Workday Inc (WDAY) 2026 Q2 法說會逐字稿

Welcome to Workday second quarter fiscal year 2026 earnings call. (Operator Instructions)

歡迎參加 Workday 2026 財年第二季財報電話會議。（操作員指示）

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

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)。請繼續。

Thank you, operator. Welcome to Workday's second 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 and Technology.

謝謝您，接線生。歡迎參加 Workday 2026 財年第二季財報電話會議。參加電話會議的有我們的執行長 Carl Eschenbach、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. Our press release was issued after close of market and is posted on our website where this call is being simultaneously webcast. Before we get started, we want to emphasize that some of our statements on this call, particularly our guidance, are based on the information we have as of today and include forward-looking statements regarding our financial results, applications, customer demand, operations, and other matters. These statements are subject to risks, uncertainties, and assumptions that could cause actual results to differ materially.

聽完準備好的發言後，我們將回答問題。我們的新聞稿是在收盤後發布的，並發佈在我們的網站上，該電話會議也同時在網路上直播。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，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 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 表格年度報告，以獲取有關可能導致實際結果與此類聲明中的結果大不相同的風險、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. You can find additional disclosures regarding these non-GAAP measures, including reconciliations with comparable GAAP results in our earnings press release, in our investor presentation, and on the Investor Relations page of our website.

此外，在今天的電話會議中，我們將討論非公認會計準則財務指標，我們認為這些指標可作為 Workday 績效的補充指標。這些非 GAAP 指標應作為 GAAP 結果的補充而非替代或孤立存在。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, a copy of the prepared remarks 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，準備好的評論和季度投資者介紹的副本將在本次電話會議結束後發佈在我們的投資者關係網站上。

Our third quarter fiscal 2026 quiet period begins on October 15, 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 財年第三季靜默期從 2025 年 10 月 15 日開始。除非另有說明，本次電話會議中的所有財務比較都將與我們 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, and thank you all for joining us today. Workday delivered another solid quarter, with 14% subscription revenue growth and non-GAAP operating margin of 29%. We built great momentum in Q1, and we kept it going in Q2 with strong customer adoption across key verticals, geographies, and segments.

謝謝你，賈斯汀，也謝謝大家今天加入我們。Workday 又一個季度表現穩健，訂閱收入成長 14%，非 GAAP 營業利益率為 29%。我們在第一季建立了強大的發展勢頭，並在第二季度繼續保持這一勢頭，在主要垂直行業、地區和細分市場中獲得了客戶的廣泛認可。

Customer engagement with Workday has never been higher. Our Customer Experience Center in Pleasanton is absolutely buzzing, in fact I feel like I’m living there lately. To keep up with all the demand, we are opening new CXCs in New York and London.

客戶與 Workday 的互動從未如此高漲。我們位於普萊森頓的客戶體驗中心非常熱鬧，事實上，我感覺最近我就像住在那裡一樣。為了滿足所有需求，我們正在紐約和倫敦開設新的 CXC。

Customers are choosing Workday because we help them unlock value today and we prepare them for whatever’s next, whether that’s navigating AI transformation, streamlining operations, or creating more meaningful work for their people. That’s where the Workday platform gives them the ultimate advantage. We help manage and optimize their most critical assets, their people and their 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.

客戶選擇 Workday 是因為我們幫助他們釋放當前的價值，並為下一步做好準備，無論是引導人工智慧轉型、簡化運營，還是為員工創造更有意義的工作。這就是 Workday 平台為他們帶來的最大優勢。我們透過以人工智慧為核心的平台，幫助他們管理和優化最重要的資產、人員和資金。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。

And our AI value proposition is highly relevant in today’s market. Workday Illuminate is fueled by the largest and cleanest finance and HR dataset. With more than 75 million users under contract and a 1 trillion transactions processed last year alone, Workday has a deep understanding of how people work and how to make work better. This ability to deliver real, differentiated value is what drove our customer momentum in Q2.

我們的人工智慧價值主張與當今市場高度相關。Workday Illuminate 由最大、最清晰的財務和人力資源資料集提供支援。Workday 擁有超過 7,500 萬名簽約用戶，光是去年就處理了 1 兆筆交易，因此，Workday 對人們的工作方式以及如何讓工作變得更好有著深刻的理解。這種提供真正差異化價值的能力正是推動我們第二季客戶成長的動力。

Now let’s talk about our customer highlights. In Q2, we formed new HCM relationships with Carrefour, Memorial Health, Smurfit-Westrock, and Banamex. We also had impressive expansions with Sanofi, Blue Origin, and Google. We are proud to serve more than 65% of the Fortune 500, but what’s even more exciting is to see the traction we’re seeing in the emerging and medium enterprise, driven by the launch of WorkdayGo in Q1.

現在讓我們來談談我們的客戶亮點。在第二季度，我們與家樂福、紀念健康、Smurfit-Westrock 和 Banamex 建立了新的 HCM 關係。我們還與賽諾菲、藍色起源和谷歌進行了令人矚目的擴張。我們很榮幸能為超過 65% 的《財富》500 強企業提供服務，但更令人興奮的是，隨著第一季 WorkdayGo 的推出，我們看到了新興和中型企業的成長勢頭。

Our focus on financials continues to fuel demand for our full suite. This quarter, roughly 30% of our net-new deals were full suite, with that number rising to 50% or more in industries like SLED and healthcare. Red Coats, Michels, and US Physical Therapy were just a few of our full-suite wins in the quarter.

我們對金融的關注繼續推動對我們全套產品的需求。本季度，我們約有 30% 的新增淨交易為全套交易，在 SLED 和醫療保健等行業，這一數字上升至 50% 或更多。Red Coats、Michels 和 US Physical Therapy 只是我們本季取得的全套勝利中的一小部分。

Beyond the wins, we also celebrate go-lives. Salesforce a long-time HCM customer went live on Workday Financial Management and Accounting Center in the quarter. They’re all-in on Workday. By unifying their HR and financial data on our platform, they’re getting entirely new insights about their business to support their innovation and growth. We also had full suite go lives with Advocate Health, Honor Health, and University of Melbourne.

除了勝利之外，我們還慶祝上線。作為 HCM 的長期客戶，Salesforce 在本季度啟用了 Workday 財務管理和會計中心。他們全心投入 Workday。透過在我們的平台上統一他們的人力資源和財務數據，他們可以對其業務獲得全新的見解，以支持他們的創新和成長。我們也與 Advocate Health、Honor Health 和墨爾本大學進行了全套上線。

I mentioned earlier in the call that AI is front and center in nearly every customer conversation. More than 30% of our customer base deals and more than 75% of our net-new deals included one or more of our AI products, such as Talent Optimization, Recruiting Agent, Talent Mobility Agent, Contract Intelligence Agent powered by Evisort, and Extend Pro. And, net-new ACV from our AI products once again more than doubled year over year. We had fantastic AI wins at Trinity Health, Chipotle, and Cox Health just to name a few.

我之前在電話中提到過，人工智慧幾乎在每一次客戶對話中都處於中心位置。我們超過 30% 的客戶群交易和超過 75% 的淨新交易涉及我們的一種或多種 AI 產品，例如人才優化、招聘代理、人才流動代理、由 Evisort 提供支援的合約智慧代理和 Extend Pro。而且，我們 AI 產品的淨新 ACV 年比成長了一倍以上。我們在 Trinity Health、Chipotle 和 Cox Health 等公司都取得了出色的 AI 勝利。

Now let’s talk about industries. Financial services had a standout quarter with an expansion at Nationwide Insurance which added core financials and wins with Guaranteed Rate, Handelsbanken, and Miller Insurance Services.

現在我們來談談產業。金融服務業在本季度表現突出，Nationwide Insurance 實現了擴張，增加了核心金融業務，並贏得了 Guaranteed Rate、Handelsbanken 和 Miller Insurance Services 的青睞。

In SLED, we had our first state go live on financial management in Q2 with the State of Rhode Island. And, we had a huge competitive win at the University of Virginia and UVA Health, an academic health system that includes a medical center, the School of Medicine, and a network of community hospitals throughout Virginia. We also continue to expand our work with the US federal government, where our engagement across the Department of Defense, the Intelligence Community, and Civilian Agencies has never been stronger.

在 SLED，我們在第二季度與羅德島州一起率先上線了財務管理。我們在維吉尼亞大學和維吉尼亞大學健康中心取得了巨大的競爭勝利，維吉尼亞大學健康中心是一個學術醫療系統，包括一個醫療中心、醫學院和遍布維吉尼亞州的社區醫院網路。我們也繼續擴大與美國聯邦政府的合作，我們與國防部、情報界和民事機構的合作從未如此緊密。

In Q2, we launched Workday Government a wholly owned subsidiary dedicated to serving the unique needs of the US Government. With this sector facing a once-in-a-generation opportunity to modernize its aging infrastructure, our value proposition has never been more relevant. By combining our proven platform, AI leadership, and deep commitment to public service, we’re poised to deliver real impact for millions of government workers while also unlocking meaningful, long-term growth for Workday. And with the government leaning heavily into AI, we see tremendous opportunity ahead for many years to come.

在第二季度，我們成立了全資子公司 Workday Government，致力於滿足美國政府的獨特需求。由於該行業面臨著千載難逢的機會來更新其老化的基礎設施，我們的價值主張從未像現在這樣重要。透過結合我們成熟的平台、人工智慧領導力以及對公共服務的堅定承諾，我們準備為數百萬政府工作人員帶來真正的影響，同時也為 Workday 帶來有意義的長期成長。隨著政府大力支持人工智慧，我們預見未來許多年將出現巨大的機會。

And finally, as we shared last quarter, our tech and media industry crossed $1 billion in ARR and the team followed it up with another strong quarter here in Q2.

最後，正如我們上個季度所分享的，我們的科技和媒體產業的 ARR 突破了 10 億美元，團隊在第二季又取得了強勁的業績。

Turning to innovation, our roadmap is focused on delivering purpose-built AI solutions for HR and Finance that drive tangible business value and real ROI. And more than 70% of our core customers are now leveraging Workday Illuminate.

談到創新，我們的路線圖專注於為人力資源和財務提供專門構建的人工智慧解決方案，以推動有形的商業價值和真正的投資回報率。目前，我們超過 70% 的核心客戶都在使用 Workday Illuminate。

In May, we announced new agents that leverage our unmatched dataset to help customers amplify talent, reduce costs, accelerate decision-making, and mitigate risk. And at Workday Rising in a few weeks, we will unveil exciting AI and platform innovations, partnerships, and new ways to make it easier for customers to access and get value from our AI solutions.

五月，我們宣布了新的代理商，他們將利用我們無與倫比的數據集來幫助客戶擴大人才、降低成本、加快決策並降低風險。幾週後，在 Workday Rising 上，我們將推出令人興奮的人工智慧和平台創新、合作夥伴關係以及新方法，讓客戶更輕鬆地存取我們的人工智慧解決方案並從中獲取價值。

While we continue to invest heavily in organic innovation, we’re also making strategic acquisitions. We’re focused on finding purpose-built solutions and exceptional teams that complement our strategy, strengthen our leadership and allow us to deliver even greater value to our customers. And today, I’m thrilled to share the exciting news that we’ve signed a definitive agreement to acquire Paradox, a breakthrough candidate experience agent that uses conversational AI to completely reimagine the job application experience.

在我們持續大力投資有機創新的同時，我們也在進行策略性收購。我們專注於尋找專門的解決方案和優秀的團隊，以補充我們的策略，加強我們的領導力，並使我們能夠為客戶提供更大的價值。今天，我很高興地與大家分享一個令人興奮的消息：我們已經簽署了一項最終協議，收購 Paradox，這是一家突破性的候選人體驗代理公司，它使用對話式人工智慧徹底重塑求職體驗。

Paradox turns long, complex hiring processes into fast, natural language conversations, making it easier for people to find work and for companies to fill critical roles, especially in frontline industries like retail, healthcare, hospitality, transportation, and manufacturing. With Workday Recruiting, HiredScore and now Paradox, we will be able to deliver an incredibly powerful AI-powered talent acquisition suite, helping customers find, hire, and onboard every type of worker, for every type of work.

Paradox 將漫長而複雜的招聘流程轉變為快速、自然的語言對話，使人們更容易找到工作，公司也更容易填補關鍵職位，特別是在零售、醫療保健、酒店、交通運輸和製造等一線行業。借助 Workday Recruiting、HiredScore 以及現在的 Paradox，我們將能夠提供一套功能極其強大的人工智慧人才招募套件，幫助客戶為各種類型的工作尋找、僱用和引導各種類型的員工。

Now, let's turn to our platform. We're continuing to evolve Workday as not only the best application for people and money, but the best platform as well. And you can see that strategy play out in the incredible growth of Workday Extend. In Q2, new ACV from ExtendPro more than doubled year-over-year, driven by demand to build custom applications and experiences on top of Workday.

現在，讓我們轉向我們的平台。我們將繼續改進 Workday，使其不僅成為最適合人員和資金的應用程序，而且成為最好的平台。您可以看到該策略在 Workday Extend 的驚人成長中發揮了作用。在第二季度，ExtendPro 的新 ACV 年比增長了一倍以上，這得益於在 Workday 上建立客製化應用程式和體驗的需求。

Developers are embracing Workday’s tools, including Extend and our AI APIs to expand the Workday footprint in new industries, markets, and territories. In fact, we now have more than 100 Marketplace Apps live on Workday Marketplace, which has doubled since the start of FY26.

開發人員正在採用 Workday 的工具，包括 Extend 和我們的 AI API，以擴大 Workday 在新產業、新市場和新領域的影響力。事實上，我們現在在 Workday Marketplace 上擁有超過 100 個 Marketplace 應用程序，自 2026 財年開始以來數量翻了一番。

To accelerate that innovation, we launched enhancements to Workday Developer Co-Pilot in Q2. This makes it even easier for developers to integrate AI capabilities into their apps and agents. We also launched our AI Agent partner network and the AI agent gateway, making it simple for partners to connect their agents to the Workday Agent System of Record. We’re thrilled to have AWS, Google Cloud, PwC, and Glean among the first to sign on.

為了加速創新，我們在第二季推出了 Workday Developer Co-Pilot 的增強功能。這使得開發人員可以更輕鬆地將 AI 功能整合到他們的應用程式和代理程式中。我們還推出了 AI Agent 合作夥伴網路和 AI Agent 網關，讓合作夥伴可以輕鬆地將其代理程式連接到 Workday Agent 記錄系統。我們很高興 AWS、Google Cloud、PwC 和 Glean 成為首批簽約的公司。

We rolled out these innovations at DevCon, our annual developer conference. The excitement was incredible, we saw record turnout, and our developer community has now doubled in size year over year. And we’re not stopping there. You may have seen that we also recently acquired Flowise, a leading low-code platform for building powerful agents.

我們在年度開發者大會 DevCon 上推出了這些創新。我們感到非常興奮，見證了創紀錄的投票率，我們的開發者社群規模比去年同期翻了一番。我們不會就此止步。您可能已經看到，我們最近也收購了 Flowise，這是一個用於建立強大代理商的領先低程式碼平台。

Flowise will turbocharge our customers’ ability to create and deploy new AI agents at scale. It is built on an open-source foundation and is already processing millions of chats and workflows. It's earned more than 42,000 GitHub stars and is gaining strong adoption across industries.

Flowise 將增強我們的客戶大規模創建和部署新的 AI 代理的能力。它建立在開源基礎上，並且已經處理數百萬個聊天和工作流程。它已獲得超過 42,000 個 GitHub 星標，並在各個行業中廣泛採用。

And not only does Workday continue to invest in promising innovation, we also attract the best people in the industry. Peter Bailis, our new Chief Technology Officer, is now on board and already driving our AI and platform agenda. And we didn’t stop there as we brought in several new technical leaders across our platform, emerging and medium enterprise, and security teams in Q2 as well.

Workday 不僅持續投資有前景的創新，我們也吸引了業界最優秀的人才。我們新任技術長 Peter Bailis 現已加入公司並開始推動我們的人工智慧和平台議程。我們並沒有就此止步，我們在第二季度也為我們的平台、新興和中型企業以及安全團隊引進了幾位新的技術領導者。

Partners are critical to our success, extending the power of our platform, fueling our pipeline, and delivering new innovations to our customers. For the second quarter in a row, more than 20% of our net-new ACV signed in the quarter was sourced from partners.

合作夥伴對於我們的成功至關重要，他們擴展了我們平台的功能，豐富了我們的產品線，並為我們的客戶提供了新的創新。連續第二個季度，我們本季簽署的淨新增 ACV 中有 20% 以上來自合作夥伴。

Strategic partnerships are helping us generate new revenue streams and enhance employee services. In the quarter, we expanded our partnership with DailyPay, giving employees easier access to earned wages before payday. Another great example is our Employment Verification Connector for Equifax, announced a few quarters ago.

策略合作夥伴關係正在幫助我們創造新的收入來源並增強員工服務。本季度，我們擴大了與 DailyPay 的合作夥伴關係，讓員工更輕鬆地在發薪日之前獲得應得的薪水。另一個很好的例子是我們幾個季度前發布的 Equifax 就業驗證連接器。

Workday Wellness continues to gain momentum, with Benepass, Chime, and New York Life joining in the financial benefits category, and Voya joining in the health benefits category. In its first year, customer response has been incredible, and it’s already been recognized as one of the Top HR Products of the Year by HR Executive and HR Tech.

Workday Wellness 繼續保持成長勢頭，Benepass、Chime 和 New York Life 加入了財務福利類別，Voya 加入了健康福利類別。在推出的第一年，客戶反應就非常熱烈，而且它已經被《HR Executive》和《HR Tech》評為年度頂級人力資源產品之一。

Similar to the partner ecosystem, our international business remains a major growth opportunity for Workday. And we delivered a solid Q2 across regions, notably in EMEA. Germany and the UKI were standouts in the region, with wins and expansions at Haven Leisure, Johnston Carmichael Scotland and DQS Holding to name a few.

與合作夥伴生態系統類似，我們的國際業務仍然是 Workday 的一個重要的成長機會。我們在第二季各個地區，尤其是歐洲、中東和非洲地區，都取得了穩健的表現。德國和英國在該地區表現突出，Haven Leisure、Johnston Carmichael Scotland 和 DQS Holding 等公司均獲得成功並實現了擴張。

In APAC, we had great wins with Qantas and Lumas Imaging. We also signed our first deal in Vietnam with Masan Group, a top conglomerate spanning retail, banking and infrastructure. And our investments in Japan over the last couple of years are really starting to pay off with continued momentum and expansions including Tokyo Electron and Astemo in the quarter.

在亞太地區，我們與澳洲航空和 Lumas Imaging 的合作取得了巨大成功。我們還與越南一家橫跨零售、銀行和基礎設施的頂級企業集團 Masan Group 簽署了我們在越南的第一筆交易。過去幾年我們在日本的投資確實開始獲得回報，本季我們繼續保持成長動能並進行了擴張，包括收購東京電子 (Tokyo Electron) 和 Astemo。

As we continue to expand our global footprint, India is a key part of our strategy. In Q2, we hired Sunil Jose as President of India, announced we will begin offering services through a local data center, and we’re growing our teams and our partner ecosystem in this critical market.

隨著我們不斷擴大全球影響力，印度是我們策略的重要組成部分。在第二季度，我們聘請了 Sunil Jose 擔任印度總裁，宣布我們將開始透過本地資料中心提供服務，並且我們正在這個關鍵市場擴大我們的團隊和合作夥伴生態系統。

We’re heading into the second half of the year with incredible momentum, driven by our AI innovation, our unified platform, our ecosystem, and of course our workmates. We continue to be a magnet for exceptional talent, attracting world class leaders to Workday across all functions.

在我們的人工智慧創新、統一平台、生態系統以及同事的推動下，我們正以驚人的勢頭進入下半年。我們持續吸引傑出人才，吸引世界級的領導者加入 Workday 的各個職能部門。

We’re building for the long term while executing in the near term and I couldn’t be more excited about what’s ahead. When we put AI to work for people, not in place of them, we unlock potential we’ve only begun to imagine. That’s the future we’re creating with our customers, and I can’t wait for you to see what we achieve together.

我們在執行短期目標的同時也在為長期目標做準備，我對未來充滿期待。當我們讓人工智慧為人類服務，而不是取代人類時，我們就能釋放出我們才剛開始想像的潛能。這就是我們與客戶共同創造的未來，我迫不及待地想讓您看到我們共同達成的成就。

I’m deeply grateful to our global workmates, our customers, and our partners for making Q2 such a solid quarter. And I look forward to seeing many of you at Workday Rising and our Financial Analyst Day on September 16, where we’ll share more about how we’re shaping an AI-powered, human-centric, and future-ready Workday.

我衷心感謝我們全球的同事、客戶和合作夥伴，是他們讓第二季取得如此豐厚的表現。我期待在 9 月 16 日的 Workday Rising 和財務分析師日上見到你們，屆時我們將分享更多關於我們如何塑造一個以人工智慧為驅動、以人為本、面向未來的 Workday 的信息。

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. Our Q2 results were supported by ongoing momentum across several of our growth areas, as companies around the globe turn to Workday to manage and empower their most mission-critical assets.

謝謝卡爾，也謝謝大家參加今天的電話會議。由於全球各地的公司都轉向 Workday 來管理和支援其最關鍵的資產，我們第二季的業績得到了多個成長領域持續成長勢頭的支持。

Turning to results, subscription revenue in the second quarter was $2.169 billion, up 14%. Professional services revenue was $179 million, resulting in total revenue of $2.348 billion, growth of 13%. US revenue in Q2 totaled $1.76 billion, up 13%. International revenue totaled $584 million, up 11%. This includes a three point impact year-over-year from an increased mix of international partner deployments.

談到業績，第二季訂閱營收為 21.69 億美元，成長 14%。專業服務收入為 1.79 億美元，總收入達 23.48 億美元，成長 13%。第二季美國營收總計 17.6 億美元，成長 13%。國際收入總計 5.84 億美元，成長 11%。這包括國際合作夥伴部署增加帶來的三個百分點的同比影響。

12-month subscription revenue backlog, or cRPO, was $7.91 billion at the end of Q2, increasing 16.4%. The result was driven by elevated volume of renewal activity including higher-than expected early renewals, along with continued momentum in new ACV and strong partner growth. Approximately 1 point of cRPO growth came from tenants, in line with our expectations. We anticipate this impact on growth will be just over a 1 point for the remainder of the year.

截至第二季末，12 個月訂閱營收積壓（cRPO）為 79.1 億美元，成長 16.4%。這一結果得益於續約活動量的增加，包括高於預期的早期續約，以及新 ACV 的持續成長動能和強勁的合作夥伴成長。約 1 個百分點的 cRPO 成長來自租戶，符合我們的預期。我們預計，今年剩餘時間內，這項影響對經濟成長的影響將略高於 1 個百分點。

Total subscription revenue backlog at the end of the quarter was $25.37 billion, up 18%, and gross revenue retention rates remained healthy at 97%. Non-GAAP operating income for the second quarter was $680 million, representing a non-GAAP operating margin of 29%. We continue to execute on delivering margin expansion while growing our topline.

本季末的總訂閱收入積壓為 253.7 億美元，成長 18%，總營收保留率仍維持在 97% 的健康水準。第二季非公認會計準則營業收入為 6.8 億美元，非公認會計準則營業利益率為 29%。我們將繼續努力擴大利潤率，同時增加營業收入。

We are focused on making targeted and impactful investments to support long-term growth, such as expanding our AI talent, both organically and inorganically, entering new markets such as India, and investing in certain industries including our Federal business. At the same time, we are driving efficiencies across people, processes and systems, all accelerated by AI.

我們專注於進行有針對性和有影響力的投資以支持長期成長，例如擴大我們的人工智慧人才（包括有機和無機）、進入印度等新市場以及投資包括我們的聯邦業務在內的某些行業。同時，我們正在透過人工智慧加速提高人員、流程和系統的效率。

Q2 operating cash flow was $616 million, growth of 8%. We repurchased $299 million of our shares during the quarter and had $1.2 billion in remaining authorization as of July 31. We ended the quarter with $8.2 billion in cash and marketable securities. Our headcount as of July 31 stood at approximately 19,500 workmates around the globe.

第二季經營現金流為6.16億美元，成長8%。我們在本季回購了價值 2.99 億美元的股票，截至 7 月 31 日，剩餘授權金額為 12 億美元。本季結束時，我們擁有 82 億美元的現金和有價證券。截至 7 月 31 日，我們在全球的員工總數約為 19,500 名。

Now turning to guidance. Following our first half momentum and incorporating the acquisition of Paradox, which we expect to close later in Q3, we are increasing our FY26 subscription revenue guidance to$8.815 billion, growth of 14%. We expect Q3 FY26 subscription revenue to be approximately $2.235 billion, also growth of 14%.

現在轉向指導。繼上半年的發展動能並納入對 Paradox 的收購（我們預計將在第三季稍後完成收購）之後，我們將 2026 財年的訂閱收入預期上調至 88.15 億美元，成長 14%。我們預計 26 財年第三季的訂閱營收約為 22.35 億美元，成長 14%。

We expect cRPO to increase between 15% and 16% in Q3. This does not include the impact of the Paradox acquisition. We continue to expect FY26 professional services revenue of approximately $700 million. For Q3, we expect professional services revenue of $180 million.

我們預計第三季 cRPO 將成長 15% 至 16%。這還不包括 Paradox 收購的影響。我們繼續預期 26 財年專業服務收入約為 7 億美元。我們預計第三季專業服務收入為 1.8 億美元。

We are increasing our FY26 non-GAAP operating margin to approximately 29%, reflecting ongoing efficiencies we are driving across the business. For Q3, we expect a non-GAAP operating margin of 28%. We expect GAAP operating margins to be approximately 17 points and 21 points lower than our Q3 and full-year FY26 non-GAAP operating margins, respectively. The FY26 non-GAAP tax rate is expected to be 19%.

我們將 26 財年非公認會計準則營業利潤率提高至約 29%，這反映了我們在整個業務範圍內持續提高的效率。對於第三季度，我們預計非 GAAP 營業利潤率為 28%。我們預計 GAAP 營業利潤率將分別比我們的第三季和 26 財年全年非 GAAP 營業利潤率低約 17 個百分點和 21 個百分點。預計 26 財年非 GAAP 稅率為 19%。

We are increasing our FY26 operating cash flow outlook to $2.85 billion, driven by the timing of cash tax payments as well as our operating performance for the year. We now expect FY26 capital expenditures of approximately $200 million, reflecting free cash flow of $2.65 billion, growth of 21%.

我們將 2026 財年的營運現金流預期上調至 28.5 億美元，這得益於現金納稅的時間以及我們今年的營運表現。我們現在預計 26 財年的資本支出約為 2 億美元，反映出 26.5 億美元的自由現金流，成長 21%。

We look forward to hosting many of you at our upcoming Financial Analyst Day on September 16, where we will share our framework for future growth and margin expansion. We are well positioned to capture our growing TAM and the emerging AI opportunity, and we’re excited about the growth and value we expect to drive for our customers, partners and shareholders.

我們期待在 9 月 16 日即將舉行的財務分析師日上接待各位，屆時我們將分享我們未來成長和利潤擴大的框架。我們已做好準備，抓住不斷增長的 TAM 和新興的人工智慧機遇，並且對預期為我們的客戶、合作夥伴和股東帶來的成長和價值感到興奮。

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。

(Operator Instructions)

（操作員指示）

I'll now turn it back over to Carl, for some brief comments before opening up for Q&A.

現在我將把主題交還給卡爾，在開始問答環節之前，請他發表一些簡短的評論。

Thank you for joining the call today. Before I jump in, I want to again thank our workmates, customers and partners for helping us deliver a solid quarter in first half of FY26. The momentum is real. It's powered by the strength of our platform, industry leading HCM and financials, a growing ecosystem and AI that's built in not bolted on. Customers are choosing Workday to simplify, consolidate and scale. As I've always said, our business is durable, it's diverse and it's building momentum as we head into the second-half of the year.

感謝您今天參加電話會議。在開始之前，我想再次感謝我們的同事、客戶和合作夥伴，感謝他們幫助我們在 2026 財年上半年取得了穩健的業績。這種勢頭是真實存在的。它由我們平台的實力、行業領先的 HCM 和財務、不斷發展的生態系統和內建而非外加的 AI 提供支援。客戶選擇 Workday 來簡化、整合和擴展。正如我一直所說，我們的業務持久、多樣化，而且隨著進入下半年，其發展勢頭正在增強。

With that, let's jump into live Q&A and I'll turn it back over to the operator.

接下來，讓我們進入現場問答環節，然後我會將問題交還給操作員。

Kash Rangan, Goldman Sachs.

高盛的卡什·蘭根（Kash Rangan）。

Hi, thank you very much. Good to hear the energy in your voice, Carl and, congrats on the results and the outlook.

你好，非常感謝。很高興聽到你聲音中的活力，卡爾，祝賀你所取得的成果和前景。

Thank you, Kash.

謝謝你，卡什。

If you look at -- yeah, awesome.

如果你看一下——是的，太棒了。

If you look at what's going on in the market, at least this pure site costs that are script investors that somehow SaaS is going to die and maybe SaaS is already dead. But I wanted to get your perspective. Since you know Workday is a very special company. It was one of the early pioneers in the SaaS wave. You put the incumbents back then on the defense of Aneel and the rest of the team did. And you've scaled it.

如果你觀察市場上發生的事情，至少這個純網站的成本是腳本投資者，SaaS 將會消亡，也許 SaaS 已經消亡了。但我想了解你的看法。因為你知道 Workday 是一家非常特別的公司。它是 SaaS 浪潮的早期先驅之一。你讓當時的現任者為阿尼爾 (Aneel) 辯護，團隊的其他成員也這麼做了。你已經擴大了它的規模。

Now the tables appear to be turning the other way and there is the notion that AI startups are going to be able to at the flick of a view of risk. Create software, magically HCM software, create HCM software. Boom, it creates it. Boom, you got a product overnight. It's this thing called white coding apparently.

現在情況似乎發生了逆轉，有人認為人工智慧新創公司將能夠透過風險視角來改變現狀。創建軟體，神奇的HCM軟體，創建HCM軟體。轟隆隆，它創造了它。一夜之間，你就得到了產品。顯然這就是所謂的白色編碼。

And I wonder, given your experience in the industry now, that you're the incumbent SaaS player, you've also been a venture capitalist before. Maybe you know a thing or two about judging these startups. And of course, Sam Altman at open AI already tweeted that they're getting into fast fashion SaaS. I don't know what that means, but these are all the things that are afflicting the market for software stocks and investor psyche, I'm curious if you have a take on all of this as it pertains to the Workday business. Thank you so much.

我想知道，鑑於您現在在這個行業的經驗，您是現任的 SaaS 參與者，您以前也曾擔任過風險投資家。也許您對評判這些新創公司有所了解。當然，Open AI 的 Sam Altman 已經在推特上表示，他們正在進入快時尚 SaaS 領域。我不知道這意味著什麼，但這些都是困擾軟體股票市場和投資者心理的事情，我很好奇您是否對這一切與 Workday 業務有關的看法。太感謝了。

Thank you, Kash for that question. And as you could imagine, it is a narrative that we're hearing out there in the market and let me give you my perspective. I think this whole concern around AI disruption and the potential negative impact on seat based models are completely overblown. In fact, for Workday, we're going to leverage our entrenched position in the market. And our strong customer base and we're going to be one of the go to providers for AI solutions in the enterprise.

謝謝 Kash 提出這個問題。正如您所想的，這是我們在市場上聽到的敘述，讓我告訴您我的觀點。我認為，對於人工智慧顛覆以及對基於座位的模型的潛在負面影響的擔憂完全被誇大了。事實上，對於 Workday 來說，我們將利用我們在市場上的根深蒂固的地位。我們擁有強大的客戶基礎，我們將成為企業 AI 解決方案的首選供應商之一。

In fact for quite some time even going back to early last year, we have talked about our headcount right in our customer base has moderated and we've seen that. But on a net basis Kash, again this quarter, our headcount growth in our customer base was up year-over-year. And when we talk and when I talk to my peers out there and other executives in the market who have either slowed their headcount, hiring or they've actually done a restructuring, if you dived into which drove that most of the time, it isn't just because AI and the disruption of AI, it's because they've over hired, going all the way back to the COVID days, Kash where we've hired a lot of employees and we haven't got the economies to scale and efficiencies that we wanted.

事實上，相當長一段時間以來，甚至早在去年年初，我們就討論過我們的客戶群中的員工人數已經有所減少，我們已經看到了這一點。但以淨值計算，Kash，本季我們客戶群的員工數量較去年同期成長。當我與同行以及市場上的其他高管交談時，他們要么放慢了員工人數，要么招聘，要么實際上進行了重組，如果你深入研究大多數情況下導致這種情況的原因，你會發現這不僅僅是因為人工智能和人工智能的顛覆，而是因為他們過度招聘，可以追溯到新冠疫情時期，在 Kash，我們僱傭了很多員工，但我們沒有達到我們想要的規模經濟和效率。

Now AI will help us get that. And let me just tell you Kash, why I think we're uniquely positioned. Just think about our market position, right. We have over 11,000 customers today, a strong install base that includes 65% of the Fortune 500. Look at our gross retention rate, it's high 90%s where a platform company Kash, an Platforms are sticky and in that customer base more than 70% of our customers have already adopted in AI solution called Workday Illuminate.

現在人工智慧將幫助我們實現這一目標。卡什，讓我告訴你，為什麼我認為我們有獨特的優勢。想想我們的市場地位吧。目前，我們擁有超過 11,000 名客戶，強大的安裝基礎包括 65% 的財富 500 強企業。看看我們的總留存率，高達 90%，其中平台公司 Kash 的留存率很高，並且在該客戶群中，超過 70% 的客戶已經採用了名為 Workday Illuminate 的 AI 解決方案。

And as I mentioned on the call today, 30% of our sales back into our customer base included in AI SKU and now 70% plus of net new customers who buy Workday are also buying an AI SKU. This in aggregate, which drove 100% year-over-year growth in net new AI SKUs this quarter. So when we talk to customers and they say they're looking for AI solutions, they're leaning into their trusted partners and specifically partners that are platform providers and that is Workday.

正如我今天在電話會議上提到的那樣，我們 30% 的銷售額返還給了我們的客戶群，其中包括 AI SKU，現在購買 Workday 的淨新客戶中有 70% 以上也在購買 AI SKU。總體而言，這推動了本季淨新增 AI SKU 年比成長 100%。因此，當我們與客戶交談時，他們說他們正在尋找人工智慧解決方案，他們傾向於信賴的合作夥伴，特別是平台提供者合作夥伴，那就是 Workday。

And this isn't something we're saying, this is what our customers are saying. They tell us investing in Workday is absolutely viewed as an investment in their AI strategy, and this is why we, and in this case, I personally believe this whole AI disruption to see base models is a bit overblown at this point.

這不是我們說的，而是我們的客戶說的。他們告訴我們，對 Workday 的投資絕對被視為對其 AI 策略的投資，這就是為什麼我們（在這種情況下，我個人認為整個 AI 顛覆都是為了看到基礎模型）現在有點誇大其詞。

And Carl, that's useful. And Sam Altman's post saying that they're getting into SaaS. What do you make of that? What SaaS it is? We don't know, but I wonder if you had a viewpoint.

卡爾，這很有用。Sam Altman 在貼文中表示他們正在進入 SaaS 領域。您對此有何看法？它是什麼 SaaS？我們不知道，但我想知道您是否有觀點。

Yeah, I don't have a few points because I don't know what they're talking about when they're getting into SaaS. You know, the interesting thing you hear out there, Kash is we hear that AI is eating the software world, and unless something's changed from yesterday, I think AI is software and we're meeting heavily into it.

是的，我沒有幾點意見，因為我不知道他們在進入 SaaS 時在談論什麼。你知道，你聽到的有趣的事情是，Kash，我們聽說人工智慧正在吞噬軟體世界，除非昨天發生了一些變化，否則我認為人工智慧就是軟體，我們正在深入研究它。

Awesome. Thank you so much.

驚人的。太感謝了。

Kirk Materne, Evercore ISI.

柯克·馬特恩（Kirk Materne），Evercore ISI。

Yeah. Hi guys, thanks for the -- thanks for taking the question and congrats on a solid quarter. I guess Carl for you that there's a lot of things going possibly right now with extend with some of the partners, contributing. Yeah, I was just kind of wondering, are there any cross currents out there that are sort of offsetting that relative to what you would have thought maybe at the beginning of the year, obviously tariffs with Europe, just anything you could give us some context on because it seems like you have some really nice momentum some of your early stage offerings, but I was just kind of curious, are there any things that are sort of making the macro perhaps a little bit more difficult as well?

是的。大家好，感謝您提出這個問題，並祝賀本季業績穩健。我想卡爾，對你來說，現在可能有很多事情正在發生，與一些合作夥伴一起做出貢獻。是的，我只是有點好奇，是否存在一些交叉因素可以抵消您在年初所認為的影響，比如與歐洲的關稅，您能否給我們提供一些背景信息，因為看起來您的一些早期產品勢頭很好，但我只是有點好奇，是否有一些因素也會使宏觀經濟變得更加困難？

Yeah, Kirk, thanks for recognizing the delivery of a really solid quarter and first half to the year. And we do have momentum as we go into the second-half of the year. If you recall in Q1, we said there was two areas that we were keeping our eye on. One was the international markets for the reason some of the reasons you described as, whether it's tariffs, it's geopolitical situation or even the wars that continue outside the US, so we were keeping our eye on it and then we said we'd also keep our eye on our SLED business, which is state and local and education business.

是的，柯克，感謝您對我們本季和上半年業績表現的認可。進入下半年，我們確實有了動力。如果您還記得在第一季度，我們說過有兩個領域值得我們關注。一個是國際市場，原因如您所述，無論是關稅、地緣政治局勢，還是美國境外持續的戰爭，所以我們一直在關注它，然後我們說我們還會關注我們的 SLED 業務，即州和地方以及教育業務。

If we break those two areas down, we look at our international business. As I said in my script, we were really pleased with another strong quarter in Europe. And specifically in the two largest markets there, that being the UK and Germany. So we're really happy with their performance and we haven't necessarily seen any blowback or headwinds due to some of the macro things we're all facing around the world.

如果我們將這兩個領域分開，我們就會看我們的國際業務。正如我在腳本中所說，我們對歐洲又一個強勁的季度感到非常高興。具體來說，那裡有兩個最大的市場，即英國和德國。因此，我們對他們的表現感到非常滿意，而且由於我們在世界各地面臨的一些宏觀因素，我們並未看到任何反彈或阻力。

As it relates to SLED, as you know, there's two parts of that business. There's a state and local business and higher ed On state and local, we did see a little bit of headwind in that market and I think we'll continue to see that as people are trying to figure out what the funding flow down is going to look like all the way to the state level.

就 SLED 而言，如您所知，該業務分為兩個部分。有州和地方企業以及高等教育。在州和地方，我們確實看到該市場存在一些阻力，我認為我們會繼續看到這種情況，因為人們正在試圖弄清楚資金流向如何一直到州一級。

On the higher-ed side it's really interesting because higher-ed is clearly under pressure. They've lost some of their federal funding, and if it's a higher-ed university that includes a healthcare system, they too are getting a little pullback in funding. So it's something we're keeping our eye on. But if you look at things like University of Virginia, we closed a massive competitive deal in Q2, right, for the University of Virginia and their healthcare system and it was very competitive. It's one for example, it's been in our pipeline for a couple of quarters. It wasn't if they were going to do it, it was when they were going to do it and that's an example where our value proposition was so strong, they decided to move forward.

從高等教育方面來看，這確實很有趣，因為高等教育顯然面臨壓力。他們失去了部分聯邦資金，如果是包含醫療保健系統的高等教育大學，他們的資金也會減少。所以這是我們一直在關注的事情。但如果你看看弗吉尼亞大學之類的，我們在第二季度為弗吉尼亞大學及其醫療保健系統達成了一項大規模的競爭性交易，而且競爭非常激烈。舉個例子，它已經在我們的頻道中存在了幾個季度。問題不在於他們是否要做這件事，而是他們何時要做這件事，這就是一個例子，表明我們的價值主張非常強大，他們決定繼續前進。

So they're the areas we're keeping -- our eye on out there in the market. As far as everything else, I think it was this quarter, last year I described the market as it's the new norm. And I think the selling environment has been pretty consistent for the last year.

所以這些是我們在市場上密切關注的領域。就其他一切而言，我認為是這個季度，去年我將市場描述為新常態。我認為去年的銷售環境相當穩定。

Hey Kirk. This is Zane, I would just add, obviously we're pleased with the quarter coming in ahead of even our expectations. As you look for the year, we moved up the guide for the year both on the top line and of course the operating margin accounting for Paradox with the increase. But absent that we were very comfortable holding to the 88 with the existing business. So again, as Carl mentioned, the macro hasn't changed, but we feel like we've been executing well against that.

嘿，柯克。我是 Zane，我只想補充一點，顯然我們對本季的業績超出我們的預期感到高興。回顧今年，我們提高了全年的指導價，包括營業收入和營業利潤率，當然，Paradox 的營業利潤率也隨之增加。但除此之外，我們非常樂意維持現有的 88 項業務。所以，正如卡爾提到的那樣，宏觀並沒有改變，但我們覺得我們在這方面的執行情況很好。

And Zane if I can just ask a quick follow up on that, on the guide for 4Q, obviously there's a little bit of a ramp in -- from 3Q to 4Q. Just remind us kind of what's embedded in that. I know you had some ramp deals that are probably coming back in this year, what should we think about I think Paradox plays into that, just any sort of additional color you can have on just the sequential ramp from 3Q to 4Q would be helpful. Thanks.

而 Zane，如果我可以就此問題進行快速跟進，那麼在 4Q 指南中，顯然從 3Q 到 4Q 有一個小小的上升過程。只是提醒我們其中蘊含著什麼。我知道您有一些可能在今年重新開始的坡道交易，我們應該考慮什麼？我認為 Paradox 在其中發揮了作用，只要您在從第 3 季到第 4 季的連續坡道上添加任何額外的顏色都會有所幫助。謝謝。

Yeah, of course. Yeah, as you highlight, Paradox does play into it to some extent. And then we've talked all year long about the deliverables tied to the DIA contract. We're tracking really nicely against those, and I'd say no big changes from what we call out actually early in the year. The team's doing a great job on those, and we've got good momentum heading into the fourth quarter. So we feel good about the second half.

是的，當然。是的，正如您所強調的，悖論確實在某種程度上發揮了作用。然後我們整年都在談論與 DIA 合約相關的可交付成果。我們正在很好地跟踪這些情況，我想說，與我們今年年初所說的相比，並沒有太大的變化。球隊在這些方面做得很好，我們在進入第四節時勢頭良好。所以我們對下半場感到很滿意。

Yeah. Kirk, I'd say the year's playing out exactly as we expected. We knew we'd have a slower growth profile in Q1 and Q2. We'd build momentum going into the second half, and then we had the second half tailwinds that Zane just articulated and it's playing out exactly like we anticipated, and we feel really good about the second half and where we're standing today.

是的。柯克，我想說今年的情況正如我們預期的那樣。我們知道第一季和第二季的成長速度會比較慢。我們會在進入下半場時積聚動力，然後我們就會得到 Zane 剛才提到的下半場順風，而且一切正如我們預期的那樣，我們對下半場以及我們今天的處境感到非常滿意。

Great. Thanks guys. See you rising. Appreciate it.

偉大的。謝謝大家。見你崛起。非常感謝。

See you there. Thanks, Kirk

到時候見。謝謝，柯克

Mark Murphy, JPMorgan.

摩根大通的馬克墨菲。

Thank you so much. Nice to see the backlog growth actually accelerating and the net new piece looking very solid. It's very differentiated. Carl, you mentioned the launch of Workday Government. I think you said as a wholly owned subsidiary. And you have this strong momentum developing with the big agencies.

太感謝了。很高興看到積壓訂單的成長實際上正在加速，而且淨新增訂單看起來非常穩健。這是非常有差別的。卡爾，您提到了 Workday Government 的推出。我認為您說的是作為全資子公司。而你們與大型機構的合作發展勢頭強勁。

I'm just curious if they requested the formation of the subsidiary structure to be extra secure or is that going to let them go bigger with your AI products and just anything else you're doing architecturally that is differentiating Workday and driving those expansions with the with the DOD and the intelligence of the other agencies.

我只是好奇，他們是否要求組建子公司結構以確保額外的安全性，或者這是否會讓他們擴大你的人工智慧產品以及你在架構上所做的任何其他事情，從而使 Workday 與眾不同，並推動與國防部和其他機構情報部門的擴展。

Yeah. No thanks for the question, Mark. Listen, we launched a Workday government in the quarter because we wanted to set up a separate subsidiary as part of Workday to show the government how focused we are on the their sector in our opportunity. And I will tell you in spending quite a bit of time in DC over the last few months, it has been very well received.

是的。不用了，謝謝你的提問，馬克。聽著，我們在本季推出了 Workday 政府，因為我們想在 Workday 下設立一個獨立的子公司，向政府展示我們在機會中對他們所在領域的關注程度。我可以告訴你們，過去幾個月我在華盛頓待了相當長一段時間，它受到了熱烈的歡迎。

At the same time to answer your question, we are building a very specific cloud environment for them with higher levels of security that they are seeking from us and we're working closely with them. One of the examples is what Zane talked about earlier with the DIA.

同時回答您的問題，我們正在為他們建立一個非常具體的雲端環境，具有他們向我們尋求的更高層級的安全性，並且我們正在與他們密切合作。其中一個例子就是 Zane 之前與 DIA 討論的內容。

So we're really excited about what we're seeing in the Federal government. I said it's not just across one group in the Federal governments, across the Department of Defense, the Intelligence Agencies and Civilian Agencies. The level and breadth of conversations we're having only accelerates and the fact that the government's leading deep into AI, they're looking to us to help them make this transition.

因此，我們對聯邦政府所看到的一切感到非常興奮。我說這不僅涉及聯邦政府、國防部、情報機構和民事機構的一個團體。我們正在進行的對話的水平和廣度只會加速，而且政府在人工智慧領域的深入引領使他們希望我們能夠幫助他們實現這一轉變。

Thank you very much.

非常感謝。

Brad Zelnick, Deutsche Bank.

德意志銀行的布拉德‧澤爾尼克 (Brad Zelnick)。

Great. Thank you so much and congrats on a really strong Q2. And congrats on announcing Paradox which many are less familiar with, but I know they have a great reputation. And some seem to suggest it's a pretty substantial business that's growing nicely.

偉大的。非常感謝，並祝賀您第二季度取得如此強勁的業績。祝賀 Paradox 的發布，雖然很多人不太熟悉它，但我知道它享有盛譽。有些人似乎認為這是一項相當大的業務，而且發展良好。

Carl, can you talk about what led up to the deal strategically, what the vision is and maybe for Zane, anything that you can share more about the financial profile, because I think it may, if I'm not mistaken be a little bit larger than the recent M&A that you've done. Thank you.

卡爾，您能否從戰略上談談促成這筆交易的原因、願景以及對於贊恩來說，您是否可以分享更多有關財務狀況的信息，因為我認為，如果我沒有記錯的話，這筆交易可能會比您最近進行的併購交易規模更大一些。謝謝。

Yeah, maybe I'll start it then, I'm actually going to turn it over to Garrit to talk specifically about Paradox. As you know, Garrit's our new president and product and technology. And this week he actually just celebrated his five month anniversary here and he's doing an amazing job. But thanks for recognizing Paradox. We're extremely excited about Paradox, because I think it really rounds out what we would call an industry-leading recruiting suite or platform.

是的，也許我會開始，實際上我會把它交給 Garrit 來具體談論 Paradox。如您所知，加里特 (Garrit) 是我們的新任產品和技術總裁。本週他剛慶祝了他在這裡的五個月紀念日，他做得非常出色。但感謝您對 Paradox 的認可。我們對 Paradox 感到非常興奮，因為我認為它真正完善了我們所說的業界領先的招募套件或平台。

And if you add this to what we've done with HiredScore, if you add this, what we're doing with our own recruiting agent called HiredScore and then you add this to our recruiting platform as a whole. There's no one that has a more robust AI suite to attract, to recruit and retain talent. And I'll let Garrit speak more specifically about how this is going to fit into our overall recruiting suite and platform.

如果您將此添加到我們對 HiredScore 所做的工作中，如果您添加此工作，我們正在與我們自己的招聘代理商 HiredScore 一起做，然後將其添加到我們的整個招聘平台中。沒有任何一家公司擁有比該公司更強大的人工智慧套件來吸引、招募和留住人才。我將讓加里特更具體地談談這將如何融入我們的整體招募套件和平台。

Thank you, Carl. Hey Brad. So we look at Paradox, from free strategic angles and why we think it's an incredible fit for our company and truly going to change the gaming recruiting. First and foremost, it's really important for us to expand Workday recruiting into all types of labor, be it in the front line, be it in the back office. It's really important that we support our customers in high volume hiring and support all of the types of workforce. Paradox with their mobile and ILET approach is truly the premier solution in that space. And I think we can expect incredible acceleration in that segment with that.

謝謝你，卡爾。嘿，布拉德。因此，我們從免費的策略角度來審視 Paradox，並解釋為什麼我們認為它非常適合我們的公司，並且真正改變遊戲招募。首先，對我們來說，將 Workday 招募範圍擴大到所有類型的勞動力（無論是在前線還是在後台）非常重要。支援客戶進行大量招募並支援所有類型的勞動力確實非常重要。Paradox 及其行動和 ILET 方法確實是該領域的首要解決方案。我認為我們可以期待該領域出現令人難以置信的加速。

Secondly, it's not only AI first, it's conversation and mobile first, which means that it's truly attractive for all kinds of company who are attracting people through a candidate first experience. And I think it's very important for us to emphasize that point as we're building that future, as Carl said, that we're also leading the shift in recruiting from system first back in the old days, over to recruiter first, which is the current market at to candidate experience first.

其次，它不僅是人工智慧優先，而且是對話和行動優先，這意味著它對於透過候選人優先體驗吸引人才的所有類型的公司都具有真正的吸引力。我認為，在我們建構未來時強調這一點非常重要，正如卡爾所說，我們也在引領招募的轉變，從過去的以系統為先轉向以招募人員為先，也就是當前市場以候選人體驗為先。

And then lastly, it's an incredible AI innovation. It delivers real ROI as you've seen in the Chipotle statement about a 75% reduction in time to hire and truly delivering business ROI by freeing up recruiters from manual work and interviewing and scheduling and spending time with candidates. So we put the human back and human resources if you build through the power of AI.

最後，這是一項令人難以置信的人工智慧創新。它提供了真正的投資回報，正如您在 Chipotle 聲明中所看到的，招聘時間減少了 75%，並且通過將招聘人員從手動工作、面試、安排和與候選人相處的時間中解放出來，真正實現了業務投資回報。因此，如果利用人工智慧的力量進行建設，我們就會投入人力和人力資源。

Yeah. One last thing I just want to add is, this is a company that we have very closely partnered with in the past and we have significant overlapping customers who use them and they're already integrated into our platform. At the same time, we now also have a really great land product so even if a customer doesn't have Workday on the HCM side we're going to be able to sell now the industry leading recruiting platform from frontline workers into our competitors install base. We're really excited about that.

是的。最後我想補充的是，這是一家我們過去曾密切合作過的公司，我們有大量重疊的客戶使用他們的產品，而且他們已經融入我們的平台。同時，我們現在也擁有一款非常棒的土地產品，因此即使客戶在 HCM 方面沒有 Workday，我們現在也能夠將行業領先的招聘平台從一線工人銷售到我們競爭對手的安裝基礎中。我們對此感到非常興奮。

Hey Brad, and I'll just add, based on your question regarding the size. Obviously it's larger than what you've seen with us in most recent history, but we're very excited about the top line growth, the synergies that we'll capture over the medium term, so we're -- as you can tell, excited about the opportunity here.

嘿，布拉德，根據你關於尺寸的問題，我只想補充一點。顯然，它比您在近代歷史上看到的要大，但我們對收入成長、我們將在中期內實現的協同效應感到非常興奮，因此，正如您所看到的，我們對這裡的機會感到興奮。

Awesome. Thank you guys.

驚人的。謝謝你們。

Brent Thill, Jefferies.

布倫特·蒂爾（Brent Thill），傑富瑞集團。

Thanks Carl. You mentioned AI doubled, but when you think about just a specific number, is there more color you can add around that and maybe just give us a sense of how this is influencing your win rates in these deals that you're seeing going forward.

謝謝卡爾。您提到 AI 翻倍了，但是當您只考慮一個特定的數字時，您是否可以添加更多顏色，也許只是讓我們了解這將如何影響您在未來看到的這些交易中的勝率。

Yeah, sure. So first of all, I'll highlight -- we'll give you more information in more detail on the number itself at FAD at rising in a few weeks, but the color we're trying to give you is how quickly our technology and AI specifically is being adopted by our customers. First of all, 70% of our customers today already use Workday Illuminate and one of the feature functions or SKU's that's part of that suite.

是的，當然。因此，首先我要強調的是——我們將在幾週後向您提供有關 FAD 上升數字本身的更詳細信息，但我們試圖向您展示的是我們的技術和人工智能被客戶採用的速度有多快。首先，目前我們 70% 的客戶已經在使用 Workday Illuminate 以及該套件中的一項功能或 SKU。

The second thing that's super relevant and we've been calling this out time and time again at 30% of our sales back to our customer base includes an AI SKU. And then the last piece that we shared with you this quarter that we haven't shared in the past is that greater than 70% of our net new sales include our AI solutions. And we're really pleased with the growth year-over-year of more than 100%. And we'll give you more color on what that actually means. But I can tell you it's a nice growth to the business and it's meaningful in our overall performance.

第二件非常重要的事情是，我們一次又一次地強調，我們返還給客戶群的銷售額的 30% 都包含 AI SKU。本季我們與大家分享的最後一點是我們過去從未分享過的，那就是我們超過 70% 的淨新銷售額包含我們的 AI 解決方案。我們對超過 100% 的同比增長感到非常高興。我們將向您更詳細地解釋其實際意義。但我可以告訴你，這對業務來說是一次良好的成長，對我們的整體業績來說意義重大。

Right. Quick one for Zane, I think last quarter you called out United Airlines is a big deal. I don't know if there were any larger outsized elephant transactions that you saw this quarter, maybe UVA and the healthcare side. Is there -- was there any other ones that caught your eye or that were notable?

正確的。對 Zane 來說，我認為上個季度你提到的聯合航空是一件大事。我不知道本季度您是否看到了任何更大規模的大象交易，也許是 UVA 和醫療保健方面。還有沒有其他引起您注意或值得注意的？

You guys I'll take it -- I'll take it. Yeah. I mean, UVA was absolutely a significant win for us, as you could imagine. That's a big university, but not only university, it's a healthcare system as well. The other one we called out is a large financials upsell cross sell that we were super excited about as well at nationwide. That's another big win for us.

你們，我會接受的──我會接受的。是的。我的意思是，正如你所想像的，UVA 對我們來說絕對是一個重大的勝利。那是一所很大的大學，但不僅僅是一所大學，它也是一個醫療保健系統。我們提到的另一個例子是大型金融追加銷售交叉銷售，我們對全國各地的這種銷售方式也感到非常興奮。這對我們來說又是一場重大勝利。

And then we talked about an exciting go live with financials at Salesforce and then we called out a whole number of other big wins within the quarter that were my remarks as well. That included key expansions at the likes of Sanofi and Google. We had good full suite wins at Michaels Corporation Red Coats. And then, like I said, we had a number of big key fins wins this quarter as well as go lives. It was a strong quarter all the way around (multiple speaker)

然後，我們談到了 Salesforce 令人興奮的財務上線情況，然後我們列舉了本季度的許多其他重大勝利，這些也是我的評論。其中包括賽諾菲和谷歌等公司的重點擴張。我們在 Michaels Corporation Red Coats 獲得了全套勝利。然後，就像我說的，本季我們取得了許多重大的關鍵勝利，並且取得了成功。本季整體表現強勁（多位發言者）

Just to clarify, UVA was a working student and customer before, correct. So they were an existing student related customer. So this is an expansion in the healthcare segment of that business.

需要澄清的是，UVA 之前是一名在職學生和顧客，正確。所以他們是現有的學生相關客戶。因此，這是該業務醫療保健領域的擴展。

No, this is a net new win across everything. It includes HCM, it includes financials and it includes student. And it covers both the higher-ed portion of the university as well as the healthcare system.

不，這對所有方面來說都是全新的勝利。它包括 HCM、包括財務、包括學生。它涵蓋了大學的高等教育部分以及醫療保健系統。

Okay. Thanks for clarifying.

好的。謝謝澄清。

Hey Brent, I would just add, obviously we're pleased with what we're doing on the strategic partner front as well and we highlighted daily pay if you missed it earlier, which is an exciting customer and partner of ours as well.

嘿，布倫特，我只想補充一點，顯然我們對我們在戰略合作夥伴方面所做的事情也感到滿意，如果你之前錯過了，我們強調了每日工資，這也是我們令人興奮的客戶和合作夥伴。

Great, Thanks Zane.

太好了，謝謝 Zane。

Brad Sills, Bank of America.

美國銀行的布拉德·西爾斯。

Great. Thank you so much. I wanted to ask, I know it's early with Illuminate but what are you seeing with regards to levels of engagement or any types of interactions with the agentic platform, are there any trends or themes coming in here where you might have surprised you to the upside. Just general commentary would be helpful, I think on just the level of engagement there.

偉大的。太感謝了。我想問一下，我知道 Illuminate 還處於早期階段，但是您看到與代理平台的參與度或任何類型的互動方面有什麼變化嗎？這裡是否存在一些趨勢或主題可能會讓您感到驚訝。我認為，就參與程度而言，一般性評論會有所幫助。

Yeah. I think it's actually quite strong, which is why we're trying to give you a lot of color on our AI solutions and the growth rate we're seeing. We didn't call it out specifically, but if I break it down and look at some of the products, Evisort which is a company we acquired last year is growing more than 100% quarter-over-quarter, not year-over-year quarter-over-quarter. So people are very interested in our contract intelligent platform.

是的。我認為它實際上非常強勁，這就是為什麼我們試圖向您詳細介紹我們的人工智慧解決方案和我們所看到的成長率。我們沒有具體指出，但如果我分解開來，看看一些產品，我們去年收購的 Evisort 公司季度環比增長超過 100%，而不是同比增長。所以大家對我們的合約智慧平台非常感興趣。

If you think about Extend Pro. Extend Pro, really leverages our platform and allows people to bring AI solutions into the platform both applications and build net new applications. So that's growing 100% year-over-year. And then I talked about all the statistics about us selling back into our customer base or our net new customers.

如果您考慮 Extend Pro。Extend Pro 真正利用了我們的平台，並允許人們將 AI 解決方案引入平台應用程式並建立全新的應用程式。因此，這一數字年增了 100%。然後我談到了有關我們向客戶群或淨新客戶銷售產品的所有統計數據。

Our engagement has never been higher. I actually tried to call it out, Brad in my prepared remarks about how busy our customer experience center is. It is as busy as it's ever been to the point where we had to open up new briefing centers in New York and in London because people are coming to us wanting to know how Workday can help them navigate this AI transition because we're a trusted partner, they've trusted us for a long time and they know that we have something no one else has.

我們的參與度從未如此高。布拉德，我實際上試圖在準備好的演講中指出我們的客戶體驗中心有多繁忙。現在我們比以往任何時候都更加忙碌，以至於我們不得不在紐約和倫敦開設新的簡報中心，因為人們來找我們，想知道 Workday 如何幫助他們應對這一人工智慧轉型，因為我們是值得信賴的合作夥伴，他們長期以來一直信任我們，他們知道我們擁有別人沒有的東西。

We have the data, we have the context of the data and we are in the workflow of their business. No one else has that which allows us to bring real value to our customers with domain specific agents that drive real business outcomes.

我們擁有數據，擁有數據背景，並且處於他們的業務工作流程中。沒有其他人擁有這樣的能力，使我們能夠透過推動實際業務成果的特定領域代理為我們的客戶帶來真正的價值。

Great to hear Carl. Thanks so much. And one more if I may please just on the commercial business, I know it's been such a key source of growth for you. Would love to get some commentary from you on how that business is trending and any kind of observations on the macro in that segment in particular, please.

很高興聽到卡爾。非常感謝。如果可以的話，我再談商業業務，我知道這是你們成長的關鍵來源。我很想聽聽您對該業務趨勢的評論，以及對該領域宏觀情況的任何觀察。

Yeah, sure. We had a really good quarter in what we described as the medium enterprise or the emerging enterprise, especially when we look at in the context of full suite. As you know, right, they buy not just a single solution, they buy a full suite and we had really good momentum in the quarter. In Q1 we launched WorkdayGo, which is our branding of our medium enterprise business.

是的，當然。我們在中型企業或新興企業方面度過了一個非常好的季度，特別是當我們從全套設備的角度來看時。如你所知，他們購買的不僅僅是單一的解決方案，而是全套的解決方案，而且我們在本季的發展勢頭非常好。我們在第一季推出了 WorkdayGo，這是我們中型企業業務的品牌。

And I will tell you, it's been well received in the market. We're looking at how we deploy the products faster, leveraging our partners, making it simpler for people to realize time to value. And just recently we brought in a very seasoned executive to actually run our medium enterprise segment around the world. And he's building out a team so that we can go attack this market even more aggressively than we've been doing over the last couple of years. And I expect this to be a strong source of growth going forward.

我可以告訴你，它在市場上很受歡迎。我們正在研究如何更快地部署產品，利用我們的合作夥伴，讓人們更輕鬆地實現價值。就在最近，我們聘請了一位經驗豐富的主管來實際管理我們全球的中型企業部門。他正在組建一個團隊，以便我們可以比過去幾年更積極地進入這個市場。我預計這將成為未來強勁的成長源。

Thanks so much, Carl.

非常感謝，卡爾。

Karl Keirstead, UBS.

瑞銀的卡爾·基爾斯特德（Karl Keirstead）。

Thank you. Zane, maybe a couple of smallish ones for you. You mentioned that the July quarter had a boost from elevated early renewals. Was that beyond what you were anticipating? And are you able to roughly maybe size what the bps upside might have been? And then just to be clear around layering in, Paradox, are you able -- maybe just a bracket, what the revenue contribution that's dropping into the sub revs growth is in the fourth quarter from that deal? Thank you so much.

謝謝。贊恩，也許給你一些小一點的。您提到，7 月季度因提前續約量增加而有所增長。這是否超出了您的預期？能大概估算一下基點上漲的幅度嗎？然後，為了更清楚地了解分層情況，Paradox，您是否能夠 - 也許只是一個括號，該交易在第四季度對分項收入增長的收入貢獻是多少？太感謝了。

Sure, of course. Yeah, the early renewal portion, I'd say contributed to the upside on CRPO. Look, I mean, we had a strong quarter, as Carl alluded to, so we felt good about bookings across the business. As you know there's seasonal dynamics tied to renewals and renewal activity. It happened to be a strong renewal quarter and aggregate, and early renewals contributed to that. So probably above the range I'd say was early renewals was a big contributor to that.

當然可以。是的，我認為早期續約部分促進了 CRPO 的上漲。你看，我的意思是，正如卡爾提到的那樣，我們這個季度表現強勁，所以我們對整個業務的預訂量感到滿意。如您所知，季節性動態與更新和更新活動息息相關。這恰好是一個強勁的續約季度和總體情況，而早期續約也為此做出了貢獻。因此，我認為超出這個範圍的早期續約可能是造成這現象的一個重要因素。

And then as we called out in our prepared remarks, we've increased our guide by [$15 million] -- for Paradox. I'd say we're not necessarily breaking down the size of that business specifically, but that's a good rough proxy for what we're assuming, particularly in the fourth quarter and excited about what that business will do for us going forward beyond just the short term.

然後，正如我們在準備好的演講中所說的那樣，我們將 Paradox 的指導價提高了 [1500 萬美元]。我想說，我們不一定要具體細分該業務的規模，但這可以粗略地代表我們的假設，特別是在第四季度，並且我們對該業務在短期之外的未來將為我們帶來什麼感到興奮。

Okay.

好的。

Yeah. And hey Karl, this is Carl. How are you? Thanks for the question. I just want to reiterate on the early renewals. This is completely driven by customer demand. Customers are coming to us and saying you guys continue to bring great solutions and products and markets specifically around AI and they want to add them to their contracts today, which drives early renewals.

是的。嘿，卡爾，我是卡爾。你好嗎？謝謝你的提問。我只是想重申提前續約。這完全是由客戶需求所驅動的。客戶來找我們說，你們繼續帶來出色的解決方案、產品和市場，特別是圍繞人工智慧，他們希望將它們添加到今天的合約中，從而推動早期續約。

We don't even send our teams to go out and do early renewals. It's completely customer driven and customer motivated, which is really exciting. We call this create and close in the same quarter. And that continues to pick up momentum and steam for us as well.

我們甚至不會派出我們的團隊出去進行早期續約。它完全由客戶驅動並激勵客戶，這真的令人興奮。我們稱之為在同一季度創建和關閉。這也將繼續為我們帶來動力和發展動力。

Okay. Great. Thank you both. See you in San Francisco.

好的。偉大的。謝謝你們兩位。舊金山見。

Sounds great. Thanks, Karl.

聽起來很棒。謝謝，卡爾。

Raimo Lenschow, Barclays.

巴克萊銀行的 Raimo Lenschow。

Hey. Thanks for squeezing me in. Actually, can I stay on Karl question Zane? So if Paradox is $15 million is a kind of good proxy, then kind of underlying you're actually guiding down because you beat in Q2. Is that kind of the message you want to give us that, because in theory, you kind of overachieve by [$9 million]. So $9 million plus $15 million from Paradox would actually be a higher number. Can you just clarify that one more time?

嘿。謝謝你把我擠進來。實際上，我可以繼續問卡爾關於贊恩的問題嗎？因此，如果 Paradox 認為 1500 萬美元是一種很好的代理，那麼你實際上會引導其下降，因為你在第二季度中擊敗了對手。你想給我們傳達這樣的訊息嗎？因為理論上，你有點超額完成了[900萬美元]。因此，900 萬美元加上 Paradox 的 1500 萬美元實際上會是一個更高的數字。能再澄清一下嗎？

Yeah. Raimo, I mean, as I mentioned, look, there's a lot that goes into our forecast. We feel great about the year. Absent Paradox, we'd be holding to the 88, and obviously we've been executing well, as Carl's mentioned, the environment hasn't changed and we still feel good about the outlook. We've increased by $15 million, including Paradox. We haven't taken synergies into account with that business, so we feel good about the guide and the underlying guide behind that too.

是的。雷莫，我的意思是，正如我所提到的，看，我們的預測包含很多內容。我們對這一年感到十分高興。如果沒有悖論，我們會堅持 88，顯然我們一直執行得很好，正如卡爾所提到的，環境沒有改變，我們仍然對前景感到樂觀。我們增加了 1500 萬美元，其中包括 Paradox。我們還沒有考慮與該業務的協同效應，因此我們對該指南以及背後的潛在指南感到滿意。

Okay, perfect. Okay, thank you. And then on the international -- thank you. And on the international side, you talked about the good momentum in the UK, Germany, it's still kind of nice emerge, they're kind of still emerging markets, in a wait for you, in terms of that you can do better there. Where do you see the reference customer based here in terms of being able to be that kind of big vendor or is it still single deals they're really nice, but like it's not kind of quite mass market yet. Thank you.

好的，完美。好的，謝謝。然後是關於國際問題——謝謝。在國際方面，您談到了英國、德國的良好發展勢頭，它們仍然是一種良好的新興市場，就這一點而言，您可以在那裡做得更好。就能夠成為那種大型供應商而言，您認為這裡的參考客戶是什麼樣的？或者仍然是單筆交易，他們真的很好，但還沒有達到大眾市場的程度。謝謝。

Yeah. Thanks for the question. Listen, we're quite pleased with the performance of our international team. I called out specifically this quarter Europe and the two biggest markets in Europe, both the UK as well as Germany. And if you look at our customer base, we have some of the largest customers in Europe on Workday. And we can give you that.

是的。謝謝你的提問。聽著，我們對國際團隊的表現非常滿意。本季我特別提到了歐洲以及歐洲最大的兩個市場—英國和德國。如果你看看我們的客戶群，你會發現我們擁有 Workday 在歐洲的一些最大客戶。我們可以給你這個。

We don't have a problem with customer reference or large customers in Europe in that market, not at all, including a lot of them in Germany, right in the backyard of some of our bigger competitors. When we get engaged, we win. We have a great solution and it's absolutely materializing in our bookings growth in the international markets.

在歐洲市場上，我們對於客戶推薦或大客戶沒有任何問題，其中許多客戶都在德國，而德國就位於我們一些較大競爭對手的後院。當我們參與時，我們就贏了。我們有一個很好的解決方案，它絕對能實現我們在國際市場的預訂量成長。

We also talked about continued strength in Japan. We brought a new leader in to lead Japan about 18 months ago. He's built a new team and we continue to see really nice growth out of that market as well. So the last thing I'd say, we announced, this quarter was our entry into the India market where we brought in a very senior leader that I mentioned in my prepared remarks.

我們也討論了日本的持續實力。大約 18 個月前，我們任命了一位新領導人來領導日本。他組建了一支新團隊，我們也繼續看到該市場取得了非常好的成長。所以我要說的最後一件事是，我們本季宣布進入印度市場，並引進了一位我在準備好的演講中提到的非常資深的領導者。

We're building out a data center to service that market and you're going to see us continue to push directly into the India market over the coming quarters. So I'm really pleased and as far as logos, listen, they're as strong in Europe as they are here in the US.

我們正在建立一個資料中心來服務該市場，您將看到我們在未來幾季繼續直接進入印度市場。所以我真的很高興，就標誌而言，聽著，它們在歐洲和美國一樣強大。

Yeah. Okay, perfect. Thank you.

是的。好的，完美。謝謝。

Derrick Wood, TD Cowen.

德里克伍德 (Derrick Wood)，TD 考恩。

Great, thanks. I don't know, Carl or Zane, I wanted to ask about the partner side of things. You guys have made really impressive progress on partner leverage, but it did for the first time kind of sit steady at 20%, quarter-on-quarter. So is this kind of the right level of mix to expect from here? And is there a tipping point to think about in terms of getting to a certain kind of deal velocity from the channel that can really start to move the needle more on total revenue growth?

太好了，謝謝。我不知道，卡爾還是讚恩，我想問合作夥伴方面的事情。你們在合作夥伴槓桿率方面取得了令人矚目的進步，但這是第一次環比穩定在 20% 的水平。那麼，這種混合程度是否正確呢？那麼，在從管道獲得某種交易速度方面是否存在一個臨界點值得考慮，從而真正開始推動總收入成長？

Yeah. Thanks for the question and thanks for recognizing the effort we put around building out the Workday ecosystem or as we like to describe it here internally, the Workday economy and you can see the impact is having and we said greater than 20% growth coming from our channel when it relates to new ACV in the quarter.

是的。感謝您的提問，也感謝您對我們在構建 Workday 生態系統方面所付出的努力的認可，或者正如我們內部所描述的那樣，Workday 經濟，您可以看到它的影響，我們說當它與本季度新的 ACV 相關時，來自我們渠道的增長超過 20%。

So it continues to grow nicely, but it's not just bringing us new opportunities, it's also about them driving innovation and building new solutions on top of Workday adding more and more applications to our marketplace. We are truly a platform company and our partner ecosystem is recognizing that and building on top of us.

因此，它繼續保持良好的成長勢頭，但這不僅為我們帶來了新的機遇，還推動了創新並在 Workday 之上構建了新的解決方案，為我們的市場增加了越來越多的應用程式。我們是一家真正的平台公司，我們的合作夥伴生態系統認識到這一點並在我們的基礎上進行構建。

We talked about Workday Wellness, it continues to grow. We announced a very strategic and important partnership this quarter with DailyPay, the leader and earned wage access this quarter and we're going to go and bring all these new services and these new capabilities to our customers, so I couldn't be more excited about what's going on with our channel and our partners. We are truly building a world class ecosystem that will drive a massive economy around our platform.

我們討論了 Workday Wellness，它正在持續發展。本季度，我們宣布與 DailyPay（行業領導者和工資獲取平台）建立非常具有戰略意義和重要的合作夥伴關係，我們將為客戶帶來所有這些新服務和新功能，因此我對我們的渠道和合作夥伴的進展感到無比興奮。我們正在真正建立一個世界級的生態系統，它將推動我們平台周圍的大規模經濟發展。

All right. Thank you.

好的。謝謝。

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

女士們、先生們，感謝大家參加今天的會議。現在我將把發言權交還給埃森巴赫先生，請他發表最後評論。

Yeah. Thank you, operator, and thanks again for everyone, who joined us today. To close, we're heading into the second-half of the year with incredible momentum. Our team, our AI innovation and our expanding ecosystem are all fueling our success. We continue to deliver in the near term, while we are focused on the long term as well, and we're creating a future where AI and humans work together to unlock new potential.

是的。謝謝接線員，再次感謝今天加入我們的所有人。最後，我們正以令人難以置信的勢頭進入下半年。我們的團隊、我們的人工智慧創新和我們不斷擴大的生態系統都在推動我們的成功。我們將繼續在短期內實現目標，同時也著眼於長期目標，我們正在創造一個人工智慧和人類共同釋放新潛力的未來。

I look forward to seeing many of you at Workday Rising and again as a friendly reminder, our Financial Analyst Day, which will host that Rising on September 16. With that, I'll turn it over to the operator to close the call, and again, thanks to everyone for joining.

我期待在 Workday Rising 上見到你們，再次友情提醒，我們的財務分析師日將於 9 月 16 日舉辦 Rising。好了，我將把電話交給接線員來結束本次通話，再次感謝大家的參與。

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

今天的會議到此結束。現在您可以斷開線路。感謝您的參與。