Workday Inc (WDAY) 2025 Q2 法說會逐字稿

Welcome to Workday's fiscal 2025 second quarter earnings call. (Operator Instruction) . I will now hand it over to Justin Furby. Vice President of Investor Relations.

歡迎參加 Workday 2025 財年第二季財報電話會議。 （操作員說明）。我現在將把它交給賈斯汀·菲比。投資人關係副總裁。

Thank you, operator. Welcome to Workday's Second Quarter Fiscal 2025 Earnings Conference Call. On the call, we have Carl Eschenbach, our CEO; Zane Rowe, our CFO; Doug Robinson, our Co-President; and David Somers, our Chief Product Officer. 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.

謝謝你，接線生。歡迎參加 Workday 2025 財年第二季財報電話會議。我們的執行長卡爾·埃申巴赫 (Carl Eschenbach) 出席了電話會議。 Zane Rowe，我們的財務長；道格‧羅賓遜，我們的聯合總裁；以及我們的首席產品長 David Somers。在準備好發言後，我們將回答問題。我們的新聞稿是在收盤後發布的，並發佈在我們的網站上，該電話會議同時進行網路直播。

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 that could cause actual results to differ materially.

在開始之前，我們想強調，我們在這次電話會議上的一些陳述，特別是我們的指導，是基於我們今天掌握的信息，包括有關我們的財務業績、應用、客戶需求、運營和運營的前瞻性陳述。這些陳述受到風險、不確定性和假設的影響，可能導致實際結果有重大差異。

Please refer to the press release and the risk factors and documents we file with the Securities and Exchange Commission, including our fiscal 2024 annual report on Form 10-K, for additional information on risks, uncertainties and assumptions that may cause actual results to differ materially from those set forth in such statements.

請參閱新聞稿以及我們向美國證券交易委員會提交的風險因素和文件，包括10-K 表格中的2024 財年年度報告，以了解可能導致實際結果存在重大差異的風險、不確定性和假設的更多資訊從這些聲明中提出的內容。

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.

此外，在今天的電話會議中，我們將討論非公認會計準則財務指標，我們認為這些指標可作為 Workday 績效的補充指標。這些非公認會計原則措施應作為公認會計原則結果的補充，而不是替代或孤立於公認會計原則結果。您可以在我們的收益新聞稿、投資者介紹和我們網站的投資者關係頁面上找到有關這些非公認會計原則衡量標準的更多披露信息，包括與可比公認會計原則結果的調節表。

The webcast replay of this call will be available for the next 90 days on our company website under the Investor Relations link. Additionally, the transcript of this call and our quarterly investor presentation will be posted on our Investor Relations website following this call.

本次電話會議的網路直播重播將在接下來的 90 天內在我們公司網站的投資者關係連結下提供。此外，本次電話會議的記錄和我們的季度投資者介紹將在本次電話會議後發佈在我們的投資者關係網站上。

Also, the Customers page of our website includes a list of selected customers and is updated monthly. Our third-quarter fiscal 2025 quiet period begins on October 15, 2024. Unless otherwise stated, all financial comparisons in this call will be to our results for the comparable period of our fiscal 2024.

此外，我們網站的客戶頁麵包含選定客戶的列表，並每月更新。我們的 2025 財年第三季靜默期從 2024 年 10 月 15 日開始。 除非另有說明，本次電話會議中的所有財務比較都將與我們 2024 財年可比期間的業績進行比較。

With that, I'll hand the call over to Carl.

這樣，我就把電話轉給卡爾。

Thank you, Justin and thank you all for joining us today. I'm pleased to report that Workday delivered another solid quarter, highlighted by 17% subscription revenue growth, 16% 12-month backlog growth and 25% non-GAAP operating margin. Though we continue to experience deal scrutiny and moderated headcount growth within our customer base, our win rates remain high and our teams delivered a very solid Q2. I couldn't be prouder of our workmates and our partners for their continued focus on driving customer value and success.

謝謝賈斯汀，也謝謝大家今天加入我們。我很高興地向大家報告，Workday 又實現了一個穩健的季度業績，其中訂閱收入增長了 17%，12 個月積壓增長了 16%，非 GAAP 營業利潤率增長了 25%。儘管我們繼續經歷交易審查和客戶群內部員工人數成長放緩，但我們的勝率仍然很高，而且我們的團隊在第二季的表現非常穩健。我為我們的同事和合作夥伴持續專注於推動客戶價值和成功而感到無比自豪。

Right now, companies are focusing their investments on the areas that will help them increase productivity and improve their operations. Workday gives them the ultimate advantage. We help them manage their two most fundamental elements of their business, their people and their money, all on a unified AI-powered platform. Workday empowers businesses to increase productivity, deliver incredible employee experience and drive greater efficiencies across finance.

目前，公司將投資重點放在有助於提高生產力和改善營運的領域。工作日給了他們最終的優勢。我們幫助他們在統一的人工智慧平台上管理業務中兩個最基本的要素：人員和資金。 Workday 讓企業能夠提高生產力、提供令人難以置信的員工體驗並提高整個財務部門的效率。

And because all our products are built on the foundation of our platform, our customers can unlock value faster and reduce total cost of ownership. This is evident in the healthy growth we're seeing in full suite wins and in our balance of net new relationships and customer expansions. It's also contributing to our momentum, which helped us debut in the prestigious Fortune 500 list in Q2. We couldn't be prouder to be amongst the largest, most influential companies in the US with more than 60% of them being Workday customers.

由於我們所有的產品都建立在我們平台的基礎上，因此我們的客戶可以更快地釋放價值並降低總擁有成本。這一點從我們在全套產品的成功中看到的健康成長以及我們在淨新關係和客戶擴張之間的平衡中就可以看出。這也為我們的發展勢頭做出了貢獻，幫助我們在第二季度首次躋身著名的《財富》500 強榜單。我們非常自豪能夠成為美國最大、最有影響力的公司之一，其中超過 60% 是 Workday 的客戶。

Businesses of all sizes, industries and geographies increasingly turn to Workday as their trusted partner. In Q2, we expanded with J.B. Hunt, Nissan, Target and Trinity Health. And we formed new relationships with Lam Research, the City of Cleveland, Colorado State University System and Johns Hopkins, among many others.

各種規模、行業和地理的企業越來越多地將 Workday 作為值得信賴的合作夥伴。在第二季度，我們擴大了與 J.B. Hunt、Nissan、Target 和 Trinity Health 的合作。我們也與 Lam Research、克利夫蘭市、科羅拉多州立大學系統和約翰霍普金斯大學等許多機構建立了新的關係。

We strengthened our leadership in the HCM market globally with key wins including GE Vernova, First Bus, Sunrise Senior Living, along with several notable wins in EMEA and APAC. And our continued investment in financials is helping us drive momentum across the platform.

我們透過包括 GE Vernova、First Bus、Sunrise Senior Living 在內的重大勝利，以及在歐洲、中東和非洲 (EMEA) 和亞太地區的許多重大勝利，加強了我們在全球 HCM 市場的領導地位。我們對金融領域的持續投資正在幫助我們推動整個平台的發展動能。

In Q2, we officially crossed the 2,000-customer milestone in Workday Financial Management. And Workday was ranked the market share leader for worldwide SaaS ERP revenue in 2023 by Gartner research. From an industry perspective, we had a banner quarter in our longest-standing vertical, higher education. Leading institutions, including Florida A&M, the University of Mississippi and Clemson University, all selected Workday's full suite in Q2.

第二季度，我們的 Workday Financial Management 正式突破了 2,000 名客戶的里程碑。 Workday 被 Gartner 研究評為 2023 年全球 SaaS ERP 收入市佔率領先者。從行業角度來看，我們在歷史最悠久的垂直高等教育領域取得了輝煌的季度成績。佛羅裡達農工大學、密西西比大學和克萊姆森大學等領先機構都在第二季度選擇了 Workday 的全套套件。

Clemson started as a Workday Adaptive Planning customer and added HCM and Financial Management in the quarter. The partnership with Workday represents a significant milestone in their transformation journey to modernize systems and improve experiences for faculty, staff and students.

克萊姆森大學最初是 Workday Adaptive Planning 客戶，並在本季度添加了 HCM 和財務管理。與 Workday 的合作代表了他們實現系統現代化和改善教職員工和學生體驗的轉型之旅中的一個重要里程碑。

We once again had strong momentum in health care with full suite wins at Grady Health System, Reid Health and Children's National Medical Center. Our success in state and local government continued in Q2 as well with wins at Delaware County, County of San Joaquin and Santa Cruz County.

我們在醫療保健領域再次保持強勁勢頭，在格雷迪健康系統、里德健康和兒童國家醫療中心贏得了全套服務。第二季度，我們在州和地方政府方面繼續取得成功，並在特拉華縣、聖華金縣和聖克魯斯縣取得了勝利。

I also want to call out the expansion momentum we're seeing with VNDLY and our ability to deliver a complete workforce management solution, spanning salaried employees to hourly, contingent, freelance and outsourced workers. Cushman & Wakefield, Lowe's and Ryder truck all added VNDLY in Q2. Beyond the wins, we celebrate when our customers go live on our platform. AutoNation, Barclays, CDW, CrossCountry Mortgage, Forvis Mazars and Texas Roadhouse all successfully deployed on Workday in Q2.

我還想強調我們在 VNDLY 看到的擴張勢頭，以及我們提供完整勞動力管理解決方案的能力，涵蓋受薪員工、小時工、臨時工、自由工作者和外包員工。 Cushman & Wakefield、Lowe's 和 Ryder 卡車均在第二季度添加了 VNDLY。除了勝利之外，當我們的客戶在我們的平台上上線時，我們也會慶祝。 AutoNation、Barclays、CDW、CrossCountry Mortgage、Forvis Mazars 和 Texas Roadhouse 均在第二季的 Workday 上成功部署。

Global growth continues to be a massive opportunity for Workday, and we had a strong performance in APAC and Japan regions in Q2, along with several strategic wins in EMEA. In Australia, Workday was accepted to the government's digital transformation agency software marketplace for ERP, opening new opportunities with federal agencies.

全球成長仍然是 Workday 的巨大機遇，第二季度我們在亞太地區和日本地區表現強勁，並在歐洲、中東和非洲地區取得了許多戰略勝利。在澳大利亞，Workday 被政府的 ERP 數位轉型機構軟體市場接納，為聯邦機構帶來了新的機會。

We also expanded our business with a ministry in New Zealand and had a full suite win at Kelsian Group Limited. We're setting a strong foundation for our business in Japan, which performed very well in Q2. We formed new relationships with Terumo Corporation and Shizen Energy and expanded our business with Tokyo Electron.

我們也透過紐西蘭的事工擴大了業務，並贏得了 Kelsian Group Limited 的全套服務。我們正在為日本業務奠定堅實的基礎，該業務在第二季度表現非常出色。我們與 Terumo Corporation 和 Shizen Energy 建立了新的合作關係，並擴大了與 Tokyo Electron 的業務。

In Europe, we experienced the same deal scrutiny I discussed in Q1, but the team was able to deliver more large deals in last quarter, including emeis, Saint-Gobain and GROUPE ATLANTIC SYNERGY. Additionally, our Elevate events across the region in Q2 outperformed our pipeline expectations, and our partner momentum is building in key markets across EMEA. In fact, two of the largest deals we closed in the region were sourced from partners.

在歐洲，我們經歷了與我在第一季度討論的相同的交易審查，但團隊在上個季度完成了更多大型交易，包括 emeis、Saint-Gobain 和 GROUPE ATLANTIC SYNERGY。此外，我們第二季在該地區的 Elevate 活動超出了我們的預期，我們的合作夥伴勢頭正在歐洲、中東和非洲的主要市場中增強。事實上，我們在該地區完成的兩筆最大的交易都是來自合作夥伴。

We innovate to drive customer success and deliver true business value, and that's why customers are coming to Workday for our AI innovation. They want to partner, and they're looking to us to lead them into the future. Workday AI is fueled by the quality and quantity of our data set and Workday's understanding of our customers' HR and finance processes.

我們透過創新來推動客戶成功並提供真正的商業價值，這就是為什麼客戶來到 Workday 尋求我們的人工智慧創新的原因。他們想要合作，並期待我們帶領他們走向未來。 Workday AI 的推動力來自於我們資料集的品質和數量以及 Workday 對客戶人力資源和財務流程的了解。

We now have more than 70 million users under contract, conducting more than 800 billion transactions on the Workday platform annually. This data and the context behind it gives us the ability to unlock productivity in a way no other company can.

目前，我們擁有超過 7,000 萬簽約用戶，每年在 Workday 平台上進行超過 8,000 億筆交易。這些數據及其背後的背景使我們能夠以其他公司無法做到的方式釋放生產力。

In Q2, we announced new AI innovations to help our customers hire the right talent, better and faster than ever before. For instance, our new AI capabilities in our HCM product identify emerging skills and simplify job profile management to accelerate skills-based talent strategies. Just one quarter after closing the HiredScore acquisition, we made HiredScore AI for Recruiting and HiredScore AI for Talent Mobility available for purchase under one unified contract.

在第二季度，我們宣布了新的人工智慧創新，以幫助我們的客戶比以往更好、更快地僱用合適的人才。例如，我們的 HCM 產品中的新人工智慧功能可識別新興技能並簡化職位檔案管理，以加速基於技能的人才策略。完成 HiredScore 收購後僅一個季度，我們就透過統一合約提供了用於招募的 HiredScore AI 和用於人才流動的 HiredScore AI 可供購買。

The HiredScore team is off to a great start, and we're continuing to build pipeline across our recruiting customers. And what better validation than this quote from our customer as Southwest Airlines who called HiredScore a game changer that's setting new standards in talent management.

HiredScore 團隊有了一個好的開始，我們將繼續在招募客戶中建立管道。還有什麼比西南航空客戶的這句話更好的驗證，他們稱 HiredScore 是遊戲規則的改變者，為人才管理設定了新標準。

Through the power of our platform, we're enabling AI innovation not only from Workday but from our customers and partners as well. In Q2, at our annual developer conference, we launched new APIs in our AI Gateway. We also introduced Workday Extend Developer Copilot, leveraging GenAI to help developers to build custom applications on our platform faster than ever before. Extend remains one of our fastest-growing SKUs. New ACV increased more than 75% in Q2, driven by Extend Pro, which taps into the power of Workday AI.

借助我們平台的力量，我們不僅可以實現 Workday 的人工智慧創新，還可以實現我們的客戶和合作夥伴的人工智慧創新。在第二季的年度開發者大會上，我們在 AI 閘道中推出了新的 API。我們也推出了 Workday Extend Developer Copilot，利用 GenAI 幫助開發人員比以往更快地在我們的平台上建立自訂應用程式。 Extend 仍然是我們成長最快的 SKU 之一。在 Extend Pro 的推動下，第二季新 ACV 成長了 75% 以上，Extend Pro 充分利用了 Workday AI 的強大功能。

Many of our customers are already realizing incredible value from Workday AI. For example, a HiredScore for Talent Mobility customer saw a 40% increase in internal application rates. For one of our entertainment customers, invoice automation is driving 70% plus increase in processing capabilities. And for another customer, our talent optimization product, which is one of our fastest-growing SKUs, helped reduce turnover by 39%. And the list goes on, but we're just scratching the surface.

我們的許多客戶已經認識到 Workday AI 帶來的不可思議的價值。例如，HiredScore for Talent Mobility 客戶的內部申請率提高了 40%。對於我們的一位娛樂客戶來說，發票自動化使處理能力提高了 70% 以上。對於另一位客戶，我們的人才優化產品（這是我們成長最快的 SKU 之一）幫助減少了 39% 的營業額。這樣的例子不勝枚舉，但我們只是觸及了表面。

The industry has been focusing on fitting AI into how we work now, not on what work should look like next. We see an opportunity to exponentially increase the value to our customers by reimagining end-to-end HR and finance processes through the power of AI. At Workday Rising, we will introduce the next generation of AI to illuminate the future of work.

該行業一直致力於將人工智慧融入我們現在的工作方式，而不是下一步的工作應該是什麼樣子。我們看到了透過人工智慧的力量重新構想端到端人力資源和財務流程來倍增客戶價值的機會。在 Workday Rising，我們將介紹下一代人工智慧來照亮工作的未來。

For the past 10 years, we've been building towards this vision, and we're excited to showcase Workday innovations that will not only accelerate how work gets done but ultimately transform how customers run their businesses. We're expecting more than 30,000 virtual and in-person attendees at Rising this year, our biggest event yet.

在過去的 10 年裡，我們一直致力於實現這一願景，我們很高興展示 Workday 創新，這些創新不僅會加快工作完成速度，而且最終會改變客戶經營業務的方式。今年，我們預計將有超過 30,000 名虛擬和現場與會者參加 Rising，這是我們迄今為止最大的活動。

In addition to unveiling our AI vision, we'll also showcase new innovations across our applications, platform and user experience. I mentioned before that our partner ecosystem is a powerful driver of customer success, and it continues to grow in both breadth and depth.

除了公佈我們的人工智慧願景外，我們還將展示我們的應用程式、平台和用戶體驗方面的新創新。我之前提到過，我們的合作夥伴生態系統是客戶成功的強大驅動力，並且在廣度和深度上持續成長。

In Q2, partner contributions to new ACV more than doubled from last quarter, and partners had another record quarter of pipeline generation, and we're just getting started. In the quarter, we launched Built on Workday to make it easy for our partners to build, distribute and monetize their applications on the Workday platform. Our long-standing partner, Kainos, was among the first to lean into this new program with several more partners already active early adopters.

在第二季度，合作夥伴對新 ACV 的貢獻比上個季度增加了一倍多，合作夥伴的管道生成又創下了季度記錄，而我們才剛開始。在本季度，我們推出了“Built on Workday”，使我們的合作夥伴可以輕鬆地在 Workday 平台上建置、分發其應用程式並從中獲利。我們的長期合作夥伴 Kainos 是最早參與這項新計畫的合作夥伴之一，還有其他幾位合作夥伴已經成為積極的早期採用者。

We continue to open the aperture to our partners as a driver of both sales and innovation. And in Q2, we announced new partnerships that will help us deliver even greater value. Our partnership with Salesforce is a perfect example, whether it's accelerating employee onboarding, enabling continuous financial planning or closing deals faster, our partnership is bringing humans and AI together to drive success for employees and customers.

我們繼續向合作夥伴敞開大門，作為銷售和創新的驅動力。在第二季度，我們宣布了新的合作夥伴關係，這將幫助我們創造更大的價值。我們與Salesforce 的合作就是一個完美的例子，無論是加速員工入職、實現持續的財務規劃還是更快地完成交易，我們的合作夥伴關係都將人類和人工智慧結合在一起，推動員工和客戶的成功。

And it's all made possible by bringing together the most important data sets in the enterprise. And today, we are announcing a new Employment Verification Connector for Equifax, making it easier for customers to transmit data for employment verification requests. As you can see, it was a big quarter for our ecosystem, and we are looking forward to continuing this momentum in partner-led growth.

而這一切都是透過將企業中最重要的資料集匯集在一起而實現的。今天，我們宣布推出新的 Equifax 就業驗證連接器，使客戶能夠更輕鬆地傳輸就業驗證請求的資料。正如您所看到的，對於我們的生態系統來說，這是一個重要的季度，我們期待在合作夥伴主導的成長中繼續保持這種勢頭。

Before I turn it over to Zane, I'd like to update you on how we're planning for the medium term. We continue to build Workday as a durable business with balanced growth and margin expansion, something I've been saying since I joined the company nearly two years ago.

在將其交給贊恩之前，我想向您介紹我們的中期計劃的最新情況。我們將繼續將 Workday 打造成一個具有平衡成長和利潤擴張的持久業務，這是我自近兩年前加入公司以來一直在說的。

Our key growth areas are already paying off and creating momentum for our future. They amplify our opportunity to bring in new customers and to expand our footprint with existing customers. Over the past year, we've been able to see how our growth areas are developing, particularly in the current selling environment. And we've identified opportunities to drive efficiencies across the business.

我們的關鍵成長領域已經取得了回報，並為我們的未來創造了動力。它們擴大了我們引入新客戶並擴大現有客戶足跡的機會。在過去的一年裡，我們已經能夠看到我們的成長領域的發展情況，特別是在當前的銷售環境下。我們已經發現了提高整個企業效率的機會。

In light of this, we're making some adjustments to our medium-term plans, including a slightly moderated pace of subscription revenue growth balanced with accelerated margin expansion. Our revised medium-term outlook reflects the confidence we have to drive durable, profitable growth at scale.

有鑑於此，我們正在對中期計畫進行一些調整，包括稍微放緩訂閱收入成長速度，同時加速利潤率擴張。我們修改後的中期前景反映了我們對推動持久、大規模獲利成長的信心。

We're focused on continuing to gain share in our core markets of HR and finance while delivering strong operating income growth and continuing to innovate for our customers and partners. I couldn't be more excited and energized about the opportunity ahead, and we are thrilled to have you on the ride with us.

我們致力於持續擴大人力資源和財務核心市場的份額，同時實現強勁的營業收入成長並繼續為我們的客戶和合作夥伴進行創新。我對未來的機會感到非常興奮和充滿活力，我們很高興有您與我們一起踏上旅程。

With that, I'll turn it over to Zane.

有了這個，我會把它交給贊恩。

Thanks, Carl and thank you to everyone for joining today's call. Our Q2 performance was slightly ahead of our expectations across all key metrics. Subscription revenue in the second quarter was $1.903 billion, up 17%. Professional services revenue was $182 million in the quarter, leading to total revenue in Q2 of $2.085 billion, also a growth of 17%. US revenue in Q2 totaled $1.56 billion, up 16%. And international revenue totaled $524 million, growing 18%.

謝謝卡爾，也謝謝大家參加今天的電話會議。我們第二季的表現在所有關鍵指標上都略高於我們的預期。第二季訂閱營收為19.03億美元，成長17%。該季度專業服務收入為 1.82 億美元，帶動第二季總營收 20.85 億美元，同樣成長 17%。美國第二季營收總計 15.6 億美元，成長 16%。國際收入總計 5.24 億美元，成長 18%。

12-month subscription revenue backlog, or CRPO, was $6.8 billion at the end of Q2, representing growth of 16%. The year-over-year growth rate was impacted by the strength in last year's renewal activity, including early renewals. Gross and net revenue retention rates remained strong at over 95% and over 100%, respectively. Total subscription revenue backlog at the end of the quarter was $21.58 billion, up 21%.

截至第二季末，12 個月積壓訂閱收入 (CRPO) 為 68 億美元，成長 16%。年比成長率受到去年續訂活動（包括提前續約）強勁的影響。毛收入和淨收入保留率依然強勁，分別超過 95% 和 100% 以上。截至本季末，積壓訂閱收入總額為 215.8 億美元，成長 21%。

Our non-GAAP operating income for the second quarter was $518 million, resulting in a non-GAAP operating margin of 24.9%. Q2 operating cash flow was $571 million, growing 34% driven by strong collections. We accelerated the pace of our buyback in Q2, repurchasing $309 million of our shares at an average price of $223.10 per share. With our existing $500 million buyback authorization nearing completion, our Board has authorized a new $1 billion share repurchase program.

我們第二季的非 GAAP 營業收入為 5.18 億美元，非 GAAP 營業利益率為 24.9%。第二季營運現金流為 5.71 億美元，在強勁催收的推動下成長了 34%。第二季我們加快了回購步伐，以每股 223.10 美元的平均價格回購了 3.09 億美元的股票。隨著我們現有的 5 億美元回購授權即將完成，我們的董事會已授權一項新的 10 億美元股票回購計畫。

We remain committed to investing in organic growth, pursuing strategic M&A opportunities and managing dilution while returning excess capital to shareholders via share repurchases. We ended the quarter with $7.4 billion in cash and marketable securities. As of July 31, headcount stood at over 19,900 Workmates around the globe.

我們仍然致力於投資有機成長、尋求策略併購機會和管理稀釋，同時透過股票回購將多餘資本返還給股東。本季結束時，我們擁有 74 億美元的現金和有價證券。截至 7 月 31 日，全球 Workmates 員工總數超過 19,900 人。

Now turning to guidance. As Carl indicated, we continue to see the macro environment consistent with our last quarter, including moderated headcount growth within our customer base. And as we discussed last quarter, we expect these trends to continue. We are reiterating our full year FY25 subscription revenue guidance of $7.7 billion to $7.725 billion, growth of approximately 17%. We expect Q3 FY25 subscription revenue to be $1.955 billion, growth of 16%.

現在轉向指導。正如卡爾指出的那樣，我們繼續看到與上個季度一致的宏觀環境，包括我們的客戶群中的員工人數成長放緩。正如我們上季度討論的那樣，我們預計這些趨勢將持續下去。我們重申 25 財年全年訂閱營收指引為 77 億美元至 77.25 億美元，成長約 17%。我們預計 25 財年第三季訂閱營收將為 19.55 億美元，成長 16%。

We expect FY25 professional services revenue of approximately $680 million to $690 million, driven by customer demand. For Q3, we expect professional services revenue of $175 million. Turning to backlog. In Q3, we expect CRPO growth also to be impacted by last year's strong early renewal activity. As a reminder, last year, the gap between CRPO growth and subscription revenue growth was roughly 4 percentage points in Q3.

在客戶需求的推動下，我們預計 25 財年專業服務收入約為 6.8 億至 6.9 億美元。對於第三季度，我們預計專業服務收入為 1.75 億美元。轉向積壓。在第三季度，我們預計 CRPO 的成長也將受到去年強勁的提前續約活動的影響。提醒一下，去年第三季 CRPO 成長與訂閱營收成長之間的差距約為 4 個百分點。

As we lap the strong renewal activity from last year, we expect CRPO growth of 14% to 15% for Q3. While the growth rate is impacted by the timing of renewals, the aggregate CRPO level supports our view of subscription revenue growth of approximately 16% for the second half of the year.

隨著我們經歷去年強勁的續約活動，我們預計第三季 CRPO 將成長 14% 至 15%。雖然成長率受到續約時間的影響，但 CRPO 的整體水準支持我們對下半年訂閱營收成長約 16% 的看法。

We continue to balance both targeted investments in key growth areas with increased focus on end-to-end company-wide efficiencies and transformation. We now expect FY25 non-GAAP operating margin of 25.25%. For Q3, we also expect non-GAAP operating margin of 25.25%. GAAP operating margin for the third quarter and full year are expected to be approximately 19 and 20 percentage points lower than the non-GAAP margins, respectively. The FY25 non-GAAP tax rate remains at 19%. We're increasing our FY25 operating cash flow expectations to $2.350 billion, and we continue to expect capital expenditures of approximately $330 million.

我們持續平衡關鍵成長領域的有針對性的投資，同時更加重視端到端公司範圍的效率和轉型。我們目前預期 25 財年非 GAAP 營業利益率為 25.25%。對於第三季度，我們也預期非 GAAP 營業利潤率為 25.25%。第三季和全年的 GAAP 營業利潤率預計將分別比非 GAAP 利潤率低約 19 個百分點和 20 個百分點。 25 財政年度非公認會計準則稅率仍為 19%。我們將 2025 財年營運現金流預期提高至 23.5 億美元，並繼續預期資本支出約為 3.3 億美元。

Over the past year, we've made good progress across our key growth areas. While a number of these initiatives are still in their early development, they are already supporting growth in FY25 as well as for future years as they scale across our products and geographies.

過去一年，我們在關鍵成長領域取得了良好進展。雖然其中許多舉措仍處於早期開發階段，但隨著它們在我們的產品和地區的擴展，它們已經支持了 2025 財年以及未來幾年的成長。

Our focus areas have been ramping over the past year, providing us better insight into how their growth trajectories augment our core business. As we incorporate this into our planning, along with the current environment, we now expect subscription revenue growth in the mid-teens for both FY26 and FY27.

在過去的一年裡，我們的重點領域不斷擴大，使我們能夠更好地了解他們的成長軌跡如何增強我們的核心業務。當我們將此納入我們的規劃以及當前環境時，我們現在預計 2026 財年和 27 財年的訂閱收入成長將達到 15%左右。

We're seeing success across full suite opportunities, the partner ecosystem and international markets, along with emerging areas like federal and Built on Workday, which helped reinforce our conviction in enduring growth as we strengthen our market leadership in cloud ERP.

我們在全套機會、合作夥伴生態系統和國際市場以及聯邦和Built on Workday等新興領域看到了成功，這有助於增強我們在雲端 ERP 領域加強市場領導地位時實現持久成長的信念。

In addition, we now expect to deliver greater margin expansion than previously planned. Investing to support durable growth remains a core focus, and at the same time, we've made progress driving efficiencies as we continue to scale the business globally.

此外，我們現在預計將實現比先前計劃更大的利潤率擴張。投資支援持久成長仍然是核心重點，同時，隨著我們繼續在全球擴展業務，我們在提高效率方面取得了進展。

We are relentlessly focused on scaling all of our processes across the company as we review our product and go-to-market initiatives. We're also becoming increasingly more targeted in our growth investments, balancing product developments with go-to-market resources. With this, we are driving to enhance ROI across our portfolio, while we continue to execute on opportunities to drive growth in the business.

在審查我們的產品和上市計劃時，我們堅持不懈地致力於擴展整個公司的所有流程。我們的成長投資也變得越來越有針對性，平衡產品開發與上市資源。藉此，我們將努力提高整個投資組合的投資報酬率，同時繼續抓住機會推動業務成長。

With that context and assuming M&A levels consistent with recent history, our updated expectations for FY26 and FY27 offer annual subscription revenue growth of approximately 15% while expanding non-GAAP operating margin to 30% over the same period. This updated framework also increases our expected FY27 cash flow. Our focus remains leveraging the power of the platform to deliver durable, long-term top- and bottom-line growth. We look forward to sharing more at our upcoming Financial Analyst Day on September 17.

在此背景下，並假設併購水準與近期歷史一致，我們對 2026 財年和 27 財年的最新預期預計訂閱收入年增長率約為 15%，同時同期非 GAAP 營業利潤率將擴大至 30%。這項更新的框架也增加了我們預期的 2027 財年現金流。我們的重點仍然是利用平台的力量來實現持久、長期的營收和利潤成長。我們期待在即將到來的 9 月 17 日金融分析師日分享更多資訊。

With that, I'll turn it back over to the operator to begin Q&A.

這樣，我會將其轉回給操作員以開始問答。

(Operator Instructions)

（操作員說明）

Kirk Materne, Evercore.

柯克·馬特納，Evercore。

Yes. Thanks very much. And I appreciate the early update on the midterm outlook as we look forward to seeing you guys out in Vegas in a few weeks. But Carl, can you just talk about where you think you can get some additional efficiency at scale while still investing obviously in places like international.

是的。非常感謝。我很欣賞中期展望的早期更新，因為我們期待幾週後在拉斯維加斯見到你們。但是卡爾，您能否談談您認為在哪些方面可以大規模提高效率，同時仍在國際等地方進行明顯的投資。

I'm sure you'll go through this a little bit at the Analyst Day. But I was just kind of curious. Where are some places that you guys can continue to get that efficiency because I know you're not going to want to stop investing in some of these green shoots that you're seeing right now?

我相信您會在分析師日稍微了解這一點。但我只是有點好奇。你們在哪些地方可以繼續獲得這種效率，因為我知道你們不會想停止對你們現在看到的一些萌芽進行投資？

Yeah. Thanks, Kirk, for the question. And by the way, thanks for your preview note. I thought it was really well written. And as you can see, a lot of the things you highlighted in your preview note, we actually spoke about in our prepared remarks. And part of it is what you just asked.

是的。謝謝柯克提出的問題。順便說一下，感謝您的預覽說明。我覺得寫得真的很好。正如你所看到的，你在預覽說明中強調的很多事情，我們實際上在準備好的評論中談到了。其中一部分就是你剛才問的。

I want to start by just reinforcing our thesis for long-term profitable growth at scale at Workday. We remain very excited about the opportunity we have ahead, and we think we'll continue to take share in our core markets around HR and finance while at the same time continuing to innovate and drive additional operating efficiencies as we think about the broader market.

我想先強化我們關於 Workday 長期大規模獲利成長的論點。我們對未來的機會仍然感到非常興奮，我們認為我們將繼續在人力資源和財務方面的核心市場中佔據份額，同時在考慮更廣闊的市場時繼續創新並提高營運效率。

As far as where we think we can get efficiencies, let me start and remind people by saying, over the last 2.5 years, we've expanded our operating margin by 500 basis points and now we're talking about moving it up another 500 basis points over the next few years. So we are finding efficiencies. Some examples of where we'll find efficiencies is in our global workforce strategy, which includes leveraging our current global workforce as well as some of the new offices we brought online in the last 6 to 12 months like India and Costa Rica.

至於我們認為可以提高效率的地方，首先讓我提醒大家，在過去 2.5 年裡，我們的營業利潤率已擴大了 500 個基點，現在我們正在討論將其再提高 500 個基點未來幾年的要點。所以我們正在尋找效率。我們在全球勞動力策略中可以找到一些提高效率的例子，其中包括利用我們當前的全球勞動力以及我們在過去 6 至 12 個月內上線的一些新辦事處，例如印度和哥斯達黎加。

We're also being smart and prudent about what we're hiring going forward. And specifically, we're focusing on quota-carrying capacity as well as continuing to invest in software development on our product and technology side of the business. We also are finding operating efficiencies internally across our systems and our technology. We're using AI in our finance organization. We're using AI in our call centers and our support organization. And we're also using AI like Copilot and software development to drive efficiencies.

我們對未來的招募也非常明智和謹慎。具體來說，我們專注於配額承載能力，並繼續投資於我們產品和技術方面的軟體開發。我們也發現我們的系統和技術內部的營運效率。我們在我們的財務組織中使用人工智慧。我們在呼叫中心和支援組織中使用人工智慧。我們也使用 Copilot 等人工智慧和軟體開發來提高效率。

And the last thing I'd say, Kirk, to kind of combine your questions here is, number one, some of the investment areas we've leaned into over the last two years are actually starting to drive operating efficiencies and scale for us. For example, we spent a lot of time talking about partners.

柯克，我要說的最後一件事是，結合您的問題，第一，過去兩年我們所關注的一些投資領域實際上開始提高我們的營運效率和規模。例如，我們花了很多時間談論合作夥伴。

We've highlighted once again our partners today continue to drive a significant portion of our pipeline. And actually, we're responsible for a 2x growth in new ACV from what they participated or drove in Q1. We're actually starting to see scale now with the big build-out we did in our financial sales force.

我們今天再次強調我們的合作夥伴繼續推動我們管道的很大一部分。實際上，我們負責新 ACV 的成長，比第一季他們參與或駕駛的數量增加了 2 倍。實際上，我們現在已經開始看到我們在金融銷售團隊中所做的大規模建設，規模已經擴大了。

They're all starting to ramp, and we're seeing better productivity going forward. So there are a number of different areas that we're investing in, and it's actually not only helping us maintain this durable growth over the next two years, but it's also giving us operational efficiencies at the same time.

它們都開始成長，我們看到未來生產力會提高。因此，我們正在對許多不同的領域進行投資，這實際上不僅幫助我們在未來兩年保持這種持久成長，而且同時也提高了我們的營運效率。

Hey, Kirk, I'll just add. This is Zane. We look at all of these investments with an ROI mentality, and as you've seen over the last number of years where we've outperformed and really leaned in, we've been able to drive bottom line growth and increase our operating margin even versus our expectation. So you should expect to hear a little more in this area in 3.5 weeks in Vegas, but we're pleased with the progress, have a lot of work to do. And we feel like we're never done on just coming up with more efficiencies across the business.

嘿，柯克，我補充一下。這是讚恩。我們以投資回報率的心態來看待所有這些投資，正如您在過去幾年中看到的那樣，我們表現出色並且真正取得了進步，我們已經能夠推動利潤增長並提高我們的營業利潤率，甚至與我們的預期相反。因此，您應該期望在 3.5 週內在維加斯聽到更多關於這一領域的消息，但我們對進展感到滿意，還有很多工作要做。我們覺得，提高整個企業的效率這個目標永遠不會停止。

Great. Thank you very much, guys. I'll turn it over.

偉大的。非常感謝你們，夥伴們。我會把它翻過來。

Thank you.

謝謝。

Kash Rangan, Goldman Sachs.

卡什·蘭根，高盛。

Hi. Thank you very much. Good to see that you guys have taken a more balanced approach to growth and margin. One short-term question, one long term, if I could. Short term, the impact of elections and potentially lower rates, how do you see this playing out, Carl?

你好。非常感謝。很高興看到你們對成長和利潤採取了更加平衡的方法。如果可以的話，一個短期問題，一個長期問題。短期來看，選舉的影響和潛在的較低利率，卡爾，您如何看待這種情況？

I know that you were not here eight years ago, but Aneel famously warned about volatility in the upcoming Q4 back then and ended up surprising us on the upside as contract activity and renewal activity happened on the upside. So what is your take on the short term?

我知道你八年前不在這裡，但阿尼爾當時對即將到來的第四季度的波動發出了著名的警告，最終讓我們感到驚訝，因為合約活動和續約活動都在上漲。那麼您對短期有何看法？

And then one for you, Zane. Longer term, the expansion in margin, how comfortable can we get that it's not coming at the expense of the ability to reinvigorate growth if you do see that opportunity open up if we get a better spending environment? Thank you so much.

然後給你一份，贊恩。從長遠來看，利潤率的擴張，如果我們確實看到了更好的支出環境所帶來的機會，那麼我們能在多大程度上放心，這不會以犧牲重振成長的能力為代價？太感謝了。

Yeah. Thanks, Kash. I'll take the first one. Listen, I can't predict the future and the impact of the election one way or the other. But what I do know is the current macro environment we're selling into hasn't changed at all from what we saw in Q1.

是的。謝謝，卡什。我就拿第一個。聽著，我無法以某種方式預測未來和選舉的影響。但我所知道的是，我們目前的銷售宏觀環境與第一季相比沒有任何變化。

In fact, we think the current environment of IT spending and the environment we're selling into isn't something that's just been here the last couple of quarters. We think it's the new norm going forward. We're prepared because we have a great product. We provide a tremendous value proposition to both customers and prospects. And regardless of what we're dealing with in the macro or the elections, we're going to continue to grow our business over the short term and long term because of that powerful value proposition we have.

事實上，我們認為目前的 IT 支出環境和我們的銷售環境並不是過去幾季才出現的。我們認為這是未來的新常態。我們已經做好準備，因為我們有很棒的產品。我們為客戶和潛在客戶提供巨大的價值主張。無論我們在宏觀或選舉中面臨什麼，由於我們擁有強大的價值主張，我們都將在短期和長期內繼續發展我們的業務。

Yeah. And Kash, just to add to your question on longer term, I mean we've done a good job investing and measuring those investments. When it's opportunity for us to increase that investment level depending upon growth or where it comes from, we'll be agile and quick to adjust accordingly. But we feel good that we can grow both the top line and the bottom line in this business and make sure that we're investing sufficiently to continue that growth and innovation across the company. So we feel like we've got a good balance here.

是的。卡什，只是為了補充你的長期問題，我的意思是我們在投資和衡量這些投資方面做得很好。當我們有機會根據成長或投資來源來提高投資水準時，我們將靈活且快速地進行相應調整。但我們感覺很好，我們可以增加這項業務的收入和利潤，並確保我們進行足夠的投資以繼續整個公司的成長和創新。所以我們覺得我們在這裡取得了很好的平衡。

Wonderful. Thank you so much. Well done.

精彩的。太感謝了。幹得好。

Mark Murphy, JPMorgan.

馬克墨菲，摩根大通。

Thank you so much. Carl, how would you characterize the cross-currency of AI on the software landscape in Workday itself at the moment? The reason I ask is you're sitting on this wealth of data. You have the sole ability to unlock it. You're not overcharging for AI services like others are. And I'm wondering if that is giving you some type of advantage in the actual AI product adoption and usage somehow under the radar.

太感謝了。 Carl，您如何描述目前 Workday 本身軟體領域中人工智慧的跨貨幣特徵？我問這個問題的原因是您擁有如此豐富的數據。您擁有解鎖它的唯一能力。你不會像其他人一樣對人工智慧服務收取過高的費用。我想知道這是否會為你在實際的人工智慧產品採用和使用中帶來某種優勢。

But then on the other side of the ledger, as you do re-tweak the growth in margin, the midterm target, do you sense any customers pausing to digest application purchases broadly just as they're trying to understand the GPU landscape, the AI landscape at the infrastructure layer?

但在帳本的另一邊，當你重新調整利潤成長、中期目標時，你是否感覺到任何客戶在嘗試了解 GPU 格局、人工智慧時，會停下來廣泛消化應用程式購買？

Yeah. So I think there was two questions in there, Mark. So I'll try to answer both of them. First, I'll talk about our approach to monetization. So first, we've said we're going to take a very measured multipronged approach to how we monetize AI.

是的。所以我認為其中有兩個問題，馬克。所以我會試著回答這兩個問題。首先，我將談談我們的獲利方法。首先，我們說過，我們將採取非常審慎的多管齊下的方法來實現人工智慧的貨幣化。

First and foremost, we're monetizing it to our competitive win rates that are up once again this quarter. Our renewal rates remain very high and our customer satisfaction remains very strong. We are also, at the same time, not rushing to market and saying to our customers, we're going to have an uplift on our pricing just because we have now had more than 50, for example, AI use cases in the platform. We think they're entitled to that innovation.

首先也是最重要的是，我們將其貨幣化為我們本季再次上升的競爭勝率。我們的續約率仍然非常高，客戶滿意度仍然非常高。同時，我們也不會急於推向市場並對客戶說，我們將提高定價，只是因為我們現在平台上有 50 多個人工智慧用例。我們認為他們有權獲得這種創新。

We will, though, when we see opportunity to do so, Mark. We will bring new SKUs to market where we can help our customers justify spending incremental dollars on AI from Workday. For example, Talent Optimization. Talent Optimization is one of our fastest-growing SKUs. Extend and now Extend Pro. Extend Pro is an AI platform that allows people to develop and build new applications on top of us. There's a new AI API Gateway associated.

不過，當我們看到機會時，我們會這樣做的，馬克。我們將把新的 SKU 推向市場，幫助我們的客戶證明在 Workday 的人工智慧上投入增量資金是合理的。例如，人才優化。人才優化是我們成長最快的 SKU 之一。擴展，現在擴展 Pro。 Extend Pro 是一個人工智慧平台，允許人們在我們的基礎上開發和建立新的應用程式。關聯了一個新的 AI API 閘道。

We have a Copilot to help people develop software faster, leveraging the AI API. And we also, as you know, last quarter talked about HiredScore. HiredScore is something we're very excited about. We're in the very early days of this going into the market, but we're seeing a rapid build of the pipeline as people are trying to reduce their recruiting spend because it's one of the biggest spends they have across their platform today when it comes to recruiting.

我們有一個 Copilot 來幫助人們利用 AI API 更快地開發軟體。如您所知，我們上個季度還討論了 HiredScore。 HiredScore 是我們非常興奮的東西。我們正處於進入市場的早期階段，但我們看到管道正在迅速建立，因為人們試圖減少招聘支出，因為這是他們今天在平台上最大的支出之一說到招聘。

And now let me address what we're seeing because we get asked this question all the time, Mark. Are we seeing people spend on AI and not spend, for example, in our case, on Workday? We see just the opposite. What we see and we hear from our customers, our customers believe, and new prospects as we engage with them, they are investing in AI when they invest and partner with Workday. The reason for that is because of what you said.

現在讓我來談談我們所看到的情況，因為我們一直被問到這個問題，馬克。我們是否看到人們在人工智慧上花錢，而不是在工作日上花錢，例如，在我們的例子中？我們看到的恰恰相反。我們從客戶那裡看到和聽到的，我們的客戶相信，以及我們與他們接觸的新潛在客戶，當他們投資 Workday 並與他們合作時，他們就是在投資人工智慧。原因就是因為你所說的。

I think customers are now recognizing the value of AI and GenAI is only as good as the data you're using to train. And we have one of the most clean, highly curated data sets around HR and finance to drive value for our customers, and we think that's a huge differentiator for us both today and going forward. And we can't wait to share more of the AI innovation with everyone, including the entire world, at Rising in September.

我認為客戶現在已經認識到人工智慧的價值，而 GenAI 的好壞取決於您用來訓練的資料。我們擁有最乾淨、最精心策劃的人力資源和財務數據集之一，可以為我們的客戶帶來價值，我們認為這對我們現在和未來來說都是一個巨大的差異化因素。我們迫不及待地想在 9 月的 Rising 大會上與所有人（包括全世界）分享更多人工智慧創新。

Thank you very much.

非常感謝。

Brent Thill, Jefferies.

布倫特·希爾，杰弗里斯。

Thanks. Carl, many have asked your confidence in mid-teens growth. What is giving you that underpinning of that the market is going to be there versus continuing to ratchet that number down, which you have lowered that growth rate a bit? What is still giving you the confidence that, that market is still in place?

謝謝。卡爾，很多人問你對青少年成長的信心。是什麼讓你相信市場將會存在，而不是繼續降低這個數字，你已經稍微降低了成長率？是什麼讓您仍然相信該市場仍然存在？

Yeah. Thanks, Brent. Well, there's a number of reasons. I think not just myself but all of us here at Workday are confident in that 15% growth rate for the foreseeable future. And that's as we scale beyond $10 billion.

是的。謝謝，布倫特。嗯，有很多原因。我認為，不僅是我自己，Workday 的所有人都對可預見的未來 15% 的成長率充滿信心。這就是我們的規模超過 100 億美元的時候。

Number one, the investments we've made, for example, in our partner community and the ecosystem are paying off. They're building pipeline. They're innovating on top of the platform. They're co-selling with us. They're reselling with us. And we see them continuing to lean into the Workday opportunity more than we've ever seen in the past.

第一，我們在合作夥伴社群和生態系統等方面所做的投資正在獲得回報。他們正在建造管道。他們正在平台之上進行創新。他們與我們共同銷售。他們和我們一起轉售。我們看到他們比以往任何時候都更願意利用工作日的機會。

We still believe we have a tremendous opportunity internationally. We've hired some amazing talent across Europe. In the last six months, we talked about new leadership in APAC and in Japan, and we highlighted some of the success they had here this quarter. And we continue to believe that more than 50% of our addressable market opportunity is outside the US that we can go attack.

我們仍然相信我們在國際上擁有巨大的機會。我們在歐洲各地聘請了一些優秀的人才。在過去的六個月中，我們討論了亞太地區和日本的新領導層，並強調了他們本季在這裡取得的一些成功。我們仍然相信，超過 50% 的潛在市場機會都在美國以外，我們可以去攻擊。

We also continue to believe in the opportunity around financials. As all of you know, for the last couple of years, we've leaned in heavily to the financials opportunity because we still see greater than 75% of workloads on premises, and they're moving to the cloud. It's not if. It's when. And when they move to the cloud, we see competitive run rates on our financial platform and full suite or full platform financial solutions with Workday and HCM continuing to rise.

我們也繼續相信金融領域的機會。眾所周知，在過去的幾年裡，我們非常依賴財務機會，因為我們仍然看到超過 75% 的工作負載在本地，它們正在遷移到雲端。這不是如果。正是時候。當他們遷移到雲端時，我們看到我們的金融平台和全套或全平台金融解決方案的運作率具有競爭力，Workday 和 HCM 持續上升。

And the last thing that gives us confidence is innovation. We are driving so much innovation on the Workday platform, leveraging AI and gen AI. We also continue to believe that the ecosystem will innovate on top of us leveraging a powerful platform called Extend.

最後給我們信心的是創新。我們利用人工智慧和新一代人工智慧，在 Workday 平台上推動如此多的創新。我們也仍然相信，生態系統將利用名為 Extend 的強大平台在我們之上進行創新。

And then finally, M&A, we are -- I'd say we're inquisitive. We continue to believe there's assets out there that we can look at to help us continue or maintain our growth, but we're going to be smart and prudent as we think about it. So that's the reason that gives us confidence to be able to drive this profitable growth at scale for the next few years.

最後，對於併購，我們——我想說我們很好奇。我們仍然相信，我們可以尋找一些資產來幫助我們繼續或維持成長，但我們在考慮時會保持明智和謹慎。因此，這讓我們有信心在未來幾年內大規模推動獲利成長。

Thanks, Carl.

謝謝，卡爾。

Brad Sills, Bank of America.

布拉德·希爾斯，美國銀行。

Wonderful. Thank you so much. I wanted to ask a question, Carl, on some of the comments you made earlier. It sounds like you took a hard look at some of the growth initiatives to determine which ones are going well and which ones perhaps could be sources of upside that they're now backing that 15% -- or sorry, that mid-teens rather growth outlook.

精彩的。太感謝了。卡爾，我想就你之前發表的一些評論提出一個問題。聽起來你仔細研究了一些增長計劃，以確定哪些計劃進展順利，哪些計劃可能是他們現在支持的 15% 的上行來源——或者抱歉，十幾歲左右的增長計劃前景。

Just curious for some color, if you will, on what were some of the puts and takes. What were some of those growth initiatives that you felt more bullish about after having gone through the one-year review process? Which are ones that could perhaps be potential sources of incremental growth in the future? Thank you so much.

如果你願意的話，只是想知道一些看跌期權和看跌期權的顏色。經過一年的審查過程後，您對哪些成長舉措感到更加樂觀？哪些可能成為未來增量成長的潛在來源？太感謝了。

Yeah. Thanks for the question, Brad. We did pause and we looked at all of our growth initiatives. Some of them I just articulated answering the prior question from Brent. And I must admit, as we sat and looked at them and as we sit here today, we think the growth initiatives we lean into are the right ones, the opportunity around financials, the international opportunity. We thought very hard about the investment we've made in financials, and we think that's the right one. The partner community is clearly paying off.

是的。謝謝你的提問，布拉德。我們確實停下來審視了所有的成長計劃。我只是在回答布倫特之前的問題時明確闡述了其中一些內容。我必須承認，當我們坐下來審視它們時，當我們今天坐在這裡時，我們認為我們所採取的成長舉措是正確的，圍繞著金融的機會，國際機會。我們認真思考了我們在金融領域所做的投資，我們認為這是正確的。合作夥伴社群顯然正在獲得回報。

So I don't think at this time when we look at those growth initiatives we would have pulled back on any of them. We're moderating how we're thinking about it going forward. But I think we have the right investments in the growth opportunities, and that's what gives us confidence and conviction to go attack this big market opportunity we have globally.

因此，我認為目前當我們考慮這些成長舉措時，我們不會取消其中任何一項。我們正在調整我們對未來的思考方式。但我認為我們對成長機會進行了正確的投資，這讓我們有信心和信念去攻克我們在全球擁有的這個巨大市場機會。

So again, I wouldn't pull back on any of them. They're the right investments. They've already started to pay dividends throughout last year and this year, and we think we'll be able to lean into them even more as we go forward. One of the things that's really important as we think about driving operating margin expansion, by doing so and becoming more efficient, it allows us to continue to invest back in the business across both technology, go-to-market and potential acquisitions. It all comes together through this durable growth that we're mapping out over the next few years.

再說一次，我不會對他們中的任何一個人退縮。它們是正確的投資。他們已經開始在去年和今年支付股息，我們認為隨著我們的前進，我們將能夠更多地依靠他們。當我們考慮推動營業利潤率擴張時，真正重要的事情之一是，透過這樣做並提高效率，它使我們能夠繼續在技術、上市和潛在收購方面對業務進行投資。這一切都是透過我們在未來幾年規劃的持久成長來實現的。

Hey, Brad, I would just add. Carl talked about the M&A component. We remain curious in the market. But for the last year, you haven't seen significant M&A on our side driving any incremental growth either as you contemplate the updated outlook. So that's a component of it as well.

嘿，布拉德，我想補充一下。卡爾談到了併購部分。我們對市場仍然保持好奇。但去年，當您考慮更新的前景時，您也沒有看到我們方面的重大併購能夠推動任何增量成長。所以這也是它的一個組成部分。

Thanks so much, Carl and Zane.

非常感謝卡爾和讚恩。

Thanks, Brad.

謝謝，布拉德。

Michael Turrin, Wells Fargo.

麥可特林，富國銀行。

Great. Thanks very much. Appreciate you taking the questions. I was hoping to go back to what drove the change in tone towards more margin here. I think its what investors have been hoping for, but maybe you could speak to the thought process there and confidence you have in managing the trade-offs and giving a bit more margin here but making sure you're still well positioned for any rebound. Thanks.

偉大的。非常感謝。感謝您提出問題。我希望回到推動語氣變化的原因，以實現更大的利潤。我認為這是投資者一直所希望的，但也許你可以談談那裡的思維過程，以及你對管理權衡和在這裡給予更多利潤的信心，但確保你仍然為任何反彈做好準備。謝謝。

I think there's a couple of things. The current environment that we're selling into, we actually think that's the normal IT spend environment that we'll be seeing going forward. It's not something every quarter we're going to say, how does it compare to last quarter? How does it compare one quarter to next year or year over year? We think this is now a normalized and the new norm of IT spend.

我認為有幾件事。我們目前的銷售環境實際上是我們未來將看到的正常 IT 支出環境。這不是我們每季都會說的事情，與上個季度相比如何？本季與明年或去年同期相比如何？我們認為這現在已成為 IT 支出的常態化新常態。

That on the back of some of the growth initiatives that we just talked about, we think this is what gives us conviction and confidence in this 15% growth profile going forward. We also think by driving more operating margin, it gives us more OpEx dollars to invest in these key growth initiatives as well.

在我們剛才談到的一些成長舉措的支持下，我們認為這讓我們對未來 15% 的成長前景充滿信心和信心。我們也認為，透過提高營業利潤率，我們也能獲得更多的營運支出來投資這些關鍵成長計畫。

So we take a look at the market. We take a look at the opportunity. We take a look at how we're driving the business, our growth initiatives. And all of this came together for us to think about, you know what, we can drive really durable growth over a long period of time, and we can do it profitably while all investing in the business.

所以我們來看看市場。我們來看看這個機會。我們將審視我們如何推動業務以及我們的成長計劃。所有這些都讓我們思考，你知道嗎，我們可以在很長一段時間內推動真正持久的成長，並且我們可以在所有投資於業務的同時實現盈利。

Yes, I would just add. We've come to a better understanding as far as each of these areas of growth, what they cost, how we think about those returns over a multiyear period. Carl mentioned some that require some upfront cost, but we're able to actually ramp a number of those initial investments over this multiyear period.

是的，我只想補充一下。我們對這些成長領域中的每一個、它們的成本以及我們如何看待多年期間的回報有了更好的了解。卡爾提到了一些需要一些前期成本的項目，但我們實際上能夠在這個多年期間增加一些初始投資。

And then there's just increased focus and discipline around spend across the company. We recognize we need to focus on efficiencies, systems, people and process, and we're heavily involved in looking at all of those as we scale the business. So we're excited about the future. We believe we can truly invest and innovate and yet still drive margin improvement, and you've seen us do it over the last number of years. So we just want to continue that momentum.

然後，整個公司的支出更加關注和紀律。我們認識到我們需要專注於效率、系統、人員和流程，並且在擴大業務規模時我們會大力關注所有這些因素。所以我們對未來感到興奮。我們相信，我們可以真正進行投資和創新，同時仍能推動利潤率的提高，您在過去幾年中已經看到我們做到了這一點。所以我們只想繼續這種勢頭。

Thanks. Very clear. Nice job.

謝謝。非常清楚。幹得好。

Thank you.

謝謝。

Raimo Lenschow, Barclays.

雷莫‧倫肖 (Raimo Lenshow)，巴克萊銀行。

Hey. Thank you. For the long-term outlook from me as well. Carl, if you think about the growth in the market, and I get it that you kind of -- what we see now is what we have in there. If you compare the current times and what you're assuming your planning assumption to, what we've seen in the past in terms of spending behaviors and to take bubbles away, is this kind of what you think is kind of also long term something that will continue like this?

嘿。謝謝。也是為了我的長期前景。卡爾，如果你考慮市場的成長，我明白你的意思──我們現在看到的就是我們現有的。如果你將當前時代和你所假設的計劃假設進行比較，我們過去在支出行為方面看到的情況以及消除泡沫的情況，是不是你認為的也是長期的事情會這樣繼續下去嗎？

Or is this like for the foreseeable future, let's kind of work with the planning assumptions that there could be a better market at some point in the future? We don't know when, but at some point. Just trying to understand, like has the market changed towards kind of a different growth trajectory? Or is it just like what we see in the economy at the moment?

還是在可預見的未來，讓我們進行規劃假設，在未來的某個時候可能會有更好的市場？我們不知道什麼時候，但在某個時刻。只是想了解一下，市場是否已經朝著不同的成長軌跡轉變？還是就像我們目前在經濟中看到的？

Yeah. As I said earlier, we think the current environment is the new norm, and that's what we're basing our medium-term outlook on. That being said, things could change in one direction or the other. We could get tailwinds and we could get employment and headcount growth. We've taken a moderated approach when we look at headcount.

是的。正如我之前所說，我們認為當前的環境是新常態，這也是我們中期展望的基礎。話雖這麼說，事情可能會朝一個方向或另一個方向改變。我們可以獲得順風，我們可以獲得就業和員工人數成長。在考慮員工人數時，我們採取了適度的方法。

We think people who are doing large transformations of their HR and their finance systems today, at times, they pause, and they think about it and they sweat their existing asset a bit longer. And when they do so, oh, by the way, those opportunities don't leave our pipeline at all. And in fact, a lot of times the customer chooses Workday, and they just push it out a quarter or two. Things like that could reaccelerate.

我們認為，如今正在對人力資源和財務系統進行大規模轉型的人們有時會停下來思考這個問題，並會花更長的時間來利用現有資產。哦，順便說一句，當他們這樣做時，這些機會根本不會離開我們的頻道。事實上，很多時候客戶選擇了 Workday，但他們只是將其推遲了一兩個季度。類似的事情可能會再次加速。

So we think it is a new norm. Do we think things can change in the future? They potentially can. And if so, and we get more tailwind, we'll update our model as we think about the next few years. But right now, we do think the current environment is consistent in what we'll see going forward.

所以我們認為這是一個新規範。我們認為未來事情會改變嗎？他們有可能做到。如果是這樣，我們將得到更多的順風，我們將在考慮未來幾年時更新我們的模型。但現在，我們確實認為當前的環境與我們未來看到的情況是一致的。

Perfect. And then a question for Zane. If you think about like Workday historically has been probably over-indexing on R&D and probably under-indexing a little bit on sales and marketing. As we think about the efficiencies going forward, et cetera, how do you think about that mix between those two major drivers? Thank you.

完美的。然後問贊恩一個問題。如果您考慮一下 Workday 歷史上可能對研發的索引過高，而對銷售和行銷的索引可能有點不足。當我們考慮未來的效率等問題時，您如何看待這兩個主要驅動因素之間的組合？謝謝。

Sure. Yeah. Broadly, I would say it is a mix, and there's always opportunity. We've looked at both innovation, R&D spend and how AI can actually help those efforts. And we've got a terrific team. We're doing a lot of innovating, a lot of building out the product and a lot of growing. So I would say, look, it's balanced across all areas. Even on the G&A side, we all believe we can continue to not only innovate but be more efficient and really think about as we grow around the globe, how we balance that growth with a workforce that's better represented around the globe as well.

當然。是的。總的來說，我想說這是一個混合體，而且總是有機會。我們研究了創新、研發支出以及人工智慧如何真正幫助這些努力。我們有一支很棒的團隊。我們正在進行大量的創新、大量的產品建置和大量的成長。所以我想說，看，它在所有領域都是平衡的。即使在一般行政費用方面，我們都相信我們不僅可以繼續創新，而且可以提高效率，並真正思考隨著我們在全球範圍內的發展，我們如何在增長與在全球範圍內具有更好代表性的勞動力之間取得平衡。

So I'd say generally speaking, opportunities on both sides, but we're leveraging those investments we are making. We're also excited about road maps and all the investments that we're making for the future as well.

所以我想說，一般來說，雙方都有機會，但我們正在利用我們正在進行的這些投資。我們也對路線圖和我們為未來所做的所有投資感到興奮。

Thank you.

謝謝。

Karl Keirstead, UBS.

卡爾凱斯特德，瑞銀集團。

So you set your midterm free cash flow margin target at 25%, which was pretty well right on top of your non-GAAP operating margin target. So given that you're raising the latter by 500 bps to 30%, I can imagine some people on the call will just raise the free cash flow margin up to 35% to keep that relationship solid.

因此，您將中期自由現金流利潤率目標設定為 25%，遠高於您的非 GAAP 營業利潤率目標。因此，考慮到您將後者提高 500 個基點至 30%，我可以想像一些參加電話會議的人會將自由現金流利潤率提高至 35%，以保持這種關係的牢固。

I don't know whether you want to comment on that or maybe punt to the Investor Day. But just on this call, is there any reason why that correlation between those two metrics might be different than what you were thinking a year ago? Thank you.

我不知道你是否想對此發表評論，或者是否想把賭注押到投資者日。但就在這次電話會議上，這兩個指標之間的相關性是否有任何原因可能與您一年前的想法不同？謝謝。

Sure, Karl. Yes, broadly speaking, I would say, yes, but I don't want to give you all the answers because I'd still want to see you at Investor Day in 3.5 weeks. I mean I would point out that we're still ramping a number of industries where the payments don't necessarily correlate with the revenue.

當然，卡爾。是的，從廣義上講，我會說，是的，但我不想給你所有的答案，因為我仍然希望在 3.5 週後的投資者日見到你。我的意思是，我想指出的是，我們仍在大力發展一些支付不一定與收入相關的行業。

These are industries like [EdgeU] and other industries like federal, where we've seen good growth there. We're also a taxpayer in the US now. So stay tuned for what we'll disclose in 3.5 weeks. I don't want to get ahead of myself. I'll leave some material for then.

這些是像[EdgeU]這樣的行業和像聯邦這樣的其他行業，我們在那裡看到了良好的成長。我們現在也是美國的納稅人。請繼續關注我們將在 3.5 週內揭露的內容。我不想超越自己。到時候我會留下一些材料。

See you, then.

那麼再見。

Thank you.

謝謝。

Alex Zukin, Wolfe Research.

亞歷克斯祖金，沃爾夫研究中心。

Hey, guys. Sorry, it was on mute. Can you hear me now?

嘿，夥計們。抱歉，當時處於靜音狀態。現在你能聽到我說話嗎？

Yeah. We hear you, Aleks.

是的。我們聽到你的聲音了，亞歷克斯。

Guys, thanks for taking the question. I guess maybe for me, you talked about -- a little bit about the vertical, what you're seeing from a pipeline perspective. Should we expect kind of the same vertical strength that we saw in the first half to drive the bookings strength in the second half?

夥計們，感謝您提出問題。我想也許對我來說，你談到了一些關於垂直領域的內容，你從管道的角度看到了什麼。我們是否應該預期上半年的垂直實力能夠推動下半年的預訂實力？

And then on the midterm targets, particularly on margins, should we expect that to be linear? Should we expect that to be more back-end loaded? And M&A in the context, it sounds like there's no change to the kind of M&A strategy that you guys have conducted. I just want to be sure that's what you're implying in the midterm target setting.

那麼關於中期目標，特別是利潤率，我們是否應該預期它是線性的？我們是否應該期待更多的後端加載？在併購方面，聽起來你們所實施的併購策略並沒有改變。我只是想確定這就是您在中期目標設定中所暗示的內容。

Zane, why don't you start to take the last question, and I'll jump in.

贊恩，你為什麼不開始回答最後一個問題，我來插話。

Sure. Yeah. As we think about that growth, I'd say evenly balanced. Similar to what I mentioned to Carl, we'll give you a little bit more detail on that in 3.5 weeks. But generally speaking, evenly balanced, maybe a little more skewed towards FY27. But we've got a number of initiatives, and obviously, we're pleased to see the growth that we've seen even this year. So more to come on that front. I'll hand it over to Carl for --

當然。是的。當我們考慮這種成長時，我會說是均衡的。與我向 Carl 提到的類似，我們將在 3.5 週內向您提供更多詳細資訊。但總的來說，均衡，也許更偏向 2027 財年。但我們已經採取了許多舉措，顯然，我們很高興看到今年的成長。因此，這方面還有更多內容。我會把它交給卡爾——

Yeah. And on the industry verticals, we highlighted some in the script, but I'd ask Doug to give a little bit more color on what we're seeing there.

是的。在行業垂直領域，我們在劇本中強調了一些內容，但我請道格為我們所看到的內容提供更多的色彩。

Hi, Alex. Doug here. My ears perked up when you asked about pipeline. So yeah, pipeline growth in the industry, you know us to be strong, and it's where we're seeing continued strength. So that includes health care, of course, but also higher education. And we think both health care and higher education are multiyear opportunities for Workday for full suite. In addition to that, state and local, and increasingly, the federal business. And hope to share more good news around the fed business in the second half of the year with you as it progresses.

嗨，亞歷克斯。道格在這裡。當你問起管道時，我的耳朵豎了起來。所以，是的，這個行業的管道成長，你知道我們很強大，這就是我們看到持續實力的地方。當然，這包括醫療保健，也包括高等教育。我們認為醫療保健和高等教育都是 Workday 全套服務的多年機會。除此之外，州和地方以及越來越多的聯邦業務。並希望隨著下半年聯準會業務的進展，與大家分享更多有關聯準會業務的好消息。

Perfect. And then maybe just if I sneak one more in. If I think about the construction of the growth curve over the next couple of years, when we think about your success going down market versus some of the trends we're seeing in large enterprise. What percentage of -- how do we think about that balance? We used to ask that question about financials versus HCM. But if we actually recast it more to the lower end of the market versus the higher end of the market? How would you characterize it?

完美的。然後，如果我再偷偷地講一下，如果我考慮一下未來幾年的成長曲線的構建，當我們考慮您在低端市場的成功與我們在大型企業中看到的一些趨勢時。我們如何看待這種平衡？我們曾經問過有關財務與 HCM 的問題。但如果我們實際上將其更多地重新定位到低端市場而不是高端市場呢？你會如何描述它？

Yeah. So let me answer that question. As you know, we've had historically had a lot of success in large enterprise and in industries and verticals like Doug just mentioned, and we've been pushing down into what we call the medium enterprise or the emerging enterprise quite aggressively. One of the reasons we're doing that is because we're having a lot of success selling full-suite or full-platform deals, which is a combination of both financials as well as HCM.

是的。那麼讓我來回答這個問題。如您所知，我們歷史上在大型企業以及道格剛才提到的行業和垂直領域取得了很多成功，我們一直在非常積極地推進我們所說的中型企業或新興企業。我們這樣做的原因之一是我們在銷售全套或全平台交易方面取得了巨大成功，這是財務和 HCM 的結合。

And we continue to see that as an area of strength for us going forward. We've modified our pricing and our packaging for those markets. We've also now have new delivery capabilities to accelerate deployment. So customers get better and faster value from the medium enterprise market. And our partners are also leaning in and helping us drive faster adoption in that market as well.

我們仍然認為這是我們前進的一個優勢領域。我們針對這些市場修改了定價和包裝。我們現在還擁有新的交付功能來加速部署。因此，客戶可以從中型企業市場獲得更好、更快的價值。我們的合作夥伴也積極幫助我們推動該市場的更快採用。

So the medium enterprise, both here in the US. We've taken the playbook from the US. We're pushing it globally. It's in the UK, and it's spreading throughout Europe, and we'll be doing the same in APAC. So it's an area of strength. It's an area of opportunity, and it's something we'll continue to lean into on the go-to-market side as well as the product side as we think about pricing and packaging.

所以中型企業，都在美國。我們從美國借鏡了劇本。我們正在全球範圍內推動它。它在英國，正在整個歐洲傳播，我們將在亞太地區做同樣的事情。所以這是一個優勢領域。這是一個充滿機會的領域，當我們考慮定價和包裝時，我們將繼續在市場進入和產品方面重點關注這一領域。

We will now be taking two more questions.

我們現在再回答兩個問題。

Derrick Wood, TD Cowen.

德里克·伍德，TD·考恩。

Thanks. I guess for Zane, I know you called out pockets of slower headcount growth during renewals in Q1. So I'd be curious; A, are you seeing this broaden out to more verticals aside from the ones you called out last quarter in tech and retail? And B, are you able to quantify what the degree of change is? Like what was the average headcount growth historically? And what are you thinking the new normal is? And did you adjust for these assumptions in your new medium-term growth outlook?

謝謝。我想對贊恩來說，我知道您在第一季續約期間指出了員工人數成長緩慢的情況。所以我很好奇；答，除了您上季度提到的科技和零售領域之外，您是否認為這種情況會擴展到更多垂直領域？ B，你能量化變化的程度嗎？例如歷史上平均員工人數成長是多少？您認為新常態是什麼？您是否在新的中期成長展望中調整了這些假設？

Hey, Derrick. Yeah, this is Zane. If we look quarter to quarter, our assumptions have been very similar to what they were in the first quarter that we extrapolated for the year. We've seen consistency there. We made the adjustment for the year. If you recall, last time, I think I mentioned it was approximately $17 million over the extent of the year.

嘿，德里克。是的，這是讚恩。如果我們按季度查看，我們的假設與我們推斷的今年第一季的情況非常相似。我們在那裡看到了一致性。我們對當年的情況進行了調整。如果您還記得，上次我提到這一年的支出約為 1700 萬美元。

So no significant change there. If anything, on a quarter-to-quarter level, we believe the baseline has been about the same. So it's been consistent. We consider it the new norm. It's contemplated in both our FY25 guide as well as our midterm guide. It's not a significant impact on revenue or bookings as we think about it today.

所以那裡沒有重大變化。如果有什麼不同的話，那就是從季度到季度的水平來看，我們認為基線大致相同。所以一直都是一致的。我們認為這是新常態。我們的 25 財年指南和中期指南都考慮了這一點。正如我們今天所考慮的那樣，這對收入或預訂並沒有重大影響。

Okay. Thank you.

好的。謝謝。

Thank you.

謝謝。

Brad Zelnick, Deutsche Bank.

布拉德‧澤爾尼克，德意志銀行。

Great. Thanks so much. My question is for Carl or perhaps Doug. Curious if there are specific areas within fins that you're particularly excited about because we still keep hearing great things about Accounting Center not just in financial services but across verticals and even down market. But what would you call out as particularly exciting that can compel customers to adopt and maybe even drive upside ahead?

偉大的。非常感謝。我的問題是問卡爾或道格的。很好奇您是否對鰭中的特定領域感到特別興奮，因為我們仍然不斷聽到有關會計中心的偉大事情，不僅在金融服務領域，而且在垂直市場甚至低端市場。但是，您認為什麼是特別令人興奮的，可以迫使客戶採用，甚至可能推動進步？

Yeah. Doug, do you want to take that?

是的。道格，你想接受這個嗎？

Yeah, I'll go first. Brad, nice to hear from you. You hit the first one I'd hit, which is Accounting Center. And increasingly, as we've dedicated teams to vertical organizations and vertical selling by industry, each of them with solution consulting have come up with really interesting and innovative use cases for Accounting Center across industry. So while the original thesis of Accounting Center go back 5 years or so, 5-plus years, was for FSI and to support that vertical, it now is selling across industry, as you point out.

是的，我先走了。布拉德，很高興收到你的來信。你點擊了我點擊的第一個，那就是會計中心。隨著我們越來越多地為垂直組織和行業垂直銷售設立專門的團隊，每個提供解決方案諮詢服務的團隊都為跨行業的會計中心提出了真正有趣和創新的用例。因此，雖然會計中心最初的論文可以追溯到 5 年前左右，5 年多前，是為了 FSI 並支持該垂直領域，但正如您所指出的，它現在正在跨行業銷售。

The second one I'd point out is student. And so student changes the game in higher ed and can drive sort of not just full suite opportunities but pull through that what you would consider operational ERP in the -- in that particular industry. So as I answered the earlier question around industries where we see strong pipeline growth, and I mentioned a multiyear opportunity for both health care and higher education, those are two that get me excited.

我要指出的第二個是學生。因此，學生改變了高等教育的遊戲規則，不僅可以推動全套機會，還可以在特定行業中實現您所認為的營運 ERP 的目標。因此，當我回答先前有關我們看到強勁管道成長的行業的問題時，我提到了醫療保健和高等教育的多年機會，這兩點讓我感到興奮。

Another one, Doug, might be Workforce Planning. We think there's a tight correlation between our HCM platform and financials, and Workforce Planning is something we continue to see momentum, which is an adaptive product that we got a few years ago.

道格，另一個可能是勞動規劃。我們認為我們的 HCM 平台和財務之間存在緊密的相關性，而勞動力規劃是我們繼續看到的動力，這是我們幾年前獲得的適應性產品。

Awesome. Very helpful color. Keep up the good work. Thanks, guys.

驚人的。非常有用的顏色。繼續做好工作。謝謝，夥計們。

Thank you.

謝謝。

Thank you. Ladies and gentlemen, this concludes our question-and-answer session. I'll now turn the call over to Mr. Eschenbach for closing comments.

謝謝。女士們先生們，我們的問答環節到此結束。我現在將把電話轉給埃申巴赫先生以供結束評論。

Thank you, operator, and thank you again to everyone on the call today. Before we go, I'd like to give a special thanks to our Workmates, customers and partners around the world who continue to fuel Workday's growth and success. We're heading into the second half of our fiscal year with strong customer momentum and exciting innovation on our road map, and we clearly have a strategy to support our durable growth at scale.

謝謝接線員，並再次感謝今天通話中的所有人。在我們離開之前，我要特別感謝我們世界各地的同事、客戶和合作夥伴，他們不斷推動 Workday 的成長和成功。我們正以強勁的客戶動力和令人興奮的路線圖創新進入本財年的下半年，我們顯然有一項策略來支持我們的大規模持久成長。

Workday's value proposition, I believe and all of my Workmates believe, has never been stronger. Organizations of all sizes, geographies and industries are turning to us to manage their most precious and most important assets. That's their people and their money, and it's all on an AI-powered platform.

我相信，我所有的同事都相信，Workday 的價值主張從未如此強大。各種規模、地理和行業的組織都在尋求我們來管理他們最寶貴和最重要的資產。這就是他們的人員和資金，而這一切都在人工智慧驅動的平台上。

And with the new innovations we're launching at Rising, we've never been better positioned to lead them into the future. I look forward to seeing you at Rising and Financial Analyst Day in a couple of weeks. Operator, we can now close the call and thank you again for everyone attending.

透過我們在 Rising 推出的新創新，我們能夠更好地引領他們走向未來。我期待在幾週後的 Rising 和金融分析師日上見到您。接線員，我們現在可以結束通話了，再次感謝大家參加。

This concludes today's conference. You may disconnect your lines at this time. Thank you again for your participation.

今天的會議到此結束。此時您可以斷開線路。再次感謝您的參與。