Workiva Inc (WK) 2023 Q1 法說會逐字稿

Good afternoon, ladies and gentlemen. My name is Mandeep, and I will be your host operator on this call. (Operator Instructions) Please note that this call is being recorded on May 2, 2023, at 5:00 p.m. Eastern.

女士們先生們，下午好。我叫 Mandeep，我將是這次電話會議的主持人。 （操作員說明）請注意，此通話記錄於 2023 年 5 月 2 日下午 5:00。東。

I would now like to turn the meeting over to your host for today's call, Mike Rost, Senior Vice President of Corporate Development and Investor Relations at Workiva. Please go ahead.

我現在想將會議轉交給今天的主持人，Workiva 企業發展和投資者關係高級副總裁 Mike Rost。請繼續。

Good afternoon, and thank you for joining us for Workiva's First Quarter Conference Call. During today's call, we will review our first quarter results and discuss our guidance for the second quarter and full year 2023. Today's call has been prerecorded and will include comments from our Chief Executive Officer, Julie Iskow, followed by our Chief Financial Officer, Jill Klindt We will then open the call up for a live Q&A session. A replay of this webcast will be available until May 9, 2023. Information to access the replay is listed in today's press release, which is available on our website under the Investor Relations section.

下午好，感謝您加入我們參加 Workiva 的第一季度電話會議。在今天的電話會議中，我們將回顧我們的第一季度業績，並討論我們對第二季度和 2023 年全年的指導。今天的電話會議已經預先錄製，將包括我們的首席執行官 Julie Iskow 和我們的首席財務官 Jill 的評論Klindt 然後，我們將打開電話進行現場問答環節。該網絡廣播的重播將持續到 2023 年 5 月 9 日。訪問重播的信息列在今天的新聞稿中，可在我們網站的“投資者關係”部分下獲取。

Before we begin, I would like to remind everyone that during today's call, we will be making forward-looking statements regarding future events and financial performance, including guidance for the second quarter and full fiscal year 2023. These forward-looking statements are subject to known and unknown risks and uncertainties. Workiva cautions that these statements are not guarantees of future performance. All forward-looking statements made today reflect our current expectations only, and we undertake no obligation to update any statement to reflect the events that occur after this call. Please refer to the company's annual report on Form 10-K and subsequent filings for factors that could cause our actual results to differ materially from any forward-looking statements.

在我們開始之前，我想提醒大家，在今天的電話會議上，我們將就未來事件和財務業績做出前瞻性陳述，包括對第二季度和 2023 財年的指導。這些前瞻性陳述受已知和未知的風險和不確定性。 Workiva 警告說，這些陳述並不是對未來業績的保證。今天所做的所有前瞻性陳述僅反映我們當前的預期，我們沒有義務更新任何陳述以反映本次電話會議後發生的事件。請參閱公司的 10-K 表格年度報告和後續文件，了解可能導致我們的實際結果與任何前瞻性陳述存在重大差異的因素。

Also, during the course of today's call, we will refer to certain non-GAAP financial measures. Reconciliations of non-GAAP to GAAP measures and certain additional information are also included in today's press release.

此外，在今天的電話會議中，我們將參考某些非 GAAP 財務指標。今天的新聞稿中還包括非 GAAP 與 GAAP 措施的調節和某些額外信息。

With that, we'll begin by turning the call over to our CEO, Julie Iskow.

有了這個，我們將首先把電話轉給我們的首席執行官 Julie Iskow。

Thank you for joining our earnings call, my first as Workiva's CEO. Jill and I look forward to sharing our strong Q1 results. We'll also discuss our continued growth opportunities and our outlook for Q2.

感謝您參加我們的財報電話會議，這是我作為 Workiva 首席執行官的第一次電話會議。吉爾和我期待分享我們強勁的第一季度業績。我們還將討論我們持續增長的機會和我們對第二季度的展望。

The Workiva team delivered a solid quarter and continued to execute at a high level, resulting in subscription revenue growth of 21%. Accelerating subscription growth drove revenue above the high end of our Q1 guidance. We also beat the high end of our guidance for operating results by $3.7 million.

Workiva 團隊取得了穩健的季度業績並繼續保持高水平執行，訂閱收入增長了 21%。加速訂閱增長推動收入超過我們第一季度指導的高端。我們還超出了運營業績指導的上限 370 萬美元。

In Q1, we continued to see healthy market demand for our platform and our best-of-breed solutions even in an uncertain macro environment. We believe this is a result of the rapidly evolving market trend of increasing stakeholder scrutiny of both financial data and nonfinancial or ESG data. And this has made our product offerings and our platform more relevant than ever.

在第一季度，即使在不確定的宏觀環境中，我們也繼續看到市場對我們的平台和同類最佳解決方案的健康需求。我們認為，這是由於利益相關者對財務數據和非財務或 ESG 數據的審查越來越多，市場趨勢迅速發展的結果。這使我們的產品和平台比以往任何時候都更具相關性。

Workiva was born in the cloud. It established itself in financial reporting and then expanded to a broad portfolio of solutions. Today, Workiva offers the only reporting platform that brings financial reporting, ESG and GRC together in one secure, controlled, audit-ready environment. This unified platform offering known as assured integrated reporting is a unique and key differentiator that sets us apart from our competition.

Workiva 誕生於雲端。它在財務報告領域確立了自己的地位，然後擴展到廣泛的解決方案組合。如今，Workiva 提供了唯一一個將財務報告、ESG 和 GRC 整合到一個安全、受控、審計就緒環境中的報告平台。這種被稱為有保證的綜合報告的統一平台產品是一個獨特而關鍵的差異化因素，使我們在競爭中脫穎而出。

And in Q1, we saw continued momentum of customers expanding their solution portfolio to include all 3 of our assured integrated reporting solutions. I'd like to highlight a few examples. First, one of the world's largest big-box retailers added ESG to their existing Workiva portfolio that included SEC, GRC and management reporting. This long-time SEC client began working with the Big 4 advisory firm with their initial purchase and implementation of Workiva management reporting back in 2020. This same advisory firm led the co-sell and the delivery of Workiva GRC in 2022 and then sourced an ESG opportunity for us in Q1 of this year. As a testament to the breadth of our partner ecosystem, a different Big 4 firm will be providing advisory and implementation services for this ESG project.

在第一季度，我們看到客戶不斷擴展他們的解決方案組合以包括我們所有 3 個有保證的集成報告解決方案。我想強調幾個例子。首先，世界上最大的大型零售商之一將 ESG 添加到其現有的 Workiva 產品組合中，其中包括 SEC、GRC 和管理報告。這家美國證券交易委員會的長期客戶開始與四大諮詢公司合作，他們於 2020 年首次購買和實施了 Workiva 管理報告。這家諮詢公司在 2022 年領導了 Workiva GRC 的共同銷售和交付，然後採購了 ​​ESG今年第一季度給我們的機會。作為我們合作夥伴生態系統廣度的證明，另一家四大公司將為該 ESG 項目提供諮詢和實施服務。

But that's not all. This ESG account expansion was further influenced by one of our climate accounting technology partners. The Workiva ESG solution on our open platform can be complementary to any purpose-built climate accounting solution on the market. A second assured integrated reporting customer win was with a Fortune 100 diversified health care services provider. During Q1, this existing SEC and GRC customer added ESG to their solution portfolio through a joint deal with 2 different Big 4 firms. Both firms have a long-standing relationship with this customer and a robust and growing ESG solution practice with Workiva. These 2 Workiva partners competed for the advisory and consulting services on this ESG project.

但這還不是全部。這種 ESG 賬戶擴展進一步受到我們氣候核算技術合作夥伴之一的影響。我們開放平台上的 Workiva ESG 解決方案可以補充市場上任何專門構建的氣候核算解決方案。第二個有保證的綜合報告客戶贏得了財富 100 強多元化醫療保健服務提供商。在第一季度，這個現有的 SEC 和 GRC 客戶通過與兩家不同的四大公司的聯合交易將 ESG 添加到他們的解決方案組合中。兩家公司都與該客戶建立了長期合作關係，並與 Workiva 建立了穩健且不斷發展的 ESG 解決方案實踐。這 2 個 Workiva 合作夥伴競爭了此 ESG 項目的諮詢和諮詢服務。

Also critical to securing this ESG expansion was our platform's ability to connect to the customers already established carbon accounting system. Because we're carbon solution agnostic, meaning our platform has the ability to integrate with any source system, including carbon accounting systems, we're able to set ourselves apart from other ESG reporting solutions. These 2 account expansion multi-solution stories highlight that the value and the flexibility of our platform is being recognized, and that businesses and partners are going all-in with Workiva.

確保此 ESG 擴展的另一個關鍵是我們的平台能夠連接到已經建立的碳核算系統的客戶。因為我們與碳解決方案無關，這意味著我們的平台能夠與任何源系統集成，包括碳核算系統，我們能夠將自己與其他 ESG 報告解決方案區分開來。這 2 個帳戶擴展多解決方案案例突出表明，我們平台的價值和靈活性正在得到認可，並且企業和合作夥伴正在全力支持 Workiva。

As I mentioned, financial reporting has been the historical foundation of our platform. And 15 years later, the market continues to invest in our leading financial disclosure, financial statement and industry-specific financial reporting solutions. During the first quarter, the Workiva team booked a number of new financial reporting logo wins and competitive SEC takeaways. We also landed with financial reporting outside of our SEC solution with a diverse cohort of new private and government reporting customers. Although the IPO market has yet to rebound, we continue to drive account expansion, and we closed a record number of capital market follow-on offerings.

正如我提到的，財務報告一直是我們平台的歷史基礎。 15 年後，市場繼續投資於我們領先的財務披露、財務報表和行業特定的財務報告解決方案。在第一季度，Workiva 團隊獲得了一些新的財務報告標誌和有競爭力的 SEC 外賣。我們還在我們的 SEC 解決方案之外獲得了財務報告，其中有大量新的私人和政府報告客戶。儘管 IPO 市場尚未回暖，但我們繼續推動賬戶擴張，我們完成了創紀錄數量的資本市場後續發行。

An important financial reporting win secured during the quarter with a mid-6-figure new logo deal with the Big 4 accounting firm. The firm purchased our fund reporting solution to be used as a managed service to deliver reporting services to their investment firm clients. We believe the continued trust that the world's top accounting firms place in Workiva as the platform they can standardize on is a testament to the power of our solutions.

本季度與 Big 4 會計師事務所簽訂了價值 6 位數的新徽標交易，贏得了一項重要的財務報告。該公司購買了我們的基金報告解決方案，用作託管服務，為其投資公司客戶提供報告服務。我們相信，世界頂級會計師事務所對 Workiva 的持續信任是他們可以標準化的平台，這證明了我們解決方案的強大功能。

I'll now turn to GRC. During the first quarter, we saw strong demand and momentum for our GRC suite of solutions in both the U.S. and in Europe. Our R&D investments in new functionality and in enhanced user experience continued to support our solid growth in this market. A few key GRC highlights during the quarter include a mid-6-figure deal with a British multinational bank for controls management to replace a legacy GRC platform. This long-standing customer had already invested in SEC, ESEF, ESG and our financial services solutions. This U.K. SOX opportunity then was a joint pursuit with a Big 4 advisory partner that had an existing relationship with the bank's SOX team. This partner will be providing both advisory and implementation services for this deal.

我現在將轉向 GRC。在第一季度，我們在美國和歐洲看到了對我們的 GRC 解決方案套件的強勁需求和勢頭。我們在新功能和增強用戶體驗方面的研發投資繼續支持我們在該市場的穩健增長。本季度的幾個關鍵 GRC 亮點包括與一家英國跨國銀行達成的 6 位數中位數交易，用於控制管理以取代舊的 GRC 平台。這個長期客戶已經投資於 SEC、ESEF、ESG 和我們的金融服務解決方案。這個英國 SOX 機會是與四大諮詢合作夥伴共同追求的，該合作夥伴與該銀行的 SOX 團隊存在現有關係。該合作夥伴將為該交易提供諮詢和實施服務。

Another notable GRC win was with a European-based global airline that purchased our controls management solution. This new logo win was a competitive replacement of a legacy on-premise GRC platform. This deal was a joint pursuit with a regional advisory firm who will be providing the implementation and advisory services. Landing with GRC provides a great future account expansion opportunity for both financial reporting and ESG.

另一個值得注意的 GRC 勝利是一家總部位於歐洲的全球航空公司購買了我們的控制管理解決方案。這個新徽標的勝利是對傳統內部部署 GRC 平台的競爭性替代。這筆交易是與一家區域諮詢公司的聯合追求，該公司將提供實施和諮詢服務。登陸 GRC 為財務報告和 ESG 提供了一個很好的未來賬戶擴展機會。

Now I'll cover some ESG highlights. ESG remain one of our top solution bookings in Q1. We added several Fortune 500 clients to our already elite roster of ESG account expansions. The best of the best are investing in Workiva for their ESG reporting. And our partner-first strategy is driving results. The vast majority of our ESG opportunities continue to be either sourced or a co-sell with a Workiva advisory or technology partner.

現在我將介紹一些 ESG 亮點。 ESG 仍然是我們第一季度預訂的最佳解決方案之一。我們將幾家財富 500 強客戶添加到我們已經精英的 ESG 賬戶擴展名冊中。最優秀的公司正在投資 Workiva 進行 ESG 報告。我們的合作夥伴至上戰略正在推動成果。我們的絕大多數 ESG 機會繼續通過 Workiva 諮詢或技術合作夥伴採購或共同銷售。

Yes, there's ongoing political debate in the U.S., and there is an extended evaluation period for the proposed SEC climate disclosure regulation. But we continue to see strong demand for the Workiva ESG solution. This observation is supported by a joint PwC-Workiva survey published in March. 70% of business leaders report their companies will proceed with ESG compliance regardless of when the SEC climate disclosure rule becomes law.

是的，美國正在進行政治辯論，並且對擬議的 SEC 氣候信息披露法規的評估期延長了。但我們繼續看到對 Workiva ESG 解決方案的強勁需求。這一觀察結果得到了 3 月份發布的 PwC-Workiva 聯合調查的支持。 70% 的商業領袖表示，無論 SEC 氣候披露規則何時成為法律，他們的公司都將繼續遵守 ESG。

This survey also reported that 96% of executives say they'll proceed with independent assurance, whether it's required in the final rule or not. We're hearing from our ESG customers and prospects that ESG reporting is a Board-level mandate. It's driven by a number of stakeholders, including investors, customers, vendors and employees. Organizations that have made public ESG commitments or have published science-based targets have set their own standards for what they've committed to report on and disclose. More than 3,000 businesses and financial institutions are working with the science-based targets initiative to reduce their emissions in line with climate science. With this market momentum, we anticipate that companies will continue to consider their investment in ESG a critical factor in driving sustainable long-term value creation for their enterprises regardless of politics.

該調查還報告說，96% 的高管表示他們將繼續進行獨立保證，無論最終規則是否要求。我們從我們的 ESG 客戶和潛在客戶那裡得知，ESG 報告是董事會級別的授權。它受到許多利益相關者的推動，包括投資者、客戶、供應商和員工。已做出公開 ESG 承諾或已發布基於科學的目標的組織已為其承諾報告和披露的內容設定了自己的標準。超過 3,000 家企業和金融機構正在與基於科學的目標倡議合作，以根據氣候科學減少排放。憑藉這種市場勢頭，我們預計公司將繼續將其對 ESG 的投資視為推動企業可持續長期價值創造的關鍵因素，而不管政治因素。

I'll turn now to highlight some of our investments in R&D, which continue to be an important part of our strategy. Our ongoing innovation expands the capabilities of our platform, keeps our solutions differentiated and opens up new TAM. At Workiva, we continue to provide new functionality that prioritizes our customers' experience and success and plays a significant role in driving strong gross retention and long-term subscription growth. Our R&D team released several platform and solution enhancements during Q1. We updated the capabilities for regulatory disclosure, including the release of full featured in-platform access for the 2023 U.S. GAAP XBRL taxonomy.

現在我要強調我們在研發方面的一些投資，這些投資仍然是我們戰略的重要組成部分。我們持續的創新擴展了我們平台的功能，使我們的解決方案保持差異化，並開闢了新的 TAM。在 Workiva，我們繼續提供優先考慮客戶體驗和成功的新功能，並在推動強勁的總保留率和長期訂閱增長方面發揮重要作用。我們的研發團隊在第一季度發布了多項平台和解決方案增強功能。我們更新了監管披露功能，包括發布了 2023 年美國公認會計原則 XBRL 分類法的全功能平台內訪問。

And we released it the same day it was published by the SEC. Our customers' SEC reporting teams are on the clock with locked-in reporting deadlines. By providing instant access to a new taxonomy within our solutions, it allows them the valuable time to explore, assess and implement changes to their XBRL tags and deliver on-time validated quality disclosures.

我們在 SEC 發布的同一天發布了它。我們客戶的 SEC 報告團隊全天候工作，鎖定報告截止日期。通過在我們的解決方案中提供對新分類法的即時訪問，它使他們有寶貴的時間來探索、評估和實施對其 XBRL 標籤的更改，並按時提供經過驗證的質量披露。

For our European customers, we released important enhancements for design reporting to better support assured integrated reporting. We worked with both our design agency partners and our current customers to provide highly stylized and design reports that are also audit-ready and can deliver XBRL output.

對於我們的歐洲客戶，我們發布了設計報告的重要增強功能，以更好地支持有保證的綜合報告。我們與我們的設計機構合作夥伴和我們的現有客戶合作，提供高度程式化的設計報告，這些報告也可用於審計並可以交付 XBRL 輸出。

For our GRC customers, we released meaningful new features supporting more advanced risk assessments, enhanced navigation for audit management and a fully enabled modernized user experience for all GRC solutions.

對於我們的 GRC 客戶，我們發布了有意義的新功能，支持更高級的風險評估、增強的審計管理導航以及所有 GRC 解決方案的完全啟用的現代化用戶體驗。

To support rapidly evolving ESG reporting requirements, including the EU's Corporate Sustainability Reporting Directive, we released important new enhancements, including the support for and the integration with CDP, which is cited as the gold standard of environmental reporting. More than 13,000 companies disclose through CDP. As an accredited CDP solution provider, Workiva was also selected to pilot the new CDP API. This API will support automated data transfer, which provides an enhanced and streamlined disclosure experience, reducing the need for manual data entry.

為了支持快速發展的 ESG 報告要求，包括歐盟的企業可持續發展報告指令，我們發布了重要的新增強功能，包括對 CDP 的支持和集成，CDP 被稱為環境報告的黃金標準。超過 13,000 家公司通過 CDP 進行披露。作為經過認證的 CDP 解決方案提供商，Workiva 還被選中試用新的 CDP API。該 API 將支持自動數據傳輸，提供增強和簡化的披露體驗，減少手動數據輸入的需要。

We also released enhancements in our ESG Explorer to better enable new versions of frameworks and standards. This included the addition of GRI sector standards. More than 10,000 companies around the world communicate their impacts using GRI standards. These examples are just a few of many enhancements that we released that demonstrate our commitment to enable our customers to optimize their investments with us. We believe that we will see improved R&D operating leverage over time and remain committed to our long-term operating model.

我們還在 ESG Explorer 中發布了增強功能，以更好地支持新版本的框架和標準。這包括增加 GRI 行業標準。全球有超過 10,000 家公司使用 GRI 標準傳達他們的影響。這些示例只是我們發布的眾多增強功能中的一小部分，這些增強功能表明我們致力於讓我們的客戶能夠優化他們與我們的投資。我們相信，隨著時間的推移，我們將看到研發運營槓桿得到改善，並繼續致力於我們的長期運營模式。

To summarize my comments this afternoon, Workiva delivered another solid quarter. We're focused on subscription revenue growth while improving our operating leverage, and we remain committed to delivering on both our short-term and our long-term operating margin targets. Our unified platform offering known as assured integrated reporting is a unique and key differentiator that sets us apart from the competition, and it underpins our multi-solution and account expansion strategy. The value of our platform is being recognized. Businesses and our partners are going all-in with Workiva. And finally, investments in our platform, in our solutions and in our people have positioned us well to drive greater performance and productivity through focused execution of our strategic initiatives.

總結我今天下午的評論，Workiva 交付了另一個穩定的季度。我們專注於訂閱收入增長，同時提高我們的經營槓桿，我們仍然致力於實現我們的短期和長期經營利潤率目標。我們的統一平台產品被稱為有保證的綜合報告，是使我們在競爭中脫穎而出的獨特而關鍵的差異化因素，它鞏固了我們的多解決方案和客戶擴展戰略。我們平台的價值正在得到認可。企業和我們的合作夥伴正在全力支持 Workiva。最後，對我們的平台、我們的解決方案和我們的人員的投資使我們能夠通過集中執行我們的戰略計劃來推動更高的績效和生產力。

In closing, I'd like to thank our talented team of dedicated employees, their commitment to our values and the way they support our customers and our communities and each other have yet again earned us a spot on the list of Fortune's 100 Best Companies to Work For, and it's our fifth consecutive year. This award celebrates the world-class culture we've created. And thank you, too, to our customers, our partners and our shareholders for your continued trust in Workiva. We believe we have the right team, the right technology at the right time to capitalize on the increasing global opportunities to power transparent reporting for a better world.

最後，我要感謝我們由敬業的員工組成的才華橫溢的團隊，他們對我們價值觀的承諾以及他們支持我們的客戶和社區以及彼此的方式再次為我們贏得了財富 100 強最佳公司名單的一席之地Work For，這是我們連續第五年。該獎項旨在表彰我們創造的世界級文化。還要感謝我們的客戶、合作夥伴和股東對 Workiva 的持續信任。我們相信我們擁有合適的團隊，在合適的時間擁有合適的技術，可以利用越來越多的全球機會來推動透明報告建設一個更美好的世界。

And with that, I'll turn it over to you, Jill.

有了這個，我會把它交給你，吉爾。

Thank you, Julie. It's great to join you on your first earnings call as CEO. Let's turn to our results. This afternoon, I will review our financial performance for the first quarter 2023 and provide Q2 and full year 2023 guidance before opening the line for questions. As Julie mentioned, we beat our Q1 revenue guidance due to accelerating subscription revenue growth, which was somewhat offset by a decline in services revenue. We beat guidance on Q1 operating results at the midpoint by $4.2 million. Our revenue beat, along with lower compensation, T&E and other employee-related expenses drove the remainder of the operating beat.

謝謝你，朱莉。很高興與您一起參加您作為 CEO 的第一次財報電話會議。讓我們來看看我們的結果。今天下午，我將回顧我們 2023 年第一季度的財務業績，並在開始提問之前提供第二季度和 2023 年全年的指導。正如 Julie 提到的那樣，由於訂閱收入增長加速，我們超過了第一季度的收入指引，這在一定程度上被服務收入的下降所抵消。我們以 420 萬美元的中點超出了第一季度經營業績的指導。我們的收入好於預期，加上較低的薪酬、差旅費和其他與員工相關的費用推動了剩餘的經營好於預期。

Now let's go through some key results and highlights for the quarter. We generated total revenue in the first quarter of $150.2 million, delivering growth of 16% from Q1 2022. Subscription revenue was $129.7 million, up 21% from Q1 2022. While new logos and account expansions both helped drive strong revenue growth in Q1 2023, 58% of the increase in subscription revenue in Q1 came from new customers added in the last 12 months. Professional services revenue was $20.5 million in Q1 2023, down 9% from the same quarter last year.

現在讓我們來看看本季度的一些關鍵結果和亮點。我們在第一季度創造了 1.502 億美元的總收入，比 2022 年第一季度增長了 16%。訂閱收入為 1.297 億美元，比 2022 年第一季度增長了 21%。雖然新徽標和賬戶擴展都幫助推動了 2023 年第一季度的強勁收入增長，第一季度 58% 的訂閱收入增長來自過去 12 個月新增的客戶。 2023 年第一季度專業服務收入為 2050 萬美元，比去年同期下降 9%。

We discussed in our Q4 call that we expect services revenue to be flat for Q1. However, the Q1 numbers came in below our forecast, showing a year-over-year decline, primarily driven by the timing of XBRL services. I want to expand on professional services revenue a bit more. As we've discussed, 2023 will be a pivot year for us in professional services. Our strategy this year is to transition lower-margin setup and consulting services to our partners. Given this, we expect setup and consulting services revenue to decline year-over-year for the full year 2023.

我們在第四季度的電話會議中討論過，我們預計第一季度的服務收入將持平。然而，第一季度的數字低於我們的預測，顯示出同比下降，這主要是受 XBRL 服務時間的推動。我想進一步擴大專業服務收入。正如我們所討論的，2023 年將是我們專業服務的關鍵一年。我們今年的戰略是將利潤較低的設置和諮詢服務轉移給我們的合作夥伴。鑑於此，我們預計 2023 年全年的設置和諮詢服務收入將同比下降。

Alternatively, we believe that we will show improved performance for XBRL services revenue in Q2 and for the balance of the year. Our strategy is to continue to deliver these higher-margin XBRL services through our dedicated and talented services team. Overall, we believe that for the full year, our total services revenue will remain flat compared to 2022.

或者，我們相信我們將在第二季度和今年餘下時間展示 XBRL 服務收入的改善表現。我們的戰略是通過我們敬業且才華橫溢的服務團隊繼續提供這些利潤率更高的 XBRL 服務。總體而言，我們認為全年我們的服務總收入將與 2022 年持平。

Now on to our performance metrics. We added 90 net new customers in Q1 for a total customer count of 5,754, a growth of 1,346 customers from Q1 2022. Our total customer count includes 919 ParsePort customers. Our subscription and support revenue retention rate remained at a best-in-class 98% for the first quarter of 2023, remaining comfortably ahead of our internal objective of 96% or above. With add-ons, our subscription and support revenue retention rate remained flat at 109% for the first quarter of 2023 compared to the same quarter last year. This rate improved 70 basis points compared to the fourth quarter of 2022. Please note that ParsePort customers will not be included in our retention calculation until next quarter when we have a full year of comparable data.

現在談談我們的績效指標。我們在第一季度淨增加了 90 個新客戶，客戶總數為 5,754，比 2022 年第一季度增加了 1,346 個客戶。我們的客戶總數包括 919 個 ParsePort 客戶。我們的訂閱和支持收入保留率在 2023 年第一季度保持在 98% 的同類最佳水平，輕鬆領先於我們 96% 或更高的內部目標。與去年同期相比，2023 年第一季度，我們的訂閱和支持收入保留率與附加組件持平，保持在 109%。與 2022 年第四季度相比，這一比率提高了 70 個基點。請注意，直到下個季度我們有全年的可比數據時，ParsePort 客戶才會被包括在我們的保留計算中。

As Julie noted, our focus on multi-solution deals and account expansions led to the increase in the number of larger subscription contracts. In the first quarter of 2023, we had 1,363 contracts valued at over $100,000 per year, up 21% from Q1 the prior year. The number of contracts valued at over $150,000 totaled 746 customers in the first quarter, up 24% from Q1 2022. And the number of contracts valued over $300,000 totaled 247, up 33% from Q1 2022.

正如 Julie 指出的那樣，我們對多解決方案交易和賬戶擴展的關注導致了更大訂閱合同數量的增加。 2023 年第一季度，我們有 1,363 份合同價值每年超過 100,000 美元，比去年第一季度增長 21%。第一季度價值超過 150,000 美元的合同數量總計 746 個客戶，比 2022 年第一季度增長 24%。價值超過 300,000 美元的合同數量總計 247 個，比 2022 年第一季度增長 33%。

Moving on to our operating metrics. Gross profit totaled $113.4 million in Q1, up 13% from the same quarter a year ago. Gross margin was 75.5% in the latest quarter versus 77% in Q1 2022. The decrease is due to higher compensation, server and T&E expenses versus Q1 2022. Operating expenses increased 19% from Q1 2022, driven by investment in new headcount and return to travel and events. We posted an operating loss of $7.3 million in Q1 2023 compared to an operating loss of $1.2 million in Q1 2022. As we discussed in our Q4 call, we expect sequential quarterly improvement in our operating leverage Q2 through Q4 of 2023. We are focused on delivering non-GAAP profitability for the second half of 2023 and for the full year 2024.

繼續我們的運營指標。第一季度毛利潤總計 1.134 億美元，比去年同期增長 13%。最近一個季度的毛利率為 75.5%，而 2022 年第一季度為 77%。下降的原因是薪酬、服務器和 T&E 費用與 2022 年第一季度相比有所增加。營業費用比 2022 年第一季度增加了 19%，這是由於對新員工的投資和回歸旅行和活動。我們公佈了 2023 年第一季度的運營虧損 730 萬美元，而 2022 年第一季度的運營虧損為 120 萬美元。正如我們在第四季度電話會議中所討論的那樣，我們預計 2023 年第二季度至第四季度的運營槓桿將逐季度改善。我們專注於實現 2023 年下半年和 2024 年全年的非 GAAP 盈利能力。

At March 31, 2023, cash, cash equivalents and marketable securities totaled $440 million, an increase of $9 million compared to the balance at December 31, 2022. Cash flows from operating activities in Q1 2023 resulted in cash provided of $5.6 million compared with a decrease in cash of $937,000 in the same quarter a year ago. Although we had healthy bookings growth in Q1, we did see a decrease in deferred revenue from Q4 2022 to Q1 2023. There were a couple of drivers that led to this decrease.

截至 2023 年 3 月 31 日，現金、現金等價物和有價證券總計 4.4 億美元，比 2022 年 12 月 31 日的餘額增加 900 萬美元。2023 年第一季度經營活動產生的現金流導致提供的現金為 560 萬美元，相比之下去年同期現金減少 937,000 美元。儘管我們在第一季度的預訂量增長良好，但我們確實看到從 2022 年第四季度到 2023 年第一季度的遞延收入有所減少。有幾個驅動因素導致了這種下降。

First, historically, there is seasonality in our deferred revenue. We see that the change in deferred revenue is usually the slowest from Q4 to Q1. This is largely driven by the seasonal timing of annual renewals that are heavily weighted to Q4. And second, specifically in Q1 2023, the timing of several large contract renewals and contracts with prepayments led to a shift of invoicing and deferred revenue into Q2. I want to reiterate that we did have healthy bookings growth in Q1. We don't believe that this decrease in deferred revenue indicates weakness in market demand but rather is a result of the timing of contract renewals between quarters. For the remainder of 2023, we are modeling for deferred revenue to track in line with our historical run rate.

首先，從歷史上看，我們的遞延收入存在季節性。我們看到遞延收入的變化通常從第四季度到第一季度最慢。這主要是由於年度續訂的季節性時間對第四季度的影響很大。其次，特別是在 2023 年第一季度，幾項大型合同續籤和預付款合同的時間安排導致發票和遞延收入轉移到第二季度。我想重申，我們在第一季度確實有健康的預訂增長。我們認為遞延收入的減少並不表示市場需求疲軟，而是季度之間合同續籤時間的結果。在 2023 年剩餘時間裡，我們正在為遞延收入建模，以與我們的歷史運行率保持一致。

Turning now to our guidance. We continue to believe our guidance assumptions are prudent for the current macro environment. For the second quarter of 2023, we expect total revenue to range from $153 million to $154 million. We expect non-GAAP operating loss to range from $5 million to $4 million, a net loss of $0.09 to $0.07 on a per share basis. Our share count will be approximately 53.8 million weighted average shares. We expect Q2 services revenue growth to be a low single-digit percent.

現在轉向我們的指導。我們仍然相信我們的指導假設對於當前的宏觀環境是審慎的。對於 2023 年第二季度，我們預計總收入將在 1.53 億美元至 1.54 億美元之間。我們預計非 GAAP 營業虧損將在 500 萬美元至 400 萬美元之間，每股淨虧損為 0.09 美元至 0.07 美元。我們的股票數量將約為 5380 萬股加權平均股。我們預計第二季度服務收入增長將是一個較低的個位數百分比。

For the full year 2023, we are raising our full year revenue guidance, which we now expect to range from $626 million to $628 million. We are raising our guidance for non-GAAP operating loss to range from $7 million to $5 million or a net loss of $0.13 to $0.09 on a per share basis. Our share count will be approximately 54 million weighted average shares. As I highlighted earlier, we expect full year services revenue growth to be flat. XBRL services revenue is expected to continue to grow and be offset by a decline in setup and consulting services revenue.

對於 2023 年全年，我們提高了全年收入指引，我們現在預計收入在 6.26 億美元至 6.28 億美元之間。我們將非 GAAP 營業虧損的指引上調至 700 萬美元至 500 萬美元或每股淨虧損 0.13 美元至 0.09 美元。我們的股票數量將約為 5400 萬股加權平均股。正如我之前強調的那樣，我們預計全年服務收入增長將持平。 XBRL 服務收入預計將繼續增長，但會被設置和諮詢服務收入的下降所抵消。

For the full year 2023, we continue to expect we will post positive free cash flow for the seventh consecutive year. While we are guiding to a loss in Q2, we are projecting improved operating margins for the remainder of the year. We expect to be non-GAAP breakeven in Q3 and be non-GAAP profitable in Q4. With that, we will be non-GAAP profitable in the second half of 2023 and are committed to improved margins for the full year in 2024. We remain committed to the long-term operating model outlined at our September 2022 Investor Day.

對於 2023 年全年，我們繼續預計我們將連續第七年發布正自由現金流。雖然我們預計第二季度將出現虧損，但我們預計今年剩餘時間的營業利潤率將有所提高。我們預計在第三季度實現非 GAAP 盈虧平衡，並在第四季度實現非 GAAP 盈利。這樣，我們將在 2023 年下半年實現非 GAAP 盈利，並致力於在 2024 年提高全年的利潤率。我們仍然致力於 2022 年 9 月投資者日概述的長期運營模式。

In summary, I want to thank all our employees and partners for their continued support and hard work in the first quarter and for delivering a strong start to 2023. Before we turn to Q&A, I would like to highlight 3 key points: One, we delivered strong subscription revenue growth in Q1, and we believe we can deliver 20% subscription revenue growth for the full year 2023. Two, we continue to benefit from broad-based demand across our solution portfolio. As Julie highlighted, new logo wins in financial reporting, solid performance in GRC, continued momentum in ESG and account expansions to embrace the platform all contributed to our subscription growth. And three, we are focused on improved operating leverage and delivering non-GAAP profitability in the second half of 2023. We remain committed to our long-term operating model.

總而言之，我要感謝我們所有的員工和合作夥伴在第一季度的持續支持和辛勤工作，並為 2023 年帶來了良好的開端。在我們進行問答之前，我想強調 3 個要點：一，我們第一季度的訂閱收入增長強勁，我們相信我們可以在 2023 年全年實現 20% 的訂閱收入增長。第二，我們繼續受益於我們解決方案組合的廣泛需求。正如 Julie 強調的那樣，新徽標在財務報告中的獲勝、GRC 的穩健表現、ESG 的持續勢頭以及為擁抱該平台而進行的賬戶擴展都為我們的訂閱增長做出了貢獻。第三，我們專注於提高運營槓桿並在 2023 年下半年實現非 GAAP 盈利能力。我們仍然致力於我們的長期運營模式。

In closing, I would like to echo Julie's excitement about our placement on Fortune's 100 Best Companies to Work For the fifth year in a row. To all Workivians, this achievement reflects the passion and commitment you bring to work every day. By nurturing such a healthy and vibrant company, we continue to deliver a positive impact that benefits everyone involved: customers, partners, shareholders and employees.

最後，我想表達朱莉對我們連續第五年入選《財富》雜誌 100 家最適合工作的公司的興奮之情。對於所有 Workivians 來說，這一成就反映了您每天對工作的熱情和承諾。通過培養這樣一個健康和充滿活力的公司，我們將繼續產生積極的影響，讓所有相關人員受益：客戶、合作夥伴、股東和員工。

We will now take your questions. Operator, we are ready to begin the Q&A session.

我們現在將回答您的問題。接線員，我們準備開始問答環節。

(Operator Instructions) Our first question comes from the line of Matt Stotler from William Blair.

（操作員說明）我們的第一個問題來自 William Blair 的 Matt Stotler。

Maybe just to start off, one on the international opportunity here. I would love to get an update on what you're seeing in terms of demand and progress in international markets, growth outside of North America. Obviously been a focus for the company for the last several years. You got a little bit of a different go-to-market approach in the last couple of quarters. Would love to get an update there, how that's rolling out and then how ESEF, ESG and the rest of the geography-specific opportunities there are playing out even though they're early days?

也許只是開始，關於這裡的國際機會。我很想了解您在國際市場的需求和進展以及北美以外地區的增長方面所看到的最新情況。顯然，在過去的幾年裡，這一直是公司關注的焦點。在過去的幾個季度中，您採用了一些不同的上市方法。很想在那裡獲得更新，它是如何推出的，然後 ESEF、ESG 和其他特定於地理的機會是如何發揮作用的，即使它們還處於早期階段？

Sure. I will start with that one. Looking at our work over in Europe, I will say we've had some improvement over there, both in Q3, Q4, Q1. We're, of course, closely monitoring our pipeline, any changes to our buying behavior. But we've taken a partner-first approach there. We are focusing in the areas we can win, where we've got sales teams on the ground, referenceable customers, again, strong partner relationships. And certainly, we're leading with our messaging around assured integrated reporting, which is resonating. So is there work to do? Yes. Have we made some changes? Yes, around leadership, as you know. And we have centralized teams and so forth, but we're very optimistic about our ability to continue to execute there.

當然。我將從那個開始。看看我們在歐洲的工作，我會說我們在第三季度、第四季度和第一季度都有一些改進。當然，我們正在密切關注我們的管道，我們購買行為的任何變化。但我們在那裡採取了合作夥伴優先的方法。我們專注於我們可以贏得的領域，我們在當地擁有銷售團隊、可參考的客戶，以及強大的合作夥伴關係。當然，我們正在圍繞有保證的綜合報告傳達我們的信息，這引起了共鳴。那麼有工作要做嗎？是的。我們做了一些改變嗎？是的，如你所知，圍繞領導力。我們有集中的團隊等等，但我們對我們繼續在那裡執行的能力非常樂觀。

Got it. That's helpful. And then maybe one for Jill. Just following up on the billings dynamic. Just wondering if you could kind of double-click on what's happening there? It sounds like, to your point, it's more kind of the renewal timing. And so if that's the case, maybe what the implication there is for -- we should expect the progress in Q2?

知道了。這很有幫助。然後也許是給吉爾的。只是跟進賬單動態。只是想知道您是否可以雙擊那裡發生的事情？就您的觀點而言，這聽起來更像是更新時間。所以如果是這樣的話，也許這意味著什麼——我們應該期待第二季度的進展？

And then maybe if you're seeing anything from a macro perspective in terms of large deal cycles continuing to get incrementally stressed out or anything like that? Any color there would be helpful as well.

然後，也許如果你從宏觀角度看到任何關於大型交易週期繼續受到越來越大的壓力或類似的事情？那裡的任何顏色也會有所幫助。

Sure. So just to, I guess, expand on the prepared comments a little bit, you might recall that we do have some amount of variability in contract lengths that we've had over time. And that does -- that has in the past given a little bit of -- we've had some lumpiness in our deferred revenue in the past, and this is just another example of that quarter, Q1 coming in with some movement related to timings of renewals. And as we always see then also it's movement away from those contracts with the 3-year pay upfronts, more of the 3-year, 1-year, 3-year with annual payments, and when we have that, it does cause some lumpiness in deferred.

當然。因此，我想，只是為了稍微擴展準備好的評論，您可能還記得我們隨著時間的推移在合同期限方面確實有一些可變性。確實如此 - 過去已經給出了一點 - 我們過去的遞延收入有一些波動，這只是那個季度的另一個例子，第一季度出現了一些與時間相關的變動的更新。正如我們經常看到的那樣，它也正在遠離那些預付 3 年工資的合同，更多的是 3 年、1 年、3 年的年付合同，當我們有了這些合同時，它確實會造成一些不便在推遲。

To your question, further in the year, we do expect to return more to our historical norms of it as far as billings and deferred it goes. I would also always push you back and point back towards RPOs. We think that the RPO number is a better metric for our business. It has less of that lumpiness. Although there is some amount of impact, of course, when you have the timing issue, it does smooth out some of the lumpiness around contract length and payment terms and that sort of thing. And we're -- we feel like that was a really good result for Q1 for us.

對於你的問題，在今年更遠的時候，我們確實希望在賬單和延期方面更多地恢復到我們的歷史規範。我也總是會把你推回去並指向 RPO。我們認為 RPO 數字是我們業務的更好指標。它沒有那麼多塊。當然，雖然有一定的影響，但當你遇到時間問題時，它確實消除了合同期限和付款條件等方面的一些不連貫性。而且我們 - 我們覺得這對我們來說是第一季度的一個非常好的結果。

Our next question comes from the line of Steve Enders from Citibank.

我們的下一個問題來自花旗銀行的 Steve Enders。

Maybe if I could just follow up on the last comment on the RPO and billings dynamics. I guess, for one, I guess, is there a way to quantify how much of billings maybe shifted from 1Q to 2Q on the timing there? And then, I guess, secondarily, on the RPO dynamic, I guess, was there a bit of timing impact that would have hit that number as well? Or is that a little bit more muted on that side?

也許我可以跟進關於 RPO 和賬單動態的最後評論。我想，首先，我想，有沒有一種方法可以量化有多少賬單可能會在那裡的時間從 1Q 轉移到 2Q？然後，我想，其次，關於 RPO 動態，我想，是否有一些時間影響也會達到這個數字？還是在那一邊更柔和一點？

I think a good way to look at it, Steve, would be to look at some of our historical Q4 to Q1 transitions and see what would have been more normalized there. There's always going to be some amount of movement between quarters. We just saw in Q1, in particular, we have some larger contracts that add delays with getting closed those renewals into Q2. And so we -- I don't have a direct and exact number for you. But I think if you just look back at some of the historical Q4 to Q1 transitions, hopefully, that will help normalize what we would have expected to see there aside from those larger impacts. The same would hold true for RPO. Yes.

史蒂夫，我認為看待它的一個好方法是查看我們歷史上的第四季度到第一季度的一些過渡，看看那裡會更正常化。季度之間總會有一些變動。我們剛剛在第一季度看到，特別是我們有一些更大的合同，這些合同增加了延遲，將這些續約關閉到第二季度。所以我們 - 我沒有直接和準確的數字給你。但我認為，如果你回顧一下第四季度到第一季度的一些歷史過渡，希望這將有助於使我們預期會看到的情況正常化，除了那些更大的影響。 RPO 也是如此。是的。

Okay. Got you. That's helpful there. And I guess if we look at some of the partner investments and those initiatives that you've been investing in quite a bit here, just where are we at kind of in terms of the partners driving opportunities towards you? And how much of that is making an impact on the ESG front as well?

好的。明白了那在那裡很有幫助。而且我想如果我們看看一些合作夥伴投資和您在這裡投資的那些計劃，就合作夥伴為您帶來機會而言，我們處於什麼位置？其中有多少也對 ESG 方面產生了影響？

Sure. When we look at ESG, it is the solution with the highest work with our partners, and that work comes in terms of co-selling, comes in terms of sourced and influenced deals, so quite significant when you look at the combination of those plus delivery. So we have a strong ecosystem of partners, particularly in ESG.

當然。當我們審視 ESG 時，它是與我們的合作夥伴合作最多的解決方案，並且這種工作來自於共同銷售，來自於採購和影響交易，當你看到這些加上的組合時非常重要送貨。因此，我們擁有強大的合作夥伴生態系統，尤其是在 ESG 方面。

Our next question comes from the line of Adam Hotchkiss from Goldman Sachs.

我們的下一個問題來自高盛的 Adam Hotchkiss。

Just a follow-up on your comments from the fourth quarter around your ESG momentum. I think you had mentioned ESG bookings were 85% ahead of your expectations in that quarter, and that drove quite a bit of momentum in the business. Could you just give us a little bit more color on the sort of trends more broadly around momentum and where that shook out this quarter on the ESG side relative to the ahead of expected results last quarter?

只是跟進您在第四季度圍繞 ESG 勢頭髮表的評論。我想你曾提到 ESG 預訂比你在該季度的預期高出 85%，這為業務帶來了相當大的動力。您能否就更廣泛地圍繞勢頭的趨勢以及本季度 ESG 方面相對於上個季度的超前預期結果的影響，給我們一些更多的顏色？

Sure. So we did see good momentum still in Q1. ESG, as we talked about all last year, ESG continues to be right in the mix for top bookings solutions. And we're really excited to see that.

當然。所以我們確實在第一季度看到了良好的勢頭。 ESG，正如我們去年所討論的那樣，ESG 仍然是頂級預訂解決方案的組合。我們真的很高興看到這一點。

Yes, it remains in the top 3 solutions, again, for third quarter in a row, plus also top for bookings growth solutions as well.

是的，它再次連續第三個季度保持在前 3 名解決方案之列，而且在預訂增長解決方案方面也名列前茅。

Great. That's super helpful. And then could you just talk a little bit about the traction that you mentioned you're seeing with the private companies? I recognize a lot of that is tied to capital markets activity, but where we are today versus a year ago -- where would you think we are today versus where we were a year ago as things began to soften and could you just review for us what the go-to-market motion looks like for this cohort of companies? How much of that is inbound versus outbound?

偉大的。這非常有幫助。然後你能談談你提到的私營公司的牽引力嗎？我認識到其中很多與資本市場活動有關，但我們今天與一年前相比——隨著情況開始緩和，您認為我們今天與一年前相比如何？您能否為我們回顧一下這批公司的上市動議是什麼樣的？其中有多少是入站和出站？

So just to start off, I would say that we continue to really focus on trying to get that private to public movement, and so we are continuing to put focus on moving -- trying to close deals with private companies, especially ones that are more likely to be moving through an IPO in the future or looking for other types of financing. We think that we can be a really great help to them as they move through that and try to come public-ready. As you've seen, there's not really an uptick in that. We did help a couple of companies start the process in Q1. But for the most part, anything related to capital markets was all secondary offerings was really the business that we saw. And this is something that you all know about us is that if that market does pick back up, then we're likely to play in it quite well. But we will continue to just try and work with private companies and just in that whole readiness preparation that they go through as they're thinking about becoming public.

因此，首先，我要說的是，我們將繼續真正專注於嘗試將私人轉為公共運動，因此我們將繼續專注於移動——嘗試與私營公司達成交易，尤其是那些更重要的公司。未來可能會通過 IPO 或尋求其他類型的融資。我們認為，在他們度過難關並努力為公眾做好準備時，我們可以為他們提供非常大的幫助。如您所見，這並沒有真正的上升。我們確實幫助了幾家公司在第一季度開始了這個過程。但在大多數情況下，任何與資本市場相關的都是二次發行，這才是我們真正看到的業務。這是你們都知道的關於我們的事情，如果那個市場確實回升，那麼我們很可能會在其中發揮得很好。但我們將繼續嘗試與私營公司合作，並在他們考慮上市時進行的整個準備工作中。

Absolutely. And financial reporting and private market has been a focus for us with a compelling offering and as Jill says, companies are preparing years out for a public offering. A good market for that.

絕對地。財務報告和私募市場一直是我們關注的焦點，提供引人注目的產品，正如吉爾所說，公司正在為公開募股做準備。一個很好的市場。

Our next question comes from the line of Alex Sklar from Raymond James.

我們的下一個問題來自 Raymond James 的 Alex Sklar。

Julie, on ESG reporting, you referenced the survey that you published a few weeks ago, 40% of companies surveyed had invested in some sort of ESG reporting technology. Can you help frame that in the context of your own installed base? And any color on what percent of your base you've cross-sold ESG to, to date?

朱莉，關於 ESG 報告，你提到了幾週前發布的調查，40% 的受訪公司投資了某種 ESG 報告技術。你能幫助在你自己的安裝基礎的背景下構建它嗎？到目前為止，您已經將 ESG 交叉銷售給了多少百分比的任何顏色？

Sure. I mean we see in our installed base is what that is borne out by that survey. I believe the survey, as I had mentioned, said 70% of the companies reported that they will be investing in ESG regardless of regulation. And we're seeing that certainly in our base. There is momentum for -- interest and momentum and demand for our ESG offering. So absolutely seeing what the survey bore out.

當然。我的意思是，我們在安裝基礎上看到的是該調查所證實的。正如我之前提到的，我相信這項調查表明，70% 的公司報告說他們將投資於 ESG，而不管監管如何。我們肯定在我們的基地看到了這一點。我們的 ESG 產品有興趣、動力和需求。因此，絕對可以看到調查結果。

Okay. And then I guess, Jill, I appreciate all the additional commentary on deferred revenue. Can you just clarify what you mean by deferred revenue will track back in line with historical run rate?

好的。然後我想，吉爾，我感謝所有關於遞延收入的額外評論。您能否澄清遞延收入將與歷史運行率保持一致是什麼意思？

So if you look back to the past few years and what we've seen just quarter-over-quarter, we expect to get back towards more of the more historical trends. We did -- we will see some of those renewals resolved in Q2. But past that, we would expect to get back more towards normal quarter-over-quarter transition.

因此，如果您回顧過去幾年以及我們所看到的季度環比，我們預計會回到更多歷史趨勢。我們做到了——我們將在第二季度看到其中一些續約得到解決。但在那之後，我們預計會更多地回到正常的季度環比過渡。

So just to make sure I'm interpreting it right, what a normal Q1 sequential increase is versus this Q1 will be kind of additive to the rest of the year?

所以為了確保我的解釋是正確的，正常的 Q1 連續增長與這個 Q1 相比今年剩餘時間會增加多少？

Correct. Yes. So the sequential -- yes.

正確的。是的。所以順序 - 是的。

Our next question comes from the line of Joe Meares from Truist Securities.

我們的下一個問題來自 Truist Securities 的 Joe Meares。

This is Connor Passarella on for Joe. Just wanted to start with an update on the ParsePort acquisition as it pertains to cross-selling and upselling to legacy customers with Workiva products and then maybe the other side, what are the dynamics around the growth of their legacy products to new customers as well?

這是喬的康納帕薩雷拉。只想從 ParsePort 收購的更新開始，因為它涉及使用 Workiva 產品向舊客戶進行交叉銷售和追加銷售，然後也許另一方面，他們的舊產品對新客戶的增長動態是什麼？

Sure. Just for those who aren't fully aware, ParsePort is a leading ESEF financial reporting provider that's been providing XBRL conversion software in Europe for more than a decade now. And we acquired them a year ago. In fact, it was exactly a year ago last week or so that we were -- we had acquired them. So we celebrated their 1-year anniversary. Was just there on-site. Actually completed about 900 disclosures over the last 4 months, and integrating well with the company. But we're pleased with the execution of it over the last year, and we're executing on a program, to your question, around cross-sell and very happy with the momentum we're seeing there.

當然。對於那些不完全了解的人，ParsePort 是一家領先的 ESEF 財務報告提供商，十多年來一直在歐洲提供 XBRL 轉換軟件。我們在一年前收購了它們。事實上，就在一年前的上週左右——我們收購了它們。所以我們慶祝了他們的一周年紀念日。就在現場。近4個月實際完成約900次披露，與公司融合良好。但我們對去年的執行情況感到滿意，我們正在執行一個程序，針對你的問題，圍繞交叉銷售，我們對在那裡看到的勢頭非常滿意。

Our next question comes from the line of Daniel Jester from the Bank of Montreal.

我們的下一個問題來自蒙特利爾銀行的 Daniel Jester。

This is Kyle on for Daniel Jester. So Julie, you've been with the company for more than 3 years, and you've seen a lot during that relatively short time. So as you plan on -- as you plan on how you're going to drive the company forward, what are like some key strategic goals you're focused on to really drive that success?

這是丹尼爾杰斯特的凱爾。朱莉，你已經在公司工作了 3 年多，在相對較短的時間裡你看到了很多東西。因此，當你計劃 - 當你計劃如何推動公司向前發展時，你關注的一些關鍵戰略目標是什麼，以真正推動公司取得成功？

Sure. You're right. I've been here for 3.5 years, the day of the transition. And we've developed a strategy that we continue to execute on. It's intact. We have a large TAM. And our focus, of course, remains both on growth and operating leverage. So strategy execution, operating margin improvement and growth, and really going after that opportunity that I described in the comments earlier around assured integrated reporting.

當然。你說得對。我在這裡已經 3.5 年了，正是過渡的那一天。我們已經制定了一項我們將繼續執行的戰略。它完好無損。我們有一個很大的 TAM。當然，我們的重點仍然放在增長和運營槓桿上。因此，戰略執行、營業利潤率的提高和增長，以及我在之前評論中圍繞有保證的綜合報告所描述的真正追求的機會。

Our next question comes from the line of Andrew DeGasperi from Berenberg Capital Markets.

我們的下一個問題來自 Berenberg Capital Markets 的 Andrew DeGasperi。

This is Stephanie on for Andrew. I'm wondering if there have been any noticeable changes in demand trends so far in the second quarter that would differ from the first quarter? Or even if there were any changes in demand towards the end of Q1?

這是安德魯的斯蒂芬妮。我想知道到目前為止，第二季度的需求趨勢是否有任何明顯的變化與第一季度不同？或者即使在第一季度末需求有任何變化？

So we saw -- as we said in Q1, we are pleased with our bookings, and going into Q2, we do think that everybody is keeping a really close eye on the macro. Of course, we've got a potential rate increase tomorrow. We'll see how that turns out. There is some uncertainty. Especially if we're looking at EMEA, there's -- they have a lot of factors with the war in the Ukraine and other more -- they sometimes have been seeing more significant impact from some of those factors.

所以我們看到 - 正如我們在第一季度所說，我們對我們的預訂感到滿意，進入第二季度，我們確實認為每個人都在密切關注宏觀。當然，我們明天可能會加息。我們將看看結果如何。有一些不確定性。特別是如果我們關注歐洲、中東和非洲地區，他們有很多因素與烏克蘭戰爭和其他更多因素有關——他們有時會從其中一些因素中看到更重大的影響。

We are watching it very closely. We're pleased with the way that we've been able to execute, and it's something that we feel like we've still been able to make progress. But you -- in certain deals, you maybe do feel a little bit of pressure, but sometimes we move forward. So I think that it can just vary. But we're not seeing an overall negative impact from the macro environment. It's just something we're watching along with all of our customers and just the whole market.

我們正在密切關注它。我們對我們能夠執行的方式感到滿意，而且我們覺得我們仍然能夠取得進展。但是你——在某些交易中，你可能確實感到了一點壓力，但有時我們會前進。所以我認為它可以有所不同。但我們沒有看到宏觀環境的整體負面影響。這只是我們與所有客戶以及整個市場一起關注的事情。

Our next question comes from the line of Mike Grondahl from Northland.

我們的下一個問題來自 Northland 的 Mike Grondahl。

It's Mike Pochucha for Mike Grondahl. Maybe just on CDP, that integration. Can you talk about what the kind of cross-sell for different solutions outside of ESG looks like there?

我是 Mike Grondahl 的 Mike Pocucha。也許只是在 CDP 上，那個集成。你能談談 ESG 之外的不同解決方案的交叉銷售是什麼樣的嗎？

So with the CDP, certainly, that for us is clearly early. I mean, regulation is only a few quarters old. Although the law passed, details of the regulation are still in progress. But for us, it's really -- it's more of a trigger event for a sales conversation, and it enables us to have conversations around assured integrated reporting. And that message, as I mentioned, is resonating, of course. And it's all about the clients that use it, a great cohort of clients that use it.

所以對於 CDP，當然，這對我們來說顯然還為時過早。我的意思是，監管只有幾個季度的歷史。儘管法律已通過，但法規的細節仍在製定中。但對我們來說，它真的 - 它更像是銷售對話的觸發事件，它使我們能夠圍繞有保證的綜合報告進行對話。正如我所提到的，這條信息當然會引起共鳴。這一切都與使用它的客戶有關，一大群使用它的客戶。

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

我們的下一個問題來自 Stifel 的 Brad Reback。

Looking into 2Q, with ParsePort now getting into the NRR calculation, can you give us a sense of how we should expect that to trend?

展望第二季度，隨著 ParsePort 現在進入 NRR 計算，您能否告訴我們我們應該如何預期趨勢？

I don't really think that it's going to impact our overall company trend. The deal sizes there are pretty small, and so any individual customer impact is going to be a lot smaller if you do see churns there. They have really good retention though at the client base. So I wouldn't expect you to see a very large impact from the overall just historical trends that we've seen.

我真的不認為這會影響我們公司的整體趨勢。那裡的交易規模非常小，所以如果你確實看到那裡的客戶流失，任何個人客戶的影響都會小得多。儘管在客戶群中，他們的保留率確實很高。因此，我不希望您從我們所看到的整體歷史趨勢中看到非常大的影響。

Perfect. That's helpful. And then, Jill, just following up. The deals that slipped out of 1Q, have most of them already closed or the expectation is they will close in the coming weeks?

完美的。這很有幫助。然後，吉爾，只是跟進。第一季度下滑的交易，其中大部分已經完成，或者預計他們將在未來幾週內完成？

Yes, they had either closed or the expectation is that we would close them out here very quickly.

是的，他們要么已經關閉，要么期望我們會很快將它們關閉。

Our final question comes from the line of Patrick Schulz from Baird.

我們的最後一個問題來自 Baird 的 Patrick Schulz。

I appreciate the color you provided on the strength you're seeing in ESG. It's pretty good to hear that. Can you just touch on what you're seeing in terms of the average selling prices for ESG solutions. Are these customers going all-in with their initial investment? Or are they breaking the spend up over time? And for your ESG sales and pipeline, how should we be thinking about the breakdown between the mix of new account growth versus existing customer expansion?

我很欣賞你在 ESG 中看到的力量所提供的顏色。很高興聽到這個消息。你能談談你所看到的 ESG 解決方案的平均售價嗎？這些客戶會全押他們的初始投資嗎？還是他們隨著時間的推移打破了支出？對於您的 ESG 銷售和管道，我們應該如何考慮新客戶增長與現有客戶擴展組合之間的細分？

So I'll touch on both those. So I would say that our average deal size, as we talked about in the last call, it was trending higher than our just general average deal size for -- across all solutions. We still have been seeing that there's a lot of expansion within our existing customer base as opposed to new logos, not that new logos aren't happening within ESG. We certainly are getting some of that business. But we just have such a really strong base of customers, especially in North America, that it's -- we're seeing a lot of account expansion there with strong deal sizes.

所以我會談到這兩個。所以我想說，正如我們在上次電話會議中談到的那樣，我們的平均交易規模趨勢高於所有解決方案的一般平均交易規模。我們仍然看到，與新徽標相比，我們現有客戶群中有很多擴展，而不是 ESG 中沒有出現新徽標。我們當然得到了一些業務。但我們擁有如此強大的客戶群，尤其是在北美，我們看到那裡的客戶大量擴張，交易規模很大。

I would say we also have different segments in the market. There are some mature customers who have their ESG program solidified and have a much better idea of where they're going, what they're doing and strategy in place and deal size there is very different than those that are emerging and beginning their journey. So while we can see some very large deal sizes, we're also moving in the lower part of the market as well.

我想說我們在市場上也有不同的細分市場。有一些成熟的客戶鞏固了他們的 ESG 計劃，並且對他們的發展方向、他們正在做的事情以及現有的戰略和交易規模有更好的了解，這與那些新興和開始他們的旅程的客戶有很大不同。因此，雖然我們可以看到一些非常大的交易規模，但我們也在進入市場的低端部分。

Thank you, ladies and gentlemen. This does conclude today's call. Thank you for your participation. You may now disconnect.

謝謝你們，女士們，先生們。今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。