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賈斯汀·弗比 (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.

謝謝您，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 Carl Eschenbach 參加了電話會議； Aneel Bhusri，我們的執行主席；我們的財務長 Zane Rowe；以及我們的聯合總裁Doug Robinson。在準備好的發言之後，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，本次電話會議也同時進行網路直播。

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，我們想強調一下，我們在本次電話會議上的一些聲明，特別是我們的指導，是基於我們截至今天掌握的信息，並包括有關我們的財務業績、應用、客戶需求、運營和其他事項的前瞻性聲明。這些聲明受風險、不確定性和假設的影響，可能導致實際結果大不相同。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 2023 財年 10-K 表年度報告和我們最近的 10-Q 表季度報告，以獲取有關可能導致實際結果與此類聲明中所述的結果存在重大差異的風險、不確定性和假設的更多資訊。

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 GAAP 指標應作為 GAAP 結果的補充而不是替代或孤立地看待。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 GAAP 指標的更多揭露，包括與可比較 GAAP 結果的對帳。

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未來 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會在本次電話會議結束後發佈在我們的投資者關係網站上。此外，我們網站的客戶頁麵包含選定客戶的列表，並且每​​月更新。

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。

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，也謝謝大家今天的參與。我很高興地告訴大家，Workday 第四季業績表現穩健，訂閱營收成長 18%，非 GAAP 營業利潤率達到 24%。這些成果是由整個業務的良好發展勢頭推動的，也是我們全球近 19,000 名員工一年來強勁執行的結果。在過去的一年裡，我們對領導團隊、市場進入和合作夥伴生態系統以及我們的平台進行了重點投資，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.

對於我們在過去一年所取得的成就，我感到無比自豪，特別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，是他們讓這些成果成為可能。在加入 Workday 以來的 14 個月裡，我更加堅信 Workday 的未來機會和我們的價值主張。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.

客戶開始信任我們，相信我們能夠幫助他們完成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焦點。在整個交談過程中，我清楚地看到，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 致力於負責任地開發人工智慧技術，在公司內部負責任地部署人工智慧技術，並倡導人工智慧技術的監管，因此在業界獨樹一幟。近十年來，我們一直致力於為客戶提供人工智慧功能，將人工智慧打造成為我們平台的核心，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，從而為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 用例將交到早期採用者手中，包括職位描述和知識文章。為了進一步加速我們的 AI 路線圖，今天，我們很高興地宣布我們計劃收購提供 AI 驅動的人才編排解決方案的 HiredScore。 HiredScore 的技術提供數據驅動的洞察力，以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、由人工智慧驅動的人才獲取和內部流動服務。它不僅具有引人注目的技術，而且 HiredScore 和 Workday 都致力於負責任的人工智慧開發，包括注重可解釋性和透明度。我們對於我們共同努力所能帶來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表現，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上所分享的那樣，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，這表明我們未來擁有巨大的機會。從淨新客戶的角度來看，我們再次看到了全平台交易的強勁勢頭。我們歡迎澳洲證券交易所、博伊德遊戲公司、HHS、Randstad、特拉華州 UHS 和 VXI Global Solutions 等全平台 HCM 和金融客戶。本季的新 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度再次取得了成果。本季度，我們進行了幾項策略擴張和更新，包括 BJ's、Goodyear 和 Greystar Global Enterprise。我們在 HCM 客戶群中進行了多項核心財務管理擴展，包括 Allied Financial、Huntington Bank、Intermountain Health 和 Stewart Title Guaranty。我們的創造和結束動作也度過了另一個偉大的季度，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，我們看到包括 Extend 在內的整個產品組合都呈現出健康的成長勢頭，其中 Extend 的新 ACV 在第四季度同比增長了一倍。我們目前擁有超過 850 個 Extend 客戶，我很高興告訴大家，我們在第四季度簽署的 Extend 新 ACV 中大約有 1/3 來自我們的新專業 SKU，其中包括 AI Gateway 以及今年稍後推出的 Workday Developer Copilot。當我們的客戶在我們的平台上線時，我們除了慶祝勝利之外，我很高興地告訴大家，在24財年，我們95%以上的部署都按時上線。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，同時也上線了多項值得關注的財務管理項目，包括 American University、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和擴大業務，我們繼續在多個成長領域進行投資。現在我將分享這些領域的一些亮點，從國際開始。今天，國際市場佔據了我們潛在機會的一半以上，但卻只占我們收入的四分之一。我們正在努力改變這種狀況，並且已經看到了進展的初步跡象。在歐洲、中東和非洲地區，我們領導階層的加入繼續推動我們取得更好、更穩定的表現。上個季度，我花了幾週時間訪問了我們在歐洲的團隊，我必須告訴你們，我們正在建立的勢頭讓我興奮不已。

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健康的新 ACV 成長。我們還與 Alight 聯合銷售合作夥伴在歐洲、中東和非洲地區達成了第一筆交易，除了更廣泛的推薦和聯合銷售生態系統之外，我們還將繼續與 ADP 和 Alight 建立重要的合作夥伴關係。

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強勁的新 ACV 成長。儘管我們進入這個市場還為時過早，但我們致力於推動它的發展。為了引領潮流，我很高興歡迎 Chikara Furuichi 擔任我們日本市場的新領導者，幫助我們在世界上最大的經濟體之一取得勝利。 Chikara 在日本和亞太地區的 SaaS 安全和雲端服務領域擁有超過 25 年的經驗。他直接向我們的全球銷售總裁派崔克‧布萊爾匯報。

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.

轉向財務。我們不斷看到的證據表明，我們的行銷和平台投資正在獲得回報，核心金融客戶和新的 ACV 實現了健康成長，並且未來產品線強勁。我們在第四季度和24財年都取得了創紀錄的全平台勝利，我們的行業方法顯然是這一勢頭的推動力。例如，醫療保健行業第四季的新 ACV 再次成長超過 50%，為 2024 財年畫上了圓滿的句號。我們在供應鏈等關鍵領域的創新使我們在市場上脫穎而出，並獲得行業獎項，例如最近連續第七年榮獲企業資源規劃領域最佳獎項。

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，自去年該類別成立以來，Gartner 第二次將 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在 24 財年取得了持續的成功，高等教育在第四季度表現出色，獲得了多個全平台的勝利，其中包括俄勒岡州立大學、波特蘭社區學院和威廉與瑪麗學院。

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中的發展軌跡，我很高興歡迎 Lynn Martin 擔任我們的新聯邦領導人。林恩在公共部門擁有 30 多年的經驗，最近負責谷歌的美國聯邦業務，而在此之前，她負責 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.

我們的合作夥伴生態系統支援我們在許多投資領域的進展，我們的重點是提供客戶成果，透過推薦和共同銷售來發展我們的業務並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 將成為為 Insperity 的中小企業提供 PEO 服務的平台，為我們有效地開闢新的市場機會。這是我們如何創新行銷策略來推動成長的一個絕佳的例子。

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 合作推出的 Spark＆Grow 產品。它幫助我們的新興和中型企業客戶在不到 4 週的時間內開始使用 Workday。我們看到市場對此項產品的需求非常大，而我們才剛起步。

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.

這兩個例子很好地反映了我們生態系統的蓬勃發展，我很高興與大家分享，目前我們的生態系統已有超過 200 個合作夥伴加入我們，為我們推薦新的銷售線索並與我們共同銷售。我們在去年五月啟動了這項試點計劃，我們看到全年的勢頭都在增強，第四季度合作夥伴驅動的通路產生量呈現良好的上升趨勢。

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，我為我們團隊在整個24財年的強勁執行力感到無比自豪，同時駕馭動態環境並接受我們在整個業務中推出的重要變化。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。正如我在一年前第一次 Workday 財報電話會議上所說的那樣，我們有機會成為我們這個時代最大、最持久、最賺錢的軟體企業之一。我從來沒有像現在這樣堅信這個信念。

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，我想花一點時間感謝最近擔任執行主席新職務的 Aneel。阿尼爾，過去的 14 個月真是令人難以置信，我由衷感謝你的合作以及你對我的信任，讓我領導你和戴夫近 19 年前開創的事業。您的技術遠見以及對 Workday 特殊文化和價值觀的承諾使公司處於令人難以置信的地位。我對我們接下來將要共同取得的成就感到十分興奮。感謝您一直以來的支持，不但指導應用程式和平台開發，也作為我的朋友。 Aneel，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，以及今天參加電話會議的所有人。正如卡爾所強調的，我們繼續看到整個業務的強勁發展勢頭，這很大程度上得益於我們有能力為客戶提供在當今快節奏和動態環境中蓬勃發展所需的創新。毫無疑問，越來越多的組織，包括中型到大型企業，都看到了在以人工智慧為核心的 Workday 平台上建立業務的價值日益增加。

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.

本月初，我們正式任命卡爾為 Workday 的唯一首席執行官，而我擔任執行主席。正如我之前所說，沒有人比卡爾更適合帶領 Workday 度過下一個發展篇章。從第一天起，他就已經對公司產生了巨大的影響。此外，最重要的是，卡爾完全符合我們的價值觀驅動方法，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.

作為執行主席，我將繼續積極參與，但重點是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，專注於引導 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。為了實現這一目標，我們確定了創新策略的幾個核心要素，並計劃在未來 12 到 18 個月內逐步改善。首先是繼續致力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增強財務和人力資源辦公室的能力，優化他們的兩項最重要的資產，即人員和資金。

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。憑藉我們 10 年的領先優勢和將 AI 直接構建到核心的獨特方法，我們將繼續負責任地提供新的 ML 模型，為我們的客戶解決實際的業務問題並為他們的員工提供支援。我們也將融入高價值的生成式人工智慧功能，以增強搜尋、了解歷史背景、提出建議和創建內容。此外，我非常高興能夠將 HiredScore 納入其中，並進一步增強我們的整體 AI 能力。

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.

第三是行業，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服務。可擴展性是另一個重要的關注領域，這樣我們就可以讓 IT 團隊建立和維護 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 上發布的全新 Extend AI Gateway 就是我們在此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.

第五是體驗。提供個人化客製化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，它們只是我們為管理人員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.

投資的最後一個領域是安全性和彈性，這是我們所做一切的基礎。超過 10,000 家組織依靠 Workday 來幫助營運他們的業務，因此我們必須設計保護關鍵流程的彈性和效能，防範日益增多的全球網路安全威脅，並增加對公有雲產品的投資，從而為我們的客戶提供更高的效能、可擴展性和安全性。

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。我很高興地告訴大家，大衛·薩默斯 (David Somers) 已被任命為我們的新首席產品官，並將領導我們全套產品的開發。 David 將繼續向 Sayan 匯報工作，他在過去幾年中致力於領導我們的人力資源產品策略和開發，我很高興他將幫助領導我們努力拓展 Workday 的全部產品組合的功能。

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.

當我回想起我們早期的歷程時，看到我們所取得的成長和規模真是令人難以置信。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，我們提供完整的平台，幫助我們的客戶轉變其人員和資金管理方式。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 萬名合約用戶，每年處理超過 8,000 億筆交易。我為我們創建的公司以及我們持續為客戶創造的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，我要向我們遍佈全球的近 19,000 名員工表示最深切的感謝，感謝他們如此出色地完成了 2024 財年。 Workday 的未來一片光明，我很高興能與他們、卡爾以及我們領導團隊的其他成員一起努力，並推動 Workday 向前邁進。說完這些，我就把它交給 Zane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，Aneel，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 2024 財年圓滿結束，我們的主要投資計畫均呈現強勁發展勢頭。進入25財年，我們已做好準備，實現另一年持久的訂閱收入成長，同時利潤率不斷提高。

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%。第四季美國業務總營收為 14.4 億美元，成長 16%，國際業務總營收為 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，我們看到了巨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更具意義的驅動力。第四季末，12 個月訂閱營收積壓或 CRPO 為 66.2 億美元，成長 20%，這得益於高於預期的早期續訂量。毛收入和淨收入保留率分別維持在95%以上和100%以上。本季末總訂閱營收積壓為 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%.

我們第四季的非公認會計準則營業收入為 4.61 億美元，非公認會計準則營業利益率為 23.9%。全年非公認會計準則營業收入為 17.4 億美元，非公認會計準則營業利益率為 24%。第四季 GAAP 淨收入受益於與我們的美國遞延稅務資產相關的一次性 11 億美元估值準備金釋放。第四季營運現金流為 9.96 億美元，其中約 1 億美元的優異表現得益於強勁的季度收款和早於預期的付款。全年經營現金流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，我們以平均每股 253.85 美元的價格回購了價值 1.36 億美元的股票。此外，我們的董事會已批准一項新的 5 億美元股票回購計畫。本季結束時，我們的現金和有價證券總額為 78 億美元。我們繼續對業務成長領域進行投資，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 2025 財年全年訂閱營收預期，即 77.25 億美元至 77.75 億美元，成長 17% 至 18%，這與我們上個季度提供的初步預測一致。該指引反映了我們第四季的業績以及我們對當前宏觀條件將持續至25財年的預期。我們預計25財年第一季的訂閱營收為18.1億美元，成長18%。我要強調的是，由於是閏年，第一季的收入確認時間增加了一天。以此為標準，我們預期第一季的訂閱營收成長率約為 17%。對於第二季度，我們預計訂閱收入將環比增長約 5%，考慮到第一季的閏年影響，這反映了業務的典型季節性。隨著我們進一步利用合作夥伴生態系統，我們預計 25 財年專業服務收入約為 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 成長受到續約量季度變化的影響，這可能影響其在特定季度的成長。在25財年，我們預計，隨著我們經歷強勁的預定和提前續約時期，CRPO成長將從24財年的較高水準回落。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 營業利潤率約為 24.5%。我們的前景考量是對我們的關鍵成長計畫進行增量投資，同時在擴大和優化業務的同時持續提高利潤率。對於第一季度，我們預計非 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.

預計第一季和全年的 GAAP 營業利潤率分別比非 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，這受到我所說的第四季度 1 億美元收款以及考慮到閏年我們預計在 25 財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 財年的展望考慮到了對 HiredScore 的收購，預計該收購將於本季稍後完成。感謝客戶、合作夥伴和同事的支持，我們對 24 財年的表現感到滿意。隨著我們各策略成長領域的發展勢頭強勁，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。在我們開始問答環節之前，讓我把話題轉回給 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召開的財報電話會議，因為我將把權力完全移交給偉大的卡爾和讚恩。多年來，我很榮幸能夠認識你們這麼多人，我要特別感謝馬克墨菲 (Mark Murphy)、布倫特希爾 (Brent Thill)、帕特沃爾拉文斯 (Pat Walravens)、柯克馬特恩 (Kirk Materne) 和約翰迪福奇 (John DiFucci)，他們自 2012 年 Workday 首次公開募股，但是因為他的妻子當時是 Workmate 而無法報道。好的。接線員，下面我們開始問答環節。

(Operator Instructions) Our first question comes from the line of Kash Rangan with Goldman Sachs.

（操作員指示）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.

我幾乎要強忍住淚水了，阿尼爾。我很高興成為這個家庭的一員，現在我成了大家庭的一員，因為我的妻子不再是我們的同事了，但我們仍然在這裡和你們在一起。也許，要問卡爾和他的團隊一個問題。早在 9 月份，您在 Rising 上就給出了明年的指導。經濟環境、前景總體上已經變好，對吧，或者似乎已經擺脫了對經濟衰退的恐懼。你們推出了一系列新產品，並擴大了合作夥伴策略。您還有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.

那麼，在所有這些新維度下，公司的成長率是多少呢？我只是想知道你們今天所擁有的槓桿的保守程度，包括宏觀和微觀，這些槓桿無疑會讓公司處於更有利的地位。

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.

Kash，謝謝你的提問。在回答之前，我首先想感謝我們在世界各地的同事、合作夥伴和客戶，感謝他們帶來了穩健的第四季度業績和出色的 24 財年全年業績。我對我們的執行力感到無比自豪，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，這從我們的業績中可見一斑。我們業務的持久性和多樣性帶來了持續穩健的成長，同時也推動了經營槓桿。我非常感謝 Aneel 為我們建立的這一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些什麼。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，回答你的問題，如你所知，我們從去年開始確實實施了一系列戰略增長舉措，當我們考慮今年全年的業績指引時，所有這些舉措都被考慮在內。回想一下我們在財務分析師日上宣布的內容，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持續提高，該策略將在未來 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，我們發布了 25 財年的初步指引，我們在今天的電話會議上重申了這項指引。我們的成長舉措正在取得成效。我們的成長確實穩健。我們將繼續擴大利潤率，在考慮今年剩餘時間時，我們將繼續依靠這些成長計畫。因此，我們非常自豪能夠保持現有的成長率並且利潤率不斷擴大，這正是由於您所提到的那些策略性舉措，我們才得以依靠。

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，我想感謝你這麼多年對我的幫助，讓你知道我非常感激。卡爾，我想問你，感覺——我應該說是你和/或阿尼爾。感覺 Workday 已經悄悄獲得了人工智慧燈塔的聲譽，而您專注於安全處理所有這些數據並且不會收取過高的費用。

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?

當您在提到的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些類型的生產力提升？我只是想知道，它在技能和招募等人才領域是否最強，我想您提到得比較多？或者您認為它將更廣泛地適用於其他領域，例如預算和供應鏈等等？

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.

也許我會採取高水準的做法，然後把它交給卡爾。人工智慧在所有這些應用中都將發揮重要作用。但我們首先看到相當多興趣和關注的領域是人才管理方面，這既是透過我們的人才優化和技能雲產品，也是透過現在對 HiredScore 的收購。這是人工智慧自然的展示領域。但是當您考慮預算等領域時，您會非常有能力有效地考慮副駕駛自動為您制定越來越聰明的計劃，並且能夠幾乎立即重新制定計劃。當今世界如此充滿活力，這正是您所需要的。因此，就生產力而言，我會讓卡爾來談論它。

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，Aneel。是的，馬克，我確實認為我們看到的真正生產力成長的第一個地方就是我所描述的人才獲取。考慮到我們剛收購的 HiredScore，以及我們的招募平台、人才優化平台和候選人參與平台，它使我們能夠提供全套人才獲取服務，包括如何識別人才、如何與人才互動、如何尋找或招募人才，以及如何留住人才以實現內部流動。因此，我對我們為招募和人才組織提供強勁投資回報率的能力充滿信心，我認為我們現在擁有的是最好的未來人才獲取全平台套件之一。

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，恭喜你擔負起新的職責，並在創建一家偉大的公司方面做出了巨大貢獻。我的問題實際上是針對 Zane 的，我認為，這更多的是一種指導。本季的訂閱收入比您的預期高出約 500 萬美元。我認為，就訂閱收入而言，這可能是 Workday 有史以來最小的一次成長。看起來早期續約中發生了許多動態變化，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理解本季訂閱收入低於正常水平的原因嗎？

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，訂閱收入顯然超過了我們的預期，而且正如你所指出的，仍然高於華爾街的預期。我要指出的是，第四季度對我們來說是一個重要的季度，而一月我們確實很忙。因此，如果您考慮整個季度的線性情況，其中一些問題可能已經反映在本季。因此對本季產生了一些影響。但是，當我們展望25財年並思考25財年的成長時，正如您所指出的，我們看到去年全年 CRPO 都實現了良好的成長。

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，我們不一定預期這種增長水平會高於我們所看到的訂閱收入增長，這僅僅是因為預定的續訂活動以及早期續訂活動。指南中已經包含了其中的一些內容。除了第四節表現穩健之外，我對第四節沒有什麼可指出的。我們對於業務的發展動能感到非常滿意。我們對前景充滿信心。正如卡爾指出的那樣，這與我們一個季度前給出的展望和指導一致。

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.

因此我們對目前的狀況感到非常滿意。我還要指出 CRPO 的整體水準。如果將其與今年即將發布的指南進行比較，您會發現，我們的水平實際上比去年同期（也就是去年同期）略高一些。因此，我們再次感覺，我們已經為今年做好了非常有利的準備。這是一個好的第四季度，我們已經準備好迎接25財年的到來。

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

我們的下一個問題來自 Evercore 的 Kirk Materne。

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，我對您在新職位上的表現表示感謝，並祝您一切順利。我想我這個問題是針對卡爾的。卡爾，顯然，今年的平台交易似乎對你們所有人來說都是一個相當大的槓桿，特別是在中端市場。在進入 25 財年之際，您能否談談您對平台交易管道的信心程度以及情況如何？

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。正如我們去年所說的那樣，我們專注於為我們的客戶（HCM 和財務）提供完整的平台解決方案，並且我們已經看到我們的銷售活動出現了良好的上升趨勢。在中型企業中，我們看到了大幅的成長，因此我們的全平台銷售額也在上升，但我們在大型企業的高端市場也看到了這種情況。我們也在某些行業看到這種情況，例如州和地方政府。我們在醫療保健領域也看到這一點。我們的醫療保健業務本季表現十分出色，年增 50%。因此，我們肯定傾向於出售。

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。我們的金融平台在市場上持續獲得發展動力。我們能夠將 FINS 賣回給我們現有的 HCM 客戶，這樣他們就成為全平台客戶。許多淨新增銷售額從第一天起就是全平台銷售額。

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.

從下週開始，我們將進入過渡階段。過去，我們討論過一些定價和包裝，我們將銷售更多的套件和捆綁包。這是我們下週將要進行領域教育的內容。它已處於試運行階段。這次試飛進展順利。我們非常希望透過改變定價和包裝來鼓勵客戶更輕鬆地從 Workday 購買完整平台。

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

我們的下一個問題來自傑富瑞（Jefferies）的布倫特·蒂爾（Brent Thill）。

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.

Aneel，我很高興你在 Truckee Diner 吃了那頓飯。我確信你對此心存感激。再次感謝一切。卡爾，我想回到基斯的問題，當我們看到第三季度的積壓訂單量為 22%，在第四季度下降到 20%，在第一季度下降到 18% 時，我想每個人都很欣賞你所採取的步驟和舉措，但相對於你所採取的舉措，增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實現，但我認為每個人都在努力了解環境正在變得更好，但積壓訂單數量似乎逐季下降，然後在第一季下降。所以我只是好奇你是否能幫助解決正在發生的事情。

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，我先開始。這是讚恩。我們對積壓的建設感到非常滿意。正如我們所指出的，我們主要關注訂閱收入的建立，而積壓訂單不僅受到預定的續訂的影響，也受到我們現在已經完成的早期續訂活動的影響。如果你還記得的話，我們一年前就開始談論這個問題了。所以，如果您還記得的話，我們本季看到的 20% 積壓成長實際上比我們的預期甚至高出約 1 個百分點。其中很大的一個貢獻就是我們透過這次早期更新活動所看到的吸引力。

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如何使其與新的 ACV 成長和計畫的續約成長保持一致時，我們預計積壓訂單在季度間會有所不同。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那樣，我們預計，特別是對於 CRPO 而言，持續成長水準不會永遠高於訂閱收入成長。我們對整體情況感到非常滿意。如果將總體 CRPO 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。因此，我們對這個構建感到非常滿意。但正如我所提醒的那樣，正如我們預計的那樣，季度間差異會有一定的變化。

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。此外，贊恩，我只是想談談更新動態。我想，這是我們連續第五次召開財報電話會議時所進行的對話。但事實是，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最佳平台上，而不是擁有所有這些 - 或最佳套件平台與所有這些最佳解決方案時，它會推動早期續約。

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為提前續約而獲得報酬。這基本上是客戶需求，提前續約是一種產出，對嗎？這不是我們要關注的事情。因此，我們對客戶的需求感到非常滿意，包括淨新客戶和我們的客戶群以及向他們銷售的產品，這確實推動了早期續約。但是，Zane，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·西爾斯。

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 獲得新的職位。我想問一個關於垂直行業的問題。這是一個很大的焦點。你已經談論這個問題好幾年了。我知道政府、高等教育、醫療保健這些領域在相當長一段時間內都相對強勁。您能否告訴我們，在其他哪些行業，零售、旅館、金融、科技和媒體，您看到您在產品和行銷方面所做的努力取得了哪些成果，我們是否可以看到這些垂直行業的一些增量優勢？

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。也許我先開始，道格，然後你可以添加，如果你不介意的話。我認為，Workday 的產業策略或垂直策略與我們的細分策略完美契合。這就是我們經常談論業務多樣性的原因。但正如您所說，醫療保健對我們來說仍然是一個非常大的領域。我們上個季度談到了零售和酒店業，如果你願意的話，這是第二個 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發展勢頭。

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.

然後還有金融服務，我們沒有在財報電話會議上特別將其作為垂直行業來提及，但我們在金融服務領域向現有的 HCM 客戶進行了大量非常重要的金融銷售。這是一個很好的跡象，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，我們看到這些關鍵市場又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常見的頂級行業之外，還有兩個行業脫穎而出。專業服務，我認為我們甚至突出了 Randstad 的勝利。但我們看到，專業服務或商業服務等將人才和資金結合在一起的行業，是 Workday 實現全平台機會的完美場景。因此，我們看到第四季的表現非常好。

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，有時可能並沒有真正引起應有的關注，即中型企業平台交易，涵蓋您提到的所有行業，包括您熟知的醫療保健、金融服務和公共部門。所以，卡爾，這就是我要指出的兩個點。

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?

我可能只是想問一下（聽不清楚）。首先，就本季度而言，即第四季度，如果您分析大型企業的牽引力和活動以及中端市場的牽引力活動，您認為第四季度的趨勢與之前相比如何？然後也許，Zane，在指南中，有沒有辦法維度化您包括了多少僱用來源 - 或者 HiredScore，對不起，全年的收入，只是鑑於您現在重申之前的指南以及一些獲得的收入？

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，我將開始納入。它被視為先前指南的一部分。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，它意義不大，但對我們來說顯然非常具有戰略意義，我們對它在 25 財年以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。關於低階企業與中型企業的比較，我先讓 Doug 開始，然後我會加入一些細節。

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。因此，我認為第四季與第三季非常相似，ME、LE 都實現了非常穩健的成長率。我會區分 Q3 和 Q4，其中 ME 確實迅速恢復。我想我們甚至在之前的財報電話會議上就提到過這一點，我們發現中型企業中的某些行業出現了一些疲軟。但在第三季度，並且第四季度也是如此，中型企業，特別是中型企業淨新增量迅速回升，因此我們看到第四季度中東和非洲地區都呈現出良好的成長動力。

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。在執法方面，道格，正如我在準備好的發言中所說，並且我們剛剛回答了前面的問題，我們在醫療保健、良好的州和地方政府以及高等教育方面又度過了一個非常強勁的季度。是的，這是三個強大的類別，實際上屬於我們的大型企業業務，並且在本季再次表現強勁。

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

我們的下一個問題來自富國銀行的邁克爾·圖林。

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.

也許是 Zane 的一個邊緣。您的營業利潤率高達 24%，預計明年的起點為 24.5%，因此距離您設定的長期目標範圍的低端還很近。我只是想聽聽您花更多時間討論如何實現成長和利潤之間的平衡。然後在自由現金流方面，欣賞第四季的評論和其優異的表現。看起來 25 財年的初始自由現金流前景與 24 財年的前景相對一致。因此，除了第四季度之外，您還可以添加有關自由現金流的看跌和看漲因素的任何其他內容，這都是有幫助的。

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。很高興談論利潤。坦白說，我想說這與我們在整個 24 財年進行的對話是一致的。但正如我們在財務分析師日所概述的那樣，我認為卡爾和團隊確實對我們向所有人強調的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 的關注、對人工智能和傾向於合作夥伴關係，顯然，正如我們本季度所強調的那樣，我們還強調了有機增長和併購增長。

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，並將其與 21 財年的前景和增長（抱歉，是 25 財年）進行考慮，同時也與我們的長期前景保持一致，並繼續專注於不僅在正確的領域進行投資，而且顯然還會推動長期增長並在那段時間內促進利潤率的擴大。因此，我們將繼續關注平衡。這裡的團隊正在研究每一個投資領域和類別，並思考如何動態地調整它們，坦白說，我們在全球範圍內看到機遇，並儘我們所能，同時，正如你所期望的那樣，我們繼續專注於提高組織的效率，思考我們的全球影響力，專注於提高效率，這樣我們不僅可以擴大組織規模，還可以再投資其中一些關鍵領域。我認為這體現在我們的前景中，營收成長和利潤率擴張與我們在財務分析師日提供的中期前景非常一致。

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.

我想說營運現金流和自由現金流與之一致。我強調的事實是，在24財年，我們顯然受益於一些強勁的收款和早​​期的收款。我們不一定預期明年會再次出現這種情況，並且我們已將其納入指南中，納入 25 財年的 OCF 指南中。因此我們對那裡的成長感到滿意。如果您調整 1 億美元以及恰好由於閏年而一致的額外工資期，您將回到 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.

也許我會把這個轉達給 Zane。而 Zane 又回到了 CRPO，所以這是兩個部分。對於您所提出的 1 月季度 CRPO 成長 20% 的說法，您能否透露提前續約的影響是什麼？我想三個月前您曾經提過，這個數字略大於 1 點。好奇一月發生了什麼事。然後，當我們展望未來時，需要澄清的是，4 月份 CRPO 成長預期為 18%，您是否已經完全適應了這種早期更新動態，以至於我們應該將其視為一種更正常化或乾淨的比較？或者這種動態仍然代表著一種逆風，也許再過幾個季度你就能克服這種逆風，實現年增長？我很想理解這一點，但顯然不需要具體的指導。

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，正如您所說，在第四季度，20% 包括約 1.5 個百分點的提前續約活動，其中一些是我們預期的。但是，顯然，我們看到了 ACV 的成長以及超出我們預期的早期更新活動，我提到，我相信，它比我們的預期高出 1 個百分點。因此，我們對本季的 CRPO 成長非常滿意。

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。我們正處於與這些早期復興相關的高於傳統成長的時期。正如我在財務分析師日上舉例提到的那樣，我相信，有時，續約活動的持續時間和水平（無論是預定的還是早期的）都會對 CRPO 增長產生相當大的影響。因此，當我們回顧 24 財年至 25 財年的預定續約情況時，如果以年率計算，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，季度間確實存在一些差異，這就是為什麼我們現在甚至在第一季的預期中包括一個範圍。所以你確實會——你會重疊一些我們顯然受益於的早期更新活動，但我們不一定預期至少在前幾個季度看到的增長會繼續以這種速度進行。

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 的成長感到非常興奮，但這並不是我們預測訂閱收入成長的唯一驅動力，訂閱收入是我們關注的關鍵領域。因此，綜合考慮這些因素，我們對我們的 CRPO 整體水準感到滿意，並且我們預計會看到一些變化，這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 TD Cowen 的 Derrick Wood。

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?

卡爾，在過去幾個季度裡，你們僱用了許多銷售代表，專注於銷售核心 FINS。您能否告訴我們您對提高生產力時間的看法，我們應該如何考慮同比增長率以及在新的一年裡我們的銷售能力將達到何種程度，以及您如何考慮到 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。去年此時，我們宣布將加倍努力開拓金融市場，其中包括招募一大批新的銷售代表，我們也確實這樣做了，而這項舉措持續了整個第四季度。我們每季都會查看關鍵指標，以了解投資的執行情況。我們看一下管道。我們期待新標誌能取得勝利。我們說過，第四季的成長相當顯著。我們關注的是我們的競爭性勝利率，該比率在全年的財務表現中持續上升。我們也關注了新的 ACV，我們說它的財務狀況年增。

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.

對所有這些產生拖累作用的是全平台銷售額，該銷售額在第四季度也同比增長。因此，我們對在金融市場方面所做的投資感到滿意，而且隨著這些人的生產力不斷提高，我們將繼續依靠這些投資。如果你仔細想想，其中許多公司才加入 6 個月、9 個月甚至 3 個月，所以我們目前還沒有看到全部投資的影響。

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.

值得注意的是，我們對金融的投資不僅直接投資於我們自己的銷售隊伍，還投資於我們如何與我們的生態系統合作。此外，我們將繼續在金融業務的產品方面進行投資，以便我們在全球範圍內擁有更全球化和在地化的平台，因為我們也認為這是一個巨大的機會。所以整體來說，我們對這項投資非常滿意。我們將繼續努力。我們已經多次說過，只有 20% 或 25% 的工作負載轉移到雲端了。如果再加上我們的競爭對手將客戶推向新的平台，那麼這對我們未來的發展來說將是一個寶貴的機會。

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派珀·桑德勒 (Piper Sandler) 的布倫特·布雷斯林 (Brent Bracelin)。

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.

我聽到了這裡的噪音和影響 CRPO 的更新時間問題。希望實現訂閱收入的雙重成長。我們已經看到訂閱業務成長連續 6 個季度放緩。您實際上正在引導第一季首次加速成長。是什麼推動了人們對訂閱量再次加速成長的樂觀情緒？也許您可以提供一些有關今年與去年相比的管道可見性的信息。

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。我先開始，然後讓卡爾對管道做更深入的介紹。我確實指出，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，進入下個季度，我們對通路有很好的了解。我們也對 CRPO 的整體水準有很好的了解。因此，我們對本季的業績以及全年的訂閱​​收入指南感到滿意，這與我們的整體中期展望一致。因此，我們相信，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的態度，以及為什麼我們為 2025 財年第一季和全年提供此類指引，是因為我們去年進行的投資確實為我們帶來了成果，無論是在財務平台上，我剛才闡述過。合作夥伴確實開始為我們帶來新的機遇，我們正在利用他們進行共同創新。我們去年討論了我們的國際重點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出色的表現。

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.

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，我們將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。現在我將把發言權交給埃森巴赫先生，請他發表最後的評論。

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.

謝謝接線員，感謝大家參加今天的電話會議，並特別感謝我們遍布全球的工作夥伴、客戶和合作夥伴，他們繼續推動 Workday 的成功。第四季又是一個穩健的季度，突顯了我們業務持久的關鍵任務性質，並鞏固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財年取得良好開端。說完這些，我將把電話交還給接線員，結束今天的通話。我希望大家度過一個愉快的夜晚。

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，各位現在可以掛斷電話了。感謝您的參與。