Workday Inc (WDAY) 2024 Q4 法說會逐字稿

Welcome to Workday's Fiscal 2024 Fourth 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 財年第四季財報電話會議。 （操作員指示）我現在將其交給投資者關係副總裁 Justin Furby。

Thank you, operator. Welcome to Workday's Fourth Quarter Fiscal 2024 Earnings Conference Call. On the call, we have Carl Eschenbach, our CEO; Aneel Bhusri, our Executive Chair; Zane Rowe, our CFO; and Doug Robinson, our Co-President. Following prepared remarks, we will take questions. Our press release was issued after close of market and is posted on our website where this call is being simultaneously webcast.

謝謝你，接線生。歡迎參加 Workday 2024 財年第四季財報電話會議。我們的執行長卡爾·埃申巴赫 (Carl Eschenbach) 出席了電話會議。我們的執行主席 Aneel Bhusri； 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。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。

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，可能導致實際結果有重大差異。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，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 first quarter fiscal 2025 quiet period begins on April 15, 2024. Unless otherwise stated, all financial comparisons in this call will be to our results for the comparable period of our fiscal 2023. With that, I'll hand the call over to Carl.

我們的2025 財年第一季靜默期從2024 年4 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。這樣，我將把電話會議交給Carl 。

Thank you, Justin, and thank you, everyone, for joining us today. I'm pleased to share that Workday delivered a solid Q4, achieving 18% subscription revenue growth and a non-GAAP operating margin of 24%. These results were driven by momentum across the business and capped off a year of strong execution by our nearly 19,000 Workmates across the globe. Over the course of the last year, we've made key investments across our leadership team, go-to-market and partner ecosystem and our platform, positioning us to drive enduring growth in FY '25 and beyond.

謝謝賈斯汀，也謝謝大家今天加入我們。我很高興地告訴大家，Workday 第四季業績強勁，訂閱收入成長了 18%，非 GAAP 營業利潤率為 24%。這些業績是由整個業務的動力推動的，並為我們全球近 19,000 名員工在這一年的強勁執行力畫上了圓滿的句號。去年，我們在領導團隊、上市和合作夥伴生態系統以及我們的平台上進行了關鍵投資，使我們能夠在 25 財年及以後推動持久成長。

I couldn't be prouder of what we've accomplished over the last year, particularly in an environment where deal scrutiny remains high. I'd like to thank our customers, partners and especially my fellow Workmates for making these results possible. My belief in the opportunity ahead for Workday and our value proposition has only gotten stronger in the 14 months since I've joined. With the emergence of AI, shifting talent landscape and pressure to realize operational efficiencies, leaders are turning to Workday as their trusted platform to manage their most critical assets, their people and their money.

我對我們去年所取得的成就感到非常自豪，尤其是在交易審查仍然嚴格的環境下。我要感謝我們的客戶、合作夥伴，特別是我的同事，是他們讓這些結果成為可能。自從加入 Workday 以來的 14 個月裡，我對 Workday 未來機會和價值主張的信念變得更加堅定。隨著人工智慧的出現、人才格局的變化以及實現營運效率的壓力，領導者開始將 Workday 作為他們值得信賴的平台來管理他們最重要的資產、人員和資金。

Customers have come to trust us with helping them navigate these huge transformations from the cloud to AI. In fact, the theme of building trust took center stage at the World Economic Forum annual meeting in Davos last month. Throughout my conversations, it was clear to me that leaders see the business benefits of implementing AI, but they also recognize building trust is key. Workday stands apart in our commitment to the responsible development of AI technologies, its responsible deployment within our own company and our advocacy for its regulation. We've been delivering AI capabilities to our customers for nearly a decade, building AI into the core of our platform, and we're making significant investments to further enhance our leadership in this area.

客戶已經開始信任我們可以幫助他們應對從雲端到人工智慧的巨大轉變。事實上，建立信任的主題成為上個月在達沃斯舉行的世界經濟論壇年會的中心議題。在我的談話中，我很清楚領導者看到了實施人工智慧的商業利益，但他們也意識到建立信任是關鍵。 Workday 的獨特之處在於我們致力於負責任地開發人工智慧技術、在我們自己的公司內負責任地部署人工智慧技術以及我們對其監管的倡議。近十年來，我們一直在為客戶提供人工智慧功能，將人工智慧建構成我們平台的核心，我們正在進行大量投資，以進一步增強我們在這一領域的領導地位。

Workday Skills Cloud, for example, uses AI to gain insights into an organization's current skills and identifies skills needed for the future, allowing for smarter decisions about talent across the company. In our upcoming R1 release, many of the generative AI use cases we showcased at Rising will be put into the hands of early adopters, including job descriptions and knowledge articles. To further accelerate our AI road map, today, we're excited to announce our planned acquisition of HiredScore, which provides AI-powered talent orchestration solutions. HiredScore's technology delivers data-driven insights to help improve recruiting and internal mobility processes.

例如，Workday Skills Cloud 使用人工智慧來深入了解組織當前的技能並確定未來所需的技能，從而可以對整個公司的人才做出更明智的決策。在我們即將發布的 R1 版本中，我們在 Rising 上展示的許多生成式 AI 用例將交付給早期採用者，包括職位描述和知識文章。為了進一步加快我們的人工智慧路線圖，今天，我們很高興地宣布計劃收購 HiredScore，後者提供人工智慧驅動的人才編排解決方案。 HiredScore 的技術提供數據驅動的見解，幫助改善招募和內部流動流程。

The combination of our data set in Workday Skills Cloud with HiredScore's solution will provide customers with a transparent, AI-powered talent acquisition and internal mobility offering. Not only is it technology compelling, but HiredScore and Workday share a commitment to responsible AI development, including a focus on explainability and transparency. We are absolutely thrilled about the potential of what we can do together.

Workday Skills Cloud 中的資料集與 HiredScore 的解決方案相結合，將為客戶提供透明的、人工智慧驅動的人才招募和內部流動服務。它不僅在技術上引人注目，而且 HiredScore 和 Workday 都致力於負責任的人工智慧開發，包括關注可解釋性和透明度。我們對我們共同努力的潛力感到非常興奮。

Now let's move into the performance from the quarter, which reflects the diversity and durability of Workday's business. As we shared at our Financial Analyst Day, our net new business is driven by a balanced mix of new customer wins and expansions within our installed base, which speaks to the significant opportunity that we have ahead. From a net new customer perspective, we once again saw strength in full platform deals. We welcomed customers like Australian Stock Exchange, Boyd Gaming Corporation, HHS, Randstad, UHS of Delaware and VXI Global Solutions as full platform HCM and Financials customers. And new HCM customers this quarter included Crane Company, El Corte Inglés, Hitachi Astemo, Hungry Jack's, Kohler Co., [Own Say] and Swisscom.

現在讓我們來看看本季的業績，它反映了 Workday 業務的多樣性和持久性。正如我們在財務分析師日分享的那樣，我們的淨新業務是由新客戶贏得和現有客戶群擴張的平衡組合推動的，這說明了我們未來面臨的重大機會。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。我們歡迎澳洲證券交易所、Boyd Gaming Corporation、HHS、Randstad、UHS of Delaware 和 VXI Global Solutions 等客戶作為全平台 HCM 和金融客戶。本季新的 HCM 客戶包括 Crane Company、El Corte Inglés、Hitachi Astemo、Hungry Jack's、Kohler Co.、[Own Say] 和 Swisscom。

Alongside healthy net new customer activity, our customer base team again delivered in Q4. We had several strategic expansions and renewals in the quarter, including BJ's, Goodyear and Greystar Global Enterprise. And we had a number of core Financial Management expansions across our HCM customer base, including Allied Financial, Huntington Bank, Intermountain Health and Stewart Title Guaranty. Our create and close motion also had another great quarter and is becoming an important driver of our customer-based sales team's growth.

除了健康的淨新客戶活動外，我們的客戶群團隊在第四季再次交付成果。本季我們進行了多項策略擴展和更新，包括 BJ's、固特異和 Greystar Global Enterprise。我們在 HCM 客戶群中進行了許多核心財務管理擴展，包括 Allied Financial、Huntington Bank、Intermountain Health 和 Stewart Title Guaranty。我們的創建和關閉動作也有另一個出色的季度，並且正在成為我們基於客戶的銷售團隊成長的重要驅動力。

From a solutions perspective, we saw healthy uptake across our portfolio, including Extend, where new ACV doubled year-over-year in Q4. We now have more than 850 Extend customers, and I'm pleased to share that roughly 1/3 of our Extend new ACV signed in Q4 was from our new professional SKU, which includes AI Gateway as well as Workday Developer Copilot launching later this year. Beyond the wins we celebrate when our customers go live on our platform and I'm pleased to share that in FY '24, over 95% of our deployments went live on time. In Q4, we had several strategic HCM deployments, including AT&T, Northern Trust and Whataburger, alongside notable Financial Management go-lives, including American University, Sagility Operations and UMass Memorial Health.

從解決方案的角度來看，我們看到整個產品組合的健康發展，包括 Extend，其中新的 ACV 在第四季度同比增長了一倍。我們現在擁有超過850 個Extend 客戶，我很高興地告訴大家，我們在第四季度簽署的Extend 新ACV 中約有1/3 來自我們新的專業SKU，其中包括AI Gateway 以及今年稍後推出的Workday Developer Copilot 。除了當我們的客戶在我們的平台上上線時我們慶祝的勝利之外，我很高興與大家分享，在 24 財年，我們超過 95% 的部署按時上線。在第四季度，我們進行了多項策略性 HCM 部署，包括 AT&T、Northern Trust 和 Whataburger，以及著名的財務管理上線，包括美國大學、Sagility Operations 和 UMass Memorial Health。

To propel our land and expand business, we continue to invest in several growth areas. I'll share a few highlights from those areas now, starting with international. Today, international represents over half of our addressable opportunity yet is 1/4 of our revenues. We're working to change that, and we're seeing early signs of progress. In EMEA, our leadership additions continue to drive improved and more consistent results. I spent a couple of weeks visiting our teams in Europe this past quarter, and I have to tell you, I am fired up by the momentum we're building.

為了推動我們的土地發展並擴大業務，我們繼續在多個成長領域進行投資。我現在將分享這些領域的一些亮點，首先是國際。如今，國際業務占我們可利用機會的一半以上，但也占我們收入的 1/4。我們正在努力改變這種狀況，我們已經看到了進展的早期跡象。在歐洲、中東和非洲地區，我們新增的領導階層持續推動績效的改善和更加一致。上個季度我花了幾週時間參觀了我們在歐洲的團隊，我必須告訴你，我們正在建立的勢頭讓我感到興奮。

In Q4, our teams once again delivered healthy new ACV growth across key markets such as the U.K., Spain and France. We also closed our first deal in EMEA with our Alight co-sell partnership, and we continue to build pipeline with important partnerships alongside ADP and Alight in addition to our broader referral and co-sell ecosystem.

第四季度，我們的團隊再次在英國、西班牙和法國等主要市場實現了新 ACV 的健康成長。我們也透過 Alight 聯合銷售合作夥伴完成了在 EMEA 的第一筆交易，除了我們更廣泛的推薦和聯合銷售生態系統之外，我們還繼續與 ADP 和 Alight 等重要合作夥伴建立管道。

In the Asia Pacific region, Australia delivered once again, and I'm pleased to share that Japan, which is a key investment priority, drove strong new ACV growth in Q4. While it's still early days for us in this market, we're focused on growing it. To help lead the way, I'm delighted to welcome Chikara Furuichi as our new leader of the Japanese market to help us win in one of the world's largest economies. Chikara brings over 25 years of experience in both SaaS security and cloud services from across Japan and APAC. He reports directly to Patrick Blair, our President of Global Sales.

在亞太地區，澳洲再次表現出色，我很高興地告訴大家，作為關鍵投資重點的日本在第四季度推動了新 ACV 的強勁成長。雖然我們進入這個市場還處於早期階段，但我們正致力於發展它。為了幫助引領潮流，我很高興歡迎 Chikara Furuichi 成為我們日本市場的新領導者，幫助我們在世界最大經濟體之一取得勝利。 Chikara 在日本和亞太地區擁有超過 25 年的 SaaS 安全和雲端服務經驗。他直接向我們的全球銷售總裁 Patrick Blair 報告。

Moving to financials. We're seeing continued proof that our go-to-market and platform investments are paying off with healthy growth in core financials customers and new ACV and a robust pipeline looking forward. We drove a record number of new full platform wins in both Q4 and FY '24, and our industry approach is a clear driver of this momentum. Health care, for example, again grew new ACV over 50% in Q4, capping off a fantastic FY '24. Our innovation in key areas such as supply chain is differentiating us in the market and is driving industry awards such as the recent recognition in best-of-class in enterprise resource planning for the seventh year in a row.

轉向金融。我們看到不斷的證據表明，我們的上市和平台投資正在獲得回報，核心金融客戶和新 ACV 以及強大的管道的健康成長。我們在第四季度和 24 財年都創下了新的全平台勝利數量，而我們的行業方法是這一勢頭的明顯驅動力。例如，醫療保健行業在第四季度的新 ACV 成長再次超過 50%，為 24 財年的出色業績畫上了圓滿的句號。我們在供應鏈等關鍵領域的創新使我們在市場中脫穎而出，並推動了行業獎項的獲得，例如最近連續第七年榮獲企業資源規劃領域的最佳獎項。

We're also pleased to share that Gartner named Workday a leader in the 2023 Gartner Magic Quadrant for Financial Planning Software for the second time since the category's inception last year. Our education and government teams also drove continued success in FY '24, and higher ed was a standout in Q4 with a number of full platform wins, including Oregon State University, Portland Community College and the College of William and Mary.

我們也很高興地宣布，自去年該類別設立以來，Gartner 再次將 Workday 評為 2023 年 Gartner 財務規劃軟體魔力像限的領導者。我們的教育和政府團隊也推動了 24 財年的持續成功，高等教育在第四季度表現出色，並獲得了許多全平台勝利，包括俄勒岡州立大學、波特蘭社區學院和威廉瑪麗學院。

And to help accelerate our trajectory in the U.S. Federal business, I'm delighted to welcome Lynn Martin as our new federal leader. Lynn has more than 30 years' experience in the public sector, most recently running Google's U.S. federal business and before that, running VMware's public sector team for close to a decade.

為了幫助加速我們在美國聯邦業務的發展，我很高興歡迎林恩馬丁成為我們的新聯邦領導人。 Lynn 在公共部門擁有 30 多年的經驗，最近負責管理 Google 的美國聯邦業務，此前負責管理 VMware 的公共部門團隊近十年。

Supporting our progress around many of these investment areas is our partner ecosystem where our focus is delivering customer outcomes, growing our business through referrals and co-selling and building differentiated solutions. During Q4, we announced a strategic partnership with Insperity that delivers on all 3 of these priorities. Through this partnership, Workday will become the platform powering Insperity's PEO service for SMB organizations, effectively opening up a new market opportunity for us. It's a terrific example of how we're innovating our go-to-market strategy to drive growth.

支持我們在許多投資領域取得進展的是我們的合作夥伴生態系統，我們的重點是交付客戶成果、透過推薦和共同銷售來發展我們的業務以及建立差異化的解決方案。在第四季度，我們宣布與 Insperity 建立策略合作夥伴關係，以實現所有這三個優先事項。透過此次合作，Workday 將成為 Insperity 為中小企業組織提供 PEO 服務的平台，有效地為我們開闢了新的市場機會。這是我們如何創新上市策略以推動成長的絕佳例子。

Another great example is the Spark&Grow offering, which we launched with Kainos. It helps our emerging and medium enterprise customers to go live on Workday in less than 4 weeks. We've seen incredible demand for this offering, and we're just getting started.

另一個很好的例子是我們與 Kainos 一起推出的 Spark&Grow 產品。它幫助我們的新興和中型企業客戶在不到 4 週的時間內上線 Workday。我們已經看到了對該產品的巨大需求，而我們才剛剛開始。

These are 2 great examples of momentum that is building across our ecosystem, which I'm pleased to share now includes more than 200 partners that have been onboarded to refer new sales leads and co-sell with us. We launched this pilot program last May and we've seen momentum building throughout the year with a nice uptick in Q4 partner-driven pipeline generation.

這是我們生態系統中正在形成的兩個很好的例子，我很高興與大家分享，現在我們的生態系統中有 200 多個合作夥伴已經加入，可以推薦新的銷售線索並與我們共同銷售。我們在去年五月推出了這個試點計劃，我們看到全年勢頭不斷增強，第四季度合作夥伴驅動的管道生成有了良好的增長。

In closing, I'm incredibly proud of our team's strong execution throughout FY '24, all while navigating a dynamic environment and embracing important changes we've rolled out across the business. We enter FY '25 with a strong foundation and a clear strategy to support durable growth while at the same time continuing to drive efficiencies across the business. As I said on my first Workday earnings call 1 year ago, we have the opportunity to be one of the largest, most enduring and profitable software businesses of our time. I've never been more convinced in that belief.

最後，我對我們的團隊在整個 24 財年的強大執行力感到無比自豪，同時在充滿活力的環境中航行並接受我們在整個業務中推出的重要變革。我們以堅實的基礎和明確的策略進入 25 財年，以支持持久成長，同時繼續提高整個業務的效率。正如我在一年前的第一次 Workday 財報電話會議上所說，我們有機會成為當今最大、最持久、最盈利的軟體企業之一。我從未如此堅信這項信念。

Before I turn the call over, I'd like to take a minute to acknowledge Aneel, who recently moved into a new role as Executive Chair. Aneel, it has been an incredible 14 months, and I'm truly grateful for your partnership and the trust you put in me to lead what you and Dave started nearly 19 years ago. Your technology vision and your commitment to Workday's special culture and values have put this company in an incredible position. I am excited for what we'll achieve together next. Thank you for continuing to be in my corner not just in guiding the applications and platform development but also as a friend. Aneel, over to you.

在轉交電話之前，我想花一點時間向 Aneel 表示感謝，他最近就任執行主席。 Aneel，這是令人難以置信的 14 個月，我非常感謝您的合作以及您對我的信任，以領導您和 Dave 在近 19 年前開始的事業。您的技術願景以及您對 Workday 特殊文化和價值觀的承諾使這家公司處於令人難以置信的地位。我對我們接下來將共同取得的成就感到興奮。感謝您繼續支持我，不僅指導應用程式和平台開發，而且作為朋友。阿尼爾，交給你了。

Thank you, Carl, and to everyone joining today's call. As Carl highlighted, we are continuing to see solid momentum across the business, fueled in large part by our ability to deliver the innovation our customers need to thrive in today's fast-paced and dynamic environment. There is no doubt that more and more organizations, spanning midsize to large enterprises, are seeing the increasing value in building their businesses upon the Workday platform with AI at its core.

謝謝卡爾，也謝謝參加今天電話會議的所有人。正如卡爾所強調的那樣，我們整個業務繼續保持強勁勢頭，這在很大程度上得益於我們提供客戶在當今快節奏和動態環境中蓬勃發展所需的創新的能力。毫無疑問，越來越多的大中型企業看到了在以人工智慧為核心的 Workday 平台上建立業務所帶來的不斷增長的價值。

Earlier this month, we officially named Carl sole CEO of Workday while I assumed the role of Executive Chair. As I've said before, there is no better person than Carl to lead Workday through this next chapter of growth. He has already made a tremendous impact on the business from day 1. And thanks to his leadership, we are already successfully executing on several key growth initiatives and strategies that he put in place. Furthermore, and most importantly, Carl perfectly aligns with our values-driven approach, and I can't wait to see what the future holds for us with him at the helm.

本月早些時候，我們正式任命卡爾為 Workday 唯一首席執行官，而我則擔任執行主席。正如我之前所說，沒有人比 Carl 更適合帶領 Workday 進入下一個成長篇章。從第一天起，他就對業務產生了巨大影響。在他的領導下，我們已經成功執行了他制定的幾項關鍵成長計劃和策略。此外，最重要的是，卡爾完全符合我們以價值觀為導向的方法，我迫不及待地想看看在他的領導下我們的未來會是什麼樣子。

As Executive Chair, I'll remain actively involved but with an emphasis on my true passion as a technologist. Together with our Co-President, Sayan Chakraborty, and the rest of our amazing product and technology organization, I will focus on guiding the future direction of Workday's applications and technology platform while staying close to our Workmates and our customers.

身為執行主席，我將繼續積極參與，但重點是我作為技術專家的真正熱情。我將與我們的聯合總裁 Sayan Chakraborty 以及我們出色的產品和技術組織的其他成員一起，專注於指導 Workday 應用程式和技術平台的未來方向，同時與我們的同事和客戶保持密切聯繫。

How we evolve and expand the Workday platform in the coming years will be critical to our continued growth and scale. To help us do that, we have identified several core elements of our innovation strategy that we plan on building out over the next 12 to 18 months. The first is a continued focus on evolving our Financial Management and HCM applications so that we can further empower the offices of finance and HR to optimize their 2 most important assets, their people and their money.

未來幾年我們如何發展和擴展 Workday 平台對於我們的持續成長和規模至關重要。為了幫助我們做到這一點，我們已經確定了創新策略的幾個核心要素，我們計劃在未來 12 到 18 個月內建立這些要素。首先是持續專注於發展我們的財務管理和 HCM 應用程序，以便我們能夠進一步授權財務和人力資源辦公室優化他們的兩項最重要的資產：人員和資金。

Next is AI. Fueled by our 10-year head start and unique approach to building AI directly into the core, we will continue to responsibly deliver new ML models that solve real business problems for our customers and enable their employees. We'll also incorporate high-value generative AI capabilities to enhance search, understand historical context, make recommendations and create content. Additionally, I'm incredibly excited about bringing HiredScore into the fold and how we'll further strengthen our overall AI capabilities.

接下來是人工智慧。在我們10 年的領先優勢和將人工智慧直接建構到核心的獨特方法的推動下，我們將繼續負責任地提供新的機器學習模型，為我們的客戶解決實際業務問題並為他們的員工提供支持。我們還將整合高價值的生成人工智慧功能來增強搜尋、了解歷史背景、提出建議和創建內容。此外，我對將 HiredScore 納入其中以及我們將如何進一步增強我們的整體人工智慧能力感到非常興奮。

Third is industry, with an emphasis on deepening our offerings in retail and hospitality, education and government along with financial services, health care, professional services and tech and media. Extensibility is another important focus area so that we can enable IT teams to build and maintain integrations between Workday and third-party systems, ultimately extending the value of our platform. Our new Extend AI Gateway, which we announced at Rising last year, is a perfect example of the type of work we are focused on here.

第三是工業，重點是深化我們在零售和酒店、教育和政府以及金融服務、醫療保健、專業服務以及科技和媒體領域的產品。可擴展性是另一個重要的重點領域，以便我們能夠使 IT 團隊建構和維護 Workday 與第三方系統之間的集成，最終擴展我們平台的價值。我們去年在 Rising 上宣布的新的 Extend AI Gateway 是我們重點關注的工作類型的完美範例。

Fifth is experiences. Delivering persona-tailored experiences empowers high-performing employees and teams for maximum productivity. Manager Insights Hub and Flex Teams, which we also unveiled at Rising, are just a few of the ways we've already been delivering enhanced experiences for managers.

第五是經驗。提供量身訂製的體驗可以幫助高績效員工和團隊實現最高生產力。我們也在 Rising 上推出了 Manager Insights Hub 和 Flex Teams，這只是我們為經理提供增強體驗的幾種方式。

The final area of investment is security and resiliency, which is foundational to everything we do. With more than 10,000 organizations depending on Workday to help run their businesses, it's essential that we design to protect the resilience and performance of critical processes, safeguard against the growing number of global cybersecurity threats and increase our investment in public cloud offerings to drive greater performance, scalability and security for our customers.

最後一個投資領域是安全性和彈性，這是我們所做一切的基礎。有超過 10,000 個組織依靠 Workday 來幫助運營其業務，因此我們的設計必須保護關鍵流程的彈性和性能，防範日益增多的全球網路安全威脅，並增加對公共雲產品的投資以提高性能為我們的客戶提供可擴充性和安全性。

We're also investing in our long-term innovation strategy by continuing to strengthen our product and technology leadership team. I'm pleased to share that David Somers has been appointed as our new Chief Product Officer and will lead development across our full suite of products. David, who will continue to report into Sayan, has been instrumental in leading our HR product strategy and development in the last few years, and I'm excited that he will be helping to lead our efforts to build out the capabilities of Workday's full product portfolio.

我們也透過持續加強我們的產品和技術領導團隊來投資我們的長期創新策略。我很高興地宣布，David Somers 已被任命為我們新的首席產品官，並將領導我們全套產品的開發。 David 將繼續向 Sayan 匯報工作，他在過去幾年中在領導我們的人力資源產品策略和開發方面發揮了重要作用，我很高興他將幫助領導我們努力建立 Workday 完整產品的功能資料夾。

As I think back to our early days, it's incredible to see the growth and scale we've been able to achieve. When our customers first went live in 2007, we offered a few different products. Today, we offer a full platform that helps our customers transform how they manage their people and their money. Additionally, we now have more than 5,400 core HCM and Finance customers, more than 65 million users under contract and process over 800 billion transactions per year. I'm proud of the company we've built and the continued value and impact that we deliver for our customers.

回想起我們成立初期，我們所取得的成長和規模令人難以置信。當我們的客戶在 2007 年首次上線時，我們提供了幾種不同的產品。今天，我們提供了一個完整的平台，幫助我們的客戶改變他們管理人員和資金的方式。此外，我們現在擁有超過 5,400 個核心 HCM 和金融客戶，超過 6,500 萬簽約用戶，每年處理超過 8,000 億筆交易。我為我們建立的公司以及我們為客戶提供的持續價值和影響感到自豪。

In closing, I want to extend my deepest thanks to our nearly 19,000 Workmates around the world for finishing our fiscal year 2024 in such a strong fashion. Workday's future is incredibly bright, and I'm energized to work alongside them, Carl and the rest of our leadership team to help drive Workday forward. With that, I'll hand it over to Zane. Over to you, Zane.

最後，我要向我們世界各地近 19,000 名員工表示最深切的感謝，感謝你們以如此出色的方式結束了我們的 2024 財年。 Workday 的未來非常光明，我很高興能與他們、Carl 以及我們領導團隊的其他成員一起工作，並幫助推動 Workday 向前邁進。這樣，我就把它交給贊恩了。交給你了，贊恩。

Thanks, Aneel, and thank you to everyone for joining today's call. As Carl and Aneel mentioned, Q4 marked a solid close to FY '24 with momentum building across our key investment initiatives. We enter FY '25 well positioned to deliver another year of durable subscription revenue growth, coupled with expanding margins.

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，第四季標誌著 24 財年的堅實結束，我們的關鍵投資計畫不斷增強勢頭。進入 25 財年，我們已做好充分準備，將在新的一年實現訂閱收入的持久增長，同時利潤率不斷擴大。

Turning to results. Subscription revenue in Q4 was $1.76 billion, up 18%, and full year FY '24 subscription revenue was $6.6 billion, growing 19%. Professional services revenue was $162 million in the quarter and $656 million for the year. Total revenue in Q4 was $1.92 billion and for the full year was $7.26 billion, both growing 17%. U.S. revenue in Q4 totaled $1.44 billion, up 16%, and international revenue totaled $478 million, growth of 21%. For the year, U.S. revenue was $5.46 billion and international revenue was $1.8 billion, both growing 17%.

轉向結果。第四季的訂閱營收為 17.6 億美元，成長 18%，24 財年全年訂閱營收為 66 億美元，成長 19%。本季專業服務收入為 1.62 億美元，全年專業服務收入為 6.56 億美元。第四季總營收為 19.2 億美元，全年總營收為 72.6 億美元，均成長 17%。美國第四季營收總計 14.4 億美元，成長 16%，國際營收總計 4.78 億美元，成長 21%。全年美國營收為 54.6 億美元，國際營收為 18 億美元，皆成長 17%。

As we have highlighted, we see significant long-term international market opportunities, which we expect over time will become a more meaningful driver of our growth. 12-month subscription revenue backlog or CRPO was $6.62 billion at the end of Q4, representing growth of 20% with the outperformance driven by higher-than-anticipated early renewals. Gross and net revenue retention rates remain over 95% and over 100%, respectively. Total subscription revenue backlog at the end of the quarter was $20.92 billion, up 27%.

正如我們所強調的，我們看到了重大的長期國際市場機會，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。截至第四季末，12 個月積壓訂閱收入 (CRPO) 為 66.2 億美元，成長 20%，這是由於提前續訂高於預期所推動的。毛收入保留率和淨收入保留率分別維持在 95% 以上和 100% 以上。截至本季末，積壓訂閱收入總額為 209.2 億美元，成長 27%。

Our non-GAAP operating income for the fourth quarter was $461 million, resulting in a non-GAAP operating margin of 23.9%. Full year non-GAAP operating income was $1.74 billion, reflecting a non-GAAP operating margin of 24%. Q4 GAAP net income benefited from a onetime $1.1 billion valuation allowance release related to our U.S. deferred tax assets. Q4 operating cash flow was $996 million, with approximately $100 million of the outperformance driven by strong in-quarter collections and earlier-than-expected payments. Full year operating cash flow was $2.15 billion, growth of 30%.

我們第四季的非 GAAP 營業收入為 4.61 億美元，非 GAAP 營業利潤率為 23.9%。全年非 GAAP 營業收入為 17.4 億美元，反映非 GAAP 營業利益率為 24%。第四季 GAAP 淨利潤受益於與我們的美國遞延稅資產相關的一次性 11 億美元估值備抵。第四季營運現金流為 9.96 億美元，其中約 1 億美元的出色表現是由強勁的季度收款和早於預期的付款推動的。全年營運現金流為21.5億美元，成長30%。

During Q4, we repurchased $136 million of our shares at an average price of $253.85 per share. In addition, our Board of Directors has authorized a new $500 million share repurchase program. We ended the quarter with $7.8 billion in cash and marketable securities. We continue to invest in growth areas of the business, and we ended January with over 18,800 Workmates around the globe.

第四季度，我們以每股 253.85 美元的平均價格回購了 1.36 億美元的股票。此外，我們的董事會也批准了一項新的 5 億美元的股票回購計畫。本季結束時，我們擁有 78 億美元的現金和有價證券。我們繼續投資於業務成長領域，截至一月份，我們在全球擁有超過 18,800 名 Workmates。

Now turning to guidance. We are reiterating our full year FY '25 subscription revenue guidance of $7.725 billion to $7.775 billion, representing growth of 17% to 18%, which aligns with the preliminary outlook we provided last quarter. This guidance reflects our Q4 performance and our expectation for current macro conditions to persist throughout FY '25. We expect Q1 FY '25 subscription revenue to be $1.81 billion, representing 18% growth. I will highlight that Q1 benefits from an extra day of revenue recognition, given the leap year. Normalized for this, our guided subscription revenue growth in Q1 is approximately 17%. For Q2, we expect subscription revenue to increase approximately 5% sequentially, reflecting typical seasonality in the business when considering the leap year impact of Q1. We anticipate FY '25 professional services revenue of approximately $630 million to $640 million as we further leverage our partner ecosystem. For Q1, we expect professional services revenue of $163 million.

現在轉向指導。我們重申 25 財年全年訂閱營收指引為 77.25 億美元至 77.75 億美元，成長 17% 至 18%，這與我們上季提供的初步前景一致。該指引反映了我們第四季度的業績以及我們對當前宏觀狀況在整個 25 財年持續的預期。我們預計 25 財年第一季的訂閱營收將為 18.1 億美元，成長 18%。我要強調的是，考慮到閏年，第一季受益於額外一天的收入確認。以此標準化後，我們第一季的指導訂閱收入成長約為 17%。對於第二季度，我們預計訂閱收入將環比增長約 5%，在考慮第一季閏年影響時反映了業務的典型季節性。隨著我們進一步利用我們的合作夥伴生態系統，我們預計 25 財年的專業服務收入約為 6.3 億至 6.4 億美元。我們預計第一季的專業服務收入為 1.63 億美元。

Turning to backlog. As we've highlighted, CRPO growth is influenced by quarter-to-quarter variability in renewal volume, which can impact its growth in any particular quarter. In FY '25, we expect CRPO growth to come off the elevated levels we experienced in FY '24 as we lap periods of strong scheduled and early renewals. Given this variability, we expect CRPO to increase between 17.5% and 18.5% in Q1. We expect FY '25 non-GAAP operating margins of approximately 24.5%. Our outlook contemplates incremental investments across our key growth initiatives while delivering continued margin expansion as we scale and optimize the business. For Q1, we expect non-GAAP operating margin of 24.5%.

轉向積壓。正如我們所強調的，CRPO 的成長受到續訂量季度間變化的影響，這可能會影響其在任何特定季度的成長。在 25 財年，我們預計 CRPO 的成長將脫離 24 財年的高水平，因為我們經歷了強勁的計劃和提前續約時期。鑑於這種變化，我們預計第一季 CRPO 將成長 17.5% 至 18.5%。我們預計 25 財年非 GAAP 營運利潤率約為 24.5%。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。我們預計第一季非 GAAP 營業利潤率為 24.5%。

GAAP operating margins for the first quarter and full year are expected to be approximately 24 and 21 percentage points lower than the non-GAAP margins, respectively. The FY '25 non-GAAP tax rate is 19%. We expect FY '25 operating cash flow of $2.25 billion, which is impacted by the $100 million of Q4 collections I called out as well as an extra payroll payment we expect to make in FY '25, given the leap year. In addition, we expect FY '25 capital expenditures of approximately $330 million.

第一季和全年的 GAAP 營業利潤率預計將分別比非 GAAP 利潤率低約 24 個百分點和 21 個百分點。 25 財年非公認會計準則稅率為 19%。我們預計 25 財年的營運現金流為 22.5 億美元，這受到我呼籲的 1 億美元第四季度收款以及我們預計在 25 財年（考慮到閏年）支付的額外工資的影響。此外，我們預計 25 財年的資本支出約為 3.3 億美元。

Our FY '25 outlook takes into account the acquisition of HiredScore, which is expected to close later this quarter. We're pleased with our execution in FY '24, thanks to the support of our customers, partners and Workmates. With momentum building across our strategic growth areas, we enter FY '25 focused on continuing to invest to drive long-term growth while also expanding margins. Let me turn it back over to Aneel before we begin Q&A.

我們對 25 財年的展望考慮了對 HiredScore 的收購，預計該收購將於本季稍後完成。感謝我們的客戶、合作夥伴和同事的支持，我們對 24 財年的執行感到滿意。隨著我們策略成長領域的勢頭不斷增強，我們進入 25 財年，重點是繼續投資以推動長期成長，同時擴大利潤率。在我們開始問答之前，讓我把它轉回給 Aneel。

Thanks, Zane. Given my new role, this will be my last regularly scheduled earnings call as I fully hand over the reins to the great Carl and Zane. It's been a pleasure getting to know so many of you over the years, and I wanted to give a special thank you to Mark Murphy, Brent Thill, Pat Walravens, Kirk Materne and John DiFucci, who have all been covering Workday since our IPO in 2012, and also to Kash Rangan, who I'm sure wanted to cover us back then but couldn't because his wife was a Workmate at the time. Okay. With that, operator, let's go to the Q&A.

謝謝，贊恩。鑑於我的新角色，這將是我最後一次定期舉行的財報電話會議，因為我將權力完全移交給了偉大的卡爾和讚恩。多年來認識你們這麼多人是我的榮幸，我要特別感謝 Mark Murphy、Brent Thill、Pat Walravens、Kirk Materne 和 John DiFucci，自我們 IPO 以來，他們一直在報道 Workday。2012 年，還有卡什·蘭根(Kash Rangan)，我確信他當時想為我們提供保障，但未能實現，因為他的妻子當時是同事。好的。那麼，接線員，讓我們進入問答環節。

(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。

I am almost fighting tears in my eyes, Aneel. I was glad to be a part of the family, and now I'm part of the extended family since my wife is no longer a Workmate, but we're still here with you guys. One question for Carl and team, maybe. You gave guidance for next year back in September at Rising. The economic environment, the outlook has generally gotten better, right, or seemingly out of the fear of a recession. And you've got a slew of new products, you've got an expanded partnership strategy. You've got a reseller partnership strategy as well.

我幾乎要忍住眼中的淚水，阿尼爾。我很高興成為這個家庭的一員，現在我是大家庭的一員，因為我的妻子不再是工友，但我們仍然和你們在一起。也許有一個問題要問卡爾和他的團隊。您早在 9 月就在 Rising 給出了明年的指導。經濟環境、前景普遍變得更好、正確，或似乎擺脫了對衰退的恐懼。您已經推出了大量新產品，並且擴大了合作夥伴關係策略。您也制定了經銷商合作夥伴策略。

So with all these new dimensions, what is getting the growth rate of the company -- because the guidance is roughly the same as it was. I'm just trying to understand the level of conservatism vis-à-vis the levers that you have today, macro and micro included, that are definitely putting the company in a better position.

因此，有了所有這些新的維度，公司的成長率就會提高——因為指導方針與以前大致相同。我只是想了解你們今天所擁有的槓桿的保守程度，包括宏觀和微觀，這肯定會讓公司處於更好的位置。

Kash, thanks for the question. Before I answer it, I just want to start by thanking our Workmates, partners and customers around the world for delivering a solid Q4 and an outstanding full FY '24 performance. I could not be prouder of our execution, especially given the uncertainties of the environment at the start of FY '24 and while embracing important changes we've put in place here at Workday. The value proposition of our Workday platform continues to grow, which is evident from our results. The durability and diversity of our business delivers consistent solid growth while also driving operating leverage. I am grateful to Aneel for this incredible partnership that we have, and we can't wait to see what we're going to do together with the rest of our Workmates this year. We are just getting started.

卡什，謝謝你的提問。在回答這個問題之前，我首先要感謝我們世界各地的同事、合作夥伴和客戶，感謝他們在第四季度取得了紮實的業績，並在 24 財年取得了出色的業績。我對我們的執行力感到非常自豪，特別是考慮到 24 財年伊始環境的不確定性，以及我們在 Workday 實施的重要變革。我們的 Workday 平台的價值主張持續成長，這從我們的結果中可以明顯看出。我們業務的持久性和多樣性帶來了持續穩健的成長，同時也提高了營運槓桿。我很感謝 Aneel 為我們提供了這種令人難以置信的合作夥伴關係，我們迫不及待地想看看今年我們將與其他同事一起做什麼。我們才剛開始。

Kash, to answer your question, as you know, we have really put in place a number of strategic growth initiatives starting last year, and all of them are taken into account when we think about our guidance for this full year. When you think about what we announced at the Financial Analyst Day, we announced a 3-year growth strategy that maintained pretty consistent growth over the next 3 years as we got larger and we continue to expand our operating margin.

卡什，為了回答你的問題，正如你所知，我們從去年開始確實實施了許多戰略增長舉措，並且在我們考慮全年指導時，所有這些舉措都被考慮在內。當你想到我們在金融分析師日宣布的內容時，我們宣布了一項 3 年成長策略，隨著我們規模的擴大和營業利潤率的不斷擴大，該策略在未來 3 年內保持相當穩定的成長。

Then at the end of Q3, we delivered a preliminary guidance for FY '25, which we reiterated here on this call today. Our growth initiatives are paying off. We have really solid growth. We continue to expand margins, and we will continue to lean into those growth initiatives as we think about the rest of this year. So we're pretty proud that we're maintaining the growth rate we have and still expanding margins, and it's because of those strategic initiatives that you mentioned that we are leaning into.

然後在第三季末，我們提供了 25 財年的初步指導，我們在今天的電話會議上重申了這項指導。我們的成長舉措正在取得成效。我們的成長非常穩健。我們將繼續擴大利潤率，並且在考慮今年剩餘時間時，我們將繼續致力於這些成長計劃。因此，我們非常自豪能夠保持現有的成長率並不斷擴大利潤率，這是因為您提到的我們正在採取的策略性舉措。

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

我們的下一個問題來自摩根大通的馬克墨菲。

First off, Aneel, I wanted to thank you for everything over so many years and that -- to let you know that I'm incredibly grateful. Carl, I wanted to ask you, it feels -- you and/or Aneel, I should say. It feels like Workday has been quietly gaining a reputation as a lighthouse for AI, and you're focusing on the safe handling of all this data and not overcharging.

首先，阿尼爾，我想感謝你多年來所做的一切，讓你知道我非常感激。卡爾，我想問你，我應該說是你和/或阿尼爾。感覺 Workday 已經悄悄贏得了人工智慧燈塔的聲譽，而你專注於安全處理所有這些數據，而不是過度收費。

As you introduce these products in the upcoming release that you mentioned, what type of productivity boosts are you expecting to achieve for an HR practitioner? And I'm just wondering, is it strongest in the talent areas of skills and hiring, which I think you're mentioning more? Or do you think it's going to be more broadly applicable in other areas like budgeting and supply chain and so on and so forth?

當您在即將發布的版本中介紹這些產品時，您希望為人力資源從業人員實現哪種類型的生產力提升？我只是想知道，它在技能和招聘方面是否最強，我認為您提到更多？或者您認為它會更廣泛地適用於預算和供應鏈等其他領域嗎？

Maybe I'll just take the high level and I'll turn it over to Carl. AI is going to be important across all those applications. But the first area that we've seen quite a bit of interest and traction has been on the talent management side, both through our Talent Optimization and Skills Cloud products and now through the acquisition of HiredScore. It's a natural area for AI to showcase. But as you think about an area like budgeting, hugely powered to think about effectively a Copilot driving smarter and smarter plans automatically for you and being able to replan on an almost instantaneous basis. And the world is so dynamic right now, it's really what you need. So in terms of productivity, I'll let Carl talk about it.

也許我會選擇高級別，然後把它交給卡爾。人工智慧在所有這些應用程式中都將發揮重要作用。但我們首先看到相當多的興趣和吸引力的領域是人才管理方面，無論是透過我們的人才優化和技能雲產品，還是現在透過收購 HiredScore。這是人工智慧展示的自然領域。但是，當您考慮像預算這樣的領域時，您會非常有能力有效地考慮副駕駛會自動為您制定越來越聰明的計劃，並且能夠幾乎立即重新計劃。現在的世界如此充滿活力，這正是您所需要的。那麼在生產力方面，我就讓卡爾來談談吧。

Yes. Thanks, Aneel. Yes, Mark, I do think the first place we're seeing true productivity gains is around what I would just describe as talent acquisition. And when you think about the addition of HiredScore, that we just acquired, along with our recruiting platform, our Talent Optimization platform and our candidate engagement platform, it gives us the ability to deliver a full suite for talent acquisition around how we identify talent, how we engage with them, how we source or recruit them and then how we retain them for internal mobility. So I am really confident in our ability to deliver a strong ROI to the recruiting and talent organizations, with us having what I think now is one of the best full platform suites for talent acquisition going forward.

是的。謝謝，阿尼爾。是的，馬克，我確實認為我們真正看到生產力提高的第一個地方是我所說的人才獲取。當你想到我們剛剛收購的 HiredScore 以及我們的招聘平台、人才優化平台和候選人參與平台時，它使我們能夠圍繞如何識別人才提供全套人才招聘，我們如何與他們互動，我們如何尋找或招募他們，然後我們如何留住他們進行內部流動。因此，我對我們為招募和人才組織提供強勁投資回報的能力充滿信心，因為我們擁有我認為現在是未來人才招募的最佳完整平台套件之一。

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。

Aneel, congratulations on the new responsibilities and great job on building a great company. My question is for Zane actually, and it's, I think, more about sort of guidance. This quarter, subscription revenues was about $5 million ahead of your guidance. I think this is probably the smallest beat that we've ever seen from Workday in terms of subscription revenues. It seems like there's a lot of dynamics going on with early renewals and like how that impacts CRPO. Was there any impact on subscription revenues? Or anything that can help us understand sort of the skinnier-than-typical beat in terms of subscription revenues that we saw in the current quarter?

Aneel，恭喜你承擔了新的職責，並在建立一家偉大的公司方面取得了巨大的成就。我的問題實際上是問贊恩的，我認為這更多的是關於某種指導。本季訂閱收入比您的指導值高出約 500 萬美元。我認為，就訂閱收入而言，這可能是我們從 Workday 中看到的最小的增長。早期續約似乎存在著許多動態，以及這對 CRPO 的影響。對訂閱收入有影響嗎？或者有什麼可以幫助我們了解本季訂閱收入比典型情況更明顯的情況嗎？

Sure, Keith. Yes, I mean, subscription revenues came in obviously ahead of our guide and as you point out, still ahead of where the Street was. I'll point out, fourth quarter is a big quarter for us and we had a really busy January. So some of that may have been reflected in the quarter as far as if you think about just linearity throughout the quarter. So there was some impact into the quarter. But as we look to FY '25 and we think about the buildup heading into FY '25, as you pointed out, we've seen good CRPO growth through all of last year.

當然，基斯。是的，我的意思是，訂閱收入明顯領先於我們的指南，正如您所指出的，仍然領先華爾街。我要指出的是，第四季度對我們來說是一個重要的季度，我們度過了一個非常忙碌的一月。因此，如果您只考慮整個季度的線性情況，其中一些可能已經反映在本季度中。因此，本季受到了一些影響。但當我們展望 25 財年並考慮進入 25 財年的成長時，正如您所指出的，我們在去年全年看到了 CRPO 的良好成長。

And as I pointed out in my prepared remarks, we don't necessarily anticipate that level of growth above the subscription revenue growth that we've seen just because of the renewal activity on both the scheduled side as well as the early renewal activity. So there's some of that built into the guide. There's nothing that I would point out in the fourth quarter other than it was a solid fourth quarter. We feel really good about the momentum we have in the business. We feel good about the outlook. As Carl pointed out, it's consistent with the outlook and the guide that we gave a quarter ago.

正如我在準備好的發言中指出的那樣，我們不一定會因為預定方面的續訂活動以及早期續訂活動而預期增長水平會高於我們所看到的訂閱收入增長。所以指南內建了一些內容。除了第四季的表現之外，我沒有什麼可以指出的。我們對業務的發展動能感到非常滿意。我們對前景感覺良好。正如卡爾指出的那樣，這與我們一個季度前給出的前景和指南是一致的。

So we feel great about where we're sitting right now. I will also point out the aggregate level of CRPO. If you look at that versus the upcoming guide for the year, we're actually at a slightly higher level than where we were for the same time of the prior year, so the same time last year. So again, we feel like we're very well positioned heading into the year. It was a good fourth quarter and we're all ready to execute into FY '25.

所以我們對現在的位置感覺很好。我還將指出 CRPO 的整體水準。如果你將其與今年即將發布的指南進行比較，我們實際上處於比去年同期（即去年同期）略高的水平。再次強調，我們感覺今年我們處於非常有利的位置。第四季表現不錯，我們已做好進入 25 財年的準備。

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 的路線。

And Aneel, I'll echo my thanks and best wishes on your new role. I think my question is for Carl. Carl, obviously, platform deals this year seem to have been a pretty big lever for you all, especially in the mid-market. Can you just talk about your confidence level in the pipeline around platform deals as we go into fiscal '25 and just sort of what that looks like?

阿尼爾，我將表達我對你的新角色的感謝和最美好的祝愿。我想我的問題是問卡爾的。卡爾，顯然，今年的平台交易對你們所有人來說似乎都是一個相當大的槓桿，尤其是在中端市場。您能談談您對 25 財年即將到來的平台交易管道的信心嗎？

Yes, sure. Thanks for the question, Kirk. As we've said for the last year, we are focusing on delivering a full platform solution to our customers, both HCM and Financials, and we have seen a nice uptick in our selling motion there. In the medium enterprise, we're seeing a big uptick, so our full platform sales are going up, but we're also seeing it in the upmarket as well in large enterprise. And then there are certain industries where we see it like state and local government. We see it in health care. Our health care business had a really big quarter, a 50% growth year-over-year. So it is definitely a selling motion we're leaning into.

是的，當然。謝謝你的提問，柯克。正如我們去年所說，我們專注於為 HCM 和金融客戶提供完整的平台解決方案，並且我們在那裡的銷售活動有了很大的成長。在中型企業中，我們看到了大幅成長，因此我們的全平台銷售額正在上升，但我們在高端市場以及大型企業中也看到了這種情況。然後，我們在某些​​行業中看到了這種情況，例如州和地方政府。我們在醫療保健領域看到了這一點。我們的醫療保健業務季度表現非常出色，年增 50%。因此，這絕對是我們正在傾向於的拋售動作。

And I think, quite frankly, we're just getting started. Our Financials platform continues to gain momentum in the market. We're able to sell FINS back into our existing HCM customers, so they become full platform customers. And net new sales, a lot of them are full platform from day 1. So the full platform approach we're taking is clearly paying dividends and driving our growth.

坦白說，我認為我們才剛剛開始。我們的金融平台繼續在市場上獲得動力。我們能夠將 FINS 賣回給現有的 HCM 客戶，使他們成為全平台客戶。從第一天起，淨新銷售額中的許多都是全平台的。因此，我們採取的全平台方法顯然正在帶來紅利並推動我們的成長。

We will also be -- starting next week, we'll be transitioning. In the past, we've talked about some pricing and packaging where we'll be selling more suites and bundles. That's something we'll be educating our field on next week. It's been in pilot. It's -- the pilot has gone well. And we're quite hopeful about how we're going to change pricing and packaging to encourage customers to have an easier way to buy a full platform from Workday.

我們也將—從下週開始，我們將進行過渡。過去，我們討論過一些定價和包裝，我們將在其中銷售更多套件和捆綁包。這是我們下週將在我們的領域進行的教育。它已經處於試點階段。飛行員進展順利。我們對如何改變定價和包裝以鼓勵客戶以更簡單的方式從 Workday 購買完整平台充滿希望。

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·希爾和傑弗里斯的對話。

Aneel, I'm glad you had that meal at the Truckee Diner. I'm sure you're thankful for that. Thanks again for everything. Carl, I think just back to Keith's question, when we see 22% backlog in Q3 going to 20% in Q4 and down to 18% in Q1 on the guide, I think everyone appreciates the steps and initiatives you're taking, but the growth numbers are kind of working in the wrong direction relative to the initiatives that you're taking.

阿尼爾，我很高興你在特拉基餐廳吃過這頓飯。我相信你對此很感激。再次感謝一切。卡爾，我想回到基斯的問題，當我們看到指南中第三季度的22% 積壓到第四季度的20% 和第一季的18% 時，我認為每個人都讚賞您正在採取的步驟和舉措，但是相對於您正在採取的舉措而言，成長數字有點朝著錯誤的方向發展。

And I realize that perhaps this takes some time to play out, but I think everyone is trying to understand the environment is getting better, yet the backlog numbers seem to be declining quarter-over-quarter and then in Q1. So I'm just curious if you can help bridge what's going on.

我意識到這可能需要一些時間才能發揮作用，但我認為每個人都在努力了解環境正在變得更好，但積壓數量似乎逐季度下降，然後在第一季下降。所以我很好奇你是否能幫助彌合正在發生的事情。

Brent, yes, I'll start. This is Zane. We are very pleased with the backlog build. And as we pointed out, we focused primarily on subscription revenue build, and backlog is influenced by not only scheduled renewals but also this early renewal activity, which we now lap. If you recall, we started talking about that a year ago. So again, the 20% backlog growth that we saw this quarter actually came in, if you recall, about 1 point higher than even our expectations. And a big contributor of that was the pull-in that we saw through this early renewal activity.

布倫特，是的，我要開始了。這是讚恩。我們對積壓工作感到非常滿意。正如我們所指出的，我們主要關注訂閱收入的建立，而積壓工作不僅受到預定續訂的影響，也受到我們現在所關注的早期續訂活動的影響。如果你還記得的話，我們一年前就開始討論這個問題了。再說一次，如果你還記得的話，我們本季看到的 20% 的積壓成長實際上比我們的預期高出約 1 個百分點。其中一個重要貢獻者是我們透過早期更新活動所看到的拉動。

And we would expect backlog to have some variability on a quarter-to-quarter basis as you think about how you build backlog and how it's aligned with not only new ACV growth but the scheduled renewal growth. So it's coming in, I'd say, very close to our expectation. As we point out and as I mentioned over the last number of calls, we don't expect to see, in particular with CRPO, the sustained growth level coming in higher than subscription revenue growth in perpetuity. And we feel really good about the aggregate. If you look at the aggregate CRPO level as a percent of the guide, you can see it's actually at a higher level than what it was last year. So we feel really good about the build. But as I caution, there will be some variability as we expect on a quarter-to-quarter basis.

當您考慮如何建立積壓訂單以及它如何與新的 ACV 成長以及計劃的續訂成長保持一致時，我們預計積壓訂單在每個季度都會有一些變化。所以我想說，它非常接近我們的期望。正如我們所指出的，以及我在上次電話會議中提到的，我們預計不會看到持續成長水準永遠高於訂閱收入成長，尤其是 CRPO。我們對整體感覺非常好。如果您將 CRPO 的總體水平視為指南的百分比，您會發現它實際上比去年的水平更高。所以我們對這個構建感覺非常好。但正如我所警告的那樣，正如我們預期的那樣，每個季度都會出現一些變化。

Yes. Also, Zane, I just wanted to touch on the renewals dynamic. It's a conversation we've had now, I guess, for our fifth earnings call in a row here. But it is, again -- early renewals is an output of customer demand. And when customers want to buy product from us and consolidate onto our best-of-breed platform as opposed to having all these -- or best-of-suite platform versus all these best-of-breed solutions, it drives early renewals.

是的。另外，贊恩，我只想談談續約動態。我想，這是我們連續第五次財報電話會議上進行的對話。但這又是——提前續約是客戶需求的結果。當客戶想要從我們這裡購買產品並整合到我們的同類最佳平台上，而不是擁有所有這些——或者最佳套件平台與所有這些同類最佳解決方案時，它會推動早期更新。

So our teams don't get paid on early renewals. It's basically customer demand and early renewals is an output, right? It's not something we go out and focus on. So we're very pleased with the demand we see from customers, both net new and our customer base and selling back into them, which does drive early renewals. But that can vary, Zane, as you know, right, in any given quarter.

因此，我們的團隊不會因提前續約而獲得報酬。這基本上是客戶需求，提前續約是一種輸出，對吧？這不是我們出去關注的事情。因此，我們對客戶（包括淨新客戶和我們的客戶群）的需求感到非常滿意，並回售給他們，這確實推動了早期續約。但贊恩，正如你所知，在任何特定季度，情況都會有所不同。

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)。

Congratulations, Aneel, on your new role here. I wanted to ask one on the verticals here. It's a big focus. You've been talking about this for a couple of years now. I know government, higher ed, health care, those have been relatively strong for quite some time. Can you give us a sense for which one in the other list, retail, hospitality, financials, tech and media where you see some of the fruits of the efforts that you've been making here to build on the product and go-to-market where we could see some incremental strength in any of those verticals?

恭喜 Aneel 擔任新職務。我想在這裡問一個關於垂直領域的問題。這是一個大焦點。你已經談論這個問題好幾年了。我知道政府、高等教育、醫療保健，這些在相當長一段時間內相對強大。您能否告訴我們，在另一份清單中，零售、酒店、金融、科技和媒體領域，您看到了您在產品和首選基礎上所做努力的一些成果？我們可以在哪些垂直市場中看到一些增量優勢？

Yes. Maybe I'll start, Doug, and then you can add, if you don't mind. I think the industry strategy or the vertical strategy we have here at Workday plays nicely with, if you will, our segment strategy. That's why we talk a lot about the diversity of our business. But to your point, health care continues to be a very large segment for us. We talked about retail and hospitality last quarter was the second, if you will, vertical that crossed $1 billion in ARR. We talked about the continued momentum around higher ed and full platform sales there.

是的。也許我會開始，道格，然後你可以添加，如果你不介意的話。我認為，如果你願意的話，我們 Workday 的產業策略或垂直策略與我們的細分策略配合得很好。這就是為什麼我們經常談論我們業務的多樣性。但就您而言，醫療保健對我們來說仍然是一個非常大的部分。我們談到上個季度零售和酒店業是第二個（如果你願意的話）ARR 突破 10 億美元的垂直行業。我們討論了高等教育和全平台銷售的持續勢頭。

And then also around financial services, we didn't call it out and specifically in the earnings call as a vertical, but we had a number of very significant financial sales back into existing HCM customers around financial services. So that was a great indicator that full platform is resonating around financial services as well. So our industry strategy is playing out, and we saw another really strong quarter across those key markets. Doug, I don't know, maybe you have some additional color you'd like to add.

然後，在金融服務方面，我們沒有特別在財報電話會議上稱之為垂直領域，但我們圍繞金融服務向現有 HCM 客戶進行了許多非常重要的財務銷售。因此，這是一個很好的指標，顯示整個平台也在金融服務領域產生共鳴。因此，我們的行業策略正在發揮作用，我們在這些關鍵市場上看到了另一個非常強勁的季度。道格，我不知道，也許你想添加一些額外的顏色。

Sure. So in addition to the usual suspects of sort of those top industries that you excluded from the question, 2 that stand out. Professional services, I think we even highlighted the Randstad win. But we're seeing industries like professional services or business services where you bring people and money together are the perfect sort of scenario for a full platform opportunity for Workday. So we saw really good performance there in Q4.

當然。因此，除了您從問題中排除的那些頂級行業的常見嫌疑犯之外，還有 2 個行業脫穎而出。專業服務，我認為我們甚至強調了任仕達的勝利。但我們發現專業服務或商業服務等將人員和資金聚集在一起的行業是 Workday 完整平台機會的完美場景。所以我們在第四季看到了非常好的表現。

And then the second, which doesn't really sort of capture maybe the attention it deserves at times, which is medium enterprise platform deals, cuts across all of the industries you mentioned and includes the ones that, again, are the health care, FSI, public sector that you know well from us. So those are the 2 that I'd call out, Carl.

然後第二個，有時並沒有真正引起應有的關注，即中型企業平台交易，跨越您提到的所有行業，包括醫療保健、金融服務機構 (FSI) 等行業，您對我們非常了解的公共部門。這就是我要指出的兩個，卡爾。

Yes. Thanks, Doug.

是的。謝謝，道格。

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

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

I wanted to maybe ask just the (inaudible). First, maybe in terms of the quarter itself, the fourth quarter, if you kind of dissect the large enterprise traction and activity versus kind of your traction activity in the mid-market, how would you say this fourth quarter trended versus previous? And then maybe, Zane, on the guide, is there any way to dimensionalize how much hired source -- or HiredScore, sorry, revenue you're including for the full year, just given you're reiterating a prior guide now with some acquired revenue?

我也許只是想問（聽不清楚）。首先，也許就季度本身而言，第四季度，如果您將大型企業的牽引力和活動與中端市場的牽引力活動進行剖析，您會說第四季度的趨勢與之前相比如何？然後也許，Zane，在指南上，有沒有什麼方法可以對僱用來源的數量進行維度化——或者HiredScore，抱歉，你包括全年的收入，只是考慮到你現在正在重申之前的指南，其中包含一些獲得的收入收入？

Sure. Yes, I'll start on the inclusion. It's considered part of the prior guide. It's not a meaningful part of the total revenue guide, and we obviously include it in our cost base as well. So not meaningful when you think about the guide for this year but obviously very strategic for us, and we're very excited about what it will contribute beyond FY '25.

當然。是的，我將從包容性開始。它被認為是先前指南的一部分。它不是總收入指南中有意義的部分，而且我們顯然也將其納入我們的成本基礎中。因此，當你考慮今年的指南時，它沒有什麼意義，但顯然對我們來說非常具有戰略意義，我們對它在 25 財年之後的貢獻感到非常興奮。

Yes. And on the LE versus the medium enterprise, I'll let Doug start and then I'll add some color.

是的。關於 LE 與中型企業，我將讓 Doug 開始，然後我將添加一些顏色。

Yes. So I'd say that Q4 was very similar to Q3 in terms of ME, LE both hitting really solid growth rates. And I'd draw the distinction between Q3 and Q4 where ME really snapped back. The first half of the year, I think we had even called this out in previous earnings calls, we saw certain industries within medium enterprise have some softness. But in Q3, and this held true in Q4 as well, medium enterprise, particularly medium enterprise net new, snapped back, so we saw really good growth dynamics in both ME and LE for Q4.

是的。所以我想說，就 ME、LE 而言，第四季與第三季非常相似，兩者都達到了非常穩定的成長率。我會區分第三和第四季度，我在這兩個季度真的恢復了。今年上半年，我認為我們在之前的財報電話會議中甚至已經指出了這一點，我們看到中型企業內的某些行業出現了一些疲軟。但在第三季度，這在第四季度也是如此，中型企業，特別是中型企業淨新增，迅速回升，因此我們在第四季度的 ME 和 LE 中看到了非常好的成長動力。

Yes. And on the LE side, Doug, as we said in my prepared remarks and just we answered in the prior question, we had a really strong quarter again in health care, a good state and local government as well and then higher ed. They're 3 strong categories, right, that actually fall into our large enterprise business that once again had really strong performance in the quarter.

是的。在LE 方面，Doug，正如我們在我準備好的發言中所說以及我們在之前的問題中回答的那樣，我們在醫療保健方面再次經歷了非常強勁的季度，還有良好的州和地方政府以及高等教育。它們是 3 個強大的類別，對吧，實際上屬於我們的大型企業業務，該業務在本季度再次表現強勁。

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

我們的下一個問題來自 Michael Turrin 與富國銀行 (Wells Fargo) 的對話。

Maybe one for Zane on margin. You're up to 24% operating margin here, guiding for 24.5% as a starting point for next year, so within striking distance at the low end of that longer-term target range you framed out. I just would love to hear you spend some more time on how you're approaching the balance between growth and margin from here. And then on free cash flow, appreciate the Q4 commentary and the outperformance there. It looks like the initial fiscal '25 free cash flow outlook is relatively consistent with fiscal '24. So outside of that 4Q, kind of just anything else you can add on what might be the puts and takes on free cash flow is helpful.

也許對贊恩來說是一個保證金。您目前的營業利潤率高達 24%，指導明年的起點為 24.5%，因此距離您制定的長期目標範圍的下限已經很近了。我只是很想聽聽您花更多的時間討論如何從這裡實現成長和利潤之間的平衡。然後在自由現金流方面，請欣賞第四季度的評論和出色的表現。看起來 25 財年的初始自由現金流前景與 24 財年相對一致。因此，除了第四季度之外，您可以在自由現金流的看跌期權和認購期權上添加任何其他內容，都是有幫助的。

Sure, Michael. Happy to talk a little bit about margin. I'd say it's consistent with the conversation we've had, candidly, through all of FY '24. But as we outlined at our Financial Analyst Day, Carl and the team have really taken, I think, a thoughtful approach across those investment buckets that we've highlighted to everyone, including our international expansion, the focus on FINS, on AI and leaning into partnerships, and obviously, as we've highlighted this quarter, also highlighting organic growth and M&A growth.

當然，邁克爾。很高興談論保證金。坦白說，這與我們整個 24 財年的對話是一致的。但正如我們在金融分析師日所概述的那樣，我認為卡爾和團隊確實在我們向所有人強調的那些投資領域採取了深思熟慮的方法，包括我們的國際擴張、對 FINS、人工智慧和傾斜的關注合作夥伴關係，顯然，正如我們本季所強調的那樣，也強調了有機成長和併購成長。

And we've really balanced the investments that we're making and contemplated that with the outlook and the buildup for FY '21 -- sorry, FY '25, but also aligning for our longer-term outlook and continue to focus on not only investing in the right areas, but obviously, that driving long-term growth and contributing to a margin expansion over that period of time. So it's a balance that we continue to focus on. The team here are looking at each of those investment areas and categories and thinking about how to adjust those dynamically where we see opportunities around the globe, quite frankly, and leaning in where we can and at the same time, as you would expect, as we continue to focus on being more efficient as an organization and thinking about our global presence and focusing on those efficiencies so that we can not only scale the organization but reinvest in some of these key areas. And that's, I think, represented in the outlook that we have, both the top line growth and then the margin expansion coming in nicely aligned with the midterm outlook that we provided at Financial Analyst Day.

我們確實平衡了我們正在進行的投資，並根據 21 財年的前景和積累進行了考慮——對不起，25 財年，而且還與我們的長期前景保持一致，並繼續不僅關注投資於正確的領域，但顯然，這會推動長期成長並有助於該時期的利潤率擴張。所以這是我們繼續關注的平衡。坦白說，這裡的團隊正在研究每個投資領域和類別，並思考如何動態調整我們在全球範圍內看到的機會，並在我們能夠做到的同時，正如您所期望的那樣，我們繼續專注於提高組織效率，思考我們的全球影響力並專注於這些效率，以便我們不僅可以擴大組織規模，而且可以在其中一些關鍵領域進行再投資。我認為，這體現在我們的前景中，無論是營收成長還是利潤率擴張，都與我們在金融分析師日提供的中期前景非常吻合。

And I would say operating cash flow and then free cash flow aligns with that. I highlighted the fact that in FY '24, we clearly benefited from some strong collections and early collections. We don't necessarily anticipate that reoccurring next year, and we factored that into the guide, into our OCF guide for FY '25. So we're pleased with the growth there. If you adjust for the $100 million as well as the extra pay period that just so happens to align because of the leap year, you get back to OCF growth that I believe is in line with the business growth. So we feel really good about the cash growth in the business and obviously feel very good about the top line growth and the margin expansion that we're seeing.

我想說的是，經營現金流和自由現金流與此一致。我強調了這樣一個事實，即在 24 財年，我們顯然受益於一些強大的系列和早期系列。我們不一定預計明年會再次發生這種情況，我們將其納入指南中，納入我們的 25 財年 OCF 指南中。所以我們對那裡的成長感到滿意。如果你對 1 億美元以及因閏年而恰好一致的額外支付期進行調整，你就會回到 OCF 增長，我認為這與業務增長是一致的。因此，我們對業務的現金成長感到非常滿意，並且顯然對我們所看到的營收成長和利潤率擴張感到非常滿意。

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

我們的下一個問題來自瑞銀集團的 Karl Keirstead。

Maybe I'll direct this to Zane. And Zane, back on the CRPO, so a 2-parter. For the 20% CRPO growth that you put up for the January quarter, are you able to disclose what the early renewal impact was? I think 3 months ago, you had mentioned that it was a little bit more than 1 point. Curious what it was for January. And then when we look forward, just to clarify, is the guidance for 18% CRPO growth for April, have you now fully lapped this early renewal dynamic such that we should think about that being more of a normalized or clean compare? Or does this dynamic still represent a headwind that maybe in a couple of quarters you work through and you get a bit of a recovery in the year-over-year growth? I'd love to understand that without obviously asking for specific guidance.

也許我會把這個轉給贊恩。贊恩（Zane）又回到了 CRPO，所以是兩人合作的。對於您提出的 1 月季度 CRPO 成長 20% 的情況，您能否透露提前續約的影響是什麼？我想 3 個月前，你曾經提到它比 1 點多一點。好奇一月是什麼。然後，當我們展望未來時，只是澄清一下，4 月份 CRPO 增長 18% 的指導，您現在是否完全接受了這種早期更新動態，以便我們應該考慮更多地進行正常化或乾淨的比較？或者這種動態仍然代表著一種逆風，也許在你度過幾個季度後，你的同比增長就會有所復甦？我很想理解這一點，而無需明確要求具體指導。

Sure. Yes, of course, Karl. Yes, as you mentioned, in the fourth quarter, the 20% included about 1.5 points of early renewal activity, some of which we expected. But with the growth that we saw, obviously, just in ACV growth as well as that early renewal activity that came in ahead of our guide, I mentioned it came in, I believe, 1 point ahead of our guide. So we were very pleased with the CRPO growth in the quarter.

當然。是的，當然，卡爾。是的，正如您所提到的，在第四季度，20% 包括大約 1.5 個點的提前續約活動，其中一些是我們預期的。但隨著我們看到的成長，顯然，只是 ACV 的成長以及提前於我們的指南進行的早期更新活動，我提到它比我們的指南領先 1 個百分點。因此，我們對本季 CRPO 的成長感到非常滿意。

But I'll also point out, we're still focused on subscription revenue. We are lapping a period of higher than traditional growth tied to these early renewals. And as I mentioned, I believe, at our Financial Analyst Day where I gave an example, at times, duration and the level of renewal activity, both scheduled and early, can have a fairly significant impact on that CRPO growth. So as we look at our scheduled renewals from FY '24 to FY '25, we actually continue to see nice growth, if you look at it on an annualized basis.

但我還要指出，我們仍然專注於訂閱收入。我們正在經歷一個與這些早期更新相關的高於傳統成長的時期。正如我所提到的，我相信，在我們的金融分析師日上，我舉了一個例子，有時，更新活動的持續時間和水平，無論是預定的還是提前的，都會對CRPO 的增長產生相當重大的影響。因此，當我們查看從 24 財年到 25 財年的預定續訂時，如果您以年化基礎來看，我們實際上繼續看到良好的成長。

But I'll point out, you do get some variability on a quarter-to-quarter basis, which is why we're now actually even including a range into our expectation heading into Q1. So you do -- you lap some of that early renewal activity that we've clearly benefited from, but we don't necessarily anticipate that growth that we've seen in at least the prior number of quarters to continue at that rate.

但我要指出的是，每個季度確實會出現一些變化，這就是為什麼我們現在甚至在第一季的預期中包含了一個範圍。所以你確實——你經歷了一些我們明顯從中受益的早期更新活動，但我們不一定預計我們至少在之前幾個季度看到的增長會繼續以這種速度增長。

And candidly, we're thrilled with the increase that we see in CRPO, but again, that's not the only driver to our forecasted subscription revenue growth, which is the key area that we focus on. So netting it out, we feel good about our CRPO aggregate levels, and we would expect to see some variability, which is included in our first quarter guide.

坦白說，我們對 CRPO 的成長感到興奮，但同樣，這並不是我們預測訂閱收入成長的唯一驅動力，這是我們關注的關鍵領域。因此，我們對 CRPO 整體水準感覺良好，並且預計會出現一些變化，這已包含在我們的第一季指南中。

Our next question comes from the line of Derrick Wood with TD Cowen.

我們的下一個問題來自 Derrick Wood 和 TD Cowen 的對話。

Carl, you guys hired a lot of sales reps focused on selling core FINS over the last few quarters. Can you just give us a sense of how you're feeling about ramp to productivity times, how we should be thinking about kind of where we are in year-over-year growth and fully ramped sales capacity into the new year and just how you're thinking about sales hiring plans through fiscal '25?

Carl，你們在過去幾季僱用了許多銷售代表，專注於銷售核心 FINS。您能否讓我們了解一下您對生產力提升的感受，我們應該如何考慮我們的同比增長情況以及在新的一年裡全面提升銷售能力以及您如何正在考慮 25 財年的銷售招聘計劃？

Yes, sure. Thanks for the question, Derrick. So you are right. Last year at this time, we announced we were doubling down our efforts on the go-to-market side around Financials, and that included hiring out a whole bunch of new sales reps, which we did, and that continued throughout Q4. And what we do is every quarter, we look at our key metrics on how we're performing against that investment. We look at the pipeline. We look at new logo wins. We said it was up pretty significantly here in Q4. We look at our competitive win rates, which continued to tick up throughout the year on Financials. We also take a look at new ACV, which we said was up year-over-year on Financials.

是的，當然。謝謝你的提問，德里克。所以你是對的。去年的這個時候，我們宣布我們將在金融領域的市場推廣方面加倍努力，其中包括僱用一大批新的銷售代表，我們確實這麼做了，而且這一情況在整個第四季度都在持續。我們所做的是每個季度都會檢查我們的關鍵指標，以了解我們在投資方面的表現。我們看看管道。我們看看新標誌的勝利。我們說過第四季的成長相當顯著。我們著眼於我們具有競爭力的勝率，金融方面的勝率全年持續上升。我們也關注了新的 ACV，我們稱其在財務方面同比有所增長。

And then the drag effect on all of that is full platform sales, which were also up in Q4 on a year-over-year basis. So we are pleased with the investments we've made on the go-to-market side around Financials, and we will continue to lean into that as these people become more and more productive. If you think about it, a lot of them have been on board only 6 or 9 or even 3 months, so we haven't seen the impact of the full investment at this time.

然後，對所有這些的拖累效應是全平台銷售，第四季度同比也有所增長。因此，我們對在金融領域的市場進入方面所做的投資感到滿意，隨著這些人變得越來越高效，我們將繼續致力於這項投資。如果你想想，他們中的很多人只加入了6個月、9個月甚至3個月，所以我們目前還沒有看到全額投資的影響。

It's also important to note that we're investing in Financials, not just directly in our own sales force but how we partner with our ecosystem. And also, we continue to invest in the product side of the business around Financials so that we have a much more global and localized platform around the world because we see that as a big opportunity as well. So net-net, we're very happy with the investment. We'll continue to lean in. We think it's a huge market opportunity. We've said many times, only 20% or 25% of workloads have moved to the cloud. And then if you combine that with our competition pushing customers to a new platform, it's a rich opportunity for us going forward.

同樣重要的是要注意，我們正在投資金融領域，不僅直接投資於我們自己的銷售隊伍，還投資於我們與生態系統的合作方式。此外，我們繼續投資於金融業務的產品方面，以便我們在世界各地擁有一個更全球化和在地化的平台，因為我們認為這也是一個巨大的機會。因此，我們對這項投資非常滿意。我們將繼續努力。我們認為這是一個巨大的市場機會。我們多次說過，只有 20% 或 25% 的工作負載轉移到了雲端。如果你將這一點與我們推動客戶轉向新平台的競爭結合起來，這對我們來說是一個前進的豐富機會。

And our last question comes from the line of Brent Bracelin with Piper Sandler.

我們的最後一個問題來自 Brent Bracelin 和 Piper Sandler。

I get the noise here and renewal timing issues impacting CRPO. Wanted to double-click into subscription revenue growth. We've seen 6 quarters of slowing growth in the subscription business. You're actually guiding to growth to accelerate for the first time here into Q1. What is driving the optimism around this reacceleration of subscription growth? And maybe you could provide a little color around the pipeline visibility this year versus going into last year.

我在這裡聽到了影響 CRPO 的噪音和續訂時間問題。希望雙擊訂閱收入成長。我們已經看到訂閱業務成長放緩了 6 個季度。實際上，您正在引導成長在第一季首次加速。是什麼推動了訂閱成長重新加速的樂觀？也許您可以為今年的管道可見性與去年的情況提供一些顏色。

Sure. I'll start and then let Carl give a little more insight into the pipeline. I did point out that subscription revenue growth heading into Q1 does benefit from the additional day tied to the leap year. And as you would expect, heading into the next quarter, we have good visibility into the pipeline. We also have good visibility into the aggregate level of CRPO. So we feel good about what we've presented for not only the quarter but also the subscription revenue guide that we've given for the year, which aligns with our overall midterm outlook. So we believe that between the pipeline and the CRPO, we feel good about that revenue guide.

當然。我將開始，然後讓 Carl 進一步深入了解管道。我確實指出，進入第一季的訂閱收入成長確實受益於與閏年相關的額外一天。正如您所期望的那樣，進入下個季度，我們對管道有很好的了解。我們也可以很好地了解 CRPO 的整體水平。因此，我們不僅對本季的報告感到滿意，而且對今年的訂閱收入指南也感到滿意，這與我們的整體中期前景一致。因此，我們認為，在管道和 CRPO 之間，我們對收入指南感到滿意。

Yes. And on us being cautiously optimistic on the year and why we provided the type of guidance we did for both Q1 and the full year FY '25, it's because the investments that we put in place last year are really coming to fruition for us, whether it's in the Financials platform that I just articulated. The partners are really starting to bring us new opportunities, and we're leveraging them for co-innovation. Our international focus, we talked about it over the last year and all the new talent we brought. We're seeing consistent and predictable results out of Europe, and we had a great quarter in APAC, and even Japan did a really nice performance for us.

是的。我們對今年持謹慎樂觀態度，以及為什麼我們為第一季和 25 財年全年提供了這種指導，這是因為我們去年投入的投資確實為我們帶來了成果，無論是它是在我剛剛闡述的財務平台中。合作夥伴確實開始為我們帶來新的機會，我們正在利用他們進行共同創新。我們的國際焦點，我們在去年談論了它以及我們帶來的所有新人才。我們在歐洲看到了一致且可預測的結果，我們在亞太地區度過了一個出色的季度，甚至日本也為我們帶來了非常好的表現。

And then on AI, we think we got the most compelling AI platform in our market, and we continue to organically innovate there, and we're doing inorganic innovation like we did with HiredScore. So all of that gives us cautious optimism as we think about both Q1 and FY '25.

然後在人工智慧方面，我們認為我們擁有市場上最引人注目的人工智慧平台，我們繼續在那裡進行有機創新，我們正在進行無機創新，就像我們對 HiredScore 所做的那樣。因此，當我們考慮第一季和 25 財年時，所有這些都讓我們保持謹慎樂觀的態度。

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

女士們、先生們，感謝你們參加今天的會議。現在我將把它交給埃申巴赫先生徵求最後的意見。

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's success. Q4 was another solid quarter, highlighted by the durable mission-critical nature of our business and reinforcing the exciting growth opportunity we have ahead. We are well positioned and focused on getting off to a good start here in FY '25. With that, I'll hand the call back over to the operator to close today's call. And I hope everyone has a great evening.

感謝您，接線生，感謝大家參加今天的電話會議，特別感謝我們在全球各地的同事、客戶和合作夥伴，他們繼續推動 Workday 的成功。第四季是另一個穩健的季度，突顯表現在我們業務的持久關鍵任務性質，並強化了我們未來令人興奮的成長機會。我們已做好準備，並致力於在 25 財年取得良好的開端。這樣，我會將電話轉回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。

And this concludes today's conference, and you may disconnect your lines at this time. Thank you for your participation.

今天的會議到此結束，大家可以掛斷電話了。感謝您的參與。