Workday Inc (WDAY) 2026 Q1 法說會逐字稿

Welcome to Workday's first-quarter, full-year 2026 earnings call.

歡迎參加 Workday 2026 年第一季全年財報電話會議。

(Operator Instructions)

（操作員指示）

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

現在我將把發言權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 first-quarter fiscal 2026 earnings conference call. On the call, we have Carl Eschenbach, our CEO; Zane Rowe, our CFO; and Gerrit Kazmaier, our President, Product & Technology.

歡迎參加 Workday 2026 財年第一季財報電話會議。我們的執行長 Carl Eschenbach 出席了電話會議；我們的財務長 Zane Rowe；以及我們的產品和技術總裁 Gerrit Kazmaier。

Following prepared remarks, we will take questions.

聽完準備好的發言後，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，該電話會議也同時在網路上直播。

Before we get started, we want to emphasize that some of our statements on this call, particularly our guidance, are based on the information we have as of today, and include forward-looking statements regarding our financial results, applications, customer demand, operations, and other matters. These statements are subject to risks, uncertainties, and assumptions that could cause actual results to differ, materially.

在開始之前，我們想強調的是，我們在本次電話會議上的一些聲明，特別是我們的指導，是基於我們今天掌握的信息，並包括有關我們的財務業績、應用、客戶需求、運營和其他事項的前瞻性聲明。這些聲明受風險、不確定性和假設的影響，可能導致實際結果有重大差異。

Please refer to the press release and the risk factors in documents we file with the Securities and Exchange Commission, including our fiscal 2025 Annual Report on Form 10-K for additional information on risks, uncertainties, and assumptions that may cause actual results to differ, materially, from those set forth in such statements.

請參閱新聞稿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 2025 財年 10-K 表年度報告，以獲取有關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的風險、不確定性和假設的更多資訊。

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.

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 GAAP 指標應作為 GAAP 結果的補充，而非替代或孤立於 GAAP 結果。

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

本次電話會議的網路直播重播將在未來 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報告將在會議結束後發佈在我們的投資者關係網站上。

Our second-quarter fiscal 2026 quiet period begins on July 15th, 2025. Unless otherwise stated, all financial comparisons in this call will be to our results for the comparable period of our fiscal 2025.

我們的 2026 財年第二季靜默期從 2025 年 7 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 2025 財年可比期間的業績進行比較。

With that, I will hand the call over to Carl.

說完，我會把電話交給卡爾。

Thank you, Justin. Hello to everyone joining us on our call today.

謝謝你，賈斯汀。大家好，今天參加我們的電話會議。

I'm pleased to report that Workday delivered a solid first quarter. We drove 13% subscription revenue growth and a non-GAAP operating margin of 30%. This performance was fueled by strong customer adoption across key verticals, geographies, and customer segments.

我很高興地報告，Workday 第一季業績穩健。我們的訂閱收入成長了 13%，非 GAAP 營業利潤率達到了 30%。此業績得益於各主要垂直產業、地理及客戶群的強勁客戶採用。

We all know the economic environment remains a bit uncertain. But I'm incredibly proud of how our teams are staying focused on our customers' success. And that is driving our results.

我們都知道經濟環境還是有點不確定。但我對我們的團隊始終專注於客戶的成功感到無比自豪。這推動了我們的成果。

Workday’s value proposition remains highly relevant in today’s market. The CEOs I meet have three key priorities: they want to drive efficiencies; they need to be agile in response to market shifts; and they want to unlock growth with innovation.

Workday 的價值主張在當今市場仍然具有重要意義。我遇到的 CEO 有三個主要優先事項：他們希望提高效率；他們需要靈活應對市場變化；他們希望透過創新來釋放成長動力。

And from our perspective, they’re turning to Workday for all three.

從我們的角度來看，他們正在向 Workday 尋求這三種解決方案。

We help manage and optimize their most critical assets: that is their people and money -- on one platform, with AI at the core. This unified approach reduces total cost of ownership and helps them move faster, with greater precision.

我們幫助管理和優化他們最重要的資產：也就是他們的人員和資金——在一個平台上，以人工智慧為核心。這種統一的方法降低了整體擁有成本，並幫助他們更快、更精確地行動。

Our customers trust that Workday’s AI is powered by the largest and cleanest finance and HR dataset. Our AI is fueled by more than 70 million users under contract and 1 trillion transactions processed on the platform last year, which gives us a deep understanding of how people work.

我們的客戶相信 Workday 的 AI 由最大、最乾淨的財務和人力資源資料集提供支援。我們的人工智慧由超過 7000 萬名簽約用戶和去年平台上處理的 1 兆筆交易提供支持，這讓我們深入了解人們的工作方式。

This enables us to deliver highly differentiated value to our customers. I’ll speak more about that in a moment.

這使我們能夠為客戶提供高度差異化的價值。我稍後會詳細談論這一點。

But, first, let’s turn to our customer highlights for the quarter.

但是，首先，讓我們來看看本季的客戶亮點。

In Q1, we established new HCM relationships with United Airlines, Pilot Travel Centers, and Mutual of Omaha Insurance Company. It was another strong quarter of expansions, with customers such as FedEx, CVS Health, ASDA stores, and Chipotle.

在第一季度，我們與美國聯合航空、Pilot Travel Centers 和 Mutual of Omaha Insurance Company 建立了新的 HCM 關係。這是另一個強勁擴張的季度，客戶包括聯邦快遞、CVS Health、ASDA 商店和 Chipotle 等。

Our investment in Financials continues to pay off, with solid growth in both net new ACV and customers. More than 30% of our net new wins this quarter were, once again, full suite. And in our focus industries of SLED and healthcare, it was more than 50%.

我們對金融的投資持續獲得回報，淨新 ACV 和客戶數量均穩定成長。本季度，我們新增的淨贏利中有 30% 以上再次是全套產品。在我們重點關注的 SLED 和醫療保健產業中，這一比例超過 50%。

We also had some strategic Financials go-lives this quarter, including BJ’s Restaurants, Essentia Health, and Genesys Cloud Services.

本季我們也上線了一些策略性財務產品，包括 BJ's Restaurants、Essentia Health 和 Genesys Cloud Services。

Our AI innovation continues to gain traction. New ACV, across our AI products, more than doubled year over year in Q1. And roughly 25% of our customer expansions in the quarter included one or more of these products, such as Recruiting Agent, Talent Mobility Agent, Evisort, and ExtendPro. Fantastic companies including Visa, LabCorp, and Aon all selected our AI products.

我們的人工智慧創新持續獲得關注。我們 AI 產品的新 ACV 在第一季同比增長了一倍多。本季我們約 25% 的客戶擴充包括一種或多種此類產品，例如招募代理商、人才流動代理、Evisort 和 ExtendPro。Visa、LabCorp、Aon等優秀公司都選擇了我們的AI產品。

I’m also excited about the momentum we’re building with the office of the CIO. We’re driving increasing demand for ExtendPro, which enables our customers to build AI applications on top of our platform. This continues to be one of our fastest growing products. And it’s amplifying innovation for our customers.

我也對我們與首席資訊長辦公室共同建立的勢頭感到興奮。我們正在推動對 ExtendPro 日益增長的需求，它使我們的客戶能夠在我們的平台上建立 AI 應用程式。這仍然是我們成長最快的產品之一。這也為我們的客戶擴大了創新。

While Workday serves more than 60% of the FORTUNE 500, 75% of our customers have fewer than 3,500 employees. And we see a significant growth opportunity in the emerging and medium enterprise market.

雖然 Workday 為超過 60% 的《財星》500 強企業提供服務，但 75% 的客戶員工人數不足 3,500 人。我們看到新興和中型企業市場存在巨大的成長機會。

In Q1, we launched WorkdayGO, specifically, for these companies. It gets them up and running on our enterprise-grade platform fast. We’re talking implementations in as little as 30 to 60 days, with pre-configured deployment.

在第一季度，我們專門針對這些公司推出了WorkdayGO。它可以讓它們快速在我們的企業級平台上啟動並運行。我們討論的是在短短 30 到 60 天內完成實施，並進行預先配置的部署。

And it's not just the software. They get the full support of our partner ecosystem and a clear, fixed pricing model. It really moved the needle for us in Q1, helping our emerging and medium enterprise teams deliver a strong quarter.

這不僅僅是軟體的問題。他們得到了我們合作夥伴生態系統的全力支持和明確、固定的定價模式。它確實在第一季為我們帶來了巨大的推動，幫助我們的新興和中型企業團隊取得了強勁的季度業績。

Now, let’s talk about industries. I’m excited to share that we now have five industries exceeding $1 billion in annual recurring revenue.

現在，我們來談談產業。我很高興地告訴大家，我們現在有五個行業的年經常性收入超過 10 億美元。

Manufacturing and Tech and Media -- two industries that had a solid quarter in Q1 -- recently reached this milestone. They join our three other billion-dollar industries: Financial Services, Retail and Hospitality, and Professional and Business Services. Like I’ve mentioned, many times, this shows the strength and diversity of our business.

製造業和科技及媒體——這兩個第一季表現穩健的產業——最近也達到了這一里程碑。它們加入了我們的另外三個十億美元的行業：金融服務、零售和酒店以及專業和商業服務。正如我多次提到的，這顯示了我們業務的實力和多樣性。

Our focus on the Federal sector continues to pay off. We are building a foundation for long-term growth in this market. This was clear in the huge success of our third annual Federal Forum.

我們對聯邦部門的關注繼續獲得回報。我們正在為這個市場的長期成長奠定基礎。第三屆年度聯邦論壇的巨大成功清楚地表明了這一點。

Attendance was up 65% at this year’s event. And we had some great conversations with senior government leaders about the critical need for transforming the Federal workforce, especially in key areas such as AI, security, and skills.

今年活動的出席人數增加了 65%。我們與政府高層領導人進行了一些很好的對話，討論了轉變聯邦勞動力的迫切需要，特別是在人工智慧、安全和技能等關鍵領域。

We’re also very proud of our leadership in higher education. We were just named a leader in the first-ever Gartner® Magic Quadrant™ for Higher Education Student Information Systems Software-as-a-Service.

我們也為我們在高等教育領域的領導地位感到非常自豪。我們剛被評為首屆 Gartner® 魔力像限™ 高等教育學生資訊系統軟體即服務的領導者。

In Q1, we were thrilled to welcome Centre College, Bow Valley College, and Gannon University as new customers. And we’re seeing great success with Workday Student go-lives, including the University of Arkansas System, which is now fully live at 14 institutions across the entire state.

在第一季度，我們很高興歡迎 Centre College、Bow Valley College 和 Gannon University 成為新客戶。我們看到 Workday Student 的上線取得了巨大成功，其中包括阿肯色大學系統，該系統現已在全州 14 所院校全面上線。

In an environment where everyone is trying to do more with less, Workday gives our customers the ultimate advantage. AI is built directly into our platform and it’s always on. Greater than 60% of our customers already leveraging Workday Illuminate AI.

在每個人都試圖用更少的資源做更多的事情的環境中，Workday 為我們的客戶提供了最大的優勢。人工智慧直接內建在我們的平台中，並且始終處於開啟狀態。我們已有超過 60% 的客戶利用 Workday Illuminate AI。

We’re excited by the adoption we’re seeing. But we’re even more excited about the strong ROI our customers are getting from our AI solutions.

我們對所看到的採用感到非常興奮。但更讓我們興奮的是客戶從我們的人工智慧解決方案中獲得的豐厚投資回報。

Look at Western Union, a long-time Evisort customer: using Evisort’s AI-powered contract management solution, which was made available through Workday in Q1, they were able to process contracts 65% faster, while reducing associated outside legal spend by almost 70%. Just incredible results.

以 Evisort 的長期客戶西聯匯款 (Western Union) 為例：使用 Evisort 的人工智慧合約管理解決方案（該解決方案於第一季透過 Workday 提供），他們能夠將合約處理速度提高 65%，同時將相關的外部法律支出減少近 70%。真是令人難以置信的結果。

The Evisort team had a fantastic Q1. And they’re just getting started.

Evisort 團隊在第一季表現出色。而他們的事業才剛起步。

Customers are clearly willing to pay for these types of results, which opens up significant new AI monetization opportunities to help fuel our long-term growth and set us apart from the competition.

客戶顯然願意為這些類型的結果付費，這開闢了重要的新的人工智慧貨幣化機會，有助於推動我們的長期成長並使我們在競爭中脫穎而出。

When we look at our roadmap, our focus is on delivering innovations that drive meaningful ROI for our customers. In fact, our Agents must meet specific TCO, or Total Cost of Ownership, requirements with our early adopter customers, before we even bring them to market.

當我們審視我們的路線圖時，我們的重點是提供能夠為客戶帶來有意義的投資回報的創新。事實上，在我們將產品推向市場之前，我們的代理商必須滿足早期採用者客戶的特定 TCO（總擁有成本）要求。

Just this week, we announced a wave of new AI Agents that harness the power of our unmatched dataset to help amplify talent potential, reduce costs, accelerate decision-making, and mitigate risk.

就在本週，我們宣布推出一系列新的 AI 代理，它們利用我們無與倫比的數據集的強大功能來幫助擴大人才潛力、降低成本、加快決策並降低風險。

And to keep us at the forefront of AI innovation, we're really excited to welcome Peter Bailis as our new Chief Technology Officer. Peter will lead our AI and ML initiatives, driving our vision forward. With his background at Stanford and Google Cloud, he has a proven track record of AI innovation at scale. And I couldn’t be more excited he chose Workday.

為了讓我們始終處於人工智慧創新的前沿，我們非常高興地歡迎 Peter Bailis 擔任我們的新任首席技術長。Peter 將領導我們的人工智慧和機器學習計劃，推動我們的願景向前發展。憑藉著在史丹佛大學和谷歌雲端的背景，他在大規模人工智慧創新方面擁有豐富的經驗。我非常高興他選擇了 Workday。

Partners continue to be a critical driver of our success -- extending the power of our platform, fueling pipeline growth, and bringing new innovations to our customers.

合作夥伴仍然是我們成功的關鍵驅動力——擴展我們平台的力量，推動通路成長，並為我們的客戶帶來新的創新。

In Q1, we, once again, saw great contributions from our partner, with more than 20% of our net new ACV in the quarter coming from partner-sourced pipeline.

在第一季度，我們再次看到了來自合作夥伴的巨大貢獻，本季我們超過 20% 的淨新 ACV 來自合作夥伴提供的管道。

Partners are also critical in helping us expand into new markets and meet the diverse needs of our global customers. In Q1, we signed our first volume Managed Service Provider partnership with The Mutual Group (TMG) to serve the mutual insurance industry.

合作夥伴對於幫助我們拓展新市場和滿足全球客戶的多樣化需求也至關重要。在第一季度，我們與 The Mutual Group (TMG) 簽署了第一份批量託管服務提供者合作夥伴關係，為相互保險業提供服務。

Additionally, our Global Payroll Connect program now supports payroll delivery in 187 countries and territories, thanks to 29 partners building integrations. And, through our partnership with Strada, our customers can manage up to 60 global payrolls, all under a single Workday contract.

此外，由於 29 個合作夥伴的整合，我們的 Global Payroll Connect 計畫現已支持 187 個國家和地區的薪資發放。而且，透過與 Strada 的合作，我們的客戶可以根據一份 Workday 合約管理多達 60 個全球薪資單。

On the innovation front, we’re seeing strong momentum in our Built on Workday program. In Q1, alone, we added 25 new partner apps to the Workday Marketplace. Our community of customer and partner developers has nearly doubled over the past year: a testament to the power of building on the Workday platform.

在創新方面，我們看到「基於工作日」計劃的強勁發展勢頭。僅在第一季度，我們就為 Workday Marketplace 新增了 25 個新的合作夥伴應用程式。在過去的一年裡，我們的客戶和合作夥伴開發者社群規模幾乎翻了一番：證明了在 Workday 平台上建立的強大力量。

And, in just two weeks, we'll host thousands of them at our developer conference, Devcon, in Las Vegas.

而且，僅僅兩週後，我們將在拉斯維加斯的開發者大會 Devcon 上接待數千名開發者。

Our investments in our global strategy are helping us better serve our existing customers, attract new ones, and make our operations even more efficient. In Q1, we saw solid growth across EMEA, Asia Pacific, and Japan.

我們對全球策略的投資幫助我們更好地服務現有客戶、吸引新客戶並提高我們的營運效率。在第一季度，我們看到歐洲、中東和非洲地區、亞太地區和日本的穩健成長。

In EMEA, we had notable net new wins with Opella Healthcare and global manufacturer, Georg Fischer. And we expanded with semiconductor equipment manufacturer, ASML; and insurance provider, Aviva. We also had a major Financials expansion with Decathlon, as this relationship continues to grow.

在歐洲、中東和非洲地區，我們與 Opella Healthcare 和全球製造商 Georg Fischer 取得了顯著的淨新勝利。而我們與半導體設備製造商 ASML 合作擴大業務；以及保險提供者 Aviva。隨著雙方關係的不斷發展，我們也與迪卡儂在財務方面進行了大規模擴張。

As part of our ongoing investment in the UK, we went live on the AWS UK public cloud, making it possible for customers to access Workday solutions, locally.

作為我們在英國持續投資的一部分，我們開始使用 AWS 英國公有雲，使客戶能夠在本地存取 Workday 解決方案。

We also announced a new location for our EMEA headquarters in Dublin, which will bring our local workforce of more than 2,000 employees together.

我們還宣布了在都柏林設立歐洲、中東和非洲地區總部的新地點，這將使我們超過 2,000 名的當地員工聚集在一起。

APAC had a strong start too, with wins at Swinburne University of Technology, the University of Melbourne in Australia, Collins Foods, and PPL Pharma.

APAC 也有一個強勁的開局，贏得了斯威本科技大學、澳洲墨爾本大學、柯林斯食品和 PPL 製藥公司的青睞。

And, finally, Japan kicked off the year with new wins at Mitsubishi Motors, TEPCO, and Rigaku.

最後，日本以三菱汽車、東京電力和理學公司的新勝利拉開了今年的序幕。

In Q1, we saw the diversity and durability of our business, firsthand; with multiple levers driving long-term growth.

在第一季度，我們親眼目睹了業務的多樣性和持久性；透過多種槓桿推動長期成長。

Looking ahead, we’re staying close to our customers, as they navigate the macro environment. No company is immune to these challenges. And we’re watching it across particular markets such as SLED and our international business.

展望未來，我們將與客戶保持密切聯繫，協助他們應對宏觀環境。沒有一家公司能夠免於這些挑戰。我們正在關注 SLED 等特定市場以及我們的國際業務。

That said, we’ve got a compelling value proposition and our teams are focused on controlling what we can: that is to deliver innovation and strong ROI for our customers.

也就是說，我們有一個令人信服的價值主張，我們的團隊專注於控制我們所能控制的事情：那就是為我們的客戶提供創新和強大的投資報酬率。

The future of work has evolved. During the pandemic, it was about where people worked and how they collaborated. Today, it’s about how humans and AI agents work together -- and how companies manage the human and digital workforce as one.

工作的未來已經改變了。在疫情期間，人們關注的重點是在哪裡工作以及如何合作。如今，我們要討論的是人類和人工智慧代理如何協同工作，以及公司如何將人類和數位勞動力作為一個整體來管理。

I believe no company is better positioned than Workday to lead this shift. With our expertise, our unparalleled data, and a platform built with AI at its core, we’re ready to shape the future of work.

我相信沒有哪家公司比 Workday 更適合引領這項轉變。憑藉我們的專業知識、無與倫比的數據以及以人工智慧為核心構建的平台，我們已準備好塑造工作的未來。

I want to give a heartfelt thank you to our customers for their continued trust in Workday, to our incredible partners; and, especially, to our Workmates around the world. Your hard work and commitment gave us such a solid start to the year. And I couldn’t be more grateful.

我要衷心感謝我們的客戶對 Workday 的持續信任，感謝我們優秀的合作夥伴；特別是對我們在世界各地的同事們。您的辛勤工作和奉獻精神為我們今年帶來了良好的開端。我對此非常感激。

With that, I’ll turn it over to Zane

接下來，我將把主題交給 Zane

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

謝謝，卡爾。感謝大家參加今天的電話會議。

Our solid Q1 results highlight the ongoing progress across our strategic growth areas and the continued efficiencies we are driving throughout the business.

我們第一季的穩健業績凸顯了我們在策略成長領域的持續進步以及我們在整個業務中持續推動的效率。

Turning to results:

轉向結果：

Subscription revenue in the first quarter was $2.059 billion, up 13%; or 15%, when adjusting for the leap year compare. Professional Services revenue was $181 million, resulting in total revenue of $2.240 billion, growth of 13%.

第一季訂閱營收20.59億美元，成長13%；或 15%，依閏年進行調整時進行比較。專業服務收入為 1.81 億美元，總收入達 22.4 億美元，成長 13%。

From a geographic perspective, US revenue, in Q1, totaled $1.68 billion, up 13%; and international revenue totaled $559 million, also up 13%.

從地理來看，第一季美國營收16.8億美元，年增13%；國際營收總計 5.59 億美元，也成長了 13%。

12-month subscription revenue backlog, or cRPO, was $7.63 billion at the end of Q1, increasing 15.6%. This includes approximately 0.5 point of growth from subscription contracts related to implementation and testing environments, which we refer to as tenants.

第一季末，12 個月訂閱營收積壓（cRPO）為 76.3 億美元，成長 15.6%。這包括與實施和測試環境相關的訂閱合約帶來的約 0.5 個百分點的成長，我們稱之為租戶。

While these short-term contracts have and continue to be part of our subscription revenue, we are now including them in cRPO, as they have grown with the business.

雖然這些短期合約已經並將繼續成為我們訂閱收入的一部分，但我們現在將它們納入 cRPO 中，因為它們隨著業務的成長而成長。

Total subscription revenue backlog, at the end of the quarter, was $24.62 billion, up 19%. And gross revenue retention rates remained a strong 98%.

截至本季末，總訂閱營收積壓為 246.2 億美元，成長 19%。總收入保留率仍高達 98%。

Non-GAAP operating income, for the quarter, was $677 million, representing a non-GAAP operating margin of 30.2%. The outperformance versus guidance was the result of moderated headcount growth, along with revenue outperformance.

本季非公認會計準則營業收入為 6.77 億美元，非公認會計準則營業利益率為 30.2%。業績超出預期是由於員工人數成長放緩以及收入超出預期。

GAAP operating income, in the quarter, of $39 million was impacted by a $166 million charge related to the restructuring, which occurred earlier in the year.

本季 GAAP 營業收入為 3,900 萬美元，受到今年稍早發生的重組相關費用 1.66 億美元的影響。

Q1 operating cash flow was $457 million, growth of 23%. We repurchased $293 million dollars of our shares during the quarter and had $509 million in remaining authorization, as of April 30.

第一季經營現金流為4.57億美元，成長23%。我們在本季回購了價值 2.93 億美元的股票，截至 4 月 30 日，剩餘授權金額為 5.09 億美元。

In addition, our Board has approved a new $1 billion open-ended buyback authorization.

此外，我們的董事會還批准了一項新的 10 億美元無限期回購授權。

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

本季末，我們擁有 80 億美元現金和有價證券。

Our current headcount, which incorporates the previously announced restructuring, stands at approximately 19,300.

考慮到先前宣布的重組，我們目前的員工總數約為 19,300 人。

Now, turning to guidance.

現在，轉向指導。

Our Q1 subscription revenue performance and progress across the key initiatives Carl highlighted earlier positions us well for the year. And we are reiterating our subscription revenue guidance of $8.8 billion.

我們第一季的訂閱營收表現以及卡爾先前強調的關鍵舉措的進展為我們今年的業績奠定了良好的基礎。我們重申 88 億美元的訂閱收入預期。

Our outlook benefits from our diverse set of opportunities and the important role that our platform plays across our customer base and partner ecosystem.

我們的前景得益於我們多樣化的機會以及我們的平台在客戶群和合作夥伴生態系統中發揮的重要作用。

While there is heightened macro uncertainty -- particularly across certain markets and verticals -- we haven't seen this meaningfully impact our business and our growth prospects. Though it’s early in the year and the environment remains fluid, we remain focused on execution and our strategic initiatives.

儘管宏觀不確定性加劇——尤其是在某些市場和垂直領域——但我們尚未發現這對我們的業務和成長前景產生重大影響。儘管今年才剛開始，環境仍然充滿變數，但我們仍然專注於執行和策略性措施。

We anticipate Q2 FY26 subscription revenue to be approximately $2.160 billion, growth of 13%. We continue to expect a slightly faster pace of subscription revenue growth in the second half of the year - particularly in Q4 - driven, in part, by revenue from product deliverables associated with previously closed deals.

我們預計 2026 財年第二季訂閱營收約為 21.6 億美元，成長 13%。我們仍然預計下半年（尤其是第四季度）訂閱收入成長速度將略有加快，部分原因是受到與先前完成的交易相關的產品交付收入的推動。

We expect cRPO to increase between 15% and 16% in Q2. This includes approximately 1 point of growth from the previously discussed tenant contracts. We expect a similar quarterly impact of approximately 1 percentage point to cRPO growth for the remainder of the year.

我們預計第二季 cRPO 將成長 15% 至 16%。這包括之前討論過的租戶合約的約 1 個點的成長。我們預計，今年剩餘時間內 cRPO 成長將受到類似的季度影響，約為 1 個百分點。

We continue to expect FY26 Professional Services revenue of approximately $700 million. For Q2, we expect Professional Services revenue of $180 million.

我們繼續預期 26 財年專業服務收入約為 7 億美元。我們預計第二季專業服務收入為 1.8 億美元。

We expect FY26 non-GAAP operating margin of approximately 28.5%. This outlook accounts for the Q1 outperformance, along with continued investments across key growth areas including AI, our partner ecosystem, and targeted international markets. In addition, it includes our ongoing efforts on growing efficiently.

我們預計 26 財年非 GAAP 營業利潤率約為 28.5%。這一前景解釋了第一季的優異表現，以及對人工智慧、我們的合作夥伴生態系統和目標國際市場等關鍵成長領域的持續投資。此外，它還包括我們為高效成長而不斷做出的努力。

We continue to position the business to drive long-term growth and margin expansion.

我們將繼續致力於推動業務的長期成長和利潤率的擴大。

For Q2, we expect a non-GAAP operating margin of 28%. We expect GAAP operating margins to be approximately 20 points and 21 points lower than our Q2 and full-year FY26 non-GAAP operating margins, respectively.

對於第二季度，我們預計非 GAAP 營業利潤率為 28%。我們預期 GAAP 營業利潤率將分別比第二季和 26 財年全年非 GAAP 營業利潤率低約 20 個百分點和 21 個百分點。

The FY26 non-GAAP tax rate is expected to be 19%. We are maintaining our FY26 operating cash flow outlook of $2.75 billion. And we continue to expect FY26 capital expenditures of approximately $250 million.

預計 26 財年非 GAAP 稅率為 19%。我們維持 26 財年 27.5 億美元的營運現金流量預期。我們繼續預期 26 財年的資本支出約為 2.5 億美元。

Entering Q2, our teams remain dedicated to delivering value to our customers, driving innovation, and strategically investing in our key growth areas to deliver on our medium- and long-term objectives.

進入第二季度，我們的團隊將繼續致力於為客戶提供價值、推動創新並對我們的關鍵成長領域進行策略性投資，以實現我們的中長期目標。

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

說完這些，我將把麥克風交還給操作員開始問答環節。

Thank you. We will now conduct a question-and-answer session.

謝謝。我們現在將進行問答環節。

(Operator Instructions)

（操作員指示）

Kirk Materne, Evercore ISI.

柯克·馬特恩（Kirk Materne），Evercore ISI。

Congrats on the solid start to the year, guys.

恭喜你們今年有一個好的開端，夥計們。

Carl, can you just talk a little bit about the environment out there? Obviously, you, guys, are keeping your guidance. You mentioned you're keeping an eye on EMEA and the SLED markets. International was up, in line with the US this quarter.

卡爾，你能簡單談談那裡的環境嗎？顯然，你們仍在堅持自己的指導。您提到您正在關注 EMEA 和 SLED 市場。本季國際市場上漲，與美國市場持平。

I think people are going to have a question of -- I realized there's some mechanical reasons why revenue accelerates in the back half of the year. But why do you, guys -- what are you seeing in either your pipeline or your backlog that gives you the confidence to reiterate the full-year guide, given what seems to be a more choppy macro versus three months ago?

我認為人們會有一個疑問——我意識到下半年收入加速成長有一些機械原因。但是，夥計們，為什麼你們——考慮到與三個月前相比宏觀經濟似乎更加波動，你們在管道或積壓訂單中看到了什麼，讓你們有信心重申全年指南？

Thanks for the question. Before I dive in and answer that, I just want to take a quick minute to thank all my workmates, our partners, and customers for a really solid start to FY26.

謝謝你的提問。在深入回答這個問題之前，我只想花一點時間感謝我所有的同事、合作夥伴和客戶，感謝他們為 2026 財年帶來了一個非常好的開始。

As you can see by our results, we're really seeing the value of the Workday platform come to light. In our new wins and expansions, we continue to accelerate AI innovation and adoption with our customers. And the growth of our partner ecosystem was, once again, quite strong.

從我們的結果可以看出，我們確實看到了 Workday 平台的價值。在我們的新勝利和擴張中，我們繼續與客戶一起加速人工智慧的創新和應用。我們的合作夥伴生態系統的成長再次非常強勁。

Specific to your question: let's just talk about the macro, to start.

具體到您的問題：首先讓我們來談談宏。

We have continuously said that the Workday value proposition resonates, whether we're in times of a headwind or a tailwind, because of the strong ROI, in TCO, we bring our customers.

我們一直在說，無論我們處於逆風還是順風時期，Workday 的價值主張都會引起共鳴，因為我們為客戶帶來了強大的投資回報率 (ROI) 和整體擁有成本 (TCO)。

Our customers are looking to continuously consolidate on top of the Workday platform. And, at the same time, as we go through this AI revolution, they're investing in us because they know a path to leveraging AI is through the Workday platform.

我們的客戶希望在 Workday 平台上持續整合。同時，當我們經歷這場人工智慧革命時，他們也在投資我們，因為他們知道利用人工智慧的途徑是透過 Workday 平台。

We did say there's a couple of industries we're keeping our eye on, specifically SLED; as well as we're keeping our eye on the international business.

我們確實說過我們正在關注幾個行業，特別是 SLED；我們也在密切關注國際業務。

Let me talk about SLED first. As you know, higher ed is always one of our strong industry verticals. And, once again, that was the case in Q1. At the same time, we also know there is some headwind in that industry, based on some of the grants and some of the funding they get from the Federal government.

先說一下SLED。如您所知，高等教育一直是我們強大的垂直行業之一。第一季的情況也是如此。同時，根據該行業從聯邦政府獲得的一些補助和資金，我們也知道該行業面臨一些阻力。

So it's just something we're keeping our eye on. It didn't necessarily have an impact on us in Q1.And there could be some adjacent impact, also, on healthcare if the healthcare system is part of a bigger university.

所以這只是我們正在關注的事情。它不一定對我們在第一季產生影響。如果醫療保健系統是一所更大的大學的一部分，那麼也可能會對醫療保健產生一些鄰近的影響。

On international: as I indicated in my prepared remarks, we had a really solid quarter, once again, internationally. We saw solid results out of EMEA. And we saw solid results out of APAC. But it's something we know that could get impacted, depending on what's going on in the macro environment.

關於國際：正如我在準備好的發言中所指出的，我們在國際上又度過了一個非常穩健的季度。我們在歐洲、中東和非洲地區看到了堅實的成果。我們在亞太地區看到了堅實的成果。但我們知道這可能會受到影響，這取決於宏觀環境的狀況。

So that's why we just want to give some color as to how we're thinking about the rest of the year.

所以這就是為什麼我們只想說明我們對今年剩餘時間的看法。

What gives us conviction? It's more of the same, if you will, Kirk.

什麼給了我們信心？如果你願意的話，柯克，情況大致上是一樣的。

We continue to see progress across many of our key initiatives and investment areas.

我們在許多關鍵舉措和投資領域繼續取得進展。

Whether it's AI, where we talk about 100% growth year-over-year growth. In AI, 25% of our sales back to our customer base, including an AI solution.

無論是人工智慧，我們談論的是年增 100%。在人工智慧領域，我們 25% 的銷售額返還給我們的客戶群，其中包括人工智慧解決方案。

Or whether it's how we're pushing financials deeper into the market. That includes full suite lands, which, once again, represented more than 30% of our new wins for full suite. And in our really key industries, we're seeing more than 50% full suite lands like healthcare and higher education.

或者我們如何將金融業務進一步推向市場。其中包括全套土地，這再次佔了我們全套土地新勝利的 30% 以上。在我們真正關鍵的行業中，我們看到超過 50% 的全套土地，如醫療保健和高等教育。

We continue to get benefit from our partners. This quarter, our partners grew their impact on our business by more than 20%. So think about that. Two years ago, if we said that comment, it would be 0%.

我們不斷從合作夥伴中獲益。本季度，我們的合作夥伴對我們業務的影響力成長了20%以上。所以考慮一下。兩年前，如果我們發表這樣的評論，那麼這個比例就是 0%。

We continue to focus on our international operation because of the big opportunity there. And, also, we're really excited about the early momentum, since we've doubled down our efforts around the US Federal government.

我們將繼續關注我們的國際業務，因為那裡存在著巨大的機會。而且，我們對早期的勢頭感到非常興奮，因為我們在美國聯邦政府方面加倍努力。

All of that comes together to help us feel confident to reiterate the guide of 8.8% for the rest of the year.

所有這些因素共同幫助我們有信心重申今年剩餘時間 8.8% 的成長預期。

Kirk, this is Zane. I'll just add.

寇克，這是讚恩。我僅補充一點。

Obviously, we came in ahead of our guide in Q1. So we feel really good about the starting point here, for the year.

顯然，我們在第一季的表現超出了預期。因此，我們對今年的起點感到非常滿意。

I'll point out: we will benefit from some FX tailwind. If you recall, last quarter, we talked about $20 million of headwind. We now got about $10 million of tailwind, as we look out for the remainder of the year.

我要指出的是：我們將受益於一些外匯順風。如果你還記得的話，上個季度我們談到了 2000 萬美元的逆風。我們現在獲得了約 1000 萬美元的順風，我們期待今年剩餘的時間。

And, again, as you pointed out: tied to product deliverables. And the teams are doing a great job in those areas. Whether it's wellness or our DIA contract, we expect to see increased year-over-year subscription revenue growth improvements by the quarter, heading into the fourth quarter.

而且，正如您所指出的：與產品交付成果相關。這些團隊在這些領域做得非常出色。無論是健康還是我們的 DIA 合同，我們預計到第四季度，訂閱收入將同比增長。

So we feel good about the setup here, for the year. Notwithstanding the fact: obviously, it is an uncertain macro.

因此，我們對今年的安排感到滿意。儘管如此：顯然，這是一個不確定的宏觀。

Okay. Thanks, guys. I appreciate the answer.

好的。謝謝大家。我很感謝你的回答。

Thanks, Kirk.

謝謝，柯克。

Brad Sills, Bank of America.

美國銀行的布拉德·西爾斯。

I wanted to ask a question on WorkdayGO. It sounds like an exciting opportunity here.

我想在 WorkdayGO 提問一個問題。這聽起來像是一個令人興奮的機會。

What could this do to unlock the medium enterprise, given the shorter implementation cycles? And is there a certain segment that you're targeting WorkdayGO, more specifically, within medium enterprise, that we should think about?

鑑於實施週期較短，這對解鎖中型企業有何幫助？您是否針對 WorkdayGO 的特定細分市場，更具體地說，是中型企業，我們應該考慮嗎？

Thanks for the question.

謝謝你的提問。

As you know, we've continuously talked about the importance of the medium enterprise or what we also described as the emerging enterprise. Last quarter, we have doubled down our efforts. And we've now launched our WorkdayGO as our campaign to focus on these new markets and emerging markets for us.

如您所知，我們一直在談論中型企業或新興企業的重要性。上個季度，我們加倍努力。現在，我們已經啟動了 WorkdayGO 活動，重點關注這些新市場和新興市場。

It brings together better pricing and packaging. It brings together more services, both by us and our partners, allowing us to deploy faster. And it also brings to market all of the enterprise strength we have, right, with the Workday platform but taking it down market into this very big opportunity.

它結合了更好的定價和包裝。它整合了我們和我們的合作夥伴提供的更多服務，使我們能夠更快地部署。它也將我們所有的企業實力帶到了市場，透過 Workday 平台，我們將市場帶入這個非常大的機會。

It's something we've been investing in for quite some time, both on the go-to-market side, as we carved out a salesforce to focus on it. And we're doing the same as we focus on how to make the product much more deliverable for that market segment, both from pricing packaging and the acceleration of deployment.

我們已經在這個領域投資了相當長一段時間，包括進入市場方面，並且我們已經組建了一支銷售團隊來專注於此。我們正在做同樣的事情，因為我們專注於如何讓產品更適合該細分市場，包括定價包裝和部署加速。

Deployments now, between us and our partners, can be done as little as 60 days, which is a significant change from what we've seen in the past. This is all being encompassed under the WorkdayGO initiative that we launched last quarter.

現在，我們和合作夥伴之間的部署最快只需 60 天，這與我們過去的情況相比發生了重大變化。這一切都包含在我們上個季度推出的 WorkdayGO 計畫中。

Wonderful. Thanks, Carl.

精彩的。謝謝，卡爾。

And one more, if I may, please: just on the macro. Is there any difference in tone or outlook with the office of CFO versus HR. Are you seeing any differences there, with regard to your comments on the macro?

如果可以的話，請再說一句：只談宏觀。財務長和人力資源部門的基調或觀點有何不同？就您對宏觀的評論而言，您是否看到了任何差異？

No. I don't think so, Brad. I wouldn't delineate between the two.

不。我不這麼認為，布拉德。我不會區分這兩者。

I think this is an environment we've been dealing with. Last year, I think I called it: this is the new norm. I think that played out exactly the same in Q1, as it has in the past.

我認為這是我們一直在處理的環境。去年，我想我就稱之為：這是新常態。我認為第一季的情況與過去完全一樣。

There's no doubt: every now and again, we have to double-click on things for our customers, as they navigate the choppiness in the market. But I don't think there's any difference between the buying centers we're selling into.

毫無疑問：時不時地，我們必須為客戶做出雙重努力，幫助他們應對市場波動。但我不認為我們銷售產品的採購中心之間有什麼區別。

Wonderful. Thank you, Carl.

精彩的。謝謝你，卡爾。

Mark Murphy, J.P. Morgan.

摩根大通的馬克墨菲。

First off: Carl, wondering if you can comment on the adoption of Extend and ExtendPro. Are you seeing signs of customers building deeper customizations there? Or are you seeing any ecosystem revenue turning on from ISVs and partners or the ability to go after adjacencies, without having to do that direct product investment?

首先：卡爾，想知道您是否可以評論一下 Extend 和 ExtendPro 的採用情況。您是否看到客戶在那裡建立更深層客製化的跡象？或者您是否看到任何來自 ISV 和合作夥伴的生態系統收入或追求鄰接的能力，而無需進行直接的產品投資？

I just would love to hear about how you're feeling about that Extend opportunity.

我只是想聽聽你對於延長機會的感受。

Yeah. Thanks for the question, Mark.

是的。謝謝你的提問，馬克。

We are absolutely really excited about what's happening around Extend and ExtendPro. For the last couple of years, we've been talking about opening up the aperture of the Workday platform to allow our customers and partners to innovate on top of our platform. And that is paying off.

我們對 Extend 和 ExtendPro 的發展感到非常興奮。在過去的幾年裡，我們一直在談論開放 Workday 平台，以便我們的客戶和合作夥伴能夠在我們的平台上進行創新。而這項舉措正在獲得回報。

Last quarter, our ExtendPro skew more than doubled year over year. And we're seeing more and more, both customers and partners, leverage that to drive innovation and drive AI applications on the Workday platform.

上個季度，我們的 ExtendPro 偏差年增了一倍以上。我們看到越來越多的客戶和合作夥伴利用這一點來推動創新並推動 Workday 平台上的人工智慧應用。

Where that shows up is it shows up in our Workday marketplace, where we had a nice extension of our partners bringing more and more applications into it to sell back to our customers. So we are absolutely excited about the platform approach that we have here at Workday. We think it's very significant.

它出現在我們的 Workday 市場中，我們的合作夥伴在其中進行了很好的擴展，將越來越多的應用程式帶入其中並賣給我們的客戶。因此，我們對 Workday 所採用的平台方法感到非常興奮。我們認為這非常重要。

And if you think about it, it's not just Extend and ExtendPro, it's a Workday wellness platform where we can now partner closer with our benefits partners.

如果你仔細想想，它不僅僅是 Extend 和 ExtendPro，它還是一個 Workday 健康平台，我們現在可以與我們的福利合作夥伴建立更緊密的合作關係。

Or it's things like our Global Payroll Connect. We're now through a number of different partners we can integrate into the Workday platform -- a global payroll platform -- that can serve us up to 180 countries around the world.

或是像我們的「全球薪資連結」之類的東西。現在，我們可以透過許多不同的合作夥伴將其整合到 Workday 平台（一個全球薪資平台）中，該平台可以為全球多達 180 個國家/地區提供服務。

So there's many ways we're thinking about how we can leverage the platform and how we can extend innovation both to our customers and partners. And, at the same time, we're actually monetizing it, too.

因此，我們正在從許多方面思考如何利用該平台以及如何將創新擴展到我們的客戶和合作夥伴。同時，我們實際上也在將其貨幣化。

That's great to hear. And then, Zane, just as a quick follow-up: you mentioned some pretty impressive new logos in in HCM and I think elsewhere. Is there any approximation for the growth rates in HCM versus FINS or the spread between the 2?

聽到這個消息真是太好了。然後，Zane，作為一個快速的後續問題：您提到了 HCM 和其他地方的一些非常令人印象深刻的新標誌。HCM 與 FINS 的成長率或兩者之間的差距是否有近似值？

Or any -- I'm just wondering if you see the FINS-dedicated sales specialists may be ramping the bookings in a way, structurally, where you think the FINS would be outgrowing HCM in the next couple of years or not?

或者任何——我只是想知道，您是否看到 FINS 專門的銷售專家可能會以某種方式在結構上增加預訂量，您認為 FINS 在未來幾年內是否會超過 HCM？

Yeah. I would just say, look, we're focused, candidly, on full suite as a great sales motion and one of our many strengths.

是的。我只想說，坦白說，我們專注於全套服務，這是一種很好的銷售動力，也是我們的眾多優勢之一。

Both FINS and HCM have both performed really well. In particular, this quarter, we had, as you pointed out, a number of FINS and FINS+ opportunities -- just a great sales motion there.

FINS 和 HCM 的表現都非常出色。特別是本季度，正如您所指出的，我們有許多 FINS 和 FINS+ 機會——這是一個很棒的銷售動向。

Yeah. Mark, I'll double click on the FINS.

是的。馬克，我將雙擊 FINS。

As you know, we built out a sales force, over the last couple of years, to focus on selling FINS. And we saw, this quarter, really good success in our FINS sales motion, both the number of new units, both in new ACV growth year-over-year.

如您所知，過去幾年我們建立了一支銷售隊伍，專注於銷售 FINS。我們看到，本季度我們的 FINS 銷售活動取得了巨大成功，無論是新單位數量還是新 ACV 都同比增長。

And, most importantly, to Zane's point, what we're seeing is that pull-through in full suite wins, which was 30% of our new wins; and in our bigger markets, greater than 50% in new sales were full suite, which include both HCM and Financials.

而且，最重要的是，正如 Zane 所說，我們看到的是全套勝利的拉動，這占我們新勝利的 30%；在我們較大的市場中，超過 50% 的新銷售都是全套產品，其中包括 HCM 和財務。

So we're definitely seeing it pay off.

所以我們確實看到了它的回報。

Congrats on that and, also, the amazing margin performance.

對此表示祝賀，同時，也祝賀令人驚嘆的利潤表現。

Thanks, Mark.

謝謝，馬克。

Brent Thill, Jefferies.

布倫特·蒂爾（Brent Thill），傑富瑞集團。

Zane, when you went through the reduction in force, I think you indicated that you hope to hire all those employees back.

贊恩，當你進行裁員時，我想你曾表示希望重新僱用所有這些員工。

One of the questions we're getting is: given the environment we're in and some of the uncertainty, is that still the plan?

我們遇到的一個問題是：考慮到我們所處的環境和一些不確定性，這仍然是計劃嗎？

You had really good margin upside. How do you think about cost control in this environment?

您的利潤空間確實很大。您如何看待這種環境下的成本控制？

Sure, Brent. As always, we believe we can continue to scale the business. And we're consistently looking for efficiencies in the business.

當然，布倫特。一如既往，我們相信我們可以繼續擴大業務規模。我們一直在尋求提高業務效率。

All that being said -- as Carl mentioned on the last call, I believe -- our intention is to grow back. We're very thoughtful in those hires.

儘管如此——我相信，正如卡爾在上次電話中提到的那樣——我們的目的是恢復成長。我們在招募時非常慎重。

And Carl mentioned a couple of that key hires that we've made over the last number of weeks and continue to focus on: key growth areas in the business; in particular, in AI and within our P&T organization.

卡爾提到了我們在過去幾週內進行的幾項關鍵招聘，並將繼續關注：業務的關鍵成長領域；特別是在人工智慧領域和我們的 P&T 組織內。

We continue to focus on organic growth and continue to build out the workforce. So we feel good about that.

我們將繼續專注於有機成長並繼續擴充員工。因此我們對此感到很高興。

All that being said, we're very prudent about where we're hiring, how we're hiring, and in the areas we're growing.

話雖如此，我們對招募地點、招募方式以及發展領域都非常謹慎。

Yeah. I'd just add, Brent: the one thing we are doing is we continue to invest in the business.

是的。我只想補充一點，布倫特：我們正在做的一件事就是繼續投資這項業務。

We see a tremendous opportunity around AI. We're investing, heavily, in our product and technology organization. And we also continue to invest, heavily, on the go-to-market side. So we get better quota-carrying capacity coverage around the world.

我們看到人工智慧領域蘊藏著巨大的機會。我們正在大力投資我們的產品和技術組織。我們也將繼續在市場進入方面投入大量資金。因此，我們在全球範圍內獲得了更好的配額承載能力覆蓋。

Our investments aren't slowing down, at all.

我們的投資根本沒有放緩的跡象。

Okay. Just a quick follow-up, Carl. Last quarter, you mentioned a number of really impressive wins in Europe. And I know that's been an area that you're really focused on improving your efficiency.

好的。只是一個快速的跟進，卡爾。上個季度，您提到了歐洲取得的一些令人印象深刻的勝利。我知道這是您真正致力於提高效率的一個領域。

Can you give us an update on what you saw in Europe; what the pipeline looks like; and how you're thinking about that?

您能否向我們介紹一下您在歐洲看到的情況？管道是什麼樣子的；您對此有何看法？

Yeah. Sure, Brent.

是的。當然，布倫特。

If you recall, last quarter, we talked about having a really solid growth quarter in Europe. After, to be honest, most of last year -- having a tougher year, internationally -- we saw a nice rebound. And we came right back at the beginning of this year with a solid quarter in Q1 here.

如果你還記得的話，上個季度，我們談到了歐洲的一個真正穩健的成長季度。說實話，在經歷了去年大部分時間（國際上較為艱難的一年）之後，我們看到了良好的反彈。今年年初，我們第一季的業績表現穩健。

And that was both in EMEA, as well as in APAC. And we expect that to continue throughout the year.

這既發生在歐洲、中東和非洲地區，也發生在亞太地區。我們預計這種情況將持續全年。

At the same time, I did call out: it's one of the areas we're going to keep a close eye on because we do understand there could be more of a macro headwind in those markets should things change materially, as people start to think about whether they're going to invest in US-centric or US-headquartered technology companies.

同時，我確實呼籲：這是我們要密切關注的領域之一，因為我們確實知道，如果情況發生重大變化，這些市場可能會面臨更大的宏觀阻力，因為人們開始考慮是否要投資以美國為中心或總部位於美國的科技公司。

But, right now, we're really pleased with the performance. I will tell you our competitive win rates are very strong.

但是，現在，我們對錶現非常滿意。我會告訴你我們的競爭勝率非常高。

I always say: when customers finally decide to move forward with a big project around either HR or Finance or a full platform, the win rates we have are incredibly strong.

我總是說：當客戶最終決定推進人力資源、財務或整個平台的大專案時，我們的成功率非常高。

So we're really pleased with what's going on. And we're going to keep forging ahead because of the incredible opportunity we see both in EMEA and APAC and also, I should say, Japan, as well.

所以我們對目前的情況感到非常滿意。我們將繼續前進，因為我們在歐洲、中東和非洲地區、亞太地區以及日本都看到了難以置信的機會。

Great. Thanks.

偉大的。謝謝。

Michael Turrin, Wells Fargo.

富國銀行的邁克爾·圖林。

I realize there's more focus on the CRPO metric. And results there came in fairly strong for the quarter and for the Q2 guide. But the billings growth we're looking at looks, maybe, a touch lighter, in terms of Q1.

我意識到人們更加關注 CRPO 指標。本季和第二季指南的業績都相當強勁。但就第一季而言，我們所看到的帳單成長可能看起來稍微低一些。

I realize it tends to step down, seasonally. But were there any impacts from some of the different deal types you mentioned we should be mindful of?

我意識到它會隨著季節變化而逐漸下降。但是，您提到的某些不同交易類型是否會帶來我們應該注意的影響？

And, maybe, just walk us through the delta we're seeing between backlog and billings and how that could progress throughout the rest of the year?

而且，也許，只是向我們介紹一下積壓訂單和帳單之間的差異，以及今年剩餘時間內的進展？

Yeah. Michael, the key there is, first off, it was in line with our expectation. And, as you pointed out, we actually feel very good about CRPO and CRPO growth.

是的。邁克爾，關鍵是，首先，它符合我們的預期。而且，正如您所指出的，我們實際上對 CRPO 和 CRPO 成長感到非常滿意。

As you also mentioned, billings itself, does, vary on a quarter-to-quarter basis. And those growth rates will vary based on things like payment terms and invoices and things like that.

正如您所提到的，帳單本身確實會根據季度而變化。這些成長率將根據付款條件和發票等因素而有所不同。

If you look over the last number of quarters, many of the industries that we've been growing into are those where they either have longer deployment times; or, otherwise, we'll allow more flexible payments like education and a lot of the growth areas that we've seen in the business.

如果你回顧過去幾個季度，你會發現我們所涉足的許多行業要么部署時間較長；或者，我們將允許更靈活的付款方式，例如教育和我們在業務中看到的許多成長領域。

So for that reason, you tend to see a little bit of a drag, as it relates to the growth in billings or unearned revenue.

因此，由於這個原因，你往往會看到一點阻力，因為它與帳單或未賺取收入的成長有關。

We feel good about it. It's in line with what our expectations were. It's in line with our OCF guide for the full year. So we're very comfortable with the growth that we're seeing in those industries and in those businesses.

我們對此感覺很好。這符合我們的預期。這與我們的全年 OCF 指南一致。因此，我們對這些行業和企業的成長感到非常滿意。

And just as a follow-up, if I may: Zane, you mentioned there's a new buyback for an additional $1 billion. Can you just walk through how you're thinking about capital allocation in a more fluid backdrop.?

作為後續問題，如果可以的話，我問一下：Zane，您提到了另外 10 億美元的回購。您能否簡單介紹一下在更流動的背景下如何考慮資本配置？

It sounds to us like you're seeing good success with the higher score recruiting agent capabilities -- so just how you're thinking about use of capital in the current environment.

在我們看來，您似乎看到了更高分數的招聘代理能力帶來的良好成功——那麼您是如何考慮在當前環境下使用資本的呢？

Sure. First and foremost is organic growth and the investments that Carl and I have been talking about for a number of years, now, into the business. So, first and foremost, we're focused on that. We remain very inquisitive and I think have been quite successful in a number of the strategic inorganic growth opportunities that we've had.

當然。首要的是有機成長以及卡爾和我多年來一直在談論的業務投資。因此，我們首先關注的是這一點。我們仍然保持著強烈的好奇心，我認為我們在許多策略性無機成長機會中都取得了相當大的成功。

All that being said, we keep a high bar to that. We consider that part of our broader strategy but something that we're obviously closely following and keep an eye on.

儘管如此，我們對此保持著很高的標準。我們認為這是我們更廣泛策略的一部分，但我們顯然正在密切關注和關注它。

And then, in addition to that, we're always looking at dilution and returning capital to shareholders through buybacks. So that's how we think about it, in that order.

除此之外，我們也一直在考慮透過回購來稀釋和向股東返還資本。這就是我們按照這個順序思考這個問題的方式。

Pleased to obviously have the opportunity to add to the buyback amount. As you know, we've got just over $500 million left in the prior buyback. And we thought the timing was good to add to that this quarter.

很高興有機會增加回購金額。如您所知，我們在先前的回購中還剩下 5 億多美元。我們認為本季是增加這項功能的好時機。

Brad Zelnick, Deutsche Bank.

德意志銀行的布拉德‧澤爾尼克 (Brad Zelnick)。

Great. Thank you so much for taking the question.

偉大的。非常感謝您回答這個問題。

With 25% of customer expansions involving AI and with more products coming down the pipe, what level can that number maybe get to?

隨著 25% 的客戶擴展涉及人工智慧，並且越來越多的產品即將推出，這個數字可能會達到什麼水平？

What are you hearing from customers about their agentic AI plans and how Workday fits into that?

您從客戶那裡了解到了有關他們的代理 AI 計劃的哪些信息，以及 Workday 如何融入其中？

Yeah. Sure, Brad.

是的。當然，布拉德。

We're pleased with our ability to sell the existing AI solutions back into our customer base. The last three quarters: it's varied from 25% to 30% of our sales back-to-base included an AI SKU. So our customers clearly are seeing the value that we're bringing them.

我們很高興能夠將現有的人工智慧解決方案賣回給我們的客戶群。過去三個季度：我們的銷售額中有 25% 到 30% 包含 AI SKU。因此我們的客戶清楚地看到了我們為他們帶來的價值。

And then, as you stated, just this week, we announced seven new agents that we'll be bringing to market over the next three to six months, as well.

然後，正如您所說，就在本週，我們宣布了七種新代理商，我們將在未來三到六個月內將它們推向市場。

And what we're hearing from customers is, hey, we see Workday as an incredible platform that has a clean set of data, the context behind the data. And we also are in the middle of the workflow of everything they do in Workday. So they're saying to us, we see that value; we know we're going to bet on Workday as an investment in the future of our AI strategy.

我們從客戶那裡聽到的是，嘿，我們認為 Workday 是一個令人難以置信的平台，它擁有一組乾淨的數據以及數據背後的背景。我們也處於他們在 Workday 中所做的一切工作流程之中。所以他們對我們說，我們看到了那個價值；我們知道，我們將把 Workday 作為我們未來 AI 策略的一項投資。

We're pretty excited about the future of AI, both in our agent strategy, as well as our agent system of record, to deliver AI to our customers. They're betting on us with their wallets, as you can see by our growth: on a year-over-year basis, it was up 100%. And we continue to have the opportunity to sell back into our customer base.

我們對人工智慧的未來感到非常興奮，無論是在我們的代理策略中，還是在我們的代理記錄系統中，我們都可以為我們的客戶提供人工智慧。他們用錢包押注我們，正如您從我們的成長中看到的那樣：與去年同期相比，成長了 100%。我們仍然有機會將產品回銷給我們的客戶群。

That's very helpful. Just a quick point of clarification, Zane, if I may, because I've gotten this question from a couple of folks. The 0.5 point of contribution to CRPO from services and implementation that you mentioned: people are asking if that was already contemplated in the guide that you had given us and if that was in Q4.

這非常有幫助。贊恩，如果可以的話，我只想簡單澄清一下，因為有幾個人向我提出了這個問題。您提到的服務和實施對 CRPO 的 0.5 點貢獻：人們詢問這是否已經在您提供給我們的指南中考慮到了，以及是否是在第四季度。

Any further clarification, I think, would be helpful.

我認為任何進一步的澄清都會有所幫助。

Sure. It's a good call out. Again, these are the tenants. So they have not been included and weren't included in the forecast. And they'll be included, prospectively, through the course of FY26.

當然。這是一個很好的呼籲。再說一遍，這些都是租戶。所以它們沒有被包括在內，也沒有被納入預測中。預計在 26 財年期間，它們將被納入其中。

As I mentioned, it was about 0.5 point in the first quarter and about 1 point for the second quarter. We'd expect it to continue on at that run rate beyond the second quarter for the remainder of the year.

正如我所提到的，第一節大約是 0.5 分，第二節大約是 1 分。我們預計，在第二季之後，在今年剩餘時間內，該運行速度將繼續保持下去。

These are short duration contract. We're actually including it, in part, because it's going to become part of the sales motion. We believe that it can grow with the business. And we also would expect that duration to increase, as the sales teams have opportunity to focus on it, as well.

這些是短期合約。我們實際上將其包括在內，部分原因是因為它將成為銷售動議的一部分。我們相信它可以隨著業務一起成長。我們也希望持續時間能夠增加，因為銷售團隊也有機會關注它。

Makes perfect sense. Thanks, again.

非常有道理。再次感謝。

Thank you.

謝謝。

Karl Keirstead, UBS.

瑞銀的卡爾·基爾斯特德（Karl Keirstead）。

Okay. Great.

好的。偉大的。

I'll take it back to AI. Carl, I'm saying congrats on the ACV performance around AI products. I just wanted to ask how your advising investors to think about the timeframe when you'll see real monetization of these AI products; when it can be needle moving? Is it later this year? Are you pointing people to next year?

我會把它帶回給 AI。卡爾，我對 ACV 在 AI 產品的表現表示祝賀。我只是想問一下，您如何建議投資者考慮這些人工智慧產品真正貨幣化的時間表？什麼時候可以針動？是今年晚些時候嗎？您是否希望大家關註明年？

Some thoughts there would be helpful.

那裡的一些想法可能會有所幫助。

Thanks for the question, Karl.

謝謝你的提問，卡爾。

Listen: I think we're already seeing strong adoption of our AI solutions by our customers. The growth is up 100% year over year. Our customers and our ability to sell back into our customer base is largely driven by AI because they see the value of the agents we have out there today; whether it's a recruiting agent, whether it's talent optimization, whether it's leveraging ExtendPro for them to build AI solutions, on top of the Workday platform.

聽著：我認為我們已經看到客戶大力採用我們的人工智慧解決方案。成長率年增100%。我們的客戶以及我們向客戶群銷售產品的能力很大程度上是由人工智慧驅動的，因為他們看到了我們目前擁有的代理商的價值；無論是招聘代理，還是人才優化，還是利用 ExtendPro 在 Workday 平台上建立 AI 解決方案。

And, just last quarter, for the first time, we fully integrated Evisort into Workday. And we saw significant growth in that platform last quarter, more than 100% year over year.

就在上個季度，我們首次將 Evisort 完全整合到 Workday 中。上個季度我們看到該平台實現了顯著成長，年成長超過 100%。

So we think it's already moving the needle for us. And we're really pleased with the traction we have and the value our customers are seeing from our AI solutions.

因此我們認為它已經對我們產生了影響。我們對我們的 AI 解決方案所取得的進展以及客戶從中看到的價值感到非常滿意。

It's only going to get stronger, as we bring to life our agent system of record; and the additional seven agents that we announced earlier this week -- become readily available in the second half of the year.

隨著我們代理商記錄系統的投入使用，它只會變得更加強大；以及我們本週早些時候宣布的另外七家代理商——將於今年下半年投入使用。

Okay. And then, maybe, for Zane. If you don't mind, I can go back to the margins.

好的。然後，也許對 Zane 來說也是如此。如果你不介意的話，我可以回到邊緣。

Obviously, 30%, pretty outstanding. You're already at the fiscal '27 target. So, at first blush, it's easy to conclude that, maybe, your target has an upward bias.

顯然，30%，相當出色。您已經達到 27 財年的目標了。因此，乍一看，我們很容易得出結論：也許你的目標有向上的傾向。

But, maybe, you could talk through how you and Carl are thinking about that growth margin trade-off in the next two years and your desire to let more of that revenue upside flow to the bottom line?

但是，也許您可以談談您和卡爾如何考慮未來兩年的成長利潤率權衡，以及您希望讓更多的收入成長轉化為利潤嗎？

Yeah. Sure, Karl.

是的。當然，卡爾。

I'd say, first off, it wasn't just a 1 point isolated point out there. But I appreciate the call-out on Q1.

我想說，首先，這不僅僅是一個孤立的點。但我很感謝對 Q1 的呼籲。

We continue to do a number of things to drive efficiencies in the business. All that being said, as we've highlighted earlier, part of the first-quarter success was around those investments that we're making in the business.

我們將繼續採取一系列措施來提高業務效率。話雖如此，正如我們之前所強調的那樣，第一季的成功部分歸功於我們在業務上所做的投資。

And we've outlined the guide for 28.5%. So we have, obviously, thought about what that looks like through the course of the year, as we continue to invest.

我們已經制定了 28.5% 的指南。因此，隨著我們繼續投資，我們顯然已經考慮過這種情況在全年會如何發展。

We're well on track and on our way to the 30% that we called out our upcoming fiscal year. I don't want to get ahead of ourselves, as far as our ability to achieve that, because we see tremendous returns on investment in the business and are obviously working with an uncertain macro.

我們目前進展順利，正在朝著即將到來的財政年度所預測的 30% 的目標邁進。就我們實現這一目標的能力而言，我不想超越自己，因為我們看到了業務投資的巨大回報，而且顯然我們正在應對不確定的宏觀環境。

All that being said, we remain focused on growth and margin expansion and expect to grow that beyond the 30% in future fiscal years, as well.

話雖如此，我們仍然專注於成長和利潤率擴張，並預計未來財年的成長率也將超過 30%。

Okay. Thank you.

好的。謝謝。

Thank you, Karl.

謝謝你，卡爾。

Rishi Jaluria, RBC.

Rishi Jaluria，RBC。

Nice to see continued resilience in the business.

很高興看到業務繼續保持彈性。

I like to keep sticking to the macro. But it's obviously an important inbound that we keep getting. So, maybe, two macro-focused questions.

我喜歡繼續堅持宏觀。但這顯然是我們不斷收到的重要訊息。所以，也許有兩個宏觀問題。

Number 1, just to be clear, if we think about trends you saw within the quarter, would you characterize anything different you saw in the month of April, especially because that was post Liberation Day and the institution of tariffs? Just anything to call out there and, maybe, what you've seen, so far, this month.

第一，需要明確的是，如果我們考慮您在本季看到的趨勢，您會描述 4 月有什麼不同嗎，特別是因為那是在解放日和關稅制度之後？只需呼喊任何內容，也許就是您本月到目前為止所看到的內容。

And then, just another quick follow-up on the macro.

然後，再對宏觀進行一次快速跟進。

Thanks for the question, Rishi.

謝謝你的提問，Rishi。

I tried to capture all of this in my opening comments and then, the earlier question: it didn't have any material impact on the quarter. As you can see, we had really solid results and a great start to the year. And I don't think much changed as we exited the quarter or here early in this quarter.

我試圖在開場白中概括所有這些，然後回答先前的問題：它對本季沒有任何實質影響。如您所見，我們取得了非常紮實的成績，為今年開了個好頭。我認為，當我們結束本季或本季初時，情況並沒有太大變化。

But, as I said, we are keeping an eye on certain industries where we do have a large footprint and we have a lot of momentum. That's around state, local government; in higher ed, as well; and we're keeping an eye on the international markets to see if there's any blowback from some of the things we're doing at the macro level here in the US.

但正如我所說，我們正在關注某些我們確實佔有較大份額且發展勢頭強勁的行業。那是圍繞州和地方政府的；在高等教育中也是如此；我們正在密切關注國際市場，觀察我們在美國宏觀層面採取的一些措施是否會產生任何反作用。

But I wouldn't say any big change, at this time. But, as we always say, no one is immune to the potential headwinds that we're facing. We're keeping our eye on them.

但目前我不會說會有什麼大的改變。但是，正如我們常說的那樣，沒有人能夠免受我們所面臨的潛在阻力的影響。我們正在密切關注他們。

But let's go back to the value proposition we have. It's extremely strong. People see the ROI in Workday.

但讓我們回到我們的價值主張。它非常堅固。人們看到了 Workday 的投資報酬率。

They see us as a consolidation platform. And they see us as a safe bet for their AI strategy, going forward.

他們將我們視為一個整合平台。他們認為我們是他們未來人工智慧戰略的安全選擇。

Okay. That's really helpful.

好的。這真的很有幫助。

And, maybe, just to continue on that line of thinking: as an uncertain macro means customers are going to be a little bit more uncertain, you do have a pretty distinct and clear ROI story that you can tell; and, especially now, leveraging a lot of the agentic AI that you're building in -- there's an opportunity to drive real cost savings and efficiency gains. Maybe, how should we be thinking about your ability? Or how you are thinking about adapting the go-to-market, adapting your messaging around those value propositions; and, maybe, leaning into that more, just given what we're seeing out there?

也許，只是繼續這種思路：由於不確定的宏觀意味著客戶會更加不確定，所以你確實有一個非常獨特和清晰的投資回報率故事可以講述；尤其是現在，利用您正在構建的大量代理 AI——有機會實現真正的成本節約和效率提高。也許，我們該如何看待你的能力？或者您如何考慮調整市場進入方式、圍繞這些價值主張調整您的訊息傳遞方式；而且，也許，根據我們所看到的情況，我們會更傾向於此？

Yeah. Rishi, I'd say we continue to drive a strong narrative and a strong value proposition into our customers, both existing and net new, around an ROI and a total cost of ownership business benefit in the Workday platform.

是的。Rishi，我想說，我們將繼續圍繞 Workday 平台的投資回報率和整體擁有成本業務效益，向現有客戶和新客戶推行強有力的敘事和價值主張。

When you do have more headwinds, more people want to consolidate on a platform in a platform they trust. They do it with Workday. They also want to make sure that they're betting on the future of AI. And they're betting on that future with Workday.

當你確實面臨更多逆風時，更多的人希望在他們信任的平台上進行整合。他們透過 Workday 來實現這一點。他們也想確保自己押注的是人工智慧的未來。他們把賭注押在了 Workday 的未來。

So everywhere we look, in every conversation with our customers, the ROI and total cost of ownership narrative comes up. We have one of the strongest in the industry. And I think that shows through in our results here in Q1 and shows the start to the year; I think that narrative will play out the rest of the year, as well.

因此，無論我們在哪裡，在與客戶的每次對話中，都會提到投資回報率和總擁有成本。我們是業界實力最強的公司之一。我認為這體現在我們第一季的業績中，也反映了今年的開局；我認為這種情況也將在今年剩餘時間內持續下去。

Very helpful. Thank you.

非常有幫助。謝謝。

Alex Zukin, Wolfe Research.

沃爾夫研究公司的亞歷克斯·祖金（Alex Zukin）。

Maybe, just with respect to some of the AI and agentic launches: Carl, you talked about already seeing some tailwinds, in terms of adoption of your customer base. Maybe, where are you, guys, most enthusiastic on that front? Where do you expect that to start to drive, maybe -- not obviously the next two quarters -- over the next 12 months? Like, where do you, maybe, see the potential for materiality for growth acceleration?

也許，僅就一些人工智慧和代理商發布而言：卡爾，您談到在客戶群的採用方面已經看到了一些順風。也許，你們當中的誰對這方面最感興趣？您預計這會對未來 12 個月產生怎樣的影響？也許不是接下來的兩個季度，而是未來 12 個月？例如，您可能在哪裡看到了加速成長的實質潛力？

And do you think that it will be more adopted, maybe, down market or upmarket, in terms of your customer base?

從您的客戶群來看，您是否認為它會在低端市場或高端市場更受青睞？

Yeah, thanks for the question, Alex.

是的，謝謝你的提問，亞歷克斯。

I'm actually going to bring Gerrit, our new President of Product and Technology into the mix here and have him talk about the excitement he has around our AI strategy. And then, I'll talk about the growth factors.

實際上，我將邀請我們的新產品和技術總裁 Gerrit 加入進來，讓他談談他對我們的 AI 策略的興奮之情。然後，我將談談成長因素。

Yeah. Sounds great.

是的。聽起來很棒。

I'm really excited. We are really excited because we are approaching AI in a unique way. We are not just driving automation of existing APIs but really going to the core of the business process and innovating it at the core.

我真的很興奮。我們真的很興奮，因為我們正在以一種獨特的方式接近人工智慧。我們不僅推動現有 API 的自動化，而且真正深入業務流程的核心並從核心進行創新。

We talked about how we're doing this in the recruiting space, which applies to small and large customers with our recruiting agent. Customers get a net 54% increase in recruiter capacity out of that, no matter the business size.

我們討論瞭如何在招聘領域做到這一點，這適用於我們的招聘代理的大小客戶。無論業務規模如何，客戶的招募人員能力均可因此淨增加 54%。

We talked about our contract intelligence agent, which basically speeds up the work of any legal or document-driven accounting work. We have customers like NetApp -- analyzed more than 90,000 contracts this way and solved thousands of hours and outside legal spend.

我們討論了我們的合約智慧代理，它基本上加快了任何法律或文件驅動的會計工作。我們有像 NetApp 這樣的客戶——透過這種方式分析了超過 90,000 份合同，解決了數千小時和外部法律支出的問題。

We honestly don't see any letter applicability price, broadly. And we introduced, now, with our 12 agents, every key leverage point in the business process from hire to retire; as well as in procure-to-pay and order to cash.

說實話，我們並沒有廣泛地看到任何字母適用價格。現在，我們透過 12 位代理商介紹了從僱用到退休的業務流程中的每個關鍵槓桿點；以及採購到付款和訂單到現金。

So we're intentionally covering the full value life cycle and bring it broadly to market.

因此，我們有意涵蓋整個價值生命週期並將其廣泛推向市場。

Thanks, Gerrit. And, as far as growth, we see it across all of our market segments and industries. I don't think it's highly differentiated in one versus the other.

謝謝，Gerrit。就成長而言，我們在所有細分市場和行業都看到了成長。我不認為這兩者之間有太大的區別。

We're seeing new adoption across all of the segments of our AI solutions. And we expect that to continue, as we bring more and more agents in our agent system of record to life, over the next 6 to 12 months.

我們看到我們的人工智慧解決方案的各個領域都得到了新的採用。我們預計，隨著未來 6 到 12 個月內我們的代理記錄系統中引入越來越多的代理，這種情況將會持續下去。

Excellent. And, maybe, just as a follow-up, Zane: from a capital allocation perspective, how are you looking or thinking about tuck-ins or strategic opportunities in the context of accelerating any of these AI or agentic solutions, as they come up, increasingly?

出色的。也許，只是作為後續問題，Zane：從資本配置的角度來看，隨著這些人工智慧或代理解決方案的日益出現，您如何看待或考慮在加速這些解決方案的背景下的補充或策略機會？

Yeah. Alex, we remain highly inquisitive. Gerrit and team are always looking at opportunities to accelerate the technology to bring in additional talent.

是的。亞歷克斯，我們仍然非常好奇。Gerrit 和他的團隊一直在尋找機會加速技術發展，以吸引更多人才。

And, of course, I'm always looking for more returns. So I think it complements well.

當然，我也一直在尋求更多的回報。所以我認為它能起到很好的補充作用。

We remain very active in complementing the terrific team we have here at Workday, with tuck-ins and other potential acquisitions.

我們仍然非常積極地透過補充和其他潛在的收購來補充 Workday 的優秀團隊。

So nothing changed on the philosophy there. I think we've got a good track record. And we'll continue to keep a high bar but look for some great opportunities.

因此那裡的哲學沒有任何改變。我認為我們有著良好的記錄。我們將繼續保持高標準，但尋找一些絕佳的機會。

(Operator Instructions)

（操作員指示）

Derrick Wood, TD Cowen.

德里克伍德 (Derrick Wood)，TD 考恩。

Great. Thanks.

偉大的。謝謝。

Carl, I know the US Federal business is still small. But you have been making bigger investments into this vertical over the last year.

卡爾，我知道美國聯邦的業務規模仍然很小。但在過去一年中，你們對這個垂直領域進行了更大的投資。

In light of those, can you just give us a sense of how the opportunities are shaping up? And is this something that may take a little longer to get off the ground? Or are there perhaps some new transformation opportunities opening up.

鑑於這些情況，您能否向我們介紹一下機會是如何形成的？這是否需要更長的時間才能實現？或是是否正在出現一些新的轉型機會。

Just curious how you see the US Fed opportunity trending, both near and longer term?

只是好奇您如何看待美聯儲的短期和長期機會趨勢？

Yeah. Thanks, Derrick.

是的。謝謝，德里克。

You're right. Over the last couple of years, we have leaned much more aggressively into the Federal market. We hired a new leader last year. And I think [Lynn] is having a tremendous impact on our go-to-market initiatives and driving our product and technology teams to deliver a highly-secured platform for the federal government.

你說得對。在過去的幾年裡，我們更加積極地進軍聯邦市場。去年我們聘請了一位新領導者。我認為 [Lynn] 對我們的行銷計劃產生了巨大影響，並推動我們的產品和技術團隊為聯邦政府提供高度安全的平台。

I will tell you: we're very pleased with the level of conversations we're having and the depth of conversations we're having across all civilian agencies, DoD, in the intelligence community. They absolutely see the value of Workday to help them modernize antiquated infrastructure that sits on-premises, today. And we think that represents a really huge opportunity for us, going forward.

我會告訴你：我們對我們與所有民事機構、國防部和情報界進行的對話的水平和深度感到非常滿意。他們確實看到了 Workday 的價值，它可以幫助他們對目前本地陳舊的基礎設施進行現代化改造。我們認為，這對我們未來發展而言是一個巨大的機會。

We should remember: [GE] does not mean government elimination, it means government efficiencies. And in our conversations with them, they're saying they're willing to invest to drive efficiencies in the Federal business and create a new employee experience for our US Federal employees.

我們應該記住：[GE]並不意味著政府的消除，而是政府的效率。在與他們的對話中，他們表示願意投資以提高聯邦業務的效率，並為我們的美國聯邦員工創造新的員工體驗。

Great. Real quick for Zane. Is the restructuring complete? And are there any other meaningful charges to be expected beyond Q1?

偉大的。對於 Zane 來說真的很快。重組完成了嗎？第一季之後是否還會有其他有意義的費用？

Yes and no. So primarily complete. No additional charges beyond Q1.

是也不是。所以基本上完​​成了。Q1 之後無需支付額外費用。

All Right. Thank you.

好的。謝謝。

Scott Berg, Needham & Company.

伯格（Scott Berg），Needham & Company。

Hi, everyone. Thanks for taking my questions. Just one for me.

大家好。感謝您回答我的問題。對我來說只有一個。

With the release of agents and more agents on the platform, are these technologies today -- how are these technologies impacting your sales cycles?

隨著代理商的發布以及平台上更多代理商的出現，這些技術如今——這些技術如何影響您的銷售週期？

One hand, you can see them selling sales cycles down (inaudible) because it's something new to evaluate, trying to understand how it fits into a customer's business process. But on the other hand, it could speed up the sales process with the company's ability to get to the final efficiency output more quickly.

一方面，你可以看到他們縮短了銷售週期（聽不清楚），因為這是一個需要評估的新事物，試圖了解它如何適應客戶的業務流程。但另一方面，它可以加快銷售流程，使公司能夠更快地獲得最終的效率產出。

But how are you seeing these impact those sales cycles today?

但是您如何看待這些對當今銷售週期的影響？

Yeah. Let's start with selling back to our customer base. We actually see it accelerating our sales cycle.

是的。讓我們從向我們的客戶群銷售開始。我們確實看到它加速了我們的銷售週期。

We, now, have the ability -- we've talked, in the past, about creating and closing opportunities within the same quarter or within a 90-day window. We're seeing that happen, in large part, because of the agents we have available and the value our customers see in them.

我們現在有能力——我們過去曾談到在同一季度或 90 天內創造和完成機會。我們看到這種情況的發生，很大程度上是因為我們擁有可用的代理商以及客戶從他們身上看到的價值。

So it actually accelerates ability to sell back into our customer base.

因此，它實際上加速了我們向客戶群銷售的能力。

On net new opportunities: I don't think it's elongating, at all, our sales cycles. Again, I just want to reiterate: our customers tell us they're betting on their AI strategy with Workday because they understand the value of our data, the context of the data, and the fact that the workflow is built directly into the Workday platform.

關於淨新機會：我認為這根本不會延長我們的銷售週期。再次，我只想重申：我們的客戶告訴我們，他們選擇 Workday 的 AI 策略，因為他們了解我們資料的價值、資料的背景以及工作流程直接建構在 Workday 平台中的事實。

AI is built in. It's not bolted on Workday. And they're all leaning into us for the future of their AI strategy.

人工智慧是內建的。它沒有被固定在 Workday 上。他們都希望我們能夠幫助他們制定未來的人工智慧策略。

Thank you. We have reached the end of the question-and-answer session.

謝謝。問答環節已結束。

Therefore, thank you for your participation.

因此，感謝您的參與。

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

現在我將把時間交給埃森巴赫先生進行最後的評論。

Thank you, operator.

謝謝您，接線生。

Again, thank you all for joining the call today. I'm pleased with our start to FY26, as we delivered another solid quarter.

再次感謝大家今天參加電話會議。我對我們 26 財年的開局感到滿意，因為我們又交出了穩健的一個季度業績。

The diversity of our business continues to be a powerful asset, driving balanced performance across new and existing customers, industries, and geographies.

我們業務的多樣性繼續成為一項強大的資產，推動著新舊客戶、產業和地區的均衡表現。

And our Illuminate strategy is strongly resonating, as more customers recognize that investing in the Workday platform is a strategic investment in their AI future, built on one of the largest and cleanest HR and financial data sets in our industry.

我們的 Illuminate 策略引起了強烈共鳴，因為越來越多的客戶認識到投資 Workday 平台是對其 AI 未來的策略投資，該平台建立在我們行業中最大、最清晰的人力資源和財務資料集之一之上。

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

說完這些，我將把電話轉回給接線生以結束通話。

Thank you. Ladies and gentlemen, this does conclude today's conference.

謝謝。女士們、先生們，今天的會議到此結束。

You may disconnect your lines, at this time.

此時您可以斷開線路。

We thank you for your participation.

我們感謝您的參與。

Have a great day.

祝你有美好的一天。