Workday, Inc.

Welcome to Workday's third quarter fiscal year 2023 earnings call. At this time, all participants are in a listen-only mode. We will conduct a question and answer session towards the end of the call. During the Q&A, please limit your questions to one. With that, I will now hand it over to Justin Furby, Vice President of Investor Relations. Thank you, Justin. You may begin.

and Shana Fernandez, our co-CEOs, Barbara Larson, our CFO, Pete Schlampp, our Chief Strategy Officer, and Doug Robinson, our Co-President. Following prepared remarks, we will take questions. Our press release was issued after close of market and is posted on our website, where this call is being simultaneously webcast. Before we get started, we want to emphasize that some of our statements on this call, particularly our guidance, are based on the information we have as of today and include forward-looking statements regarding our financial results, applications, customer demand, operations, and other matters. These statements are subject to risks, uncertainties, and assumptions, including those related to the impact of the ongoing COVID-19 pandemic and recent macroeconomic events on our business and global economic conditions. Please refer to the press release and the risk factors in documents we file with the Securities and Exchange Commission, including our 2022 annual report on Form 10-K and our most recent quarterly report on Form 10-Q for additional information on risks, uncertainties, and assumptions that may cause actual results to differ materially from those set forth in such statements. In addition, during today's call, we will discuss non-GAAP financial measures. which we believe are useful as supplemental measures of Workday's performance. These non-GAAP measures should be considered in addition to and not as a substitute for or in isolation from GAAP results. You can find additional disclosures regarding these non-GAAP measures, including reconciliations with comparable GAAP results, in our earnings press release, in our investor presentation, and on the investor relations page of our website. The webcast replay of this call will be available for the next 90 days on our company website under the investor relations link. Additionally, our quarterly investor presentation will be posted on our investor relations website following this call. Also, the customer's page of our website includes a list of selected customers and is updated monthly. Our fourth quarter fiscal 2023 quiet period begins on January 15th, 2023. Unless otherwise stated, All financial comparisons in this call will be to our results for the comparable period of our fiscal 2022. With that, I'll hand the call over to Anil.

Thank you, Justin, and welcome to Workday's third quarter fiscal 23 earnings conference call. I'm happy to report that we had a solid Q3 as we once again outperformed across our key operating metrics. There is no question that the macro environment presents increased uncertainty But as we've said before, we are well positioned in this type of environment because our cloud finance and HR solutions are truly mission critical. As our Q3 results showed, more and more organizations are selecting Workday as their trusted partner to help them successfully navigate today's changing world. We remain confident in our ability to capitalize on the opportunity ahead and are pleased to announce our first ever share repurchase program with up to $500 million under authorization. This program will help reduce the rate of our share dilution going forward and is driven by our belief that our share price is undervalued given the long-term growth opportunity ahead. Barbara will share details shortly, but know that we feel confident that we'll reach a scale where we can roll out this repurchase program while continuing to prioritize investing for long-term profitable growth. With that, I'd like to share some highlights from the quarter. In Q3, we further solidified our position as a leader in cloud HR with notable new HCM customers including Intermountain Health, SGS, and Texas Roadhouse. In addition, we had several key HCM go-lives including Best Buy, Canadian Tire Corporation, and the state of Oklahoma. For Workday Financial Management, we continue to see strong demand and momentum in Q3. Key new wins included a Fortune 200 provider of information technology solutions, Cincinnati Children's Hospital Medical Center, EZ Corp, and Thomas Jefferson University. It's important to note that each of these customers have also selected us for HCM, reinforcing the power of the full Workday platform and providing further evidence that companies are going all in with us. Key financial management go-lives during the quarter included City of Baltimore and Medical University of South Carolina. Q3 also saw us get back in person for Workday Rising, our annual customer conference for the first time since 2019. We had nearly 16,000 in-person and virtual attendees, and it was great to experience the energy and see firsthand how our community is growing and evolving. This was highlighted by the fact that this year's event had a large percentage of senior leaders, finance, and IT attendees ever. One big takeaway from rising is that our innovation story is resonating with customers as we evolve to be more open and connected. While we've traditionally targeted the offices of the CHRO and CFO, we have placed increased focus recently on the office of the CIO, which presents another growth opportunity for us. One solution in particular that was a popular topic among IT attendees was Workday Extend. Workday Xtend lets customers and partners build their own unique solutions on top of Workday, which is a huge point of emphasis for CIOs and, in their eyes, positions us even more as a true platform player. While we announced general availability of Workday Xtend in 2020, we've continued to see accelerated demand for it over the last year as the need for organizations to quickly innovate and adapt in today's business environment increases. We also announced new, more personalized UX enhancements that meet every type of Workday user in the natural flow of their work, such as mobile devices, Microsoft Teams, and Slack, which helps us to address another CIO priority as they are more focused than ever on driving increased employee engagement. And finally, we further reinforce our leadership in artificial intelligence and machine learning with the announcement of next-generation skills technology that allows customers to more easily and securely bring skills data in and out of Workday. This helps customers leverage the full power of machine learning to gain deeper insights into their workforce skills and deliver more personalized employee experiences. In closing, we once again delivered a solid quarter with strength across a number of key growth initiatives, showcasing why Workday is the backbone of digital business. While we expect that the macro uncertainty will cause our growth to moderate in the near term, we continue to believe we are well positioned to navigate this environment and emerge even stronger. Driving constant innovation to address our customers' evolving needs has always been key to our success and will continue to be our focus in this environment. With that, I'll turn it over to our co-CEO, Chano Fernandez. Chano, over to you.