Workiva Inc (WK) 2023 Q2 法說會逐字稿

Good afternoon, ladies and gentlemen. My name is Bo and I will be your host operator on this call. After the prepared comments, we will conduct a question-and-answer session. Instructions will be provided at that time. (Operator Instructions) And please note that this call is being recorded on August 3, 2023, at 5 p.m. Eastern Time.

女士們、先生們，下午好。我叫 Bo，我將擔任本次通話的主持人接線員。準備好意見後，我們將進行問答環節。屆時將提供說明。 （操作員說明）請注意，此通話錄音時間為 2023 年 8 月 3 日下午 5 點。東部時間。

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

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

Good afternoon, and thank you for joining us for Workiva's second quarter conference call. During today's call, we will review our second quarter results and discuss our guidance for the second quarter and full year 2023.

下午好，感謝您參加 Workiva 第二季度電話會議。在今天的電話會議中，我們將回顧第二季度業績，並討論我們對第二季度和 2023 年全年的指導。

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 August 10, 2023. Information to access the replay is listed in today's press release, which is available on our website under the Investor Relations section.

今天的電話會議已預先錄製，其中包括我們首席執行官 Julie Iskow 的評論；其次是我們的首席財務官 Jill Klindt。然後，我們將開啟現場問答環節的徵集。該網絡廣播的重播將持續到 2023 年 8 月 10 日。今天的新聞稿中列出了訪問重播的信息，該新聞稿可在我們網站的投資者關係部分找到。

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.

在開始之前，我想提醒大家，在今天的電話會議中，我們將做出有關未來事件和財務業績的前瞻性聲明，包括對 2023 年第二季度和整個財年的指導。這些前瞻性聲明受已知和未知的風險和不確定性。 Workiva 警告說，這些陳述並不能保證未來的業績。

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.

今天發表的所有前瞻性聲明僅反映我們當前的預期，我們沒有義務更新任何聲明以反映本次電話會議後發生的事件。請參閱公司 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，我們將提及某些非公認會計準則財務指標。今天的新聞稿中還包含非公認會計原則與公認會計原則措施的調節以及某些附加信息。

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

首先，我們將把電話轉給首席執行官 Julie Iskow。

Thank you, Mike, and good afternoon, everyone. During today's call, we'll walk you through our Q2 results, and we'll discuss where we're winning in the market across our solution portfolio. We'll also provide our perspective on the current macro environment, we'll highlight exciting new platform innovation and we'll provide guidance for Q3.

謝謝邁克，大家下午好。在今天的電話會議中，我們將向您介紹第二季度的業績，並將討論我們的解決方案組合在市場上的優勢。我們還將提供對當前宏觀環境的看法，我們將重點介紹令人興奮的新平台創新，並為第三季度提供指導。

Q2 was another solid quarter. Subscription revenue grew 21%, driving a beat to the high end of our revenue guidance. Q2 operating margin also beat the high end of our guidance by 222 basis points.

第二季度又是一個穩健的季度。訂閱收入增長了 21%，超出了我們收入指導的上限。第二季度營業利潤率也超出了我們指引的上限 222 個基點。

This was my first quarter as CEO. The leadership transition has been smooth and successful. I've had the opportunity to spend a lot of time over the last few months meeting with employees and customers and partners all around the world. I'm more optimistic than ever in the opportunity in front of us.

這是我擔任首席執行官的第一個季度。領導層交接順利、成功。在過去的幾個月裡，我有機會花了很多時間與世界各地的員工、客戶和合作夥伴會面。我對面前的機會比以往任何時候都更加樂觀。

Despite the challenging macro, I'm confident in our ability to successfully execute our growth strategy and advance our productivity initiatives. We're winning with assured integrated reporting. Workiva remains the only platform that brings financial reporting, ESG and GRC together in one secure, controlled, audit-ready environment. This is showcased by the growth we're seeing in our large contract customers. The number of contracts valued over $100,000 increased 24%. Those over $150,000 increased 28%, and contracts valued over $300,000 were up 40%, all compared to Q2 of 2022.

儘管宏觀形勢充滿挑戰，但我對我們成功執行增長戰略和推進生產力計劃的能力充滿信心。我們憑藉可靠的綜合報告贏得勝利。 Workiva 仍然是唯一將財務報告、ESG 和 GRC 整合到一個安全、受控、審計就緒環境中的平台。我們的大型合同客戶的增長就證明了這一點。價值超過 10 萬美元的合同數量增加了 24%。與 2022 年第二季度相比，15 萬美元以上的合同增長了 28%，價值超過 30 萬美元的合同增長了 40%。

Along with our best-of-breed capabilities, our platform is a strong and a key differentiator in the marketplace and it's resonating with our customers. I'd like to highlight 3 Q2 expansion deals, all of which are full assured integrated reporting wins.

除了我們一流的能力之外，我們的平台也是市場上強大且關鍵的差異化因素，並引起了我們客戶的共鳴。我想強調 3 個第二季度的擴張交易，所有這些交易都是完全有保證的綜合報告勝利。

First, a Fortune 100 aerospace and defense company purchased ESG to complement their previous investment in SEC global statutory reporting and GRC. This 10-year loyal SEC customer was engaged with a Big 4 firm in transforming their ESG program. The Big 4 firm recommended Workiva as the technology of choice, and they'll also be providing delivery for the project.

首先，財富 100 強航空航天和國防公司購買了 ESG，以補充其之前對 SEC 全球法定報告和 GRC 的投資。這位 10 年忠實的 SEC 客戶與一家四大公司合作改造其 ESG 計劃。四大公司推薦 Workiva 作為首選技術，他們還將為該項目提供交付。

Second, a privately held provider of IT infrastructure and IT products and services expanded their existing investment in GRC and ESG by purchasing a suite of financial solutions consisting of our private company reporting, our global statutory reporting and management reporting. This assured integrated reporting win was sourced by the same Big 4 advisory firm that delivered the customer's current GRC and ESG solutions. The firm will also be handling project delivery of this new financial reporting solution suite.

其次，一家 IT 基礎設施以及 IT 產品和服務的私營提供商通過購買一套由我們的私營公司報告、全球法定報告和管理報告組成的財務解決方案，擴大了對 GRC 和 ESG 的現有投資。這一有保證的綜合報告勝利是由為客戶提供當前 GRC 和 ESG 解決方案的同一家四大諮詢公司提供的。該公司還將負責這一新財務報告解決方案套件的項目交付。

And third, a European-based multinational telecommunications company purchased both our ESG and our GRC solutions to complement their existing investment in SEC and global statutory reporting. This deal was a co-sell win with the Big 4 advisory firm, and we'll be partnering with them on the delivery of this project.

第三，一家歐洲跨國電信公司購買了我們的 ESG 和 GRC 解決方案，以補充他們在 SEC 和全球法定報告方面的現有投資。這筆交易是與四大諮詢公司共同銷售的勝利，我們將與他們合作交付該項目。

These examples showcase the value and the flexibility of our innovative platform, and they speak to the value of managing financial reporting, nonfinancial and ESG reporting, and audit risk and controls, all in one platform. They also highlight the important role that our partners play in extending the value of our platform and in account expansion.

這些示例展示了我們創新平台的價值和靈活性，並說明了在一個平台上管理財務報告、非財務和 ESG 報告以及審計風險和控制的價值。他們還強調了我們的合作夥伴在擴展我們平台的價值和擴大賬戶方面發揮的重要作用。

The strength of our partner program continues to contribute to both new logos and deal expansions that are sourced by or a co-sell with a Workiva advisory or technology partner. Our partner-first strategy is also driving results in ESG. I'd like to highlight a few examples from Q2 where customers invested in and expanded their ESG program with Workiva.

我們合作夥伴計劃的優勢繼續為新徽標和交易擴展做出貢獻，這些徽標和交易擴展由 Workiva 諮詢或技術合作夥伴採購或共同銷售。我們的合作夥伴優先戰略也推動了 ESG 方面的成果。我想重點介紹第二季度的幾個例子，其中客戶通過 Workiva 投資並擴展了他們的 ESG 計劃。

First, a Fortune 500 provider of food, facilities and uniform services purchased ESG to complement their existing SEC solution. This long-time SEC customer was looking to expand their program in ESG data management, reporting and climate accounting. This opportunity was influenced by both a regional advisory firm partner and by a climate accounting software partner. The combination of Workiva ESG data management reporting along with the partner-delivered integrated climate accounting solution will provide this client a comprehensive ESG solution.

首先，一家財富 500 強食品、設施和製服服務提供商購買了 ESG 以補充其現有的 SEC 解決方案。這位 SEC 的長期客戶希望擴展其在 ESG 數據管理、報告和氣候核算方面的計劃。這個機會受到區域諮詢公司合作夥伴和氣候會計軟件合作夥伴的影響。 Workiva ESG 數據管理報告與合作夥伴提供的綜合氣候會計解決方案相結合，將為該客戶提供全面的 ESG 解決方案。

And second, a European-based consumer products company was a new logo win with their purchase of ESG. This opportunity was sourced by a Big 4 advisory firm who had been engaged on an ESG transformation project. A driving force behind this project was the customer's future compliance with the new CSRD ESG disclosure requirement. The software selection went through a formal RFP process, and Workiva prevailed as the top solution to address this company's ESG reporting requirements.

其次，一家歐洲消費品公司通過收購 ESG 贏得了新標誌。這個機會是由一家從事 ESG 轉型項目的四大諮詢公司提供的。該項目背後的驅動力是客戶未來遵守新的 CSRD ESG 披露要求。軟件選擇經過了正式的 RFP 流程，Workiva 成為滿足該公司 ESG 報告要求的最佳解決方案。

While nonfinancial reporting is a new growth driver, we continue to benefit from strong growth in our financial reporting solutions. This portfolio of solutions goes beyond our well-established SEC solution. In Q2, we had signature wins in our vertical-specific solutions for banks, investment firms and state and local governments. We also saw strong momentum in our private company financial reporting solutions, including those companies on a private to public journey.

雖然非財務報告是新的增長動力，但我們繼續受益於財務報告解決方案的強勁增長。該解決方案組合超越了我們完善的 SEC 解決方案。第二季度，我們在為銀行、投資公司以及州和地方政府提供的垂直特定解決方案中取得了標誌性勝利。我們還看到我們的私營公司財務報告解決方案的強勁勢頭，包括那些正在從私營到上市的公司。

I'd like to highlight 2 financial reporting deals that closed during the second quarter. First, a top 20 U.S. city purchased 7 solutions to support their annual comprehensive financial report. This new logo win was a joint sales pursuit with an ERP technology provider to support a finance transformation project that included a new ERP system. Workiva and this partner submitted a joint proposal and aligned on supporting the city's financial reporting requirements. This opportunity was also influenced by a regional consulting partner who had a previous relationship with the city, and this regional partner will be implementing the project.

我想重點介紹第二季度完成的兩筆財務報告交易。首先，美國排名前 20 的城市購買了 7 個解決方案來支持其年度綜合財務報告。這一新標誌的勝利是與 ERP 技術提供商的聯合銷售追求，以支持包括新 ERP 系統的財務轉型項目。 Workiva 和該合作夥伴提交了一份聯合提案，一致支持該市的財務報告要求。這個機會還受到了之前與該市有過合作關係的區域諮詢合作夥伴的影響，該區域合作夥伴將負責實施該項目。

Our financial reporting suite of solutions provides significant value to finance transformation and ERP selection projects. The complexity of this type of finance transformation is where our platform truly shines.

我們的財務報告解決方案套件為財務轉型和 ERP 選擇項目提供了巨大的價值。這種類型的財務轉型的複雜性是我們平台真正的亮點。

And second, we closed a 7-figure solution upsell for fund reporting with a U.S.-based global investment company. This new purchase expands the use of our fund reporting solution across their private equity and credit fund portfolio. The project will be implemented by our regional accounting advisory firm who has implemented 2 other Workiva solutions for the same client.

其次，我們與一家美國全球投資公司完成了一項價值 7 位數的基金報告解決方案追加銷售。此次新收購擴大了我們的基金報告解決方案在其私募股權和信貸基金投資組合中的使用。該項目將由我們的區域會計諮詢公司實施，該公司已為同一客戶實施了另外 2 個 Workiva 解決方案。

I'd like to move on now to talk about our GRC suite of solutions. With increasing stakeholder scrutiny, establishing an integrated, enterprise-wide governance, risk, and compliance program is a strategic priority for many organizations. At the core, GRC programs include processes for controls, risk and audit management.

我現在想繼續談談我們的 GRC 解決方案套件。隨著利益相關者的審查日益嚴格，建立集成的企業範圍治理、風險和合規計劃已成為許多組織的戰略重點。 GRC 計劃的核心包括控制、風險和審計管理流程。

I'd like to highlight 2 GRC deals that closed during the second quarter. First, we landed a new logo win with a publicly traded consumer products company that purchased controls management to support their SOX process. This deal was brought to us by a Big 4 firm who was advising the client's accounting team on their controls process. Once they saw the power of our controlled testing capabilities, the deal was locked in.

我想重點介紹第二季度完成的兩筆 GRC 交易。首先，我們贏得了一家上市消費品公司的新徽標，該公司購買了控制管理來支持其 SOX 流程。這筆交易是由一家四大公司向我們提出的，該公司正在為客戶的會計團隊提供有關控制流程的建議。一旦他們看到我們受控測試能力的強大功能，就鎖定了交易。

And second, a top 15 U.S.-based mutual insurance company expanded their investment in Workiva with audit management. This solution will be the sixth Workiva solution purchased and expands on their GRC investment in controls management and enterprise risk management. This opportunity was sourced by a regional advisory firm who implemented the controls and the risk management solutions back in 2022.

其次，美國排名前 15 的互助保險公司通過審計管理擴大了對 Workiva 的投資。該解決方案將是 Workiva 購買的第六個解決方案，並擴展了 GRC 在控制管理和企業風險管理方面的投資。這個機會是由一家區域諮詢公司提供的，該公司早在 2022 年就實施了控制和風險管理解決方案。

Now I'd like to shift gears and share a perspective on the macro environment. Not unlike other SaaS companies, we continue to operate to some challenging market conditions. While our top-of-funnel activity is growing, we do see sales cycles extending and customer budgets under increased scrutiny. And it's clear from my conversations with both our customers and our partners that more executives have become involved in the decision-making process and budgets are tightening, and that's regardless of company size or industry sector.

現在我想換個話題，分享一下對宏觀環境的看法。與其他 SaaS 公司不同，我們繼續在一些充滿挑戰的市場條件下運營。雖然我們的漏斗頂部活動正在增長，但我們確實看到銷售週期在延長，客戶預算受到越來越嚴格的審查。從我與客戶和合作夥伴的對話中可以清楚地看出，越來越多的高管參與了決策過程，預算正在收緊，無論公司規模或行業部門如何。

Having been a CIO and a buyer of SaaS software for many years, it's my experience that you become more selective and focused on business-critical applications when budgets tighten. So our focus continues to be on communicating our value and working with our partners to deliver high ROI projects.

作為 CIO 和 SaaS 軟件購買者多年，我的經驗是，當預算緊張時，您會變得更有選擇性並專注於業務關鍵型應用程序。因此，我們的重點仍然是傳達我們的價值並與我們的合作夥伴合作交付高投資回報率的項目。

We do have some positive news to share on capital markets. In Q2, secondary offerings remained strong and we saw an uptick in our IPO activity. We're pleased with how we're competing for these IPO deals that are starting to emerge. In Q2, we supported the successful IPO of a fast-casual chain of restaurants. This company started out with Workiva through the purchase of private company reporting back in Q2 of 2022. They then purchased capital markets in Q1, added on the Workiva SOX solution and converted to the SEC solution in Q2.

我們確實有一些關於資本市場的積極消息要分享。第二季度，二次發行依然強勁，我們的 IPO 活動有所增加。我們對我們在這些開始出現的 IPO 交易中的競爭方式感到滿意。第二季度，我們支持一家快餐休閒連鎖餐廳成功首次公開募股。該公司通過收購 2022 年第二季度報告的私營公司開始使用 Workiva。然後，他們在第一季度購買了資本市場，添加了 Workiva SOX 解決方案，並在第二季度轉換為 SEC 解決方案。

While it's encouraging to see IPO movement, we're not forecasting a measurable come back in the second half of this year. We are, however, encouraged by our win rates in the larger deals that are going to market.

雖然 IPO 的走勢令人鼓舞，但我們預計今年下半年不會出現明顯的回升。然而，我們對即將上市的大型交易的勝率感到鼓舞。

Another part of the macro environment that impacts Workiva is the fast-paced change in the evolving ESG market. ESG has emerged as an important and sometimes polarizing topic in U.S. politics, and it's frequently captured the news headlines. But even with the ongoing political debate, stakeholder demands for transparent, nonfinancial data continue to grow louder.

影響 Workiva 的宏觀環境的另一個部分是不斷發展的 ESG 市場的快節奏變化。 ESG 已成為美國政治中一個重要的、有時甚至是兩極分化的話題，並且經常成為新聞頭條。但即使政治辯論仍在繼續，利益相關者對透明的非財務數據的要求仍然越來越高。

What's clear from our experience working with our corporate clients is that new impending ESG regulations across the U.S. and Europe are driving the convergence of nonfinancial and financial reporting as well as the requirement that data be audit-ready and investor grade. Other stakeholder groups, such as investors, suppliers, consumers and employees are also requiring greater disclosure of material and nonfinancial information.

從我們與企業客戶合作的經驗中可以清楚地看出，美國和歐洲即將實施的新 ESG 法規正在推動非財務和財務報告的融合，以及數據經過審計和投資者評級的要求。其他利益相關者群體，如投資者、供應商、消費者和員工也要求更多地披露重大和非財務信息。

And as evidenced by a number of ESG-related actions taking place around the world, we still believe there is a generational opportunity in front of us. Here's just a short list of regulations and potential legislation that evolved during the second quarter.

正如世界各地發生的一系列 ESG 相關行動所證明的那樣，我們仍然相信我們面前存在著一代人的機會。以下只是第二季度製定的法規和潛在立法的簡短列表。

On June 9, EFRAG, which is the technical advisory to the European Commission under the CSRD, issued a draft set of enterprise reporting sustainability standards for providing further clarification on this already passed mandate. And on Monday, July 31, the EU voted on final approval for these reporting standards.

6 月 9 日，CSRD 下的歐盟委員會技術諮詢機構 EFRAG 發布了一套企業報告可持續發展標準草案，以進一步澄清這一已通過的授權。 7 月 31 日星期一，歐盟就這些報告標準的最終批准進行了投票。

Next, on June 18, Swiss voters accepted a new law that formalizes Switzerland's commitment to climate protection and adoption of new reporting requirements. Then on June 26, the International Sustainability Standards Board launched new ESG standards, IFRS S1 and IFRS S2. The ISSB states that the release of these standards will usher in a new era of sustainability-related disclosures in capital markets worldwide. On June 27, the Australian government announced plans to implement mandatory climate-related financial disclosure requirements for companies and financial institutions. And finally, here in the U.S., there are 2 important updates.

接下來，6 月 18 日，瑞士選民接受了一項新法律，正式確定瑞士對氣候保護的承諾並採用新的報告要求。隨後，6月26日，國際可持續發展標準委員會推出了新的ESG標準IFRS S1和IFRS S2。 ISSB 表示，這些標準的發布將開啟全球資本市場可持續發展相關信息披露的新時代。 6月27日，澳大利亞政府宣布計劃對公司和金融機構實施強制性氣候相關財務披露要求。最後，在美國，有兩項重要更新。

First, the SEC reported that they are targeting October 2023 to provide further clarity on the climate disclosure rule. And second, in California, 2 ESG disclosure bills have passed the Senate and are now in committee review in the assembly. These 2 state bills would require companies operating in California to report their greenhouse gas emissions from across their supply and value chains and their climate-related risks and both in line with TCFD.

首先，美國證券交易委員會報告稱，他們的目標是在 2023 年 10 月進一步明確氣候披露規則。其次，在加州，兩項 ESG 披露法案已在參議院獲得通過，目前正處於議會委員會審查階段。這兩項州法案將要求在加州運營的公司報告其整個供應鍊和價值鏈的溫室氣體排放量以及與氣候相關的風險，並且兩者均符合 TCFD。

This list speaks to how the regulatory environment continues to expand globally in both scope and complexity. Regulations are increasing, as is the demand for more data and disclosure. This is what we do, and it's why our platform is so relevant.

這份清單說明了全球監管環境的範圍和復雜性如何持續擴大。法規不斷增加，對更多數據和披露的需求也在增加。這就是我們所做的，也是我們的平台如此重要的原因。

I'll turn now to R&D and our continuous platform innovation. We remain focused on innovating and developing new capabilities and furthering the openness and the accessibility of our platform. We believe we're leading new ways of innovation in which transformative business value will be achieved through a combination of human expertise, contextual data and the responsible use of generative AI technology.

我現在將談談研發和我們持續的平台創新。我們仍然專注於創新和開發新功能，並進一步提高我們平台的開放性和可訪問性。我們相信，我們正在引領新的創新方式，通過結合人類專業知識、情境數據和負責任地使用生成式人工智能技術，將實現變革性的商業價值。

Generative AI has the potential to revolutionize the business reporting market by further boosting productivity and efficiency and by enabling insights that lead to better and faster data-driven decisions. Our platform's open ecosystem approach will let our customers decide which industry-leading large language model best fits their needs, including those models from Google and Microsoft. Customers will never have to move their data from the Workiva platform to leverage generative AI. And neither Workiva nor our technology partners will store or use customer data to train models. It's a capability that brings together our differentiated technology, data security and domain expertise.

生成式人工智能有潛力通過進一步提高生產力和效率，並通過提供洞察力來實現更好、更快的數據驅動決策，從而徹底改變商業報告市場。我們平台的開放生態系統方法將使我們的客戶能夠決定哪種行業領先的大型語言模型最適合他們的需求，包括來自谷歌和微軟的模型。客戶永遠不需要將數據從 Workiva 平台轉移來利用生成式人工智能。 Workiva 和我們的技術合作夥伴都不會存儲或使用客戶數據來訓練模型。這種能力匯集了我們的差異化技術、數據安全和領域專業知識。

We'll be discussing generative AI and we'll be providing a business and strategy update at our 2023 Analyst Day on Tuesday, September 19. So please mark your calendars. This year's hybrid event will take place in Nashville, Tennessee, and will also be available via live stream. We've once again combined our Analyst Day with Workiva Amplify, our annual customer conference. We want to ensure that all in-person attendees also have an opportunity to meet with our customers and our partners. We look forward to seeing you there.

我們將在 9 月 19 日星期二的 2023 年分析師日討論生成式 AI，並提供業務和戰略更新。所以請標記您的日曆。今年的混合活動將在田納西州納什維爾舉行，也將通過現場直播進行。我們再次將分析師日與年度客戶會議 Workiva Amplify 結合在一起。我們希望確保所有現場與會者也有機會與我們的客戶和合作夥伴會面。我們期待在那裡見到您。

In closing, I'll leave you with a few final remarks. Workiva delivered solid second quarter results. We're winning with our multi-solution account expansion strategy resulting in strong growth in large contract customers. We remain confident in the resiliency of our business, the continued demand for our assured, integrated reporting platform, and our ability to expand in our large and relatively unaddressed TAM. Notwithstanding the current macro challenges, we remain committed to both our growth strategy and achieving operating leverage.

最後，我想對大家說幾句最後的話。 Workiva 第二季度業績強勁。我們憑藉多解決方案賬戶擴張戰略取得勝利，從而實現了大型合同客戶的強勁增長。我們對我們業務的彈性、對我們可靠的集成報告平台的持續需求以及我們在大型且相對未解決的 TAM 中擴展的能力仍然充滿信心。儘管面臨當前的宏觀挑戰，我們仍然致力於我們的增長戰略和實現運營槓桿。

Finally, I'd like to thank our global team of dedicated employees who continue to execute on our strategy, take care of our customers and each other and live by our company values. We were honored to be recognized by Fortune, which named Workiva on its Best Workplaces for Millennials list. This is our 7th year on the list. Millennials make up almost 70% of our workforce, which is why this award is so meaningful to us.

最後，我要感謝我們由敬業的員工組成的全球團隊，他們繼續執行我們的戰略，照顧我們的客戶和彼此，並恪守我們的公司價值觀。我們很榮幸獲得《財富》雜誌的認可，將 Workiva 列入“千禧一代最佳工作場所”名單。這是我們第七年上榜。千禧一代占我們勞動力的近 70%，這就是為什麼這個獎項對我們如此有意義。

And with that, I'll now turn the call over to Jill.

現在我將把電話轉給吉爾。

Thank you, Julie. Let's turn to our results. This afternoon, I will review our financial performance for the second quarter 2023 and provide Q3 and full year 2023 guidance before opening the line for questions.

謝謝你，朱莉。讓我們看看我們的結果。今天下午，我將回顧我們 2023 年第二季度的財務業績，並在開始提問之前提供第三季度和 2023 年全年指導。

As Julie mentioned, we beat our Q2 revenue guidance at the high end, primarily due to strong subscription revenue growth. We beat guidance on Q2 operating results at the midpoint by $3.9 million. Our revenue beat, coupled with productivity initiatives and a reduction in consulting expenses, drove the operating beat. The results of the focus on operating leverage we discussed last quarter is evidenced by improved profitability for the first half of 2023 versus 2022.

正如朱莉提到的，我們超出了第二季度高端收入指引，這主要是由於訂閱收入的強勁增長。我們比第二季度經營業績指引高出了 390 萬美元。我們的收入增長，加上生產力計劃和諮詢費用的減少，推動了運營增長。 2023 年上半年與 2022 年相比盈利能力的提高證明了我們上季度討論的關注運營槓桿的結果。

Let's go through some key results and highlights for the quarter. We generated total revenue in the second quarter of $155 million, delivering growth of 18% from Q2 2022. Subscription revenue was $136.8 million, up 21% from Q2 2022. While new logos and account expansions both helped drive strong revenue growth in Q2 2023, 45% of the increase in subscription revenue in Q2 came from new customers added in the last 12 months. Professional services revenue was $18.3 million in Q2 2023, relatively flat compared to the same quarter last year. This was consistent with the expectations we outlined in our Q1 call.

讓我們回顧一下本季度的一些主要結果和亮點。我們第二季度的總收入為1.55 億美元，較2022 年第二季度增長18%。訂閱收入為1.368 億美元，較2022 年第二季度增長21%。雖然新徽標和帳戶擴張都有助於推動2023 年第二季度收入的強勁增長，第二季度訂閱收入增長的 45% 來自過去 12 個月增加的新客戶。 2023 年第二季度專業服務收入為 1830 萬美元，與去年同期相比相對持平。這與我們在第一季度電話會議中概述的預期一致。

As we have discussed, our strategy for professional services is to transition lower-margin setup and consulting services to our partners. Part of building a high-performing partner ecosystem is to provide our partners a strong business opportunity, delivering professional services to our common customer and promoting the value of the platform. In doing this, we expect setup and consulting services revenue to decline year-over-year for the full year 2023, which should be mostly offset by our growth in higher-margin XBRL services.

正如我們所討論的，我們的專業服務戰略是將低利潤的設置和諮詢服務轉移給我們的合作夥伴。構建高績效合作夥伴生態系統的一部分是為我們的合作夥伴提供強大的商業機會，為我們的共同客戶提供專業服務並提昇平台價值。為此，我們預計 2023 年全年的設置和諮詢服務收入將同比下降，這應該會被我們利潤率較高的 XBRL 服務的增長所抵消。

Now on to our performance metrics. We added 106 net new customers in Q2 for a total customer count of 5,860, a growth of 479 customers from Q2 2022. Our subscription and support revenue retention rate remained the best-in-class 98% for the second quarter of 2023, which is comfortably ahead of our internal objective of 96% or above. With add-ons, our subscription and support revenue retention rate increased to 111% for the second quarter of 2023 compared to 108% for Q2 2022. This rate improved 190 basis points compared to the first quarter of 2023.

現在談談我們的績效指標。我們在第二季度淨增加了106 名新客戶，客戶總數達到5,860 名，比2022 年第二季度增加了479 名客戶。我們的訂閱和支持收入保留率在2023 年第二季度保持了同類最佳的98%，即輕鬆領先於我們 96% 或以上的內部目標。通過附加服務，我們的訂閱和支持收入保留率在2023 年第二季度增至111%，而2022 年第二季度為108%。與2023 年第一季度相比，這一比率提高了190 個基點。

We are very pleased with the increase we are seeing in net revenue retention. A driver of this improvement is the strong account expansion activity we are seeing, led by the addition of new solutions and expanding the use and spend for existing solutions.

我們對淨收入保留率的增長感到非常高興。這種改進的驅動因素是我們看到的強勁的帳戶擴張活動，其中包括添加新解決方案以及擴大現有解決方案的使用和支出。

One customer highlight from Q2 was a U.S. Department of Health Agency, expanding their use of Workiva GRC via their 6-figure purchase of our audit management solution. This government agency initially purchased our controls management solution in Q1 2021 to support their OMB circular A123 requirement for managing risks and establishing a system to assess correct and report on the effectiveness of internal controls. Account expansions like this are also a strong contributor to the increase in large contract value customers. As Julie mentioned, we continue to see momentum and are optimistic that we can continue to expand the number of customers spending over $100,000.

第二季度的一個亮點客戶是美國衛生部機構，通過花費 6 位數購買我們的審計管理解決方案，擴大了 Workiva GRC 的使用。該政府機構最初於 2021 年第一季度購買了我們的控制管理解決方案，以支持其 OMB 通告 A123 要求，以管理風險並建立一個系統來評估內部控制的正確性並報告內部控制的有效性。像這樣的賬戶擴張也是大合同價值客戶增加的重要貢獻者。正如朱莉提到的，我們繼續看到勢頭，並對我們能夠繼續擴大消費超過 100,000 美元的客戶數量感到樂觀。

In the second quarter of 2023, we had 1,470 contracts valued at over $100,000 per year, up 24% from Q2 of the prior year. The number of contracts valued at over $150,000 totaled 823 customers in the second quarter, up 28% from Q2 2022, and the number of contracts valued over $300,000 totaled 272, up 40% from Q2 2022.

2023 年第二季度，我們每年簽訂了 1,470 份價值超過 10 萬美元的合同，比去年第二季度增長 24%。第二季度價值超過 15 萬美元的合同數量總計 823 個客戶，比 2022 年第二季度增長 28%；價值超過 30 萬美元的合同數量總計 272 個，比 2022 年第二季度增長 40%。

In addition to account expansion, 6-figure new logo wins, many of which are sourced by or a co-sell with our partners are also driving this large contract cohort. A great Q2 example of this is a 6-figure new logo private company financial reporting win with a building products manufacturer. This deal was sourced by a technology consulting partner, who will also be providing delivery on the project. This new customer was purchased by a private equity in 2022 and will be using Workiva to manage more stringent financial reporting requirements.

除了客戶擴張之外，6 位數的新徽標獲勝（其中許多是由我們的合作夥伴採購或與我們的合作夥伴共同銷售）也推動了這一龐大的合同群體。第二季度的一個很好的例子是私營公司與一家建築產品製造商的財務報告贏得了 6 位數的新徽標。這筆交易是由一家技術諮詢合作夥伴發起的，該合作夥伴也將提供該項目的交付。該新客戶於 2022 年被私募股權公司收購，並將使用 Workiva 來管理更嚴格的財務報告要求。

Moving on to our operating metrics. Gross profit totaled $117.6 million in Q2, up 17% from the same quarter a year ago. Gross margin was 76% in the latest quarter versus 77% in Q2 2022. The decrease is due to higher cloud computing, T&E and compensation expenses versus Q2 2022. Operating expenses increased by 8% from Q2 2022. We are pleased with the operating leverage we are seeing. The trend is improving as operating expense growth is the lowest since 2020 and half the rate of revenue growth year-over-year. We posted an operating loss of $600,000 in Q2 2023, a substantial improvement compared to Q2 2022's operating loss of $8.3 million.

繼續我們的運營指標。第二季度毛利潤總計 1.176 億美元，比去年同期增長 17%。最新季度的毛利率為76%，而2022 年第二季度為77%。毛利率下降的原因是與2022 年第二季度相比，雲計算、T&E 和補償費用增加。運營費用較2022 年第二季度增加了8%。我們對運營槓桿感到滿意我們正在看到。這一趨勢正在改善，運營費用增長率為 2020 年以來的最低水平，僅為收入同比增長率的一半。我們公佈 2023 年第二季度的運營虧損為 60 萬美元，與 2022 年第二季度的 830 萬美元運營虧損相比有了大幅改善。

As we discussed in our Q1 call, we expect improvement in our operating leverage in the second half of 2023, and we are focused on delivering non-GAAP profitability for the second half of 2023 and for the full year 2024. At June 30, 2023, cash, cash equivalents and marketable securities totaled $466 million, an increase of $26.4 million compared to the balance at March 31, 2023. Operating activities in Q2 2023 resulted in cash provided of $26 million compared with an increase in cash of $8.7 million in the same quarter a year ago. This was a record addition to cash from operating activities. The collection of several large multiyear customer prepays drove the increase in cash in Q2. We do not expect similar accretions to cash, but do believe that cash flows will continue to stay positive in the second half of 2023.

正如我們在第一季度電話會議中討論的那樣，我們預計2023 年下半年我們的運營槓桿將有所改善，我們的重點是在2023 年下半年和2024 年全年實現非GAAP 盈利能力。截至2023年6 月30 日現金、現金等價物和有價證券總計4.66 億美元，比2023 年3 月31 日的餘額增加2,640 萬美元。2023 年第二季度的經營活動導致提供的現金為2,600 萬美元，而2023 年第二季度的現金增加了870 萬美元。一年前的同一季度。這是經營活動現金的創紀錄增加。幾筆大額多年期客戶預付款的收回推動了第二季度現金的增加。我們預計現金不會出現類似的增長，但相信 2023 年下半年現金流將繼續保持正值。

Q2 delivered a rebound in our deferred revenue. As discussed in our Q1 earnings call, Q1 was impacted by seasonality in our deferred revenue and the timing of several large contract renewals and contracts with prepayments. Our Q2 deferred numbers reflect that those contract renewals have been completed. Also, our cash flow numbers highlight the impact from a few large contract prepayments.

第二季度我們的遞延收入出現反彈。正如我們在第一季度財報電話會議中所討論的，第一季度受到遞延收入季節性以及幾項大型合同續籤和預付款合同時間的影響。我們第二季度的遞延數據反映出這些合同續簽已經完成。此外，我們的現金流數據突顯了一些大額合同預付款的影響。

Turning now to our guidance. We continue to believe our guidance assumptions are prudent for the current macro environment. For the third quarter of 2023, we expect total revenue to range from $155 million to $156 million. We expect revenue growth to be driven by subscription revenue. Q3 services revenue growth is expected to be slightly down versus the same period in the prior year. Growth in higher-margin XBRL services should be offset by reductions in setup and consulting services as we move those towards more partner delivery.

現在轉向我們的指導。我們仍然認為，我們的指導假設對於當前的宏觀環境是審慎的。 2023 年第三季度，我們預計總收入在 1.55 億美元至 1.56 億美元之間。我們預計收入增長將由訂閱收入推動。第三季度服務收入增長預計將較去年同期略有下降。隨著我們將這些服務轉向更多的合作夥伴交付，高利潤 XBRL 服務的增長應該會被設置和諮詢服務的減少所抵消。

We expect non-GAAP operating loss to range from $1 million to breakeven, a net income of $0.03 to $0.05 on a per share basis. Our share count will be approximately 54.1 million weighted average shares. For the full year 2023, we are holding our full year revenue guidance to that reported in our Q1 call, a range from $626 million to $628 million. We are raising our guidance for non-GAAP operating loss to range from $3 million to $1 million or a net income of $0.09 to $0.12 on a per share basis. Our share count will be approximately 54 million weighted average shares.

我們預計非 GAAP 運營虧損為 100 萬美元至盈虧平衡，每股淨利潤為 0.03 美元至 0.05 美元。我們的股票數量約為 5410 萬股加權平均股。對於 2023 年全年，我們維持第一季度電話會議中報告的全年收入指引不變，即 6.26 億美元至 6.28 億美元之間。我們將非 GAAP 運營虧損指引提高至 300 萬美元至 100 萬美元，或每股淨利潤 0.09 至 0.12 美元。我們的股票數量約為 5400 萬股加權平均股。

As I highlighted earlier, we expect the growth from XBRL services revenue to be offset by a decline in setup and consulting services revenue. For the full year 2023, we continue to expect we will post positive free cash flow for the 7th consecutive year. 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.

正如我之前強調的，我們預計 XBRL 服務收入的增長將被設置和諮詢服務收入的下降所抵消。對於 2023 年全年，我們仍然預計我們將連續第七年實現正自由現金流。我們將在 2023 年下半年實現非 GAAP 盈利，並致力於提高 2024 年全年的利潤率。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. Before we turn to Q&A, I would like to reiterate 3 key points. One, we delivered 21% subscription revenue growth in Q2, and we continue to believe that we can deliver 20% subscription revenue growth for the full year 2023. Two, we delivered a beat on Q2 operating margin guidance and are focused on continuing the momentum of margin improvement and targeting a non-GAAP operating profit in Q4. And three, we remain committed to our strategy and our long-term operating model.

總之，我要感謝我們所有員工和合作夥伴的持續支持和辛勤工作。在我們進行問答之前，我想重申 3 個要點。第一，我們在第二季度實現了21% 的訂閱收入增長，並且我們仍然相信我們可以在2023 年全年實現20% 的訂閱收入增長。第二，我們實現了第二季度運營利潤率指引，並致力於繼續保持這一勢頭利潤率改善並目標是第四季度的非公認會計準則營業利潤。第三，我們仍然致力於我們的戰略和長期運營模式。

In closing, I want to echo Julie's thanks to all Workiva employees. You are an amazing team and I am proud to be working beside you. To the analysts and investors listening to our call today, I look forward to seeing you next month at our Investor Day event.

最後，我想向所有 Workiva 員工表達 Julie 的感謝。你們是一個了不起的團隊，我很自豪能和你們一起工作。對於今天聆聽我們電話會議的分析師和投資者，我期待著下個月在我們的投資者日活動中見到你們。

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) We'll take our first question this afternoon from Rob Oliver of Baird.

（操作員說明）今天下午我們將回答 Baird 的 Rob Oliver 提出的第一個問題。

Great. Julie, what really stood out to me was that very strong large customer growth, the large customer metrics, particularly that 40% growth in customers paying over $300,000. And I think you did a really nice job in your prepared remarks of giving some hints as to the partner influence, which is a relatively new thing for Workiva. So I just was hoping you could touch on that. What are you seeing when you see, say, for example, these Big 4 partners? Do those automatically suggest larger deals? And are these the types of deals you're landing that are the full assured integrated reporting deals, so SEC, GRC and ESG? If we talk about the components of some of those large deals, it would be great. And then I had a quick follow-up for Jill.

偉大的。朱莉，對我來說真正突出的是非常強勁的大客戶增長、大客戶指標，特別是支付超過 30 萬美元的客戶增長了 40%。我認為您在準備好的發言中做得非常好，就合作夥伴的影響力給出了一些暗示，這對於 Workiva 來說是一個相對較新的事物。所以我只是希望你能談談這一點。例如，當您看到這些四大合作夥伴時，您會看到什麼？這些會自動建議更大的交易嗎？您正在達成的這些交易類型是否是完全有保證的綜合報告交易，例如 SEC、GRC 和 ESG？如果我們談論其中一些大型交易的組成部分，那就太好了。然後我對吉爾進行了快速跟進。

Sure. Rob, thank you for the question. I'm glad we get to highlight this key tenet of our growth strategy. Partners are everywhere we want to be. And yes, we sell higher, we sell more, we sell broader, we sell larger deal sizes. Our goal, of course, is to make them commercially successful with us, and we've been taking a partner-first approach. And the percent of the deals that are delivered by partners continue to increase.

當然。羅布，謝謝你的提問。我很高興我們能夠強調我們增長戰略的這一關鍵原則。合作夥伴無處不在，我們想去哪兒就去哪兒。是的，我們賣得更高，我們賣得更多，我們賣得更廣泛，我們賣得更大的交易規模。當然，我們的目標是讓他們與我們一起在商業上取得成功，並且我們一直採取合作夥伴優先的方法。合作夥伴交付的交易比例持續增加。

The goal there is, of course, so that we get source deals and co-sell with partners more and more. So we are seeing high engagement from our partners. And as I highlighted in some of those customer examples, we are seeing more and more of that in broad-based demand across the portfolio. And yes, the assured, integrated reporting concept, that platform we're out with, is resonating with customers. So thank you for the question, and able to highlight that.

當然，我們的目標是讓我們獲得越來越多的來源交易並與合作夥伴共同銷售。因此，我們看到合作夥伴的高度參與。正如我在其中一些客戶示例中所強調的那樣，我們在整個產品組合中看到越來越多的廣泛需求。是的，我們推出的平台所提供的可靠的綜合報告概念正在引起客戶的共鳴。謝謝你提出這個問題，並能夠強調這一點。

I appreciate that. And then, Jill, I think certainly better profitability in the second half on the guide. I think investors will welcome that. And you mentioned in your prepared remarks about expense growth running at its lowest rate. I think half of revenue growth is what you said. Where are you finding that leverage? Can you just point to some things? Is it on the sales and marketing side? Like can you just give us a sense of where you're finding that leverage?

我很感激。然後，吉爾，我認為下半年的盈利能力肯定會更好。我認為投資者會對此表示歡迎。您在準備好的評論中提到費用增長處於最低水平。我認為收入增長的一半就是你所說的。你在哪裡找到這個槓桿？你能指出一些事情嗎？是在銷售和營銷方面嗎？您能否讓我們了解一下您在哪裡找到了這種槓桿作用？

Yes. Thanks for the question. So Rob, we're looking at it really across the business. We're being very careful about how we operate, and we're looking for leverage throughout the business, no matter what the team is. We're looking for it in sales and marketing. We're looking for it in R&D. We're looking for it in G&A. And we're making sure that we're using our resources to the best of their abilities and structuring the work and the teams in a way that they can succeed, in a way that is just more efficient. And so I would say that it's spread across the business. It would be wrong to just call out one team in particular, because we really are looking at it in a very holistic way.

是的。謝謝你的提問。所以，羅布，我們正在整個行業中真正關注這個問題。我們對運營方式非常謹慎，並且無論團隊是什麼，我們都在整個業務中尋找影響力。我們正在銷售和營銷方面尋找它。我們正在研發中尋找它。我們正在 G&A 中尋找它。我們確保充分利用我們的資源，並以一種更高效的方式構建工作和團隊，使他們能夠成功。所以我想說它遍布整個企業。僅僅特別指出一個團隊是錯誤的，因為我們確實以非常全面的方式來看待它。

If I might jump in there. I mean, Rob, you know that we're moving from the $500 million to the $1 billion right now, just requires more automation, more rigor, more discipline, accountability, performance management, all over. So across the board, setting goals, targets, tracking progress. And it's also having the right people in the right roles and leadership, ICs. So we're focusing all around on the productivity.

如果我可以跳進去的話。我的意思是，Rob，你知道我們現在正在從 5 億美元轉向 10 億美元，只需要更多的自動化、更嚴格、更多的紀律、問責制、績效管理等等。因此，全面製定目標、目標、跟踪進度。它還擁有合適的人員擔任合適的角色和領導力，IC。因此，我們將重點放在生產力上。

We'll go next now to Alex Sklar at Raymond James.

接下來我們將請來 Raymond James 的 Alex Sklar。

Great. Julie, lots of info in the prepared remarks. The partner influence Rob mentioned definitely stood out. I want to start on your commentary around the macro. Can you just talk about if this is a change versus what you've called out in the past couple of quarters? Or are you just kind of reiterating the difficult operating environment?

偉大的。朱莉，準備好的發言中有很多信息。羅布提到的合作夥伴影響力絕對是突出的。我想從你對宏觀的評論開始。您能否談談這與您過去幾個季度所呼籲的相比是否有所改變？或者您只是重申了困難的運營環境？

Not an unfamiliar question these days, I will say. We did have a solid quarter, and we're pleased with our results, and we do continue to see the broad-based demand for our platform and diverse portfolio solutions. But yes, the budgets are tightening, sales cycle is elongating some and just seeing a lot more people in the procurement process needing approvals and so forth. So it's not been a change. It's continued for the most part.

我想說，如今這並不是一個陌生的問題。我們確實度過了一個穩定的季度，我們對我們的業績感到滿意，並且我們確實繼續看到對我們的平台和多樣化產品組合解決方案的廣泛需求。但是，是的，預算正在收緊，銷售週期正在延長，並且看到更多的人在採購過程中需要批准等等。所以這並沒有改變。它的大部分內容都在繼續。

I will say, I do find myself on a lot of customer calls these days, talking to C-level executives to get deals over the line. I was just on one earlier in the week. We're just -- we're hearing -- not that the value isn't there, that they're not seeing the value, they're just being more thoughtful about their choices.

我想說，這些天我確實接到了很多客戶電話，與 C 級高管交談以達成交易。這週早些時候我剛剛參加過一次。我們只是——我們聽到——並不是說價值不存在，而是他們沒有看到價值，他們只是對自己的選擇更加深思熟慮。

But again, as I highlighted in my earlier remarks, we're seeing a lot of large deals, 6, even 7 figures across the portfolio, across industry and geos. So just general macro continuing on.

但正如我在之前的講話中強調的那樣，我們看到了許多大型交易，整個投資組合、跨行業和地域的交易額達到 6 甚至 7 位數。所以一般宏觀繼續下去。

Okay. Appreciate that color and lots of -- and it was definitely a strong bookings quarter. I imagine you and Jill are having those same conversations with some of your suppliers right now, too.

好的。欣賞這種顏色和很多——這絕對是一個強勁的預訂季度。我想您和吉爾現在也正在與一些供應商進行同樣的對話。

Jill, so on the high gross retention that you flagged, it's running above your internal objective. I think that was the term you used. I'm curious how you're thinking about pricing broadly as a growth lever. Is there any plans or opportunity to kind of further optimize pricing in the coming quarters as a result of that high retention?

吉爾，所以您標記的總保留率很高，它超出了您的內部目標。我想這就是你用的術語。我很好奇您如何將定價廣泛視為增長槓桿。由於高保留率，是否有任何計劃或機會在未來幾個季度進一步優化定價？

Yes. So pricing is something that we pay a lot of attention to, of course. And especially, we talk about this quite a bit that maybe that metric is even a little bit too high. Maybe we're not pushing enough. And so whenever we come to a renewal inflection point on a contract, we look at the whole customer relationship and the potential opportunities ongoing for additional solutions, the additional value that we might continue to provide to that customer. And we absolutely have been pushing more on price increases as contract renewals come into play. It's something that we look at very carefully. And so yes, I would say that, that absolutely is -- the reason that we say that we expect it to be 96% plus is that we think that maybe as that metric remains high, potentially there's a little bit of room for us to push a little bit harder on price.

是的。當然，定價是我們非常關注的事情。特別是，我們經常談論這個指標，也許這個指標有點太高了。也許我們推動得還不夠。因此，每當我們遇到合同續簽拐點時，我們都會審視整個客戶關係以及額外解決方案的潛在機會，以及我們可能繼續為該客戶提供的額外價值。隨著合同續籤的開始，我們絕對一直在推動價格上漲。這是我們非常仔細地看待的事情。所以，是的，我想說，這絕對是——我們之所以說我們預計這一比例將達到 96% 以上，是因為我們認為，也許隨著該指標仍然很高，我們可能還有一點空間在價格上稍微加大力度。

Got it. Understood. So tactical price increases on renewal more so than kind of blanket across the board?

知道了。明白了。那麼續約時的戰術性提價比全面提價更重要嗎？

Correct.

正確的。

We'll go next now to Andrew DeGasperi at Berenberg.

接下來我們將請來貝倫貝格的安德魯·德加斯佩里 (Andrew DeGasperi)。

First, in terms of the ESG activity in Europe, I know there was a change where they loosened some of the language, particularly for smaller businesses there. I was just wondering if at all it changes your view on ParsePort and the opportunity there given what happened? And I have a follow-up.

首先，就歐洲的 ESG 活動而言，我知道他們放鬆了一些措辭，特別是對於那裡的小型企業。我只是想知道它是否會改變您對 ParsePort 的看法以及考慮到發生的事情帶來的機會？我有一個後續行動。

So I don't think that it really changes how favorably we look at ParsePort and that team and what they do. There's still ongoing requirements for filing financial and integrated reports in Europe. And we think that there's still market pressure for these customers to continue to provide even more information on what's material to their business going forward.

所以我認為這並沒有真正改變我們對 ParsePort 和那個團隊以及他們所做的事情的看法。在歐洲，提交財務和綜合報告的要求仍然存在。我們認為，這些客戶仍然面臨市場壓力，需要繼續提供更多關於其未來業務的重要信息。

This is something that we're watching very closely. And Julie mentioned quite a few different things that are happening in Europe and that might have potential impact to our business. But overall, we feel like the market is still driving ESG reporting. And we still think that the ParsePort acquisition and what they bring is a very valuable piece of our ongoing European strategy.

這是我們正在密切關注的事情。朱莉提到了歐洲正在發生的一些不同的事情，這些事情可能對我們的業務產生潛在的影響。但總體而言，我們認為市場仍在推動 ESG 報告。我們仍然認為 ParsePort 收購及其帶來的成果是我們正在進行的歐洲戰略中非常有價值的一部分。

That's helpful. And then maybe can you elaborate a little bit on the full year guide? I mean given the strength in the metrics, I mean, is there something on the services side that potentially holds down. I mean, I know you mentioned that's going to get lower as you outsource to partners, but just wondering if there's something else that is preventing you from raising it given the billings growth where it is and the quarterly results?

這很有幫助。那麼您能否詳細說明一下全年指南？我的意思是，考慮到指標的強度，我的意思是，服務方面是否有一些可能會受到抑制的因素。我的意思是，我知道您提到，當您外包給合作夥伴時，這一數字將會降低，但只是想知道，考慮到賬單增長和季度業績，是否還有其他因素阻礙您提高這一數字？

So specifically on our own revenue, we wanted to -- as I mentioned, we're being very prudent with how we provide that full year revenue guide. We are careful about how the macro might be impacting those results. We have seen some of that movement of some of the consulting services moving to our partners. That's been a little bit more quick in a couple of quarters. And we talked about that in Q1. And so we are balancing that potential professional services shift and the macro environment and just being very careful and prudent about how we're guiding for the year.

因此，特別是在我們自己的收入方面，正如我所提到的，我們對提供全年收入指南的方式非常謹慎。我們非常關注宏觀因素可能如何影響這些結果。我們已經看到一些諮詢服務轉移到我們的合作夥伴。幾個季度以來，這個速度有點快了。我們在第一季度討論過這一點。因此，我們正在平衡潛在的專業服務轉變和宏觀環境，並對今年的指導方式非常謹慎和謹慎。

We'll go next now to Adam Hotchkiss at Goldman Sachs.

接下來我們請高盛的亞當·霍奇基斯 (Adam Hotchkiss) 發言。

This is Connor on for Adam tonight. You called out a competitive win in Europe with the ESG solution during an RFP process, which was driven by the CSRD regulation. Can you talk about some of the things that differentiated Workiva from the competition in that RFP? And if the product is starting to gain some more referenceability with each incremental win there?

這是康納今晚為亞當做的節目。您在 RFP 流程中指出 ESG 解決方案在歐洲取得了競爭優勢，這是由 CSRD 法規推動的。您能談談 Workiva 在 RFP 中與競爭對手的區別所在嗎？如果產品開始隨著每次增量勝利而獲得更多參考性？

Sure. I will tell you, we're very pleased with our progress in Europe, lot of momentum there. And we did have some signature wins this quarter, multisolution 6-figure deal. And I really think, to your question specifically, it's the value proposition of assured, integrated reporting, it's resonating. So again, Europe did pass the CSRD law in November, and there was much more clarity for us, the specific requirements just as late as last week. So the companies know it's coming, and we have the platform to serve. So bottom line, a lot of opportunity for us to go after in Europe, and we're going after it. We've got the right platform, right time, ready to serve the market.

當然。我會告訴你，我們對我們在歐洲取得的進展感到非常滿意，那裡勢頭強勁。本季度我們確實取得了一些標誌性勝利，即多解決方案 6 位數的交易。我真的認為，對於你的具體問題，這是有保證的綜合報告的價值主張，它引起了共鳴。再說一次，歐洲確實在 11 月通過了 CSRD 法，直到上週我們才更加明確具體要求。因此，公司知道它即將到來，而我們也有提供服務的平台。所以最重要的是，我們在歐洲有很多機會去追求，我們正在追求它。我們擁有正確的平台、正確的時間，準備好服務市場。

That's definitely great to hear. And if I could dig into Europe a little bit more. With CSRD being implemented, the time lines for reporting are coming up. Are you guys able to kind of better define the market size? Has that become a little bit more tangible? And then if you're looking at both public and private companies, given CSRD impacts both sides of the fence, are the opportunity sets that you see different? Are they fairly similar for private and public companies?

聽到這絕對是件好事。如果我能更深入地了解歐洲的話。隨著 CSRD 的實施，報告的期限即將到來。你們能更好地定義市場規模嗎？這變得更加具體了嗎？然後，如果您同時關注上市公司和私營公司，考慮到 CSRD 對雙方都有影響，您看到的機會集是否有所不同？對於私營公司和上市公司來說，它們相當相似嗎？

So with CSRD, we have targeted specific markets to go after where we know we'll win initially while the rules are being defined even more. There are those that are going to need to comply within the 2024 and the 2025 year filing in '25 for the '24 year. So we're targeting those. So we have very specific go-to-market plans and targets. So again, CSRD has a long time line that groups of companies will need to comply based on the requirements. So long time line, long tail. So we are, of course, targeting those early on, the ones that are going to need to comply first.

因此，對於 CSRD，我們瞄準了特定的市場，以追求我們知道我們將首先獲勝的市場，同時進一步定義規則。有些人需要在 2024 年和 2025 年的 25 年內遵守 24 年的申請。所以我們的目標是這些。因此，我們有非常具體的上市計劃和目標。因此，CSRD 有很長的時間要求各公司集團需要遵守這些要求。時間線很長，尾巴也很長。因此，我們當然會儘早瞄準那些需要首先遵守的人。

We'll go next now to Matt Stotler at William Blair.

接下來我們將採訪威廉·布萊爾的馬特·斯托勒。

Maybe first one just on generative AI. Obviously, it's still very early, but would love to get a sense of how much of your installed base, especially your enterprise customers are actively exploring kind of tying generative AI into their reporting processes. And then if you think about potential penetration within the base, are there any incremental monetization opportunities for Workiva associated with generative AI?

也許第一個只是關於生成人工智能。顯然，現在還為時過早，但我很想了解您的安裝基礎有多少，尤其是您的企業客戶正在積極探索將生成式人工智能與他們的報告流程聯繫起來。然後，如果您考慮在基礎中的潛在滲透率，Workiva 是否有與生成人工智能相關的增量貨幣化機會？

Sure. Thanks for the question. It seems to be the tech innovation question of 2023. We're very excited about our first announcement using generative AI to power new features and capabilities on the platform. We've been working with a select group of clients right now on feature validation, and we're getting early feedback from them, and appreciate some of the things I highlighted in my earlier remarks, both convenience and data security, leveraging those large language models.

當然。謝謝你的提問。這似乎是 2023 年的技術創新問題。我們對首次宣布使用生成式 AI 為平台上的新特性和功能提供支持感到非常興奮。我們現在一直在與一組選定的客戶合作進行功能驗證，我們正在從他們那裡得到早期反饋，並欣賞我在之前的評論中強調的一些事情，包括便利性和數據安全性，利用這些大語言楷模。

So we are making it available to customers. We haven't rolled it out entirely to the whole basin globally, but we're actually making a lot of progress in terms of what will bring value to customers, and that ties into your question around monetization. So first and foremost, it's how do we bring value to customers as we talked about efficiency and productivity and helping them make better decisions. So we're doing that, making sure we have what we have and what we're releasing for customers really brings the value. And then, of course, we'll move on to the next phase of monetization. But right now, it's differentiation and it's customer value.

因此，我們將其提供給客戶。我們還沒有將其完全推廣到全球整個盆地，但我們實際上在為客戶帶來價值方面取得了很大進展，這與您關於貨幣化的問題有關。因此，首先也是最重要的是，當我們談論效率和生產力並幫助他們做出更好的決策時，我們如何為客戶帶來價值。因此，我們正在這樣做，確保我們擁有我們所擁有的以及我們為客戶發布的產品真正帶來的價值。當然，然後我們將進入下一階段的貨幣化。但現在，這就是差異化和客戶價值。

Got it. That's very helpful. And maybe just some follow-up, again, on the large customer cohort growth. I would like to just double click on what's driving the acceleration? Obviously, very nice growth and acceleration in Q2. You touched on an earlier question on the partner influence there. Is it largely just being kind of the partner motion ramping up in force? Or are there other factors there that are driving that acceleration?

知道了。這非常有幫助。也許只是對大客戶群增長的一些後續行動。我想雙擊什麼驅動加速？顯然，第二季度的增長和加速非常好。您提到了之前關於合作夥伴影響力的問題。這在很大程度上只是夥伴動議不斷加強的結果嗎？或者還有其他因素推動這種加速嗎？

I'd say it's our focus on multi-solution account expansion and the concept of assured, integrated reporting. We continue to say we are the only platform -- the only technology platform where ESG, nonfinancial reporting, along with financial reporting and assurance, GRC are all on the same platform. That is resonating with our customers and our prospects. And again, multisolution account expansion is where we're focusing. And yes, you hit it on the head there with the partners, they help to accelerate that.

我想說這是我們對多解決方案帳戶擴展和有保證的綜合報告概念的關注。我們繼續說，我們是唯一的平台——唯一的技術平台，ESG、非財務報告、財務報告和鑑證、GRC 都在同一個平台上。這引起了我們的客戶和潛在客戶的共鳴。再說一遍，多解決方案帳戶擴展是我們關注的重點。是的，你和合作夥伴一起擊中了這一點，他們幫助加速了這一點。

We'll go next now to Joe Meares at Truist.

接下來我們將採訪 Truist 的 Joe Meares。

I'm going to hit the partner topic from a little bit of a different angle. Last year at Amplify, you increased your target percentage of sales and marketing spend from 25% of sales to 32%. Is there any conservatism in that now that you're seeing some real help from the partners as far as the sales motion is concerned? I'm not talking near term, but maybe over the next couple of years.

我將從一個不同的角度來探討合作夥伴的話題。去年，在 Amplify，您將銷售和營銷支出的目標百分比從占銷售額的 25% 提高到了 32%。就銷售動議而言，既然您看到合作夥伴提供了一些真正的幫助，這是否有任何保守主義傾向？我說的不是近期，而是未來幾年。

Yes. So thanks for the question, Joe. I think what you're talking about is our long-term operating model, is that right?

是的。謝謝你的提問，喬。我想你說的是我們長期的運營模式，對嗎？

That's correct.

這是正確的。

Yes. And so as we think about that model, we believe that even with the partners involved, there still is -- we think that, that model is inclusive of the impact that we'll see from partners. So even though we will continue to work with partners and closely alongside of partners to help drive some of this growth, we still will have organic sales that are happening within the company. And that's what's reflected in that long-term model.

是的。因此，當我們考慮該模型時，我們相信，即使有合作夥伴參與其中，我們認為該模型仍然包含了我們將從合作夥伴那裡看到的影響。因此，儘管我們將繼續與合作夥伴合作，並與合作夥伴密切合作，幫助推動部分增長，但我們仍然會在公司內部進行有機銷售。這就是長期模型所反映的內容。

Great. That's helpful. Just around ESG, if you could give us an idea generally about how many logos you have now? Was there any inflection sequentially in the bookings that are up or down? And yes, just curious what your thoughts are there.

偉大的。這很有幫助。就 ESG 而言，您能給我們大概介紹一下您現在有多少個徽標嗎？預訂量的上升或下降是否存在連續變化？是的，只是好奇你的想法。

Sure. Thank you for the question. Again, one we'd love to highlight. ESG was yet again one of our top 3 booking solutions in Q2. And it's also been a top solution in bookings growth and it was again in Q2. As I mentioned earlier, we added several Fortune 500 clients to our already elite roster of ESG account expansion. We're not yet giving any numbers around customer acquisitions in terms of ESG at this point. But a lot of opportunity there and continue to be very optimistic about the market now and in the longer term and going after the TAM.

當然。感謝你的提問。我們想再次強調這一點。 ESG 再次成為我們第二季度排名前三的預訂解決方案之一。它也是預訂增長的最佳解決方案，並且在第二季度再次出現。正如我之前提到的，我們在 ESG 賬戶擴張的精英名單中增加了幾家財富 500 強客戶。目前，我們尚未就 ESG 方面的客戶獲取提供任何數據。但那裡有很多機會，並且繼續對現在和長期的市場非常樂觀，並追隨 TAM。

We'll go next now to Marc Bachner at Stifel.

接下來我們請聽 Stifel 的 Marc Bachner。

This is Marc on for Brad. I wanted to see broad thoughts on hiring in the back half and any areas that you're prioritizing? And then just I will have a second question on guidance.

這是布拉德的馬克。我想了解關於後半部分招聘的廣泛想法以及您優先考慮的任何領域？然後我想問第二個問題關於指導。

So on hiring, unlike a lot of companies, we didn't over-hire. We are busy, of course, focusing on growth and executing. So we're not taking the time now to rightsize. We don't need to. So we do believe we're operating the company in the right way for our opportunity. The stage of company that we are, ESG in front of us, assured, integrated reporting in front of us. So while we become highly intentional around hiring and focusing on productivity, we will continue to focus on growth, and we're going after the opportunity in front of us, our TAM, and we will continue to hire.

因此，在招聘方面，與許多公司不同，我們沒有過度招聘。當然，我們很忙，專注於增長和執行。所以我們現在不會花時間來調整規模。我們不需要。因此，我們確實相信我們正在以正確的方式運營公司以抓住機遇。我們現在的公司舞台，ESG就在我們面前，放心，綜合報告就在我們面前。因此，雖然我們在招聘和關註生產力方面變得非常有意識，但我們將繼續關注增長，我們正在尋找我們、我們的 TAM 面前的機會，我們將繼續招聘。

Great. And then just on guidance, kind of having a little bit of difficulty here. So on the $0.12 loss so far this year, about $0.10 of loss and $0.03 to $0.05 in Q3, that would imply $0.14 to $0.16 in Q4. So just trying to kind of understand if there was something different in Q4 that's going to drive profitability much higher?

偉大的。然後只是在指導下，這裡有點困難。因此，就今年迄今為止 0.12 美元的損失而言，第三季度的損失約為 0.10 美元，第三季度的損失為 0.03 美元至 0.05 美元，這意味著第四季度的損失為 0.14 美元至 0.16 美元。因此，只是想了解第四季度是否有一些不同的事情會大大提高盈利能力？

So when you're looking at that earnings per share number, that's inclusive of, of course, our interest income. And we have been pretty intentional about, as rates have risen, improving our investment portfolio. And so I don't have the numbers or the math that you're doing right in front of me at this time, Marc, but we can follow back up with you and clarify. But we have been seeing quite a bit of actually improvement in our interest income, and that's driving the difference between the operating loss range versus the net income on a per share basis.

因此，當您查看每股收益數字時，這當然包括我們的利息收入。隨著利率上升，我們一直非常有意識地改善我們的投資組合。因此，馬克，我目前沒有你在我面前所做的數字或數學計算，但我們可以跟進你並進行澄清。但我們已經看到我們的利息收入實際上有了相當大的改善，這拉大了營業虧損範圍與每股淨利潤之間的差異。

(Operator Instructions) And we'll go next now to Mike Grondahl at Northland Capital Markets.

（操作員說明）接下來我們將請來 Northland Capital Markets 的 Mike Grondahl。

This is Mike Pochucha on for Mike Grondahl. Most of mine have been answered, but maybe just on the SEC ruling coming in October, do you have any insight on what the final time line looks like for a ruling like that as to when companies actually have to apply that to their filings?

我是邁克·波丘查 (Mike Pochucha)，代表邁克·格隆達爾 (Mike Grondahl)。我的大部分問題都已得到解答，但也許就 SEC 10 月份的裁決而言，您對此類裁決的最終時間表（即公司何時必須將其應用於其文件）有任何了解嗎？

Yes. As we all know, it's focused on ensuring some modernized comparable reliable disclosures on issues important to investors and, of course, investment and voting decisions. What we know has gone through the full process and its pending release latest communications are that it'll be released in the October time frame. So the timing is you know as much as I know. I wish we both had a crystal ball that was accurate, but we don't. So we're going with what we're hearing, too.

是的。眾所周知，它的重點是確保對投資者重要的問題進行一些現代化的、可比的可靠披露，當然還有投資和投票決策。據我們所知，已經完成了完整的流程，並且其待發布的最新消息是它將在 10 月份的時間範圍內發布。所以時間安排你和我知道的一樣多。我希望我們都有一個準確的水晶球，但我們沒有。因此，我們也將遵循我們所聽到的內容。

But I will tell you this, we're ready to support our customers. One of our strengths, of course, is meeting regulatory requirements as quickly as they emerge. And we've been doing this for well over a decade, and we are ready, ready and waiting to support our customers. I mean, we're seeing a lot of interest and demand regardless of when this SEC climate disclosure rule passes. Companies are ready to go for it with stakeholder demand increasing around all these topics, so.

但我會告訴你，我們已準備好支持我們的客戶。當然，我們的優勢之一是盡快滿足監管要求。我們已經這樣做了十多年，我們已經準備好、準備好並等待著為我們的客戶提供支持。我的意思是，無論 SEC 氣候披露規則何時通過，我們都會看到很多興趣和需求。隨著利益相關者對所有這些主題的需求不斷增加，公司已經準備好迎接這一挑戰。

Thank you. It appears we have no further questions this afternoon, so that will bring us to the conclusion of Workiva's conference call. We'd like to thank you all so much for joining us today and wish you all a great rest of your evening. Goodbye.

謝謝。今天下午我們似乎沒有其他問題了，因此 Workiva 的電話會議就到此結束了。我們非常感謝大家今天加入我們，並祝大家度過一個愉快的夜晚。再見。