Workday Inc (WDAY) 2026 Q3 法說會逐字稿

Welcome to Workday's third-quarter fiscal year 2026 earnings call. (Operator Instructions)

歡迎參加 Workday 2026 財年第三季財報電話會議。（操作說明）

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人關係副總裁賈斯汀‧弗比。請繼續。

Thank you, operator. Welcome to Workday's third-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.

謝謝接線生。歡迎參加 Workday 2026 財年第三季財報電話會議。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.

在發言結束後，我們將接受提問。我們的新聞稿是在市場收盤後發布的，並已發佈在我們的網站上，本次電話會議也在該網站進行同步網路直播。

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

在正式開始之前，我們想強調，本次電話會議中的一些聲明，特別是我們的指導意見，是基於我們目前掌握的信息，其中包括有關我們財務業績、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，實際結果可能與聲明有重大差異。

Please refer to the press release and the risk factors and documents we file with the Securities and Exchange Commission, including our fiscal 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.

請參閱新聞稿以及我們向美國證券交易委員會提交的風險因素和文件，包括我們的 2025 財年 10-K 表格年度報告，以了解有關可能導致實際結果與此類聲明中所述結果存在重大差異的風險、不確定性和假設的更多信息。

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GAAP財務指標，我們認為這些指標可以作為衡量Workday績效的補充指標。這些非GAAP指標應作為GAAP結果的補充考慮，而不是替代或孤立地考慮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 of our website. The webcast replay of this call will be available for the next 90 days on our company website under the Investor Relations link.

您可以在我們的獲利新聞稿、投資者簡報和我們網站的投資者關係頁面上找到有關這些非GAAP指標的更多披露信息，包括與可比較GAAP結果的調節表。本次電話會議的網路直播回放將在公司網站的「投資者關係」連結下保留90天。

Additionally, the prepared remarks of this call and our quarterly investor presentation will be posted on our Investor Relations website following this call. Our fourth quarter fiscal 2026 quiet period begins on January 15, 2026. Unless otherwise stated, all financial comparisons in this call will be to our results for the comparable period of our fiscal 2025.

此外，本次電話會議的發言稿和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。我們 2026 財年第四季靜默期從 2026 年 1 月 15 日開始。除非另有說明，本次電話會議中的所有財務比較均與我們 2025 財年同期業績進行比較。

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

接下來，我將把電話交給卡爾。

Thank you, Justin, and thank you all for joining us today. I'm pleased to report that Workday delivered solid Q3 results, with 15% subscription revenue growth and 28.5% non-GAAP operating margin. Our teams executed well, and our value proposition is clearly resonating with organizations around the world.

謝謝你，賈斯汀，也謝謝各位今天蒞臨現場。我很高興地報告，Workday 第三季業績表現穩健，訂閱收入成長 15%，非 GAAP 營業利潤率達到 28.5%。我們的團隊表現出色，我們的價值主張顯然引起了世界各地組織的共鳴。

I've been on the road a lot lately, meeting with our customers and prospects, and they're all saying the same thing. They see the potential of AI but they're stuck with disconnected systems, bad data and closed platforms.

我最近一直在出差，與我們的客戶和潛在客戶會面，他們都在說同樣的話。他們看到了人工智慧的潛力，但卻被各自獨立的系統、糟糕的數據和封閉的平台所困擾。

That's where Workday gives them the ultimate advantage by unifying HR and finance on one intelligent platform, we deliver business-ready AI that helps organizations adapt quickly, make better decisions and deliver outcomes that truly matter.

Workday 透過將人力資源和財務統一到一個智慧平台上，為他們提供了最終優勢，我們提供可用於業務的 AI，幫助組織快速適應、做出更好的決策並取得真正重要的成果。

Now let's turn to our customer highlights for the quarter. In Q3, we continued to grow across industries, segments, and geographies. In HCM, we added new customers, including Sunnybrook Health Sciences Center, Fuji Electric, and The Magnum Ice Cream Company. Core Financials also performed well, driving strong full suite adoption.

現在讓我們來看看本季的客戶亮點。第三季度，我們在各個行業、細分市場和地區都持續保持成長。在 HCM 方面，我們新增了客戶，包括 Sunnybrook 健康科學中心、富士電機和 Magnum 冰淇淋公司。核心財務模組也表現出色，推動了全套產品的廣泛應用。

In fact, half of all net new global deals in Q3 included both HR and finance, with key wins such as Ardent Health, Kelly Services, and Specialized. We also expanded with customers such as CommonSpirit Health, Levi Strauss, and Novartis. And consistent with recent quarters, our customers' headcount levels continue to grow modestly.

事實上，第三季所有新增全球交易中有一半都涉及人力資源和財務領域，其中 Ardent Health、Kelly Services 和 Specialized 等公司是主要贏家。我們也拓展了客戶群，例如 CommonSpirit Health、Levi Strauss 和 Novartis。與最近幾季的情況一致，我們客戶的員工人數持續小幅成長。

And our momentum isn't just from large enterprises. Workday GO is helping us drive strong new customer growth and continued ACV momentum in the medium enterprise.

我們的發展動能並非僅來自大型企業。Workday GO 正在幫助我們推動中型企業新客戶的強勁成長和持續的年度合約價值成長動能。

Just last week, we announced a major expansion of Workday GO, including Global Payroll, an expanded partner network and a new AI-powered deployment agent that can cut implementation time by up to 25%.

就在上週，我們宣布了 Workday GO 的重大擴展，包括全球薪資管理、擴大的合作夥伴網路以及新的 AI 驅動部署代理，該代理可以將實施時間縮短多達 25%。

Customers of all sizes and industries tell us that an investment in Workday is an investment in their AI strategy. More than 75% of our core customers are using Workday Illuminate AI, driving well over 1 billion AI actions on the Workday platform this year alone.

各個規模和產業的客戶都告訴我們，投資 Workday 就是投資他們的 AI 策略。超過 75% 的核心客戶正在使用 Workday Illuminate AI，光是今年就在 Workday 平台上實現了超過 10 億次 AI 操作。

And adoption keeps growing. More than three-quarters of net new deals and 35% of customer expansions included one or more AI products. Among the standouts, Evisort delivered another record quarter and Extend Pro grew net new ACV by more than 50% year over year.

而且採用率還在持續成長中。超過四分之三的新增交易和 35% 的客戶拓展都包含一種或多種人工智慧產品。其中表現突出的是，Evisort 又創下了季度業績新紀錄，而 Extend Pro 的淨新增 ACV 年成長超過 50%。

Altogether, our AI products added more than 1.5 points of ARR growth this quarter. That doesn't include Paradox, which we closed in Q3 and is already off to a strong start. And with the rollout of Flex Credits early next year, we're making it even easier for our customers to adopt our AI and platform innovation. Our customer footprint spans every major industry. Tech and media and financial services, two of our $1 billion industries were standout performers in the quarter.

本季度，我們的人工智慧產品總共為 ARR 成長貢獻了超過 1.5 個百分點。這還不包括 Paradox，我們在第三季完成了收購，而且它已經取得了強勁的開局。隨著 Flex Credits 將於明年初推出，我們將使我們的客戶更容易採用我們的人工智慧和平台創新。我們的客戶遍佈各個主要行業。科技、媒體和金融服務這兩個年收入超過 10 億美元的產業在本季表現突出。

And in Q3, Healthcare became our sixth industry to exceed $1 billion in ARR with strategic wins like Ardent Health, Ascendian, and Northeast Georgia Medical Center. One of my favorites this quarter was a major win back at a large US health insurer. They were a long-time Workday customer that moved to a competitor several years ago and quickly regretted it. Now they're back with Workday in choosing our full suite with a 10-year commitment.

第三季度，醫療保健產業成為我們第六個年度經常性收入超過 10 億美元的產業，這得益於 Ardent Health、Ascendian 和 Northeast Georgia Medical Center 等策略性客戶的加入。本季我最喜歡的業績之一是成功挽回了與一家大型美國健康保險公司的合約。他們曾是 Workday 的長期客戶，幾年前轉投競爭對手，但很快就後悔了。現在他們又回到了 Workday，選擇了我們的全套解決方案，並簽訂了 10 年的合約。

Our public sector momentum was also strong in Q3. And despite the weeks long government shutdown, engagement across federal agencies remained high. The Department of Energy's successful go-live in Q3 is a great example. They're the first cabinet level agency to bring their core HR systems into our FedRAMP authorized cloud. We're also nearing completion of the first phase of our work with the DIA.

第三季度，我們的公共部門發展勢頭依然強勁。儘管政府停擺長達數週，但聯邦各機構的參與度仍然很高。美國能源部第三季成功上線就是一個很好的例子。他們是第一個將核心人力資源系統遷移到我們獲得 FedRAMP 授權的雲端平台的內閣級機構。我們與國防情報局合作的第一階段也即將完成。

This opens up an important long-term opportunity, both with the agency and across the intelligence community and Department of War. In SLED, we welcome new customers, including the county of San Luis Obispo, the City of Concord and Cleveland State University, and we expanded with Cornell University, which added both core financials and student.

這為該機構、整個情報界以及戰爭部帶來了一個重要的長期機會。在 SLED，我們歡迎新客戶，包括聖路易斯奧比斯波縣、康科德市和克利夫蘭州立大學，我們也與康乃爾大學合作，為其增加了核心財務和學生數據。

While we had a number of successes across our Fed, SLED and health care teams, we also saw some isolated impacts within institutions that rely heavily on federal grants, primarily in higher ed. However, when they are ready to move forward, our win rates are very strong, and we're excited by the long-term opportunity ahead. Across all of these industries, we're delivering innovation that's changing how work gets done, and the market is taking notice.

雖然我們在聯邦、州和地方政府以及醫療保健團隊中取得了一些成功，但我們也看到，在嚴重依賴聯邦撥款的機構中，尤其是在高等教育領域，出現了一些零星的影響。然而，當他們準備好向前邁進時，我們的勝率非常高，我們對未來的長期機會感到興奮。在所有這些行業中，我們都在進行創新，改變工作方式，市場也注意到了這一點。

Gartner just named Workday, a leader in three Magic Quadrants, including Cloud ERP for Service-Centric Enterprises, Cloud HCM Suites for 1,000 plus Employee Enterprises and the first-ever MQ for Cloud ERP Finance, giving us the highest placement for both Ability to Execute and Completeness of Vision. If you joined us at Workday Rising, you saw how our organic innovation is only accelerating.

Gartner 剛剛將 Workday 評為三個魔力像限的領導者，包括面向服務型企業的雲端 ERP、 1000 名以上員工企業的雲端 HCM 套件以及首個雲端 ERP 財務魔力像限，使我們在執行能力和願景完整性方面都獲得了最高排名。如果你參加了 Workday Rising 大會，你會看到我們的自主創新是如何加速發展的。

We introduced new Illuminate agents that tackle some of the toughest challenges at work from performance reviews and workforce planning to financial close. These purpose-built agents are powered by our unmatched HR and financial data and context which is what makes them highly accurate, actionable and trusted. And now we have more than 150 customers, including Target, Accenture and Netflix using our agents and Agent System of Record in early access.

我們推出了全新的 Illuminate 代理，可以應對工作中一些最棘手的挑戰，從績效評估和勞動力規劃到財務結算。這些專門打造的代理程式由我們無與倫比的人力資源和財務數據及背景資訊所驅動，這使得它們具有高度的準確性、可操作性和可信度。現在，我們有超過 150 家客戶，包括 Target、埃森哲和 Netflix，正在早期使用我們的代理商和代理商記錄系統。

At the same time, we're opening up our platform so customers and partners can create their own AI-powered apps and agents with Workday Build. And with Workday Data Cloud, along with our partners, including Databricks, Salesforce, Snowflake and now Google Cloud, customers can unlock even more insight and value from their Workday data.

同時，我們正在開放我們​​的平台，以便客戶和合作夥伴可以使用 Workday Build 創建他們自己的 AI 驅動的應用程式和代理程式。透過 Workday Data Cloud 以及我們的合作夥伴（包括 Databricks、Salesforce、Snowflake 和現在的 Google Cloud），客戶可以從 Workday 資料中挖掘出更多洞察和價值。

We're also accelerating our innovation through strategic acquisitions. We just closed acquisition of Sana, an AI-native platform with an incredible team. They're going to help us completely reimagine our user experience for the age of AI.

我們也透過策略收購加速創新。我們剛完成了對 Sana 的收購，Sana 是一個擁有出色團隊的 AI 原生平台。他們將幫助我們徹底重新構想人工智慧時代的使用者體驗。

Our vision is very simple and straightforward, make Workday the new front door to work by bringing together enterprise knowledge, AI agents and all the HR and finance processes our customers run every day. This will make it easier than ever to find answers, take action and learn right in Workday.

我們的願景非常簡單明了，就是將 Workday 打造成新的工作門戶，將企業知識、人工智慧代理以及我們客戶每天運行的所有人力資源和財務流程整合在一起。這將使用戶比以往任何時候都更容易在 Workday 中找到答案、採取行動和學習。

Customer feedback on this vision has been absolutely incredible and Sana Learn brings hyper-personalized skill development and AI-generated content creation to Workday Learning. I can't wait for our customers to get their hands on it. We're not stopping there.

客戶對此願景的回饋非常令人難以置信，Sana Learn 將高度個人化的技能發展和 AI 生成的內容創作引入 Workday Learning。我迫不及待地想讓我們的客戶拿到它。我們不會就此止步。

Last week, we announced the intent to acquire Pipedream, a low-code integration platform for AI agents with more than 3,000 prebuilt connectors to the world's most widely used business applications like Asana, Jira and Slack. When you combine that reach with Workday's trusted data, deep business context and the capabilities from Sana and Flowise, our agents move from surfacing insights to truly getting work done. So hopefully, you're seeing a theme here.

上週，我們宣布有意收購 Pipedream，這是一個面向 AI 代理的低程式碼整合平台，擁有 3000 多個預建連接器，可連接到世界上使用最廣泛的商業應用程序，如 Asana、Jira 和 Slack。當您將此覆蓋範圍與 Workday 的可信賴資料、深厚的業務背景以及 Sana 和 Flowise 的功能結合時，我們的客服人員就能從挖掘洞察轉變為真正完成工作。希望你從中看出一些端倪。

While other vendors confuse the market with thousands of overlapping general purpose agents, we're focused on what we do best, and that is building powerful agents for HR and finance that deliver real ROI and measurable business value. Turning to international.

當其他供應商用成千上萬個功能重疊的通用代理程式讓市場感到困惑時，我們專注於我們最擅長的領域，那就是為人力資源和財務部門建立功能強大的代理程序，從而帶來真正的投資回報率和可衡量的業務價值。轉向國際層面。

We delivered solid performance across EMEA, APAC, and Japan in Q3. We just wrapped up our largest EMEA Rising yet. There we announced the new Workday EU Sovereign Cloud which will let customers run our AI-powered HR and finance solutions entirely within the EU, keeping their data local, secure and fully controlled. Also in Q3, we established a new AI Center of Excellence in Dublin, which is one of our major R&D hubs, and we announced a new office in Dubai. A few of the great wins we had across EMEA in Q3 included Bayer, ING Bank, and Tandem Bank.

第三季度，我們在歐洲、中東和非洲地區、亞太地區以及日本市場均取得了穩健的業績。我們剛結束了迄今為止規模最大的 EMEA Rising 活動。我們在會上發布了全新的 Workday EU Sovereign Cloud，該雲端將允許客戶完全在歐盟境內運行我們基於人工智慧的人力資源和財務解決方案，從而保持其資料本地化、安全且完全受控。第三季度，我們在都柏林建立了一個新的人工智慧卓越中心，這是我們的主要研發中心之一；同時，我們也宣佈在杜拜設立新的辦事處。第三季度，我們在歐洲、中東和非洲地區的一些重大勝利包括拜耳、荷蘭國際集團銀行和 Tandem 銀行。

APAC also had a strong quarter with wins at Genesis Energy, DBS Bank, and MGM Grand Paradise. And we continue to build on our success in Japan with new and expanded relationships with Pioneer Corporation, Hoshino Resorts, and Eisai.

亞太地區本季表現強勁，贏得了 Genesis Energy、星展銀行和 MGM Grand Paradise 的訂單。我們繼續鞏固在日本的成功，與先鋒株式會社、星野度假村和衛材建立了新的和擴大的合作關係。

Our partners continue to play a critical role in our success. Once again, in Q3, more than 20% of our net new ACV was sourced from partners, a testament to the strength of our ecosystem. In Q3, we brought on new Workday Wellness partners, including Chime, Spring Health and Strada to expand the value we deliver to our joint customers.

我們的合作夥伴在我們的成功中繼續發揮著至關重要的作用。第三季度，我們新增淨年度合約價值的 20% 以上再次來自合作夥伴，證明了我們生態系統的強大實力。第三季度，我們引入了新的 Workday Wellness 合作夥伴，包括 Chime、Spring Health 和 Strada，以擴大我們為共同客戶提供的價值。

We also expanded our partnership with Microsoft to help joint customers securely manage their people and agents across both of our platforms. We're living in a new era of work, powered by AI and built on trust. And Workday is made for this moment.

我們也擴大了與微軟的合作關係，以幫助雙方的共同客戶安全地管理他們兩個平台上的人員和代理商。我們生活在一個由人工智慧驅動、以信任為基礎的新工作時代。Workday 正是為這一刻而生的。

The momentum in our business and the energy I'm seeing across our customer community gives me a ton of confidence in what's ahead. A huge thank you to our global Workmates, our customers and our partners for helping us deliver another solid quarter.

我們業務的發展動能以及我從客戶群中看到的活力，讓我對未來充滿信心。非常感謝我們全球的同事、客戶和合作夥伴，感謝你們幫助我們又取得了一個穩健的季度業績。

As we head into Q4, we're focused on finishing strong and setting ourselves up for an even more impactful FY27. With that, I'll turn it over to Zane.

進入第四季度，我們將專注於圓滿成功，並為2027財年取得更大成就做好準備。接下來，我將把麥克風交給贊恩。

Thanks, Carl, and thank you to everyone for joining today's call. Our Q3 results were driven by continued progress across several key growth initiatives, as we accelerate innovation throughout the platform and bring exciting AI solutions to market. Turning to results. Subscription revenue in the third quarter was $2.244 billion, up 15%. Professional services revenue was $188 million, resulting in total revenue of $2.432 billion, growth of 13%.

謝謝卡爾，也謝謝各位參加今天的電話會議。第三季業績的取得得益於我們在多個關鍵成長計畫中持續取得進展，我們加快了整個平台的創新步伐，並將令人興奮的人工智慧解決方案推向市場。接下來看結果。第三季訂閱營收為 22.44 億美元，成長 15%。專業服務收入為 1.88 億美元，總收入為 24.32 億美元，成長 13%。

US revenue in Q3 totaled $1.825 billion, up 12%. International revenue totaled $607 million, up 13%. 12-month subscription revenue backlog or cRPO, was $8.21 billion at the end of Q3, increasing 17.6%. We closed the Paradox acquisition in the quarter, which added over a point to cRPO growth, and was not included in our backlog guidance.

美國第三季營收總計18.25億美元，成長12%。國際收入總計 6.07 億美元，成長 13%。截至第三季末，12 個月的訂閱收入積壓或 cRPO 為 82.1 億美元，成長 17.6%。本季我們完成了對 Paradox 的收購，這為 cRPO 成長增加了一個百分點以上，但並未計入我們的積壓訂單預期。

Excluding Paradox, cRPO came in slightly above the high end of our outlook. Total subscription revenue backlog at the end of the quarter was $25.96 billion, up 17%, and gross revenue retention rates remained healthy at 97%.

剔除 Paradox 後，cRPO 略高於我們預期的上限。本季末，訂閱收入總額為 259.6 億美元，成長 17%，總收入留存率維持在 97% 的健康水準。

Non-GAAP operating income for the third quarter was $692 million, representing a non-GAAP operating margin of 28.5%. We remain focused on making targeted investments to support long-term growth. This includes increasing our AI talent, both organically and inorganically, entering new markets such as the Middle East and India and investing in the medium enterprise.

第三季非GAAP營業收入為6.92億美元，非GAAP營業利益率為28.5%。我們將繼續專注於進行有針對性的投資，以支持長期成長。這包括透過有機成長和非有機成長來增加我們的人工智慧人才，進入中東和印度等新市場，以及投資中型企業。

While we make these investments, we're also continue to drive efficiencies as we scale the business globally. Q3 operating cash flow was $588 million, growth of 45%, in line with our expectations. As we discussed at our recent financial Analyst Day, we intend to accelerate the pace of our buyback.

在進行這些投資的同時，我們也不斷提高效率，以在全球擴大業務規模。第三季經營現金流為 5.88 億美元，成長 45%，符合我們的預期。正如我們在最近的財務分析師日上所討論的那樣，我們打算加快股票回購的步伐。

We made good progress in Q3, repurchasing $803 million of our shares during the quarter and $1.4 billion year-to-date. We plan to repurchase an additional $3.6 billion through the end of FY27, leading to $5 billion in total repurchases.

我們在第三季取得了良好進展，本季回購了價值 8.03 億美元的股票，今年迄今已回購了 14 億美元。我們計劃在 2027 財年結束前再回購 36 億美元，使回購總額達到 50 億美元。

As of October 31, we had $4.4 billion remaining under our current authorization. We ended the quarter with $6.8 billion in cash and marketable securities. Our head count as of October 31, stood at 20,588 Workmates around the globe, including roughly 600 Workmates from the Paradox acquisition.

截至10月31日，我們在現有授權範圍內還剩餘44億美元。本季末，我們持有現金及有價證券68億美元。截至 10 月 31 日，我們在全球的員工總數為 20,588 人，其中包括從 Paradox 收購中獲得的約 600 名員工。

Now turning to guidance. For Q4, we expect subscription revenue of $2.355 billion, growth of 15%, which includes revenue from the Sana acquisition and the expected delivery on the first phase of the DIA contract.

現在進入指導環節。預計第四季度訂閱收入為 23.55 億美元，成長 15%，其中包括 Sana 收購帶來的收入以及 DIA 合約第一階段的預期交付收入。

We expect FY26 subscription revenue of $8.828 billion, growth of 14%. Our Q4 subscription revenue guidance is consistent with our view from last quarter, excluding the expected contribution from Sana. While we did see some impact in Fed and SLED tied to fiscal funding, this was offset by strong execution across the portfolio, including the Paradox acquisition. We expect cRPO to increase between 15% and 16% in Q4. This includes approximately 0.25 point of expected growth from the Sana acquisition or about $20 million.

我們預計 2026 財年訂閱營收為 88.28 億美元，成長 14%。除 Sana 的預期貢獻外，我們第四季的訂閱收入預期與上季的預期一致。雖然我們看到聯準會和州及地方政府受到財政資金的影響，但這被投資組合的強勁執行力所抵消，包括對 Paradox 的收購。我們預計第四季 cRPO 將成長 15% 至 16%。這其中包括收購 Sana 預計帶來的約 0.25 個百分點的成長，或約 2,000 萬美元。

And over 1 point of impact from tenants, which we begin to lap in Q1. For Q4, we expect professional services revenue of $168 million. And for the full year, we expect it to be $715 million. We are executing well against our efficiency goals and expect a non-GAAP operating margin of at least 28.5% for Q4 and approximately 29% for the full year.

租戶的影響超過 1 個百分點，我們在第一季開始超越這一水平。我們預計第四季專業服務收入為 1.68 億美元。我們預計全年將達到 7.15 億美元。我們在實現效率目標方面進展順利，預計第四季非GAAP營業利潤率至少為28.5%，全年約為29%。

We're optimistic about the AI-driven growth investments we are making and have ample capacity to continue to invest while we drive further efficiencies, consistent with the framework from our Financial Analyst Day.

我們對正在進行的 AI 驅動型成長投資持樂觀態度，並且有充足的能力繼續投資，同時進一步提高效率，這與我們在財務分析師日提出的框架一致。

We expect GAAP operating margins to be approximately 19 and 21 points lower than our Q4 and full year FY26 non-GAAP operating margins, respectively. The FY26 non-GAAP tax rate is expected to be 19%. We are increasing our FY26 operating cash flow outlook to $2.90 billion, and we continue to expect capital expenditures of approximately $200 million, resulting in free cash flow of $2.70 billion, growth of 23%.

我們預計 GAAP 營業利潤率將分別比 2026 財年第四季和全年非 GAAP 營業利潤率低約 19 個百分點和 21 個百分點。預計 2026 財年非 GAAP 稅率為 19%。我們將 2026 財年的經營現金流預期上調至 29 億美元，並繼續預期資本支出約為 2 億美元，從而產生 27 億美元的自由現金流，成長 23%。

Looking beyond this year, as we shared in our recent financial Analyst Day, we are targeting a subscription revenue CAGR of 12% to 15% through FY28, along with continued margin expansion on both a GAAP and non-GAAP basis. For FY27, specifically, we continue to expect subscription revenue growth of approximately 13% and also consistent with the view we shared in September at our Analyst Day.

展望今年之後，正如我們在最近的財務分析師日上所分享的，我們的目標是到 2028 財年訂閱收入複合年增長率達到 12% 至 15%，同時在 GAAP 和非 GAAP 基礎上繼續擴大利潤率。具體而言，對於 2027 財年，我們仍預期訂閱收入將成長約 13%，這與我們 9 月在分析師日上分享的觀點一致。

We are confident in this growth rate based on the momentum we see across the business as reflected in our Q3 performance as well as our Q4 cRPO guidance. We are optimistic about our growth initiatives and our recent acquisitions and look forward to updating you with formal guidance for FY27 next quarter.

我們對此成長率充滿信心，這體現在我們第三季的業績以及第四季的 cRPO 預期中，業務整體呈現強勁成長勢頭。我們對我們的成長計劃和最近的收購充滿信心，並期待在下個季度向您提供 2027 財年的正式業績指引。

We currently expect our Q1 FY27 subscription revenue growth to be approximately 14% year over year and flat sequentially, reflecting typical seasonality from Q4 as well as the expected revenue from DIA in Q4, which doesn't extend into Q1.

我們目前預計 2027 財年第一季訂閱收入年增約 14%，環比持平，這反映了第四季度的典型季節性因素以及第四季度 DIA 的預期收入，而 DIA 的收入不會延續到第一季度。

We believe that the completion of this first phase sets us up for a larger opportunity with the DIA and the broader defense and intelligence communities. We remain on track and confident in our ability to achieve the financial framework we laid out at our Analyst Day back in September, including subscription revenue growth, non-GAAP margins and stock-based compensation.

我們相信，第一階段的完成為我們與國防情報局以及更廣泛的國防和情報界建立更大的合作機會奠定了基礎。我們仍然按計劃推進，並有信心實現我們在9月份分析師日上製定的財務框架，包括訂閱收入增長、非GAAP利潤率和股票期權激勵。

In closing, I'd like to thank our Workmates, customers and partners around the globe that help deliver this quarter's results. We enter Q4 well positioned to close the year with strength and remain focused on our long-term opportunity of driving durable growth while expanding operating margins.

最後，我要感謝我們全球各地的同事、客戶和合作夥伴，感謝他們幫助我們取得了本季的業績。我們已做好充分準備進入第四季度，以強勁的勢頭結束今年的業績，並將繼續專注於實現長期成長、擴大營運利潤率的機會。

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

接下來，我將把麥克風交還給接線員，開始問答環節。

(Operator Instructions) Mark Murphy, JPMorgan.

（操作說明）馬克‧墨菲，摩根大通。

Thank you very much. And I'll add my congrats on a very nice performance. Carl, we're hearing some feedback that the venture-backed vibe coding startups have started seeing a slowdown or at least as some of them have or elevated churn. And it's happening because companies are finding it's pretty difficult to operationalize them and put them into production use.

非常感謝。我還要祝賀你們奉獻了一場非常精彩的演出。卡爾，我們聽到一些回饋，說那些獲得創投支持的氛圍程式設計新創公司已經開始出現成長放緩，或者至少其中一些公司的人員流失率上升了。這種情況的出現是因為企業發現很難將這些技術投入運作並投入生產使用。

I'm wondering if you're seeing any signs of some of that novelty wearing off for this third-party vibe coating products. And if so, do you see any accelerated adoption of Workday Extend where presumably, they'd have all the security and all the other infrastructure already in place?

我想知道你是否注意到，對於這些第三方氛圍塗層產品，新鮮感正在逐漸消退。如果是這樣，您認為 Workday Extend 的普及速度會加快嗎？畢竟，他們應該已經具備了所有的安全保障和其他基礎設施。

Yeah. Hi, Mark. Thanks for the question. And before I answer, I just wanted to say the following. Q3, Mark, was another solid quarter for Workday reflecting in the strength. And as I always like to say, the diversity and durability of our business.

是的。嗨，馬克。謝謝你的提問。在我回答之前，我想先說以下幾點。馬克，第三季度對Workday來說又是穩健的一個季度，這體現在其強勁的業績上。正如我常說的，我們業務的多樣性和持久性。

Our customers are seeing clear ROI from Workday, and they're engaging more than ever, and we had more than 1 billion AI actions year-to-date and it's only growing faster and faster. We feel really good about the momentum of the business as we head into Q4 and into FY27.

我們的客戶從 Workday 獲得了明顯的投資回報率，他們的參與度也比以往任何時候都高，今年迄今為止，我們已經完成了超過 10 億次 AI 操作，而且這一數字還在不斷增長。我們對公司進入第四季和2027財年的發展勢頭感到非常樂觀。

And I'm truly grateful for all the work, both our partners and our Workmates have done to get us to this point in the year. It's been a really good year for us so far. And Mark, I really appreciate your question.

我衷心感謝我們的合作夥伴和同事們為使我們走到今天這一步所付出的所有努力。到目前為止，今年對我們來說真是非常棒的一年。馬克，非常感謝你的提問。

It's similar to what Kash asked last quarter when you talked about all of this potential disruption coming from these AI start-ups to more mature and larger SaaS companies like Workday. And at the time, I said, I thought it was a completely overblown narrative, and I thought it was flat out wrong.

這與 Kash 上個季度提出的問題類似，當時你談到了所有這些人工智慧新創公司可能對 Workday 等更成熟、規模更大的 SaaS 公司帶來的顛覆性影響。當時我說，我認為這完全是誇大其詞，而且完全錯誤。

And quite frankly, fast forwarding 90 days, I think that's playing out exactly like we thought it would. When I spend time with CXOs around the world that both customers and prospects they talk about three things that's hindering or slowing down enterprise adoption of AI: It is data quality; it's data integrity; and its security. And by the way, none of these are an issue for Workday.

坦白說，90 天過去了，我認為事情的發展完全正如我們所預料的那樣。當我與世界各地的 CXO（客戶和潛在客戶）交流時，他們談到有三件事阻礙或減緩了企業採用人工智慧：資料品質；資料完整性；以及安全性。順便說一句，這些對 Workday 來說都不是問題。

As you know, we have one of the largest and cleanest and most highly curated data sets for HR and finance in the industry. No questions asked. And we have the security compliance and controls in place because today, we onboard a large portion of the world's workforce, and we can apply those same process and procedures to your workforce in the future, both human and digital.

如您所知，我們擁有業界規模最大、最乾淨、最精心整理的人力資源和財務資料集之一。無需多問。我們已經落實了安全合規和控制措施，因為如今我們為全球大部分員工提供入職培訓，未來我們也可以將這些流程和程序應用於您的員工隊伍，包括人力和數位員工。

And when we spend time with our customers, while maybe they're enamored with these point solutions, they're ultimately coming back to the vendors they trust, who have been in their infrastructure for a long time, has that data set and drives real business outcomes.

當我們與客戶交流時，雖然他們可能對這些點解決方案很感興趣，但最終他們還是會回到他們信任的供應商那裡，這些供應商已經在他們的基礎設施中存在了很長時間，擁有該數據集，並推動了真正的業務成果。

The narrative we've been hearing in the last couple of quarters is changing, and it's coming back to those who are highly penetrated in the enterprise, already providing value and are deeply trusted by our customers.

過去幾季我們聽到的說法正在發生變化，現在又回到了那些在企業中滲透率很高、已經提供價值並深受客戶信任的人身上。

So I agree with what you're seeing. We're seeing it. We're hearing it and it's reflected in customers continuing to bet on Workday for their future.

所以我同意你所看到的。我們看到了。我們已經聽到了這樣的回饋，客戶們也繼續將未來寄託在 Workday 上，這也體現了這一點。

Thank you so much.

太感謝了。

Kirk Materne, Evercore ISI.

Kirk Materne，Evercore ISI。

Yeah. Thanks very much and congrats on the solid quarter. Carl, the other narrative that often comes up these days is clients see a big customer laying off people. And I know you guys commented that your customers are growing, headcount slowly right now. What are the mechanisms that you guys have if a customer were to have to lay off people to be able to keep growing ACV with them? Obviously, cross-sell, upsell, are there discounts that go away?

是的。非常感謝，恭喜你們本季業績出色。卡爾，最近經常出現的另一種說法是，客戶看到大客戶裁員。我知道你們都提到過，你們的客戶群正在成長，但目前員工人數成長緩慢。如果客戶為了繼續提高與他們合作的年度合約價值 (ACV) 而不得不裁員，你們有哪些應對機制？顯然，交叉銷售、向上銷售，以及會消失的折扣？

I just -- can you just explain that a little bit? Because I think people believe there's a linear relationship between a number of -- on a per seat basis. And I realize it's probably a little bit more complicated that, especially at the high end of your business. Thanks.

我只是──你能稍微解釋一下嗎？因為我認為人們相信數量與——按座位計算——之間存在線性關係。我意識到這可能比這複雜一些，尤其是在您業務的高端領域。謝謝。

Thanks, Kirk. I appreciate the question. And yeah, in my prepared remarks, I once again want to articulate and share that on a net basis, the head count of our customer base is up year over year. So while there are some layoffs out there, we're still growing head count across our customer base. And what we're doing, you said it, we are selling back into our base, and we're focused not on just seats, but actually revenue per seat.

謝謝你，柯克。感謝您的提問。是的，在我的演講稿中，我想再次闡明並分享，從淨數量來看，我們的客戶群人數同比增長了。所以，儘管目前有一些裁員現象，但我們仍在客戶群中增加員工人數。正如你所說，我們正在向我們的客戶群重新銷售產品，我們關注的不僅僅是座位數，而是每個座位的收入。

And what we have now more than ever is we have a whole bunch of new solutions, both organically innovative solutions and solutions that we got through acquisition that we're selling back into our customer base, whether it's Evisort, whether it's HiredScore, now it's Sana, now it's Paradox, now it's Flowise.

而我們現在比以往任何時候都擁有的是一大堆新的解決方案，包括自主創新的解決方案和透過收購獲得並重新銷售給客戶群的解決方案，無論是 Evisort、HiredScore、現在的 Sana、Paradox 還是 Flowise。

We have so much more to sell back into our customer base and that drives strength for us and offset any potential impact we might see from head count reductions in our customers. Also, our customers do true-ups with us both annually on their headcount. And we do have floors and minimums that the customer can bring their headcount down, and that gives us some protection. But overall, we're still seeing growth in headcount year over year.

我們還有很多產品可以賣給我們的客戶群，這增強了我們的實力，並抵消了客戶裁員可能帶來的任何潛在影響。此外，我們的客戶每年都會與我們雙方進行人員編制的核對。我們確實有最低人數限制，客戶可以減少員工人數，這為我們提供了一定的保障。但總體而言，我們的員工人數仍然逐年增加。

And we're selling just a lot more back into our customer base because they're betting on our platform, and they're using us as a consolidation platform across all of their point solutions to drive a better total cost of ownership.

而且，由於客戶信賴我們的平台，並將我們用作整合平台，從而降低所有點解決方案的整體擁有成本，因此我們向客戶群銷售了更多產品。

Hey, Kirk. I'd just add, if you look at the aggregate, it is a net positive, but it's not a significant amount of our growth. So there are lots of elements, as Carl alluded to, that go into that growth number, and this is just one of them.

嘿，柯克。我還要補充一點，從整體來看，這確實是淨正效益，但它在我們成長中所佔的比例並不大。正如卡爾所暗示的那樣，影響成長率的因素有很多，而這只是其中之一。

Great. Thanks. Thanks, guys.

偉大的。謝謝。謝謝各位。

Keith Weiss, Morgan Stanley.

基斯‧韋斯，摩根士丹利。

Excellent. Thank you, guys, for taking the question and congratulations on the solid quarter. I wanted to ask about some of the early success you guys are seeing with your AI solutions. Carl, I think on the call, you said 1.5 points of growth in ARR already coming from the AI solutions.

出色的。謝謝各位回答這個問題，也恭喜你們本季表現出色。我想了解一下你們的AI解決方案目前取得的一些初步成功情況。卡爾，我想你在電話會議上說過，人工智慧解決方案已經帶來了 ARR 1.5 個百分點的成長。

Can you give us any rules of thumb that you're starting to see that could help us maybe model this out a little bit in terms of what type of uplift do you see on a typical deal or for a typical customer when they're buying the AI solutions? Or how broad is this?

您能否分享一些您觀察到的經驗法則，以便我們能夠更好地模擬典型交易或典型客戶在購買人工智慧解決方案時所獲得的提升？或者說，這個範圍有多廣？

Like what percentage of your customer base has already bought into the solutions and how far do we have to go? Just something to help us extrapolate that early success into what this might look like in a year from now or two years from now?

例如，您的客戶群中已有多少比例的人購買了這些解決方案？我們還有多遠的路要走？只是想了解一下，能否根據目前的成功情況，推論一年後或兩年後的發展趨勢？

Yeah. Thanks for the question, Keith. And we gave some of the statistics at FAD just 90 days ago. That's why we called out again this quarter. Our AI solutions are adding 1.5 points of growth to our ARR, and we're also trying to give you some color specifically on the strength of our AI solution.

是的。謝謝你的提問，基斯。就在90天前，我們在FAD會議上公佈了一些統計數據。這就是我們本季再次發出呼籲的原因。我們的人工智慧解決方案使我們的年度經常性收入成長了 1.5 個百分點，我們也想具體向您介紹我們人工智慧解決方案的優勢。

So for example, 75% of our new sales included in AI solution, 35% of our sales back to our customer base includes AI. So we're seeing really good traction, and we're seeing really good early indications of demand from some of our acquired companies like Sana and Paradox.

例如，我們 75% 的新銷售額都包含 AI 解決方案，我們回購給現有客戶的銷售額中有 35% 包含 AI。因此，我們看到了非常好的發展勢頭，並且從我們收購的一些公司（如 Sana 和 Paradox）那裡也看到了非常好的早期需求跡象。

So overall, our AI momentum is strong, if not stronger than ever, and it's being reflected in how our customers are buying our product, both at time of new sales as well as our ability to sell back into our customer base. So I couldn't be more excited about where we're at. Things like Evisort had a record quarter.

總的來說，我們的人工智慧發展勢頭強勁，甚至比以往任何時候都更加強勁，這體現在我們的客戶購買我們產品的方式上，無論是新銷售還是我們向現有客戶群銷售產品的能力。我對我們目前所取得的成就感到無比興奮。例如，Evisort 的季度業績就創下了紀錄。

We're seeing an acceleration in growth in Evisort. In Extend Pro, we call that out. It once again grew 50% year over year. And then when we sell back into our customers, for example, when we sell something like a higher score recruiting agent, it's a significant uptick over what we would sell our standard recruiting SKU for.

我們看到 Evisort 的成長正在加速。在 Extend Pro 中，我們會特別指出這一點。它再次實現了同比增長50%。然後，當我們把產品賣回給客戶時，例如，當我們賣給評分更高的招聘代理時，價格會比我們賣標準招聘 SKU 的價格高出很多。

Got it. Any sense on how much of an uplift it is versus the standard?

知道了。與標準相比，提升幅度有多大？

Yeah. On, for example, on HiredScore, for every dollar of recruiting we sell, we sell about $2.50 of HiredScore on top of it.

是的。例如，在 HiredScore 平台上，我們每賣出 1 美元的招募服務，就能額外賣出價值約 2.50 美元的 HiredScore 服務。

Okay, that's super helpful. Thank you, guys.

好的，這太有幫助了。謝謝大家。

Michael Turrin, Wells Fargo.

邁克爾圖林，富國銀行。

Hey. Great. Thanks. I appreciate you asking -- I appreciate you taking the question and congrats on the results as well. I guess just a two-parter for me. I guess first, just -- I wanted to zoom in on some of the early feedback around Paradox and Sana.

嘿。偉大的。謝謝。感謝你的提問－謝謝你回答這個問題，也恭喜你有好成績。對我來說，這大概就是個兩個部分的故事了。我想首先——我想重點關註一下關於 Paradox 和 Sana 的一些早期反饋。

Just what you're hearing from customers coming out of rising? And if that can help the Workday business model continue to evolve towards just some of the questions around AI and agentic capabilities that you're offering alongside the Flex Credits program.

你從客戶那裡聽到的回饋都說了什麼？如果這能幫助 Workday 的商業模式繼續發展，以解答一些關於人工智慧和代理能力的問題，而這些問題正是您與 Flex Credits 計劃一起提供的。

And then, Zane, maybe just coming out of Rising,, an update on how you're thinking about the trade-offs between growth and margin given some of the recent additions in the product portfolio and some of that feedback there as well. Thank you.

然後，Zane，也許你剛從 Rising 大會上回來，能否更新一下你對最近產品組合新增產品以及相關反饋中提到的增長與利潤率之間權衡的看法？謝謝。

Yeah. So maybe I'll start, and then I'll kick it over to both Gerrit and Zane specifically to follow up on the questions. So first, as you know, we've closed the Paradox acquisition in October. And within two weeks, we were already off and selling it. And it had a small impact in the quarter, a few million dollars over a 2-week period just by our sales force going out and selling that into the market.

是的。所以也許我會先開始，然後我會把問題交給 Gerrit 和 Zane 來解答。首先，如您所知，我們已經在 10 月完成了對 Paradox 的收購。不到兩週，我們就開始銷售了。而且，它對本季產生了一定的影響，僅僅透過我們的銷售團隊外出向市場銷售，就在兩週內帶來了幾百萬美元的收入。

I will tell you, coming out of Rising EMEA. The demand and excitement for Paradox and being a Workday product and selling it on our paper was very, very strong. On Sana, similar feedback from our customers. They see this as an extremely powerful AI solution across multiple dimensions, starting with Learning. We can now sell their AI learning platform back into and on top of our 4,000 customers that have Workday Learning today.

我會告訴你，我來自 Rising EMEA。消費者對 Paradox 的需求和熱情，以及作為 Workday 產品在我們的報紙上進行銷售的熱情都非常高漲。在 Sana 上，我們也收到了來自客戶的類似回饋。他們認為這是一個在多個維度上都非常強大的AI解決方案，首先是學習能力。現在我們可以將他們的 AI 學習平台銷售給目前擁有 Workday Learning 的 4,000 位客戶，並在此基礎上進行拓展。

And then obviously, we're going to refresh our UI/UX, leveraging the Sana platform going forward. So the early indications, specifically on these two recent acquired companies is as strong as anything we've seen when we acquire a company?

然後很顯然，我們將更新我們的用戶介面/用戶體驗，並在未來利用 Sana 平台。所以，就目前來看，特別是就這兩家最近收購的公司而言，其早期跡象與我們以往收購公司時所見到的任何跡像一樣強勁？

And maybe, Gerrit, you can talk specifically about Sana because that one is off the charts right now from a demand and from an excitement from our customers.

Gerrit，或許你可以具體談談 Sana，因為目前這款產品的需求量和客戶熱情都非常高。

Yeah. And as Carl has said, we are seeing tremendous interest around the three main vectors of Sana. One, as Carl has said, it's the leading AI learning platform. So very natural for us to bring this to our customers, of which we have a very scaled base of Workday Learning customers, which are using Sana and are excited about Sana as a learning AI experience platform on top of that, very natural, very immediate interest. And secondly, what Carl has mentioned, Sana is also now being developed into the leading UI experience for Workday.

是的。正如卡爾所說，我們看到人們對 Sana 的三個主要方向表現出了極大的興趣。正如卡爾所說，它是領先的人工智慧學習平台。因此，我們自然地將這項技術帶給我們的客戶，我們擁有非常龐大的 Workday Learning 客戶群，他們正在使用 Sana，並且對 Sana 作為學習 AI 體驗平台感到興奮，這種興趣非常自然，也很直接。其次，正如 Carl 所提到的，Sana 現在也正在開發成為 Workday 的領先 UI 體驗。

So you can think about a complete conversational experience around the Workday platform. Workday being the innovation leader and our customers are tremendously excited about the massive simplification that brings to them. And if you imagine every employee having access to HR and finance AI at scale. What that means in cost reduction. On the other side, you can see what drives that interest.

因此，您可以考慮圍繞 Workday 平台建立完整的對話體驗。Workday 作為創新領導者，其為客戶帶來的巨大簡化效果令客戶感到無比興奮。想像一下，每個員工都能大規模地使用人力資源和財務人工智慧。這意味著成本降低。另一方面，你可以看到是什麼驅動了這種興趣。

And thirdly, Sana goes much more beyond that. And I would recommend you look at the big picture with also Pipedream, adding 3,000 connectors to the Sana platform, which now allows our customers to take Sana knowledge management actions in Workday and the actions that Pipedream adds to really drive enterprise-wide AI transformation with that model. And we see very strong customer interest across all of those three vectors.

第三，Sana 的功能遠不止於此。我建議您從宏觀角度考慮 Pipedream，它為 Sana 平台增加了 3,000 個連接器，現在我們的客戶可以在 Workday 中執行 Sana 知識管理操作，而 Pipedream 添加的操作則真正推動了該模型在企業範圍內的 AI 轉型。我們看到客戶對這三個方面都表現出非常濃厚的興趣。

Hey, Michael, this is Zane. I'll just add. As you can hear between Carl and Gerrit, we're thrilled with the early success that we're seeing from both Paradox and Sana. So as it relates to our financial framework, I'd say no change at all.

嘿，邁克爾，我是讚恩。我再補充一點。正如你從卡爾和格里特的對話中聽到的那樣，我們對 Paradox 和 Sana 目前的早期成功感到非常興奮。所以就我們的財務框架而言，我認為沒有任何改變。

We continue to invest in AI, both organically and inorganically and are pleased with the investments we're making there and at the same time, recognizing the efficiencies and scale that we're driving across the business. So we're still driving that within the framework and very pleased with the progress we're making there.

我們持續投資人工智慧，包括有機成長和非有機成長，我們對在該領域的投資感到滿意，同時也意識到人工智慧正在為整個業務帶來的效率提升和規模擴大。所以我們仍在框架內推進這項工作，並且對我們所取得的進展非常滿意。

Thanks very much.

非常感謝。

Brent Thill, Jefferies.

布倫特‧蒂爾，傑富瑞集團。

Thanks. Just with Paradox. I know that SAP and other ERP installed bases are using that. Is your vision that you can sell this anywhere that you're going to be agnostic to whatever platform is running in the back? How are you thinking about that from a go-to-market?

謝謝。僅使用 Paradox。我知道 SAP 和其他 ERP 系統都在使用這種方法。你的願景是無論在何處銷售，都對後台運行的平台不感興趣嗎？從市場推廣的角度來看，您是如何考慮這個問題的？

Yeah. Thanks, Brent. We are super excited about the go-to-market capabilities we have around Paradox. Number one, we can sell it back into our customers, right, as an attachment to our already strong recruiting platform including something like HiredScore. Now we have Paradox.

是的。謝謝你，布倫特。我們對圍繞 Paradox 所擁有的市場推廣能力感到非常興奮。首先，我們可以把它賣回給我們的客戶，作為我們強大的招募平台（包括 HiredScore 等平台）的附加元件。現在我們有了悖論。

So we have the industry-leading AI recruiting platform out there today. At the same time, this is now a new product that is a land-only product for our sales force who can now go and sell Paradox not only on top of Workday or back into our installed base, but also into our competitors' environment.

所以，我們現在擁有業界領先的人工智慧招募平台。同時，對於我們的銷售團隊來說，這是一款全新的產品，僅限實體店銷售。他們現在不僅可以將 Paradox 銷售到 Workday 之上或銷售到我們已安裝的客戶群中，還可以銷售到競爭對手的環境中。

In fact, a significant portion of their existing customers aren't Workday today. And we're going to continue to leverage that go-to-market model, so it gives us another land product without someone having to decide completely on Workday, HR or finance, they can go just with Paradox. And I've seen that come up multiple times just in the first 60 days of us having this great asset.

事實上，他們現有客戶中有相當一部分目前還不是 Workday 的使用者。我們將繼續利用這種市場推廣模式，這樣我們就有了另一款本土產品，用戶無需完全在 Workday、人力資源或財務之間做出選擇，他們就可以只選擇 Paradox。在我們擁有這項寶貴資產的頭 60 天裡，我已經多次看到這種情況發生。

Okay. Zane, real quick, just on cRPO. Is there anything to consider in the guide that you're maybe highlighting as a headwind, tailwind? Any change to how you're thinking about that in terms of how we should think about modeling it?

好的。Zane，簡單說一下，關於cRPO。指南中是否有任何值得考慮的因素，您認為可能是逆風或順風？你對我們如何建模的看法有改變嗎？

No. I mean I think it's fairly clean, Brent. I mean obviously, we feel good about what we saw in the third quarter. I mentioned that Paradox was over 1 point of that. we feel very confident.

不。我的意思是，我覺得它相當乾淨，布倫特。我的意思是，很顯然，我們對第三節的表現感到滿意。我提到Paradox的得分比這個數字高出1個百分點。我們對此非常有信心。

I mean, obviously, as always, cRPO, the number of factors, both the net new business as well as renewal activity and just the volume that you get in any particular quarter. So we think we've got great strength heading into the fourth quarter.

我的意思是，很顯然，和以往一樣，cRPO（客戶關係維護點）涉及許多因素，包括淨新增業務、續約活動以及在任何特定季度獲得的業務量。所以我們認為進入第四節比賽我們實力很強。

We've got terrific coverage on our expected subscription growth heading into next year, which I alluded to as you think about even between the fourth quarter and the first quarter. So no, we feel good about the cRPO growth as well as the coverage. So net-net, we feel good even on a sequential basis.

我們對明年預期的訂閱成長情況進行了非常全面的報道，正如我之前提到的，即使是在第四季和第一季之間也是如此。所以，我們對 cRPO 的成長以及覆蓋範圍都感到滿意。所以總的來說，即使從季度業績來看，我們也感覺良好。

I did call out how much of that was [Sana] as well, which is a very small impact on revenue for the fourth quarter.

我還指出其中有多少是 Sana 的貢獻，這對第四季的收入影響非常小。

Great. Thanks.

偉大的。謝謝。

Karl Keirstead, UBS.

瑞銀集團的卡爾·基爾斯蒂德。

Thank you. Zane, maybe we can just continue that conversation. So if we try to take your 4Q cRPO 15% to 16% and normalize it by deducting maybe some of the onetime stuff. So just so I've got the thinking right, maybe 1 point year over year from the tenant contracts, maybe 1 point year over year from Paradox and 1/4 from Sana. So maybe 2.25 points from more unusual stuff to back out to get to more normalized. Is that roughly the right math?

謝謝。贊恩，或許我們可以延續這個話題。所以如果我們嘗試將你的 4Q cRPO 15% 到 16% 進行標準化，並扣除一些一次性項目。所以，為了確保我的思路正確，租戶合約可能帶來每年 1 個百分點的成長，Paradox 可能帶來每年 1 個百分點的成長，Sana 可能帶來 1/4 個百分點的成長。所以，或許需要從一些不尋常的事物中剔除 2.25 分，才能使其回歸正常化。這樣算大致對嗎？

Yeah, Karl, I mean, there are lots of things you can move around within that cRPO growth. I mean I think you've got it, it generally in line. But again, there are other variables within the timing on renewal activity and things like that.

是的，卡爾，我的意思是，在 cRPO 成長過程中有很多事情可以調整。我的意思是，我覺得你說得對，整體來說是對的。但是，續約活動的時間安排等方面還有其他變數。

One other call out I'll make, if you're trying to understand those components between the organic and the inorganic component in the fourth quarter is, I'd say, that both Sana and Paradox contribute roughly 1.5 points to our Q4 subscription revenue growth. So just to help you contextualize that.

我還要補充一點，如果你想了解第四季度有機成長和無機成長之間的組成，我認為 Sana 和 Paradox 分別對我們第四季的訂閱收入成長貢獻了大約 1.5 個百分點。為了讓你們更理解，我舉個例子。

I mean, as I mentioned, in my prepared remarks, absent Sana, we believe our Q4 was consistent with our view just a quarter ago. So we feel great about the activity there. But that helps you understand the components of Q4 and the cRPO growth heading into the quarter and into next year.

我的意思是，正如我在準備好的演講稿中提到的，如果沒有薩娜，我們認為我們第四季度的業績與我們一個季度前的觀點是一致的。所以我們對那裡的活動感到非常滿意。但這有助於您了解第四季度的組成部分以及本季度和明年 cRPO 的成長情況。

Okay, Zane. Thanks. And maybe just in the spirit of a follow-up on 4Q, this time on subrevs, it sounds like it's embedding a view of reaching those DIA go-live milestones. I'm assuming that given that there's just two months left in the fiscal year, you and Carl are feeling pretty good about that. Obviously, the shutdown, I suspect didn't help, but can you just maybe express confidence level in hitting those DIA go-lives? Thanks.

好的，贊恩。謝謝。也許正是為了跟進第四季度，這次是關於子收入，聽起來像是要實現DIA上線里程碑的目標。我猜想，鑑於本財年只剩下兩個月了，你和卡爾對此應該感覺很好。顯然，停擺肯定沒有幫助，但您能否表達一下您對 DIA 系統上線的信心程度？謝謝。

Yeah. That's a great call out. We're highly confident. Just to give you a sense of size on that one, it's a roughly $15 million in the fourth quarter. We feel great about the progress we've been making all year. We're tracking it very closely, and it's embedded in our forecast in -- for the fourth quarter.

是的。這是一個很好的提醒。我們非常有信心。為了讓您對這個數字有個概念，第四季大約是 1500 萬美元。我們對今年的進展感到非常滿意。我們正在密切關注此事，並且已將其納入我們的第四季度預測中。

Got it.

知道了。

Yeah. Yeah, Karl, we're tracking really well towards the contract requirements that give us that $15 million in Q4, and we're already talking to them about an expansion of taking that platform to the next level, which opens up a whole bunch of different opportunities across a broader Department of Defense or Department of War.

是的。是的，卡爾，我們進展非常順利，預計在第四季度獲得 1500 萬美元的合約款項。我們已經在與他們討論將平台擴展到下一個階段，這將為國防部或戰爭部帶來許多不同的機會。

We're really excited about the momentum we're seeing with the federal government in this DIA project or the first phase of it is really openings up to a great opportunity going forward. And as I said, we're already negotiating a follow-on to take that platform to the next level with further security requirements they're asking us for.

我們對聯邦政府在這個國防情報局計畫中展現出的勢頭感到非常興奮，或者說，該計畫的第一階段確實為未來的發展帶來了巨大的機會。正如我所說，我們已經在協商後續事宜，以將該平台提升到一個新的水平，並滿足他們提出的進一步安全要求。

That's great news. Thank you, both.

真是個好消息。謝謝你們兩位。

Brad Sills, Bank of America.

布拉德·西爾斯，美國銀行。

Great. Thank you so much. It's clear from all the announcements and what we saw out of the conference was that you're really going forward with AI, the Sana acquisition, Paradox, more recently, Pipedream, that partnership with Microsoft. I mean, how should we read that?

偉大的。太感謝了。從所有公告和我們在大會上看到的內容來看，很明顯，你們正在大力推進人工智慧，包括收購 Sana、Paradox，以及最近的 Pipedream，還有與微軟的合作。我的意思是，我們該如何解讀這句話？

Should we think of this as a year where you're building the foundation for AI and agents and that 1.5 points of growth coming from AI goes materially higher, perhaps in fiscal '28? Or is this more of a '27 event just given where you are with all the great innovation that you're bringing together and the time it might take for that to sink into the sales cycle and pipelines? Thank you.

我們是否應該將今年視為建構人工智慧和智慧體基礎的一年，而人工智慧帶來的 1.5 個百分點的成長可能會在 2028 財年大幅提高？或者，考慮到你們目前所處的位置，以及你們正在匯集的所有偉大創新，以及這些創新可能需要時間才能融入銷售週期和管道，這更像是 2027 年的活動？謝謝。

Yeah. Thanks for the question, Brad. I'm going to turn it over to Gerrit to give some color, and then I'll talk about in the context of growth.

是的。謝謝你的提問，布拉德。接下來我會把麥克風交給 Gerrit 來補充一些細節，然後我會從成長的角度來談談這個問題。

Yeah. So I think, first of all, for us, this is a continuation. As Carl has said, we have 1.4 billion AI actions already in production in the Workday platform today. So we have been doing this at Workday extremely successfully. And now we are just taking the next steps and leading AI technology to help our customers become truly AI-driven enterprises.

是的。所以我覺得，首先，對我們來說，這是一個延續。正如卡爾所說，目前 Workday 平台中已有 14 億個 AI 操作正在生產環境中運作。我們在 Workday 這樣做非常成功。現在，我們正在邁出下一步，運用領先的人工智慧技術，幫助我們的客戶成為真正由人工智慧驅動的企業。

And specifically, the vectors of our innovation is with Paradox and in a bigger picture frontline, fully bringing AI automation to the entire hiring journey. If you put that together with our recruiting agent, Paradox as a candidate engagement agent in connection with each other, it basically builds the AI-driven talent suite.

具體來說，我們的創新方向是與 Paradox 合作，從更宏觀的角度來看，就是將人工智慧自動化全面引入整個招募流程。如果將它與我們的招聘代理 Paradox（作為候選人互動代理）結合起來，它們之間就基本上構建了人工智慧驅動的人才套件。

What they're doing with Sana is we're acquiring leading knowledge management and a leading agent orchestrator to be the AI experience layer across Workday. So very important, when we think about adoption that our conviction is, AI is going to be the new UI and that all of the legacy vendors who are not having leading experiences are going to get relocated through that. And thirdly, what you mentioned about Pipedream, right?

他們與 Sana 合作的目的是，獲得領先的知識管理和領先的代理商協調器，作為 Workday 的 AI 體驗層。因此，非常重要的一點是，當我們考慮採用人工智慧時，我們堅信人工智慧將成為新的使用者介面，所有沒有領先體驗的傳統供應商都將透過人工智慧轉型。第三，你剛剛提到的 Pipedream，對吧？

Our ambition and our customers' requirements are actually taking us much broader than Workday is in finance and HR and really looking for enterprise-wide orchestration. We think about it as an enterprise AI fabric that we are creating through Pipedream, with Sana, as the experience layer on top, built on top of Workday's business process platform.

我們的雄心壯志和客戶的需求實際上正引領我們走向比 Workday 目前在財務和人力資源領域更廣泛的領域，我們真正尋求的是企業範圍內的協調。我們將其視為我們正在透過 Pipedream 創建的企業級 AI 架構，Sana 作為其上的體驗層，構建於 Workday 的業務流程平台之上。

Yeah, Brad, the only color I'd add there is, clearly, we're going all in on AI, and it's for the following reason. We're uniquely positioned versus everyone else out there today. We have the data, right? We have the context of the data, and we're built in the business workflow. And our customers are saying, time and time again, they no longer want to even evaluate point AI solutions.

是的，布拉德，我唯一要補充的是，很明顯，我們正在全力投入人工智慧，原因如下。我們與當今市場上的其他所有公司相比，擁有獨一無二的優勢。我們有數據，對吧？我們掌握了數據的背景信息，並且我們已經融入業務工作流程中。我們的客戶一次又一次地表示，他們甚至不再想評估任何人工智慧解決方案。

They want to do it on the back of a trusted platform. Therefore, we go when we get something like Paradox, we get Pipedream, we get Sana, last year, Evisort. Before that, we get HiredScore. And it's not just our customers who are saying they believe in our platform, it's partners. To your point, we're partnering with Microsoft.

他們希望藉助一個值得信賴的平台來實現這一目標。因此，當我們得到像 Paradox、Pipedream、Sana 這樣的專案時，我們就會去，去年還有 Evisort。在此之前，我們會先取得 HiredScore。不僅是我們的客戶表示他們相信我們的平台，我們的合作夥伴也是如此。你說得對，我們正在與微軟合作。

So as they start to build agents, they see the most secure, reliable and trusted way to onboard their agents is through Workday and our Agent System of Record because no one has more experience in onboarding employees Workday and now we're taking that to the digital worker as well.

因此，當他們開始組建代理團隊時，他們發現最安全、可靠和值得信賴的代理入職方式是透過 Workday 和我們的代理記錄系統，因為在員工入職方面，沒有人比 Workday 更有經驗，現在我們也把這種經驗應用到數位員工身上。

Great to hear. Thank you so much.

很高興聽到這個消息。太感謝了。

Brad Zelnick, Deutsche Bank.

布拉德‧澤爾尼克，德意志銀行。

Great. Thank you so much. Brad, following Brad. Congrats, guys, on a good quarter and thanks for taking the question. My question is about Workday GO, where we continue to hear really good things, particularly in ME and emerging enterprise. So it was interesting to see it soon to be more broadly available.

偉大的。太感謝了。布拉德，緊跟在布拉德之後。恭喜各位，本季業績不錯，感謝你們回答這個問題。我的問題是關於 Workday GO 的，我們一直聽到很多關於它的好評，尤其是在中小型企業和新興企業中。所以，看到它很快就能更廣泛地普及，真是令人興奮。

Perhaps looking at AI from a different angle, is there anything different Workday needs to deliver from an AI product perspective for downmarket customer versus large enterprise? Thanks.

或許從另一個角度來看，Workday 在人工智慧產品方面，對於針對小眾市場客戶和大型企業的產品和服務，是否需要做出一些不同的調整？謝謝。

Yeah. Let me have Gerrit take that, and then I'll talk more about Workday GO and the big announcement we had at Rising EMEA last week.

是的。先讓 Gerrit 來談談，然後我會詳細說說 Workday GO 以及我們上週在 Rising EMEA 大會上發布的重大消息。

Yeah. And specifically, the AI side, Brad, there are two things to consider, right? One is that also medium-sized companies want to benefit from the best AI. So of course, they're going to get the full power of Workday's AI agents also delivered in Workday GO. That's the first part, very important.

是的。具體來說，在人工智慧方面，布拉德，有兩件事需要考慮，對吧？其一是中型企業也希望從最好的人工智慧中受益。當然，他們也將獲得 Workday GO 中提供的 Workday AI 代理的全部功能。這是第一部分，非常重要。

And secondly, we are specifically innovating around Workday GO with specific AI models. Think about the whole configuration, administration, management of the system, set up complexity. We are working and announced a new deployment agent, which already is slashing deployment time and complexity down by a significant degree. It's a key investment theme for us.

其次，我們正在圍繞 Workday GO 進行專門的 AI 模型創新。想想整個系統的配置、管理和維護，以及設定的複雜性。我們正在研發並發布了一款新的部署代理，它已經大幅縮短了部署時間並降低了部署複雜性。這是我們的一項關鍵投資主題。

And just connecting it back to the broader partner network, specifically with Workday GO to new managed services like payroll, we are working on payroll AI that is securely being connected into our ASO with our partners that are providing these services to also drive payroll automation, payroll simplification, benefits management across the Workday GO global partner network.

我們正努力將它與更廣泛的合作夥伴網路連接起來，特別是與 Workday GO 的新管理服務（如薪資管理）連接起來。我們正在開發薪資人工智慧，並將其安全地連接到我們的應用商店優化 (ASO) 中，與提供這些服務的合作夥伴一起，推動 Workday GO 全球合作夥伴網路中的薪資自動化、薪資簡化和福利管理。

And that's specifically being created all from that angle to make the mid-market customer run at the scale of Workday, but with unmatched simplicity.

而這一切都是從這個角度出發，旨在讓中端市場客戶以無與倫比的簡單方式運作 Workday 的規模。

Yeah. And Brad, we announced Workday GO, as I call it, 2.0 last week at EMEA Rising. And I will tell you, to Gerrit's point, the feedback was unbelievable with three key components to it. We now offer Global Payroll, if a customer wants it, by the way. If they don't want to use a managed Global Payroll service from Workday, they can bring their own payroll.

是的。布拉德，我們上週在 EMEA Rising 大會上發布了 Workday GO 2.0（我稱之為 Workday GO）。正如 Gerrit 所說，反饋令人難以置信，其中包含三個關鍵要素。順便提一下，我們現在提供全球薪資管理服務，如果客戶需要的話。如果他們不想使用 Workday 提供的全球薪資管理服務，他們也可以自備薪資系統。

We have a partner network that's going to help us take Workday GO to the market around the world and resell it on our behalf, and then we have that AI deployment agent. Also included in Workday GO is a payroll agent to help people simplify how they're managing their payroll activity across the enterprise.

我們擁有一個合作夥伴網絡，可以幫助我們將 Workday GO 推向全球市場並代表我們進行轉售，此外我們還有 AI 部署代理。Workday GO 還包含一個薪資代理，可以幫助人們簡化企業內薪資活動的管理方式。

Workday GO, I will tell you, is on fire. People are excited about it, and people are leaning into Workday down market as we aggressively go attack that market segment around the world.

我可以告訴你，Workday GO 簡直太棒了。人們對此感到興奮，並且隨著我們積極在全球範圍內開拓該細分市場，人們也開始關注 Workday 的低端市場。

Thank you so much for taking the question.

非常感謝您回答這個問題。

Thank you, Brad.

謝謝你，布拉德。

Alex Zukin, Wolfe Research.

Alex Zukin，Wolfe Research。

Maybe just a quick two-parter. Carl, first for you. When you think about the commentary for next year, it's great to hear about the reiterating the confidence and the growth rate of 13%. But since Analyst Day, is there anything that maybe you've seen that gives you even more confidence when you're talking with customers around things like budgets or their demand environments as we head into 2026 or propensity to allocate more from the AI budget specifically to Workday that you could comment on that gives you that confidence?

或許就簡單地分成兩部分吧。卡爾，你先聽我說。展望明年，很高興聽到各方重申信心，並預測成長率將達到 13%。但自分析師日以來，您是否看到過一些事情，讓您在與客戶討論預算或需求環境等問題時更有信心，尤其是在我們邁向 2026 年之際，或者在人工智能預算中專門為 Workday 分配更多資金的傾向方面？您能否就此發表一些看法，說明是什麼讓您更有信心？

Yeah. Thanks, Alex, for the question. As Zane said in his prepared remarks, we feel really good about our midterm guide that we laid out for next year. And we think the approximate 13% guide on subscription revenue next year is solid. That being said, we feel really good about all the acquired companies and the momentum we're seeing early on with them as well as the organic innovation that we have coming out of our super strong product and technology organization.

是的。謝謝你的提問，Alex。正如 Zane 在事先準備好的演講稿中所說，我們對明年制定的中期考試指南感到非常滿意。我們認為明年訂閱收入成長約 13% 的預期是合理的。也就是說，我們對所有收購的公司以及我們早期看到的這些公司的發展勢頭都感到非常滿意，同時我們也對我們強大的產品和技術組織所帶來的內生創新感到滿意。

We haven't even talked about it, but we're also entering new markets like we've done in the last couple of years in the federal market here in the US taking that to the public sector around the world. We announced entrance into the Middle East. And next week, we have a strong team led by Rob, our President of Customer Operations, going and launching our efforts in India.

我們甚至還沒討論過，但我們也在進入新的市場，就像過去幾年我們在美國聯邦市場所做的那樣，並將這種模式推廣到世界各地的公共部門。我們宣布進軍中東市場。下週，我們將派出一支由客戶營運總裁羅布領導的強大團隊前往印度，啟動我們在印度的業務。

So we're really excited about all the growth vectors that we have going into next year as well as all the momentum we have around our AI solutions, both organic solutions and these inorganic solutions that we're getting through M&A.

因此，我們對明年所有成長方向以及我們在人工智慧解決方案方面所取得的所有進展都感到非常興奮，包括有機解決方案和我們透過併購獲得的無機解決方案。

Perfect. And then maybe just, Zane, as a follow-up, if we think about next year's guide that 13%, and the acquisitions that you've made over the last couple of months. A, how much do we think comes from inorganic there?

完美的。然後，Zane，作為後續，如果我們考慮明年的指導方針，那13%，以及你在過去幾個月裡進行的收購。A，我們認為其中有多少是來自無機物？

And then the pace of M&A, are we through -- like should we think about this pace continuing at current course and speed of these exciting technology tuck-ins? Is -- or do you need to digest the ones that you've made here over the course of the next few weeks, months, quarters?

那麼，併購的速度，我們是否已經結束了——我們是否應該考慮以目前的速度和方向繼續進行這些令人興奮的技術整合？是嗎？還是你需要在接下來的幾週、幾個月、幾季消化你在這裡所做的一切？

Sure. Yeah. Look, I'll start with -- as we think about the acquired revenue, I mean, first off, as you know and as you can see here, when we acquire companies, they quickly become part of the broader portfolio. If you look at the acquired revenue, I'd say it probably contributes approximately 1 point into next year. But as you can tell, there's a lot more that we're doing around it and the whole portfolio benefits.

當然。是的。聽著，我先從——當我們考慮收​​購收入時，我的意思是，首先，正如你所知，也正如你在這裡看到的，當我們收購公司時，它們很快就會成為更廣泛投資組合的一部分。如果只看收購所得收入，我認為它明年大概能貢獻 1 個百分點。但正如你所看到的，我們圍繞著它做了很多工作，整個投資組合都從中受益。

So it's more -- there's significant synergy, if you want to think about it more broadly. But on the acquired revenue, I'd call it roughly 1 point heading into next year. And then we have a high bar on M&A. And as we've talked about all along.

所以，從更廣闊的角度來看，兩者之間存在著顯著的綜效。但就收購收入而言，我認為明年大約會成長 1 個百分點。而且我們對併購的門檻很高。正如我們一直以來所討論的。

I mean, we've kept consistent and think about the technology, the culture the people and how they integrate either -- whether it's through adjacencies or tuck-ins for different reasons. So I'd say no change in how we think about that and no change in how we incorporate that inorganic growth.

我的意思是，我們一直保持一致，並思考技術、文化、人員以及它們如何融合——無論是透過鄰近關係還是出於不同原因的整合。所以我認為，我們對這方面的看法不會改變，我們對這種非有機成長的整合方式也不會改變。

Perfect. Thank you, guys.

完美的。謝謝大家。

Raimo Lenschow, Barclays.

雷莫·倫肖，巴克萊銀行。

Okay. Perfect. Thanks for squeezing me in. International is a big driver for you. And you mentioned a little bit of that, but like if I look at the growth rate, there's not that much difference between US and international. Can you talk a little bit what you saw in the quarter? And maybe there was more on the pipeline build, et cetera. Thank you.

好的。完美的。謝謝你擠出時間陪我。國際化發展是你的一個重要驅動因素。你剛才也稍微提到了這一點，但如果我看一下成長率，美國和國際之間的差異並沒有那麼大。你能簡單談談你在本季看到的一些情況嗎？或許還有更多關於管道建設等方面的資訊。謝謝。

Yeah. Thanks, Raimo. I hope you're well. So yeah, we were really pleased with our international performance. And when I say international performance, it's across the three major regions that we describe as international.

是的。謝謝你，雷莫。希望你一切都好。是的，我們對自己在國際賽場上的表現非常滿意。我所說的國際表現，是指我們所定義的國際三大主要區域的表現。

Europe, APAC, and Japan. All three of those markets had a really good quarter for us. We've historically been talking about our performance in Europe when we talked about our international results. But this quarter, we're talking about it in the context of Europe, APAC and Japan because all three delivered solid results in the quarter. I think that's driven by two things.

歐洲、亞太地區和日本。這三個市場本季對我們來說都表現得非常好。過去，我們在談論國際比賽成績時，通常也會談到我們在歐洲的表現。但本季度，我們將從歐洲、亞太和日本的角度來討論這個問題，因為這三個地區在本季度都取得了穩健的業績。我認為這主要受兩方面因素驅動。

Number one, on the product side, we continue to internationalize and localize our product to serve all of these markets. Number two, we're leveraging a strong network of partners out there around the world to enter these markets.

第一，在產品方面，我們將繼續推動產品的國際化和在地化，以服務所有這些市場。第二，我們正在利用遍佈全球的強大合作夥伴網路進入這些市場。

And the third is we continue to attract great talent to lead our Workday efforts around the world. The international market had great results and we expect that momentum to continue as we see customers more and more lean into Workday for their platform of choice across HR and finance.

第三，我們持續吸引優秀人才來領導我們在全球的 Workday 專案。國際市場取得了巨大成功，我們預計隨著越來越多的客戶選擇 Workday 作為其人力資源和財務平台，這種勢頭將會持續下去。

Good. Perfect. Thank you.

好的。完美的。謝謝。

Kash Rangan, Goldman Sachs.

Kash Rangan，高盛集團。

Hey. Last question, and it is my last Workday earnings call as well, so fitting. So congrats on the Q3 results, Carl and Zane. I wonder -- it's clear that you guys are seeing a bit of -- quite a bit of AI momentum, right? And I agree with you, the AI disruption risk seems to be little overstated. But I think we can look at the numbers and say that AI, there is some tangible contribution.

嘿。最後一個問題，而且這也是我最後一次參加 Workday 的財報電話會議，真是恰逢其時。恭喜卡爾和讚恩取得第三季佳績。我想問一下——很明顯，你們已經看到了人工智慧發展的一些——相當大的發展勢頭，對吧？我同意你的看法，人工智慧帶來的顛覆性風險似乎被有點誇大了。但我認為我們可以透過數據得出結論：人工智慧確實做出了一些切實的貢獻。

Your backlog, 12-month backlog, growth rate, although it did include some acquisitions, it did do a little better. And these acquisitions, the anniversary -- they are growing very nicely, that should lead to an acceleration in the organic growth here as well. But that effect conceptually, you put your thinking hands off -- your thinking hats on -- sorry, down with the flu, a little too (inaudible).

你們的積壓訂單、12 個月的積壓訂單、成長率，雖然其中包含了一些收購，但確實略有改善。這些收購以及週年紀念——它們發展得非常好，這也應該會加速這裡的有機成長。但從概念上講，這種效果會讓你放下思考——放下思考的帽子——抱歉，我得了流感，有點太過了。（聽不清楚）

If you were to rebuild a company on an AI native stack, an HCM company AI native stack today, what would that functionality be able to do? That is what would that stack be able to do that could be disruptive that you can do as a Workday customer with the tools that Workday is providing, be it organically or through these combinations of acquisition? Thank you so much.

如果你今天要基於人工智慧原生技術棧重建一家公司，或者說一個基於人力資本管理（HCM）技術的人工智慧原生技術棧，那麼這些功能能夠實現哪些目標？那麼，身為 Workday 的客戶，您可以使用 Workday 提供的工具（無論是透過自身發展還是透過收購組合）來實現哪些顛覆性的功能呢？太感謝了。

Hi, Kash, thanks for the question. And let me say thank you. Going all the way back to our founders, David and Neil and all of our Workmates over the last 20 years. We just want to thank you for your continued coverage of Workday. I know this is your last call with us.

嗨，Kash，謝謝你的提問。請容許我道聲謝。追溯到我們的創辦人 David 和 Neil，以及過去 20 年來我們所有的同事。我們衷心感謝您一直以來 Workday 的報道。我知道這是你最後一次和我們通話了。

And I just want to say thank you. And Neil said hello, and he also wanted to send this regard, as well as do I and everyone else. You've been a great analyst for us, and we really appreciate your support over the years. And we all hope you enjoy your next phase of life, which you're telling us is retirement. I hope that's the case, and you really do go out and spend some quality time with your amazing wife and family.

我只想說聲謝謝。尼爾也向大家問好，並表達了同樣的問候，我也想向大家表達同樣的問候。您一直是我們非常優秀的分析師，我們非常感謝您多年來的支持。我們都希望您享受人生的下一個階段，您告訴我們，那就是退休生活。我希望情況真是如此，你真的能抽出時間，和你的妻子和家人共度美好時光。

With that, I'll hand it over to my friend, Gerrit, to talk about how he would build a new HCM or finance platform around AI going forward.

接下來，我將把麥克風交給我的朋友 Gerrit，讓他談談未來他將如何圍繞人工智慧建立新的 HCM 或財務平台。

Yeah. Hey, Kash. Thank you for ending on such a beautiful question. So let's just look at the core principles of building AI systems at scale, right? And let's just look at what it really is. The first thing that you need is a vast set of data, which basically describes the domain, the domain of finance, the domain of HR. And you need a vast set of data that basically codifies how their data is being used, right?

是的。嘿，卡什。謝謝你以這麼美好的問題作為結尾。那麼，我們就來看看大規模建構人工智慧系統的核心原則，對吧？讓我們來看看它到底是什麼。首先你需要的是一套龐大的資料集，它基本上描述了這個領域，也就是金融領域、人力資源領域。你需要一套龐大的資料集，該資料集基本上記錄了他們的資料是如何被使用的，對吧？

That is ingredient number one. If you look at AI at scale, it's about learning and using patterns. So you need to have that global database. Secondly, you need to have strong semantics and clarity about what data we present. So you need to have both a data model that defines what data element represents what entity in the business?

這是第一種成分。從大規模應用的角度來看，人工智慧的核心在於學習和運用模式。所以你需要一個全球資料庫。其次，你需要對我們所呈現的數據有清晰明確的語意和定義。所以你需要一個資料模型來定義哪個資料元素代表業務中的哪個實體？

What do they relate on? And what are the rules for these business entities because data is not created equal, right? They have integrity, they have meaning, they have purpose. And you need to have a business process system, which now basically tells you how to activate this data in a way so it can drive towards a business outcome. Even more so, you need to have clarity on what that business outcome is.

它們之間有什麼關聯？那麼，對於這些商業實體來說，規則又是什麼呢？因為數據並非生而平等，對吧？它們具有完整性，它們具有意義，它們具有目的。你需要一個業務流程系統，它基本上會告訴你如何啟動這些數據，從而推動業務成果的實現。更重要的是，你需要明確最終的業務成果是什麼。

Those are the basics of building a successful AI solution. Now take a look at Workday. We are the only scaled SaaS vendor born in the cloud with a consolidated data set. Our 50 million to 75 million users that we have contribute to a uniform data model, which is completely clean.

這些是建立成功的AI解決方案的基本要素。現在來看看Workday。我們是唯一一家從雲端誕生並擁有整合資料集的大規模 SaaS 供應商。我們擁有 5,000 萬至 7,500 萬用戶，他們共同建立了一個完全乾淨的統一資料模型。

We have all of the process data in a form of business process description codifying 70,000 core business process architypes which are instantiated across all of our customers and thousands of variations.

我們擁有所有流程數據，以業務流程描述的形式對 70,000 個核心業務流程原型進行了編碼，這些原型在我們所有的客戶中都有實例化，並且有數千種變體。

We have ample data of usage and how these processes are being used in the business and most importantly, the domain knowledge to specify what are the target outcomes to drive. So if you were to build a system that is built for enterprise AI at scale, it would look like Workday.

我們擁有充足的數據，了解這些流程在業務中的使用和方式，最重要的是，我們擁有領域知識，可以明確要實現的目標結果是什麼。因此，如果你要建立一個面向企業大規模人工智慧的系統，它看起來就像 Workday。

And what we are doing right now specifically is that we're opening up our core and basically integrate reasoning models and AI systems to automate these processes. We lay Asana on top to lead the experience AI innovation on top of that. And if you look at all of that in aggregate, it truly is the AI stack for the enterprise of the future.

而我們目前正在做的具體工作是，開放我們的核心，並整合推理模型和人工智慧系統來實現這些流程的自動化。我們在此基礎上建構 Asana，以引領體驗人工智慧創新。如果將所有這些因素綜合起來考慮，它確實是面向未來企業的人工智慧技術堆疊。

Amazing. I wish you well in achieving all these aspirations and dreams in the future. Thank you so much. Until then, bye now.

驚人的。祝福你未來能夠實現所有這些願望和夢想。太感謝了。再見！

Thank you. This concludes our question-and-answer session. Ladies and gentlemen, thank you for your participation on today's conference. I'll now turn it over to Mr. Eschenbach for final comments.

謝謝。我們的問答環節到此結束。女士們、先生們，感謝各位參加今天的會議。現在我將把發言權交給艾申巴赫先生，請他做最後的總結發言。

Thank you, operator, and thank you, again, for all of you who joined us today. Thank you for those who will continue to look into Workday and watch our results and provide guidance and input to everyone out there in the market. For those celebrating, I want to wish all of you a Happy Thanksgiving.

謝謝接線員，也再次感謝今天所有參與的朋友。感謝各位繼續關注 Workday，關注我們的業績，並為市場上的所有人提供指導和意見。對於所有慶祝感恩節的朋友們，我祝你們感恩節快樂。

I'll close by once again expressing my deep appreciation to all of our Workmates, our customers, and partners for their continued commitment to Workday. We'll see you all next quarter, if not before. And again, for those celebrating, Happy Thanksgiving.

最後，我再次向我們所有的員工、客戶和合作夥伴表達我深深的謝意，感謝他們對 Workday 的持續支持。如果沒能早點見到大家，我們下個季度再見。再次祝福所有慶祝感恩節的朋友們節日快樂。

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

今天的會議到此結束。您可以在此時斷開線路。再次感謝您的參與。