Workiva Inc (WK) 2025 Q1 法說會逐字稿

Good afternoon, ladies and gentlemen. My name is Nick, and I will be your host operator on this call. (Operator Instructions) Please note that this call is being recorded on May 1, 2025, at 5 PM Eastern Time.

女士們、先生們，午安。我叫尼克，我將擔任這次通話的主持人。（操作員指示）請注意，此通話於 2025 年 5 月 1 日東部時間下午 5 點錄製。

I would now like to turn the meeting over to your host for today's call, Katie White, Senior Director of Investor Relations at Workiva. Please go ahead.

現在，我想將會議交給今天的電話會議主持人，Workiva 投資者關係高級總監凱蒂懷特 (Katie White)。請繼續。

Good afternoon, and thank you for joining Workiva's Q1 2025 conference call. During today's call, we will review our first quarter results and discuss our guidance for the second quarter and full year 2025. Today's call will include comments from our Chief Executive Officer, Julie Iskow, followed by our Chief Financial Officer, Jill Klindt. We will then open up the call for a Q&A session where we will be joined by Mike Rost, our Chief Strategy Officer.

下午好，感謝您參加 Workiva 2025 年第一季電話會議。在今天的電話會議上，我們將回顧第一季的業績，並討論對第二季和 2025 年全年的指導。今天的電話會議將包括我們執行長 Julie Iskow 的評論，隨後是我們的財務長 Jill Klindt 的評論。然後，我們將開啟問答環節，我們的首席策略長 Mike Rost 將加入其中。

After market closed today, we issued a press release, which is available on our Investor Relations website, along with supplemental materials. This conference call is being webcast live and following the call, an audio replay will be available on our website. During today's call, we will be making forward-looking statements regarding future events and financial performance, including guidance for the second quarter and full fiscal year 2025. These forward-looking statements are based on our assumptions as to the macroeconomic, political and regulatory environment as of today, reflect our best judgment based on factors currently known to us and are subject to significant risks and uncertainties. Workiva cautions that these forward-looking statements are not guarantees of future performance.

今天收盤後，我們發布了一份新聞稿，該新聞稿和補充資料可在我們投資者關係網站上查閱。本次電話會議將進行網路直播，會議結束後，我們的網站上將提供音訊回放。在今天的電話會議上，我們將對未來事件和財務表現做出前瞻性陳述，包括 2025 年第二季和全年財年的指導。這些前瞻性陳述是基於我們對當今宏觀經濟、政治和監管環境的假設，反映了我們根據目前已知的因素做出的最佳判斷，並受重大風險和不確定性的影響。Workiva 警告說，這些前瞻性陳述並不能保證未來的表現。

We undertake no obligation to update or revise these statements. If the call is reviewed after today, the information presented during the call may not contain current or accurate information. Please refer to the company's annual report on Form 10-K and subsequent filings with the SEC for factors that may cause our actual results to differ materially from those contained in our forward-looking statements.

我們不承擔更新或修改這些聲明的義務。如果在今天之後審查通話，通話期間提供的資訊可能不包含最新或準確的資訊。請參閱公司 10-K 表年度報告以及隨後向美國證券交易委員會提交的文件，以了解可能導致我們的實際結果與前瞻性陳述中的結果有重大差異的因素。

Also, during the course of today's call, we will refer to certain non-GAAP financial measures. Reconciliations of GAAP and non-GAAP measures are included in today's press release. With that, we'll begin by turning the call over to Workiva's CEO, Julie Iskow.

此外，在今天的電話會議中，我們將參考某些非公認會計準則財務指標。今天的新聞稿中包含了 GAAP 和非 GAAP 指標的對帳。接下來，我們首先將電話轉給 Workiva 的執行長 Julie Iskow。

Thank you, Katie, and thank you all for joining us today. Jill and I look forward to sharing our Q1 results and our guidance for Q2 and full year 2025. We'll also provide an update on the regulatory environment and our views on the macro.

謝謝你，凱蒂，也謝謝大家今天加入我們。吉爾和我期待分享我們的第一季業績以及對第二季和 2025 年全年的指導。我們還將提供有關監管環境的最新情況以及我們對宏觀的看法。

Q1 was another solid quarter. Subscription revenue grew 20% year-over-year and total revenue grew 17% year-over-year, beating the high end of our guidance. At the same time, operating margin came in slightly ahead of our first quarter guide. In Q1, we once again saw broad-based demand across our solution portfolio. CFOs trust Workiva to be the platform that drives performance and productivity for their current requirements and prepares them for their next digital, financial and operational transformations.

第一季又是穩健的季度。訂閱收入年增 20%，總收入年增 17%，超過了我們預期的高端。同時，營業利潤率略高於我們第一季的預期。在第一季度，我們再次看到了整個解決方案組合的廣泛需求。財務長們相信 Workiva 是一個能夠滿足他們當前需求、提高績效和生產力的平台，並為他們的下一次數位、財務和營運轉型做好準備。

Our portfolio of 20-plus solutions across governance, risk and compliance and financial, regulatory and nonfinancial reporting, continues to resonate in the market.

我們的 20 多種解決方案組合涵蓋治理、風險與合規以及財務、監管和非財務報告領域，並繼續在市場上引起共鳴。

Consistent with the past several quarters, we saw outpaced growth in our large contract customers. This is driven by both additional solution sales into our installed base and larger new logo lands. In Q1, the number of contracts valued over $100,000 increased 23%. Those over $300,000 increased 32%, and contracts valued over $500,000 were up 32% as well, all compared to Q1 of 2024. Although we remain optimistic on our market opportunity, we did see signs of a more cautious buying environment toward the end of Q1.

與過去幾季的情況一致，我們的大合約客戶數量成長速度超乎預期。這是由我們已安裝基礎的額外解決方案銷售和更大的新標誌市場所推動的。第一季度，價值超過 10 萬美元的合約數量增加了 23%。與 2024 年第一季相比，30 萬美元以上的合約成長了 32%，50 萬美元以上的合約也成長了 32%。儘管我們對市場機會仍然持樂觀態度，但我們確實看到第一季末購買環境更加謹慎的跡象。

The uncertainties of regulatory change and the policies of the new U.S. administration have put pressure on the bookings momentum that we saw in the previous 3 quarters. As we monitor the current macro and the market turbulence, we remain focused on the execution of both our long-term growth strategy and our productivity initiatives. We believe that we have the competitive differentiation and focused execution to continue to deliver on our 2025 and longer-term targets.

監管變化的不確定性和美國新政府的政策對我們在前三個季度看到的預訂勢頭造成了壓力。在監測當前宏觀和市場動盪的同時，我們仍然專注於執行我們的長期成長策略和生產力計劃。我們相信，我們擁有競爭優勢和專注的執行力，可以繼續實現我們的 2025 年及更長遠的目標。

Our Q1 results highlighted once again that our platform remains a key differentiator for our new logo wins and account expansion deals. We offer our customers a platform for trust, transparency, accountability and efficiency. Our relentless focus on customer outcomes has continued to resonate with the office of the CFO. I'd like to start off our deal highlights for the quarter with three wins demonstrating the success of our unified platform around the world.

我們的第一季業績再次強調，我們的平台仍然是我們贏得新標誌和帳戶擴展交易的關鍵差異化因素。我們為客戶提供一個信任、透明、負責和有效率的平台。我們對客戶成果的不懈關注持續引起了財務長辦公室的共鳴。我想以三項勝利來開始我們本季的交易亮點，這些勝利證明了我們在全球範圍內統一平台的成功。

First, we signed a 7-figure multi-solution expansion deal with a U.S. regional bank. This 13-year loyal customer purchased 2 additional solutions and expanded use across other solutions on the platform. This customer added Management Reporting to support their operational, Data analysis and financial statement processes and added our Policy Management solution to manage their credit risk and accounting policies. The deal also included expanded usage across bank-specific reporting, including Basel III, Call Reports and Liquidity and Tax Reporting.

首先，我們與一家美國地區銀行簽署了一份7位數的多解決方案擴展協議。這位 13 年的忠實客戶又購買了 2 個解決方案，並擴展到平台上的其他解決方案的使用。該客戶添加了管理報告來支援他們的營運、數據分析和財務報表流程，並添加了我們的政策管理解決方案來管理他們的信用風險和會計政策。該協議還包括擴大銀行特定報告的使用範圍，包括巴塞爾協議 III、電話報告以及流動性和稅務報告。

This deal was a co-sell with a Big 4 advisory firm.

這筆交易是與四大顧問公司之一共同完成的。

Second, we signed a mid 6-figure new logo deal with a digital and telecommunications company in APAC. This new customer purchased 7 solutions across the platform. Management Reporting, Global Statutory Reporting, Controls Management, Financial Reporting, Risk Management and Carbon and Sustainability Reporting. This company has been on a multiyear digital transformation journey, which included a move to S/4HANA back in 2022. Their investment in Workiva supports their vision to achieve greater agility, efficiency and competitiveness as an organization.

其次，我們與亞太地區的一家數位和電信公司簽署了一份價值六位數的中段新標誌協議。這位新客戶在整個平台上購買了 7 種解決方案。管理報告、全球法定報告、控制管理、財務報告、風險管理以及碳和永續性報告。該公司已經歷了多年的數位轉型之旅，其中包括在 2022 年轉向 S/4HANA。他們對 Workiva 的投資支持了他們的願景，即作為一個組織實現更高的靈活性、效率和競爭力。

The deal was sourced and will be delivered by a Big 4 advisory firm.

該交易由四大諮詢公司之一負責洽談並交付。

And third, a European travel company became a new customer signing a 6-figure multi-solution deal that included Financial Reporting, Global Statutory Reporting, Management Reporting, Controls Management, Policies and Procedures and Sustainability Reporting. This venture-backed organization has raised over $1 billion and has a long-term goal of a public company IPO. This was a competitive win, which included multiple partners co-selling the deal.

第三，一家歐洲旅遊公司成為新客戶，簽署了一份價值 6 位數的多解決方案協議，其中包括財務報告、全球法定報告、管理報告、控制管理、政策和程序以及永續性報告。這家由創投支持的組織已籌集了超過 10 億美元，並制定了上市公司 IPO 的長期目標。這是一場競爭性的勝利，其中包括多個合作夥伴共同銷售這筆交易。

Let's move on now to Financial Reporting, which continues to be the primary revenue driver for our business. We saw broad-based demand in our Financial Reporting solution set that includes SEC Reporting, Multi-entity Reporting, Private Company Reporting and Management Reporting. I'd like to highlight three Financial Reporting-specific deals from the quarter. First, we signed a mid 6-figure new logo deal with a top 5 U.S.-based insurance company. This customer invested in the Workiva platform to replace a legacy solution and manual processes.

現在讓我們繼續討論財務報告，它仍然是我們業務的主要收入驅動力。我們發現我們的財務報告解決方案套件有廣泛的需求，其中包括 SEC 報告、多實體報告、私人公司報告和管理報告。我想重點介紹本季的三項財務報告專項交易。首先，我們與美國排名前五名的保險公司簽署了一份價值六位數的中期新標誌協議。該客戶投資了 Workiva 平台來取代傳統的解決方案和手動流程。

They purchased Workiva for Insurance Reporting, Investment Reporting and Management Reporting. There were multiple partners involved in the co-selling and the delivery of this deal.

他們購買了 Workiva 用於保險報告、投資報告和管理報告。有多個合作夥伴參與了這筆交易的共同銷售和交付。

Second, we signed a mid 6-figure new logo deal with a top 10 global oil and gas company for Global Statutory Reporting. This company invested in Workiva as part of a broader financial transformation initiative. They'll be using the Workiva platform to manage their data and statutory reporting across 250 entities. The opportunity was sourced and will be implemented by a Big 4 firm. And third, we signed a mid 6-figure new logo deal with a privately held U.S.

其次，我們與全球十大石油和天然氣公司簽署了一份價值六位數的全球法定報告新標誌協議。該公司對 Workiva 進行投資是其更廣泛的金融轉型計劃的一部分。他們將使用 Workiva 平台管理 250 個實體的資料和法定報告。該機會由四大會計師事務所之一尋找並將由其實施。第三，我們與美國私人控股公司簽署了一份價值六位數的中段新標誌協議。

spacecraft manufacturer for Private Company and Multi-entity Reporting. This company purchased the Workiva platform to replace manual processes and work done by service providers in support of financial statements, data management and the reporting for 140 legal entities. The deal was a co-sell and will be delivered by a regional consulting firm.

私人公司和多實體報告的太空船製造商。該公司購買了 Workiva 平台，以取代服務提供者的手動流程和工作，為 140 個法人實體提供財務報表、資料管理和報告支援。該交易為共同銷售，將由一家地區諮詢公司負責。

I'll turn now to governance, risk and compliance. Companies today are faced with an environment of changing risks, new compliance requirements and stakeholder oversight, all of which require a mature GRC program. In addition to existing macroeconomic and geopolitical risks, the policy uncertainty of the new U.S. administration as well as other emerging risks are on the rise. We believe that this ever-changing business environment will continue to create demand for our GRC Solutions.

我現在將轉向討論治理、風險和合規性。當今的公司面臨著不斷變化的風險、新的合規要求和利益相關者的監督的環境，所有這些都需要成熟的 GRC 計劃。除了現有的宏觀經濟和地緣政治風險外，美國新政府的政策不確定性以及其他新興風險也在上升。我們相信，不斷變化的商業環境將繼續創造對我們的 GRC 解決方案的需求。

Looking back at Q1, here are three signature GRC wins. First, a European-based environmental services provider signed a 6-figure new logo deal that included Controls Management and Sustainability Reporting. This company is working with multiple Big 4 firms as a key part of the future of reporting and assurance strategy projects. This was a competitive deal to replace a legacy GRC platform and was a co-sell with multiple Big 4 firms. Second, a U.K.-based oil and gas company signed a mid 6-figure new logo deal that included Controls Management, Audit Management, Operational Risk Management, ESEF and Sustainability Reporting.

回顧第一季度，GRC 取得了三項標誌性勝利。首先，一家歐洲的環境服務提供者簽署了一份價值 6 位數的新標誌協議，其中包括控制管理和永續性報告。該公司正在與多家四大會計師事務所合作，作為未來報告和保證策略項目的重要組成部分。這是一項取代傳統 GRC 平台的競爭性交易，並且是與多家四大公司共同銷售的。其次，一家英國石油和天然氣公司簽署了一份價值六位數的中期新標誌協議，其中包括控制管理、審計管理、營運風險管理、ESEF 和永續性報告。

This was a competitive deal with multiple GRC vendors being evaluated. The expanded value of the Workiva platform for the reporting use cases was a competitive differentiator for this GRC opportunity. This deal was sourced and will be delivered by a Big 4 firm.

這是一項競爭性交易，有多家 GRC 供應商接受評估。Workiva 平台針對報告用例的擴展價值是此次 GRC 機會的競爭優勢。該交易由四大會計師事務所之一負責尋找並交付。

Third, we closed a two-solutions 6-figure account expansion deal with a U.S.-based utility company. This company purchased Controls Management and Audit Management. The customer first signed with Workiva in August of 2024 for SEC Reporting and then quickly followed on with this GRC solution expansion. The opportunity was a co-sell and will be implemented by a regional advisory firm.

第三，我們與一家美國公用事業公司達成了一項包含兩項解決方案的六位數帳戶擴展協議。該公司購買了控制管理和審計管理。客戶於 2024 年 8 月首次與 Workiva 簽約 SEC 報告，然後迅速跟進此 GRC 解決方案擴展。該機會是共同銷售，將由一家地區顧問公司實施。

Let's move on now to Sustainability Management. There's been a lot of activity on the regulatory front in Q1. As discussed on our Q4 call, the European Union has proposed changes to the CSRD regulation through the EU Omnibus Package. On February 26, 2025, the European Commission published its proposed omnibus legislation, which introduces changes to the CSRD. These changes include a limit to the scope of the CSRD to EU organizations that have more than 1,000 employees and an increase to the threshold for U.S.

現在讓我們繼續討論永續性管理。第一季監管方面有很多活動。正如我們在第四季度電話會議上所討論的那樣，歐盟已提議透過歐盟綜合方案對 CSRD 法規進行修改。2025年2月26日，歐盟委員會公佈了擬議的綜合立法，對CSRD進行了修改。這些變化包括將 CSRD 的範圍限制為擁有 1,000 多名員工的歐盟組織，並提高美國的門檻。

and other non-EU companies, those in Wave 4, from EUR 150 million in revenue to EUR 450 million in revenue generated within the EU. More recently, the EU Parliament brought the first step of clarity to the Omnibus proposal with the vote on April 3 that confirmed that Wave 2 and Wave 3 companies will now be required to report on their 2027 data in 2028. This vote also signaled overwhelming EU support for the passing of the full Omnibus Package.

而第四波中的其他非歐盟公司，在歐盟境內的收入將從 1.5 億歐元增加到 4.5 億歐元。最近，歐盟議會於 4 月 3 日投票，首次明確了綜合稅收提案，確認第二波和第三波公司現在必須在 2028 年報告其 2027 年的數據。這項投票也顯示歐盟對通過綜合一攬子計畫給予了壓倒性支持。

The Omnibus outlines that large Wave 1 companies, which is Workiva's primary target market, will still be subject to reporting in 2025 on 2024 results with no change in time line. What also remains unchanged is that all companies subject to the CSRD must report using double materiality and in accordance with the EU taxonomy. They also need to comply with the ESR standards, and these reports will be subject to limited assurance. With the publishing of the EU Omnibus, companies now have much better clarity on who will be subject to the CSRD, what will need to be disclosed and when they will need to disclose it.

Omnibus 概述了作為 Workiva 主要目標市場的 Wave 1 大型公司仍將在 2025 年報告 2024 年的結果，時間表不會改變。同樣保持不變的是，所有受 CSRD 約束的公司都必須使用雙重重要性並按照歐盟分類法進行報告。他們還需要遵守 ESR 標準，而這些報告將受到有限的保證。隨著歐盟綜合法規的發布，企業現在可以更清楚地了解誰將受到企業信用報告規則 (CSRD) 的約束、需要揭露哪些資訊以及何時需要揭露。

But sustainability reporting is not just about complying with regulation. Corporations have recognized that sustainability data is not merely a reporting obligation but a valuable asset that can be leveraged to enhance business performance and drive efficiency. A great example of a Workiva customer that's built stakeholder trust to their sustainability reporting is a European utility company with 36 million customers that focuses on renewable energy. This company is one of the largest global investors in wind and solar power projects. With the Workiva platform, they have oversight of all financial and nonfinancial information, and they've created greater efficiencies and increased data confidence.

但永續發展報告不僅僅是遵守法規。企業已經認識到永續性數據不僅僅是一項報告義務，而且是一項寶貴的資產，可以利用它來提高業務績效和推動效率。Workiva 客戶的一個很好的例子是其永續發展報告贏得了利益相關者的信任，這家客戶是一家擁有 3,600 萬客戶的歐洲公用事業公司，專注於再生能源。該公司是全球最大的風能和太陽能專案投資者之一。透過 Workiva 平台，他們可以監督所有財務和非財務訊息，並提高效率和增強數據信心。

The entire end-to-end process for connected results is now much quicker with higher quality data being presented during both internal and external reviews. By measuring, monitoring and tracking their investment projects through the Workiva platform, this customer has the information it needs to unlock new markets, reduce risks and support long-term resilience and profitability.

現在，整個端到端的連線結果流程變得更快，並且在內部和外部審查期間都可以呈現更高品質的資料。透過 Workiva 平台衡量、監控和追蹤其投資項目，該客戶獲得了開拓新市場、降低風險和支持長期彈性和獲利能力所需的資訊。

Another Workiva customer, a global food manufacturer hit their 2025 emissions targets 3 years early and now sources over 80% of their product volume sustainably. They've reported that achieving lower emissions and pursuing sustainable packaging creates efficiencies and ultimately drives profitability. At the same time, the company's focus on sustainability transparency aligns with consumer demand and helps distinguish their brands in a competitive market. That's not just about reporting or compliance. It's about business performance.

Workiva 的另一家客戶是一家全球食品製造商，提前 3 年實現了 2025 年的排放目標，目前其 80% 以上的產品產量都以可持續的方式採購。他們報告稱，降低排放和追求永續包裝可以提高效率並最終提高獲利能力。同時，該公司對永續性透明度的關注符合消費者需求，並有助於其品牌在競爭激烈的市場中脫穎而出。這不僅涉及報告或合規。這與業務績效有關。

Across industries, companies are using sustainability data to drive operational efficiency, mitigate risks, increase customer loyalty and ultimately create value. The need for organizations to measure, monitor and track nonfinancial information continues to drive market demand for our Sustainability Reporting Solutions.

各行各業的公司都在利用永續性數據來提高營運效率、降低風險、提高客戶忠誠度並最終創造價值。組織對衡量、監控和追蹤非財務資訊的需求持續推動著市場對我們的永續發展報告解決方案的需求。

Here are two notable wins from the quarter. First, a Fortune 500 global food and beverage company signed a 6-figure Sustainability Reporting contract. This long-time SEC and Global Statutory Reporting customer has set ambitious goals related to sustainable sourcing and packaging and environmental impact, and they chose Workiva to streamline and improve what had previously been a fully manual reporting process. For a consumer products company, sustainability reporting is central to managing energy, waste reduction and the cost of goods for their products. By capturing and reporting on this data, this company is not only working to improve cost savings and increase operational efficiency but it is also fostering brand loyalty and creating product differentiation that could open up new market segments and ultimately drive long-term value creation and a stronger, more resilient company.

以下是本季的兩場顯著勝利。首先，一家財富 500 強全球食品和飲料公司簽署了一份 6 位數的永續發展報告合約。這家長期的 SEC 和全球法定報告客戶制定了與永續採購和包裝以及環境影響相關的雄心勃勃的目標，他們選擇 Workiva 來簡化和改進以前完全手動的報告流程。對於消費品公司來說，永續發展報告對於管理能源、減少浪費和產品成本至關重要。透過捕獲和報告這些數據，該公司不僅致力於節省成本、提高營運效率，而且還在培養品牌忠誠度和創造產品差異化，從而開拓新的細分市場，並最終推動長期價值創造和更強大、更有彈性的公司。

Second, a Fortune 500 global investment management company purchased Sustainability Reporting with Assurance to meet their needs for voluntary reporting. This existing customer was already using Workiva for financial reporting and internal controls. And after engaging in a competitive RFP led by their sustainability officer, they chose Workiva because of the connectivity to their existing Financial Reporting and GRC Solutions. The firm has set ambitious environmental targets such as achieving Net Zero Scope 1 and Scope 2 greenhouse gas emissions by 2040. This increased focus on sustainability reporting is not only about managing risk and increasing operational efficiency.

其次，一家財富 500 強全球投資管理公司購買了永續發展報告保證服務，以滿足其自願報告的需求。該現有客戶已經在使用 Workiva 進行財務報告和內部控制。在參與由永續發展官員領導的競爭性 RFP 之後，他們選擇了 Workiva，因為它可以連接到他們現有的財務報告和 GRC 解決方案。該公司製定了雄心勃勃的環境目標，例如到 2040 年實現範圍 1 和範圍 2 溫室氣體淨零排放。對永續性報告的關注度不斷提高不僅是為了管理風險和提高營運效率。

It's about addressing stakeholder demand, enhancing trust and loyalty in the market and attracting new clients.

它是為了滿足利害關係人的需求，增強市場信任和忠誠度並吸引新客戶。

We believe that sustainability reporting is a market with a long durable demand and that many corporations will embrace sustainability tracking and disclosure to address multiple stakeholder requirements. By bringing both financial and nonfinancial data together, Workiva's platform enables our customers to gain insights that drive competitive advantage and informed business decisions.

我們相信，永續發展報告是一個具有長期持久需求的市場，許多公司將採用永續發展追蹤和揭露來滿足多方利害關係人的要求。透過將財務和非財務數據整合在一起，Workiva 的平台使我們的客戶能夠獲得推動競爭優勢和明智業務決策的洞察力。

I'd like to take a moment to thank the Workiva team as well as our partners for all of our strong Q1 wins. They are the result of focusing on customer outcomes and demonstrating the value of our platform.

我想花點時間感謝 Workiva 團隊以及我們的合作夥伴為我們在第一季取得的所有強勁勝利。它們是我們專注於客戶成果和展示平台價值的結果。

Moving on to product innovation. In Q1, we delivered a number of advancements to the Workiva platform, including new capabilities for SEC Reporting and the launch of a Fund Reporting Solution for public funds. For SEC Reporting, all filers are required to go through a mandatory process change driven by an overhaul to the EDGAR system. On March 24, the SEC launched enrollment for new security requirements for the EDGAR system called EDGAR NEXT. This update impacts every SEC filer, including public companies, foreign private issuers, investment companies, directors and officers filing with the SEC.

持續進行產品創新。在第一季度，我們為 Workiva 平台帶來了許多改進，包括 SEC 報告的新功能以及針對公共基金的基金報告解決方案的推出。對於 SEC 報告，所有申報者都必須經歷由 EDGAR 系統全面改革推動的強制性流程變更。3 月 24 日，美國證券交易委員會啟動了 EDGAR 系統（稱為 EDGAR NEXT）的新安全要求註冊。此更新影響每位 SEC 申報人，包括上市公司、外國私人發行人、投資公司、向 SEC 申報的董事和高階主管。

Our platform is ready to support filings the day the EDGAR NEXT system went live. Our ability to quickly adapt to regulatory changes is one of the reasons Workiva is the market leader for regulatory and financial reporting.

我們的平台已準備好在 EDGAR NEXT 系統上線當天支援備案。我們快速適應監管變化的能力是 Workiva 成為監管和財務報告市場領導者的原因之一。

In Q1, we also launched a new solution for public funds. This is a new Investment Reporting Solution on the Workiva platform that supports the rapidly growing public funds market, this includes those firms that manage ETFs. This new solution expands our investment reporting market opportunity and supports the unique requirements of public funds, including the ability to create fund summary prospectuses and review and submit hundreds of regulatory filings at once. We will continue to focus R&D on the pace of product innovation, consistent execution and enhancing our high-performing differentiated platform.

第一季我們也推出了新的公募基金解決方案。這是 Workiva 平台上的一項新的投資報告解決方案，支援快速成長的公共基金市場，其中包括管理 ETF 的公司。這個新解決方案擴大了我們的投資報告市場機會，並支持公共基金的獨特要求，包括創建基金摘要招股說明書以及同時審查和提交數百份監管文件的能力。我們將繼續專注於研發產品創新的步伐、持續執行和增強我們的高效能差異化平台。

I'll move on now to say a few words about our guide. Jill will provide the numbers for our revenue and our profit guidance for Q2 and full year 2025. What you'll see is that while we're pleased with our Q1 growth, we're not raising our full year 2025 expectations. We reaffirm our top line outlook for the rest of this year as the current cautious buying environment may persist until customers see clarity in market conditions. We are confident in the resiliency of our business and the durable demand for our platform and our solutions.

現在我要繼續談談我們的指南。吉爾將提供我們 2025 年第二季和全年的收入和利潤預測數據。您會發現，雖然我們對第一季的成長感到滿意，但我們並沒有提高 2025 年全年的預期。我們重申今年剩餘時間的營收預期，因為當前謹慎的購買環境可能會持續下去，直到客戶看到市場狀況明朗為止。我們對我們的業務的彈性以及對我們的平台和解決方案的持久需求充滿信心。

And we'll continue to invest in the long-term growth opportunity in-line with our strategy.

我們將繼續按照我們的策略投資於長期成長機會。

In closing, I'd like to thank all of our employees and our customers for another great quarter. We're focused on driving better business outcomes through transparency and accountability, and we look forward to meeting the demands of organizations around the world with our best-in-class platform and solutions.

最後，我要感謝我們所有的員工和客戶，感謝他們又一個出色的季度。我們致力於透過透明度和問責制來推動更好的業務成果，並期待透過我們一流的平台和解決方案滿足世界各地組織的需求。

And with that, I'll now turn the call over to Jill to walk you through our financial results and 2025 guidance in more detail. Over to you, Jill.

現在，我將把電話交給吉爾，讓她更詳細地向您介紹我們的財務表現和 2025 年指引。交給你了，吉爾。

Thank you, Julie, and good afternoon, everyone. Thank you for joining us. Today, I'll begin by providing an overview of the financials and key metric highlights for the first quarter of 2025. I will then move on and provide guidance for Q2 and the full year 2025.

謝謝你，朱莉，大家下午好。感謝您加入我們。今天，我將首先概述 2025 年第一季的財務狀況和關鍵指標要點。然後，我將繼續為第二季和 2025 年全年提供指導。

As Julie discussed, we had a solid first quarter with execution across our broad portfolio of solutions. We beat the high end of our Q1 revenue guidance by $1 million generating $206 million of total revenue in the first quarter, up 17% over Q1 2024. Q1 Subscription revenue was $186 million, up 20% from Q1 2024. New customers and account expansions both contributed to our strong revenue growth. New customers added in the last 12 months accounted for 49% of the increase in our Q1 Subscription revenue.

正如朱莉所討論的，我們在第一季表現穩健，廣泛的解決方案組合的執行情況良好。我們的第一季總營收為 2.06 億美元，比 2024 年第一季成長 17%，超出了第一季營收預期的上限 100 萬美元。Q1 訂閱營收為 1.86 億美元，較 2024 年第一季成長 20%。新客戶和帳戶擴展都促進了我們強勁的收入成長。過去 12 個月新增客戶占我們第一季訂閱營收成長的 49%。

Q1 Professional Services revenue was $21 million, flat versus Q1 2024, with higher XBRL services offset by a decline in setup and consulting services.

第一季專業服務收入為 2,100 萬美元，與 2024 年第一季持平，XBRL 服務收入的增加被設定和諮詢服務的下降所抵消。

Moving on to our Q1 2025 operating results, all on a non-GAAP basis. Q1 gross margin improved 100 basis points year-over-year, increasing to 79%. Operating margin for the quarter was 2.4%. This outperformance over our guidance was the result of our top line beat and our continued focus on leverage as we scale our business.

繼續討論我們 2025 年第一季的經營業績，全部基於非 GAAP 基礎。第一季毛利率年增100個基點，增至79%。本季營業利益率為2.4%。這一超出預期的業績是我們營收超預期以及在擴大業務規模的同時持續關注槓桿作用的結果。

Moving on to performance metrics for the quarter. We had 6,385 customers at the end of Q1 2025, a growth of 311 customers from Q1 2024. Our gross retention rate was 97%, exceeding our 96% internal target. And our net retention rate was 110% for the quarter. This metric saw pressure from foreign exchange rate headwinds as well as the year-over-year impact of leap year on the calculation.

繼續討論本季的績效指標。截至 2025 年第一季末，我們擁有 6,385 名客戶，比 2024 年第一季增加了 311 名客戶。我們的總保留率為 97%，超過了 96% 的內部目標。本季我們的淨留存率為 110%。此指標受到外匯匯率逆風以及閏年對計算結果較去年同期影響的壓力。

We generated 69% of our Subscription revenue from customers with multiple solutions, up from 66% in Q1 2024. As Julie discussed, we continued to see expansion in the relationships with our large contract customers. As of the end of the first quarter, we had 2,079 contracts valued at over $100,000 per year, up 23% from Q1 the prior year. The number of contracts valued at over $300,000 totaled 439, up 32% from Q1 2024, and the number of contracts valued over $500,000 totaled 191, up 32% from Q1 2024.

我們 69% 的訂閱收入來自擁有多種解決方案的客戶，高於 2024 年第一季的 66%。正如朱莉所討論的，我們與大型合約客戶的關係不斷擴大。截至第一季末，我們擁有 2,079 份價值超過 100,000 美元的合同，比去年第一季增長 23%。價值超過 30 萬美元的合約數量總計 439 份，比 2024 年第一季成長 32%；價值超過 50 萬美元的合約數量總計 191 份，比 2024 年第一季成長 32%。

Moving on to the balance sheet. As of March 31, 2025, cash, cash equivalents and marketable securities were $767 million, a decrease of $49 million over the prior year. Our primary use of cash in the quarter was our repurchase of approximately 462,000 shares of our Class A common stock for $40 million as part of the share repurchase program approved by the Board in July 2024. As of the end of the quarter, we had $60 million remaining of the original $100 million authorization.

繼續討論資產負債表。截至 2025 年 3 月 31 日，現金、現金等價物及有價證券為 7.67 億美元，較上年減少 4,900 萬美元。本季我們的主要現金用途是以 4,000 萬美元回購約 462,000 股 A 類普通股，這是董事會於 2024 年 7 月批准的股票回購計畫的一部分。截至本季末，我們最初授權的 1 億美元中還剩餘 6,000 萬美元。

Turning now to our guidance for Q2 and the full year 2025. While we remain confident in our long-term market opportunity, and growth strategy as well as in our large, relatively unaddressed TAM, we did see a move towards a more cautious buying environment at the end of Q1. As such, we continue to take a measured approach to setting our guidance assumptions. For the second quarter of 2025, we expect total revenue to range from $208 million to $210 million. We expect Services revenue will be down compared to Q2 2024.

現在來談談我們對 2025 年第二季和全年的指導。雖然我們對我們的長期市場機會、成長策略以及我們龐大且相對未解決的TAM仍然充滿信心，但我們確實看到第一季末的購買環境趨於更加謹慎。因此，我們繼續採取審慎的方法來設定我們的指導假設。對於 2025 年第二季度，我們預計總營收將在 2.08 億美元至 2.1 億美元之間。我們預計服務收入將與 2024 年第二季相比下降。

We expect non-GAAP operating margin to be approximately breakeven, reflecting ongoing investment in our long-term growth strategy and the timing of preplanned events.

我們預期非公認會計準則營業利潤率將大致達到損益平衡，這反映了我們對長期成長策略的持續投資以及預先規劃的事件的時間安排。

For the full year 2025, we continue to expect total revenue to range from $864 million to $868 million. Similar to 2024, we expect total Services revenue will be down year-over-year as we move low-margin services to our partners. We expect Subscription revenue growth to be approximately 20% at the midpoint. We continue to expect non-GAAP operating margin to range from 5% to 5.5%, delivering improved productivity compared to 2024. We now expect 2025 free cash flow margin will be 10%.

對於 2025 年全年，我們預計總收入仍將在 8.64 億美元至 8.68 億美元之間。與 2024 年類似，由於我們將低利潤服務轉移給合作夥伴，我們預計總服務收入將年減。我們預計訂閱收入成長率中位數約為 20%。我們繼續預期非公認會計準則營業利潤率將在 5% 至 5.5% 之間，與 2024 年相比生產力有所提高。我們現在預計 2025 年自由現金流利潤率將達到 10%。

This revised target reflects pressure on bookings expectations for the rest of the year given the macro uncertainty Julie and I discussed. We continue to operate our business with our 2027 and 2030 targets in mind, improving productivity and operating leverage as we execute on our long-term growth strategy.

鑑於朱莉和我討論的宏觀不確定性，這項修訂後的目標反映了今年剩餘時間的預訂預期面臨的壓力。我們將繼續以 2027 年和 2030 年的目標來經營我們的業務，在執行長期成長策略的同時提高生產力和經營槓桿。

In closing, I would like to thank Workivians around the globe for their hard work and dedication to providing value to our customers. Thank you all for joining the call today. We're now ready to take your questions. Operator, please open the line for Q&A.

最後，我要感謝全球各地的 Workivians 的辛勤工作和為我們的客戶提供價值的奉獻精神。感謝大家今天參加電話會議。我們現在準備好回答您的問題。接線員，請開通問答專線。

(Operator Instructions)

（操作員指示）

Patrick Schulz, Baird.

派崔克舒爾茨，貝爾德。

I guess maybe the first one just on the guidance. I know you mentioned they saw a more cautious buying environment towards the end of the quarter, but still maintained the full year revenue guidance. Can you just help bridge the gap there? Maybe provide a little bit more color on confidence in achieving the guide and why not just take the guide a little lower right now?

我想也許第一個只是指導。我知道您提到他們在本季末看到了更謹慎的購買環境，但仍然維持了全年收入預期。您能幫助彌合這個差距嗎？也許可以為實現指南的信心提供更多的色彩，為什麼不現在就把指南降低一點呢？

So the reason that we kept the guide the same was, we really felt that Q1 was a great quarter. We had 20% S&S revenue growth. We're talking about in the guide that we expect to have 20% revenue growth for the full year on S&S. And we really feel like taking everything into account that we're able to maintain with our -- we can maintain a really measured approach on setting our guidance assumption. So it's a really similar approach as to what we took in prior quarters, but we remain confident in our long-term market opportunity and our growth strategy.

因此，我們保持該指引不變的原因是，我們確實認為第一季是一個很棒的季度。我們的 S&S 收入成長了 20%。我們在指南中提到，我們預計 S&S 全年營收將成長 20%。我們確實認為，要把所有因素都考慮進去，我們才能保持這種狀態——我們可以採取一種真正有分寸的方式來設定我們的指導假設。因此，這與我們在前幾季採取的方法非常相似，但我們仍然對我們的長期市場機會和成長策略充滿信心。

And with our large relatively unaddressed TAM that we felt like it was the right move to leave our guide flat for the year.

由於我們的 TAM 規模較大且尚未解決，我們認為維持全年指引不變是正確的舉措。

Okay. Helpful. And maybe one follow-up to maybe for Julie. I appreciate your commentary on CSRD and the ESG mandates in your prepared remarks. Could you maybe just give us a sense on how demand for the ESG and Sustainability Solutions have been relative to your expectations prior to the Omnibus legislation?

好的。很有幫助。也許可以為朱莉提供一次後續行動。我很欣賞您在準備好的評論中對 CSRD 和 ESG 授權的評論。您能否向我們介紹一下，在綜合立法之前，ESG 和永續性解決方案的需求與您的預期相比如何？

I guess, how should we think about the pace of deals for remainder of the year and into 2026, now that some of these recently proved EU legislation deals are in place?

我想，既然最近證明的一些歐盟立法協議已經到位，我們應該如何考慮今年剩餘時間和 2026 年的協議進度？

Sure. And not an unexpected topic for discussion here today, given what's been going on. But I would like to give a little bit of detail here on sustainability though I provided some in the remarks, but I would just take a step back. Yes, there have been a lot of changes in the past 3 months. But I'll just say, highlight here are three things, right.

當然。考慮到目前發生的情況，今天在這裡討論這個主題並不令人意外。但我想在這裡就可持續性給出一些細節，儘管我在評論中提供了一些，但我還是想退一步。是的，過去三個月發生了許多變化。但我只想說，這裡要強調的是三件事，對吧。

First, our sustainability market continued to grow. Sustainability remains a top booking solution for us in Q1. And when we think about sustainability, we break it down into geography and company size. And finally, as a highlight, we've said before, even as far back as when we entered the sustainability market, regulation is not the only driver of sustainability initiatives in reporting. So we'll just think about the different geos.

首先，我們的永續發展市場持續成長。永續性仍然是我們第一季的首要預訂解決方案。當我們考慮可持續性時，我們將其分解為地理位置和公司規模。最後，需要強調的是，我們之前就說過，即使早在我們進入永續發展市場時，監管並不是報告中永續發展舉措的唯一驅動力。所以我們只需考慮不同的地理位置。

If we start with Europe, as I mentioned, with regard to CSRD and the Omnibus. I mean, it did bring a lot of clarity. Companies know what they have to report and by when. That first large Wave 1 companies still need to report 2025, no change to that time line. And actually, the large non-EU companies still have to report on their same time line as well.

如果我們從歐洲開始，正如我所提到的，關於 CSRD 和 Omnibus。我的意思是，它確實帶來了很多清晰度。公司知道他們必須報告什麼以及何時報告。第一批大型 Wave 1 公司仍需在 2025 年進行報告，時間表沒有變更。實際上，大型非歐盟公司也必須在同一時間範圍內進行報告。

And these large companies are our target market, and they have -- They've got a report with double materiality, they have to report using taxonomy and ESRS. They've got limited assurance. So we believe we still have a large opportunity in this market. And as I highlighted in Q1, in Europe, we saw multi 6-figure deals, including sustainability. I'm going to be next week with our European customers and partners at our Annual Europe Customer event, still focusing on sustainability.

這些大公司是我們的目標市場，他們有一份具有雙重重要性的報告，他們必須使用分類法和 ESRS 進行報告。他們得到的保證有限。因此我們相信這個市場仍有很大的機會。正如我在第一季強調的那樣，在歐洲，我們看到了多項六位數的交易，其中包括永續性交易。下週我將與我們的歐洲客戶和合作夥伴一起參加我們的年度歐洲客戶活動，重點仍是永續發展。

Now if you move over to the U.S., change in the administration has influenced some of those companies that were box checkers and compliers, meaning those that we're only reporting or adhering to the compliance, the regulations just because there is a regulation. They may choose to delay or no longer report. This includes those that would have been subject to the SEC climate disclosure rule and those that were subject to the previous thresholds on CSRD.

現在，如果你轉到美國，政府的變化已經影響到一些遵守規定的公司，也就是說，我們只是報告或遵守規定，只是因為有規定。他們可能會選擇延遲或不再報告。其中包括那些原本受美國證券交易委員會 (SEC) 氣候揭露規則約束的公司，以及那些受先前 CSRD 門檻約束的公司。

But the state of California rules are still something that organizations are preparing for. We do see this as a buying driver today. And then, of course, there are a number of other state regulations and bills that are coming up in various stages.

但各組織仍在為加州的規定做準備。我們確實將此視為當今的購買驅動力。當然，還有許多其他州法規和法案正在不同階段推出。

Now rest of the world. We've still got the 20 countries or so that have chosen to align with the ISSP guidelines, and there are now over somewhere 7,600 organizations that have committed to science-based targets through SBTi. All of these companies will be measuring, monitoring and tracking their sustainability data.

現在是世界其他地方。仍有大約 20 個國家選擇遵守 ISSP 指南，現在有超過 7,600 個組織透過 SBTi 承諾實現基於科學的目標。所有這些公司都將測量、監控和追蹤其可持續性數據。

So final note in Europe, final note in the U.S. and everywhere, sustainability reporting isn't just about complying with regulations. Companies are buying it ahead of regulation. They have even when they're -- there is no regulation that they need to comply with. They're doing it just to participate in the global supply chain and enhanced business, as I described in my prepared remarks.

因此，最終要指出的是，在歐洲、在美國以及世界各地，永續發展報告不僅僅是遵守法規。公司正在提前購買它。即使沒有他們需要遵守的規定，他們也有這種行為。他們這樣做只是為了參與全球供應鏈和增強業務，正如我在準備好的演講中所描述的那樣。

So deal and company size-dependent --

因此，取決於交易和公司規模—

Steve Enders, Citi.

花旗銀行的史蒂夫恩德斯。

Okay. Great. Actually, I just want to follow up on the last point that you were kind of making there. But just in terms of what you saw in 1Q? Just maybe how are things different compared to the deal set that we saw from the sustainability portfolio versus I guess, the broader Workiva portfolio?

好的。偉大的。實際上，我只是想跟進一下您剛才提出的最後一點。但僅就您在第一季看到的情況而言？也許，與我們從永續發展投資組合和更廣泛的 Workiva 投資組合中看到的交易集相比，情況有何不同？

And maybe kind of what's the view here moving forward as well?

也許您對未來的展望是怎麼樣的？

I mean, continued -- we had a strong quarter. We saw broad-based demand across the portfolio. And again, sustainability in Q1 was still one of the top booking solutions. I did mention in our remarks that we saw a cautious buying environment, but across the portfolio. And it really is more in conversations with customers and compared to our 2024, which was -- we had stellar bookings quarters in 2024.

我的意思是，我們本季表現強勁。我們看到整個投資組合都有廣泛的需求。並且，第一季的可持續性仍然是最重要的預訂解決方案之一。我在我們的評論中確實提到，我們看到了謹慎的購買環境，但整個投資組合都是如此。這實際上更多的是在與客戶的對話中，與 2024 年相比，我們在 2024 年的預訂量非常出色。

So again, we are looking at what's happening today with market uncertainty, with turbulence in the market, but it's really broad-based demand across our portfolio.

因此，我們再次關注當今市場不確定性和市場動盪的情況，但這實際上是我們投資組合中廣泛的需求。

Okay. Got you. So I guess just to put a finer point on it, there wasn't really a difference in the timeline or like I guess when things started to slow down between the ESG side of the equation and the rest of the portfolio?

好的。明白了。所以我想更準確地說，時間線上並沒有什麼區別，或者我猜什麼時候 ESG 方面和投資組合的其他部分之間的速度開始放緩？

This quarter, we had demand for all solutions. Yes.

本季度，我們對所有解決方案都有需求。是的。

All right. And then -- just in terms of the, I guess, broader change between the U.S. opportunity, and it seems like the Wave 4 side of it is kind of moving forward. But how is maybe the opportunity for -- in terms of like a number of logos or the number of opportunities. How is that different now with the changing regulatory landscape?

好的。然後——就美國機會和第四波浪潮之間的更廣泛變化而言，我認為它似乎正在向前發展。但就標誌數量或機會數量而言，機會可能如何？隨著監管環境的變化，現在有什麼不同？

And maybe for what you're seeing from the CSRD regulations versus the things that are coming from a state level for those U.S.-based companies?

也許您從 CSRD 法規中看到的情況與來自州一級針對美國公司的情況有何不同？

Yes. As I mentioned, in Europe, our target market is alive and well. It's the large companies, the large Wave 1 companies that need to report in 2025, many of those in April. April 30th was the deadline, but others, depending on geography. So that's our market.

是的。正如我所提到的，在歐洲，我們的目標市場活躍且健康。大型公司，即第一波的大型公司需要在 2025 年提交報告，其中許多公司將在 4 月提交報告。截止日期是 4 月 30 日，但其他日期則取決於地理位置。這就是我們的市場。

That market is strong. The Wave 2 and 3 companies, some will delay. Those are farther out in the time line. But our target market, again, is largely -- it is a global opportunity.

那個市場很強勁。第 2 波和第 3 波的公司，有些會延遲。這些都是時間線上更遠的事。但我們的目標市場很大程度上是一個全球性機會。

But as I highlighted in the U.S., again, we've got the box checkers, compliers and those that will wait for regulation. But again, everything -- so much of what we sold was for companies that want to play in a global ecosystem. They want to participate in the global supply chain. They're doing this for stakeholders. They're doing this for a number of other reasons beyond regulation, and we're seeing that, and we've seen that for the multiple years that we've been in the sustainability market.

但正如我在美國所強調的那樣，我們又有符合規定的人、遵守規定的人以及等待監管的人。但同樣，我們銷售的產品大多是針對那些想要在全球生態系統中運作的公司。他們希望參與全球供應鏈。他們這樣做是為了利害關係人。他們這樣做除了出於監管之外還有許多其他原因，我們看到了這一點，而且我們在永續發展市場中已經看到了很多年。

(Operator Instructions)

（操作員指示）

Jake Roberge, William Blair.

傑克羅伯格、威廉布萊爾。

Really helpful commentary just around the sustainability business. Julie, of those 7,000 or so Wave 1 reporters that are still being regulated under the updated CSRD proposals. I know there's been no change to the regulatory time line. But do you think there will be any change to kind of the adoption cadence related to CSRD just following the updated Omnibus proposals?

有關永續發展業務的評論確實很有幫助。朱莉，大約 7,000 名第一波記者仍然受到更新後的 CSRD 提案的監管。我知道監管時間表沒有改變。但是，您是否認為在更新綜合提案之後，與 CSRD 相關的採用節奏會發生任何變化？

We do see significant opportunity in that larger market. I mean, many of those companies that you mentioned did have to comply on April 30. And while we've made significant headway in the market, the opportunity is there because what's clear when you look at those reports that have come out and we have looked at them. There's a lot of complexity those companies have to deal with. Many are still on the legacy systems.

我們確實看到了更大的市場中的巨大機會。我的意思是，您提到的許多公司確實必須在 4 月 30 日遵守規定。雖然我們在市場上取得了重大進展，但機會仍然存在，因為當你查看已經發布的報告並查看它們時，這一點就很清楚了。這些公司必須應對許多複雜問題。許多人仍在使用舊系統。

They're getting through it with muscle. And so we believe there are a number of companies that are still using those current processes that we can help with our platform. And the platform brings together the financial data and the nonfinancial data. It brings -- with assurance, and we help manage the complexity. And I think that is where our opportunity remains in the upmarket.

他們憑藉實力克服了困難。因此，我們相信，許多公司仍在使用現有流程，我們可以透過我們的平台為他們提供幫助。該平台匯集了金融數據和非金融數據。它帶來保證，並且我們幫助管理複雜性。我認為這就是我們在高端市場中仍存在的機會。

So it's again, a significant opportunity, and that is our target market.

所以這又是一個重大機遇，這就是我們的目標市場。

Okay. That's helpful. And then could you talk about how the go-to-market transition has been trending this year? I know you were starting to step that up more meaningfully at the start of the year. So it would be great to hear how that's going?

好的。這很有幫助。然後您能談談今年市場進入轉型的趨勢如何嗎？我知道你從今年年初就開始更積極地推進這項工作。所以我很想知道事情進展如何？

And whether those plans could change at all just given the uncertain macro environment?

鑑於不確定的宏觀環境，這些計劃是否會改變？

Sure. And as you know, for the go-to-market, as we've scaled, we've been maturing our organization. And as we roll into 2025, continue to do so. We further expanded our team of major account sellers. We continue to shrink territories, just providing a greater focus on a smaller number of accounts.

當然。如您所知，為了進入市場，隨著我們規模的擴大，我們的組織也日益成熟。隨著我們邁入 2025 年，我們將繼續這樣做。我們進一步擴大了大客戶銷售人員團隊。我們持續縮小地理範圍，只將更多的精力放在少數帳戶上。

We've dedicated new logo teams and so forth. So we're maturing. That's on the structure side.

我們有專門的新標誌團隊等等。所以我們正在成熟。這是結構方面的問題。

On the staff side, just continue to hire more experienced platform sellers, those that can embrace and leverage our partners, just those sellers that have proven experience with scale. So coming off of a successful year out there in the market, most of our sellers have higher quotas and we're pushing hard on the go-to-market side. Strategy, again, continue to focus on better enablement, more refinement of sales plays and so forth. So we're continuing to improve, continuing to invest and up-leveling teams and building out that go-to-market team that's very capable and confident as we scale.

在員工方面，我們繼續僱用更有經驗的平台賣家，那些可以擁抱和利用我們合作夥伴的賣家，那些擁有豐富規模經驗的賣家。因此，在經歷了市場成功的一年之後，我們的大多數賣家都獲得了更高的配額，我們正在努力推動市場開拓。再次強調，策略將繼續專注於更好的支援、更精細的銷售策略等等。因此，隨著我們規模的擴大，我們會不斷改進、不斷投資、提升團隊水平，並打造一支非常有能力、充滿信心的行銷團隊。

Adam Hotchkiss, Goldman Sachs.

高盛的亞當·霍奇基斯。

I guess Julie to start, could you maybe just clarify what a soft buying environment means for you? Is this just deferral of decision-making or something else just coming up in conversations offhand? And is there any way for us to quantify either the number of deals or revenue that's being pushed out of Q1 or future quarters because of this? Just trying to understand what exactly is going on?

我想先請朱莉解釋一下疲軟的購買環境對您來說意味著什麼？這只是推遲決策還是談話中偶然出現的其他事情？我們是否有辦法量化因此而延後第一季或未來幾季的交易數量或收入？只是想了解到底發生了什麼事？

Thank you for the question. Just to clarify, our business continues to grow, and we've reaffirmed our 20% Subscription revenue growth guide for 2025. And that's important. When I talked about signs of the cautious buying environment or change in momentum. Again, it's really compared to the year that we had in 2024.

謝謝你的提問。需要澄清的是，我們的業務持續成長，我們重申了 2025 年 20% 的訂閱收入成長指南。這很重要。當我談到謹慎的購買環境或動力變化的跡象時。再次，這確實與 2024 年的情況相比。

Again, very strong stellar bookings quarters for us. That's what we're comparing it to. But listen, there's no denying Q1 was a turbulent market and there's market uncertainty. And I hear when I talk to customers, right, they're just being more thoughtful with spend. And the reality is they're dealing with constant changes, new risks to their business and their business models.

再次，對我們來說，這是一個非常強勁的預訂季度。這就是我們要與之比較的。但聽著，不可否認的是，第一季市場動盪，市場存在不確定性。當我與顧客交談時，我發現他們在花錢時更加深思熟慮了。而現實情況是，他們正在應對不斷的變化以及業務和商業模式面臨的新風險。

And we do believe that this had an impact on some organizations' spend behavior.

我們確實相信這對一些組織的支出行為產生了影響。

And we're -- again, there's uncertainty there. We don't know what's coming. Our guide is very balanced, given the uncertainty, the turbulence in the market and what we're hearing from our customers. I did some deals are maybe taking longer even when we're the vendor of choice, right? But I will reiterate, we've affirmed our guide for 20% Subscription growth in 2025.

而且我們——再次，那裡存在著不確定性。我們不知道接下來會發生什麼事。考慮到市場的不確定性和動盪以及我們從客戶那裡聽到的消息，我們的指導非常均衡。我做過的一些交易可能需要更長的時間，即使我們是首選供應商，對嗎？但我要重申，我們已經確認了 2025 年 20% 訂閱成長率的指導方針。

We've got that large unaddressed TAM that I continue to talk about, and we believe that with our broad solution portfolio, we've got that platform advantage and proven record of delivering value, that we have the opportunity to drive continued growth throughout 2025 and beyond.

我們擁有我一直在談論的龐大的未解決的 TAM，我們相信，憑藉我們廣泛的解決方案組合，我們擁有平台優勢和提供價值的可靠記錄，我們有機會在 2025 年及以後推動持續增長。

Okay, Julie. That's a really helpful clarification. And then I wanted to talk a little bit about the press release you had, I think, a couple of weeks ago around the mandated financial consolidation order for federal agencies. How should we think about the opportunity for you there? And have you started to see any conversations around this over the last month?

好的，朱莉。這是一個非常有幫助的澄清。然後我想稍微談談你們幾週前發布的有關聯邦機構強制財務整合令的新聞稿。我們應該如何看待您在那裡獲得的機會？在過去的一個月裡，您是否開始看到有關此問題的任何討論？

Yes. Thank you for highlighting that. We did have a press release on that opportunity. We talked about the requirement that all 24 CFO Act Agencies need to modernize their systems. And probably the most important part of that order is, as soon as practical, all heads of CFO agent agencies must use standard financial management systems and they must use what's on that marketplace and we are on that marketplace.

是的。感謝您強調這一點。我們確實就該機會發布了新聞稿。我們討論了所有 24 個 CFO 法案機構需要對其係統進行現代化的要求。這項命令中最重要的部分可能是，一旦切實可行，所有財務長代理機構的負責人必須使用標準的財務管理系統，並且必須使用該市場上的產品，而我們就在該市場上。

And we're encouraged that the administration is leaning into a tech-first approach and we believe this will be an opportunity for us. We're well positioned, but we also believe it is a multiyear effort. So we're optimistic over the long haul that the federal government is taking, again, that tech-first approach and they're focused on trust and transparency and accountability as we are with our platform, and we believe that our platform is a great fit for these transformational needs and actions.

我們很高興看到政府傾向於採取技術優先的方法，我們相信這對我們來說是一個機會。我們已做好準備，但我們也相信這需要多年的努力。因此，從長遠來看，我們持樂觀態度，聯邦政府將再次採取技術優先的方法，他們像我們的平台一樣注重信任、透明度和問責制，我們相信我們的平台非常適合這些轉型需求和行動。

Ryan Krieger, Wolfe Research.

克里格（Ryan Krieger），沃爾夫研究公司（Wolfe Research）。

Appreciate all the commentary on the macro, but I do just want to ask one more. You guys have a really good purview into a lot of verticals and a lot of major regions. So I'm just curious, when you talk about this cautious behavior, I understand it's just kind of starting, but is it more broad-based? Or is it related to certain verticals or regions while others might be more safe?

感謝所有關於宏的評論，但我只想再問一個問題。你們對許多垂直行業和許多主要地區都有很好的了解。所以我很好奇，當您談到這種謹慎的行為時，我知道這只是開始，但它是否更廣泛？或者它與某些垂直行業或地區有關，而其他行業或地區可能更安全？

I think, again, we'll reiterate, we had a strong Q1. But -- and it was broad-based. We're not seeing it in any particular geo, not seeing it in any particular segment that we're in for solutions, either. It's again, conversations with customers and just a more cautious environment like we are doing at Workiva. We're thinking about our spend in a more thoughtful way.

我想，我們再次重申，我們第一季表現強勁。但是——而且其影響是廣泛的。我們沒有在任何特定的地理位置看到它，也沒有在我們尋求解決方案的任何特定的領域看到它。這又是與客戶進行的對話，而且只是創造一個更謹慎的環境，就像我們在 Workiva 所做的那樣。我們正在更加周到地考慮我們的支出。

We're looking at those things that are more important. We're looking at the dollars we have and thinking about our own operational effectiveness and so forth in our spend.

我們正在關注那些更重要的事情。我們正在考慮我們擁有的資金，並考慮我們自己的營運效率以及支出等方面的問題。

Okay. Great. Appreciate it. And then also on solution pricing. In the prepared remarks, you talked a lot about a lot of innovation coming into the platform.

好的。偉大的。非常感謝。然後也討論解決方案定價。在準備好的發言中，您談了很多有關該平台的創新。

And we are seeing quite a few software companies kind of lean into the pricing lever. So just wanted to get an update on maybe your pricing philosophy, how you guys think about it? And then maybe how you think about that lever going forward?

我們看到相當多的軟體公司傾向於使用定價槓桿。所以只是想了解你們的定價理念，你們是怎麼看待的？那麼，您如何看待這槓桿的未來發展？

Sure. And this is a philosophy of ours that we've stood by, which is we want to bring value to the customer, and we would rather sell additional solutions and have more impact than get a few more dollars out of a renewal or price increase. Having said that, we have made price increases routine for our -- on our renewals. So we do up, of course, we take a risk-based approach depending on where the customer is and what's transpired and where they are.

當然。這是我們一直堅持的理念，即我們希望為客戶帶來價值，我們寧願銷售額外的解決方案並產生更大的影響，而不是透過續約或提價來多賺幾美元。話雖如此，我們已經將續約價格上調作為常規措施。因此，我們當然會採取基於風險的方法，這取決於客戶所在的位置、發生了什麼以及他們所在的位置。

But again, that's not -- we're not at the point where we're squeezing dollars out of the a customer for a renewal or price increases there. It really is about providing value cross-selling and up-selling. And that's the way we've been approaching it. So yes, we're working to optimize our pricing, but the real lever is value and selling more solutions, expanding an account and bringing more value to our customer.

但話說回來，我們還沒有達到向顧客榨取續約或漲價成本的地步。這實際上是提供有價值的交叉銷售和追加銷售。這就是我們一直以來處理這個問題的方式。所以是的，我們正在努力優化我們的定價，但真正的槓桿是價值和銷售更多的解決方案，擴大帳戶並為我們的客戶帶來更多價值。

Terry Tillman, Truist.

特里·蒂爾曼（Terry Tillman），Truist。

This is Dominique Manansala on for Terry. So just looking at the capital markets side of the business. Just one, how you're thinking about contribution from that side for this year? I guess, with the market volatility, it has your assumption changed in terms of pipeline or deal timing for IPO or [S1] related use cases even?

這是多明尼克·馬南薩拉 (Dominique Manansala) 代替特里 (Terry)。因此，只看一下業務的資本市場面向。只有一個問題，您認為今年這方面的貢獻如何？我猜，隨著市場波動，您對 IPO 或 [S1] 相關用例的管道或交易時機的假設是否發生了變化？

Thanks for the question. And we really have not changed our outlook on cap markets. It remained consistent contributor in Q1, and we've modeled it that way through the end of the year. So any return on capital markets remains an upside for us.

謝謝你的提問。我們確實沒有改變對資本市場的看法。它在第一季仍然是穩定的貢獻者，我們在年底之前也一直保持這種模式。因此，資本市場的任何回報對我們來說都是有利的。

Great. Just one more for me. So now that Workiva Carbon has been in the market for several quarters. Just wondering if you may -- if you've -- if there's a noticeable difference in win rates or deal sizes? Maybe even in carbon-intensive industries.

偉大的。對我來說再多一個就好了。現在 Workiva Carbon 已經上市幾個季度了。只是想知道您是否可以——如果您有——獲勝率或交易規模是否存在明顯差異？甚至在碳密集型行業也是如此。

Sure. Thank you for asking about Carbon. Workiva Carbon, as you recall, was a strategic addition for us to our platform that's made Sustainability Solutions and overall assured Integrated Reporting platform even more remarkable and relevant. So yes, it has opened up doors for us in terms of opportunities, and we expect that's going to continue to help us win new Sustainability Reporting deals going forward.

當然。感謝您詢問有關 Carbon 的問題。正如您所記得的那樣，Workiva Carbon 是我們平台的策略性補充，它使可持續發展解決方案和整體保證的綜合報告平台更加卓越和重要。所以是的，它為我們打開了機會之門，我們期望這將繼續幫助我們在未來贏得新的永續發展報告交易。

If you do think about the regulations, the most consistent part of regulations across all, right? It's the one common thread around all regulation. And a lot of companies do want to go carbon first and want a vendor that provides both the Reporting and the Carbon Accounting together. So it absolutely opened up doors for us.

如果您確實考慮過法規，那麼所有法規中最一致的部分就是法規，對嗎？這是所有法規的共同主線。許多公司確實希望先考慮碳排放，並希望找到一個可以同時提供報告和碳核算的供應商。所以這絕對為我們打開了大門。

Andrew DeGasperi, BNP Paribas.

安德魯·德加斯佩里，法國巴黎銀行。

I wanted to maybe ask one on the Fund Reporting side because you brought it up in your prepared remarks, and I just wondered, how much of an opportunity it is for you? I know you're obviously great in the public corporate reporting side, but just wondering in terms of the potential for that market?

由於您在準備好的演講中提到了這一點，所以我想問一個基金報告方面的問題，我只是想知道，這對您來說是一個多大的機會？我知道您在上市公司報告方面非常出色，但我只是想了解該市場的潛力？

Sure. Thank you for asking the question. New market we just entered another, I would say, fit-for-purpose high-value solution and a great example of how our platform can be easily extended and used for multiple regulatory use cases. So I'll just start off by saying when we think about the market size here, there are over 12,000 public funds globally, that includes 9,000 or more ETFs with assets under management of over $11 trillion. So it's a nice market for us to enter into.

當然。感謝您提出這個問題。我們剛進入的新市場是另一個適合用途的高價值解決方案，也是我們的平台如何輕鬆擴展並用於多種監管用例的一個很好的例子。因此，我首先要說的是，當我們考慮這裡的市場規模時，全球有超過 12,000 個公共基金，其中包括 9,000 個或更多的 ETF，管理的資產超過 11 兆美元。所以這對我們來說是一個很好的市場。

There are, let's say, 139,000 regulated funds reported globally. So we're focused on this market as well and along with the market for public funds. So good market for us to enter into.

據報道，全球共有 139,000 個受監管基金。因此，我們也關注這個市場以及公共基金市場。對我們來說這是一個非常好的市場。

And maybe, Jill, on the -- one follow-up on the NRR. You mentioned FX and leap year. And I was just wondering, is this -- what would it have been excluding that? I'm not sure if you provided that. So sorry if I missed it.

吉爾，也許還有關於 NRR 的後續問題。您提到了外匯和閏年。我只是想知道，如果排除這個的話會怎麼樣？我不確定您是否提供了該資訊。如果我錯過了，很抱歉。

And then second, when I think about the free cash flow target you provided. Obviously, you didn't take down the Subscription target for the year. But I was just wondering, is this like a very small change? Or is it because you expect that weakness to extend into next year?

其次，當我考慮您提供的自由現金流目標時。顯然，您沒有完成今年的訂閱目標。但我只是想知道，這是一個非常小的改變嗎？還是因為您預期這種疲軟態勢將延續到明年？

Thanks for the questions, Andrew. So on NRR, I did not say so you did not miss it, but it was about 1.5 points or so impact between the leap year and the currency fluctuations on NRR. So it would have been 11.5% or so -- 111.5% or so, without that impact. As far as the free cash flow target, we really -- we're -- in taking a holistic look at our guide for the full year, this was one area where we felt like we needed to bring this down a couple of points just because of the potential impact of any slowing impact from customer buying throughout the year, might show up. And so that was really the reason that you're only seeing any kind of a pullback is in that free cash flow number.

謝謝你的提問，安德魯。因此，關於 NRR，我沒有這麼說，所以你沒有錯過，但閏年和貨幣波動對 NRR 的影響大約是 1.5 個點左右。因此，如果沒有這種影響，它應該是 11.5% 左右 - 111.5% 左右。就自由現金流目標而言，我們確實 - 我們 - 在全面審視我們的全年指南時，我們覺得這是一個需要將其降低幾個點的領域，因為全年客戶購買放緩的潛在影響可能會顯現出來。所以這就是你只看到自由現金流數字出現回檔的真正原因。

And so that was our consideration.

這就是我們的考慮。

Brett Huff, Stephens.

布雷特·哈夫，史蒂芬斯。

Congrats on a nice quarter in a tough environment. Two quick questions. One, still macro, but maybe a little bit different angle. As you all think about your long-term guidance, which is super helpful and how you think about then helping us think -- see how you think about the business. It's hard to have imagine something like the environment we're in now.

恭喜您在艱難的環境中取得了一個良好的季度業績。兩個簡單的問題。首先，仍然是宏觀的，但角度可能有點不同。當你們都考慮你們的長期指導時，這非常有幫助，而且你們的想法可以幫助我們思考——看看你們是如何看待業務的。很難想像我們現在所處的環境。

How do you all sort of factor that in as you still look at your long-term guidance and puts and takes and things like that?

當您仍然專注於您的長期指導、投入和產出以及諸如此類的事情時，您是如何將這些因素考慮在內的？

Yes. Thanks for your comment. Really appreciate it, and, thanks for the question. As we think about the impact of the current environment on our ability to reach our long-term guide, we do operate the company in order to reach those numbers, just to be really clear. We both reiterated our -- that we stand behind the guidance that we've given for 2027 and 2030, and we continue to operate the business with those targets in mind.

是的。感謝您的評論。非常感謝，也感謝您的提問。當我們考慮當前環境對我們實現長期指導的能力的影響時，我們確實會經營公司以達到這些數字，只是為了真正清楚起見。我們都重申——我們支持我們對 2027 年和 2030 年給予的指導，並且我們會繼續以這些目標為指導開展業務。

And so we do have ways that we can impact our margins in order to reach those goals.

因此，我們確實有辦法影響我們的利潤率，以實現這些目標。

But as we saw in Q1, we performed and had a 20% S&S revenue growth. We reiterated that we expect 20% S&S revenue growth for the full year 2025. And we have a large unaddressed TAM and a broad portfolio of solutions to execute against. And so we still will invest in that growth. But we know that we can do that, while still keeping those targets in mind.

但正如我們在第一季看到的那樣，我們的業績表現良好，S&S 收入成長了 20%。我們重申，預計 2025 年全年 S&S 收入將成長 20%。我們擁有大量未解決的 TAM 和廣泛的解決方案組合可供執行。因此我們仍將對這一增長進行投資。但我們知道我們可以做到這一點，同時仍然牢記這些目標。

And so we will continue to move towards that as we operate.

因此，我們將在營運過程中繼續朝著這個目標努力。

Great. Makes sense. And then just a quick follow-up, thinking about customer conversations. Maybe what about through the lens of partner conversations? I know a lot of the Big 4 are key partners of yours.

偉大的。有道理。然後只是快速跟進，思考客戶對話。也許從合作夥伴對話的角度來看呢？我知道四大中的很多公司都是你們的重要夥伴。

Have they approached the ESG market any differently? I mean, we're believers that it's not going away, either. But I'm just curious if they have taken a different tack or if they've doubled down or pulled back or just become a little bit -- different strategies around at least the sentiment around ESG?

他們對 ESG 市場有何不同的看法？我的意思是，我們也相信它不會消失。但我只是好奇他們是否採取了不同的策略，或者他們是否加倍下注或撤退或只是變得有點不同——至少在 ESG 情緒方面採取不同的策略？

Sure. We work with our partners extensively and intimately in the sustainability market, and we are committed to working with our customers and providing them value. And again, they see it as we do. This is about -- this is regulation, yes, but it's also about performance. It's also about stakeholder requirements and it's about risk mitigation.

當然。我們在永續發展市場與合作夥伴進行廣泛而密切的合作，並致力於與客戶合作並為他們提供價值。而且，他們的看法與我們一樣。是的，這是關於——這是規定，但它也與績效有關。它還涉及利益相關者的要求以及風險緩解。

So we're very much aligned with our partners, particularly the consulting and advisory partners and going to market together jointly. So we are aligned in our messaging. We're aligned in the value that we create for customers as they move into their sustainability activities in reporting and disclosure.

因此，我們與合作夥伴，特別是諮詢和顧問合作夥伴保持高度一致，共同進軍市場。因此，我們在訊息傳遞上是一致的。當客戶在報告和揭露方面進行永續發展活動時，我們為客戶創造的價值是一致的。

Alex Sklar, Raymond James.

亞歷克斯·斯克拉、雷蒙德·詹姆斯。

This is John on for Alex. I wanted to start with multi-solution deals in the booking environment. Julie, you're obviously very focused on selling the broader Workiva platform. But just given the macro backdrop and budgetary pressures, any change in the willingness to sell? Or have you seen any more customers focused on single solution deals?

這是約翰為亞歷克斯表演的。我想從預訂環境中的多解決方案交易開始。朱莉，你顯然非常專注於銷售更廣泛的 Workiva 平台。但考慮到宏觀背景和預算壓力，銷售意願有任何變化嗎？或者您看到更多客戶專注於單一解決方案交易？

And then I have a quick follow-up.

然後我有一個快速的跟進。

I think that remains a key differentiator for Workiva and I think of myself when I was a CIO and I think of our CIOs, who's currently buying for Workiva. And I think about the priority, which is efficiency and effectiveness and consolidation of solutions. So I think this is an environment where a platform can be very effective and high-performing because it does satisfy those requirements. I mean you know all of the platform advantages, and it really is about consolidation and experience and ensuring the solutions work together, which really is an efficiency and productivity play. So no, probably the opposite kind of -- platforms are a key differentiator in a market like this.

我認為這仍然是 Workiva 的關鍵區別因素，我想起了自己擔任 CIO 時的情形，以及我們目前為 Workiva 購買產品的 CIO。我認為當務之急是效率、效力和解決方案的鞏固。所以我認為這是一個平台可以非常有效和高效能的環境，因為它確實滿足這些要求。我的意思是，您了解所有平台優勢，它實際上涉及整合和經驗，並確保解決方案協同工作，這實際上是一種效率和生產力的發揮。所以不，可能恰恰相反——平台是這樣的市場中的一個關鍵的區別因素。

Great color there. And then Jill, maybe just a little bit of follow up on the previous question there. The guidance for the year, mid-single digits, non-GAAP Op margin, that would imply a pretty meaningful ramp in incremental margins in '26 and '27 to hit the more medium-term targets. Any update on how you're thinking about the cadence of that ramp and when we would expect more of that inflection to come?

那裡的色彩很棒。然後吉爾，也許我只是想稍微跟進一下之前的問題。年度指引為中等個位數非公認會計準則營業利潤率，這意味著 26 年和 27 年增量利潤率將有相當顯著的增長，從而實現中期目標。您對於這種上升節奏的看法有何更新？我們預計何時會出現更多這樣的變化？

So you can see that in our guide that we have significant improvement in our margin in the second half of 2025 moving into 2026. And we don't expect to have necessarily linear results, but we are starting to move really quickly towards that 2027 time frame. And so we do expect to and we'll be operating towards execution on those targets. And you will start to continue to see that movement as we move through the end of 2025, which you see in our guide and into '26 and '27.

因此，您可以在我們的指南中看到，從 2025 年下半年到 2026 年，我們的利潤率將有顯著提高。我們並不期望必然會得到線性結果，但我們正開始快速邁向 2027 年的時間框架。因此，我們確實期望並致力於實現這些目標。隨著我們進入 2025 年底，您將開始繼續看到這種變化，正如您在我們的指南中看到的那樣，並進入 2026 年和 2027 年。

Ladies and gentlemen, this will conclude our question-and-answer session as well as conference call. Thank you for attending today's presentation. You may now disconnect.

女士們、先生們，我們的問答環節和電話會議到此結束。感謝您參加今天的演講。您現在可以斷開連線。