Workday, Inc. (WDAY) 2022 Q3 法說會逐字稿

Welcome to Workday's Third Quarter Fiscal Year 2022 Earnings Call. (Operator Instructions)

歡迎收聽 Workday 2022 財政年度第三季財報電話會議。（接線員指示）

With that, I will now hand it over to Mr. Justin Furby, Vice President of Investor Relations. Thank you, sir. You may begin.

接下來，我將把電話交給投資人關係副總裁 Justin Furby 先生。謝謝您，先生。您可以開始了。

Thank you, operator. Welcome to Workday's Third Quarter Fiscal 2022 Earnings Conference Call. On the call, we have Aneel Bhusri and Chano Fernandez, our co-CEOs; Robynne Sisco, our Co-President and CFO; and Pete Schlampp, our Chief Strategy 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.

謝謝，接線員。歡迎收聽 Workday 2022 財政年度第三季財報電話會議。今天與會者包括我們的共同執行長 Aneel Bhusri 與 Chano Fernandez；共同總裁暨財務長 Robynne Sisco；以及首席策略長 Pete Schlampp。在事先準備的發言之後，我們將開放提問。我們的新聞稿已於收盤後發布並張貼於公司網站；本次電話會議亦同步進行網路直播。

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, including those related to the impacts of the ongoing COVID-19 pandemic on our business and global economic conditions. Please refer to the press release and the risk factors and documents we file with the Securities and Exchange Commission, including our 2021 Annual Report on Form 10-K and 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，我們要強調，本次電話會議中的部分陳述，特別是我們的指引，是基於截至今日我們所掌握的資訊，並包含有關我們財務結果、應用程式、客戶需求、營運及其他事項的前瞻性陳述。這些陳述受各種風險、不確定性與假設影響，包括與持續中的 COVID-19 疫情對我們業務及全球經濟狀況之影響相關者。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與文件（包括我們的 2021 年 Form 10-K 年度報告及最近一期 Form 10-Q 季度報告），以取得更多關於可能導致實際結果與上述陳述存在重大差異之風險、不確定性與假設的資訊。

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 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 GAAP 財務衡量指標，我們認為其作為 Workday 營運表現的補充衡量指標具有參考價值。這些非 GAAP 指標應與 GAAP 結果一併考量，而非取代 GAAP 結果，亦不應單獨或孤立地解讀。您可在我們的財報新聞稿及公司網站投資人關係頁面中，找到關於這些非 GAAP 指標的額外揭露資訊，包括與可比 GAAP 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. Also, the customers' page of our website includes a list of selected customers and is updated monthly. Our fourth quarter quiet period begins on January 16, 2022. Unless otherwise stated, all financial comparisons in this call will be to our results for the comparable period of our fiscal 2021.

本次電話會議的網路重播將於未來 90 天在公司網站的投資人關係連結下提供。此外，我們網站的客戶頁面包含精選客戶名單，並每月更新。我們第四季的靜默期將於 2022 年 1 月 16 日開始。除非另有說明，本次電話會議中的所有財務比較皆以我們 2021 財政年度同期間的結果為基準。

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

接下來，我把電話交給 Aneel。

Thank you, Justin, and good afternoon, everyone. Thank you for joining us today for our third quarter fiscal year '22 earnings call. I'm pleased to report that Workday had another strong quarter. As we highlighted at our Analyst Day in September, we continue to expand our addressable market with a broadening product portfolio and multiple go-to-market levers to drive sustainable growth on our path to $10 billion and beyond.

謝謝你，Justin，各位下午好。感謝各位今天參加我們 2022 財政年度第三季財報電話會議。我很高興向各位報告，Workday 再度交出強勁的一季。正如我們在 9 月的分析師日所強調的，我們持續透過更廣泛的產品組合與多元的市場推進槓桿，擴大可服務市場，並在邁向 100 億美元及更高目標的道路上，推動可持續的成長。

As we discussed throughout this year, our expectation has been for accelerating growth. While not every expectation comes to fruition, this one certainly has, even faster than we expected, and we're optimistic on the momentum we see as we head into our all-important Q4 and prepare for a great year in fiscal year '23. Robynne will provide more detail shortly, but we are pleased to provide a preliminary view of 20% subscription revenue growth for next year, and with continued execution, we see opportunity to grow even faster.

如同我們今年一路以來所討論的，我們的預期是成長將加速。雖然並非每項預期都會實現，但這項預期確實成真，甚至比我們預期更快；在邁入至關重要的第四季並為 2023 財政年度的亮眼表現做準備之際，我們對目前看到的動能感到樂觀。Robynne 稍後會提供更多細節，但我們很高興先行提供對明年訂閱營收成長 20% 的初步展望；在持續落實執行的情況下，我們也看到更快成長的機會。

Before I hand it off to Chano to provide details on our go-to-market success in Q3, I want to quickly touch on the highlights from the quarter. Starting out with our industry-leading Workday HCM products, we had another strong quarter as we continue to attract new customers and also having strong success growing our relationship with our existing customers. In Q3, we added Asda Stores Limited, ConocoPhillips, Northern Trust, Toll Brothers and Vishay Electronic, among many other new HCM customers. Notable go-lives in Q3 included the State of Iowa and Five Below to name a few.

在我把電話交給 Chano，請他說明我們第三季在市場推進方面的成功之前，我想先快速談一下本季重點。首先是我們業界領先的 Workday HCM 產品：我們再度交出強勁的一季，持續吸引新客戶，同時也在深化與既有客戶的合作關係方面取得顯著成果。第三季我們新增的 HCM 客戶包括 Asda Stores Limited、ConocoPhillips、Northern Trust、Toll Brothers 與 Vishay Electronic 等，以及許多其他新 HCM 客戶。第三季值得一提的上線案例包括愛荷華州政府（State of Iowa）與 Five Below 等。

In addition to strong growth from Core HCM, our recently acquired Peakon Solution, newly named Workday Peakon Employee Voice, delivered another record quarter. We're seeing the benefits having recently rolled out Peakon globally across our own organization, and we couldn't be more excited about the long-term potential to help our customers better listen to and engage with their own employees.

除了核心 HCM 的強勁成長外，我們近期收購的 Peakon 解決方案（現更名為 Workday Peakon Employee Voice）也再度創下單季新高。我們近期已在公司內部全球推行 Peakon，正看到其帶來的效益；我們對其長期潛力感到非常振奮，因為它能協助客戶更好地傾聽並提升自家員工的參與度。

We also continue to see strong traction across our Financial Management suite of applications. Our growing product portfolio, combined with digital acceleration in the office of the CFO, is driving broader adoption of our financial management applications. To that end, new Workday Financial Management customers in Q3 included the city of Philadelphia, the World Health Organization, Wintrust, Memorial Healthcare and Diversified Restaurant Group.

我們也持續看到 Workday 財務管理（Financial Management）應用套件在市場上獲得強勁動能。我們不斷擴充的產品組合，加上 CFO 辦公室的數位加速轉型，正推動更多客戶採用我們的財務管理應用。因此，第三季新增的 Workday 財務管理客戶包括費城市（city of Philadelphia）、世界衛生組織（World Health Organization）、Wintrust、Memorial Healthcare 與 Diversified Restaurant Group。

Of course, one of the big drivers behind our continued strong customer adoption is our relentless focus on innovation, by staying at the forefront of large trends that are secular drivers of future growth. One trend that has been accelerated by the demands of the pandemic is the future of work, which requires new ways of thinking about workforce composition and how to manage different types of workers.

當然，推動客戶持續強勁採用的一大關鍵動能，是我們對創新的不懈專注：我們始終站在重大趨勢的最前沿，而這些趨勢是未來成長的長期結構性驅動因素。其中一項因疫情需求而加速的趨勢，是「未來的工作型態」，它要求我們以新的方式思考人力組成，以及如何管理不同類型的工作者。

We expect to accelerate our efforts in this area with the proposed acquisition of VNDLY, a leading next-generation cloud-based vendor management solution platform. Workday and VNDLY together will deliver a comprehensive total workforce optimization solution that brings an integrated approach to managing all types of workers. It will help customers bridge the gap between internal and external workforce management, while enabling a holistic workforce strategy that delivers full visibility into the entire workforce and managing and planning for labor needs, while also helping to control compliance and security risks. We look forward to expanding our efforts in this area, and we'll share more information after the deal closes, which we expect to occur in our fourth quarter.

我們預期將透過擬議收購 VNDLY 來加速在此領域的投入；VNDLY 是領先的新一代雲端供應商管理解決方案平台。Workday 與 VNDLY 結合後，將提供全面的「全體勞動力最佳化」解決方案，以整合式方法管理各類型工作者。此方案將協助客戶彌合內部與外部勞動力管理之間的落差，同時促成一套整體的人力策略：能完整掌握整體勞動力的可視性，並進行人力需求的管理與規劃，同時也有助於控管合規與資安風險。我們期待擴大在此領域的投入，並將在交易完成後分享更多資訊；我們預期該交易將於第四季完成。

Looking ahead to fiscal year '23 and beyond, we have an amazing growth opportunity in front of us, and we see a unique opportunity to accelerate our path forward by further ensuring that our purpose, strategic vision and product road map are in lockstep with our go-to-market strategy. To help us do that, we've announced a series of important organizational updates. The first 2 in late October and 2 more today that I'm excited to share with you.

展望 2023 財政年度及更長遠的未來，我們面前有極為可觀的成長機會；我們也看到一個獨特契機，能透過進一步確保我們的使命、策略願景與產品藍圖與市場推進策略保持一致，來加速前進的步伐。為了達成這一點，我們已宣布一系列重要的組織更新。其中前兩項已於 10 月下旬公布，另外兩項則在今天宣布，我很高興與各位分享。

To help Chano further articulate Workday's strategic vision, Pete Schlampp has been appointed as our first ever Chief Strategy Officer. Pete has successfully led our industry-leading product organization for the past 2 years. During that time, he implemented a robust product portfolio strategy that's contributed to our current momentum, both in terms of delivered innovation and financial success. His ability to set a strategic vision and execute makes him the perfect fit for this new role, overseeing and evangelizing our growth strategy going forward.

為了協助 Chano 更清楚闡述 Workday 的策略願景，Pete Schlampp 已被任命為我們史上首位首席策略長（Chief Strategy Officer）。Pete 在過去兩年成功領導我們業界領先的產品組織。在此期間，他推動了一套強健的產品組合策略，對我們目前的動能有所貢獻，無論是在創新交付或財務成果方面皆是如此。他制定策略願景並落實執行的能力，使他成為此新職務的最佳人選；未來他將負責統籌並對外倡議我們的成長策略。

Second, we are creating a tight alignment across our product and technology organizations under the leadership of Sayan Chakraborty, who is now EVP of Product and Technology. Under Sayan's leadership the past 2 years, the technology team has infused Workday with game-changing innovations like machine learning, enabled customers and partners to innovate in our platform with Workday Extend, build strategic cloud partnerships and helped ensure that Workday is among the most reliable, scalable and secure platforms in the industry. His long and successful track record in delivering industry-leading innovations, along with his deep understanding of customer needs, makes him the ideal leader to map out our combined product and technology path going forward.

第二，我們正在由現任產品與技術執行副總裁（EVP）Sayan Chakraborty 的領導之下，推動產品與技術組織之間的緊密對齊。在 Sayan 過去兩年的領導下，技術團隊為 Workday 注入了具顛覆性的創新（如機器學習），並透過 Workday Extend 讓客戶與合作夥伴能在我們的平台上進行創新、建立策略性雲端合作夥伴關係，同時也協助確保 Workday 仍是業界最可靠、可擴展且安全的平台之一。他在交付業界領先創新方面長期且成功的實績，加上對客戶需求的深刻理解，使他成為規劃我們未來整合後產品與技術發展路徑的理想領導者。

And earlier today, we announced a couple more changes. First, we are pleased to share that Doug Robinson, EVP of Global Sales, has been promoted to Co-President of Workday. Doug will serve as Co-President alongside Robynne Sisco. As Co-President, Doug will continue to lead our global sales organization but also take on an expanded leadership role across the company, helping to spearhead cross-functional initiatives that will help Workday reach new heights.

而在今天稍早，我們也宣布了另外幾項變動。首先，我們很高興與大家分享，全球銷售執行副總裁（EVP）Doug Robinson 已晉升為 Workday 共同總裁（Co-President）。Doug 將與 Robynne Sisco 一同擔任共同總裁。作為共同總裁，Doug 將持續領導我們的全球銷售組織，同時也將在全公司承擔更擴大的領導職責，協助主導跨職能計畫，推動 Workday 再創新高。

And finally, we're also happy to share that Barbara Larson, SVP of Accounting, Tax and Treasury, is being promoted to Chief Financial Officer effective February 1 of next year, reporting to Robynne. The transition of the CFO role from Robynne to Barbara is part of Workday's strategic succession planning, an approach that focuses on developing leaders from within. Barbara has been a rising star since joining Workday more than 7 years ago. During that time, she has held several leadership positions across our finance and product organizations, providing her with the right foundation to step into the CFO role and lead our finance organization into the future.

最後，我們也很高興宣布，會計、稅務與資金管理資深副總裁（SVP）Barbara Larson 將自明年 2 月 1 日起晉升為財務長（Chief Financial Officer），並向 Robynne 匯報。財務長職務由 Robynne 交接給 Barbara，是 Workday 策略性接班規劃的一部分；此一做法著重於從內部培育領導人才。Barbara 自 7 年多前加入 Workday 以來一直是備受矚目的新星。在此期間，她在我們的財務與產品組織中擔任過多個領導職務，為她接任財務長並帶領我們的財務組織邁向未來奠定了堅實基礎。

With Barbara's move to CFO, Robynne will now focus more on her Co-President responsibilities. This will include an increased emphasis on engaging with some of our most strategic FINS customers and prospects to increase Workday's footprint within the office of the CFO, in addition to continuing to lead our current organization. It's an exciting time to be at Workday, and we're looking forward to the impact Pete, Sayan, Barbara, Doug and Robynne will continue to make as we all strive to inspire a brighter Workday for all.

隨著 Barbara 出任財務長，Robynne 將把更多重心放在她的共同總裁職責上。這將包括更著重與我們部分最具策略性的 FINS 客戶與潛在客戶互動，以擴大 Workday 在財務長辦公室（office of the CFO）中的版圖，同時也會持續領導我們現有的組織。現在是加入 Workday 的令人振奮時刻；我們期待 Pete、Sayan、Barbara、Doug 與 Robynne 在我們共同努力為所有人打造更美好的 Workday 的過程中，持續帶來深遠影響。

As I look ahead, my optimism for Workday's future couldn't be higher. We have a great team in place and a significant global opportunity in front of us as companies continue to embark on their HR and finance transformation journeys. With that, I'll turn it over to our Co-CEO, Chano Fernandez. Over to you, Chano.

展望未來，我對 Workday 的前景樂觀程度前所未有。我們已具備一支優秀的團隊，且在企業持續啟動人資與財務轉型旅程之際，眼前有著龐大的全球機會。接下來，我把時間交給我們的共同執行長（Co-CEO）Chano Fernandez。Chano，交給你。

Thank you, Aneel, and thank you to everyone for joining us today. I want to start by offering my congratulations to Pete, Sayan, Barbara and Doug. You're all amazing leaders and fantastic colleagues who have worked tirelessly to push us forward as a company, and your promotion to these roles is incredibly well deserved.

謝謝你，Aneel，也謝謝各位今天加入我們。我想先向 Pete、Sayan、Barbara 與 Doug 表達祝賀。你們都是傑出的領導者與優秀的同事，長期不懈努力推動公司向前；你們晉升至這些職位可說是實至名歸。

As Aneel mentioned, we delivered a solid Q3, driven by a strong execution, combined with healthy demand for financials and HCM solutions. These strong conversion rates that we experienced in the first half of the year continued in Q3, driving net new business acceleration that once again outpaced our expectations. In addition, our pipeline generation remained very healthy, setting us up incredibly well to achieve our full year acceleration targets and providing incremental confidence in our goal of sustaining 20%-plus subscription revenue growth on our path to $10 billion in revenue.

如 Aneel 所提到的，我們交出穩健的第三季（Q3）成績，主要來自強勁的執行力，以及市場對財務（Financials）與 HCM 解決方案的健康需求。我們在上半年所見到的強勁轉換率在第三季延續，帶動淨新增業務加速成長，再次超出我們的預期。此外，我們的商機管道（pipeline）生成仍維持非常健康，讓我們在達成全年加速成長目標上具備極佳的態勢，並為我們在邁向 100 億美元營收的路徑上、維持 20% 以上訂閱營收成長的目標提供了額外信心。

Strength in Q3 was once again broad-based with solid growth in landing new core HR and FINS customers. Performance in North America remained strong across the large enterprise, while the medium enterprise and international markets both drove significant outperformance. EMEA was a highlight, with outstanding results in the U.K., Spain and Switzerland. In addition to solid performance from our land sales team, the momentum within our customer base team continued in Q3, driving continued strength in net revenue retention.

第三季的強勁表現再次呈現廣泛性，新增核心人資（core HR）與 FINS 客戶皆有穩健成長。北美在大型企業市場的表現依舊強勁，而中型企業與國際市場則帶來顯著的超預期表現。EMEA 表現亮眼，英國、西班牙與瑞士的成果尤為突出。除了我們新客開發（land）銷售團隊的穩健表現外，客戶基礎（customer base）團隊在第三季的動能也持續延續，推動淨營收留存率（net revenue retention）維持強勁。

We once again saw a very strong renewal performance, and our customer base team drove strength cross-selling a number of solutions aimed at the CHRO and CFO, including core FINS, Learning, People Analytics, Planning and Spend Management. We were also excited by the strength we saw with Peakon, which has been part of Workday now for a couple of quarters and which drove record performance, including the signing of its largest-ever deal. Customer base expansions with Peakon in Q3 included Banco Santander and Daimler Trucks North America, our new Peakon first customers, including [Holland Amparo] and S3. And Extend had another fantastic quarter with wins of Bristol Myers Squibb, Cardinal Health, Burlington Stores and US Food.

我們再次看到非常強勁的續約表現，而客戶基礎團隊也在多項面向 CHRO 與 CFO 的解決方案上推動交叉銷售的強勢成長，包括核心 FINS、Learning、People Analytics、Planning 與 Spend Management。我們也對 Peakon 的強勁表現感到振奮；Peakon 併入 Workday 已有幾個季度，並帶來創紀錄的成果，包括簽下其史上最大的一筆交易。第三季 Peakon 的客戶擴張包括 Banco Santander 與 Daimler Trucks North America；我們新的 Peakon 首批客戶（first customers）包括 [Holland Amparo] 與 S3。而 Extend 也再度迎來極佳的一季，贏得 Bristol Myers Squibb、Cardinal Health、Burlington Stores 與 US Food 等客戶。

Not only does the extensibility of our platform help us go deeper with our customers, it also allows us to engage our partner ecosystem in very strategic ways. A great example of this is through our partnership with Deloitte, who built an emissions planning model in Workday Adaptive Planning to address critical sustainability objectives related to carbon reduction for governments in Asia Pacific. This ESG solution has global applicability and is one of several examples of partners adding their IP to enhance the value of the Workday platform.

我們平台的可延展性（extensibility）不僅幫助我們與客戶建立更深的合作，也讓我們能以非常策略性的方式與合作夥伴生態系互動。一個很好的例子是我們與 Deloitte 的合作：Deloitte 在 Workday Adaptive Planning 中建立了排放規劃模型，以協助亞太地區政府達成與減碳相關的關鍵永續目標。這項 ESG 解決方案具備全球適用性，也是合作夥伴將其智慧財產（IP）加入以提升 Workday 平台價值的多個案例之一。

Our industry approach is winning in the market, and strengthening our government vertical was one of the many highlights in Q3. As Aneel mentioned, we were selected by the city of Philadelphia for Financial Management, in addition to Planning, Raising, Extend, Spend Management and several other solutions. We also signed platform HCM and FINS deals with the city of Worcester, Massachusetts and the county of Mobile, Alabama. And we had wins across a number of other state, city and local governments both in the U.S. and internationally.

我們的產業策略在市場上持續奏效，而強化政府垂直領域是第三季眾多亮點之一。如 Aneel 所提到的，費城（Philadelphia）市選擇我們的財務管理（Financial Management）解決方案，並同時採用 Planning、Raising、Extend、Spend Management 及其他多項解決方案。我們也與麻薩諸塞州伍斯特（Worcester）市以及阿拉巴馬州莫比爾（Mobile）郡簽下平台 HCM 與 FINS 的交易。此外，我們也在美國及國際的多個州政府、市政府與地方政府中取得多項勝利。

Successes such as these highlight the importance of taking an industry approach, and we expect to continue to make significant investments across key industries from both a product and go-to-market standpoint.

這些成功案例凸顯採取產業策略的重要性；我們預期將持續從產品與市場推進（go-to-market）兩個面向，在關鍵產業上進行重大投資。

As we've discussed throughout this year, we're investing aggressively in our go-to-market effort and we made continued progress on this front in Q3, adding global sales capacity across both our net new and customer-based teams. We're also accelerating our investment across key brands and marketing initiatives. These investments, which we expect will continue in Q4 and into FY '23, are focused on sustaining 20%-plus subscription revenue growth.

如同我們今年以來多次討論的，我們正積極加碼市場推進（go-to-market）投入；第三季在此方面持續取得進展，於淨新增與客戶基礎兩個團隊皆擴增全球銷售產能。我們也正在加速對關鍵品牌與行銷計畫的投資。這些投資預期將在第四季以及 2023 財年（FY '23）持續，重點在於支撐 20% 以上的訂閱營收成長。

In closing, I would like to thank the more than 14,200 global Workmates, who have enabled us to drive such a strong Q3 and year-to-date results. We are very well positioned as we enter the all-important fourth quarter, and we have our eyes set on record pipeline generation targets as we look to lay the foundation for a strong FY '23.

最後，我要感謝超過 14,200 位遍布全球的 Workmates，正是你們讓我們得以推動如此強勁的第三季與年初至今的成果。在進入至關重要的第四季之際，我們已處於非常有利的位置；我們也將目標鎖定在創紀錄的商機管道生成（pipeline generation）指標上，為 2023 財年（FY '23）的強勁表現奠定基礎。

And now I will turn it over to our Co-President and CFO, Robynne Sisco. Over to you, Robynne.

現在我將把時間交給我們的共同總裁兼財務長 Robynne Sisco。交給你了，Robynne。

Thanks, Chano, and good afternoon, everyone. First, I'd like to say that I could not be more excited about the leadership changes, and I'm incredibly proud to share the President title with Doug and to pass the CFO mantle to Barbara. I look forward to continuing to partner with both of them.

謝謝你，Chano，各位下午好。首先，我想說我對這次領導層變動感到無比振奮；我也非常自豪能與 Doug 共同擔任總裁，並將財務長的重任交棒給 Barbara。我期待能持續與他們兩位合作。

As Aneel and Chano mentioned, we reported a strong third quarter, once again accelerating subscription revenue growth as organizations across the globe look to Workday as their strategic partner in driving their HR and finance digital transformation. Subscription revenue in Q3 was $1.17 billion, up 21% year-over-year, driven by healthy new business sales and strong customer renewals with gross retention once again over 95%. Professional services revenue was $156 million, resulting in total revenue of $1.33 billion. Revenue outside the U.S. was $336 million, up 23% year-over-year and representing 25% of the total. 24-month backlog at the end of the third quarter was $7.12 billion, growth of 20%. Total subscription revenue backlog was $10.97 billion, up 24%.

正如 Aneel 和 Chano 提到的，我們第三季繳出強勁表現，再次加速訂閱營收成長；全球各地的組織都將 Workday 視為推動人資與財務數位轉型的策略夥伴。第三季訂閱營收為 11.7 億美元，年增 21%，主要受惠於健康的新業務銷售，以及強勁的客戶續約，總留存率（gross retention）再次超過 95%。專業服務營收為 1.56 億美元，使總營收達 13.3 億美元。美國以外地區營收為 3.36 億美元，年增 23%，占總營收 25%。第三季末的 24 個月待履約訂單（backlog）為 71.2 億美元，成長 20%。訂閱營收待履約訂單總額為 109.7 億美元，年增 24%。

Our non-GAAP operating income for the third quarter was $332 million, resulting in a non-GAAP operating margin of 25%. Margin overachievement was driven by a combination of top line outperformance, some favorable expense variances and significantly more back-end-loaded hiring in the quarter than we anticipated. Operating cash flow in Q3 was $385 million, growth of 31% driven by the margin strength combined with very strong collections.

第三季非 GAAP 營業利益為 3.32 億美元，非 GAAP 營業利益率為 25%。利益率優於預期，主要來自營收端表現超出預期、部分費用差異有利，以及本季實際招募在時間上較我們原先預期更明顯地偏向後段。第三季營運現金流為 3.85 億美元，年增 31%，由強勁的利益率表現與非常強勁的收款共同帶動。

Our largest investments continue to be in our people and in attracting top talent to Workday. In the third quarter, we meaningfully ramped up the pace of hiring, successfully adding and integrating approximately 800 net new employees, bringing our total employee count to over 14,200 at the end of Q3. Overall, we're extremely pleased with our results and execution in Q3, and we're very well positioned as we enter our final quarter of the year.

我們最大的投資仍然在人才與吸引頂尖人才加入 Workday。第三季我們顯著加快招募步伐，成功新增並整合約 800 名淨新增員工，使第三季末員工總數超過 14,200 人。整體而言，我們對第三季的成果與執行非常滿意；在進入本年度最後一季之際，我們也處於非常有利的位置。

Turning now to guidance. Based on our strong Q3 and the continued momentum we're seeing in our business, we are raising our FY '22 outlook and providing Q4 guidance as follows: for subscription revenue, we're raising our full year estimate to be in the range of $4.533 billion to $4.535 billion, approximately 20% growth. For Q4, we expect subscription revenue of $1.216 billion to $1.218 billion, 21% growth, and we project 24-month backlog growth of 19.5%. We still expect Professional Services revenue to be $590 million in FY '22, with $145 million in Q4 as we continue to prioritize driving the highest levels of customer success.

接下來談指引。基於第三季的強勁表現，以及我們在業務上持續看到的動能，我們上調 2022 財年的展望，並提供第四季指引如下：就訂閱營收而言，我們將全年預估上調至 45.33 億至 45.35 億美元區間，約 20% 成長。第四季方面，我們預期訂閱營收為 12.16 億至 12.18 億美元，年增 21%，並預估 24 個月待履約訂單成長 19.5%。我們仍預期 2022 財年專業服務營收為 5.90 億美元，第四季為 1.45 億美元，因為我們持續優先推動最高水準的客戶成功。

Based on our Q3 outperformance, we now expect full year FY '22 non-GAAP operating margins of 22%. For Q4, we estimate non-GAAP operating margins of 16% as we continue the pace of hiring and growth investments and begin our new performance cash bonus program in Q4. The GAAP operating margin is expected to be lower than the non-GAAP operating margin by approximately 24 percentage points in Q4 and for the full year.

基於第三季表現優於預期，我們現在預期 2022 財年全年非 GAAP 營業利益率為 22%。第四季方面，隨著我們持續維持招募節奏與成長投資，並在第四季啟動新的績效現金獎金計畫，我們估計非 GAAP 營業利益率為 16%。預期第四季及全年 GAAP 營業利益率將比非 GAAP 營業利益率低約 24 個百分點。

We are updating our FY '22 guidance for operating cash flow to $1.65 billion, growth of 30%, and we still expect $270 million of other capital investments in FY '22 to support our customer growth and continued business expansion.

我們將 2022 財年營運現金流指引更新為 16.5 億美元，成長 30%；同時我們仍預期 2022 財年將有 2.70 億美元的其他資本投資，以支持客戶成長與持續的業務擴張。

While we're early in our FY '23 planning cycle and have an important Q4 to close, we'd like to provide a preliminary and high-level view of FY '23. We currently expect subscription revenue of approximately $5.44 billion, growth of 20% year-over-year. We expect subscription revenue in Q1 of FY '23 to increase approximately 2.5% sequentially from Q4 FY '22. As we shared at our recent Analyst Day, we are focused on driving sustainable subscription revenue growth of 20% or higher on our path to $10 billion in revenue.

雖然我們仍處於 2023 財年規劃週期的早期階段，且第四季結束前仍有重要工作要完成，但我們想先提供對 2023 財年的初步且高層次的看法。我們目前預期訂閱營收約為 54.4 億美元，年增 20%。我們預期 2023 財年第一季的訂閱營收將較 2022 財年第四季約季增 2.5%。正如我們在近期分析師日所分享的，我們專注於在邁向 100 億美元營收的道路上，推動 20% 或更高的可持續訂閱營收成長。

Given the strength of our market position and the accelerating trends we see across HR and finance digital transformation, we expect to increase the pace of our top line focused investments. Taking into account these investments, our expectation of COVID-related cost savings phasing out and the full year impact of our new bonus program, we continue to expect FY '23 non-GAAP operating margins of 18%.

鑑於我們市場地位的強勁，以及我們在人資與財務數位轉型上看到的加速趨勢，我們預期將加快以營收成長為重點的投資步伐。考量這些投資、與 COVID 相關的成本節省逐步消退，以及新獎金計畫的全年影響，我們仍預期 2023 財年非 GAAP 營業利益率為 18%。

Investing for growth will remain our focus, and we'll continuously evaluate gross margin trade-offs, but we currently expect to resume margin expansion after next year, putting us on a path to reach 25% margins at $10 billion in revenue.

以成長為導向的投資仍將是我們的重點，我們也會持續評估毛利率取捨；但目前我們預期在明年之後恢復利益率擴張，使我們走在於 100 億美元營收規模達成 25% 利益率的路徑上。

I'll close by thanking our amazing employees, customers and partners for their continued support and hard work. With that, I'll turn it over to the operator to begin Q&A.

最後，我要感謝我們優秀的員工、客戶與合作夥伴持續的支持與辛勤付出。接下來我把時間交給接線員，開始問答環節。

(Operator Instructions) Our first question comes from the line of Kirk Materne with Evercore ISI.

(接線員指示) 我們的第一個問題來自 Evercore ISI 的 Kirk Materne。

Congrats on the quarter and congrats to everyone on their promotions. Aneel and Chano -- first of all, thank you all for the preliminary look ahead to fiscal '23. But Aneel and Chano, could you just talk a little bit more about what you're seeing in the pipeline today that gives you confidence in that 20%-plus outlook for subscription revenue growth? Just kind of curious if it's -- the volume of deals you're seeing in the pipeline pick up, the size of deals. And maybe if you could just add a little color on the core financial opportunities as well, that would be great.

恭喜本季表現，也恭喜各位升任新職。Aneel 和 Chano——首先，謝謝你們提供對 2023 財年的初步前瞻。不過 Aneel 和 Chano，你們能否再多談一點你們目前在銷售管線（pipeline）中看到哪些訊號，讓你們對訂閱營收成長 20% 以上的展望有信心？我有點好奇，是你們看到管線中的交易量增加，還是交易規模變大。另外，如果也能就核心財務（core financial）機會補充一些背景說明，那就太好了。

Chano?

Chano？

Yes. Kirk, thanks for your question. I think not only did we see strength in Q3 new business, but the pipeline momentum that we have described the last several quarters continued as well with the strength, I would say, across regions and solutions as well. And I think it's a much more balanced and predictable pipeline when compared to a few years ago as our product portfolio has expanded and as we have seen really healthy momentum across both motions, landing and expanding.

是的。Kirk，謝謝你的提問。我認為我們不僅在第三季新業務看到強勁表現，過去幾季我們所描述的管線動能也持續延續；我會說這種強勁表現同樣遍及各地區與各解決方案。而且我認為，隨著我們的產品組合擴大，以及我們在「落地」與「擴張」兩種動能上都看到非常健康的推進，相較於幾年前，現在的管線更均衡、也更可預測。

So we have our sights set on another record pipeline quarter in Q4 to help lay out the foundation for a solid FY '23 and beyond. The trends we see in our pipeline support our view that the momentum in the business is sustainable and support our goal of sustaining 20%-plus subscription revenue growth. In terms of core FINS, it was really a contributor to the strong quarter we have, both core FINS and the FINS plus category as a whole, Kirk.

因此，我們把目標鎖定在第四季再創管線新高，以協助奠定 2023 財年及之後穩健表現的基礎。我們在管線中看到的趨勢支持我們的看法：業務動能具有可持續性，也支持我們維持訂閱營收成長 20% 以上的目標。至於核心財務（core FINS），Kirk，它確實是我們本季強勁表現的重要貢獻者之一，無論是核心 FINS，或是整體的 FINS plus 類別皆是如此。

That's great. If I could ask just a quick follow-up for Robynne. Robynne, is there still -- is the 24-month backlog number still being weighed down by a lower renewal cohort? Can you just remind us what that is, and maybe when that normalizes, if that's still playing out right now?

太好了。如果我可以再針對 Robynne 追問一個簡短的問題。Robynne，目前——24 個月積壓訂閱（backlog）的數字是否仍然受到較低的續約客群（renewal cohort）所拖累？你能否提醒我們那是什麼情況，以及如果目前仍在發生的話，大概何時會恢復正常？

Yes, Kirk. So as you recall, coming into this year, we discussed a couple point headwind to 24-month backlog growth this entire year, stemming from the flattish renewal base that we saw coming into the year. For the most part, that's played out as we saw, although our really strong renewal rates throughout the year have somewhat offset that dynamic to give us the results that we've been reporting to date on this front. When we look ahead to FY '23, we are expecting to return to a more normalized rate of growth in the renewal base, and therefore, expect that, that headwind goes away.

是的，Kirk。如你所記得的，今年年初我們討論過，24 個月積壓訂閱成長在今年全年會面臨幾個百分點的逆風，原因是我們在年初看到的續約基礎相對持平。整體而言，這基本上如我們所預期地發展，不過我們今年全年的續約率非常強勁，在某種程度上抵消了這個動態，使我們在這方面截至目前所報告的結果表現良好。展望 FY '23，我們預期續約基礎將回到較為正常的成長速度，因此也預期這個逆風會消失。

Our next question comes from the line of Kash Rangan with Goldman Sachs.

下一個問題來自 Goldman Sachs 的 Kash Rangan。

It's great to see how you promote internal talent, starting with Doug, it's a very long list. It's great that you're able to create the next generation of management, including Chano and Barbara and Robynne, et cetera.

很高興看到你們提拔內部人才，從 Doug 開始，名單非常長。你們能夠培養下一代管理團隊也很棒，包括 Chano、Barbara、Robynne 等等。

My question has to do with the net new ACV back to the base. We've been on it for 2 years, and there's no stopping of any -- no slowing down of momentum in that business aspect. Can you talk either, Chano or Aneel, about the opportunities ahead as the product portfolio continues to build? And you still keep adding new customers. But again, the base opportunity continues to be vibrant. Can you just expand a little bit more about how you plan to make that even more of a focus going forward? And congrats on a very strong quarter.

我的問題與淨新增 ACV 回到既有客戶基礎（base）有關。我們已經關注這件事兩年了，而在那個業務面向上完全沒有停止——也沒有任何動能放緩。隨著產品組合持續擴充，Chano 或 Aneel 能否談談未來的機會？你們也仍在持續新增客戶。但同時，既有客戶基礎的機會依然非常活躍。你們能否再多談一點，未來打算如何讓這件事成為更重要的聚焦重點？也恭喜你們交出非常強勁的一季。

Well, I might just touch on the new products, and Chano can touch on the go-to-market piece. I think one of the great things we have had both through internal development and through acquisition, most recently, Peakon and now VNDLY, our products that we can sell back to our really broad-based financial HR customer base. And on the finance side, we do the same thing with Scout. And it's -- and we hope to do that with Zimit, and planning has been across both product lines. That really has changed the game. We have these really powerful add-on products that are best-in-class, that are attractive to customers. And maybe Chano can talk about how we're doing that.

我先簡單談談新產品，Chano 可以談談 go-to-market 的部分。我認為我們很棒的一點是，無論是透過內部開發或併購——最近是 Peakon，現在是 VNDLY——我們都有產品可以回售給我們非常廣泛的財務與人資客戶基礎。在財務端，我們也用 Scout 做同樣的事。而且——我們希望在 Zimit 上也能做到，規劃（planning）也已橫跨兩條產品線。這確實改變了遊戲規則。我們擁有這些非常強大的加值產品，都是同級最佳（best-in-class），對客戶很有吸引力。也許 Chano 可以談談我們是如何推動的。

Yes. Thank you, Kash, and thank you, Aneel. I think the value proposition of the innovation and the solutions that Sayan and Pete and the team are building is just fantastic, right? And I would say it's no single solution is the one driving the momentum, Kash. It is really broad-based strength across the full portfolio of HR and financial solutions. And I think that drove the strength as well in the renewal rates on our customer base, which I believe speaks to how strategic we are for our customers, right?

好的。謝謝你，Kash，也謝謝你，Aneel。我認為 Sayan、Pete 以及團隊正在打造的創新與解決方案，其價值主張非常出色，對吧？而我會說，Kash，推動動能的並不是某一個單一解決方案。而是整個產品組合——人資與財務解決方案——全面性的強勁表現。我認為這也帶動了我們客戶基礎續約率的強勢，我相信這也反映出我們對客戶而言有多麼具策略性，對吧？

So we're expecting this momentum to continue, and we shared with you on our Analyst Day that $10 billion opportunity that we're seeing in our customer base, and of course, expanding as we keep adding more customers. And we keep planning to keep adding some of the investments that we're doing across go-to-market, Kash, those going to customer base, obviously. And as we've been highlighting, we are planning to strengthen for next year, the land motions, clearly, of solutions around Peakon and Workday strategic sourcing, planning and clearly VNDLY going forward as well. So we are pretty excited by the opportunity ahead on the customer base.

因此我們預期這股動能會持續，我們也在分析師日與你們分享過，我們在客戶基礎中看到的 100 億美元機會，當然，隨著我們持續新增客戶，這個機會也會擴大。而我們也計畫持續增加在 go-to-market 上的投資，Kash，這些投資顯然會面向客戶基礎。並且如我們一直強調的，我們計畫在明年強化「落地」（land）動作，特別是圍繞 Peakon 與 Workday strategic sourcing 的解決方案、規劃（planning），以及未來的 VNDLY。所以我們對客戶基礎的未來機會感到相當興奮。

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

下一個問題來自 JPMorgan 的 Mark Murphy。

And I'll add my congrats to everyone who's taking on a new role, Doug, Barbara, Pete and Sayan, much deserved.

我也要恭喜所有接下新職務的人，Doug、Barbara、Pete 和 Sayan，實至名歸。

I wanted to ask, Robynne. I'm looking at the sequential change in the 24-month subscription backlog for Q3. It's actually a bigger number than we've seen in the last couple of years. So I'm just curious if what we're seeing is the conversion of that pipeline build that I think you had said was starting maybe 9 to 12 months ago as you expected. Or are you seeing something that's converting faster or in period like from Peakon or other products? Or is it maybe something else that's just driving that sequential strength?

我想請教 Robynne。我在看第三季 24 個月訂閱積壓（subscription backlog）的環比變化。這其實是我們過去幾年看到更大的數字。所以我很好奇，我們看到的是不是你之前提到、可能在 9 到 12 個月前開始建立的那個 pipeline 擴張，如預期般正在轉換？或者你們是否看到某些東西轉換得更快、或在當期就轉換，例如來自 Peakon 或其他產品？還是可能有其他因素在推動這個環比的強勁表現？

Yes. Mark, I mean, maybe I'll just point out a few things, even though we really are seeing strength across all of our business in multiple different ways. But the few things that I'll call out is our conversion rates have remained on the higher side, right? And so that has certainly helped us convert more pipeline.

是的。Mark，我想我可以指出幾點，儘管我們確實在多個面向看到整體業務的強勁表現。但我想特別提到的是，我們的轉換率一直維持在較高水準，對吧？因此這確實幫助我們轉換了更多的 pipeline。

We also -- as we strengthen our sales motion on some of our acquired companies or products that we can sell independently, those tend to have shorter cycles. And so we're seeing an impact there as well. And then lastly, I'll call out, we just have seen really, really strong renewals, really, really strong renewals and uplift to those renewals. And so that has really helped us with sequential growth in backlog as well.

另外——隨著我們強化對部分併購公司或可獨立銷售的產品的銷售動作（sales motion），這些通常有較短的銷售週期。因此我們也看到這方面的影響。最後我也要提到，我們看到非常、非常強勁的續約，非常、非常強勁的續約，以及續約的提升（uplift）。因此這也確實幫助我們在積壓訂閱上實現環比成長。

Okay. So 3 different legs to the stool. And then just a very quick follow-up. You had announced some major new HCM logos. I think Aneel commented on ConocoPhillips, Northern Trust and Toll Brothers, big companies. Any comment on who the incumbents were? And just Chano, you said the pipeline generation remained healthy. Should we infer that you see pretty strong indications among the Fortune 500 for Q4?

好的。所以是三個支柱。再非常快速追問一下。你們宣布了一些重要的新 HCM 客戶標誌（logos）。我想 Aneel 提到了 ConocoPhillips、Northern Trust 和 Toll Brothers，都是大型公司。能否評論一下原先的供應商（incumbents）是誰？另外 Chano，你說 pipeline 產生仍然健康。我們是否可以推論，你們在第四季對《財富》500 大企業看到相當強的跡象？

I would say on your first question of who the incumbents were, usually -- as usual, 80% of those are coming from our main 2 legacy competitors, right? And it's no different here, Mark.

關於你第一個問題——原先的供應商是誰——通常一如往常，其中 80% 來自我們兩個主要的傳統競爭對手，對吧？這次也沒有不同，Mark。

To your question on the pipeline expecting into Q4, I would just say that there is good strong pipeline, great momentum. Usually some of the largest logos tend to lean in our largest quarter, which is Q4.

至於你問到進入第四季的 pipeline 預期，我只能說 pipeline 良好且強勁，動能很棒。通常一些最大的客戶標誌（logos）會集中在我們最大的一季，也就是第四季。

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

下一個問題來自 Deutsche Bank 的 Brad Zelnick。

I echo my congratulations as well on a strong performance. I wanted to follow up on Kirk's question on backlog and the flat renewal cohort this year. Just how we should think about the growth and what's due to renew, which Robynne, I know you characterized as being more normal? But even if not numerically, and I know the more exciting part of that equation is what you're going to -- the growth that you're able to add on to these renewal opportunities and expand them.

我也要再次恭喜你們交出強勁的表現。我想延續 Kirk 關於積壓訂單（backlog）以及今年續約同批（renewal cohort）持平的問題。我們應該如何看待成長，以及哪些將到期續約？我知道 Robynne 你把這形容為更正常的狀態。但即使不是從數字上來看，我也知道這個等式中更令人興奮的部分，是你們將如何在這些續約機會上增加——也就是你們能夠在續約機會上加上的成長，並把它們擴大。

But how should we think about the typical upsell cadence? Meaning, how often might you see customers place new modules and new features and capabilities, when they're made available, maybe intracycle versus upon renewal? Like is the renewal itself, more often than not, the time that you'll see them expand versus co-terming midterm?

但我們應該如何看待典型的加購節奏（upsell cadence）？也就是說，當新模組、新功能與新能力推出並可供使用時，你們大概多常會看到客戶下單？可能是在週期中（intracycle）還是等到續約時？例如，續約本身是否在多數情況下是你們看到客戶擴充的時點，而不是在合約中期以同到期日（co-terming）方式擴充？

Yes. We're seeing that dynamic shift a little, Brad, over the years as we focused more on building the customer base team. They're having continuous conversations with those customers outside of the renewal cycle. So where if you go back several years, I'd say, 3 to 4 years, most of the add-on business came during the renewal cycle. And we've really seen that change with the investments in the back-to-base go-to-market. And now those conversations are continual.

是的。Brad，這些年來，隨著我們更專注於建立客戶基礎團隊（customer base team），我們看到這個動態有些轉變。他們在續約週期之外，也會與客戶持續對話。所以如果回到幾年前，我會說大概 3 到 4 年前，多數的加購業務都發生在續約週期。而隨著我們在 back-to-base 的 go-to-market 上投入，我們確實看到這點改變。現在這些對話是持續進行的。

So we're seeing a lot less add-on, just in the renewal cycle and more add-ons just as products become available or as customers needs shift. But the renewal is still a great opportunity to engage in a conversation with those customers. So it still is an opportunity for us to sell, but less dependent on that renewal cycle to actually get add-on business. And I don't know, Chano, do you have anything you would add to that from the go-to-market side?

因此，我們看到在續約週期內的加購少了很多，而更多加購發生在產品一推出可用、或客戶需求轉變時。但續約仍然是與客戶互動、展開對話的絕佳機會。所以它仍是我們銷售的機會，但我們取得加購業務已較不依賴續約週期本身。我不知道，Chano，從 go-to-market 的角度你是否還想補充？

That's exactly the dynamics we've been seeing and the shift we've been observing during this last few years. So it's less depending on those renewal cycles when customers are adding new solutions.

這正是我們所看到的動態，也是過去幾年我們觀察到的轉變。因此，客戶新增解決方案時，對續約週期的依賴變得更低。

If I could maybe sneak in one quick follow-up for you, Robynne, seeing the growth in total backlog exceeding that of 24-month backlog, we actually had picked up from partners just in general, beyond even Workday, customers looking to go longer and longer duration in anticipation of inflation and price increases. Just curious if you have any comments on duration that you're seeing from maybe commercial accounts or I know government tend to do larger deals. What, if anything, is there to comment on duration?

如果可以的話，我想再快速追問你一個問題，Robynne。看到總積壓訂單（total backlog）的成長高於 24 個月積壓訂單（24-month backlog），我們其實也從合作夥伴那邊聽到一些普遍現象，不只是 Workday：客戶為了因應通膨與價格上漲的預期，傾向簽更長、越來越長的合約期間。想請教你是否能評論一下你們在商業客戶那邊看到的合約期間（duration）？我知道政府客戶通常會做更大的案子。關於合約期間，有什麼可以補充的嗎？

Yes, you're absolutely right that when the total backlog growth exceeds the 24 months, it's because we've seen durations lengthen. And we've seen this fairly consistently over the last several quarters and even the last several years, where the total outpaces the 24 months. So I do think that there is a trend there of inking larger contracts, but they do tend to move around by industry and by customer. And as we've said before, we are happy to have a contract length that our customers are comfortable with. We won't do one under 3 years. But anything above that, we really leave to them. So it's not something that we manage to, but we're certainly happy when customers want to commit to us for longer periods of time.

是的，你說得完全正確：當總積壓訂單的成長超過 24 個月積壓訂單時，原因是我們看到合約期間拉長。而且在過去幾個季度、甚至過去幾年，我們都相當一致地看到總量增速高於 24 個月。所以我確實認為存在一個簽更大合約的趨勢，但它會因產業與客戶而有所波動。如同我們之前說過的，我們樂於提供客戶覺得舒適的合約長度。我們不會做少於 3 年的合約。但超過 3 年的部分，我們基本上交由客戶決定。因此這不是我們刻意去管理的指標，但當客戶願意承諾更長期間時，我們當然很高興。

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

下一個問題來自美國銀行（Bank of America）的 Brad Sills。

I'll echo the congratulations on a nice Q3. I wanted to ask a question about just the general environment of the office of HR. It would seem that with the great resignation and the difficult hiring environment that you'd see an increased focus on digital transformation projects for more productivity in general for HR. So I'm curious if that is manifesting in your pipeline not just for core HR -- core HCM, but the productivity tools like Learning, Analytics, Recruiting, Peakon. Is that reflected in your pipeline? Do you think that's something that might be coming based on what you're hearing in the office of HR?

我也要恭喜你們第三季表現亮眼。我想問一個關於人資部門（office of HR）整體環境的問題。看起來在「大離職潮」以及招募困難的環境下，人資應該會更聚焦於數位轉型專案，以提升整體生產力。所以我很好奇，這是否反映在你們的銷售管線（pipeline）上，不只是核心 HR——核心 HCM，也包括像 Learning、Analytics、Recruiting、Peakon 這些生產力工具。你們的 pipeline 有反映出這點嗎？根據你們在人資部門聽到的聲音，你覺得這會成為接下來的趨勢嗎？

Pete, do you want to take that one up?

Pete，你要不要來回答這題？

Yes. I think your question is spot on. What we are seeing the trends towards, as you said, kind of spurred by the great resignation happening with the pandemic, all of those things are generating trends that we're seeing in demand from our customers for our products like Learning. I'd also put -- I'd also call out our talent optimization SKU, which is composed of the Career Hub and the Talent Marketplace to allow employees to move within the company.

好的。我認為你的問題非常到位。正如你所說，疫情期間發生的大離職潮等因素，確實推動了一些趨勢，而我們也在客戶對我們產品（例如 Learning）的需求上看到這些趨勢。我也想特別提一下我們的人才最佳化 SKU（talent optimization SKU），它由 Career Hub 與 Talent Marketplace 組成，讓員工能在公司內部流動。

Learning, as I said before, and also I'll also mention the VNDLY intent to acquire that we announced today as well, which allows companies to be able to kind of flex their workforce based upon these talent demand. So we're definitely seeing that from a demand standpoint from our customers, and we've had great quarters, a great quarter this last quarter as well with all those products.

如我先前提到的 Learning，另外我也要提到我們今天宣布的 VNDLY 擬收購（intent to acquire），它讓企業能夠依據這些人才需求，更有彈性地調整其人力配置。所以從需求面來看，我們確實從客戶端看到這些趨勢；而且在上一季，這些產品也帶來了非常好的季度表現。

Our next question comes from the line of DJ Hynes with Canaccord.

下一個問題來自 Canaccord 的 DJ Hynes。

Maybe I could build off Pete's comment there. You brought up VNDLY. So it seems like a good segue to ask the question there. The product seems to be kind of a crossover between HR and finance. So can you talk a little bit about like where the buying center resides there? And really what the pain point is, like how would organizations typically manage that process if they didn't have a platform like VNDLY?

我想接續 Pete 剛才的評論。你提到了 VNDLY。看起來是個很好的切入點來問這個問題。這個產品似乎介於人資與財務之間的交叉領域。你能談談它的採購決策中心（buying center）通常在哪裡嗎？以及真正的痛點是什麼——如果沒有像 VNDLY 這樣的平台，組織一般會如何管理這個流程？

Yes, I'll start with the buying center. The buying center is -- has traditionally been in the procurement space but has more recently been trending towards the HR space. So actually, that's a -- it was a great fit for us because we sell to both of those buyers. And it really, for us, looked like a nice kind of piece of the puzzle between our human capital management, our financial management and our spend management solutions.

好的，我先從採購決策中心談起。採購決策中心——傳統上是在採購（procurement）領域，但最近的趨勢是更偏向人資（HR）領域。所以實際上，這對我們來說非常契合，因為這兩類買方我們都在銷售。而且對我們而言，它看起來就像是把我們的人力資本管理、財務管理與支出管理解決方案串起來的一塊拼圖。

Traditionally, this has been solved -- the vendor management systems have been around for a while. VNDLY is really a second-generation cloud-based vendor management system, great focus on the user experience, configurability. And the one thing I will also mention there is that it is deployed by enterprises but also about 50% of the time deployed by managed service providers. And VNDLY happens to have a great relationship with managed service providers as well, and we see that as a channel for us to continue to use as we go forward.

傳統上，這類問題一直是透過——供應商管理系統（vendor management systems）來解決，這類系統已存在一段時間。VNDLY 真正是一個第二代的雲端供應商管理系統，非常重視使用者體驗與可配置性。另外我也要提到，它主要由大型企業部署，但大約有 50% 的情況是由託管服務供應商（managed service providers）來部署。而 VNDLY 與託管服務供應商也有很好的合作關係，我們也把這視為未來持續使用的一個通路。

Yes. Yes. Okay. Makes sense. And then Robynne, maybe a follow-up for you. I think coming into this year, we had talked about net new bookings acceleration this year leading to faster subscription growth next year. With the updated guide and view of next year, we're at 20 and 20. And I realize it's a preliminary view of next year and any good preliminary view embed some conservatism. But is it fair to assume that if Q4 ends up how you're planning, we could still see subscription acceleration next year?

是的。是的。好的。了解。接著 Robynne，我想再追問你一題。我記得在今年一開始，我們談到今年淨新增訂單（net new bookings）加速，將帶動明年訂閱營收更快成長。在更新後的指引以及對明年的看法中，我們看到是 20 和 20。我知道這只是對明年的初步看法，而任何好的初步看法都會內含一些保守性。但是否可以合理地假設，如果第四季最終如你們規劃的那樣收官，我們明年仍有機會看到訂閱成長加速？

Yes. DJ, I mean, we certainly see upside from the 20%. But to your point, Q4 is going to be a really important quarter for us in shaping the subscription revenue next year. So we're really focused on executing against Q4, and we'll have a new look for all of you on the next earnings call when we see how we've closed Q4.

是的。DJ，我的意思是，我們確實看到那 20% 帶來的上行空間。但如你所說，第四季將是我們在塑造明年訂閱營收方面非常重要的一季。因此我們非常專注於第四季的執行，等我們看到第四季如何收官後，會在下一次財報電話會議上為各位帶來全新的觀點。

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

下一個問題來自富國證券（Wells Fargo Securities）的 Michael Turrin。

You mentioned 800 net new hires during the quarter. Is there any further commentary you can add just on the pace of hiring into Q4? Are you finding able to stay on pace with that 2,500 target to start off the year? And is there any difference between U.S. and international there to call out?

你提到本季淨新增 800 名新進員工。關於第四季的招募速度，你還能補充一些評論嗎？你們是否仍能維持年初設定的 2,500 人目標進度？另外，美國與國際市場之間是否有任何差異值得指出？

Yes. We were super pleased with the hiring in the quarter. We've been really ramping our recruiting engine and our process throughout the year. It honestly took us a little longer than we had hoped given the market when we came into the year. But we're really excited to make such great progress in Q3. And it's certainly our hope and our goal to actually have similar hiring in Q4, so that we can get really close to that 2,500 net new employees for the whole year. It's a challenging market, but we feel like we've got the momentum to do that. And so we're really focused on executing.

是的。我們對本季的招募成果非常滿意。我們今年一直在大幅提升招募引擎與流程。坦白說，考量到我們年初進入市場時的情況，進度確實比我們原先希望的稍微久一些。但我們對第三季能取得這麼大的進展感到非常振奮。而且我們的希望與目標，確實是在第四季也能達到類似的招募規模，讓全年淨新增員工數能非常接近 2,500 人。這是個具挑戰的市場，但我們覺得自己已經有動能可以做到。因此我們非常專注於執行。

Our next question comes from the line of Brad Reback with Stifel.

下一個問題來自 Stifel 的 Brad Reback。

Robynne, as we think about the renewal pool returning towards its normal growth cadence next year, is that linear over the course of the year? Or will that be somewhat more back-end loaded, understanding that 4Q always has seasonality, but just that year-over-year growth opportunity?

Robynne，當我們思考明年續約池回到其正常成長節奏時，這會在全年呈線性分布嗎？還是會更偏向下半年、後段較為集中？我理解第四季一向有季節性，但我想問的是年對年成長機會的分布。

Yes. Brad, that's a really hard thing to predict because one of the things that we're seeing -- one dynamic we're seeing as we have more add-on business outside renewal cycles is renewals moving around quarter-to-quarter. So if somebody wants to add on several products, their renewal is 2 quarters away, it's highly likely that they're just going to do an early renewal and wrap it all in.

是的。Brad，這真的很難預測，因為我們看到的一件事——我們看到的一個動態是：隨著在續約週期之外的加購業務增加，續約會在不同季度之間移動。所以如果某位客戶想加購多項產品，而他的續約還有兩個季度才到期，那他很可能就會選擇提前續約，把所有內容一起打包。

So we don't see anything unusual in any one quarter that I would call out, but it is a dynamic that's fairly difficult for us to predict, and we do expect some variation quarter-to-quarter. But overall, in terms of looking at the whole year, we're excited to return to a normal growth rate and not be facing the headwind that we faced this year.

因此我們沒有看到任何單一季度有什麼異常值得特別指出，但這確實是一個相當難以預測的動態，我們也預期季度之間會有一些波動。不過整體而言，從全年角度來看，我們很期待回到正常的成長率，而不再面臨今年所遭遇的逆風。

Our next question comes from the line of Brent Bracelin with Piper Sandler.

下一個問題來自 Piper Sandler 的 Brent Bracelin。

I wanted to go back to the '22 outlook and guide up here. I know you guys were clearly optimistic at the September Analyst Day. But if I just rewind 9 months ago, I think you entered the year guiding to 16% subscription growth. You've now had 2 quarters of accelerating subscription growth and you're raising the outlook for next year. It's a pretty big change in 9 months. Is the story here driving the optimism for next year all about the $10 billion cross-sell in the base? Or is there other factors that are really driving kind of the optimism here in the business? And I know similar optimism to a couple of months ago, but love to kind of understand the pace of change that you've seen here this year and the momentum that you're kind of looking forward to next year.

我想回到你們對 2022 年展望並上調指引這件事。我知道你們在 9 月的分析師日顯然相當樂觀。但如果我把時間倒回 9 個月前，我記得你們在年初給的指引是訂閱成長 16%。你們現在已經連續兩季訂閱成長加速，並且上調了明年的展望。這在 9 個月內是很大的變化。推動你們對明年樂觀的核心故事，是否完全是來自既有客戶基礎中 100 億美元的交叉銷售（cross-sell）機會？還是還有其他因素在推動你們對業務的樂觀？我知道這種樂觀與幾個月前類似，但我很想了解今年你們看到的變化速度，以及你們對明年所期待的動能。

Well I think the pandemic was a once in a lifetime event in many ways, quite a bit obviously sad and negative. On the business side, it did change everything, whether it's the shift to remote work or hybrid work or as you look at the broader base of contingent workers and the great resignation as you call it. And I think what it forces customers to do was to look at their platforms and say, are we ready for this new world? And in many cases, they weren't. And we were fortunate that the way that we built our cloud products and the solutions we have are a perfect fit for where the world is headed. And I think we're benefiting from that.

我認為疫情在很多方面都是一生一次的事件，當然其中有相當多令人悲傷與負面的部分。但在商業面，它確實改變了一切，不論是轉向遠距工作或混合辦公，或是你看更廣泛的約聘／臨時人力（contingent workers）基礎，以及你所說的「大離職潮」。我認為它迫使客戶去檢視他們的平台並問自己：我們是否已準備好迎接這個新世界？而在很多情況下，他們並沒有。我們很幸運，因為我們打造雲端產品的方式以及我們所提供的解決方案，與世界前進的方向完美契合。我認為我們正因此受益。

And increasingly, in a labor-constrained world, what we're doing to Peakon, what we're doing with VNDLY, what we're doing with our own products in terms of helping people optimize their human capital, is huge. And also during the pandemic, we saw a lot of big financial projects be put on hold, and now those are slowly coming back. So there's optimism that even more of the financial products are going to be coming back -- financial projects are going to be coming back next year.

而且在一個勞動力受限的世界裡，我們在 Peakon 上所做的、在 VNDLY 上所做的，以及我們在自家產品上所做的——就協助企業優化人力資本而言——影響非常巨大。另外，在疫情期間，我們看到許多大型財務專案被暫緩，而現在這些專案正逐步回來。因此我們也樂觀預期，明年會有更多財務產品——更多財務專案——回流。

As you think about the role of competition here, do you think you're in a better position to gain share next year based on the moves that you've made here and that's part of the optimism? Or do you think this is more of a broader industry recovery that you're expecting next year? That's all I had.

談到競爭的角色，你是否認為基於你們在這裡所採取的行動，明年你們在取得市占方面處於更有利的位置，而這也是樂觀的一部分？或者你認為這更多是你們預期明年整體產業復甦所帶來的？我就這些。

I think it's both. But at the end of the day, we started out with 0 customers and our main competition had thousands of customers. So every customer we've gotten has been at a competitor's expense. And we've now passed 50% market share on the HCM side of the Fortune 500. We're getting that same kind of momentum in financials. And I do think it's coming at the expense of what I would consider to still be legacy competitors. I don't think they've quite yet fully made the transition to the cloud.

我認為兩者都有。但歸根結底，我們起步時是 0 客戶，而主要競爭對手有數千名客戶。所以我們拿下的每一位客戶，都是以競爭對手的流失為代價。而我們在人力資本管理（HCM）方面，已在《財富》500 強中超過 50% 的市占率。我們在財務領域也正取得同樣的動能。我確實認為這些成果是以我所認定仍屬於傳統（legacy）競爭對手的份額為代價取得的。我不認為他們已完全完成向雲端的轉型。

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

下一個問題來自 Jefferies 的 Brent Thill。

I was wondering if you could just drill a little bit into Planning. I think last quarter, you mentioned 50% ACV growth. Any stat or any update there? And just directionally, it seems like with all the supply chain concerns, there's a tremendous opportunity for you to help a lot of companies out at this point. Any color around that business would be greatly appreciated.

我想請你們再深入談一下 Planning。我記得上季你們提到 ACV 成長 50%。這方面有任何數據或更新嗎？而且從方向上看，考量到供應鏈的各種疑慮，你們此刻似乎有很大的機會幫助許多公司。若能分享一些關於這項業務的觀察，我將非常感謝。

I mean, Planning continues to be a very meaningful growth driver for us and one of the bigger components of the FINS Plus and the acceleration we've seen this quarter. And while we did not call out the specific growth rate this time, our momentum remains very strong, and we feel really good how we are competing and winning in this market.

我的意思是，Planning 持續是我們非常重要的成長驅動力，也是 FINS Plus 以及我們本季所見加速成長中較大的組成部分之一。雖然這次我們沒有特別點出具體成長率，但我們的動能依然非常強勁，我們對自己在這個市場中的競爭與勝出方式感到非常有信心。

And despite all the strength we have seen in Planning over the last couple of years, we have significant internal opportunity. As we shared at our Analyst Day, only about 30% of our customers having attached Financial Planning and about 10% attached Workforce Planning, so we have a lot of opportunity ahead.

儘管過去幾年我們在規劃（Planning）方面展現了強勁表現，但我們在內部仍有相當大的機會。正如我們在分析師日所分享的，目前只有約 30% 的客戶加購了財務規劃（Financial Planning），約 10% 加購了人力規劃（Workforce Planning），因此我們前方仍有很大的成長空間。

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

下一個問題來自 UBS 的 Karl Keirstead。

Maybe a couple for Robynne. Robynne, maybe you could elaborate on the 24-month backlog guide for 4Q? Really strong number, but it's a similar growth rate to 3Q, yet it's a 2-point easier compare. Anything else on your mind as you thought through the inputs to that 4Q guide?

我想問 Robynne 兩個問題。Robynne，你能否進一步說明第四季（4Q）的 24 個月待履約訂單（backlog）指引？數字非常強勁，但成長率與第三季（3Q）相近，然而比較基期卻容易 2 個百分點。在你思考第四季指引的各項輸入因素時，還有沒有其他你特別在意的點？

Yes. I mean I would just say that we're really pleased to be providing the preliminary view of 20% sub revenue growth for FY '23. But keep in mind to achieve that, we need to sustain healthy bookings growth, which we fully expect to do in Q4. Backlog is going to move around. It's not a perfect measure for several reasons, including the renewal headwind this year, but we feel really good about the momentum in our business and our outlook. And we certainly would hope to overachieve the backlog guide, but we'll have to see how Q4 goes.

是的。我的意思是，我們很高興能提供 FY '23 訂閱營收（sub revenue）成長 20% 的初步展望。但請記住，為了達成這個目標，我們需要維持健康的訂單（bookings）成長，而我們完全預期在第四季能做到。待履約訂單（backlog）會有波動。由於多項原因，它並非完美的衡量指標，包括今年續約帶來的逆風，但我們對業務動能與展望感到非常有信心。我們當然希望能超越待履約訂單指引，但仍要看第四季的表現。

Yes. Okay. That sounds good. And then as a follow-up, congrats on a couple of what looks like relatively small acquisitions. Maybe I missed it, but Robynne, any financial impact from these 2 deals once they close that we should keep in mind with respect to either revs or margins or backlog to call out or immaterial?

是的。好的。聽起來不錯。接著追問一下，恭喜完成了幾筆看起來規模相對較小的收購。也許我漏聽了，但 Robynne，這兩筆交易在完成交割後，對我們需要留意的財務影響（不論是營收、利潤率或待履約訂單）有沒有什麼需要特別指出的？還是影響不大？

Yes. I mean these companies are both really early in their growth cycles. And therefore, really minimal impact on our revenue guide for next year. We do, however, expect those to be high-growth markets. And so we're therefore planning on investing in those spaces to support the growth opportunity and all those incremental investments as well as transaction costs for VNDLY and existing expense basis for both have all been captured and our margin guidance for both Q4 and FY '23.

是的。我的意思是，這兩家公司都還處於非常早期的成長階段。因此，對我們明年營收指引的影響非常有限。不過，我們確實預期這些會是高成長市場。因此我們規劃在這些領域加大投資，以支持成長機會；而所有這些新增投資、VNDLY 的交易成本，以及兩家公司既有的費用基礎，都已納入我們第四季與 FY '23 的利潤率指引之中。

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

下一個問題來自 Cowen and Co. 的 Derrick Wood。

Some companies have talked about more accentuated summer seasonality. Just curious how linearity track for you in Q3? And then we keep hearing how Q4 is such an important quarter. Any color on linearity there and just any anecdotes to give around what you're seeing in terms of larger enterprise opportunities as you head into the end of the year?

有些公司提到夏季季節性變得更為明顯。想請教你們在第三季的線性度（linearity）表現如何？另外我們也一直聽到第四季是非常重要的一季。能否分享一下第四季的線性度，以及在年底前就更大型企業機會而言，你們觀察到的情況或任何小故事？

Chano?

Chano？

We haven't seen any particular shifts in terms of linearity. I mean it was good strong quarter. I mean, clearly, our first month is August, usually, it's more quiet, but it was good and solid if I compare it to last year and 2 years ago. I think we had a good September overall, but I wouldn't say nothing, no special call out there.

我們沒有看到線性度方面有任何特別的變化。我的意思是，這是一個表現良好且強勁的季度。很明顯地，我們的第一個月是 8 月，通常會比較安靜，但若與去年及兩年前相比，表現仍然不錯且穩健。我認為 9 月整體也不錯，但我不會說有什麼特別需要點出的。

In Q4, I mean there are always very large deals. In this case, in the pipeline for both, I would say, HCM and Financials. And of course, there is a solid pipeline across a very deep number, different solutions, geographies and on the whole portfolio and volume business across medium enterprise and customer base that we give the predictability. But clearly, for us, delivering a good, solid quarter is keeping with the same conversion ratios and execution on the great large opportunities that are lined up for Q4. So we're excited about them. But of course, we have to execute upon and basically do as the teams know that they can do.

至於第四季，我的意思是，總是會有非常大型的交易。這次在管線中，我會說在人力資本管理（HCM）與財務（Financials）兩方面都有。當然，我們也有穩健的管線，涵蓋非常多且多元的解決方案、地理區域，以及整體產品組合；同時在中型企業與既有客戶基礎上也有量體業務，為我們帶來可預測性。但很明顯地，對我們而言，要交出一個良好且穩健的季度，關鍵在於維持相同的轉換率，並在第四季已排定的優質大型機會上做好執行。所以我們對此感到興奮。但當然，我們必須落實執行，基本上就是照團隊所知道他們能做到的去做。

If I could squeeze one more in. You talked about how you're pleased with your own hiring, even though it's a tough market. I wanted to ask about how you're feeling about your partners and how well staffed they are to support your accelerating growth and if you see any reason for them to have any constraints on their own staffing.

如果我可以再塞一個問題。你提到即使市場艱難，你們仍對自身招募情況感到滿意。我想問的是，你們對合作夥伴的看法如何？他們的人力配置是否足以支援你們加速的成長？你是否看到他們在人員編制上可能出現任何限制的理由？

Yes, I can answer that one. I mean we're pleased how the partners are progressing. We added around 800 resources to the ecosystem in Q3, and they continue to be ramping up new resources during Q4. So we feel very happy as well how much they're investing on training and ramping up with resources as they see the opportunity. I will just remind to all of you that they keep deploying around 80%-plus of our solution portfolio.

是的，我可以回答這個問題。我的意思是，我們對合作夥伴的進展感到滿意。我們在第三季為生態系新增了約 800 名資源，他們在第四季也持續擴編新資源。因此，我們也很高興看到他們投入大量資源在訓練與人力爬坡（ramping up），因為他們看到了機會。我也想提醒各位，他們持續交付我們解決方案產品組合中約 80% 以上的部署。

We clearly are doing much more with them. I mentioned this example of the ESG solution around planning for public sector, basically in the Asia Pacific region that I think is one that can be deployed globally. So the relationships we are building with our partners these days is beyond implementation, is building up new solutions and IP jointly and they keep really investing. And for most of the large SIs, where there is -- out of the top 3 kind of strategic practices. So we are pleased how they're doing and they keep investing within Workday's future together.

我們顯然與他們合作得更多。我提過這個例子：在亞太地區針對公部門規劃的 ESG 解決方案，我認為這個方案可以在全球部署。因此，我們如今與合作夥伴建立的關係已不僅是導入（implementation），而是共同打造新的解決方案與智慧財產（IP），而且他們確實持續投入。對於多數大型系統整合商（SI）而言，這已是其前三大類策略性實務之一。所以我們對他們的表現感到滿意，他們也持續投資於與 Workday 共同的未來。

Ladies and gentlemen, thank you for your participation on today's conference. This will conclude Workday's Third Quarter Fiscal Year 2022 Earnings Call. Thank you again for joining us today. You may disconnect your lines at this time.

各位女士、先生，感謝各位參與今天的電話會議。Workday 2022 會計年度第三季財報電話會議到此結束。再次感謝各位今天加入我們。現在您可以掛斷電話。