ServiceNow Inc (NOW) 2025 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by. My name is Krista, and I will be your conference operator today. At this time, I would like to welcome everyone to the ServiceNow first-quarter 2025 earnings conference call. (Operator Instructions)

女士們、先生們，感謝你們的支持。我叫克里斯塔，今天我將擔任您的會議主持人。現在，我歡迎大家參加 ServiceNow 2025 年第一季財報電話會議。（操作員指示）

Thank you. And I would now like to turn the conference over to Darren Yip, Senior Vice President of Investor Relations and Market Insight. Darren, you may begin.

謝謝。現在我想將會議交給投資者關係和市場洞察高級副總裁 Darren Yip。達倫，你可以開始了。

Good afternoon, and thank you for joining ServiceNow's first-quarter 2025 earnings conference call. Joining me are Bill McDermott, Chairman and Chief Executive Officer; Gina Mastantuono, our President and Chief Financial Officer; and Amit Zavery, President, Chief Product Officer, and Chief Operating Officer. During today's call, we will review our first-quarter 2025 results and discuss our guidance for the second-quarter and full-year 2025.

下午好，感謝您參加 ServiceNow 2025 年第一季財報電話會議。與我一起出席的還有董事長兼執行長比爾‧麥克德莫特 (Bill McDermott)；我們的總裁兼財務長 Gina Mastantuono；以及總裁、首席產品長兼營運長 Amit Zavery。在今天的電話會議中，我們將回顧 2025 年第一季的業績，並討論 2025 年第二季和全年的指導。

Before we get started, we want to emphasize that the information discussed on this call, including our guidance, is based on information as of today and contains forward-looking statements that involve risks, uncertainties, and assumptions. We undertake no duty or obligation to update such statements as a result of new information or future events.

在開始之前，我們想強調的是，本次電話會議中討論的信息（包括我們的指導）均基於截至今天的信息，並包含涉及風險、不確定性和假設的前瞻性陳述。我們不承擔因新資訊或未來事件而更新此類聲明的責任或義務。

Please refer to today's earnings press release and our SEC filings, including our most recent 10-Q and 10-K for factors that may cause actual results to differ materially from our forward-looking statements. We would also like to point out that we present non-GAAP measures in addition to and not a substitute for financial measures calculated in accordance with GAAP. Unless otherwise noted, all financial measures and related growth rates we discuss today are non-GAAP, except for revenues, remaining performance obligations or RPO, current RPO, and cash and investments.

請參閱今天的收益新聞稿和我們向美國證券交易委員會提交的文件，包括我們最新的 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。我們還想指出，我們提供的非 GAAP 指標是根據 GAAP 計算的財務指標的補充，而不是替代方案。除非另有說明，我們今天討論的所有財務指標和相關成長率均為非 GAAP，但收入、剩餘履約義務或 RPO、當前 RPO 以及現金和投資除外。

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

要了解這些非 GAAP 和 GAAP 指標之間的對帳情況，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。今天的通話重播將發佈在我們的網站上。

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

說完這些，我就把電話轉給比爾。

Thank you, Darren, and thank you, everyone, for joining today's call. A privileged platform has a privileged position in the enterprise.

謝謝達倫，也謝謝大家參加今天的電話會議。特權平台在企業中享有特權地位。

Let's start with ServiceNow's Q1 results. This was our biggest Q1 ever for net new ACV. Subscription revenue grew 20% year on year in constant currency, slightly above the high end of our guidance range. CRPO grew 22% year on year in constant currency, a stunning 150 basis points above our guidance. Operating margin was 31%, approximately 100 basis points above our guidance. Free cash flow margin was 48%, putting us once again significantly above the rule of 50 for the quarter.

讓我們從 ServiceNow 的第一季業績開始。這是我們有史以來第一季淨新增 ACV 最高的一次。以固定匯率計算，訂閱收入年增 20%，略高於我們預期範圍的高端。以固定匯率計算，CRPO 年增 22%，比我們的預期高出 150 個基點。營業利益率為 31%，比我們的預期高出約 100 個基點。自由現金流利潤率為 48%，使我們本季的利潤率再次大幅高於 50 法則。

We had 72 deals greater than a million in net new ACV, up from 63 a year ago. Of these large deals, nine were greater than $5 million in net new ACV. We crossed the 500-plus customers building greater than $5 million in ACV milestone, up from 425 a year ago.

我們有 72 筆淨新 ACV 超過 100 萬美元的交易，比一年前增加了 63 筆。在這些大型交易中，有九筆交易的淨新 ACV 超過 500 萬美元。我們已擁有超過 500 位客戶，平均年收入超過 500 萬美元，而去年同期只有 425 位。

Our remaining performance obligation is now $22 billion growing 25.5% year over year. We saw strength across the full ServiceNow Solutions portfolio. Technology workflows had 36 deals over $1 million, including two over $5 million.

我們剩餘的履約義務現在為 220 億美元，年增 25.5%。我們看到了整個 ServiceNow Solutions 產品組合的優勢。技術工作流程中有 36 筆交易價值超過 100 萬美元，其中兩筆價值超過 500 萬美元。

All segments ITSM, ITOM, ITAM, security, and risks were in more than one-half of our top 20 deals. CRM and industry workflows continued its momentum in 16 of our top 20 deals with 9 deals that were over $1 million. Core business workflows, which is employee, finance, and supply chain solutions, were in half of the top 20 deals with eight deals over $1 million. Creator workflows were in all top 20 deals.

在我們前 20 筆交易中，超過一半涉及 ITSM、ITOM、ITAM、安全性和風險領域。在我們排名前 20 的交易中，有 16 筆交易繼續保持 CRM 和行業工作流程的強勁勢頭，其中 9 筆交易的金額超過 100 萬美元。核心業務工作流程（即員工、財務和供應鏈解決方案）佔據了前 20 筆交易的一半，其中 8 筆交易的金額超過 100 萬美元。創作者工作流程出現在所有前 20 筆交易中。

Q1 was another substantial acceleration for ServiceNow AI. The number of Pro Plus deals more than quadrupled year over year, including 39 deals with 3 or more Now Assist products. Average ACV deal sizes grew by one-third quarter over quarter, as Pro Plus products were included in 15 of our top 20 deals.

Q1 是 ServiceNow AI 的另一個實質加速。Pro Plus 交易數量比去年同期增加了四倍多，其中包括 39 筆涉及 3 種或更多 Now Assist 產品的交易。由於 Pro Plus 產品被納入我們前 20 筆交易中的 15 筆，因此平均 ACV 交易規模比上一季增加了三分之一。

Our next-generation database for the AI world, RaptorDB, saw a net new ACV acceleration quarter on quarter with five deals over $1 million.

我們針對人工智慧領域的下一代資料庫 RaptorDB 的淨新增 ACV 環比加速成長，其中 5 筆交易價值超過 100 萬美元。

What you see in this print is a high-performing company with growing strategic relevance and bedrock strength customer relationships. We are leading the AI race because we ourselves are running it. You're all very familiar with ServiceNow Now on Now. The ServiceNow team is raising the bar by innovating on our own platform, taking an end-to-end agentic AI-first approach to running our business. We see this in a 16x improvement from lead-to-sale conversion and an over 86% deflection of the whole crushing work people used to do themselves. We're incredibly proud that this business is firing on all cylinders.

您在這張印刷品中看到的是一家高績效公司，其策略相關性不斷增強，客戶關係也更加穩固。我們之所以在人工智慧競賽中處於領先地位，是因為我們自己在主導這場競賽。大家對 ServiceNow Now on Now 都非常熟悉。ServiceNow 團隊透過在我們自己的平台上進行創新來提高標準，採用端到端代理 AI 優先的方法來經營我們的業務。我們看到，銷售線索到銷售的轉換率提高了 16 倍，過去人們自己做的繁重工作減少了 86% 以上。我們為這項業務的順利發展感到無比自豪。

Now, on what ServiceNow will deliver moving forward. As Gina will share with you, we've raised the guide. While it's true there are some knowns out there, this is far from the first macro disruption we have encountered. Ambition and prudence are not mutually exclusive concepts. You don't build a defining company by surrendering to uncertainty. You do it by seeing challenges as opportunities. We have zero interest in anything less than outperforming like ServiceNow has always done.

現在，讓我們來談談 ServiceNow 未來將提供哪些服務。正如吉娜將與您分享的那樣，我們已經提出了指南。雖然確實存在一些已知因素，但這遠非我們遇到的第一次宏觀中斷。雄心和謹慎並不是互相排斥的概念。你不能透過向不確定性屈服來建立一家具有決定性意義的公司。您可以透過將挑戰視為機會來做到這一點。我們對任何不如 ServiceNow 一直以來表現出色的事情都毫無興趣。

Here's what we know. Strong demand for ServiceNow's AI platform for business transformation is gaining momentum, as evidenced by our healthy pipeline. Our AI summit attendance and digital demand signals are extremely positive. In two weeks, we will have the biggest knowledge in ServiceNow's history, with attendance and sponsorship revenue at all-time highs. This is all because ServiceNow has transcended digital transformation. We are driving business transformation.

以下是我們所知道的。我們健康的管道就證明了對 ServiceNow 業務轉型 AI 平台的強勁需求正在增強。我們的人工智慧高峰會出席率和數位需求訊號非常正面。兩週後，我們將獲得 ServiceNow 史上最大的知識，出席人數和贊助收入將達到歷史最高水準。這一切都是因為 ServiceNow 已經超越了數位轉型。我們正在推動業務轉型。

Yes, CEOs are mindful that the global economy is in a fluid state. No, they are not standing still. In all industry, we see a renewed focus on cost takeout by rooting out inefficiencies, modernizing outdated tech stacks, and restoring an integrated enterprise. ServiceNow has never been more relevant, given our alignment to these precise business priorities, the unmatched speed to value from deployment that our technology delivers. We are built for this moment.

是的，執行長們意識到全球經濟正處於不穩定的狀態。不，他們沒有停滯不前。在所有行業中，我們都看到人們重新專注於成本削減，透過消除低效率、更新過時的技術堆疊以及恢復整合企業。鑑於我們與這些精確的業務重點保持一致，以及我們的技術提供的無與倫比的部署價值速度，ServiceNow 從未像現在這樣重要。我們是為了這一刻而生的。

On the topic of tariffs and trade negotiations, the voice of the customer is the only guide that matters. I met with the CEO of a US auto manufacturer who is laser focused on increasing competitiveness in the face of tariffs. They don't adapt their global supplier network fast enough, the costs will increase by up to $10,000 a vehicle. Unlike past disruptions in the global markets, supply chain AI agents now reconfigure business rules in real time. Businesses reduce dependency on high tariff regions by reprioritizing Tier 2 and 3 suppliers while activating the certification of new vendors. This same conversation is happening across all industries as CEOs navigate this terrain.

在關稅和貿易談判問題上，客戶的聲音是唯一重要的指導。我會見了一位美國汽車製造商的首席執行官，他正全神貫注於在關稅面前提高競爭力。他們沒有足夠快地調整其全球供應商網絡，每輛車的成本將增加高達 10,000 美元。與過去全球市場的混亂不同，供應鏈人工智慧代理現在可以即時重新配置業務規則。企業透過重新確定二級和三級供應商的優先順序，同時啟動新供應商的認證，減少對高關稅地區的依賴。當執行長們探索這一領域時，所有行業都在進行同樣的對話。

With regard to the public sector, let me be clear. We had a great Q1 because ServiceNow's strategy is rooted in government automation and modernization. This is being championed by the Trump administration with local leaders and national governments around the world following suit.

關於公共部門，讓我明確一點。我們的第一季表現非常出色，因為 ServiceNow 的策略植根於政府自動化和現代化。川普政府大力倡導這項舉措，世界各國的地方領導人和國家政府也紛紛效法。

In Q1, US public sector grew by over 30% year on year, with six new logos, including one in US federal. We had 11 federal deals over $1 million, up from 80 years ago, including two that were over $5 million.

第一季度，美國公共部門年增超過30%，共有6個新標識，其中包括美國聯邦政府的一個。與 80 年前相比，我們有 11 項超過 100 萬美元的聯邦交易，其中兩項超過 500 萬美元。

Our Fed forum in February was a tremendous success. We had 1,700 federal and public sector customers, prospects, and partners, including 40 new logos. By the way, that great turnout was on the day of a major Northeast snowstorm. One agency is using ServiceNow AI agents to automate contract reviews, streamline approvals, and lower operational costs.

我們二月的聯準會論壇取得了巨大成功。我們擁有 1,700 個聯邦和公共部門客戶、潛在客戶和合作夥伴，其中包括 40 個新標誌。順便說一句，這次大規模的投票恰逢東北地區遭遇大風雪的那一天。一家機構正在使用 ServiceNow AI 代理程式來自動化合約審查、簡化批准並降低營運成本。

We're seeing this transformation play out across government as leaders act on the administration's call to modernize operations and return savings to the American people. Moving forward, we will continue our productive discussions with senior administration and those officials.

隨著政府領導人響應政府號召，實現營運現代化，並將節省下來的資金返還給美國人民，我們看到這種轉變正在政府的各個部門展開。展望未來，我們將繼續與高層政府和官員進行富有成效的討論。

The engagement has been very positive as we have a shared ambition to transform government and the way it interacts with citizens. The common thread is that ServiceNow is set up for sustainable growth as the market's leading enterprise AI platform.

由於我們有著共同的願望，即改變政府及其與公民的互動方式，因此這種合作非常積極。共同點是，ServiceNow 致力於成為市場領先的企業 AI 平台，實現永續成長。

There are many intentional reasons this is the case. The biggest is net new innovation. Winning companies anticipate disruption by building additional growth ends. ServiceNow has consistently expanded its addressable market over time from IT to employee experience, CRM, procurement, supply chain, and most recently entering the data space with RaptorDB and Workflow Data Fabric.

造成這種情況的原因有很多。最大的是淨新創新。成功的公司透過建立額外的成長點來預測顛覆。ServiceNow 一直在不斷擴展其目標市場，從 IT 到員工體驗、CRM、採購、供應鏈，最近又透過 RaptorDB 和 Workflow Data Fabric 進入資料領域。

One of the biggest growth areas ever is the enterprise AI market. Gartner describes this trend as the start of the intelligence super cycle, which is expected to run for at least the next 10 years, so we're only in the early days, and a lot of companies are hearing agentic AI pitches right now.

有史以來最大的成長領域之一是企業人工智慧市場。Gartner 將這一趨勢描述為智慧超級週期的開始，預計至少會持續未來 10 年，所以我們才處於早期階段，許多公司現在都在聽代理商 AI 的宣傳。

And what sets ServiceNow apart is simple: our platform. We integrate across the entire tech stack, ERP, CRM, HCM, bringing all that data into a single model. Further from there, we elevate into the workflow layer transforming data into actionable insights. Then we move into the AI layer, not just automation, but true AI agents executing real tasks in parallel to drive outcomes.

ServiceNow 的與眾不同之處很簡單：我們的平台。我們整合整個技術堆疊、ERP、CRM、HCM，將所有資料整合到一個模型中。進一步，我們提升到工作流程層，將資料轉化為可操作的見解。然後我們進入人工智慧層，不僅僅是自動化，還有真正的人工智慧代理並行執行真實任務以推動結果。

When that clicks for customers, they get it. They want to run their business from our platform. That's why Now Assist performance surged once again in Q1. That's why the software industrial complex is converging on ServiceNow as the AI operating system for the enterprise.

當客戶點擊了該按鈕後，他們就明白了。他們希望透過我們的平台來經營他們的業務。這就是為什麼 Now Assist 的業績在第一季再次飆升的原因。這就是為什麼軟體工業綜合體將 ServiceNow 作為企業的 AI 作業系統。

From this position of unrivaled strength, we announced the intent to acquire Moveworks. When completed, Moveworks user-centric product, combined with ServiceNow's complimentary AI-driven workflow automation, will augment employee self-service, driving significant cost savings and increases to overall employee productivity. This is going to bring together both requesters, where Moveworks excels, and fulfillers, ServiceNow's bread and butter, at an unprecedented scale. This will also expand ServiceNow's enterprise search capabilities, a whole new product category, unlocking even more TAM for the company.

憑藉這一無與倫比的實力，我們宣布了收購 Moveworks 的意向。完成後，Moveworks 以使用者為中心的產品與 ServiceNow 的免費 AI 驅動工作流程自動化相結合，將增強員工自助服務，大幅節省成本並提高整體員工生產力。這將以前所未有的規模將請求者（Moveworks 的優勢）和履行者（ServiceNow 的支柱）聚集在一起。這也將擴展 ServiceNow 的企業搜尋功能，形成一個全新的產品類別，為公司釋放更多的 TAM。

Another growth engine is our CRM expansion. The announcement of a deal to acquire Logik.ai, a company with a modern AI configure price-and-quote solution, which will accelerate ServiceNow's CRM momentum in sales and order management. ServiceNow CRM and industry workflows already ServiceNow's fastest growing business, plus Logik.ai's best-in-class capabilities for AI powered selling will drive net new levels of performance in sales and commerce for our customers. This will be a natural step forward in ServiceNow CRM strategy building on our core strengths of connecting functional teams and powering simple, efficient workloads. Configure, price, sell, fulfill, service on one fully integrated architecture with native built AI agents to take automation to the next level.

另一個成長引擎是我們的 CRM 擴充。宣布收購 Logik.ai 的交易，這是一家擁有現代 AI 配置價格和報價解決方案的公司，這將加速 ServiceNow 在銷售和訂單管理方面的 CRM 發展勢頭。ServiceNow CRM 和產業工作流程已經是 ServiceNow 成長最快的業務，再加上 Logik.ai 一流的 AI 驅動銷售能力，將為我們的客戶帶來銷售和商業方面的全新績效水準。這將是 ServiceNow CRM 策略向前邁出的自然一步，該策略以我們連接職能團隊和支援簡單、高效的工作負載的核心優勢為基礎。在一個完全整合的架構上進行配置、定價、銷售、履行、服務，並採用原生構建的 AI 代理，將自動化提升到一個新的水平。

There's not a day that passes when we don't hear from customers who are dissatisfied with the status quo. For a long time I've been saying no one has to lose for us to win. Our customers have now adjusted me. They want someone else to lose so they can continue to invest more in ServiceNow.

我們每天都會聽到客戶對現況不滿的聲音。長期以來，我一直在說，只要有人輸了，我們就能贏。我們的客戶現在已經調整了我。他們希望其他人遭受損失，這樣他們就可以繼續在 ServiceNow 上投入更多資金。

We could take up the entire call with updates on ServiceNow's innovation Velocity. Here's the bottom line. We have the raw materials to keep winning. We also have the right team to win.

我們可以在整個通話中介紹 ServiceNow 的創新速度的最新情況。底線如下。我們擁有繼續獲勝的原料。我們也擁有一支能夠贏得勝利的優秀隊伍。

Paul Fipps, our new President of Global Customer Operations, whose promotion was announced earlier today, has a distinguished track record as a US military veteran who served in the 82nd Airborne, as well as sea-level technology leadership roles for great global brands. Since joining ServiceNow in 2021, he has become one of our most successful executives, leading our largest marquee customer relationships. We most recently elevated him to oversee global sales in Q1 as an on-ramp to today's announcement. Obviously, he's off to a terrific start.

我們新任全球客戶營運總裁保羅·菲普斯 (Paul Fipps) 的晉升消息於今天早些時候宣布，他曾是一名美國退伍軍人，曾在第 82 空降師服役，擁有傑出的履歷，並在全球知名品牌中擔任過海平面技術領導職務。自 2021 年加入 ServiceNow 以來，他已成為我們最成功的主管之一，領導著我們最大的重要客戶關係。我們最近提拔他負責第一季的全球銷售，作為今天宣布的消息的契機。顯然，他已經有了一個很好的開始。

I'd also like to warmly congratulate Paul Smith for a consequential five-year run at ServiceNow. I'm proud of how he scaled our global grow to market organization, and together, we built a world-class team and methodically nurtured the right leaders to take us to 2030 and beyond. Paul has designed a seamless transition and will remain a special adviser to me and the team in the months ahead to ensure zero disruption. And moving forward, we'll stay totally focused on elite level execution, which has shaped us into the differentiated, profitable, fast-growth company we are today.

我還要熱烈祝賀保羅史密斯 (Paul Smith) 在 ServiceNow 任職五年並取得巨大成功。我為他如何擴大我們的全球成長型市場組織而感到自豪，我們共同打造了一支世界一流的團隊，並有條不紊地培養了合適的領導者，帶領我們走向 2030 年及以後。保羅設計了一個無縫過渡，並將在未來幾個月繼續擔任我和團隊的特別顧問，以確保零中斷。展望未來，我們將繼續全力專注於精英級別的執行，這使我們成為今天這樣一家差異化、盈利能力強、快速成長的公司。

In closing, the platinum benchmark in enterprise technology is the customer story. That's why we went for the world works with ServiceNow because we knew the customer had to be the hero of our brand. When I look at our great Q1, I see so many inspiring examples. One is Aptiv, a global technology company that has been at the forefront of innovation across automotive, telecommunications, industrial, aerospace, and defense, among other sectors.

最後，企業科技的白金基準是顧客故事。這就是我們選擇與 ServiceNow 合作的原因，因為我們知道客戶必須成為我們品牌的英雄。當我回顧我們出色的第一季業績時，我看到了許多鼓舞人心的例子。其中之一就是安波福 (Aptiv)，一家全球科技公司，在汽車、電信、工業、航空航太和國防等領域一直處於創新前沿。

Aptiv and their great CEO, Kevin Clark, made a bold move in Q1 to expand their use of ServiceNow to drive cost takeout and improve productivity. Aptiv and Wind River, they'll also enter into a strategic partnership with us to build joint AI solutions for the industries where we have clear permission to win together.

Aptiv 及其出色的執行長 Kevin Clark 在第一季採取了大膽舉措，擴大了 ServiceNow 的使用範圍，以降低成本並提高生產力。Aptiv 和 Wind River 也將與我們建立策略合作夥伴關係，為我們有明確合作機會的產業建立聯合人工智慧解決方案。

Another example is our landmark five-year collaboration with Vodafone. This business will usher in the next era of AI powered service for millions of business users. ServiceNow and Devoteam are partnering to transform CRM for businesses in Europe and the Middle East.

另一個例子是我們與沃達豐具有里程碑意義的五年合作。這項業務將為數百萬商業用戶開啟人工智慧服務的新時代。ServiceNow 和 Devoteam 正在合作為歐洲和中東的企業轉變 CRM。

When companies are not only transforming how they work with ServiceNow, but also how they grow with ServiceNow, our growth movement couldn't be more exciting. Adobe, Accenture, National Hockey League, NEC, and Hitachi Energy are just some of the countless world-class brands putting AI to work for people with ServiceNow.

當公司不僅改變與 ServiceNow 合作的方式，而且還改變與 ServiceNow 共同成長的方式時，我們的成長運動就變得無比令人興奮。Adobe、埃森哲、國家冰球聯盟、NEC 和日立能源只是眾多透過 ServiceNow 將人工智慧應用於人類服務的世界級品牌的一部分。

Wells Fargo launched Service AI with RaptorDB to automate complex workflows and process data sets in real time. The whole group, Yokohama City, Pure Storage, and Pro Assurance are on the CRM journey with ServiceNow. The California Highway Patrol in Harris County, Texas are transforming the public sector with ServiceNow.

富國銀行與 RaptorDB 合作推出了 Service AI，以自動化複雜的工作流程並即時處理資料集。整個集團、橫濱市、Pure Storage 和 Pro Assurance 都與 ServiceNow 一起踏上了 CRM 之旅。位於德克薩斯州哈里斯縣的加州公路巡警隊正在利用 ServiceNow 改變公共部門。

Our customers are on the move. When they work, the world works. There's a lot of talk about uncertainty. In this industry, the only real certainty is this: there are no shortcuts to greatness. It has to be earned through every peak and valley on the journey. That's why ServiceNow will always fight with an optimistic spirit to deliver innovation and growth.

我們的客戶正在不斷移動。當他們工作時，世界就會運轉。關於不確定性的討論很多。在這個行業中，唯一可以確定的是：通往偉大的道路沒有捷徑。它必須通過旅途中的每個高峰和低谷才能獲得。這就是為什麼 ServiceNow 將始終以樂觀的精神奮鬥以實現創新和成長。

We work every day to honor the trust that has been invested in us because trust is the ultimate human currency. That's been true since Fred Luddy started this company with a big heart and a bold dream to make the world work better for everyone. We carry that forward in our determination to be the defining enterprise software company of the 21st century.

我們每天都在努力履行對我們的信任，因為信任是人類的最終貨幣。自從弗雷德·魯迪 (Fred Luddy) 懷抱著一顆偉大的心和一個讓世界變得更美好的大膽夢想創辦這家公司以來，情況就一直如此。我們決心成為 21 世紀具有代表性的企業軟體公司。

Thank you, all, for your time. I look forward to your questions, and now I'll hand things over to our President and CFO, Gina Mastantuono. Gina, over to you.

謝謝大家抽出時間。我期待您的提問，現在我將把事情交給我們的總裁兼財務長吉娜·馬斯坦托諾 (Gina Mastantuono)。吉娜，交給你了。

Thank you, Bill. Q1 was a quarter of relentless execution in a dynamic market. We beat the high end of our guidance across all top line and profitability metrics once again. The team outperformed net new ACV goals, delivering a significant CRPOB versus our guidance.

謝謝你，比爾。第一季是充滿活力的市場中堅持不懈執行的一個季度。我們再次在所有營收和獲利指標上超出了預期的上限。該團隊的表現超出了淨新 ACV 目標，與我們的指導相比，CRPOB 表現顯著。

Our use of AI internally also continues to drive meaningful OpEx efficiencies, yielding strong profitability and free cash flow, and outstanding performance across the board.

我們內部對人工智慧的使用也持續推動有意義的營運支出效率，產生強勁的獲利能力和自由現金流，以及全面出色的表現。

Q1 subscription reviews with $3.005 billion growing 20% year over year in constant currency, slightly above the high end of our guidance range. These are strong results, especially when factoring in an unexpected shift of some on-prem US federal deals to host it in the quarter, which impacts the timing of revenue recognition.

第一季訂閱量為 30.05 億美元，以固定匯率計算年增 20%，略高於我們預期範圍的高階。這些都是強勁的業績，尤其是考慮到本季一些美國聯邦本地交易意外轉移到其所在地，這會影響收入確認的時間。

RPO ended the quarter at approximately $22.1 billion, representing 25.5% year-over-year constant currency growth. Current RPO with $10.31 billion, representing 22% year-over-year constant currency growth, of 150-basis-point beat versus our guidance.

本季結束時，RPO 約為 221 億美元，以固定匯率計算年增 25.5%。目前 RPO 為 103.1 億美元，以固定匯率計算年增 22%，比我們的預期高出 150 個基點。

From an industry perspective, manufacturing delivered a standout performance during net new ACV over 100% year over year. Healthcare and life sciences had a great quarter, going over 70% year over year. Government also saw strength led by the US Federal, which exceeded expectations in the quarter. Our renewal rate remained best in class 98%, underscoring the consistent value that ServiceNow delivers to our customers.

從產業角度來看，製造業表現突出，淨新增ACV年成長超過100%。醫療保健和生命科學本季表現優異，年增超過 70%。在美國聯邦政府的帶動下，政府表現也強勁，本季的表現超出了預期。我們的續約率仍保持在 98% 的最高水平，凸顯了 ServiceNow 為我們的客戶提供的一致性價值。

The strategic importance of the Now platform continues to grow, with 508 customers now generating over $5 million in ACV.

Now 平台的策略重要性不斷增長，目前擁有 508 個客戶，創造了超過 500 萬美元的 ACV。

Additionally, the number of customers contributing $20 million or more in ACV increased by nearly 40% year over year, due to the continued momentum in large enterprise deals.

此外，由於大型企業交易的持續成長勢頭，ACV 貢獻額達 2,000 萬美元或以上的客戶數量較去年同期成長了近 40%。

We closed 72 deals greater than $1 million in net new ACV in the quarter, among them 9 deals were over $5 million.

本季度，我們完成了 72 筆淨新 ACV 超過 100 萬美元的交易，其中 9 筆交易超過 500 萬美元。

In Q1, 19 of our top 20 deals included 5 or more products. The growing volume of large deals highlights the better together value of our portfolio.

在第一季度，我們的前 20 筆交易中有 19 筆包含 5 種或更多產品。大型交易數量的不斷增長凸顯了我們投資組合的整體價值的提高。

Our Now Assist net new ACV today continues to trend very well, beating expectations once again. As Bill noted, the number of Plus deals more than quadrupled year over year. This included 39 deals with three or more Now Assist products, illustrating how customers are embracing our intelligent platform strategy and deploying AI across multiple workflows.

我們今天的 Now Assist 淨新 ACV 繼續呈現良好趨勢，再次超出預期。正如比爾所指出的，Plus 交易的數量比去年同期增長了四倍多。其中包括 39 筆涉及三種或更多 Now Assist 產品的交易，顯示客戶如何接受我們的智慧平台策略並在多個工作流程中部署 AI。

What's driving that? ITSM Plus was included in 15 of our top 20 deals. ITOM Plus net new ACV was up nearly 70% quarter over quarter. SecOps Plus quadruple net new ACV quarter over quarter. Creator Plus average deal sizes tripled quarter over quarter. The list goes on and on. And mind you, that's off of Q4, our seasonally largest quarter of the year.

是什麼原因導致的呢？ITSM Plus 在我們的前 20 個交易中佔據 15 個。ITOM Plus 淨新 ACV 較上季成長近 70%。SecOps Plus 淨新 ACV 環比增加了四倍。Creator Plus 的平均交易規模比上一季增加了兩倍。這個清單還可以很長。請注意，這是第四季的數據，第四季是我們今年季度中最大的季度。

Orica, one of the world's leading mining and infrastructure solutions providers, the IT support deflections increased from 18% to 94% using Now Assist, a massive improvement.

Orica 是世界領先的採礦和基礎設施解決方案提供者之一，使用 Now Assist 後，IT 支援偏差從 18% 增加到 94%，這是一個巨大的進步。

What's more, case summarization has helped them deliver a 1.5-day reduction in average incident resolution time, allowing agents to complete work faster and upscale to higher value tasks, and we can relate, but Now on Now, we're drinking our own champagne, deploying AI agents across our operations.

更重要的是，案例總結幫助他們將平均事件解決時間縮短了 1.5 天，使代理能夠更快地完成工作併升級到更高價值的任務，我們也可以聯繫起來，但現在，我們正在喝自己的香檳，在我們的運營中部署人工智能代理。

For instance, system admin use cases that typically took almost 20 minutes to resolve are happening in seconds, utilizing Now Assist. It's driving real efficiencies across the company.

例如，利用 Now Assist，通常需要近 20 分鐘才能解決的系統管理員用例現在只需幾秒鐘即可解決。它正在推動整個公司真正的效率提升。

RapidDB Pro also continues to gain traction with net new ACV accelerating quarter over quarter, including five deals over $1 million. With the Yokohama release, customer enthusiasm has only grown, driven by new performance analytics capabilities that make it easier than ever to uncover deeper insights with multi-level drill downs.

RapidDB Pro 也繼續獲得關注，其淨新 ACV 逐季度加速成長，其中包括 5 筆超過 100 萬美元的交易。隨著橫濱的發布，客戶的熱情日益高漲，這得益於新的性能分析功能，這些功能使得透過多層次深入挖掘更深層的見解變得前所未有的簡單。

Turning to profitability. Non-GAAP operating margin was 31%, 100 basis points of our guidance driven by OpEx efficiencies and the timing of marketing spend. Our free cash out margin was 48%, up approximately 100 basis points year over year. We ended the quarter with a robust balance sheet, including $10.9 billion in cash and investments.

轉向盈利能力。非公認會計準則營業利潤率為 31%，比我們的預期高出 100 個基點，這得益於營運支出效率和行銷支出時機的推動。我們的自由現金支出利潤率為 48%，年成長約 100 個基點。本季結束時，我們的資產負債表表現強勁，其中包括 109 億美元的現金和投資。

In Q1, we bought back approximately 316,000 shares as part of our share repurchase program, with the primary objective of managing the impact of dilution. As of the end of the quarter, we had approximately $3 billion of authorization remaining. Together, these results continue to demonstrate our ability to drive a strong balance of world-class growth, profitability, and shareholder value.

在第一季度，我們作為股票回購計劃的一部分回購了約 316,000 股，主要目的是管理稀釋的影響。截至本季末，我們剩餘的授權金額約為 30 億美元。總的來說，這些業績繼續證明了我們有能力實現世界一流的成長、獲利能力和股東價值之間的平衡。

Moving to our outlook. Over the course of Q1, we've seen the US dollar weekend, providing a currency tailwind to our business. In Q1, we also beat the high end of our subscription revenue guidance. While demand remains strong, we've taken a prudent approach to the remainder of 2025 and are only flowing through part of those benefits into our full-year outlook. This allows us to factor in potential risks as they pertain to the current geopolitical environment.

轉向我們的展望。在第一季度，我們經歷了美元週末，為我們的業務提供了貨幣順風。在第一季度，我們也超出了訂閱收入預期的上限。儘管需求依然強勁，但我們對 2025 年剩餘時間採取了審慎的態度，僅將部分收益納入全年展望。這使我們能夠考慮到與當前地緣政治環境有關的潛在風險。

We all know that US federal agencies are navigating changes from tightening budgets and evolving mission demands, and they're being asked to move quickly. After agencies realign to this baseline, we expect significant growth opportunities driven by operational needs expressed by these customers and addressed by solutions across our portfolio.

我們都知道，美國聯邦機構正在應對預算緊縮和任務需求不斷變化的變化，他們被要求迅速採取行動。在各機構重新調整到這一基準之後，我們預計這些客戶所表達的營運需求將帶來巨大的成長機會，而我們的產品組合解決方案將滿足這些需求。

We're deepening our focus on federal customers, helping them boost operational efficiency and enhance digital governance. With the launch of our government transformation suite, we're meeting agencies where they are with purpose-built solutions that accelerate digital transformation, increase transparency, and improve public service delivery. We are confident that our updated guidance sets us up for success throughout the year.

我們正在深入關注聯邦客戶，幫助他們提高營運效率並加強數位治理。隨著我們政府轉型套件的推出，我們將為各機構提供專門建置的解決方案，以加速數位轉型、提高透明度並改善公共服務交付。我們相信，更新後的指導將為我們全年的成功奠定基礎。

With that in mind, for 2025, we're raising our subscription revenues by $5 million at the midpoint to $12.64 billion to $12.68 billion, representing 18.5% to 19% year-over-year growth or 19.5% on a constant currency basis. We continue to expect subscription gross margin of 83.5%, operating margin of 30.5%, free cash flow margin of 32%, and GAAP diluted weighted average outstanding shares of 209 million.

考慮到這一點，到 2025 年，我們將把訂閱收入中位數提高 500 萬美元，達到 126.4 億美元至 126.8 億美元，年增 18.5% 至 19%，或以固定匯率計算成長 19.5%。我們繼續預期認購毛利率為 83.5%，營業利益率為 30.5%，自由現金流利潤率為 32%，GAAP 稀釋加權平均流通股為 2.09 億股。

For Q2, we expect subscription revenues between $3.030 billion and $3.035 billion representing 19% to 19.5% year-over-year growth or 19.5% on a constant currency basis. We expect CRPO growth of 19.5% on both a reported and constant currency basis. We expect an operating margin of 27%. And finally, we expect $209 million GAAP diluted weighted average outstanding shares for the quarter.

對於第二季度，我們預計訂閱收入在 30.30 億美元至 30.35 億美元之間，年增 19% 至 19.5%，或以固定匯率計算成長 19.5%。我們預計 CRPO 成長率將達到 19.5%，無論是按報告匯率計算或以固定匯率計算。我們預期營業利益率為27%。最後，我們預計本季 GAAP 稀釋加權平均流通股數為 2.09 億美元。

In conclusion, the team delivered a strong quarter despite significant macro crosswinds. The team stayed focused and performed elite level executions throughout the quarter. Bill and I would like to thank all of our employees worldwide for their continued hard work and dedication.

總而言之，儘管面臨巨大的宏觀逆風，但該團隊仍取得了強勁的季度業績。整個季度，團隊始終保持專注，並表現出精英級別的執行力。比爾和我要感謝我們全球所有員工的持續努力和奉獻。

Looking ahead, we remain as confident as ever in our journey to becoming the defining enterprise software company of the 21st century. Enterprises need a platform that empowers real-time decision-making more than ever. In times of uncertainty, customers focus on maximizing ROI and reducing costs. That's exactly where the now platform excels. It helps organizations drive greater efficiency from their existing tools and teams, increasing profitability.

展望未來，我們對成為21世紀最具代表性的企業軟體公司充滿信心。企業比以往任何時候都更需要一個能夠支援即時決策的平台。在不確定的時期，客戶專注於最大化投資回報率和降低成本。這正是 Now 平台的優點所在。它可以幫助組織提高現有工具和團隊的效率，從而增加獲利能力。

And we're at the forefront of the AI opportunity to drive even greater value for our customers. Autonomous AI agents have the power to unlock game-changing productivity, especially when they're seamlessly connected to every part of the business.

我們處於人工智慧機會的前沿，致力於為客戶創造更大的價值。自主人工智慧代理有能力釋放改變遊戲規則的生產力，特別是當它們無縫連接到業務的每個部分時。

ServiceNow brings together AI, data, and workflows to drive actions and incredible business outcomes, as demonstrated by the success we continue to see and now assist RaptorDB Pro and Workflow Data Fabric.

ServiceNow 將人工智慧、資料和工作流程結合在一起，以推動行動和令人難以置信的業務成果，正如我們繼續看到的成功所證明的那樣，現在它正在協助 RaptorDB Pro 和 Workflow Data Fabric。

Finally, our team is reimagining how government work gets done, introducing new ideas and solutions that help agencies consolidate contracts and standardize on the Now platform.

最後，我們的團隊正在重新構想政府工作如何完成，引入新的想法和解決方案，幫助機構整合合約並在 Now 平台上標準化。

Our federal business has been exceptional over the past several years, and our opportunity remains stronger than ever as we look out to the mid- and long term. I'd like to invite you to hear more about these trends and how ServiceNow is putting AI to work at our upcoming Financial Analyst Day on May 5, which will be webcast on our investor relations website.

過去幾年，我們的聯邦業務表現出色，從中長期來看，我們的機會比以往任何時候都更加強勁。我想邀請您在我們即將於 5 月 5 日舉行的財務分析師日上進一步了解這些趨勢以及 ServiceNow 如何將 AI 應用於工作，該活動將在我們的投資者關係網站上進行網絡直播。

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

好了，我現在開始問答。

(Operator Instructions) Keith Weiss, Morgan Stanley.

（操作員指示） 摩根士丹利的 Keith Weiss。

Thank you, guys, for taking the questions and congratulations on a really solid quarter. And it really seems to be an uncertain environment out there. Definitely a lot of uncertainty in the market that we're looking at. And we hear a lot of that from our end customers.

謝謝大家回答問題，並恭喜本季業績表現十分穩健。外面的環境看起來確實很不確定。我們所關注的市場肯定存在著許多不確定性。我們從最終客戶那裡聽到了很多這樣的說法。

Gina, maybe for you. When you were thinking about your guidance, you talked to us a lot about the federal side of the equation, so big opportunity there, maybe taking a little bit of the risk off the table, what are you seeing in your enterprise customers? Is there any delay in decision-making, any elongation in the sales cycle? And have you put any of that potential risk into the guidance on a go-forward basis? Thank you.

吉娜，也許對你來說。當您考慮您的指導時，您與我們談論了很多有關聯邦方面的問題，因此那裡有很大的機會，也許可以消除一些風險，您在企業客戶中看到了什麼？決策是否有延遲，銷售週期是否有延長？您是否已將任何潛在風險納入未來的指導中？謝謝。

So thanks, Keith, for the question and the kind words. As you would imagine, we went through a very rigorous analysis of our business and its exposure to areas that could potentially be impacted by the current geopolitical. Federal is a piece of it and enterprise, of course.

所以，感謝 Keith 提出的問題和善意的話語。正如您所想像的，我們對我們的業務及其可能受到當前地緣政治影響的地區的敞口進行了非常嚴格的分析。當然，聯邦和企業都是其中的一部分。

What I'll tell you, and hopefully came through very clearly from our script, was that demand remains strong. The customers we're talking to are absolutely focused on the future and growth in and cost out. And this is where the ServiceNow platform excels tremendously.

我要告訴你們的是，並且希望我們的腳本能非常清楚地傳達這一點，那就是需求仍然強勁。我們正在交談的客戶絕對關注的是未來、成長和成本。這正是 ServiceNow 平台的優勢所在。

What I'll tell you is that in our rigorous analysis, you can imagine, it was very comprehensive, data-driven and it really incorporated all facets of what we're seeing out there today. The result is a guidance range that reflects real-world complexity and bakes in a healthy degree of conservatism. But at the same time, demand that we're seeing remains strong. Pipelines are scrubbed and coverage ratios look strong. And so from that perspective, ServiceNow platform remains a deflationary tool that customers are leaning into in times of uncertainty. And so I think this guide sets us up for success for the remainder of the year, as I talked about in my prepared remarks.

我要告訴你的是，你可以想像，在我們嚴格的分析中，它非常全面、以數據為導向，並且真正涵蓋了我們今天所看到的所有方面。結果是，指導範圍反映了現實世界的複雜性，並體現了健康的保守程度。但同時，我們看到的需求依然強勁。管道已清理完畢，覆蓋率看起來很高。因此，從這個角度來看，ServiceNow 平台仍然是客戶在不確定時期依賴的通貨緊縮工具。因此，我認為，正如我在準備好的演講中談到的那樣，本指南為我們在今年剩餘時間的成功奠定了基礎。

Excellent, thanks.

非常好，謝謝。

Thanks, Keith.

謝謝，基斯。

Kash Rangan, Goldman Sachs.

高盛的卡什·蘭根（Kash Rangan）。

Hi, thank you very much and congrats on the quarter as well. Just when I look at Moveworks, what does that technology allow ServiceNow to execute on that you couldn't do with the platform?

你好，非常感謝，也恭喜本季取得的成績。當我查看 Moveworks 時，該技術允許 ServiceNow 執行哪些平台無法執行的操作？

And then if I could follow up, how is the sales playbook changing, particularly at time when the end customers are going through different kind of who knows if the tariffs are going to be implemented or not, but there are more variables at play with respect to your end customers' business outcomes. So how is the ServiceNow playbook changing for that word? Thank you so much.

然後，如果我可以跟進的話，銷售策略是如何變化的，特別是在最終客戶經歷不同類型的情況時，誰知道是否會實施關稅，但對於最終客戶的業務成果而言，還有更多的變數在起作用。那麼 ServiceNow 劇本對於這個詞是如何改變的呢？太感謝了。

Hi, Kash. This is Amit here. Why don't I take that question about Moveworks and how we're seeing this play out. So if you look at the demand we're seeing in the AI-related technologies and how we solve the end-to-end problems with customers, one, our road map is very robust, and we need a lot more people to keep on delivering against it. So Moveworks just bring a lot of good AI expertise, the 500 people we get instead of us hiring one at a time. So that's a great straightaway addition to allow us to accelerate our road map.

你好，卡什。我是阿米特 (Amit)。我為什麼不回答有關 Moveworks 以及我們如何看待這項進展的問題呢？因此，如果你看看我們在人工智慧相關技術方面看到的需求以及我們如何解決客戶的端到端問題，首先，我們的路線圖非常強大，我們需要更多的人來繼續實現它。因此，Moveworks 帶來了大量優秀的 AI 專業知識，我們總共招募了 500 名員工，而不是我們一次聘用一名。因此，這是一個很好的補充，可以讓我們加速我們的路線圖。

Second thing, Moveworks has done a very good job of providing a unified user experience for a lot of employees, including enterprise search. So this gives us the ability to now kind of provide one way for them to interact with various different requirements users might have. and then allow them to start this interface through enterprise search. And then where ServiceNow is very, very strong as is to understanding the intent and completing the task, so we can bring those two things together as well.

第二件事，Moveworks 在為許多員工提供統一的使用者體驗方面做得非常出色，包括企業搜尋。因此，這使我們能夠為他們提供一種方式來與用戶可能擁有的各種不同需求進行互動。然後允許他們透過企業搜尋來啟動這個介面。ServiceNow 在理解意圖和完成任務方面非常強大，因此我們也可以將兩者結合起來。

So the acceleration ability to now deliver on a lot of the road map we are already working on combining forces in some of these areas. And then providing a broader solution set to our customers really allows us to get even much bigger conversation going with our customers already, which we're having on the AI side.

因此，為了加速實現路線圖上的許多目標，我們已經在其中一些領域中聯合力量。然後，為我們的客戶提供更廣泛的解決方案確實使我們能夠與客戶進行更廣泛的對話，這是我們在人工智慧方面所做的。

And if I could, Kash, just build on what Amit said regarding the impact or the change in demand for ServiceNow related to tariffs, as you said, our pipeline remains ever strong. and the conversations with CEOs or CIOs continue to center on innovation, speed and value creation.

卡什，如果可以的話，請基於阿米特所說的有關關稅對 ServiceNow 的影響或需求變化，正如你所說，我們的渠道仍然強勁。與執行長或資訊長的對話繼續集中在創新、速度和價值創造上。

In fact, one of the biggest companies in the world has a fantastic CEO. They have a wonderful IT operation. They do many transformative things, but he said to me, point blank, Bill, anything you could do to give me speed. Over and above what I'm capable of doing on my own is more than welcome, because the uncertainties that I have to manage require technology to solve my problems. I can't do it any other way, to which I responded the team is on the way. So the environment out there for what we're doing, Kash, is really good.

事實上，世界上最大的公司之一擁有一位出色的執行長。他們的 IT 營運非常出色。他們做了很多變革性的事情，但他直截了當地對我說，比爾，你可以做任何事情來讓我加快速度。超出我自己能力範圍的事情我非常歡迎，因為我必須處理的不確定性需要技術來解決我的問題。我沒有其他辦法，對此我回答說團隊正在路上。所以，卡什，我們所做的事情的環境真的很好。

Great to hear that very reassuring. Thanks so much.

很高興聽到這個消息，令人放心。非常感謝。

Thank you.

謝謝。

Thanks, Kash.

謝謝，卡什。

Mark Murphy, JPMorgan.

摩根大通的馬克墨菲。

Thank you very much, and congrats on just superb execution. Bill, I wanted to ask you how grand are your aspirations in the front office market because you're speaking to just a huge threat of capabilities. You mentioned configure, price, quote, sell, fulfill and service in one platform. And that doesn't sound completely like you want to be out on the periphery of the CRM market, it sounds a little closer to the core or the system of record. So can you speak to that CRM plan and just whether it is kind of a wider scope than maybe you have deployed in other areas?

非常感謝，恭喜您出色的表現。比爾，我想問你，你對前台市場的期望有多大，因為你談到了巨大的能力威脅。您提到在一個平台上進行配置、定價、報價、銷售、履行和服務。這聽起來並不完全像您想要處於 CRM 市場的邊緣，而是聽起來更接近核心或記錄系統。那麼，您能談談 CRM 計畫嗎？它的範圍是否比您在其他領域部署的計劃更廣？

Thank you, Mark. I appreciate the kind words. And we regard the CRM system of record as an important data source. It's fine. But you're right. Our ambitions supersede a database. We believe strongly that our massive capabilities have emboldened us to go after a CRM in a differentiated way.

謝謝你，馬克。我很感激這些善意的話語。而我們將記錄的CRM系統視為重要的資料來源。沒事的。但你是對的。我們的雄心壯志超越了資料庫。我們堅信，我們強大的實力使我們能夠以差異化的方式追求 CRM。

And for one example, when you just talk about sales and order management and that solution, we're just super excited about how we're going to reimagine it. If you talk to a high-tech manufacturer today, and they have to put together a supercomputer, the complexity of configuring it, pricing, and quoting it could be days. So anything that's complicated, we're going to do in minutes or seconds.

舉個例子，當您談論銷售和訂單管理以及該解決方案時，我們對如何重新構想它感到非常興奮。如果您今天與高科技製造商交談，他們必須組裝一台超級計算機，那麼配置、定價和報價的複雜性可能需要幾天的時間。因此，任何複雜的事情我們都能在幾分鐘或幾秒鐘內完成。

And we're delivering a fully integrated AI-powered front office. That's going to connect sales and service, streamline operations and dramatically improve time to revenue, mark the customers are responding. They realize whether you're a telco or a manufacturer or a public sector entity, the fragmented legacy CRM stacks -- without this unified platform approach actually can't really take advantage of AI. It would be super tactical to add an agent to one instance of a disconnected CRM system from all the other processes I just mentioned. So we're going to make CRM faster. We're going to make it smarter, and it's going to be purpose-built for modern business, and I think you also saw that with the Logik.ai move as well.

我們正在提供一個完全整合的人工智慧前台。這將連接銷售和服務，簡化運營，並大幅提高創收時間，標記客戶的反應。他們意識到，無論您是電信公司、製造商還是公共部門實體，如果沒有這種統一的平台方法，分散的傳統 CRM 堆疊實際上就無法真正利用 AI。將代理程式新增至與我剛才提到的所有其他流程斷開連線的 CRM 系統的一個實例中將是一種非常有策略性的做法。因此我們要讓 CRM 變得更快。我們將使它變得更加智能，它將專門為現代商業而打造，我想您在 Logik.ai 的舉措中也看到了這一點。

Can I -- sorry, I just want to add that the way to look at what we're doing in CRM, we're seeing a lot of customers when we speak to them, have a lot of legacy systems and they're having very difficult time keeping up with the modern ways of doing their workflows. And we've -- given our platform, which is very modern AI-driven workflow engine, it really plays very well with any of those kind of use cases, be it CPQ, sales order management, customer service. And that's where we are kind of targeting and bringing those processes together in a much more unified modern way. and it's more to do with like what can we help our customers with versus what might be other vendors doing out there.

我可以——抱歉，我只想補充一點，看看我們在 CRM 中所做的事情，我們在與許多客戶交談時發現，他們有很多遺留系統，而且他們很難跟上現代的工作流程。而且我們的平台是一個非常現代化的人工智慧驅動的工作流引擎，它可以很好地適用於任何此類用例，無論是 CPQ、銷售訂單管理還是客戶服務。這就是我們的目標，以更統一的現代方式將這些流程整合在一起。這更多的是關於我們可以為客戶提供什麼幫助，而不是其他供應商在做什麼。

Keith Bachman, Bank of Montreal.

蒙特利爾銀行的基思·巴赫曼。

Yes, many thanks, and I'll also offer my congratulations on the quarter. I wanted to jump back to public sector, if I could. And a, could you just clarify when you said public sector grew 30%. Was that ACV billings revenues? And then, b, more importantly, what is reflected in the guidance for the year? I know, Bill, you had characterized it as being a tremendous longer opportunity. I certainly agree. But how are you thinking about public sector within the context of the guidance you provided versus the 30%. For instance, did you include some deal elongations perhaps not closing deals, but just any maybe context on the guidance versus public sector. Many thanks.

是的，非常感謝，我也對本季表示祝賀。如果可以的話，我想回到公共部門。另外，您能否澄清一下您所說的公共部門成長了 30%。那是 ACV 帳單收入嗎？然後，b，更重要的是，今年的指導反映了什麼？我知道，比爾，你把它描述為一個巨大的、更長久的機會。我當然同意。但是，在您提供的指導背景下，您如何看待公共部門與 30% 之間的差異？例如，您是否包括了一些交易延長，也許不是完成交易，而只是針對公共部門的指導背景。非常感謝。

Hi, Keith. Well, thank you so much for your comments and the question. So the 30% number that we discussed was net new ACV growth in the quarter. And what I'll say to that is we are extremely happy with our -- our Fed team's execution in a challenging environment, posting another strong quarter, which exceeded our expectations as they did an exceptional job partnering with the customers to get the deal done.

你好，基斯。好吧，非常感謝您的評論和提問。因此，我們討論的 30% 這個數字是本季淨新 ACV 成長。我想說的是，我們對我們的聯準會團隊在充滿挑戰的環境中的表現感到非常滿意，他們又創下了強勁的季度業績，這超出了我們的預期，因為他們與客戶合作出色地完成了交易。

When you have a platform that really helps drive exactly what the government is looking for. transparency, accountability and efficiency. The Now platform is purpose-built for them. And that team is just continuing to do an exceptional job with our partners.

當你擁有一個真正有助於推動政府所尋求的東西的平台。透明度、問責制和效率。Now 平台是專為他們打造的。團隊正繼續與我們的合作夥伴一起出色地完成工作。

What I'll say is that we certainly understand that there's an uncertain environment happening right now with the federal government. So it's one of the reasons why we didn't pass through all of the tailwinds of the Q1 beat and the FX to the full-year guide. We are absolutely taking into account some conservatism for the short-term potential headwinds. But make no mistake, midterm and long term, the opportunity for federal government remains stronger than ever.

我想說的是，我們當然明白聯邦政府目前面臨的環境不確定。所以這就是我們沒有將第一季業績和外匯的所有順風因素納入全年指南的原因之一。我們絕對會考慮到短期內潛在的不利因素，採取一些保守的措施。但毫無疑問，從中期和長期來看，聯邦政府的機會仍然比以往任何時候都更強大。

I talked a lot about it in my prepared remarks, the government transformation suite meeting these government agencies where they are to help drive exactly what they need to drive to be successful is where we're focused right now. So despite that, we're certainly taking into account some conservativeness and prudence in the guide. I feel very good, as I have reiterated a couple of times now, that the guidance that we put out sets us up for success for the remainder of the year and make no mistake, our portfolio and our platform is purpose-built for this moment.

我在準備好的演講中談了很多，政府轉型套件可以滿足這些政府機構的需要，幫助他們實現成功，這是我們現在的重點。因此，儘管如此，我們在指南中肯定會考慮一些保守和謹慎的因素。我感覺非常好，正如我已經重申過幾次的那樣，我們發布的指導為我們在今年剩餘時間的成功奠定了基礎，毫無疑問，我們的投資組合和平台都是為這一刻專門打造的。

And Keith, the one thing I would say is as we get to tell our story at the agency and the GSA level and so forth, it's very clear that we still have 1959 COBOL systems in government, and we still have very bespoke functional systems, legacy systems, that are in the hundreds of instances per agency. So there is an opportunity for the government in the United States as well as around the world to literally take the software industrial complex and consolidate it onto ServiceNow. So the opportunity is an open discussion, and when people get to hear this story and they get closer to it, they want it because the business case is in the billions.

基思，我想說的一件事是，當我們在機構和 GSA 級別等講述我們的故事時，很明顯，我們的政府中仍然有 1959 年的 COBOL 系統，我們仍然有非常定制的功能係統、遺留系統，每個機構都有數百個實例。因此，美國以及世界各國的政府都有機會將軟體工業綜合體整合到 ServiceNow 中。因此，機會是一次公開的討論，當人們聽到這個故事並接近它時，他們就會想要它，因為商業案例價值數十億美元。

Perfect. Many thanks, Bill, and thank you.

完美的。非常感謝，比爾，謝謝你。

Thanks, Keith.

謝謝，基斯。

Thanks a lot, Keith.

非常感謝，基斯。

Alex Zukin, Wolfe Research.

沃爾夫研究公司的亞歷克斯·祖金（Alex Zukin）。

Hey, guys, thanks for taking the question. I guess maybe, Bill, for you, it's the first time that tech workflows dipped below 50% in the quarter and quite extraordinary that I think CRM and industry jumped up to 34%. How do you see those two trending as the year progresses, given the incremental focus? And when CRM is part of these deals, how much bigger do they get?

嘿，夥計們，謝謝你們回答這個問題。比爾，我想也許對你來說，這是本季技術工作流程首次跌破 50%，我認為 CRM 和產業躍升至 34% 是非常不尋常的。考慮到人們日益增長的關注，您如何看待這兩大領域在未來一年的發展趨勢？當 CRM 成為這些交易的一部分時，它們的規模會變得多大？

And if I can sneak one in for Gina. Manufacturing and federal clearly exceeded everyone's expectations, obviously, including ours. Did you feel as though there was any meaningful pull-forward activity or early renewals here to get in front of uncertainty from certain customers that may have amplified that CRPO strength?

我是否可以偷偷帶一份給吉娜。製造業和聯邦政府顯然超出了所有人的預期，顯然也包括我們的預期。您是否覺得這裡有任何有意義的提前活動或早期續約，以應對某些客戶的不確定性，從而可能增強 CRPO 實力？

Hey, Alex. Thanks so much for the question. I'll start and then Bill will jump in. From a workflow perspective, you know net new ACV mix fluctuates in any given quarter due to lumpy timing. So I wouldn't read too much into a quarterly mix shift. All of our workflows continue to work well. But I will say CRM workflows continue to show strong relative performance in Q1, particularly in EMEA and Japan and in the US where net new ACV was extremely strong.

嘿，亞歷克斯。非常感謝您的提問。我先開始，然後比爾加入。從工作流程的角度來看，您知道由於時間不穩定，淨新 ACV 組合在任何特定季度都會波動。因此我不會對季度組合變化進行過多解讀。我們的所有工作流程繼續運作良好。但我要說的是，CRM 工作流程在第一季繼續表現出強勁的相對錶現，特別是在歐洲、中東和非洲地區、日本和美國，這些地區的淨新 ACV 非常強勁。

You hear us talking about our customers pulling us even further into customer because our platform can really help them not only solve some of the missing middle and back-office issues, but really help drive immense productivity and efficiency in the front office as well. And so we're excited to see that CRM and industry workflows continues to resonate very strongly our customers and absolutely expect to see that progress as the year unfolds given the incremental focus that we are putting in on it.

您聽到我們談論我們的客戶進一步拉動我們成為客戶，因為我們的平台不僅可以真正幫助他們解決一些缺失的中後台問題，而且還可以真正幫助提高前台的生產力和效率。因此，我們很高興地看到 CRM 和行業工作流程繼續引起客戶的強烈共鳴，並且隨著我們對此的關注度不斷提高，我們絕對期望看到這一進步。

With respect to your second question on manufacturing and federal exceeding everyone's any expectations, we did not see any material pull forward here to get in front of the certainty at all. And so I feel very strongly that the beat was a result of incredible execution by our teams and at the end, just a platform that is so resonant with customer and the customer value that we continue to drive. So no meaningful pull forward at all in Q1.

關於您關於製造業和聯邦政府超出所有人預期的第二個問題，我們根本沒有看到任何實質的推動來領先於確定性。因此，我強烈感覺到，這項成就是我們團隊出色執行的結果，最終，我們打造了一個與客戶和客戶價值產生強烈共鳴的平台，並將繼續推動這一進程。因此，第一季根本沒有任何有意義的進步。

Absolutely. And to add to Gina's commentary, Alex, I would just hear a couple of things that you might find interesting. Again, when you have a system that goes to every corner of the enterprise like ours does, it's a pretty privileged position because on any one given quarter, you look at one area and it fluctuates with another. But in CRM, in particular, we're strong, really, really strong.

絕對地。亞歷克斯，為了補充吉娜的評論，我想聽幾件你可能會感興趣的事情。再說一次，當你擁有一個像我們這樣的覆蓋企業各個角落的系統時，這是一個非常有利的地位，因為在任何一個特定季度，你查看一個區域，它就會隨著另一個區域而波動。但在 CRM 領域，我們尤其強大，非常非常強大。

In fact, in Q1, in EMEA and Japan, as an example, we're growing net new ACV over 50% a year. So we're really excited about that.

事實上，以第一季的歐洲、中東和非洲地區以及日本為例，我們的淨新 ACV 成長率超過 50%。所以我們對此感到非常興奮。

There's also a new development in core business workflows where you look at HR service delivery, as an example, growing at 40%, or finance and supply chain growing at 60% year on year. The demand for digital transformation to really modernize these back-office operations is incredible.

核心業務工作流程也有了新的發展，例如人力資源服務交付年增 40%，財務和供應鏈年增 60%。為了真正實現這些後台營運的現代化，數位轉型的需求是驚人的。

But I think a CEO asking me a very simple question makes it very clear to me and perhaps you. And she asked me a question like what makes your platform different? And I put it like this. No one says I'm going to use my ERP to cut across all systems and drive productivity. And that same goes for a CRM standalone or an HCM standalone. But they do say that about ServiceNow.

但我認為，一位執行長問我一個非常簡單的問題，就能讓我和你清楚地明白這一點。她問了我一個問題，例如你的平台有何不同？我是這樣說的。沒有人說我要使用 ERP 來跨越所有系統並提高生產力。這對於獨立的 CRM 或獨立的 HCM 來說也是如此。但他們確實對 ServiceNow 說過這樣的話。

That's why we're the operating system for the enterprise, and we've become the AI platform for business transformation because we do all of those things in a siloed picture, but we put it all together in an enterprise-grade AI workflow.

這就是為什麼我們是企業的作業系統，而我們已成為業務轉型的人工智慧平台，因為我們在孤立的畫面中完成所有這些事情，但我們將它們整合到企業級人工智慧工作流程中。

So now you're taking advantage of AI, you're taking advantage of the data, and you're taking advantage of integrating processes at mass scale to get big business outcomes. It just so happens that CRM is one that we intend to be the leader in.

所以現在您正在利用人工智慧，您正在利用數據，您正在利用大規模整合流程來獲得巨大的業務成果。恰巧，我們想要成為 CRM 領域的領導者。

Sounds amazing. Can't wait to see you guys at Knowledge.

聽起來很棒。迫不及待在 Knowledge 見到你們。

Thanks a lot, Alex.

非常感謝，亞歷克斯。

Thanks, Alex.

謝謝，亞歷克斯。

Tyler Radke, Citi.

花旗銀行的泰勒拉德克（Tyler Radke）。

Hi, this is Kylie on for Tyler Radke. Thanks so much for taking the question. I just wanted to echo the congratulations on the quarter and great to hear that you all outperformed your analysis targets. I'm curious about how you think about the glide path for Pro Plus adoption through this year. Are you anticipating greater adoption in the back half given bigger renewal quarters or similar trends through the year?

大家好，我是 Tyler Radke 的 Kylie。非常感謝您回答這個問題。我只是想對本季表示祝賀，很高興聽到你們都超額完成了分析目標。我很好奇您如何看待今年 Pro Plus 的採用路徑。考慮到續約季度的增加或全年出現類似的趨勢，您是否預計下半年採用率會更高？

And then where does Pros rank in terms of growth initiatives to get you to that 20%, 20%-plus CAGR through '26?

那麼，從成長計畫來看，專業人士的排名如何，能夠幫助您在 2026 年實現 20%、20% 以上的複合年增長率嗎？

Hi, Kylie, this is Amit here. So in terms of our growth in Pro Plus adoption this year, I mean, if you see all the numbers in general, that has been really accelerated over the last few quarters, right? And we've been seeing a lot of interest from our customers to use Now Assist to really improve efficiency as well as really improve how they interact with various different systems and use that as one unified way for automating their business processes as well.

嗨，凱莉，我是阿米特。因此，就我們今年 Pro Plus 採用率的成長而言，如果您總體上看到所有數字，您會發現過去幾季 Pro Plus 採用率的成長確實加快了，對嗎？我們看到許多客戶對使用 Now Assist 很感興趣，希望它能真正提高效率，改善他們與各種不同系統的互動方式，並將其作為實現業務流程自動化的統一方式。

So the adoption broader already is happening, and we have a lot of customers who are already using Now Assist and the Pro Plus part of it where we're adding AI agentic, which was a release we did in the Yokohama, which was in the March release, has ability to do AI agents with a prepackage in there. We have an orchestration engine and a studio, which allows you to now accelerate the Pro Plus adoption because of how quickly can you automate those back-end processes as well.

因此，更廣泛的採用已經在發生，我們有很多客戶已經在使用 Now Assist 和它的 Pro Plus 部分，我們在其中添加了 AI agentic，這是我們在橫濱發布的版本，是在 3 月發布的，它能夠使用預包裝的 AI 代理。我們有一個編排引擎和一個工作室，它可以讓您現在加速 Pro Plus 的採用，因為您也可以快速實現這些後端流程的自動化。

So as part of this year, you should expect that to continue to grow. And if you look at the way the consumption has been going and we'll share more at the Financial Analyst Day, the numbers and the trend around it, but they look very, very positive to us.

因此，作為今年的一部分，你應該預期它將繼續成長。如果你看一下消費的走向，我們會在財務分析師日分享更多相關數字和趨勢，但在我們看來，它們看起來非常非常積極。

And I would just add there, Kylie, when we talk about our 20%-plus CAGR to 2026, certainly Now Assist in AI is a strong lever to get there and is one of our key growth initiatives. But make no mistake, it's not the only one, right? We our existing core workflows continue to have a lot of runway and will drive significant growth through 2026.

凱莉，我想補充一點，當我們談到到 2026 年 20% 以上的複合年增長率時，毫無疑問，Now Assist in AI 是實現這一目標的強大槓桿，也是我們的關鍵增長舉措之一。但請不要誤會，它不是唯一的，對吧？我們現有的核心工作流程仍有很大的發展空間，並將在 2026 年實現顯著成長。

We just talked a lot about CRM finance and supply chain, our technology workflows continue to do well creator. So Now Assist is certainly one of our key growth initiatives as is CRM, as is Creator Workflows, as is security and risk. And so it's across the board, and we're super excited that the momentum that we see in Q1, we expect to continue throughout the year.

我們剛剛談了很多關於 CRM 財務和供應鏈的內容，我們的技術工作流程持續表現良好。因此，Now Assist 無疑是我們的關鍵發展計畫之一，就像 CRM、創作者工作流程、安全性和風險一樣。所以這是全面的，我們非常高興看到第一季的勢頭，我們預計這種勢頭將持續全年。

Thanks so much.

非常感謝。

Thank you.

謝謝。

Your next question comes from the line of Karl Keirstead.

您的下一個問題來自 Karl Keirstead。

Thank you. Gina, you've been, I think, refreshingly candid with all of us about the shape of the short-term backlog growth throughout the year, calling for a trough in 3Q and then an acceleration in 4Q. I'm just curious whether all of this macro change and uncertainty in the last couple of months would have changed your view of that bookings, CRPO seasonality? Thank you.

謝謝。吉娜，我認為，你對我們所有人坦誠地介紹了全年短期積壓訂單的增長情況，並預測第三季度將進入低谷，第四季度將加速增長。我只是好奇，過去幾個月的所有宏觀變化和不確定性是否會改變您對預訂量、 CRPO 季節性的看法？謝謝。

Thanks, Karl. It will be the same shape. So the renewals backlog and how that flows through CRPO has not shifted despite the macro. So you'll see a very similar shape from what we had originally always talked about. The macro doesn't change that at all.

謝謝，卡爾。它將是相同的形狀。因此，儘管宏觀因素存在變化，續約積壓情況及其透過 CRPO 的流動方式並未改變。因此，您會看到與我們最初談論的形狀非常相似的形狀。宏根本沒有改變這一點。

Okay, good. Thank you.

好的，很好。謝謝。

Michael Turrin, Wells Fargo.

富國銀行的邁克爾·圖林。

Hey. Thanks much. Appreciate you taking the question and nice start to the year. Gina, you also mentioned AI driving meaningful OpEx efficiencies. I'm just curious if you could speak to those a bit more and whether that gives you more confidence in the ability to continue to expand margin in an uncertain environment. Maybe just help frame those trade-offs for us a bit more given the still fluid backdrop. Thank you.

嘿。非常感謝。感謝您回答這個問題，並祝您新的一年有個美好的開始。吉娜，您也提到人工智慧可以提高營運支出的效率。我只是好奇您是否可以再多談這些問題，以及這是否會讓您更有信心在不確定的環境中繼續擴大利潤率。考慮到仍然不穩定的背景，也許只是幫助我們更好地理解這些權衡。謝謝。

Yeah, Michael, thanks for the question. Absolutely, AI is driving meaningful OpEx efficiencies. We -- I am super proud of the fact that we continue to have over the past several years continue to increase op margins by about that 100 bps a year. And certainly, as we think about AI driving even more efficiencies, OpEx is going to be an area where we continue to see some benefit from.

是的，邁克爾，謝謝你的提問。毫無疑問，人工智慧正在推動有意義的營運支出效率。我們—我非常自豪的是，在過去幾年裡，我們的營業利潤率每年持續提高約 100 個基點。當然，當我們考慮人工智慧如何提高效率時，營運支出 (OpEx) 將是我們繼續受益的一個領域。

We're also -- if you note, I talked about the fact that we're keeping our guide for operating margin even with the expectations of some M&A closing in the back half of the year, which comes with incremental. So not only are we able to hold the margin guide, we'll continue to see OpEx efficiencies. And the efficiencies we're seeing today are just a small piece of what we're expecting to see over the long term. So yeah, I absolutely believe that these AI efficiencies are going to help us continue to accrete margins over the mid- and long term.

如果您注意到的話，我談到了這樣一個事實：即使預計下半年將有一些併購交易完成，我們仍將保持營業利潤率指導水平，這會帶來增量。因此，我們不僅能夠維持利潤率指南，還將繼續看到營運支出效率。我們今天看到的效率只是我們期望長期看到的效率的一小部分。所以，是的，我絕對相信這些人工智慧效率將幫助我們在中長期內繼續增加利潤。

Thanks very much.

非常感謝。

Thank you.

謝謝。

Samad Samana, Jefferies.

薩瑪德·薩馬納（Samad Samana），傑富瑞集團。

Hi, good evening. Thanks for taking my questions, and congrats to the whole organization on the quarter. Maybe just Bill or Amit, I think this is for either one of you. Just as I think about Moveworks. It's a relatively large acquisition. I know it's still small versus how big ServiceNow is and then the Logik acquisition, is the framework still going to be as you do larger deals to still rewrite them into the code base, or is there any change in maybe the -- not just the size or scale of M&A, but the approach of how it will ultimately be incorporated into ServiceNow?

嗨，晚上好。感謝您回答我的問題，並祝賀整個公司本季取得的成績。也許只是比爾或阿米特，我認為這適合你們中的任何一個人。正如我對 Moveworks 的想法。這是一次相對較大的收購。我知道與 ServiceNow 相比，它仍然很小，然後是 Logik 收購，框架是否仍會像您進行更大的交易一樣，仍然將它們重寫到程式碼庫中，或者是否會有任何變化 - 不僅僅是併購的規模或規模，而是最終如何將其納入 ServiceNow 的方法？

Yes, Samad. The way we're thinking about this, including Moveworks and others, there's really integration play, right? So we continue having one platform, one data model, one architecture going forward as well. But we also want to be able to bring in a lot of other technologies around it so that we can integrate and provide a unified experience going forward as well, right?

是的，薩馬德。我們對此的看法是，包括 Moveworks 和其他公司在內，確實存在整合作用，對嗎？因此，我們將繼續擁有一個平台、一個資料模型、一個架構。但我們也希望能夠引入許多其他技術，以便我們能夠整合並提供統一的體驗，對嗎？

So today, Moveworks does integrate with ServiceNow. 70% of their customers use ServiceNow with Moveworks. So this is going to continue the same way. We will, of course, optimize few areas where they can accelerate their development to areas where they were working on using ServiceNow platform, but we are not trying to rewrite Moveworks to integrate and adopt it for our customers.

所以今天，Moveworks 確實與 ServiceNow 整合。 70% 的客戶將 ServiceNow 與 Moveworks 結合使用。所以這將以同樣的方式繼續下去。當然，我們會優化一些領域，以便他們能夠加速使用 ServiceNow 平台進行開發的領域，但我們不會嘗試重寫 Moveworks 來為我們的客戶整合和採用它。

Similarly, Logik already has a lot of integration built in with ServiceNow. So we're able to now take that straight to the customers without having to do any kind of rewrite. There will be always as we continue road map evolution, there will be integration happening and re-architecture happening just like you would do with any software project, but there is no plan to rewrite any of the (inaudible)

同樣，Logik 已經與 ServiceNow 建立了許多整合。因此，我們現在能夠將其直接提供給客戶，而無需進行任何重寫。隨著我們繼續路線圖的演變，將會有整合和重新架構發生，就像你對任何軟體專案所做的那樣，但沒有計劃重寫任何（聽不清楚）

Appreciate it. Thank you.

非常感謝。謝謝。

Raimo Lenschow, Barclays.

巴克萊銀行的 Raimo Lenschow。

Thank you, and congrats from me as well. Going back to that mix effect question on where revenue is going or where our revenue is coming from. Is there also like an argument that with agentic and more easier ROI use cases straightaway in CRM and the business workflows that you kind of mix will change from that perspective? And where do you -- could you see that going? Thank you.

謝謝您，我也向您表示祝賀。回到混合效應問題，即收入流向何處或我們的收入來自哪裡。是否還有這樣的論點，即從這個角度來看，隨著 CRM 中代理程式和更簡單的 ROI 用例的出現，您混合的業務工作流程將會改變？您認為這會發生怎樣的變化？謝謝。

I'll start. So we have always talked about the fact that over time, we expect the mix of our customer now, CRM workflows, as well as our HR to start to grow as a percent because as the platform becomes much more ubiquitous across the enterprise, those areas are right for disruption and transformation.

我先開始。因此，我們一直在談論這樣一個事實：隨著時間的推移，我們預計我們現在的客戶、 CRM 工作流程以及人力資源的組合將開始以百分比增長，因為隨著平台在整個企業中變得越來越普遍，這些領域正適合進行顛覆和轉型。

If your question around AI, so let's be very clear, and I talked about a lot of stats with Now Assist, across the board, we're seeing AI really help transform and drive efficiencies, whether it's IT, creator, customer CRM. And so what I would expect is that I don't expect one piece to have an outweight effect, I expect AI to really help drive and transform across the enterprise.

如果您的問題與人工智慧有關，那麼讓我們非常清楚，我與 Now Assist 討論了很多統計數據，從各方面來看，我們都看到人工智慧確實有助於轉變和提高效率，無論是 IT、創造者還是客戶 CRM。因此，我期望的是，我不會指望某一項技術能夠產生巨大的影響，我希望人工智慧能夠真正幫助推動和轉變整個企業。

And so will that help CRM more? I would just say that the addressable market for CRM is larger, so it could have an outweighted perspective there. But we've talked for years now about the expectation that CRM and HR would start to grow as a percent of our total.

那麼這對 CRM 是否有幫助呢？我只想說 CRM 的潛在市場更大，因此它在那裡可能會有更大的前景。但多年來，我們一直在談論 CRM 和 HR 在我們總體中所佔的百分比將開始成長的期望。

The core is still strong. Don't get me wrong, and doing very well. But as these adjacencies continue to drive traction in our customer base, you'll continue to see them be a larger percent of the total.

核心依然強大。別誤會我的意思，我做得很好。但隨著這些鄰接關係繼續在我們的客戶群中發揮牽引作用，你將繼續看到它們在總數中所佔的比例越來越大。

Yeah, just to add to Gina's, I mean, the way we've been thinking about it, AI is part of our platform, right? So the ServiceNow platform comes with the AI built in. And it kind of lifts every part of our workflow with the AI. So it will drive revenue for all of our workflow as Gina was explaining.

是的，補充一下吉娜的觀點，我的意思是，我們一直在思考這個問題，人工智慧是我們平台的一部分，對嗎？因此，ServiceNow 平台內建了 AI。它透過人工智慧提升了我們工作流程的每個部分。因此，正如吉娜所解釋的那樣，它將為我們所有的工作流程帶來收入。

But by itself, we are also seeing a lot of interest to start doing new things with it, right? So even if our workflows are growing, we're also seeing a lot of interest in creator or the studio and agentic platform by itself because we are solving a lot of complex problems, many of these customers can't do it themselves and be able to provide them a lot of very good technology, which should get them going very quickly as well. So we're seeing a lot of other areas of interest in there. That's why they're coming and talking to us beyond just the workflow parts of it.

但就其本身而言，我們也看到很多人對用它做新事情感興趣，對嗎？因此，即使我們的工作流程在不斷增長，我們也看到人們對創作者或工作室和代理平臺本身有很多興趣，因為我們正在解決許多複雜的問題，許多客戶無法自己完成，並且能夠為他們提供許多非常好的技術，這也應該能讓他們快速上手。所以我們在那裡看到了很多其他令人感興趣的領域。這就是為什麼他們來找我們討論的不僅僅是工作流程部分。

Yeah, that makes sense. Thank you.

是的，這很有道理。謝謝。

Patrick Walravens, Citizens JMP.

Patrick Walravens，公民 JMP。

Great. Thank you very much, and congratulations on a fully remarkable results. Bill, investors, there's a lot of debate about how AI might be disintermediating Software as a Service, and you were there for the last shift from on-prem to the cloud, and that shift created ServiceNow and Salesforce and Workday. How do you look at this shift? How do you think it's similar and how do you think it might be different?

偉大的。非常感謝，並祝賀您取得了令人矚目的成績。比爾，投資者們，關於人工智慧如何消除軟體即服務的中介作用存在著許多爭論，而您親身經歷了上一次從本地到雲端的轉變，而這一轉變催生了 ServiceNow、Salesforce 和 Workday。您如何看待這項轉變？您認為它們有何相似之處？又有何不同之處？

Pat, it's a really good question. I think what makes it different, and let's go back to the prior era.

帕特，這是一個非常好的問題。我認為是什麼讓它變得不同，讓我們回到之前的時代。

If you look at those companies that you mentioned, you happened to mention all companies that were invented in the 20th century. And in the 20th century, every company org chart, was structured by department. So Gina has a financial system, Jackie has an HR system, Paul has a sales system, and all of them in these companies that are global and large in scale, have multiple instances on different release levels and some are on-premise and some are in the cloud.

如果你看看你提到的那些公司，你剛好提到了所有在 20 世紀創立的公司。在 20 世紀，每家公司的組織結構圖都是依部門劃分的。因此，Gina 有一個財務系統，Jackie 有一個人力資源系統，Paul 有一個銷售系統，所有這些公司都是全球性的、規模很大的，在不同發布級別上都有多個實例，有些在本地，有些在雲端。

There is only one company in the world today that on an end-to-end basis can integrate with that chaos and move that chaos into one simple platform that can connect to all the data sources, both structured and unstructured in those legacy departmental systems as well as the hyperscalers and the different data sources that could come from data warehouse providers to lift up into an automation layer, which we call workflow automation. And in that layer, once that data is there, and that process is flowing with the work itself across all of those domains, you can start to see pretty quickly that AI in the ServiceNow system will actually consolidate the past.

當今世界上只有一家公司能夠在端到端的基礎上整合這些混亂局面，並將這些混亂局面轉移到一個簡單的平台中，該平台可以連接到所有數據源，包括傳統部門系統中的結構化和非結構化數據源，以及超大規模數據源和可能來自數據倉庫提供商的不同數據源，以提升到自動化層，我們稱之為工作流自動化。在該層中，一旦數據存在，並且該流程隨著工作本身在所有這些領域中流動，您很快就會看到 ServiceNow 系統中的 AI 實際上會鞏固過去。

And you will not see companies tolerate any longer multiple instances on multiple release levels, whereas in the past, they might have tolerated it, now they're getting the picture with AI that they don't have to. And I see a serious tailwind in front of us as the major market benefactor of that because we integrate with everybody, but at the same time, everything can be consolidated onto the ServiceNow platform. So it's really the customer's choice, but more and more I tell them, no one has to lose for us to win, and they tell me, Bill, we want some losers now. We want the losers out. So instead of having 100 financial systems, maybe we should have stopped at 50, or 1 like ServiceNow. And that's where we get really interesting.

您將不會再看到公司容忍多個發布層級上的多個實例，而在過去，他們可能會容忍這種情況，但現在他們有了 AI，就不必再容忍了。我看到我們面前出現了強勁的順風，這是我們的主要市場受益者，因為我們與每個人都進行了整合，但同時，一切都可以整合到 ServiceNow 平台上。所以這實際上是客戶的選擇，但我越來越多地告訴他們，沒有人必須輸才能讓我們贏，他們告訴我，比爾，我們現在想要一些失敗者。我們希望失敗者出局。因此，我們不應該擁有 100 個金融系統，也許應該停留在 50 個，或像 ServiceNow 那樣只擁有 1 個。這就是我們真正感興趣的地方。

And same thing with CRM. I was talking to a major company with 175 different instances of a CRM system, and he's like, what should I do? They want to sell me an agent. I said, do you think an agent in 1 of the 175 different instances is going to improve your productivity? Probably not. I don't think I'm getting any productivity out of the other 175. So the tougher questions are now being asked and ServiceNow is there and ready to execute. And our AI work by our great engineers led by Amit and the team has been truly world-class. And we have references, we can get them live in a hurry and they get to value faster with ServiceNow than anyone in the market. So that's our big calling card.

CRM 也是如此。我曾與一家擁有 175 個不同 CRM 系統實例的大公司交談，他問我，我該怎麼辦？他們想把經紀人賣給我。我說，你認為 175 個不同實例中的 1 個代理程式會提高你的工作效率嗎？可能不是。我認為其餘 175 項並沒有為我帶來任何生產力。因此，現在提出了更棘手的問題，而 ServiceNow 已準備好執行。由 Amit 及其團隊領導的優秀工程師所進行的人工智慧工作確實達到了世界一流水平。而且我們有參考資料，我們可以快速讓它們上線，並且他們透過 ServiceNow 比市場上的任何人都更快地獲得價值。這就是我們的名片。

That's awesome. Thank you for that perspective.

太棒了。感謝您的觀點。

Thank you very much for the question, Pat.

非常感謝您的提問，帕特。

Kirk Materne, Evercore ISI.

柯克·馬特恩（Kirk Materne），Evercore ISI。

Thanks. I'll echo the congrats on the quarter. I was wondering, can you just talk a little bit about the customer feedback on the agentic technologies that you released under Yokohama thus far?

謝謝。我將重複對本季的祝賀。我想知道，您能否簡單談談迄今為止您在橫濱發布的代理技術的客戶回饋？

And specifically, just on the consumption pricing aspect of that. I was just kind of curious what kind of -- I realize it's early, but I was curious about the feedback. And how customers are thinking about sort of the pricing for value aspect of that? Thanks.

具體來說，僅涉及消費定價方面。我只是有點好奇——我知道現在還為時過早，但我很好奇反饋。那麼客戶如何考慮其價值方面的定價呢？謝謝。

Sure, Kirk. So I'll give you -- I mean, we released Yokohama early March. And we have quite a few customers already adopting agentic platform.

當然，柯克。所以我會給你——我的意思是，我們在三月初發布了橫濱。我們已經有不少客戶採用代理平台。

I'll give you an example, like Adobe, for example, has been using our agentic platform to bring together a lot of the various processes and use our AI agent with an orchestrator to automate the whole lead management, the back-end systems that's using our platform today. And that's very similar to other customers we're speaking to in every industry where they're taking agentic as a platform to take all the different workflows and really improve the efficiency and automate that using our orchestration engine today, as well as they're now doing agent to agent integration as well, where we have a lot of other third-party vendors, we have integrated and they get the value of our work straight away.

我舉個例子，例如 Adob​​e 一直在使用我們的代理平台來整合許多不同的流程，並使用我們的 AI 代理和協調器來自動化整個領導管理，即今天使用我們平台的後端系統。這與我們在各個行業中接觸過的其他客戶非常相似，他們以 agentic 為平台，採用所有不同的工作流程，真正提高效率，並使用我們今天的編排引擎實現自動化，同時他們現在也在進行代理到代理的集成，我們還有很多其他第三方供應商，我們已經進行了集成，他們可以立即獲得我們工作的價值。

In terms of consumption, the agentic workflows usually require a huge amount of calls into the back end. And the way we sell that today is in hybrid kind of pricing structure. You buy a subscription to our now assist usage, and then you burn it down based on the number of calls you make. So it's still a subscription kind of subscription purchase but it's accounted for us directly, but the customers have the chance to use it and then based on that, they're decreasing their capacity. And if they run out of it, they can buy another pack. Again, it's a subscription.

在消耗方面，代理工作流程通常需要大量呼叫後端。我們今天的銷售方式是混合定價結構。您購買我們現在的協助使用訂閱，然後根據您撥打的電話次數來消耗它。因此，它仍然是一種訂閱式的訂閱購買，但它直接記入我們的帳戶，但客戶有機會使用它，然後基於此，他們會減少他們的容量。如果用完了，他們可以再買一包。再次強調，這是一項訂閱。

So it's a hybrid model where we are kind of helping customers get predictability while they can now learn and they can grow based on their use cases as well. So it's going very well. So far, the feedback has been very, very positive.

因此，這是一種混合模型，我們可以幫助客戶獲得可預測性，同時他們現在可以學習，並且可以根據他們的用例成長。一切進展順利。到目前為止，反饋非常非常積極。

People like the flexibility and the predictability and the platform is so powerful today. We are the only vendor who has a full blown orchestration engine with packaged AI agents as well as the tool to build new agents as well and integration with a lot of third-party products they might be using.

人們喜歡靈活性和可預測性，而且如今該平台非常強大。我們是唯一擁有完整的編排引擎和打包的 AI 代理以及構建新代理的工具以及與他們可能正在使用的許多第三方產品集成的供應商。

So it's really the idea that you are not just doing piecemeal, but you're doing end-to-end. And that's why the differentiation is coming through. And our use cases are growing considerably, using it internally inside ServiceNow. And using it with hundreds of customers and has been very positive. You'll hear more about those use cases, of course, in Knowledge and Financial Analyst Day, and we'll give you an idea of all the amount of the adoption and consumption this is driving as well.

所以，這其實意味著你不只是在做零碎的事情，而是在做端到端的事情。這就是差異化出現的原因。我們的用例正在大幅成長，在 ServiceNow 內部使用它。並且已有數百名客戶使用它，並且取得了非常積極的效果。當然，您將在知識和財務分析師日聽到更多有關這些用例的信息，我們也會讓您了解這所推動的採用和消費量。

Thanks, Amit. Looking forward to seeing you in Vegas.

謝謝，阿米特。期待在拉斯維加斯見到您。

Thank you.

謝謝。

Rob Owens, Piper Sandler.

羅伯歐文斯、派珀桑德勒。

Great. I appreciate you taking my questions. Just curious to get a little bit of color around impact guided adoption and what that attach rate looks like and some of the various errors you have in your quiver to speed time to value, especially in this environment. Thanks.

偉大的。感謝您回答我的問題。我只是好奇地想了解一下影響引導採用的情況以及附加率是什麼樣的，以及您在加快價值實現時間方面遇到的一些各種錯誤，特別是在這種環境下。謝謝。

Hi, Rob. So yeah, Impact has been a very important part of our offering. We do -- we provide very good digital tools for our customers to, one, understand how the best practices are what's the best way to kind of get the implementation done and adoption. And we partner very closely with a lot of system integrators and others who the customers might be using to make that adoption happen very, very fast.

你好，羅布。是的，Impact 一直是我們提供的產品中非常重要的一部分。我們確實——我們為客戶提供非常好的數位工具，首先，讓他們了解最佳實踐，以及完成實施和採用的最佳方式。我們與許多系統整合商以及其他客戶可能使用的合作夥伴密切合作，以非常快速地實現這一目標。

Over the last year or so when we've been delivering impact, and we're seeing now customers doing a lot of self-service work using our digital tools already. We keep on adding more and more content to it, which is helping them with the support as well as use cases growth.

在過去一年左右的時間裡，我們一直在產生影響，現在我們看到客戶已經使用我們的數位工具做了很多自助工作。我們不斷地添加越來越多的內容，這有助於他們獲得支援並增加用例。

And then the people we have in Impact team are available to them for any kind of expert advice to, again, accelerate the value they get out of our platform. So the time to value has been accelerated, and it continues to get better and better in terms of capabilities. And we're taking a lot of the learnings from various use cases and adding to our digital tools as well.

然後，我們 Impact 團隊的人員可以為他們提供任何專家建議，從而再次加速他們從我們的平台中獲得的價值。因此，價值實現時間已經加快，並且在能力方面也越來越好。我們從各種用例中汲取了大量經驗教訓，並將其添加到我們的數位工具中。

Yeah. And I would just add that attach rates are getting better as well. So really pleased with the progress.

是的。我想補充的是，附加率也越來越好。我對這項進展感到非常高興。

Brian Schwartz, Oppenheimer.

布萊恩·施瓦茨，奧本海默。

Yeah. Thank you for taking my question, and congratulations on the quarter. Bill, you've seen a lot of macro disruptions over the course of your career, and you also sold a lot of different software products similar to the broth of ServiceNow's portfolio.

是的。感謝您回答我的問題，並祝賀本季取得的成績。比爾，在您的職業生涯中，您見證過許多宏觀動盪，並且您也銷售過許多與 ServiceNow 產品組合類似的不同軟體產品。

When you talk to executives, how do you think focus and priorities within the different software markets is changing versus past macro disruptions? Thanks.

當您與高階主管交談時，您認為與過去的宏觀動盪相比，不同軟體市場的重點和優先事項發生了怎樣的變化？謝謝。

A really good question, Brian. A really good question, Brian. I think the good news about this disruption is it's incredibly important to the CEO. And so the highest level of contact is really the most attractive to ServiceNow because the CEO uniquely sees the whole company and uniquely sets the strategy for the whole company. And the CEO now is making determinations around platforms that matter.

這是一個非常好的問題，布萊恩。這是一個非常好的問題，布萊恩。我認為這種顛覆的好消息是它對執行長來說極為重要。因此，最高層級的聯繫對 ServiceNow 來說確實是最具吸引力的，因為 CEO 可以以獨特的視角看待整個公司，並以獨特的方式為整個公司製定策略。現在執行長正在就重要的平台做出決定。

That doesn't mean there won't be a lot of platforms that still exist in enterprises, especially large ones that are complex. But it does mean that the CEO wants business transformation. They know that they have to have a two-sided coin that they're managing.

這並不意味著企業中不會再存在大量平台，尤其是複雜的大型平台。但這確實意味著執行長想要進行業務轉型。他們知道他們所管理的事物有兩面性。

On one side, they have to be ready for a revenue reduction if that's what the market provides to them. So they're thinking about OpEx down margin profile adjusted, assume that they could be operating in a world maybe with less revenue and they want to know that they can still do well in that environment.

一方面，如果市場需要他們減少收入，就必須做好減少收入的準備。因此，他們正在考慮調整營運支出利潤率，假設他們可能在收入較少的環境中運營，並且他們想知道他們是否仍然可以在這種環境下做得很好。

At the same time, as Amit and Gina have said, the platform is so unique that they also, at the same time, no, they have to grow. And they have to look at business model innovation and new ways of doing things because no matter what the short-term deals their way they have to really get these companies on AI because it's the only $20 trillion market they're going to run into in the next five years. So I think that the level of contact to the CEO has absolutely evolved where platforms that matter, and we're one of them has really resonated with me.

同時，正如阿米特和吉娜所說，這個平台非常獨特，因此他們也必須成長。他們必須考慮商業模式創新和新的做事方式，因為無論短期交易如何，他們都必須真正讓這些公司進入人工智慧領域，因為這是未來五年他們將要面對的唯一 20 兆美元的市場。因此，我認為與 CEO 的聯繫程度絕對已經發生了變化，重要的平台（我們就是其中之一）確實引起了我的共鳴。

And also, the other thing about this is you have to be a company that's simple. You can't bring them complexity, you can't bring them elongated cycles of deployment. They got to get there quick on the value realization. And at the same time, your Lego set has to always fit together, because they've seen what bad digital transformation looks like. 85% of the projects and most of these enterprises haven't delivered a positive ROI. And so all these signals of the past disruptions have really come together in an AI moment. And you're either an AI leader or you're going to lose.

另外，關於這一點的另一件事是，你必須是一家簡單的公司。你不能為他們帶來複雜性，你不能為他們帶來延長的部署週期。他們必須快速實現價值。同時，你的樂高積木必須始終能夠拼在一起，因為他們已經見識過糟糕的數位轉型是什麼樣子。 85%的專案和大多數企業都沒有達到正的投資報酬率。因此，過去發生的所有這些顛覆性事件的訊號實際上都在人工智慧時代匯聚在一起。你要么成為人工智慧領導者，要么就會失敗。

Brad Sills, Bank of America Securities.

布拉德‧西爾斯 (Brad Sills)，美國銀行證券公司。

Okay. Thank you so much for squeezing me in here. I wanted to ask a question around the deployment cycle for agents. You're obviously seeing the benefit from Now Assist agents internally with some of the metrics you described. Very impressive. What does it take for you to get there? Is it a question of getting the data, is it a place where it's all standardized and data management and data integration is really where a lot of the effort is. Is it more at the orchestration layer. Just give us a sense for the time line for getting, say, a single agent out that you experienced internally? And then once that's done, is it a question of just rinse and repeat and you start to really start to see some of the scale of getting more agents out.

好的。非常感謝您抽空邀請我來這裡。我想問一個有關代理部署週期的問題。透過您描述的一些指標，您顯然看到了 Now Assist 代理在內部帶來的好處。非常令人印象深刻。你要怎麼做才能到達那裡？這是一個獲取數據的問題嗎？這是一個數據標準化的地方嗎？資料管理和資料整合確實是需要付出大量努力的地方。它是否更多地處於編排層？請給我們介紹一下你們內部經歷的撤出一名特工的時間表？然後，一旦完成，是否只需要沖洗並重複，然後您將開始真正看到獲得更多代理商的規模。

Yeah, Brad. So what we have seen already, you can get an AI agent up and running in less than a few weeks. We have done that internally. The processes you find and services you kind of automate our AI agents, which we deliver out of the box today, which are very specific to a particular use case, it can be ready in a few weeks because it's pretrained, it understands the use case. It can be ready because you don't have to redeploy anything. It is part of the same platform.

是的，布拉德。因此，我們已經看到，您可以在不到幾週的時間內啟動並執行 AI 代理程式。我們已經在內部這樣做了。您發現的流程和服務可以自動化我們的 AI 代理，我們今天提供的開箱即用型代理非常針對特定用例，它可以在幾週內準備就緒，因為它經過了預先訓練，它了解用例。它已經準備好了，因為您不需要重新部署任何東西。它是同一平台的一部分。

So if you're using ServiceNow platform, your AI agents, once you configure them, they're out and running, and you can get reporting as well as no configuration details, and you are getting value out of it instantly.

因此，如果您使用 ServiceNow 平台，您的 AI 代理一旦配置完畢，就會開始運行，您可以獲得報告，而且無需任何配置詳細信息，並且可以立即獲得價值。

We've seen customers who want to do multiple of these things when they're trying to build an orchestration and connectivity between various different systems. That might take a few months because you are doing things with another vendor in many cases.

我們看到，當客戶試圖在各種不同的系統之間建立協調和連結時，他們想要做多件這樣的事情。這可能需要幾個月的時間，因為在許多情況下您要與另一個供應商合作。

So agent-to-agent communication is what we have now done with Google, for example, and we're doing that with AWS, Microsoft and others, that might require multiple configuration between different products, which might not be completely in our control, but we are seeing that also going out in less than a few months as well.

因此，代理到代理的通訊是我們現在已經與 Google 合作完成的，我們正在與 AWS、Microsoft 和其他公司合作完成此工作，這可能需要在不同產品之間進行多種配置，這可能無法完全由我們控制，但我們看到這也將在不到幾個月的時間內完成。

So internally, we have now many agents running across every department. We're doing things for customer service in finance, in legal, in IT, in HR, and they're all agent-driven, agentic use cases now. And that's why, as you heard from Gina shared some of the stats around that. We're seeing a great amount of value generation as well as automation and improvements inside the company using this very short quick cycles around it.

因此，在內部，我們現在有許多代理商遍布各個部門。我們在財務、法律、IT、人力資源等領域進行客戶服務工作，現在它們都是代理驅動、代理用例。這就是為什麼，正如您所聽到的，吉娜分享了一些相關統計數據。我們看到，透過使用這種非常短的快速循環，公司內部創造了大量價值，實現了自動化和改進。

And among the improvements, Brad, you might find interesting, the lead-to-sale conversion is a 16x improvement the deflection rate on the soul crushing work that the people didn't want to do here in the first place is 86% now. And we actually have all of our leaders at the top of the house building agentic AI agents into their org charts. And so you're already seeing the shared services power of the agents and the people adopting them.

布拉德，在這些改進中，您可能會覺得有趣，銷售轉換率提高了 16 倍，而人們一開始就不想做的令人心碎的工作的偏轉率現在是 86%。事實上，我們所有的高階領導都在將代理 AI 代理納入他們的組織結構圖中。因此，您已經看到了代理商和採用這些服務的人員的共享服務力量。

I had a really terrific conversation yesterday with a sales professional who thanked me for our AI agent. And her use case was when I make a sale I need to know what I make on the sale and what my bonus is likely to be based on my overachievement. And that type of a thing and every company out there today is an Excel spreadsheet nightmare, and it usually takes four days with other CRM systems. She got her answer in four seconds.

昨天我與一位銷售專業人員進行了一次非常精彩的交談，他感謝我為我們提供 AI 代理。她的用例是，當我進行銷售時，我需要知道我在銷售中賺了多少錢，以及根據我的超額完成情況我的獎金可能是多少。如今，這種事情對每家公司來說都是一場 Excel 電子表格的噩夢，而使用其他 CRM 系統通常需要四天。她在四秒鐘內就得到了答案。

So what you see is people saying like this is the only way forward, and that's the way I see the world. It's the only way forward. But as Amit articulated perfectly, he talked about great companies like Microsoft and AWS and Google, and ServiceNow is in that conversation and NVIDIA. I mean these are the kind of companies that are teaming up with platforms that matter to change the world, and it's happening.

所以你會看到人們說這是唯一的前進之路，這就是我看待世界的方式。這是唯一的前進之路。但正如阿米特完美闡述的那樣，他談到了微軟、AWS、Google等偉大的公司，而 ServiceNow 和 NVIDIA 也參與其中。我的意思是，這些公司正在與重要的平台合作改變世界，而這種情況正在發生。

Super exciting. Thanks, Bill. Thanks, Amit.

超級刺激。謝謝，比爾。謝謝，阿米特。

Thank you very much, Brad.

非常感謝，布拉德。

Ladies and gentlemen, that does conclude today's conference call. Thank you for your participation, and you may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝您的參與，您現在可以斷開連接。