Workday Inc (WDAY) 2025 Q1 法說會逐字稿

Welcome to Workday's Fiscal 2025 First Quarter Earnings Call. (Operator Instructions) I will now hand it over to Justin Furby, Vice President of Investor Relations. Thank you. You may begin.

歡迎參加 Workday 2025 財年第一季財報電話會議。 （操作員指示）我現在將其交給投資者關係副總裁 Justin Furby。謝謝。你可以開始了。

Welcome to Workday's First Quarter Fiscal 2025 Earnings Conference Call. On the call, we have Carl Eschenbach, our CEO; Zane Rowe, our CFO; Doug Robinson, our Co-President; and David Somers, our Chief Product Officer. Following prepared remarks, we will take questions. Our press release was issued after close of market and is posted on our website, where this call is being simultaneously webcast.

歡迎參加 Workday 2025 財年第一季財報電話會議。我們的執行長卡爾·埃申巴赫 (Carl Eschenbach) 出席了電話會議。 Zane Rowe，我們的財務長；道格‧羅賓遜，我們的聯合總裁；以及我們的首席產品長 David Somers。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 2024 annual report on Form 10-K, 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。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10-K 表格中的2024 財年年度報告，以了解可能導致實際結果存在重大差異的風險、不確定性和假設的更多資訊從這些聲明中提出的內容。

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 second quarter fiscal 2025 quiet period begins on July 15, 2024. Unless otherwise stated, all financial comparisons in this call will be to our results for the comparable period of our fiscal 2024. With that, I'll hand the call over to Carl.

我們的2025 財年第二季靜默期從2024 年7 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2024 財年可比期間的業績進行比較。將把電話會議交給Carl 。

Thank you, Justin, and thank you all for joining us today. I'm pleased to report our solid financial performance for the quarter, including 19% subscription revenue growth, 18% 12-month backlog growth and non-GAAP operating margin of 26%. Over the past 6 quarters, we've made several key investments across the business as well as important organizational changes to set the foundation for durable growth and continued margin expansion.

謝謝賈斯汀，也謝謝大家今天加入我們。我很高興地報告我們本季穩健的財務業績，包括 19% 的訂閱收入成長、18% 的 12 個月積壓成長以及 26% 的非 GAAP 營業利潤率。在過去的 6 個季度中，我們在整個業務領域進行了多項關鍵投資，並進行了重要的組織變革，為持久成長和持續利潤率擴張奠定了基礎。

In Q1, we continued to build on a number of important growth initiatives, including go-to-market changes that will help us further expand our total addressable market. And in the quarter, we closed several strategic deals, including a landmark federal win at the Defense Intelligence Agency. We also held our annual Innovation Summit, where we hosted 25 industry analysts and showcased our organic innovation engine, which continues to be one of the key strengths of our company. We already are seeing tremendous feedback from the event with lots of positive industry analyst coverage on the product road maps and the future of Workday.

在第一季度，我們繼續實施一些重要的成長舉措，包括進入市場的變化，這將有助於我們進一步擴大我們的整體目標市場。在本季度，我們完成了幾項戰略交易，包括聯邦在國防情報局取得的具有里程碑意義的勝利。我們還舉辦了年度創新高峰會，邀請了 25 位產業分析師，並展示了我們的有機創新引擎，這仍然是我們公司的主要優勢之一。我們已經從這次活動中看到了巨大的回饋，其中有許多行業分析師對產品路線圖和 Workday 的未來進行了積極的報告。

Our first quarter is always our seasonally slowest. We had clear areas of outperformance, including health care, public sector and continued strength in financials and full platform wins. But we also closed fewer large deals than last Q1, notably in EMEA. When purchase decisions are being made, our win rates remain strong. But within the quarter, we experienced increased deal scrutiny as compared to prior quarters, and we are seeing customers committing to lower headcount levels on renewals compared to what we had expected. We expect these dynamics to persist in the near term, which is reflected in our revised FY '25 subscription revenue guidance. While we can't control the macro, we are focusing on what's in our control, and that is innovation, scaling our go-to-market engine and partner ecosystem and delivering customer value.

我們的第一季始終是季節性最慢的。我們有明顯的表現優異的領域，包括醫療保健、公共部門以及在財務和全平台獲勝方面的持續實力。但與上一季相比，我們完成的大型交易也有所減少，特別是在歐洲、中東和非洲地區。當做出購買決定時，我們的獲勝率仍然很高。但在本季度內，與前幾季相比，我們經歷了更多的交易審查，我們看到客戶承諾續約的員工人數低於我們的預期。我們預計這些動態將在短期內持續存在，這反映在我們修訂後的 25 財年訂閱收入指引中。雖然我們無法控制宏觀，但我們專注於我們可以控制的事情，那就是創新，擴大我們的上市引擎和合作夥伴生態系統，並提供客戶價值。

We remain confident we're doing the right things to build a long-term durable business with balanced growth and margin expansion. With the emergence of AI, the shifting talent landscape and pressure to realize operational efficiencies, organizations across geographies and industries are turning to Workday as their trusted platform to elevate humans and supercharge work. We made several key developments in Q1 that strengthen our position, and I'll share a few highlights.

我們仍然相信，我們正在做正確的事情來建立一個長期持久的業務，以實現平衡成長和利潤擴張。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，各個地區和行業的組織都開始將 Workday 作為其值得信賴的平台，以提升人員素質並增強工作效率。我們在第一季取得了幾項關鍵進展，鞏固了我們的地位，我將分享一些亮點。

Let's start with customers. Our customers truly bring the power of Workday to life. A great example is our new partnership with the Defense Intelligence Agency. The DIA is the key intelligent agency for national defense in the United States. Workday will support the DIA on its mission to rapidly accelerate recruitment and onboarding efforts and create a diverse, trusted and agile workforce. With Workday, they'll be able to identify, integrate and direct skills and expertise to solve emerging intelligence problems when and where they are most needed.

讓我們從客戶開始。我們的客戶真正將 Workday 的力量帶入生活。一個很好的例子是我們與國防情報局的新夥伴關係。國防情報局是美國國防的重要情報機構。 Workday 將支持 DIA 履行其快速加速招募和入職工作並打造一支多元化、值得信賴且靈活的員工隊伍的使命。借助 Workday，他們將能夠識別、整合和指導技能和專業知識，以便在最需要的時間和地點解決新出現的情報問題。

Not only is this a significant new win, but more importantly, it unlocks an incredible market opportunity for Workday in the federal government, and we expect it to increase our pipeline over the coming quarters. In fact, the DIA was on stage at our Federal Forum event in Washington, D.C. yesterday discussing digital transformation in the government. Now in its second year, the forum drew a record crowd of over 600 decision-makers across more than 70 agencies from the world of government and policy. This is up 100% from our Federal Forum last year, and the momentum we are building here is exciting.

這不僅是一次重大的新勝利，更重要的是，它為 Workday 在聯邦政府中釋放了令人難以置信的市場機會，我們預計它將在未來幾季增加我們的管道。事實上，DIA 昨天在華盛頓特區聯邦論壇活動的舞台上討論了政府的數位轉型。今年是論壇舉辦的第二年，吸引了來自政府和政策領域 70 多個機構的 600 多名決策者，創下了歷史新高。這比我們去年的聯邦論壇增長了 100%，我們在這裡建立的勢頭令人興奮。

And speaking of momentum, we continue to take share in financials, bolstered by our go-to-market and platform investments combined with our compelling value proposition of having a single secure platform to manage both your people and money. In Q1, new Financial Management customers and full platform customers both increased more than 20% over Q1 of last year. And more than 90% of our nearly 2,000 FINS customers are now leveraging the power of our HCM platform as well.

說到勢頭，我們繼續在金融領域佔據份額，這得益於我們的市場推廣和平台投資，以及我們擁有單一安全平台來管理您的人員和資金的令人信服的價值主張。第一季新增理財客戶及全平台客戶均較去年一季成長超過20%。我們近 2,000 個 FINS 客戶中的 90% 以上現在也正在利用我們 HCM 平台的強大功能。

In Q1, we added several full platform HCM and FINS customers, including Baptist Health, Covenant Health Systems, the city of Milwaukee and Onin Group, the largest privately held staffing company in the U.S. We also had a number of expansions within the office of the CFO, including AllianceBernstein, Hospital Sisters Health System and John Muir Health. During Q1, we also expanded our leadership in HCM, adding new relationships with organizations, including ALS Group USA, Carhartt and one of the largest P&C insurers in the world, which expanded its core financials footprint to add HCM. And we had several strategic HCM expansions and renewals, including ING Bank, Sandvik AB and Valeo Management Services.

在第一季度，我們增加了幾個全平台 HCM 和 FINS 客戶，包括 Baptist Health、Covenant Health Systems、密爾瓦基市和美國最大的私人人力資源公司 Onin Group。 John Muir Health。第一季度，我們也擴大了在HCM 領域的領導地位，增加了與美國ALS Group、Carhartt 等組織的新關係，以及世界上最大的財產和意外傷害保險公司之一，該保險公司擴大了其核心財務業務，增加了HCM。我們也進行了多項 HCM 策略擴張和更新，其中包括 ING Bank、Sandvik AB 和 Valeo Management Services。

Beyond the wins, we celebrate when our customers go live on our platform. In Q1, Asda, Electrolux, Topgolf, county of Richland, Apex Group and LVHN all successfully went live on Workday.

除了勝利之外，當我們的客戶在我們的平台上上線時，我們也會慶祝。第一季度，Asda、伊萊克斯、Topgolf、county of Richland、Apex Group、LVHN都在Workday成功上線。

Customers trust Workday to help them navigate huge transformations. They did so with the cloud, and now they're turning to us to help them responsibly leverage AI to drive productivity, efficiency and cost savings. Workday gives them the ultimate advantage. We've been delivering AI capabilities to our customers for nearly a decade. We fill AI into the core of our platform, which means AI features and functionality are embedded natively in all of our applications.

客戶相信 Workday 可以幫助他們應對巨大的轉變。他們透過雲端做到了這一點，現在他們轉向我們幫助他們負責任地利用人工智慧來提高生產力、效率並節省成本。工作日給了他們最終的優勢。近十年來，我們一直在為客戶提供人工智慧功能。我們將人工智慧融入平台的核心，這意味著人工智慧特性和功能原生嵌入到我們的所有應用程式中。

And with more than 65 million users generating more than 800 billion transactions per year on our platform, the volume of clean, trusted data that Workday and our ecosystem can leverage for AI is truly unmatched. We continue to make significant investments to further enhance our leadership in this area and deliver trusted and responsible AI innovations that drive meaningful business results. We now have more than 50 AI use cases live in production and 25 generative AI use cases on our road map to help our customers make confident decisions faster, increase efficiencies and make their people more productive.

超過 6500 萬用戶每年在我們的平台上產生超過 8000 億筆交易，Workday 和我們的生態系統可用於人工智慧的乾淨、可信賴的數據量確實是無與倫比的。我們繼續進行重大投資，以進一步增強我們在該領域的領導地位，並提供值得信賴和負責任的人工智慧創新，從而推動有意義的業務成果。現在，我們有超過50 個正在生產中的人工智慧用例，以及我們的路線圖上的25 個生成式人工智慧用例，可幫助我們的客戶更快地做出自信的決策，提高效率並提高員工的工作效率。

In Q1, several new innovations went live for early access customers, including AI-powered content generation capabilities with growth plans, job descriptions and knowledge-based articles. These automate repetitive tasks and put information in the hands of the right people faster. We also released AI-enabled payroll insights, which help payroll professionals detect anomalies faster and more accurately to save money and reduce risk.

第一季度，為早期訪問客戶推出了多項新創新，包括人工智慧驅動的內容生成功能以及成長計劃、職位描述和知識型文章。這些可以自動執行重複性任務，並將訊息更快地傳遞到合適的人員手中。我們也發布了基於人工智慧的薪資洞察，幫助薪資專業人員更快、更準確地偵測異常情況，從而節省資金並降低風險。

Perhaps the best example here is our Talent Optimization solution, which leverages Workday Skills Cloud. This is an AI-first SKU where we have seen strong attach rates on new deals and have significant momentum selling back to our customer base as well. I'm pleased to share that over half of our core customer base has now licensed this product, making it one of our fastest-growing ever.

也許這裡最好的例子就是我們的人才優化解決方案，它利用了 Workday Skills Cloud。這是一個人工智慧優先的 SKU，我們在新交易中看到了很高的附加率，並且也有強大的回售勢頭給我們的客戶群。我很高興地告訴大家，我們一半以上的核心客戶群現已獲得該產品的許可，使其成為我們有史以來成長最快的產品之一。

Continuing to accelerate our AI road map, we closed the acquisition of HiredScore in Q1, giving us a comprehensive AI-powered talent acquisition and internal mobility offering. Our shared customers are realizing a 25% increase in recruiter capacity with AI, one of the many reasons we're so excited about this combination. We closed our first joint deal this quarter, and we're rapidly building pipeline, particularly across our base of more than 4,000 recruiting customers.

為了繼續加快我們的人工智慧路線圖，我們在第一季完成了對 HiredScore 的收購，為我們提供了全面的人工智慧驅動的人才獲取和內部流動服務。我們的共同客戶發現，人工智慧的招募能力提高了 25%，這是我們對這個組合感到如此興奮的眾多原因之一。我們本季完成了第一筆聯合交易，並且正在迅速建立管道，特別是在我們超過 4,000 名招募客戶的基礎上。

The power of Workday is our platform, and that gives us a ton of flexibility to fuel growth, for example, in industries. This is a key foundational element and a major differentiator for us. We've been focusing on deepening our purpose-built offerings in key verticals, including health care, public sector, financial services and professional services. As you can see in the logos from this quarter, health care once again performed very well with new ACV growth exceeding 50% in Q1. At the same time, our professional and business services vertical is already well on its way to eclipsing $1 billion in annual recurring revenue.

Workday 的力量是我們的平台，它為我們提供了大量的靈活性來推動成長，例如在產業中。這是我們的關鍵基礎要素和主要差異化因素。我們一直致力於深化我們在關鍵垂直領域的專用產品，包括醫療保健、公共部門、金融服務和專業服務。正如您在本季度的徽標中看到的那樣，醫療保健再次表現出色，第一季新 ACV 成長超過 50%。同時，我們的專業和商業服務垂直領域的年度經常性收入已經突破 10 億美元。

In Q1, we released a natively built configure, price, quote solution for services businesses, which integrates with CRM platforms to streamline the quoting process. Our research shows that for 95% of our customers, quoting is still happening in spreadsheets today, so this is going to significantly increase their efficiencies.

在第一季度，我們為服務業務發布了原生建置的配置、價格、報價解決方案，該解決方案與 CRM 平台整合以簡化報價流程。我們的研究表明，對於 95% 的客戶來說，如今報價仍然在電子表格中進行，因此這將顯著提高他們的效率。

Public sector was another highlight in Q1. In addition to the DIA, we continued to excel in state and local government, closing full platform wins with the cities of North Las Vegas, Milwaukee and Palm Bay and Monroe and Washington counties. And in education, we had a record number of Workday Student go-lives in Q1 and now have taken 20 new customers live so far this year, including Iowa State University, University of Arkansas System and Wake Forest University.

公共部門是第一季的另一個亮點。除了 DIA 之外，我們還繼續在州和地方政府方面表現出色，與北拉斯維加斯、密爾瓦基、棕櫚灣、門羅和華盛頓縣等城市達成了全面平台合作。在教育領域，我們在第一季的 Workday Student 上線數量創歷史新高，今年迄今已有 20 個新客戶上線，其中包括愛荷華州立大學、阿肯色大學系統和維克森林大學。

Global expansion continues to be a key growth driver for Workday. We're focused on investing at all levels to build our regional businesses with local leadership, go-to-market and product enhancements. For instance, this quarter, our native payroll solution for customers in Australia became generally available. And our global payroll platform is now available for early adopters as we extend the power of Workday with strategic partners like ADP, Alight and more. On the go-to-market side, we began holding Workday Elevate events across APAC, Japan and EMEA in Q1 and will continue throughout Q2. These events bring together thousands of prospects and customers, generating new pipeline and deepening our existing relationships.

全球擴張仍然是 Workday 的主要成長動力。我們專注於在各個層面進行投資，以建立具有當地領導力、進入市場和產品增強的區域業務。例如，本季度，我們為澳洲客戶提供的本地薪資解決方案已全面上市。隨著我們與 ADP、Alight 等策略合作夥伴一起擴展 Workday 的功能，我們的全球薪資平台現已可供早期採用者使用。在進入市場方面，我們從第一季開始在亞太地區、日本和歐洲、中東和非洲地區舉辦 Workday Elevate 活動，並將持續到第二季​​。這些活動匯集了數以千計的潛在客戶和客戶，產生了新的管道並加深了我們現有的關係。

And just last week, we announced our plans to invest more than GBP 550 million in our U.K. operations over the next 3 years. We also announced that in early 2025, our customers will be able to access our core HCM/Financials and adapt the planning solutions locally on the AWS Cloud in the U.K. Not only are we enabling compliance with data residency requirements. We're also boosting performance and helping businesses scale for the future. So as you can see, we're continuing to invest for our growth, and I'm energized by how we'll be able to empower more U.K. organizations with the power of our platform.

就在上週，我們宣布計劃在未來 3 年內向英國業務投資超過 5.5 億英鎊。我們也宣布，到 2025 年初，我們的客戶將能夠存取我們的核心 HCM/財務，並在英國的 AWS 雲端上本地調整規劃解決方案。我們也提高績效並幫助企業面向未來擴展。正如您所看到的，我們正在繼續為我們的成長進行投資，我對我們將如何利用我們平台的力量為更多英國組織提供支援而感到振奮。

And while it was a more challenging quarter in some of our international markets, we saw strength in France, the Netherlands and Japan. Key international wins in Q1 included OCP Group, Knight Frank and Aman Resorts. Our partner ecosystem is a powerful driver of customer success, and it continues to grow in both breadth and depth. Across the board, we're seeing continued growth in our referral and co-selling efforts with our partner sourcing more pipeline and closing more ACV in Q1 than all of FY '24 through our sales program. This points to increasing ecosystem-led growth, which is a key priority.

儘管在我們的一些國際市場上，這是一個更具挑戰性的季度，但我們看到了法國、荷蘭和日本的實力。第一季的主要國際勝利包括 OCP 集團、萊坊 (Knight Frank) 和安縵度假村 (Aman Resorts)。我們的合作夥伴生態系統是客戶成功的強大驅動力，並且在廣度和深度上持續成長。總體而言，我們看到我們的推薦和聯合銷售工作持續增長，我們的合作夥伴透過我們的銷售計劃在第一季採購了更多的管道並關閉了比 24 財年全年更多的 ACV。這表明要加強生態系統主導的成長，這是關鍵優先事項。

We have over 200 co-sell and referral partnerships that are helping expand our routes to market. One of the partners that we signed in Q1 that I'm particularly excited about is Google. Under our new partnership, GCP customers will have access to Workday products through the Google Cloud Marketplace. We're off to a fast start, and we expect to have our first transaction via the Marketplace this month.

我們擁有 200 多個聯合銷售和推薦合作夥伴，幫助我們拓展市場路線。我們在第一季簽署的令我特別興奮的合作夥伴之一是谷歌。根據我們的新合作夥伴關係，GCP 客戶將可以透過 Google Cloud Marketplace 存取 Workday 產品。我們正在快速啟動，預計本月將透過 Marketplace 進行第一筆交易。

We also recently expanded our relationship with AWS to include co-innovation across industries and enhance go-to-market investments. We bill over $75 million of active ACV pipeline with AWS, and the expanded partnership should only accelerate that. And in Q1, we formed a new reseller agreement with Kyriba that enables Workday customers to integrate with a network of over 1,000 global banks. This dramatically reduces the time, complexity, and costs needed to integrate and adapt with changing banking requirements.

我們最近也擴大了與 AWS 的關係，包括跨產業的聯合創新並加強市場投資。我們向 AWS 收取了超過 7500 萬美元的活躍 ACV 管道費用，擴大的合作夥伴關係只會加速這一進程。在第一季度，我們與 Kyriba 簽訂了新的經銷商協議，使 Workday 客戶能夠與 1,000 多家全球銀行組成的網路整合。這極大地減少了整合和適應不斷變化的銀行要求所需的時間、複雜性和成本。

Partners are critical to helping us accelerate and broaden our innovation footprint. In 2 weeks, we'll welcome 1,200 partners and customers to Las Vegas for DevCon, our annual developer conference. DevCon, as well as our developer ecosystem, has grown by more than 50% since last year, which is a testament to the momentum we're building across our platform. At the event, we'll be announcing new ways for partners to build, distribute, and monetize their applications on the Workday platform. We are also launching several other components of the program to enable us to embed partner solutions within Workday in ways we've never done before.

合作夥伴對於幫助我們加速和擴大創新足跡至關重要。兩週後，我們將歡迎 1,200 名合作夥伴和客戶來到拉斯維加斯參加我們的年度開發者大會 DevCon。自去年以來，DevCon 以及我們的開發者生態系統成長了 50% 以上，這證明了我們在整個平台上建立的勢頭。在此次活動中，我們將宣布合作夥伴在 Workday 平台上建置、分發應用程式並從中獲利的新方法。我們還推出了該計劃的其他幾個組件，使我們能夠以前所未有的方式將合作夥伴解決方案嵌入 Workday 中。

With our cloud-native platform in Workday Extend, we are enabling AI innovation not just from Workday but our customers and partners as well. We now have more than 900 Extend customers and 1,600 apps, delivering significant value across our ecosystem of customers and partners. Workday Extend Pro, which includes AI Gateway as well as Developer Copilot launching later this year, enables our customers and partners to build AI-first apps that leverage the power of our platform.

借助 Workday Extend 中的雲端原生平台，我們不僅可以實現 Workday 的人工智慧創新，還可以實現我們的客戶和合作夥伴的人工智慧創新。我們現在擁有 900 多個 Extend 客戶和 1,600 個應用程序，為我們的客戶和合作夥伴生態系統提供了巨大的價值。 Workday Extend Pro 包括今年稍後推出的 AI Gateway 和 Developer Copilot，使我們的客戶和合作夥伴能夠利用我們平台的強大功能建立 AI 優先的應用程式。

There is clearly an appetite to build AI-first apps on top of Workday. More than 50% of our Q1 Extend ACV was from Extend Pro, making it another one of our fastest-growing SKUs. And our AI Marketplace, which is going live next month, gives our customers access to the best of Workday AI and solutions from third-party partners together in one place. These are just a few of the latest examples of the breadth of our innovation and the reach of our platform.

顯然，人們有興趣在 Workday 之上建立人工智慧優先的應用程式。我們第一季的 Extend ACV 超過 50% 來自 Extend Pro，這使其成為我們成長最快的 SKU 之一。我們的 AI Marketplace 將於下個月上線，讓我們的客戶能夠在一個地方獲得最好的 Workday AI 和來自第三方合作夥伴的解決方案。這些只是我們創新廣度和平台影響力的一些最新例子。

Now to close, as I've said many times, we have a durable business with multiple levers to drive long-term growth. With our leadership and investment in AI, our unique ability to address organizations' most critical challenges and the deep relationships we have with our customers and partners, Workday remains well positioned to extend our market leadership. This is exactly what drew me to Workday and what continues to excite me.

最後，正如我多次說過的那樣，我們擁有持久的業務，並且具有多種槓桿來推動長期成長。憑藉我們在人工智慧方面的領導地位和投資、我們解決組織最關鍵挑戰的獨特能力以及我們與客戶和合作夥伴的深厚關係，Workday 仍然處於擴大我們市場領先地位的有利位置。這正是 Workday 吸引我並繼續讓我興奮的原因。

We also have a diverse business serving more than 10,500 customers across industries, which now includes more than 60% of the Fortune 500, an incredible milestone and a testament to the strategic nature of our platform. And yet, we're just getting started with more than 40,000 organizations in our addressable market and a continued opportunity to expand our footprint and deliver even more value within our existing customer base. Moving into Q2, we are well positioned to achieve our objectives in the near term while continuing to build for the long term.

我們也擁有多元化的業務，為各行業超過 10,500 家客戶提供服務，其中包括超過 60% 的財富 500 強企業，這是一個令人難以置信的里程碑，也證明了我們平台的戰略性質。然而，我們才剛開始在我們的目標市場中擁有超過 40,000 個組織，並且有繼續擴大我們的足跡並在現有客戶群中提供更多價值的機會。進入第二季度，我們有能力實現短期目標，同時繼續實現長期目標。

I'd like to thank our customers who put their trust in us, our partners and especially my 19,400 Workmates around the world for helping drive Workday forward. With that, I'll hand it over to Zane.

我要感謝客戶對我們、我們的合作夥伴的信任，特別是我在世界各地的 19,400 名同事，他們幫助推動 Workday 向前邁進。這樣，我就把它交給贊恩了。

Thanks, Carl, and thank you to everyone for joining today's call. Our Q1 performance was in line with our expectations across our key financial metrics. Subscription revenue in the first quarter was $1.815 billion, up 19%, including a 1 point benefit from the leap year. Professional services revenue was $175 million in the quarter, leading to total revenue in Q1 of $1.99 billion, growing 18%. U.S. revenue in Q1 totaled $1.49 billion, and international revenue totaled $497 million, both growing 18%.

謝謝卡爾，也謝謝大家參加今天的電話會議。我們第一季的業績符合我們對關鍵財務指標的預期。第一季訂閱營收為 18.15 億美元，成長 19%，其中閏年收益為 1 個百分點。本季專業服務收入為 1.75 億美元，第一季總營收為 19.9 億美元，成長 18%。第一季美國營收總計 14.9 億美元，國際營收總計 4.97 億美元，皆成長 18%。

12-month subscription revenue backlog, or CRPO, was $6.6 billion at the end of Q1, representing growth of 18%. Renewal volume in the quarter, including early renewals, was in line with our expectations. Gross and net revenue retention rates remained strong at over 95% and over 100%, respectively. Total subscription revenue backlog at the end of the quarter was $20.68 billion, up 24%. Our non-GAAP operating income for the first quarter was $515 million, resulting in a non-GAAP operating margin of 25.9%. Margin strength was driven by moderate revenue outperformance and lower expenses.

截至第一季末，12 個月積壓訂閱收入 (CRPO) 為 66 億美元，成長 18%。本季的續訂量（包括提前續訂）符合我們的預期。毛收入和淨收入保留率依然強勁，分別超過 95% 和 100% 以上。截至本季末，積壓訂閱收入總額為 206.8 億美元，成長 24%。我們第一季的非 GAAP 營業收入為 5.15 億美元，非 GAAP 營業利益率為 25.9%。利潤率強勁是由適度的收入表現和較低的支出所推動的。

Q1 operating cash flow was $372 million, growth of 34%. During Q1, we repurchased $134 million of our shares at an average price of $267.09 per share. In addition, starting in April, we began to fund withholding taxes due on employee equity awards by net share withholding. This reduced our dilution by 1 million shares in the quarter relative to our prior sell-to-cover method and impacted our cash flow from financing by $239 million in Q1. We ended the quarter with $7.2 billion in cash and marketable securities. As of April 30, headcount stood at over 19,400 Workmates around the globe.

第一季營運現金流為 3.72 億美元，成長 34%。第一季度，我們以每股 267.09 美元的平均價格回購了 1.34 億美元的股票。此外，從四月開始，我們開始透過淨股票預扣來為員工股權獎勵應付的預扣稅提供資金。相對於我們先前以回補的方式，這使我們在本季減少了 100 萬股股票的稀釋，並使我們第一季的融資現金流減少了 2.39 億美元。本季結束時，我們擁有 72 億美元的現金和有價證券。截至 4 月 30 日，全球 Workmates 員工總數超過 19,400 人。

We were pleased to see the continued progress across our key growth initiatives, including momentum in full platform wins and continued ramping of our partner ecosystem, which we expect to support growth in the coming years. At the same time, we experienced elevated scrutiny in our sales cycle, particularly in EMEA. Within our customer base, we continue to see expansion, primarily through product add-ons versus customer headcount growth, which has slowed relative to our expectations.

我們很高興看到我們的關鍵成長計劃持續取得進展，包括全平台獲勝的勢頭以及我們合作夥伴生態系統的持續發展，我們預計這將支持未來幾年的成長。同時，我們在銷售週期中經歷了更嚴格的審查，特別是在歐洲、中東和非洲地區。在我們的客戶群中，我們繼續看到擴張，主要是透過產品附加產品與客戶人數成長相對，而客戶人數成長相對於我們的預期有所放緩。

Taking these factors into account, we are updating our full year FY '25 subscription revenue guidance to $7.7 billion to $7.725 billion, representing growth of approximately 17% compared to our previous guided range of 17% to 18%. We expect Q2 FY '25 subscription revenue to be $1.895 billion, representing 17% growth. We now expect FY '25 professional services revenue of approximately $650 million to $660 million, reflecting the Q1 outperformance and our Q2 expectations along with our strategy of further leveraging our partner ecosystem. For Q2, we expect professional services revenue of $175 million.

考慮到這些因素，我們將 25 財年全年訂閱營收指引更新為 77 億美元至 77.25 億美元，與先前 17% 至 18% 的指導範圍相比成長約 17%。我們預計 25 財年第二季的訂閱營收將為 18.95 億美元，成長 17%。我們現在預計 25 財年的專業服務收入約為 6.5 億至 6.6 億美元，反映了第一季的優異表現和我們對第二季的預期，以及我們進一步利用合作夥伴生態系統的策略。我們預計第二季的專業服務收入為 1.75 億美元。

Turning to backlog. As we've highlighted previously, CRPO growth is influenced by quarter-to-quarter variability in renewal volume and new business bookings. The strength in overall renewal activity in FY '24, including early renewals, caused our CRPO growth to outpace subscription revenue growth throughout last year. This aggregate effect is impacting our backlog growth this year. In Q2, as we saw in Q1, we expect CRPO growth to be below subscription revenue growth, impacted by the cumulative headwind from last year's strong renewal activity. In Q2, we expect CRPO to increase between 15% and 16%.

轉向積壓。正如我們之前所強調的，CRPO 的成長受到續訂量和新業務預訂的季度變化的影響。 24 財年整體續訂活動的強勁（包括提前續約）導致我們的 CRPO 成長超過了去年全年的訂閱​​收入成長。這種整體效應正在影響我們今年的積壓訂單成長。正如我們在第一季看到的那樣，在第二季度，我們預計 CRPO 的成長將低於訂閱收入的成長，這是去年強勁續訂活動累積阻力的影響。第二季度，我們預計 CRPO 將成長 15% 至 16%。

We continue to see momentum across our core growth areas and are continuing to invest for future growth while driving increased efficiencies across the company. We now expect FY '25 non-GAAP operating margins of approximately 25%. For Q2, we expect non-GAAP operating margin of 24.5%, which reflects our typical seasonality. GAAP operating margins for the second quarter and full year are expected to be approximately 20 and 21 percentage points lower than the non-GAAP margins, respectively. The FY '25 non-GAAP tax rate remains at 19%. We continue to expect FY '25 operating cash flow of $2.25 billion and capital expenditures of approximately $330 million.

我們繼續看到核心成長領域的勢頭，並繼續為未來成長進行投資，同時提高整個公司的效率。我們現在預計 25 財年非 GAAP 營運利潤率約為 25%。對於第二季度，我們預計非 GAAP 營業利潤率為 24.5%，這反映了我們典型的季節性。第二季和全年的 GAAP 營業利潤率預計將分別比非 GAAP 利潤率低約 20 個百分點和 21 個百分點。 25 財政年度非公認會計原則稅率仍為 19%。我們繼續預期 25 財年的營運現金流為 22.5 億美元，資本支出約為 3.3 億美元。

In closing, I want to reiterate our commitment to investing to support long-term growth while expanding margins. We continue to see strong customer demand and engagement across our platform, supporting our financial targets and helping drive our strategic growth initiatives. With that, I'll turn it back over to the operator to begin Q&A.

最後，我想重申我們對投資的承諾，以支持長期成長，同時擴大利潤率。我們繼續看到整個平台上強勁的客戶需求和參與度，支持我們的財務目標並幫助推動我們的策略成長計劃。這樣，我會將其轉回給操作員以開始問答。

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

（操作員說明）我們的第一個問題來自高盛的 Kash Rangan。

I just wanted to get a little bit more clarification. You talked about the extended sales cycles and also smaller customer growth -- headcount growth. Was that primarily restricted to EMEA? Or did you see some of that in the U.S., too? And as a follow-up, if I could, if the partner generation of new business, which seems to have outstripped all of this in '24, if that momentum continues, would you be compelled to consider getting the guidance back on track? In other words, do we have enough of other factors at play that could get you back on track as the fiscal year progresses?

我只是想得到更多的澄清。您談到了延長的銷售週期以及較小的客戶成長—員工數量成長。這主要限於歐洲、中東和非洲地區嗎？或者你在美國也看過這樣的情況嗎？作為後續行動，如果可以的話，如果新業務的合作夥伴一代（這似乎在 24 年超過了所有這些），如果這種勢頭持續下去，您是否會被迫考慮讓指導回到正軌？換句話說，隨著財政年度的進展，我們是否有足夠的其他因素可以讓您重回正軌？

Kash, thanks for the question. Let me just, before I answer your question, take a quick moment to thank our Workmates, customers and partners around the world for helping to get off to a solid start to the year. And as you can see, Kash, by our results in Q1, it was a solid quarter, but we did see a few dynamics change. And specifically, you mentioned 2 of them.

卡什，謝謝你的提問。在回答您的問題之前，請允許我花一點時間感謝我們世界各地的同事、客戶和合作夥伴，感謝他們幫助我們在今年取得了良好的開端。正如你所看到的，卡什，從我們第一季的業績來看，這是一個穩定的季度，但我們確實看到了一些動態變化。具體來說，您提到了其中兩個。

Number one, I think for the last 1, 1.5 years, we've talked about -- we haven't seen any material change to the macro, meaning we haven't seen any additional scrutiny one way or the other. In fact, it's been rather consistent. But this quarter, we did. We did see a bit more scrutiny, specifically on large deals and net new deals. And that wasn't just something in the U.S. It was truly around the world we saw that.

第一，我認為在過去的 1、1.5 年裡，我們沒有看到宏觀方面發生任何重大變化，這意味著我們沒有看到任何額外的審查。事實上，這已經相當一致了。但本季度，我們做到了。我們確實看到了更多的審查，特別是對大型交易和淨新交易。這不僅僅是在美國，我們在世界各地都看到了這一點。

I would also say that some of that may be because we're talking to our customers about full platform deals. We're no longer just talking about HCM deals. And when we sell full platform, particularly in the large enterprise market, we are selling to multiple buyers. We're telling -- selling to the CHRO. We're selling to the CIO and the CFO, which makes it a little bit more of a complex deal for us, which makes some of these sales cycles a bit longer.

我還想說，其中一些可能是因為我們正在與客戶討論全平台交易。我們不再只是談論 HCM 交易。當我們銷售全平台時，特別是在大型企業市場，我們正在向多個買家銷售。我們告訴——賣給首席人力資源長。我們向資訊長和財務長進行銷售，這對我們來說是一項更複雜的交易，這使得其中一些銷售週期更長一些。

That being said, when customers do make decisions, we're clearly winning our fair share of both HCM, Financials and full platform deals. So definitely some more scrutiny than we've seen in the past. And on the headcount trends, that was something that was globally. We saw less headcount expansion at time of renewals across the world. That wasn't just something in one region versus the other.

話雖這麼說，當客戶做出決定時，我們顯然贏得了 HCM、金融和全平台交易的公平份額。因此，肯定比我們過去看到的更加嚴格。就員工人數趨勢而言，這是全球性的。我們發現，在全球進行續約時，員工人數的擴張已減少。這不僅僅是一個地區與另一個地區之間的事。

And on the partners, yes, to your point, we continue to lean into the investments we're making around our partners. In Q1, specifically in my prepared remarks, we called out a couple of highlights, including that we built more pipeline in Q1 than we did all of last year. And the second thing we called out is we closed more business to our partners than we did all of last year. This is just evidence that the investment we're making in the partners -- in the partner ecosystem is coming to fruition, and we're super excited about the potential impact it can have on us going forward.

關於合作夥伴，是的，就您的觀點而言，我們繼續傾向於圍繞合作夥伴的投資。在第一季度，特別是在我準備好的演講中，我們指出了一些亮點，包括我們在第一季度建造的管道比去年全年更多。我們指出的第二件事是，我們向合作夥伴關閉的業務比去年全年還要多。這只是我們在合作夥伴生態系統中所做的投資正在取得成果的證據，我們對它對我們未來的潛在影響感到非常興奮。

Kash, I would just add, as we think about that growth in partners, we would expect it to ramp through the year, and as Carl alluded to, we see great progress there. As it relates to subscription revenue, the bulk of that would probably then enter into the next fiscal year more so than this fiscal year. But obviously, we're excited about the progress we're making on the partner front.

卡什，我想補充一點，當我們考慮合作夥伴的成長時，我們預計它會在這一年中不斷增長，正如卡爾所提到的，我們看到了那裡的巨大進展。由於它與訂閱收入相關，因此其中大部分可能會比本財年更多地進入下一個財年。但顯然，我們對在合作夥伴方面取得的進展感到興奮。

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

我們的下一個問題來自馬克墨菲與摩根大通的對話。

Just following on Kash's question, the aspect of the lower customer headcount growth, we can see that nonfarm payrolls were growing 5% just a couple of years ago. It has fallen to about 1.8% recently. I'm curious if that roughly aligns with the slower headcount growth you're seeing across the base. In other words, could you be renewing contracts from 2 to 3 years ago and seeing that type of a headwind perhaps a few points' worth? And then secondarily, I'm just wondering if it's more pronounced at HCM than FINS because it would touch the entire employee base on the HCM side.

緊接著卡什的問題，也就是客戶人數成長較低的方面，我們可以看到，就在幾年前，非農業就業人數增加了 5%。最近已降至1.8%左右。我很好奇這是否與您所看到的整個基地的員工人數成長放緩大致相符。換句話說，您是否可以在 2 到 3 年前續簽合同，並看到這種類型的逆風可能只值幾個點？其次，我只是想知道它在 HCM 是否比 FINS 更明顯，因為它會觸及 HCM 方面的整個員工基礎。

Mark, I'm happy to start that and then maybe have Carl give more color. I'd say generally, what we see is that the increase over our baseline has come down. So we still are fortunate to see increase in net headcount growth on a year-over-year basis. But what we've seen is a slowdown and candidly just below our expectations. So I think some of what you referenced earlier on nonfarm payrolls probably does align with what we're seeing. And the other part is just a subset of our cohort and our customer base just being impacted with how they're seeing it and the increase over the baseline amount coming in.

馬克，我很高興開始，然後也許讓卡爾提供更多的色彩。我想說的是，一般來說，我們看到的是相對於基線的增幅已經下降。因此，我們仍然很幸運地看到淨員工人數較去年同期成長。但我們看到的是經濟放緩，坦白說，略低於我們的預期。因此，我認為您之前提到的有關非農業就業數據的一些內容可能與我們所看到的情況相符。另一部分只是我們群體的子集，我們的客戶群只是受到他們如何看待它以及超出基線數量的增加的影響。

Yes. Go ahead, Doug. You have some color?

是的。來吧，道格。你有顏色嗎？

Yes. I'd just add to that, Mark, that we see that in both renewals that shows up, but also, as you know, we have a sort of true-up mechanism that happens on an annual basis. So customers, while they're still adding employees and headcount to the system, are doing it at a more moderated rate than we had anticipated in Q1.

是的。我想補充一點，馬克，我們在兩次更新中都看到了這一點，而且，正如你所知，我們有一種每年都會發生的調整機制。因此，儘管客戶仍在向系統中添加員工和員工人數，但其速度比我們在第一季的預期要溫和。

Yes. Mark, I do think as both Zane and Doug alluded to, we did kind of expect a slowdown in headcount growth as compared to last year. But in Q1, it was even lower than our forecast. And we don't necessarily see that changing throughout the rest of the year, and we took that into account as we thought about the full year guidance.

是的。馬克，我確實認為正如贊恩和道格都提到的那樣，我們確實預計員工人數增長與去年相比會放緩。但在第一季度，它甚至低於我們的預測。我們不一定會看到這種情況在今年剩餘時間內發生變化，我們在考慮全年指導時也考慮到了這一點。

And does that impact HCM more than FINS?

這對 HCM 的影響是否比 FINS 更大？

Equally, equally.

平等，平等。

I think it's equally. It's not one versus the other. Obviously, we have a much larger installed base of HCM customers, so it would be more pronounced around HCM because of our customer base. But I think it's consistent across both HCM and FINS when we have both deployed.

我認為是平等的。這不是一個人與另一個人的較量。顯然，我們擁有更大的 HCM 客戶群，因此由於我們的客戶群，HCM 周圍的情況會更加明顯。但我認為，當我們同時部署 HCM 和 FINS 時，這兩者是一致的。

And our next question comes from the line of Kirk Materne with Evercore ISI.

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

I want to maybe just continue on that question Mark was asking, which is I think one of the questions coming out of this will be, we understand some of the headwind of business. I guess what, I guess, buffers have you put into the guidance? Or have you changed sort of your thought process on either pipeline close rates or conversion rates so that we have a little bit more confidence in the full year guide? I realize the macro moves around a little bit. But can you just give us a little color on what you guys have done to make sure that the guide we have in front of us is appropriate given some of the headwinds we've -- that have come up over the last quarter?

我想也許繼續回答馬克提出的問題，我認為由此產生的問題之一是，我們了解業務的一些逆風。我猜你在指南中添加了哪些緩衝區？或者您改變了對通路關閉率或轉換率的思考過程，以便我們對全年指南更有信心？我意識到宏觀環境發生了一些變化。但是，考慮到我們在上個季度出現的一些不利因素，您能否向我們介紹一下你們所做的工作，以確保我們面前的指南是適當的？

Yes, Kirk, this is Zane. I'll start and then let Carl finish the answer. We've been thoughtful as far as projecting out for the year and how we've looked at each of these dynamics. And Carl touched on the impact on the pipeline, the fact that these companies haven't necessarily moved out. It's just been a slowing effect, and that's the part that's impacted us more so than actually losing deals. In fact, our win rates have come in nicely aligned with where we've seen them historically.

是的，柯克，這是讚恩。我先開始回答，然後讓卡爾完成答案。我們對今年的預測以及如何看待每項動態都進行了深思熟慮。卡爾談到了對管道的影響，即這些公司不一定會搬出去。這只是一種放緩效應，這對我們的影響比實際失去交易更大。事實上，我們的勝率與我們歷史上看到的情況非常吻合。

So our forecast methodology hasn't changed. We feel good about the forecast. I'll point out, we've obviously moved the midpoint of our guide down $35 million for the full year. And we factored these 2 elements into account, and we are making adjustments accordingly for the year. But we believe that given what we see today, that the updated guidance accounts for the factors that we've mentioned here.

所以我們的預測方法沒有改變。我們對預測感覺良好。我要指出的是，我們顯然已將全年指南的中點下調了 3500 萬美元。我們將這兩個因素考慮在內，並在今年做出相應的調整。但我們相信，鑑於我們今天所看到的情況，更新後的指導說明了我們在此提到的因素。

Yes. And I'd just add, Kirk, that as we looked at our pipeline for the remainder of the year, we have a solid number of large opportunities in front of us. These opportunities, while there is more scrutiny, we think we have a really good chance to close them throughout the rest of the year. We've taken that into account in our guidance. And as you know, in any given quarter, these larger transactions can be pushed out, sometimes pushed out 1 or 2 quarters. And in some cases, we pull them in.

是的。柯克，我想補充一點，當我們審視今年剩餘時間的管道時，我們面前有大量的巨大機會。這些機會雖然受到更多審查，但我們認為我們很有機會在今年剩餘時間內完成這些機會。我們已在我們的指南中考慮到這一點。如您所知，在任何特定季度，這些較大的交易都可能被推遲，有時會推遲 1 或 2 個季度。在某些情況下，我們會把他們拉進來。

But I think what's really important to know is none of the larger opportunities that didn't close in Q1 moved out of our pipeline. When a customer makes a decision to go to a big transformation of a platform like Workday and HCM or Financials, it's not if they're going to do it. It's when they're going to do it. And all of these remain in our pipeline, which is what gives us confidence on the guide going forward.

但我認為真正重要的是要知道，第一季未完成的更大機會都沒有從我們的管道中移出。當客戶決定對 Workday、HCM 或 Financials 等平台進行重大轉型時，問題並不是他們是否會這樣做。到了他們要這麼做的時候了。所有這些都仍在我們的準備中，這讓我們對指南的未來充滿信心。

And 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。

Carl, on EMEA, I guess when you talk about lower wins, I know you've made a lot of changes in your players. Do you think some of this may be just a player swap-out in the short term where you're having some maybe internal execution versus an external? Or are you focused more that this is more of an external force that has nothing to do with some of the changes you've implemented over the last year?

Carl，在歐洲、中東和非洲地區，我想當你談論較低的勝率時，我知道你對你的球員做了很多改變。您是否認為其中一些可能只是短期內的球員更換，您可能會進行內部執行而不是外部執行？或者您更關注這更多的是一種外部力量，與您去年實施的一些變革無關？

Yes. Thanks for the question, Brent. I absolutely don't think it has to do with anything we're doing internally. In fact, if you recall, for the last number of quarters, one of the things we've highlighted probably for the last 4 to 6 quarters, we've highlighted the execution that we've seen out of EMEA. We have new leaders. We're going to market differently with pricing and packaging. We're going to market differently with partners over there. We've added a lot of capacity. So everything we're doing in Europe, and for that matter, the rest of the world, I think, are all positive things.

是的。謝謝你的提問，布倫特。我絕對不認為這與我們內部所做的任何事情有關。事實上，如果您還記得，在過去幾個季度中，我們可能在過去 4 到 6 個季度中強調的事情之一，就是我們強調了歐洲、中東和非洲地區的執行情況。我們有新的領導人。我們將透過定價和包裝以不同的方式進行行銷。我們將與那裡的合作夥伴進行不同的行銷。我們增加了很多容量。因此，我認為，我們在歐洲以及世界其他地區所做的一切都是積極的事情。

I don't think this is an execution issue at all. This is just a pocket of softness we saw outside of the U.S., and it was because of the factors we talked about. And specifically, in EMEA, last Q1, we closed a large number of bigger deals. We didn't have that same close rate this Q1, so the year-over-year compare was a bit tougher. But I don't think this has anything to do with what we're doing or how we're executing. In fact, I'm really bullish on the leadership team and how we're going to market and the changes we've made outside the U.S.

我認為這根本不是執行問題。這只是我們在美國以外看到的一小部分疲軟，這是由於我們談論的因素造成的。具體來說，在歐洲、中東和非洲地區，上一季我們完成了大量規模較大的交易。我們在第一季沒有達到相同的成交率，因此同比比較有點困難。但我認為這與我們正在做的事情或我們的執行方式沒有任何關係。事實上，我非常看好我們的領導團隊、我們的行銷方式以及我們在美國以外地區所做的改變。

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

我們的下一個問題來自美國銀行的 Brad Sils。

Maybe if I could just ask one more on some of the impacts you've seen during the quarter. We certainly understand if some of these bigger platform deals where there's both FINS and HCM involved are going to take longer to push over the finish line. We're certainly hearing that from the channel that you're seeing more of those deals. How much of this would you attribute to that move? It seems like something you're seeing increasingly. And I guess a related question to that is, was this largely limited to some of those newer platform deals as opposed to renewal deals? How did renewals in EMEA track this quarter?

也許我可以再問一下您在本季看到的一些影響。我們當然理解一些涉及 FINS 和 HCM 的大型平台交易是否需要更長的時間才能完成。我們確實從頻道中聽到，您看到了更多此類交易。您認為這在多大程度上歸因於此舉動？這似乎是你越來越常看到的事情。我想與此相關的一個問題是，這是否很大程度上僅限於一些較新的平台交易，而不是續約交易？本季歐洲、中東和非洲地區的續訂情況如何？

Yes. Thanks for the question, Brad. I actually -- your question actually is part of my answer. So most of the deals that we see getting more scrutiny are net new deals. It's not renewals. And a lot of them are full platform when we're selling both HCM and we're selling FINS. When we're just selling HCM, we don't see as much scrutiny. That being said it, if it's a very large HCM transformational or platform deal, there is some additional scrutiny that does take place, but we absolutely are seeing more when it's full platform.

是的。謝謝你的提問，布拉德。事實上，你的問題其實是我答案的一部分。因此，我們看到受到更多審查的大多數交易都是淨新交易。這不是續訂。當我們同時銷售 HCM 和 FINS 時，其中許多都是全平台。當我們只銷售 HCM 時，我們不會看到那麼多的審查。話雖這麼說，如果這是一項非常大的 HCM 轉型或平台交易，確實會進行一些額外的審查，但當它是完整平台時，我們絕對會看到更多審查。

The other thing I would say on the other side of that is full platform deals in the medium enterprise are accelerating. The reason for that is we can find a company who has a buyer and decision-maker that are one and the same and then make a decision around both HCM and Financials at once. So we talked about our Financials business and full platform business being up greater than 20% year-over-year. A lot of that is in the medium enterprise. But in the large enterprise, there is more scrutiny.

另一方面，我要說的另一件事是，中型企業的全平台交易正在加速。原因是我們可以找到一家擁有相同買家和決策者的公司，然後同時圍繞 HCM 和財務做出決策。所以我們談到我們的金融業務和全平台業務年增超過 20%。其中很大一部分是在中型企業。但在大企業裡，審查就更多了。

Brad, this is Zane. I'll just add. As you look at that forecast for the year, the $35 million, we'd attribute roughly half of that to the deal scrutiny that Carl just alluded to and then the other half to the headcount impact that we've seen. So net -- if you net it out through the year, it's about 50-50 mix.

布拉德，這是讚恩。我就補充一下。當你看到今年的預測時，即 3500 萬美元，我們將其中大約一半歸因於卡爾剛才提到的交易審查，另一半歸因於我們看到的員工數量影響。所以，如果你把全年的淨收入都算出來的話，大約有 50-50 種混合。

Just wanted to -- this is Doug. Just one nuance I'd add to that. On large enterprise net new, as Carl was describing, there's actually pockets of strength, too. So there is an industry element to this. So within our health care segment and as well as our public sector, we are seeing that market continue to move, and they continued to perform really strong in Q1. In fact, I think health care was up another 50% in ACV growth in the quarter. So it's not to say there's a dearth, there's an absence of large deals getting done. It's just a tougher environment for most industries that we saw on a global basis, particularly Europe.

只是想——這是道格。我想補充一點細微差別。正如卡爾所描述的，在新的大型企業網路上，實際上也有一些實力。所以這裡面有一個行業因素。因此，在我們的醫療保健領域以及公共部門中，我們看到市場持續變化，並且它們在第一季繼續表現強勁。事實上，我認為本季醫療保健領域的 ACV 成長又成長了 50%。因此，這並不是說存在短缺，而是沒有完成大型交易。對於我們在全球看到的大多數產業來說，這只是一個更艱難的環境，尤其是歐洲。

Doug, when you talk about the public sector, it's not just state and local. Now we're seeing some big wins like we saw in federal with the Department of Intelligent Agency (sic) [Defense Intelligence Agency].

道格，當你談論公共部門時，它不僅僅是州和地方。現在我們看到了一些重大勝利，就像我們在聯邦情報局（原文如此）[國防情報局]中看到的那樣。

And our next question comes from the line of Scott Berg with Needham.

我們的下一個問題來自斯科特·伯格和李約瑟的對話。

Carl touched on it just briefly a little bit a moment ago, but how about some clarity in terms of what you're seeing in the mid-market? Sounds like full platform deals are fine, but are you seeing some of the same scrutiny around sales cycles, some of the regional pressure there? Any additional color there would be helpful.

卡爾剛才簡單地談到了這一點，但是能否澄清一下您在中端市場看到的情況？聽起來全平台交易很好，但是您是否看到圍繞銷售週期的一些相同的審查，以及那裡的一些區域壓力？任何額外的顏色都會有幫助。

Yes, sure. So in the medium enterprise, we were really pleased with our performance, specifically in the U.S., where we've been selling into that market and built out the go-to-market engine a lot quicker than we did in Europe. We're building that out now in Europe. But in the U.S., our medium enterprise business was quite solid. The reason for that is now that we were pushing hard on Financials, we are absolutely seeing the Financials have an impact on full platform sales in the medium enterprise.

是的，當然。因此，在中型企業中，我們對自己的表現非常滿意，特別是在美國，我們一直在向該市場銷售產品，並且比歐洲更快地建立了進入市場的引擎。我們現在正在歐洲建立這個計畫。但在美國，我們的中型企業業務相當穩健。原因是現在我們大力推動財務，我們絕對看到財務對中型企業的全平台銷售產生影響。

Also, we've changed some of our pricing and packaging as we serve that market with Workday Accelerate, which now gives us the opportunity to sell a bundle or a suite. And it's easier to sell, and for customers, it's easier to consume. And we backed that up with some rapid delivery capabilities on the services side that actually allows customers to get value quicker. So across the board, we're really excited about what's happening in the medium enterprise.

此外，我們也改變了一些定價和包裝，因為我們透過 Workday Accelerate 服務該市場，這讓我們有機會銷售捆綁包或套件。而且比較容易銷售，對顧客來說，也比較容易消費。我們在服務方面提供了一些快速交付能力來支援這一點，這實際上可以讓客戶更快地獲得價值。因此，總的來說，我們對中型企業所發生的事情感到非常興奮。

I'd also say when it comes to our partners, while yes, our partners are very impactful on the large enterprise, we talked about the pipeline build in Q1. A lot of that partner pipeline build came into medium enterprise. So overall, the medium enterprise continues to perform well. And actually, it's allowed us to even go down market quite even further. What we now call the emerging enterprise where we're able to sell because of the pricing and packaging and accelerated deployment, we can now address a market that's even further down than we've served in the past.

我還想說，當談到我們的合作夥伴時，雖然我們的合作夥伴對大型企業非常有影響力，但我們討論了第一季的管道建設。許多合作夥伴管道建設都進入了中型企業。總體而言，中型企業持續表現良好。事實上，它使我們能夠進一步深入市場。我們現在所謂的新興企業，由於定價、包裝和加速部署而能夠銷售，我們現在可以解決比我們過去服務的市場更低的市場。

And 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 pivot to margins, so I'll direct this at you, Zane. Typically, you don't get a margin raise alongside a revenue cut. So maybe a 2-parter. Where did you find those efficiencies to create that outcome? And then secondly, maybe just a bigger picture question. Would you and the leadership team consider effectively running Workday for a mid-teens growth and just leaning, cranking more on the margin upside? Is that on the table?

也許我會轉向邊緣，所以我會直接針對你，贊恩。通常情況下，你不會在收入減少的同時提高利潤。所以也許是兩人合作。您從哪裡找到了創造這成果的效率？其次，也許只是一個更大的問題。您和領導團隊是否會考慮有效地運作 Workday 以實現十幾歲左右的成長，並傾向於提高利潤率？那是在桌子上嗎？

Karl, yes. First off, I'll point out that as we've said for a number of quarters now, we continue to balance margin with revenue growth. And we've been fortunate to see outperformance on the top line for a number of quarters. And obviously, as I've also said, we'll invest very thoughtfully in a number of these growth areas and investment areas. And we've been doing that but we've been doing it judiciously.

卡爾，是的。首先，我要指出，正如我們在多個季度中所說的那樣，我們將繼續平衡利潤率與收入成長。我們很幸運地看到營收連續幾季表現出色。顯然，正如我也說過的，我們將在其中一些成長領域和投資領域進行深思熟慮的投資。我們一直在這樣做，但我們做得很好。

And we've also been focused across the company with our people, our processes and our systems and how we think about scale and just really being mindful about where we spend and where we invest across the business. So I would say no adjustment to that line of thinking. We're still very focused on growing this business. We think we've got tremendous TAM and tremendous opportunities around the globe.

我們也一直關注整個公司的人員、流程和系統，以及我們如何看待規模，並真正關注我們在整個業務中的支出和投資。所以我想說不要調整這種想法。我們仍然非常專注於發展這項業務。我們認為我們在全球擁有巨大的 TAM 和巨大的機會。

On the top line, we're pleased with the performance and with our over 19,000 Workmates, have been leaning in how to be more productive and how to be more efficient as we continue to scale this business. So I'm pleased there. Candidly, I think there's more to come on both fronts and excited about the opportunity. But we'll continue to balance that.

總而言之，我們對我們的表現感到滿意，我們的 19,000 多名同事一直在致力於如何在我們繼續擴大業務規模的過程中提高生產力和效率。所以我很高興在那裡。坦白說，我認為在這兩個方面都有更多的事情要做，並且對這個機會感到興奮。但我們將繼續平衡這一點。

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。

If I'm reading the comments right, it doesn't sound competitive on the sales cycle elongation. It sounds more concentrated in Europe. I guess is there this dynamic where maybe some deals that you were expecting to get into Q1 actually got pulled into Q4 from some of the early renewal activity? Or was this concentrated in some vertical and geography, a couple of deals that pushed late in the quarter? Just give us a sense for that linearity of how it developed and kind of where you came out.

如果我沒看錯的話，它在銷售週期延長方面聽起來沒有競爭力。聽起來比較集中在歐洲。我想是否存在這種動態，也許您期望進入第一季的一些交易實際上從一些早期續訂活動中被拉到了第四季度？或者這是否集中在某些垂直領域和地理區域，即本季末推進的幾筆交易？只要讓我們了解它如何發展的線性以及你的結果。

Yes, sure. Thanks for the question, Alex. So first, we don't think it's anything to do with our competitors or our competitive win rates. In fact, they've remained quite stable. And when customers do decide to make a decision and move forward, our win rates are very good. That being said, as you know, in any given quarter, deals can come in or come out. In Q4, we had a solid quarter, delivered above our guidance in Q4, and we were able to pull in some deals.

是的，當然。謝謝你的提問，亞歷克斯。因此，首先，我們認為這與我們的競爭對手或我們的競爭勝率沒有任何關係。事實上，他們一直保持相當穩定。當客戶確實決定做出決定並繼續前進時，我們的勝率非常高。話雖這麼說，如您所知，在任何特定季度，交易都可能出現或出現。在第四季度，我們的季度業績表現穩定，超出了第四季度的指導，並且我們能夠達成一些交易。

At the same time, we saw some deals in Q1 push out into the rest of the year. But our pipeline of big deals remains extremely solid. Has nothing at all to do with the competitive nature. In fact, I think we would say our competitors are helping us by pushing customers to migrate off their current and existing platforms, pushing them to the cloud. And when that happens, it opens up more opportunity for us. So I think our win rates are solid. Our discount rates have remained consistent. And when customers ultimately make a decision on a big platform transformation, they're coming to Workday.

同時，我們看到第一季的一些交易延續到了今年剩餘時間。但我們的大宗交易管道仍然非常穩固。與競爭性質完全無關。事實上，我認為我們會說我們的競爭對手正在幫助我們推動客戶從他們目前和現有的平台遷移到雲端。當這種情況發生時，就會為我們帶來更多機會。所以我認為我們的勝率是穩定的。我們的折扣率保持一致。當客戶最終決定進行大型平台轉型時，他們就會選擇 Workday。

Perfect. And then, Zane, maybe just a follow-up on the headcount element on these renewals. I guess how should we think about that as a persistent headwind across your renewal cohorts or your renewal base? Have you reflected that at least either in the revenue guide or your thinking in backlog for the back half of the year? Is there a way to quantify how much of a persistent headwind, if there's kind of lower employee headcount, that renewal dynamic persists? What are we thinking here?

完美的。然後，贊恩，也許只是這些續約的員工人數因素的後續行動。我想我們應該如何將其視為您的續訂群體或續訂基礎的持續阻力？您是否至少在收入指南或下半年積壓的想法中反映了這一點？有沒有辦法量化在員工人數減少的情況下，持續的逆風有多大，這種更新動力仍然存在？我們在這裡想什麼？

Yes, it's a good call out. We're assuming it remains consistent throughout the year. And to your point and I think what you're alluding to, it actually didn't impact us as much on the revenue side in Q1. But we expect it to persist through the year, which is why I mentioned that half of the change we made in our subscription revenue forecast for the year was attributable to this headcount dynamic that we're seeing with our customers. But we're assuming no change from the current environment as we look at the remainder of the year.

是的，這是一個很好的呼籲。我們假設它全年保持一致。就您的觀點而言，我認為您所暗示的，它實際上並沒有對我們第一季的收入方面產生太大影響。但我們預計這種情況將持續一整年，這就是為什麼我提到我們今年訂閱收入預測的一半變化歸因於我們在客戶中看到的這種員工人數動態。但展望今年剩餘時間，我們假設當前環境不會有任何變化。

And our next question comes from the line of Michael Turrin with Wells Fargo Securities.

我們的下一個問題來自富國銀行證券公司的麥可‧特林 (Michael Turrin)。

Q1 is generally lighter seasonally for Workday, but the commentary throughout the call suggests you're seeing more than just seasonal. So maybe I was hoping you could just level set how you assess how much is seasonal versus persistent. And to Alex's prior question, if we are in a world of lower headcount for longer, maybe speak to any offsets you see on the product side, whether it's consolidation, some of the AI-related product efforts you're working on or something else you have in your playbook just to potentially help offset some of that.

第一季工作日的季節性情況通常較淡，但整個電話會議中的評論表明您看到的不僅僅是季節性的。所以也許我希望你能夠設定如何評估季節性與持久性的程度。對於亞歷克斯之前的問題，如果我們在一個人員數量較少的世界中停留的時間更長，也許可以談談您在產品方面看到的任何抵消，無論是整合，您正在從事的一些與人工智慧相關的產品工作還是其他方面你的劇本中的內容只是為了潛在地幫助抵消其中的一些。

Yes. Thanks, Michael. Yes, Q1 obviously is always a more seasonally challenged quarter for us. That being said, we mentioned a couple of factors that changed in the quarter, and those dynamics were around the deal scrutiny. As we mentioned, we had lower performance internationally, specifically in EMEA, and then those headcount trends coming in lower than our forecast, and all of that led to us adjusting our guidance for the full year.

是的。謝謝，麥可。是的，第一季對我們來說顯然始終是一個更具季節性挑戰的季度。話雖這麼說，我們提到了本季發生變化的幾個因素，這些動態都圍繞著交易審查。正如我們所提到的，我們在國際上的表現較低，特別是在歐洲、中東和非洲地區，然後這些員工人數趨勢低於我們的預測，所有這些導致我們調整了全年的指導。

As it relates to products and specifically AI, we're really encouraged by some of the things we're seeing as early and leading indicators around AI. On my prepared remarks, we talked about a couple of AI SKUs that are growing quite quickly, including talent optimization. We talked about Extend and now Extend Pro, which has our AI Gateway as part of it, growing very quickly, one of our fastest-growing SKUs ever. And we're also really excited around what we see with HiredScore, the acquisition for talent -- an AI-driven talent acquisition platform that we closed in the quarter. The pipeline there is building nicely.

由於它與產品，特別是人工智慧相關，我們對人工智慧的一些早期和領先指標感到非常鼓舞。在我準備好的演講中，我們討論了一些成長相當快的人工智慧 SKU，包括人才優化。我們討論了 Extend 和現在的 Extend Pro，它包含我們的 AI 網關，成長非常快，是我們有史以來成長最快的 SKU 之一。我們對 HiredScore 的人才收購也感到非常興奮——我們在本季關閉了一個由人工智慧驅動的人才收購平台。那裡的管道建設得很好。

And then lastly, I would say there's a couple of other dynamics out there that we're seeing in the market. When we spend time talking to our customers, they are always asking us, "What are you guys doing around AI? And how can we leverage the massive data set that you have for both us and your broader customer base to leverage AI?" Because they are not looking to go spend money on another AI platform or some thin veneer solution that says they're AI. We are seeing quite a bit of activity within our customer base, and they're focused on leveraging all the AI capabilities we have. And where we see fit, we're monetizing it like the examples I just articulated.

最後，我想說我們在市場上看到了一些其他動態。當我們花時間與客戶交談時，他們總是問我們：“你們在人工智慧方面做了什麼？我們如何利用你們為我們和更廣泛的客戶群提供的海量數據集來利用人工智慧？”因為他們不想花錢購買另一個人工智慧平台或一些聲稱自己是人工智慧的薄飾面解決方案。我們看到我們的客戶群中有相當多的活動，他們專注於利用我們擁有的所有人工智慧功能。在我們認為合適的地方，我們會像我剛才闡述的例子一樣將其貨幣化。

All very helpful.

一切都非常有幫助。

And actually, Michael, one other thing I think was in my prepared remarks. We're launching the AI Marketplace this quarter, and we launched and spoke about it at Rising last year. It's actually going and will be up and running in production, and we'll be able to monetize our partners who will be part of the AI Marketplace starting this quarter.

事實上，邁克爾，我認為另一件事是在我準備好的發言中。我們將在本季推出人工智慧市場，去年我們在 Rising 上推出並討論了它。它實際上正在並將在生產中啟動並運行，我們將能夠從本季開始加入人工智慧市場的合作夥伴中獲利。

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

我們的下一個問題來自 Rishi Jaluria 與 RBC 的關係。

I wanted to maybe double back on to the philosophical debate on margin versus growth. So look, you're guiding to about 15.5% subscription growth in the back half of the year. I understand all the macro pieces. At the same time, you're raising margin guide. I'd have to wonder with kind of initiatives around AI, with using the partner channel, innovating on product, I'd have to imagine that it would maybe make sense that at some point, macro is going to turn better, right, that this is not sales execution, this is not competition, and maybe the market starts to grow faster.

我可能想再次回到關於利潤與成長的哲學辯論。因此，您預計今年下半年訂閱量將成長約 15.5%。我了解所有宏觀部分。同時，您也提高了保證金指導。我不得不想知道圍繞人工智慧的各種舉措，透過使用合作夥伴管道，對產品進行創新，我不得不想像，在某個時候，宏觀經濟將會變得更好，對吧，這可能是有意義的這不是銷售執行，這不是競爭，也許市場開始成長得更快。

I guess why not kind of keep your foot on the accelerator when it comes to investments, especially given all these opportunities and how expensive AI workloads are to position yourself better for when macro eventually does turn better, and you're not going to kind of get caught underinvested? Help me kind of understand that philosophy.

我想為什麼在投資方面不踩加速器，特別是考慮到所有這些機會以及人工智慧工作負載的昂貴程度，以便在宏觀最終確實變得更好時讓自己處於更好的位置，而且你不會陷入投資不足？幫助我理解這種哲學。

Yes, Rishi, you've pointed out a number of areas that we continue to invest in. And obviously, we're encouraged, as I mentioned, by the returns we're getting on those investments. We're also being thoughtful on the pace of those investments and as we build up those investments over time. So we feel like we're in a great position where we can continue to grow the top line, and then also as we scale this business, just be thoughtful around all the areas where we can benefit from internally, whether it's using AI internally. It's just being more productive internally, having a workforce around the globe as we become more international ourselves.

是的，Rishi，您已經指出了我們繼續投資的許多領域。我們也正在考慮這些投資的節奏以及隨著時間的推移逐步增加這些投資。因此，我們覺得我們處於一個有利的位置，我們可以繼續增加收入，然後當我們擴展這項業務時，只需考慮我們可以從內部受益的所有領域，無論是在內部使用人工智慧。隨著我們自身變得更加國際化，我們的內部工作效率將會提高，員工遍佈全球。

So there are a number of areas, and we don't want to put -- let our foot off the accelerator on the top line. And then candidly, we just want to be very thoughtful in where we make those investments and how we can leverage those. So we feel like we're well positioned to take advantage when things do turn around and with all the progress we've made in a number of the key areas that we've highlighted previously.

因此，有很多領域，我們不想讓我們的腳離開頂線上的加速器。坦白說，我們只是想認真考慮在哪裡進行這些投資以及如何利用這些投資。因此，我們覺得，當事情確實出現好轉時，我們已經處於有利位置，可以利用我們在先前強調的許多關鍵領域中取得的所有進展。

Yes. And I would just add, listen, our philosophy and strategy has been consistent. We want to build a company that has durable long-term growth while expanding operating margins, and we're doing exactly that. We're finding operational efficiencies across the company while continuing to lean into our key investment areas like Financials.

是的。我想補充一點，聽著，我們的理念和策略是一致的。我們希望建立一家在擴大營業利潤的同時實現持久長期成長的公司，而我們正在這樣做。我們正在提高整個公司的營運效率，同時持續專注於金融等關鍵投資領域。

Our Financials business, as we articulated, has been really solid again this quarter. Our units are up 20% year-over-year, and it's pulling through full platform sales. We're leaning into the partner ecosystem, and we talked about all the goodness that's happening with our partners. We're not going to pull back on our partner investment. In fact, if anything, I want to lean deeper into it.

正如我們所闡明的，我們的金融業務本季再次表現強勁。我們的銷量年增 20%，並且帶動了全平台銷售。我們正在向合作夥伴生態系統傾斜，我們談論了與合作夥伴發生的所有美好事情。我們不會撤回對合作夥伴的投資。事實上，如果有的話，我想更深入地了解它。

Internationally, while we had an air pocket in Q1 from a bookings perspective, let's not forget that greater than 50% of the TAM associated with our total market is outside the U.S. So we're going to continue to lean into the international opportunity. On the product side, we continued to invest in business quite deeply. We have a whole bunch of things that we showcased recently at our Innovation Summit. We have 50 different AI solutions in the market with 25 more coming out later this year. So we're investing in the business. What we're doing slightly better is we're more prudent internally on where we're investing those dollars. And that is paying off in sustained long-term growth and expanding operating margin simultaneously.

在國際上，雖然從預訂角度來看，我們在第一季有空缺，但我們不要忘記，與我們整個市場相關的 TAM 超過 50% 都在美國以外。在產品方面，我們持續對業務進行相當深入的投資。我們最近在創新高峰會上展示了很多東西。我們市場上有 50 種不同的人工智慧解決方案，今年稍後還將推出 25 種解決方案。所以我們正在投資這項業務。我們做得稍好的一點是，我們在內部對這些資金的投資方向更加謹慎。這在持續的長期成長和同時擴大的營業利潤方面得到了回報。

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

下一個問題來自 Derrick Wood 和 TD Cowen 的線路。

Carl, you guys called out health care and public as strong verticals. Are there certain verticals you'd call out that are seeing slower-than-expected headcount growth? And I know investors are going to poke it on this topic. But do you think that anything that's kind of AI productivity gains related and that's leading to slower headcount growth? Or what would you flag as causing this delta versus what you guys thought about entering the year?

卡爾，你們把醫療保健和公共部門稱為強大的垂直領域。您是否會指出某些垂直行業的員工人數成長速度低於預期？我知道投資者會關注這個話題。但您是否認為任何與人工智慧生產力提高相關的因素都會導致員工數量成長放緩？或者，與您們對進入今年的想法相比，您認為導致這一增量的因素是什麼？

Yes, thanks for the question. Specifically on headcount growth, there are some industries, and I think you've seen it out there where we do see a bit slower headcount growth. Media and technology, to be specific, is definitely lower headcount growth than we anticipated from the past.

是的，謝謝你的提問。特別是在員工數量增長方面，有一些行業，我想你已經看到了，我們確實看到員工數量增長有點慢。具體來說，媒體和科技的員工人數成長肯定低於我們過去的預期。

Okay. And just on the -- just in terms of what do you think caused the delta versus what you guys were thinking at the beginning of the year, is it macro-related? Is there anything AI-related that you'd call out?

好的。就您認為造成三角洲的原因與您們年初的想法相比，這是否與宏觀相關？您有什麼與人工智慧相關的事情嗎？

Yes. So as we indicated, we did reset our forecast for the full year on headcount growth. And it was down over last year, and it came in under what we had actually forecasted. I think it's macro-related. Is that macro relation coming from AI? I don't think we're in a position to say that we see that yet. I just think in general, we're seeing people not expand their headcount growth. And in some cases, like you've seen in the high-tech market, which is a big vertical for us, they've actually had layoffs. And when it comes to time of renewal, we have to reset our numbers.

是的。因此，正如我們所指出的，我們確實重新調整了全年員工人數成長的預測。它比去年有所下降，低於我們的實際預測。我認為這與宏觀有關。這種宏觀關係是來自人工智慧嗎？我認為我們還不能說我們已經看到了這一點。我只是認為總的來說，我們看到人們沒有擴大員工數量的成長。在某些情況下，就像你在高科技市場看到的那樣，這對我們來說是一個很大的垂直市場，他們實際上已經進行了裁員。當談到更新的時候，我們必須重置我們的數字。

And our final question will come from the line of Brian Schwartz with Oppenheimer.

我們的最後一個問題將來自布萊恩·施瓦茨（Brian Schwartz）和奧本海默（Oppenheimer）的路線。

Carl and Doug, just one question I had on the scrutinizing of larger deals that you're seeing. Is that at all reflecting that the business cost optimization cycle could be slowing, that reducing vendors is less of a priority out there in budgets? I guess are you seeing any changes in the number of products that you're replacing in deals that you want in the first quarter?

卡爾和道格，這只是我對你們所看到的較大交易的審查的一個問題。這是否反映出業務成本優化週期可能正在放緩，減少供應商在預算中不再是優先事項？我想您是否發現第一季您想要的交易中要更換的產品數量有任何變化？

Do you want to start with that, Doug?

道格，你想從這個開始嗎？

Yes. I mean I guess the counter to that is that we're still seeing optimization in our customer base, meaning there's this rationalization of vendors and standardizing on our platform that we are seeing in customer base. This was uniquely 2 transformational large projects where they don't do any business with us today. And what that come -- what comes with that is a large business transformation. There's more cautiousness. There's more roundtrips, there's more approvals, is where we saw that. So I don't know that I'm prepared to say that, that era is over because of what we're seeing specifically within our customer base.

是的。我的意思是，我想與此相反的是，我們仍然看到客戶群的最佳化，這意味著我們在客戶群中看到了供應商的合理化和我們平台的標準化。這是兩個獨特的轉型大型項目，他們今天不與我們做任何業務。隨之而來的是巨大的業務轉型。還有更多的謹慎。我們看到了更多的往返、更多的批准。所以我不知道我是否準備好說，那個時代已經結束了，因為我們在客戶群中看到了具體的情況。

Yes. Doug, I don't know if I have much to add other than our customer base is looking for Workday to consolidate their footprint around HR IT, no doubt. And we think we can do that because we have the platform and the extensibility to bring more and more applications on top of us. It's really the new deals, net new specifically in large enterprise on a global basis that we're seeing the scrutiny pick up.

是的。 Doug，除了我們的客戶群正在尋找 Workday 來鞏固他們在 HR IT 領域的足跡之外，我不知道我是否還有很多要補充的，毫無疑問。我們認為我們可以做到這一點，因為我們擁有平台和可擴展性，可以在我們之上帶來越來越多的應用程式。我們看到審查力度的加大確實是新交易，尤其是全球大型企業的新交易。

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. I just want to take a few minutes to say something to the broader audience and thank everyone. First, I would like to thank all the analysts for joining us today. And I'd also like to send a special thanks out to our Workmates, customers and partners around the globe who continue to help fuel Workday's success.

謝謝你，接線生。我只想花幾分鐘時間向更廣泛的觀眾說些什麼並感謝大家。首先，我要感謝今天加入我們的所有分析師。我還要特別感謝我們的同事、全球各地的客戶和合作夥伴，他們不斷幫助推動 Workday 的成功。

As you heard from my prepared remarks, we continue to lean into our key growth areas, and I'm excited by the momentum we're building, including the full platform wins, Financials and industry wins and the growth of our partner ecosystem. And we're driving efficiencies across the business at the same time. We can optimize for investments we want to make by being much more smart about what we're doing internally, and we are committed to delivering a balance of growth and margin expansion. With that, I'd like to hand it back over to you, Ms. Operator, to close today's call. And I wish everyone a great day, great evening and a good summer.

正如您從我準備好的演講中聽到的那樣，我們繼續專注於我們的關鍵成長領域，我對我們正在建立的勢頭感到興奮，包括整個平台的勝利、財務和行業的勝利以及我們合作夥伴生態系統的成長。同時我們正在提高整個企業的效率。我們可以透過更明智地了解我們內部所做的事情來優化我們想要進行的投資，並且我們致力於實現成長和利潤擴張之間的平衡。話務員女士，我想把今天的電話交還給您，以結束今天的通話。我祝福大家有個美好的一天、美好的夜晚和美好的夏天。

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

今天的電話會議到此結束。此時您可以斷開線路。感謝您的參與。