Workday Inc (WDAY) 2024 Q3 法說會逐字稿

Welcome to Workday's Fiscal 2024 Third Quarter Earnings Call. (Operator Instructions)

歡迎參加 Workday 2024 財年第三季財報電話會議。 （操作員說明）

I will now hand it over to Justin Furby, Vice President of Investor Relations. Justin, you may begin.

我現在將其交給投資者關係副總裁 Justin Furby。賈斯汀，你可以開始了。

Thank you, operator. Welcome to Workday's Third Quarter Fiscal 2024 Earnings Conference Call. On the call, we have Aneel Bhusri and Carl Eschenbach, our co-CEOs; Zane Rowe, our CFO; and Doug Robinson, our Co-President. Following prepared remarks, we will take questions.

謝謝你，接線生。歡迎參加 Workday 2024 財年第三季財報電話會議。參加電話會議的有我們的共同執行長 Aneel Bhusri 和 Carl Eschenbach； Zane Rowe，我們的財務長；以及我們的聯合總裁道格羅賓遜 (Doug Robinson)。在準備好發言後，我們將回答問題。

Our press release was issued after close of market and is posted on our website, where this call is being simultaneously webcast. Before we get started, we want to emphasize that some of our statements on this call, particularly our guidance, are based on the information we have as of today and include forward-looking statements regarding our financial results, applications, customer demand, operations and other matters. These statements are subject to risks, uncertainties and assumptions that could cause actual results to differ materially.

我們的新聞稿是在收盤後發布的，並發佈在我們的網站上，該電話會議同時進行網路直播。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，可能導致實際結果有重大差異。

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.

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，以了解有關風險、不確定性的更多資訊可能導致實際結果與此類聲明中提出的結果有重大差異的假設。

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 績效的補充指標。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.

本次電話會議的網路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連結下提供。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。

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

我們的 2024 財年第四季靜默期從 2024 年 1 月 15 日開始。除非另有說明，本次電話會議中的所有財務比較都將與我們 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 thank you, everyone, for joining our Q3 FY '21 earnings call. I'm pleased to share that Workday delivered another strong quarter, achieving 18% subscription revenue growth, 22% 12-month backlog growth and non-GAAP operating margin of 25%. These results were driven by broad-based strength across net new and customer base teams, medium and large enterprise and across regions, notably the U.S. and EMEA. I want to thank the more than 18,300 Workmates around the globe for partnering with our customers to help drive these impressive results.

謝謝賈斯汀，也謝謝大家參加我們的 21 財年第三季財報電話會議。我很高興地告訴大家，Workday 再次實現了強勁的季度業績，訂閱收入增長了 18%，12 個月積壓訂單增長了 22%，非 GAAP 營運利潤率達到了 25%。這些結果是由淨新和客戶群團隊、大中型企業以及跨地區（尤其是美國和歐洲、中東和非洲）的廣泛實力所推動的。我要感謝全球 18,300 多名 Workmates 與我們的客戶合作，幫助實現了這些令人印象深刻的成果。

There is a clear sense of momentum across our business. and it was on full display at Workday Rising in September. There, we unleashed new AI innovation, delivered product and partnership announcements and drew a record 28,000 attendees in person and online. In fact, over half of our active pipeline was touched by a Rising event in San Francisco and just a couple of weeks ago in Barcelona, we followed up with our largest ever EMEA Rising event with over 4,500 people in attendance.

我們的業務有明顯的勢頭。它在 9 月的 Workday Rising 展會上得到了充分展示。在那裡，我們釋放了新的人工智慧創新，發布了產品和合作夥伴公告，並吸引了創紀錄的 28,000 名現場和線上與會者。事實上，我們一半以上的活躍管道都受到了舊金山舉行的 Rising 活動的影響，就在幾週前，我們在巴塞隆納舉辦了有史以來規模最大的 EMEA Rising 活動，共有超過 4,500 人參加。

In speaking with customers, prospects and partners at these events, a few things stood out to me. First, talent continues to be a top C-suite priority. In this macro environment, businesses are looking to scale and drive productivity. They can't achieve both outcomes by simply hiring more. Leaders are turning to Workday to help them reskill and upskill their workforce, all while delivering a great employee experience. That helps them reduce attrition and ultimately drives productivity. Second, leaders are continuing to consolidate their technology footprint on a true platform to realize total cost of ownership benefits, while also accelerating their operations. Workday is perfectly positioned to benefit as the intelligent digital backbone businesses can rely on to manage their most precious assets: their people and their money. And finally, AI, and in particular, generative AI is becoming a business imperative. As a trusted partner and a market leader with over 65 million users under contract, we can uniquely drive efficiencies and improve the employee experience. Aneel will share more, but I will say that it is what we are doing and not just saying that it's resonating with our customers.

在這些活動中與客戶、潛在客戶和合作夥伴交談時，有幾件事讓我印象深刻。首先，人才仍然是高階主管的首要任務。在這種宏觀環境下，企業正在尋求擴大規模並提高生產力。他們無法透過簡單地僱用更多員工來實現這兩個目標。領導者正在轉向 Workday 來幫助他們重新培訓和提高員工的技能，同時提供良好的員工體驗。這有助於他們減少人員流失並最終提高生產力。其次，領導者繼續在真正的平台上鞏固其技術足跡，以實現整體擁有成本效益，同時加速營運。 Workday 完全有能力受益，因為企業可以依靠智慧數位骨幹來管理其最寶貴的資產：人員和資金。最後，人工智慧，特別是生成式人工智慧，正成為商業的當務之急。作為值得信賴的合作夥伴和擁有超過 6500 萬合約用戶的市場領導者，我們可以以獨特的方式提高效率並改善員工體驗。 Aneel 會分享更多，但我會說這就是我們正在做的事情，而不僅僅是說這引起了我們客戶的共鳴。

Simply put, our value proposition has never been so relevant and powerful. That's clear in the results our team delivered in Q3 and in the first half of FY '24. At our recent financial Analyst Day, we talked about the diversity and durability of our business and how it helps us grow during times of headwinds and times of tailwinds. This theme was evident in the wins we had this quarter.

簡而言之，我們的價值主張從未如此相關且強大。我們的團隊在第三季和 24 財年上半年交付的結果清楚地表明了這一點。在最近的金融分析師日上，我們討論了我們業務的多樣性和持久性，以及它如何幫助我們在逆風和順風時期實現成長。這個主題在我們本季取得的勝利中顯而易見。

From a net new customer perspective, we once again saw strength in full platform deals. We welcomed customers like AdventHealth, Bentley Systems, Houston Methodist and Lifespan as new full platform HCM and Financials customers, and new HCM customers such as Greene King Brewing, Group 1 Automotive, Minor Hotel Group and the U.S. Department of Energy helped us surpass 5,000 core HCM customers on Workday.

從淨新客戶的角度來看，我們再次看到了全平台交易的優勢。我們迎來了AdventHealth、Bentley Systems、Houston Methodist 和Lifespan 等新的全平台HCM 和金融客戶，而Greene King Brewing、Group 1 Automotive、Minor Hotel Group 和美國能源部等新的HCM 客戶幫助我們突破了5,000 個核心HCM 客戶在工作日。

Alongside helping new customer activity, we had several strategic expansions and renewals in the quarter, including Magna International, Mondelez Global, Sonoco Products Company and Southwest Airlines. And I'm pleased to share that our Create and Close business had another great quarter and is becoming a meaningful driver of our customer-based sales team's growth.

除了幫助新客戶活動外，我們在本季度還進行了多項策略擴張和更新，包括麥格納國際、億滋全球、索諾科產品公司和西南航空。我很高興地告訴大家，我們的「創建和關閉」業務又迎來了一個出色的季度，並且正在成為我們基於客戶的銷售團隊成長的重要推動力。

Now I want to highlight some of the key growth areas we discussed with you at Financial Analyst Day. Starting with international, which represents over half our addressable opportunity. In EMEA, I'm pleased to say that our leadership additions are driving improved and more consistent results. The team here once again delivered strong new ACV, particularly in the U.K., Germany, France and Spain and helped us eclipse the $1 billion ARR mark in the region.

現在我想強調我們在金融分析師日與您討論的一些關鍵成長領域。從國際市場開始，這代表了我們一半以上的可利用機會。在歐洲、中東和非洲，我很高興地說，我們的領導層的增加正在推動更好、更一致的結果。這裡的團隊再次交付了強大的新 ACV，特別是在英國、德國、法國和西班牙，並幫助我們超越了該地區 10 億美元的 ARR 大關。

Win rates were robust against our competitors, even in their own backyards. We had important new wins like AXA UK, AURELIUS Group and international schools, along with expansions at BBVA, Carl Zeiss and Thales Global Services, among others. And in the Asia Pacific region, Australia performed well with wins such as Ramsay Health Care and Wesley Mission Queensland.

與我們的競爭對手相比，勝率很高，即使是在他們自己的後院。我們取得了 AXA UK、AURELIUS Group 和國際學校等重要的新勝利，以及 BBVA、Carl Zeiss 和 Thales Global Services 等公司的擴張。在亞太地區，澳洲表現出色，贏得了 Ramsay Health Care 和 Wesley Mission Queensland 等獎項。

We still have work to do in APAC, but we're focused on it, and I'm delighted Simon Tate has joined us to run the region. We're also making important investments in Japan to help expand our opportunity within one of the world's largest economies. As part of this, our leader in Japan will now report directly to Patrick Blair, our President of Global Sales.

我們在亞太地區仍有工作要做，但我們專注於此，我很高興西蒙·泰特 (Simon Tate) 加入我們來管理該地區。我們也在日本進行重要投資，以幫助擴大我們在世界最大經濟體之一的機會。作為其中的一部分，我們在日本的領導現在將直接向我們的全球銷售總裁帕特里克·布萊爾報告。

Moving to Financials. We're seeing proof that our go-to-market investments are continuing to pay off with healthy growth in both core financial customers and new ACV. New full platform wins are on the rise, and our industry approach is contributing to this momentum. Healthcare, for example, grew new ACV over 50% in Q3, and roughly half of the healthcare deals we landed in the quarter were full platform.

轉向金融。我們看到的證據表明，我們的市場投資正在持續獲得回報，核心金融客戶和新 ACV 均健康成長。新的全平台勝利正在增加，我們的行業方法正在推動這一勢頭。例如，醫療保健產業在第三季的新 ACV 成長超過 50%，我們在本季達成的醫療保健交易中大約有一半是全平台的。

State and local government also continues to outperform with strategic full platform wins at County of Kern, County of Chesterfield and the Pennsylvania General Assembly. Our back-to-base motion in Financials also delivered in Q3. Wins included Clearwater Analytics, Ochsner Clinic Foundation and Concentrix, which expanded their Workday HR footprint to include core financials when it combined with Webhelp, a Workday core Financials customer in EMEA.

州和地方政府也繼續表現出色，在克恩縣、切斯特菲爾德縣和賓夕法尼亞州議會贏得了戰略性全平台勝利。我們在財務方面的回歸基本動議也在第三季交付。獲勝者包括 Clearwater Analytics、Ochsner Clinic Foundation 和 Concentrix，後者在與 EMEA 的 Workday 核心財務客戶 Webhelp 合併後，擴大了 Workday HR 業務範圍，將核心財務業務納入其中。

Our planning business also had a strong Q3, and we welcomed AWS as a planning customer along with NPR and stores Kogan Group. And finally, our win rates remain strong, and we see a growing pipeline of opportunities to replace our legacy ERP competitors.

我們的規劃業務第三季也表現強勁，我們歡迎 AWS 以及 NPR 和 Kogan Group 成為規劃客戶。最後，我們的勝率仍然很高，我們看到了越來越多的機會來取代我們傳統的 ERP 競爭對手。

On the partner front, we've always recognized the vital role our ecosystem plays in our customer success and it starts with go-lives. HCM go-lives this quarter included American Electric Power, Dave & Buster's and Iberdrola, along with Financials go-lives at NorthShore University HealthSystem SolutionHealth and Weis Markets. Increasingly, we're leaning into our partner ecosystem in other strategic ways.

在合作夥伴方面，我們始終認識到我們的生態系統在客戶成功中發揮著至關重要的作用，而這一切始於上線。本季上線的 HCM 包括 American Electric Power、Dave & Buster's 和 Iberdrola，以及 NorthShore University HealthSystem SolutionHealth 和 Weis Markets 上線的 Financials。我們越來越多地以其他策略方式融入我們的合作夥伴生態系統。

Our skills accelerator partnership with Accenture, which we announced at EMEA Rising, is a great example. Accenture will be reselling our skills solution, providing their own services expertise on top of the Workday Skills Cloud. We also announced a partnership with ADP to extend the capability of Workday HCM with ADP's payroll and SmartCompliance solutions in key global markets. And we announced AI Marketplace at Rising, which allows us to innovate with our ecosystem of partners to deliver trusted and responsible AI solutions for our customers' most compelling use cases.

我們在 EMEA Rising 上宣布與 Accenture 的技能加速器合作關係就是一個很好的例子。埃森哲將轉售我們的技能解決方案，在 Workday Skills Cloud 之上提供自己的服務專業知識。我們也宣布與 ADP 建立合作夥伴關係，透過 ADP 的薪資和 SmartCompliance 解決方案在全球主要市場擴展 Workday HCM 的功能。我們在 Rising 上宣布了 AI Marketplace，這使我們能夠與合作夥伴生態系統進行創新，為客戶最引人注目的用例提供值得信賴和負責任的 AI 解決方案。

Finally, we see strong momentum from our partner referral program we launched earlier this year. We've already exceeded our full year targets for the number of partners that have signed on. And while it's early, we are starting to see a positive impact to our pipeline.

最後，我們看到今年稍早推出的合作夥伴推薦計畫的強勁勢頭。我們已經超越了簽約合作夥伴數量的全年目標。雖然現在還為時過早，但我們已經開始看到對我們的管道的正面影響。

Another key investment area is around AI, which we've been building into our platform for nearly a decade. As I mentioned, at Rising, we demonstrated our leadership with new announcements in demos that illustrated how AI will shape the future of work. I won't steal Aneel's thunder. He'll be joining in just a minute to share more.

另一個關鍵投資領域是人工智慧，近十年來我們一直將其建置到我們的平台中。正如我所提到的，在 Rising，我們透過演示中的新公告展示了我們的領導力，這些演示展示了人工智慧將如何塑造未來的工作。我不會搶阿尼爾的風頭。他稍後就會加入並分享更多資訊。

In closing, we had another quarter of strong and consistent performance amidst a dynamic environment. The diversity and mission-critical nature of our business continues to fuel our success. As we move through Q4, we have a solid pipeline and clear momentum for our solutions. And while we are clearly focused on delivering in the near term, we have our sights set on delivering durable 17% to 19% subscription revenue growth over the long term while expanding margins.

最後，我們在充滿活力的環境中又取得了強勁而穩定的業績。我們業務的多樣性和關鍵任務性質繼續推動我們的成功。隨著第四季的到來，我們的解決方案擁有了堅實的管道和明確的動力。雖然我們的目標顯然是在短期內實現目標，但我們的目標是在長期內實現 17% 至 19% 的訂閱收入持續成長，同時擴大利潤率。

With that, I'll turn it over to my Co-CEO and good friend, Aneel, who will share more about our AI strategy and innovation highlights from the quarter. Aneel, over to you.

接下來，我將把它交給我的聯合執行長兼好朋友 Aneel，他將分享更多有關我們本季人工智慧戰略和創新亮點的資訊。阿尼爾，交給你了。

Thank you, Carl, and to everyone joining today's call. As you heard Carl mention, an increasing number of organizations across all industries and geographies are continuing to place their trust in Workday, which is why we remain focused on delivering the innovation our customers need to thrive in today's environment.

謝謝卡爾，也謝謝參加今天電話會議的所有人。正如您聽到 Carl 提到的那樣，越來越多的各行業和地區的組織繼續信任 Workday，這就是為什麼我們繼續專注於提供客戶在當今環境中蓬勃發展所需的創新。

For the last couple of quarters, we've highlighted our longstanding and differentiated approach to AI, including generative AI, that is driven by our platform strategy, unrivaled data set, emphasis on being human-centric and commitment to delivering responsible and trustworthy solutions. At Workday Rising in September, our leadership in this space was showcased in a big way as we unveiled a series of new AI capabilities that will help redefine the way our customers work.

在過去的幾個季度中，我們強調了我們長期以來的差異化人工智慧方法，包括生成式人工智慧，這是由我們的平台策略、無與倫比的數據集、強調以人為本以及致力於提供負責任和值得信賴的解決方案驅動的。在 9 月的 Workday Rising 大會上，我們展示了一系列新的人工智慧功能，這些功能將有助於重新定義客戶的工作方式，從而充分展示了我們在這一領域的領先地位。

On the generative AI front, we announced several new capabilities that will benefit all users with an emphasis on increasing productivity, growing and retaining talent, streamlining business processes and driving better decision-making. Examples of the use cases we previewed, which we expect to be available next year, include the ability to generate job descriptions in minutes versus hours; analyze and correct contracts for faster, more accurate revenue recognition; create employee growth plans to foster and retain talent; and provide text-to-code generation capabilities to increase productivity of app development and Workday Extend.

在生成人工智慧方面，我們宣布了幾項新功能，這些功能將使所有用戶受益，重點是提高生產力、培養和留住人才、簡化業務流程以及推動更好的決策。我們預覽的用例範例（預計明年推出）包括能夠在幾分鐘而不是幾小時內產生職位描述的能力；分析和糾正合同，以更快、更準確地確認收入；制定員工成長計畫以培養和留住人才；並提供文字到程式碼產生功能，以提高應用程式開發和 Workday Extend 的生產力。

Another way we're infusing generative AI into our platform is through our investment in conversational AI. While we are still in an exploratory phase with this technology, we believe conversational AI will fundamentally change how users interact with Workday by enabling them to easily surface information they need and interact with data through simple conversation.

我們將生成式人工智慧融入我們平台的另一種方式是透過對話式人工智慧的投資。雖然我們仍處於這項技術的探索階段，但我們相信對話式 AI 將從根本上改變使用者與 Workday 的互動方式，使他們能夠輕鬆地顯示所需的資訊並透過簡單的對話與資料進行互動。

We're also leveraging generative AI to create a conversational experience for Workday Adaptive Planning customers. The use of conversational text will simplify the process of surfacing key planning insights, enabling users to make quicker, more fatigue decisions about their businesses.

我們也利用生成式人工智慧為 Workday Adaptive Planning 客戶創造對話體驗。對話文本的使用將簡化關鍵規劃見解的呈現過程，使用戶能夠更快、更輕鬆地做出有關其業務的決策。

Additionally, we announced enhancements to Workday Extend, which continues to be a critical solution to help bring the Workday platform to life for our customers and partners. In fact, we've seen an increase of more than 70% in the number of apps built by customers and partners with Extend in the last year alone. At Rising, we unveiled Workday AI Gateway, which is available in Workday Extend. Our AI Gateway provides developers with access to Workday's AI services to enhance our ability to build intelligent and responsible apps on the Workday platform.

此外，我們也宣布了 Workday Extend 的增強功能，它仍然是幫助我們的客戶和合作夥伴實現 Workday 平台的關鍵解決方案。事實上，光是去年，客戶和合作夥伴使用 Extend 建立的應用程式數量就增加了 70% 以上。在 Rising 大會上，我們推出了 Workday AI Gateway，可在 Workday Extend 中使用。我們的 AI 閘道為開發人員提供了存取 Workday 的 AI 服務的權限，以增強我們在 Workday 平台上建立智慧且負責任的應用程式的能力。

Turning to the office of the CHRO. We introduced several new features within Workday HCM that leverage AI, many with a focus on elevating the manager experience by providing them with the tools and insights they need to effectively lead and foster the career growth of their teams. One example is Manager Insights Hub, which leverages AI to surface personalized recommendations and make it easier for managers to identify the best opportunities for their employees based on skills interest to improve talent mobility and employee engagement.

轉向 CHRO 辦公室。我們在 Workday HCM 中引入了多項利用人工智慧的新功能，其中許多功能的重點是透過為經理提供有效領導和促進團隊職業發展所需的工具和見解來提升經理體驗。經理洞察中心就是一個例子，它利用人工智慧提出個人化建議，使管理人員更容易根據技能興趣為員工識別最佳機會，從而提高人才流動性和員工敬業度。

And while we will continue to deliver on the promise of AI for our customers, many of our partners and other enterprise companies are delivering on the promise of AI as well. As Carl mentioned, we announced our AI marketplace to help harness the AI innovation happening across our ecosystem. To date, we have 15 early adopters, and that number will increase over time as we expand to include tailored solutions delivered by our partner ecosystem, Workday-related capabilities and third-party products and native AI-powered Workday Extend apps.

雖然我們將繼續為客戶兌現人工智慧的承諾，但我們的許多合作夥伴和其他企業公司也在兌現人工智慧的承諾。正如卡爾所提到的，我們宣布了人工智慧市場，以幫助利用整個生態系統中發生的人工智慧創新。迄今為止，我們有15 個早期採用者，隨著我們的擴展，納入由我們的合作夥伴生態系統提供的定制解決方案、Workday 相關功能和第三方產品以及原生AI 支持的Workday Extend 應用程序，這個數字也將隨著時間的推移而增加。

Of course, none of these AI advancements can truly be effective without the right safeguards and regulations in place. Building on our continued efforts to advocate for smart AI policy at the federal level, Workday's Josh Landon, Vice President of Productivity Technology, was invited to testify before Congress on AI in the future of work. Josh spoke to the potential of AI to enhance how workers collaborate and amplify human potential and the steps Workday is taking to deploy these technologies in a trustworthy and responsible manner.

當然，如果沒有適當的保障措施和法規，這些人工智慧進步都無法真正有效。基於我們不斷努力在聯邦層級倡導智慧人工智慧政策，Workday 生產力技術副總裁 Josh Landon 受邀在國會就未來工作中的人工智慧作證。 Josh 談到了人工智慧在增強員工協作和放大人類潛力方面的潛力，以及 Workday 正在採取的以值得信賴和負責任的方式部署這些技術的步驟。

At the application level, Workday products continue to be recognized for the innovation that we deliver to customers. For the office of the CHRO, Workday was named a leader in the Gartner Magic Quadrant for Cloud HCM Suites for 1,000+ Employee Enterprises. Workday was positioned highest for ability to execute, and it marked the eighth consecutive year we were recognized as a leader.

在應用層面，Workday 產品持續因我們為客戶提供的創新而受到認可。對於 CHRO 辦公室，Workday 被 Gartner 魔力像限評為擁有 1,000 多名員工的企業雲端 HCM 套件的領導者。 Workday 在執行能力方面排名最高，這標誌著我們連續第八年被評為領導者。

Additionally, Workday VNDLY was named a 2023 Top HR Product of the Year by Human Resource Executive. The award recognized VNDLY's ability to provide organizations with a full set of capabilities for end-to-end life cycle management of external workers and its ability to integrate with Workday HCM to support full visibility into head count spend and more. And for the office of the CFO, Workday was named a leader in the 2023 Gartner Magic Quadrant for Cloud ERP for Service-Centric Enterprises based on completeness of vision and ability to execute. This is the second year in a row that Workday was recognized as a leader.

此外，Workday VNDLY 也被人力資源主管評為 2023 年度最佳人力資源產品。該獎項認可了 VNDLY 為組織提供一整套外部員工端到端生命週期管理功能的能力，以及與 Workday HCM 整合以支援全面了解人員支出等的能力。對於 CFO 辦公室，Workday 因其願景的完整性和執行能力而被評為 2023 年 Gartner 以服務為中心的企業雲端 ERP 魔力像限的領導者。這是 Workday 連續第二年被評為領導者。

In closing, I want to thank the entire Workday team for their incredible efforts in Q3. We have an amazing opportunity in front of us, and I remain confident in our ability to capitalize on it, thanks in large part to our more than 18,300 Workmates. They are relentlessly focused on driving innovation across the entire Workday platform to actively address our customers' finance and HR needs.

最後，我要感謝整個 Workday 團隊在第三季所做的令人難以置信的努力。我們面前有一個絕佳的機會，我對我們利用這個機會的能力仍然充滿信心，這在很大程度上要感謝我們 18,300 多名同事。他們堅持不懈地致力於推動整個 Workday 平台的創新，以積極滿足客戶的財務和人力資源需求。

With that, I'll turn it over to our CFO, Zane Rowe. Over to you, Zane.

接下來，我會將其交給我們的財務長 Zane Rowe。交給你了，贊恩。

Thanks, Aneel, and thank you to everyone for joining today's call. As Carl and Aneel mentioned, Q3 was a strong quarter, highlighting the durability of our business and ongoing market adoption for cloud Financials and HCM.

謝謝阿尼爾，也謝謝大家參加今天的電話會議。正如 Carl 和 Aneel 所提到的，第三季度是一個強勁的季度，凸顯了我們業務的持久性以及雲端財務和 HCM 的持續市場採用。

Turning to results. Subscription revenue in Q3 was $1.69 billion, up 18% year-over-year. Professional services revenue was $175 million, leading to total revenue of $1.87 billion, growth of 17%. U.S. revenue totaled $1.4 billion, growing 17%, and international revenue totaled $462 million, growing at the same rate.

轉向結果。第三季訂閱營收為 16.9 億美元，年增 18%。專業服務收入為 1.75 億美元，帶動總收入達 18.7 億美元，成長 17%。美國營收總計 14 億美元，成長 17%，國際營收總計 4.62 億美元，成長速度相同。

As we've highlighted, we see significant long-term international opportunities, which we expect over time will become a more meaningful driver of our growth. As we discussed at our recent financial Analyst Day, we are providing our 12-month subscription revenue backlog, or CRPO, which was $6.05 billion at the end of Q3, representing growth of 22%.

正如我們所強調的，我們看到了重大的長期國際機會，我們預計隨著時間的推移，這些機會將成為我們成長的更有意義的驅動力。正如我們在最近的財務分析師日討論的那樣，我們提供了 12 個月的積壓訂閱收入 (CRPO)，截至第三季度末，該收入為 60.5 億美元，增長了 22%。

The result was driven by strong new ACV bookings and healthy renewals, with gross and net revenue retention rates of over 95% and over 100%, respectively. Early renewals in the quarter exceeded our expectations, adding more than 1 point of growth to 12-month backlog, and early renewals from prior quarters also continued to benefit backlog growth in Q3. 24-month subscription revenue backlog was $10.58 billion at the end of Q3, up 23%.

這一結果得益於強勁的新 ACV 預訂和健康的續訂，總收入保留率和淨收入保留率分別超過 95% 和 100% 以上。本季的提前續約超出了我們的預期，為 12 個月的積壓增加了超過 1 個百分點的成長，前幾季的提前續約也持續有利於第三季積壓的成長。截至第三季末，24 個月積壓訂閱營收為 105.8 億美元，成長 23%。

Early renewals in the quarter added nearly 2 points of growth to the result. Total subscription revenue backlog at the end of the quarter was $18.45 billion, up 31%. Backlog benefits from increased contract duration, which speaks to our customers' continued commitment to our platform.

本季的提前續約使業績成長了近 2 個百分點。截至本季末，積壓訂閱收入總額為 184.5 億美元，成長 31%。待辦事項受益於合約期限的延長，這反映了我們的客戶對我們平台的持續承諾。

Our non-GAAP operating income for the third quarter was $462 million, resulting in a non-GAAP operating margin of 24.8%. Margin strength relative to our guidance was driven by revenue outperformance and the timing of certain expenses and investments, which we expect to build in the fourth quarter. Q3 operating cash flow was $451 million, growing 10%.

我們第三季的非 GAAP 營業收入為 4.62 億美元，非 GAAP 營業利潤率為 24.8%。相對於我們指導的利潤率強勁是由收入表現出色以及某些費用和投資的時機推動的，我們預計這些費用和投資將在第四季度建立。第三季營運現金流為 4.51 億美元，成長 10%。

During Q3, we repurchased $148 million of our shares at an average price of $218.35 per share, and we had $139 million in remaining authorization under our buyback program as of quarter end. We intend to execute on the remaining authorization of our buyback during Q4.

在第三季度，我們以每股 218.35 美元的平均價格回購了 1.48 億美元的股票，截至季度末，我們的回購計畫剩餘授權金額為 1.39 億美元。我們打算在第四季執行剩餘的回購授權。

We ended the quarter with $6.9 billion in cash and marketable securities. We continue to invest in growth areas in the business, and we ended October with over 18,300 Workmates around the globe.

本季結束時，我們擁有 69 億美元的現金和有價證券。我們繼續投資於業務成長領域，截至 10 月底，我們在全球擁有超過 18,300 名 Workmates。

Now turning to guidance. Following our continued momentum in Q3, we are raising our full year FY '24 subscription revenue guidance to $6.598 billion, representing 19% year-over-year growth. We expect Q4 subscription revenue to be $1.755 billion, representing 17% year-over-year growth. We now expect professional services revenue of $158 million in Q4 and $652 million for the full year.

現在轉向指導。繼第三季的持續成長動能之後，我們將 24 財年全年訂閱營收指引提高至 65.98 億美元，年增 19%。我們預計第四季訂閱營收為 17.55 億美元，年增 17%。我們目前預計第四季專業服務收入為 1.58 億美元，全年專業服務收入為 6.52 億美元。

In Q4, we expect 12-month backlog to grow approximately 19%. This includes our current outlook for early renewals in the quarter. We plan to continue disclosing our 12-month, 24-month and total backlog, but intend to provide guidance on 12 months going forward.

在第四季度，我們預計 12 個月的積壓訂單將成長約 19%。這包括我們目前對本季提前續約的展望。我們計劃繼續披露 12 個月、24 個月和總積壓量，但打算提供未來 12 個月的指導。

We are raising our FY '24 non-GAAP operating margin guidance to 23.8%. And for Q4, we expect a non-GAAP operating margin of approximately 23.5% as we ramp up our key investment areas. GAAP operating margins for the fourth quarter and full year are expected to be approximately 20 and 22 percentage points lower than the non-GAAP margins, respectively.

我們將 24 財年非 GAAP 營業利潤率指引提高至 23.8%。對於第四季度，隨著我們加大關鍵投資領域的力度，我們預計非 GAAP 營業利潤率約為 23.5%。第四季和全年的 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。

The FY '24 non-GAAP tax rate remains at 19%. We are raising our FY '24 operating cash flow outlook to $1.975 billion, growth of 19% year-over-year. In addition, we now expect FY '24 capital expenditures of approximately $250 million. As we discussed at our recent financial Analyst Day, we see considerable opportunity to drive durable, profitable growth over the longer term.

24 財政年度非公認會計原則稅率仍為 19%。我們將 24 財年營運現金流預期上調至 19.75 億美元，年增 19%。此外，我們現在預計 24 財年的資本支出約為 2.5 億美元。正如我們在最近的金融分析師日討論的那樣，我們看到了推動長期持久、獲利成長的巨大機會。

The financial framework, which we shared in September is further bolstered by our Q3 performance and the momentum we see building across key growth areas of our business. In light of the continued uncertain macro and incorporating our Q4 outlook, we currently expect FY '25 subscription revenue of approximately $7.725 billion to $7.775 billion, representing growth of 17% to 18%. We also expect to expand our FY '25 non-GAAP operating margins from FY '24 levels.

我們在 9 月分享的財務框架得到了我們第三季度業績和我們在業務關鍵成長領域所看到的勢頭的進一步支撐。鑑於宏觀經濟持續不確定，並結合我們第四季的展望，我們目前預計 25 財年訂閱收入約為 77.25 億美元至 77.75 億美元，成長 17% 至 18%。我們也預計將在 24 財年的基礎上擴大 25 財年非 GAAP 營業利潤率。

Our outlook contemplates incremental investments across our key growth initiatives while delivering continued margin expansion as we scale and optimize the business. The confidence in our outlook is supported by the advocacy and support of our customers, partners and Workmates who are all key contributors to our success.

我們的前景是在我們的關鍵成長計畫中進行增量投資，同時隨著我們擴展和優化業務而實現利潤率的持續成長。我們的客戶、合作夥伴和同事的倡議和支持支持了我們對前景的信心，他們都是我們成功的關鍵貢獻者。

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

這樣，我會將其轉回給操作員以開始問答。

(Operator Instructions) Our first question is from Mark Murphy with JPMorgan.

（操作員說明）我們的第一個問題來自摩根大通的馬克墨菲。

Congrats on a great result. Thinking back on the Rising conference, the energy and enthusiasm was pretty remarkable. When you look back on that, how did you feel about the pipeline generation coming off of Rising?

祝賀取得了很好的成績。回想Rising會議，活力和熱情是相當驚人的。當您回顧這一點時，您對《瑞星》的管道世代有何感想？

And through November on the fin side of the business, I noticed you mentioned an AWS planning win in that time frame. And do you see any early signs that might validate that the hiring wave you've had of these FINS-dedicated sales reps can drive some bookings traction as they begin to ramp up in the next couple of quarters?

整個 11 月，在業務的最終方面，我注意到您提到了 AWS 在該時間範圍內的計畫勝利。您是否看到了任何早期跡象，可以證明您對這些專門從事 FINS 的銷售代表的招聘浪潮可以在未來幾個季度開始增加時推動一些預訂牽引力？

Yes. Let me start, and then Doug, I'll ask you if you have anything to add. So thanks for the question, Mark. Let me first start by saying thank you to our Workmates and partners around the world for delivering our third consecutive outstanding quarter here in FY '24.

是的。讓我開始，然後道格，我會問你是否有什麼要補充的。謝謝你的提問，馬克。首先，我要向我們世界各地的同事和合作夥伴表示感謝，感謝你們在 24 財年連續第三個季度取得了出色的業績。

We often talk about the diversity and durability of our business, and it was once again on full display here in Q3. Our value proposition continues to resonate more than ever with our customers, and this gives us a very resilient and durable business. So just thank you to everyone for helping achieve another outstanding quarter. Directly to answer your question, Mark, as it relates to Rising, yes, you're exactly right.

我們經常談論我們業務的多樣性和持久性，這在第三季度再次得到充分展示。我們的價值主張比以往任何時候都更能引起客戶的共鳴，這為我們提供了非常有彈性和持久的業務。感謝大家幫助我們實現了又一個出色的季度。直接回答你的問題，馬克，因為它與瑞星有關，是的，你說得完全正確。

There was a tremendous amount of energy and enthusiasm coming out of the conference. And there was a lot of energy around the financials solution that we're bringing to market. And I will tell you, it wasn't just from our customers, but it was also from our partners who continue to invest on building out their practice around financials. As you know, for the last 10 months, we've talked multiple times about our investment in the financial business.

會議充滿了巨大的活力和熱情。我們向市場推出的財務解決方案充滿了活力。我會告訴你，這不僅來自我們的客戶，還來自我們的合作夥伴，他們繼續投資建立圍繞財務的實踐。如你所知，在過去的10個月裡，我們多次談論了我們對金融業務的投資。

And we are seeing early dividends, and I say early because we still have a lot of opportunity to grow the business going forward, but we see early dividends that those investments are paying off. Number one, our pipeline around FINS continues to grow. Number two, we continue to sell both to net new logos our financials and back into our customer base. Number three, all of the hiring we've done on our FINS go-to-market sales reps are actually impacting not just FINS sales, but also helping us drive full platform sales.

我們看到了早期股息，我說早期是因為我們仍然有很多機會來發展未來的業務，但我們看到這些投資正在獲得回報的早期股息。第一，我們圍繞著 FINS 的管道持續成長。第二，我們繼續向我們的財務部門和客戶群銷售。第三，我們對 FINS 上市銷售代表所做的所有招聘實際上不僅影響了 FINS 銷售，而且還幫助我們推動了整個平台的銷售。

We talked about full platform sales being up again this quarter. And I think that is just the strength of our financials in conjunction with what we already have as a strong HCM business. And lastly, I would say planning continues to do quite well. We did announce last quarter, we talked about Exxon landing a large financials deal. In this quarter, we talked about AWS, which is a very significant land for us as well.

我們談到本季全平台銷售額再次成長。我認為這正是我們的財務實力與我們已經擁有的強大 HCM 業務相結合的優勢。最後，我想說的是，規劃仍然做得很好。我們確實在上個季度宣布了埃克森美孚達成一項大型金融交易的消息。這個季度我們談到了AWS，這對我們來說也是非常重要的一塊土地。

So overall, we see the FINS opportunity being quite large. We talked about only 25% of financials moving to the cloud, which just represents a huge opportunity for us, and we are really pleased with our win rates against our competition there.

總的來說，我們認為 FINS 的機會相當大。我們談到只有 25% 的財務數據遷移到雲端，這對我們來說代表著巨大的機會，我們對我們在競爭中的勝率感到非常滿意。

Our next question is from Kash Rangan with Goldman Sachs.

我們的下一個問題來自高盛的卡什·蘭根 (Kash Rangan)。

Congratulations on a wonderful finish in the third quarter. Carl, you've been in the seat for a little under a year, actually close to a year. You've cycled through a lot of full Rising conference. You've had a chance to speak with partners, check the pulse of the customer. You went through a tough year of macro. Everybody predicted recession, thankfully, we don't have one. So where does that leave you with respect to your refreshed assessment of the next 3 to 4 years versus where you started? Thank you so much, and congrats to the entire team here.

恭喜第三節取得了精彩的成績。卡爾，你擔任這個席位還不到一年，實際上接近一年。您已經循環瀏覽了很多完整的 Rising 會議。您有機會與合作夥伴交談，並了解客戶的脈搏。你經歷了宏觀方面艱難的一年。每個人都預測經濟衰退，幸運的是，我們沒有。那麼，與您開始時相比，您對未來 3 到 4 年的更新評估有何變化？非常感謝，並向整個團隊表示祝賀。

Yes. I'm still here, by the way. Aneel, do you want to answer that question?

是的。順便說一下，我還在這裡。阿尼爾，你想回答這個問題嗎？

No.

不。

Of course. So first of all, Kash, thank you for your nice words, and thank you for the question. So let me start talking about Workday. I appreciate you saying almost a year, I can't wait till December hits because then it's officially a year, and we no longer talk about it in terms of months. So we're almost a full year into this journey with my partner, Aneel.

當然。首先，卡什，謝謝你的好話，也謝謝你提出的問題。那麼讓我開始談論工作日。我很感激你說快一年了，我等不及十二月了，因為那時就正式是一年了，我們不再以月份為單位談論它。我們和我的搭檔 Aneel 一起踏上這段旅程已經快整整一年了。

Let me start by talking about Workday. One thing that I recognized when I was on the Board for 5 years that it had an incredible culture and strong values. And that is more evident to me than ever before. And that's what it continues to excite me about Workday as a whole.

首先讓我談談工作日。當我在董事會任職五年時，我意識到一件事，那就是它擁有令人難以置信的文化和強大的價值觀。這對我來說比以往任何時候都更加明顯。這就是 Workday 整體上一直讓我興奮的地方。

As it relates to, if you will, a refreshed outlook of the business and the opportunity, I see many ahead. And a number of them were already leaning into throughout this year. First, our international opportunity. We spoke in my prepared remarks around the performance of our EMEA team, growing the business significantly year-over-year and driving predictable results.

如果你願意的話，這與更新的業務前景和機會有關，我看到了許多未來。其中一些人已經在今年全年進行了準備。首先，我們的國際機會。我們在準備好的演講中談到了歐洲、中東和非洲團隊的表現、業務逐年顯著增長並推動了可預測的結果。

We continue to see strong potential through the partner ecosystem that we're building and how we're getting leverage from them. So that's a huge opportunity for us. The third is I just spoke about in answering Mark's question around financials, financials represent a large opportunity for us that we're leaning into heavily. We've hired a lot of sales reps throughout this year. And if we continue to see the early results that we're seeing the first 3 quarters of this year, Zane and I will continue to fund additional growth on FINS and especially on the go-to-market side.

我們繼續看到我們正在建立的合作夥伴生態系統的巨大潛力以及我們如何從他們那裡獲得影響力。所以這對我們來說是一個巨大的機會。第三個是我剛剛在回答馬克關於財務問題時談到的，財務對我們來說是一個巨大的機會，我們正在大力投資。今年我們僱用了很多銷售代表。如果我們繼續看到今年前三個季度的早期結果，Zane 和我將繼續為 FINS 的額外成長提供資金，特別是在進入市場方面。

And last, I think one thing that I've really come to recognize and appreciate, Aneel talks about our unrivaled data set that we have compared to our competition out there. And that is paying dividends for us today, especially in the terms when you think about AI and generative AI. No one has an enterprise large language model like Workday has, and it is driving tangible and productive results for our customers through generative AI.

最後，我認為我真正認識和欣賞的一件事是，Aneel 談論了我們與競爭對手相比的無與倫比的數據集。這在今天為我們帶來了紅利，尤其是當你考慮到人工智慧和生成式人工智慧時。沒有人擁有像 Workday 這樣的企業大型語言模型，它正在透過生成式人工智慧為我們的客戶帶來切實而富有成效的成果。

Our next question is from Kirk Materne with Evercore ISI.

我們的下一個問題來自 Evercore ISI 的 Kirk Materne。

I'll echo the congrats on the quarter. Carl or Aneel, actually, I was wondering if you guys could just talk about where GenAI is and the decision-making tree for your customers right now. Meaning, has it sort of sprung to the top so that your leadership in that category is having, I guess, an impact on win rates already? Is it something you sort of expect to continue to build? I was just kind of curious, everybody is sort of piloting AI right now, but I'm kind of curious if your leadership is actually putting you in a position for your win rates to get stronger as we head into '24.

我將表達對本季的祝賀。 Carl 或 Aneel，實際上，我想知道你們能否談談 GenAI 的情況以及你們客戶現在的決策樹。意思是，它是否已經上升到了頂峰，以至於你在該類別中的領導地位已經對勝率產生了影響？您希望繼續打造它嗎？我只是有點好奇，現在每個人都在嘗試人工智慧，但我有點好奇，隨著我們進入 24 年，您的領導力是否真的能讓您的勝率變得更強。

I do think it will position us for our win rates to get stronger in '24. At this point, I don't think people are making decisions yet just purely on AI. I think it's something that every customer looks at to make sure that they're going to be covered with a new deployment or a customer knowing that Workday has them in a strong place.

我確實認為這將使我們的勝率在 24 年變得更強。在這一點上，我不認為人們只是純粹依靠人工智慧來做決定。我認為每個客戶都會關注這一點，以確保他們將被新的部署所覆蓋，或者客戶知道 Workday 擁有他們的優勢。

But they're still looking, first and foremost, at running their business and moving off of crappy legacy applications into the cloud. And we're unmatched in that category. And then when we add the AI stuff, I think it just checks that AI box. But I would say that despite all the hype, it's still in the early days of actual large-scale deployments of AI and HR and finance. We're ready. We're just -- we're waiting. I don't know -- Doug is with this. I don't know if, Doug, you want to add anything on what's happening in the sales cycles.

但他們仍然首先關注的是經營業務並將蹩腳的遺留應用程式遷移到雲端。我們在這個類別中是無與倫比的。然後當我們添加人工智慧的東西時，我認為它只是檢查人工智慧框。但我想說的是，儘管有種種炒作，但人工智慧、人力資源和財務的實際大規模部署仍處於早期階段。我們準備好了。我們只是──我們在等待。我不知道——道格也同意這個。道格，我不知道您是否想補充銷售週期中發生的事情。

I think it does come out in the sales cycle, but in a different way. So we talk talent optimization. And talent optimization, the entire sort of value prop of it is built off of AI and ML. So while they're not saying show me your GenAI, they are showing -- they are saying show me how I'm going to move to a skills-based economy, how am I going to reskill my workforce. And then it gives us a chance to showcase the innovation that we've got.

我認為它確實在銷售週期中出現，但以不同的方式出現。所以我們談人才優化。人才優化，它的整個價值支柱都是建立在人工智慧和機器學習的基礎上的。因此，雖然他們沒有說向我展示你的 GenAI，但他們正在展示——他們是說向我展示我將如何轉向基於技能的經濟，我將如何重新培訓我的勞動力。然後它讓我們有機會展示我們所擁有的創新。

Our next question is from Brent Thill with Jefferies.

我們的下一個問題來自 Jefferies 的布倫特希爾 (Brent Thill)。

This is Luv Sodha on for Brent Thill. Zane, this one is for you. Early renewal activity has been fairly robust this year and it supported backlog growth. I guess as you look out over the next few quarters, -- could you just talk about your expectations for early renewals will those continue to be a tailwind to backlog growth?

我是 Luv Sodha 為 Brent Thill 演講。贊恩，這個是給你的。今年的早期續訂活動相當強勁，支持了積壓訂單的成長。我想，當您展望未來幾季時，您能否談談您對提前續約的預期，這些會繼續成為積壓成長的推動力嗎？

Yes. Thanks for the question. As we've communicated over the last number of quarters, we've been very pleased with not only our backlog growth, but our new ACV growth and the renewal activity, both the scheduled renewal activities grow nicely as well as the early renewal activity.

是的。謝謝你的提問。正如我們在過去幾季中所傳達的那樣，我們不僅對積壓訂單的增長感到非常滿意，而且對新的ACV 增長和續訂活動感到非常滿意，計劃的續訂活動和早期續訂活動都增長良好。

And as I mentioned in my prepared remarks, we have some of that contemplated into the upcoming quarter and, candidly, into next year as well. I will point out that over the last 12 months, we have seen elevated growth rates in scheduled renewals, which has obviously helped with our backlog.

正如我在準備好的發言中提到的，我們在即將到來的季度以及坦率地說，在明年也考慮了其中的一些內容。我要指出的是，在過去 12 個月中，我們看到預定續約的成長率有所提高，這顯然有助於解決我們的積壓問題。

But we're very pleased. I'll point out that we guide to, obviously, subscription revenue, so we're focused on subscription revenue. And I've given you an indicator of subscription revenue growth heading into FY '25. We feel good about backlog and renewals as well and just the overall health of the business. Carl?

但我們非常高興。我要指出的是，我們的指導顯然是訂閱收入，因此我們專注於訂閱收入。我已經向您提供了 25 財年訂閱收入成長的指標。我們對積壓和續訂以及業務的整體健康狀況也感到滿意。卡爾？

Yes. The only thing I'd add, Aneel, is I think we always want to reiterate that our customers are driving the early renewals based on demand. And if they want to buy additional SKUs to consolidate on our best-of-breed platform, we're not going to wait until a renewal cycle to sell them additional products. We're going to do it when the customer is ready.

是的。 Aneel，我唯一要補充的是，我認為我們總是想重申，我們的客戶正在根據需求推動早期續約。如果他們想購買額外的 SKU 來整合我們一流的平台，我們不會等到更新周期才向他們銷售以外的產品。當客戶準備好時我們就會這樣做。

Last quarter, we saw a nice uptick in SKUs being sold back into our customer base that drive, if you will, these early renewals, like talent optimization, accounting center, Prism and Extend are just 4 examples of where customers are demanding more from us, and we're driving those early renewals more than we are. We don't incent our sales force to do early renewals. It's all based on customer demand.

上個季度，我們看到回售給我們客戶群的 SKU 大幅增加，這推動了這些早期更新，例如人才優化、會計中心、Prism 和 Extend，這只是客戶對我們提出更多要求的 4 個例子，而且我們比現在更能推動這些早期更新。我們不會激勵我們的銷售人員提前續訂。這一切都基於客戶的需求。

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

我們的下一個問題來自美國銀行的 Brad Sils。

One of the things that stands out to me here is the strength in Financials. You called out full platform wins here as a contributor. So great execution there. I'm just wondering, with these types of deals where you're seeing big organizations commit to the full platform, both FINS and HCM, are you finding that there's just an increased comfort level with the cloud for Financials, such that they're willing to make that leap now versus, say, in the past? Or is this simply just a function of you focusing more on those types of deals with some of the investments you've been making? Just curious to get some color on why now for that strength in full platform deals, particularly FINS.

對我來說最突出的事情之一是金融領域的實力。作為貢獻者，您在這裡呼籲獲得完整的平台勝利。那裡的執行力非常好。我只是想知道，在這些類型的交易中，您會看到大型組織致力於完整的平台（FINS 和 HCM），您是否發現財務雲的舒適度有所提高，因此他們與過去相比，現在願意實現這一飛躍嗎？或者這只是您更關注那些類型的交易以及您一直在進行的一些投資的結果？只是好奇為什麼現在在全平台交易（尤其是 FINS）中具有如此優勢。

Thanks for the question. This is Doug answering. I think first and foremost, we still think 25% of the market is all that's moved financials to the cloud. So it's still early innings. But the recent quarter pipeline build suggests that it's growing and that it's more consistent performance.

謝謝你的提問。這是道格的回答。我認為首先也是最重要的一點是，我們仍然認為 25% 的市佔率就是將財務資料轉移到雲端的全部。所以現在還處於早期階段。但最近一個季度的管道建設表明它正在增長並且性能更加穩定。

And you look at verticals where it's really popping up. I think we even called this out, but health care alone grew over 50% in the quarter, and over 50% of those deals were full platform. So there's enterprises like AdventHealth with 80,000 employees, 46 different hospitals at sort of massive scale buying into full transformation human capital management, financials and supply chain on the Workday platform.

你會看到它真正出現的垂直領域。我想我們甚至指出了這一點，但本季僅醫療保健就成長了 50% 以上，其中超過 50% 的交易是全平台交易。因此，像 AdventHealth 這樣擁有 80,000 名員工、46 家不同醫院的企業大規模購買 Workday 平台上的人力資本管理、財務和供應鏈的全面轉型。

And one other thing I'd add is, as we have really leaned into the mid-market or medium enterprise, those customers have a tendency to decide on a full platform approach between both financials and HCM. And that business had a really good quarter for us in Q3, both in the U.S. and in Europe. And those customers are absolutely leaning into a full platform decision at a given time when they're looking at transforming their business.

我要補充的另一件事是，由於我們真正傾向於中端市場或中型企業，這些客戶傾向於決定財務和 HCM 之間的完整平台方法。無論是在美國還是在歐洲，該業務在第三季對我們來說都取得了非常好的季度業績。當這些客戶考慮進行業務轉型時，他們絕對會在特定時間傾向於做出完整的平台決策。

Our next question is from Alex Zukin with Wolfe Research.

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

And I guess, first of all, congratulations on a really strong quarter. It looks like you accelerated CRPO subscription bookings, which I know is a metric we're not supposed to look at but we do, at the same time as your incremental growth on sales and marketing, actually, you were way more efficient. So I guess what I want to ask about is, as I think about the matrix for next year, and you talked about the growth algorithm, how do you stack rank which of those priorities you need to kind of hit on to get there? And then what prevents -- kind of like maybe what are some of the areas that you see leaning into on an incremental spending perspective that might be temporarily anchoring margins?

我想，首先，要恭喜這個季度的強勁表現。看起來你們加速了CRPO 訂閱預訂，我知道這是一個我們不應該關注的指標，但我們確實這樣做了，同時，隨著你們在銷售和營銷方面的增量增長，實際上，你們的效率更高了。所以我想我想問的是，當我考慮明年的矩陣時，你談到了成長演算法，你如何對你需要點擊哪些優先事項進行排名？那麼是什麼阻止了——也許你認為在增量支出的角度上傾向於哪些領域，這些領域可能會暫時錨定利潤率？

I'm going to start saying, and Zane, then you can add color. So one of the biggest investments we've talked about a number of times already here is our investment in our Financials go-to-market build-out. That is paying early dividends. I do think it's important to remember that a lot of these hires that have happened over the last 3 quarters of this year aren't fully ramped and don't hit full productivity until next year. So as they come up to speed, right, I think we'll see continued growth in the Financials and overall business as we head into next year because of this build-out we're doing this year.

我要開始說，贊恩，然後你可以添加顏色。因此，我們已經多次討論過的最大投資之一就是我們對財務上市的投資。那就是支付早期股息。我確實認為重要的是要記住，今年過去三個季度發生的許多招聘都沒有完全到位，並且要到明年才能充分發揮生產力。因此，當他們加快速度時，對吧，我認為，由於我們今年正在進行的擴建，進入明年，我們將看到財務和整體業務的持續成長。

We do continue to lean into our partner organization. We're hiring a number of people to manage all of the partners we're bringing on. An example would be this year when we launched our referral program. We had a goal of signing up 100 partners in our referral program. And through 3 quarters, we already have 150 partners who have signed up and have brought us hundreds of new leads and new opportunities both here and in our international business.

我們確實繼續依靠我們的合作夥伴組織。我們正在招募一些人來管理我們引入的所有合作夥伴。一個例子是今年我們推出了推薦計畫。我們的目標是在推薦計劃中簽署 100 名合作夥伴。在過去的三個季度裡，我們已經有 150 個合作夥伴簽約，並為我們帶來了數百個新的潛在客戶和新的機會，無論是在國內還是在我們的國際業務中。

So we'll continue to lean into that. And then I think Aneel and Zane will continue to lean into investing in the product side as we see a great opportunity to leverage that data set and model that we talked about to drive AI solutions and new SKUs into the market. So I think it's a little bit more of the same, and we'll continue to lean into the investments we made this year as long as we continue to see the early signs that they're producing the results the we want.

所以我們將繼續關注這一點。然後我認為 Aneel 和 Zane 將繼續傾向於在產品方面進行投資，因為我們看到了利用我們討論的數據集和模型來推動 AI 解決方案和新 SKU 進入市場的絕佳機會。因此，我認為情況大致相同，只要我們繼續看到早期跡象表明它們正在產生我們想要的結果，我們將繼續傾向於今年的投資。

Alex, I'll just add, as Carl is alluding to, obviously, there's significant sales and marketing expense ahead of this. At the same time, we're investing in other key areas just around the globe. We're also looking at the products side. We're being very disciplined about how we think about that incremental and that incremental investment heading into next year, which is why the outlook I gave aligns nicely with the framework that we have.

亞歷克斯，我只是補充一下，正如卡爾所提到的，顯然，在此之前還有大量的銷售和行銷費用。同時，我們正在全球其他關鍵領域進行投資。我們也在關注產品方面。我們對於如何看待明年的增量和增量投資非常有紀律，這就是為什麼我給出的前景與我們現有的框架非常吻合。

And we're confident that as you've seen this year, we'll be very thoughtful on where we spend and how we spend. So as you've seen, our guide increased from 23 earlier in the year to now 23.8 As we look to next year, we have the benefit of expanding not only our revenue base, but also our margins throughout the course of next year. So we feel very good about where the business is, where those investments are. I'll point out obviously that as you know, in this business, the bookings come well ahead of the revenue. So we would expect to see revenue continue to build beyond FY '25.

我們相信，正如您今年所看到的，我們將非常仔細地考慮我們的支出地點和支出方式。正如您所看到的，我們的指南從今年早些時候的 23 增加到現在的 23.8 展望明年，我們不僅可以擴大收入基礎，而且可以擴大整個明年的利潤率。因此，我們對業務所在和投資所在感到非常滿意。我要明確指出的是，如您所知，在這個行業中，預訂量遠遠超過收入。因此，我們預計 25 財年之後營收將持續成長。

Perfect. And then maybe just if I squeeze in another one for Aneel. Coming out of the Analyst Day, it did feel like at least on the macro front, there were kind of gathering storm clouds, whether it was the potential for government shutdown or labor strike or macro concerns. Did you feel maybe coming out of the quarter as you look at into the kind of the big selling season that some of those -- that it has indeed ebbed and maybe there's more of a conservative optimism that you're kind of seeing on the horizon?

完美的。然後也許我可以為阿尼爾再擠一張。分析師日結束後，至少在宏觀方面，確實感覺烏雲密布，無論是政府關門、勞工罷工或宏觀擔憂的可能性。當你看到本季的銷售旺季時，你是否覺得可能會出現這種情況，其中一些銷售旺季確實已經消退，也許你在地平線上看到了更多的保守樂觀情緒？

I don't see conservative optimism. I'd kind of just see it's par for the course. I mean we've just been in this dynamic. I think dynamic is the right word. Somewhat complicated world now since before COVID. And what I'm proudest of the team, and I'm going to defer this question to Carl and to Doug is how they've executed through this really challenging time. That's just very -- I don't want to say unpredictable, but it's not predictable.

我不認為保守樂觀。我想這只是課程的標準。我的意思是我們剛剛處於這種動態之中。我認為“動態”這個詞是正確的。自從新冠疫情爆發之前，現在的世界就有些複雜了。我對這個團隊最感到自豪的是，我將把這個問題交給卡爾和道格，他們是如何度過這個真正具有挑戰性的時期的。這非常——我不想說不可預測，但它確實不可預測。

Yes. I think you said it well. I don't think we see any improvement in the macro or do we see it getting any worse. It's pretty consistent with what we've seen all year long. And I'll just echo what Aneel says, I just want to give a hat tip to Doug and Patrick and our sales teams around the world for their understanding of how to navigate some of these choppy waters.

是的。我覺得你說得很好。我認為我們沒有看到宏觀方面有任何改善，或者我們看到它變得更糟。這與我們全年所看到的情況非常一致。我只是重複阿尼爾所說的，我只是想向道格和帕特里克以及我們在世界各地的銷售團隊致敬，感謝他們了解如何駕馭這些波濤洶湧的水域。

We've said in the past, we continue to see heightening scrutiny on some deals, particularly net new, but our teams have figured out how to navigate that and close a lot of business the first 3 quarters of the year. And even when opportunities may slip, they don't leave our pipeline, they just move out a quarter or 2 because once people make a decision to do a transformation around HCM or their financials, it's not if they're going to do it, it's when. And I think that was very evident both this quarter, the first 3 quarters of the year, I should say. And I think that will continue going forward. But our teams are very skilled and very good at closing business as they call it each quarter. I couldn't be more proud of them.

我們過去曾說過，我們繼續看到對某些交易（尤其是淨新交易）的嚴格審查，但我們的團隊已經找到瞭如何應對這一問題並在今年前三個季度關閉大量業務的方法。即使機會可能流失，它們也不會離開我們的管道，它們只是移出四分之一或兩個季度，因為一旦人們決定圍繞 HCM 或財務進行轉型，就不是他們是否要這樣做的問題，但現在是時候了。我認為這一點在本季和今年前三個季度都非常明顯。我認為這將繼續向前發展。但我們的團隊非常熟練，非常擅長每季完成業務。我為他們感到無比驕傲。

Well, definitely hats off to you guys from us here. Congratulations.

好吧，絕對是向我們這裡的你們致敬。恭喜。

Our next question is from Raimo Lenschow with Barclays.

我們的下一個問題來自巴克萊銀行的 Raimo Lenschow。

Perfect. Congrats from as well. Carl, you touched already on the partner build-out. Can we just double-click on that one as well, like -- because like what's the appetite at the moment on the partner side to build out head count around you? Obviously, economic times are tough and the SIs are usually late cycle, so they're only realizing now what's going on. Like where are they -- is that kind of still like very much like in investment mode on their side? Or is there a pause from their side that could kind of potentially be a headwind for you going forward? But congrats from me as well there.

完美的。也恭喜你。卡爾，您已經談到了合作夥伴的擴展。我們是否也可以雙擊那個，例如——因為合作夥伴目前有什麼興趣在你周圍增加人員數量？顯然，經濟形勢艱難，SI 通常處於週期後期，因此他們現在才意識到發生了什麼。就像他們在哪裡——這是否仍然像他們這邊的投資模式？或者他們這邊是否有暫停，這可能會成為你前進的阻力？但我也向你表示祝賀。

Thank you, Raimo, and thank you for the question. As it relates to the investments that partners are making, I do think they're investing in Workday. They already have very well-established and mature HCM practices. But if you were at Rising and you spend time talking to our partners in the ecosystem there, what you would have heard is a lot of them see the opportunity just like we do in financials and they're investing heavily on building out their financials practice around Workday.

謝謝你，雷莫，也謝謝你提出的問題。由於這與合作夥伴正在進行的投資有關，我確實認為他們正在投資 Workday。他們已經擁有非常完善和成熟的 HCM 實踐。但如果你在Rising 並花時間與我們生態系統中的合作夥伴交談，你會聽到他們中的許多人看到了機會，就像我們在金融領域所做的那樣，他們正在大力投資建立他們的金融實踐工作日左右。

And that was evident both at Rising here in the U.S. and just a few weeks ago at Rising in EMEA. So there is no doubt our partners are really leaning into us. And oh, by the way, I mentioned it earlier, they're also bringing lots of opportunities to us because for the first time this year, we're giving them an incentive to bring us net new opportunities as part of our referral program. So yes, the investment is happening.

這一點在美國舉辦的 Rising 和幾週前歐洲、中東和非洲舉辦的 Rising 上都很明顯。因此，毫無疑問，我們的合作夥伴確實對我們有幫助。哦，順便說一句，我之前提到過，他們也為我們帶來了很多機會，因為今年我們第一次激勵他們為我們帶來淨新機會，作為我們推薦計劃的一部分。所以是的，投資正在發生。

Our next question is from Derrick Wood with TD Cowen.

我們的下一個問題來自 Derrick Wood 和 TD Cowen。

I guess for Carl or Aneel. I wanted to ask about traction with Extend and how that plays into the AI opportunity for you. I think you've talked about this is the platform that helps integrate into Workday models at the third-party AI models that helps unlock a lot of private data and that you'll look to maybe introduce new tiered pricing for Extend. But can you just talk about how you see Extend helping to drive AI monetization for you guys in the medium term?

我猜是卡爾或阿尼爾。我想詢問 Extend 的吸引力以及它如何為您帶來人工智慧機會。我想您已經討論過這個平台有助於整合到第三方 AI 模型的 Workday 模型中，有助於解鎖大量私人數據，並且您可能會考慮為 Extend 引入新的分級定價。但您能否談談您如何看待 Extend 在中期幫助您們推動人工智慧貨幣化？

Well, so Extend has been one of our best-kept secrets before the AI Gateway for the last several years. For the longest time, customers wanted Extend's ability. And instead, we had to, frankly, build every feature they wanted into the product, and we gave them Extend and they're able to develop the features that are unique to their own business.

好吧，所以過去幾年來，Extend 一直是我們在 AI 網關之前保守得最好的秘密之一。在很長一段時間裡，客戶都希望擁有 Extend 的能力。相反，坦白說，我們必須將他們想要的所有功能建置到產品中，並且我們為他們提供了擴展，他們能夠開發自己業務獨有的功能。

And basically, that same story plays out with AI, where I think we've got a great strategy for embedding AI into our products. You'll see a series of new SKUs over time they are built around AI technologies.

基本上，同樣的故事也發生在人工智慧領域，我認為我們已經制定了一個很好的策略，可以將人工智慧嵌入我們的產品中。隨著時間的推移，您將看到一系列圍繞人工智慧技術構建的新 SKU。

But the AI Gateway around Extend unleashes partners and customers to do AI things that may be very unique to their business that we would never build into our core products. So it's been huge. And I also think you'll see ISVs leverage the AI Extend Gateway and continue to build products using that technology, which will only extend our ecosystem and make our customers even happier with the offerings that they have in front of them. I think Extend is kind of a secret weapon for us, especially now with the AI Gateway. And we are monetizing it, and I think we'll continue to monetize it. I mean maybe Doug wants to talk about how we're monetizing it and how much more we can do.

但圍繞 Extend 的 AI 網關讓合作夥伴和客戶能夠做一些對他們的業務來說非常獨特的 AI 事情，而我們永遠不會將其構建到我們的核心產品中。所以它是巨大的。我還認為，您將看到 ISV 利用 AI Extend Gateway 並繼續使用該技術來建立產品，這只會擴展我們的生態系統，並使我們的客戶對他們面前的產品更加滿意。我認為 Extend 對我們來說是一種秘密武器，尤其是現在有了 AI 閘道。我們正在將其貨幣化，而且我認為我們將繼續將其貨幣化。我的意思是，也許道格想談談我們如何將其貨幣化以及我們還能做多少事情。

I think the best example of that is the Accenture Skills Cloud that we announced with Accenture this quarter, Aneel. So essentially, they've taken Extend and built IP on top of it. And then they're also taking Workday Journeys, Workday Skills Cloud, Workday Learning and reselling it on behalf of Workday into the market to different customers. So they're packaging it up with a set of services around it and then driving revenue on our behalf. So there's lots of exciting opportunities like that. That's just one example.

我認為最好的例子是我們本季與埃森哲宣布的埃森哲技能雲，Aneel。所以本質上，他們採用了 Extend 並在其之上建立了 IP。然後他們也代表 Workday 將 Workday Journeys、Workday Skills Cloud、Workday Learning 轉售給市場上的不同客戶。因此，他們將其與一系列圍繞它的服務打包在一起，然後代表我們增加收入。所以有很多類似的令人興奮的機會。這只是一個例子。

Our next question is from Karl Keirstead with UBS.

我們的下一個問題來自瑞銀集團的 Karl Keirstead。

Okay. Great. Maybe I'll direct this one to Zane. Zane, out of the Investor Day, there was some degree of investor angst about the margin outlook and yet here tonight, you've raised your full year margins and you're guiding to up margins next year.

好的。偉大的。也許我會把這個轉給贊恩。贊恩，投資者日結束後，投資者對利潤率前景存在一定程度的擔憂，但今晚，您提高了全年利潤率，並指導明年提高利潤率。

Just curious, has your thought process changed at all in terms of the OpEx trajectory over the next several years, perhaps it's not quite as front-end loaded as you were thinking. Does this imply maybe you feel a little bit better about the revenue outlook, and that's flowing through to perhaps a better-than-expected margin outlook next year? I'd love to get a little bit more color and to sort of contrast it to the Investor Day commentary.

只是好奇，您的思維過程在未來幾年的營運支出軌跡方面是否發生了根本變化，也許前端負載並不像您想像的那麼嚴重。這是否意味著您對收入前景感覺好一點，並且這可能會導致明年的利潤率前景好於預期？我希望獲得更多色彩，並將其與投資者日評論進行對比。

Sure, Carl. Yes, happy to answer that. I thought you can ask me about my first 5 months here, but I'll go ahead with the margin question instead. I'd say no change from the framework that we discussed. But as you point out, obviously, we've been pleased with the revenue we've seen through the course of the year, obviously increasing our margin outlook for the year and then leaning into the margin increasing into next year as well. So it's a little bit of all the above.

當然，卡爾。是的，很高興回答這個問題。我以為你可以問我在這裡的前 5 個月的情況，但我會繼續討論保證金問題。我想說我們討論的框架沒有改變。但正如您所指出的，顯然，我們對今年的收入感到滿意，顯然提高了今年的利潤率前景，然後也傾向於明年的利潤率增加。所以這只是上述所有內容的一點點。

We feel confident with our strategy with the revenue growth we've seen. We're always going to be thoughtful as we articulated at our Financial Analyst Day around those investments that we're making we want to have that capacity to make those investments where we believe it makes sense. And we expect to do that into FY '25 and well beyond that.

我們對我們的策略和我們所看到的收入成長充滿信心。當我們在財務分析師日上圍繞我們正在進行的投資進行闡述時，我們總是會深思熟慮，我們希望有能力在我們認為有意義的地方進行這些投資。我們希望在 25 財年甚至更久之後做到這一點。

I've also pointed out previously that where we see opportunities to increase that operating margin, we'll continue to do that and let it drop to the bottom line as well. So broadly speaking, no change in our outlook. But you're right in pointing out that when we have those opportunities, we'll let it drop to the bottom line.

我之前也指出，如果我們看到有機會增加營業利潤，我們將繼續這樣做，並讓它下降到底線。總的來說，我們的觀點並沒有改變。但你指出，當我們有這些機會時，我們會讓它降到底線，這是正確的。

Our next question is from Pat Walravens with JMP Securities.

我們的下一個問題來自 JMP 證券的 Pat Walravens。

Great. So Aneel and Carl, I'm wondering how you see your partnership evolving when Aneel takes the executive chair role in January. And Aneel, any lessons from Dave's transition to Chair back in 2014?

偉大的。 Aneel 和 Carl，我想知道當 Aneel 一月份擔任執行主席時，你們如何看待你們的合作關係的發展。 Aneel，Dave 在 2014 年擔任主席期間有什麼經驗教訓嗎？

Second one cut me off guard a little bit. I'll just -- I'll answer the second one first. Everything is a continuum, and I still talk to Dave almost weekly, and he's still the touchstone for a lot of things that happen at Workday. But what he said to me when I became the CEO, there can only be one captain of the ship. And I'd say the same thing about Carl. I'm excited about Carl being the captain of the ship.

第二個讓我有點措手不及。我會先回答第二個問題。一切都是一個連續體，我幾乎每週都會與戴夫交談，他仍然是 Workday 發生的許多事情的試金石。但當我成為執行長時他對我說，這艘船隻能有一名船長。我也會對卡爾說同樣的話。我對卡爾成為這艘船的船長感到很興奮。

And frankly, what I've seen over the last almost a year -- we're just 9 days away from the year, December 10 was the date. Carl's amazing, and he is driving the business in ways that I never could have. And so I'm really happy in transitioning back to a product and innovation and strategy role, which is really how Workday got started with Dave and I, and those are my roots.

坦白說，我在過去近一年的時間裡所看到的——距離這一年只有 9 天了，12 月 10 日就是這一天。卡爾太棒了，他正在以我無法做到的方式推動業務。因此，我非常高興能夠重新擔任產品、創新和策略角色，這就是我和 Dave 一起創辦 Workday 的方式，而這些也是我的根源。

So I'm very excited and -- our working relationship has been great. But I think more importantly, and I would say this is the same with Dave and I, Workday is a company built on friendship. It was first Dave and I, and now it's Carl and I, and I think that's really powerful, and that's what makes me very confident and optimistic about the future.

所以我非常興奮——我們的工作關係非常好。但我認為更重要的是，我想說這對戴夫和我來說都是一樣的，Workday 是一家建立在友誼基礎上的公司。首先是戴夫和我，現在是卡爾和我，我認為這真的很強大，這讓我對未來非常有信心和樂觀。

Yes. And the only thing I want to add is, Aneel is going to be sticking around. He is truly -- I know we like to use the rock star term here at Workday. He is the rock -- a rock star in the software industry. And just watching Aneel's energy the last 3 or 4 months diving deep into AI, driving our product and technology strategy has been amazing. And I can't wait to see him continue to do that even as he steps into this new capacity. He's truly a genius when it comes to product and product strategy. He is not going anywhere. Period. I know he's my boss. He's the Executive Chair, but I also want to his boss sometimes in telling me he's not going anywhere.

是的。我唯一想補充的是，阿尼爾將會留下來。他確實是——我知道我們喜歡在 Workday 使用“搖滾明星”一詞。他是搖滾樂——軟體產業的搖滾明星。看看 Aneel 在過去 3 或 4 個月裡深入研究人工智慧、推動我們的產品和技術策略的精力就令人驚嘆。我迫不及待地想看到他在擔任新職務時繼續這樣做。在產品和產品策略方面，他確實是個天才。他哪兒也不去。時期。我知道他是我的老闆。他是執行主席，但有時我也希望他的老闆告訴我他不會去任何地方。

Our next question is from Scott Berg with Needham & Company.

我們的下一個問題來自 Needham & Company 的 Scott Berg。

Congrats on the really nice quarter here. I guess my question is probably for Doug. I know it's early, and I know that Workday has had AI interwoven into the platform for, obviously, a couple of years. But with the renewed sense of kind of customer interest in the space the last 6 months, I guess what are you seeing now for an appetite to actually pay for some advanced or incremental functionality around some of the GenAI technologies out there? I think a lot of the questions we get is around -- from investors is, will customers actually pay for this? Now that you have maybe 3 to 6 months under your hat, any viewpoint there would be helpful.

恭喜這裡度過了非常美好的季度。我想我的問題可能是問道格的。我知道現在還為時過早，而且我知道 Workday 已經將人工智慧融入該平台中，顯然已經有幾年了。但隨著過去 6 個月客戶對該領域重新產生了興趣，我想您現在看到了什麼，有興趣實際支付一些 GenAI 技術的一些高級或增量功能嗎？我認為我們從投資者那裡得到的很多問題都是，客戶真的會為此付費嗎？現在您可能有 3 到 6 個月的時間，任何觀點都會有所幫助。

I'll answer it from a broader AI perspective. And I think the answer is yes. Customers will pay for where they see business value. And if you remember at Analyst Day, we highlighted that in the previous 12 months, talent optimization increased attach to 45% from 35% in just 12 months.

我將從更廣泛的人工智慧角度來回答這個問題。我認為答案是肯定的。客戶會為他們看到的商業價值付費。如果您還記得在分析師日上，我們強調在過去 12 個月中，人才優化在短短 12 個月內將附著力從 35% 提高到 45%。

I look at the top 3 SKUs that sold within the quarter of Q3, and talent optimization was right in those -- in that top 3. So I think they're willing to pay for business value. And we're seeing a lot of energy. In some ways, it feels like early days of Workday. And I was part of early days at Workday where our customers come with great energy to co-innovate with us.

我查看了第三季內銷售的前 3 個 SKU，人才優化是正確的——在前 3 個中。所以我認為他們願意為商業價值付費。我們看到了很多能量。在某些方面，這感覺就像是工作日的早期。我是 Workday 早期的一員，我們的客戶充滿活力與我們共同創新。

And what can we do together, and they share some of the things they're experimenting with and we share some of the things we're experimenting with. But we've talked about this for several quarters in a row. There is a desire to consolidate vendors and to consolidate onto a platform and leverage that platform. So I do think there's a willingness to pay, and I do think it shows up in the results.

我們可以一起做些什麼，他們分享了他們正在嘗試的一些事情，我們也分享了我們正在嘗試的一些事情。但我們已經連續幾季討論這個問題了。人們希望整合供應商並整合到一個平台上並利用該平台。所以我確實認為人們有支付意願，而且我確實認為這會反映在結果中。

If I could add one other thing, I would just say that the point solutions that are being created by start-ups are proving that customers are willing to pay for AI-only, AI-native equivalent of copilots. These companies are getting substantial deals done, and they're adding -- I think they're adding value and they're part of our ecosystem. And it's a good proof point that customers are willing to pay for it if they see the value.

如果我可以補充一件事，我只想說，新創公司正在創建的單點解決方案證明，客戶願意為純人工智慧、人工智慧原生的副駕駛付費。這些公司正在完成大量交易，而且它們正在增加——我認為它們正在增加價值，它們是我們生態系統的一部分。這是一個很好的證據，表明客戶如果看到其價值就願意為此付費。

Our final question is from Brian Schwartz with Oppenheimer & Company.

我們的最後一個問題來自奧本海默公司的布萊恩‧施瓦茲 (Brian Schwartz)。

Question for Carl or Doug. Just wanted to tap into what you're hearing in the C-suite in terms of prioritizing IT spend for next year. If we think about this year, clearly, there was a prioritization on technologies that drove efficiency and business cost optimization. Do you have any early read on how the C-suite at large enterprises are thinking about prioritizing IT spending for next year?

問卡爾或道格的問題。只是想了解您在最高管理層中聽到的關於明年 IT 支出優先順序的內容。如果我們考慮今年，顯然會優先考慮推動效率和業務成本優化的技術。您是否了解大型企業的最高管理階層如何考慮明年 IT 支出的優先順序？

Yes. Thanks, Brian, for the question. Doug, do you want me to start and then you go?

是的。謝謝布萊恩提出這個問題。道格，你想讓我先開始然後你就走嗎？

Yes.

是的。

Okay. So I think there's probably 3 demands we're seeing right now out of the C-suite. Number one, talent. Talent is clearly a C-suite priority, and companies are all focused right now on reskilling and upskilling their workforces. And they're also really focused on driving a better employee experience to keep the employees around longer and therefore, drive better productivity. So I would say talent is a C-suite priority.

好的。所以我認為我們現在可能從最高管理層看到了 3 個要求。第一，人才。人才顯然是高階主管的首要任務，公司現在都專注於員工的再培訓和技能提升。他們也真正專注於推動更好的員工體驗，以延長員工的工作時間，從而提高生產力。所以我想說人才是最高管理階層的首要任務。

The other thing I would say is leaning into something you mentioned is they are looking to consolidate, and they're looking to consolidate their IT spend. And in doing so, they're driving more of a platform approach. And I think we have a platform where people are consolidating on top of, and when you do that, you have a better total cost of ownership.

我想說的另一件事是傾向於你提到的事情，他們正在尋求整合，他們正在尋求整合他們的 IT 支出。在這樣做的過程中，他們正在推動更多的平台方法。我認為我們有一個平台，人們可以在這個平台上進行整合，當你這樣做時，你的總擁有成本會更好。

And I know we've talked a little bit about AI on this call, and we'll continue to do so for many years to come. But I think AI is really becoming a business imperative and they're all trying to figure out how to leverage it. And I think as they do so, they're going to lean towards vendors who they trust, like Workday, to be able to deliver those AI solutions and really drive impact to their employees and their overall productivity gains they're seeking as a company. That's what we're seeing.

我知道我們在這次電話會議上談論了一些人工智慧，我們將在未來的許多年裡繼續這樣做。但我認為人工智慧確實正在成為一種商業必需品，他們都在試圖找出如何利用它。我認為，當他們這樣做時，他們將傾向於他們信任的供應商，例如 Workday，能夠提供這些人工智慧解決方案，並真正影響他們的員工以及他們作為一家公司所尋求的整體生產力提升。這就是我們所看到的。

But Doug, you're out there touching even more customers than I, so I'd like you to respond to.

但是道格，你接觸的客戶比我還要多，所以我希望你能做出回應。

Well, you covered mine. But I'd say, yes, I agree with you. Best of suite versus best of breed. There's a desire for that, which is that consolidation play. And you touched on the other one I was going to hit, which is a renewed energy around efficiency and productivity with business applications. So get employees in and out, drive great efficiency. And that, by the way, has the side effect of driving a better employee experience. And so while there's all this talent and skills and employee experience focus, there's CIOs come into our corporate business center and saying, how do I get more productivity, how do I get more efficiencies, and that's where the GenAI conversations get really interesting.

好吧，你覆蓋了我的。但我想說，是的，我同意你的觀點。最佳套件與最佳品種。人們對此有一種渴望，這就是整合遊戲。您談到了我要談到的另一個問題，即圍繞業務應用程式的效率和生產力的新能量。因此，讓員工進出，提高效率。順便說一句，這會帶來改善員工體驗的副作用。因此，雖然所有這些人才、技能和員工體驗都是重點，但資訊長們來到我們的企業業務中心說，我如何獲得更高的生產力，如何獲得更高的效率，這就是GenAI 對話真正有趣的地方。

Thanks, Doug.

謝謝，道格。

Ladies and gentlemen, thank you for your participation on today's conference. I'll now turn it back to Mr. Eschenbach for final comments.

女士們、先生們，感謝你們參加今天的會議。現在我將把它轉回給埃申巴赫先生以徵求最終意見。

Sure. Thank you, operator, and thank you to everyone for joining today's call. And a special thanks to our Workmates, customers and partners around the globe that continue to fuel Workday success.

當然。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 取得成功。

Q3 was another strong quarter, highlighted by durable mission-critical nature of our platform. It only reinforces the excitement we have both in Q4 and the opportunity we have ahead. We are all well positioned here at Workday, and we're focused on executing in Q4 and laying the foundation for a durable growth in FY '25 and beyond.

第三季度是另一個強勁的季度，我們平台的持久關鍵任務性質凸顯了這一點。它只會增強我們對第四季的興奮感以及我們未來的機會。在 Workday，我們都處於有利位置，我們專注於第四季度的執行，並為 25 財年及以後的持久成長奠定基礎。

With that, I'll hand it back over to the operator to close today's call. And I hope everyone has a great evening and a happy holiday season.

這樣，我會將其交還給接線員以結束今天的通話。我希望每個人都有一個美好的夜晚和一個快樂的假期。

This concludes today's conference. You may disconnect your lines at this time. Thank you for your participation.

今天的會議到此結束。此時您可以斷開線路。感謝您的參與。