Workday Inc (WDAY) 2022 Q1 法說會逐字稿

Welcome to Workday's First Quarter Fiscal Year 2022 Earnings Call.

歡迎參加 Workday 2022 財年第一季度財報電話會議。

(Operator Instructions)

（操作員說明）

I would now hand it over to Justin Furby, Vice President of Investor Relations.

我現在將其交給投資者關係副總裁賈斯汀·菲比。

Thank you.

謝謝你。

You may begin.

你可以開始了。

Thank you, operator.

謝謝你，接線員。

Welcome to Workday's First Quarter Fiscal 2022 Earnings Conference Call.

歡迎參加 Workday 2022 財年第一季度收益電話會議。

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.

在電話會議上，我們有聯合首席執行官 Aneel Bhusri 和 Chano Fernandez； Robynne Sisco，我們的總裁兼首席財務官；和我們的產品開發執行副總裁 Pete Schlampp。

Following prepared remarks, we will take questions.

在準備好的評論之後，我們將回答問題。

Our press release was issued after close of market and is posted on our website where this call is being simultaneously webcast.

我們的新聞稿是在收市後發布的，並發佈在我們的網站上，該電話同時進行網絡直播。

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.

在開始之前，我們要強調的是，我們在本次電話會議上的一些聲明，尤其是我們的指導，是基於我們今天所擁有的信息，包括關於我們的財務業績、應用程序、客戶需求、運營和其他事項。

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.

這些陳述受風險、不確定性和假設的影響，包括與持續的 COVID-19 大流行對我們的業務和全球經濟狀況的影響有關的那些。

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.

有關風險、不確定性和假設的更多信息，請參閱新聞稿以及我們向證券交易委員會提交的風險因素和文件，包括我們關於 10-K 表格的 2021 年年度報告和關於表格 10-Q 的最新季度報告這可能導致實際結果與此類聲明中所述的結果存在重大差異。

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.

此外，在今天的電話會議中，我們將討論非 GAAP 財務指標，我們認為這些指標可作為 Workday 業績的補充指標。

These non-GAAP measures should be considered in addition to and not as a substitute for or in isolation from GAAP results.

這些非公認會計原則措施應作為公認會計原則結果的補充而非替代或孤立考慮。

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.

您可以在我們的收益新聞稿和我們網站的投資者關係頁面上找到有關這些非公認會計原則措施的更多披露，包括與可比公認會計原則結果的對賬。

The webcast replay of this call will be available for the next 90 days on our company website under the Investor Relations link.

在接下來的 90 天內，將在我們公司網站的投資者關係鏈接下提供此次電話會議的網絡直播重播。

Also, the Customers page of our website includes a list of selected customers and is updated monthly.

此外，我們網站的客戶頁麵包括選定客戶的列表，並且每月更新一次。

Our second quarter quiet period begins on July 16, 2021.

我們的第二季度靜默期從 2021 年 7 月 16 日開始。

Unless otherwise stated, all financial comparisons in this call will be to our results for the comparable period of our fiscal 2021.

除非另有說明，否則本次電話會議中的所有財務比較都將與我們 2021 財年可比期間的業績進行比較。

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

有了這個，我會把電話交給 Aneel。

Thank you, Justin, and good afternoon, everyone.

謝謝賈斯汀，大家下午好。

Thank you for joining us today for our first quarter fiscal year '22 earnings call.

感謝您今天加入我們的第一季度財年 '22 財報電話會議。

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.

在我們進入我們的季度業績之前，首先，非常祝賀工作日大使和我的好朋友菲爾米克爾森在周末贏得 PGA 錦標賽，這是一項了不起的成就，並再次證明，除了是一個偉大的人之外，菲爾是有史以來最有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.

我很高興地報告，Workday 有一個強勁的季度，今年開始時勢頭強勁，並為我們在 22 財年做好了準備。

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.

在第一季度，我們看到所有產品領域的需求都有所增長，同時實現了 25% 的強勁非公認會計準則營業利潤率，顯示了我們基礎業務模式的內在優勢。

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.

我們的結果支持人力資源和財務部門加速數字化轉型，Robynne 將在短期內分享更多關於我們計劃如何在這一機會背後進行投資的信息。

Let me share some highlights, starting with Workday HCM.

讓我分享一些亮點，從 Workday HCM 開始。

We continue to be the market leader with our differentiated suite of products and continued innovation.

我們憑藉差異化的產品套件和持續的創新繼續成為市場領導者。

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.

隨著越來越多的組織優先考慮向 HCM 系統過渡到雲以提供世界一流的員工體驗，我們看到需求在增加。

In Q1, we welcomed ASM Global, Las Vegas Sands Corp., Mattel, Five Below, Inc.

在第一季度，我們迎來了 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.

Workday 家族以及許多其他 HCM 新客戶的成本加成世界市場。

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.

即使銷售勢頭強勁，我們仍然有超過 70% 的 HCM 客戶在第一季度投入生產，其中包括 Fielmann AG、悉尼大學和麥格理大學等。

Turning to Workday Financial Management, we saw momentum build in Q1 as companies increasingly prioritize digitalization within the Office of the CFO.

談到 Workday 財務管理，我們看到第一季度勢頭增強，因為公司越來越重視首席財務官辦公室內的數字化。

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.

除了核心財務預訂的加速外，我們還看到整個產品組合的實力，例如 Workday Adaptive Planning、Spend Management，包括 Workday Strategic Sourcing（以前稱為 Scout）和我們的 Enterprise Finance 解決方案。

New customers in Q1 included Los Angeles Department of Water and Power, Saks and Saint Francis Health System, Inc.

第一季度的新客戶包括洛杉磯水電部、Saks 和 Saint Francis Health System, Inc。

with add-on wins at FHI and Werner Enterprises.

在 FHI 和 Werner Enterprises 獲得附加勝利。

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.

我們對行業解決方案的關注也是我們在本季度取得成功的關鍵因素，我們的 PSA 解決方案是第一季度在 RSM US 會計師事務所贏得更廣泛的人力資源和 FINS 平台的關鍵驅動力。

And our accounting center solution was part of a FINS-First win at National Farmers Union Mutual Insurance.

我們的會計中心解決方案是 FINS-First 在 National Farmers Union Mutual Insurance 中獲勝的一部分。

Our strong position continues to get recognized by the market.

我們的強勢地位繼續得到市場的認可。

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.

Workday 連續第五年在今年 5 月 1 日發布的 Gartner 中型、大型和全球企業雲核心財務管理套件魔力像限中被評為領導者。

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.

退後一步，我們繼續專注於提供全球解決方案，使業務領導者能夠在一個系統中進行計劃、執行和分析。

And in this rapidly changing world, our value proposition only continues to grow as we make advances on the innovation front.

在這個瞬息萬變的世界中，我們的價值主張只會隨著我們在創新前沿的進步而繼續增長。

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.

在第一季度，我們發布了最新的功能版本 Workday 2021 R1，在所有產品領域都取得了進步，包括擴大了 Workday Extend 的功能，以及在支出和供應商管理方面的更多功能。

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.

我們還繼續投資於 Workday People Experience 中更智能、更個性化的世界級用戶體驗搜索，以及 Workday 之外的自然工作區的擴展功能，例如 Slack 和 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.

為了進一步使客戶能夠在這個瞬息萬變的世界中優化其員工體驗的未來，我很自豪地宣布，我們完成了對 Peakon 的收購，現在是 Workday 公司。

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.

Chano 將在幾分鐘內為 Peakon 增添更多色彩，但我們對 Peakon 產品的機會感到無比興奮，並很高興歡迎 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.

在我們的歷史中，創新和同理心總是能帶來更高的客戶滿意度，這是我們在 Workday 所做一切的核心。

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.

我繼續非常感謝我們的團隊，他們以全新的方式為客戶提供支持，以確保他們在這些充滿挑戰的時期取得成功。

Underscoring this dedication, I'm pleased to announce our latest customer satisfaction score of 97%.

為了強調這一奉獻精神，我很高興地宣布我們最新的客戶滿意度得分為 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.

這項調查特別有意義，因為它為我們提供了來自我們指定的支持聯繫人的反饋 - 那些最接近每天參與 Workday 體驗的人。

Switching to the people front.

切換到人民陣線。

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.

眾所周知，我們相信我們成功的關鍵部分仍然是我們充滿活力的公司文化，它使我們能夠保持高水平的員工滿意度，並極大地幫助我們吸引和留住公司各個層面的人才。

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.

展望未來，我們看到了一個巨大的機會，可以與各行各業的更多組織合作，並在這個不斷變化的世界中為他們的數字化轉型工作的支柱提供服務。

And foundational to delivering on that opportunity will be a motivated and growing group of employees.

而實現這一機會的基礎將是一支積極進取且不斷增長的員工群體。

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.

因此，隨著我們在這條增長道路上前進，我們計劃在 2022 財年將我們的全球員工隊伍增加 20% 以上或 2,500 名新員工。

In doing so, we'll have an even stronger foundation to scale and innovate on our path to $10 billion.

這樣做，我們將擁有更強大的基礎來擴展和創新，以達到 100 億美元的目標。

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

本季度是我們財政年度的強勁開端，為我們的業務加速奠定了基礎。

As I look ahead, my optimism for Workday's future couldn't be higher.

展望未來，我對 Workday 未來的樂觀程度再高不過了。

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.

隨著公司繼續踏上人力資源和財務轉型之旅，我們擁有一支優秀的團隊和重要的全球機遇。

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

有了這個，我會把它交給我的好朋友兼聯合首席執行官查諾·費爾南德斯。

Over to you, Chano.

交給你了，查諾。

Thank you, Aneel.

謝謝你，阿尼爾。

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.

正如 Aneel 所提到的，隨著組織越來越多地將 Workday 定位為其數字化轉型的支柱，我們在 22 財年有了一個強勁的開端，第一季度的新預訂量大幅增加。

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.

我們第一季度的預訂表現出色，加上管道生成的持續強勁，使我們更有信心推動 22 財年的新預訂加速增長。

This quarter's results were once again driven by strong execution and high conversion rate.

本季度的業績再次受到強勁執行力和高轉化率的推動。

We saw a pickup in net new business as bookings from new HCM and Financial customers improve along with the overall environment.

隨著新 HCM 和金融客戶的預訂隨著整體環境的改善，我們看到淨新業務有所回升。

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.

在穩定的續訂率以及各種解決方案的實力的推動下，我們的安裝基礎團隊又迎來了一個出色的季度，保持了我們在去年全年看到的勢頭。

As Aneel mentioned, we have notable outperformance from planning, core financials, analytics, spend management and our talent portfolio.

正如 Aneel 所提到的，我們在規劃、核心財務、分析、支出管理和人才組合方面表現出色。

From a geographic standpoint, we saw outperformance in North America and APJ while also driving healthy bookings growth across EMEA.

從地理角度來看，我們看到北美和亞太及日本地區的表現出色，同時也推動了整個歐洲、中東和非洲地區的健康預訂增長。

Our medium enterprise team also had an exceptional start to the year as our investments in that market continue to pay off.

我們的中型企業團隊今年開局也很出色，因為我們對該市場的投資繼續獲得回報。

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.

我們在專業和金融服務、醫療保健和教育以及政府等垂直市場繼續保持優勢，在這些市場中，特定行業的創新和專注的市場努力對我們的成功至關重要。

As Aneel previously said, we have significant hiring plans in FY '22.

正如 Aneel 之前所說，我們在 22 財年有重要的招聘計劃。

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.

隨著我們尋求加速和維持長期增長，銷售和營銷組織是計劃增加人數的最大領域之一。

The investments are broad-based and global in nature, including quota-carrying capacity, presales and business development.

這些投資具有廣泛的基礎和全球性，包括配額承載能力、預售和業務發展。

We're also investing in non-head count areas, such as marketing and brand campaign, focused on the office of the CFO.

我們還投資於非人員統計領域，例如營銷和品牌活動，重點是首席財務官辦公室。

During Q1, we began ramping up this investment and are very pleased with the healthy pipeline growth that they helped drive.

在第一季度，我們開始增加這項投資，並對他們幫助推動的健康管道增長感到非常滿意。

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.

根據我們看到的初始回報，我們預計在未來幾個季度將加快這些投資的步伐，我期待著向您通報我們的進展。

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.

在組織上，我很高興地說，我們已經成功地將 Peakon 銷售團隊整合到 Workday，我們的安裝基礎和淨新銷售團隊現在都在市場上積極銷售這個解決方案。

Although the acquisition just closed March, we are very excited by the pipeline momentum.

雖然收購剛剛在 3 月份結束，但我們對管道的勢頭感到非常興奮。

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.

我們在第一季度的客戶群中進行了許多有意義的 Peakon 追加銷售交易，該解決方案已經為新的重要客戶關係打開了大門。

Ensuring customer success has always been a core value at Workday.

確保客戶成功一直是 Workday 的核心價值。

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.

我很高興地說，我們的客戶成功和服務組織的表現令人難以置信，數百名客戶在我們的核心 HCM 和財務管理產品以及我們針對 CFO、CHRO 和 CIO 的更廣泛的解決方案組合中生活。

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.

我們的合作夥伴生態系統也很重要，不僅可以幫助吸引客戶，還可以在 Workday 平台上進行共同創新，從而加快我們的創新步伐，並與我們的合作夥伴進行更具戰略性的互動。

Finally, on behalf of the entire Workday leadership team, I would like to say thanks to all of our workmates across the globe.

最後，我謹代表整個 Workday 領導團隊，感謝我們在全球的所有同事。

Thank you for a terrific start to FY '22, and let's keep the momentum going.

感謝您在 22 財年取得了良好的開端，讓我們繼續保持勢頭。

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

有了這個，我將把它交給我們的總裁兼首席財務官 Robynne Sisco。

Over to you, Robynne.

交給你了，羅賓。

Thanks, Chano, and good afternoon, everyone.

謝謝，查諾，大家下午好。

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.

正如 Aneel 和 Chano 所提到的，由於組織希望加快人力資源和財務方面的數字化轉型步伐，在不斷改善的市場背景下，我們在強勁執行的推動下實現了穩健的第一季度。

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.

第一季度的訂閱收入為 10.3 億美元，同比增長 17%，這得益於強勁的新業務銷售、有利的季度線性度和客戶續訂的優異表現。

Professional services revenue was $143 million, and total revenue came in at $1.18 billion.

專業服務收入為 1.43 億美元，總收入為 11.8 億美元。

Revenue outside the U.S. was $292 million, representing 25% of the total.

美國以外的收入為 2.92 億美元，佔總收入的 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.

第一季度末 24 個月的積壓訂單為 65.9 億美元，增長 20%，這得益於淨新業務和附加業務的強勁新訂單。

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.

正如我在上次財報電話會議上討論的那樣，22 財年即將更新的 ACV 數量與去年相比相對持平。

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.

這種動態純粹是歷史合同長度的混合函數，這對第一季度的 24 個月積壓增長造成了幾個百分點的逆風，我們預計這種影響將持續整個財年，然後我們才能恢復到更正常的水平'23 財年的續訂增長水平。

Total subscription revenue backlog at the end of Q1 was $10.08 billion, growth of 23%.

第一季度末的訂閱總收入為 100.8 億美元，增長 23%。

Our non-GAAP operating income for the first quarter was $289 million, resulting in a non-GAAP operating margin of approximately 25%.

我們第一季度的非 GAAP 營業收入為 2.89 億美元，非 GAAP 營業利潤率約為 25%。

Margin overachievement was driven by a combination of top line overperformance and favorable expense variances.

利潤率超額實現是由頂線超額業績和有利的費用差異共同推動的。

Specifically, it took longer to ramp up hiring and external resources, and we had lower-than-expected costs related to Peakon.

具體來說，增加招聘和外部資源需要更長的時間，而且我們與 Peakon 相關的成本低於預期。

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.

我們在今年剩餘時間內製定了非常雄心勃勃的投資目標，以支持我們的增長願望，並對我們全年繼續增加這些投資的能力充滿信心。

Operating cash flow in Q1 was $452 million, growth of 72%, driven by a combination of operating margin expansion and strong customer collections.

第一季度的經營現金流為 4.52 億美元，增長 72%，這得益於經營利潤率的擴大和強勁的客戶收款。

As Aneel mentioned, our biggest investment continues to be in our people and in attracting top talent to Workday.

正如 Aneel 所提到的，我們最大的投資仍然是我們的員工以及吸引頂尖人才加入 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.

在第一季度，我們開始加快招聘步伐，成功增加和整合了大約 600 名淨新員工，其中包括來自 Peakon 的 250 多名，使我們在本季度末的員工總數超過 13,100 名。

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.

總體而言，我們對第一季度看到的勢頭感到非常滿意，並且隨著環境的正常化，我們將繼續投資以支持增長。

Turning now to guidance.

現在轉向指導。

Based on our overperformance in Q1, we are raising our FY '22 outlook and providing Q2 guidance as follows.

基於我們在第一季度的出色表現，我們正在提高我們的 22 財年展望並提供如下第二季度的指導。

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%.

對於訂閱收入，我們將全年預期上調至 44.25 億美元至 44.40 億美元，增長 17%。

As a reminder, Peakon is expected to add less than 1 percentage point to our overall subscription revenue growth in FY '22.

提醒一下，Peakon 預計將在 22 財年為我們的整體訂閱收入增長增加不到 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.

我們預計我們第二季度的訂閱收入為 10.95 億美元至 10.97 億美元，同比增長 18%，第三季度和第四季度的環比增長分別約為 3% 和 4.5%。

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.

我們仍然預計 22 財年的專業服務收入將達到 5.9 億美元，因為我們將繼續優先考慮推動最高水平的客戶成功。

For Q2, we expect professional services revenue of $145 million.

對於第二季度，我們預計專業服務收入為 1.45 億美元。

Taking into account the renewal headwinds I mentioned earlier, we expect 24-month backlog growth of 17% in Q2.

考慮到我之前提到的續訂逆風，我們預計第二季度 24 個月的積壓訂單將增長 17%。

Investing for growth remains our #1 priority.

為增長而投資仍然是我們的第一要務。

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.

正如 Aneel 所提到的，我們預計 22 財年全公司的招聘步伐會加快，非員工人數支出也會增加，重點是銷售、營銷和產品，特別是針對加速需求產生，提高我們的市場地位並推進我們的戰略產品路線圖。

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%.

鑑於此，我們預計全年利潤率將放緩，第二季度非 GAAP 營業利潤率為 20%，全年非 GAAP 營業利潤率在 18% 至 19% 之間。

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.

第二季度和全年的 GAAP 利潤率預計將比非 GAAP 利潤率低約 24 個百分點。

There is no change to our FY '22 operating cash flow guidance of $1.2 billion.

我們 12 億美元的 22 財年運營現金流指導沒有變化。

During Q1, we completed the $171 million purchase of 5 buildings at our Pleasanton campus.

在第一季度，我們以 1.71 億美元的價格購買了普萊森頓校區的 5 棟建築。

This purchase is important to our headquarter strategy and affords us control of our core campus buildings.

此次收購對我們的總部戰略很重要，使我們能夠控制我們的核心校園建築。

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.

我們預計今年剩餘時間不會有任何進一步的自有房地產投資，我們繼續預計 2.7 億美元的其他資本投資將支持我們的客戶增長和持續的業務擴張。

And finally, I'll close by thanking our amazing employees, customers and partners for their continued support and hard work.

最後，我要感謝我們出色的員工、客戶和合作夥伴的持續支持和辛勤工作。

We're off to a great start for FY '22, and our focus remains on driving accelerated bookings growth.

我們在 22 財年有了一個良好的開端，我們的重點仍然是推動預訂量的加速增長。

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

有了這個，我會把它交給運營商開始問答。

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

（操作員說明）我們的第一個問題來自 Kirk Materne 和 Evercore ISI 的系列。

Congrats on the good start to the year.

祝賀今年的良好開端。

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.

Aneel，我想回到你的評論，不僅是本季度，實際上是上一季度，關於建設管道和在今年下半年加速預訂的機會。

Just how are you feeling about that opportunity?

你對這個機會感覺如何？

You're obviously investing against that opportunity, so I assume you still feel good about it.

你顯然是在利用這個機會進行投資，所以我認為你仍然對此感覺良好。

But maybe how should we think about that playing out over the years?

但也許我們應該如何看待這些年來的發展？

Is it going to be perhaps a little bit more back-end loaded?

它可能會加載更多的後端嗎？

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.

只是給我們更多關於這個想法的顏色，因為我認為每個人都聽到了你對管道和積累的熱情，但顯然，第二季度並不一定反映這一點。

So I just want to make sure there's no change in the longer-term thought process.

所以我只是想確保長期的思考過程沒有變化。

Well, so just remember that subscription revenues lag bookings growth.

好吧，所以請記住，訂閱收入落後於預訂增長。

And we accelerated bookings growth in Q1, and frankly, more than even I had expected in my usual optimism.

我們在第一季度加快了預訂量的增長，坦率地說，甚至超出了我通常樂觀的預期。

So it takes a while for that accounting to catch up with the acceleration in net new business.

因此，該會計需要一段時間才能趕上淨新業務的加速。

But the net new business and better-than-expected performance across really all products leaves us with a lot of optimism.

但實際上所有產品的淨新業務和好於預期的表現讓我們非常樂觀。

And then, of course, we had a great renewals quarter 2. I might turn it over to Chano.

然後，當然，我們在第 2 季度進行了一次很好的續約。我可能會把它交給查諾。

But I think that acceleration has already started.

但我認為加速已經開始。

Yes.

是的。

Thank you, Aneel.

謝謝你，阿尼爾。

Kirk, we have healthy pipelines looking ahead for Q2 across both HCM and FINS and across both net new and installed base teams.

柯克，我們在 HCM 和 FINS 以及淨新和已安裝的基礎團隊中都有健康的管道展望第二季度。

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?

基於我們今天的立場，我們非常有信心今年剩餘時間在支持我們的加速預訂方面應該表現如何，並且下半年肯定會有強勁的表現，對吧？

As you know, we have increased seasonality in the second half of the year as it relates to new ACV bookings.

如您所知，我們在下半年增加了季節性，因為它與新的 ACV 預訂有關。

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.

今年也不例外，我們在過去幾個季度擁有的管道實力的重要組成部分，目標是在下半年關閉。

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.

所以我想說，根據我們今天的情況，我對第二季度和下半年都感到興奮，我們預計兩者都會取得強勁的結果。

That's great.

那太棒了。

And Chano, if I could ask just one follow-up.

還有查諾，如果我能問一個後續問題的話。

You mentioned on the head count additions, quota-bearing reps.

你提到了增加人數，配額代表。

International is still only 25% or so of your revenue.

國際業務仍然只佔您收入的 25% 左右。

Can we expect that there'll be a pretty heavy investment in some of these international regions?

我們可以期待在其中一些國際地區會有相當大的投資嗎？

And are they starting to perk up pretty nicely for you all at this point in time?

在這個時間點，他們是否開始為你們所有人帶來很好的振作？

Yes.

是的。

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.

您應該期望我們正在招聘的那部分具有配額的代表肯定會跨越淨新的國際安裝基礎，我們正在參與的一些垂直領域。

And we've seen already acceleration in Q2 in international in terms of booking.

我們已經看到第二季度在國際預訂方面已經加速。

We should be expecting that with the strong pipeline performance we ended at last -- end of last year.

我們應該期待隨著我們最終結束的強勁管道表現 - 去年年底。

Again, it is for us now to execute.

再說一次，現在由我們來執行。

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.

當然，隨著市場在我們去年看到的 COVID 類逆風之後更加複蘇和開放，尤其是淨新，我預計淨新應該在我們的國際市場上表現更好。

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

我們的下一個問題來自 DJ Hynes 與 Canaccord 的系列。

I'm going to ask a big-picture question.

我要問一個大問題。

I don't know if it's better for Aneel or Chano.

我不知道這對 Aneel 還是 Chano 更好。

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?

但我有時從投資者那裡得到的一個問題是，如果這項業務在未來 4 到 5 年內翻一番，你認為土地與擴張的組合看起來會如何？

That's definitely a question for Chano.

這絕對是查諾的問題。

Yes.

是的。

I would say it would just get much more balanced.

我會說它會變得更加平衡。

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.

顯然，我們傳統上一直在談論安裝基礎和一些更多的土地業務占我們新業務預訂的 20%。

It's clearly representing more today and definitely is balancing out as we see especially more landing products with Peakon nowadays, Scout, Planning.

它在今天顯然代表了更多，並且肯定是平衡的，因為我們現在看到更多的登陸產品與 Peakon、Scout、Planning。

So you should be that balancing out.

所以你應該是平衡的。

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.

老實說，我仍然很難說它何時會完全相等，但是——因為我們當然希望它在兩個方面都保持非常強大。

And we're very excited right now that net new bookings or net new logos is accelerating.

我們現在非常興奮的是，淨新預訂或淨新標識正在加速。

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.

但很明顯，這些天來，當我們試圖在客戶的旅程中與客戶見面時，當他們現在準備好作為轉型的一部分時，我們正在使用其中一些產品進行陸地運動。

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.

今天，我們產品組合的廣度變得更加強大和廣泛，這使我們能夠發揮重要作用，不僅在我們的安裝基礎上，而且在一些全新的徽標中也是如此。

Yes.

是的。

Yes.

是的。

Okay.

好的。

That's helpful.

這很有幫助。

And a follow-up to Kirk's question on the hiring.

並跟進柯克關於招聘的問題。

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.

看，我認為利潤率上升可能 - 你們提到這一點，那個 - 說要恢復人力資源引擎比預期的要困難一些。

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?

就像您說您在使招聘速度恢復到 COVID 之前的水平或更快的水平方面處於什麼位置？

And what do you think -- what have been the biggest challenges there?

你怎麼看——那裡最大的挑戰是什麼？

So why don't I take that one?

那我為什麼不拿那個呢？

So as you can see...

所以如你所見...

Yes.

是的。

Take that one, Robynne, please.

拿那個，Robynne，拜託。

Sorry, Chano.

對不起，查諾。

When we look across the entire company, you saw us accelerate in Q1, we had over 600 net new hires.

當我們縱觀整個公司時，您看到我們在第一季度加速發展，我們有超過 600 名淨新員工。

And while 250 came from Peakon, 350 were organic.

雖然 250 來自 Peakon，但 350 來自有機。

And that compares to relatively flattish head count last year.

與去年相對持平的人數相比。

So we feel good that we are ramping, and we feel really good about the pace of hiring, coming out of Q1.

所以我們感覺很好，我們正在加速，我們對第一季度的招聘速度感覺很好。

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.

你應該期望它在第二季度在所有領域加速，然後在今年剩下的時間裡保持這種加快的速度。

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

Chano，我不知道您是否想在其中添加任何特定於銷售的內容。

No.

不。

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.

我唯一要補充的可能是銷售，這已經是第一季度招聘方面的一個重要投資領域，可能是我們在整個公司擁有的最高投資領域。

And we then -- our intent is just to keep ramping up as we go throughout the year.

然後我們 - 我們的意圖只是在我們全年進行的過程中不斷增加。

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

我們的下一個問題來自摩根士丹利的 Keith Weiss。

A really nice start to the year.

一年的開端真的很好。

It sounds like momentum is coming back in a really big way.

聽起來勢頭正在以一種非常大的方式回歸。

A question for Robynne.

Robynne 的一個問題。

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.

因為這些訂閱模式很棘手，而且你一直在警告我們今年到期基數和美元總額的影響，所以續訂基數的增長與去年基本持平。

Is that impact even across the year?

這種影響甚至貫穿全年嗎？

Is that something that we're going to deal with each and every quarter?

這是我們每個季度都要處理的事情嗎？

Or is there any kind of seasonality to that, that we should be thinking about?

或者是否有任何季節性，我們應該考慮？

Yes.

是的。

Keith, so that will impact every quarter throughout this year.

基思，所以這將影響今年的每個季度。

And while the impact will bounce around a little bit, we do expect it will be a couple of points throughout the year.

雖然影響會反彈一點，但我們確實預計全年會有幾個點。

But keep in mind, when we look at historical renewal levels, there's a range of normal growth.

但請記住，當我們查看歷史更新水平時，會有一系列正常增長。

So quantifying the exact impact, not -- it's difficult to be very precise that we wanted to give you a feeling for the magnitude.

因此，量化確切的影響，而不是 - 很難非常精確，我們想讓你對規模有一種感覺。

But we do expect that will persist every quarter throughout this year, and that will return to more normal levels next year.

但我們確實預計這種情況將在今年每個季度持續存在，明年將恢復到更正常的水平。

Got it.

知道了。

And then when you talk about a couple of points, is that a couple of points of bookings growth you're talking about?

然後，當您談到幾點時，您所說的預訂量增長是多少？

Or is it the RPO growth?

還是RPO增長？

Like a couple of points specific to which one?

就像幾點特定於哪一個？

24-month backlog growth.

24 個月的積壓增長。

Okay.

好的。

That's -- okay.

沒關係。

That's super helpful.

這非常有幫助。

And then like underlying that, that's just about contracts up for renewal?

然後就像潛在的那樣，這只是關於續約的合同嗎？

Like the renewal rate themselves, those are staying pretty solid?

就像更新率本身一樣，那些保持相當穩定？

Yes, that's correct.

對，那是正確的。

In fact, we had an overperformance of renewal rates in Q1, so we feel really good about that.

事實上，我們在第一季度的續訂率表現出色，所以我們對此感覺非常好。

This is just scheduled renewals, which is purely a factor of terms of previous deals.

這只是預定的續訂，這純粹是以前交易條款的一個因素。

And again, just to reiterate, no impact on this flattened renewal base to subscription revenue, just backlog.

再次重申，對訂閱收入的扁平化續訂基礎沒有影響，只是積壓。

Got it.

知道了。

Okay.

好的。

So it sounds like the factors that you guys have in your control are all doing really well, are actually outperforming.

所以聽起來你們控制的因素都做得很好，實際上表現出色。

It's just the timing on contract renewals that are creating a little bit of a drag.

只是合同續籤的時機造成了一點拖累。

That's correct.

這是正確的。

On the 24-month backlog number, yes, and the total backlog number as well.

關於 24 個月的積壓數，是的，總積壓數也是如此。

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

我們的下一個問題來自高盛的 Kash Rangan。

Robynne, I have a question for you.

羅賓，我有一個問題要問你。

Just extending your logic with the renewal base being a little bit challenging this year, but your net new is starting to accelerate.

只是擴展你的邏輯，今年更新基礎有點挑戰，但你的淨新開始加速。

So going into next year, onto '22, with a stronger renewal base, so what does that mean for backlog growth next year?

因此，進入明年，到 22 年，續訂基礎更強，那麼這對明年的積壓增長意味著什麼？

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.

而且，我認為 Aneel 或 Chano，也許在之前的季度財報電話會議上，你已經談到過金融遷移被推遲一兩年。

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?

您能否向我們介紹一下到目前為止您所看到的關於客戶打算在核心 FINS 遷移上更快一點的情況？

Congratulations.

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.

所以 Kash，正如我之前提到的，去年新業務逆風的影響今年在積壓等關鍵指標上更加充分。

As Aneel talked about, we feel confident in our ability to accelerate new bookings growth this year, and Q1 results really underscore that.

正如 Aneel 所說，我們對今年加速新預訂增長的能力充滿信心，而第一季度的業績確實強調了這一點。

But keep in mind that the bookings acceleration this year will take time.

但請記住，今年的預訂加速需要時間。

It has to compound into the model to be able to offset the cumulative headwinds from last year.

它必須複合到模型中才能抵消去年的累積逆風。

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.

因此，當我們今年執行我們的預訂目標時，您應該期望看到的第一件事是隨著我們這一年的推進，積壓數量將趨於穩定。

Now there will still be some quarter-to-quarter fluctuations, but stabilization is really the precursor to reaccelerated growth.

現在仍然會有一些季度到季度的波動，但企穩確實是重新加速增長的前兆。

A little too early to talk about whether that happens next year or not.

現在談論這是否會在明年發生還為時過早。

We have to move through the year and see how we finish.

我們必須度過這一年，看看我們如何完成。

Yes.

是的。

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.

事實上，在 FINS 上，FINS 已經是再加速故事的關鍵部分，我們看到越來越多的此類機會進入市場。

And not only did we have several strategic FINS wins in Q1, as Aneel mentioned, we have solid FINS pipeline growth as well.

正如 Aneel 所提到的，我們不僅在第一季度獲得了幾次戰略性 FINS 勝利，而且我們的 FINS 管道增長也很穩健。

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.

我們的企業融資解決方案也帶來了新的機遇，我們現在可以更好地進入零售和製造業等基於產品的行業。

And we have nice wins here in Q1, including burner tracking, for example.

我們在第一季度取得了不錯的勝利，例如燃燒器跟踪。

I would like to highlight the momentum isn't limited just to core Financials, which I'm referring to.

我想強調這種勢頭不僅限於我所指的核心財務。

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.

如您所知，這也是我們向首席財務官辦公室出售的更廣泛的解決方案集，包括計劃，我們在第一季度的表現非常強勁。

Spend Management had another fantastic quarter in Q1, Analytics.

支出管理在第一季度有另一個出色的季度，分析。

So we're really trying to make the best sort of the product portfolio with both our installed base customers and many levels.

因此，我們真的在努力為我們的已安裝基礎客戶和許多級別製作最好的產品組合。

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

我們的下一個問題來自 Brent Bracelin 和 Piper Sandler。

Perhaps for Chano or Aneel here.

也許這裡是查諾或阿尼爾。

I wanted to go back to this acceleration in bookings here in Q1.

我想回到第一季度的預訂加速。

I think we were thinking bookings would reaccelerate in the second half, in part on easier compares, but it came here in Q1.

我認為我們認為預訂會在下半年重新加速，部分原因是比較容易，但它是在第一季度出現的。

So walk me through the drivers of the acceleration.

因此，請帶我了解加速的驅動因素。

It sounds like FINS is part of it.

聽起來FINS是其中的一部分。

But are you seeing just shortening sales cycles?

但是您是否看到只是縮短了銷售週期？

Are you seeing enterprise appetite to kind of invest in the office of the CFO, pick up more than you anticipated?

您是否看到企業對投資 CFO 辦公室的興趣超出了您的預期？

Can you just walk through other factors that kind of drove the unexpected acceleration here in Q1?

您能否簡單介紹一下導致第一季度意外加速的其他因素？

I know the compare wasn't as easy as the compares are going forward.

我知道比較並不像接下來的比較那麼容易。

So just walk us through factors there that drove accelerated bookings.

因此，請帶我們了解推動預訂加速的因素。

So maybe I'll give a high-level perspective from talking with a whole host of CEOs.

因此，也許我會從與眾多 CEO 的談話中給出一個高層次的觀點。

And then I think a big part of it was also terrific execution by Chano's team.

然後我認為其中很大一部分也是查諾團隊的出色執行。

I think everybody is beginning to look forward now.

我想現在每個人都開始期待了。

I won't say everybody, but a lot of industries are looking forward now, including airlines, including travel companies.

我不會說每個人，但現在很多行業都在期待，包括航空公司，包括旅遊公司。

We seem to be putting the pandemic as much behind us as we can, and people are looking forward to the future.

我們似乎盡可能地把流行病拋在腦後，人們對未來充滿期待。

And when they do that, it bodes well for us.

當他們這樣做時，這對我們來說是個好兆頭。

And I think that's what happened.

我認為這就是發生的事情。

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.

這可能比我們預期的要早一個季度發生，正常的回報不僅會開始出現在管道中，而且實際上會出現在已完成的交易中。

Then I also think for Q1, it was terrific execution.

然後我也認為第一季度的執行非常出色。

And I'll defer to Chano on that topic.

我會在這個話題上聽查諾。

Yes.

是的。

Thank you, Aneel.

謝謝你，阿尼爾。

I think, first of all, great execution by Doug Robinson and the team.

我認為，首先，道格·羅賓遜和團隊的出色執行力。

So thank you, guys, for what you did.

所以謝謝你們，伙計們，你們所做的。

Clearly, the momentum is back.

顯然，勢頭又回來了。

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.

我們去年說過，我們在去年下半年產生了良好的管道生成，去年已經是第二季度了。

Some of that pipeline, of course, was mature to be closing already in Q1.

當然，其中一些管道已經成熟，可以在第一季度關閉。

I think the major factor, it came back significantly, net new logos, and that produced a big part of the acceleration.

我認為主要因素，它顯著回歸，淨新標誌，這產生了很大一部分的加速。

Financials, really both in our installed base and some net new logos, helped out with the acceleration.

財務，實際上在我們的安裝基礎和一些全新的徽標中，都有助於加速。

The breadth of the product portfolio, as I said, with some solutions.

正如我所說，產品組合的廣度以及一些解決方案。

I mentioned they are Planning, Spend Management, among others.

我提到它們是規劃、支出管理等。

Peakon had a very good quarter as well.

Peakon 也有一個非常好的季度。

Though, of course, we only had kind of 4 or 6 weeks that really were part of our quarter.

雖然，當然，我們只有 4 或 6 週的時間，這確實是我們季度的一部分。

So there were a number of different elements.

所以有許多不同的元素。

Rest of the world, both EMEA and APJ, I made my -- I commented in my prepared remarks that both of them saw accelerating bookings.

世界其他地區，包括 EMEA 和 APJ，我在我準備好的評論中評論說，他們都看到了預訂加速。

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.

因此，我認為這是一個平衡的解決方案、財務和 HCM 新安裝基礎的平衡圖，我也會說地理位置。

So it was around this quarter.

所以大約在這個季度。

I think companies are realizing that where there is really the true backbone to support the digital transformation.

我認為公司正在意識到，真正支持數字化轉型的真正支柱。

Message seems to be resonating.

消息似乎引起了共鳴。

Momentum is there, so we just need to keep executing upon that momentum.

動力是存在的，所以我們只需要繼續執行這種動力。

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

我們的下一個問題來自瑞銀集團的 Karl Keirstead。

Robynne, I'm just thinking about your third quarter and fourth quarter subscription revenue growth guidance.

Robynne，我只是在考慮您的第三季度和第四季度訂閱收入增長指導。

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.

當我回顧過去 4 年時，Workday 有一個模式，即第三季度訂閱收入的連續增長與第四季度一致或實際上高於第四季度。

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.

因此，您為我們提供的第三季度連續增長 3% 和第四季度連續增長 4.5% 的指導意味著第四季度的偏差比我們過去看到的要多一些。

I'm wondering if you could just address that.

我想知道你是否可以解決這個問題。

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?

這是否意味著 Aneel 和 Chano 一直在談論的總預訂量加速可能更像是第四季度的現象？

Yes.

是的。

Karl, so we're not seeing any massive changes in trends of seasonality.

卡爾，所以我們沒有看到季節性趨勢的任何巨大變化。

And as always, we expect Q4 to be our most significant quarter.

和往常一樣，我們預計第四季度將是我們最重要的季度。

A lot of the sequential growth has to do with linearity within the quarter.

許多連續增長與本季度的線性有關。

We saw strong in core linearity, for example, in Q2.

例如，我們在第二季度看到了強勁的核心線性度。

And it's harder for us to predict the further out we are.

我們更難預測我們離得越遠。

So we're still early in the year.

所以我們還處於年初。

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.

我們將在下一次電話會議上為您提供關於第三季度和第四季度的更好指導，但我們只是想確保你們看到我們所看到的。

But we don't see anything massively different.

但我們沒有看到任何巨大的不同。

But it will really be tied to the linearity of how the deals flow within the quarter.

但這實際上與交易在本季度內的流動方式的線性相關。

Okay.

好的。

That makes sense.

這就說得通了。

And if it's okay to ask a follow-up to you, Robynne, on cash flow.

如果可以就現金流向你詢問後續行動，Robynne。

Workday has done, it looks like, about $1 billion of operating cash flow in the last 2 quarters.

看起來，Workday 在過去兩個季度中完成了大約 10 億美元的運營現金流。

I don't think we've ever seen that.

我認為我們從未見過這種情況。

So you mentioned the higher margins and the good collections.

所以你提到了更高的利潤和良好的收藏。

But anything else funky going on, Robynne, around cash flow?

但是，Robynne，圍繞現金流還有什麼奇怪的事情嗎？

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?

在我們為整個財政年度構建模型時，您可以就現金流和營業利潤率之間的關係向我們提供任何想法嗎？

Yes.

是的。

So part of our flattish operating cash flow this year is due to the margin contraction that we expect to happen throughout the year.

因此，我們今年經營現金流持平的部分原因是我們預計全年都會發生利潤率收縮。

So that will become a headwind on cash flow growth year-over-year.

因此，這將成為現金流同比增長的逆風。

We've done really well on cash.

我們在現金方面做得很好。

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.

當然，我看到我們的指南有一些好處，但我們最大的現金流月份是 1 月，實際上是 1 月的最後兩週，我們有大量的年度發票到期。

And so we need to just take a wait-and-see attitude as we go through the year.

因此，我們需要在這一年中採取觀望態度。

But I certainly see some upside from our guide of $1.2 billion.

但我肯定從我們的 12 億美元指南中看到了一些好處。

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.

祝賀今年的強勁開局。

Hopefully, we see that continue to accelerate.

希望我們看到這種情況繼續加速。

So 2 questions.

所以2個問題。

First, you're guiding up full year margins while guiding to strong employee hiring throughout the year, acceleration and then sustain of that.

首先，您正在引導全年利潤率上升，同時引導全年強勁的員工招聘，加速然後維持。

Is the margins due to a bit more -- a bit less T&E for the rest of the year?

利潤率是不是因為今年餘下時間的 T&E 多一點——少一點？

Or is it stronger revenue expectation?

還是更強的收入預期？

Or is there something else?

或者還有別的什麼？

And then I got a follow-up.

然後我得到了跟進。

Yes.

是的。

There's actually several things in there, Mark.

裡面實際上有幾樣東西，馬克。

So as you know, 1% of our revenue -- our margin raise was tied to the increase in our revenue guidance raise as well.

如你所知，我們收入的 1%——我們的利潤率提高也與我們的收入指導提高有關。

And then as I mentioned earlier, we have really ambitious investment plans.

然後正如我之前提到的，我們有非常雄心勃勃的投資計劃。

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.

我們堅信我們可以實現今年的招聘目標，但招聘的時機將導致全年利潤率出現一些潛在的變化。

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.

我要提到的最後一件事是，正如你所說，我們今年的開支中仍然有一些與 COVID 相關的好處，特別是來自旅行和辦公室相關的開支，以及我們去年看到的招聘停滯。

So we expect that savings to significantly moderate as we get into the back half of the year.

因此，我們預計隨著我們進入下半年，節省的資金將顯著放緩。

That makes sense.

這就說得通了。

Going back to the question in terms of the cadence.

回到節奏方面的問題。

When you -- last quarter, you called out the strength in the pipeline growth.

當你 - 上個季度，你呼籲管道增長的力量。

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.

聽起來有 - 管道更多 - 不太成熟，但因為它在今年晚些時候建成而不是今年早些時候。

You've talked about how that pipeline has continued.

您已經談到了該管道是如何繼續進行的。

But where are we in that maturation process?

但是，我們在那個成熟過程中處於什麼位置？

Is the maturation process online?

成熟過程是否在線？

Or is it accelerating in terms of -- because we saw a strong Q1?

或者它是否在加速——因為我們看到了強勁的第一季度？

Does it have any effect in terms of when that should fall out?

它對何時應該退出有任何影響嗎？

What are the -- what are you seeing in terms of the stuff that's in the pipeline and where it's driving toward close?

什麼是 - 你在管道中看到什麼以及它正在接近關閉的地方？

That's you, Chano.

就是你，查諾。

Yes, Mark -- sorry.

是的，馬克——對不起。

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.

馬克，我不會說管道中有任何重大的通知變化，很明顯，我們的安裝基礎有更多重要的業務，而且我們的 SKU 和產品有更高的陸地運動。

Those tend to have faster sales cycles, and really they accelerate and mature faster than big transformational projects.

這些往往具有更快的銷售週期，而且它們實際上比大型轉型項目更快地加速和成熟。

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.

因此，這可以使 - 當然，我們可以在本季度創建的管道稍微傾斜，我們甚至可以在本季度末或下個季度關閉。

That is clearly not the majority of our pipeline.

這顯然不是我們管道的大部分。

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.

我們去年創建的其餘管道以及我們的一些，比如說，最重要的周期仍將需要這 6 到 12 個月。

And you should be playing -- see some of those playing mostly during the second half of this year.

你應該在玩——看看那些大部分時間都在今年下半年玩的人。

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

我們的下一個問題來自 Scott Berg 與 Needham & Company 的觀點。

Congrats on the quarter.

祝賀本季度。

I guess I have 2 shorter ones.

我想我有兩個較短的。

First of all, probably for Chano.

首先，可能是為了查諾。

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?

當您查看本季度的交易構成時，客戶在您最初的土地上購買的模塊的大小或數量與您在大流行前看到的可能有什麼不同嗎？

Our work has seemed to show that you're adding maybe more modules on that upfront sale than previously.

我們的工作似乎表明，您在預售中添加的模塊可能比以前更多。

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.

我想說最大的區別——或者說最顯著的區別是網絡新標識的最高組成，當然，這是我們在大流行中沒有看到的。

There is a higher composition from Financials and being some of the landing SKUs.

Financials 的構成更高，並且是一些登陸 SKU。

Clearly, our medium enterprise team continues to execute really, really well.

顯然，我們的中型企業團隊繼續執行得非常非常好。

And they had another phenomenal quarter.

他們還有另一個驚人的季度。

And there, usually customers tends to consume more SKUs to start with when they become the partnership with Workday, right?

在那裡，當客戶與 Workday 建立合作夥伴關係時，通常會消耗更多的 SKU，對吧？

But other than that, I wouldn't say that there are significant difference to highlight.

但除此之外，我不會說有顯著差異需要強調。

Got it.

知道了。

And my follow-up question is for Robynne on the outperformance of the renewals that you called out.

我的後續問題是針對 Robynne 的，關於您所呼籲的續約的出色表現。

I guess as you call it out because it was significant enough to call out.

我猜你叫出來是因為它足夠重要，可以叫出來。

But any additional color there maybe on what the outperformance was like?

但是有什麼額外的顏色可能會表現出優異的表現嗎？

Or anything that you noticed from the renewals this period that might be able to be carried forward, say, to future periods?

或者您從這一時期的續訂中註意到的任何可以結轉到未來時期的東西？

Yes.

是的。

Scott, so we were very pleased with the renewals in Q1 with gross retention once again over 95%.

Scott，所以我們對第一季度的續訂感到非常滿意，總留存率再次超過 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.

在去年年底，我們看到了中型企業領域破產增加以及減少工人人數的客戶增加的一些影響，儘管其他一些客戶實際上繼續增加工人人數。

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.

因此，當我們接近今年時，我們假設我們會看到破產和工人趨勢有所改善，我們很高興看到第一季度在這方面表現出色。

So we're off to a really good start and expect strong renewals to continue through the year.

因此，我們有了一個非常好的開始，並期望強勁的續約將持續到這一年。

We will now be taking 2 more questions.

我們現在將再回答 2 個問題。

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

我們的下一個問題來自美國銀行證券公司的 Brad Sills。

I wanted to ask the question on the FINS pipeline strength another way, if I could, please.

如果可以的話，我想以另一種方式問有關 FINS 管道強度的問題。

It sounds like you're seeing wider lands coming into the pipeline for FINS.

聽起來您正在看到更廣闊的土地進入 FINS 的管道。

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.

我認為這是由於您在所有這些附加模塊和垂直應用程序、規劃、採購方面取得的進展，其中有很多。

But are customers starting with more departmental wins still?

但是，客戶是否仍然以更多部門的勝利開始？

Is this kind of -- any color on just where the -- what those pipeline deals look like for FINS in particular?

這種管道交易是否特別適合 FINS？

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?

或者您是否看到了向更廣泛的多部門交易邁進，這些交易正在進入管道中，並且客戶最初在更多的 FINS 組織中變得更大？

Yes.

是的。

Thanks for your question.

謝謝你的問題。

I think not necessarily we're seeing more departmental wins.

我認為不一定我們會看到更多的部門勝利。

Clearly, on some large customers, we are playing some departmental starting point of view.

顯然，對一些大客戶，我們是打著一些部門起點的觀點。

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.

但我認為 - 我們在 FINS 中看到的只是我們目前一直在努力的管道的成熟。

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.

我們正在成為市場上更加突出和可參考的解決方案，有更多的參考和客戶真正欣賞該季度是目前企業財務雲產品的重要參與者。

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.

然後，當然，就我們在 FINS 周圍擁有的 SKU 數量而言，我們今天擁有的更廣泛的報價比過去更加完整。

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.

最後但並非最不重要的一點是，企業融資幫助我們解決了我們以前無法解決的市場問題。

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.

然後在金融服務等某些領域，顯然會計中心對我們來說非常具有戰略意義，並且非常重要，因為我們可以提供非常強大的 FINS 產品。

So I would say it's a combination of different factors.

所以我會說這是不同因素的結合。

I don't think it's just one single factor.

我不認為這只是一個單一的因素。

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.

甚至我會說我們已經開始圍繞品牌知名度進行的一些投資，而首席財務官辦公室也在通過我們的 FINS 解決方案在我們的一些國際市場上提供幫助。

So it's many different factors, not just one single thing.

所以這是許多不同的因素，而不僅僅是一件事。

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

我們的下一個問題來自布賴恩施瓦茨和奧本海默的觀點。

Congratulations on a real good start to the year.

祝賀今年有一個真正的良好開端。

I just have one question for Chano.

我只有一個問題要問查諾。

It's on the back to work.

它在後面工作。

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?

我只是想知道，在你的談話中或者在管道組成中，你是否感覺到企業仍然在阻礙某些舉措，無論是在 HCM 還是 FINS 中，當越來越多的員工稍後返回辦公室時，這些舉措可能會得到優先考慮今年？

Yes.

是的。

Thank you, Brian, for your question.

謝謝你，布賴恩，你的問題。

I think so.

我認同。

We'll need to see how it plays out.

我們需要看看它是如何發揮作用的。

But we're certainly seeing -- and Aneel was commenting in some of our conversations with C-level executives of our customers.

但我們肯定看到了——Aneel 在我們與客戶的 C 級主管的一些對話中發表了評論。

They've clearly been prioritizing employee engagements and back to work and kind of the HR offerings.

他們顯然一直在優先考慮員工敬業度和重返工作崗位以及提供各種人力資源服務。

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.

但是現在，我們也看到他們如何開始重新考慮，並且有跡象表明，在 CFO 辦公室應該完成但他們正在開始的逾期項目方面，存在某種被壓抑的需求完成它。

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.

因此，我認為這就是我們在整個數字加速轉型方面所看到的，我們在這一轉型的企業支柱方面做得很好。

Ladies and gentlemen, thank you for your participation on today's conference.

女士們，先生們，感謝你們參加今天的會議。

This does conclude today's Workday's First Quarter Fiscal Year 2022 Earnings Conference Call.

這確實結束了今天的 Workday 2022 財年第一季度收益電話會議。

Thank you for your presentation.

謝謝你的介紹。

Enjoy the rest of your day.

享受你一天的剩餘時間。