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
: I'm trying to reconcile the strength in the quarter, congratulations. That's a fantastic quarter. You've seen accelerating backlog growth
for the past 4 quarters, and you're talking about accelerating pipeline growth going forward, yet, I completely understand the new
business bookings were somewhat challenged. But I'm also trying to reconcile all the positives against the outlook of fiscal '22
subscription revenue growth here. Maybe if you could just shed a little bit finer light on how we should expect the shape of fiscal
'22 to unfold? And obviously, the point is well taken that getting out of fiscal '22 into '23, we could see even better trends. So can
you just paint the shape of the recovery? And where do we bottom out in terms of subscription revenue growth? And when are we
likely to see the acceleration based on all the good things we're hearing from you guys? And congrats.
Aneel Bhusri - Workday, Inc. - Co-Founder, Co-CEO & Director
Thanks, Kash, for the question. I'll take the first pass, which is the metric that we run the business on at Workday is growth in bookings.
And we're really excited about what we see over the next 12 months. Subscription growth bookings is a derivative of that number.
And as you know, subscription accounting is based on multiple years factoring into that. So I wouldn't look too much at subscription
gross bookings, as I would try to figure out what we're actually doing in this next year, which is a reacceleration on the bookings
front. And then maybe I'll ask Chano and Robynne to add a few comments to that.
Question: David E. Hynes - Canaccord Genuity Corp., Research Division - Analyst
: Aneel, in your prepared remarks, you quantified the increase in the number of SKUs you guys have made over the last 3 years. So I
think you said it was up 50%. Do you have any data that says our average customers using this many modules and maybe how that
might compare to your best customers? And I'm wondering if there's any way to kind of put that comparison with spend per employee,
right? It would just be helpful to help think about the capacity for the crosssell opportunity.
Aneel Bhusri - Workday, Inc. - Co-Founder, Co-CEO & Director
DJ, I don't have that exact data. What I do have is data, and I'll turn over to Chano about what percent of our new bookings in Q4
came from new products. Because I think that's a more telling data point on how are these new products doing within our customer
base. So Chano, what do you think?
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