ServiceNow 2023 Q4 Earnings Call
发布时间 2024-01-28 09:14:56 来源
中英文字稿 
Ladies and gentlemen, thank you for standing by. My name is Cheryl and I will be a conference operator today. At this time, I would like to welcome everyone to the Q4 2023 Service Now Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press star, followed by the number one on your telephone keypad. If you would like to withdraw your question, press star one again. Please bear in mind that only one question will be allowed for the Q&A session.
女士们先生们，非常感谢大家等待。我是 Cheryl，今天将担任电话会议主持人。目前，我想欢迎大家参加2023年第四季度 Service Now 财务收益电话会议。为了防止任何背景噪音，现在已将所有线路静音。在发言人讲话之后，将进行问答环节。如果您在此期间想提问，请直接按星号键，然后按键盘上的数字1。如果您想撤回您的问题，请再次按下星号和数字1。请注意，问答环节只允许提一个问题。
I would now like to turn the call over to Darren Yitz, Christ President of the Lester Relations. Darren, the floor is yours.
现在我想要转接电话给莱斯特关系公司总裁达伦·伊兹先生。达伦先生，请开始发言。
Good afternoon and thank you for joining Service Now's fourth quarter and full year 2023 Earnings Conference Call. Joining me are Bill McDermott, our Chairman and Chief Executive Officer, Gina Mazzantuno, our Chief Financial Officer, and CJ Deside, our President and Chief Operating Officer. During today's call, we will review our fourth quarter 2023 results and discuss our guidance for the first quarter and full year 2024.
下午好，感谢您参加Service Now 2023年第四季度及全年收益电话会议。与我一同出席的有我们的董事长兼首席执行官比尔·麦克德莫特，我们的首席财务官吉娜·马贊图诺，以及我们的总裁兼首席运营官CJ·德西德。今天的电话会议中，我们将回顾2023年第四季度的业绩，并讨论2024年第一季度和全年的业绩指引。
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. Please refer to today's earnings press release and our SEC filings, including our most recent 10Q and 2022 10K, for factors that may cause actual results to differ materially from our forward-looking statements.
在我们开始之前，我们想强调，本次通话讨论的信息，包括我们的指引，基于今天的信息，并包含涉及风险、不确定性和假设的前瞻性声明。我们不承担更新此类声明的义务或责任，也不对新信息或将来事件的结果进行更新。请参阅今天的盈利新闻稿和我们的SEC文件，包括我们最近的10Q和2022 10K，了解可能导致实际结果与我们的前瞻性声明有实质差异的因素。
We'd also like to point out that we present non-gapped measures in addition to and not as a substitute for financial measures calculated in accordance with GAP. Unless otherwise noted, all financial measures and related growth rates we discussed today are non-gapped except for revenues, remaining performance obligations, or RPO, current RPO, and cash and investments. To see the reconciliation between these non-gapped and gapped 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.
我们还想指出，除了按照公会准则计算的财务指标，我们还提供非差距度量。除收入、剩余履约义务（RPO）、现行RPO和现金及投资外，我们今天讨论的所有财务指标和相关增长率都是非差距度量。要了解这些非差距和差距度量之间的调整，请参阅今天的盈利新闻发布和投资者演示，它们都发布在我们的网站上的investors.servicenow.com上。今天的通话重播也会发布在我们的网站上。
With that, I'll turn the call over to Bill. Thank you, Darren, and thank you very much, everyone, for joining today's call. Service now closed an outstanding 2023 with a beyond expectations Q4. Here's the state of our business.
有了这个，我将把电话交给Bill。谢谢Darren，非常感谢大家今天参加通话。服务现在以超出预期的第四季度结束了出色的2023年。现在，让我们来看看我们的业务状况。
Artificial intelligence is injecting new fuel into our already high performing growth engine. The company's Q4 results tell that story. Subscription revenue grew by 25.5% at constant currency. That's 200 basis points above the high end of our guidance. CRPO growth is 23% at constant currency. Also, 200 basis points above our guidance. Operating margin was over 29%. That's approximately 200 basis points above our guidance.
人工智能为我们已经高效增长的发展引擎注入了新的动力。公司的第四季度业绩展示了这一点。订阅收入按照恒定货币计算增长了25.5%。这超过了我们指导范围最高端200个基点。CRPO增长了23%。同样，超出了我们的指导范围200个基点。运营利润率超过了29%。大约超出了我们的指导范围200个基点。
We had 168 deals, greater than a million dollars in net new ACV up from 126 a year ago, a 33% increase. Service now's Q4 performance is packed with milestones spanning the full breadth of our portfolio. With technology, customer, and creator, we now have three workflow businesses over a billion dollars in ACV. We have 11 individual product lines with north of 250 million in ACV.
我们共进行了168笔交易，每笔交易净新ACV超过一百万美元，比一年前的126笔增长了33%。ServiceNow的第四季度表现创下了多个里程碑，涵盖了我们整个产品组合的广度。现在，我们拥有三个ACV超过十亿美元的工作流业务，覆盖了技术、客户和创作者三个方面。我们有11个产品线的ACV超过2.5亿美元。
ITSM, ITOM, and ITAM, each had double digit deals over a million dollars in Q4. Security and risk combined for 12 of the top 20 with nine deals over a million. Customer, employee, and creator workflows, each had double digit deals over a million.
在第四季度，IT服务管理（ITSM）、IT运营管理（ITOM）和IT资产管理（ITAM）都有超过一百万美元的双位数交易额。安全和风险相关的交易占前20笔交易中的12笔，其中有9笔交易超过一百万美元。客户、员工和创作者的工作流程中，每个领域都有超过一百万美元的双位数交易。
Our large new logo count continued to accelerate in Q4. We had a record 10 new customer signing deals over a million in NNA CV, including a $10 million win with a very large global financial services firm, which is our largest new customer logo in history. Global iconic brands, such as Chipotle, Air France, TIAA, NTT, Data Group Corporation, and BOSH are digitally transforming with ServiceNow. We're proud that TIAA, one of our first 10 customers, is still expanding their business with us through new, out-of-the-box functionality so they can accelerate time to market.
我们在第四季度继续加速大规模的新标识数量。我们在NNA CV中有创纪录的10个新客户签约，其中包括与一家非常大的全球金融服务公司赢得了1000万美元的合同，这是我们有史以来最大的新客户标识。全球知名品牌，如Chipotle、法国航空公司、TIAA、NTT、Data Group Corporation和BOSH正在通过ServiceNow进行数字化转型。我们为TIAA感到自豪，他们是我们最早的10个客户之一，他们通过新的创新功能不断扩大业务规模，以加快市场推出速度。
Following a record Q3, public sector continued its strong growth in Q4 with key wins, including the United States Army, U.S. Postal Service, and Australian Department of Defense Digital Delivery Group.
在创纪录的第三季度之后，公共部门在第四季度仍然保持强劲增长，其中关键的胜利包括美国陆军、美国邮政服务和澳大利亚国防部数字传输集团。
We are extremely proud to have finished 2023 operating at the rule of 55+. As you'll hear from Gina, our 2024 guidance reflects our ongoing belief in ServiceNow's strategic relevance. Our core business is rock solid and growing. Our perimeter is growing. Our platform adoption is growing. We are, in fact, in a new era of business transformation powered by AI. This is unlocking massive opportunity in the enterprise software industry. And ServiceNow is extremely well positioned, not only to lead this movement, but to define it. 2023 was the latest successful milestone on this journey, and we intend to make 2024 an even greater success. To say we're fired up would be an understatement. Let's spend some time framing the dimensions of this new AI world.
我们非常自豪地宣布，我们成功地完成了2023年以55岁以上市场规则运营。正如吉娜所说，我们对2024年的规划反映了我们对ServiceNow战略上重要性的持续信心。我们的核心业务非常稳固且在不断增长。我们的市场范围也在扩展。我们的平台应用也在增加。事实上，我们正处于人工智能驱动的企业软件行业的新时代。这正为企业软件行业带来了巨大的机遇。ServiceNow不仅具备引领这一变革的能力，还有能力定义这一变革。2023年是这一发展历程的最新成功里程碑，我们希望2024年能取得更大的成功。可以说我们非常兴奋，但这未免过于保守。让我们花些时间来展望这个全新人工智能世界的维度。
Gartner estimates $5 trillion in tech spending in 2024, growing to $6.5 trillion by 2027. That means that spending will grow another trillion dollars in only two years, accelerating from the decade plus it took for us to get to $5 trillion. For the first time in a decade, IT services will become bigger than communication services in 2024. Gartner estimates that by 2027 nearly all of the growth and worldwide IT spending will come from software and IT services. And when you drill deeper into the Gartner forecast between 2023 and 2027, $3 trillion will be spent on AI. What we have here is a strong, durable market being supercharged by a once in a generation secular trend. Service now has been investing, innovating and preparing for this wave for years, which is why we're catching it so early.
根据Gartner的估计，到2024年科技支出将达到5万亿美元，并在2027年增长到6.5万亿美元。这意味着在短短两年内支出将再增加一万亿美元，增长速度较过去的十年更快。2024年将是过去十年来首次，IT服务将超过通信服务成为更大的行业。Gartner估计，到2027年几乎所有的IT支出增长都将来自软件和IT服务。而在进一步分析Gartner的预测数据，2023年至2027年间，将有3万亿美元用于人工智能。我们所面对的是一个由一次性长期趋势推动的强劲、持久的市场。ServiceNow在多年间一直致力于投资、创新和准备迎接这一浪潮，这也是为什么我们能够如此早期地抓住机会。
We have a long track record of commercializing breakthrough technologies. When our pro skus were introduced, we saw very exciting traction and customer adoption. Our pro plus offerings, which we launched just four months ago with our Vancouver release, are outperforming the pace of the pro upgrade cycle. Exciting. The results in our first full quarter since launch validate this trajectory. Siemens AG is using now assist for HR service delivery to resolve HR cases faster for its entire global workforce. This is one example of many. And as always service now strength in our capacity to deploy net new innovation, especially our ambitious JNI roadmap. In Q4, we release significant new capabilities. Virtual agent update drives faster issue resolution through advanced conversational AI chat. Employees get the immediate answers they need. Businesses get higher self-solve rates. And it only takes 15 minutes to set it up.
我们在商业化突破性技术方面拥有悠久的历史。当我们推出专业版时，我们看到了非常令人兴奋的积累和客户采用情况。我们在四个月前推出的专业加版产品，其增长速度超过了专业版升级周期的节奏。令人兴奋的是，自产品发布以来的第一个完整季度的结果验证了这一发展轨迹。Siemens AG现在使用Assist来加快处理全球员工的HR案例，以提供更快的人力资源服务。这只是众多例子中的一个。正如始终如一地服务我们强大的能力来部署全新创新，特别是我们雄心勃勃的JNI路线图。在第四季度，我们发布了重要的新功能。虚拟助理更新通过先进的对话式人工智能聊天驱动更快的问题解决。员工可以立即获得所需的答案。企业实现更高的自助解决率。而且只需要15分钟设置。
Our text to workflow capability dramatically increases developer productivity. Service now's developers have been using text to code for several months. They are generating high quality code using text to describe the type of code they want. This has increased our developer innovation speed by 52%. Now assist for field service management reduces cost while increasing revenue by helping technicians get the job done in the first visit. Identifying the necessary equipment, providing repair recommendations and automating follow up at speed.
我们的文本转化工作流能力极大提高了开发人员的生产力。ServiceNow的开发人员已经使用文本转化为代码数个月了。他们通过文本描述所需的代码类型，生成了高质量的代码。这样一来，我们的开发创新速度提高了52%。现在，对于现场服务管理的辅助降低了成本，同时通过帮助技术人员在首次访问时完成工作来增加收入。它能够识别必要的设备、提供维修建议并自动化后续跟进，提高了速度。
Beyond the platform itself, we see AI as a 360 degree strategic imperative. It's why service now join the AI Alliance to advance open, safe and responsible AI. It's also why we are continuing to grow our strategic partnerships to ensure every enterprise can use AI as the cornerstone of business transformation. Today, we expanded our strategic alliance with EY to co-create solutions for generative AI governance for our customers. And of course, EY will also be using service now as generative AI capabilities to enhance experiences for all of their employees. We also unveiled another major expansion to our partner program. The latest addition in a series of investments as partners are building new business models on the ServiceNow platform. These are two examples of many.
除了平台本身之外，我们将AI视为360度的战略重点。这是为什么ServiceNow加入AI联盟来推进开放、安全和负责任的AI。这也是为什么我们继续扩大战略合作伙伴关系，确保每个企业都可以将AI作为业务转型的基石。今天，我们与安永（EY）扩大了战略联盟，共同为我们的客户打造生成式AI治理解决方案。当然，安永（EY）也将利用ServiceNow的生成式AI能力来提升所有员工的体验。我们还公布了合作伙伴计划的另一个重大扩展。这是一系列投资的最新增加，因为合作伙伴们正在ServiceNow平台上构建新的商业模式。这只是众多例子中的两个。
I've told ServiceNow's team worldwide that the company is now moving into phase five. The culmination of our long-term goal of surpassing 10 billion in ACV, which incidentally only a handful of software companies have ever achieved. We have so much runway ahead for the long-term growth of this company. There are two key elements of our strategy, execution and scale. Execution we know is an art form. Scale is all about capitalizing on new opportunities as a truly global platform company. One of those in our market making alliance was Visa. Today ServiceNow and Visa announced a five-year strategic alliance to transform payment service experiences. In the initial phase of the alliance, the companies will launch ServiceNow disputes management built with Visa, a single connected solution for disputes resolution. This gen AI powered solution will offer end-to-end dispute resolution for customers globally. Everything from the first indication of a questionable charge to early investigation to final resolution.
我已经告诉ServiceNow全球团队，公司现在正进入第五阶段。这是我们实现长期目标的巅峰，目标是超过100亿的ACV，而只有少数软件公司曾经达到过这个目标。我们为公司的长期增长有很多发展空间。我们的策略有两个关键要素，执行和规模。执行是一门艺术。规模则是在全球范围内充分利用新机会，成为一个真正的全球平台公司。我们市场上的一个合作伙伴是Visa。如今，ServiceNow和Visa宣布了为期五年的战略合作伙伴关系，旨在改变支付服务体验。在联盟的初期阶段，两家公司将推出建有Visa的ServiceNow争议管理，这是一种单一连接的解决方案，用于解决纠纷。这种基于人工智能的解决方案将为全球客户提供端到端的纠纷解决服务，从首次有问题费用的迹象到初步调查再到最终解决。
Another example is our growing partnership with AWS. Beginning this month, ServiceNow will be available as a SaaS offering in the AWS marketplace.
另一个例子是我们与AWS日益增长的合作伙伴关系。从本月开始，ServiceNow将作为一种SaaS（软件即服务）提供在AWS市场上。
From an automation perspective, we have long believed that identifying legacy process challenges is an active stimulant for new workflows. That's the beauty of our platform. The architecture gives us limitless ways to accelerate speed to value for our customers. And the more workflows we drive, the more value we create. That's why we talked in Ultimate Suite, a task mining company to enhance intelligent automation across the Now platform. If we can help customers find it, ServiceNow can fix it. And we fix it in complete harmony with any existing software landscape delivered in a consumer grade user experience.
从自动化的角度来看，我们长期以来坚信识别传统流程挑战是促进新工作流的积极刺激因素。这就是我们平台的美妙之处。架构为我们提供了无限的方法来加速为客户创造价值的速度。而我们推动的工作流越多，创造的价值就越多。这就是为什么我们与Ultimate Suite进行合作，这是一家任务挖掘公司，旨在增强Now平台上的智能自动化。如果我们可以帮助客户找到问题，ServiceNow可以解决它。而我们解决问题的方式与任何现有的软件体系完美协调，并提供消费级的用户体验。
CEOs don't want to wait another decade for technology to finally deliver on its promise. One told me, I'm tired of excuses coming into my boardroom. We need new innovation and new experiences, and we need it now. That's obviously music to our ears and nicely on brand for ServiceNow.
首席执行官不想再等上十年才能看到技术兑现承诺。其中一位告诉我：“我已经厌倦了在董事会上听到各种借口。我们需要新的创新和新的体验，而且我们需要立即行动。”这显然令我们非常欣喜，并且与ServiceNow的品牌定位非常契合。
There's plenty more to discuss about the company we're building and the progress we're making. We have more accolades than time to listen to them. Top analyst firms rank ServiceNow as a leader in 14 separate reports in 2023 for our automation and AI capabilities. Glassdoor's recent US best places to work lists ServiceNow as number three overall and number one in software.
我们构建的公司和我们取得的进展还有很多话题可以讨论。我们的荣誉远超出我们能够听取的时间。顶级分析公司在2023年的14份独立报告中将ServiceNow评为自动化和人工智能能力的领导者。Glassdoor最近公布的美国最佳工作场所排名中，ServiceNow整体排名第三，在软件行业排名第一。
One of our proudest achievements is the American Opportunity Index. This index is data based. They study what really happens to employees at America's largest companies over time. ServiceNow scored fifth, and that's out of 400 companies overall. And ServiceNow was the number one technology company on the index. That means the people who have fought hard to build a great company are being rewarded with a great life. This all means so much to us because culture is the glue that binds a winning team together. We have world-class professionals at ServiceNow who care deeply about our customers and our partners.
我们最引以为豪的成就之一是美国机遇指数。这个指数是基于数据的。它们研究美国最大公司的员工在时间上真正发生的情况。ServiceNow在总共400家公司中排名第五。而且ServiceNow在该指数中是第一家科技公司。这意味着那些为建立一个伟大公司而努力奋斗的人们正在享受美好的生活。这对我们来说意义重大，因为文化是将一个胜利的团队凝聚在一起的粘合剂。在ServiceNow，我们拥有世界级的专业人员，他们非常关心我们的客户和合作伙伴。
Since Fred Luddy invented the company, we've all made our contributions to help ServiceNow emerge as the hungry and humble winner. It is. We believe in our platform. We stick together and we try to have some fun along the way too. That's why the results show up the way they do. It's also why over one million people apply to work here last year. So all of our shareholders who continue to invest your trust in ServiceNow, we thank you and we've got your back. We're building a masterpiece here and we're only getting started.
自从Fred Luddy创办了这家公司以来，我们每个人都为帮助ServiceNow崛起为渴望并谦逊的胜利者做出了贡献。我们相信我们的平台。我们团结一致，也努力在路上寻找乐趣。这就是为什么结果表现如此出色。这也是去年有超过一百万人申请在这里工作的原因。所以，所有继续将您的信任投入ServiceNow的股东，我们感谢您，并且我们会支持您。我们正在这里构建一部杰作，而我们只是刚刚开始。
2020 was showed that we're putting AI to work for the world because now as ever, the world works with ServiceNow. I look forward to the questions and the discussion we'll have shortly. In the meantime, I'd like to turn the call over to our outstanding Chief Financial Officer, Gina.
2020年表明我们正在为世界应用人工智能，因为现在和以往一样，世界与ServiceNow合作。我期待着不久之后的问题和讨论。与此同时，我想将电话转交给我们出色的首席财务官吉娜。
Thank you, Bill. Happy New Year to all of you who are listening in. Q4 was another exceptional quarter to conclude what has been a phenomenal year. Once again, we exceeded our top line growth in operating margin guidance metrics, showcasing our team's relentless focus on execution. ServiceNow's agility in responding to enterprise needs has solidified our position as the trusted, intelligent platform for driving digital transformation.
谢谢，Bill。新年快乐，给所有聆听的人。第四季度再次是一个非常出色的季度，为我们过去的一年画上了圆满的句号。我们再次超过了营收增长和运营利润率的预期，展示了我们团队对执行力的坚持。ServiceNow对企业需求的灵活应对，巩固了我们作为可靠、智能的数字化转型平台的地位。
In Q4, subscription revenues were 2.365 billion going 25.5% year-of-a-year in constant currency, exceeding the high end of our guidance range by 200 basis points. We closed out 2023 with 8.68 billion in subscription revenues, also representing 25.5% constant currency growth, all organic at a scale that hasn't been accomplished by any other enterprise software company. RPO ended the quarter at approximately $18 billion, representing an acceleration to 27.5% year-of-a-year constant currency growth. CRPO was 8.6 billion, representing 23% year-of-a-year constant currency growth, a 200 basis point beat versus our guidance. From an industry perspective, energy and utilities, business and consumer services, and education were particularly robust in the quarter. Government control continued to show impressive growth in telecom media and technology also saw strength.
在第四季度，我们的订阅收入达到了236.5亿美元，同比增长了25.5%，超过我们预期范围的上限200个基点。截至2023年，我们的订阅收入达到了868亿美元，同比增长了25.5%，全部为有机增长，并且达到了其他任何企业软件公司所未曾实现的规模。RPO（未到期的服务订单）约为180亿美元，同比增长27.5%，CRPO（实际到期的服务订单）为86亿美元，同比增长23%，超过了我们的预期200个基点。从行业角度来看，能源和公用事业、商业和消费者服务以及教育在本季度特别强劲。政府控制领域继续展现出令人印象深刻的增长，电信、媒体和技术也表现强劲。
As Bill noted, I'm pleased to announce that customer workflows cross 1 billion in ACV and Q4. Fast following our Creator workflows, which hit that momentous milestone in just Q3. We now have three workflow categories, generating over 1 billion in ACV, highlighting the breadth of our portfolio.
正如Bill所提到的，我很高兴宣布，客户工作流在ACV和Q4方面跨越了10亿美元的大关。紧随我们的创作者工作流，在仅仅第三季度就达到了这个重要的里程碑。我们现在拥有三个工作流类别，在ACV方面创造了超过10亿美元的价值，展示了我们产品组合的广度。
A renewal rate with a best in class 99% in Q4 continuing to demonstrate the strategic relevance of the now platform as it remains a mission critical part of our customer's operations.
在第四季度，我们以99%的最佳续订率，再次展示了现有平台的战略重要性，因为它仍然是我们客户运营中至关重要的一部分。
We ended the year with over 8,100 customers with our focus on landing the right new customers continuing to bear fruit as large new logo growth accelerated for the fourth consecutive quarter.
我们以超过8100个客户结束了这一年，我们继续专注于吸引合适的新客户，并且这一策略的效果逐渐显现，第四个季度大型新客户增长加速。
We ended Q4 with 1,897 customers paying us over 1 million in ACV. We closed 168 deals greater than a million in net new ACV in the quarter, a 33% increase year-of-a-year that includes five deals over 10 million. For the full year 2023, we saw an approximate 30% increase in deals greater than 1 million in net new ACV.
我们在第四季度结束时，共有1,897位客户向我们支付了超过100万美元的ACV。我们在本季度内完成了168笔新的净 ACV 超过100万美元的交易，同比增长33%，其中包括五笔超过1000万美元的交易。整个2023年，我们看到净 ACV 超过100万美元的交易增长约30%。
In Q4, our Gen.A.I. products drove the largest net new ACV contribution for a first full quarter of any of our new product family releases ever, including our original Pro-SQ.
在第四季度，我们的Gen.A.I.产品为我们的新产品家族的全部首个完整季度带来了最大的净新增ACV贡献，包括我们最初的Pro-SQ。
Turning to profitability, non-GAP operating margin exceeded 29%, approximately 200 basis points above our guidance, driven by the top line out performance and discipline spend management. Our free cash flow margin was 55% up to 250 basis points year-over-year. For the full year 2023, operating margin was 28% and free cash flow margin was 30%. Total free cash flow for 2023 was a robust $2.7 billion. We ended the year with a healthy balance sheet, including 8.1 billion in cash and investments.
转向盈利方面，非公认会计原则（non-GAP）的营业利润率超过29%，比我们的指导水平高出约200个基点，这主要得益于销售额的超预期表现和严格的开支管理。我们的自由现金流利润率同比增长55%，提高了250个基点。2023财年，运营利润率为28%，自由现金流利润率为30%。2023年的总自由现金流达到了强劲的27亿美元。我们以健康的资产负债表结束了这一年，包括81亿美元现金和投资。
In Q4, we repurchased 400,000 shares as part of our share repurchase program with a primary objective of managing the impact of dilution. As of the end of the quarter, we have 962 million remaining of the original $1.5 billion authorization. Together, these results continue to demonstrate our ability to drive a strong balance of world-class growth, profitability, and shareholder value.
在第四季度，我们回购了40万股作为我们的股票回购计划的一部分，主要目标是管理稀释的影响。截至季末，我们还剩下9.62亿股，原始授权额为15亿美元。这些结果继续表明我们能够实现世界级增长、盈利能力和股东价值的平衡。
Moving to our guidance, we are raising our 2024 outlook to reflect the strong momentum with which we exited 2023. This partially reflects the early success we've seen with our Gennai products, as those investments are accelerating the build of our already robust pipeline with customers lining up to be first movers in this next wave of business transformation. As always, we continue to be prudent around our assumptions for incremental customer budgets and the macro crosswinds in our guidance. With that in mind, let's turn to 2024 guidance.
根据我们的指导方针，我们调高了2024年展望以反映我们在2023年结束时表现出的强劲势头。这部分反映了我们在Gennai产品方面取得的早期成功，这些投资正在加速我们已经庞大的客户产品线的建设，顾客们都急于成为这一商业变革的先行者。我们在指导方针中一如既往地谨慎对待增量客户预算和宏观环境因素的假设。考虑到这些，让我们转向2024年的指导方针。
We are raising our subscription revenues outlook by $165 million at the midpoint to a range of 10.55 billion to 10.575 billion, representing 21.5 to 22% year-over-year growth, or 21.5% on a constant currency basis. We expect subscription growth margin of 84.5%, reflecting investments in our data centers and emerging growth opportunities offset by 100 basis points benefit from a change in useful life of our data center equipment from four to five years, resulting from an assessment completed earlier this month. We're also raising our fully operating margin target from 28% to 29%, driven by continued op-ex efficiencies. We expect brittascial margin of 31%, up 50 basis points year-over-year overcoming an incremental point of cash tax headwinds. Finally, we expect gaps diluted weighted average outstanding shares of 208 million.
我们将我们的订阅收入预期提高了1.65亿美元，中点为105.5亿至105.75亿美元的范围，年增长率为21.5％至22％，或按不变汇率计算为21.5％。我们预计订阅增长率为84.5％，反映出我们在数据中心和新兴增长机会方面的投资，但受到我们数据中心设备有用寿命从四年增加到五年的变动的100个基点的益处的抵消，这是本月早些时候完成的评估所导致的。我们还将我们的完全运营利润率目标从28％提高到29％，这是由持续的运营支出效率驱动的。我们预计brittascial的利润率为31％，年增长50个基点，克服了现金税收不利因素的增量。最后，我们预计稀释权重平均未发行股份为2.08亿股。
For Q1, we expect subscription revenues between $2.510 billion and $2.515 billion, representing 24 to 24.5% year-over-year growth, or 23.5 to 24% on a constant currency basis. We expect CRPO growth of 20% on both a reported and constant currency basis. This reflects the tremendous strength of our federal business, which has resulted in a higher mix of 12-month contracts that will create a negative 150 basis point impact to Q1 CRPO growth. We expect that these contracts will renew in Q3 as service-nosed federal contract renewal rates are 99%. We expect an operating margin of 29%. Finally, we expect 208 million gaps diluted weighted average outstanding shares for the quarter.
对于Q1，我们预计订阅收入在25.1亿美元到25.15亿美元之间，同比增长24%到24.5%，或在不变汇率基础上增长23.5%到24%。我们预计CRPO增长率在报告和不变汇率基础上都为20%。这反映了我们的联邦业务的强劲实力，这导致了更多的12个月合同比例增加，对Q1的CRPO增长产生了负150个基点的影响。我们预计这些合同将在Q3续签，因为服务密集型的联邦合同续签率为99%。我们预计运营利润率为29%。最后，我们预计本季度稀释后的加权平均未流通股份为2.08亿。
In summary, ServiceNow's Q4 outperformance is another example of the strength of our platform and our people. The team's amazing accomplishments in 2023 set the stage for continued success in 2024. ServiceNow's position as the intelligent platform for end-to-end digital transformation has gained momentum throughout the year. Leaders are shifting their investments into proven strategic platforms that leverage the power of AI to deliver growth across the top and bottom lines. With customers prioritizing quick time to value, the now platform delivers. The accelerating pace of investment in workflow automation and interest in AI positions us well on our journey to becoming the defining enterprise software company of the 21st century.
总而言之，ServiceNow在第四季度的表现突出，再次展示了我们平台和团队的实力。团队在2023年取得的惊人成就为我们在2024年继续取得成功奠定了基础。ServiceNow作为端到端数字化转型的智能平台，在全年获得了越来越多的势头。领导者们正将投资重点转向利用人工智能的经过验证的战略平台，以促进业绩的增长。在客户优先考虑快速价值实现的情况下，现有平台起到了关键作用。投资工作流自动化加速，并且对人工智能的兴趣不断增加，这使我们在成为21世纪的企业级软件引领者的路上处于有利位置。
Bill, CJ, and I would like to extend our gratitude to all our employees worldwide for their outstanding contributions to ServiceNow's success this past year. 2023 was a remarkable year and we look forward to an even more exciting 2024. With that, I'll open it up for Q&A.
Bill，CJ和我想向我们全球所有员工致以最诚挚的感谢，感谢他们在过去一年对ServiceNow的杰出贡献。2023年是一个非凡的一年，我们期待着更加令人兴奋的2024年。有了这个，我会开始回答问题。
At this time, I would like to remind everyone in order to ask a question, please type star. You tell us on keypad. Star number one on your telephone, P-pad, my apologies. We will pause for just a moment to the party during the roster.
此时，我想提醒大家，若要提问，请键入星号。请您在电话上的键盘上告诉我们。星号是您电话上的数字键盘上的数字一，对不起，我将其称为P键盘。我们将稍稍暂停一下，以便在名单中参与派对。
Your first question comes from the line of Brad Zelnik for Duis Bay. Brad, your line is open.
你的第一个问题来自于Duis Bay的Brad Zelnik。Brad，请你提问。
Great. Thanks very much and congrats on an amazing finish to 2023. You know, Bill, it's clear that now platform is a destination of choice for enterprise AI and modern digital workflows. But I'd love to hear your view of the environment versus what you see as now specific. It would be great if maybe you can share a bit about close rates, sales rep participation rates, or even new ACV performance as you did last year just to help us contextualize how it's going out there. Thanks.
太棒了。非常感谢，对于2023年的精彩完成表示祝贺。你知道，比尔，现在平台已经明确成为企业人工智能和现代数字工作流的首选目的地。但我很想听听你对环境与现在平台具体情况的看法。如果可能的话，希望你可以分享一些关于成交率、销售代表参与率，甚至是新的年度合同价值表现方面的信息，正如你去年所做的，以帮助我们更好地了解市场情况。谢谢。
Yeah, Brad, thank you very much for the question. Things are going very well out there. And the momentum is terrific. What's really happening, and I can say this after 186 CEO meetings in the last six months, the CEOs are now getting very involved with the Gen AI revolution. They realize there has to be architectural adjustments to their environment and the manner in which they manage their data and the platforms they're beholden to to actually take advantage of Gen AI. And if you think about the half a century mess that exists out there with legacy systems, in many cases, multiples of the same system, we have one unifying force in these conversations, which is the now platform because we cooperate with the complexity of this landscape without putting people in a position to rip and replace. So they're looking for platforms that matter. We're one of those. And I think as Gina said, we are the intelligent platform for end-to-end digital transformation. When you have that C-level executive meeting, they really get it now. And with regard to Gen AI, the momentum is outstanding. As I said, that SKU has outsold any other new introduction we put into the marketplace. There's a real appetite to invest in Gen AI, and there's no price sensitivity around it because the business case is so unbelievable. I mean, if you're improving productivity 40, 50%, it just sells itself. So I think we're in a really, really good place. The Gen AI investments are coming. We're actually getting orders because we have great product thanks to CJ and his unbelievable engineering team. So I would tell you at this time last year, compared to this time this year, you should be more bullish now. It's great to see it reflected in the guidance.
是的，布拉德，非常感谢你的问题。事情正在那边进展得非常顺利，势头也非常好。现在真正正在发生的事情是，在过去六个月中我已经开了186个CEO会议后，CEO们现在正积极参与到人工智能革命中。他们意识到必须对他们的环境进行架构调整，管理他们的数据以及他们必须依靠的平台，以真正利用人工智能革命。如果你考虑一下那个存在了半个世纪的混乱现象，还有各种遗留系统，很多情况下，都是同一个系统的多个实例，我们在这些讨论中有一个统一的力量，那就是现在的平台，因为我们可以应对这个复杂的环境，而不需要让人们去重新更换系统。所以他们正在寻找有影响力的平台，而我们就是其中之一。正如吉娜所说，我们是端到端数字化转型的智能平台。当你和那些C级高管会面时，他们现在真的明白这一点。关于人工智能革命，势头非常好。正如我所说的，这个产品销售量超过了我们推出的其他任何新产品。人们真的渴望投资人工智能革命，而且在价格上没有敏感度，因为商业案例是如此不可思议。我的意思是，如果你能提高生产力40%、50%，这个产品会自己销售出去。所以我认为我们现在处于一个非常非常好的位置。人工智能革命的投资正在增加。我们实际上已经开始收到订单，因为我们有出色的产品，得益于CJ和他不可思议的工程团队。我告诉你，去年的这个时候，与今年的这个时候相比，你应该更加乐观。能在指导方针中看到这一点真是太好了。
Thanks so much for taking the question. Thank you, Brad.
非常感谢您回答这个问题。谢谢你，布拉德。
Your next question comes from the line of Mark Murphy with JP Morgan. Mark, the floor is yours.
你接下来的问题来自JP摩根的马克·墨菲。马克，你可以开始提问了。
Thank you very much, so Bill, I don't think I've heard any other software companies say that it's Gen AI products produced the strongest net due ACV of any product family. We had a contact saying it's really the only platform with real life uses of AI right now. So I'm wondering if you think that is accurate and that's what's driving it. Or should we relate it more to the work you've done getting ahead on pricing and packaging? Should we think back to the efforts of that Element AI team, which is so fantastic, or maybe it's some other factor in your mind that's really allowing you to see faster adoption of AI?
非常感谢，比尔。我认为我还没有听说过其他软件公司声称他们的Gen AI产品家族产生了最强的ACV净值。我们有一个联系人说它实际上是目前唯一具有实际应用价值的人工智能平台。所以我想知道你是否认为这是准确的，并且这就是推动它前进的原因。或者我们应该更多地与你在定价和包装方面取得的成果联系起来？我们应该回顾一下那个非常棒的Element AI团队的努力，或者在你的思维中还有其他因素真正促使人工智能的更快采用？
Yeah, I'll obviously let CJ comment on this also. But you look at the Visa strategic partnership using Gen AI solution to manage end-to-end dispute resolutions with customers. I mean, this is one of the great brands in the world, one of the substantial companies. And just think about the impact Gen AI has in radically simplifying their conversation with their customer and deflecting all the human capital it takes to resolve these cases when technology can do it.
是的，显然我会让CJ也发表评论。但是你看Visa和Gen AI解决方案的战略合作，用于管理与客户的从头到尾的争议解决。我是说，这是世界上伟大品牌之一，也是一家实力雄厚的公司。想想Gen AI对于简化与客户的对话以及在技术能够解决这些案件时减少人力成本所产生的影响。
You know, if you look at EY and the idea of instilling Gen AI governance on a single pane of glass to manage risk and compliance for some of the biggest corporations in the world, if you look at the opportunity, every single industry has a great opportunity. You know, I was in Germany recently and I was talking to a home appliance industry participant post-COVID. They went from 25% online sales to much more than 50% and it's growing. So when CJ and his team brought field service management with Gen AI to the marketplace, just think about a one call where the agent, instead of using a clipboard and a pencil, he's got it on the mobile, knows exactly what part to bring, resolves the case on the spot.
你知道，如果你看看安永以及将通用人工智能治理应用于单一的管理界面，来管理全球一些最大的公司的风险和合规性，如果你看看这个机会，每一个行业都有着巨大的机遇。你知道，我最近在德国，与一位在COVID后的家电行业参与者交谈。他们的在线销售额从25%增长到超过50%并且还在增长。所以当CJ和他的团队将通用人工智能的现场服务管理引入市场时，想象一下只需一个电话，代理人不再使用剪贴板和铅笔，而是在移动设备上就能知道该带哪个部件，当场解决问题。
That's one part of it, but here's another part of it. The consumer will pay a lot more if they can get a same day repairs agreement along with the appliance and the margins on same day repair are far greater than the box itself. Plus you create a nice annuity stream. So what we're talking about here is fundamentally rethinking the way business is transformed using our platform and Gen AI. And CJ, I know and I do want to congratulate you and thank you for the unbelievable job that you continue to do, bringing this innovation to the marketplace. Please give us your thoughts.
这是其中的一部分，但还有另一部分。如果消费者能够获得一项同日维修协议，并且同日维修的利润远远超过产品本身，消费者将会支付更多金额。而且你还可以创造一个稳定的收入流。所以我们在这里讨论的是从根本上重新思考使用我们的平台和Gen AI转变业务方式。CJ，我知道并且想要祝贺你，并感谢你为市场带来这些令人难以置信的创新工作。请给我们你的看法。
Thank you, Bill. And Mark, here is how I would say some of the questions that you asked are absolutely spot on. Element AI team was absolutely a game changer from talent perspective and our investments in AI that you're very familiar with since 2017 continue for us, not only on the speed of innovation, but what we learned from our customers. Let me give you a couple of quick insights.
谢谢，比尔。还有马克，我想说你提出的一些问题确实非常准确。Element AI团队从人才的角度来看确实是一个颠覆者，我们自2017年以来对人工智能的投资一直在持续，不仅关注创新速度，还学习了我们从客户身上得到的经验。让我给你一些快速的见解。
We were the first ones, one of the first ones to release the product with use case specific, gender, AI starting in September. So we definitely had first wars advantage from that perspective. However, from a customer sentiment perspective, I will tell you, there were two Wall Street banks telling me specifically that they wanted to be the first ones on the street Wall Street in New York. Two go with our Gen AI solution and one of them signed with us and you know, you work for one, but in the sense that this is highly regulated environment, regulators want to know how AI is done, and we were able to sign with the first Wall Street bank in New York in Q4.
我们是最早的几个企业之一，在9月份开始发布用例特定、性别有别的AI产品。所以从这个角度来说，我们确实有先发优势。然而，从客户情绪角度来看，我告诉你，有两家华尔街银行明确告诉我，他们想成为纽约华尔街首批采用我们的Gen AI解决方案的企业之一。其中有一家银行已经与我们签约，你知道，你为其中一家银行工作。但在这个高度规范的环境中，监管机构希望了解AI的运作方式，我们成功与纽约第一家华尔街银行在第四季度签约。
In addition, we also signed with a large manufacturing company that wants to fundamentally transform their employee productivity. And then we also signed with a very large restaurant food retailer who wanted to transform employee experience and overall shared services productivity so that their margins can go up. This is definitely a game changer. We are learning a lot from our customers. We are seeing very significant momentum. And I was here when we launched 2018, September, ITSM Pro, and as Bill and Gina shared that this has exceeded all of our expectations on how well we did on the monetization of our Pro Plus Qs. Thank you, Mark. Thank you. Congrats on being so far ahead. Thanks a lot, Mark. Our next question comes from the line of Arjan Batilla with William Blair. Your line is open.
此外，我们还与一家大型制造公司签约，该公司希望从根本上改善员工的生产力。然后，我们还与一家非常大型的餐饮食品零售商签约，他们希望改善员工体验和整体共享服务的生产力，以提高利润率。这绝对是一个改变游戏规则的举措。我们从客户那里学到了很多东西。我们正在看到非常明显的增长势头。我在2018年9月发布ITSM Pro时就在这里，正如Bill和Gina所分享的，我们在Pro Plus Qs的商品化方面表现得非常出色，超出了我们的所有预期。谢谢你，马克。谢谢你。祝贺你走在如此前面。非常感谢，马克。下一个问题来自William Blair公司的Arjan Batilla。请发言。
Perfect. Thank you guys so much and I'll add my congrats. I wanted to maybe touch on the strength that you're seeing in customer and employee workflows because if I look at the net new ACV that you're driving there, the mix is relatively stronger than the IT workflows there this quarter. Is that attributed to some of this AI adoption and Plus Q or are there other drivers there that you're seeing, you know, drive the momentum in those solutions?
太好了，非常感谢你们，我也想要表示祝贺。我想谈谈您在客户和员工工作流程中看到的强劲实力，因为如果我看一下您在那方面驱动的全新年度契约价值净增（ACV），相对而言它在本季度中比IT工作流程要强劲一些。这是因为部分归功于AI采用和“Plus Q”，还是您看到了其他的驱动因素，推动了这些解决方案的势头？
Yeah, thank you very much, Arjan. I really appreciate it. Just a couple of statistics on the customer workflows, 18 of our top 20 deals. What we're seeing is there's a tremendous opportunity to really take service now and squarely place it on the customer relationship management category. When you think about front, mid and back office, and the fact that we can align all three of those things and nobody has to lose for us to win, we can fill in all the blanks for what the current participants don't do, especially with their integration problems.
是的，非常感谢你，阿贾恩。我非常感激。关于客户工作流程的一些统计数据，我们前20笔交易中有18笔。我们看到了一个巨大的机会，可以将ServiceNow置于客户关系管理类别之中。当你考虑到前端、中端和后端，以及我们可以将这三者都对齐，并且没有人需要为我们的胜利而失败，我们可以填补当前参与者不做好的部分，尤其是他们的集成问题。尽管这其中还有很多问题需要解决，我们有一个巨大的机会来满足客户的需求，并在市场上取得成功。
It's just a fantastic opportunity for our customers. And I think it's important to note when I gave the field service management example, our net new ACV and field service management specifically was up over 50% year over year. So I think it's important to recognize that we have a whole list of new logos in this space and employee workflows, you know, nine of our top 20 deals and was kind of interesting.
这是我们的客户的一次绝佳机会。当我提到现场服务管理的例子时，我们的净新年合同价值和现场服务管理特别是同比增长了50%以上，这一点很重要。因此，我们有一整套新的标志在这个领域，并且员工工作流中有九笔我们前20笔交易，这也很有趣。
Every single CEO now is looking to make the people packed, fall more productive than it is. And with natural language, to have your employees seek the data and the information they want and have it reported back to them in just a very nice paragraph of content and data so they can do their jobs better is kind of like in the no brainer category. And we have some really great logos that I'm sure CJ would like to share with you as well, but both of those areas are really good. And incidentally, that employee spot that I mentioned was up 80% year over year.
现在，每位CEO都希望使员工的工作效率比现在更高。通过自然语言处理，让员工能够查找他们想要的数据和信息，并以简洁的段落内容和数据向他们进行报告，以便他们能够更好地完成工作，这种做法几乎是不言而喻的。同时，我们还有一些非常出色的标志，我相信CJ也想与您分享，因为这两个领域都非常好。顺便一提，我之前提到的员工职位较去年增长了80%。
Thank you, Bill. And Arjun, you know, some of the questions that you asked your spot on. So AI and specifically ProPlus Q was a catalyst both for our employee and customer workflow. So that's number one. Number two, within customer workflow, which had an amazing quarter, and I'm so proud of that team and service now to cross $1 billion of ACV with just a few years ago was 10 million. That's a multiple orders of magnitude growth on the difference we are making in customer service because we are service now and we know how to do customer service.
谢谢，比尔。阿吉鲁恩，你知道，你问的一些问题很准确。因此AI，特别是ProPlus Q，对我们的员工和客户工作流程来说都起到了催化剂的作用。这是第一点。第二点，在我们令人惊喜的客户工作流程中，我为团队和服务现在能够在短短几年内达到10亿美元的年合同价值感到非常自豪。这是因为我们是服务现在，我们知道如何处理客户服务，所以我们取得了数量级的增长。
So service now growth was unbelievable from customer service and customer workflow perspective. Two sectors I'll call out besides Bill's point on field service management. Number one, our telco products specifically designed for telco industry saw triple digit growth with some of the largest telcos in the world related to customer service. And also we saw in public sector from a direct to citizen perspective, customer service management did really well in Q4 and on employee workflow as Gina outline. We had many million dollar deals across the industries, including public sector and that business in addition to HR service delivery with workplace service delivery and legal service delivery continues to do very well. Growing very strongly. Great to hear.
从客户服务和客户工作流程的角度来看，ServiceNow的增长不可思议。除了Bill在现场服务管理方面的观点之外，我将提及两个行业。首先，我们的电信产品专为电信行业设计，在与世界上最大的电信公司相关的客户服务方面实现了三位数的增长。此外，从直接面向公民的角度来看，我们在公共部门的客户服务管理在第四季度表现出色，就像Gina提到的员工工作流程一样。我们在各个行业，包括公共部门，在百万美元级别上达成了许多交易，而且与HR服务交付、工作场所服务交付和法务服务交付相关的业务继续表现非常出色，增长非常强劲。很高兴听到这个消息。
Thank you, thank you, thank you, Bill. Congrats again. Thank you so much, Arjun. Thank you.
谢谢你，谢谢你，谢谢你，比尔。再次恭喜你。非常感谢你，阿吉。谢谢你。
Your next question comes from the line of cash, ring on with golden folk. Your line is open for.
你的下一个问题来自持币的那位黄金富豪，请继续发问。你可以开始了。
Graduation, Bill, Gina, CJ, great to hear that you're among the first set of software companies to give us splendid results and we feel better about 2024 already just based on your numbers. Bill, question for you. It looks like generative AI is making sales cycles easier. If I could say that and has the potential to bring in repeat business with existing customers at a faster pace and magnitude. Can you talk a little bit about how much easier it has gotten despite the environment staying tough, but generative AI, how much easier has it gotten for the company to generate that initial lead and close that deal and do more repeat business. That's it for me. Thank you.
毕业生、比尔、吉娜、CJ，很高兴听到你们是第一批软件公司之一取得了出色的成绩，仅凭你们的数字，我们对2024年的前景感到更加乐观了。比尔，我有一个问题想问你。看起来，生成式人工智能正在使销售周期变得更容易。我可以说，它有潜力以更快的速度和更大的规模带来重复业务与现有客户。你能谈一下尽管环境依然艰难，但生成式人工智能使公司在产生初始潜在客户、成交并进行更多重复业务方面变得更容易了多少吗？这就是我想问的。谢谢。
Hey, Cash. So, you know, I will touch on this from a couple of things. Demand environment as Gina has outlined. It continues to be still tough, right? We are not ready to say that things have improved significantly. It is our platform strategic relevance as Gina called out is very high, which has allowed us to what you saw million dollar deals and large deals that happened in our Q4 across the globe. Across the industries, the performance was very strong. So let me just touch on that.
嘿，Cash。所以，你知道，我会从几个方面谈一下这个问题。需求环境，正如Gina所概述的那样，仍然很艰难，对吧？我们还不能说情况有很大改善。正是我们的平台战略的相关性非常高，正如Gina指出的那样，这使得我们在全球范围内看到了数百万美元的交易和大笔交易，发生在我们的Q4季度。在各个行业中，表现非常强劲。所以，我只是简单谈谈这一点。
On generative AI, the demand for generative AI varies by industry, but we are, you know, I'll give you an example of a large manufacturing company. The CIO reached out to me in October wanted to do a four weeks POC and purchased it in December. So from a sales cycle perspective, that was a top down decision moving very, very fast. A large retailers is currently also doing a proof of concept with ServiceNow ProPlus Q because it is a CEO initiative that Bill talked about. So from a demand on Jenny, I specifically, it is very, very clear that customers are pulling us in that direction in certain industries. And for those sales cycles, yes, they are very fast.
对于生成型人工智能，不同行业对其需求有所不同，我可以举一个大型制造公司的例子。CIO在10月联络我，希望进行为期四周的概念验证，并在12月购买。所以从销售周期的角度来看，这是一个自上而下的决策，速度非常快。另外，一家大型零售商目前也正在进行ServiceNow ProPlus Q的概念验证，因为这是CEO发起的倡议，正是Bill谈到的。所以从Jenny（指销售代号）的需求来看，客户明确地将我们引向特定行业。对于这些销售周期来说，确实是非常快速的。
They want to see a large manufacturing company CEO that Bill met in Germany. I had a follow up call in December, and he said, CJ, I want to kick off on ProPlus Q for the specific use cases on ITSM, and you and I should review the results end of February. This is faster than ITSM Pro sales cycle. And so I would say all our environment is still similar from what we saw in Q3 to Q4, and GNA will touch on it. But Jenny, it's on a faster cycle.
他们想见一位大型制造公司的首席执行官，这个首席执行官是Bill在德国认识的。我在12月份进行了跟进电话，他说：“CJ，我想在ProPlus Q上针对ITSM的特定用例开始，并且我们应该在2月底审查结果。”这比ITSM Pro销售周期要快。所以我会说我们的环境从第三季度到第四季度仍然相似，GNA（一种管理方法）会涉及到它。但是Jenny，这是一个更快的周期。
Yeah, and may I also just add one thing, Cash. If you think about every single industry, they all have their own personality. So for example, I had the opportunity to meet a pharma company, and as you know, the average life cycle, for example, for clinical trials is over six and a half years. And this is an industry that drops 200 billion a year on this clinical trial process, and 90% of them fail. So if you just think about that for a minute, you say, well, what can generative AI do to automate. To automate document generation, for example, that would be in line with regulatory protocols, and you come up with site contracting agreements, for example, that also include the patient, because the patient has to be engaged in the process. Otherwise, they won't stay in the trial. And every time a patient opts out, they lose money, 20,000 per patient. So generative AI on the ServiceNow platform, obviously, can go in there and radically cut down the cycle time of these clinical trials. So CEOs right out of the gates are ready to go. You know, your team, my team, let's figure this out. So there's a real appetite, and I think why I'm so bullish is we have a platform that already has it. Amazing. Thank you so much. Thank you, Cash.
是的，我还想补充一点，Cash。如果你想想每个行业，它们都有自己独特的个性。举个例子，我有机会见到一家制药公司，正如你所知道的，临床试验的平均生命周期超过六年半。这个行业每年在临床试验过程上花费2000亿美元，其中90%的试验失败。所以如果你稍微思考一下，你会说，那么生成式人工智能能做什么来自动化。比如，自动化文件生成，使其符合监管协议要求，并且还要包括患者，因为患者必须参与其中。否则，他们不会留在试验中。而且每当患者选择退出，他们就会损失2万美元。所以，在ServiceNow平台上使用生成式人工智能，可以大大缩短这些临床试验的周期时间。所以首席执行官们已经准备好行动了。你知道的，你的团队，我的团队，我们来解决这个问题。所以有一个真正的需求，我非常乐观，因为我们已经拥有这样一个平台。太棒了，非常感谢。谢谢你，Cash。
Next question on the line of key wise, we're Morgan Stanley key, the floor is short. I just want to thank you guys, and again, congratulations on really strong and to 2023. I want to talk a little bit on the expense out of equation. You guys really outperformed nicely on the operating margin side of the equation, this quarter, looking for further expansion next year. And looking at sort of where you guys are hiring, I was a little bit surprised to see more strength in the R&D side of the equation than sales marketing sales and marketing headcounts only up to 6%. So you talk about sort of that relationship changing a little bit. R&D headcount is almost matching sales and marketing headcount right now. If we went back five years ago, sales and marketing was 50% ahead of R&D. So how are the investment priorities changing now, especially as we go into 2024? And how are you guys feeling about sales capacity and sort of the necessity to expand sales capacity heading into 2024?
下一问题关于关键因素方面，我们是摩根士丹利的关键因素，市场处于短缺状态。我只是想感谢你们，并再次祝贺你们在2023年取得了非常强劲的业绩。我想谈谈费用方面的问题。这个季度，你们在运营利润率方面表现得非常出色，明年还有进一步扩张的计划。而在你们的人员招聘方面，我看到在研发方面的实力比销售和市场营销方面更强，只有6%的销售和市场人员增加。所以你们谈谈这种关系的变化。目前，研发人员几乎和销售和市场人员一样多。如果我们回到五年前，销售和市场人员比研发人员多50%。所以，投资重点正在如何改变，特别是在进入2024年之际？你们如何看待销售能力以及扩大销售能力的必要性？
Hi, Keith. It's Gina. Thanks so much for the question. So yes, we're really proud of the beat on the top line as well as the bottom line in Q4 and obviously continuing to expand those margins in 2024. Specifically, when you think about investments in R&D headcount, it's all around continued innovation and our investments in JNAI and AI. And so not surprising given the commentary that you've already heard, we're continuing to double down in investments on fingers on keyboards and engineers really driving the JNAI revolution. So you'll continue to see more of that. On the sales side, it's really about scale and leverage. And so sales and marketing headcount, there's a lot in there. It's not just quote-of-bearing speed on the street sales. So you've got marketing, you've got marketing operations, you have sales operations in there. If you actually were able to break it down to feed on the street quote-of-bearing sales, you would see that growth rate much higher. And in fact, as I think about sales capacity going into 2024, we have a larger increase in ramped reps going into 24 than we've had in years. So from a capacity perspective, we feel great about how we're entering 2024. Excellent. Awesome. Thanks for the question. It seems like it really speaks to an increasing sales efficiency then. You just need less people to support any given quote-of-bearing sales reps.
嗨，Keith。我是Gina。非常感谢你的问题。所以是的，我们对第四季度的总收入和净利润非常自豪，显然我们在2024年继续扩大利润率。具体来说，当你考虑研发人员的投资时，这一切都是为了持续创新以及我们对JNAI和AI的投资。所以，不出所料，鉴于你已经听到的评论，我们在键盘上投入了更多的资金，让工程师真正推动JNAI革命。所以你会继续看到更多类似的情况。在销售方面，重点是规模和杠杆效应。销售和市场人员中有很多角色。不仅仅是街头直销员。你有市场营销，市场营销运营，还有销售运营。如果你能够具体分解成街头直销的销售额，你会看到增长率更高。事实上，当我考虑到2024年的销售能力时，我们在该年增加的已上岗销售代表要比以往任何一年都多。所以从容量的角度来看，我们对2024年的进展感到非常满意。好的。太棒了。谢谢你的问题。这似乎真正表明了销售效率的提高，因此你只需要较少的人来支持任何给定的街头直销员。
Absolutely. Productivity and efficiency is going up as well as the fact that from a scale perspective, you're not growing some of the operational heads as much. Got it. Excellent. Super helpful. Thank you, guys. And we'll be definitely increasing hiring as we go into 2024 as you would expect. In case, you know, Gina doesn't brag about this, neither does Russ Elmer, who's our Office of General Counsel Lead. We're using the NOW platform. So in all the back office functions of the company, we're so automated, so productive. And they're getting things done on the NOW platform that it would take other companies five and six times the headcount to do the same job. And that is really something we actually even had with legal service delivery. AI tell us that we're spending too much time on contracts less than 250k. Our Office General Counsel Russ made the decision based on AI that we could fundamentally change that and reorient the workflow around those kinds of agreements, which gave us a huge rush. And he didn't have to hire anybody. And then, you know, he actually took that product and our great engineering team built it. We call it LSD, legal service delivery, and now lawyers all over the world. They want to jump on. So everything we do internally with NOW on NOW has an external marketing force associated with it.
当然。生产力和效率也在提高，而且从规模的角度来看，我们并没有像其他运营部门那样大幅增加。知道了，太棒了。这非常有帮助。谢谢你们。随着我们进入2024年，我们肯定会增加招聘人数，这是可以预料的。如果吉娜没有炫耀这一点，那罗素·埃尔默（我们的总法律顾问负责人）也没有。我们正在使用NOW平台。所以在公司的所有后勤职能中，我们都实现了自动化，变得高效。他们在NOW平台上完成的工作，其他公司需要花费五到六倍的人力才能完成。实际上，我们在法律服务方面也有类似的情况。AI告诉我们，在合同金额不到25万美元的情况下，我们花费了太多的时间。我们的总法律顾问罗素根据AI的建议做出了决策，从而可以从根本上改变工作流，并重视这类协议，这给我们带来了巨大的提升。而且他不需要雇佣任何人。然后，他将这个产品和我们优秀的工程团队一起打造起来。我们称之为LSD（法律服务交付），现在世界各地的律师们都想参与其中。所以我们在NOW平台上内部所做的一切都与外部营销有关联。
Yeah. And Keith, you know, Gina handled this really well in terms of sales efficiency. But one of the things that Bill mentioned that I just wanted to call out that we are really proud of our sales teams besides, you know, expansion of our platform in different buying centers, but also the new logo growth. The new logo growth for 2023 was way ahead of what our expectations were specifically in America's in Europe compared to 2022, including the large transaction that Bill referenced. But when your sales capacity and sales efficiency specifically is improving while you are also gaining new logos, which is just a very super proud moment for us in 2023.
是的。Keith，你知道吗，Gina在销售效率方面处理得非常出色。但其中一件事，我想要提到的是，我们对我们的销售团队非常自豪，除了在不同的购买中心扩展我们的平台之外，还有新的标志性成长。2023年的新标志性成长超出了我们的预期，特别是在美洲和欧洲，包括Bill提到的大笔交易。但当你的销售能力和销售效率在提高的同时，你还能获得新的标志性成果，这对我们来说是非常引以为豪的时刻。
Your next question comes from a line of Samhana, with Jeffries. Samhana, your line is open. Thanks. Congrats on a great close to 2023. Gina, I was wondering if maybe you could help us understand that on the PRPO upside, if you think about the 200 basis points. And you could you kind of break down for us. How much of it was adoption of JNI and the net, you may see be the batch row, the kidding expectations versus just kind of more stress than expected on the renewal go for. And what's the next thing that's worse? Yeah, sure. So we beat our Q4 CRPO growth guidance by 200 basis points at, you know, as you know, and I would say it's driven probably half and half by net new ACV out performance. And certainly, Jen AI is in there, but it's not all Jen AI. So our core business is also doing well. And then we also did see higher early renewals than we had assumed in our guidance. And I would say it's about half and half of the total beat.
你的下一个问题来自Samhana线，与Jeffries一起。Samhana，你可以发言了。谢谢。祝贺你在2023年取得了很好的收尾。吉娜，我想知道对于PRPO增长的上限，你是否可以帮助我们理解这其中的200个基点。你能给我们分解一下吗？其中有多少是因为JNI采用和预期之外的净新增价值，而有多少是因为续约方面的压力超出预期。接下来会有什么更糟糕的情况呢？是的，当然。我们超越了Q4 CRPO增长指导200个基点，正如你所知道的，我认为这可能有一半是由于净新增价值的表现超出预期。当然，其中也包括了Jen AI，但并不全是Jen AI的功劳。我们的核心业务也表现不错。此外，我们也看到早期续约比我们预计的要高。我认为这其中大约一半是这一总体超额增长的原因。
Great. And then build this maybe for you or for CJ. But as you think about the product portfolio and some of the newer products you talked about over the last year. So, you know, beyond Jen AI, so it's not whether it's observability or ERP workflows. Where are you seeing the most demand or interest outside of Jen AI and what are you most optimistic about in 2024? Yeah, so absolutely. So, Samad, here's what I would say. In general, every single workflow grew for us on net new CV, which is always a great thing that that's a balanced performance across every single workflow. And so really proud of the team, both our go to market and engineering teams that we continue to deliver innovations and our go to market teams. They know how to sell that innovation across our product lines. So that's number one. Number two, you know, when I look at some of our industry products that I called out specifically for TMT as Intel Co-Media and Tech, they are seeing very nice traction. We also released in our technology workflow and the leadership of our published churn operational technology product that also grew very nicely. Bill called out field service management, customer service management had an amazing, not only Q4, but 2023. And then employee workflow also grew. So, I'm walking through this list besides Jen AI. And then I can tell you the same thing about security, risk, and so asset management had a phenomenal 2023. So, I expect all these product lines to continue to have momentum besides gender to AI.
太好了。然后也许为您或CJ建立这个。但是当您考虑产品组合和您在过去一年中谈论的一些新产品时。所以，您知道，除了Jen AI之外，无论是可观察性还是ERP工作流程，您会在哪个领域看到最大的需求或兴趣？您对2024年最有信心的是什么？是的，绝对的。所以，Samad，我想说的是，在总体上，我们所有的工作流程都在新客户增长方面表现得非常好，这总是一件好事，说明每个工作流程都保持了平衡的表现。因此，我非常为团队感到自豪，无论是我们的营销团队还是工程团队，我们都继续推出创新产品，我们的营销团队知道如何在我们的产品线上销售这些创新产品。这是第一点。第二点，当我看到我们一些特定于行业的产品，特别是针对电信媒体技术的Intel Co-Media和Tech，它们获得了很好的进展。我们还发布了我们的技术工作流程，并且我们发布的领导人关于操作技术产品的业绩也有很好的增长。Bill提到了现场服务管理和客户服务管理在2023年的表现非常出色。员工工作流程也有所增长。所以，我在列举这个清单时除了Jen AI之外，我可以告诉您关于安全、风险和资产管理的情况，2023年对资产管理来说是非常成功的一年。因此，我预计除了Jen AI外，所有这些产品线都将继续保持势头。
Great. Thank you so much. Your next question comes from a line of Alex. We'll both research. Alex, the floor is yours.
太棒了，非常感谢。你的下一个问题来自Alex。我们都会进行研究。Alex，请你发言。
Thanks, guys. So, first of all, congratulations on a fantastic quarter. And I think the amount of conversation about Jen AI and the tangible impacts of it on the model and the quarter were really great to hear about and see. I wanted to dig in a little bit to see if you could dimensionalize further, either from a revenue contribution, kind of CRPO or Bookings contribution in the quarter or attach rate that you're seeing with ProPlus as you go to market. And how should we think about that for fiscal 24? What's the aspiration here for Q1? Just give us a better indicator or something that we can kind of monitor and track where we can see the Jen AI penetration going forward and have a quick follow-up.
谢谢，伙计们。首先，恭喜你们取得了出色的季度业绩。我认为，人们对Jen AI的讨论以及它对模型和季度的实际影响的数量是非常好听和令人赞叹的。我想进一步了解，无论是从收入贡献，CRPO或者预订额在这个季度的贡献，或者ProPlus作为市场推广时的附加率，你们是否可以更具体地进行说明。对于2024财年，我们应该如何思考这个问题？第一季度的目标是什么？请给我们一个更好的指标，或者允许我们能够监控和跟踪未来Jen AI的渗透情况，并请允许我提一个问题。
Sure, Alex. It's Gina. What I'd say is, and we call this out in my script, right? At the end of the day, Jen AI products drove the largest net new ACV contribution in the first full quarter of any of our new product family releases ever, including original ProSQ. So I get the question often, do we expect the adoption curve to be seeper for our ProPlus than our Pro? Certainly in the first full quarter of launch, it absolutely has shown that. That being said, it's very early days. And so from a revenue contribution perspective, it's not going to be huge, but it's certainly helped when I thought about my guide for 24, and that increase of $165 million at the midpoint, right? So Jen AI early days, but the adoption curve so far is steeper than the original Pro. We will keep an eye on it. And as the numbers get larger, we will continue to update you and everyone else as to the penetration. But right now, excitement and interest from our customer base is much stronger than we ever saw in the first and early days of our ProSQ. And we're excited by that momentum at the same time being conservative as I think about the guide for 24, because it's still so early.
当然，Alex。我是Gina。我想说的是，在我的脚本中我们已经强调过了对吧？总而言之，Jen AI产品在我们新产品家族中的首个完整季度中带来了最大的净新合同价值贡献，这包括最初的ProSQ产品。所以我经常被问到这个问题，我们是否预计ProPlus的采用曲线会比Pro更陡？在产品发布的首个完整季度中，确实如此。话虽如此，现在还处于初期阶段，所以从营收贡献的角度来看，它并不算大，但对24年的指引增加了1.65亿美元的中点，对我来说确实有所帮助。Jen AI还处于早期阶段，但截至目前，其采用曲线比最初的Pro要陡。我们会继续关注，随着数字的增长，我们将继续向您和其他人更新渗透率的情况。但现在，我们的客户群体对此充满兴奋和兴趣，远超过我们最初和早期的ProSQ产品阶段的情况。同时，我们对这种动力感到兴奋，但在考虑24年的指引时我们也保持着保守态度，因为现在还太早。
Super helpful. And then I guess if I think about just the opportunity around, or actually just the CRPO linearity throughout the year, you talked about the headwinds in the first half. How does that friend through the second half of the year? And what other things should we be paying attention to there?
非常有帮助。然后，如果我考虑一下机会，或者实际上只是在整年的CRPO线性增长方面，你在前半年提到了逆风。那么在下半年，这种困难会如何解决？我们还应该注意哪些其他事项？
Yeah, so we called out the 150 basis points impact in Q1 that increases to about 200 basis points in Q2. So we expect similar levels from Q1 to Q2. I'm not going to guide out any further than that at this point. But what I'll tell you is that I increased the full year, 2024 guide by 165 million. We remain as confident as ever in our guide to 15 billion plus in 26 and Jen AI and the innovation in all of our product portfolios is going to help drive that growth.
是的，所以我们在第一季度提到了150个基准点的影响，在第二季度增加到了大约200个基准点。因此，我们预计第一季度和第二季度的水平将相似。我暂时不会再给出更多的指导。但我会告诉你，我将2024年的全年指引增加了1.65亿美元。我们对2026年1,500亿美元以上的指引仍然充满信心，Jen AI和我们所有产品组合中的创新将推动这种增长。
Perfect. Thank you guys. Congrats again.
太棒了。谢谢大家。再次祝贺你们。
Thank you. I like. Thanks, Alex. Your next question comes from the line of my sequels, We Need Them and Co. Your line is open, Mike.
谢谢。我喜欢。谢谢，亚历克斯。下一个问题来自于我的续集系列，我们需要它们等等公司。麦克，你有发言权。
Hey, guys, thanks for taking the question here. And I'll let go my sentiment as well, along with my peers. I just wanted to come back. I think earlier during the Q&A, DJ kind of teased at maybe the monetization here for the bus cues relative of the ProSQs. Exceeding your expectations and just wanted to make sure I was interpreting that properly. Can you give us any indication for what that price capture is like relative the ProSQs, which we've had out on the market now for a couple of years?
嘿，大家好，感谢你们在这里回答问题。我也想表达一下我的情绪，以及我的同事们。我只是想回来一下。我觉得在问答环节中，DJ有点暗示了巴斯音的商业化可能会超出我们的预期，我只是想确保我正确理解了他的意思。你能给我们一些关于价格上涨相对于已经上市几年的ProSQs的指示吗？
Yeah. So, Mike, first of all, the ProSQs, as you know, that we launched it in 2018 Q3. So we have five years of consistent trajectory and measures on how we did on Pro across ITSM, CSM and so on. And that we shared at Financial Analysts Day in May, Gina shared that number that we got 25% uplift. When I look at ProPlus, first, you know, just to underscore what Gina said, that it definitely exceeded our expectations. Did really, really well. And the fastest growth, we have launched so many products over so many years. This definitely exceeded our expectations. So that's number one. Number two, the simple thing. When I'm looking at what, based on the volume discounts, you know, customers leaning in asking us to try out from POC POV perspective, it is in line with what my expectations were on how we would get the price uplift. So right now, as Bill said, I did not get any, oh, my God, CJ, this is not going to work for us. Where is the value we have to always earn our right and deliver the value for our customers. But right now, it is in line with my expectations.
是的。所以，迈克，首先，正如你所知，我们在2018年第三季度推出了ProSQs。所以我们有五年的连续轨迹和措施，了解我们在ITSM、CSM等领域的情况。我们在5月份的财务分析师日上分享了这些数据，吉娜分享了我们有了25%的增长。当我看ProPlus的时候，首先要强调吉娜说的话，它绝对超乎了我们的期望。表现得非常出色。而且它是我们这么多年来推出的产品中增长最快的。这绝对超出了我们的期望。所以这是第一点。第二点，还有一个简单的事情。基于量的折扣来看，顾客们主动试用，从POC的角度来看，价格提升与我的期望是一致的。所以现在，正如比尔所说，我没有得到“哦，天哪，CJ，这对我们行不通”的反馈。我们必须始终努力赢得客户的认可并提供价值。但现在，它符合我的期望。
Terrific. Thank you very much, guys.
太棒了。非常感谢你们，伙计们。
Thank you, Mike. Thanks, Mike. Your next question comes from a line of Carl, the UBS. Carl, the floor is yours.
谢谢你，迈克。谢谢，迈克。下一个问题来自UBS的卡尔。卡尔，请你发言。
Okay, great. Maybe I'll direct this to Bill and CJ. You both mentioned ServiceNow's largest ever new customer win with the bank. I guess I'm surprised that there's a big bank out there that's not already on ServiceNow. But I'd love to hear a little bit more about that. And I'm not even sure how big a deal would have to be to be your largest new win. So any sizing color would be fabulous. Thank you.
好的，太棒了。也许我会把这个问题直接转给比尔和CJ。你们俩都提到了ServiceNow与这家银行取得了迄今为止最大的新客户。我很惊讶居然还有一家大银行没有使用ServiceNow。但我很想听听更多相关信息。而且我都不确定要达到什么规模才能成为你们最大的新客户。所以无论是对这个规模的描述还是具体细节，都很期待。谢谢。
Yeah, I think Mike had called it. I think we were at 23 out of 24 of the world's largest and most significant ones. And now we're at 24 out of 24. And I just seriously want to credit the amazing platform of ServiceNow. The MRA process and integrated risk management and the complexity of going into an environment like that is pretty serious stuff. And to have a marquee brand trust us and believe in us and believe in ServiceNow the way they did is really inspiring. And I really have to turn it over to CJ and give him so much credit for the hard work that he put into it. And I know the first hand because I had the front row seat to watching it and how we spent time with this wonderful customer. And CJ, I'm sure you got some call that you might want to put on that.
是的，我认为迈克已经说得对。我想我们已经涉及到了世界最大最重要的24个项目中的23个。而现在我们已经全部涉及到了。我要真心感谢ServiceNow这个令人惊叹的平台。MRA过程和综合风险管理以及进入这样的环境的复杂性是相当严肃的事情。能够得到一个顶级品牌的信任，他们对我们和对ServiceNow的信心真的很令人鼓舞。我真的要感谢CJ，并且要给他很大的赞扬，因为他在这方面做出了艰苦的努力。我亲眼见证了他与这位了不起的客户共度的时光。CJ，我相信你也有一些话要说。
Hey Carl, great to hear from you. I would say fundamentally when I look at that particular financial services institution, 100% it's true that it is on our core of the core. So from an IT service management perspective, IT operations management perspective, this is not a generative AI specific deal. But it was very much a very strategic transaction on the foundational platform for automation and digital services at this large financial services institution. It is the largest new logo win that we had there. And it is in eight figures of NetNewACV. So that is material. Okay. Congrats on that. Thank you very much Carl. Appreciate it.
嗨，卡尔，很高兴收到你的来信。基本上，当我看着那个特定的金融服务机构时，我会说，百分之百地，它确实是我们核心中的核心。因此，从IT服务管理的角度来看，从IT运营管理的角度来看，这不是一个特定生成AI的交易。但这绝对是在这家大型金融服务机构的自动化和数字服务的基础平台上非常战略的交易。这是我们在那里取得的最大的新标识案例。而且它的净新合同增值额达到了八位数。所以这是有实质影响的。好的。祝贺你。非常感谢，卡尔。感谢你的赞赏。
Your next question comes from a line of Joel Fishbyen with truth, securities, Joel, the floor is yours. Thank you for taking the question and I will also echo the outstanding execution guys have done. So I guess this is for you just around the public sector vertical. It's been very strong for you for several quarters. I guess two things. Number one is how is the spending remaining since it used to be very cyclical there. And the second question around public sector is what do you think their AI adoption cadence is going to look like from your perspective?
你的下一个问题来自Joel Fishbyen。您对于公共部门的垂直领域表现一直非常强劲，我想这个问题只是针对公共部门。在过去几个季度里，您的投资有多大程度的持续性，因为公共部门的投资以前是非常周期性的。此外，在公共部门方面，您认为他们对人工智能的采用步伐将会如何呢？非常感谢你对此问题的回答，我也想说一下你们团队在工作执行方面做得非常出色。
Yeah, well, thank you very much for the question. I really appreciate it. Our federal business is really outstanding. And for the benefit of our shareholders, I think that there is a tremendous opportunity to replicate what we're doing in the United States federal and many other governments around the world. That is clearly an ambition that we have. And we have many use cases and many references to back that up. So CJ, I think you know, you spent a lot of time with our team. And I know that I mentioned some of the names like United States Army, United States Postal Service as an example. Really marquee wins really, really important stuff. Why don't you build on that?
是的，非常感谢你提出这个问题。我真的非常感激。我们的联邦业务非常出色。考虑到我们股东的利益，我认为在美国联邦政府和世界其他许多国家的政府中，我们有巨大的机会复制我们正在做的事情。这显然是我们的追求。我们有很多使用案例和参考事例来支持这一点。所以CJ，我知道你花了很多时间与我们的团队在一起。我知道我提到了一些名字，比如美国陆军、美国邮政服务，这些都是非常重要的胜利。你可以进一步展开说明一下吗？
Yeah. So Joel, you know, everything that we have seen as you saw in 2023, consistent performance in our what we call global public sector. So let me start there. US federal, we highlighted the strength in Q3, followed by some of the logos that Bill discussed. However, I do want to state that we are also doing really well our platform is for state and local governments in United States. And that growth was also very inspiring in 2023. So not only US federal, but also US state and local.
是啊。所以 Joel，你知道，正如你在2023年看到的那样，我们在我们所谓的全球公共部门中一直保持着稳定的业绩。让我从这里开始。在美国联邦层面，我们在第三季度强调了实力，并提到了一些 Bill 谈到的标志。然而，我想说的是，我们在美国各州和地方政府方面的平台也取得了非常令人鼓舞的增长。所以不仅是美国联邦部门，还包括美国各州和地方政府。
Now let me take an example for Q4. Besides United States, we also did really well in public sector in United Kingdom. On Bill's ask and our customers ask, I spent some time in London with our public sector customers and they continue to also leverage service now for similar use cases that we have seen in US federal. And then in Q4, our Australia public sector team also did really well. And we had significant platform expansion with some of the large central governments there, agencies, including generative AI. So it is a pretty good picture. And we see in 2024, besides these nations, when I look at Canada, when I look at Germany and many others, the opportunity remains large as Bill called it up.
现在让我以Q4为例。除了美国，我们在英国的公共部门也表现得非常好。在Bill和我们的客户的要求下，我花了一些时间与我们在伦敦的公共部门客户一起工作，他们继续利用Service Now进行与美国联邦政府相似的用例。然后在Q4，我们在澳大利亚的公共部门团队也表现得非常出色。我们与其中一些大型中央政府机构进行了重要的平台扩展，包括生成式人工智能。所以情况相当不错。我们看到在2024年，除了这些国家，当我看向加拿大、德国和其他许多国家时，机会仍然很大，正如Bill所强调的。
Great. And just as the follow up on the public sector adopting AI, can you just give us a little color on what you think the trajectory is there?
好的。只是作为公共部门采用人工智能的后续行动，您能给我们提供一些您对相关发展轨迹的看法吗？
The trajectory. So I just want to make sure that you understand first is that our.
轨迹。所以我只是想确保你首先明白的是我们的。
Jenny, conversations have started with the government. One of our first logos in Q3 was with a large public sector agency, as I call it. We also had few wins in Q4 in public sector. And as we go into 2024 across state, local and federal across countries, we will continue to see the demand. And in the early days, I would say compared to like a financial services or manufacturing and others, but given our position of our platform and the strength we have with AI, we are definitely going to see in the second half adoption of generative AI.
珍妮，我们已经开始与政府进行对话。在第三季度，我们与一个大型公共部门机构展开了合作，我称之为首个标志性案例。我们在第四季度也在公共部门取得了几项胜利。随着我们进入2024年，在国家、地方和联邦层面，我们将继续看到需求的增长。尽管与金融服务或制造业等行业相比，我们在早期阶段可能较少，但考虑到我们平台的地位和我们在人工智能方面的实力，我们肯定会在下半年看到生成式人工智能的采用。
Great. Thank you so much. Thank you.
太好了，非常感谢。谢谢你。
Next question comes from the line of Peter, we are the floor is yours. Thank you. And congratulations on the continued momentum and wins that you are seeing with the latest releases. And I guess, you know, building on that. I'd say prior to this year for several years, you know, I think there's been a really nice stability in kind of expansion and NRO. You know, I think Gina had, you know, playing in really, you know, I think this year there has been some dissoloration and that, you know, given by macro. You know, as you look out to 2024, do you see signals that, you know, we may be able to see some acceleration where NRO and 24 might, you know, exceed what they kind of dipped to this year. Or, you know, is this kind of like the new normal and kind of from here, you know, things may continue to trend down. Thank you very much.
下一个问题来自彼得，你有发言权。谢谢你不断发展壮大并取得的胜利。在此基础上，我想说，在今年之前的几年里，我认为扩张和NRO一直保持着非常好的稳定状态。吉娜在其中发挥了重要作用，不过今年由于宏观因素的影响，出现了一些不稳定因素。当你展望2024年的时候，你是否看到一些信号表明，NRO和24年的增长可能会超过今年的水平。或者，这是否成为了新的常态，并且未来的情况可能继续下降。非常感谢。
Thanks Peter for the question. What I say is that we're, we're, we feel great about our expansion rates at the scale that we're at, as well as our new logo growth. So CJ mentioned earlier, our new logo growth, especially in our larger, has been an accelerating each and every year over and each and every quarter over the last several years. And so at our scale, our expansion rates remain extremely strong and as does our net new logo growth. And so you will continue to see a nice mix of existing customers upselling with us as well as new logos joining us. And so, you know, we hit 8.7 billion in revenue going to 10.575 next year at our scale. These expansion rates are best in class and we remain extremely proud of them.
感谢彼得的问题。我想表达的是，我们对我们的扩张速度以及我们的新标志增长感到非常满意。正如CJ之前提到的，我们的新标志增长在我们较大规模的业务中每年每季都在加速增长。所以在我们的规模下，我们的扩张速度仍然非常强劲，我们的新标志增长也是如此。因此，你将继续看到既有客户与我们提升业务，同时也会有新的客户加入我们。所以，我们的收入从87亿增长到10.575亿，这些扩张速度是最优秀的，我们对此感到非常自豪。
We have time for one more question. And that question will come from the line of Brad Sills with Bank of America. Brad, the floor is yours. Oh, great. Thank you so much. I wanted to ask about the large new logo strength. We just haven't heard from a lot of enterprise application companies on that this year. It seems like a tough environment to close big, you know, transformational, you know, new application deals. So I wanted to ask, you know, why now? I know this has been a focus, but any color on, you know, where you're at and kind of closing that gap on some of these large global organizations. And then also, what does that mean for your expansion opportunity? Does this give you more line of sight to that, given that these are large organizations with big wallets, you know, just getting started with service now? Thank you. Yeah, so Brad, I will touch on it, you know, besides financial services, institution, we also saw many large new customer wins in manufacturing, specifically automotive. We also saw in public sector, we got new logos with new agencies and commercial business, which is a massive strength for service now, continue to outperform large new logos. And in my initial commentary, I stated that America's and Europe also had large logo new growth. So this is something that Paul Smith and the team focused on starting with the first quarter and continue to build throughout the year. And as I told Keith Wise, this is something we are really, really proud of in terms of just our ability to focus on high quality, high quality logos that matter. And even these logos, whether it's in public sector, manufacturing, financial services or our commercial segment, it's not that we have maxed out. Even this large financial services, they just bought ITSM and ITOM. When I look at a large automotive, it was just ITSM and ITOM. So yes, we are starting at a bigger scale, but this specific accounts will continue to expand for us. And one last thing I'll touch on, that some of the big ones who became our customer for the first time, our teams did a beautiful job working with their customer that, hey, once you implement say ITSM in next six to nine months, then they have set aside budget for IT asset management or for security or risk. So that has been also built in as we go into 2024.
我们还有时间再回答一个问题。这个问题将来自美国银行的布拉德·席尔斯。布拉德，请发言。哦，太好了。非常感谢。我想问一下关于大型新标志的实力。今年我们还没有听到很多企业应用公司对此的回应。似乎很难在目前的环境中达成大的、具有变革性的、新的应用交易。所以我想问一下，为什么现在这么做？我知道这是一个重点，但有关于你们目前的情况以及如何填补这些大型全球组织的差距的详细信息吗？而且，这对于你们的扩张机会意味着什么？鉴于这些都是具有巨大财力的大型组织，它们刚刚开始使用ServiceNow？谢谢。是的，布拉德，我来回答一下。除了金融服务机构之外，我们在制造业中也获得了许多大型新客户，尤其是汽车行业。在公共部门，我们与新的机构和商业企业合作，这对ServiceNow来说是一项巨大实力，我们在大型新标志方面表现出色。在我最初的评论中，我提到美洲和欧洲也有大型标志的新增长。所以这是保罗·史密斯和团队从第一季度开始专注的事项，并在整年持续发展。就像我告诉Keith Wise的那样，对于我们来说，我们真的非常非常自豪，因为我们能够专注于有意义的高质量标志。即使是在公共部门、制造业、金融服务或我们的商业部门，我们还没有达到极限。即使是这些大型金融服务公司，他们只是购买了ITSM和ITOM。当我看到大型汽车公司时，他们只是购买了ITSM和ITOM。所以是的，我们从更大的规模开始，但这些特定客户将继续对我们产生扩展作用。最后一件事我要提一下的是，一些首次成为我们客户的大型公司，我们的团队与他们的客户合作得非常出色，让他们意识到，一旦您在接下来的六到九个月内实施了ITSM，那么他们就会为IT资产管理、安全或风险预算留出。所以这也作为我们进入2024年的一部分。
Thank you, CJ. Great to hear. Thank you, Brad. Thanks, Brad. Ladies and gentlemen, that concludes today's call. Thank you all for joining. You may now disconnect. Thank you.
谢谢你，CJ。很高兴听到这个好消息。谢谢你，Brad。谢谢，Brad。女士们先生们，今天的通话到此结束。感谢大家的参与。现在你可以挂断电话了。谢谢。