Workday Inc (WDAY) 2024 Q2 法說會逐字稿

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

歡迎參加 Workday 2024 財年第二季度收益電話會議。 （操作員指示）我現在將其交給投資者關係副總裁 Justin Furby。

Welcome to Workday's Second Quarter Fiscal 2024 Earnings Conference Call. On the call, we have Aneel Bhusri and Carl Eschenbach, our Co-CEOs; Zane Rowe 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.

歡迎參加 Workday 2024 財年第二季度收益電話會議。參加電話會議的有我們的聯席首席執行官 Aneel Bhusri 和 Carl Eschenbach； Zane Rowe Larson，我們的首席財務官；以及我們的聯席總裁道格·羅賓遜 (Doug Robinson)。在準備好發言後，我們將回答問題。我們的新聞稿是在收市後發布的，並發佈在我們的網站上，該電話會議同時進行網絡直播。

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.

在開始之前，我們想強調，我們在這次電話會議上的一些陳述，特別是我們的指導，是基於我們今天掌握的信息，包括有關我們的財務業績、應用、客戶需求、運營和運營的前瞻性陳述。其他事項。這些陳述受到風險、不確定性和假設的影響，可能導致實際結果存在重大差異。請參閱新聞稿以及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10-K 表格中的2023 財年年度報告和10-Q 表格中的最新季度報告，了解有關風險的更多信息，可能導致實際結果與此類聲明中提出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，我們將討論非公認會計準則財務指標，我們認為這些指標可作為 Workday 業績的補充指標。這些非公認會計原則措施應作為公認會計原則結果的補充，而不是替代或孤立於公認會計原則結果。您可以在我們的收益新聞稿、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公認會計原則衡量標準的其他披露信息，包括與可比公認會計原則結果的調節表。

The webcast replay of this call will be available for the next 90 days on our company website under the Investor Relations link. Additionally, our quarterly investor presentation will be posted on our Investor Relations website following this call. Also, the customers' page of our website includes a list of selected customers and is updated monthly. Our third quarter fiscal 2024 quiet period begins on October 15, 2023. Unless otherwise stated, all financial comparisons in this call will be to our results for the comparable period of our fiscal 2023.

本次電話會議的網絡直播重播將在接下來的 90 天內在我們公司網站的投資者關係鏈接下提供。此外，我們的季度投資者介紹將在本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，並每月更新。我們的 2024 財年第三季度靜默期從 2023 年 10 月 15 日開始。除非另有說明，本次電話會議中的所有財務比較都將與我們 2023 財年可比期間的業績進行比較。

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

這樣，我就把電話轉給卡爾。

Thank you, Justin, and welcome to Workday's Second Quarter Fiscal '24 Earnings Call. I am pleased to report that we delivered another solid quarter, achieving subscription revenue growth of 19%, 24-month backlog growth of 23% and non-GAAP operating margin of 24%. While we continue to see deal scrutiny, our workmates around the world did a remarkable job staying close to our customers in driving this quarter's results and positioning us for strength in the second half of the year and beyond. Workday continues to stand out from the crowd for a few key reasons.

謝謝賈斯汀，歡迎參加 Workday 的 24 年第二季度財報電話會議。我很高興地向大家報告，我們又實現了穩健的季度業績，訂閱收入增長了 19%，24 個月積壓訂單增長了 23%，非 GAAP 營業利潤率達到了 24%。雖然我們繼續看到交易審查，但我們世界各地的同事在與客戶保持密切聯繫方面做得非常出色，推動了本季度的業績，並為我們在下半年及以後的發展奠定了基礎。由於幾個關鍵原因，Workday 繼續脫穎而出。

First, the mission-critical nature of our platform. Our customers, now representing more than 65 million users under contract, are all-in on Workday because they trust us to manage their two most important assets: Their people and their money. Trust is at the core of our customer relationships, and we will always work to earn it.

首先，我們平台的關鍵任務性質。我們的客戶現在代表了超過 6500 萬合同用戶，他們全力支持 Workday，因為他們相信我們能夠管理他們的兩項最重要的資產：他們的人員和資金。信任是我們客戶關係的核心，我們將始終努力贏得信任。

Second, our value proposition is strengthening as businesses consolidate their technology footprint from best-of-breed solutions to a true platform. Workday is a trusted platform they can turn to, to drive productivity gains, agility, skills-based talent strategies and a great employee experience all at the same time.

其次，隨著企業將其技術足跡從最佳解決方案整合到真正的平台，我們的價值主張正在得到加強。 Workday 是一個值得信賴的平台，他們可以利用它來同時推動生產力提高、敏捷性、基於技能的人才戰略和良好的員工體驗。

Third is our unique approach to AI and ML, and Aneel will share more on our progress here shortly. And finally, our winning culture and talent, which is only getting stronger as we continue to attract our industry's best talent.

第三是我們對人工智能和機器學習的獨特方法，Aneel 很快就會在這里分享更多關於我們進展的信息。最後，我們的致勝文化和人才，隨著我們不斷吸引行業最優秀的人才，這種文化和人才只會變得更加強大。

We recently welcomed Emma Chalwin as Chief Marketing Officer. Emma's not only a great culture fit, but she has extensive global experience across all facets of marketing at companies like Salesforce and Adobe. We also recently hired an incredible head of our U.S. federal government team and a senior executive in sales operations and another in our services organization to help us scale our go-to-market efforts.

我們最近歡迎艾瑪·查爾文 (Emma Chalwin) 擔任首席營銷官。 Emma 不僅非常適合文化，而且在 Salesforce 和 Adob​​e 等公司的營銷各個方面都擁有豐富的全球經驗。我們最近還聘請了一位出色的美國聯邦政府團隊負責人、一位銷售運營高級管理人員以及我們服務組織的另一位高級管理人員，以幫助我們擴大市場推廣力度。

And of course, you all know our CFO, Zane Rowe, who is joining us today for his first earnings call. I could not be more excited to welcome these leaders, who, along with our existing team, will help us achieve our next phase of growth.

當然，你們都認識我們的首席財務官 Zane Rowe，他今天將參加我們的第一次財報電話會議。我非常高興地歡迎這些領導者，他們將與我們現有的團隊一起幫助我們實現下一階段的增長。

Turning to the highlights of the quarter. I will focus on 5 key areas: land, expand, global, industries and partners. Starting with land, we see full Financials and HCM platform wins on the rise, illustrating the trust customers have in Workday. Wins this quarter include Advocate Health, AssuredPartners, Carillion Services, Fortrea, KinderCare and University of Florida. And we continue to build on our market leadership position in HCM with new customer wins, including Fresenius Digital Technology, Stellantis and Rio Tinto.

轉向本季度的亮點。我將重點關注5個關鍵領域：土地、擴張、全球、行業和合作夥伴。從土地開始，我們看到整個金融和 HCM 平台的勝利正在上升，這說明了客戶對 Workday 的信任。本季度獲勝的公司包括 Advocate Health、AssuredPartners、Carillion Services、Fortrea、KinderCare 和佛羅里達大學。我們繼續鞏固我們在 HCM 的市場領導地位，贏得了新客戶，包括 Fresenius Digital Technology、Stellantis 和 Rio Tinto。

Once we land customers, we immediately turn our efforts to successful deployments. In Q2, notable HCM go-lives include A1 Telekom Austria, Korean Airlines, Nike and Rite Aid. Strategic financial go-lives include Fitness International, MultiCare Health Systems, Wintrust and the University of Washington. We also celebrated our first FedRAMP Go Live, which was a full platform rollout at a well-known civilian agency.

一旦我們找到了客戶，我們就會立即將努力轉向成功的部署。第二季度，上線的著名 HCM 包括 A1 Telekom Austria、大韓航空、Nike 和 Rite Aid。戰略性金融機構包括 Fitness International、MultiCare Health Systems、Wintrust 和華盛頓大學。我們還慶祝了我們的首次 FedRAMP 上線，這是在一家知名民間機構推出的完整平台。

Expanding our existing business with customers is key to our growth strategy. In addition to strong renewals this quarter, we had a number of expansions at companies such as Airbus, Dell Technologies, Lloyds Bank, Lowe's Companies and 7-Eleven. Our faster time-to-value solutions, which includes Planning, Peakon, Extend, Health and Talent Optimization continue to gain traction with many deals created and closed within the quarter.

擴大與客戶的現有業務是我們增長戰略的關鍵。除了本季度的強勁續約之外，我們還對空客、戴爾科技、勞埃德銀行、Lowe's Companies 和 7-11 等公司進行了多次擴張。我們更快實現價值的解決方案（包括規劃、Peakon、Extend、健康和人才優化）繼續受到關注，在本季度內創建和完成了許多交易。

This year, we put increased focus on Financial's go-to-market, and it's starting to bear fruit, with healthy customer growth in Q2. Beyond the full platform deals I mentioned earlier, we had a number of financial expansion wins in the quarter, including the Medical College of Wisconsin, Nordic Consulting and Rakuten. Given our momentum, we continue to invest in Financial's targeted sellers to lay the foundation for durable growth.

今年，我們更加關注 Financial 的市場進入，並且開始取得成果，第二季度客戶實現健康增長。除了我之前提到的全平台交易之外，我們在本季度還取得了許多財務擴張的勝利，包括威斯康星醫學院、Nordic Consulting 和 Rakuten。鑑於我們的發展勢頭，我們將繼續投資於 Financial 的目標賣家，為持久增長奠定基礎。

From a geographic perspective, the U.S. continues to be our largest market, representing 75% of our revenue. The U.S. team drove solid results in Q2, with particular strength coming from our customer base and industry teams. We have a significant runway for growth in this market and a healthy pipeline looking forward.

從地理角度來看，美國仍然是我們最大的市場，占我們收入的 75%。美國團隊在第二季度取得了堅實的業績，其中我們的客戶群和行業團隊的力量尤其強勁。我們在這個市場上擁有重要的增長跑道和健康的未來管道。

Expanding our footprint globally is among our largest untapped opportunities and is a top priority. During Q2, we held 20 Elevate customer events across EMEA and APJ, attracting over 5,000 attendees and generating hundreds of leads in net new opportunities. Not only are we building pipeline, we're starting to see more consistent execution in certain regions, notably EMEA. We saw strength in key markets such as Germany, U.K. and France, where wins included Rhenus Assets, Symrise, National Westminster Bank and ALD Automotive SA.

擴大我們的全球足跡是我們尚未開發的最大機遇之一，也是我們的首要任務。第二季度，我們在 EMEA 和 APJ 舉辦了 20 場 Elevate 客戶活動，吸引了 5,000 多名與會者，並在淨新機會中產生了數百個潛在客戶。我們不僅在建設管道，而且開始在某些地區（尤其是歐洲、中東和非洲）看到更加一致的執行。我們看到了德國、英國和法國等關鍵市場的實力，其中包括 Rhenus Assets、Symrise、National Westminster Bank 和 ALD Automotive SA。

Our industry-first approach is paying off. This quarter, retail and hospitality became our second industry joining Financial Services to exceed $1 billion in annual recurring revenue. And we continue to have strong momentum in Financial Services, which outperformed in Q2.

我們行業第一的方法正在取得成效。本季度，零售和酒店業成為繼金融服務之後年度經常性收入超過 10 億美元的第二個行業。我們在金融服務業繼續保持強勁勢頭，第二季度表現優於預期。

The health care team also delivered another strong performance, with 3 large hospital systems going all-in on Workday's platform in Q2. A great example is Advocate Health, which is part of their merger with Atrium Health, selected Workday to replace a competitor's cloud HCM Financials and Supply Chain Management solution.

醫療保健團隊也表現出色，第二季度有 3 個大型醫院系統全面使用 Workday 平台。一個很好的例子是 Advocate Health，它是與 Atrium Health 合併的一部分，選擇 Workday 來取代競爭對手的雲 HCM 財務和供應鏈管理解決方案。

Workday Supply Chain continues to contribute to our traction in health care with more than 220 health care organizations investing in it to reduce costs, promote standardization and boost resiliency. Finally, our Education and Government team followed up a strong start to the year with an impressive Q2, with wins such as West Virginia University, DePaul University and Metropolitan Community College, to name a few.

Workday Supply Chain 繼續為我們在醫療保健領域的發展做出貢獻，已有 220 多家醫療保健組織對其進行投資，以降低成本、促進標準化並提高彈性。最後，我們的教育和政府團隊在今年取得了良好的開局，在第二季度取得了令人印象深刻的成績，並在西弗吉尼亞大學、德保羅大學和大都會社區學院等方面取得了勝利。

The potential we have to accelerate our growth through our partner community is huge. We are seeing early signs that our partner referral program will positively impact new logos, and our partnership with the AWS Marketplace led to multiple strategic wins in Q2.

我們通過合作夥伴社區加速發展的潛力是巨大的。我們看到的早期跡象表明，我們的合作夥伴推薦計劃將對新徽標產生積極影響，並且我們與 AWS Marketplace 的合作關係在第二季度取得了多項戰略勝利。

In EMEA, our recently announced payroll partnership with Alight is beginning to drive pipeline. And in APJ, our strategic partnership expansion with Samsung SDS is not only helping us drive overall business in South Korea, it also is enabling the development of region-specific applications built on Workday Extend.

在歐洲、中東和非洲地區，我們最近宣布與 Alight 的薪資合作夥伴關係正開始推動管道發展。在亞太及日本地區，我們與三星 SDS 的戰略合作夥伴關係擴展不僅幫助我們推動了韓國的整體業務，還促進了基於 Workday Extend 的特定區域應用程序的開發。

After spending time with many of our partners at our Annual Altitude Conference this past quarter, it is clear our momentum is building. We look forward to welcoming more than 15,000 members of our Workday community at our Annual Workday Rising Conference next month in San Francisco. We hope to see many of you there.

在上個季度與我們的許多合作夥伴一起參加年度海拔會議之後，很明顯我們的勢頭正在增強。我們期待著下個月在舊金山舉行的年度工作日崛起會議上歡迎超過 15,000 名工作日社區成員。我們希望在那裡見到你們中的許多人。

As this quarter's results show, the diversity and mission-critical nature of our business continues to fuel our success. We are the clear market leader for cloud HCM and finance, and our value proposition has never been more relevant or powerful. We are investing across our product portfolio, geographies, industries and through partnerships to drive durable long-term growth.

正如本季度的業績所示，我們業務的多樣性和關鍵任務性質繼續推動我們的成功。我們是雲 HCM 和金融領域無可爭議的市場領導者，我們的價值主張從未如此相關和強大。我們正在對我們的產品組合、地域、行業進行投資，並通過合作夥伴關係來推動持久的長期增長。

It is an incredible and exciting time to be a Workmate, and I truly believe our future has never been brighter. With that, I will turn it over to my co-CEO and good friend, Aneel, who will share more about our AI and ML strategy and innovation highlights from the quarter. Aneel, over to you.

作為一名同事，這是一個令人難以置信和激動人心的時刻，我堅信我們的未來從未如此光明。接下來，我將把它交給我的聯合首席執行官兼好朋友 Aneel，他將分享更多有關我們的 AI 和 ML 戰略以及本季度創新亮點的信息。阿尼爾，交給你了。

Thank you, Carl, and to everyone joining today's call, and especially to our nearly 17,900 Workmates around the world for helping deliver another solid quarter. I couldn't agree more with the sentiment that our future is extremely bright. I've been on the road a lot recently to meet with current and prospective customers, and one thing is abundantly clear: more and more organizations are looking to Workday to be their trusted partner to help them navigate today's business landscape and thrive in this new world of work.

感謝 Carl，感謝參加今天電話會議的所有人，特別是感謝我們全球近 17,900 名員工，感謝你們幫助我們實現了又一個穩健的季度。我非常同意我們的未來非常光明的觀點。最近，我經常出差與當前和潛在客戶會面，有一點非常清楚：越來越多的組織希望Workday 成為他們值得信賴的合作夥伴，幫助他們駕馭當今的商業格局，並在這個新的環境中蓬勃發展。工作世界。

Critical to our ability to be that trusted partner is our continued focus on artificial intelligence and machine learning, including generative AI. Last quarter, I highlighted Workday's unique approach to AI and ML, which began in earnest in 2014 with a focus on 3 key aspects: AI and ML are embedded into the core of our platform, we place an emphasis on being human-centric with our AI and ML strategy, and we continue to believe the true potential of AI and ML can only be met by ensuring that it is leveraged in a trustworthy and ethical way.

我們能夠成為值得信賴的合作夥伴的關鍵是我們持續關注人工智能和機器學習，包括生成式人工智能。上個季度，我強調了Workday 在人工智能和機器學習方面的獨特方法，該方法於2014 年認真開始，重點關注3 個關鍵方面：人工智能和機器學習嵌入到我們平台的核心中，我們強調以人為中心，人工智能和機器學習戰略，我們仍然相信，只有確保以值得信賴和道德的方式利用人工智能和機器學習，才能發揮其真正潛力。

Looking ahead, generative AI will continue to be a major focus for us. Despite the recent hype cycle, Workday has been using large language models for years, and we're continuing to invest in a big way. What helps further set Workday apart is our unrivaled data set quality, which is fueled by our more than 65 million users under contract and $600 billion annual transactions to create data models that provide accurate, meaningful, and most importantly, trustworthy results.

展望未來，生成式人工智能將繼續成為我們的主要關注點。儘管最近出現了炒作週期，Workday 多年來一直在使用大型語言模型，並且我們將繼續進行大規模投資。進一步讓Workday 脫穎而出的是我們無與倫比的數據集質量，這是由我們超過6500 萬合同用戶和6000 億美元的年度交易推動的，這些數據模型可提供準確、有意義且最重要的是值得信賴的結果。

We're currently building product capabilities that leverage generative AI for a variety of tests. Examples include natural language generation, content search, content summarization, content augmentation and document understanding. And we're looking beyond those use cases at how we can also leverage copilots, agents and conversational UI. Each will help our customers redefine the way they work, and we look forward to previewing these new capabilities along with the rest of our latest AI developments at Workday Rising in September.

我們目前正在構建利用生成式人工智能進行各種測試的產品功能。示例包括自然語言生成、內容搜索、內容摘要、內容增強和文檔理解。除了這些用例之外，我們還關注如何利用副駕駛、座席和對話式 UI。每一項都將幫助我們的客戶重新定義他們的工作方式，我們期待在 9 月份的 Workday Rising 上預覽這些新功能以及我們最新的 AI 開發成果。

All told, our differentiated approach is working as we are seeing continued momentum across the board with our over 3,000 customers having opted into sharing their data with our ML models. And we know they are realizing value once they have opted in as we are processing more than 50 million ML inferences per day, an increase of more than 60% year-over-year.

總而言之，我們的差異化方法正在發揮作用，因為我們看到了全面的持續勢頭，超過 3,000 名客戶選擇與我們的 ML 模型共享他們的數據。我們知道，一旦他們選擇加入，他們就會實現價值，因為我們每天處理超過 5000 萬次機器學習推理，同比增長超過 60%。

Furthermore, we believe that the enhanced value that AI and generative AI provide to our customers will also create economic benefits to Workday by positively influencing competitive win rates, renewal rates and our already industry-leading customer satisfaction. We plan to offer most AI capabilities to our customers who opt in as part of their current product subscription with generous base usage entitlements.

此外，我們相信人工智能和生成式人工智能為我們的客戶提供的增強價值也將通過積極影響競爭獲勝率、續訂率和我們業已領先的客戶滿意度，為 Workday 創造經濟效益。我們計劃向選擇作為當前產品訂閱一部分的客戶提供大部分人工智能功能，並提供慷慨的基本使用權利。

We also expect AI to open up new market opportunities with direct monetization that are wholly based on AI technologies, similar to our talent optimization solution that leverages Skills Cloud, one of our fastest-growing SKUs. Last quarter, I also shared our perspective on the growing importance of AI safeguards and the active role we're playing in driving the development of smart regulations.

我們還期望人工智能能夠通過完全基於人工智能技術的直接貨幣化開闢新的市場機會，類似於我們利用技能雲（我們增長最快的 SKU 之一）的人才優化解決方案。上個季度，我還分享了我們對人工智能保障措施日益增長的重要性以及我們在推動智能監管發展方面所發揮的積極作用的看法。

Since then, the EU has entered final negotiations on its AI Act, which we expect to shape AI regulation globally. We've worked closely with policymakers in Europe over the last 2 years, and we're pleased to see many of our suggestions accepted in the Parliaments version that was recently approved.

此後，歐盟就其人工智能法案進入了最終談判，我們預計該法案將在全球範圍內製定人工智能監管。過去兩年，我們與歐洲的政策制定者密切合作，我們很高興看到我們的許多建議在最近批准的議會版本中得到接受。

In the U.S., under the leadership of Sayan Chakraborty, our Co-President, we played a leading role in helping develop the AI framework for the National Institute of Standards and Technology, or NIST, which is a how-to guide for organizations to develop and use trustworthy AI. We are leading by example by implementing the NIST AI framework, and we're working with Congress to encourage adoption of it throughout the federal government.

在美國，在我們的聯席總裁 Sayan Chakraborty 的領導下，我們在幫助國家標準與技術研究院 (NIST) 開發人工智能框架方面發揮了主導作用，該框架是組織開發人工智能框架的指南。並使用值得信賴的人工智能。我們以身作則，實施了 NIST 人工智能框架，並且正在與國會合作，鼓勵整個聯邦政府採用該框架。

We are also helping to drive the conversation with lawmakers at the state level, including California, as they look to find a path forward for new AI regulations. We're helping them develop legislative frameworks that build trust in AI tools while driving innovation across the enterprise. As we continue to drive thoughtful and concrete policy approaches to responsible AI, you'll hear more from us on our work in the EU, the U.S. and around the world at this pivotal moment for AI policy.

我們還幫助推動與包括加利福尼亞州在內的州一級立法者的對話，因為他們希望為新的人工智能法規找到前進的道路。我們正在幫助他們制定立法框架，建立對人工智能工具的信任，同時推動整個企業的創新。隨著我們繼續推動負責任的人工智能的深思熟慮和具體的政策方法，在人工智能政策的關鍵時刻，您將聽到我們更多關於我們在歐盟、美國和世界各地的工作。

On the application front, we're continuing to see our innovation story resonate with customers who are increasingly selecting Workday over the competition. According to Gartner Enterprise Application Software as a Service, market share research, which was published in Q2, Workday had the highest worldwide market share in 2022 for SaaS ERP at 21%. Additionally, we crossed another milestone in Q2 with more than 5,000 core HCM and finance customers, a testament to the power of the Workday platform.

在應用程序方面，我們不斷看到我們的創新故事與越來越多選擇 Workday 而不是競爭對手的客戶產生共鳴。根據 Gartner 第二季度發布的企業應用軟件即服務市場份額研究，Workday 在 2022 年 SaaS ERP 領域的全球市場份額最高，為 21%。此外，我們在第二季度跨越了另一個里程碑，擁有超過 5,000 個核心 HCM 和金融客戶，這證明了 Workday 平台的強大功能。

For the office of the CFO, we enhanced Workday Adaptive Planning with the next generation of our patented Elastic Hypercube technology. Powered by new AI and performance improvements, Workday Adaptive Planning can now support our customers' most complex planning requirements, scaling automatically without sacrificing speed or performance.

對於首席財務官辦公室，我們利用下一代彈性超立方體專利技術增強了工作日自適應規劃。在新的人工智能和性能改進的支持下，Workday 自適應規劃現在可以支持客戶最複雜的規劃要求，在不犧牲速度或性能的情況下自動擴展。

Further proof to the continued momentum we are seeing with this application, Workday Adaptive Planning was named Best Financial Management Solution in the 2023 SIIA CODIE Awards. Workday was also named the Customer's Choice in the 2023 Gartner Peer Insights Voice of the Customer for Financial Planning Software report.

Workday Adaptive Planning 在 2023 年 SIIA CODIE 獎中被評為最佳財務管理解決方案，這進一步證明了我們在該應用程序中看到的持續發展勢頭。 Workday 還在 2023 年 Gartner Peer Insights 客戶之聲財務規劃軟件報告中被評為“客戶之選”。

Additionally, Workday Accounting Center is proving to be a true difference maker for the office of the CFO, as shown by the 70% year-over-year growth it experienced in Q2. Today, Accounting Center is helping more than 150 customers across a dozen industries to pull from a larger, more diverse spectrum of operational data sources to deliver increased granular insights and allow them to better understand their profitability, all in one system.

此外，事實證明，Workday 會計中心對 CFO 辦公室來說是真正的改變者，第二季度同比增長 70% 就證明了這一點。如今，Accounting Center 正在幫助十幾個行業的150 多家客戶從更大、更多樣化的運營數據源中獲取數據，以提供更精細的見解，並讓他們更好地了解自己的盈利能力，這一切都在一個系統中完成。

And for the office of the CHRO, Workday HCM was named a leader in the Forrester Wave: Human Capital Management Q2 2023 report, which highlighted our investments in VNDLY and Workday Peakon Employee Voice as well as our use of embedded AI and ML to reduce user friction.

對於CHRO 辦公室，Workday HCM 在Forrester Wave：2023 年第二季度人力資本管理報告中被評為領導者，該報告強調了我們對VNDLY 和Workday Peakon Employee Voice 的投資，以及我們使用嵌入式AI 和ML 來減少用戶數量摩擦。

In closing, I'm confident that our continued focus on driving innovation across the entire Workday platform will not only position us for future growth on our path to $10 billion in revenue but also play an integral role in helping us continue to build the highest levels of trust with our more than 10,000 customers. I'm excited to see many of you next month for Workday Rising, which is back in the Bay Area for 2023.

最後，我相信，我們持續專注於推動整個 Workday 平台的創新，不僅能讓我們在實現收入 100 億美元的道路上實現未來增長，而且還能在幫助我們繼續打造最高水平方面發揮不可或缺的作用贏得了超過10,000 名客戶的信任。我很高興在下個月見到大家參加 Workday Rising，該活動將於 2023 年重返灣區。

With that, I'll turn it over to our CFO, Zane Rowe. As Carl pointed out earlier, Zane has been a perfect fit since joining Workday last quarter, and I'm thrilled to have him on board. Over to you, Zane.

接下來，我會將其交給我們的首席財務官 Zane Rowe。正如卡爾之前指出的那樣，自上季度加入 Workday 以來，贊恩一直是完美的人選，我很高興他能加入。交給你了，贊恩。

Thanks, Aneel. As this is my first earnings call as Workday's CFO, I want to start by saying how honored I am to partner alongside you, Aneel, Carl and all of our fellow Workmates around the globe. I joined Workday because I thought it was one of the most compelling opportunities in all of enterprise software. The continued strength we saw in Q2 further reinforces that belief.

謝謝，阿尼爾。由於這是我作為 Workday 首席財務官的第一次財報電話會議，因此我首先想說的是，能夠與你們、Aneel、Carl 以及我們在全球的所有同事一起合作，我感到非常榮幸。我加入 Workday 是因為我認為這是所有企業軟件中最引人注目的機會之一。我們在第二季度看到的持續強勁進一步強化了這一信念。

Turning to the quarter. Subscription revenue in Q2 was $1.62 billion, up 19% year-over-year. Professional services revenue was $163 million, leading to total revenue of $1.79 billion, growth of 16%. From a geographic perspective, total revenue outside the U.S. was $442 million, representing 25% of total revenue and 15% growth in Q2.

轉向季度。第二季度訂閱收入為 16.2 億美元，同比增長 19%。專業服務收入為 1.63 億美元，帶動總收入達到 17.9 億美元，增長 16%。從地域角度來看，美國以外地區的總收入為 4.42 億美元，佔總收入的 25%，第二季度增長 15%。

As Carl mentioned, we see significant long-term international growth opportunities, which we expect, over time, will become a more meaningful portion of our revenue mix. 24-month subscription revenue backlog was $10.27 billion at the end of Q2, up 23%, driven by new ACV bookings and strong renewals, with gross and net revenue retention rates of over 95% and over 100%, respectively.

正如卡爾提到的，我們看到了重大的長期國際增長機會，我們預計隨著時間的推移，這些機會將成為我們收入組合中更有意義的部分。截至第二季度末，24 個月積壓訂閱收入為102.7 億美元，增長23%，這主要得益於新的ACV 預訂和強勁的續訂，總收入保留率和淨收入保留率分別超過95% 和100% 以上。

Early renewals in the quarter exceeded our expectations and added roughly 1.5 points of growth to 24-month backlog. Total subscription revenue backlog at the end of the quarter was $17.85 billion, up 32%. Early renewals in the quarter added roughly 3 points to the growth. In addition, we continue to see longer contract duration on both net new deals and renewals, which speaks to our customers' continued commitment to our platform and is causing our total backlog growth to significantly outpace growth in the 24-month backlog.

本季度的提前續約超出了我們的預期，使 24 個月積壓的訂單量增加了約 1.5 個百分點。截至本季度末，積壓訂閱收入總額為 178.5 億美元，增長 32%。本季度的提前續約為增長帶來了大約 3 個百分點。此外，我們繼續看到淨新交易和續訂的合同期限更長，這表明我們的客戶對我們平台的持續承諾，並導致我們總積壓訂單的增長顯著超過 24 個月積壓訂單的增長。

Our non-GAAP operating income for the second quarter was $421 million, resulting in a non-GAAP operating margin of 23.6%. Margin strength relative to our guidance was driven by revenue outperformance and the timing of certain expenses. Q2 operating cash flow was $425 million, which benefited from the timing of collections in the quarter.

我們第二季度的非 GAAP 營業收入為 4.21 億美元，非 GAAP 營業利潤率為 23.6%。相對於我們指導的利潤率實力是由收入表現優異和某些支出的時間推動的。第二季度運營現金流為 4.25 億美元，受益於本季度收款時機。

During Q2, we repurchased $139 million in shares at an average price of $218.33 per share. And we had $287 million in remaining authorization under our buyback program as of quarter end. We ended the quarter with $6.7 billion in cash and marketable securities.

第二季度，我們以每股 218.33 美元的平均價格回購了 1.39 億美元的股票。截至季度末，我們的回購計劃剩餘授權金額為 2.87 億美元。本季度結束時，我們擁有 67 億美元的現金和有價證券。

We continue to add key talents across strategic growth areas of the business, and we ended Q2 with nearly 17,900 global Workmates. We are pleased with our financial performance in Q2 and focused on continuing to drive results in the second half while investing to support longer-term growth.

我們繼續在業務戰略增長領域增加關鍵人才，第二季度結束時，我們在全球擁有近 17,900 名 Workmates。我們對第二季度的財務表現感到滿意，並致力於在下半年繼續推動業績增長，同時進行投資以支持長期增長。

Now turning to guidance. Following our momentum in the first half of the year, we are raising our full year FY '24 subscription revenue guidance to a new range of $6.57 billion to $6.59 billion, representing 18% year-over-year growth. We expect Q3 subscription revenue to be $1.678 billion to $1.68 billion, representing 17% year-over-year growth. We're maintaining our FY '24 professional services revenue guidance of $630 million to $650 million as we continue to strategically shift more deployments to our partner ecosystem as part of our channel strategy.

現在轉向指導。繼上半年的勢頭之後，我們將 24 財年全年訂閱收入指導上調至 65.7 億美元至 65.9 億美元的新範圍，同比增長 18%。我們預計第三季度訂閱收入為 16.78 億美元至 16.8 億美元，同比增長 17%。作為我們渠道戰略的一部分，我們將繼續戰略性地將更多部署轉移到我們的合作夥伴生態系統，我們將維持 24 財年專業服務收入指引 6.3 億至 6.5 億美元。

For Q3, we expect professional services revenue of $165 million. We expect 24-month backlog to grow approximately 21% year-over-year in Q3. This includes our current outlook for early renewals in the quarter. We are raising our FY '24 non-GAAP operating margin guidance to 23.5% and plan on maintaining a disciplined approach of investing in long-term growth while we expand margins.

對於第三季度，我們預計專業服務收入為 1.65 億美元。我們預計第三季度 24 個月積壓訂單將同比增長約 21%。這包括我們當前對本季度提前續約的展望。我們將 24 財年非 GAAP 營業利潤率指引提高至 23.5%，併計劃在擴大利潤率的同時保持嚴格的長期增長投資方式。

For Q3, we expect non-GAAP operating margin of approximately 23.5%. GAAP operating margins for the third quarter and the full year are expected to be approximately 20 and 22 percentage points lower than the non-GAAP margins, respectively. The FY '24 non-GAAP tax rate remains at 19%. We expect FY '24 operating cash flow of $1.95 billion, growth of 18% year-over-year.

對於第三季度，我們預計非 GAAP 運營利潤率約為 23.5%。第三季度和全年的 GAAP 營業利潤率預計將分別比非 GAAP 利潤率低約 20 個百分點和 22 個百分點。 24 財年非公認會計原則稅率仍為 19%。我們預計 24 財年運營現金流為 19.5 億美元，同比增長 18%。

As we mentioned last quarter, we anticipate making our first semiannual payment of our employee cash bonus plan in Q3, which impacts our annual cash flow and quarterly seasonality for FY '24. In addition, we continue to expect FY '24 capital expenditures of approximately $300 million.

正如我們上個季度提到的，我們預計在第三季度首次半年支付員工現金獎金計劃，這會影響我們 24 財年的年度現金流和季度季節性。此外，我們繼續預計 24 財年的資本支出約為 3 億美元。

I'll close by thanking our terrific community of customers and partners for their continued support. And I look forward to seeing many of you in the investment community at our upcoming Financial Analyst Day on September 27 in San Francisco.

最後，我要感謝我們出色的客戶和合作夥伴社區的持續支持。我期待在即將於 9 月 27 日在舊金山舉行的金融分析師日上見到投資界的許多人。

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

之後，我會將電話轉回接線員以開始問答。

(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高盛的 Kash Rangan。

The energy on the call is just so palpable. It looks like there's a lot of new leadership changes. And congrats, Zane, on joining a great team here. I had one thing or maybe 2 things. The importance of data in the world of AI, you have data on 65 million professional workers. At a high level, how could you possibly monetize with AI the value of this data in the years ahead, and therefore, it's implications for the pricing power of Workday?

通話中的能量是如此明顯。看起來有很多新的領導層變動。恭喜贊恩加入了一支優秀的團隊。我有一件事情或者兩件事情。數據在人工智能世界中的重要性，您擁有 6500 萬專業工作者的數據。從較高的層面來看，未來幾年如何通過人工智能將這些數據的價值貨幣化，從而對 Workday 的定價能力產生影響？

And if you could, are there any pent-up areas within the portfolio that might have taken a bit of a setback because of the caution in the spending environment? If that caution goes away, where do you see maybe geographies or product segments that could do even better in the year ahead? Congratulations.

如果可以的話，投資組合中是否有任何被壓抑的領域可能會因為支出環境的謹慎而遭受一些挫折？如果這種謹慎消失，您認為哪些地區或產品領域可能在未來一年表現得更好？恭喜。

So Kash, I'll take it on the first part. Good to hear your voice. The data is really valuable because it lets us train the large language models. And what you'll see us do is have, with the large data sets, we can only train the large language models. We can then do domain-specific large language models, and those are smaller and less expensive. And we turn around and use those models to either make our products more competitive or they're the basis of new SKUs like the Skills Cloud.

所以，卡什，我將在第一部分進行討論。很高興聽到你的聲音。這些數據非常有價值，因為它可以讓我們訓練大型語言模型。您將看到我們所做的是，利用大型數據集，我們只能訓練大型語言模型。然後我們可以做特定領域的大型語言模型，而且這些模型更小、更便宜。我們轉身並使用這些模型來使我們的產品更具競爭力，或者將它們作為技能雲等新 SKU 的基礎。

I think you see us more in the moat of new SKUs like Skills Cloud rather than actually charging for any insight from the data -- it's the customer's data. They allow us to use it in an anonymized way, and we give them the results back. But I think what it allows us to do is train these large language models and then domain-specific ones that will create new SKUs.

我認為您更多地看到我們是在技能雲等新 SKU 的護城河中，而不是實際對數據中的任何見解進行收費 - 這是客戶的數據。他們允許我們以匿名方式使用它，然後我們將結果返回給他們。但我認為它讓我們能夠做的是訓練這些大型語言模型，然後訓練特定領域的模型來創建新的 SKU。

Yes. And just one quick add-on, then we'll talk about some of the other questions you had cast. Great to hear your voice. And I think it's important to know that what Aneel and Dave did from the beginning is they built this platform and they built AI and ML deep into the platform. So it's been built in, and we've already seen a positive economic impact to Workday through our industry-leading customer set. Our renewal rates and competitive win rates still remain strong because of AI and ML, and it's built in from the beginning. So I think that's a differentiator for us against those 65 million users and $600 billion transactions that we get on the platform a year.

是的。只需一個快速補充，然後我們將討論您提出的其他一些問題。很高興聽到你的聲音。我認為重要的是要知道 Aneel 和 Dave 從一開始所做的就是他們構建了這個平台，並將人工智能和機器學習深入到該平台中。因此，它已經內置，並且我們已經通過我們行業領先的客戶群看到了 Workday 對經濟的積極影響。由於人工智能和機器學習，我們的續訂率和競爭獲勝率仍然保持強勁，而且它從一開始就內置了。所以我認為這是我們與平台上每年 6500 萬用戶和 6000 億美元交易的區別所在。

As it relates to your second question, maybe I'll start, Doug, and then you can jump in. We haven't seen any pullback due to the -- any macro headwinds in any of the things we're selling into the market. If anything, I think our value proposition is only resonating more cash as people look to consolidate multiple products who are sometimes called best-of-breed onto best-of-suite platforms, and they're consolidating on top of Workday for both their Financials and their HCM, and they're wrapping our Adaptive Planning product around both.

因為它涉及到你的第二個問題，也許我會開始，道格，然後你可以加入。我們沒有看到任何回調，因為我們向市場銷售的任何產品都存在任何宏觀阻力。如果說有什麼不同的話，我認為我們的價值主張只會引起更多的現金共鳴，因為人們希望將有時被稱為最佳組合的多種產品整合到最佳套件平台上，並且他們正在Workday 的基礎上整合財務數據和他們的 HCM，他們將我們的自適應規劃產品圍繞這兩者進行包裝。

So we continue to see strong momentum across the board. And you mentioned geographies. Our European team continues to do quite well. We've talked about it the last couple of quarters and our focus on international, and they continue to deliver for us. They're much more predictable, and they're driving strong pipeline in EMEA. And then we'll still continue to work on APJ to grow that business out. Doug, do you want to add any additional color?

因此，我們繼續看到全面的強勁勢頭。你提到了地理位置。我們的歐洲隊繼續表現出色。我們在過去幾個季度討論了這一點以及我們對國際化的關注，他們繼續為我們提供幫助。它們的可預測性要高得多，並且正在推動歐洲、中東和非洲地區的發展。然後我們仍將繼續在亞太及日本地區努力發展該業務。道格，你想添加任何額外的顏色嗎？

I think that's -- some of that I was -- I would echo as well. I think, and just as you coined it, sort of the lift in caution, Kash, I think that caution is still out there, and that still shows up in the additional deal scrutiny. But I would say, just to give you a little more insight, we were really pleased with the performance of U.S. large enterprise. And Carl mentioned EMEA. The -- I attribute that to execution as much as maybe a lift in caution, but it's been really nice execution across Europe in the first half.

我想，我也會贊同其中的一些觀點。我認為，就像你創造的那樣，有點謹慎，卡什，我認為謹慎仍然存在，並且仍然出現在額外的交易審查中。但我想說，只是為了讓您有更多的了解，我們對美國大型企業的表現非常滿意。卡爾提到了歐洲、中東和非洲地區。我將其歸因於執行力，也許是謹慎的提升，但上半場整個歐洲的執行力非常好。

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

我們的下一個問題來自馬克·墨菲與摩根大通的對話。

Congrats on absolutely stellar performance. Zane, I'm wondering if you can dimensionalize at all the FINS quota capacity increase that you're bringing onboard? Or how much you could bring on just relative to the demand signals that you're seeing out there?

祝賀絕對出色的表現。 Zane，我想知道您是否可以對您帶來的所有 FINS 配額容量增加進行維度化？或者，相對於您看到的需求信號，您可以帶來多少？

And then for Carl or Aneel, I'm curious if you see more opportunity out there in the mid-market, or perhaps sensing an inflection up at the Global 2000 level for some of the customers that might need to handle complicated currencies or legal entities, minority interests, country localizations, that type of an arrangement?

然後對於 Carl 或 Aneel，我很好奇您是否在中端市場看到了更多機會，或者是否感覺到一些可能需要處理複雜貨幣或法律實體的客戶在全球 2000 強水平上出現了拐點、少數群體利益、國家本地化，是那種類型的安排？

Sure, Mark. I'm happy to start and then hand over to Carl. As you point out, we're bringing on some significant amount of FINS sellers as we see that opportunity, I'd say, both on the domestic side and on the international side. I'd say it's still early days there as we bring them on. Obviously, it will take some time for us to see all of those benefits, but it's clearly a focus area for us. I will tell you that the unit growth in FINS this quarter was tremendous and exceeded our expectations. So we're very pleased with the growth that we're seeing and optimistic about what we can do in the future there on FINS with the additional go-to-market capacity.

當然，馬克。我很高興開始，然後交給卡爾。正如您所指出的，我們正在引進大量 FINS 賣家，因為我們看到了這個機會，我想說，無論是在國內還是在國際方面。我想說現在還為時尚早。顯然，我們需要一些時間才能看到所有這些好處，但這顯然是我們的重點領域。我會告訴你，本季度 FINS 的銷量增長非常巨大，超出了我們的預期。因此，我們對所看到的增長感到非常滿意，並對未來通過增加上市能力在 FINS 上所做的事情感到樂觀。

Yes, Zane, thanks for that color. Yes, Mark, as you know, 6 months ago, we decided to put a big investment in the go-to-market side, specifically around FINS. And while it takes 6 to 12 months to get your reps up and ramped, we're seeing early indications of it providing significant leverage in the business. One of the ways it's turned up here this quarter, as Zane just talked about, is we saw a really good growth in a number of new FIN units sold on a year-over-year basis into the market.

是的，贊恩，謝謝你的顏色。是的，馬克，如您所知，6 個月前，我們決定在進入市場方面進行大量投資，特別是圍繞 FINS。雖然您的代表需要 6 到 12 個月的時間才能提升和提升，但我們看到的早期跡象表明它在業務中提供了重要的影響力。正如 Zane 剛才談到的，本季度出現的情況之一是，我們看到市場上銷售的許多新 FIN 設備同比出現了良好的增長。

But it's more than just selling FINS. We're also seeing the knowledge set that we have across the field now with Financials is actually impacting our full platform sales. So our full platform sales are only accelerating as we sell both HCM and FINS into the market at the same time.

但這不僅僅是銷售 FINS。我們還看到，我們現在在金融領域擁有的知識實際上正在影響我們的整個平台銷售。因此，當我們同時向市場銷售 HCM 和 FINS 時，我們的全平台銷售只會加速。

And we saw that specifically kind of into your next question, in the medium enterprise business. The medium enterprise, we see full platform sales very regularly at this point. And I think that's attributed to the build-out of our FINS sales force.

我們在您的下一個問題（中型企業業務）中特別看到了這一點。對於中型企業，我們此時經常看到全平台銷售。我認為這要歸功於我們 FINS 銷售隊伍的建設。

And then the last thing I talk about is the FINS sales force helps us continue to drive and land sale with Planning. Planning continues to be a good product for us. We're landing with it, and it opens up the door for us to go back and sell both FINS and full platform into those customers that we landed with Planning. So there is no doubt at this time that the FINS build-out of the sales force is paying dividends.

我要說的最後一件事是 FINS 銷售團隊幫助我們繼續通過 Planning 推動土地銷售。規劃對我們來說仍然是一個好產品。我們正在登陸它，它為我們打開了大門，讓我們可以回去向我們通過 Planning 登陸的客戶銷售 FINS 和完整平台。因此，毫無疑問，此時 FINS 銷售隊伍的建設正在帶來紅利。

As it relates to the medium enterprise, we had a really solid quarter in what we described the medium enterprise segment. And I think the highlight there was specifically we're seeing more and more full platform sales into that market segment. And we're very pleased with their performance, specifically here in the U.S., and we're going to replicate that internationally as we build out the medium enterprise globally.

由於與中型企業相關，我們在中型企業領域的季度表現非常強勁。我認為最重要的是，我們看到越來越多的全平台銷售進入該細分市場。我們對他們的表現非常滿意，特別是在美國，當我們在全球範圍內建立中型企業時，我們將在國際上複製這種表現。

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布拉德·希爾斯 (Brad Sils)。

Wonderful. And great to see the great results here. I wanted to ask one on the expand success that you're seeing here. I know Carl has been an initiative here to go back to the base here. Is there any color you could provide as to where you're seeing particular strength? There's so many modules within HCM and FINS that I would love to get some color from you as to where you're seeing success there.

精彩的。很高興在這裡看到出色的成果。我想問一下您在這裡看到的擴大成功的情況。我知道卡爾一直主動要求回到這裡的基地。您可以提供任何顏色來說明您在哪些地方看到了特別的優勢嗎？ HCM 和 FINS 中有如此多的模塊，我很想從您那裡得到一些關於您在哪些方面取得成功的信息。

And then the second question would just be on the macro, you mentioned that deal scrutiny is still there. Is that outsized in office of HR versus office of CFO? Where might we see some potential acceleration coming out of the macro and any differences there?

第二個問題與宏觀有關，您提到交易審查仍然存在。與 CFO 辦公室相比，HR 辦公室的規模是否過大？我們在哪些方面可能會看到宏觀經濟帶來的潛在加速以及其中存在的差異？

Yes, sure. So yes, we -- one of the things we really like about our business model is what we describe as both the diversity and the durability of our business. From a diversity perspective, we're still landing a significant portion of our business on net new deals, which is really exciting to see. And when you land net new deals, what that provides you is a platform to sell back into your customer base, and we have 2 different selling motions there. .

是的，當然。所以，是的，我們真正喜歡我們的商業模式的一件事就是我們所描述的業務的多樣性和持久性。從多元化的角度來看，我們的業務的很大一部分仍然來自淨新交易，這確實令人興奮。當您獲得新的淨交易時，這為您提供了一個回售給您的客戶群的平台，我們在那裡有兩種不同的銷售動作。 。

In this quarter, when we had a really balanced performance across selling back to the customer base and landing net new, and that's a motion that we're going to keep leaning into. And by the way, we talked about FINS. When we're adding FINS sellers, we're separating them into selling net new FINS and back into the customer base. So this motion is clearly working for us.

在本季度，當我們在回售客戶群和獲得新客戶方面取得了真正平衡的業績時，我們將繼續致力於這一舉措。順便說一下，我們討論了 FINS。當我們添加 FINS 賣家時，我們將他們分為銷售淨新 FINS 和返回客戶群。所以這項動議顯然對我們有利。

As it relates to macro, maybe I'll just do a high level and then ask Doug to chime in and see what he's seeing since he's with customers daily. Nothing has changed over the last few quarters. And because of that, we continue to perform quite well because I think our sales force is very skilled at navigating the extra scrutiny they're going to get. As well as they're doing really well at understanding the sales process, and they're closing deals and they're getting them across the finish line.

由於它與宏觀有關，也許我會做一個高級別的工作，然後請道格插話，看看他看到了什麼，因為他每天都與客戶打交道。過去幾個季度沒有任何變化。正因為如此，我們繼續表現得很好，因為我認為我們的銷售人員非常擅長應對他們將受到的額外審查。他們在理解銷售流程方面做得非常好，他們正在完成交易，並且正在幫助他們越過終點線。

That's both a tribute to our sales force globally, but I also think it comes back to the strong value proposition we're providing customers as we continue to be the platform they're choosing to support both their people and their finances, their 2 most precious assets. So it's a combination of good execution, understanding the sales cycle and us continuing to have a strong value proposition for our customers and prospects.

這既是對我們全球銷售隊伍的致敬，但我也認為這又回到了我們為客戶提供的強大價值主張，因為我們繼續成為他們選擇支持其人員和財務（他們的第二大目標）的平台。寶貴的資產。因此，這是良好執行、了解銷售週期以及我們繼續為客戶和潛在客戶提供強大價值主張的結合。

And I'll ask Doug to color -- or add any additional color on the macro.

我會要求道格上色——或者在宏上添加任何其他顏色。

Yes. Thank you, Carl, and nice to talk to you, Brad. From a macro perspective, you've asked the question whether it shows up in one area or the other. I think you meant between HCM or FINS, and I'd say, not really. I think it's fair to say that the extra scrutiny is on any dollar spent in corporate America or across the globe is getting that scrutiny. So it is sort of across the board.

是的。謝謝你，卡爾，很高興與你交談，布拉德。從宏觀的角度來看，你問了它是否出現在一個領域或另一個領域的問題。我認為你的意思是在 HCM 或 FINS 之間，我想說，不是真的。我認為可以公平地說，美國企業或全球各地的企業所花的任何美元都受到了額外的審查。所以這有點全面。

I would say, perhaps more pronounced. I don't know if scrutiny is the right way to describe it, in net new versus customer base, which is why the customer base has been such an important part of our motion over the last 2 years at the company, and which was your first question around expand. So in that motion, we really sort of see 2 key things. One is this notion of create and close or what we call speed SKUs or speed solutions.

我想說，也許更明顯。我不知道在淨新客戶群與客戶群中進行審查是否是描述它的正確方式，這就是為什麼客戶群在過去兩年裡一直是我們公司行動中如此重要的一部分，而這也是你的目標。關於展開的第一個問題。因此，在該議案中，我們確實看到了兩件關鍵的事情。其中之一是創建和關閉的概念，或者我們所說的速度 SKU 或速度解決方案。

So just to highlight there, Peakon, Planning, Talent Optimization, those tend to go quick time-to-value and tend to be really strong in quarter, sort of create opportunities and close. But at the same time, we have our customers or the customer base doing larger, what I would describe as more strategic enterprise-type agreements.

因此，要強調的是，Peakon、規劃、人才優化，這些往往會快速實現價值，並且往往在季度中表現強勁，在某種程度上創造機會並結束。但與此同時，我們的客戶或客戶群正在做更大的事情，我將其描述為更具戰略性的企業類型協議。

We talked about the expansions across Airbus, Lloyds Bank, Lowe's, 7-Eleven this quarter. Those are already big customers committed to the platform but have taken on an even more strategic approach with us as they look to consolidate vendors and standardize on our platform.

我們討論了本季度空客、勞埃德銀行、Lowe's、7-11 的擴張。這些已經是致力於該平台的大客戶，但他們與我們採取了更具戰略性的方法，因為他們希望整合供應商並在我們的平台上實現標準化。

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

我們的下一個問題來自 Kirk Materne 和 Evercore 的線路。

And I'll echo the welcome to Zane. Good to hear from you again. Carl, I was wondering if you could just double-click a little bit on international and what you're seeing in that region, maybe across some of the products. And I was wondering if you could also just talk about the investments that you're making today and sort of the opportunity for those to kind of come to fruition from a bookings perspective next year. I guess just a little bit more color on international would be helpful.

我也會對贊恩表示歡迎。很高興再次收到你的來信。卡爾，我想知道您是否可以雙擊國際以及您在該地區看到的內容，也許是某些產品。我想知道您是否也可以談談您今天所做的投資，以及明年從預訂角度來看這些投資能否實現的機會。我想在國際上多一點色彩會有所幫助。

Yes. So I'll talk specifically about EMEA, which both Doug and I already mentioned. But this is an area that we -- I think you are aware, over the last couple of quarters, we've shared that we brought in a lot of new leadership across the region, both in the U.K. at the entire EMEA level, in DACH, in France. So we've really built out our leadership team there, and they're actually bringing in more and more talent underneath them, and it is starting to clearly pay dividends.

是的。因此，我將具體討論 EMEA，Doug 和我都已經提到過這一點。但在這個領域，我想你們都知道，在過去的幾個季度裡，我們在整個地區引入了許多新的領導層，無論是在英國還是在整個歐洲、中東和非洲地區，在達赫，在法國。因此，我們確實在那裡建立了我們的領導團隊，他們實際上正在為他們引進越來越多的人才，並且它開始明顯地帶來紅利。

We are seeing early signs of solid pipeline build that's much more predictable than we've seen in the past. We see more predictability in the business because they have their arms around it. And they are selling both HCM and FINS successfully.

我們看到了堅實的管道建設的早期跡象，這比我們過去看到的更加可預測。我們在業務中看到了更多的可預測性，因為他們對此有充分的支持。他們正在成功銷售 HCM 和 FINS。

The other thing we're seeing, which is a little bit of replication from what we're seeing here in the U.S., as you know, the EMEA market as a whole is very much a medium enterprise business. And they're doing really well at selling full platforms into the EMEA market, where customers see the true value of combining both HCM and Financials, and again, wrapping Planning around it for that full platform sale.

我們看到的另一件事與我們在美國看到的情況有一點重複，如您所知，歐洲、中東和非洲市場作為一個整體是一個中型企業業務。他們在向 EMEA 市場銷售完整平台方面做得非常好，客戶看到了將 HCM 和財務相結合的真正價值，並再次圍繞它進行規劃以實現完整平台銷售。

So we definitely are seeing the momentum there. And we do have some big competitors in our backyard there. But when we look at our competitive win rates across the market, including in the backyard of some of our big competitors, our competitive win rates are holding up. Our discounts are holding up. So they're really executing well and taking a really strong approach to the market. So we couldn't be more pleased with what's happening in EMEA.

所以我們肯定看到了那裡的勢頭。我們的後院確實有一些大的競爭對手。但是，當我們審視整個市場（包括一些大競爭對手的後院）的競爭獲勝率時，我們的競爭獲勝率仍然保持不變。我們的折扣還在繼續。所以他們確實執行得很好，並且對市場採取了非常強有力的方法。因此，我們對歐洲、中東和非洲地區發生的事情感到非常滿意。

Internationally, if you go into APJ, we had an okay quarter. We still have some work to do there. We think there's tremendous upside in the APJ market, and we will continue to add resources both on the go-to-market and continue to internationalize and localize our products so we can have a better fit in some of the emerging markets we're going after in APJ.

在國際上，如果你進入亞太及日本地區，我們的季度表現還不錯。我們在那裡還有一些工作要做。我們認為亞太及日本市場有巨大的上升空間，我們將繼續在進入市場方面增加資源，並繼續國際化和本地化我們的產品，以便我們能夠更好地適應我們即將進入的一些新興市場在APJ之後。

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

我們的下一個問題來自 Wolfe Research 的 Alex Zukin。

Carl, maybe the first one for you and then a quick one for Zane. You mentioned a couple of really interesting deals in a number of different verticals, including state and local. You talked about a FedRAMP deal. I guess, maybe, can you dimensionalize the growth of some of these verticals relative to financial services and retail hospitality? Like when do we think that the kind of the state local, the federal, the health and life sciences, the education verticals can start to rival that type of scale that you're seeing with Finserve and retail and hospitality? And then a quick follow-up for Zane.

卡爾，也許第一個給你，然後是讚恩的一個快速的。您提到了許多不同垂直領域（包括州和地方）的一些非常有趣的交易。您談到了 FedRAMP 交易。我想，也許您可​​以將其中一些垂直行業相對於金融服務和零售酒店的增長進行維度化嗎？就像我們什麼時候認為州地方、聯邦、健康和生命科學、教育垂直領域可以開始與金融服務、零售和酒店業所看到的規模相媲美？然後是讚恩的快速跟進。

Yes. So thanks for the question, Alex. And as you know, we don't break out or share specifically or percentages on any given market segment or industry. But in the case -- this time, we did highlight our second $1 billion in annual recurring revenue business in retail and hospitality, which continues to be quite strong and growing. And we had another really solid quarter in industries as a whole and specifically in higher ed, we called out health care and financial services.

是的。謝謝你的提問，亞歷克斯。如您所知，我們不會具體細分或分享任何特定細分市場或行業的百分比。但這一次，我們確實強調了零售和酒店業第二個 10 億美元的年度經常性收入業務，該業務仍然相當強勁且不斷增長。我們在整個行業中又經歷了一個非常強勁的季度，特別是在高等教育領域，我們呼籲醫療保健和金融服務。

In the government business, listen, we're still in the very early days of state and local government. I think there's only 15 states at this point who have decided to do a full platform replacement, which leaves 35 or 36 states up for opportunity for us going forward. And we think we have a really good solution for that market.

在政府事務中，聽著，我們仍處於州和地方政府的早期階段。我認為目前只有 15 個州決定進行完整的平台更換，這為我們留下了 35 或 36 個州的前進機會。我們認為我們為該市場提供了一個非常好的解決方案。

And on the federal side, listen, we're just starting. We have FedRAMP moderate. We said we were excited to see our first customer, a civilian agency, do a full platform rollout on our FedRAMP Cloud. And we also said we were bringing in a new leader, right, a really seasoned leader to help us lead federal going forward.

在聯邦方面，聽著，我們才剛剛開始。我們有 FedRAMP 溫和的。我們表示，我們很高興看到我們的第一個客戶（一家民間機構）在我們的 FedRAMP 雲上進行完整的平台部署。我們還說過，我們將引入一位新的領導人，對吧，一位經驗豐富的領導人來幫助我們領導聯邦前進。

So this is an area we'll continue to lean into. We do see opportunity in federal. Even without having FedRAMP high on the cloud, we do have a lot of opportunity with the existing agencies, and we see that as a rich market for us going forward.

所以這是我們將繼續關注的一個領域。我們確實在聯邦中看到了機會。即使沒有云端的 FedRAMP，我們也確實與現有機構有很多機會，我們認為這對於我們未來來說是一個豐富的市場。

Around the early renewal dynamic that you guys are seeing this year, clearly, a solid benefit for Q2, 24-month description backlog. It sounds like there's also some benefit in the guide for Q3. Maybe just dimensionalize it and remind us like what's the customer activity? Is it an incentive that you're giving? Is it the macro? Like what's driving this? And like do we think about this as a future headwind? Do we think about this as an opportunity for [code firming] at upsell? Like what's the right way to think about this?

你們今年看到的早期更新動態，顯然對第二季度 24 個月的描述積壓帶來了實實在在的好處。聽起來第三季度的指南也有一些好處。也許只是將其維度化並提醒我們客戶活動是什麼？這是你給予的激勵嗎？是宏嗎？是什麼推動了這一點？我們是否認為這是未來的逆風？我們是否認為這是在追加銷售中[代碼固定]的機會？思考這個問題的正確方法是什麼？

Sure, Alex. Yes, I'll start, and then let Carl chime in as well. As you point out, we're very pleased with the RPO growth on the 24-month side. This quarter was 22.7% growth. But as we pointed out, for all the reasons Carl and Doug mentioned, we saw about 1.5 points of that the early renewals coming into the quarter, which is a terrific opportunity for us to interact and interface with our customers as well as upsell them as well. So we're very pleased with the outcome in Q2.

當然，亞歷克斯。是的，我先開始，然後讓卡爾也插話。正如您所指出的，我們對 24 個月的 RPO 增長感到非常滿意。本季度增長22.7%。但正如我們所指出的，出於卡爾和道格提到的所有原因，我們看到本季度的早期續訂率約為1.5 個百分點，這對我們來說是一個絕佳的機會，可以與客戶互動和互動，並向他們進行追加銷售。出色地。所以我們對第二季度的結果非常滿意。

As we look to Q3, what we've done is taken a look at where our expectations are for Q3, which is included in that 21% increase as part of our guide. I'd say, approximately 1 point of that, as we look out to the next quarter right now, is included in that 21%. So we believe that activity will continue.

當我們展望第三季度時，我們所做的就是查看我們對第三季度的預期，這已包含在我們指南的 21% 增長中。我想說，當我們現在展望下個季度時，其中大約 1 個百分點包含在 21% 中。因此我們相信該活動將會繼續下去。

Again, we're thrilled with the activity. It means our customers are doubling down on us, they're leaning into that platform, and we couldn't be more pleased with that. As you point out, obviously, we've been running ahead of subscription revenue for some time on RPO. So we would expect some variability related to subscription revenue in the future. But we welcome the early renewals, and we think it's a terrific opportunity for our customers to continue to buy into the platform.

我們再次對這項活動感到興奮。這意味著我們的客戶正在加倍關注我們，他們正在傾向於該平台，我們對此感到非常高興。正如您所指出的，顯然，一段時間以來我們在 RPO 方面一直領先於訂閱收入。因此，我們預計未來訂閱收入會出現一些變化。但我們歡迎早期續訂，我們認為這對我們的客戶來說是繼續購買該平台的絕佳機會。

Carl, I'll let you add to that.

卡爾，我會讓你補充一下。

Yes. Thanks, Zane. Yes, Alex, we did have another really good quarter of selling back into our customer base. We talked about that earlier. And that is what drives a lot of the early renewals. But I want to make sure it's clear to everyone, we don't incent our teams to drive early renewals. We incent our teams to work with our customers to add additional SKUs as they look to consolidate more and more on top of the HCM or the Financials platform.

是的。謝謝，贊恩。是的，亞歷克斯，我們確實又度過了一個非常好的回銷客戶群的季度。我們之前談過這一點。這就是推動許多早期更新的原因。但我想確保每個人都清楚，我們不會激勵我們的團隊推動早期更新。我們鼓勵我們的團隊與客戶合作添加更多 SKU，因為他們希望在 HCM 或財務平台上整合越來越多的內容。

So the demand is being driven by our customers and then we go and we work with them. And in some cases, they add new SKUs. And when they do so, they actually do early renewal, and they'd co-term their agreements, which drives the uplift that Zane talked about in our 24-month RPO.

因此，需求是由我們的客戶驅動的，然後我們去與他們合作。在某些情況下，他們會添加新的 SKU。當他們這樣做時，他們實際上會提前續約，並且他們會共同簽署協議，這推動了 Zane 在我們的 24 個月 RPO 中談到的提升。

So we're not incenting people to do it. It's customer demand. They're looking to add more and more modules. And as we continue to innovate and bring new SKUs to market, we would expect this to continue going forward.

所以我們不會激勵人們這樣做。這是客戶的需求。他們希望添加越來越多的模塊。隨著我們不斷創新並將新的 SKU 推向市場，我們預計這種情況將繼續下去。

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。

Congratulations on a really strong quarter. I wanted to sort of extend on Brad Sills' earlier question about kind of the upsell motion. It seems like you guys are having a lot of success there. Carl and Zane, when I think back to your guys' time at VMware, VMware was a machine in terms of packaging and mechanisms for selling more solution into existing customers. And I know there's a huge kind of successful part of that business. Are there sort of learnings or sort of mechanisms or improvements that you guys can make in that upsell motion that you could bring onboard that could turbocharge this upsell effort even further from what we've been seeing thus far?

祝賀這個季度的強勁表現。我想擴展佈拉德·希爾斯之前關於追加銷售動議的問題。看來你們在那裡取得了很大的成功。 Carl 和 Zane，當我回想起你們在 VMware 的時光時，VMware 就包裝和向現有客戶銷售更多解決方案的機製而言是一台機器。我知道這項業務中有很大一部分是成功的。你們是否可以在追加銷售動議中進行某種學習或某種機製或改進，從而可以進一步推動這種追加銷售工作，甚至比我們迄今為止所看到的還要進一步？

Yes, I'll take that, and thanks for the question, Keith. I hope you're well. Listen, the teams are doing really good at already selling back into the customer base. I think it has to do with the motion that Doug and Patrick are driving with 2 different, if you will, sales forces, one selling only to customer base and the other selling net new. And because we have that focus on customer-based sales, I think the teams are driving these new SKUs back into our customers.

是的，我會接受的，謝謝你的提問，基思。我希望你很好。聽著，這些團隊在回售客戶群方面做得非常好。我認為這與道格和帕特里克正在推動的動議有關，如果你願意的話，有兩個不同的銷售人員，一個只向客戶群銷售，另一個銷售淨新產品。因為我們專注於基於客戶的銷售，所以我認為團隊正在將這些新的 SKU 重新推向我們的客戶。

Specifically as it relates, can we do things differently? Yes, potentially. We are looking at different ways to price and package our products in the future to make it easier and more consumable for our customers and make it easier for our sales reps to sell.

具體來說，我們可以採取不同的做法嗎？是的，有可能。我們正在考慮未來以不同的方式對我們的產品進行定價和包裝，以使我們的客戶更容易、更容易消費，並使我們的銷售代表更容易銷售。

But right now, we don't have any, if you will, new plays that we're running. I think the team is executing well. Our customers clearly see the value of the additional SKUs that we have in the market and clearly see a total cost of ownership play by consolidating on top of our platform.

但現在，如果你願意的話，我們沒有任何正在上演的新劇。我認為團隊執行得很好。我們的客戶清楚地看到我們在市場上擁有的額外 SKU 的價值，並清楚地看到通過在我們的平台上進行整合所產生的總擁有成本。

So I don't think you'll see any short-term change here, Keith. But we're always looking for ways to innovate on go-to-market, and one of them would be through some type of pricing and packaging in the future.

所以我認為你不會在這裡看到任何短期變化，基思。但我們一直在尋找上市創新的方法，其中之一就是未來通過某種類型的定價和包裝。

Keith, I would just add, we continue to obviously invest in this area. It's one of tremendous opportunity for us. And we spend a fair amount of time looking at it and thinking about what's the next best opportunity for the customer to recognize value and, of course, in turn, for us to do the same. So it's an area that we continue to see good progress on.

基思，我想補充一點，我們顯然繼續在這一領域進行投資。這對我們來說是巨大的機會之一。我們花了相當多的時間來研究它，並思考什麼是下一個讓客戶認識到價值的最佳機會，當然，反過來，我們也可以做同樣的事情。因此，這是一個我們繼續看到良好進展的領域。

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

我們的下一個問題來自布倫特·希爾和杰弗里斯的對話。

Carl, earlier in the year, you unveiled a new partner referral program. Maybe too early to see the fruits of this new program, but curious if what you're seeing and ultimately what over the next 6 to 9 months with this partner program. .

卡爾，今年早些時候，您推出了一項新的合作夥伴推薦計劃。也許現在看到這個新計劃的成果還為時過早，但我很好奇您會看到什麼，以及在接下來的 6 到 9 個月內通過這個合作夥伴計劃最終會看到什麼。 。

Yes, sure. Thanks, Brent. Good to hear from you. We did launch a new partner program. There's many facets to it. including technology arrangements and collaboration on the technology front, including co-sell, including resell. And also, we rolled out a referral program.

是的，當然。謝謝，布倫特。很高興聽到你的消息。我們確實啟動了一個新的合作夥伴計劃。它有很多方面。包括技術安排和技術方面的合作，包括共同銷售，包括轉售。此外，我們還推出了推薦計劃。

And I will say, we're seeing early signs of the customers really leaning into this new program. And they're also getting value because they're innovating on top of Workday, leveraging things like Extend to expand their market opportunity with us as well. So the resell program, that's Phase 2, but the co-sell and referral program has kicked off, and we're seeing a nice uplift in referrals from our partners on a global basis.

我想說的是，我們看到了客戶真正傾向於這個新計劃的早期跡象。他們還獲得了價值，因為他們在 Workday 的基礎上進行創新，利用 Extend 等技術來擴大與我們合作的市場機會。轉售計劃是第二階段，但聯合銷售和推薦計劃已經啟動，我們看到全球合作夥伴的推薦量大幅增加。

Another thing we did is we launched a partnership, if you recall, Brent, with AWS, and we're selling to the Marketplace. And we have seen a number of opportunities in Q2 that were driven from that partnership with AWS as people are looking to burn down the credits they have with AWS today.

我們做的另一件事是我們與 AWS 建立了合作夥伴關係，如果你還記得的話，Brent，我們正在向 Marketplace 銷售產品。我們在第二季度看到了與 AWS 的合作帶來的許多機會，因為人們希望消耗掉他們今天在 AWS 上擁有的積分。

So overall, we're very excited about the partner program. We had a big partner conference just last month. We had over 3,000 people joining us at our Altitude conference, where we spent more time articulating our new program and sharing with them how they can both monetize the Workday platform to sell more services and innovative solutions and also help us drive net new outcomes and get paid for it.

總的來說，我們對合作夥伴計劃感到非常興奮。上個月我們剛剛召開了一次大型合作夥伴會議。我們有超過3,000 人參加了我們的Altitude 會議，我們花了更多時間闡述我們的新計劃，並與他們分享如何利用Workday 平台獲利，以銷售更多服務和創新解決方案，同時幫助我們推動淨新成果並獲得付了錢。

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。

Welcome aboard, Zane. I'll direct this one to you. As you just alluded to, the gap between the 24-month backlog and the sub revs growth has historically been pretty narrow, but it's widened out a lot in recent quarters to 3 to 4 points. I'm just curious -- why is that? And over what time frame do you think that gap will close? Maybe it's partly due to the early renewals you mentioned, but maybe there are other factors.

歡迎加入，贊恩。我會把這個給你。正如您剛才提到的，從歷史上看，24 個月的積壓訂單和副轉速增長之間的差距相當窄，但最近幾個季度擴大了很多，達到 3 到 4 個百分點。我只是好奇——這是為什麼？您認為這種差距在什麼時間範圍內會縮小？也許部分是由於你提到的提前續訂造成的，但也許還有其他因素。

Yes, of course, Karl. Great to hear from you. As we mentioned, we're really pleased with the program we have behind that, and the additional backlog and the performance we've seen on RPO has even exceeded our expectations over the last number of quarters.

是的，當然，卡爾。很高興聽到你的消息。正如我們所提到的，我們對背後的計劃感到非常滿意，而且我們在 RPO 上看到的額外積壓和績效甚至超出了我們過去幾個季度的預期。

And it's driven by a number of variables. I think both Carl and Doug talked about the relationship with the customer as well as our opportunity to expand those SKUs and that relevance with our customers. So we're pleased with the performance there.

它是由許多變量驅動的。我認為 Carl 和 Doug 都談到了與客戶的關係以及我們擴展這些 SKU 的機會以及與客戶的相關性。所以我們對那裡的表現很滿意。

Now some of the variability, we talked about education and gov we tend to see longer duration with those contracts. So that will have a natural extension. And in many cases, especially if you look at the top line growth of backlog and RPO, we see significant increases driven by that mix shift. And then the other dynamic is, of course, the early renewal that we talked about, where it's another opportunity to engage with the customer to go deeper into the platform as well as sell more of our SKUs.

現在有一些變化，我們談到了教育和政府，我們往往會看到這些合同的期限更長。這樣就會有一個自然的延伸。在許多情況下，特別是如果你看看積壓訂單和 RPO 的營收增長，我們會發現這種組合轉變推動了顯著增長。當然，另一個動態是我們談到的早期更新，這是與客戶互動的另一個機會，可以更深入地了解該平台並銷售更多我們的 SKU。

So it's -- as I pointed out, in the third quarter, we feel like the second quarter was higher. At least our current expectations at the second quarter and the activity we saw there would be higher than what we see in the third quarter. Part of it is also Doug's team and just where they spend their energy, and we've obviously leading up to a seasonally strong fourth quarter.

所以，正如我指出的，在第三季度，我們感覺第二季度更高。至少我們目前對第二季度的預期以及我們看到的活動將高於我們在第三季度看到的水平。其中一部分也是道格的團隊以及他們花費精力的地方，我們顯然已經迎來了季節性強勁的第四季度。

So we like the motion. We encourage the motion. It's an opportunity for us to lean in and have a longer and more durable relationship with our customer base. And we believe you'll see that reflected in the numbers. But to your point, it may create a little bit of variability if you looked at backlog and the variance between backlog and subscription revenue.

所以我們喜歡這個動議。我們鼓勵這項動議。這是我們與客戶群建立更長久、更持久關係的機會。我們相信您會看到這一點反映在數字中。但就您而言，如果您查看積壓訂單以及積壓訂單和訂閱收入之間的差異，它可能會產生一點變化。

But we're solely focused on driving continued growth in the business and particularly focused on that subscription -- that long-term subscription revenue line. Hopefully, that helps.

但我們只專注於推動業務的持續增長，尤其關注訂閱——即長期訂閱收入線。希望這會有所幫助。

Yes, it does Zane.

是的，贊恩確實如此。

Our next question comes from the line of Brad Zelnick with Deutsche Bank.

我們的下一個問題來自德意志銀行的 Brad Zelnick。

There's a lot of goodness in the results and the message. So I'll echo my welcome to Zane and congrats to you all. My question actually for you, Zane, is in your comments, you've said that Workday plans on maintaining a disciplined approach of investing in long-term growth while expanding margins, which I think is music to everyone's ears. But can you expand on what that means to you? And if there's any sort of framework or even rule of thumb that we should consider in the years ahead?

結果和信息有很多好處。因此，我要對贊恩表示歡迎，並祝賀你們所有人。實際上，贊恩，我的問題是在您的評論中，您說過 Workday 計劃在擴大利潤的同時保持投資於長期增長的嚴格方法，我認為這對每個人來說都是美妙的。但您能詳細說明一下這對您意味著什麼嗎？未來幾年我們是否應該考慮任何類型的框架甚至經驗法則？

Brad, yes, it's good to hear from you. I'd say, generally, we're at a unique opportunity here at the company to do exactly that, which is to lean in and to make smart investments. Carl has highlighted a number of those, whether it's partners, whether it's international defense product. We're at a point where I think this is an opportunity to really lean in on our TAM opportunity and that growth that we can see across the platform. From the finance side, I think we benefit because we can make thoughtful investments and help the business grow both on the product side.

布拉德，是的，很高興收到你的來信。我想說，總的來說，我們在公司面臨著一個獨特的機會來做到這一點，那就是傾斜並進行明智的投資。卡爾強調了其中的一些，無論是合作夥伴，還是國際國防產品。我認為我們正處於這樣一個時刻，這是一個真正依靠我們的 TAM 機會以及我們可以在整個平台上看到的增長的機會。從財務方面來看，我認為我們受益，因為我們可以進行深思熟慮的投資，並幫助業務在產品方面發展。

Obviously, we talk about AI/ML and the tremendous opportunity we have there. But then also on the go-to-market side, when I look at that balance between 75% domestic and 25% international, I just think it's ripe with opportunity to grow on the international side, but do it in a thoughtful way, as Carl alluded to. On the EMEA side, with an uncertain backdrop, we've seen great opportunities there, and we've seen good growth there.

顯然，我們談論人工智能/機器學習以及我們在那裡擁有的巨大機會。但在進入市場方面，當我看到 75% 的國內和 25% 國際之間的平衡時，我只是認為在國際方面發展的機會已經成熟，但要以深思熟慮的方式進行，因為卡爾提到過。在歐洲、中東和非洲地區，在不確定的背景下，我們看到了那裡的巨大機遇，也看到了良好的增長。

So I'm just pleased when I look at the opportunity to be here to leverage the finance side and to lean in on where we make these investments, and then we continue to see top line growth. And as I just mentioned on the RPO side, we can see significant RPO growth. But along with that, we have investments in interesting areas that create longer-term revenue growth and subscription revenue growth as well around the globe.

因此，當我看到有機會在這裡利用財務方面並依靠我們進行這些投資的地方時，我很高興，然後我們繼續看到收入增長。正如我剛才在 RPO 方面提到的，我們可以看到 RPO 顯著增長。但與此同時，我們還在一些有趣的領域進行了投資，這些領域可以在全球範圍內創造長期收入增長和訂閱收入增長。

Carl, I'll let you add a few comments [in there].

卡爾，我會讓你[在那裡]添加一些評論。

Yes. No, I think you said it well, Zane. We continue to invest on the go-to-market side, but I want to make sure everyone knows we're investing heavily on the product and technology front as well. And Neil's leading that charge with Sayan. We continue to invest to drive innovation here at Workday, and we're leaning into the AI/ML opportunity, which we think will bear fruit in the future.

是的。不，我認為你說得很好，贊恩。我們繼續在進入市場方面進行投資，但我想確保每個人都知道我們也在產品和技術方面進行了大量投資。尼爾和薩彥一起領導這項任務。我們繼續投資推動 Workday 的創新，並且我們正在抓住人工智能/機器學習的機會，我們認為這將在未來結出碩果。

The other thing to think about is how do we get operating leverage from AI and ML internally. We think by using these technologies, we can actually drive better operating margin, which allows us to reinvest in go-to-market and products in the future. So there is kind of a flywheel effect we can get from the benefit of AI and ML.

另一件需要考慮的事情是我們如何在內部從人工智能和機器學習中獲得運營槓桿。我們認為，通過使用這些技術，我們實際上可以提高運營利潤率，這使我們能夠在未來對上市和產品進行再投資。因此，我們可以從人工智能和機器學習的好處中獲得某種飛輪效應。

We have time for 2 more questions. Our next question comes from the line of Michael Turrin with Wells Fargo.

我們還有時間回答 2 個問題。我們的下一個問題來自邁克爾·特林 (Michael Turrin) 與富國銀行 (Wells Fargo) 的對話。

Congrats from me as well on the results. You're getting a number of questions on the backlog metrics, but it's really the consistency of those metrics that continues to impress. You're guiding for low 20s growth again next quarter. So maybe you can expand on just what's helping sustain such a consistent growth profile in an inconsistent environment.

我也對結果表示祝賀。您收到了許多關於待辦事項指標的問題，但真正令人印象深刻的是這些指標的一致性。您預計下個季度將再次實現 20 多歲以下的增長。因此，也許您可​​以擴展哪些因素有助於在不一致的環境中維持如此一致的增長狀況。

And then going back to the international side, there were some encouraging commentary around EMEA, but the growth rate there is still lagging a bit. So just wondering if there are signs you're seeing that can help the growth rate there and maybe pick back up and take some of the load off of the U.S. strength you're seeing?

然後回到國際方面，關於歐洲、中東和非洲地區有一些令人鼓舞的評論，但那裡的增長率仍然有點滯後。因此，我想知道是否有跡象表明您看到的跡象可以幫助那裡的增長率，並可能回升並減輕您所看到的美國實力的一些負擔？

Sure. Yes, I'll start and then hand over to Carl. As we point out with backlog it's really that relationship with the customer and the diversity of the business and the contract lengths that have helped support that. And it's been Doug's team interacting, interfacing with those customers and leaning in more on the platform. And that's what you see reflected in those RPO numbers. Our success that we've seen on the renewals has clearly helped our customers engage more, create more uplift as well as extend the duration of our relationship with them. So I think it's that compounding effect that you've seen over the last number of quarters.

當然。是的，我會開始，然後交給卡爾。正如我們在積壓訂單中指出的那樣，實際上是與客戶的關係、業務的多樣性以及合同期限幫助支持了這一點。道格的團隊與這些客戶進行互動、交流，並更多地依賴該平台。這就是您在 RPO 數字中看到的反映。我們在續訂方面所取得的成功顯然幫助我們的客戶更多地參與，創造了更多的提升，並延長了我們與他們的關係的持續時間。所以我認為這就是您在過去幾個季度中看到的複合效應。

And again, I would highlight that not only do we lean in there, but we wouldn't always expect as we look out for the remainder of the year or even into next year. It's not that we're pushing the backlog. We're focused on subscription revenue and continued subscription revenue growth, and the backlog just happens to be in that big RPO increase, it just happens to be a byproduct of the interaction and interface that we have with those customers and the long-term relationship that we've developed with them.

我再次強調，我們不僅會傾向於這樣做，而且在我們展望今年剩餘時間甚至明年時，我們並不總是期望如此。這並不是說我們正在推動積壓工作。我們專注於訂閱收入和訂閱收入的持續增長，而積壓恰好是 RPO 的大幅增長，它恰好是我們與這些客戶的互動和界面以及長期關係的副產品我們與他們一起開發的。

Carl, I'll let you maybe give a little bit more detail on EMEA.

Carl，我會讓您提供有關 EMEA 的更多詳細信息。

Yes, Michael, I think you're asking specifically on the first question about how do we continue to do this. And I think it's just the strength of the platform we have. And I think with some headwinds in the market that everyone continues to face, people are looking to do more with less. And by doing so, they're looking for a total cost of ownership play. And I think we provide that both on the HCM side and the Financials as people consolidate, what I said earlier, from best-of-breed to best-of-suite. And it's also driving a different level of employee experience.

是的，邁克爾，我認為你具體問的是第一個問題，即我們如何繼續這樣做。我認為這就是我們擁有的平台的優勢。我認為，由於每個人都繼續面臨市場上的一些阻力，人們希望用更少的錢做更多的事情。通過這樣做，他們正在尋求總擁有成本的發揮。我認為，隨著人們的整合，我們在人力資本管理方面和財務方面都提供了這一點，正如我之前所說，從最佳品種到最佳套件。它還推動了不同水平的員工體驗。

We're helping drive productivity gains for our customers. We're helping them upskill and reskill their folks. We're delivering a new level of employee experience. And by doing all of those, people just continue to put more and more on top of our platform. And even if it is our own SKU, they're leveraging things like Extend to build other solutions on top of the Workday platform. So I think this motion of selling back into the base is going to continue as people consolidate more and more on top of us.

我們正在幫助客戶提高生產力。我們正在幫助他們提高和重新培訓他們的員工。我們正在提供新水平的員工體驗。通過做所有這些，人們會繼續在我們的平台上投入越來越多的東西。即使它是我們自己的 SKU，他們也會利用諸如 Extend 之類的東西在 Workday 平台上構建其他解決方案。因此，我認為，隨著人們越來越多地在我們之上進行整合，這種拋售回基地的動議將會繼續下去。

As it relates to the international growth, again, we're highlighting we saw really good performance out of our team in EMEA, specifically, and we're encouraged by both the consistency and predictability of their performance and the strong pipeline that we're building over there as we head into the second half of the year.

由於它與國際增長相關，我們再次強調，我們在 EMEA 團隊中看到了非常好的表現，特別是，我們對他們表現的一致性和可預測性以及我們正在開發的強大管道感到鼓舞。當我們進入下半年時，那裡正在建設。

Let me say, though, on the flip side, if I can, Michael, right? Our U.S. team just continues to drive really solid performance as well, and they're outperforming in a number of key areas like large enterprise and across some of those industries that we spoke about today: our education business, health care and financials. So we're aiming to keep driving, right, our U.S. business and watching them continue to perform and outperform and, at the same time, try to drive international growth.

不過，讓我說一下，如果可以的話，邁克爾，對吧？我們的美國團隊也繼續推動真正穩健的業績，他們在大型企業等許多關鍵領域以及我們今天談到的一些行業中表現出色：我們的教育業務、醫療保健和金融。因此，我們的目標是繼續推動我們的美國業務，並觀察它們繼續表現和超越，同時努力推動國際增長。

And it's always important to remember, the international growth from bookings doesn't actually get shown in -- right in the same quarter. You'll see it in the out quarters as we look to continue to drive that growth. We'll see a slight shift over the coming years from 75-25 to something that we get more impact and more performance from the international teams.

重要的是要記住，國際預訂量的增長實際上並沒有在同一季度體現出來。當我們希望繼續推動這種增長時，您將在接下來的幾個季度看到這一點。未來幾年我們將看到從 75-25 的輕微轉變，我們會從國際團隊中獲得更大的影響力和更多的表現。

Our next question comes from the line of Rishi Jaluria with RBC.

我們的下一個問題來自 Rishi Jaluria 與 RBC 的關係。

Nice to see continued strength and resilience in the business. I want to go back to talking about generative AI and your opportunity there. Clearly, a big opportunity to leverage the data you have and use it to make the product and platform better.

很高興看到業務持續強勁和彈性。我想回過頭來談談生成式人工智能以及你在那裡的機會。顯然，這是利用您擁有的數據並利用它來改進產品和平台的絕佳機會。

But I want to talk about the opportunity to maybe utilize generative AI, both to accelerate migrations from legacy on-premise solutions in terms of making it easier for custom applications to migrate, as well as making it easier for that data to transform and maintain -- transfer and maintain data fidelity. And maybe at the same time, even on your end, utilize generative AI to reduce the services attach rate and bring down that services mix a little bit over time. Any way you could help me kind of understand the way you can utilize it on that, that would be very helpful.

但我想談談利用生成式人工智能的機會，既可以加速傳統本地解決方案的遷移，使自定義應用程序更容易遷移，也可以更輕鬆地轉換和維護數據 - - 傳輸和維護數據保真度。也許同時，甚至在您這邊，也可以利用生成式人工智能來降低服務附加率，並隨著時間的推移稍微減少服務混合。如果你能幫助我理解如何利用它，那將會非常有幫助。

Yes. On the first part, we are definitely looking at generative AI to do a better job of data transfer and transformation from legacy systems. And I think over time, it will be increasingly automated with AI. So that's already in motion.

是的。在第一部分中，我們肯定會關註生成式人工智能，以更好地完成遺留系統的數據傳輸和轉換。我認為隨著時間的推移，人工智能將越來越自動化。所以這已經在行動了。

On the second one, it's definitely something we're exploring and how we bring AI into our services organization to speed up implementations. Stay tuned on that part. We're very focused on the products that we deliver to our customers. And one thing to think about is actually how we build AI into the products to make them easier to implement. But that's a work in progress at this point. It's a great question.

關於第二個問題，這絕對是我們正在探索的事情，以及我們如何將人工智能引入我們的服務組織以加快實施速度。請繼續關注該部分。我們非常專注於為客戶提供的產品。實際上需要考慮的一件事是我們如何將人工智能構建到產品中以使它們更容易實施。但目前這項工作正在進行中。這是一個很好的問題。

That is all the time we have for questions. Ladies and gentlemen, thank you for your participation on today's conference. I'll now turn it over to Mr. Eschenbach for final comments.

這就是我們提問的全部時間。女士們、先生們，感謝你們參加今天的會議。現在我將把它交給埃申巴赫先生徵求最後的意見。

Thank you, operator, and thank you for everyone joining today's call. And a special thanks to our Workmates, customers and partners around the globe that continue to fuel Workday's success. Q2 was another solid quarter, highlighted by the diversity and mission-critical nature of our business.

謝謝接線員，也謝謝大家參加今天的電話會議。特別感謝我們全球各地的同事、客戶和合作夥伴，他們不斷推動 Workday 的成功。第二季度是又一個穩健的季度，突出表現在我們業務的多樣性和關鍵任務性質。

We have an exciting opportunity ahead, and we are all well positioned as we think about the second half of the year and beyond. I look forward to seeing many of you at our upcoming Rising Conference and Financial Analyst Day in San Francisco.

我們前面有一個令人興奮的機會，而且在我們考慮今年下半年及以後的情況時，我們都處於有利的位置。我期待在即將在舊金山舉行的瑞星會議和金融分析師日見到你們中的許多人。

With that, I will hand the call back over to the operator to close today's call, and I hope everyone has a great evening.

至此，我會將電話轉回接線員以結束今天的通話，希望大家度過一個愉快的夜晚。

Ladies and gentlemen, this does conclude today's teleconference. 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。此時您可以斷開線路，度過美好的一天。