about CRM, you're personalizing that to an industry and a specific use case, which is perfect for us.

大多數情況下，當您談論 CRM 時，您會將其針對某個行業和特定用例進行個人化，這對我們來說是完美的。

And if you think about it, field service management, a really incredible quarter, large DoD agency, multinational imaging and electronics company, a European healthcare company, a semiconductor manufacturer air transportation, communications, and IT top energy.

如果你仔細想想，現場服務管理，一個真正令人難以置信的季度，大型國防部機構，跨國成像和電子公司，一家歐洲醫療保健公司，一家半導體製造商航空運輸、通信和 IT 頂級能源。

I mean, I can go on with the list.

我的意思是我還可以繼續列這個清單。

Suffice it to say this and I want you to register this carefully.

說到這裡就夠了，我希望你能認真地記錄下來。

We have the best CRM solution in the market.

我們擁有市場上最好的 CRM 解決方案。

CRM is not SFA.

CRM 不是 SFA。

CRM is how do I sell to you in every channel, how do I fulfill what I sold to you and how ultimately do I service you and we can do it on one platform.

CRM 是關於我如何在每個管道向您銷售產品、如何完成向您銷售的產品以及最終如何為您提供服務，我們可以在一個平台上完成所有這些。

And our unfair advantage in IT is we know all the assets, we know all the operations, we know all the customer stuff in the ServiceNow platform today.

我們在 IT 領域的不公平優勢在於我們了解所有資產、了解所有操作、了解當今 ServiceNow 平台上的所有客戶資料。

And now that we can sell fulfill and service on one platform, the world is standing up and taking notice.

現在，我們可以在一個平台上銷售配送和服務，世界開始關注並關注我們。

They have had it with literally, in some cases, big companies.

在某些情況下，他們確實對大公司感到厭倦。

They have hundreds of disparate implementations from different suppliers out there that are not integrated to begin with, but when they're not even on the same instance, can you imagine the chaos.

他們有來自不同供應商的數百種不同的實施方案，這些實施方案一開始就沒有集成，但是當它們甚至不在同一個實例上時，你可以想像到會有多混亂。

So this is extremely pleasing.

這真是令人高興。

We're going to run the table, and it's going to be a big, big thing.

我們要掌控局面，這將是一件大事。

And that's where we're seeing tremendous uptake in agentic AI.

這就是我們看到的代理人工智慧的巨大應用。

I want to tell you a story about ServiceNow because we drink our own champagne.

我想告訴你們一個關於 ServiceNow 的故事，因為我們喝自己的香檳。

Hear me out on this.

聽我說完。

We have AI agents servicing 85% of customer self-service in the company.

我們有人工智慧代理為公司 85% 的客戶自助服務。

We're automating 37% of our customer support case workflow through routing categorization and similarity detection.

我們透過路由分類和相似性檢測實現了 37% 的客戶支援案例工作流程自動化。

And agentic AI is transforming complex incident data into automated requests.

代理人工智慧正在將複雜的事件數據轉化為自動化請求。

It saved us 400,000 labor hours already.

它已經為我們節省了40萬工時。

And we have 80% case deflection in the last six months.

過去六個月中，我們的案件偏向率為 80%。

I'm not talking chatbots here.

我在這裡不是在談論聊天機器人。

We have them six years ago.

我們六年前就有了它們。

I'm talking agentic AI agents, and they're driving developer productivity by more than 20%.

我說的是代理 AI 代理，它們將開發人員的生產力提高了 20% 以上。

And here's the big thing on go-to-market, which I think a lot of people find interesting.

這是關於進入市場的大事，我想很多人都會對此感興趣。

The AI agents are helping to increase our prospect conversion rate by up to 16x, and that's because they can curate the best leads based on the heuristics of all the data sources and put the top ones in front of the rep so they could sell more.

人工智慧代理商幫助我們將潛在客戶轉換率提高了16 倍，這是因為他們可以根據所有資料來源的啟發式方法來挑選最佳潛在客戶，並將最優秀的潛在客戶放在銷售代表面前，以便他們可以銷售更多產品。

And I could just tell you like seeing things going 99% fast to the customers answer, and going from four-day response to eight seconds is something that a lot of customers are getting excited about.

我可以告訴你，看到客戶答覆速度以 99% 的速度加快，回應時間從四天縮短到八秒，這是很多客戶都興奮的事情。

So we have now on now here, a great team that does it.

所以我們現在有一支優秀的團隊來做這件事。

We did 8,500 now on now engagement with customers last year.

去年我們與客戶進行了 8,500 次互動。

It's estimated this year, we'll do 20,000.

我們預計今年我們會做2萬個。

And with regard to the employee, from recruiting, hiring, and onboarding to providing all the services, just think about combining all the functions of a company to serve the employee and everything on the mobile but you get to know them so well, you're actually pushing solutions to them.

對於員工而言，從招聘、聘用、入職到提供所有服務，想像一下將公司的所有功能結合起來為員工提供服務，一切都在移動設備上進行，但你對他們非常了解，你'正在向他們推行解決方案。

They don't have to ask for it.

他們不需要請求這一點。

But when they do ask for it, it's instantaneous.

但當他們提出要求時，它會立即得到滿足。

And this is freeing up 3 million hours of capability within ServiceNow.

這將釋放 ServiceNow 內部 300 萬小時的能力。

So literally, when Gina talks about -- we just did 200 basis points of op margin improvement we're thinking about more of the same because we run the whole company on ServiceNow.

因此，實際上，當吉娜談到——我們剛剛將營業利潤率提高了 200 個基點時，我們正在考慮更多相同的事情，因為我們在 ServiceNow 上經營整個公司。

And where we do have a system of record somewhere, it's literally, you have to go into the basement and take the elevator down like several floors to find it.

而且我們確實在某個地方有一個記錄系統，實際上，你必須去地下室，乘電梯下幾層樓才能找到它。

Nobody even knows.

根本沒人知道。

So this is a whole different way of approaching enterprise software.

這是一種完全不同的企業軟體處理方法。

Super exciting.

超級刺激。

Thank you, Bill.

謝謝你，比爾。

Thank you very much.

非常感謝。

I appreciate it.

我很感激。

Samad Samana, Jefferies.

薩瑪德·薩馬納（Samad Samana），傑富瑞（Jefferies）。

Hi, good evening, and thanks for taking my questions.

大家好，晚上好，感謝您回答我的問題。

Gina, I'll echo the congrats very well heard.

吉娜，我非常高興地向你表示祝賀。

Bill, maybe first a question for you.

比爾，我首先想問你一個問題。

Just you mentioned now a couple of times how the deflation in costs at the computing level will unlock budgets in the application layer and the platform where lease for ServiceNow.

您剛才提到過幾次，計算層面的成本下降將如何釋放應用層和 ServiceNow 租賃平台的預算。

I'm just curious if we've been getting feedback from either early customers or those that were in the pipeline that there is a budget constraint or a tough decision as being having to be made, and that's what's leading to that confidence in the unlock or is it more of just a high-level observation?

我只是好奇，我們是否從早期客戶或正在籌備中的客戶那裡得到了反饋，他們說存在預算限製或必須做出艱難的決定，而這正是導致對解鎖充滿信心的原因或者它僅僅是一種高層次的觀察？

Just maybe help us understand what gives you that confidence that those dollars will shift over?

也許能幫助我們理解一下，是什麼讓您有信心這些美元會轉移過來？

And have you already seen a change in the conversation?

您是否已經看到談話內容發生了變化？

I think the conversations are clearly -- and they have been for some time now. there's no magic ones here.

我認為對話很明確 — — 而且已經進行了一段時間了。這裡沒有魔法。

It's all -- you've got to work hard.

一切皆有可能——你必須努力工作。

And working hard means you know the industry, you have the best-in-class solution, you have a well-composed design thinking, business case.

努力工作意味著你了解產業，擁有一流的解決方案，擁有完善的設計思維和商業案例。

Is it desirable?

這是可取的嗎？

Is the dream there?

夢境在那兒嗎？

Is it feasible?

這可行嗎？

And meaning, can you do it in the right amount of time.

意思是，你能否在適當的時間內完成它。

And then ultimately, as a viable, does it have the return on investment that customers need to say, yes.

然後最終，作為一種可行的方案，它是否具有客戶所需的投資回報，答案是肯定的。

And you can't skip steps in this process.

並且您不能跳過此過程中的步驟。

You have to do it the right way.

你必須以正確的方式去做這件事。

But what agentic AI is it opens up a fundamental reinvention of the business model and how you can innovate entire corporations.

但代理人工智慧是什麼？

Just think about entire corporations rethinking what business they're in, what industry they're in, what offerings they can give to the customer, that's on the revenue side.

試想想整個公司都在重新思考他們所從事的業務、所處行業、可以向客戶提供什麼產品，這些都是從收入方面考慮的。

But on the finance side, why do I need to hire thousands people?

但從財務方面來看，我為什麼需要雇用數千人？

Why don't I just put these agents to work to complement the people I already have or perhaps as I attrit people I don't backfill them.

為什麼我不讓這些經紀人來補充我已有的人員呢？

I backfilled them with agents and my revenue per employee explodes through the roof.

我為他們配備了代理，每位員工帶來的收入激增。

So I got you on the margin and I got you on the growth.

所以我讓你處於邊緣，也讓你處於成長。

And that's why I am a guy that truly believes that this revolution is even greater than the Internet, it's even greater than the cloud and the iPhone moment with mobile business because it encompasses all of them.

這就是為什麼我堅信這場革命比網路更偉大，比雲端運算和 iPhone 行動業務更偉大，因為它涵蓋了所有這些。

And that's why it's a $20 trillion GDP movement between now and 2030 based on the business impact it has.

這就是為什麼從現在到 2030 年，根據其對商業的影響，它將帶來 20 兆美元的 GD​​ 成長。

It's a 1:5 ratio.

比例是1:5。

For every $1 wisely invested in AI, you'll get $5 on the other side.

每在人工智慧上明智地投資 1 美元，你就會獲得 5 美元的回報。

So it really does come down to proving that your tech is there, your understanding of the business is there.

所以，這其實就是要證明你的技術是存在的，你對業務的理解是存在的。

The value is there.

價值就在那裡。

And once that's clear, there's nothing standing in the way of a decision that says, let's go.

一旦明確了這一點，就沒有什麼可以阻擋我們做出「我們走吧」的決定了。

That's great.

那太棒了。

And Gina, maybe a follow-up for you.

吉娜 (Gina)，也許我可以跟進一下你的情況。

Just on I think there is already a consent development.

我認為目前已經出現了同意的發展。

I think early on in the proposed where if there's a certain amount of other tokens or coins associated.

我認為在早期提案中，如果有一定數量的其他代幣或硬幣相關。

What have you observed from the early cohorts of customers how many getting into a level where it required the consumptive element?

從早期的客戶群中您觀察到了什麼？

And maybe just help us think about how that will impact CRP or what goes into CRPO going forward?

也許只是幫助我們思考這將如何影響 CRP 或 CRPO 的未來發展？

So Samad, thank you for the question.

所以 Samad，謝謝你的提問。

What I'd say is that you're absolutely right.

我想說的是，你完全正確。

So our analysis already had a consumptive piece to it, right?

所以我們的分析已經包含了消費成分，對嗎？

You have deep base.

你的功底很深厚。

And then if you use more than what was anticipated, you would have to buy more tokens.

如果您使用的量超出預期，您就必須購買更多代幣。

Up till now, that extra token monetization has not been significant.

到目前為止，額外的代幣貨幣化效果還不顯著。

What we're talking about now is very similar in that the agentic capabilities that we're bringing out now, we're not making a new SKU.

我們現在談論的非常相似，因為我們現在推出的代理功能，我們並沒有製造新的 SKU。

It's going to be in the Now Assist.

它將出現在 Now Assist 中。

So those falling customers that have already bought it, have it automatically.

因此那些已經購買了它的客戶就會自動獲得它。

They get to use it.

他們可以使用它。

But once they start using the agentic for the assist, that's going to run the meter a lot faster.

但是一旦他們開始使用代理人進行協助，計量表的運行速度就會更快。

And so the expectation is that, again, the baseline subscription is required and necessary but the monetization of the hockey stick when those ages really get deployed and are really driving value when you're going to see that hockey stick of growth.

因此，預期是，再次強調，基本訂閱是必需的，但當這些年齡層的人真正得到部署並真正推動價值時，曲棍球棒的貨幣化就會出現，你會看到曲棍球棒式的增長。

So not very different than what we've been doing before.

與我們以前所做的沒有太大區別。

It's just now being applied to a agentic AI as well as the cord Now Assist.

現在它才剛被運用到代理 AI 以及線 Now Assist 中。

Does that make sense?

這樣有道理嗎？

Yeah.

是的。

And then, Amit is going to add something.

然後，阿米特 (Amit) 要添加一些內容。

Yeah.

是的。

I think with agentic, as I was mentioning earlier, the amount of tokens you require for a lot of this task because you're breaking the particular intent of the user into multiple pieces of the task and each of this requires a lot of work in the back end.

我認為，正如我之前提到的，使用 agentic 完成許多任務需要大量的 token，因為你將使用者的特定意圖分解為多個任務，而每個任務都需要大量的工作後端。

That's where this amount of assist you require just keeps on going up very, very fast.

這就是您所需要的援助數量持續快速增加的原因。

And this is where this idea that today, your subscription will have some amount of it and they keep on adding to it as they use more of it.

這就是這個想法，今天您的訂閱中將包含一定數量的 Snapshot，隨著他們使用的越來越多，他們將不斷添加 Snapshot。

So it makes it very easy for our sellers to go and talk about this thing.

因此我們的賣家可以很容易地談論這件事。

Customers start using.

顧客開始使用。

We have 1,000 per customer already using it.

我們每個客戶已經有 1,000 個在使用。

So it becomes a very easy scalable and win-win for both us and the customer.

因此，這對我們和客戶來說都是一個非常容易擴展和雙贏的過程。

Thanks, Samad.

謝謝，薩馬德。

Mike Cikos, Needham & Company.

麥克‧西科斯 (Mike Cikos)，Needham & Company。

Hey, guys.

嘿，大家好。

Thanks for taking the question here.

感謝您在此提出這個問題。

I just wanted to cycle back.

我只是想騎車回去。

I know in the press release and the prepared comments, you had cited this go-to-market optimization.

我知道在新聞稿和準備好的評論中，您提到了這個市場優化。

Can you just provide a little bit more color on that front as far as what ServiceNow has in store.

您能否就 ServiceNow 的計劃提供一些詳細資訊？

And I think, Gina, to the top of the Q&A with Kash's question on impact from consumption or federal, but do the go-to-market optimizations in any way, play a role in your guidance philosophy here as well?

吉娜，我認為，在問答環節中，卡什提出了關於消費或聯邦影響的問題，但以某種方式進行的市場優化是否也在您的指導理念中發揮了作用？

Yeah.

是的。

I think it's very important that you understand that we are building strength on strength.

我認為，讓你了解我們正在增強實力，這一點非常重要。

We still have everything just as it was in the fundamental business model of ServiceNow.

我們仍然擁有 ServiceNow 基本業務模型中的一切。

The subscription-based pricing, the focus on industry-specific solutions, packaged and target for personas across an enterprise, on the best platform in the business.

基於訂閱的定價，專注於特定行業的解決方案，在最佳的業務平台上打包並針對整個企業的角色。

That's where we are the control tower for AI transformation.

這就是我們人工智慧轉型的控制塔。

In addition, we have brought about RaptorDB, which is an incredible database.

此外，我們還帶來了 RaptorDB，這是一個令人難以置信的資料庫。

Based on postgrads QL, open-source standards, we acquired a company called Swarm64.

基於 postgrads QL 開源標準，我們收購了一家名為 Swarm64 的公司。

We got the best database watchmakers in the world to put some secret sauce into making that a ServiceNow sensation.

我們聘請了世界上最好的資料庫製造者來製定秘訣，使 ServiceNow 成為轟動一時的產品。

On top of that, we have the connectors into all the other major data sources in the world from the hyperscalers to Oracle, all the way through to Snowflake and Databricks where we'll be able to use that data and the automation of work.

最重要的是，我們擁有與世界上所有其他主要資料來源的連接器，從超大規模資料中心到 Oracle，一直到 Snowflake 和 Databricks，我們可以在其中使用這些資料並實現工作自動化。

That is yet a net new business for ServiceNow.

這對 ServiceNow 來說又是一項新業務。

It also happens to be a $250 billion TAM, and we're in the early innings, but we love what we're seeing.

它也恰好是 2500 億美元的 TAM，而且我們尚處於初期階段，但我們對所看到的結果感到滿意。

And on top of all this, we have this beautiful platform that has been enabled with what we call Now Assist, which is our agentic AI portfolio.

除此之外，我們還有這個美麗的平台，它啟用了我們所謂的 Now Assist，這是我們的代理 AI 產品組合。

So when you as a customer, procure our Pro Plus version of the platform that you've grown to love.

因此，當您作為客戶時，請購買您喜愛的平台的 Pro Plus 版本。

You now are going to get these agentic AI agents with that platform.

您現在將透過該平台獲得這些代理 AI 代理。

We will also give you some ability to look at thousands of different things you can do with it.

我們還將為您提供一些能力，讓您了解可以用它做的數千種不同的事情。

That's included in that subscription price.

這已包含在訂閱價格中。

But as you do more and more with it and more and more with our agentic AI agents, a meter kicks in, and we make more money on top of the core.

但隨著你用它做的事情越來越多，用我們的代理AI 代理做的事情越來越多，計量表就開始發揮作用，我們就能在這個核心上賺到更多的錢。

And the customer gets tremendous return on their investment because now instead of people doing all this stuff, they have their agents working for them, and they wouldn't do it if it wasn't a great business case anyway.

而客戶則獲得了巨大的投資回報，因為現在不再需要人工來做所有這些事情，而是自己的代理商為他們工作，如果不是很好的商業案例，他們也不會這麼做。

And the consumption is smart because if you're using it, you're doing it and you're getting value from it.

而且這種消費是明智的，因為如果你在使用它，你就在做這件事，並且你能從中獲得價值。

So now we're all on the same value page.

所以現在我們都有了相同的價值觀。

So that's that.

就是這樣。

So we still are going to market with Paul Smith, who runs our global field.

因此，我們仍將與負責我們全球業務的 Paul Smith 一起進行行銷。

He also became a President, congratulations to Paul.

他也成為了總統，祝賀保羅。

And we have a gentleman that is named Paul Fipps, that is running the regions to give more bandwidth to the executional excellence of running the number every quarter. even as we build out new dreams in harmony with Amit and Paul to invent the $30 billion version of ServiceNow.

我們有一位名叫保羅·菲普斯 (Paul Fipps) 的先生，他負責管理各個地區，為每季度運行數據的執行提供更多頻寬。即使我們與阿米特和保羅和諧相處，創造價值 300 億美元的 ServiceNow 版本，我們也在建立新的夢想。

And so what I'm really super happy about is we're not just focused on big enterprises.

因此，讓我真正高興的是，我們不僅僅關注大型企業。

We have a great commercial business.

我們擁有出色的商業業務。

And we also have a great direct-to-consumer business that we're building out because we're very happy with $50,000, $150,000, $200,000 deals on top of these $100 million.

我們還擁有一項正在大力發展的直接面向消費者的業務，因為除了這 1 億美元之外，我們對 5 萬美元、15 萬美元、20 萬美元的交易感到非常滿意。

And we want both high value and high volume.

我們既想要高價值，又想要高銷售量。

And when we put this all together, you're dealing with a company that's performing at the Rule of 54.

當我們把所有這些放在一起時，您會發現您正在與遵守 54 規則的公司打交道。

You're dealing with a company that's blown through $10 billion on its way to $15 billion-plus by 2026 that has a bold ambition for $30 billion plus going forward, but I would say a great management team.

你正在與一家已經耗費100 億美元、計劃到2026 年實現150 億美元以上的公司打交道，並且該公司還雄心勃勃地計劃在未來實現300 億美元以上的目標，但我想說的是，它的管理團隊非常優秀。

And that's all part of the go-to-market incidental because no grass has grown underneath our feet.

而這都是進入市場的偶然事件，因為我們的腳下還沒有長出草。

We're not measured by how many emails we got done in the office.

我們的價值衡量標準並不是辦公室處理了多少封電子郵件。

We could do them in the back of a call on our way to a customer meeting.

我們可以在去見客戶途中，在通話過程中完成這些工作。

So we brought in the best engineers engineer and the great leadership of Amit and who incidentally is also our Chief Operating Officer, in addition to being the President and lead of all of our engineering efforts, and he is an expert in product packaging and pricing.

因此，我們聘請了最優秀的工程師和阿米特(Amit) 的出色領導，他也是我們的首席營運官，除了擔任總裁和所有工程工作的負責人之外，他還是產品包裝和定價方面的專家。

So that interplay with our innovation and go-to-market has never been sharper than it is right now.

因此，我們創新與行銷之間的相互作用從未像現在這樣密切。

So that's kind of an outline of what's going on, and we're putting agentic AI to work in all these processes.

這就是正在發生的事情的概要，我們正在將代理 AI 應用於所有這些過程中。

I'll give you an example.

我給你舉個例子。

We just did a sales kickoff meeting in Vegas.

我們剛剛在拉斯維加斯舉行了銷售啟動會議。

We had about 8,000 of our closest friends there.

我們最親密的朋友大約有8000人在那裡。

And we showed them how AI is going to do their territory management for them.

我們向他們展示了人工智慧如何為他們進行領土管理。

So they'll take all the use cases, all the data that exists already and they'll compile their road map of first things first with their customer relationships all the way down to here's the solution.

因此，他們會考慮所有的用例、所有已經存在的數據，並編制他們的路線圖，首先考慮他們的客戶關係，直到找到解決方案。

He is the best-in-class offering and he is the customer you need to take it to.

他是同類產品中最好的，也是您需要服務的客戶。

That's cutting out so much of the busy work that the sales professionals are super excited.

這大大減少了銷售專業人員的繁忙工作，令他們非常興奮。

And that's true of all position types in the company.

這對於公司裡的所有職位類型都是如此。

Does that help you?

這對你有幫助嗎？

It does, Bill.

確實如此，比爾。

My pleasure.

我的榮幸。

Thank you.

謝謝。

And Mike, just from the -- your specific question on guidance philosophy, of course, everything we're talking about is factored into our guidance. top to bottom, east to west and north to south, all of these impacts and thoughts are very thoughtfully put into our guide.

麥克，就您對指導理念的具體問題而言，當然，我們所討論的一切都會被納入我們的指導之中。從上到下、從東到西、從北到南，所有這些影響和想法都非常周到地融入了我們的指南中。

So very specific answer to that question for you.

所以對於你這個問題的答案非常具體。

Excellent.

出色的。

Thanks for closing the loop there, Gina.

感謝你完成了這個循環，吉娜。

Thank you.

謝謝。

Absolutely, Mike.

當然，麥克。

Thank you.

謝謝。

Derrick Wood, TD Cowen.

德里克·伍德（Derrick Wood），TD Cowen。

Great.

偉大的。

Thanks for squeezing me in.

謝謝你擠進我。

I guess, keeping on the same theme, Gina, I just want to unpack your comments around foregoing new subscription revenue for basically incremental consumption of agents, but it will take time to build up on the consumption side.

我想，吉娜，繼續討論同一個主題，我只是想解釋一下你關於放棄新的訂閱收入而基本上增加代理商的消費的評論，但在消費方面建立起來需要時間。

Is the message here that you expect some kind of near-term headwinds in seat growth as more workloads are being pushed to agents and that it just takes time to start really moving the needle on the consumption side.

這裡的意思是，您預期座位數成長在短期內會遇到一些阻力，因為越來越多的工作量被推給代理商，而且消費方面真正開始起步需要時間。

And if that's the case, just how long do you think this will take for this new hybrid pricing model to be net accretive versus kind of your previous Pro Plus sales motions?

如果是這樣的話，您認為這種新的混合定價模式需要多長時間才能與您先前的 Pro Plus 銷售動議相比實現淨增值？

Yeah.

是的。

So Derrick, thanks for the question.

所以，德里克，謝謝你的提問。

Just very, very clearly, not foregoing new subscription revenue.

非常非常清楚的是，我們不會放棄新的訂閱收入。

At the end of the day, Now Assist continues to grow extremely well.

最終，Now Assist 繼續保持著良好的成長勢頭。

We talked about 150% growth quarter-on-quarter, fastest new growing product launch of our history, and we absolutely expect that to continue to grow.

我們談到了季度環比增長 150%，這是我們歷史上增長最快的新產品發布，我們絕對預計這一增長會繼續增長。

The agentic AI hockey stick of value is going to take some time as customers start to use it.

隨著客戶開始使用代理 AI 曲棍球棒，其價值還需要一些時間。

And so we're absolutely not foregoing.

因此我們絕對不會放棄。

We're continuing to have strong subscription revenue growth, 20% constant currency at our scale at $12.675 billion never been seen before.

我們的訂閱收入持續保持強勁成長，以固定匯率計算成長 20%，達到 126.75 億美元，這是前所未有的。

And on top of that, you will get the hockey stick of a agentic AI multiple growth in as customers really start to get value in it.

最重要的是，隨著客戶真正開始從中獲得價值，您將獲得代理 AI 的曲棍球棒倍數成長。

So it's an and not an or, and I want to make sure that, that's clear outside the gate.

因此，這是一個“與”而不是“或”的問題，我想確保這一點在門外就很清楚。

And may I just say one thing, Derrick, to build on what Gina said, and I Amit covered this earlier, but I don't blame you for asking questions because one thing I want to make sure everybody understands, if we didn't have any consumption attribute to the pricing model, everything stayed the same.

德瑞克，我能否再說一件事，以補充吉娜所說的內容，阿米特之前也提到了這一點，但我不會責怪你提問，因為有一件事我想確保每個人都明白，如果我們沒有對定價模型有任何消費屬性，一切保持不變。

You still have to subscribe to the Now Assist portfolio, and that is the same subscription model we have today.

您仍然需要訂閱 Now Assist 產品組合，這與我們今天的訂閱模式相同。

The nuance here is we've actually added what I would call an accelerator to the consumption idea because my idea really is that they'll buy more subscription because they're actually getting the agents included in it.

這裡的細微差別是，我們實際上在消費理念中添加了我所說的加速器，因為我的想法實際上是他們會購買更多的訂閱，因為他們實際上將代理商納入其中。

And then as they consume that subscription, and I met very nicely said, they will quickly because they're going to get so much value from it, we actually then kick in an accelerator or a turbocharger to the existing business model.

然後，當他們使用該訂閱時，我會很好地回答他們，他們會很快使用，因為他們將從中獲得很多價值，我們實際上會為現有的商業模式啟動加速器或渦輪增壓器。

We still have the existing business model easily as it is.

我們仍然可以輕易地保留現有的商業模式。

And someone asked a great question, it could be that knowing with the Now Assist portfolio and the speed of our innovation, they get the agents for the subscription, that might actually significantly increase the subscription.

有人問了一個很好的問題，可能是因為了解 Now Assist 的產品組合和我們的創新速度，他們可以獲得訂閱的代理商，這實際上可能會顯著增加訂閱量。

We just got to let it play out.

我們只需讓它順利進行即可。

But in any case, once they start consuming those agents and those processes are being done by the agents and those assists are happening at mass scale.

但無論如何，一旦他們開始使用這些代理，這些過程就會由代理完成，而這些協助就會大規模發生。

From an investor standpoint, you're going to really like ServiceNow a lot more.

從投資者的角度來看，您會更喜歡 ServiceNow。

Okay.

好的。

So yeah, it sounds like you're really building up a springboard that's net new that the hockey stick hopefully around the corner.

是的，聽起來你確實在建立一個全新的跳板，希望曲棍球棒就在眼前。

That's clear.

這很清楚。

Thank you.

謝謝。

Thank you, Derrick.

謝謝你，德里克。

And ladies and gentlemen, this concludes today's call, and we thank you for your participation.

女士們、先生們，今天的電話會議到此結束，感謝你們的參與。

You may now disconnect.

您現在可以斷開連線。