Workday Inc (WDAY) 2022 Q4 法說會逐字稿

Welcome to Workday's Fourth Quarter Fiscal Year 2022 Earnings Call. (Operator Instructions) With that, I will now hand it over to Justin Furby, Vice President of Investor Relations.

歡迎參加 Workday 2022 財年第四季度財報電話會議。 （操作員說明）現在，我將把它交給投資者關係副總裁賈斯汀菲比。

Thank you, operator. Welcome to Workday's Fourth Quarter Fiscal 2022 Earnings Conference Call. On the call, we have Aneel Bhusri and Chano Fernandez, our Co-CEOs; Barbara Larson, our CFO; and Pete Schlampp, our Chief Strategy Officer. Following prepared remarks, we will take questions. Our press release was issued after close of market and is posted on our website where this call is being simultaneously webcast.

謝謝你，接線員。歡迎參加 Workday 2022 財年第四季度收益電話會議。在電話會議上，我們有聯合首席執行官 Aneel Bhusri 和 Chano Fernandez；我們的首席財務官芭芭拉·拉爾森；和我們的首席戰略官 Pete Schlampp。在準備好的評論之後，我們將回答問題。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. These statements are subject to risks, uncertainties and assumptions, including those related to the impacts of the ongoing COVID-19 pandemic on our business and global economic conditions. Please refer to the press release and the risk factors and documents we file with the Securities and Exchange Commission, including our 2022 annual report on Form 10-K for additional information on risks, uncertainties and assumptions that may cause actual results to differ materially from those set forth in such statements.

在開始之前，我們要強調的是，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。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。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，包括我們的 2022 年 10-K 表格年度報告，以獲取有關可能導致實際結果與實際結果大不相同的風險、不確定性和假設的更多信息在此類聲明中闡明。

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 財務指標，我們認為這些指標可作為 Workday 業績的補充指標。這些非公認會計原則措施應作為公認會計原則結果的補充而非替代或孤立考慮。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. Also, the customers' page of our website includes a list of selected customers and is updated monthly.

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。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 first quarter fiscal 2023 quiet period begins on April 16, 2022. Unless otherwise stated, all financial comparisons in this call will be to our results for the comparable period of our fiscal 2021.

我們 2023 財年第一季度的靜默期從 2022 年 4 月 16 日開始。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. Thank you for joining us today for our fourth quarter fiscal year '22 earnings call.

謝謝賈斯汀，大家下午好。感謝您今天加入我們的 22 財年第四季度財報電話會議。

Before we begin, I want to spend a moment acknowledging the current situation in the Ukraine. Our thoughts are with all of those who are personally impacted by the devastating situation, including Workday contractors in Ukraine, workmates across the region in Europe and families of military personnel who have been deployed in the region.

在開始之前，我想花一點時間了解一下烏克蘭目前的局勢。我們與所有受到災難性局勢影響的人同在，包括烏克蘭的工作日承包商、歐洲地區的同事以及部署在該地區的軍人家屬。

Turning now to our business results. I'm pleased to report that Workday delivered an exceptional fourth quarter, which helped us achieve the fastest growth in full year new ACV bookings in over 5 years. This acceleration in our business, along with our relentless focus on employees, customers and innovation, is serving as a strong foundation for driving durable growth on our path to $10 billion in revenues and beyond. Our business success is enabling us to attract talent at a pace we have never seen before and is allowing us to continue to expand and support new customers across our broad suite of solutions aimed at the CHRO and CFO.

現在轉向我們的業務成果。我很高興地報告，Workday 在第四季度的表現非常出色，這幫助我們實現了 5 年來全年新 ACV 預訂量的最快增長。我們業務的這種加速，以及我們對員工、客戶和創新的不懈關注，為推動我們實現 100 億美元及以上收入的持續增長奠定了堅實的基礎。我們的業務成功使我們能夠以前所未有的速度吸引人才，並使我們能夠通過針對 CHRO 和 CFO 的廣泛解決方案套件繼續擴展和支持新客戶。

Indeed, we now serve more than 60 million total users across 9,500 organizations, including more than 4,100 core HCM and finance customers.

事實上，我們現在為 9,500 個組織的超過 6,000 萬用戶提供服務，其中包括 4,100 多個核心 HCM 和金融客戶。

As our customer community continues to expand, so does our opportunity to serve them in more strategic ways. As Chano will soon share, we closed several significant transactions within our customer base sales team in Q4. Our continued commitment to our customers' success is also reflected in our industry-leading gross retention rate of over 95%. Additionally, we are seeing customers increase their engagement and usage of our applications as evidenced by the over 440 billion transactions processed within Workday in fiscal year 2022, which is an increase of 67% over the previous year. Altogether, we now work with over 50% of the Fortune 500 and over 25% of the Global 2000.

隨著我們的客戶社區不斷擴大，我們以更具戰略性的方式為他們服務的機會也在不斷擴大。正如查諾很快將分享的那樣，我們在第四季度完成了客戶群銷售團隊內的幾項重大交易。我們對客戶成功的持續承諾也體現在我們行業領先的超過 95% 的總保留率上。此外，我們看到客戶增加了他們對我們應用程序的參與和使用，這可以從 2022 財年 Workday 內處理的超過 4400 億筆交易中得到證明，比上一年增長 67%。總的來說，我們現在與超過 50% 的財富 500 強企業和超過 25% 的全球 2000 強企業合作。

Before I turn it over to Chano who will share more on our go-to-market success; and Barbara Larson, our new CFO, who will provide specifics on our raised growth outlook for fiscal year '23, I'd like to share some fourth quarter highlights. First, momentum for our human capital management suite remains strong as organizations continue to transition their HR operations to the cloud. In Q4, we saw a healthy demand across all HCM product areas driven by our ability to attract new customers while strengthening and deepening our relationships with existing ones.

在我把它交給查諾之前，他將分享更多關於我們進入市場的成功；和我們的新首席財務官芭芭拉·拉爾森 (Barbara Larson)，他將詳細介紹我們提高了 23 財年的增長前景，我想分享一些第四季度的亮點。首先，隨著組織繼續將其人力資源運營遷移到雲端，我們的人力資本管理套件的勢頭依然強勁。在第四季度，我們看到了所有 HCM 產品領域的健康需求，這得益於我們吸引新客戶同時加強和深化與現有客戶的關係的能力。

New customers in Q4 included Allied Financial, DICK'S Sporting Goods, National Australia Bank Limited, Rite Aid Corporation, Smithfield Foods and 7-Eleven, to name a few. Notable HCM go-lives in Q4 included Evonik Industries, Anheuser-Busch InBev and Wells Fargo Bank as we continue to have over 70% of our HCM customers in production.

第四季度的新客戶包括 Allied Financial、DICK'S Sporting Goods、澳大利亞國民銀行有限公司、Rite Aid Corporation、Smithfield Foods 和 7-11 等。第四季度值得注意的 HCM 上線包括贏創工業、百威英博和富國銀行，因為我們繼續擁有超過 70% 的 HCM 客戶在生產中。

Switching over to our financial management applications. Q4 was another solid quarter with several marquee wins, including Genpact Limited, Mass General Brigham, University of Melbourne and US Bank. During the quarter, we doubled the number of add-on core financial management wins when compared to the same period a year ago and had several customers go live, including Bright Horizons children centers, Sharp Healthcare and SS&C Technologies. In addition to the strong growth from our core finance application, we saw continued momentum from our expanding suite of products that support the office of the CFO, including planning, analytics and spend management, where our Strategic Sourcing solution experienced roughly 50% new ACV growth. And our procure-to-pay solution grew even faster. We continue to see very healthy attach rates for spend management solutions within our financial customers, illustrating how finances increasingly partnering with their procurement peers, drive visibility and bottom line impact with a single solution.

切換到我們的財務管理應用程序。第四季度是另一個穩健的季度，其中包括 Genpact Limited、Mass General Brigham、墨爾本大學和 US Bank 在內的幾項重大勝利。在本季度，與去年同期相比，我們贏得的附加核心財務管理的數量翻了一番，並且有幾個客戶上線，包括 Bright Horizons 兒童中心、Sharp Healthcare 和 SS&C Technologies。除了核心財務應用程序的強勁增長外，我們還看到了不斷擴大的支持 CFO 辦公室的產品套件，包括規劃、分析和支出管理，我們的戰略採購解決方案的新 ACV 增長了大約 50% .我們的採購到付款解決方案發展得更快。我們繼續在我們的金融客戶中看到非常健康的支出管理解決方案附加率，說明金融如何越來越多地與採購同行合作，通過單一解決方案提高可見性和底線影響。

As we head into fiscal year '23, we are confident in the opportunity we have in front of us and our ability to execute on our growth initiatives on our path to $10 billion in revenues. As such, we expect fiscal year '23 to be another strong year for us.

隨著我們進入 23 財年，我們對擺在我們面前的機會以及我們在實現 100 億美元收入的道路上執行增長計劃的能力充滿信心。因此，我們預計 23 財年對我們來說將是又一個強勁的一年。

Lastly, I'd like to share a couple of updates related to Workday's Board of Directors. First, Tom Bogan, who most recently served as Vice Chairman of Corporate Development, retired from Workday on January 31. And while we're excited for Tom and his well-deserved retirement, we are thrilled to announce that he has joined our Board. Tom came to Workday in 2018 as part of the Adaptive Insights acquisition, a company he led as CEO for nearly 4 years. During his time at Workday, Tom has been a trusted adviser, a true culture champion and passionate leader who embodies Workday's values. We are fortunate that he will now lend his expertise and guidance to help us capitalize on new opportunities for the business and work to accelerate future growth.

最後，我想分享一些與 Workday 董事會相關的更新。首先，最近擔任企業發展副董事長的 Tom Bogan 於 1 月 31 日從 Workday 退休。雖然我們為 Tom 和他當之無愧的退休感到興奮，但我們很高興地宣布他已加入我們的董事會。 Tom 於 2018 年加入 Workday，作為 Adaptive Insights 收購的一部分，他在這家公司擔任首席執行官近 4 年。在 Workday 工作期間，Tom 一直是值得信賴的顧問、真正的文化擁護者和充滿熱情的領導者，體現了 Workday 的價值觀。我們很幸運，他現在將提供他的專業知識和指導，幫助我們利用新的業務機會並努力加速未來的增長。

The second update I want to share is that Dave Duffield, my mentor, best friend and Workday's Co-Founder and former CEO and Chairman, has stepped down from our Board of Directors and will now carry the honorary title of CEO Emeritus. While Dave will no longer be on the Board, he remains our largest shareholder and will continue to provide his invaluable counsel as an adviser of Workday.

我想分享的第二個最新消息是，我的導師、最好的朋友、Workday 的聯合創始人兼前任首席執行官兼董事長戴夫·杜菲爾德 (Dave Duffield) 已從我們的董事會辭職，現在將獲得名譽首席執行官的榮譽稱號。雖然 Dave 將不再是董事會成員，但他仍然是我們的最大股東，並將繼續作為 Workday 的顧問提供他寶貴的建議。

When Dave and I started Workday nearly 17 years ago, our goal was to build a lasting multigenerational company with employees at the center and relentless focus on customer service and innovation. We wanted to have fun along the way. The growth we've experienced this past year in the face of a challenging macro environment has only solidified my belief in the foundation that we have built, thanks to the amazing group of employees and leaders who embrace our values and are committed to delivering the industry's best products and customer experience. I will end by saying that I'm quite optimistic about our future.

近 17 年前，當 Dave 和我創辦 Workday 時，我們的目標是建立一家以員工為中心、持續關注客戶服務和創新的持久多代公司。我們想在路上玩得開心。過去一年，面對充滿挑戰的宏觀環境，我們所經歷的增長更加堅定了我對我們所建立基礎的信念，這要歸功於一群了不起的員工和領導者，他們擁護我們的價值觀並致力於實現行業的最好的產品和客戶體驗。最後我要說的是，我對我們的未來非常樂觀。

With that, I'll turn it over to our co-CEO, Chano Fernandez. Over to you, Chano.

有了這個，我會把它交給我們的聯合首席執行官查諾·費爾南德斯。交給你了，查諾。

Thank you, Aneel, and thank you to everyone for joining today. I want to start off by acknowledging the more than 15,200 Workmates across the globe who helped drive our incredibly strong finish to the year. Amazing job. I can't wait to see what we accomplish together in FY '23.

謝謝你，Aneel，也謝謝大家今天的加入。我想首先感謝全球 15,200 多名同事，他們幫助推動了我們在今年取得了令人難以置信的強勁成績。了不起的工作。我迫不及待地想看看我們在 23 財年共同取得的成就。

I'm also looking forward to safely spending time with many of you this week at our sales kickoff here in Las Vegas, where we are taking great care to follow the safety measures in accordance with the CDC and local authority guidelines.

我也期待本週在拉斯維加斯舉行的銷售啟動儀式上與你們中的許多人安全地共度時光，我們非常注意按照疾病預防控制中心和地方當局的指導方針遵守安全措施。

As Aneel mentioned, we delivered an exceptional Q4 and growth reacceleration driven by a strong execution and healthy demand across solutions and regions. Our performance in North America was a standout, and we had another solid quarter internationally where Asia Pacific markets such as Australia and New Zealand were a highlight, in addition to healthy growth in key EMEA market such as Germany.

正如 Aneel 所提到的，我們在解決方案和地區的強勁執行和健康需求的推動下，實現了卓越的第四季度和增長再加速。我們在北美的表現非常出色，我們在國際上又取得了一個穩健的季度，其中澳大利亞和新西蘭等亞太市場是一大亮點，此外，德國等主要歐洲、中東和非洲市場也實現了健康增長。

We had a solid quarter of landing net new core HCM and FINS customers, including several Fortune 500 and Global 2000 companies, along with healthy activity in the medium enterprise. Our expanding portfolio of landing solutions also experienced significant momentum, including Peakon, Workday Strategic Sourcing and Planning where new customers included Sonic Healthcare, Plastic Omnium and At Home Stores. And we couldn't be more excited to add VNDLY to our portfolio of strategic landing solution. Even though it's early, we're already seeing the results with Q4 wins including RSM, Leonardo UK and Guild Mortgage, among others.

我們有穩定的季度淨新核心 HCM 和 FINS 客戶，包括幾家財富 500 強和全球 2000 強公司，以及中型企業的健康活動。我們不斷擴大的著陸解決方案組合也經歷了顯著的發展勢頭，包括 Peakon、Workday 戰略採購和規劃，其中新客戶包括 Sonic Healthcare、Plastic Omnium 和 At Home Stores。我們非常高興將 VNDLY 添加到我們的戰略著陸解決方案組合中。儘管現在還為時過早，但我們已經看到了第四季度獲勝的結果，包括 RSM、Leonardo UK 和 Guild Mortgage 等。

In addition to strength from our net new teams, our customer base sales teams drove outstanding performance across both add-on and renewals, once again demonstrating the strategic nature of our platform. Customer base expansions in Q4 included US Bank who purchased core FINS, Accounting Center, Prism and Extend; FIS who purchased Workforce Planning, Extend and Canadian U.K. payroll; and Merck, BP International and Advocate Aurora Health who all added Extend.

除了我們的淨新團隊的實力外，我們的客戶群銷售團隊在附加和續訂方面都取得了出色的表現，再次展示了我們平台的戰略性質。第四季度客戶群擴展包括購買核心 FINS、Accounting Center、Prism 和 Extend 的美國銀行；購買了勞動力規劃、擴展和加拿大英國工資單的 FIS； Merck、BP International 和 Advocate Aurora Health 都添加了 Extend。

In Q4, we also expanded our relationship with Accenture, who is deploying Peakon to gain a real-time post on its employee base to help power its global talent strategy. As strategic partners of ours, Accenture is applying its innovation in this area to drive engagement and deep employee-related insights for our mutual customers.

在第四季度，我們還擴大了與埃森哲的關係，埃森哲正在部署 Peakon 以獲取其員工基礎上的實時職位，以幫助推動其全球人才戰略。作為我們的戰略合作夥伴，埃森哲正在應用其在這一領域的創新來推動我們共同客戶的參與度和深入的員工相關洞察力。

From an industry lens, we continue to see our differentiated value proposition winning in the market. In financial services, for example, we closed several strategic deals in Q4, including core FINS win at the aforementioned US Bank, CUNA Mutual and Penn Mutual Life Insurance; and core HCM wins at National Australia Bank, Allied Financial and Auto Club Group. In addition, we expanded our footprint with several financial services customers this quarter, including Commonwealth Bank of Australia, Kemper and Western Union.

從行業的角度來看，我們繼續看到我們的差異化價值主張在市場上獲勝。例如，在金融服務領域，我們在第四季度完成了幾筆戰略交易，包括在上述美國銀行、CUNA Mutual 和 Penn Mutual Life Insurance 中贏得核心 FINS；和核心 HCM 在澳大利亞國民銀行、聯合金融和汽車俱樂部集團中獲勝。此外，我們在本季度擴大了與多家金融服務客戶的合作範圍，包括澳大利亞聯邦銀行、Kemper 和西聯匯款。

Industry-specific investments such as Accounting Center, along with our deep industry knowledge and our rapidly expanding reference base of customers, which now includes more than 70% of the financial services companies in the Fortune 500, are all key to our success. And it's not just the innovation we are driving that is enabling our success but also that of our partners, such as PwC, who created a solution for multidimensional bank planning and profitability by leveraging Workday Financials, Extend, Accounting Center, Prism and Adaptive Planning.

會計中心等特定行業的投資，以及我們深厚的行業知識和迅速擴大的客戶參考基礎（現在包括財富 500 強中超過 70% 的金融服務公司）都是我們成功的關鍵。不僅是我們推動的創新推動了我們的成功，還有我們的合作夥伴（例如普華永道）通過利用 Workday Financials、Extend、Accounting Center、Prism 和 Adaptive Planning 為多維銀行規劃和盈利能力創建了解決方案。

Our partners are key to our industry approach, and we're excited by the innovation happening across our ecosystem. We enter FY '23 with healthy pipelines and clear momentum in our business. In order to capitalize on that momentum, we plan to continue making significant investments within our go-to-market and service and support team with key focus areas, including customer base, international, industry and emerging land motion, all of which are important growth vectors in achieving our goal of sustaining 20%-plus subscription growth well into the future.

我們的合作夥伴是我們行業方法的關鍵，我們對整個生態系統中發生的創新感到興奮。我們以健康的管道和明顯的業務發展勢頭進入 23 財年。為了利用這一勢頭，我們計劃繼續在我們的上市、服務和支持團隊中進行重大投資，重點關注領域，包括客戶群、國際、行業和新興土地動能，所有這些都是重要的增長載體，以實現我們在未來保持 20% 以上訂閱增長的目標。

Part of this investment involves strengthening our leadership team as we continue to scale, to which I'm pleased to welcome Patrick Blair as our newly appointed President of the Americas. Patrick brings more than 25 years of enterprise software sales experience and not only is a proven leader but is a great person and a tremendous fit into the organization. I couldn't be more happy to have him join that and the team to lead our largest market.

這項投資的一部分涉及在我們繼續擴大規模的同時加強我們的領導團隊，我很高興地歡迎帕特里克布萊爾擔任我們新任命的美洲總裁。 Patrick 擁有超過 25 年的企業軟件銷售經驗，他不僅是一位久經考驗的領導者，而且是一個偉大的人，非常適合組織。我非常高興讓他加入這個團隊並領導我們最大的市場。

With that, I'm now pleased to hand it over to our newly minted CFO and a cool star within the Workday organization, Barbara Larson. Barbara, over to you.

有了這個，我現在很高興將它交給我們新成立的首席財務官和 Workday 組織中的一位酷明星，芭芭拉·拉爾森。芭芭拉，交給你了。

Thanks, Chano. I appreciate the kind words. Good afternoon, everyone, and thank you for joining us. I look forward to working with all of you over the coming quarters and years, and I'm thrilled to be joining Aneel, Chano and Pete today to update you on our progress.

謝謝，查諾。我很欣賞這些客氣話。大家下午好，感謝您加入我們。我期待在接下來的幾個季度和幾年內與你們所有人一起工作，我很高興今天能加入 Aneel、Chano 和 Pete 的行列，向你們介紹我們的最新進展。

I joined Workday 7 years ago and have witnessed unbelievable growth in the company over that time. One observation I'd make is that our market position has never been stronger, and the broad-based momentum that we saw across the business in Q4 serves as a great validation of that.

我 7 年前加入 Workday，在那段時間見證了公司令人難以置信的增長。我的一個觀察是，我們的市場地位從未如此強大，我們在第四季度看到的整個業務的廣泛勢頭很好地證明了這一點。

Now let's turn to our results. Subscription revenue was $1.23 billion in Q4, representing year-over-year growth of 22%. For the full year, subscription revenue was $4.55 billion, growth of 20%. Professional services revenue was $147 million for Q4 and $592 million for the full year. Fourth quarter revenue outside of the U.S. was $348 million, representing 25% of total revenue.

現在讓我們轉向我們的結果。第四季度訂閱收入為 12.3 億美元，同比增長 22%。全年訂閱收入為 45.5 億美元，增長 20%。第四季度的專業服務收入為 1.47 億美元，全年為 5.92 億美元。第四季度美國以外的收入為 3.48 億美元，佔總收入的 25%。

24-month backlog at the end of the fourth quarter was $7.98 billion, growth of 22%. The strong result was driven by new bookings outperformance and continued strength in renewals with growth and net retention rate over 95% and 100%, respectively. Total subscription revenue backlog was $12.81 billion, growth of 27%.

第四季度末的 24 個月積壓為 79.8 億美元，增長 22%。強勁的業績是由於新預訂表現出色，續訂持續強勁，增長和淨保留率分別超過 95% 和 100%。總訂閱收入積壓為 128.1 億美元，增長 27%。

Our non-GAAP operating income for the fourth quarter was $237 million, resulting in a non-GAAP operating margin of 17.2%. As expected, our non-GAAP operating margin declined from last quarter driven by an accelerated pace of hiring, the rollout of our previously mentioned cash-based performance bonus and other growth investments made across the business, including the recent VNDLY acquisition. For the year, non-GAAP operating income was a record $1.15 billion or 22.4% of total revenue, showcasing the strength of our business model.

我們第四季度的非 GAAP 營業收入為 2.37 億美元，非 GAAP 營業利潤率為 17.2%。正如預期的那樣，由於招聘步伐加快、我們之前提到的基於現金的績效獎金的推出以及整個業務的其他增長投資，包括最近的 VNDLY 收購，我們的非公認會計原則營業利潤率比上一季度有所下降。全年，非美國通用會計準則營業收入達到創紀錄的 11.5 億美元，佔總收入的 22.4%，展示了我們商業模式的實力。

Operating cash flow for Q4 was $615 million, bringing our full year operating cash flow to $1.65 billion, growth of 30%. Record cash flow results were driven by solid operating income performance as well as strong cash collections throughout the year.

第四季度的經營現金流為 6.15 億美元，使我們全年的經營現金流達到 16.5 億美元，增長 30%。創紀錄的現金流結果是由穩健的營業收入表現以及全年強勁的現金回收推動的。

Our largest investments continue to be in our people and attracting top talent to Workday. We successfully added and integrated roughly 1,000 net new employees in Q4, including over 140 from VNDLY, ending the year with more than 15,200 employees, growth of 21% and in line with our hiring aspirations when we entered FY '22. The record hiring is a testament to our culture, our global brand and the significant growth opportunity that we have ahead. Overall, we are very pleased with the strong company-wide execution in our seasonally most important quarter.

我們最大的投資繼續在我們的員工身上，並吸引頂尖人才加入 Workday。我們在第四季度成功增加並整合了大約 1,000 名淨新員工，其中包括來自 VNDLY 的 140 多名員工，到年底員工人數超過 15,200 人，增長 21%，符合我們進入 22 財年時的招聘願望。創紀錄的招聘證明了我們的文化、我們的全球品牌和我們未來的重大增長機會。總體而言，我們對我們季節性最重要的季度在全公司範圍內的強勁執行感到非常滿意。

Turning now to guidance. We are encouraged by the significant momentum in our business, and we're optimistic that the environment will remain robust throughout FY '23 as organizations continue to prioritize and invest in their strategic finance and HR transformation initiatives. With that context, we now expect FY '23 subscription revenue to be in the range of $5.53 billion to $5.55 billion, representing 22% year-over-year growth.

現在轉向指導。我們對我們業務的強勁勢頭感到鼓舞，我們樂觀地認為，隨著組織繼續優先考慮和投資於他們的戰略財務和人力資源轉型計劃，整個 23 財年環境將保持強勁。在這種情況下，我們現在預計 23 財年的訂閱收入將在 55.3 億美元至 55.5 億美元之間，同比增長 22%。

For the first quarter of FY '23, we expect subscription revenue to be between $1.263 billion and $1.265 billion, representing 23% year-over-year growth at the high end. We expect subscription revenue to increase sequentially by approximately 7% in Q2 and approximately 5.5% in Q3 and Q4. We expect the 24-month backlog to grow approximately 22% in Q1 of FY '23. We are expecting professional services revenue to be approximately $160 million in Q1 and $650 million for the full year. 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.

對於 23 財年第一季度，我們預計訂閱收入將在 12.63 億美元至 12.65 億美元之間，高端市場同比增長 23%。我們預計第二季度訂閱收入將環比增長約 7%，第三季度和第四季度增長約 5.5%。我們預計 24 個月的積壓訂單將在 23 財年第一季度增長約 22%。我們預計第一季度專業服務收入約為 1.6 億美元，全年為 6.5 億美元。我們將繼續與不斷發展的合作夥伴生態系統保持緊密聯繫，以幫助確保客戶成功實施，以支持最高水平的客戶滿意度和業務價值。

From a margin standpoint, since the onset of COVID, we have demonstrated the scalability inherent in our model. As we've discussed, however, investing for growth remains our #1 priority. In FY '23, we plan to continue hiring across the company at a rapid pace with a focus on sales and products. We are also expecting a return to travel and in-person events. And as we have discussed, we've rolled out a performance-based cash bonus program across the company.

從利潤的角度來看，自 COVID 出現以來，我們已經證明了我們模型固有的可擴展性。然而，正如我們所討論的，為增長而投資仍然是我們的第一要務。在 23 財年，我們計劃繼續在整個公司快速招聘，重點是銷售和產品。我們也期待恢復旅行和麵對面的活動。正如我們所討論的，我們已經在整個公司推出了基於績效的現金獎勵計劃。

Given this ramped level of investment and taking into account our increased revenue outlook, we are raising our FY '23 non-GAAP operating margin guidance to 18.5%. Investing for growth remains our focus, and we will continuously evaluate gross margin trade-off. But we're currently expecting to resume margin expansion in FY '24 and have continued confidence in reaching 25% margin at $10 billion in revenue.

鑑於這種增加的投資水平並考慮到我們增加的收入前景，我們將 23 財年非公認會計準則營業利潤率指導提高到 18.5%。投資增長仍然是我們的重點，我們將不斷評估毛利率的權衡。但我們目前預計將在 24 財年恢復利潤率擴張，並繼續有信心在 100 億美元的收入中達到 25% 的利潤率。

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 28 and 24 percentage points lower, respectively, than the non-GAAP margin. The FY '23 non-GAAP tax rate remains at 19%.

我們估計第一季度非 GAAP 營業利潤率約為 19%，並預計第二季度將出現正常的季節性連續下降，因為我們通過年度薪酬流程對員工進行投資。第一季度和全年的 GAAP 利潤率預計將分別比非 GAAP 利潤率低約 28 個百分點和 24 個百分點。 '23 財年非 GAAP 稅率保持在 19%。

We expect operating cash flow in FY '23 to be approximately $1.65 billion, flat from record levels in FY '22, driven by the ramp in growth investments, the corresponding decrease in margins and an estimated $80 million onetime tax payment related to the expected transfer of acquired intellectual property. We expect capital expenditures of roughly $475 million in FY '23 to support continued business expansion and phased return to office with investments across our existing facilities, corporate IT infrastructure and customer data centers. This includes opportunistic data center investment that was previously planned for FY '24 as we manage the supply chain and plan for future growth.

我們預計 23 財年的運營現金流約為 16.5 億美元，與 22 財年的創紀錄水平持平，這主要是由於投資增長、利潤率相應下降以及與預期轉移相關的估計一次性納稅額為 8000 萬美元獲得的知識產權。我們預計 23 財年的資本支出約為 4.75 億美元，用於支持持續的業務擴張和分階段復工，並投資於我們現有的設施、企業 IT 基礎設施和客戶數據中心。這包括之前計劃在 24 財年進行的機會性數據中心投資，因為我們管理供應鏈併計劃未來的增長。

And finally, I'll close by thanking our amazing employees, customers and partners for their continued support and hard work, which allowed us to deliver exceptional results during yet another unprecedented year. We are more confident than ever in our long-term opportunity ahead.

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，這讓我們在又一個前所未有的一年中取得了非凡的成果。我們對未來的長期機會比以往任何時候都更有信心。

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 Kash Rangan with Goldman Sachs.

（操作員說明）我們的第一個問題來自高盛的 Kash Rangan。

What a finish to the fiscal year. Several metrics to that, but Aneel, I'm just curious to get your take. The number of transactions in fiscal '22, up 67%. Your total subscription backlog, if I heard you right, was up 27%. And you're now close to 70% of Fortune 500. And I think the number was about 50% not too long ago. It's clearly an acceleration in your reported results, and you're calling for acceleration in fiscal '23.

本財年畫上了怎樣的句號。有幾個指標，但是 Aneel，我只是想知道你的看法。 '22 財年的交易數量增長了 67%。如果我沒聽錯的話，您的總訂閱積壓增加了 27%。你現在接近財富 500 強的 70%。我認為不久前這個數字大約是 50%。這顯然是您報告結果的加速，您呼籲在 23 財年加速。

As you look at this, what is the best way to look at your longer-term targets? Is there -- are we tracking even quicker towards the longer-term target, just at a very high level?

當您看到這一點時，查看您的長期目標的最佳方式是什麼？有沒有——我們是否更快地朝著長期目標邁進，只是在一個非常高的水平上？

Thank you for the question, Kash. This was a phenomenal year, the fastest growth we've had in several years from a new ACV bookings perspective. I first want to thank the team, Doug Robinson and Chano, for driving great results. I also think it comes back to existing customer satisfaction and a growing product line. And that combination with the innovation that we're building into these products, I think, is really driving that growth.

謝謝你的問題，卡什。這是非凡的一年，從新的 ACV 預訂角度來看，這是我們幾年來增長最快的一年。我首先要感謝團隊 Doug Robinson 和 Chano，他們取得了出色的成績。我還認為這又回到了現有的客戶滿意度和不斷增長的產品線。我認為，與我們在這些產品中構建的創新相結合，真正推動了這種增長。

Also, I think for anybody that was going through the pandemic and was still on-premise, it was really tough to run your business with those kind of applications. And so as difficult as the pandemic was, I do think it was a forcing function to move to the cloud for the ability to run your business remotely or at least in a hybrid manner, and we benefited from that. And I also think the competitive landscape continues to be positive for Workday. So very optimistic going forward. And we'll see where it goes, but we're very optimistic going forward.

此外，我認為對於正在經歷大流行並且仍在內部部署的任何人來說，使用這些應用程序來運營您的業務真的很困難。儘管大流行很困難，但我確實認為遷移到雲是一種強制功能，以便能夠遠程或至少以混合方式運行您的業務，我們從中受益。而且我還認為，Workday 的競爭格局仍然是積極的。所以未來非常樂觀。我們會看到它的發展方向，但我們對未來非常樂觀。

Chano, anything to add?

查諾，有什麼要補充的嗎？

Nothing to add, Aneel. Maybe the only clarification, Kash, the 70% is of the Fortune 500 within the financial services vertical. But we still, of course, have a great market share north of 55% on the Fortune 500.

沒什麼可補充的，阿尼爾。也許唯一的澄清，卡什，這 70% 是金融服務垂直領域的財富 500 強。但是，當然，我們仍然在財富 500 強企業中擁有超過 55% 的巨大市場份額。

And Kash, when we say the transactions were up 67%, to me, that's just awesome. That means the customers are really using our product and getting value from our products. So while our growth rate revenue-wise is not 67%, the transaction numbers just say that people are -- our customers are getting value from using the system and growing a lot faster than we are.

Kash，當我們說交易量增長了 67% 時，對我來說，這真是太棒了。這意味著客戶真正在使用我們的產品並從我們的產品中獲得價值。因此，雖然我們的收入增長率不是 67%，但交易數字只是表明人們——我們的客戶正在從使用該系統中獲得價值，並且增長速度比我們快得多。

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

我們的下一個問題來自 Kirk Materne 和 Evercore ISI 的系列。

I'll echo the congrats on a nice end of the fiscal year. Chano, I was wondering if you could just talk a little bit more about the international opportunity as you look out to calendar '22, fiscal '23. Just where do you think you are in, say, APAC and EMEA in terms of you getting into those bigger sort of core FINS deals or HCM? It's obviously a little bit more wide open for you all outside the U.S. So can you just give us an update on international and kind of what your plans are for the go-to-market in that area this year?

我將在財政年度結束時表示祝賀。查諾，我想知道您是否可以在關注 22 年日曆和 23 財年時多談談國際機會。就你進入那些更大的核心 FINS 交易或 HCM 而言，你認為你在亞太地區和歐洲、中東和非洲的哪個位置？它顯然對美國以外的所有人都開放了一點。所以你能告訴我們關於國際的最新情況，以及你今年在該地區進入市場的計劃嗎？

Thank you, Kirk. We saw a noticeable improvement on our international markets this last fiscal year, and we see great continued momentum, which is reflecting on the pipeline in FY '23. We have a healthy growth across regions with significant wins at companies such as National Australia Bank, GenPact and the University of Melbourne, [Power Leisure], among others.

謝謝你，柯克。我們在上一財年看到我們的國際市場有了顯著改善，我們看到了持續的強勁勢頭，這反映了 23 財年的管道。我們在各個地區都取得了健康的增長，在澳大利亞國民銀行、GenPact 和墨爾本大學 [Power Leisure] 等公司中取得了重大勝利。

I would say as new customer base grows internationally, we are adding sales capacity in our customer-based teams internationally as well. And finally, Peakon has also helped open new customers and opportunities for us, and they had a really strong quarter in EMEA landing new customers.

我想說，隨著新客戶群在國際上的增長，我們也在國際上增加我們以客戶為基礎的團隊的銷售能力。最後，Peakon 還幫助我們打開了新客戶和機會，他們在 EMEA 吸引新客戶的季度表現非常強勁。

But just as a reminder, Kirk, international remains one of the largest opportunity for us, and we're really in the early innings of the journey but still having a great foundation and proof point with many referenceable customers across HCM and Financials at this point.

但提醒一下，Kirk，國際仍然是我們最大的機會之一，我們確實處於旅程的早期階段，但在這一點上，與 HCM 和 Financials 的許多可參考客戶仍有很好的基礎和證明點.

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的 Mark Murphy。

I'll add my congrats on a great finish to the year. I wanted to ask you about the procurement opportunity because, Aneel, I believe you mentioned 50% new ACV growth in Strategic Sourcing. And I think you said it was faster growth in procure-to-pay. So I'm curious if there is any extra type of tailwind on the procurement side due to reopening or anything else and just whether those results increase your conviction to try to invest more aggressively into procurement as a major focus area.

我將祝賀這一年取得圓滿成功。我想問你關於採購機會的問題，因為，Aneel，我相信你提到戰略採購中新的 ACV 增長 50%。我認為你說採購到付款的增長更快。因此，我很好奇採購方面是否會因重新開放或其他原因而產生任何額外的順風，以及這些結果是否會增強您嘗試更積極地投資於採購這一主要重點領域的信念。

Well -- so Mark, I'd first say, we're going to continue to invest aggressively on the procurement side. It's a big market opportunity. Our products are strong, but there are gaps that we need -- we still need to fill.

好吧，馬克，我首先要說的是，我們將繼續在採購方面大舉投資。這是一個巨大的市場機會。我們的產品很強大，但我們需要一些空白——我們仍然需要填補。

I think the growth rate was attributable both to the interest in that space, but also the attach to financials. There's just a lot of companies that want to buy finance and procurement together from one vendor in a unified way. So for people who want to buy best-of-breed but they want to buy them in a unified way and in the cloud, we are a great solution. And I think that's becoming more and more the case. So I think I would attribute a lot of that success to that unified view between procurement and finance, which historically worked close together anyways.

我認為增長率既歸因於對該領域的興趣，也歸因於對金融的重視。只是有很多公司希望以統一的方式從一個供應商那裡購買財務和採購。因此，對於想要購買同類最佳產品但又想以統一方式在雲中購買的人來說，我們是一個很好的解決方案。我認為這種情況越來越多。因此，我認為我會將這種成功很大程度上歸功於採購和財務之間的統一觀點，這在歷史上無論如何都是密切合作的。

Chano or Doug, do you want to add anything?

Chano 或 Doug，你想補充什麼嗎？

Well said, Aneel.

說得好，阿尼爾。

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。

Congratulations on a great end to FY '22. I wanted to talk about the increase of the subscription revenue guide. Up in that subscription revenue guide by 2 percentage points is no small feat when you're talking about a revenue base as big as what you guys have and the momentum necessary to make those changes in such a big subscription base. Can you talk to us about what happened in Q4 that gave you guys the confidence to up the revenue guide in that fashion?

祝賀 22 財年圓滿結束。我想談談訂閱收入指南的增加。當您談論與你們所擁有的一樣大的收入基礎以及在如此龐大的訂閱基礎中做出這些改變所必需的動力時，在訂閱收入指南中提高 2 個百分點是不小的壯舉。你能和我們談談第四季度發生的事情，讓你們有信心以這種方式提高收入指南嗎？

And then on the backlog side of the equation, at the beginning of last year, we were talking about expiry base and how that was a headwind to growth on the 24-month backlog as you guys talked about a couple of percentage points. Does that become a tailwind now as we start to anniversary that? And can you talk to us about where does that tailwind -- if it does exist, where do we see that? And how long into the year would that persist?

然後在等式的積壓方面，去年年初，我們討論了到期基數，以及這對 24 個月積壓的增長有何不利影響，因為你們談到了幾個百分點。當我們開始週年紀念時，這會成為順風嗎？你能和我們談談這種順風在哪裡 - 如果它確實存在，我們在哪裡看到它？這種情況會持續多久？

I'm going to make one very quick comment and hand it over to Chano. I would just say that we wouldn't up the guidance the way we did if it was just based on Q4. It was a super strong year throughout, Q1 to Q4. Every quarter was better than our plans. And so as we think about the future, I'm going to turn it over to Chano, but we would never up guidance just on 1 quarter.

我將做一個非常快速的評論並將其交給查諾。我只想說，如果僅基於第四季度，我們不會像我們所做的那樣提高指導。從第一季度到第四季度，這是一個超級強勁的一年。每個季度都比我們的計劃好。因此，當我們考慮未來時，我將把它交給查諾，但我們永遠不會只在第一季度上調指導。

Thank you, Aneel, and thank you for your question -- sorry, Aneel.

謝謝你，Aneel，謝謝你的問題——對不起，Aneel。

Go ahead, Chano.

加油，查諾。

Thank you for your question, Keith. I'll make a comment and then hand it over to Barbara. I think it's -- first of all, it's the investments we've been doing from a go-to-market and product perspective. They're paying off with undeniable, let's say, positive trend that COVID is creating within the back office and the relevance of the solutions we bring to the market.

謝謝你的問題，基思。我會發表評論，然後將其交給芭芭拉。我認為這是 - 首先，這是我們從進入市場和產品的角度所做的投資。他們的回報是無可否認的，比方說，COVID 在後台創造的積極趨勢以及我們為市場帶來的解決方案的相關性。

The pipeline momentum that we have been seeing for several quarters now, Keith, continued in Q4. So we enter FY '23 with healthy growth in pipeline. I would say this across both net new and customer base and also HCM and Financials. So healthy pipelines combined with favorable growth rates that we've been seeing is what is giving us the confidence and the momentum that we're seeing in the market. But Barbara, anything to add?

基思，我們現在已經看到幾個季度的管道勢頭在第四季度繼續。因此，我們進入了 23 財年，管道健康增長。我會在淨新客戶和客戶群以及 HCM 和財務方面這麼說。如此健康的管道與我們一直看到的有利增長率相結合，是我們在市場上看到的信心和動力。但是芭芭拉，有什麼要補充的嗎？

Yes. I'll just round it out with an answer to your question on backlog. So as both Aneel and Chano mentioned, we've got significant momentum entering FY '23, and you see that reflected in our backlog guide for Q1.

是的。我會用你關於積壓的問題的答案來完善它。因此，正如 Aneel 和 Chano 所提到的，我們在進入 23 財年時勢頭強勁，您可以在我們第一季度的積壓工作指南中看到這一點。

With respect to renewals specifically, as we've said, we are expecting to return to a more normalized rate of growth for our renewal base in FY '23. So therefore, that headwind that we faced over the last year to 24 months backlog does go away this year.

具體而言，正如我們所說，我們預計在 23 財年我們的續約基礎將恢復到更正常的增長率。因此，我們在過去一年到 24 個月的積壓工作所面臨的逆風在今年確實消失了。

Got it. Would it be correct to think of it as a tailwind now? Or is it just kind of neutral and it's just a normalized operating environment?

知道了。現在將其視為順風是否正確？或者它只是一種中立的，它只是一個標準化的操作環境？

It's best to think it's neutral and it's kind of more of a normalized growth rate this year.

最好認為它是中性的，而且今年的增長率更像是正常化的增長率。

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

我們的下一個問題來自富國銀行的 Michael Turrin。

Congrats from me as well. Maybe one on margin. You set the stage for some of the impacts there a few months back. You're already bringing targets up there as well for fiscal '23. You mentioned still some moving pieces with return to travel. We know it's a tight labor market. So maybe if you could just add some more around what gives the confidence to bring those targets up here. And any additional color or commentary around the pace of hiring is also appreciated.

我也祝賀你。也許一個在保證金上。幾個月前，您為那裡的一些影響奠定了基礎。您已經為 23 財年制定了目標。您還提到了一些與返回旅行有關的動人作品。我們知道這是一個緊張的勞動力市場。因此，也許您可以在有信心將這些目標提出來的地方添加更多內容。任何關於招聘速度的額外顏色或評論也值得讚賞。

Yes. Absolutely. I'll give you some specifics on the margins. So we are planning to add more head count this year than we did last year, again, with a focus on sales and product. If you think about hiring last year, it was weighted more towards the back half of the year. We've got that hiring engine ramped now, and we expect to add head count relatively evenly throughout the rest of the year this year. We also are planning to layer back some of the costs back into the business, so return to office, travel, the in-person events. We're all here together today sitting at SKO. And then finally, just a reminder that our company-wide bonus program did roll out in Q4, and this has a full year impact of approximately 300 basis points in FY '23.

是的。絕對地。我會給你一些關於邊緣的細節。因此，我們計劃今年增加比去年更多的人數，再次關註銷售和產品。如果您考慮去年的招聘，那麼它在今年下半年的比重更大。我們現在已經啟動了招聘引擎，我們希望在今年剩餘時間里相對均勻地增加員工人數。我們還計劃將一些成本分層回饋到業務中，以便返回辦公室、旅行和現場活動。今天我們都在 SKO 聚會。最後，提醒一下我們公司範圍內的獎金計劃確實在第四季度推出，這對 23 財年的全年影響約為 300 個基點。

But if I were to start with the headline, the headline is our higher growth rate does cover some of it. And let's just start with that, that the higher growth rate gives us more ability to drive a higher margin. In addition to everything, that all else sets up [1%].

但如果我從標題開始，標題是我們更高的增長率確實涵蓋了其中的一部分。讓我們從這個開始，更高的增長率讓我們更有能力推動更高的利潤率。除了一切之外，其他一切都成立 [1%]。

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

我們的下一個問題來自美國銀行的 Brad Sills。

I'll echo the congratulations on a really nice quarter, guys. Just one on verticals. I know this has been a big focus. And certainly for FINS and for ERP financials, it's not a one size fits all. Are there any industries where you're further along here or ones that we should expect to become more incremental contributors from here? Obviously, financials is a key one. You've got a lot of success there. Are there others like that where you can get to the kind of penetration you've seen in the near term?

伙計們，我會在一個非常好的季度表示祝賀。只有一個在垂直領域。我知道這是一個很大的焦點。當然，對於 FINS 和 ERP 財務而言，這並不是萬能的。有沒有你在這方面走得更遠的行業，或者我們應該期望從這裡成為更多增量貢獻者的行業？顯然，財務是一個關鍵。你在那裡取得了很大的成功。有沒有其他類似的方法可以讓你在短期內達到你所看到的那種滲透？

Chano, do you want to take that?

查諾，你要接受嗎？

I'm happy to take it. Brad, hope all is well. Clearly, financial services, and I think a very important and relevant as well, the core FINS win with Accounting Center and the rest of solutions from US Bank and some of the great customers going live within our financials vertical and what we mentioned with that 70%-plus of the Fortune 500 financial services companies being already customers.

我很高興接受它。布拉德，希望一切都好。顯然，金融服務，我認為一個非常重要和相關的，核心 FINS 贏得了會計中心和美國銀行的其他解決方案，以及一些偉大的客戶在我們的金融垂直領域以及我們提到的那 70 % 以上的財富 500 強金融服務公司已經成為客戶。

Healthcare as well performing in Q4, Brad, including strategic wins at companies like Mass General Brigham and Wellstar Health and several others. I commented on my remark notes as well Extend solution in customers like Advocate Aurora and some others expanding our portfolio. Higher education that we've been mentioning, and we have some significant momentum, including as well some go-lives and some more customers joining our student solution as a whole.

Brad 的醫療保健在第四季度表現良好，包括在 Mass General Brigham 和 Wellstar Health 等公司的戰略勝利以及其他幾家公司。我還評論了我的備註以及在 Advocate Aurora 等客戶中擴展解決方案以及其他一些擴展我們產品組合的客戶。我們一直在提到的高等教育，我們有一些顯著的勢頭，包括一些上線和更多的客戶加入我們的學生解決方案作為一個整體。

Last but not least, I think you are aware, this year, we will start with our authority to operate in the spring within the federal market, and that is more a long-term one. So you should not expect significant impact this year. But clearly, you should expect that it will be a growth vector for us going forward.

最後但並非最不重要的一點是，我想你知道，今年，我們將從春季開始在聯邦市場內運作，這更像是一個長期的授權。因此，您不應期望今年會產生重大影響。但顯然，您應該期望它將成為我們前進的增長載體。

Our next question comes from the line of Alex Zukin with Wolfe Research.

我們的下一個問題來自 Wolfe Research 的 Alex Zukin。

This is Strecker Backe on for Alex. So when we talk to partners, there just seems to be an ever-increasing focus on the FINS side of the business. So can you talk about that FINS pipeline some more and then if you have seen or expect to see any bottlenecks related to a tougher hiring environment or tighter labor environment for the SIs? And then just a quick second one, does your guidance assume any increased conservatism coming out of Europe given the situation between Russia and Ukraine?

這是亞歷克斯的 Strecker Backe。因此，當我們與合作夥伴交談時，似乎越來越關注業務的 FINS 方面。那麼，您能否再談談 FINS 管道，然後如果您已經看到或期望看到與 SI 更嚴格的招聘環境或更嚴格的勞動力環境相關的任何瓶頸？然後很快第二個，您的指導是否假設考慮到俄羅斯和烏克蘭之間的局勢，歐洲的保守主義會有所增加？

On the finance side and then I'll turn over to Chano. On the finance side, we feel very good where we are product-wise. I think the SIs are ready. Finance, definitely, the function took a hit during COVID because we were viewed as longer-term projects, but those projects are coming back online very quickly. It's not back to pre-COVID days, but it's coming back, and that's a very positive data point for us.

在財務方面，然後我將交給查諾。在財務方面，我們在產品方面感覺非常好。我認為 SI 已經準備就緒。財務，毫無疑問，該功能在 COVID 期間受到了打擊，因為我們被視為長期項目，但這些項目很快就會重新上線。它並沒有回到 COVID 之前的日子，但它正在回來，這對我們來說是一個非常積極的數據點。

And candidly, as it relates to finance, it really just is a 2-horse race between us and Oracle, and there's plenty of room for both of us. Oracle is doing well. We're doing well. As the market comes back, there's a huge growth opportunity for both of us.

坦率地說，就金融而言，這實際上只是我們和甲骨文之間的兩匹馬比賽，我們雙方都有足夠的空間。甲骨文做得很好。我們做得很好。隨著市場的回歸，我們雙方都有巨大的增長機會。

And Chano, do you want to talk about Europe?

還有查諾，你想談談歐洲嗎？

Yes. I would comment on the partners and talk about Europe. I mean we are focused on ensuring that we don't have any bottlenecks on the partners in our ecosystem, and we feel good where we are. As a matter of fact, I'm having some discussions with partners this week, and it is quite exciting kind of the investments that they're planning within their finance programs. So that's great to see. Not sure what was the question regarding Europe was, I think, was more a macro one, if I understood correctly.

是的。我會評論合作夥伴並談論歐洲。我的意思是，我們專注於確保我們的生態系統中的合作夥伴沒有任何瓶頸，並且我們感覺良好。事實上，本週我正在與合作夥伴進行一些討論，他們在財務計劃中計劃進行的投資非常令人興奮。所以很高興看到。如果我理解正確的話，我認為不知道關於歐洲的問題更多的是宏觀問題。

Yes. It was related to the guidance. I can go ahead and answer that. We haven't built in any increased conservatism as a result of the geopolitical environment right now.

是的。這與指導有關。我可以繼續回答這個問題。由於目前的地緣政治環境，我們沒有建立任何增加的保守主義。

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。

Aneel, you had me at the fastest growth in new ACV bookings in 5 years. Wanted to walk through and drill down into the why now. Appreciate Doug's commentary around this big opportunity to sell into the installed base. Is that really resonating? Or are there other industry factors, be it labor shortages, driving a need to invest more in HCM and/or just a return to office that's also contributing to the acceleration here in new ACV bookings? Any color there would be helpful.

Aneel，你讓我看到了 5 年來新 ACV 預訂量的最快增長。想要通過並深入了解現在的原因。感謝 Doug 對這個向已安裝用戶群進行銷售的大好機會的評論。真的有共鳴嗎？或者是否還有其他行業因素，例如勞動力短缺、需要在 HCM 上進行更多投資和/或只是重返辦公室，這也有助於新 ACV 預訂的加速？那裡的任何顏色都會有幫助。

Honestly, you kind of answered the question. It's all of the above. I talked to so many CEOs during COVID who just wanted to know how their employees were doing and their engagement levels. Peakon has been a great acquisition that way, everything about comp, everything about engagement, retention, everything. And if they had a legacy system, they were struggling. And so that was a driver on the HR side.

老實說，你有點回答了這個問題。以上就是全部了。在 COVID 期間，我與很多 CEO 進行了交談，他們只是想知道他們的員工的工作情況和他們的敬業度。從這個角度來看，Peakon 是一次很棒的收購，一切都與薪酬有關，一切與參與度、留存率有關。如果他們有一個遺留系統，他們就會苦苦掙扎。所以那是人力資源方面的司機。

And we're returning back to work, all the things you mentioned matter. I'm going to -- I'd like to answer it. But at the end of the day, it was Chano and Doug that really drove this great success over the 3 years. So I want to turn it over to Chano to give you his perspective.

我們正在恢復工作，你提到的所有事情都很重要。我要 - 我想回答它。但歸根結底，是查諾和道格在 3 年中真正推動了這一巨大成功。所以我想把它交給查諾給你他的觀點。

I think you provided a great context, Aneel. If I may add, I believe there are undeniable market trends in our favor, the ones you mentioned: a significant amount of digital transformation happening across many businesses in all industries. And we're truly the backbone to enable those transformations and really the only cloud-first solution doing so across HCM/finance, legacy systems that are built for the old ways of doing business or current business models and business agility.

我認為你提供了一個很好的背景，Aneel。如果我可以補充一下，我相信有不可否認的市場趨勢對我們有利，你提到的那些：所有行業的許多企業都發生了大量的數字化轉型。我們確實是實現這些轉型的中堅力量，並且是唯一跨 HCM/金融、為舊的業務運營方式或當前業務模式和業務敏捷性構建的遺留系統這樣做的雲優先解決方案。

Aneel mentioned the need to engage better with employees. They're changing workforce and skills understanding. So just to name a few, these are all C levels and CEO discussions that we're having, and frankly, we are really well positioned to provide solutions to those challenges and partner and help our customers to transform.

Aneel 提到需要更好地與員工互動。他們正在改變對勞動力和技能的理解。因此，僅舉幾例，這些都是我們正在進行的 C 級和 CEO 討論，坦率地說，我們確實有能力為這些挑戰和合作夥伴提供解決方案並幫助我們的客戶轉型。

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

我們的下一個問題來自德意志銀行的 Brad Zelnick。

Congrats, not only on the strong result but the breadth across geos, products, various segments, installed base and new ACV, I mean, it really sounds like a strong finish. And I know we've touched on verticals a few times in the call, and you've featured financial services, you called out retail as particularly strong in your press release. We've picked up strong things happening in education and SLED more broadly and in other verticals. And I'd just be curious if maybe you can comment on some of the verticals and opportunities that we might be talking about a year from now and things that might be brewing and maybe even some of the concerns around service-based industries: hospitality, leisure, travel, the extent to which they are bouncing back.

恭喜，不僅是強勁的結果，而且跨地域、產品、各個細分市場、安裝基礎和新 ACV 的廣度，我的意思是，這聽起來真的是一個強大的完成。而且我知道我們在電話會議中已經多次觸及垂直領域，並且您已經介紹了金融服務，您在新聞稿中稱零售業特別強大。我們在更廣泛的領域和其他垂直領域發現了在教育和 SLED 中發生的重要事情。我很好奇，如果您能評論一下我們一年後可能會談論的一些垂直領域和機會，以及可能正在醞釀的事情，甚至可能是圍繞服務型行業的一些擔憂：酒店業、休閒，旅行，他們反彈的程度。

I'll comment on higher ed and government, and then I'll let Chano talk about the future. But we've had a commitment to higher ed and state local government, not since we started the company, but not too far afterwards. That was a big focus of Dave's as it relates to higher ed, and a lot of the state and local stuff are intertwined with higher ed. So we continue to be very strong there. That was our first industry/vertical we went after.

我會評論高等教育和政府，然後讓查諾談談未來。但我們已經對高等教育和州地方政府做出了承諾，不是從我們創辦公司以來，而是在不久之後。這是戴夫的一個重點，因為它與高等教育有關，許多州和地方的東西都與高等教育交織在一起。所以我們在那裡仍然非常強大。那是我們追求的第一個行業/垂直領域。

And as the student system that we're building gains more functionality, it's becoming more accessible to larger and larger universities. It's a great solution for a university. You buy the higher -- you buy the student system and you get HR and finance along with that. And in the case of public sector, state, local government, we have worked to build all their unique roles into the products. So you see it in cities, you see it in states quickly adopting Workday. So that is a market -- that's probably our first vertical before financial services.

隨著我們正在構建的學生系統獲得更多功能，越來越大的大學越來越容易使用它。對於大學來說，這是一個很好的解決方案。你買了更高的——你買了學生系統，然後你就得到了人力資源和財務。對於公共部門、州、地方政府，我們一直在努力將他們所有的獨特角色融入到產品中。因此，您在城市中看到它，在迅速採用 Workday 的州中看到它。所以這是一個市場——這可能是我們在金融服務之前的第一個垂直領域。

And then Chano can talk about what comes next.

然後查諾可以談論接下來會發生什麼。

Yes. I think what comes next is, I mentioned before the federal government. It remains as the large on-premise for -- opportunity for HR and financials application, and we see really a great opportunity there to provide cloud solutions for a significant portion of the market. I mentioned before an authority to operate coming only spring game.

是的。我認為接下來是，我在聯邦政府之前提到過。它仍然是人力資源和財務應用程序的大型本地機會，我們確實看到了為大部分市場提供雲解決方案的絕佳機會。我之前提到過一個只有春季遊戲才能運營的權限。

I think you should also think about on the core services verticals because the wins that we have like in US Bank now and core financials and the momentum we see in the pipeline, hopefully, that will keep progressing, and you see us gaining traction there. And last but not least, set of those, let's say, core services verticals and our core financials and financial task category overall applying there are better. I think our land motions with Planning, Sourcing, Peakon and VNDLY will allow us to even penetrate further on those verticals, even outside of our more natural, let's say, ones where we -- they are not -- maybe -- might not be ready yet to transform core HCM or core Financials, but definitely will be ready to land and take advantage of some of the solutions we provide there.

我認為您還應該考慮核心服務垂直領域，因為我們現在在美國銀行和核心財務方面取得的勝利以及我們在管道中看到的勢頭，希望這將繼續取得進展，您會看到我們在那裡獲得牽引力。最後但並非最不重要的一點是，其中一組，比如說，核心服務垂直領域以及我們的核心財務和財務任務類別整體應用在那裡更好。我認為我們與 Planning、Sourcing、Peakon 和 VNDLY 的土地動議將使我們能夠進一步滲透到這些垂直領域，甚至在我們更自然的領域之外，比方說，我們 - 他們不是 - 也許 - 可能不是尚未準備好轉變核心 HCM 或核心財務，但肯定會準備好登陸並利用我們在那裡提供的一些解決方案。

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

我們的下一個問題來自 Jefferies 的 Brent Thill。

Chano, you mentioned healthy activity in medium enterprise. I'm curious if you could elaborate on what you're seeing there.

Chano，你提到了中型企業的健康活動。我很好奇你能否詳細說明你在那裡看到的東西。

The medium enterprise has been executing really well for quite some time now. We've been highlighting that one. And we see significant long-term opportunity within this segment, and this continues to be a significant investment focus for us.

中型企業在相當長的一段時間內一直表現良好。我們一直在強調這一點。我們在這一領域看到了重要的長期機會，這仍然是我們的重要投資重點。

I think we've done a nice job of tapping into that market and figuring out a way to rightsize the deployment costs with our launch investments, and we are really well positioned with the broader platform solution. So honestly, the team has been doing extremely well, growing significantly fast, and we're excited by the momentum and the pipeline and the investments that we're doing to that market.

我認為我們在開發該市場方面做得很好，並通過我們的啟動投資找到了一種調整部署成本的方法，而且我們在更廣泛的平台解決方案方面確實處於有利地位。所以老實說，團隊一直做得非常好，增長速度非常快，我們對這個市場的勢頭、管道和投資感到興奮。

And was there -- as a quick follow-up, was there any follow-up on what you're seeing with Planning uptake? I know that's been one of your stronger growth areas. Any color there would be helpful.

有沒有 - 作為一個快速跟進，是否有任何跟進你所看到的規劃吸收？我知道那是您增長較強勁的領域之一。那裡的任何顏色都會有幫助。

Yes. Planning, as you know, is a core focus for us as part of our FINS+ approach. That has been again a solution that has benefited from the trends out of COVID, and we're pretty happy how we are doing regarding Planning overall and the referenceable customers we do have. And we do have more investments coming on to that solution as part of our land motion and some more sales specialists just supporting those go-to-market efforts, particularly this year and going forward.

是的。如您所知，規劃是我們 FINS+ 方法的核心重點。這又是一個受益於 COVID 趨勢的解決方案，我們很高興我們在整體規劃和我們擁有的可參考客戶方面做得如何。作為我們土地動議的一部分，我們確實對該解決方案進行了更多投資，並且一些銷售專家只是支持這些進入市場的努力，尤其是今年和未來。

Our final question comes from the line of Raimo Lenschow with Barclays.

我們的最後一個問題來自巴克萊銀行的 Raimo Lenschow。

Congrats from me as well. Chano, I wanted to go back to a question I asked last quarter already and there -- it's about the evolution of pipeline. Can you talk a little bit of what you're seeing there? Because if it all plays out well, then actually this quarter, the partner should have built more for the next year. And I guess, the increase in guidance showed the confidence as well. But then also how do we have to think about the increase in CapEx, where you pull forward '24 spending into next year? That all seems to suggest that the post-pandemic build-out of the pipeline and changes in the pipeline and continues there. But maybe a couple of words on that one. And congrats from me as well.

我也祝賀你。 Chano，我想回到我上個季度已經問過的一個問題——這是關於管道的演變。你能談談你在那裡看到的東西嗎？因為如果一切順利，那麼實際上本季度，合作夥伴應該為明年建造更多。我想，指導的增加也顯示了信心。但是，我們又該如何考慮資本支出的增加，您將 24 年的支出提前到明年？這一切似乎都表明，大流行後管道的擴建和管道的變化並繼續存在。但也許就那個說幾句話。我也祝賀你。

Thank you, Raimo. I think the way to think about the pipeline is that there is good momentum, as I said, that has been building during the last few quarters, and we also saw that in Q4. And I think it's broad-based. It's across net new. And Aneel mentioned some of the results in Q4 with the extraordinary performance of that team. It's around customer base. It's around HCM, Financials. From a regions perspective, we see it balance as well in North America, but also the rest of the world. So I think that's the way we look at it and the right way to think about it going forward. So it's now more a question turning on to the execution and that the investments we are doing within the new go-to-market and sales folks that are joining, really enabling them properly to properly position the value proposition and keep our conversion ratios as we've been performing within the last -- this last FY '22.

謝謝你，雷莫。我認為考慮管道的方式是，正如我所說，過去幾個季度一直在建立良好的勢頭，我們在第四季度也看到了這一點。而且我認為它是廣泛的。它是全新的。 Aneel 提到了第四季度的一些結果，以及該團隊的非凡表現。它圍繞著客戶群。它圍繞HCM，財務。從地區的角度來看，我們認為它在北美以及世界其他地區也是平衡的。所以我認為這就是我們看待它的方式，也是思考它未來的正確方式。因此，現在更多的是一個關於執行的問題，以及我們在新的進入市場和加入的銷售人員中所做的投資，真正使他們能夠正確定位價值主張並保持我們的轉化率，因為我們'一直在上一個 - 這最後一個財政年度'22。

Ladies and gentlemen, thank you for your participation on today's conference. This will conclude Workday's Fourth Quarter FY '22 Earnings Call. Thank you again for joining us.

女士們，先生們，感謝你們參加今天的會議。這將結束 Workday 的 22 財年第四季度財報電話會議。再次感謝您加入我們。