Workiva Inc (WK) 2025 Q3 法說會逐字稿

Good afternoon, ladies and gentlemen. Welcome to Workiva's third quarter 2025 earnings call. My name is Chuck, and I will be your host operator on this call. (Operator Instructions) Please note that this call is being recorded on November 5, 2025, at 5:00 p.m. Eastern Time. I would now like to turn the meeting over to your host for today's call, Ms. Katie White, Senior Director of Investor Relations at Workiva. Please go ahead.

女士們、先生們，午安。歡迎參加 Workiva 2025 年第三季財報電話會議。我叫查克，我將擔任本次通話的接線生。（操作員指示）請注意，本次通話將於美國東部時間 2025 年 11 月 5 日下午 5:00 進行錄音。現在，我謹將會議交給今天的主持人，Workiva 投資者關係高級總監 Katie White 女士。請繼續。

Good afternoon and thank you for joining Workiva's Q3 2025 conference call. During today's call, we will review our third quarter results and discuss our guidance for the fourth 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.

下午好，感謝各位參加 Workiva 2025 年第三季電話會議。在今天的電話會議上，我們將回顧第三季業績，並討論我們對第四季和 2025 年全年的業績展望。今天的電話會議將包括執行長 Julie Iskow 的發言，隨後是財務長 Jill Klindt 的發言。

We will then open up the call for a Q&A session, where we will be joined by Mike Rost, our Chief Strategy Officer. 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.

接下來我們將開啟問答環節，屆時我們的首席策略長麥克·羅斯特也將出席。今天股市收盤後，我們發布了一份新聞稿，該新聞稿及補充資料可在我們的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，您可以在我們的網站上收聽音訊回放。

During today's call, we will be making forward-looking statements regarding future events and financial performance, including guidance for the fourth quarter and full fiscal year 2025.

在今天的電話會議上，我們將對未來事件和財務業績做出前瞻性聲明，包括對 2025 年第四季和整個財年的業績指引。

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.

這些前瞻性陳述是基於我們對當前宏觀經濟、政治和監管環境的假設，反映了我們根據目前已知因素做出的最佳判斷，但存在重大風險和不確定性。

Workiva cautions that these forward-looking statements are not guarantees of future performance. We undertake no obligation to update or revise these statements. If the call is reviewed after today, the information presented during this call may not contain current or accurate information.

Workiva提醒，這些前瞻性聲明並不代表對未來績效的保證。我們不承擔更新或修改這些聲明的義務。如果在今天之後查看通話記錄，則通話中提供的資訊可能不包含最新或準確的資訊。

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. 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.

請查閱公司提交給美國證券交易委員會的 10-K 表格年度報告及後續文件，以了解可能導致我們的實際業績與前瞻性聲明中所包含的業績存在重大差異的因素。此外，在今天的電話會議中，我們也會提到一些非GAAP財務指標。今天的新聞稿包含了GAAP和非GAAP指標的調節表。

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

接下來，我們將把電話轉交給 Workiva 的執行長 Julie Iskow。

Thank you, Katie, and thank you all for joining us today. In Q3 of 2025, we delivered another quarter of strong financial performance, powered by the continued demand for our broad portfolio of solutions and our AI-powered platform. We beat the high end of our revenue guidance with 23% growth in subscription revenue and 21% growth in total revenue.

謝謝凱蒂，也謝謝各位今天蒞臨現場。2025 年第三季度，我們再次取得了強勁的財務業績，這得益於市場對我們廣泛的解決方案組合和人工智慧平台的持續需求。我們超出了營收預期的上限，訂閱收入成長了 23%，總收入成長了 21%。

On a year-to-date basis, we've delivered 22% subscription growth and 20% total revenue growth. This performance underscores the resilience of our business and the focused execution by our team at Workiva and our partners.

今年迄今為止，我們的訂閱用戶成長了 22%，總收入成長了 20%。這項業績凸顯了我們業務的韌性，以及 Workiva 團隊和合作夥伴的專注執行力。

As a result of the Q3 revenue beat, we're increasing our full year 2025 revenue guidance. We continue to deliver value to the market because we focus on customer needs. Our customers need to trust the numbers they're disclosing. They need to provide transparency across their business, both financial and nonfinancial information.

由於第三季營收超出預期，我們提高了 2025 年全年營收預期。我們持續為市場創造價值，是因為我們專注於客戶需求。我們的客戶需要相信他們所公佈的數據。他們需要在業務的各個方面提高透明度，包括財務資訊和非財務資訊。

And yes, they must be accountable with assurance as a requirement every step of the way. So our customers are looking to us and our platform to solve their most challenging problems. This value we deliver to our customers is highlighted by the continued growth in our large contract cohorts. In Q3, the number of contracts valued over $100,000 increased 23%.

是的，他們必須在每一步都做到盡善盡美，並提供相應的保證。因此，我們的客戶希望透過我們和我們的平台來解決他們面臨的最具挑戰性的問題。我們為客戶創造的價值體現在我們大型合約客戶的持續成長。第三季度，價值超過 10 萬美元的合約數量增加了 23%。

Those over $300,000 increased 41% and contracts valued over $500,000 increased 42%, all compared to Q3 of 2024. This large contract growth was driven by both additional solution sales within our existing customer base and the landing of larger new logo deals. At the same time, we delivered a non-GAAP operating margin of 12.7%.

與 2024 年第三季相比，價值超過 30 萬美元的合約成長了 41%，價值超過 50 萬美元的合約成長了 42%。這一大筆合約成長是由現有客戶群中更多解決方案的銷售以及新客戶簽訂的更大合約共同推動的。同時，我們的非GAAP營業利益率為12.7%。

This is a 470 basis points beat on the high end of our guide. It's also an 860 basis points improvement compared to Q3 of 2024. With this margin beat, we're raising our full year 2025 non-GAAP operating margin guide by 200 basis points at the midpoint.

這比我們指導方針的上限高出 470 個基點。與 2024 年第三季相比，也有 860 個基點的改善。由於利潤率超出預期，我們將 2025 年全年非 GAAP 營業利潤率預期中位數上調 200 個基點。

These results reflect our continued focus on durable growth and meaningful margin improvement. They also demonstrate tangible progress toward our medium- and our long-term operating margin targets. We believe that our disciplined execution and our operating rigor position us to deliver additional leverage over time. I'll move on now to provide some representative Q3 deals.

這些結果反映了我們對永續成長和利潤率顯著提高的持續關注。它們也顯示我們在實現中長期營業利潤率目標方面取得了實際進展。我們相信，憑藉我們嚴謹的執行力和嚴格的運營，我們能夠隨著時間的推移取得更大的成就。接下來我將提供一些代表性的第三季交易案例。

These customer wins provide meaningful insight into our business. They highlight the breadth of our solution portfolio, the location and the types of customers that we're selling to and the role that our partners play in the adoption and the success of our platform in the market. I'd like to start off with a few deals that demonstrate our continued success as a global platform company.

這些客戶的成功案例為我們的業務提供了重要的見解。它們突顯了我們解決方案組合的廣度、我們銷售的客戶地點和類型，以及我們的合作夥伴在市場中推廣和成功使用我們的平台方面所發揮的作用。首先，我想舉幾個例子來說明我們作為一家全球平台公司所取得的持續成功。

First, a top five global pharmaceutical company signed a mid-six figure two solution account expansion deal for sustainability reporting and policy management. Already a 13-year loyal SEC reporting customer, they nearly tripled their spend with the platform expansion into the GRC and sustainability solution categories.

首先，一家全球排名前五的製藥公司簽署了一份價值六位數的兩套解決方案帳戶擴展協議，用於永續發展報告和政策管理。作為 SEC 13 年的忠實報告客戶，隨著平台擴展到 GRC 和永續發展解決方案類別，他們的支出幾乎增加了三倍。

This global organization invested in the Workiva platform to support their sustainability road map. The road map includes requirements across CSRD, ISSB and other local requirements in some of the 100-plus countries in which they operate.

這個全球性組織投資了 Workiva 平台，以支持其永續發展路線圖。路線圖涵蓋了 CSRD、ISSB 以及他們在 100 多個國家/地區開展業務時的其他一些當地要求。

The deal was sourced and it will be delivered by a Big four firm. Second, a North American telecommunications and media company signed a mid-six figure account expansion deal for four solutions. The deal included audit management, controls management, operational risk and sustainability. This nine-year loyal SEC customer more than doubled their spend with this account expansion and now uses six solutions on the platform.

這筆交易已由四大會計師事務所之一促成，並將由該事務所執行。其次，一家北美電信和媒體公司簽署了一份價值六位數的帳戶擴展協議，涉及四個解決方案。該交易包括審計管理、控制管理、營運風險和可持續性。這位忠誠的美國證券交易委員會 (SEC) 客戶已有九年之久，透過此次帳戶擴展，其消費額增加了一倍多，現在在該平台上使用了六種解決方案。

There were several business drivers behind this deal. They included replacing multiple GRC solutions and consolidating on a single platform to drive efficiency and cost savings, enabling risk mitigation across sustainability and operations and providing support for an integrated annual report, combining both financial and nonfinancial information.

這筆交易背後有幾個商業驅動因素。其中包括替換多個 GRC 解決方案，並將其整合到一個平台上以提高效率和節省成本，從而降低永續性和營運方面的風險，並為整合財務和非財務資訊的綜合年度報告提供支援。

Workiva was the only solution evaluated that could address all three of these requirements on a single platform. The deal was sourced and will be implemented by a Big four firm. And third, we closed a high 6-figure expansion deal with a European-based energy services company.

在所有評估的解決方案中，Workiva 是唯一能夠在一個平台上滿足這三個要求的方案。該交易由四大會計師事務所之一促成，並將由該事務所執行。第三，我們與一家總部位於歐洲的能源服務公司達成了高達六位數的擴張協議。

The deal covers six solutions: sustainability reporting, controls management, enterprise risk management, policy management, compliance and operational risk management. The customer first adopted Workiva back in 2022 for ESEF reporting. It has since increased its annual spend more than eightfold, now exceeding $1 million in annual subscription revenue.

該協議涵蓋六項解決方案：永續發展報告、控制管理、企業風險管理、政策管理、合規和營運風險管理。該客戶於 2022 年首次採用 Workiva 進行 ESEF 報告。此後，該公司的年度支出增加了八倍多，目前的年度訂閱收入已超過 100 萬美元。

This was a competitive win over multiple GRC solution providers and multiple sustainability reporting solutions. The deal was sourced and will be delivered by a Big four firm. Our deal momentum extends beyond platform-wide wins.

這是在與多家 GRC 解決方案供應商和多種永續發展報告解決方案供應商的競爭中取得的勝利。這筆交易由四大會計師事務所之一促成，並將由該事務所執行。我們的交易動能不僅限於平台範圍內的交易。

We continue to land and expand with the financial reporting category, which remains a durable growth area for us. A key financial reporting driver is our multi-entity reporting solution, purpose-built for multinational organizations managing complex global structures and operations.

我們繼續在財務報告領域穩步發展壯大，該領域仍然是我們持續成長的領域。財務報告的關鍵驅動因素是我們專為管理複雜全球結構和營運的跨國組織量身打造的多實體報告解決方案。

A strong Q3 example of a multi-entity reporting deal is a seven-figure expansion with a leading global oil and gas company. This customer more than doubled its spend and now leverages six Workiva solutions.

第三季一個多實體報告交易的有力例子是與一家領先的全球石油和天然氣公司進行的七位數擴張。該客戶的支出增加了一倍多，現在正在使用六種 Workiva 解決方案。

As part of a multiyear financial transformation tied to ERP consolidation and an S/4HANA migration, Workiva will enable the modernization of their local statutory reporting across 300 legal entities. This deal was sourced and will be delivered by a regional consulting firm.

作為與 ERP 整合和 S/4HANA 遷移相關的多年財務轉型計劃的一部分，Workiva 將實現其 300 個法人實體的本地法定報告現代化。這筆交易由一家區域顧問公司促成並將由該公司執行。

Another example of our multi-entity reporting deal momentum is a mid-six figure account expansion with a US based global manufacturing company who's been a Workiva customer for 14 years. The deal adds two financial reporting solutions, multi-entity reporting and regulated financial reporting, and it increases the customer's annual spend nearly fourfold.

我們多實體報告交易勢頭強勁的另一個例子是，我們與一家總部位於美國的全球製造公司達成了金額達六位數的帳戶擴張協議，該公司已是 Workiva 14 年的客戶。該交易新增了兩項財務報告解決方案：多實體報告和受監管的財務報告，並使客戶的年度支出增加了近四倍。

Both solutions replace legacy manual processes previously managed through desktop tools. The deal was sourced and will be delivered by a regional consulting firm. Expansion deals aren't the only driver of financial reporting growth. A strong new logo win in Q3 was a solution deal with a European export credit Corporation.

這兩種方案都取代了先前透過桌面工具管理的傳統手動流程。該交易由一家區域諮詢公司促成並將由該公司執行。擴張交易並不是財務報告成長的唯一驅動因素。第三季贏得的一個強而有力的新標誌訂單是與一家歐洲出口信貸公司達成的解決方案協議。

The customer adopted Workiva for SEC reporting, ESEF reporting, bank regulatory reporting and sustainability. They're pursuing TWO major initiatives, standardizing SEC and ESEF reporting on a single platform and preparing for CSRD compliance as a Wave one filer.

客戶採用 Workiva 進行 SEC 報告、ESEF 報告、銀行監管報告和永續發展報告。他們正在推動兩項重大舉措，一是將 SEC 和 ESEF 的報告標準化到一個平台上，二是作為第一批申報者準備遵守 CSRD。

Workiva was the only solution evaluated that could support their integrated reporting requirements across both sustainability and financial reporting. This deal was a co-sell and will be delivered by a Big four firm.

在評估的所有解決方案中，Workiva 是唯一能夠滿足他們永續發展和財務報告方面綜合報告要求的解決方案。這是一筆合作銷售交易，將由四大會計師事務所之一完成。

I'd like to move on now to one of our vertical-specific solution categories, financial services, and I'll highlight just a few of our Q3 wins in this vertical. First, we secured a mid-six figure new logo with one of Europe's top 10 banks.

現在我想轉到我們特定垂直領域的解決方案類別之一——金融服務，並重點介紹我們第三季度在該領域取得的一些成功。首先，我們與歐洲排名前十的銀行之一達成協議，獲得了價值六位數的新標誌設計。

The customer adopted five solutions: SEC reporting, ESEF reporting, sustainability reporting, multi-entity reporting and bank regulatory reporting. The deal replaces multiple on-premises systems and manual spreadsheet-driven processes.

客戶採用了五種解決方案：SEC 報告、ESEF 報告、永續發展報告、多實體報告和銀行監管報告。該交易取代了多個本地系統和手動電子表格驅動的流程。

Multiple Big four and global consulting firms participated in the co-sell effort. Delivery is to be executed through several Workiva partners. Second, we closed a seven figure new logo deal with a European fund services administrator.

多家四大會計師事務所和全球顧問公司參與了聯合銷售活動。貨物將透過 Workiva 的多家合作夥伴進行交付。其次，我們與一家歐洲基金服務管理公司達成了一項價值七位數的全新標誌交易。

This was for fund reporting. This was a competitive win over the incumbent on-premises software solution. The customer selected Workiva for two key reasons: our ability to scale reporting across 2,500 funds and our platform's clear differentiation from legacy technology. The deal was sourced and will be implemented by a Big four firm.

這是用於基金報告的。這是對現有本地部署軟體解決方案的競爭性勝利。客戶選擇 Workiva 的主要原因有兩個：我們能夠將報告擴展到 2,500 個基金，以及我們的平台與傳統技術的明顯差異。該交易由四大會計師事務所之一促成，並將由該事務所執行。

Turning to sustainability. Demand remains steady as organizations respond to expanding stakeholder expectations and evolving regulatory mandates. First, a top five global payments provider signed a six-figure expansion for Workiva Carbon.

轉向可持續發展。隨著各組織積極回應不斷增長的利害關係人期望和不斷變化的監管要求，市場需求保持穩定。首先，全球排名前五名的支付服務提供者與 Workiva Carbon 簽署了一份價值六位數的擴張協議。

They purchased our carbon solution to support multiple regulatory frameworks as well as the California climate disclosure rules. The deal replaced a legacy carbon accounting system and represented a competitive win over four alternative solutions.

他們購買了我們的碳排放解決方案，以支援多個監管框架以及加州氣候資訊揭露規則。該協議取代了原有的碳排放會計系統，並在與四個替代方案的競爭中獲勝。

The customer has been publishing a global impact report for seven years aligning its disclosures with GRI, SASB, UNGC and the UN SDGs. But it found that its prior carbon accounting system was insufficient to meet the evolving requirements.

七年來，該客戶一直發布全球影響報告，使其揭露內容與 GRI、SASB、UNGC 和聯合國永續發展目標保持一致。但該公司發現，其先前的碳會計系統不足以滿足不斷變化的需求。

This deal was a co-sell and will be delivered by a Big four firm. Second, a top five Australian bank signed a six-figure expansion for sustainability reporting. It was to meet the new Australian sustainability reporting standards, AASB S1 and S2. These standards require sustainability disclosures within annual filings, and they cover governance, strategy, risk management and Scope 1, 2 and 3 emissions.

這是一筆合作銷售交易，將由四大會計師事務所之一完成。其次，澳洲排名前五的銀行簽署了一份價值六位數的永續發展報告擴展協議。這是為了符合澳洲新的永續發展報告標準 AASB S1 和 S2。這些標準要求在年度文件中揭露永續性訊息，涵蓋治理、策略、風險管理以及範圍 1、2 和 3 的排放。

Australia's approach demonstrates how regulators are embedding sustainability into financial reporting through ISSP alignment. Approximately 1,000 organizations qualify as Group one filers with the first mandatory reports due June 30 of 2026 for June year-end entities. This deal was sourced and will be implemented by a Big four firm.

澳洲的做法表明，監管機構如何透過與ISSP保持一致，將永續性納入財務報告。大約有 1,000 個組織符合第一組申報者的資格，對於 6 月結束的實體，首批強制性報告將於 2026 年 6 月 30 日到期。這項交易是由一家四大會計師事務所促成的，並將由該事務所執行。

Let's move on now to GRC, which in Q3 included several notable wins. First, a US financial holding company signed a mid-six figure expansion for enterprise risk management, A Workiva SEC reporting customer since 2012, a this firm has expanded into seven solutions across the platform, including multi-entity reporting, living will, stress testing, bank regulatory reporting, sustainability reporting and now enterprise risk management.

接下來我們來看看GRC，它在第三季取得了一些值得關注的勝利。首先，一家美國金融控股公司簽署了一份價值六位數的中型企業風險管理擴展合約。該公司自 2012 年以來一直是 Workiva 的 SEC 報告客戶，目前已擴展到該平台的七個解決方案，包括多實體報告、生前預囑、壓力測試、銀行監管報告、永續發展報告，以及現在的企業風險管理。

This most recent expansion increased annual spend by 25%. The new solution will centralize 45 internal enterprise risk reports covering risk metrics, categories, subcategories and risk statements. The deal was a co-sell and will be implemented by a Big four firm. Second, a US based regional community bank signed a multi-six figure expansion for three GRC solutions, controls management, operational risk management and policy management,

最近這次擴張使年度支出增加了 25%。新方案將集中管理 45 份內部企業風險報告，涵蓋風險指標、類別、次類別和風險聲明。該交易為聯合出售，將由四大會計師事務所之一負責實施。其次，一家總部位於美國的區域社區銀行簽署了一份價值數十萬美元的擴建合同，用於採購三項 GRC 解決方案：控制管理、營運風險管理和政策管理。

A 13-year SEC reporting customer, the bank now uses five Workiva solutions. This expansion more than tripled its annual spend. The deal was sourced and will be delivered by a regional consulting firm. Wrapping up our Solutions section.

作為一家擁有 13 年 SEC 報告經驗的銀行，該銀行目前使用五種 Workiva 解決方案。此次擴張使其年度支出增加了兩倍多。該交易由一家區域諮詢公司促成並將由該公司執行。解決方案部分到此結束。

Here are a few highlights on capital markets. Q3 saw a notable uptick in IPO activity. Workiva supported several high-profile IPO listings, including Sigma, HeartFlow and shoulder innovations. For Workiva, an improving capital markets environment extends well beyond the S-1 filings.

以下是資本市場的一些要點。第三季IPO活動顯著增加。Workiva 為多家備受矚目的 IPO 上市項目提供支持，包括 Sigma、HeartFlow 和肩部創新技術。對 Workiva 而言，資本市場環境的改善遠不止於 S-1 文件。

First, we engaged with private companies years before they go public, through our private company reporting and internal control solutions. We believe that a stronger IPO outlook increases the incentive for companies to invest early in scalable reporting processes.

首先，我們在私人公司上市前數年就透過我們的私人公司報告和內部控制解決方案與它們進行合作。我們認為，IPO前景越樂觀，企業就越有動力儘早投資於可擴展的報告流程。

And second, more SEC registrants expand the addressable market for additional Workiva solutions, including SEC and SOX reporting, even in instances where we're not directly involved in the S-1.

其次，更多的 SEC 註冊公司擴大了 Workiva 其他解決方案（包括 SEC 和 SOX 報告）的潛在市場，即使在我們沒有直接參與 S-1 的情況下也是如此。

We are encouraged by Q3 IPO activity and the economic environment supporting the rebound. We're optimistic that the IPO momentum will continue into Q4 once the US government shutdown ends. Let's shift focus to discuss innovation.

第三季IPO活動以及支撐經濟反彈的經濟環境令我們感到鼓舞。我們樂觀地認為，一旦美國政府停擺結束，IPO的動能將延續到第四季。讓我們把重點轉移到討論創新。

In September, we hosted Amplify, our annual user conference. We welcomed over 2,300 customers, partners and investors in Washington, D.C. We showcased our commitment to innovation, and we launched product enhancements to continue to meet and exceed our customers' growing expectations. During the event, we announced several agentic AI extensions, and we launched Intelligent Finance Intelligent Sustainability and intelligent GRC.

9 月份，我們舉辦了年度用戶大會 Amplify。我們在華盛頓特區接待了 2300 多位客戶、合作夥伴和投資者。我們展示了我們對創新的承諾，並推出了產品改進方案，以繼續滿足並超越客戶日益增長的期望。在本次活動中，我們發布了多個智慧AI擴充功能，並推出了智慧金融、智慧永續發展和智慧GRC。

Each delivers specialized fit-for-purpose capabilities that enhance customer speed, agility and confidence. These offerings leverage the fact that the Workiva platform is intelligence ready. Being intelligence ready means that all data and narratives are structured, consistent, traceable, interpretable machine readable and built with context, not just content.

每項功能都提供專門的、適合特定用途的功能，從而提高客戶的速度、敏捷性和信心。這些產品充分利用了 Workiva 平台具備智慧化功能的優勢。做好情報準備意味著所有數據和敘述都是結構化的、一致的、可追溯的、可解釋的、機器可讀的，並且是有上下文的，而不僅僅是內容。

This is what differentiates Workiva. Our reports are structured, validated data products, not static documents, They allow AI and automation to read, reconcile and publish with lineage embedded controls and regulator grade assurance.

這就是Workiva的獨特之處。我們的報告是結構化的、經過驗證的資料產品，而不是靜態文件。它們允許人工智慧和自動化讀取、核對和發布，並嵌入了血緣控制和監管機構層級的保證。

We also embed global frameworks and taxonomies directly into the platform, transforming every report into a machine interpretable data product. As a result, AI can operate without guessing what's material, how metrics are defined or how to compare them. With Workiva AI at the core of our unified platform, we're delivering an intelligent companion that enables customers to achieve their most critical outcomes faster and with confidence.

我們也將全球框架和分類法直接嵌入平台中，將每份報告都轉換為機器可解釋的資料產品。因此，人工智慧無需猜測什麼是實質的、指標是如何定義的或如何進行比較即可運作。Workiva AI 是我們統一平台的核心，我們提供了一個智慧助手，使客戶能夠更快、更有信心地實現其最重要的目標。

A great example of how our AI capabilities are driving value to our customers is a Q3 multi 6-figure new logo win with a rapidly growing privately held defense contractor. The customer purchased 4 solutions, controls management policy management, compliance management and private company financial reporting.

我們的人工智慧能力為客戶創造價值的一個很好的例子是，我們在第三季贏得了一家快速發展的私人國防承包商價值數百萬美元的新訂單。客戶購買了 4 個解決方案，分別是控制管理政策管理、合規管理和私人公司財務報告。

It was our AI-powered GRC capabilities that differentiated us from the competition. This company is building their first controls management framework. They're creating company policies and building a compliance program for the cybersecurity maturity model certification.

正是我們基於人工智慧的 GRC 能力使我們從競爭對手中脫穎而出。這家公司正在建立他們的第一個控制管理框架。他們正在製定公司政策，並建立網路安全成熟度模型認證的合規計畫。

This is a prerequisite for doing business with the US military. By leveraging Workiva AI, including the AI-powered control creator, the customer will author and implement policy control and compliance frameworks in-house, reducing reliance on third-party consulting spend. At Amplify, we also hosted our Annual Investor Day.

這是與美國軍方開展業務的先決條件。透過利用 Workiva AI（包括 AI 驅動的控制創建器），客戶將能夠自行編寫和實施政策控制和合規框架，從而減少對第三方諮詢支出的依賴。在 Amplify，我們也舉辦了年度投資者日。

We detailed our commitment to both durable growth and improved operating leverage. Our recent margin progress in 2025 reflects the disciplined approach we've been taking to achieve greater operating leverage in the business. Since the start of the year across every function every department and every team who have been focused on 4 themes.

我們詳細闡述了我們對實現永續成長和提高經營槓桿的承諾。我們近期在 2025 年實現的利潤率成長反映了我們為提高業務營運槓桿所採取的嚴謹方法。自年初以來，所有職能部門、所有團隊都圍繞著以下 4 個主題展開工作。

First, organizational and operating model redesign, We're simplifying span of control and reducing layers. We're evolving the operating model across sales, customer success and R&D and we're putting a greater emphasis on performance management.

首先，進行組織和營運模式的重新設計，我們將簡化管理幅度並減少層級。我們正在對銷售、客戶成功和研發部門的營運模式進行改進，並更加重視績效管理。

These ongoing efforts will provide a structure that reduces duplication and strengthens execution; second, process streamlining and automation. This includes both single and cross-functional initiatives. We're streamlining and improving workflows and leveraging technology where it brings value.

這些持續的努力將提供一個減少重複工作、加強執行力的框架；其次，流程簡化和自動化。這包括單一職能部門的專案和跨職能部門的專案。我們正在簡化和改進工作流程，並在能夠創造價值的地方利用科技。

And yes, that includes the automation of routine tasks and the use of AI. Third, optimizing product and go-to-market resources. We're sharpening our investment discipline so that we can direct resources towards initiatives with the highest likelihood of success and the greatest customer value.

是的，這包括日常任務的自動化和人工智慧的應用。第三，優化產品和市場推廣資源。我們正在加強投資紀律，以便將資源投入最有可能成功、客戶價值最大的專案。

And finally, more focus on fiscal discipline. We're exercising greater financial discipline across all functions. Together, these focus areas are designed to increase productivity as we grow and scale and drive greater operating leverage across the business. By functional area, here's a quick summary of our productivity initiatives. For cost of sales, we're scaling digital support optimizing cloud computing costs and shifting low-margin setup and consulting services to our partners to get greater leverage. For R&D, we're focused on workforce diversification engineering productivity and scaling our operating model.

最後，要更重視財政紀律。我們正在所有職能部門實行更嚴格的財務紀律。這些重點領域共同旨在隨著我們的發展壯大而提高生產力，並推動整個業務實現更大的營運槓桿。按職能領域劃分，以下是我們提高生產力措施的簡要概述。為了降低銷售成本，我們正在擴大數位化支援規模，優化雲端運算成本，並將低利潤的設定和諮詢服務轉移給我們的合作夥伴，以獲得更大的槓桿作用。在研發方面，我們專注於員工多元化、工程生產力和擴大營運模式。

Finally, we do recognize sales and marketing is where we have the largest opportunity to drive additional efficiency and productivity. Our approach is practical to minimize the risk of disrupting growth as we continue to focus on capturing our large and expanding TAM.

最後，我們也意識到銷售和行銷是我們提升效率和生產力的最大機會所在。我們採取務實的做法，最大限度地降低中斷成長的風險，同時我們將繼續專注於開拓我們龐大且不斷成長的潛在市場。

We've targeted three areas to improve sales productivity. First, transitioning to a more efficient sales structure and creating better alignment of sellers to territories. Second, a focus on staff which includes up-levelling our seller expectations and bringing in new hires that have seen scale, sold platforms and know how to win with strategic partners.

我們已確定三個重點領域來提高銷售效率。首先，過渡到更有效率的銷售結構，並更好地將銷售人員與銷售區域相匹配。其次，我們將重點放在員工身上，包括提高我們對銷售人員的期望，並引進那些見過規模化、銷售過平台並知道如何與策略夥伴取得成功的新員工。

And third, we're bringing even more precision to where and what we sell, optimizing our coverage models to improve efficiency, drive focused new logo growth and achieve greater account expansion. We're committed to staying in the lead and going after our growth opportunity, while at the same time, improving productivity within and across our organization.

第三，我們將更精準地確定銷售地點和產品，優化覆蓋模式，以提高效率，推動有針對性的新客戶成長，並實現更大的客戶拓展。我們致力於維持領先地位，把握成長機遇，同時提高公司內部及整個組織的生產力。

Finally, I'd like to share an important leadership update. After over 15 years with Workiva, Michael Hawkins is stepping down from his role as Executive Vice President and Chief Sales Officer, effective today, November 5.

最後，我想和大家分享一項重要的領導階層最新情況。在 Workiva 工作超過 15 年後，Michael Hawkins 將於今天（11 月 5 日）卸任執行副總裁兼首席銷售官一職。

Mike has been part of Workiva since our early days, and he's helped to shape the company that we've become. Mike has played a key role in our evolution from a single solution company in the US to adjusted global platform serving thousands of customers. I'd like to thank Mike for his years of leadership his dedication to our mission and his many contributions to our success.

Mike 從 Workiva 創立之初就一直是我們的一員，他幫助塑造了我們公司如今的模樣。在公司從一家美國單一解決方案公司發展成為服務數千客戶的全球平台的過程中，Mike 發揮了關鍵作用。我要感謝麥克多年來的領導能力、對我們使命的奉獻精神以及他為我們的成功所做的許多貢獻。

His impact on our people, our customers and our growth will be felt long after his departure. We also announced today the appointment of Michael Pinto as our new Executive Vice President and Chief Revenue Officer.

他對我們的員工、客戶和公司發展的影響，即使在他離開很久之後，仍然會持續存在。我們今天也宣布任命邁克爾·平託為新的執行副總裁兼首席營收長。

Michael's career spans more than 25 years, driving rapid growth for some of the world's largest technology companies. Most recently, he was the Senior Vice President and General Manager for the Americas at Databricks, a $4 billion revenue run rate data and AI company.

麥可的職業生涯超過 25 年，曾推動一些全球最大的科技公司快速成長。最近，他曾擔任 Databricks 美洲區高級副總裁兼總經理，該公司是一家年收入達 40 億美元的數據和人工智慧公司。

Prior to Databricks, he held senior sales leadership roles at Amazon Web Services, Medidata and SAP. Michael will oversee Workiva's global sales partnerships and alliances and personal operations. He'll focus on scaling and accelerating profitable growth, modernizing go-to-market strategies, strengthening customer engagement and advancing global expansion.

在加入 Databricks 之前，他曾在 Amazon Web Services、Medidata 和 SAP 擔任高階銷售領導職務。Michael 將負責 Workiva 的全球銷售合作夥伴關係和聯盟以及個人營運。他將專注於擴大和加速獲利成長，實現市場進入策略的現代化，加強客戶互動，並推動全球擴張。

We believe that his leadership experience, his track record of guiding multiple companies to scale and his deep understanding of enterprise SaaS strongly aligned to what's required for our next phase of growth.

我們相信，他的領導經驗、帶領多家公司實現規模化發展的成功記錄以及他對企業級 SaaS 的深刻理解，與我們下一階段成長所需的條件高度契合。

Finally, a brief update on our CFO search. We have identified a final candidate but we're not yet able to provide detail at this time. As you know, bringing in a sitting public company CFO is a complex process. and there is a sensitivity in the timing of the communications and the announcements.

最後，簡單匯報一下我們財務長的招募進度。我們已經確定了最終候選人，但目前還無法提供詳細資訊。如您所知，聘請一位在職的上市公司財務長是一個複雜的過程，溝通和公告的時機也需要格外注意。

In closing, I'd like to thank our team of dedicated employees across the globe for their relentless focus on innovation, our customers' success and our go-to-market execution that continues to fuel our growth. I'd also like to acknowledge their disciplined commitment to productivity and performance that's driving measurable improvement in operating leverage in our business.

最後，我要感謝我們遍佈全球的敬業員工團隊，感謝他們堅持不懈地專注於創新、客戶的成功以及我們的市場推廣，正是這些不斷推動著我們的成長。我還要感謝他們對生產力和績效的嚴謹追求，而正是這種追求推動了我們業務營運槓桿的顯著提升。

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

接下來，我將把電話交給吉爾，讓她更詳細地向大家介紹我們的財務表現和更新後的 2025 年業績指引。接下來就交給你了，吉爾。

Thank you, Julie, and good afternoon, everyone. Thank you for joining us. Today, I will begin by providing an overview of the financials and key metric highlights for the third quarter of 2025. The I will then provide guidance for Q4 and the full year 2025.

謝謝你，朱莉，大家下午好。感謝您的參與。今天，我將首先概述2025年第三季的財務狀況和關鍵指標亮點。接下來，我將提供 2025 年第四季和全年的業績指引。

As Julie discussed, we had a strong Q3, generating $224 million of total revenue up 21% over Q3 2024 and beating the high end of our revenue guidance by $4 million. There was an approximately 1 percentage point positive impact on revenue growth due to foreign currency fluctuations. Q3 subscription revenue was $210 million, up 23% from Q3 2024.

正如朱莉所討論的，我們第三季度業績強勁，總收入達到 2.24 億美元，比 2024 年第三季度增長 21%，比我們預期收入上限高出 400 萬美元。外匯波動對收入成長產生了約 1 個百分點的正面影響。第三季訂閱營收為 2.1 億美元，比 2024 年第三季成長 23%。

Both new customers and account expansions continue to contribute to our solid revenue growth. With new customers added in the last 12 months, accounting for 40% of the increase in Q3 subscription revenue. Q3 professional services revenue was $15 million, flat versus Q3 2024, with decline in setup and consulting services, offset by higher XBRL services.

新客戶的增加和帳戶的拓展都持續為我們穩健的收入成長做出貢獻。過去 12 個月新增的客戶佔第三季訂閱營收成長的 40%。第三季專業服務收入為 1,500 萬美元，與 2024 年第三季持平，其中設定和諮詢服務收入下降，但 XBRL 服務收入增加抵消了這一下降。

Our non-GAAP operating margin for the quarter was 12.7%. This 470 basis points beat on the high end of our guidance was driven by stronger-than-expected top line results, increased PTO usage and continued focus on operational efficiency and productivity.

本季非GAAP營業利益率為12.7%。此次業績超出預期上限 470 個基點，主要得益於營收成長超出預期、員工休假時間增加以及持續關注營運效率和生產力。

I'll now move on to our performance metrics for the quarter. We had 6,541 customers at the end of Q3 2025. We a growth of 304 customers from Q3 2024. Our gross retention rate was 97%, exceeding our 96% target. And our net retention rate was 114% for the quarter versus 111% in Q3 2024. Similar to revenue growth, there was an approximately 1 point positive impact on NRR due to foreign currency fluctuations.

接下來，我將介紹本季的業績指標。截至 2025 年第三季末，我們擁有 6,541 位客戶。從 2024 年第三季起，我們將新增 304 位客戶。我們的總留存率達到了 97%，超過了 96% 的目標。本季淨留存率為 114%，而 2024 年第三季為 111%。與收入成長類似，外匯波動對淨收入率產生了約 1 個百分點的正面影響。

During the quarter, 73% of our subscription revenue was generated from customers with multiple solutions. This is up from the 68% we achieved in Q3 2024. Growth in our large contract customer metrics also reflected strong momentum.

本季度，我們 73% 的訂閱收入來自擁有多種解決方案的客戶。這比我們在 2024 年第三季實現的 68% 有所提高。我們的大合約客戶指標成長也反映了強勁的成長動能。

As of the end of the second quarter, we had 2,372 contracts valued at over $100,000 per year, up 23% from Q3 the prior year. The number of contracts valued at over $300,000 totalled 541, up 41% from Q3 2024. And the number of contracts valued over $500,000 a totalled 236, up 42% from Q3 2024.

截至第二季末，我們有 2,372 份價值超過每年 10 萬美元的合同，比上年第三季度增長了 23%。價值超過 30 萬美元的合約總數為 541 份，比 2024 年第三季增加了 41%。價值超過 50 萬美元的合約總數為 236 份，比 2024 年第三季增加了 42%。

Moving on to the balance sheet and cash impacts.

接下來分析資產負債表和現金流影響。

As of September 30, 2025, cash, cash equivalents and marketable securities were $857 million, an increase of $43 million over the prior quarter end. In Q3, we used a portion of our generated cash to repurchase 126,000 shares of our Class A common stock for $10 million. This was done under the share repurchase plan approved by the Board in July 2024.

截至 2025 年 9 月 30 日，現金、現金等價物和有價證券為 8.57 億美元，比上一季末增加了 4,300 萬美元。第三季度，我們利用部分產生的現金回購了 126,000 股 A 類普通股，總價值 1,000 萬美元。這是根據董事會於 2024 年 7 月批准的股票回購計畫完成的。

As of the end of the quarter, we had $40 million remaining of the original $100 million authorization, which we will continue to deploy periodically in order to help manage dilution. As of September 30, 2025, we expect $701 million in remaining performance obligations to be recognized over the next 12 months. This is an increase of 21% versus the prior year.

截至本季末，我們最初的 1 億美元授權額度中還剩下 4,000 萬美元，我們將繼續定期部署這筆資金，以幫助控制股權稀釋。截至 2025 年 9 月 30 日，我們預計未來 12 個月內將確認 7.01 億美元的剩餘履約義務。與上年相比，成長了21%。

I also wanted to discuss a couple of notes on the PO program changes I shared at our September Investor Day. In the US, we will be transitioning from our current accrued PTO program to a flexible time off plan at the beginning of 2026.

我還想討論一下我在九月投資者日上分享的 PO 項目變更的一些注意事項。在美國，我們將於 2026 年初從目前的累積帶薪休假制度過渡到彈性的休假制度。

As the accrued PTO was used, it will have a positive impact to op margin, but this impact will not flow down to our free cash flow margin. There will not be a onetime cash impact on the balance sheet due to this transition.

由於累積的帶薪休假已被使用，這將對營業利潤率產生積極影響，但這種影響不會傳遞到我們的自由現金流利潤率。此次過渡不會對資產負債表造成一次性現金影響。

Turning now to our outlook for Q4 and full year 2025. With our outperformance in Q3, we are now raising our full year revenue guide and increasing our operating margin guide to reflect our ongoing commitment and focus on driving both durable growth and improved operating leverage across the business.

現在讓我們展望一下2025年第四季和全年業績。鑑於我們在第三季度表現出色，我們現在上調全年營收預期，並提高營業利潤率預期，以反映我們持續致力於推動業務的可持續成長和提高營運槓桿的決心和重點。

With that in mind, for the fourth quarter of 2025, we expect total revenue to range from $234 million to $236 million. We expect services revenue will be down compared to Q4 2024. We expect non-GAAP operating margin to be in the range of 16.7% to 17.4%.

考慮到這一點，我們預計 2025 年第四季的總營收將在 2.34 億美元至 2.36 億美元之間。我們預計服務收入將比 2024 年第四季有所下降。我們預計非GAAP營業利潤率將介於16.7%至17.4%之間。

For the full year 2025, we are increasing total revenue guidance to range from $880 million to $882 million. Similar to 2024, we expect total services revenue will be down year-over-year as we move low-margin services to our partners.

2025 年全年，我們將總營收預期上調至 8.8 億美元至 8.82 億美元。與 2024 年類似，我們預計總服務收入將同比下降，因為我們將低利潤服務轉移給了我們的合作夥伴。

We now expect subscription revenue growth will be at least 21% year-over-year. We now expect our non-GAAP operating margin range from 9.2% to 9.4%. This 200 basis points improvement at the midpoint reflects our revenue beat and our ongoing commitment to drive expanding operating leverage in the business.

我們現在預計訂閱收入將年增至少 21%。我們現在預計非GAAP營業利潤率將在9.2%至9.4%之間。中點利率上升 200 個基點，反映了我們營收超出預期，以及我們持續致力於推動業務營運槓桿擴張的承諾。

We now expect '25 free cash flow margin to be approximately 12%. As we look to 2026, I want to provide some early comments on next year in order to help with your modelling. In 2026, we expect to make continued progress towards our 2027 medium-term revenue and operating margin goals.

我們現在預計 2025 年自由現金流利潤率約為 12%。展望 2026 年，我想就明年發表一些早期評論，以幫助您進行建模。2026年，我們預計將繼續朝著2027年中期收入和營業利潤率目標邁進。

We expect XBRL services revenue will continue to grow at a modest low single-digit rate in 2026, while we expect setup and consulting revenue to decline from 2025, 2026, as we continue to move low-margin services to our partners.

我們預計 XBRL 服務收入將在 2026 年繼續以適度的低個位數成長率成長，而我們預計從 2025 年到 2026 年，設定和諮詢收入將下降，因為我們將繼續把低利潤率的服務轉移給我們的合作夥伴。

The net result will be relatively flat total services revenue for the year. Similar to 2025, we expect operating margin in the back half of 2026 will be stronger than the first half. We expect momentum on improved operating leverage to continue well beyond next year.

最終結果將是全年服務總收入基本持平。與 2025 年類似，我們預計 2026 年下半年的營業利潤率將高於上半年。我們預計經營槓桿改善的動能將持續到明年以後。

Julie walked you through our approach to improving productivity and driving operational efficiency within the organization, while executing on our long-term profitable growth strategy.

Julie 向您詳細介紹了我們如何在組織內部提高生產力並提升營運效率，同時執行我們的長期獲利成長策略。

Year-to-date, we've raised our full year 2025 operating margin by over 400 basis points from 5% to 5.5% at the start of the year to 9.2% to 9.4% today. This improvement reflects how thoroughly operational rigor is being embraced by every employee across the organization. Our commitment to productivity is at the core of our short-term strategy and long-range planning.

今年迄今為止，我們已將 2025 年全年營業利潤率提高了 400 多個基點，從年初的 5% 至 5.5% 提高到目前的 9.2% 至 9.4%。這項改進反映了公司所有員工對營運嚴謹性的全面貫徹。提高生產力是我們短期策略和長期規劃的核心。

As you all know, this is my last earnings call. I wanted to say how proud I am of everything the Workiva team has accomplished over these last 17 years. I look forward to watching the company achieve its highest potential in the months and years to come.

大家都知道，這是我最後一次財報電話會議。我想表達我對 Workiva 團隊在過去 17 年所取得的一切成就的自豪之情。我期待在未來的幾個月和幾年裡，看到公司充分發揮其潛力。

I also want to thank my amazing team. It has brought me great joy to get to know and work with each and every one of you. You all have made my time here meaningful and truly special.

我還要感謝我優秀的團隊。能夠認識並與你們每一個人共事，我感到非常榮幸。你們讓我在這裡的時光變得有意義，也變得非常特別。

I hope your path forward is filled with rewarding challenges, exciting opportunities and significant achievements. To our analysts and investors, it has been a pleasure working with all of you over the years and I wish you all the best.

我希望你未來的道路充滿充滿挑戰和機會的收穫，並取得重大成就。致我們的分析師和投資者們，多年來與各位合作非常愉快，祝大家一切順利。

Thank you all for joining the call today. We're now ready to take your questions. Operator, please open the line for Q&A.

感謝各位今天參加電話會議。現在我們可以回答你們的問題了。接線員，請開通問答線。

(Operator Instructions) Rob Oliver, Baird.

（操作說明）羅伯·奧利弗，貝爾德。

Great. Good afternoon. Thanks for taking my questions. I had two. But first, Jill, just wanted to say best wishes. It's been a pleasure working with you. And good luck to Mike Hawkins as well. First question, Julie, is just around platform sale, you made reference to some competitive consolidations within some of the wins you had this quarter.

偉大的。午安.謝謝您回答我的問題。我有兩個。但首先，吉爾，只想對你說聲最美好的祝愿。和您一起工作非常愉快。也祝麥克霍金斯好運。Julie，第一個問題是關於平台銷售的，你提到了本季取得的一些成功案例中存在一些競爭性整合。

And I guess, kind of a bigger picture question, when the office of the CFO buyers are thinking about kind of applications aligned with underlying data and workflow integrity, Are you starting to see a bit of a tipping point where more of these functionalities, whether it be things within GRC or things within the financial suite around filing are starting to be consolidated around a single buyer and should we expect that to happen more in the next couple of years and color you have there would be great. And then I had a quick follow-up.

我想問一個更宏觀的問題，當財務長辦公室的採購人員考慮與底層資料和工作流程完整性一致的應用程式時，您是否開始看到一個轉折點，即更多此類功能（無論是 GRC 中的功能還是財務套件中與申報相關的功能）開始圍繞單個採購人員進行整合？我們是否應該預期這種情況在未來幾年內會更加普遍？如果您能提供一些見解，那就太好了。然後我又快速地跟進了一次。

Sure. Thanks, Rob, for the question. And I would say that the trend that you're describing is a trend and it probably comes from two things really. And one is the age old just consolidation when companies are looking to take more responsibility for their productivity, for their efficiency and so forth.

當然。謝謝羅布的提問。我認為你所描述的這種趨勢確實是一種趨勢，它可能源自於兩方面因素。其中一種是由來已久的整合，即公司希望承擔更多提高生產力、效率等方面的責任。

That's one just -- there's so many benefits to a platform, and we've seen that since day one as we've evolved to the platform, just a responsible thing to do in the CFO and the CIO office, of course. But then there's the trend of data and the importance of it and the ability to leverage it and how it works across all of our solutions.

這只是其中之一——平台有很多好處，從我們發展到平台的第一天起，我們就看到了這一點，當然，這對於首席財務官和首席資訊長辦公室來說，是一件負責任的事情。但還有數據的發展趨勢、數據的重要性、利用數據的能力以及數據在我們所有解決方案中的應用方式。

And certainly, there is a recognition, you see this by our increase in expansion deals that there's a recognition that these solutions in the office of CFO played that together. We have capability that makes them better together and that data. That's one of our key competencies really is the ability to bring all that data together, the financial and the nonfinancial CFOs get a much better and more comprehensive view of their business.

當然，從我們不斷增加的擴張交易中可以看出，人們已經認識到，財務長辦公室的這些解決方案共同發揮了作用。我們擁有讓他們更好地協同工作的能力以及這些數據。我們的一項關鍵能力就是能夠將所有這些數據整合在一起，讓財務和非財務財務長都能更好地、更全面地了解他們的業務。

And so I would say it's one for the efficiency of the platform, but to also data, particularly with AI and so forth and be able to leverage it and get better insights more quickly. It's just way more important now we have the tools and the capabilities to be able to leverage it.

所以我認為，這不僅關乎平台的效率，也關乎數據，特別是人工智慧等技術，能夠利用這些數據更快獲得更好的洞見。現在我們擁有了利用這些工具和能力，這一點就顯得更加重要了。

And our platform is unique in that we have all of these capabilities together, and our customers get a much more holistic view and they're able to leverage that for better business decisions. And speed and accuracy and so forth. So, two reasons why the trend you've spotted is going to continue.

我們的平台獨一無二之處在於，我們將所有這些功能整合在一起，我們的客戶可以獲得更全面的視角，並能夠利用這些視角做出更好的業務決策。還有速度、準確度等等。所以，你所觀察到的這種趨勢將會持續下去，原因有二。

Great, thanks, very helpful And then just a quick follow-up around -- you guys touched on at the Analyst Day portion. Do you see the kind of a new approach to pricing around good, better, best. And I just wanted to get any color you could provide around early reads or indications around the acceptance of that pricing?

太好了，謝謝，很有幫助。另外，還有一個後續問題──你們在分析師日部分也提到了。你是否看到了圍繞著「好」、「更好」、「最好」這種新的定價方法？我只是想了解一下您能否提供一些關於該定價方案早期走勢或接受程度的信息？

I mean, I know you guys are already not a seat-based model. So you're not facing at least from what we can tell any of the risk returns around that, but would be interested to know what the early indicators are on the pricing change? .Thanks so much.

我的意思是，我知道你們已經不是以座位為基礎的模式了。所以至少從我們目前所了解的情況來看，您不會面臨任何相關的風險回報，但我們很想知道價格變動的早期指標是什麼？。非常感謝。

Sure. And this is nothing we are disclosing at this time. It certainly plays a positive role in our expansions. We can share that. And again, early on and looking forward to doing more of it and rolling it out in a broader way across the platform. But thank you for highlighting. It's a great way to get our additional capabilities in and roll them out and get increased adoption. So thank you, Rob.

當然。目前我們不會透露任何相關資訊。它無疑對我們的擴張起到了積極作用。我們可以分享這一點。再次強調，我們很早就開始嘗試，並期待著進行更多相關工作，並在整個平台上更廣泛地推廣。不過還是要謝謝你指出。這是引入並推廣我們新增功能，從而提高用戶採納率的好方法。所以，謝謝你，羅布。

Great thanks.

非常感謝。

Steve Enders, Citi.

史蒂夫恩德斯，花旗集團。

Okay, great. Thanks for taking the questions here and Jill, great to have worked with you over the years. Maybe starting with you, I want to touch a little bit just on the early kind of view in the I appreciate some of the guide points there.

好的，太好了。感謝各位回答問題，吉爾，這些年來與你共事非常愉快。或許可以先從你開始，我想稍微談談早期觀點，我很欣賞其中的一些指導要點。

But maybe how should we think about the kind of continued operating margin expansion, does it seem a little bit more kind of straight line from here to the medium-term targets? Or is the view of a hockey stick? And then I guess, secondarily, just, is there any way to maybe frame the magnitude of the accrued PTO change and the impact that might have on margin over this year or in the next year?

但是，我們該如何看待持續的營業利益率擴張呢？從現在到中期目標，這看起來是不是更像一條直線？或者，這是曲棍球桿的視角？其次，我想問的是，有沒有辦法描述累積帶薪休假變化的幅度，以及這可能對今年或明年的利潤率產生的影響？

Sure. Thanks, Steve. For the op margin for 2026, as I mentioned, we do expect as the trend has shown for the past couple of years for margins to be better in the second half versus the first half. We will continue to have that seasonality.

當然。謝謝你，史蒂夫。對於 2026 年的營業利潤率，正如我之前提到的，我們預計，根據過去幾年的趨勢，下半年的利潤率會比上半年更好。這種季節性變化將繼續存在。

Thinking about the trajectory towards our 2027 medium-term target. We will continue to make progress, and you saw us make great progress this year. We're very pleased with the with the guidance that we're providing and the progress that we've made and everything that Julie has talked about as far as the company focusing on that margin improvement and focusing on productivity and getting leverage from our existing resources will continue into 2026.

思考如何實現我們2027年的中期目標。我們將繼續取得進步，你們也看到了我們今年的巨大進步。我們對所提供的指導和我們取得的進展感到非常滿意，朱莉談到的所有關於公司專注於提高利潤率、提高生產力以及利用現有資源的措施都將持續到 2026 年。

And so we will continue to see the results of that work throughout the year. We're not going to provide a specific number on margin for 2026 at this time, but I can tell you that we will continue to progress towards our updated 2027 medium-term target, the updated amount that we provided during our Investor Day in September.

因此，我們將在今年持續看到這項工作的成果。目前我們不會提供 2026 年利潤率的具體數字，但我可以告訴大家，我們將繼續朝著我們更新後的 2027 年中期目標邁進，該目標已在 9 月的投資者日上公佈。

And then related to PTO, just as the second part of your question related to the PTO portion of that question. If you -- you can always take a look at our footnote and looking at the balance of our accrual at the end of Q3. It's at around $19 million. A large portion of that would be from the US Our accrued PTO balance will never go to zero, but as far as helping to build some models we will see that balance continue to decline, and we expect the US portion of that balance to decline significantly through the end of 2026.

然後，關於帶薪休假，就像你問題的第二部分是關於帶薪休假的那部分一樣。如果您—您可以隨時查看我們的腳註，並查看我們在第三季末的應計項目餘額。大約是1900萬美元。其中很大一部分將來自美國。我們累積的 PTO 餘額永遠不會為零，但就幫助建立一些模型而言，我們將看到該餘額繼續下降，我們預計到 2026 年底，該餘額中美國的部分將大幅下降。

Okay perfect that's that that's helpful. And then just on the, I guess, the large deal execution. I mean I think for the past couple of quarters, we've seen record adds in the $300,000 and $500,000 customer level. But I guess, anything to call out that maybe is helping drive that or support the strength there? And then I guess, how do we think about maybe the forward trend there continuing as you look at the pipeline going into Q4 and into next year?

好的，完美，就這樣吧，這很有幫助。然後，我想，就只是在大型交易的執行面。我的意思是，我認為在過去的幾個季度裡，我們看到年收入 30 萬美元和 50 萬美元的客戶數量都創下了紀錄。但我認為，任何指出這一點的事情，或許都有助於推動或鞏固這種趨勢？那麼，我們該如何看待這種發展趨勢在進入第四季和明年時是否會持續下去？

Sure. I can take that. And I'll say again, probably a two-pronged answer. One, the platform is resonating, and we are just we are getting better selling it. So I think it's those two things. It's execution, and the platform resonating in the market.

當然。我可以接受。我再說一遍，答案可能有兩個面向。第一，這個平台引起了共鳴，我們只是在更好地推銷它。所以我覺得就是這兩件事。關鍵在於執行力，以及平台在市場上的迴響。

So just again, these solutions with the platform that has all of these capabilities unified together with data, with the capabilities we continue to roll out, it is resonating in the market. across financial, nonfinancial and assurance.

所以再次強調，這些解決方案以及將所有這些功能與數據統一起來的平台，加上我們不斷推出的功能，正在金融、非金融和審計領域引起市場共鳴。

And we also have a team, a go-to-market team that is executing and they continue to get more capable of selling with partners, of selling larger deal sizes and selling multi solution. We just continue to get better and better in execution. And I think those are the two reasons that you are seeing that trend.

我們還有一個團隊，一個市場推廣團隊，他們正在執行計劃，並且不斷提高與合作夥伴一起銷售、達成更大交易規模和銷售多解決方案的能力。我們在執行方面一直在不斷進步。我認為這就是出現這種趨勢的兩個原因。

Okay perfect thanks for taking the questions.

好的，非常感謝你回答問題。

Alex Sklar, Raymond James.

Alex Sklar，Raymond James。

Hi, thanks for taking the question. This is [John] on for Alex. Wanted to ask here on the capital markets activity. Can you maybe touch on the deal pipeline there? It certainly sounded like IPO activity or your share of IPO activity picked up. But can you maybe talk about the reasons behind that? And maybe any early perspective on how things are shaping up for 2026? And then I have a quick follow-up.

您好，感謝您回答這個問題。這是約翰替亞歷克斯上場。想在這裡問一下關於資本市場活動的問題。您能否談談那邊的交易進度？聽起來像是IPO活動或是你參與的IPO活動增加。但您能否談談背後的原因？那麼，對於2026年的發展前景，大家有什麼初步看法嗎？然後我還有一個簡短的後續問題。

On capital markets, specifically, we can comment on that, certainly One of the questions we get most consistently on earnings calls is around the capital markets. And we did see an increase in activity this quarter.

具體到資本市場，我們當然可以對此發表評論。在財報電話會議上，我們最常被問到的問題之一就是關於資本市場的問題。本季我們確實看到業務活動增加。

And we had a lot of great high-profile IPOs, Sigma, Klarna, HeartFlow, et cetera, and we're encouraged by it, but we also know we're in the midst of a shutdown. So we expect it to continue once the shutdown goes away, if and when, and so we do expect it to come the momentum to continue on post that.

我們看到了很多備受矚目的IPO，像是Sigma、Klarna、HeartFlow等等，這讓我們感到鼓舞，但我們也知道我們正處於經濟停滯期。因此，我們預計一旦疫情封鎖結束（如果真的結束的話），這種情況將會持續下去，我們也預期疫情封鎖結束後，這種勢頭將會繼續保持下去。

We don't talk about, of course, forward-looking activity around our pipe. But we did give guidance for the quarter. So you probably have an idea about how we're thinking about the next quarter.

我們當然不會談論管道周圍的前瞻性活動。但我們確實給出了本季的業績指引。所以你大概也猜到我們對下一季的計畫了。

Okay, thanks, helpful there. And then on the international side, we continue to see positive momentum there in business coming from international markets. Can you maybe talk a little bit more about what you're seeing internationally, maybe how sales cycles are trending there versus domestic markets? And then maybe any differences you'd call out in multiproduct adoption internationally versus here in North America. Thank you so much.

好的，謝謝，很有幫助。在國際方面，我們繼續看到來自國際市場的業務呈現積極勢頭。能否再詳細談談您在國際市場上觀察到的情況，例如國際市場的銷售週期趨勢與國內市場有何不同？然後，您能否指出國際上與北美地區在多產品採用方面存在的任何差異？太感謝了。

Sure. Year-to-date, revenue outside of the Americas represents, at this point, greater than 19% of our total revenue compared to 17% in the year about a year ago. And we continue to put focus on it. Europe has become a strong story for us in the past 12 months demand has been healthy.

當然。今年迄今為止，美洲以外的收入占我們總收入的 19% 以上，而大約一年前這一比例為 17%。我們將繼續重點關注此事。過去 12 個月，歐洲市場對我們來說是一個強勁的成長點，需求一直保持良好勢頭。

And it's essentially broad-based as it is across our all regions really, it's broad-based in the region. We're selling the value of the platform. We've got the multi-solution deals, partner-led, we're getting new logos and account expansion. So we continue to remain optimistic about the market opportunity and the future growth there. So good healthy demand broad-based.

而且它實際上在我們所有地區都具有廣泛的基礎，它在整個地區都具有廣泛的基礎。我們出售的是平台的價值。我們達成了多解決方案交易，由合作夥伴主導，我們正在獲得新的客戶標誌並擴展客戶群。因此，我們依然對市場機會和未來成長保持樂觀。因此，良好的健康需求具有廣泛的基礎。

Thank you very much.

非常感謝。

Jacob Roberge, William Blair.

雅各·羅伯格，威廉·布萊爾。

Yeah, thanks for taking the questions, and Jill, it's been great working with you, best wishes moving forward. Julie, can you talk a little bit more about what you're seeing in the demand environment? I know you all have talked about some macro uncertainty over the past few quarters, but both revenue and bookings growth continued to be very strong. So it would be great to hear what you're seeing in the environment and just how the Q4 pipe is shaping up.

是的，謝謝你回答問題。吉爾，和你一起工作非常愉快，祝你未來一切順利。Julie，可以再詳細談談你觀察到的需求環境嗎？我知道大家在過去幾季都談到了一些宏觀經濟的不確定性，但營收和預訂量的成長依然非常強勁。所以，很想聽聽你們在環境方面觀察到的情況，以及第四季管道的進展。

Sure. I mean, this year has been defined by consistency, but it's consistent uncertainty. Just a lot of change. Changes are different every week, day, tariffs, policy changes, elections, government shutdown, inflation rate cuts, the list just goes on.

當然。我的意思是，今年的特點是穩定，但這種穩定也伴隨著不確定性。變化真大。每週、每天的變化都不一樣，關稅、政策變化、選舉、政府停擺、通貨膨脹率下降等等，不勝枚舉。

But the Workiva team just continue to execute to the consistent change. And as we've mentioned in the past many times, our broad portfolio of solutions gives us a resilient business. But make no mistake about it, there is definitely uncertainty out there. But we are powering through with our value proposition, and it's a good one in these times, providing transparency, accountability and trust, and it just continues to resonate in the market.

但 Workiva 團隊一直持續執行變革。正如我們過去多次提到的那樣，我們廣泛的解決方案組合使我們的業務具有強大的韌性。但毋庸置疑，未來充滿不確定性。但我們正在全力推進我們的價值主張，在當今時代，這是一個很好的主張，它提供了透明度、問責制和信任，並且在市場上持續引起共鳴。

Okay. That's helpful. And then just on GRC, from the Analyst Day in your prepared remarks today, it seems like there's some good momentum with that business right now. What do you think has changed for that business over the past year that's helping drive that growth?

好的。那很有幫助。然後，就 GRC 而言，從您今天在分析師日上的發言來看，該業務目前似乎發展勢頭良好。您認為過去一年來，該企業發生了哪些變化，從而推動了其成長？

I, something went wrong there. Can you say which business you're talking about? I missed it.

我，那裡出了點問題。請問您指的是哪家公司？我錯過了。

I was talking specifically about the GRC business and just some moment you're seeing there?

我指的是 GRC 業務，以及你目前看到的一些情況？

Yes. Again, we continue to be very competitive in that market, rolling out capabilities, but we're seeing in the market a move to a cloud. And we are, again, moving strongly there on our execution. There's a lot of legacy software out there and teams are getting stronger and stronger and also many multi-solution deals there. So it's a great platform expansion. It's a land capability. So it just continues to get strong continue to move on the trends of legacy software removal and also move to the cloud.

是的。我們再次強調，我們在該市場仍然非常有競爭力，並不斷推出新功能，但我們看到市場正在向雲端遷移。我們再次大力推動執行工作。市面上有許多老舊軟體，團隊實力越來越強，而且也有很多多解決方案交易。所以這是一次很棒的平台擴充。這是陸上作戰能力。因此，它將繼續保持強勁勢頭，繼續推進傳統軟體移除和遷移到雲端的趨勢。

Very helpful. Thanks for taking the questions.

很有幫助。謝謝您回答問題。

Brett Huff, Stephans.

Brett Huff，Stephans。

Good evening and congrats on a nice quarter. First one is, can you give us an update on how the base that is kind of your core base of the SEC reporting I know that was going to be a big focus of potential cross-sells and sort of returning to those folks also with the good, better, best upgrades.

晚上好，恭喜你們本季業績出色。首先，您能否為我們更新一下關於SEC報告核心基礎的情況？我知道這將是潛在交叉銷售的重點，並將向這些人提供更好、更優質的升級產品。

To us, that seems a really big asset that you all have that you're just starting to really go back to you. Any update on that on how that's going, how the conversations are evolving.

對我們來說，這似乎是你們所有人擁有的一項非常寶貴的財富，你們現在正開始真正地回歸到它。關於這件事的進展情況，以及討論的走向，有什麼最新消息嗎？

Sure. Thank you for highlighting that. I mean our base is, of course, one of our tremendous assets with 95% of Fortune 100 to 85% of the Fortune 1000. We are executing well on account expansion. I highlighted a number of those deals on the call today.

當然。謝謝你指出這一點。我的意思是，我們的客戶群當然是我們最大的資產之一，我們擁有財富 100 強企業中的 95% 到財富 1000 強企業中的 85% 的客戶。我們在帳戶拓展方面執行得很好。我今天在電話會議上重點介紹了其中一些交易。

You can see some longtime SEC reporting customers moving into our other categories. So that account expansion is very strong. We also highlighted our account expansion and the percentage increases for those with ACV over $300,000 and $500,000 in the low 40%.

您可以看到一些長期向美國證券交易委員會提交報告的客戶正在轉向我們的其他類別。所以帳號擴張非常強大。我們還重點介紹了帳戶擴張情況，以及年度合約價值超過 30 萬美元和 50 萬美元的帳戶成長百分比，增幅在 40% 左右。

So it is a an absolute focus for us is expanding into the installed base and bringing them more value and bringing the unified platform and all the capabilities.

因此，我們絕對的重點是擴大現有用戶群，為他們帶來更多價值，並提供統一的平台和所有功能。

That's helpful. Just final question for me. Can you talk a little bit about some of the nonregulatory drivers from the SG product. I think last quarter or maybe at the Analyst Day, you were talking about some of the time-based targets and things like that, you're still seeing good momentum there. Beyond sort of the direct regulatory drivers, is that still a part of the conversation still driving new logos for you all?

那很有幫助。最後一個問題。能否談談SG產品的一些非監管驅動因素？我認為上個季度或可能是在分析師日上，您談到了一些基於時間的目標等等，您仍然看到這方面有良好的勢頭。除了直接的監管因素之外，這是否仍然是你們在設計新標誌時考慮的因素之一？

Yes. I'm glad you asked sustainability up. It's very simple. It just -- it remains a strategic solution for us. Has the near-term tailwind subsided yes, and we've been open about this, but we continue to win large deals in the sector. And you said it yourself and it is beyond regulatory drivers.

是的。很高興你提出了永續發展的問題。很簡單。它——它仍然是我們面臨的一項策略解決方案。短期利好因素是否已經減弱？是的，我們對此也一直坦誠相告，但我們仍然在該領域贏得大單。正如你本人所說，這已經超出了監管因素的範疇。

There's business performance, there's risk management companies wanting to be resilient. They want to manage stakeholders and they're tracking to yes, those science-based targets you mentioned. So yes, it's regulation worldwide, but it's also a number of other factors that are driving this business. And again, it does remain a strategic solution for us.

既有企業績效的考量，也有希望增強韌性的風險管理公司的需求。他們希望管理好利害關係人，並且正在朝著你提到的那些基於科學的目標努力。所以，沒錯，全球的監管是推動這個產業發展的因素之一，但還有許多其他因素也在推動這個產業的發展。而且，它仍然是我們的一項策略解決方案。

Great, appreciate it.

太好了，謝謝。

Adam Hotchkiss, Goldman Sachs.

Adam Hotchkiss，高盛集團。

Hi, this is Greyson Sklba for Adam. Thank you for taking the question, and Jill, it's been great working with you. I wanted to actually start on the sustainability demand environment. I know you touched on it briefly. Is it fair to say that you're seeing a similar softer demand environment in that space than what you called out in the previous few quarters? Or did you see a little bit of improvement there in 3Q? I just want to marry that with some of the strong sustainability deals that you called out in your prepared remarks.

您好，我是 Greyson Sklba，代表 Adam。謝謝你回答這個問題，吉爾，和你一起工作非常愉快。我真正想著手研究永續發展需求環境。我知道你之前簡單地提到過。是否可以說，您目前在該領域的市場需求環境與您前幾季所描述的情況類似，都比較疲軟？或者說，您在第三季看到了一些改善？我只是想把這一點與你在準備好的演講稿中提到的一些強有力的可持續發展協議結合起來。

So as far as sustainability and what we're seeing currently, you just heard Julie talk about the -- that some of the -- we haven't had the same tailwinds and we talked about this year, but it has still been a consistent driver.

所以就可持續性以及我們目前所看到的情況而言，你剛才聽到朱莉談到了一些——我們沒有像往年那樣獲得同樣的順風，就像我們今年談到的那樣，但它仍然是一個持續的驅動力。

You heard her talk about some of the deals that we were able to close during the quarter, and we still see demand as far as sustainability reporting that's not tied to regulatory drivers. And so we would say that it's a similar story to what we were seeing, that it has not -- or ever gone to zero that we continue to sell sustainability, and we believe it will have -- there'll be a long demand within that solution for us.

你聽她談到了我們本季達成的一些交易，我們仍然看到對與監管因素無關的可持續發展報告的需求。因此，我們認為這和我們之前看到的情況類似，即需求從未降至零，我們將繼續銷售可持續性解決方案，我們相信未來也會如此——市場對我們的解決方案將有長期的需求。

Got it. And I also just wanted to quickly ask on the free cash flow margin guidance. I saw you brought that back up to where it was in the beginning of the year. And so I'm just curious, what are the drivers behind that and sort of bringing that back to the 1Q guide. Thank you.

知道了。另外，我還想快速問一下自由現金流利潤率的預期。我看到你把那個數值恢復到了年初的水準。所以我很好奇，這背後的驅動因素是什麼，以及為什麼會把這些因素帶回第一季指南。謝謝。

Yes, sure. Thanks for the question, Greyson. So thinking about our free cash flow margin early in the year, we did have back to sustainability, we had the moderation in demand for that business in the first half. And so it did influence us to reduce our free cash flow margin earlier this year from our original 12% that we have guided.

當然可以。謝謝你的提問，格雷森。因此，回顧年初的自由現金流利潤率，我們確實恢復了永續性，上半年該業務的需求有所緩和。因此，這確實影響了我們，使我們在今年稍早將自由現金流利潤率從我們最初預期的 12% 下調。

And then since then, though, we have seen improvement in our op margin. which had, of course, is into a free cash flow margin. And we've also seen, as we talked about, improvement in Q3 and had good business during that quarter as well, and we're pleased with the results.

但自那以後，我們的營業利潤率有所提高，這當然也帶來了自由現金流利潤率的提升。正如我們之前討論過的，第三季我們也看到了改善，該季度業務也發展良好，我們對結果感到滿意。

And so it's going -- it's a combination of all those things that are influencing the -- our ability to bring that guide back up to 12% for free cash flow for the full year.

因此，情況就是這樣——所有這些因素共同影響著我們能否將全年自由現金流預期恢復到 12%。

Great thank you very much.

非常感謝。

Andrew Degasperi, BNP Paraiba.

安德魯‧德加斯佩里 (Andrew Degasperi)，法國巴黎銀行帕拉伊巴銀行。

Thanks and good luck, Jill, for the future. It's a pleasure to work with you as well. I wanted to ask a question on the appointment of Micheal Pinto as Chief Revenue Officer. I know titles matter. And I don't remember a Chief Revenue Officer per se being at Workiva recently. Can you maybe elaborate, why is that -- if it is or if I'm wrong, a meaningful change in terms of that person being in charge of sales organization? And what do you expect -- what changes do you expect him to bring forward or if there's any change in the reporting lines in terms of what -- how it was before. Thank you.

謝謝，祝吉爾未來一切順利。與您合作也很愉快。我想問一個關於任命邁克爾·平託為首席營收官的問題。我知道頭銜很重要。而且我也不記得 Workiva 最近有首席營收長這個職位。您能否詳細說明一下，為什麼——如果我理解有誤或確實如此——這個人負責銷售組織會是一個有意義的變化？你期望他帶來哪些改變？或者說，在報告流程方面，與以前相比，會有什麼改變嗎？謝謝。

Sure. I'll start by saying Michael is being brought in to take our go-to-market machine to the next level. it's -- it changes all about future growth and scale for us from $1 billion to the multibillions, building scale and efficiency in the sales organization. accelerating our high-performing partner ecosystem, driving new logos, account expansion, revenue retention activity, all of this in partnership with our go-to-market teams, marketing and customer success organizations and so forth.

當然。首先我要說的是，我們引進Michael是為了將我們的市場推廣體系提升到一個新的高度。這將徹底改變我們未來的成長和規模，使我們的規模從10億美元躍升至數十億美元，並在銷售組織中建立規模和效率。同時，他也將加速我們高效的合作夥伴生態系統的發展，推動新客戶開發、現有客戶拓展和收入留存等工作，所有這些都將與我們的市場推廣團隊、行銷和客戶成功團隊等緊密合作完成。

So that is why he's here. It's all about the next era of growth for us. On this title, I mean, we looked at market standard titles for the role. He's taking on the global sales organization, the partnerships and alliance and all the commercial organizations. So this is the title and the role, and we're enthusiastic about having them in and look forward to what he's bringing.

所以他才來這裡。對我們來說，一切都關乎下一個成長時代。關於這個職位名稱，我的意思是，我們參考了市場上該職位的標準名稱。他要對付的是全球銷售組織、合作夥伴關係和聯盟以及所有商業組織。所以這就是他的頭銜和角色，我們非常高興他能加入，並期待他能帶來什麼。

Got it. So it sounds like there's been a change in terms of the people that report to a degree or to that role before. But in terms of also -- I noticed the change in tone this earnings call, just in terms of your focus on efficiency, both across sales and marketing, R&D and gross margin expansion, of course. So am I right to think that there's been a shift pretty much since the Investor Day in terms of improving that and you're actively taking steps to mindfully drive that to get to those midterm targets you laid out?

知道了。聽起來好像向該學位或該職位報告的人員發生了變化。但就其他方面而言——我注意到這次財報電話會議的語氣發生了變化，你們更加註重效率，包括銷售和行銷、研發以及毛利率擴張。所以，我的理解是，自投資者日以來，情況已經發生了很大的變化，公司正在努力改善這種情況，並且您正在積極採取措施，有意識地推動這一轉變，以實現您制定的中期目標，這種理解是否正確？

Sure. We have been working towards those targets and just improving productivity across the organization. We did roll it out in Investor Day, but we've have these plans. We've been working across the organization, whether it's automation efficiency AI.

當然。我們一直在努力實現這些目標，並不斷提高整個組織的生產力。我們在投資者日上確實推出了這項計劃，但我們還有這些計劃。我們一直在與整個組織合作，無論是自動化效率還是人工智慧。

We've been bringing in new roles across the organization, people who have been there and done that at scale. We have strong leadership across the organization, some of which is new. We've talked for a long time about having a blend of those people in the organization who've been here are evolving.

我們一直在組織內引入新的職位，這些職位都是由那些有豐富經驗並大規模完成相關工作的人員擔任的。我們整個組織擁有強大的領導團隊，其中一些是新上任的。我們長期以來一直在討論如何將組織中那些一直在發展變化的人們融合在一起。

We've been talking about them going out with understanding the customers, understanding our industry understanding our markets and then mixing that with the people who have been there and done that at scale. So it is not a new motion for us, the dual focus on growth and productivity that we did talk about at Investor Day has been a focus for us and will continue to be to drive shareholder value.

我們一直在討論，讓他們深入了解客戶、了解我們的行業、了解我們的市場，然後將這些與那些已經大規模實踐的人結合起來。因此，這並不是我們的新舉措，我們在投資者日上談到的對成長和生產力的雙重關註一直是我們的關注點，並將繼續如此，以推動股東價值的成長。

Thank you.

謝謝。

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

今天的問答環節和電話會議到此結束。感謝各位參加今天的報告會。您現在可以斷開連線了。