Workday, Inc. (WDAY) 2023 Q3 法說會逐字稿

Welcome to Workday's Third Quarter Fiscal Year 2023 Earnings Call. (Operator Instructions) With that, I will now hand it over to Justin Furby, Vice President of Investor Relations. Thank you. Justin, you may begin.

歡迎參加 Workday 2023 會計年度第三季財報電話會議。（接線員指示）接下來，我將把電話交給投資人關係副總裁 Justin Furby。謝謝。Justin，您可以開始了。

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and Chano Fernandez, our co-CEOs; Barbara Larson, our CFO; Pete Schlampp, our Chief Strategy Officer; and Doug Robinson, our co-President.

以及我們的共同執行長 Chano Fernandez；我們的財務長 Barbara Larson；我們的首席策略長 Pete Schlampp；以及我們的共同總裁 Doug Robinson。

Following prepared remarks, we will take questions. Our press release was issued after close of market and is posted on our website where this call is being simultaneously webcast.

在預先準備的發言之後，我們將進行問答。我們的新聞稿已於收盤後發布，並張貼於我們的網站上；本次電話會議也同時進行網路直播。

Before we get started, we want to emphasize that some of our statements on this call, particularly our guidance, are based on the information we have as of today and include forward-looking statements regarding our financial results, applications, customer demand, operations and other matters. These statements are subject to risks, uncertainties and assumptions, including those related to the impact of the ongoing COVID-19 pandemic and recent macroeconomic events on our business and global economic conditions.

在開始之前，我們想強調，本次電話會議中的部分陳述，特別是我們的指引，是基於截至今日我們所掌握的資訊，並包含有關我們財務結果、應用、客戶需求、營運及其他事項的前瞻性陳述。這些陳述受到風險、不確定性與假設的影響，其中包括與持續中的 COVID-19 疫情以及近期總體經濟事件對我們業務與全球經濟狀況之影響相關的因素。

Please refer to the press release and the risk factors in documents we file with the Securities and Exchange Commission, including our 2022 annual report on Form 10-K and our most recent quarterly report on Form 10-Q, for additional information on risks, uncertainties and assumptions that may cause actual results to differ materially from those set forth in such statements.

請參閱新聞稿以及我們向美國證券交易委員會（SEC）提交文件中的風險因素，包括我們 2022 年度 Form 10-K 年報與最近一期 Form 10-Q 季報，以取得更多關於可能導致實際結果與上述陳述所載內容出現重大差異之風險、不確定性與假設的資訊。

In addition, during today's call, we will discuss non-GAAP financial measures, which we believe are useful as supplemental measures of Workday's performance. These non-GAAP measures should be considered in addition to and not as a substitute for or in isolation from GAAP results. You can find additional disclosures regarding these non-GAAP measures, including reconciliations with comparable GAAP results, in our earnings press release, in our investor presentation and on the Investor Relations page of our website.

此外，在今天的電話會議中，我們將討論非 GAAP 財務衡量指標，我們認為其作為 Workday 表現的補充衡量指標具有參考價值。這些非 GAAP 指標應與 GAAP 結果一併考量，而不應取代 GAAP 結果，亦不應單獨解讀。您可在我們的財報新聞稿、投資人簡報以及網站投資人關係頁面中，找到關於這些非 GAAP 指標的額外揭露資訊，包括與可比 GAAP 結果的調節表。

The webcast replay of this call will be available for the next 90 days on our company website under the Investor Relations link. Additionally, our quarterly investor presentation will be posted on our Investor Relations website following this call. Also, the customers' page of our website includes a list of selected customers and is updated monthly.

本次電話會議的網路重播將於未來 90 天在公司網站的投資人關係連結下提供。此外，我們的季度投資人簡報將於本次電話會議後張貼於投資人關係網站。同時，我們網站的客戶頁面包含精選客戶名單，並每月更新。

Our fourth quarter fiscal 2023 quiet period begins on January 15, 2023. Unless otherwise stated, all financial comparisons in this call will be to our results for the comparable period of our fiscal 2022.

我們 2023 會計年度第四季的靜默期將於 2023 年 1 月 15 日開始。除非另有說明，本次電話會議中的所有財務比較皆以 2022 會計年度可比期間的結果為基準。

With that, I'll hand the call over to Aneel.

接下來，我把電話交給 Aneel。

Thank you, Justin, and welcome to Workday's Third Quarter Fiscal '23 Earnings Conference Call. I'm happy to report that we had a solid Q3 as we once again outperformed across our key operating metrics. There is no question that the macro environment presents increased uncertainty, but as we've said before, we are well positioned in this type of environment because our cloud finance and HR solutions are truly mission-critical. As our Q3 results showed, more and more organizations are selecting Workday as their trusted partner to help them successfully navigate today's changing world.

謝謝你，Justin，也歡迎各位參加 Workday 2023 會計年度第三季財報電話會議。我很高興報告，我們第三季表現穩健，再次在關鍵營運指標上超越預期。毫無疑問，總體環境帶來更高的不確定性，但正如我們先前所說，在這樣的環境下我們具備良好定位，因為我們的雲端財務與人資解決方案確實是關鍵任務系統。從第三季的結果可見，愈來愈多組織選擇 Workday 作為值得信賴的合作夥伴，協助他們成功因應當今變動的世界。

We remain confident in our ability to capitalize on the opportunity ahead and are pleased to announce our first-ever share repurchase program of up to $500 million under authorization. This program will help reduce the rate of our share dilution going forward and is driven by our belief that our share price is undervalued given the long-term growth opportunity ahead. Barbara will share details shortly, but know that we feel confident that we'll reach a scale where we can roll out this repurchase program while continuing to prioritize investing for long-term profitable growth.

我們仍對把握未來機會的能力充滿信心，並很高興宣布我們史上首次的庫藏股回購計畫，在授權額度內最高可達 5 億美元。此計畫將有助於降低未來股份稀釋的速度，並反映我們相信，鑑於長期成長機會，我們目前的股價被低估。Barbara 稍後會分享細節，但請了解，我們有信心在持續優先投入以支持長期且具獲利性的成長之同時，也能達到足夠規模來推動此回購計畫。

With that, I'd like to share some highlights from the quarter. In Q3, we further solidified our position as a leader in cloud HR with notable new HCM customers, including Intermountain Health, SGS and Texas Roadhouse. In addition, we had several key HCM go-lives, including Best Buy, Canadian Tire Corporation and the state of Oklahoma. For Workday Financial Management, we continue to see strong demand and momentum in Q3. Key new wins included a Fortune 200 provider of information technology solutions, Cincinnati Children's Hospital Medical Center, EZCORP and Thomas Jefferson University. It's important to note that each of these customers have also selected us for HCM, reinforcing the power of the full Workday platform and providing further evidence that companies are going all in with us. Key financial management go-lives during the quarter included City of Baltimore and Medical University of South Carolina.

接下來我想分享本季的一些重點。第三季，我們進一步鞏固在雲端人資領域的領導地位，新增多家重要 HCM 客戶，包括 Intermountain Health、SGS 與 Texas Roadhouse。此外，我們也完成多個關鍵 HCM 上線（go-live），包括 Best Buy、Canadian Tire Corporation 以及奧克拉荷馬州政府。就 Workday 財務管理（Workday Financial Management）而言，我們在第三季持續看到強勁需求與動能。重要的新案包括一家《財富》200 大資訊科技解決方案供應商、Cincinnati Children's Hospital Medical Center、EZCORP 與 Thomas Jefferson University。值得注意的是，這些客戶也同時選擇我們的 HCM，進一步強化 Workday 全平台的力量，並提供更多證據顯示企業正全面採用我們。第三季財務管理的關鍵上線客戶包括巴爾的摩市（City of Baltimore）與南卡羅來納醫科大學（Medical University of South Carolina）。

Q3 also saw us get back in person for Workday Rising, our annual customer conference for the first time since 2019. We had nearly 16,000 in-person and virtual attendees, and it was great to experience the energy and see firsthand how our community is growing and evolving. This was highlighted by the fact that this year's event has a large percentage of senior leaders, finance and IT attendees ever.

第三季也讓我們在 2019 年以來首次回到線下舉辦 Workday Rising——我們的年度客戶大會。我們有將近 16,000 名實體與線上與會者，能感受到現場的活力，並親眼看到我們的社群如何成長與演進，令人振奮。這點也反映在今年活動中高階主管、財務與 IT 與會者的比例創下新高。

One big takeaway from Rising is that our innovation story is resonating with customers as we evolve to be more open and connected. While we've traditionally targeted the offices of CHRO and CFO, we have placed increased focus recently on the office of the CIO, which presents another growth opportunity for us.

Rising 的一個重要收穫是，隨著我們朝向更開放、更互聯的方向演進，我們的創新故事正與客戶產生共鳴。過去我們主要聚焦於 CHRO 與 CFO 的辦公室，但近期我們也加大對 CIO 辦公室的關注，這為我們帶來另一個成長機會。

One solution in particular that was a popular topic among IT attendees was Workday Extend. Workday Extend lets customers and partners build their own unique solutions on top of Workday, which is a huge point of emphasis for CIOs and, in their eyes, positions us even more as a true platform player. While we announced several availability at Workday Extend in 2020, we've continued to see accelerated demand for it over the last year as the need for organizations to quickly innovate and adapt in today's business environment increases.

在 IT 與會者之中，特別受到關注的一項解決方案是 Workday Extend。Workday Extend 讓客戶與合作夥伴能在 Workday 之上打造其獨特的解決方案，這是 CIO 非常重視的一點，並在他們看來，使我們更像真正的平台型玩家。雖然我們在 2020 年於 Workday Extend 上宣布了多項可用性（availability），但在過去一年中，隨著組織在當今商業環境中需要更快速創新與調整的需求提升，我們持續看到其需求加速成長。

We also announced new more personalized UX enhancements that meet every type of Workday user in the natural flow of their work such as mobile devices, Microsoft Teams and Slack, which helps us to address another CIO priority as they are more focused than ever on driving increased employee engagement.

我們也宣布了新的、更個人化的使用者體驗（UX）強化，能在使用者自然的工作流程中觸及各類型的 Workday 使用者，例如行動裝置、Microsoft Teams 與 Slack，這有助於我們回應 CIO 的另一項優先事項，因為他們比以往更專注於提升員工敬業度。

And finally, we further reinforced our leadership in artificial intelligence and machine learning with the announcement of next-generation skills technology that allows customers to more easily and securely bring skills data in and out of Workday. This helps customers leverage the full power of machine learning to gain deeper insights into their workforce skills and deliver more personalized employee experiences.

最後，我們也透過宣布新一代技能（skills）技術，進一步強化我們在人工智慧與機器學習方面的領導地位。該技術讓客戶能更容易且更安全地將技能資料匯入與匯出 Workday。這有助於客戶運用機器學習的完整能力，更深入洞察其員工技能，並提供更個人化的員工體驗。

In closing, we once again delivered a solid quarter with strength across a number of key growth initiatives, showcasing why Workday is the backbone of digital business. And while we expect that the macro uncertainty will cause our growth to moderate in the near term, we continue to believe we are well positioned to navigate this environment and emerge even stronger. Driving constant innovation to address our customers' evolving needs has always been key to our success and will continue to be our focus in this environment.

總結來說，我們再次交出穩健的一季，在多項關鍵成長計畫上展現強勁表現，凸顯 Workday 為數位化企業的核心骨幹。儘管我們預期總體不確定性將使短期成長趨緩，但我們仍相信自己具備良好定位，能在此環境中穩健前行並變得更強。持續創新以滿足客戶不斷演進的需求，一直是我們成功的關鍵，也將在此環境下持續成為我們的重點。

With that, I'll turn it over to our co-CEO, Chano Fernandez. Chano, over to you.

接下來，我把電話交給我們的共同執行長 Chano Fernandez。Chano，交給你。

Thank you, Aneel, and thank you to everyone for joining today's call. I want to start off by offering my sincere thanks to the more than 17,500 Workmates that help us deliver another solid quarter. Your relentless focus on the customer continues to push us and the broader Workday community forward. Great job, team.

謝謝你，Aneel，也謝謝各位參加今天的電話會議。我想先向超過 17,500 位 Workmates 致上誠摯的感謝，正是你們協助我們再度交出穩健的一季。你們對客戶的堅定專注，持續推動我們以及更廣泛的 Workday 社群向前邁進。團隊做得很好。

I've been on the road a lot the last few months, including Workday Rising in Europe which has wrapped up in Stockholm and Workday Rising in U.S. back in September. I've had the opportunity to spend time with hundreds of customers and prospects, and there are a couple of key themes emerging.

過去幾個月我經常出差，包括剛在斯德哥爾摩落幕的歐洲 Workday Rising，以及 9 月在美國舉辦的 Workday Rising。我有機會與數百位客戶與潛在客戶交流，並看到幾個關鍵主題逐漸浮現。

First, despite all the challenges that companies are facing today, they increasingly realize the present need to modernize their HR and financial systems. The executives that I speak with have different viewpoints on what the macroeconomic climate will look like in the year ahead. But one thing they agree on is that the change is constant and it's nearly impossible to navigate with legacy systems.

第一，儘管企業當前面臨各種挑戰，他們愈來愈意識到，現在就需要將人資與財務系統現代化。我所接觸的高階主管對未來一年的總體經濟情勢看法不一，但他們一致認同的一點是：變化是常態，而使用傳統舊系統幾乎不可能有效因應。

Second, there is a clear desire to consolidate and prioritize spend across a new organization's more strategic technology vendors. Given our positioning as the backbone of digital business across HR and finance, this trend has led to more and more companies going all in with Workday as they look to harness the power of their data across the enterprise. And when I look at our solid Q3 results across both the large and medium enterprise, it's a direct validation of these themes being seen across organizations of all sizes.

第二，企業明確希望在新的組織架構下，整合並優先配置支出於更具策略性的科技供應商。鑑於我們在 HR 與財務領域作為數位化企業核心骨幹的定位，這一趨勢促使愈來愈多公司在希望運用全企業資料力量之際，選擇全面採用 Workday。當我看到我們第三季在大型與中型企業客群的穩健成果時，這也直接驗證了上述主題正普遍出現在各種規模的組織之中。

From a geographic standpoint, we saw solid results across North America with a number of CoreHR and FINS wins that Aneel mentioned, in addition to several strategic expansions across the Fortune 500. APA also outperformed with wins at Bank of Queensland, Fletcher Building, [Ono] Pharmaceutical and Trip.com, to name a few. And in EMEA, we had a number of important wins and expansions, including SGS, [Allianz] Medical Group and Equiniti.

從地理區域的角度來看，北美地區表現穩健，除了 Aneel 提到的多項 CoreHR 與 FINS 勝出案之外，我們也在多家《財富》500 強企業中完成了數項策略性擴張。APA 也表現優於預期，贏得了昆士蘭銀行（Bank of Queensland）、Fletcher Building、[Ono] 製藥（Pharmaceutical）以及 Trip.com 等客戶，僅舉數例。而在 EMEA 地區，我們也取得多項重要勝出案與擴張，包括 SGS、[Allianz] 醫療集團（Medical Group）以及 Equiniti。

Our customer base sales team once again saw outstanding growth, a direct reflection of the trust that customers are placing in us and a validation of our strategy. We drove very strong renewal rates in Q3, and we closed a number of strategic expansions at companies such as Accenture, University of Maryland, the state of Nebraska, Pick n Pay, Puma and VF Corporation.

我們的既有客戶銷售團隊再次實現亮眼成長，這直接反映客戶對我們的信任，也驗證了我們的策略。我們在第三季推動了非常強勁的續約率，並在 Accenture、馬里蘭大學（University of Maryland）、內布拉斯加州政府（the state of Nebraska）、Pick n Pay、Puma 與 VF Corporation 等公司完成多項策略性擴張。

As we shared at our recent Analyst Day, our customer base momentum is being driven by our broad portfolio. Solutions such as Journeys, Help and Talent Optimization, for example, are seeing strong adoption as customers look to support employee experience, while our scheduling, time tracking and payroll solutions are all resonating as customers increasingly focused on labor optimization. And other products such as Planning, Extend, Accounting Center, VNDLY and our Spend Management solutions are all contributing to this quarter's strength across the customer base.

正如我們在近期的分析師日所分享的，我們在既有客戶上的動能是由我們廣泛的產品組合所驅動。舉例來說，Journeys、Help 與 Talent Optimization 等解決方案，因客戶希望強化員工體驗而獲得強勁採用；同時，我們的排班、工時追蹤與薪資解決方案也深受青睞，因為客戶愈來愈聚焦於勞動力最佳化。此外，Planning、Extend、Accounting Center、VNDLY 以及我們的 Spend Management 解決方案等其他產品，也共同促成了本季在既有客戶群的強勁表現。

Our industry focus continues to pay off. In Q3, nowhere was this more evident than the health care vertical where we had a strong growth in new ACV and where we surpassed $0.5 billion in annual recurring revenue. By far, the 2 largest costs for health care organizations are labor and materials. And by leveraging our full suite of HCM, FINS and supply chain solutions, they are able to help optimize spend across these critical areas. In fact, all of our larger Q3 health care wins were full suite and including Workday's supply chain management.

我們的產業聚焦策略持續帶來成效。在第三季，最明顯的例子莫過於醫療保健垂直領域：我們的新 ACV 強勁成長，且年度經常性收入突破 5 億美元。對醫療保健機構而言，兩大成本項目分別是人力與物料。透過運用我們完整的 HCM、FINS 與供應鏈解決方案套件，他們得以在這些關鍵領域最佳化支出。事實上，我們第三季較大型的醫療保健勝出案皆為全套件導入，並包含 Workday 的供應鏈管理。

We also saw healthy momentum within the professional services industry highlighted by the aforementioned expansion at Accenture as we continue to co-innovate across the Workday platform, including significant new developments in the skills cloud, public cloud and accessibility.

我們也在專業服務產業看到健康的動能，亮點包括前述在 Accenture 的擴張；我們持續在 Workday 平台上共同創新，涵蓋技能雲（skills cloud）、公有雲（public cloud）與無障礙（accessibility）等重要新進展。

Other strategic wins in the professional services industry included Novozymes and Reed Global, which was a full suite win. Our expanding partner ecosystem is also becoming an increasingly important driver of our growth. Key to our strategy is driving core innovation across the platform, which increases the differentiation of our solutions, enables even faster innovation to address real-time customer challenges and allows our partners to leverage their deep industry and solution insights to differentiate in the market.

專業服務產業的其他策略性勝出案包括 Novozymes 與 Reed Global，其中 Reed Global 為全套件勝出案。我們持續擴大的合作夥伴生態系也正成為愈來愈重要的成長驅動力。我們策略的關鍵是在平台上推動核心創新，這能提升解決方案的差異化、加速創新以因應即時的客戶挑戰，並讓合作夥伴運用其深厚的產業與解決方案洞察，在市場上形成差異化。

Examples of recent partner-driven innovation built on the Workday platform include Accenture's digital revenue operations solution, which integrates CPQ capabilities with Workday's billing and revenue automation to enable seamless quote-to-cash functionality for software and technology companies.

近期由合作夥伴驅動、建構於 Workday 平台上的創新案例之一，是 Accenture 的數位營收營運（digital revenue operations）解決方案；該方案將 CPQ 能力與 Workday 的帳單與營收自動化整合，為軟體與科技公司提供無縫的 quote-to-cash（從報價到收款）功能。

Another great example is employee document management, built by partner Kainos on Workday Extend, which provides our customers with advanced document generation, access control storage and finely tuned document retention rules. These are just a few several solutions that were recently released by our partner ecosystem, and we have dozens more on the road map.

另一個很好的例子是員工文件管理（employee document management），由合作夥伴 Kainos 以 Workday Extend 建置，為客戶提供進階文件產生、存取控制儲存，以及精細調校的文件保留規則。以上僅是我們合作夥伴生態系近期發布的數個解決方案之一，我們的產品藍圖上還有數十項即將推出。

As we move into our fourth quarter, the environment remains uncertain, which has led to increased scrutiny and the lengthening of certain sales cycles, particularly with the net new opportunities. While we aren't immune to this and see signs that it will persist into next year, we are confident in our diverse pipeline and are focused on executing in Q4 and laying a strong foundation for FY '24 and beyond.

隨著我們進入第四季，外部環境仍充滿不確定性，導致審查更為嚴格，且部分銷售週期拉長，特別是在淨新增機會方面。雖然我們無法置身事外，且也看到這種情況可能延續到明年，但我們對多元的銷售管線充滿信心，並專注於在第四季落實執行，同時為 2024 財年（FY '24）及未來奠定堅實基礎。

With that, I will turn it over to our CFO, Barbara Larson. Over to you, Barbara.

接下來，我將把時間交給我們的財務長 Barbara Larson。交給你了，Barbara。

Thanks, Chano, and good afternoon, everyone. As Aneel and Chano mentioned, we delivered solid Q3 results in the face of continued economic uncertainty, a testament to strong execution across the company as well as the strategic and mission-critical nature of our solutions.

謝謝你，Chano，各位下午好。正如 Aneel 與 Chano 所提到的，在經濟不確定性持續的情況下，我們仍交出穩健的第三季成果，這證明了公司整體的強勁執行力，以及我們解決方案在策略性與任務關鍵性（mission-critical）上的重要地位。

Subscription revenue in Q3 was $1.43 billion, up 22% year-over-year, and professional services revenue was $167 million, up 7%. Total revenue outside of the U.S. was $394 million, representing 25% of total revenue. 24-month backlog at the end of the third quarter was $8.62 billion, growth of 21%. The result was driven by solid new business sales and strong renewals, with gross and net revenue retention rates over 95% and over 100%, respectively. Total subscription revenue backlog at the end of Q3 was $14.10 billion, up 28%.

第三季訂閱營收為 14.3 億美元，年增 22%；專業服務營收為 1.67 億美元，年增 7%。美國以外的總營收為 3.94 億美元，占總營收 25%。第三季末的 24 個月待履約訂單（backlog）為 86.2 億美元，成長 21%。此結果主要由穩健的新業務銷售與強勁續約所帶動，總營收留存率（gross revenue retention）與淨營收留存率（net revenue retention）分別超過 95% 與超過 100%。第三季末的訂閱營收待履約訂單總額為 141.0 億美元，年增 28%。

Our non-GAAP operating income for the third quarter was $314 million, resulting in non-GAAP operating margin of 19.7%. Margin overachievement was driven by revenue outperformance, favorable cost variances across the business and the timing of certain expenses shifting into Q4.

第三季非 GAAP 營業利益為 3.14 億美元，非 GAAP 營業利益率為 19.7%。利益率超出預期主要來自營收表現優於預期、全公司範圍內有利的成本差異，以及部分費用時點遞延至第四季。

Q3 operating cash flow was $409 million, growth of 6%. Our cash flow this quarter was impacted by a $55 million semiannual interest payment associated with our Q1 debt offering. We also paid off the principal balance on our $1.15 billion convertible debt with cash in October, resulting in a reduction to our non-GAAP diluted share count of roughly 8 million shares. Given the late Q3 timing, this share count reduction will be fully reflected in our non-GAAP weighted average share count in Q4.

第三季營運現金流為 4.09 億美元，成長 6%。本季現金流受到與第一季債務發行相關的 5,500 萬美元半年期利息支付影響。我們也在 10 月以現金償還 11.5 億美元可轉換公司債的本金餘額，使非 GAAP 稀釋後股數約減少 800 萬股。由於發生在第三季末期，這項股數減少將在第四季的非 GAAP 加權平均股數中完整反映。

During the quarter, we successfully added approximately 600 net new employees, ending Q3 with a global workforce of more than 17,500. We expect a strong moderation of hiring as we move into Q4, but we'll continue to add key talent across strategic growth areas of the business, notably go-to-market and product and technology. Overall, we're extremely proud of the strong company-wide performance in Q3, and we're focused on executing in Q4, our seasonally strongest quarter of the year.

本季我們成功新增約 600 名淨新員工，第三季結束時全球員工總數超過 17,500 人。隨著進入第四季，我們預期招募將明顯放緩，但仍會在業務的策略性成長領域持續補強關鍵人才，尤其是市場拓展（go-to-market）以及產品與技術。整體而言，我們對第三季全公司強勁表現深感自豪，並專注於在第四季執行到位；第四季向來是我們一年中季節性最強的季度。

Now turning to guidance, which reflects both the continued momentum in our business while also balancing an uncertain macro environment. With that context, our guidance for FY '23 subscription revenue is now $5.555 billion to $5.557 billion, representing 22% year-over-year growth. We expect Q4 subscription revenue to be $1.483 billion to $1.485 billion, 21% year-over-year growth. We now expect professional services revenue to be $645 million in FY '23 with the slight reduction driven by the delay of a large project. For Q4, we expect professional services revenue of $147 million.

接著談財測指引；該指引一方面反映我們業務的持續動能，同時也在不確定的總體環境下取得平衡。在此背景下，我們目前對 2023 財年（FY '23）訂閱營收的指引為 55.55 億至 55.57 億美元，年增 22%。我們預期第四季訂閱營收為 14.83 億至 14.85 億美元，年增 21%。我們目前預期 FY '23 專業服務營收為 6.45 億美元；小幅下調主要因一個大型專案延後。第四季方面，我們預期專業服務營收為 1.47 億美元。

We expect 24-month backlog to grow approximately 19% year-over-year in Q4. We expect Q4 non-GAAP operating margin of approximately 17.5%, which includes some expenses that shifted out of Q3. Our FY '23 non-GAAP operating margin guidance is now 19.2%.

我們預期第四季 24 個月待履約訂單將年增約 19%。我們預期第四季非 GAAP 營業利益率約為 17.5%，其中包含部分自第三季遞延的費用。我們 FY '23 非 GAAP 營業利益率指引目前為 19.2%。

GAAP operating margins for both the fourth quarter and the full year are expected to be approximately 23 percentage points lower than the non-GAAP margins. This includes a change to our employee stock plan that will take effect in Q4 to provide more flexibility to our employees during the open trading window each quarter. Our vesting date will move from the 15th to the 5th of each month for all outstanding grants, resulting in an acceleration of stock-based compensation expense of approximately $30 million in Q4. This change will result in reduced stock-based compensation expense by the same amount over the next few years and has no impact on our dilution.

第四季與全年 GAAP 營業利益率預期將比非 GAAP 利益率低約 23 個百分點。這包含我們員工股票計畫的一項變更，將於第四季生效，以在每季的開放交易窗口期間為員工提供更大的彈性。我們所有未到期授予（outstanding grants）的歸屬日（vesting date）將由每月 15 日改為每月 5 日，導致第四季以股份為基礎的薪酬費用（stock-based compensation）加速認列約 3,000 萬美元。此變更將在未來幾年以相同金額降低以股份為基礎的薪酬費用，且對我們的稀釋沒有影響。

The FY '23 non-GAAP tax rate remains at 19%. We are maintaining our FY '23 guidance for operating cash flow of $1.64 billion, but are reducing our capital expenditures outlook to approximately $375 million, reflecting the timing of certain data center and real estate investments being pushed out to future periods. And as Aneel mentioned, we are pleased to announce a share repurchase program with authority to repurchase up to $500 million in shares over an 18-month period.

FY '23 非 GAAP 稅率維持在 19%。我們維持 FY '23 營運現金流指引為 16.4 億美元，但將資本支出展望下調至約 3.75 億美元，反映部分資料中心與不動產投資的時點延後至未來期間。此外，正如 Aneel 所提到的，我們很高興宣布一項庫藏股回購計畫，授權在 18 個月期間內回購最多 5 億美元的股份。

We will continue to prioritize allocating capital towards organic innovation, followed by targeted M&A, but given our strong balance sheet and free cash flow, we intend to use a portion of our capital towards the repurchase of shares, enabling us to partially offset future dilution from employee stock programs. This repurchase program is a direct reflection of our confidence in the business and our view that our shares are currently undervalued.

我們將持續優先把資本配置於內生成長的創新，其次是具針對性的併購（M&A）；但鑑於我們強健的資產負債表與自由現金流，我們計畫將部分資本用於回購股份，以部分抵銷未來因員工股票計畫所造成的稀釋。此回購計畫直接反映我們對業務的信心，以及我們認為目前股價被低估的看法。

While we are early in our planning cycle for next year and have an important Q4 ahead, we'd like to provide a preliminary view of FY '24. As discussed at our Financial Analyst Day, we have a significant long-term opportunity and multiple growth levers that drive our goal of sustaining 20% plus subscription revenue growth on our path to $10 billion in revenue. While this remains our multiyear goal, given the continued macro uncertainty, we believe it's prudent to provide a preliminary FY '24 subscription revenue range of approximately $6.5 billion to $6.6 billion or 17% to 19% year-over-year growth. This outlook takes into account the lengthening of sales cycles that we're currently seeing impact our net new business.

雖然我們仍處於明年規劃週期的早期階段，且第4季仍有重要工作要完成，但我們希望先提供對 FY '24 的初步看法。如同我們在金融分析師日所討論的，我們擁有顯著的長期機會與多項成長槓桿，推動我們在邁向 100 億美元營收的道路上，達成並維持 20% 以上的訂閱營收成長目標。儘管這仍是我們的多年期目標，但鑑於宏觀環境不確定性持續存在，我們認為審慎起見，先提供 FY '24 訂閱營收的初步區間，約為 65 億至 66 億美元，或年增 17% 至 19%。此展望已納入我們目前看到銷售週期拉長、進而影響淨新增業務的情況。

From a margin standpoint, we currently expect FY '24 non-GAAP operating margin expansion of 150 to 200 basis points from FY '23 levels, placing us firmly on track to our target of 25% non-GAAP operating margin and 35% operating cash flow margin at $10 billion in revenue. The expected margin expansion is driven by the scalability of our model, a strong moderation of hiring and ongoing expense discipline. We plan to operate the business with agility, and we'll continue to appropriately balance growth investments based on what we see in the underlying market environment. And finally, I'll close by thanking our amazing employees, customers and partners for their continued support and hard work.

從利潤率角度來看，我們目前預期 FY '24 非 GAAP 營業利潤率將較 FY '23 水準擴張 150 至 200 個基點，使我們穩健走在達成目標的軌道上：在 100 億美元營收規模時，非 GAAP 營業利潤率達 25%，營運現金流利潤率達 35%。預期的利潤率擴張主要來自我們商業模式的可擴展性、招募增速的明顯放緩，以及持續的費用紀律。我們計畫以敏捷方式經營業務，並將持續依據我們在基礎市場環境中所觀察到的情況，適度平衡成長投資。最後，我要感謝我們優秀的員工、客戶與合作夥伴持續的支持與辛勤付出。

With that, I'll turn it over to the operator to begin Q&A.

接下來，我把時間交給接線員開始問答。

(Operator Instructions) Our first question is from Kash Rangan with Goldman Sachs.

（接線員指示）我們的第一個問題來自高盛（Goldman Sachs）的 Kash Rangan。

Fabulous, fabulous quarter given the macroeconomic conditions. I was wondering if you could give us some perspective. In some sense, this is a recession that everybody has been expecting, nobody's going to be surprised. I was wondering if you could offer some insights into how Workday has been able to execute so well during a tough time and other software companies are facing headwinds.

在目前的宏觀經濟條件下，這一季表現非常、非常出色。我想請你們提供一些觀點。某種程度上，這是一場大家一直預期的衰退，沒有人會感到意外。我想請教你們，Workday 如何能在艱困時期仍執行得如此出色，而其他軟體公司卻面臨逆風？

And to the extent we get some relief next year, if the economy does improve, could you do even better considering that your results are actually quite impressive?

另外，如果明年經濟真的改善、我們獲得一些喘息空間，考量你們目前的成果其實相當亮眼，你們是否有機會表現得更好？

Well, I don't think we'll comment next year just quite yet, Kash, but thank you for the kind comments. I think the value proposition of our products works in a downturn just as it does in a good market, just like we did in 2008, 2009 and every other downturn. Chano, do you want to add anything?

Kash，我想我們還不會這麼早就評論明年，但謝謝你的肯定。我認為我們產品的價值主張在景氣下行時同樣有效，就像在景氣良好時一樣；正如我們在 2008、2009 以及每一次景氣下行時所展現的。Chano，你要補充嗎？

No, I think I agree with what you said, Aneel. I believe the mission-critical applications of our solutions really resonates with our customers as they are modernized in their HR and finance solution. And as I said in my comments as well, Kash, there is a consolidation of spend across strategic (inaudible) vendors, and we clearly are being one of those these days.

沒有，我同意你說的，Aneel。我相信我們解決方案的關鍵任務型（mission-critical）應用，確實能引起客戶共鳴，因為他們正在現代化其人資與財務解決方案。而且如同我在評論中也提到的，支出正朝向策略性（聽不清）供應商的整合，而我們近來顯然正成為其中之一。

Our next question is from Kirk Materne with Evercore.

下一個問題來自 Evercore 的 Kirk Materne。

I'll echo the congrats on a really nice quarter in a tough environment. I guess, Chano, you talked about some deal cycles extending. I was just wondering if you could talk a little bit about what you're seeing at the top of the funnel. Obviously, you guys sort of came out perhaps of the COVID recession a little bit later than some others. I think there's a fear out there that once we get through this current wave of deals in your pipeline, that there might be some sort of cliff in terms of net new billings. But it sounds like you guys feel pretty good about your pipeline. So I was wondering if you could just sort of expand on that.

我也要恭喜你們在艱困環境下交出非常漂亮的一季。我想問的是，Chano，你提到有些交易週期正在拉長。我想請你談談你們在漏斗頂端（top of the funnel）看到的情況。顯然，你們在 COVID 衰退後的復甦可能比一些同業稍晚一些。我想市場上有個擔憂：當你們管線中目前這一波交易走完後，淨新增帳單（net new billings）可能會出現某種「斷崖」式下滑。但聽起來你們對管線仍相當有信心，所以想請你們進一步說明。

Thank you for your question, Kirk. Overall, companies continue to prioritize HCM and financials transformations, and we see ongoing momentum in important growth areas like our customer base team, what is a clear market trend, as I said, towards consolidation of vendors and as well the medium enterprise. There's good pipeline momentum, but maybe, Doug, you can add some color in terms of pipeline and deal dynamics overall.

謝謝你的問題，Kirk。整體而言，企業仍持續優先推動 HCM 與財務轉型；我們也在重要成長領域看到持續動能，例如我們的客戶基礎團隊（customer base team）、以及我剛才提到的明顯市場趨勢——供應商整合——還有中型企業市場。管線動能良好，不過也許 Doug 可以就整體管線與交易動態補充一些細節。

Yes. I think -- well, you captured 2 of it, which is I describe, Kirk, as -- we've got diversity of revenue streams. So as Chano mentioned, medium enterprise performed well. We've got the customer base motion. And that was a theme that I certainly heard at our customer conferences is our large customers wanting to consolidate, rationalize number of suppliers and expand their footprint with us. So I think that certainly helps.

好的。我想——你已經涵蓋其中兩點了。我會這樣形容，Kirk：我們的營收來源具多元性。正如 Chano 提到的，中型企業表現良好；我們也有客戶基礎的推進動能。而這也是我在客戶大會上明確聽到的主題：大型客戶希望整合、精簡供應商數量，並擴大與我們合作的範圍。我認為這確實有所助益。

In terms of like top of the funnel sort of the core of your question, it's really interesting in that our Q3 pipeline build, so the pipe we're building now, which is largely about next year, met our internal targets. So we're seeing project formation. At the same time, we're seeing some projects elongate. I think Chano mentioned this, but they tend to be large enterprise net new. Those projects have extra steps to complete. At the same time, at the top end, the starting of projects is meeting the goals that we've established internally.

至於你問題核心——漏斗頂端的情況——很有意思的是，我們第3季的管線建置（Q3 pipeline build），也就是我們現在正在建立、主要關乎明年的管線，達到了我們內部目標。因此我們看到專案正在形成。同時，我們也看到部分專案拉長。我想 Chano 提過，這些多半是大型企業的淨新增案（large enterprise net new）。這些專案需要完成更多額外步驟。與此同時，在最上游端，專案啟動的數量仍符合我們內部設定的目標。

Our next question is from Mark Murphy with JPMorgan.

下一個問題來自摩根大通（JPMorgan）的 Mark Murphy。

Yes. And I'll add my congrats. I'm interested in whether it's possible that the volatility of this type of environment where you have so many vectors moving around inflation, interest rates, FX, supply chain issues. Is it possible that it's coming together in a way that really elevates the Workday value prop with integrated planning, cloud-based, maybe more so than in the smooth sailing environment that we had in the last decade? Because as Kash mentioned, you're navigating your way through this very well.

是的，我也要表示祝賀。我想了解的是，在這種環境下有許多變動向量——通膨、利率、外匯、供應鏈問題——其波動性是否可能以某種方式匯聚，反而更凸顯 Workday 的價值主張：整合式規劃、雲端化等，甚至比過去十年那種風平浪靜的環境更為明顯？因為如 Kash 所說，你們在這段期間的表現非常好。

I'm just wondering if you see any effect of that. Maybe it's increasing some of your win rates and maybe it builds up a little pent-up demand for some time in the future when the environment starts to improve.

我想知道你們是否看到這方面的影響。也許它提高了你們的贏單率（win rates），並且在未來某個時間點、當環境開始改善時，累積一些被壓抑的需求（pent-up demand）。

Well, I guess I'd start with I wish that was the case across the board. We definitely see some -- you see -- in a downturn, you see some movement to -- well, I got to get on the right stuff to help me manage through these volatile environments. At the same time, there are other customers that are just cautious in making new decisions. And so I think they tend to balance each other out. I'm not sure there's a -- I'm not sure it's a big boost for us or a big negative for us. We're all seeing the same environment.

我想我會先說，我希望這種情況能全面發生。我們確實看到一些——在景氣下行時，會看到部分客戶轉向「我必須採用正確的工具，才能在這種波動環境中管理營運」。但同時，也有其他客戶在做新決策時非常謹慎。因此我認為兩者大致互相抵銷。我不確定這對我們是很大的助力或很大的負面影響；大家面對的環境都一樣。

But there are definitely customers who are behind on making the transition. I feel like this is a catalyst to make that transition. And then there are others who already made the transition that maybe think, "Hey, let's be cautious on follow-on purchases." Chano, anything to add?

不過，確實有一些客戶在轉型上落後，我覺得這會成為促使他們轉型的催化劑；同時也有一些已完成轉型的客戶，可能會想「後續加購先保守一點」。Chano，有要補充的嗎？

Nothing to add.

沒有要補充。

Our next question is from Keith Weiss with Morgan Stanley.

下一個問題來自摩根士丹利（Morgan Stanley）的 Keith Weiss。

This is Josh Baer on for Keith. I was hoping you could expand a bit on the macro assumptions that are embedded in that FY '24 subscription revenue guidance range. Just wondering what areas get worse, what stays the same when thinking about different geographies as well as new business from new logos or expansion and renewals from existing customers.

我是代 Keith 提問的 Josh Baer。我想請你們更詳細說明一下，FY '24 訂閱營收指引區間中所隱含的宏觀假設。想了解在不同地區、以及新客戶（new logos）的新業務或擴張、與既有客戶的續約與擴張等方面，哪些情況會變得更糟、哪些會維持不變。

Josh, thanks for your question. So the guidance range that we provided is our best view at this time. It takes into account the continued momentum across important growth areas such as customer base, medium enterprise, but also balancing that with lengthening sales cycles that we're seeing impact our business, particularly our net new opportunities. So given the uncertain environment, we provided an estimated subscription revenue range with that low end of the range, assuming a larger impact to sales cycles than we're currently seeing today.

Josh，謝謝你的問題。我們提供的指引區間是我們目前時間點的最佳判斷。它納入了重要成長領域的持續動能，例如客戶基礎與中型企業，同時也平衡了我們所看到的銷售週期拉長對業務的影響，特別是對淨新增機會的影響。因此在不確定的環境下，我們提供了訂閱營收的估計區間；其中區間下緣是假設銷售週期受到的影響會比我們今天所看到的更大。

Our next question is from Brad Zelnick with Deutsche Bank.

下一個問題來自德意志銀行（Deutsche Bank）的 Brad Zelnick。

Our next question is from Alex Zukin with Wolfe Research.

下一個問題來自 Wolfe Research 的 Alex Zukin。

I'll extend my congratulations not only on the quarter, but on the prescriptiveness of the guide, both on top and bottom line, in what is clearly a very uncertain and tenuous environment. So I guess maybe just the first one, if we look at the patterns emerging in the sales cycles in the business, I guess, Aneel or Chano, can you guys compare and contrast this with -- from a pipeline perspective going into 4Q, what are you expecting the impact to be in your biggest quarter on bookings, on new ACV growth, on -- and maybe FINS versus HCM specifically where you feel a little bit better or compare and contrast that I think would be super helpful?

我想把恭喜不僅送給這一季的表現，也送給你們在明顯非常不確定且脆弱的環境下，對指引在營收端與獲利端都給出相當具體的說明。我想先問第一個問題：如果我們看業務銷售週期中正在浮現的模式，Aneel 或 Chano，你們能否從管線角度比較一下——進入第4季時，你們預期對你們最大一季的預訂（bookings）、新 ACV 成長，以及——也許在 FINS 相較於 HCM 上，你們在哪些方面感覺更好？做一些比較對照，我想會非常有幫助。

Well, let me just offer a high-level commentary. I spent a lot of time with other CEOs, and this is not 2008, 2009. No one sees the world coming to an end like they did at that time. I think right now, we're in a world of caution, where no one's quite sure what's going to happen, but things don't feel really bad. And so -- but caution and stopping can sometimes look the same. And so it's kind of hard to predict right now.

好，我先做一個高層次的評論。我花了很多時間和其他執行長交流，而現在不是 2008、2009 年。沒有人像當時那樣覺得世界要走到盡頭。我認為目前我們處在一個謹慎的世界裡，沒有人能完全確定接下來會發生什麼，但感覺也沒有真的很糟。所以——但謹慎與停下來有時看起來很像。因此現在其實很難預測。

Every CEO I talked to is still relatively feeling positive about their business, but worried about the economic underpinnings of what the fed is doing and the potential recession. And so I think the word that I keep coming back to is everybody is cautious. And I don't know how that -- Chano, how do you think that reflects in the pipeline in Q4 and other quarters? But it's -- this is not an end-of-the-world scenario, not at least yet, like '08, '09.

我聊過的每一位執行長，對自己的業務整體仍相對正面，但也擔心聯準會的作為對經濟基本面的影響，以及潛在的衰退。因此我一直回到的一個詞就是：大家都很謹慎。我也不確定那會如何——Chano，你覺得這在第四季以及其他季度的 pipeline 上會如何反映？但這——至少目前還不是那種世界末日的情境，不像 '08、'09。

Yes. Thank you, Alex, for your question. I would say, first, when it comes to HCM or FINS, we don't see any significant difference between one or the other. So they're proportionally impacted given the macro environment. When it comes to Q4, I would say we had the pipeline to execute on the quarter. Of course, that usually will not manifest as a prioritization because those projects have been already prioritized, but it may happen some lengthening of sales cycles as we said before, particularly on net new deals and opportunities that they're more scrutinized on those, right? And Doug already commented on the growth pipeline for next year.

是的。Alex，謝謝你的提問。我會先說，無論是 HCM 或 FINS，我們沒有看到兩者之間有任何顯著差異。所以在總體環境影響下，它們受到的衝擊是按比例的。談到第四季，我會說我們有足夠的 pipeline 來執行本季。當然，通常這不會表現為重新排序優先順序，因為那些專案早已被排定優先順序；但如同我們先前所說，銷售週期可能會拉長，特別是在全新（net new）交易與機會上，這些會被更嚴格審視，對吧？而 Doug 也已經談到明年的成長 pipeline。

Perfect. And then, I guess, if I think about what you're saying around net new and how well I think you're doing on renewals and selling into the base specifically, is it fair to assume that in the near term, there could be a bit more bookings concentration coming from existing customers? And kind of how well -- how important is that dynamic that informs some of your margin commentary for next year, given it should be a little bit easier, it should be a little bit more predictable to sell into the base?

很好。那接著我想，如果我從你對 net new 的說法，以及我認為你們在續約與特別是對既有客戶（base）加售方面做得很好的角度來看，是否可以合理假設：短期內，訂單（bookings）的集中度可能會更多來自既有客戶？以及這種動態——它對你們明年的毛利率評論有多重要？因為對既有客戶銷售應該更容易、也更可預測。

Yes, Alex, it is fair to assume that there will be more concentration on the customer base and areas like medium enterprise, as we said before. And then hence, we'll put more focus on both marketing environments and sales go-to-market environment into those areas. Of course, that will potentially provide higher yield on these times.

是的，Alex，合理可以這麼假設：我們會更集中在既有客戶基礎，以及如同先前所說的中型企業等領域。因此，我們會在這些領域加大行銷環境與銷售 go-to-market 的投入。當然，在這樣的時期，這可能帶來更高的產出（yield）。

Our next question is from DJ Hynes with Canaccord.

下一個問題來自 Canaccord 的 DJ Hynes。

Maybe building off Alex's last question there. I mean there's lots of interesting partner commentary in the script. I'm curious about the level of collaboration you have with partners on what they're working on with Extend or an industry accelerators. And assuming you have visibility there, maybe you could talk a bit about like where you draw the line on what Workday might own or build directly versus what you let go to partners.

延續 Alex 剛才的最後一個問題。講稿裡有很多有趣的合作夥伴相關評論。我想了解你們與合作夥伴在 Extend 或產業加速器（industry accelerators）上正在做的事情，合作程度到什麼層級。假設你們對此有能見度，也許你們可以談談：Workday 會在哪裡劃線，哪些由 Workday 自己擁有或直接建置，哪些則交由合作夥伴來做？

Pete, do you want to talk about the product side first? And then Chano can talk about the partner side.

Pete，你要不要先談談產品面？然後 Chano 可以談合作夥伴面。

Sure. Thanks again for that question. As you heard us talk about the momentum with Extend that we've seen recently has been great, we talked about that a lot, both in Stockholm and in Orlando at our user conferences this year, now over 750 applications in production. When it comes to where that momentum is coming from, it is customers and it is partners as well. Partners are beginning to build on the Extend platform and Extend Workday applications as well as build net new applications that connect with HCM and financials. So far, the -- our customers have been getting value through both of those. The question of where do we draw the line between what is ours and what is our partners, I'll hand over to Chano.

當然。再次謝謝你的問題。正如你們聽到我們談到的，最近我們看到 Extend 的動能非常好；今年我們在斯德哥爾摩以及奧蘭多的用戶大會上都談了很多，現在已有超過 750 個應用程式在生產環境上線。至於這股動能從哪裡來，既來自客戶，也來自合作夥伴。合作夥伴開始在 Extend 平台上建置 Extend Workday 應用程式，也開始建置可與 HCM 與財務相連結的全新應用程式。到目前為止，我們的客戶從這兩類都獲得了價值。至於我們如何劃分哪些是我們的、哪些是合作夥伴的，我把問題交給 Chano。

Yes, I think as I commented on some of my prepared remarks, I mean clearly driving co-innovation with our partners across the platform is very critically important. You would say, where you draw the line when something is kind of you would define or I would define the last mile in a particular industry or we need some more content-driven specific understanding of that value add in that industry with a partner, there's where we see an opportunity to collaborate with our partners.

是的，我想如同我在部分事先準備的發言中提到的，很明顯，與合作夥伴在整個平台上推動共同創新（co-innovation）是非常、非常重要的。你會說界線在哪裡？當某件事屬於——你可以定義、或我會定義為某個特定產業的「最後一哩路」，或我們需要更多以內容驅動、對該產業價值增益的特定理解並與合作夥伴結合時，那就是我們看到與合作夥伴協作機會的地方。

I mentioned some of these solutions that we're building with (inaudible) for different industries, like the revenue operation solution, again, that is very critical to the software and technology companies. There are others that would be a bit more, let's say, across industries like the document management, employee document management that I provided on. But honestly, we don't see that as a core, let's say, value add from us in terms of building that solution.

我提到過一些我們與（聽不清）為不同產業共同打造的解決方案，例如營收營運（revenue operation）解決方案，這對軟體與科技公司非常關鍵。也有一些會更偏跨產業，例如我提到的文件管理、員工文件管理。但坦白說，我們不把那視為我們在建置該解決方案方面的核心——姑且說——價值增益。

But, of course, it's adding value to our customers there and partners take just advantage of the maturity of Extend to bring that value add that is resonating with our customers. So we're really pleased, as you can imagine, that customer partners can differentiate and bring additional offering to our customers.

但當然，這確實為我們的客戶帶來價值，而合作夥伴也能利用 Extend 的成熟度，把這種價值增益帶進來，並且與我們的客戶產生共鳴。所以我們非常高興——你可以想像——客戶與合作夥伴能夠差異化，並為我們的客戶帶來額外的產品與服務。

Yes, makes sense. And then, Barbara, maybe I could sneak in a follow-up for you. The buyback is great to see as analysts always ask for more. Why not be more aggressive given where the stock is, the strength of the balance sheet, expected cash generation next year? Like what were the considerations there?

是的，合理。接著，Barbara，我也許可以偷偷追問你一題。看到回購很棒，因為分析師總是會要求更多。考量目前股價位置、資產負債表的強度、以及明年預期的現金產生能力，為什麼不更積極一些？當時有哪些考量？

I'll answer that one because I think Barbara probably wanted to do more. You just don't know what you're going into a tough economic environment and cash is king. And so we wanted to be conservative. And if we come out in a good market environment in the next 6 to 9 months, you definitely could see more, but there's just a balance of risk.

我來回答這題，因為我想 Barbara 可能也希望做更多。只是你不知道在艱困的經濟環境裡會遇到什麼，而現金為王。所以我們希望保守一些。如果接下來 6 到 9 個月市場環境轉好，你肯定可能會看到更多，但這就是風險之間的平衡。

Our next question is from Raimo Lenschow with Barclays.

下一個問題來自 Barclays 的 Raimo Lenschow。

Chano, the one thing that we're seeing in the industry at the moment is that there seems to be more money in HR post pandemic with a great reshuffle, et cetera. Could that -- are you seeing that in terms of like interest of pockets over customers are? And do you think that's kind of more a short-term thing and we're at the back part of that trend? Or do you think HR, HCM strategically is having a new position in the enterprise?

Chano，我們目前在產業裡看到的一件事是：疫情後因為「大洗牌」（great reshuffle）等等，HR 似乎有更多預算。這——你們是否也看到這點，例如客戶的關注焦點或預算口袋（pockets）？你覺得這比較像短期現象、我們正處在這個趨勢的後段？還是你認為 HR、HCM 在企業中的策略地位正在出現新的定位？

Thank you, Raimo, for your question. I think both of them, to be honest, has some good tailwind out of the pandemic, but clearly, of course, that nets out or balance out with the macro environment we are living into. But I would say that some of the financial transformations, we see those in the market, and they are taking place as we speak. As a dynamic of companies having a tough time to just navigate through their finance modernization or honestly doing simple things like closing their books online in terms of many legacy platforms and in terms of a lot of manual processes that could just not happen once you were not in the office.

Raimo，謝謝你的提問。老實說，我認為兩者都有：疫情帶來一些不錯的順風，但當然也會被我們所處的總體環境所抵消或平衡。不過我會說，一些財務轉型我們確實在市場上看到，而且正在發生。原因在於，許多公司在推進財務現代化時很難掌舵，或坦白說，在許多傳統平台與大量手動流程下，連像是線上關帳這種基本事情都很難做到；一旦你不在辦公室，這些事情就更不可能發生。

Clearly, employee engagement as a whole in HCM, the skills area, all the machine learning and AI that we're bringing to those processes are obviously value add the companies do see and want to take advantage of and continue to be a great tailwind for the HCM value proposition as a whole.

很明顯，在 HCM 方面，整體員工敬業度、技能領域，以及我們導入到這些流程中的機器學習與 AI，都是企業看得到、也想要善用的價值增益，並且持續成為整體 HCM 價值主張的重要順風。

Yes. And then 1 follow-up is if you think about selling in this kind of slightly more tougher environment, can you talk a little bit maybe about the steps you're taking in terms of sales execution to kind of make sure you continue to deliver in this market? I'm thinking about higher pipeline coverage, kind of making sure you kind of -- you time the deals better, et cetera. Like where are we on that journey of implementing these kind of recession handbook kind of selling kind of policies that we used to take out in the older days?

是的。那再追問一題：如果你思考在這種稍微更艱難的環境下銷售，你能否談談你們在銷售執行上採取了哪些步驟，以確保你們能在這個市場持續交付？我想到的是更高的 pipeline 覆蓋率、確保你們——把交易時點掌握得更好等等。就像我們以前會拿出「衰退手冊」那種銷售政策，你們在導入這些做法的進程到哪裡了？

Doug, do you want to add some color there on the sales strategy in the market?

Doug，你要不要就市場上的銷售策略補充一些說明？

Yes, sure. I think Aneel or you, Chano, might have mentioned it after Q1, but we pivoted to our ROI-based and TCO-based way to engage with customers right at Q1. Of course, we've always done business cases with our customers. But entering tougher environments, it comes down to TCO, hard dollars that you can take out, system rationalization productivity. So I think it's showing up really focusing with our customers on the HR side. So there's no doubt, tight labor markets.

好的，當然。我想 Aneel 或你，Chano，可能在第一季後提過：我們在第一季就轉向以 ROI 與 TCO 為基礎的方式來與客戶互動。當然，我們一直都會和客戶做商業案例（business case）。但進入更艱難的環境後，重點就回到 TCO、可以省下的硬成本（hard dollars）、系統整併與生產力提升。所以我認為這點在我們與客戶的互動上已經很明顯，尤其是在 HR 端。毫無疑問，勞動市場仍然緊俏。

And so that's driving, I think, the TCO on that side of it. And it was touched on earlier by Aneel. We had a really good Q3 as it relates to financials. So FINS+ performed well. And those are ROI-driven as well. And those are companies looking for -- sure, it might start with an aging -- retiring older systems, but it pivots pretty quickly when they engage with us through that plan, execute, analyze and offering up more business agility in an uncertain environment. So those are the things from a go-to-market, from a field deployed resources standpoint that we're spending a lot of time with customers on, on the business case.

因此我認為，這正在推動那一端的 TCO。而 Aneel 先前也提到過。我們在與財務相關的部分，第三季表現非常好。因此 FINS+ 表現亮眼。而這些同樣也是以 ROI 驅動。這些公司在尋找——當然，一開始可能是因為既有系統老化——汰換舊系統，但當他們透過我們的「規劃、執行、分析」方案與我們合作後，很快就會轉向在不確定的環境中提供更高的業務敏捷性。因此，從 go-to-market、從前線部署資源的角度來看，這些就是我們花很多時間與客戶一起討論、建立商業案例的重點。

Our next question is from Brad Sills with Bank of America Securities.

下一個問題來自美國銀行證券（Bank of America Securities）的 Brad Sills。

I wanted to ask a question around backlog for next year. I think, Chano, you made some comments that you feel good about Q4 pipelines heading into Q4. And the question on everyone's mind is really what about next year. There's a lot of moving parts. In your conversations with office of CFO, office of HR, what are they saying with regard to budgets for next year? Do you feel pretty confident that you can sustain this kind of growth into next year as well?

我想問一個關於明年積壓訂單（backlog）/在手訂單的問題。我想，Chano，你提到你對第四季的管線（pipeline）進入 Q4 感到樂觀。而大家真正關心的是明年會怎麼樣。變數很多。在你們與 CFO 辦公室、HR 辦公室的對話中，他們對明年的預算是怎麼說的？你們是否相當有信心，明年也能維持這樣的成長？

Well, Brad, thank you for your question. Right now, we're exactly on those discussions, right, where companies are going through their planning and budgeting cycles, and it is a question of prioritization of projects. And we're having those discussions that, that was commenting on that are really TCO- and ROI-based, right? So clearly, here where you see some different scenarios on our guidance, particularly depending on what happens on some of the new local sales cycles that might put some lengthening.

Brad，謝謝你的提問。現在我們正是在進行這些討論，對吧？各家公司正在走他們的規劃與預算編列週期，而這確實是專案優先順序的問題。我們正在進行的討論——我剛才評論的——主要是以 TCO 與 ROI 為基礎，對吧？因此很明顯地，在我們的指引中你會看到一些不同情境，特別取決於某些新的在地銷售週期會發生什麼，這可能會讓週期拉長。

And clearly, even though they might be building right now, maybe fall outside of next year or some of them that just may be pushing forward. But right now, we're having most of those discussions. Overall, we feel good given the momentum we have and given the momentum on the new pipeline build and the conversations we're engaging with and the strength of our customer base, our medium enterprise and the diversity of our business, as Doug has commented. But clearly, we are cautiously monitoring what's going on in the environment.

而且很明顯，即使他們現在正在建置，可能也會落在明年之外，或其中一些可能只是往後推。但目前我們正在進行大多數這類討論。整體而言，考量我們目前的動能、以及新管線建立的動能、我們正在進行的對話、以及我們客戶基礎的強勁、中型企業客群與業務多元性（Doug 也提到過），我們感覺良好。但同時，我們也在審慎監控環境中的變化。

And then one more, if I may, please, just on the verticals. You called out some strength in financials, health care. Is there a case to be made that perhaps you guys have more exposure to more resilient verticals with those, in particular, public sector education kind of less affected by perhaps the macro?

如果可以的話，我再追問一個關於產業別（verticals）的问题。你們提到金融、醫療保健有一些強勁表現。是否可以說，你們在這些領域的曝險更偏向較具韌性的產業，尤其是公部門、教育等，可能較不受總體環境影響？

We're pretty diversified across all the industries and some have held up better than others. When I look at what's happening in Silicon Valley, we definitely have a bunch of tech companies, but we're not exposed to tech the way maybe a newer company might be where they got a huge amount of exposure to just tech companies. So -- and our tech companies tend to be the mature large companies. So I don't think there's any particular sector that's held us up. I would say financial services is strong, though. The one beneficiary of rising interest rates is the financial services sector and they continue to grow, and we have a very strong presence there.

我們在各產業的分布相當多元，有些產業的表現確實比其他產業更能撐住。當我看矽谷正在發生的事，我們確實有不少科技公司客戶，但我們對科技業的曝險不像某些較新的公司那樣——他們可能對純科技公司有非常高的曝險。所以——而且我們的科技公司客戶通常是成熟的大型公司。因此我不認為有任何特定產業是支撐我們的關鍵。不過我會說，金融服務確實很強。升息的受益者之一就是金融服務業，他們仍在成長，而我們在那裡有非常強的布局。

Our next question is from Brent Thill with Jefferies.

下一個問題來自 Jefferies 的 Brent Thill。

Aneel, just to follow up on the verticals. A number of the partners have been talking about strength in state and local government and higher ed. I'm curious if you could drill in on those 2 to give us a sense of what you're seeing right now in both those sectors.

Aneel，我想就產業別再追問一下。有不少合作夥伴談到州與地方政府以及高等教育的強勁需求。我很好奇你是否能針對這兩個領域深入說明，讓我們了解你們目前在這兩個產業看到的情況。

I may turn that one over to Doug to talk about. Doug, are you there?

我可以把這題交給 Doug 來談。Doug，你在線上嗎？

Yes, sorry about that. I was on mute. The question was around education, government. Is that correct?

在，抱歉，我剛剛在靜音。問題是關於教育、政府，對嗎？

State and local and higher ed.

州與地方政府，以及高等教育。

Yes. So both performed well in the quarter. We had a number of student -- Workday student deals, which for a while there, we were doing a number of financials, HCM on the higher ed side, but we took down some student deals in the quarter and showed really nice growth in Q3. And so we feel good about both of those verticals right now.

是的。這兩個領域在本季表現都很好。我們拿下了多筆 Workday Student 的案子；之前有一段時間，我們在高等教育端做了不少財務、HCM 的案子，但本季我們拿下了一些 Student 的案子，第三季呈現相當不錯的成長。因此我們目前對這兩個產業別都感到樂觀。

Barbara, can I just follow up real quick on international? It was the lowest growth in 5 quarters. Is there anything to point out in Europe versus the U.S. kind of just the classic still over what we've been hearing? Or is there anything specific on an execution? Can you just compare and contrast what you're seeing?

Barbara，我可以很快追問一下國際市場嗎？這是 5 個季度以來最低的成長。歐洲相較於美國，有沒有什麼值得指出的——是否就是我們一直聽到的那種典型情況？還是執行面有任何特定因素？你能否比較一下你們看到的狀況？

I would say, clearly, the environment is more uncertain in Europe. Obviously, on top of everything else going on in the world, we have energy as a big challenge. And where we see, let's say, an increase signs of deals and sell cycles lengthening that tends to happen in Europe. And I would say, in general, we are more cautious overall what's going there in the near relative terms than in other markets and other segments.

我會說，很明顯歐洲的環境更不確定。當然，除了世界上正在發生的各種事情之外，能源也是一個重大挑戰。而我們看到——比如說——交易（deals）與銷售週期拉長的跡象增加時，這種情況往往會在歐洲發生。我也會說，整體而言，就近期相對而言，我們對那邊的情況比其他市場與其他區隔更為審慎。

We have time for 1 final question from Scott Berg with Needham.

我們還有時間進行最後一個問題，來自 Needham 的 Scott Berg。

I guess this one will be relatively straightforward as you all called out slowness in the enterprise segment a couple of different times. We talked about the mid-market being, I guess, relatively untouched. Can you help us kind of understand maybe what's going on in the mid-market to not really see any weakness today? I think that's an interesting kind of a change at least relative to what we're seeing out there.

我想這題會相對直接，因為你們多次提到企業級（enterprise）區隔的放緩。我們談到中型市場（mid-market）似乎相對未受影響。你們能否幫我們理解一下，中型市場目前發生了什麼，使得今天看起來沒有任何疲弱？我認為這至少相較於我們在外部看到的情況，是一個有趣的變化。

And then as we think about the guidance within the mid-market, is the slowness or maybe additional macro uncertainty that's impacting the low end of the guidance, do you have some sort of conservatism baked into any potential slowdown in the mid-market also impacting that guidance?

另外，當我們思考你們在中型市場的指引時，若低端指引是受到放緩或更多總體不確定性影響，你們是否也把中型市場可能放緩的情況，以某種保守假設納入了該指引？

Yes. I guess we've not said that the mid-market is not impacted. What we said is that, of course, we had overall more strength in the medium enterprise and in the customer base. If you look at what it tends to happen more scrutiny around either the business case or additional approvals, clearly, those are on the larger deals and larger companies that we usually -- we tend to see it more.

是的。我想我們並沒有說中型市場不受影響。我們說的是，整體而言，我們在中型企業與既有客戶基礎上看到更多強勁表現。如果你看通常會發生的情況，對商業案例的審查更嚴格或需要額外核准，顯然這些通常出現在較大型的交易與較大型的公司上——我們通常會在那裡看到得更多。

Our value proposition is strong and resonates and quicker time to value fixed cost of implementations, very predictive ones across HCM and finance in the mid-market, brings good ROI, brings good total cost of ownership in terms of the financials and main transformation as a whole, and that is a value proposition that mid-market is taking the same on a faster clip as they are modernizing and they're assisting on their platforms.

我們的價值主張很強、也很能引起共鳴：更快的價值實現時間、實施的固定成本、在 HCM 與財務領域都非常可預測；在中型市場能帶來良好的 ROI，並在財務與整體主要轉型方面帶來良好的總持有成本（TCO）。而這樣的價值主張，隨著中型市場客戶在現代化並在其平台上進行轉型，他們採用的速度與節奏更快。

Ladies and gentlemen, thank you for your participation in today's conference. This will conclude Workday's Third Quarter Fiscal Year 2023 Earnings Call. Thank you again for joining us.

各位女士、先生，感謝您參與今天的會議。Workday 2023 會計年度第三季財報電話會議到此結束。再次感謝各位加入。