ServiceNow Inc (NOW) 2025 Q3 法說會逐字稿

Thank you for standing by. My name is Kate, and I will be your conference operator today. At this time, I would like to welcome everyone to the Q3 2025 ServiceNow earnings conference call. (Operator Instructions)

感謝您的支持。我叫凱特，今天我將擔任你們的會議接線生。在此，我謹代表 ServiceNow 向大家歡迎參加 2025 年第三季財報電話會議。（操作說明）

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

現在我將把電話交給投資者關係和市場洞察高級副總裁 Darren Yip。請繼續。

Thank you. Good afternoon, and thank you for joining ServiceNow's third-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.

謝謝。下午好，感謝各位參加 ServiceNow 2025 年第三季財報電話會議。與我一同出席的有：董事長兼執行長比爾·麥克德莫特；總裁兼財務長吉娜·馬斯坦圖諾；以及總裁、首席產品長兼營運長阿米特·扎維裡。

During today's ca-l, we will review our third quarter 2025 results and discuss our guidance for the fourth quarter and full year 2025.

在今天的電話會議上，我們將回顧 2025 年第三季的業績，並討論我們對 2025 年第四季和全年的業績指引。

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.

在正式開始之前，我們想強調，本次電話會議中討論的信息，包括我們的指導意見，均基於截至今日的信息，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義務或責任。

Please refer to today's earnings press release and our SEC filings, including our most recent 10-Q and 10-K for factors that may cause actual results to differ materially from our forward-looking statements.

請參考我們今天的獲利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 表格，以了解可能導致實際結果與我們的前瞻性聲明有重大差異的因素。

We'd also like to point out that we present non-GAAP measures in addition to 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.

我們也要指出，我們提供非GAAP指標是為了取代依照GAAP計算的財務指標。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指標，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GAAP指標與GAAP指標之間的調節表，請參閱今天發布的盈利新聞稿和投資者演示文稿，這兩份文件均已發佈在我們的網站 investors.servicenow.com 上。今天電話會議的錄音也將發佈在我們的網站上。

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

這樣，我就把電話交給比爾了。

Thank you, Darren, and welcome, everyone, to today's call.

謝謝達倫，也歡迎各位參加今天的電話會議。

ServiceNow delivered another set of stunning quarterly results that absolutely shattered expectations. Subscription revenue growth was 20.5% year over year in constant currency, 1 full point above the high end of guidance. CRPO growth was 20.5% year over year in constant currency, 2.5 points above our guidance. Operating margin was 33.5%, 3 full points above our guidance.

ServiceNow 又公佈了一組令人驚豔的季度業績，完全超出了預期。以固定匯率計算，訂閱收入年增 20.5%，比預期上限高出 1 個百分點。以固定匯率計算，CRPO年增20.5%，比我們的預期高出2.5個百分點。營業利益率為 33.5%，比我們預期高出 3 個百分點。

Free cash flow margin was 17.5%. We had 103 deals greater than $1 million in net new ACV, 6 of which were greater than $10 million in net new ACV. Technology workflows had 50 deals over $1 million, including 6 over $5 million. ITSM, ITOM, and ITAM were all in 15 of our top 20 deals with double-digit deals over $1 million. Together, security and risk combined for 12 of the top 20 deals with 3 deals over $1 million.

自由現金流利潤率為17.5%。我們有 103 筆交易的淨新增 ACV 超過 100 萬美元，其中 6 筆交易的淨新增 ACV 超過 1,000 萬美元。技術工作流程中有 50 筆交易金額超過 100 萬美元，其中 6 筆超過 500 萬美元。ITSM、ITOM 和 ITAM 在我們前 20 筆交易中均有 15 筆涉及，且每筆交易金額均超過 100 萬美元。安全與風險因素共同導致了前 20 大交易中的 12 筆，其中 3 筆交易金額超過 100 萬美元。

That risk and security business combined is now $1 billion ACV business, our fifth business to cross the $1 billion threshold. CRM and industry workflows were in 14 of the top 20 with 15 deals over $1 million, and core business workflows were in 13 of the top 20 with 14 deals over $1 million.

風險與安全業務合計目前的年度合約價值 (ACV) 為 10 億美元，這是我們第五個突破 10 億美元大關的業務。CRM 和產業工作流程在前 20 名中佔據 14 個席位，其中 15 筆交易金額超過 100 萬美元；核心業務工作流程在前 20 名中佔據 13 個席位，其中 14 筆交易金額超過 100 萬美元。

Here's the headline. ServiceNow is one of the most durable, consistent, overperforming growth companies in the enterprise software industry. When you think about brand shaping the future, you have GPU leaders like NVIDIA, hyperscalers, foundation models and one company integrated in all together, the AI workflow company, ServiceNow.

這是標題。ServiceNow 是企業軟體產業中最具持久性、最穩定、業績最優異的成長型公司之一。當你思考塑造未來的品牌時，你會想到像 NVIDIA 這樣的 GPU 領導者、超大規模資料中心、基礎模型，以及一家將所有這些整合在一起的公司，即 AI 工作流程公司 ServiceNow。

It used to be the MAG 7. Now there's a new category, I'm calling this the Super 8. That's the MAG 7 plus ServiceNow, that's right, the Super 8. As you'll hear from Gina, our confidence in the future has never been stronger, so we're raising guidance again heading into the fourth quarter. This team knows how to focus, innovate for our customers, execute at global scale, and most importantly, how to win.

它以前叫 MAG 7。現在出現了一個新的類別，我稱之為超級8。沒錯，就是 MAG 7 加上 ServiceNow，也就是 Super 8。正如你將從吉娜那裡聽到的那樣，我們對未來的信心從未如此強烈，因此，在進入第四季度之際，我們再次上調了業績預期。這個團隊懂得如何集中精力，如何為客戶創新，如何在全球範圍內執行，最重要的是，如何贏得勝利。

We've only scratched the surface of the market opportunity for this platform. This new enterprise AI neighborhood is a dynamic place to live. Our Now Assist net new ACV to date beat expectations once again in Q3. Our AI products are on pace to exceed $0.5 billion in ACV this year, excellent progress toward beating our $1 billion target next year, and we're totally focused on surpassing it.

我們目前僅僅挖掘了這個平台市場機會的冰山一角。這個新興的企業人工智慧社群是一個充滿活力的居住地。我們Now Assist第三季迄今的淨新增ACV再次超出預期。我們的人工智慧產品今年的年度合約價值預計將超過 5 億美元，朝著明年 10 億美元的目標邁出了堅實的一步，我們正全力以赴爭取超越這個目標。

We saw 12 Now Assist deals over $1 million, including one over $10 million. Our AI Control Tower deal volume more than quadrupled quarter over quarter in Q3. And just since the end of May, AI agent assist consumption has increased over 55x; that's the foundation of a beautiful hockey stick that's coming to you.

我們看到 12 筆 Now Assist 交易金額超過 100 萬美元，其中一筆超過 1000 萬美元。第三季度，我們的人工智慧控制塔交易量較上季成長超過四倍。僅自 5 月底以來，AI 代理輔助的使用量就增長了 55 倍以上；這就是即將到來的漂亮曲棍球棒曲線的基礎。

For our customers, it's all about AI business transformation. IDC forecast AI IT spending will be $1.3 trillion through 2029. And here's why ServiceNow is winning.

對我們的客戶而言，一切都關乎人工智慧業務轉型。IDC預測，到2029年，人工智慧IT支出將達到1.3兆美元。這就是 ServiceNow 獲勝的原因。

Our platform sits at the core of the enterprise technology estate. ServiceNow is championed by the very leaders who are designing AI reference architectures of the future. Beginning with autonomous IT, we're helping those leaders solve enterprise-grade AI challenges.

我們的平台是企業技術體系的核心。ServiceNow 得到了那些正在設計未來人工智慧參考架構的領導者們的大力支持。從自主IT入手，我們正在幫助這些領導者解決企業級人工智慧挑戰。

Governance is one of those mission-critical areas. Machines simply can't govern themselves, AI is like any other enterprise asset: it needs to be cataloged, tracked, supervised and secured. ServiceNow's configuration management leadership gives us and our customers a clean single pane of glass to govern all artificial intelligence.

治理是至關重要的領域之一。機器無法自我管理，人工智慧就像其他任何企業資產一樣：需要進行編目、追蹤、監督和安全保護。ServiceNow 在配置管理方面的領先地位，為我們和我們的客戶提供了一個清晰的單一介面來管理所有人工智慧。

How is it working, where it's adding value and where it's elucidating? This is AI-enabled orchestration of all the other AI. Every single enterprise and every industry wants this real-time AI Control Tower. Another challenge is getting beyond the height to fast business value.

它是如何運作的？它在哪些方面增加了價值？它在哪些方面起到了闡明作用？這是由人工智慧驅動的所有其他人工智慧的協調運作。每個企業、每個產業都需要這種即時人工智慧控制塔。另一個挑戰是如何超越高度，快速創造商業價值。

The root cause of nearly every failed deployment of enterprise technology in history is a lack of integration. And even the ones that worked took years to get to positive ROI. To change this paradigm, AI has to run east to west across the enterprise and north to south up and down the tech stack.

歷史上幾乎所有企業技術部署失敗的根本原因都是缺乏整合。即使是那些奏效的項目，也需要數年時間才能達到正投資報酬率。要改變這種模式，人工智慧必須在整個企業中自東向西運行，並在整個技術堆疊中自北向南上下運行。

ServiceNow's AI platform can do this like no other. For every process that transcends departments and systems, ServiceNow's workflow engine is creating the roadmap that AI agents follow to get work done. Without cross enterprise workflows, so-called agentic AI, is just another one-dimensional chatbot.

ServiceNow 的人工智慧平台在這方面做得比其他任何平台都好。對於所有跨越部門和系統的流程，ServiceNow 的工作流程引擎都會建立 AI 代理完成工作所遵循的路線圖。如果沒有跨企業工作流程，所謂的智慧體人工智慧只是另一個一維的聊天機器人。

Enterprises gravitate to ServiceNow because we have a system of intelligence and a system of action on one integrated AI platform. Legacy systems of record where enterprises want a modern alternative are being composed as AI native workflows on the ServiceNow AI platform. We all have personal experiences with AI apps on our phones.

企業之所以選擇 ServiceNow，是因為我們在同一個整合的 AI 平台上擁有智慧系統和行動系統。企業希望以現代化的替代方案取代傳統的記錄系統，而 ServiceNow AI 平台正在將傳統系統建置為 AI 原生工作流程。我們每個人都有在手機上使用人工智慧應用程式的個人體驗。

Enterprise AI is different. It's much harder. To put AI to work for people takes more than a language model or a rebranded wrapper on legacy tech. It takes domain expertise, which ServiceNow has curated over two decades and trillions of automated workflows.

企業級人工智慧則有所不同。這難得多。要讓人工智慧為人類服務，需要的不僅僅是語言模型或對傳統技術進行重新包裝。這需要領域專業知識，而 ServiceNow 在過去二十多年和數萬億個自動化工作流程中累積了這種專業知識。

It also takes empathy as every customer's AI journey is unique. You don't build trust in this industry by forcing customers to conform. You build it by meeting them where they are. That's where the operative word in ServiceNow strategy is any: any cloud, any model, any data source, any agent. It's why we were so early partnering with all three hyperscalers, the foundation model companies, and the systems of record.

此外，還需要同理心，因為每個客戶的AI體驗之旅都是獨一無二的。在這個行業，強迫顧客順從是建立不了信任的。要建立這種關係，就要先了解他們的需求。這就是 ServiceNow 策略的關鍵所在——「任意」：任意雲端、任意模型、任意資料來源、任意代理程式。這就是為什麼我們很早就與三大超大規模資料中心、基礎模型公司和記錄系統建立了合作關係的原因。

We neutralize complexity for our customers, giving them a clear roadmap to cycle down old systems over time as their AI readiness matures. Our customers recognize the time is now to shape their future. AI is the new UI. The ServiceNow AI experience breaks the cycle of siloed systems and bolt-on agents with a unified AI interface for voice, images, data, and text.

我們為客戶簡化複雜性，為他們提供清晰的路線圖，隨著其人工智慧準備工作的成熟，逐步淘汰舊系統。我們的客戶體認到，現在正是塑造未來的最佳時機。人工智慧就是新的使用者介面。ServiceNow AI 體驗打破了孤立系統和附加代理的循環，透過統一的 AI 介面處理語音、圖像、數據和文字。

Figma and ServiceNow are partnering to bridge the gap between design intent and enterprise execution. Through an MCP integration, teams can seamlessly transition from visual design and Figma to fully functional enterprise-grade applications on the ServiceNow platform.

Figma 和 ServiceNow 正在合作，以彌合設計意圖與企業執行之間的差距。透過 MCP 集成，團隊可以無縫地從視覺設計和 Figma 過渡到 ServiceNow 平台上功能齊全的企業級應用程式。

This integration empowers developers, regardless of skill level, to use Figma design as direct prompts in the Now Assist build agent. We see a bright future, intelligent agents working side-by-side with people to resolve issues, complete tasks, and take action. In the context of value creation for customers, partners, employees, and shareholders, enterprise AI keeps every ServiceNow stakeholder on the same side.

這種整合使開發人員，無論技能水平如何，都能在 Now Assist 構建代理中使用 Figma 設計作為直接提示。我們看到了一個光明的未來，智慧代理將與人類並肩工作，解決問題、完成任務並採取行動。在為客戶、合作夥伴、員工和股東創造價值的背景下，企業級人工智慧讓 ServiceNow 的每個利害關係人都站在同一陣線上。

This is a once-in-a-generation opportunity. It's like minting a new currency that underpins a limitless new economy. The more we keep getting this right, the more we'll reach our full potential as the AI-defining enterprise software company of the 21st century.

這是千載難逢的機會。這就像鑄造一種新的貨幣，為無限的新經濟奠定基礎。我們越是把這件事做好，就越能充分發揮我們的潛力，成為21世紀引領人工智慧發展的企業軟體公司。

To ground this in special way, in a special and specific market, let's talk customer experience. Enterprise has invested a lot into legacy CRM deployments. For all that investment, they got a sprawling massive instances and silos. They want a better way with AI. This applies to many legacy vendors, some more than others.

為了更具體地說明這一點，在一個特殊的、特定的市場中，讓我們來談談客戶體驗。企業在傳統 CRM 系統部署方面投入了大量資金。儘管投入了大量資金，但他們得到的卻是龐大而雜亂的實例和資訊孤島。他們希望藉助人工智慧找到更好的方法。這一點適用於許多傳統供應商，只是程度有所不同。

Here's why ServiceNow is reshaping the customer experience market. Our AI experience turned CRM into an AI-first system of action that drives growth and customer loyalty. In sales, a new AI-powered CPQ solution accelerates quote generation, and this is going to free business to focus on relationships.

這就是 ServiceNow 重塑客戶體驗市場的原因。我們的人工智慧經驗將 CRM 轉變為以人工智慧為先導的行動系統，從而推動成長並提高客戶忠誠度。在銷售領域，一種全新的人工智慧驅動的CPQ解決方案可以加快報價產生速度，這將使企業能夠專注於客戶關係。

In service, AI agents flag at-risk cases, automate resolutions, and empower teams to act before SLAs are breached. This spans the entire customer life cycle from first contact to resolution. Customers like Thrive and Pure Storage are using ServiceNow CRM to personalize support, connect data, AI and workflows and scale service excellence.

在服務中，AI 代理會標記有風險的案例，自動解決問題，並賦能團隊在違反服務等級協定 (SLA) 之前採取行動。這涵蓋了從首次接觸到問題解決的整個客戶生命週期。像 Thrive 和 Pure Storage 這樣的客戶正在使用 ServiceNow CRM 來個人化支援、連接資料、人工智慧和工作流程，並擴展卓越服務。

With a global technology services company, we are streamlining service models and enhancing customer experiences through agentic workflows, a hardware manufacturer, selected ServiceNow CPQ and manufacturing solution to scale sales and service without increasing cost.

我們與一家全球技術服務公司合作，透過代理工作流程簡化服務模式並提升客戶體驗；一家硬體製造商選擇了 ServiceNow CPQ 和製造解決方案，以在不增加成本的情況下擴大銷售和服務規模。

A leading global technology company tripled their CPQ commitment with ServiceNow. What began with one product and one channel turned into a breakout success. The customer saw the impact, and now they're scaling it across partners and a dozen more products.

一家全球領先的科技公司將其在 ServiceNow 上的 CPQ 投入增加了兩倍。最初只有一個產品和一個管道，卻取得了突破性的成功。客戶看到了效果，現在他們正在將其推廣到合作夥伴和其他十幾個產品中。

A European auto manufacturer, Selective ServiceNow CPQ for its configuration, and it's selling this globally. What's fascinating is that these conversations are actually coming to us. The appetite for change is everywhere. We're also meeting the moment with great partners like Genesis. Unified experience from Genesis and ServiceNow merges contact centers, CRM, and service operations into a single agentic AI-powered platform.

一家歐洲汽車製造商選擇 ServiceNow CPQ 進行配置，並在全球銷售該產品。最令人著迷的是，這些對話竟然主動找上門。人們渴望改變的願望無所不在。我們也正與 Genesis 等優秀的合作夥伴攜手迎接這項機會。Genesis 和 ServiceNow 的統一體驗將聯絡中心、CRM 和服務營運合併到一個由人工智慧驅動的代理平台中。

Through agent-to-agent orchestration between Genesis Cloud and ServiceNow, AI agents will collaborate autonomously on tasks to deliver fast resolutions, seamless customer experiences, and stronger customer loyalty. ServiceNow always goes where the customer needs us to go; in this case, that's to the core of a better CRM because the status quo just isn't cutting it.

透過 Genesis Cloud 和 ServiceNow 之間的代理間協調，AI 代理將自主協作完成任務，從而快速解決問題，提供無縫的客戶體驗，並增強客戶忠誠度。ServiceNow 始終致力於滿足客戶的需求；在這種情況下，我們的目標是打造更完善的客戶關係管理 (CRM) 系統，因為現狀已經無法滿足客戶的需求。

Let's spend a moment on US Federal, which had a great Q3, beating NN ACV expectations handily. In the quarter, we saw Now Assist pilots quickly converting into deals, as agencies realize fast time to value and compelling ROIs.

讓我們花點時間了解美國聯邦信貸聯盟（US Federal Credit Union），該公司第三季業績出色，輕鬆超過了NN ACV預期。本季度，我們看到 Now Assist 試點計畫迅速轉化為實際交易，因為代理商意識到其價值實現速度快、投資回報率高。

Like other industries, our AI Control Tower is gaining attention, as agencies look to enforce governance and manage risk within their AI estate. The GSA OneGov agreement opens the door for broader federal and government adoption of ServiceNow. This simplified model reduces complexity and makes it easier for agencies to adopt more of our AI platform over time. That positions us well for upgrading standard customers to Pro Plus.

與其他行業一樣，我們的 AI 控制塔正受到關注，因為各機構都在尋求加強其 AI 資產的治理和管理風險。GSA OneGov 協議為聯邦政府更廣泛地採用 ServiceNow 打開了大門。這種簡化的模型降低了複雜性，使各機構更容易隨著時間的推移採用我們更多的人工智慧平台。這使我們能夠更好地將標準客戶升級到專業增強版。

Through the agreement, the ServiceNow AI platform is estimated to boost efficiency by 30%, saving the federal government billions over the next five years and it will accelerate agentic AI transformation.

根據該協議，ServiceNow AI 平台預計將提高效率 30%，在未來五年內為聯邦政府節省數十億美元，並將加速智慧體 AI 轉型。

In closing, ServiceNow's strategic relevance has never been higher, and it's soaring right now. When you look at the Zurich release, every innovation from vibe coating to agentic playbooks and enterprise-grade security, it's purpose built to unlock the full value of agentic AI, helping teams act faster, work smarter, and build trust as they scale.

總之，ServiceNow 的戰略重要性從未如此之高，而且目前正在快速發展。當你審視蘇黎世版本時，你會發現從氛圍塗層到智慧劇本和企業級安全，每一項創新都是為了釋放智慧 AI 的全部價值而專門打造的，它可以幫助團隊更快地行動、更聰明地工作，並在擴展規模的過程中建立信任。

Gartner just published the first ever 2025 Magic Quadrant for business orchestration and automation technologies, affectionately called BOAT. So get on board because ServiceNow is the leader, the furthest for its completeness of vision, placement of all companies. We have a rock-solid core business with the biggest opportunity in our history to provide the AI Control Tower.

Gartner 剛剛發布了首個 2025 年業務編排和自動化技術魔力像限報告，簡稱 BOAT。所以趕快加入吧，因為 ServiceNow 是行業領導者，在願景的完整性和對所有公司的定位方面遙遙領先。我們擁有堅實的核心業務，並且正面臨著史上最大的機會——提供人工智慧控制塔。

We have a next-generation CRM business at the doorstep of substantial legacy disruption. We have AI, data, and workflows integrated into a single AI architecture, world's leading brands like the great NVIDIA, the world's first $5 trillion company. Congratulations Jensen, our great friend, and your wonderful company.

我們正處於下一代客戶關係管理業務的關鍵時刻，面臨傳統業務的巨大衝擊。我們擁有人工智慧、數據和工作流程，並將它們整合到一個人工智慧架構中，其中包括像英偉達這樣的世界領先品牌，英偉達是世界上第一家市值 5 兆美元的公司。恭喜詹森，我們親愛的朋友，以及你們出色的公司。

Also AstraZeneca, Volkswagen Group, Ulta Beauty, 7-Eleven Japan, FedEx, DataWorks and countless other companies are working with ServiceNow and excited to do so. Periods of systemic change always reveal new pillars on which the future is being built. This is the one moment in time when everything will change. And we won't do it with AI alone. We need AI that works for people.

此外，阿斯特捷利康、大眾汽車集團、Ulta Beauty、日本 7-Eleven、聯邦快遞、DataWorks 以及無數其他公司都在與 ServiceNow 合作，並且對此感到非常興奮。系統性變革時期總會湧現出建構未來的新支柱。這是改變一切的唯一時刻。而且，單靠人工智慧是無法實現的。我們需要為人類服務的AI。

We need a bias for exponential thinking for renaissance level creativity to finally solve some of the world's biggest challenges. Our customers, our partners, and our team are all in to build that future on the ultimate platform, ServiceNow, the AI platform for business transformation.

我們需要一種指數級思維傾向，才能迸發出文藝復興時期的創造力，最終解決世界上一些最大的挑戰。我們的客戶、合作夥伴和團隊齊心協力，在 ServiceNow 這個終極平台上建立未來，ServiceNow 是用於業務轉型的 AI 平台。

Thank you for your time and interest. I look forward to your questions. I'll hand things over to our President and Chief Financial Officer, Gina Mastantuono. Gina, over to you.

感謝您的時間和關注。期待你們的提問。我將把工作交給我們的總裁兼財務長吉娜·馬斯坦圖諾。吉娜，該你了。

Thank you, Bill. Once again, Q3 showcased another standout quarter of elite level execution with significant outperformances across all of our top line and profitability guidance metrics. Now Assist, Workflow Data Fabric, and Raptor DB were all ahead of plan. ServiceNow's US Federal business also demonstrated its resilience, surpassing net new ACV expectations for the quarter as we work hand-in-hand with agency leaders to modernize how the government works for the American people.

謝謝你，比爾。第三季再次展現了卓越的執行力，在所有營收和獲利能力預期指標方面均取得了顯著的超預期表現。現在，Assist、Workflow Data Fabric 和 Raptor DB 的進度都超前計畫。ServiceNow 的美國聯邦業務也展現了其韌性，本季淨新增 ACV 超出預期，這得益於我們與各機構領導人攜手合作，共同推進政府為美國人民服務方式的現代化。

Q3 subscription revenues were $3.299 billion, growing 20.5% year over year at constant currency, 100 basis points above the high end of our guidance range, driven by strong execution with broad-based demand throughout the platform.

第三季訂閱營收為 32.99 億美元，以固定匯率計算年增 20.5%，比我們預期範圍的上限高出 100 個基點，這得益於平台整體需求的強勁執行。

RPO ended the quarter at approximately $24.3 billion, representing 23% year-over-year constant currency growth. Current RPO was $11.35 billion, representing 20.5% year-over-year constant currency growth, a 250 basis points beat versus our guidance.

RPO 本季末營收約 243 億美元，以固定匯率計算年增 23%。目前 RPO 為 113.5 億美元，以固定匯率計算年增 20.5%，比我們的預期高出 250 個基點。

From an industry perspective, Transportation and Logistics led the way, growing net new ACV over 90% year over year, followed by momentum in retail and hospitality and education both growing over 50%. Energy and Utilities continue to see healthy demand and Government was also an area of strength driven by our US Federal business growing net new ACV over 30% year over year.

從產業角度來看，交通運輸和物流業引領潮流，淨新增年度合約價值年增超過 90%，零售、旅館和教育產業緊隨其後，均成長超過 50%。能源和公用事業領域的需求仍然強勁，政府部門也是一個強勁的領域，這主要得益於我們美國聯邦業務淨新增年度合約價值年增超過 30%。

Our renewal rate remained a strong 97% and an even more robust 98% when excluding the closure of a large federal agency. We ended Q3 with 553 customers generating over $5 million in ACV. Furthermore, the number of customers contributing $50 million or more increased by over 20% year over year.

我們的續約率維持在強勁的 97%，如果排除一家大型聯邦機構的關閉，續約率甚至更高，達到 98%。第三季末，我們有 553 位客戶，創造了超過 500 萬美元的年度合約價值。此外，捐款金額達到 5,000 萬美元或以上的客戶數量年增超過 20%。

We closed 103 deals greater than $1 million in net new ACV in the quarter, including 3 deals over $20 million. The power of our Better Together platform model was evident as all of our top 20 deals included 6 or more products.

本季我們完成了 103 筆淨新增 ACV 超過 100 萬美元的交易，其中包括 3 筆超過 2,000 萬美元的交易。我們「攜手共進」平台模式的強大之處顯而易見，我們排名前 20 的交易全部包含 6 件或更多產品。

Now Assist had a tremendous quarter, once again exceeding expectations, fueled by 12 deals over $1 million in net new ACV, including one over $10 million. As Bill noted, our AI products are on pace to exceed $0.5 billion in ACV this year, underscoring the great progress we're making towards our $1 billion target for 2026.

Now Assist 迎來了一個非常出色的季度，再次超越預期，這主要得益於 12 筆淨新增 ACV 超過 100 萬美元的交易，其中一筆超過 1000 萬美元。正如比爾所指出的那樣，我們的人工智慧產品今年的年度合約價值預計將超過 5 億美元，這凸顯了我們在實現 2026 年 10 億美元目標方面取得的巨大進展。

Key product areas of strength included ITSM and HR plus net new ACV, both doubling quarter over quarter. ITOM plus net new ACV, surging more than 5x quarter over quarter. And CSMs plus deal volume tripling year over year.

ITSM 和 HR 等主要產品優勢領域以及新增年度合約淨額均實現了季度翻倍。ITOM 加上淨新增 ACV，較上季成長超過 5 倍。客戶成功經理人數和交易量較去年同期成長三倍。

More broadly within CRM, our AI-powered CPQ solution has become a powerful entry point into front office transformation. We're seeing traction with displacement wins around the globe, including multiple million-dollar deals.

更廣泛地說，在客戶關係管理 (CRM) 領域，我們基於人工智慧的 CPQ 解決方案已成為前台轉型的重要切入點。我們在全球範圍內取得了顯著的成效，贏得了眾多客戶，其中包括多筆價值數百萬美元的交易。

Turning to profitability. Non-GAAP operating margin was 33.5%, 300 basis points above our guidance, driven by our top line outperformance, AI OpEx efficiencies, disciplined spend management, and timing of some program spend.

轉向盈利。非GAAP營業利潤率為33.5%，比我們的預期高出300個基點，這得益於我們超額收入表現、AI營運效率、嚴格的支出管理以及一些專案支出的時機把握。

As we advance our AI agent deployments across the company, we're unlocking substantial organizational capacity, driving measurable efficiency gains and enhancing scalability. Our free cash flow margin was 17.5%, up 50 basis points year over year. We ended the quarter with a robust balance sheet, including $9.7 billion in cash and investments.

隨著我們在公司內部推動人工智慧代理的部署，我們正在釋放巨大的組織能力，推動可衡量的效率提升，並增強可擴展性。我們的自由現金流利潤率為 17.5%，年增 50 個基點。本季末，我們的資產負債表穩健，擁有97億美元的現金和投資。

In Q3, we bought back approximately 644,000 shares as part of our share repurchase program, up nearly 70% versus last quarter, with the primary objective of managing the impact of dilution. As of the end of the quarter, we had approximately $2 billion of authorization remaining.

第三季度，我們根據股票回購計畫回購了約 644,000 股股票，比上一季成長了近 70%，主要目的是控制稀釋的影響。截至季末，我們還有大約 20 億美元的授權額度剩餘。

Together, these results continue to demonstrate our ability to deliver a healthy balance of world-class growth, profitability, and shareholder value. With our continued confidence in the trajectory of our business, today, we announced that the Board of Directors has approved a 5-for-1 stock split designed to make our shares more accessible to a broader base of investors and to provide employees with greater flexibility in managing their equity. A special meeting of shareholders will be held on December 5 to approve the split.

這些結果共同表明，我們有能力在世界一流的成長、獲利能力和股東價值之間實現健康的平衡。鑑於我們對公司發展前景的持續信心，今天我們宣布，董事會已批准 1 比 5 的股票拆分，旨在讓更多投資者更容易獲得我們的股票，並為員工提供更大的股權管理靈活性。將於12月5日召開股東特別會議，批准此分拆。

Moving to our guidance. Given our Q3 outperformance, we are raising our 2025 growth and profitability outlook. For 2025, we are raising our subscription revenues by $55 million at the midpoint, to $12.835 billion to $12.845 billion, representing 20.5 year -- 20.5% year-over-year growth or 20% on a constant currency basis.

按照我們的指導進行操作。鑑於我們第三季業績超出預期，我們提高了 2025 年的成長和獲利預期。2025 年，我們的訂閱收入預計增加 5,500 萬美元（中位數），達到 128.35 億美元至 128.45 億美元，相當於 20.5 年同比增長 20.5%，或按固定匯率計算同比增長 20%。

We are raising our full year operating margin target by 50 basis points from 30.5% to 31%, as AI operational efficiencies continue to drive incremental leverage. We're also raising our full year free cash flow margin target by 200 basis points from 32% to 34%.

由於人工智慧營運效率的持續提升，我們將全年營業利潤率目標從 30.5% 上調 50 個基點至 31%。我們將全年自由現金流利潤率目標從 32% 上調 200 個基點至 34%。

We continue to expect subscription gross margin of 83.5% and GAAP diluted weighted average outstanding shares of 210 million. For Q4, I would note that while our public sector pipeline and demand is very strong, the ongoing government shutdown may impact deal timing in our US federal business in Q4.

我們繼續預期訂閱毛利率為 83.5%，GAAP 稀釋加權平均流通股數為 2.1 億股。對於第四季度，我想指出，雖然我們的公共部門業務儲備和需求非常強勁，但持續的政府停擺可能會影響我們第四季度美國聯邦業務的交易時間。

Given the timeline requirements to complete standard procurement processes, we've prudently factored in this timing dynamic into our guidance. With that in mind, for Q4, we expect subscription revenues between $3.42 billion and $3.43 billion, representing 19.5% year-over-year growth or 17.5% to 18% on a constant currency basis.

考慮到完成標準採購流程的時間要求，我們已謹慎地將此時間動態因素納入我們的指導方針中。考慮到這一點，我們預計第四季度訂閱營收將在 34.2 億美元至 34.3 億美元之間，年增 19.5%，按固定匯率計算成長 17.5% 至 18%。

We expect CRPO year-over-year growth of 23% or 19% on a constant currency basis. We expect an operating margin of 30%. Finally, we expect 210 million GAAP diluted weighted average outstanding shares for the quarter.

我們預期 CRPO 年增 23%，以固定匯率計算為 19%。我們預計營業利益率為30%。最後，我們預期本季GAAP稀釋後加權平均流通股數為2.1億股。

In conclusion, Q3 was an exceptional quarter with standout performances across the board. These results underscore the power of the ServiceNow AI platform and our multiple growth vectors from core workflow expansion to the accelerating adoption of innovative new products in areas like security and risk, sales and order management and data and analytics.

總之，第三季度是一個表現卓越的季度，各方面都取得了突出成績。這些結果凸顯了 ServiceNow AI 平台的強大功能，以及我們從核心工作流程擴展到加速採用安全和風險、銷售和訂單管理以及資料和分析等領域的創新新產品的多重成長方向。

Massive platform demand, combined with AI driven efficiencies, not only fueled fantastic results, but also reinforced our ability to scale with accelerating margin expansion.

龐大的平台需求，加上人工智慧驅動的效率提升，不僅帶來了驚人的成果，也增強了我們透過加速利潤擴張來擴大規模的能力。

Before we close, Bill and I want to take a moment to thank our incredible employees around the world. Your unwavering commitment, tireless execution, and passion for excellence continue to be the driving force behind our success.

在結束之前，我和比爾想藉此機會感謝我們世界各地傑出的員工。你們堅定不移的奉獻精神、不懈的執行力和對卓越的追求，一直是推動我們成功的動力。

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

接下來，我將開放問答環節。

(Operator Instructions) Kash Rangan, Goldman Sachs.

（操作說明）Kash Rangan，高盛。

Congratulations, Bill and team. Bill, I like to Super 8, but I still like the category of one, even better than Super 8, but I wanted to ask you a question. With agentic technology is becoming abundantly clear as you outlined that there is a process of integration, implementation.

恭喜比爾和他的團隊。比爾，我喜歡 Super 8 膠卷，但我仍然更喜歡 1 級膠卷，甚至比 Super 8 更好，但我有個問題想問你。正如您所概述的那樣，代理技術變得越來越清晰，它包含一個整合和實施的過程。

We're back to, in some sense, making software companies like you're successful with the help of the outside work like the Accentures and what not. Some integration expertise, implementation expertise could go a long way, maybe even the talk of forward deployed engineers to get this technology prime for real-time.

從某種意義上說，我們又回到了過去那種借助埃森哲等外部機構的幫助，讓像你們這樣的軟體公司獲得成功的局面。一些整合和實施方面的專業知識可能會大有幫助，甚至可以考慮派遣前線工程師來使這項技術達到即時應用的標準。

What are your thoughts on that, Bill, going forward as you really try to institutionalize the adoption of agentic technology in your ecosystem? That's it for me. All the best for the future.

比爾，你對此有何看法？你打算如何真正在你的生態系中推行智能體技術的應用？就這些了。祝你未來一切順利。

Yes, Kash, let me begin, first of all, by saying it's been an honor to know you all these years. You're one of the grates of all time, and I never forget being on a helicopter with you any years ago on a rough ride, and you were a champion then and you're a champion now, and I wish you and your family the best in your next endeavors.

是的，卡什，首先我想說，這些年來能認識你，我感到非常榮幸。你是最棒的人之一，我永遠不會忘記多年前和你一起乘坐直升機經歷的那次顛簸旅程，你當時是冠軍，現在也是冠軍，祝你和你的家人在未來的事業中一切順利。

I was with 150 CEOs a couple of Fridays ago and we were talking about the whole AI scenario, and they were telling me that their proof of concepts, these toys side cars are getting crushed. They don't want to do them anymore. And they were also telling me that they have so much complexity in their business processes that they're having trouble making AI work.

幾個星期前的星期五，我和 150 位 CEO 在一起，我們討論了整個人工智慧場景，他們告訴我，他們的概念驗證，這些玩具邊車，正在被碾碎。他們不想再做這些事了。他們也告訴我，他們的業務流程非常複雜，因此很難讓人工智慧發揮作用。

And I explained that was the same dilemma, as you pointed out, Kash, with digital transformation. You have a platform here with AI platform for business transformation that resides above the systems of record and gives you that clean pane of glass to integrate the business processes into workflows.

正如你指出的那樣，Kash，我解釋說，這與數位轉型面臨的困境是一樣的。這裡有一個用於業務轉型的 AI 平台，它位於記錄系統之上，為您提供一個清晰的介面，可以將業務流程整合到工作流程中。

And workflow has become the new buzzword, everybody likes workflow now, but we're the workflow company. And what's unique about our workflows is we're doing 75 billion of them today and we're doing more than 1 trillion transactions on them today.

工作流程已成為新的流行語，現在每個人都喜歡工作流程，但我們是一家專注於工作流程的公司。我們的工作流程的獨特之處在於，我們今天正在處理 750 億個這樣的工作流程，而我們今天正在處理超過 1 兆筆交易。

So the fact that we can connect to any cloud, we have all of the three hyperscalers, they're all great companies, by the way. We have the language models that are large ones, and we integrate with all of them. And we built on NVIDIA Nemotron, the next generation of our platform, which enables customers to do extraordinary things with big language model power at a fraction of the big model cost 0 latency, total security, no hallucination and a cost-effective ROI that's amazing.

所以，我們可以連接到任何雲端平台，我們擁有三大超大規模雲端服務供應商，順便說一句，它們都是很棒的公司。我們擁有大型語言模型，並且我們與所有這些模型都進行了整合。我們基於 NVIDIA Nemotron 平台（我們的下一代平台）進行開發，該平台使客戶能夠以遠低於大型模型的成本，利用大型語言模型的強大功能完成非凡的事情：0 延遲、完全安全、無幻覺，以及驚人的成本效益投資回報率。

And Kash, we're getting customers live with autonomous implementations in a few weeks, not years and years. So the game has changed, and I believe we're at the epicenter of the enterprise to make every company a best-run business and the word is getting out there.

Kash，我們將在幾週內而不是幾年內讓客戶上線自主部署方案。所以遊戲規則已經改變了，我相信我們正處於讓每家公司都成為最佳營運企業的中心，而這個消息正在傳播開來。

And I'm glad you asked that question. It was a perfect question. Thanks a lot, Kash.

很高興你問了這個問題。這是一個絕妙的問題。非常感謝，卡什。

Bill, the world should know that as that helicopter swiveled 45 degrees from it's a forward path of progress that you diligently on a blackberry were tapping away e-mails with, I think, perfect spelling, so and I was nearly throwing up and you were so kind to me. So that memory will go down forever.

比爾，全世界都應該知道，當那架直升機偏離前進方向 45 度時，你正用黑莓手機勤奮地敲打著電子郵件，而且我認為拼寫完美無瑕，而我當時幾乎要吐了，你卻對我如此友善。這樣，這段記憶將永遠銘刻於心。

Great memory, Kash.

卡什，你記憶力真好。

Kash, I'll just add one thing. Again, congratulations on the future plans. But as Bill was saying, what we're doing with the way we build out our agentic processes and the workflow as part of ServiceNow platform is that we have 100-plus prepackaged workflows with agentic built in. So you don't have to do a lot of handholding, a lot of implementation to get going.

卡什，我再補充一點。再次恭喜你們的未來計畫。但正如比爾所說，我們在建立 ServiceNow 平台的代理流程和工作流程時所做的，是擁有 100 多個內建代理功能的預先包裝工作流程。所以你不需要花很多時間手把手地指導，也不需要做很多實施工作就能上手。

Of course, there are going to be co-innovation required, there might be something specific for our customers. That's why we're investing in FD kind of a model with forward deployed engineers who are really AI Black Belt who can work very closely with customers on the AI expertise required for some of those use cases.

當然，這其中肯定需要協同創新，也可能有一些專門針對我們客戶的需求。這就是為什麼我們要投資 FD 模式，即部署前沿工程師，這些工程師都是真正的 AI 黑帶，可以與客戶緊密合作，提供某些用例所需的 AI 專業知識。

A lot of customers are getting, I think, the lack of expertise in some of these departments it might be a difficult thing for them to catch up on. And when they do things with spare parts and buying all the random pieces, it becomes very difficult to really get the outcome they want.

我認為，很多客戶都意識到，由於某些部門缺乏專業知識，他們可能很難趕上進度。當他們使用零配件和購買各種隨機零件時，就很難真正得到他們想要的結果。

So what we're doing is really solving the problem and getting them the use cases squarely closely out of the box and getting the implementation done quickly and then production, they see value instantly and they do more and more with us. And that's really the difference between us and everybody else out there.

所以，我們所做的，實際上是在解決問題，讓他們能夠立即獲得所需的用例，快速完成實施，然後投入生產，他們就能立即看到價值，並與我們進行越來越多的合作。這就是我們與其他人之間的真正區別。

Samad Samana, Jefferies.

薩馬德·薩馬納，傑富瑞集團。

Great to see the strong results, Bill. I also want to ask an AI-related question. The $500 million-plus ACV level for AI on its own is a great disclosure that you're tracking to that. But it's stood at that the deal volume you mentioned for analysis also seems to be broadening out and that there's a greater breadth of deals driving the AI ACV strength.

很高興看到這麼好的結果，比爾。我還想問一個與人工智慧相關的問題。人工智慧本身的年度合約價值超過 5 億美元，這本身就是一個很好的信號，表明你們正在朝著這個目標努力。但就目前而言，您提到的用於分析的交易量似乎也在擴大，而且推動 AI ACV 成長的交易範圍也更加廣泛。

So I was wondering are you seeing that the broader sales organization, and to the partner base that Kash just mentioned, is getting better at selling the AI solutions and it's being less of a top-down-driven sale? And how should we think about maybe that impact going forward?

所以我想知道，您是否注意到，更廣泛的銷售組織，以及Kash剛才提到的合作夥伴群體，在銷售人工智慧解決方案方面越來越好，而且銷售方式不再是自上而下驅動的？那麼，我們該如何看待這種影響在未來可能產生的影響呢？

Yes, Samad, it's a great question. And you're right. It is progressing beautifully, and it is now a standard way of selling in our company. And you see that in the Pro+ upgrades and all the new business that's coming in Pro. And what's really exciting to me from a shareholder value creation perspective is that the customers really want it.

是的，薩馬德，這是一個很好的問題。你說得對。進展非常順利，現在已成為我們公司標準的銷售方式。這一點在 Pro+ 升級和 Pro 中所有新增業務中都能看到。從創造股東價值的角度來看，真正讓我感到興奮的是，顧客也確實想要它。

And when you see a 55x growth since May in the number of assists that our customers are doing on our platform, you have to look into the future and say, we have billions of assists already out there in the marketplace that will be monetized in future quarters.

當你看到自 5 月以來，我們的客戶在我們平台上進行的助攻數量增長了 55 倍時，你必須展望未來，並意識到市場上已經有數十億次的助攻，這些助攻將在未來幾季變現。

And already, we have 1,700 customers that live on this, and that's growing every single day. And one thing that will definitely get under reported on an earnings day is culture. We have every single person in our company with their own AI learning journey where they've been assessed and credentialed and there's an AI action plan because we're putting AI to work for our people.

目前，我們已經有 1700 位客戶使用這項服務，而且這個數字每天都在增加。財報發布日，企業文化絕對會被低估。我們公司裡的每個人都有自己的人工智慧學習計劃，他們都經過了評估和認證，並且制定了人工智慧行動計劃，因為我們正在讓人工智慧為我們的員工服務。

And internally, with super cool with our ServiceNow on Now, meaning we run the product before we put it into the market, is 90% of the IT, customer service and HR processes are now being done by agents, not at the exclusion of people, but to make people happier. So the soul-crushing stuff is done by the agent and the people are doing more and serving more capability to our customers.

在公司內部，我們對 ServiceNow on Now 的體驗非常棒，這意味著我們在將產品推向市場之前會先進行測試。現在，90% 的 IT、客戶服務和人力資源流程都由代理商完成，這並非排斥員工，而是為了讓員工更滿意。因此，那些令人沮喪的事情都由代理商完成，員工們能夠為我們的客戶提供更多服務，提升服務能力。

And this really is a virtuous cycle because we're proving that you can grow put AI to work for people higher, and as Gina said, have tremendous operating leverage on the margin and free cash flow line to reinvest in our business and to create even greater shareholder value. So we get it. We know what that hockey stick is, and we're building a company for the ages here.

這確實是一個良性循環，因為我們正在證明，你可以讓 AI 為人們服務，從而實現更高的成長，正如 Gina 所說，在利潤率和自由現金流方面擁有巨大的營運槓桿，可以再投資於我們的業務，並創造更大的股東價值。我們明白了。我們知道那根曲棍球棒是什麼，我們正在打造一家足以流芳百世的公司。

And Gina, if I could squeeze one in for you, if possible. I know you can't predict what the federal government will reopen, although the way you've been nailing guidance, I'd say, your prediction powers are strong. But how should we think about the prudence that you factored in? Is it different from what you were thinking, let's call it, 90 days ago? Or is there incremental prudence just given that the government is still closed?

吉娜，如果可以的話，請容許我為你也加一個。我知道你無法預測聯邦政府會重新開放哪些領域，但就你一直以來精準的指導意見來看，我認為你的預測能力很強。但是，我們該如何看待你考慮到的謹慎因素呢？這和你90天前的想法有什麼不同嗎？或者，鑑於政府仍關閉，是否應該採取漸進式的謹慎措施？

Just help us understand that comment specifically around guidance.

請您具體解釋一下關於指導的評論。

Of course. Of course, Samad. Yes, so first and foremost, I want to just extend like huge congratulations to our incredible Fed team. We had an incredible Q3, which as you know, is the biggest federal quarter always because it's the closing quarter of the fiscal year for the Fed. Over 30% year-over-year growth in net new ACV really demonstrates the incredible resilience and demand that federal agencies have for our platform.

當然。當然，薩馬德。是的，首先，我要向我們傑出的聯準會團隊致以最熱烈的祝賀。我們第三季業績非常出色，眾所周知，第三季是聯準會財政年度的最後一個季度，因此也是聯邦財政年度最重要的季度。淨新增 ACV 年成長超過 30%，充分體現了聯邦機構對我們平台的強大韌性和需求。

So first and foremost, demand is strong, and we are resonating so clearly with the federal agencies, which is fantastic.

首先，市場需求強勁，我們與聯邦機構的溝通非常順暢，這真是太棒了。

On specifically with the government shutdown, 90 days ago, the government was not shut down. And I would say that we absolutely have factored in a bit more prudence into this guide because as much as I would like to say, I know how to forecast when the government is going to reopen, I just don't.

具體來說，關於政府停擺，90 天前，政府並沒有停擺。而且我認為，我們絕對在這份指南中加入了更多謹慎的因素，因為儘管我很想說我知道如何預測政府何時會重新開放，但我真的不知道。

And so procurement processes do take a bit of time. And so we did factor some timing-related only prudence into the guide because demand is healthy, strong and the opportunity for us in federal space, and by the way, more broadly, public sector, state and local as well, remains stronger than ever.

因此，採購流程確實需要一些時間。因此，我們在指南中確實考慮了一些與時機相關的謹慎因素，因為需求健康、強勁，我們在聯邦領域的機會，以及更廣泛意義上的公共部門（包括州和地方）的機會，仍然比以往任何時候都更加強勁。

Alex Zukin, Wolfe Research.

Alex Zukin，Wolfe Research。

Maybe just a quick two-parter, Bill, for you. maybe demand trends as you progress through the quarter, linearity of bookings and kind of maybe talk to us a little bit about how the consumption and utilization of some of the AI credits is trending? It sounds like it's going better than you expected.

比爾，或許可以跟你講兩個簡短的問題。例如，隨著季度推進，需求趨勢如何？預訂量的線性成長如何？還有，能不能跟我們聊聊人工智慧積分的消耗和使用趨勢？聽起來情況比你預想的還要好。

And then I have a quick follow-up for Gina.

然後我還有一個問題想問吉娜。

Yes. Thank you very much, Alex. I really appreciate it. The demand is amazing. Our demand right now is better than I've ever seen it.

是的。非常感謝，亞歷克斯。我非常感謝。需求量驚人。我們目前的需求量是我見過最高的。

And I just want to give you a little bit of an anecdotal color on this. We have a world forum process going on across the world right now. I was getting text early this morning on our New York Forum, which is substantially oversubscribed. But I also got one along with my colleagues and the Board a couple of days ago, we did our Board meeting. In Japan, we had a capacity for around 6,000 people in Japan for our World Forum, we had 6,500 that could not be seated due to fire regulations, and we had to set up a workaround, so everyone could see the speeches and get the content.

我只想就此補充一些軼事細節。目前，世界各地正在進行世界論壇進程。今天一大早我就收到了關於我們紐約論壇的短信，該論壇的訂閱人數嚴重超額。但幾天前，我和我的同事以及董事會成員也參加了一次，我們召開了董事會。在日本，我們的世界論壇場地可容納約 6000 人，但由於消防規定，有 6500 人無法入座，我們不得不制定變通方案，以便每個人都能看到演講並獲取內容。

The pipe is wild. And what's happening now is we're breaking through. The brand is actually now breaking through. And this one platform for AI business transformation is coming across at the C-suite. The CEOs are kind of getting the picture. Many of them have killed these proof-of-concept scenarios.

管道狀況很糟。而現在我們正在取得突破。這個品牌現在真的開始突破了。而這個用於人工智慧業務轉型的平台正在高階主管層中得到認可。CEO們似乎已經明白過來了。他們中的許多人扼殺了這些概念驗證方案。

One had 900 proof of concepts going on in the company and said it was uncontrollable, and they killed them all, and they went with ServiceNow. So I think we're really breaking through. As it relates to the linearity, I would say the linearity is historically consistent. I think it's going to get even better when you think about the bookings and the step-ins and the hockey stick around the assist as the tokens are used, then they get reloaded, and that is the hockey stick that's built into the model.

一家公司同時進行了 900 個概念驗證項目，但發現無法控制，於是全部終止，轉而使用 ServiceNow。所以我覺得我們真的有突破了。就線性而言，我認為線性在歷史上是一致的。我認為，當你考慮到預訂、替補上場以及助攻時代幣的使用、重新充值等因素時，情況會變得更好，而這正是模型中內建的「曲棍球桿」機制。

And yes, I see a 55x growth since May in the assist as clear indication that the customer is deriving unique value from the platform. And yes, I think that tsunami is going to increase and pick up even more.

是的，我看到自 5 月以來，輔助功能成長了 55 倍，這清楚地表明客戶正在從該平台獲得獨特的價值。是的，我認為海嘯的規模還會擴大，威力也會進一步增強。

Wonderful and amazing. Gina, maybe for you, the renewal cohort in Q4 that's been, I think, headwind to CRPO growth. Anything that stands out positive from this large renewal cohort that was initially expected this quarter, like whether it's a greater willingness to expand with Pro Plus and anything to think through there as we incorporate the prudence in the guidance?

精彩絕倫。吉娜，也許對你來說，第四季的續約群體一直是 CRPO 成長的阻力。本季原本預計會有大批續約客戶，那麼從中是否有任何突出的正面因素呢？例如，客戶是否更願意擴展 Pro Plus 服務？我們在製定業績指引時，是否需要考慮這方面的因素，以保持謹慎態度？

Yes. What I would say is that part of the incredibly, so we had a 250 basis point beat in CRPO in Q3, part of that, about half, was the team doing a pretty incredible proactive job of pulling some of that cohort renewal into Q3 from Q4, which not only boosted Q3 results, but also provide strong momentum heading into Q4 because now as a result, we have a head-start in addressing that large renewal cohort coming up in the next quarter.

是的。我想說的是，第三季度 CRPO 超出預期 250 個基點，這其中大約一半要歸功於團隊積極主動地將部分第四季度的續約客戶提前到第三季度，這不僅提振了第三季度的業績，也為第四季度帶來了強勁的勢頭，因為這樣一來，我們在應對下一季度即將到來的大量客戶方面就有了先發優勢。

And so feel really good about what that looks like. We're also seeing Plus attach rates better in Q3. So they continue to get better and better and stronger. And so feel really good about what that renewal cohort looks like. We continue to see very strong renewal rates, as I called out as well.

所以，我對最終呈現的效果感到非常滿意。我們也發現，第三季 Plus 會員的附加率也有所提高。所以他們會變得越來越好，越來越強。因此，我對續約群體的組成感到非常滿意。正如我之前提到的，續約率依然非常強勁。

And so just putting a topper to the conversation back to what Bill was saying: Demand trends remain really healthy, pipeline into Q4 looks strong and very healthy and we remain really confident in the guide and feel great about the ability for us to pass the full beat in revenue in Q3 to the full year.

所以，最後再補充一點，回到比爾剛才說的：需求趨勢依然非常健康，第四季度的銷售管道看起來強勁且非常健康，我們對業績指引仍然非常有信心，並且對實現第三季度到全年營收的全面目標感到非常滿意。

And then on top of that, to be able to raise the bottom line guide 50 basis points at operating margin and 200 basis points on free cash flow really demonstrates not only the demand we're seeing, but the AI efficiencies internally we're getting to help really drive that bottom line expansion on top of the incredible top line growth.

此外，能夠將營業利潤率預期提高 50 個基點，自由現金流預期提高 200 個基點，這不僅真正表明了我們所看到的市場需求，也表明了我們在內部獲得的 AI 效率，這些效率有助於在令人難以置信的營收成長基礎上真正推動利潤成長。

(Operator Instructions) Your next question comes from the line of Tyler Radke with Citi.

（操作員說明）您的下一個問題來自花旗銀行的泰勒拉德克。

Great. You talked about some pretty astounding consumption increases, 55x. Can you just talk to what do you think is sort of driving that type of consumption? I mean I imagine it's pretty broad based, but if you're seeing that outsized in a particular vertical or use case?

偉大的。你提到了一些非常驚人的消費成長，高達 55 倍。您能否談談您認為推動這種消費模式的因素是什麼？我的意思是，我猜想它的影響範圍相當廣泛，但如果你發現這種情況在某個特定垂直領域或用例中特別突出呢？

And then you talked about $500 million of analysis ACV by year-end. Just any sense on kind of how that tracks to your original expectations and what the upside could look like on the $1 billion target next year?

然後你談到了到年底分析ACV將達到5億美元。您能否大致估算一下，這與您最初的預期相比如何？明年實現 10 億美元目標的可能性有多高？

Tyler, I'll take that. This is Amit here. So on the consumption, the way things have worked very well for us is that once our customers start using agentic workflows, and once you're doing the agentic, you are starting to use a lot more of the assist because you're making a lot of calls back and forth two of the different processes and automating those systems.

泰勒，我接受。我是阿米特。因此，就消費而言，我們做得非常好的方法是，一旦我們的客戶開始使用代理工作流程，一旦你開始使用代理，你就會開始更多地使用輔助功能，因為你會在兩個不同的流程之間進行大量的來回調用，並實現這些系統的自動化。

So the volume you require for those agentic use cases is like 10x, 5x, 12x, depending on each of the calls. That's why the growth has been. And when we provided this prepackage agentic workflows to our customer, they're going live faster, they are starting to use those things quickly.

因此，對於這些代理用例，所需的容量可能是 10 倍、5 倍、12 倍，具體取決於每次呼叫。這就是成長的原因。當我們向客戶提供這些預先包裝的代理工作流程時，他們的上線速度更快，他們很快就開始使用這些功能。

And this quarter already, we started seeing so many customers go live, and that's where the usage goes up much higher than we had before where it was more of a idea of summarization and things like that. Agentic is really the game changer for our consumption business and with customers who have got on this Now Assist packages are starting to now apply and use them more regularly.

本季度，我們已經看到很多客戶上線，使用量也比以前高得多，以前更多的是用於匯總之類的用途。Agentic 確實改變了我們消費業務的格局，已經購買了 Now Assist 套餐的客戶現在開始更頻繁地申請和使用這些套餐。

And they're unlocking new new use cases as well, right, incident management, triaging, helping customers kind of solve a lot of the requests around the customer issue. And those use cases are very complex. And with agentic workflows, that requires a lot more work behind the scenes, but the automation happens and that's where the hockey stick starts happening for our use cases as well.

而且它們還在解鎖新的用例，對吧，例如事件管理、分類，幫助客戶解決與客戶問題相關的許多請求。而且這些用例非常複雜。而對於代理商工作流程來說，這需要在幕後做更多的工作，但自動化得以實現，這也是我們的用例開始爆發的原因。

And may I just give you a couple of examples, and I'll turn it over to Gina on the math. Think about it this way, Lenovo, a very well-known fantastic brand they're resolving cases 35% faster and they achieved 100% customer satisfaction score with the Now Assist deployment.

我舉幾個例子，數學部分就交給吉娜來解答吧。換個角度想，聯想是一個非常知名的優秀品牌，他們透過部署 Now Assist，解決問題的速度提高了 35%，並且實現了 100% 的客戶滿意度。

Bell, a leading Canadian telecom company, you know them well, they're deflecting more than 3 million customer support calls annually, and they're automating 90% of dispatch-related tasks now on Now Assist agents. Griffith University in Australia, they've adopted the enterprise service management approach to enable easy-to-use services for students and the staff that serve those students and they deployed AI across ITSM and customer service management functions, and that's led to an 87% increase in overall self-service rate.

貝爾是一家領先的加拿大電信公司，你肯定很熟悉他們，他們每年處理超過 300 萬個客戶支援電話，現在他們正在 Now Assist 代理程式上實現 90% 的調度相關任務自動化。澳洲格里菲斯大學採用了企業服務管理方法，為學生和為學生服務的教職員工提供易於使用的服務，並在 ITSM 和客戶服務管理功能中部署了 AI，這使得整體自助服務率提高了 87%。

the CMDB competitive advantage that ServiceNow has in the marketplace has led us into with this agentic AI cross-functional support on the platform to new use cases in all functions of corporations, and that is only a ServiceNow-enabled skill. No other platform can do that. So I think that's really reason to believe.

ServiceNow 在 CMDB 市場上的競爭優勢，以及平台上的智慧 AI 跨職能支持，使我們得以在企業的所有職能部門中開拓新的用例，而這僅僅是 ServiceNow 的一項技能。其他平台都做不到這一點。所以我認為這確實是值得相信的理由。

And then lastly to your question on how the ACV for Now Assist is tracking? So yes, we're on pace to exceed $0.5 billion by the end of the year, which is tracking ahead of where we thought we'd be. You heard Bill and Amit talk about our assists tracking faster and growing faster also than we planned. So we are well on our way to that $1 billion. I'm not going to up the guide at this point, but you can expect that we expect that we will continue to track ahead of plan and continue to see pretty incredible traction for all of our AI products.

最後，回答您關於 Now Assist 的 ACV 追蹤情況的問題？是的，我們預計在年底前超過 5 億美元，這比我們預期的要好。你聽比爾和阿米特說過，我們的助攻數成長速度比我們計畫的還要快。所以，我們離10億美元的目標已經很近了。目前我不會提高預期，但你們可以期待我們將繼續超前於計劃，並且我們所有的 AI 產品將繼續獲得非常驚人的市場反響。

Michael Turrin, Wells Fargo.

邁克爾圖林，富國銀行。

Gina, the 3Q results as you're alluding to are impressive, especially given the uncertainty the company has been navigating throughout the year. The one question we're getting is around the fourth quarter subscription revenue guide for 18%. That number is a touch lower than where the CRPO growth rates overall seem to be settling.

吉娜，正如你所提到的，第三季業績令人印象深刻，尤其考慮到該公司今年以來一直面臨的不確定性。我們收到的一個問題是關於第四季度訂閱收入預期為 18%。這個數字比 CRPO 整體成長率似乎趨於穩定的水平略低一些。

So just any context you can give us to help bridge those two metrics? Is that public sector comment you're making more specifically tied the fourth quarter guide or are there other assumptions just given renewal dynamics and a few months that we know are very important for the company to be mindful of as well?

您能提供一些背景信息，幫助我們理解這兩個指標之間的關係嗎？您所說的公共部門相關評論是否更具體地與第四季度業績指引有關，還是僅僅基於更新動態以及我們知道對公司而言非常重要的幾個月的時間，而提出了其他假設？

Thank you. So yes, public sector will be a factor in there. One thing I think is important, the full Q3 revenue beat we put into the full year and so remember that, that the full year is higher, and we raised not only in Q3, we also raised in Q2. The other piece that I would say is on-prem is definitely a factor of a bit in Q4. And so that's a piece that you need to understand, too.

謝謝。所以，公共部門一定會是其中一個因素。我認為有一點很重要，我們把第三季的全部收入超預期計入了全年，所以請記住，全年收入更高，而且我們不僅在第三季籌集了資金，我們在第二季也籌集了資金。我認為，本地部署在第四季肯定也起到了一定的作用。所以，這也是你需要了解的一部分。

Kirk Materne, Evercore ISI.

Kirk Materne，Evercore ISI。

I'll echo the congrats on the quarter. Bill, you're mentioning that some of the bigger enterprises are starting to get rid of some of these pilot projects with AI, which would seem to lead to more consolidation to platforms like yourselves. I was just wondering when you're talking to CEOs about AI, how important is it to be able to talk about AI and workflow from an industry context?

我同樣祝賀你們取得如此佳績。比爾，你提到一些大型企業開始放棄一些人工智慧試點項目，這似乎會導致更多企業整合到像你們這樣的平台上。我只是想知道，當你和CEO們談論人工智慧時，能夠從產業角度談論人工智慧和工作流程有多重要？

Meaning, you all obviously have specialization in areas like government, financial services, how important is the fact that you can bring solutions that address specific industry workflow pain points as well as just more horizontal? Just curious on your thoughts on that.

也就是說，你們顯然在政府、金融服務等領域都有專長，那麼你們能夠提出解決特定產業工作流程痛點以及更廣泛的通用解決方案，這一點有多重要？只是好奇你對此有何看法。

It's a great question, Kirk. There's no question that the customers expect not for you to know their industry, they want you to know their industry cold. They also want you to understand before you show up their mission-critical processes, the objectives of the company and to be very specific and pointed on exactly how your technology is going to move their needle.

柯克，你問得好。毫無疑問，客戶希望你不僅了解他們的行業，而且對他們的行業瞭如指掌。他們也希望你在展示之前了解他們的關鍵業務流程、公司目標，並非常具體、明確地說明你的技術將如何推動他們的業務發展。

And we use our own AI platform to do that for every seller in the company. So when we show up, we show up with that domain expertise, the deep list of logos and we can get extraordinarily specific about what we're doing with the platform and what we could do for them with the platform.

我們使用自主研發的人工智慧平台為公司裡的每位賣家完成這項工作。所以當我們出現時，我們會帶著這方面的專業知識、大量的品牌標識，並且能夠非常具體地說明我們正在用這個平台做什麼，以及我們可以用這個平台為他們做什麼。

And we also have thought about that in the coverage model and how we go to market. So where you have critical mass or you have large customers in a cohort like financial services, like public sector, as an example, like telco, like high-tech manufacturing and so forth, we try to structure the coverage model that way. And all the things that we do in the command center behind the scene are always industry-specific.

我們在涵蓋範圍模式和市場推廣方式中也考慮到了這一點。因此，對於像是金融服務、公共部門、電信、高科技製造業等產業，如果客戶數量達到臨界規模或規模較大，我們會嘗試以這種方式建立覆蓋模型。我們在指揮中心幕後所做的一切，都是針對特定產業的。

And Amit, you may want to build on that.

阿米特，你或許可以以此為基礎繼續深入研究。

Yes. So Kirk, the other things we do is we have a team which is very focused on industry solutions. What they do is they build out data models, which are very specific to a particular industry. And if you look at examples like Ulta Beauty where we do retail store operations. Our agentic flows are built specifically for what you require to manage your retail store, the maintenance, the life cycle and the cases the retail store operator require help with because we've built that into our agentic platform and not just a generic offering, but very specific to that use case, so they can go live faster.

是的。所以柯克，我們做的其他事情是，我們有一個團隊非常專注於行業解決方案。他們所做的就是建立資料模型，這些模型非常針對特定產業。如果你看看像 Ulta Beauty 這樣的例子，我們就是做零售店經營的。我們的代理流程是專門針對您管理零售店的需求而構建的，包括維護、生命週期以及零售店運營商需要幫助的情況，因為我們已將這些功能構建到我們的代理平台中，而不僅僅是一個通用產品，而是針對該用例專門構建的，因此它們可以更快地上線。

We're doing the similar kind of things for other industries as well. We do that for manufacturing, we do that for industrial production, we have done a lot of work around health care, financial services, telecommunication. And we partner also with companies who have very good domain expertise in there.

我們也為其他行業做著類似的事情。我們在製造業中這樣做，我們在工業生產中這樣做，我們在醫療保健、金融服務、電信等領域也做了很多工作。我們還與在該領域擁有非常出色專業知識的公司建立了合作關係。

So we build join solutions we can take to market in that area. For example, we did think financial services with for dispute management, which is built together on our industry data model, which every customer can take advantage of. So a lot of things going on. It's just not that we provide you a platform which is generic, but also a lot more specific domain expertise built inside it.

因此，我們建立了可以在該領域推向市場的關節解決方案。例如，我們確實考慮將金融服務與糾紛管理相結合，這是基於我們的行業數據模型構建的，每個客戶都可以從中受益。所以有很多事情正在發生。我們不僅為您提供一個通用的平台，而且還在其中內建了許多更具體的領域專業知識。

Keith Weiss, Morgan Stanley.

基斯‧韋斯，摩根士丹利。

This is (inaudible) for Keith Weiss. I guess I'm just curious if there's any updates around Moveworks? And if there are any changes in how you're thinking about that process closing? And I guess just on that, I mean, the Now Assist performance has been really encouraging. And so just curious if you could provide some additional thoughts around what Moveworks brings to the table to continue to strengthen that AI suite?

這是給基斯‧韋斯的（聽不清楚）。我只是好奇Moveworks有沒有什麼新的進展？如果你對流程結束的看法有任何改變的話？我想就這一點而言，Now Assist 的表現確實令人鼓舞。所以，我很好奇您能否就 Moveworks 為進一步增強該 AI 套件帶來的功能提出一些其他想法？

Thanks so much. So with respect to Moveworks, we're expecting at this point that we'll be closing -- hopefully closing that deal at the -- towards the end of Q4. So very excited about what Moveworks is going to bring to us. But at the same time, pretty important to note that the incredible Now Assist results that we've had have been all on our own without Moveworks.

非常感謝。所以關於 Moveworks，我們目前預計我們將在第四季末完成這筆交易。非常期待 Moveworks 將為我們帶來什麼。但同時，非常重要的是要注意，我們取得的令人難以置信的 Now Assist 成果完全是我們自己取得的，與 Moveworks 無關。

And so as you think about moving into 2026, ServiceNow plus Moveworks is going to add a whole other level to what we can provide to our customers. And I'll let Amit take like more specific about what Moveworks is going to bring.

因此，展望 2026 年，ServiceNow 加上 Moveworks 將為我們能夠為客戶提供的服務增添一個全新的層次。接下來，我會讓 Amit 更具體地介紹 Moveworks 會帶來什麼。

So as Gina mentioned, I mean, I think we are -- our initial thesis around Moveworks still remains the same, right? We're looking at a company which brings a lot of good AI expertise and talent to allow us to accelerate our road map. But we've been doing a lot of work, as you see, with our new capabilities with the Zurich release and things we're doing around the AI lens and other things we've delivered today.

正如吉娜提到的那樣，我的意思是，我認為我們——我們最初關於 Moveworks 的論點仍然保持不變，對吧？我們正在尋找一家擁有大量優秀人工智慧專業知識和人才的公司，以便加快我們的發展路線圖。但正如你所看到的，我們一直在努力提升我們在蘇黎世版本中的新功能，以及我們在人工智慧視角和今天發布的其他內容方面所做的工作。

So those things are all progressing well. Customers appreciating it, and the adoption has been great. We will -- as Moveworks come on board, we will, of course, accelerate a lot more stuff together, but nothing is dependent on it right now.

所以這些事情進展都很順利。顧客們很喜歡，而且市場反應很好。當然，隨著 Moveworks 的加入，我們將共同加速更多專案的發展，但目前一切都與此無關。

Peter Weed, Alliance Bernstein.

Peter Weed，Alliance Bernstein。

I think one of the really innovative and exciting opportunities you've been talking about is the AI Control Tower. And I wanted to kind of pick your brain on how you see the demand from buyers? Is this the type of thing where people are investing in the Control Tower as they start on their AI journey? Or does the buyer really need to get to kind of a certain maturity level before they realize its need and then they kind of come back and invest in it. And if you think through that model, like how does the commercials ramp?

我認為你一直在談論的真正具有創新性和令人興奮的機會之一就是人工智慧控制塔。我想請教一下您，您如何看待買家的需求？這是人們在開啟人工智慧之旅時投資控制塔的那種情況嗎？或者說，買家真的需要達到某種成熟度才能意識到自己的需求，然後才會回來投資。如果你仔細想想這個模型，例如廣告是如何逐步增加的？

And how material can this opportunity be for ServiceNow over time?

從長遠來看，這個機會對 ServiceNow 來說意義有多重大？

Yes. So Peter, on the AI Control Tower, it's been one of the biggest interest from any customer we speak to. Because every customer, when they're thinking of AI adoption and agenetic, they're worried about control. They don't know how to manage the security. They don't know what to do with trust, safety, regulatory requirements.

是的。彼得，關於人工智慧控制塔，這是我們接觸過的所有客戶中最感興趣的功能之一。因為每個客戶在考慮採用人工智慧和基因技術時，都會擔心控制權問題。他們不知道如何管理安全。他們不知道如何處理信任、安全和監管要求等問題。

And the AI Control Tower solved that problem. As soon as we start talking to customers, it resonates instantly. That's why our business in this area, customer base grew by 4x in this quarter itself because there's so much proliferation of different pieces of technologies out there and customer base and they need something which can control it and manage it for them, just like we were doing that for various assets, we're now doing it for AI.

人工智慧控制塔解決了這個問題。我們一旦開始與客戶交談，就能立刻產生共鳴。這就是為什麼我們在這個領域的業務，客戶群在本季度增長了 4 倍，因為市面上出現了太多不同的技術和客戶群，他們需要能夠控制和管理這些技術和客戶群的東西，就像我們之前為各種資產所做的那樣，我們現在正在為人工智慧做同樣的事情。

And what we have done is we have integrated all the different systems out there to give you full visibility and control. And that resonates and that's where the growth is coming for. If you look at our risk business, the security business, AI Control Tower is pulling that into a lot of more conversations than we would otherwise have been because of our end-to-end capability around security, risk, compliance and giving you full life cycle control and cost management around AI.

我們所做的，是將現有的所有不同系統整合起來，讓您能夠全面了解情況並加以控制。而這正是引起共鳴的地方，也是成長的泉源。如果你看看我們的風險業務、安全業務，你會發現 AI 控制塔正在將這些業務納入到比我們以往更多的對話中，因為我們擁有圍繞安全、風險、合規性的端到端能力，並能為你提供 AI 的全生命週期控制和成本管理。

And we are very heterogeneous end-to-end. And that's where the use cases are emerging from. And that's driving a lot of consumption. As we said, the business will continue to grow in this area because we are probably the only provider like this in the industry today.

而且，我們整個系統在各個環節上都非常不平衡。這就是應用案例的由來。而這正是推動消費的主要因素。正如我們所說，該領域的業務將繼續成長，因為我們可能是目前業內唯一提供此類服務的供應商。

And to build on that, Peter, I recently was on a trip in Europe, and you take great companies, as an example, like an AstraZeneca, they're using the Control Tower to manage and govern all the AI initiatives at scale, and they've implemented ServiceNow agentic AI across the organization to drive employee productivity because they want to free up time for innovation to double the medicines that they bring to market and they want to do it faster than any competitor.

彼得，為了進一步說明這一點，我最近去了一趟歐洲。以像阿斯特捷利康這樣的大公司為例，他們正在使用控制塔來大規模管理和治理所有的人工智慧計劃，並且他們在整個組織中實施了 ServiceNow 智能體人工智慧，以提高員工生產力，因為他們希望騰出時間進行創新，將他們推向市場的藥物數量翻一番，並且他們希望比任何競爭對手都更快地做到這一點。

And I think Amit nailed it, but I would also especially when you get to Europe and Asia, ethical, compliant and secure is really radiating as important attributes of our platform because they see what's going on in the headlines with security challenges out there, and that's what this unified architecture does.

我認為 Amit 說得對，但尤其在歐洲和亞洲，道德、合規和安全確實已成為我們平台的重要屬性，因為他們看到了新聞頭條中報道的安全挑戰，而這正是這種統一架構的作用所在。

It's AI, but it's ethical, compliance, secure and you can coordinate all your efforts across legal, the security function, internal audit, IT. And these are really important matters and the AI Control Tower is going to give organizations that clean pain of glass, that simple control tower to drive AI strategy, governance, management and performance across all of their AI investments.

它是人工智慧，但它符合倫理、合規、安全，您可以協調法律、安全職能、內部稽核、IT 等各方面的努力。這些都是非常重要的事情，AI 控制塔將為組織提供清晰的介面，一個簡單的控制塔，以推動其所有 AI 投資的 AI 策略、治理、管理和績效。

This AI sprawl that's gone on right now, whether it's built in-house proof of concepts or externally sourced dreams that haven't quite worked out are really getting cleaned up by the AI Control Tower in this platform. So I think having a single governance framework is absolutely a breakthrough for enterprises, and they all appreciate the C-suite, I can tell you that.

目前人工智慧的這種無序擴張，無論是內部建構的概念驗證，或是外部來源但尚未完全實現的設想，在這個平台上都由人工智慧控制塔進行清理。所以我認為，擁有統一的治理框架對企業來說絕對是一項突破，而且所有企業都非常感謝高階主管，我可以告訴你這一點。

Brad Sills, Bank of America Securities.

布拉德·西爾斯，美國銀行證券。

I wanted to ask a question also on Now Assist. Just given the momentum you're seeing here. Wanted to get your thoughts on the pricing change earlier this year. Do you feel like that has been well received. Has that been an unlock for you as you're starting to see some of the momentum here?

我還想問一個關於 Now Assist 的問題。就目前的發展動能來看。想聽聽您對今年早些時候價格變動的看法。你覺得反應如何？這是否讓你看到了一些進展的勢頭，從而打開了局面？

Do you have the right pricing model in place, you kind of feel that way? And then also some of the deal metrics you mentioned sound like you're getting to a place where probably have some pretty decent lighthouse accounts for reference with Now Assist. Do you feel that, that could be a catalyst for more Now Assist deals to come?

你覺得你的定價模式是否合理？此外，你提到的一些交易指標聽起來像是你已經掌握了一些相當不錯的標竿帳戶，可以作為 Now Assist 的參考。您是否認為這可能會成為未來更多 Now Assist 交易的催化劑？

So the pricing we introduced for Now Assist and this idea of combination of subscription and consumption, the hybrid model, has been very well received by our customers. They like this idea of having flexibility as well as predictability in this model where we can give them the capability to adopt as they need to, and then they pay based on usage over time.

因此，我們為 Now Assist 推出的定價策略以及訂閱和消費相結合的混合模式理念，受到了客戶的熱烈歡迎。他們喜歡這種兼具靈活性和可預測性的模式，我們可以讓他們根據需要進行調整，然後他們根據一段時間內的使用情況付費。

And then if they go run out of tokens, they can re-up as well. So that structure has worked perfectly for our customers. We're seeing a lot of interest in terms of adopting this kind of structure by other vendors as well because they're seeing what we have done works very well for everyone today.

如果他們的代幣用完了，他們也可以重新充值。因此，這種結構對我們的客戶來說非常適用。我們看到其他供應商也對採用這種結構表現出濃厚的興趣，因為他們看到我們所做的一切對現在的每個人都非常有效。

So we're very happy with the structure that it's already been playing out with the way we expected in terms of consumption, the idea of adoption and usage going up very fast. While we, of course, get the subscription revenue upfront. So the combination has played out, and I think it's the right structure, and we continue to add more to it with other products as well. So you should expect continuous that kind of structure going forward.

因此，我們對目前的情況非常滿意，正如我們所預期的那樣，消費、採用和使用率都在快速增長。當然，我們會提前收到訂閱收入。所以這種組合已經奏效了，我認為這是正確的結構，我們也將繼續透過其他產品來豐富它。所以你應該預料到未來這種結構會持續下去。

And the other question you have around lighthouse accounts. There are a lot of customer examples we shared with you earlier Ulta Beauty, AstraZeneca, we're doing a lot of deflections using Now Assist and doing a lot of adoption around AI Control Tower as well as using this to automate their business processes.

還有你關於燈塔帳戶的另一個問題。我們之前和大家分享了許多客戶案例，例如 Ulta Beauty 和 AstraZeneca，我們正在使用 Now Assist 進行大量業務轉移，並大力推廣 AI Control Tower，以及利用它來實現業務流程自動化。

So that lighthouse accounts, of course, help us to go and talk to other customers with a similar kind of use cases where you can get the adoption going very fast as well.

當然，這些燈塔帳戶可以幫助我們與其他有類似用例的客戶進行交流，從而也能非常快速地推動產品採用。

And Brad, I have to say just as a point of pride, when the world's most valuable company, it is one of those lighthouses. I can only tell you just really, really touches my heart. And I think every single part all 28,000 of ServiceNow to proudly say that NVIDIA runs ServiceNow. It's super exciting.

布拉德，我必須自豪地說，作為世界上最有價值的公司，它就像一座燈塔。我只能說，這真的真的讓我很感動。我認為 ServiceNow 的 28,000 個元件中的每一個都值得自豪地說，NVIDIA 運行著 ServiceNow。這真是太令人興奮了。

Arjun Bhatia, William Blair.

阿瓊·巴蒂亞，威廉·布萊爾。

I had two questions, hopefully quick ones. Bill, first, I'm curious just in terms of where you see interest and adoption, is there a particular workflow that sticks out or that customers are adopting first? And then is it IT and then you see them expand to customer in HR and other workflows for your analysis SKUs?

我有兩個問題，希望很快就能問完。比爾，首先，我很好奇你認為哪些方面最受關注和採用，是否有某種特定的工作流程比較突出，或者客戶最先採用的是什麼？然後，是 IT 部門，然後你會看到他們擴展到人力資源和其他工作流程中的客戶，以進行 SKU 分析？

And then second question, just in terms of monetization. I'm curious if the $500 million that you have planned by the end of the year, how much of that is the subscription uplift piece versus the token consumption or should we think of consumption kind of layering in more in 2026?

第二個問題，僅就獲利模式而言。我很好奇，你們計劃在年底前實現的 5 億美元目標，其中有多少是訂閱收入成長部分，又有多少是代幣消費部分？或者我們應該考慮在 2026 年更多地增加代幣消費？

Thank you very much for the question, Arjun. I'll start and then give it to Amit, but I'll just focus on the category of CRM, if I might. It's fascinating to see what's happening and how quickly that dynamic is changing because of AI.

非常感謝你的提問，Arjun。我先開始，然後交給阿米特，但如果可以的話，我只想專注於客戶關係管理（CRM）這個類別。人工智慧正迅速改變世界格局，看到這一切真是令人著迷。

I recently met a CEO of one of the largest companies in the world, one of the most prestigious companies in the world, and they also happen to retail very glamorous wonderful products all over the world. And the conversation revolved around the social media and the idea of TikTok and the real-time understanding of what's going on in the market, but then also having a tremendous ability to use AI as a secure portal for the customer to configure price and quote all of their online interests and have that fulfilled in a way where they get the right product at the right price at the right place in the form factor that the customer wants and then ultimately, to service that account and make sure that customer is one for life.

我最近結識了一家全球最大、最負盛名的公司之一的首席執行官，這家公司恰好也在世界各地銷售非常精美迷人的產品。談話圍繞著社交媒體和TikTok的概念展開，以及對市場動態的實時了解，同時也談到了利用人工智能作為安全門戶的強大能力，讓客戶能夠配置價格並獲取所有在線興趣的報價，並以合適的方式滿足他們的需求，使他們能夠在合適的地點以合適的價格獲得合適的產品，最終，為客戶提供服務，確保終身客戶都是我們的客戶。

The net present value of the loyalty effect is still every business' greatest asset. And when I explained how we did it and how that was unique in an end-to-end platform that we've built. And that was our AI, and it was a single customer experience and you can meet the customer where they are. And in fact, you can even automate that supply chain on the fly if you found that, that tip talk ad hit a strike zone for you in the marketplace.

忠誠度效應的淨現值仍是每個企業最大的資產。當我解釋我們是如何做到的，以及這在我們建立的端到端平台中有何獨特之處時。這就是我們的人工智慧，它提供的是單一的客戶體驗，您可以隨時隨地滿足客戶的需求。事實上，如果你發現那則廣告宣傳語在市場上引起了你的共鳴，你甚至可以立即實現供應鏈的自動化。

And he was like, oh, wow, this is a whole different conversation because this is what I'm doing now, and this is how my people are spending their time and this is the fragmented nature of the customer relationship across multiple clouds. And I said, I understand. And he said, Please, can you bring your people in right away?

他當時就想，哦，哇，這完全是另一個話題了，因為這就是我現在正在做的事情，這就是我的員工們如何度過他們的時間，這就是跨多個雲的客戶關係的碎片化本質。我說，我明白了。他說：“請問，你們能馬上把人帶進來嗎？”

And I said, you got me, you don't need anyone else. Let's just do it. And he said, let's go for it. So that's where it's at.

我說，有我在你就不需要其他人了。咱們就這麼做吧。他說，那就放手一搏吧。這就是它的所在。

I'll just add, I think Bill talked about the CRM use case. The one which we're also seeing a lot of interest is this idea of autonomous IT, where you have 0 cases been created, all automatically be solved for any kind of IT incidents. Security is another use case, which is becoming very, very common for us, where incident management for any kind of issue, which we might have inside the company with VPN or security-related stuff as well.

我補充一點，我覺得比爾談到了 CRM 的使用案例。我們也看到很多人對自主 IT 的概念很感興趣，在這種概念下，無需創建任何案例，任何類型的 IT 事件都能自動解決。安全性是另一個應用場景，對我們來說越來越常見，它涉及公司內部各種問題的事件管理，包括 VPN 或與安全相關的問題。

The idea of triaging and case resolution for those kind of use cases becoming a big part of this whole workflow where customers are adopting it very fast because it reduces the cost automate the system gets better efficiency, but also much more predictability in terms of how you run and operate your individual departments as well.

針對這類用例的分類和案例解決理念正在成為整個工作流程的重要組成部分，客戶正在迅速接受它，因為它不僅降低了成本，實現了系統自動化，提高了效率，而且還提高了各個部門的運作和營運的可預測性。

So it's helping that. Same thing happening with HR. We're doing something similar with finance, supply chain procurement. All of these areas have particular -- specific prepackaged flows we provide, which would make them much more automated going forward.

所以這方面是有幫助的。人力資源部門也出現了同樣的問題。我們在財務、供應鏈採購方面也做著類似的事情。所有這些領域都有特定的——我們提供的特定預先包裝流程，這將使它們在未來更加自動化。

And then to your second question, Arjun, on the $500 million in expected ACV for Now Assist, subscription versus consumption. First, I want to just mention that we continue to see price uplift for now assist of over 30%, which is powerful. Of the $500 million, while we're seeing incredible growth in Assist consumption won't materially start impacting for a little while.

那麼，Arjun，關於你的第二個問題，Now Assist 預計 5 億美元的年度合約價值 (ACV)，訂閱與消費哪個更好？首先，我想提一下，目前價格持續上漲，漲幅超過 30%，非常強勁。雖然我們看到 5 億美元的 Assist 消費出現了驚人的成長，但短期內不會產生實質的影響。

So that $500 million at this point is just the subscription piece. So as you think about the flywheel and the longer-term opportunity, it's extraordinary.

所以，目前的5億美元只是訂閱收入的一部分。所以，當你考慮到飛輪效應和更長遠的機會時，你會發現這非常了不起。

Keith Bachman, BMO.

Keith Bachman，BMO。

I wanted to drill down, if I could, on the security piece. It was highlighted in the prepared remarks and the question relates to, are you actually seeing an acceleration as security crosses into that $1 billion ACV threshold? And does it include benefits from AI within the context of security?

我想盡可能深入地研究一下安全方面的問題。在準備好的演講稿中重點提到了這一點，問題是：當安防業務的年度合約價值 (ACV) 突破 10 億美元大關時，您是否真的看到了成長加速？它是否包含了人工智慧在安全領域帶來的益處？

And if so, how? And Gina just on the last question, I just wanted to sneak in one more, your previous guidance on margins for '26 were plus 100 for operating and plus 50 for free cash flow. Does that still hold on the higher base? And that's it for me. Congratulations on the quarter.

如果是的話，怎麼辦？吉娜，關於最後一個問題，我還想再問一個，你之前對 2026 年利潤率的預測是營業利潤率提高 100%，自由現金流利潤率提高 50%。在高基數上，這個結論仍然成立嗎？對我來說就是這樣。恭喜你本季取得佳績。

So let me, Keith, address the security question you have. Definitely, the big tailwind we are seeing is AI creates large security issues for every company out there. And when you're starting to adopt so many different pieces of technology there in you need to be able to manage them, have visibility, control. And any incident happens, you have to do that proactively support that and fix that very quickly across the organization.

那麼，基思，讓我來回答你提出的安全問題。毋庸置疑，我們目前看到的最大利好因素是人工智慧為所有公司都帶來了巨大的安全問題。當你開始採用這麼多不同的技術時，你需要能夠管理它們，並擁有可見度和控制力。任何意外事件發生後，都必須主動提供支持，並在整個組織內迅速解決問題。

So the CSOs are coming to us for asking for help to really automate the processes of resolution, incident management and triaging those cases as well. So that's a big tailwind for us.

因此，首席安全官們前來尋求協助，希望我們能真正實現問題解決、事件管理以及對這些案例進行分類等流程的自動化。所以這對我們來說是個很大的利多因素。

Second is around risk management as well because every company is worried about what exposure do you have, what systems are you using, how much you're paying for it? And what is the outcome you got out of it, right? So our risk management profile we created in our security business gives you that full visibility. So AI Control Tower as part of our security products really makes a huge difference.

其次，風險管理也是一個重要方面，因為每家公司都關心自己面臨的風險敞口、正在使用的系統以及為此支付的費用。那麼你最終得到了什麼結果呢？因此，我們在安保業務中創建的風險管理系統能夠為您提供全面的可視性。因此，作為我們安全產品的一部分，AI 控制塔確實發揮了巨大的作用。

So that's why we're seeing a very, very good adoption, interest. And as you heard, we crossed the $1 billion ACV threshold. I'm very, very excited about what we can do in this area. And we keep on investing to make sure that we take a lot more part of this market because there's a lot of demand driving this kind of request to us.

所以這就是為什麼我們看到市場反應非常好，用戶興趣很高的原因。正如你所聽到的，我們的年度合約價值突破了 10 億美元大關。我對我們在這個領域能夠取得的成就感到非常非常興奮。我們將繼續投資，以確保我們能在這個市場中佔據更大的份額，因為市場對這類產品的需求非常旺盛。

And then on your second question, Keith, on the previous margin guidance, the raises that we're making to 2025 op margin and free cash flow margin guidance certainly accelerates the trajectory of our margin accretion. I'm not going to update guides yet.

關於你的第二個問題，基思，關於先前的利潤率預期，我們上調 2025 年營業利潤率和自由現金流利潤率預期，無疑會加快我們利潤率成長的步伐。我暫時不會更新攻略。

I'll share more specifics on 2026 and long-term margin outlook next year. We're certainly encouraged by the operational efficiencies that we're already seeing from because they're providing clearly incremental leverage and additional headroom for further margin expansion. However, as you know, if there's opportunities for us to make good ROI investments to accelerate growth, we will make them.

明年我將分享更多關於 2026 年及長期利潤率展望的具體資訊。我們對目前已看到的營運效率提升感到非常鼓舞，因為它們顯然帶來了增量槓桿作用和進一步擴大利潤空間的機會。但是，如您所知，如果存在能夠帶來良好投資回報率並加速成長的機會，我們就會進行這些投資。

The other thing I'll just comment on, you're seeing a bit of lower CapEx as a result of data center spend rationalization as some of our workloads move to hyperscalers. And so we definitely are excited about the potential for incremental margin expansion. We always reserve the right to reinvest back into the business if we see opportunities for higher growth.

另外，我想補充一點，由於我們的一些工作負載遷移到超大規模資料中心，導致資料中心支出合理化，因此資本支出有所下降。因此，我們對利潤率逐步提高的潛力感到非常興奮。如果發現更高的成長機會，我們始終保留將資金再投資於業務的權利。

But what this ServiceNow business shows, I think, with our Q3 results and the guide is that we have incredibly durable long-term growth opportunities with absolute best-in-class margin profile that continues to accelerate and accrete.

但我認為，ServiceNow 業務從我們第三季的業績和指導方針中表明，我們擁有極其持久的長期成長機會，以及絕對一流的利潤率，而且利潤率還在不斷加速成長。

Gina, if I may add one thing to your very perfect comments. This is the only enterprise software company in the world that for the last 10 years has operated above the rule of 50 plus between the 20-plus revenue growth and the free cash flow growth of the company, the only one in the enterprise.

吉娜，如果可以的話，我想在你完美的評論基礎上補充一點。這是全球唯一一家在過去 10 年中，營收成長率超過 20%，自由現金流成長率超過 50% 的企業軟體公司，也是企業中唯一做到這一點的公司。

So you have every reason to believe the next 10 are going to be even more exciting because of the AI revolution, we're pumped up.

因此，我們有充分的理由相信，由於人工智慧革命，接下來的 10 年將會更加精彩，我們為此感到無比興奮。

Ladies and gentlemen, that concludes today's call. You may now disconnect. Thank you, and have a great day.

女士們、先生們，今天的電話會議到此結束。您現在可以斷開連線。謝謝您，祝您有愉快的一天。