Workday, Inc. (WDAY) 2022 Q1 法說會逐字稿

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

歡迎參加 Workday 2022 會計年度第一季財報電話會議。（接線員指示）

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

現在我將把電話交給投資人關係副總裁 Justin Furby。謝謝。您可以開始了。

Thank you, operator. Welcome to Workday's First Quarter Fiscal 2022 Earnings Conference Call. On the call, we have Aneel Bhusri and Chano Fernandez, our Co-CEOs; Robynne Sisco, our President and CFO; and Pete Schlampp, our Executive Vice President of Product Development. 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。歡迎參加 Workday 2022 會計年度第一季財報電話會議。今天與會者包括我們的共同執行長 Aneel Bhusri 與 Chano Fernandez；總裁兼財務長 Robynne Sisco；以及產品開發執行副總裁 Pete Schlampp。在預先準備的發言之後，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；本次電話會議也正同步進行網路直播。

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，我們想強調，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、客戶需求、營運及其他事項的前瞻性陳述。這些陳述受到風險、不確定性與假設的影響，其中包括持續中的 COVID-19 疫情對我們業務及全球經濟狀況的影響。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 年度 Form 10-K 年報與最近一期 Form 10-Q 季報），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；我們相信這些指標作為補充性衡量，有助於評估 Workday 的表現。這些非 GAAP 指標應與 GAAP 結果一併考量，而非取代 GAAP 結果，亦不應單獨孤立解讀。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 second quarter quiet period begins on July 16, 2021. 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 Customers（客戶）頁面包含部分精選客戶名單，並每月更新。我們第二季的靜默期將於 2021 年 7 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，均以 2021 會計年度同期間的結果為比較基準。

With that, I will hand the call over to Aneel.

接下來，我將把電話交給 Aneel。

Thank you, Justin, and good afternoon, everyone. Thank you for joining us today for our first quarter fiscal year '22 earnings call. Before we jump into our quarterly results, first, a huge congratulations to Workday Ambassador and my good friend, Phil Mickelson, on winning the PGA Championship over the weekend, an amazing accomplishment and proving once again that in addition to being a great person, Phil is one of the most talented golfers of all time.

謝謝你，Justin，各位下午好。感謝各位今天參加我們 2022 會計年度第一季財報電話會議。在我們進入本季業績之前，先向 Workday 品牌大使、也是我的好朋友 Phil Mickelson 致上熱烈祝賀，恭喜他週末贏得 PGA 錦標賽；這是了不起的成就，也再次證明 Phil 不僅人品出眾，更是史上最具天賦的高爾夫球手之一。

I'm pleased to report that Workday had a strong quarter, starting the year with significant momentum and positioning us well for a great fiscal year '22. In Q1, we saw an increase in demand across all product areas while delivering strong non-GAAP operating margins of 25%, showing the strength inherent in our underlying business model. Our results support the acceleration in digital transformations across HR and finance, and Robynne will share more shortly on how we plan to invest behind this opportunity.

我很高興向各位報告，Workday 本季表現強勁，以顯著動能展開新年度，並讓我們在 2022 會計年度具備良好定位、可望交出亮眼成績。在第一季，我們看到所有產品領域的需求皆有所提升，同時繳出 25% 的強勁非 GAAP 營業利益率，展現我們底層商業模式所內含的韌性與實力。我們的結果支持人資與財務領域數位轉型加速的趨勢；稍後 Robynne 也將分享我們計畫如何加碼投資以把握這項機會。

Let me share some highlights, starting with Workday HCM. We continue to be the market leader with our differentiated suite of products and continued innovation. We're seeing an increase in demand as more and more organizations prioritize transition to HCM systems to cloud to deliver a world-class employee experience. In Q1, we welcomed ASM Global, Las Vegas Sands Corp., Mattel, Five Below, Inc. and Cost Plus World Market to the Workday family, along with many other new HCM customers. Even with all the sales momentum, we continue to have over 70% of our HCM customers in production with notable go-lives in Q1, including Fielmann AG, University of Sydney and Macquarie University, to name a few.

我先分享幾項重點，從 Workday HCM（人力資本管理）開始。憑藉差異化的產品套件與持續創新，我們仍是市場領導者。隨著愈來愈多組織將轉移至雲端 HCM 系統列為優先事項，以提供世界級的員工體驗，我們看到需求持續增加。在第一季，我們歡迎 ASM Global、Las Vegas Sands Corp.、Mattel、Five Below, Inc.以及 Cost Plus World Market 加入 Workday 大家庭，並新增許多其他 HCM 客戶。即便銷售動能強勁，我們仍有超過 70% 的 HCM 客戶已上線投產；第一季也有多個重要上線案例，包括 Fielmann AG、University of Sydney 與 Macquarie University 等。

Turning to Workday Financial Management, we saw momentum build in Q1 as companies increasingly prioritize digitalization within the Office of the CFO. In addition to an acceleration in core financials bookings, we also saw strength across the portfolio with offerings such as Workday Adaptive Planning, Spend Management, including Workday Strategic Sourcing, formerly known as Scout, and our Enterprise Finance solutions. New customers in Q1 included Los Angeles Department of Water and Power, Saks and Saint Francis Health System, Inc. with add-on wins at FHI and Werner Enterprises.

談到 Workday Financial Management（財務管理），隨著企業愈來愈重視在 CFO 辦公室推動數位化，第一季動能持續增強。除了核心財務的訂單加速之外，我們也看到整體產品組合表現強勁，包括 Workday Adaptive Planning、支出管理（含 Workday Strategic Sourcing，前稱 Scout），以及我們的企業財務解決方案。第一季新客戶包括 Los Angeles Department of Water and Power、Saks 與 Saint Francis Health System, Inc.，並在 FHI 與 Werner Enterprises 取得加購（add-on）勝利。

Our focus on industry solutions was also a key contributor to our success during the quarter, where our PSA solution was a key driver to a broader HR and FINS platform win in Q1, at accounting firm, RSM US. And our accounting center solution was part of a FINS-First win at National Farmers Union Mutual Insurance.

我們對產業解決方案的聚焦，也是本季成功的重要貢獻；其中，我們的 PSA（專業服務自動化）解決方案在第一季成為關鍵推動力，協助會計師事務所 RSM US 拿下更廣泛的 HR 與 FINS 平台案。此外，我們的會計中心（accounting center）解決方案，也是 National Farmers Union Mutual Insurance 一項「FINS-First」勝利的一部分。

Our strong position continues to get recognized by the market. For the fifth year in a row, Workday was named a leader in the Gartner Magic Quadrant for Cloud Core Financial Management Suites for Midsize, Large and Global Enterprises published on May 1 of this year.

我們的強勢地位持續獲得市場肯定。Workday 連續第五年在今年 5 月 1 日發布的《Gartner 雲端核心財務管理套件魔力象限》（適用於中型、大型與全球企業）中被評為領導者。

Taking a step back, we continue to focus on delivering a global solution that enables business leaders to plan, execute and analyze all in one system. And in this rapidly changing world, our value proposition only continues to grow as we make advances on the innovation front. In Q1, we delivered our latest feature release, Workday 2021 R1, with advancements across all product areas, including broadening the capabilities of Workday Extend, and greater functionality in spend and supplier management. We also continued our investment in a world-class user experience smarter and more personalized search in Workday People Experience as well as extended capabilities in natural workspaces outside of Workday, such as Slack and Microsoft Teams.

從更宏觀的角度來看，我們持續專注於提供一套全球性解決方案，讓企業領導者能在同一系統中完成規劃、執行與分析。在這個快速變動的世界裡，隨著我們在創新面持續推進，我們的價值主張只會不斷提升。第一季我們發布最新功能版本 Workday 2021 R1，在所有產品領域皆有進展，包括擴展 Workday Extend 的能力，以及在支出與供應商管理方面提供更強功能。我們也持續投資世界級使用者體驗，在 Workday People Experience 中提供更智慧、更個人化的搜尋，並將能力延伸至 Workday 之外的自然工作空間，例如 Slack 與 Microsoft Teams。

And to further enable customers in optimizing the future of their employee experience in this ever-changing world, I'm proud to announce that we closed on the acquisition of Peakon, now a Workday company. Chano will add more color on Peakon in a few minutes, but we couldn't be more excited about the opportunity we see with the Peakon offerings and are excited to welcome the Peakon team to Workday.

此外，為了進一步協助客戶在這個不斷變化的世界中最佳化其員工體驗的未來，我很自豪地宣布，我們已完成對 Peakon 的收購，Peakon 現已成為 Workday 旗下公司。Chano 將在幾分鐘後補充更多關於 Peakon 的細節；我們對 Peakon 產品所帶來的機會感到無比振奮，也很高興歡迎 Peakon 團隊加入 Workday。

In our history, innovation and empathy have always led to greater customer satisfaction, which is at the heart of everything we do at Workday. I continue to be so grateful to our teams who have all supported customers in entirely new ways to ensure their success during these challenging times. Underscoring this dedication, I'm pleased to announce our latest customer satisfaction score of 97%. This survey is particularly meaningful as it provides us feedback from our named support contacts -- those who are closest to engaging with the Workday experience on a daily basis.

在我們的歷史中，創新與同理心始終帶來更高的客戶滿意度，而這正是 Workday 所做一切的核心。我也持續非常感謝我們的團隊，在這些充滿挑戰的時期，以全新的方式支持客戶、確保客戶成功。為了凸顯這份投入，我很高興宣布我們最新的客戶滿意度分數為 97%。這份調查特別有意義，因為它提供來自我們指定支援聯絡人的回饋——也就是那些每天最貼近並實際使用 Workday 體驗的人。

Switching to the people front. As you all know, we believe a key part of our success continues to be our vibrant company culture, which allows us to maintain high levels of employee satisfaction and greatly helps us attract and retain talent across all levels of the company.

接著談到人才面。如各位所知，我們相信，我們成功的關鍵之一仍在於充滿活力的企業文化；這讓我們能維持高水準的員工滿意度，並大幅協助我們在公司各層級吸引並留任人才。

As we look ahead, we see a tremendous opportunity in front of us to partner with more organizations across all industries and service the backbone of their digital transformation efforts in this changing world. And foundational to delivering on that opportunity will be a motivated and growing group of employees. So as we move forward on this growth path, we plan to increase our global workforce by more than 20% or 2,500 new hires in fiscal year 2022. In doing so, we'll have an even stronger foundation to scale and innovate on our path to $10 billion.

展望未來，我們看到一個巨大的機會：與各行各業更多組織合作，並在這個變動的世界中，為其數位轉型工作提供骨幹支撐。而要把握這個機會的基礎，將是一支充滿動力且持續成長的員工團隊。因此，隨著我們沿著這條成長路徑前進，我們計畫在2022會計年度將全球員工人數增加超過20%，亦即新增2,500名以上的新進人員。如此一來，我們將擁有更強健的基礎，以擴張規模並持續創新，朝著100億美元的目標邁進。

This quarter was a strong start to our fiscal year and set the stage for acceleration in our business. 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.

本季為我們會計年度帶來強勁的開局，並為業務加速奠定舞台。展望未來，我對Workday的前景樂觀程度前所未有。隨著企業持續啟動其人資與財務轉型旅程，我們擁有一支優秀的團隊，以及眼前龐大的全球性機會。

With that, I'll turn it over to my good friend and Co-CEO, Chano Fernandez. Over to you, Chano.

接下來，我把時間交給我的摯友兼共同執行長Chano Fernandez。交給你了，Chano。

Thank you, Aneel. As Aneel mentioned, we're off to a strong start in FY '22, with meaningful new bookings acceleration in the first quarter, as organizations increasingly position Workday as the backbone of their digital transformation. Our Q1 bookings outperformance, combined with continued strength in pipeline generation, provide us with increased confidence in driving accelerated new bookings growth in FY '22.

謝謝你，Aneel。如Aneel所提到，我們在2022會計年度開局強勁；第一季新訂單（bookings）加速成長具實質意義，因為各組織愈來愈將Workday定位為其數位轉型的骨幹。我們第一季新訂單的超預期表現，加上銷售管線（pipeline）持續強勁的產生動能，使我們更有信心在2022會計年度推動新訂單成長加速。

This quarter's results were once again driven by strong execution and high conversion rate. We saw a pickup in net new business as bookings from new HCM and Financial customers improve along with the overall environment. And our installed base team had another outstanding quarter, sustaining the momentum we saw throughout last year, driven by solid renewal rates as well as strength across solutions. As Aneel mentioned, we have notable outperformance from planning, core financials, analytics, spend management and our talent portfolio.

本季的成果再次來自於強勁的執行力與高轉換率。隨著整體環境改善，我們看到淨新增業務回升，新HCM與財務客戶帶來的新訂單亦有所提升。同時，我們的既有客戶團隊也再度交出亮眼成績，延續去年全年所見的動能，主要受惠於穩健的續約率以及各解決方案的強勢表現。如Aneel所提到，我們在規劃（planning）、核心財務、分析、支出管理以及人才產品組合方面都有顯著超預期表現。

From a geographic standpoint, we saw outperformance in North America and APJ while also driving healthy bookings growth across EMEA. Our medium enterprise team also had an exceptional start to the year as our investments in that market continue to pay off. And our strength continued in vertical markets, such as professional and financial services, health care and education and government, where industry-specific innovation and a dedicated go-to-market effort are critical to our success.

從地理區域來看，我們在北美與APJ表現超預期，同時也在EMEA推動了健康的新訂單成長。我們的中型企業團隊也在年初有極為出色的表現，顯示我們在該市場的投資持續帶來回報。我們在垂直產業市場的強勢也延續，包括專業服務與金融服務、醫療保健，以及教育與政府等領域；在這些領域中，產業別創新與專注的市場進入（go-to-market）投入對我們的成功至關重要。

As Aneel previously said, we have significant hiring plans in FY '22. And the sales and marketing organization is one of the biggest areas of planned head count additions as we look to accelerate and sustain long-term growth. The investments are broad-based and global in nature, including quota-carrying capacity, presales and business development. We're also investing in non-head count areas, such as marketing and brand campaign, focused on the office of the CFO. During Q1, we began ramping up this investment and are very pleased with the healthy pipeline growth that they helped drive. Based on the initial returns we have seen, we expect to accelerate the pace of these investments in the coming quarters, and I look forward to updating you on our progress.

如Aneel先前所說，我們在2022會計年度有大規模的招募計畫。而銷售與行銷組織是我們規劃增加人力編制的最大領域之一，以加速並維持長期成長。這些投資範圍廣泛且具全球性，包括配額承擔人力（quota-carrying capacity）、售前以及業務開發。我們也投資於非人力編制的領域，例如聚焦於CFO辦公室的行銷與品牌活動。在第一季期間，我們開始逐步加大這些投資，並對其所帶動的健康管線成長感到非常滿意。基於目前看到的初步回報，我們預期在接下來幾季加快這些投資的步伐，也期待向各位更新我們的進展。

Organizationally, I'm pleased to say that we have successfully integrated the Peakon sales teams into Workday, with both our installed base and net new sales teams now actively selling this solution in the market. Although the acquisition just closed March, we are very excited by the pipeline momentum. We had a number of meaningful Peakon up-sell deals within our customer base in Q1, and the solution is already opening up doors for new significant customer relationships.

在組織面，我很高興地表示，我們已成功將Peakon銷售團隊整合進Workday；目前我們的既有客戶與淨新增銷售團隊都已在市場上積極銷售此解決方案。雖然這項收購在3月才完成交割，但我們對管線動能感到非常振奮。第一季我們在既有客戶群中完成了多筆具意義的Peakon加購（up-sell）交易，而該解決方案也已為我們開啟新的大型客戶關係之門。

Ensuring customer success has always been a core value at Workday. I am delighted to say that our customer success and services organizations have performed incredibly well, taking hundreds of customers live across our core HCM and Financial Management offerings as well as our portfolio of broader solutions targeting the CFO, CHRO and CIO. Our partner ecosystem is also critical, not only helping take customers live, but co-innovating on the Workday platform, enabling acceleration of our pace of innovation and engaging even more strategically with our partners.

確保客戶成功一直是Workday的核心價值。我很高興地表示，我們的客戶成功與服務組織表現極為出色，已協助數百位客戶在我們的核心HCM與財務管理產品，以及更廣泛、面向CFO、CHRO與CIO的解決方案組合上成功上線。我們的合作夥伴生態系同樣關鍵，不僅協助客戶上線，也在Workday平台上共同創新，使我們能加快創新步伐，並與合作夥伴展開更具策略性的合作。

Finally, on behalf of the entire Workday leadership team, I would like to say thanks to all of our workmates across the globe. Thank you for a terrific start to FY '22, and let's keep the momentum going.

最後，我謹代表整個Workday領導團隊，向全球所有Workday同仁致謝。感謝各位為2022會計年度帶來精彩的開局，讓我們持續保持這股動能。

With that, I will turn it over to our President and CFO, Robynne Sisco. Over to you, Robynne.

接下來，我把時間交給我們的總裁兼財務長Robynne Sisco。交給你了，Robynne。

Thanks, Chano, and good afternoon, everyone. As Aneel and Chano mentioned, we delivered a solid Q1, driven by strong execution against an improving market backdrop as organizations look to accelerate the pace of their digital transformations across HR and Finance. Subscription revenue in the first quarter was $1.03 billion, up 17% year-over-year, driven by strong new business sales, favorable in-quarter linearity and an overperformance on customer renewals. Professional services revenue was $143 million, and total revenue came in at $1.18 billion. Revenue outside the U.S. was $292 million, representing 25% of the total.

謝謝你，Chano，各位下午好。如Aneel與Chano所提到，我們第一季表現穩健，主要受惠於在市場環境改善下的強勁執行力；各組織正尋求加快其在人資與財務領域的數位轉型步伐。第一季訂閱營收為10.3億美元，年增17%，主要由強勁的新業務銷售、當季有利的線性（linearity）以及客戶續約的超預期表現所帶動。專業服務營收為1.43億美元，總營收為11.8億美元。美國以外的營收為2.92億美元，占總營收的25%。

24-month backlog at the end of the first quarter was $6.59 billion, growth of 20%, driven by strong new bookings across both net new and add-on business. As I discussed on the last earnings call, the amount of ACV coming up for renewal in FY '22 is relatively flat from last year. This dynamic is purely a function of the mix of historical contract lengths that created a headwind to 24-month backlog growth in Q1 of a couple of percentage points, an impact that we expect will persist throughout this fiscal year before we return to a more normal level of renewals growth in FY '23.

第一季末的24個月待履約收入（backlog）為65.9億美元，成長20%，主要由淨新增與加購業務兩方面的強勁新訂單所帶動。如我在上次財報電話會議中所討論，2022會計年度到期需續約的ACV金額相較去年大致持平。這一動態純粹是歷史合約期限組合所致，導致第一季24個月待履約收入成長出現約數個百分點的逆風；我們預期此影響將持續整個會計年度，並在2023會計年度回到較正常的續約成長水準。

Total subscription revenue backlog at the end of Q1 was $10.08 billion, growth of 23%. Our non-GAAP operating income for the first quarter was $289 million, resulting in a non-GAAP operating margin of approximately 25%. Margin overachievement was driven by a combination of top line overperformance and favorable expense variances. Specifically, it took longer to ramp up hiring and external resources, and we had lower-than-expected costs related to Peakon. We have very ambitious investment targets for the remainder of the year in support of our growth aspirations and have confidence in our ability to continue to ramp these investments throughout the year.

第一季末的訂閱營收待履約收入總額為100.8億美元，成長23%。第一季非GAAP營業利益為2.89億美元，非GAAP營業利益率約為25%。利益率超預期主要來自營收端超預期表現與費用差異有利的綜合影響。具體而言，招募與外部資源的擴編速度較慢，且與Peakon相關的成本低於預期。為支持我們的成長願景，我們在今年剩餘期間有非常積極的投資目標，並對於能在全年持續加速推進這些投資充滿信心。

Operating cash flow in Q1 was $452 million, growth of 72%, driven by a combination of operating margin expansion and strong customer collections. As Aneel mentioned, our biggest investment continues to be in our people and in attracting top talent to Workday. During Q1, we began to ramp the pace of hiring, successfully adding and integrating roughly 600 net new employees, including over 250 from Peakon, bringing our total workforce at the end of the quarter to over 13,100 employees.

第一季的營運現金流為4.52億美元，成長72%，主要受惠於營業利益率擴張與強勁的客戶收款表現。如Aneel所提到，我們最大的投資仍然是在人才上，並吸引頂尖人才加入Workday。在第一季，我們開始加快招募步伐，成功新增並整合約600名淨新增員工，其中包含來自Peakon的250多名員工，使我們在季末的總員工數超過13,100人。

Overall, we are very pleased with the momentum we saw in Q1, and we're continuing to invest to support growth as the environment normalizes.

整體而言，我們對第一季所見到的動能感到非常滿意，並將在環境逐步正常化之際，持續投資以支持成長。

Turning now to guidance. Based on our overperformance in Q1, we are raising our FY '22 outlook and providing Q2 guidance as follows. For subscription revenue, we're raising our full year estimate to be in the range of $4.425 billion to $4.440 billion, growth of 17%. As a reminder, Peakon is expected to add less than 1 percentage point to our overall subscription revenue growth in FY '22.

接著談指引。基於我們第一季的超預期表現，我們上調2022會計年度展望，並提供第二季指引如下。就訂閱營收而言，我們將全年預估上調至44.25億至44.40億美元區間，年增17%。提醒一下，Peakon預期在2022會計年度對我們整體訂閱營收成長的貢獻將低於1個百分點。

We expect our Q2 subscription revenue to be $1.095 billion to $1.097 billion, 18% year-over-year growth, with sequential growth in Q3 and Q4 of approximately 3% and 4.5%, respectively. We still expect professional services revenue to be $590 million in FY '22 as we continue to prioritize driving the highest levels of customer success. For Q2, we expect professional services revenue of $145 million. Taking into account the renewal headwinds I mentioned earlier, we expect 24-month backlog growth of 17% in Q2.

我們預期第二季訂閱營收為10.95億至10.97億美元，年增18%，且第三季與第四季的季增率分別約為3%與4.5%。我們仍預期2022會計年度專業服務營收為5.90億美元，因為我們將持續優先推動最高水準的客戶成功。第二季方面，我們預期專業服務營收為1.45億美元。考量我先前提到的續約逆風，我們預期第二季24個月待履約合約（backlog）成長17%。

Investing for growth remains our #1 priority. As Aneel mentioned, we expect an increased pace of hiring across the company in FY '22 as well as the ramp of non-head count spending with a focus on sales, marketing and product, specifically targeted at accelerating demand generation, enhancing our market position and advancing our strategic product road map. Given that, we expect margins to moderate throughout the year with a Q2 non-GAAP operating margin of 20% and a full year non-GAAP operating margin in the range of 18% to 19%.

為成長而投資仍是我們的第一優先。如Aneel所提到，我們預期在2022會計年度全公司將加快招募步伐，同時也會提高非人力支出，重點聚焦於銷售、行銷與產品，特別是用於加速需求創造、強化我們的市場地位，以及推進我們的策略性產品藍圖。因此，我們預期全年利潤率將逐步回落，第二季非GAAP營業利益率為20%，全年非GAAP營業利益率預期落在18%至19%區間。

The GAAP margins for the second quarter and the full year are expected to be approximately 24 percentage points lower than the non-GAAP margins. There is no change to our FY '22 operating cash flow guidance of $1.2 billion.

第二季與全年的GAAP利潤率預期將比非GAAP利潤率低約24個百分點。我們對2022會計年度營運現金流指引維持不變，仍為12億美元。

During Q1, we completed the $171 million purchase of 5 buildings at our Pleasanton campus. This purchase is important to our headquarter strategy and affords us control of our core campus buildings. We do not expect any further owned real estate investments for the remainder of the year, and we continue to expect $270 million of other capital investments to support our customer growth and continued business expansion.

第一季期間，我們完成以1.71億美元購買位於Pleasanton園區的5棟建築。此項購置對我們的總部策略相當重要，並使我們得以掌控核心園區建築。我們預期今年剩餘期間不會再進行任何自有不動產投資，並仍預期將有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。

And finally, I'll close by thanking our amazing employees, customers and partners for their continued support and hard work. We're off to a great start for FY '22, and our focus remains on driving accelerated bookings growth.

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。我們在2022會計年度有個很好的開局，而我們的重點仍是推動訂單（bookings）成長加速。

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

接下來，我把時間交給接線員開始問答。

(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 good start to the year. Aneel, I want to go back to sort of your comments not only this quarter but actually last quarter about sort of the building pipeline and sort of the opportunity to accelerate bookings in the back half of the year. Just how are you feeling about that opportunity? You're obviously investing against that opportunity, so I assume you still feel good about it. But maybe how should we think about that playing out over the years? Is it going to be perhaps a little bit more back-end loaded? Just give us some more color on that idea because I think everybody hears your enthusiasm on the pipeline and the buildup, but obviously, the second quarter doesn't necessarily reflect that. So I just want to make sure there's no change in the longer-term thought process.

恭喜今年有個好的開局。Aneel，我想回到你不僅在本季、其實在上季也提到的內容：關於在建管線（pipeline）的建立，以及在今年下半年加速訂單的機會。你對這個機會目前的感受如何？你們顯然正在針對這個機會進行投資，所以我想你應該仍然很有信心。但我們應該如何看待它在未來幾年如何展開？是否可能會更偏向後段集中？請再多提供一些背景，因為大家都聽得出你對管線與累積的熱情，但顯然第二季不一定反映出這點。所以我想確認一下，長期的思考方向是否沒有改變。

Well, so just remember that subscription revenues lag bookings growth. And we accelerated bookings growth in Q1, and frankly, more than even I had expected in my usual optimism. So it takes a while for that accounting to catch up with the acceleration in net new business. But the net new business and better-than-expected performance across really all products leaves us with a lot of optimism. And then, of course, we had a great renewals quarter 2. I might turn it over to Chano. But I think that acceleration has already started.

嗯，先提醒一下，訂閱營收會落後於訂單（bookings）成長。我們在第一季加速了訂單成長，坦白說，甚至比我一向樂觀的預期還要更好。因此，會計認列需要一些時間，才能追上淨新增業務加速的步伐。但淨新增業務，以及幾乎所有產品都優於預期的表現，讓我們非常樂觀。當然，我們也有一個很棒的續約季度。我可能把問題交給Chano。但我認為這個加速其實已經開始了。

Yes. Thank you, Aneel. Kirk, we have healthy pipelines looking ahead for Q2 across both HCM and FINS and across both net new and installed base teams. Based on where we stand today, we feel very confident how the rest of the year should be performing in terms of supporting our accelerated bookings and definitely having a strong second half, right?

是的。謝謝你，Aneel。Kirk，我們展望第二季，在HCM與FINS兩條產品線、以及淨新增與既有客戶團隊兩方面，都有健康的銷售管線。以我們目前的狀況來看，我們對今年剩餘期間在支持訂單加速、並且在下半年維持強勁表現方面，感到非常有信心，對吧？

As you know, we have increased seasonality in the second half of the year as it relates to new ACV bookings. And that's no different this year, with a meaningful part of the pipeline strength we've had the last few quarters, targeted to close in the second half. So I would say, based on where we are today, I'm excited about both Q2 and the second half, and we expect the strong results across both.

如你所知，就新ACV訂單而言，我們在下半年有更明顯的季節性。今年也不例外；過去幾季我們所看到的管線強度中，有相當一部分是鎖定在下半年結案。所以我會說，以我們目前的狀況來看，我對第二季與下半年都感到興奮，我們也預期兩者都會有強勁的成果。

That's great. And Chano, if I could ask just one follow-up. You mentioned on the head count additions, quota-bearing reps. International is still only 25% or so of your revenue. Can we expect that there'll be a pretty heavy investment in some of these international regions? And are they starting to perk up pretty nicely for you all at this point in time?

太好了。Chano，如果可以我再追問一個問題。你提到人力增加、也就是有配額（quota）的業務代表。國際市場目前仍只占你們營收約25%左右。我們是否可以預期你們會在部分國際區域進行相當大幅度的投資？而就目前而言，這些市場是否已開始明顯回溫、對你們更有起色？

Yes. You should be expecting that part of that quota-carrying reps that we are hiring would be certainly across net new international installed base, some of the verticals that we are playing. And we've seen already acceleration in Q2 in international in terms of booking. We should be expecting that with the strong pipeline performance we ended at last -- end of last year. Again, it is for us now to execute. And of course, as the market is more recovering and opening after the COVID kind of headwinds that we saw last year, particularly net new, I would be expecting that net new should be performing better in our international markets going forward.

是的。你可以預期，我們正在招募的部分配額型業務代表，確實會配置在國際市場的淨新增與既有客戶團隊，以及我們所布局的一些垂直產業。而我們也已經看到第二季在國際市場的訂單（bookings）方面出現加速。以我們去年年底的強勁管線表現來看，這是可以預期的。再次強調，接下來就看我們的執行。當然，隨著市場在去年我們所見到的COVID逆風之後逐步復甦與重新開放，特別是在淨新增方面，我預期未來我們在國際市場的淨新增表現應該會更好。

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

我們的下一個問題來自 Canaccord 的 DJ Hynes。

I'm going to ask a big-picture question. I don't know if it's better for Aneel or Chano. But one of the questions I sometimes get from investors that, if this business is going to double over the next 4 to 5 years, say, what do you think the mix of land versus expand looks like to get there?

我想問一個宏觀層面的問題。我不確定這個問題更適合 Aneel 還是 Chano。但投資人有時會問我，如果這項業務在未來 4 到 5 年內要翻倍，你認為要達成這個目標，「開拓新客（land）」與「擴張既有客戶（expand）」的組合大概會是什麼樣子？

That's definitely a question for Chano.

這肯定是要問 Chano 的問題。

Yes. I would say it would just get much more balanced. Clearly, we've been talking traditionally that the installed base and some of the more land business was representing 20% of our new business bookings. It's clearly representing more today and definitely is balancing out as we see especially more landing products with Peakon nowadays, Scout, Planning. So you should be that balancing out.

是的。我會說它會變得更為均衡。很明顯地，我們過去一直在談，既有安裝基礎（installed base）以及部分較偏「開拓（land）」的業務，約占我們新業務訂單（new business bookings）的 20%。而現在這個占比顯然更高，並且隨著我們看到更多像 Peakon、Scout、Planning 這類偏「落地」的產品，整體也確實正在趨於平衡。所以你應該會看到它逐步走向更均衡。

Honestly, it's kind of still hard for me to say when it's exactly going to be equal but -- because we certainly want it to remain very strong on both fronts. And we're very excited right now that net new bookings or net new logos is accelerating. But clearly as well, we're playing these days a land motion with some of these products when trying to meet customers where they are in the journey, when they're now ready to do as part of the transformation. The breadth of our portfolio today is significantly stronger and broader, and that is allowing us to play a significantly land motion, not only in our installed base but also some of the net new logos, too.

老實說，我仍然很難說它何時會完全相等，但——因為我們當然希望兩個面向都能維持非常強勁。而且我們現在對於淨新增訂單（net new bookings）或淨新增客戶標誌（net new logos）正在加速感到非常振奮。但同時也很明顯的是，近來我們在使用其中一些產品時，會採取「開拓（land）」的打法，試著在客戶旅程的不同階段與他們對接，當他們準備好把這些納入轉型的一部分時。我們目前的產品組合廣度顯著更強也更廣，這讓我們能更大幅度地採取「開拓（land）」策略，不僅在既有安裝基礎上，也包括部分淨新增客戶標誌。

Yes. Yes. Okay. That's helpful. And a follow-up to Kirk's question on the hiring. Look, I think the margin upside may -- and you guys alluded to this, that -- say that it's been a bit harder than expected to kind of ramp back up the HR engine. Like where would you say you are in terms of getting the pace of hiring back up to kind of pre-COVID or maybe faster levels? And what do you think -- what have been the biggest challenges there?

是的。是的。好的。這很有幫助。接著追問 Kirk 關於招募（hiring）那題。你看，我覺得利潤率的上行空間可能——你們也提到過——比如說，要把人資引擎（HR engine）重新加速拉起來，似乎比預期更困難一些。你會怎麼描述目前把招募速度拉回到疫情前（pre-COVID）或甚至更快水準的進度？你認為最大的挑戰是什麼？

So why don't I take that one? So as you can see...

那這題我來回答吧。如你所見……

Yes. Take that one, Robynne, please.

是的。Robynne，請你回答這題。

Sorry, Chano. When we look across the entire company, you saw us accelerate in Q1, we had over 600 net new hires. And while 250 came from Peakon, 350 were organic. And that compares to relatively flattish head count last year. So we feel good that we are ramping, and we feel really good about the pace of hiring, coming out of Q1. And you should expect it to accelerate across all areas in Q2 and then stay at that heightened pace for the rest of the year.

抱歉，Chano。當我們看整個公司時，你看到我們在第一季加速了，我們淨新增雇用超過 600 人。其中 250 人來自 Peakon，350 人是有機成長（organic）。而這與去年人數相對持平的情況相比。所以我們覺得我們正在加速爬坡（ramping），而且對第一季結束後的招募速度感到非常有信心。你也應該預期第二季在所有領域都會加速，並在今年剩餘時間維持在較高的招募節奏。

And Chano, I don't know if you want to add anything specific to sales to that.

Chano，我不確定你是否想針對銷售端補充一些更具體的內容。

No. The only thing I would add maybe to sales is that is being already an important area of investment in terms of hiring in Q1, potentially the highest one we've been having across the company. And we then -- our intent is just to keep ramping up as we go throughout the year.

不用。我可能唯一要補充的是，就銷售而言，第一季在招募投資上已經是一個重要的投入領域，可能也是全公司最高的之一。而我們——我們的意圖就是在今年接下來的時間持續加速擴編。

Our next question comes from the line of Keith Weiss with Morgan Stanley.

我們的下一個問題來自 Morgan Stanley 的 Keith Weiss。

A really nice start to the year. It sounds like momentum is coming back in a really big way. A question for Robynne. Because these subscription models are tricky and you've been warning us about the impacts of a weaker expiry base this year and gross dollar, sort of the growth from that renewal base is basically flat from last year. Is that impact even across the year? Is that something that we're going to deal with each and every quarter? Or is there any kind of seasonality to that, that we should be thinking about?

今年開局非常漂亮。聽起來動能正以很大的幅度回來。我有一個問題要問 Robynne。因為這些訂閱模式很棘手，而你們一直提醒我們今年到期基礎（expiry base）較弱以及總額美元（gross dollar）——也就是來自續約基礎的成長基本上與去年持平——所帶來的影響。這個影響在全年是平均分布的嗎？也就是說，我們每一季都會面對它嗎？還是這裡面有任何季節性（seasonality）是我們需要考量的？

Yes. Keith, so that will impact every quarter throughout this year. And while the impact will bounce around a little bit, we do expect it will be a couple of points throughout the year. But keep in mind, when we look at historical renewal levels, there's a range of normal growth. So quantifying the exact impact, not -- it's difficult to be very precise that we wanted to give you a feeling for the magnitude. But we do expect that will persist every quarter throughout this year, and that will return to more normal levels next year.

是的。Keith，這會在今年每一季都造成影響。雖然影響幅度會有些上下波動，但我們預期全年大概會是幾個百分點的影響。但請記住，當我們看歷史續約水準時，正常成長本來就有一個區間。因此要精確量化確切影響——我們很難做到非常精準，我們主要是想讓你感受一下量級。但我們確實預期今年每一季都會持續存在，而明年會回到較正常的水準。

Got it. And then when you talk about a couple of points, is that a couple of points of bookings growth you're talking about? Or is it the RPO growth? Like a couple of points specific to which one?

了解。那你提到的「幾個百分點」，是指訂單（bookings）成長的幾個百分點嗎？還是 RPO 成長？也就是說，這幾個百分點具體是針對哪一個指標？

24-month backlog growth.

24 個月積壓訂單（backlog）成長。

Okay. That's -- okay. That's super helpful. And then like underlying that, that's just about contracts up for renewal? Like the renewal rate themselves, those are staying pretty solid?

好的。那——好的。這非常有幫助。那其背後主要就是因為到期要續約的合約結構？也就是說，續約率本身仍然相當穩健？

Yes, that's correct. In fact, we had an overperformance of renewal rates in Q1, so we feel really good about that. This is just scheduled renewals, which is purely a factor of terms of previous deals. And again, just to reiterate, no impact on this flattened renewal base to subscription revenue, just backlog.

是的，沒錯。事實上，我們第一季的續約率表現優於預期，所以我們對此感到非常有信心。這只是排程上的續約（scheduled renewals），純粹是先前交易條款（terms）的因素。再重申一次，這個續約基礎趨平不會影響訂閱營收（subscription revenue），只會影響積壓訂單（backlog）。

Got it. Okay. So it sounds like the factors that you guys have in your control are all doing really well, are actually outperforming. It's just the timing on contract renewals that are creating a little bit of a drag.

了解。好的。所以聽起來，你們可控的因素都做得很好，甚至是超出預期。只是合約續約時點（timing）造成了一點拖累。

That's correct. On the 24-month backlog number, yes, and the total backlog number as well.

沒錯。就 24 個月積壓訂單這個數字而言是如此，總積壓訂單（total backlog）也是一樣。

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

我們的下一個問題來自 Goldman Sachs 的 Kash Rangan。

Robynne, I have a question for you. Just extending your logic with the renewal base being a little bit challenging this year, but your net new is starting to accelerate. So going into next year, onto '22, with a stronger renewal base, so what does that mean for backlog growth next year?

Robynne，我有個問題想請教你。延伸你剛才的邏輯：今年續約基礎（renewal base）有點具挑戰性，但你們的淨新增（net new）開始加速。那麼展望明年、也就是 2022 年，在續約基礎更強的情況下，這對明年的積壓訂單（backlog）成長意味著什麼？

And also, I think Aneel or Chano, maybe on previous quarterly earnings conference call, you've talked about Financials migrations being pulled in by a year or two. Can you just give us an update as to what you've seen so far with respect to customers intend to move a little quicker on core FINS migration? Congratulations.

另外，我想 Aneel 或 Chano，可能在之前的季度財報電話會議上，你們曾提到金融（Financials）遷移可能會提前一到兩年發生。你能否就目前為止你們所看到的情況，針對客戶是否打算在核心 FINS 遷移上加快一些進度，給我們一個最新進展？恭喜。

So Kash, as I've mentioned before, the impact from last year's new business headwinds is more fully felt this year across key metrics such as backlog. As Aneel talked about, we feel confident in our ability to accelerate new bookings growth this year, and Q1 results really underscore that. But keep in mind that the bookings acceleration this year will take time. It has to compound into the model to be able to offset the cumulative headwinds from last year. So as we execute against our bookings targets this year, the first thing you should expect to see is stabilization in the backlog number as we move through the year.

Kash，如我先前提到的，去年新業務逆風的影響，今年在包括積壓訂單（backlog）等關鍵指標上更完整地反映出來。正如 Aneel 所談到的，我們對於今年加速新訂單（bookings）成長的能力充滿信心，而第一季的結果確實凸顯了這一點。但請記住，今年的訂單加速需要時間。它必須在模型中累積發酵，才能抵消去年累積的逆風影響。因此，當我們今年依照訂單目標執行時，你首先應該會看到的是：隨著今年推進，積壓訂單數字將趨於穩定。

Now there will still be some quarter-to-quarter fluctuations, but stabilization is really the precursor to reaccelerated growth. A little too early to talk about whether that happens next year or not. We have to move through the year and see how we finish.

當然，季度之間仍會有一些波動，但「穩定」其實是重新加速成長的前兆。現在談是否會在明年發生還太早。我們必須走完整個年度，看看最後的收官表現。

Yes. In fact, on the FINS one, well, already FINS is a key part of the reacceleration story, and we are seeing more and more of these opportunities coming to market. And not only did we have several strategic FINS wins in Q1, as Aneel mentioned, we have solid FINS pipeline growth as well. There are also emerging opportunities through our enterprise finance solution, where we are now much better positioned to go after product-based industries like retail and manufacturing. And we have nice wins here in Q1, including burner tracking, for example.

是的。事實上，就 FINS 而言，FINS 已經是重新加速故事中的關鍵部分，而且我們看到越來越多這類機會進入市場。而且不僅如 Aneel 所提到的，我們在第一季拿下了數個策略性的 FINS 勝利，我們的 FINS 銷售管線（pipeline）也有穩健成長。此外，透過我們的企業財務解決方案，也出現一些新興機會；我們現在更有利於切入以產品為主的產業，例如零售與製造業。我們在第一季也有不錯的勝利，例如 burner tracking。

I would like to highlight the momentum isn't limited just to core Financials, which I'm referring to. It is also a broader solution set that we are selling into the office of the CFO, as you know, includes planning, which we had a very strong quarter in Q1. Spend Management had another fantastic quarter in Q1, Analytics. So we're really trying to make the best sort of the product portfolio with both our installed base customers and many levels.

我想強調，這股動能不僅限於我所指的核心 Financials。它也延伸到我們銷售給 CFO 辦公室的更廣泛解決方案組合；如你所知，其中包含規劃（Planning），而我們在第一季表現非常強勁。支出管理（Spend Management）在第一季也再次交出非常亮眼的一季，還有分析（Analytics）。因此，我們確實是在努力把產品組合的優勢發揮到最大，無論是對既有客戶基礎，或是在多個層面上。

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。

Perhaps for Chano or Aneel here. I wanted to go back to this acceleration in bookings here in Q1. I think we were thinking bookings would reaccelerate in the second half, in part on easier compares, but it came here in Q1. So walk me through the drivers of the acceleration. It sounds like FINS is part of it. But are you seeing just shortening sales cycles? Are you seeing enterprise appetite to kind of invest in the office of the CFO, pick up more than you anticipated? Can you just walk through other factors that kind of drove the unexpected acceleration here in Q1? I know the compare wasn't as easy as the compares are going forward. So just walk us through factors there that drove accelerated bookings.

這題可能給 Chano 或 Aneel。我想回到第一季訂單加速這件事。我們原本以為訂單會在下半年重新加速，部分原因是比較基期更容易，但它卻在第一季就出現了。所以請帶我了解一下這次加速的驅動因素。聽起來 FINS 是其中一部分。但你們是否看到銷售週期縮短？你們是否看到企業在 CFO 辦公室相關投資的意願提升，超出你們原先預期？能否請你們說明一下，還有哪些因素促成了第一季這個出乎意料的加速？我知道相較之下，第一季的比較基期並沒有接下來那麼容易。所以請帶我們走一遍，哪些因素推動了訂單加速。

So maybe I'll give a high-level perspective from talking with a whole host of CEOs. And then I think a big part of it was also terrific execution by Chano's team. I think everybody is beginning to look forward now. I won't say everybody, but a lot of industries are looking forward now, including airlines, including travel companies. We seem to be putting the pandemic as much behind us as we can, and people are looking forward to the future. And when they do that, it bodes well for us. And I think that's what happened. It probably happened a quarter earlier than we expected, where the return on normalcy would begin to show up in not just the pipeline but actually in deals closed. Then I also think for Q1, it was terrific execution.

我先從與許多 CEO 交流後的高層觀點來說。然後我認為其中很大一部分也來自 Chano 團隊非常出色的執行力。我覺得大家現在開始往前看了。我不會說所有人，但很多產業都在往前看，包括航空公司、旅遊公司。我們似乎已經盡可能把疫情拋在身後，人們開始展望未來。而當他們這麼做時，對我們是有利的。我想這就是發生的事情。它可能比我們預期早了一個季度：回歸常態所帶來的效益，不只反映在管線上，也實際反映在成交的案子上。另外我也認為，第一季的執行非常出色。

And I'll defer to Chano on that topic.

我把這個主題交給 Chano 來補充。

Yes. Thank you, Aneel. I think, first of all, great execution by Doug Robinson and the team. So thank you, guys, for what you did. Clearly, the momentum is back. And we said last year, we were producing good pipeline generation during the second half last year and kind of already been Q2 last year. Some of that pipeline, of course, was mature to be closing already in Q1.

是的。謝謝你，Aneel。我認為首先要說的是 Doug Robinson 和團隊的執行非常出色。所以謝謝各位，你們做得很棒。很明顯，動能回來了。而我們去年就說過，在去年下半年我們的管線生成（pipeline generation）表現不錯，某種程度上從去年第二季就開始了。其中一部分管線，當然已經成熟到可以在第一季結案。

I think the major factor, it came back significantly, net new logos, and that produced a big part of the acceleration. Financials, really both in our installed base and some net new logos, helped out with the acceleration. The breadth of the product portfolio, as I said, with some solutions. I mentioned they are Planning, Spend Management, among others. Peakon had a very good quarter as well. Though, of course, we only had kind of 4 or 6 weeks that really were part of our quarter. So there were a number of different elements.

我認為最主要的因素是：淨新增客戶（net new logos）顯著回升，這對加速貢獻很大。Financials 不論是在既有客戶基礎，或是一些淨新增客戶上，也都幫助了加速。此外，如我所說，產品組合的廣度以及一些解決方案也有貢獻。我提到的包括規劃（Planning）、支出管理（Spend Management）等。Peakon 這一季也表現很好。當然，我們實際上只有大約 4 到 6 週被納入本季。所以有許多不同的要素共同作用。

Rest of the world, both EMEA and APJ, I made my -- I commented in my prepared remarks that both of them saw accelerating bookings. So I think it was a balanced picture across solutions, Financials and HCM net new on installed base, and I would say geographies as well. So it was around this quarter. I think companies are realizing that where there is really the true backbone to support the digital transformation. Message seems to be resonating. Momentum is there, so we just need to keep executing upon that momentum.

世界其他地區，包括 EMEA 與 APJ，我在事先準備的講稿中也提到，兩者的訂單都呈現加速。所以我認為這是一個相對均衡的圖像：跨解決方案、Financials 與 HCM（在人力資本管理）在既有客戶基礎上的淨新增，以及地理區域也是如此。所以這一季就是這樣的表現。我認為企業正在意識到，真正能支撐數位轉型的「骨幹」是什麼。我們的訊息似乎正在引起共鳴。動能已經在那裡了，所以我們只需要持續在這股動能上把執行做好。

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

下一個問題來自 UBS 的 Karl Keirstead。

Robynne, I'm just thinking about your third quarter and fourth quarter subscription revenue growth guidance. When I look back over the last 4 years, Workday has got a pattern where your 3Q sequential growth in subscription revenues is in line with or actually above 4Q. So the guidance that you gave us for 3% sequential growth in 3Q and 4.5% for 4Q implies a little bit more of a 4Q skew than we've seen in the past. I'm wondering if you could just address that. And does that imply that perhaps the total bookings acceleration that Aneel and Chano have been talking about is perhaps a little bit more of a 4Q phenomenon?

Robynne，我在思考你對第三季與第四季訂閱營收成長的指引。回顧過去 4 年，Workday 有一個模式：第三季訂閱營收的季增幅通常與第四季相當，甚至高於第四季。因此，你給出的指引是第三季季增 3%、第四季季增 4.5%，這意味著第四季的比重（skew）比我們過去看到的更高一些。我想請你談談這點。這是否意味著 Aneel 和 Chano 一直在談的整體訂單加速，可能更偏向是一個第四季現象？

Yes. Karl, so we're not seeing any massive changes in trends of seasonality. And as always, we expect Q4 to be our most significant quarter. A lot of the sequential growth has to do with linearity within the quarter. We saw strong in core linearity, for example, in Q2. And it's harder for us to predict the further out we are. So we're still early in the year. We'll give you better guidance around Q3 and Q4 at the next call, but we just wanted to make sure you guys saw what we were seeing. But we don't see anything massively different. But it will really be tied to the linearity of how the deals flow within the quarter.

是的。Karl，所以我們沒有看到季節性趨勢出現任何巨大的變化。而且一如既往，我們預期第四季會是我們最重要的一季。許多環比成長與季度內的線性度（linearity）有關。例如，我們在第二季看到核心線性度表現強勁。而且距離越遠，我們就越難預測。所以我們今年還在年初階段。我們會在下一次電話會議時，針對第三季與第四季提供更好的指引，但我們只是想確保各位看到我們所看到的情況。不過我們沒有看到任何大幅不同的狀況。但這確實會與交易在季度內流入的線性度緊密相關。

Okay. That makes sense. And if it's okay to ask a follow-up to you, Robynne, on cash flow. Workday has done, it looks like, about $1 billion of operating cash flow in the last 2 quarters. I don't think we've ever seen that. So you mentioned the higher margins and the good collections. But anything else funky going on, Robynne, around cash flow? And any thoughts you could provide us in terms of the relationship between cash flow and operating margins as we build out our models for the full fiscal year?

好的。這很合理。如果可以的話，我想對你追問一個關於現金流的問題，Robynne。看起來 Workday 在過去兩個季度的營運現金流大約做到了 10 億美元。我想我們以前從沒見過這樣的數字。所以你提到較高的利潤率以及良好的收款。但在現金流方面，Robynne，還有沒有其他比較異常或特殊的因素？另外，就我們建立整個會計年度模型而言，你能否提供一些關於現金流與營業利潤率之間關係的看法？

Yes. So part of our flattish operating cash flow this year is due to the margin contraction that we expect to happen throughout the year. So that will become a headwind on cash flow growth year-over-year. We've done really well on cash. And certainly, I see some upside to our guide, but our biggest cash flow month is January, in fact, the last 2 weeks of January, where we have a very significant amount of annual invoices come due. And so we need to just take a wait-and-see attitude as we go through the year. But I certainly see some upside from our guide of $1.2 billion.

是的。所以我們今年營運現金流相對持平的一部分原因，是因為我們預期全年會出現利潤率收縮。因此，這會成為營運現金流年增成長的逆風。我們在現金方面做得非常好。而且我確實看到我們指引有一些上行空間，但我們最大的現金流月份是 1 月，事實上是 1 月的最後兩週，因為有非常大量的年度發票到期。因此，我們需要在今年的推進過程中採取觀望態度。但我確實看到相較於我們 12 億美元指引有一些上行空間。

Our next question comes from the line of Mark Moerdler with Bernstein Research.

我們的下一個問題來自 Bernstein Research 的 Mark Moerdler。

Congratulations on the strong start to the year. Hopefully, we see that continue to accelerate. So 2 questions. First, you're guiding up full year margins while guiding to strong employee hiring throughout the year, acceleration and then sustain of that. Is the margins due to a bit more -- a bit less T&E for the rest of the year? Or is it stronger revenue expectation? Or is there something else? And then I got a follow-up.

恭喜今年有個強勁的開局。希望我們能看到這樣的動能持續加速。我有兩個問題。第一，你們在指引中上調全年利潤率，同時也指引全年將強勁招募員工，並且會加速且維持那樣的節奏。利潤率的提升是因為今年剩餘期間差旅與娛樂（T&E）支出會少一些嗎？還是因為營收預期更強？或是還有其他因素？然後我還有一個追問。

Yes. There's actually several things in there, Mark. So as you know, 1% of our revenue -- our margin raise was tied to the increase in our revenue guidance raise as well. And then as I mentioned earlier, we have really ambitious investment plans. And we have strong confidence that we can reach our hiring goals for the year, but the timing of that hiring is going to cause some potential variability into the margins throughout the year.

是的。Mark，這裡面其實有幾個因素。如你所知，我們利潤率上調的 1% 也與我們上調營收指引有關。另外，如我先前提到的，我們有非常積極的投資計畫。我們對於能達成今年的招募目標很有信心，但招募發生的時間點會使全年利潤率出現一些潛在的波動。

And the last thing I'll mention is, as you said, we still are getting some COVID-related benefits in our expenses this year, particularly from travel as well as office-related expenses and the lull in the hiring we saw last year. So we expect that savings to significantly moderate as we get into the back half of the year.

最後我想補充的是，正如你所說，我們今年在費用端仍然享有一些與 COVID 相關的好處，特別是差旅以及辦公室相關費用，還有我們去年看到的招募放緩。因此，我們預期這些節省在進入今年下半年後會明顯減弱。

That makes sense. Going back to the question in terms of the cadence. When you -- last quarter, you called out the strength in the pipeline growth. And it sounded like there was -- the pipeline was more -- was less mature, but because of the fact it built later in the year versus earlier in the year. You've talked about how that pipeline has continued. But where are we in that maturation process? Is the maturation process online? Or is it accelerating in terms of -- because we saw a strong Q1? Does it have any effect in terms of when that should fall out? What are the -- what are you seeing in terms of the stuff that's in the pipeline and where it's driving toward close?

這很合理。回到節奏（cadence）的問題。上個季度你們特別提到銷售管線（pipeline）成長很強。聽起來管線相對而言較不成熟，但原因是它是在年內較晚的時間建立，而不是較早建立。你們也談到這個管線仍在延續。但我們現在處於成熟化（maturation）流程的哪個階段？成熟化是否按部就班？還是因為我們看到第一季很強，所以成熟化在加速？這是否會影響它應該在何時轉出（fall out）？就管線中的案子以及它們推進到結案（close）的情況，你們看到了什麼？

That's you, Chano.

Chano，這題是你。

Yes, Mark -- sorry. Mark, I wouldn't say there are any significant changes of notice in the pipeline, clearly as we have more significant business with our installed base, and we have a higher land motion of SKUs and products. Those tend to have faster sales cycles, and really they accelerate and mature faster than big transformational projects. So that can make -- skew a little bit, of course, that pipeline that we can be creating within the quarter we can close even at the end of the quarter or maybe next quarter. That is clearly not the majority of our pipeline. The rest of the pipeline that we were creating last year and for some of our, let's say, most significant cycles will still take these 6 to 12 months. And you should be playing -- see some of those playing mostly during the second half of this year.

是的，Mark——抱歉。Mark，我不會說管線有任何值得注意的重大變化；很明顯地，隨著我們在既有客戶基礎（installed base）上有更多較大型的業務，以及我們有更多 SKU 與產品的「首次導入」（land）動能，這些通常會有更快的銷售週期，而且相較於大型轉型專案，它們確實會更快加速並成熟。因此，這當然可能會讓管線的結構稍微偏向於：我們在季度內建立的管線，可能在季度末就能結案，或是到下一季結案。但這顯然不是我們管線的主要部分。其餘我們去年建立的管線，以及一些我們所謂最重要的銷售週期，仍然需要 6 到 12 個月。而你應該會看到其中一些主要在今年下半年落地。

Our next question comes from the line of Scott Berg with Needham & Company.

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

Congrats on the quarter. I guess I have 2 shorter ones. First of all, probably for Chano. As you look at the deal composition this quarter, are there any difference maybe in terms of size or number of modules that customers are buying on your initial lands versus maybe what you saw pre-pandemic? Our work has seemed to show that you're adding maybe more modules on that upfront sale than previously.

恭喜這一季的表現。我想我有兩個比較短的問題。第一個可能是問 Chano。當你看本季的交易組成時，在初次導入（initial lands）方面，客戶購買的規模或模組數量，和疫情前相比是否有任何差異？我們的研究似乎顯示，你們在前期銷售時加入的模組可能比以前更多。

I would say the highest difference -- or the most significant difference is there is the highest composition from net new logos that, of course, that we didn't see in the pandemic. There is a higher composition from Financials and being some of the landing SKUs.

我會說最大的差異——或最顯著的差異——是來自全新客戶標誌（net new logos）的占比更高，當然這在疫情期間我們沒有看到。另外，Financials 的占比更高，並且成為一些首次導入的 SKU。

Clearly, our medium enterprise team continues to execute really, really well. And they had another phenomenal quarter. And there, usually customers tends to consume more SKUs to start with when they become the partnership with Workday, right? But other than that, I wouldn't say that there are significant difference to highlight.

很明顯地，我們的中型企業團隊持續執行得非常、非常好。他們又交出了一個非常出色的季度。而在那個市場，客戶通常在與 Workday 建立合作關係時，一開始就會採用更多 SKU，對吧？但除此之外，我不會說還有什麼顯著差異值得特別強調。

Got it. And my follow-up question is for Robynne on the outperformance of the renewals that you called out. I guess as you call it out because it was significant enough to call out. But any additional color there maybe on what the outperformance was like? Or anything that you noticed from the renewals this period that might be able to be carried forward, say, to future periods?

了解。我接下來的追問是給 Robynne，關於你特別提到的續約表現優於預期。我想你會特別點出來，是因為表現顯著到值得一提。但能否再多補充一些細節，例如這個超預期的幅度大概如何？或者這一季在續約上你觀察到的任何現象，是否有機會延續到未來幾季？

Yes. Scott, so we were very pleased with the renewals in Q1 with gross retention once again over 95%. At the end over the past year, we saw some impacts from increased bankruptcies in the medium enterprise space as well as an increase in customers lowering worker counts, even as some other customers actually continued to increase worker counts. So as we approached this year, we assumed we'd see some improvements in the bankruptcies and workers trends, and we are really pleased to see overperformance in Q1 on this front. So we're off to a really good start and expect strong renewals to continue through the year.

是的。Scott，我們對第一季的續約表現非常滿意，總留存率再次超過 95%。在過去一年年底，我們看到中型企業市場破產案件增加帶來一些影響，同時也看到部分客戶降低員工人數，儘管也有其他客戶持續增加員工人數。因此在進入今年時，我們原本假設破產與員工人數的趨勢會有所改善，而我們很高興看到第一季在這方面的表現優於預期。所以我們有一個非常好的開局，並預期強勁的續約表現將在全年持續。

We will now be taking 2 more questions. Our next question comes from the line of Brad Sills with Bank of America Securities.

我們現在將再接受 2 個問題。下一個問題來自美國銀行證券（Bank of America Securities）的 Brad Sills。

I wanted to ask the question on the FINS pipeline strength another way, if I could, please. It sounds like you're seeing wider lands coming into the pipeline for FINS. And I assume that's due to the progress you've made in all these add-on modules and vertical applications, planning, sourcing, there's a lot in there. But are customers starting with more departmental wins still? Is this kind of -- any color on just where the -- what those pipeline deals look like for FINS in particular? Or are you seeing a move towards wider multi-department deals that are coming into the pipeline and customers going bigger initially across more organizations with FINS?

如果可以的話，我想用另一種方式來問關於 FINS 管線強度的問題。聽起來你們看到進入 FINS 管線的「落地」範圍更廣。我猜這是因為你們在各種附加模組與垂直應用上取得進展，例如規劃、採購尋源等，內容很多。但客戶是否仍然是從更多部門層級的勝出開始？能否就 FINS 的管線交易樣貌提供一些顏色，說明目前大概是什麼情況？或者你們是否看到更多跨多部門、範圍更廣的交易進入管線，客戶一開始就以更大的規模、跨更多組織導入 FINS？

Yes. Thanks for your question. I think not necessarily we're seeing more departmental wins. Clearly, on some large customers, we are playing some departmental starting point of view. But I think the -- what we're seeing in FINS is just the maturation of the pipeline that we've been working on right now. We're becoming a much more prominent and referenceable solution in the market with many more references and customers really appreciating that quarter is a big player in the enterprise financials cloud offering right now. Then, of course, the broader offer that we have today in terms of the number of SKUs that we have around FINS that is much more complete than it was in the past.

是的。謝謝你的提問。我認為不一定是我們看到更多部門層級的勝出。當然，對於一些大型客戶，我們確實會以部門作為切入點來推進。但我認為我們在 FINS 看到的是我們一直在耕耘的管線正在成熟。我們在市場上正成為更具能見度、也更容易被引用作為案例的解決方案，參考案例更多，客戶也真正認可 Workday 目前在企業財務雲（enterprise financials cloud）領域是一個重要的玩家。此外，當然還有我們今天在 FINS 周邊提供的更廣泛產品組合，也就是我們擁有的 SKU 數量，比過去完整得多。

And last but not least, I would say, enterprise finance helping us out to address the market that we -- certainly we could not address before. And then in some areas like financial services, clearly Accounting Center has been very strategic and very significant for us to have a very formidable FINS offering. So I would say it's a combination of different factors. I don't think it's just one single factor. Even I would say some of the investments that we've been starting to do around brand awareness, and the office of the CFO are also helping out as well in some of our international markets with our FINS solution. So it's many different factors, not just one single thing.

最後但同樣重要的是，企業財務（enterprise finance）也幫助我們去切入一些我們以前確實無法觸及的市場。另外在某些領域，例如金融服務業，Accounting Center 顯然對我們而言非常具策略性且非常重要，使我們能打造出非常有競爭力的 FINS 產品。所以我會說這是多種因素的組合。我不認為只是單一因素。甚至我會說，我們在品牌知名度以及 CFO 辦公室（office of the CFO）相關的投資，也在一些國際市場對我們的 FINS 解決方案帶來助益。因此是很多不同因素，不是單一一件事。

Our next question comes from the line of Brian Schwartz with Oppenheimer.

下一個問題來自 Oppenheimer 的 Brian Schwartz。

Congratulations on a real good start to the year. I just have one question for Chano. It's on the back to work. And I'm just wondering, in your conversations or maybe in the pipeline composition, do you sense businesses are still holding back on certain initiatives, whether it's either in HCM or FINS that could get prioritized when more and more employees return to the office later this year?

恭喜你們今年有一個非常好的開局。我只有一個問題想問 Chano。是關於回到辦公室（back to work）。我想請教，在你們的對話中或從管線組成來看，你是否感覺企業仍在某些計畫上有所保留？不論是 HCM 或 FINS 的計畫，是否可能在今年稍晚更多員工回到辦公室後，被重新排上優先順序？

Yes. Thank you, Brian, for your question. I think so. We'll need to see how it plays out. But we're certainly seeing -- and Aneel was commenting in some of our conversations with C-level executives of our customers. They've clearly been prioritizing employee engagements and back to work and kind of the HR offerings. But right now, we are seeing as well how they start to reconsider and there are signs sort of pent-up demand, I would say, in terms of overdue projects on the office of the CFO that should have been done that they're starting to get it done. So I think it's that what we're seeing in terms of that digital acceleration transformation as a whole, and we play very well on that one as the enterprise backbone of that transformation.

是的。謝謝你，Brian，謝謝你的提問。我想是的。我們還需要看看後續會如何發展。但我們確實看到——Aneel 也在我們與客戶 C-level 高階主管的一些對話中提到——他們顯然一直把員工互動、回到辦公室，以及偏向人資的產品方案放在優先順序。他們確實一直在優先推動員工互動、回到辦公室，以及某種程度上的 HR 方案。但同時我們也看到他們開始重新思考，而且我會說有一些需求被壓抑（pent-up demand）的跡象，特別是 CFO 辦公室（office of the CFO）一些逾期、原本就該做的專案，他們開始著手推進。所以我認為這就是我們在整體數位加速轉型上所看到的情況，而我們作為這個轉型的企業核心骨幹（enterprise backbone）非常契合、也能很好地切入。

Ladies and gentlemen, thank you for your participation on today's conference. This does conclude today's Workday's First Quarter Fiscal Year 2022 Earnings Conference Call. Thank you for your presentation. Enjoy the rest of your day.

各位女士、先生，感謝您參與今天的會議。本次 Workday 2022 財年第一季財報電話會議到此結束。感謝各位的簡報。祝各位今天剩下的時間愉快。