Workiva Inc (WK) 2023 Q3 法說會逐字稿

Good afternoon, ladies and gentlemen. My name is Sarah, and I will be your host operator on this call. (Operator Instructions) Please note that this call is being recorded on October 30, 2023, at 5:00 p.m. Eastern Time. 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.

女士們、先生們，午安。我叫莎拉，我將擔任本次通話的主持人接線生。 （操作員說明）請注意，此通話錄音時間為 2023 年 10 月 30 日下午 5:00。東部時間。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。請繼續。

Good afternoon, and thank you for joining us for Workiva's Third Quarter Conference Call. During today's call, we will review our third quarter results and discuss our guidance for the fourth 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 November 6, 2023. Information to access the replay is listed in today's press release, which is available on our website under the Investor Relations section. 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 fourth quarter and full fiscal year 2023.

下午好，感謝您參加 Workiva 第三季電話會議。在今天的電話會議中，我們將回顧第三季度業績，並討論我們對第四季度和2023 年全年的指導。今天的電話會議已預先錄製，其中包括我們的首席執行官Julie Iskow 以及我們的財務長Jill 的評論克林特。然後，我們將開啟現場問答環節的徵集。該網路廣播的重播將持續到 2023 年 11 月 6 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。在開始之前，我想提醒大家，在今天的電話會議中，我們將就未來事件和財務業績做出前瞻性聲明，包括第四季度和 2023 年整個財年的指導。

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. 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. We'll begin by turning the call over to CEO, Julie Iskow.

這些前瞻性陳述受到已知和未知的風險和不確定性的影響。 Workiva 警告說，這些陳述並不能保證未來的表現。今天發表的所有前瞻性聲明僅反映我們目前的預期，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，以了解可能導致我們的實際結果與任何前瞻性陳述有重大差異的因素。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資訊。我們首先將電話轉給執行長 Julie Iskow。

Thank you, Mike. But before I begin my prepared remarks about our quarterly results, I want to take a moment to acknowledge what's going on in our world. This is an extremely tragic, painful, and uncertain time. It's especially so for those who have a connection to the impacted regions. And this may include some of you on our call today. While there's a lot that can be said, it is our hope that resolution is reached and peace will prevail.

謝謝你，麥克。但在我開始就我們的季度業績發表準備好的評論之前，我想花點時間了解我們世界正在發生的事情。這是一個極其悲慘、痛苦和不確定的時期。對於那些與受影響地區有聯繫的人來說尤其如此。這可能包括今天參加我們電話會議的一些人。雖然有很多話要說，但我們希望能夠達成解決方案，實現和平。

I'll now move on to our operating results. Workiva delivered another solid quarter, achieving subscription revenue growth of 21% and a non-GAAP operating profit that beat the high end of our guidance by nearly 340 basis points. As highlighted at our September Investor Day, Workiva continues to stand out from the SaaS crowd given that we solve problems our customers must address. Companies need transparency. They need to comply with regulation and they need accuracy in reporting and disclosure.

現在我將談談我們的經營業績。 Workiva 又一個強勁的季度表現，訂閱收入成長了 21%，非 GAAP 營業利潤比我們指導的上限高出近 340 個基點。正如我們在 9 月投資者日所強調的那樣，鑑於我們解決客戶必須解決的問題，Workiva 繼續在 SaaS 領域中脫穎而出。公司需要透明度。他們需要遵守法規，並且需要準確的報告和揭露。

Workiva provides solutions that are necessary in good times and in challenging times. Our opportunity and our technology are such that we are becoming a world's leading platform for transparent reporting and regulatory disclosure. Why? Because our strength is where data consistency and data integrity and accuracy are critical and where narrative is required. This is highlighted by the deals we're winning and the references our customers are providing. We showcased many of these success stories at our Amplify User Conference, including companies like Hershey, that shared on the main stage of value they receive from our connected solutions across financial reporting, GRC and ESG.

Workiva 提供在繁榮時期和充滿挑戰的時期都必需的解決方案。我們的機會和技術使我們正在成為世界領先的透明報告和監管揭露平台。為什麼？因為我們的優勢在於數據一致性、數據完整性和準確性至關重要以及需要​​敘述性。我們贏得的交易和客戶提供的參考資料凸顯了這一點。我們在 Amplify 用戶大會上展示了許多成功案例，其中包括像好時這樣的公司，他們在主要舞台上分享了他們從我們的財務報告、GRC 和 ESG 互聯解決方案中獲得的價值。

I'd also like to congratulate Hershey for recently receiving the Innovation Excellence Award for ESG metrics and reporting from Verdantix. This is the second consecutive year that our Workiva customer has won in this category. The value our platform provides is also quantified by the continued large contract account expansion that we saw in the third quarter. We continue to see outpaced growth in our large contract customers. In Q3, the number of contracts valued over $100,000 increased 24%. Those over $150,000 increased 26%, and contracts valued over $300,000 were up 38%, all compared to the third quarter of 2022.

我還要祝賀好時最近榮獲 Verdantix 頒發的 ESG 指標和報告創新卓越獎。這是我們的 Workiva 客戶連續第二年在該類別中獲獎。我們的平台提供的價值也透過我們在第三季度看到的持續的大型合約帳戶擴張來量化。我們繼續看到大型合約客戶的成長速度超過了我們。第三季度，價值超過 10 萬美元的合約數量增加了 24%。與 2022 年第三季相比，15 萬美元以上的合約成長了 26%，價值超過 30 萬美元的合約成長了 38%。

Our platform is a strong and key differentiator in the marketplace. Workiva remains the only platform that brings financial reporting, ESG and GRC together in 1 secure, controlled, audit-ready environment. We are the platform for assured, integrated Reporting. I'd like to highlight 3 assured, integrated reporting wins that we signed in Q3. First, a Fortune 500 energy company purchased 3 GRC solutions, including audit, internal controls, and risk management. This was to complement their previous investment in SEC, management reporting and ESG. This 11-year loyal SEC customer was engaged with the Big 4 advisory firm in transforming their GRC program. and the Big 4 advisory firm recommended Workiva as the technology of choice. This firm will also be providing delivery for the project.

我們的平台是市場上強大且關鍵的差異化因素。 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。我們是可靠、綜合報告的平台。我想強調一下我們在第三季簽署的 3 項有保證的綜合報告成果。首先，一家財富500強能源公司購買了3項GRC解決方案，包括審計、內控和風險管理。這是對他們之前在 SEC、管理報告和 ESG 方面的投資的補充。這位 SEC 11 年的忠實客戶與四大顧問公司合作，改造其 GRC 專案。四大顧問公司推薦 Workiva 作為首選技術。該公司還將為該項目提供交付服務。

Second, a North American-based airline that purchased SEC in the second quarter of this year went all in on the Workiva platform in Q3. They added a 5-solution account expansion that included ESG and 4 GRC solutions; SOX, audit, enterprise risk management, and IT risk and controls. This deal was a competitive win of our point solution GRC provider. The strength of our connected platform and the ability to support both SEC and ESG reporting reinforces Workiva's better together approach. It also contributed to the competitive differentiation in this platform expansion. This assured integrated reporting win was a co-sell with a regional advisory firm that will also be handling the project delivery of both the GRC and ESG solutions.

其次，一家北美航空公司在今年第二季收購了 SEC，並在第三季全力投入 Workiva 平台。他們增加了 5 個解決方案帳戶擴展，其中包括 ESG 和 4 個 GRC 解決方案； SOX、稽核、企業風險管理以及 IT 風險與控制。這筆交易是我們的點解決方案 GRC 供應商的一次競爭勝利。我們互聯平台的優勢以及支援 SEC 和 ESG 報告的能力強化了 Workiva 更好的合作方法。這也有助於該平台擴張中的競爭差異化。這項有保證的綜合報告勝利是與一家區域顧問公司共同銷售的，該公司也將負責 GRC 和 ESG 解決方案的專案交付。

And third, it's not just about account, we're landing with the platform, including a 3 solution new logo win with a Spain headquartered utility who purchased ESEF reporting, ESG, and controls management. This assured integrated reporting win was sourced by a Big 4 advisory firm. There were 2 other Big 4 firms involved in this deal competing for the implementation work, and all 3 had a previous relationship with the client and all 3 have established Workiva consulting practices.

第三，這不僅僅是關於帳戶，我們正在登陸該平台，包括贏得一家總部位於西班牙的公用事業公司的 3 個解決方案新徽標，該公用事業公司購買了 ESEF 報告、ESG 和控制管理。這項可靠的綜合報告勝利是由四大顧問公司提供的。還有另外 2 家四大公司參與了本次交易，競爭實施工作，所有 3 家公司之前都與客戶有過合作關係，並且所有 3 家公司都建立了 Workiva 諮詢業務。

We win deals like these because our customers see the value in our experience, our ecosystem and our capabilities. We have unrivaled experience. First, we've been doing investor grade reporting for more than a decade. Second, we have a quickly maturing ecosystem of over 200 partners. Partners want to work with us because of the opportunity for commercial success that it creates for them. Third, we are the world's leading platform in XBRL tagging for financial and nonfinancial data. And finally, our regulatory reporting expertise is unmatched. We have the expertise on SaaS so that the day of regulatory changes go into effect, our customers can be compliant, and we have a diverse and growing portfolio of best-of-breed solutions, and it's all within a true platform.

我們贏得此類交易是因為我們的客戶看到了我們的經驗、生態系統和能力的價值。我們擁有無與倫比的經驗。首先，十多年來我們一直在做投資人評等報告。其次，我們擁有一個由 200 多個合作夥伴組成的快速成熟的生態系統。合作夥伴希望與我們合作，因為它為他們創造了商業成功的機會。第三，我們是全球領先的金融和非金融數據 XBRL 標記平台。最後，我們的監管報告專業知識是無與倫比的。我們擁有 SaaS 的專業知識，以便在監管變更生效之日，我們的客戶能夠遵守規定，並且我們擁有多樣化且不斷增長的最佳解決方案組合，而這一切都在一個真正的平台內。

Let's move on to a top looking solution yet again for the quarter. ESG. Companies continue to purchase ESG well ahead of regulations. As highlighted in recent comments by Chair Gensler from the SEC, 81% of the Russell 1000 are currently disclosing their climate risks. With increased stakeholder focus on sustainability, we are seeing a more defined ESG technology purchasing process, including formal RFPs and ESG transformation projects. Our ESG account expansion activity remains strong, in both our differentiated platform and our partner-first strategy are contributing to our win rate in this increasingly competitive environment.

讓我們再次討論本季的頂級解決方案。環境、社會及管治。公司繼續遠遠領先監管規定購買 ESG。正如 SEC 主席 Gensler 最近的評論所強調的那樣，羅素 1000 指數中有 81% 的公司目前正在揭露其氣候風險。隨著利害關係人對永續發展的關注日益增加，我們看到了更明確的 ESG 技術採購流程，包括正式的 RFP 和 ESG 轉型計畫。我們的 ESG 帳戶擴張活動依然強勁，我們的差異化平台和合作夥伴優先策略都有助於我們在競爭日益激烈的環境中提高勝率。

I would like to highlight 3 ESG wins for the quarter. First, a Germany headquartered retail firm purchased our ESG solution to support their broader ESG transformation project that was driven by the CSRD. There were multiple ESG solution competitors vying for this deal with the customer ultimately choosing Workiva in alignment with their broader project scope. This new logo win was sourced by a Big 4 advisory firm. Second, a U.S.-based Fortune 500 consumer financial services company expanded their use of our platform during Q3 by purchasing ESG to complement their existing SEC solution. This was a competitive win over an incumbent GRC point solution provider. This opportunity was sourced by a Big 4 advisory firm and was also a co-sell with the climate accounting technology partner. This deal will be implemented by the Big 4 advisory firm.

我想重點介紹本季的 3 場 ESG 勝利。首先，一家總部位於德國的零售公司購買了我們的 ESG 解決方案，以支援由 CSRD 推動的更廣泛的 ESG 轉型專案。多個 ESG 解決方案競爭對手都在爭奪這筆交易，客戶最終選擇了 Workiva，以符合其更廣泛的專案範圍。這個新標誌的勝利是由四大顧問公司購買的。其次，美國財富 500 強消費金融服務公司在第三季透過購買 ESG 來補充其現有的 SEC 解決方案，擴大了對我們平台的使用。這是對現有 GRC 點解決方案提供商的競爭性勝利。該機會由四大顧問公司提供，也是與氣候會計技術合作夥伴共同銷售的。這筆交易將由四大顧問公司執行。

And third, we signed an account expansion deal with a top U.S.-based private health care company. This was a competitive deal that went to RFP with multiple vendors involved. This company had purchased and successfully implemented the Workiva private company financial reporting solution back in 2022. Supporting more even with the co-sell and the sales process, were both carbon accounting partner and a Big 4 advisory firm. This project will be implemented by the Big 4 firm.

第三，我們與一家美國頂級私人醫療保健公司簽署了帳戶擴張協議。這是一項有競爭力的交易，涉及多個供應商，進行了 RFP。該公司早在 2022 年就購買並成功實施了 Workiva 私人公司財務報告解決方案。碳會計合作夥伴和四大顧問公司為聯合銷售和銷售流程提供了更多支援。該項目將由四大公司實施。

I'll turn now to financial reporting. In Q3, we continued to see demand in financial reporting in both new logo and account expansion activity. While ESG was a much highlighted topic of conversation on our recent Amplify Event, many of our long-time customers were there to talk about financial reporting. Financial reporting for Workiva is not just SEC, it also includes, for example, global statutory or multi-entity reporting, private company reporting, management reporting and our capital market solution.

我現在談談財務報告。在第三季度，我們繼續看到新商標和帳戶擴展活動對財務報告的需求。雖然 ESG 是我們最近的 Amplify 活動中備受關注的話題，但我們的許多長期客戶也在那裡談論了財務報告。 Workiva 的財務報告不僅僅是 SEC，還包括全球法定或多實體報告、私人公司報告、管理報告和我們的資本市場解決方案。

The conversations I had with customers focused on topics including investment fund reporting, finance transformation, Workiva's role in ERP projects, and supporting a company's private to public journey. While we continue to win new logos and SEC this quarter, there are 3 financial reporting deals that showcase the breadth of our financial reporting solution. First, one of the U.K.'s largest financial services firm purchased our banking solution to address the requirements for setting internal capital targets. This risk reporting use case is their seventh regulatory reporting solution that they purchased since becoming a customer in 2018. This account expansion pushed them over the $1 million ARR mark and it highlights how our platform supports many vertical regulatory use cases with standard platform functionality.

我與客戶的對話重點包括投資基金報告、財務轉型、Workiva 在 ERP 專案中的作用以及支持公司從私人到上市的旅程。雖然本季我們繼續贏得新商標和 SEC，但還有 3 項財務報告交易展示了我們財務報告解決方案的廣度。首先，英國最大的金融服務公司之一購買了我們的銀行解決方案，以滿足設定內部資本目標的要求。此風險報告用例是他們自2018 年成為客戶以來購買的第七個監管報告解決方案。此次帳戶擴張使他們的ARR 突破了100 萬美元大關，並凸顯了我們的平台如何透過標準平台功能支援許多垂直監管用例。

Workiva supports a wide range of banking specific use cases, including resolution plans, CCAR and DFAST, call reports, CECL planning, and [Basel Pillar III]. This demonstrates how, as I described earlier, we are fast becoming the platform for transparent reporting and regulatory disclosure. Second, we closed a new logo win for final reporting with a top 10 U.S.-based private equity firm. Workiva was selected based on the comprehensive support for data integration, financial statements, prospectuses, shareholder reporting, and XBRL to support SEC filings. This deal was sourced and will be implemented by a regional advisory firm.

Workiva 支援廣泛的銀行業特定用例，包括決議計劃、CCAR 和 DFAST、通話報告、CECL 規劃和 [巴塞爾支柱 III]。正如我之前所描述的，這表明我們正在迅速成為透明報告和監管揭露的平台。其次，我們贏得了美國十大私募股權公司的最終報告新標誌。 Workiva 之所以被選中，是因為其對資料整合、財務報表、招股說明書、股東報告和 XBRL 的全面支持，以支持 SEC 備案。該交易由一家區域諮詢公司發起並將實施。

And third, we closed a large financial reporting account expansion with the top U.S. public university system. This university system originally purchased the Workiva platform for their annual consolidated financial report back in 2021. This implementation was at the university system level, which consolidated results across its network of institutions. The success of the initial implementation led to the customer expanding Workiva platform across its network of 9 universities and 5 medical campuses. This opportunity was sourced and will be implemented by a regional advisory partner.

第三，我們與美國頂尖公立大學系統完成了大規模的財務報告帳戶擴張。該大學系統最初於 2021 年為其年度合併財務報告購買了 Workiva 平台。這項實施是在大學系統層面進行的，整合了其機構網絡的結果。初始實施的成功導致客戶將 Workiva 平台擴展到其由 9 所大學和 5 個醫學院組成的網路。該機會由區域諮詢合作夥伴提供和實施。

I'll talk now about the activity we're seeing in GRC. With increasing stakeholder scrutiny, establishing an integrated enterprise-wide governance, risk and compliance program is a strategic priority for many organizations. Workiva is a recognized leader in GRC, which is a broad market segment that includes internal audit, controls, risk management and policy management.

我現在將談談我們在 GRC 中看到的活動。隨著利害關係人的審查日益嚴格，建立整合的企業範圍治理、風險和合規計畫已成為許多組織的策略重點。 Workiva 是 GRC 領域公認的領導者，GRC 是一個廣泛的細分市場，包括內部稽核、控制、風險管理和政策管理。

I'd like to highlight now 2 GRC deals that closed during the third quarter. First, a European global mobility company purchased 3 GRC solutions, including audit, controls, and enterprise risk management. This new logo deal was sourced and will be implemented by a Big 4 advisory firm. We were ultimately chosen in this competitive deal over 4 GRC point solution vendors. We were the only solution evaluated by the client that could provide capabilities that not only addressed GRC specific requirements but also supported their ESG and global statutory reporting needs. This is the power of having an assured, integrated reporting platform.

我想重點介紹第三季完成的 2 筆 GRC 交易。首先，一家歐洲全球行動公司購買了 3 個 GRC 解決方案，包括審計、控制和企業風險管理。這項新標誌交易由四大顧問公司發起並實施。我們最終在 4 家 GRC 點解決方案供應商的競爭中脫穎而出。我們是經客戶評估的唯一解決方案，不僅可以滿足 GRC 的特定要求，還可以支援其 ESG 和全球法定報告需求。這就是擁有可靠的整合報告平台的力量。

And second, a Fortune 1000 financial services company expanded their investment in Workiva with policy management. It was their tenth solution with Workiva. This customer uses solutions across the portfolio, including financial reporting, ESG and banking-specific solutions. This product expansion was sourced by a regional advisory firm who previously implemented the Workiva controls and audit management solutions earlier in 2023.

其次，財富 1000 強金融服務公司透過政策管理擴大了對 Workiva 的投資。這是他們與 Workiva 合作的第十個解決方案。該客戶使用整個產品組合的解決方案，包括財務報告、ESG 和銀行特定解決方案。該產品擴展由一家區域諮詢公司採購，該公司此前於 2023 年初實施了 Workiva 控制和審計管理解決方案。

Moving on to capital markets. The IPO market showed some renewed activity during the third quarter. While the number of new IPOs remains limited, we did see an increase in interest in those companies preparing for an IPO and those companies investing in their private to public journey. We're pleased with how we're competing for the IPO deals as they emerge. In Q3, we supported the S-1 process for one of the top tech IPOs of the quarter. This is a great example of how we deliver value to companies on their private to public journey.

轉向資本市場。 IPO 市場在第三季出現了一些新的活動。儘管新 IPO 的數量仍然有限，但我們確實看到人們對準備 IPO 的公司以及投資從私募到上市的公司的興趣增加。我們對我們在 IPO 交易出現時的競爭方式感到滿意。在第三季度，我們支持了本季頂級科技公司之一的 S-1 流程。這是一個很好的例子，展示了我們如何在公司從私人到上市的過程中為其創造價值。

This customer first purchased our private company in management reporting solutions back in 2021. Our capital market solution was initially purchased in late 2022 with the completion of the IPO work in Q3. This company also purchased our SEC solution in Q3 to support their post IPO process. While we are seeing some signs of the market opening up, we're not yet forecasting a comeback of IPOs in the fourth quarter.

該客戶早在 2021 年就首次購買了我們的私人公司的管理報告解決方案。我們的資本市場解決方案最初是在 2022 年末購買的，並在第三季度完成了 IPO 工作。該公司還在第三季購買了我們的 SEC 解決方案，以支援其 IPO 後流程。雖然我們看到了市場開放的一些跡象，但我們尚未預測第四季度 IPO 會捲土重來。

Moving on to our update on global regulations. Regulators have been very active since our last earnings call. In Q3, the SEC issued numerous announcements targeted at listed companies and new regulations for private equity firms. First, on July 26, the SEC issued new cybersecurity disclosure rules, which will significantly increase the pressure on the organization to perform more risk assessments, improve internal controls, and prepare for an increase in external audits.

接下來是我們對全球法規的更新。自從我們上次財報電話會議以來，監管機構一直非常活躍。第三季度，SEC 發布了大量針對上市公司的公告以及針對私募股權公司的新規定。首先，7月26日，SEC發布了新的網路安全揭露規則，這將顯著增加該組織進行更多風險評估、改善內部控制並為增加外部審計做好準備的壓力。

Next, on August 23, new rules for private equity fund reporting were issued. These rules mandate that investment firms provide quarterly statements detailing information regarding private funds performance, fees, and expenses. The rules also required PE firms to disclose fund reports quarterly and obtain an annual audit through each private fund. And on September 7, the SEC issued a sample comment letter to companies regarding their XBRL disclosures. We believe that this action by the SEC signals that there may be greater scrutiny for XBRL data quality and filings, which impacts all of our SEC listed customers. Both our platform and our XBRL tagging services team will support our customers as they continue to navigate through this heightened regulatory scrutiny.

接下來，8月23日，私募股權基金報告新規則發布。這些規則要求投資公司提供季度報表，詳細說明有關私募基金績效、費用和支出的資訊。該規定還要求私募股權公司每季揭露基金報告，並透過每隻私募基金接受年度審計。 9 月 7 日，SEC 就 XBRL 披露向公司發出了一封樣本評論信。我們認為，SEC 的這項行動表明，可能會對 XBRL 資料品質和備案進行更嚴格的審查，這會影響我們所有在 SEC 上市的客戶。我們的平台和 XBRL 標記服務團隊都將為我們的客戶提供支持，幫助他們繼續通過嚴格的監管審查。

As it relates to the proposed SEC climate disclosure rule, there are no material updates from the past quarter. While there have been some discussion on the SEC providing further guidance on the climate disclosure rule in October. As of the time of this call, no new rules have been communicated. In his September testimony to the House Financial Services Committee, Chair Gensler was very clear that there was no guaranteed October date and that the commission will potentially issue new rules once all of the comments have been reviewed and the economic impacts have been documented. We still believe that the SEC is likely to implement climate disclosure rules in the near future. Chair Gensler's House Testimony was specific on the number of organizations that already disclosed climate risks. He was also clear about the commission's goal to provide consistency and comparability to those disclosures. Standardized climate disclosure rules would enforce this consistency.

由於它與擬議的 SEC 氣候揭露規則相關，因此上個季度沒有重大更新。儘管 SEC 在 10 月就氣候揭露規則提供進一步指導進行了一些討論。截至本次電話會議之時，尚未傳達任何新規則。詹斯勒主席在 9 月向眾議院金融服務委員會作證時非常明確地表示，並不能保證 10 月的日期，一旦所有評論都經過審查並且經濟影響已得到記錄，該委員會可能會發布新規則。我們仍然認為 SEC 很可能在不久的將來實施氣候揭露規則。主席詹斯勒的眾議院證詞具體說明了已經揭露氣候風險的組織數量。他也清楚委員會的目標是為這些揭露提供一致性和可比性。標準化的氣候揭露規則將加強這種一致性。

While the SEC is still in the rule-making process, there were new climate disclosure laws passed by the State of California that may have national impact on ESG reporting. On October 7, Governor Newsom signed into law 2 important climate disclosure regulations. The laws are SB 253 and SB 261. SB 253 is the Climate Corporate Data Accountability Act. It applies to all U.S. companies with total annual revenues in excess of $1 billion doing any business in California. This is predicted to impact over 5,300 business entities operating in California. These companies annually report Scope 1, Scope 2 and Scope 3 emissions. Reporting is set to begin in 2026.

雖然美國證券交易委員會仍處於規則制定過程中，但加州通過了新的氣候揭露法，可能會對 ESG 報告產生全國性影響。 10 月 7 日，紐瑟姆州長簽署了 2 項重要的氣候揭露法規，使其成為法律。這些法律是 SB 253 和 SB 261。SB 253 是《氣候企業資料責任法案》。它適用於在加州開展任何業務的年總收入超過 10 億美元的所有美國公司。預計這將影響在加州營運的 5,300 多家商業實體。這些公司每年報告範圍 1、範圍 2 和範圍 3 排放量。報告將於 2026 年開始。

SB 261 is the Climate-Related Financial Risk act. It applies to U.S. companies with total annual revenues in excess of $500 million that do business in California. It mandates disclosure of climate-related financial risks and measures for risk reduction aligning with the international recognized TCFD framework. Reporting begins in 2026 with biennial reporting instead of annual. Outside of the U.S., there was continued regulatory activity around the CSRD. After approving enterprise sustainability reporting standards on July 31, the standards setting committee, EFRAG, was busy at work defining interoperability with ISSB related to IFRS S1 and S2 and the legacy SASB framework. Interoperability comments were also provided for the frequently used GRI framework.

SB 261 是氣候相關金融風險法案。它適用於在加州開展業務的年總收入超過 5 億美元的美國公司。它要求按照國際公認的 TCFD 框架來揭露與氣候相關的金融風險和降低風險的措施。報告從 2026 年開始，每兩年一次而不是每年一次。在美國以外，圍繞 CSRD 的監管活動仍在繼續。在 7 月 31 日批准企業永續發展報告標準後，標準制定委員會 EFRAG 正忙於定義與 IFRS S1 和 S2 以及舊版 SASB 框架相關的 ISSB 的互通性。也為常用的 GRI 框架提供了互通性評論。

In August, there was further discussion on the draft materiality assessment implementation guidance. This has been a priority topic given that there will be many first-time filings with this regulation. On October 18, the European Parliament confirmed in a vote the approval of the ESRS. They also rejected a resolution calling for limitations to be introduced on these standards. The ESRS will now formally be adopted before the end of the year and shortly after published in the Official Journal of the European Union.

8月，對重要性評估實施指南草案進行了進一步討論。鑑於將有許多人首次申請該法規，這一直是優先主題。 10月18日，歐洲議會投票確認了ESRS的批准。他們還拒絕了一項要求對這些標準進行限制的決議。 ESRS 將於今年底前正式通過，並在歐盟官方公報上發布後不久。

Large EU companies will start assessing their operations through the ESRS criteria starting January 2024 and disclosing their information accordingly by 2025. Companies are watching these activities closely and they're waiting for implementation guidance on how established ESG frameworks map to the newly set ESRS standards. They're looking to understand what they'll need to disclose and how they will have to disclose it. With all this new regulatory activity with the SEC, the State of California's Climate Rules, the European CSRD, we believe that we have large a TAM in front of us and future durable demand for assured, integrated reporting platform.

大型歐盟公司將從2024 年1 月開始透過ESRS 標準評估其運營，並在2025 年相應披露其資訊。公司正在密切關注這些活動，並等待有關已建立的ESG 框架如何映射到新制定的ESRS 標準的實施指南。他們希望了解需要披露什麼以及如何披露。透過 SEC、加州氣候規則、歐洲 CSRD 的所有這些新監管活動，我們相信我們面前有一個龐大的 TAM 以及未來對有保證的綜合報告平台的持久需求。

I'll move on now to provide some perspective on the macro and our focus on both growth and productivity. The geopolitical backdrop and economic uncertainty continue to impact our markets. Throughout Q3, we continue to see elongated sales cycles and increased buyer scrutiny across our portfolio. We do remain confident, however, in the many growth opportunities in front of us driven by the value our platform delivers to our customers. Our teams will continue to work closely with our customers in solving their most complex reporting and compliance requirements. Our approach remains to be, first and foremost, focused on subscription growth and going after a large and expanding TAM.

我現在將繼續提供一些有關宏觀經濟以及我們對成長和生產力的關注的觀點。地緣政治背景和經濟不確定性繼續影響我們的市場。在整個第三季度，我們繼續看到銷售週期延長以及買家對我們產品組合的審查加強。然而，我們對我們的平台為客戶提供的價值所驅動的許多成長機會仍然充滿信心。我們的團隊將繼續與客戶密切合作，解決他們最複雜的報告和合規要求。我們的方法首先仍然是專注於訂閱成長並追求龐大且不斷擴大的 TAM。

Across the company, we're focused on driving growth first with a continued eye on productivity and performance. As highlighted by our Q3 operating margin, we're delivering on our improved operating leverage and productivity. We're building strong teams, improving our processes and incenting the right behaviors to drive this productivity. Areas that contributed to the improvement in our Q3 operating margin were continued strong subscription revenue growth and improved efficiency and productivity across the company. Margins continue to improve throughout the first 3 quarters, and we're guiding to a non-GAAP operating profit in both 2023 and 2024.

在整個公司，我們首先專注於推動成長，同時持續專注於生產力和績效。正如我們第三季的營業利潤率所強調的那樣，我們正在改善營運槓桿和生產力。我們正在建立強大的團隊，改善我們的流程並激勵正確的行為來提高生產力。有助於我們第三季營業利潤率改善的領域是訂閱收入的持續強勁成長以及整個公司效率和生產力的提高。前三個季度的利潤率持續改善，我們預計 2023 年和 2024 年將實現非 GAAP 營業利潤。

We enjoyed seeing many of you last month [Workiva] Amplify was our largest customer user conference to date. During the conference, we welcomed 5,800 in-person and virtual attendees from almost 2,000 companies, many of them from new logos. We also welcomed nearly 300 advisory and technology partner attendees at our Partner Summit. We have loyal and devoted customers who are our biggest brand advocates. We hope you are able to hear directly from them about what makes Workiva so special and relevant.

上個月我們很高興見到你們中的許多人，[Workiva] Amplify 是我們迄今為止最大的客戶用戶會議。會議期間，我們迎來了來自近 2,000 家公司的 5,800 名現場和虛擬與會者，其中許多來自新商標。我們也迎來了近 300 名諮詢和技術合作夥伴參加我們的合作夥伴高峰會。我們擁有忠實的客戶，他們是我們最大的品牌擁護者。我們希望您能夠直接從他們那裡聽到 Workiva 為何如此特別和相關。

At Amplify, we announced a number of new platform capabilities, including the availability of generative AI to all customers in North America. We received enthusiastic interest and feedback during our [standing rule only] AI sessions with over 40% of all attendees participating in at least one of these sessions. We believe that every one of our Workiva solutions can deliver expanded value to our customers with generative AI by harnessing best-in-class large language models embedded directly into our platform.

在 Amplify，我們宣布了許多新的平台功能，包括向北美所有客戶提供生成式 AI。在我們的[僅常規規則]人工智慧會議期間，我們收到了熱烈的興趣和回饋，超過 40% 的與會者至少參加了其中一場會議。我們相信，透過利用直接嵌入到我們平台中的一流大型語言模型，我們的每項 Workiva 解決方案都可以透過生成式 AI 為我們的客戶帶來更大的價值。

Our approach to Gen AI has been incredibly well received by our peers, our partners and our early adopters due to our responsible implementation. We provide the assurance that no customer data or prompts within our platform are ever stored or used in any way to train generative AI models. By solving enterprise-grade security, we've eliminated one of the top concerns of using tools like ChatGPT. Our approach to Gen AI has been in tight partnership with our vendors, including Google, Microsoft and Amazon. We believe Workiva is the only provider in the markets that we compete in to offer such a comprehensive delivery of gen AI. In the near term, we believe that monetization of gen AI will come in the form of solution differentiation and higher win rates.

由於我們負責任的實施，我們的 Gen AI 方法受到了同行、合作夥伴和早期採用者的熱烈歡迎。我們保證我們平台內的任何客戶資料或提示都不會以任何方式儲存或使用來訓練生成式人工智慧模型。透過解決企業級安全性，我們消除了使用 ChatGPT 等工具的首要問題之一。我們的 Gen AI 方法一直與我們的供應商保持密切合作，包括Google、微軟和亞馬遜。我們相信 Workiva 是我們競爭的市場中唯一一家能夠提供如此全面的新一代人工智慧服務的供應商。短期內，我們相信新一代人工智慧的貨幣化將以解決方案差異化和更高的勝率的形式出現。

In closing, I'll leave with you with a few final remarks. Workiva delivered solid third quarter results, including a transition back to non-GAAP operating profit. We continue to win with the multi-solution and [account] expansion strategy, resulting in strong growth in large contract customers. We're confident in our ability to execute on our strategy as we become the world's leading platform for transparent reporting and regulatory disclosure.

最後，我將與大家說幾句最後的話。 Workiva 交付了穩健的第三季業績，包括恢復至非公認會計準則營業利潤。我們繼續以多解決方案和[帳戶]擴張策略取勝，導致大合約客戶的強勁成長。隨著我們成為全球領先的透明報告和監管揭露平台，我們對執行策略的能力充滿信心。

We have a significant edge in experience and expertise with a large installed base and a growing partner ecosystem. And we have a large, relatively unaddressed TAM with the right team in place to go after it. Our opportunity is growing, and at the same time, we and our platform are getting stronger. Thank you to our fantastic team of dedicated employees. Workivians all over the world didn't just help us achieve the solid results that we delivered last quarter, but they've helped us once again achieve 2 important third-party recognitions.

我們在經驗和專業知識方面擁有顯著優勢，擁有龐大的安裝基礎和不斷發展的合作夥伴生態系統。我們有一個龐大的、相對未解決的 TAM，並有合適的團隊來追尋它。我們的機會越來越多，同時我們和我們的平台也越來越強大。感謝我們優秀的敬業員工團隊。世界各地的 Workivians 不僅幫助我們取得了上季度交付的紮實成果，而且還幫助我們再次獲得了兩項重要的第三方認可。

First, Fortune honored Workiva with the #10 ranking on their Best Workplaces in Technology list. This is our seventh year on the list and the third year in the top 10. And second, MSCI, the top rating tool used by investors to determine which companies are included in ESG investment funds, issued Workiva another AAA rating. This is the highest rating a company can achieve. None of this is possible without the hard work of our entire team, along with their dedication and commitment to our customers and our mission of powering transparent reporting for a better world.

首先，《財星》雜誌授予 Workiva 在其最佳科技工作場所排行榜上排名第 10 的成績。這是我們第七年上榜，也是第三年進入前十名。其次，投資者用來確定哪些公司納入 ESG 投資基金的頂級評級工具 MSCI 再次授予 Workiva AAA 評級。這是一家公司可以獲得的最高評級。如果沒有我們整個團隊的辛勤工作，沒有他們對客戶的奉獻和承諾，以及我們為更美好的世界提供透明報告的使命，這一切都是不可能實現的。

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

吉爾，我會把電話轉給你。

Thank you, Julie. Let's turn to our results. First, I will give an overview of our key financial highlights for the third quarter 2023, and then I will provide Q4 and full year 2023 guidance before opening the line for questions. We are pleased to report that we beat the high end of revenue guidance by $2.2 million primarily due to strong subscription revenue growth, along with higher-than-expected services revenue growth. We beat our breakeven guidance on Q3 operating results, generating $5.3 million of operating profit. As Julie mentioned, stronger revenue, coupled with improved efficiency and productivity were the primary drivers of the beat. Our continued focus on growth and operating leverage is showing in our operating results.

謝謝你，朱莉。讓我們看看我們的結果。首先，我將概述 2023 年第三季的主要財務亮點，然後在開始提問之前提供第四季和 2023 年全年指引。我們很高興地報告，我們比收入指導上限高出 220 萬美元，這主要是由於訂閱收入成長強勁，以及服務收入成長高於預期。我們對第三季營運業績的損益平衡指引超出了預期，實現了 530 萬美元的營運利潤。正如朱莉所提到的，強勁的收入以及效率和生產力的提高是這一增長的主要推動力。我們對成長和營運槓桿的持續關注體現在我們的營運表現。

Now let's go through some key results and highlights for the quarter, starting with revenue. We generated total revenue in the third quarter of $158.2 million delivering growth of 19% from Q3 2022. Subscription revenue was $143.4 million, up 21% from Q3 2022. Yet again, this quarter, both new logos and account expansions helped drive strong revenue growth with 43% of the increase in subscription revenue coming from customers added in the last 12 months. Professional services revenue was $14.8 million in Q3 2023, up by 3.5% compared to the same quarter last year. The growth was driven by higher XBRL services revenue, which outpaced the year-over-year decline in setup and consulting revenue.

現在讓我們從收入開始回顧本季的一些關鍵業績和亮點。我們第三季的總營收為1.582 億美元，較2022 年第三季成長19%。訂閱營收為1.434 億美元，較2022 年第三季成長21%。本季度，新商標和帳戶擴充再次推動了營收的強勁成長訂閱收入成長的 43% 來自過去 12 個月新增的客戶。 2023 年第三季專業服務營收為 1,480 萬美元，較去年同期成長 3.5%。這一成長是由 XBRL 服務收入增加所推動的，該收入超過了設定和諮詢收入的同比下降幅度。

As we mentioned in our previous 2023 earnings calls, we are in the process of transitioning more of our lower-margin setup and consulting professional services to our partners. As we execute on this plan, we expect setup and consulting services revenue to decline year-over-year for 2023.

正如我們在先前的 2023 年財報電話會議中所提到的，我們正在將更多的低利潤設定和諮詢專業服務轉移給我們的合作夥伴。在執行該計劃時，我們預計 2023 年設定和諮詢服務收入將年減。

Moving to our performance metrics. We added 85 net new customers in Q3 for a total customer count of 5,945, a growth of 404 customers from Q3 2022. Our gross revenue retention rate remained comfortably ahead of our 96% internal target metric.

轉向我們的績效指標。我們在第三季淨增加了 85 名新客戶，客戶總數達到 5,945 名，比 2022 年第三季增加了 404 名客戶。我們的總收入保留率仍然輕鬆領先於 96% 的內部目標指標。

Our net revenue retention rate increased to 112% for the third quarter of 2023 compared to 107% for Q3 2022. We are very pleased with the strong increase we continue to see in net revenue retention, which improved for the fourth straight quarter. The main driver of this improvement is strong account expansion activity led by the addition of new solutions. Account expansions also continued to be a strong contributor to the increase in customers with large contract values. We are seeing momentum and are optimistic that we can continue to expand the number of customers spending over $100,000 per year.

2023 年第三季度，我們的淨收入保留率增至112%，而2022 年第三季度為107%。我們對淨收入保留率持續強勁增長感到非常滿意，淨收入保留率連續第四個季度有所改善。這項改進的主要驅動力是由新解決方案的增加所帶來的強勁的帳戶擴張活動。帳戶擴張也持續成為大額合約客戶數量增加的重要推動因素。我們看到了勢頭，並對能夠繼續擴大每年支出超過 10 萬美元的客戶數量感到樂觀。

In the third quarter of 2023, and we had 1,561 contracts valued at over $100,000 per year, up 24% from Q3 the prior year. The number of contracts valued at over $150,000 totaled 851 customers in the third quarter, up 26% from Q3 2022. And the number of contracts valued over $300,000 totaled $296, up 38% from Q3 2022.

2023 年第三季度，我們每年簽訂了 1,561 份價值超過 10 萬美元的合同，比去年第三季度增長 24%。第三季價值超過 15 萬美元的合約數總計 851 家，比 2022 年第三季增加 26%。價值超過 30 萬美元的合約數總計 296 美元，比 2022 年第三季成長 38%。

Moving on to our operating metrics. Gross profit totaled $121.7 million in Q3, up 20% from the same quarter a year ago. Gross margin was flat year-over-year at 77% as higher cloud computing costs were offset by savings in employee-related spending. Operating expenses increased only 6% from Q3 2022. This modest increase is due to efforts we are making towards automation and process efficiency as well as thoughtful hiring with a focus on skills needed to drive growth and productivity. We posted an operating profit of $5.3 million in Q3 2023, a continued improvement compared to Q3 2022's operating loss of $8.4 million.

繼續我們的營運指標。第三季毛利總計 1.217 億美元，比去年同期成長 20%。毛利率同比持平，為 77%，因為雲端運算成本的上升被員工相關支出的節省所抵消。與 2022 年第三季相比，營運費用僅增加了 6%。這一小幅成長是由於我們在自動化和流程效率方面所做的努力，以及注重推動成長和生產力所需技能的深思熟慮的招募。我們在 2023 年第三季實現營業利潤 530 萬美元，與 2022 年第三季的 840 萬美元營業虧損相比持續改善。

As Julie mentioned, we continue to focus on growth and productivity. This focus has helped us improve our operating leverage and stay committed to our goal of delivering improved operating margins and non-GAAP profitability for both 2023 and 2024. At September 30, 2023, cash, cash equivalents, and marketable securities increased $316 million sequentially to a balance of $782 million, primarily driven by our August convertible note offering. Our successful issuance of convertible notes raised $700 million at a 1.25% coupon. We used $397 million of the funds to repurchase about 80% of the convertible notes we originally issued in 2019. We will use the remainder of the funds primarily for working capital and to support potential future M&A activity. Operating activities in Q3 2023 resulted in cash provided of $15 million compared with an increase in cash of $5 million in the same quarter a year ago.

正如朱莉所提到的，我們繼續關注成長和生產力。這項重點幫助我們提高了營運槓桿，並始終致力於實現2023 年和2024 年提高營運利潤率和非GAAP 獲利能力的目標。截至2023 年9 月30 日，現金、現金等價物和有價證券增加了3.16 億美元，至餘額為 7.82 億美元，主要是由我們 8 月份的可轉換票據發行推動的。我們成功發行可轉換票據，以 1.25% 的票面利率籌集了 7 億美元。我們使用其中的 3.97 億美元資金回購了 2019 年最初發行的約 80% 的可轉換票據。我們將主要使用剩餘資金作為營運資金並支持未來潛在的併購活動。 2023 年第三季的營運活動提供了 1,500 萬美元的現金，而去年同期現金增加了 500 萬美元。

Turning now to our guidance for Q4 and the full year 2023. As Julie discussed, while we remain encouraged by our opportunities to drive growth, we continue to see elongated sales cycles and increased by our scrutiny amidst a concerning macro and geopolitical environment. As such, we continue to be prudent with our guidance assumptions. For the fourth quarter 2023, we expect total revenue to range from $164 million to $165 million. By design, we expect services revenue will decline in Q4 at a single-digit percent rate. We expect non-GAAP operating income to range from $5.5 million to $6.5 million. And net income of $0.21 to $0.23 on a per share basis. Our share count will be approximately 54 million weighted average shares.

現在轉向我們對第四季度和2023 年全年的指導。正如朱莉所討論的，雖然我們仍然對推動增長的機會感到鼓舞，但我們繼續看到銷售週期延長，並且在令人擔憂的宏觀和地緣政治環境中我們的審查增加。因此，我們繼續對指導假設持謹慎態度。對於 2023 年第四季度，我們預計總營收在 1.64 億美元至 1.65 億美元之間。按照設計，我們預計第四季服務收入將以個位數百分比下降。我們預計非 GAAP 營業收入將在 550 萬美元至 650 萬美元之間。每股淨利潤為 0.21 至 0.23 美元。我們的股票數量約為 5,400 萬股加權平均股。

For the full year 2023, we are raising the midpoint of our revenue guidance range, expecting revenue to be between $627 million and $628 million. The high end of revenue guidance remains in line with our previously stated 2023 target. We expect services revenue to decline at a low single-digit percent rate. We are raising our guidance for non-GAAP operating results, shifting to an income range of $3 million to $4 million or a net loss of $0.54 to $0.52 on a per share basis. Our share count will be approximately 54 million weighted average shares.

對於 2023 年全年，我們提高了收入指引範圍的中點，預計收入在 6.27 億美元至 6.28 億美元之間。收入指引的高端仍符合我們先前製定的 2023 年目標。我們預計服務收入將以較低的個位數百分比下降。我們正在提高對非 GAAP 經營業績的指導，將收入範圍調整為 300 萬美元至 400 萬美元，或每股淨虧損 0.54 美元至 0.52 美元。我們的股票數量約為 5,400 萬股加權平均股。

The Q3 interest expense recorded in conjunction with the repurchase of the majority of our 2019 notes is driving the gap between our operating results and loss per share guidance. We continue to expect we will post positive free cash flow for the seventh consecutive year.

與回購大部分 2019 年票據相關的第三季利息支出正在拉大我們的經營業績與每股虧損指引之間的差距。我們仍然預計我們將連續第七年實現正自由現金流。

Now to give some directional modeling information for 2024. As implied in our Q4 2023 guidance, we will be monitoring the current macro headwinds carefully as we exit 2023 as well as the potential impact on our revenue growth rates as we enter 2024. We expect XBRL services revenue to continue to grow at a modest low single-digit rate. We expect setup and consulting revenue to decline from 2023 to 2024. And consistent with our prior statements, we expect non-GAAP operating profit for the full year 2024.

現在給出2024 年的一些方向性建模資訊。正如我們2023 年第四季度指導中所暗示的那樣，我們將在退出2023 年時仔細監控當前的宏觀逆風，以及進入2024 年時對我們收入增長率的潛在影響。我們預計XBRL服務收入繼續以較低的個位數成長率成長。我們預計 2023 年至 2024 年設定和諮詢收入將下降。與我們先前的聲明一致，我們預計 2024 年將全年實現非 GAAP 營業利潤。

In summary, I want to thank all of 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. First, we are encouraged by the opportunity ahead of us, our large unaddressed TAM and the value our platform delivers to our customers. Second, we delivered a beat on Q3 operating margin guidance and are focused on continuing the momentum of margin improvement and anticipating a non-GAAP operating profit in fiscal year 2023. And third, we remain committed to our strategy, long-term growth and improving operating leverage.

總之，我要感謝我們所有的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。首先，我們對眼前的機會、我們尚未解決的龐大 TAM 以及我們的平台為客戶提供的價值感到鼓舞。其次，我們超越了第三季營業利潤率指引，並致力於繼續保持利潤率改善勢頭，並預計 2023 財年實現非 GAAP 營業利潤。第三，我們仍然致力於我們的策略、長期成長和改善經營槓桿。

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

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。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) Your first question comes from the line of Adam Hotchkiss with Goldman Sachs.

（操作員說明）您的第一個問題來自高盛的 Adam Hotchkiss。

I guess to start, Julie, I'd love to dig a little deeper on the drivers of outperformance in the quarter. It looked like you had meaningfully higher average ACVs and maybe a little bit slower growth on the new logo side. And so I'd just love to understand from a rate of change perspective relative to the first half of the year what are driving those 2 things? And whether you saw a quarter-to-quarter impact from a macro perspective or that continues to stay stable from a headwind perspective. Just would love to understand those dynamics.

朱莉，我想首先我想更深入地了解本季表現出色的驅動因素。看起來你的平均 ACV 明顯更高，但新標誌方面的成長可能會稍微慢一些。因此，我很想從相對於今年上半年的變化率的角度了解是什麼推動了這兩件事？無論您是從宏觀角度看到逐季度的影響，還是從逆風角度來看繼續保持穩定。只是很想了解這些動態。

Sure. Very pleased with our growth around account expansion, which is probably what is driving it most significantly. Certainly, we're seeing the macro as we talked about, both Jill and I, in our requirements. But it really is broad-based across the entire portfolio that we're seeing the bookings grow. And again, focus on multi-solution and account expansion, that really was where we saw the most strength in our results this quarter.

當然。我們對客戶擴張方面的成長感到非常滿意，這可能是最重要的推動因素。當然，正如我們所討論的，吉爾和我在我們的需求中看到了宏觀。但我們看到預訂量的成長確實在整個產品組合中具有廣泛的基礎。再次強調，專注於多解決方案和客戶擴展，這確實是我們本季業績中最強勁的地方。

Great. That's helpful. And then just on the guidance. I was wondering if you could talk a little bit more about the implied deceleration there. Like you said, you've had 4 or so quarters of improving NRR and feels like what needs to happen to get to that -- to get to your guidance as for things to fall back to 2022 levels when I know capital markets was a much more meaningful headwind for you. So I guess, my question is, is this just conservatism combined with a more difficult comp? Or is there something else from a quarter-to-quarter perspective that we all should be aware of here? Really appreciate that.

偉大的。這很有幫助。然後就只是指導。我想知道你是否可以多談談那裡隱含的減速。就像你說的，你已經有大約4 個季度的NRR 改善，並且感覺需要採取什麼措施才能實現這一目標- 以獲得你的指導，讓事情回落到2022 年的水平，而我知道資本市場已經非常糟糕了。對你來說更有意義的逆風。所以我想，我的問題是，這只是保守主義與更困難的組合結合嗎？或者從季度到季度的角度來看還有什麼是我們都應該注意的嗎？真的很感激。

So this is Jill. And really, what we were doing for Q4 is we're being very prudent with how we put together our guidance because of the macro factors that we're seeing, some of the elongated deal cycles like we talked about, geopolitical factors. We didn't feel comfortable going outside of where we already were for the full year. And so we do have a potential for upside, as always. But we would just put that together in a way that was very prudent as we said on the call.

這就是吉爾。實際上，我們在第四季所做的是，由於我們看到的宏觀因素、我們談到的一些延長的交易週期、地緣政治因素，我們對如何制定指導意見非常謹慎。我們對於離開全年已經所處的位置感到不舒服。因此，一如既往，我們確實有上升的潛力。但正如我們在電話中所說，我們會以一種非常謹慎的方式將其整合在一起。

Your next question comes from the line of Steve Enders with Citi.

您的下一個問題來自花旗銀行的史蒂夫恩德斯 (Steve Enders)。

Okay. Maybe you can just dig in a little bit more on what you're kind of saying or what you're seeing out there in the deal environment. Was there any, I guess, incremental change from this quarter to last quarter, or I guess, so far in October and the scrutiny that you're seeing in the deals or other factors that are impacting things there?

好的。也許您可以進一步深入了解您所說的內容或您在交易環境中看到的情況。我想，從本季度到上個季度，或者我想，十月份到目前為止，是否有任何增量變化，以及您在交易或其他影響那裡的因素中看到的審查？

I would say there is not much change. I mean, the same issues we're seeing it is that deals are being more scrutinized. And it's also in part because we have larger deals, right? And those require more signatures and so we're going up further in organizations over the last couple of quarters. So we're seeing that more and more. We haven't seen any difference, any decline or increase that's notable. Again, we have a diverse platform. We're seeing strength in bookings on all across the board.

我想說沒有太大變化。我的意思是，我們看到的同樣問題是交易受到了更嚴格的審查。部分原因是我們有更大的交易，對吧？這些需要更多的簽名，因此我們在過去幾個季度中在組織中取得了進一步的進展。所以我們越來越多地看到這種情況。我們沒有看到任何顯著的差異、下降或成長。同樣，我們有一個多元化的平台。我們看到各方面的預訂量都強勁。

But yes, we're running into the macro challenges and getting on calls with lots of companies that are thinking harder about their purchases, and we don't lose deals. Some have slipped into this in this quarter next, but there's nothing significant in the change between last and this quarter.

但是，是的，我們遇到了宏觀挑戰，並與許多正在認真考慮採購的公司打了電話，但我們並沒有失去交易。有些人在下個季度就陷入了這種情況，但上個季度和本季之間沒有什麼重大變化。

Okay. All right. That's helpful. Thanks for clarifying that. And then just on -- I think you made a comment in the prepared remarks about the ESG environment becoming increasingly competitive. So, I guess, maybe has something changed there? Is the competitive landscape shifted here in the past couple of quarters? Or how would you kind of characterize what that environment in ESG looks like today versus the past?

好的。好的。這很有幫助。感謝您澄清這一點。然後，我認為您在準備好的評論中發表了關於 ESG 環境競爭日益激烈的評論。所以，我想，也許那裡發生了一些變化？過去幾季競爭格局是否發生了變化？或者，您如何描述今天與過去的 ESG 環境？

There are a lot of companies saying they do ESG. There are point solutions that we see out there, focused. There are carbon accounting solutions, a lot of legacy providers. There's just a lot of companies out there. None of them, of course, do what we do and have a full comprehensive platform that provides financial reporting, nonfinance or ESG and GRC. So we are the only provider there. We're just hearing a lot of noise in the market -- a lot of marketing, but I would say, for us, the competition is a validator of the market. And again, large undressed TAM. Companies, of course, will be attracted to it. But we feel confident in our position.

有很多公司聲稱他們在做 ESG。我們看到了一些重點解決方案。有碳核算解決方案，有很多傳統供應商。那裡有很多公司。當然，他們都沒有做我們所做的事情，也沒有一個提供財務報告、非財務或 ESG 和 GRC 的完整綜合平台。所以我們是那裡唯一的提供者。我們只是聽到市場上的許多噪音——很多行銷，但我想說，對我們來說，競爭是市場的驗證者。再說一遍，大個子沒穿衣服的 TAM。當然，公司會被它吸引。但我們對自己的立場充滿信心。

Your next question comes from the line of Daniel Jester with BMO Capital Markets.

您的下一個問題來自 BMO 資本市場的 Daniel Jester。

It was great to hear a couple of the European domiciled company wins in the prepared remarks. Maybe can you just expand on Europe and the trajectory there, how you see in the pipeline build. And should we expect new logo momentum there to improve as we go into 2024?

很高興聽到幾家歐洲註冊公司在準備好的演講中獲勝。也許你可以擴展歐洲和那裡的發展軌跡，以及你如何看待管道建設。進入 2024 年，我們是否應該期待新標誌的勢頭會有所改善？

Sure. I mean we had a strong quarter in Europe. We're very pleased with our momentum. Again, it was one of our top looking solutions for the quarter. We had some signature wins there, yet again, multi-solution 6-figure deals. And importantly for us, our value prop of assured, integrated reporting is really resonating, where the CSRD passed in November, more clear guidance here in July. That is exactly what we have to offer, which is the requirement of financial, nonfinancial integrated in one report with assurance. And we're seeing some wins driven by these requirements and just a lot of interest there. So yes, we expect more strength in Europe ongoing.

當然。我的意思是我們在歐洲的季度表現強勁。我們對我們的勢頭感到非常滿意。這再次成為我們本季最受關注的解決方案之一。我們在那裡取得了一些標誌性的勝利，再次是多解決方案的 6 位數交易。對我們來說重要的是，我們對有保證的綜合報告的價值主張確實引起了共鳴，CSRD 在 11 月通過了這一點，在 7 月這裡有了更明確的指導。這正是我們必須提供的，即有保證地將財務和非財務整合到一份報告中的要求。我們看到這些要求帶來了一些勝利，並且引起了極大的興趣。所以，是的，我們預計歐洲將繼續走強。

Great. And then just on the partner ecosystem, again, a lot of positive commentary about sourcing from partners and from co-selling. Can you just remind us what percentage of new bookings are sourced or co-sold today? And again, as we think about the trajectory into next year, how should we be thinking about the opportunity to sort of deepen and broaden the partner ecosystem?

偉大的。然後，就合作夥伴生態系統而言，同樣有許多關於從合作夥伴採購和共同銷售的正面評論。您能否提醒我們今天的新預訂中有多少百分比是來自採購或共同銷售的？再說一遍，當我們思考明年的發展軌跡時，我們該如何考慮深化和擴大合作夥伴生態系統的機會？

You speak about the numbers, Jill, and I'll take.

吉爾，你談數字，我就接受。

Yes, sure. So we don't give metrics around the portion of our bookings or sales that we have in the quarter that come from our partners. But we've been, of course, passing more of our services over to our partners, the setup and consulting services, and that's been going really well. We've talked about that at length. And we're pleased to how that's further engaging those partner relationships. And Julie, do you want to take that?

是的，當然。因此，我們不會給出本季來自合作夥伴的預訂或銷售部分的指標。但當然，我們一直在將更多的服務交給我們的合作夥伴，包括設置和諮詢服務，而且進展非常順利。我們已經詳細討論過這個問題。我們很高興看到這如何進一步加強這些合作關係。朱莉，你想接受這個嗎？

I mean key tenet of our growth strategy. We continue to work hard along with our partners. We're doing a lot of co-sell. We've done a lot of enablement with our partners and our own internal team is increasing their expertise in terms of selling with partners. It's a partner-first approach on set up and consulting, as Jill has said, but it's also moving that direction for our solution. So we see a lot of room there for growth and acceleration with our partner ecosystem, which continues to strengthen.

我的意思是我們成長策略的關鍵原則。我們將繼續與合作夥伴一起努力。我們正在進行很多聯合銷售。我們已經與合作夥伴進行了大量的支持，我們自己的內部團隊正在提高他們在與合作夥伴一起銷售方面的專業知識。正如吉爾所說，這是一種合作夥伴優先的設置和諮詢方法，但它也正在推動我們的解決方案朝著這個方向發展。因此，我們看到我們的合作夥伴生態系統有很大的成長和加速空間，而生態系統正在不斷加強。

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

你的下一個問題來自 Alex Sklar 和 Raymond James。

Julie, I want to follow up on your answer to Daniel's question right there. Just on the partner sourced deals, as you're approaching kind of the 2024 planning, does the success you've seen from the partner channel year-to-date at all changed your view on sales and marketing, hiring or leverage that you think you can get from your existing team?

朱莉，我想跟進你對丹尼爾問題的回答。僅就合作夥伴來源的交易而言，當您接近 2024 年規劃時，您今天迄今為止從合作夥伴渠道看到的成功是否完全改變了您對銷售和營銷、招聘或槓桿作用的看法你可以從你現有的團隊中得到什麼？

I would say not at this time, we co-sell along with our partners. We get -- we're getting more deals sourced from our partners, but our teams are very much engaged at this time. I don't anticipate reducing spend for that reason. We do see them helping us to expand in accounts, bringing leads our way, and we have good relationships on the sales side on both our partners and our own organization. So continuing to focus on growth, we'll continue to hire where it's necessary to do so to keep the relationships moving and expand our footprint.

我想說現在不會，我們與合作夥伴共同銷售。我們從合作夥伴那裡獲得了更多交易，但我們的團隊此時非常投入。我預計不會因此而減少支出。我們確實看到他們幫助我們擴大客戶，為我們帶來潛在客戶，而且我們在銷售方面與我們的合作夥伴和我們自己的組織都有良好的關係。因此，我們將繼續專注於成長，並在必要時繼續招募人員，以保持關係發展並擴大我們的足跡。

Okay. Great. And Julie, just one more follow-up, one more for you. Just I wonder as for the applicability of the platform and your own interest levels outside of the current kind of assured integrated reporting strategy. And with that kind of -- can you just talk about kind of the strategy as far as enabling partners to build on the Workiva platform?

好的。偉大的。朱莉，還有一個後續行動，另一個給你的。只是我想知道該平台的適用性以及您自己在當前有保證的綜合報告策略之外的興趣程度。您能否談談讓合作夥伴能夠在 Workiva 平台上進行建置的策略？

Sure. That is a part of our growth strategy, certainly to enable builders and partners to do that, and we're beginning to do that with some of our partners today and our alliances. And our platform, as we talked about here in my remarks, but also at our Investor Day, we talked about moving towards a platform for transparent reporting and regulatory disclosure. We have found as we have built out best-of-breed solutions for financial reporting, investor breed solutions for ESG and GRC, that our platform is now suited for a wide variety of regulatory disclosure requirements. So you will see us continuing to do that. And I gave a few examples on the call this afternoon as well. So that is the direction we are moving.

當然。這是我們成長策略的一部分，當然是為了讓建設者和合作夥伴能夠做到這一點，我們今天開始與我們的一些合作夥伴和我們的聯盟一起這樣做。正如我們在演講中以及投資者日所討論的那樣，我們的平台談到了走向透明報告和監管披露的平台。我們發現，隨著我們為財務報告、ESG 和 GRC 投資者培育解決方案建立了最佳解決方案，我們的平台現在適合各種監管揭露要求。所以你會看到我們繼續這樣做。我在今天下午的電話會議也舉了一些例子。這就是我們前進的方向。

Okay. Great. And one more squeeze in here on the ESG follow-up for one of the earlier questions. Can you just reference kind of with the increased competition you're seeing from point solutions and legacy solutions. Can you just talk about kind of how you stand out in that backdrop? Is it customers looking for the full fledge work? Is it solution? Is it educational? Is it really partners that are having to help drive it. Can you just kind of elaborate on your answer to that from earlier?

好的。偉大的。還有一個關於 ESG 後續問題的補充，以解答先前的問題之一。您能否參考單點解決方案和遺留解決方案日益激烈的競爭。您能談談您是如何在這種背景下脫穎而出的嗎？是客戶在尋找成熟的工作嗎？是解決方案嗎？有教育意義嗎？真的是合作夥伴需要幫忙推動它嗎？您能詳細說明一下您之前對此問題的回答嗎？

Sure. We love this question because let's just highlight where we have competitive advantage. And I'll start off by saying, look, we've been doing investor-grade reporting for well over a decade. We have the partner ecosystem -- tremendous partner ecosystem, as you said, and they are very much involved in our solution and can help bring value to customers quickly.

當然。我們喜歡這個問題，因為我們只強調我們擁有競爭優勢的地方。我首先要說的是，看，我們十多年來一直在做投資人級報告。我們擁有合作夥伴生態系統—正如您所說，巨大的合作夥伴生態系統，他們積極參與我們的解決方案，可以幫助快速為客戶帶來價值。

We have XBRL tagging, which we are the leader in. And we have been doing regulatory reporting for again, well over a decade, and we can ensure that our customers will be compliant when regulations change and they do frequently now. So that's just one area that we are in our experience and expertise. But we also, again, have that platform for financial, nonfinancial and GRC. And again, the world is moving in that direction, and we are the only technology platform that has all of that in one solution, one capability across the board.

我們擁有 XBRL 標籤，在這方面我們處於領先地位。十多年來，我們一直在進行監管報告，我們可以確保我們的客戶在法規發生變化時能夠遵守規定，而他們現在經常這樣做。這只是我們擁有豐富經驗和專業知識的領域之一。但我們也擁有針對金融、非金融和 GRC 的平台。再說一次，世界正在朝著這個方向發展，我們是唯一一個在解決方案中擁有所有這些功能、全面的功能的技術平台。

And then, of course, our fit for purposeness and all of the reporting to be able to ingest the data and certainly map to the frameworks and prepare those -- prepare the data for reporting to regulatory raters and rankers. And then we have design reporting as well as part of our platform now. So when you look at the comprehensiveness from source to report from end to end, Workiva stands out strong among the competition.

然後，當然，我們適合目的性和所有報告能夠攝取數據，當然映射到框架並準備這些數據 - 準備數據以向監管評級者和排名者報告。然後我們現在有了設計報告以及我們平台的一部分。因此，當您查看從來源到報告從頭到尾的全面性時，Workiva 在競爭對手中脫穎而出。

Your next question comes from the line of Joe Meares with Truist.

你的下一個問題來自 Joe Meares 和 Truist 的對話。

You guys have mentioned that you added 85 customers in the quarter. And I'm just curious, was this is a big driver here. I think at the Analyst Day you called out [185%] year-over-year growth in ESG customer count in 2Q. Just curious what that metric looked like in the third quarter? And then I have a follow-up.

你們提到本季增加了 85 個客戶。我只是很好奇，這是否是這裡的重要推動因素。我認為在分析師日您提到第二季 ESG 客戶數量年增 [185%]。只是好奇第三季該指標是什麼樣的？然後我有一個後續行動。

So we -- that's not a metric that we're providing each quarter. We'll keep you updated as we have additional data, but we were, as Julie had stated, we're very pleased with how ESG sales came through in the quarter, and it was our top individual solution.

所以我們——這不是我們每季提供的指標。我們會及時向您通報最新情況，因為我們有更多數據，但正如朱莉所說，我們對本季度 ESG 銷售的表現感到非常滿意，這是我們頂級的個人解決方案。

And then just around the implied guidance for profitability. It was great to see that OpEx only grew 6% in the third quarter. It looks like the guidance is implying that, that growth rate is well higher for OpEx in the fourth quarter. So I'm just curious if that's just conservatism or if there's anything onetime any items that are driving that?

然後就是圍繞著獲利能力的隱含指引。很高興看到第三季營運支出僅成長 6%。看起來該指引暗示，第四季營運支出的成長率要高得多。所以我只是好奇這是否只是保守主義，或者是否有任何東西曾經推動過這種情況？

So with our overall guidance for Q4 and for the full year, we are, as I've mentioned, being very prudent with how we put the models together. There's just a lot going on in the global environment with the macro and geopolitically. And so we're -- I would say that we always have the potential to outperform and we would like to be able to outperform. But with the way that our models were built, again, we were just being very prudent with the numbers.

因此，正如我所提到的，根據我們對第四季度和全年的整體指導，我們對如何將模型組合在一起非常謹慎。全球環境中的宏觀和地緣政治發生了很多事情。所以我們——我想說，我們總是有潛力超越大盤，而且我們希望能夠超越大盤。但根據我們模型的建構方式，我們對數字非常謹慎。

Your next question comes from the line of Ryan Krieger with Wolfe Research.

您的下一個問題來自 Wolfe Research 的 Ryan Krieger。

Just quick one on NRR. It's ticked up now another point and for the fourth quarter in a row. So can you just talk a little bit about the solutions in your portfolio, what's resonating most with customers from an expansion perspective? And then how do we think about it from here? Or based on what you're seeing, how much more room does it still have to run?

快速了解 NRR。現在它又連續第四季漲了一分。那麼您能否簡單談談您的產品組合中的解決方案，從擴充的角度來看，什麼最能引起客戶的共鳴？那麼從這裡我們該如何思考呢？或者根據您所看到的情況，它還需要運行多少空間？

Sure. I mean our NRR increasing steadily. We have a lot to do with our account expansion capabilities. And GRC is 1 area where when we sell their multiple solutions on our ESG. We have very strong success when we have existing customers. So there are a number of customers that are -- a number of solutions that are land for -- and expand, but we've been putting heavy emphasis on account expansion. And that's primarily where you're seeing the NRR increase.

當然。我的意思是我們的 NRR 穩定成長。我們的帳戶擴展能力有很多工作要做。 GRC 是我們在 ESG 上銷售其多種解決方案的領域之一。當我們擁有現有客戶時，我們就會取得巨大的成功。因此，有許多客戶正在擴展，但我們一直非常重視客戶擴展。這就是您看到 NRR 增加的主要地方。

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

您的下一個問題來自 Stifel 的 Brad Reback。

Julie, I think you had mentioned the potential for some acquisitions post the capital raise. Can you give us a sense of what type of deals you'd be looking at?

朱莉，我想你已經提到了融資後進行一些收購的潛力。您能否告訴我們您正在考慮什麼類型的交易？

Sure. Our capital raise, of course, good terms, and we have availability now to go after acquisitions potentially. They come in a number of forms. It may be something that brings up the platform entirely as did our prior acquisition of OneCloud, raising all capabilities across the board on the solution. We would be looking for potentially a gap closure on the platform, just added capability. We have plenty of TAM doesn't necessarily have to be that, but we might find something in adjacent market. So I think we're wide open in terms of the acquisition types that we would go after.

當然。當然，我們籌集資金的條件很好，而且我們現在有能力進行潛在的收購。它們有多種形式。它可能會像我們之前收購 OneCloud 一樣完全提昇平台的功能，全面提升解決方案的所有功能。我們將尋找平台上潛在的缺口，只是增加功能。我們有很多TAM，但不一定是這樣，但我們可能會在鄰近市場找到一些東西。因此，我認為我們對於我們所追求的收購類型持開放態度。

That's great. And then, Jill, given the environment commentary, if it remains challenging out there and the sub growth is maybe a bit below where it came in this year, would you be more aggressive on the OpEx side next year to manage margin?

那太棒了。然後，吉爾，考慮到環境評論，如果市場仍然充滿挑戰，並且次級增長可能略低於今年的水平，那麼明年您會在運營支出方面更加積極地管理利潤嗎？

So we are focused on growth. And we know that we have our large unaddressed TAM to go after. And we would make sure to be -- continue to focus on productivity and getting leverage out of our existing resources. And we'll be watching that mix very closely going into next year, I know you will be, Brad.

所以我們專注於成長。我們知道我們還有大量未解決的 TAM 需要追尋。我們將確保—繼續專注於生產力並充分利用我們現有的資源。我們將在明年密切關注這一組合，我知道你會的，布拉德。

Your next question comes from the line of Mike Grondhal with Northland Securities.

您的下一個問題來自 Northland Securities 的 Mike Grondhal。

This is Luke Horton on for Mike. So you guys gave some nice insight on the European market. It's nice to see that momentum building there. But just wanted to touch on the APAC region and if there's anything to call out here, what sort of the strategy behind this place?

這是麥克的盧克霍頓。你們對歐洲市場提供了一些很好的見解。很高興看到那裡的勢頭正在增強。但我只是想談談亞太地區，如果這裡有什麼需要指出的，這個地方背後的策略是什麼樣的？

Sure. I mean we've entered APAC most recently. Our approach there is with our partners, partner first where we're known less than we are, of course, in North America and even in Europe. But we are developing strong relationships and breaking it into the market. Lots of opportunity ahead for us.

當然。我的意思是我們最近進入了亞太地區。我們的做法是與我們的合作夥伴合作，合作夥伴優先，當然，我們在北美甚至歐洲的知名度較低。但我們正在發展牢固的關係並將其打入市場。我們面前有很多機會。

There are no further questions at this time. This will conclude today's conference. We thank you for joining. You may now disconnect your lines.

目前沒有其他問題。今天的會議到此結束。我們感謝您的加入。現在您可以斷開線路。