Workday, Inc. (WDAY) 2021 Q4 法說會逐字稿

Welcome to Workday's Fourth Quarter and Fiscal Year 2021 Earnings Call. (Operator Instructions)

歡迎參加 Workday 2021 會計年度第四季暨全年度財報電話會議。（接線員指示）

And with that, I will now hand it over to Mr. Justin Furby, Vice President of Investor Relations. Please go ahead.

接下來，我將把時間交給投資人關係副總裁 Justin Furby 先生。請開始。

Welcome to Workday's Fourth Quarter Fiscal 2021 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.

歡迎參加 Workday 2021 會計年度第四季財報電話會議。本次會議出席者包括我們的共同執行長 Aneel Bhusri 與 Chano Fernandez；我們的總裁兼財務長 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，我們將進行問答。

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

我們的新聞稿已於收盤後發布，並張貼於本公司網站；本次電話會議亦同步進行網路直播。在開始之前，我們要強調，本次會議中的部分陳述，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、應用產品、客戶需求、營運及其他事項的前瞻性陳述。

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 in documents we file with the Securities and Exchange Commission, including our most recent quarterly report on Form 10-Q for additional information on risks, uncertainties and assumptions that may cause actual results to differ materially from those set forth in such statements.

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（SEC）提交文件中的風險因素（包括我們最近一期的 Form 10-Q 季度報告），以取得更多關於可能導致實際結果與上述陳述存在重大差異之風險、不確定性與假設的資訊。

In addition, during today's call, we will discuss non-GAAP financial measures, which we believe are useful as supplemental measures of Workday's performance. These non-GAAP measures should be considered in addition to and not as a substitute for or in isolation from GAAP results. You can find additional disclosures regarding these non-GAAP measures, including reconciliations with comparable GAAP results in our earnings press release and on the Investor Relations page of our website.

此外，在今天的電話會議中，我們將討論非 GAAP 財務衡量指標，我們認為其可作為 Workday 營運表現的補充衡量。這些非 GAAP 指標應與 GAAP 結果一併考量，而不應取代 GAAP 結果，亦不應單獨解讀。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 first quarter quiet period begins on April 16, 2021. Unless otherwise stated, all financial comparisons in this call will be to our results for the comparable period of our fiscal 2020.

本次電話會議的網路重播將於未來 90 天在公司網站的投資人關係連結下提供。此外，我們網站的客戶頁面包含部分精選客戶名單，並每月更新。我們第一季的靜默期將於 2021 年 4 月 16 日開始。除非另有說明，本次電話會議中所有財務比較皆以 2020 會計年度同期間的結果為基準。

With that, I will turn it over to Chano to share go-to-market highlights in the quarter. He will then turn it over to Aneel, who will provide updates on the strategy and innovation front, and then Robynne will close with our financials and guidance. We will then open the line up for your questions. Over to you, Chano.

接下來，我將把時間交給 Chano，分享本季的市場推進（go-to-market）重點。之後他會交給 Aneel，提供策略與創新方面的最新進展，接著由 Robynne 以財務表現與指引作結。然後我們將開放提問。Chano，交給你。

Thank you, Justin. I hope all of you joining us today are in good health and that your families are doing well. It has been a challenging few months of the pandemic, but there is significant cause for optimism. We had a very strong growth to the year as companies increasingly realize that HR and finance are the true backbone of their digital transformation. This realization is leading to significant pipeline improvement. And as we enter FY '22, we are well-positioned to drive accelerated new bookings growth.

謝謝你，Justin。希望今天加入我們的各位都身體健康，家人也一切安好。疫情的這幾個月充滿挑戰，但我們有充分理由保持樂觀。隨著企業日益認知到人資與財務才是其數位轉型的真正骨幹，我們在本年度實現了非常強勁的成長。這項認知正帶動銷售管線顯著改善。隨著我們進入 2022 會計年度，我們已具備良好條件推動新訂單（new bookings）成長加速。

Our solid results were driven by another quarter of strong execution of high conversion rates. We once again drove strength in North America (inaudible) with vertical standouts in education and government, health care and the professional services market. Both the large and medium enterprise teams outperformed, driven by continued momentum in our installed base efforts as well as improving performance in our net new business.

我們穩健的成果來自於又一季在高轉換率上的強力執行。我們再次在北美展現強勁表現（聽不清），其中教育與政府、醫療保健以及專業服務市場等垂直領域表現突出。大型與中型企業團隊皆超越預期，動能來自我們在既有客戶基礎（installed base）上的持續推進，以及在全新客戶（net new）業務上的表現改善。

The strength in our HCM solutions was a critical contributor to our Q4 performance with notable customer additions in the quarter, including Nike, ABB, Anthem, Cognizant Worldwide, Cox Enterprises, Ferrovial Corporacion, First Rank Bank, Laboratory Corporation of America and Peakon APAC retailers. We also saw significant update across our newer solutions that support the office of the CHRO, including People Analytics, Help and Journeys and Talent Marketplace.

我們 HCM（人力資本管理）解決方案的強勁表現，是第四季業績的關鍵貢獻因素；本季新增多家重要客戶，包括 Nike、ABB、Anthem、Cognizant Worldwide、Cox Enterprises、Ferrovial Corporacion、First Rank Bank、Laboratory Corporation of America，以及 Peakon 亞太地區零售客戶。我們也看到支援 CHRO（人資長）辦公室的較新解決方案出現顯著採用成長，包括 People Analytics、Help and Journeys 以及 Talent Marketplace。

By leveraging these applications, organizations are addressing and fundamentally rethinking important questions like how to end institutional buyers, how to reshape the workforce to meet today's demands and how to spot the engagement risk and execution line response.

透過運用這些應用，組織正在處理並從根本上重新思考一些重要問題，例如如何終結制度性的買方（institutional buyers）、如何重塑勞動力以滿足當前需求，以及如何辨識敬業度風險與執行層面的回應。

The FINS plus solutions also had a strong quarter and continues to represent an increasing percentage of our new business mix. We have several strategic core FINS wins in Q4, including a Fortune 500 win of Franklin Templeton, which included accounting center; Minnesota State Colleges and Universities; Sentry Insurance; the University of Maryland College Park; St. Jude's Children's Research Hospital; and Vanderbilt University Medical Center.

FINS Plus 解決方案同樣繳出強勁的一季，並持續在我們的新業務組合中占比提高。我們在第四季取得多項具策略性的核心 FINS 勝利案，包括《財富》500 強客戶 Franklin Templeton（包含 Accounting Center）；Minnesota State Colleges and Universities；Sentry Insurance；University of Maryland College Park；St. Jude's Children's Research Hospital；以及 Vanderbilt University Medical Center。

We are excited by the accelerated pipeline of FINS opportunities, including emerging use cases with enterprise financing product-based industries like retail and manufacturing, where recent wins include one of the nation's largest pizza chain, Zume and exporting goods retailer with over 1,000 stores. And we once again saw solid demand for our suite of products that support the office of the CFO and Chief Procurement Officer, including Workday Adaptive Planning, Prism Analytics as well as Workday Strategic Sourcing and our Broader Spend Management Solutions.

我們對 FINS 機會加速成長的銷售管線感到振奮，其中包括在零售與製造等以產品為主的產業中，圍繞企業財務的新興使用情境；近期的勝利案包括全美最大的披薩連鎖之一、Zume，以及一家擁有超過 1,000 家門市的出口商品零售商。我們也再次看到對支援 CFO 與首席採購長（Chief Procurement Officer）辦公室之產品套件的穩健需求，包括 Workday Adaptive Planning、Prism Analytics，以及 Workday Strategic Sourcing 與我們更廣泛的支出管理解決方案。

Our installed base team also had another solid performance with more than 40% growth in new ACV bookings in Q4 against a very difficult comparison, a more than 50% growth for full year FY '21. This team's execution was critical in driving growth over the past year. And we remain very optimistic that with an ever-expanding product portfolio, we can continue to increase customer wallet share in the years ahead.

我們的既有客戶基礎團隊也再次交出穩健表現：在第四季面對非常艱難的比較基期下，新 ACV 訂單仍成長超過 40%；而 2021 會計年度全年則成長超過 50%。該團隊的執行力對於過去一年的成長至關重要。我們也仍非常樂觀，隨著產品組合持續擴大，我們將能在未來幾年持續提升客戶錢包占比（wallet share）。

Our customer success and services organization also executed incredibly well, taking more than 250 for HCM and FINS customers live in the quarter. Ensuring customer success has always been a core value for us at Workday. And I'm incredibly proud of how our services team and our partners have responded in this environment helping to take light, and virtually, I might add a record number of workers on the Workday platform in FY '21.

我們的客戶成功與服務組織同樣展現極佳的執行力，本季協助超過 250 家 HCM 與 FINS 客戶上線。確保客戶成功一直是 Workday 的核心價值。我也為我們的服務團隊與合作夥伴在此環境下的回應感到無比自豪；他們協助以現場與線上方式（我補充一下，且創下紀錄）讓 2021 會計年度有創紀錄數量的員工在 Workday 平台上啟用。

Personally, one of the Q4 highlights was around our pipeline efforts. As we have described over the last 2 earnings calls, our pipeline generation has been improving since the onset of the pandemic. And I am pleased to say that trends continue and meaningfully accelerated in Q4 with record pipeline generation across all 3 regions. We still see some pipeline impact from COVID-impacted industries, but those headwinds appear to be lessening. The pipeline strength that we have seen along with the stabilization in new business demand drives our expectation that new business growth will accelerate in FY '22.

就我個人而言，第四季亮點之一是我們在銷售管線上的努力。正如我們在過去兩次財報電話會議所述，自疫情爆發以來，我們的管線生成一直在改善。我很高興地表示，這些趨勢仍在延續，且在第四季明顯加速，三大區域的管線生成皆創下紀錄。我們仍看到部分受 COVID 影響產業對管線造成的影響，但這些逆風似乎正在減弱。我們所見到的管線強度，加上新業務需求的趨於穩定，促使我們預期 2022 會計年度的新業務成長將加速。

On the personnel side, I wanted to congratulate my good friend Doug Robinson on his recent promotion to EVP of Global sales. That has been incredibly impactful over his 10 years plus at Workday, most recently serving as Head of North America Sales with an impressive track record, where he not only played an instrumental role in helping us win some of the world's biggest brands, but he also established high levels of operational and sales excellence across our North America region that have been critical to Workday's growth.

在人事方面，我想祝賀我的好朋友 Doug Robinson 最近晉升為全球銷售執行副總裁（EVP）。在他於 Workday 超過 10 年的任期中，他帶來了極其深遠的影響；最近他擔任北美銷售主管，成績斐然，不僅在協助我們贏得一些全球最大品牌方面扮演關鍵角色，也在北美區域建立了高度的營運與銷售卓越標準，這些都對 Workday 的成長至關重要。

In his new role, Doug will lead our global sales efforts reporting directly to me, helping us to accelerate our FINS momentum while continuing to expand our international footprint. Congratulations Doug, and I look forward to our continued partnership.

在新職務中，Doug 將直接向我匯報並領導我們的全球銷售工作，協助我們加速 FINS 動能，同時持續擴大我們的國際版圖。恭喜你，Doug，我也期待我們持續的合作夥伴關係。

Finally, before handing it over to Aneel, and on behalf of the entire Workday leadership team, I would like to express thanks to all of our workmates across the globe. Your response to this challenging environment has been nothing short of amazing, and your resiliency has set us up for a strong year ahead.

最後，在交棒給 Aneel 之前，我謹代表整個 Workday 領導團隊，向全球所有 Workmate 表達感謝。你們對這個充滿挑戰的環境所做出的回應令人驚嘆，你們的韌性也讓我們為未來一年的強勁表現奠定了基礎。

With that, I will turn it over to our Co-Founder and CEO, Aneel Bhusri. Over to you, Aneel.

接下來，我將把時間交給我們的共同創辦人兼執行長 Aneel Bhusri。Aneel，交給你。

Thanks, Chano, and thanks, everyone, for joining today's call. Last August, we shared the exciting news of Chano's promotion to Co-CEO. And 6 months in, I couldn't be happier with the positive impact of this change. Chano has been at the center of our go-to-market and customer-facing activities while allowing me more time to focus on our product strategy and innovation. This increased focus could not have come at a more important time. Our innovation cadence has accelerated, and we're excited to continue to bring out market-leading innovation to support our customers.

謝謝你，Chano，也謝謝各位參加今天的電話會議。去年 8 月，我們分享了 Chano 晉升為共同執行長的振奮消息。6 個月過去，我對這項變動帶來的正面影響感到再滿意不過。Chano 一直站在我們市場推進與面向客戶活動的核心，同時也讓我有更多時間專注於產品策略與創新。這樣的聚焦來得正是時候。我們的創新節奏已加速，我們也很期待持續推出市場領先的創新，以支援我們的客戶。

Chano touched upon our successes in expanding our presence within our customer base. A big part of the success was driven by the introduction of new products. Indeed, in the last 3 years, we have delivered 50% more in terms of monetizable solutions as compared to the prior 3 years.

Chano 提到了我們在擴大既有客戶群內的滲透方面所取得的成功。這項成功很大一部分來自於新產品的推出。確實，在過去 3 年中，我們在可變現解決方案的交付量方面，較前 3 年多出 50%。

As the trends around digital transformation and acceleration continue unabated, and with increasing gap of what traditional legacy ERP can deliver and what our customers need, Workday finds itself in a unique position to not only help companies close this gap through a new class of enterprise management cloud, but also to truly serve as the backbone of their digital transformation. We are enabling digital transformation journeys for more than 8,000 customers, including over 3,500 core HR and finance customers, and we're excited to go further with them on this journey and to embark on a new journey with our next wave of customers.

隨著數位轉型與加速的趨勢持續不減，且傳統舊式 ERP 所能提供的能力與客戶需求之間的落差日益擴大，Workday 正處於獨特的位置：不僅能透過新一代企業管理雲協助企業縮小這個落差，更能真正成為其數位轉型的骨幹。我們正為超過 8,000 家客戶啟動數位轉型旅程，其中包括超過 3,500 家核心人資與財務客戶；我們很期待與他們在這段旅程中走得更遠，也期待與下一波客戶展開新的旅程。

This concept of accelerated business change has been a core design principle since we founded the company. Workday enables organizations to turn transactional silos into a complete unified picture, hardwired processes into responsive automation and periodic into real-time and continuous planning, execution and analysis.

這個「加速業務變革」的概念，自公司創立以來一直是核心設計原則。Workday 讓組織能將交易式的孤島整合為完整一致的全貌，將硬編碼流程轉為具回應性的自動化，並把週期性的規劃、執行與分析轉為即時且持續的模式。

And our solutions aren't simply providing and accelerating existing processes, but we're helping thousands of companies fundamentally rethink the way they run their business. Many of these customers have relied on Workday to help them transform their organizations, including hundreds of customers that went live in Q4, such as Caterpillar, Comcast Cable, Cisco Systems, PF Chang's and Spectrum Health.

而我們的解決方案不只是提供並加速既有流程；我們也在協助數千家公司從根本上重新思考其營運方式。許多客戶仰賴 Workday 來推動組織轉型，其中包括在第四季上線的數百家客戶，例如 Caterpillar、Comcast Cable、Cisco Systems、PF Chang's 與 Spectrum Health。

The world of finance is also being significantly impacted by the trends surrounding digital transformation. Listening to our customers and how they were dealing with all this change, we decided to design and build Accounting Center, one of our most exciting products in recent memory and one that is now generally available. Built on an analytics engine, Workday Accounting Center ingests, enriches and transforms operational transactions into accounting. Customers can gain insight into rich accounting detail with complete data lineage for drill back for source transactions, empowering them to report faster and reduce time to close.

財務領域同樣正受到數位轉型趨勢的重大影響。傾聽客戶以及他們如何因應這些變化後，我們決定設計並打造 Accounting Center——這是我們近年來最令人振奮的產品之一，且目前已正式全面上市（generally available）。Workday Accounting Center 建構於分析引擎之上，可擷取、豐富並轉換營運交易為會計分錄。客戶可透過完整資料血緣（data lineage）向下追溯至來源交易，洞察更豐富的會計明細，進而加速報表產出並縮短關帳時間。

With this new offering as part of a broader suite of our enterprise finance solutions that includes Prism Analytics, Planning and Consolidations, we're now able to address a broader part of the finance market, including product-based industries such as retail and manufacturing. These industries must maintain their existing ERP and industry-specific on-premise systems, but want to use Workday to bring corporate finance functions into the cloud. It's one of the several emerging and exciting opportunities that grows our addressable market within the financial management solutions marketplace.

隨著這項新產品納入我們更廣泛的企業財務解決方案套件（包含 Prism Analytics、Planning 與 Consolidations），我們如今能涵蓋更廣的財務市場，包括零售與製造等以產品為主的產業。這些產業必須維持既有 ERP 與產業專用的地端系統，但希望使用 Workday 將企業財務職能帶上雲端。這是多項新興且令人振奮的機會之一，可擴大我們在財務管理解決方案市場中的可服務市場（addressable market）。

On the HCM front, I'm proud to say that we are supporting customers in their efforts to prepare for a post-pandemic world. In Q4, we announced a vaccine management solution that provides leaders with insights to create a healthier workforce and a safer workplace. We've also seen strong interest in other timely solutions such as VIBE Index and VIBE Central, which we announced last year and we already have more than 500 customers live. These customers are now equipped to better view and analyze the diversity and representation of their workforce in one centralized place.

在人力資本管理（HCM）方面，我很自豪地說，我們正支持客戶為後疫情時代做準備。第四季，我們宣布了一項疫苗管理解決方案，為領導者提供洞察，以打造更健康的員工隊伍與更安全的工作場所。我們也看到市場對其他即時性解決方案的強勁興趣，例如我們去年宣布的 VIBE Index 與 VIBE Central，目前已經有超過 500 家客戶上線。這些客戶如今能在單一集中平台中，更好地檢視與分析其員工隊伍的多元性與代表性。

One area in HCM that has accelerated during the pandemic is employee engagement. With so many companies dealing with remote workers, getting a sense of how employees are feeling about the organization, their manager and their work became paramount. While Workday had been focused on employee engagement for several years and had introduced capabilities such as pulse surveys, we realized we had to offer more capabilities to our customers.

在疫情期間加速發展的 HCM 領域之一是員工敬業度。面對大量遠距員工，掌握員工對組織、其主管與工作本身的感受變得至關重要。雖然 Workday 多年來一直聚焦員工敬業度，並推出如脈動調查（pulse surveys）等功能，但我們意識到必須為客戶提供更多能力。

That insight led us to Peakon, one of the acknowledged market leaders in this fast-growing space and a company built around a machine learning first approach. By bringing our product offerings together, Peakon will allow Workday to greatly enhance our capabilities across several key areas, including understanding the voice of the employee, providing more robust capability in agile performance management and becoming an engine to further our VIBE solutions as the most comprehensive on the market. I'm looking forward to welcoming the more than Peakon 250 employees, who will soon become workmates, including Co-Founder and CEO, Phil Chambers, who will continue as CEO Peakon and will report directly to Tom Bogan. We're all excited about our future together.

這項洞察引導我們選擇 Peakon——這個快速成長領域中公認的市場領導者之一，且是一家以機器學習優先（machine learning first）方法打造的公司。透過整合我們的產品組合，Peakon 將使 Workday 在多個關鍵領域大幅強化能力，包括理解員工之聲、在敏捷績效管理方面提供更強健的能力，並成為推進我們 VIBE 解決方案的引擎，使其成為市場上最全面的方案。我期待迎接 Peakon 超過 250 名員工加入，他們很快將成為同事；其中包括共同創辦人兼執行長 Phil Chambers，他將繼續擔任 Peakon 執行長，並直接向 Tom Bogan 匯報。我們都對共同的未來感到振奮。

As we look forward to Workday's next chapter, I'm excited by the opportunity that is in front of us, and I'm very grateful to our employees for their dedication to innovation and customer success during these very challenging times.

展望 Workday 的下一篇章，我對眼前的機會感到興奮，也非常感謝我們的員工在這段極具挑戰的時期，仍致力於創新與客戶成功。

With that, I'll 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（CFO）Robynne Sisco。Robynne，交給你。

Thanks, Aneel, and good afternoon, everyone. As Chano and Aneel mentioned, we executed incredibly well in the fourth quarter, demonstrating the strategic and mission-critical nature of our solutions and the resiliency in our business during these unprecedented times.

謝謝你，Aneel，各位下午好。如同 Chano 與 Aneel 提到的，我們在第四季的執行表現極為出色，展現了我們解決方案的策略性與任務關鍵性（mission-critical）本質，以及在這段前所未有的時期中我們業務的韌性。

Subscription revenue was $1.01 billion in Q4, our first ever quarter over the $1 billion mark, representing growth of 20%. For the full year, subscription revenue was $3.79 billion, growth of 22%. Professional services revenue was $125 million for Q4 and $530 million for the full year. Fourth quarter revenue outside the U.S. was $283 million, representing 25% of total revenue.

第四季訂閱營收為 10.1 億美元，這是我們首次單季突破 10 億美元大關，年增 20%。全年訂閱營收為 37.9 億美元，年增 22%。第四季專業服務營收為 1.25 億美元，全年為 5.30 億美元。第四季美國以外地區營收為 2.83 億美元，占總營收 25%。

Subscription revenue backlog was $10.09 billion, growth of 22% and our first ever quarter above $10 billion in backlog. The outperformance was driven by better-than-expected new bookings against a very difficult comparison in addition to strong renewals, with gross and net retention rates over 95% and 100%, respectively. Backlog also benefited from a notable lengthening of average contract duration for both new customers and renewals. Subscription revenue backlog that will be recognized within the next 24 months was $6.53 billion, growth of 19%.

訂閱營收待履約（backlog）為 100.9 億美元，年增 22%，也是我們首次單季 backlog 超過 100 億美元。優於預期的表現主要來自：在極具挑戰的比較基期下，新訂單（new bookings）優於預期，並且續約表現強勁；總留存率（gross retention）與淨留存率（net retention）分別超過 95% 與 100%。Backlog 亦受惠於新客戶與續約客戶的平均合約期間明顯拉長。預計在未來 24 個月內認列的訂閱營收 backlog 為 65.3 億美元，年增 19%。

Our non-GAAP operating income for the fourth quarter was $211 million, resulting in a non-GAAP operating margin of 19%. For the year, non-GAAP operating income was a record $867 million or 20% of total revenue, up more than 650 basis points from FY '20. This expansion was driven by a continued scale in efficiencies, a reduced pace of hiring and other COVID-related moderation of expenses, including reduced spend for travel and events.

第四季非 GAAP 營業利益為 2.11 億美元，非 GAAP 營業利益率為 19%。全年非 GAAP 營業利益創新高，達 8.67 億美元，占總營收 20%，較 2020 財年提升超過 650 個基點。此一擴張主要來自持續的規模效率、放緩招募步調，以及其他與 COVID 相關的費用趨緩，包括差旅與活動支出降低。

Operating cash flow for Q4 was $554 million, growth of 86%, bringing our full year operating cash flow to $1.27 billion, 47% growth. Record cash flow results were driven by strong cash collections as well as the substantial operating margin expansion. Our total workforce at the end of the year stood at more than 12,500 employees, and we have begun to ramp up hiring for FY '22. Overall, we are very pleased with the strong company-wide execution in our seasonally most important quarter.

第四季營運現金流為 5.54 億美元，年增 86%，使全年營運現金流達 12.7 億美元，年增 47%。創紀錄的現金流表現來自強勁的現金收款，以及營業利益率的大幅擴張。年末我們的員工總數超過 12,500 人，且已開始在 2022 財年加速招募。整體而言，我們對公司在季節性最重要季度的強勁整體執行表現感到非常滿意。

Turning now to guidance. Although the environment remains uncertain, we are encouraged by our momentum in recent quarters and have seen an improvement in both close rates and pipeline growth. We're cautiously optimistic that the environment will continue to improve as we move through FY '22, driving a faster pace of digital transformation initiatives across HR and finance. We are focused on driving accelerated bookings growth this year, which we expect will ultimately result in a faster pace of future subscription revenue growth.

接著談展望。儘管環境仍不確定，我們對近幾季的動能感到鼓舞，並看到成交率（close rates）與銷售管線（pipeline）成長皆有所改善。我們審慎樂觀地認為，隨著 2022 財年的推進，環境將持續改善，進而推動人資與財務領域的數位轉型計畫加速。我們今年聚焦於推動訂單（bookings）加速成長，並預期最終將帶動未來訂閱營收更快的成長步伐。

When thinking about our subscription revenue growth for FY '22, however, keep in mind that while we executed well this past year, we still experienced headwinds to new bookings. As I mentioned in last quarter, these headwinds have implications for this year's subscription revenue growth given the lag effect caused by subscription revenue accounting rules inherent in SaaS businesses.

然而，在思考 2022 財年的訂閱營收成長時，請記得：雖然我們去年執行良好，但新訂單仍面臨逆風。如同我在上季提到的，這些逆風會影響今年的訂閱營收成長，原因在於 SaaS 業務所固有的訂閱營收會計規則所造成的遞延效應（lag effect）。

With that context, we expect FY '22 subscription revenue to be in the range of $4.38 billion to $4.40 billion, representing 16% year-over-year growth. This guidance includes the pending Peakon acquisition, which we anticipate closing later this quarter and is expected to contribute less than 1 percentage point to our subscription revenue growth in FY '22.

在此背景下，我們預期 2022 財年訂閱營收將落在 43.8 億至 44.0 億美元之間，年增 16%。此指引包含尚待完成的 Peakon 收購案，我們預期將於本季稍晚完成交割，並預期在 2022 財年對訂閱營收成長的貢獻低於 1 個百分點。

For the first quarter of FY '22, we expect subscription revenue to be between $1.018 billion and $1.020 billion, representing 16% year-over-year growth at the high end. Keep in mind that because of the leap year in FY '21, we have 1 less day of revenue recognition in Q1 than we did in the year ago period, representing a nearly $12 million impact to the Q1 subscription revenue and affecting both our sequential and year-over-year growth rates. We expect subscription revenue to sequentially increase from the previous quarter by just under 6% in Q2 and approximately 4% in Q3 and 4.5% in Q4.

對於 2022 財年第一季，我們預期訂閱營收將介於 10.18 億至 10.20 億美元之間，以高端計算年增 16%。請注意，由於 2021 財年為閏年，相較去年同期，第一季少了 1 天可認列營收，對第一季訂閱營收造成近 1,200 萬美元的影響，並同時影響我們的季增與年增成長率。我們預期第二季訂閱營收較前一季依序成長略低於 6%，第三季約 4%，第四季約 4.5%。

From a backlog perspective, last year, we saw a lengthening of overall contract duration, providing more predictability in our future revenue while also adding to total backlog growth during FY '21. While we have historically guided to total backlog, given that variations in contract length are difficult to forecast and can impact total backlog growth by several percentage points in either direction, we now feel it's appropriate to guide to 24-month backlog, which will help isolate fluctuations and contract duration.

從積壓訂單（backlog）的角度來看，去年我們看到整體合約期限拉長，這在提升未來營收可預測性的同時，也在 FY '21 期間推動了總積壓訂單的成長。雖然我們過去一向提供總積壓訂單的指引，但由於合約期限的變動難以預測，且可能使總積壓訂單成長率在任一方向上波動數個百分點，我們現在認為改為提供 24 個月積壓訂單的指引更為合適，這將有助於隔離波動與合約期限的影響。

When considering 24-month backlog, keep in mind that the 2 primary drivers of growth are net new bookings and the timing of renewals. For FY '22, we believe net new bookings will have a positive impact on backlog growth given our expectation of new business reacceleration. When we look at the historical impact of renewals on backlog growth, we have consistently seen growth each year in the amount of ACV up for renewal, making renewals a positive contributor to backlog growth.

在考量 24 個月積壓訂單時，請記住成長的兩大主要驅動因素是淨新增訂單（net new bookings）以及續約時點。對 FY '22 而言，基於我們預期新業務將重新加速，我們相信淨新增訂單將對積壓訂單成長帶來正面影響。回顧續約對積壓訂單成長的歷史影響，我們每年都持續看到到期續約的 ACV 金額增加，使續約成為積壓訂單成長的正向貢獻者。

In FY '22, however, the ACV up for renewal is relatively flat compared to FY '21. This dynamic is purely a function of the mix of historical contract lengths, but will serve as a headwind on both the 24-month and total backlog growth for this fiscal year. From what we see today, this headwind will not persist beyond FY '22, and we expect the renewal base will grow again in FY '23. With all this as context, we expect the 24-month backlog to grow approximately 18% in Q1 of FY '22.

然而在 FY '22，到期續約的 ACV 相較 FY '21 大致持平。這個動態純粹是歷史合約期限組合所致，但將在本會計年度對 24 個月積壓訂單與總積壓訂單成長形成逆風。就我們目前所見，這股逆風不會延續到 FY '22 之後，我們預期 FY '23 的續約基礎將再次成長。在上述背景下，我們預期 FY '22 第 1 季的 24 個月積壓訂單將約成長 18%。

We're expecting professional services revenue to be approximately $139 million in Q1 and $590 million for the full year. This represents a return to growth in professional services revenue driven by our expectation of improved new business trends. We will continue our tight alignment with our growing partner ecosystem to help ensure customers have successful implementations that support the highest levels of customer satisfaction and business value.

我們預期第 1 季專業服務營收約為 1.39 億美元，全年約為 5.90 億美元。這代表專業服務營收將重回成長，主要由我們對新業務趨勢改善的預期所帶動。我們將持續與日益壯大的合作夥伴生態系緊密協作，協助確保客戶成功導入，進而支持最高水準的客戶滿意度與商業價值。

From a margin standpoint, this past year, we demonstrated the long-term scalability inherent in our model. Investing for growth remains priority #1, however, and in FY '22, we expect to increase our pace of hiring across the company but with a focus on sales, marketing and product, specifically targeted at accelerating pipeline growth and advancing our strategic product roadmap. Included in these investments are increased marketing and brand campaigns as well as significant planned growth in quota-carrying rep capacity.

從利潤率角度來看，過去一年我們展現了我們模式所固有的長期可擴展性。然而，為成長而投資仍是第一優先事項；在 FY '22，我們預期將加快全公司招募步伐，但重點放在銷售、行銷與產品，特別鎖定加速管線（pipeline）成長並推進我們的策略性產品藍圖。這些投資包含增加行銷與品牌活動，以及大幅提升具配額承擔（quota-carrying）的業務代表產能。

With this context and an estimated 100 basis point dilution from Peakon, we expect our FY '22 non-GAAP operating margin to be 17%. We estimate non-GAAP operating margins of approximately 19% in Q1 and expect a normal seasonal sequential decline in Q2 as we invest in our people through our annual compensation process. The GAAP margins for the first quarter and the full year are expected to be approximately 26 and 24 percentage points lower, respectively, than the non-GAAP margins.

在此背景下，並考量 Peakon 估計約 100 個基點的稀釋影響，我們預期 FY '22 的 non-GAAP 營業利潤率為 17%。我們估計第 1 季 non-GAAP 營業利潤率約為 19%，並預期第 2 季將因我們透過年度薪酬流程投資於人才而出現正常的季節性環比下滑。第 1 季與全年 GAAP 利潤率預期分別比 non-GAAP 利潤率低約 26 與 24 個百分點。

Further, we expect our stock-based compensation expense as a percent of revenue will decline by approximately 1.5% this year, starting a multiyear trend of improvements in this metric.

此外，我們預期今年以營收百分比計的股份基礎給付（stock-based compensation）費用將下降約 1.5%，並開啟此指標為期多年的改善趨勢。

The FY '22 non-GAAP tax rate remains at 19%. We expect operating cash flow in FY '22 to be approximately $1.2 billion, down slightly from record levels in FY '21, driven by the ramp in growth investments. We expect to invest approximately $170 million in Q1 of FY '22 for owned real estate investments as we finalize the purchase of 5 buildings at our Pleasanton campus that we currently lease. This purchase is important to our headquarter strategy and affords us control of our core campus buildings.

FY '22 的 non-GAAP 稅率維持在 19%。我們預期 FY '22 的營業現金流約為 12 億美元，較 FY '21 的歷史高點略為下降，主要受成長投資加速所致。我們預期在 FY '22 第 1 季投入約 1.70 億美元於自有不動產投資，因我們將完成購買目前租賃中的 Pleasanton 園區 5 棟建築。此項購置對我們的總部策略相當重要，並使我們能掌控核心園區建築。

We expect to spend roughly $270 million in FY '22 to support all other capital needs. This includes investments in lease facilities, corporate IT infrastructure and customer data centers to support our continued business expansion. These data center investments, along with other investments we're making in our technology and platform, including our entrance into the federal market and our expanded use of the public cloud, are expected to reduce our non-GAAP subscription gross margins to slightly under 85% in FY '22.

我們預期 FY '22 將支出約 2.70 億美元以支援其他所有資本需求，其中包括對租賃設施、企業 IT 基礎建設以及客戶資料中心的投資，以支援我們持續的業務擴張。這些資料中心投資，加上我們在技術與平台上的其他投資（包括進入聯邦市場以及擴大使用公有雲），預期將使 FY '22 的 non-GAAP 訂閱毛利率降至略低於 85%。

And finally, I'll close by thanking our amazing employees, customers and partners for their continued support and hard work, which allows us to deliver great results during an unprecedented year. We are more confident than ever in the long-term opportunity ahead and look forward to keeping you apprised of our progress throughout the year.

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，讓我們能在這個前所未有的一年交出亮眼成果。我們對未來的長期機會比以往任何時候都更有信心，並期待在今年持續向各位更新我們的進展。

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 Kash Rangan with Goldman Sachs.

（接線員指示）我們的第一個問題來自高盛（Goldman Sachs）的 Kash Rangan。

I'm trying to reconcile the strength in the quarter, congratulations. That's a fantastic quarter. You've seen accelerating backlog growth for the past 4 quarters, and you're talking about accelerating pipeline growth going forward, yet, I completely understand the new business bookings were somewhat challenged. But I'm also trying to reconcile all the positives against the outlook of fiscal '22 subscription revenue growth here. Maybe if you could just shed a little bit finer light on how we should expect the shape of fiscal '22 to unfold? And obviously, the point is well taken that getting out of fiscal '22 into '23, we could see even better trends. So can you just paint the shape of the recovery? And where do we bottom out in terms of subscription revenue growth? And when are we likely to see the acceleration based on all the good things we're hearing from you guys? And congrats.

我正在嘗試把本季的強勁表現串起來理解，恭喜，這是一個非常出色的季度。你們在過去 4 個季度看到積壓訂單成長加速，並且談到未來管線成長將加速；同時，我完全理解新業務訂單（bookings）確實有些受挑戰。但我也在嘗試把所有正面因素與你們對 FY '22 訂閱營收成長的展望做對照。也許你們可以更細緻地說明一下，我們應該如何預期 FY '22 的走勢？而且很明顯，你們也提到從 FY '22 走到 '23，我們可能會看到更好的趨勢。所以你們能否描繪一下復甦的形狀？就訂閱營收成長而言，我們會在什麼地方觸底？基於你們提到的所有好消息，我們大概何時會看到加速？再次恭喜。

Thanks, Kash, for the question. I'll take the first pass, which is the metric that we run the business on at Workday is growth in bookings. And we're really excited about what we see over the next 12 months. Subscription growth bookings is a derivative of that number. And as you know, subscription accounting is based on multiple years factoring into that. So I wouldn't look too much at subscription gross bookings, as I would try to figure out what we're actually doing in this next year, which is a reacceleration on the bookings front. And then maybe I'll ask Chano and Robynne to add a few comments to that.

謝謝你，Kash，這個問題。我先從第一個角度回答：Workday 用來經營業務的指標是訂單（bookings）成長。我們對未來 12 個月所看到的情況感到非常振奮。訂閱成長與訂單是由該數字衍生而來。而如你所知，訂閱會計是以多年期因素來計入的。因此，相較於過度關注訂閱總訂單（subscription gross bookings），我會更著重於理解我們接下來一年實際要做的事，也就是在訂單端重新加速。接著我也請 Chano 和 Robynne 補充幾點。

Yes. So as you know, our subscription revenue this year is really a direct result of the headwind to that new business that we experienced last year. And we've been previewing this the last couple of quarters. So that's an important point. I'd also point out that we've been saying for a while now that our goal has been to flatten the declining growth curve and then ultimately reaccelerate. And as you can tell by the fact that our Q1 sub-revenue guide growth is the same as our full year, this is the year we expect to flatten that curve, which is a really positive thing.

是的。如你所知，我們今年的訂閱營收其實是去年新業務逆風的直接結果。我們在過去幾個季度已經先行提示過這點，所以這是一個重要重點。我也要指出，我們一段時間以來一直在說，我們的目標是先讓下滑的成長曲線趨於平坦，然後最終重新加速。從我們第 1 季訂閱營收指引的成長率與全年相同這點你也看得出來，今年就是我們預期能把那條曲線拉平的一年，這是非常正面的事情。

And then to Aneel's point, if we can reaccelerate the bookings growth, which we absolutely believe we can, then that will ultimately lead potentially to subscription revenue acceleration. But there's a lag there, so it's going to take some time.

接著呼應 Aneel 的觀點，如果我們能讓訂單成長重新加速，而我們絕對相信可以做到，那最終就可能帶動訂閱營收加速。但中間存在時間落差，所以需要一些時間。

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

我們的下一個問題來自摩根大通（JPMorgan）的 Mark Murphy。

Yes. Great to hear all the positive news. I'm wondering if you can provide any insight into the internals of the financials business the last 2 to 3 quarters. Is it safe to assume that, that bookings mix of the core general ledger softened up a bit just because of macro uncertainty, and maybe that pivoted more toward planning and scout and those other areas? Just trying to understand the magnitude of any shift there. And then moving forward, what do you think is the main catalyst that a finance team is focused on to say, now we're looking at the right conditions to modernize the general ledger and maybe bite off a bigger chunk that would give you a tailwind?

是的。很高興聽到這麼多正面消息。我想請教你們能否提供過去 2 到 3 個季度財務（financials）業務內部結構的一些洞見？是否可以合理推測，由於總體環境不確定性，核心總帳（core general ledger）的訂單組合稍微走弱，而需求更多轉向規劃（planning）、Scout 以及其他領域？我想了解這種轉移的幅度。再往前看，你認為財務團隊最關注的主要催化因素是什麼，會讓他們覺得現在條件已經成熟，可以去現代化總帳，並且可能一次承接更大範圍、從而為你們帶來順風？

That's a great question, Mark. Let me just cite some Gartner data that we got a few months ago. And I think it's instructive for how the market is working today to let us know that core accounting or core finance inquiries were down 14%. Core planning inquiries were up, I think, close to 30%. And as the pandemic eases, what they also said was that, while many of the core accounting projects were going to be delayed, the ones that were in '23 and '24 and '25 were getting sucked forward because people realize that they needed to start on that digital transformation journey for financials. And so while it's been a tough time for financials during the pandemic, I actually think from here on now, it's going to get accelerated. But I really want to let Chano comment on this.

這是個很好的問題，Mark。我先引用幾個月前我們取得的一些 Gartner 數據。我認為這對理解市場目前的運作方式很有啟發性：核心會計或核心財務的詢問量下降了 14%；核心規劃的詢問量上升了，我記得接近 30%。而 Gartner 也表示，隨著疫情趨緩，雖然許多核心會計專案會被延後，但原本排在 '23、'24、'25 的專案正在被往前拉，因為人們意識到他們需要開始財務數位轉型之旅。因此，雖然疫情期間財務領域確實艱難，但我其實認為從現在開始會加速。不過我也很希望讓 Chano 來評論這點。

Thank you, Aneel, and thank you, Mark. FINS is definitely a key part of the reacceleration story, Mark, and we are seeing more of these opportunities coming to market. And not only did we see improvements in our FINS business in Q4, several strategic wins that we mentioned, but we also had solid FINS pipeline growth as well. But it is broader than core FINS, as you highlighted. It is a broader solution set, and we're selling into the office of the CFO, which also includes -- sorry, spend management, analytics and our planning solutions, as Aneel was highlighting. So we're really meeting our customers where they are in the journey. And there are emerging opportunities to our entire enterprise finance solution, which leverages Prism and Accounting Center, where we're now better positioned to go after product-based industries like retail and manufacturing, and that opportunity we didn't have before. So we're widening our addressable market.

謝謝你，Aneel，也謝謝你，Mark。Mark，FINS 絕對是再加速故事中的關鍵一環，我們也看到更多這類機會正在進入市場。而且不僅是我們在第四季看到 FINS 業務的改善，以及我們提到的幾個策略性勝利，我們的 FINS 銷售管線也有穩健成長。但正如你所強調的，這不僅限於核心 FINS。這是一套更廣泛的解決方案組合，我們正在向 CFO 辦公室銷售，其中也包括——抱歉——支出管理、分析，以及我們的規劃解決方案，正如 Aneel 所提到的。因此，我們確實是在客戶旅程中所處的位置與其對接。同時，我們也看到針對整體企業財務解決方案的新興機會，該方案運用 Prism 與 Accounting Center，使我們現在更有能力切入零售與製造等以產品為主的產業，而這是我們過去沒有的機會。因此，我們正在擴大可服務市場。

If I could just add one more thing that we had a business plan going into the year pre-COVID. And without going into the details, and I can't go into the details of how close we were, but we were in shouting distance of our original plan around our overall business. And if you would told me that in April of last year, I would not believed that. And so it's a great testament to our team, but also the fact that digital transformation is accelerating. And the folks that were not on cloud platforms realize they needed to be. And so it's one of the drivers of our optimism going forward.

如果我可以再補充一點：在 COVID 之前，我們在年初就有一個商業計畫。不深入細節，而且我也不能談我們有多接近，但就整體業務而言，我們距離原本的計畫其實已經相當接近。如果你在去年四月告訴我這件事，我一定不會相信。所以這是對我們團隊的極大肯定，也反映出數位轉型正在加速。那些尚未上雲的平台也意識到他們必須上雲。因此，這也是我們對未來保持樂觀的驅動因素之一。

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

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

It's good to hear the momentum is going back into the business. Chano, I guess this would probably be a question for you. This quarter, you guys saw good durability in that upsell growth, that new ACV up over 40% on a year-on-year basis. And if I'm not mistaken, this is the first quarter that you're anniversarying a really tough comp. I think you guys told us it was like a 50% in the quarter ago. So how does that -- can you talk to us about sort of whether that type of strength is possible or it could be durable into the year ahead? Can you continue to see that type of growth coming from the upsell motion? And any sense you could give us in terms of what percentage of the overall kind of new businesses that represent today?

很高興聽到動能正在回到業務上。Chano，我想這可能是問你的問題。本季你們在加購（upsell）成長上展現了不錯的韌性，新 ACV 年增超過 40%。如果我沒記錯，這是你們第一次進入一個非常艱難的比較基期（anniversarying a really tough comp）。我記得你們之前告訴我們，前一個年度同期大概是 50% 左右。所以這代表什麼——你能否談談這種強度是否可能、或是否能在未來一年持續？你們是否能持續從加購動能中看到這樣的成長？另外，你能否提供一些概念：目前這大約占整體新增業務的百分之多少？

Yes. Thank you, Keith. As we've highlighted, we had another fantastic quarter with 40% plus growth in add-on sales, and that makes kind of 50% for the whole year. That it was really driven across a lot of different products, including core FINS, Financials, Workforce Planning, Prism Analytics, Learning and Workday Strategic Sourcing. But some of the newer products were as well as contributing, like Accounting Center, People Analytics, Extend and Help also contributed, especially in the last quarter as those products were earlier in the year -- I mean, in the beginning of the year.

是的。謝謝你，Keith。正如我們所強調的，我們又迎來一個非常出色的季度，加購銷售成長超過 40%，全年大約達到 50%。這主要是由多種不同產品共同驅動，包括核心 FINS、Financials、Workforce Planning、Prism Analytics、Learning，以及 Workday Strategic Sourcing。不過，一些較新的產品也有所貢獻，例如 Accounting Center、People Analytics、Extend 和 Help 也有貢獻，尤其是在最後一季，因為這些產品在年初——我是說，在年初的時候——還比較早期。

So we see nice strength in pipeline build from our store-based teams. And there is a lot of momentum on this effort as we enter into FY '22. And definitely, there is -- this is a certain area where we are strengthening our investments as well that Robynne is commenting in terms of our investments on what are carriers. So in terms of the mix, it is definitely becoming a much more significant contributor of our new business in FY '21, the business that is coming from the upsell and the crosssell. And we expect that over the medium term, our growth will become increasingly more balanced between the new and installed base sales. But we have lot of opportunities we believe that will accelerate this year, and we're seeing signs of that in the pipeline as well.

因此，我們看到由我們的存量客戶團隊帶動的銷售管線建置有不錯的強度。隨著我們進入 FY '22，這項工作有很大的動能。而且，這確實也是我們正在加強投資的領域之一，正如 Robynne 在談到我們在「哪些承載項目（carriers）」上的投資時所提到的。就組合而言，在 FY '21，來自加購與交叉銷售（cross-sell）的業務，已經成為我們新增業務中更重要的貢獻來源。我們預期在中期來看，我們的成長將在新客與既有客戶（installed base）銷售之間變得更加均衡。但我們相信今年有很多機會會加速，而我們也在管線中看到相關跡象。

Got it. That's great to hear. And then maybe one for Robynne, just on the kind of margin side of the equation. Definitely understand that there's some -- I mean, there's some inorganic pressures that you have on the operating margins going into the year ahead. And then there's also just a reacceleration in spend against a subscription revenue line that amortizes off the balance sheet versus kind of marks what's going on in realtime. And then there's also some sort of T&E spending and the like that didn't take place in FY '21 that take place in FY '22. Can you help us on those last 2? Can you help us kind of foot like how much comes from the first versus the second? Or more pointedly, what's the overhang that you guys experienced from sort of T&E coming back?

了解。這很棒。接著可能問 Robynne 一題，關於利潤率這一端。完全理解你們在未來一年營業利潤率上會面臨一些——我是說——一些外生成長（inorganic）的壓力。除此之外，還有一個因素是：在訂閱營收線上，你們的支出再加速，但訂閱營收是從資產負債表攤銷出來的，並不會像即時狀況那樣反映。再來還有一些像差旅與招待（T&E）等在 FY '21 沒有發生、但在 FY '22 會發生的支出。你能否就後面兩點幫我們拆解一下？例如第一個與第二個各自大概占多少？或者更直接地說，T&E 回來對你們造成的壓力（overhang）大概是多少？

T&E, we don't expect it to really come back until near the end of the year, Keith. And even then we're not quite sure exactly -- we don't believe it's going to come back 100%. So we expect that pace to continue to be slower. So we really are focusing more when you look at increases in our spending around headcount, right? We were relatively flat in hiring last year. We did some strategic hiring, but relatively flat. We're going to be hiring now across all areas of the company with, as I mentioned, specific focus on investments and sales as well as in product to take advantage of the great opportunity that we see in front of us.

Keith，關於 T&E，我們預期它要到接近年底才會真正回來。即便如此，我們也不太確定——我們不認為它會 100% 回到原本水準。所以我們預期它回升的速度仍會比較慢。因此，當你看我們支出增加時，我們其實更聚焦在人力（headcount）方面，對吧？去年我們的招募相對持平。我們做了一些策略性招募，但整體相對平。接下來我們將在公司各個領域擴大招募，並如我所提到的，特別聚焦在銷售投資以及產品方面，以把握我們眼前看到的巨大機會。

We're going to spend more nonheadcount wise in marketing, right, which we think now is the time. We've seen great momentum in the pipeline generation. We think we can help that out by turning up the dial on marketing spends. And then investments in infrastructure, technology, data centers, really just across the board that you see just amazing growth opportunity ahead of us, and now it's the time for us to invest towards that.

在非人力支出方面，我們也會在行銷上投入更多，對吧？我們認為現在正是時候。我們看到銷售管線生成有很好的動能，我們認為透過加大行銷支出力道可以進一步助推。還有在基礎設施、技術、資料中心等方面的投資，基本上是全方位的，因為我們看到前方有驚人的成長機會，而現在就是我們為此投資的時點。

Great. So this is just like -- this is a subscription model, right? The subscription line reflects what happened last year in terms of billings and deferred revenue buildup, but you need to invest this year for a better demand environment. And that mismatch, that's what's pressuring your margins in the year ahead?

很好。所以這就像——這是一個訂閱模式，對吧？訂閱營收線反映的是去年在帳單（billings）與遞延收入累積方面發生的事，但你們需要在今年投資以因應更好的需求環境。而這種不匹配，就是你們明年利潤率承壓的原因？

That's exactly right. Right, your investment always have to take place before you're going to see the impact in your subscription revenue line. And if you look -- if you take out the impact of Peakon of 100 basis points, we're largely back on that trajectory we were supposed to last year hit, right? And so we're just getting back to business and back to normal, and we feel really good that now is the time to make those investments.

完全正確。對吧，你的投資總是必須先發生，之後你才會在訂閱營收線上看到影響。而且如果你看——如果把 Peakon 影響的 100 個基點拿掉，我們基本上就回到原本去年應該達到的那條軌跡上，對吧？所以我們只是回到正常營運、回到常態，我們也非常有信心，現在就是進行這些投資的時機。

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

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

Congrats on the result and that's great to hear about the pipeline builds going into this year. Along this line, Chano, I was wondering if you could just talk a little bit about the international market opportunity. What you've seen in that theater or in those theaters? Maybe also where you think core FINS is internationally? Obviously, the U.S. saw HCM take off first and then FINS has been sort of trailing it. I'm kind of curious whether or not core FINS can maybe land at more of a -- at the same time, maybe not the same accounts, but the same time or proportionally in some of these international markets that are a little bit smaller?

恭喜這次的成果，也很高興聽到今年的管線建置情況不錯。沿著這個方向，Chano，我想請你談談國際市場的機會。你在那個區域或那些區域看到了什麼？也許也談談你認為核心 FINS 在國際市場的進展如何？顯然美國是 HCM 先起飛，然後 FINS 有點落後。我有點好奇，核心 FINS 是否能在某些規模較小的國際市場中，以更接近——也許不是同一批客戶，但在時間點上或比例上——更同步地落地？

Thank you, Kirk. As you know, as you said, we are much earlier days in penetrating international markets relative to where we are in the U.S., but we see a big opportunity in the rest of the world. And we are very optimistic around this opportunity and what it means for us. I think we also saw a bit more impact from COVID in the rest of the world market that we have seen here in the U.S. And I think it's really when we get to the other side of COVID, we should see accelerated momentum that is fully reflected on the numbers. And why I believe so is because the good news is that the pipeline is certainly improving in the rest of the world markets. And I expect that that would be a key contributor to the acceleration this year, too.

謝謝你，Kirk。正如你所知、也如你所說，相較於我們在美國的進展，我們在滲透國際市場方面仍處於更早期的階段，但我們在世界其他地區看到了很大的機會。我們對這個機會以及它對我們的意義感到非常樂觀。我認為我們也看到世界其他地區受到 COVID 的影響比美國更大一些。我想當我們真正走到 COVID 的另一端時，我們應該會看到加速的動能，並在數字上充分反映出來。我之所以這麼認為，是因為好消息是：世界其他地區市場的銷售管線確實正在改善。我預期這也會成為今年加速的一個關鍵貢獻來源。

In terms of financials, I would say that I don't think the gap is as big in terms of lagging behind after we saw in HCM, Kirk. And we're seeing good wins in international in similar verticals, mainly in financial services and professional services and some hospitality. And now with Enterprise Finance, we are expecting as well and with Accounting Center that we can see into broader industries and some product industries. But initially, we're more focused on the services industries and clearly in some of the most mature countries like the U.K., I would say, France and Germany. We're seeing, and we have already a nice customer base of core FINS customers that are becoming basically happy and referenceable.

就財務表現而言，我會說，在我們於 HCM 方面所看到的情況之後，Kirk，我不認為在落後差距方面有那麼大。而且我們也在國際市場、在相似的垂直領域看到不錯的勝利，主要是在金融服務與專業服務，以及部分飯店／旅宿業。現在，隨著 Enterprise Finance，我們也同樣預期，並且透過 Accounting Center，我們可以拓展到更廣泛的產業以及一些產品型產業。不過一開始，我們會更聚焦在服務型產業，並且很明顯地是在一些最成熟的國家，例如英國，我會說還有法國與德國。我們正在看到，而且我們已經擁有一個相當不錯的核心 FINS 客戶基礎，他們基本上感到滿意，並且可以作為可引用的客戶案例。

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（Bank of America Securities）的 Brad Sills。

I wanted to ask about the vertical pipeline. Obviously, you're seeing some real success in some of these key verticals for FINS. And as you know, financials is not a 1 size fits all, and you've done a tremendous job of adding more vertical functionality. And I think, seeing some of the traction in some of these verticals that you're citing with some of these wins here. I guess my question is, if you look across the verticals where you've made investment for FINS, where do you feel best? Is there one that is ramping perhaps faster than others where perhaps the vertical functionality is ahead of the others, others that we should expect more in the future? Any commentary on just the vertical pipeline across the different key verticals for FINS.

我想詢問垂直產業的銷售管線。很明顯地，你們在 FINS 的一些關鍵垂直領域看到相當實質的成功。而且如你所知，財務並不是一體適用（one size fits all），你們在增加更多垂直功能方面做得非常出色。我想，從你們提到的一些垂直領域的進展，以及這裡的一些贏單來看，我的問題是：如果你放眼你們為 FINS 投資的各個垂直領域，你覺得哪一些最有把握？是否有某一個正在比其他更快爬坡，可能是因為其垂直功能領先於其他？以及未來我們應該期待哪些領域會有更多進展？想請你就 FINS 不同關鍵垂直領域的垂直管線做一些評論。

That's for you, Chano.

這題給你，Chano。

Thank you, Aneel. Brad, I think there are 3 I would highlight. One would be clearly financial services. The other one would be health care. And those are very significant deals for us. And the other one would be state and local government not said at all. And on those 3 where we made investments, we're seeing very good traction in terms of the maturity of the solution in terms of our customer wins and our conversion ratios.

謝謝你，Aneel。Brad，我想我會強調三個。第一個很明顯是金融服務。第二個是醫療保健。而且這兩個對我們來說都是非常重要的案子。第三個是州與地方政府，這個完全還沒提到。在這三個我們投入資源的領域，我們在解決方案成熟度、客戶贏單以及轉換率方面都看到非常好的動能。

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

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

For me, obviously, the success you're having upselling add-ons in the installed base is very encouraging here, which leads to my question on Peakon. I know it's still very early. But as you think about this employee experience market, it is moving fast. Microsoft made a big splash last month. SAP did a partial spin at Qualtrics. You're seeing new VC funding into (inaudible) and Pilatus. What's been the early feedback so far on Peakon? How is it different? And how quickly could you scale the attach rate in the installed base?

對我來說，很明顯你們在既有客戶基礎中加售附加模組（add-ons）的成功非常令人鼓舞，這也引出我對 Peakon 的問題。我知道現在還很早。但當你們思考員工體驗市場時，它正在快速變化。微軟上個月引起很大關注。SAP 對 Qualtrics 做了部分分拆。你們也看到新的創投資金流入（聽不清）和 Pilatus。到目前為止，市場對 Peakon 的早期回饋如何？它有何不同？以及你們能多快在既有客戶基礎中擴大其搭售率（attach rate）？

I'll take the first 2 parts and let Chano address the third. This is a hot space. There's no question about it. We actually had good offerings in the space, and then COVID hit, and the demand for more insight into how employees were feeling during this period of time just exploded. And Peakon, if you look at all the magic quadrants and analyst reports, they're the leader. They're the best. And we looked at what we were doing and said we can get there, but not in a time that mattered because the market is happening now, and these guys were the market leader. So we couldn't be more thrilled to have them as part of Workday.

我先回答前兩個部分，第三個部分讓 Chano 來回應。這是一個很熱的領域，毫無疑問。我們其實在這個領域原本就有不錯的產品，然後 COVID 來了，對於在這段期間更深入了解員工感受的需求就爆發式成長。而 Peakon，如果你看所有的魔力象限（magic quadrants）與分析師報告，他們是領導者，是最好的。我們檢視了我們正在做的事情後說，我們可以做到那個水準，但無法在關鍵時間內達成，因為市場正在此刻發生，而這些人就是市場領導者。所以我們非常興奮能讓他們成為 Workday 的一部分。

And it's become a super high priority item for every CEO, CHRO to understand employee sentiment. In terms of -- the other thing I'd add is, they were a very cool machine learning-first application. They countered on that machine learning to drive them to better insights. And that's the way that we want to go as well. So we're super excited about that synergy on that front. And in terms of upsell opportunity, I'll turn it over to Chano.

而且這已經成為每位 CEO、CHRO 的超高優先事項，用來了解員工情緒。就——我還想補充的是，他們是一個非常酷、以機器學習優先（machine learning-first）的應用。他們以機器學習為核心，推動更好的洞察，而這也是我們想走的方向。因此在這方面的協同效應讓我們非常興奮。至於加售機會，我把問題交給 Chano。

Yes. Brent, clearly, it has not closed yet, right? So I just wanted to mention that. But we are really excited when the deal closes, and we are cautiously optimistic that it's going to be a fantastic one. We have some great learnings out of Adaptive and Scout that certainly are going very well. But as Aneel is saying, this is such a hot space. We had a great solution. The majority of their presence is in Europe, but they already have some nice flagship logo in the U.S. And clearly, with our distribution channel in the U.S., and again, cautiously optimistic that this is going to be fantastic, what we can do to better.

是的。Brent，很明顯，交易還沒有完成（close），對吧？所以我想先提一下。但我們對交易完成後非常期待，也審慎樂觀地認為這會是一筆非常棒的交易。我們從 Adaptive 和 Scout 得到一些很好的經驗，而它們的進展確實非常順利。但如 Aneel 所說，這是一個非常火熱的領域。他們的大部分據點在歐洲，但他們在美國也已經有一些很不錯的旗艦客戶（flagship logo）。而且很明顯，透過我們在美國的通路，再次強調我們審慎樂觀地認為這會非常出色，我們能做得更好。

And I would just like to add that, again, even though it has not closed, the initial customers' feedback is very good.

我也想補充一點：同樣地，即使交易尚未完成，初期客戶的回饋非常好。

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

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

Congratulations on the quarter. Robynne, I think you mentioned this a bit, but could you give a little additional color. Last quarter, you discussed the expectation of contract duration decreasing for billings and both on the new contract side and on the renewal side. Can you give us a little more color on how big an impact did this really have and how do you see that in terms of the pipeline in terms of what you think those contracts are going to be? Are they going to be shorter? Are they going to be a return to what we've seen in the past?

恭喜本季表現。Robynne，我想你稍早有提到一些，但能否再多給一點背景說明。上一季你們談到，對於帳單（billings）而言，預期合約期間會縮短，包含新合約與續約兩端。你能否再多說明一下，這實際上造成多大的影響？以及你如何在管線中看待這件事、你認為那些合約會長什麼樣子？它們會更短嗎？還是會回到我們過去看到的狀況？

Yes, Mark, when we were forecasting a total backlog, it's really hard for us to forecast the duration. And you saw that this past quarter in Q4. And the best way to really measure that impact is if you look at the 24-month backlog growth, it was 19% in Q4. The total backlog growth was 22%, right? So that differential in growth rate is due to increase in duration, which we had not been able to foresee when we first entered into the quarter and had our earnings call. So that's, frankly, one of the big reasons we decided to move forward to guiding 24-month backlog is because that really takes a lot of that guess work around duration coming out. We did see a lengthening on durations in Q4 across both net new contracts as well as renewals, which was a really interesting dynamic.

是的，Mark，當我們在預測總待履約訂單（total backlog）時，我們很難預測合約期間長度。你在上一季的第四季（Q4）也看到了。衡量這個影響最好的方式，是看 24 個月待履約訂單（24-month backlog）的成長率：Q4 是 19%。總待履約訂單成長率是 22%，對吧？所以這個成長率差異來自於期間拉長，而這是我們在剛進入該季度、並在財報電話會議時無法預見的。因此，坦白說，這也是我們決定改為提供 24 個月待履約訂單指引的主要原因之一，因為這能把合約期間長度的不確定性大幅排除。我們確實在 Q4 看到合約期間拉長，涵蓋淨新增合約以及續約，這是一個非常有趣的動態。

Overall, we let our customers drive the length of contracts that they want, but we see longer contracts as a positive for us as you don't have renewal risk as often, right? So if customers are entering the longer contracts and then renewing under longer contracts, then that takes away some of the risk to your revenue for nonrenewal. So we like that dynamic. We just are going to let our customers continue to drive that. So it's difficult to predict. And I don't know, Chano, if you want to add anything to what you're seeing?

整體而言，我們讓客戶決定他們想要的合約長度，但我們把較長合約視為對我們有利，因為你不需要那麼頻繁面臨續約風險，對吧？所以如果客戶簽訂較長合約，並且在續約時也採用較長合約，那就能降低因不續約而對營收造成的部分風險。我們喜歡這樣的動態。我們只是會讓客戶持續主導這件事。因此這很難預測。我不知道，Chano，你是否想補充你所看到的情況？

I would just say that, as we said, we have expanded our guardrails in place for contracts, but we really don't incentivize our sales teams on total contract value. So it's really driven more by customers than any other thing, right? So I think that the fact that customers are signing now better and longer contracts, which sometimes can be 5 to 7 years longer, I think it's rare in the enterprise software and really speaks to the strategic nature of Workday and the trust that customers place on us.

我只想說，正如我們所說，我們已經擴大了合約方面的護欄（guardrails），但我們並不以總合約價值（total contract value）來激勵銷售團隊。所以這更多是由客戶驅動，而不是其他因素，對吧？因此我認為，客戶現在簽下更好、更長的合約——有時甚至可以長達 5 到 7 年——我想這在企業軟體中相當少見，也真正反映了 Workday 的策略性地位，以及客戶對我們的信任。

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

我們的下一個問題來自 Oppenheimer 的 Brian Schwartz。

Chano, I have one question for you. It's just around the increase in the sales and hiring comments this fiscal year. I was just wondering if there's any particular product area or geography, where you see that there's a big opportunity where it's more a function of just not having enough of the sales bandwidth. Does anything stand out to you as you increase your growth investments in this year's fiscal plan?

Chano，我有一個問題想問你。是關於本財年你們提到增加銷售與招募的評論。我想知道，是否有任何特定的產品領域或地理區域，你認為存在很大的機會，而這更多只是因為我們的銷售量能不足？當你們在今年的財務計畫中增加成長投資時，有沒有什麼特別突出的地方？

Thank you, Brian. I mean, we're making investments in a number of areas within sales and marketing, helping support our growth efforts because we see the opportunity is clearly there. And it is in the areas like installed base team, the rest of the world market, our ongoing efforts in mid-market to push in new countries, some of the vertical markets and then some new areas like the federal government. So it's clearly across the organization. So there will be marketing and presales, current securities and certain marketing and brand investments as well. So really, this is about driving the pipeline and bookings growth. And basically chase the opportunity that we've been creating and we have ahead of us to invest on capitalizing on that one a bit across the board.

謝謝你，Brian。我的意思是，我們正在銷售與行銷的多個領域進行投資，以支援我們的成長努力，因為我們清楚看到機會就在那裡。這些領域包括：既有客戶基礎團隊（installed base team）、世界其他地區市場（rest of the world market）、我們在中型市場（mid-market）持續推進進入新國家的努力、一些垂直市場，以及一些新領域例如聯邦政府。因此很明顯是橫跨整個組織。也會包含行銷與售前、現有安全性（current securities）以及某些行銷與品牌投資。總之，這是為了推動管線與訂單（bookings）成長，基本上是追逐我們正在創造、且未來仍擺在眼前的機會，並在各方面投入資本以把握這些機會。

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

我們的下一個問題來自 Stifel 的 Brad Reback。

As you guys think about the acceleration of the potential for acceleration in billings in fiscal '23 and beyond, does that -- does the underlying sort of foundation of that between -- the split between HCM and financials look different going forward? Or do you expect it to be similar to where we are today?

當你們思考 2023 財年及之後帳單（billings）加速的潛在可能性（以及加速的加速）時，這背後的基礎——也就是 HCM 與財務之間的分拆——未來看起來會有所不同嗎？還是你們預期會與我們今天所處的狀況相近？

Well, I would just say, the HR world was already pre-pandemic full into the mode of cloud-first and almost every function HR was moving to the cloud as quickly as they could. Finance was not at that same place. And so during the pandemic, we saw companies that were moving to finance the cloud, continue to -- we saw other people saying, "Hey, let's just wait until we get out of the pandemic and then we want to move forward." The most optimistic thing that I learned over the last 12 months around finances, the ones that were -- the customers that were using legacy finance systems were challenged to run their business and said, we need to move to a modern finance system. And if you look at all the Gartner data, that means that finance is going to be a pretty hot area over the next 2 to 3 years. Is there anything you want to add, Chano?

嗯，我只想說，人資（HR）領域在疫情前就已經完全進入「雲端優先（cloud-first）」模式，幾乎 HR 的每一項職能都在盡可能快速地上雲。財務則沒有到同樣的程度。因此在疫情期間，我們看到一些正在把財務搬上雲端的公司持續推進——同時也看到其他人說：「嘿，我們先等疫情結束，然後再往前走。」過去 12 個月我在財務方面學到最樂觀的一點是：那些使用傳統（legacy）財務系統的客戶在營運上遇到挑戰，並表示我們需要轉向現代化的財務系統。而如果你看所有 Gartner 的資料，這意味著未來 2 到 3 年財務將會是一個相當火熱的領域。Chano，你還想補充什麼嗎？

Not much. I think we saw improvement on new ACV in Q4 across both of the areas. But even it's more encouraging, the pipeline signs across both HCM and FINS plus, both for new opportunities as well as the solid traction on the installed base. So I guess we see opportunities in both.

沒有太多。我認為我們在第四季看到新 ACV 在兩個領域都有改善。但更令人鼓舞的是，無論是 HCM 還是 FINS plus，在管線（pipeline）訊號上都很正面——不僅有新的機會，也在既有客戶基礎（installed base）上看到穩健的動能。所以我想我們在兩邊都看到機會。

And if I could add just one thing that we actually saw companies that were struggling with their legacy finance systems during the pandemic, just actually accelerate their requirements to go to a cloud-based solution and it's a very lowly penetrated market right now. So we just have a lot of upside. I know I've been the pied piper. I'm talking about finance for probably a decade at this point. But I really think that finance transformation is upon us.

如果我可以再補充一點：我們確實看到一些公司在疫情期間因其傳統財務系統而陷入困境，反而加速了他們轉向雲端解決方案的需求；而目前這個市場的滲透率仍然非常低。所以我們有很大的上行空間。我知道我一直像吹笛人一樣——到目前為止我談財務大概談了十年——但我真的認為財務轉型的時代已經到來。

We will now take 2 more questions. Our next question comes from the line of Brent Thill with Jefferies.

我們現在再接受 2 個問題。下一個問題來自 Jefferies 的 Brent Thill。

Robynne, you mentioned you're going to be leaning back into sales hiring this year. I'm just curious if you can just maybe give us the shape of the curve of hiring specifically in sales this year versus kind of last year? I just want to clarify that I think you said hiring was pretty flat. Can you just give us any color around what you anticipate doing into this fiscal year?

Robynne，你提到今年會重新加大銷售招募。我想請教你能否大概描述一下今年在銷售端的招募曲線，相較於去年大概會是什麼樣子？我只是想確認，我記得你說招募基本上相當持平。你能否提供一些背景，說明你們在本財年預期會怎麼做？

Yes, absolutely. So when you look back over our headcount growth in FY '21, it was pretty flat. I think incremental hires were maybe a few hundred across the whole year. We'll do significantly more this year across all areas. And those are weighted heavily towards sales and product, more so than any other organization. So we do expect to invest a lot there. And I'll hand it over to Chano to talk about where some of those investments we will incur, but it will be a significant acceleration of hiring in FY '22.

是的，當然可以。回頭看我們在 2021 財年的人力（headcount）成長，其實相當持平。我想全年新增人數可能也就幾百人。那今年我們在所有領域都會做得多得多。而這些新增人力會更偏重在銷售與產品，超過任何其他組織。因此我們確實預期會在那裡投入很多。我會把時間交給 Chano，談談我們會在哪些地方產生部分投資成本，但 2022 財年的招募將會顯著加速。

Yes, I think we were mostly flat. As you commented, (inaudible) is the area, as I said before. So installed base is rest of the world to support the new enterprise market efforts, some new areas like the federal government. And clearly, we are putting plans in place for accelerating there and bringing the people on board as soon as possible. And of course, there will be some growth compared to what we had last year, right? It's not like we're going to go into double or high double-digit growth, but I guess some nice single-digit growth and then hopefully continue that trend, but that acceleration investments in sales as we are leveraging that opportunity ahead and the pipeline that we've been creating.

是的，我想我們大多是持平。正如你所評論的，（聽不清）是重點領域，正如我之前所說。因此，既有客戶基礎（installed base）以及世界其他地區，用來支援新企業市場（enterprise market）的推進工作，還有一些新領域，例如聯邦政府。很明顯地，我們正在制定計畫以加速推進，並盡快把人員招募到位。當然，相較於去年會有一些成長，對吧？不至於進入倍增或高雙位數成長，但我想會是漂亮的個位數成長，然後希望能延續那個趨勢；同時在銷售端加速投資，因為我們正在把握前方的機會，以及我們所建立的管線。

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

下一個問題來自 Canaccord 的 DJ Hynes。

Aneel, in your prepared remarks, you quantified the increase in the number of SKUs you guys have made over the last 3 years. So I think you said it was up 50%. Do you have any data that says our average customers using this many modules and maybe how that might compare to your best customers? And I'm wondering if there's any way to kind of put that comparison with spend per employee, right? It would just be helpful to help think about the capacity for the crosssell opportunity.

Aneel，在你準備好的發言中，你量化了過去 3 年你們推出的 SKU 數量增加。我想你說增加了 50%。你們是否有任何數據顯示：一般客戶平均使用多少模組，並且可能與你們最好的客戶相比如何？另外我也想知道，是否有辦法把這個比較與每位員工的支出（spend per employee）連結起來？這會有助於思考交叉銷售（cross-sell）機會的容量。

DJ, I don't have that exact data. What I do have is data, and I'll turn over to Chano about what percent of our new bookings in Q4 came from new products. Because I think that's a more telling data point on how are these new products doing within our customer base. So Chano, what do you think?

DJ，我沒有那個精確數據。我有的是另一組數據——我會把它交給 Chano，談談我們第四季新訂單（new bookings）中有多少百分比來自新產品。因為我認為那是一個更能說明問題的指標：這些新產品在我們客戶基礎中的表現如何。所以 Chano，你怎麼看？

Yes, that's the main data we track in terms of the growth. So that's a significant part of the growth that we've been commenting. 50% plus last year on installed base is coming from that 50% of the new solutions that we've been delivering over the last 3 years to the market, right? So those are contributing significantly. When you look at the pipeline, it's kind of pretty similar. The conversion rates are also higher there. Clearly, we're knowing every customer, the widest space we do have. Clearly, usually we know that leading enterprise customers tend to acquire a number of higher SKUs, 6 or 7 to start with through the launch, deployment that we have for medium enterprise.

是的，這是我們用來追蹤成長的主要數據。因此，這也是我們一直在評論的成長中相當重要的一部分。去年既有客戶基礎（installed base）50% 以上的成長，來自於我們過去 3 年向市場交付的那 50% 新解決方案，對吧？所以它們貢獻非常顯著。當你看管線（pipeline）時，情況也相當類似；那裡的轉換率（conversion rates）也更高。很明顯地，我們對每一位客戶、我們所擁有的最大空間都很了解。通常我們也知道，領先的企業客戶往往會購買更多 SKU，一開始就會買 6 或 7 個，透過我們針對中型企業的上線與部署（launch, deployment）。

But with the increased efforts in terms of both product innovation and the sales capacity that we've been adding into installed base, those penetration ratios in terms of how the new SKUs are progressing and moving towards the best performance peers is starting very nicely, and I hope we can provide some much more detailed information on this on our upcoming financial Analyst Day.

但隨著我們在產品創新以及我們在既有客戶基礎（installed base）所增加的銷售產能方面加大投入，這些滲透率指標——也就是新 SKU 的進展，以及朝向最佳表現同業（best performance peers）靠攏的程度——正非常良好地起步。我希望我們能在即將到來的財務分析師日（Analyst Day）提供更詳細的資訊。

And I would add, Keith, that we have a lot of upside with Peakon. This area of employee engagement is one of the hottest areas in the market right now. We were already in that market with our own pulse surveys, but clearly the market wanted more. And this company during the pandemic grew far more rapidly than what they did, and I'm excited to bring this great capability to our customers.

我還要補充一點，Keith：我們在 Peakon 上有很大的上行空間。員工敬業度（employee engagement）這個領域目前是市場上最火熱的領域之一。我們原本就透過自己的脈搏調查（pulse surveys）在這個市場裡，但顯然市場想要更多。而這家公司在疫情期間的成長速度遠超過他們以往的表現，我很期待把這項很棒的能力帶給我們的客戶。

Ladies and gentlemen, we have reached the end of today's question-and-answer session. This will conclude Workday's Fourth quarter Fiscal Year 2021 Earnings Call. Thank you again for joining us.

各位女士先生，我們已到達今天問答環節的結束。這也將結束 Workday 2021 財年第四季財報電話會議。再次感謝各位的參與。