ServiceNow, Inc. (NOW) 2026 Q3 法說會逐字稿

Hello, everyone. Thank you for joining us, and welcome to the Third Quarter 2026 ServiceNow earnings conference call. (Operator Instructions)

各位好。感謝各位加入，歡迎參加 ServiceNow 2026 年第三季財報電話會議。（接線員指示）

I will now hand the conference over to Darren Yip, Senior Vice President, Investor Relations and Market Insights. Darren, please go ahead.

現在我將把會議交給投資人關係與市場洞察資深副總裁 Darren Yip。Darren，請開始。

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

各位下午好，感謝各位參加 ServiceNow 2026 年第三季財報電話會議。與我一同出席的有：董事長兼執行長 Bill McDermott；總裁兼財務長 Gina Mastantuono；以及總裁、產品長兼營運長 Amit Zavery。在今天的電話會議中，我們將回顧 2026 年第三季業績，並討論 2026 年第四季與全年指引。

Before we get started, we want to emphasize that the information discussed on this call, including our guidance, is based on information as of today and contains forward-looking statements that involve risks, uncertainties and assumptions. We undertake no duty or obligation to update such statements as a result of new information or future events.

在開始之前，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，並包含前瞻性陳述，涉及風險、不確定性與假設。我們不承擔因新資訊或未來事件而更新此等陳述的任何責任或義務。

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 today's earnings press release and investor presentation, which are both posted on our website at investors.servicenow.com. A replay of today's call will also be posted on our website.

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出現重大差異的因素。我們也要指出，除依 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，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。如欲查看非 GAAP 與 GAAP 指標之間的調節，請參閱今日的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, Darren, and thank you, everyone, for joining today's call. For more than seven years now, I've said ServiceNow is a one-of-one company, one of one. As you'll hear, these Q3 results represent a trifecta moment for ServiceNow, quarterly results beating expectations across the board again, significantly accelerating AI performance at the largest quantum yet, a hybrid business model shifting more to consumption.

謝謝你，Darren，也謝謝各位參加今天的電話會議。七年多以來，我一直說 ServiceNow 是獨一無二的公司，獨一無二。如各位將會聽到的，第三季的結果對 ServiceNow 而言是一個「三重奏」時刻：季度表現再次全面超越預期；在迄今最大規模的量級上顯著加速 AI 表現；以及混合式商業模式進一步轉向以用量計費（consumption）。

So let's do the standard results first. Subscription revenue growth was 20.5% in constant currency, 50 basis points above the high end of our guidance. cRPO was 21% in constant currency, 100 basis points above our guidance. Operating margin was 32.5%, 150 basis points above our guidance. Free cash flow margin was 20%. We had 19 deals greater than $5 million net new ACV in Q3, up 135% year-over-year. We have a $30 billion remaining performance obligation growing at 23% year-over-year. That's growth at scale.

我們先照慣例從標準財務結果談起。訂閱營收在固定匯率下成長 20.5%，較我們指引上緣高出 50 個基點。當期 RPO（cRPO）在固定匯率下成長 21%，較我們指引高出 100 個基點。營業利益率為 32.5%，較我們指引高出 150 個基點。自由現金流利益率為 20%。第三季我們完成 19 筆單筆淨新增 ACV 超過 500 萬美元的交易，年增 135%。我們的剩餘履約義務（RPO）達 300 億美元，年增 23%。這是在規模化基礎上的成長。

To my trifecta point, here is where the Q3 print gets even more dynamic. For many quarters now, we've been aggressively building the consumption engine into the business model. Our ambition is to be the governed execution layer for enterprise AI with multiple commercialization paths, all driven by customer choice. Q3 is the banner achievement to date. The strategy is working.

回到我所說的「三重奏」，第三季的成績單在這裡變得更具動能。過去許多季度以來，我們一直積極把用量消費引擎建置到商業模式中。我們的企圖是成為企業 AI 的「受治理執行層」，提供多種商業化路徑，全部由客戶選擇所驅動。第三季是迄今為止最亮眼的里程碑成就。這項策略正在奏效。

We have tangible AI monetization. AI, net new ACV was 65% year-over-year growth in Q3. Control Tower, net new ACV grew over 6x year-over-year. Our agentic front door EmployeeWorks reached $100 million ACV in less than three quarters. The number of $1 million-plus AI deals grew 4.5x year-over-year. Year-to-date, agentic AI consumption in production is up 13x year-over-year.

我們已實現具體的 AI 變現成果。第三季 AI 的淨新增 ACV 年增 65%。Control Tower 的淨新增 ACV 年增超過 6 倍。我們的代理式前門（agentic front door）EmployeeWorks 在不到三個季度內就達到 1 億美元 ACV。單筆 100 萬美元以上的 AI 交易數量年增 4.5 倍。年初至今，已在生產環境上線的代理式 AI 用量消費年增 13 倍。

If you look at the consumption of Action Fabric assists alone, that number is up 500% month-over-month. This is not only the direction of our customers; this is where they want us to go. It's the right direction for long-term shareholder value creation as well. As a reminder, we began the year with a $1 billion AI target by year-end.

僅看 Action Fabric assists 的用量消費，該數字月增 500%。這不只是我們客戶前進的方向；這也是他們希望我們前往的方向。這同樣也是為股東創造長期價值的正確方向。提醒各位，我們在年初設定了年底達成 10 億美元 AI 目標。

We raised that target to $1.5 billion at Financial Analyst Day in May. Today, we are raising that target again this time to $1.7 billion plus by year-end. And as you've come to know me pretty well by now, I've challenged the team to even surpass that number. Overall, the company is now full speed in our Q4, and Gina will give you the guide shortly. But I don't want you to wait too long.

我們在 5 月的金融分析師日把該目標上調至 15 億美元。今天，我們再次上調目標，這次提高到年底達成 17 億美元以上。而各位現在應該很了解我了，我也已要求團隊挑戰超越這個數字。整體而言，公司在第四季已全速前進，Gina 很快會提供指引。但我不希望各位等太久。

She will raise. As everyone on this call knows, ServiceNow always closes strong. We have no intention of delivering anything less than the best year in our history. Let's spend a few minutes on what remains a very complex environment for the enterprise. We hosted our biannual CEO event with more than 125 CEOs a few weeks ago.

她會上調。如同本次電話會議的各位所知，ServiceNow 一向在收官時表現強勁。我們無意交出任何低於公司史上最佳的一年。接下來花幾分鐘談談企業所面臨、仍然非常複雜的環境。幾週前，我們舉辦了每半年一次的 CEO 活動，出席的 CEO 超過 125 位。

Here's what I heard. All of them are investing in the intelligence revolution. They've spent billions on it so far. They all went through the token maxing phase. Here's the big lesson they all learned.

以下是我聽到的重點。他們全都在投資這場智慧革命。到目前為止，他們已在此投入數十億美元。他們都經歷過「token 拉滿」的階段。以下是他們共同學到的重要教訓。

All of the vibe slop flops. Sprawl and lack of integration are even greater risks in the AI world. When I spoke to them about ServiceNow's role as the Super Intelligence Control Tower for business reinvention, their endorsement was universal.

所有那種「氛圍式的粗糙產出」最後都會翻車。在 AI 世界裡，蔓延式擴張與缺乏整合的風險更大。當我與他們談到 ServiceNow 作為企業重塑的「超級智慧控制塔」（Super Intelligence Control Tower）所扮演的角色時，他們一致表示認同。

Our SICT, Super Intelligence Control Tower, brings together the right model for the right workload to solve the right problem and unlock the right opportunity for our customers. businesses in every industry need a harness for enterprise AI. This is more than orchestration, governance or security alone. It's the nexus of all three categories coming together.

我們的 SICT（Super Intelligence Control Tower，超級智慧控制塔）把合適的模型配對到合適的工作負載，用來解決合適的問題，並為客戶解鎖合適的機會。各行各業的企業都需要一個用於企業 AI 的「約束與承載架構」。這不僅僅是編排、治理或安全其中之一。而是三者匯聚在一起的樞紐。

We're now in the rules and rails phase of enterprise intelligence. 94% of enterprises report gaps in AI visibility. 88% can't even distinguish personal AI accounts from corporate instances. ServiceNow's Control Tower discovers and inventories the entire AI estate. As stories of rogue agents persist, ServiceNow controls what agents can do.

我們現在已進入企業智慧的「規則與護欄」階段。94% 的企業回報其 AI 可視性存在缺口。88% 甚至無法區分個人 AI 帳號與企業實例。ServiceNow 的 Control Tower 能夠發現並盤點整個 AI 資產版圖。在「流氓代理」（rogue agents）的故事仍不斷出現之際，ServiceNow 能控管代理可以做什麼。

That's why we introduced AI Passport to issue every agent an official attested record based on context in our platform. Who owns the agent? What's it allowed to do? What data can it access? How much risk exposure is it allowed to take?

這就是為什麼我們推出 AI Passport，根據我們平台中的情境，為每個代理發放一份官方經認證的記錄。誰擁有這個代理？它被允許做什麼？它可以存取哪些資料？它被允許承擔多大的風險曝險？

This enables the most capable kill switch available in the enterprise today. When our Control Tower revokes a passport, NVIDIA Sentry stops honoring it and the agent stops at the infrastructure layer. We are scaling that capacity everywhere. Our Control Tower signals Okta, Microsoft Azure AI Foundry, and Google Gemini Enterprise Agent Platform, so they can cut off the agent's access wherever it runs. ServiceNow already sits at the operational core of the world's largest enterprises, the CMDB, the Workflow Data Fabric, 20-plus years of embedded operational intelligence and context across IT, security and risk.

這使得企業目前可用的最強大「緊急停止（kill switch）」成為可能。當我們的 Control Tower 撤銷一個護照時，NVIDIA Sentry 會停止承認它，而代理會在基礎設施層被停止。我們正在把這種能力擴展到各處。我們的 Control Tower 會向 Okta、Microsoft Azure AI Foundry 與 Google Gemini Enterprise Agent Platform 發出訊號，讓它們能在代理運行的任何地方切斷其存取權限。ServiceNow 早已位居全球最大型企業的營運核心：CMDB、Workflow Data Fabric，以及在 IT、安全與風險領域累積超過 20 年、內嵌於流程中的營運智慧與情境。

With Armis and Veza, we can now pinpoint specific known vulnerabilities against the cybersecurity landscape that has irreversibly changed. We call this Shift Zero. It moves security from remediation to prevention from human speed to machine speed and from blind to govern. The average enterprise runs more than 70 security tools.

透過 Armis 與 Veza，我們現在能在已不可逆轉改變的資安版圖中，精準定位特定且已知的弱點。我們稱之為 Shift Zero。它把安全從事後修補轉為事前預防，從人類速度提升到機器速度，並從盲目走向可治理。一般企業平均運行超過 70 種安全工具。

ServiceNow offers a single govern system with proof of what acted, why and who is accountable. This is not an incremental improvement to a reactive model. It is the replacement to consolidate a fragmented market. It is the gateway to autonomous defense. That's why we're the fastest-growing cybersecurity company at scale and why the growth is accelerating so rapidly. When you're operating in the super intelligence era, the pace of innovation has to keep pace with the growing size of the opportunity.

ServiceNow 提供單一的治理系統，並能證明是什麼採取了行動、為什麼行動，以及由誰負責。這不是對被動反應式模型的漸進式改良。這是一種替代方案，用以整併分裂的市場。這是通往自主防禦的入口。這就是為什麼我們是規模化下成長最快的資安公司，也為什麼成長正在如此迅速地加速。當你在超級智慧時代運作時，創新速度必須跟上機會規模不斷擴大的步伐。

I'm really proud of what the ServiceNow team has delivered. Our Level 1 service desk specialist resolves incidents 85% faster than human agents. This is now in full autonomous production across customers of varying size and sector from a global automotive leader to a leading enterprise technology company. Our AIOps specialist has already reduced median time to resolution by 40% within the first month.

我為 ServiceNow 團隊所交付的成果感到非常自豪。我們的 Level 1 服務台專家解決事件的速度比人類代理快 85%。這項能力如今已在不同規模與產業的客戶中全面進入自主化生產環境，從全球汽車領導者到頂尖企業科技公司皆是如此。我們的 AIOps 專家在第一個月內就已將解決時間中位數降低 40%。

We now have over 100 customers actively innovating with our AI specialists, AIOps, HRSD and CRM specialists are expected to become generally available in Q4. As enterprises rethink the mandate of their CRM systems, ServiceNow is leading the way. The old CRM was built for sales teams. The new one has to work across your entire business. That's a different product. That's a different architecture.

我們目前已有超過 100 家客戶正積極與我們的 AI 專家共同創新；AIOps、HRSD 與 CRM 專家預計在第四季（Q4）正式全面可用（GA）。當企業重新思考其 CRM 系統的使命時，ServiceNow 正在引領方向。舊式 CRM 是為銷售團隊打造的。新的 CRM 必須能在你的整個企業中運作。那是不同的產品。那是不同的架構。

And that's why we're seeing customers rip and replace not just add alongside. Conversational voice AI is the next big leap in connecting the front office to the entire enterprise. The customer conversation is where the work starts. The platform has to carry it through every system and workflow behind it. We're redefining how enterprises engage with customers.

也因此我們看到客戶是在「汰換並取代（rip and replace）」而不只是旁掛新增。對話式語音 AI 是把前台與整個企業連結起來的下一個重大躍進。客戶對話是工作的起點。平台必須把它一路帶過其背後的每一個系統與工作流程。我們正在重新定義企業與客戶互動的方式。

Our tuck-in of Sweep adds deep expertise in rapid agentic deployments, giving us another gear to accelerate while improving customer outcomes. And one year after we brought Logik.ai into ServiceNow, we've been named the leader and customer favorite in The Forrester Wave for Configure, Price, and Quote solutions. We see a similar change in gravity for the employee experience.

我們併入（tuck-in）Sweep，帶來在快速代理式部署方面的深厚專業，讓我們多了一個檔位加速，同時改善客戶成果。而在我們將 Logik.ai 納入 ServiceNow 一年後，我們在《Forrester Wave》Configure, Price, and Quote（CPQ）解決方案評比中被評為領導者與客戶最愛。我們也在員工體驗上看到類似的重力轉移。

For the Fortune 500,000, we introduced Flow. There are many enterprises that want leading domain expertise but aren't ready for formalized ITSM. Flow fills the gap, a new conversational service desk that is self-serve and consumption build. A customer that signs up for Flow today can begin using Flow today. That's a big reason it's off to a lightning fast start with businesses and government agencies around the world.

面向《財富》500,000 強，我們推出了 Flow。許多企業希望擁有領先的領域專業，但尚未準備好導入正式化的 ITSM。Flow 填補了這個缺口：一個全新的對話式服務台，支援自助服務與按用量建置。今天註冊 Flow 的客戶，今天就能開始使用 Flow。這也是它能在全球企業與政府機構中以迅雷不及掩耳之勢起跑的重要原因。

ServiceNow EmployeeWorks continues to be a fast growth machine. This gives enterprises one place to search, knowledge, get things done and route work across IT, HR, finance and procurement. It also becomes the destination for employees to build AI assistants, agents and automations, all secured by enterprise guardrails. This is only scratching the surface of the groundbreaking innovation on the ServiceNow platform. Even the best platform won't deliver for enterprises alone.

ServiceNow EmployeeWorks 持續成為高速成長引擎。它讓企業擁有一個地方可用於搜尋、知識查詢、完成事項，並在 IT、人資、財務與採購之間分派與流轉工作。它也成為員工打造 AI 助理、代理與自動化的目的地，並由企業級護欄全面保護。這僅僅觸及 ServiceNow 平台突破性創新的表層。即使是最好的平台，也無法單靠自己為企業交付成果。

ServiceNow Control Tower Alliance is a new ecosystem of leading companies in AI, cloud infrastructure, security, governance and token management who will help customers adopt trusted enterprise AI safely at scale. Founding partners include Anthropic, AWS, Cisco, HiddenLayer, Kong, Okta, OpenAI, WitnessAI and Zenity.

ServiceNow Control Tower Alliance 是一個由 AI、雲端基礎設施、安全、治理與權杖（token）管理領域領先公司組成的新生態系，將協助客戶以可擴展的方式安全採用可信任的企業 AI。創始合作夥伴包括 Anthropic、AWS、Cisco、HiddenLayer、Kong、Okta、OpenAI、WitnessAI 與 Zenity。

Today, ServiceNow announced an expanded partnership with OpenAI to help enterprises move seamlessly from AI reasoning to governed action. The partnership expansion starts with a new ServiceNow plug-in for ChatGPT, enabled by Action Fabric. We aim to develop security and risk solutions powered by OpenAI cyber models, a Codex integration and AI workflow factory and voice-driven governance for ServiceNow's Super Intelligence Control Tower. We have very big plans for this partnership, especially in cybersecurity. We expanded the partnership between Google Gemini Enterprise and ServiceNow Action Fabric.

今天，ServiceNow 宣布擴大與 OpenAI 的合作夥伴關係，協助企業無縫地從 AI 推理走向受治理的行動。此次合作擴展首先推出一個新的 ServiceNow ChatGPT 外掛，並由 Action Fabric 啟用。我們的目標是開發由 OpenAI 資安模型驅動的安全與風險解決方案、Codex 整合、AI 工作流程工廠，以及用於 ServiceNow 超級智慧 Control Tower 的語音驅動治理。我們對這項合作有非常宏大的計畫，尤其是在資安領域。我們也擴大了 Google Gemini Enterprise 與 ServiceNow Action Fabric 之間的合作。

Gemini Enterprise provides the conversational front end, while ServiceNow provides the governed industry workflow execution. Our partnership with INRY, a Cprime company, shows what happens when a partner builds on ServiceNow before they sell it. INRY went live on EmployeeWorks in six weeks. That's the new bar for time to value rather than the exception. They didn't sell the solution until they lived on it themselves.

Gemini Enterprise 提供對話式前端，而 ServiceNow 提供受治理的產業工作流程執行。我們與 INRY（Cprime 旗下公司）的合作，展示了當合作夥伴在銷售之前就先在 ServiceNow 上建置，會發生什麼事。INRY 在六週內於 EmployeeWorks 上線。這是「價值實現時間（time to value）」的新標準，而不再是例外。他們在親自使用並在其上運作之前，並未銷售該解決方案。

Median submission time is now down 60% completion rates, 97% ServiceNow and Aramco Digital established an agreement to standardize and govern digital workflows across Aramco's affiliates, subsidiaries and joint ventures in more than 50 countries, and the list goes on and on.

提交時間中位數如今下降了 60%，完成率達到 97%。ServiceNow 與 Aramco Digital 達成協議，將在超過 50 個國家的 Aramco 關係企業、子公司與合資企業之間，標準化並治理數位工作流程，且案例還在持續增加。

I could end on the countless industry accolades we've earned three new Gartner Magic Quadrants, two new Forrester Waves, IDC reports and many more. Instead, I'll close with the ultimate measure of a defining enterprise technology company, our customers. A major Asian telecommunications leader with over 130,000 employees and contractors became the first enterprise in the region to deploy ServiceNow Autonomous Workforce for a zero-touch help desk in IT and HR. This will handle 70,000 IT requests and 6,000 HR inquiries annually.

我本可以用我們獲得的無數產業獎項作結——三個新的 Gartner 魔力象限、兩個新的 Forrester Wave、IDC 報告以及更多。但我將以一家定義性的企業科技公司最終極的衡量標準作結：我們的客戶。一家擁有超過 13 萬名員工與承包商的亞洲大型電信領導者，成為該地區第一家部署 ServiceNow Autonomous Workforce、在 IT 與 HR 實現零接觸（zero-touch）服務台的企業。這將每年處理 70,000 件 IT 請求與 6,000 件 HR 諮詢。

The Salvation Army, Australia is using ServiceNow AI specialists to give frontline employees more than 5,000 hours back so far, time that is redirected towards supporting community members that are in need. Germany's professional soccer league expanded with ServiceNow as its official CRM partner. It's about one month, only one month. They've already consolidated fan services from seven digital channels into a single ServiceNow platform, resolving 89% of inquiries at first contact, cutting previous case volumes in half.

澳洲救世軍（The Salvation Army, Australia）正在使用 ServiceNow AI 專家，迄今已為第一線員工省回超過 5,000 小時，並將這些時間重新投入到支援有需要的社區成員。德國職業足球聯賽擴大與 ServiceNow 的合作，並指定其為官方 CRM 合作夥伴。大約一個月，就只有一個月。他們已將來自七個數位渠道的球迷服務整併到單一 ServiceNow 平台，首次接觸即解決 89% 的詢問，並將先前的案件量減半。

When a global logistics leader shipment, operations were drawing terrible manual work processes across siloed systems that was soul crushing. ServiceNow built them an AI partner, the shipment issue analyzer. The result is nearly 100,000 hours saved annually, resolution from three days to less than 30 minutes. Jack Henry & Associates, one of the leading financial technology companies in the US chose ServiceNow CRM to modernize its CRM capabilities with AI that automates routine tasks and strengthens post-sale operations.

當一家全球物流領導者的出貨作業仍在跨孤島系統的糟糕手動流程中運轉時，這種工作方式令人心力交瘁。ServiceNow 為他們打造了一位 AI 夥伴——出貨問題分析器。成果是每年節省近 100,000 小時，解決時間從三天縮短到不到 30 分鐘。Jack Henry & Associates（美國領先的金融科技公司之一）選擇 ServiceNow CRM，以 AI 現代化其 CRM 能力，將例行工作自動化並強化售後營運。

At a consumer finance company, spotting risk meant sending it nowhere, multiple channels, unclear ownership, legacy systems swallowing signals. Our applied AI FDE team fully deployed engineers built them the AI Risk front door, a two-layer agent architecture targeting 85% accuracy. It compressed signal to routed case time by more than 85%. Nestle has started to leverage our Control Tower to scale AI with strong governance across its operations. They are progressively deploying agentic marketing operations across 60 countries with the potential to reduce marketing campaign coordination by 25%.

在一家消費金融公司，辨識風險意味著把訊號送到「無處可去」：多個通路、權責不清、舊有系統吞沒訊號。我們的應用 AI FDE 團隊（由完整部署的工程師組成）為他們打造了 AI 風險前門（AI Risk front door），採用雙層代理架構，目標達到 85% 準確率。它將訊號到分派案件的時間縮短了超過 85%。雀巢已開始運用我們的控制塔（Control Tower），以強健的治理在其營運中擴大 AI 規模。他們正逐步在 60 個國家部署代理式（agentic）行銷營運，具備將行銷活動協調工作量降低 25% 的潛力。

And together, we continue to drive innovation across all key business functions. InterContinental Hotels Group, one of the world's largest hospitality and travel services companies is using Veza from ServiceNow to govern who and what can access its systems so it can safely scale across its 7,000 hotels worldwide. These amazing enterprises are putting AI to work for people. They're doing it with ServiceNow on our AI platform with the security of our Super Intelligence Control Tower. We see clear momentum in AI monetization driven by our organic innovation, our pricing and our intelligent packaging.

而我們也將持續攜手推動所有關鍵業務職能的創新。洲際酒店集團（InterContinental Hotels Group，全球最大的旅宿與旅遊服務公司之一）正在使用 ServiceNow 的 Veza 來治理誰以及什麼可以存取其系統，從而能在全球 7,000 家飯店安全擴張。這些令人驚嘆的企業正在讓 AI 為人們工作。他們透過 ServiceNow，在我們的 AI 平台上，並在超級智慧控制塔（Super Intelligence Control Tower）的安全防護下實現。我們看到 AI 變現（monetization）出現明確動能，這由我們的有機創新、定價以及智慧化封裝（intelligent packaging）所驅動。

Our security business is differentiated with the potential to be even bigger in a few years than all of ServiceNow is today. We're strong across industries, including the public sector, which once again delivered in its biggest quarter of the year.

我們的資安業務具備差異化優勢，且在未來幾年其規模潛力甚至可能超過今日整個 ServiceNow。我們在各產業都很強，包括公共部門；公共部門再次在其全年最大的一季交出亮眼成績。

We're not compute constrained. We don't have capital constraints. We're activating a hybrid business model. As you'll hear in the raised full year guidance, we're a company going from the rule of 56 to the rule of 57 on our way to the rule of 60. That, of course, is free cash flow plus revenue growth.

我們不受算力限制。我們也沒有資本限制。我們正在啟動混合式商業模式。正如你們將在我們上調的全年指引中聽到的，我們正從「56 法則」邁向「57 法則」，並朝「60 法則」前進。當然，這指的是自由現金流加上營收成長。

We have six businesses that have now surpassed more than $1 billion run rate with a TAM that continues to multiply and expand. What other businesses are there that can even contemplate these fundamentals? And it's only getting better as the cost of intelligence falls, the tailwind for software is strengthening. We are a one-of-one growth company. We have deep incumbency in the enterprise with proven global distribution. We're honoring the principle and the promise that the world works with ServiceNow.

我們已有六項業務的年化營收運行率（run rate）超過 10 億美元，而 TAM（可服務總市場）仍在持續倍增與擴張。還有什麼其他企業能夠甚至設想具備這些基本面？而且情況只會更好：隨著智慧成本下降，軟體的順風正在增強。我們是一家獨一無二的成長型公司。我們在企業市場擁有深厚的既有基礎，並具備經驗證的全球分銷能力。我們正在恪守並兌現「世界因 ServiceNow 而運作」的原則與承諾。

I really appreciate your belief and support. I look forward to your questions. And now I'll turn things over to our President and Chief Financial Officer, Gina Mastantuono. Gina, over to you.

我非常感謝各位的信任與支持。我期待你們的提問。現在我把時間交給我們的總裁兼財務長 Gina Mastantuono。Gina，交給你。

Thank you, Bill. We delivered another strong quarter, exceeding the high end of our guidance across every top line and profitability metric. Q3's results reinforce that ServiceNow is becoming even more strategic as enterprises move from experimenting with AI to deploying it at scale.

謝謝你，Bill。我們再度交出強勁的一季，在每一項營收端與獲利能力指標上都超越指引區間的高端。第三季的結果再次印證：當企業從 AI 試驗走向大規模部署時，ServiceNow 正變得更加關鍵與策略性。

Customers want the productivity and growth that come with super intelligence, but they also need the visibility and security to do so with confidence. With the ServiceNow AI platform at the operational core of the world's largest enterprises, we are perfectly positioned to help customers put AI to work across their business, govern every agent in action and translate intelligence into secure, measurable outcomes.

客戶希望獲得超級智慧帶來的生產力與成長，但他們也需要可視性與安全性，才能有信心地推進。ServiceNow AI 平台位於全球最大型企業的營運核心，我們具備絕佳定位，協助客戶在其業務各處讓 AI 發揮作用、治理每一個正在運作的代理（agent），並將智慧轉化為安全且可衡量的成果。

Q3 subscription revenues were $3.988 billion, growing 20.5% year-over-year in constant currency and 50 basis points above the high end of our guidance. RPO ended the quarter at $29.7 billion, representing 22.5% year-over-year constant currency growth as average customer contract duration continues to expand. Current RPO was $13.65 billion, representing 21% year-over-year constant currency growth, a 100 basis point beat versus our guidance. Across our workflows, we saw widespread demand. Technology workflows had 54 deals over $1 million, including 6 over $5 million.

第三季訂閱營收為 39.88 億美元，以固定匯率計年增 20.5%，並較我們指引高端高出 50 個基點。RPO（剩餘履約義務）季末為 297 億美元，以固定匯率計年增 22.5%，因平均客戶合約期間持續拉長。當期 RPO 為 136.5 億美元，以固定匯率計年增 21%，較我們指引高出 100 個基點。在我們的各項工作流程中，我們看到廣泛需求。技術工作流程（Technology workflows）有 54 筆超過 100 萬美元的交易，其中 6 筆超過 500 萬美元。

Demand for our core workflows remains robust as every new AI asset and agent introduces greater requirements to manage, monitor, secure and govern the enterprise. ITSM was in 11 of our top 20 deals, ITOM was in 9 of our top 20 deals with 14 deals over $1 million. Asset Management crossed $1 billion in ACV this quarter and was in 13 of our top 20 deals with 11 deals over $1 million.

我們核心工作流程的需求依然強勁，因為每新增一項 AI 資產與代理，都會帶來更高的企業管理、監控、保護與治理需求。ITSM 出現在我們前 20 大交易中的 11 筆；ITOM 出現在前 20 大交易中的 9 筆，且有 14 筆交易超過 100 萬美元。資產管理（Asset Management）本季 ACV（年度合約價值）突破 10 億美元，並出現在我們前 20 大交易中的 13 筆，其中 11 筆超過 100 萬美元。

And our Security and Risk solutions were in 16 of our top 20 deals with 13 deals over $1 million. CRM and industry workflows maintained its rapid growth trajectory, and we were in 13 of our top 20 deals with $1 million-plus deals surging to 28 in the quarter. Core business workflows had 15 deals in the top 20 with 24 deals over $1 million, and Creator workflows had 19 deals in the top 20 with 13 over $1 million.

而我們的資安與風險解決方案（Security and Risk solutions）出現在前 20 大交易中的 16 筆，其中 13 筆超過 100 萬美元。CRM 與產業工作流程維持快速成長軌跡，我們出現在前 20 大交易中的 13 筆，本季 100 萬美元以上交易數激增至 28 筆。核心業務工作流程（Core business workflows）在前 20 大交易中有 15 筆，且有 24 筆交易超過 100 萬美元；Creator 工作流程在前 20 大交易中有 19 筆，其中 13 筆超過 100 萬美元。

From an industry perspective, business and consumer services led the way with net new ACV growing over 3x year-over-year. Technology had robust growth as well at nearly 40%. Our US Federal business also delivered an excellent quarter with deals over $1 million growing over 30% year-over-year. We expect federal net new ACV growth to accelerate further in Q4 as agencies increasingly see ServiceNow as the AI operating system for the enterprise.

從產業面來看，商業與消費者服務（business and consumer services）領先，淨新增 ACV 年增超過 3 倍。科技產業也有強勁成長，接近 40%。我們的美國聯邦業務同樣交出優異的一季，100 萬美元以上交易年增超過 30%。我們預期聯邦淨新增 ACV 成長將在第四季進一步加速，因為各機構愈來愈將 ServiceNow 視為企業的 AI 作業系統。

In Q3, our renewal rate remained best-in-class at 98%, reflecting the enduring value we deliver to our customers. We ended the quarter with 680 customers generating more than $5 million in ACV, with 31 additional customers surpassing $20 million in ACV over the past year. As our largest customers continue to scale with ServiceNow, they're expanding their platform adoption with 19 of our top 20 deals, including six or more products. The momentum in our AI solutions continues to build.

第三季，我們的續約率維持同級最佳的 98%，反映我們為客戶帶來的長期價值。季末我們有 680 家客戶的 ACV 超過 500 萬美元，且在過去一年中另有 31 家客戶的 ACV 突破 2,000 萬美元。隨著最大型客戶持續透過 ServiceNow 擴大規模，他們也在擴大平台採用：我們前 20 大交易中有 19 筆包含六項或以上產品。我們 AI 解決方案的動能持續增強。

We continue to exceed our AI expectations for the year with AI net new ACV growing 65% year-over-year in Q3, allowing us to raise our AI ACV target for the second time this year from $1 billion at the start of the year to now $1.7 billion by the end of 2026.

我們持續超越今年對 AI 的預期：第三季 AI 淨新增 ACV 年增 65%，使我們得以在今年第二次上調 AI ACV 目標，從年初的 10 億美元提高到 2026 年底的 17 億美元。

In Q3, the number of AI deals over $1 million grew 4.5x year-over-year. We're also seeing customers embrace AI more broadly across their enterprises with deals spanning five or more AI products increasing over 8.5x year-over-year.

在第三季，超過 100 萬美元的 AI 交易數量年增 4.5 倍。我們也看到客戶在其企業內更廣泛地採用 AI，涵蓋五項或以上 AI 產品的交易年增超過 8.5 倍。

AI adoption is pervasive across the platform, evident in every workflow. ITSM AI deal volume increased nearly 80% year-over-year. HRSD AI deal volume nearly doubled. Newer AI solutions saw deal volume grow even faster with ITOM growing more than 7x and portfolio management more than 6.5x. We also saw strong net new ACV momentum with security and risk AI growing more than 4.5x year-over-year.

AI 的採用已遍及整個平台，在每一個工作流程中都可見其蹤影。ITSM AI 的交易量年增近 80%。HRSD AI 的交易量幾乎翻倍。較新的 AI 解決方案交易量成長更快，其中 ITOM 成長超過 7 倍、投資組合管理成長超過 6.5 倍。我們也看到強勁的新增 ACV 動能，安全與風險 AI 年增超過 4.5 倍。

App Engine AI more than 4x and Asset Management AI nearly tripling. CRM AI had a standout quarter as well with net new ACV tripling both quarter-over-quarter and year-over-year. Just as importantly, customers are moving rapidly from adoption to production. As Bill mentioned, our year-to-date consumption of agentic AI in production is up more than 13x year-over-year. We're passionate about helping customers realize value faster.

App Engine AI 成長超過 4 倍，資產管理 AI 幾乎成長至 3 倍。CRM AI 也有一個突出的季度，新增 ACV 不論季增或年增皆成長至 3 倍。同樣重要的是，客戶正快速從採用走向正式上線（production）。如 Bill 所提到，我們今年迄今在 production 中的代理式 AI（agentic AI）消耗量年增超過 13 倍。我們致力於協助客戶更快實現價值。

With the help of our forward deployed engineers, we've seen an accelerated time to value of 80% year-to-date. For example, one European customer went live in just 12 weeks and is on track to consume nearly 1.5 million in annual assist. When we provide deployment expertise as we've seen AI adoption move twice as fast in just the first five weeks of involvement.

在我們前線駐點工程師（forward deployed engineers）的協助下，我們今年迄今的價值實現時間（time to value）加速了 80%。例如，一家歐洲客戶僅用 12 週就上線，並有望每年消耗近 150 萬的 assist。當我們提供部署專業能力時，我們看到 AI 採用速度在介入的前五週就加快了 2 倍。

Turning to profitability. Non-GAAP operating margin was 32.5%, 150 basis points above our guidance, driven by the revenue outperformance, efficiency gains and timing of spend. From a productivity standpoint, our internal use of AI is now generating more than $1 billion in annualized value, more than double the level we exited 2025. Free cash flow margin was 20%. Together, these results continue to demonstrate our ability to drive a strong balance of world-class growth, profitability and shareholder value.

接著談獲利能力。非 GAAP 營業利益率為 32.5%，較我們的指引高出 150 個基點，主要受惠於營收優於預期、效率提升以及支出時點的影響。從生產力角度來看，我們內部使用 AI 目前每年可產生超過 10 億美元的年化價值，較 2025 年底時的水準高出一倍以上。自由現金流利潤率為 20%。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 2026, we're raising our subscription revenues by $15 million at the midpoint from $15.77 billion to $15.785 billion, representing 21% year-over-year growth on a constant currency basis. We are raising our full year free cash flow margin target by 100 basis points from 35% to 36%, driven by lower CapEx spend. Against the backdrop of growing investor scrutiny around AI-related infrastructure spend and leverage, ServiceNow is positioned to capture the AI opportunity while reducing its CapEx and expanding free cash flow margins. We continue to expect subscription gross margin of 81% and operating margin of 31.5%, up 50 basis points year-over-year.

接著談我們的展望。針對 2026 年，我們將訂閱營收在中位數上調 1,500 萬美元，從 157.7 億美元提高至 157.85 億美元；以固定匯率計算，年增 21%。我們將全年自由現金流利潤率目標上調 100 個基點，從 35% 提高至 36%，主要由較低的資本支出（CapEx）所帶動。在投資人對 AI 相關基礎設施支出與槓桿的審視日益增加的背景下，ServiceNow 有能力在降低 CapEx、擴大自由現金流利潤率的同時，把握 AI 機會。我們仍預期訂閱毛利率為 81%，營業利益率為 31.5%，年增 50 個基點。

Our execution has enabled us to fully offset the dilution from acquisitions this year and still deliver meaningful margin expansion across both operating and free cash flow margins, reinforcing the strength and scalability of our business model. Finally, we expect GAAP diluted weighted average outstanding shares of 1.04 billion.

我們的執行力使我們得以在今年完全抵銷併購帶來的稀釋影響，並仍在營業與自由現金流利潤率兩方面實現具意義的利潤率擴張，進一步印證我們商業模式的強健性與可擴展性。最後，我們預期 GAAP 稀釋後加權平均流通股數為 10.4 億股。

For Q4, we expect subscription revenues between $4.245 billion and $4.255 billion, representing 21.5% year-over-year growth on a constant currency basis. We expect cRPO growth of 18.5% on a constant currency basis. This reflects a higher mix of on-prem deals and excludes a rising balance of T4C backlog, both of which contribute to revenue but not cRPO. We expect an operating margin of 32%, and we expect 1.05 billion GAAP diluted weighted average outstanding shares for the quarter.

針對第四季，我們預期訂閱營收介於 42.45 億至 42.55 億美元之間；以固定匯率計算，年增 21.5%。我們預期 cRPO 以固定匯率計算成長 18.5%。這反映了內部部署（on-prem）交易占比提高，且排除了持續上升的 T4C 積壓訂單（backlog）餘額；兩者都會貢獻營收，但不會計入 cRPO。我們預期營業利益率為 32%，並預期本季 GAAP 稀釋後加權平均流通股數為 10.5 億股。

In closing, Q3 was another strong quarter of execution and accelerating AI adoption. What excites us even more is the scale of the opportunity still in front of us. From SI Control Tower and Autonomous Security to EmployeeWorks and our growing portfolio of AI specialists, we're helping customers operationalize AI across the enterprise, turning innovation into measurable business outcomes and ROI. Just as important, we're helping customers accelerate adoption without losing control. This is where ServiceNow is differentiated.

總結來說，第三季是又一個執行強勁、AI 採用加速的季度。更令我們振奮的是，眼前仍有龐大的機會規模。從 SI Control Tower 與 Autonomous Security，到 EmployeeWorks 以及我們持續擴大的 AI 專家產品組合，我們正協助客戶在整個企業內將 AI 落地營運，把創新轉化為可衡量的商業成果與投資報酬率（ROI）。同樣重要的是，我們也在協助客戶加速採用，同時不失去控制。這正是 ServiceNow 的差異化所在。

By combining workflow, data, AI, and governance on a single platform, we can help customers manage the complexity of the AI era while unlocking its full potential. This gives us confidence in the substantial growth opportunity ahead and our ability to create long-term value for customers and shareholders.

透過在單一平台上整合工作流程、資料、AI 與治理，我們能協助客戶管理 AI 時代的複雜性，同時釋放其全部潛力。這讓我們對未來可觀的成長機會，以及為客戶與股東創造長期價值的能力充滿信心。

Bill and I would like to thank our employees around the world for their continued focus, execution and commitment. Their ability to innovate while operating with discipline is what enables us to consistently deliver quarter after quarter.

Bill 和我想感謝全球員工持續的專注、執行力與投入。他們在保持紀律營運的同時持續創新，正是我們能夠一季接一季穩定交付成果的關鍵。

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

接下來，我們開放問答。

(Operator Instructions) Brad Zelnick, Deutsche Bank.

(接線員指示) Brad Zelnick，德意志銀行。

Bill, we increasingly hear about AI-native applications companies implementing outcome or value-based pricing. And I was just curious to what extent you're seeing customers asking you to go down this path? I know you have a perfect mix of subscription and consumption, but it seems like the market is moving in this direction. And maybe for Gina, I imagine this is something you've contemplated internally. What would the impact of something like this be on the financial model?

Bill，我們越來越常聽到 AI 原生應用公司在推行以成果或價值為基礎的定價。我想了解你們在多大程度上看到客戶要求你們也走向這條路？我知道你們同時具備訂閱與用量計費的完美組合，但市場似乎正朝這個方向發展。另外也想請教 Gina，我想這也是你們內部曾思考過的議題。這類作法對財務模型會造成什麼影響？

Brad, thank you. We have the best of both worlds in the sense that the customer likes the predictability of the seat-based pricing model for their budgeting purposes, people that run Fortune 2000 companies run on budget. So we give them that. And also, we're driving consumption. And the idea is simple: get the customer live fast.

Brad，謝謝你。我們在某種意義上兼具兩者優勢：客戶為了預算編列，喜歡以席位（seat）為基礎的定價模式所帶來的可預測性；經營《財富》2000 大企業的人都是依預算運作。因此我們提供這種可預測性。同時，我們也在推動用量消耗。而概念很簡單：讓客戶快速上線。

And once they're live, the token economics take off, whereby we have a chance to improve our revenue per user by a factor of 5x. And that's only because the customer derives substantially more value than that. So it's kind of a win-win. I would also point out that with the announcement of Flow; the native AI stand-alone autonomous service desk type of provider are no longer required as we have that now shipping it globally. So you can buy it online and you can go live in the same day.

一旦上線，代幣經濟（token economics）就會起飛，使我們有機會將每位使用者的營收提升 5 倍。而這之所以可行，只是因為客戶所獲得的價值遠高於此。因此這算是一種雙贏。我也要指出，隨著 Flow 的發布；原生 AI 的獨立自主服務台（autonomous service desk）類型供應商已不再是必需，因為我們現在已在全球出貨。所以你可以在線上購買，並在同一天上線。

So that will be yet another net new ACV engine for the company and obviously, a problem for the competition. So again, best of both worlds. One thing that really is interesting with the Super Intelligence Control Tower, you should know a 500% growth month-over-month in terms of the AI action that's activated in that Super Intelligence control tower, coupled with a 13x improvement in AI consumption.

因此，這將成為公司另一個全新的新增 ACV 引擎，當然也會讓競爭對手頭痛。所以再一次，兼具兩者優勢。另外一個非常有趣的是 Super Intelligence Control Tower：在該控制塔中被啟用的 AI 行動（AI action）月增達 500%，同時 AI 消耗量提升了 13 倍。

So clearly, we're benefiting from our current model because we're growing 21% year-over-year. And this hockey stick formation has yet to be fully realized. And so I think that is yet another exciting point for the investors to contemplate.

很明顯地，我們正從目前的模式中受益，因為我們的年增率成長達到 21%。而這種「曲棍球棒」式的成長形態尚未完全實現。因此我認為，這也是另一個值得投資人思考的令人振奮的重點。

And then, Brad, from the impact on the financial model, as Bill said, our customers are very focused and quite happy with the hybrid model that we have today and are not asking at all for outcome pricing. And so you would imagine if the day were to change that we'd be ready and waiting for that. But as of now, our customers are very, very happy with the hybrid model, as Bill talked about.

接著，Brad，就對財務模型的影響而言，如 Bill 所說，我們的客戶非常專注，且對我們目前的混合模式相當滿意，完全沒有要求採用成果定價（outcome pricing）。因此你可以想像，如果未來有一天情況改變，我們也會做好準備、隨時待命。但就目前而言，我們的客戶對混合模式非常、非常滿意，正如 Bill 所談到的。

Alex Zukin, Wolfe Research.

Alex Zukin，Wolfe Research。

Congrats on another strong performance. I guess maybe, Bill or Gina, for you, there was some nuance on some of the impacts that you're seeing on the numbers and the guide, particularly for Q4 on cRPO and subscription revenue. Maybe to the extent that, again, all of the metrics that you're citing sound like you're expanding your growth opportunity, expanding your growth potential.

恭喜再次交出強勁表現。我想請教 Bill 或 Gina，你們在數字與指引上看到的一些影響似乎有些細微之處，特別是針對第四季的 cRPO 與訂閱營收。也許在某種程度上，因為你們提到的各項指標聽起來都像是在擴大成長機會、提升成長潛力。

Obviously, the stock is down pretty meaningfully after market on some of the, I think, the 4Q guide. But any constant kind of comments on your confidence in growth going kind of either staying high or going higher, particularly even for next year as some of these nuances normalize and they don't necessarily impact subscription revenue as much as maybe the cRPO deceleration would imply?

顯然，盤後股價因為我認為是第四季指引的部分而出現相當明顯的下跌。但你們是否能就對成長的信心提供一些一致性的評論：成長是否能維持在高檔、甚至進一步走高，尤其是展望明年，當這些細微因素逐步正常化後，它們對訂閱營收的影響不會像 cRPO 放緩所暗示的那麼大？

Thank you, Alex, and I appreciate the question. And yes, so first and foremost, we remain as confident as ever in our growth opportunities, as I hope came through very clearly in both Bill and my prepared remarks. We had strong beats across the board, revenue, cRPO, op margin, free cash flow. We raised free cash flow margin. On the revenue beat, what I'd say is that while we actually passed through half of the beat all of the FX and half of the beat that we saw in Q3 to the full year guide.

謝謝你，Alex，我也很感謝這個問題。是的，首先也是最重要的，我們對成長機會依然一如既往地有信心，我希望這點在 Bill 和我事先準備的發言中都已非常清楚地傳達。我們各項指標全面優於預期：營收、cRPO、營業利益率、自由現金流。我們也上調了自由現金流利潤率。至於營收優於預期的部分，我想說的是：我們實際上把第三季看到的優於預期的一半（包含匯率 FX 的影響）反映到全年指引中。

With respect to why we didn't raise by the entire beat, there's a couple of things. And so number one, with our scale, the speed is really strong, and we feel really good about that. But to help our customers realize value even faster at scale, we've made the strategic decision to invest in their success by including delivery expertise with our platform solutions to accelerate AI deployments for select large deals.

至於為什麼沒有把全部的優於預期都上調進去，有幾個原因。第一，以我們目前的規模來看，成長速度非常強勁，我們對此感到非常好。但為了協助客戶在大規模情境下更快實現價值，我們做出策略性決策：透過在平台解決方案中納入交付（delivery）專業能力來投資客戶成功，以加速特定大型交易的 AI 部署。

From an accounting perspective only, the value of those deployments are carved out as subscription revenue, and they're included in professional services rather than subscription revenue. Notably, upon renewal of those contracts, the value of those services -- return to subscription revenue.

僅從會計角度來看，這些部署的價值會自訂閱營收中切分出來，並歸類在專業服務（professional services）而非訂閱營收之下。值得注意的是，當這些合約續約時，這些服務的價值會回到訂閱營收中。

So it provides a structural acceleration to growth. And it's not huge, about 25 bps in Q3 and expecting it to have approximately 50 bps in Q4, which is the only reason why we didn't pass through the full beat in Q3 into the rest of the year. So subscription revenue, feel really, really strong about that.

因此，這會在結構上帶來成長加速。而且影響不大，第三季約 25 個基點（bps），預期第四季約 50 個基點；這也是我們沒有把第三季全部的優於預期完全反映到今年剩餘期間指引中的唯一原因。所以就訂閱營收而言，我們感覺非常、非常強勁。

With respect to cRPO, we saw strong early renewals in Q3 that contributed about half of the beat in Q3. Now that has a negative impact in Q4 because we pulled those deals out of Q4 and into Q3. So that growth is already in Q3. A couple of other things to factor in. Strong public sector demand is driving higher on-prem mix in Q4, which is actually a great result.

至於 cRPO，我們在第三季看到強勁的提前續約（early renewals），約貢獻了第三季優於預期的一半。現在這會對第四季造成負面影響，因為我們把那些交易從第四季提前拉到第三季。因此那部分成長已經反映在第三季。還有幾點需要納入考量。強勁的公部門需求正在推升第四季較高的地端（on-prem）組合占比，這其實是很好的結果。

But that is driving a 25% -- sorry, 25 basis points headwind in Q4 cRPO, but will absolutely hit revenue and the part of revenue. The other thing is those incremental investments in deployment expertise, a small modest RPO headwind also does not impact revenue in the long term.

但這會在第四季 cRPO 形成 25%——抱歉，是 25 個基點的逆風；不過它絕對會反映在營收以及營收的相關部分。另外一點是，我們在部署專業能力上的增量投資，帶來小幅、溫和的 RPO 逆風，但長期並不影響營收。

And just more generally, I'd note, and we've talked about this before, right, cRPO is a very nuanced accounting metric, and it doesn't necessarily capture all of the momentum in the business. A good example for that is there's approximately 50 basis points of year-over-year subscription backlog growth that's excluded from cRPO in Q4 due to T4C provisions, but absolutely will be included in revenue.

更一般性地我也想指出，我們之前談過，cRPO 是一個非常細緻（nuanced）的會計指標，它不一定能捕捉到業務的所有動能。一個很好的例子是：由於 T4C 條款（provisions），第四季有約 50 個基點的年增訂閱待履約積壓（subscription backlog）成長被排除在 cRPO 之外，但它絕對會被納入營收。

And so while cRPO is a good indicator of next year's revenue, it's certainly not perfect. And the momentum you're hearing in the business, especially around all of the AI amazing things will absolutely translate to strong revenue growth in 2027 and beyond. And at the end of the day, we feel as confident, if not more confident today in our growth opportunities than ever before.

因此，雖然 cRPO 是明年營收的一個良好指標，但它當然不是完美的。而你們在業務上聽到的動能，特別是圍繞 AI 的各種令人驚豔的進展，絕對會轉化為 2027 年及之後的強勁營收成長。歸根結底，我們對成長機會的信心，今天不但沒有減少，甚至比以往任何時候都更有信心。

Adam Wood, Morgan Stanley.

Adam Wood，Morgan Stanley。

This is Sanjit Singh for Adam. I wanted to just zoom out a little bit and just talk about the momentum you're seeing on the AI ACV side. Gina as you noted, you've raised the guidance twice now to $1.7 billion in revenue. At the same time, if we look at just the broad story of cRPO, we could call it stable, maybe on an organic basis, modestly decelerating, but sort of generally stable. So my high-level question, Bill, is just when do you think the AI momentum will start to translate to overall top line acceleration, cRPO acceleration?

我是 Sanjit Singh，代 Adam 提問。我想先把視角拉遠一點，談談你們在 AI ACV（年度合約價值）方面看到的動能。Gina，如你所提，你們已經兩次上調指引，現在營收指引到 17 億美元。同時，如果我們只看 cRPO 的整體敘事，我們可以說它是穩定的；若以有機（organic）口徑來看，可能是溫和放緩，但整體上仍算穩定。所以我高層次的問題是，Bill，你認為 AI 的動能何時會開始轉化為整體營收（top line）加速、cRPO 加速？

And with respect to that, in terms of the go-to-market motion, you guys have made a lot of pricing and packaging changes. You guys just noted that you're doubling down on delivery. Do you feel you have the sort of AI and sales go-to-market motion right? Or is there room for improvement on that front?

另外就 go-to-market 推進方式而言，你們做了很多定價與包裝（packaging）調整。你們也剛提到正在加碼交付（delivery）。你們覺得目前 AI 與銷售的 go-to-market 推進方式已經到位了嗎？還是說在這方面仍有改進空間？

Thank you very much, Adam. First of all, let me just be extremely clear. The business has never been in better shape than it is right now. And I think one of the luxuries that you have when you have the Super Intelligence Control Tower and every partner, that's a hyperscaler or a lab company, these are great companies from NVIDIA all the way through to the labs are teaming up with ServiceNow and realize the importance of coming through our Super Intelligence control tower to drive enterprise value for their customers also. And that's where the network effect is really starting to kick in to extra high gear.

非常感謝你，Adam。首先，讓我非常清楚地說明。目前公司的狀態是前所未有的好。我認為當你擁有「超級智慧控制塔」（Super Intelligence Control Tower），而且每一個合作夥伴——不論是超大規模雲端服務商（hyperscaler）或實驗室公司——這些都是很棒的公司，從 NVIDIA 一直到各家實驗室，都在與 ServiceNow 合作，並且也意識到：要為他們的客戶創造企業價值，必須透過我們的超級智慧控制塔來推進其重要性。而這正是網路效應開始以更高檔位加速發揮作用的地方。

So I want you to please register that as a significant momentum advantage that we are experiencing. And also, we are very cognizant of the importance of getting these customers live fast. They have to get value out of AI now.

所以我希望你們把這點視為我們正在經歷的一項重要動能優勢。同時，我們也非常清楚讓這些客戶快速上線（live fast）的重要性。他們必須現在就從 AI 中取得價值。

And so as Gina said, we've made the necessary decisions strategically to get them live fast, invest in doing that, so ultimately, they can not only derive the benefit from the license, but they can also activate the tokens to create the tokenomics that our shareholders are looking for and also that their shareholders are looking for. So that virtuous cycle is kicking into high gear.

因此，正如 Gina 所說，我們已在策略上做出必要決策，讓它們能夠快速上線，並投入資源加速落地；最終，他們不僅能從授權中獲益，還能啟用代幣，建立我們股東以及他們股東所期待的代幣經濟（tokenomics）。因此，這個良性循環正全速運轉。

And as I mentioned, we have a 500% month-over-month increase in the activity on the Super Intelligence Control Tower and a 13x improvement on the AI consumption itself. So the strategy is working, and yet we're still in the early days.

如我提到的，超級智慧控制塔（Super Intelligence Control Tower）的活動量月增 500%，而 AI 本身的使用量提升了 13 倍。因此，策略正在奏效，但我們仍處於早期階段。

You will absolutely see in some now, but also in 2027, as Gina said, the true acceleration because it's all about the customer getting these implementations and getting these tokens activated in their workflows or their business processes. But we have made a decision as a company and our ecosystem to do that because that's where the long-term value creation exists for us, for the shareholders and most importantly, for the customer. So I feel great about it.

你很快就會看到一些成果，而且也會在 2027 年（如 Gina 所說）看到真正的加速，因為關鍵在於客戶完成這些導入，並在其工作流程或業務流程中啟用這些代幣。但我們作為一家公司以及我們的生態系已做出決定要這麼做，因為長期價值創造就在這裡——對我們、對股東，更重要的是對客戶。所以我對此非常有信心。

And then -- and I'll just take you back to Financial Analyst Day, Adam, when we talked about by 2030, our AI business would be 30% of our ACV. And so we're absolutely on path and trajectory to get there, if not actually ahead of schedule, as you can tell by our continued raise of AI, but we are well on our path.

接著——Adam，我帶大家回到財務分析師日（Financial Analyst Day），當時我們談到到 2030 年，我們的 AI 業務將占我們 ACV 的 30%。因此，我們絕對正沿著既定路徑與軌跡前進，甚至如你從我們持續上調 AI（相關指標/展望）所見，可能還超前進度；但我們確實正穩步朝目標邁進。

Samik Chatterjee, JPMorgan.

Samik Chatterjee，摩根大通（JPMorgan）。

Maybe if I can just go back to the strategic decision to invest with your customers to accelerate AI adoption with them. It sounds like you did some of that investment in Q3 already. Any early data points in terms of those engagements that is driving the confidence about sort of expansion on AI adoption from them? And what you -- what are the ideal metrics you've been focusing on to measure that outcome there with the customer?

也許我可以回到你們做出的策略性決策：與客戶共同投資，以加速他們採用 AI。聽起來你們在第三季已經做了一些投資。就這些合作而言，有沒有任何早期數據點，能夠提升你們對他們擴大 AI 採用的信心？以及你們——你們用來衡量客戶端成果的理想指標是什麼？

Absolutely. And as you can imagine, this market for AI is moving very quickly, and so are we. And we noticed that customers receiving the support saw AI adoption progress twice as fast during just the first five weeks of that support with multiples higher of assist consumption and product usage versus those without support. So that assist consumption and product usage are the metrics that we're looking at. And when we're seeing accelerating customer AI consumption, as you would expect, it unlocks a significantly larger monetization opportunity, making the ROI very compelling.

當然。如你所想像，AI 市場變化非常快，我們也是。我們注意到，獲得支援的客戶，在支援開始後僅前五週內，AI 採用進度就快了兩倍，而且其 assist（輔助功能）使用量與產品使用量相較於未獲支援者高出數倍。因此，我們關注的指標就是 assist 使用量與產品使用量。而當我們看到客戶的 AI 使用量加速時，如你所預期，這會解鎖顯著更大的變現機會，使投資報酬率（ROI）非常具吸引力。

Therefore, we're reacting by building more of these deployment teams into our forecast because we're seeing such incredible results.

因此，我們正在做出回應：把更多這類部署團隊納入我們的預測之中，因為我們看到了極其驚人的成果。

And I would add to that, Samik, just one very interesting move that we made, which was the acquisition of Sweep. And as you know, one of the big reasons why customers sometimes have a more difficult time changing from one CRM system to another is they have a long implementation cycle, and nobody wants to have a long implementation cycle, especially when it relates to taking care of their customers. And so now we're able to accelerate the deployment times for CRM to -- instead of talking years, we're talking a month.

我也補充一下，Samik，我們做了一個非常有意思的動作，就是收購 Sweep。如你所知，客戶有時候之所以更難從一個 CRM 系統切換到另一個，主要原因之一是導入週期很長；而沒有人想要冗長的導入週期，尤其是當這關係到照顧他們的客戶時。因此，現在我們能夠加速 CRM 的部署時間——不再以「年」來談，而是以「一個月」來談。

We're talking like days, 30 days, 60 days for a serious company of serious scale. This same logic also applies to the enterprise super intelligence control tower and all of the workflow processes on ITSM as an example. In 24 hours, we activated that.

我們談的是像幾天、30 天、60 天——對於具備相當規模的嚴肅企業而言。同樣的邏輯也適用於企業級超級智慧控制塔，以及以 ITSM 為例的所有工作流程。我們在 24 小時內就把它啟用了。

So what we're looking at here is a Super Intelligence Control Tower, a completely open ecosystem feeding into the rules and the rails of the way the enterprise runs, connecting the fabric of the data and the processes, and we're going to do this at record pace. So it's going to drive implementation cycles to record speeds, which is necessary to get the tokens fully consumed, activated and generating revenue.

因此，我們在看的，是一個超級智慧控制塔：一個完全開放的生態系，導入企業運作方式的規則與軌道（rules and rails），把資料與流程的結構性網絡連接起來；而我們將以破紀錄的速度完成這件事。因此，它會把導入週期推進到破紀錄的速度，而這是讓代幣被充分消耗、啟用並產生營收所必需的。

As I always want to remind everybody in our company and otherwise, there's no other company growing at the rule of 57 in the enterprise software industry. If you could find them, please let me know. I want to talk to them.

我一直想提醒公司內外所有人：在企業軟體產業裡，沒有其他公司能以「57 法則」的速度成長。如果你能找到，請告訴我。我想跟他們聊聊。

I want to get the best practices with 21% growth on revenue and 36% growth on free cash flow, all while building the most superior super intelligent control tower that the world has ever known. So I want to meet that company.

我想了解那些最佳實務：在營收成長 21%、自由現金流成長 36% 的同時，還能打造出世界前所未見、最卓越的超級智慧控制塔。所以我想見見那家公司。

Peter Weed, Bernstein.

Peter Weed，Bernstein。

I think one of the impressive things you've been doing is investing internally in productivity optimization. And I think we're seeing that come through pretty significantly in some of the headcount numbers. Can you help us understand how that's playing out because it looks like a lot of it is actually focused in maybe front office product and sales and marketing. And how are you able to get that productivity in these areas to the level that you want while this is also what will be driving revenue looking forward?

我認為你們一直在做的一件令人印象深刻的事，是在內部投資於生產力最佳化。我想我們在一些人力（headcount）數字上已相當明顯地看到成效。你能否幫我們理解這是如何展開的？因為看起來其中很大一部分其實聚焦在前台（front office）的產品，以及銷售與行銷。而在這些領域同時也是未來營收驅動力的情況下，你們如何把生產力提升到你們想要的水準？

Thanks, Peter. So, first and foremost, so, so excited to say that we've crossed $1 billion in efficiency gains through our own internal use of AI and the lion's share of that is coming from our own use of our own products Now on Now. So it's just incredible. And yes, that efficiency gains means that we're able to not hire as many people. That being said, we're absolutely hiring folks in the right spots.

謝謝你，Peter。首先，我非常、非常興奮地分享：透過我們在內部使用 AI，我們已累積超過 10 億美元的效率增益，而其中絕大部分來自我們使用自家產品 Now on Now。這真的非常驚人。而且，是的，這些效率增益意味著我們不需要招聘那麼多人。話雖如此，我們仍然會在正確的位置積極招募人才。

And so while you might see total sales and marketing headcount come down, actually quota-bearing heads are up double digits, while sales operations, for example, is down significantly.

因此，雖然你可能看到整體銷售與行銷的人數下降，但實際上，承擔配額（quota-bearing）的前線人員是以雙位數成長；相對地，例如銷售營運（sales operations）則大幅下降。

And very similar in the R&D organization. As you would imagine, real increases in AI engineers in top talent, but there's lots of efficiency gains that we're driving through AI. That means that we don't have to hire as many support people, for example, or overhead in the R&D organization. And so we're absolutely still hiring across the board in both go-to-market and R&D. We're hiring in the right places, but that's being offset by incredible efficiencies that allow us to bring those more operational roles, those headcount roles down significantly.

在研發（R&D）組織也是非常類似。如你所想像，我們在 AI 工程師等頂尖人才方面確實增加了人力，但我們也透過 AI 推動了大量效率增益；這意味著例如支援人員，或研發組織的管理間接人力（overhead），我們就不必招聘那麼多。因此，我們在市場拓展（go-to-market）與研發兩端都仍在全面招募——在正確的位置招募——但同時也被驚人的效率所抵銷，使我們能把那些更偏營運性的職能、那些 headcount 角色顯著降低。

And I would build just to share with you, Peter, a couple of things that are very interesting. We have our own EmployeeWorks solution in the company. And so if you think about our great go-to-market machine, which is the best in the industry by far, they all have a coach, and that happens to be EmployeeWorks. And so it is autonomously activating all of the controls that are necessary to build great customer relationships and bring all of our innovation to the customer. This is being done autonomously, not that they have to even request it.

我再補充分享幾點很有意思的事情，Peter。我們公司內部有自己的 EmployeeWorks 解決方案。因此，如果你想想我們卓越的市場拓展機器——毫無疑問是業界最強——他們每個人都有一位教練，而那位教練就是 EmployeeWorks。因此，它會自動啟動建立良好客戶關係、並把我們所有創新帶給客戶所需的各項控制機制。這些都是自動完成的，甚至不需要他們提出請求。

They're also getting the insight pushed to them to make them more productive on the front line. Think about it. If you go back three years, that was like 100 people in the sales operations department moving around information on e-mail. that is now completely autonomous. It's a sales coach in the pocket.

他們也會被主動推送洞察，讓他們在第一線更具生產力。想想看。如果你回到三年前，那就像是銷售營運部門有 100 個人在電子郵件上來回搬運資訊。而現在這一切都已完全自動化。就像口袋裡的銷售教練。

It's driving enormous productivity. And just to be clear, we're actually significantly improving and increasing feet on the street. And while our ultimate headcount has actually slightly declined, which is a gorgeous situation, as Gina pointed out, the 90% response time to customer service or employee service inquiries is now done autonomously in a way that is so much easier for people to deal with, and it gives them an improvement in their life experience here at ServiceNow.

這正在帶來巨大的生產力提升。而且要說清楚的是，我們其實正在顯著改善並增加外勤人員（feet on the street）。雖然我們的最終總人數實際上略有下降——正如 Gina 指出的，這是個很理想的狀況——但對於客戶服務或員工服務詢問的 90% 回應時間，現在都能以自動化方式完成，讓人們更容易處理，也提升了他們在 ServiceNow 的生活體驗。

Finally, while the headcount may remain consistent, we continue to strengthen the workforce. So we continue to bring in net new talent in AI on the innovation side and on the quota-bearing side, we have a higher standard for the individuals we need to take us from here to there.

最後，即使人力編制可能維持一致，我們仍持續強化勞動力。因此，我們持續在創新端引進 AI 的淨新增人才；而在配額承擔端（quota-bearing side），我們對於需要帶領我們從這裡走到那裡的人才標準也更高。

So while the headcount is steady, the innovation and the improvement of the human capital condition has only increased substantially. So that's a very important thing that sometimes doesn't show up in the numbers.

所以，雖然人力總數保持穩定，但創新以及人力資本狀況的改善其實大幅提升。這是一件非常重要、但有時不會反映在數字上的事情。

Arjun Bhatia, William Blair.

Arjun Bhatia，William Blair。

I'll add my congrats on a good Q3. I want to go back to an earlier question. Bill, one of the most important sort of biggest debates and questions that we get from investors is whether AI is cannibalistic or accretive to software companies. And we're kind of seeing this in your results where the AI adoption is increasing and accelerating and you're seeing raises on that guidance and then some of the other metrics are sort of not yet inflecting.

我也要恭喜你們第三季表現不錯。我想回到先前的一個問題。Bill，我們從投資人那裡收到最重要、也最大的一個辯論與疑問之一，是 AI 對軟體公司究竟是「蠶食」還是「增益」。我們在你們的結果中也有點看到這種情況：AI 採用率在提高並加速，你們也上調了指引，但其他一些指標似乎還沒有出現拐點。

And I'm just curious, and I'm sure there's a timing mismatch there. But when you look at your early adopters and your most advanced AI customers, what are you seeing in terms of how their overall spend with ServiceNow is changing as they've adopted Now Assist and your AI capabilities?

我很好奇——我確信這裡有時間上的錯配。但當你看你們的早期採用者、以及最先進的 AI 客戶時，隨著他們採用 Now Assist 和你們的 AI 能力，他們在 ServiceNow 的整體支出變化，你們看到了什麼？

Yes. There's no doubt. First of all, I really remind people, including at the CEO meeting that I referenced, the world GDP rests on super intelligence and this intelligence -- really this intelligence generation that we'll look back on 10 years from now and say that was a renaissance moment. And so all the business cases that are tied to return on invested capital from AI are a factor 10x greater than anything that preceded AI solutions. So this is really like unbelievable stuff.

是的。毫無疑問。首先，我真的要提醒大家——包括我提到的那場 CEO 會議——全球 GDP 取決於超級智慧，而這種智慧——真正的這一代智慧生成——我們在 10 年後回頭看，會說那是一個文藝復興時刻。因此，所有與 AI 的投資資本報酬（return on invested capital）相關的商業案例，其效益是過去任何 AI 之前解決方案的 10 倍。所以這真的非常不可思議。

I mean, just take ourselves. Gina talks about $1 billion, $1 billion is a lot. $1 billion in a year is a lot of money. And what's unbelievable in terms of the operational performance of the company, we continue to grow the company at a pace consistent on a much larger base than we were growing before we saved $1 billion. So less people doing extraordinary things, enjoying their work much more because the autonomy of the AI platform has taken the pressure off of them so they could do the work that really matters.

就拿我們自己來說。Gina 談到 10 億美元，10 億美元很多。一年省下 10 億美元是一大筆錢。而在公司營運表現方面令人難以置信的是：在省下 10 億美元之後，我們仍能在更大的基礎上，以與過去一致的速度成長公司。更少的人做出非凡的事情，而且更享受工作，因為 AI 平台的自主性減輕了他們的壓力，讓他們能把時間用在真正重要的工作上。

So we're one example. But the business cases, and we review them all the time with Amit and Paul, they have a 10x improvement over anything that we've seen before.

所以我們是一個例子。但這些商業案例——我們和 Amit、Paul 一直在檢視——相較於我們以前看到的任何案例，都有 10 倍的改善。

And Amit, feel free to comment on it.

Amit，你也可以補充評論。

Yes. Arjun, on your question about the use cases and how we're seeing that adoption grow. Many of the customers typically start with one or two use cases where we help them or they decide like incident management or triaging or resolution planning. And once they see that go live, we've seen that go up to 3x, 4x usage, but also new use cases emerge because now they're seeing it in the production environment. So that's really been the growth.

好的。Arjun，針對你關於使用案例以及我們如何看到採用成長的問題。許多客戶通常會先從一到兩個使用案例開始，我們協助他們，或他們會選擇像是事件管理（incident management）、分流（triaging）或解決方案規劃（resolution planning）。一旦他們看到正式上線，我們看到使用量提升到 3 倍、4 倍，同時也會出現新的使用案例，因為他們現在在正式生產環境中看到了效果。這就是成長的來源。

I mean, if you see a lot of the customers we talked about in last quarter as well as now, they're re-upping their licenses and the new renewals with higher tokens because they're seeing the adoption go up as well.

我的意思是，如果你看我們上季提到的許多客戶以及現在的客戶，他們正在續約授權，而新的續約會搭配更高的 tokens，因為他們也看到採用率在上升。

We have customers like Nestle, for example, they went live in six weeks with this marketing optimization, agentic workflow. And now they're unleashing that in 90 different countries, and they're starting to now use it across the world to get value out of one time the use case they build and grow it significantly across the world as well. So those are kind of the common patterns we see.

例如我們有像雀巢（Nestle）這樣的客戶，他們用六週就讓這個行銷最佳化的代理式工作流程（agentic workflow）上線。現在他們正在把它推廣到 90 個不同國家，並開始在全球使用它，從一次性建立的使用案例中取得價值，並在全球範圍內大幅擴展。這些就是我們看到的一些共同模式。

And then we're seeing this autonomous IT, for example, and then with that kind of use case going into AIOps, CRM optimization and other industry industrial use cases as well. So very, very easy to kind of start seeing that growth come through.

另外，我們也看到例如自主式 IT（autonomous IT）這類使用案例，進一步延伸到 AIOps、CRM 最佳化，以及其他產業與工業類使用案例。所以很容易開始看到這種成長逐步顯現。

Samad Samana, Jefferies.

Samad Samana，Jefferies。

So, Gina, I just wanted to ask about the decision to have resources for large customers to accelerate AI deployment. I'm curious, I guess, when was that decision made? And I'm just curious how we should think about modeling that? Is this something that will be broadly available? Is it something that's on a customer-by-customer basis?

所以，Gina，我想問一下關於為大型客戶配置資源以加速 AI 部署的決策。我好奇這個決策大概是什麼時候做出的？也想請教我們應該如何在模型中思考這件事？這會是廣泛提供的服務嗎？還是會以逐一客戶（customer-by-customer）的方式來提供？

And then is there anything that we need to make a consideration for given the rev rec on the margin side as well? Maybe just help unpack that for us and what you're assuming in the forward guidance given -- I know it's not the biggest thing that happened, but it did sway, I think, the guidance a little bit. And so I think investors would get some more comfort if we had more color on how to unpack that.

另外，在毛利端（margin side）考量收入認列（rev rec）時，有沒有什麼需要我們特別注意的？也請幫我們拆解一下你們在前瞻指引中的假設——我知道這不是發生的最大事件，但我認為它確實讓指引有些微偏移。所以如果能更清楚說明如何拆解這件事，投資人應該會更安心。

Yes, perfect. So yes, as I said earlier, Samad, the market for AI is moving very quickly, and so are we. So when we saw the real inflection with customers that were receiving the support, we decided to double down because that consumption flywheel is going to drive significant incremental growth, right? And so deployment times are rapidly improving, and these services are being, as you say, provided for a select number of large deals, and we talked about it's in the number, 25 bps in Q3 and 50 bps in Q4. And we don't expect to include this delivery expertise over the long term.

好的，完全沒問題。所以是的，Samad，如我先前所說，AI 市場變化非常快，我們也是。當我們看到獲得支援的客戶出現真正的拐點時，我們決定加碼投入，因為那個消費飛輪（consumption flywheel）將帶動顯著的增量成長，對吧？因此，部署時間正在快速改善；而你所說的這些服務，會提供給少數大型交易。我們也提到這已反映在數字裡：第三季 25 個基點（bps），第四季 50 個基點。而我們不預期長期會把這種交付專業服務納入其中。

As with other new technology adoption cycles, it's really about optimizing the first wave of adopters and leveraging the know-how in a repeatable and scalable way. And as the AI gets better, the ability to autonomously deploy gets easier and easier. And so we don't expect this to be long term, but we absolutely believe it's the right thing for the business and is going to continue to help drive that consumption flywheel.

就像其他新技術採用週期一樣，關鍵在於把第一波採用者最佳化，並以可重複、可擴展的方式運用這些 know-how。而隨著 AI 變得更好，自主部署的能力也會變得越來越容易。因此我們不預期這會是長期措施，但我們絕對相信這對業務是正確的做法，並將持續幫助推動那個消費飛輪。

I'll add on this, Mr. Samad. We're also building -- using AI implementation agents. So what -- when we help our customers go live, a lot of the heavy lifting is done by AI. This is really identifying the early use cases and make it simple for them to go live with it.

我再補充一下，Samad 先生。我們也正在建置——使用 AI 的導入代理（implementation agents）。所以當我們協助客戶上線時，許多繁重的工作都由 AI 完成。這其實是在辨識早期使用案例，並讓他們能夠很簡單地把它上線。

And once they get one or two of these live, then the volume goes up very quickly. So this is not a long-term engagement. It's very short, but we get that value quickly for customers.

而一旦他們把其中一兩個用例上線，量就會非常快速地增加。所以這不是一個長期的合作案。它非常短，但我們能很快為客戶帶來價值。

Kirk Materne, Evercore ISI.

Kirk Materne，Evercore ISI。

Bill, I was just wondering on Control Tower. Obviously, everybody is getting ready to have to build an orchestration layer to take -- to sort of manage their agents at scale. Are they doing that now? Or are they waiting until they get more deployment in production? I was just wondering how you guys see that playing out where they're going to lay out sort of a baseline and then they can drive consumption once the Agentic population builds up. I was just wondering if you could give us some color on that front.

Bill，我想就 Control Tower 問一下。顯然，大家都在準備必須建立一個編排層（orchestration layer），用來——在規模化情境下管理他們的代理。他們現在就在做這件事嗎？還是等到有更多在生產環境的部署之後才做？我想了解你們怎麼看這件事的發展：他們會先建立某種基準，然後隨著 Agentic 的規模擴大再推動用量成長。想請你在這方面給我們一些說明。

Yes, sure, sure. First, I'll just say big picture, the Super Intelligence Control Tower is basically redesigning what the enterprise visibility, governance and security posture is of these major corporations. And if you look at the partnerships we announced today across the board and especially OpenAI, it's clear that the best and smartest companies in the world realize that this Control Tower and activating that across rules and rails that are deterministic and companies rely on to run their business is a pretty important thing to do to grow their businesses.

是的，當然，當然。首先我先從大方向說，Super Intelligence Control Tower 基本上是在重新設計這些大型企業的可視性、治理與安全態勢。而如果你看我們今天宣布的各項合作夥伴關係，尤其是 OpenAI，就很清楚：世界上最優秀、最聰明的公司都意識到，這個 Control Tower，以及在企業賴以營運的確定性規則與軌道（deterministic rules and rails）上啟用它，是一件相當重要、能推動其業務成長的事。

So Amit can give you some color on exactly how we're driving this and the impact that it's having.

所以 Amit 可以就我們如何推動這件事，以及它帶來的影響，提供一些說明。

Yes. Thank you, Bill. So Kirk, usually, I think if you look at last year, the concerns many customers had when we speak to them is they had no idea of what's going on with AI, how many shadow projects are going on, what agents are doing. So Control Tower really resonated very well when we introduced it last year because we are kind of putting this in front of the AI deployments. This is really the governance, the trust and the safety layer, which gives you a lot of confidence and the ability to really have trust in the system.

是的。謝謝你，Bill。所以 Kirk，通常我想如果你回顧去年，許多客戶在和我們交流時的擔憂是：他們根本不知道 AI 方面到底發生了什麼、有多少影子專案在進行、各種代理在做什麼。因此我們去年推出 Control Tower 時，它引起了非常強烈的共鳴，因為我們等於把它放在 AI 部署的前面。這其實就是治理、信任與安全層，能帶來很高的信心，並讓你真正能夠信任這個系統。

And as we have built out the discovery capabilities across multiple third-party AI systems out there, any kind of in-house build AI agents, you have one place to monitor, manage, including cost, but also really have the ability to kill any agents which should not be going and doing something which they're not allowed to.

而隨著我們建立起跨多個第三方 AI 系統的探索（discovery）能力，以及任何內部自建的 AI 代理，你就有一個地方可以監控、管理（包含成本），同時也真正具備能力去「終止」任何不該運作、或正在做不被允許之事的代理。

So it's become a very strong part of a governance layer, but also the runtime layer. And this is where the difference comes in. So it's coming in first before AI goes in production. And the volume of usage just starts going up because as you start building out more AI as you get confidence, we are really helping them manage it. It's not about orchestration really.

所以它已經成為治理層中非常強的一部分，同時也是執行期（runtime）層的一部分。差異就在這裡。因此它會在 AI 進入生產環境之前先導入。而使用量會開始上升，因為當你建立更多 AI、信心提升時，我們確實在幫他們把它管理好。這其實不是在談編排（orchestration）。

It's really the visibility, the control and the safety. And then we can orchestrate many things underneath the covers depending on what our systems customers might be using.

重點是可視性、控制與安全。然後我們也可以在底層視客戶使用的系統而定，去編排很多事情。

So this really upfront first investment customers are doing and unlocking a lot of value for us going forward. And it's built on our core competence we had with CMDB and the asset management and the introducing ability to do any kind of physical assets as well as physical AI and nonhuman identity in one place. So it really resonates and works very well for our customers if they want to really scale AI.

所以這個「前置」的第一筆投資，是客戶正在做的事，也為我們未來解鎖了大量價值。而它建立在我們以往在 CMDB、資產管理上的核心能力之上，並引入把任何實體資產、以及實體 AI 與非人類身分（nonhuman identity）集中在同一處管理的能力。因此如果客戶想真正把 AI 規模化，它確實非常有共鳴，也運作得非常好。

And if it helps you, an example might be think about AI adoption, unifying IT, audit, legal, risk and this single governance framework that Amit is discussing. Accenture has over 800,000 employees, I believe. And every single corporate function now is running on ServiceNow. So they use the Control Tower to govern nearly 900 ServiceNow native AI assets, and they measure the business outcomes across all of their departments. And what it's done for them is, like it's done for us, a substantial increase in productivity across the enterprise as they scale agentic AI.

如果對你有幫助，我舉個例子：想像 AI 導入時，把 IT、稽核、法務、風險整合到 Amit 所談的這個單一治理框架中。Accenture 我記得有超過 80 萬名員工。而現在每一個企業職能都在 ServiceNow 上運作。所以他們用 Control Tower 來治理將近 900 個 ServiceNow 原生的 AI 資產，並衡量各部門的業務成果。而它為他們帶來的效果——就像對我們一樣——是在他們擴大 agentic AI 規模時，整個企業的生產力大幅提升。

I can also tell you about a global tech leader that's basically using the Super Intelligence Control Tower and their driver was Armis and Veza because they wanted to manage the identities of obviously, the people and the agents. But at the same time, they wanted to secure the operating technology environment of the company, networks, devices, critical infrastructure and so forth and lower their cost to serve, drive their productivity and remediate things at machine speed. That's going to be a consistent theme that you're going to hear. And when you think about it, this particular company had about 80 different security tools, and that's pretty dangerous.

我也可以談一家全球科技領導者：他們基本上在使用 Super Intelligence Control Tower，而他們的驅動因素是 Armis 和 Veza，因為他們想管理身分——當然包括人與代理的身分。但同時，他們也想保護公司的營運技術（OT）環境、網路、裝置、關鍵基礎設施等等，並降低其服務成本、提升生產力，並以機器速度進行修復。這會是你會持續聽到的一個主題。而你想想，這家公司有大約 80 種不同的資安工具，這其實相當危險。

And I use Nestle as an example in my remarks, but they've expanded their footprint of ServiceNow through the prism of the Super Intelligence Control Tower, and they're running their governance across a very complex large global corporation, and all of their operations are governed by the Super Intelligence Control Tower, and we're just getting started with them. So there's just so much in front of us, so much bandwidth that we bring to the customer. And the word is out there now. We're ready to roll.

我在發言中以雀巢（Nestle）為例，但他們已透過 Super Intelligence Control Tower 的視角擴大了 ServiceNow 的使用版圖；他們在一家非常複雜、龐大的全球企業中運行治理，而他們所有的營運都由 Super Intelligence Control Tower 來治理，而我們才剛和他們開始。所以我們面前還有太多機會，我們能帶給客戶的資源量能也非常大。而現在市場上也已經傳開了。我們準備好全力推進。

I'll just add one thing, sorry, Bill. the idea that we can discover, but also the SecOps products we have built for many years, you're combining this ability to discover, preempt any kind of issues as well as proactively remediate in one platform. And that's when you combine this control tower with what we do in SecOps, Veza and Armis, suddenly you have a platform which completely has visibility, but also the ability to save you if something goes wrong.

我再補充一點，抱歉，Bill。我們不只可以做探索（discover），而且我們多年來打造的 SecOps 產品，把這種探索能力、預先避免各種問題，以及主動修復整合在同一個平台上。而當你把這個 control tower 與我們在 SecOps、Veza 和 Armis 所做的結合起來，你就突然擁有一個平台：不僅具備完整可視性，也具備在出狀況時把你「救回來」的能力。

Michael Turrin, Wells Fargo.

Michael Turrin，Wells Fargo。

Bill, given its early November, I'd just be curious to hear how you characterize the tone of overall IT budget discussions you're hearing, how ServiceNow specifically is positioned where Armis and some of the agentic offerings were talking about fit and just how that impacts where you focus the company, both into end of year and towards a successful '27.

Bill，既然現在是 11 月初，我想聽聽你如何描述你所聽到的整體 IT 預算討論氛圍；以及 ServiceNow 具體而言在 Armis 和我們談到的一些 agentic 產品上，是如何定位、如何契合的；以及這如何影響你們對公司聚焦的方向——不論是年底前，或是邁向成功的 2027 年。

Yes. Thank you very much for the question, Michael. Yes, I feel really great. The most important thing is strategic relevance. And that's what we have. We have a system of record that has been trusted for a couple of decades and the net new innovation from ServiceNow is truly breathtaking.

是的。非常感謝你的提問，Michael。是的，我感覺非常好。最重要的是策略相關性（strategic relevance）。而這正是我們所擁有的。我們有一個已被信任數十年的記錄系統（system of record），而 ServiceNow 的全新創新確實令人驚嘆。

And what I see is solutions that don't matter or point solutions, they will get eliminated while strategically relevant platforms will not only do well, they'll do a lot better, especially if they're relevant in this era of super intelligence. So we are seeing our pipelines grow extremely well.

我所看到的是，那些無關緊要的解決方案或點狀解決方案將會被淘汰；而在策略上具相關性的平台不僅會表現良好，還會表現得更好，尤其是在這個超級智慧的時代若具備相關性。因此，我們看到我們的管線成長得非常好。

The Super Intelligence Control Tower, Veza, Armis, Moveworks. I mean, in three quarters, you created $100 million in ACV. All these businesses are way ahead of what we had anticipated when we brought them into the family.

超級智慧控制塔、Veza、Armis、Moveworks。我的意思是，在三個季度內，你們創造了 1 億美元的 ACV。這些業務的表現都遠遠超出我們在把它們納入體系時的預期。

So too is Logik.ai. So what you're seeing is we're building lots of innovation, thanks to our great innovation machine led by Amit. We made the right strategic choices to complement what we were building, and our customers really love it. So our biggest opportunity right now is to get out there in front of the customer and make sure they understand because they're getting hit from all angles. But the one angle that is consistent everywhere is they want ROI now.

Logik.ai 也是如此。所以你們看到的是，我們在打造大量創新，這要歸功於由 Amit 領導的強大創新引擎。我們做出了正確的策略選擇來補強我們正在建構的內容，而我們的客戶也非常喜歡。因此，我們目前最大的機會是走到客戶面前，確保他們理解，因為他們正從四面八方受到衝擊。但有一個角度在各處都一致：他們現在就要 ROI。

And we're past the proof-of-concept phase. We're past experimentation phase, and we're past point solution or vibe coding or do-it-yourself phase. We're now in serious enterprise phase where it's all about get the job done, deliver real value. And this platform is one of a few that will do extraordinarily well now and in the future.

而我們已經走過概念驗證階段。我們也已經走過實驗階段，並且走過點狀解決方案、氛圍式寫程式（vibe coding）或自己動手（DIY）階段。我們現在進入嚴肅的企業級階段，一切都在於把工作完成、交付真正的價值。而這個平台將是少數幾個在現在與未來都會表現得極為出色的平台之一。

Mike Cikos, Needham.

Mike Cikos，Needham。

This is Matt Calitri on for Mike Cikos over at Needham. We wanted to ask on Action Fabric monetization, particularly with the OpenAI like partnership expansion announcement that came out with earnings tonight. What sort of spread are you seeing between early adopters that are moving with EmployeeWorks versus using external agents? And what are the monetization implications of this?

我是 Needham 的 Matt Calitri，代替 Mike Cikos 提問。我們想詢問 Action Fabric 的變現，特別是今晚隨著財報發布的、類似 OpenAI 的合作夥伴關係擴展公告。在早期採用者方面，你們看到使用 EmployeeWorks 推進的客戶，與使用外部代理（external agents）的客戶之間，有什麼樣的差異幅度？而這對變現有何影響？

Sure, Matt. So I think our view always has been that we provide customer choice. customers should be able to use whatever tools they want to access capabilities in ServiceNow and be able to do actioning, which is where we have really great differentiator and capabilities. So with Action Fabric, what we've allowed customers to do is to go through MCP and A2A kind of interactions and build any interface they want. What we're doing with OpenAI is allowing ChatGPT as a way to interface into ServiceNow.

當然，Matt。我想我們一貫的觀點是提供客戶選擇。客戶應該能使用他們想用的任何工具來存取 ServiceNow 的能力，並且能夠進行動作執行（actioning），這正是我們真正具備強大差異化與能力之處。因此，透過 Action Fabric，我們讓客戶可以經由 MCP 與 A2A 這類互動來建立他們想要的任何介面。我們與 OpenAI 的合作，是讓 ChatGPT 成為一種介面方式來連接 ServiceNow。

But all of the work happens inside ServiceNow. It's just a call coming from ChatGPT. And then the work which we were doing typically through our user experience now happens through this interface, and we get full value for it from the monetization perspective because you're burning down assist for every work you'd ask ServiceNow to do.

但所有工作都在 ServiceNow 內部完成。這只是從 ChatGPT 發出的一次呼叫。接著，原本通常透過我們使用者體驗來完成的工作，現在透過這個介面來進行；從變現角度來看，我們能取得完整價值，因為你每要求 ServiceNow 做一項工作，就會消耗（burn down）一次 assist。

And that work is not able to be done anywhere else because we have the context, we have the ability to understand what you're trying to do and all the connectivity to all the third-party systems as well as the workflows, which are running already inside ServiceNow for any enterprise customers. So we're just opening up the ability for any ways to access ServiceNow, and we get an opportunity to monetize this much more than we typically would have done by just providing our own interface.

而這些工作無法在其他地方完成，因為我們具備情境（context），具備理解你想做什麼的能力，也具備連接所有第三方系統的連通性，以及工作流程（workflows）——這些都已經在任何企業客戶的 ServiceNow 內部運行。所以我們只是開放以任何方式存取 ServiceNow 的能力，而相較於僅提供我們自己的介面，我們獲得了更大的變現機會。

Of course, EmployeeWorks is also another option for customers to use, but the EmployeeWorks provide a lot more capabilities than ChatGPT can provide or Gemini Enterprise can provide because they're just a calling part of it. What we do with EmployeeWorks, we are doing a lot of the reasoning, the orchestration, the planning as well as providing specialized agents, which gives you, again, as an employee, a lot more capability than you would get typically from other third-party front doors.

當然，EmployeeWorks 也是客戶可使用的另一個選項，但 EmployeeWorks 所提供的能力遠多於 ChatGPT 或 Gemini Enterprise 所能提供的，因為它們只是其中的呼叫端。透過 EmployeeWorks，我們做了大量推理、編排（orchestration）、規劃，並提供專門化代理（specialized agents），因此你作為員工，能獲得的能力再次遠高於你通常從其他第三方前端入口（front doors）所能得到的。

So there's a lot of differentiation built in, in EmployeeWorks. But again, we do want allowing customers to use Action Fabric in another way to interface and still get value out of ServiceNow investment they made, and we continue to monetize, so we get ability to really grow our revenue through many, many mechanisms now. As the partnership with OpenAI is great. I mean, I think there's a lot of capabilities we'll deliver with them from a skills perspective, but they're depending on us to really do the work, and that's where the value gets created.

因此，EmployeeWorks 內建了大量差異化。但同樣地，我們確實希望讓客戶以另一種方式使用 Action Fabric 來介接，並且仍能從他們對 ServiceNow 的投資中取得價值；我們也持續變現，因此我們現在能透過許多、許多機制來真正推動營收成長。與 OpenAI 的合作很棒。我的意思是，我認為我們會在技能（skills）層面與他們共同交付很多能力，但他們仰賴我們來真正把工作做完，而價值就是在那裡被創造出來的。

And if you think about it, as Amit said, ServiceNow basically is the execution layer. And I believe we're the execution layer for the entire AI economy. And if you look at what's happening with the partnerships we announced today and many more to come, it's not just where the work gets done, but it's where every human and every agent in the enterprise is coming to get things done. And that's a large market. We're positioned at the center of it.

而如果你仔細想想，正如 Amit 所說，ServiceNow 基本上就是執行層（execution layer）。我相信我們是整個 AI 經濟的執行層。如果你看看今天我們宣布的合作夥伴關係，以及未來還會有更多，這不僅是工作在哪裡完成，也是企業內每一位人類與每一個代理（agent）都會來把事情做完的地方。那是一個龐大的市場。我們正位於其中心。

And if you say, well, how should we know? Just keep in mind that Action Fabric has seen a 500% growth in assist in less than 30 days. So it's multiplying so, so quickly. And I think this represents a business model innovation that will be substantially larger in a very short period of time than the entirety of ServiceNow is today.

如果你問，那我們怎麼知道？請記住，Action Fabric 在不到 30 天內的 assist 成長了 500%。所以它正在非常、非常快速地倍增。我認為這代表一項商業模式創新，在很短的時間內，其規模將大幅超過今日整個 ServiceNow 的總體規模。

We have reached the end of the Q&A session, and this concludes today's call. Thank you for attending. You may now disconnect.

我們已到達問答環節的結束，今天的電話會議到此結束。感謝各位出席。您現在可以斷線。