Workiva Inc (WK) 2023 Q4 法說會逐字稿

Good afternoon, ladies and gentlemen. My name is Mandeep, and I will be your host operator on this call. (Operator Instructions) Please note that this call is being recorded on February 20, 2024, at 5:00 PM Eastern.

女士們、先生們，午安。我的名字是 Mandeep，我將擔任本次通話的主持人接線生。（操作員說明）請注意，此通話錄音時間為東部時間 2024 年 2 月 20 日下午 5:00。

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.

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 fourth-quarter and full fiscal year 2023 conference call. During today's call, we will review our fourth-quarter results and discuss our guidance for the first-quarter and full-year 2024.

下午好，感謝您參加 Workiva 第四季和 2023 財年的電話會議。在今天的電話會議中，我們將回顧第四季度業績，並討論我們對 2024 年第一季和全年的指導。

Today's call has been pre-recorded 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 February 27, 2024. 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，其中包括我們的執行長 Julie Iskow 以及我們的財務長 Jill Klindt 的評論。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至 2024 年 2 月 27 日。今天的新聞稿中列出了觀看重播的信息，您可以在我們網站的投資者關係部分找到該新聞稿。

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 first-quarter and full fiscal year 2024. 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，我們將就未來事件和財務業績做出前瞻性聲明，包括對 2024 年第一季和整個財年的指導。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。

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陳述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通話後發生的事件。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。

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資訊。

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

首先，我們將把電話轉給執行長 Julie Iskow。

Thank you, Mike, and thank you to everyone on today's call. The Workiva team closed out 2023 with solid Q4 results, delivering subscription revenue growth of 18% and a non-GAAP operating profit that beat the high end of our guidance by 367 basis points. For the full-year 2023, we exceeded guidance for the targets that we set in both February and Q3 of 2023.

謝謝麥克，也謝謝參加今天電話會議的所有人。Workiva 團隊以穩健的第四季業績結束了 2023 年，訂閱收入成長了 18%，非 GAAP 營業利潤超出了我們指導的上限 367 個基點。2023 年全年，我們超越了 2023 年 2 月和第三季設定的目標指引。

Our solid performance resulted in a revenue growth rate of 20% in subscription revenue and 17% in total revenue. These results were driven by broad-based, strong demand across our solution portfolio. Consistent with the past several quarters, we continue to see outpaced growth in our large contract customers. This is driven by additional solution sales into our install base.

我們穩健的業績使得訂閱營收成長率達到 20%，總營收成長率達到 17%。這些結果是由我們解決方案組合的廣泛、強勁需求所推動的。與過去幾個季度一樣，我們繼續看到大型合約客戶的成長速度超過了成長速度。這是由我們的安裝基礎的額外解決方案銷售所推動的。

In Q4, the number of contracts valued over $100,000 increased 21%. Those over $150,000 increased 27%, and contracts valued over $300,000 were up 32%, all compared to Q4 of 2022. Although 2023 brought with it a tough macro environment, we finished the year strong. And we believe we are set up for durable growth in the years to come.

第四季度，價值超過 10 萬美元的合約數量增加了 21%。與 2022 年第四季相比，價值超過 15 萬美元的合約成長了 27%，價值超過 30 萬美元的合約成長了 32%。儘管 2023 年宏觀環境嚴峻，但我們還是以強勁的表現結束了這一年。我們相信，我們已經做好了在未來幾年實現持久成長的準備。

Our platform is a key differentiator in the marketplace. Workiva remains the only platform that brings financial reporting, ESG, and GRC together in one secure, controlled, audit-ready environment. We are the platform for assured, integrated reporting.

我們的平台是市場上的關鍵差異化因素。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。我們是可靠的綜合報告平台。

I'd like to highlight three assured integrated reporting wins that we signed in Q4. First, a Fortune 50 US multinational food company rounded out their platform with investment in GRC. The purchase of the controlled management solution complements their previous investment in ESG, SEC, and management reporting.

我想強調我們在第四季度簽署的三項有保證的綜合報告勝利。首先，一家財富 50 強美國跨國食品公司透過投資 GRC 完善了他們的平台。購買受控管理解決方案是他們先前在 ESG、SEC 和管理報告方面的投資的補充。

This 10-year loyal SEC customer was engaged with a Big Four advisory firm in a 2023 ESG implementation project. And this firm recommended Workiva as the technology of choice for GRC. This same firm will also be providing delivery for the GRC project.

這位 SEC 10 年忠實客戶與四大顧問公司合作了 2023 年 ESG 實施專案。該公司推薦 Workiva 作為 GRC 的首選技術。這家公司也將為 GRC 專案提供交付服務。

Second, a European-based biopharmaceutical company expanded their platform usage with the purchase of ESG and global statutory reporting. This ESG win was in competition with a regional ESG point solution that could only address some of the company's requirements.

其次，一家歐洲生物製藥公司透過購買 ESG 和全球法定報告擴大了其平台的使用。這場 ESG 勝利是與區域 ESG 點解決方案競爭的，該解決方案只能滿足公司的部分要求。

This customer initially purchased Workiva for ease of reporting, internal controls, and enterprise risk management back in Q3 of 2022. The Big Four firm that successfully implemented those solutions was a co-sell partner in this Q4 deal. And they will be providing delivery on both the ESG and the global statutory reporting solutions.

該客戶最初於 2022 年第三季購買 Workiva，以方便報告、內部控制和企業風險管理。成功實施這些解決方案的四大公司是本次第四季交易的共同銷售合作夥伴。他們將提供 ESG 和全球法定報告解決方案。

And third, more than just account expansion, we're landing with the platform, including a five-solution new logo win with a European-based holding company that purchased global statutory reporting, ESG, controls management, audit management, and enterprise risk management. This was a competitive deal against five GRC platform solution providers.

第三，不僅僅是帳戶擴張，我們還登陸了該平台，包括與一家總部位於歐洲的控股公司贏得了五種解決方案的新徽標，該控股公司購買了全球法定報告、ESG、控制管理、審計管理和企業風險管理。這是針對五家 GRC 平台解決方案供應商的一項具有競爭力的交易。

This assured, integrated reporting win was sourced by a Big Four advisory firm who will be providing implementation services for this project. In addition to the assured, integrated reporting wins that I just described, we also saw some large platform deals this quarter in financial services.

這項有保證的綜合報告勝利是由四大顧問公司提供的，該公司將為該專案提供實施服務。除了我剛才描述的有把握的綜合報告勝利之外，本季度我們還看到了金融服務領域的一些大型平台交易。

While our platform itself is a clear differentiator, the wins we saw were also driven by the specific fit-for-purpose solutions we offer to banks, insurance companies, and investment firms. I'd like to highlight three financial services-specific deals.

雖然我們的平臺本身是一個明顯的差異化因素，但我們所看到的勝利也是由我們為銀行、保險公司和投資公司提供的特定用途解決方案所推動的。我想重點介紹三項針對金融服務的交易。

The first is a new logo seven-figure opportunity with a top 20 US bank holding company. This was a five-solution deal that included SEC reporting, ESG reporting, stress testing, living will, and bank regulatory reporting. This deal was sourced and will be implemented by a Big Four advisory firm.

第一個是與美國前 20 名銀行控股公司合作的七位數新標誌機會。這是一項包含五種解決方案的交易，包括 SEC 報告、ESG 報告、壓力測試、生前預囑和銀行監管報告。該交易由四大顧問公司發起並將實施。

The second is a seven-figure account expansion with a top 10 global bank. This bank is now using 15 solutions across the platform, with an annual spend of over $5 million.

第二個是與全球排名前十的銀行進行七位數的帳戶擴張。該銀行目前在整個平台上使用 15 種解決方案，每年支出超過 500 萬美元。

This existing account renewal included expanded use of financial reporting, ESEF reporting, and bank-specific solutions, including ICAAP or the internal capital adequacy assessment process, which is part of the Basel Pillar 2 framework. It also included resolution planning, stress testing, and Basel Pillar 3 disclosure reporting.

現有帳戶更新包括擴大使用財務報告、ESEF 報告和銀行特定解決方案，包括 ICAAP 或內部資本充足性評估流程，這是巴塞爾第二支柱框架的一部分。它還包括決議規劃、壓力測試和巴塞爾第三支柱揭露報告。

And these platform wins are not just limited to banks. The third highlighted deal is a seven-figure account expansion with a top 10 global life insurance company. This customer has now licensed 17 solutions, with an annual spend of over $3 million.

這些平台的勝利不僅限於銀行。第三筆引人注目的交易是與一家全球十大人壽保險公司進行七位數的帳戶擴張。該客戶現已獲得 17 個解決方案的許可，每年支出超過 300 萬美元。

This solution expansion included the addition of ESG and three insurance-specific solutions: insurance statutory reporting; Solvency II reporting; and actuarial memorandum, a National Association of Insurance Commissioners reporting requirement. This opportunity was a co-sell with a Big Four firm who'll be providing delivery for the ESG solution.

此解決方案擴展包括添加 ESG 和三個特定於保險的解決方案：保險法定報告；償付能力II報告；和精算備忘錄，全國保險專員協會的報告要求。這個機會是與四大公司共同銷售的，該公司將提供 ESG 解決方案的交付。

A connecting theme between these financial services customers is that they are all spending more than $1 million in annual recurring revenue with us. Although the Workiva customer base is spread across all industries, more than half of those customers spending more than $1 million in ARR with us are financial services firms.

這些金融服務客戶之間的一個共同點是，他們每年在我們這裡花費的經常性收入都超過 100 萬美元。儘管 Workiva 的客戶群遍布各個行業，但在我們的 ARR 支出超過 100 萬美元的客戶中，超過一半是金融服務公司。

We're encouraged by the increased spend that we saw with financial services customers in 2023. And we believe we have room for significant growth in this industry in the coming years. This optimism is driven by the value that we deliver to these customers. And it's supported by our unrivalled platform, internal expertise, and an expanding partner ecosystem.

2023 年金融服務客戶支出的增加令我們深受鼓舞。我們相信，未來幾年該行業還有顯著成長的空間。這種樂觀情緒是由我們為這些客戶提供的價值所驅動的。它得到了我們無與倫比的平台、內部專業知識和不斷擴大的合作夥伴生態系統的支持。

First, we've been doing SEC and investor-grade regulatory reporting for more than a decade. And second, we have the market-leading ESG reporting solution. And ESG is quickly becoming a must-have for financial services firms, as they manage ESG risks as part of their overall risk program.

首先，我們十多年來一直在做 SEC 和投資者級監管報告。其次，我們擁有市場領先的 ESG 報告解決方案。ESG 正迅速成為金融服務公司的必備要素，因為它們將 ESG 風險作為整體風險計畫的一部分進行管理。

Third, we have fit-for-purpose capabilities for financial services regulations. We have more than a decade of experience supporting firms with their Dodd-Frank, Solvency II, stress testing, living will, and other regional regulatory reporting requirements.

第三，我們具備金融服務監理的針對性能力。我們擁有十多年支持公司滿足多德弗蘭克法案、償付能力監管 II、壓力測試、生前預囑和其他區域監管報告要求的經驗。

And importantly, our partner ecosystem and staff expertise enable us to support complex regulatory requirements. We have a proven track record of delivering to top global banks, insurance companies, and investment firms.

重要的是，我們的合作夥伴生態系統和員工專業知識使我們能夠支援複雜的監管要求。我們在向全球頂級銀行、保險公司和投資公司提供服務方面擁有良好的記錄。

Let's move on to a top-booking solution, yet again, for the quarter: ESG. We're beginning to see early signs that the upcoming deadlines for regulations, such as the European CSRD, are influencing purchasing cycles. Reporting for the CSRD begins in 2025.

讓我們再次討論本季最熱門的預訂解決方案：ESG。我們開始看到早期跡象，表明即將到來的法規（例如歐洲 CSRD）最後期限正在影響採購週期。CSRD 的報告將於 2025 年開始。

And while we still see many firms purchasing ESG outside of mandatory regulatory requirements, we did see more deals in Q4 referencing the CSRD and the reporting requirements approved this past year: the enterprise sustainability reporting standards, ESRS.

雖然我們仍然看到許多公司在強制性監管要求之外購買 ESG，但我們確實在第四季度看到了更多參考 CSRD 和去年批准的報告要求的交易：企業永續發展報告標準 ESRS。

Our ESG account expansion activity remains strong. And both our differentiated platform and our partner-first strategy are contributing to our win rate. I'd like to highlight three ESG wins from the quarter.

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提高我們的勝率。我想重點介紹本季度的三項 ESG 勝利。

First, a Fortune 25 oil and gas company purchased our ESG solution to support their global ESG reporting initiatives, including the CSRD. This healthy six-figure account expansion deal was sourced by a regional advisory firm, who has been engaged with this company on a three-year finance transformation project that includes the Workiva platform. This deal was also influenced by a Big Four firm that's working with the company's carbon accounting solution and will provide integration between Workiva and this carbon solution.

首先，一家財富 25 強石油和天然氣公司購買了我們的 ESG 解決方案，以支援他們的全球 ESG 報告計劃，包括 CSRD。這筆六位數的帳戶擴張交易是由一家區域諮詢公司發起的，該公司一直與該公司合作開展一個為期三年的財務轉型項目，其中包括 Workiva 平台。這筆交易也受到了一家四大公司的影響，該公司正在使用該公司的碳會計解決方案，並將提供 Workiva 與該碳解決方案之間的整合。

Second, a European-based shipping company expanded to their sixth solution on the Workiva platform with the addition of ESG. This company first purchased Workiva to support SEC reporting back in 2017. Over the years, they've added ESEF reporting and the GRC solutions to their platform usage.

其次，一家歐洲航運公司在 Workiva 平台上擴展了他們的第六個解決方案，增加了 ESG。該公司於 2017 年首次購買 Workiva 以支持 SEC 報告。多年來，他們在平台使用中加入了 ESEF 報告和 GRC 解決方案。

The specific features offered by Workiva to support the enterprise sustainability reporting standards and connectivity to the GRC solutions were a differentiator for this customer. This opportunity was a co-sell with a Big Four firm.

Workiva 提供的支援企業永續發展報告標準的特定功能以及與 GRC 解決方案的連接性是該客戶的優勢所在。這個機會是與四大公司共同銷售的。

And third, we signed a new logo deal for ESG with a top US-based private consumer products company. This company has publicly committed to achieving net zero emissions by 2050 and is investing more than $1 billion in the coming years to become more sustainable.

第三，我們與一家美國頂級私人消費品公司簽署了 ESG 新標誌協議。該公司已公開承諾在 2050 年實現淨零排放，並在未來幾年投資超過 10 億美元以提高永續性。

With over half its revenue coming from outside of the US, compliance with the European CSRD was one of the drivers for this deal. This was a co-sell deal with a Big Four advisory firm who will also be leading the implementation.

由於其一半以上的收入來自美國以外的地區，遵守歐洲 CSRD 是這筆交易的推動因素之一。這是與四大顧問公司的共同銷售交易，該公司也將領導實施。

I'd like to shift the discussion now towards the performance of our GRC solution set. GRC provided a significant account expansion opportunity for us in 2023.

我現在想將討論轉向我們的 GRC 解決方案集的效能。GRC 在 2023 年為我們提供了重要的客戶擴張機會。

In the face of economic slowdown, geopolitical events, and a heightened awareness of sustainability, organizations are grappling with increased uncertainty. As a result, managing risk and controls has become more important than ever. I'd like to highlight three GRC deals that closed during the fourth quarter.

面對經濟放緩、地緣政治事件和永續發展意識的增強，組織正在努力應對日益增加的不確定性。因此，管理風險和控制變得比以往任何時候都更加重要。我想重點介紹第四季完成的三筆 GRC 交易。

First, a Fortune 100 US-based consumer staples company expanded their use of the Workiva platform with a six-figure investment in our controls and risk management solutions. This customer had previously purchased Workiva's SEC, global statutory reporting, and ESG solutions.

首先，一家美國財富 100 強消費品公司擴大了 Workiva 平台的使用，對我們的控制和風險管理解決方案進行了六位數的投資。該客戶先前購買了 Workiva 的 SEC、全球法定報告和 ESG 解決方案。

This was a competitive deal against a GRC point solution-provider, where the Workiva platform approach was a significant differentiator. The connectivity of ESG and GRC data along with a single vendor platform approach were key in achieving the signoff by IT on this important transformation project. This opportunity was sourced and will be implemented by a Big Four advisory firm.

這是針對 GRC 點解決方案提供者的一項具有競爭力的交易，其中 Workiva 平台方法是一個顯著的差異化因素。ESG 和 GRC 資料的連結性以及單一供應商平台方法是 IT 部門批准此重要轉型專案的關鍵。這個機會是由四大顧問公司尋找並將實施的。

And second, a European-based digital media company purchased our controls management solution. This new logo deal was a co-sell and will be implemented by a Big Four advisory firm.

其次，一家歐洲數位媒體公司購買了我們的控制管理解決方案。這項新標誌交易是共同銷售，將由四大顧問公司實施。

The co-sell motion on this GRC deal also positioned Workiva's ESG solution. We were selected as the top vendor in this competitive deal since we were the only solution to provide capabilities that addressed not only GRC-specific requirements, but also supported their future CSRD reporting needs.

此 GRC 交易的共同出售動議也為 Workiva 的 ESG 解決方案定位。我們被選為這項競爭性交易中的頂級供應商，因為我們是唯一能夠提供不僅滿足 GRC 特定要求，而且還支援他們未來的 CSRD 報告需求的解決方案。

And third, a top UK insurance company expanded their investment in Workiva with a four-solution deal including controls management, audit management, policy management, and enterprise risk management. This customer had previously invested in Workiva's financial reporting, global statutory reporting, and insurance-specific Solvency II solutions.

第三，一家英國頂級保險公司透過一項包括控制管理、審計管理、保單管理和企業風險管理在內的四項解決方案交易擴大了對 Workiva 的投資。該客戶之前曾投資過 Workiva 的財務報告、全球法定報告和保險特定的 Solvency II 解決方案。

This healthy six-figure product expansion into our GRC solution set was sourced and will be implemented by a Big Four advisory firm. Over the past few years, this firm has been working with the company on a finance transformation project that includes the Workiva platform.

我們的 GRC 解決方案集的六位數產品健康擴張是由四大顧問公司採購和實施的。在過去的幾年裡，該公司一直與該公司合作進行一個財務轉型項目，其中包括 Workiva 平台。

I'll move on now to an update on global regulations. 2023 was a busy year for regulators with a number of final rulings on ESG, both in Europe and in the US, including the state of California's climate disclosure rule which passed in October.

我現在將繼續介紹全球法規的最新情況。 2023 年對監管機構來說是忙碌的一年，歐洲和美國的監管機構都針對 ESG 做出了多項最終裁決，其中包括 10 月通過的加州氣候揭露規則。

During Q4, there was additional ESG regulatory activity in Europe, with further updates announced in 2024. On February 7, the EU Council and EU Parliament announced a two-year delay in developing standards for specific industry sectors and third-country companies.

第四季度，歐洲開展了更多 ESG 監管活動，並於 2024 年宣布了進一步更新。2月7日，歐盟理事會和歐盟議會宣布推遲兩年為特定產業和第三國公司製定標準。

The CSRD defines third-country companies as those non-EU organizations with over EUR150 million in annual revenue from the EU for the past two consecutive years. This standard-setting delay, which does not impact reporting timelines, will provide regulators more time to develop specific disclosure rules for non-EU companies and certain industries.

CSRD將第三國公司定義為過去連續兩年從歐盟獲得的年收入超過1.5億歐元的非歐盟組織。標準制定的延遲不會影響報告時間表，將為監管機構提供更多時間來為非歐盟公司和某些行業制定具體的揭露規則。

The end result of this action is that it will provide affected companies less time to prepare once the final rules are published. To be very clear, this was not a change to the reporting timeline for non-EU companies. The qualifying non-EU company reporting dates remain unchanged.

此舉的最終結果是，最終規則發布後，受影響的公司將減少準備時間。需要明確的是，這並不是對非歐盟公司的報告時間表的改變。合格的非歐盟公司報告日期保持不變。

What this change is likely to do is cause greater uncertainty with those companies affected. We believe that this provides an opportunity for Workiva to offer additional guidance to clients on how to be ready for when these specific ESRS guides are published. What remains unchanged is that companies will need to build the processes and reporting systems to disclose additional climate and sustainability information and deliver those disclosures on the dates as originally outlined in the CSRD.

這項變化可能會為受影響的公司帶來更大的不確定性。我們相信，這為 Workiva 提供了一個機會，可以向客戶提供額外指導，幫助他們在這些特定 ESRS 指南發佈時做好準備。不變的是，公司將需要建立流程和報告系統來披露額外的氣候和可持續發展信息，並按照 CSRD 最初概述的日期提供這些披露。

As we enter 2024, the ESG regulatory landscape is taking shape. In Europe, the CSRD and related enterprise sustainability reporting standards are in place, and the timelines are set. Large enterprises will be required to begin reporting in 2025 on 2024 results.

進入2024年，ESG監管格局正在形成。在歐洲，CSRD 和相關企業永續發展報告標準已經到位，並設定了時間表。大型企業將被要求從 2025 年開始報告 2024 年的表現。

In the US, the California climate disclosure rule has been passed with reporting dates outlined in those regulations. State Bill 253 requires subject companies to report scope 1 and scope 2 emissions starting in 2026.

在美國，加州氣候資訊揭露規則已獲得通過，並在這些法規中概述了報告日期。州法案 253 要求相關公司從 2026 年開始報告範圍 1 和範圍 2 排放。

Starting in 2027, those subject companies will have to report scope 3 emissions. State Bill 261 requires covered entities to prepare, publish, and submit a climate-related financial risk report on or before January 1, 2026, and biennially thereafter.

從 2027 年開始，這些主體公司將必須報告範圍 3 排放量。州法案 261 要求所涵蓋的實體在 2026 年 1 月 1 日或之前準備、發布和提交氣候相關的財務風險報告，此後每兩年一次。

Also in the US, we're still awaiting the finalization of the proposed SEC climate disclosure rule. In December, the SEC communicated that the proposed climate disclosure rule has targeted completion on their April regulatory calendar.

同樣在美國，我們仍在等待擬議的 SEC 氣候揭露規則的最終確定。12 月，美國證券交易委員會表示，擬議的氣候揭露規則的目標是在 4 月的監管日曆上完成。

As we have communicated in the past, regardless of regulation, organizations are purchasing software to report their sustainability and financial information. Regulation or not, what remains constant is that when companies report, both numbers and narrative, it needs to be accurate. And we shine where data consistency, data integrity, and data accuracy are critical, and narrative is required.

正如我們過去所傳達的，無論監管如何，組織都會購買軟體來報告其可持續性和財務資訊。無論是否受到監管，不變的是，當公司報告時，無論是數字還是敘述，都需要準確。我們在數據一致性、數據完整性和數據準確性至關重要且需要敘述性的地方表現出色。

How we manage this data is all driven by our platform that we continue to invest in. We remain focused on innovation and commercializing market-leading solutions. In Q4, we continued to deliver new capabilities that not only address our customers' current requirements, but that also prepare them for what's on the horizon.

我們如何管理這些數據都是由我們持續投資的平台所驅動的。我們仍然專注於創新和市場領先解決方案的商業化。在第四季度，我們繼續提供新功能，不僅可以滿足客戶當前的需求，還可以幫助他們為即將發生的事情做好準備。

One of Workiva's strengths is our speed to deliver net new innovation. One example is our ambitious generative AI roadmap. Workiva first launched in-app gen AI platform capabilities in July 2023 to deliver a gen AI experience to our customers that was secure and protected, but focused on customer workflows and that was tailored to our solutions.

Workiva 的優勢之一是我們提供全新創新的速度。我們雄心勃勃的生成式人工智慧路線圖就是一個例子。Workiva 於 2023 年 7 月首次推出應用內 gen AI 平台功能，為我們的客戶提供安全且受保護的 gen AI 體驗，但專注於客戶工作流程，並且是根據我們的解決方案量身定制的。

At our November EMEA Amplify event, we announced the availability of new Gen AI capabilities specific to ESG. These new capabilities support ESRS' disclosure statement generation that will assist those customers that need to comply with the EU Corporate Sustainability Reporting Directive.

在 11 月 EMEA Amplify 活動中，我們宣布推出專門針對 ESG 的新一代 AI 功能。這些新功能支援 ESRS 的揭露聲明生成，這將有助於那些需要遵守歐盟企業永續發展報告指令的客戶。

These new capabilities employ semantic search along with retrieval-augmented generation techniques, which allow us to combine the power of large language models with domain-specific data to help solve our customers' challenges. ESRS' disclosure statement generation supports our ESG customers in adopting the new CSRD/ESRS reporting standard by enabling them to identify relevant disclosures and then automatically generating draft disclosure statements based on their data.

這些新功能採用語義搜尋以及檢索增強生成技術，使我們能夠將大型語言模型的強大功能與特定領域的數據相結合，幫助解決客戶的挑戰。ESRS 的揭露聲明產生支援我們的 ESG 客戶採用新的 CSRD/ESRS 報告標準，使他們能夠識別相關揭露，然後根據其資料自動產生揭露聲明草案。

In Q4, we also launched new designed reporting capabilities. The ability to create formatted and highly stylized disclosures is an important part of our customers' workflow. Whether they utilize an outside design agency or they do the work in-house, the Workiva platform offers unique capabilities for layout and design, which sets us apart.

在第四季度，我們也推出了新設計的報告功能。創建格式化且高度風格化的揭露的能力是我們客戶工作流程的重要組成部分。無論他們利用外部設計機構還是內部工作，Workiva 平台都提供獨特的佈局和設計功能，這使我們與眾不同。

In Q4, we added more features for designers to create integrated reports with highly stylized designs. These features included locking object properties, SEC EDGAR support for reports, and advanced blackline and track changes capabilities. As a result of the new designed reporting capabilities launched in Q3 and Q4, hundreds of customers and partners across Europe and North America are now adopting Workiva's platform to build designed reports.

在第四季度，我們為設計人員添加了更多功能，以創建具有高度風格化設計的整合報告。這些功能包括鎖定物件屬性、SEC EDGAR 對報表的支援以及進階黑線和軌道變更功能。由於在第三季和第四季推出了新設計的報告功能，歐洲和北美的數百家客戶和合作夥伴現在正在採用 Workiva 的平台來建立設計報告。

Finally, in Q4, Workiva shared its global commitment to enable customers to work in their preferred language. Although Workiva has supported multi-language capabilities for years, the newly released platform features will reduce the time it takes to add new languages and will provide translation for both menu labels and content.

最後，在第四季度，Workiva 分享了其全球承諾，讓客戶能夠以他們喜歡的語言工作。儘管 Workiva 多年來一直支援多語言功能，但新發布的平台功能將減少添加新語言所需的時間，並將提供選單標籤和內容的翻譯。

The platform now supports several new languages, including Castilian and Latin American Spanish, French, German, Japanese, and traditional Chinese. Hundreds of customers are already using our platform in these languages for a better user experience.

該平台現在支援多種新語言，包括卡斯提爾語和拉丁美洲西班牙語、法語、德語、日語和繁體中文。數百名客戶已經以這些語言使用我們的平台，以獲得更好的使用者體驗。

We continue to deliver technology innovation on our platform and differentiating capabilities with our solutions. Both are being embraced by our customers.

我們繼續在我們的平台上提供技術創新，並透過我們的解決方案提供差異化的功能。兩者都受到我們客戶的歡迎。

Moving on to the setup for 2024, Jill will provide you with detailed information for our Q1 and full-year 2024 guidance. Setting the backdrop for the guide, I'll provide a few comments on what we are seeing in the market and our 2024 focus areas.

接下來是 2024 年的設置，Jill 將為您提供我們第一季和 2024 年全年指導的詳細資訊。在為指南設定背景時，我將就我們在市場上看到的情況和 2024 年的重點領域提供一些評論。

As we step into 2024, we still observe cautious buyers and continuous uncertainty in the economic and geopolitical environment in both the US and Europe. While we're optimistic for improved market conditions, uncertainty persists. And this uncertainty is reflected in our full-year guidance.

進入 2024 年，我們仍然觀察到買家謹慎，美國和歐洲的經濟和地緣政治環境持續存在不確定性。儘管我們對市場狀況的改善持樂觀態度，但不確定性仍然存在。這種不確定性反映在我們的全年指導中。

From a strategy perspective, in 2024, we're first and foremost focused on subscription revenue growth. Across the company, we continue to focus on driving growth and going after our large and untapped TAM. We plan to balance this growth focus with a continued emphasis on productivity.

從策略角度來看，2024 年我們首先關注的是訂閱收入的成長。在整個公司範圍內，我們繼續專注於推動成長並追求我們尚未開發的龐大 TAM。我們計劃在成長重點與持續強調生產力之間取得平衡。

We're building strong teams, improving the way we work, and incentivizing the right behaviors to achieve our growth. We also remain enthusiastic about the opportunity that we see with account expansion and the increased leverage delivered from our expanding partner ecosystem. Furthermore, we're pleased with the progress made by our sales and our customer success teams, who are working closely with our clients to address their most challenging reporting and compliance needs.

我們正在建立強大的團隊，改進我們的工作方式，並激勵正確的行為以實現我們的成長。我們也對帳戶擴張和不斷擴大的合作夥伴生態系統帶來的槓桿作用增加所帶來的機會保持熱情。此外，我們對銷售和客戶成功團隊的進展感到高興，他們正在與客戶密切合作，解決他們最具挑戰性的報告和合規需求。

Leading organizations are investing in our strategic platform that brings together financial reporting, GRC, and ESG. Workiva's position as the assured, integrated reporting platform to power transparent reporting continues to gain momentum. Our value proposition has never been stronger or more relevant.

領先的組織正在投資我們的策略平台，該平台匯集了財務報告、GRC 和 ESG。Workiva 作為有保障的綜合報告平台，推動透明報告的地位不斷增強。我們的價值主張從未如此強大或如此相關。

In closing, I'd like to thank the entire Workiva team for their commitment and their achievements in Q4 and throughout 2023. We have an incredible opportunity in front of us. And I remain confident in our ability to capitalize on it, thanks to the more than 2,500 Workivians dedicated to our mission.

最後，我要感謝整個 Workiva 團隊的承諾以及他們在第四季和 2023 年全年的成就。我們面前有一個難以置信的機會。我對我們利用這一點的能力仍然充滿信心，這要感謝 2,500 多名致力於我們使命的 Workivians。

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. For our call today, I will be discussing the financials and key metric highlights for the fourth-quarter and full-year 2023. Following that, I will provide commentary and guidance for Q1 and full-year 2024 before opening the line for questions.

謝謝你，朱莉。在今天的電話會議中，我將討論 2023 年第四季和全年的財務狀況和關鍵指標亮點。接下來，我將在開始提問之前提供第一季和 2024 年全年的評論和指導。

I'm pleased to report that we have exceeded our Q4 revenue guidance by $2 million. This beat was driven by strong subscription revenue growth, as well as higher-than-expected services revenue.

我很高興地報告，我們第四季的收入指導超出了 200 萬美元。這一成長是由強勁的訂閱收入成長以及高於預期的服務收入所推動的。

We also beat our guidance on Q4 operating results, generating $12.7 million of operating profit, a 430-basis-point improvement versus Q4 2022. Stronger revenue, improved efficiency and productivity, and lower travel expenses drove the beat, reflecting our focus on growth and improved operating leverage.

我們也超越了第四季度營運業績指引，實現了 1,270 萬美元的營運利潤，比 2022 年第四季提高了 430 個基點。強勁的收入、更高的效率和生產力以及更低的差旅費用推動了這一成長，反映出我們對成長的關注和營運槓桿的改善。

We generated total revenue in the fourth quarter of $166.7 million, delivering growth of 16% from Q4 2022. Subscription revenue was $148.8 million in Q4 2023, up 18% from Q4 2022. Once again, this quarter, a combination of new customers and account expansions contributed to our strong revenue growth. New customers added in the last 12 months accounted for 47% of the increase in subscription revenue.

我們第四季的總營收為 1.667 億美元，較 2022 年第四季成長 16%。2023 年第四季的訂閱收入為 1.488 億美元，比 2022 年第四季成長 18%。本季度，新客戶和帳戶擴張的結合再次為我們的強勁收入成長做出了貢獻。過去 12 個月新增客戶佔訂閱收入成長的 47%。

Professional services revenue was $17.9 million in Q4 2023, down 37 basis points compared to the same quarter last year. A decline in setup and consulting revenue was mostly offset by growth in XBRL services.

2023 年第四季專業服務收入為 1,790 萬美元，比去年同期下降 37 個基點。設定和諮詢收入的下降大部分被 XBRL 服務的成長所抵消。

As I have previously mentioned, we are currently working on shifting our lower-margin setup and consulting services to our partners. We are actively implementing this plan and anticipate that the revenue from setup and consulting services will continue to decrease throughout 2024.

正如我之前提到的，我們目前正在努力將利潤較低的設定和諮詢服務轉移給我們的合作夥伴。我們正在積極實施該計劃，預計 2024 年來自設定和諮詢服務的收入將繼續下降。

Moving to our performance metrics, we added 89 net new customers in Q4 for a total customer count of 6,034, a growth of 370 customers from Q4 2022. Our gross revenue retention rate of 98% was well ahead of our 96% internal target metric. And our net revenue retention rate increased to 110% for the fourth quarter of 2023 compared to 109% for Q4 2022.

轉向我們的績效指標，我們在第四季度淨增加了 89 名新客戶，客戶總數達到 6,034 名，比 2022 年第四季增加了 370 名客戶。我們 98% 的總營收留任率遠高於 96% 的內部目標指標。2023 年第四季我們的淨收入保留率增至 110%，而 2022 年第四季為 109%。

For Q4 2023, 64% of our subscription revenue was generated from customers with multiple solutions. This compares to 62% reported in Q4 2022. This account expansion trend is also reflected in our large contract customers.

2023 年第四季度，我們 64% 的訂閱收入來自擁有多種解決方案的客戶。相比之下，2022 年第四季報告的比例為 62%。這種帳戶擴張趨勢也體現在我們的大合約客戶身上。

In the fourth quarter of 2023, we had 1,631 contracts valued at over $100,000 per year, up 21% from Q4 the prior year. The number of contracts valued at over $150,000 totaled 915 customers in the fourth quarter, up 27% from Q4 2022. And the number of contracts valued over $300,000 totaled 311, up 32% from Q4 2022.

2023 年第四季度，我們每年簽訂了 1,631 份價值超過 10 萬美元的合同，比去年第四季度增長 21%。第四季價值超過 15 萬美元的合約數量總計 915 家，較 2022 年第四季成長 27%。價值超過 30 萬美元的合約總數總計 311 份，較 2022 年第四季成長 32%。

Moving on to our operating metrics, gross profit totaled $130.7 million in Q4, up 18% from the prior year. Gross margin improved year over year by 130 basis points, increasing to 78% in Q4 2023. This was driven by improved leverage on both compensation and cloud computing costs versus the same quarter a year ago.

繼續我們的營運指標，第四季毛利總計 1.307 億美元，比上年增長 18%。毛利率年增 130 個基點，2023 年第四季增至 78%。這是由於與去年同期相比，薪資和雲端運算成本的槓桿率有所提高。

Operating expenses increased 11% from Q4 2022, driving 300 basis points of our margin improvement versus the prior year. Improved productivity resulting from process automation and efficiency efforts drove margin improvement, along with a favorable variance in R&D cloud computing costs compared to Q4 2022.

營運費用較 2022 年第四季成長 11%，使我們的利潤率較上年提高 300 個基點。流程自動化和效率工作帶來的生產力提高推動了利潤率的提高，同時與 2022 年第四季相比，研發雲端運算成本也出現了有利的變化。

We posted an operating profit of $12.7 million in Q4 2023, a continued improvement compared to the Q4 2022 operating profit of $4.8 million. We were pleased with the leverage we delivered in Q4 and in the second half of 2023. The operating profit beat in Q4 was driven by revenue outperformance, disciplined investments, and managing controllable expenses including travel.

我們在 2023 年第四季的營業利潤為 1,270 萬美元，與 2022 年第四季的 480 萬美元營業利潤相比持續改善。我們對 2023 年第四季和下半年的槓桿率感到滿意。第四季營業利潤的成長得益於收入表現優異、嚴格的投資以及管理包括差旅在內的可控費用。

As of December 31, 2023, cash, cash equivalents, and marketable securities increased $31 million sequentially to a balance of $814 million. Operating activities in Q4 2023 resulted in cash provided of $24 million compared with a use of cash of $1 million in the same quarter a year ago.

截至 2023 年 12 月 31 日，現金、現金等價物及有價證券連續增加 3,100 萬美元，餘額達 8.14 億美元。2023 年第四季的營運活動提供了 2,400 萬美元的現金，而去年同期使用的現金為 100 萬美元。

Moving to our milestones and key takeaways for 2023. Although 2023 brought with it a tough macro environment, we finished the year strong. For the full-year 2023, we generated $630 million in total revenue, beating the high end of the full-year revenue guidance we provided in both Q3 and back in February of 2023.

轉向 2023 年的里程碑和關鍵要點。儘管 2023 年宏觀環境嚴峻，但我們還是以強勁的表現結束了這一年。2023 年全年，我們的總收入為 6.3 億美元，超過了我們在第三季和 2023 年 2 月提供的全年收入指引的上限。

Our year-over-year subscription revenue grew by 20%. We also improved operating leverage, with operating expenses growing by only 11%, the lowest growth rate since 2020.

我們的訂閱收入年增了 20%。我們也提高了營運槓桿，營運費用僅增加 11%，為 2020 年以來的最低增速。

We finished the year with 15% of our revenue coming from outside the Americas, an improvement of 317 basis points compared to year-end 2022. Subscription revenue grew at 50% outside of the Americas. For 2023, we generated $71 million in operating cash flow, the strongest in Workiva's history.

今年結束時，我們 15% 的收入來自美洲以外地區，比 2022 年底提高了 317 個基點。美洲以外地區的訂閱收入成長了 50%。2023 年，我們產生了 7,100 萬美元的營運現金流，這是 Workiva 歷史上最強的。

Turning now to our guidance for Q1 and the full-year 2024. While we remain encouraged by our opportunities to drive growth over the longer term, it still remains an uncertain macro and a measured customer buying environment. As such, we continue to remain prudent with our guidance assumptions.

現在談談我們對第一季和 2024 年全年的指導。儘管我們仍然對推動長期成長的機會感到鼓舞，但宏觀經濟仍存在不確定性，客戶購買環境仍需謹慎。因此，我們繼續對指導假設保持謹慎態度。

For the first quarter of 2024, we expect total revenue to range from $173 million to $175 million. We expect services revenue to be flat compared to Q1 2023. This is a result of the shift I discussed, moving our low margin setup and consulting services to our partners.

我們預計 2024 年第一季的總營收將在 1.73 億美元至 1.75 億美元之間。我們預計服務收入將與 2023 年第一季持平。這是我討論的轉變的結果，將我們的低利潤設定和諮詢服務轉移給我們的合作夥伴。

We expect non-GAAP operating income to range from $4 million to $6 million, a net income of $0.15 to $0.19 on a per share basis. Our share count will be approximately 55 million weighted average shares. As a reminder, Workiva has historically shown some seasonality in our numbers in Q1.

我們預計非 GAAP 營業收入為 400 萬美元至 600 萬美元，每股淨利為 0.15 美元至 0.19 美元。我們的股票數量約為 5500 萬股加權平均股。提醒一下，Workiva 在第一季的數據中歷來表現出一些季節性。

On the new business side, Q1 is historically one of our lowest quarters for new bookings, as many of our customers are heads down working on year-end reporting. Q1 deferred revenue has historically been flat or declining compared to Q4 balances, driven by the same seasonality of our bookings. Also, we have discussed in the past, Q1 has several front-loaded expense items including the timing of employee raises and our 401(k) match.

在新業務方面，第一季歷來是我們新預訂量最低的季度之一，因為我們的許多客戶都在埋頭準備年終報告。與第四季的餘額相比，第一季的遞延收入歷來持平或下降，這是由於我們的預訂具有相同的季節性。此外，我們過去已經討論過，第一季度有幾個前期費用項目，包括員工加薪的時間和我們的 401(k) 匹配。

For the full-year 2024, we expect total revenue to be between $718 million and $722 million. We expect total services revenue to remain flat. We expect XBRL services revenue to continue to grow at a low single-digit rate.

對於 2024 年全年，我們預計總收入將在 7.18 億美元至 7.22 億美元之間。我們預計服務總收入將保持穩定。我們預計 XBRL 服務收入將繼續以較低的個位數成長率成長。

For setup and consulting revenue, we expect a similar rate of decline from what we saw in 2023. We expect our subscription revenue growth to be 16% at the midpoint. We are setting our guidance for non-GAAP operating income to range from $17 million to $21 million or a net profit of $0.56 to $0.63 on a per share basis.

對於設定和諮詢收入，我們預計與 2023 年相比會有類似的下降速度。我們預計訂閱收入成長率中位數為 16%。我們將非 GAAP 營業收入指引設定為 1,700 萬美元至 2,100 萬美元，或每股淨利 0.56 美元至 0.63 美元。

Our share count will be approximately 55 million weighted average shares. We believe we will post positive free cash flow margin of 10% for the full-year 2024.

我們的股票數量約為 5500 萬股加權平均股。我們相信 2024 年全年自由現金流利潤率將達到 10%。

Before we proceed to the Q&A session, I'd like to emphasize three important points. First, we are optimistic about the opportunities that lie ahead of us. We have a large and untapped TAM, and our platform provides immense value to our customers.

在進入問答環節之前，我想強調三點。首先，我們對擺在我們面前的機會感到樂觀。我們擁有龐大且尚未開發的 TAM，我們的平台為客戶提供了巨大的價值。

Second, we exceeded our Q4 guidance on revenue and operating margin, and look to carry that momentum into 2024. And finally, we see an opportunity to drive durable, profitable growth over the longer term.

其次，我們超越了第四季度收入和營業利潤率的指導，並希望將這一勢頭延續到 2024 年。最後，我們看到了推動長期持久、獲利成長的機會。

In conclusion, I want to echo Julie's message of gratitude to our incredible Workiva team. It's an honor to work alongside you. And together, we can achieve great things. I'd also like to thank you, our shareholders, for your continued support of Workiva. And we look forward to speaking with you at our upcoming events.

最後，我想表達朱莉對我們出色的 Workiva 團隊的感激之情。與您一起工作是我的榮幸。只要齊心協力，我們就能取得偉大的成就。我還要感謝我們的股東，感謝你們對 Workiva 的持續支持。我們期待在即將舉行的活動中與您交談。

With that said, we're now ready to take your questions. Operator, please begin the Q&A session.

話雖如此，我們現在準備好回答您的問題。接線生，請開始問答環節。

(Operator instructions) Rob Oliver, Baird.

（操作員說明）Rob Oliver，Baird。

Great. Thank you. I will limit myself to one, although that will be difficult. I guess, my question will be on the 2024 guidance.

偉大的。謝謝。我會將自己限制在一個範圍內，儘管這會很困難。我想，我的問題將是關於 2024 年的指導。

And I'd love to get a little bit of a better sense from you, Julie, or you, Jill, about some of the factors that you've considered in setting that guidance, specifically macro, which I know you touched on in your prepared remarks, as well as continued ESG momentum and things like capital markets.

我很想從朱莉（Julie）或吉爾（Jill）那裡得到一些關於你們在製定指導方針時考慮的一些因素的更好的認識，特別是宏觀方面的因素，我知道你們在準備好的講話，以及持續的ESG 勢頭和資本市場等方面。

And I think, above all -- and I think, Jill, you may have mentioned it at the very end of your remarks, about the subscription guidance. But just how to think about that breakout between subscription growth and services, which I know is in decline, purposefully. Thank you.

我認為，最重要的是，吉爾，我認為您可能在演講的最後提到了訂閱指南。但如何思考訂閱成長和服務之間的突破，我知道服務正在有目的地下降。謝謝。

Sure. Hi, Rob. And not an unexpected question. I think you actually answered much of it; multiple reasons for the guide.

當然。嗨，羅布。這並不是一個意想不到的問題。我想你實際上回答了大部分問題；指南的多個原因。

And the first one is, yes, even with our very strong Q4 and our value proposition resonating with our customers, we are still seeing that uncertainty in the market. And we call it this measured customer buying environment. And as I did highlight in my comments, still some softness in IPO market there. So our response, of course, is to provide prudent guidance there.

第一個是，是的，即使我們的第四季非常強勁並且我們的價值主張與客戶產生共鳴，我們仍然看到市場的不確定性。我們稱之為經過衡量的客戶購買環境。正如我在評論中強調的那樣，IPO 市場仍然有些疲軟。因此，我們的回應當然是提供審慎的指導。

So the second reason -- and you touched on it, too -- we've already communicated our intentional slowdown in our non-XBRL low-margin services revenue as we move that setup and consulting work to our partners. And of course, this is by design, and it's part of our growth strategy. So we've talked about that quite a bit. So that plays in.

因此，第二個原因（您也提到了這一點）我們已經傳達了我們有意放緩非 XBRL 低利潤服務收入的原因，因為我們將設置和諮詢工作轉移給了我們的合作夥伴。當然，這是設計使然，也是我們成長策略的一部分。所以我們已經討論了很多。這樣就發揮了作用。

And then finally, we're expecting lighter subscription revenue growth, which is driven by the softer bookings that we saw in 2023. And we were consistently communicating in 2023 as well that we face the tough macro.

最後，我們預計訂閱收入成長將放緩，這是由我們在 2023 年看到的預訂疲軟所推動的。我們在 2023 年也一直在傳達我們面臨嚴峻的宏觀情況。

So having said all of that, of course, we are very pleased with our subscription revenue growth in Q4. As I mentioned in the comments, our value proposition is resonating with customers and our prospects.

話雖如此，我們當然對第四季的訂閱收入成長感到非常滿意。正如我在評論中提到的，我們的價值主張與客戶和我們的潛在客戶產生了共鳴。

We absolutely remain optimistic about the long-term durable growth market and going after that large untapped TAM. And we have a differentiated platform as well as differentiated solutions. And it's a true platform that brings customers significant value.

我們對長期持久成長市場絕對保持樂觀態度，並追求巨大的未開發的 TAM。我們擁有差異化的平台以及差異化的解決方案。這是一個真正為客戶帶來巨大價值的平台。

Great. Thank you. Appreciate it.

偉大的。謝謝。欣賞它。

[Matt Bow], William Blair.

[馬特鮑]，威廉布萊爾。

Great. Thanks for taking my question. I wanted to follow up with one more on the guidance and specifically, on the margins. So you did a really nice job outperforming in Q4.

偉大的。感謝您提出我的問題。我想就指導意見，特別是邊緣問題，再跟進一份。所以你在第四季的表現非常好。

I think that operating margin was about 8%. And then if I look at the guide, you're at about 3% for Q1 and full year of '24. So what's driving that decline going into next year? What areas are you investing in that's causing that to be down from 4Q?

我認為營業利潤率約為 8%。然後，如果我查看指南，您會發現 24 年第一季和全年的成長率約為 3%。那麼，是什麼推動了明年的下降呢？您在哪些領域進行了投資，導致了第四季的下降？

We're pleased with the improvement we've shown in the margins, the non-GAAP operating profit. I think you might recall, Jill mentioned there's some seasonality to those expenses, so there would be some fluctuation.

我們對利潤率（非公認會計原則營業利潤）的改善感到滿意。我想你可能還記得，吉爾提到這些費用有一些季節性，所以會有一些波動。

But overall, we remain focused on both the growth and productivity. So as we enter the year, we do want to provide ourselves some flexibility with where we want to invest and where we can accelerate growth and go after our TAM. So we do think about some incremental investments across the key growth areas we have, while we're still delivering the margin expansion as we scale and optimize the business.

但總體而言，我們仍然關注成長和生產力。因此，當我們進入這一年時，我們確實希望為自己提供一些靈活性，確定我們想要投資的領域以及我們可以加速成長並追求 TAM 的領域。因此，我們確實考慮在我們擁有的關鍵成長領域進行一些增量投資，同時我們仍在擴大和優化業務的同時實現利潤率擴張。

So it, really, is that. We do believe, over time, we'll continue to increase the non-GAAP operating margin, but just being thoughtful about hiring and efficiency and productivity. But we do intend to invest where we see growth opportunity and, again, accelerating our movement toward going after the TAM.

所以，確實是這樣。我們確實相信，隨著時間的推移，我們將繼續提高非公認會計原則營業利潤率，但只是考慮到招聘、效率和生產力。但我們確實打算在看到成長機會的地方進行投資，並再次加速我們追求 TAM 的步伐。

And as Julie mentioned, lightly, around some seasonality related to Q1, so we do have seasonality related to some expenses in Q1, with all of our employee annual raises take effect on January 1. And so we do see some uptick in expenses, especially around compensation, starting in Q1 as compared to Q4. So you will see that in the guide for the quarter as well.

正如朱莉輕輕提到的，圍繞著與第一季相關的一些季節性，因此我們確實存在與第一季的某些費用相關的季節性，我們所有員工的年度加薪均於1 月1 日生效。因此，與第四季度相比，我們確實看到第一季開始的費用有所上升，特別是在薪資方面。因此，您也會在本季的指南中看到這一點。

Great. Thank you.

偉大的。謝謝。

Dan Jester, BMO Capital Markets.

Dan Jester，BMO 資本市場。

Great. Thanks for taking my question. Maybe we can spend a moment talking about sort of the international opportunity in Europe, specifically. I think in your prepared remarks, you said something like, 50% roughly growth in subscription revenue international.

偉大的。感謝您提出我的問題。也許我們可以花點時間討論歐洲的國際機會。我認為您在準備好的演講中說過，國際訂閱收入大約成長 50%。

I hope I caught that number right, but it sounds like you're making substantial progress in selling in Europe. So maybe we can just expand about the momentum there, and maybe compare and contrast to how you see the momentum in the US, if there's any differential there. Thank you.

我希望我沒猜錯這個數字，但聽起來你們在歐洲的銷售方面取得了實質進展。因此，也許我們可以擴展那裡的勢頭，也許可以與您如何看待美國的勢頭進行比較和對比，如果那裡有任何差異的話。謝謝。

Sure. I'll jump in on that one first, Jill. We executed well in Q4 in Europe. I mean, it was our top-bookings quarter. It was a record bookings quarter.

當然。我先來說說這個，吉爾。我們在歐洲第四季表現良好。我的意思是，這是我們預訂最多的季度。這是一個創紀錄的預訂季度。

For the full-year 2023, we did improve to deliver 15% of our revenue from outside of the Americas. I think it's up from 11.5% in 2022. So we grew our revenue outside of the Americas by 50% for the full year.

2023 年全年，我們確實取得了進步，15% 的收入來自美洲以外地區。我認為這個數字比 2022 年的 11.5% 有所上升。因此，我們全年在美洲以外的收入成長了 50%。

And very pleased with the momentum. Got some signature wins there, multi-solution, six-figure deals. Partners are strong and contributing to our bookings. Value prop of assured, integrated reporting is resonating there. And we're very optimistic about it.

對這種勢頭非常滿意。在那裡獲得了一些簽名勝利，多解決方案，六位數的交易。合作夥伴實力雄厚，為我們的預訂做出了貢獻。有保證的綜合報告的價值主張在那裡引起了共鳴。我們對此非常樂觀。

We've had some focused workstreams there. We've been very intentional about it. As I've mentioned, leadership's been strengthened. And the team is selling more platforms and multi-solution deals.

我們在那裡有一些重點工作流程。我們對此非常有意。正如我所提到的，領導力得到了加強。該團隊正在銷售更多平台和多解決方案交易。

I will say, despite the progress, we are still very open about the need for improvement there. We made some fundamental ground-based changes there. But a lot of opportunity for us, and we are going to continue to go after the unaddressed TAM globally. So a lot of progress there.

我想說的是，儘管取得了進展，但我們仍然對改進的必要性持非常開放的態度。我們在那裡做了一些根本性的改變。但這對我們來說有很多機會，我們將繼續在全球範圍內追尋未解決的 TAM。所以那裡取得了很多進展。

Great. Thank you.

偉大的。謝謝。

Terry Tillman, Truist Securities.

特里·蒂爾曼，Truist 證券公司。

Hi, this is Dominique Manansala on for Terry. Just wanted to go back to the international opportunity. Considering you all have entered APAC most recently, could you give us an update on how the partner-first strategy is progressing in that region, and how we should think about that growth relative to North America and Europe?

大家好，我是特里 (Terry) 的多米尼克·馬南薩拉 (Dominique Manansala)。只是想回到國際機會。考慮到你們最近都進入了亞太地區，您能否向我們介紹一下合作夥伴優先策略在該地區的進展情況，以及我們應該如何看待相對於北美和歐洲的成長？

Sure. That's a newer region for us. We also had record bookings quarter there as well. Our strategy there, because we are so much less known there, is through our partner network; another reason why our strengthening of our high-performing partner ecosystem is so important.

當然。這對我們來說是一個較新的地區。我們在那裡的預訂季度也創下了紀錄。我們在那裡的策略是透過我們的合作夥伴網絡，因為我們在那裡鮮為人知。這也是我們加強高績效合作夥伴生態系統如此重要的另一個原因。

And we are focused on that globally. So our go-to-market there relies very heavily on the partners and continuing on with strengthening those relationships. But again, new nascent area for us over the past few years, but growing strong and continue to do so.

我們在全球範圍內關注這一點。因此，我們的市場開拓在很大程度上依賴合作夥伴，並繼續加強這些關係。但同樣，過去幾年我們的新領域正在不斷發展壯大，並將繼續這樣做。

Great. Thank you.

偉大的。謝謝。

Ryan Krieger, Wolfe Research.

瑞安·克里格，沃爾夫研究中心。

Hey, guys. Thanks for taking the question. So I just had a quick one on kind of the macro and the retention rate. So it was a little bit surprising to see NRR tick down 2 points in 4Q after trending up for four quarters in a row.

大家好。感謝您提出問題。所以我只是簡單介紹一下宏觀和保留率。因此，在連續四個季度呈上升趨勢後，NRR 在第四季度下降 2 個百分點，有點令人驚訝。

So did you guys actually see the macro environment get more difficult in 4Q versus kind of 3Q? And then how should we kind of think about retention trending from here, and how is the macro trended through January and February? Thanks.

那麼，你們是否真的看到第四季的宏觀環境比第三季變得更加困難？那麼我們應該如何考慮從這裡開始的保留趨勢，以及一月和二月的宏觀趨勢如何？謝謝。

Thanks for asking the question. We're really actually pleased that year over year that NRR continued to increase. We did not see the macro change from Q3 to Q4. We think it's staying pretty consistent with the similar challenges quarter over quarter.

感謝您提出問題。我們真的很高興 NRR 逐年持續成長。我們沒有看到第三季到第四季的宏觀變化。我們認為，每個季度都與類似的挑戰保持一致。

And related to NRR, it can move around quarter to quarter. It's something that we, of course, want to continue to drive forward. We're still focused -- well, we've always, as a company, been focused on selling into our base.

與 NRR 相關，它可能會按季度變化。當然，我們希望繼續推動這一目標。我們仍然專注——嗯，作為一家公司，我們一直專注於向我們的客戶群銷售產品。

And you see progress in that with some of the metrics around our customers who spend greater than $100,000, greater than $150,000, greater than $300,000 with us. And so I think that we're glad that it's continuing to increase year over year and do expect it to move around a little bit, but continue to make progress and -- so yeah, thanks for the question.

透過針對在我們這裡花費超過 100,000 美元、超過 150,000 美元、超過 300,000 美元的客戶的一些指標，您可以看到這方面的進展。因此，我認為我們很高興它繼續逐年增長，並確實希望它能略有變化，但繼續取得進展——所以是的，謝謝你的問題。

Steve Enders, Citi.

史蒂夫恩德斯，花旗銀行。

Hi, this is George Kurosawa on for Steve. Thanks for taking the question. Just one for me. On the -- you talked about some of these ESG regulations coming down the pipeline: CSRD, California, and SEC's upcoming decision.

大家好，我是喬治·黑澤為史蒂夫代言。感謝您提出問題。只給我一個。關於 - 您談到了即將出台的一些 ESG 法規：CSRD、加州和 SEC 即將做出的決定。

I would just love to hear a little more about what you're seeing from an urgency of buying from customers at this point, with these things now, clearly, on their doorstep; and if you expect 2024 to be, really, a step function year or more gradual pace of adoption. Thanks.

我只是想聽聽更多關於您從客戶那裡看到的緊急購買的信息，這些東西現在顯然就在他們家門口；如果您預計 2024 年確實會是一個階梯功能年，或者採用的步伐會更加漸進。謝謝。

Sure. I think we continue our perspective -- not a step-function hockey stick, but long, durable growth. But thank you. It's a great question, a timely question. We get it a lot, particularly given the visibility of ESG in the media. And we do keep a close eye on legislation, have been monitoring the speed of adoption and of the regulation themselves.

當然。我認為我們繼續我們的觀點——不是階梯功能的曲棍球棒，而是長期、持久的成長。但謝謝你。這是一個很好的問題，一個及時的問題。我們經常聽到這樣的說法，特別是考慮到 ESG 在媒體中的知名度。我們確實密切關注立法，一直在監控立法的通過速度和監管本身。

So for us, and what we're seeing, I can tell you this, that ESG remained one of our top solutions in bookings performance for Q4. And it's been in the top-three booking solutions for several quarters now. We continue to add Fortune 500 clients to our already elite roster of ESG account expansions.

因此，對於我們來說，以及我們所看到的，我可以告訴你，ESG 仍然是我們第四季度預訂績效的頂級解決方案之一。它已經連續幾個季度位居預訂解決方案前三名。我們繼續將財富 500 強客戶添加到我們已經成為 ESG 帳戶擴展精英名單。

And talked earlier about the partner strategy here. The partner-first strategy is really driving results for us. I would say vast majority of our ESG opportunities, particularly in the upmarket, continue to be either sourced or co-sold with a Workiva advisory or technology partner.

之前在這裡談到了合作夥伴策略。合作夥伴優先的策略確實為我們帶來了成果。我想說的是，我們絕大多數的 ESG 機會，特別是在高端市場，仍然是與 Workiva 諮詢或技術合作夥伴採購或共同銷售。

So we're continuing to see strong demand for the Workiva ESG solution even without the regulation. Yes, political debate around the ESG acronyms and anti-ESG sentiments, certainly. But we see stakeholder demand for the transparency and non-financial data increasing.

因此，即使沒有監管，我們仍然看到對 Workiva ESG 解決方案的強勁需求。是的，當然，圍繞著 ESG 縮寫詞和反 ESG 情緒的政治辯論。但我們看到利害關係人對透明度和非財務數據的需求不斷增加。

So many of the US companies are going to have to comply with CSRD as well. So we are seeing the stable demand for it and seeing that with even -- without the regulation passing in the US. But we definitely see in some conversations now CSRD surfacing more as a reason to buy so --

許多美國公司也必須遵守 CSRD。因此，我們看到了對其的穩定需求，甚至在美國沒有通過該監管規定的情況下也看到了這一點。但我們確實在一些對話中看到，現在 CSRD 越來越多地成為購買的理由--

Great. Thanks for taking the question.

偉大的。感謝您提出問題。

Sure.

當然。

Alex Sklar, Raymond James.

亞歷克斯·斯克拉，雷蒙德·詹姆斯。

Great. Thank you. I'm going to try to squeeze in a two-part follow-up here to Rob and Matt's questions. Just first, in terms of the prudence and the growth outlook that you've spoken to, did anything change in terms of how you approach the guide from a macro-conservatism level versus the prior couple quarters?

偉大的。謝謝。我將嘗試用兩部分來跟進 Rob 和 Matt 的問題。首先，就您所說的審慎和成長前景而言，與前幾季相比，您從宏觀保守主義層面對待指南的方式有什麼變化嗎？

And then second, on the profitability side, in terms of the comment about leaving yourself some flexibility for growth investments, is there anything you're watching in terms of execution or macro that would have you not make some of those growth investments for later in 2024? Those are pretty much shut at this point. Thanks.

其次，在獲利能力方面，就有關為自己的成長投資留下一些靈活性的評論而言，您在執行或宏觀方面正在觀察的任何事情是否會導致您稍後不再進行一些成長投資2024 年？目前這些已經基本關閉了。謝謝。

So related to the prudence on the guide, there's no change to the way that we are operating, as far as how we look at where we're setting our models. We -- as you know, we're a company that will continue to beat our guidance. We're careful and prudent about how we set these numbers. We expect to be able to beat them. And so it's very consistent with how these models were put in place.

因此，與指南中的謹慎性相關，就我們如何看待我們設定模型的位置而言，我們的操作方式並沒有改變。如您所知，我們是一家將繼續超越我們的指導的公司。我們對如何設定這些數字非常謹慎。我們希望能夠擊敗他們。因此，這與這些模型的實施方式非常一致。

Related to the profitability and the potential for investment in 2024, we're, of course, watching that top line. And we can and would adjust based on different macro factors and if we had additional challenges above what we were expecting in bookings and revenue.

與 2024 年的獲利能力和投資潛力相關，我們當然會關注這項收入。我們可以而且會根據不同的宏觀因素進行調整，如果我們在預訂和收入方面遇到超出我們預期的額外挑戰。

But that's -- again, no change to how we would have done this in other years. We're just careful about how we are managing the business. And as Julie talked about, really focused on growth and profitability. And so I think that you can expect us to continue to operate this year in a similar way to how we have in past years.

但這與我們在其他年份的做法並沒有改變。我們只是謹慎對待業務管理方式。正如朱莉所說，真正關注的是成長和獲利能力。因此，我認為您可以期望我們今年將繼續以與過去幾年類似的方式運作。

Okay. Thank you very much for that color.

好的。非常感謝你的那種顏色。

Thanks, Alex.

謝謝，亞歷克斯。

Brad Reback, Stifel.

布拉德雷巴克、斯蒂菲爾。

Great. Thanks very much. Julie, if my math is correct, I think you've added 80 people over the last five quarters combined. Can you give us a sense of what the hiring plans are for '24?

偉大的。非常感謝。Julie，如果我的數學正確的話，我想您在過去五個季度中總共增加了 80 人。您能為我們介紹一下 24 世紀的招募計畫嗎？

Sure. Again, our theme is, where we see the opportunity to invest in increased growth and go after our TAM, we will do that. We're being very thoughtful about hiring. It's become easier to hire the right talent for the right roles.

當然。同樣，我們的主題是，只要我們看到投資成長的機會並追求我們的 TAM，我們就會這樣做。我們在招募方面考慮得很周到。為合適的角色僱用合適的人才變得更加容易。

I was just looking at our numbers for last year. We had high north -- well north of 100,000 applications at Workiva last year. So the team is strong. We're being thoughtful about who we're putting in those roles. But we'll continue to hire where we see opportunity for investment.

我只是在看我們去年的數字。去年，Workiva 的申請數量遠遠超過 10 萬份。所以團隊實力很強。我們正在考慮讓誰來擔任這些角色。但我們將繼續在看到投資機​​會的地方進行招募。

You can see that -- I would chime in, Brad, on the guide -- that -- implied within that guidance is that, of course, we will be hiring.

你可以看到——布拉德，我想在指南中插話——該指南中暗示的是，我們當然會招募。

We'll focus on, as Julie had talked about before, the best potential for growth and the best potential for success, whether it's a geography, whether it's solutions. And we're going to be really thoughtful about where we put those resources. But you will -- as you can tell from the guide, you will see us hiring, continuing to hire in 2024.

正如朱莉之前談到的，我們將重點放在成長的最佳潛力和成功的最佳潛力，無論是地理位置，還是解決方案。我們將認真考慮將這些資源放在哪裡。但您會——正如您從指南中看到的那樣，您會看到我們在招聘，並在 2024 年繼續招聘。

That's great. And then, Julie, maybe higher level, if we think about the 16% sub guide -- and I understand the conservatism there -- but if we step away from the current period, maybe look a little bit longer term, what do you think the normalized organic sub growth rate is of the business today?

那太棒了。然後，朱莉，也許更高的水平，如果我們考慮 16% 的次級指南——我理解那裡的保守主義——但如果我們脫離當前時期，也許看得更長遠一些，你覺得怎麼樣今天業務的標準化有機子成長率是多少？

I guess, you're asking, will we be getting back to, maybe, that 20% growth? Our subscription guide -- yes, 16% of growth -- guide is 16% at the midpoint for 2024. And we're focused on that. We do aspire to get back there. 16% is not the limit to our upside, of course.

我想，您可能會問，我們是否會恢復到 20% 的成長率？我們的訂閱指南——是的，成長 16%——到 2024 年的中點指引值為 16%。我們專注於此。我們確實渴望回到那裡。當然，16% 並不是我們上漲的限制。

Therefore, we're not happy with it. We're hopeful to see return in cap markets, adoption of ESG software to address the new regulations, and just overall improved software spending environment. So we, again, see the long-term durable growth market, significant TAM, and we're going to go after it.

因此，我們對此並不滿意。我們希望看到資本市場的回報、採用 ESG 軟體來因應新法規，以及軟體支出環境的整體改善。因此，我們再次看到了長期持久成長的市場，顯著的 TAM，我們將追隨它。

Great. Thanks very much.

偉大的。非常感謝。

Thanks, Brad.

謝謝，布拉德。

Adam Hotchkiss, Goldman Sachs.

亞當·霍奇基斯，高盛。

Great. Thanks for taking the question. Julie, it's pretty clear you're making progress on the multi-solution front. But I'd be curious if we could go a layer deeper.

偉大的。感謝您提出問題。朱莉，很明顯您在多解決方案方面正在取得進展。但我很好奇我們是否可以更深入一些。

How should we think about what your solution penetration looks like in your average customer today, and how you think about -- how that white space evolves either this year or just over time broadly?

我們應該如何思考您的解決方案在當今普通客戶中的滲透情況，以及您如何思考—今年或隨著時間的推移，空白區域將如何演變？

Sure. I will say we have thousands of customers, and I don't have the number right in front of me. But we have a lot of white space there, with adding additional solutions to the base that we have.

當然。我會說我們有數千名客戶，但我面前沒有這個號碼。但我們在那裡有很多空白，在我們現有的基礎上添加了額外的解決方案。

I mean, our install base is truly one of our most significant assets today. We just crossed over the 90% of the Fortune 100. We've got 85% of the Fortune 500. We have 80% of the Fortune 1000. And there is a lot of room there to have additional solution sales and platform sales to the base that we have.

我的意思是，我們的安裝基礎確實是我們當今最重要的資產之一。我們剛剛跨越了財富 100 強中 90% 的份額。我們擁有 85% 的財富 500 強企業。我們擁有 80% 的財富 1000 強企業。在我們現有的基礎上，還有很大的空間可以進行額外的解決方案銷售和平台銷售。

So very optimistic. We highlighted a number of them on the call today. Our team is, again, getting strengthened when it comes to selling multi-solution and platform. So when we look at our growth opportunity, this is a huge growth factor for us. And again, that's how we're approaching the TAM.

所以非常樂觀。我們在今天的電話會議上重點介紹了其中的一些內容。在銷售多解決方案和平台方面，我們的團隊再次加強。因此，當我們審視我們的成長機會時，這對我們來說是一個巨大的成長因素。再說一遍，這就是我們對待 TAM 的方式。

Okay. Thanks, Julie.

好的。謝謝，朱莉。

This does conclude today's call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連線。