Workday Inc (WDAY) 2023 Q1 法說會逐字稿

Hello, and welcome to Workday's First Quarter Fiscal Year 2023 Earnings Call. (Operator Instructions)

您好，歡迎參加 Workday 2023 財年第一季度收益電話會議。 （操作員說明）

With that, I'll hand the call over to Justin Furby, Vice President, Investor Relations.

接下來，我會將電話轉給投資者關係副總裁 Justin Furby。

Thank you, operator. Welcome to Workday's First Quarter Fiscal 2023 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 2023 財年第一季度收益電話會議。參加電話會議的有我們的聯合首席執行官 Aneel Bhusri 和 Chano Fernandez；芭芭拉·拉爾森，我們的首席財務官；和我們的首席戰略官 Pete Schlampp。在準備好發言後，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，該電話會議同時進行網絡直播。

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, application, customer demand, operation and other matters. These statements are subject to risks, uncertainties and assumptions, including those related to the impacts of the ongoing COVID-19 pandemic and recent macroeconomic events on our business and global economic conditions.

在開始之前，我們想強調，我們在這次電話會議上的一些陳述，特別是我們的指導，是基於我們今天掌握的信息，包括有關我們的財務業績、應用、客戶需求、運營和運營的前瞻性陳述。其他事項。這些陳述受到風險、不確定性和假設的影響，包括與持續的 COVID-19 大流行和最近的宏觀經濟事件對我們的業務和全球經濟狀況的影響有關的風險、不確定性和假設。

Please refer to the press release and the risk factors in documents we file with the Securities and Exchange Commission, including our 2022 annual report on Form 10-K and 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.

請參閱新聞稿和我們向美國證券交易委員會提交的文件中的風險因素，包括我們的 10-K 表 2022 年年度報告和 10-Q 表最新季度報告，了解有關風險、不確定性的更多信息可能導致實際結果與此類聲明中提出的結果存在重大差異的假設。

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, in our investor presentation and on the Investor Relations page of our website.

此外，在今天的電話會議中，我們將討論非公認會計準則財務指標，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，而不是替代或孤立於公認會計原則結果。您可以在我們的收益新聞稿、投資者介紹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衡量標準的其他披露信息，包括與可比公認會計原則結果的調節表。

The webcast replay of this call will be available for the next 90 days on our company website under the Investor Relations link. Starting with this quarter and going forward, we will be posting a quarterly investor presentation on our Investor Relations website following each quarter's call. Also, the Customers page of our website includes a list of selected customers and is updated monthly.

本次電話會議的網絡直播重播將在接下來的 90 天內在我們公司網站的投資者關係鏈接下提供。從本季度開始及今後，我們將在每個季度的電話會議後在投資者關係網站上發布季度投資者演示文稿。此外，我們網站的客戶頁麵包含選定客戶的列表，並每月更新。

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

我們的 2023 財年第二季度靜默期從 2022 年 7 月 16 日開始。除非另有說明，本次電話會議中的所有財務比較都將與我們 2022 財年可比期間的業績進行比較。

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

這樣，我會將電話轉交給 Aneel。

Thank you, Justin, and welcome to Workday's First Quarter Fiscal Year '23 Earnings Conference Call. Before we begin, we are heartbroken by the recent acts of violence and the senseless loss of life. There are no words to explain the pain the parents, children, families and loved ones of the victims must be feeling. Our thoughts are with them and the people of Uvalde, Texas; Buffalo, New York; Laguna Woods, California and every other community that has endured such tragedy. Everyone has the right to feel safe in the places where they learn, live, work, worship and do simple day errands.

謝謝賈斯汀，歡迎參加 Workday '23 財年第一季度收益電話會議。在我們開始之前，我們對最近的暴力行為和毫無意義的生命損失感到心碎。受害者的父母、孩子、家人和親人所感受到的痛苦是無法用語言來形容的。我們與他們以及德克薩斯州尤瓦爾迪的人民同在；紐約州布法羅；加利福尼亞州拉古納伍茲和其他所有遭受過此類悲劇的社區。每個人都有權在學習、生活、工作、禮拜和做簡單日常事務的地方感到安全。

Turning now to our business and coming off an exceptional fiscal year '22 of acceleration in the business. Workday reported solid Q1 results, delivering subscription revenue growth of 23%. During the quarter, we continue to see companies across our target geographies and industries select Workday as they move their finance and HR systems to the cloud. At the same time, several key opportunities that we had expected to close in Q1 were pushed to later in the year, impacting backlog performance. Barbara will touch on later in the call.

現在談談我們的業務，我們剛剛結束了 22 財年的業務加速增長。 Workday 公佈了穩健的第一季度業績，訂閱收入增長了 23%。在本季度，我們繼續看到目標地區和行業的公司在將財務和人力資源系統遷移到雲端時選擇 Workday。與此同時，我們原本預計在第一季度完成的幾個關鍵機會被推遲到今年晚些時候，影響了積壓績效。芭芭拉將在稍後的電話會議中談到。

We continue to see strong demand for our products and are optimistic about the year. We are mindful, however, of the current macroeconomic and geopolitical environments and the impact these conditions could have on businesses globally. With that in mind, our focus remains on what we can control, which is to continue to drive innovation as we broaden our offering to become an even more strategic partner to our customers, deliver the industry's top levels of customer support, cultivate our culture, which remains foundational to all that we do.

我們繼續看到對我們產品的強勁需求，並對今年感到樂觀。然而，我們注意到當前的宏觀經濟和地緣政治環境以及這些條件可能對全球企業產生的影響。考慮到這一點，我們的重點仍然是我們可以控制的事情，即繼續推動創新，擴大我們的產品範圍，成為客戶更具戰略性的合作夥伴，提供業界頂級的客戶支持，培養我們的文化，這仍然是我們所做的一切的基礎。

Now I'd like to share some of the business highlights from Q1, starting with Workday HCM. Barclays, Callaway Golf and West Tennessee Healthcare were just a few of the many new customers that we welcomed last quarter. While these new wins are very important to us, we remain equally focused on ensuring our customers successfully go live, critical to our ability to drive customer satisfaction. Notable go-lives in Q1 include Hy-Vee; Kyndryl; and Royal Bank of Canada, better known as RBC.

現在我想分享第一季度的一些業務亮點，首先是 Workday HCM。巴克萊銀行、卡拉威高爾夫公司和西田納西州醫療保健公司只是我們上季度迎來的眾多新客戶中的一小部分。雖然這些新的勝利對我們非常重要，但我們仍然同樣專注於確保我們的客戶成功上線，這對於我們提高客戶滿意度的能力至關重要。第一季度值得注意的上線包括 Hy-Vee；肯德爾;以及加拿大皇家銀行（RBC）。

Proven ability to support our customers' large volumes of data and transactions continues to be a significant differentiator in our success. It's not just our scalability that differentiates us. It's also our unique ability to innovate and deliver valuable insights to our customers across the office of the [CHRO]. In learning, for example, we recently crossed the 2,000 customer milestone. We now have over 3,100 recruiting customers. We're also opening new markets with solutions with Analytics, which now has over 500 customers; Workday Journeys, which has over 300 customers. We're a clear market leader in HCM, something that we don't take for granted. We continue to find new ways to increase our strategic positioning within the office of the CHRO.

久經考驗的支持客戶大量數據和交易的能力仍然是我們成功的重要因素。讓我們與眾不同的不僅僅是我們的可擴展性。這也是我們通過 [CHRO] 辦公室進行創新並為客戶提供寶貴見解的獨特能力。例如，在學習方面，我們最近突破了 2,000 名客戶的里程碑。我們現在擁有超過 3,100 家招聘客戶。我們還通過 Analytics 解決方案開闢新市場，該解決方案目前擁有 500 多個客戶； Workday Journeys 擁有 300 多名客戶。我們是 HCM 領域明顯的市場領導者，我們並不認為這是理所當然的。我們不斷尋找新的方法來提高我們在 CHRO 辦公室內的戰略定位。

Turning to our offerings for the office of the CFO. We once again saw continued strength across the board. Highlights included key full suite wins at American University, Lehigh Valley Hospital and Mohegan Tribal Gaming Authority along with several core financial customer go-lives in the quarter, including Advocate Aurora Health and Sentara Healthcare, to name a few.

談談我們為首席財務官辦公室提供的產品。我們再次看到全面持續走強。亮點包括在美利堅大學、利哈伊谷醫院和 Mohegan Tribal Gaming Authority 獲得關鍵的全套服務，以及本季度幾個核心金融客戶的上線，其中包括 Advocate Aurora Health 和 Sentara Healthcare 等。

Our strategy for many years now and one of our key differentiators is providing organizations with a unified solution to plan, execute and analyze their businesses in real time. That strategy is clearly resonating in the market with Workday Adaptive Planning now being used by nearly 6,000 organizations globally, including nearly 75% of our core FINS customers. Prism Analytics nearing 1,000 customers, being roughly 40% of our core financials customers.

我們多年來的戰略和我們的主要優勢之一是為組織提供統一的解決方案來實時規劃、執行和分析其業務。該策略顯然在市場上引起了共鳴，目前全球近 6,000 個組織正在使用 Workday Adaptive Planning，其中包括我們近 75% 的核心 FINS 客戶。 Prism Analytics 擁有近 1,000 個客戶，約占我們核心金融客戶的 40%。

As you know, Workday was founded on a core set of values that help guide our decisions as we look to do what's right for our employees, the customers we serve and the world around us. The example of this approach can be seen through our increased focus on supporting our customers' evolving ESG initiatives. We have quickly become a top priority in the boardroom and for the office of the CFO, especially considering the most recent and upcoming SEC disclosure requirements.

如您所知，Workday 建立在一套核心價值觀的基礎上，這些價值觀有助於指導我們的決策，因為我們希望為我們的員工、我們服務的客戶以及我們周圍的世界做正確的事情。我們更加註重支持客戶不斷發展的 ESG 舉措，可以看出這種方法的例子。我們很快就成為董事會和首席財務官辦公室的首要任務，特別是考慮到最新和即將出台的 SEC 披露要求。

In Q1, we announced 2 new solutions that will be available this year to further help companies view their businesses through an ESG lens. First is social reporting for ESG to help our customers more easily track progress against goals and identify areas for improvement within workforce composition, organizational health, diversity and workforce investments.

在第一季度，我們宣布了將於今年推出的 2 個新解決方案，以進一步幫助公司通過 ESG 視角審視其業務。首先是 ESG 社會報告，幫助我們的客戶更輕鬆地跟踪目標進展情況，並確定勞動力構成、組織健康、多樣性和勞動力投資方面需要改進的領域。

The second is supplier and sustainability. We help customers to improve the sustainability and resilience of their supply chains, test Scope 3 emissions across their suppliers. Adding these 2 new solutions to our existing product portfolio further strengthens our ability to be a strategic partner of customers, shareholders on their ESG.

第二個是供應商和可持續性。我們幫助客戶提高供應鏈的可持續性和彈性，測試其供應商的範圍 3 排放。將這 2 個新解決方案添加到我們現有的產品組合中，進一步增強了我們成為客戶和股東 ESG 戰略合作夥伴的能力。

Switching to the people front. We continue to invest heavily in our company culture to sustain our belief that happy employees deliver the highest levels of satisfaction to our great customers. On that note, in early April, we announced exciting expansion plans for our European headquarters in Dublin, Ireland. We intend to create 1,000 new jobs over the next 2 years, which will increase our overall Ireland-based workforce by approximately 60% in addition to breaking ground on a new European headquarters building. Dublin site plays a critical role in our product development and customer service efforts. We decided to build on the already incredible group of employees we have in Dublin.

轉向人民陣線。我們繼續大力投資我們的公司文化，以維持我們的信念：快樂的員工為我們的優質客戶帶來最高水平的滿意度。有鑑於此，四月初，我們宣布了位於愛爾蘭都柏林的歐洲總部的令人興奮的擴張計劃。我們計劃在未來 2 年內創造 1,000 個新就業崗位，除了新的歐洲總部大樓破土動工外，這將使我們在愛爾蘭的員工總數增加約 60%。都柏林工廠在我們的產品開發和客戶服務工作中發揮著至關重要的作用。我們決定在都柏林擁有令人難以置信的員工團隊的基礎上再接再厲。

As we look forward, amid the backdrop of macro uncertainty, we're comforted by the fact that, as a company, we've been through these cycles before, most recently navigating the pandemic, and as a younger company, the 2008-2009 financial crisis. Each time, we have come out stronger and remain confident in the fundamentals of our business and our long-term strategy. We believe that our leadership position will only strengthen. We have a proven track record of growth at scale, a robust business model with strong cash flow generation, a value-driven culture that attracts the best talent and constantly (inaudible) always been a recipe for long-term success for us.

展望未來，在宏觀不確定性的背景下，我們感到欣慰的是，作為一家公司，我們以前經歷過這些週期，最近一次是在應對這一流行病，而作為一家年輕的公司，我們在 2008 年至 2009 年經歷了這些週期。金融危機。每一次，我們都變得更加強大，並對我們的業務基本面和長期戰略保持信心。我們相信，我們的領導地位只會得到加強。我們擁有良好的規模增長記錄、擁有強大現金流的穩健商業模式、吸引最優秀人才的價值驅動文化，並且始終（聽不清）一直是我們長期成功的秘訣。

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

接下來，我會將其交給我們的聯合首席執行官查諾·費爾南德斯 (Chano Fernandez)。交給你了，查諾。

Thank you, Aneel, and thank you to everyone for joining today. I want to begin by extending a special welcome to the more than 700 many Workmates that joined the company during Q1. I recently had the opportunity to travel across several of our global offices and meet with many of our new and long-time Workmates. And I must say the energy within the company is amazing. I look forward to seeing what we can achieve together in FY '23 and beyond.

謝謝你，Aneel，也感謝大家今天加入。首先，我要向第一季度加入公司的 700 多名同事表示特別歡迎。最近，我有機會走訪了我們的多個全球辦事處，並會見了我們的許多新同事和老同事。我必須說公司內部的活力是驚人的。我期待看到我們在 23 財年及以後能夠共同取得的成就。

We delivered a solid first quarter as momentum across both our net new and customer-based teams continued, and we once again drove very strong renewals, a testament to the strategic nature of our solutions and our commitment to customer satisfaction. As Aneel mentioned, we did see the timing of several Q1 key deals push into future quarters, and we've also seen some Q2 pipeline opportunities move to the second half, but we are confident in closing them later this year. More broadly, we see healthy overall pipeline, positioning us to deliver a strong FY '23 as we remain focused on driving sustainable 20%-plus subscription revenue growth.

隨著我們的淨新團隊和基於客戶的團隊繼續保持強勁勢頭，我們在第一季度取得了穩健的業績，並且我們再次推動了非常強勁的更新，這證明了我們解決方案的戰略性質以及我們對客戶滿意度的承諾。正如 Aneel 提到的，我們確實看到第一季度幾項關鍵交易的時間安排會推遲到未來幾個季度，我們也看到第二季度的一些管道機會轉移到下半年，但我們有信心在今年晚些時候完成這些交易。更廣泛地說，我們看到健康的整體管道，使我們能夠實現強勁的 23 財年，因為我們仍然專注於推動可持續的 20% 以上的訂閱收入增長。

From a geographic standpoint, in Q1, we had solid growth across several international markets, highlighted by the U.K. where we have significant wins at companies such as Barclays and NatWest Banking Group; in France, where people drove strategic lands at Accor and Orange S.A.; and in the Nordics and Netherlands, where we increased our footprint with companies such as Booking.com and Scandic Hotels.

從地域角度來看，第一季度，我們在多個國際市場實現了穩健增長，其中以英國為突出，我們在巴克萊銀行和國民西敏寺銀行集團等公司中取得了重大勝利；在法國，人們在 Accor 和 Orange S.A. 開發戰略性土地；在北歐和荷蘭，我們擴大了與 Booking.com 和 Scandic Hotels 等公司的合作。

In the U.S., we saw strength across multiple areas, including the medium enterprise, where our broad portfolio of solutions across the CHRO and CFO is driving our success. In the large enterprise, in addition to some of the new core HR and financial management wins, we expanded our strategic footprint with several of our existing customers, such as Voya, Advanced Auto Parts and one of the world's largest technology companies. Our customer base motion continues to drive strong momentum, and we're very excited by the growth we see ahead.

在美國，我們看到了多個領域的優勢，包括中型企業，我們在 CHRO 和 CFO 方面提供的廣泛解決方案組合正在推動我們取得成功。在大型企業中，除了一些新的核心人力資源和財務管理方面的勝利外，我們還擴大了與一些現有客戶的戰略足跡，例如 Voya、Advanced Auto Parts 和世界上最大的科技公司之一。我們的客戶群運動繼續推動強勁勢頭，我們對未來的增長感到非常興奮。

Industry is another area of significant opportunity, including emerging industries like the U.S. federal government as well as established ones such as health care, where we're the market-leading provider for both cloud-based HCM and financial solutions. Some of our most strategic transactions having go-lives in Q1 came out of our health care team, including wins at Lehigh Valley Hospital, Health Research Inc. and West Tennessee Healthcare as well as FINS go-lives at Advocate Aurora Health and Sentara Healthcare. And there is clear momentum looking forward as our significant base of reference customers, along with our targeted product investments in areas like supply chain, are clearly paying off.

工業是另一個具有重大機遇的領域，包括美國聯邦政府等新興行業以及醫療保健等成熟行業，我們是基於雲的 HCM 和金融解決方案的市場領先提供商。第一季度上線的一些最具戰略性的交易來自我們的醫療保健團隊，包括 Lehigh Valley Hospital、Health Research Inc. 和 West Tennessee Healthcare 的勝利，以及 Advocate Aurora Health 和 Sentara Healthcare 的 FINS 上線。由於我們龐大的參考客戶群以及我們在供應鍊等領域的有針對性的產品投資，顯然正在取得回報，因此未來的勢頭很明顯。

Another key growth opportunity is across our partner ecosystem, which from day 1 has been critical to our customers' success. Not only do our partners help ensure successful deployments. But through the extensibility of our platform, they're also accelerating our product road map. A great example is Huron Consulting who leveraged the industry expertise and operational supply chain knowledge to develop a demand planning solution on Workday Adaptive Planning, purpose-built for the health care industry. Using this solution, Dayton Children's Hospital is able to make data-driven decisions and ensure physical supplies, resources and space are available when patients need them most. This is just one of several areas of innovation we've seen from our ecosystem.

另一個關鍵的增長機會來自我們的合作夥伴生態系統，從第一天起，這對我們客戶的成功至關重要。我們的合作夥伴不僅幫助確保成功部署。但通過我們平台的可擴展性，他們也正在加速我們的產品路線圖。 Huron Consulting 就是一個很好的例子，該公司利用行業專業知識和運營供應鏈知識，開發了專為醫療保健行業打造的 Workday Adaptive Planning 需求規劃解決方案。使用該解決方案，代頓兒童醫院能夠做出數據驅動的決策，並確保在患者最需要時提供物資、資源和空間。這只是我們從生態系統中看到的幾個創新領域之一。

Over the course of Q1, we deepened our partnerships with multiple systems integrators, like Accenture, Deloitte and PwC, to not only launch new partner-built solutions but to align our core innovation plans to scale and accelerate over the coming quarters. Helping us drive this effort and our overall ecosystem strategy is our new Chief Partner Officer, Sam Alkharrat, who brings more than 2 decades of experience to the role and who will report directly to me. Welcome, Sam.

在第一季度，我們加深了與埃森哲、德勤和普華永道等多個系統集成商的合作夥伴關係，不僅推出了新的合作夥伴構建的解決方案，而且調整了我們的核心創新計劃，以便在未來幾個季度擴大規模並加速發展。我們新任首席合作夥伴 Sam Alkharrat 幫助我們推動這項工作和我們的整體生態系統戰略，他為這個職位帶來了 20 多年的經驗，並將直接向我匯報。歡迎，薩姆。

In closing, we enter Q2 with healthy pipelines and a positioning across the offices of the CHRO and CFO that is as strategic as ever. We remain squarely focused on executing against our growth opportunities and in laying the foundation to support the durable 20%-plus subscription revenue growth on our path to $10 billion in revenue.

最後，我們進入第二季度時，渠道狀況良好，首席人力資源官和首席財務官辦公室的定位與以往一樣具有戰略意義。我們仍然專注於抓住我們的增長機會，並為支持 20% 以上的訂閱收入持續增長奠定基礎，以實現我們收入 100 億美元的目標。

With that, I will turn it over to our CFO, Barbara Larson. Over to you, Barbara.

接下來，我會將其交給我們的首席財務官芭芭拉·拉爾森 (Barbara Larson)。交給你了，芭芭拉。

Thanks, Chano, and good afternoon, everyone. As Aneel and Chano mentioned, we had a solid start to the year as organizations across the globe continue to choose Workday as their strategic partner in driving their finance and HR digital transformations. Subscription revenue in Q1 was $1.27 billion, up 23% year-over-year. And professional services revenue was $163 million, up 14%. Total revenue outside of the U.S. was $360 million, representing 25% of total revenue. 24-month backlog at the end of the first quarter was $7.97 billion, growth of 21%. Growth was driven by solid new ACV and strong renewals with growth in net revenue retention rates over 95% and over 100%, respectively.

謝謝查諾，大家下午好。正如 Aneel 和 Chano 提到的，隨著全球各地的組織繼續選擇 Workday 作為推動財務和人力資源數字化轉型的戰略合作夥伴，我們今年有了一個良好的開端。第一季度訂閱收入為 12.7 億美元，同比增長 23%。專業服務收入為 1.63 億美元，增長 14%。美國以外的總收入為 3.6 億美元，佔總收入的 25%。第一季度末的 24 個月積壓訂單為 79.7 億美元，增長 21%。增長是由穩定的新 ACV 和強勁的續訂推動的，淨收入保留率的增長分別超過 95% 和超過 100%。

As Aneel and Chano mentioned, we saw the timing of several deals, including a few large ones, pushed from Q1 into future quarters in FY '23, which impacted our 24-month and total subscription revenue backlog growth by approximately 1 percentage point. Total subscription revenue backlog was $12.65 billion, up 26%. Our non-GAAP operating income for the first quarter was $289 million, resulting in a non-GAAP operating margin of 20.1%. Margin overachievement was driven by a combination of top line overperformance and the timing of certain expenses. As expected, we made significant investments across the business in Q1 and began to transition back to the office as well as resuming travel and in-person events.

正如 Aneel 和 Chano 提到的，我們看到幾筆交易（包括幾筆大型交易）的時間安排從第一季度推遲到了 23 財年的未來幾個季度，這對我們 24 個月和總訂閱收入積壓增長產生了約 1 個百分點的影響。訂閱總收入積壓為 126.5 億美元，增長 26%。我們第一季度的非 GAAP 營業收入為 2.89 億美元，非 GAAP 營業利潤率為 20.1%。利潤率的超額增長是由營收超額業績和某些支出的時機共同推動的。正如預期的那樣，我們在第一季度對整個業務進行了大量投資，並開始過渡到辦公室以及恢復旅行和現場活動。

We had a strong start to the year for cash flow with Q1 operating cash flow of $440 million. During the quarter, we raised $3 billion in cash through a public debt offering at attractive fixed interest rates, enabling us to repay existing debt while also providing additional flexibility as we plan for the future. We prepaid our $694 million floating rate term loan in April and intend to pay the principal balance of our $1.15 billion convertible debt in cash when it comes due in October. When this occurs, our non-GAAP diluted share count will decrease by roughly 8 million shares. Due to the late Q3 timing, this share reduction will not be fully reflected in our non-GAAP weighted average share count until Q4.

今年我們的現金流開局強勁，第一季度運營現金流為 4.4 億美元。本季度，我們通過以有吸引力的固定利率發行公共債券籌集了 30 億美元現金，使我們能夠償還現有債務，同時也為我們未來的計劃提供了額外的靈活性。我們於 4 月份預付了 6.94 億美元的浮動利率定期貸款，並打算在 10 月份到期時以現金支付 11.5 億美元可轉換債務的本金餘額。當這種情況發生時，我們的非 GAAP 稀釋後股票數量將減少約 800 萬股。由於第三季度時間較晚，這一股份減少要到第四季度才會完全反映在我們的非公認會計原則加權平均股份數中。

Our largest investments continue to be in our people and attracting top talent to Workday. During the quarter, we successfully added and integrated over 700 net new employees, ending Q1 with more than 15,900 employees. The strong hiring is a testament to our culture, our global brand and the significant growth opportunity that we have ahead. Overall, we are pleased with the solid company-wide execution in Q1 and remain focused on leveraging our leadership position to drive sustainable 20%-plus subscription revenue growth on our path to $10 billion in revenue.

我們最大的投資仍然是對我們的員工以及吸引頂尖人才加入 Workday。本季度，我們成功增加和整合了 700 多名淨新員工，第一季度末員工總數超過 15,900 名。強勁的招聘證明了我們的文化、我們的全球品牌以及我們未來的重大增長機會。總體而言，我們對第一季度全公司範圍內的穩健執行感到滿意，並將繼續專注於利用我們的領導地位，推動訂閱收入可持續增長 20% 以上，實現收入 100 億美元的目標。

Turning now to guidance, which reflects continued momentum across our business while also taking into account a more back-end weighted year than we originally anticipated. We are raising our guidance for FY '23 subscription revenue to be in the range of $5.537 billion to $5.557 billion, representing 22% year-over-year growth. We expect our Q2 subscription revenue to be $1.353 billion to $1.355 billion, 22% year-over-year growth, with sequential growth in Q3 of approximately 4.5%.

現在轉向指導，這反映了我們整個業務的持續增長勢頭，同時也考慮到後端加權的年份比我們最初預期的要多。我們將 23 財年訂閱收入指引上調至 55.37 億美元至 55.57 億美元之間，同比增長 22%。我們預計第二季度訂閱收入為 13.53 億美元至 13.55 億美元，同比增長 22%，第三季度環比增長約 4.5%。

We still expect professional services revenue to be $650 million in FY '23 as we continue our tight alignment with our growing partner ecosystem to help ensure our customers have successful implementations that support the highest levels of customer satisfaction and business value. For Q2, we expect professional services revenue of $164 million. We expect the 24-month backlog to grow approximately 20% year-over-year in Q2 of FY '23. We continue to expect FY '23 non-GAAP operating margins of 18.5%. For Q2, we expect non-GAAP operating margins of 17.5%, which reflects typical seasonality as a result of our annual employee compensation cycle, which took effect at the beginning of Q2.

我們仍然預計 23 財年的專業服務收入將達到 6.5 億美元，因為我們將繼續與不斷發展的合作夥伴生態系統緊密結合，以幫助確保我們的客戶成功實施，支持最高水平的客戶滿意度和業務價值。對於第二季度，我們預計專業服務收入為 1.64 億美元。我們預計 23 財年第二季度的 24 個月積壓訂單將同比增長約 20%。我們繼續預計 23 財年非 GAAP 營業利潤率為 18.5%。對於第二季度，我們預計非 GAAP 營業利潤率為 17.5%，這反映了我們的年度員工薪酬週期（在第二季度初生效）造成的典型季節性。

Investing for long-term growth remains our priority, and we'll continuously evaluate growth/margin trade-offs, but we have confidence in the strength of our business model and in achieving 25% non-GAAP operating margins at $10 billion in revenue. The GAAP margins for the second quarter and the full year are expected to be approximately 22 and 24 percentage points lower, respectively, than the non-GAAP margins. The FY '23 non-GAAP tax rate remains at 19%.

投資長期增長仍然是我們的首要任務，我們將不斷評估增長/利潤權衡，但我們對我們業務模式的實力以及在 100 億美元收入下實現 25% 的非 GAAP 運營利潤率充滿信心。第二季度和全年的 GAAP 利潤率預計將比非 GAAP 利潤率分別低約 22 和 24 個百分點。 23 財年非公認會計準則稅率仍為 19%。

As a result of our recent debt IPO, we are lowering our FY '23 guidance for operating cash flows to $1.61 billion, which takes into account approximately $55 million of cash interest payments associated with the debt. We continue to expect capital expenditures of $475 million this year to support our customer growth and continued business expansion.

由於我們最近進行了債務 IPO，我們將 23 財年的經營現金流指引降低至 16.1 億美元，其中考慮到與債務相關的約 5500 萬美元的現金利息支付。我們仍然預計今年的資本支出為 4.75 億美元，以支持我們的客戶增長和持續業務擴張。

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

最後，我要感謝我們出色的員工、客戶和合作夥伴的持續支持和辛勤工作。

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

這樣，我會將其交給操作員開始問答。

(Operator Instructions) Our first question today is coming from Mark Murphy from JPMorgan.

（操作員說明）今天我們的第一個問題來自摩根大通的馬克·墨菲。

Congrats on raising the guidance for the year. I'm curious if there were any common characteristics across the opportunities that slipped, for instance, by geo or by vertical. And just at a higher level, how much of a spread do you see in terms of your customers' business confidence or their willingness to invest or the pipeline build, if you were to compare and contrast that in North America versus Europe today?

祝賀您提高了今年的指導。我很好奇這些流失的機會是否有任何共同特徵，例如，按地理位置或垂直方向。在更高的層面上，如果您要比較和對比今天的北美和歐洲，您認為客戶的商業信心、投資意願或管道建設意願有多大差異？

Sure. Mark, I would not call it one particular area, whether by product or region in terms of the deals that push in Q1. Though as we mentioned, it included some of our larger opportunities. Each of these pushes were for different reasons, not necessarily macro-related, and we are focused on closing them later in the year. We are definitely mindful that the environment, particularly in Europe, remains uncertain and we continue to monitor it. But we have solid results across regions in Q1, including several international markets.

當然。馬克，我不會將其稱為一個特定領域，無論是按產品還是按第一季度推動的交易按地區劃分。儘管正如我們提到的，它包括我們的一些更大的機會。每一項推動都是出於不同的原因，不一定與宏觀相關，我們的重點是在今年晚些時候結束它們。我們絕對注意到環境，特別是歐洲的環境仍然不確定，我們將繼續對其進行監控。但我們在第一季度的各個地區都取得了堅實的業績，包括幾個國際市場。

The next question today is coming from Kash Rangan from Goldman Sachs.

今天的下一個問題來自高盛的卡什·蘭根 (Kash Rangan)。

Aneel, a question for you. What are the tactics that you're pursuing to weather through this potential, people call it downturn, maybe you call it something different, whether it's GTM, product investments, hiring? How are the tactics changing?

阿尼爾，問你一個問題。你正在採取什麼策略來度過這種潛力，人們稱之為低迷，也許你稱之為不同的東西，無論是GTM、產品投資還是招聘？戰術有何變化？

And I guess, a question for Chano on the deal front. What are you hearing from customers as to what they're looking for now in order to get clarity so they could go forward and close these deals?

我想，這是向查諾提出的關於交易方面的問題。您從客戶那裡聽到了什麼關於他們現在正在尋找什麼以便弄清楚以便他們能夠繼續並完成這些交易？

In terms of tactics, the plan is (inaudible) continuing. We're being smart about the way we hire and probably helping customers with ways to continue their -- think through value proposition maybe in a way that we hadn't had to do. Every downturn, you got to think through the value proposition in terms of payback, and it's probably more important now. And so we're just dusting off that playbook. Chano, anything you want to add there?

在戰術方面，該計劃正在（聽不清）繼續進行。我們在招聘方式上很聰明，並可能幫助客戶以一種我們不必這樣做的方式繼續他們的價值主張。每次經濟低迷時，你都必須從回報方面考慮價值主張，現在可能更重要。所以我們只是重新整理一下劇本。 Chano，您還有什麼要補充的嗎？

What I would say in terms of what I'm hearing from customers, I'm just coming back from Davos right now, and I have many CEO conversations there, is that digital transformation investments, being at the core of those, remain very strategic and a priority. And we're certainly monitoring very close the deals that push, some large ones. And we are very confident that they're going to close in the second half. There are no really macro-related reasons at this point in time.

就我從客戶那裡聽到的情況而言，我想說的是，我剛剛從達沃斯回來，在那裡我與首席執行官進行了很多對話，數字化轉型投資作為其中的核心，仍然非常具有戰略意義。和優先事項。當然，我們正在非常密切地監控推動的交易，其中一些是大型交易。我們非常有信心他們將在下半場結束。目前還沒有真正與宏觀相關的原因。

The other fact that I can add, Kash, is like -- to give some color in May, we really started strong, and May seems to be a very good first month of the Q2 for us.

卡什，我可以補充的另一個事實是——為了給五月份一些色彩，我們確實開始強勁，五月份對我們來說似乎是第二季度非常好的第一個月。

Your next question today is coming from Kirk Materne from Evercore ISI.

今天你們的下一個問題來自 Evercore ISI 的 Kirk Materne。

Chano, can I just follow up on that last point you made, which was you feel confident in these deals closing later in the year, so they weren't macro-related, but there seems to be some concern from you all that the macro is getting worse. So I'm just kind of -- were these just deals that maybe should have been earmarked to close in the back half of the year to begin with and they just needed more time, but it's -- they're not freaking out about the macro or things have deteriorated in terms of their confidence level in their business and they need some time to get their cash, whatever it might be? I just want to sort of separate sort of what you're seeing from, say, customers getting concerned because you just said there's still strategic deals versus maybe these particular deals that are now going to fall in the back half of the year. So I think it's an important point to make because I think people are hearing conflicting things on the macro from different software companies right now.

查諾（Chano），我可以跟進您提出的最後一點嗎？您對今年晚些時候完成的這些交易充滿信心，因此它們與宏觀經濟無關，但你們似乎都對宏觀經濟形勢感到擔憂情況越來越糟。所以我只是 - 這些交易可能應該在今年下半年開始完成，他們只是需要更多時間，但他們並沒有對此感到害怕他們對業務的信心水平已經惡化，他們需要一些時間來獲取現金，無論是什麼？我只是想將您所看到的情況與客戶所擔心的情況分開，因為您剛才說仍然存在戰略性交易，而這些特定交易可能會在今年下半年下降。所以我認為這是一個重要的觀點，因為我認為人們現在從不同的軟件公司聽到了宏觀上相互矛盾的事情。

I understand, Kirk. Certainly, there is uncertainty in the macro, as Aneel has highlighted, and that is one point we can't control. What I was trying to clarify is that some of the large deals that pushed, they are not really due to macro. For example, a C-level executive changes that happened in the last month and some of those that are key decision makers just want to review the overall process to be comfortable, particularly through the implementation process as a whole. So that is a typical reason on a couple of deals that really pushed.

我明白，柯克。當然，正如阿尼爾所強調的那樣，宏觀經濟存在不確定性，這是我們無法控制的一點。我試圖澄清的是，一些推動的大型交易並不是真正由宏觀因素造成的。例如，上個月發生的 C 級高管變動，其中一些關鍵決策者只是想審查整個流程以使其感到舒適，特別是通過整個實施流程。因此，這是幾筆真正推動交易的典型原因。

The confidence comes, having the discussion and remaining close to these deals in terms of the commitment from customers that they remain strategic and a priority and part of those being done in the second half of the year.

通過討論並密切關注這些交易，客戶承諾這些交易仍然是戰略性的、優先事項以及下半年完成的交易的一部分，信心隨之而來。

Our next question is coming from Michael Turrin from Wells Fargo Securities.

我們的下一個問題來自富國銀行證券公司的邁克爾·特林。

I mean, obviously, you mentioned in the call, some of the deal delays that you're seeing. We've been fielding a number of questions around downturn scenarios. One of the things that you had already previously started to focus in on is the back-to-the-base selling motion in some of the additional products that you've brought into the portfolio. Is that something you feel can help if some of these delays extend? I'm just wondering if that helps you diversify at all from a sales perspective. And you had some useful customer adoption stats around some of the modules in the prepared remarks. So maybe we can point back to some of those as well.

我的意思是，顯然，您在電話中提到了您所看到的一些交易延遲。我們一直在回答有關經濟低迷情景的許多問題。您之前已經開始關注的事情之一是您已納入投資組合的一些其他產品的回歸基礎銷售動作。如果其中一些延誤延長，您認為這會有所幫助嗎？我只是想知道這是否有助於您從銷售角度實現多元化。您在準備好的備註中提供了一些有關某些模塊的有用的客戶採用統計數據。所以也許我們也可以回顧其中的一些。

Michael, we feel confident with our sales strategy and go-to-market strategy. As it happened at the onset of COVID, we adjusted to those motions that we felt that were stronger. For example, customer base; for example, medium enterprise and some others like planning. So we definitely will be watching and monitoring the situation very closely right now. And if we feel that we need to prioritize one area over another one, we will be doing the same.

邁克爾，我們對我們的銷售策略和進入市場策略充滿信心。正如新冠疫情爆發時發生的那樣，我們根據自己認為更強烈的動議進行了調整。例如，客戶群；例如，中型企業和其他一些喜歡規劃的企業。因此，我們現在肯定會非常密切地關注和監控局勢。如果我們覺得需要優先考慮一個領域而不是另一個領域，我們也會這樣做。

Our next question is coming from Brad Zelnick from Deutsche Bank.

我們的下一個問題來自德意志銀行的 Brad Zelnick。

Following on the last question, as we think about that white space opportunity in the installed base and the degree to which having done such a great job selling into the base the last couple of years, just wondering to what extent it might actually create a challenge if the backdrop is to deteriorate, thinking that there's perhaps a limit to just how much product the customer base can absorb. Is there any reason that we shouldn't think that with additional products that you guys keep innovating, and in some cases acquiring, that there's opportunity or limits perhaps even in the ability to sell back into the base?

接下來的最後一個問題，當我們思考已安裝基礎中的空白機會以及過去幾年在該基礎上所做的如此出色的銷售工作的程度時，只是想知道它實際上可能在多大程度上構成挑戰如果情況惡化，則認為客戶群可以吸收的產品數量可能是有限的。我們是否有任何理由不應該認為，隨著你們不斷創新並在某些情況下收購的其他產品，甚至在回售給基地的能力方面也存在機會或限制？

I would say from a product perspective, still in the early days of going back to the base and a lot of our earlier customers are just running 1 or 2 modules. So there's no -- I don't really see any constraint on the market size opportunity.

我想說，從產品的角度來看，仍處於回到基礎的早期階段，我們的許多早期客戶只運行 1 或 2 個模塊。所以，我真的沒有看到市場規模機會受到任何限制。

Chano, if you want to add anything to that.

查諾，如果你想補充什麼的話。

I agree with what you said, Aneel. I think our solutions are incredibly important in enabling our customers to approach their business with agility and adaptability. And I believe that as far as we're bringing value and they're seeing that value because they remain very happy, we have a huge opportunity in our customer base that we even quantified on our last Analyst Day. And it just increased because there is so much innovation that is coming through.

我同意你所說的，阿尼爾。我認為我們的解決方案對於使我們的客戶能夠敏捷且適應性強地開展業務非常重要。我相信，就我們帶來的價值而言，他們看到了這種價值，因為他們仍然非常高興，我們在客戶群中擁有巨大的機會，我們甚至在上一個分析師日對其進行了量化。它之所以增加，是因為有如此多的創新正在湧現。

Our next question is coming from Brad Sills from Bank of America.

我們的下一個問題來自美國銀行的布拉德·希爾斯。

I wanted to ask about Planning. It's an area that we keep hearing from the channel standing out as relatively strong. You called it out now for a couple of quarters. If you could help us understand what's going on there? Is this just progress that you've made recently with integrating Planning to core FINS? What's behind the strength in Planning?

我想問一下規劃的事。我們不斷從頻道中聽到，這是一個相對較強的領域。你現在已經叫了幾個季度了。您能否幫助我們了解那裡發生了什麼？這只是您最近在將 Planning 集成到核心 FINS 方面取得的進展嗎？策劃的實力背後是什麼？

I would say at a product level, the product does continue to get better, and it now works across multiple use cases, not just Financial Planning, but Workforce Planning. And I do think the pandemic -- and maybe this macro environment are causing companies to think a lot more about planning and replanning and almost a mode of continuous planning, and that puts a lot of pressure in the legacy tools. And I think our products are really well suited for this environment of [engine] plan every few months, maybe even sooner, to reflect what's a pretty dynamic business environment out there.

我想說，在產品層面，該產品確實在不斷變得更好，而且它現在可以跨多個用例運行，不僅是財務規劃，還包括勞動力規劃。我確實認為這種流行病——也許這種宏觀環境正在促使公司更多地思考規劃和重新規劃以及幾乎一種持續規劃的模式，這給遺留工具帶來了很大的壓力。我認為我們的產品非常適合這種每隔幾個月甚至更早計劃一次的[引擎]環境，以反映一個非常動態的商業環境。

Our next question is coming from Alex Zukin from Wolfe Search.

我們的下一個問題來自 Wolfe Search 的 Alex Zukin。

So I want to maybe just disentangle a little bit. First, on the push deals, how many of those were kind of HCM versus Financials? And then within the commentary about the deals in the quarter that pushed versus the pipeline commentary of maybe things taking longer, is the pipeline commentary more geared towards what you're seeing or hearing out of the macro? And have you recalibrated your kind of thoughts around the year based on that?

所以我想也許只是稍微解開一點。首先，在推動交易中，有多少是 HCM 與金融交易？然後，在有關本季度交易的評論中，與可能需要更長時間的管道評論相比，管道評論是否更適合您從宏觀中看到或聽到的內容？您是否根據這一點重新調整了這一年的想法？

Chano?

查諾？

Yes. Alex, we commented or I said that we didn't see any particular difference in terms of product or region in terms of the deals that pushed in Q1. All we said is that there were a couple of large opportunities. What we said in terms of the pipeline is some pipeline from Q2 moved as well to the second half of the year but that we still see a strong pipeline and good momentum, and we've been creating a good pace that give us confidence to deliver on the goals that we do have for FY '23.

是的。亞歷克斯，我們評論過或者我說過，我們沒有看到第一季度推動的交易在產品或地區方面有任何特別的差異。我們所說的只是有一些巨大的機會。我們所說的管道方面是，一些管道從第二季度移至今年下半年，但我們仍然看到強大的管道和良好的勢頭，並且我們一直在創造良好的節奏，這讓我們有信心交付關於我們 23 財年的目標。

Our next question is coming from Keith Weiss from Morgan Stanley.

我們的下一個問題來自摩根士丹利的基思·韋斯。

Maybe taking sort of the other side of the income statement and talking a little bit about margins. I think operating margins in Q1 were definitely a highlight, exceeded expectations. Can you talk to us -- for Barbara, can you talk to us a little bit about what enabled those better margins in Q1? The full year guide doesn't really move. Why not sort of push more operating margins through into the full year guide?

也許可以看看損益表的另一面，談談利潤率。我認為第一季度的營業利潤率絕對是一個亮點，超出了預期。你能和我們談談嗎——芭芭拉，你能和我們談談是什麼讓第一季度的利潤率更高嗎？全年指南並沒有真正改變。為什麼不將更多的營業利潤率納入全年指南呢？

And then maybe you could help us just basically understand your guys' stance and how you're going to approach this year given the macro backdrop. As you could hear, we're all very nervous about the economy. We're all very nervous about the durability of growth. How nimble can you guys be with that OpEx line to protect those operating margins and protect that free cash flow throughout this year if we do get into a more difficult macro climate?

然後也許你可以幫助我們基本上了解你們的立場以及在宏觀背景下你們今年將如何應對。正如您所聽到的，我們都對經濟感到非常緊張。我們都對增長的持久性感到非常緊張。如果我們確實陷入了更加困難的宏觀環境，你們能如何靈活地利用運營支出線來保護今年的運營利潤並保護自由現金流？

Thanks for the question, Keith. From a margin perspective in Q1, the overperformance we saw there was really around the timing of certain expenses and those pushing out to later in the year, which is why you see us holding our full year guide. It's still really early in the year. And then in terms of levers, hiring is always going to be a lever for us. We continue to hire, but we're continuing to monitor the environment around us.

謝謝你的提問，基思。從第一季度的利潤率角度來看，我們看到的超額表現實際上是與某些費用的時間安排以及推遲到今年晚些時候的費用有關，這就是為什麼我們持有全年指南。現在還很早。然後就槓桿而言，招聘永遠是我們的槓桿。我們繼續招聘，但我們將繼續監控我們周圍的環境。

We're remaining confident in terms of the long-term opportunity we have ahead of us and that these type of environments could provide us with an opportunity to really leverage our brand, our strategic positioning and our model.

我們對擺在我們面前的長期機會充滿信心，並且這些類型的環境可以為我們提供真正利用我們的品牌、戰略定位和模式的機會。

Your next question is coming from Scott Berg from Needham & Company.

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

I guess given the environment that you're seeing right now and some of the deals that are moving around for whatever the reasons are, have you changed your strategy around investing on the go-to-market side this year? Is there anything there that maybe helped you one way or the other on a positive or maybe less positive framework?

我想考慮到您現在所看到的環境以及由於某種原因而發生的一些交易，您今年是否改變了在上市方面的投資策略？在積極或不那麼積極的框架上，有什麼可以以某種方式幫助你的嗎？

Chano?

查諾？

Thank you, Scott. Yes. Thank you, Scott, for your question. As we said, we remain very confident on the long-term opportunity. We are certainly going to be cautiously monitoring the environment. We are confident as well on our sales strategy from a go-to-market perspective, but we will be fine-tuning that one as the situation is evolving and as the year is moving on either in terms of the investments that it requires or either in terms of balancing investments from one area of weakness to one area that we may perceive we have more strength and energy during this environment.

謝謝你，斯科特。是的。謝謝斯科特的提問。正如我們所說，我們對長期機會仍然充滿信心。我們當然會謹慎地監測環境。從進入市場的角度來看，我們對我們的銷售策略也充滿信心，但我們將根據情況的發展以及隨著這一年的進展，根據其所需的投資或兩者之一來調整該策略在平衡投資方面，從一個弱點領域到一個我們可能認為在這種環境下我們擁有更多優勢和精力的領域。

Our next question is coming from Raimo Lenschow from Barclays.

我們的下一個問題來自巴克萊銀行的 Raimo Lenschow。

I'm looking forward to more than HR system eventually. The question and Chano on -- if you look -- if the commentary is it's not macro-related, then you kind of had a kind of odd quarter in terms of sales execution because it looks like you got very unlucky in terms of how the different deals came together. Is there anything you're learning from -- when you did the root cause analysis you're learning from what happened this quarter? And does it kind of also maybe trigger for you like an approach to go kind of break down deals into smaller sizes, get it more sold by product, et cetera?

我最終期待的不僅僅是人力資源系統。這個問題和查諾 - 如果你看 - 如果評論是它與宏觀無關，那麼你在銷售執行方面有一個奇怪的季度，因為看起來你在如何銷售方面非常不幸不同的交易走到了一起。當您進行根本原因分析時，您是否從本季度發生的事情中學到了什麼？這是否也可能會觸發您將交易分解為更小的規模，讓產品按產品銷售更多，等等？

Great question, Raimo, and thank you for becoming our customer. Thank you for your partnership. All right. When some of the deals are because of C-level executive changes, there is not much we can do about it in terms of anticipating some of those. We certainly are here to partner with our customers on a long-term basis, and we want to ensure that they have the confidence, the new executives, in terms of the overall implementations on the program and plans. And that's what we're doing going through them with this [high cost].

很好的問題，Raimo，感謝您成為我們的客戶。感謝您的合作。好的。當某些交易是由於高管層變動而導致時，我們在預測其中一些交易方面無能為力。我們當然是為了與客戶進行長期合作，我們希望確保新高管對項目和計劃的整體實施充滿信心。這就是我們正在以[高成本]的方式處理這些問題。

In terms of our ability to split or break those deals into smaller ones, we feel that on some of these, the value of the solution is really when it applies to the whole customer base or the customers. So clearly, our medium enterprise motion is thriving, Raimo, and that is giving much more stability to having smaller deal components that will -- a better outcome overall in terms of the business out there.

就我們將這些交易拆分或分解為較小交易的能力而言，我們認為，在其中一些交易中，解決方案的價值實際上在於它適用於整個客戶群或客戶。很明顯，我們的中型企業運動正在蓬勃發展，Raimo，這為較小的交易組成部分提供了更大的穩定性，這將在業務方面帶來更好的整體結果。

The next question is coming from Brent Thill from Jefferies.

下一個問題來自 Jefferies 的 Brent Thill。

Many are asking your confidence in getting these deals closed in the back half of the year when I think many economists are expecting the macro to even get even a little bit stiffer in terms of the headwinds. What's giving you that confidence that these are going to push beyond from what you can tell right now?

許多人都在問你對在今年下半年完成這些交易的信心，而我認為許多經濟學家預計宏觀經濟在不利因素方面甚至會變得更加困難。是什麼讓您有信心相信這些將超越您現在所能預測的範圍？

Yes. We've -- this is not our first rodeo through a downturn. I can go back to -- Dave and I weather a lot of storms at PeopleSoft. Chano has weathered a lot of storms. As long as you have the right value proposition -- we weathered the storm in '08-'09, which is about the worst economic environment I've ever seen. And while demand was somewhat suppressed during the first period of COVID, we weathered that storm, too.

是的。這並不是我們第一次經歷經濟低迷時期的牛仔競技表演。我可以回顧一下——戴夫和我在 PeopleSoft 經歷了很多風暴。查諾經歷了很多風暴。只要你有正確的價值主張——我們就度過了 08-09 年的風暴，那是我見過的最糟糕的經濟環境。儘管在新冠疫情爆發的第一階段，需求受到一定程度的抑制，但我們也經受住了這場風暴。

And so we'll just figure out a way. Our products are not choices. I mean you have to have world-class HR, financial, ERP systems to run your business. And so I think demand goes forward. And there'll be some companies that are cautious, and we just need to figure out where to spend our sales cycles.

所以我們就想辦法。我們的產品不是選擇。我的意思是，你必須擁有世界一流的人力資源、財務、ERP 系統來運營你的業務。所以我認為需求會不斷增長。會有一些公司持謹慎態度，我們只需要弄清楚在哪裡度過我們的銷售週期。

If I may add, Aneel. Brent, when we are talking on some of these large deals, it's not that we're talking those many. So what we are doing is to continue to feel, to continue to work these deals through our sales process. And we're staying very, very close to our prospects. And what we are hearing directly from them is that these transformation projects remain strategic, a priority and are going to happen. So that's what's keeping me confident.

如果我可以補充的話，阿尼爾。布倫特，當我們談論其中一些大型交易時，我們並不是在談論那麼多。因此，我們正在做的就是繼續感受，繼續通過我們的銷售流程來處理這些交易。我們離我們的前景非常非常接近。我們直接從他們那裡聽到的是，這些轉型項目仍然是戰略性的、優先事項，並且將會發生。這就是讓我保持信心的原因。

Our next question is coming from Mark Marcon from Baird.

我們的下一個問題來自貝爾德 (Baird) 的馬克·馬爾孔 (Mark Marcon)。

You mentioned before that this isn't your first rodeo. And you've seen this before, and I recall you going through this before. For those who haven't been through it before, can you talk a little bit about the deals that get pushed out, like how does that unfold in terms of them getting back on track, getting on schedule? How quickly does it typically take for this kind of short-term dislocation to ameliorate?

你之前提到過這不是你的第一次牛仔競技表演。你以前見過這個，我記得你以前也經歷過這個。對於那些以前沒有經歷過的人，您能否談談被推遲的交易，比如這些交易是如何重回正軌、按計劃進行的？這種短期混亂通常需要多長時間才能改善？

Well, I would say the first thing is this Q1, so there's no forcing function to close deals on the customer's behalf for Q1. We'll know a lot more over the next 3 quarters. We'll know a lot more -- I know it's not a great answer, but we'll know a lot more coming out of Q4 what real demand was like.

嗯，我想說的第一件事是第一季度，因此沒有強制功能可以代表客戶在第一季度完成交易。我們將在接下來的三個季度了解更多信息。我們會知道更多——我知道這不是一個很好的答案，但我們會從第四季度知道更多真正的需求是什麼樣的。

When I look back at the COVID environment, it took 1 to 2 quarters before people got their arms around that environment, and then they kind of went back to business. I suspect the same thing will happen here. It's going to take a little bit of time for companies to get their arms around the new environment, and then they'll get back to business. And I frankly think this new environment is not going to be as traumatic as COVID was. That, at least from my perspective, was a lot more challenging.

當我回顧新冠疫情的環境時，人們花了一到兩個季度的時間才開始接受這種環境，然後他們就又恢復了正常工作。我懷疑這裡也會發生同樣的事情。公司需要一些時間來適應新環境，然後才能恢復業務。坦率地說，我認為這個新環境不會像新冠疫情那樣造成創傷。至少從我的角度來看，這更具挑戰性。

Chano, you want to add anything?

查諾，你想補充什麼嗎？

That's fine.

沒關係。

Our next question is coming from Mark Moerdler from Bernstein Research.

我們的下一個問題來自伯恩斯坦研究中心的馬克·莫德勒。

I'd like to ask on the macro issues. Specifically, are you seeing any impact? Or is there any effect on the results -- reported results from FX? Are you seeing any issues either in pressure on salaries or ability to hire due to inflation pressure in the U.S.?

我想問一下宏觀問題。具體來說，您看到任何影響嗎？或者對結果有什麼影響——外匯報告的結果嗎？您是否發現美國通脹壓力導致薪資或招聘能力出現任何問題？

I'll take that one, Mark. In terms of FX, we actively hedge our balance sheet subscription revenue as well as certain expenses. In Q1, there was some impact due to FX, but it wasn't material given our hedging program. And then on the inflation perspective in terms of cost, it definitely continues to be a very competitive market for talent. But based on our strong hiring over the last couple of quarters, we feel really good about our ability to attract and retain talent globally.

我要那個，馬克。在外匯方面，我們積極對沖我們的資產負債表訂閱收入以及某些費用。第一季度，外匯造成了一些影響，但考慮到我們的對沖計劃，影響並不重大。從成本的通脹角度來看，對於人才來說，它肯定仍然是一個競爭非常激烈的市場。但根據過去幾個季度我們強勁的招聘情況，我們對自己在全球吸引和留住人才的能力感到非常滿意。

Yes. That would actually be stronger on the second part, which is the funding environment for start-ups, early stage companies, if you're watching that market, has really dried up. And there's always a return to quality and stability during these environments. We have this Boomerang program where we're actually recruiting people who might have left in the last couple of years and gone to a start-up, now that start-up doesn't look so good. And we've been pretty successful in getting people actually back to the company.

是的。實際上，第二部分的情況會更強勁，即初創企業、早期公司的融資環境，如果你觀察這個市場，它確實已經枯竭。在這些環境中，質量和穩定性總是會恢復。我們有一個迴旋鏢計劃，我們實際上是在招募那些可能在過去幾年裡離開並去了一家初創公司的人，但現在這家初創公司看起來不太好。我們非常成功地讓人們真正回到公司。

Our final question today is coming from Matt Pfau from William Blair.

我們今天的最後一個問題來自威廉·布萊爾的馬特·普福。

To follow up on that commentary around the start-ups and the funding environment drying up, how are you feeling about potentially making some acquisitions with valuations coming in? There's specifically been a lot of funding over the past 2 years in the HR software space. Anything that's interesting out there for you to plug into your platform?

跟進有關初創企業和融資環境枯竭的評論，您對可能進行一些估值進來的收購有何看法？過去兩年，人力資源軟件領域獲得了大量資金。有什麼有趣的東西可以插入您的平台嗎？

There are a lot of things that are interesting, but I can't really talk about our M&A strategy in detail other than to say that we're always going to be looking for companies that have a great product, a great team, cutting-edge technology. But we're not looking for those massive transformational acquisitions that bet the ranch. That's not who we are.

有很多事情很有趣，但我無法詳細談論我們的併購策略，只能說我們一直在尋找擁有出色產品、優秀團隊、削減-邊緣技術。但我們並不是在尋找那些以牧場為賭注的大規模轉型收購。我們不是這樣的人。

So when we look at the last couple of years, whether it's VNDLY or a Peakon or Adaptive, to the extent we can find those kinds of situations, or Scout, we will continue to pursue those. And maybe in this environment, they're more cost-effective acquisitions. But we're not looking at some of the bigger ones that have really dropped in price.

因此，當我們回顧過去幾年時，無論是 VNDLY 還是 Peakon 或者 Adaptive，只要我們能找到這些情況，或者 Scout，我們都會繼續追求這些。也許在這種環境下，它們的收購更具成本效益。但我們並沒有關註一些價格確實下降的較大的產品。

Thank you. We've reached the end of our question-and-answer session. And ladies and gentlemen, that does conclude today's teleconference. You may disconnect your line at this time, and have a wonderful day. We thank you for your participation today.

謝謝。我們的問答環節已經結束。女士們、先生們，今天的電話會議到此結束。此時您可以斷開線路，度過美好的一天。我們感謝您今天的參與。