ServiceNow Inc (NOW) 2025 Q4 法說會逐字稿

Thank you for standing by. At this time, I would like to welcome everyone to the Q4 and full year 2025 ServiceNow earnings conference call. (Operator Instructions)

感謝您的耐心等待。在此，我謹代表 ServiceNow 向大家歡迎參加 2025 年第四季及全年業績電話會議。（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. You may begin.

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。你可以開始了。

Good afternoon, and thank you for joining ServiceNow's fourth 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. During today's call, we will review our fourth quarter 2025 results and discuss our guidance for the first quarter and full year 2026.

下午好，感謝各位參加 ServiceNow 2025 年第四季財報電話會議。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。在今天的電話會議上，我們將回顧 2025 年第四季的業績，並討論我們對 2026 年第一季和全年的業績展望。

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 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.

我們也要指出，我們提供的非GAAP指標是依照GAAP計算的財務指標的補充，而不是替代。除非另有說明，我們今天討論的所有財務指標和相關成長率均為非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 very much, Darren, and good afternoon to everyone joining today's call. As you might imagine, I've been waiting for this extraordinarily exciting moment since December 31, 2025. There seems to be speculation everywhere these days, so let's take it all head on.

非常感謝達倫，也祝今天參加電話會議的各位下午好。正如你所想，我從 2025 年 12 月 31 日就開始等待這個無比令人興奮的時刻了。最近到處都是猜測，那我們就正面應對吧。

Here are the facts. Our Q4 results beat expectations handily, just like we have consistently for years now. Overall, Q4 NNACV growth accelerated both quarter over quarter and year over year in Q4. Our subscription revenue growth was 21%, 19.5% in constant currency, 1.5 points above the high end of our guidance. Contribution from Moveworks was de minimis. Our cRPO growth was 25%, 21% in constant currency, 2 points above our guidance including a 1% contribution from Moveworks.

事實如下。我們的第四季業績輕鬆超出預期，就像我們多年來一直保持的那樣。總體而言，第四季度 NNACV 的成長速度在環比和年比上均有所加快。我們的訂閱收入成長了 21%，以固定匯率計算成長了 19.5%，比我們預期的上限高出 1.5 個百分點。Moveworks 的貢獻微乎其微。我們的 cRPO 成長了 25%，以固定匯率計算成長了 21%，比我們的預期高出 2 個百分點，其中包括 Moveworks 貢獻的 1%。

Operating margin was 31%, 1 point above our guidance. Full year '25 free cash flow margin was 35%, 1 point above our already raised guidance. We had 244 deals greater than $1 million in NNACV. We had 7 deals greater than $10 million in NNACV. And CRM NNACV growth accelerated quarter over quarter to close its largest quarter in history. RaptorDB Pro more than tripled NNACV year on year in Q4, including 13, 1 million-plus deals. Workflow Data Fabric was in 16 of our top 20 Q4 deals, and we've seen attach rates increase in every quarter of 2025.

營業利益率為 31%，比我們預期高出 1 個百分點。2025 年全年自由現金流利潤率為 35%，比我們先前已上調的預期高出 1 個百分點。我們有 244 筆交易的 NNACV 超過 100 萬美元。我們有 7 筆交易的 NNACV 超過 1000 萬美元。CRM NNACV 的成長速度逐季加快，創下史上最高季紀錄。RaptorDB Pro 第四季 NNACV 年成長超過三倍，其中包括 13 筆超過 100 萬美元的交易。Workflow Data Fabric 在我們第四季前 20 筆交易中佔據 16 席，而且我們看到 2025 年每季的附加率都在上升。

All of the workflow businesses were very strong in Q4. Gina will take you through the breakdown on all the metrics. The speculation of AI will eat software companies is out there. Let's clear it up with the facts. Enterprise AI will be the largest driver of return on the multitrillion dollar super cycle of investment in AI infrastructure, the real payoff comes when trillions of tokens move beyond pilots to be embedded directly into the workflows where business decisions are made.

第四季所有工作流程業務表現都非常強勁。吉娜將帶你詳細了解所有指標。關於人工智慧將吞噬軟體公司的猜測一直存在。讓我們用事實澄清一下。企業人工智慧將成為數兆美元人工智慧基礎設施超級投資週期中回報的最大驅動力，真正的回報來自於數兆美元的代幣從試點階段過渡到直接嵌入到業務決策的工作流程中。

ServiceNow is the gateway to this shift, serving as the semantic layer that makes AI ubiquitous in the enterprise. We are also the great consolidator of hundreds of feature- and function-specific software solutions into end-to-end business processes with our AI Control Tower for business reinvention. You need AI plus workflows because AI is probabilistic, which by definition means we can't be certain about the results. Workflow orchestration is deterministic, predictable, no randomness, which is required given the sophistication and governance of running global enterprises.

ServiceNow 是實現這一轉變的門戶，它作為語義層，使人工智慧在企業中無所不在。我們也透過我們的 AI 控制塔，將數百種具有特定特性和功能的軟體解決方案整合到端到端的業務流程中，從而實現業務重塑。你需要人工智慧加上工作流程，因為人工智慧是機率性的，根據定義，這意味著我們無法確定結果。工作流程編排是確定性的、可預測的，沒有隨機性，這對於經營全球企業的複雜性和治理性是必要的。

AI doesn't replace enterprise orchestration. It depends on it. It depends on governance, it depends on scale. Many people ask why our valuation has not kept pace with our results. The short answer is that we have been viewed as a feature-oriented SaaS company. We are not living in a SaaS neighborhood. We are a platform company, executing a long-term platform strategy where AI agents and workflows are harmonious and synonymous creating sustained advantage, not short-term wins.

人工智慧並不能取代企業編排。這要看情況而定。這取決於治理方式，也取決於規模。很多人問，為什麼我們的估值沒有跟上業績成長的腳步。簡而言之，我們一直被視為一家以功能為導向的SaaS公司。我們並非生活在一個SaaS社區。我們是一家平台公司，執行長期的平台策略，使人工智慧代理和工作流程和諧統一，從而創造持續的優勢，而不是短期的勝利。

This makes ServiceNow's AI platform more strategically relevant today than ever. By the way, our monthly active users grew 25%, Now Assist NNACV outperformed expectations in Q4 and surpassed $600 million in ACV. In Q4, now assist NNACV more than doubled year over year. We had 35 deals over $1 million in Q4 alone. Our AI Control Tower deal volume nearly tripled quarter over quarter in Q4. We saw great brands already purchasing assist packs in Q4 across a variety of industries, including financial services, manufacturing, health care, life sciences, public sector and technology.

這使得 ServiceNow 的人工智慧平台在今天比以往任何時候都更具戰略意義。順便一提，我們的每月活躍用戶成長了 25%，Now Assist NNACV 在第四季度超出預期，年度合約價值超過 6 億美元。第四季度，NNACV 的援助金額年增超過一倍。光是在第四季度，我們就完成了 35 筆金額超過 100 萬美元的交易。第四季度，我們的人工智慧控制塔交易量較上季成長近三倍。我們看到，在第四季度，各行各業的知名品牌已經開始購買輔助包，包括金融服務、製造業、醫療保健、生命科學、公共部門和科技業。

Overall, the number of workflows and the number of transactions each grew over 33% and from $60 billion to $80 billion and from $4.8 trillion to $6.4 trillion, respectively, and the growth continues. I continue to hear speculation about seat compression. If all we did was look at available seats in our target market, there would be an estimated 1.3 billion seats in that target market. So we barely scratch the surface.

總體而言，工作流程數量和交易數量分別增長了 33% 以上，從 600 億美元增長到 800 億美元，從 4.8 兆美元增長到 6.4 兆美元，而且這種增長勢頭仍在繼續。我一直聽到關於座椅壓縮的猜測。如果我們只查看目標市場中的可用座位數，那麼該目標市場預計將有 13 億個座位。所以我們只是觸及了皮毛。

And of course, we're looking far beyond seats alone with our hybrid business model for billions of devices, agents and assists. On the back of this momentum, we're guiding to 20% subscription revenue growth for 2026. And by now, everyone knows how ServiceNow rolls. We don't set our sights on hitting the guide. We set our sights on beating it. The speculation out there, is that M&A is the new playbook out of necessity.

當然，我們的混合商業模式面向數十億台設備、代理商和助手，其發展目標遠遠超出了座位本身。憑藉這一成長勢頭，我們預計 2026 年訂閱收入將成長 20%。現在，大家都知道 ServiceNow 的運作方式了。我們並沒有把目標定在擊敗導遊上。我們的目標是戰勝它。外界普遍猜測，併購是迫於無奈的新策略。

Here are the facts, ServiceNow has the fastest organic growth in the history of enterprise software. We're the fastest enterprise software company to have ever reached $1 billion, $5 billion and $10 billion organically. And on our way to cross $15 billion plus this year. Since 2019, we've nearly quadrupled our revenue, all built on a foundation of continuous innovation and net new product delivery. ServiceNow is fully capable of achieving previously stated subscription revenue and Now Assist ACV targets without M&A.

事實是，ServiceNow 擁有企業軟體史上最快的自然成長速度。我們是迄今為止最快實現營收達到 10 億美元、50 億美元和 100 億美元的企業軟體公司，而且都是透過自身成長實現的。我們今年可望突破150億美元大關。自 2019 年以來，我們的收入幾乎翻了四倍，這完全建立在持續創新和新產品交付的基礎上。ServiceNow 完全有能力在不進行併購的情況下實現先前設定的訂閱收入和 Now Assist ACV 目標。

Our capital allocation strategy is about accelerating customer value and shareholder value. We have never acquired a single company for revenue alone. We use M&A to expand into an even larger TAM, and it is now beyond $600 billion based entirely on where our customers need us to go, where we know we can build exciting growth businesses.

我們的資本配置策略旨在加速提升顧客價值和股東價值。我們從未僅僅為了獲利而收購任何一家公司。我們利用併購來拓展更大的市場規模，目前已超過 6,000 億美元，這完全取決於客戶的需求，以及我們知道可以在哪些領域建立令人興奮的成長型業務。

Our announced plans to acquire Veza and Armis happened in rapid succession because this assembles 3 critical layers for enterprises to operate securely in agentic aI world, visibility, identity and orchestration with our fast-growing $1 billion-plus CACV security and risk business, the timing to expand the opportunity could not be better.

我們宣布收購 Veza 和 Armis 的計畫之所以能夠迅速實現，是因為這為企業在智慧人工智慧世界中安全營運提供了 3 個關鍵層面：可見性、身分和編排。結合我們快速成長的、價值超過 10 億美元的 CACV 安全和風險業務，現在正是拓展這項機會的最佳時機。

Post Armis, we do not see any other large white spaces that are necessary to complete our platform vision for security. ServiceNow's organic growth strategy with opportunistic tuck-ins for tech and talent remains unchanged, AI, data, workflows, security. We are one of the few companies totally in control of our own destiny. We are playing offense on our tippy toes. That's why we're announcing an incremental USD 5 billion share repurchase authorization with an immediate ASR of $2 billion.

在 Armis 之後，我們沒有看到任何其他必要的空白區域來完成我們安全平台的願景。ServiceNow 的有機成長策略，以及對技術和人才的伺機收購，仍保持不變，包括人工智慧、資料、工作流程和安全。我們是少數幾家完全掌控自己命運的公司之一。我們踮著腳尖打進攻。因此，我們宣布追加 50 億美元的股票回購授權，其中 20 億美元將立即生效。

Here's another fact. ServiceNow has one unifying objective, which is simply to be the AI defining enterprise software company in the 21st century. IDC estimates there will be 2.2 billion AI agents in the world by 2030. Millions of those will be built on the ServiceNow Platform. Whatever isn't built on our platform will be governed and secured by our AI Control Tower. ServiceNow is a build or buy winner. We'll win with the builders because they want ServiceNow for our Data Fabric, our agents, governance and security.

還有一點。ServiceNow 有一個統一的目標，那就是成為 21 世紀定義人工智慧的企業軟體公司。IDC 估計，到 2030 年，全球將有 22 億個人工智慧代理。其中數百萬個將基於 ServiceNow 平台建置。凡不是在我們平台上建構的，都將由我們的人工智慧控制塔進行管理和保護。ServiceNow 是自建或購買都能成功的選擇。我們將贏得建築商的青睞，因為他們需要 ServiceNow 來建立資料架構、代理、治理和安全。

We'll win for buyers because they want best-of-breed AI native workflows and agents to reinvent their status quo in IT, HR, CRM, app development and beyond. We have a pristine Rule of 55-plus financial profile, a comprehensive integrated platform architecture.

我們將贏得買家的青睞，因為他們想要一流的 AI 原生工作流程和代理商來重塑他們在 IT、人力資源、CRM、應用程式開發等領域的現狀。我們擁有符合「55歲以上規則」的完美財務狀況，以及全面的整合平台架構。

We're open to any cloud, any language model, any data source and system integration. We're one of the most trusted companies in the world according to Forbes. We have an award-winning culture with millions of talented applicants. You may have noticed that I recently extended my own commitment here to ServiceNow until 2030 and beyond.

我們對任何雲端平台、任何語言模型、任何資料來源和系統整合都持開放態度。根據《富比士》雜誌的評選，我們是全球最值得信賴的公司之一。我們擁有屢獲殊榮的企業文化，吸引了數百萬優秀人才加入。您可能已經注意到，我最近將自己在 ServiceNow 的任期延長至 2030 年及以後。

There's one reason I did this. Overwhelming belief in this company. This is a $1 trillion company in the making. I can't fathom a better entry point for what ServiceNow is building. To those on this journey with us, we are grateful for your enduring support. To those who are waiting. We've given you every reason to believe that time is now. This is a one-of-one company. That's not speculation. It's a fact. Let's bring the ServiceNow story to life with customer examples.

我這麼做只有一個原因。對這家公司充滿信心。這是一家正在崛起的萬億美元公司。我實在想不出還有什麼比這更好的切入點來了解 ServiceNow 正在建構的東西了。對於一路陪伴我們的人，我們衷心感謝你們的持續支持。致所有等待的人們。我們已經給了你充分的理由相信，現在就是最佳時機。這是一家獨一無二的公司。那不是猜測。這是事實。讓我們透過客戶案例，生動地展現 ServiceNow 的故事。

We closed a $1 million-plus assist pack deal with a leading US consumer services company after customer service agents generated a 400% ROI. After a year of deployment, the customer needed 8 times more assist as they transition customer support operations to predominantly automated interactions. This is minimizing operating costs, shortening support resolution times and enhancing the overall customer experience. They are flipping to support model from 80% human-led, 20% automated to 80% automated and 20% human-led.

在客戶服務人員創造了 400% 的投資回報率之後，我們與一家領先的美國消費者服務公司達成了一項價值超過 100 萬美元的援助包交易。部署一年後，隨著客戶支援營運向以自動化互動為主的轉型，客戶需要的幫助增加了 8 倍。這樣可以最大限度地降低營運成本，縮短支援解決時間，並提升整體客戶體驗。他們正在將支援模式從 80% 人工主導、20% 自動化轉變為 80% 自動化、20% 人工主導。

In Q4, we closed a landmark seven figure deal with a complex high-tech manufacturer, involving an end-to-end takeout of a legacy CRM competitor. They turn to ServiceNow CPQ to solve their complex deal evaluations, replacing manual spreadsheets and unsuccessful legacy tools. In combination with CSM, Workflow Data Fabric, Now Assist and other products, too, our customer trusted ServiceNow as their AI Control Tower for business reinvention.

第四季度，我們與一家複雜的高科技製造商達成了一項具有里程碑意義的七位數交易，涉及對傳統 CRM 競爭對手的端到端收購。他們轉向 ServiceNow CPQ 來解決複雜的交易評估問題，取代手動電子表格和不成功的傳統工具。結合 CSM、Workflow Data Fabric、Now Assist 等產品，我們的客戶信賴 ServiceNow，將其作為業務重塑的 AI 控制塔。

A leading European telecom provider is building an AI-driven CRM solution for the telecom industry with ServiceNow. They consolidated seven internal systems using ServiceNow CRM, and they're going to modernize even further to sell, serve and support its own customers. This is reducing costs by 30%, reducing cycle time from order to fulfillment by 25% and resolving 20% more work orders on the first request.

歐洲領先的電信營運商正在利用 ServiceNow 為電信業建立人工智慧驅動的客戶關係管理 (CRM) 解決方案。他們使用 ServiceNow CRM 整合了七個內部系統，並且他們將進一步現代化，以便更好地銷售、服務和支援自己的客戶。這樣可以降低成本 30%，將訂單到完成的週期時間縮短 25%，並在第一次請求時解決的工作訂單數量增加 20%。

A leading Canadian real estate company, selected ServiceNow CRM platform to integrate all aspects of their resident support and field operations with a unified data model. The customer leverage ServiceNow to gain real-time operational visibility, optimized dispatch and automate work order management. This drove efficiency gains that delivered more than 100% ROI.

加拿大一家領先的房地產公司選擇 ServiceNow CRM 平台，將住戶支援和現場營運的各個方面與統一的資料模型整合起來。客戶利用 ServiceNow 實現即時營運可見性、最佳化調度和自動化工單管理。這提高了效率，帶來了超過 100% 的投資報酬率。

A global business services company deployed ServiceNow agents for incident classification and resolution resulting in initial time savings of 13% for agents involved. The company is now processing hundreds of thousands of AI assists monthly on ServiceNow.

一家全球商業服務公司部署了 ServiceNow 代理程式進行事件分類和解決，結果為相關代理商節省了 13% 的初始時間。該公司目前每月在 ServiceNow 上處理數十萬個 AI 助理。

An international leader in commercial real estate services deployed ServiceNow agents to automate e-mail triage across their service desk, reducing mean time to resolution from two days to minutes, bringing agents for higher-value work. A US insurance company uses ServiceNow out-of-the-box agents to automate e-mail to case conversion achieving 91% accuracy and saving agents up to 12% of their time annually through an AI-first mindset.

一家國際領先的商業房地產服務公司部署了 ServiceNow 代理，以實現服務台電子郵件分類的自動化，將平均解決時間從兩天縮短到幾分鐘，使代理商能夠從事更有價值的工作。美國一家保險公司使用 ServiceNow 的現成代理程式來自動將電子郵件轉換為案件，準確率達到 91%，並透過 AI 優先的思維方式，每年為代理商節省高達 12% 的時間。

A diversified industrial multinational conglomerate deployed ServiceNow agents to automate help desk triage. These ServiceNow agents now handle over 90% of incoming requests. They have reduced triage time by 50% and with 99% routing accuracy. This saves tens of thousands of hours annually. One of Europe's largest drugstore chains, use ServiceNow to transform its customer service cutting the time it took customers to receive support from 9 minutes to 30 seconds and resolving customer issues with 98% accuracy.

一個多元化工業跨國集團部署了 ServiceNow 代理程式來自動化服務台分診。這些 ServiceNow 代理現在處理超過 90% 的傳入請求。他們將分診時間縮短了 50%，路線規劃準確率達到了 99%。這樣每年可以節省數萬小時。歐洲最大的連鎖藥局之一使用 ServiceNow 來改變其客戶服務，將客戶獲得支援的時間從 9 分鐘縮短到 30 秒，並以 98% 的準確率解決客戶問題。

ServiceNow was selected by a large US county in a seven figure deal to replace a legacy highly customized IT platform. They are supporting election operations by consolidating manual, fragmented processes into our AI platform leveraging native ITSM, asset management, custom app development and offline mobile capabilities.

ServiceNow 被美國一個大縣以七位數的價格選中，用於替換其原始的高度客製化的 IT 平台。他們透過將人工、分散的流程整合到我們的 AI 平台中，利用原生 ITSM、資產管理、客製化應用程式開發和離線行動功能，為選舉運作提供支援。

A large US agency, it's using ServiceNow as the foundation of its IT modernization strategy. They are consolidating all IT services on ServiceNow, replacing more than 40 disparate tools currently in use. And looking ahead, they plan to use ServiceNow agentic AI capabilities to expand self-service and reduce operational overhead.

作為一個大型美國機構，它正在使用 ServiceNow 作為其 IT 現代化策略的基礎。他們正在將所有 IT 服務整合到 ServiceNow 上，取代目前正在使用的 40 多個不同的工具。展望未來，他們計劃利用 ServiceNow 的代理 AI 功能來擴展自助服務並降低營運成本。

Everyone talks about AI. We deliver business outcomes with AI. Last quarter, we announced a collaboration with FedEx Dataworks, while supply chains are more critical than ever, many companies still lack the predictive intelligence needed to coordinate today's complex value chains. We're combining ServiceNow's orchestration with FedEx's unique data DNA to provide procurement leaders with trusted insights and our source-to-pay solution. FedEx is also expanding beyond just source to pay, its partnership will leverage the capabilities of the ServiceNow AI platform.

人人都談論人工智慧。我們利用人工智慧實現業務成果。上個季度，我們宣布與 FedEx Dataworks 展開合作。雖然供應鏈比以往任何時候都更重要，但許多公司仍然缺乏協調當今複雜價值鏈所需的預測智慧。我們將 ServiceNow 的協調功能與 FedEx 獨特的數據 DNA 結合，為採購領導者提供值得信賴的洞察和我們的從尋源到付款的解決方案。FedEx 的業務範圍也已擴展到採購到付款之外，其合作夥伴關係將充分利用 ServiceNow AI 平台的功能。

Other great brands like Adobe, Accenture, EY, Fiserv, Siemens, Panasonic Avionics and BT have all saved millions and millions and they're using ServiceNow to grow their business, and we could go on and on.

其他像 Adob​​e、埃森哲、安永、Fiserv、西門子、松下航空電子和 BT 這樣的大品牌都節省了數百萬美元，並且他們都在使用 ServiceNow 來發展業務，這樣的例子不勝枚舉。

So let's talk a little bit about our great partners. Our ecosystem includes all three hyperscalers. They're all great companies. They're language model companies. They're excellent too. Systems integrators, pure-play ServiceNow partners and independent software vendors. They're all building their futures on our AI platform.

那麼，讓我們來談談我們優秀的合作夥伴。我們的生態系統包含了所有三家超大規模資料中心營運商。它們都是很棒的公司。它們是語言模型公司。它們也很優秀。系統整合商、ServiceNow 純合作夥伴和獨立軟體供應商。他們都在利用我們的人工智慧平台來建構自己的未來。

Think about this. ServiceNow and Microsoft have announced a deep AI integration, connecting copilots, agents and data across Microsoft 365 and the ServiceNow AI platform to deliver seamless orchestration, governance and enterprise-wide automation. The collaboration introduces Microsoft's Agent 365 integration, and it's anchored by ServiceNow's AI Control Tower, and it sets a whole new standard for enterprise AI interoperability, moving organizations from isolated AI experiences to autonomous AI workflows that drive efficiency and return on investment.

想想看。ServiceNow 和微軟宣布深度整合 AI，將 Microsoft 365 和 ServiceNow AI 平台中的副駕駛、代理和資料連接起來，以實現無縫的編排、治理和企業級自動化。此次合作引入了微軟 Agent 365 集成，並以 ServiceNow 的 AI 控制塔為核心，為企業 AI 互通性樹立了全新的標準，使組織從孤立的 AI 體驗轉向能夠提高效率和投資回報率的自主 AI 工作流程。

ServiceNow and Anthropic have announced an expanded partnership to integrate Claude models more deeply into the ServiceNow AI platform. Through the collaboration, ServiceNow is also bringing leading Claude models into ServiceNow to support secure, compliant AI across numerous industries.

ServiceNow 和 Anthropic 宣布擴大合作夥伴關係，將 Claude 模型更深入地整合到 ServiceNow AI 平台中。透過此次合作，ServiceNow 也將領先的 Claude 模式引入 ServiceNow，以支援眾多產業的安全合規的人工智慧。

ServiceNow also announced a new collaboration with OpenAI to enable direct customer access to frontier model capabilities, Custom ServiceNow AI solutions and increased speed with no bespoke development required. Under this agreement, OpenAI models will be a preferred intelligence capability for several agentic use cases offered to ServiceNow enterprise customers.

ServiceNow 也宣布與 OpenAI 開展新的合作，使客戶能夠直接存取前沿模型功能、客製化 ServiceNow AI 解決方案，並在無需客製化開發的情況下提高速度。根據該協議，OpenAI 模型將成為 ServiceNow 企業客戶提供的多個智慧用例的首選智慧能力。

ServiceNow and NTT DATA have expanded our strategic partnership to accelerate AI-led transformation for global enterprises, designating NTT DATA as a strategic AI delivery partner. This includes co-developing and co-selling AI-powered solutions, also scaling NTT DATA's use of ServiceNow's AI platform.

ServiceNow 和 NTT DATA 擴大了策略合作夥伴關係，以加速全球企業的 AI 驅動轉型，並指定 NTT DATA 為策略性 AI 交付合作夥伴。這包括共同開發和共同銷售人工智慧解決方案，以及擴大 NTT DATA 對 ServiceNow 人工智慧平台的使用。

And together, we will operationalize AI responsibly advancing new deployment models and embedding AI engineering expertise into transformation projects. Again, these are just a few of the many strategic partnerships. Before I wrap up, let me give you a few more facts about our strategic expansion in AI security.

我們將共同負責任地實施人工智慧，推動新的部署模式，並將人工智慧工程專業知識融入轉型專案中。再次強調，這些只是眾多策略夥伴關係的一小部分。在結束之前，讓我再補充一些關於我們在人工智慧安全領域策略擴張的事實。

As you know, we're going through the regulatory clearance process, but we can say this. The combination of Veza and Armis with ServiceNow AI platform will create something that is mission-critical for enterprise AI. In the agentic era, if companies want to scale AI, trust and governance that span any cloud, any asset, any AI system and any device, these are all nonnegotiable.

如您所知，我們正在辦理監管審批手續，但我們可以透露以下資訊。Veza 和 Armis 與 ServiceNow AI 平台的結合，將創造出對企業 AI 至關重要的產品。在智能體時代，如果企業想要擴展人工智慧，那麼跨越任何雲端、任何資產、任何人工智慧系統和任何裝置的信任和治理都是不可協商的。

So here's the problem enterprises face today. AI adoption is expanding the attack surface exponentially. Companies are deploying autonomous agents across their operations but they're only able to see a small fraction of their digital estate. Traditional security tools do not address connected assets, especially unmanaged IoT devices operational technology and medical equipment.

這就是企業目前面臨的問題。人工智慧的應用正呈指數級擴大攻擊面。企業正在其營運中部署自主代理，但他們只能看到其數位資產的一小部分。傳統安全工具無法解決連網資產的問題，尤其是不受管理的物聯網設備、營運技術和醫療設備。

To make matters worse, leaders have no control over who and what can access critical systems and data and they have no coordinated way to remediate vulnerabilities before they become breaches. And here's where ServiceNow's strategic vision comes into play.

更糟糕的是，領導者無法控制誰以及什麼可以存取關鍵系統和數據，也沒有協調一致的方法在漏洞演變成安全漏洞之前進行修復。而這正是 ServiceNow 的策略願景發揮作用的地方。

First, Armis will solve the visibility problem. Armis provides real-time agentless discovery and classification of every asset across the entire enterprise. IT, OT, IoT, medical devices, industrial controllers and even shadow IT that bypasses procurement.

首先，Armis 將解決能見度問題。Armis 可對整個企業內的所有資產進行即時、無代理的發現和分類。IT、OT、IoT、醫療設備、工業控制器，甚至繞過採購流程的影子IT。

This creates a continuously updated map of the enterprise environment. Armis is already protecting over 40% of the Fortune 100 precisely because they've cracked the visibility challenge. Second, Veza, will solve the identity governance problem through its patented Access Graph technology, Veza maps, access relationships and privileges across humans machines and AI agents in real time.

這樣就能產生一張持續更新的企業環境地圖。Armis 已經為超過 40% 的財富 100 強企業提供安全防護，正是因為他們解決了可見性難題。其次，Veza 將透過其專利的存取圖技術解決身分治理問題，Veza 可以即時映射人類、機器和 AI 代理之間的存取關係和權限。

This is critical because AI agents need dynamic context-aware permissions, an agent working for a senior manager needs different access than the same agent working for a junior employee and those permissions must be governed continuously not set once and forgotten.

這一點至關重要，因為人工智慧代理需要動態的上下文感知權限，為高級經理工作的代理與為初級員工工作的同一代理需要不同的訪問權限，而且這些權限必須持續管理，而不是設置一次就忘記。

CISOs have told us this is the bottleneck preventing AI agent deployment at scale. When both of these are integrated into ServiceNow's AI platform and AI Control Tower, this is how orchestration goes from theory to reality. When we combine Armis asset visibility with Veza's identity governance and ServiceNow's business context, CMDB, which maps every asset to the services, processes and teams that supports you create something highly differentiated, a unified end-to-end security exposure and operation stack that can see, decide and act across the entire technology footprint.

首席資訊安全官告訴我們，這是阻礙大規模部署人工智慧代理的瓶頸。當這兩項技術整合到 ServiceNow 的 AI 平台和 AI 控制塔中時，編排就從理論變成現實。當我們把 Armis 的資產可見性與 Veza 的身份治理和 ServiceNow 的業務上下文 CMDB（它將每個資產映射到支援您的服務、流程和團隊）結合起來時，就創造出了高度差異化的產品，一個統一的端到端安全暴露和運營堆疊，可以查看、決策和整個技術範圍。

Let's make this concrete for you. Armis discovers a vulnerability on an unmanaged IoT device in a manufacturing plant. That exposure insight automatically flows into ServiceNow's AI Control Tower. Now you understand which production line depends on that device, which team owns it, and what the financial impact of downtime would be?

讓我們為你具體說明一下。Armis 在製造工廠中發現一台未受管理的物聯網設備有漏洞。這種風險洞察會自動流入 ServiceNow 的 AI 控制塔。現在您明白哪條生產線依賴該設備，哪個團隊擁有該設備，以及停機會造成怎樣的經濟影響了吧？

Simultaneously, Veza maps who and what has access to that device and related systems. ServiceNow then automatically prioritizes the risk based on business impact, triggers the appropriate remediation workflow routed to the right team, with the right permissions and tracks resolution, all before an incident has a chance to occur.

同時，Veza 會繪製出誰以及什麼可以存取該設備及相關係統。ServiceNow 會根據業務影響自動確定風險優先級，觸發相應的補救工作流程，並將其路由到擁有相應權限的正確團隊，同時追蹤問題解決情況，所有這些都在事件發生之前完成。

This is autonomous, proactive cybersecurity, not alerts that sit in a queue, not manual coordination across fragmented tools, not security theater either. This is intelligent action at machine speed governed by unified policies executed through an automated workflow machine. We just closed the largest quarter ever for OT in Q4. Customers recognize the expanded security capabilities these acquisitions will unlock and they are encouraging us to go even deeper and broader with them on OT.

這是自主的、主動的網路安全，不是排隊等待的警報，也不是在分散的工具之間進行手動協調，更不是安全作秀。這是由統一策略控制，並透過自動化工作流程機器執行的智慧行動，其速度達到機器層級。我們剛結束了第四季OT（加班費）有史以來最高的季度業績。客戶認識到這些收購將釋放出更強大的安全能力，他們鼓勵我們在 OT 方面與他們進行更深入、更廣泛的合作。

Our customers are very excited and so are we. In closing, ServiceNow is exactly where the world needs it to be. The AI Control Tower for business reinvention situated in the core of the enterprise in the core of enterprise AI with the capabilities to automate, orchestrate and integrate any business process.

我們的客戶非常興奮，我們也是。總之，ServiceNow 正處於世界需要它的地方。用於業務重塑的 AI 控制塔位於企業核心，是企業 AI 的核心，具備自動化、協調和整合任何業務流程的能力。

With Moveworks, from ServiceNow, we put AI to work for people, a front door to the agentic enterprise for every single employee in the world. We have the Workflow Data Fabric to map the right information to the right workflows. We have the most innovative technology operating system in the world, the only one capable of delivering fully autonomous IT.

透過 ServiceNow 的 Moveworks，我們讓 AI 為人們服務，為世界上的每位員工打開通往智慧企業的大門。我們擁有工作流程資料架構，可以將正確的資訊對應到正確的工作流程。我們擁有世界上最具創新性的技術作業系統，也是唯一能夠提供完全自主IT的系統。

We have the customer demand to deliver AI-native solutions for the employee experience and the customer experience to modernize expensive legacy systems. With Veza and Armis, we'll have the most comprehensive approach to secure the agentic enterprise. There's only two measurements that matter in enterprise technology. Is there a completeness of vision? Is their proven capability to execute?

客戶需求促使我們為員工體驗和客戶體驗提供人工智慧原生解決方案，以實現昂貴遺留系統的現代化。借助 Veza 和 Armis，我們將擁有最全面的方法來保護代理商。企業技術領域只有兩個重要的衡量標準。視野是否完整？他們是否具備成熟的執行能力？

On both counts. It's an enthusiastic, yes, for ServiceNow. And two things can be true at the same time. You can have fast-growing new market participants building exciting use cases, especially for personal productivity at work. You can also have fast-growing market leaders at the core of enterprise-grade AI.

兩方面都符合。是的，我對 ServiceNow 充滿熱情。兩件事可以同時為真。您可以看到快速成長的新市場參與者建立令人興奮的用例，尤其是在提高個人工作效率方面。企業級人工智慧的核心也可以是快速成長的市場領導者。

Many postmortems have been written in the enterprise over the years. Most of them ironically have been dead wrong. The great Lou Gerstner once said, changing business processes in a company is like setting your hair on fire and then using a hammer to put it out. This is hard work. It requires deep domain expertise, industrial-grade technology and a global distribution engine to reach global enterprises and meet the customer where they are.

多年來，這項企業已經撰寫了許多事後分析報告。諷刺的是，他們中的大多數人都大錯特錯了。偉大的路易·格斯特納曾說過，改變公司的業務流程就像點燃了你的頭髮，然後用錘子把它撲滅一樣。這是一項艱苦的工作。要觸達全球企業並滿足客戶需求，需要深厚的領域專業知識、工業級技術和全球分銷引擎。

Operating plans exist to organize the business. Dreams exist to unleash the imagination. Unprecedented fast time to value for our customers, $30 billion plus in revenue, consistent expansion of free cash flow, best-in-class profitable growth, $1 trillion market cap, our dreams for ServiceNow are clear and no operating plan will hold us back.

運營計劃用於組織業務運營。夢境的存在是為了釋放想像。為客戶創造前所未有的快速價值，收入超過 300 億美元，自由現金流持續增長，盈利增長一流，市值達到 1 萬億美元，我們對 ServiceNow 的願景很明確，任何運營計劃都無法阻擋我們前進的步伐。

The world works with ServiceNow isn't a tagline. It's a hard line. If you have any doubts that we're building to greatness, I look forward to your questions later in the call. Thank you for your time and attention.

「世界依靠 ServiceNow 運轉」並非一句口號。這是一條強硬路線。如果您對我們正在走向輝煌有任何疑問，我期待在稍後的通話中提出您的問題。感謝您抽出寶貴時間關注。

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

我將把這個主題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. Q4 was another strong quarter, concluding a remarkable year of AI innovation. Net new ACV growth accelerated both quarter over quarter and year over year. We exceeded our top line growth and operating margin guidance metrics, showcasing our team's consistent execution and unwavering strength of our business.

謝謝你，比爾。第四季表現依然強勁，為人工智慧創新蓬勃發展的一年畫上了圓滿的句點。淨新增ACV成長速度較上月及年比均有所加快。我們超額完成了營收成長和營業利潤率預期目標，展現了我們團隊的持續執行力和我們業務的堅定實力。

Emerging product areas, including Now Assist, Workflow Data Fabric, Raptor and CPQ outperformed in the quarter. Furthermore, AI is also driving significant cost efficiencies that have resulted in full year profitability beats on top of our recently raised guidance.

包括 Now Assist、Workflow Data Fabric、Raptor 和 CPQ 在內的新興產品領域在本季表現優異。此外，人工智慧也顯著提高了成本效益，使我們全年獲利能力超出預期，而先前我們已提高了獲利預期。

Turning to our results. Q4 subscription revenues were $3.466 billion, growing 19.5% year over year in constant currency, exceeding the high end of our guidance range by 150 basis points. RPO ended the quarter at approximately $28.2 billion, representing 22.5% year over year constant currency growth. Current RPO was $12.85 billion representing 21% year over year constant currency growth, a 200 basis point beat versus our guidance.

接下來來看看我們的結果。第四季訂閱營收為 34.66 億美元，以固定匯率計算年增 19.5%，比我們預期範圍的上限高出 150 個基點。RPO 本季末營收約 282 億美元，以固定匯率計算年增 22.5%。目前 RPO 為 128.5 億美元，以固定匯率計算年增 21%，比我們的預期高出 200 個基點。

Moveworks contributed 1 point to both RPO and cRPO. From an industry perspective, transportation and logistics continued to lead the way with net new ACV growing over 80% year over year. Business and consumer services also posted impressive growth, surpassing 70% year over year followed by financial services growing over 40%, year over year.

Moveworks 在 RPO 和 cRPO 各貢獻了 1 分。從產業角度來看，運輸和物流業持續保持領先地位，淨新增ACV年成長超過80%。商業和消費者服務業也取得了令人矚目的成長，年成長超過 70%，其次是金融服務業，年成長超過 40%。

Telecom media and technology also delivered strong growth in the quarter. We achieved a robust 98% renewal rate in Q4, underscoring the importance and value the customers place in the ServiceNow AI platform because 244 deals greater than $1 million in net new ACV in the quarter, including nine with new logos.

本季電信媒體和技術板塊也實現了強勁成長。我們在第四季度實現了 98% 的強勁續約率，這凸顯了客戶對 ServiceNow AI 平台的重視和價值，因為該季度有 244 筆交易的淨新增 ACV 超過 100 萬美元，其中包括 9 筆新客戶交易。

Our strategic focus on landing the right new customers continues to deliver results. As new logo net new ACV in EMEA and Japan were up nearly 30% year over year. We accelerated net new customer adds in 2025 to end the year with over 8,800 customers including 603 generating over $5 million in ACV. Even more impressive, the number of customers contributing $20 million or more rose over 30% year over year.

我們專注於獲取合適的新客戶的策略持續取得成效。在歐洲、中東和非洲以及日本，新標誌帶來的新年度合約價值年增近 30%。我們在 2025 年加快了淨新增客戶數量，到年底時擁有超過 8,800 名客戶，其中 603 名客戶創造了超過 500 萬美元的年度合約價值。更令人印象深刻的是，捐款金額達到或超過 2,000 萬美元的客戶數量年增超過 30%。

These trends reflect the resilient strength in our core accompanied by increasing momentum in our emerging growth vectors. Our technology workflows net new ACV growth accelerated in Q4, both quarter over quarter and year over year as customers embrace autonomous IT to accelerate ROI with integrated workflows and take out costs and improve operational resilience.

這些趨勢反映了我們核心業務的韌性實力，以及新興成長方向的不斷增強動能。我們的技術工作流程在第四季度實現了新的年度合約價值 (ACV) 成長加速，無論環比還是同比，這得益於客戶採用自主 IT 來加速投資回報率，透過整合工作流程降低成本並提高營運彈性。

ServiceOps within 16 of our top 20 deals, highlighted by a standout performance in ITOM, which grew net new ACV nearly 50% year over year. ITAM within 17 of our top 20 deals, security and risk within 19 of our top 20 deals and drove nearly 40% net new ACV growth year over year. Core business workflows within 13 of our top 20 deals. CRM was in 16 and both on net new ACV accelerate sequentially. As Bill mentioned, CPQ had a phenomenal quarter, Logik is a perfect example of our M&A strategy, creating demonstrable ROI.

ServiceOps 在我們前 20 大交易中的 16 筆中均有體現，其中 ITOM 的表現尤為突出，其淨新增 ACV 同比增長近 50%。ITAM 在我們前 20 筆交易中的 17 筆中，安全和風險在我們前 20 筆交易中的 19 筆中，推動了近 40% 的淨新增 ACV 同比增長。在我們排名前 20 的交易中，有 13 筆交易涉及核心業務流程。CRM 在 16 中，且兩者都實現了淨新增 ACV 的連續加速成長。正如比爾所提到的，CPQ 的季度表現非常出色，Logik 是我們併購策略的完美例證，創造了可證明的投資報酬率。

We identified an adjacent opportunity moved decisively integrated flawlessly, and we're already seeing outsized returns. Go-to-market synergies have unlocked significant opportunities as Logik's customer count as part of ServiceNow has nearly quadrupled year over year in Q4. Finally, Creator Workflows were in 19 of our top 20 deals with an impressive 32 deals over $1 million in ACV.

我們發現了一個鄰近的商機，果斷地將其整合到位，並且已經看到了超額回報。市場協同效應釋放了巨大的機遇，Logik 作為 ServiceNow 的一部分，其客戶數量在第四季度同比增長了近四倍。最後，Creator Workflows 在我們前 20 名的交易中佔據了 19 個席位，其中 32 筆交易的 ACV 超過 100 萬美元，令人印象深刻。

Moving to our success in driving broader AI adoption, Now Assist continues to outperform all expectations, surpassing $600 million in ACV and tracking well towards our $1 billion-plus target for 2026. In Q4, deals greater than $1 million, nearly tripled quarter over quarter and customers spending more than $1 million grew over 40%. The number of deals that included five or more Now Assist products increased by over 10 times year over year as enterprises expand their agentic AI capabilities across their deployments.

再來看看我們在推動人工智慧更廣泛應用方面的成功，Now Assist 繼續超越所有預期，年度合約價值 (ACV) 超過 6 億美元，並朝著我們 2026 年超過 10 億美元的目標穩步邁進。第四季度，超過 100 萬美元的交易額較上季成長近三倍，消費超過 100 萬美元的客戶成長超過 40%。隨著企業在其部署中擴展其代理 AI 功能，包含五個或更多 Now Assist 產品的交易數量同比增長超過 10 倍。

We've also overachieved our initial AI Control Tower targets by more than 4 times for 2025. As we develop prescriptive road maps for agentic deployments, we are seeing the pace of AI monetization accelerate.

我們也超額完成了最初設定的 2025 年人工智慧控制塔目標 4 倍以上。隨著我們為智能體部署制定規範性路線圖，我們看到人工智慧貨幣化的步伐正在加快。

For example, our FTEs engaged with the leading American fast food chain to enable a path to scaling a agentic AI across their customer service operations. As a result, they expanded their assist entitlement by 13 times upon contract renewal in Q4 based upon anticipated value and usage. Stories like these that have driven customer service Now Assist deals to see over 70% upsell expansion at renewal in Q4.

例如，我們的全職員工與美國領先的快餐連鎖店合作，為其客戶服務營運中大規模應用智慧人工智慧鋪平了道路。因此，根據預期價值和使用情況，他們在第四季度續約時將援助權利擴大了 13 倍。正是這些故事推動了客戶服務 Now Assist 交易在第四季度續約時實現了超過 70% 的追加銷售成長。

Turning to profitability. Non-GAAP operating margin was 31%, 100 basis points above our guidance, driven by the top line outperformance, OpEx efficiencies and disciplined spend management. Our free cash flow margin was 57%, up 950 basis points year over year, driven by store collections, lower CapEx and significant operating leverage.

轉向盈利。非GAAP營業利潤率為31%，比我們的預期高出100個基點，主要得益於營收表現優異、營運效率提高以及嚴格的支出管理。我們的自由現金流利潤率為 57%，年增 950 個基點，主要得益於門市收款、資本支出減少和顯著的營運槓桿作用。

For full year 2025, operating margin was 31%, up 150 basis points year over year. Free cash margin was 35%, up 350 basis points year over year and 100 basis points above our guidance which I would remind you, we raised by 200 basis points just last quarter. Total free cash flow for 2025 was a robust $4.6 billion, up 34% year over year. We ended 2025 with a healthy balance sheet of over $10 billion in cash and investments. In Q4, we bought back approximately 3.6 million shares after adjusting for the stock split as part of our share repurchase program.

2025 年全年營業利益率為 31%，較去年同期成長 150 個基點。自由現金流利潤率為 35%，較去年同期成長 350 個基點，比我們的預期高出 100 個基點。需要提醒的是，我們上個季度剛剛將預期上調了 200 個基點。2025 年總自由現金流強勁成長 46 億美元，年增 34%。截至 2025 年底，我們的資產負債表健康狀況良好，擁有超過 100 億美元的現金和投資。第四季度，我們根據股票回購計劃，在扣除股票分割因素後，回購了約 360 萬股股票。

As of the end of the quarter, we had approximately 1.4 billion of authorization remaining. Given our strong cash position, our strategy of managing the impact of dilution and our confidence in the business, we announced today that the Board of Directors authorized the purchase of up to an additional 5 billion of common stock under this program.

截至季末，我們還有大約 14 億美元的剩餘授權額度。鑑於我們強勁的現金狀況、我們管理股權稀釋影響的策略以及我們對業務的信心，我們今天宣布，董事會已授權根據該計劃額外購買至多 50 億股普通股。

With the recent pullback in our stock, we also plan to launch a $2 billion accelerated share repurchase program. Together, these results continue to demonstrate our ability to drive a strong balance of world-class growth, profitability and shareholder value.

鑑於近期股價回調，我們也計劃啟動一項20億美元的加速股票回購計畫。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取得良好的平衡。

Moving to our outlook. For 2026, we expect subscription revenues between $15.53 billion and $15.57 billion, representing 19.5% to 20% year over year growth on a constant currency basis. This includes 1 point contribution from Moveworks. We expect subscription gross margin of 82%, reflecting incremental data center investments related to public cloud geo expansion and AI. We expect an operating margin of 32%, up 100 basis points year over year, driven by OpEx savings enabled by AI efficiencies.

接下來談談我們的展望。預計 2026 年訂閱收入將在 155.3 億美元至 155.7 億美元之間，以固定匯率計算，年增 19.5% 至 20%。這其中包括 Moveworks 貢獻的 1 分。我們預計訂閱毛利率將達到 82%，這反映了與公有雲地理擴展和人工智慧相關的資料中心增量投資。我們預期營業利益率為 32%，比上年同期成長 100 個基點，這主要得益於人工智慧帶來的營運成本節約。

We expect free cash flow margin of 36%, up 100 basis points year over year and 350 basis points ahead of our target that we gave at Financial Analyst Day in May. This is driven by significant operational leverage and further opportunities to reduce CapEx.

我們預期自由現金流利潤率為 36%，比去年同期成長 100 個基點，比我們在 5 月金融分析師日上給出的目標高出 350 個基點。這主要得益於顯著的營運槓桿作用以及進一步降低資本支出的機會。

Finally, we expect GAAP diluted weighted average outstanding shares of 1.05 billion. For Q1, we expect subscription revenues between $3.650 billion and $3.655 billion, representing 18.5% to 19% year over year growth on a constant currency basis. This includes a 1 point contribution from Moveworks and a 1.5 point headwind or a mix shift of on-prem hosted revenue, partially driven by the strong adoption of our hyperscaler offerings.

最後，我們預期 GAAP 稀釋後加權平均流通股數為 10.5 億股。我們預計第一季訂閱營收將在 36.5 億美元至 36.55 億美元之間，以固定匯率計算，年增 18.5% 至 19%。這其中包括 Moveworks 貢獻的 1 個百分點，以及本地託管收入的 1.5 個百分點的不利因素或組合變化，部分原因是我們的超大規模產品得到了廣泛採用。

We expect cRPO growth of 20% on a constant currency basis. This also includes a 1 point contribution from Moveworks. We expect an operating margin of 31.5%, and we expect 1.05 billion GAAP diluted weighted average outstanding shares for the quarter.

我們預計以固定匯率計算，cRPO 將成長 20%。這其中也包括 Moveworks 貢獻的 1 分。我們預期營業利潤率為 31.5%，預計本季 GAAP 稀釋後加權平均流通股數為 10.5 億股。

In conclusion, 2025 has been an incredible year, and we're just getting started. The world is in the midst of an intelligent super cycle, and ServiceNow is capitalizing on this decisive moment in technology where the strongest companies leverage rapid change to extend their market leadership.

總之，2025年是令人難以置信的一年，而我們才剛開始。世界正處於智慧超級週期之中，ServiceNow 正利用這項技術發展的關鍵時刻，在這個時刻，最強大的公司會利用快速變化來擴大其市場領導地位。

Our recent strategic acquisitions bring us incredible talent and create enormous new market opportunities while solidifying our ability to put AI to work securely across every corner of the enterprise. As we integrate these best-in-class capabilities into the ServiceNow AI platform, we're layering on advantages that position us for even stronger, more durable growth over the long term.

我們最近的策略性收購為我們帶來了傑出的人才，創造了巨大的新市場機遇，同時鞏固了我們在企業各個角落安全應用人工智慧的能力。我們將這些一流的功能整合到 ServiceNow AI 平台中，從而不斷累積優勢，使我們能夠在長期內實現更強勁、更持久的成長。

Our organic growth engine remains fully intact. Our strategy, complete with a disciplined focus on margin expansion, remains unchanged. But the ambition is larger and our confidence in sustained high organic growth has never been greater.

我們的有機成長引擎依然完好無損。我們的策略，即以嚴格控制利潤率擴張為核心，維持不變。但我們的目標更大，我們對持續高有機成長的信心從未如此強烈。

Finally, Bill and I want to express our deepest gratitude to our employees around the world. Your relentless innovation and unwavering commitment to our customers are the foundation of everything we've accomplished.

最後，我和比爾想對我們世界各地的員工表達最深切的感謝。你們堅持不懈的創新精神和對客戶始終如一的承諾，是我們完成一切成就的基礎。

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

接下來，我將開放問答環節。

(Operator Instructions)

（操作說明）

Alex Zukin.

亞歷克斯·祖金。

Thanks for a really inspired and inspiring message. And congrats on a very strong end to the year. Maybe, Bill, first one for you. Just give us a flavor, a little bit of the tailwinds and headwinds that you're seeing, both in the demand environment from a budgetary perspective, and also kind of how you're thinking about the monetization of AI in the product set, particularly the consumption component to play out as we get through the year, you've already -- you clearly cleared the $500 million hurdle that you set for yourself well on your way to $1 billion. How should we think about that layering into the numbers?

感謝您如此精彩且鼓舞人心的留言。恭喜你們以非常優秀的成績結束了這一年。或許，比爾，這是你的第一個。請您簡要介紹一下您目前看到的有利因素和不利因素，包括預算方面的需求環境，以及您如何看待人工智慧在產品組合中的貨幣化，特別是消費部分，以及隨著我們今年的推進，您已經——顯然，您已經遠遠超過了自己設定的 5 億美元目標，並且正在朝著 10 億美元的目標穩步前進。我們該如何看待這些層級結構對數字的影響？

And then I've got a quick follow-up for Gina.

接下來我還要快速問吉娜一個後續問題。

Well, thank you very much, Alex, for your very nice remarks. And also given me a chance to explain how it's going out there in the marketplace. We have excellent hyperscalers in the marketplace. They're all great companies. We have exciting language models.

非常感謝Alex的精彩點評。也給了我一個機會來解釋產品在市場上的銷售情況。市場上有許多優秀的超大規模資料中心營運商。它們都是很棒的公司。我們擁有令人興奮的語言模型。

We have good data lakes that are out there, too. And we have, as you know, 6-plus decades of legacy systems that have really burdened these companies quite substantially but at the same time, they've customized them. They've invested heavily in them and they're not going to rip them out at least the ones that matter.

我們也有很不錯的資料湖。如您所知，我們有超過 60 年的遺留系統，這些系統給這些公司帶來了相當大的負擔，但同時，他們也對這些系統進行了客製化。他們已經投入巨資，他們不會輕易拆除這些重要的設施。

But what they are doing now is they are looking for platforms that really do matter and they are recognizing that MIT study that said basically 95% of those projects out there weren't delivering a positive ROI. They're recognizing clearly that you can have little pet projects that agentic AI is not just a revolution. It's the only way to survive. It's the only way to grow.

但他們現在正在做的是尋找真正重要的平台，他們也意識到麻省理工學院的一項研究指出，基本上 95% 的專案都沒有帶來正向的投資報酬率。他們清楚地認識到，你可以有一些小的個人項目，智慧人工智慧不僅僅是一場革命。這是唯一的生存之道。這是成長的唯一途徑。

And so now they're looking for a platform that spans functions and goes across the business process frontier of their enterprise. As I've said repeatedly, it could be recruit to retire. It could be order to cash, procure to pay, designed to build. There are many of these processes but there's only one company that actually has a platform that's a cross-functional platform.

因此，他們現在正在尋找一個能夠跨越企業各個職能部門和業務流程邊界的平台。正如我多次說過的那樣，這可能是從招募到退休。它可能是訂單到現金、採購到付款、設計用於建造。這類流程有很多，但只有一家公司擁有真正意義上的跨職能平台。

And so our cooperation with all of them has led many of our customers to simply say, we love it. We want to expand with you, which they're doing. But at the same time, they're looking to retire tools that don't matter. And they're looking to thoroughly examine functional platforms because if you could do cross-functional AI work to reinvent the process on the fly and it's autonomous, why do you want to get drug down by these little toys or large model -- large systems that perhaps have built up over the years with many different instances and people are swivel chairing between 33 apps a day.

因此，我們與他們的合作讓許多客戶都表示，我們非常喜歡這種合作方式。我們希望與你們共同發展，而他們也正在這樣做。但同時，他們也在考慮淘汰那些無關緊要的工具。他們正在尋求徹底檢查功能平台，因為如果你可以進行跨職能的 AI 工作，即時重塑流程，而且它是自主的，為什麼還要被這些小玩具或大型模型——可能是多年來積累起來的、包含許多不同實例的大型系統——拖累，人們每天要在 33 個應用程序之間來回切換。

So it's the radical simplification that comes with AI. And one thing I wanted to double down on is you can see our user count is growing. You can see it's growing in harmony with our revenue. And you can also see that our margins are growing. So we're really the winning hand for companies that want the consolidator, and they want a consolidator now. That's different than it was six years ago.

所以，這就是人工智慧帶來的徹底簡化。我想再次強調的一點是，你可以看到我們的用戶數量正在成長。你可以看到它的成長與我們的收入同步成長。您還可以看到我們的利潤率正在成長。所以，對於那些想要整合服務的公司來說，我們確實是最佳選擇，而且他們現在就需要整合服務。這與六年前的情況截然不同。

When I told you with the platform of platforms, and we work with everybody. We still do, but we have to respond to what the customer wants and they want cost out, they want autonomy in, and they want margin improved and growth, and we're giving it to them. In terms of the buying cycle, what's so cool about this buying cycle is if you have an ROI and you're fast to value, which we are. We're the fastest one, you don't actually need a budget to get approval on your deal.

當我告訴你我們擁有平台之王的平台，並且我們與所有人合作時。我們仍然這樣做，但我們必須回應客戶的需求，他們想要降低成本，想要獲得自主權，想要提高利潤率和成長，而我們正在滿足他們的需求。就購買週期而言，這個購買週期最棒的地方在於，如果你有投資報酬率並且能夠快速實現價值，而我們正是如此。我們速度最快，您甚至不需要預算就能獲得交易核准。

You just need an executive that wants to win, and the CEOs are investing heavily. Our pipelines have never been better. Let me be clear, never been better. And don't forget, we gave you those numbers without actually a full 40-day cycle in an approval of deals in public sector because of the government shutdown. So we've got a lot going on there, and we've got a lot on across industries and across all segments of the company.

你只需要一位渴望成功的管理者，而執行長們正在大力投資。我們的管道狀況從未如此之好。說實話，現在的情況從未如此好。別忘了，由於政府停擺，我們在公共部門交易審批過程中並沒有經歷完整的 40 天週期，因此我們給出的數字並不完整。所以，我們在那裡有很多事情要做，而且各個行業、公司各部門都有很多事情要做。

And finally, security grew 100% year over year. So our customers are loving on the digital front door from Moveworks and we're loving having Moveworks, but they're really excited about Armis and Veza for all the reasons I stated in kind of the keynote here. So you should feel really good about ServiceNow. We didn't have to work hard to give you a great guide. It's there.

最後，安保業務年增了100%。所以我們的客戶非常喜歡 Moveworks 的數位門戶，我們也很喜歡 Moveworks，但他們對 Armis 和 Veza 感到非常興奮，原因正如我在主題演講中提到的那樣。所以你應該對 ServiceNow 感到非常滿意。我們無需費力就能提供您一份優秀的指南。它就在那裡。

And then do you want to add?

那麼，你還要加什麼嗎？

Let me add things about the monetization of AI, Alex. So we already, of course, have been selling this hybrid pricing model, and we're already seeing a lot of customers now add assist packs. We shared in the earnings already that we had many customers with average deal size of $500,000 and some in multi 7-figure range. Renewing and adding more assist packs when they're running out of tokens. So that adoption and that consumption is starting to happen very, very fast, especially now that they're using a agentic use cases and workflows to run the business. And once they start using one, they start using many more, and that's where the assist packs starting to come in. So the consumption part has been adding to our subscription revenue quickly as well.

Alex，關於人工智慧的商業化，我再補充一些內容。當然，我們早就開始銷售這種混合定價模式的產品了，而且我們已經看到很多客戶現在都添加了輔助包。我們在先前的收益報告中已經提到，我們有許多客戶的平均交易額為 50 萬美元，有些客戶的交易額甚至高達七位數。當代幣用完時，續訂並添加更多輔助包。因此，這種採用和消費正在以非常非常快的速度發生，尤其是在他們現在使用代理用例和工作流程來運作業務的情況下。一旦他們開始使用一個，他們就會開始使用更多，這時輔助包就開始發揮作用了。因此，消費部分也迅速增加了我們的訂閱收入。

And the key to that building on what Amit said, which is so important. This is where cross-functional also comes in so heavily because these deals, in many cases, have 7 or more ServiceNow products built into them. So we're not confined by we can make one buyer and the enterprise happy. We're actually making a team that reports to the CEO happy. So the strategic relevance is elevated considerably. And these assist we've been telling you that for a year. that the day was coming with a hockey stick with foam around the reload on those tokens, it's happening.

而這一切的關鍵在於阿米特所說的，這非常重要。這也是為什麼跨職能協作如此重要的原因，因為這些交易在許多情況下都內建了 7 個或更多 ServiceNow 產品。因此，我們並不會侷限於讓一個買家和企業都滿意。我們實際上是在讓直接向CEO報告的團隊感到滿意。因此，其戰略意義大為提升。我們已經告訴你們一年了，這一天終會到來，就像用泡沫包裹著曲棍球桿來敲擊那些代幣的重新裝填口一樣，現在它真的發生了。

Congratulations and no further questions.

恭喜，沒有其他問題了。

Keith Weiss, Morgan Stanley.

基斯‧韋斯，摩根士丹利。

This is Sanjit Singh for Keith Weiss. Congrats on proving out the durability of growth of the business throughout the year. I wanted to follow up on some of the themes in Q3, particularly the federal business, can you maybe give us some color on how federal performed via your -- relative to your expectations? I know we had a government shut down to deal with. There's some large deals in the pipeline. Just how that sort of shaped up in Q4 and what the prospects are looking like for the balance of the year in 2026 on the Fed side.

這是桑吉特·辛格為基斯·韋斯所做的報導。恭喜你們證明了公司業務全年成長的可持續性。我想跟進第三季的一些主題，特別是聯邦業務，您能否詳細介紹聯邦業務的表現——相對於您的預期而言？我知道我們當時要應對政府停擺的問題。有一些大宗交易正在籌備中。第四季的情況究竟如何，以及聯準會方面在 2026 年剩餘時間的展望如何。

Yeah. What was really great about the Fed business is even with the shutdown and less days to do business, you have to comply with the procurement procedures. And as you know, 40 days is a minimum standard. We were still able to get very, very nice deals. And our OneGOV offering has been really well received. So we're seeing a very big pipeline in public sector. What didn't happen in 2025 is only good news for 2026. And we're also seeing that we have significant traction that's now developed in state and local. The public sector more broadly is growing not just US Fed, which is great. but also state and local.

是的。聯準會業務真正棒的地方在於，即使政府停擺，業務進行時間減少，你也必須遵守採購程序。如你所知，40 天是最低標準。我們仍然買到了非常非常划算的商品。我們的 OneGOV 產品也受到了市場的熱烈歡迎。所以我們看到公共部門的人才儲備非常充足。2025年沒有發生的事情，對2026年來說都是好消息。我們也看到，我們在州和地方層級已經取得了顯著的進展。更廣泛的公共部門正在發展壯大，不僅包括聯準會（這很好），還包括州和地方政府。

And I do want to mention we shouldn't forget the global government business because that was up 80% year over year. So the global government business is on fire across Europe, Middle East and obviously, Asia. So I feel really, really good that the brand is resonating and what we're doing in the US is now translating beautifully to Rest of World. We're in great shape.

我還要提一下，我們不應該忘記全球政府業務，因為該業務年增了 80%。因此，全球政府業務在歐洲、中東以及亞洲都非常熱門。所以，我感覺非常好，這個品牌引起了共鳴，我們在美國所做的一切現在也完美地轉化到了世界其他地區。我們狀態很好。

Gabriela Borges, Goldman Sachs.

加布里埃拉·博爾赫斯，高盛。

My question is for Gina, on the gross margin outlook. Tell us a little bit about how you think about the puts and takes to gross margin, particularly around some of the temporary headwinds you have before monetization on the consumption revenue part of the business, how much of the gross margin headwind from LLM cost, inference and API cost, how much of that is temporary versus structural?

我的問題是問吉娜的，關於毛利率前景。請您談談您如何看待影響毛利率的因素，特別是考慮到在消費收入業務實現貨幣化之前的一些暫時性不利因素，LLM 成本、推斷成本和 API 成本對毛利率的影響有多少，其中有多少是暫時性的，又有多少是結構性的？

Thanks, Gabriela, for the question. So listen, I'm really excited about the overall guide from a margin perspective. The fact that despite some headwinds in gross margins, we're able to increase operating margin guidance by 100 basis points and free cash flow by another 100 after increasing by 350 bps this year is pretty remarkable.

謝謝Gabriela的提問。所以聽著，從利潤的角度來看，我對整個指南感到非常興奮。儘管毛利率面臨一些不利因素，但我們仍能夠將營業利潤率預期提高 100 個基點，並將自由現金流預期在今年上調 350 個基點後再提高 100 個基點，這確實非常了不起。

I'd say on the gross margin headwind, the bulk of it is actually our very strategic focus on moving more towards hyperscalers that have slightly lower gross margins at this stage of the game, given our capacity there with them than our internal. Now those margins are margin business, you want me to take every single day, and we're offsetting any headwind down below the line with efficiencies. As we continue to scale up those hyperscaler deals, margins get even better.

我認為，毛利率逆風的主要原因實際上是我們非常重視策略性地轉向超大規模資料中心，儘管在現階段它們的毛利率略低，但考慮到我們在這些資料中心的產能比我們內部的產能要高。現在這些利潤率是利潤率業務，你們希望我每天都這樣做，而我們正在透過提高效率來抵消任何不利因素。隨著我們不斷擴大超大規模交易的規模，利潤率會變得更好。

And so you can count on ServiceNow to ensure that you will see not only best-in-class top line growth, up 20% plus but also continued margin accretion at the bottom line, both from an operating margin and free cash flow perspective.

因此，您可以信賴 ServiceNow，它不僅能確保您獲得一流的營收成長（成長 20% 以上），還能確保您在營業利潤率和自由現金流方面持續提高利潤率。

Samad Samana, Jefferies.

薩馬德·薩馬納，傑富瑞集團。

The execution scale continues to be very impressive. So congrats on that. Bill, maybe a question for you. I appreciate you digging into the M&A given that it's been such a big focus, you made a point about there may not be more to expand the TAM, at least on the security side via M&A.

執行規模依然非常令人印象深刻。恭喜你！比爾，或許我有個問題想問你。鑑於併購一直是關注的重點，我很欣賞你深入研究併購問題。你指出，至少在安全領域，透過併購來擴大TAM可能沒有更多空間了。

So should we take that as maybe we won't see Armis sized deals going forward? Or just maybe help us get some clarity on how we should think about M&A in 2026. And then Gina, if you could give us any details on Armis's financials? I know it hasn't closed yet, but it would be helpful just to think about how fast it's growing, size, scale, et cetera?

所以，我們是不是應該認為未來不會再看到像Armis那樣規模的交易了？或者，或許可以幫助我們更清楚地了解在 2026 年我們該如何看待併購。吉娜，你能給我們一些關於Armis財務狀況的細節嗎？我知道它還沒有關閉，但想想它的成長速度、規模、體積等等，會很有幫助的。

Yeah. Thank you very much, Samad, for the question. First of all, I wanted to underscore what both Gina and I both said. We're an organic growth company. These were very select M&A moves for the talent, the technology and the moment to capture $125 billion market TAM.

是的。非常感謝薩馬德的提問。首先，我想強調一下我和吉娜都說過的話。我們是一家依靠自身有機成長的公司。這些併購措施都是經過精心挑選的，旨在獲取人才、技術和把握時機，從而佔領 1,250 億美元的市場規模。

And this is also where our customers wanted us to be. As I said, our security and operations portfolio right now is doubling year over year, and they wanted us to do more. I wanted to make it very clear to the investors. I hear you, and we did not and never have bought an asset, like many others have, and I know that's probably why it's on your mind, because we needed the revenue. What we needed is the innovation and the expanded growth opportunity of a great TAM and a customer base that's waiting for us.

而這正是我們的客戶希望我們出現的地方。正如我所說，我們目前的安全和營運組合每年都在翻倍成長，他們希望我們做得更多。我想向投資人明確說明這一點。我明白你的意思，我們過去沒有，也從來沒有像其他許多公司那樣購買過資產，我知道這可能是你擔心的原因，因為我們需要收入。我們需要的是創新，以及龐大的潛在市場和龐大的客戶群帶來更大的成長機會。

So I want to knock that one out of the park based on our great 2025 results and our extraordinary guide. And as it relates to future M&A, we do not have a large-scale M&A on the road map. What happened, and I felt for you all, we had Moveworks. It took nine months to close.

所以，我希望憑藉我們2025年的出色成果和卓越的指導方針，取得圓滿成功。至於未來的併購，我們目前沒有大規模併購計畫。發生的一切，我為你們所有人感到難過，我們曾經擁有 Moveworks。整個交易歷時九個月才完成。

We no sooner closed Moveworks, which we love Moveworks. We love Bhavin and the founders of the company, and it's a great culture, great fit. We love them. Amit and I were no sooner celebrating in their campus with their spouses and everything, then we also closed on that and then had Armis and Veza come to you within like a few days.

我們剛關閉了 Moveworks，而我們非常喜歡 Moveworks。我們非常喜歡 Bhavin 和公司的創辦人，這裡的企業文化很棒，我們很適合這裡。我們喜歡他們。我和 Amit 剛在他們的校園裡和他們的配偶們一起慶祝完，我們就完成了這件事，然後 Armis 和 Veza 在幾天之內就來到了你們那裡。

So probably, it was a little bit what's going on over there at ServiceNow, and I noticed that we lost about $10 billion in market cap on that because of the worry. So now the worry is gone, you can give us back to market cap. And no, we're not going after anything large.

所以，這可能和 ServiceNow 那邊的情況有點類似，我注意到，由於這種擔憂，我們的市值因此損失了大約 100 億美元。現在不用擔心了，你們可以把我們的市值還給我們了。不，我們並沒有追求任何大型目標。

We now have them in the family, and we're going to grow them like we do everything else. And I would want to make one thing clear, and I'll give Amit a chance to do this is really important. We chose assets also that were heavily integrated with ServiceNow already. So this isn't one of those -- how is the integration going to go? It already went.

現在它們已經成為我們家庭的一員，我們將像對待其他事物一樣對待它們。我想明確一點，我會給阿米特一個機會，讓他來做這件事，這真的很重要。我們還選擇了已經與 ServiceNow 深度整合的資產。所以這不是那種——整合將如何進行？已經走了。

So maybe Amit can give you a little color on that.

或許阿米特可以補充一些細節給你。

Thanks, Bill. So the way we've been doing -- clearly, we have this one platform philosophy, and we continue to invest that way. What Armis and Veza has been doing is we've been integrating those products using a technology called Universal Agenetic Network which is built on MCP and Workflow Data Fabric, making it easy for us to really have processes as well as a lot of the domain expertise, which come from Veza and Armis, make it integrated into a lot of the capabilities we provide in our one platform. Over time, some of the capabilities which we have on one platform will be available through Armis and Veza, but they are right now completely integrated in a process-oriented way and allowing customers to get advantage of those integrations straight away.

謝謝你，比爾。所以我們一直以來都是這樣做的——很明顯，我們秉持著這種單一平台理念，我們將繼續以這種方式進行投資。Armis 和 Veza 一直在做的，就是利用一種名為通用基因網路的技術來整合這些產品。該技術建立在 MCP 和工作流程資料架構之上，使我們能夠輕鬆地將流程以及來自 Veza 和 Armis 的許多領域專業知識整合到我們一個平台提供的許多功能中。隨著時間的推移，我們在一個平台上擁有的一些功能將透過 Armis 和 Veza 提供，但目前它們以流程導向的方式完全集成，使客戶能夠立即利用這些集成。

Without having to wait, replatform, or do things which are not going to be more architecturally correct. So with architecturally, we've been very thoughtful about how we bring all these technologies while getting customer adoption quickly as well as value created for customers and this UAN is a really very modern way of integrating and providing technical superior way of integrating and bringing products together. So this will be very straightforward for our customers, and there's no real time loss when we bring all these capabilities into one platform mindset.

無需等待、無需重新平台，也無需做任何在架構上並不更正確的事情。因此，在架構方面，我們一直在認真思考如何將所有這些技術整合在一起，同時快速獲得客戶的認可，並為客戶創造價值。 UAN 是一種非常現代化的整合方式，它提供了一種技術上更優越的產品整合和整合方式。因此，這對我們的客戶來說將非常簡單明了，而且當我們把所有這些功能整合到一個平台中時，不會造成真正的時間損失。

And then lastly, Samad, on your question on the impact. So we expect to close Armis at this point, second half, early second half of this year. And based on that timing and estimated revenue adjustments that always happen in acquisitions. We expect subscription revenue contribution to be about 1 point, so 100 basis points in '26. We expect potentially up to maybe 50 bps headwind to operating margin in '26 up to 50, so not that large.

最後，薩馬德，關於你提出的影響問題。因此，我們預計將在今年下半年或下半年初關閉 Armis 公司。並根據收購中總是會發生的時機和預期收入調整進行調整。我們預計訂閱收入貢獻約為 1 個百分點，即 2026 年的 100 個基點。我們預計 2026 年營業利潤率可能會受到高達 50 個基點的不利影響，所以影響不算太大。

And given our strong organic operating leverage, we expect to absorb any headwinds to that dilution in '27 and continue delivering operating margin expansion. And so we're very committed in our M&A strategy to continue to deliver expansion, both on the operating margin and free cash flow perspective. We'll obviously provide more details around all of that at Financial Analyst Day as we get closer to close. But again, not that big of an impact either on the top line or bottom line. It's really about the incredible capabilities and the addressable market that we're opening up for us to go after.

鑑於我們強大的內生經營槓桿，我們預計能夠抵消 2027 年任何稀釋帶來的不利影響，並繼續實現營業利潤率的擴張。因此，我們非常致力於透過併購策略繼續實現擴張，無論是在營業利潤率還是自由現金流方面。當然，隨著金融分析師日臨近尾聲，我們會提供更多相關細節。但同樣，對營收或利潤的影響都不大。真正重要的是我們正在開拓的強大能力和廣闊的潛在市場。

Peter Weed, AllianceBernstein.

Peter Weed，AllianceBernstein。

Congrats on a really strong finish to the year and guidance for the upcoming year. I think one of the exciting announcements that have been coming out are your partnerships with OpenAI and Anthropic, one obviously today and on a few days ago.

祝賀你們以如此強勁的勢頭結束了這一年，也祝福你們對來年充滿信心。我認為最近發布的令人興奮的消息之一是你們與 OpenAI 和 Anthropic 的合作，一個是今天發布的，另一個是幾天前發布的。

And I couldn't help but notice in reading those it looks like both of them are making some investments in helping with your customers and getting traction and scaling. Maybe you can share a little bit more about those partnerships. And obviously, now with multiple of them. There's also kind of the question of decisions for customers, like which one would you focus on? Like how do you think through which partner to pull and when? And how are the partners investing and kind of helping you get even more out of the customer opportunity and really driving the business faster?

在閱讀這些內容時，我不禁注意到，他們似乎都在投資幫助你的客戶，獲得市場認可並擴大規模。或許您可以再詳細介紹一下這些合作關係。而且很明顯，現在有好幾個了。此外，還有客戶需要做出的選擇問題，例如你會專注在哪一個？例如，你如何考慮選擇哪一個伴侶以及何時選擇？合作夥伴是如何投資並幫助你從客戶機會中獲得更多收益，從而真正更快地推動業務發展的？

Peter, thanks for the question. So as you know, we've been always working with many of the hyperscalers as well as the large language model providers. And we had open ecosystem as a mindset, with the large language providers like OpenAI, Anthropic as well as Google and Gemini, we allow customer choice, we have prompt engineer and make sure that those models work with our products and customers don't really have to worry about what the underneath the covers, what LLM we are using. They can choose if they want to and use any one which we provide out of the box. What we have done over time now is with each of these providers, there's some unique capabilities we think we can take to market.

彼得，謝謝你的提問。如您所知，我們一直與許多超大規模資料中心營運商以及大型語言模型供應商保持合作。我們秉持開放生態系統的理念，與 OpenAI、Anthropic 以及 Google 和 Gemini 等大型語言供應商合作，允許客戶進行選擇，我們有快速回應的工程師，確保這些模型與我們的產品相容，客戶不必擔心底層使用的是什麼語言模型。他們可以根據需要選擇使用我們提供的任何一款產品。隨著時間的推移，我們與每家供應商合作，都開發了一些我們認為可以推向市場的獨特功能。

So for example, OpenAI, what we're doing around voice AI and speech to speech real-time, multimodal as well as multilingual capabilities. So our CRM products can now have voice capabilities with OpenAI as a preferred model so that we can have a much more differentiated offering using what we know from domains perspective as well as contact and adding the OpenAI speech capabilities into our products.

例如，OpenAI，我們正在圍繞語音人工智慧和即時語音到語音、多模態以及多語言能力開展工作。因此，我們的 CRM 產品現在可以具備語音功能，並以 OpenAI 作為首選模型，這樣我們就可以利用我們從領域和聯繫人方面了解到的信息，將 OpenAI 語音功能添加到我們的產品中，從而提供更加差異化的產品和服務。

Similarly, with Anthropic, they have a very good coding agent. A build agent, which is a white coding tool allows any customer to build any workflow on top of ServiceNow, and we use Claude as the underlying technology to generate some of the codes and then we provide the contact, the security, the governance, on top of that using build agent to run those workflows on top of ServiceNow as well.

同樣，Anthropic 也擁有非常優秀的編碼代理程式。建置代理程式（一種白編碼工具）允許任何客戶在 ServiceNow 之上建立任何工作流程，我們使用 Claude 作為底層技術來產生一些程式碼，然後我們在此基礎上提供聯繫、安全、治理，並使用建置代理程式在 ServiceNow 之上運行這些工作流程。

So finding those unique use cases, which might be useful with one of these individual providers and they want to take those products to go to market with us. We, of course, collaborate with them and tell them about what's the issues with any model maybe, what kind of efficiencies we can get out of it, and how can we optimize it so our customers get value. but we still keep this idea of openness and availability of default choices for customers so they can choose anything they want to. And then we'll provide some unique use cases, which will be done with individual providers like OpenAI and Anthropic. Where they have interest to go jointly to market and build those unique solutions as well.

因此，我們需要找到那些獨特的用例，這些用例可能對某個供應商有用，而他們也希望與我們一起將這些產品推向市場。當然，我們會與他們合作，告訴他們任何模型可能存在的問題，我們可以從中獲得哪些效率提升，以及如何優化模型才能為客戶創造價值。但我們仍然堅持開放的理念，為客戶提供預設選項，讓他們可以自由選擇任何他們想要的方案。然後，我們將提供一些獨特的用例，這些用例將與 OpenAI 和 Anthropic 等個別供應商合作完成。他們有興趣共同開拓市場，並打造這些獨特的解決方案。

So customer guidance is pretty straightforward. They can choose any of the models, everything will work but there might be some of these individual use cases, we believe could really be turbocharged with some of these providers. And typically, in the infrastructure, the model providers are providing 5%, 10% of value and 90% of IP has been built by ServiceNow to really provide that context-driven enterprise use cases out of the box for our customers to get value instantly.

所以客戶指導非常簡單明了。他們可以選擇任何型號，所有型號都能正常運作，但我們認為，對於某些特定用例，借助某些供應商，這些用例的功能可能會得到極大的提升。通常情況下，在基礎設施方面，模型提供者提供的價值佔 5% 到 10%，而 ServiceNow 建置的 IP 佔 90%，旨在真正為我們的客戶提供開箱即用的、以上下文為驅動的企業用例，以便他們立即獲得價值。

And Peter, because your question is so strategic and so important. I'd just like to build on its excellent answer. We have to recognize the Harmony and the synchronicity between these models and ServiceNow. And the idea that these models are eating enterprise software may be true in some cases. But obviously, it's not true. In our case, they're actually leaning into us because of the innovation on our platform and the broad reach of our go-to-market global engine. So these are very enticing and interesting factors in their decision to team up with us.

還有彼得，因為你的問題非常具有戰略意義，而且非常重要。我只想在它精彩的回答基礎上補充一些內容。我們必須認識到這些模型與 ServiceNow 之間的和諧與同步性。這些模型正在蠶食企業軟體的說法在某些情況下可能是事實。但顯然，這並非事實。就我們而言，他們實際上正在與我們合作，因為我們的平台具有創新性，而且我們的全球市場推廣引擎覆蓋範圍廣泛。所以，這些都是他們決定與我們合作的非常有吸引力和有趣的因素。

But it also really does manifest itself, I think, is something that Dario said when he said, obviously, the co-founder of Anthropic, he said, a common error that enterprises make with AI is to treat it as a kind of bolt-on tool that you access now and then. But the way to get much better results is to make AI an integral part of how we get work done. And it has to be woven into the whole range of things workers do every day. That's where you actually start to see where these systems are adding value. And it's also why we're partnering with ServiceNow.

但我認為，這一點也確實體現在達裡奧所說的事情上。身為 Anthropic 的共同創辦人，他表示，企業在使用人工智慧時常犯的一個錯誤是將其視為一種偶爾使用的附加工具。但要取得更好的結果，關鍵在於讓人工智慧成為我們完成工作方式中不可或缺的一部分。而且它必須融入員工每天所做的所有事情。正是在這裡，你才能真正開始看到這些系統的價值。這也是我們與 ServiceNow 合作的原因。

So it's kind of like where the decisions and the business takes place is in the workflow and the models need that to have the business impact and really to be resolute with the C-suite of these corporations. So I think that it's really a match made in heaven. I think it's going to be a great tailwind for our growth, and I hope that we help them grow, too. So it's really a nice, nice thing. And I'm glad today we had a chance to clear it all up.

所以，決策和業務開展的地方就在工作流程中，而模型需要工作流程才能產生業務影響，並真正與這些公司的高階主管達成共識。所以我認為這真是天作之合。我認為這將是我們發展的巨大助力，我也希望我們能幫助他們成長。所以這真是一件非常好的事。我很高興今天我們有機會把所有事情都弄清楚了。

Patrick Walravens, JMP Securities.

帕特里克·瓦爾拉文斯 (Patrick Walravens)，JMP 證券。

Great. And let me add my congratulations and my appreciation of the hitting the three bear cases upfront. So Bill, I was talking to a senior executive at a Fortune 500 company. And they really want to transform the enterprise using AI but there's some sort of specific concerns holding them back. And I'm just -- they're four of them. I'm just going to rail them off really quick and I'm sure you have these kinds of conversations all the time with customers, and I just wonder how you address them.

偉大的。我還要祝賀你們成功預測了三個熊市案例，並表示感謝。比爾，我當時正在和一家財富 500 強公司的高階主管交談。他們真心希望利用人工智慧改造企業，但一些具體問題阻礙了他們。而我只是──他們一共四個人。我打算快速地把這些問題都說完，我相信你常常會和客戶進行這類對話，我只是想知道你是如何處理這些問題的。

Number 1 was, how do we monitor the agents in real time? Number 2 was, how do we have kill switches? Number 3 was, how do we have grading agents? And then number 4 was red teaming. So those are the kinds of things that come up all the time? Or was this unusual? And how do you address them?

第一問題是，我們如何即時監控代理人？第二件事是，我們如何實現緊急停止開關？第三點是，我們如何進行評分？第四點是紅隊演練。所以這些都是常常出現的問題？這種情況很不尋常嗎？那你如何應對這些問題？

No Pat. I'll address those. I mean I think -- no doubt every customer we speak to an enterprise are wondering how to adopt the AI, how to make it easy to manage and really have controls. And no doubt that questions come up every time in terms of what technology to use and do that very well. So the way we address it, the reason we launched AI Control Tower early last year and why it's getting so much traction is because we're addressing these things head on, right?

沒有帕特。我會處理這些問題。我的意思是，我認為——毫無疑問，我們接觸到的每位企業客戶都在思考如何採用人工智慧，如何使其易於管理並真正實現控制。毫無疑問，每次都會出現這樣的問題：應該使用什麼技術才能發揮到極致？所以，我們解決這個問題的方式，以及我們去年年初推出 AI 控制塔並使其獲得如此多關注的原因，就是因為我們正在正面解決這些問題，對吧？

How do you manage and monitor agents real-time, not just our agents but third-party agents in one system it's really built on top of CMDB so we can now access all the kind of assets, be it hardware, software and AI agent assets in the same system and then we can really give you full-time real-time monitoring, observability as well as cost management, auditing, security in one place.

如何即時管理和監控代理，不僅是我們自己的代理，還有第三方代理？這套系統實際上是建立在 CMDB 之上的，因此我們現在可以存取所有類型的資產，無論是硬體、軟體還是 AI 代理資產，都可以在同一個系統中進行管理。這樣，我們就能在一個地方真正為您提供全天候的即時監控、可觀測性以及成本管理、稽核和安全保障。

And that allows you to do kill switches, where you can now go and shut down any agent, which is going rogue, prevent any kind of nefarious activities as well as do red teaming and ensure you're making security as a prevalent and most important aspects of what you're doing before you go and deliver an AI agent.

這樣一來，你就可以設定終止開關，隨時關閉任何失控的代理，防止任何惡意活動，還可以進行紅隊演練，確保在交付 AI 代理之前，將安全作為你工作中普遍且最重要的方面。

And that really has opened up a lot of customers' ability to now adopt agentic use cases because before they were worried about losing control, security, governance and compliance now with AI Control Tower, we're able to give them that ability and remove that barrier out of the way. And that's where we saw this huge amount of new use cases emerge with customers and starting to adopt things around incident management, triaging and things like that, very quickly because we can give you that real-time visibility and full control.

這確實為許多客戶提供了採用代理用例的能力，因為以前他們擔心失去控制權、安全性、治理和合規性，而現在有了 AI 控制塔，我們能夠賦予他們這種能力，並消除這一障礙。正是在這裡，我們看到了大量新的用例湧現出來，客戶開始迅速採用與事件管理、分類等相關的技術，因為我們可以為您提供即時可見性和完全控制。

So these are real questions and things we've been addressing and has really worked out and AI Control Tower has grown so fast for us because that takes on head-on as heterogenous product out there.

所以這些都是我們一直在努力解決的實際問題，而且確實取得了成功。 AI 控制塔對我們來說發展如此迅速，是因為它正面回應了市場上各種各樣的異質產品。

And Patrick, one thing I would say as an example, I'll give you an example of a public sector entity. And the man himself who runs this particular entity has literally thousands and thousands of employees, nearly 100,000, and it's set up in three different divisions. What you're seeing a lot of now is they want to consolidate these divisions, they want to consolidate the action onto one platform because I keep going back to east to west, AI is a cross-functional sport.

派崔克，我想舉個例子，我給你舉個公共部門實體的例子。而這家公司的掌舵人本身就擁有成千上萬的員工，接近 10 萬，而且公司分成三個不同的部門。你現在常看到的是，他們想要整合這些部門，想要把所有行動整合到一個平台上，因為我一直認為從東到西，人工智慧是一項跨職能的運動。

There's only one CMDB in the world that behaves like ServiceNow's where they know where all the people are, all the places are, and all the things are on one platform and then you apply the AI in all of our know-how that Amit just outlined, and they're running quickly. So he's got to make change fast. He doesn't have years. He has weeks and months, so we give them a business case to show them an incredible benefit on the ServiceNow Platform. And then they looked at what we did with Armis and Veza and they say, we're all in.

世界上只有一個 CMDB 系統像 ServiceNow 一樣運作，它知道所有人員、所有地點和所有事物在一個平台上的位置，然後你應用 Amit 剛才概述的所有知識中的人工智慧，他們運作得很快。所以他必須盡快做出改變。他沒有那麼多年了。他還有幾週甚至幾個月的時間，所以我們向他們展示了一個商業案例，向他們說明 ServiceNow 平台帶來的巨大好處。然後他們看了我們與 Armis 和 Veza 的合作成果，然後說，我們全力支持。

Please road map that into the thinking because I want to have one instance. I want to have one single view of my entire enterprise and I'm going with ServiceNow. In that conversation, we were basically consolidating them out of about 479 legacy tools. And that's what's happening out there because AI is changing the game, but this is the consolidator platform.

請將此納入考慮範圍，因為我只想擁有一個實例。我希望能夠透過單一視圖了解我的整個企業，所以我選擇了 ServiceNow。在那次談話中，我們基本上是從大約 479 個遺留工具中整合它們。這就是人工智慧正在改變遊戲規則的原因，而這裡是整合平台。

Matt Hedberg, RBC Capital Markets.

Matt Hedberg，加拿大皇家銀行資本市場。

Congrats from me as well, really strong results here. I guess for Bill or Amit, in an increasingly agentive world, it really does seem like Now Assist packs are resonating with customers and it's right to see the $600 million ACV number already. I guess when we're entering this period of hybrid pricing and paid seats are still growing strong, do you envision the time in the future when ServiceNow pivots completely away from seats to maybe consumption or some form of value-based pricing, for instance?

我也要祝賀你，成績真的非常出色。我想對於比爾或阿米特來說，在一個越來越依賴代理商的世界裡，Now Assist 套件似乎真的引起了客戶的共鳴，看到 6 億美元的年度合約價值數字也合理。我想，在我們進入混合定價階段，付費席位仍然強勁增長的當下，您是否設想過 ServiceNow 未來會完全放棄席位定價，轉而採用按需付費或某種基於價值的定價方式？

Matt, maybe I'll give you my perspective, and of course, Bill and Gina can add that. We keep on thinking about what's the best place to give customer value and show them what they can get out of the products, right? So we keep on getting input from them in terms of what kind of pricing and packaging works for them. typically, what we've seen, customers do want flexibility but they also want predictability.

馬特，或許我可以給你一些我的看法，當然，比爾和吉娜也可以補充他們的觀點。我們一直在思考，怎樣才能最好地為客戶創造價值，並向他們展示他們能從產品中獲得什麼，對吧？因此，我們會不斷收集他們的回饋，了解什麼樣的定價和包裝方式對他們來說比較適合。通常情況下，我們發現客戶既希望有彈性，也希望價格和包裝方式能夠可預測。

So without having some kind of guardrails and understanding how much they're going to spend and what are they going to get out of it, going to complete 100% consumption may be too early in some of the cases. So I think that the hybrid model has seemed to be resonating with my customers. They know what the envelope they have, what they will be consuming beyond that, how much will it cost them?

因此，如果沒有某種護欄，不了解他們將花費多少以及他們將從中獲得什麼，在某些情況下，實現 100% 的消費可能為時過早。所以我覺得這種混合模式似乎引起了我的客戶的共鳴。他們知道自己手上有多少東西，除了這些，他們還會消耗多少，以及這會花費他們多少錢？

And a lot of times, customers even have come back and say, You know what, I have been using a lot more than I'm entitled to. I will just renew or do an expansion on the thing with another higher subscription. So it might not be just consumption driven. So we just want to give that flexibility that some products we do, do consumption only already, by the way, right?

很多時候，顧客甚至會回來跟我說：“你知道嗎，我使用的量遠遠超過了我應得的量。”我只會續訂或升級套餐，選擇更高的訂閱等級。所以這可能不只是消費驅動的。所以，我們只是想提供這種彈性，順便說一句，我們做的一些產品，目前只供消費，對吧？

So we do things like storage or additional things you might want to use for capacity, we're doing that in some tokens around Workflow Data Fabric from an integration perspective. So wherever it makes sense, we will do that. As we go more and more AI native in terms of packaging, we want to continue still to make sure that we don't confuse our customers too much. and make it so difficult for them to predict what they're going to spend, that they can keep on staying on the sidelines. So we just want to manage that very well.

因此，我們會做一些諸如儲存或其他您可能希望用於容量的事情，我們正在從整合的角度在工作流程資料架構的一些令牌中做這些事情。所以，只要合理，我們就會去做。隨著我們在包裝方面越來越多地採用人工智慧技術，我們仍然希望確保不會讓客戶感到過於困惑，也不會讓他們難以預測自己的支出，從而導致他們繼續觀望。所以我們希望把這件事處理得非常好。

And Matt, just building on Amit here for a second. Let me give you a real example. So Amit is 100% right that the customer wants predictability, which is why against some of the theories out there that would be would be seat compression which is why our active user base is growing 25%, okay?

馬特，我剛才只是在阿米特的引言上補充一下。我給你舉個實際的例子。所以 Amit 的說法完全正確，客戶想要的是可預測性，這就是為什麼與某些理論相反，座位壓縮正是我們活躍用戶群增長 25% 的原因，明白嗎？

It's because they want that predictability. The other thing they want is with the assist, when we sell a Pro Plus version of this platform, we have contemplated all the puts and takes on their business innovation and what the ROI is going to be to get the sale in the first place.

這是因為他們想要那種可預測性。他們想要的另一件事是，當我們銷售該平台的 Pro Plus 版本時，我們已經考慮了他們業務創新的所有利弊以及投資回報率，以便首先促成銷售。

And so when they derive more value from the assist that they have that comes with the Pro Plus, they're happy to renew it. In fact, they're looking for more ways to use us. You never have a dissatisfied software customer when you've deployed the software and you have happy users, you have an eager customer that wants to expand. And that trend is really big in the AI world.

因此，當他們從 Pro Plus 提供的幫助中獲得更多價值時，他們很樂意續訂。事實上，他們正在尋找更多利用我們的方法。軟體部署完成後，使用者滿意度高，客戶就會積極回應，並渴望擴展業務，因此您永遠不會有不滿意的軟體客戶。而且這種趨勢在人工智慧領域非常顯著。

And finally, we're so flexible because what we do is where the rubber hits the road. We're delivering the ROI, and we know it. So I'll give you one example where we replaced the legacy CRM system. By the way, it's not the one I referenced in the script.

最後，我們之所以如此靈活，是因為我們所做的一切才是真正考驗實力的時候。我們正在實現投資回報率，我們對此非常清楚。我舉個例子，說明我們如何替換原有的客戶關係管理系統。順便說一下，這不是我在劇本中提到的那個。

And the customer saved $682 million. And we would be very happy to take a percentage of that savings and give it to our great shareholders. But the customer will quickly pull back and say, no, no, I like the predictability of the seats. I'm good with that. I'm good with the assist, let's keep that going.

客戶因此節省了 6.82 億美元。我們非常樂意將節省下來的部分資金回饋給我們的股東。但顧客很快就會反駁說，不，不，我喜歡座位的可預測性。我沒意見。助攻沒問題，我們繼續保持下去。

And it's so strong in these business cases that we now have large FIs that are actually underwriting the savings on ServiceNow, underwriting it and guaranteeing it to the customer. Just think about the swagger, we can walk into a C-level meeting with knowing that, sharing the logos and the examples. So no matter where the customer needs us to be, if they'd rather split the profits with us, we're open for business.

在這些商業案例中，ServiceNow 的優勢非常顯著，以至於現在許多大型金融機構都在為 ServiceNow 的節省提供擔保，為客戶承擔風險並做出保證。想想看，有了這些標誌和案例，我們就能自信滿滿地走進高階主管會議。所以無論客戶需要我們在哪裡，如果他們願意與我們分享利潤，我們都隨時準備好開門營業。

Brian Schwartz, Oppenheimer.

Brian Schwartz，奧本海默。

I'm not sure if this is for Bill or Amit, it's on the topic of the Mega LLM provider partnerships. Bill, in your introductory comments, you're clearly making it clear. You viewed these Anthropics, OpenAI is more complementary to ServiceNow's product set than as competitors. I guess a question I wanted to ask you or Amit.

我不確定這是給比爾還是阿米特的，主題是關於大型LLM提供者合作關係。比爾，你在開場白中已經把這一點表達得很清楚了。您查看了這些 Anthropics，OpenAI 與 ServiceNow 的產品組合更像是互補關係，而不是競爭對手。我想問你或阿米特一個問題。

If we think about the percentage of AI inferencing and training workloads that are going to run on the platform in 2026, how do you think that mix would break out between those workloads running on ServiceNow's LLMs versus those third-party foundation models.

如果我們考慮 2026 年將在平台上運行的 AI 推理和訓練工作負載的百分比，您認為這些工作負載在 ServiceNow 的 LLM 上運行與在第三方基礎模型上運行之間會如何分配。

Yeah. Brian, I think, as I said, we definitely want to make sure customers have choice, and they can use any of those foundational models as well as Now LLM. In many cases, we've seen customers may end up using frontier models because some of the use cases might make sense with the frontier models. Inferencing as part of the overall workload is still very low as a percentage of cost or usage-wise, right? As they use tokens, we have a lot of other work we do on top of the inferencing part of it which is really the whole context, data management, the integration, understanding the particular workflow required for use cases, they won't go and deliver on it.

是的。Brian，我認為，正如我所說，我們絕對要確保客戶有選擇權，他們可以使用任何基礎模型以及 Now LLM。在許多情況下，我們發現客戶最終可能會使用前沿模型，因為某些用例可能更適合採用前沿模型。從成本或使用量來看，推理在整體工作負荷中所佔的比例仍然很低，對吧？由於他們使用令牌，除了推理部分之外，我們還有很多其他工作要做，這實際上包括整個上下文、資料管理、整合、了解用例所需的特定工作流程，而他們不會去交付這些工作。

So that's really where the most of power goes in, and I would say in the long term, I would see more of the frontier models as the inferencing models versus our Now LLM but their sovereign requirements, private data center requirements, things customers want to deploy in like on-prem not all these models don't work. And that's where we would probably still continue using a lot of our third-party, our own Now LLM as well. So we just want to make sure we have choices and flexibility and let customers really choose it out. And from us, the cost perspective doesn't matter really.

所以，這才是真正發揮最大作用的地方。從長遠來看，我認為前沿模型會更多地被推理模型所取代，而不是我們現在的 LLM。但是，它們的自主性要求、私人資料中心要求，以及客戶希望部署在本地等環境中的需求，並非所有這些模型都行不通。而且，我們可能還會繼續大量使用我們的第三方產品，以及我們自己的 Now LLM 產品。所以我們希望確保我們有多種選擇和靈活性，讓客戶可以真正自己做出選擇。對我們來說，成本因素其實並不重要。

Ladies and gentlemen, that concludes today's call. Thank you all for joining. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝各位的參與。您現在可以斷開連線了。