Workday, Inc. (WDAY) 2027 Q1 法說會逐字稿

Ladies and gentlemen, welcome to Workday's first-quarter fiscal year '27 earnings call. (Operator Instructions)

各位女士、先生，歡迎參加 Workday 2027 會計年度第一季財報電話會議。(接線員指示)

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

現在我將把電話交給投資人關係副總裁 Justin Furby。請開始。

Thank you, operator. Welcome to Workday's first quarter fiscal 2027 earnings conference call. On the call, we have Aneel Bhusri, our CEO; Gerrit Kazmaier, our President, Product and Technology; Rob Enslin, our President and Chief Commercial Officer; and Zane Rowe, our CFO.

謝謝，接線員。歡迎參加 Workday 2027 會計年度第一季財報電話會議。今天與會者包括：我們的執行長 Aneel Bhusri；產品與技術總裁 Gerrit Kazmaier；總裁兼首席商務長 Rob Enslin；以及財務長 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.

在事先準備的發言之後，我們將進行問答。我們的新聞稿已於收盤後發布，並已張貼於我們的網站；本次電話會議也同步進行網路直播。在開始之前，我們要強調，本次電話會議中的部分陳述，特別是我們的指引，是基於截至今日我們所掌握的資訊，並包含有關我們財務結果、應用、客戶需求、營運及其他事項的前瞻性陳述。這些陳述受到風險、不確定性與假設的影響，可能導致實際結果出現重大差異。

Please refer to the press release and the risk factors in the documents we file with the Securities and Exchange Commission, including our fiscal 2026 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文件中的風險因素，包括我們 2026 會計年度 Form 10-K 年度報告，以取得更多關於可能導致實際結果與上述陳述所載內容出現重大差異之風險、不確定性與假設的資訊。

In addition, during today's call, we will discuss non-GAAP financial measures, which we believe are useful as supplemental measures of Workday's performance. These non-GAAP measures should be considered in addition to and not as a substitute for or in isolation from GAAP results.

此外，在今天的電話會議中，我們將討論非 GAAP 財務衡量指標；我們相信這些指標作為補充性衡量，有助於評估 Workday 的表現。這些非 GAAP 指標應與 GAAP 結果一併考量，而不應取代 GAAP 結果，亦不應單獨使用。

You can find additional disclosure regarding these non-GAAP measures, including reconciliations with comparable GAAP results in our earnings press release, in our investor presentation and on the Investor Relations page of our website.

您可在我們的財報新聞稿、投資人簡報，以及我們網站的投資人關係頁面中，找到關於這些非 GAAP 指標的額外揭露資訊，包括與可比 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.

本次電話會議的網路重播將於未來 90 天在我們公司網站的投資人關係連結下提供。此外，本次電話會議的事先準備發言稿以及我們的季度投資人簡報，將於會後張貼於我們的投資人關係網站。

Our second quarter fiscal 2027 quiet period begins on July 15, 2026. Unless otherwise stated, all financial comparisons in this call will be to our results for the comparable period of our fiscal 2026.

我們 2027 會計年度第二季的靜默期將於 2026 年 7 月 15 日開始。除非另有說明，本次電話會議中的所有財務比較，皆以 2026 會計年度相同期間的結果為比較基準。

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

接下來，我把電話交給 Aneel。

Thanks, Justin, and thanks to everyone for joining us today. It's great to be with all of you. I now have a full quarter under my belt since returning as CEO, and I truly feel the energy building at Workday every day, both throughout our path forward on AI and the company as a whole.

謝謝 Justin，也謝謝各位今天加入我們。很高興與各位相聚。自我回任執行長以來，現在已完整經歷一個季度；我確實每天都感受到 Workday 的能量正在累積，無論是在我們推進 AI 的道路上，或是在公司整體層面。

We're in New York City this week for the Sana AI Summit, where we brought together some of the brightest minds in AI with our top customers. It's an incredible event, and it was great to see a few of you there. A few weeks ago, we hosted our top industry analysts at our annual Innovation Summit. Typically a skeptical group, they came away generally impressed by the pace of innovation and by our renewed focus on operating like a startup.

本週我們在紐約市參加 Sana AI 高峰會，與我們的頂尖客戶一同匯聚了 AI 領域最傑出的一些人才。這是一場令人驚豔的活動，也很高興在現場見到幾位與會者。幾週前，我們在年度創新高峰會接待了我們的頂尖產業分析師。他們通常相當懷疑，但最終普遍對我們的創新速度，以及我們重新聚焦於以新創方式運作的作法印象深刻。

One of them even called it the reinvention of Workday. Indeed, their reaction to our vision and execution around AI told me that we were absolutely on the right path. So do our Q1 results. We had a great first quarter. In fact, it was the best first quarter of new ACV growth in five years, anchored by the strength of our core business and the traction we're seeing with AI.

其中一位甚至稱之為 Workday 的再造。確實，他們對我們在 AI 方面的願景與執行的反應，讓我知道我們絕對走在正確的道路上。我們第一季的結果也證明了這一點。我們第一季表現非常出色。事實上，這是五年來第一季新 ACV 成長表現最好的一次，主要受惠於我們核心業務的強勁，以及我們在 AI 方面看到的動能。

Following slower ACV growth in fiscal year '26, we're seeing momentum once again building in the business. I'm confident in our ability to drive accelerated new ACV bookings this year as we bring new agents to market for our customers and drive even greater adoption.

在 2026 會計年度 ACV 成長放緩之後，我們看到業務動能再次回升。我對我們今年推動新 ACV 訂單加速成長的能力充滿信心，因為我們將為客戶推出新的代理（agents），並推動更高的採用率。

Last quarter, I mentioned I came back to help Workday lead again during the biggest technology transformation of our lives. After being back for three months, I have even more conviction that this is Workday's moment to lead. But to do it, we need to operate differently than we have been. Coming back, I was very focused on returning Workday to a startup orientation and a growth mindset.

上一季我提到，我回來是為了在我們一生中最大的科技轉型期間，協助 Workday 再次引領市場。回來三個月後，我更加堅信這正是 Workday 引領的時刻。但要做到這一點，我們必須以不同於以往的方式運作。回來之後，我非常專注於讓 Workday 回到新創導向與成長型思維。

Indeed, I watched a lot of Steve Jobs videos where he talked about his management approach when he returned as CEO. What struck me most wasn't about what Apple built after he returned, which was obviously incredible. It was more about his management philosophy.

確實，我看了很多 Steve Jobs 的影片，他談到自己回任執行長時的管理方式。最打動我的並不是他回來後 Apple 打造了什麼——那當然令人驚嘆。更重要的是他的管理哲學。

There was one interview in particular from All Things D where he called Apple the biggest startup in the world and said it was the startup mindset he brought back. Fewer layers, faster decisions, the best ideas winning, more ownership. We're trying to emulate that startup playbook. As the great philosopher Yogi Berra once said, and apropos that we were in New York City this week, It's like deja vu all over again. And so we're going back to our founding principles.

其中有一段特別的訪談，來自 All Things D；他稱 Apple 是全世界最大的創業公司，並表示他帶回的是新創心態。更少的層級、更快的決策、讓最好的想法勝出、更多的主人翁精神。我們正試圖效法那套新創劇本。正如偉大的哲學家 Yogi Berra 曾說過的——也很應景，因為我們本週就在紐約市——「就像似曾相識，一再重演。」因此，我們要回到我們的創立原則。

I've said before, Chapter 4 is a re-founding moment for Workday. With AI, we are essentially a startup again. We're a startup sitting on one of the most important enterprise platforms ever built and the trust of more than 11,500 customers. We need to embrace that mindset. It's all about focus and trust, clear ownership and the best idea is winning. That's how we are leading Workday now and it's how Dave and I led the company early on.

我之前說過，第 4 章是 Workday 的一次再創立時刻。有了 AI，我們本質上又成了一家新創公司。我們是一家新創公司，坐擁史上最重要的企業平台之一，以及超過 11,500 家客戶的信任。我們必須擁抱那樣的心態。一切都關乎聚焦與信任、清楚的責任歸屬，以及讓最好的想法勝出。這就是我們現在領導 Workday 的方式，也是 Dave 和我在早期帶領公司時的方式。

As part of this mindset, we've simplified our priorities to three, number one, build and deliver the AI future number two, grow with our customers, and number three, live our values. We've also streamed on ownership across your organization so every workmate knows exactly how their work connects, fewer things done with greater focus a dedicated AI agent factory, building agents across all of our application areas, clear ownership and accelerated development of our AI APIs.

基於這樣的心態，我們把優先事項簡化為三項：第一，打造並交付 AI 的未來；第二，與客戶一同成長；第三，實踐我們的價值觀。我們也在整個組織中強化責任歸屬，讓每位 Workmate 都清楚自己的工作如何連結；以更高的聚焦完成更少但更重要的事情；建立專責的 AI 代理工廠，在我們所有應用領域打造代理；明確的責任歸屬，以及加速開發我們的 AI API。

We've got the right people to do it. We have some incredible leaders from the companies we've acquired now in key roles at Workday. One of them is Joel Hellermark, the Founder of Sana, who we named our Chief AI Officer just today. That's by design. These leaders know the start-up mindset and they're helping Workday move faster and stay focused.

我們擁有合適的人才來完成這件事。我們收購的公司中有一些非常出色的領導者，如今在 Workday 擔任關鍵職務。其中之一是 Sana 的創辦人 Joel Hellermark，我們就在今天任命他為首席 AI 長。這是刻意為之。這些領導者了解新創心態，他們正協助 Workday 更快行動並保持聚焦。

I've also thought a lot about how Workday wins in this new chapter. I've met with dozens of customers since I've been back and I keep hearing the same thing. Not one of them is looking to replace Workday with something they're building internally or from a startup.

我也一直在思考 Workday 在這個新篇章中如何取勝。自我回來以來，我已與數十位客戶會面，而我不斷聽到同樣的話。沒有任何一位客戶想用他們內部自行打造的方案或某家新創公司的產品來取代 Workday。

Instead, they were looking to us first for AI solutions for the HR and finance worlds and hopefully IT in the future. It's really our opportunity for the taking, but we need to execute flawlessly and with speed. We have all the requisite components, one data model for all customers, one security model, and a true cloud architecture. Our business process framework gives AI the rails it needs to operate safely and accurately inside the enterprise.

相反地，他們首先會來找我們，尋求 HR 與財務領域的 AI 解決方案，並希望未來也能延伸到 IT。這確實是我們可以把握的機會，但我們必須以速度與零失誤的執行來達成。我們具備所有必要的組成要素：所有客戶共用的一套資料模型、一套安全模型，以及真正的雲端架構。我們的業務流程框架為 AI 提供了在企業內安全且準確運作所需的軌道（rails）。

And over the past several years, we have completely rewritten our tech platform to be AI native in the way we manage transactions, reports, and UI requests. That's basically the foundation we've spent 21 years building and now it's been modernized for AI down to the core OMS.

而在過去幾年裡，我們已徹底重寫技術平台，使其在管理交易、報表與 UI 請求的方式上成為 AI 原生。這基本上是我們 21 年來打造的基礎，如今已為 AI 進行現代化改造，直達核心 OMS。

And we're delivering the results as well. Q1 was our first quarter with both Sana and Paradox fully integrated. With Sana, we're giving our customers a completely new Workday experience. It's a new front door to Workday that is simple and modern. The Sana platform is also the foundation for everything we're building in AI going forward. Joe and his team have created something remarkable and the integration has gone further and faster than I anticipated.

而且我們也正在交付成果。第一季是 Sana 與 Paradox 完全整合後的第一個季度。透過 Sana，我們為客戶帶來全新的 Workday 體驗。它是通往 Workday 的全新入口，簡潔且現代。Sana 平台同時也是我們未來所有 AI 建置的基礎。Joe 與他的團隊打造了非凡的成果，整合進度比我預期更深入也更快速。

We've already proven that customers trust Workday deliver AI through agents we acquired. This is the year we proved that they also buy the agents we're building organically, agents that only Workday can build, and Gerrit will share more on that momentum in a moment.

我們已經證明，客戶信任 Workday 透過我們收購而來的代理（agents）交付 AI。今年我們也證明，他們同樣會購買我們自行有機開發的代理——只有 Workday 才能打造的代理——Gerrit 稍後會分享更多關於這股動能的內容。

While there are some who believe that AI can disrupt Workday, I see something different, our chance to once again be a disruptor with AI clearly driving that disruption. To that point, Gerrit will talk about Sana for ITSM and the new travel agent we announced today at the summit. These are early examples of what it looks like when we use Sana to rapidly innovate on top of our day-to-end context.

雖然有些人認為 AI 可能顛覆 Workday，但我看到的是不同的景象：我們有機會再次成為顛覆者，而這次顛覆將明確由 AI 驅動。就此而言，Gerrit 會談到用於 ITSM 的 Sana，以及我們今天在峰會上宣布的全新差旅代理。這些是早期例子，展示我們如何運用 Sana，在端到端情境之上快速創新。

What ties all this together is one simple truth. Customers don't want AI for AI's sake. They want AI that adds value to how they run their businesses. Our early adopter customers are already seeing that, and they want more from Workday. To close, I am confident that Workday is ready for this AI moment. Our core business is strong, our AI strategy is working, and our execution is accelerating, starting with Q1.

把這一切串起來的是一個簡單的事實。客戶不想為了 AI 而 AI。他們想要能為其企業營運方式增值的 AI。我們的早期採用客戶已經看見這點，而且他們希望 Workday 能提供更多。最後，我有信心 Workday 已準備好迎接這個 AI 時刻。我們的核心業務強勁、AI 策略奏效、執行力正在加速——從第一季開始。

Seeing the agents Gerrit is building and the success Rob is having selling and deploying them with customers, I couldn't be more confident in our path ahead and ability to lead. Gerrit, over to you.

看到 Gerrit 正在打造的代理，以及 Rob 在向客戶銷售與部署它們方面取得的成功，我對我們前進的道路與領導能力更有信心。Gerrit，交給你。

Awesome. Thanks, Aneel, and hello to everyone. For AI, the world model, it is like the holy grail. Today, a large language model, it just predicts the next token in a sentence. And the world model, it is the step change needed for it to understand the physics of its real environment. It's about how things actually work and the laws that govern them.

太棒了。謝謝你，Aneel，也向各位問好。在 AI 領域，「世界模型」就像是聖杯。今天的大型語言模型，只是在句子中預測下一個 token。而世界模型，則是讓它理解真實環境物理規律所需的關鍵躍遷。它關乎事物實際如何運作，以及支配它們的法則。

On Workday's platform, we have over 80 million users under contract and approximately 1.4 trillion transactions annually. That is giving us a set of data and context that no other competitor can replicate. For more than 20 years, we have been on the journey of building the world model of work.

在 Workday 平台上，我們有超過 8,000 萬名簽約使用者，以及每年約 1.4 兆筆交易。這讓我們擁有一套任何競爭對手都無法複製的資料與情境。二十多年來，我們一直在打造「工作的世界模型」這條路上前進。

And here is what we have done. We have mapped the patterns of work at scale. Who approves what, how money moves, how people get hired, assessed, developed and scheduled for their work and the policies, the processes and the exceptions around them. And here is the key insight for you. This world model of work, it is the best contact extension for agentic HR, finance and beyond. It unlocks unmatched enterprise-grade accuracy for AI automation.

以下是我們已完成的工作。我們已在大規模下描繪出工作的模式。誰核准什麼、資金如何流動、人員如何被招募、評估、培育並排班投入工作，以及圍繞其間的政策、流程與例外情況。而這裡有一個關鍵洞見要分享給各位。這個工作的世界模型，是代理式（agentic）人資、財務及更多領域的最佳情境延伸。它為 AI 自動化解鎖無可匹敵的企業級準確度。

All of this is adding up to agents that our customers can trust to perform actual work inside real business processes. And you can see that clearly in the impact that they are delivering already for our customers. In Q1, for example, we have supported 14 million hiring processes with our recruiting agent. That is up 44% year over year.

這一切正匯聚成為客戶可以信任的代理，能在真實的業務流程中執行實際工作。你也能從它們已為客戶帶來的影響中清楚看見。例如在第一季，我們的招募代理支援了 1,400 萬個招募流程。這比去年同期成長 44%。

And we have analyzed more than 1.1 million contracts with contract intelligence. That is up 53% from last quarter. Now that is the world model of work at work. And while we're driving all of this amazing impact, the pace of innovation here at Workday, it is accelerating. We now have 20 organic agents in GA or EA. And the number of customers using these agents has more than doubled quarter over quarter, with over 4,000 customers using at least one organically developed agent as of today.

而我們也透過合約智慧分析了超過 110 萬份合約。這比上一季成長 53%。這就是「工作的世界模型」在實際運作。在推動這些驚人影響力的同時，Workday 的創新速度也在加快。我們目前有 20 個有機開發的代理處於 GA 或 EA。使用這些代理的客戶數量季對季已超過倍增，截至今日已有超過 4,000 家客戶至少使用一個有機開發的代理。

And here are just a few highlights for you. Deployment agent is now being used in our first end-to-end customer projects. It is designed to deliver an estimated 30% reduction in implementation hours and costs. And in our next wave of AI-driven projects, we are aiming to get that reduction up to 50%. And here is why this is so important.

以下僅列出幾個重點。部署代理（Deployment Agent）已在我們首批端到端客戶專案中使用。其設計目標是將導入工時與成本預估降低 30%。而在下一波 AI 驅動的專案中，我們的目標是把降幅提高到 50%。而這之所以如此重要，原因如下。

This reduction in time and in costs of deployment, it is removing a historic barrier to choose Workday, particularly in the mid-market segment. Further, customers like the University of Arkansas System, GE Vernova and Mohegan, they are using Deployment Agent across their Workday systems to instantly resolve issues and answer questions. So admins, they can spend their time moving their projects forward.

部署時間與成本的降低，正在移除選擇 Workday 的歷史性障礙，特別是在中型市場（mid-market）區隔。此外，像阿肯色大學系統（University of Arkansas System）、GE Vernova 與 Mohegan 等客戶，正在其 Workday 系統中使用部署代理，即時解決問題並回答疑問。因此管理員可以把時間用在推進專案上。

Also, we are seeing a super fast takeoff of our self-service agent. This quarter, our first Fortune 500 customers are expected to go live on self-service agent. And we will take another big step at the end of this month. All HCM and finance customers on our AI terms of service, they will get Sana for Workday and our self-service agent as a part of their existing contract.

同時，我們也看到自助服務代理（self-service agent）正以極快速度起飛。本季，我們首批《財富》500 大客戶預計將上線自助服務代理。而在本月底，我們還會再邁出一大步。所有採用我們 AI 服務條款的 HCM 與財務客戶，都將在其既有合約中獲得 Sana for Workday 與自助服務代理。

So now let's talk about our accelerating AI business momentum. In Q1, our new ACV from Agentic AI products, it grew more than 200% year over year. And we are also approaching USD500 million in ARR from our Agentic AI solutions. But we are not stopping here.

接著談談我們加速中的 AI 業務動能。第一季，我們來自 Agentic AI 產品的新 ACV 年增超過 200%。我們也正接近來自 Agentic AI 解決方案的 5 億美元 ARR。但我們不會止步於此。

AI, it lets us break free from the narrow definition of legacy business applications that lead to frustrating user experience breaks and outsized spend for so many companies out there. With Sana as our AI platform, we are pushing the boundaries of HR and finance and IT with new AI solutions.

AI 讓我們得以擺脫傳統舊式商業應用程式的狹隘定義——那種定義往往導致令人挫折的使用者體驗斷點，以及對許多公司而言過度膨脹的支出。以 Sana 作為我們的 AI 平台，我們正以全新的 AI 解決方案推進人資、財務與 IT 的邊界。

Just today, here in New York City, we announced two new agentic solutions from Workday that proved this out. Sana Travel Agent brings business travel planning, booking and expenses into a single conversational experience. With more than 5 million expense reports processed monthly on Workday and much of it is travel, this agent, it takes on the heavy lifting.

就在今天，在紐約市，我們宣布了兩項 Workday 全新的代理式解決方案，證明了這一點。Sana 差旅代理（Sana Travel Agent）把商務差旅的規劃、訂位與費用報銷整合為單一的對話式體驗。Workday 每月處理超過 500 萬份費用報告，其中很大一部分與差旅相關；這個代理將承擔繁重工作。

It can automatically handle bookings, receipts, policy checks and expenses, so employees get a more seamless travel experience and finance teams, they get real-time visibility into current spent and future travel commitments. We have also announced Sana for ITSM, which automates workflows for employee on and offboarding, access changes, and everyday IT requests.

它可以自動處理訂位、收據、政策檢核與費用報銷，讓員工獲得更順暢的差旅體驗，而財務團隊則能即時掌握目前支出與未來差旅承諾。我們也宣布了 Sana for ITSM，可自動化員工到職與離職流程、存取權限變更，以及日常 IT 請求的工作流程。

Many service requests start with employee life cycle changes that Workday already knows about, like joining a company, moving across teams, or even exiting. And with the key data, the work identity, the org chart, job profiles and so much more running on Workday, we inherently know the chain of approvals, the required policies and the right work context that allows us to simplify and automate ITSM requests at a whole new level.

許多服務請求都始於員工生命週期的變動，而 Workday 早已掌握這些資訊，例如加入公司、跨團隊調動，甚至離職。而且關鍵資料——工作身分、組織架構圖、職務設定檔等大量資訊——都在 Workday 上運行，我們因此能天然地掌握核准鏈、所需政策與正確的工作情境，讓我們得以在全新層級上簡化並自動化 ITSM 請求。

Lastly, let's take a look at the Workday platform and our AI momentum there. Workday Extend Pro enables customers to build their own AI-powered solutions on our platform, taking advantage of our AI APIs. In Q1, Extend Pro continued to be one of the fastest-growing products with new ACV nearly doubling year over year.

最後，讓我們來看看 Workday 平台，以及我們在該平台上的 AI 動能。Workday Extend Pro 讓客戶能在我們的平台上建置自有的 AI 驅動解決方案，並善用我們的 AI API。在第一季，Extend Pro 仍是成長最快的產品之一，新 ACV 幾乎較去年同期翻倍。

And here is our approach. At Workday. We embrace the AI ecosystem and we design for openness so our customers and our partners, they can build their own AI innovations without locking them in into a single vendor stack.

以下是我們的方法。在 Workday。我們擁抱 AI 生態系，並以開放性為設計核心，讓我們的客戶與合作夥伴能打造自己的 AI 創新，而不會被鎖定在單一供應商的技術堆疊中。

We are giving our customers choice and free clear paths to run agents on the Workday platform designed to meet them wherever they are. First, our customers can build their own AI agents with Workday's agent-ready tools. These are a new class of Workday connectors and APIs that are purpose-built for autonomous consumption by AI agents at enterprise scale and available via open standards like MCP.

我們為客戶提供選擇，以及清楚且順暢的途徑，讓他們能在 Workday 平台上執行代理（agents），並可在任何階段、任何環境中與他們接軌。第一，客戶可以使用 Workday 的「代理就緒」工具自行建置 AI 代理。這是一類全新的 Workday 連接器與 API，專為在企業規模下供 AI 代理自主取用而打造，並可透過 MCP 等開放標準提供。

Second, our customers can plug in Workday agents into their agentic front door using the A2A protocol. And already in Q1, we have made self-service agent available in Microsoft Teams, Microsoft Copilot, and Google Gemini.

第二，客戶可以使用 A2A 協定，將 Workday 代理接入他們的代理式前門（agentic front door）。而且在第一季，我們已在 Microsoft Teams、Microsoft Copilot 與 Google Gemini 中提供自助式代理。

And third, they can use Workday's agents in Sana for the fully optimized work experience. Their Workday provides the reasoning, the context, and the ultimate AI user experience. It's the AI workbench for work. These options give our customers and partners the flexibility to adopt AI the way that best fits their business. Stay tuned for our upcoming developer conference, DEF CON, the first week of June in Las Vegas. There we will announce new Workday AI platform innovations.

第三，他們可以在 Sana 中使用 Workday 的代理，以獲得完全最佳化的工作體驗。Workday 提供推理能力、情境脈絡，以及最終的 AI 使用者體驗。這是面向工作的 AI 工作台。這些選項讓我們的客戶與合作夥伴能以最符合其業務的方式，彈性採用 AI。敬請期待我們即將舉辦的開發者大會 DEF CON，將於 6 月第一週在拉斯維加斯登場。屆時我們將宣布 Workday AI 平台的全新創新。

And here is the bottom line of all of this. Enterprise AI starts to pay off when agents can perform actual work with the same approvals, security, policy and guardrails that govern the rest of the business. That's exactly the future we are delivering for our customers, powerful AI agents harnessing the world's model of work built on an open platform.

以下是這一切的核心結論。當代理能在與企業其他業務相同的核准流程、安全性、政策與防護欄（guardrails）治理下，執行真正的工作時，企業 AI 才開始產生回報。這正是我們為客戶交付的未來：在開放平台上打造、並運用全球工作模型（model of work）的強大 AI 代理。

And with that, over to you, Rob.

接下來交給你，Rob。

Thank you, Gerrit, and hello, everyone. We're proud that more than 11,500 customers around the world trust Workday with the most important parts of their business, on payroll to closing the books. And as Anel said, playing with our customers is one of our top priorities.

謝謝你，Gerrit，大家好。我們很自豪，全球超過 11,500 家客戶將其業務中最重要的部分託付給 Workday，從薪資發放到結帳關帳。正如 Anel 所說，與客戶並肩合作是我們的首要優先事項之一。

You see that in our results. In Q1, expansions once again drove roughly 60% of our subscription revenue growth with customers like Queensland University of Technology, Rakuten Group and Bank OZK expanding their relationships with Workday.

你可以從我們的成果中看到這一點。在第一季，擴充（expansions）再次帶動約 60% 的訂閱營收成長；例如昆士蘭科技大學、樂天集團（Rakuten Group）與 Bank OZK 等客戶都擴大了與 Workday 的合作關係。

We also continued to go deep in federal and had a record turnout at our fourth annual Fed Forum in DC last month with nearly 600 attendees. And in Q1, we kicked off the next phase of our contract with the Defense Intelligence Agency.

我們也持續深耕聯邦市場；上個月在華盛頓特區舉辦的第四屆年度 Fed Forum 參與人數創新高，近 600 位與會者出席。此外在第一季，我們啟動了與國防情報局（Defense Intelligence Agency）合約的下一階段。

Also in Q1, net new business drove 40% of our subscription revenue growth. We formed new relationships around the world with key brands, including Harley-Davidson, Del Monte, Australian Gas Infrastructure Group, Smiths Group, Heartland Dental and ACHM Hotels by Marriott. State and local government was also a standout this quarter, where we signed statewide deals with the State of Delaware and the Commonwealth of Massachusetts.

同樣在第一季，淨新增業務帶動了 40% 的訂閱營收成長。我們在全球與多個關鍵品牌建立新合作關係，包括 Harley-Davidson、Del Monte、Australian Gas Infrastructure Group、Smiths Group、Heartland Dental，以及萬豪旗下的 ACHM Hotels。州與地方政府本季也表現亮眼，我們與德拉瓦州（State of Delaware）及麻薩諸塞邦（Commonwealth of Massachusetts）簽下全州層級的合約。

Turning to AI. The numbers this quarter tell a clear story. More than a quarter of new ACV from customer base expansions came from AI and expansion deals that included AI were over 50% larger on average. The pattern is consistent. Customers who adopt our AI go deeper on the platform.

接著談 AI。本季的數據清楚說明了一個故事。來自既有客戶擴充所帶來的新 ACV 中，超過四分之一來自 AI；且包含 AI 的擴充交易平均規模大了 50% 以上。這個趨勢一致。採用我們 AI 的客戶，會在平台上投入得更深。

The University of Arkansas system is a great example. They have 21 institutions, including research universities, community colleges, and an academic medical center, all on a single Workday instance. They process over 2 million transactions a month.

阿肯色大學系統（University of Arkansas system）就是很好的例子。他們有 21 個機構，包括研究型大學、社區學院與一個學術醫學中心，全部都在同一個 Workday 執行個體（instance）上運作。他們每月處理超過 200 萬筆交易。

And in Q1, they used our Deployment Agent to cut support tickets and uncover configuration insights that once required manual searches. Deployment Agent has significantly increased the operational velocity and allowed them to scale Workday with less reliance on external consultants.

在第一季，他們使用我們的 Deployment Agent 來減少支援工單，並挖掘過去需要手動搜尋才能找到的設定洞察。Deployment Agent 顯著提升了營運速度，並讓他們在較少依賴外部顧問的情況下擴展 Workday。

Our Flex Credits pricing model is quickly gaining traction. With Flex Credits, we've unified AI monetization across Workday, one model for agents, AI APIs and data cloud. It makes AI adoption simpler for our customers.

我們的 Flex Credits 定價模式正快速獲得市場採用。透過 Flex Credits，我們已在 Workday 全平台統一 AI 變現方式，以單一模式涵蓋代理、AI API 與資料雲。這讓客戶採用 AI 變得更簡單。

While still early in the journey, we're seeing a growing mix of AI monetization coming through Flex Credits. And as we bring our new agentic innovations and acquired agents onto the model throughout the year, this will become a more meaningful part of how we grow. We also continue to make progress outside of North America.

雖然仍處於旅程早期，我們已看到透過 Flex Credits 帶來的 AI 變現組合正在增加。隨著我們在今年陸續把新的代理式創新與併購取得的代理納入此模式，這將成為我們成長方式中更具意義的一部分。我們也持續在北美以外的地區取得進展。

In APAC, we expanded our operations into Vietnam, which opens up a brand new market for Workday. This strategic expansion is made possible by five global and regional partners, all dedicated to meeting the growing local demand in Vietnam for digital transformation.

在亞太地區（APAC），我們將營運擴展至越南，為 Workday 開啟全新的市場。這項策略性擴張得以實現，仰賴五家全球與區域合作夥伴共同投入，致力於滿足越南當地對數位轉型日益成長的需求。

And in EMEA, we launched an EU-based data residency in Frankfurt. This was a significant milestone for European customers with data sovereignty requirements. We also are expanding Workday Go globally to help these customers get up and run faster in a more standardized way. EMEA is now our second largest region for medium enterprise, which we define as 500 to 3,500 employees.

在歐洲、中東與非洲（EMEA），我們在法蘭克福推出以歐盟為基地的資料駐留（data residency）。這對有資料主權需求的歐洲客戶而言，是一個重要里程碑。我們也正將 Workday Go 推向全球，協助這些客戶以更標準化的方式更快上線運行。EMEA 現在是我們中型企業的第二大區域；我們將中型企業定義為員工數 500 至 3,500 人。

A new ACV in that segment grew by more than 50% in the quarter. Workday Go is now available in France, Germany and the UK, with an additional 14 countries available through our partner network. Speaking of partners, our ecosystem continues to be a meaningful driver of our growth.

該細分市場的新 ACV 在本季成長超過 50%。Workday Go 現已在法國、德國與英國提供，另有 14 個國家可透過我們的合作夥伴網路提供。談到合作夥伴，我們的生態系持續成為推動成長的重要動力。

In Q1, roughly 30% of net new ACV was sourced by partners. We also hit several milestones worth mentioning, including, Insperity's HR scale solution is now generally available, bringing Workday to the PEO market for the first time to deliver full-service HR for growing businesses.

在第一季，約 30% 的淨新增 ACV 由合作夥伴帶來。我們也達成數個值得一提的里程碑，包括 Insperity 的 HR 規模化解決方案現已全面上市（generally available），首次將 Workday 帶入 PEO 市場，為成長型企業提供全方位 HR 服務。

Workday recognition powered by Achievers is live, and we expanded our Workday wellness program with Morgan Stanley at Work and Perk Spot. The momentum this quarter was broad across expansions, net new AI and international. We are growing with our customers and continuously evolving to meet their needs.

由 Achievers 驅動的 Workday recognition 已正式上線；我們也與 Morgan Stanley at Work 及 Perk Spot 擴展了 Workday wellness 計畫。本季動能廣泛，涵蓋擴充、淨新增 AI 與國際市場。我們與客戶一同成長，並持續演進以滿足他們的需求。

Now over to Zane to share more on the financials.

接下來交給 Zane，分享更多財務表現。

Thanks, Rob, and thank you to everyone for joining today's call. As Rob mentioned, our results this quarter demonstrate ongoing customer adoption across our platform as enterprises around the globe turn to Workday to manage and empower their most important assets.

謝謝你，Rob，也感謝各位參加今天的電話會議。如 Rob 所提到，我們本季的成果展現了客戶在整個平台上的持續採用；全球各地的企業正轉向 Workday，以管理並賦能其最重要的資產。

Subscription revenue in Q1 was $2.354 billion, up 14%. Professional services revenue was $188 million, resulting in total revenue of $2.542 billion, growth of 13%. From a geographic perspective, US revenue in Q1 totaled $1.89 billion, up 13% and international revenue totaled $649 million, up 16%. 12-month subscription revenue backlog, or CRPO, was $8.81 billion at the end of Q1, growing 15.5%. This was driven by continued customer expansion, bolstered by our AI solutions and growth from new customers.

第一季訂閱營收為 23.54 億美元，成長 14%。專業服務營收為 1.88 億美元，使總營收達 25.42 億美元，成長 13%。以地區來看，第一季美國營收合計 18.9 億美元，成長 13%；國際營收合計 6.49 億美元，成長 16%。第一季末的 12 個月訂閱營收待履約額（CRPO）為 88.1 億美元，成長 15.5%。這主要由持續的客戶擴充所帶動，並受我們的 AI 解決方案與新客戶成長所支撐。

Total subscription revenue backlog at the end of Q1 was $27.29 billion, up 11%. Gross revenue retention rates remained strong at 97% in the quarter. Net customer expansion rates remained consistent with what we observed last quarter contributing roughly 60% of our subscription revenue growth for Q1. Non-GAAP operating income for the first quarter was $809 million, representing a non-GAAP operating margin of 31.8%. Margin strength was the result of the revenue outperformance combined with favorable spend versus expectations.

第一季末的訂閱收入待履約合約（backlog）總額為272.9億美元，年增11%。本季的總收入留存率（Gross revenue retention）維持強勁，達97%。淨客戶擴張率與我們上季觀察到的水準一致，對第一季訂閱收入成長的貢獻約為60%。第一季非GAAP營業利益為8.09億美元，對應非GAAP營業利益率為31.8%。利潤率的強勁表現來自營收優於預期，以及支出低於預期的有利因素共同作用。

Q1 operating cash flow was $696 million, growth of 52% and free cash flow for the quarter was $616 million, growth of 46% and in line with our expectations. We repurchased $1.6 billion of our shares during the quarter and had $1.3 billion in remaining authorization as of April 30. We ended the quarter with $4.4 billion in cash and marketable securities. Our headcount as of quarter end stood at 20,834 workmates around the globe.

第一季營運現金流為6.96億美元，成長52%；本季自由現金流為6.16億美元，成長46%，並符合我們的預期。本季我們回購了16億美元的自家股票，截至4月30日仍有13億美元的剩餘核准額度。本季末我們持有44億美元的現金及有價證券。截至季末，我們在全球的員工人數為20,834名Workmates。

Now turning to guidance. We remain focused on driving adoption of our Agentic solutions across HR and finance, while expanding into adjacent market opportunities, providing a foundation for long-term growth. We are pleased with our performance in Q1, and we are reiterating our FY27 subscription revenue outlook of $9.925 billion to $9.950 billion, growth of 12% to 13%. We expect Q2 FY27 subscription revenue to be approximately $2.455 billion, growth of 13%. We anticipate CRPO to increase between 13.5% and 14.5% in Q2. For Q2, we expect professional services revenue of $180 million.

接下來談展望。我們仍專注於推動Agentic解決方案在HR與財務領域的採用，同時擴展至相鄰市場機會，為長期成長奠定基礎。我們對第一季的表現感到滿意，並重申FY27訂閱收入展望為99.25億至99.50億美元，成長12%至13%。我們預期FY27第二季訂閱收入約為24.55億美元，成長13%。我們預期第二季CRPO將成長13.5%至14.5%。第二季我們預期專業服務收入為1.8億美元。

As Aneel mentioned, we are streamlining how we operate the business and are focused on investing in areas with the highest returns. We are increasing our FY27 non-GAAP operating margin guidance to 30.5%. For Q2, we expect a non-GAAP operating margin of approximately 30%. We expect Q2 GAAP operating margin to be approximately 19 percentage points lower than our non-GAAP operating margin and the full year FY27 GAAP operating margin to be approximately 18 to 19 points lower.

如Aneel所提到的，我們正在精簡業務運作方式，並專注於投資於回報最高的領域。我們將FY27非GAAP營業利益率指引上調至30.5%。第二季我們預期非GAAP營業利益率約為30%。我們預期第二季GAAP營業利益率將比非GAAP營業利益率低約19個百分點，而FY27全年GAAP營業利益率將比非GAAP低約18至19個百分點。

The FY27 non-GAAP tax rate is expected to be 19%. We are maintaining our FY27 operating cash flow outlook of $3.45 billion, and we continue to expect FY27 capital expenditures of approximately $270 million, resulting in free cash flow of $3.180 billion, growth of 15%.

FY27非GAAP稅率預期為19%。我們維持FY27營運現金流展望為34.5億美元，並持續預期FY27資本支出約為2.7億美元，因而自由現金流為31.80億美元，成長15%。

In closing, we remain focused on the potential for AI to transform our HCM and finance solutions. While still early in this journey, we are beginning to see the benefits from AI to our business model across both the top and bottom line, and we are executing on a framework to drive long-term growth while expanding GAAP and non-GAAP margins. We look forward to updating you on our progress in the quarters ahead.

最後，我們仍專注於AI改變我們HCM與財務解決方案的潛力。雖然這段旅程仍在早期階段，我們已開始看到AI對我們商業模式在營收端與獲利端的效益；同時，我們正依循一套框架來推動長期成長，並擴大GAAP與非GAAP利潤率。我們期待在接下來的季度向各位更新我們的進展。

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

接下來我把時間交回給接線員，開始問答環節。

Thank you. And we will now begin the question-and-answer session. (Operator Instructions)

謝謝。我們現在開始問答時間。(接線員指示)

Keith Weiss, Morgan Stanley.

摩根士丹利（Morgan Stanley）的Keith Weiss。

Thank you guys for taking a question and congratulations on a really nice start to the fiscal year. A lot of really bullish signals that we're getting on sort of the AI adoption. I wanted to ask a broader question. And maybe, Aneel, I'll ask you to kind of do my job for me because I'm trying to create a broader argument.

謝謝你們讓我提問，也恭喜你們在新財年的開局非常亮眼。我們看到許多關於AI採用的相當看多的訊號。我想問一個更宏觀的問題。也許Aneel，我想請你某種程度上幫我做一下我的工作，因為我正在嘗試建立一個更完整的論述。

You said at the beginning of your remarks that nobody is looking to sort of rebuild the core Workday system and that core transactional engine. And I agree, and I think most investors agree with that statement. I think where more of the concern is the additional functionality that Workday can be selling to these organizations, which kind of drives growth, that there's a new competitive dynamic there and maybe a new value proposition there.

你在開場時提到，沒有人想要去重建Workday的核心系統與核心交易引擎。我同意，我想大多數投資人也同意這個說法。我認為更令人擔心的是，Workday能夠向這些組織銷售的額外功能（這會推動成長），在那裡出現了新的競爭動態，或許也出現了新的價值主張。

And I think where investors perhaps are getting it wrong is assuming that because the cost of software development is coming down with cogeneration tools, there's a change, a significant change in sort of the TCO of getting that additional capability from Workday versus building it themselves.

我認為投資人可能看錯的一點是：他們假設因為有協同生成（cogeneration）工具使軟體開發成本下降，所以從Workday取得這些額外能力的總持有成本（TCO），相較於自行建置，會出現顯著改變。

And I think what investors get wrong is they're looking at it too narrowly in terms of what creates that TCO. So can you help kind of round out that equation of when your customers are looking for those innovations, obviously, the innovations have to be there, but they're also looking for a good TCO. How does Workday now stack up in that TCO versus building it yourself using these Agentic cogeneration tools?

我認為投資人看錯的是，他們對於TCO的構成看得太狹隘。所以你能否幫忙把這個等式補完整：當客戶在尋求這些創新時，顯然創新本身必須到位，但他們也在尋求良好的TCO。在使用這些Agentic協同生成工具自行建置的情境下，Workday在TCO方面相較於自建，現在的競爭力如何？

So first of all, Keith, thank you for all the time that you spent on Workday. I know it's your last call, and we very much appreciate all the time you spend with us and wish you all the best in whatever you choose to do next.

首先，Keith，謝謝你在Workday上投入的所有時間。我知道這是你最後一次電話會議，我們非常感謝你與我們相處的時間，也祝福你接下來無論選擇做什麼都一切順利。

So I guess I'd answer it in three prongs, and I'd hand it over to Gerrit. When I look at the world of Agentic in enterprise, we have this concept of lawful and lawless agents, lawful being done the right way, lawless going directly against the data and getting results that bypass security or bypass the business process framework. I have yet to meet a single customer that wants to do things in a lawless way. They all have to follow lawful. If they follow lawful, there are three paths for us to be successful.

我想我會從三個面向來回答，然後把問題交給Gerrit。當我看企業中的Agentic世界時，我們有一個概念叫做「守法（lawful）」與「不守法（lawless）」的代理：守法是以正確方式進行；不守法則是直接對資料下手並取得結果，繞過安全性或繞過業務流程框架。我至今還沒遇過任何一位客戶想用不守法的方式做事。他們都必須遵循守法。如果他們遵循守法，我們有三條成功的路徑。

One, the best path is for us to sell our own agents, and there's a clear TCO on those agents. And I think we've defined that, and we're seeing the success with those agents. Second is they can use Extend Pro to build their own AI applications, again, leveraging our platform. And the third is as we roll out these AI APIs on a consumption basis, that's the way that third parties could build Agentic applications, but they still have to use the rails, the security, the governance, the business process framework to make sure they're doing it in a lawful way.

第一，最好的路徑是我們銷售自家的代理（agents），而這些代理有清楚的TCO。我認為我們已經定義了這點，也看到這些代理帶來的成功。第二，他們可以使用Extend Pro在我們的平台上打造自己的AI應用。第三，當我們以用量計費（consumption）方式推出這些AI API時，第三方就能打造Agentic應用，但他們仍必須使用這些軌道（rails）、安全性、治理與業務流程框架，以確保他們是以守法的方式在做。

And again, I'll just say there's not a single customer that wants to do things in a lawless way now in the world of HR and finance. And so I don't know if you want to add anything, Gerrit, but I think it's, I think I feel pretty well covered, Keith, in having a solution for whatever customers would like to do.

再說一次，在HR與財務的世界裡，現在沒有任何客戶想用不守法的方式做事。所以我不知道你是否想補充，Gerrit，但我認為，Keith，我們對於客戶想做的任何事情，都已經有相當完整的解決方案。

Yes. And I think Aneel said it well. First of all, we embrace the ecosystem of builders. Actually, we provide APIs as part of the Workday platform, so customers can continue to build their own solutions and partners can continue to build own innovations that are part of the Workday platform and ecosystem. That in itself for us is a huge accelerant and value add and captured in our API Flex credit model.

是的。我認為Aneel說得很好。首先，我們擁抱建置者（builders）的生態系。實際上，我們在Workday平台中提供API，因此客戶可以持續打造自己的解決方案，合作夥伴也能持續打造屬於他們的創新，並成為Workday平台與生態系的一部分。這本身對我們而言就是巨大的加速器與價值增益，並已反映在我們的API Flex點數（credit）模型中。

But I think the real point here, Keith, is that for differentiated AI solutions that drive real value, which are not just augmentations, but actually redefining how HR and finance operates by taking big labor spends and making them smaller software spends, you need to have the three ingredients that only Workday has.

但我認為這裡真正的重點，Keith，是：要打造能帶來真正價值、具差異化的AI解決方案——不只是增強（augmentations），而是透過把大量的人力支出轉為較小的軟體支出，重新定義HR與財務如何運作——你需要只有Workday才具備的三個要素。

One is the world model of work, our compounding data set, which lets you actually contextualize AI systems. Secondly, what Aneel spoke about, all of the deterministic business process logic that defines policy, compliance, correctness in the key processes from managing people to closing the books. And then thirdly, not to forget, it's all about being deeply embedded in the flow of business, right?

其一是工作的世界模型，也就是我們的複利式資料集，讓你能夠真正把 AI 系統放在情境中理解。第二是 Aneel 提到的：所有用以定義政策、合規與正確性的確定性業務流程邏輯，涵蓋從人員管理到結帳關帳等關鍵流程。第三，也別忘了，重點在於要深度嵌入業務流程的運作之中，對吧？

Us providing that as part of the business processes as they happen, financial transactions, hiring decisions, pay cycles allows us to actually automate the work in the background and not just being a side panel that comes in without a true integration in the flow of work. So we feel really strong about both our platform and openness and the differentiation of our first-party agents.

我們把這些能力作為業務流程發生當下的一部分提供出來——無論是財務交易、招募決策、薪資週期——讓我們能在背景中真正自動化工作，而不只是作為一個沒有真正整合到工作流程中的側邊面板。因此，我們對我們的平台與開放性，以及我們第一方代理的差異化，都非常有信心。

Outstanding. That's helpful guys. And Aneel and team, it's really been a privilege covering Workday over these past two decades and seeing what you guys have built here. So thank you very much.

太棒了。這很有幫助，各位。Aneel 和團隊，過去二十年能夠追蹤報導 Workday，並看到你們在這裡打造出的成果，真的是一種榮幸。非常感謝。

Thank you, Keith. Appreciate it.

謝謝你，Keith。感謝。

Gabriela Borges, Goldman Sachs.

Gabriela Borges，高盛。

Hi, good afternoon. Thank you. I would love to hear a little bit more about the feedback you're getting from customers as you deploy Agentic. Sometimes what we notice is there's a gap between how these products and technologies perform in a sandbox or on a demo versus what customers are actually able to implement. So maybe just walk us through when you present some of the newer technologies like Sana or some of the organic Agentic development, what is the gap that you have to work with customers on? Or what are the limiting factors to them fully getting the value out of the agent? And how do you work with the customer to solve them? Thank you.

嗨，午安。謝謝。我很想多聽一些你們在部署 Agentic 時從客戶那裡收到的回饋。我們有時會注意到，這些產品與技術在沙盒或示範環境中的表現，和客戶實際能落地實作之間存在落差。所以也許請你們帶我們了解一下：當你們展示像 Sana 或一些自研的 Agentic 開發等較新的技術時，你們需要和客戶一起解決的落差是什麼？或者有哪些限制因素，讓他們無法充分從代理中取得價值？你們又如何與客戶合作來解決這些問題？謝謝。

I'll put it to Gerrit and to Rob. I think there's a piece for both of them in that.

我把這題交給 Gerrit 和 Rob。我想這題他們兩位都能回答一部分。

Yeah. First of all, what we, Gabriela, is that for us, the big difference is we engage on very specific problems when we speak about AI. We are not coming in generically with a broad exploration of what may be possible. We are solving concrete problems in the value chain from hire to retire to our financial processes from record to report, and that makes it very focused and value specific. So that alone in itself allows us to avoid that POC-driven unclear ROI scenario.

是的。首先，Gabriela，我們的做法是：談到 AI 時，我們會聚焦在非常具體的問題上。我們不是用很泛泛的方式進來，做一個對「可能性」的廣泛探索。我們是在解決價值鏈中的具體問題——從招募到離職（hire to retire），以及我們的財務流程從入帳到報表（record to report）——因此非常聚焦且價值明確。光是這一點，就能讓我們避免那種由 POC 驅動、ROI 不清楚的情境。

And because of all of the success that we have in that space, we can actually guide customers to the best practices, right? We know how Chipotle, 7-Eleven and so many others have transformed hiring, how NetApp transformed procurement. And that allows us to have a very specific value-oriented conversation. So what we are seeing actually right now is a very fast takeoff on our first-party agents. And frankly, for us, the challenge is how do we meet this demand curve, right?

而且因為我們在這個領域已經取得很多成功，我們其實能引導客戶採用最佳實務，對吧？我們知道 Chipotle、7-Eleven 等許多公司如何改造招募流程，也知道 NetApp 如何改造採購。這讓我們能進行非常具體、以價值為導向的對話。所以我們現在看到的是：我們第一方代理的採用正在非常快速起飛。坦白說，對我們而言的挑戰是：我們要如何滿足這條需求曲線，對吧？

So we are now starting to provision self-service agent to all of our customers because actually, we got so many inbound requests that we felt it's easier for us just to turn a default on than to have services engagement being wrapped around it.

因此我們現在開始把自助式代理（self-service agent）配置給所有客戶，因為實際上我們收到太多主動的需求，我們覺得與其每次都搭配服務專案，不如直接把預設開關打開，對我們更容易。

And the last part before I hand it over to Rob, I think what you are pointing to, the true change is changing in the business processes and the operating model of companies when they decree a much higher degree of automation. And that's not a technology change, right? That's a workforce transformation that's happening at multiple levels at the same point in time.

最後一點，在我交給 Rob 之前，我想你指出的真正變化，是當企業決定採用更高程度的自動化時，業務流程與營運模式本身也必須改變。而那不是技術變更，對吧？那是一場在多個層級同時發生的人力／勞動力轉型。

And this is why we've created our forward deployed engineers and our AI consultants. So they go in and they're not just bringing the technology, but they are really engaging on the business process transformation itself and guide our customers through it. Rob?

這也是為什麼我們建立了前線部署工程師（forward deployed engineers）與 AI 顧問團隊。他們進到客戶現場，不只是帶來技術，而是真正投入業務流程轉型本身，並引導客戶完成轉型。Rob？

Yeah. I would just add, Gabriela, that we've had, I don't know, maybe 100 customer touch points between Aneel, myself and Gerrit in the last three months. And the feedback from all of them have been overwhelming, actually positive, where these customers are really focused on how our agents can help them in the flow of work and what they're doing.

是的。我只想補充一下，Gabriela，過去三個月 Aneel、我和 Gerrit 之間，可能有大概 100 次的客戶接觸。而他們的回饋其實非常強烈、而且是正面的；這些客戶非常聚焦在：我們的代理如何在工作流程中、在他們正在做的事情裡幫上忙。

And certain agents have had tremendous success early on like deployment agent where existing customers can see the value immediately and they're actually selling to other customers and customers are your best sales folks. So I would say that's super optimistic, and they all come in with questions on where we are and they all leave with how do we actually get started.

而且有些代理在早期就取得了巨大的成功，例如部署代理（deployment agent），既有客戶可以立刻看到價值，甚至他們還會把這套方案推薦給其他客戶——客戶就是你最好的銷售人員。所以我會說這非常令人樂觀；他們帶著「你們現在進展到哪裡」的問題進來，離開時則變成「我們要怎麼開始」。

As Gerrit said, with Sana as the front door, we're launching that in a big way. And then I'd say with Sana Enterprise, we're more focused on use cases, working with our customers to build use cases that add tremendous value to them. The uptake there on big brand names has been incredible. We ran the Sana Lighthouse program and the demand has been, as I said, overwhelming early on, I would say, the same here.

如 Gerrit 所說，以 Sana 作為前門入口（front door），我們正在大規模推出。然後我會說，在 Sana Enterprise 方面，我們更聚焦在使用案例，與客戶一起打造能為他們帶來巨大價值的 use case。那邊在大型品牌客戶的採用速度令人難以置信。我們跑了 Sana Lighthouse 計畫，而需求如我所說，在早期就非常強勁、甚至可以說是爆量；我想這裡也是同樣的情況。

Thank you so much. I aprreciate the details.

非常感謝。我很感謝這些細節。

Michael Turrin, Wells Fargo Securities.

Michael Turrin，富國銀行證券。

Hey, great, thanks very much. Appreciate you taking the questions. Aneel, maybe you could speak to just the early progress. I know last quarter, there was commentary just around reprioritizing growth. This quarter, you mentioned best new ACV 1Q in five years. So maybe just speak to the progress and what you're seeing within Flex Credit or Agentic usage or some of the efforts there and then Zane, maybe just to complement how you're able to expand margin while still prioritizing growth at the moment. Thank you.

嗨，很好，十分感謝。謝謝你們回答問題。Aneel，也許你可以談談早期進展。我知道上季有提到重新調整成長優先順序。這一季你提到過去五年來第一季最佳的新 ACV。所以也許請談談進展，以及你在 Flex Credit 或 Agentic 使用、或相關努力上看到的情況；然後 Zane，也許請補充一下，你們如何在目前仍優先追求成長的同時擴大利潤率。謝謝。

So I guess I'd say a lot of the right work was already being done when I came back. Gerrit and team were on the right path, building the right agents, building the right infrastructure and we're now seeing the fruits of those efforts. And we're just getting more focused on what those efforts are, right? We're focused on building organic agents, and that's going extremely well with self-service agent and deployment agent.

我想我會說，當我回來時，很多正確的工作其實已經在進行了。Gerrit 和團隊走在正確的路上，打造正確的代理、建立正確的基礎設施，而我們現在正看到這些努力的成果。而我們只是更聚焦在這些努力的重點是什麼，對吧？我們聚焦在打造自研代理（organic agents），而這進展非常順利，包括自助式代理與部署代理。

The acquired agents continue to be strong. And as we roll out more of those agents, we're going to see continued momentum. But we're also doing some really great work on the APIs, which is going to be the way we monetize the headless transaction. So the pieces are coming into place. It's really about reprioritizing to be AI first and AI native as opposed to AI being part of our story.

併購而來的代理也持續表現強勁。隨著我們推出更多這些代理，我們會看到動能持續。但我們也在 API 上做了一些非常出色的工作，這將會是我們將無頭交易（headless transaction）變現的方式。所以各個拼圖正在到位。這真的就是把優先順序重新調整為 AI first、AI native，而不是把 AI 只是當作我們故事的一部分。

When you go through a technology transition, and I'm old enough to have been through a lot of them, you've got to put that technology transition front and center. And our core business is strong. But the 150th feature in HR or finance is not going to move the needle for our business. The next Agentic application will. I don't know if you want to add anything to that, Gerrit.

當你經歷一場技術轉型——而我年紀夠大，經歷過很多次——你必須把這場技術轉型放在最核心、最優先的位置。而我們的核心業務很強。但在人資或財務上第 150 個功能，並不會為我們的業務帶來決定性的改變。下一個 Agentic 應用才會。Gerrit，你想補充什麼嗎？

I think you said it well. And like Aneel has described, what we have changed at Workday and have laser focus now is either building APIs for AI or building AI agents. And that allows us really to be fully focused on the biggest opportunity ahead of us.

我覺得你說得很好。而且如同Aneel所描述的，我們在Workday所做的改變，以及我們現在高度聚焦的方向，是要嘛為AI建置API，要嘛建置AI代理（AI agents）。而這讓我們能夠真正全力聚焦在眼前最大的機會上。

So Michael, I'll just add on the margin side. Obviously, we're very pleased with the revenue performance in Q1, which always helps you on margin. The same being said, as Aneel said, coming back with focus and the teams across the company are focused on how we work faster, how we stay focused in each area and disciplined in where we make hires and the work that they're doing.

所以Michael，我再補充一下關於利潤率的部分。很明顯地，我們對第一季（Q1）的營收表現非常滿意，而這一向會對利潤率有幫助。同時，如同Aneel所說，回到聚焦本身，公司各團隊都在專注於如何更快地工作、如何在各個領域保持專注，以及在招募人力與其所做的工作上保持紀律。

And on top of that, we're recognizing the benefits on AI ourselves. So within Gerrit's team and R&D, we're seeing tremendous productivity improvements, whether it's our customer success business, we're seeing productivity improvements there, a lot of Rob's team on go-to-market as well. And we're using our own products, as you would expect us to.

此外，我們也正在親身體認到AI帶來的效益。因此在Gerrit的團隊與研發（R&D）內，我們看到巨大的生產力提升；不論是在我們的客戶成功（customer success）業務，我們也看到生產力提升；Rob的團隊在市場推進（go-to-market）方面同樣如此。而且我們也在使用自家產品，這正如你們所預期的。

So very pleased with the progress we're seeing, enabled us to move up the guide 50 bps over the course of the year, and we look forward to continuing to increase our margins over time. So we remain focused in both the top line and the bottom line and investing in key areas here.

所以我們對目前看到的進展非常滿意，這也讓我們能在全年期間把指引上調50個基點（bps），並期待隨時間推進持續提升我們的利潤率。因此我們仍同時聚焦於營收端與獲利端，並在關鍵領域持續投資。

Yeah. And if I could just say, this is more aspirational than anything else. I'd love to see us continue the growth that we had in Q1, but keep headcount as close to flat for the year as possible because we are getting the benefits of using our own products and other AI tools. And I think that's where I think I'm hopeful and believe that we're going to have additional margin expansion as we get those benefits. And I would say that's different than what my view was coming in three months ago.

是的。如果我可以再補充一句，這更多是願景性的想法。我希望我們能延續第一季的成長動能，但全年人力編制（headcount）盡可能維持接近持平，因為我們正受益於使用自家產品與其他AI工具。我想這也是我抱持希望並相信，隨著我們獲得這些效益，利潤率還會有進一步擴張。我會說，這和我三個月前剛上任時的看法不同。

Thanks.

謝謝。

John DiFucci, Guggenheim Securities.

John DiFucci，Guggenheim Securities。

Thanks for taking my question. Aneel and team, a really nice job on the execution this quarter. But I actually have a question related to the Sana AI Summit today in New York. Your new Chief AI Officer, Joel Hellermark, talked about not playing it safe in what is a technology paradigm shift. This all sounds good, and Workday has a leadership position. And Aneel, you know this as well as anybody, the innovator's dilemma is a strong force.

謝謝讓我提問。Aneel和團隊，這一季的執行表現真的很出色。不過我其實有個問題，與今天在紐約舉行的Sana AI Summit有關。你們新任的首席AI官（Chief AI Officer）Joel Hellermark談到，在技術典範轉移之際，不要走保守路線。這些聽起來都很好，而且Workday也具備領導地位。而且Aneel，你和任何人一樣清楚，創新者的兩難（innovator's dilemma）是一股很強的力量。

So with that context, I sort of have a high-level question for Gerrit and maybe, Aneel, if you want to join in, too. Gerrit, how do you, as the product leader at Workday, ensure that you do not only enable this paradigm shift happening with Workday, but actually lead through it. And is it possible to do that while leveraging the leadership presence you have built since the last paradigm shift? Or do you have to sort of abandon stuff?

在這樣的背景下，我想對Gerrit提出一個較高層次的問題；Aneel如果你也想一起回答也很好。Gerrit，作為Workday的產品領導者，你如何確保自己不只是讓Workday能夠因應正在發生的典範轉移，而是能夠引領它、穿越它？而在利用你們自上一次典範轉移以來所建立的領導地位的同時，是否仍有可能做到這一點？還是你必須某種程度上放棄一些東西？

Yeah. Thank you for that question, and thank you for attending Sana AI Summit today here in New York, truly a landmark moment, I think, for us and for the industry. And what you have heard today, I just want to break it down very clearly. So we all understand what we say, we are not playing it safe and driving deep AI innovation.

是的。謝謝你的問題，也謝謝你今天來紐約參加Sana AI Summit；我認為這對我們以及整個產業而言，確實是一個里程碑時刻。而你今天聽到的內容，我想把它非常清楚地拆解說明。讓大家都能理解我們所說的「不走保守路線」以及推動深度AI創新是什麼意思。

For AI, it's all about understanding what the key value levers are. And as we have said earlier, right, with Workday's world model of work, we have a set of data which allows us to rethink business processes that weren't part of Workday's remit today. And because of the AI leverage that we are getting that Zane described in just productivity, we can execute so fast.

對AI而言，關鍵在於理解主要的價值槓桿（value levers）是什麼。而如同我們先前所說，憑藉Workday的「工作世界模型」（world model of work），我們擁有一組資料，使我們能重新思考一些目前不在Workday職責範圍（remit）內的業務流程。而且因為我們正獲得Zane所描述的那種AI槓桿效益（尤其是生產力），我們可以非常快速地執行。

So today, what you've heard that we announced our travel agent. We didn't do travel before, but we did expenses. We did projects. We have the worker profile and the pay cycle, right? So now we can actually venture in this new area by just bringing this together in one seamless experience without taking on a high degree of functional development cost in the travel space because through AI, the data that we have and the productivity leverage, we can bring it together on the Workday platform.

所以今天你們聽到我們宣布推出旅遊代理（travel agent）。我們以前沒有做旅遊，但我們做費用（expenses）。我們做專案（projects）。我們有員工檔案（worker profile）與薪資週期（pay cycle），對吧？因此現在我們可以把這些整合成一個無縫體驗，進而切入這個新領域；而且不需要在旅遊領域承擔很高的功能開發成本，因為透過AI、我們擁有的資料以及生產力槓桿，我們能把它整合到Workday平台上。

And I think the even bigger one, I think this was the context that Joel spoke about. We also launched Sana for ITSM today. And it's all about being really intentional here. The most complex, the most expensive journeys in ITSM are related to the employee life cycle. Those are all events that we have inherently in the Workday platform already, recruiting, onboarding, offboarding, team changes, relocations.

而我認為更重要的一項——我想這也是Joel所談到的背景——是我們今天也推出了用於ITSM的Sana。我們今天也推出了用於ITSM的Sana。而這裡的重點在於非常有意識地（intentional）去做。在ITSM中，最複雜、成本最高的旅程（journeys）都與員工生命週期（employee life cycle）相關。這些事件在Workday平台上本來就內建存在：招募（recruiting）、到職（onboarding）、離職（offboarding）、團隊變動、調任（relocations）。

Now taking that and actually extending that out now to the complete workflow automation that sits beyond HR service delivery to IT service delivery suddenly feels super natural. Basically, AI makes us boundaryless or limitless, right, in the opportunities that we can pursue.

現在把這些拿來，並將其延伸到完整的工作流程自動化（workflow automation）——從HR服務交付（HR service delivery）延伸到IT服務交付（IT service delivery）——突然就變得非常自然。基本上，AI讓我們在可追求的機會上沒有邊界、或說幾乎沒有上限。

And when Joel spoke today at the Sana AI Summit is that we think of ourselves as an AI challenger, not as a defendant. And we are putting intentional investments into areas where we know we have all of the benefits already at Workday today to go out and disrupt places.

而Joel今天在Sana AI Summit上提到的是：我們把自己視為AI挑戰者（challenger），而不是防守者（defendant）。我們正在有意識地把投資放在一些領域上，因為我們知道Workday今天已經具備所有優勢，可以走出去在那些地方進行顛覆。

And I would just add to what Gerrit said, John, and echo what you said about thank you for attending the event earlier. Playing it safe is not, not playing it safe is not like we're going to take risk with security or governance. It's more that I think AI sort of resets competitive boundaries, and we can make bets in a bunch of new markets. All the bets don't need to work. If we make three or four bets and two of them work, that's a huge success.

John，我再補充Gerrit所說的，也呼應你剛才提到的，謝謝你稍早參加活動。所謂「不走保守路線」並不是指我們要在資安或治理（governance）上冒險。而是我認為AI某種程度上重置了競爭邊界，我們可以在許多新市場上下注。並不是每一個下注都必須成功。如果我們下三到四個注，其中兩個成功，那就是巨大的成功。

And I think that what you're going to see is us is, first of all, doubling down on what we're doing in AI within our HR and finance world, but also taking some bets that expand our TAM because they're there for the taking. Our data model with HR and finance happens to be a very robust data model that really captures every business object under the sun to build other applications. And I think that's one of the reasons why we have that flexibility.

而我想你們將會看到的是：首先，我們會在HR與財務領域的AI上加倍投入；同時也會做一些能擴大我們TAM（可服務總市場）的下注，因為機會就在那裡、唾手可得。我們以HR與財務為核心的資料模型，恰好是一個非常強健的資料模型，幾乎涵蓋企業裡所有的業務物件（business object），可用來建置其他應用。我想這也是我們具備那種彈性的原因之一。

Thank you very much. I got to say this is one of the first times I've heard an application company talk about things, and it's not restrictive when it comes to AI. It's actually expansive. So it's still early, but thanks for those answers.

非常感謝。我得說，這是我第一次聽到一家應用軟體公司談AI時，語氣不是受限的（restrictive），反而是擴張性的（expansive）。所以雖然還在早期，但謝謝你們的回答。

Brad Zelnick, Deutsche Bank.

Brad Zelnick，德意志銀行（Deutsche Bank）。

Excellent. Thank you so much for taking question. Gentlemen, I wanted to ask about deployment agent, reducing the cost and time of deployment. I remember the impact of launch years ago, which was targeted at the mid-market, but then we saw it become a competitive weapon even in the low end of enterprise. How would you compare deployment agent perhaps to launch as an incremental unlock helping to reduce TCO and make you even more competitive, but also could it positively impact seasonality of your business and being able to sign deals even later into the calendar year for customers that might want to go live by the beginning of their next fiscal year. Any additional thoughts about deployment agent would be great. Thanks.

太好了。非常感謝讓我提問。各位先生，我想問關於部署代理（deployment agent）——降低部署成本與部署時間。我記得多年前Launch推出時的影響，它原本是針對中型市場（mid-market），但後來我們看到它甚至在企業市場的低端也成為一項競爭武器。你們會如何把部署代理與Launch相比：它是否像是一個增量解鎖（incremental unlock），有助於降低TCO（總持有成本）並讓你們更具競爭力；此外，它是否也可能對你們業務的季節性帶來正面影響，讓你們即使在日曆年度更後段也能簽下交易，因為有些客戶可能希望在下一個會計年度開始前上線（go live）。若能分享更多關於部署代理的想法就太好了。謝謝。

I think it's Rob and Gerrit.

我想是 Rob 和 Gerrit。

Yes, let me go first. So I mean, for deployment agent with new implementations and Workday GO, we're seeing, what are the numbers you're seeing?

是的，我先來。所以我的意思是，針對 deployment agent 搭配新實作與 Workday GO，我們看到的情況是，你們看到的數字是多少？

30% on current projects and 50% reduction in the projects that we are just starting now.

目前專案是 30%，而我們現在才剛開始的專案則可減少 50%。

And so that, and that will continue to improve and change the whole dynamics around implementation and speed to implementation. So it goes to your point early on about can customers go live faster? For sure, we would definitely think that's a possibility, and we'll definitely get there much quicker. The hard work in implementations, master data testing and that becomes just so much more effective and faster. So that's a benefit.

而且這個數字還會持續改善，並改變整個實作以及實作速度的動態。所以回到你一開始的觀點：客戶能不能更快上線？當然，我們絕對認為這是可能的，而且我們也會更快達成。實作中最辛苦的部分——主資料測試——會變得更有效率、更快速。所以這是一項好處。

And the part that I'm really quite excited as well is the existing customers that are deploying deployment agent. I mentioned the state of Arkansas and the benefits that they receive, the existing customers using the deployment agent when they want to change configuration and they want to do things. They don't have to go out to RFP. They don't have to go talk to a systems integrator. They can see what they need to do themselves.

另外我也非常興奮的是，既有客戶正在部署 deployment agent。我提到阿肯色州以及他們獲得的效益；既有客戶在想要變更設定、想要做一些事情時使用 deployment agent，他們不必去做 RFP。他們不必去找系統整合商談。他們可以自己看出需要做什麼。

And that makes it very self-service in these large institutions. And that enables them to move much faster to deploy different business models as well. So I think there's broad coverage with it, and there's going to be a broad impact with it as well.

而這讓這些大型機構能夠高度自助化。也讓他們能更快部署不同的商業模式。所以我認為它的涵蓋面很廣，影響也會很廣。

And Brad, since you asked about launch, so launch is a method, which basically has a scope of Workday and an implementation method that allowed us to super streamline it. Now deployment agent is actually applying AI to automate that entire process. So it's the next logical step, if you think about it from improving that method further to make it AI automated.

Brad，既然你問到 launch，launch 是一種方法，基本上它有一個 Workday 的範疇，以及一套實作方法，讓我們能把流程大幅精簡。而現在 deployment agent 則是把 AI 應用到整個流程的自動化。所以如果你從進一步改善該方法、讓它變成 AI 自動化的角度來看，這就是下一個合乎邏輯的步驟。

And the mission of that team, right, the mission statement itself is the $0 deployment of Workday in a month. So we are doing exactly what you already have led to. We are taking now the launch scope and basically drive it with deployment agent to significantly increase the automation, which directly translates to the reduction in project time and customer cost at virtually the same amount.

而那個團隊的使命，對，就是使命宣言本身，是在一個月內以 0 美元完成 Workday 部署。所以我們正在做的，正是你剛才引導到的方向。我們現在把 launch 的範疇，基本上用 deployment agent 來驅動，以大幅提升自動化程度，這會直接轉化為專案時間的縮短，以及客戶成本幾乎等幅的降低。

And we are still at the beginning of that. We are super confident that with that, we can completely squash migration complexity and deployment times for customers to a degree. But the whole consideration in the mid-market, for instance, if you move to Workday or not because time of migration, cost of migrations are a consideration. Our ambition is to make this a completely nonissue. And with that, unlock for our customers Workday at scale.

而我們仍然處於起步階段。我們非常有信心，透過它，我們可以在相當程度上徹底壓低客戶的遷移複雜度與部署時間。但在中型市場，例如是否要轉到 Workday，遷移時間與遷移成本一直是考量因素。我們的企圖是讓這完全不再是問題。並藉此讓我們的客戶能以規模化方式使用 Workday。

Thank you very much. Really appreciate it.

非常感謝。真的很感激。

Alex Zukin, Wolfe Research.

Alex Zukin，Wolfe Research。

Hey, guys. Thanks for taking the question. Maybe just a quick two-parter. Aneel, for you, it's rare when Q1 has a net new ACV acceleration. It sounded like it was something kind of was a little bit different this quarter, particularly on the net new side. So maybe just dive in, what are you seeing out there in the demand environment? That's not happening for every other application software company clearly. So kind of what do you think is different from a Workday perspective that drove that incrementally better execution?

嗨，各位。謝謝讓我提問。我這邊可能是簡短的兩段式問題。Aneel，先問你，第一季出現淨新增 ACV 加速其實很少見。聽起來這一季有些不太一樣，特別是在淨新增那一塊。所以能否請你深入談談，你們在需求環境中看到了什麼？顯然其他應用軟體公司並沒有發生同樣的情況。所以從 Workday 的角度，你覺得有什麼不同，促成了這次邊際上更好的執行表現？

And then, Zane, just maybe any high-level commentary on how much, if any, DIA benefit you guys saw in the quarter that I think Rob alluded to in the prepared remarks. And just kind of when do you think we'll start to see some of this accelerating bookings that seemingly is kind of happening under the hood actually reflect in some of the cRPO dynamics?

然後 Zane，也想請你從高層次評論一下，本季你們看到的 DIA 受益有多少（如果有的話），我記得 Rob 在事先準備的講稿中有提到。以及你們認為，這些看起來在檯面下正在加速的 bookings，什麼時候會開始反映在 cRPO 的動態上？

So I'd say, first of all, one quarter does not make a year. So we're optimistic heading out of Q1, but we've got a lot to play for, for the rest of the year. I do think, candidly, I think there were some deals that slipped from Q4. We always talk about how the deals slipped from Q4, we'll close them in Q1. Well, Rob's team really did close a lot of great business in Q1.

我會說，首先，一個季度不代表一整年。所以我們對第一季結束後的走勢感到樂觀，但今年剩下的時間還有很多要努力。坦白說，我確實認為有一些交易從第四季延後到第一季。我們總是說第四季延後的案子會在第一季結案。而 Rob 的團隊確實在第一季拿下了很多很棒的業務。

But the reality is if you look at the split, the AI products are driving the growth. And what's exciting to me is that the organic products are showing great promise and they're getting early acceptance and deployment, but they're still in the early days.

但現實是，如果你看拆分，AI 產品正在帶動成長。讓我興奮的是，有機產品展現了很好的潛力，也獲得早期採用與部署，但仍然還在早期階段。

And I think towards the second half of the year when they're deeper into general availability and more customers are using it, and we're on the Flex Credit model. I think it just, it's all goodness this year as we build towards that AI growth. And Rob has done a great job of making sure the sales force and services teams are aligned to driving that growth, not just out of the core, but really focused on the AI growth.

我認為到了下半年，當它們更深入進入全面可用（GA），且有更多客戶在使用，同時我們也採用 Flex Credit 模式時，我覺得今年會是一路向好，因為我們正朝著 AI 成長去建構。而 Rob 也做得很好，確保銷售團隊與服務團隊在推動成長上保持一致，不只是核心產品的成長，而是更聚焦在 AI 成長。

Yeah, Alex, as you touched on, we were pleased to see DIA come into the first quarter. As Aneel alluded to, it was a great quarter for a number of reasons with linearity. We recognized some DIA revenue, not significant, but some DIA revenue in the quarter. And unlike last year, we expect to recognize that revenue over the course of the year. If you recall, last year, it was back-end loaded.

是的，Alex，正如你提到的，我們很高興看到 DIA 在第一季就開始貢獻。如 Aneel 所說，這一季在多個面向都表現很好，包括線性度。我們在本季認列了一些 DIA 收入，不算顯著，但確實有一些。而且不同於去年，我們預期會在全年期間逐步認列這些收入。如果你還記得，去年是偏向後段集中。

So we're pleased with how we'll recognize that revenue over the course of the year. And then as Aneel mentioned, with a lot of the Flex credit sales and the momentum we have in our sales and in AI, we expect to see those bookings ramp up over the course of the year. So have a larger booking impact into the second half and we would expect because of the recognition of revenue to see that impact FY28 to a greater degree.

所以我們對於全年期間的收入認列節奏感到滿意。另外如 Aneel 提到的，隨著大量 Flex credit 的銷售，以及我們在銷售與 AI 方面的動能，我們預期這些 bookings 會在全年逐步拉升。因此在下半年會有更大的 bookings 影響；而我們也預期，由於收入認列的關係，這個影響在 FY28 會更為明顯。

Perfect. Thank you, guys and congrats on great set of results.

完美。謝謝各位，也恭喜你們交出一組很棒的成績。

Thanks, Alex.

謝謝你，Alex。

Brent Thill, Jefferies.

Brent Thill，Jefferies。

Thanks. Aneel, for Sana, when does this start to get fully integrated? And when do you feel like this starts to have an impact on deals? And maybe the answer is right now? And a second follow-up with Rob and Zane, just on the quarter, just to follow on on Alex's point. Were there any, were there less changes to the sales go-to-market this Q1 than you've had maybe in past Q1s? And I know you mentioned there are some slip deals, but perhaps there's also less tinkering with the go-to-market team that gave them more time in the field to sell or?

謝謝。Aneel，關於 Sana，什麼時候會開始做到完全整合？你覺得什麼時候會開始對交易產生影響？也許答案是現在？第二個追問給 Rob 和 Zane，關於本季，延續 Alex 的觀點。你們在今年第一季相較於過去的第一季，銷售 go-to-market 的調整是否比較少？我知道你們提到有一些延後的案子，但也許 go-to-market 團隊比較少被微調，讓他們有更多時間在前線銷售，或是？

So on the first one, it's available today. It's fully integrated. We need to move more customers on to our equivalent of the innovation services agreement. But the uptake has been super rapid. On the Sana learning piece, that was also a good, we also had a good quarter there.

第一個問題，它今天就已經可用。而且是完全整合的。我們需要讓更多客戶轉到我們相當於 innovation services agreement 的合約上。但採用速度非常快。在 Sana learning 這一塊，我們這一季表現也不錯。

And the rest of Sana is more about what comes next with some of these newer applications. I don't know, Gerrit, if you want to add anything. But it is now the new front end for Workday. I mean that is de facto default that is the new front end for Workday.

而 Sana 的其餘部分，更多是在談接下來這些較新的應用會如何發展。我不知道，Gerrit，你是否想補充什麼。但它現在已經是 Workday 的新前端。我的意思是，這實際上已成為預設，也就是 Workday 的新前端。

Yeah. The only piece to add is that at the end of May, we're going to provision Sana for Workday and self-service agent to all of our customers on our current AI terms of service and make it basically the default deployed solution as part of their contract, further unlocking it. So it's going to be a huge surge for us again.

是的。唯一要補充的是，在五月底，我們將在現行的 AI 服務條款下，為所有客戶開通（provision）Sana for Workday 與自助服務代理，並基本上把它作為合約的一部分、預設部署的解決方案，進一步釋放其價值。所以對我們來說又會是一波巨大的成長動能。

Yeah. And on the field, was there less changes year over year, I would say we were very prepared for coming into financial year 2027. We had planned this very early on. We knew that we needed to move to a denser model with customer base because of the agents and what we're doing with organic, inorganic agents and agents. So we were super ready for that.

是的。至於前線（field），我會說同比變動較少；我們其實為進入 2027 財年做了非常充分的準備。我們很早就規劃了這件事。我們知道，因為代理（agents）以及我們在有機、無機代理與各類代理上的作為，我們需要把客戶基礎轉向更高密度的模式。所以我們準備得非常充分。

And we had broad-based success on a global basis. North America did really well. EMEA came back strong. Our international business with Europe was very good. Japan was very good. We had a strong net new quarter and a strong large enterprise quarter. So I would say we were ready for whatever changes we put in place, and it was not disruptive, obviously, and we had very good linearity all through Q1.

而且我們在全球範圍內都取得了廣泛的成功。北美表現非常好。EMEA 強勢回升。我們在歐洲的國際業務表現非常好。日本也非常好。我們本季淨新增（net new）很強，大型企業季度也很強。所以我會說，我們已準備好應對我們所推行的任何變更，而且顯然並未造成干擾；整個第一季的線性（linearity）也非常好。

Thank you.

謝謝。

Karl Keirstead, UBS.

Karl Keirstead，瑞銀（UBS）。

Okay. Great. Thank you. Maybe, Rob, just sticking with you. Just as investors and I watch the number of risks pick up in the tech sector, and we worry a little bit about seat compression spilling over into the non-tech sector. I just wanted to ask you what you're seeing in terms of seat growth versus module expansion as drivers of that nice overall expansion that you highlighted on the call. Thank you.

好的。很好。謝謝。也許，Rob，我就接著問你。當投資人和我看到科技產業的風險數量在增加時，我們也有點擔心席位壓縮（seat compression）會外溢到非科技產業。我想請教你，你們看到的情況是：席位成長相較於模組擴張，哪一個更是你在電話會議中提到那個不錯的整體擴張的驅動因素？謝謝。

Yeah. So I would say we see a long runway with the value sales and the agents and what we're doing with Flex credits, the launch of Sana into the market and broad-based. We see that, and we said early on, I think last quarter, we mentioned that the back half of the year, we continue to see, and that we definitely continue to see that.

是的。所以我會說，我們在價值型銷售（value sales）、代理（agents）、Flex 點數（credits）、Sana 推向市場，以及廣泛的市場採用上，都看到很長的成長跑道。我們看到了這點；而且我們很早就說過，我想是上個季度，我們提到下半年我們仍然會看到這種趨勢，而我們確實也持續看到。

On the FSE expansion, I mean, we continue to see expansion in the overall when we look at the amount of customers. As we acquire net new customers, we bring in new customers on board, and we continue to do pretty well in the net new space, and I still think there's opportunity there. But I would say, ultimately, a broader part of our business is going to move to the Flex Credit type environment with APIs and consumption.

至於 FSE 的擴張，我是說，當我們看客戶數量時，我們仍持續看到整體的擴張。隨著我們取得淨新增客戶、把新客戶導入上線，我們在淨新增領域仍做得相當不錯，我也仍認為那裡有機會。但我會說，最終我們業務中更大的一部分會轉向以 API 與用量（consumption）為基礎的 Flex 點數型態環境。

Karl, I'll just add, we've commented over the last number of quarters on, as it relates to FSEs. And as Rob alluded to, it's been flat or marginally up. And this quarter, I'd say flattish. But to your point on the technology sector, obviously, we've got a diverse customer base. I mean we've seen any declines in the tech sector more than offset in other areas.

Karl，我補充一下：過去幾個季度我們已就 FSE 相關議題做過評論。如 Rob 所暗示的，它一直是持平或小幅上升。而這一季，我會說大致持平。但就你提到的科技產業而言，顯然我們的客戶基礎相當多元。我的意思是，我們在科技產業看到的任何下滑，都被其他領域的成長所抵銷，甚至有餘。

So there's been a balance. There's definitely been movement. We did see it in the tech sector specifically, but we've been flattish. And as I pointed out in my prepared remarks, we've seen good net expansion more broadly. So it's not a meaningful part of our revenue growth.

所以一直是有平衡的。確實有一些變動。我們確實在科技產業特別看到了這點，但整體仍大致持平。而且如我在事先準備的發言中指出的，我們更廣泛地看到了良好的淨擴張。因此，這並不是我們營收成長中有意義的一部分。

Yeah. And I think it's really important to recognize that if FTE count does go down, it's being replaced by AI is replacing labor, not software right now. And as long as we do what we are doing right now and continue to execute, we're a beneficiary of the shift to Agentic work.

是的。而且我認為很重要的一點是要認清：如果全職員工（FTE）人數下降，現在被替代的是 AI 在取代勞動力，而不是軟體。只要我們持續做我們現在正在做的事並持續執行到位，我們就會是向代理式工作（Agentic work）轉移的受益者。

Very helpful. Thank you.

非常有幫助。謝謝。

Raimo Lenschow, Barclays.

Raimo Lenschow，巴克萊（Barclays）。

Team, thanks for squeezing me in and congrats from me as well. Just a quick one for Zane. RPO, like cRPO, like as we expected, RPO was slightly lower growth. Can you talk a little bit about, is that kind of customers signing shorter contracts or there's a duration effect? Can you just talk to the puts and takes there? Thank you.

各位團隊，謝謝讓我插個問題，我也一併表示祝賀。給 Zane 一個簡短問題。RPO，像是 cRPO，正如我們預期，RPO 的成長略低。你能談談這是否是客戶簽更短的合約，或是有期限（duration）效應嗎？能否談談其中的拉鋸因素（puts and takes）？謝謝。

Yes, happy to. I mentioned on the last call as well, we've actually seen real consistency in duration and RPO at the highest level is more driven by the mix of customer base versus net new offerings. And over the last couple of quarters, I've called out that we've been pleased with the growth on customer base as a mix. And the duration for each of those has been pretty consistent. But when you do a renewal, it tends to have a slightly shorter duration than a net new offering. So it's simply been that mix that's driven any difference between cRPO and RPO.

好的，很樂意。我在上次電話會議也提到，我們其實看到期限（duration）相當一致；而在最高層級，RPO 更多是由客戶基礎的組合（mix）相對於淨新增產品/方案所驅動。而在過去幾個季度，我也指出我們對客戶基礎作為組合的成長感到滿意。各類型的期限都相當一致。但當你做續約時，期限往往會比淨新增合約略短一些。所以，cRPO 與 RPO 之間的任何差異，單純就是由這個組合所驅動。

Okay, thank you.

好的，謝謝。

Ladies and gentlemen, thank you for your participation on today's conference. You may now disconnect.

各位女士先生，感謝您參與今天的會議。您現在可以掛線。