The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Kasthuri Gopalan Rangan - Goldman Sachs Group, Inc., Research Division - Analyst
: What a delightful way to spend Thursday afternoon, listening to your earnings conference call. Aneel and Chano and the rest of the
team, a couple of things in my mind. One is previous quarter, you were one of the first companies to talk about deal slippage, et
cetera. And how did that end up for this July quarter? What were the certain customer behaviors you saw in the month of July? And
also, a question philosophically, as we open up and you have your first in-person user conference in a few years, what are the
opportunities that are afforded to Workday as you enter calendar '23 as a result of doing all the in-person activities that you couldn't
do as we were all working through this pandemic, be it growth rate acceleration, new product adoption strategy, what not. Just
curious to get your thoughts. Congratulations, again.
Aneel Bhusri - Workday, Inc. - Co-Founder, Co-CEO & Chairman of the Board
So I'll answer the first part and then hand it over to Chano. We did not see a slowdown in July, Kash. We did have a few deals slipped
from Q1 to Q2, but Doug Robinson and the team closed those deals. We are very cognizant of macro environment heading into the
second half of the year, and so we are taking a cautious stance on hiring, but we didn't see any slowdown in July. It was about as
strong a month as we could have hoped for. Rising is a great opportunity for us. We always do better when we're in-person. It's just
that simple. It's a chance to get reconnected with customers, make sure we're doing a good job for them, but equally importantly,
as the product portfolio has grown, it's a chance to showcase some of the newer products and have that customer base motion
continue to thrive.
So Chano, anything you want to add?
Question: David E. Hynes - Canaccord Genuity Corp., Research Division - Analyst
: Congrats on the quarter. Chano, when you talk about scrutiny on deals, we've heard that from a lot of companies now. For Workday,
what exactly does that mean? I mean, is it haggling on price? Is it more reference checks? Is it about implementation timelines and
processes? Like what's involved there? Any color would be interesting to me.
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