Workday Inc (WDAY) 2025 Q3 法說會逐字稿

Hello, welcome to Workday's fiscal 2025 third quarter earnings call. (Operator Instructions)

您好，歡迎參加 Workday 2025 財年第三季財報電話會議。 （操作員說明）

During Q&A, please limit your questions to one. I will now hand it over to Justin Furby, Vice President of Investor Relations. Mr. Furby, you may begin.

在問答過程中，請將您的問題限制為一個。我現在將其交給投資者關係副總裁 Justin Furby。菲比先生，你可以開始了。

Thank you, Operator. Welcome to Workday's third 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.

謝謝你，接線生。歡迎參加 Workday 2025 財年第三季財報電話會議。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（Doug Robinson）是我們的聯合總裁，大衛·薩默斯（David Somers）是我們的首席產品長。

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.

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。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、應用程序、客戶需求、運營、及其他事宜。

These statements are subject to risks, uncertainties, and assumptions that could cause actual results to differ materially. Please refer to the press release and the risk factors in documents we file with the Securities and Exchange Commission, including our fiscal 2024 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.

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。請參閱新聞稿和我們向美國證券交易委員會提交的文件中的風險因素，包括我們的10-K 表格中的2024 財年年度報告和10-Q 表格中的最新季度報告，以了解有關風險、不確定性的更多資訊以及可能導致實際結果與此類聲明中提出的結果有重大差異的假設。

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、投資者簡報以及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其他披露信息，包括與可比公認會計原則結果的對帳。

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. Also, the customers page of our website includes a list of selected customers and is updated monthly.

本次電話會議的網路直播重播將在未來 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。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。

Our fourth quarter of fiscal 2025 quiet period begins on January 15, 2025. Unless otherwise stated, all financial comparisons in this call will be to our results for the comparable period of our fiscal 2024.

我們的 2025 財年第四季靜默期從 2025 年 1 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 another quarter of solid financial performance in Q3, with 16% subscription revenue growth and non-GAAP operating margins of 26%. These results are a testament to the strong customer relationships we have across industries, the growing demand of our AI innovation, and the power of our ecosystem around the world.

謝謝賈斯汀，也謝謝大家今天加入我們。我很高興地報告第三季又一個季度穩健的財務業績，訂閱收入增長 16%，非 GAAP 營業利潤率為 26%。這些結果證明了我們在各行業擁有的牢固的客戶關係、人工智慧創新不斷增長的需求以及我們在全球生態系統的力量。

More and more organizations are consolidating on the Workday platform for a few key reasons. They want to reduce total cost of ownership, simplify their operations, and harness the power of AI across our best-in-class HR and finance solutions, and provide employees with an amazing user experience. Workday gives them the ultimate advantage. That was evident in Q3 by the growth we had in full suite and in our net new wins, customer expansions across geographies in segments along with industries. Several industries were strong in the quarter and government and higher education were two of the standouts. Roughly 90% of the wins in these industries were full suite.

出於幾個關鍵原因，越來越多的組織正在 Workday 平台上整合。他們希望降低總擁有成本，簡化運營，並在我們一流的人力資源和財務解決方案中利用人工智慧的力量，並為員工提供令人驚嘆的用戶體驗。工作日給了他們最終的優勢。在第三季度，我們在全套產品的成長以及我們的淨新勝利、跨地區、細分市場和行業的客戶擴張中體現了這一點。本季多個產業表現強勁，政府和高等教育是其中兩個表現最突出的產業。這些行業中大約 90% 的勝利都是全套的。

In Q3, the Defense Intelligence Agency expanded its business with Workday. In Lake County, Illinois, Maryland General Assembly, New Jersey Institute of Technology, and University System of Georgia all chose Workday to modernize their systems and meet the rising expectations of their constituents. This quarter, professional and business services became the third industry to exceed $1 billion in annual recurring revenue, alongside financial services and retail and hospitality.

第三季度，國防情報局透過 Workday 擴大了業務。在伊利諾伊州萊克縣、馬裡蘭州議會、新澤西理工學院和喬治亞大學系統都選擇了 Workday 來實現系統現代化並滿足選民不斷增長的期望。本季度，專業和商業服務成為年經常性收入超過 10 億美元的第三個行業，僅次於金融服務、零售和旅館業。

Advantage Solutions, Connells Limited, and Flight Center Travel Group all selected Workday. And in healthcare, we had a huge full suite win with CommonSpirit Health, one of the largest non-profit healthcare systems in the US, as well as Community Health System and Valley Children's Healthcare. From a product perspective, our HCM solutions are really setting the pace when it comes to the future of work. In the quarter, we had wins with Brookshire Grocery Company, IOI Group, ProMach, Royal Mail, and TeamHealth, just to name a few.

Advantage Solutions、Connells Limited 和 Flight Center Travel Group 都選擇了 Workday。在醫療保健方面，我們贏得了美國最大的非營利醫療保健系統之一 CommonSpirit Health 以及 Community Health System 和 Valley Children's Healthcare 的全套全套服務。從產品的角度來看，我們的 HCM 解決方案真正引領了未來工作的步伐。本季度，我們與 Brookshire Grocery Company、IOI Group、ProMach、Royal Mail 和 TeamHealth 等公司取得了勝利，僅舉幾例。

We're also continuing to invest in our financials business, and that’s driving demand for our full suite. More than 35% of our new core customers in Q3 were full suite. And in Q3, we were again named a Leader in the 2024 Gartner Magic Quadrant for Cloud HCM Suites for 1,000-plus Employee Enterprises, Cloud ERP for Service-Centric Enterprises, and Financial Planning Software. And speaking of Planning, that business had a great Q3. We either expanded or formed new relationships with some fantastic organizations like Deloitte, the Fitness and Lifestyle Group, Motion Picture Association, and Tenet Healthcare. And we were thrilled to have AWS go live on planning in Q3. AI is top of mind for every CEO right now, and they are all looking for the right partner to guide them through this transformation.

我們也繼續投資我們的金融業務，這推動了對我們全套產品的需求。第三季度，超過 35% 的新核心客戶配備了全套產品。在第三季度，我們在 2024 年 Gartner 魔力像限中再次被評為針對 1,000 多名員工企業的雲端 HCM 套件、針對以服務為中心的企業的雲端 ERP 和財務規劃軟體的領導者。說到規劃，該業務在第三季表現出色。我們與德勤、健身和生活方式集團、電影協會和特尼特醫療保健等一些出色的組織擴大或建立了新的關係。我們很高興 AWS 在第三季開始規劃。人工智慧目前是每位執行長最關心的問題，他們都在尋找合適的合作夥伴來引導他們完成這項轉型。

That's where Workday comes in. Our customers know that an investment in Workday is an investment in AI, and we are seeing a ton of excitement and demand for our AI solutions. In Q3 alone, more than 30% of our customer expansions involved one or more AI solutions, including Talent Optimization, Extend Pro and Recruiter Agent powered by HiredScore. Talent Optimization remains one of our fastest growing SKUs and it is driving tangible value. Customers have experienced up to a 39% reduction in turnover.

這就是 Workday 的用武之地。僅在第三季度，我們就有超過 30% 的客戶擴展涉及一種或多種人工智慧解決方案，包括由 HiredScore 提供支援的 Talent Optimization、Extend Pro 和 Recruiter Agent。人才優化仍然是我們成長最快的 SKU 之一，它正在推動有形價值。客戶的營業額減少了高達 39%。

Recruiter Agent, in particular, had a huge quarter, with wins at Johnson Controls, Cox Enterprises, and UofL Health. In fact, the team closed more new logos in Q3 than in its 12 year history, and our new ACV more than quadrupled compared to Q2. And what’s awesome is that Recruiter Agent is boosting the average selling price of our core recruiting solution by almost 150%. It’s clear that customers are ready to invest in AI that's built for their specific needs and delivers real results. They want solutions that are easy to implement, quickly provide value, without needing a ton of IT support. This growing demand shows the huge opportunity we have to grow and monetize this part of our business.

尤其是 Recruiter Agent，該季度的表現尤其出色，包括 Johnson Controls、Cox Enterprises 和 UofL Health。事實上，團隊在第三季完成的新標誌比其 12 年歷史還要多，而且我們的新 ACV 比第二季增加了四倍多。令人驚嘆的是，招募代理商將我們核心招募解決方案的平均售價提高了近 150%。顯然，客戶已準備好投資針對其特定需求並提供實際結果的人工智慧。他們想要易於實施、快速提供價值且無需大量 IT 支援的解決方案。這種不斷增長的需求表明我們有巨大的機會來發展這部分業務並將其貨幣化。

So, let’s talk about how we’re going to capture this opportunity with our innovation. With more than 70 million users under contract generating more than 800 billion transactions a year on our platform, our AI leverages the world’s largest and cleanest HR and Finance dataset. In our industry, where decisions are high-stakes and complex, the quality and quantity of our data is a critical differentiator. And the combination of this data, with our ability to understand the context behind it, enables Workday to unlock value in a way no competitor can do.

那麼，讓我們談談我們將如何透過創新來抓住這個機會。我們的平台上有超過 7,000 萬名合約用戶，每年產生超過 8,000 億筆交易，我們的人工智慧利用了世界上最大、最乾淨的人力資源和財務資料集。在我們的行業中，決策風險高且複雜，數據的品質和數量是關鍵的差異化因素。這些數據與我們理解背後背景的能力相結合，使 Workday 能夠以競爭對手無法做到的方式釋放價值。

At Rising, we unveiled Illuminate, the next generation of Workday AI. With Illuminate, we’re unlocking a whole new level of productivity and human potential by accelerating manual tasks, assisting every employee, and ultimately transforming entire business processes. As part of Illuminate, we launched a set of new AI agents that uniquely transform some of the most complex business processes in HR and Finance. Such as recruiting, expense management and succession planning. Recruiter Agent is available now, Expenses Agent is expected to become available by the end of the year, and several more will soon follow.

在 Rising 大會上，我們推出了下一代 Workday AI Illuminate。借助 Illuminate，我們將透過加速手動任務、協助每位員工並最終改變整個業務流程，將生產力和人類潛力提升到一個全新的水平。作為 Illuminate 的一部分，我們推出了一組新的人工智慧代理，它們以獨特的方式改變了人力資源和財務領域一些最複雜的業務流程。例如招聘、費用管理和繼任計劃。招聘代理現已推出，費用代理預計將在今年年底推出，更多代理商將很快推出。

We believe Optimize Agent, which is coming out next year is going to be a true game-changer. It pinpoints bottlenecks, inefficiencies, and areas where processes aren't running as smoothly as they could be. The possibilities with this are endless, and I'm fired up about it. Beyond the agents Workday is delivering, we're collaborating with our partners to support agent to agent communication for employee self-service needs. Salesforce is a great example here. So is our recent partnership with Microsoft on its M365 Copilot Employee Self-Service Agent.

我們相信明年推出的 Optimize Agent 將成為真正的遊戲規則改變者。它可以找出瓶頸、效率低下以及流程運作不順暢的區域。這方面的可能性是無窮無盡的，我對此感到興奮不已。除了 Workday 提供的代理服務之外，我們還與合作夥伴合作，支援代理商之間的溝通，以滿足員工自助服務需求。 Salesforce 就是一個很好的例子。我們最近與微軟在 M365 Copilot 員工自助服務代理方面的合作也是如此。

We also updated Workday Assistant, with our GenAI copilot. Employees can use it to ask questions in natural language about anything from their pay and benefits to company policies, and get quick, personalized answers. More than 2,000 of our HCM customers are using the currently available Workday Assistant to improve efficiency, including one of our customers who has been able to cut down HR case volumes by almost 30%. We believe the new copilot will help drive even further increases in productivity, allowing employees and HR departments to focus on more strategic work.

我們還與 GenAI 副駕駛一起更新了 Workday Assistant。員工可以使用它以自然語言提出有關從工資和福利到公司政策的任何問題，並獲得快速、個人化的答案。我們的 2,000 多名 HCM 客戶正在使用目前可用的 Workday Assistant 來提高效率，其中一位客戶已將 HR 案例數量減少了近 30%。我們相信新的副駕駛將有助於進一步提高生產力，讓員工和人力資源部門專注於更具策略性的工作。

CIOs get super excited when we talk about Workday Assistant. Other solutions out there require organizations to take sensitive data, like payroll information, and move outside their core system. That's a big risk no one wants to take. With Workday, everything stays secure within our trusted platform. Continuing to accelerate our AI roadmap, we closed our acquisition of Evisort, a leading document intelligence platform. Consider this, over 80% of business data is unstructured, making it difficult to search, analyze, or use effectively. This includes critical information locked away in contracts, invoices, and policy documents, just to name a few.

當我們談論 Workday Assistant 時，資訊長們會非常興奮。其他解決方案要求組織取得敏感資料（例如薪資資訊）並移出其核心系統。這是一個沒有人願意冒的巨大風險。借助 Workday，我們值得信賴的平台中的一切都保持安全。為了繼續加快我們的人工智慧路線圖，我們完成了對領先文件智慧平台 Evisort 的收購。考慮到這一點，超過 80% 的業務資料是非結構化的，因此很難有效地搜尋、分析或使用。這包括鎖定在合約、發票和保單文件中的關鍵訊息，僅舉幾例。

With Evisort's powerful AI, our customers can now unlock critical insights from this untapped data, empowering them to make faster, more informed business decisions. The strength of the Workday platform continues to draw interest from customers and partners alike. We've now got over 1,000 customers building their own custom applications on our Workday platform using Extend, making it one of our fastest-growing products ever. In fact, new ACV for Extend more than doubled within the quarter compared to last year.

借助 Evisort 強大的人工智慧，我們的客戶現在可以從這些未開發的數據中獲得關鍵見解，使他們能夠做出更快、更明智的業務決策。 Workday 平台的優勢持續引起客戶和合作夥伴的興趣。現在，我們已經有超過 1,000 名客戶使用 Extend 在我們的 Workday 平台上建立了自己的自訂應用程序，這使其成為我們有史以來成長最快的產品之一。事實上，本季 Extend 的新 ACV 比去年增加了一倍以上。

Extend Pro, which allows you to build AI-first apps with our AI Gateway and Developer copilot, is having an even greater impact, with its average selling price double that of Extend Essentials. Our partner ecosystem has grown nearly 5x in just 18 months and is more diverse than ever. Our partners are becoming increasingly critical to our growth, sourcing over 10% of our net new ACV in Q3, and a similar percentage of our new pipeline. We’ve seen rapid adoption of our built on Workday program, which we launched less than six months ago. We've already got over 40 partners on board, and partners like Kainos are generating revenue from it.

Extend Pro 可讓您與我們的 AI Gateway 和 Developer copilot 一起建立 AI 優先的應用程序，它的影響更大，其平均售價是 Extend Essentials 的兩倍。我們的合作夥伴生態系統在短短 18 個月內成長了近 5 倍，並且比以往更加多樣化。我們的合作夥伴對我們的成長變得越來越重要，在第三季度我們採購了超過 10% 的新 ACV 淨值，以及我們新管道中類似比例的合作夥伴。我們看到我們的 Workday 計劃得到了迅速採用，該計劃是我們在不到六個月前推出的。我們已經擁有 40 多個合作夥伴，像 Kainos 這樣的合作夥伴正在從中創造收入。

At Rising, we announced Workday Wellness, which gives companies real-time insights into how their employees are using their benefits. This helps them design more tailored benefits programs right within Workday HCM to improve the overall employee experience. We're excited to have Guardian, The Hartford, Mutual of Omaha, and Unum already signed on as strategic partners. International growth continues to be one of Workday’s most compelling opportunities. This past quarter, I spent time with customers and our amazing Workmates in the UK, Ireland, Germany, France, and Japan. The energy and excitement is incredible.

在 Rising，我們推出了 Workday Wellness，它可以讓公司即時了解員工如何使用福利。這有助於他們在 Workday HCM 內設計更量身定制的福利計劃，以改善整體員工體驗。我們很高興 Guardian、The Hartford、Mutual of Omaha 和 Unum 已成為策略夥伴。國際成長仍然是 Workday 最引人注目的機會之一。上個季度，我與英國、愛爾蘭、德國、法國和日本的客戶和出色的同事共度了時光。能量和興奮令人難以置信。

In Q3, we formed a new strategic partnership with NTT Data, one of the most influential system integrators in Japan. And in APAC, we formed new relationships with Estia, a major Australian aged care provider, and Flight Centre, a leading Australian travel and leisure brand. We also expanded our footprint with United Overseas Bank, one of the largest banks in Singapore.

第三季度，我們與日本最具影響力的系統整合商之一NTT Data建立了新的策略合作夥伴關係。在亞太地區，我們與澳洲主要老年護理提供者 Estia 和澳洲領先旅遊休閒品牌 Flight Centre 建立了新的合作關係。我們也擴大了與新加坡最大銀行之一大華銀行的合作範圍。

Over in EMEA, we faced the same deal scrutiny we’ve called out the last few quarters, but we had our largest-ever public sector win with the Department for Science, Innovation and Technology in the UK. That's generating a lot of interest from other UK public agencies. We also had major wins with big enterprises like Decathlon in France and Goldbeck in Germany.

在歐洲、中東和非洲地區，我們面臨著與過去幾季相同的交易審查，但我們與英國科學、創新和技術部取得了有史以來最大的公共部門勝利。這引起了其他英國公共機構的極大興趣。我們也與法國迪卡儂、德國高貝克等大企業取得了重大勝利。

And we’re gearing up for Rising EMEA in Amsterdam in just a few weeks. The relationships we're building around the world point to the significant long-term potential of our international business. While only 25% of our revenue comes from outside the US today, we're laying the groundwork for something much bigger.

我們正在為幾週後在阿姆斯特丹舉行的 Rising EMEA 做準備。我們在世界各地建立的關係表明我們的國際業務具有巨大的長期潛力。雖然目前我們的收入只有 25% 來自美國以外的地區，但我們正在為更大的目標奠定基礎。

Before I wrap up, I wanted to give you a quick update on the team. We recently announced that Doug Robinson, who has been an incredible leader over the past 14 years, will be retiring at the end of the fiscal year. I can’t thank Doug enough for the tremendous impact he’s had on Workday. We’re excited to have him continue in an advisor role to the company. With Doug's retirement, I'm thrilled to welcome Rob Enslin to Workday as our new President, Chief Commercial Officer. Workday continues to be a magnet for great talent and Rob is another great example. He’s a world-class executive with 30 years of experience in the enterprise space. He brings fantastic customer and partner relationships and a proven track record of success. He's the perfect person to lead our go-to-market efforts as we move into our next phase of growth.

在結束之前，我想向您簡要介紹一下團隊的最新情況。我們最近宣布，過去 14 年來一直是一位令人難以置信的領導者的 Doug Robinson 將在本財年結束時退休。我對道格對 Workday 的巨大影響感激不盡。我們很高興他繼續擔任公司顧問。隨著 Doug 的退休，我很高興地歡迎 Rob Enslin 加入 Workday，擔任我們的新總裁兼商務長。 Workday 仍然吸引著優秀的人才，羅布是另一個很好的例子。他是一位世界級的主管，在企業領域擁有 30 年的經驗。他帶來了良好的客戶和合作夥伴關係以及良好的成功記錄。當我們進入下一階段的成長時，他是領導我們進入市場工作的最佳人選。

As you can see, it was a busy quarter. We have a clear target between now and FY27 of driving mid-teens subscription revenue growth, while expanding non-GAAP operating margins to 30%. We plan to achieve this by continuing to innovate and take share in our core markets, while also streamlining operations across the company.

正如您所看到的，這是一個繁忙的季度。從現在到 2027 財年，我們有一個明確的目標，推動訂閱收入成長，同時將非 GAAP 營運利潤率擴大至 30%。我們計劃透過繼續創新並在核心市場佔據份額，同時簡化整個公司的營運來實現這一目標。

But what really excites me is the opportunity we have ahead of us, as we lead our customers through the AI revolution and help them transform their organizations for the future of work. I'm incredibly grateful to my Workmates for their contributions this quarter. With our amazing culture, continuous innovation, and the trust of our customers, Workday is in a fantastic position to drive sustainable, profitable growth at scale. Thanks again, and to those of you joining us in the US, Happy Thanksgiving.

但真正讓我興奮的是我們面前的機會，因為我們帶領客戶經歷人工智慧革命，並幫助他們改造組織以適應未來的工作。我非常感謝我的同事們本季所做的貢獻。憑藉我們令人驚嘆的文化、持續創新以及客戶的信任，Workday 處於推動永續、獲利規模成長的絕佳位置。再次感謝所有在美國加入我們的人，感恩節快樂。

With that, I’ll hand it over to Zane.

這樣，我就把它交給贊恩。

Thanks, Carl. And thank you to everyone for joining today’s call. In Q3, we continued to make progress across a number of our key growth areas, as we lay the foundation for durable, profitable growth at scale.

謝謝，卡爾。感謝大家參加今天的電話會議。第三季度，我們在多個關鍵成長領域持續取得進展，為持久、獲利的大規模成長奠定了基礎。

Subscription revenue in the third quarter was $1.959 billion, up 16%. Professional services revenue was $201 million, resulting in total revenue of $2.160 billion, growth of 16%. US revenue in Q3 totaled $1.62 billion, and international revenue totaled $537 million, both growing 16%. 12 month subscription revenue backlog, or CRPO, was $6.98 billion at the end of Q3, increasing 15%. Total subscription revenue backlog at the end of the quarter was $22.19 billion, up 20%.

第三季訂閱營收為19.59億美元，成長16%。專業服務收入為2.01億美元，總收入達21.6億美元，成長16%。第三季美國營收總計 16.2 億美元，國際營收總計 5.37 億美元，皆成長 16%。截至第三季末，12 個月積壓訂閱收入 (CRPO) 為 69.8 億美元，成長 15%。截至本季末，積壓訂閱收入總額為 221.9 億美元，成長 20%。

Gross revenue retention rates remained strong at 98%. Our non-GAAP operating income for the third quarter was $569 million, resulting in a non-GAAP operating margin of 26.3%. Q3 operating cash flow was $406 million, in-line with our expectations though down year-over-year, impacted by the stronger than expected collections activity we called out in Q2. During the quarter, we repurchased $157 million of our shares at an average price of $242.42 per share. We had $902 million in remaining authorization under our buyback program as of quarter end.

總營收保留率維持在 98% 的強勁水準。我們第三季的非 GAAP 營業收入為 5.69 億美元，非 GAAP 營業利潤率為 26.3%。第三季營運現金流為 4.06 億美元，符合我們的預期，但受到我們在第二季呼籲的催收活動強於預期的影響，年比下降。本季度，我們以每股 242.42 美元的平均價格回購了價值 1.57 億美元的股票。截至季末，我們的回購計畫剩餘授權金額為 9.02 億美元。

We ended Q3 with $7.2 billion in cash and marketable securities. As of October 31, headcount stood at nearly 20,500 workmates around the globe, as we continue to hire talent across targeted growth areas. A few of our strategic wins in Q3, have future product deliverables in FY26. This slightly impacts our near-term results, as these wins won’t fully benefit subscription revenue until next year. We expect Q4 FY25 subscription revenue to be $2.025 billion, growth of 15%, and full-year subscription revenue of $7.703 billion, an increase of 17%. We expect Q4 CRPO growth to be between 13.5% and 14.5%.

第三季末，我們擁有 72 億美元的現金和有價證券。截至 10 月 31 日，我們在全球擁有近 20,500 名員工，我們繼續在目標成長領域招募人才。我們在第三季取得的一些策略成果將在 2026 財年實現未來的產品交付。這對我們的近期業績略有影響，因為這些勝利要到明年才會完全有利於訂閱收入。我們預計 25 財年第四季訂閱營收為 20.25 億美元，成長 15%，全年訂閱營收為 77.03 億美元，成長 17%。我們預計第四季 CRPO 成長速度將在 13.5% 至 14.5% 之間。

We expect Q4 professional services revenue of approximately $155 million, resulting in full year professional services revenue of $712 million. We continue to balance targeted investments in key growth areas with increased focus on companywide efficiencies. As a result, we are raising our FY25 non-GAAP operating margin guidance to 25.5%, and we anticipate a non-GAAP operating margin of approximately 25% in Q4. GAAP operating margin for both fourth quarter and full year is expected to be approximately 20 percentage points lower than the non-GAAP rate.

我們預計第四季專業服務收入約為 1.55 億美元，全年專業服務收入將達到 7.12 億美元。我們持續平衡關鍵成長領域的有針對性的投資，同時更加重視全公司的效率。因此，我們將 25 財年非 GAAP 營業利潤率指引提高至 25.5%，我們預期第四季的非 GAAP 營業利潤率約為 25%。第四季和全年的 GAAP 營運利潤率預計將比非 GAAP 低約 20 個百分點。

The estimated FY25 non-GAAP tax rate remains at 19%. We are maintaining our FY25 operating cash flow expectations of $2.350 billion, and we now expect capital expenditures of approximately $300 million. We are making good progress across our key growth initiatives, in particular with our partner ecosystem and developing AI opportunities, supporting our medium-term target of mid-teens growth.

預計 25 財年非公認會計原則稅率仍為 19%。我們維持 25 財年營運現金流 23.5 億美元的預期，目前預計資本支出約 3 億美元。我們在關鍵成長計畫方面取得了良好進展，特別是在我們的合作夥伴生態系統和開發人工智慧機會方面，支持了我們青少年成長的中期目標。

As an early view, we anticipate FY26 subscription revenue of approximately $8.8 billion, or about 14% growth. We expect our first quarter subscription revenue growth to be slightly lower than our overall growth rate for FY26. This is largely due to the impact of the leap year, which creates just over a one point headwind to Q1 subscription revenue growth.

作為初步預測，我們預計 2026 財年訂閱營收約為 88 億美元，成長約 14%。我們預計第一季訂閱營收成長將略低於 2026 財年的整體成長率。這主要是由於閏年的影響，閏年對第一季訂閱收入成長造成了略高於一個百分點的阻力。

We expect a slightly higher growth rate in the second half, driven in part by emerging AI opportunities and deliverables tied to strategic wins from the third quarter which I referenced earlier. We are investing for growth, while at the same time focused on driving efficiencies across the business. This includes the continued expansion of our global workforce, integrating AI across the company, and improving processes and systems.

我們預計下半年的成長率將略高，部分原因是新興的人工智慧機會和與我之前提到的第三季策略勝利相關的可交付成果。我們為成長進行投資，同時專注於提高整個業務的效率。這包括持續擴大我們的全球員工隊伍、在整個公司內整合人工智慧以及改善流程和系統。

We expect FY26 non-GAAP operating margin of approximately 27.5%, as we demonstrate progress towards long-term margin expansion. In addition, we are actively managing share-based compensation expense, and expect it to continue trending lower as a percentage of revenue. As we enter Q4, we are focused on executing for both the short and long-term, as we build the foundation for durable topline growth and margin accretion.

我們預計 2026 財年非 GAAP 營業利潤率約為 27.5%，因為我們展示了長期利潤率擴張的進展。此外，我們正在積極管理基於股份的薪酬費用，並預計其占收入的百分比將繼續下降。當我們進入第四季度時，我們專注於短期和長期的執行，為持久的營收成長和利潤成長奠定基礎。

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 ISI.

柯克·馬特納，Evercore ISI。

Yeah. Thanks very much. Zane, I was wondering, can you just talk a little bit more about the deliverable issue in the Q4? And how much of that is also weighing on, I realize it's a preliminary guide for fiscal 2026, but how much of that plays into that guide relative to sort of the mid-teens guide you guys have talked about for fiscal 2027? Can you just provide a little bit more color on that as -- and maybe when that came about just because I think people are obviously concerned it's more directional in nature than perhaps one time in nature? Thanks.

是的。非常感謝。 Zane，我想知道，您能多談談第四季的可交付問題嗎？我知道這是 2026 財年的初步指南，但其中有多少內容也受到影響，但相對於你們談論的 2027 財年中期指南，其中有多少內容在該指南中發揮了作用？你能否提供更多一點的色彩——也許當這種情況發生時，只是因為我認為人們顯然擔心它在本質上比在本質上一次更有方向性？謝謝。

Yeah, sure Kirk. Happy to start on that and then I'm sure Carl add some comments afterwards. There were a number of key strategic deals in the third quarter, that as I mentioned had some product deliverables or otherwise we saw revenue recognition a little bit later on. We expect it to ramp up through the course of next year.

是的，當然柯克。很高興開始這一點，然後我確信卡爾隨後會添加一些評論。第三季有許多關鍵的策略交易，正如我所提到的，有一些產品可交付成果，否則我們稍後會看到收入確認。我們預計這一數字將在明年持續成長。

If you think about our outlook for the fourth quarter, it would put us roughly in the mid-point of our original guidance for the year. So I'd say approximately $8 million to $10 million of impact in the fourth quarter, if you think about sort of the actual deal, were we to recognize revenue as we have historically.

如果你考慮我們對第四季的展望，你會發現我們大致處於今年最初指導的中間位置。因此，如果你考慮實際交易，如果我們像歷史上那樣確認收入，我想說第四季度的影響約為 800 萬至 1000 萬美元。

And then on a sort of second half of FY26 basis, if you look at that on a year-over-year basis, it would contribute to I'd say approximately half a point on that growth. As I mentioned, obviously in Q1, we lap the leap year and that's about a point of growth heading into Q1. And we still believe there'll be a nice build through the course of FY26. But we definitely see the impact of the revenue recognition impacting this part of the business. I'll point out these are key strategic deals and there's obviously a fair amount of product that aligns with those and that's the point at which we can recognize that revenue. But we're very excited about the momentum in this area and expect these and others to continue to grow beyond FY26. Carl, let you add to that.

然後，在 2026 財年下半年的基礎上，如果你逐年比較的話，我想說，這將有助於增長大約半個百分點。正如我所提到的，顯然在第一季度，我們經歷了閏年，這大約是進入第一季的成長點。我們仍然相信 2026 財年將會有一個不錯的建設。但我們確實看到了收入確認對這部分業務的影響。我要指出的是，這些都是關鍵的策略交易，顯然有相當數量的產品與這些交易相符，這就是我們可以確認收入的點。但我們對該領域的發展勢頭感到非常興奮，並預計這些領域和其他領域將在 2026 財年後繼續成長。卡爾，讓你補充一下。

Yeah, I think what's really important Kirk is to recognize the strategic importance of a deal like DIA or Defense Intelligence Agency. We have to go out and build a platform for the federal government with different levels of security and we're doing so and we can't recognize revenue on those opportunities until we can deliver it to the government. But these are critical wins for us and it's actually driving demand for us in the federal government as people recognize Workday is really pushing hard into that market.

是的，我認為柯克真正重要的是認識到像國防情報局或國防情報局這樣的交易的戰略重要性。我們必須走出去，為聯邦政府建立一個具有不同安全等級的平台，我們正在這樣做，但在我們將這些機會交付給政府之前，我們無法確認這些機會的收入。但這些對我們來說是至關重要的勝利，它實際上推動了聯邦政府對我們的需求，因為人們意識到 Workday 確實正在大力進軍該市場。

The other one is wellness, Workday Wellness. It's another critical platform for us to engage with our wellness partners and for them to integrate into the Workday platform, and we're building that out as well. So, while we signed a number of key partners like Guardian, The Hartford, Mutual of Omaha and Unum, they're ready to build on that platform. It's just not able to be delivered yet, which taints our revenue recognition for the next year.

另一種是健康，Workday Wellness。這是我們與健康合作夥伴互動並讓他們融入 Workday 平台的另一個重要平台，我們也在建立這個平台。因此，雖然我們簽署了 Guardian、The Hartford、Mutual of Omaha 和 Unum 等許多重要合作夥伴，但他們已準備好在該平台上進行建置。它只是還無法交付，這影響了我們明年的收入確認。

If I can ask a quick follow-up just on Rob's appointment, Carl. I assume that Rob's on-board. You you've made a lot of changes since you came on board. I assume you and Rob are thinking in the same way, so that as we start next year, there's not necessarily any kind of sort of restart or reshuffling of the decks in terms of your partner strategy, et cetera.

如果我能要求快速跟進羅布的預約，卡爾。我猜想羅布也在船上。自從你加入以來，你已經做出了很多改變。我認為你和羅布的想法是一樣的，所以當我們明年開始時，在你的合作夥伴策略等方面不一定有任何形式的重啟或重新洗牌。

Yeah. Thanks for the question. No, I've known Rob for probably 25 or 30 years. I'm sorry I'm showing our age, but we've been around the industry for a long time. We grew up in the industry and I have a tremendous amount of respect for him. I think his background, his experience fits us nicely, especially when you think about what we're doing in international. Rob's lived in Japan, he's lived all over Europe, he started SAP business in China like he's just a tremendous asset for us to pick up and we're going to be very sad that we'll be passing the baton as Doug steps aside. But we also have almost six months of overlap between Doug and Rob. So I don't expect any impact at all to how we're running the business or how we're thinking about the future of our go-to-market strategy.

是的。謝謝你的提問。不，我認識 Rob 大概 25 或 30 年了。很抱歉我暴露了我們的年齡，但我們已經在這個行業工作了很長時間了。我們在這個行業長大，我非常尊敬他。我認為他的背景和經驗非常適合我們，特別是當你想到我們在國際上所做的事情時。 Rob 住在日本，他住在歐洲各地，他在中國開始了SAP 業務，就像他是我們可以撿到的巨大資產一樣，當Doug 退到一邊時，我們將把接力棒傳遞給我們，我們會感到非常難過。但道格和羅布之間也有近六個月的重疊。因此，我預計這不會對我們的業務運作方式或我們對未來市場策略的思考產生任何影響。

In fact, if you think about Rob, because he spent so many years at SAP, there's not a single partner that Workday has today that Rob doesn't already have relationships with. So it's a great hire for us. We're super excited and energized he's joining the team, and I think he'll bring a great outlook for the future to us.

事實上，如果你想想 Rob，因為他在 SAP 工作了很多年，所以今天 Workday 的所有合作夥伴都與 Rob 建立了合作關係。所以這對我們來說是一個很好的僱用。我們對他加入團隊感到非常興奮和充滿活力，我認為他將為我們帶來美好的未來前景。

Thanks, Carl. Happy Thanksgiving, guys.

謝謝，卡爾。感恩節快樂，夥計們。

Thanks, Kirk.

謝謝，柯克。

Mark Murphy, JPMorgan.

馬克墨菲，摩根大通。

Thank you very much. Carl, there was a comment at the Analyst Day that the US Federal business is reaching an inflection point and, I understand you closed a defense agency in Q3, but I'm curious how those agencies might be interpreting, if you've heard anything, the stated plans of this Department of Government efficiency to try to strip $2 trillion in spending out? We're getting a lot of questions on that. And whether you think that -- that might be impacting any of their budgeting spending behavior going into next year? And I have a quick follow-up.

非常感謝。卡爾，在分析師日有評論稱美國聯邦業務正在達到拐點，我知道您在第三季度關閉了一家國防機構，但我很好奇這些機構可能會如何解釋，如果您聽說過的話政府效率部公佈的計劃試圖削減2萬億美元的支出？我們對此有很多疑問。您是否認為這可能會影響他們明年的預算支出行為？我有一個快速的跟進。

Sure, Mark. So I'll start. As I said in my prepared remarks, we're really focusing on the federal government going forward. We think there's a huge opportunity there with probably more than 80% of HCM and ERP still on premises that hasn't moved to the cloud. And we think we're catching it at an inflection point right now, which is why we're investing so heavily in building out a secure platform. At the same time, post election and with Doge coming out, people are absolutely looking to drive more economies of scale and more efficiency. And I can tell you supporting these on premises antiquated systems is not a way to do that. So we think this will only be a tailwind for us as we think about the federal government business going forward.

當然，馬克。那我就開始吧。正如我在準備好的發言中所說，我們真正關注的是聯邦政府的未來。我們認為那裡存在著巨大的機會，可能超過 80% 的 HCM 和 ERP 仍然位於尚未遷移到雲端的本地。我們認為我們現在正處於一個轉折點，這就是為什麼我們大力投資建立一個安全平台的原因。同時，選舉後以及總督的出現，人們絕對希望推動更多的規模經濟和更高的效率。我可以告訴您，支援這些本地過時的系統並不是實現這一目標的方法。因此，我們認為，當我們考慮聯邦政府業務的未來發展時，這只會成為我們的順風車。

Okay. That's great to hear. And then Zane, as a quick follow-up, I'm also wondering, subsequent to the interest rate cuts and moving past the US Election, is there any possibility you might have detected stabilization or any uptick in any employment indicators in your customer base? I know I think generally it's been kind of sluggish and moving sideways, but I wasn't sure if you might have seen any recent renewals where any of that feels different than it did a couple of quarters ago or even any payroll runs without any of that data might look different?

好的。很高興聽到這個消息。然後贊恩，作為快速跟進，我也想知道，在降息和美國大選之後，您是否有可能發現您的客戶群中的任何就業指標趨於穩定或有所上升？我知道我認為總體來說有點緩慢和橫向移動，但我不確定你是否可能看到最近的續約，其中任何一個感覺與幾個季度前不同，甚至任何工資單運行都沒有任何該數據可能看起來有所不同？

Yeah, sure Mark. As we mentioned early in the year, it was more a moderation of expectations and what we saw early in the year. I'm pleased to say we haven't seen any further downtick. In fact, it has moderated. We haven't necessarily seen significant improvement either. So I think it's within our expectations as we plan ahead, but always welcome the enthusiasm around where interest rates may go and obviously the conviction around growth in business is always good for our business. So we take that, although I would caution right now we still believe that especially in certain areas around the globe and we're a global business that we are still impacted in increased deal scrutiny.

是的，當然，馬克。正如我們在今年早些時候提到的，這更多的是對預期和我們在今年早些時候看到的情況的緩和。我很高興地說我們沒有看到任何進一步的下滑。事實上，它已經緩和了。我們也不一定看到顯著的改善。因此，我認為這在我們的預期之內，因為我們提前計劃，但始終歡迎利率可能走向的熱情，顯然，對業務增長的信念總是對我們的業務有利。因此，我們認為，儘管我現在要警告，但我們仍然相信，特別是在全球某些地區，而且我們是一家全球性企業，我們仍然受到日益嚴格的交易審查的影響。

All that being said, we're very pleased with the momentum we've seen through the quarter and look forward to continuing that into next year. But no significant change in impact or outlook from what we've experienced through the course of the year.

話雖如此，我們對本季所看到的勢頭感到非常滿意，並期待明年繼續保持這種勢頭。但與我們今年所經歷的影響或前景相比，沒有重大變化。

Okay. Well understood. Thank you very much.

好的。很好理解。非常感謝。

Thanks, Mark.

謝謝，馬克。

Kash Rangan, Goldman Sachs.

卡什·蘭根，高盛。

Carl, with, Rob joining you guys, you're going to be outnumbered with Rob and Zane, and you're going to have to learn cricket. So if you need a primer, please let me know.

卡爾，隨著羅布加入你們，你們將在數量上與羅布和讚恩相比處於劣勢，而且你們將不得不學習板球。因此，如果您需要底漆，請告訴我。

Yeah. That's right, Kash.

是的。沒錯，卡什。

I may take you up on that, Kash, but I know a little bit about cricket, and I really enjoy it. Only when they're the shorter matches though.

我可能會接受你的建議，卡什，但我對板球略知一二，而且我真的很喜歡它。但只有當比賽時間較短時。

T20, that's it. Great. So moving on to business, it's good to see the company reiterate, the 15% growth rate, compounding in fiscal ‘26 and ‘27. I'm curious, what do you make -- as the numbers get bigger, it -- I guess, the margin becomes a little bit harder to maintain the same growth rate. So are we building in any inflection point with AI monetization or core getting better perhaps in ‘26 and ‘27? Give us a recap of why you still feel confident with these numbers, over the next couple of years. Thank you so much. And that's it for me.

T20，就是這樣。偉大的。因此，轉向業務，很高興看到該公司重申 15% 的成長率，並在 2026 財年和 27 財年複合成長。我很好奇，你會做什麼——隨著數字變大，我想，維持相同成長率的利潤變得有點困難。那麼，我們是否會在人工智慧貨幣化或核心技術可能在 26 月和 27 月變得更好的轉折點上建構？請讓我們回顧一下為什麼您在未來幾年仍然對這些數字充滿信心。太感謝了。對我來說就是這樣。

Yeah. Thanks so much, Kash, for the question. And let me give you a couple of salient points that I think reflect the conviction and confidence we have in our mid-teen guide over the next couple of years, while being able to expand operating margins. So number one, we had a really solid Q3 after delivering a solid Q2. We had our Rising Conference, which you attended back in September, at which we launched the Workday Illuminate, which is our next generation AI platform. And I can tell you the excitement we felt at the conference continued throughout the quarter. We tried to highlight that with a number of points around our AI momentum, including our Recruiter product, which we had more logos in the quarter in Q3 than we did in the 12 years prior that they were running the business.

是的。非常感謝卡什提出這個問題。讓我向您介紹幾個要點，我認為這些要點反映了我們對未來幾年的青少年指南的信念和信心，同時能夠擴大營業利潤。所以第一，在交付了穩定的第二季之後，我們有了一個非常穩定的第三季。我們召開了 Rising 會議，您在 9 月也參加了該會議，會上我們推出了 Workday Illuminate，這是我們的下一代人工智慧平台。我可以告訴你，我們在會議上感受到的興奮情緒持續了整個季度。我們試圖透過圍繞我們的人工智慧勢頭的許多要點來強調這一點，包括我們的招聘人員產品，我們在第三季度的該產品上的徽標數量比他們運營該業務之前的 12 年要多。

We also saw an uptick in selling back to the base our AI solutions. More than 30% of our sales back to our customer base included one of our AI solutions, which is our Recruiter Agent, Talent Optimization, along with our Extend Pro platform. So we are absolutely seeing momentum in the business when it comes to AI. If you combine that then Kash with all the things we've been working on over the last few years, like our focus on building out our partner ecosystem, our focus on building out our opportunity in the US Federal Government, our continued focus on industries, our focus on pushing a platform along with full suite sales, which in this quarter I think I had in my prepared remarks, more than 35% of our net new lands included full suite solutions.

我們也看到，我們的人工智慧解決方案的回銷量有所增加。我們回饋給客戶群的銷售額中有超過 30% 包括我們的人工智慧解決方案之一，即我們的招聘代理、人才優化以及我們的 Extend Pro 平台。因此，在人工智慧方面，我們絕對看到了業務的發展勢頭。如果你把它與我們過去幾年一直在做的所有事情結合起來，例如我們專注於建立我們的合作夥伴生態系統，我們專注於在美國聯邦政府中建立我們的機會，我們持續關注行業，我們的重點是推動平台和全套套房銷售，我認為在本季度我在準備好的發言中已經說過，我們超過35% 的淨新土地包括全套解決方案。

And then you just continue what we're doing is we move down market into the medium enterprise. We feel very confident in our ability to maintain that mid-teens growth over the next couple of years. And as you think about the guide we gave you for FY26, let's remember we got a big quarter here in Q4 we got to nail. We're focused on nailing this quarter. We have a really strong pipeline, as it relates to Q4. And I'm confident we'll be able to deliver against our current guide for the quarter and then we'll update you further on our FY26 number, during our Q4 earnings call.

然後你就繼續我們正在做的事情，我們進入中型企業市場。我們對未來幾年保持十幾歲左右成長的能力非常有信心。當您思考我們為您提供的 2026 財年指南時，請記住，我們在第四季度有一個重要的季度，我們必須確定這一點。我們的重點是鎖定本季的業績。我們有一個非常強大的管道，因為它與第四季度有關。我相信我們將能夠按照目前的季度指南交付成果，然後我們將在第四季度的財報電話會議上進一步向您通報我們 2026 財年的數據。

Kash, I would just add, obviously we have a lot of momentum and conviction on the work that's been done including the strategic deals that we've already closed where we expect to see that revenue into next year. And point out obviously we have line-of-sight into approximately $8.8 billion and as Carl said more to come and we'll update you again next quarter on more details there.

卡什，我想補充一點，顯然我們對已經完成的工作有很大的動力和信心，包括我們已經完成的策略交易，我們預計明年會看到收入。顯然我們已經看到了大約 88 億美元的資金，正如卡爾所說，還會有更多資金，我們將在下個季度再次向您通報更多細節。

Thank you, Zane and Carl. Happy Thanksgiving.

謝謝你們，贊恩和卡爾。感恩節快樂。

Michael Turrin, Wells Fargo.

麥可特林，富國銀行。

Hello, Michael, you there?

你好，邁克爾，你在嗎？

Sorry, I was on mute, the old unmute trick, apologies for that.

抱歉，我處於靜音狀態，這是解除靜音的老把戲，對此表示歉意。

That's okay.

沒關係。

Given there's a few moving pieces you're contemplating and it's not that -- that's not the case across software, maybe if you could add some more context and what informs the Q4 guide given just a bigger seasonal profile for Workday there. Any commentary and if there's any FX impact or other layers to consider and anything you can just add around how that close to the year, could inform your views on the trade-off between growth and margin into next year as it all progresses is helpful. Thank you.

考慮到您正在考慮一些移動的部分，但事實並非如此——跨軟體的情況並非如此，也許您可以添加更多背景資訊以及為第四季度指南提供資訊的內容，因為Workday 的季節性概況更大。任何評論，如果有任何外匯影響或其他層面需要考慮，以及您可以在接近今年的情況下添加的任何內容，都可以讓您了解明年隨著一切進展對增長和利潤之間的權衡的看法，都是有幫助的。謝謝。

Yeah. Thanks, Michael. We have a solid pipeline coming into Q4. One that is reflected in the guide that we did give you for the quarter. We also, as I said we have a lot of momentum in the business right now, especially when you think about some of our AI solutions like the Recruiter Agent, what we're doing with Talent Optimization and Extend Pro. I mean, in the quarter, selling back into our customer base where 30% of our deals now include an AI SKU is a pretty rapid uptake of these technologies. And what's really interesting is that our customers are willing to pay for these solutions because they have tangible ROI that they can get from these products.

是的。謝謝，麥可。我們有一個堅實的管道進入第四季度。這反映在我們為您提供的本季指南中。正如我所說，我們現在在業務上有很大的動力，特別是當你想到我們的一些人工智慧解決方案時，例如招聘代理，我們在人才優化和擴展專業方面所做的事情。我的意思是，在本季度，回售給我們的客戶群（現在我們 30% 的交易包含 AI SKU）是對這些技術的快速採用。真正有趣的是，我們的客戶願意為這些解決方案付費，因為他們可以從這些產品中獲得實際的投資報酬率。

So it's the momentum, it's the pipeline. It's the large deals that we have in the quarter. And as you always know, Q4 is historically the largest quarter of the year for us, and I don't think it will be any different this quarter as well.

所以這就是動力，就是管道。這是我們本季的大宗交易。如您所知，第四季度歷來是我們一年中最大的季度，我認為本季也不會有任何不同。

Yeah, Michael, I would just add obviously, we feel good about the CRPO. It's just one of the elements we look at the growth that we saw in the third quarter, we believe positions us well exceeding our expected range by a number of basis points. So we feel good about the setup. FX is an impact, but obviously, where the majority of our business is still US base, so we don't see it as being that significant this close into the fourth quarter. So we still feel good about the guide and the outlook for the quarter.

是的，邁克爾，我想補充一點，我們對 CRPO 感覺很好。這只是我們看待第三季度成長的因素之一，我們相信這使我們遠遠超出了我們的預期範圍多個基點。所以我們對這個設置感覺很好。外匯是一個影響，但顯然，我們的大部分業務仍然以美國為基地，所以我們認為在第四季末它不會那麼重要。因此，我們對本季的指南和前景仍然感到滿意。

And then we are always balancing that top-line growth opportunity with margin. We've done, I think, a good job over the last number of years in thinking about people, process and systems, and we'll continue to focus on efficiencies and continuing to scale the business. So we feel great about the margin outlook not only for the remainder of this year, but into next year and beyond that as we grow margins beyond 30% over the next two years.

然後，我們始終在營收成長機會與利潤之間取得平衡。我認為，過去幾年我們在考慮人員、流程和系統方面做得很好，我們將繼續專注於效率並繼續擴大業務規模。因此，我們不僅對今年剩餘時間的利潤率前景感到滿意，而且對明年及以後的利潤率前景也感到滿意，因為我們在未來兩年內將利潤率增長了 30% 以上。

Thanks very much.

非常感謝。

Thank you.

謝謝。

Brad Zelnick, Deutsche Bank.

布拉德‧澤爾尼克，德意志銀行。

Great. Thank you so much. Guys, it's really great to hear about many of the strategic wins, seeing the partner leverage shining through. But I wanted to ask about Europe, where frankly, we picked up some mixed things in talking to partners. Can you just talk a little bit about what's happening there in that theater? And if you could distinguish between environment and execution and any more granularity would be helpful. Thank you.

偉大的。太感謝了。夥計們，很高興聽到許多戰略勝利，看到合作夥伴的影響力閃閃發光。但我想問歐洲的情況，坦白說，我們在與合作夥伴的交談中發現了一些複雜的情況。你能簡單談談那個劇院裡發生的事情嗎？如果您能夠區分環境和執行，那麼任何更多的粒度都會有所幫助。謝謝。

Yeah. Thanks for the question, Brad. So let me start with the thesis. That has not changed, and that is 50% of the addressable market for Workday is outside the US. That has not changed. Yes, while we have seen some headwinds in the economy, specifically, if you will in EMEA, and I think a lot of people have called that out, our business still remains intact. Our leadership team is stronger than ever. And at the same time, when people do ultimately make a decision on a large transformational opportunity, whether it's HCM or Financials or both, we are winning a significant portion of those deals.

是的。謝謝你的提問，布拉德。那麼就讓我從論文開始吧。這一點沒有改變，Workday 50% 的目標市場位於美國以外。這一點沒有改變。是的，雖然我們看到了經濟中的一些逆風，特別是在歐洲、中東和非洲地區，而且我想很多人都指出了這一點，但我們的業務仍然完好無損。我們的領導團隊比以往任何時候都更強大。同時，當人們最終對重大轉型機會做出決定時，無論是人力資本管理還是金融或兩者兼而有之，我們都贏得了這些交易中的很大一部分。

Our win rate in Europe when these customers do decide to go forward is very strong. So while there are some headwinds, we can't control that, obviously. What we can control is continuing to innovate, continuing to work with our customers and prospects, so that when they do make a decision to do a transformational project, we are continuing the win rates that we've seen over the last couple of quarters. I'm very confident in what we're doing in Europe and the opportunity ahead.

當這些客戶決定繼續前進時，我們在歐洲的勝率非常高。因此，雖然存在一些阻力，但顯然我們無法控制。我們可以控制的是繼續創新，繼續與我們的客戶和潛在客戶合作，這樣當他們決定進行轉型專案時，我們就能繼續保持過去幾季的贏率。我對我們在歐洲所做的事情以及未來的機會非常有信心。

Excellent, thank so much.

太棒了，非常感謝。

Brad Sills, Bank of America.

布拉德·希爾斯，美國銀行。

Hello, great. Thank you so much. I wanted to ask a question around some of the strengths you're seeing in government and higher ed. Obviously, this has been going on for quite some time, and you cited some platform deals there that are going well. Just curious, what's working in that vertical? Is there a certain application that you found that is really driving that kind of combined Fins plus HCM glue, if you will? And are there others that are kind of up and coming that we should be thinking about that might become the next source of strength across the verticals?

你好，太好了。太感謝了。我想問一個關於你在政府和高等教育中看到的一些優勢的問題。顯然，這種情況已經持續了相當長一段時間，您列舉了一些進展順利的平台交易。只是好奇，這個垂直領域有什麼作用？如果你願意的話，你是否發現某種特定的應用程式真正驅動了這種 Fins 加 HCM 膠水的組合？我們是否應該考慮其他可能成為垂直產業下一個力量來源的新興事物？

Yeah. Thanks for the question, Brad. I think historically, we've always had a pretty damn strong business in both government, state and local government and higher ed. In this quarter, we called out that 90% of our wins this quarter included full suite and full platforms. So when you're dealing with the state and local government or even the federal government and then you do it in higher ed, these people have a tendency to make a decision for full platform, full suite at the same time.

是的。謝謝你的提問，布拉德。我認為從歷史上看，我們在政府、州和地方政府以及高等教育領域一直擁有非常強大的業務。在本季度，我們稱本季 90% 的勝利包括全套和完整平台。因此，當你與州和地方政府甚至聯邦政府打交道，然後在高等教育中進行處理時，這些人傾向於同時做出全平台、全套的決定。

I also think because of the student product that continues to gain momentum in higher ed, it gives us an advantage over the competition. The one we also called out that performed quite well, it didn't have the exact growth rate we've had over the last couple of quarters that we've called out is health care. We continue to win in health care. In fact, I think it was probably the largest deal on the table over the last 12 months in the health care market, CommonSpirit. We were able to win that which is a testament to -- not only our platform, both our HCM and Financials, but it's also our supply chain product as well.

我還認為，由於學生產品在高等教育中持續成長，它使我們在競爭中具有優勢。我們也指出，表現相當不錯的一個領域是醫療保健，但它的成長率並不像我們過去幾季所指出的那樣。我們繼續在醫療保健領域取得勝利。事實上，我認為這可能是過去 12 個月醫療保健市場 CommonSpirit 上最大的一筆交易。我們能夠贏得勝利，這不僅證明了我們的平台、HCM 和財務，也證明了我們的供應鏈產品。

So I think these are three industry verticals we'll continue to have momentum because they look at full suite and in certain industries, we have products like student for higher ed and then we have supply chain for health care.

因此，我認為這三個垂直行業我們將繼續保持動力，因為它們著眼於全套產品，在某些行業，我們有高等教育學生等產品，然後我們有醫療保健供應鏈。

Wonderful, thanks, Carl.

太棒了，謝謝，卡爾。

Karl Keirstead, UBS.

卡爾凱斯特德，瑞銀集團。

Okay, great. Thanks. Maybe Zane, a couple for you on the outlook for next year. Just first of all, on Q1, you mentioned that it will likely be sub 14%. So that would be, call it, a 150 bps-plus [decel] from the second half this year. Typically, it doesn't fall that quickly. So it seems to me there must be some -- maybe some onetime issues there. Maybe you could unpack the Q1 performance that you expect? And then secondly, on the second half acceleration, I'm just curious, you had mentioned it's a function of the strategic wins finally ramping, but also emerging AI. Are you able to rank order, which is the bigger driver of that second half acceleration? And if it is AI, maybe help us get a little visibility into what you're seeing to give you the confidence that you can monetize second half next year? Thank you.

好的，太好了。謝謝。也許是讚恩（Zane），請您談談明年的展望。首先，在第一季度，您提到可能會低於 14%。因此，從今年下半年開始，這將是 150 個基點以上 [decel]。通常情況下，它不會下降那麼快。所以在我看來，一定存在一些——也許是一些一次性的問題。也許你可以解開你所期望的第一季的表現？其次，關於下半年的加速，我只是很好奇，你提到這是戰略勝利最終增加的函數，也是新興人工智慧的函數。您能排列順序嗎？如果是人工智慧，也許可以幫助我們了解您所看到的情況，讓您有信心明年下半年可以獲利？謝謝。

Sure. Yeah, let me start with Q1. I highlighted that obviously, we have the leap year compare, which was about 1 point. We haven't given any linearity or any more detail into FY26, Carl, other than to mention that, obviously, we see the pressure there in Q1. And obviously, it will build through the course of FY26.

當然。是的，讓我從 Q1 開始。我強調，顯然，我們有閏年比較，大約是 1 個百分點。卡爾，我們沒有對 2026 財年給出任何線性或更多細節，除了提到這一點，顯然，我們在第一季看到了壓力。顯然，它將在 2026 財年持續建設。

Yeah, as it relates to AI, and the strategic wins. This is a small part of, obviously, the $8.8 billion. I just wanted to highlight on the strategic wins that as we recognize it, we expect to see 0.5 point of improvement just related to those deals for the second half. So we do expect to see slightly higher growth in the back half. And then I'll let Carl talk about some of the momentum and what we're seeing on the AI front through the course of FY26.

是的，因為它與人工智慧和戰略勝利有關。顯然，這只是 88 億美元的一小部分。我只是想強調策略性勝利，正如我們所認識到的那樣，我們預計下半年的這些交易將帶來 0.5 個百分點的改進。因此，我們確實預計下半年會出現略高的成長。然後我將讓 Carl 談談 2026 財年人工智慧領域的一些發展動能以及我們所看到的情況。

Yeah. So Karl, a couple of things on AI. Remember that we just closed earlier this year, the acquisition of HiredScore and we highlighted some of the success we had in Q3, selling the Recruiter Agent back into our customer base. That typically gets sold back into customers who have our recruiting platform. That's 4,000 plus strong. So we're only in the low single digits of penetration or attach rate to our existing customer base to sell, for example our Recruiter Agent.

是的。 Karl，請講一些關於人工智慧的事情。請記住，我們今年早些時候剛剛完成了對 HiredScore 的收購，我們強調了我們在第三季度取得的一些成功，將招募代理商重新賣回我們的客戶群。這些通常會被賣回給擁有我們招募平台的客戶。那是四千多人。因此，我們對現有客戶群的銷售滲透率或附加率僅為低個位數，例如我們的招聘代理。

When you couple that with the momentum we're seeing around Talent Optimization, which is an internal workforce mobility AI platform and things like Extend Pro, which has an AI API gateway and a Copilot for developers to write and build applications on top of us, these are all indications that the customers are seeking AI solutions from Workday.

當你把它與我們看到的人才優化（一個內部勞動力移動人工智能平台）和諸如Extend Pro（它有一個人工智能API網關和一個Copilot，供開發人員在我們之上編寫和構建應用程序）之當類別的東西結合起來時，這些都表明客戶正在尋求Workday的人工智慧解決方案。

And then later this year and into next year, we have three new agents that will come out. We'll have an Expense Agent. We'll have a Successor Agent, and we'll have an Optimized Agent. These are all agents that will bring to market that are built deep into the core of Workday. The data doesn't have to be extracted. It stays within the core of the platform, which is different than most AI solutions out there and we think they are going to have a nice impact on bookings and revenue as we go into the new year.

然後今年晚些時候和明年，我們將推出三名新代理商。我們將有一名費用代理。我們將有一個後繼代理，我們將有一個優化代理。這些代理商將被推向市場，並深深嵌入 Workday 的核心。不必提取資料。它保留在平台的核心內，這與大多數人工智慧解決方案不同，我們認為在進入新的一年時它們將對預訂和收入產生良好的影響。

So the momentum is there. We see it building. Customers are willing to pay for our AI solutions. And I didn't even mention oh, by the way, Evisort, which is an AI platform for scanning and looking at documents, especially in the unstructured world the data we live in today. That's very powerful and we're excited with the early indications and sign that, that's driving to.

所以勢頭就在那裡。我們看到它正在建設。客戶願意為我們的人工智慧解決方案付費。順便說一句，我甚至沒有提到 Evisort，這是一個用於掃描和查看文件的人工智慧平台，特別是在我們今天生活的非結構化世界中的資料。這是非常強大的，我們對早期的跡象感到興奮，並表明，這正在推動。

Okay, great. That color is helpful. Thank you both.

好的，太好了。那個顏色很有用。謝謝你們倆。

Thanks. Karl.

謝謝。卡爾.

Brent Thill, Jefferies.

布倫特·希爾，杰弗里斯。

Thanks. Zane, on the guide, are you taking the same methodology as you've had before? Or are you injecting a little more conservatism given the guidance had to be walked down a few times now. Everyone's asking a new guide or kind of the same pipe that you're looking at? You -- can you give us any color on that methodology?

謝謝。贊恩，在指南中，您是否採用與以前相同的方法？或者考慮到現在必須取消幾次指導，您是否會注入更多的保守主義。每個人都在詢問新的指南或與您正在查看的相同的管道？您能為我們介紹一下這種方法嗎？

Sure. Yeah, Brent, thanks for the reminder. Yeah, I would say look, this is our current line of sight as we look at FY26. For that reason, we didn't want to give sort of a broader range as we roll up now, we are confident in approximately $8.8 billion, as I mentioned. We're very excited but we think it is still early days in a number of these AI opportunities in particular. And also, I wanted to highlight just that -- this is first off, an early look. And then as we look to next year, we have the leap year overlap. And in the second half, we've already closed a number of transactions that will impact the growth rate heading into the second half of next year.

當然。是的，布倫特，謝謝你的提醒。是的，我想說，這就是我們目前對 2026 財年的看法。出於這個原因，我們不想在現在匯總時給出更大的範圍，正如我所提到的，我們對大約 88 億美元有信心。我們非常興奮，但我們認為，尤其是許多人工智慧機會還處於早期階段。而且，我想強調的是──這是首先的、早期的觀察。然後，當我們展望明年時，我們會遇到閏年重疊的情況。在下半年，我們已經完成了一些交易，這些交易將影響明年下半年的成長率。

But we'll leave it there and obviously look forward to providing more color next quarter as we lay out FY26 in more detail. But we feel good about the initial guidance, but that's what it is. It's just an initial look.

但我們將把它留在那裡，顯然期待下個季度提供更多的色彩，因為我們更詳細地列出了 2026 財年。但我們對最初的指導感覺很好，但事實就是如此。這只是初步的樣子。

Okay. Great. And then quickly for Carl. With Rob coming on, there have been a lot of questions about is impact usually when you bring someone new in at his caliber, there tend to be changes. And I know you've already made a lot of proactive positive changes for the go-to-market. But how do you kind of give confidence to investors that or there's -- not another way turbulence that comes through with another go-to-market [exec]? How do you -- how should we think about that?

好的。偉大的。然後很快就去找卡爾。隨著羅布的上任，人們對影響力產生了很多疑問，通常當你引進一個具有他能力的新人時，往往會改變。我知道你們已經為進入市場做出了很多積極主動的改變。但是，你如何讓投資人相信，或有－－而不是透過另一位上市[高階主管]帶來的另一種動盪？你如何－我們該如何思考這個問題？

Yeah, thanks for the question. I am very confident that we're not going to have any negative impact with Rob joining. It's all going to be positive because of his experience and his knowledge of the industry. I also believe we have enough overlap with Doug for the next six months, we will be sticking around and ensuring that it's a smooth transition. So I'm not nervous at all about any impact from him joining the team and think -- in fact, I know it's only net positives from here.

是的，謝謝你的提問。我非常有信心，羅布的加入不會對我們產生任​​何負面影響。由於他的經驗和對行業的了解，這一切都將是積極的。我還相信，在接下來的六個月裡，我們與道格有足夠的重疊，我們將堅持下去，確保平穩過渡。因此，我對他加入團隊的任何影響一點也不緊張，並認為 - 事實上，我知道這只是這裡的淨積極因素。

Great, thanks.

太好了，謝謝。

Raimo Lenschow, Barclays.

雷莫‧倫肖 (Raimo Lenshow)，巴克萊銀行。

Thank you. Can I go back to the AI question for the acceleration for the next half. Carl, how is your thinking in terms of monetization changing in industry? If you think about a lot of players in eurospace are kind of seeing it more as a -- as an add-on solution, as a kind of bundled add-on solution that is coming in there, how do you make sure you kind of get paid for those solutions?

謝謝。我可以回到下半場加速的人工智慧問題嗎？ Carl，您對產業貨幣化的看法有何改變？如果你考慮到歐洲空間的許多參與者更將其視為一種附加解決方案，作為一種即將推出的捆綁附加解決方案，你如何確保你的因這些解決方案而獲得報酬？

Yeah, thanks for the question. As we've stated in the past, we take a multipronged approach to AI monetization. It starts with, number one, when we meet with customers or prospects, they truly believe that an investment in Workday, is an investment in their AI strategies and that gets reflected for us in our customer win rates on new opportunities, our expansion rates with our existing customers and our renewal rates, as well as our customer satisfaction. And a lot of times, our customers are leaning into us with a core platform that already has a whole bunch of AI built into it. It's not bolted-on.

是的，謝謝你的提問。正如我們過去所說，我們採取多管齊下的方式來實現人工智慧貨幣化。首先，當我們與客戶或潛在客戶會面時，他們真正相信對 Workday 的投資是對他們的人工智慧策略的投資，這反映在我們的客戶在新機會上的贏得率、我們的擴張率上。現有的客戶和我們的續約率，以及我們的客戶滿意度。很多時候，我們的客戶傾向於使用我們的核心平台，該平台已經內建了大量人工智慧。它不是用螺栓固定的。

At the same point, as we bring new solutions to market, like Recruiter Agent, it's a great example where customers are willing to pay us for that platform. Our customers are seeing upwards of 30% productivity gain in the recruiters, which is significant when you think about recruiting being one of your biggest costs associated with HR. So our customers are willing to pay for it and we monetize it.

同時，當我們向市場推出新的解決方案（例如招聘代理商）時，這是客戶願意為該平台付費的一個很好的例子。我們的客戶發現招募人員的工作效率提高了 30% 以上，當您考慮到招募是與人力資源相關的最大成本之一時，這一點非常重要。因此，我們的客戶願意為此付費，而我們則將其貨幣化。

Another example is Talent Optimization, where we have over 3,000 customers using it to drive internal mobility and reduce attrition. And then lastly, our current example of Extend Pro, how people are leaning into it and buying it. It's actually a significant uplift from our Extend Essentials platform, and people are paying us for it as well.

另一個例子是人才優化，我們有超過 3,000 名客戶使用它來推動內部流動並減少人員流失。最後，我們目前的 Extend Pro 範例，說明人們如何傾向於它併購買它。這其實是我們的 Extend Essentials 平台的重大提升，人們也為此付費。

And as we bring out new products and new agents, like I said earlier, we're going to bring out an Expense Agent, a Successor Agent, as well as an Optimized Agent, we're going to be pricing them based on the impact and the values our customer gets. So I think we have a good strategy around AI monetization. And I think it is going to continue to help drive a sustainable growth over time.

當我們推出新產品和新代理時，正如我之前所說，我們將推出費用代理、後繼代理以及優化代理，我們將根據影響對它們進行定價以及我們的客戶獲得的價值。所以我認為我們圍繞人工智慧貨幣化有一個很好的策略。我認為隨著時間的推移，它將繼續幫助推動永續成長。

Okay. Perfect. And then, Carl, one for you -- Zane, sorry, one for you. On the cash flow side, you kind of didn't change the cash flow guidance. Can you talk a little bit about the puts and takes like this quarter and what drove the guidance decision? Thank you.

好的。完美的。然後，卡爾，一份給你──贊恩，抱歉，一份給你。在現金流方面，您並沒有改變現金流指導。您能否談談本季的看漲期權和看跌期權以及推動指導決策的因素是什麼？謝謝。

Raimo, we mentioned last quarter that collections came in really strong. So if you balance out the two quarters that gets you back to a more normalized rate. And if you recall for this fiscal year, we’ve also mentioned that we had an additional pay period, which actually comes into the fourth quarter. So a lot of this is expected. We haven't changed our guide for some time, obviously, for FY25. You may recall as well, we had sizable collections last fiscal year, which impacted FY25, and we called that out early in the year as well.

Raimo，我們上個季度提到過，系列產品的銷售量非常強勁。因此，如果你平衡兩個季度，就能回到更正常化的水平。如果您還記得本財年，我們也提到我們有一個額外的支付期，實際上是在第四季度。因此，很多這樣的事情都是值得期待的。顯然，我們已經有一段時間沒有更改 25 財年的指南了。您可能還記得，上一財年我們進行了大量收款，這影響了 2025 財年，我們也在今年年初提出了這項要求。

So I feel really good about OCF generation through the course of the year and in-line with our expectations, even though I understand that you're picking up on the variability we saw in Q3, we were off about 10%. But net-net, we feel good about OCF.

因此，我對這一年中 OCF 的生成感到非常滿意，並且符合我們的預期，儘管我知道您正在了解我們在第三季度看到的變化，但我們的下降幅度約為 10%。但是net-net，我們對OCF 感覺很好。

Perfect. Thank you.

完美的。謝謝。

Thanks Raimo.

謝謝雷莫。

Alex Zukin, Wolfe Research.

亞歷克斯祖金，沃爾夫研究中心。

Hi, guys. Thanks for taking my question. I want to -- maybe just the first one on the quarter itself. Your quarter ended during a pretty anxious time in the marketplace. And I'm wondering if the election either caused any kind of late minute deal slippage, or just incremental friction, in the quarter itself that maybe unwound, if you will post. And maybe comment both on that. And the conversation with customers as we're coming out of it, you got asked the question on the federal vertical, obviously, in Doge. But any other verticals that you feel incrementally more positive about would also be interesting. And I have a quick follow-up.

嗨，大家好。感謝您提出我的問題。我想——也許只是本季的第一個。您的季度結束時正是市場非常焦慮的時期。我想知道選舉是否導致了任何類型的後期交易滑點，或者只是增加了摩擦，在本季度本身可能會解除，如果你願意發布的話。也許對此都會發表評論。當我們與客戶對話時，你被問到了關於聯邦垂直領域的問題，顯然是在 Doge。但任何其他讓你感覺越來越積極的垂直行業也會很有趣。我有一個快速的跟進。

Yeah. Hi Alex, thanks for the question. Listen, we were pleased with our execution in Q3 and the results were in-line with our expectations that we had internally. We had a good bookings quarter. We closed a number of significant deals and we saw tremendous momentum on AI. So what I would say is we're happy to have the election behind us for any distractions that it may created. It's good to have that behind us. But we didn't see any impact one way or the other in the quarter, or any change in deal scrutiny or anything else. It was pretty consistent both pre-election and post-election.

是的。嗨亞歷克斯，謝謝你的提問。聽著，我們對第三季的執行感到滿意，結果符合我們內部的預期。我們度過了一個很好的預訂季度。我們完成了許多重大交易，並看到了人工智慧的巨大發展勢頭。所以我想說的是，我們很高興選舉結束，因為它可能會造成任何干擾。很高興能把它拋在身後。但我們在本季度沒有看到任何影響，也沒有看到交易審查或其他任何方面的任何變化。選舉前和選舉後的情況都非常一致。

Perfect. And then as we think about the deliverables, kind of taking a little bit of a change of pace in terms of [online] for the impact to numbers. Was that a -- was that a surprise in terms of you were able to sign these larger deals, and you knew you were going to sign them, but you didn't necessarily know that they would ask for these incremental things and -- or you -- help us understand that because it's the first time we're kind of hearing of this thing, if you will, impacting the quarter really for any of the companies, at least that I cover. So I'd love to just understand a little bit was the mechanics and logistics of this issue?

完美的。然後，當我們考慮可交付成果時，在[線上]方面稍微改變一下對數字的影響。就你能夠簽署這些更大的交易而言，這是一個驚喜嗎？這一點，因為這是我們第一次聽說這件事，如果你願意的話，這對任何公司的季度都有真正的影響，至少是我所報道的。所以我想稍微了解一下這個問題的機制和邏輯？

Yeah, Alex as you get into a number of these strategic deals. They're obviously deliverables, and in some case, you recognize revenue sooner in some cases later. Just so happened that these two were later. As it -- whether or not it was a surprise, obviously, we've been working these for some period of time. And you traditionally look at the accounting and everything that you have to produce through the course of the negotiation.

是的，亞歷克斯，當你達成許多這樣的策略交易時。它們顯然是可交付成果，在某些情況下，您會更快地確認收入，有時會晚一些。正好這兩個人後來了。顯然，無論這是否令人驚訝，我們已經在這些方面進行了一段時間的研究。傳統上，您會查看會計以及在談判過程中必須產生的所有內容。

So obviously, if you had perfect line of sight into these, you may have either structure them differently or there may be some different elements to it, but we feel very good about these transactions. They are incredibly strategic. I just wanted to call it out, as one of the elements as we went into -- as we looked out at Q4 and into FY26. They together were large enough where they had an impact on our revenue.

顯然，如果您對這些交易有完美的視野，您可能會以不同的方式構建它們，或者可能有一些不同的元素，但我們對這些交易感覺非常好。他們具有令人難以置信的戰略性。我只是想指出這一點，作為我們在展望第四季和 2026 財年時所討論的要素之一。它們加起來足夠大，對我們的收入產生了影響。

And to your point, traditionally you recognize revenue shortly after signing, but we are encouraged by the nature of these types of transactions. They're very strategic. We expect them to grow significantly over a number of years. So we're very excited about them. Again, I wouldn't read too much into it. It's just one part of the business that we just decided to call out this quarter.

就您而言，傳統上您在簽約後不久就會確認收入，但我們對此類交易的性質感到鼓舞。他們非常有策略。我們預計它們將在未來幾年內顯著增長。所以我們對他們感到非常興奮。再說一遍，我不會對此進行太多解讀。這只是我們本季決定推出的業務的一部分。

So it doesn't -- basically, it doesn't change the ACV. It's just a timing element that maybe moves a little bit to the latter period?

所以它不會——基本上，它不會改變ACV。這只是一個時間因素，可能會稍微移動到後期？

Correct. I mean, in some cases, you can't necessarily capture the CRPO element because of the nature of the deal. But yes, it's just a timing element. That's exactly right.

正確的。我的意思是，在某些情況下，由於交易的性質，您不一定能夠捕獲 CRPO 要素。但是，是的，這只是一個時間因素。完全正確。

Perfect. Thank you guys.

完美的。謝謝你們。

Thanks Alex.

謝謝亞歷克斯。

Thank you. Ladies and gentlemen, thank you for your participation on today's conference. I'll now turn it over to Mr. Eschenbach for final comments.

謝謝。女士們、先生們，感謝你們參加今天的會議。現在我將把它交給埃申巴赫先生徵求最後的意見。

Thank you, operator, and thank you again for everyone for joining our call today. Before we go, I'd like to thank our Workmates, our customers and partners around the world who continue to fuel Workday success. We continue to believe Workday can be amongst the most enduring and profitable software business of our time. We’re focused on driving durable growth at scale and expanding operating margins and we once again achieved this in Q3, all while executing on our platform strategy to deliver the world’s best AI solutions for our customers. Thanks again. And to those of you in the US, happy Thanksgiving.

謝謝您，接線員，並再次感謝大家今天加入我們的通話。在我們離開之前，我要感謝我們的同事、我們世界各地的客戶和合作夥伴，他們繼續推動 Workday 的成功。我們仍然相信 Workday 可以成為當今時代最持久、最有利可圖的軟體業務之一。我們專注於推動規模持續成長和擴大營業利潤，我們在第三季度再次實現了這一目標，同時執行我們的平台策略，為客戶提供世界上最好的人工智慧解決方案。再次感謝。祝美國的人們感恩節快樂。

With that, I’ll turn it back to the operator to close out the call. Thank you, everyone.

這樣，我會將其轉回給接線員以結束通話。謝謝大家。

Thank you. This does conclude today's teleconference. You may disconnect your lines at this time.

謝謝。今天的電話會議到此結束。此時您可以斷開線路。