ServiceNow Inc (NOW) 2025 Q2 法說會逐字稿

Thank you for standing by. My name is Kathleen and I will be your conference operator today. At this time I would like to welcome everyone to the ServiceNow second quarter 2025 earnings conference call.

感謝您的支持。我叫凱瑟琳，今天我將擔任您的會議主持人。現在，我歡迎大家參加 ServiceNow 2025 年第二季財報電話會議。

(Operator Instructions)

（操作員指示）

I would now like to turn the call over to Darren Yip, Senior Vice President, Head of Investor Relations and Market Insights. Please go ahead.

現在，我想將電話轉給資深副總裁、投資人關係和市場洞察主管 Darren Yip。請繼續。

Good afternoon and thank you for joining ServiceNow's second quarter 2025 earnings conference call. Joining me are Bill McDermott, our Chairman and Chief Executive Officer; Gina Mastantuono, our President and Chief Financial Officer; and Amit Zavery , President, Chief Product Officer and Chief Operating Officer.

下午好，感謝您參加 ServiceNow 2025 年第二季財報電話會議。與我一起的還有我們的董事長兼首席執行官比爾·麥克德莫特 (Bill McDermott)、我們的總裁兼首席財務官吉娜·馬斯坦托諾 (Gina Mastantuono) 以及總裁、首席產品官兼首席營運官阿米特·扎維裡 (Amit Zavery)。

During today's call, we will review our second quarter 2025 results and discuss our guidance for the third quarter and full year 2025. 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.

在今天的電話會議上，我們將回顧 2025 年第二季的業績，並討論 2025 年第三季和全年的指導。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。

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

我們不承擔因新資訊或未來事件而更新此類聲明的責任或義務。請參閱今天的收益新聞稿和我們向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。

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

我們還想指出，我們提供的非 GAAP 指標是根據 GAAP 計算的財務指標的補充，而不是替代方案。除非另有說明，我們今天討論的所有財務指標和相關成長率均為非 GAAP，但收入、剩餘履約義務或 RPO、當前 RPO 以及現金和投資除外。

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

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

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

說完這些，我就把電話轉給比爾。

Thank you, Darren, and welcome, everyone, to today's call. ServiceNow's Q2 results were outstanding. They continue our long track record of elite level execution, and we are at the forefront of enterprise AI. Subscription revenue growth was 21.5% in constant currency, 2 points above our guidance. cRPO growth was also 21.5% in constant currency, 2 points above our guidance.

謝謝達倫，歡迎大家參加今天的電話會議。ServiceNow 第二季的業績非常出色。它們延續了我們長期以來精英級執行的記錄，我們處於企業人工智慧的前沿。以固定匯率計算，訂閱收入成長率為 21.5%，比我們的預期高出 2 個百分點。以固定匯率計算，cRPO 成長率也為 21.5%，比我們的預期高出 2 個百分點。

Operating margin was 29.5%. That's over 2.5 points above our guidance. Free cash flow margin was 16.5%, up 3% year on year. We had 89 deals greater than $1 million in net new ACV, 11 of those deals were greater than $5 million in net new ACV. All our workflow businesses performed very well in the quarter.

營業利益率為29.5%。這比我們的預期高出 2.5 個百分點。自由現金流利潤率為16.5%，較去年同期成長3%。我們有 89 筆交易的淨新 ACV 超過 100 萬美元，其中 11 筆交易的淨新 ACV 超過 500 萬美元。我們所有的工作流程業務在本季都表現得非常好。

Technology workflows had 40 deals, over $1 million, including 4 over $5 million. ITSM, ITOM, ITAM, security and risk were all in at least 15 of the top 20 deals. CRM and industry workflows continued its strong momentum and 17 of our top 20 deals with 17 of those deals over $1 million. And core business workflows also had a great quarter and 16 of the top 20 deals with 7 deals over $1 million.

技術工作流程領域有 40 筆交易，金額超過 100 萬美元，其中 4 筆超過 500 萬美元。 ITSM、ITOM、ITAM、在排名前 20 的交易中，至少有 15 筆涉及安全和風險。CRM 和產業工作流程持續保持強勁勢頭，在我們前 20 筆交易中，有 17 筆交易的金額超過 100 萬美元。核心業務工作流程也在本季表現出色，在前 20 筆交易中佔據了 16 筆，其中 7 筆交易金額超過 100 萬美元。

The global environment is the fastest changing in history. Outcomes like beat and raise are a testament to the ServiceNow AI platform, our world-class team and partner ecosystem.

全球環境正處於歷史上最快的變化時期。超越和提升等成果證明了 ServiceNow AI 平台、我們世界一流的團隊和合作夥伴生態系統。

Let's talk about what's driving the growth. It's AI, data and workflows. On AI, now assist net new ACV to date beat expectations once again in Q2. Our key AI Pro Plus deal count, including ITSM, CSM and HR was up over 50% quarter on quarter. We also closed our largest now as this deal to date, at over $20 million.

讓我們來談談推動成長的因素。它是人工智慧、數據和工作流程。在人工智慧方面，迄今為止，第二季的輔助淨新增 ACV 再次超出預期。我們的主要 AI Pro Plus 交易數量（包括 ITSM、CSM 和 HR）較上季增加了 50% 以上。我們還完成了迄今為止最大的一筆交易，金額超過 2000 萬美元。

We had 21 deals with 5 or more now assist products, and plus products were included in 18 of our top 20 deals. The AI hype cycle has not slowed for good reason. Enterprises in every industry and every region of the world have AI transformation as priority number one.

我們有 21 筆交易，其中有 5 種或更多現成的輔助產品，而且我們的前 20 筆交易中有 18 筆包含 Plus 產品。人工智慧炒作週期並沒有放緩，這是有原因的。全球各行各業、各地區的企業都把AI轉型當作首要任務。

IT budgets are highly resilient and increasingly focused on strategic mission-critical AI platforms. Our position is highly differentiated because AI work is cross-functional work.

IT 預算具有很強的彈性，並且越來越注重策略關鍵任務 AI 平台。我們的立場高度差異化，因為人工智慧工作是跨職能的工作。

ServiceNow integrates the entire tech stack, on-prem or in the cloud, any system, any LLM, any data source and we bring all of that data into a single model. From there, we elevated to the workflow layer where you take action on that data wherever it lives.

ServiceNow 整合了整個技術堆疊，無論是在本地還是在雲端，任何系統、任何 LLM、任何資料來源，我們將所有這些資料整合到一個模型中。從那裡，我們提升到工作流程層，您可以在其中對資料採取行動，無論資料位於何處。

Then we move into the AI layer, not just automation but true AI agents executing real tasks to drive outcomes across business processes, hire to retire, procure to pay, design to product quote to cash and sales to service.

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執行真實的任務來推動整個業務流程的結果，從僱用到退休，採購到支付，設計到產品報價到現金以及銷售到服務。

The long history of enterprise tech can be described in a single word, pain, that's because people and devices and apps and data and clouds, they don't work well together. Without ServiceNow, we run the real risk of a new generation of pain this time with AI agents scattered around like spare parts. We have no intention, ladies and gentlemen, of allowing that to happen.

企業技術的悠久歷史可以用一個詞來形容，那就是痛苦，這是因為人、設備、應用程式、資料和雲端不能很好地協同工作。如果沒有 ServiceNow，我們將面臨新一代痛苦的真正風險，這一次，人工智慧代理就像備件一樣散落在各處。女士們、先生們，我們絕不允許這樣的事情發生。

Control Tower isn't just a name for our solution. It's the ultimate metaphor that how ServiceNow helps customers govern the agenetic enterprise. We help customers take advantage of everyone's innovation, ours and others we put investments together. We make it all work with demand as high as it is. Our next AI program is called Now Next AI.

控制塔不僅僅是我們的解決方案的名稱。這是 ServiceNow 如何幫助客戶管理基因企業的終極隱喻。我們幫助客戶利用每個人的創新，包括我們自己以及我們投資的其他人的創新。儘管需求很高，我們還是盡力讓一切順利進行。我們的下一個人工智慧專案叫做Now Next AI。

And this is getting our engineering teams deployed to get customers live fast. These are only a few of the many reasons you're seeing real momentum in these results. and we're only just getting started. Q2 has also showed ServiceNow's growing differentiation in enterprise data. Workflow Data Fabric was included in 17 of our top 20 largest deals.

這也讓我們的工程團隊得到部署，以便客戶能夠快速上線。這些只是您在這些結果中看到真正動力的眾多原因中的一部分。而我們才剛開始。第二季也顯示 ServiceNow 在企業資料上的差異化日益增強。在我們的 20 筆最大交易中，有 17 筆涉及工作流程資料結構。

Customers recognize the value of combining data, analytics and AI. They embrace our vision of workflow data fabric and agents working together to drive faster, smarter outcomes. On the underlying technology level, RaptorDB Pro continued to gain traction in every major region beat expectations in Q2.

客戶認識到結合數據、分析和人工智慧的價值。他們接受了我們的願景，即工作流程資料結構和代理程式共同努力，以推動更快、更聰明的成果。在底層技術層面，RaptorDB Pro 在第二季持續在各主要地區獲得發展，超越預期。

As I summarized earlier, all our workflows are growing, especially CRM, front office workflows. The CRM opportunity for ServiceNow is massive. According to industry experts, Agentic AI represents a seismic shift that could render traditional CRM obsolete. By the end of this decade, enterprises will adopt systems of action driven by autonomous front-end agents. The future isn't a CRM screen, it's omnipresent AI agent embedded in everyday tools.

正如我之前總結的那樣，我們所有的工作流程都在成長，尤其是 CRM、前台工作流程。ServiceNow 的 CRM 機會是巨大的。據行業專家稱，Agentic AI 代表著一場巨大的轉變，可能會使傳統的 CRM 過時。到本世紀末，企業將採用由自主前端代理人驅動的行動系統。未來不是 CRM 螢幕，而是嵌入日常工具中無所不在的 AI 代理。

With our sales and order management solution and our acquisition of Logik.ai. We're not just entering CRM. We're reimagining it now. We're delivering a fully integrated AI-powered front office, sales and service, streamlined operations and dramatically improved time to revenue. And customers are responding to our innovation.

憑藉我們的銷售和訂單管理解決方案以及對 Logik.ai 的收購，我們不僅僅進入了 CRM 領域。我們現在正在重新構想它。我們正在提供完全整合的人工智慧前台、銷售和服務、簡化的營運並顯著縮短創收時間。客戶對我們的創新做出了積極的回應。

We secured several notable wins with strong momentum in CRM and widespread adoption of our end-to-end capabilities, one of the largest building supply companies in the US selected ServiceNow CPQ to support configuration and quoting at scale for their largest distribution network.

憑藉 CRM 的強勁發展勢頭和端到端功能的廣泛採用，我們獲得了多項顯著的勝利，美國最大的建築供應公司之一選擇了 ServiceNow CPQ 來支援其最大的分銷網絡的大規模配置和報價。

ExxonMobil, plans to implement ServiceNow AI and agents to deliver enhanced employee experiences, improved operational processes and fast response time across its enterprise services. Standard Charter will use ServiceNow AI control tower with rated to help govern and secure and realize value from agentic AI, Merck & Company, is adopting the ServiceNow AI platform to transform security operations, enhancing control of our IT assets, reducing risk and strengthening data compliance across the enterprise.

埃克森美孚計劃實施 ServiceNow AI 和代理，以在其企業服務中提供增強的員工體驗、改進的營運流程和快速的回應時間。渣打銀行將使用 ServiceNow AI 控制塔來幫助管理和保護並實現代理 AI 的價值，而默克公司則採用 ServiceNow AI 平台來轉變安全運營，增強對 IT 資產的控制，降低風險並加強整個企業的數據合規性。

The state of California is using ServiceNow CRM across multiple departments to better serve its constituents, employees and the business community. Banco do Nordeste, Doldafield is transforming customer service with ServiceNow AI, delivering tailored solutions that anticipate customer needs and deepen engagement across the broad network of customers and partners.

加州正在多個部門使用 ServiceNow CRM，以便更好地服務其選民、員工和商業社區。東北銀行 Doldafield 分行正在利用 ServiceNow AI 轉變客戶服務，提供能夠預測客戶需求並深化廣泛客戶和合作夥伴網路參與度的客製化解決方案。

And to it is expanding its long-time relationship with ServiceNow to remove friction with done for you a genetic AI experiences for their employees. Starbucks a multiyear ServiceNow customer is using our AI capabilities to enhance its technology ecosystem, rolling out ServiceNow and select support centers to drive greater satisfaction at every touch point.

它還在擴大與 ServiceNow 的長期合作關係，以消除摩擦，為員工提供基因 AI 體驗。星巴克是 ServiceNow 的多年客戶，它正在利用我們的 AI 功能來增強其技術生態系統，推出 ServiceNow 並選擇支援中心，以在每個接觸點提高滿意度。

The North Carolina Department of Transportation will use ServiceNow AI control tower to govern all of their AI solutions across the agency, ensuring industry compliance, and control as they scale their modernization efforts. In a very exciting new partnership, CapZone, impact investments and ServiceNow are developing a national network of next-gen solutions to modernize mission-critical facilities.

北卡羅來納州交通部將使用 ServiceNow AI 控制塔來管理整個機構的所有 AI 解決方案，確保產業合規性，並在擴大現代化努力的同時進行控制。在一個非常令人興奮的新合作夥伴關係中，CapZone、impact investment 和 ServiceNow 正在開發一個由下一代解決方案組成的全國性網絡，以實現關鍵任務設施的現代化。

ServiceNow's risk management, enterprise asset management and AI-powered automation capabilities will create a fully digital maritime manufacturing capability in the United States. There's no greatest satisfaction in seeing world-class brands working with ServiceNow.

ServiceNow 的風險管理、企業資產管理和人工智慧自動化功能將在美國打造全數位化的海運製造能力。看到世界級品牌與 ServiceNow 合作，沒有什麼比這更令人欣慰的了。

There's no better example than our great partner and friend and video. They are redefining employee support with ServiceNow AI with intelligent AI agents that proactively resolve issues, deliver personalized help and provide answers in milliseconds. Customers are not only choosing our tech they're investing in our team. Under Amit Zavery's leadership, our product, engineering and design teams are the best in the enterprise. They're building too much net new innovation to cover in these remarks. That's a good thing.

沒有比我們偉大的合作夥伴、朋友和影片更好的例子了。他們正在利用 ServiceNow AI 重新定義員工支持，其中智慧 AI 代理可以主動解決問題、提供個人化幫助並在幾毫秒內提供答案。客戶不僅選擇我們的技術，他們還投資我們的團隊。在 Amit Zavery 的領導下，我們的產品、工程和設計團隊是企業中最好的。他們正在建立太多的新創新，這些評論無法涵蓋。這是一件好事。

ServiceNow has delivered a complete integrated enterprise-ready agentic platform for every agenetic requirement. This includes AI control tower AI agent fabric and a no-code AI agent studio in just 60 days. We've already surpassed our initial net new ACV expectations per AI control tower for the full year.

ServiceNow 已為每項代理需求提供了完整的整合企業級代理平台。這包括 AI 控制塔 AI 代理結構和僅需 60 天的無代碼 AI 代理工作室。我們已經超越了全年每個 AI 控制塔的初始淨新 ACV 預期。

Today, we're announcing a genetic workforce management, a new standard for hybrid team leadership. This allows employees and agents to work seamlessly and securely with each other to deliver real business outcomes.

今天，我們宣布推出基因勞動力管理，這是混合團隊領導的新標準。這使得員工和代理商能夠無縫、安全地相互合作，以實現真正的業務成果。

We also acquired Data.world to deliver innovative data governance, and these solutions are built for this agentic AI era, which is why it's so precious to us. This is the only data catalog platform built on a knowledge graph with the highest user adoption in the data, catalog and governance category period.

我們還收購了 Data.world 來提供創新的資料治理，這些解決方案是為這個代理 AI 時代構建的，這就是它對我們來說如此珍貴的原因。這是唯一一個基於知識圖譜建構的資料目錄平台，在資料、目錄和治理類別時期擁有最高的使用者採用率。

We just have so much to talk about in this company right now through partnership expansions with NVIDIA, UK Cheese, Zoom and countless others are illuminating the centricity of ServiceNow in enterprise AI. That's why we see new recognition in Forrester Waves, IDC MarketScape and Gartner Research.

我們現在有很多關於這家公司的事情要談，透過與 NVIDIA、UK Cheese、Zoom 和無數其他公司的合作擴展，闡明了 ServiceNow 在企業 AI 中的核心地位。這就是我們在 Forrester Waves、IDC MarketScape 和 Gartner Research 中獲得新認可的原因。

It's why millions are applying to work for the company so they can be part of this movement. We made an intentional choice at ServiceNow to put AI to work for people. Yes, ServiceNow AI is driving substantial productivity increases for our customers. And while efficiency and productivity are major benefits, it doesn't stop there. This is a breakthrough innovation of Lyxor, unlike anything we've ever seen in human history.

這就是為什麼數百萬人申請為該公司工作，以便他們能夠成為這場運動的一部分。我們在 ServiceNow 有意選擇讓人工智慧為人類服務。是的，ServiceNow AI 正在大幅提高我們客戶的生產力。雖然效率和生產力是主要優勢，但它不止於此。這是 Lyxor 的突破性創新，與人類歷史上見過的任何事物都不同。

People and AI together will create new businesses, new discoveries and catalyze economic growth in every corner of the world. The world works with ServiceNow because we are delivering AI to empower people everywhere.

人類和人工智慧將共同創造新的業務、新的發現並催化世界各個角落的經濟成長。全世界都與 ServiceNow 合作，因為我們正在提供人工智慧來增強世界各地人民的力量。

So they can be the ones who lead their organizations forward to new horizons. I'll leave you with this point. Analysts predict a genetic AI will be ubiquitous, embedded in software platforms and applications, transforming user experiences and workflows.

這樣他們就可以成為帶領組織走向新視野的人。我就把這一點留給你們。分析師預測，基因人工智慧將無所不在，嵌入軟體平台和應用程式中，改變使用者體驗和工作流程。

AI is the new UI, and that's why the software industrial complex of the 21st century is converging into ServiceNow as the extensible AI operating system for the Agentic enterprise. This gives us a monumental future value creation for our customers and shareholders. Thank you for your time.

AI 是新的 UI，這就是為什麼 21 世紀的軟體工業複合體正在整合到 ServiceNow 作為 Agentic 企業的可擴展 AI 作業系統。這為我們的客戶和股東創造了巨大的未來價值。感謝您抽出時間。

Now I'll hand things over to our President and Chief Financial Officer, Gina Mastantuono. Gina, over to you.

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. Q2 was a spectacular quarter across the Board. We significantly beat the high end of our guidance across all top line and profitability metrics. Among many highlights, strong adoption of our analysis products continued outperforming expectations in the quarter once again. AI efficiencies internally were also a meaningful tailwind to margin expansion.

謝謝你，比爾。第二季度是各方面表現都十分優秀的一個季度。我們在所有營收和獲利指標上都大幅超出了預期的上限。在眾多亮點中，我們的分析產品的強勁採用在本季度再次超出預期。內部人工智慧的效率也對利潤率的擴大起到了顯著的推動作用。

Let's get into the details. Q2 subscription revenues of $3.113 billion, growing 21.5% year over year in constant currency, 200 basis points above the high end of our guidance range driven by strong execution and some early on-prem renewals.

讓我們來了解一下細節。第二季訂閱營收為 31.13 億美元，以固定匯率計算年增 21.5%，比我們的指導範圍高階高出 200 個基點，這得益於強勁的執行力和一些早期的內部續訂。

RPO ended the quarter at approximately $23.9 billion, representing 25.5% year over year constant currency growth. Current RPO was $10.92 billion, representing 21.5% year over year constant currency growth, a 200 basis point beat versus our guidance.

本季結束時，RPO 總額約為 239 億美元，以固定匯率計算年增 25.5%。目前 RPO 為 109.2 億美元，以固定匯率計算年增 21.5%，比我們的預期高出 200 個基點。

From an industry perspective, transportation and logistics delivered a standout performance, net new ACV over 100% year over year. Technology, Media and Telecom had a fantastic quarter, growing over 70% year over year.

從產業角度來看，運輸和物流表現突出，淨新增ACV年成長超過100％。科技、媒體和電信業本季表現優異，年增超過 70%。

Retail and Hospitality and Energy and Utilities also saw strength, each growing over 50% year over year. Once again, we achieved a robust 98% renewal rate showcasing ServiceNow strategic importance as the AI platform for business transformation. We ended Q2 with 528 customers generating over $5 million in ACV.

零售和酒店業以及能源和公用事業也表現強勁，年成長均超過 50%。我們再次實現了 98% 的強勁續約率，展現了 ServiceNow 作為業務轉型 AI 平台的策略重要性。我們在第二季結束時擁有 528 名客戶，創造了超過 500 萬美元的 ACV。

What's more? The number of customers contributing $20 million or more increased by over 30% year over year. We closed 89 deals greater than $1 million in net new ACV in the quarter, including 11 deals over $5 million. In Q2, all top 20 deals included 5 or more products, illustrating the power of our platform.

還有什麼？出資2000萬美元或以上的客戶數量年增30%以上。本季度，我們完成了 89 筆淨新 ACV 超過 100 萬美元的交易，其中包括 11 筆超過 500 萬美元的交易。在第二季度，所有前 20 筆交易都包含 5 種或更多產品，這說明了我們平台的強大功能。

Our continued focus on winning the right new logos also bore fruit in Q2. We landed 11 deals over $1 million in net new ACV, including 2 over $5 million, growing average new logo ACV over 100% year over year.

我們持續致力於贏得合適的新標識，這也在第二季度取得了成果。我們達成了 11 筆淨新 ACV 超過 100 萬美元的交易，其中 2 筆超過 500 萬美元，平均新標誌 ACV 年增超過 100%。

Within CRM, our push into the front office gained further momentum in the quarter. The addition of Logik.ai is already driving exclusive growth in CPQ with 9 deals closed in June alone. Our now assist net new ACV to date also continues to trend very well beating expectations once again, fueled by an increase in both deal volume and size quarter over quarter. As Bill noted, this includes 21 deals with 5 or more now assist products. Our unique platform approach to AI is clearly resonating with customers.

在 CRM 領域，我們在本季向前台的推進獲得了進一步的動力。Logik.ai 的加入已經推動了 CPQ 的獨家成長，光是 6 月就完成了 9 筆交易。迄今為止，我們的協助淨新 ACV 也繼續呈現良好趨勢，再次超越預期，這得益於交易量和交易規模的環比增長。正如比爾所指出的，這包括 21 筆涉及 5 種或更多現有輔助產品的交易。我們獨特的人工智慧平台方法顯然引起了客戶的共鳴。

Our newest plus SKUs products are off to a stellar start ITAM now assist net new ACV serves nearly 6x quarter over quarter, with average deal sizes more than tripling. Now assist for SecOps and risk combined for net new ACV more than double quarter over quarter.

我們最新的 Plus SKU 產品開局良好，ITAM 現在協助淨新 ACV 服務環比增長近 6 倍，平均交易規模增長兩倍多。現在，對 SecOps 和風險的協助使淨新 ACV 比上一季增加了一倍多。

Our flagship products are also delivering exceptional results. ITSM and CSMs deal value quadrupled year over year, while ITOMs tripled and HRSD doubled. And in creator, now assist average deal sizes also quadrupled year over year.

我們的旗艦產品也取得了卓越的成果。ITSM 和 CSM 的交易價值較去年同期成長了四倍，而 ITOM 的交易價值成長了三倍，HRSD 的交易價值成長了兩倍。在創作者方面，現在協助的平均交易規模也比去年同期翻了兩番。

Turning to profitability. Non-GAAP operating margin was 29.5%, over 250 basis points above our guidance, driven by our top line outperformance AI OpEx efficiencies and the timing of marketing spend. By utilizing our own AI innovations in-house is now on now, we leverage tools like CodeAssist and cogeneration to unlock significant capacity for our engineers.

轉向盈利能力。非公認會計準則營業利潤率為 29.5%，比我們的預期高出 250 個基點以上，這得益於我們出色的 AI OpEx 效率和行銷支出的時機。透過利用我們自己的內部人工智慧創新，我們利用 CodeAssist 和熱電聯產等工具為我們的工程師釋放巨大的潛力。

Our free cash to margin was 16.5%, up 300 basis points year over year. We ended the quarter with a robust balance sheet, including $10.8 billion in cash and investments.

我們的自由現金保證金比率為 16.5%，年增 300 個基點。本季結束時，我們的資產負債表表現強勁，其中包括 108 億美元的現金和投資。

In Q2, we bought back approximately 381,000 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 $2.6 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.

在第二季度，我們作為股票回購計劃的一部分回購了約 381,000 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 26 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與股東價值之間的平衡。

Moving to our outlook. As I called out last quarter, US federal agencies are navigating changes from tightening budgets to evolving mission demand. The team executed very well against that backdrop as market conditions played out as we anticipated in Q2.

轉向我們的展望。正如我上個季度所指出的，美國聯邦機構正在應對從預算緊縮到任務需求不斷變化的變化。在這樣的背景下，由於市場狀況在第二季如我們預期的那樣發展，團隊表現非常出色。

We remain confident that our guidance appropriately reflects these trends heading into Q3 and continues to set us up for success for the remainder of the year. I would also note that my commentary for both 2025 and Q3 does not include any contribution from Moveworks, which we expect to close late in the second half of 2025 or early 2026.

我們仍然相信，我們的指導能夠恰當地反映第三季的這些趨勢，並繼續為我們在今年剩餘時間內取得成功奠定基礎。我還要指出的是，我對 2025 年和第三季的評論並不包括 Moveworks 的任何貢獻，我們預計 Moveworks 將在 2025 年下半年末或 2026 年初完成。

With that in mind, for 2025, we are raising our subscription revenues by $125 million at the midpoint to $12.775 billion to $12.795 billion, representing 20% year over year growth or 19.5% to 20% on a constant currency basis.

考慮到這一點，到 2025 年，我們將把訂閱收入中位數提高 1.25 億美元，達到 127.75 億美元至 127.95 億美元，年增 20%，或以固定匯率計算成長 19.5% 至 20%。

We continue to expect subscription gross margin of 83.5%, operating margin of 30.5% and free cash flow margin of 32%. Finally, we expect GAAP diluted weighted average outstanding shares of $210 million. For Q3, we expect subscription revenues between $3.260 billion and $3.265 billion, representing 20% to 20.5% year over year growth or 19.5% on a constant currency basis.

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%。最後，我們預期 GAAP 稀釋加權平均流通股數為 2.1 億美元。對於第三季度，我們預計訂閱收入在 32.60 億美元至 32.65 億美元之間，年增 20% 至 20.5%，或以固定匯率計算成長 19.5%。

We expect cRPO year over year growth of 18.5% or 18% on a constant currency basis. As a reminder, this includes 200 basis points headwind due to our larger than average customer cohort that renewed in Q4.

我們預期 cRPO 年成長 18.5%，或以固定匯率計算成長 18%。提醒一下，這包括 200 個基點的逆風，這是由於我們第四季續約的客戶群規模大於平均值。

We expect an operating margin of 30.5%. Finally, we expect $210 million GAAP diluted weighted average outstanding shares for the quarter. In conclusion, Q2 was another fantastic quarter fueled by solid execution and resilient demand, with a robust pipeline and expanding market opportunities, we are well positioned as we enter the second half of the year.

我們預計營業利益率為30.5%。最後，我們預計本季 GAAP 稀釋加權平均流通股數為 2.1 億美元。總而言之，第二季度又是一個出色的季度，這得益於穩健的執行力和強勁的需求，憑藉強大的產品線和不斷擴大的市場機會，我們在進入下半年時已做好了準備。

For countless ServiceNow customers and partners, Knowledge 2025 cemented ServiceNow's leadership in enterprise AI. The newly created pipeline is up over $1.2 billion already. This solid pipeline and the momentum we have exiting the first half of the year put us well on our way to reaching our $15 billion-plus subscription revenue target for 2026 and with it, $1 billion and now assist ACV.

對於無數的 ServiceNow 客戶和合作夥伴來說，Knowledge 2025 鞏固了 ServiceNow 在企業 AI 領域的領導地位。新建的管道投資已經超過12億美元。憑藉這些堅實的管道和上半年的強勁勢頭，我們預計將順利實現 2026 年 150 億美元以上的訂閱收入目標，並以此為目標，助力 ACV 實現 10 億美元的營收。

This quarter's performance is a testament to the talent and dedication of our team. Bill and I are truly thankful for the relentless effort our employees put in every day. We couldn't be more honored to lead such an exceptional group.

本季度的表現證明了我們團隊的才華和奉獻精神。比爾和我由衷感謝我們的員工每天付出的不懈努力。我們非常榮幸能夠領導這樣一個傑出的團隊。

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

有了這些，我將開始問答環節。

(Operator Instructions)

（操作員指示）

Alex Zukin, Wolfe Research.

沃爾夫研究公司的亞歷克斯·祖金（Alex Zukin）。

Hey guys, congratulations on another clearly elite quarter. Bill some of your peers, I think it's unclear if the demand environment has improved much maybe or changed much since the start of the year. But something seems different in the way that you guys are executing.

嘿夥計們，恭喜你們又一次進入精英季度。比爾和你的一些同行，我認為目前還不清楚自今年年初以來需求環境是否有所改善或發生了很大變化。但你們執行的方式似乎有些不同。

Maybe you can you just talk about what's driving this seemingly better than expected execution. Is it something that's changed in the traction of the AI product? Is it something that's changed in the competitive field? Maybe just what's different this year, first half in spite of a difficult backdrop that's allowing you to maintain this level of execution.

也許您可以談談是什麼推動了這看似比預期更好的執行。人工智慧產品的吸引力是否發生了變化？競技領域有變化嗎？也許今年有所不同，儘管上半年背景艱難，但你們仍能維持這種執行水準。

Well, thank you very much, Alex, for your comment. And I see you already got a research note out to your clients, you're moving at the pace of ServiceNow. It's called instantaneous execution.

好吧，非常感謝亞歷克斯的評論。我看到您已經向客戶發出了一份研究報告，您正在按照 ServiceNow 的步伐前進。這叫做即時執行。

The one thing that can't easily get measured in an earnings script or in the numbers is the heart and the courage of a culture and part of this is gigantic. And this hungry and humble culture that started with red looting and has continued to this day has never given up on anything.

有一件事是無法透過獲利腳本或數字來衡量的，那就是企業文化的核心和勇氣，而這其中的一部分是巨大的。而這種從紅色劫掠開始，一直延續到今天的飢餓謙卑文化，從來沒有放棄過任何東西。

But to answer your question specifically, AI is what changed. And agenetic AI is transforming the business model every company in the world. They see the difference tweens, ServiceNow and the other ones. And I would just sum this way. We got the best product on it.

但具體回答你的問題，人工智慧才是改變的因素。基因人工智慧正在改變全球每家公司的商業模式。他們看到了 ServiceNow 和其他動畫之間的差異。我僅以此方式進行總結。我們得到了最好的產品。

I'm sure we'll have time to give you an update on the many innovations that are into the product. It's stunning. The experience is stunning and the results that customers can derive from it is amazing. And I said for some time, nobody has to lose for us to win. But as the agenetic AI story has gotten so strong and the platform has gotten so strong, the customers are looking to consolidate the past.

我相信我們會有時間向您介紹該產品的眾多創新。太令人震驚了。這種體驗令人驚嘆，客戶從中獲得的結果也令人驚嘆。我曾說過，為了我們的勝利，沒有人必須失敗。但隨著基因人工智慧的故事變得如此強大並且平台變得如此強大，客戶正在尋求鞏固過去。

And really lean into ServiceNow. And the business cases as a result of that customer headset change are actually getting even bigger. And that's across all industries by the way.

並真正依靠 ServiceNow。而由於客戶耳機的改變而產生的商業案例實際上變得更大了。順便說一下，這適用於所有行業。

And finally, and I really do want to make this point clear. AI work is cross-functional work. It is not one dimensional into a silo. Teams work on processes across functions organization charts are going to change. Work is going to be AI work, and it will be cross-functional.

最後，我確實想澄清這一點。人工智慧工作是跨職能的工作。它並不是一個孤立的單一維度。團隊跨職能部門進行流程工作，組織架構圖將會有所改變。工作將是人工智慧工作，並且將是跨職能的。

And our own company we have 450,000 agents in the workflow right now. And all of the supporting functions from customer support to IT support to risk, compliance, security, most of this is now over 80% being done by agents. So agentic is real. The business cases are extraordinary. Gina has told the street -- it will be $350 million value to us this year.

我們公司目前有 45 萬名代理商在工作。從客戶支援到 IT 支援、風險、合規、安全性等所有支援功能，目前 80% 以上都是由代理商完成的。所以代理是真實存在的。這些商業案例非常特別。吉娜告訴華爾街——今年它將為我們帶來 3.5 億美元的價值。

We think it might even be more in terms of what we can take out and objects, not to mention, happiness and productivity. If you just think about the sales curve, for example, it's a 50% improvement in sales productivity, not to have to do the setup work. That's also true for the engineers. So this is a fundamental step function change, and you can only get exponentiality out of thinking across company. Yes, you can start with us in any given silo, but we're moving out to all functions.

我們認為，就我們可以帶走的東西和物品而言，它可能還有更多，更不用說幸福感和生產力了。例如，如果您只考慮銷售曲線，那麼銷售效率就會提高 50%，而不必進行設定工作。對於工程師來說也是如此。因此，這是一個根本性的階躍函數變化，你只能從跨公司的思考中獲得指數級的成長。是的，您可以從任何給定的筒倉開始與我們合作，但我們正在擴展到所有功能。

And when you look at the deals, all the big deals. You look at all 20 of them, they have multiple instances in those functions of a genic AI, which means we're winning at the departmental level, but we're really winning with the CEO. We've become the CEO's agenetic AI story in enterprise software. And notice I didn't say SaaS. We actually don't live in a SaaS neighborhood.

當你查看交易時，你會發現所有交易都是大交易。你看這 20 家公司，它們在基因 AI 的功能中都有多個實例，這意味著我們在部門層面上取得了勝利，但我們真正贏得的是 CEO 的信任。我們已經成為企業軟體中 CEO 的基因 AI 故事。請注意，我沒有說 SaaS。我們實際上並不生活在 SaaS 社區。

We live in an enterprise AI neighborhood on a one-on-one platform, and that differentiation is now being comported to our customers and to our partners in a clear and articulate manner. And that's why we're different.

我們生活在一個一對一平台的企業人工智慧社群中，這種差異化現在正以清晰明了的方式傳達給我們的客戶和合作夥伴。這就是我們與眾不同的地方。

Super clear. Maybe, Gina, just quickly one for you. There's a lot of anxiety. I know from the investor community about DOGE, about federal activity in general in the public sector. It seems like it delivered to your expectations. But maybe can you give us a flavor for the pipeline, the conservatism in the numbers for Q3 and how we should think about that in the back half? Thank you guys.

超級清晰。也許，吉娜，只是快速地給你一個。有很多焦慮。我從投資者社區了解到有關 DOGE 以及聯邦在公共部門的一般活動。看起來它滿足了你的期望。但是，您能否向我們介紹一下通路狀況、第三季數據的保守性以及我們應該如何看待下半年的情況？謝謝你們。

Yeah. (technical difficulty) Great question, Alex. So market conditions pick out as we anticipated, and the team executed extremely well against that backdrop. Our federal team is this the best in the business, and I couldn't be prouder of them. And despite the noise actually in the court of US public sector closed six new logos in Q2 alone.

是的。（技術難題）好問題，亞歷克斯。因此，市場狀況正如我們預期的那樣，團隊在這種背景下表現非常出色。我們的聯邦團隊是業界最好的，我為他們感到無比自豪。儘管美國公共部門實際上在法庭上存在爭議，但僅在第二季就關閉了六個新標誌。

And so again, just continuing to execute despite the uncertainty. That being said, for the remainder of 2025, we're absolutely building prudence in around our assumptions for US Fed, right? And so they continue to navigate tightening budgets and shifting mission demands with increasing urgency. So we feel good that our guidance contemplates appropriately those trends into Q3, and I feel good about where that stands.

所以，儘管存在不確定性，我們仍會繼續執行。話雖如此，對於 2025 年的剩餘時間，我們絕對會圍繞聯準會的假設保持謹慎，對嗎？因此，他們繼續以越來越緊迫的方式應對預算緊縮和任務需求變化的問題。因此，我們很高興看到我們的指導方針適當地考慮了第三季的這些趨勢，並且我對目前的狀況感到滿意。

Mark Murphy, JP Morgan.

摩根大通的馬克墨菲。

Thank you so much, Bill, with the AI control Tower, I think you said that it was beating targets for the full year already and it's only July. It's hard to comprehend. Are you seeing signs that customers might use that as the central control plane for all of their agents, including third-party agents from OpenAI and Microsoft and others.

非常感謝，比爾，關於人工智慧控制塔，我想你說過它已經超出了全年的目標，而現在才 7 月。這很難理解。您是否看到有跡象表明客戶可能會將其用作所有代理的中央控制平面，包括來自 OpenAI、Microsoft 和其他公司的第三方代理。

And then the -- if the Nemotron LLM, the one that you're building in conjunction with NVIDIA, if that succeeds, do you think the ServiceNow agents can offer better reasoning and maybe start to replace the third-party agents so they don't spread around like spare parts, I think that was your term?

然後 - 如果您與 NVIDIA 聯合開發的 Nemotron LLM 成功了，您是否認為 ServiceNow 代理可以提供更好的推理，並可能開始取代第三方代理，這樣它們就不會像備件一樣四處傳播，我想那是您的說法？

Yes, it was my term. And Mark, thank you very much for the question. I'll make the big point on the AI platform for this transformation. And then Amit will give you some color on the product. And I think you're going to be extremely excited.

是的，這是我的任期。馬克，非常感謝你的提問。我將重點闡述這項轉變的人工智慧平台。然後阿米特 (Amit) 會向您介紹一些產品的細節。我想你一定會非常興奮。

But here's the idea. Think about any cloud, okay, any cloud. We're the only ones that cooperate with all three of the hyperscalers. Oracle two, I think any data source I think any -- when I say any data source, think about those systems of record, think about those data warehouses and data lakes. Think about any model, so any LLM model, all of the -- they're all good.

但這是這個想法。想想任何一朵雲，好吧，任何一朵雲。我們是唯一一家與所有三家超大規模企業合作的公司。Oracle 二，我認為任何資料來源，我認為任何——當我說任何資料來源時，想想那些記錄系統，想想那些資料倉儲和資料湖。想想任何模型，任何 LLM 模型，所有 - 它們都很好。

They all do different things and they're all good and think about any agent. So these agents need to be managed just like people need to be managed. So our AI controller will manage our agents and all the other ones, too. And yes, Mark, the big picture is a CEO should want ServiceNow's AI platform for business transformation. They should want our AI controller to manage not just our agents, but all the other agents, too.

他們都做不同的事情，而且都很優秀，並且考慮任何經紀人。因此，這些代理需要被管理，就像人需要被管理一樣。因此我們的 AI 控制器也將管理我們的代理以及所有其他代理程式。是的，馬克，總體來說，CEO 應該希望利用 ServiceNow 的 AI 平台來實現業務轉型。他們應該希望我們的 AI 控制器不僅能管理我們的代理，還能管理所有其他代理。

These agents will team up, they will work together and they will collaborate together a chorus business processes. And in many ways, the early results of what we see is the agents are a lot more collaborative and more team-oriented and more results oriented than people. So this is going to be a real fun one to watch, and I'll let Amit give you some color on the products.

這些代理商將組成團隊，共同工作並協作完成合唱業務流程。從許多方面來看，我們看到的早期結果是，代理商比人更具協作性、更注重團隊、更注重結果。所以這將會是一個非常有趣的觀看體驗，我會讓阿米特為你介紹一些產品的細節。

Thank you, Bill. So Mark, as Bill was mentioning, the AI control tower definitely provides a central nervous system and ability to really manage all the complexity companies have with AI deployments. But beyond that, as we talk about adopting various large language models for our reasoning engine, of course, we made a lot of good progress with NVIDIA in the Nemotron model, and that's one of the options we do provide customers, and that has given ability to raise speed up the reasoning, planning and execution of any request we get to our AI system.

謝謝你，比爾。所以馬克，正如比爾所提到的，人工智慧控制塔確實提供了一個中樞神經系統和真正管理公司在人工智慧部署方面所面臨的所有複雜性的能力。但除此之外，當我們談到為我們的推理引擎採用各種大型語言模型時，當然，我們在 Nemotron 模型方面與 NVIDIA 合作取得了很多進展，這是我們為客戶提供的選項之一，它能夠提高我們對 AI 系統發出的任何請求的推理、規劃和執行速度。

And then we still continue to make sure that we provide these other choices, be it OpenAI, Gemini as well as cloud for customers to choose other model, which makes sense for their use cases. But we provide prescriptive waste through our air control tower to select the right ways for executing our planning engine for those use cases as well. So that continues, and our investments in AI are paying off for customers bases, which are getting bigger and bigger every day.

然後，我們仍然繼續確保提供這些其他選擇，無論是 OpenAI、Gemini 還是雲，供客戶選擇其他模型，這對他們的用例來說是有意義的。但是，我們透過空中控制塔提供規定性的廢棄物，以便為這些用例選擇執行規劃引擎的正確方法。這種情況會持續下去，我們在人工智慧方面的投資正在為客戶群帶來回報，而客戶群的規模每天都在擴大。

Thank you so much and congratulations.

非常感謝，恭喜你。

Thank you very much.

非常感謝。

Thanks, Mark.

謝謝，馬克。

Brad Zelnick, Deutsche Bank.

德意志銀行的布拉德‧澤爾尼克 (Brad Zelnick)。

Great. Thank you so much. Bill, ServiceNow, you guys have outlined very bold ambitions within front office workflows. Now with Logik.ai closed, can you talk more about the most immediate opportunities whether it's service, sales or marketing? And where do you see the lowest hanging fruit right ahead of you? Thank you.

偉大的。太感謝了。Bill、ServiceNow，你們在前台工作流程中提出了非常大膽的目標。現在 Logik.ai 關閉了，您能否詳細談談最直接的機會，無論是服務、銷售還是行銷？您認為眼前最容易實現的目標在哪裡？謝謝。

Thank you very much, Brad, for the question. First of all, the CRM opportunity for ServiceNow really is huge. And we've moved away from a CRM screen and AI agents are going to be embedded in an omnipresent way in everyday tools and no more swivel sharing the workflows will be organized, they'll be agentic and legacy systems will be a customer's choice but they'll see the difference between end-to-end order, fulfil and service on one common platform.

非常感謝布拉德提出這個問題。首先，ServiceNow 的 CRM 機會確實巨大。我們不再使用 CRM 螢幕，人工智慧代理將以無處不在的方式嵌入日常工具中，不再需要旋轉共享，工作流程將被組織起來，它們將是代理，而遺留系統將是客戶的選擇，但他們會看到在一個通用平台上端到端訂單、履行和服務之間的差異。

And I think that's a big thing. You're going to see a lot on the order management side, the configuration price and quote maneuver we made is really big. To get nine deals closed in the company, we just got just tells you the pain that's out in the market right now that we intend to address. Service management is clearly something that's going to continue to excel very, very quickly. So I would say sales and order management are now coming into full view.

我認為這是一件大事。您將在訂單管理方面看到很多，我們所做的配置價格和報價操作確實很大。為了在公司完成九筆交易，我們只是告訴您我們打算解決的當前市場痛點。服務管理顯然將會繼續以非常非常快的速度不斷進步。所以我想說銷售和訂單管理現在已經全面顯現。

And we're also seeing in different industries, different opportunities and one that's kind of on our vision right now is public sector because every public sector entity across the world is following with telco manufacturing and many other industries have already done.

我們也看到了不同行業中的不同機遇，而目前我們關注的領域之一就是公共部門，因為世界各地的每個公共部門實體都在效仿電信製造業，而且許多其他行業也已經這樣做了。

They want to replace fragmented legacy CRM stacks, and they want a unified platform that's fast is smarter and purpose built with AI for modern business. So I think you probably have some more color on that, Amit, but if you would like to add something.

他們希望取代分散的傳統 CRM 堆疊，並希望有一個快速、智慧且專為現代商業構建的 AI 統一平台。所以我認為你可能對此有更多的了解，阿米特，但如果你想補充一些內容。

So Brad, I think in the CRM, as Bill mentioned, we are looking at doing very well in the whole CSM and SM space, but we added on top of that the sales order management and CPQ. But the way to think about our CRM strategy is really around any kind of complicated workflows, which is outcome-driven.

所以布拉德，我認為在 CRM 方面，正如比爾所提到的，我們希望在整個 CSM 和 SM 領域做得很好，但我們在此基礎上增加了銷售訂單管理和 CPQ。但思考我們的 CRM 策略的方式實際上是圍繞著任何複雜的工作流程，它是由結果驅動的。

So if you look at customer service, you want to get an issue resolved, we are very good at that. You want to send an agent to go and help you resolve the issue, we are very good at that. Sales order management, you will get an order out. We process the whole workflow to get that order done.

因此，如果您專注於客戶服務，您希望解決問題，那麼我們在這方面非常擅長。您想派一名代理商去幫助您解決問題，我們非常擅長這一點。銷售訂單管理，您將收到一份訂單。我們處理整個工作流程來完成該訂單。

And similarly on CPQ side, you want to get a coat out, which requires a very complex configuration, pricing and multiple people involved. So if you look at any of the CRM workflows, we can pretty much solve most of those things now with our workflow engine, but we are now providing a very prescriptive ways for making it happen across the various different domains. And that's where we are winning every day.

同樣，在 CPQ 方面，您想要拿出一件外套，這需要非常複雜的配置、定價和多人參與。因此，如果您查看任何 CRM 工作流程，我們現在幾乎可以使用我們的工作流程引擎解決大多數問題，但我們現在提供了一種非常規範的方法來實現跨不同領域的解決方案。這就是我們每天取得勝利的地方。

And I would just also -- we do this by industry. So for example, if you think about agentic AI for insurance, you can see an accident turn into a settled claim on the fly. And you can see our agentic AI solve the case at the point of the accident on a mobile phone. And so that workflow that Amit is talking about is tailored, tuned and trained specifically for the insurance industry. And those agenetic AI agents are agents of insurance.

而我也會 — — 我們按行業來做這件事。舉例來說，如果您考慮用於保險的代理人工智慧，您會看到事故迅速轉變為已解決的索賠。而且你可以在手機上看到我們的代理AI在事故發生地破案。因此，阿米特 (Amit) 談論的工作流程是專門針對保險業進行客製化、調整和培訓的。而這些基因人工智慧代理就是保險代理。

And they know the industry. And by the way, not everybody that gets in an accident speaks the same language. So it also can speak to the human beings that are involved in the incident in any language on the fly.

他們了解這個行業。順便說一句，並不是每個遭遇事故的人都說同一種語言。因此，它還可以隨時用任何語言與事件中涉及的人員進行交流。

So just think about solving claims management for insurance as one example, only ServiceNow with our workflow automation, agenetic AI and the ability to really put that from the incident all the way through to the back office in real time. Only ServiceNow can do that. So it's those cases that we're focusing on.

以解決保險索賠管理為例，只有 ServiceNow 具備工作流程自動化、基因 AI 以及從事件一直到後台即時處理的能力。只有 ServiceNow 可以做到這一點。所以，我們關注的正是這些案例。

Awesome stuff. Congrats to you both and the whole team. Thank you.

很棒的東西。恭喜你們兩位以及整個團隊。謝謝。

Thank you.

謝謝。

Thanks, Brad.

謝謝，布拉德。

Kash Rangan, Goldman Sachs.

高盛的卡什·蘭根（Kash Rangan）。

Great honor to follow the great Brad Zelnick. Bill management team, it's impressive that [$12 billion-plus] revenue run rate scale UTIs then put up 22% growth. So that's a great accomplishment. Bill, I wanted to ask you and anybody else want to chime in, that's great, too. There is a notion that this infrastructure build-out taking up on by the hyperscalers to help propel the open AI and topic models.

非常榮幸能夠追隨偉大的布拉德·澤爾尼克。比爾管理團隊，令人印象深刻的是，[120 億美元以上] 的營收運行率規模 UTI 實現了 22% 的成長。這是一個偉大的成就。比爾，我想問你和其他任何人是否願意加入進來，這也很好。有一種觀點認為，超大規模企業所承擔的基礎建設有助於推動開放人工智慧和主題模型的發展。

This consumed a lot of capital and arguably, a lot of IT budgets as well. And that the lot of the cycle goes, the more the question becomes what to make of enterprise software since you are one of the -- you want to be the DESCO the 21st century.

這消耗了大量的資金，可以說也消耗了大量的 IT 預算。隨著週期的推進，問題變得越來越重要，因為您是其中之一，那麼該如何建立企業軟體呢——您想成為 21 世紀的 DESCO。

I'm curious to get your thoughts on what is at the end of the day, the core asset of ServiceNow that will allow the company to prosper in the world of AI when there is great unknowns about what is magical, we don't know anything about the AI, but it's going to medically do CRM.

我很好奇，想知道您對 ServiceNow 的核心資產的看法，它能讓公司在人工智慧領域蓬勃發展，儘管我們對人工智慧的神奇之處還知之甚少，但它將在醫學上實現 CRM。

It's going to automate everything by itself of beating the need for some critical technologies that we've come to expect to be the foundational aspect of the softness. I'm sure you have a very different viewpoint being out there in the industry, but I'm curious to get your updated take on their thesis. Thank you so much.

它將自動完成一切，無需滿足某些關鍵技術的需求，而這些技術正是我們期望實現柔性的基礎。我相信您在業界有著非常不同的觀點，但我很好奇您對他們的論文的最新看法。太感謝了。

Thank you very much, Kash. Those are excellent companies. They're doing very creative and exciting things, and they all want to partner with us because of our leadership in the enterprise. And so what is differentiated about us. Trillion transactions, [65 billion] workflows in flight across the global economy.

非常感謝，卡什。這些都是非常優秀的公司。他們正在做非常有創意和令人興奮的事情，並且他們都希望與我們合作，因為我們在企業中的領導地位。那我們有何不同呢？全球經濟中正在進行數兆筆交易和[650億]個工作流程。

Think about compliance, think about the regulatory environment, think about the risk posture think about data complexity, think about the adjournment that they get from the ServiceNow platform where it is a domain-specific platform where it's secure, it's lightning fast, and it's inexpensive to run, and it integrates with all these exciting new companies. They are exciting, but there's also a complexity around enterprise-ready solutions that takes time.

考慮合規性，考慮監管環境，考慮風險態勢，考慮資料複雜性，考慮他們從 ServiceNow 平台獲得的休會，它是一個特定領域的平台，它安全、速度快如閃電、運行成本低，並且可以與所有這些令人興奮的新公司整合。它們令人興奮，但企業級解決方案也存在複雜性，需要時間。

And so I think as that time is passing we're not sleeping. We're getting stronger and better by the day. And I think they will lean on us for our enterprise-ready solutions and end up being really good partners because that will help them prosper even more also, so it's interesting to me that you ask such an intelligent question, and that's why I believe we're the best positioned enterprise software company in the world, which is why I repeatedly say, we don't live in a neighborhood we're actually inventing our own paradigm of the agentic AI enterprise and what it's going to look like.

所以我認為隨著時間的流逝我們不會睡覺。我們正一天天變得更強大、更好。我認為他們會依賴我們提供的企業級解決方案，並最終成為真正的好合作夥伴，因為這也將幫助他們取得更大的成功，所以你提出如此聰明的問題讓我很感興趣，這就是為什麼我相信我們是世界上定位最好的企業軟體公司，這也是為什麼我反复說，我們並不認為生活在一個我們實際上正在發明自己的代理公司以及它將是什麼樣子的社區。

We're not following anyone else's past. And some of that was good luck because the platform started by Fred Luddy started in IT because IT people knew at best, but it quickly migrated to the employee and the customer and the engineer and now it's across the Board, including business operations.

我們不會追隨任何人的過去。這其中一部分是好運氣，因為 Fred Luddy 創建的平台最初是在 IT 領域開始的，因為 IT 人員最多只了解 IT 領域，但它很快就遷移到了員工、客戶和工程師領域，現在它已經涵蓋了整個領域，包括業務運營。

We understand the complexity of the enterprise. And if you think about six decades of complexity and pain to understand that takes a lot. And also those excellent companies that you mentioned, they're busy with other things.

我們了解企業的複雜性。如果你想想六十年的複雜性和痛苦，你就會明白這需要花費很多功夫。還有你提到的那些優秀的公司，他們正在忙於其他事情。

And so I think they're going to lean more into ServiceNow, not less into ServiceNow, but there will be others that won't become obsolete, and the market will determine the rules of the game. But into questions now where customers are saying to me, why do I have 10 of these and 8 of those and 11 are the other things? Can you just get them out of here because I want the savings. So it's the customer that's driving this.

因此我認為他們會更傾向於 ServiceNow，而不是更少地傾向於 ServiceNow，但其他服務不會過時，市場將決定遊戲規則。但現在問題是，客戶問我，為什麼我有 10 個這樣的，8 個那樣的，還有 11 個是其他的東西？你能把他們弄走嗎因為我想要省下的錢。所以，推動這項進程的是客戶。

And when they hear all any cloud, any data source, any LLM model, any agent, we cooperate with the whole ecosystem, so all of your investments to secure on our clean pain of glass across the enterprise. That's when they realize it's a different company I'm dealing with here. And I like everybody else.

當他們聽到所有任何雲端、任何資料來源、任何 LLM 模型、任何代理程式時，我們都會與整個生態系統合作，以便您的所有投資都能確保我們整個企業的玻璃清潔疼痛。這時他們才意識到我在這裡與的是另一家公司。我也和其他人一樣。

Exemplary. Thank you so much.

堪稱典範。太感謝了。

Thank you, Kash.

謝謝你，卡什。

Karl Keirstead, UBS.

瑞銀的卡爾·基爾斯特德（Karl Keirstead）。

Oh thank you, Bill, I'm just wondering if you saw any even incremental change in broadly the selling environment in 2Q. What I'm getting at is perhaps three months ago in the midst of fairly historically high level of customer uncertainty about macro tariffs, maybe that resulted in some hesitation.

哦，謝謝你，比爾，我只是想知道你是否看到第二季的銷售環境有任何漸進的變化。我想說的是，也許三個月前，客戶對宏觀關稅的不確定性達到了歷史最高水平，這也許導致了一些猶豫。

And perhaps with the storm passing, the environment got a little bit better in May, June. I don't want to put words in your mouth, but I'd love to hear you describe how that demand environment changed, if at all? Thanks so much.

也許隨著風暴過去，五月、六月的環境會變得更好一些。我不想替你說話，但我很想聽你描述需求環境是如何變化的，如果有的話？非常感謝。

Thank you very much, Karl. I don't think the demand environment changed dramatically. I think the demand environment is wide open for AI innovation. Obviously, the Workflow Data Fabric and a change in CRM. Those are transformative things that have remained very consistent here and the customer's wallet is wide open for that level of innovation.

非常感謝，卡爾。我認為需求環境並沒有巨大變化。我認為人工智慧創新的需求環境是廣闊的。顯然，工作流程資料結構和 CRM 發生了變化。這些都是變革性的東西，在這裡一直保持一致，客戶的錢包對這種程度的創新是開放的。

I don't think it's as much the demand environment changing as it is the same. In the sense that change geopolitical scenarios, economic tariff scenarios, all these things have become the new norm. And so companies in preparation for that need an agentic AI layer of technology to operate their companies.

我認為需求環境並沒有變化，因為它保持不變。從改變地緣政治格局、經濟關稅格局的意義上講，所有這些都已成為新常態。因此，為了應對這一情況，公司需要一種代理 AI 技術層來運營他們的公司。

I mean just think of an auto manufacturer, if they have to respond to a tariff scenario, they don't have time to change the rules in a very large system, they want to, in real time, change the pricing or the supply chain methodology or the partners that are going to sign up in different countries to advance the lower cost nature of what they have to give to the consumer to actually sell a car. But this is true in all industries.

我的意思是，想像一下汽車製造商，如果他們必須對關稅情況做出反應，他們沒有時間在一個非常大的系統中改變規則，他們希望實時改變定價或供應鏈方法或將在不同國家簽約的合作夥伴，以降低他們必須向消費者提供的實際銷售汽車的成本。但所有行業都是如此。

Everything is changing. And if the industry isn't changing or responding to a global scenario like that, they have to change to new skills for a new workforce and a new paradigm, new ways that customers will experience a relationship with their product.

一切都在改變。如果該行業不改變或不應對這樣的全球局勢，他們就必須改變，以適應新的勞動力的新技能和新的模式，以新的方式讓客戶體驗與產品的關係。

And if it's not seamless, if it's not gorgeous. And if you don't meet them with an agentic AI agent when everyone else is sleeping, they know you don't get it. So this is a once in a lifetime chance for a true native AI thinking, a company like us.

如果它不是無縫的，如果它不是華麗的。如果你在其他人都在睡覺的時候沒有用代理 AI 代理來與他們會面，他們就知道你不明白。所以對於像我們這樣的真正具有本土人工智慧思維的公司來說，這是一個千載難逢的機會。

We think AI. Everything is AI. And so every industry, every scenario, every relationship plan revolves around these proof of concepts where we can go into C-suite decision-makers and show them how they can go from this position to a new paradigm, and they all want it. And in some cases, you're right. budgets have been moved around to do different and exciting things and they should.

我們認為是人工智慧。一切都是人工智慧。因此，每個行業、每個場景、每個關係計畫都圍繞著這些概念驗證，我們可以深入高階主管決策者，向他們展示如何從這個位置轉向一個新的模式，而他們都想要它。在某些情況下，你是對的。預算已經被轉移去做不同且令人興奮的事情，這是應該的。

But at the same time, when you can lay a business case on them for the enterprise that complements everything else beautifully, they're all in. So our biggest challenge is just making sure we stay in front of the C-suite.

但同時，當你能向他們展示出一個與其他一切都完美互補的企業商業案例時，他們就會全力投入。因此，我們面臨的最大挑戰就是確保我們能夠站在高階主管前面。

It's not just one suite member that's making these decisions, decisions are being made in teams. And that's why I say cross-functional work is AI work. And that's where we have thrived. And that's what we need to continue to win.

做出這些決定的不僅是一名套房成員，而是整個團隊共同做出的決定。這就是為什麼我說跨職能工作就是人工智慧工作。這就是我們蓬勃發展的地方。這正是我們繼續取得勝利所需要的。

Got it. Helpful, Bill. Thanks.

知道了。很有幫助，比爾。謝謝。

Thank you, Karl.

謝謝你，卡爾。

Matt Hedberg, RBC Capital Markets.

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

Great, thanks for taking my questions. Congrats from me as well. The success with Pro Plus is certainly stunning and analysis ACV target is something that obviously we still all think about from Analyst Day. I'm curious, as you've started to see some early consumption adoption with analysis pack, can you talk about like how those are resonating with customers, how they're using them and how you might think that revenue source could grow?

太好了，謝謝你回答我的問題。我對此也表示祝賀。Pro Plus 的成功無疑是令人驚嘆的，而分析 ACV 目標顯然是我們在分析師日仍然在思考的事情。我很好奇，既然您已經開始看到一些早期的消費採用分析包，您能否談談它們如何引起客戶的共鳴，他們是如何使用它們的，以及您認為收入來源如何增長？

Yeah. So the process has been adopted very quickly by customers. I mean the way we allow customers to do is they have a bunch of us available as part of the Pro Plus subscription. And our usage has gone up? Or is it 9x over the last three months.

是的。因此該流程很快就被客戶所採用。我的意思是，我們允許客戶這樣做的方式是，他們可以將我們的許多服務作為 Pro Plus 訂閱的一部分。我們的使用量增加了嗎？或是過去三個月的 9 倍。

So it has been -- customers are using different use cases. As soon as they start getting a genetic use cases deployed, they start consuming this assists and they keep on adding more and more Pro Plus capabilities in the deployments as well. So it is starting to grow, and our revenue associated with Pro Plus is for the numbers, that continues to grow because of the way we have delivered this.

所以情況是這樣的——客戶正在使用不同的用例。一旦他們開始部署遺傳用例，他們就會開始使用這些輔助功能，並在部署中不斷添加越來越多的 Pro Plus 功能。因此它開始成長，我們與 Pro Plus 相關的收入是數位形式的，由於我們交付的方式，它還在繼續成長。

And I would just add, Matt, continues to grow above expectations, and we feel really good about the guide that we put out there for $1 billion in ACV by 2026.

我想補充一點，馬特，公司業績繼續超出預期，我們對 2026 年 ACV 達到 10 億美元的目標感到非常滿意。

Congrats.

恭喜。

Thank you.

謝謝。

Thanks, Matt.

謝謝，馬特。

Keith Weiss, Morgan Stanley.

摩根士丹利的基斯‧韋斯。

Excellent. Thank you guys for taking the question and congratulations on another really solid quarter from ServiceNow overall. First question for Gina more on the margin side of the equation, outperformed really nicely in Q2 on overall operating margins.

出色的。感謝你們回答這個問題，並祝賀 ServiceNow 整體上又取得了一個非常穩健的季度。對吉娜的第一個問題更多是關於利潤率方面，第二季度的整體營業利潤率表現非常出色。

Both you and Bill are talking about some would seem like pretty significant productivity enhancements and productivity gains in engineering and sales productivity, yet the full year operating margin guide remains stable at 32% -- 30.5%, sorry.

您和比爾都在談論一些看似相當顯著的生產力提升以及工程和銷售生產力的提高，但全年營業利潤率指南仍然穩定在 32% - 30.5%，抱歉。

Is there incremental investments that you guys are making perhaps in the like sales engineers to get people up and running analysis? Or are there timing differences that we should be aware of? Or is it just conservatism in the guidance that more of that productivity gain doesn't flow through into the full year operating marketing?

你們是否對銷售工程師等進行了增量投資，讓人們開始進行分析？或者是否存在我們應該注意的時間差異？或者這只是指導中的保守主義，認為更多的生產力成長不會流入全年營運行銷？

Yeah. Great question, Keith. Not surprised by it. So really thrilled with the productivity efficiency gains that we're seeing from AI. We talked about at knowledge $100 million in savings in headcount alone in 2025, and we're seeing that come to fruition as planned.

是的。很好的問題，基斯。對此並不感到驚訝。我們對人工智慧帶來的生產力效率提升感到非常興奮。我們談到，到 2025 年，僅在員工人數方面就能節省 1 億美元，而且我們看到這一目標正在按計劃實現。

Part of the Q2 upside, as I noted in my prepared remarks, was driven by the timing of marketing spend, some of which has shifted into Q3 and Q4. So that doesn't impact the full year outlook. In addition, we're maintaining some prudent expense management to ensure we can absorb any potential margin headwinds from Moveworks if it closes in the back half of the year.

正如我在準備好的發言中指出的，第二季的成長部分是由行銷支出的時機所推動的，其中一些已經轉移到第三季和第四季。所以這不會影響全年前景。此外，我們也正在維持審慎的費用管理，以確保我們能夠吸收 Moveworks 在下半年關閉時可能帶來的利潤阻力。

And lastly, I would say we're definitely still investing for growth to meet demand for AI transformation. So think about hiring quota-bearing sales and engineers while leaning in very heavily from an R&D and technical selling perspective, specifically on AI talent.

最後，我想說，我們肯定仍在投資成長，以滿足人工智慧轉型的需求。因此，考慮聘用有配額的銷售人員和工程師，同時從研發和技術銷售的角度大力傾斜，特別是人工智慧人才。

And so we're 100% seeing the efficiencies. I'm not being prudent because I don't think the efficiencies are coming through. I just reserving the opportunity to lean into investments because the opportunity we're seeing with AI is so massive.

因此，我們 100% 看到了效率。我並不謹慎，因為我認為效率並沒有提升。我只是保留投資的機會，因為我們看到的人工智慧機會是如此巨大。

Got it. And those technical engineers that you're talking about, we sort from other vendors like SAP last night I was talking about a higher level of like engineering in the customer necessary to get people up on AI. Salesforce talking about similar dynamics.

知道了。而您談論的那些技術工程師，是我們從其他供應商（如 SAP）中挑選出來的，昨晚我談到了客戶需要更高水平的工程才能讓人們掌握 AI 技術。Salesforce 正在談論類似的動態。

Is the cost of sale for AI just hires? Does it require you guys to be -- have more engineers like on site to help people understand agenetic, understand how to get their data together, understand all the steps necessary to actually make this work?

人工智慧的銷售成本只是僱用員工嗎？這是否需要你們——擁有更多的現場工程師來幫助人們了解遺傳學，了解如何整合他們的數據，並了解實際完成這項工作所需的所有步驟？

Yeah, Keith, I think on the engineering side, custom one, I think AI is top of mind for every customer we speak to. Second, they want help understanding how to use this technology and the best people who can help them are people who have build some of these things.

是的，基思，我認為在工程方面，客製化方面，我認為人工智慧是我們交談過的每個客戶最關心的問題。其次，他們希望獲得幫助，了解如何使用這項技術，而能夠幫助他們的最佳人選是那些已經建立了其中一些技術的人。

So we are really working and innovating in most of the cases with the customer. It's not like going and just going and working with customers, but we're bringing a lot of that capabilities back into our products is building out more and more IP. So that would be traditional engineering work.

因此，在大多數情況下，我們確實在與客戶合作並進行創新。這不像只是去與客戶合作，而是將許多功能帶回我們的產品中，建立越來越多的 IP。這就是傳統的工程工作。

Now we're doing it with customers. So the cost doesn't go up from a sales perspective. We are just to be able to now create new use cases, which we get deployed to many more customers going forward, which we would have done over time anyway.

現在我們正在與客戶一起做這件事。因此從銷售角度來看成本並沒有上升。我們現在能夠創建新的用例，將來我們將這些用例部署給更多的客戶，無論如何，隨著時間的推移我們都會這樣做。

So it's really not a cost equation here. It's more to do with what kind of learnings we can provide to a customer to make them successful and how we can deploy better and bigger use cases so we can grow our business as well.

所以這其實不是一個成本方程式。這更多地與我們可以為客戶提供什麼樣的經驗教訓以使他們取得成功以及我們如何部署更好、更大的用例以便我們也能發展業務有關。

Right. And remember, we continue to accrete our operating margins each and every year. And so we feel really strongly that it makes sense to deploy some of these efficiencies, especially early on in this AI transition to really help our customers get to value fast because as you know, as we talked about at knowledge, once those assist start ramping up, that ramp for revenue is going to be large.

正確的。請記住，我們每年都在持續增加我們的營業利潤率。因此，我們強烈感覺到，部署其中一些效率是有意義的，特別是在人工智慧轉型的早期階段，以真正幫助我們的客戶快速獲得價值，因為正如我們在知識中討論的那樣，一旦這些輔助開始增加，收入的增長就會很大。

And so the quicker we can get our customers to value, the better off they are, the better off we are. And so it's a great place for us to be investing some of these productivity gains.

因此，我們越快讓客戶感受到價值，他們就越好，我們也越好。因此，這裡是我們投資提高生產力的好地方。

Derrick Wood, Cowen.

德里克·伍德，考恩。

Great, thanks. Gina, I had 2% upside to your revenue guide is pretty high relative to historic trends. Anything to call out on what drove such robust upside. Did you have a higher self-hosted mix? Was there better linearity that some part of the business come in much better than expected. And then the jump up in mix from technology workflows was pretty notable. Can you unpack what drove that? And if you think that was more onetime or a start to a new trend? Thank you.

太好了，謝謝。吉娜，我認為你的收入指南有 2% 的上漲空間，相對於歷史趨勢而言，這個數字相當高。有什麼因素可以解釋為何會出現如此強勁的上漲勢頭？您是否有更高的自架組合？是否存在更好的線性，使得部分業務表現比預期更好。然後，技術工作流程的混合躍升非常顯著。您能解釋一下造成這種情況的原因嗎？您是否認為這只是一次性事件，還是一個新趨勢的開始？謝謝。

Yeah. So on your first question, with the 2% upside of revenue, so number one, net new ACV outperformance with the strong execution from the ServiceNow team was just fantastic. So that's a big part of it. But yes, we did also see stronger-than-expected on-prem performance. which is largely driven by some early on-prem renewals from the second half of '25.

是的。因此，關於您的第一個問題，由於收入上漲了 2%，因此，首先，淨新 ACV 的優異表現加上 ServiceNow 團隊的強勁執行力實在是太棒了。這是其中很重要的一部分。但是，是的，我們也看到了強於預期的內部部署表現。這主要是受到 25 年下半年一些早期內部部署續訂的推動。

And so I would say about half and half, right? So I feel really good about that upside. And then on the jump in net new ACV mix and technology workflows, we talk about not looking at it from a quarter-over-quarter because some big deals can shift that mix pretty dramatically.

所以我想說大約一半一半，對嗎？所以我對於這種好處感到非常滿意。然後，關於淨新 ACV 組合和技術工作流程的成長，我們討論不要從季度環比的角度來看待它，因為一些大交易可能會極大地改變這種組合。

And so I wouldn't read too much into the quarterly mix shift. That being said, and because as Bill alluded to in his prepared remarks, all of our workflows continue to perform extremely well. Tech workflows in particular, this quarter saw some notable strength led by ITAM with over 70% growth year over year in net new ACV followed by security and risk that grew both over 60%.

因此我不會對季度組合變化進行過多的解讀。話雖如此，正如比爾在準備好的演講中提到的那樣，我們所有的工作流程仍然表現得非常好。特別是技術工作流程，本季展現了顯著的優勢，其中 ITAM 表現突出，淨新增 ACV 年成長超過 70%，其次是安全性和風險，均成長超過 60%。

And so ITAM marks its largest deal to date. So continued traction in our core -- of our core as well as great performance across the Board, CRM core business solutions as well as creators. So I wouldn't look at the mix in one quarter in particular. But yes, we had a phenomenal quarter with our core business.

因此，ITAM 是其迄今為止最大的一筆交易。因此，我們的核心業務、CRM 核心業務解決方案以及創造者均持續保持強勁成長勢頭，並在各方面都表現出色。所以我不會特別關注某一季的組合。但是，是的，我們的核心業務本季表現非常出色。

Thank you.

謝謝。

Thanks, Derrick.

謝謝，德里克。

Mike Cikos, Needham.

麥克·西科斯，尼德姆。

Great, thanks for taking the questions here guys. I just -- it's impressive to see the results here, and I know we're talking about a massive amount of innovation for the platform. We're talking about RaptorDB, what's happening with Now Assist. I'd just be curious to get a sense.

太好了，謝謝大家在這裡回答問題。我只是——看到這裡的結果令人印象深刻，而且我知道我們正在談論該平台的大量創新。我們正在討論 RaptorDB 以及 Now Assist 的最新進展。我只是好奇想了解一下。

Can you help unpack, I guess, new logos coming to the ServiceNow platform? Are you in any way seeing an increased volume of enterprises voting your way, just given this innovation and what you guys are tackling on the AI front?

我想，您能幫忙解讀一下 ServiceNow 平台上的新標誌嗎？鑑於這項創新以及你們在人工智慧方面所面臨的挑戰，你們是否看到越來越多的企業選擇支持你們？

So I'll start there. So new logos coming to the Now Platform are going extremely well. We've been very focused over the last several years on the right new logos, the logos who can expand with us and grow with us over time. And so not only are we really happy with our new logo growth. But the ACV of the new logo lands continues to get larger and larger each quarter.

所以我將從那裡開始。因此，Now Platform 上的新標誌進展非常順利。過去幾年來，我們一直非常注重尋找合適的新標誌，這些標誌可以與我們一起擴張並隨著時間的推移而成長。因此，我們不僅對新標誌的發展感到非常高興。但新標誌落地後的 ACV 每個季度都在不斷增長。

And so really feel good because these new logos are going to be the growth vectors of the future. And so while certainly a good percent of our business comes from existing customers growing that those new lands remain important and making sure that they have the ability to grow and expand with us is a big piece of that value prop, and we've been very happy with our new logo growth as well as, again, the size of those lands getting bigger and bigger.

所以感覺真的很好，因為這些新標誌將成為未來的成長載體。因此，雖然我們的業務很大一部分來自現有客戶的成長，但這些新土地仍然很重要，確保他們有能力與我們一起成長和擴張是這一價值主張的重要組成部分，我們對新標誌的增長以及這些土地面積越來越大感到非常高興。

If I can add as Gina is mentioning the new logos we've seen also in the commercial space. Because AI is starting to give us an opportunity to have conversations with many customers who probably were not initially thinking about deploying AI across the -- across the whole environment.

如果我可以補充的話，吉娜提到了我們在商業領域也看到的新標誌。因為人工智慧開始讓我們有機會與許多客戶進行對話，而這些客戶最初可能並沒有考慮在整個環境中部署人工智慧。

So we started to have those conversations where we're unlocking a lot of new opportunities with commercial customers who are now starting to deploy simple, easy-to-use products in their environment and get advantage of AI to run efficiently.

因此，我們開始進行這些對話，與商業客戶一起開啟了許多新的機會，他們現在開始在他們的環境中部署簡單、易於使用的產品，並利用人工智慧高效運作。

And Mike, just to reiterate what I said in my prepared remarks, we landed 11 deals with new logos, over [$1 million in net new ACV, 2 over $5 million], an average new logo ACV grew over 100% year over year. So I really feel good about our new logos.

麥克，我重申我在準備好的發言中所說的話，我們達成了 11 項新標識交易，[淨新 ACV 超過 100 萬美元，2 項超過 500 萬美元]，平均新標識 ACV 同比增長超過 100%。所以我對我們的新標誌感到非常滿意。

That's great to hear. And maybe just for a quick follow-up. I know in the prepared remarks, Bill had also cited this this now next AI program. Can you just elaborate on that? Is there any additional hiring for that engineering team that we should anticipate? I'm assuming if there is, it's in the guide, but does that touch on enterprises versus commercial versus what we were just talking about. Any color on that program would be helpful.

聽到這個消息真是太好了。或許只是為了快速跟進。我知道比爾在準備好的發言中也提到了這個下一個人工智慧計畫。能詳細說明一下嗎？我們是否預期該工程團隊還會進行額外招募？我假設如果有的話，它就在指南中，但它是否涉及企業、商業以及我們剛剛討論的內容。該程式上的任何顏色都會有幫助。

Mike, This is for Now Next AR program, it is really a very senior level, very strategic customer-related program, which we started a C-suite and start working with the leaders over there in the customer site to figure out what are the use cases, how we can help them really accelerate their ability to adopt AI.

麥克，這是 Now Next AR 計劃，它是一個非常高級、非常具有戰略意義的客戶相關計劃，我們啟動了一個高管團隊，並開始與客戶現場的領導者合作，以弄清楚用例是什麼，我們如何幫助他們真正加速採用人工智慧的能力。

So from that perspective, we have a lot of people already inside ServiceNow, who have a lot of expertise in AI. We're bringing our engineering and IT talent, our sales consulting channel, solution consultant talent into those conversations is a much more deliberate clear fashion versus starting at the bottom and then taking our time to really grow that conversation.

因此從這個角度來看，ServiceNow 內部已經有很多人才，他們在人工智慧領域擁有豐富的專業知識。我們將我們的工程和 IT 人才、銷售諮詢管道、解決方案顧問人才帶入這些對話中，這是一種更刻意清晰的方式，而不是從底層開始，然後花時間真正發展這種對話。

So that's really what's happening now. And a lot of the strategic discussions are leading into a much broader use cases and opportunities for us, which we can go and get that delivered because the product does work today instantly as soon as we start talking to our customers about those use cases.

這就是現在正在發生的事情。許多策略討論為我們帶來了更廣泛的用例和機會，我們可以去實現這些用例和機會，因為一旦我們開始與客戶討論這些用例，產品就能立即發揮作用。

So there's really not much additional hiring. It's really kind of taking the right kind of expertise to the right use cases and deploying it with customers. And that's working with all the large enterprises we have had discussions with.

因此實際上並沒有太多額外招募。這實際上是將正確的專業知識應用到正確的用例中並與客戶一起部署。這就是我們與所有大型企業進行過討論的合作。

And I would just add, Mike, that any investment in hiring is 100% already in that guide.

麥克，我還要補充一點，任何對招募的投資都已經 100% 包含在該指南中了。

Gregg Moskowitz, Mizuho.

瑞穗的格雷格·莫斯科維茲。

Great, thank you for taking the question. Truly remarkable now with this momentum that you guys are exhibiting. Maybe switching gears a bit. There have been several sales leadership changes at ServiceNow for the past few months or so in the US, Europe and APJ. Bill, how are you feeling about the go-to-market today across each of your three theaters? Thank you.

太好了，謝謝你回答這個問題。你們現在展現出的這種勢頭確實令人驚嘆。也許稍微換一下話題。過去幾個月，ServiceNow 在美國、歐洲和亞太及日本地區的銷售領導層發生了數次變動。比爾，你對目前三家戲院的上市情況有何感想？謝謝。

Greg, thank you very much. I feel fantastic about the go-to-market. These are really proven executives, Adrian in APJ is one of the premier athletes in the enterprise software industry and had a stellar career at Oracle. So he understands the enterprise extremely well, and he understand scale. So we're at that scale stage now.

格雷格，非常感謝你。我對進入市場感到十分興奮。這些都是真正經驗豐富的主管，APJ 的 Adrian 是企業軟體產業的頂尖運動員之一，在 Oracle 擁有輝煌的職業生涯。所以他非常了解企業，也懂得規模。所以我們現在正處於這個規模階段。

So when you see us make a move, it's generally because sometimes the insiders could be looking at the biggest job of their life, and it's helpful to give them a little hand with someone who's seen the movie before, but also has appreciation for our unique culture.

所以當你看到我們採取行動時，通常是因為有時內部人士可能正在面臨他們一生中最重要的工作，而向他們提供一些以前看過這部電影的人的幫助是很有幫助的，同時也欣賞我們獨特的文化。

In America, we have Tom Hannigan, who has now got a global job because he did such a good job. And we have Steve Walters, who ran our public sector business like a finely tuned Swiss watch, so he deserved a promotion too. And these are two great guys. And we have a really deep bench.

在美國，我們有湯姆·漢尼根，由於他做得非常出色，現在他已經獲得了一份全球性的工作。我們還有史蒂夫沃特斯，他把我們的公共部門業務管理得像一塊精密的瑞士手錶，所以他也應該升遷。這兩位都是很棒的傢伙。我們的替補陣容非常強大。

We've been working on talent here for many years now. And with 1.5 million people that applied, I think there's plenty of people that are ready to keep us all on our toes. And then in Europe, we have a fantastic, steady leadership at the top, and we have built out country management with the best talent in the industry, also in South America.

我們已經在這裡致力於人才培養很多年了。申請人數已達 150 萬，我想很多人都已經準備好了讓我們保持警覺。在歐洲，我們擁有出色、穩定的高階領導，我們在南美洲也擁有業界最優秀的人才來建立國家管理體系。

So actually, I've never felt better and Paul Fipps who is now running all global customer operations is somebody that I've known many years. He's been a superstar outside of the company. When we brought them in the company, every big challenge he's taken on, he's knocked it out of the park, and he is absolutely the right guy to run the corporation at the field general and teaming up with Amit and obviously, the rest of our colleagues, I just think he is just the best of the best.

所以實際上，我從來沒有感覺這麼好過，現在負責所有全球客戶業務的 Paul Fipps 是我認識多年的人。在公司之外，他一直是一位超級明星。當我們把他們帶入公司時，他所面臨的每一個重大挑戰都表現出色，他絕對是管理公司的合適人選，可以與阿米特以及我們其他同事一起合作，我認為他是最好的人選。

So I couldn't be happier with the field that we have at the top of the house. And I also know that they're keeping everybody else on their toes because we're a growth company, and we expect everybody to have an elite level of execution underneath them. So the movement continues.

所以我對我們房子頂上的這片場地感到非常滿意。我還知道，他們讓其他人保持警惕，因為我們是一家成長型公司，我們希望每個人都擁有精英級別的執行力。因此，運動仍在繼續。

Terrific. Thanks, Bill.

了不起。謝謝，比爾。

Brad Sills, Bank of America.

美國銀行的布拉德·西爾斯。

Oh great, thank you so much. I wanted to ask a question about the business mix across the 3 major line items here. It's been pretty consistently in that low 50s for technology, call it, 30-ish for CRM and industry and core business workflows and in the mid-high teens for creator.

哦，太好了，非常感謝。我想問一個有關這裡 3 個主要項目的業務組合的問題。對於技術而言，其價格一直保持在 50 出頭左右，對於 CRM 和行業以及核心業務工作流程而言，其價格保持在 30 左右，而對於創作者而言，其價格則保持在 15 到 20 左右。

I wonder if the analysis cycle with agents, could that shift the business materially in one direction or the other. In other words, could that bring you into workflows outside of IT in a more meaningful way? Or do you see that balance as kind of consistent with where it is today over time as the agent cycle unfolds? Thank you.

我想知道與代理商的分析週期是否能夠使業務朝著某個方向發生實質轉變。換句話說，這能否以更有意義的方式將您帶入 IT 以外的工作流程？或者您認為隨著代理週期的展開，這種平衡與今天的平衡是一致的？謝謝。

Brad, so I think definitely, you saw the mix today. But with AI, we're also starting to provide ability to customers to use a lot of our workflows together. So you start seeing AI kind of drive a lot of Pro Plus and the ability to use multiple different functional areas, different workflows at different functional area requirements. In terms of new areas, no doubt, it is for the CRM emerge.

布拉德，所以我想你今天肯定看到了這種混合。但藉助人工智慧，我們也開始為客戶提供一起使用我們的許多工作流程的能力。因此，您會開始看到 AI 在很大程度上推動了 Pro Plus 的發展，並能夠根據不同的功能區域要求使用多個不同的功能區域、不同的工作流程。就新領域而言，毫無疑問，CRM正嶄露頭角。

We're seeing the similar kind of things happening with a lot of new workflows and build on top of creator emerging in many different industries. You will start seeing industry use cases emerge, which will be provided a package workflows for us. We're doing a lot of work in security and risk, which is a completely new area.

我們看到類似的事情正在發生，許多新的工作流程和建構於創作者之上的流程出現在許多不同的行業中。您將開始看到行業用例的出現，這將為我們提供一攬子工作流程。我們在安全和風險方面做了很多工作，這是一個全新的領域。

We had this incident management today for security and integrated risk management, but a lot of new areas around governance and how do you manage identity of agents and things like that across the enterprise as well. So that will create new opportunities for different workflows as part of our product portfolio.

今天，我們進行了針對安全和全面風險管理的事件管理，但在治理方面也有很多新領域，以及如何管理整個企業的代理身分等。因此，這將為我們產品組合中不同的工作流程創造新的機會。

Great. Thank you so much.

偉大的。太感謝了。

Peter Weed.

彼得·威德。

Thank you for putting me in. Obviously, a fantastic performance. And that, I guess, leads to kind of one of my top of mind topics Gina, you talked about remaining judicious on budget and having capacity to invest where needed.

謝謝你讓我加入。顯然，這是一場精彩的表演。我想，這就引出了我最關心的話題之一，吉娜，你談到了在預算上保持合理，並有能力在需要的地方進行投資。

I think over the last few quarters, the one area of head count that has been more modestly invested in sales and marketing. And I believe some of that was leading capacity to bring in the sales and Moveworks when that closes. Is there a point at which you would trigger bringing in and hiring more aggressively if you were worried about Moveworks not closing or that deal getting pushed out further and further?

我認為在過去幾個季度中，員工人數的一個領域是銷售和行銷方面的投資較為溫和。我相信，當這一切結束時，其中的一些能力將帶來銷售和 Moveworks 的成長。如果您擔心 Moveworks 無法完成交易或交易被一拖再拖，您是否會在某個時候採取更積極的引進和招募措施？

Because there seems like there's so much opportunity ahead that you want to make sure you've got ramped reps in the field. Like how are you thinking about that operational decision and when you might need to be bringing in more head count there?

因為看起來前面有如此多的機會，所以你想確保自己在該領域擁有大量的代表。例如，您如何考慮這個營運決策，以及何時可能需要增加更多員工？

Yeah. So what I'd say is that, first and foremost, we're not worried about Moveworks closing. It is, from our perspective, a timing issue, number one. Number two, there's lots of head count in the sales and marketing head count that you see. We 100% continue to invest in quota-bearing reps who are on the street -- feet on the street, meeting with customers every single day.

是的。所以我想說的是，首先，我們不擔心 Moveworks 會關閉。從我們的角度來看，首先這是一個時機問題。第二，你看到的銷售和行銷人員數量很多。我們 100% 會繼續投資在街頭承擔配額的銷售代表——他們每天都在街上與客戶會面。

There's lots of sales operations, marketing, marketing operations in those numbers. And when I talk about AI efficiencies, you would imagine that we are seeing them across the board in the go-to-market operations as well.

這些數字中有很多銷售業務、行銷業務。當我談論人工智慧效率時，您可能會想像我們也在市場進入營運中全面看到它們。

And so we remain very tight with Paul Fipps and his needs on a go-to-market perspective, and we will not be slowing down hiring, especially in those critical areas, especially on technical sellers as well. as we move into this AI-agentic world that we're living in. So we're not slowing down there. We continue to hire and what you're seeing is a lot of the efficiencies in the operations side of both the selling and marketing teams.

因此，我們與 Paul Fipps 及其在行銷方面的需求保持著非常緊密的聯繫，我們不會放慢招聘速度，特別是在那些關鍵領域，尤其是技術銷售人員。隨著我們進入我們所處的這個人工智慧代理世界。所以我們不會放慢腳步。我們繼續招聘，您會看到銷售和行銷團隊的營運效率都大大提高。

And if I may just, Peter, just give a call out to our great marketing and communications department. Our brand is now the 42nd most valuable brand in the world. And our campaign and our brand ambassador led by Colin Fleming and our great brand ambassador and friend, Idris Elba is really resonating as we put AI to work for people and our communications team working with Colin has truly been outstanding, and the relationship with the analyst community, the media community, the investor relations community led by Darren, we're just very proud of the infrastructure and the support that every department gives to one another to create this masterpiece called ServiceNow.

如果可以的話，彼得，請給我們出色的行銷和傳播部門打個電話。我們的品牌現在是全球第 42 大最有價值品牌。我們的活動和品牌大使由科林·弗萊明 (Colin Fleming) 和我們偉大的品牌大使兼朋友伊德瑞斯·艾爾巴 (Idris Elba) 領導，當我們將人工智能用於為人類服務時，我們引起了強烈共鳴，與科林合作的溝通團隊確實非常出色，與分析師社區、媒體社區、投資者關係社區的關係由人工智能可領導，我們對達倫因此的基礎設施

So I just really wanted to register that. I'm so proud of the brand and how it's resonating in the global economy. And we're just getting started. I mean we made like one of the biggest jumps and brand equity in the history of technology, and we're not going to stop there. We're going to keep going.

所以我真的很想註冊這一點。我為這個品牌以及它在全球經濟中產生的影響感到非常自豪。我們才剛開始。我的意思是，我們實現了科技史上最大的飛躍和品牌資產之一，而且我們不會止步於此。我們會繼續前進。

A fantastic momentum and thank you for the clarification and it's exciting the investment going on.

這是一個非常好的勢頭，感謝您的澄清，正在進行的投資令人興奮。

Thank you very much, Peter.

非常感謝，彼得。

Thanks, Peter.

謝謝，彼得。

And that concludes our Q&A session and today's call. Thank you, everyone, for joining. You may now disconnect.

我們的問答環節和今天的電話會議到此結束。謝謝大家的參與。您現在可以斷開連線。