Workday Inc (WDAY) 2023 Q4 法說會逐字稿

Welcome to Workday's Fourth Quarter and Fiscal Year 2023 Earnings Call. (Operator Instructions)

歡迎來到 Workday 的第四季度和 2023 財年收益電話會議。 （操作員說明）

With that, I will now hand it over to Justin Furby, Vice President of Investor Relations.

有了這個，我現在將把它交給投資者關係副總裁 Justin Furby。

Thank you, operator. Welcome to Workday's Fourth Quarter Fiscal 2023 Earnings Conference Call. On the call, we have Aneel Bhusri and Carl Eschenbach, our co-CEOs; Barbara Larson, our CFO; and Doug Robinson, our co-President. Following prepared remarks, we will take questions.

謝謝你，運營商。歡迎來到 Workday 的 2023 財年第四季度收益電話會議。我們的聯席首席執行官 Aneel Bhusri 和 Carl Eschenbach 出席了電話會議；我們的首席財務官 Barbara Larson；和我們的聯席總裁道格·羅賓遜 (Doug Robinson)。在準備好的評論之後，我們將回答問題。

Our press release was issued after close of market and is posted on our website, where this call is being simultaneously webcast. 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 that could cause actual results to differ materially. Please refer to the press release and the risk factors and documents we file with the Securities and Exchange Commission, including our fiscal 2023 annual report on Form 10-K, for additional information on risks, uncertainties and assumptions that may cause actual results to differ materially from those set forth in such statements.

我們的新聞稿是在收盤後發布的，並張貼在我們的網站上，該電話會議正在該網站上同步進行網絡直播。在我們開始之前，我們要強調的是，我們在本次電話會議上的一些聲明，尤其是我們的指導，是基於我們今天掌握的信息，包括關於我們的財務業績、應用、客戶需求、運營和其他事宜。這些陳述受風險、不確定性和假設的影響，可能導致實際結果出現重大差異。請參閱新聞稿和我們向美國證券交易委員會提交的風險因素和文件，包括我們 2023 財年 10-K 表的年度報告，以了解有關可能導致實際結果出現重大差異的風險、不確定性和假設的更多信息從這些聲明中列出的那些。

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 財務指標，我們認為這些指標可作為 Workday 業績的補充指標。這些非 GAAP 措施應作為 GAAP 結果的補充，而不是替代或孤立於 GAAP 結果。您可以在我們的收益新聞稿、我們的投資者介紹和我們網站的投資者關係頁面上找到有關這些非 GAAP 措施的額外披露，包括與可比較的 GAAP 結果的調節。

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. Our first quarter fiscal 2024 quiet period begins on April 15, 2023. Unless otherwise stated, all financial comparisons in this call will be to our results for the comparable period of our fiscal 2022.

在接下來的 90 天內，將在我們公司網站的“投資者關係”鏈接下提供此次電話會議的網絡直播重播。此外，我們的季度投資者介紹將在此次電話會議後發佈在我們的投資者關係網站上。此外，我們網站的客戶頁麵包含選定客戶的列表，並且每月更新一次。我們 2024 財年第一季度的靜默期從 2023 年 4 月 15 日開始。除非另有說明，否則本次電話會議中的所有財務比較都將與我們 2022 財年同期的結果進行比較。

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

有了這個，我會把電話交給 Aneel。

Thank you, Justin, and welcome to Workday's fiscal 2023 Fourth Quarter and Full Year Financial Results Earnings Call. I'm pleased to share that we delivered solid Q4 results and once again outperformed against our key operating metrics, which included subscription revenue growth of 22% for the quarter and for full year fiscal year '23.

謝謝賈斯汀，歡迎來到 Workday 的 2023 財年第四季度和全年財務業績收益電話會議。我很高興與大家分享，我們在第四季度取得了穩健的業績，並再次優於我們的關鍵運營指標，其中包括本季度和 23 財年全年訂閱收入增長 22%。

While the macro environment continues to be unpredictable, Workday's value proposition is only getting stronger as more organizations turn to us to help them adapt and manage their 2 most important resources, their people and their finances. As a result, our thriving customer community continues to grow and feel our path to $10 billion in revenue and beyond.

雖然宏觀環境仍然不可預測，但隨著越來越多的組織轉向我們幫助他們調整和管理他們最重要的 2 個資源，即他們的人員和他們的財務，Workday 的價值主張只會越來越強大。因此，我們蓬勃發展的客戶社區不斷壯大，並感受到我們通往 100 億美元及以上收入的道路。

In fact, we achieved a significant milestone in Q4 as we surpassed the 10,000 customer mark, with more than 4,750 of those being our core HCM and finance customers, a true testament to the power of the Workday platform and our ability to address the needs for the offices of the CHRO and CFO. Additionally, approximately 629 billion transactions were processed with Workday in fiscal year '23, an increase of 42% year-over-year and further proof of the scale that we have reached.

事實上，我們在第四季度實現了一個重要的里程碑，因為我們超過了 10,000 個客戶，其中超過 4,750 個是我們的核心 HCM 和財務客戶，這真實證明了 Workday 平台的強大功能以及我們滿足以下需求的能力CHRO 和 CFO 的辦公室。此外，在 23 財年，Workday 處理了大約 6290 億筆交易，同比增長 42%，進一步證明了我們已經達到的規模。

Before we share some Q4 highlights, I want to touch on several recent leadership moves and one organizational announcement that we made, all of which will help set us up for our next phase of growth. The first is the appointment of Carl Eschenbach as co-CEO, which we announced in December. Carl has been a Workday Board member since 2018 and for the past 35 years, has been one of the finest sales and operational leaders in enterprise technology. With his experience and commitment to our values and culture, Carl is a perfect fit to help Workday scale and lead us forward.

在我們分享第四季度的一些亮點之前，我想談談最近的幾項領導層變動和我們發布的一項組織公告，所有這些都將幫助我們為下一階段的增長做好準備。首先是我們在 12 月宣布任命 Carl Eschenbach 為聯席首席執行官。 Carl 自 2018 年以來一直是 Workday 董事會成員，在過去的 35 年裡，他一直是企業技術領域最優秀的銷售和運營領導者之一。憑藉他的經驗以及對我們價值觀和文化的承諾，Carl 非常適合幫助 Workday 擴大規模並帶領我們前進。

At the end of our fiscal year '24, Carl is expected to assume sole CEO responsibilities, while I will stay involved with our product and technology teams and all of our employees as a full-time Executive Chair and Chair of the Board. Carl's transition into the co-CEO role has been seamless, and I'm excited to work alongside him going forward as we continue to grow Workday and strengthen our position as the leader in cloud HR while building on our momentum in finance.

在我們的 24 財年結束時，Carl 預計將承擔單獨的 CEO 職責，而我將作為全職執行主席和董事會主席繼續參與我們的產品和技術團隊以及我們所有員工的工作。 Carl 順利過渡到聯席 CEO 職位，我很高興能與他一起繼續發展 Workday，鞏固我們作為雲 HR 領導者的地位，同時鞏固我們在財務方面的發展勢頭。

I also want to acknowledge the great work Chano Fernandez did during his 9 years with Workday and for the last 2 years as co-CEO. He played a significant role in helping to shape the company into who we are today, and I want to thank him for his contributions.

我還想感謝查諾·費爾南德斯 (Chano Fernandez) 在 Workday 的 9 年和過去兩年擔任聯席首席執行官期間所做的出色工作。他在幫助將公司塑造成今天的樣子方面發揮了重要作用，我要感謝他的貢獻。

Additionally, Sayan Chakraborty, our EVP of Product and Technology, has been elevated to co-President alongside Doug Robinson. Since joining Workday more than 7 years ago, Sayan has been a driving force behind our evolving and expanding innovation strategy, led our efforts to scale the Workday platform to support and enable some of the world's largest organizations and is one of the foremost experts in artificial intelligence and machine learning as it relates to the world of enterprise offerings. Sayan will continue to lead our product and technology organization, and we are pleased to recognize his leadership role across the organization now as co-President.

此外，我們的產品和技術執行副總裁 Sayan Chakraborty 已被提升為與 Doug Robinson 一起擔任聯合總裁。自 7 多年前加入 Workday 以來，Sayan 一直是我們不斷發展和擴展創新戰略的推動力，帶領我們努力擴展 Workday 平台以支持和支持一些世界上最大的組織，並且是人工智能領域最重要的專家之一智能和機器學習，因為它與企業產品的世界有關。 Sayan 將繼續領導我們的產品和技術組織，我們很高興認識到他現在作為聯席總裁在整個組織中的領導作用。

With Sayan stepping into a co-President role, Robynne Sisco, who was previously co-President and before that CFO, will now assume the role of Vice Chair. In this role, Robynne will work closely with our global sales team to help us build on our momentum with the office of the CFO and further cement Workday as a leader in cloud finance.

隨著 Sayan 擔任聯席總裁一職，之前擔任聯席總裁和首席財務官的 Robynne Sisco 現在將擔任副主席一職。在這個職位上，Robynne 將與我們的全球銷售團隊密切合作，幫助我們在首席財務官辦公室的發展勢頭上再接再厲，進一步鞏固 Workday 作為雲金融領域領導者的地位。

The last leadership update is related to our Board of Directors. I'm pleased to share that we announced today that Mark Hawkins has been elected as the newest member of our Board. With more than 35 years of finance leadership experience at global software and technology companies, most recently at Salesforce, Mark will bring invaluable experience and perspective to Workday.

最後一次領導層更新與我們的董事會有關。我很高興地告訴大家，我們今天宣布馬克霍金斯已當選為我們董事會的最新成員。憑藉在全球軟件和技術公司超過 35 年的財務領導經驗，最近在 Salesforce，Mark 將為 Workday 帶來寶貴的經驗和觀點。

Final announcement I want to highlight, which we made at the end of January, was a restructuring and realignment of some teams across Workday that led to the elimination of roles, impacting about 3% of our global workforce. While it's always difficult to see employees leave under those circumstances, we made this decision to align our resources and people against the most strategic areas of the business to help ensure that Workday is set up for continued growth for many years to come. Throughout this process, we did our absolute best to treat the affected employees with compassion and offered them generous severance packages. This restructuring move was not a cost-cutting effort, and we will continue to hire in fiscal year '24 for roles that support our strategic initiatives.

我想強調的是，我們在 1 月底發布的最後公告是對 Workday 中的一些團隊進行重組和調整，導致職位取消，影響了我們全球約 3% 的員工隊伍。雖然在這種情況下總是很難看到員工離職，但我們做出了這一決定，將我們的資源和人員與企業最具戰略意義的領域相結合，以幫助確保 Workday 為未來多年的持續增長做好準備。在整個過程中，我們竭盡全力以同情心對待受影響的員工，並為他們提供了豐厚的遣散費。這一重組舉措並不是為了削減成本，我們將在 24 財年繼續招聘支持我們戰略舉措的職位。

With that, I'd like to share some product and technology highlights from the quarter. From an innovation perspective, our continued focus on uniquely embedding AI and ML into the core of our platform is enabling us to drive the future of work for HR and finance customers and their more than 60 million employees around the world.

因此，我想分享本季度的一些產品和技術亮點。從創新的角度來看，我們繼續專注於將 AI 和 ML 獨特地嵌入到我們平台的核心中，這使我們能夠為人力資源和財務客戶及其全球超過 6000 萬名員工推動工作的未來。

On the HR front, the combination of our Workday Skills Cloud, which is powered by AI and ML, and Workday Talent Optimization is supporting customers in their transition to a skills-first mindset. To date, nearly 50% of all live Workday HCM customers are leveraging Workday Skills Cloud, while Talent Optimization is Workday's fastest-growing SKU with an attach rate on new deals of more than 85% in fiscal year '23.

在人力資源方面，我們的 Workday Skills Cloud（由 AI 和 ML 提供支持）與 Workday Talent Optimization 相結合，正在支持客戶過渡到技能至上的心態。迄今為止，近 50% 的實時 Workday HCM 客戶正在利用 Workday Skills Cloud，而人才優化是 Workday 增長最快的 SKU，在 23 財年的新交易附加率超過 85%。

For Planning, we introduced new demand forecasting capabilities that leverage AI and ML to help retailers forecast business demand based on external data, such as sales and foot traffic history. Retail continues to be one of our target industries as more than 50% of the retail organizations in the Fortune 500 are Workday customers. And innovations like this will enable us to build on our momentum in this space.

對於 Planning，我們引入了新的需求預測功能，利用 AI 和 ML 幫助零售商根據外部數據（例如銷售和客流量歷史）預測業務需求。零售業仍然是我們的目標行業之一，因為財富 500 強中超過 50% 的零售組織都是 Workday 客戶。像這樣的創新將使我們能夠在這個領域建立我們的勢頭。

We're also continuing to double down on AI and ML through our Workday Ventures fund. We announced a $250 million expansion of the fund to focus on larger growth areas such as generative AI, all with an eye to embracing emerging technologies to help us further enable our customers in today's changing world of work.

我們還通過我們的 Workday Ventures 基金繼續加倍投資 AI 和 ML。我們宣布對該基金進行 2.5 億美元的擴張，以專注於更大的增長領域，例如生成式 AI，所有這些都著眼於採用新興技術，以幫助我們在當今不斷變化的工作世界中進一步支持我們的客戶。

Finally, I want to touch on how we're continuing to invest in our brand. Hopefully, you all saw our fun rock star-themed advertisement during the Super Bowl, which reached an estimated 110 million viewers. While finance and HR leaders are familiar with us, we saw the Super Bowl as the stage to help us become more well-known to a broader audience. We firmly believe that our brand is strategic, and investments in marketing drive awareness and demand for our products and services.

最後，我想談談我們如何繼續投資於我們的品牌。希望你們都能在超級碗期間看到我們有趣的搖滾明星主題廣告，估計有 1.1 億觀眾觀看。雖然財務和人力資源主管對我們很熟悉，但我們將超級碗視為幫助我們在更廣泛的受眾中廣為人知的舞台。我們堅信我們的品牌具有戰略意義，營銷投資推動了對我們產品和服務的認識和需求。

Going forward, we feel very confident in our ability to capitalize on the long-term growth opportunity in front of us, thanks to the strategy we have in place, the mission-critical nature of our solutions and the amazing talents of our more than 17,700 Workmates around the globe. In fact, we are hosting today's call from our annual sales kickoff meeting, and the excitement from all of our go-to-market teams here in Las Vegas about the incredible opportunity we have in front of us is palpable.

展望未來，我們對利用擺在我們面前的長期增長機會的能力充滿信心，這要歸功於我們制定的戰略、我們解決方案的關鍵任務性質以及我們 17,700 多名優秀人才全球各地的同事。事實上，我們正在主持今天的年度銷售啟動會議電話會議，我們在拉斯維加斯的所有上市團隊都對我們面前的難得機會感到興奮。

With that, I'll hand it over to our co-CEO, my buddy, Carl Eschenbach. Carl, over to you.

有了這個，我將把它交給我們的聯合首席執行官，我的朋友卡爾埃森巴赫。卡爾，交給你了。

Thank you, Aneel, for those kind words, and thank you to everyone for joining us today. Let me start by saying that I am humbled and honored by the opportunity to partner and work alongside Aneel and our Workmates across this amazing company. I'm truly energized by Workday's unique opportunity to be one of the largest and most profitable software companies in the world. This was my first quarterly call as co-CEO, and I could not be more proud of our teams for their incredible execution.

謝謝 Aneel 的客氣話，感謝大家今天加入我們。首先讓我說，我很榮幸有機會在這家了不起的公司與 Aneel 和我們的同事一起合作。 Workday 成為世界上最大、最賺錢的軟件公司之一的獨特機會讓我真正充滿活力。這是我作為聯席首席執行官的第一個季度電話會議，我為我們的團隊令人難以置信的執行力感到無比自豪。

Despite a macro environment that remains uncertain and that no one is immune from, we drove strong close rates in Q4 and built a healthy pipeline for the year ahead. Our team was prepared to respond to the extra scrutiny we knew would come with deals in this environment. And because of that, we are heading into our new fiscal year in a position of strength. I can tell you, the excitement for the year is all around us as we are coming to you live from our annual sales kickoff conference in Las Vegas.

儘管宏觀環境仍然不確定，沒有人能倖免，但我們在第四季度推動了強勁的收盤價，並為來年建立了健康的渠道。我們的團隊已準備好應對我們知道在這種環境下交易會帶來的額外審查。正因為如此，我們將以強大的實力進入新的財政年度。我可以告訴你，當我們從拉斯維加斯的年度銷售啟動大會現場來到你身邊時，我們周圍充滿了對這一年的興奮。

As a Board member for the last 5 years, I have been actively involved in Workday's growth journey. Today, more than 2 months in as co-CEO, I have had the privilege of spending time with hundreds of Workmates, customers, partners and prospects around the world. Those meetings have given me an even greater appreciation of how compelling Workday's value proposition is and how differentiated we really are.

作為過去 5 年的董事會成員，我一直積極參與 Workday 的成長之旅。今天，在擔任聯席首席執行官 2 個多月後，我有幸與全球數百名同事、客戶、合作夥伴和潛在客戶共度時光。這些會議讓我更加了解 Workday 的價值主張有多麼引人注目，以及我們到底有多麼與眾不同。

I've also gotten to know Aneel and the leadership team even better. And while I already considered Aneel a partner and a friend, our co-CEO relationship is working really well as we have very complementary skill sets. It's a true one plus one equals three equation.

我也更加了解 Aneel 和領導團隊。雖然我已經將 Aneel 視為合作夥伴和朋友，但我們的聯合 CEO 關係運作得非常好，因為我們的技能非常互補。這是一個真正的一加一等於三等式。

As I reflect upon my first couple of months, a few things in particular have stood out, starting with the culture and values of Workday. This, frankly, was the most important driver for me taking this role. I have long admired the culture that Dave and Aneel built and see it as a true differentiator. We have 6 core values at Workday, and each of them are important. But to me, the one that I keep coming back to is integrity. If you do the right thing, everything else falls into place. I have been blown away by the talent that sits across this company and by how ingrained our values are in everything we do.

當我回顧我的頭幾個月時，有幾件事特別突出，首先是 Workday 的文化和價值觀。坦率地說，這是我擔任這個角色的最重要的驅動力。我一直欽佩 Dave 和 Aneel 建立的文化，並將其視為真正的差異化因素。我們在 Workday 有 6 個核心價值觀，每個價值觀都很重要。但對我來說，我不斷回歸的是誠信。如果你做正確的事，其他一切都會水到渠成。我對這家公司的人才以及我們所做的一切中根深蒂固的價值觀感到震驚。

Another observation is around our land opportunity with net new customers. I will tell you, it's wide open. We have a footprint with over 50% of the Fortune 500 and more than 25% of the Global 2000, but we still see plenty of room to grow. Q4 was a great validation of this, with 7 new Fortune 500 and 11 new Global 2000 customers. New HCM customers we added in the quarter included Allstate, Camping World, Cracker Barrel, Delaware North Companies, Mercedes-Benz Group and Whataburger. And key go-live included Heidelberg Materials and Mitsui Chemicals.

另一個觀察是圍繞我們與淨新客戶的土地機會。我會告訴你，它是敞開的。我們的業務覆蓋了超過 50% 的財富 500 強企業和超過 25% 的全球 2000 強企業，但我們仍有很大的增長空間。第 4 季度很好地驗證了這一點，有 7 家新的財富 500 強客戶和 11 家新的全球 2000 強客戶。我們在本季度新增的 HCM 客戶包括 Allstate、Camping World、Cracker Barrel、Delaware North Companies、Mercedes-Benz Group 和 Whataburger。關鍵的上線包括海德堡材料和三井化學。

In addition, we once again added several full platform HCM and financial customers, including Fidelity National Title, Panda Restaurant Group and the State of Georgia. And we had several FINS go-live, including The New York Times and Sanford Health.

此外，我們再次新增了幾個全平台HCM和金融客戶，包括Fidelity National Title、Panda Restaurant Group和State of Georgia。我們有幾個 FINS 上線，包括紐約時報和 Sanford Health。

One of the exciting things about our land opportunity is that it's not limited to replacing outdated on-premises systems. In fact, 3 of our new Fortune 500 wins replaced cloud solutions from our legacy ERP competitors. And the land opportunity extends well beyond the upmarket as the medium enterprise has become an increasingly important driver of net new ACV, and that team drove record performance in the quarter.

我們的土地機會令人興奮的事情之一是它不僅限於更換過時的本地系統。事實上，我們有 3 家新的財富 500 強企業取代了我們傳統 ERP 競爭對手的雲解決方案。隨著中型企業成為淨新 ACV 越來越重要的驅動力，土地機會遠遠超出了高端市場，並且該團隊在本季度推動了創紀錄的業績。

What's also important is the strength of our customer relationships and the strategic nature of what we do for them. This provides us with an incredible opportunity to expand our business with our installed base of customers who rely on Workday as their intelligent digital backbone to adapt and manage their people and money. This quarter, we once again drove very strong renewals along with solid new ACV bookings, including expansions at Belk, GE, Old Dominion Freight, Prudential and Truist. We saw momentum across our solutions portfolio, including Learning, Planning, Prism Analytics, Accounting Center and candidate engagement. And an increasing number of our expansion deals added core financials as we lean into our market leadership in HCM to drive increasing momentum with the office of the CFO.

同樣重要的是我們客戶關係的強度以及我們為他們所做的事情的戰略性質。這為我們提供了一個難得的機會來擴展我們的業務，我們的客戶群依賴 Workday 作為他們的智能數字骨幹來調整和管理他們的人員和資金。本季度，我們再次推動了非常強勁的續約以及可靠的新 ACV 預訂，包括 Belk、GE、Old Dominion Freight、Prudential 和 Truist 的擴張。我們在我們的解決方案組合中看到了發展勢頭，包括學習、規劃、棱鏡分析、會計中心和候選人參與。我們越來越多的擴張交易增加了核心財務，因為我們依靠我們在 HCM 的市場領導地位來推動 CFO 辦公室的增長勢頭。

Our opportunity is truly global. The U.S., which continues to be our largest market, had a solid Q4 and has a healthy runway going forward. We also have a tremendous international opportunity, which is only about 1/4 of our revenue, but more than half of our TAM. Our momentum is building in strategic markets like DACH and Nordics, where we had a number of important wins during Q4, including CCB Management Services, [Mila] and NorgesGruppen. Accelerating our international business is a strategic priority, and we are investing in both talent and products to help drive that.

我們的機會是真正的全球性的。美國仍然是我們最大的市場，第四季度表現穩健，未來的跑道也很健康。我們也有巨大的國際機會，這只占我們收入的 1/4 左右，但超過我們 TAM 的一半。我們在 DACH 和 Nordics 等戰略市場的發展勢頭正在增強，我們在第四季度取得了一些重要的勝利，包括 CCB Management Services、[Mila] 和 NorgesGruppen。加速我們的國際業務是一項戰略重點，我們正在投資於人才和產品以幫助推動這一目標。

Our continued industry focus is gaining momentum, and it is a core part of our ongoing strategy. We had wins in a number of key verticals in Q4, including state and local government, where in addition to the win at the State of Georgia, we had wins at the City of Boston, the City of Charlotte and New York City Housing Authority to name a few. In fact, new ACV from our state and local teams more than doubled year-over-year in Q4, and we expect our traction to continue in FY '24.

我們對行業的持續關注正在獲得動力，這是我們持續戰略的核心部分。我們在第四季度的許多關鍵垂直領域都取得了勝利，包括州和地方政府，除了在佐治亞州取得勝利外，我們還在波士頓市、夏洛特市和紐約市住房管理局取得了勝利舉幾個例子。事實上，我們州和地方團隊的新 ACV 在第四季度同比增長了一倍多，我們預計我們的牽引力將在 24 財年繼續。

Finally, our partner ecosystem will be critical to our next phase of growth. Our partners from the global system integrators to the boutiques have been incredibly important to get us to where we are today. They drive the vast majority of our customer deployments and serve as an important source of co-innovation. One of the ways they do this is through Workday Extend, which now has over 1,000 applications in production across our customer community. We expect our partners will play an even more important role in FY '24 as we look for them to drive an increased number of new opportunities while we strategically shift more customer deployments to our ecosystem. We see this as a clear win-win.

最後，我們的合作夥伴生態系統將對我們下一階段的增長至關重要。從全球系統集成商到精品店，我們的合作夥伴對我們取得今天的成就非常重要。他們推動了我們絕大多數客戶的部署，並成為共同創新的重要來源。他們執行此操作的方法之一是通過 Workday Extend，它現在在我們的客戶社區中有 1,000 多個生產應用程序。我們預計我們的合作夥伴將在 24 財年發揮更重要的作用，因為我們期待他們推動更多新機會，同時我們戰略性地將更多客戶部署轉移到我們的生態系統。我們認為這是一個明顯的雙贏。

We are also focusing our efforts across our broader ecosystem of ISVs and technology partners. A great example is our recent partnership with AWS, which extends our infrastructure relationship to a more formal go-to-market motion. I am excited to work alongside our Chief Customer Officer, Sheri Rhodes, and our newly appointed SVP of Global Partners, Matt Brandt, and our entire ecosystem on this journey.

我們還將我們的努力集中在我們更廣泛的 ISV 和技術合作夥伴生態系統中。一個很好的例子是我們最近與 AWS 的合作夥伴關係，它將我們的基礎設施關係擴展到更正式的上市行動。在這段旅程中，我很高興能與我們的首席客戶官 Sheri Rhodes 和我們新任命的全球合作夥伴高級副總裁 Matt Brandt 以及我們的整個生態系統一起工作。

Heading into FY '24, we have a clear strategy in place, which is rooted in strengthening our HCM market leadership and winning in FINS across our key industries. We are optimizing the business to double down in strategic growth areas such as investing in our customer base, focusing on key industries, evolving and investing in our partner ecosystem and relentlessly focusing on innovation, including shaping the future of work to our application of AI and machine learning.

進入 24 財年，我們制定了明確的戰略，其基礎是加強我們的 HCM 市場領導地位，並在我們的關鍵行業贏得 FINS。我們正在優化業務，以在戰略增長領域加倍努力，例如投資於我們的客戶群，專注於關鍵行業，發展和投資於我們的合作夥伴生態系統，並堅持不懈地專注於創新，包括塑造未來工作到我們的人工智能應用和機器學習。

Having the right strategy is only part of the equation. You also need the right people, which is why we plan to continue to add sales capacity and key engineering talent as we position Workday for the next wave of growth. We also made some recent changes to strengthen our leadership bench that will be critical to helping us execute on our strategy. Doug Robinson will continue in his role as co-President and now has full responsibility for all go-to-market functions.

擁有正確的策略只是等式的一部分。您還需要合適的人，這就是為什麼我們計劃在將 Workday 定位為下一波增長時繼續增加銷售能力和關鍵工程人才。我們最近還進行了一些更改，以加強我們的領導層，這對於幫助我們執行戰略至關重要。道格·羅賓遜 (Doug Robinson) 將繼續擔任聯席總裁一職，現在全面負責所有上市職能。

As Aneel mentioned, Sayan Chakraborty has also been elevated to co-President. And I'm also excited to have Robynne Sisco serve as our Vice Chair, now squarely focused on helping us sell FINS. Patrick Blair, who joined a year ago to run North America sales, has been elevated to Head of Global Sales. His team across the regions is a talented mix of seasoned Workday veterans and proven recently added external talent, who will rally around our global opportunity.

正如 Aneel 提到的，Sayan Chakraborty 也被提升為聯席總裁。我也很高興 Robynne Sisco 擔任我們的副主席，現在正專注於幫助我們銷售 FINS。一年前加入負責北美銷售的帕特里克·布萊爾 (Patrick Blair) 已被提升為全球銷售主管。他在各個地區的團隊由經驗豐富的 Workday 資深人士和經過驗證的新近加入的外部人才組成，他們將圍繞我們的全球機遇團結起來。

It's an amazing time to be at Workday, and I'm so inspired and energized by the incredible journey ahead. While we continue to see certain sales cycles, primarily net new opportunities taking longer than normal to close, our FY '24 subscription revenue guidance prudently factors this in. And we are positioning the business to return to 20% plus subscription revenue growth when the environment improves while simultaneously delivering margin expansion. I look forward to meeting many of you on the road in the quarter ahead, and thank you for your support.

在 Workday 度過了一段美好的時光，我對未來不可思議的旅程感到非常鼓舞和充滿活力。雖然我們繼續看到某些銷售週期，主要是淨新機會需要比正常情況下更長的時間才能結束，但我們的 24 財年訂閱收入指導謹慎地考慮了這一點。我們將業務定位為在環境恢復到訂閱收入增長 20% 以上時改進，同時實現利潤率擴張。我期待著在未來一個季度的路上與你們中的許多人見面，感謝你們的支持。

With that, I'll turn it over to Barbara. Barbara, over to you.

有了這個，我會把它交給芭芭拉。芭芭拉，交給你了。

Thanks, Carl, and welcome. I know I speak for the broader Workday organization when I say that I'm incredibly excited to partner with you on the next phase of our growth journey.

謝謝，卡爾，歡迎。我知道我代表更廣泛的 Workday 組織發言，我非常高興能在我們成長之旅的下一階段與您合作。

As Aneel and Carl mentioned, we had a solid close to the year, driven by strong execution across the company combined with durable demand for our solutions as organizations of all sizes prioritize finance and HR modernization during these uncertain times.

正如 Aneel 和 Carl 提到的那樣，我們在今年年底取得了穩固的成績，這得益於整個公司強大的執行力以及對我們解決方案的持久需求，因為在這些不確定時期，各種規模的組織都將財務和人力資源現代化放在首位。

Subscription revenue in Q4 was $1.50 billion, up 22% year-over-year. For the full year, subscription revenue was $5.57 billion, also a growth of 22%. Professional services revenue was $151 million for Q4 and $649 million for the full year. Total revenue outside of the U.S. was $396 million in Q4, representing 24% of total revenue.

第四季度的訂閱收入為 15 億美元，同比增長 22%。全年，訂閱收入為 55.7 億美元，也增長了 22%。第四季度專業服務收入為 1.51 億美元，全年為 6.49 億美元。第四季度美國以外的總收入為 3.96 億美元，佔總收入的 24%。

24-month subscription revenue backlog at the end of the fourth quarter was $9.68 billion, up 21%. The result was driven by solid new ACV bookings and strong renewals, with growth and net revenue and retention rates over 95% and over 100%, respectively. In addition, early renewals added roughly 1 percentage point of upside to 24-month backlog growth and roughly 2 percentage points to total backlog growth. Total subscription revenue backlog at the end of Q4 was $16.45 billion, up 28%.

第四季度末 24 個月的訂閱收入積壓為 96.8 億美元，增長 21%。這一結果是由穩定的新 ACV 預訂和強勁的續訂推動的，增長和淨收入以及保留率分別超過 95% 和超過 100%。此外，提前續約使 24 個月的積壓訂單增長增加了大約 1 個百分點，使總積壓訂單增長增加了約 2 個百分點。第四季度末未完成的訂閱總收入為 164.5 億美元，增長 28%。

Our non-GAAP operating income for the fourth quarter was $305 million, resulting in non-GAAP operating margin of 18.5%. Margin overachievement was driven by revenue upside and continued cost discipline. The workforce realignment we announced at the end of January was a $34 million non-GAAP expense in the quarter, or a roughly 2 percentage point headwind to Q4 non-GAAP operating margin, most of which was factored into our guidance. For the year, non-GAAP operating income was $1.21 billion, representing a margin of 19.5%.

我們第四季度的非 GAAP 營業收入為 3.05 億美元，非 GAAP 營業利潤率為 18.5%。利潤率超額完成是由收入增長和持續的成本控制推動的。我們在 1 月底宣布的勞動力調整是本季度 3400 萬美元的非 GAAP 支出，或對第 4 季度非 GAAP 營業利潤率的逆風約 2 個百分點，其中大部分已納入我們的指導。全年非美國通用會計準則營業收入為 12.1 億美元，利潤率為 19.5%。

Q4 operating cash flow was $694 million, growth of 13%. As a reminder, the Q4 result was impacted by a roughly $70 million onetime IP transfer tax payment. Full year operating cash flow was $1.66 billion. During the quarter, we repurchased roughly $75 million in shares and have $425 million in remaining authorization under our buyback program.

第四季度經營現金流為 6.94 億美元，增長 13%。提醒一下，第四季度的結果受到了大約 7000 萬美元的一次性 IP 轉讓稅的影響。全年經營現金流為 16.6 億美元。在本季度，我們回購了大約 7500 萬美元的股票，並根據我們的回購計劃獲得了 4.25 億美元的剩餘授權。

We ended the fourth quarter with more than 17,700 global Workmates. As Aneel and Carl mentioned, we will continue to add key talent across strategic growth areas of the business, notably go-to-market and product and technology, but we are planning for fewer headcount additions in FY '24 as compared to FY '23. Overall, we're very proud of the strong company-wide execution in Q4, and we enter FY '24 in a position of strength.

截至第四季度末，我們在全球擁有超過 17,700 名 Workmates。正如 Aneel 和 Carl 所提到的，我們將繼續在業務的戰略增長領域增加關鍵人才，特別是上市以及產品和技術，但與 23 財年相比，我們計劃在 24 財年增加更少的員工人數.總的來說，我們對第四季度全公司範圍內的強大執行力感到非常自豪，我們進入 24 財年時處於強勢地位。

Now turning to guidance, which reflects both the continued momentum in our business while also balancing what remains an uncertain macro environment. In addition, we recently completed an assessment of our server and network equipment. And beginning in FY '24, we are increasing the useful life assumption from 3 years to 5 years, reflecting advances in technology that we're benefiting from. This change will have a positive impact on our FY '24 non-GAAP operating margin, which I will cover shortly.

現在轉向指導，這既反映了我們業務的持續發展勢頭，同時也平衡了仍然不確定的宏觀環境。此外，我們最近完成了對服務器和網絡設備的評估。從 24 財年開始，我們將使用壽命假設從 3 年增加到 5 年，這反映了我們從中受益的技術進步。這一變化將對我們的 24 財年非 GAAP 營業利潤率產生積極影響，我將在稍後介紹。

Following a solid Q4, we are maintaining the midpoint of our preliminary FY '24 subscription revenue guidance and narrowing the range to $6.525 billion to $6.575 billion, representing 17% to 18% year-over-year growth. We view this guidance as prudent in the context of the environment. But as Carl mentioned, we're positioning to return to a 20% plus subscription revenue growth when the environment improves.

在第四季度表現強勁之後，我們維持了 24 財年初步訂閱收入指引的中點，並將範圍縮小至 65.25 億美元至 65.75 億美元，同比增長 17% 至 18%。我們認為該指南在環境背景下是審慎的。但正如 Carl 所提到的，我們的定位是在環境改善時恢復 20% 以上的訂閱收入增長。

We expect Q1 FY '24 subscription revenue to be $1.517 billion to $1.520 billion, representing 19% year-over-year growth. We expect subscription revenue to increase sequentially by approximately 6% in Q2 and approximately 4% in Q3. We expect FY '24 professional services revenue to be in the range of $630 million to $650 million. As Carl mentioned, we are strategically shifting more deployments to our partner ecosystem as part of ongoing investments we are making in the channel. For Q1, we expect professional services revenue of $148 million.

我們預計 24 財年第一季度訂閱收入為 15.17 億美元至 15.20 億美元，同比增長 19%。我們預計訂閱收入將在第二季度環比增長約 6%，在第三季度環比增長約 4%。我們預計 24 財年的專業服務收入將在 6.3 億美元至 6.5 億美元之間。正如 Carl 所提到的，作為我們在渠道中進行的持續投資的一部分，我們正在戰略性地將更多部署轉移到我們的合作夥伴生態系統。對於第一季度，我們預計專業服務收入為 1.48 億美元。

We expect 24-month backlog to grow approximately 20% year-over-year in Q1. We currently expect FY '24 non-GAAP operating margin of 23%. The expected margin expansion is primarily being driven by the scalability of our model, a strong moderation of hiring and ongoing expense discipline.

我們預計第一季度 24 個月的積壓訂單將同比增長約 20%。我們目前預計 24 財年非 GAAP 營業利潤率為 23%。預期的利潤率增長主要是由我們模型的可擴展性、招聘的強勁放緩和持續的費用紀律推動的。

In addition, we estimate the change in server and network equipment useful life will result in a roughly $100 million reduction to the GAAP and non-GAAP cost of subscription revenue in FY '24, creating a benefit to operating margin of about 150 basis points this year. Looking forward, the impact from this policy change is expected to trend down and result in an approximately $50 million reduction to GAAP and non-GAAP cost of subscription revenue in FY '25.

此外，我們估計服務器和網絡設備使用壽命的變化將導致 24 財年的 GAAP 和非 GAAP 訂閱收入成本減少約 1 億美元，從而為營業利潤率帶來約 150 個基點的收益年。展望未來，這一政策變化的影響預計將呈下降趨勢，並導致 25 財年的 GAAP 和非 GAAP 訂閱收入成本減少約 5000 萬美元。

We estimate Q1 non-GAAP operating margin of approximately 21.5% and expect a normal seasonal sequential decline in Q2 as we invest in our people through our annual compensation process. GAAP operating margins for the first quarter and the full year are expected to be approximately 26 and 22 percentage points lower, respectively, than the non-GAAP margins. The FY '24 non-GAAP tax rate remains at 19%.

我們估計第一季度非 GAAP 營業利潤率約為 21.5%，並預計第二季度正常的季節性連續下降，因為我們通過年度薪酬流程投資於我們的員工。第一季度和全年的 GAAP 營業利潤率預計分別比非 GAAP 利潤率低約 26 和 22 個百分點。 24 財年的非 GAAP 稅率保持在 19%。

We expect FY '24 operating cash flow of approximately $2.05 billion, growth of 24%. On a year-over-year basis, our first quarter cash flow will be impacted by the first full year payout of our performance-based cash bonus plan, severance cost associated with the recent realignment and an interest payment that did not occur last Q1 due to the timing of our debt offering. We expect capital expenditures of approximately $340 million in FY '24 to support our continued business expansion.

我們預計 24 財年的運營現金流約為 20.5 億美元，增長 24%。與去年同期相比，我們第一季度的現金流量將受到我們基於績效的現金紅利計劃的第一筆全年支付、與最近的調整相關的遣散費以及上一季度到期未發生的利息支付的影響到我們發行債券的時間。我們預計 24 財年的資本支出約為 3.4 億美元，以支持我們持續的業務擴張。

And finally, I'll close by thanking our amazing employees, customers and partners for their continued support and hard work. With that, I'll turn it over to the operator to begin Q&A.

最後，我要感謝我們優秀的員工、客戶和合作夥伴一直以來的支持和辛勤工作。有了這個，我會把它交給接線員開始問答。

(Operator Instructions) Our first question comes from the line of Kirk Materne with Evercore ISI.

（操作員說明）我們的第一個問題來自 Kirk Materne 與 Evercore ISI 的合作。

Congrats on a strong finish to the year. Carl, since you have a relatively fresh pair of eyes looking at the business, I was wondering if you could just talk a little bit about what you're seeing in the close in 4Q and the pipeline that leads you to believe that getting back to 20% growth is achievable once we get into a more sort of normalized operating environment. Just some specifics around that or what you're seeing may be helpful on that front. And then I have a quick follow-up for Barbara.

祝賀今年取得了優異的成績。卡爾，因為你對業務的看法相對較新，我想知道你是否可以談談你在第四季度末看到的情況以及讓你相信回到一旦我們進入更加規範化的運營環境，就可以實現 20% 的增長。只是一些關於它的細節或你所看到的可能在這方面有所幫助。然後我對芭芭拉進行了快速跟進。

Sure. Well, first of all, thank you, Kirk, for the question. Let me start by just saying I want to thank all of our Workmates around the world for delivering a strong close to the year and setting us up for a strong FY '24. As you know, Kirk, announcing a CEO transition in the middle of Q4, your biggest quarter, is probably not always optimal. And we talked about our priorities at that time was to finish the year strong, and we did just that.

當然。嗯，首先，謝謝你，柯克，提出這個問題。首先讓我說，我要感謝我們在世界各地的所有同事，感謝他們在今年結束時取得了強勁的成績，並為我們的 24 財年做好了準備。如你所知，柯克在第四季度中期宣布 CEO 交接，這是你最大的季度，可能並不總是最佳選擇。我們當時談到我們的首要任務是強勢結束這一年，而我們也做到了。

As far as what we're seeing in the environment, to think about getting back to a 20% growth, we see plenty of opportunity to continue to invest in the business, both on the go-to-market side with additional sales capacity in quota-carrying reps as well as continued investment in product and technology. A couple of key insights early on, now, I guess, over 60 days into the role, is we see continued opportunity in our international business, both in EMEA and in APJ. Today, we have only 25% of our business coming from our international operation, yet it represents greater than 50% of our TAM. So we see a really big opportunity there, and what we did is we brought in strong leadership both in EMEA and APJ. And Doug and Patrick have actually brought in additional strength even under our top leaders in those respective markets.

就我們在環境中看到的情況而言，考慮恢復 20% 的增長，我們看到了繼續投資該業務的大量機會，無論是在進入市場方面還是在額外的銷售能力方面配額代表以及對產品和技術的持續投資。早期的幾個關鍵見解，現在，我猜，在擔任該職位 60 多天后，我們是否看到我們的國際業務在 EMEA 和 APJ 中持續存在機會。今天，我們只有 25% 的業務來自我們的國際業務，但它占我們 TAM 的 50% 以上。所以我們在那裡看到了一個非常大的機會，我們所做的是在 EMEA 和 APJ 中引入了強有力的領導。道格和帕特里克實際上在我們各自市場的最高領導人的領導下帶來了額外的力量。

We also think we're going to double down even further on our FINS opportunity, both to sell back into our customer base as well into net new. We see this as a rich opportunity. We did a nice job in Q4 selling back into our HCM base with our FINS solution, and we think that's something we can do a lot more of.

我們還認為我們將進一步加倍利用我們的 FINS 機會，既要賣回我們的客戶群，也要賣給新客戶。我們認為這是一個豐富的機會。我們在第四季度用我們的 FINS 解決方案將產品賣回了 HCM 基地，我們做得很好，我們認為這是我們可以做更多的事情。

And then the last thing, although there's plenty more, Kirk, I'd highlight is we're going to continue to leverage our ecosystem. Our partners around the world are doing a great job implementing our technology and driving deployment, but we're also going to work with them to build business plans so they can help us drive net new business. Not just do implementations, but help us drive new business into the base as well as net new customers overall.

最後一件事，儘管還有很多，柯克，我要強調的是我們將繼續利用我們的生態系統。我們在世界各地的合作夥伴在實施我們的技術和推動部署方面做得很好，但我們也將與他們合作制定業務計劃，以便他們可以幫助我們推動淨新業務。不僅僅是實施，還幫助我們將新業務推向基礎，並在整體上吸引新客戶。

And then last thing on the ecosystem, we were excited to be able to announce today a partnership with AWS that allows us, for the first time, to sell our technology platform through their marketplace, allowing their customers to leverage the spend they have with AWS on Workday solutions. So that's an aggregate of why we think over time, depending on when the macro turns more favorable, we'll be able to get back to 20% growth on the subscription side.

關於生態系統的最後一件事，我們很高興今天能夠宣布與 AWS 建立合作夥伴關係，這使我們能夠首次通過他們的市場銷售我們的技術平台，從而使他們的客戶能夠利用他們在 AWS 上的支出關於 Workday 解決方案。因此，這就是我們考慮隨著時間推移的原因，取決於宏觀何時變得更加有利，我們將能夠在訂閱方面恢復到 20% 的增長。

That's super. And just a real quick one for Barbara. Barbara, just in terms of margins -- thanks for the commentary on 1Q and 2Q. Just so we're thinking about it correctly. I assume because Rising's in 3Q, we should see the rest of sort of the margin expansion in 4Q maybe more seasonally flat or sequentially flat between 2Q and 3Q.

太棒了對芭芭拉來說只是一個真正的快速。芭芭拉，就利潤率而言——感謝您對第一季度和第二季度的評論。只是為了讓我們正確地考慮它。我假設因為 Rising 在第三季度，我們應該看到第四季度的其餘部分利潤率擴張可能在第二季度和第三季度之間季節性持平或環比持平。

Yes, that sounds about right.

是的，聽起來不錯。

Our next question comes from the line of Kash Rangan with Goldman Sachs.

我們的下一個問題來自 Kash Rangan 與高盛的合作。

Congratulations, Aneel, Carl and Barbara. Carl, the question is targeted for you since I get only one or maybe 1.5. One is, as you speak with customers, what are the key themes that are emerging from your conversations with respect to how they're prioritizing investments in software and in particular, Workday, given inflation worries, rate worries, et cetera?

祝賀你，Aneel、Carl 和 Barbara。卡爾，這個問題是針對你的，因為我只得到一個或者 1.5。一是，當您與客戶交談時，在考慮到通貨膨脹擔憂、利率擔憂等情況下，您的談話中出現的關於他們如何優先投資軟件，特別是 Workday 的關鍵主題是什麼？

And also, everybody is conscious of the risk of a recession. I think our models are all increasingly building that. But since you've been through multiple cycles before in your very long career, as Aneel mentioned, what are the signs you're looking for in terms of a recovery, although it might be a little foolhardy to entertain the hopes of a recovery? But what are the things that could -- that you could be looking at that could increase your conviction that we'll go from high teens to 20-plus percent when environment gets better?

而且，每個人都意識到經濟衰退的風險。我認為我們的模型都在越來越多地構建它。但是，正如 Aneel 所提到的，由於您在漫長的職業生涯中經歷過多個週期，您正在尋找復甦方面的跡象，儘管抱有復甦的希望可能有點魯莽？但是，您可能會看到哪些事情可以增加您的信念，即當環境變得更好時，我們將從十幾歲的人上升到 20% 以上？

Yes. Thanks. I'll start off, and then I'll turn it over to our co-President, Doug, who's joining us on the call here today. So first, Kash, I'd say companies continue to prioritize both HCM and their financials in driving a digital transformation. Everyone is looking to get more value out of both their people and their financial systems, and I think we're at the core of that. So while it is true, customers are reprioritizing where they're going to make their investments. I think we move to the top of that list because we do drive true digital transformation, which is a term we've all talked about for probably the last 5 or 10 years, but it's in the midst of happening right now.

是的。謝謝。我會開始，然後我會把它交給我們的聯席總裁道格，他今天和我們一起參加電話會議。因此，首先，Kash，我想說公司在推動數字化轉型時繼續優先考慮 HCM 和他們的財務。每個人都希望從他們的員工和他們的金融系統中獲得更多價值，我認為我們處於核心地位。因此，雖然這是真的，但客戶正在重新確定他們將要進行投資的地方。我認為我們之所以位居榜首，是因為我們確實推動了真正的數字化轉型，這是一個我們可能在過去 5 年或 10 年裡都在談論的術語，但它現在正在發生。

And we're seeing early signs of us being a beneficiary of that transformation, including the 7 Fortune 500 wins we had -- last quarter, we had 11 global -- wins in the Global 2000. And by the way, a number of those weren't just replacing legacy on-premise solutions. Three of the Fortune 500 wins came with us replacing our legacy competitors' cloud solutions. So that's another really good sign.

我們看到了我們成為這種轉變的受益者的早期跡象，包括我們在上個季度贏得了 7 次財富 500 強，我們在全球 2000 強中獲得了 11 次勝利。順便說一下，其中一些不僅僅是取代傳統的本地解決方案。財富 500 強中的三項勝利來自於我們更換了傳統競爭對手的雲解決方案。所以這是另一個非常好的跡象。

And then 2 other things is while it's true people are moving to the cloud and they're doing it faster than ever, we have the opportunity to be at the forefront of that. When people move to the cloud, whether it's HCM or FINS, Kash, we are going to get a look. And when we get a look, when we look at our win rates just last quarter, they're improving, and we're not seeing any additional discount to actually win those opportunities.

然後還有兩件事是，雖然人們確實正在遷移到雲端，而且他們的遷移速度比以往任何時候都快，但我們有機會站在這方面的最前沿。當人們遷移到雲端時，無論是 HCM 還是 FINS，Kash，我們都會去看看。當我們看到時，當我們看到上個季度的贏率時，它們正在改善，而且我們沒有看到任何額外的折扣來實際贏得這些機會。

So we think we're well positioned for the digital transformation that's happening. And it's interesting because with scarcity, all of a sudden, customers get clarity. And it's clear that we're in the middle of the opportunity here, unlike we've seen before, to help them drive their digital transformation to focus on both their people and their financial systems.

因此，我們認為我們已經為正在發生的數字化轉型做好了準備。這很有趣，因為有了稀缺性，突然之間，客戶就變得清晰了。很明顯，與我們之前看到的不同，我們正處於這個機會的中間，以幫助他們推動數字化轉型，以專注於他們的人員和他們的財務系統。

Kash, Doug here. Thanks for the question. There's a couple of things I'd highlight for you. The first and -- the question went to what are you hearing from customers and executives. The first is tight labor markets continue. And so you see CEOs increasingly turn back to how do I reskill, retain and get the company positioned for the jobs of tomorrow. So it shows up, and it's showing up, I think, in those 7 Fortune 500 wins, some familiar themes there, those 11 Global 2000.

卡什，道格在這裡。謝謝你的問題。我要為您強調幾件事。第一個問題是您從客戶和高管那裡聽到了什麼。首先是勞動力市場繼續吃緊。因此，您會看到 CEO 越來越多地回過頭來思考如何重新培訓、留住並讓公司為未來的工作做好準備。所以它出現了，它出現了，我認為，在那些 7 個財富 500 強勝利中，那裡有一些熟悉的主題，那些 11 個全球 2000 強。

And then really on the -- really driving the FINS side of it, there's talk at the CEO level about reinventing the entire business model. And of course, Workday doesn't reinvent business models, but we give you an agile, enabling technology for you to be able to make those changes to your business over time.

然後真正在 - 真正推動它的 FINS 方面，在 CEO 級別談論重塑整個商業模式。當然，Workday 不會重新發明業務模型，但我們為您提供了一種敏捷的支持技術，使您能夠隨著時間的推移對您的業務進行這些更改。

And the last thing I'd say as it relates to your question about what signs do we look for when we're starting to come out of it, to me, it's sales cycle duration on the net new. And we track that, as you might guess, by industry, by size of company, by geography. And when we see that start to come down, I think we'll be in a position to go up and over 20%, and what we're seeing right now is solid pipeline build. So we're pleased with the pipeline build, but we're still dealing with some of those elongated cycles in the net new space.

我要說的最後一件事與你的問題有關，即當我們開始擺脫它時我們會尋找什麼跡象，對我來說，這是新的銷售週期持續時間。正如您可能猜到的那樣，我們按行業、公司規模和地理位置進行跟踪。當我們看到開始下降時，我認為我們將能夠上升並超過 20%，而我們現在看到的是穩固的管道建設。所以我們對管道構建感到滿意，但我們仍在處理淨新空間中的一些延長周期。

Yes. One other thing to add there, Doug, is we see customers during times of tailwind typically want to buy best-of-breed solutions. When there's headwinds, they buy best of suite. And today, we have the best platform for both FINS and core HCM, so we see more and more customers, to your point, consolidating on our platform than we've ever seen before as they look to drive efficiencies in their own infrastructure.

是的。道格，要補充的另一件事是，我們看到客戶在順風時期通常希望購買同類最佳的解決方案。當遇到逆風時，他們會購買最好的套件。今天，我們擁有適用於 FINS 和核心 HCM 的最佳平台，因此我們看到越來越多的客戶在我們的平台上進行整合，這是我們以前從未見過的，因為他們希望提高自己基礎架構的效率。

Our next question comes from Mark Murphy with JPMorgan.

我們的下一個問題來自摩根大通的馬克墨菲。

So Carl, Workday's revenue growth really is not slowing very much. If we just look around and compare it to the rest of the software industry, there's so many companies suffering through this period, where their growth has slowed by 10 or 15 or 20 points or more. Is Workday's resilience more driven by the ability to help companies navigate through this complex type of a labor market? Or do you think it's more of a function of the diversification across verticals, where I think you have a little less reliance on the tech industry? Or is there some other factor that's kind of coming to the forefront for you? And I have a quick follow-up.

所以 Carl，Workday 的收入增長確實並沒有放緩太多。如果我們環顧四周並將其與軟件行業的其他公司進行比較，就會發現有很多公司都在經歷這段時期，他們的增長放緩了 10、15 或 20 個百分點或更多。 Workday 的彈性是否更多地是由幫助公司駕馭這種複雜類型的勞動力市場的能力驅動的？還是您認為這更多是垂直領域多元化的一個功能，我認為您對科技行業的依賴程度有所降低？還是有其他一些因素對您來說很重要？我有一個快速的跟進。

Yes, sure. Thanks for the question, Mark. I'll start, and then I'll hand it over to Aneel to make some additional comments. So first, I think the diversity of our business is what allows us to be so differentiated from the rest of the companies out there in our peer group. What I mean by that is we have a large installed base that we get to sell back into with high renewal rates. We're landing net new customers. We're selling across all industries and all verticals. So the diversity of our business is radically different than most people out there.

是的，當然。謝謝你的問題，馬克。我先開始，然後我會把它交給 Aneel 來發表一些補充意見。因此，首先，我認為我們業務的多樣性使我們能夠與同行中的其他公司區分開來。我的意思是，我們擁有龐大的安裝基礎，我們可以以高續訂率將其賣回。我們正在吸引新客戶。我們在所有行業和所有垂直領域進行銷售。因此，我們業務的多樣性與大多數人截然不同。

And also, I think the other thing is our business is quite predictable. When you have a renewal rate like we have on a quarterly basis, we can really dial in what we think we're going to deliver to all of you in the Street and hit that with consistency. So we are diverse in our business. We have durability in our business model with good operating margin and good solid growth and good cash flows. And I just think as compared to the rest of the industry, we can weather any potential headwinds we're seeing going forward, which is reflected in our FY '24 guidance. And Aneel, maybe you'd like to add some color around this question as well.

而且，我認為另一件事是我們的業務是可以預見的。當你有一個像我們每季度一樣的續約率時，我們真的可以撥出我們認為我們將向街上的所有人提供的東西，並以一致的方式實現這一點。所以我們的業務是多元化的。我們的商業模式具有持久性，具有良好的營業利潤率、良好的穩健增長和良好的現金流。而且我只是認為，與其他行業相比，我們可以經受住我們看到的任何潛在的不利因素，這反映在我們的 24 財年指南中。 Aneel，也許你也想為這個問題添加一些顏色。

Yes. I think the other part is our applications are just -- they're just proven out to be mission-critical. And some of the apps that did well during the last few years, when you have a downturn, they're just not as -- they're not viewed as mission-critical. But a lot of companies are doubling down on becoming more efficient during a downturn, and I think we're a beneficiary of that and it supports our business. And it's all based on those very sticky systems of record.

是的。我認為另一部分是我們的應用程序只是 - 它們只是被證明是關鍵任務。一些在過去幾年表現良好的應用程序，當你遇到經濟低迷時，它們就不是——它們不被視為關鍵任務。但許多公司在經濟低迷時期加倍努力提高效率，我認為我們是其中的受益者，它支持我們的業務。而這一切都基於那些非常粘性的記錄系統。

Excellent. And just a quick follow-up for Barbara. Is the trend of seeing some of these very sizable Planning deals in the pipeline, which I think you might have mentioned a quarter or 2 ago, seeming to continue here as you look forward into FY '24?

出色的。只是對芭芭拉的快速跟進。在您展望 24 財年時，我認為您可能在一兩個季度前提到過的一些非常大規模的規劃交易正在醞釀中，這種趨勢似乎會繼續下去嗎？

Do you want to take that one? It's about Planning in the pipeline.

你想拿那個嗎？這是關於管道中的計劃。

Yes, I'll take it. Yes. Planning was -- we had a really strong Planning performance in Q4, and we do see more of it coming. In fact, there's -- 2 of the areas and changes we're making for this fiscal year is increasing sales capacity in 2 ways: one, with dedicated sellers to help convert the Planning customers or those Planning first customers into core financials, Accounting Center, Prism Analytics, some of the other solutions that are a nice follow-on to the office of the CFO.

是的，我會接受的。是的。規劃是 - 我們在第四季度的規劃表現非常出色，而且我們確實看到更多。事實上，我們在本財年所做的兩個領域和變化是通過兩種方式提高銷售能力：第一，有專門的銷售人員幫助將計劃客戶或那些計劃第一批客戶轉化為核心財務，會計中心、Prism Analytics 以及其他一些解決方案，這些解決方案是 CFO 辦公室的一個很好的後續解決方案。

And then the second is dedicated land sellers for the Planning business for Adaptive. We're increasing sales capacity there. And that's not just a U.S. phenomenon. We actually see that opportunity internationally as well, as Carl highlighted earlier.

然後是 Adaptive 規劃業務的專門土地銷售商。我們正在增加那裡的銷售能力。這不僅僅是美國現象。正如 Carl 之前強調的那樣，我們實際上在國際上也看到了這個機會。

Our next question comes from DJ Hynes with Canaccord.

我們的下一個問題來自 Canaccord 的 DJ Hynes。

Curious if you're seeing any additional signs of large projects being put on hold. I think last quarter, we talked about some services revenue disruption. Understand kind of the ecosystem handoff is influencing the numbers a bit in the guide. But curious if that was kind of a one-off event or something that's starting to show up a little bit more broadly with implementation cycles.

好奇您是否看到任何其他大型項目被擱置的跡象。我認為上個季度，我們談到了一些服務收入中斷。了解生態系統交接的種類會稍微影響指南中的數字。但很好奇這是一次性事件還是隨著實施週期開始更廣泛地出現的事情。

Doug, why don't you take that one?

道格，你為什麼不拿那個？

Yes. They're not seeing -- if I understood your question correctly, wholesale stoppages of projects. It's more about round trips of approvals. And I do think companies are looking for -- CEOs are looking for productivity gains and operating margin leverage and so every investment is getting extra scrutiny. And I think one of the things I'm really, frankly, quite proud of in this quarter and in this year is that I think our sales team did a great job of anticipating that and really building solid business cases in conjunction with our customers to get those projects over the line. But no question, these cycles happen, take a longer bit of time to close on the pure net new large transformational projects.

是的。他們沒有看到——如果我對你的問題的理解正確的話，項目的大規模停工。它更多的是關於批准的往返。而且我確實認為公司正在尋找 - 首席執行官們正在尋找提高生產率和營業利潤率的槓桿，因此每項投資都會受到額外的審查。坦率地說，我認為在本季度和今年，我真正感到非常自豪的一件事是，我認為我們的銷售團隊在預測這一點方面做得很好，並與我們的客戶一起真正建立了可靠的業務案例完成這些項目。但毫無疑問，這些週期的發生需要更長的時間才能在純淨的新大型轉型項目上完成。

Yes. The only thing I'd like to add is just thank Doug and Patrick and our teams around the world. We knew these deals would get extra scrutiny, and we were prepared for it. The level of deal inspection we had throughout Q4 was taken up a couple of notches, and we saw the outcome of that in, if you will, the close rates in Q4, and we anticipate that going forward.

是的。我唯一想補充的就是感謝 Doug 和 Patrick 以及我們在世界各地的團隊。我們知道這些交易會受到額外的審查，我們已經做好了準備。我們在整個第四季度進行的交易檢查水平提高了幾個檔次，如果您願意的話，我們在第四季度的收盤價中看到了結果，我們預計會繼續發展。

Got it. Got it. And then, Doug, maybe a more strategic question for you. Just as you talk with customers about evolving to become kind of a skills-based organization, right, adopting ML and AI strategies, like how much change management has to accompany the technology adoption, right? And I guess I'm curious, like how deeply bought into this playbook are your partners? Is this something they're leading to or leading with in their go-to-market conversations?

知道了。知道了。然後，道格，也許對你來說是一個更具戰略意義的問題。正如您與客戶談論發展成為一種基於技能的組織一樣，對，採用 ML 和 AI 策略，比如伴隨技術採用需要多少變革管理，對嗎？我想我很好奇，比如你的合作夥伴對這本劇本的投入有多深？這是他們在進入市場的對話中導致或引導的東西嗎？

I think that's a great question, and the answer is a lot. And there is work to be done more around strategy upfront to really take advantage of the Skills Cloud in and of itself as an enabling technology. And so you've heard us talk about how important partners are to our growth this year and beyond. We are partnering with some of the large global GSIs that you know all too well, who are really bringing that skill set, their IP around that change management and how to look at skills and through the lens of skills and anticipating skills needed 5 years from now or 10 years from now as opposed to just job profile-based analysis of where to build out your teams. So yes, it goes hand in hand, and both are needed to give a complete solution to the customer. Anything you guys want to add? Aneel?

我認為這是一個很好的問題，答案很多。圍繞戰略前期還有更多工作要做，以真正利用 Skills Cloud 本身作為一項支持技術。所以你已經聽到我們談論合作夥伴對我們今年及以後的增長有多麼重要。我們正在與您非常了解的一些大型全球 GSI 合作，他們真正帶來了這套技能，他們圍繞變革管理的 IP 以及如何看待技能以及如何通過技能的視角和預測 5 年後所需的技能現在或 10 年後，而不是僅僅基於工作概況分析在哪裡建立你的團隊。所以是的，它是齊頭並進的，兩者都需要為客戶提供完整的解決方案。大家有什麼要補充的嗎？阿內爾？

I'd say it's a 1- to 2-year process. It's not a simple journey. But coming out the other end, it just enables you to do business the way everybody is looking forward to doing business in a skills-based world. And I'd point to one of our biggest HCM customers, one of our biggest partners, Accenture. They have done this for their own organization, and so they're going around and using that learning to help our customers do it as well. But it's a big investment, and I think the payoff -- but the payoff is huge.

我會說這是一個 1 到 2 年的過程。這不是一個簡單的旅程。但另一方面，它只是讓您能夠以每個人都期待在以技能為基礎的世界中開展業務的方式開展業務。我要指出我們最大的 HCM 客戶之一，我們最大的合作夥伴之一埃森哲。他們已經為自己的組織做到了這一點，因此他們四處走動並利用所學到的知識來幫助我們的客戶也這樣做。但這是一項巨大的投資，我認為回報——但回報是巨大的。

Our next question comes from Michael Turrin with Wells Fargo.

我們的下一個問題來自富國銀行的 Michael Turrin。

Nice job in closing out the year. Barbara, given the change in accounting, you mentioned the useful life policy brings the operating margin expectation up to 23% for the coming year. Does that impact how you're thinking about the longer-term 25% margin target, $10 billion in scale, as we kind of trend line towards those? Or anything you can add around just views and opportunities near term for margin leverage versus longer term is helpful.

在結束這一年時做得很好。芭芭拉，考慮到會計的變化，你提到使用壽命政策使來年的營業利潤率預期高達 23%。這是否會影響您對 25% 的長期利潤率目標（規模為 100 億美元）的看法，因為我們傾向於這些目標？或者你可以添加任何關於近期保證金槓桿與長期的觀點和機會的內容都是有幫助的。

Yes, thanks so much for your question. So there's no change to that 25% operating margin target at $10 billion. We haven't updated our medium-term framework for that at this time. When we provided that outlook, we weren't factoring in this change in useful life assumptions. And while it has a near-term positive impact on our margins, the impact will reduce over time. So the focus remains on driving profitable long-term growth, and that's exactly what we described at our Analyst Day. And we definitely see opportunity to drive non-GAAP operating margin beyond 25% over the longer term.

是的，非常感謝你的問題。因此，100 億美元的 25% 營業利潤率目標沒有變化。我們目前還沒有為此更新我們的中期框架。當我們提供這種前景時，我們並沒有考慮使用壽命假設的這種變化。雖然它對我們的利潤率有短期的積極影響，但隨著時間的推移，這種影響會減少。因此，重點仍然是推動盈利的長期增長，而這正是我們在分析師日所描述的。從長遠來看，我們肯定會看到將非 GAAP 營業利潤率提高到 25% 以上的機會。

Our next question comes from the line of Keith Weiss with Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Keith Weiss。

A couple of kind of cleanup questions for Barbara. You mentioned 1 percentage point benefit to the 24-month backlog from early renewals. Can you talk to -- is that unusual? Because one of your peers talked about missing their guidance because they didn't get the early renewal. So to what extent were those early renewals already kind of in your expectations? Or to what extent were they unusual?

芭芭拉的幾個清理問題。您提到提前續訂可使 24 個月的積壓訂單減少 1 個百分點。你能談談——這不尋常嗎？因為您的一位同事談到因為沒有得到提前更新而錯過了他們的指導。那麼，這些早期續約在多大程度上已經符合您的預期？或者它們在多大程度上不同尋常？

And then two, on the other side of that, how should we think about sort of the tightening in the range on the guidance from the 17% to 19% to the 17% to 18% after the outperformance that you saw in Q4? Is it adding more conservatism to the forecast? Or was there some push and pulls of like those early renewals that we should be thinking about? Like is it a more conservative guide? Or are there other factors that we should be considering?

然後兩個，另一方面，我們應該如何考慮在您在第四季度看到的出色表現之後將指導範圍從 17% 到 19% 收緊到 17% 到 18%？它是否為預測增加了更多的保守主義？還是我們應該考慮像那些早期續約那樣的一些推動和拉動？就像它是一個更保守的指南嗎？或者還有其他我們應該考慮的因素嗎？

So let me go ahead and take that first question on early renewals. So we had healthy customer base activity in Q4 as customers added new SKUs to their Workday footprint. And as part of that, many of the customers renewed early. And so we do see renewals move around from time to time. But just with the strength of customer base, we saw a larger impact this quarter and wanted to make sure we called that out.

那麼讓我繼續回答關於提前續約的第一個問題。因此，隨著客戶將新的 SKU 添加到他們的 Workday 足跡中，我們在第四季度擁有健康的客戶群活動。作為其中的一部分，許多客戶提前續約。因此，我們確實看到續訂不時發生。但僅僅憑藉強大的客戶群，我們在本季度看到了更大的影響，並希望確保我們將其公佈出來。

On your second question around what's going into our guidance for subscription revenue next year. Really after a solid Q4, we have more visibility into our FY '24 subscription revenue, allowing us to maintain the midpoint of $6.55 billion and narrow that $100 million range down to $50 million that we shared last quarter. So still very early in the year, and the guidance prudently accounts for the fact that the environment remains uncertain and consistent with what we've described over the last couple of quarters.

關於你的第二個問題，我們明年的訂閱收入指南是什麼。確實在穩健的第四季度之後，我們對 24 財年的訂閱收入有了更多的了解，這使我們能夠保持 65.5 億美元的中點，並將 1 億美元的範圍縮小到我們上個季度分享的 5000 萬美元。所以今年還很早，指南謹慎地說明了環境仍然不確定並且與我們在過去幾個季度所描述的一致的事實。

Got it. That makes a ton of sense. And maybe one big picture question for Carl. A question I've been getting a lot from investors is, what changes should we expect from Carl? Or what big impacts can Carl have on Workday and the company on a go-forward basis? And I have my answers, obviously, but I'd love to hear from the horse's mouth. I'd love to hear from you. When you look at this opportunity to take on the co-CEO role, what are the big changes or sort of big improvements that you think you can make to Workday over the next year or 3 years or whatnot?

知道了。這很有道理。也許卡爾有一個大問題。我經常從投資者那裡得到的一個問題是，我們應該期待 Carl 做出哪些改變？或者 Carl 可以對 Workday 和公司產生哪些重大影響？很明顯，我有我的答案，但我很想听聽馬口中的聲音。我很想听聽你的意見。當你看到這個擔任聯席 CEO 角色的機會時，你認為你可以在未來一年或三年內對 Workday 做出哪些重大改變或重大改進？

Yes, sure. So a couple of things. So as you know, I had a front row seat to the last 5 years as a Board member, and I had a good understanding of Workday, the business model and the opportunity. And what I would say is now being on Board almost a full quarter, right, the opportunity is probably even bigger than I anticipated.

是的，當然。所以有幾件事。如你所知，在過去的 5 年裡，我作為董事會成員一直坐在前排，我對 Workday、商業模式和機會有很好的了解。而我要說的是，現在已經在 Board 待了將近一個完整的季度，對吧，這個機會可能比我預期的還要大。

That being said, the company is doing a lot of things right. Just look at our results for the full year last year, our results for Q4. So what the executive team and our Workmates have done is pretty special. That being said, there are opportunities for us to get back to that 20% growth going forward. I've mentioned a couple of them earlier.

話雖這麼說，該公司做對了很多事情。看看我們去年全年的業績，我們第四季度的業績。因此，執行團隊和我們的同事所做的非常特別。話雖如此，我們有機會在未來恢復 20% 的增長。我之前提到過其中的幾個。

So first and foremost, I think one of the things we're doing around consolidating all go-to-market under Doug Robinson, who's been here for 11-plus years, was a good move. He now is responsible for everything from a go-to-market perspective, including sales, presales, partners. Our industries and revenue operations before that was broken up. So I am focused on driving operational efficiency across the company and across organizations, and we're starting to see that play out already.

因此，首先，我認為我們正在做的事情之一是在 Doug Robinson 的領導下整合所有上市，他已經在這里工作了 11 多年，這是一個很好的舉措。他現在從進入市場的角度負責一切，包括銷售、售前、合作夥伴。在此之前，我們的行業和收入業務已經分拆。因此，我專注於提高整個公司和各個組織的運營效率，我們已經開始看到這一點。

The second thing I mentioned earlier is I just think we have a tremendous opportunity to grow the business internationally. Our performance internationally is I don't think where it should be, but we're going to really focus on it. We have new leadership in place, and we're going to drive a different level of execution, both in EMEA and across APJ, and I think that's also important.

我之前提到的第二件事是我認為我們有巨大的機會在國際上發展業務。我們在國際上的表現我不認為它應該在哪裡，但我們會真正關注它。我們有了新的領導層，我們將在 EMEA 和整個 APJ 推動不同級別的執行，我認為這也很重要。

The last thing, as both Aneel highlighted and Barbara and myself, we are looking for ways to optimize our workforce. And one of the things we're doing here in Q1 is we're doubling down our efforts on product and technology. So we continue to focus on innovation. And we're also investing heavily in go-to-market, specifically around quota-carrying capacity.

最後一件事，正如 Aneel 以及 Barbara 和我本人所強調的那樣，我們正在尋找優化員工隊伍的方法。我們在第一季度在這裡做的一件事是我們在產品和技術上加倍努力。所以我們繼續專注於創新。我們還大力投資於上市，特別是圍繞配額承載能力。

And it is our belief, and my personal belief, that those who can invest in innovation and technology and go-to-market when markets are potentially challenging like we're faced today will be the fastest to emerge on the other side and reaccelerate growth. So I think there are just a couple of areas of focus for us, along with a number of other things, including the ecosystem that we spoke about and Doug mentioned earlier. So there are some of the things in the near term you can expect from us, and I think they'll drive long-term durable growth that gets us back to that 20%.

我們相信，我個人也相信，那些能夠投資創新和技術並在市場面臨像我們今天所面臨的潛在挑戰時進入市場的人將最快脫穎而出並重新加速增長.所以我認為我們只關注幾個領域，以及其他一些事情，包括我們談到的生態系統和前面提到的道格。因此，您可以在短期內對我們有所期待，我認為它們將推動長期持久增長，使我們回到 20%。

If I can just add a couple other things. Carl is definitely an innovator on the go-to-market side and so we're all learning some new approaches on what we can do differently. And I'd frankly say, including myself, just raise the sense of urgency and energy level of the entire management team. And I think it's great, and I couldn't be happier that he's here. He's telling us all to have more giddyap.

如果我可以添加一些其他的東西。卡爾絕對是進入市場方面的創新者，因此我們都在學習一些新的方法來了解我們可以做些什麼。我會坦率地說，包括我自己，只是提高整個管理團隊的緊迫感和能量水平。我認為這很棒，他在這裡我感到非常高興。他告訴我們所有人要有更多的giddyap。

Our next question comes from Karl Keirstead with UBS.

我們的下一個問題來自瑞銀的 Karl Keirstead。

Okay. Great. I've got 2 for Barbara. Barbara, the relationship between CRPO today and subscription revenue growth tomorrow is not perfect, but it's actually pretty good. Despite all the macro, your CRPO is hanging in there like a champ at like 20s or low 20s. But your guidance on the sub revs growth implies a decel from 22% this most recent quarter down to like 16%, 17% in the second half. And I'm just curious, why would that be? At first blush, it makes your guidance for sub revs growth look somewhat conservative, but maybe I'm missing something in the relationship that might explain that. Maybe go-lives are getting extended but are still within the 24 months. Is there anything that you would flag?

好的。偉大的。我有 2 個給芭芭拉。芭芭拉，今天的 CRPO 和明天的訂閱收入增長之間的關係並不完美，但實際上非常好。儘管有所有宏，您的 CRPO 仍然像 20 多歲或低 20 多歲的冠軍一樣懸在那裡。但是你對 sub revs 增長的指導意味著從最近一個季度的 22% 下降到下半年的 16%、17%。我很好奇，為什麼會這樣？乍一看，這讓你對子轉速增長的指導看起來有些保守，但也許我在關係中遺漏了一些可以解釋這一點的東西。也許上線時間正在延長，但仍在 24 個月內。有什麼你會舉報的嗎？

No. I mean I would just reiterate what you said at the beginning, which keep in mind that backlog isn't a perfect proxy for future subscription revenue growth due to many factors, including the timing of renewals. As we called out, early renewals had roughly 1 percentage point of upside to our 24-month Q4 backlog, though it does not impact the underlying subscription revenue growth. And the FY '24 subscription revenue guidance is our best view at the time, and we think it prudently factors in a macro environment which remains uncertain.

不，我的意思是我只是重申你在開始時所說的話，請記住，由於包括續訂時間在內的許多因素，積壓並不是未來訂閱收入增長的完美代表。正如我們所指出的那樣，提前續訂對我們 24 個月的第 4 季度積壓訂單有大約 1 個百分點的上升空間，儘管它不會影響潛在的訂閱收入增長。而 24 財年的訂閱收入指引是我們當時最好的看法，我們認為它謹慎地考慮了仍然不確定的宏觀環境。

Okay. That's helpful, Barbara. And then if -- I don't think anyone's asked on your cash flow guide. If I could, I think a quick calculation suggests that you're guiding to operating margin improvement or percentage increase year-over-year of about 30%, but your operating cash flow guidance implies more like a modest -- more modest 25% growth. Is there anything going on in your operating cash flow guide? Any sort of onetime factors to highlight that might create a somewhat bigger spread between it and the operating margin expansion?

好的。這很有幫助，芭芭拉。然後如果 - 我認為沒有人問過你的現金流量指南。如果可以的話，我認為快速計算表明您正在指導營業利潤率提高或同比增長約 30%，但您的營業現金流量指導更像是適度 - 更適度的 25% 增長.您的經營現金流量指南中有任何內容嗎？有什麼需要強調的一次性因素可能會在它與營業利潤率擴張之間產生更大的差距？

So the cash flow guidance does reflect the strong margin expansion that we are expecting in FY '24. But when you're looking at it from a year-over-year standpoint, both Q1 and FY '24 cash flow is impacted by the first full year payout of our company-wide performance-based cash bonus, the severance costs associated with the recent realignment and then an interest payment that didn't occur last Q1 due to the timing of our debt offering. And then also keep in mind that the change in server and network equipment useful life has an impact on margin, but it does not impact cash flow.

因此，現金流指引確實反映了我們在 24 財年預期的強勁利潤率擴張。但是當你從同比的角度來看時，第一季度和 FY '24 的現金流量都受到我們公司範圍內基於績效的現金紅利的第一次全年支付的影響，與相關的遣散費最近的調整，然後由於我們的債務發行時間，上一季度沒有發生利息支付。然後還要記住，服務器和網絡設備使用壽命的變化會影響利潤率，但不會影響現金流量。

And our last question comes from Alex Zukin with Wolfe Research.

我們的最後一個問題來自 Wolfe Research 的 Alex Zukin。

I guess maybe one for Carl and Aneel, and then just a follow-up on the cash flow question. If you kind of stand back and you think about where we are right now from the macro environment, the demand environment, it does seem like things aren't getting progressively worse. They seem to have stabilized, at least based on commentary from some other companies. As you look at the current kind of configuration, do you feel like we've kind of rebased in terms of a net new sales cycle, a net new digestion phase or period? And what -- is this the trough basically is the question we get a lot. Do you have any signals or data points that kind of give you a view one way or the other on that?

我想也許是 Carl 和 Aneel 的一個，然後只是關於現金流量問題的後續行動。如果你退後一步，從宏觀環境、需求環境考慮我們現在所處的位置，事情似乎並沒有變得越來越糟。他們似乎已經穩定下來，至少從其他一些公司的評論來看是這樣。當您查看當前的配置時，您是否覺得我們在淨新銷售週期、淨新消化階段或時期方面有所重新調整？什麼 - 這是低谷基本上是我們得到很多的問題。您是否有任何信號或數據點可以讓您以一種或另一種方式看待這個問題？

I personally still think it's a very uncertain environment. It doesn't feel like the economy is falling off a cliff anymore. I don't think it ever really did feel like it was falling off a cliff. But there's conflicting signs as to whether the Fed is going to continue to slow down the economy and get inflation under control, and that continues to be a challenge. So I think it's still pretty much the same it's been for the last couple of quarters. I don't see it -- I definitely don't see it getting better anytime soon, but maybe not getting worse. So yes, maybe we're in a stable view. I don't know. What do you think, Carl?

我個人仍然認為這是一個非常不確定的環境。感覺經濟不再從懸崖上掉下來了。我不認為它真的有從懸崖上掉下來的感覺。但關於美聯儲是否會繼續放慢經濟並控制通脹，存在相互矛盾的跡象，這仍然是一個挑戰。所以我認為它仍然與過去幾個季度幾乎相同。我看不到——我絕對看不到它會很快好轉，但也許不會變得更糟。所以是的，也許我們的觀點是穩定的。我不知道。你怎麼看，卡爾？

Yes, I agree with you. Actually, the commentary I always respond with people who ask this question, I say there's -- it's consistently inconsistent depending on who you talk to out there. But what we do know is companies are continuing to invest in technology. And if you have a strong value proposition like we have around HCM and FINS, we should be able to navigate the choppy waters that we're faced with going forward, and I think that was reflected in both Q4 and our FY '24 guide. So we're staying the course, we're prudent in our guidance, and we have a lot of confidence that our team will execute regardless of what we face in the future. So it's uncertain, but we're prepared for it as well.

是的，我同意你的看法。實際上，我總是回答問這個問題的人的評論，我說的是 - 它始終不一致，具體取決於你在那裡與誰交談。但我們所知道的是，公司正在繼續投資於技術。如果你有像我們圍繞 HCM 和 FINS 的強大價值主張，我們應該能夠駕馭我們未來面臨的波濤洶湧的水域，我認為這反映在第四季度和我們的 FY '24 指南中。因此，我們堅持到底，我們在指導方面保持謹慎，並且我們非常有信心，無論我們未來面臨什麼，我們的團隊都會執行。所以這是不確定的，但我們也做好了準備。

And then maybe just one on the ecosystem, specifically the SI community. It does feel like they're getting a little bit even reinvigorated to some extent from some of the moves and changes that you're making around driving -- helping them continue to be also a driver of growth or enabling them to be a driver of growth for your business. What are kind of the key dynamics we should be tuning to that could make that really a bit of a different growth driver this year or in the coming years than it's been in the past?

然後可能只是生態系統中的一個，特別是 SI 社區。從您圍繞駕駛所做的一些舉措和改變中，確實感覺他們在某種程度上什至重新煥發了活力——幫助他們繼續成為增長的驅動力，或者使他們成為增長的驅動力為您的業務增長。我們應該調整什麼樣的關鍵動力，才能使今年或未來幾年的增長動力與過去有所不同？

Yes. Doug, why don't you take that, and then I'll add any color.

是的。道格，你為什麼不接受它，然後我會添加任何顏色。

Yes, it's a great question. A couple of things to think about or that you should be looking for. Where it really comes to life is when we can take, I mentioned this before in another question, the IP from our partners and couple it with what we deliver, and then give something more profound to our mutual customer. And so we loosely put that under an umbrella called Industry Accelerators. And I think that's where you're going to see it show up with our partners, much more openness to drive industry-specific solutions with their expertise partnered with our technology. And so that drives things like Prism and Extend, which we haven't talked about much on this earnings call, but really taking Workday and extending it beyond core capabilities.

是的，這是一個很好的問題。有幾件事需要考慮或您應該尋找。真正重要的是我們什麼時候可以接受，我之前在另一個問題中提到過，來自我們合作夥伴的 IP 並將其與我們交付的產品相結合，然後為我們的共同客戶提供更深刻的東西。因此，我們將其鬆散地置於名為“行業加速器”的保護傘下。而且我認為這就是您將看到它與我們的合作夥伴一起出現的地方，更加開放地利用他們的專業知識與我們的技術合作來推動特定於行業的解決方案。因此，這推動了 Prism 和 Extend 之類的東西，我們在本次財報電話會議上沒有過多討論，但確實採用了 Workday 並將其擴展到核心功能之外。

Yes. I think it's really well said, Doug, and that's specific to the GSIs, but we're also looking for alternate routes to market like the announcement we just made with AWS to be on our marketplace, which is a new distribution channel for us here at Workday. So we're looking at driving operating leverage on the go-to-market, both through GSIs and additional ecosystem partners going forward, which is really important. We haven't done that in the past.

是的。道格，我認為這說得很好，這是 GSI 特有的，但我們也在尋找替代市場途徑，就像我們剛剛與 AWS 一起宣布進入我們的市場一樣，這對我們來說是一個新的分銷渠道在工作日。因此，我們正在考慮通過 GSI 和未來的其他生態系統合作夥伴來推動進入市場的運營槓桿，這非常重要。我們過去沒有這樣做過。

And ladies and gentlemen, thank you for your participation on today's conference. This will conclude Workday's Fourth Quarter and Fiscal Year '23 Earnings Call. Thank you again for joining us.

女士們，先生們，感謝你們參加今天的會議。這將結束 Workday 的第四季度和 23 財年收益電話會議。再次感謝您加入我們。