ServiceNow, Inc. (NOW) 2026 Q1 法說會逐字稿

Hello, and thank you for standing by. My name is Tiffany, and I will be your conference operator today. At this time, I would like to welcome everyone to the first-quarter 2026 ServiceNow earnings conference call.

您好，感謝您耐心等候。我是 Tiffany，今天將擔任本次電話會議的接線員。此刻，我謹代表公司歡迎各位參加 ServiceNow 2026 會計年度第一季財報電話會議。

(Operator Instructions)

(接線員指示)

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

接下來我想把電話交給投資人關係與市場洞察副總裁 Darren Yip。Darren，請開始。

Good afternoon, and thank you for joining ServiceNow's first-quarter 2026 earnings conference call. Joining me are Bill McDermott, our Chairman and Chief Executive Officer; Gina Mastantuono, our President and Chief Financial Officer; and Amit Zaveri, President, Chief Product Officer and Chief Operating Officer.

各位下午好，感謝各位參加 ServiceNow 2026 會計年度第一季財報電話會議。與我一同出席的有：董事長兼執行長 Bill McDermott；總裁兼財務長 Gina Mastantuono；以及總裁、產品長兼營運長 Amit Zaveri。

During today's call, we will review our first-quarter 2026 results and discuss our guidance for the second quarter and full-year 2026. Before we get started, we want to emphasize that the information discussed on this call, including our guidance is based on information as of today and contains forward-looking statements that involve risks, uncertainties and assumptions.

在今天的電話會議中，我們將回顧 2026 會計年度第一季業績，並討論我們對第二季及 2026 全年的財測指引。在開始之前，我們要強調，本次電話會議中討論的資訊（包括我們的指引）係以截至今日所掌握的資訊為基礎，並包含涉及風險、不確定性與假設的前瞻性陳述。

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

我們不承擔亦無義務因新資訊或未來事件而更新此類陳述。請參閱今日的財報新聞稿以及我們向美國證券交易委員會（SEC）提交的文件（包括最新的 10-Q 與 10-K），以了解可能導致實際結果與前瞻性陳述存在重大差異的因素。

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 discussed today are non-GAAP except for revenues. The remaining performance obligations are RPO, current RPO and cash and investments.

我們也要指出，除依據 GAAP 計算的財務衡量指標外，我們亦提供非 GAAP 指標，且非 GAAP 指標並非用以取代 GAAP 指標。除非另有說明，今天討論的所有財務衡量指標及其相關成長率皆為非 GAAP，營收除外。其餘績效指標包括剩餘履約義務（RPO）、當期剩餘履約義務（current RPO，CRPO）以及現金與投資。

To see the reconciliation between these non-GAAP and GAAP measures, please refer to our 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.

如欲查看上述非 GAAP 與 GAAP 指標之間的調節表，請參閱我們的新聞稿與投資人簡報，兩者皆已發布於我們的網站 investors.servicenow.com。今日電話會議的重播也將發布於我們的網站。

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

接下來，我把電話交給 Bill。

Thank you very much, Darren, and welcome, everybody, to today's call. There's a lot of noise out there, so let's get straight to the point. Here's the ServiceNow update. We're the AI Control Tower for business reinvention in the center of a growing $600 billion-plus total addressable market. We have a $28 billion RPO business that's growing at 23.5% year over year, the most open enterprise platform that protects customer choice with active users on our platform continuing to grow.

非常感謝你，Darren，也歡迎各位參加今天的電話會議。外界雜音很多，我們就直奔主題。以下是 ServiceNow 的最新進展。我們是企業再造的 AI 控制塔，位於一個持續成長、總可服務市場（TAM）超過 6,000 億美元的核心位置。我們擁有 280 億美元的 RPO 業務，年增 23.5%；我們是最開放的企業平台，透過平台活躍使用者持續成長來保障客戶選擇權。

Thousands of partnerships around the platform expanding daily, AI, native packaging and pricing on our fully autonomous platform, a la no sidecar AI at ServiceNow, a world-class team with a proven track record of building truly global businesses at scale.

圍繞平台的數千項合作夥伴關係每日持續擴大；在我們完全自主的平台上提供 AI 原生的封裝與定價——也就是說，ServiceNow 不採用外掛式（sidecar）AI；我們擁有世界級團隊，並具備在規模化條件下打造真正全球化企業的成功實績。

Our first quarter results are consistent with a company of this stature, once again exceeding our guidance metrics across the board. Subscription revenue grew 19% in constant currency, above the high end of our guidance. CRPO constant currency was a robust 21% growth, 1 point above our guidance. Operating margin was 32%, a half a point above our guidance. And free cash flow margin was 44%.

我們第一季的業績表現符合這樣規模與地位的公司，再次在各項指引指標上全面超越預期。訂閱營收以固定匯率計算成長 19%，高於指引區間上緣。CRPO 以固定匯率計算強勁成長 21%，較指引高出 1 個百分點。營業利益率為 32%，較指引高出 0.5 個百分點。自由現金流利潤率為 44%。

We had 16 deals greater than $5 million in NNACV and five deals greater than $10 million in NNACV. Now Assist NNACV to date continues to outperform even our expectations. The number of customers spending $1 million-plus grew over 130% year over year. Deals over a million grew more than 30% year on year in Q1.

我們完成了 16 筆 NNACV 超過 500 萬美元的交易，以及 5 筆 NNACV 超過 1,000 萬美元的交易。截至目前，Now Assist 的 NNACV 持續優於甚至超出我們的預期。年度支出達 100 萬美元以上的客戶數年增超過 130%。第一季中，超過 100 萬美元的交易筆數年增超過 30%。

MoveWorks closed seven-figure deals in Q1. They closed more deals than they did the entire year last year. Now has merged with our employee experience. Business and rebranded as Employee Works. So Bhavin Shah, the former CEO of MoveWorks, now runs the whole show there, and that business grew 5x year over year. So we have a great story in MoveWorks coming into ServiceNow. Our sales CRM NNACV grew more than 5x year over year, that's quintupled, with deal count growing over 80% year over year.

MoveWorks 在第一季完成了多筆七位數金額的交易。他們成交的交易數量超過去年全年。Now 已與我們的員工體驗業務合併，並重新命名為 Employee Works。因此，MoveWorks 前執行長 Bhavin Shah 現在負責該業務的整體營運，而該業務年增達 5 倍。所以，MoveWorks 併入 ServiceNow 後，我們有一個非常好的成長故事。我們的銷售 CRM NNACV 年增超過 5 倍，也就是成長到原來的五倍，交易筆數年增超過 80%。

With the surface area so broad, our goals for ServiceNow are clear. Here they are. Fast time to value for our customers, revenue growth acceleration, margin expansion, reduced stock-based compensation, and outperforming our own rule of 55-plus standard.

在觸及面如此廣泛的情況下，ServiceNow 的目標很清楚。如下：為客戶提供快速價值實現（time to value）、加速營收成長、擴大利潤率、降低以股票為基礎的薪酬（stock-based compensation），並且表現優於我們自身「55+ 法則」的標準。

To say we're excited for knowledge and Financial Analyst Day on May 4 in Las Vegas would be an understatement. We have a lot to share with you, and the Board of Directors are very proud of ServiceNow and the way it's performing, and the company is on track for our best year ever.

若說我們對 5 月 4 日在拉斯維加斯舉辦的 Knowledge 與金融分析師日感到興奮，那還算保守。我們有很多內容要與各位分享；董事會對 ServiceNow 及其表現方式深感自豪，公司也正朝著我們史上最佳年度的目標穩步前進。

Since our last print, speculation about enterprise AI has persisted, and that's okay. That's what earnings calls are for, to clear things up. My answer is always the same. There has never been a tailwind for ServiceNow like AI. Since Fred Luddy started the company, we've always focused our platform on the jobs our customers needed done.

自我們上次公布業績以來，市場對企業 AI 的揣測仍在持續，這沒關係。財報電話會議的目的之一，就是把事情講清楚。我的回答始終如一。對 ServiceNow 而言，從未有任何順風能像 AI 這樣強勁。自 Fred Luddy 創立公司以來，我們始終將平台聚焦在客戶需要完成的工作上。

Let me bring this to life for you in five hyper-growth areas. The first, our core IT business. There has never been a more compelling moment to be the CIO's system of record. We're often described as the ERP for IT. When an enterprise fully deployed ServiceNow, it's not just software. It's an end-to-end operating system. And today, an average Fortune 500 company has 100 million lines of custom code to manage their business, and this excludes the code in other systems of record where there are billions and billions of lines of code.

我用五個高速成長領域來讓各位更具體地理解。第一個，是我們的核心 IT 業務。現在正是成為 CIO 記錄系統（system of record）的最具吸引力時刻。我們常被形容為 IT 的 ERP。當企業完整部署 ServiceNow 時，它不只是軟體。它是一個端到端的作業系統。而在今天，一家平均的《財富》500 大企業為了管理其業務，通常需要維護 1 億行客製化程式碼；這還不包含其他記錄系統中的程式碼，那些系統裡有數十億、數十億行程式碼。

As code volume increases 20x by 2030, the complexity of managing this explosion of code will increase exponentially. The volume of tickets generated by this complexity will also explode. In this scenario, the number of tickets hitting an ITSM system will increase by 50x compared to today. The biggest IT buyer in the enterprise was, is, and will continue to be the CIO.

隨著程式碼量在 2030 年前增加 20 倍，管理這波程式碼爆炸的複雜度將呈指數型上升。由此複雜度所產生的工單（tickets）量也將爆發式成長。在此情境下，進入 ITSM 系統的工單數量將較今日增加 50 倍。企業中最大的 IT 採購者過去是、現在是、未來也將持續是 CIO。

This remit will substantially expand by the complexity of the agentic business. ServiceNow's relevance grows in direct correlation with the expansion of innovation across the AI ecosystem. Think of us as the workhorse for workflow.

隨著代理式（agentic）企業的複雜度提升，這項職責範疇將大幅擴張。ServiceNow 的重要性，會與 AI 生態系創新擴張呈現直接正相關地成長。把我們想像成工作流程的主力引擎（workhorse）。

The second is AI security. We're thrilled that the Armis acquisition closed earlier than expected, which, as you'll hear from Gina, gives us some nice acceleration in full-year subscription revenue growth. Yevgeny Divra, the excellent CEO of Armis, will run our security business, building on ServiceNow's outstanding foundation.

第二個領域是 AI 資安。我們很高興 Armis 的收購案比預期更早完成；正如你們稍後會聽到 Gina 提到的，這讓我們在 2026 全年訂閱營收成長上獲得一些不錯的加速動能。Armis 優秀的執行長 Yevgeny Divra 將負責我們的資安業務，在 ServiceNow 卓越的基礎之上持續打造與擴展。

And here's the problem, companies employing agents with zero visibility. Therefore, they're unable to see the unmanaged IoT, OT, and medical devices lacking unified access control with no coordinated way to remediate vulnerabilities before they become breaches. Today's ServiceNow addresses this challenge holistically.

而問題在於，企業在使用代理程式時卻毫無可視性。因此，他們無法看見那些缺乏統一存取控制、且沒有協同方式在漏洞演變成入侵前加以修補的未受管理 IoT、OT 與醫療裝置。如今的 ServiceNow 以整體方式來應對這項挑戰。

As the Asset Intelligence Foundation for the AI Control Tower, Armis solves visibility. Real-time agentless discovery of every asset, IT, OT, IoT, medical devices, shadow IT, a continuously updated map that traditional tools can never achieve. 9 out of 10 Fortune 10 companies already rely on Armis. We're excited to deploy it throughout the top 2,000 and beyond.

作為 AI 控制塔的資產智慧基礎（Asset Intelligence Foundation），Armis 解決了可視性問題。即時、無代理（agentless）地發現每一項資產：IT、OT、IoT、醫療裝置、影子 IT，並提供持續更新的地圖，這是傳統工具永遠做不到的。財富 10 大企業中有 9 家已經仰賴 Armis。我們很期待將它部署到前 2,000 大企業及更廣泛的市場。

Veza solves the identity governance. Patented access graph technology maps access across people, machines, and AI agents in real-time. Dynamic, context-aware permissions that are governed continuously, not set once and forgotten. This is the Active Directory for AI Agent Identities. This business will continue to be run by the excellent CEO of Veza, Tarun Thakkar.

Veza 解決身分治理。其具專利的存取圖譜（access graph）技術可即時映射人員、機器與 AI 代理之間的存取權限。動態、具情境感知的權限會被持續治理，而不是設定一次就被遺忘。這就是 AI 代理身分的 Active Directory。這項業務將持續由 Veza 優秀的執行長 Tarun Thakkar 領導經營。

ServiceNow is the biggest piece of the puzzle. Our existing billion-dollar-plus security business ties everything together as the action layer for the CISO. Armis Asset Visibility plus Veza's Identity Governance plus ServiceNow's Business Context, CMDB, equals a unified end-to-end security stack that can see, decide, and act across the entire technology footprint. Nothing else in the market does this, nothing.

ServiceNow 是拼圖中最大的一塊。我們既有、年營收超過十億美元的資安業務，將一切串聯起來，作為 CISO 的行動層。Armis 的資產可視性 + Veza 的身分治理 + ServiceNow 的業務情境與 CMDB，等於一套統一的端到端資安技術堆疊，能在整個技術版圖上看見、判斷並採取行動。市場上沒有任何其他方案能做到這點，沒有。

With Mythos as one example, security activity is skyrocketing. The actions run through this platform. Alerts, tickets, actions, resolutions, they're all revenue drivers for ServiceNow. Enterprises can't afford experiments in today's risk environment. They need ServiceNow as their strategic defense shield for the enterprise.

以 Mythos 為例，資安活動正急遽攀升。所有行動都透過這個平台運行。警示、工單、處置動作、解決方案——它們全都是 ServiceNow 的營收驅動因素。在當今的風險環境下，企業承擔不起實驗的代價。他們需要 ServiceNow 作為企業的策略性防禦盾牌。

The third is AI native CRM. We say AI control tower for business reinvention because there's no more immediate need for reinvention than legacy CRM. It's a little ironic that a category promising a 360-degree view of the customer has left most enterprises spinning around in circles.

第三個領域是 AI 原生 CRM。我們之所以稱之為用於業務再造的 AI 控制塔，是因為沒有任何再造需求比傳統 CRM 更迫切。有點諷刺的是，一個承諾提供 360 度客戶視圖的類別，卻讓多數企業原地打轉。

Best-run businesses need a dramatically different and better way. Customers tell the story better than we can. A multi-market European telco faced 85-plus fragmented applications, no standard quoting process, and a CPQ setup where introducing a single new product took three months. ServiceNow's sales CRM with CPQ collapsed this to one week.

營運最出色的企業需要一種截然不同、而且更好的方式。客戶比我們更能說明這一點。一家跨多市場的歐洲電信業者面臨 85 個以上彼此割裂的應用程式、沒有標準化報價流程，以及一套 CPQ 設定——導入單一新產品就要三個月。ServiceNow 的銷售 CRM 搭配 CPQ，將其縮短到一週。

A global power technology leader across 190 countries has gone live with Phase 3 of its ServiceNow deployment, replacing legacy CPQ. Using AI-driven blueprint automation, the company is reducing new product introduction time from six months to six weeks.

一家業務遍及 190 個國家的全球電力技術領導者，已上線其 ServiceNow 部署的第 3 階段，取代傳統 CPQ。透過 AI 驅動的藍圖自動化，該公司正將新產品導入時間從六個月縮短至六週。

A regional Latin American Bank is live with ServiceNow, building a full front office experience for relationship managers. Agentic AI is scanning portfolios and auto-generating leads using propensity logic tied to their data lake. Because Legacy CRM represents such a significant expense line for enterprises, the demand for an AI alternative is immediate. ServiceNow is not only bringing a technology-superior solution, we help customers swap out legacy SaaS vendors and go live fast with AI.

一家拉丁美洲地區性銀行已上線 ServiceNow，為客戶關係經理打造完整的前台體驗。代理式 AI（Agentic AI）正在掃描投資組合，並運用與其資料湖相連的傾向性（propensity）邏輯自動產生商機線索。由於傳統 CRM 對企業而言是一項相當重大的費用項目，對 AI 替代方案的需求是立即且迫切的。ServiceNow 不僅帶來技術更優的解決方案，我們也協助客戶汰換既有 SaaS 供應商，並以 AI 快速上線。

The fourth area is AI native front door and the employee experience. As people use more of their AI tools like ChatGPT, enterprise leaders urgently want their employees to enjoy a clean, conversational experience. ServiceNow introduced EmployeeWorks, combining MoveWorks, Conversational AI, and Enterprise Search with ServiceNow's unified portal and autonomous agentic AI workflows.

第四個領域是 AI 原生的前門（front door）與員工體驗。隨著人們更多使用像 ChatGPT 這類 AI 工具，企業領導者迫切希望員工能享有乾淨、對話式的體驗。ServiceNow 推出了 EmployeeWorks，結合 MoveWorks、對話式 AI 與企業搜尋，並搭配 ServiceNow 的統一入口網站與自主的代理式 AI 工作流程。

This is available in Teams, Slack or any browser to turn natural language requests into governed multi-system execution for nearly 200 million employees so far. We launched midway through Q1, and it's already closed many deals above a million. You'll also see some exciting new experiences, and we will announce this in a big way at financial analyst day in Vegas. As more employees converge on our conversational experience, ServiceNow will deliver intelligence from any source, putting AI to work for people.

它可在 Teams、Slack 或任何瀏覽器中使用，將自然語言請求轉化為受治理的跨系統執行，迄今已服務近 2 億名員工。我們在第一季中段推出，已經拿下多筆超過 100 萬美元的交易。你也將看到一些令人振奮的新體驗，我們會在拉斯維加斯的金融分析師日以重磅方式宣布。隨著更多員工匯聚到我們的對話式體驗上，ServiceNow 將從任何來源提供智慧，讓 AI 為人所用。

The fifth area is workflow data fabric. We all know that AI is only as valuable as the data itself. Enterprises are frantically organizing and cleansing data from countless disparate sources. Workflow Data Fabric connects data across systems. It adds business context via a unified data catalog and applies policy-based governance controls.

第五個領域是工作流程資料織網（workflow data fabric）。我們都知道，AI 的價值取決於資料本身。企業正手忙腳亂地整理並清理來自無數分散來源的資料。Workflow Data Fabric 連結跨系統的資料。它透過統一的資料目錄加入業務情境，並套用以政策為基礎的治理控管。

With ServiceNow, AI understands how an enterprise actually works so they can take trusted action. I explained the five areas for one good reason. All of them have the capacity to eclipse the size and growth trajectory of ServiceNow as it stands today itself. And for years, we've strengthened a common platform architecture for these businesses, and for others, we're incubating to harness enterprise AI.

透過 ServiceNow，AI 能理解企業實際如何運作，從而採取可信任的行動。我之所以說明這五個領域，有一個重要原因。它們每一個都有能力在規模與成長軌跡上，超越今日的 ServiceNow 本身。多年來，我們已為這些業務強化共同的平台架構；而對於其他業務，我們也正在孵化，以掌握企業級 AI。

ServiceNow has thousands of system connections, a live knowledge graph, and real enterprise context. We accommodate any model aligned to customers' policies, permissions, and rules, and every decision in ServiceNow is auditable end-to-end.

ServiceNow 擁有數千個系統連結、一個即時知識圖譜，以及真實的企業情境。我們可支援任何符合客戶政策、權限與規則的模型，而且 ServiceNow 中的每一項決策都可端到端稽核。

Our platform delivers workflow execution across IT, HR, CRM, and security. It's not recommendations, it's outcomes that matter. Our AI control tower provides real-time visibility across every agent and every workflow, because governance has to be foundational, not retrofitted. This architecture is a big reason why we recently announced the entire ServiceNow portfolio is AI native.

我們的平台可在 IT、HR、CRM 與資安領域提供工作流程執行。重要的不是建議，而是成果。我們的 AI 控制塔可對每一個代理與每一條工作流程提供即時可視性，因為治理必須是基礎能力，而不是事後補裝。這套架構也是我們近期宣布整個 ServiceNow 產品組合皆為 AI 原生的重要原因。

AI, data, security, and governance are now built into every product and package, not a separate purchase. This is a deliberate break from sidecar AI. We're not bolting intelligence onto disconnected systems. We're combining context with execution on a single platform. ServiceNow's context engine is the differentiated capability here. It learns from every decision ever made in a company, grounding each AI agent action in live context, approval chains, asset dependencies, identity relationships, and business rules.

AI、資料、資安與治理如今已內建於每一項產品與套裝中，而不是需要另外加購。這是對「側掛式 AI（sidecar AI）」的刻意切割。我們不是把智慧硬加在彼此斷裂的系統上。我們是在單一平台上把情境與執行結合起來。ServiceNow 的情境引擎是這裡的差異化能力。它從企業過往做出的每一個決策中學習，將每一次 AI 代理的行動建立在即時情境之上，包括核准鏈、資產相依性、身分關係與業務規則。

We've now trained over 95 billion annual workflows and more than 7 trillion transactions and our 22 years at the center of the world's most sophisticated enterprises is really showing up because it brings unmatched intelligence to every decision and this compounds with every workflow we run making the platform smarter over time, in fact, in every millisecond.

我們如今已訓練超過 950 億個年度工作流程與超過 7 兆筆交易；而我們 22 年來身處全球最精密企業的核心，正充分展現其價值——它為每一項決策帶來無可匹敵的智慧，並且隨著我們執行的每一條工作流程而持續累積，使平台隨時間變得更聰明，事實上，精確到每一毫秒。

For example, it knows which asset is tied to a compliance process, which approval chain applies to a given cost threshold, and which vendor's history should inform how a request should be handled. So when people ask, what's the difference between ServiceNow AI and the Foundation Models, you can boil it down to one word, context.

例如，它知道哪一項資產與某個合規流程相連、某個成本門檻適用哪一條核准鏈，以及應該參考哪一家供應商的歷史來決定如何處理一項請求。因此，當人們問 ServiceNow AI 與基礎模型（Foundation Models）有何不同，你可以把答案濃縮成一個字：情境。

I read that one of our customers referred to ServiceNow this way the control tower is the quarterback. It figures out which agent or LLM to use. Merge that with a quote from the Hall of Fame coach, Bill Walsh, Chaos is the quarterback's natural environment.

我讀到我們的一位客戶用這種方式形容 ServiceNow：控制塔就是四分衛。它會判斷該使用哪個代理或哪個 LLM。再把這句話與名人堂教練 Bill Walsh 的名言結合起來：「混亂是四分衛的自然環境。」

Ladies and gentlemen, there's plenty of chaos in today's enterprises. You have hyperscalers, systems of record, foundation models, data lakes, homegrown tools, and agents coming at you from everywhere. That's why our platform is totally open. We integrate with all of them because ServiceNow is the only enterprise AI platform that converts that chaos to control. We would not trade positions with anyone.

各位女士、各位先生，當今企業裡充滿了各種混亂。超大規模雲服務商、記錄系統、基礎模型、資料湖、自建工具，以及從四面八方湧來的代理（agents）。這就是為什麼我們的平台是完全開放的。我們與所有這些都能整合，因為 ServiceNow 是唯一能把混亂轉化為可控的企業級 AI 平台。我們不會跟任何人交換位置。

Let me give you a quick overview of a couple of announcements we just recently rolled out. ServiceNow launched autonomous workforce, teams of AI specialists with the defined roles that execute enterprise work end-to-end with built-in governance, auditability, and human escalation. Our own deployment in ServiceNow is resolving 90% of employee IT requests, with the specialist resolving assigned cases 99% faster than human agents. That's an AI specialist.

我先快速概述幾項我們最近剛推出的公告。ServiceNow 推出了「自主勞動力」（autonomous workforce）：由具備明確角色定義的 AI 專家所組成的團隊，能端到端執行企業工作，並內建治理、可稽核性，以及人工升級處理機制。我們在 ServiceNow 內部的部署，已能解決 90% 的員工 IT 請求；而 AI 專家處理指派案件的速度，比人工代理快 99%。這就是 AI 專家。

In the AI native platform announcement, you might have missed build agent, which gives us developer openness, another meaningful unlock. Developers can build from any integrated developer environment, Claude Code, Cursor, Codex, Windsurf, and deploy them directly to ServiceNow.

在 AI 原生平台的公告中，你可能錯過了 build agent；它帶來了開發者開放性，是另一個重要的解鎖。開發者可以從任何已整合的開發環境建置，例如 Claude Code、Cursor、Codex、Windsurf，並直接部署到 ServiceNow。

This expands the addressable builder community significantly. Build agent skills isn't just a developer tool, it's the on-ramp to an ecosystem where every custom agent is automatically governed, data connected, and workflow integrated from the moment it deploys.

這將大幅擴大可觸及的建置者社群。Build agent skills 不只是開發者工具；它是通往一個生態系的入口——從部署那一刻起，每個客製代理都會自動納入治理、完成資料連結，並與工作流程整合。

With Enterprise Service Management Foundation, we are expanding our opportunity in the mid-market as well. With deployment in weeks, not months, this is the direct expansion of our addressable customer base. One early example is Robinhood. Robinhood is deflecting 70% of employee requests before human intervention. They've already eliminated 2,200 hours of manual effort monthly, and the success just continues.

透過 Enterprise Service Management Foundation，我們也在擴大中型市場的機會。部署以「數週」而非「數月」為單位，這是我們可服務客戶基礎的直接擴張。一個早期案例是 Robinhood。Robinhood 在需要人工介入之前，就能分流 70% 的員工請求。他們每月已經消除 2,200 小時的人工工作量，而且成效仍在持續擴大。

I know many are interested in the progress of our hybrid business model, especially with regard to consumption pricing. You'll be happy to know that 50% of net new business now comes from a non-seat-based pricing model, including tokens and other assets such as infrastructure, hardware and connectors.

我知道很多人關心我們混合式商業模式的進展，特別是與用量計價（consumption pricing）相關的部分。你會很高興知道，目前 50% 的淨新增業務已來自非席位（non-seat-based）的計價模式，包括 tokens 以及其他資產，例如基礎設施、硬體與連接器。

Our hybrid pricing model gives customers the best of both worlds, predictable, foundational seat licenses combined with usage-based scalability. It's the freedom to scale AI adoption without a friction that the customers love. We continue to see the hockey stick taking shape.

我們的混合式定價模式，讓客戶兩全其美：可預測、作為基礎的席位授權，結合以用量為基礎的可擴展性。這讓客戶能更自由地擴大 AI 採用，而不會產生摩擦——這正是客戶喜愛的。我們持續看到「曲棍球棒」式成長正在成形。

One example is British Engineering and Technology Company, 45,000 employees, 50 countries, they're using ServiceNow autonomous workflows, employee self-service, and it's jumped the usability and the outcome by 3x with 38,000 tickets now deflected, resolution time is down by two entire days. A leading online travel company is using ServiceNow Agentic AI to deliver 11 million autonomous AI resolutions annually for HR and IT alone. They freed employees to focus on strategic work.

其中一個例子是某家英國工程與科技公司，擁有 45,000 名員工、遍及 50 個國家；他們使用 ServiceNow 的自主工作流程與員工自助服務，使可用性與成果提升了 3 倍，並已分流 38,000 張工單，解決時間縮短了整整兩天。另一家領先的線上旅遊公司，正使用 ServiceNow Agentic AI，僅在人資與 IT 領域，每年就能提供 1,100 萬次自主 AI 解決。他們讓員工得以專注於策略性工作。

Processes that once took days now take minutes. The results are transformational. Over 230% ROI, 45,000 hours back to their people, and millions saved annually. These and many stories like them validate our hybrid thesis as the business value emerges, refresh upgrades follows. We'll have more on this at FAAD. We really can't wait.

過去需要好幾天的流程，現在只要幾分鐘。成果具有顛覆性。投資報酬率（ROI）超過 230%，把 45,000 小時還給員工，每年節省數百萬成本。這些以及更多類似的故事，驗證了我們的混合式論點：當商業價值浮現，更新升級就會隨之而來。我們會在 FAAD 分享更多。我們真的迫不及待。

We're seeing continued meaningful acceleration in the partner ecosystem. There is deep technical collaboration between ServiceNow engineers and OpenAI technical advisors. OpenAI native voice and text models are integrated directly into the ServiceNow AI platform, and they're using us as a gateway into the enterprise.

我們看到合作夥伴生態系持續且顯著加速。ServiceNow 工程師與 OpenAI 技術顧問之間有深度的技術協作。OpenAI 原生的語音與文字模型已直接整合進 ServiceNow AI 平台，而他們也把我們作為進入企業的入口。

If you think about it, ServiceNow AI specialists are working side-by-side with Google Gemini, AI agents. They're doing this across 5G networks, retail and IT operations with zero data movement and zero gaps in governance.

如果你想一想，ServiceNow 的 AI 專家正與 Google Gemini 的 AI 代理並肩工作。他們在 5G 網路、零售與 IT 營運等場景中做到這點，完全不需要資料搬移，治理也沒有任何缺口。

Claude models are also deeply integrated into ServiceNow AI platform for developers and employees. ServiceNow, NTT, Docomo and Starhub are developing the industry's first inter-carrier autonomous roaming resolution model on the ServiceNow AI platform. ServiceNow and Cohesity announced a partnership to deliver agent resilience by combining ServiceNow's AI agent control tower with Cohesity's immutable point-in-time data recovery.

Claude 模型也已深度整合進 ServiceNow AI 平台，服務開發者與員工。ServiceNow、NTT、Docomo 與 Starhub 正在 ServiceNow AI 平台上開發業界第一個跨電信業者的自主漫遊問題解決模型。ServiceNow 與 Cohesity 宣布合作，透過結合 ServiceNow 的 AI 代理控制塔與 Cohesity 的不可變（immutable）時間點資料復原，提供代理韌性（agent resilience）。

ServiceNow and Carasoft expanded our partnership to extend ServiceNow AI platform availability. This opens all Carasoft's commercial channels in addition to its established government network of 10,000-plus resellers. There's so much to talk about, I want to leave some for Q&A, but a colleague today reminded me of something Warren Buffett often quotes from Benjamin Graham. in the short run, markets are voting machines, and right now, uncertainty is winning the vote.

ServiceNow 與 Carasoft 擴大合作夥伴關係，以延伸 ServiceNow AI 平台的可用性。這將開啟 Carasoft 的所有商業通路，並加上其既有的政府網路（超過 10,000 家經銷商）。有太多可以談的，我想留一些給問答；但今天有位同事提醒我，華倫・巴菲特常引用班傑明・葛拉漢的一句話：短期來看，市場是投票機，而此刻，不確定性正在贏得選票。

But don't worry, in the long run, they are weighing machines. And I'll tell you, I'll get on that scale with that ServiceNow brand on my chest any day. We look at it. We studied it. We dare anyone to bring a better solution to the market than ServiceNow.

但別擔心，長期來看，市場是秤重機。我告訴你，任何一天我都願意胸前掛著 ServiceNow 這個品牌站上那個秤。我們看過了。我們研究過了。我們敢讓任何人把比 ServiceNow 更好的解決方案帶到市場上來。

We are the rules and the rails of business. When you're faced with these results, trust what you see. You have every reason to believe your own eyes. Don't fall for the parlor trick. That one-touch button can replace 22 years of excellence. This is not a company that shrinks from challenges, it rises to every opportunity. To all our shareholders, thank you for your continued belief in ServiceNow, we will never let you down. I'll leave you with this.

我們是商業的規則與軌道。當你面對這些成果時，相信你所看到的。你完全有理由相信自己的眼睛。別被那種小把戲騙了。別以為一個一鍵按鈕就能取代 22 年的卓越。這不是一家遇到挑戰就退縮的公司；我們會在每個機會面前挺身而出。致所有股東，感謝你們持續相信 ServiceNow，我們絕不會讓你們失望。最後我想用這段話作結。

There's a perfect correlation between enterprise AI from any source and ServiceNow's expansion. We're letting it rip. Whether it's built or bought, ServiceNow will unlock more value out of every dollar spent on AI in the enterprise. That's a guarantee. There are a lot of things AI can do for your business, and we love them all. There's also a lot of things AI can do to your business, and we want to protect you.

來自任何來源的企業 AI，與 ServiceNow 的擴張之間存在完美的正相關。我們全力加速。不論是自建還是採購，ServiceNow 都將從企業在 AI 上花的每一塊錢中解鎖更多價值。這是保證。AI 能為你的企業做很多事，我們都很喜歡。AI 也能對你的企業做很多事，而我們希望保護你。

We have comported this and how we've composed this company organically and with the integration of MoveWorks, Veza and Armis. Our platform has gone from land and expand to control and compound. AI that thinks, workflows that act, all production-grade, enterprise-scaled. ServiceNow is the AI-defining enterprise software company of the 21st century. We're just getting started.

我們已經證明了這一點，以及我們如何透過有機成長並整合 MoveWorks、Veza 與 Armis 來打造這家公司。我們的平台已從「落地並擴張」（land and expand）進化為「控制並複利」（control and compound）。會思考的 AI、會行動的工作流程——全部達到可投產等級、具備企業級規模。ServiceNow 是 21 世紀定義 AI 的企業軟體公司。我們才剛開始。

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

接下來我把時間交給我們的總裁兼財務長 Gina Mastantuno。Gina，交給你。

Thank you, Bill. Q1 was another quarter of outstanding execution. The team delivered strong results, being the high end of our guidance across all top-line and profitability metrics. Now Assist continues to see incredible demand, which has had a nice pull effect and driven outperformances across emerging products like AI Control Tower and RaptorDB Pro.

謝謝你，Bill。第一季（Q1）是另一個執行表現出色的季度。團隊交出強勁成果，在所有營收端與獲利能力指標上都達到我們財測指引的高端。Now Assist 持續看到驚人的需求，帶來良好的拉動效應，並推動 AI Control Tower 與 RaptorDB Pro 等新興產品全面超預期表現。

Q1 subscription revenues were $3.671 billion, growing 19% year over year in constant currency and above the high end of our guidance. This includes about a 75-basis-point headwind from delayed closings of several large on-premise deals in the Middle East due to the ongoing conflict in the region.

第一季訂閱營收為 36.71 億美元，以固定匯率計年增 19%，並高於我們指引區間的上緣。其中包含約 75 個基點的不利因素，原因是受該地區持續衝突影響，中東數筆大型地端（on-premise）交易的結案延後。

RPO ended the quarter at approximately $27.7 billion, representing 23.5% year over year constant currency growth. Current RPO was $12.64 billion, representing 21% year over year constant currency growth, a 100-basis-point beat versus our guidance.

本季末 RPO 約為 277 億美元，以固定匯率計年增 23.5%。當期 RPO（Current RPO）為 126.4 億美元，以固定匯率計年增 21%，較我們指引高出 100 個基點。

Across our workflows, we saw broad-based demand. Technology workflows had 33 deals over a million, including five over 5 million. Service ops and ITAM were each in 17 of our top 20 deals, and security and risk was in 15.

在各項工作流程中，我們看到廣泛的需求。科技工作流程有 33 筆超過 100 萬美元的交易，其中 5 筆超過 500 萬美元。服務營運（Service ops）與 ITAM 各自出現在我們前 20 大交易中的 17 筆，而安全與風險（security and risk）出現在 15 筆。

CRM and industry workflows were in 16 of our top 20 deals, with 16 over a million, driven by strength in CPQ and sales and order management. Core business workflows had 13 deals in the top 20 with 12 over a million, and creative workflows had 16 deals in the top 20 with 11 over a million dollars.

CRM 與產業工作流程出現在我們前 20 大交易中的 16 筆，其中 16 筆超過 100 萬美元，主要由 CPQ 以及銷售與訂單管理的強勁表現所帶動。核心業務工作流程在前 20 大交易中有 13 筆、其中 12 筆超過 100 萬美元；創意工作流程在前 20 大交易中有 16 筆、其中 11 筆超過 100 萬美元。

From an industry perspective, transportation and logistics continue to lead the way with net new ACV growing over 280% year over year. Financial Services posted impressive growth, surpassing 65%, followed by Energy and Utilities growing up 45% year over year. Telcom and Media also delivered robust growth in the quarter and US Public Sector outperformed in Q1, including 10 deals over $1 million.

從產業面來看，運輸與物流持續領先，淨新增 ACV 以年增超過 280% 成長。金融服務的成長表現亮眼，超過 65%，其次是能源與公用事業年增 45%。電信與媒體本季也交出強勁成長，美國公共部門在第一季表現優於預期，其中包含 10 筆超過 100 萬美元的交易。

Our renewal rate, inclusive of MoveWorks was a strong 97% in the quarter. We ended Q1 with 630 customers, generating over $5 million in ACV. Furthermore, we had five more customers cross the $50 million threshold versus last year. We closed 16 deals greater than $5 million in net new ACV in the quarter, including five deals over $10 million.

本季續約率（包含 MoveWorks）維持強勁，達 97%。第一季結束時，我們有 630 家客戶的 ACV 超過 500 萬美元。此外，相較去年，另有 5 家客戶跨越 5,000 萬美元門檻。本季我們完成 16 筆淨新增 ACV 超過 500 萬美元的交易，其中包含 5 筆超過 1,000 萬美元。

The power of our Better Together platform model was evident as 17 of our top 20 deals included seven or more products. Our strategic focus on landing the right new customers also continues to see success. New logo ACV growth accelerated to over 50% year over year in Q1, which included our largest net new logo deal ever at over $15 million.

我們「Better Together」平台模式的威力相當明顯：前 20 大交易中有 17 筆包含 7 個以上產品。我們在「導入正確的新客戶」上的策略聚焦也持續奏效。第一季新客戶（new logo）ACV 成長加速至年增超過 50%，其中包含我們史上最大的一筆淨新增新客戶交易，金額超過 1,500 萬美元。

Now Assist continues to outperform expectations, putting it on a trajectory to exceed our $1 billion-dollar target for 2026. In Q1, deals including three or more NowAssist products grew nearly 70% year over year, including 36 deals with five or more products.

Now Assist 持續優於預期，使其朝著在 2026 年超越我們 10 億美元目標的軌道前進。第一季，包含 3 個以上 NowAssist 產品的交易年增近 70%，其中包含 36 筆包含 5 個以上產品的交易。

The signal is clear. Customers are moving past experimentation into full-scale enterprise-wide AI investment. We'll provide further details about these trends next month in Las Vegas. I would note that with our new AI-native packages, our Now Assist ACV target will continue to capture only the incremental contribution from our AI capabilities.

訊號很明確。客戶正從試驗階段邁向全規模、企業範圍的 AI 投資。我們將在下個月於拉斯維加斯進一步提供這些趨勢的細節。我也要指出，隨著我們新的 AI 原生套裝方案推出，我們的 Now Assist ACV 目標將持續僅計入 AI 能力所帶來的增量貢獻。

Turning to MoveWorks. We took their great conversational AI and enterprise search capabilities, integrated them with Employee Pro in under three weeks and drove it through our incredible go-to-market distribution network.

接著談 MoveWorks。我們將其出色的對話式 AI 與企業搜尋能力，在不到三週內與 Employee Pro 整合，並透過我們卓越的上市推廣（go-to-market）通路網路加速推動。

Launching EmployeeWorks as a unified AI front door in February. The results speak for themselves. As Bill mentioned, we've already closed six deals above $1 million in net new ACV. We're just getting started. AI Control Tower also continues to build momentum, with average deal sizes more than doubling quarter over quarter in Q1.

我們於 2 月推出 EmployeeWorks，作為統一的 AI 前門（front door）。成果不言自明。如 Bill 所提，我們已完成 6 筆淨新增 ACV 超過 100 萬美元的交易。我們才剛開始。AI Control Tower 也持續累積動能，第一季平均交易規模較前一季增加逾一倍。

Customers recognize that as AI agents grow in capability, a governed platform to run them isn't optional. It's essential. With the proliferation of AI across the enterprise, we're also seeing increasing adoption of RaptorDB Pro. Deal volume grew 80% year over year in Q1 and included five deals over a million.

客戶認知到，隨著 AI 代理（AI agents）能力提升，能夠在受治理（governed）的平台上運行它們不再是可有可無。而是不可或缺。隨著 AI 在企業內部快速普及，我們也看到 RaptorDB Pro 的採用率持續提升。第一季交易量年增 80%，其中包含 5 筆超過 100 萬美元的交易。

Turning to profitability, non-GAAP operating margin was 32%, 50 basis points above our guidance, driven by AI OpEx efficiencies. Our free cash flow margin was 44%. In Q1, we executed a $2 billion accelerated share repurchase and bought back approximately 20.2 million shares, double the amount we repurchased in all of 2025. As of the end of the quarter, we had approximately $4.2 billion of authorization remaining. Together, these results continue to demonstrate our ability to drive a strong balance of world-class growth, profitability, and shareholder value.

談到獲利能力，非 GAAP 營業利益率為 32%，較我們指引高出 50 個基點，主要受 AI 帶來的營運費用（OpEx）效率提升所驅動。我們的自由現金流利潤率為 44%。第一季我們執行了 20 億美元的加速股票回購（ASR），回購約 2,020 萬股，為 2025 全年回購量的兩倍。截至季末，我們尚餘約 42 億美元的回購授權額度。綜合而言，這些成果持續展現我們在世界級成長、獲利能力與股東價值之間取得強勁平衡的能力。

Moving to our outlook. I'm thrilled to announce the early close of our acquisition of Armis, which will significantly expand our TAM and accelerate our subscription revenue growth. While we expect some near-term headwinds to margins as we integrate the business this year, strong AI efficiencies internally from now on now and our underlying platform leverage will normalize our operating and free cash flow margin expansion trajectory in 2027 and beyond.

接著談我們的展望。我很高興宣布，我們已提前完成對 Armis 的收購交割，這將大幅擴大我們的 TAM，並加速訂閱營收成長。雖然我們預期今年在整合該業務期間，利潤率短期將面臨一些逆風，但自此之後我們內部強勁的 AI 效率提升，以及底層平台的營運槓桿，將使我們在 2027 年及之後的營業利益率與自由現金流利潤率擴張軌跡回歸常態。

Our guidance captures that momentum while taking a prudent view of the geopolitical environment, particularly the conflict in the Middle East and its potential impacts to deal timing. With that in mind, for 2026, we are raising our subscription revenues by $205 million at the midpoint to $15.735 billion to $15.775 billion, representing 20.5% to 21% year over year growth on a constant currency basis. This includes a 125 basis point contribution from Armis.

我們的指引反映了這股動能，同時也對地緣政治環境採取審慎看法，特別是中東衝突及其對交易時點可能造成的影響。基於此，針對 2026 年，我們將訂閱營收在中位數上調 2.05 億美元至 157.35 億至 157.75 億美元，以固定匯率計年增 20.5% 至 21%。其中包含 Armis 貢獻的 125 個基點。

We now expect subscription gross margin of 81.5% and operating margin of 31.5%, which included 25 basis point and 75 basis point headwind from Armis, respectively. We expect free cash flow margin of 35%. This includes a 200 basis point headwind from Armis and GAAP diluted weighted average outstanding shares of $1.04 billion.

我們目前預期訂閱毛利率為 81.5%，營業利益率為 31.5%，其中分別包含 Armis 帶來的 25 個基點與 75 個基點逆風。我們預期自由現金流利潤率為 35%。其中包含 Armis 帶來的 200 個基點逆風，以及 GAAP 稀釋後加權平均流通股數為 10.4 億股。

For Q2, we expect subscription revenues between $3.815 billion and $3.820 billion, representing 21% to 21.5% year over year growth on a constant currency basis. We expect CRPO growth of 19.5% on a constant currency basis. Both subscription revenue and CRPO include 125 basis point contribution from Armis. We expect an operating margin of 26.5%, which includes a 125 basis point headwind from Armis, and we expect $1.04 billion GAAP diluted weighted average outstanding shares for the quarter.

針對第二季，我們預期訂閱營收介於 38.15 億至 38.20 億美元，以固定匯率計年增 21% 至 21.5%。我們預期 CRPO 以固定匯率計成長 19.5%。訂閱營收與 CRPO 皆包含 Armis 貢獻的 125 個基點。我們預期營業利益率為 26.5%，其中包含 Armis 帶來的 125 個基點逆風，並預期本季 GAAP 稀釋後加權平均流通股數為 10.4 億股。

In conclusion, Q1 was another proof point of what this business is built to do. We exceeded the high end of our top-line and profitability guidance metrics, continue to grow free cash flow and return substantial capital to shareholders, all while accelerating platform innovation that will define the next decade of enterprise reinvention for an AI enterprise.

總結來說，第一季再次證明了這項業務的核心能力。我們在營收與獲利能力指引指標上均超越上緣，持續成長自由現金流並向股東回饋可觀資本，同時加速平台創新，這些創新將定義 AI 企業推動企業再造的下一個十年。

I've had a front-row seat to one of the most remarkable growth trajectories in enterprise software. And I'll tell you, what we are building right now, the combination of agentic AI, workflow orchestration, security, and data fabric all on one platform. This is the chapter that makes everything else look like the preamble. You're all invited to hear more about it at our upcoming financial analyst day on May 4, which will be webcast on our Investor Relations website.

我近距離見證了企業軟體領域最卓越的成長軌跡之一。我可以告訴各位，我們正在打造的，是將代理式 AI（agentic AI）、工作流程編排（workflow orchestration）、安全與資料織網（data fabric）整合於同一平台之上。這將是讓其他一切都顯得只是序章的篇章。誠摯邀請各位在 5 月 4 日即將舉行的金融分析師日了解更多，活動將於我們投資人關係網站進行網路直播。

Finally, Bill and I would like to thank all of our employees for their continued hard work and dedication. I also want to extend a big welcome to the Armis and Veza teams to the ServiceNow family.

最後，Bill 和我想感謝所有員工持續的辛勤付出與投入。我也要熱烈歡迎 Armis 與 Veza 團隊加入 ServiceNow 大家庭。

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

那麼，接下來我開放 Q&A。

(Operator Instructions)

(接線員指示)

Mark Murphy, JPMorgan.

Mark Murphy，摩根大通。

Thank you so much. So, Bill, you had mentioned 90 days ago that the global business was performing well. And at that time, it had included the Middle East during Q4. Can you double-click on what exactly you saw during Q1 amidst the Iran war? I'm just curious, are the deferrals related to governments or sovereign-backed or private sector entities? You mentioned these are on-prem, and were they AI or non-AI? And then just finally, do you think that these would snap back relatively quickly if the conflict is resolved here during Q2?

非常感謝。Bill，你在 90 天前提到全球業務表現良好。而當時也包含了第四季的中東地區。你能否更深入說明在伊朗戰爭背景下，你們在第一季究竟看到了什麼？我只是好奇，這些遞延是與政府、主權支持的機構，還是民間企業有關？你提到這些是地端部署（on-prem），那它們是 AI 相關還是非 AI？最後，你認為如果衝突在第二季期間解決，這些是否會相對快速回補？

Yeah, first of all, Mark, thank you very much for the question. And let me, first of all, begin the answer with, we just beat and raised. So it was a beat and raise. Not an excuse that there happens to be a conflict or war in Iran. We're not making any excuses. Our results are great. What we did explain is that there is a slight impact to the guide in going forward in Q2 as a result of the war because you have to remember when you're dealing with a sovereign cloud in the Middle East, everything that happens in the Middle East is recognized as on-premise revenue.

好的，首先，Mark，非常感謝你的提問。我先從這點開始回答：我們這季是超預期並上調指引。所以是「超預期且上調」。並不是因為伊朗發生衝突或戰爭就在找藉口。我們不找任何藉口。我們的業績很棒。我們所說明的是：由於戰爭的影響，第二季往前看的指引會有些微影響，因為你要記得，當你在中東處理主權雲（sovereign cloud）時，中東發生的任何事情都會被認列為地端（on-premise）營收。

So it's not linear or ratable. It happens all at once. So when there's a delay, it has a natural impact and we just mentioned that as a statement of fact that impacts slightly the guide. But I want to be clear, like everything is activated properly, the conversation are going on. People are back in their offices now, and we don't have any long-term matter for those shareholders to be concerned with.

因此它不是線性或按期分攤（ratable）認列。而是一次性發生。所以當出現延遲時，自然會帶來影響；我們只是如實陳述，這會對指引造成些微影響。但我想說清楚：一切都在正常推進，相關啟用都運作良好，對話也持續進行。大家現在也都回到辦公室了，我們沒有任何需要股東擔心的長期問題。

And Mark, I would just add, right, that we capped the full-year guide. We didn't reduce it for any potential conflicts, right? So it was a few on-prem deals that slipped in the quarter, and you know on-prem is a larger impact to revenue, but we feel very confident in the results. We feel very confident in the guide.

Mark，我補充一下：我們維持了全年指引的上限。我們並沒有因為任何潛在衝突而下修。所以只是有幾筆地端（on-prem）交易在本季遞延；你也知道地端對營收的影響更大，但我們對結果非常有信心。我們對指引也非常有信心。

And thank you for that, Gina. And just as a quick follow-up, it's great to see the very clear AI traction that the business is carrying. Can you just comment on with the pricing changes and AI, less of -- I think Bill's term was not a sidecar and embedded natively.

謝謝你，Gina。再快速追問一下：很高興看到業務在 AI 上有非常明確的動能。你能否就定價調整與 AI 做個評論——我想 Bill 的用語是，AI 不再是外掛（sidecar），而是原生內嵌（embedded natively）。

With the shift to the foundation in advanced and prime tiers, how will you measure and kind of derive that analysis to AI revenue stream just going forward under the new methodology? Is it simple and straightforward or do you have to make some new assumptions?

隨著轉向 Foundation、Advanced 與 Prime 等級方案，你們將如何衡量並分析在新方法下的 AI 營收來源？這會很簡單直接，還是需要做一些新的假設？

I'm going to just give you one headliner, Mark, out of respect for your great company and you personally that you might find interesting. Gina will be mad at me because it's something we were hoping for fad, but in the circumstances we operate in, I think disclosure is a good thing. We had a goal to be $1 billion on our AI commit this year as you know.

Mark，出於對你們優秀公司以及你個人的尊重，我先給你一個你可能會覺得有意思的重點。Gina 可能會對我生氣，因為這是我們原本希望之後再談的，但在我們所處的環境下，我認為揭露資訊是好事。如你所知，我們今年的目標是 AI 承諾金額（AI commit）達到 10 億美元。

And I think we might have understated that a little bit. We're already talking about $1.5 billion now, and it's on a run. So to specifically answer your question, I think it's appropriate for Amit to give you some G2 on how we structured it and why we know it's a winner. Amit?

我想我們可能稍微低估了。我們現在已經在談 15 億美元，而且還在加速成長。所以要具體回答你的問題，我認為由 Amit 來說明我們如何架構、以及為什麼我們知道這會是贏家，會更合適。Amit？

Thanks, Bill. Hey, Mark. So the way we're thinking about this, and we've announced our pricing capabilities is that AI capabilities are in each of the SKUs now. And what we did with ProPlus, which was a higher-end SKU with Assist are now available also for the Foundation and Advanced SKUs. So all of our products now have AI built-in, and the incremental Assist part of is going to be counted as our AI revenue. So it's pretty straightforward, very easy to measure, easy to track. There's no confusion there and we'll be very clear that it's only going to be the AI part, which will count toward the AI revenue to be discussed going forward.

謝謝，Bill。嗨，Mark。我們的思考方式，以及我們已宣布的定價能力是：AI 能力現在已納入每一個 SKU。我們在 ProPlus（較高階 SKU）搭配 Assist 的做法，現在也同樣提供給 Foundation 與 Advanced SKU。因此我們所有產品現在都內建 AI，而其中額外的 Assist 部分將被計入我們的 AI 營收。所以這相當直接、非常容易衡量，也容易追蹤。不會有混淆；我們也會非常清楚地說明，只有 AI 的那一部分會被計入、並在未來對外討論的 AI 營收。

So to be very clear. Mark, we have the exact same methodology, and we will continue to capture only the incremental contribution from the AI capabilities, and so that $1.5 billion that Bill talked about, we're measuring the exact same way as we always measured. We're just hitting our goals a lot quicker than we ever thought we would.

再說得更清楚一點。Mark，我們的方法論完全相同，我們會持續只捕捉 AI 能力所帶來的增量貢獻；因此 Bill 提到的 15 億美元，我們的衡量方式與過去一直以來相同。只是我們達標的速度比我們原先想像的快很多。

Okay. Great to hear about a $500 million increase on that number. Thank you so much.

了解。很高興聽到那個數字增加了 5 億美元。非常感謝。

Thank you, Mark.

謝謝你，Mark。

Brad Zelnick, Deutsche Bank.

Brad Zelnick，德意志銀行。

Great. Thanks so much for taking the question. Bill, we've been really impressed hearing from early adopters of Control Tower and how strategic it's seen for enabling the deployment of agentic apps. But we also realize that agentic orchestration is emerging as a very noisy and competitive space. How do you see ServiceNow's differentiation evolving from here amidst all the noise?

很好。非常感謝讓我提問。Bill，我們從 Control Tower 的早期採用者那裡聽到的回饋令人印象深刻，他們認為這對於推動代理式（agentic）應用的部署具有高度策略性。但我們也了解到，代理式協同編排（agentic orchestration）正成為一個非常喧鬧且競爭激烈的領域。在這麼多雜音之中，你如何看待 ServiceNow 的差異化從現在起將如何演進？

Yeah, I'll start, and then Amit, by all means, feel free to join in. We have data, and that data has been built over 22 years in this quote unquote ERP for IT or that system of record. And as we've expanded the boundaries end-to-end of what this platform can do. So think now about 95 billion workflows, and more than 7 trillion transactions getting trained at sub-second speed for everything that happens in an enterprise to that data.

我先回答，然後 Amit 也請隨時補充。我們有資料，而這些資料是在過去 22 年間建立起來的——可說是 IT 的「所謂 ERP」，或是那個系統紀錄（system of record）。而隨著我們把這個平台能做的事情邊界端到端地擴展。想像一下：現在有 950 億個工作流程，以及超過 7 兆筆交易，以次秒級速度被訓練，涵蓋企業內發生的一切並回饋到資料中。

So the context and the context engine that we have built to be that AI Control Tower for business reinvention, managing the humans and the agents and coalescing that. And this unbelievable platform is what gives us the context advantage that nobody can match.

因此，我們打造的情境（context）與情境引擎（context engine），使我們能成為企業再造的 AI Control Tower，管理人類與代理（agents）並將其整合協同。而這個令人難以置信的平台，正是我們擁有「情境優勢」的原因，這是任何人都無法匹敵的。

And I just want to give you one sidecar, yesterday we had the board of directors in, and we had one of the really great CIOs in the world. And she basically said, we are the control rail for all the key business processes that run through her global corporation. And she said that she would never even think about it, but if you think about the fractional cost that ServiceNow is to her IT budget, she would never even think about addressing that line item because it's so important. But if you did, it would have to be at least 10 times more expensive to even try to fix or change it. So there you have it.

我再補充一個「外掛（sidecar）」的例子：昨天我們董事會開會時，邀請到全球最優秀的 CIO 之一。她基本上表示，我們是她跨國企業所有關鍵業務流程的控制軌（control rail）。她說她甚至不會去想這件事，但如果你想到 ServiceNow 在她 IT 預算中只占很小一部分成本，她根本不會考慮去動那個費用項目，因為它太重要了。但如果真的要動，那麼光是要修復或更換它，成本至少會高出 10 倍。就是這樣。

And Amit, please give some color on the differentiation.

Amit，也請你補充說明一下差異化。

Thanks, Bill. So, hey, Brad, the way we think about this is that, one, we're going beyond just orchestration. There's a lot of context, as Bill mentioned, and we introduced something called Context Engine, which tracks not what a decision was what the decision was made, but why it was done. So it brings in a lot of information from the workflows and the environment and the systems we've been running for many years already.

謝謝你，Bill。所以，嗨，Brad，我們的看法是，第一，我們不只是做編排（orchestration）。如同 Bill 提到的，這裡有很多脈絡（context），我們推出了一個叫做 Context Engine 的東西，它追蹤的不是做了什麼決策、或決策是如何做成的，而是為什麼要這麼做。因此它會把工作流程、環境，以及我們多年來已經在運行的系統中的大量資訊帶進來。

Second, we're also building out this idea of autonomous workforce. You have a full AI specialist which do the full task of which humans do today and replaces that with end-to-end capabilities. So you don't have to worry about orchestration, AI agent management, figuring out how to integrate them and do the whole heavy lift of security, compliance and control around it, right?

第二，我們也在打造「自主型勞動力（autonomous workforce）」這個概念。你會有完整的 AI 專家，能執行人類今天所做的完整任務，並以端到端能力取代之。因此你不必擔心編排、AI 代理（agent）管理、思考如何整合它們，以及圍繞其所需的安全、合規與控管等繁重工作，對吧？

With the AI Control Tower, you have the full visibility across an enterprise-wide, while we give you the full capability of doing the actioning end-to-end, which is way different than just saying take pieces of technology and build it yourself and figure out a way to orchestrate it. We do provide an orchestration engine, which is very comparable to everybody else and very differentiated with the context data. But we're also up-leveling that with a solution and outcome-driven mindset, so it changes the game for a lot of our customers because they don't have to worry about the heavy lift they have to do otherwise.

透過 AI Control Tower，你可以在全企業範圍內獲得完整可視性，同時我們也提供端到端的執行（actioning）能力；這與只是把一些技術拼起來、自己打造並想辦法編排，完全不同。我們確實提供一個編排引擎，在能力上與其他人非常可比，並且透過脈絡資料（context data）形成明顯差異化。但我們也以解決方案與成果導向的思維把它提升到更高層次，因此對許多客戶而言改變了遊戲規則，因為他們不必再承擔原本必須自己完成的繁重工作。

Thank you, guys. Very helpful.

謝謝各位。非常有幫助。

Thanks, Brad.

謝謝你，Brad。

Gabriela Borges, Goldman Sachs.

Gabriela Borges，高盛。

Hi, good afternoon. Thank you. So, Amit and Gina, I appreciate all of the detail on the new products. What I wanted to ask you about is the risk that customers start to negotiate and move down on the more classic parts of the ServiceNow SAC in order to essentially free up budget for some of the new products. I'd love to hear a perspective on how you're navigating some of those conversations when customers say, we're getting so much value from the AI part of the SAC, which means while the part of the SAC may actually be less valuable to us, therefore give us more of a discount on that. We'd love to (multiple speakers) Thank you.

嗨，午安。謝謝。所以，Amit 和 Gina，我很感謝你們對新產品提供的所有細節。我想請教的是：客戶是否可能開始在 ServiceNow SAC 較傳統的部分進行議價、把價格往下談，以便實質上騰出預算給一些新產品？我很想聽聽你們如何應對這類對話：當客戶說，我們從 SAC 的 AI 部分獲得很大價值，這表示 SAC 的其他部分對我們可能沒那麼有價值，因此請在那部分給我們更多折扣。我們很希望能（多位講者）謝謝。

Yeah, thank you, Gabriela. One thing I can tell you from being in the industry for quite some time and running another global corporation that was the biggest in the world. One thing that I've learned is when you innovate on the platform, whatever the platform is, it reinvigorates the core. And when you do smart M&A, it also doubled down, reinvigorates the core.

是的，謝謝你，Gabriela。我可以告訴你的是，我在這個產業待了相當長一段時間，也曾經經營過另一家曾是全球最大規模的跨國企業。我學到的一件事是：當你在平台上創新——不論是哪一種平台——它會讓核心業務重新被激活、重獲動能。而當你做出聰明的併購（M&A）時，也會加倍投入、同樣讓核心重新被激活。

And if you look at any company of size, scale, and significance, that's always true. So, no, we're not getting negotiated down on the core. Actually, we're redoubling our focus on it because that system of record for IT where we started and founded the company has now become more important than ever. So there's a higher appreciation for it because of AI, because it's the pivot point by which we extend to all the other functions of a company. It's also the pivot point to our workflow data fabric and the context engine that Amit just discussed.

如果你看任何具備規模、體量與重要性的公司，這點總是成立。所以，不，我們並沒有在核心上被客戶把價格談下來。事實上，我們正加倍聚焦於核心，因為我們起家並創立公司時所建立的 IT 記錄系統（system of record），如今比以往任何時候都更重要。因此因為 AI 的關係，大家對它的重視程度更高，因為它是我們延伸到公司其他所有職能的樞紐點。它同時也是我們工作流程資料織網（workflow data fabric）與 Amit 剛提到的 Context Engine 的樞紐點。

So there is no great autonomous AI platform end-to-end. There is no great Control Tower. There is no great workflow data fabric. There is no great integration layer that ties into the hyperscalers, the language models, the systems of record without that unbelievable core that Fred Luddy built into the company 22 years ago.

沒有那種端到端都很強的自主式 AI 平台。沒有那種很強的 Control Tower。沒有那種很強的工作流程資料織網。也沒有那種很強、能把超大規模雲端服務商（hyperscalers）、語言模型、各種記錄系統（systems of record）串起來的整合層——如果沒有 Fred Luddy 在 22 年前為公司打造的那個令人驚嘆的核心。

And from that genesis of strength, everything else has been built. So actually, I see the core having a major resurgence as a result of AI. And remember what I said in the script, it's all about also this increase in code and this increase in AI activity. And I'll finish it with Armis.

而所有其他的一切，都是建立在那個強大起點之上。所以實際上，我看到核心會因 AI 而出現顯著的再度崛起。也請記得我在講稿裡說的：這也關乎程式碼量的增加，以及 AI 活動量的增加。最後我用 Armis 來收尾。

Armis is going to be our Instagram, and I'll tell you why. The number three economy in the world is cybercrime. It's a trillion a month. We now have a situation where, on the IT and the OT landscape of every major corporation, we are managing the agents and the humans, and we are managing the landscape of the threat actors, and if you think about a single intrusion from an AI agent will cost a commercial customer $5 million and a public sector customer $10 million, you have to look to ServiceNow quickly and you'll need that core to illuminate the power of Armis.

Armis 會成為我們的 Instagram，我告訴你為什麼。全球第三大經濟體是網路犯罪。每個月是一兆美元。現在我們面臨的情況是：在每一家大型企業的 IT 與 OT 版圖上，我們同時在管理代理（agents）與人類，也在管理威脅行為者（threat actors）的版圖；而如果你想想，一次由 AI 代理造成的單一入侵，對商業客戶的成本將是 500 萬美元，對公部門客戶則是 1,000 萬美元，你就必須很快轉向 ServiceNow，而你也需要那個核心來照亮（illuminate）Armis 的力量。

So those are issues that have not even happened yet. We just got Armis on Monday. So you're looking at a tailwind here that has I've never seen it. So get ready for major revenue acceleration.

所以這些甚至是還沒發生的議題。我們週一才剛把 Armis 納入。所以你看到的是一股順風，我從未見過。所以準備迎接營收的大幅加速。

If I can add to what Bill mentioned about the stack. So we have redone everything in our platform to be AI native, Gabriela. So everything which we do in terms of how we orchestrate, how we manage workflows, how we bring resolution and action out of it, as well as all the things we do with data, it's all been rewritten with AI-native mindset. So that is available today. So existing customers are getting that capability as part of the upgrades. They don't have to do anything, and our platform becomes that AI-native for all of our customers.

我補充一下 Bill 對技術堆疊（stack）的說法。Gabriela，我們已經把平台上的一切都重新打造為 AI 原生（AI native）。因此我們在編排方式、工作流程管理方式、如何從中帶出解決（resolution）與行動（action），以及我們對資料所做的一切，都以 AI 原生的思維重新改寫。而這些能力今天就已經可用。所以既有客戶在升級時就能獲得這些能力。他們不需要做任何事，我們的平台就會對所有客戶都變成 AI 原生。

So now there's not really a pressure in terms of any of the discussions. They all want to modernize, and they're getting it very quickly and simply, and they're getting the benefit of all the new innovations we're bringing into our platform, and all the customers get that instantly as we deliver over the CI-native products.

因此現在在任何討論上其實沒有那種壓力。他們都想要現代化，而他們能非常快速且簡單地做到，並且能獲得我們帶進平台的所有新創新所帶來的好處；而當我們交付這些 CI-native 產品時，所有客戶都能立刻得到。

Thank you.

謝謝。

Peter Reid, Alliance Bernstein.

Peter Reid，Alliance Bernstein。

Thank you, and I appreciate all the detail on the latest releases. I guess I've got a follow-up there. You announced the autonomous workforce in February, which was really exciting, including the GA of the Level 1 service desk coming here in quarter two, along with EmployeeWorks.

謝謝，我也很感謝你們對最新版本釋出提供的所有細節。我想我有個延伸問題。你們在二月宣布了自主型勞動力，這非常令人振奮，其中包括第二季將在這裡正式全面推出（GA）的 Level 1 服務台，並搭配 EmployeeWorks。

Help us kind of understand that long-term strategy and vision, and how does that complement the existing now assisted products, maybe narrowing in on like one example here, kind of help us understand the richness of where you're going.

請協助我們理解你們的長期策略與願景：它如何與既有的 Now Assist 產品互補？也許可以聚焦在一個例子上，幫助我們理解你們前進方向的豐富性。

Yeah, Peter, thanks for that question. So our vision here is pretty ambitious and kind of game-changer in the market. What we're doing with an autonomous workforce is to really provide an end-to-end resolution for different functions companies run inside their enterprise today. So taking this example of Level 1 support engineer, today a lot of tickets get deflected, of course, when somebody has an issue or question they ask for. And we help that with our EmployeeWorks, where we give them self-service and help them resolve that issue a customer or employee might have. But some things they do need require help and they're. Usually go to human to get that thing resolved. And what we're doing is taking that pain and the burden away from human and putting that into this Level 1 support specialist, AI specialist, which will now understand the intent and the question and figure out how to resolve it based on the exact learning they've had for many of the data we provide underneath the covers and then get that resolution in a very short amount of time.

是的，Peter，謝謝你的問題。所以我們在這裡的願景相當宏大，而且在市場上可說是改變遊戲規則。我們透過自主型勞動力所做的，是為企業目前在內部運作的不同職能，真正提供端到端的解決方案。以第一線支援工程師（Level 1 support engineer）為例，今天當有人遇到問題或提出疑問時，當然有很多工單會被分流（deflected）。我們透過 EmployeeWorks 來協助，提供自助服務，幫助他們解決客戶或員工可能遇到的問題。但有些需求確實需要協助，而且他們會。通常會轉交給真人來把事情解決。而我們正在做的是，把這個痛點與負擔從真人身上移開，交給這個 Level 1 支援專員、AI 專員；它將能理解意圖與問題，並根據其從我們在底層提供的大量資料中所學到的內容，找出解決方式，然後在非常短的時間內完成處理。

Typically, a human requires around two days based on the case volume to resolve it. We are now able to do that in less than 20 minutes. So the employee or customer is getting their information quickly and the issue resolved immediately without having to wait on a human agent to really do this. And that changes the game for every enterprise, right, because now you're reducing the workload on the employees themselves, you're getting them moving on with the job very fast, as well as now we are just taking away also the human labor cost, which now we can also monetize beyond what we used to charge for just the issue management before.

一般而言，真人依案件量不同，大約需要兩天才能解決。我們現在能在 20 分鐘內完成。因此員工或客戶可以快速取得資訊，問題也能立即解決，不必等待真人客服代理來處理。這對每一家企業而言都改變了遊戲規則，對吧？因為你現在降低了員工本身的工作負荷，讓他們能很快回到工作上；同時我們也把人力成本拿掉了，而這也讓我們能在過去僅就問題管理收費之外，進一步將其變現。

So it opens up and expands our TAM considerably, plus it becomes much more value-driven than just being able to provide you software. So that's really the vision we have and we have around 20 different roles like this been delivered by May. You'll see that at our knowledge event and what all the discussions we were having with customers and quite a few of them are live right now and they are seeing this immediate value-add by taking this kind of a technology without having to build all the AI underpinnings, doing all the security work, the compliance work and training the models and doing the spare part work and then worrying about upgrades and maintenance.

因此它大幅開啟並擴大了我們的 TAM（可服務市場總量），而且相較於只是提供軟體，這會更以價值為導向。這就是我們真正的願景；到 5 月我們將交付大約 20 種不同的角色。你會在我們的 Knowledge 活動上看到；而且我們與客戶進行的各種討論中，有相當多已經在上線運作，他們正立即看到這種技術帶來的附加價值——而且不需要自己去打造所有 AI 底層能力、做所有資安工作、合規工作、訓練模型、做備品（spare part）工作，然後再擔心升級與維護。

So it's kind of you take all that pain point while giving the outcome of AI completely out-of-the-box in our products today. So that's really the vision. It's really playing out very well and very bullish about what we can do here based on the context and information we've had, which you can't just do with the large language model or any of the technology by itself. Given our historical experience in this thing, we are able to bring that knowledge and resolve it for our customers.

所以某種程度上，你把所有那些痛點都交給我們，同時在我們現有產品中就能以開箱即用的方式，獲得 AI 的成果。這就是真正的願景。目前的落地表現非常好；基於我們掌握的脈絡與資訊，我們對能在這裡做到的事情非常樂觀——這不是單靠大型語言模型或任何單一技術就能做到的。憑藉我們在這方面的歷史經驗，我們能把這些知識帶進來，為客戶解決問題。

And one thing that's interesting, Peter, just to use ServiceNow as a benchmark, Gene has captured $0.5 billion in productivity on the back of what Amit just said. So the agents are 99% faster than the human. 90% of our cases on employee and customer issues are now resolved by the agents, the Level 1 agents Amit is talking about.

另外一件有趣的事，Peter，如果以 ServiceNow 作為基準，Gene 已經在 Amit 剛才所說的基礎上，取得了 5 億美元的生產力成果。所以這些代理（agents）比真人快 99%。我們在員工與客戶問題上有 90% 的案件，現在都由這些代理、也就是 Amit 所說的 Level 1 代理來解決。

And if you think about a company of our size and scale, we're able to go in a year and exit the year into a new year with the same headcount. And that's a company that's growing at the rule of 56 between free cash flow and revenue. There's not too many of them out there. I want to invest in some. I'm on the lookout.

如果你想想以我們這樣的規模與體量，我們能在一年之內，以相同的人力編制結束年度並進入新的一年。而這是一家在自由現金流與營收之間符合 56 法則（rule of 56）成長的公司。市場上這樣的公司不多。我想投資一些。我正在留意。

That's a pretty bullish outcome. Help us understand the pricing that you're able to achieve as a result of the value you're bringing.

那是相當樂觀的成果。請幫我們理解一下，基於你們帶來的價值，你們能達成怎樣的定價。

Yeah, so Peter, this is part of our current AI native pricing, right? So more you use, the more assist you land up using, consuming based on the entitled wins you have. So over time, we can look at beyond what we do today from the pricing perspective, but today it kind of becomes much simpler for customers. When they see this issue has been resolved or questions been handled and us helping them manage their problems inside the enterprise, we can now easily now monetize that through our Assist pricing structure we have. Now it's available across all our product tiers, so it could start anywhere they want to.

好的，Peter，這是我們目前 AI 原生（AI native）定價的一部分，對吧？你用得越多，最終你會使用、消耗越多 Assist，這取決於你所擁有的授權權益（entitled wins）。所以隨著時間推進，從定價角度來看，我們可以再看超越目前做法的可能性；但就今天而言，對客戶來說會更簡單。當他們看到某個問題已被解決、或某些提問已被處理，而我們在企業內協助他們管理問題時，我們現在就能透過既有的 Assist 定價架構輕鬆將其變現。而且它在我們所有產品層級都可用，所以他們可以從任何他們想要的起點開始。

Thank you.

謝謝。

Thanks, Peter.

謝謝你，Peter。

Keith Wise, Morgan Stanley.

Keith Wise，摩根士丹利。

Excellent. Thank you guys for taking the question. I wanted to directly go sort of at, I think, a topic that a lot of us are dancing around in sort of our initial question. I'm excited about the opportunity of ServiceNow. You guys are obviously excited about the opportunity for ServiceNow. The stock is down 12% after hours. So something's not getting through to investors. And I'd say there's probably two parts to that equation. Like one is a lack of clarity on the inorganic contribution to Q1.

很好。謝謝各位接受提問。我想直接切入一個我認為我們很多人在一開始提問時都在迴避的主題。我對 ServiceNow 的機會感到興奮。你們顯然也對 ServiceNow 的機會感到興奮。但股價在盤後下跌了 12%。所以有些訊息沒有傳達到投資人那裡。我認為這大概有兩個部分。第一是對第一季（Q1）非有機（inorganic）貢獻缺乏清晰度。

There's Veza in there, there's Pyramid Analytics in there, and we don't quite know how much of a contribution it is. I think investors are wondering whether it really would the Q1 beat on an organic basis. And then, like, for the full year, outside of adding Armis and currency, the full-year number doesn't really move at all.

裡面有 Veza，也有 Pyramid Analytics，但我們不太清楚貢獻有多少。我想投資人會想知道：如果只看有機（organic）基礎，第一季的超預期（beat）是否仍然成立。然後就全年而言，除了加入 Armis 與匯率因素之外，全年數字幾乎完全沒有變動。

And we're wondering when. Like, when are we going to see this acceleration? When are we going to see the benefits of ServiceNow's positioning for this generative AI opportunity because we are seeing it in the AI labs, right? AI labs added $5 billion in net new ARR in Q1 alone, each one, right? And we're talking about $1.5 billion for Now Assists when we get to the end of the year. It seems like they're getting an outsized proportion of the gain. So when does ServiceNow participate in a way that's more analogous to the AI labs where we're actually getting organic positive revision? Thank you.

我們想知道什麼時候。比如說，我們什麼時候會看到加速？我們什麼時候會看到 ServiceNow 在生成式 AI 機會上的定位所帶來的效益？因為我們在 AI labs 已經看到了，對吧？AI labs 光是在第一季（Q1）各自就新增了 50 億美元的淨新增 ARR，對吧？而我們談的是 Now Assist 到年底達到 15 億美元。看起來他們拿走了不成比例的增量。所以 ServiceNow 什麼時候才能以更類似 AI labs 的方式參與，讓我們實際看到有機面的正向上修？謝謝。

So, keith, there's a lot of questions there. I'll tackle them one by one. So Veza closed in the middle of march and it's a small tuck-in. Pyramid is even smaller. So they had very tiny contribution, which is why we're not calling it out. So we would have beat regardless.

所以，Keith，這裡面有很多問題。我會一個一個回答。Veza 在 3 月中旬完成交割，而且是一筆小型補強併購（tuck-in）。Pyramid 更小。所以它們的貢獻非常有限，這也是我們沒有特別點出來的原因。所以不管怎樣我們都會超預期。

We did talk about 75 basis points of on-prem -- push out to Q2. So on-prem year over year is a little bit more than a point lower in Q1 of this year versus last year. So if you just exclude the on-prem and by the way, we want hosted. We love hosted. And so on-prem being lower is not a bad thing, but it does impact the numbers. We actually have seen a couple of those on-prem deals already close in Q2, but it was a timing issue. So that's the answer on Q1.

我們確實提到有 75 個基點的 on-prem——延後到第二季（Q2）。所以今年第一季的 on-prem 年增率，比去年第一季低了略多於 1 個百分點。所以如果你把 on-prem 排除掉，而且順帶一提，我們想要 hosted。我們很喜歡 hosted。因此 on-prem 較低並不是壞事，但它確實會影響數字。我們其實已經看到其中幾筆 on-prem 交易在第二季完成簽約了，但那是時點問題。所以這就是第一季的答案。

We feel very good and strong that we continue to have strong organic growth on top of these great acquisitions that we've added. And so we've been very clear on the impact of Armis. I spelled it out across the board in every single metric. So you can see that, yeah, we didn't increase the revenue guide, excluding Armis, but we didn't take it down either, despite some ongoing conflicts.

我們對於在這些出色的併購之上，仍能持續保持強勁的有機成長，感到非常振奮且信心十足。因此，我們已非常清楚地說明 Armis 的影響。我已在每一項指標上全面逐一闡述。所以你可以看到，是的，排除 Armis 之後我們沒有上調營收指引，但即便在一些持續的衝突之下，我們也沒有下調。

So we held -- and we never really, even in the best of times, we rarely increase our revenue guide for the full year after just Q1. It's the smallest quarter that we have. And so we held the guide, increased with our mess. So we're seeing accelerating revenue growth. And I think the example we gave of MoveWorks of being able to integrate it into EmployeeWorks within three weeks, and then very quickly hit it into our distribution network and have more revenue or more deals in Q1 than they had all year. Last year is a great example of M&A done extremely well. So that's number two.

所以我們維持——而且即便在最好的時候，我們也很少在僅僅 Q1 之後就上調全年營收指引。因為那是我們最小的季度。因此我們維持指引，並在我們的「mess」之下仍然上調。所以我們看到營收成長正在加速。我認為我們舉的 MoveWorks 例子——能在三週內把它整合進 EmployeeWorks，然後很快導入我們的通路網路，並在 Q1 就拿到比他們去年全年還多的營收或更多的案子——去年就是一個把併購（M&A）做得極其出色的絕佳例子。所以這是第二點。

To the question on acceleration of revenue growth, we've basically said historically that our guide for 2026 was $1 billion. We just told you now that it's 50% higher than that, $1.5% in 2026, which is, I think, pretty darn good for a software company that's building AI into our platform and enables our customers to get the value of AI within our platform with all the guardrail security and governance that they love.

關於營收成長加速的問題，我們過去基本上說過，2026 年的指引是 10 億美元。我們現在告訴你的是，比那個高 50%，也就是 2026 年達到 15 億美元，我認為對一家正在把 AI 建進平台、並讓客戶能在我們平台內、在他們喜愛的各種安全護欄與治理之下取得 AI 價值的軟體公司而言，這相當不錯。

I'm hoping that you'll be at financial analyst day in a couple of weeks' time because we will lay out our long-range plan and when we expect to see that flywheel of AI consumption that you're talking about, and I can promise you, I think you'll be very excited about what you're going to see.

我希望你能在幾週後參加金融分析師日，因為我們會公布長期計畫，以及我們預期何時會看到你所提到的 AI 消費飛輪；我可以向你保證，我想你會對你將看到的內容感到非常興奮。

Excellent. I will definitely be there. Thank you.

太好了。我一定會到。謝謝。

Yeah. And Keith, I do want to mention, we didn't buy anything with a whole bunch of revenue, okay? We didn't buy what's been on the market for 10 or 15 or 20 years to plug a revenue gap. We bought companies that are adding to the AI Control Tower for business reinvention. So they are not in a meaningful way and never were intended to be a plug for a revenue gap.

是的。Keith，我也想提一下，我們並沒有買那種帶著一大堆營收的東西，好嗎？我們沒有買那種已經在市場上存在 10 年、15 年或 20 年、用來填補營收缺口的產品。我們買的是能為 AI Control Tower（AI 控制塔）帶來助力、用於企業再造的公司。所以它們在實質上並不是、也從來不是為了填補營收缺口而設計的。

We just got them, and we're building out the story with them, and they're going to set the world on fire with re-accelerating revenue growth. The other thing we're doing as we're re-accelerating revenue growth -- and by the way, above 20% isn't too bad, right?

我們剛把它們納入，並正在用它們把故事建構得更完整；它們將透過讓營收成長重新加速而點燃市場。另外，我們在讓營收成長重新加速的同時——順帶一提，超過 20% 也不算太差，對吧？

And on a $15 billion company, and in terms of accelerating margins, who accelerates margins at the rate that we have? So we're a 56-rule company going up, and we're obviously taking SBC down at the same time because we know the shareholders. I think the bigger argument for the shareholders is something like, what's the terminal value of the software company? Is the seat-based pricing going to last?

而且在一家 150 億美元規模的公司上，就加速利潤率而言，有誰能像我們這樣的速度加速利潤率？所以我們是一家「56 法則」公司，而且還在往上走；同時我們也在降低 SBC（以股票為基礎的薪酬），因為我們了解股東。我認為對股東更大的論點是：這家軟體公司的終端價值（terminal value）是什麼？以席位為基礎的定價會持續嗎？

Well, when you have many more seats because the surface area you cover is 80% greater than what you used to cover, you're going to do fine on seats, but nobody cares about seats. We had a CIO from one of the biggest companies in the world tell us yesterday she never bought a pricing plan one way or the other. She buys the return on the investment.

嗯，當你的席位數更多，因為你覆蓋的表面範圍比以前大了 80%，你在席位上會做得很好，但其實沒有人在乎席位。我們昨天有一家全球最大企業之一的 CIO 告訴我們，她從來不是用某一種或另一種方式去買定價方案。她買的是投資報酬率。

And so in our case, we give you the Goldilocks model. You can have it any way you want. You like seats? Great. You like consumption? Great. You like a blend of the two? Great. You want to split the value with us? Even greater. We'd love that. But as soon as you show them how big the value is, they say, I'll take the seats. So we got you covered there.

所以就我們而言，我們提供的是「剛剛好」（Goldilocks）模型。你想怎麼選都可以。你喜歡按席位？很好。你喜歡按用量（consumption）？很好。你喜歡兩者混合？很好。你想跟我們分攤價值？更好。我們很樂意。但只要你讓他們看到價值有多大，他們就會說：那我選席位。所以這方面我們都能滿足你。

And in terms of the terminal value, see with your eyes. It's kind of a parlor trick if you think you're going to touch a button from a language model company and it's going to do everything we just discussed and the complexity of a global corporation. So I think having a sustained growth, a predictable growth and expanding margin company on fire in the global economy solving major problems is the category you should define us by.

至於終端價值，用你的眼睛去看。如果你以為按一下某家語言模型公司的按鈕，就能完成我們剛剛討論的一切、以及一家全球企業的複雜度，那有點像魔術把戲。所以我認為，你應該用這樣的類別來定義我們：在全球經濟中解決重大問題、具備可持續成長、可預測成長且利潤率擴張、並且勢頭正旺的公司。

And yes, we love the language model companies, that's why we partner with all of them, the same way we did the hyperscalers and even the systems of record. And some of them compete with us vigorously, but that has nothing to do with the fact that we know the customer wants everybody to work nice, and that's why we opened it up to any system. So we're very confident in our position, and we're also mindful that customers are spending a lot on AI, but that is incremental, it is not replacing what they're spending on us.

而且是的，我們喜歡這些語言模型公司，這也是為什麼我們與它們全部合作，就像我們與超大規模雲端服務商（hyperscalers）以及甚至是記錄系統（systems of record）合作一樣。其中有些公司與我們競爭非常激烈，但這與我們知道客戶希望大家能好好協作無關；也因此我們把平台開放給任何系統。所以我們對自身定位非常有信心；同時我們也留意到客戶在 AI 上花了很多錢，但那是增量支出，並不是取代他們在我們身上的支出。

Excellent. Thank you, guys.

太好了。謝謝各位。

Thank you.

謝謝。

Alex Zukin, Wolfe Research.

Alex Zukin，Wolfe Research。

Thank you, guys, for taking the question. Bill, maybe start for you, just maybe just give us a characterization of the overall enterprise spending environment right now, and not just in the Middle East, but maybe globally, is there is this pervasive sense of, at least from investors, of this AI anxiety where customers are a bit more hesitant to maybe make bigger purchases because of some of the uncertainty, maybe not of what's available now, but what's kind of coming given the rapid pace of innovation, and then, Gina, I've got a quick follow-up for you.

謝謝各位讓我提問。Bill，也許先從你開始，請你描述一下目前整體企業支出環境的狀況，不只是中東，而是可能在全球範圍內；投資人似乎普遍有一種——至少從投資人的角度——所謂的 AI 焦慮，客戶因為一些不確定性而對做出較大的採購更為猶豫；也許不是因為現在有什麼，而是因為在創新速度如此之快的情況下，未來會出現什麼。然後 Gina，我有個簡短的追問。

No, Alex, you're right. I think the big thing, and one of our great executives discussed this with the board, he spends a lot of time, especially with the CIO community, CTO, digital officers and so on, AI officers too. The environment is very excited about AI. These language model companies are great companies, they're very exciting. So they're very excited about AI.

不，Alex，你說得對。我認為最大的重點是，我們一位很出色的高階主管曾與董事會討論過這件事；他花了很多時間，尤其是在 CIO 社群、CTO、數位長等人，以及 AI 長官（AI officers）那邊。整個環境對 AI 非常興奮。這些語言模型公司都是很棒的公司，非常令人振奮。所以大家對 AI 非常興奮。

The problem is they don't exactly know what to do, so they're somewhat confused. I put together, along with our great team here, an agentic business white paper that has cleared things up for a lot of customers because we're highly respectful of the great companies and what they do, but we're also well aware of what they don't do. So the customer just wants the truth.

問題是他們並不完全知道該怎麼做，所以有些困惑。我和我們這裡很棒的團隊一起整理了一份「代理式（agentic）企業」白皮書，已為許多客戶釐清了方向；因為我們非常尊重這些優秀公司及其所做的事，但我們也很清楚他們做不到什麼。所以客戶只想要真相。

And they want to know what they do, meaning it could be a language company, it could be another type of company, and what we do. And I think our positioning is really resonating with the customer because they tell us the fact that you're so open. Yes, you're competitive, yes, you want to win, but you're so open, it's an autonomous platform, you give me the Control Tower, all the language models are welcome, all the hyperscalers are welcome. All the systems of records are welcome. All the data lakes are welcome because that's the environment, this heterogeneous environment that the customer is operating in. And it's also a chaotic world.

他們想知道各自做什麼——可能是語言模型公司，也可能是另一種類型的公司——以及我們做什麼。我認為我們的定位確實引起客戶共鳴，因為他們告訴我們：你們非常開放。是的，你們有競爭力，是的，你們想贏，但你們非常開放；這是一個自主平台，你給我控制塔，所有語言模型都歡迎，所有超大規模雲端服務商都歡迎。所有記錄系統都歡迎。所有資料湖都歡迎，因為那就是客戶所處的環境——這種異質的環境。而且這也是一個混亂的世界。

If you look at the geopolitical landscape or even wars around the world, it's hectic out there. So I think what you have to do is be highly clarifying, very thoughtful with the customer. The customer in the end, determines who wins or loses. We're not so caught up in the short-term things. We just want to really double down on that customer relationship.

如果你看看地緣政治局勢，甚至全球各地的戰爭，外面真的很混亂。所以我認為你必須非常清楚地說明，並且對客戶非常用心、深思熟慮。最終，客戶決定誰贏誰輸。我們不會那麼執著於短期的事情。我們只想在那段客戶關係上真正加倍投入。

When they see our roadmap, the great innovation that our dear Amit and his team are building into the company, they love the M&As we did, it's a settling effect. It's like, yeah, we're here and we'll be here 22 more years from now taking good care of you. That's really what it is. I tell people, there was once a United Airlines commercial where the CEO walks into the boardroom and starts handing out plane tickets and said, go visit our customers. That's what you got to do.

當他們看到我們的路線圖，看到我們親愛的 Amit 和他的團隊正在為公司打造的重大創新，他們很喜歡我們做過的併購（M&A），這會帶來一種安定的效果。就像是：對，我們在這裡，而且 22 年後我們也會在這裡，好好照顧你。這真的就是重點。我跟大家說，曾經有一支聯合航空（United Airlines）的廣告，CEO 走進董事會會議室，開始發機票，然後說：去拜訪我們的客戶。你就得這麼做。

You got to get in front of them, you got to help them understand. And it's not a time to be anything less than totally empathetic because these customers, just like the shareholders, they have so much coming at them. We just want to give you a solid, clean story and then let you make the best decision you can based on the facts.

你得走到他們面前，你得幫助他們理解。而且現在不是你少一點同理心的時候，因為這些客戶就像股東一樣，有太多事情同時向他們襲來。我們只想給你一個扎實、清楚的敘事，然後讓你根據事實做出你能做的最佳決策。

And then I would just add, Alex, on the numbers and the proof points. I talked about 16 deals greater than $5 million in the quarter, 5 deals over 10, talked about, again second quarter in a row, our largest net new logo land at $15 million, right? So customers are spending. They are understanding the value proposition that we're driving and that we're delivering and it is showing up in the numbers.

然後我再補充一下，Alex，關於數字和佐證。我提到本季有 16 筆超過 500 萬美元的交易，其中 5 筆超過 1,000 萬；也提到再次連續第二季，我們最大的淨新增新客戶（net new logo）落地金額是 1,500 萬美元，對吧？所以客戶正在花錢。他們正在理解我們所推動、所交付的價值主張，而這也反映在數字上。

For sure. And if you guys come to knowledge, which I hope you do, and please come to the fad, our knowledge attendance, okay, this is a live attendance, live audience. They must be interested because we're totally sold out, and the seats are up 11% year over year already, and we have late sign-ons. The FAD, the financial analyst day, we already have Darren telling us yesterday we're going to have to have a second and third room because the fire marshal said you can't put any more people in that room.

確實。而且如果你們來參加 Knowledge（我希望你們會來），也請來參加 FAD——我們的 Knowledge 出席人數，好嗎，這是現場出席、現場觀眾。他們一定很有興趣，因為我們完全售罄，而且座位數年增已經達到 11%，而且還有臨近報名。FAD，也就是金融分析師日（Financial Analyst Day），Darren 昨天已經告訴我們，我們得準備第二、第三個房間，因為消防安檢人員說那個房間不能再塞更多人了。

And so if you get there and it's not packed, you'll hold it on me, right? It's packed. Everybody cares about the story, whether it's a customer or it's an investor, and they know ServiceNow has a good heart. And we also know that you're rooting for us, so we're working hard.

所以如果你到了現場卻沒有坐滿，你就怪我，對吧？一定是滿的。不管是客戶還是投資人，大家都在意這個故事，而且他們知道 ServiceNow 有一顆善良的心。我們也知道你們在為我們加油，所以我們正在努力。

Nobody packs a room like you guys do, Bill. Gina, maybe just on the numbers for you. Actually, a $10 million beat in the quarter and then reiterating the full year, given a $23 million headwind on Q1 actually seems pretty impressive. Maybe what gives you the confidence to be that prudent in the guide and then just any maybe a little bit more specificity on the headwinds from the CRPO dynamics with Armis?

沒有人能像你們一樣把房間塞滿，Bill。Gina，也許就數字方面請你說一下。其實本季超出 1,000 萬美元，然後在第一季有 2,300 萬美元逆風的情況下仍重申全年指引，這看起來相當令人印象深刻。也許是什麼讓你有信心在指引上保持這麼審慎？另外，關於 Armis 的 CRPO 動態帶來的逆風，能否再更具體一點？

Yeah, so listen, I think at the end of the day, the confidence I get is from the incredible team that we have around the table, the incredible go-to-market execution machine, all of the innovation that Armis and the team have been driving, and just the environment that we see ourselves in, right? There's not one person in this company that doesn't spend time with customers every single day. And so that gives me the confidence in the guide. Thank you for realizing that it's a very strong guide.

好的，聽著，我想歸根結底，我的信心來自於我們坐在這張桌子旁的卓越團隊、非常強大的 go-to-market（市場推進）執行機器、Armis 與團隊所推動的所有創新，以及我們所處的環境，對吧？公司裡沒有任何一個人不是每天都在花時間和客戶在一起。所以這讓我對指引有信心。也謝謝你注意到這是一份非常強勁的指引。

And by the way, the acquisition of Armis as Bill talked about, it's not about buying revenue. It's about buying incredible talent, incredible technology capabilities that's going to make our AI Control Tower even stronger, right? And so building that in is just really strong.

順帶一提，正如 Bill 談到的，收購 Armis 不是為了買營收。而是為了買到卓越的人才、卓越的技術能力，這將讓我們的 AI Control Tower 更加強大，對吧？所以把這些整合進來真的非常有力。

I think the headwinds with CRPO dynamics of Armis -- so there's no CRPO headwind from Armis. There's a tailwind from Armis. So I'm not quite sure what you're referring to there. But at the end of the day, CRPO is a strong guide as well, and we feel really good about the overall guidance top to bottom.

我認為你提到 Armis 的 CRPO 動態所帶來的逆風——其實 Armis 並沒有帶來 CRPO 逆風。Armis 帶來的是順風。所以我不太確定你指的是哪一點。但歸根結底，CRPO 的指引也很強，我們對整體由上到下的指引都感覺非常好。

And Alex, if I may, if you thought about a headwind, if you were referring to the 50 basis points on the margin with regard to Armis, remember, it was originally 100 basis points. Thanks to Gina's efficiency and the company is great now on now with Armis, it's 50 basis points, but here's the commitment, okay?

Alex，如果我可以補充一下，如果你想到的逆風是指 Armis 對毛利率的 50 個基點影響，請記得原本是 100 個基點。多虧 Gina 的效率提升，以及公司現在與 Armis 的整合做得很好，現在是 50 個基點，但這裡有個承諾，好嗎？

By the end of the year, it goes down to zero. That's because of the efficiency we're driving in the company and the great platform that we have. So we can actually acquire a substantially interesting company and not impact the margin at all, which is kind of cool because most companies will make excuses. When you get to FAD, we're going to talk about margin expansion, revenue acceleration. We're going to show you how the stock-based compensation is coming down, and we're also going to show you just how big this company is going to be in the next few years. So we're really ready to roll.

到年底會降到零。這是因為我們在公司內推動的效率，以及我們擁有的優秀平台。所以我們其實可以收購一家相當有意思的公司，卻完全不影響毛利率，這挺酷的，因為多數公司會找藉口。等你到 FAD，我們會談毛利率擴張、營收加速。我們會向你展示股票基礎薪酬（stock-based compensation）如何下降，也會向你展示未來幾年這家公司會變得多大。

Yeah. And on CRPO, Alex, Armis would have been hired. They have a lot of C for C in their contract, so termination for convenience. So not all of it can go into CRPO, but they are a strong company. We feel great about the potential there.

是的。另外關於 CRPO，Alex，Armis 會被「雇用」的部分——他們的合約裡有很多 C for C，也就是 termination for convenience（可隨時便利終止）。所以不是全部都能納入 CRPO，但他們是一家很強的公司。我們對那裡的潛力感到非常樂觀。

That's exactly what I was referring to. Thank you, guys. I used maybe headwind was the right -- the wrong word.

這正是我指的。謝謝你們。我用「逆風」這個詞也許是對——不對，用錯了。

No problem. We love it, Alex. You gave us a chance to clear some stuff up. That's what the call is for. Thank you so much.

沒問題。我們很喜歡這樣，Alex。你給了我們一個機會把一些事情釐清。這就是這通電話的目的。非常感謝。

Samad Samana, Jefferies.

Samad Samana，Jefferies。

Hi, good evening. Thanks for taking my question. Bill, one to start off with you. Just there's a lot going on, and we've covered a lot on the call, but I think I saw on LinkedIn that there's a new Chief Strategy Officer. You've obviously completed a lot of M&A recently, and AI is this little thing we all keep talking about. Just help us think through all the changes that are going on inside the organization and maybe one of the top one or two near-term priorities. Is it integrating the M&A? Is it driving adoption of the AI business? And just were there any other changes related to the Chief Strategy Officer change and then I have one follow-up.

嗨，晚安。謝謝讓我提問。Bill，我先從你開始問一題。現在事情很多，我們在這通電話裡也談了很多，但我想我在 LinkedIn 上看到有一位新的首席策略長（Chief Strategy Officer）。你們最近顯然完成了不少併購（M&A），而 AI 也是我們大家一直在談的那個小東西。請幫我們梳理一下組織內部正在發生的所有變化，以及近期一到兩個最重要的優先事項可能是什麼。是整合併購嗎？是推動 AI 業務的採用嗎？另外，首席策略長的變動是否還伴隨其他調整？然後我還有一個追問。

Yeah, Samar, I'll let Gina talk about the Chief Strategy Officer because he's fantastic and he reports to Gina. But just at a macro level, let me just tell you what's going on in the corporation. One is, we have a very fired-up company. They're excited and they're really ready to roll.

是的，Samar，我會讓 Gina 來談談首席策略長，因為他非常出色，而且他向 Gina 匯報。不過先從宏觀層面來說，我先跟你講講公司整體正在發生什麼。第一，我們是一家非常士氣高昂的公司。大家很興奮，而且真的已經準備好全速前進。

And I think anything that challenges us in the media or talk of software companies and their long-term evolution just puts a bigger chip on our shoulders, so we're totally good with that. I tell them we walked over tougher challenges than this on our way to a fight. So that's one thing, the psychology of the company is in great shape.

而且我認為，媒體對我們的任何挑戰，或是談到軟體公司及其長期演進的各種說法，只會讓我們更有拚勁，所以我們完全沒問題。我跟他們說，我們在走向戰場的路上，跨過的挑戰比這個更艱難。所以這是一點：公司的心理狀態非常好。

The second thing is we're focused on acceleration of our revenue. We know it's all going to be based upon AI and the hockey stick that's forming around our great platform, autonomous. Managing the agents they're going to be 2.2 billion more agents in the workforce in the next couple of years, we're going to manage ours and everybody else's too. And I think what we've got done here in security to really change the game It's not because there aren't great security companies out there, they are.

第二點是，我們聚焦在加速營收成長。我們知道這一切都將以 AI 為基礎，並且在我們卓越的平台（Autonomous）周圍形成曲棍球桿式的成長曲線。在未來幾年，勞動力中將新增 22 億個代理（agents），我們不只要管理我們自己的，也要管理所有人的。而我認為，我們在資安領域所做的、真正改變遊戲規則的事情——並不是因為外面沒有很棒的資安公司；其實有。

We integrate with all of them. In fact great ones like CrowdStrike my friend George and Nikesh and all these guys. They're terrific. They're doing a great job. What we're doing is something very different. We're still integrating with all of them, but we've expanded the boundaries into OT, which is a new area that AI is going to be especially kind to. So we are going to grow a lot.

我們與所有這些公司整合。事實上，像 CrowdStrike 這樣優秀的公司——我的朋友 George、Nikesh，以及這些夥伴——他們都很棒。他們做得非常好。而我們正在做的是非常不同的事情。我們仍然與他們全部整合，但我們把邊界擴展到 OT（營運技術），這是一個 AI 將特別受惠的新領域。所以我們會大幅成長。

So think of it on the margin side, we're going to accelerate the margins of the company too. So we're going to do these really hard things and we're going to accelerate the margins. And we're looking at a company that's a rule of 60 company and beyond. We're also taking down the SBC because we want to get it down into single-digits because we can, because whether you look at it as a non-GAAP or a GAAP, we want you to love it. So we're working on all those things. They're in flight. We're going to give you our story, you're going to love it.

所以從利潤率的角度來看，我們也會加速提升公司的利潤率。我們會做這些非常困難的事情，同時加速利潤率提升。我們看到的是一家「Rule of 60」甚至更高的公司。我們也在降低 SBC（以股份為基礎的薪酬），因為我們希望把它降到個位數百分比，而且我們做得到；不論你用非 GAAP 或 GAAP 的角度來看，我們都希望你會喜歡。所以我們正在推進所有這些工作。它們都在進行中。我們會把我們的故事講給你聽，你會喜歡的。

In terms of the big picture also, a great company has to build the best products. We got the best guy with Amit, and his team is unbelievable. And all. These acquisitions that we made, again, we didn't buy old hack companies for the revenue. We bought new innovative AI companies. All of these CEOs that came in are running development organizations and businesses for Amit.

從更大的格局來看，一家偉大的公司必須打造最好的產品。我們有 Amit 這位最強的人選，他和他的團隊令人難以置信。以及其他各方面。我們做的這些收購，再次強調，我們不是為了營收去買那些老舊、拼湊式的公司。我們買的是新穎、創新的 AI 公司。所有加入的這些 CEO，都在為 Amit 領導研發組織與業務。

We have Paul Phipps on the go-to-market side. They work like factory to foxhole. And so these guys come in and there's a gigantic synergy between development and the go-to-market, the FDEs in front of customer and the customer engagement folks that really make sure the adoption of the AI is good. And that hockey stick is in its early days.

在 go-to-market（市場推進）方面，我們有 Paul Phipps。他們的合作就像從工廠到戰壕一樣緊密。因此這些人加入後，研發與 go-to-market 之間產生了巨大的協同效應：在客戶前線的 FDE（現場開發工程師）以及客戶互動團隊，確保 AI 的採用效果良好。而那條曲棍球桿式成長曲線還在早期階段。

When that kicks in, it's going to be really sensational. So it's best products provide the absolute greatest service. We have built the best leadership team. The Board said that yesterday. I can't believe the leadership team. It's so stunning. The culture is incredible, and we're expanding the ecosystem at a torrid pace. So if you take all that together, it says one thing, growth company. And that's what we are. And so we're going to sustain it, and we're going to extend it.

一旦它啟動，將會非常驚人。所以，最好的產品帶來絕對最卓越的服務。我們打造了最好的領導團隊。董事會昨天也這麼說。我簡直不敢相信這個領導團隊。太令人震撼了。企業文化令人難以置信，而我們正以極快的速度擴大生態系。所以把這些放在一起，只說明一件事：成長型公司。而這就是我們。因此我們會維持它，並且把它延伸得更遠。

And then with respect to the Chief Strategy Officer of Change, please don't read anything more into it. Naturalist (inaudible), Krishna Gidwani is fantastic. We're very excited to have him on board. He comes from us from Pure Storage, now Evercure, and he's been doing strategy ventures investing as well as M&A integration for a very long time.

另外，關於首席策略長的變動，請不要過度解讀。（聽不清）Krishna Gidwani 非常出色。我們非常興奮他能加入。他來自 Pure Storage（現在是 Evercure），而且他長期從事策略、創投投資以及併購（M&A）整合工作。

And so we're really excited to have him on board. Our number one priority from an M&A perspective this year all about integration and integrating these incredible new companies that are part of the ServiceNow family. And Krishna is going to help me do that and help Amit do that extremely effectively.

因此我們真的很高興他加入。從今年的併購（M&A）角度來看，我們的第一優先事項完全是整合：把這些成為 ServiceNow 大家庭一員的、令人驚豔的新公司整合進來。Krishna 會協助我，也會協助 Amit，以極高效率完成這件事。

Great. Thanks, Gina. And maybe just a quick follow-up. It's a little bit in the spirit of Keith's questions with a lot going on in terms of the business as well in terms of like the revenue streams. And the AI revenue number is exceptional. Just can you help us think about and I think this helps address the where is the budget dollar coming from. What have NRR trends look like maybe to the first quarter just as we reconcile that incremental or that huge AI spend jump, as we think about feet still growing? If you translated all that or distilled to NRR, how has that trended through maybe the first quarter compared to history?

很好。謝謝，Gina。我可能再快速追問一下。這有點呼應 Keith 的問題：業務面有很多事情在發生，也包括像營收來源這些面向。而 AI 營收的數字非常亮眼。你能否幫我們思考一下——我想這也有助於回答「預算資金是從哪裡來的」——NRR（淨營收留存率）的趨勢到第一季大概是什麼樣子？因為我們在思考 AI 支出大幅跳升的同時，也在看席次（feet）仍在成長。如果把這些都轉換或濃縮成 NRR 來看，第一季相較於過去的走勢如何？

Yeah, we don't give NRR on a quarterly basis. It's not trending significantly differently. We'll talk more about all of those trends at FAD. What I'll tell you is that from a budget perspective, we're seeing it come from a lot of different places, right? It's not one place. A lot of people are finding it because labor budgets are coming down, a lot of people are reallocating technology spend and eliminating more point solutions and really leaning into platform consolidation of platforms like ServiceNow.

是的，我們不會按季度提供 NRR。它的趨勢並沒有顯著不同。我們會在 FAD 更深入談這些趨勢。我可以告訴你的是，從預算角度來看，我們看到資金來自很多不同的地方，對吧？不是只來自單一來源。很多人之所以能挪出預算，是因為人力預算在下降；也有很多人在重新分配科技支出、淘汰更多點狀解決方案（point solutions），並且更傾向於像 ServiceNow 這樣的平台進行平台整合。

And so from a budget perspective, it's kind of coming from different places. And what we're seeing and hearing from our customers is they are moving full speed ahead out of AI experimentation into full-scale deployment. And so leaning in on platforms that they trust, especially as the proliferation of agents and devices and code is just exploding to be able to build their governance all on the platform that they know and trust for 22 years is a real point of differentiation for us. And so we're really excited.

所以從預算角度來看，資金算是從不同地方湊出來的。而我們從客戶那裡看到、聽到的是：他們正全速從 AI 試驗走向全面部署。因此他們更倚重自己信任的平台；尤其當代理（agents）、裝置與程式碼的增長正在爆炸式擴張時，能夠把治理（governance）全部建立在他們 22 年來熟悉且信任的平台上，對我們而言是一個真正的差異化優勢。所以我們非常興奮。

Bill did take the headline that was supposed to be in fact, but it's all great. Listen, that 50% increase is real. I think you're going to be very excited when you see the trends that we're going to show in a couple of weeks of what we believe AI and ServiceNow is going to drive. And AI is not the only part of the strategy. We have incredible CRM products. We have incredible core. And what security and risk is going to be able to do now with Armis and Veza combined with the ServiceNow platform is just incredible. So hopefully, we'll see you in Vegas in 10 days.

Bill 的確把原本應該在事實上（in fact）才講的重點先講了，但都很好。聽著，那 50% 的成長是真實的。我想當你在幾週後看到我們要展示的趨勢時，你會非常興奮：我們相信 AI 與 ServiceNow 將會帶來什麼樣的驅動力。而 AI 不是策略的唯一部分。我們有非常出色的 CRM 產品。我們有非常強的核心產品。而在 Armis 與 Veza 結合、並與 ServiceNow 平台整合之後，資安與風險能做到的事情將令人難以置信。所以希望 10 天後在拉斯維加斯見到你。

You will, and I look forward to those new headlines. Thank you.

你會的，我也期待那些新的頭條新聞。謝謝。

Thank you.

謝謝。

Michael Turrin, Wells Fargo.

Michael Turrin，富國銀行。

Hey, thanks very much. I appreciate you fitting me in. Bill, there are questions you've alluded to around whether you're playing offense or defense with M&A. I was just hoping you could walk us through some of the feedback you're hearing from customers initially and help us think through the time it takes to get this all fully in the hands of your sales organ customers.

嗨，非常感謝。感謝你把我安排進來。Bill，關於你提到的併購（M&A）到底是在進攻還是在防守，外界有一些疑問。我想請你帶我們走一遍：你一開始從客戶那邊聽到哪些回饋，並幫助我們思考，要花多少時間才能把這一切完整交到你們的銷售組織與客戶手上。

And then, Gina, just can you help level set your approach to guiding for the newer pieces? We can see the Armis contribution, you're assuming, but is there prudence in terms of how you take some of the new pieces and account for the time to ramp, or how would you frame the initial assumptions there. Thanks very much.

另外，Gina，你能否協助我們校準一下你對於較新項目的指引方式？我們看得到你假設了 Armis 的貢獻，但在納入這些新項目時，你是否會基於審慎考量其爬坡所需時間，或你會如何界定一開始的假設？非常感謝。

Thank you very much, Michael. I appreciate the question. The company and the customer loves the acquisitions that we did, loves it. ServiceNow has a great relationship with our customers, and they count on us for innovation.

非常感謝你，Michael。我很感謝這個問題。公司和客戶都很喜歡我們做的這些收購，非常喜歡。ServiceNow 與客戶有很好的關係，客戶也仰賴我們持續創新。

And if you look at a company like MoveWorks, I mean, literally quintupling our EmployeeWorks business in the first quarter that they're here. That's a testament to the fact that the customers, the ecosystem, and obviously our team have already hit the ground running with that, and we expect enormous success with that.

如果你看像 MoveWorks 這樣的公司，我是說，他們加入的第一季就讓我們的 EmployeeWorks 業務幾乎成長到五倍。這證明了客戶、生態系，當然還有我們的團隊，已經立刻上手、快速推進，我們也預期會取得巨大的成功。

If you think about Veza, we just got it. And as Gina said, it's a very small revenue buy because we bought the innovation, we bought the entrepreneurs' great patented technology, think about it. To in real-time graph, people and the agents in real time and all the rights and privileges that they do and don't have across a global corporation in seconds and actually roll that out across an entire corporation to make sure that AI is doing all good things for you and avoiding all the bad things.

再想想 Veza，我們才剛收購。如同 Gina 所說，這是一筆營收規模很小的收購，因為我們買的是創新、買的是創業者極佳且具專利的技術，想想看。能在數秒內以即時圖譜（graph）呈現人員與代理（agents），以及他們在全球企業中擁有與不擁有的各種權限與特權，並把它在整個企業內推廣部署，確保 AI 為你做的都是好事、避免所有壞事。

Armis is already in 9 of the 10, top 10 companies in the world and 40% of the Fortune 100, and they don't have a global footprint in Salesforce like we do. And so this AI-controlled tower vision is massive, and it's actually the biggest thing that I've seen the customer react to since I've been here since 2019, okay? That's a fact.

Armis 已經進入全球前十大公司中的 9 家，以及《財富》100 大企業的 40%，而他們並沒有像我們一樣在 Salesforce 端具備全球佈局。因此，這個由 AI 控制的塔台（control tower）願景規模非常龐大，而且老實說，這是我自 2019 年在這裡以來，看過客戶反應最強烈的一件事，好嗎？這是事實。

So all of that is all upside. We haven't even realized it yet. We're rolling it out. We're having an all-hands meeting tomorrow and everybody is just so excited and thrilled here. So I would just say get excited because the customers are.

所以這些全都是上行空間。我們甚至還沒真正實現它。我們正在推出。我們明天會開全員大會，大家都非常興奮、非常振奮。所以我只想說：你也可以期待，因為客戶就是這麼期待。

And quintupling a business, meaning doing one quarter what they did in a prior year, just gives you an indication when they just joined us, and the other two just joined us, and they'll obviously be part of the Q2 print, and that story is still unfolding as we speak, but it's all going great.

而所謂「成長到五倍」，意思是他們剛加入我們，就在一個季度做出他們過去一整年做到的量，這讓你大概知道其動能。

So, Michael, I tell you, we got this thing now. We really got it. And as it relates to all the other participants in the AI universe, this is the part that nobody's accounted for. We love them all. Because everything that they do contributes to revenue that goes into the ServiceNow platform. Everything, whether it's an integration point, whether it's a co-solution, or whether they're just running with the customer and the customer's running the work through our platform on the execution of the way the world works. It's all hitting our revenue and our growth line.

所以，Michael，我跟你說，我們現在把這件事掌握住了。我們真的掌握住了。而就 AI 宇宙裡的其他參與者而言，這一塊是沒有人把它算進去的。我們喜歡他們所有人。因為他們做的每一件事，都會貢獻到流入 ServiceNow 平台的營收。每一件事，不論是整合點、共同解決方案，或是他們只是跟著客戶一起跑，而客戶透過我們的平台來執行世界運作的方式。這些都會反映在我們的營收與成長線上。

One thing Gina said that's very important. The idea of moving from the project to actually moving to the AI process, a lot of the customers hadn't yet deployed all the AI that they have, not because they don't love the solution, but because their company wasn't ready for it yet.

Gina 說的一點非常重要。也就是從「專案」轉向真正的「AI 流程」這個概念；很多客戶其實還沒有把他們擁有的 AI 全部部署起來，不是因為他們不喜歡這個解決方案，而是因為他們的公司還沒準備好。

So we're very much in front of the customer with a customer excellence group and our forward-deployed engineers. So as that goes live, that hockey stick starts to kick in as they consume the assists and reload the assist packs. So all of this and more is part of the story that's yet to be told, and yet the story is a beaten raise.

所以我們透過客戶卓越團隊（customer excellence group）以及前線部署工程師（forward-deployed engineers），非常積極地站在客戶前面推進。因此一旦上線，當他們開始消耗這些 assist 並重新載入 assist packs 時，那個曲棍球棒式的成長就會開始出現。所以這些以及更多內容，都是尚未完全講完的故事的一部分，而目前這個故事已經是「beat 並上調」（beaten raise）。

And I would just add to your question, as you'd imagine with my approach to guidance, certainly, I'm being prudent with brand-new acquisitions that have just closed. I feel very confident in the guide. I also feel confident that there's -- as we ramp and as we build integration into the body of ServiceNow, the opportunity for incremental growth is enormous.

我也補充回應你的問題：如你所想像，以我對財測指引的做法，對於剛完成交割的全新收購案，我確實會採取審慎態度。我對這次指引非常有信心。我也相信，隨著我們爬坡、並把整合逐步融入 ServiceNow 的整體之中，帶來額外增長的機會非常巨大。

And you'll see a lot more about what we think about that into '27 and beyond in Vegas in 10 days. And so prudence in the guides for '26, significant upside. And we truly believe it's going to help not only accelerate our top-line revenue, but also be a pull on the core, as Bill talked about earlier. M&A done extremely well.

而在 10 天後於拉斯維加斯，我們會針對 2027 年及之後的看法分享更多。因此，對 2026 年的指引採取審慎，但上行空間顯著。我們也真心相信，這不僅會加速我們的營收（top-line）成長，也會如 Bill 先前所說，對核心業務形成拉動效應。併購執行得非常好。

Ladies and gentlemen, this concludes today's call. Thank you all for joining the first-quarter 2026 ServiceNow earnings conference call. You may now disconnect.

各位女士、先生，今天的電話會議到此結束。感謝各位參加 ServiceNow 2026 年第一季財報電話會議。您現在可以掛線。