Workday Inc (WDAY) 2026 Q4 法說會逐字稿

Ladies and gentlemen, welcome to Workday's fourth-quarter fiscal year '26 earnings call. (Operator Instructions)

女士們、先生們，歡迎參加 Workday 2026 財年第四季財報電話會議。（操作說明）

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

現在我將把電話交給投資者關係副總裁賈斯汀·弗比。請繼續。

Thank you, operator. Welcome to Workday's fourth-quarter fiscal 2026 earnings conference call. On the call, we have Aneel Bhusri, our CEO; Gerrit Kazmaier, our President, Products and Technology; Rob Enslin, our President and Chief Commercial Officer; and Zane Rowe, our CFO.

謝謝接線生。歡迎參加 Workday 2026 財年第四季財報電話會議。參加電話會議的有：我們的執行長 Aneel Bhusri；我們的產品和技術總裁 Gerrit Kazmaier；我們的總裁兼商務長 Rob Enslin；以及我們的財務長 Zane Rowe。

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.

在發言結束後，我們將接受提問。我們的新聞稿在市場收盤後發布，並已發佈在我們的網站上，本次電話會議也在網站上進行同步網路直播。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。這些聲明存在風險、不確定性和假設，可能導致實際結果與預期有重大差異。

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 and our most recent quarterly report on Form 10-Q for additional information on risks, uncertainties and assumptions that may cause actual results to differ materially from those set forth in such statements.

請參閱新聞稿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 表格年度報告和我們最新的 10-Q 表格季度報告，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. 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。您可以在我們的獲利新聞稿、投資者簡報以及我們網站的投資者關係頁面上找到有關這些非GAAP指標的更多披露信息，包括與可比較GAAP結果的調節表。

The webcast replay of this call will be available for the next 90 days on our company website under the Investor Relations link. Additionally, the prepared remarks of this call and our quarterly investor presentation will be posted on our Investor Relations website following this call. Our first quarter fiscal 2027 quiet period begins on April 15, 2026. Unless otherwise stated, all financial comparisons in this call will be to our results for the comparable period of our fiscal 2025.

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。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 2027 財年第一季靜默期從 2026 年 4 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'll hand the call over to Aneel.

這樣，我就把電話交給阿尼爾了。

Thank you, Justin, and thanks to everyone for joining us today. It's really nice to be back with all of you. Before I get into my remarks, I wanted to thank Carl for his service to Workday over the past three years. He brought the operational rigor and discipline that we needed at the time to make Workday a larger and more global company. That work helped us set the foundation for this next chapter for Workday, and we're all grateful to him.

謝謝你，賈斯汀，也謝謝今天所有到場的各位。能再次見到大家真是太好了。在正式發言之前，我想感謝卡爾在過去三年為 Workday 所做的貢獻。他帶來了我們當時所需的營運嚴謹性和紀律性，使 Workday 成為一家規模更大、更全球性的公司。這項工作幫助我們為 Workday 的下一個篇章奠定了基礎，我們都非常感謝他。

In terms of chapters, we talk internally about this next chapter of Workday as Chapter 4. First was the founding of the company by David and myself back in 2005, based on the new idea of HR and finance in the cloud and built on a set of core values around employees, customers, innovation, integrity and fun. The second chapter was a period of hyper growth that led to our success with many organizations around the world and product and technology leadership in HR and finance.

就章節而言，我們內部將 Workday 的下一個章節稱為第 4 章。首先，我和大衛於 2005 年創立了這家公司，其理念是將人力資源和財務置於雲端，並建立在以員工、客戶、創新、誠信和樂趣為核心的一系列價值觀之上。第二階段是高速成長期，這使我們在全球許多組織中取得了成功，並在人力資源和財務領域獲得了產品和技術領先地位。

The third and most recent chapter, which started in 2023 was all about operational excellence and efficiency as we grew into a Fortune 500 global company. While Chapter 4 is now upon us and its return to focusing on innovation. When we founded Workday, we transformed the enterprise by reimagining HR and finance in the cloud.

第三章也是最近的一章始於 2023 年，其核心是卓越營運和效率，因為我們成長為財富 500 強全球公司。現在，第四章已經到來，它將重新聚焦於創新。我們創立 Workday 時，透過在雲端重新構想人力資源和財務，改變了企業格局。

Now we have the opportunity to transform it again by reimaging HR and finance with AI, and taking advantage of this new vector of growth. You've all heard the narrative out there that HR and ERP will be replaced or relocated to the background by AI. I personally just don't see that happening. Our application domains are really, really hard to build. I've been working in the HR and ERP space for over 30 years. These are true systems of record that must process transactions with absolute accuracy and speed in force complex security models and comply with statutory and regulatory requirements all over the world.

現在我們有機會透過人工智慧重新構想人力資源和財務，並利用這個新的成長方向，再次改變它。你們都聽過這樣一種說法：人力資源和企業資源規劃系統將被人工智慧取代或轉移到後台。我個人認為這種情況不會發生。我們的應用領域真的非常非常難建構。我在人力資源和企業資源規劃領域工作了30多年。這些是真正的記錄系統，必須在複雜的安全模型下以絕對的準確性和速度處理交易，並遵守世界各地的法律法規要求。

That kind of complexity is very hard to replicate. No amount of Vibe coding is going to produce an HR or an ERP system. And importantly, our underlying business processes are deterministic by nature.

這種複雜性很難複製。再多的 Vibe 程式碼也無法產生人力資源系統或企業資源規劃系統。更重要的是，我們底層業務流程本質上是確定性的。

There is a start and end to a business process. Its goal is to deliver consistent audible outcomes. AI for all of its incredible capabilities is probabilistic by nature, it reasons, predicts and recommends based on patterns and likelihoods. Maybe it'll eventually become a state machine, a system that follows the same steps and gets the same result every time, but it is not there today. You can't have probabilistic outcomes in running a payroll.

業務流程有開始和結束。其目標是提供持續穩定的可聽效果。人工智慧雖然功能強大，但本質上是機率性的，它根據模式和可能性進行推理、預測和推薦。也許它最終會變成一台狀態機，一個每次都遵循相同步驟並獲得相同結果的系統，但它現在還不是。工資發放不能有機率性的結果。

It needs to be 100% accurate and completed 100% of the time. So what is the future? It's the marriage of deterministic enterprise apps with probabilistic AI that leads to three things: a redefined user experience is prompt based, a greatly improved business process automation and execution platform with work done by agents and humans; and lastly, much deeper AI-generated insights. Taken together, these changes will lead to much better business outcomes and deliver far higher ROI for our customers. As you'll hear from Gerrit, this hybrid world and architecture is exactly what Workday is building today, marrying the best system of record for HR and finance with the reasoning capabilities of domain-specific LLMs.

它必須百分之百準確，並且百分之百完成。那麼未來會怎樣？確定性企業應用與機率性人工智慧的結合帶來了三件事：重新定義的使用者體驗是基於提示；大大改進的業務流程自動化和執行平台，由代理和人類共同完成工作；最後，更深入的人工智慧產生的洞察。綜合來看，這些改變將帶來更好的業務成果，並為我們的客戶帶來更高的投資報酬率。正如 Gerrit 所說，這種混合世界和架構正是 Workday 目前正在建構的，它將人力資源和財務的最佳記錄系統與特定領域的 LLM 的推理能力相結合。

That's the future. It's like Peter Butter and Jelly, they just go together. And it stall-rooted in the trust we've built with our customers over the past 20 years for managing their systems in their most critical data. All you have to do is look back at the past year to know that this hybrid world is coming to fruition. We experienced accelerating in agentic AI adoption across the solutions we acquired, (inaudible) Score, Evisort, Paradox and most recently, Sana.

這就是未來。就像彼得和黃油果凍一樣，他們天生一對。而這一切的根基在於我們過去 20 年來與客戶建立的信任，我們一直在幫助他們管理系統中最關鍵的資料。回顧過去一年，你就會明白這種混合世界正在成為現實。我們發現，在我們收購的解決方案中，智慧AI的採用速度正在加快，這些解決方案包括（聽不清楚）Score、Evisort、Paradox，以及最近的Sana。

They all had great Q4, and I'm pleased to say that Sana is now seamlessly integrated into the Workday stack. It's very cool. So as we move into fiscal year '27, what should you expect from us? Our core enterprise apps and HR finance to student will continue to thrive, recognizing that in some areas like HR, we have high levels of market share, so the growth will come from new apps sold to the customer base. The accelerating growth will come from the agents we built on top of Workday, both inorganic and organic.

他們第四季的業績都很棒，我很高興地宣布，Sana 現在已經無縫整合到 Workday 系統中。太酷了。進入 2027 財年，您對我們有什麼期待？我們面向學生的核心企業應用和人力資源財務應用將繼續蓬勃發展，我們認識到，在人力資源等一些領域，我們擁有很高的市場份額，因此成長將來自向客戶群銷售的新應用。加速成長將來自我們基於 Workday 平台建立的代理商，包括非有機成長和有機成長。

If FY26 proved that customers trusted Workday to buy our acquired agents, we believe that FY27 and beyond will prove that customers will buy our organically built agents that are in early access today. Across the board, these new agents are deeply embedded into the Workday core, are meaningful in their scope and have significant ROI attached to each and every one of them. Those of you who know me know that I'm an unabashed optimist. I truly believe that our investments in agentic AI will enable Workday to reaccelerate growth increased customer satisfaction and set us up for long-term leadership. I will end by saying that I'm excited to be back.

如果 2026 財年證明客戶信任 Workday 併購買我們收購的代理，我們相信 2027 財年及以後將證明客戶會購買我們目前處於早期訪問階段的自主開發的代理。總的來說，這些新代理都深深嵌入到 Workday 核心系統中，它們的作用範圍很廣，而且每個代理都具有顯著的投資報酬率。了解我的人都知道，我是一個不折不扣的樂觀主義者。我堅信，我們對智慧人工智慧的投資將使 Workday 能夠重新加速成長，提高客戶滿意度，並為我們贏得長期領先地位奠定基礎。最後我想說，我很高興能回來。

This is a fun time to be a product person. And now I'll turn it over to my friend and leader of all things ERP and AI. Gerrit?

對產品經理來說，現在真是個好時代。現在我將把麥克風交給我的朋友，他也是企業資源規劃 (ERP) 和人工智慧領域的領導者。格里特？

Thanks, Aneel, and hello, everyone. Anil described the opportunity really well. AI's changing our work gets done, and we are unlocking its transformative power for HR and finance. The foundation for enterprise AI is taking the right action inside a governed business process with the right permissions, oversight and policy configuration, whether that's hiring and onboarding, payroll or the financial close, simply connecting powerful language models directly to enterprise data, well, that risk creating lawless agents that may have vast capability, but they have zero guardrails.

謝謝阿尼爾，大家好。阿尼爾對這個機會的描述非常到位。人工智慧正在改變我們的工作方式，我們正在釋放它在人力資源和財務領域的變革力量。企業人工智慧的基礎是在受監管的業務流程中採取正確的行動，並擁有適當的權限、監督和策略配置，無論是招募和入職、薪資發放或財務結算。僅僅將強大的語言模型直接連接到企業數據，則有可能創造出無法無天的代理，它們可能擁有巨大的能力，但沒有任何防護措施。

We are building Workday as a context and tools engine for AI with deep HR and finance data, a business process framework and a strong security model to deliver enterprise great accuracy and business outcomes. Based on this, we leverage AI for entirely new business processes. Be it built for enterprise AI transformation, where for instance, every employee can have a career coach who develops them along their journey. Every sales team can have an AI contract agent specialized in every engagement. Every candidate can have an AI personal job search agent, every finance professional their personal AI analysts and every employee, their own AI HR business partner agent. So now let's look at some real customer AI usage and work today.

我們正在將 Workday 建構成一個人工智慧的上下文和工具引擎，它擁有深厚的人力資源和財務數據、業務流程框架和強大的安全模型，旨在為企業提供極高的準確性和業務成果。基於此，我們利用人工智慧技術開發全新的業務流程。無論是為企業人工智慧轉型而構建，例如，每位員工都可以擁有一位職業導師，在其職業發展過程中為其提供指導。每個銷售團隊都可以配備一名專門負責各項業務的AI合約代理。每個求職者都可以擁有自己的 AI 個人求職代理，每個財務專業人士都可以擁有自己的 AI 個人分析師，每個員工都可以擁有自己的 AI 人力資源業務合作夥伴代理。現在讓我們來看看當今客戶實際使用人工智慧的一些案例和工作成果。

We master every time an AI model produces a result in Workday as an AI action. In full year '26, we delivered 1.7 billion AI actions across the Workday platform and this is all organically developed AI and Workday. You can also see this incredible momentum commercially.

我們掌握了每次 AI 模型在 Workday 中作為 AI 操作產生結果的時間。2026 年全年，我們在 Workday 平台上實現了 17 億次 AI 操作，而這一切都是自主開發的 AI 和 Workday 的成果。你也可以在商業領域看到這種驚人的發展勢頭。

In Q4 we generated over $100 million in new ACV from emerging AI products. That's growing over 100% year over year and our overall ARR from the solutions is now over $400 million. We expect AI usage and business impact to continue to expand meaningfully in FY27.

第四季度，我們透過新興人工智慧產品創造了超過 1 億美元的新年度合約價值。這一數字年增超過 100%，我們來自這些解決方案的整體 ARR 目前已超過 4 億美元。我們預計人工智慧的應用和業務影響將在 2027 財年繼續大幅擴大。

Today, we have 12 new organically developed role-based agents that are now starting to move into general availability for all our customers and more than 400 customers are already using them and get real ROI. With our self-service agent, early access customers have reduced HRK's volume by 25% and increase their employee productivity by 20%.

今天，我們有 12 個全新自主開發的基於角色的代理，它們正開始向所有客戶全面開放，已有 400 多個客戶正在使用它們並獲得真正的投資回報。透過我們的自助服務代理，提前體驗的客戶已將 HRK 的業務量減少了 25%，並將員工生產力提高了 20%。

And with our one release in March, in addition to our self-service agent, planning agent, deployment agent, payroll agent, and business process optimize agent are all entering into general availability for all our customers.

除了我們在 3 月發布的版本之外，我們的自助服務代理、規劃代理、部署代理、工資代理和業務流程優化代理也都將面向所有客戶正式推出。

And here is another real highlight for us, the release of Sana Core and Sana Enterprise into general availability. Sana Core brings conversational AI directly into Workday. So employees can get answers and complete tasks using Workday agents. Sana Enterprise extends the same experience beyond Workday by connecting enterprise tools like outlook and Google Drive and so many more. So employees can find information create agents and automate workflows all in one place. That will create an entirely new way for our 75 million users to engage with Workday. Sana Core and Sana Enterprise went into GA on February 15, which we executed with world-class speed from projects start to finish in just three months.

對我們來說，另一個真正的亮點是 Sana Core 和 Sana Enterprise 正式發布。Sana Core 將對話式 AI 直接整合到 Workday 中。這樣，員工就可以使用 Workday 代理來取得答案並完成任務。Sana Enterprise 將 Workday 的體驗擴展到 Workday 之外，它連接了 Outlook、Google Drive 等企業工具以及更多其他工具。這樣，員工就可以在一個地方尋找資訊、建立代理商並實現工作流程自動化。這將為我們的 7500 萬用戶創造一種與 Workday 互動的全新方式。Sana Core 和 Sana Enterprise 於 2 月 15 日正式上線，我們以世界一流的速度，僅用了三個月就完成了從專案開始到結束的整個過程。

We used AI to dramatically accelerate our product innovation cycle time. We accelerated key API development by roughly 30x on Workday's Core platform using AI. More than 75% of our software engineers are using AI coding assistance and more than 50% of the committed code is AI generated. We have seen an incredible 22% growth in engineering output over the last six months, measured by the number of code updates we delivered.

我們利用人工智慧大幅縮短了產品創新周期。我們利用人工智慧技術，在 Workday 的核心平台上將關鍵 API 的開發速度提高了約 30 倍。超過 75% 的軟體工程師正在使用 AI 編碼輔助，超過 50% 的已提交代碼是由 AI 產生的。在過去的六個月裡，我們的工程產出實現了驚人的 22% 的成長，這是我們交付的程式碼更新數量所衡量的。

Our strategy is to build new business processes designed around virtually unlimited AI reasoning to automate entire business processes into the background with AI agents and to deliver a beautiful AI first use experience that brings super intelligence to work.

我們的策略是建立圍繞幾乎無限的 AI 推理而設計的新業務流程，利用 AI 代理在後台自動執行整個業務流程，並提供優美的 AI 首次使用體驗，將超級智慧帶入工作中。

And with that, I'll turn it over to Rob.

接下來，我將把麥克風交給羅布。

Thanks, Gerrit, and hello, everyone. It's great to be on the call today. As we look back at Q4, one thing is very clear. Our customers trust Workday with the parts of their business that have to run flawlessly. On payroll to closing the books, and that trust continues to show up in a high retention rate and in customers expanding the use of the platform year after year.

謝謝 Gerrit，大家好。今天能參加電話會議真是太好了。回顧第四季度，有一點非常明確。我們的客戶信賴 Workday，並將他們業務中必須完美運作的部分交給它來管理。從薪資發放到結帳，這種信任持續體現在高客戶留存率和客戶逐年擴大平台使用量。

With over 11,500 global customers, expansions remain our largest growth engine. In the quarter, we expanded with customers like Anthropic, Ally Financial and Otis Elevator. In Q4, AI played an increasingly meaningful role. It was involved in roughly half of our customer-base transactions and expansion deals that included AI were nearly 50% larger on average.

我們擁有超過 11,500 家全球客戶，業務拓展仍是我們最大的成長引擎。本季度，我們拓展了客戶群，包括 Anthropic、Ally Financial 和 Otis Elevator。第四季度，人工智慧發揮了越來越重要的作用。它參與了我們大約一半的客戶交易，而包含人工智慧的擴展交易平均規模增加了近 50%。

While it's still early days, we've seen great initial traction with Sana, since the acquisition closed in November. We're starting to see customers go all-in on agents and agentic workloads, and Accenture is a great example. They're reinventing HR and recruiting at scale, using our AI solutions to elevate the employee and candidate experience, while driving improvements in productivity, speed, and agility.

雖然現在還處於早期階段，但自從 11 月完成收購以來，我們已經看到 Sana 取得了巨大的初步成功。我們開始看到客戶全力投入代理和代理工作負載，埃森哲就是一個很好的例子。他們正在大規模地重塑人力資源和招聘，利用我們的人工智慧解決方案來提升員工和候選人的體驗，同時提高生產力、速度和敏捷性。

Accenture has also been a key design partner for us, helping to develop our agent system of record. And with our Flex credit pricing model, customers can better align their spend with the value they're getting. Accenture, Nike, and Merck are among the first of nearly 50 customers signing on to use our new model. We expect Flex Credit adoption to continue to grow as we expand our AI road map and mature the model. We're also investing in our customer base motion, including four deployed engineers to activate agents faster and with less friction for our customers.

埃森哲也是我們重要的設計合作夥伴，幫助我們開發了代理商記錄系統。借助我們的靈活信用定價模式，客戶可以更好地將支出與他們獲得的價值相匹配。埃森哲、耐吉和默克是首批簽約使用我們新模式的近 50 家客戶之一。我們預計，隨著我們擴展人工智慧路線圖和完善模型，靈活信用額度的使用率將持續成長。我們也在投資客戶群動態，包括部署四名工程師，以便更快地啟動代理，並減少客戶遇到的摩擦。

Turning to net new. We formed several strategic relationships in the quarter, including Boston's Children Hospital, the State of New York Unified Court System and Sargent and Landi. We're seeing particularly strong momentum in net new medium enterprise deals.

轉向淨新。本季我們建立了幾個策略合作關係，包括與波士頓兒童醫院、紐約州統一法院系統以及 Sargent and Landi 律師事務所建立合作關係。我們看到新增中型企業交易量的成長動能尤為強勁。

Any customers drove roughly 60% of net new ACV in FY26. To accelerate time to value in the segment, we're expanding Workday go globally, helping customers get up and running faster in a more standardized way. At the same time, some net new large enterprise deals are taking longer to close, particularly in Fed, Slade and health care and across parts of the commercial market. While this impacted the volume of net new deals that closed in Q4, most opportunities remain active in our pipeline and a few have already closed in Q1. As we look at our international business, we see significant opportunities ahead.

2026 財年，所有客戶貢獻了約 60% 的淨新增 ACV。為了加快該領域價值的實現速度，我們正在將 Workday 推向全球，幫助客戶以更標準化的方式更快地啟動和運行。同時，一些新的大型企業交易需要更長時間才能完成，尤其是在聯準會、Slade 和醫療保健領域以及部分商業市場。雖然這影響了第四季度新成交的淨交易量，但大多數機會仍然在我們的交易管道中，並且一些交易已經在第一季完成。展望國際業務，我們看到了未來巨大的機會。

We're making good progress in Canada, EMEA, ASEAN, and Japan. We've been investing in local talent, partners, product localization, and new routes to customers with Workday resellers, while there's still work to do, we believe international will become a much bigger part of our growth story over time. And partners play an important role in scaling. In Q4, about 25% of our net new ACV was sourced through our partner ecosystem. They're helping customers go live faster, expand more efficiently on Workday, and enhance the value of our platform.

我們在加拿大、歐洲、中東和非洲地區、東協以及日本都取得了良好進展。我們一直在投資本地人才、合作夥伴、產品本地化以及透過 Workday 經銷商拓展客戶的新管道，雖然還有很多工作要做，但我們相信，隨著時間的推移，國際市場將成為我們成長故事中更重要的一部分。合作夥伴在規模化發展中扮演重要角色。第四季度，我們約 25% 的新增年度合約價值 (ACV) 來自我們的合作夥伴生態系統。他們幫助客戶更快地上線，更有效率地在 Workday 上擴展業務，並提升我們平台的價值。

Workday Wellness is a great example of how we're expanding employee services, while creating new revenue streams with partners. In Q4, we welcomed Lyra Health, Empathy, and Avid to the program. As we move into FY27, the team and I are focused on turning all of the innovation Gerrit talked about into tangible outcomes for our customers, faster time to value, broader adoption and deeper platform commitments. We are well positioned to build on this momentum and play an even more important role as customers modernize their HR and finance operations.

Workday Wellness 是我們如何擴展員工服務，同時與合作夥伴創造新的收入來源的一個很好的例子。第四季度，我們迎來了 Lyra Health、Empathy 和 Avid 加入該計劃。隨著我們進入 2027 財年，我和我的團隊致力於將 Gerrit 所談到的所有創新轉化為客戶的實際成果，加快價值實現速度，擴大採用範圍，並加深對平台的承諾。我們已做好充分準備，乘勢而上，在客戶實現人力資源和財務運營現代化的過程中發揮更重要的作用。

And with that, I'll hand it over to Zane to share more details on our results.

接下來，我將把麥克風交給贊恩，讓他分享更多關於我們研究結果的細節。

Thanks, Rob, and thank you to everyone for joining today's call. As Rob mentioned, our results this quarter reflect the deep trust customers place in Workday to manage their most critical assets. This is creating durable expansion opportunity, particularly as adoption of our AI solutions accelerate.

謝謝羅布，也謝謝各位參加今天的電話會議。正如羅布所說，我們本季的業績反映了客戶對 Workday 管理其最關鍵資產的深切信任。隨著人工智慧解決方案的普及速度加快，這將創造持久的發展機會。

Turning to results. Subscription revenue in Q4 was $2.360 billion, up 16% and full year FY26 subscription revenue was $8.833 billion, growth of 14%. Revenue in the quarter benefited from the successful delivery of the DIA contract, which added nearly 1 point to Q4 subscription revenue growth. Total revenue in Q4 was $2.532 billion, growth of 15% and for the full year was $9.552 billion, up 13%.

接下來看結果。第四季訂閱營收為 23.6 億美元，成長 16%；2026 財年全年訂閱營收為 88.33 億美元，成長 14%。本季度收入受益於 DIA 合約的成功交付，該合約使第四季度訂閱收入增長了近 1 個百分點。第四季總營收為 25.32 億美元，成長 15%；全年總營收為 95.52 億美元，成長 13%。

US revenue in Q4 totaled $1.91 billion, up 15%, and international revenue in the quarter was $626 million, growing 13%. For the year, US revenue was $7.18 billion, up 13% and international revenue was $2.38 billion, up 12%.

第四季美國營收總計 19.1 億美元，成長 15%；該季度國際營收為 6.26 億美元，成長 13%。該年度，美國營收為 71.8 億美元，成長 13%；國際營收為 23.8 億美元，成長 12%。

12-month subscription revenue backlog or CRPO, was $8.83 billion at the end of Q4, growing 15.8%. Total subscription revenue backlog at the end of Q4 was $28.1 billion, up 12%. Average contract duration in the quarter was down year over year, driven by a higher mix of renewal and customer base activity.

截至第四季末，12 個月的訂閱收入積壓或 CRPO 為 88.3 億美元，成長 15.8%。截至第四季末，訂閱營收積壓總額為 281 億美元，成長 12%。本季平均合約期限年減，主要原因是續約和客戶群活動佔比增加。

Gross revenue retention rates remained strong at 97%, demonstrating the mission-critical nature of our platform and our high customer satisfaction. In addition, net expansion rates remained consistent through FY26, contributing roughly 60% of our subscription revenue growth for the quarter and the full year.

總收入留存率保持在 97% 的強勁水平，這表明我們平台的關鍵任務性質以及我們較高的客戶滿意度。此外，淨擴張率在 2026 財年保持穩定，貢獻了該季度和全年訂閱收入成長的約 60%。

Non-GAAP operating income for the fourth quarter was $774 million, representing a non-GAAP operating margin of 30.6%. Margin strength was the result of solid revenue growth, ongoing efficiencies we are driving across the business and a slightly slower ramp in hiring. Full year non-GAAP operating income was $2.82 billion, reflecting a non-GAAP operating margin of 29.6%. Q4 operating cash flow was $1.28 billion, resulting in full year operating cash flow of $2.94 billion, growth of 19%.

第四季非GAAP營業收入為7.74億美元，非GAAP營業利益率為30.6%。利潤率的強勁成長得益於穩健的營收成長、我們在整個業務範圍內持續推進的效率提升以及招募速度略微放緩。全年非GAAP營業收入為28.2億美元，非GAAP營業利益率為29.6%。第四季經營現金流為 12.8 億美元，全年經營現金流為 29.4 億美元，成長 19%。

Free cash flow for the quarter was $1.22 billion and for the year, it was $2.78 billion, up 27%. We repurchased $1.5 billion of our shares during the quarter and $2.9 billion for the full year. We had $2.9 billion in remaining authorization as of quarter end. We ended the year with $5.4 billion in cash and marketable securities. Our head count as of January 31 was 21,070 workmates around the globe.

本季自由現金流為 12.2 億美元，全年自由現金流為 27.8 億美元，成長 27%。本季我們回購了價值 15 億美元的股票，全年回購了價值 29 億美元的股票。截至季末，我們還有29億美元的剩餘授權額度。年底時，我們持有現金及有價證券54億美元。截至1月31日，我們在全球共有21,070名員工。

Now turning to guidance. We are focused on driving adoption of our agentic solutions, including Sana, Paradox, and other Workday agents as well as our Data Cloud, which ramp and availability throughout the year. We expect FY27 subscription revenue of approximately $9.925 billion to $9.950 billion, growth of 12% to 13%. We anticipate Q1 FY27 subscription revenue to be approximately $2.335 billion, growth of 13%.

現在進入指導環節。我們致力於推動代理解決方案的普及，包括 Sana、Paradox 和其他 Workday 代理以及我們的資料雲，這些解決方案全年都在不斷擴展和提高可用性。我們預計 2027 財年訂閱營收約為 99.25 億美元至 99.5 億美元，成長 12% 至 13%。我們預計 2027 財年第一季訂閱營收約為 23.35 億美元，成長 13%。

As we mentioned last quarter, this year's sequential performance is impacted by the DIA contract, which added nearly 1 point to Q4 subscription revenue growth and is not expected to continue in Q1. We expect CRPO to increase between 14.5% and 15.5% in Q1. We expect subscription revenue to increase roughly 5% sequentially in Q2. We anticipate FY27 professional services revenue of approximately $710 million as we continue to leverage our partner ecosystem.

正如我們上個季度所提到的，今年的環比業績受到DIA合約的影響，該合約使第四季度訂閱收入增長了近1個百分點，預計不會在第一季繼續增長。我們預計第一季 CRPO 將成長 14.5% 至 15.5%。我們預計第二季訂閱收入將環比成長約 5%。我們預計 2027 財年專業服務收入約為 7.1 億美元，我們將繼續利用我們的合作夥伴生態系統。

For Q1, we expect professional services revenue of $180 million. We expect FY27 non-GAAP operating margin of approximately 30%. And for Q1, we expect a non-GAAP operating margin of 30.5%. This outlook incorporates an accelerated pace of AI investment across both product and go-to-market.

我們預計第一季專業服務收入為 1.8 億美元。我們預計 2027 財年非 GAAP 營業利潤率約為 30%。第一季，我們預期非GAAP營業利潤率為30.5%。這項展望包含了在產品和市場推廣方面加快人工智慧投資步伐。

We expect the Q1 GAAP operating margin to be approximately 19 points lower than our non-GAAP operating margin and the full year FY27 GAAP operating margin to be approximately 18 to 19 points lower. The FY27 non-GAAP tax rate is expected to be 19%. We expect FY27 operating cash flow of $3.450 billion, and capital expenditures of approximately $270 million, resulting in free cash flow of $3.180 billion, growth of 15%.

我們預計第一季 GAAP 營業利潤率將比非 GAAP 營業利潤率低約 19 個百分點，2027 財年全年 GAAP 營業利潤率將低約 18 至 19 個百分點。預計 2027 財年非 GAAP 稅率為 19%。我們預計 2027 財年經營現金流為 34.5 億美元，資本支出約 2.7 億美元，由此產生的自由現金流為 31.8 億美元，成長 15%。

As Aneel mentioned, we are focused on what we believe is a generational opportunity for AI to revolutionize our HCM and finance solutions as well as open new markets. While we remain committed to our medium-term subscription revenue growth targets, we are prioritizing incremental investments in our agentic AI road map to capture a larger market opportunity. We remain focused on both GAAP and non-GAAP margin expansion, albeit at a slower pace in the near term than what we previously communicated. We believe this investment will drive a more durable growth profile that optimizes for long-term operating profit and free cash flow. We look forward to sharing our progress over the next several quarters.

正如 Aneel 所提到的，我們專注於我們認為人工智慧能夠帶來一代人機會的領域，它將徹底改變我們的人力資本管理和財務解決方案，並開拓新市場。儘管我們仍致力於實現中期訂閱收入成長目標，但我們正在優先增加對智慧體人工智慧路線圖的投資，以抓住更大的市場機會。我們仍然專注於GAAP和非GAAP利潤率的擴張，儘管短期內成長速度會比我們之前公佈的要慢。我們相信這項投資將推動更持久的成長，從而優化長期營業利潤和自由現金流。我們期待在接下來的幾季與大家分享我們的進展。

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 so much. Aneel, welcome back to the CEO role. I'm curious how are your picture shaping the next chapter for Workday, specifically as it relates to differentiating the AI strategy?

太感謝了。阿尼爾，歡迎你重返CEO崗位。我很好奇，您的圖片將如何影響 Workday 的下一個發展階段，尤其是在人工智慧策略的差異化方面？

And for example, I'm wondering if you see some ways to push a more aggressive pace or more organic AI product road map, maybe trying to achieve a zero-day close kind of a vision or a agentic consolidation or some other type of truly breathtaking outcomes.

例如，我想知道您是否看到一些方法可以加快步伐，或者製定更完善的 AI 產品路線圖，也許可以嘗試實現零日成交的願景，或者實現智能整合，或者其他一些真正令人驚嘆的成果。

Well, it's good to be back Mark. It's good to hear a voice. I'm very optimistic about what we're doing on the agentic front. And you highlighted two use cases that we're actually building. I'm going to turn it over to Gerrit in a second.

很高興回來，馬克。聽到人聲真好。我對我們在代理方面所做的工作非常樂觀。您重點提到的兩個用例，正是我們正在建立的。我馬上就把它交給 Gerrit。

But when I look at where our business is today, the core is rock solid. We built these great HR and financial applications and they continue to grow. And we have this opportunity to build these agentic solutions on top. We've already shown that the acquired solutions are generating pretty rapid growth.

但當我審視我們公司目前的狀況時，會發現其核心非常穩固。我們開發了這些優秀的人力資源和財務應用程序，而且它們還在不斷發展壯大。我們有機會在此基礎上建立這些智慧解決方案。我們已經證明，所收購的解決方案正在產生相當快速的成長。

And as the organic solutions, which are even more deeply embedded and frankly harder for anyone else to replicate as they come to market, and we get the customer adoption we're seeing, I'm very bullish on where we're headed. I'm going to turn it over to Gerrit to talk about those two use cases.

隨著有機解決方案（這些解決方案更加深入人心，坦白說，其他人很難複製它們）進入市場，並且我們獲得了目前看到的客戶採納率，我對我們的發展方向非常樂觀。接下來我將把發言權交給 Gerrit，讓他來談談這兩個用例。

Yeah. Thank you, Aneel. And as Aneel has said, we have a very big ambition for what we describe as lights out finance. So we are looking at a full automation of all the key processes across our suite, including HR. But since I specifically asked about the finance base, the model that we are looking at is supplying continuous AI to the finance processes. So think about a compliance autopilot, which continuously test and verify as lecture and transactions, all based on analysis of all transactions that are coming in.

是的。謝謝你，阿尼爾。正如阿尼爾所說，我們對所謂的「無人值守財務」有著非常遠大的抱負。因此，我們正在考慮對我們套件中的所有關鍵流程（包括人力資源流程）進行全面自動化。但既然我特別問到了財務基礎，我們正在研究的模型是為財務流程提供持續的人工智慧。所以，不妨設想一下合規自動駕駛系統，它會不斷地測試和驗證講座和交易，所有這些都基於對所有傳入交易的分析。

And then even optimizing them with our document and contract intelligence, for instance, for real-time bookings, making sure they are set at the right value at the right discount rates with your supply chain. Those are just a few select examples and I think you can all summarize them under the lights out finance vision. And you heard me earlier mentioning that, but I still want to come back to that one more time, all coming together for the Sana AI user experience. So we are thinking about both back-end automation and AI front-end innovation.

然後，我們甚至可以利用我們的文件和合約智慧來優化它們，例如，對於即時預訂，確保它們以正確的價值和正確的折扣率與您的供應鏈相匹配。以上僅列舉了幾個例子，我認為你們都可以用「熄燈後的財務願景」來概括它們。你之前也聽我提到過這一點，但我還是想再強調一遍，所有這些都是為了Sana AI的使用者體驗而共同努力的。因此，我們正在考慮後端自動化和人工智慧前端創新。

Thank you very much.

非常感謝。

Kirk Materne, Evercore ISI.

Kirk Materne，Evercore ISI。

Please check your mute button, your line is live.

請檢查您的靜音按鈕，您的線路處於開啟狀態。

Sorry about that. Aneel, welcome back. Thanks for taking the questions. I guess, Gerrit outlined a lot of progress you guys have been making on agentic, yet the guide for next year seems fairly conservative a little bit below what people were thinking about.

抱歉。阿尼爾，歡迎回來。謝謝您回答問題。我想，Gerrit 已經概述了你們在 agentic 方面取得的許多進展，但是明年的指南似乎相當保守，比人們預想的要低一些。

Does that reflect, I guess, just your general view that some of the agentic offerings are going to take a little while to sort of make their way into your account base? Or were some of the execution issues in the fourth quarter, you're trying to account for that in the guidance. I was wondering if you could give us some color, obviously, coming into the opportunity to sort of reset the bar.

我想，這是否反映了您的一種普遍觀點，即某些代理產品需要一段時間才能進入您的客戶群？或者說，第四季的一些執行問題，你們試圖在業績指引中加以考慮。我想知道您是否能為我們介紹一下情況，顯然，我們有機會重新設定標準。

Just kind of trying to get some perspective on what went into the full year guide.

我只是想了解全年指南的編寫過程。

Yeah. I guess, first of all, Kirk, it's good to hear a voice. And I'm back in the side, it's only been a few weeks, I'm pretty optimistic about this year. I would hope that we significantly surpassed that. But I'm an optimist, but I see the opportunities on the agentic front that probably are more second half based in terms of the agents coming into production and being used by customers.

是的。首先，柯克，很高興聽到你的聲音。我又回到了球隊，才過了幾個星期，我對今年的前景相當樂觀。我希望我們能遠遠超過這個數字。但我是一個樂觀主義者，我認為代理方面的機會可能更體現在下半年，也就是代理商投入生產並被客戶使用的時候。

And I love our Flex Credit model, which is moving towards this consumption model. So I'll probably put that over to Zane in terms of where we came out, but I'm very optimistic about this year. And I don't know if you remember me when I was a CEO before, but I do try to be conservative on the guide and then beat it.

我非常喜歡我們的彈性信用模式，它正朝著這種消費模式發展。所以，關於最終結果，我可能會把這個問題交給贊恩來評判，但我對今年非常樂觀。我不知道你是否還記得我以前當CEO的時候，但我確實會盡量在指導方針上保持保守，然後超越它。

Kirk, just to add to that, I mean, we still feel like we've got good momentum the guide hasn't changed materially from what we indicated 90 days ago and I'd say business in general is similar to what we saw. Rob called out a few areas within the quarter. We mentioned, obviously, you're lapping a DIA contract that did have some impact in the fourth quarter, and we still believe in our federal business. and are excited about what that will bring to this upcoming fiscal year. So not a big shift or change.

Kirk，我再補充一點，我的意思是，我們仍然感覺勢頭良好，指導方針與我們90天前指出的情況相比沒有實質性變化，而且我認為總體業務情況與我們之前看到的類似。羅布指出了季度中的幾個方面。我們之前提到過，你們正在履行一份國防情報局的合同，這份合同在第四季度產生了一定的影響，但我們仍然對我們的聯邦業務充滿信心，並對即將到來的財政年度將帶來的成果感到興奮。所以這並不是什麼大的轉變或改變。

Obviously, we called out some of what we saw in the fourth quarter, and we expect to see some of those transactions and deals still come to fruition through FY27. And then as Aneel alluded to, we're excited about Flex Credits, but recognize that's probably more of a second half motion, and then you expect to see the revenue come in ratably beyond that. So that sort of an overview of the guide, but no shift in guidance philosophy other than as you can tell, Aneel's excited about us beating it.

顯然，我們已經指出了我們在第四季度看到的一些情況，我們預計其中一些交易和協議將在 2027 財年實現。正如阿尼爾所暗示的那樣，我們對靈活積分感到興奮，但也意識到這可能更多地發生在下半年，之後預計收入將穩步增長。以上是對本指南的概述，但指導理念並沒有什麼變化，正如你所看到的，Aneel 對我們能夠克服它感到興奮。

Keith Weiss, Morgan Stanley.

基斯‧韋斯，摩根士丹利。

Excellent. Thank you for taking the call. And welcome back, Aneel. It's great to be talking to you again in the CEO role. In the conversation and talking about the sort of organic innovation, should part of our takeaway be that the M&A strategy going to take more of a back seat. It seemed pretty prominent throughout FY26 or calendar year '25.

出色的。謝謝您接聽電話。歡迎回來，阿尼爾。很高興能再次以CEO的身份與您交談。在討論這種有機創新時，我們是否應該得出這樣的結論：併購策略將退居次要地位？在 2026 財年或 2025 日曆年期間，這種情況似乎相當突出。

Should we expect you guys to be moving away from M&A in those and buying the AI technology and moving more towards organic growth?And then maybe like a follow-up for Zane. Within that 12% to 13% growth that we're looking for in FY27 on the subscription revenue line. Can you give us any indication on what the inorganic contribution to that number might be?

我們是否可以預期貴公司會減少併購，轉而收購人工智慧技術，更轉向內生成長？那或許可以作為贊恩的後續報導。在我們預期 2027 財年訂閱營收達到 12% 至 13% 的成長目標之內。您能否提供一些信息，說明無機物對這個數字的貢獻可能是多少？

Well, so in terms of acquisitions, I'm not going to say we're not going to do any but we're leaning in pretty heavily on organic development and organically built to agents. And I'm super bullish. It's not that I'm new to what we've been doing. I have been closed with Gerrit over the last 18 months and I'm really excited about what's coming out to market. So that is our primary focus, but we'll be opportunistic if we see another company that's exciting like Asana or a Paradox or Hired Score, we might do it, but that's not -- our focus really right now is on the organic development of agents.

嗯，就收購而言，我不會說我們不會進行任何收購，但我們正在非常重視內部發展和有機成長，以吸引代理商。我非常看好它。我並不是對我們正在做的事情一無所知。過去 18 個月我一直與 Gerrit 保持密切聯繫，我對即將上市的產品感到非常興奮。所以這是我們的主要關注點，但如果我們看到像 Asana、Paradox 或 Hired Score 這樣令人興奮的公司，我們也會抓住機會，我們可能會收購，但這不是——我們現在的重點是經紀人的自然發展。

And Keith, as it relates to the guide, similar to how we framed our guide in the past, I'd say not a material component of that is inorganic. As Aneel alluded to, we're focused on organic growth and Were there to be anything more significant, we'd call it out similar to what we did last year as far as its impact on our overall growth trajectory. But not much expected in the FY27 outlook as we have it presented today.

至於基思，就指南而言，就像我們過去建構指南的方式一樣，我認為其中的物質組成部分並非無機物。正如阿尼爾所暗示的那樣，我們專注於有機成長，如果出現任何更重要的情況，我們會像去年一樣，說明它對我們整體成長軌蹟的影響。但就我們今天公佈的2027財年展望而言，預計不會有太大變化。

Excellent. Super helpful, guys.

出色的。太有幫助了，夥計們。

John DiFucci, Guggenheim.

約翰·迪富奇，古根漢美術館。

Thank you for taking my questions. I have a lot of questions for Gerrit, but I'm going to ask a question because it wasn't asked yet for Zane and I think it has to be addressed.

謝謝您回答我的問題。我有很多問題想問 Gerrit，但我先問一個問題，因為這個問題還沒有人問過 Zane，我認為這個問題必須得到解答。

On the last conference call -- oh, by the way, welcome back, Aneel, it's good to see you. On the last call, you said there'd be a $15 million in nonrecurring revenue in the fourth quarter, but your guide implies a $25 million sequential decline in subscription in 1Q, which doesn't really seem to make sense for a subscription model. I mean you did say it's a full -- even if it was a full 1% impact to subscription in the first -- in the fourth quarter, that would be $20 million, still $20 million and a $25 million decline. I don't know, can you just help explain what's going on there because I know I'm going to have to do that.

在上次電話會議上——哦，對了，歡迎回來，Aneel，很高興見到你。上次電話會議上，您說第四季度將有 1500 萬美元的非經常性收入，但您的指南暗示第一季訂閱收入將環比下降 2500 萬美元，這對於訂閱模式來說似乎不太合理。我的意思是，你確實說過，即使第一季訂閱量只下降了 1%，第四季也會下降 2000 萬美元，仍然是 2000 萬美元，下降了 2500 萬美元。我不知道，你能幫我解釋一下那裡發生了什麼事嗎？因為我知道我肯定得這麼做。

I'll help you out. Yeah, as we called out in the fourth quarter, we had the DIA contract, which is not included in our forecast for Q1, so sequentially, there is an impact there. As you note, as with any sort of year that we have less days in Q1 as well, which brings sort of a natural seasonal component to our typical Q1.

我會幫你的。是的，正如我們在第四季度提到的，我們有國防情報局的合同，這不包含在我們第一季的預測中，因此會受到環比影響。正如你所指出的，任何年份的第一季天數都會減少，這為我們的典型第一季帶來了一種自然的季節性因素。

And then in addition to that, Rob called out some of the deals that pushed from Q4. Many of them closed in Q1, but a lot of them also are expected to close through the course of the year. So nothing material beyond what I called out with the DIA contract that clearly had a benefit in Q4 and is not expected to continue in Q1.

除此之外，羅布也提到了一些從第四季開始推進的交易。其中許多項目在第一季完成交易，但預計今年內也有很多項目將完成交易。所以除了我提到的DIA合約之外，沒有其他實質進展，該合約顯然在第四季度帶來了好處，但預計不會在第一季繼續帶來好處。

Yeah. But that's just -- let's say, it was $20 million instead of $15 million, it's a $25 million decline. And a subscription model, I don't -- unless you -- some people just didn't renew this quarter at the end of the quarter, but I think somebody said in the prepared remarks that I think it was Rob that the retention rates were high as they always are for you guys.

是的。但那隻是——假設是 2000 萬美元而不是 1500 萬美元，那就是下降了 2500 萬美元。至於訂閱模式，我不太認同——除非你——有些人只是在本季末沒有續訂，但我認為有人在準備好的發言稿中提到，我認為是羅布說的，你們的留存率一如既往地高。

So I just -- I don't know, maybe it's just prudent, but it doesn't make sense that excluding the DIA deal, even the two days delta between the fourth and the first quarter, I don't mean to dwell on this, it's just important. It's just numbers here. Is it just prudence? Is that what we should be thinking?

所以我只是——我不知道，也許只是謹慎起見，但排除 DIA 交易，即使是第四季度和第一季之間兩天的差額，也說不通。我不想過多討論這個問題，但這很重要。這裡只有數字。僅僅是謹慎嗎？我們該這樣想嗎？

No. I mean, look, I mean, we haven't changed our guidance philosophy. The days do matter as you think about the sequential growth as I called out with DIA, I'd actually say we've seen good consistency on the renewal on the renewal side as well. So gross retention remains at 97%. And then obviously, we're focused on executing well in Q1. So we'll continue to focus on that, but nothing more than that as you think about the sequential decline, at least that you're calling out this year.

不。我的意思是，你看，我的意思是，我們的指導理念並沒有改變。正如我之前在DIA上提到的那樣，考慮到連續增長，天數確實很重要。實際上，我認為我們在續約方面也看到了良好的穩定性。因此，總留存率仍為 97%。很顯然，我們現在的重點是確保第一季業績出色。所以我們會繼續關注這一點，但除此之外，就不要再關注其他方面了，至少就你今年提到的連續下跌而言是如此。

Okay, thank you, Sane.

好的，謝謝你，Sane。

Brad Zelnick, Deutsche Bank.

布拉德‧澤爾尼克，德意志銀行。

Great. And welcome back, Aneel. It's great to have you back to the party. My question for you, I appreciate the '27 guidance and the need to invest given the moment. But specifically, any finer details you can provide as to where those dollars are going?

偉大的。歡迎回來，阿尼爾。歡迎你回到派對！我的問題是，我很欣賞您在2027年的指導意見，也明白了在當前情況下進行投資的必要性。具體來說，您能否提供一些更詳細的信息，說明這些資金的去向？

And how much time do you envision that it takes to stabilize growth overall. I think in response to Kirk's question, you talked about in the back half, seeing agentic adoption kick in. But I think investors at this time are really focused on total company growth across all app software, and just any insight you can provide on seeing the agentic offerings, particularly the organic ones translate to overall acceleration.

您預計需要多長時間才能使整體成長趨於穩定？我認為，在回答柯克的問題時，你在後半部談到了自主採納的開始。但我認為，目前投資人真正關注的是公司在所有應用程式軟體方面的整體成長，任何關於代理產品（尤其是自然成長）如何轉化為整體加速的見解都非常重要。

So I think the business is very stable right now. What I'm very focused on is reaccelerating growth. And you don't get many chances in the career to go through two technology waves where I was there at the start of the cloud.

所以我認為目前公司業務非常穩定。我目前最關注的是如何重新加速成長。在職涯中，你不會有很多機會經歷兩次科技浪潮，而我剛好在雲端運算興起之初就身處其中。

I was actually there at the start a client server. I'm old enough. That was there for that, too. And AI is just a huge opportunity for Workday to reaccelerate growth. The Core is stable. It's more about getting to higher growth rates. So I'm pretty optimistic.

實際上，我參與了客戶端伺服器的建立過程。我已經夠大了。那東西也是為了這個目的而準備的。人工智慧為 Workday 重新加速成長提供了巨大的機會。核心穩定。更重要的是實現更高的成長率。所以我相當樂觀。

And as I've seen what Gerrit's building, I do see the organic agents really coming to market. They're in early access right now. But there are consumption-based model, so there's a delay before we see the actual revenue from it. I think we end this year, the second half of this year really strongly, and we set up a really amazing following year where we turn into a consumption platform just like the hyperscalers. And that's a material change from the FT model we've had for the entire time I've been part of the company.

從我所看到的 Gerrit 正在打造的東西來看，我確實看到了有機代理商真正進入市場。它們目前處於搶先體驗階段。但由於存在基於消費的模式，因此我們需要一段時間才能看到實際收入。我認為我們今年下半年會取得非常強勁的成績，並為明年打下堅實的基礎，屆時我們將轉型成為像超大規模資料中心一樣的消費平台。這與我加入公司以來一直採用的 FT 模式相比，是一個實質的變化。

And I'm really excited to get to that place where it's -- and it won't just be our agents, it also be all the third-party agents that get built that leverage our APIs that will also be based on that Flex Credit consumption model, too. So there's a lot of upside that I see coming forward. But I would just start with or end with what I started with, the Core is very stable. Our systems are embedded in our customer sites. We have long-term contracts.

我非常期待達到那個階段——而且不僅僅是我們的代理商，所有利用我們 API 建立的第三方代理商也將基於 Flex Credit 消費模型。所以我認為未來有很多利多因素。但我會從我開始的地方開始，或以我開始的地方結束，核心非常穩定。我們的系統嵌入在客戶現場。我們簽訂的是長期合約。

It's our opportunity now to build on top of that.

現在是我們在此基礎上繼續發展的機會。

Thank you so much.

太感謝了。

Raimo Lenschow, Barclays.

雷莫·倫肖，巴克萊銀行。

Perfect. And Aneel welcome back as well from me. Quick question on -- for Rob, actually, like your -- one of your mandates was to kind of think about more international, international build-out. Can you talk a little bit about what you've seen there in terms of progress?

完美的。我也歡迎阿尼爾回來。關於 Rob，我有個問題想問——實際上，就像你的任務之一就是考慮更多國際化、國際化發展。您能否談談您在那裡看到的進展？

Yeah, Raimo. Look, we continue to see progress in our European business. We've had a couple of really solid quarters. Asian been solid as well in growth. So the Southeast Asian model.

是的，雷莫。你看，我們在歐洲的業務持續取得進展。我們最近幾季的業績都非常穩健。亞洲的成長也十分穩健。所以，這就是東南亞模式。

We've actually opened up India where we've closed one or two deals already. And our Canadian business is actually doing really, really well. So I feel like we're doing a really focused job on driving those markets, and we'll continue to see that benefit come through in 2027. And my expectation is that these organic agents will actually help us reignite as well in our customer base in Europe and in Australia, New Zealand and parts of Asia as well, including Japan.

實際上，我們已經在印度開拓了市場，並且已經達成了一兩筆交易。我們的加拿大業務實際上做得非常好。所以我覺得我們在推動這些市場方面做得非常出色，我們將在 2027 年繼續看到這種好處顯現。我期望這些有機因素實際上也能幫助我們在歐洲、澳洲、紐西蘭以及包括日本在內的亞洲部分地區重新激活我們的客戶群。

Okay, perfect. Thank you.

好的，完美。謝謝。

Michael Turrin, Wells Fargo.

邁克爾圖林，富國銀行。

Hey, great. Thanks very much, appreicate you taking the questions. It seems one of the key questions on Workday seems to be whether you're able to offset just the lower seat growth environment, if that's the world we're in with more product expansion.

嘿，太好了。非常感謝，感謝您回答這些問題。Workday 面臨的關鍵問題之一似乎是，如果這是我們所處的時代，那麼能否透過更多的產品擴張來抵消席位成長放緩帶來的不利影響。

I think Gerrit mentioned $400 million now in emerging AI ARR. I was just wondering if there's anything else you can tell us around how that impacts the economic profile of those customers who are adopting our expansion rates your observing great or any quantification around how much? And just as a small second part on Rob's comment on 4Q deal elongation. I'm wondering there's any way for us to size any impacts on CRPO there? Thanks very much.

我記得 Gerrit 提到過，新興人工智慧領域的年度經常性收入 (ARR) 目前已達 4 億美元。我只是想問一下，關於這如何影響那些採用我們擴張速度的客戶的經濟狀況，您能否再告訴我們一些資訊？或能否提供一些量化數據，說明影響程度如何？還有一點補充說明，關於羅布對第四季交易延期的評論。我想知道我們有沒有辦法評估這對 CRPO 的影響程度？非常感謝。

Yeah. Look, I think some of the deals that moved from Q4, as I said, we see in closing. We don't see them moving out of our pipeline. We just see them elongated. I think we're covering that pretty well with these new products that we sold into the nonorganic agents, which were a significant part of our Q4 business.

是的。你看，正如我所說，我認為一些從第四季開始的交易，我們已經看到了成交的跡象。我們預計它們不會離開我們的產品線。我們只能看到它們被拉長了。我認為我們透過向非有機代理商銷售的這些新產品很好地解決了這個問題，這些代理商是我們第四季度業務的重要組成部分。

And as we bring the different releases of organic agents on board, we already have the consumption Flex Credit model in action in Q4. We saw some success with customers I mentioned in my script. And we'll continue to see as we launch more of these organic agents that the consumption model will actually apply and that's why we're pretty positive about the back half of the year as well.

隨著我們陸續推出不同的有機產品，我們已經在第四季度開始實施消費彈性積分模式。我在文中提到的一些客戶身上取得了一些成功。隨著我們推出更多這類有機代理商，我們將繼續看到消費模式實際上會得到應用，這也是我們對下半年持相當樂觀態度的原因。

When we see on the AI agent side, on the economic equation, you can basically see it in two key models, if you will, on the one side, the agents are really delivering efficiency gains and to a large degree, transferring labor costs into software costs. We just talked about self-service agent, which we have just put into general availability in three months and our early access customers have already seen a more than 20% reduction in case volume, right?

當我們從人工智慧代理的角度，從經濟方程式來看，基本上可以將其分為兩個關鍵模型。一方面，代理確實提高了效率，並在很大程度上將勞動力成本轉移到了軟體成本上。我們剛剛談到了自助服務代理，我們三個月前剛剛將其全面推出，而我們的早期用戶已經看到案件量減少了 20% 以上，對吧？

So those are not people anymore who have to answer these cases, but the self-service agent processing them autonomously payroll agent, which is now going into GA, one of our big organically developed agent, a payroll compliance, payroll corrections. It's a huge back-office spend doing that automated and highly accurate. It's a huge efficiency gain for these companies.

所以現在不再需要人來處理這些案件了，而是由自助服務代理（即薪資代理）自主處理。該代理商現在即將正式上線，它是我們自主開發的大型代理商之一，用於處理薪資合規和薪資更正。要實現自動化和高度精確，後台營運需要投入大量資金。這對這些公司來說，效率提升非常顯著。

So that's basically category number one. Then you have category number two, right? A lot of the agents that we are doing are really leveraging AI to solve unsolved business problems. Think about contract intelligence, document-driven accounting. The reality is that customers don't have an army of lawyers and contract experts matching every transactions against all of their supply chain contracts.

所以，這基本上就是第一類。那麼，你就有了第二類，對吧？我們正在開發的許多代理程式都是真正利用人工智慧來解決尚未解決的業務問題。想想合約情報、文檔驅動會計。現實情況是，客戶沒有一大批律師和合約專家來核對每一筆交易與其供應鏈中的所有合約。

But now with our AI model, they can basically make sure they optimize their spend in procurement and have real net savings based on having full contextual awareness of all of their commitments, all of their supply chain and the transactions happening in real time. So those are delivering ROI than on basically true business returns. And we have both of these agents, right, back-end automation and new value scenarios.

但現在有了我們的人工智慧模型，他們基本上可以確保優化採購支出，並基於對所有承諾、所有供應鏈以及即時交易的全面上下文感知，實現真正的淨節省。所以這些帶來的投資報酬率比真正的商業回報高很多。我們有這兩種代理，對吧，後端自動化和新的價值場景。

Karl Keirstead, UBS.

卡爾‧基爾斯蒂德，瑞銀集團。

Okay. Aneel, welcome back to the arena. I had a question for you, maybe zooming out a little bit. So this is a broader question. Anil, you were the disruptor 20 years ago, and you and others forced incumbents at the time, Oracle and PeopleSoft, et cetera, to react.

好的。阿尼爾，歡迎回到球場。我有個問題想問你，或許可以稍微跳脫這個框架來思考。所以這是一個更廣泛的問題。Anil，20年前你是顛覆者，你和其他人迫使當時的產業巨頭，如Oracle和PeopleSoft等公司做出反應。

And in many cases, it took them years to actually pivot and some, frankly, didn't make it. So I just wanted to ask you whether you think a number of SaaS companies are going to have to do something similar and rearchitect their cores, AI enable their cores. And how challenging do you think that process might be, and is the period 20 years ago that you live through a good analogy.

很多情況下，他們花了數年時間才真正轉型，坦白說，有些企業甚至失敗了。所以我想問你，你是否認為很多 SaaS 公司都需要做類似的事情，重新架構他們的核心，並為他們的核心添加 AI 功能。你認為這個過程會有多大的挑戰？你經歷的20年前的那段時期是否是一個很好的類比？

It's a great question. I think it's -- I do think it's different. So in the transition from client server to cloud, it was basically thrown away the old architecture and building a new architecture. In this move from cloud to AI, the difference is AI is built on cloud, right? Every cloud company out there is moving towards AI, but every AI company is actually built on the cloud.

這是一個很好的問題。我認為——我確實認為它不一樣。因此，在從客戶端伺服器過渡到雲端的過程中，基本上拋棄了舊架構，建構了新架構。從雲端運算到人工智慧的轉變，差別在於人工智慧是建立在雲端運算之上的，對嗎？所有雲端公司都在向人工智慧方向發展，但所有人工智慧公司實際上都是建立在雲端運算之上的。

By the way, every -- one of these AI leaders actually runs Workday just for what it's worth, Anthropic, Google and OpenAI all run Workday. So it's orthogonal to that last transition because it's about the data, not about the process. I think that the keys for all the enterprise apps companies are number one to make sure that they have the right data model to inform the large language models and make sure they're getting the best reasoning results. And in order to do that, it's a big investment in APIs, and we're pretty far along on that path, but I think that's going to be the case for all the SaaS companies. The second piece is identifying where the savings are going to come for from customers because every technology transition is about ROI and productivity gains.

順便一提，這些人工智慧領域的領導者實際上都在使用 Workday，Anthropic、Google 和 OpenAI 都使用 Workday。所以它與上一次轉變是正交的，因為它關注的是數據，而不是過程。我認為，對於所有企業應用公司來說，關鍵在於第一點，確保他們擁有正確的資料模型來指導大型語言模型，並確保他們獲得最佳的推理結果。為了實現這一點，我們需要對 API 進行大量投資，我們在這方面已經取得了相當大的進展，但我認為所有 SaaS 公司都會面臨這種情況。第二點是確定客戶能從哪裡節省開支，因為每一次技術轉型都關乎投資報酬率和生產力提升。

If there's no ROI or productivity gain, there was no technology transition that really amounts to anything. And so we're working really hard to figure out how do we improve business process execution for our customers at a lower cost. And I think that's where the agentic model fits in. What what can agents do to replace human labor. And then obviously, longer term, we've got to figure out what we're going to do with those the humans that are displaced.

如果沒有投資報酬率或生產力提升，那麼技術轉型就沒有真正意義。因此，我們正在努力尋找以更低的成本改善客戶業務流程執行的方法。我認為這就是代理模型發揮作用的地方。代理人可以做些什麼來取代人類勞動？然後很顯然，從長遠來看，我們必須想辦法安置那些流離失所的人。

I think that's an important thing to think about. But it's a different mindset. It's a role-based mindset as it relates to these agents, what roles are going to get replaced by agentic solutions, and how will that improve the way work gets done. So -- but it is different than the last generation because cloud is not getting replaced is getting built on top of.

我認為這是一個值得思考的重要問題。但這是一種不同的思考方式。這是一種基於角色的思維模式，它關乎這些代理，哪些角色將被代理解決方案取代，以及這將如何改善工作方式。所以——但這與上一代不同，因為雲端不是被取代，而是建立在雲端之上。

Brent Thill, Jefferies.

布倫特‧蒂爾，傑富瑞集團。

Zane, on the operating margin guide, I think -- the Street was looking for perhaps a little more move up? I know you mentioned go-to-market and AI. Is there anything else that we should consider on the guide on op margin? Why you're not seeing any operating improvement on margin?

Zane，關於營業利益率預期，我認為──華爾街或許期待它能再調高一點？我知道你提到了市場推廣和人工智慧。關於營運利潤率指南，還有其他需要考慮的嗎？為什麼你們沒有看到利潤率方面的任何營運改善？

Yes, Brent, obviously, as you've heard, we're focused on the investments in particular, with AI thinking through both the engineering side, the delivery adoption side and all of the go-to-market elements and I think with Aneel coming in, it gives us a chance, we've made good progress over the last three years. We're not done yet. We'll continue to focus on margin and efficiencies and growing that number. But with this year, we really want to anchor and we think this is the opportunity to dig in and to really grow the business and lean in more on that side, leveraging AI and the capabilities that we have organically. So it's just a focus on that.

是的，布倫特，顯然，正如你所聽到的，我們尤其關注投資，特別是人工智慧在工程、交付採用和所有市場推廣要素方面的應用。我認為，隨著阿尼爾的加入，這給了我們一個機會，我們在過去三年中取得了良好的進展。我們還沒完成。我們將繼續專注於提高利潤率和效率，並努力提升這個數字。但今年，我們真的想穩住陣腳，我們認為這是一個深入發展業務、更重視人工智慧和我們自身能力的良機。所以，重點就在於此。

Again, we feel like we've got opportunities beyond this year to continue to grow it, and we'll just see how the year progresses.

我們仍然覺得今年以後還有機會繼續發展壯大，讓我們拭目以待吧。

Yes, I'm optimistic on upside to the margin guidance, Brent. By the way, good to hear your voice. I'm optimistic on that, but it's predicated on believing in our growth story, which I completely believe in and margins will grow with reaccelerated growth. And as we get these organic agents working with our inorganic agents, by the way, the inorganic agents, I don't think we get enough credit for how well they've done in a very short amount of time.

是的，我對布蘭特原油的利潤率預期上調持樂觀態度。對了，很高興聽到你的聲音。我對此持樂觀態度，但這基於我們對自身成長前景的信念，我對此深信不疑，而且隨著成長速度的加快，利潤率也會隨之提高。而且，當我們讓這些有機試劑與我們的無機試劑協同工作時，順便說一句，我認為無機試劑在很短的時間內取得的良好效果並沒有得到足夠的認可。

And I'm particularly excited about what we're going to see with Sana, both is our new user experience, prompt-based user experience for all employees in the organization, but also as we move into some new areas that you'll hear about down the road, I think that growth is going to drive incremental margin upside that probably not easy to lock in right now, but I see it coming down the path.

我特別對 Sana 的發展感到興奮，它不僅為我們公司所有員工帶來全新的用戶體驗和基於提示的用戶體驗，而且隨著我們進入一些新的領域（以後你們會聽到相關消息），我認為增長將帶來逐步的利潤提升，雖然現在可能不容易鎖定，但我相信它會在未來實現。

And Aneel, if I can just ask one quick follow-up. Just you've had some departures, Patrick Blair Head of Sales. Can you talk through how you're working through that transition with some of the sales changes in the field?

阿尼爾，我可以再問一個後續問題嗎？銷售主管派崔克·布萊爾，你們公司最近有一些員工離職。您能否談談您是如何應對銷售領域一些變化所帶來的轉型挑戰的？

Yes, I'll turn it over to Rob.

是的，我會把它交給羅布。

Brent, yes, and Brent, it's pretty simple with Patrick moving on the regional leaders who have real confidence in and have been doing a really good job of over the last couple of years, especially bringing on new solutions and products and driving their business. They'll report directly into me. And it's all about in AI, it's all about speed of decision-making and urgency. It allows us to move faster and it puts a lot of the decision-making right at the customer where we want it. We're also tying into that, it also allows us to build activation engines for where we're going with for deployment engineers to drive consumption faster, and we want to get that up into the market with incredible amount of speed.

布倫特，是的，布倫特，事情很簡單，帕特里克將把重任交給那些真正有信心、並且在過去幾年裡做得非常出色的區域領導者，尤其是在引入新解決方案和產品以及推動業務發展方面。他們將直接向我報告。而人工智慧的關鍵就在於決策的速度和迫切性。它使我們能夠更快地行動，並將許多決策權直接交給客戶，而這正是我們所希望的。我們也在與此結合，它還能讓我們建構活化引擎，以便部署工程師能夠更快地推動消費，我們希望以驚人的速度將其推向市場。

And so that's really the focus and around the changes.

所以，這就是我們關注的重點以及圍繞這些變化的討論。

Yes. I would just say that I'm excited that Rob has flattened the organization. And in this world, flatter organizations move faster and I'm excited about where the sales organization is headed.

是的。我只想說，我很高興羅布徹底重組了這個組織。在這個世界上，扁平化的組織發展速度更快，我對銷售組織的未來發展方向感到興奮。

Alex Zukin, Wolfe Research.

Alex Zukin，Wolfe Research。

Aneel, welcome back as well from me. maybe a quick tech one for you. You talked about monetizing first-party agents, both organic and inorganic. But I wanted to ask you specifically how you're thinking about monetizing third-party agents you have data cloud as you see more kind of investment construction going across these kind of multi multi-system agent frameworks, how do you guys make sure that you monetize that for the value and the data context that you provide? And then, Zane, I just really simple one for you.

阿尼爾，也歡迎你回來。或許我可以跟你講個簡單的技術問題。你談到如何透過自然成長和非自然成長的方式實現第一方代理商的獲利。但我特別想問您，您是如何考慮將第三方代理（擁有資料雲）貨幣化的？隨著越來越多的投資建立跨越這類多系統代理框架，您如何確保能夠將您提供的價值和資料上下文貨幣化？然後，贊恩，我為你準備了一個非常簡單的問題。

Should we still think about the 35% operating margin targets for fiscal '28 as on the table or not?

我們是否也應該考慮將 2028 財年 35% 的營業利潤率目標作為替代方案？

So on the first question, Alex, I think you should think of us as an evolving layer on top of hyperscale and in the same way that they charge for consumption of compute cycles and application cycles. We're going to continue to flex that muscle. There are some vendors out there, including some of our peers that would consider them at some level parasites on Workday. They get a free ride on our underlying system of record, and we're going to put an end to that. If you run stuff off of Workday, whether it's from our agents or third-party agents, there will be -- there's a consumption model tied to it.

所以關於第一個問題，Alex，我認為你應該把我們看作是超大規模之上不斷演進的一層，就像他們按計算週期和應用程式週期的消耗收費一樣。我們將繼續展現這種實力。有些供應商，包括我們的一些同行，在某種程度上認為他們是 Workday 上的寄生蟲。他們利用我們底層記錄系統搭便車，我們將終止這種行為。如果您透過 Workday 運行某些內容，無論是透過我們的代理還是第三方代理，都會有與之相關的消費模型。

And Gerrit's really been the driver of that. So I'm going to ask Gerrit to weigh in on that on that as well as it relates to Flex Credits. And then Zane can answer the second part of the question.

而 Gerrit 正是這一切的推動者。所以我要請 Gerrit 就此發表一下看法，因為這與 Flex Credits 有關。然後贊恩就可以回答問題的第二部分了。

Yes. So -- the model that Anil has described really works that we have a tiered pricing structure for AI or programmatic access to the Workday platform and the way how you should think about that is that, we capture consumption form of API calls. They are monetized on Flex Credits. That's the most basic unit. So if a third-party agent chooses to access that layer, they can basically be capture or recapture the value on our side via simple API calls.

是的。所以——Anil 所描述的模型確實有效，我們對 AI 或 Workday 平台的程式化存取採用分級定價結構，你應該這樣理解：我們透過 API 呼叫來取得消費資料。它們透過 Flex Credits 實現貨幣化。這是最基本的單元。因此，如果第三方代理選擇存取該層，他們基本上可以透過簡單的 API 呼叫來捕獲或重新捕獲我們這邊的值。

If they want to get richer information like you has indicated, we also have data cloud. Data Cloud, again, is available on Flex Credits. It provides richer context and if third parties want to aggregate agents, right? Because we shouldn't think about APIs like in the old days where you have modern agents and legacy APIs. APIs and agents are eventually one and the same thing, right?

如果他們想要獲取像您所說的更豐富的信息，我們也有數據雲。數據雲服務同樣可以透過靈活積分使用。它提供了更豐富的背景信息，如果第三方想要聚合代理商，對吧？因為我們不應該像過去那樣看待 API，認為 API 既有現代代理，也有遺留 API。API 和代理程式最終都是同一回事，對吧？

Our agents, they're all exposed as APIs because we embrace the open macro system, you can use them in Microsoft. You can use them in a Google Gemini. And those APIs, those agent APIs, they have a premium price tag to them, right, because they complete meaningful work. They are not just a simple (inaudible) API, and if you know a customer or a partner or a (inaudible), you have all of these choices, right? You can subscribe to our applications and we capture that on Workday pricing.

我們的代理程式全部以 API 的形式公開，因為我們採用開放的巨集系統，您可以在 Microsoft 中使用它們。您可以在 Google Gemini 中使用它們。這些 API，這些代理 API，價格不菲，因為它們能完成有意義的工作。它們不僅僅是一個簡單的（聽不清楚）API，如果你認識客戶、合作夥伴或（聽不清楚），你就有所有這些選擇，對嗎？您可以訂閱我們的應用程序，我們將這部分費用計入 Workday 的定價中。

You can build your own agents and then you can decide whether you want to consume more APIs, data context or highly differentiated agent APIs, which are basically aggregating large chunks of work across HR and finance for you already.

您可以建立自己的代理，然後您可以決定是否要使用更多 API、資料上下文或高度差異化的代理 API，這些 API 基本上已經為您聚合了人力資源和財務方面的大量工作。

Alex, just to add the framework question that you asked. As we've discussed the intent here with incremental investment, is to move up our growth. And we're holding to the range between 12% and 15% that we highlighted at our last Financial Analyst Day, but we believe these initiatives will move us higher on that range than where we otherwise would have been.

Alex，我補充你提出的框架問題。正如我們之前討論過的，透過逐步投資，我們的目的是促進成長。我們堅持上次金融分析師日上強調的 12% 到 15% 的區間，但我們相信這些舉措將使我們的預期目標比原本更高。

With that, as I mentioned earlier, we're investing more into this fiscal year, and we'll update later on in the year at our next financial analyst update on where we believe, a, the growth would be and then where we believe the accordingly sort of operating margin would be at that point in time as well. If you recall, there is a sliding scale and Aneel's focus is on driving the growth more so than just hitting that operating margin exclusively.

正如我之前提到的，我們將在本財年加大投資，我們將在今年晚些時候的下一次財務分析師更新會上，就我們認為的增長情況以及我們認為屆時相應的營業利潤率將達到什麼水平，給出更詳細的信息。如果你還記得的話，這是一個循序漸進的過程，Aneel 的重點是推動成長，而不僅僅是達到營業利潤率。

Gabriela Borges, Goldman Sachs.

加布里埃拉·博爾赫斯，高盛。

Aneel and Gerrit, I wanted to link together a couple of the points you're making. Does (inaudible) is AI being built on top of cloud and then the potential for work dates to monetize any other vendor or a corporate built tool that extracts return information out of Workday.

Aneel 和 Gerrit，我想把你們提出的幾個觀點連結起來。（聽不清楚）人工智慧是否建立在雲端之上，以及工作日期是否有可能為任何其他供應商或企業建構的工具（從 Workday 中提取回報資訊）帶來貨幣化。

My question to you is how do you manage the risk that vendors or customers build solutions next to Workday that leverages all the domain experience that you've built, but ultimately, Workday becomes part of this biggest sack such that the incremental value is being accrued in the intelligence way, which would be outside Workday. Maybe just talk to us a little bit about how you manage and mitigate against that type of risk?

我的問題是，如何管理供應商或客戶在 Workday 旁邊建立解決方案的風險？這些解決方案利用了您積累的所有領域經驗，但最終 Workday 卻成為這個巨大包袱的一部分，導致增量價值以智慧方式積累，而這種方式是在 Workday 之外的。或許您可以跟我們簡單談談您是如何管理和降低這類風險的？

Well, I'd first of all say that the API layer that ultimately will become the same with the agentic layer, whether we have the apps on top or a third-party have apps on the top, it's our intelligence layer. It's our metadata, it's our security model, it's our data model. It's our business process framework, and people underestimate the power of our business process framework, they're 20 years of knowledge into these HR and financial applications that even with the best AI, it's going to take 5, 6, 7 years to replicate and we're not standing still. So we want to get to a model where we're pretty much indifferent if it's third parties or us building the apps on top, we get compensated either way through the consumption model.

首先，我想說的是，API 層最終會與代理層相同，無論是我們自己的應用程式還是第三方應用程序，它都是我們的智慧層。這是我們的元數據，這是我們的安全模型，這是我們的數據模型。這是我們的業務流程框架，人們低估了我們業務流程框架的力量，他們擁有 20 年的人力資源和財務應用知識，即使擁有最好的 AI，也需要 5、6、7 年的時間才能複製，而我們並沒有停滯不前。所以我們希望達到一種模式，在這種模式下，無論是第三方還是我們自己建立應用程序，我們都無所謂，因為無論哪種方式，我們都能透過消費模式獲得補償。

Gabriela, I think it's a great question. So it allows us to really cut through the (inaudible) I think. Look, the reality is the question is where this intelligence system is being built and what's driving that? And from what we see, I think what research shows today that the idea that you create just a big model and connect it to a database of data, and it just figures everything out. is utterly unviable, right?

加布里埃拉，我覺得這是一個很好的問題。所以它讓我們能夠真正突破（聽不清楚）的阻礙，我想。現實問題是，這個情報系統是在哪裡建立的，以及是什麼在驅動它？從我們目前所看到的來看，我認為現在的研究表明，那種只要創建一個大型模型並將其連接到資料庫，就能解決所有問題的想法是完全行不通的，對吧？

It just creates a completely law less AI, which has no understanding of enterprise processes, compliance, determines and repeatability. So you basically have to build an HR and finance system for AI, right? So that's the intelligence layer, right? It's not by modal, smart model and dump data. It's actually about an AI-enabled ERP and that's the intelligence later Daniel spoke about that we are building.

它只會創造出一個完全不受規則約束的人工智慧，它對企業流程、合規性、決策和可重複性一無所知。所以基本上你需要為人工智慧建立一個人力資源和財務系統，對吧？這就是智慧層，對吧？它不是透過模態、智慧模型和轉儲資料來實現的。實際上，這是關於一個人工智慧賦能的ERP系統，也是丹尼爾後來提到的我們正在建構的智慧系統。

We are opening that up via APIs at the same point in time because we believe in the openness of the ecosystem and the openness of the engagement layer, right, and we are great partners, with all of the AI companies out there. But at the same point in time, the reason why they're working with us and as Aneel put it, why the use Workday is because you need to have an HR AI and an AI finance system. And that's the intelligence that we are building, where we create value and frankly, where we capture value.

我們同時透過 API 開放這項功能，因為我們相信生態系統的開放性和互動層的開放性，對吧？而且我們與所有人工智慧公司都是優秀的合作夥伴。但同時，他們與我們合作的原因，正如 Aneel 所說，他們使用 Workday 的原因，是因為你需要一個人力資源人工智慧和一個人工智慧財務系統。這就是我們正在建構的智能，我們在這裡創造價值，坦白說，也是我們在這裡獲取價值。

And ladies and gentlemen, this concludes our question-and-answer session as well as today's call. We thank you for your participation, and you may now disconnect.

女士們、先生們，我們的問答環節以及今天的電話會議到此結束。感謝您的參與，您現在可以斷開連接了。