Workday Inc (WDAY) 2025 Q4 法說會逐字稿

Welcome to Workday's fourth quarter and full-year '25 earnings call.

歡迎參加 Workday 2025 年第四季和全年財報電話會議。

(Operator Instructions)

（操作員指令）

I will now hand it over to Justin Furby, Vice President of Investor Relations.

現在我將把它交給投資者關係副總裁賈斯汀·弗比 (Justin Furby)。

Thank you, operator.

謝謝您，接線生。

Welcome to Workday's fourth-quarter fiscal 2025 earnings conference call.

歡迎參加 Workday 2025 財年第四季財報電話會議。

On the call we have Carl Eschenbach, our CEO; Zane Rowe, our CFO; and David Somers, our Chief Product Officer.

我們的執行長 Carl Eschenbach 參加了電話會議；我們的財務長 Zane Rowe；以及我們的首席產品長大衛·薩默斯（David Somers）。

Following prepared remarks, we will take questions.

在準備好的發言之後，我們將回答問題。

Our press release was issued after close of market and is posted on our website, where this call is being simultaneously webcast.

我們的新聞稿是在收盤後發布的，並發佈在我們的網站上，本次電話會議也同時在網路上播出。

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.

在開始之前，我們想強調一下，我們在本次電話會議上的一些聲明，特別是我們的指導，是基於我們截至今天掌握的信息，並包括有關我們的財務結果、應用、客戶需求、運營和其他事項的前瞻性聲明。

These statements are subject to risks, uncertainties, and assumptions that could cause actual results to differ materially.

這些聲明受風險、不確定性和假設的影響，可能導致實際結果大不相同。

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.

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 2024 財年 10-K 表年度報告和我們最近的 10-Q 表季度報告，以獲取有關風險、不確定性和假設的更多信息，這些因素可能導致實際結果與此類聲明中所述的結果存在重大差異。

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.

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。

These non-GAAP measures should be considered in addition to and not as a substitute for or in isolation from GAAP results.

這些非 GAAP 指標應作為 GAAP 結果的補充而不是替代或孤立地看待。

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.

您可以在我們的收益新聞稿、投資者介紹以及我們網站的投資者關係頁面上找到有關這些非 GAAP 指標的更多揭露，包括與可比較 GAAP 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.

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。

Additionally, the transcript of this call and our quarterly investor presentation will be posted on our Investor Relations website following this call.

此外，本次電話會議的記錄和我們的季度投資者報告將在電話會議結束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.

此外，我們網站的客戶頁麵包含選定客戶列表，並且每​​月更新。

Our first-quarter fiscal 2026 quiet period begins on April 15, 2025.

我們的 2026 財年第一季的靜默期從 2025 年 4 月 15 日開始。

Unless otherwise stated, all financial comparisons in this call will be to our results for the comparable period of our fiscal 2024.

除非另有說明，本次電話會議中的所有財務比較均與我們 2024 財年可比期間的業績進行比較。

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

說完這些，我會把電話交給卡爾。

Thank you, Justin, and thank you all for joining us today.

謝謝你，賈斯汀，也謝謝大家今天的到來。

Workday delivered another solid quarter in Q4 with 16% subscription revenue growth and 26% non-GAAP operating margin.

Workday 在第四季再次表現穩健，訂閱收入成長 16%，非 GAAP 營業利潤率為 26%。

These results are a testament to how businesses of all sizes, industries, and geographies are increasingly turning to Workday as their trusted partner.

這些結果表明，各種規模、行業和地區的企業越來越多地選擇 Workday 作為其值得信賴的合作夥伴。

And I'm incredibly proud of how our team is executing in Q4 to deliver a solid year.

我對我們團隊在第四季取得的豐碩成果感到非常自豪。

As organizations look for ways to boost productivity and run more efficiently, our value proposition has never been stronger.

隨著組織尋求提高生產力和更有效率運作的方法，我們的價值主張從未如此強大。

Workday gives them the ultimate advantage, helping them manage what matters most, their people and their money.

Workday 為他們提供了最大的優勢，幫助他們管理最重要的事物：員工和資金。

And with our unified platform, our customers can unlock value faster, reduce our total cost of ownership, and harness the power of AI across our best-in-class HR and finance solutions.

借助我們統一的平台，我們的客戶可以更快地釋放價值，降低我們的整體擁有成本，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。

On the AI front, we just launched the Agent System of Record, a centralized system to manage all of the organization's AI agents from Workday and third parties alike.

在人工智慧方面，我們剛剛推出了代理記錄系統，這是一個集中式系統，用於管理來自 Workday 和第三方的所有組織人工智慧代理。

With this innovation, our customers will be able to manage their entire workforce, humans and digital, on our trusted platform.

透過這項創新，我們的客戶將能夠在我們值得信賴的平台上管理他們的整個勞動力隊伍，包括人力和數位勞動力。

I'll talk more about this exciting announcement later in the call, but now let's turn to our customers and industry momentum in the quarter.

我將在稍後的電話會議上詳細討論這一激動人心的公告，但現在讓我們來談談本季度的客戶和行業發展勢頭。

During Q4, we welcomed incredible new customers including Bayer, Henkel, Iberostar, the State of North Carolina, and First-Citizens Bank & Trust Company.

在第四季度，我們迎來了令人難以置信的新客戶，包括拜耳、漢高、Iberostar、北卡羅來納州和第一公民銀行及信託公司。

We also expanded with industry leaders including Cisco, Mondelez, Sutter Health, and Toyota.

我們也與思科、億滋、Sutter Health 和豐田等產業領導者合作進行擴張。

Workday now serves more than 11,000 customers across industries and geographies, including more than 60% of the Fortune 500 and 30% of the Global 2000, and that says a lot about the strategic nature of our platform.

Workday 目前為各行業和地區的 11,000 多家客戶提供服務，其中包括 60% 以上的財富 500 強企業和 30% 的全球 2000 強企業，這充分說明了我們平台的戰略性質。

Our industry focus is a huge contributor to this growth, and Q4 was no exception.

我們的產業重點對此成長貢獻巨大，第四季也不例外。

In SLED, the City of Minneapolis, St. Louis County, and City University of New York all chose our full suite in Q4.

在 SLED 中，明尼阿波利斯市、聖路易斯縣和紐約市立大學都在第四季度選擇了我們的全套產品。

We also signed our largest Workday Student deal ever with the Minnesota State Colleges and Universities.

我們還與明尼蘇達州立學院和大學簽署了迄今為止最大的Workday Student協議。

This is a massive project to improve the experience for 270,000 students and 14,000 faculty.

這是一個大型項目，旨在改善 270,000 名學生和 14,000 名教職員工的體驗。

Workday Student is quickly gaining traction as the top choice for higher education institutions.

Workday Student 正迅速成為高等教育機構的首選。

We now have more than 135 customers, and we expect roughly half of them will be live by the spring.

我們目前擁有超過 135 個客戶，預計其中大約一半將在春季上線。

After rapid adoption here in the US, we're excited to expand Workday Student into Canada and the Australia/New Zealand markets this year.

在美國迅速普及之後，我們很高興今年將 Workday Student 擴展到加拿大和澳洲/紐西蘭市場。

We also have a growing opportunity with the US federal government, thanks to the administration’s strong focus on driving efficiencies and IT modernization.

由於美國政府高度重視提高效率和 IT 現代化，我們與美國聯邦政府的合作也獲得了日益增長的機會。

Our recent wins at the DOE and DIA have helped set a solid foundation in this sector, opening up a number of exciting Fed opportunities.

我們最近在美國能源部和國防情報局的勝利為我們在這個領域奠定了堅實的基礎，並開闢了許多令人興奮的聯邦機會。

Financial services continue to be one of our largest industries.

金融服務仍然是我們最大的行業之一。

In Q4, we had significant expansions with Aon and Sallie Mae Bank, and we closed a large core FINS deal with a Fortune 500 organization.

在第四季度，我們與怡安銀行和薩莉美銀行進行了大規模擴張，並與財富 500 強企業達成了一項大型核心 FINS 交易。

Healthcare also once again delivered, with notable full suite wins including North Mississippi Medical Center, Hackensack Meridian Health, and UnityPoint Health.

醫療保健也再次取得了顯著的全套勝利，包括北密西西比醫療中心、哈肯薩克子午線醫療中心和 UnityPoint Health。

More than 30% of our net new wins in the quarter were full suite, and across our focus industries of SLED and healthcare, that number climbs to 50%.

本季度，我們超過 30% 的淨新勝利都是全套的，而在我們重點關注的 SLED 和醫療保健行業中，這一數字上升至 50%。

We had a record number of core FINS wins in both Q4 and the full fiscal year.

我們在第四季度和整個財年都獲得了創紀錄的核心 FINS 勝利數量。

We now have over 6,100 core HCM and Financials customers, and more than 2,000 of them are leveraging our full suite.

我們目前擁有超過 6,100 個核心 HCM 和財務客戶，其中超過 2,000 個正在使用我們的全套產品。

Our investments in Financials, both in innovation and go-to-market, continued to pay off with strong growth in new ACV in Q4.

我們對金融領域的投資（包括創新和市場進入）繼續獲得回報，第四季度新 ACV 實現強勁成長。

In addition to a record number of core Financials wins, we saw strong momentum for our financial planning, accounting center, student, and procurement solutions.

除了創紀錄的核心財務勝利數量外，我們還看到財務規劃、會計中心、學生和採購解決方案的強勁發展勢頭。

And we continue to see increasing demand for AI solutions.

我們持續看到對人工智慧解決方案的需求不斷增加。

In fact, AI is front and center in every conversation I have with customers, prospects, and partners.

事實上，在我與客戶、潛在客戶和合作夥伴的每一次對話中，人工智慧都處於中心位置。

They want to move beyond incremental productivity gains.

他們想要的不僅僅是漸進式的生產力成長。

They’re also looking for ROI that will help drive growth back into their business.

他們也正在尋求有助於推動業務成長的投資報酬率。

Similar to Q3, we once again saw 30% of our customer expansions involve one or more AI SKUs, including Extend Pro, Recruiting Agent, Evisort, and our recently rolled out Talent Mobility agent.

與第三季類似，我們再次看到 30% 的客戶擴展涉及一個或多個 AI SKU，包括 Extend Pro、Recruiting Agent、Evisort 和我們最近推出的人才流動代理商。

Extend Pro, which enables our customers to build AI applications on top of our platform, continues to be one of our fastest growing SKUs.

Extend Pro 使我們的客戶能夠在我們的平台上建立 AI 應用程序，它繼續成為我們成長最快的 SKU 之一。

In Q4, new ACV more than doubled over Q3.

第四季度，新的 ACV 比第三季度增加了一倍多。

Developer Copilot, which is part of Extend Pro, is delivering real results.

作為 Extend Pro 的一部分，Developer Copilot 正在取得真正的成果。

We're hearing from customers that they're seeing productivity gains of over 50%.

我們從客戶處獲悉，他們的生產力提高了 50% 以上。

This is helping them build apps much faster.

這有助於他們更快地建立應用程式。

Recruiting Agent had an exceptional close to the year with wins at BP, Genpact, and many more.

招聘代理在今年取得了非凡的成績，贏得了 BP、Genpact 等多家公司的青睞。

New ACV in Q4 nearly doubled from Q3.

第四季的新 ACV 比第三季幾乎翻了一番。

And this product continues to boost the average selling price of our core Recruiting solution.

這款產品持續提高我們核心招募解決方案的平均售價。

In fact in Q4, it was even higher than the 1.5x uplift we reported in Q3, a great example of customers willing to pay for high ROI solutions.

事實上，第四季度的成長甚至高於我們在第三季報告的 1.5 倍，這是客戶願意為高投資報酬率解決方案付費的一個很好的例子。

Our approach to AI has always been customer-centric.

我們對人工智慧的態度始終是以客戶為中心的。

While others rushed to charge for early Gen AI features, we integrated them into our core offering.

當其他人爭相對早期的 Gen AI 功能收費時，我們將其整合到了我們的核心產品中。

Now that our AI has evolved, and is delivering tangible ROI, we have new monetization opportunities that will fuel our long-term growth.

現在我們的人工智慧已經發展並正在提供實際的投資回報，我們擁有新的獲利機會，這將推動我們的長期成長。

And perhaps more importantly, we are further distancing ourselves from the competition.

或許更重要的是，我們正在進一步拉開與競爭對手的距離。

With more than one trillion transactions processed on our platform in FY25, our AI leverages the world’s largest and cleanest HR and Financial dataset.

在 25 財年，我們的平台上處理了超過一兆筆交易，我們的 AI 利用了世界上最大、最乾淨的人力資源和財務資料集。

And the combination of this data, with our ability to understand the context behind it, puts Workday in a unique position.

這些數據與我們理解其背後背景的能力相結合，使 Workday 處於獨特的地位。

Following the announcements of our new role-based agents at Rising, we launched four more agents for contracts, payroll, financial auditing, and policy.

繼 Rising 宣布推出基於角色的新代理商之後，我們又推出了四個針對合約、薪資、財務審計和政策的代理商。

These are not task-based agents, like most in the market today.

這些代理並非像當今市場上的大多數代理商那樣，是基於任務的代理。

Our role-based agents contain a configurable set of skills that give them greater ability to support people in their roles.

我們基於角色的代理包含一組可配置的技能，使他們能夠更好地支援人們履行自己的角色。

Each has multiple skills and can perform a large number of tasks.

每個角色都擁有多種技能，可以執行大量任務。

That’s where the true ROI is and where we see that customers are willing to pay.

這就是真正的投資報酬率，也是我們看到客戶願意支付的地方。

Over the past year, hundreds and maybe thousands of agents have been introduced into the market across a number of vendors.

在過去的一年裡，數百甚至數千個代理商已從多家供應商引入市場。

As more agents are deployed, organizations risk fragmented operations, increased security risk, and difficulty measuring the true value of their AI investments.

隨著部署更多代理，組織面臨營運分散、安全風險增加的風險，並且難以衡量其人工智慧投資的真正價值。

At this point, there’s no central place to manage agents, and there’s a real risk of sprawl.

目前，沒有一個中心位置來管理代理，而且存在著擴張的真正風險。

That’s what the Workday Agent System of Record aims to solve.

這正是 Workday 代理程式記錄系統所要解決的問題。

It will manage a business' entire fleet of AI agents alongside their human workforce, all on a trusted platform.

它將在一個可信賴的平台上管理企業的整個人工智慧代理團隊及其人力員工。

And it won’t just manage Workday agents, it will also manage customer-built agents and partner-built agents.

它不僅管理 Workday 代理，還將管理客戶建置的代理和合作夥伴建置的代理。

Since the launch, we’ve had strong interest from our customers and technology partners, who’d like access to Workday’s Agent System of Record to mitigate risk in the enterprise.

自推出以來，我們的客戶和技術合作夥伴就表現出了濃厚的興趣，他們希望使用 Workday 的代理記錄系統來降低企業的風險。

Partners continue to play a strong role in Workday’s growth, and they also extend the power of the Workday platform.

合作夥伴繼續在 Workday 的發展中發揮重要作用，並且擴展了 Workday 平台的功能。

In Q4, more than 15% of our net new ACV was sourced through partners, up from more than 10% last quarter, and we’re just getting started.

在第四季度，我們超過 15% 的淨新 ACV 是透過合作夥伴獲得的，高於上一季的 10% 以上，而且我們才剛起步。

Not only are we leaning into partners to drive increased pipeline for our core products, but we’re

我們不僅依靠合作夥伴來增加我們的核心產品線，而且我們

also collaborating with them to create new lines of business through programs like Workday Wellness, where we signed five strategic partners in Q4.

我們也與他們合作，透過 Workday Wellness 等計畫開闢新的業務線，我們在第四季度與五個策略合作夥伴簽約。

And we’re innovating with them as well.

我們也正在與他們一起創新。

Our Built on Workday program continues to gain traction.

我們的 Built on Workday 計劃繼續獲得關注。

Since its launch at the end of June, we have 72 partners building and selling applications on the Workday platform.

自 6 月底推出以來，我們已有 72 個合作夥伴在 Workday 平台上建置和銷售應用程式。

Finally, in the quarter we also signed our first strategic talent partnership with Randstad, which brings together the power of Workday Recruiting Agent with the global candidate data pool of the largest talent company in the world to help our customers increase hiring efficiencies and drive better talent outcomes.

最後，本季我們也與 Randstad 簽署了首個策略人才合作夥伴關係，將 Workday Recruiting Agent 的強大功能與全球最大人才公司的全球候選人資料池結合在一起，幫助我們的客戶提高招募效率並推動更好的人才成果。

Turning to international, we delivered solid performance across a number of our key geographies in Q4.

談到國際市場，我們在第四季度的多個主要地區都取得了穩健的業績。

We also hosted a record-breaking EMEA Rising in December with 5,000 attendees which helped drive momentum in the quarter.

我們也在 12 月舉辦了創紀錄的 EMEA Rising 活動，共有 5,000 名與會者參加，有助於推動本季的發展動能。

Despite the continued macro headwinds in EMEA, our two largest markets, the UK and Germany, had their strongest quarter of the year.

儘管歐洲、中東和非洲地區宏觀經濟狀況持續不利，但我們最大的兩個市場——英國和德國——卻迎來了今年最強勁的季度。

This shows what I’ve said many times, when customers are ready to make a spending decision, Workday is the choice.

這證明了我多次說過的話，當客戶準備做出消費決定時，Workday 是最佳選擇。

In the DACH region, we formed some fantastic new relationships in our competitors' backyards in Q4 with great German companies like Bayer and Henkel selecting Workday core HCM.

在 DACH 地區，我們在第四季度與競爭對手建立了一些良好的新關係，拜耳和漢高等優秀的德國公司選擇了 Workday 核心 HCM。

In APAC, we had several important wins including Binance, Nine Entertainment, and JINGDONG.

在亞太地區，我們取得了幾項重要的合作，包括與幣安、Nine Entertainment 和京東的合作。

And in Japan, we’re continuing to build the foundation to grow in this important market with the opening of our Osaka office.

在日本，我們開設了大阪辦事處，繼續為在這個重要市場的成長奠定基礎。

I want to thank my Workmates, our customers, and our partners for helping us end FY25 strong.

我要感謝我的同事、客戶和合作夥伴，幫助我們強勢結束 25 財年。

I’d also like to recognize Doug Robinson for helping us close the quarter on a high note.

我還要感謝道格羅賓遜 (Doug Robinson) 幫助我們圓滿結束本季。

Thank you, Doug, for your dedication to building this company.

謝謝你，道格，為了創建這家公司所做的貢獻。

Before we close, I'd like to share a couple other leadership updates.

在結束之前，我想分享一些其他的領導力更新。

After 10 incredible years, Sayan Chakraborty has decided to retire from Workday.

經過 10 年的輝煌工作，Sayan Chakraborty 決定從 Workday 退休。

He has been a driving force for our innovation strategy, and we can't thank him enough for the impact he has had.

他一直是我們創新策略的推動力，我們對他所產生的影響感激不盡。

With Sayan's retirement from Workday, we're excited to welcome Gerrit Kazmaier as our new President of Product and Technology.

隨著 Sayan 從 Workday 退休，我們很高興歡迎 Gerrit Kazmaier 擔任我們新的產品和技術總裁。

Gerrit joins us from Google, where he led data analytics and BI for Google Cloud.

Gerrit 來自 Google，在 Google 期間他曾領導 Google Cloud 的資料分析和 BI。

Prior to that, he spent nearly 11 years with SAP.

在此之前，他在 SAP 工作了近 11 年。

With his expertise in AI, data, ERP, and enterprise business processes, Gerrit is the ideal person to lead our Product and Technology strategy.

憑藉在 AI、數據、ERP 和企業業務流程方面的專業知識，Gerrit 是領導我們的產品和技術策略的理想人選。

Gerrit will start on March 10, and Sayan will stay on as an advisor through the end of May to help with the transition.

Gerrit 將於 3 月 10 日上任，而 Sayan 將擔任顧問直至 5 月底，以協助過渡。

It has been a year of change at Workday, and we’ll continue to evolve in the coming years to go after the massive opportunity ahead of us.

這是 Workday 改變的一年，未來幾年我們將繼續發展，抓住眼前的巨大機會。

Our recent restructuring was a tough, but necessary decision that will help us invest in the business to meet our customers' needs.

我們最近的重組是一個艱難但必要的決定，它將幫助我們投資業務以滿足客戶的需求。

We’re entering FY26, our 20th year in business, with an amazing team, renewed energy, and a clear view of how we can fulfill our founders' vision to revolutionize enterprise software, this time with AI.

我們即將進入 26 財年，也就是我們成立的第 20 個年頭，我們擁有一支出色的團隊、新的活力，並且對如何實現我們創始人的願景有著清晰的認識，即這次透過人工智慧徹底改變企業軟體。

Thank you again for joining us.

再次感謝您的加入我們。

And with that, I’ll hand it over to Zane.

說完這些，我就把它交給 Zane了。

Thanks, Carl, and thank you to everyone for joining today’s call.

謝謝，卡爾，也謝謝大家參加今天的電話會議。

Our Q4 results were driven by solid performance across key growth areas of the business including continued momentum with full suite and our financials solutions, growing demand for our AI SKUs, and strong execution across key industries.

我們的第四季業績得益於業務關鍵成長領域的穩健表現，包括全套解決方案和財務解決方案的持續發展勢頭、對我們的 AI SKU 不斷增長的需求以及關鍵行業的強勁執行力。

Turning to results, subscription revenue in Q4 was $2.04 billion, up 16%, benefiting from favorable linearity of new ACV bookings within the quarter.

談到業績，第四季的訂閱收入為 20.4 億美元，成長 16%，受益於本季新 ACV 預訂的良好線性成長。

Full year FY25 subscription revenue was $7.718 billion, growth of 17%.

25財年全年訂閱營收為77.18億美元，成長17%。

Professional services revenue was $171 million in the quarter and $728 million for the year.

本季專業服務收入為 1.71 億美元，全年專業服務收入為 7.28 億美元。

Total revenue in Q4 was $2.21 billion, growth of 15%, and for the full year was $8.45 billion, up 16%.

第四季總營收為 22.1 億美元，成長 15%，全年總營收為 84.5 億美元，成長 16%。

US revenue in Q4 totaled $1.66 billion, up 15%, and international revenue in the quarter was $556 million, growing 16%.

美國第四季營收總計 16.6 億美元，成長 15%，當季國際營收為 5.56 億美元，成長 16%。

For the full year, US revenue was $6.33 billion, up 16%, and international revenue was $2.11 billion, up 17%. 12-month subscription revenue backlog, or cRPO, was $7.63 billion at the end of Q4, growing 15%.

美國全年營收63.3億美元，成長16%，國際營收21.1億美元，成長17%。截至第四季末，12 個月訂閱營收積壓（cRPO）為 76.3 億美元，成長 15%。

Early renewal activity in the quarter was slightly higher than expected and contributed to the outperformance.

本季的早期續約活動略高於預期，並推動了業績的優異表現。

Total subscription revenue backlog at the end of Q4 was $25.06 billion, up 20%, and gross revenue retention rates remained strong at 98%.

第四季末的總訂閱營收積壓為 250.6 億美元，成長 20%，總營收留任率仍維持在 98% 的強勁水準。

Non-GAAP operating income for the fourth quarter was $584 million, representing a non-GAAP operating margin of 26.4%.

第四季非公認會計準則營業收入為 5.84 億美元，非公認會計準則營業利益率為 26.4%。

The year-over-year improvement benefited from a combination of revenue outperformance, ongoing cost discipline, and improved efficiencies across the company.

與去年同期相比，業績的成長得益於收入的優異表現、持續的成本控制以及整個公司的效率提高。

Full-year, non-GAAP operating income was $2.19 billion, reflecting a non-GAAP operating margin of 25.9%.

全年非 GAAP 營業收入為 21.9 億美元，非 GAAP 營業利益率為 25.9%。

GAAP operating income in the quarter was impacted by a $75 million dollar charge, primarily related to the previously announced restructuring.

本季的 GAAP 營業收入受到 7,500 萬美元費用的影響，主要與先前宣布的重組有關。

Q4 operating cash flow was $1.11 billion dollars, resulting in full-year operating cash flow of $2.46 billion dollars, growth of 15%.

第四季經營現金流為11.1億美元，全年經營現金流為24.6億美元，成長15%。

We repurchased $99 million dollars of our shares during the quarter and $700 million dollars for the full year, helping drive annual dilution below 1% for the year.

我們在本季回購了價值 9,900 萬美元的股票，全年回購了價值 7 億美元的股票，幫助全年稀釋度控制在 1% 以下。

The timing and amount of our repurchase activity in the quarter was impacted by trading constraints.

本季我們的回購活動的時間和金額受到交易限制的影響。

We had $802 million in remaining authorization as of year-end.

截至年底，我們的剩餘授權金額為 8.02 億美元。

We ended the year with $8 billion dollars in cash and marketable securities.

我們到年底時擁有 80 億美元現金和有價證券。

Our headcount as of January 31 was approximately 20,400 workmates, not reflecting the restructuring that took place in early February, which we expect will reduce our workforce by approximately 8%.

截至 1 月 31 日，我們的員工總數約為 20,400 名，並未反映 2 月初進行的重組，我們預計此次重組將使員工人數減少約 8%。

Now turning to guidance.

現在轉向指導。

We’re pleased with the execution we are driving across several of our key strategic areas, and given our solid performance in the fourth quarter, we continue to expect FY26 subscription revenue of approximately $8.8 billion dollars, growth of 14%.

我們對在幾個關鍵戰略領域的執行情況感到滿意，鑑於我們第四季度的穩健表現，我們繼續預計 26 財年的訂閱收入約為 88 億美元，增長 14%。

This outlook incorporates the impact of the continued strengthening of the US dollar which is a roughly $20 million dollar incremental headwind since we provided guidance last quarter.

這一前景考慮了美元持續走強的影響，自我們上個季度提供指引以來，美元持續走強造成了約 2000 萬美元的增量逆風。

We anticipate Q1 FY26 subscription revenue to be approximately $2.05 billion, growth of 13%, or 14% when normalizing for the effect of the leap year last Q1.

我們預計 26 財年第一季的訂閱營收約為 20.5 億美元，成長 13%，如果考慮到去年第一季閏年的影響，則成長 14%。

We expect cRPO to increase between 14.5% and 15.5% in Q1.

我們預計第一季 cRPO 將成長 14.5% 至 15.5%。

We expect subscription revenue to increase roughly 5.5% sequentially in Q2.

我們預計第二季訂閱收入將環比成長約 5.5%。

We continue to expect a slightly faster pace of year over year subscription revenue growth in the second half of FY26 relative to the first half.

我們繼續預計，2026 財年下半年的年比訂閱營收成長速度將比上半年略快。

This is driven by continued momentum across our investment initiatives, in addition to revenue building from certain deals we closed in FY25 and discussed on our last earnings call.

這是由我們投資計劃的持續發展勢頭推動的，此外還有我們在 25 財年完成並在上次財報電話會議上討論的某些交易帶來的收入。

We anticipate FY26 professional services revenue of approximately $700 million dollars, as we continue to leverage our partner ecosystem.

由於我們將繼續利用我們的合作夥伴生態系統，我們預計 26 財年專業服務收入約為 7 億美元。

For Q1, we expect professional services revenue of $165 million dollars.

我們預計第一季的專業服務收入為 1.65 億美元。

We expect FY26 non-GAAP operating margins of approximately 28%.

我們預計 26 財年非 GAAP 營業利潤率約為 28%。

This outlook incorporates an accelerated pace of AI investment across our platform and targeted investments across key areas of the business.

這一前景包括我們平台上人工智慧投資的加速步伐以及業務關鍵領域的有針對性的投資。

We will also continue to drive efficiencies and look for improvements in operating our business at scale.

我們也將繼續提高效率並尋求改善規模營運業務。

For Q1, we expect a non-GAAP operating margin of 28%.

對於第一季度，我們預計非 GAAP 營業利潤率為 28%。

GAAP operating margin for the first quarter is impacted by the previously announced restructuring.

第一季的 GAAP 營業利潤率受到先前宣布的重組的影響。

We expect to incur an additional restructuring expense of approximately $180 million in the quarter, which will be excluded from our non-GAAP results.

我們預計本季將產生約 1.8 億美元的額外重組費用，該費用將不包括在我們的非 GAAP 業績中。

We expect the GAAP operating margins to be approximately 30 and 21 percentage points lower than our Q1 and full-year FY26 non-GAAP operating margins respectively.

我們預計 GAAP 營業利潤率將分別比我們第一季和 26 財年全年非 GAAP 營業利潤率低約 30 個百分點和 21 個百分點。

The FY26 non-GAAP tax rate is expected to be 19%.

FY26非GAAP稅率預計為19%。

We expect FY26 operating cash flow of $2.75 billion, which includes roughly $180 million of cash outflows related to the restructuring, which we expect will be incurred in the first half of FY26.

我們預計 26 財年的營運現金流為 27.5 億美元，其中包括與重組相關的約 1.8 億美元現金流出，我們預計這筆現金流出將在 26 財年上半年產生。

We expect FY26 capital expenditures of approximately $250 million dollars, down slightly from FY25.

我們預計 26 財年的資本支出約為 2.5 億美元，較 25 財年略有下降。

We enter the new fiscal year with clear momentum, and are focused on investing strategically to support our medium-term objectives of mid-teens subscription revenue growth and 30% non-GAAP operating margin, while building the foundation to support enduring growth and margin expansion.

我們以明顯的勢頭進入新的財年，並專注於策略性投資以支持我們的中期目標，即中等水平的訂閱收入增長和 30％ 的非 GAAP 營業利潤率，同時為支持持久增長和利潤率擴大奠定基礎。

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

說完這些，我會把話題轉回給接線生，開始問答環節。

(Operator Instructions) Mark Murphy, JPMorgan.

（操作員指示）摩根大通的馬克·墨菲。

Congrats.

恭喜。

It's nice to see the cRPO dollars added figure, I believe, reached its highest level ever.

我很高興看到 cRPO 美元增加值達到了有史以來的最高水平。

I wanted to ask if you can walk us through the vision and the scale of the investment that you think is required for the Agent System of Record.

我想問您是否可以向我們介紹一下您認為代理商記錄系統所需的願景和投資規模。

I'm curious if a chunk of the savings from the restructuring are going to be redirected into building that Agent System of Record.

我很好奇，重組所節省的大部分資金是否會被重新用於建立代理記錄系統。

And then relating to that, do you have any Lighthouse customers that are raising their hand in some way, saying we want to manage entire fleets of agents, including some third-party agents using that product?

與此相關，是否有任何 Lighthouse 客戶以某種方式舉手錶示我們想要管理整個代理商團隊，包括一些使用該產品的第三方代理商？

Yeah.

是的。

Hi, Mark.

你好，馬克。

This is Carl.

這是卡爾。

Before I answer your question, if you don't mind, I'd just like to again thank my workmates, partners, and customers on a really good Q4 and a solid FY25 finish.

在回答您的問題之前，如果您不介意的話，我只想再次感謝我的同事、合作夥伴和客戶，感謝他們帶來了非常好的第四季度業績和穩健的 2025 財年業績。

The diversity and durability of our business and the demand for the Workday platform has continued to help us drive towards our goal of delivering durable growth at scale and expanding operating margins.

我們業務的多樣性和持久性以及對 Workday 平台的需求繼續幫助我們實現規模化持久增長和擴大營業利潤率的目標。

Again, thank you to everyone.

再次感謝大家。

So let me start by answering your question around investments.

那麼，讓我先回答您有關投資的問題。

As we said in my prepared remarks, a restructuring is never something easy to do.

正如我在準備好的發言中所說，重組從來都不是一件容易的事。

But we thought it was absolutely necessary for us to be able to reinvest back in specifically into the product and technology organization around our Agent System of Record that we announced two weeks ago.

但我們認為，我們絕對有必要重新投資於我們兩週前宣布的代理記錄系統的產品和技術組織。

We have seen since that announcement, an incredible uptake in interest both from customers and from our partner community who want to build agents and understand there is a risk of them entering the enterprise in an uncontrolled way.

自從該公告發布以來，我們看到客戶和合作夥伴社群的興趣日益濃厚，他們希望建立代理，但同時也明白代理以不受控制的方式進入企業存在風險。

So there's no doubt this investment is required because of the demand we're seeing.

因此，毫無疑問，由於我們所看到的需求，這項投資是必要的。

It's also required on the go-to-market side, where we're going to continue to invest to be able to take the Agent System of Record, along with all of our role-based agents deeper into the enterprise.

這也是市場進入方面的要求，我們將繼續投資，以便能夠將代理商記錄系統以及我們所有基於角色的代理商更深入地帶入企業。

And David, who runs product for us.

還有負責我們產品業務的 David。

Anything to add there?

還有什麼要補充的嗎？

Yes.

是的。

No.

不。

I mean, I think we've been extremely pleased with the response that we've gotten, and you mentioned this, Carl, not with just customer response in terms of the Agent System of Record, but also from partners.

我的意思是，我認為我們對所得到的回應感到非常滿意，卡爾，你提到了這一點，不僅僅是代理記錄系統方面的客戶回應，還有合作夥伴的回應。

And yeah, I think it's one of this specific questions you asked was interest in not only managing Workday agents within that product, but also third-party agents.

是的，我認為您問的一個具體問題是，您不僅對管理該產品中的 Workday 代理感興趣，而且還對管理第三方代理感興趣。

And we see a lot of interest in both of those areas, whether that's customer built agents or even third-party partner built agents being managed within the Agent System of Record.

我們看到人們對這兩個領域都有很大的興趣，無論是客戶建構的代理，或是在代理記錄系統內管理的第三方合作夥伴所建構的代理。

So once again, a significant opportunity we see to deliver value to our customers there.

因此，我們再次看到了為那裡的客戶提供價值的重要機會。

Kash Rangan, Goldman Sachs.

高盛的卡什·蘭根 (Kash Rangan)。

Congrats on a nice finish to the year.

恭喜您今年取得了圓滿的成績。

Carl, one question for you.

卡爾，問你一個問題。

You guys have tremendous visibility in your business.

你們的業務有很高的知名度。

Your backlog is CRPO, 3 times over, right?

您的積壓訂單是 CRPO，超過 3 倍，對嗎？

But on the flip side, as you have contracts that come up for renewal, from presumably 2022 levels customers signed a three-year contract in '22, they're coming up for all 2025, what is the health of that renewal base look like, especially in a world with AI, without AI?

但另一方面，由於您的合同即將續簽，從大約 2022 年的水平來看，客戶在 22 年簽署了三年的合同，他們將在 2025 年全部續簽，那麼續簽基礎的健康狀況如何，尤其是在有人工智能或沒有人工智能的世界裡？

There is workforce reductions happening.

正在發生裁員。

And as you overlay your AI upsell on top of that, what are the opportunities for the company to -- upon the renewal to attach itself and its impressive list of AI products as to ensure that you're able to grow to meet your goals?

當你在此基礎上增加人工智慧銷售時，公司在更新後有哪些機會可以將其自身及其令人印象深刻的人工智慧產品清單附加起來，以確保您能夠發展並實現目標？

Yeah, we do have good visibility for the next many years on the renewal opportunity we have here at Workday.

是的，我們對未來許多年 Workday 的更新機會有很好的預見性。

That being said, as you know, we do not wait for the renewal opportunity to sell back into our customer base.

話雖如此，如您所知，我們不會等待續約機會再將產品賣給我們的客戶群。

For example, we highlighted again for the second consecutive quarter that we were able to sell an AI SKU back into our customer base more than 30% of those transactions, which is the second quarter in a row.

例如，我們連續第二季再次強調，我們能夠將超過 30% 的交易的 AI SKU 賣回給我們的客戶群，這是連續第二個季度。

And specifically, the uptake we're seeing on our Recruiter Agent and Extend Pro allow us to sell back into that customer base.

具體來說，我們看到招募代理商和擴展專業版的使用量不斷增長，這使我們能夠向該客戶群進行銷售。

Both of them almost doubled quarter-over-quarter.

它們兩個的銷量都比上一季增長了近一倍。

So we have great visibility in our existing customer base, the renewals, but more importantly, Kash, as we've been doing in the last couple of years, we're not waiting for renewal to sell back into the customer base, the products and SKUs we have today.

因此，我們對現有客戶群和續約情況有很好的了解，但更重要的是，正如我們在過去幾年中所做的那樣，我們不會等待續約後再將我們今天擁有的產品和 SKU 賣回給客戶群。

We also know that we have a number of new AI agent SKUs that we'll be rolling out over the next 6 to 12 months, and they also give us a great opportunity to sell back into that customer base.

我們也知道，我們將在未來 6 到 12 個月內推出許多新的 AI 代理 SKU，它們也為我們提供了向該客戶群銷售的絕佳機會。

So we're excited about the customer base, which is now the more than 6,100 customers, and we're excited about how we're selling to them today and what the future looks like with all of our new agents that we're bringing to market.

因此，我們對客戶群感到非常興奮，現在客戶群已超過 6,100 名，我們對今天向他們銷售產品的方式以及隨著我們向市場推出所有新代理商，未來的前景感到興奮。

Kash, it's Zane.

Kash，我是 Zane。

I'll just add, if you look at that renewal opportunity, just that baseline opportunity that Carl is going to leverage off, the growth in the upcoming year is very similar to what we saw in the prior year.

我只想補充一點，如果你看看那個續約機會，也就是卡爾將要利用的那個基本機會，那麼來年的成長與我們在前一年看到的非常相似。

So there's obviously some variability quarter to quarter, but we feel good about the growth and the opportunity heading into FY26 as well.

因此，每個季度之間顯然存在一些差異，但我們對 2026 財年的成長和機會也充滿信心。

And that was part of the reason attributed to the strong CRPO as well.

這也是 CRPO 強大的原因之一。

Obviously, it's that go-to-market motion and how we're selling back into the base and growing from that.

顯然，這就是進入市場的動向，以及我們如何向基礎客戶銷售產品並從中實現成長。

The other thing I should probably highlight, Zane, is the fact that our create and close momentum in the quarter where we did not see an opportunity in the pipeline that we ended up selling back into our customer base was the strongest we've seen all year.

我可能應該強調的另一件事是，贊恩，事實上，我們在本季度創造和結束的勢頭是我們全年見過的最強勁的，儘管我們沒有看到管道中的機會，但我們最終將其賣回給了我們的客戶群。

So that was another good selling motion, and I was really proud of how the team executed on creating opportunities in a given quarter and closing them at the same time.

所以這是另一個很好的銷售動議，我為團隊在特定季度創造機會並同時完成機會的方式感到非常自豪。

Kirk Materne, Evercore ISI.

柯克·馬特恩（Kirk Materne），Evercore ISI。

Congrats on the nice finish to the year.

恭喜你今年取得了圓滿的成績。

I think this one is probably for Zane.

我認為這很可能是給 Zane 的。

Zane obviously, your cadence for the year sort of infers a little bit of acceleration from the first half to the second half.

顯然，Zane，你今年的節奏暗示了從上半年到下半年會有一點加速。

You went through some of the reasons why.

您已經了解了一些原因。

Just sort of two-part question around that.

這個問題由兩個部分組成。

I guess, one, in the back half of the year, are you guys expecting much contribution from some of the agent revenue or some of the agents that you put out over the last six months?

我想，第一，在今年下半年，你們是否預期部分代理商的收入或過去六個月推出的部分代理商會帶來很大的貢獻？

And I guess secondly, you had a strong fourth quarter.

其次，你們第四季表現強勁。

Do you feel better about that sort of opportunity or sort of the -- just the visibility, I guess, into the back half of the year today versus three months?

您是否對這種機會感覺更好一些，或者說——只是對今年下半年的可見性，與三個月相比？

I know 4Q is a big bookings quarter for you.

我知道第四季對你們來說是一個預訂量很大的季度。

So I think that your visibility is perhaps a little bit better today than it was then (inaudible) just reiterated guidance, so I would infer that, but I was wondering if you could just put a little bit more color around that.

因此，我認為今天的可見度可能比當時要好一些（聽不清楚）只是重申了指導意見，所以我會推斷這一點，但我想知道您是否可以對此進行更詳細的說明。

Of course, Kirk.

當然，柯克。

I'll start then I think Carl probably want to add to it.

我先開始，然後我想卡爾可能想補充一點。

I mean as you point out, we are very pleased strength in Q4 in a variety of areas, most notably newer opportunities that we have in particular around AI.

正如您所指出的，我們對第四季度在各個領域的強勁表現感到非常高興，最值得注意的是我們在人工智慧領域獲得的新機會。

As it relates to your first question on agents, we haven't built in, I'd say, a meaningful amount of dollars tied to agents just as we expect to roll them out through the course of the year.

至於您關於代理商的第一個問題，我想說，我們還沒有投入與代理商掛鉤的大量資金，就像我們預計在全年推出的那樣。

So there's not a meaningful amount attributed to agents.

因此，分配給代理商的金額並無太大意義。

I also called out the fact that we've got a little bit more headwind related to FX.

我還指出，我們在外匯方面遇到了一些阻力。

And we updated you last quarter, we had incorporated that into that visibility and into that forecast.

我們在上個季度向您更新了情況，我們已將其納入到可見性和預測之中。

Obviously, now we've taken that into account the additional, I think I called out about $20 million in my prepared remarks.

顯然，現在我們已經考慮到了額外的金額，我想我在準備好的演講中提到了大約 2000 萬美元。

So we see a little bit of pressure there, but the underlying business was really strong in the fourth quarter.

因此，我們看到了一點壓力，但第四季度的基礎業務確實強勁。

And as you point out, we've got better visibility as we look at FY26 in a number of key growth areas that are well supporting the outlook we have.

正如您所指出的，展望 2026 財年，我們對一些關鍵成長領域的了解更加深入，這些領域很好地支持了我們的前景。

In addition to that, while it's not always tightly correlated.

除此之外，儘管它們並不總是緊密相關的。

We feel very good about the CRPO that we (inaudible) that aggregate level that we focus on.

我們對於 CRPO 感到非常滿意，我們（聽不清楚）重點關注的是整體水準。

Yeah.

是的。

And as it relates to AI and its contribution, we're already seeing the contribution from our Recruiter Agent and things like Extend Pro, which I indicated earlier, have grown now 100% quarter over quarter.

至於人工智慧及其貢獻，我們已經看到了招聘代理商和我之前提到的 Extend Pro 之類的產品的貢獻，它們的季度環比增長了 100％。

But we're also seeing early evidence in something like Evisort, talent optimization.

但我們也在 Evisort、人才優化等看到了早期證據。

We have a new agent out called Talent Mobility Agent.

我們有一位新代理，稱為「人才流動代理」。

And then we did announce four new agents at our Agent System of Record Event two weeks ago that will not be available to the second half of the year.

然後，我們確實在兩週前的代理系統記錄活動上宣布了四位新代理，但他們將不會在今年下半年任職。

They were the policy agent contract agent, financial auto agent, and payroll agent, and we don't see them attributing a whole lot to the current guidance we have for FY26 because they'll be in early access at Rising later this year.

他們是政策代理合約代理、金融汽車代理和工資代理，我們認為他們不會將很大一部分歸功於我們對 FY26 的當前指導，因為他們將在今年晚些時候在 Rising 上獲得早期訪問權。

Brad Sills, Bank of America.

美國銀行的布拉德·西爾斯。

I wanted to ask a question about international.

我想問一個關於國際的問題。

We haven't heard from a lot of companies that Europe was a source of strength this quarter, and I know it has been a focus area for you.

我們並沒有聽到很多公司表示歐洲是本季的強勁動力，但我知道這一直是你們關注的領域。

So I would love to get some color as to where you're seeing strength in Europe.

所以我很想了解您認為歐洲的優勢在哪裡。

How do you feel about the feet on the street that you have over there?

您對那邊街上的行人有什麼感覺？

Which countries are working nicely in the go-to-market and some of the progress, and which ones would we expect to see more progress from going forward?

哪些國家在市場進入方面做得很好並且取得了一些進展？

Yeah.

是的。

Thanks, Brad.

謝謝，布拉德。

As you know, we've called out for the last couple of years, we have a significant opportunity internationally.

正如你們所知，過去幾年我們一直在呼籲，我們在國際上擁有重大機會。

You guys know the math, 75% of our revenue comes from the U.S., and only 25% outside of the U.S. yet, more than 50% of our addressable market is outside of the U.S.

你們都知道，我們的收入 75% 來自美國，只有 25% 來自美國以外，但我們 50% 以上的潛在市場在美國以外。

and that hasn't changed.

這一點至今沒有改變。

Specifically, as we think about EMEA, I think for the entire year, we've called out that it was more of a headwind than a tailwind compared to the years past.

具體來說，當我們考慮歐洲、中東和非洲地區時，我認為就全年而言，與過去幾年相比，我們已經指出，這更多的是逆風而不是順風。

And that was quite honestly, no different for us in Q4.

坦白說，對我們來說，第四季的情況也沒什麼不同。

That being said, the teams had a really strong finish to the year in Europe, specifically in two of the biggest markets, both the UK and Germany delivered really solid results.

話雖如此，這些球隊今年在歐洲取得了非常強勁的成績，特別是在兩個最大的市場，英國和德國都取得了非常穩健的成績。

Now we wouldn't say one quarter of strength is a trend so we expect more of the same in FY26, but we do expect to continue to invest in the business internationally because of the size of the market we have to go after.

現在，我們不會說一個季度的強勁增長是一種趨勢，因此，我們預計 26 財年將出現更多類似的增長，但由於我們必須追求的市場規模，我們確實預計將繼續在國際上投資業務。

And we expect when customers do ultimately make a decision to move forward with a large transformation project, they always go, or should I say, most of the time go with Workday.

我們預計，當客戶最終決定推進大型轉型專案時，他們總是會選擇，或者應該說，大多數時候會選擇 Workday。

And two examples of that we're in our -- one of our biggest competitors backyard.

舉兩個例子，我們就在我們最大的競爭對手的後院。

I called them out in my prepared remarks.

我在準備好的發言中提到了他們。

In Germany, we closed two large HCM opportunities with Henkel and Bayer, and they were out there for many quarters, and they finally decided to move forward and selected us.

在德國，我們與漢高和拜耳達成了兩大 HCM 合作機會，這兩家公司已經等待了多個季度，最終他們決定繼續前進並選擇了我們。

So that's just an example of the momentum when someone does make a decision that we have around our solution and the value we're bringing to our customers and prospects.

所以這只是當有人做出決定時我們的解決方案以及我們為客戶和潛在客戶帶來的價值所產生的動力的一個例子。

Brad, and just to tie that to our forecast as we look at FY26, we're not considering any meaningful change in the environment, at least from the macro perspective in Europe.

布拉德，只是為了將其與我們對 26 財年的預測聯繫起來，我們沒有考慮環境的任何重大變化，至少從歐洲的宏觀角度來看。

So we're still very pleased with the product that we're continuing to build there, the team we have on the go-to-market side and our deliverables.

因此，我們仍然對我們在那裡繼續生產的產品、我們在行銷方面的團隊以及我們的交付成果感到非常滿意。

But we're not having -- we're not expecting any material change, at least from the environment.

但我們沒有——我們並不期待任何實質的變化，至少在環境方面。

Raimo Lenschow, Barclays.

巴克萊銀行的 Raimo Lenschow。

Congrats from me as well.

我本人也對此表示祝賀。

Any expectations for a change in go-to-market now with Rob Enslin finally coming on board?

隨著 Rob Enslin 的最終加入，對於行銷方式的改變有什麼期待嗎？

And I'm thinking more international as well since you have that success, is there any change?

既然你們取得了成功，我也在考慮更國際化，有什麼改變嗎？

Or do you -- are you doubling down on that one of the way you do it?

或者你——你是否正在以加倍的努力去做這件事？

First, I just want to again thank Doug Robinson for 14 years of service here at Workday.

首先，我要再次感謝 Doug Robinson 在 Workday 的 14 年服務。

He was an incredible asset, and I think we all get to see here at Workday because of his success.

他是一筆不可多得的財富，我想我們所有人都能在 Workday 看到他的成功。

So I just want to thank him again.

所以我只想再次感謝他。

And I actually think between Rob now on board for three months, and Doug, we've had a seamless and smooth transition.

事實上，我認為 Rob 加入公司已經三個月了，而 Doug 的過渡也十分順利。

Rob, obviously, has a tremendous amount of experience, especially internationally, and he's already spent time around both Europe, and he has been in Japan already, and he'll be traveling more over the next coming months in international markets to help us expand and take advantage of the opportunity we have, but also the deep network that he has across customers as well as partner communities.

顯然，羅布擁有豐富的經驗，尤其是在國際方面，他已經在歐洲和日本待過一段時間，未來幾個月他將在國際市場進行更多旅行，以幫助我們擴展和利用我們擁有的機會，同時也利用他在客戶和合作夥伴社區中建立的深厚網絡。

So that being said, not a lot of changes.

話雖如此，變化並不大。

As you saw from our Q4 performance, I think the go-to-market engine is working really well under the leadership of Patrick who's our Chief Revenue Officer.

正如您從我們第四季度的業績中看到的，我認為在首席營收長帕特里克的領導下，市場進入引擎運行得非常好。

And I think Rob will just make tweaks or refinements to the go-to-market motion to only improve it from here.

我認為 Rob 只會對上市動議進行一些調整或改進，以便從現在開始改進它。

But no major changes at this time.

但目前尚無重大變化。

Michael Turrin, Wells Fargo.

富國銀行的邁克爾·圖林。

Zane, I just want to go back to the margin potential relative to the guidance and how you're thinking about that.

贊恩，我只想回到相對於指導的利潤潛力以及您對此的看法。

It's clear there are product areas you can reinvest in, so I don't think we would have expected all of the leverage from the head count reduction potentially flow into the initial guide for the upcoming year.

顯然，有些產品領域是可以再投資的，因此，我認為，我們不會期望裁員帶來的所有槓桿作用都可能流入來年的初步指導中。

But can you just kind of speak to the trade-offs you're evaluating currently?

但您能否談談您目前正在評估的權衡？

And then how we should think about those in the context of the overall margin potential of Workday from here?

那麼，我們應該如何從 Workday 的整體利潤潛力的角度來考慮這些問題呢？

Yes, Michael, we've obviously laid out a midterm plan to get to 30% plus through FY27, and what we've put out this year, moving it up incrementally to 28% allows us to get there.

是的，邁克爾，我們顯然已經制定了中期計劃，到 2027 財年達到 30％ 以上的目標，而我們今年提出的逐步上升到 28％ 的計劃使我們能夠實現這一目標。

Candidly, as Carl mentioned earlier, we see tremendous opportunity in AI.

坦白說，正如卡爾之前提到的，我們在人工智慧領域看到了巨大的機會。

So we're, I think, doing a good job balancing those investments.

因此我認為我們在平衡這些投資方面做得很好。

We've got David here and his team leaning as heavily as they ever have into our AI investments and our strategy surrounding AI.

我們讓戴維和他的團隊像以前一樣高度重視我們的人工智慧投資以及圍繞人工智慧的策略。

And concurrently, while we do that, seeing opportunities to continue to scale the business, obviously, as you grow in the mid-teens, it allows you and affords you that opportunity to continuously think about balancing investments with margin appreciation.

同時，在我們這樣做的同時，我們也看到了繼續擴大業務的機會，顯然，隨著您在十幾歲時成長，它可以讓您並為您提供機會不斷思考如何平衡投資和利潤增值。

And that's what we're focused on, and we're literally looking at every part of the organization on how we scale, how we think of efficiencies.

這就是我們所關注的重點，我們正在從各個角度審視組織的各個部分，思考如何擴大規模、如何提高效率。

And at the same time, how we continue to invest both organically and inorganically.

同時，我們如何繼續進行有機投資和無機投資。

So I think we've got a good balance here.

所以我認為我們在這裡取得了很好的平衡。

We've got a lot of focus across the company and ensuring that we achieve our objectives.

我們全公司上下高度重視，確保實現我們的目標。

And as you saw, where we see some opportunities you saw with this year, we'll give it back and provide some upside to the margins.

正如您所看到的，我們看到了今年的一些機會，我們將回饋這些機會並為利潤率帶來一些上升空間。

But we've got a good balance there.

但我們在這方面取得了良好的平衡。

We think we still got a tremendous opportunity ahead to invest into.

我們認為，未來我們仍有巨大的投資機會。

Brent Thill, Jefferies.

傑富瑞的布倫特‧蒂爾 (Brent Thill)。

Carl, on federal, you've mentioned some good wins, and you feel the momentum there.

卡爾，關於聯邦，你提到了一些好的勝利，你感受到了那裡的勢頭。

I think there has been also some concerns could things kind of go a little sideways until they figure out the exact direction where they're going with the new administration.

我認為，人們也擔心，在新政府確定確切的發展方向之前，事情可能會出現一些偏差。

I'm just curious if you could lay out how you think that plays out for you over the next year?

我只是好奇，您能否闡述一下您認為明年的情況會如何發展？

Yeah.

是的。

Thanks, Brent.

謝謝，布倫特。

As you know, over the last 18 months, we've started to lean into the federal business an opportunity more aggressively than we've historically done.

如您所知，在過去的 18 個月中，我們開始比以往更積極地抓住聯邦業務機會。

And the reason for that is, if you look at the federal government, while they spend a tremendous amount of money on technology, the systems they have, specifically ERP, HCM, or financial systems are very antiquated.

原因是，如果你看看聯邦政府，雖然他們在技術上投入了大量的資金，但他們擁有的系統，特別是 ERP、HCM 或財務系統卻非常過時。

In fact, the majority of them are still on-premise, which means they're inefficient.

事實上，大多數系統仍在現場運行，這意味著它們的效率低。

And as we think about DOGE and what that could potentially do going forward, if you want to drive efficiency in the government, you have to upgrade your systems.

當我們思考 DOGE 以及它未來可能發揮的作用時，如果你想提高政府效率，你必須升級你的系統。

And we find that as a really rich opportunity.

我們發現這是一個真正寶貴的機會。

And in the last year, we've laid the groundwork with a couple of significant wins, for example, at the Department of Energy and the DIA, to allow us to springboard our momentum in the federal market moving forward.

去年，我們取得了一些重大勝利，例如與能源部和國防情報局的合作，這為我們未來在聯邦市場的發展奠定了基礎。

So yes, there's some uncertainty, but there's still tremendous opportunity.

所以是的，存在一些不確定性，但仍然存在巨大的機會。

And if you want to drive efficiencies across the government, there is a starting point called on-premises solution, getting them to the cloud.

如果你想提高整個政府的效率，有一個起點叫做內部部署解決方案，將其轉移到雲端。

And as we speak to the customers, all of them are looking to leverage Workday and what we have in our [best-of-breed] platform and applications to better service and more efficiently.

當我們與客戶交談時，他們都希望利用 Workday 以及我們（最佳）平台和應用程式所提供的功能來提供更優質、更有效率的服務。

Alex Zukin, Wolfe Research.

沃爾夫研究公司的亞歷克斯祖金 (Alex Zukin)

Congrats on a [solid into] the year.

恭喜你度過一個[充實的]新年。

I guess maybe just a two-parter for me.

我想，對我來說，也許這只是一個兩個部分的故事。

Maybe first, Carl.

也許是第一，卡爾。

On the [Agentic] front, we're all trying to kind of grapple with what this means from a TAM expansion point for the systems of record.

在 [Agentic] 方面，我們都在嘗試從 TAM 擴展點來理解這對記錄系統的意義。

I'm curious how you guys are framing it in terms of the ability to really monetize and add a tremendous level of new value to your existing customer relationships?

我很好奇，你們是如何從真正貨幣化的能力和為現有客戶關係增添巨大的新價值的角度來建構它的？

And then maybe, Zane, what -- it felt like -- was there a change in calculus that accompanied the RIF in terms of free -- like seeing something that maybe you want to move faster to free up more?

然後也許，贊恩，感覺像什麼——在自由方面，伴隨 RIF 的微積分是否發生了變化——就像看到一些東西，也許你想移動得更快以釋放更多？

Or was that always kind of in the cards for the previous margin guidance?

或者這一直是先前的利潤率指導中的一個預期？

Yes, sure.

是的，當然。

Maybe I'll start.

也許我會開始。

So we are quite excited about the opportunity to bring agents, and specifically role-based agents, into the enterprise.

因此，我們對將代理商（特別是基於角色的代理商）引入企業的機會感到非常興奮。

To do that, you need to bring them in very similar to you bringing your human workforce today, which no one is better at than Workday.

要做到這一點，你需要將他們引入進來，就像你今天引入人力勞動力一樣，在這方面沒有人比 Workday 做得更好。

We're taking that same framework to securely onboard, right, new agents and digital workers in the same way we have done with human workers in the past.

我們採用相同的框架來安全地接納新代理商和數位工作者，就像我們過去接納人類工作者一樣。

So if there's ever a shift from human workers to digital workers, we're going to still be able to capture the revenue for that as they land on our Workday agent system of record.

因此，如果從人類員工轉向數位員工，當他們進入我們的 Workday 代理記錄系統時，我們仍然能夠獲得收入。

So we think the monetization opportunity we have for both our own role-based agents, as well as David said earlier, new agents, either that our customers are building, our partners, or even in some cases our competitors, they have to somehow come into the enterprise.

因此，我們認為，我們為自己基於角色的代理以及 David 之前所說的新代理提供了盈利機會，無論是我們的客戶正在構建的代理，我們的合作夥伴，還是在某些情況下我們的競爭對手，他們都必須以某種方式進入企業。

And they're going to do that through a system of record, and we believe we're uniquely positioned with our gateway to onboard all agents into the enterprise, and we will be able to monetize that.

他們將透過記錄系統來實現這一點，我們相信，憑藉將所有代理商納入企業的門戶，我們處於獨特的地位，並且能夠將其貨幣化。

It's also important to note that we have multiple ways to monetize AI.

值得注意的是，我們有多種方式來實現人工智慧的貨幣化。

Today, we're monetizing in the platform because we have a lot of functionality around AI in the platform itself.

今天，我們正在透過該平台實現盈利，因為我們平臺本身就有很多圍繞人工智慧的功能。

We're monetizing it through some of the things we rolled out in the last year, the Recruiter Agent, Extend Pro.

我們透過去年推出的一些產品（Recruiter Agent、Extend Pro）將其貨幣化。

We have things like Evisort.

我們有像 Evisort 這樣的東西。

And all of these new agents now we're bringing to market is another way for us to monetize it and it's both seat-based and consumption based.

現在，我們向市場推出的所有這些新代理商都是我們實現盈利的另一種方式，它既基於座位，也基於消費。

So we have lots of opportunity to monetize it, and we're excited about what the future looks like, specifically after our last two quarters of performance around AI.

因此，我們有很多機會將其貨幣化，我們對未來感到興奮，特別是在過去兩個季度我們在人工智慧方面的表現之後。

Alex, and I'll just add as it relates to the margin profile, there's no change in thought and in process.

亞歷克斯，我只想補充一點，因為它與利潤率概況有關，在思想和流程上沒有任何變化。

We have our parameters.

我們有我們的參數。

And obviously, we have a framework that we work by.

顯然，我們有一個工作框架。

Carl's talked about the opportunity that we have in AI.

卡爾談到了我們在人工智慧領域所擁有的機會。

And we've always talked about growing our top line as well as our operating margin in order to get there, and we see this as a tremendous opportunity to not only invest in the company, but also think about different ways that we can scale the business and obviously become more efficient in a variety of areas.

為了實現這一目標，我們一直在談論增加我們的營業收入和營業利潤率，我們認為這是一個巨大的機會，不僅可以投資公司，還可以思考擴大業務規模並在各個領域提高效率的不同方法。

So I'd say no balance there -- sorry, no change there in how we think about that balance, not only for the next year but in the years beyond.

所以我想說，那裡沒有平衡——抱歉，我們對這種平衡的看法沒有改變，不僅在明年，而且在以後的幾年。

John DiFucci, Guggenheim.

古根漢的約翰·迪富奇。

I think my question has sort of been touched on, guys, but it's something that I struggled with the last couple of years, actually.

夥計們，我想我的問題已經被觸及了，但實際上這是我過去幾年一直在努力解決的問題。

And we all know that the last couple of years have been challenging, not just for you but for everybody.

我們都知道，過去幾年充滿挑戰，不僅對你們如此，對每個人來說都是如此。

But we've always thought of Workday as a good house in a tough neighborhood.

但我們一直認為 Workday 是艱苦環境中的一棟好房子。

Your core business of large transformational deals just hasn't been prioritized in recent years.

近年來，大型轉型交易的核心業務並未優先重視。

But you've done a good job, we think, anyway, but doing a lot of things like to offset that.

但我們認為，無論如何，你已經做得很好了，但做了很多事情來抵消這一點。

Like meaning in the partners in a way you never did, going down market, and Doug will have a big part of that, too, and continued selling back into the base.

就像你從未有過的對合作夥伴的意義一樣，走向低端市場，而道格也將在其中發揮重要作用，並繼續將產品賣回給基地。

I guess my question, and I think it's just a general question, but are we now at a point where the numbers are doable?

我想這是我的問題，而且我認為這只是一個一般性的問題，但是我們現在是否已經達到了可以完成這些數字的程度？

And if when things improve, but meaning things you don't have control over, you'll come out of this actually stronger than you were during the post-covid sort of Mardi Gras period.

如果情況有所改善，但這意味著你無法控制的事情，你會比在後疫情時代的狂歡節時期變得更強大。

John, thanks for the question.

約翰，謝謝你的提問。

I think you touched on what we're seeing in the market and the opportunity for us going forward.

我想您談到了我們在市場上看到的情況以及我們未來的機會。

If you just look at some of the areas we've invested in the last few years, we focus on driving our AI solutions back into our customer base and that motion is working.

如果你看看我們過去幾年投資的一些領域，你會發現我們專注於將我們的人工智慧解決方案重新帶給我們的客戶群，而這項舉措正在發揮作用。

And not just for AI SKUs, but many of our other SKUs, like our financial SKUs, whether it's sourcing, whether it's planning, whether it's accounting center, or a second area of focus is to drive our FINS business back into our customer base.

不僅僅是 AI SKU，我們的許多其他 SKU，例如我們的財務 SKU，無論是採購、計劃、會計中心，還是第二個重點領域，都是將我們的 FINS 業務重新帶回我們的客戶群。

That's working really well.

效果確實很好。

The other motion that's working is we are focused on selling a full suite solution into the market.

另一個有效的措施是我們專注於向市場銷售全套解決方案。

And we talked about more than 30% of our new business in the quarter was full suite.

我們談到，本季超過 30% 的新業務都是全套的。

And if you look at some of our key industries where we focus, whether it's state and local government, higher ed in health care, it was greater than 50% of new wins included full suite.

如果你看看我們重點關注的一些行業，無論是州和地方政府，還是醫療保健領域的高等教育，超過 50% 的新勝利都包含全套服務。

So that motion is working in that investment in financials has paid off.

因此，這項動議正在發揮作用，對金融的投資已經獲得回報。

And then this quarter, we had record impact from our partners where they contributed greater than 15% to our new ACV in the quarter.

本季度，我們的合作夥伴對我們產生了創紀錄的影響，他們為我們本季的新 ACV 貢獻了超過 15%。

So all of these areas that we've been focused on and we're leaning into, we're starting to see pay off.

因此，我們所關注和傾向的所有這些領域都開始看到回報。

Now we've got to keep that going as we go into FY26, but we're pretty optimistic about the investments we've made, the results we're seeing and the momentum we carry into the new year.

現在，在進入 26 財年時，我們必須繼續保持這種勢頭，但我們對我們所做的投資、所看到的成果以及我們在新的一年中保持的勢頭感到非常樂觀。

Carl, is Global Payroll Connect?

卡爾，是 Global Payroll Connect 嗎？

Is that part of what's happening to, are you seeing benefit from that yet?

這就是正在發生的事情的一部分嗎？

Or is that just still too early?

或者說現在還太早？

Yes, we are.

是的。

We have more than 150 partners now part of Global Partner Connect already today.

目前，我們已有超過 150 位合作夥伴加入 Global Partner Connect。

Yes, real quickly, since October, when we launched that -- this is David, by the way.

是的，非常快，自從去年 10 月我們推出這個產品以來 — — 順便說一下，我是大衛。

We've -- Global Payroll Connect has been in 150 deals since we launched back in October.

自去年 10 月推出以來，Global Payroll Connect 已經達成 150 筆交易。

We now have well over 22 partners now leveraging and building on top of GPC already as well, and there's a whole slew in the pipe that are looking to build on top of that capability as well.

現在，我們已經有超過 22 個合作夥伴在利用和建造 GPC，而且還有一大批合作夥伴也希望在此基礎上進行建造。

Yes.

是的。

And the other thing, David, we're doing is on the platform side, Workday Wellness has momentum, where benefits providers can now build into the platform.

大衛，我們正在做的另一件事是在平台方面，Workday Wellness 勢頭強勁，福利提供者現在可以融入平台。

We see momentum around, obviously, Workday Extend and Extend Pro, and bill on Workday platform, we have many of our partners now building and innovating on top of the platform.

顯然，我們看到了 Workday Extend 和 Extend Pro 以及 Workday 平台上的帳單的發展勢頭，我們的許多合作夥伴現在都在該平台上進行構建和創新。

So our platform approach is clearly paying off as people look to consolidate on Workday.

因此，當人們希望整合 Workday 時，我們的平台方法顯然正在獲得回報。

Yes.

是的。

I was going to say the exact same thing.

我原本想說同樣的話。

I mean I think what we are seeing is we're still early days, but you're seeing a lot of the investment that we've done over the past few years on the platform itself start to actually pay dividends and a lot of things we've been talking about, including as we look at AI and what other agents that we think we're going to build, and we've got lots of plans to build more there as well.

我的意思是，我認為我們看到的是我們仍處於早期階段，但你會看到我們過去幾年在平臺本身上所做的大量投資實際上開始產生回報，我們一直在談論的很多事情，包括我們所研究的人工智能和我們認為我們將要構建的其他代理，我們也有很多計劃在那裡構建更多。

Karl Keirstead, fffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffUBS.

Karl Keirstead, fffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffUBS.

I just wanted to go back to the point around your decision to reinvest what appears to be most of the savings from the head count cuts.

我只是想回到你決定重新投資裁員節省下來的大部分資金這個問題。

And in particular, maybe to get a little bit of better understanding on how your spending mix is changing.

尤其是，也許可以更了解你的支出組合是如何變化的。

So maybe what areas are you trimming as a result of the RIF, whether it's focused on functional areas or geos that you're downsizing?

那麼，作為 RIF 的結果，您可能會削減哪些領域，無論是專注於功能領域還是縮小規模的地理位置？

And then conversely, where are those new dollars being freed up to invest in?

那麼反過來說，這些新的資金又被釋放出來投資哪裡呢？

It sounds certainly like AI, but are there any other new investment areas that you'll direct the funds to?

這聽起來確實像是人工智慧，但您會將資金投入其他新的投資領域嗎？

Maybe an uptick in certain sales rep capacity?

某些銷售代表的能力可能會上升？

So maybe you could describe what what's getting cut, what's getting increased to help us understand how the spending mix is changing as a result of the head count cut?

所以也許您可以描述哪些支出被削減，哪些支出被增加，以幫助我們了解由於裁員，支出組合發生了怎樣的變化？

Yes.

是的。

Sure, Karl.

當然，卡爾。

I'll start and then Zane obviously add anything on the investment or margin front there.

我先開始，然後 Zane 顯然會在投資或保證金方面添加一些內容。

So I would expect that this time next year, we will have more head count at Workday than we did prior to the restructuring, which shows you that we are continuing to invest in the business, and there's probably multiple areas we're looking to invest.

因此，我預計明年這個時候，Workday 的員工人數將比重組前更多，這表明我們將繼續對業務進行投資，我們可能正在尋求多個投資領域。

Yes, it's in AI, in the product and technology organization as we expand our agent system of record, and we bring more and more role-based agents into the market.

是的，它存在於人工智慧、產品和技術組織中，隨著我們擴展代理記錄系統，我們將越來越多的基於角色的代理引入市場。

We continue to invest internationally.

我們繼續在國際上投資。

And when I say best internationally, it's not just in go-to-market, but it's on the product side.

當我說國際上最好時，不僅僅是指市場進入方面，還指產品方面。

And it's also to build out more capacities in locations like India and Costa Rica as we look to service a more global footprint of customers.

我們也將在印度和哥斯大黎加等地建立更多產能，以期為全球客戶提供服務。

And then two more areas of focus.

接下來是另外兩個重點領域。

We're going to continue, under Rob and Patrick, continue to build out go-to-market capacity from a sales perspective.

在 Rob 和 Patrick 的領導下，我們將繼續從銷售角度擴大市場進入能力。

And then as you've seen, the momentum we have around our partner ecosystem is something we want to continue to invest in because we're already seeing great uptick like 15% of our new ACV this quarter coming from our partners.

正如您所看到的，我們希望繼續投資於合作夥伴生態系統的發展勢頭，因為我們已經看到本季 15% 的新 ACV 來自我們的合作夥伴。

So they are the key areas that we're focusing our investments on and we are going to lean heavily into the opportunity in the TAM that we see in front of us.

因此，它們是我們重點投資的重點領域，我們將大力把握眼前的 TAM 機會。

Yes, Karl, I would just add, it's not like it's sort of binary as far as there are a number of areas that we were always investing in and obviously, what you see here is more of a mix shift into AI and into some of those growth elements.

是的，卡爾，我只想補充一點，這並不是二元的，因為我們一直在多個領域進行投資，顯然，您在這裡看到的更多的是向人工智慧和一些成長要素的混合轉變。

And at the same time, across -- really across the company.

同時，確實是在整個公司範圍內。

We're all looking at how we scale, how we build and efficiencies, as well as invest in both people, process and systems to continue to drive that next leg of growth.

我們都在研究如何擴大規模、如何建立和提高效率，以及如何投資於人才、流程和系統，以繼續推動下一階段的成長。

So a lot of these investments are investments that also scale and will enable us to grow our margin beyond just FY '27.

因此，許多此類投資也具有擴大規模的潛力，能夠讓我們的利潤率在 2027 財年之後繼續成長。

So we feel good about the balance.

因此，我們對這種平衡感到滿意。

We're also becoming more global and with that, we'd expect to see more work mates around the globe to balance that out as well.

我們也變得越來越全球化，同時，我們也期望看到更多來自世界各地的工作夥伴來平衡這一點。

Keith Weiss, Morgan Stanley.

摩根士丹利的基斯‧韋斯。

This is Chris Quintero on for Keith here.

這是 Chris Quintero，代替 Keith 發言。

Actually want to go back to the Agent partnership you announced at Salesforce last year, which is super interesting.

實際上想回到去年你在 Salesforce 宣布的代理商合作關係，這非常有趣。

But I didn't hear you call it out in the prepared remarks.

但我沒有聽到你在準備好的發言中提到這一點。

So just curious to hear maybe how that integration has gone and has it contributed at all to potentially better win rates at all?

所以只是好奇地想聽聽這種整合的進展如何以及它是否有助於提高勝率？

David, do you want to take the partnership with Salesforce?

大衛，你想與 Salesforce 合作嗎？

Sure.

當然。

I'll jump on that.

我會抓住這個機會。

Yes.

是的。

And Chris, good talking to you.

克里斯，很高興與您交談。

Yes, I mean we continue to work on that partnership with Salesforce.

是的，我的意思是我們會繼續與 Salesforce 保持合作。

As a matter of fact, I'd say we -- a lot of what we've done there, early days was cutting our teeth and has actually, I think, been instrumental in some of the innovation that we just recently announced in terms of agent system of record, and actually understanding and working with them through issues like how do you get an agent from Salesforce to talk to an agent on the Workday side.

事實上，我想說，我們 — — 早期我們在那裡做的很多事情都是為了磨練，實際上，我認為，這些事情對於我們最近宣布的代理記錄系統方面的一些創新起到了重要作用，並且實際上理解他們並與他們合作解決諸如如何讓 Salesforce 的代理與 Workday 方面的代理交談等問題。

So we're still progressing with Workday -- or sorry, with Salesforce on that.

因此，我們仍在與 Workday —— 或者抱歉，與 Salesforce —— 合作推動這項進程。

I would say the partnership is going really well.

我想說雙方合作進展非常順利。

It's still, once again, continues to be early days in that partnership.

再次強調，這段合作關係仍處於早期階段。

Ladies and gentlemen, thank you for your participation in today's conference.

女士們、先生們，感謝大家參加今天的會議。

I'll now turn it over to Mr. Eschenbach for final comments.

現在我將把發言權交給埃森巴赫先生，請他發表最後的評論。

Thank you, operator.

謝謝您，接線生。

And again, thank you all for joining today's call.

再次感謝大家參加今天的電話會議。

To close, Q4 was another solid quarter, capping off a really good year for Workday.

總而言之，第四季又是一個穩健的季度，為 Workday 豐收的一年畫上了圓滿的句號。

Our results, especially our customer momentum across industries and geographies, demonstrate the diversity and durability of our business and the increasing relevance of Workday's platform.

我們的業績，尤其是跨行業和跨地區的客戶發展勢頭，證明了我們業務的多樣性和持久性，以及 Workday 平台日益增長的相關性。

And with our Illuminate AI strategy, our new agent and most importantly, our new agent system of record, we're unleashing new innovation across our platform that will continue to drive exceptional outcomes for our customers and partners, and continue to fuel our growth.

透過我們的 Illuminate AI 策略、我們的新代理商以及最重要的新代理商記錄系統，我們正在整個平台上釋放新的創新，這將繼續為我們的客戶和合作夥伴帶來卓越的成果，並繼續推動我們的成長。

With that said, I'll turn the call back over to the operator to close out today's call.

說完這些，我將把電話轉回給接線員，以結束今天的通話。

Thank you.

謝謝。

This concludes today's teleconference.

今天的電話會議到此結束。

You may disconnect your lines at this time.

現在您可以斷開您的線路。

Thank you for your participation.

感謝您的參與。