Workday Inc (WDAY) 2024 Q1 法說會逐字稿

Welcome to Workday's Fiscal 2024 First Quarter Earnings Call. (Operator Instructions) With that, I will now hand it over to Justin Furby, Vice President of Investor Relations.

歡迎來到 Workday 的 2024 財年第一季度財報電話會議。 （操作員說明）有了這個，我現在將它交給投資者關係副總裁 Justin Furby。

Thank you, operator. Welcome to Workday's First Quarter Fiscal 2024 Earnings Conference Call. On the call, we have Aneel Bhusri and Carl Eschenbach, our Co-CEO; Barbara Larson, our CFO; and Doug Robinson, our Co-President. 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.

謝謝你，運營商。歡迎來到 Workday 2024 財年第一季度收益電話會議。在電話會議上，我們有 Aneel Bhusri 和我們的聯席首席執行官 Carl Eschenbach；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。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。

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 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.

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，包括我們的 2023 財年 10-K 表格年度報告和我們最近的 10-Q 表格季度報告，以獲取有關風險的更多信息，可能導致實際結果與此類聲明中規定的結果存在重大差異的不確定性和假設。

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

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 財年第二季度的靜默期從 2023 年 7 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 2023 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 First Quarter Fiscal '24 Earnings Call. I'm pleased to share that Workday reported strong Q1 results and once again outperformed against our key operating metrics, which include a subscription revenue growth of 20% for the quarter. While the macro environment continues to be unpredictable, we remain positive about our future growth prospects for a couple of reasons.

謝謝你，賈斯汀，歡迎來到 Workday 的“24 財年第一季度收益電話會議”。我很高興地與大家分享，Workday 報告了強勁的第一季度業績，並再次優於我們的關鍵運營指標，其中包括本季度 20% 的訂閱收入增長。儘管宏觀環境仍然不可預測，但出於幾個原因，我們對未來的增長前景仍持樂觀態度。

First, we got the year off to a strong start and have built a healthy pipeline of opportunities, which gives us better visibility into the rest of fiscal '24. And second, we are seeing the value proposition of the full Workday platform, combined with our unique approach to artificial intelligence and machine learning, continue to gain momentum as more and more organizations across geographies and industries put their trust in us to help them drive the future of work.

首先，我們今年開局良好，並建立了健康的機會渠道，這使我們能夠更好地了解 24 財年的剩餘時間。其次，我們看到整個 Workday 平台的價值主張，結合我們獨特的人工智能和機器學習方法，隨著越來越多的不同地區和行業的組織信任我們，以幫助他們推動工作的未來。

When it comes to AI and ML, we think about implementing it differently than any other enterprise software company in the world, and we've been at it for nearly a decade while many of our competitors are scrambling to catch up. We approach AI and ML with a heavy emphasis on being human-centric, using these capabilities to augment people and organizations to make them more productive, better informed to make decisions and to help them reduce business risk.

當談到 AI 和 ML 時，我們考慮以不同於世界上任何其他企業軟件公司的方式實施它，並且我們已經從事了將近十年，而我們的許多競爭對手都在爭先恐後地迎頭趕上。我們在處理 AI 和 ML 時非常強調以人為本，利用這些功能來增強人員和組織，使他們提高生產力，更好地做出決策並幫助他們降低業務風險。

Several things set us apart. One, AI and ML are embedded into the very core of our platform, allowing us to rapidly deliver and sustain new ML and fuse capabilities into our products to drive more business value for our customers. Two, we have the quantity and quality of data that further differentiates us, meaning that we not only have access to an enormous amount of data due to the more than 60 million users representing more than 600 billion transactions over the last year, but we also have a unified data model that allows us to build and train models in a way our competitors simply cannot replicate. And three, we firmly believe that to deliver on the possibilities it offers, AI and ML must be leveraged in a trustworthy and ethical way. Workday has always been a trusted partner to help companies keep their most critical assets, their people and money safe, secure and private. This approach becomes even more essential when leveraging AI and ML.

有幾件事讓我們與眾不同。第一，AI 和 ML 嵌入到我們平台的核心，使我們能夠快速交付和維持新的 ML 並將功能融合到我們的產品中，從而為我們的客戶帶來更多的商業價值。第二，我們擁有的數據數量和質量進一步使我們脫穎而出，這意味著我們不僅可以訪問大量數據，因為去年超過 6000 萬用戶代表了超過 6000 億筆交易，而且我們還擁有統一的數據模型，使我們能夠以競爭對手無法複製的方式構建和訓練模型。第三，我們堅信，要實現它提供的可能性，必須以可信賴和合乎道德的方式利用 AI 和 ML。 Workday 一直是值得信賴的合作夥伴，可幫助公司保護其最重要的資產、人員和資金安全、可靠和私密。在利用 AI 和 ML 時，這種方法變得更加重要。

As you know, generative AI is driving the AI and ML discussion right now. Despite the recent hype around large language models, Workday has been delivering AI and ML, including LLMs, for several years. We believe we need to look past the hype cycle and identify the real ways our customers can extract business value from LLMs.

如您所知，生成式 AI 目前正在推動 AI 和 ML 的討論。儘管最近圍繞大型語言模型大肆宣傳，但 Workday 多年來一直在提供 AI 和 ML，包括 LLM。我們認為我們需要超越炒作週期，確定我們的客戶可以從 LLM 中獲取商業價值的真正方式。

Today, we are using generative AI tools behind the scenes to help power products like Workday Search and Skills Cloud while exploring a variety of generative AI use cases for our customers. For example, we are looking at many content generation use cases within our Workday talent management, recruiting, financial management and core HCM applications.

今天，我們在幕後使用生成式 AI 工具來幫助支持 Workday Search 和 Skills Cloud 等產品，同時為我們的客戶探索各種生成式 AI 用例。例如，我們正在研究 Workday 人才管理、招聘、財務管理和核心 HCM 應用程序中的許多內容生成用例。

Additionally, for years, we have taken a leading role in AI-focused policy discussions at the federal, state and local level in the U.S. while partnering with the European Union and other governments around the world to provide thoughtful and concrete policy approaches to responsible AI. Simply put, we believe AI technology should be regulated. This is an area that you will continue to hear more from us in future quarters, and I look forward to sharing updates by how Workday is helping to drive AI policy globally.

此外，多年來，我們在美國聯邦、州和地方層面的以人工智能為重點的政策討論中發揮了主導作用，同時與歐盟和世界其他政府合作，為負責任的人工智能提供深思熟慮和具體的政策方法.簡而言之，我們認為人工智能技術應該受到監管。這是一個您將在未來幾個季度繼續從我們那裡聽到更多信息的領域，我期待分享 Workday 如何幫助推動全球 AI 政策的更新。

Moving to our core set of applications. We continued our investment in Workday Peakon Employee Voice by recently unveiling semantic search capabilities, which leverages AI to analyze millions of employee comments and present the most meaningful insights. While manual keyword searches take hours or days, semantic search can analyze employee comments in seconds to quickly provide leaders with the insights they need to address emerging workplace trends.

轉到我們的核心應用程序集。我們最近推出了語義搜索功能，繼續對 Workday Peakon Employee Voice 進行投資，該功能利用 AI 分析數百萬員工評論並提出最有意義的見解。手動關鍵字搜索需要數小時或數天，而語義搜索可以在幾秒鐘內分析員工評論，從而快速為領導者提供應對新興工作場所趨勢所需的見解。

Employee engagement is one of the biggest hot buns for CEOs today, and we're continuing to see more organizations turn to Peakon to help them stay on top of and address employee sentiment. In fact, Peakon hit a significant milestone in Q1 as it surpassed more than 500 million total survey responses and 70 million written comments, providing us with one of the world's largest standardized data sets on employee sentiment.

員工敬業度是當今 CEO 最關心的問題之一，我們繼續看到越來越多的組織轉向 Peakon 來幫助他們掌握並解決員工情緒問題。事實上，Peakon 在第一季度達到了一個重要的里程碑，因為它超過了 5 億總調查回復和 7000 萬條書面評論，為我們提供了世界上最大的員工情緒標準化數據集之一。

For the office of the CFO, we recently unveiled Predictive Forecaster, a capability within Workday Adaptive Planning that creates ML-based forecasts with the ability to add additional regressors and data sets. The feature, which is in limited availability today, supports our next evolution of Workday Adaptive Planning to produce increasingly predictive plans and enhance insights to help organizations more effectively navigate today's business landscape.

對於 CFO 辦公室，我們最近推出了 Predictive Forecaster，這是 Workday Adaptive Planning 中的一項功能，可以創建基於 ML 的預測，並能夠添加額外的回歸變量和數據集。該功能目前有限可用，它支持我們 Workday Adaptive Planning 的下一次發展，以生成更具預測性的計劃並增強洞察力，以幫助組織更有效地駕馭當今的業務環境。

Another important innovation focus area for us is to be more open and connected, whether that's by providing an open and extensible platform or by working closely with our partners to deliver added value to our customers. For our Workday platform, we are continuing to deliver tools and capabilities that simplify and enhance application development with Workday Extend. For example, we introduced our first set of ML APIs in Q1 to enable our Extend customers to build extensions that leverage ML.

我們另一個重要的創新重點領域是變得更加開放和聯繫，無論是通過提供開放和可擴展的平台，還是通過與我們的合作夥伴密切合作為我們的客戶提供附加值。對於我們的 Workday 平台，我們將繼續提供工具和功能，以通過 Workday Extend 簡化和增強應用程序開發。例如，我們在第一季度推出了第一組 ML API，使我們的 Extend 客戶能夠構建利用 ML 的擴展。

We also released low-code/no-code development functionality with App Builder, enabling developers to create apps with Extend via a simple drag-and-drop user interface. And we built on our decade-plus partnership with AWS to create a native integration from Extend to AWS. With this integration, developers can easily and securely leverage AWS services in their Extend applications. The integration is in early access with GA to follow later this year. Extend, which surpassed 500 customers in Q1, continues to be a major differentiator for us with the office of the CIO.

我們還發布了 App Builder 的低代碼/無代碼開發功能，使開發人員能夠通過簡單的拖放用戶界面使用 Extend 創建應用程序。我們在與 AWS 十多年的合作夥伴關係基礎上創建了從 Extend 到 AWS 的本地集成。通過這種集成，開發人員可以在其 Extend 應用程序中輕鬆安全地利用 AWS 服務。該集成在 GA 中處於早期訪問狀態，將於今年晚些時候跟進。 Extend 在第一季度擁有超過 500 個客戶，它仍然是我們與 CIO 辦公室的主要差異化因素。

Additionally, we held Workday DevCon, our third annual developers conference, earlier this month. In-person attendance for this year's event grew by nearly 200% over last year, which is a testament to the excitement we're seeing from our customers and partners to build on top of the Workday platform, not only with Extend, but with Prism, Adaptive Planning, Journeys and Integrations.

此外，我們在本月初舉行了第三次年度開發者大會 Workday DevCon。今年活動的現場出席人數比去年增長了近 200%，這證明了我們的客戶和合作夥伴對在 Workday 平台之上構建的興奮之情，不僅通過 Extend，而且通過 Prism 、適應性規劃、旅程和整合。

And on the partner front, we recently announced an expansion of our partnership with Alight to deliver an integrated payroll experience to customers across 6 key regions for us in Europe: Benelux, Germany, Italy, the Nordics, Spain and Switzerland.

在合作夥伴方面，我們最近宣布擴大與 Alight 的合作夥伴關係，為我們在歐洲 6 個主要地區的客戶提供集成的薪資體驗：比荷盧經濟聯盟、德國、意大利、北歐、西班牙和瑞士。

As you know, Workday's core values are foundational to everything we do and guide the decisions we make. In recognition of our efforts to always strive to do what's right, I'm pleased to share that Workday for the third consecutive year was named one of the world's most ethical companies by Ethisphere. Additionally, we continued our commitment to sustainability by joining Frontier and advance market commitment to accelerate carbon removal.

如您所知，Workday 的核心價值觀是我們所做一切的基礎，並指導我們做出的決定。為了表彰我們始終努力做正確的事，我很高興地與大家分享，Workday 連續第三年被 Ethisphere 評為全球最具道德的公司之一。此外，我們通過加入 Frontier 繼續致力於可持續發展，並推進市場承諾以加速碳去除。

Finally, I want to note an organizational change that we will be making. After nearly 9 years with Workday, Barbara Larson, our current CFO, is stepping away to spend more time with her family. During her time with Workday, Barbara has served in several senior leadership roles across our finance and product organizations and has played an integral role in shaping Workday into the company we are today. I'm extremely grateful for her friendship and for the countless contributions she has made to the company, and I wish her nothing but the best in her next endeavor.

最後，我想指出我們將要進行的一項組織變革。在 Workday 工作近 9 年後，我們的現任首席財務官芭芭拉·拉爾森 (Barbara Larson) 將離職，以便花更多時間陪伴家人。在 Workday 任職期間，Barbara 曾在我們的財務和產品部門擔任多個高級領導職務，並在將 Workday 塑造成今天的公司方面發揮了不可或缺的作用。我非常感謝她的友誼和她為公司做出的無數貢獻，我祝愿她在接下來的工作中一切順利。

With Barbara leaving, I'm pleased to announce that Zane Rowe will be joining Workday as our new CFO. Zane comes to us from VMware, where he was CFO since 2016 and before that, held CFO roles at EMC and United Airlines. Carl and Zane worked together at VMware, so I'll let Carl share more in a minute on what Zane's addition to our leadership team will mean for Workday.

隨著 Barbara 的離職，我很高興地宣布 Zane Rowe 將作為我們的新首席財務官加入 Workday。 Zane 從 VMware 來到我們這裡，他自 2016 年起擔任該公司的首席財務官，在此之前，他曾在 EMC 和聯合航空公司擔任首席財務官職務。 Carl 和 Zane 在 VMware 一起工作，所以稍後我將讓 Carl 分享更多關於 Zane 加入我們的領導團隊對 Workday 意味著什麼。

In closing, we once again delivered a strong quarter and feel good about our growth prospects throughout the rest of fiscal year '24 despite what will continue to be a challenging macroeconomic environment. Innovation is core to who we are and fuels our continuing focus on infusing differentiated AI and ML across our entire product portfolio. Doing that will enable us to continue to serve as the digital backbone for organizations who want to thrive in today's changing world of work.

最後，儘管宏觀經濟環境仍將充滿挑戰，但我們再次交付了強勁的季度業績，並對整個 24 財年剩餘時間的增長前景感到樂觀。創新是我們的核心，並推動我們繼續專注於在我們的整個產品組合中註入差異化的 AI 和 ML。這樣做將使我們能夠繼續充當希望在當今不斷變化的工作世界中蓬勃發展的組織的數字支柱。

With that, I'll turn it over to our co-CEO and my good friend, Carl Eschenbach, to share our go-to-market highlights from the quarter. Carl, over to you.

有了這個，我將把它交給我們的聯合首席執行官和我的好朋友 Carl Eschenbach，分享我們本季度的上市亮點。卡爾，交給你了。

Thanks, Aneel, and thank you, everyone, for joining today. I want to start by offering my sincere thanks to Barbara for all she has done for Workday in her nearly 9 years here. As a Board member and now as co-CEO, I've had the opportunity to watch her grow and help drive Workday across her many leadership roles. Without question, Workday is a better company because of her. We will miss her, and we wish her well.

謝謝 Aneel，也謝謝大家今天的加入。首先，我要衷心感謝芭芭拉在近 9 年的時間里為 Workday 所做的一切。作為董事會成員和現在的聯席首席執行官，我有機會見證她的成長，並幫助推動 Workday 擔任許多領導職務。毫無疑問，Workday 因她而成為更好的公司。我們會想念她，祝她一切順利。

As we search for a leader to take over as CFO, Aneel, the Board and I cannot think of a better person than Zane Rowe. I had the privilege of working alongside him at VMware, and I believe he is one of the finest executives and CFOs in all of enterprise software. As we embark upon the next phase of our growth journey, Zane is the perfect person to guide us on our path of driving durable, long-term growth and margin expansion. We are thrilled to welcome Zane to the team and expect a seamless transition over the next couple of months.

在我們尋找接任首席財務官的領導者時，Aneel、董事會和我想不出比 Zane Rowe 更好的人選。我有幸在 VMware 與他一起工作，我相信他是所有企業軟件領域最優秀的高管和首席財務官之一。當我們踏上增長之旅的下一階段時，Zane 是指導我們走上推動持久、長期增長和利潤擴張之路的完美人選。我們很高興歡迎 Zane 加入團隊，並期待在接下來的幾個月內實現無縫過渡。

90 days ago at our global sales kickoff, we challenged our team to deliver a strong start for FY '24. I'm proud to say that our Workmates met that goal, driving growth across key geographies, industries and solutions, leading to strong ACV growth in Q1. Because of their efforts, we are well positioned as we head into Q2 despite a challenging macro environment, which continue to cause customer uncertainty, increased scrutiny and, in some cases, lengthening sales cycles.

90 天前，在我們的全球銷售啟動儀式上，我們要求我們的團隊為 FY '24 開個好頭。我很自豪地說，我們的 Workmates 實現了這一目標，推動了關鍵地區、行業和解決方案的增長，導致第一季度 ACV 強勁增長。由於他們的努力，我們在進入第二季度時處於有利地位，儘管宏觀環境充滿挑戰，這繼續導致客戶不確定性、審查增加，在某些情況下，還會延長銷售週期。

I joined Workday as co-CEO 6 months ago. And while I was excited about the possibilities then, I am even more excited now. Sharing the co-CEO role with Aneel couldn't be going any better. Working alongside him, I've had the chance to witness the power of Aneel's 30 years of product experience, which is unmatched in our industry. Our complementary skills make a tremendous partnership.

6 個月前，我作為聯席首席執行官加入了 Workday。雖然當時我對各種可能性感到興奮，但現在我更加興奮。與 Aneel 共同擔任聯席首席執行官一職再好不過了。與他一起工作，我有機會見證了 Aneel 30 年產品經驗的力量，這在我們的行業中是無與倫比的。我們的互補技能構成了巨大的合作夥伴關係。

I have also spent a lot of time over the last few months meeting with our employees, customers and partners around the world. These visits have shown me the energy and innovation across the Workday community firsthand. They reinforce my belief that Workday has the potential to be one of the most enduring software businesses of our time.

在過去的幾個月裡，我還花了很多時間與我們在世界各地的員工、客戶和合作夥伴會面。這些訪問讓我親眼目睹了整個 Workday 社區的活力和創新。他們強化了我的信念，即 Workday 有潛力成為我們這個時代最持久的軟件企業之一。

There are 2 key themes I keep hearing that sets us apart. The first is that Workday is mission-critical. Workday is the intelligent digital backbone for enterprises who are looking to consolidate their technology footprint and move from best-of-breed applications to best in suite or best in platform. Enterprises are clearly looking to benefit from the reduced total cost of ownership in a rapid pace of innovation that Workday delivers.

我一直聽到有 2 個關鍵主題讓我們與眾不同。首先是 Workday 是關鍵任務。 Workday 是智能數字骨幹，適用於希望鞏固其技術足跡並從同類最佳應用程序轉向最佳套件或最佳平台的企業。企業顯然希望從 Workday 提供的快速創新中降低的總擁有成本中獲益。

Second, as Aneel mentioned, Workday's approach to AI and ML is a clear differentiator for us. With over 60 million users all on a unified data model, we are uniquely positioned to be the secure steady hand to support our customers through this tectonic technology shift, same as we did with cloud.

其次，正如 Aneel 所提到的，Workday 的 AI 和 ML 方法對我們來說是一個明顯的差異化因素。超過 6000 萬用戶都在一個統一的數據模型上，我們具有獨特的優勢，可以像我們對雲所做的那樣，成為通過這種結構性技術轉變為客戶提供支持的安全穩定之手。

Turning to highlights for the quarter, I would like to focus on 5 key areas: land, expand, global, industries and partners. Our land motion with net new customers remains the primary driver of our growth. We had a strong performance landing new customers across our key buying centers, geographies and industries in Q1 and continue to see significant runway.

談到本季度的亮點，我想重點關注 5 個關鍵領域：土地、擴張、全球、行業和合作夥伴。我們與淨新客戶的陸地運動仍然是我們增長的主要驅動力。我們在第一季度的主要採購中心、地區和行業取得了強勁的表現，吸引了新客戶，並繼續看到重要的跑道。

In HCM, where we are the clear market leader, we saw sustained momentum with several new customer wins, including Dollar Tree, Interpublic Group, Johor Corporation and McLane Company; along with notable HCM go-lives, including DICK'S Sporting Goods, J. Crew and Lexmark International. Increasingly, customers are looking to leverage the full power of Workday by purchasing both HCM and financial management.

在胡志明市，我們是明顯的市場領導者，我們看到了持續的發展勢頭，贏得了幾個新客戶，包括 Dollar Tree、Interpublic Group、Johor Corporation 和 McLane Company；以及著名的 HCM 上線，包括 DICK'S Sporting Goods、J. Crew 和 Lexmark International。越來越多的客戶希望通過同時購買 HCM 和財務管理來充分利用 Workday 的強大功能。

New full platform wins in Q1 include IBEX Global Solutions, Pima County, The Rio and Stevens Transport. We also had several core FINS go-live, including Whole Foods; Vanderbilt University Medical Center; and Extendicare, which went live on both Financials and HCM.

第一季度贏得的新全平台包括 IBEX Global Solutions、Pima County、The Rio 和 Stevens Transport。我們還有幾個核心 FINS 上線，包括 Whole Foods；范德比爾特大學醫學中心；和 Extendicare，它在 Financials 和 HCM 上均已上線。

Another way that we strategically bring new customers into the Workday community is through our planning-first motion, which drove healthy growth and had important wins in every major region this quarter, including Leonardo Hotels, LeoVegas and a significant expansion of our agreement with ExxonMobil.

我們戰略性地將新客戶引入 Workday 社區的另一種方式是通過我們的計劃優先行動，該行動推動了健康增長，並在本季度的每個主要地區取得了重要勝利，包括萊昂納多酒店、LeoVegas 以及我們與埃克森美孚的協議的顯著擴展。

Planning is an important first step on our customers' digital transformation journey. And once they are a Workday customer, we can partner with them to realize the full benefits of our platform. Several companies expanded from planning-first to full platform in Q1, including DJE Holdings and The Nature Conservancy.

規劃是我們客戶數字化轉型之旅的重要第一步。一旦他們成為 Workday 客戶，我們就可以與他們合作，以實現我們平台的全部優勢。幾家公司在第一季度從規劃先行擴展到全平台，包括 DJE Holdings 和 The Nature Conservancy。

Given this success, along with momentum we are seeing within the office of the CFO, we are adding significant sales capacity this year focused on selling FINS. And while this is early, we are optimistic about the initial pipeline momentum from these resources.

鑑於這一成功，以及我們在 CFO 辦公室看到的勢頭，我們今年將增加大量銷售能力，重點是銷售 FINS。雖然這還為時過早，但我們對這些資源的初始管道勢頭持樂觀態度。

Customers are increasingly leaning into Workday as their trusted platform across the board. This was reflected in strong renewals and healthy expansion activity across our installed base in Q1. Wins include Brown & Brown, IU Group, Nissan and RaceTrac, to name a few. We are seeing expansion momentum across our product portfolio, including solutions that deliver faster time to value for customers such as Peakon, Planning, Health and Talent Optimization. This momentum is helping our sales teams create and close a healthy amount of pipeline all in the same quarter.

客戶越來越傾向於將 Workday 作為他們全面信任的平台。這反映在我們第一季度安裝基礎的強勁更新和健康擴展活動中。獲勝的品牌包括 Brown & Brown、IU Group、Nissan 和 RaceTrac，等等。我們看到了我們產品組合的擴張勢頭，包括為客戶提供更快實現價值的解決方案，例如 Peakon、Planning、Health 和 Talent Optimization。這種勢頭正在幫助我們的銷售團隊在同一季度創建和關閉數量可觀的渠道。

Global growth continues to be a massive untapped opportunity for us. We drove strong execution across a number of our major geographies this quarter, yet less than 5% of our TAM is penetrated. In the U.S., we saw strong traction, particularly within large enterprise. In EMEA, we're seeing early signs that our new leadership team is coming together with healthy growth across key markets, including Germany, Switzerland and the Nordics; and wins, including Equinor, ASA, and Clyde & Co. In APJ, Australia was a highlight with wins including Insignia Financial and the Australian arm of Tokio Marine.

全球增長對我們來說仍然是一個巨大的未開發機會。本季度，我們在多個主要地區推動了強勁的執行，但只有不到 5% 的 TAM 被滲透。在美國，我們看到了強大的吸引力，尤其是在大型企業中。在 EMEA，我們看到早期跡象表明我們的新領導團隊正在齊心協力，並在包括德國、瑞士和北歐在內的主要市場實現健康增長；和勝利，包括 Equinor、ASA 和 Clyde & Co。在 APJ，澳大利亞是一個亮點，贏得了 Insignia Financial 和 Tokio Marine 的澳大利亞分公司。

Momentum is also clearly building within our investment in native payroll in the Australian market. While we still have work to do in APJ to capture the full market potential, after spending time in the region in Q1, the executive team and I continue to see a lot of opportunity.

我們在澳大利亞市場對本地工資單的投資顯然也在增強勢頭。雖然我們在 APJ 仍有工作要做以充分發揮市場潛力，但在第一季度在該地區度過一段時間後，我和執行團隊繼續看到很多機會。

Next, I want to highlight our industry-first approach, which is a critical part of winning the offices of the CFO and CHRO within our core services-based industries. In higher education, for example, we have led the market over the last 3 years in cloud-native HCM, financial and student systems according to The Tambellini Group. We saw continued momentum in Q1 with notable wins, including a FINS expansion at Northeastern University and new platform wins at the University of Richmond and Loyola University of Maryland.

接下來，我想強調我們行業第一的方法，這是在我們以服務為基礎的核心行業中贏得首席財務官和首席人力資源官辦公室的關鍵部分。例如，在高等教育領域，根據 Tambellini Group 的說法，過去 3 年我們在雲原生 HCM、財務和學生系統方面處於市場領先地位。我們在第一季度看到了持續的勢頭，並取得了顯著的勝利，包括東北大學的 FINS 擴展以及里士滿大學和馬里蘭州洛約拉大學的新平台勝利。

In the professional services industry, key wins I mentioned earlier include deals at DJE Holdings, IBEX and Interpublic Group. In financial services, we had several wins and expansions, including Absa Bank, Fannie Mae and First American.

在專業服務行業，我之前提到的主要勝利包括 DJE Holdings、IBEX 和 Interpublic Group 的交易。在金融服務方面，我們取得了多項勝利和擴張，包括 Absa Bank、Fannie Mae 和 First American。

In state and local government, we followed up a strong Q4 with another quarter of healthy growth. And in health care, we were pleased to be named the top-performing cloud ERP solution by KLAS Research. And we had important Q1 wins, including a significant expansion at Stanford Health Care.

在州和地方政府，我們在強勁的第四季度之後又實現了健康增長。在醫療保健領域，我們很高興被 KLAS Research 評為性能最佳的雲 ERP 解決方案。我們在第一季度取得了重要的勝利，包括斯坦福醫療保健的重大擴張。

Our ability to accelerate our momentum in these industries and across our business depends on our ability to maintain a vibrant and engaged partner ecosystem. While our partner ecosystem has always been critical to our success, we are shifting even more deployments to our partners. And in return, we are looking to work with our partners in increasingly strategic ways to drive more co-innovation and greater lead generation for Workday.

我們在這些行業和整個業務中加快發展勢頭的能力取決於我們維持充滿活力和參與度的合作夥伴生態系統的能力。雖然我們的合作夥伴生態系統一直對我們的成功至關重要，但我們正在將更多部署轉移給我們的合作夥伴。作為回報，我們希望以更具戰略性的方式與我們的合作夥伴合作，為 Workday 推動更多的共同創新和更多的潛在客戶。

As part of that effort, we rolled out our new partner referral program in May, which puts clear incentives in place for our ecosystem to drive lead generation. In addition, following our go-to-market partnership with AWS we announced last quarter, I'm pleased to share that we had our first AWS private marketplace transaction during Q1. And as Aneel mentioned, the recently announced payroll partnership with Alight expands our global payroll coverage.

作為這項工作的一部分，我們在 5 月推出了新的合作夥伴推薦計劃，為我們的生態系統提供明確的激勵措施，以推動潛在客戶的產生。此外，在我們上個季度宣布與 AWS 建立上市合作夥伴關係之後，我很高興地與大家分享，我們在第一季度進行了第一筆 AWS 私有市場交易。正如 Aneel 所提到的，最近宣布與 Alight 的薪資合作夥伴關係擴大了我們的全球薪資覆蓋範圍。

In closing, we're off to a great start in FY '24 with strong new business bookings, healthy pipelines and continued progress towards our strategic growth initiatives. And while the macro remains uncertain, we are positioning the business to return to 20%-plus subscription revenue growth when the environment improves and laying the foundation for driving durable growth and margin expansion for many years to come.

最後，我們在 24 財年有了一個良好的開端，新業務預訂強勁，管道健康，我們的戰略增長計劃持續取得進展。雖然宏觀仍不確定，但我們將業務定位為在環境改善時恢復 20% 以上的訂閱收入增長，並為未來多年推動持久增長和利潤率擴張奠定基礎。

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. I appreciate the kind words. It's been such a pleasure to work and grow alongside you, Aneel and this entire organization these last 9 years. But after much thought, I know this is the right time for me to step back and focus on my family. And I can't think of a better person to pass the CFO reins to than Zane. He's a remarkable leader, an incredible person and culture fit and the right person to take Workday on the next phase of its incredible growth journey. I look forward to working with him over the next couple of months to ensure a seamless transition.

謝謝，卡爾。我很欣賞客氣話。在過去的 9 年裡，與你、Aneel 和整個組織一起工作和成長真是太高興了。但經過深思熟慮，我知道現在是我退後一步，專注於我的家庭的最佳時機。我想不出比 Zane 更適合將首席財務官職位交給他的人選。他是一位傑出的領導者，一個令人難以置信的人和文化契合度，並且是帶領 Workday 進入其令人難以置信的增長旅程的下一階段的合適人選。我期待著在接下來的幾個月裡與他合作，以確保無縫過渡。

As Aneel and Carl mentioned, we had a strong start to the year driven by solid execution and durable demand across our solutions as organizations continue their finance and HR modernization journey. Subscription revenue in Q1 was $1.53 billion, up 20% year-over-year. Professional services revenue in the quarter was $156 million. Total revenue outside of the U.S. was $420 million in Q1, representing 25% of total revenue.

正如 Aneel 和 Carl 所提到的那樣，隨著組織繼續其財務和人力資源現代化之旅，我們對解決方案的可靠執行和持久需求推動了我們今年的開局良好。第一季度的訂閱收入為 15.3 億美元，同比增長 20%。本季度的專業服務收入為 1.56 億美元。第一季度美國以外的總收入為 4.2 億美元，佔總收入的 25%。

24-month subscription revenue backlog was $9.79 billion, up 23% at the end of Q1, resulting from strong new ACV bookings and renewals with growth in net revenue retention rates over 95% and over 100%, respectively. As Carl mentioned, we saw significant customer base expansion activity in the quarter. Many of the customers that expanded their strategic footprint elected to co-term and renew their existing contracts ahead of schedule. These early renewals in the quarter added roughly 1 percentage point to both 24-month and total backlog growth.

24 個月的訂閱收入積壓為 97.9 億美元，在第一季度末增長 23%，這是由於新的 ACV 預訂和續訂強勁，淨收入保留率分別增長超過 95% 和超過 100%。正如卡爾所提到的，我們在本季度看到了顯著的客戶群擴張活動。許多擴大了戰略足蹟的客戶選擇共同終止並提前續簽現有合同。本季度的這些提前續約使 24 個月和總積壓增長都增加了大約 1 個百分點。

Total subscription revenue backlog at the end of Q1 was $16.65 billion, up 32%. In addition to the benefit from early renewals, we continue to see increased average contract duration on both new deals and renewals, causing total backlog to grow significantly faster than 24-month backlog.

第一季度末未完成的訂閱總收入為 166.5 億美元，增長 32%。除了提前續約的好處之外，我們繼續看到新交易和續約的平均合同期限增加，導致總積壓訂單的增長速度明顯快於 24 個月的積壓訂單。

Our non-GAAP operating income for the first quarter was $396 million, resulting in non-GAAP operating margin of 23.5%. Margin overachievement was driven by revenue upside, a slower-than-anticipated ramp in hiring and the timing of certain expenses.

我們第一季度的非 GAAP 營業收入為 3.96 億美元，非 GAAP 營業利潤率為 23.5%。利潤率超預期是由收入上升、招聘速度慢於預期以及某些支出的時間安排推動的。

Q1 operating cash flow was $277 million. As we discussed last quarter, the year-over-year decline was driven by the first full year payout of our performance-based cash bonus program, a $55 million interest payment on our debt and payments associated with our January workforce realignment.

第一季度運營現金流為 2.77 億美元。正如我們上個季度所討論的那樣，同比下降是由我們基於績效的現金獎金計劃的首次全年支付、5500 萬美元的債務利息支付以及與 1 月份勞動力調整相關的支付所推動的。

We ended the first quarter with more than 17,800 global Workmates. We continue to add key talent across strategic growth areas of the business, notably go-to-market and product and technology, but we continue to plan for fewer head count additions in FY '24 as compared to FY '23. Overall, we're very proud of the strong company-wide execution in Q1, and we are focused on maintaining our momentum as we enter Q2.

第一季度結束時，我們在全球擁有超過 17,800 名 Workmates。我們繼續在業務的戰略增長領域增加關鍵人才，特別是上市和產品和技術，但我們繼續計劃與 23 財年相比，24 財年的新增人數減少。總體而言，我們對第一季度全公司範圍內的強勁執行力感到非常自豪，並且我們專注於在進入第二季度時保持我們的勢頭。

Now turning to guidance, which reflects both the continued momentum of our business while also balancing what remains an uncertain macro environment. Following a strong Q1, we are raising the low end of our FY '24 subscription revenue guidance, resulting in a new range of $6.550 billion to $6.575 billion, an 18% year-over-year growth. We continue to view this guidance as prudent in the context of the environment.

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。在強勁的第一季度之後，我們提高了 24 財年訂閱收入指引的下限，從而使新範圍達到 65.5 億美元至 65.75 億美元，同比增長 18%。我們繼續認為該指南在環境背景下是審慎的。

We expect Q2 subscription revenue to be $1.611 billion to $1.613 billion, representing 18% year-over-year growth. Additionally, we continue to expect sequential subscription revenue growth in Q3 of approximately 4%.

我們預計第二季度訂閱收入為 16.11 億美元至 16.13 億美元，同比增長 18%。此外，我們繼續預計第三季度的連續訂閱收入增長約為 4%。

We are maintaining our FY '24 professional services revenue guidance of $630 million to $650 million. As Carl mentioned, we are strategically shifting more deployments to our partner ecosystem as part of our channel strategy. For Q2, we expect professional services revenue of $160 million. We expect 24-month backlog to increase approximately 20% year-over-year in Q2.

我們維持 24 財年 6.3 億美元至 6.5 億美元的專業服務收入指導。正如卡爾所提到的，作為我們渠道戰略的一部分，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。對於第二季度，我們預計專業服務收入為 1.6 億美元。我們預計第二季度 24 個月的積壓訂單將同比增長約 20%。

We continue to expect FY '24 non-GAAP operating margin of 23% and plan on maintaining a disciplined approach to invest in long-term growth opportunities while at the same time delivering healthy margin expansion. For Q2, we expect a non-GAAP operating margin of approximately 22%, which reflects typical seasonality as a result of our annual employee compensation cycle, which took effect at the beginning of Q2.

我們繼續預計 24 財年的非 GAAP 營業利潤率為 23%，併計劃保持一種有紀律的方法來投資長期增長機會，同時實現健康的利潤率增長。對於第二季度，我們預計非 GAAP 營業利潤率約為 22%，這反映了我們的年度員工薪酬週期導致的典型季節性，該週期在第二季度初生效。

GAAP operating margins for both the second quarter and the full year are expected to be approximately 22 percentage points lower than the non-GAAP margins. We expect to achieve GAAP profitability on an operating income basis beginning in the third quarter and for the full fiscal year as we continue to drive margin expansion and reduce stock-based compensation as a percentage of revenue. The FY '24 non-GAAP tax rate remains at 19%.

第二季度和全年的 GAAP 營業利潤率預計將比非 GAAP 利潤率低約 22 個百分點。隨著我們繼續推動利潤率擴張並降低基於股票的薪酬佔收入的百分比，我們預計從第三季度開始並在整個財政年度實現基於營業收入的 GAAP 盈利能力。 24 財年的非 GAAP 稅率保持在 19%。

To align our compensation plan with our focus on speed of execution and results, we recently modified our cash bonus program from an annual to a semiannual payout structure, beginning with our FY '24 bonus plan. We expect to make the first semiannual payment in Q3 of this year, resulting in an additional bonus payment in FY '24 versus our initial expectations. As a result, we now expect FY '24 operating cash flow of $1.95 billion, growth of 18% year-over-year.

為了使我們的薪酬計劃與我們對執行速度和結果的關注保持一致，我們最近將我們的現金獎金計劃從年度支付結構修改為半年支付結構，從我們的 FY '24 獎金計劃開始。我們預計將在今年第三季度進行首次半年度付款，從而導致 24 財年的額外獎金支付超過我們最初的預期。因此，我們現在預計 24 財年的運營現金流為 19.5 億美元，同比增長 18%。

In addition, we are lowering our guidance for FY '24 capital expenditures to approximately $300 million driven by normalization we are seeing within our supply chain. We have $425 million in the remaining authorization under our buyback program and expect to resume buying back shares in Q2 after our trading window opens.

此外，由於我們在供應鏈中看到的正常化，我們將對 24 財年資本支出的指導下調至約 3 億美元。根據我們的回購計劃，我們有 4.25 億美元的剩餘授權，並預計在我們的交易窗口打開後在第二季度恢復回購股票。

And finally, I'll close by thanking our amazing employees, customers and partners for their continued support and hard work as we move through FY '24 and beyond.

最後，我要感謝我們出色的員工、客戶和合作夥伴在我們度過 24 財年及以後的過程中一直以來的支持和辛勤工作。

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

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 Kash Rangan with Goldman Sachs.

（操作員說明）我們的第一個問題來自 Kash Rangan 與高盛的合作。

Considering that it's a Q1 and macro headwinds are persistent, this is a significant outperformance of the backlog. So congratulations to team Workday. One quick one for Aneel. With generative AI, what is your view on how Workday can potentially get paid? Is it to a new SKU or improvement in ARPU? And if I can slip one for Carl, any update on the net new business back-to-the-base initiative and how that's powering through these results would be useful.

考慮到它是第一季度並且宏觀逆風持續存在，這是一個顯著優於積壓的表現。恭喜 Workday 團隊。給 Aneel 的一個快速的。借助生成式 AI，您對 Workday 如何獲得報酬有何看法？是新的 SKU 還是 ARPU 的改進？如果我可以為 Carl 提供一個，關於網絡新業務返回基地計劃的任何更新以及它如何通過這些結果提供動力都會很有用。

So I think that's the part about ChatGPT and then -- or generative AI, and then what was the follow-on to that?

所以我認為這是關於 ChatGPT 的部分，然後 - 或者生成 AI，然後是什麼後續？

How can you get -- how can you monetize it, Aneel, terms of a new SKU or an ability to charge more for the productivity improvement that you can offer to your customers?

你怎麼能——你怎麼能把它貨幣化，Aneel，新 SKU 的條款，或者為你可以為客戶提供的生產力改進而收取更多費用的能力？

Yes. I think in general, AI and ML are technologies that all customers should expect to be embedded in their products. The way we've thought about it is using it to enable products that couldn't have existed before. We announced some of them as new SKUs, but our big ones so far have been Skills Cloud. That just couldn't exist without AI/ML. You could say the same about Talent Optimization.

是的。我認為總的來說，人工智能和機器學習是所有客戶都應該期望嵌入到他們的產品中的技術。我們考慮它的方式是使用它來啟用以前不可能存在的產品。我們將其中一些作為新的 SKU 宣布，但到目前為止我們最重要的是 Skills Cloud。如果沒有 AI/ML，那是不可能存在的。你可以對人才優化說同樣的話。

As it relates to generative AI -- by the way, those are based on generative AI -- maybe not ChatGPT, but generative AI. And Skills Cloud is a great example of a large language model as well. There's other SKUs coming down the road. There's content generation. You could think about the one that everybody talks about, performance reviews as an example. There are ways to monetize it, but we want to make sure it's a brand-new product that couldn't be built without it.

因為它與生成 AI 相關——順便說一下，那些基於生成 AI——可能不是 ChatGPT，而是生成 AI。 Skills Cloud 也是大型語言模型的一個很好的例子。還有其他 SKU 即將推出。有內容生成。您可以考慮每個人都在談論的那個，例如績效評估。有多種方法可以將其貨幣化，但我們希望確保它是一款離不開它的全新產品。

And I would just say stay tuned. You'll see us start rolling things out, but we're doing things around generative AI very carefully to make sure that we follow our path on ethics and security and doing it the right way.

我只想說敬請期待。你會看到我們開始推出一些東西，但我們正在非常小心地圍繞生成人工智能做事，以確保我們遵循我們在道德和安全方面的道路，並以正確的方式做事。

Yes. Kash, as it relates to the net new business, as you can see, we had a really strong start to the year here in Q1, and that includes our net new business or our new ACV business. And it was across all industries. It wasn't specific to one. It was across all industries. It was across all market segments. And geographically, we saw strong performance both in the U.S. and in EMEA as well. So our net new business is the lifeline of Workday. It gives us the customer installed base to sell back into. And we saw a strong performance in Q1, and that was reflected in our guide for both Q2 and the rest of the year.

是的。 Kash，因為它與淨新業務有關，正如你所看到的，我們今年第一季度的開局非常強勁，其中包括我們的淨新業務或新的 ACV 業務。它遍及所有行業。它不是特定於一個人的。它遍及所有行業。它遍及所有細分市場。在地理上，我們在美國和 EMEA 也看到了強勁的表現。所以我們的淨新業務是 Workday 的生命線。它為我們提供了回售的客戶安裝基礎。我們在第一季度看到了強勁的表現，這反映在我們對第二季度和今年剩餘時間的指南中。

Our next question comes from the line of Mark Murphy with JPMorgan.

我們的下一個問題來自摩根大通的馬克墨菲。

Congrats on the great consistency. And Barbara, best wishes, and thank you for everything. Carl and Aneel, in this environment, are you better off spending the next incremental dollar on financials or on products that help to navigating this challenging labor market, like Recruiting and Skills Cloud and Talent Marketplace. I'm just wondering where you see stronger prioritization and willingness to buy.

祝賀你的一致性。芭芭拉，祝你好運，謝謝你所做的一切。 Carl 和 Aneel，在這種環境下，您最好將下一筆增量資金花在財務上，還是花在有助於駕馭這個充滿挑戰的勞動力市場的產品上，例如 Recruiting and Skills Cloud 和 Talent Marketplace。我只是想知道您在哪裡看到更強的優先級和購買意願。

And then you did mention a significant expansion with ExxonMobil. I'm a little surprised because I recall that as a very large Planning deal just announced last summer. Can you just clarify why the expansion is so rapid there?

然後你確實提到了埃克森美孚的重大擴張。我有點驚訝，因為我記得這是去年夏天剛剛宣布的一項非常大的規劃交易。你能解釋一下為什麼那裡的擴張如此之快嗎？

On the R&D side, they're long-term investments. And so -- and I feel very comfortable that they're all fully funded. I think in this environment, it's more of a question on how you allocate go-to-market resources. And that really is -- that's really up to Carl. So Carl, how would you think about that?

在研發方面，它們是長期投資。所以——我很高興他們都得到了充分的資助。我認為在這種環境下，更多的是關於如何分配上市資源的問題。這真的是 - 這真的取決於卡爾。卡爾，你會怎麼想？

Yes. Sure. So we saw a really solid performance in Financials this quarter. And as we talked about last quarter, we were doubling down on go-to-market around Financials and hiring a significant number of quota-carrying capacity reps. And we're going to continue to do that because of the pipeline that we saw build specifically around Financials.

是的。當然。因此，本季度我們在金融領域看到了非常穩健的表現。正如我們在上個季度談到的那樣，我們正在加倍努力圍繞金融市場進入市場，並聘請了大量的配額承載能力代表。我們將繼續這樣做，因為我們看到了專門圍繞財務建立的管道。

We also called out in our prepared remarks that we continue to see a lot of momentum in our land business, specifically around Planning. We land customers with Planning, and then they come right back in and buy both Financials, obviously, but we're also seeing people buy HCM on the back of a Planning land because of Workforce Planning.

我們還在準備好的評論中指出，我們的土地業務繼續保持強勁勢頭，特別是在規劃方面。我們通過 Planning 吸引客戶，然後他們又回來購買兩個 Financials，顯然，但我們也看到人們因為 Workforce Planning 而在 Planning 土地的背後購買 HCM。

In the example of Exxon, we only had a portion of their business for Planning, and they expanded it much more broadly across their entire business because they saw the value that they got from that platform that they started to use a year ago. So again, Planning is a good lead-in for us, and we'll continue to invest in go-to-market around Financials because of both the strength of Financials and the Planning land business we see today.

在埃克森美孚的例子中，我們只有他們的一部分業務用於規劃，他們在整個業務中更廣泛地擴展了它，因為他們看到了他們從一年前開始使用的平台中獲得的價值。因此，規劃對我們來說是一個很好的引導，我們將繼續投資於圍繞金融的上市，因為金融的實力和我們今天看到的規劃土地業務。

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。

Very nice quarter. I wanted to ask a question really about the macro environment and what you're seeing out there. You referred to it as still uneven. But like the idea of customers co-terming and sort of pulling forward contracting seems a little bit more aggressive than what we saw like this time last year when customers were delaying deals and shifting it out. So one, should we take that as any indication on kind of the overall macro environment?

非常好的季度。我想問一個真正關於宏觀環境和你在那裡看到的問題。你稱它仍然不平衡。但是，就像客戶共同終止合同和提前簽訂合同的想法一樣，這似乎比我們去年這個時候看到的客戶推遲交易並將其轉移出去的情況更具侵略性。那麼，我們是否應該將其視為整體宏觀環境的一種跡象？

And then as a follow-up, I just wanted to ask about that State of Iowa contract that -- it was in the news that got canceled. Did that have any impact on the quarter in terms of RPO or bookings? Or is that already out of there?

然後作為後續行動，我只想問一下愛荷華州的合同——它在新聞中被取消了。這對本季度的 RPO 或預訂有影響嗎？還是已經不在了？

Yes. Thanks, Keith, for the question. I think it's consistent from what we described last quarter. There's an uncertain environment out there which, in some cases, caused customer uncertainty, increased scrutiny. We're seeing the CFO be involved in a lot more deals. And in some cases, we're even seeing lengthening of sales cycles, but that's specific, if you will, more to net new opportunities. And even if they get pushed out, they don't go away. They just push out by a quarter or 2.

是的。謝謝，基思，提出這個問題。我認為這與我們上個季度的描述是一致的。那裡有一個不確定的環境，在某些情況下，這會導致客戶的不確定性，增加審查。我們看到 CFO 參與了更多的交易。在某些情況下，我們甚至看到銷售週期的延長，但如果你願意的話，那是具體的，更多的是為了獲得新的機會。即使他們被推出去，他們也不會消失。他們只是推出四分之一或兩個。

That being said, we couldn't be more proud of how we executed in Q1 with this backdrop. And one of the reasons we think that's the case is because companies continue to prioritize both HCM and financial transformations to support 2 of their most critical assets: their people and their money.

話雖這麼說，我們對在這種背景下在第一季度的表現感到無比自豪。我們認為情況如此的原因之一是，公司繼續優先考慮 HCM 和財務轉型，以支持他們最重要的 2 項資產：他們的人和他們的錢。

And in an environment like this, we're starting to see our value proposition actually only become that much stronger. The reason for that is we think our platform is a consolidation play. And as people consolidate more on to a specific platform, there's a total cost of ownership benefit that they get.

在這樣的環境中，我們開始看到我們的價值主張實際上只會變得更加強大。原因是我們認為我們的平台是一個整合遊戲。隨著人們更多地整合到特定平台上，他們將獲得總擁有成本收益。

And if you think about the headwinds most of our customers are facing specific to the HCM platform, they need to drive 2 things: they need to drive productivity gains; and they also need to make sure their employee experience is at the highest level, and that's exactly what we do on the HCM side.

如果您考慮我們的大多數客戶所面臨的特定於 HCM 平台的不利因素，他們需要推動兩件事：他們需要推動生產力的提高；他們還需要確保他們的員工體驗處於最高水平，而這正是我們在 HCM 方面所做的。

On the financial side, the value proposition also is resonating in this environment. Why? Because finance role has continued to change in an environment like we're playing in today. They have to be agile and nimble. They have to be able to do forecast, and they have to make quick visitors. And we just see this as another example where our platform play on the financials only get that much stronger.

在財務方面，價值主張也在這種環境中產生共鳴。為什麼？因為財務角色在我們今天所處的環境中不斷變化。他們必須敏捷敏捷。他們必須能夠進行預測，並且必須快速訪問。我們只是將此視為另一個例子，我們的平台在財務上的表現只會變得更加強大。

So I think overall, we're not immune to the environment that's out there, but our value proposition is resonating more than ever in a market like we're dealing with today.

所以我認為總的來說，我們並不能免受外部環境的影響，但我們的價值主張在我們今天所面對的市場中比以往任何時候都更能引起共鳴。

And then, Keith, this is Barbara on Iowa. We don't provide customer-specific revenue or backlog disclosures, but do keep in mind that no single customer is material to our business.

然後，基思，這是愛荷華州的芭芭拉。我們不提供特定於客戶的收入或積壓披露，但請記住，沒有一個客戶對我們的業務至關重要。

Yes, great. I was trying to hear some of your thoughts.

對，很好。我想听聽你的一些想法。

Keith, Doug Robinson here. I'd just say that the storyline for me of the quarter is the diversity of the business. And so you talk about the macro, it's sort of the core of your question. And there's enough diversity in that business that we're not seeing -- where there are pockets of weakness, we have lots of diverse lines of business where we do see by industry a lot of strength.

基思，道格羅賓遜在這裡。我只想說本季度對我來說的故事情節是業務的多樣性。所以你談到宏觀，這是你問題的核心。在我們沒有看到的業務中有足夠的多樣性——在有弱點的地方，我們有很多不同的業務線，我們在行業中確實看到了很多優勢。

And specific about like the early renewal comment, I think that's just a function of not a focus or any specific sales play that's being run, but I do think it's a function of we're getting a larger percentage of our revenue from our existing customer base doubling down and back to rationalizing a number of suppliers.

具體到早期續訂評論，我認為這只是一個功能，而不是一個焦點或任何正在運行的特定銷售遊戲，但我確實認為這是一個功能，因為我們從現有客戶那裡獲得了更大比例的收入基地翻倍並回到合理化一些供應商。

Our next question comes from the line of Kirk Materne with Evercore.

我們的下一個問題來自 Evercore 的 Kirk Materne。

Congrats on the strong start and, Barbara, best of luck going forward. Aneel, I was wondering if you could just talk a little bit about the unified data model and then the explosion of interest around AI. You guys, as you mentioned, you have been investing in AI for a while. Can you just talk a little bit about how much of an advantage the unified data model is as you bring in more generative AI into the product suite versus if you didn't have that? And I was just curious do customers recognize this, meaning when they're making a bet on your long-term product portfolio, do they realize the benefits of this model even more so as we start talking about AI in a bigger way?

恭喜開局良好，芭芭拉，祝你好運。 Aneel，我想知道你是否可以談談統一數據模型以及圍繞 AI 的興趣激增。正如你所提到的，你們已經投資人工智能一段時間了。您能否談談統一數據模型在您將更多生成性 AI 引入產品套件時與沒有統一數據模型相比有多大優勢？我很好奇客戶是否認識到這一點，這意味著當他們押注於您的長期產品組合時，他們是否更多地意識到這種模式的好處，以便我們開始以更大的方式談論人工智能？

Well, I think it's a great question. I think it's our job to explain to them the benefits of the unified data model, and it's a huge advantage, right? We have a data model that we can run huge algorithms against that are not just all of HR, but it's all of HR and finance. And if you wanted to bring in third-party data, we can bring that in through Prism Analytics.

好吧，我認為這是一個很好的問題。我認為向他們解釋統一數據模型的好處是我們的工作，這是一個巨大的優勢，對吧？我們有一個數據模型，我們可以針對它運行巨大的算法，它不僅適用於人力資源，而且適用於人力資源和財務。如果您想引入第三方數據，我們可以通過 Prism Analytics 引入。

If you think about a company that's been built through acquisition, the first thing they need to do is figure out how to get all the data and probably have to dump it into a data mart where you lose a lot of intelligence along the way, kind of lose the data model alongside. So it's huge.

如果你考慮一家通過收購建立起來的公司，他們需要做的第一件事就是弄清楚如何獲取所有數據，並且可能不得不將其轉儲到數據集市中，在這個過程中你會失去很多智能，親切丟失數據模型。所以它很大。

But the other part that's huge for us is the amount of data we have in a normalized multi-tenant fashion. We have over 60 million employees in the system and hundreds of billions of transactions every year. We just have -- we have a huge advantage on the data being in a way that makes it easy to run algorithms against, where I just think for almost everybody else, it's so hard just to get the data all in one place and then they don't have the data sets that we have.

但對我們來說重要的另一部分是我們以規範化的多租戶方式擁有的數據量。我們在系統中有超過 6000 萬員工，每年有數千億筆交易。我們只是 - 我們在數據方面擁有巨大優勢，可以輕鬆運行算法，我只是認為對於幾乎所有人來說，很難將所有數據放在一個地方然後他們沒有我們擁有的數據集。

I would say, too, from a sales perspective, we see it now becoming part of the buying criteria and part of the decision-making, whereas a year ago, there wasn't perhaps the customer pushing it so much as the sales teams and the consulting teams trying to demonstrate the value of it and shine a spotlight on it. Even within customer base now, we're seeing -- we've always done, as Aneel mentioned before, predictions and recommendations based off of AI and ML, and customers have been using that for years. And there's now sudden interest in understanding how we go about doing that in deeper detail.

我還要說，從銷售的角度來看，我們看到它現在成為購買標準的一部分和決策的一部分，而一年前，可能沒有客戶像銷售團隊那樣推動它，並且諮詢團隊試圖展示它的價值並聚焦它。即使現在在客戶群中，我們也看到——正如 Aneel 之前提到的那樣，我們一直在做基於 AI 和 ML 的預測和建議，並且客戶多年來一直在使用它。現在突然有興趣了解我們如何更深入地做到這一點。

And one other piece architecturally, a lot of companies are approaching AI and ML as something brand new, so they're trying to attach AI and ML technologies to the applications. Our applications have that in their foundation through the technology set or the tool set. And that goes back really to 2014. We've always looked to the consumer Internet as a guiding light for where new technologies are first born, and then we apply them in a secure way, in a way that protects data privacy. So we've been at it for almost a decade now honing in.

另一方面，在架構上，許多公司正在將 AI 和 ML 視為全新的事物，因此他們正在嘗試將 AI 和 ML 技術附加到應用程序中。我們的應用程序通過技術集或工具集將其作為基礎。這真的可以追溯到 2014 年。我們一直將消費者互聯網視為新技術誕生的指路明燈，然後我們以安全的方式應用它們，以保護數據隱私的方式。所以我們已經從事了將近十年，現在正在磨練。

And I think ChatGPT and conversational AI is an important next step, but we have all the foundational elements. And I would not forget about the value of more traditional AI and ML techniques because they really -- we haven't even touched the tip of the iceberg about what companies can do to make their businesses better.

我認為 ChatGPT 和對話式 AI 是重要的下一步，但我們擁有所有基礎要素。而且我不會忘記更傳統的 AI 和 ML 技術的價值，因為它們真的——我們甚至還沒有觸及公司可以做些什麼來改善業務的冰山一角。

Our next question comes from the line of Brent Thill with Jefferies.

我們的下一個問題來自 Brent Thill 與 Jefferies 的對話。

Aneel and Carl, financial services, I believe, is one of your largest verticals. And many are curious ultimately what you saw post March. Have you seen any change in terms of appetite there? I'd just love to get your thoughts on the overall vertical.

Aneel 和 Carl，我相信金融服務是你們最大的垂直行業之一。許多人最終對您在 3 月之後看到的情況感到好奇。你看到那裡的食慾有什麼變化嗎？我只是想了解您對整體垂直方向的看法。

Yes. Sure. Thanks, Brent. Yes, it is one of our larger verticals. In fact, a few quarters ago, we talked about crossing $1 billion in ARR in this vertical. So it continues to be really important to us and strategic.

是的。當然。謝謝，布倫特。是的，它是我們較大的垂直行業之一。事實上，幾個季度前，我們談到在這個垂直領域的 ARR 超過 10 億美元。所以它對我們來說仍然非常重要並且具有戰略意義。

It's important also to note, though, that when we talk about the financial services industry, it's inclusive of many things, including insurance, asset managers. We have investment banks in there, commercial banks and regional banks. But as a whole, we were really pleased with our performance across the financial services segment this quarter. Specifically in the U.S., in our large enterprise segment, we saw probably the best quarter out of all the things I articulated there.

不過，同樣重要的是要注意，當我們談論金融服務業時，它包括很多東西，包括保險、資產管理公司。我們在那裡有投資銀行、商業銀行和區域銀行。但總的來說，我們對本季度整個金融服務領域的表現感到非常滿意。特別是在美國，在我們的大型企業部門，我們看到了我在那裡闡述的所有事情中最好的一個季度。

At the same time, the regional banks, the regional banks fall more into our medium enterprise business here in the States. And we did see a little bit of softness in that business. But I think that was to be expected considering what was going on with the banking crisis in those regional banks. But overall, we saw really solid performance in financial services.

與此同時，區域性銀行，區域性銀行更多地參與我們在美國的中型企業業務。我們確實看到該業務有些疲軟。但我認為，考慮到這些地區性銀行的銀行業危機正在發生什麼，這是可以預料的。但總的來說，我們在金融服務領域看到了非常穩健的表現。

Our next question comes from the line of Brad Sills with Bank of America.

我們的下一個問題來自美國銀行的 Brad Sills。

My question here is on the momentum you're seeing with those expansion deals, it sounds like, from Planning to FINS. I know this has been an effort that's been underway for a number of years, but it really seems like you're hitting your momentum here. What would you attribute that to? Is this just Planning is becoming more or less system of record, just given the need for analytics and the development of the platform, the challenging macro that need to change for forecasting and run ad hoc forecasting? Or is this more of an emphasis on kind of selling back into the base in that particular segment? Just curious as to why you're seeing the momentum now.

我的問題是你在這些擴張交易中看到的勢頭，聽起來像是從 Planning 到 FINS。我知道這是一項已經進行了很多年的努力，但看起來你真的在這里達到了你的勢頭。你會把它歸因於什麼？這只是規劃正在或多或少地成為記錄系統，只是考慮到分析和平台開發的需要，需要改變預測和運行臨時預測的具有挑戰性的宏觀？還是這更強調在特定細分市場中回售產品？只是好奇為什麼你現在看到了勢頭。

I'll just answer the product piece. There's no question Planning is a system of record. And I think if there was any question during the pandemic, it became very clear that companies that could plan and adjust faster and better were going to do better. And so it is now clearly a core system of record. So Doug and Carl will take it from there.

我只回答產品部分。毫無疑問，規劃是一個記錄系統。而且我認為，如果在大流行期間有任何問題，那麼很明顯，能夠更快更好地計劃和調整的公司將會做得更好。因此，它現在顯然是一個核心記錄系統。所以道格和卡爾將從那裡接手。

I mean I'd definitely say that the product investments have helped our effectiveness -- sales effectiveness with Financial and Workforce Planning. But frankly, it's a simple answer, which is adding more FINS-focused sellers who wake up every day really focused on that motion and then partnering them closely with the team that lands with the planning so that there's great collaboration between setting a vision -- starting with Planning, but setting a vision for a full platform with Workday.

我的意思是我肯定會說產品投資幫助我們提高了效率——財務和勞動力規劃的銷售效率。但坦率地說，這是一個簡單的答案，它增加了更多以 FINS 為中心的賣家，他們每天醒來都真正專注於該動議，然後將他們與製定計劃的團隊密切合作，以便在設定願景之間進行良好的合作——從 Planning 開始，但通過 Workday 設定一個完整平台的願景。

Yes. I don't have anything to add. You said it well, Doug.

是的。我沒有什麼要補充的。你說得好，道格。

Our next question comes from the line of Alex Zukin with Wolfe Research.

我們的下一個問題來自 Alex Zukin 與 Wolfe Research 的合作。

So maybe just the first one around the way that macro evolved throughout the quarter, did you feel like it was kind of -- it's still tough, but it's not getting worse? And then kind of exiting the month of May, any commentary that you would kind of compare?

因此，也許這只是整個季度宏觀發展方式的第一個，你是否覺得它有點 - 它仍然很艱難，但它並沒有變得更糟？然後退出 5 月份，有什麼評論可以比較嗎？

And then on a product point, really interesting partnership around global payroll with Alight. As you look to -- as you look at customers that are increasingly wanting to consolidate functionality onto one platform, where does it make sense to partner versus build versus buy or partner versus buy functionality? And why was payroll, in this case global payroll, kind of the right one to partner on versus acquire?

然後在產品方面，與 Alight 圍繞全球工資單建立非常有趣的合作夥伴關係。正如您所看到的那樣 - 當您看到越來越希望將功能整合到一個平台上的客戶時，合作與構建與購買或合作與購買功能在哪些方面有意義？為什麼工資單，在這種情況下是全球工資單，是合作而不是收購的正確選擇？

Well, let's start with your last question, and then I'll follow up on the quarter and what we're seeing. Aneel, why don't you take the payroll.

好吧，讓我們從你的最後一個問題開始，然後我將跟進本季度以及我們所看到的情況。 Aneel，你為什麼不拿工資單。

Yes. So we have 6 of our own native payrolls. They're huge investments. And when you get to Europe and the works councils in particular, every country is very different. And it's always a trade-off about building a payroll versus HR FINS functionality that can be used in every country. There are great payroll solutions out there. Alight is a good partner. Frankly, ADP has been a very good partner almost since the start of the day of Workday. And we have a good partnership in the field with them, a good partnership in the field.

是的。所以我們有 6 個我們自己的本地工資單。他們是巨大的投資。當你來到歐洲，尤其是工作委員會時，每個國家都大不相同。構建工資單與可在每個國家/地區使用的 HR FINS 功能之間始終存在權衡。那裡有很棒的薪資解決方案。阿萊特是一個很好的合作夥伴。坦率地說，幾乎從 Workday 開始的那一天起，ADP 就是一個非常好的合作夥伴。我們在該領域與他們建立了良好的合作夥伴關係，在該領域建立了良好的合作夥伴關係。

And really, what we want to do is provide choices to our customers and the more that we can do with integrations that work out of the box. Frankly, what it does is it opens up market for us where companies in some of these geographies, they expect HR and payroll to come together as opposed to just HR. So when we don't have payroll, we're not able to access all that marketplace. So these are really important partnerships to us.

事實上，我們想要做的是為我們的客戶提供選擇，以及我們可以通過開箱即用的集成來做更多的事情。坦率地說，它所做的是為我們打開了市場，其中一些地區的公司希望人力資源和工資單能夠結合在一起，而不僅僅是人力資源。因此，當我們沒有工資單時，我們就無法進入所有市場。所以這些對我們來說是非常重要的合作夥伴關係。

Yes. And as it relates to the macro, the question was around whether we're seeing anything change throughout Q1 and the start of Q2. And now, it's pretty consistent. It's very uncertain. And as I said earlier, we're clearly seeing deals go for another level or 2 of approval, including all the way up to the CFO office. And that hasn't changed throughout the last 4 months. In fact, it's pretty consistent with what we even saw at the end of last year.

是的。由於它與宏觀相關，問題在於我們是否在整個第一季度和第二季度開始時看到任何變化。現在，它非常一致。這是非常不確定的。正如我之前所說，我們清楚地看到交易正在獲得另一級或 2 級批准，包括一直到 CFO 辦公室。這在過去 4 個月裡沒有改變。事實上，這與我們甚至在去年年底看到的情況非常一致。

That being said, we're prepared for it. The teams understand this is going to happen. They're very prepared for these extra levels of approval. And I think we've navigated these choppy waters quite well.

話雖這麼說，我們已經做好了準備。團隊明白這將會發生。他們為這些額外級別的批准做好了充分準備。而且我認為我們已經很好地駕馭了這些波濤洶湧的水域。

I will say, we also mentioned in Q1, we were going to be prudent with our guide both in Q1 for the full year based on the choppy waters we see out there, and that's exactly what we're seeing. And it's playing out in the guidance. And as you saw in our guide for the full year, we maintained it because of the healthy pipeline we built coming out of Q1.

我會說，我們在第一季度也提到過，我們將根據我們在那裡看到的波濤洶湧的水域，在第一季度對全年的指南保持謹慎，而這正是我們所看到的。它正在指南中發揮作用。正如您在我們的全年指南中看到的那樣，由於我們從第一季度開始建立的健康管道，我們對其進行了維護。

Our next question comes from the line of Karl Keirstead with UBS.

我們的下一個問題來自瑞銀集團的 Karl Keirstead。

Maybe this is for Doug and/or Carl. But the HCM seed expansions can be harder to come by upon renewals in an environment where your customer base isn't hiring as aggressively. But it certainly doesn't appear from these numbers that, that was an issue for you guys at all. But I'd love to just comment on the seed expansion dynamic you're seeing upon renewals.

也許這是給道格和/或卡爾的。但是，在您的客戶群招聘不那麼積極的環境中，HCM 種子擴展可能更難在續訂時實現。但從這些數字來看，這肯定不是你們的問題。但我只想評論一下你在續約時看到的種子擴張動態。

Yes. It's a great question and one that we purposefully built into the plan. We expect it as part of this year's plan for some moderation there. And in fact, that did play out. Now the customers that did renew in the aggregate added more employees at the end of the quarter than at the time at the end of their agreement, but it did moderate just as we planned. So to us, it's playing out as we had predicted. No deviation up or down from it.

是的。這是一個很好的問題，也是我們有意將其納入計劃的問題。我們希望它成為今年那裡一些緩和計劃的一部分。事實上，這確實奏效了。現在，確實續約的客戶在本季度末增加的員工總數超過了協議結束時的數量，但確實如我們計劃的那樣緩和了。所以對我們來說，它就像我們預測的那樣發揮作用。沒有偏差向上或向下。

The only thing I'd add there, Doug, is if you look at the head count contraction in the end market, I think it's much more acute in one industry versus others, and that's in high tech. So in a lot of our other customers where we did have renewals come up, they did expand their head count because not everyone is reducing their head count and doing risks out there in the market. It's much more acute in high tech.

道格，我唯一要補充的是，如果你看看終端市場的人數縮減，我認為一個行業比其他行業更為嚴重，那就是高科技。因此，在我們確實有續約的許多其他客戶中，他們確實增加了員工人數，因為並不是每個人都在減少員工人數並在市場上冒險。它在高科技領域更為敏銳。

Our next question comes from the line of Brent Bracelin with Piper Sandler.

我們的下一個問題來自 Brent Bracelin 和 Piper Sandler 的對話。

Clearly seeing good momentum here with the Planning-first sales motion. I want to pivot a little bit to Extend, particularly on the heels of Workday DevCon. You're crossing over 500 Extend customers now. What are the types of applications people are building with Extend to run on Workday? And as you think about exposing AI and large language models, does that potentially accelerate the app build opportunity with Extend?

清楚地看到規劃優先銷售動議的良好勢頭。我想稍微轉向 Extend，尤其是在 Workday DevCon 之後。您現在正在跨越 500 多個 Extend 客戶。人們正在使用 Extend 構建哪些類型的應用程序以在 Workday 上運行？當您考慮公開 AI 和大型語言模型時，這是否有可能通過 Extend 加速應用程序構建機會？

Yes. I'd say most of the applications are basically -- it's called Extend. They're usually apps that customers wanted to build that are either in HR or finance that are custom apps that they had before that they now want to move into the Workday environment. So it just helps them retire legacy applications and put everything in the same environment where they also get the benefit of those applications getting updated and move forward to the next version by Workday. So it's a very powerful opportunity. And exactly what you said around AI and ML is what we're doing.

是的。我會說大多數應用程序基本上都是——它被稱為擴展。它們通常是客戶希望在人力資源或財務領域構建的應用程序，這些應用程序是他們之前擁有的自定義應用程序，現在他們想進入 Workday 環境。因此，它只是幫助他們淘汰遺留應用程序並將所有內容都放在同一個環境中，在那裡他們還可以從這些應用程序中獲益，並在 Workday 之前升級到下一個版本。所以這是一個非常強大的機會。您所說的關於 AI 和 ML 的內容正是我們正在做的。

And if you think about the announcements we made in -- at DevCon, a lot of it was enabling AI and ML development. And of course, what we're doing with AWS was huge. That was probably one of the most exciting announcements we made at DevCon. Now people can natively build on top of AWS and have it represented through Extend and tie into the rest of their Workday application suite. I think Extend is still one of our best-kept secrets. And it's hard for me to see how every customer shouldn't want to have at least some presence of Extend in their Workday footprint.

如果你想一想我們在 DevCon 上發布的公告，其中很多都支持 AI 和 ML 開發。當然，我們在 AWS 上所做的事情是巨大的。這可能是我們在 DevCon 上發布的最激動人心的公告之一。現在，人們可以在 AWS 的基礎上進行本地構建，並通過 Extend 表示它並綁定到他們的 Workday 應用程序套件的其餘部分。我認為 Extend 仍然是我們保守得最好的秘密之一。我很難理解為什麼每個客戶都不希望在他們的 Workday 足跡中至少有一些 Extend。

Our next question comes from the line of Michael Turrin with Wells Fargo.

我們的下一個問題來自富國銀行的 Michael Turrin。

You're talking about a return to 20% growth, but still above that number. So congrats on that. Maybe just one on margin. You drove 200 basis points of outperformance in the quarter, still holding on to the full year guide. I know Barb mentioned some items around timing of expenses, but anything we should be mindful of in modeling out expenses for the rest of the year? And maybe, Barb, just any further comment on how you ensure there's a seamless transition given some good transition through the management team thus far?

你說的是恢復 20% 的增長，但仍高於這個數字。所以恭喜你。也許只有一個保證金。您在本季度實現了 200 個基點的優異表現，仍然堅持全年指南。我知道 Barb 提到了一些關於支出時間的項目，但是在為今年剩餘時間建模支出時我們應該注意什麼？也許，Barb，就目前為止管理團隊的一些良好過渡而言，您如何確保無縫過渡有任何進一步的評論嗎？

Yes. Thanks for the question. You're right. We outperformed Q1 margins. Some of that was due to a slower-than-expected hiring ramp and also some timing of certain expenses. So it's really early in the year. We have a lot of strategic growth areas of the business where we're looking to invest and help sustain durable long-term growth while also planning to deliver healthy margin expansion this year.

是的。謝謝你的問題。你說得對。我們的利潤率超過第一季度。部分原因是招聘速度慢於預期，以及某些支出的時間安排。所以今年真的很早。我們有很多業務的戰略增長領域，我們希望在這些領域進行投資並幫助維持持久的長期增長，同時還計劃在今年實現健康的利潤率增長。

And in terms of the transition, I'm here through the end of July and focused on making this as smooth and as seamless as possible for Zane as well as for the team. And I couldn't think of a better person to hand the reins over to. Zane is an incredible person. I've known him personally. So Workday's in good hands.

就過渡而言，我一直待到 7 月底，並專注於讓 Zane 和團隊盡可能順利和無縫。而且我想不出一個更好的人來將控制權交給他。贊恩是一個不可思議的人。我認識他。所以 Workday 掌握得很好。

But I will add, you will be missed Barbara.

但我要補充一點，你會想念芭芭拉。

Our last question comes from the line of DJ Hynes with Canaccord.

我們的最後一個問題來自 DJ Hynes 與 Canaccord 的合作。

Congrats on the results. Maybe one on international. I don't think we've hit that yet. It sounds like you're happy with the leadership that's in place now. I think in the past, you've talked about some product gaps that need to be filled internationally. Maybe you could just talk a little bit about kind of where you are in that process and maybe in what markets you see the most opportunity to jump start international.

祝賀結果。也許在國際上。我認為我們還沒有做到這一點。聽起來您對現在的領導層很滿意。我想在過去，你談到了一些需要在國際上填補的產品空白。也許你可以談談你在這個過程中所處的位置，也許你認為哪些市場最有機會啟動國際化。

You want to go?

你想去？

Yes, I'll start. So yes, thanks for the question. And it is a big focus for us here. We always talk about our TAM, right? And we talk about half of our TAM is outside the U.S., and only 25% of our revenues this quarter come from that market. And if you look at it globally, we're only penetrated 5% of our total TAM. And a lot of that's going to come going forward from our international expansion.

是的，我會開始。所以是的，謝謝你的提問。這對我們來說是一個很大的焦點。我們總是談論我們的 TAM，對嗎？我們談論我們一半的 TAM 在美國以外，本季度我們只有 25% 的收入來自該市場。如果你從全球來看，我們只滲透了我們總 TAM 的 5%。我們的國際擴張將帶來很多好處。

In Europe, specifically, last quarter, we talked about a number of new leadership changes we made, and we're starting to see really good traction in Europe. In fact, the leadership we talked about last quarter continued. Just last week, we brought in 2 new leaders, both in France and a new leader in the U.K. So that team has hit the ground and they're doing super well right now. A number of us -- and the leadership team spent time in APJ last quarter as well. And we saw a tremendous amount of opportunity there in those markets.

在歐洲，特別是上個季度，我們談到了我們所做的一些新的領導層變動，我們開始看到在歐洲非常好的牽引力。事實上，我們上個季度談到的領導力還在繼續。就在上週，我們在法國引進了 2 位新領導，在英國引進了一位新領導。因此，該團隊已經落地，他們現在做得非常好。我們中的許多人以及領導團隊上個季度也在 APJ 度過了一段時間。我們在這些市場中看到了巨大的機會。

As it relates to the product, Aneel talked earlier about Alight, an example of us expanding our partnership with them to get more payroll in market. We've built out additional data centers over the last year in Singapore, in Germany, in Australia. And I think you can expect us also to look at the ecosystem, our partners going forward to expand our presence in international markets.

關於產品，Aneel 早些時候談到了 Alight，這是我們擴大與他們的合作夥伴關係以在市場上獲得更多工資的一個例子。去年，我們在新加坡、德國和澳大利亞建立了額外的數據中心。而且我認為您可以期望我們也關註生態系統，我們的合作夥伴將繼續擴大我們在國際市場的影響力。

We just recently rolled out a referral program for our partners. So if they bring us net new opportunities, they'll get paid. We launched that and we see that across EMEA, and we're also going to do some of that in APJ. So we're really pleased with the early signs of some of the transformation we're going to in the international market, and it's going to come across all functions of the business, both go-to-market, product and our ecosystem.

我們最近剛剛為我們的合作夥伴推出了推薦計劃。因此，如果他們給我們帶來新的淨機會，他們就會得到報酬。我們推出了它，我們在 EMEA 看到了這一點，我們也將在 APJ 做一些這樣的事情。因此，我們對我們將在國際市場上進行的一些轉型的早期跡象感到非常高興，它將涉及業務的所有職能，包括上市、產品和我們的生態系統。

Yes. And I would just add that the payroll is the big solution for a lot of those international markets. But there are capabilities required for Japan and Korea. They have a business process where thousands of people will change jobs once a year. And it's a very unique -- it's almost like a re-recruiting process. And it's been a chicken-and-egg thing, where without the right -- without the pipeline, we haven't made the investments as the pipeline is building, we're making the investments in those capabilities. Japan is a country we should be doing a lot better in, and we have some product gaps that we can fill to make it better for the sales teams.

是的。我只想補充一點，工資單是許多國際市場的重要解決方案。但是日本和韓國需要具備這些能力。他們有一個業務流程，每年有數千人換工作。這是一個非常獨特的——它幾乎就像一個重新招聘的過程。這是雞和蛋的事情，如果沒有權利——沒有管道，我們就沒有在管道建設時進行投資，我們正在對這些能力進行投資。日本是一個我們應該做得更好的國家，我們有一些產品空白可以填補，以使其對銷售團隊更好。

Ladies and gentlemen, this does conclude today's teleconference. Thank you for your participation. You may disconnect your lines at this time, and have a wonderful day.

女士們，先生們，今天的電話會議到此結束。感謝您的參與。此時您可以斷開線路，度過美好的一天。