ServiceNow, Inc. (NOW) 2026 Q2 法說會逐字稿

Good afternoon, and thank you for joining ServiceNow's second-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 Zavery, President, Chief Product Officer and Chief Operating Officer.

各位下午好，感謝您加入 ServiceNow 2026 會計年度第二季財報電話會議。與我一同出席的有：董事長暨執行長 Bill McDermott；總裁暨財務長 Gina Mastantuono；以及總裁、首席產品長暨營運長 Amit Zavery。

During today's call, we will review our second quarter results and discuss our guidance for the third 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. We undertake no duty or obligation to update such statements as a result of new information or future events.

在今天的電話會議中，我們將回顧第二季業績，並討論我們對 2026 會計年度第三季與全年之財測指引。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。對於因新資訊或未來事件而需要更新此等陳述，我們不承擔任何責任或義務。

Please refer to today's earnings press release and our SEC filings, including our most recent 10-Q and 10-K for factors that may cause actual results to differ materially from our forward-looking statements. We'd also like to point out that we present non-GAAP measures, in addition to and not as a substitute for, financial measures calculated in accordance with GAAP. Unless otherwise noted, all financial measures and related growth rates we discuss today are non-GAAP except for revenues, remaining performance obligations, or RPO, current RPO, and cash and investments. To see the reconciliation between these non-GAAP and GAAP measures, please refer to the earnings press release and investor presentation, which are both posted on our website at investors.servicenow.com. A replay of today's call will also be posted on our website.

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。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，作為補充而非替代。除非另有說明，我們今天討論的所有財務衡量指標及其相關成長率皆為非 GAAP，惟營收、剩餘履約義務（RPO）、當期 RPO，以及現金與投資除外。如需查看非 GAAP 與 GAAP 指標之間的調節表，請參閱財報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 thanks, everybody, for joining today's call. I looked at the transcript from an earnings call seven years ago. And back then, we said ServiceNow would be the defining enterprise software company of the 21st century. I thought I'd give you a report out. Since then, we beat expectations in every quarterly report, expanded the profitability and free cash flow of the company, quintupled our total addressable market, accelerated six of our own unicorns to $1 billion or multibillion-dollar businesses, process billions of workflows, and trillions of transactions grew the partner ecosystem globally architected the most complete AI control tower for the enterprise, maintained our best-in-class renewal rate, increased our brand value, offered our customers deep enterprise context, unlimited choice and differentiated capabilities, and of course, we set a course to $32 billion in revenue in 2030 operating at the Rule of 60 and beyond.

非常感謝你，Darren，也感謝各位參加今天的電話會議。我看了七年前一次財報電話會議的逐字稿。當時我們說，ServiceNow 將成為 21 世紀具代表性的企業軟體公司。我想向各位做個回報。自那以來，我們在每一季的財報中都超越預期，提升公司的獲利能力與自由現金流，將我們的總可服務市場（TAM）擴大至原來的五倍，推動我們自有的六個「獨角獸」加速成長至 10 億美元或數十億美元規模的業務，處理數十億個工作流程與數兆筆交易，全球擴大合作夥伴生態系，打造企業最完整的 AI 控制塔，維持同級最佳的續約率，提升品牌價值，為客戶提供深厚的企業情境、無限選擇與差異化能力；當然，我們也設定了在 2030 年達成 320 億美元營收、並以「60 法則」（Rule of 60）及更高水準營運的目標。

So today, we're adding a stunning Q2 print to this track record. Subscription revenue growth was 23% in constant currency, 1.5 points above the high end of our guidance. cRPO growth was 21.5% in constant currency, more than 2 points above our guidance. Operating margin was 29.5%, 3 points above our guidance. We had 123 deals greater than $1 million in net new ACV, up 40% year over year.

因此今天，我們在這份成績單上再添一份亮眼的第二季表現。訂閱營收在固定匯率下成長 23%，較我們指引上緣高出 1.5 個百分點。當期 RPO（cRPO）在固定匯率下成長 21.5%，較我們指引高出超過 2 個百分點。營業利益率為 29.5%，較我們指引高出 3 個百分點。我們完成了 123 筆淨新增 ACV 超過 100 萬美元的交易，年增 40%。

ServiceNow AI ACV exceeded expectations again surpassing $1 billion, keeping us on track to beat our target of $1.5 billion ACV by the end of 2026. We're feeling real good about it.

ServiceNow AI 的 ACV 再次超出預期並突破 10 億美元，使我們持續朝著在 2026 年底前超越 15 億美元 ACV 目標的軌道前進。我們對此感到非常振奮。

What does it all mean? We are who we said we were. The path to value isn't just making AI. It's deploying AI securely across the enterprise.

這一切意味著什麼？我們就是我們所說的那家公司。通往價值的道路不只是打造 AI。而是在整個企業中安全地部署 AI。

IDC forecast spending on AI software is going to grow 53% this year, 17% faster than AI hardware whichever chip wins, whichever lab wins, which ever price per token regime prevails. The enterprise needs one governed layer of record, full work and ServiceNow offers needed certainty in an uncertain stack. Our platform is optionality on all AI outcomes, not a bet on anyone. We're in the bull's eye of AI, cybersecurity, workflow orchestration, integration, and automation. That's why we're growing fast -- it's why we're only just getting started. We are who we said we were.

IDC 預測，今年 AI 軟體支出將成長 53%，比 AI 硬體快 17%——不論哪一款晶片勝出、不論哪一家實驗室勝出、不論每 token 定價機制最後如何演變。企業需要一個受治理的單一記錄層（layer of record）、完整的工作與……而 ServiceNow 在不確定的技術堆疊中提供所需的確定性。我們的平台是對所有 AI 結果的「選擇權」，而不是押注任何一方。我們正位於 AI、資安、工作流程編排、整合與自動化的核心交會點。這就是我們成長快速的原因——也正因如此，我們才剛剛開始。我們就是我們所說的那家公司。

Over the past several months, we've addressed a number of really good questions during meetings with investors. Today, I'd like to give every investor the professional courtesy of those exchanges. One question we regularly get is ServiceNow becoming a cybersecurity company? Here's the answer. ServiceNow already was a $1 billion-plus cybersecurity business. Today, our risk and study business is the fastest-growing of the top 10 cyber companies in the enterprise.

在過去幾個月裡，我們在與投資人會面時回應了許多非常好的問題。今天，我想把那些交流以專業的方式同樣提供給每一位投資人。我們經常被問到的一個問題是：ServiceNow 是否正在成為一家資安公司？答案如下。ServiceNow 早已是一個年營收超過 10 億美元的資安業務。如今，我們的風險與 study 業務是企業前十大資安公司中成長最快的。

I'll make it very clear. We now have a 10-figure cybersecurity business that's growing faster than all the other top cybersecurity companies. We're building the world's most integrated end-to-end security platform across cyber, risk and compliance, agentic incident response, exposure management, identity and access security, cyber physical security, and continuous vulnerability detection.

我把話說得非常清楚。我們現在擁有一個「十位數」規模的資安業務，而且其成長速度超過所有其他頂尖資安公司。我們正在打造全球整合度最高的端到端安全平台，涵蓋資安、風險與法遵、代理式（agentic）事件回應、曝險管理、身分與存取安全、資安實體（cyber physical）安全，以及持續性弱點偵測。

The security stack sits on top of our ITSM and ITOM core infrastructure, so think about it. AI control tower plus Armis plus Veza. Our customers want every AI enterprise to be visible, governed and secured in one command center. Native or third-party, they don't want any blind spots. There's 2.2 billion agents entering the enterprise globally. That's 2.2 billion new identities, a qaurter of today's human population.

安全技術堆疊建立在我們的 ITSM 與 ITOM 核心基礎架構之上，所以想一想：AI 控制塔加上 Armis 加上 Veza。我們的客戶希望每一個 AI 企業都能在同一個指揮中心被看見、被治理並被保護。不論是原生或第三方，他們都不希望有任何盲點。全球將有 22 億個代理（agents）進入企業。那是 22 億個新的身分，約為當今人類人口的四分之一。

Vasa maps access across human, machine and AI identities. We'll have 40 billion connected devices in the world in the next four years. Armis already tracks 7 billion of those devices in real time. Many customers, especially in the public sector, seek out Armis because government policies require state-of-the-art visibility.

Veza 會在「人類、機器與 AI 身分」之間映射存取權限。未來四年內，全球將有 400 億個連網裝置。Armis 已能即時追蹤其中 70 億個裝置。許多客戶，特別是公部門，會主動選擇 Armis，因為政府政策要求最先進的可視性。

The attack surface is excluding every ungoverned asset and identity multiplies the blast radius. When you integrate awareness and identity with the actionability of the ServiceNow platform, you have a complete 360-degree capability to secure the enterprise.

攻擊面正在擴大——每一個未受治理的資產與身分都會放大爆炸半徑。當你把可視性與身分能力，與 ServiceNow 平台的可執行性（actionability）整合在一起，就能具備完整的 360 度能力來保護企業。

It's highly telling that the AI control tower is already gaining traction with our partner ecosystem. In fact, one global services firm is leveraging this portfolio to help their clients rapidly triage their cybersecurity activity. They're hunting down problems with ServiceNow, and the others are rapidly following suit. So once again, this is the eighth largest cybersecurity business in the enterprise and the fastest growing, and we are just getting started.

非常值得注意的是，AI 控制塔已經在我們的合作夥伴生態系中取得動能。事實上，有一家全球服務公司正運用這個產品組合，協助其客戶快速分流並判定資安活動的優先順序。他們正透過 ServiceNow 追查問題，而其他夥伴也正迅速跟進。因此再次強調，這是企業中第八大資安業務、也是成長最快的，而我們才剛剛開始。

Another question we get is when will customer deployment of AI mark an inflection point for ServiceNow's growth? Here's the answer. It already has. The percentage of renewal customers purchasing agentic AI for the first time, doubled quarter over quarter and year over year. So customers that weren't already on the AI journey are signing up fast. Most customers are now completely allergic to anything that looks like a project. They only want deterministic.

我們還常被問到另一個問題：客戶部署 AI 何時會成為 ServiceNow 成長的拐點？答案如下。它已經發生了。續約客戶中首次購買代理式 AI 的比例，無論季比或年比都翻倍成長。因此，原本尚未踏上 AI 旅程的客戶正在快速加入。多數客戶現在對任何看起來像「專案」的東西都完全過敏。他們只想要可確定、可預期的結果。

ServiceNow only does deterministic. That's a big reason why customers with agentic AI in production have grown 9x over the last nine months.

ServiceNow 只做確定性（deterministic）。這也是為什麼在過去九個月裡，將代理式 AI（agentic AI）投入生產環境的客戶數成長了 9 倍的重要原因。

So here's a few of many examples. The Department of Air Force is expanding its use of the ServiceNow AI platform. The deployment will unify IT operations and enterprise visibility.

以下只是眾多案例中的幾個例子。美國空軍部（Department of Air Force）正在擴大其對 ServiceNow AI 平台的使用。此部署將整合 IT 營運並提升企業級可視性。

Experian is using ServiceNow to automate intelligence at scale. We will also integrate our platforms, embedding experienced data and decisioning into existing ServiceNow workflows in a five-year deal and many deals are going longer. You should see that in the CRP -- or in the RPO, by the way.

Experian 正在使用 ServiceNow 以大規模自動化智慧能力。我們也將整合雙方平台，在一項為期五年的合約中，把 Experian 的資料與決策能力嵌入既有的 ServiceNow 工作流程中，而且許多合約期限正變得更長。順帶一提，你應該會在 CRP——或在 RPO 中看到這點。

Maybank, Malaysia's largest bank, will leverage ServiceNow to establish a resilient operation center to fortified security and resilience. The US federal government's largest IT contractors and agencies are now consolidating asset discovery and security response on ServiceNow. One agency is using Armis to move from asset blind incident response to comprehensive threat hunting.

馬來西亞最大銀行 Maybank 將運用 ServiceNow 建立具韌性的營運中心，以強化安全性與韌性。美國聯邦政府最大的 IT 承包商與機構，現正把資產探索與安全回應整合到 ServiceNow 上。其中一個機構正在使用 Armis，將資產盲點下的事件回應，轉型為全面性的威脅獵捕。

Hitachi will standardize enterprise asset management across its global businesses on ServiceNow. Additionally, we're partnering with them to advance the Hitachi Intelligent Infrastructure monitoring solution. The city of Raleigh became the first local government to deploy ServiceNow's L1 AI specialists in production with no in-house AI engineering bench behind it. That's right. It's on its own. The city is moving to become fully autonomous one ticket category at a time.

日立（Hitachi）將在 ServiceNow 上，於其全球業務間標準化企業資產管理。此外，我們也正與他們合作推進 Hitachi Intelligent Infrastructure 監控解決方案。羅利市（Raleigh）成為第一個在沒有內部 AI 工程團隊支援下，仍在生產環境部署 ServiceNow L1 AI 專家的地方政府。沒錯。它是靠自己。該市正逐步以「每次一個工單類別」的方式，邁向全面自治。

Many enterprise customers are at various stages of the same journey. They are progressing from supervised to autonomous operations. a large global consumer good company partnered with ServiceNow to launch its first agentic AI use case in ITSM to triage workflows.

許多企業客戶都處於同一段旅程的不同階段。他們正從受監督（supervised）營運走向自治（autonomous）營運。一家大型全球消費品公司與 ServiceNow 合作，在 ITSM 中推出其首個代理式 AI 用例，用於分流（triage）工作流程。

The customer rapidly deployed a repeatable governance-first blueprint for future agentic use cases. A leading global food and beverage company found itself with AI agents proliferating across five platforms simultaneously with no unified way to govern them. Their CTO has a mandate: no agent goes live with our clearing governance, risk, value validation, and observability.

該客戶迅速部署了一套可重複使用、以治理優先（governance-first）為核心的藍圖，用於未來的代理式用例。一家全球領先的食品與飲料公司發現，AI 代理同時在五個平台上擴散，卻沒有統一的治理方式。他們的 CTO 有一項要求：未經我們完成治理、風險、價值驗證與可觀測性（observability）審核，任何代理都不得上線。

AI control tower went live this spring. They can now see in real time who was building AI and whether it had been approved. The value for them was immediate.

AI 控制塔（AI control tower）於今年春季上線。他們現在可以即時看到是誰在建置 AI，以及是否已獲核准。對他們而言，價值立竿見影。

It's worth highlighting, IT operations management continues to be a source of strength to ServiceNow, extending its outperformance in Q2, with attach rates to ITSM continuing to rise year over year.

值得強調的是，IT 營運管理（ITOM）持續成為 ServiceNow 的強項，在第二季延續其超越市場的表現，且與 ITSM 的附加採用率（attach rates）持續逐年上升。

Our CMDB gives customers a trusted system of record for their infrastructure, applications, services and dependencies. ServiceNow delivers the intelligent layer and the infrastructure it runs on.

我們的 CMDB 為客戶提供可信賴的記錄系統（system of record），涵蓋其基礎架構、應用程式、服務與相依關係。ServiceNow 提供智慧層，以及其運行所需的基礎架構。

We also get asked is ServiceNow gaining traction in the CRM marketplace? Here's the answer. The market participants in the enterprise are very good. They're really good companies. And let me be clear. They're not going away.

我們也常被問到：ServiceNow 是否正在 CRM 市場取得動能？答案如下。企業級市場的參與者都非常強。他們都是非常優秀的公司。我必須說清楚。他們不會消失。

Having said that, we're doing very well. Already, we're a $2 billion ACV business. CRM NNA CV growth accelerated again on a year-over-year and quarter-over-quarter basis. Sales CRM average deal size doubled year over year. We're on track to execute over 2 billion service CRM cases this year. In addition, partners are increasingly positioning ServiceNow as an operational CRM platform, opening executive conversations across the C-suite.

話雖如此，我們表現得非常好。目前我們已是一個年合約價值（ACV）達 20 億美元的業務。CRM 的 NNA CV 成長再次加速，無論年對年或季對季皆然。銷售 CRM 的平均交易規模年增一倍。我們今年有望執行超過 20 億件服務 CRM 案件。此外，合作夥伴也愈來愈常將 ServiceNow 定位為營運型 CRM 平台，從而在 C-suite 各層級開啟高階對話。

For example, in Q2, a partner closed a full-front office replacement of a major CRM deployment in just two months. A leading North American automotive marketplace outgrew its legacy CPQ provider. It couldn't handle the volume or complexity of the business after five vendors fail to deliver. ServiceNow will help their sales teams achieve the speed and accuracy to operate at scale.

例如在第二季，一家合作夥伴僅用兩個月，就完成某大型 CRM 部署的「全前台」（full-front office）替換案。一家北美領先的汽車交易市場平台，已超出其既有 CPQ 供應商的能力範圍。在五家供應商都未能交付之後，原系統已無法承受其業務量或複雜度。ServiceNow 將協助其銷售團隊以所需的速度與準確度，實現規模化營運。

An American software leader selected ServiceNow to modernize a highly customized quoting environment, our ability to connect CPQ with broader workflows, customer data, and service operations was a key differentiator in the win. A leading North American telecom infrastructure provider selected us to unify commercial and field operations on a single platform. ServiceNow will scale, quote, volume 3x with no added headcount and cut repricing from weeks to hours.

一家美國軟體領導廠商選擇 ServiceNow 來現代化一個高度客製化的報價環境；我們能將 CPQ 與更廣泛的工作流程、客戶資料與服務營運連結的能力，是此次勝出的關鍵差異化因素。一家北美領先的電信基礎設施供應商選擇我們，將商務與現場營運整合到單一平台上。ServiceNow 將在不增加人力編制的情況下，把報價量擴大 3 倍，並將重新定價時間從數週縮短至數小時。

A regional financial institution consolidated its loan origination workflow onto ServiceNow's unified CRM platform replacing legacy point solutions. Hey. Here's the big one. Voice is the next frontier, and we're winning it.

一家區域性金融機構將其貸款起案（loan origination）工作流程整合到 ServiceNow 的統一 CRM 平台上，取代既有的點狀解決方案。嘿。接下來是重點。語音是下一個前沿領域，而我們正在贏下它。

We just proved something extraordinary. A large airline has gone all in running their customer service voice calls on ServiceNow's voice AI, CRM agents. This is live in production and handling 5 million annual voice calls in year one alone. The results speak for themselves. Customer satisfaction is off the charts.

我們剛剛證明了一件非同凡響的事。一家大型航空公司全面採用 ServiceNow 的語音 AI、CRM 代理來承接其客服語音來電。這已在生產環境上線，僅第一年就處理每年 500 萬通語音來電。成果不言自明。客戶滿意度高得驚人。

We also get asked about ServiceNow's role in the HR stack. Here's the answer. Employee Works as the strategic entry point for enterprise-wide employee experiences.

我們也常被問到 ServiceNow 在 HR 技術堆疊（HR stack）中的角色。答案如下。Employee Works 作為企業級員工體驗的策略性入口點。

This combines Moveworks conversational AI with ServiceNow workflows to create a single place to search, self-serve and take action across HR, IT, and all workplace services. As Fortune 500 customers adopt EmployeeWorks, we're seeing it pull through broader HR and employee experience opportunities, a similar pattern to what's happening in the CRM business.

這將 Moveworks 對話式 AI 與 ServiceNow 工作流程結合，打造一個單一入口，可在 HR、IT 與所有職場服務中進行搜尋、自助服務並採取行動。隨著《財富》500 強客戶採用 EmployeeWorks，我們看到它帶動更廣泛的 HR 與員工體驗機會，這與 CRM 業務中正在發生的模式相似。

We get asked about the industry dynamics in enterprise AI. Here's the answer. Innovating for the enterprises like politics. As you may have noticed, it's pretty easy to make noise, hard to make progress. One of the reasons Knowledge 2026 was the biggest we ever hosted is because customers are desperate to make real progress with a proven innovator they can trust.

我們也被問到企業 AI 的產業動態。答案如下。為企業創新就像政治。如你所見，製造聲量很容易，推動進展卻很難。Knowledge 2026 成為我們史上規模最大的一次主辦活動，其中一個原因是：客戶迫切希望與一位他們信任、且已被驗證的創新者一起，取得真正的進展。

Sessions on ITSM, ITOM, and AI control tower were all oversubscribed because the influx of AI creates more activity for IT, not less. Customers demoed our latest product releases, including new AI specialists, specialists for IT, CRM, employee service, and security. They learned about ServiceNow Action Fabric. This enables any agent, Claude, Copilot, or homegrown to tap directly into secure, govern enterprise actions headlessly.

ITSM、ITOM 與 AI 控制塔的場次全數超額報名，因為 AI 的湧入讓 IT 的工作更多，而不是更少。客戶展示了我們最新的產品發佈，包括新的 AI 專家，以及面向 IT、CRM、員工服務與資安的專家。他們也了解了 ServiceNow Action Fabric。這讓任何代理——無論是 Claude、Copilot 或自研代理——都能以無介面（headless）的方式，直接接入安全且受治理的企業行動能力。

With so much of a data mess, they wanted to understand ServiceNow's context engine and autonomous data analytics which resolved data fragmentation across systems. With interest in ServiceNow rising, our innovation velocity is accelerating to meet the opportunity. For example, we have a big announcement coming very shortly, a business model evolution that expands our TAM with AI native products. This new offering will be a conversational service desk experience. No tickets, and AI-coded automation.

在資料如此混亂的情況下，他們希望了解 ServiceNow 的情境引擎（context engine）與自治資料分析（autonomous data analytics），這些能力可解決跨系統的資料碎片化。隨著市場對 ServiceNow 的興趣升溫，我們的創新速度也在加快，以把握這個機會。例如，我們很快就會發布一項重大公告：一項商業模式的演進，透過 AI 原生產品擴大我們的 TAM。這項新產品將提供對話式服務台體驗。沒有工單（tickets），並且具備由 AI 編碼的自動化。

In a new product-led motion, we're targeting the Fortune 500,000 (sic - "500"), many of whom we expect to replace their legacy offerings and bypass the startups, stop wasting time. We already have several customers in beta and soon will be GA. That's generally available. This is the first of many net new AI native products we'll be bringing to market in the weeks to come, as Dynamite engineering team is on fire.

在一項以產品為主導的新推進策略中，我們鎖定《財富》500,000（原文如此—應為「500」）企業，其中許多我們預期將以我們取代其既有的傳統產品並繞過新創公司，別再浪費時間。我們已經有數位客戶在 Beta 測試中，且很快就會 GA。也就是正式全面上市（Generally Available）。這是我們在未來幾週將推向市場的眾多全新 AI 原生產品中的第一個，Dynamite 工程團隊火力全開。

Another area of real progress for customers is the expansion of our strategic partnerships.

另一個讓客戶真正看到進展的領域，是我們策略夥伴關係的擴展。

Deeper integration is ServiceNow AI Control Tower and Microsoft Agent 365, extended agentic AI governance from desktops to data centers with Project Arc. And new agents secured by the NVIDIA Open Shell run time and governed by ServiceNow AI Control Tower, enhanced collaboration between ServiceNow's AI native FTEs and industry-led Accenture FTEs.

更深度的整合包括 ServiceNow AI Control Tower 與 Microsoft Agent 365，並透過 Project Arc 將代理式 AI 治理從桌面延伸到資料中心。此外，由 NVIDIA Open Shell 執行階段所保護、並由 ServiceNow AI Control Tower 治理的新代理，強化了 ServiceNow 的 AI 原生 FTE 與由產業領導的 Accenture FTE 之間的協作。

There are too many to cover here. The momentum is everywhere. Here's a rapid fire round for you.

這裡多到講不完。動能無所不在。我快速連發幾點給各位。

Are we worried about seed compression? Not at all. Our addressable user base is growing and 50% of our net new business is already non-seat-based. We keep seat-based pricing because customers prefer it for predictability, particularly now where a lot of pricing out there has been less than predictable. Our customer is going to build their own I've yet to meet a customer who would even consider it.

我們會擔心種子輪估值被壓縮（seed compression）嗎？完全不會。我們可觸及的使用者基礎正在成長，而且我們新增淨業務中已有 50% 不是以席位（seat）為基礎。我們保留以席位為基礎的定價，因為客戶偏好其可預測性，尤其是在目前市場上許多定價都不太可預測的情況下。我們的客戶會自己打造——我至今還沒遇過任何一位客戶會認真考慮這件事。

The best tech leaders know it will cost 5x to 10x to build an agent versus run one on ServiceNow. How's the government business? It's never been stronger. National governments, regional governments, local governments, they're all expanding their ServiceNow deployments. There are just a few questions that I hope you found useful in answering for you over these few moments we get the spend together.

最頂尖的科技領導者都知道，打造一個代理的成本會是把代理跑在 ServiceNow 上的 5 到 10 倍。政府業務表現如何？從未如此強勁。國家級政府、區域政府、地方政府，都在擴大其 ServiceNow 部署。以上只是幾個問題，我希望在我們短短相處的這幾分鐘裡，這些回答對你有所幫助。

For now, I'll answer the final question. Why will ServiceNow get incremental share of wallet in the enterprise? I'll explain it as plainly as I can. There are many good companies in the enterprise today, and I do have respect for them all. Some that have built very strong businesses over the years, others that are new participants, they're good companies. The established companies aren't going anywhere, and I expect them to do very well based on the years of business logic and context in their platforms.

接下來，我回答最後一個問題。為什麼 ServiceNow 能在企業中取得更多錢包份額（share of wallet）的增量？我會盡可能用最直白的方式說明。當今企業市場有許多優秀公司，我也尊重他們每一位。有些公司多年來建立了非常強大的業務，另一些是新進者——他們都是好公司。既有的大型公司不會消失，我也預期他們會表現得很好，因為他們的平台累積了多年商業邏輯與情境脈絡。

The new companies are growing fast, and they'll be disruptive to some legacy point solutions and likely complementary to the bigger platforms. There are two major factors that should cement conviction in ServiceNow.

新公司成長很快，將對某些傳統的點狀解決方案造成顛覆，並且很可能與更大型的平台形成互補。有兩個主要因素，應能強化市場對 ServiceNow 的信心。

One, if you were to assess all the players out there, which of them include a system of record, deep enterprise context, fully integrated governance and auditability, a proven global distribution channel, and a flexible pricing model that includes predictable consumption and outcome-based options? I'll save you the trouble. Only ServiceNow's completeness of vision checks all of those boxes.

第一，如果你評估市面上所有參與者，哪一家同時具備：記錄系統（system of record）、深厚的企業情境、完全整合的治理與可稽核性、經驗證的全球通路，以及包含可預測的用量計費與成果導向選項在內的彈性定價模式？我替你省點時間。只有 ServiceNow 的完整願景能把這些條件全部勾選。

The second factor is pure market fit. Which of the platforms in today's enterprise was designed from the ground up to integrate to all of these players? Again, the only answer is ServiceNow. Risk at scale is why CEOs are losing sleep right now. They read all these threat headlines, they see all these platforms and token invoices, and they don't know what to do.

第二個因素是純粹的市場契合度。在當今企業裡，哪一個平台是從零開始就為了與所有這些參與者整合而設計的？同樣地，唯一答案是 ServiceNow。規模化風險正是 CEO 現在睡不著的原因。他們看到各種威脅新聞標題、看到各種平台與代幣（token）帳單，卻不知道該怎麼做。

This is the gap. ServiceNow is the bridge. We're in the control business, one platform, one system of action, any cloud, any agent, any workflow any model, governed, secured, and accountable. This is the AI Control Tower enterprise leaders now know is mission-critical, enterprise execution with cybersecurity at the core of the platform and cybersecurity growing real fast. ServiceNow is the rules and rails of the enterprise. We're in command of the agentic enterprise from workflow to cyber. Our position is real, it is durable, it is compounding.

這就是缺口。ServiceNow 是那座橋樑。我們做的是控制（control）這門生意：一個平台、一個行動系統（system of action），任何雲、任何代理、任何工作流程、任何模型——皆可被治理、被保護、且可被追責。這就是企業領導者如今知道至關重要的 AI Control Tower：以網路資安為平台核心來推動企業執行，而網路資安也正在快速成長。ServiceNow 是企業的規則與軌道。我們掌控代理式企業，從工作流程到資安。我們的地位是真實的、持久的，且會持續複利成長。

This is the foundation for a re-rating of ServiceNow. Let's get it started today. We said defining enterprise software company in the 21st century. We are, who we said we were. Thank you for your time today, for your interest and ServiceNow, and for your enduring support. We'll never take it for granted.

這是 ServiceNow 重新評價（re-rating）的基礎。讓我們從今天開始。我們說過要成為 21 世紀定義性的企業軟體公司。我們就是我們所說的那個樣子。感謝各位今天撥冗、對 ServiceNow 的關注，以及長期以來的支持。我們絕不視為理所當然。

With that, I'll hand things over to our President and CFO, Gina Mastantuono. Gina, over to you.

接下來，我把時間交給我們的總裁兼 CFO，Gina Mastantuono。Gina，交給你。

Thank you, Bill. Q2 was an outstanding quarter that highlights ServiceNow's broad-based demand strong execution and operating leverage. Once again, we beat the high end of our guidance range across every top line and profitability metrics. AI net new ACV growth continues to outpace expectations. Our AI control tower is supercharging our security and risk business and ITOM is seeing strong demand tailwinds for the CMDB to serve as an essential governance and data foundation. Simply put, the momentum across the portfolio continues to build and we remain on track to deliver another exceptional year.

謝謝你，Bill。第二季（Q2）是非常出色的一季，凸顯了 ServiceNow 廣泛的需求、強勁的執行力與營運槓桿。我們再次在所有營收端與獲利指標上，都超越了指引區間的上緣。AI 帶來的新增淨 ACV 成長持續超出預期。我們的 AI Control Tower 正在為資安與風險業務加速賦能，而 ITOM 也受惠於強勁需求順風，CMDB 作為關鍵的治理與資料基礎，需求明顯。簡而言之，整體產品組合的動能持續累積，我們仍按計畫可望再交出一個卓越的年度表現。

Q2 subscription revenues were $3.877 billion, growing 23% year over year in constant currency and 150 basis points above the high end of our guidance. RPO ended the quarter at approximately $29 billion, representing 22% year-over-year constant currency growth with an increase in average customer contract duration. Current RPO was $13.2 billion, representing 21.5% year-over-year constant currency growth. That's a 200-basis point beat versus our guidance.

第二季訂閱營收為 38.77 億美元，以固定匯率計年增 23%，並較我們指引上緣高出 150 個基點。RPO 於季末約為 290 億美元，以固定匯率計年增 22%，且平均客戶合約期間延長。當期 RPO 為 132 億美元，以固定匯率計年增 21.5%。這比我們的指引高出 200 個基點。

Across our workflows, we saw widespread demand. Technology workflows had 50 deals over $1 million, including $9 million over $5 million. The combination of Armis and Veza has had a strong pull effect on our core. ITSM was in 15 of our top 20 deals. Icon had an outstanding quarter in 18 of our top 20 deals with 14 deals over $1 million, our security and risk solutions were in 16 of our top 20 deals, also with 24 deals over $1 million.

在各項工作流程（workflows）方面，我們看到廣泛的需求。科技工作流程有 50 筆超過 100 萬美元的交易，其中包含 9 筆超過 500 萬美元。Armis 與 Veza 的組合對我們核心業務帶來強勁的拉動效應（pull effect）。ITSM 出現在我們前 20 大交易中的 15 筆。Icon 本季表現亮眼，出現在前 20 大交易中的 18 筆，且有 14 筆超過 100 萬美元；我們的資安與風險解決方案出現在前 20 大交易中的 16 筆，並且也有 24 筆超過 100 萬美元的交易。

CRM and industry workflows were in 16 of our top 20 deals with 15 over $1 million driven by sustained momentum in CPQ and sales and order management.

CRM 與產業工作流程出現在我們前 20 大交易中的 16 筆，其中 15 筆超過 100 萬美元，主要由 CPQ 以及銷售與訂單管理的持續動能所帶動。

Core business workflows had 12 deals in the top 20 with a blockbuster 24 deals over $1 million, driven by strong demand for employee works and creative workflows had 18 deals in the top 20 with 14 over $1 million.

核心業務工作流程在前 20 大交易中有 12 筆，且有爆發性的 24 筆超過 100 萬美元交易，主要由員工工作流程的強勁需求所驅動；而創意工作流程在前 20 大交易中有 18 筆，其中 14 筆超過 100 萬美元。

From an industry perspective, business and consumer services led the way with net new ACV growing over 6x year over year. Education posted impressive growth, surpassing 125%, followed by telco and media or nearly 40% year over year. Manufacturing also delivered strong growth in the quarter.

從產業角度來看，商業與消費者服務領先，淨新增 ACV 年增超過 6 倍。教育產業成長亮眼，增幅超過 125%，其次是電信與媒體，年增接近 40%。製造業在本季也交出強勁成長。

Our renewal rate was a best-in-class 98% in Q2, underscoring the durability of our customer relationships. We ended the quarter with 658 customers generating over $5 million in ACV with 32 more customers crossing the $20 million threshold since last year. As customers scale, they are consolidating more on the ServiceNow AI platform demonstrated by 18 of our top 20 deals including 8 or more products.

我們在第二季的續約率達到同業最佳的 98%，凸顯我們客戶關係的韌性。季末共有 658 位客戶的 ACV 超過 500 萬美元，且自去年以來另有 32 位客戶跨越 2,000 萬美元門檻。隨著客戶規模擴大，他們正更多地整合至 ServiceNow AI 平台；我們前 20 大交易中有 18 筆包含該平台，其中 8 筆包含 8 個以上產品。

ServiceNow AI continued to outperform expectations in Q2 with ACV crossing over $1 billion and net new ACV growth accelerating sequentially, growing over 40% quarter over quarter. Deals, including five or more ServiceNow AI products grew 5.5x year over year, which drove a tripling of million-dollar-plus deals. In addition, the number of customers with agentic AI in production has increased 9x over the last nine months, a leading indicator for the future consumption opportunity. While still early, we're already tracking ahead of our target for AI to reach 30% of ACV by 2030.

ServiceNow AI 在第二季持續優於預期，ACV 突破 10 億美元，且淨新增 ACV 成長動能逐季加速，季增超過 40%。包含五個以上 ServiceNow AI 產品的交易年增 5.5 倍，帶動百萬美元以上交易數量成長至三倍。此外，過去九個月中，將代理式 AI（agentic AI）投入正式環境（production）的客戶數增加 9 倍，這是未來使用量機會的重要領先指標。雖然仍在早期階段，我們已在追蹤上領先於目標：到 2030 年 AI 佔 ACV 的 30%。

As Bill noted, our new AI native SKUs are making our agentic solutions more accessible across the customer base, as evidenced by deal volume amongst first-time ServiceNow Agentic AI buyers growing over 45% year over year. What's more upgrades to our new AID of SKUs are driving price uplift in line with the 20% to 30% framework that we laid out at our Financial Analyst Day.

如 Bill 所提到，我們新的 AI 原生 SKU 正讓代理式解決方案更容易被更廣泛的客戶採用；從交易量可見，首次購買 ServiceNow Agentic AI 的買家交易量年增超過 45%。此外，升級至我們新的 AID of SKU 也正帶動價格上調，幅度符合我們在金融分析師日所提出的 20% 至 30% 架構。

EmployeeWorks, our AI front door for the enterprise workforce, continued to build strong momentum with deal volume growing over 150% quarter over quarter, another good example of our acquisitions amplifying the core. The robust attach rates of AI across the platform are also driving our data and analytics business.

EmployeeWorks 作為企業員工的 AI 前門（AI front door），持續累積強勁動能，交易量季增超過 150%，再次展現我們的併購如何放大核心業務。平台上 AI 的強勁附加率（attach rates）也正帶動我們的資料與分析業務。

RaptorDB Pro deal volume grew 80% year over year again in Q2, and workflow data fabric was in 17 of our top 20 deals.

RaptorDB Pro 的交易量在第二季再度年增 80%，而 workflow data fabric 出現在我們前 20 大交易中的 17 筆。

Turning to profitability. Non-GAAP operating margin was 29.5%, 300 basis points above our guidance, driven by the revenue outperformance and timing of spend, primarily in marketing. Our free cash flow margin was 16%. Together, these results continue to demonstrate our ability to drive a strong balance of world-class growth, rofitability, and shareholder value.

接著談獲利能力。非 GAAP 營業利益率為 29.5%，較我們的指引高出 300 個基點，主要受惠於營收優於預期以及支出時點差異，主要在行銷支出。我們的自由現金流利潤率為 16%。綜合而言，這些成果持續展現我們有能力在世界級成長、獲利能力與股東價值之間取得強勁平衡。

Moving to our outlook. For Q2, we saw net new ACV outperform, so we're raising our full year guidance. Part of that outperformance was due to strong US federal demand, which shifted some on-prem revenue from Q3 to Q2. This is simply about timing. I'm very confident in our Q3 and full-year guidance.

接著談我們的展望。第二季淨新增 ACV 表現優於預期，因此我們上調全年指引。部分優於預期來自美國聯邦需求強勁，使部分 on-prem 營收從第三季移至第二季。這純粹是時點因素。我對我們第三季與全年指引非常有信心。

For 2026, we are raising our subscription revenues by $15 million at the midpoint from [$15.755 billion to $15.760 billion] (sic - see slide 10, "$15.760 billion to $15.780 billion"), representing 21% year-over-year growth on a constant currency basis. We expect subscription gross margin of 81%, reflecting more customers utilizing our hyperscaler partnerships, as well as accelerating AI adoption. We expect operating margin of 31.5% and free cash flow margin of 35%. And GAAP diluted weighted average outstanding shares of 1.04 billion.

針對 2026 年，我們將訂閱營收在中位數上調 1,500 萬美元，從 [$15.755 billion to $15.760 billion]（原文如此—見投影片 10，「$15.760 billion to $15.780 billion」），以固定匯率計算代表年增 21%。我們預期訂閱毛利率為 81%，反映更多客戶採用我們與超大規模雲端服務商（hyperscaler）的合作夥伴關係，以及 AI 採用加速。我們預期營業利益率為 31.5%，自由現金流利潤率為 35%。以及 GAAP 稀釋後加權平均流通股數為 10.4 億股。

For Q3, we expect subscription revenues between $3.975 billion and $3.980 billion, representing 20% year-over-year growth on a constant currency basis. We expect cRPO growth of 20% on a constant currency basis. We expect operating margin of 31% and we expect 1.05 billion GAAP diluted weighted average outstanding shares for the quarter.

針對第三季，我們預期訂閱營收介於 39.75 億至 39.80 億美元，以固定匯率計算代表年增 20%。我們預期 cRPO 以固定匯率計算成長 20%。我們預期營業利益率為 31%，並預期本季 GAAP 稀釋後加權平均流通股數為 10.5 億股。

In closing, Q2 was another outstanding quarter in an environment where most enterprises are still searching for AI's ROI, ServiceNow is the platform delivering it. In my conversations with CFOs, the question has become simple, where is the return. They've watched budgets burn on pilots that demo beautifully and never touch the P&L. ServiceNow doesn't just deploy AI our AI control tower provides a single view to discover, govern, and secure every AI system and tie every agent to a real ROI.

最後總結，在多數企業仍在尋找 AI 投資報酬率（ROI）的環境下，第二季又是表現卓越的一季，而 ServiceNow 正是能交付 ROI 的平台。在我與 CFO 的對話中，問題已變得很簡單：回報在哪裡。他們看著預算燒在那些展示很漂亮、卻從未影響損益表（P&L）的試點專案上。ServiceNow 不只是部署 AI；我們的 AI 控制塔提供單一視圖，用於發現、治理並保護每一個 AI 系統，並將每一個代理（agent）與實際 ROI 連結起來。

AI that only advises is a cost. AI that completes the work is a return. On our platform, agents don't just reason they take action. And because we have the contextual data, every action is anchored in the live governed reality of the enterprise, turning probabilistic AI into deterministic, reliable outcomes. That's how AI moves from an operating expense to operating leverage.

只會提供建議的 AI 是成本。能完成工作的 AI 才是回報。在我們的平台上，代理不只是推理，它們會採取行動。而且因為我們擁有情境化資料，每個行動都錨定在企業即時且受治理的真實狀態中，將機率式 AI 轉化為確定性、可靠的結果。這就是 AI 如何從營運費用轉變為營運槓桿。

Customers aren't paying us for tokens. They're paying for resolutions. That's why enterprises are choosing ServiceNow to convert AI ambition into measurable ROI.

客戶付費不是為了 tokens。他們付費是為了解決問題（resolutions）。這就是為什麼企業選擇 ServiceNow，將 AI 的雄心轉化為可衡量的 ROI。

Finally, to our teams around the world, thank you. Your execution is why the world works with ServiceNow and why we are more confident than ever in the road ahead.

最後，向全球各地的團隊致謝，謝謝你們。你們的執行力，是世界選擇與 ServiceNow 合作的原因，也讓我們對前方道路比以往任何時候都更有信心。

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

接下來，我們開放問答。

(Operator Instructions) Gabriela Borges, Goldman Sachs.

(接線員指示) Gabriela Borges，高盛。

Hey, good afternoon. Thank you. This is for Bill or Amit, if he's on as well. I wanted to ask you about your Level 1 ITSM product cycle. I know you talked about it at knowledge and went generally available you pilot customers, all that good stuff. My question to you is, what are your options over the last three months? What's working with that product cycle? What's the feedback in terms of how you can make it better?

嗨，午安。謝謝。這題想請教 Bill 或 Amit（如果他也在線）。我想問你們的 Level 1 ITSM 產品週期。我知道你們在 Knowledge 大會上談過，並已正式全面推出（general availability）、有試點客戶等等。我想問的是，過去三個月你們有哪些觀察？這個產品週期有哪些地方運作得很好？在如何改進方面，客戶回饋是什麼？

And Gina, you already have a couple of general AI data points some monetization. For this product cycle in Brazil, any nuggets you can share with us on how much customers increase spending work ServiceNow when they go through the level automation price? Thank you.

另外 Gina，你已經分享了一些關於 AI 的一般性數據點與部分變現情況。就巴西這個產品週期而言，你能否分享一些重點：當客戶採用該等級的自動化定價（level automation price）時，他們在 ServiceNow 上的支出大概增加多少？謝謝。

Gabriela, thank you for the question. See, the Level 1 ITSM product cycle has been very accelerated for us. The thing we're solving for, which we talked about knowledge, is to really have human equivalent AI specialists, which can take on the full task end-to-end without any customer having to deal with individual pieces of technology, AI agents, orchestration, the reasoning. We take out and extract out all of that work for them and customers really benefit from the outcome. And that is what's resonating with the customers today.

Gabriela，謝謝你的提問。你看，Level 1 ITSM 產品週期對我們而言推進得非常快。我們要解決的問題（我們在 Knowledge 大會也談過）是，真正提供可媲美人類的 AI 專家，能端到端承接完整任務，讓客戶不必去處理各個獨立的技術片段、AI 代理、編排與推理。我們把這些工作都替他們抽離並提煉出來，客戶真正受益於最終成果。而這正是目前與客戶產生共鳴的地方。

So we have deployed Level 1 support AI specialists, as well as 20 other AI specialists inside ServiceNow and we're starting to do that with our customers. Today, 40-plus customers are using it already getting a lot of good benefits. We're talking about closing down close to 80% to 85% of the service request without having any human interaction.

因此我們已部署第一線（Level 1）支援 AI 專家，以及另外 20 位 AI 專家在 ServiceNow 內部，並且我們也開始與客戶一起這麼做。目前已有 40 多位客戶在使用，已經獲得許多良好效益。我們談的是在幾乎不需要任何人工互動的情況下，關閉接近 80% 到 85% 的服務請求。

As this end-to-end service request completion, not just giving you the information but actioning on those requests as well, and that reduces the time. So for example, some of these requests might take two days for humans to get to our result. We're doing that in 20 minutes.

這是端到端的服務請求完成，不只是提供資訊，還會對這些請求採取行動，進而縮短時間。例如，其中一些請求可能需要人員花兩天才能得到結果。我們在 20 分鐘內就能完成。

So the productivity gains for employees is very, very high and very superior because now they're getting the issues resolved. Why we're reducing the volume of requests required for humans to deal with, and they can now deal with something more complex instead of having to deal with all these requests which are coming as volume-wise. So this is a game changer. This is first in the industry, and we've seen huge success already, and you should expect a lot more continuous evolution in this space.

因此員工的生產力提升非常、非常高，且明顯更優，因為現在他們的問題能被解決。我們也在降低需要由人員處理的請求量，讓他們可以處理更複雜的事情，而不是被大量湧入的請求淹沒。所以這是顛覆性的改變。這是業界首創，我們已經看到巨大的成功，而且你們應該會期待在這個領域有更多持續的演進。

Customer traction is excellent so far. Usage goes up considerably, because you do burn down a lot of analysis because you are doing full end-to-end tax resolution here, and that's really where the opportunity for us exists and it's also labor arbitrage. So we also get to monetize the labor cost, which employees have to pay employees have to pay their employees. Now, they can do this in a much cheaper way so we can take away the labor cost as well. So a lot of great examples happening here. And great, great progress so far.

目前客戶採用動能非常好。使用量大幅上升，因為你在這裡做的是完整端到端的稅務解決（tax resolution），能消化掉大量分析工作，而這正是我們的機會所在，同時也是勞務套利。因此我們也能將勞動成本變現，也就是員工必須支付、企業必須支付給員工的成本。現在他們可以用更便宜的方式做到，所以我們也能把勞動成本拿掉。所以這裡有很多很棒的案例正在發生。到目前為止進展非常、非常好。

And I'll just add, Gabriela, to the monetization question, because it's so very important. I'll reiterate, we crossed $1 billion in AI ACV in the quarter, well on our way to the $1.5 billion. I also noted in my script that while early, we're already tracking ahead of our target for AI to reach 30% of ACV in 2030.

Gabriela，我再補充一下關於變現的問題，因為這非常重要。我再重申一次：我們本季 AI 的 ACV 已突破 10 億美元，正穩步邁向 15 億美元。我也在講稿中提到，雖然仍在早期階段，但我們目前的追蹤結果已超前我們的目標：在 2030 年讓 AI 達到 ACV 的 30%。

And these L1 autonomous agents. If you think about the complex task that they're able to execute really drives more and more assist. As we think about compounding effect of consumption, this is a great example of how we will reach our 30%, but tracking very well, and we're really excited about what we're seeing.

而這些 L1 自主代理（autonomous agents）。如果你想想它們能執行的複雜任務，確實會帶動越來越多的 Assist。當我們思考消費（consumption）的複利效應時，這就是我們如何達到 30% 的一個很好的例子；目前追蹤狀況非常好，我們對所看到的進展感到非常興奮。

Thank you for the detail.

謝謝你提供這些細節。

Michael Turrin, Wells Fargo Securities.

Michael Turrin，Wells Fargo Securities。

Hey, great. Thanks for taking the questions. On the Q2 upside, you mentioned the Fed outperformance. And I guess, the question is, does that strength at all prove a leading indicator for a bigger bounce back there versus last year in terms of spend? Or how should we think about the seasonality of that segment? And maybe you can also frame just how you're approaching that from a 3Q guidance perspective, if there's any prudent just given the duration or upfront impacts there for us to be thinking about in parsing Q2 and Q3? Thanks very much.

嗨，很好。謝謝讓我提問。關於第二季的超預期表現，你提到聯邦（Fed）業務的優於預期。我想問的是，這樣的強勁表現是否能在某種程度上成為領先指標，顯示相較去年該領域的支出會有更大的反彈？或者我們應該如何看待該分部的季節性？另外，能否也從第三季指引的角度說明你們如何看待這點；在解讀第二季與第三季時，是否有任何基於合約期間或前置影響而需要更審慎考量的地方？非常感謝。

Yeah. So thanks, Michael, for the question. So clearly, a strong Q2 in Fed is good news in general. And as we move into the big Q3 quarter for FAD, it's definitely a good indicator. We called it out specifically, because we did have a little bit more on-prem in Q2, which is purely timing. But I want to be clear that the beat was not all just on-prem. We had really strong net new ACV in the quarter as well, which allowed us to raise the full year guide.

好的。Michael，謝謝你的問題。很明顯，聯邦（Fed）在第二季表現強勁，整體而言是好消息。而當我們進入 FAD 的第三季這個大季度時，這確實是個不錯的指標。我們特別點出這點，是因為第二季我們有稍多一些地端（on-prem），這純粹是時點因素。但我想說清楚，超預期並不全是因為地端。我們本季也有非常強勁的淨新增 ACV，這也讓我們得以上調全年指引。

And so Fed business is strong as we move into Q3, pipe looks good, and we're very excited about what we're seeing.

因此，隨著我們進入第三季，聯邦業務依然強勁，管線看起來也很好，我們對所看到的狀況感到非常興奮。

And Michael, I would just build on what Gina is saying by simply reinforcing the message I gave you on cyber. Cyber security is going to be a massive tailwind for ServiceNow. The AI Control Tower for reinventing business is massive.

Michael，我想在 Gina 的說法上再補充一點，就是再次強化我先前對你提到的資安訊息。網路安全將會是 ServiceNow 的巨大順風。用於重塑企業的 AI 控制塔（AI Control Tower）規模非常龐大。

Think about all of the assets, the incidents, and the actions that have to take place to manage these large entities of government operations. Think about the Department of Defense even as one example, and the importance of saving people's lives like medical material agencies in flight, putting things together, the devices, the coordination. The beauty of ServiceNow is, Amit said a moment ago, it doesn't just think but it acts and it closes the loop. And that, I think, is the full cycle of AI innovation and cybersecurity that we're building here at ServiceNow.

想想看，為了管理這些龐大的政府營運實體，必須處理的所有資產、事件（incidents）以及需要採取的行動。以國防部為例，還有像是飛行中的醫療物資機構等攸關拯救生命的重要性，把各種事情串起來：設備、協調等。ServiceNow 的優勢在於，正如 Amit 剛才所說，它不只是思考，還會採取行動並完成閉環（close the loop）。而我認為，這就是我們在 ServiceNow 正在打造的 AI 創新與網路安全的完整循環。

And as the attack surface becomes even more dangerous by the moment, we're up for the challenge. And I think you're going to see us move up the leaderboard from a number eight company to contending for the top spot.

而且隨著攻擊面每分每秒都變得更危險，我們已準備好迎接挑戰。我認為你們會看到我們在排行榜上持續上升，從第八名的公司，進一步競逐第一名的位置。

That's very clear. Thanks. Congrats on the strong execution there.

非常清楚。謝謝。也恭喜你們在執行面表現強勁。

Thank you, Michael.

謝謝你，Michael。

Alex Zukin, Wolfe Research. Alex?

Alex Zukin，Wolfe Research。Alex？

Tal Liani, Bank of America.

Tal Liani，Bank of America。

Hi, guys. I have two questions, but I'm going to combine them into one. Your pricing is token-based, assist based, and competitors like Salesforce offer outcome-based that could introduce pricing pressure. On the other hand, you own the data, you own the context and competitors need to get the data out, contextualize it and pay a lot for tokens to do that.

嗨，各位。我有兩個問題，但我會把它們合併成一個。你們的定價是以 token 為基礎、以 assist 為基礎，而像 Salesforce 這樣的競爭對手提供以成果（outcome）為基礎的模式，這可能帶來定價壓力。但另一方面，你們掌握資料、掌握情境（context），而競爭對手需要把資料取出、做情境化，並為此支付大量 token 成本。

So my question is, at the end of the day, you're launching many AI modules in the next few quarters or next few months. Do you think on top of the value, can you also offer price advantage versus competition? What happens to pricing of AI given all these differences between you and competitors? Thanks.

所以我的問題是：歸根結底，你們在接下來幾季或接下來幾個月會推出許多 AI 模組。你們認為除了價值之外，是否也能相較競爭對手提供價格優勢？在你們與競爭對手存在這些差異的情況下，AI 的定價會如何演變？謝謝。

Yeah. Hey, Tal. So we've been very clear in terms of keeping our pricing very customer-friendly and thinking about how they want to adapt their products and where they see value. So we're never trying to kind of do strange things, which is very hard to manage or hard to understand.

好的。嗨，Tal。我們一直很清楚：我們會維持對客戶非常友善的定價，並思考他們想如何採用我們的產品、以及他們在哪裡看到價值。所以我們從不試圖做一些奇怪的事情，因為那會很難管理或很難理解。

So hybrid pricing structure, which we introduced where it's a combination of license and usage directly applies to giving the customer predictability and flexibility. And it does -- when you use more, that means you are getting good outcomes, otherwise, you would not use more. So outcome is already tied in the underlying assumption of usage, right? So it's trying to kind of define another metric, which is very hard to understand or measure and then have to go back and forth in terms of contracts and everything else.

我們推出的混合式定價結構，是授權（license）與使用量（usage）的組合，目的就是讓客戶同時具備可預測性與彈性。而且它確實是——當你用得越多，代表你得到好的成果，否則你不會用得更多。所以成果其實已經透過「使用量」這個底層假設被綁定在一起了，對吧？因此再去定義另一個很難理解或衡量的指標，然後在合約與其他事項上來回協商，並不是我們想做的。

Else, in enterprise software doesn't work. And we've seen that for years and it's played out so well for us now, because the way we address our pricing requests from customers seems to resonate with everyone, right? So that's really how we're thinking about it.

否則，在企業軟體領域是行不通的。而且我們多年來一直看到這一點，如今對我們的發展非常有利，因為我們回應客戶定價需求的方式似乎能引起所有人的共鳴，對吧？所以這就是我們真正的思考方式。

And the question you asked about tokens and things like that, it's really based on the outcome in terms of what you get the resultthe full solution versus just counting each individual pieces of LLM or things like that. So customers are seeing the outcome from their usage, but they're also now been very predictable in terms of what they will pay us. And that has worked quite well.

至於你問到的 token 之類的問題，實際上我們是以「結果／產出」為基礎來定價：也就是你得到的成果——完整解決方案——而不是只去計算每一個 LLM 的零散組件或類似的東西。因此，客戶能從使用中看到成果，同時他們現在也能非常可預測地知道自己將支付給我們多少費用。而這樣的方式運作得相當好。

And the second thing you asked about, how we allow access to our systems in the context. Our context is for us to really get the better results for our customers and our competitors can get access to it, neither do LLMs. So that's really where the secret sauce is, and that's something which -- when we run 7 trillion workflows on our platform, we are collecting so much intelligence which can really change the game for our customers from the usage perspective and the results perspective. And that's where the differentiation comes in. And nobody else has that today.

你問到的第二點，是我們如何在此脈絡下允許存取我們的系統。對我們而言，「情境（context）」是為了真正替客戶取得更好的結果；我們的競爭對手無法取得這些情境，LLM 也無法。所以這就是關鍵祕訣所在；而且當我們在平台上執行 7 兆個工作流程時，我們正在蒐集大量的智慧資訊，從使用角度與結果角度都能真正改變客戶的遊戲規則。差異化也正是在這裡產生。而且目前沒有其他人具備這一點。

And I would just add on your question on pricing. Our pricing uplift for our Pro Plus SKUs continues to be above 30%. And for our new AI native schools that were just launched, continue those uplifts are in line with what we talked about at bad at being 20% to 30%. So customers are absolutely understand the value that our AI is delivering to them.

另外我也補充你關於定價的問題。我們 Pro Plus SKU 的定價上調幅度仍持續高於 30%。而我們剛推出的全新 AI 原生 SKU，其上調幅度也持續符合我們先前提到的大約 20% 到 30%。因此，客戶完全理解我們的 AI 正在為他們帶來的價值。

Right. Thank you.

好的。謝謝。

Samik Chatterjee, JPMorgan.

Samik Chatterjee，摩根大通。

Hi, thanks for taking my question. Maybe if I can follow up on the AI targets here, which you're clearly exceeding already in terms of your road map and tracking ahead. How much of the upside or can you sort of help us ballpark how the adoption is going, in terms of new customers that are coming into the ecosystem as a result versus maybe you're being able to upsell more of your customers into the higher tier packages because of the people being more sort of interesting at that level? Like, help us -- if you can help us break that down a bit in terms of what's the driver of the upside as you look at the road map here? Thank you.

嗨，謝謝讓我提問。我想就這裡的 AI 目標追問一下：你們顯然已在路線圖與進度上超前並且超出目標。能否協助我們大致估算一下採用情況：上行（upside）有多少是來自於因而進入生態系的新客戶，相較之下又有多少是因為你們能把既有客戶向上銷售到更高階的方案，因為大家在那個層級更感興趣？也就是說，若可以的話，能否幫我們拆解一下：當你們看這份路線圖時，上行的驅動因素是什麼？謝謝。

So thanks so much for the question. As we talked about, the AI-native SKUs are really making our genetic solutions more accessible to that customer base, new customers, and then existing customers who haven't tried AI before, right? So we talked about deal volume among first-time ServiceNow Agentic AI buyers.

非常感謝你的提問。如同我們提到的，AI 原生 SKU 讓我們的生成式解決方案更容易被那一群客戶採用——包括新客戶，以及以前沒有嘗試過 AI 的既有客戶，對吧？因此我們也談到首次購買 ServiceNow Agentic AI 的買家之交易量。

So customers that haven't bought AI before grew over 45% year over year, and again, uplift in pricing of 20% to 30%. So the AI functionality is really resonating across the board with our customer base, existing customers and then also for new logos. So the new customers are also leaning into AI first, as you would expect.

也就是以前沒有買過 AI 的客戶，年增超過 45%；同時，定價上調幅度為 20% 到 30%。因此，AI 功能確實在我們的客戶群中全面引起共鳴——既有客戶如此，新客戶（新 logo）也一樣。所以新客戶也如你所預期地，傾向於優先採用 AI。

I'll just add also the use cases across the AI is just expanding quite a lot. -- customers, of course, start with the Gen AI kind of mindset, but now doing resolution manning, incident management, triaging the whole case management around it. So once the agentic use cases get started, we're seeing a tremendous amount of interest in doing more. And that's why you've seen the growth in is talking about with our AI adoption. And that happens for existing customers because they want to identify their workflows.

我也補充一下，AI 的使用案例正在大幅擴張。客戶當然會先從生成式 AI 的思維開始，但現在也在做解決方案編排（resolution manning）、事件管理、分流（triage），以及圍繞其上的整體案件管理。因此，一旦 agentic 的使用案例啟動，我們看到客戶對做更多事情有非常強烈的興趣。這也是你們看到我們 AI 採用成長的原因。而這也會發生在既有客戶身上，因為他們想要盤點並識別自己的工作流程。

They're finding new use cases in other departments, so there's a lot of cross-sell opportunities because you do connect multiple departments and multiple systems together. YHou're just not doing it for one particular area and that's where we become much more of a control tower, as well as the full orchestration engine versus other vendors out there. So that's really where we're seeing the exciting uptake.

他們也在其他部門找到新的使用案例，所以有很多交叉銷售機會，因為你確實能把多個部門與多個系統連接在一起。你不是只針對某一個特定領域在做，這也使得我們更像是一個控制塔（control tower），同時也是完整的協同編排引擎（full orchestration engine），相較於市面上的其他供應商。所以這就是我們看到令人振奮採用動能的地方。

And we keep on learning from it. And if you look at the innovation cycle we brought in now, really, amount of new capabilities we're introducing over the last 6 to 12 months is just huge and it's very exciting for our customers and very differentiated versus all the random individual pieces of technology, which are out there in the industry today.

而且我們也持續從中學習。如果你看我們現在帶來的創新週期，過去 6 到 12 個月我們導入的新能力數量非常龐大，對客戶而言非常令人興奮，也相較於目前產業中各種零散、隨機的單點技術更具差異化。

And then on your question specifically on adoption, we talked about a number of customers with the Genetic AI in production has grown 9x over the last nine months. So adoption is going well on top of what we just talked about.

另外就你特別問到的採用情況，我們提到：過去九個月內，將生成式 AI 投入生產環境的客戶數成長了 9 倍。所以在我們剛剛談到的基礎上，採用進展良好。

Tyler Radke, Citi.

Tyler Radke，花旗。

Thank you very much for the question. And certainly, the 200-basis point beat on the CRPO is pretty impressive. We're getting some questions just on some of the mechanics and the full year guidance raise, and I know there's then you called out in terms of Q2 to Q3 revenue recognition.

非常感謝讓我提問。而且 CRPO 超出 200 個基點確實相當令人印象深刻。我們收到一些問題，主要是關於一些細節機制以及你們上調全年指引；我知道你們也特別提到 Q2 到 Q3 的營收認列。

But it seems like a very strong quarter you're tracking ahead on AI. Net new ACV security business is firing on all cylinders. Just help us understand the relatively modest full year subscription revenue raise versus the Q2 outperformance? Is there more conservatism other dynamics we should be thinking about?

但看起來你們本季非常強勁，AI 進度也超前。資安業務的淨新增 ACV 也火力全開。能否協助我們理解：相較於 Q2 的超預期表現，為何全年訂閱營收上調幅度相對溫和？是否有更多保守因素或其他動態是我們應該考量的？

Yeah. So thanks so much for the question, Tyler. So we talked about the fact that about half of the beat is a pull forward of on-prem for a quarter, right? So that won't impact Q3 versus Q2.

是的。非常感謝你的提問，Tyler。我們談到大約一半的超預期是因為把一部分 on-prem（地端）拉前到本季認列，對吧？所以這不會影響 Q3 相較於 Q2。

From a full year revenue guide, we passed along all of the net new ACV overachievement. But yeah, I'm always looking, especially in this market environment, at a conservative prudent guide, right? There's certainly upside, but we feel really good about the guide right now. And we raised for all of the net new ACV overachievement in the quarter and are being prudent for back half, as most would expect.

就全年營收指引而言，我們已把所有淨新增 ACV 超預期的部分反映進去。但沒錯，尤其在這樣的市場環境下，我一向會採取保守、審慎的指引，對吧？當然仍有上行空間，但我們對目前的指引感覺非常良好。我們已針對本季所有淨新增 ACV 的超預期進行上調，而對下半年則如大家所預期地保持審慎。

Matt Hedberg, RBC Capital Markets.

Matt Hedberg，RBC 資本市場。

Great. Thanks for taking my question. Bill, obviously, a set of strong results here. And I guess, with all the talk about enterprise AI readiness and Mythos driving increased cyber awareness, it seems to be benefiting you guys. There is a concern from investors that buying cycles may start to elongate. I guess, with that being said, can you talk about any changes you saw or you might expect on deal cycles or decision-making? Obviously, it seems like ServiceNow is a consolidation point when it comes to IT spending, but just any perspective on that would be helpful.

很好。謝謝讓我提問。Bill，顯然你們這裡交出一組強勁的成果。我想，隨著大家談論企業 AI 就緒度，以及 Mythos 推動更高的資安意識，似乎正在讓你們受益。投資人有個擔憂是採購週期可能開始拉長。在此背景下，你能否談談你們在交易週期或決策流程上看到或預期會看到的任何變化？顯然在 IT 支出方面，ServiceNow 似乎是整合的匯聚點，但任何觀點都會很有幫助。

Thank you for the question, Matt. So think of it this way. The frontier companies out there are incredible. It's so exciting. The hyperscalers are incredible. It's so exciting.

謝謝你的提問，Matt。可以這樣想。那些前沿公司真的令人驚嘆。非常令人振奮。那些超大規模雲端業者也很驚人。非常令人振奮。

And what's really unique is we're in the midst of the AI revolution. So the one has to then say, where is ServiceNow's place in this AI revolution? We're in the bull's eye of it, because the frontier models need to get activated in the enterprise. That's battleground. And so whoever teams up with ServiceNow wins. And the reason for that is, as Gina and Amit were discussing the $100 billion workflows and the nearly $8 trillion transactions that we have in flight right now, there's a lot of business processes that are running on the ServiceNow platform.

而真正獨特的是，我們正處於 AI 革命的進行中。因此你就必須問：在這場 AI 革命中，ServiceNow 的位置在哪裡？我們正位於核心要害，因為前沿模型需要在企業內被啟用。那就是戰場。所以，無論誰與 ServiceNow 組隊，誰就會贏。原因在於，正如 Gina 和 Amit 討論的那樣，我們目前有 1,000 億美元的工作流程，以及近 8 兆美元正在流轉中的交易；有大量的業務流程正在 ServiceNow 平台上運行。

And what we did with the company with the CMDB, you have to go to the beginning of the company. We knew all the people. We know all the places, we know all the things. And over time, we integrated with all the systems of record. So we're completely integrated with everything; hyperscalers from tier models, data lakes, systems of record.

而我們公司在 CMDB 上所做的事，你得回到公司創立之初。我們知道所有的人。我們知道所有的地點、知道所有的事物。隨著時間推移，我們與所有的記錄系統完成整合。因此我們與一切都完全整合；從超大規模雲端業者、各層級模型、資料湖到記錄系統。

So that workflow and how you automate that and the incredible power of AI going east to west and north to south without any clue workarounds, because these clunky systems that have been in the enterprise for six decades, doesn't let AI do what AI was born to do. We let AI do what AI is going to do, because of the data in that workflow automation platform. And if it's not in our platform, we've integrated into the other participants, and we have connectors into all of them. So those connections led AI and the magnific and power of AI really go to work.

因此，這些工作流程以及你如何自動化它，再加上 AI 驚人的力量，能夠東西向、南北向地流動，而不需要任何權宜的替代作法；因為企業裡那些已經存在六十年的笨重系統，並不允許 AI 做它天生該做的事。我們讓 AI 做它將要做的事，因為工作流程自動化平台裡有那些資料。如果不在我們的平台上，我們也已經與其他參與者整合，並且對所有人都有連接器。因此，這些連結讓 AI 以及 AI 的宏偉與力量真正開始發揮作用。

The other thing that is so interesting right now, as you know, the attack surface is exploding -- every ungoverned asset and identity multiplies the blast radius of AI in the enterprise. So we had a leadership position in security and operations, and we integrate with all these excellent security companies that are out there. These guys are my friends. But we did something a little different. We gave the customer that one command center where they had a full purview of their landscape, and they had the threat areas very well known.

另外一件現在非常有意思的事是，如你所知，攻擊面正在爆炸式擴張——每一個未受治理的資產與身分，都會放大 AI 在企業中的爆炸半徑。因此我們在資安與營運方面一直處於領導地位，而且我們與市面上所有這些優秀的資安公司整合。這些人都是我的朋友。但我們做了一點不一樣的事。我們給客戶一個指揮中心，讓他們能完整掌握自身環境全貌，並且非常清楚威脅區域在哪裡。

Now with Veza and Armis, we're managing all the identities of the humans, the agents, and the thinking machines are robots. And now we're going after the critical infrastructure the people, the networks, and the devices with Armis. So the strategic relevance of ServiceNow is at the bull's eye or the epicenter of the AI revolution in the enterprise. And so what you're seeing here is a company before your very eyes turning into both an enterprise software market leader and a cybersecurity market leader and the fastest growing at both.

現在透過 Veza 和 Armis，我們在管理所有身分：人類、代理（agents），以及會思考的機器——也就是機器人。而現在我們也透過 Armis 進一步鎖定關鍵基礎設施：人員、網路與裝置。因此，ServiceNow 的策略相關性正位於企業 AI 革命的核心或震央。所以你在眼前看到的是，一家公司正在轉型為企業軟體市場的領導者、資安市場的領導者，而且在這兩個領域都是成長最快的。

And that's pretty special. And so I think what you should take away from this is Mythos was a gift to the ServiceNow company in the sense that everybody now is scrambling with all the exposure that they have to patch things up. But it's one thing to know where the threat area is. It's another thing to hunt it down, take action on it and close the loop is what the ServiceNow platform enables you to do, end-to-end cybersecurity.

這相當特別。因此我認為你應該從中帶走的重點是：Mythos 對 ServiceNow 而言是一份禮物，因為現在每個人都在因為自身曝險而手忙腳亂地修補漏洞。但知道威脅區域在哪裡是一回事。另一回事是把它追查出來、採取行動並完成閉環；這正是 ServiceNow 平台能讓你做到的——端到端的資安。

And so I think it's just gotten very interesting right now. It shows in our numbers. A lot of people like a seats going away. No, actually, active seats are going up. Well, what about the term of the contracts, they must be going down. No, they're actually elongating and you see that in the cRPO and the RPO.

所以我認為現在變得非常有意思。這也反映在我們的數字上。很多人說席位（seats）正在消失。不，事實上，活躍席位正在上升。那合約期限呢？一定在縮短吧。不，實際上正在拉長，你可以在 cRPO 和 RPO 裡看到。

And oh, by the way, the pricing oh, you must be doing something wrong on the pricing. Now actually, we're giving the customer exactly what they want, the hybrid with the seat and the consumption, so they get a great ROI on their investment. So all these pieces are coming together.

還有，順帶一提，定價——你們在定價上一定做錯了什麼吧。不，其實我們正提供客戶他們真正想要的：席位加用量的混合模式，讓他們的投資獲得很好的 ROI（投資報酬率）。所以這些拼圖正在一起到位。

And then you say to yourself, you read the media headlines today and you're like, wow, it's pretty cool that we have a kill switch for rogue is for any company that's running ServiceNow and you get a rogue AI, there's a kill switch, it doesn't get through. And then you think about how you use the right model and you hire for the right job. And we do that, too and people are realizing you don't need to take a Ferrari to mail a letter.

然後你會對自己說：你今天看媒體標題，會覺得，哇，很酷的是，對任何在跑 ServiceNow 的公司來說，我們有一個針對失控（rogue）AI 的緊急停止開關（kill switch）；如果你遇到失控 AI，有個 kill switch，它就過不去。接著你會想到如何使用正確的模型、把人用在正確的工作上。我們也在做這件事，而人們也意識到：你不需要開一台法拉利去寄一封信。

So using the right technology for the right job and then managing the budgets including all the tokens and the security of this has become pretty important. And so we're right now really seeing a new world order of things. And when one of the colleagues just asked a question, kind of about the AI and all that, I think this maneuver on what we did with the AI Control Tower and setting that new vision for the company for the future.

所以，為正確的工作使用正確的技術，並且管理預算（包含所有 token 的成本）以及其安全性，已變得相當重要。因此我們現在真的正在看到一個新的世界秩序。而剛才有位同事問了一個問題，大概是關於 AI 等等；我認為我們在 AI Control Tower 上的這個動作，以及為公司未來設定的新願景，就是關鍵。

I think cybersecurity will be bigger than ServiceNow is in the next few years. I think you'll be like -- could you please talk to us about your workflow automation business and your core IT because all I hear you talking about cyber.

我認為在接下來幾年，資安會比 ServiceNow 現在的規模還要大。我想你們會變成這樣——你能不能跟我們談談你的工作流程自動化業務和你的核心 IT？因為我聽到你一直在談資安。

Samad Samana, Jefferies.

Samad Samana，Jefferies。

Hi, good evening. Thanks for taking my question. So just wanted to maybe triangulate sales and marketing headcount was up quite a bit quarter over quarter and you've already added more sales headcount in that line this year than all of last year. I'm just curious -- is that a matter of timing? Is that some headline coming in from the M&A? Or is that the company ramping up sales distribution ahead of this -- the revised actually impact? I'm just trying to understand how we're thinking about sales distribution given the large head one already and how we're thinking about that for the rest of the year?

嗨，晚安。謝謝讓我提問。我想從不同角度交叉驗證一下：銷售與行銷的人力編制（headcount）季對季增加不少，而且你們今年在那條線上新增的銷售人力已經超過去年全年。我很好奇——這是時點因素嗎？是併購（M&A）帶來的編制進來了嗎？還是公司在這個——修正後的、實際的影響之前，提前擴大銷售通路與覆蓋？我只是想了解：在既有這麼大的編制基礎下，我們如何看待銷售覆蓋，以及今年剩下的時間你們會怎麼思考？

Thanks, Samad, for the question. So it's all three. So a little bit is from M&A, as we inherited some incredible sales associates. And as Bill just talked about, security and risk really ramping. So we're certainly making sure that we're hiring ahead of that.

謝謝你的問題，Samad。所以三者都有。有一部分來自併購（M&A），因為我們承接了一些非常出色的銷售同仁。而且如 Bill 剛才提到的，資安與風險正在快速拉升。所以我們當然會確保提前為此招募。

We've always said and we've never stopped hiring quota-bearing feet-on-the-street sales exact, and we will continue to do that. And you'll continue to see us do that. So yes, we feel bullish about back half. As you would expect, you'll see more sales heads as a result. But yes, some of it is from M&A.

我們一直都說，而且也從未停止招募帶配額、在第一線跑客戶的銷售人員（quota-bearing feet-on-the-street sales exec），我們也會持續這麼做。你們也會持續看到我們這麼做。所以是的，我們對下半年感到樂觀。如你所預期，因而你會看到更多銷售人力。但沒錯，其中一部分確實來自併購（M&A）。

And may I say, Samad, Gina laid it out there beautifully. We're a growth company. And we're going to grow fast. And the one thing I also wanted to reinforce is a commitment that we made as a management team to the capital markets. We will complete this year.

我想我也可以說一句，Samad，Gina 把重點講得非常到位。我們是一家成長型公司。而且我們會快速成長。另外我也想再次強調的是，我們管理團隊對資本市場所做出的承諾。我們將在今年完成。

After having acquired three gorgeous companies, Moveworks, Veza, and Armis, we will complete this cycle of 2026 and start 2027 with the exact same headcount before we did the acquisitions. So you are going to see operating margins and the free cash flow margins of this corporation scale. And you already saw the three-point operating margin improvement in the quarter, which was way beyond expectations. We are serious about growth; growth on the top line, expanding the margin profile of the company, and winning share everywhere we go in this AI revolution, especially cyber.

在收購了三家非常出色的公司——Moveworks、Veza 和 Armis——之後，我們將在 2026 這個週期完成，並在 2027 年開始時，員工總數將回到收購前的同一水準。因此，你們將會看到本公司的營業利益率與自由現金流利益率擴張。而你們也已經在本季看到營業利益率提升 3 個百分點，遠超預期。我們對成長非常認真；包括營收端的成長、擴大公司的利潤率結構，以及在這場 AI 革命中（尤其是資安領域）我們所到之處都要贏得市占。

Brad Zelnick, Deutsche Bank.

Brad Zelnick，德意志銀行。

Oh, great. Thanks so muchfor taking the question. Gina, I appreciate your gross margin guidance reflects more customers leveraging your hyperscaler partnerships and accelerating customer AI adoption, which both seem like really good things. But focusing on the AI side, how are you managing the tension between an increase in consumption mix and better token pricing going forward? And how should we think about the upside versus down risk to gross margin from here? Thanks.

喔，太好了。非常感謝讓我提問。Gina，我理解你們的毛利率指引反映出更多客戶在運用你們與超大規模雲端服務商（hyperscaler）的合作夥伴關係，以及客戶 AI 採用加速，這兩點看起來都是很好的事情。但聚焦在 AI 這一塊，面對未來消耗（consumption）組合上升與更好的 token 定價之間的拉扯，你們如何管理這種張力？另外，從現在開始，毛利率的上行空間與下行風險我們應該如何看待？謝謝。

Thanks so much for the question, Brad. So yes, both good reasons for a little bit of short-term pressure on margins. Notably, even though we had a little pressure on gross margin, we held the operating margin flat. But with respect to gross margin guidance, as we ramp and the increasing hyperscaler is that we're ramping quicker than planned, which is a very good thing. As we continue to ramp and more and more goes to hyperscalers, the cost per comes down.

非常感謝你的問題，Brad。是的，這兩點都是造成短期毛利率有些壓力的合理原因。值得注意的是，即便毛利率有些壓力，我們仍把營業利益率維持持平。但就毛利率指引而言，隨著我們擴量（ramp），以及 hyperscaler 的占比提升——而且我們的擴量速度比原先規劃更快——這其實是非常好的事情。隨著我們持續擴量、越來越多轉向 hyperscaler，單位成本會下降。

So we absolutely believe that, midterm, there will be less pressure and even better pricing on the hyperscale side of things, which I also talked about at that -- the same thing with respect to AI consumption. And so if you remember at FAD, I talked about a little bit of short-term pressure, but that we absolutely think that mid and longer term, we have some opportunity to continue to increase.

因此我們完全相信，中期來看壓力會更小，甚至在 hyperscale 端會有更好的定價；我在那次也提到過——AI 消耗也是同樣的道理。所以如果你還記得在 FAD（Financial Analyst Day）上我提到，短期會有一些壓力，但我們絕對認為中長期我們仍有機會持續提升。

All of that being said, operating margins continue to accrete. As Bill said, we wwill remain as disciplined as ever on driving that only best-in-class top line growth but best-in-class margins well on our way to the Rule of 60 by 2030.

話雖如此，營業利益率仍在持續增厚（accrete）。如 Bill 所說，我們在推動同級最佳（best-in-class）的營收成長與同級最佳的利潤率方面，會一如既往保持高度紀律，並且正穩步邁向在 2030 年達成 Rule of 60。

If I can add, Brad, on the token, how we think about using large language models. I think clearly, in the market, and we've been talking about it for years, so that large language models are getting commoditized. There is no reason for using some of the most expensive ones. So we're very smart about how we use and leverage some of the emerging technologies where use open weight to urgent, where do we have our own, where we have domain specific ones.

Brad，如果我可以補充一下關於 token、以及我們如何看待使用大型語言模型。我認為很明顯地，在市場上——而且我們也談了好幾年——大型語言模型正在商品化。沒有理由一定要使用一些最昂貴的模型。所以我們在如何使用與運用一些新興技術方面非常精明：哪些地方用 open weight、哪些地方用我們自己的、哪些地方用領域專用（domain specific）的模型。

And where we use this higher-end frontier models, and a lot of these capabilities can keep on being swapped around, and we really optimize across the board to ensure we're getting the best outcome, while keeping the costs low. So engineering team is really on top of it, and our research team really does a lot of work in the lab to keep up with it, and we work with many of them as well to optimize how this thing gets adopted.

以及在哪些情境下我們會使用更高階的前沿模型（frontier models）。而且這些能力很多都可以持續替換調整；我們會全方位最佳化，確保在維持低成本的同時，取得最佳成果。因此工程團隊確實掌握得很到位，我們的研究團隊也在實驗室做了大量工作以跟上進展；我們也與其中許多夥伴合作，來最佳化這套方案如何被採用。

So we are not really worried about the margin impact as we keep on using more of these capabilities. Why? Because the way we price is really based on the solution versus individual tokens at the end of the day. So I think that should be how you should think about long term.

所以，隨著我們持續使用更多這些能力，我們其實不太擔心對利潤率的影響。為什麼？因為我們的定價最終是以解決方案為基礎，而不是以單一 token 來計價。所以我認為，長期你應該用這種方式來理解。

Keith Bachman, BMO.

Keith Bachman，BMO。

Hi, many thanks. Bill, I wanted to direct this to you if I could. You've talked quite a bit tonight about cyber and high aspirations for what you want to be as a cyber company. But maybe you could talk a little bit about revisit your strategy and aspirations as what the boundaries are. So you have Veza and Armis, which are intriguing assets, but there's a lot of areas where you don't play or don't participate.

嗨，非常感謝。Bill，如果可以的話我想把這題問你。你今晚談了很多關於資安（cyber），以及你們想成為一家資安公司的高度企圖。但也許你可以再談談，重新檢視你們的策略與企圖時，邊界在哪裡。你們有 Veza 和 Armis，這些都是很有意思的資產，但仍有很多領域你們沒有涉足或沒有參與。

You've been in the stock for a while in terms of a workflow engine, but how do you think about your future opportunities with cyber. And related to that is there's ongoing convergence in cyber and observability with new competitors ending it from the cyber side -- you've had some presence in observability, but as these markets converge between workflow, cyber, and observability, how do you think about revisiting your strategy also on the observability side?

你們在工作流程引擎（workflow engine）方面已經耕耘一段時間了，但你如何看待你們在資安上的未來機會？另外相關的是，資安與可觀測性（observability）正在持續融合，新的競爭者也從資安端切入——你們在可觀測性上也有一些布局；當這些市場在工作流程、資安與可觀測性之間逐漸融合時，你們如何重新檢視在可觀測性端的策略？

Yeah. No, no. I appreciate it. Thank you very much, Keith. We're building the world's most integrated end-to-end security platform. I think that's the way you should think about it. And think about us in the context of AI Control tower, think about us as the Agentic front door to Security 360. And of course, Armis give us an enormous start on some of the areas we didn't have, but we already had a lot of areas and a very large security business.

是的。不，不。我理解。非常謝謝你，Keith。我們正在打造全球最整合、端到端的資安平台。我認為你應該用這個角度來看待我們。把我們放在 AI 控制塔（AI Control tower）的脈絡下來看，把我們視為通往 Security 360 的 Agentic 前門入口。當然，Armis 讓我們在一些原本沒有的領域取得巨大的起跑優勢，但其實我們原本就已經涵蓋很多領域，且擁有非常龐大的資安業務。

Now, with the great engineering we have and the development commitment we have, I think, we're just going to build so many great things. I talked about risk and compliance, which we already have. I talked about identity and access security, which we already have. I talked about cyber physical security, which we already have.

現在，憑藉我們優秀的工程能力與對研發的投入承諾，我認為我們將打造出非常多很棒的東西。我談到了風險與合規（risk and compliance），這是我們已經具備的。我談到了身分與存取安全（identity and access security），這也是我們已經具備的。我談到了資安與實體（cyber physical）安全，這同樣是我們已經具備的。

I talked about continuous vulnerability detection which arms is the best at, and we're literally hunting the vulnerabilities, not passively looking at them on a dashboard exposure management, agentic incident response. These are things that our platform does -- so what I laid out today was an organic story.

我談到了持續性弱點偵測（continuous vulnerability detection），而 Armis 在這方面是最強的；我們基本上是在主動獵捕弱點，而不是被動地在儀表板上看它們——曝險管理（exposure management）、代理式事件回應（agentic incident response）。這些都是我們平台能做的事情——所以我今天所描繪的是一個有機成長（organic）的故事。

Now, to the extent there might be other things we wish to do, I'll let Amit comment on some of the road mapping that we're doing. But I just want to give you great confidence that like what we have right now is awesome. And it's going to really rock the world.

至於我們是否還有其他想做的事情，我會讓 Amit 來談談我們正在做的一些產品路線圖規劃（road mapping）。但我只想讓你非常有信心：我們現在擁有的東西就已經非常棒。而且它真的會震撼世界。

In fact, I'm actually pumped up because we just had a couple of days of Board meetings and I got to see the solution, the products that we have in flight, and our great go-to-market leader, Paul, and all the work he's doing with the teams and how beautifully integrated they are in the company, where the rare company that actually brings companies in from the outside and puts their CEOs in charge of the business.

事實上，我現在非常振奮，因為我們剛開完幾天的董事會會議，我看到了我們正在推進中的解決方案與產品；也看到了我們優秀的市場推進（go-to-market）領導者 Paul，以及他與團隊所做的一切工作，還有他們在公司內部整合得多麼漂亮——我們是一家少見的公司，能把外部公司併進來，並讓他們的 CEO 來負責業務。

And we did that with employee works with Moveworks, and now we did that with Armis and Gavin running our security business as a corporation within the corporation, and that's inclusive of Veza. And so the alignment of our naturally born assets and then having these businesses run by people that are born in the security space. I mean, you've got to look at this hunger, this drive, this belief, this innovation road map, the way I saw it, and I think you would be as excited as I am.

我們是透過與 Moveworks 合作的員工做到這一點的，而現在我們也透過 Armis 做到了，並由 Gavin 以「公司中的公司」方式來營運我們的資安業務，這也包含 Veza。因此，讓我們天生具備的資產彼此對齊，並由在資安領域出身的人來經營這些業務。我的意思是，你必須看看這股渴望、這股動力、這份信念、這張創新路線圖——我看到的方式是如此，我想你也會跟我一樣興奮。

So Amit, do you want to add some color?

那麼 Amit，你要不要補充一些說明？

Yeah. No, Bill, I think you covered a lot of the ground in there. I think, Keith on in general, if you look at the security and the cybersecurity space, we are basically covering the pre-breach with vulnerability management and exposure management. So we complete that story in terms of any device, any asset, any kind of agents and everything else across Veza and Armis from that perspective.

是的。不，Bill，我想你已經涵蓋了很多重點。我想，Keith，整體來看，如果你看資安與網路安全領域，我們基本上是在事前（pre-breach）透過弱點管理與曝險管理來涵蓋。因此，從這個角度來看，針對任何裝置、任何資產、任何類型的代理程式以及其他一切，我們透過 Veza 與 Armis 把這個故事補齊。

Then you have the post breach, which we have been very strong at ServiceNow. We're managing all of the things for -- so across the life cycle or any breaches associated with cyber attack.

接著是事後（post-breach），這一直是我們在 ServiceNow 非常強的部分。我們在管理所有事項——也就是在整個生命週期中，或任何與網路攻擊相關的資安事件。

And now we have a runtime security as well. So we're bringing all of these pieces into one platform. And really, that's the area we are playing in. There are always going to be a lot of other peripheral things in cybersecurity. And the cybersecurity space is usual. We're not going to be in every area.

而現在我們也有執行期（runtime）安全。所以我們把所有這些拼圖整合到同一個平台上。而實際上，這就是我們所投入的領域。在網路安全中永遠會有許多其他周邊項目。而網路安全領域一向如此。我們不會涉足每一個領域。

But where we have strength, where we have opportunity and it builds on top of what we did with CMDB, what we did with approach breach stuff, and now adding the asset, as well as the pre-breach things for any kind of exposure. And vulnerability for devices and IT is just really changes the game and creates a big platform.

但在我們有優勢、也有機會的地方，而且能建立在我們在 CMDB 所做的、我們在事後（post-breach）相關事項所做的基礎之上，現在再加入資產，以及任何類型曝險的事前（pre-breach）能力。再加上針對裝置與 IT 的弱點管理，這真的會改變遊戲規則並打造一個大型平台。

A second thing quickly on observability. As you probably saw, we launched our AI ops specialist as part of -- so we're already doing a lot of work with absorbability, bringing agent kind of use cases into a platform. So we're not trying to build this observably outside. It's really part of ITOM and then we're integrating with all the other players, which gives us signals and then you can make decisions and take actions. And that's really the foundation around ITOM and everything else we do in that ecosystem today.

第二點，快速談一下可觀測性（observability）。如你可能看到的，我們推出了 AI ops specialist，作為其中一部分——因此我們已經在可觀測性上做了很多工作，把以代理程式為主的各種使用案例帶進平台。所以我們不是要在平台之外另建一套可觀測性。它其實是 ITOM 的一部分，然後我們與所有其他玩家整合，他們提供訊號，接著你就能做決策並採取行動。而這正是 ITOM 以及我們今天在該生態系中所做一切的基礎。

And if I could, I just want to say, Keith, to my friends out there in the security business, great friends like Nikesh and George and many others, they still are great friends, and they are great partners. And we do -- we run their solutions in our company too. And we intend to continue to partner with them and make those partnerships even deeper because it's such a surface area and so much opportunity and meet those as open up the floodgates.

如果可以的話，我只想說，Keith，對外面資安圈的朋友們——像 Nikesh、George 以及許多其他人這些很棒的朋友——他們仍然是很棒的朋友，也都是很棒的合作夥伴。而且我們也——我們公司內也在運行他們的解決方案。我們打算持續與他們合作，並讓這些合作更深入，因為這個領域的覆蓋面非常大、機會非常多，當閘門打開時，我們要一起把握。

So, I think the new information from a shareholder value standpoint, is we're in the party now. And we're not out to replace all of those excellent companies, we're building our own story on our own great foundation, and it's important that the customer gets the benefit of all of us, because they're going to need it.

所以我認為，從股東價值的角度來看，新的資訊是：我們現在也在這場派對裡了。我們不是要取代那些優秀的公司；我們是在自己很好的基礎上建立我們自己的故事，而且重要的是，客戶能從我們所有人身上獲益，因為他們會需要。

Gregg Moskowitz, Mizuho.

Gregg Moskowitz，Mizuho。

Great. tHank you fort aking the question. Bill, maybe a follow-up to an earlier question, if I may. All the commentary on this call sound very favorable, but there have been a couple of recent indications from tech vendors at organizations have become more consumed with hardware and AI spending, and this is having a knock-on effect on other aspects of IT spend. So just to ask this directly, have you seen any impact to sales cycles with ServiceNow?

很好。感謝讓我提問。Bill，如果可以的話，我想針對先前的一個問題追問。這通電話上的評論聽起來都非常正面，但最近有一些跡象顯示，科技供應商在一些組織中看到客戶更把重心放在硬體與 AI 支出上，而這對 IT 其他面向的支出產生了連帶影響。所以我直接問：你們有看到 ServiceNow 的銷售週期受到任何影響嗎？

I have not. In fact, the key here, Gregg, is this has really become a C-suite story. You have to recognize that breadth and depth of our portfolio, having six unicorn businesses, a seventh on the way, by the way. So when we go in to 2027, I'll have seven unicorn businesses that are either $1 billion or multiple billions. Keep that in mind. So the breadth and the depth covers the surface area of many aspects of a corporation, but it also covers the most important part of the corporation, which is how do you run the business?

我沒有。事實上，Gregg，關鍵在於這已經成為一個 C-level（高階主管層）故事。你必須認知到我們產品組合的廣度與深度——我們有六個獨角獸業務，順帶一提，第七個也在路上。所以到 2027 年，我會有七個獨角獸業務，規模不是 10 億美元就是數十億美元。請把這點記在心上。因此，這樣的廣度與深度涵蓋了企業的許多面向，但也涵蓋了企業最重要的部分：也就是你要如何經營這家公司？

And the fact is, with AI, these customers don't have enough time to do it the old way. So many of them have such a fragmented enterprise that they need to take advantage of our workflow automation above the mess and click in that AI engine into this unlivable platform and really begin running. So the higher you go in the C-suite, the more relevant we are and the more the C-suite realizes that we're in the bulls eye of what has to happen to fundamentally be the control tower for reinventing these businesses.

而事實是，有了 AI，這些客戶沒有足夠時間再用舊方法做事。他們之中很多人的企業架構非常碎片化，因此他們需要利用我們在混亂之上的工作流程自動化，把 AI 引擎接入這個難以維持的平台，並真正開始運轉。所以你越往 C-suite 的高層走，我們就越相關，而 C-suite 也越能意識到：我們正處在必須發生之事的核心位置，成為重新發明這些企業的控制塔（control tower）。

So I have not seen any change, if I've seen any changes on the positive. And I will tell you, we're ready. And our business is rocking. And when I think about what we're going to do with the new businesses that we took advantage of at the end of last year and took some criticism for. It was because we believe in our strategy, we believe in our team, we believe in our customers and what they need and now it's all about execution, and we're good at that. So what I see is a customer base waiting for us, plays that we're running to gain even more traction and a fantastic future for people who believe in ServiceNow.

所以我沒有看到任何變化；如果有變化，我看到的是更正面的。我可以告訴你，我們已經準備好了。而我們的業務表現非常強勁。當我想到我們將如何運用去年年底把握住的新業務——當時我們也因此受到一些批評——那是因為我們相信我們的策略、相信我們的團隊、相信我們的客戶以及他們所需要的；而現在一切都在於執行，而我們很擅長執行。所以我看到的是：客戶群正在等著我們、我們正在推動的打法會帶來更多動能，以及對相信 ServiceNow 的人而言一個非常精彩的未來。

Adam Wood, Morgan Stanley.

Adam Wood，Morgan Stanley。

Thanks for squeezing me in. As you mentioned in the call around the AI Control Tower and controlling the enterprise control pain for customers, obviously, that's a huge opportunity and a critical function. But obviously, also a very competitive space, could you talk a little bit about your right to win there? Is this going to be more a departmental battle where you have the strongest presence in wind or do the enterprise wide?

謝謝讓我插進來提問。你在電話會議中提到 AI 控制塔（AI Control Tower），以及為客戶掌控企業的控制平面（control plane）——顯然這是巨大的機會，也是關鍵功能。但同時這也是競爭非常激烈的領域，你能否談談你們在那裡的致勝優勢（right to win）？這會更像是一場部門層級的戰役——你們在哪些部門的存在感最強就在哪裡取勝——還是會走向企業級（enterprise-wide）的戰場？

And then can you talk about any customers that are going out in that review and kind of call out why they're charging you for that use case? Thank you.

另外，你能否談談是否有客戶正在進行那樣的評估，並說明為什麼他們會選擇你們來承擔那個使用案例？謝謝。

Yeah. Maybe, Adam, I'll start to tell you about how we think about AI control tower. As Bill mentioned, our heritage has been the CMDB platform. which tracks every kind of asset out there, hardware, software, and other enterprises have. We build a control tower with that kind of foundation where we would be able to discover anything an enterprise is running which includes now AI agents, any devices which are connected to it.

是的。Adam，也許我先來談談我們如何看待 AI 控制塔。如 Bill 提到的，我們的根基一直是 CMDB 平台，它會追蹤各種資產——硬體、軟體，以及企業擁有的其他資產。我們以這樣的基礎來打造控制塔，使我們能夠發現企業正在運行的任何東西，其中現在也包括 AI 代理（AI agents）以及任何連接到它的裝置。

And it's a very heterogeneous. This work across multiple domains. It's not really for ServiceNow assets, but everything else. So we've always been doing this open ecosystem discovery management, life cycle tracking, cost management and observability around it. So it was very natural for us to get into this idea of AI -- agents being also monitored and managed across all the different landscape customers have.

而且它是非常異質的。這項工作橫跨多個領域。它其實不太是針對 ServiceNow 的資產，而是針對其他所有東西。因此，我們一直在做這種開放式生態系的探索式管理、生命週期追蹤、成本管理以及周邊的可觀測性。所以對我們而言，很自然就延伸到這個 AI 的概念——代理（agents）也需要在客戶所擁有的各種不同環境版圖中被監控與管理。

And that has been very clearly resonating with the customers. We have more than 500-plus customers already like using a control now in the first six months when we launched this product, and it continues to grow. And we keep on adding more and more capabilities in terms of finding like Bill mentioned, kill switch, right? How do you find errors or issues with any of the reagents running around and stop them from accessing any information or any data?

而這一點非常明確地引起客戶共鳴。在我們推出這個產品的前六個月，就已經有超過 500 家客戶在使用 AI Control Tower，而且還在持續成長。我們也持續新增更多能力，例如 Bill 提到的 kill switch（緊急停止開關），對吧？你要如何找出任何正在運行的代理所出現的錯誤或問題，並阻止它們存取任何資訊或任何資料？

With Veza, we added a lot more around identity governance. And with the Armis being able to now take all the devices as well in their physical AI as well. So the breadth and the depth we have here is the reason why we have the right to win. We had the foundation and we build a solid product, which is really working for our customers. And we have tremendous amount of proof points where we are able to now really help customers to manage the whole huge AI landscape and really have control and a peace of mind and that's really where the foundation is from.

透過 Veza，我們在身分治理方面增加了更多能力。而透過 Armis，我們現在也能把所有裝置納入其實體 AI 的範疇。因此，我們在這裡的廣度與深度，就是我們具備勝出的理由。我們有這個基礎，並打造出一個扎實的產品，確實在為客戶發揮作用。而且我們有大量的實證案例，證明我們現在能真正協助客戶管理龐大的 AI 版圖，並真正做到可控、安心——這就是這個基礎的來源。

And I would say, running the business is what C-suite executives care about how am I going to be a best run business. And when you think about it that way, and you asked for some examples also, order to cash, procure to pay, designed to build, hire to retire, we can go through all the business processes and CEOs know exactly what they are for their company. And they know they have to optimize them to ring margin point out of waste and gain future market opportunities like lead to cash as an example.

我會說，經營企業是 C 級高階主管所關心的：我要如何成為一家營運最優的企業。當你用這種方式思考，並且你也要我舉一些例子：從接單到收款（order to cash）、從採購到付款（procure to pay）、從設計到建造（designed to build）、從招募到退休（hire to retire）——我們可以走遍所有業務流程，而 CEO 也非常清楚哪些流程適用於他們的公司。而他們也知道必須優化這些流程，從浪費中擠出利潤點，並掌握未來的市場機會，例如以 lead to cash 為例。

So they're thinking big picture, they're thinking business processes. So in that context, we are enterprise participants in the transformation of these companies. And some examples would include a Fortune 50 healthcare, care and retail distributor. You know this company well, believe me, they're capturing millions in annualized savings by consolidating vendor risk governance and fraud detection across 1,000 suppliers. They're using ServiceNow's AI Control Tower.

所以他們是在看大局，他們在思考的是業務流程。因此在這個脈絡下，我們是這些公司轉型過程中的企業級參與者。一些例子包括一家《財富》50 強的醫療照護與零售分銷商。你很了解這家公司，相信我——他們透過在 1,000 家供應商之間整合供應商風險治理與詐欺偵測，每年可取得數百萬美元的年化節省。他們正在使用 ServiceNow 的 AI Control Tower。

Tech Mahindra. You recognize that pretty quickly, strengthening through a five-year deal, by the way, to fundamentally transform the workflow processes across HR, IT, security and they're going to govern their assets at mass scale with agentic AI.

Tech Mahindra。你很快就能認出來——順帶一提，這是一筆五年期合約——用以從根本上改造涵蓋人資、IT、資安的工作流程，他們也將以代理式 AI（agentic AI）在大規模下治理其資產。

Another one I love is Maybank. By the way, another five-year deal, so much for deal shortening, right, a leading financial institution and what they're doing, I mean, this is Malaysia's largest bank, they're using the AI platform and control tower to establish a resilient operation center to fortify security and resilience as well as autonomous regional operations.

我另外很喜歡的一個案例是 Maybank。順帶一提，又是一筆五年期合約——所謂合約縮短就先不談了，對吧——這是一家領先的金融機構；他們正在做的事情是：這是馬來西亞最大的銀行，他們使用 AI 平台與 Control Tower 來建立具韌性的營運中心，以強化安全與韌性，同時也支援自治的區域營運。

NTT Data is one of my favorites too, since Paul and I were very involved in that, I'll tell you. They have a governance process with us to drive AI scale for all internal use globally, and they're doing it on a single platform. and they're looking at responsible innovation done with great visibility and the control tower accelerating AI adoption, but also monitoring it, measuring it, make sure everything is done in real time the right way.

NTT Data 也是我最喜歡的之一，因為 Paul 和我都深度參與其中，我跟你說。他們與我們建立了一套治理流程，以在全球範圍內推動所有內部使用的 AI 規模化，而且是在單一平台上完成。他們追求以高度可視性來落實負責任的創新，而 Control Tower 正在加速 AI 採用，同時也在監控、衡量，確保一切都能以正確方式即時完成。

And Amit about kill switch, we're doing many other things. So I hope that gives you a little feel for it, Adam.

至於 Amit 提到的 kill switch，我們也在做很多其他事情。所以希望這能讓你稍微感受到整體情況，Adam。

And I'll now turn it back over to Darren for closing comments.

接下來我把時間交回 Darren 做結語。

Thank you all for joining. We look forward to talking to you next quarter.

感謝各位參與。我們期待在下個季度再與各位交流。

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

各位女士先生，今天的電話會議到此結束。感謝各位的參與，您現在可以掛線。