Workday, Inc. (WDAY) 2027 Q2 法說會逐字稿

Ladies and gentlemen, welcome to Workday's second quarter fiscal year 2027 earnings call. (Operator Instructions). I will now hand it over to Justin Furby, Vice President of Investor Relations. Please go ahead.

各位女士、先生，歡迎參加 Workday 2027 會計年度第二季財報電話會議。（接線員指示）。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 second quarter fiscal 2027 earnings conference call. On the call, we have Aneel Bhusri, our CEO; Garrit Kazmaier, our President, Product and Technology; Gabe Monroy, our Chief Technology Officer; Rob Enslin, our President and Chief Commercial Officer; and Zane Rowe, our CFO.

謝謝，接線員。歡迎參加 Workday 2027 會計年度第二季財報電話會議。今天與會者包括：我們的執行長 Aneel Bhusri；產品與技術總裁 Garrit Kazmaier；技術長 Gabe Monroy；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.

在事先準備的發言之後，我們將開放提問。我們的新聞稿已於收盤後發布，並已張貼於公司網站；本次電話會議也同步進行網路直播。

Before we get started, we want to emphasize that some of our statements on this call, particularly our guidance, are based on the information we have as of today and include forward-looking statements regarding our financial results, applications and solutions, customer demand, operations and other matters.

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，並包含關於我們財務結果、應用與解決方案、客戶需求、營運及其他事項的前瞻性陳述。

These statements are subject to risks, uncertainties and assumptions that could cause actual results to differ materially. Please refer to the press release and the risk factors and 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.

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。有關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、不確定性與假設的更多資訊，請參閱新聞稿，以及我們向美國證券交易委員會（SEC）提交的風險因素與文件，包括我們 2026 會計年度 Form 10-K 年度報告。

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；我們認為這些指標可作為補充衡量，有助於評估 Workday 的表現。這些非 GAAP 指標應與 GAAP 結果一併考量，不應取代 GAAP 結果，亦不應單獨或孤立地解讀。

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

您可在我們的財報新聞稿、投資人簡報，以及公司網站投資人關係頁面中，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與我們的季度投資人簡報，將於會後張貼於投資人關係網站。

Our third quarter fiscal 2027 quiet period begins on October 15, 2026, and unless otherwise stated, all financial comparisons in this call will be to our results for the comparable period of our fiscal 2026. With that, I'll pass the call over to Aneel.

我們 2027 會計年度第三季的靜默期將於 2026 年 10 月 15 日開始；除非另有說明，本次電話會議中的所有財務比較，皆以 2026 會計年度可比期間的業績為基準。接下來，我把電話交給 Aneel。

Thanks, Justin, and thanks, everyone, for joining us today. It's hard to believe I've been back in the CEO seat for six months. Time flies, we're having fun, and I'm having a lot of fun. This is a fun time to be back in the tech industry. Q2 was another strong quarter, and AI played an increasingly bigger role.

謝謝你，Justin，也謝謝各位今天加入我們。很難相信我回到執行長位置已經六個月了。時間過得很快，我們玩得很開心，我也非常享受。現在回到科技產業，正是很有趣的時刻。第二季又是一個強勁的季度，而 AI 扮演的角色愈來愈重要。

AI products alone drove more than $100 million of new ACV, which accounted for more than 25% of all new ACV closed in the quarter and is starting to lift our core business, too, including our win rates. We had commercial success with AI in the quarter, including strong early returns with Flex credits, and we expect this to accelerate going forward. But I'm watching more closely is adoption. Today, more than 5,500 customers are using one or more of our organic agents. That's up more than 35% from last quarter.

僅 AI 產品就帶來超過 1 億美元的新 ACV，約占本季所有新簽 ACV 的 25% 以上，並且也開始帶動我們的核心業務，包括提升我們的贏單率。本季我們在 AI 方面取得商業上的成功，包括 Flex 點數（credits）的早期回報相當強勁，我們預期未來將進一步加速。但我更密切關注的是採用情況。目前已有超過 5,500 家客戶在使用我們一個或多個自研（organic）代理（agents）。較上季成長超過 35%。

As we continue to build organic agents on Workday, we're also deeply integrating acquired agents like those from Paradox, HiredScore, Evisort into our platform. And we've signed some of the world's largest brands to our Leidos program, which gives strategic customers Sana Enterprise free for a year. We've rolled it out to our own work made last month, and they're hooked. I expect these customers will be, too, and we know that if we deliver the value, monetization will follow. After two strong back-to-back quarters, I really like the momentum we have going into the second half of the year.

在我們持續於 Workday 上打造自研代理的同時，我們也正將收購而來的代理（例如 Paradox、HiredScore、Evisort 的代理）深度整合進我們的平台。我們也已與全球一些最大品牌簽署加入我們的 Leidos 計畫，該計畫讓策略型客戶可免費使用 Sana Enterprise 一年。我們上個月已在公司內部推行，大家都上癮了。我也預期這些客戶會如此；而我們知道，只要我們交付價值，變現自然會隨之而來。在連續兩個強勁季度之後，我非常喜歡我們進入下半年所展現的動能。

Gerrit and our product and technology teams have our innovation engine humming again. While Rob and his team have done a phenomenal job building pipeline that will drive more new business. Dave will cover the numbers shortly, including the impact of AI adoption on our outlook for the second half and fiscal year '28. I spent much of the past six months with customers. Last quarter, I told you I had met a single customers looking to replace Workday with something they're building internally or buying from a start-up.

Gerrit 與我們的產品與技術團隊，已讓創新引擎再次全速運轉。同時，Rob 與他的團隊在建立可帶動更多新業務的銷售管線方面，做得非常出色。Dave 很快會說明財務數字，包括 AI 採用對我們下半年與 2028 會計年度展望的影響。過去六個月我大部分時間都在與客戶交流。上季我曾告訴各位，我沒有遇到任何一家客戶想用他們內部自建的方案或向新創購買的方案來取代 Workday。

A quarter later, that hasn't changed. The reason is the deterministic rails I've talked about before. Our agents are lawful. They work inside the permissions, policies and business process a company already runs on. That's why our customers can trust them with the work that matters, and that's why we're seeing our organic agents really take off this year.

一季之後，情況仍然沒有改變。原因在於我之前談過的「確定性軌道」（deterministic rails）。我們的代理是合規且可受治理的。它們在企業既有的權限、政策與業務流程之內運作。這就是為什麼客戶能信任它們去處理關鍵工作，也因此我們看到今年我們的自研代理真正快速起飛。

One of those customers is BMO, a top 10 bank in North America. They piloted self-service agent with 500 employees in May and successfully rolled it out to all 55,000 employees in June. SSA gives BMO employees and managers a personal, intuitive way to get HR questions answered and work done faster and easier.

其中一位客戶是 BMO——北美前十大銀行之一。他們在 5 月以 500 名員工試行自助服務代理（self-service agent），並在 6 月成功推廣至全部 55,000 名員工。SSA 為 BMO 的員工與主管提供一種個人化、直覺的方式來獲得人資問題解答，並更快、更輕鬆地完成工作。

And because it's native to Workday, the agent understands employee permissions and which HR policies apply to them. That built-in context is exactly what makes this a responsible and scalable AI deployment for BMO.

而且因為它是 Workday 原生（native）的，該代理能理解員工的權限，以及哪些人資政策適用於他們。這種內建的情境脈絡，正是讓 BMO 能以負責任且可擴展的方式部署 AI 的關鍵。

BMO is one of many. More customers are moving from pilots to production with our agents. But we know that no one company will build every agent. The future will be opened and CIOs need a trusted platform to connect at all. We're building for that world with Data Cloud and Developer Agent.

BMO 只是眾多案例之一。越來越多客戶正把我們的代理從試點導入到正式上線（production）。但我們也知道，沒有任何一家公司會打造所有代理。未來將是開放的，而 CIO 需要一個可信賴的平台把一切連接起來。我們正透過 Data Cloud 與 Developer Agent 為這個世界打造。

Data Cloud lets customers use their Workday data alongside the other systems they run on, without copying or moving it. Customers see the value and demand is building. Developer Agent, which we announced at DevCon in June, makes it dramatically faster and easier for developers to build on Workday using natural language. It's one of the innovations I'm most excited about. I'll add just one thing, because I don't think it's fully understood.

Data Cloud 讓客戶能在不複製或搬移資料的情況下，將其 Workday 資料與其所運行的其他系統並行使用。客戶看見其價值，需求正在累積。我們在 6 月 DevCon 上宣布的 Developer Agent，讓開發者能以自然語言在 Workday 上進行開發，速度與便利性大幅提升。這是我最興奮的創新之一。我只再補充一點，因為我認為這點尚未被完全理解。

Workday is not just an enterprise apps company. We're an enterprise context platform. We were built that way from the start. Agency contacts to do anything useful. Who reports to whom, what the policies are, how money moves.

Workday 不只是企業應用軟體公司。我們是企業情境脈絡平台（enterprise context platform）。我們從一開始就是以這種方式打造的。代理要做任何有用的事情，都需要情境脈絡。例如：誰向誰匯報、政策是什麼、資金如何流動。

So whether a customer runs our agents or builds their own on top of Workday, we win either way. Gabe will go deeper on this shortly. Finally, Rising is coming to Las Vegas, October 12 through the 15. I have to tell you, Gerrit and his team have what me through our rising announcements, and it was loan away by how much innovation we have to show, not slides, live demos and customers talking about work our agents are already doing inside their business. That's the proof I care about most.

因此，無論客戶是運行我們的代理，或是在 Workday 之上自行打造代理，我們都能以任何方式勝出。Gabe 稍後會更深入說明。最後，Rising 大會將於 10 月 12 日至 15 日在拉斯維加斯舉行。我必須告訴各位，Gerrit 和他的團隊帶我預覽了我們在 Rising 的發表內容，我對我們能展示的創新之多感到震撼——不是投影片，而是現場示範（live demos），以及客戶分享我們的代理已在其企業內部實際執行的工作。那才是我最在乎的證明。

We'll also be hosting our Financial Analyst Day at Rising, and I hope to see you all there. To close, as many of you know, I'm an unabashed optimist, but I'm not leaning on optimism here. We're shipping air products. Our customers are adopting them rapidly. It's happening across the board from the agents we built ourselves to the ones we've acquired.

我們也將在 Rising 舉辦我們的金融分析師日，希望到時能見到各位。最後，如同許多人所知，我一向是個毫不掩飾的樂觀主義者，但這次我不是靠樂觀在說。我們正在出貨 AI 產品。我們的客戶正在快速採用。這正在全面發生，從我們自行打造的代理到我們透過併購取得的代理皆是如此。

This is Workday moment and never felt better about where we're headed. With that, I'll hand it to my Vulcan Mine Mill friend, Gerrit.

這是 Workday 的時刻，我對我們前進的方向從未如此有信心。接下來我把時間交給我在 Vulcan Mine Mill 的朋友 Gerrit。

Thanks, Aneel, and hello, everyone. In Q2, once again, we have accelerated our road map and added new AI capabilities across our platform. All of it builds on our unique growth model of work, and we keep moving more agents into production at scale. So let me put this into numbers for you. Nearly $600 million in ARR from our AI SKUs and that is up more than 200% year-over-year and up over 20% from last quarter.

謝謝你，Aneel，大家好。在第二季，我們再次加速了產品路線圖，並在整個平台新增了 AI 能力。這一切都建立在我們獨特的「工作驅動」成長模型之上，而我們也持續把更多代理以規模化方式推進到正式生產環境。讓我用數字說明。我們的 AI SKU 帶來接近 6 億美元的 ARR，年增超過 200%，且較上季成長超過 20%。

Here is what this looks like in practice. In recruiting, more than 30 million candidates interacted with our talent acquisition agent and the automatically scheduled more than 8 million interviews last water alone. In functions like procurement and legal Workday Contract Intelligence Agent drove nearly 70% year-over-year growth in agreements processed. And NHR case resolution, more than 100 customers move Sana self-service agent into production last month. Since February, we have nearly doubled the tools and skills in the agent that run in production.

以下是實際運作的樣貌。在招募方面，超過 3,000 萬名候選人與我們的人才招募代理互動，且僅在上一季就自動排程了超過 800 萬場面試。在採購與法務等職能上，Workday 合約智慧代理推動已處理協議的年增近 70%。在人資（HR）案件解決方面，上個月有超過 100 家客戶將 Sana 自助服務代理導入正式生產。自二月以來，我們幾乎將在生產環境中運行的代理工具與技能數量翻倍。

So now let's talk about three key innovation highlights from last quarter, Sana, Adaptive Decision Intelligence and our deployment and adoption agents. Let's talk about Sana Enterprise first. Sana Enterprises our AI workbench for HR, finance and IT to build, orchestrate and run AI across the entire end rise.

現在來談談上季三項關鍵創新亮點：Sana、Adaptive Decision Intelligence，以及我們的部署與採用代理。先談 Sana Enterprise。Sana Enterprise 是我們的 AI 工作台，讓人資、財務與 IT 能夠在整個企業內建置、編排並運行 AI。

In Q2, we have shipped 23 new capabilities in Sana that open up what customers can do with it. For example, our brand-new Sana Agent Builder lets any user create in action in natural language and then run it on a schedule or trigger it on a business event.

在第二季，我們在 Sana 交付了 23 項新功能，擴大客戶可用的能力範圍。例如，我們全新的 Sana Agent Builder 讓任何使用者都能以自然語言建立一個動作，並可排程執行或在業務事件觸發時執行。

Every one of those agent runs in a secure sandbox. We now have one shared agent task inbox in Sana, where work is managed in one place, human or AI. And we have added custom MCP connectors. So Sana can connect to any third-party application out there. This innovation, it's already changing AI adoption inside and outside of Workday.

每一個代理都在安全的沙箱中運行。我們現在在 Sana 中提供一個共用的代理任務收件匣，讓工作在同一處被管理，不論是由人或 AI 執行。我們也新增了自訂 MCP 連接器。因此 Sana 可以連接到任何第三方應用程式。這項創新已經在改變 Workday 內外的 AI 採用方式。

Here is what we have done. We rolled out Sana Enterprise internally on August 4 and already have 12,000 active users on it. These workmates have built 22,000 custom agents in three weeks alone. Now this is what AI looks like when it's embedded into real work. We have also brought Workday Learning and Sana learn together into one product.

以下是我們做了什麼。我們在 8 月 4 日於內部推出 Sana Enterprise，目前已經有 12,000 名活躍使用者。這些同事僅在三週內就建立了 22,000 個自訂代理。這就是當 AI 被嵌入真實工作時的樣子。我們也把 Workday Learning 與 Sana Learn 整合為單一產品。

It is in GA now with a learning admin agent, AI-based course generation and AI tutor for self-paced learning and MCP support as part of our open platform, and the results are clear. In Sana, monthly active users grew almost 190% year-over-year and 78% of all published courses were created of AI.

目前已正式全面上市（GA），具備學習管理員代理、AI 課程生成、用於自學的 AI 導師，以及作為我們開放平台一部分的 MCP 支援，成果非常明確。在 Sana 中，月活躍使用者年增近 190%，且所有已發布課程中有 78% 是由 AI 建立。

And we are taking the next major step to Sana Workday. As we have shared in the past, Sana is our vision for an eye driven work experience across Workday and beyond. With our unique meta-driven platform, we can now unlock all Workday processes for generative UI in Sana.

我們也正邁向 Sana 與 Workday 的下一個重大步驟。如同我們過去分享的，Sana 是我們對於在 Workday 及其延伸範圍內、以 AI 驅動的工作體驗之願景。憑藉我們獨特的中繼資料驅動平台，我們現在可以在 Sana 中解鎖所有 Workday 流程，實現生成式 UI。

So by Workday Rising in October, Sana's conversation AI experience will be the default home screen to Workday. The second big AI innovation is Decision Intelligence. As you know, frontier models are good at analyzing data, but they sit on the sidelines of the operational system, they are detached from business semantics. They are working off downloaded spreadsheets, and they are unable to close the loop back to work actually happens. Adaptive decision intelligence is different.

因此在 10 月的 Workday Rising 之前，Sana 的對話式 AI 體驗將成為 Workday 的預設主畫面。第二項重大的 AI 創新是決策智慧（Decision Intelligence）。如各位所知，前沿模型擅長分析資料，但它們往往置身於營運系統之外，與業務語意脫節。它們依賴下載的試算表運作，無法把迴圈閉合回到實際發生工作的地方。自適應決策智慧（Adaptive Decision Intelligence）則不同。

It is our AI agents for analytics and blending that runs analysis, generates plans and takes government action directly inside Workday, all based under our security model, audit trails and governance rules. On July 31, Adaptive Decision Intelligence entered into GA. And this was one of the fastest products we have ever delivered from concept to general availability in four months, and it's built organically within Workday. Here is what we have shipped all AI agent-based, life analysis of blender scenario modeling, sensitivity analysis, recression models, version comparison and the recommendations that you can submit as government plan updates with approval, audit trails and staleness detection. And as of today, 170 customers have already purchased it.

這是我們用於分析與規劃的 AI 代理，能在 Workday 內直接執行分析、產生計畫並採取治理動作，且全程遵循我們的安全模型、稽核軌跡與治理規則。7 月 31 日，Adaptive Decision Intelligence 正式全面上市（GA）。這是我們交付速度最快的產品之一，從概念到 GA 僅用四個月，且是在 Workday 內部有機打造。以下是我們已交付的內容：全部以 AI 代理為基礎，包括即時分析、規劃情境建模、敏感度分析、迴歸模型、版本比較，以及可提交為治理計畫更新的建議，並具備核准流程、稽核軌跡與過期偵測。截至今天，已有 170 家客戶購買。

And one AI customer told us, it gives finance teams answers they can actually defend. And you're not stopping here. We just kicked off the early adopter program, connecting adaptive decision intelligence directly into Workday Finance, to give it access to general lines, planned data and to our accounting center. Our customers can now tie AI to financial outcomes with transaction level evidence. And next, we're going to move to the workforce analytics, connecting live people data with financial decisions in One AI agent experience.

有一位 AI 客戶告訴我們，它讓財務團隊得到他們真正能夠捍衛的答案。而我們不會止步於此。我們剛啟動早期採用者計畫，將 Adaptive Decision Intelligence 直接連接到 Workday Finance，使其可存取總帳分錄、規劃資料以及我們的會計中心。客戶現在可以用交易層級的證據，把 AI 與財務結果連結起來。接下來，我們將推進到人力分析（workforce analytics），在同一個 AI 代理體驗中，把即時人員資料與財務決策連結。

And our third AI highlight for this quarter is deployment and adoption agent. Deployment age momentum has been dynamite. As of today, we have more than 4,600 customers, almost 24,000 users and query volumes surging nearly 500% in Q2. Mohegan Gaming is now live, and Mohegan says the downstream impact is priceless. Deployment age and deploys updates so rapidly that employees remain focused on their core business.

本季第三項 AI 亮點是部署與採用代理。部署代理的動能非常強勁。截至今天，我們已有超過 4,600 家客戶、將近 24,000 名使用者，且第二季查詢量激增近 500%。Mohegan Gaming 現已上線，Mohegan 表示其下游影響無可估量。部署代理推送更新的速度非常快，讓員工能持續專注於核心業務。

And our long-term target is reduce deployment time with this agent by 80% to 90%. And once customers are live, adoption agent helps keeping them ahead of what's new. It surfaces the releases that matter and recommends the next step for their environment. Adoption agent entered GA just last week. We had more than 200 customers signed on in the first three days alone.

我們的長期目標是透過這個代理將部署時間縮短 80% 到 90%。而當客戶上線後，採用代理會協助他們持續領先掌握最新變化。它會呈現最重要的版本釋出內容，並為其環境建議下一步。採用代理就在上週正式全面上市（GA）。僅前三天就有超過 200 家客戶簽約加入。

With 20,000 release notes evaluated and achieved a 94% customer satisfaction rate. One customer solution Health used adoption agent on their latest release. They ran it across every functional area, and they have cut that release time down by 70%. And here is why this matters so much faster deployments, faster adoption and a lower cost to serve a feeling Workday goes momentum in the medium end price. Workday go win rates and deal volume are both increasing in Q2.

它已評估 20,000 份版本釋出說明，並達到 94% 的客戶滿意度。有一家客戶 Solution Health 在其最新版本釋出中使用了採用代理。他們在每個職能領域全面運行，並將該次版本釋出時間縮短了 70%。而這之所以重要，是因為更快的部署、更快的採用，以及更低的服務成本，正推動 Workday Go 在中端市場加速成長。第二季 Workday Go 的得標率與成交量都在提升。

And here is one more note for you. Travel agent and Sana for ITSM have both moved into early adopter with the first customers already boarded. And the bottom line of this is this. The broad model of FERC is not a thesis. It is in production, it is compounding and you can see it in the numbers.

另外再補充一點。Travel 代理與用於 ITSM 的 Sana 都已進入早期採用者階段，且第一批客戶已完成導入。總結來說就是這樣。FERC 的廣泛模型不是一個假設。它已在生產環境中運行，正在複利式累積，你也能從數字中看見。

A key part of this question is our open platform strategy, unlocking the power of Workday for our customers and for the entire ecosystem around us. I'm going to pass it to our very own Gabe Monroy, Workday's CTO and the leader of our technology platform to share our progress here. Gabe, take it away.

這個問題的關鍵之一，是我們的開放式平台策略，為客戶以及我們周邊的整個生態系統釋放 Workday 的力量。我把時間交給我們自己的 Gabe Monroy——Workday 的 CTO、也是我們技術平台的領導者——來分享我們在這方面的進展。Gabe，交給你了。

Thanks, Gerrit. It's good to be here. Building on what Aneel said, it's almost as the Workday was built for AI 20 years ago. Having one day to model, one security model, one version for every customer from the start is an incredible advantage, and it's a big reason why I came to Workday. Over the last several years, we've modernized that foundation to handle the complexity of running AI at scale.

謝謝你，Gerrit。很高興來到這裡。延續 Aneel 的說法，Workday 幾乎就像是 20 年前就為 AI 而打造的。從一開始就具備單一資料模型、單一安全模型，並且為每位客戶提供同一個版本，這是難以置信的優勢，也是我加入 Workday 的重要原因之一。在過去幾年裡，我們已將這個基礎現代化，以因應大規模運行 AI 的複雜性。

We built tools that can query Workday using industry-standard analytics solutions and an MCP layer, so AI models can talk to our APIs in natural language. But access is only half of it. The stakes are different in the world of people and money. That's why we've updated our security model and built the agent system of record. So our agents act with the same permissions, rules and controls our customers already trust.

我們打造了工具，可透過業界標準的分析解決方案與 MCP 層來查詢 Workday，讓 AI 模型能以自然語言與我們的 API 對話。但存取只是其中一半。在人與金錢的世界裡，風險層級截然不同。因此我們更新了安全模型，並建立了代理（agent）的系統紀錄（system of record）。讓我們的代理能以客戶既有信任的同樣權限、規則與控管來行動。

And Asian isn't just the model. It's identity, permissions, guardrails, logs and governance, all working together. That's what separates a lawless agent from a lawful one. A lawless agent will attempt to take action on its own. A lawful agent takes action because the system allows it.

而 Asian 不只是模型本身。它涵蓋身分、權限、護欄、日誌與治理，全部協同運作。這正是區分「無法無天的代理」與「守法的代理」的關鍵。無法無天的代理會嘗試自行採取行動。守法的代理則是在系統允許的前提下採取行動。

Inside Workday's deterministic rails, every step is checked against the security model, the business process framework and the compliance logic before it runs. Now in Q2, we advanced our platform strategy in three ways, making it more open, extensible and lawful. Starting with being open. CIOs aren't going to settle for a single rigid AI stack. So we built Workday with three paths in.

在 Workday 的確定性軌道（deterministic rails）內，每一步在執行前都會先對照安全模型、業務流程框架與合規邏輯進行檢核。而在第二季，我們以三種方式推進平台策略，使其更開放、更可延伸、也更守法。先從「開放」開始。CIO 不會滿足於單一、僵化的 AI 技術堆疊。因此我們為 Workday 建立了三條接入路徑。

Developers building custom agents on their own AI stacks need safe governed access to Workday, both for querying data and for taking action. Data Cloud gives external agents and partners like Snowflake, AWS and Google, zero-copy access to HR and finance data. In Q2, we closed six deals with all customers choosing our premium Data Cloud Pro Edition. Data Cloud remains on track for GA in Q3. And at DevCon launched agent ready tools over MCP.

在自家 AI 技術堆疊上打造自訂代理的開發者，需要對 Workday 取得安全且受治理的存取權，無論是查詢資料或採取行動。Data Cloud 讓外部代理與合作夥伴（如 Snowflake、AWS 與 Google）能以零拷貝（zero-copy）方式存取人資與財務資料。在第二季，我們完成了六筆交易，且所有客戶都選擇了我們的高階 Data Cloud Pro 版本。Data Cloud 仍按計畫在第三季正式全面推出（GA）。並且在 DevCon 上，我們透過 MCP 發布了 agent-ready 工具。

These agent APIs allow third-party agents on any stack to safely get work done inside Workday, like updating an employee record or approving an invoice without breaking corporate rules. Agent Ready tools are now available to early adopters through Workday Extend Pro with GA in Q3. Today, more than 1,600 customers use Workday across third-party services like Teams and Slack as well as Copilot and Gemini, which we added in Q1. Over 100 of those customers are already leveraging self-service agent directly in the tools they use every day. Whether a manager approved spend or logs and expense right in chat the underlying policy checks in compliance stay securely anchored inside Workday.

這些代理 API 讓任何技術堆疊上的第三方代理，都能在不違反公司規範的前提下，安全地在 Workday 內完成工作，例如更新員工資料或核准發票。Agent Ready 工具目前已透過 Workday Extend Pro 提供給早期採用者，並將於第三季 GA。目前有超過 1,600 家客戶透過 Teams、Slack 等第三方服務，以及我們在第一季新增的 Copilot 與 Gemini 使用 Workday。其中超過 100 家客戶已在他們每天使用的工具中，直接運用自助式代理（self-service agent）。無論是主管在聊天中核准支出，或直接在聊天中記錄費用，底層的政策檢核與合規仍會安全地錨定在 Workday 內。

And some work simply outgrows the chat bubble, travel and IT service management, which Gerrit mentioned earlier, they'll need a canvas. That work was in Sana, where we own both the reasoning engine and the experience. Whether a customer uses their own agent uses our agents with their own front door or Sana, we meet them wherever they work. And because all of it runs through Flex credits, we monetize every action happening on our rails, regardless of the path. In Q2, custom apps built on Workday spend grew over 90% year-over-year.

而有些工作確實會超出聊天泡泡的範疇，例如 Gerrit 先前提到的差旅與 IT 服務管理，它們需要一個畫布（canvas）。這類工作在 Sana 中進行，因為我們同時掌握推理引擎與使用體驗。無論客戶使用自家代理、使用我們的代理搭配自家入口（front door），或使用 Sana，我們都能在他們工作的地方與之相遇。而且因為所有行為都透過 Flex 點數（credits）運行，我們能對在我們軌道上發生的每一次動作變現，不論採用哪一條路徑。第二季，基於 Workday 建置的自訂應用程式支出年增超過 90%。

Even when building required specialized engineers. Our new developer agent removes that bottleneck. Now builders can generate policy-compliant workflows using plain language directly inside tools like cursor, codecs and quad code. This takes development time from weeks to minutes and opens up the platform to all builders. Customer uptake was intent.

即使在過去，建置往往需要專門的工程師。我們新的開發者代理移除了這個瓶頸。現在，建置者可以在 cursor、codecs 與 quad code 等工具中，直接用自然語言產生符合政策與合規的工作流程。這把開發時間從數週縮短到數分鐘，並讓平台向所有建置者開放。客戶採用意願強勁。

Developers have built more than 3,000 custom apps and agents since DevCon. As we expand these plain language tools across our user base, we fundamentally shift our business model. You don't have to be an engineer to build on Workday. Finally, none of this matters if the transactions are not lawful. In Q2, we launched Asian Passport.

自 DevCon 以來，開發者已打造超過 3,000 個自訂應用程式與代理。當我們把這些自然語言工具擴展到整個使用者基礎時，我們將從根本上改變商業模式。你不必是工程師，也能在 Workday 上建置。最後，如果交易不守法，這一切都沒有意義。在第二季，我們推出了 Asian Passport。

It gives security teams a verified auditable record that an agent was tested against critical risks before it deployed and is monitored after. Cisco joined as a launch partner, bringing Cisco AI Defense to test agents against leading standards and protect them in production. We'll add more security partners and out of station stamps in coming months, giving CISOs the confidence required to write higher value work through Workday. In short, our customers can work where they want build in plain language and trust every execution. With that, I'll hand it to Rob.

它為資安團隊提供一份經驗證、可稽核的紀錄，證明某個代理在部署前已針對關鍵風險完成測試，並在部署後持續受到監控。Cisco 作為首發合作夥伴加入，導入 Cisco AI Defense，依據主流標準測試代理並在正式環境中保護它們。未來幾個月我們將加入更多安全合作夥伴與更多認證章（stamps），讓 CISO 具備所需信心，透過 Workday 承載更高價值的工作。總之，我們的客戶可以在想要的地方工作、用自然語言建置，並信任每一次執行。接下來我把時間交給 Rob。

Thanks, Gabe, and hello, everyone. Our customers trust Workday with the most important parts of their business, and we see it in the field every day. Companies on legacy HCM and ERP systems are realizing they can't get value from AI with modernizing their core. They want one platform they can trust with security and reliability, which is a big driver behind the demand for Sana Enterprise. AI is amplifying the value of the software stack customers already trust.

謝謝你，Gabe，也向各位問好。客戶把其業務中最重要的部分託付給 Workday，我們每天在第一線都看得到這份信任。使用傳統 HCM 與 ERP 系統的公司正意識到：若不先現代化其核心系統，就無法從 AI 中獲得價值。他們需要一個在安全性與可靠性上值得信賴的平台，這也是 Sana Enterprise 需求背後的重要驅動力。AI 正在放大客戶原本就信任的軟體技術堆疊的價值。

You can see those tailwinds in our Q2 results. With more than 65% of the Fortune 500 running on Workday, we continue to bring on some of the world's leading brands. In Q2, we formed new relationships with companies such as KPMG US, Danske Bank, BWX Technologies and Guidehouse. In medium enterprise, as you heard from Gerrit, Workday is taking off. Customer volume increased more than 5 times over Q1.

你可以從我們第二季的業績結果看到這些順風。在《財富》500 強中有超過 65% 採用 Workday，我們持續吸引全球領先品牌加入。第二季，我們與 KPMG US、Danske Bank、BWX Technologies 以及 Guidehouse 等公司建立了新的合作關係。在中型企業市場，正如你從 Gerrit 那裡聽到的，Workday 正快速起飛。客戶數量較第一季增加超過 5 倍。

Across large and medium enterprises, AI is a key reason companies are modernizing their Core in Workday. In fact, over half of our net new wins in Q2 signed up for one or more AI solutions, and we're seeing even faster AI adoption across our base. As customers leverage our unmatched HR and finance context to truly unlock the value of AI in the enterprise. Genesis is using our new financial audit agent, a Chief Accounting Officer described it as a first step towards the dream of getting a touchless audit. Seminal hard rock services is using payroll agent, automate complex back and compliance calculations for 28,000 employees.

在大型與中型企業中，AI 是企業在 Workday 上現代化其核心系統（Core）的關鍵原因。事實上，第二季我們超過一半的淨新增成交客戶（net new wins）都簽約採用一項或多項 AI 解決方案，而我們也看到在既有客戶基礎中 AI 採用速度更快。因為客戶正運用我們無可匹敵的人資與財務情境（context），真正釋放企業 AI 的價值。Genesis 正在使用我們新的財務稽核代理，其首席會計長（Chief Accounting Officer）形容這是邁向「無接觸稽核（touchless audit）」夢想的第一步。Seminal hard rock services 正在使用薪資代理，為 28,000 名員工自動化複雜的追溯與合規計算。

In Crestline Investors, one of our first 20 customers back in 2007 added Sana Enterprise to power an AI layer over the employee experience. This bolds on the other AI agents they recently added, including recruiting, contract intelligence and planning. Sana Enterprise had an exceptional launch in Q2. New customers included AstraZeneca, Novartis, Caterpillar and Delivery Hero Group. Since we combine Sana Learn with our core learning management system, we've seen a sizable jump in our overall learning business, which more than tripled quarter-over-quarter.

Crestline Investors 是我們 2007 年最早的 20 家客戶之一，近期新增 Sana Enterprise，為員工體驗打造一層 AI 能力。這是在他們最近新增的其他 AI 代理之上再加碼，包括招募、合約智慧與規劃。Sana Enterprise 在第二季的上市表現非常出色。新客戶包括 AstraZeneca、Novartis、Caterpillar 與 Delivery Hero Group。由於我們將 Sana Learn 與核心學習管理系統結合，我們看到整體學習業務出現顯著躍升，季度環比成長超過三倍。

Adaptive Decision Intelligence helped drive strong performance across the entire planning business and our ecosystem is moving fast with it. Partners have helped build more than 100 industry-specific use cases in a little over a month. In late May, we made Sana Workday and Sana Health Service available to all our customers on our AI terms of service. That drove a surge in the number of customers that have signed universal main service agreement, which gives them access to our agents and our AI capabilities. That strategy clearly worked.

自適應決策智慧協助推動整個規劃業務的強勁表現，而我們的生態系也正隨之快速前進。合作夥伴在短短一個多月內已協助打造超過 100 個產業專屬的使用案例。在 5 月下旬，我們已依據我們的 AI 服務條款，向所有客戶提供 Sana Workday 與 Sana Health Service。這帶動了簽署通用主服務協議（UMSA）的客戶數量激增，使其得以存取我們的代理（agents）與 AI 能力。這項策略顯然奏效。

More than half of our customer base has already migrated to the UMSA, and that momentum is accelerating. Our focus now shifts to driving adoption through Flex credits. We've already signed 200 customers this quarter, and we expect to significantly grow that number in the second half as R2 adds more GA agents and expands our platform and data cloud capabilities. We continue to see strong execution across the globe. North America, our largest market, had an exceptional quarter, anchored by US large enterprise and another strong quarter in Canada. EMEA drove solid growth, the strong performance in France, Germany and the Nordics. AI now accounts for nearly 1/3 of new ACV in EMEA. Japan also had a standout quarter, further proof that our continued investment there is paying off. I'm proud of the results our teams delivered across the business in Q2.

我們的客戶群中已有超過一半完成遷移至 UMSA，而這股動能正在加速。我們目前的重點轉向透過 Flex 點數推動採用。本季我們已簽下 200 家客戶，並預期在下半年隨著 R2 增加更多 GA（正式可用）代理並擴展我們的平台與資料雲能力，該數字將大幅成長。我們持續看到全球各地的強勁執行力。北美作為我們最大的市場，本季表現卓越，主要由美國大型企業帶動，且加拿大也再度交出強勁的一季。EMEA 亦帶動穩健成長，法國、德國與北歐地區表現亮眼。在 EMEA，AI 現已占新增 ACV 的近三分之一。日本同樣有突出的季度表現，進一步證明我們持續在當地的投資正在帶來回報。我為我們團隊在第二季於各項業務交出的成果感到自豪。

Let me close where I started with trust. For more than 20 years, organizations have trusted Workday with their most critical work and now with the AI. That's a durable advantage, and it sets us up for an even stronger second half. Now over to Zane.

最後我想回到我一開始提到的「信任」。二十多年來，各組織一直信任 Workday 來處理其最關鍵的工作，如今也將 AI 交付給我們。這是一項持久的優勢，並讓我們為更強勁的下半年做好準備。接下來交給 Zane。

Thanks, Rob. Good afternoon, everyone, and thank you for joining us. Building on Rob's remarks, our second quarter results reflect the continued strength of our platform as organizations rely on Workday to power their most critical HR and finance operations. Subscription revenue in Q2 was $2.471 billion, up 14%. Professional services revenue was $178 million, resulting in total revenue of $2.649 billion, growth of 13%.

謝謝你，Rob。各位下午好，感謝大家加入我們。承接 Rob 的發言，我們第二季的結果反映出平台持續強勁，因為各組織仰賴 Workday 來支撐其最關鍵的人資與財務營運。第二季訂閱營收為 24.71 億美元，年增 14%。專業服務營收為 1.78 億美元，使總營收達 26.49 億美元，年增 13%。

Looking at our results by geography. US revenue totaled $1.97 billion, an increase of 12%, while international revenue was $682 million, up 17%, benefiting from stronger performance over the last few quarters. Turning to backlog. 12 month subscription revenue backlog or CRPO, ended the quarter at $9.03 billion, an increase of 14.2%.

從地區別來看我們的表現。美國營收合計 19.7 億美元，年增 12%；國際營收為 6.82 億美元，年增 17%，受惠於過去幾季更強勁的表現。接著看積壓訂單（backlog）。12 個月訂閱營收積壓（或稱 CRPO）於季末為 90.3 億美元，年增 14.2%。

Growth was again fueled by expansion within our existing customer base with AI increasingly a driver alongside a steady contribution from new logos. Total subscription revenue backlog ended Q2 at $27.4 billion, up 8% from a year ago.

成長再次主要由既有客戶的擴張所帶動，AI 也日益成為驅動因素，同時新客戶（new logos）亦持續穩定貢獻。第二季末總訂閱營收積壓為 274 億美元，較去年同期成長 8%。

The year-over-year growth rate was impacted by a continued mix shift towards customer-based bookings versus net new and the mix of industries that drove our net new bookings. Gross revenue retention remained strong at 97% for the quarter and net expansion from existing customers once again led to about 60% of our subscription revenue growth. Non-GAAP operating income was $824 million for the quarter, representing a non-GAAP operating margin of 31.1%, driven by a combination of revenue outperformance and ongoing cost discipline.

年對年成長率受到持續的組合轉移影響，即訂單更偏向既有客戶的續購/擴張，而非淨新增客戶，以及推動我們淨新增訂單的產業組合所致。本季總營收留存率（Gross revenue retention）維持強勁，為 97%；既有客戶的淨擴張再次貢獻了約 60% 的訂閱營收成長。本季非 GAAP 營業利益為 8.24 億美元，非 GAAP 營業利益率為 31.1%，主要由營收優於預期與持續的成本紀律共同推動。

Our GAAP results in the quarter included a $374 million nonrecurring tax benefit related to an internal IP transfer. Operating cash flow totaled $520 million in the quarter, and free cash flow was $460 million. The year-over-year decline was impacted by the timing of the payroll calendar, which had an additional payroll run this Q2. We repurchased $1.3 billion of shares during the quarter, completing the $5 billion repurchase plan that we discussed at our Financial Analyst Day last September, six months ahead of our target. Buybacks will continue to be an important part of our capital allocation philosophy, and our Board has recently approved a $4 billion open-ended share repurchase program.

本季 GAAP 結果包含一筆 3.74 億美元的一次性稅務利益，與內部 IP 移轉相關。本季營運現金流合計 5.2 億美元，自由現金流為 4.6 億美元。年對年下降主要受薪資發放日曆時點影響，本季第二季多了一次薪資發放。我們本季回購 13 億美元股票，完成了我們在去年 9 月金融分析師日所討論的 50 億美元回購計畫，較目標提前 6 個月完成。股票回購將持續是我們資本配置理念的重要一環，而董事會近期也已核准一項 40 億美元、無到期日（open-ended）的股票回購計畫。

We ended the quarter with cash and marketable securities of $3.4 billion. Our headcount as of quarter end stood at 20,896 workmates around the globe. Turning to our outlook. We are pleased with our first half results, and we now expect FY27 subscription revenue of $9.94 billion to $9.95 billion, growth of 13%. For the third quarter, we expect subscription revenue of approximately $2.515 billion, growth of 12%.

本季末我們持有的現金與有價證券為 34 億美元。截至季末，我們全球員工人數為 20,896 名 Workmates。接著談展望。我們對上半年表現感到滿意，並將 FY27 訂閱營收預期上調至 99.4 億至 99.5 億美元，年增 13%。第三季我們預期訂閱營收約為 25.15 億美元，年增 12%。

We expect Q3 CRPO growth of 11% to 12%. We lapped the Paradox acquisition in the third quarter, which added over 1 point to last year's Q3 CRPR growth. For Q3, we expect professional services revenue of $175 million. And for the full year, we expect $710 million. We continue to prioritize investment in AI alongside strategic investments in the core while driving efficiencies across the business.

我們預期第三季 CRPO 成長 11% 至 12%。第三季我們已跨越（lapped）Paradox 併購案的比較基期；該併購案使去年第三季 CRPO 成長率增加超過 1 個百分點。第三季我們預期專業服務營收為 1.75 億美元。全年則預期為 7.1 億美元。我們持續在核心業務進行策略性投資的同時，優先投入 AI，並推動全公司範圍的效率提升。

With that, we're increasing our FY27 non-GAAP operating margin guidance to 31%. For the third quarter, we expect a non-GAAP operating margin of approximately 30%. We expect to continue expanding margins while positioning ourselves for future growth. We expect Q3 GAAP operating margin to be approximately 18 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.

因此，我們將 FY27 非 GAAP 營業利益率指引上調至 31%。第三季我們預期非 GAAP 營業利益率約為 30%。我們預期在為未來成長布局的同時，持續擴大利潤率。我們預期第三季 GAAP 營業利益率將比非 GAAP 營業利益率低約 18 個百分點。而 FY27 全年 GAAP 營業利益率預期將低約 18 至 19 個百分點。

Our FY27 non-GAAP tax rate estimate remains 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 $3.18 billion, growth of 15%. As our Q2 progress demonstrates embedding AI across Workday's platform provides a significant opportunity to drive customer value.

我們對 FY27 非 GAAP 稅率的估計仍為 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，因此自由現金流為 31.8 億美元，年增 15%。如我們第二季的進展所示，將 AI 嵌入 Workday 平台各處，提供了顯著的機會以提升客戶價值。

While we are still in the early innings, demand for our agentic portfolio is building. We are focused on driving discovery and adoption through initiatives like our Lighthouse program, which we believe will benefit subscription revenue growth over time, and we continue to execute against a framework that delivers both top-line growth and margin expansion. With that in mind, and ahead of our upcoming Financial Analyst Day, I would like to provide some early context for how we are thinking about next year.

雖然我們仍處於早期階段，但市場對我們的代理式（agentic）產品組合需求正在形成。我們專注於透過如 Lighthouse 計畫等倡議推動探索與採用；我們相信這將隨時間推進而有助於訂閱營收成長，同時我們也持續依循一套能同時帶來營收成長與利潤率擴張的框架執行。基於此，並在即將到來的金融分析師日之前，我想先提供一些我們對明年的初步思考脈絡。

Our current target for FY 2028 subscription revenue growth is consistent with our expected second half FY 2027 growth rate of approximately 11%. We also see potential upside across new products, including Sana Enterprise, Workday Extend with Data Cloud and our AI agents all of which are seeing great early demand. In addition, we expect our non-GAAP operating margin to expand by at least 2-percentage-points next year. We're encouraged by the significant opportunity ahead to continue to deliver long-term earnings and free cash flow growth. We look forward to diving deeper into our platform innovation at our Financial Analyst Day on October 13 in Las Vegas, and we hope to see many of you there. With that, I'll turn it back over to the operator to begin Q&A.

我們目前對 FY2028 訂閱營收成長的目標，與我們預期 FY2027 下半年約 11% 的成長率一致。我們也看到新產品帶來的潛在上行空間，包括 Sana Enterprise、結合 Data Cloud 的 Workday Extend，以及我們的 AI 代理，這些都呈現非常好的早期需求。此外，我們預期明年非 GAAP 營業利益率至少擴張 2 個百分點。我們對前方龐大的機會感到振奮，將持續帶來長期獲利與自由現金流成長。我們期待在 10 月 13 日於拉斯維加斯舉行的金融分析師日，更深入分享我們的平台創新，也希望能見到各位。接下來，我將把時間交還給主持人，開始問答環節。

(Operator Instructions) Gabriela Borges with Goldman Sachs.

(接線員指示) 來自高盛的 Gabriela Borges。

Zane, I really appreciate this early look into growth rate exiting '27 and then the longer-term upside potential. The question I want to ask about business twofold. One is tell us a little bit about how you're thinking about monetization for headless.

Zane，非常感謝你讓我們提前看到在 '27 年退出時的成長率，以及更長期的上行潛力。我想就業務問兩個問題。第一個是，請跟我們多談一點你們如何思考 headless 的變現。

And the second is, how do you as an executive team, think about the risks that some of the upside opportunities end up coming as a trade-off between some of the core. What I mean by that is do customers end up essentially negotiating hard on the core products or exerting pricing pressure on the core products such that you end up at a similar place even when adding new functionality. So maybe just those pieces together, I would appreciate your thoughts.

第二個是，作為管理團隊，你們如何看待某些上行機會的風險，可能會以犧牲部分核心業務作為代價。我的意思是，客戶是否會在核心產品上變得更強勢地議價，或對核心產品施加價格壓力，導致即便新增了功能，最終結果仍差不多。所以把這幾點放在一起，我很希望聽聽你們的看法。

Yes. So I'll take the first part. On the head list transactions, we are pretty much indifferent whether somebody uses from a profitability perspective, I think it will show on a revenue perspective, whether a company buys our agent uses our APIs, which we get to monetize or goes through data cloud, which we get to monetize.

好的。我先回答第一部分。就 headless 的交易而言，從獲利能力的角度我們基本上無所謂客戶採用哪種方式；我認為在營收呈現上會有所反映：不論是一家公司購買我們的代理並使用我們可變現的 API，或是透過 Data Cloud（我們也能變現）。

Or the other option is to build their own agents using Workday Extend AI. So we feel like we're pretty covered in all ways that AI gets used, and it doesn't take away any opportunities.

另一個選項是使用 Workday Extend AI 自行打造他們的代理。因此我們覺得在 AI 被使用的各種方式上，我們都涵蓋到了，而且不會排擠任何機會。

If anything, it grows our market opportunity than where it has been before. Second part, I'll probably ask Rob to weigh in. What I actually see, Gabriel, is that customers are making five year, seven year decisions on new platforms and AI is a huge decision point for them.

如果有什麼影響的話，反而是把我們的市場機會擴大到過去未曾有的程度。第二部分我可能請 Rob 來補充。Gabriel，我實際看到的是，客戶在做五年、七年的新平台決策，而 AI 對他們來說是一個非常重要的決策點。

And if anything, it's impacting our win rates on the platform, because we're viewed as the much stronger player in terms of an AI vision and AI agents than our legacy competitors are that we all know so well.

而且如果有什麼影響的話，它正在提升我們在平台上的贏單率，因為相較於我們都很熟悉的那些傳統競爭對手，我們在 AI 願景與 AI 代理方面被視為更強的玩家。

Yes, Gabriel, from my side. We don't see compression on the call. What I see is customers starting with the AI discussion and wanting us to be the AI platform for agentics on HCM and on finance. And I think that's driving a broader conversation. And a much broader conversation to the value we offer.

是的，Gabriel，從我這邊來看。我們沒有看到（核心產品）被壓縮。我看到的是客戶從 AI 的討論開始，並希望我們成為他們在 HCM 與財務領域的 agentic AI 平台。我認為這正在帶動更廣泛的對話。也就是圍繞我們所提供價值的更廣泛對話。

You can see it actually in the amount of uptake on the agents that we started to announce and bring to the far where customers, this is where they actually want to see where HR is going and where finance is going in the future.

你其實可以從我們開始宣布並推向市場的代理所獲得的採用量看出來：客戶真正想看到的是，未來 HR 會走向哪裡、財務會走向哪裡。

Yes. And just to add to what Rob said, our competitors don't have one data model across there are multiple versions of their applications. These legacy companies might have six or seven different versions. And as a result, they can't aggregate the data model to drive the the AI models. And so we are just way ahead of where they can be, not just where they are now, but where they can ever be from that AI perspective in terms of driving outcomes using AI.

是的。再補充 Rob 的觀點，我們的競爭對手並沒有跨多個版本應用程式的單一資料模型。這些傳統公司可能有六、七個不同版本。因此他們無法彙整資料模型來驅動 AI 模型。所以從 AI 角度、就用 AI 推動成果而言，我們不只是領先他們現在的位置，而是領先到他們未來也很難達到的程度。

Hi, Gabriel, I'll just add. The early look into FY28 is just to give you a target on how we're thinking about it. As you can tell, we have a number of initiatives in place, and we're very enthused by what we're seeing as early indicators in our AI products. Not all of that has been factored into our FY28 outlook. So were as you can tell, very enthused on the upside there, but I just wanted to ahead of Financial Analyst Day, give you at least a baseline to see to let you see how we're thinking about it.

嗨，Gabriel，我再補充一下。提前談 FY28 只是想給你一個目標，讓你了解我們是如何思考的。如你所見，我們有多項計畫正在推進，而且我們對 AI 產品的早期指標感到非常振奮。其中並非所有內容都已納入我們對 FY28 的展望。所以如你所見，我們對那部分的上行非常興奮；但我想在金融分析師日之前，至少先給你一個基準，讓你看到我們的思考方式。

Michael Turrin with Wells Fargo Securities.

富國證券的 Michael Turrin。

Appreciate you taking the question. A lot's changed over software over the past couple of months. We've seen the topics shift to the rise of open source, open weight models, some scientific cooperation between the Frontier labs and existing vendors. And Aneel, I'm curious where Workday fits within those discussions, if any of that, if any of those shift your view on where to focus, and I want to also give you a chance to respond to just some of the recent headlines around private equity interest, given we've all been feeling a number of questions there as well.

感謝讓我提問。過去幾個月軟體領域變化很大。我們看到話題轉向開源的崛起、開放權重模型（open weight models），以及 Frontier 實驗室與既有供應商之間的一些科學合作。Aneel，我想了解 Workday 在這些討論中（如果有的話）扮演什麼角色，這些轉變是否會改變你對聚焦方向的看法；另外我也想給你機會回應一下近期關於私募股權（PE）興趣的新聞標題，因為我們也都收到不少相關問題。

I obviously can't comment on the latter. On the former, we're going to do what's in the best interest of our customers. And so I'm going to ask Gerrit to talk about how we think about the different models, and we work with all of them, but we're trying to do what's best for our customers, both from our performance but also from a cost perspective.

後者我顯然無法評論。至於前者，我們會做對客戶最有利的事。所以我會請 Gerrit 談談我們如何看待不同模型；我們與各種模型都有合作，但我們的目標是為客戶做出最佳選擇，兼顧效能與成本。

As Aneel has said, right, we are really focused on driving the right ROI and economics for our customers. So as of today already, we deploy a large set of models for multiple vendors. We have small models, open rate models and large frontier models, all in the set of models that we use to build our AI systems and agents with. And quite frankly speaking, we are really excited about open weight models. So if they open up new opportunities for us for having own reinforcement learning, building on adapts over them they give us a much stronger optionality when you think about international and sovereignty.

如 Aneel 所說，我們非常專注於為客戶帶來正確的 ROI 與經濟效益。因此截至今天，我們已經部署了來自多家供應商的一大套模型。我們有小型模型、開放權重模型以及大型 frontier 模型，全部都在我們用來打造 AI 系統與代理的模型組合中。坦白說，我們對開放權重模型感到非常興奮。如果它們為我們帶來新的機會，例如進行自有的強化學習、在其上做適配與建構，當你考量國際化與主權（sovereignty）需求時，它們也讓我們有更強的選擇權。

So it's a core tenant for us, as Aneel has said to be more agnostic and because of the different characteristic already, we get great benefit from them. And now as the benchmarks that are getting closer, we have signed the Open Weights initiatives as well as auto companies. we truly see a real big upside for us and our customers to drive better ROI out of our investment. And last comment, we also started our own research foundation inside of Workday. So we have an own research lab, which specifically actually focuses on getting high accuracy HR and finance, AI systems in place.

所以對我們而言，核心原則之一就是如 Aneel 所說保持更中立（agnostic）；而且由於它們本身的不同特性，我們已經從中獲得很大好處。現在隨著各項基準測試逐漸接近，我們也簽署了 Open Weights 倡議以及 auto companies（原文如此）。我們確實看到，對我們與客戶而言，能從投資中取得更佳 ROI 的巨大上行空間。最後補充，我們也在 Workday 內部成立了自己的研究基礎。因此我們有自己的研究實驗室，專注於建立高準確度的 HR 與財務 AI 系統。

One of the things that this team is doing right now is actively actually exploring opportunities for us to not only use open weight models, but really to specialize them to our purposes and see what lift we get out of that.

這個團隊目前正在做的一件事，是積極探索機會：不僅使用開放權重模型，更要把它們專門化以符合我們的用途，並看看因此能帶來多少提升（lift）。

Kirk Materne with Evercore ISI.

Evercore ISI 的 Kirk Materne。

I think this is probably for Aneel or Rob. Obviously, we hear the enthusiasm around the early progress on AI. I was just kind of curious if you can give us an idea, is AI crowding out some of your other products at this point in time, meaning when you go in and talk to a customer, you obviously want to talk about AI, you obviously want to get AI into their hands.

我想這題可能是問 Aneel 或 Rob。顯然我們聽到你們對 AI 早期進展的熱情。我只是有點好奇，你們能否分享一下：在目前這個時間點，AI 是否正在排擠你們其他產品？也就是說，當你們去和客戶溝通時，你們當然想談 AI，也希望把 AI 交到他們手上。

Does that mean sometimes your salespeople have to put something they might have been thinking about a year ago on the shelf for now? And the reason I ask that is because your tone and your enthusiasm is obviously very apparent.

那是否意味著，有時你們的業務人員必須先把一年前可能在推進的某些事情暫時擱置？我之所以這樣問，是因為你們的語氣與熱情非常明顯。

But when I look at CRPO just for a proxy, that's more or less in line and Zane gave a guide for early guide in the last. For next year, that seems more or less in line with where people were kind of forecasting. So it seems more substitutive than incremental.

但如果我用 CRPO 當作一個代理指標來看，它大致上是持平的，而 Zane 也給了明年的初步指引，基本上也和市場原先的預期差不多。所以看起來更像是替代而非增量。（原文到此結束）

So I was just wondering is there something from just a go-to-market perspective where there's a purposeful push with AI, whereas we're not going to try to load everything in every customer right now. Let's get them successful with AI.

所以我只是想知道，從 go-to-market（上市策略）的角度來看，是否有一個有意識的 AI 推進策略，也就是說，我們現在不打算在每一位客戶那裡一次把所有東西都上齊。先讓他們在 AI 上取得成功。

Even though that might mean we're not seeing as much incremental benefit. I hope that makes sense.

即便那可能意味著我們看不到那麼多的增量效益。希望我這樣說有道理。

Yes. I'll start. Thank you for the question, Kirk. So first of all, you're right in that it's early days. The difference on these agents versus traditional applications they iterate and become better so much faster.

是的。我先開始回答。謝謝你的問題，Kirk。首先，你說得對，現在還在早期階段。這些代理（agents）與傳統應用程式的差異在於，它們迭代並變得更好的速度快得多。

So I'm very optimistic that we're going to see ramping up usage of these agents faster than we ever saw of our apps. And we're also new to the Flex credit consumption model. And that's a delayed gratification model that is, frankly, newer to Workday again, very optimistic we're seeing great early signs.

所以我非常樂觀，我們會看到這些代理的使用量提升速度，比我們過去看到的應用程式還要快。而且我們也才剛開始接觸 Flex 點數（credit）消耗模式。那是一種延遲滿足的模式，坦白說，對 Workday 來說也是比較新的，我仍然非常樂觀，因為我們看到很好的早期跡象。

But I think that's one of the reasons for cautious optimism going into next year because we are aggressively moving towards a hybrid model between subscription and and this consumption model. I don't actually see it as crowding out.

但我認為，這也是我們對明年抱持審慎樂觀的原因之一，因為我們正積極朝向訂閱制與這種用量計費（consumption）模式之間的混合模式前進。我其實不認為這是在互相排擠。

I actually see it as customers, new customers choosing Workday because of our Agentic strategy, existing customers, they have an AI budget. And now we have products that actually fit in that AI budget, which is a big win for us. But again, a lot of these AI products are consumption based. So we won't see the impact from revenue until months or a year down the road. So Rob, what do you want to add to that?

我反而認為，新的客戶會因為我們的 Agentic 策略而選擇 Workday；既有客戶方面，他們有 AI 預算。而現在我們有真正能放進那個 AI 預算裡的產品，這對我們來說是很大的勝利。但再說一次，很多這類 AI 產品是以用量計費為主。所以在數個月甚至一年之後，我們才會在營收上看到影響。所以 Rob，你想補充什麼？

Yes, I would add there's a lot of excitement around AI. But our focus has really been about getting adoption. And when you look at bringing an agent, you got to harden them, so you've got to get them adopted. The more customers that go through early access to more customers that are adopting these products just get better really fast. And so that's how our merger has been around how do we get adoption for us.

是的，我想補充的是，市場對 AI 有很多興奮感。但我們的重點其實一直放在如何讓客戶採用（adoption）。而當你要導入一個代理時，你必須把它「硬化」（harden），也就是要讓它足夠穩健，才能推動採用。越多客戶從早期存取（early access）走到更多客戶採用，這些產品就會非常快速地變得更好。因此，我們的推進重點一直圍繞著：我們要如何推動採用。

The more customers we have access to our agents, the more they're using those agents, and that's how we're measuring them and moving the company in that direction. And I think you can actually see it in the amount of new UMSAs we've signed. UMSAs have really started to take off.

我們讓越多客戶能接觸到我們的代理、越多客戶使用這些代理，我們就是用這些來衡量，並推動公司往那個方向前進。而且我想你其實也能從我們簽下的新 UMSA 數量看出來。UMSA 真的開始起飛了。

Customers really want that they need to have the UMSA to actually get into the AI world. And then you link that to the data play and the Extend Pro and what you're doing with the Developer Agent.

客戶真的很想要，因為他們需要先有 UMSA，才能真正進入 AI 的世界。然後你再把它連結到資料策略（data play）、Extend Pro，以及你們在 Developer Agent 上所做的事情。

As Aneel said, this is a lag in it, but our conversations are really good. And it's in almost every conversation, irrespective of the level of customer speaking to whether it's a C-level executive or the ACM team or the finance team really start to understand that Workday has really entered agentic world in a big way.

如 Aneel 所說，這裡面會有時間落差（lag），但我們的對話品質非常好。而且幾乎在每一場對話裡都會出現，不管對談的客戶層級是 C-level 高階主管、ACM 團隊，或是財務團隊，他們都開始理解 Workday 真的以很大的力度進入了 agentic 的世界。

Kirk, and just to add to that. As we mentioned, we've got 5,500 customers using our organic agents and just over 200, I think, that have actually signed up for Flex credit. So that's the delay that Aneel is alluding to, and that's been factored into our CRPO guide as well as our revenue guide for the remainder of this year, but also our cautious optimism heading into FY28 and beyond.

Kirk，我再補充一下。如我們提到的，目前有 5,500 家客戶在使用我們的原生（organic）代理，而實際上簽了 Flex 點數的只有 200 多家，我想是 200 出頭。所以這就是 Aneel 所提到的延遲效應，而這也已經反映在我們的 CRPO 指引以及今年剩餘期間的營收指引中，同時也支撐我們對 FY28 及之後的審慎樂觀。

John DiFucci with Guggenheim Securities.

Guggenheim Securities 的 John DiFucci。

My question, I think, for Aneel and Gerrit and maybe Gabe, listen, Workday's approach to AI seems, at least to me, seems sincere and frankly, more thoughtful than some of your peers. But it's also more pragmatic. In other words, it makes sense in my understanding is simply it, AI is going to be part of everything you do, which again, sounds simple, but also an immense task. And frankly, the right move. It sounds like you're certainly on the way from your prepared remarks.

我的問題我想是給 Aneel、Gerrit，或許也給 Gabe。聽著，Workday 對 AI 的做法，在我看來，似乎是真誠的，而且坦白說，比你們一些同業更周全。但同時也更務實。換句話說，依我的理解，它的核心就是：AI 會成為你們做的每一件事的一部分；這聽起來很簡單，但其實是個非常龐大的任務。而且坦白說，這是正確的方向。從你們事先準備的發言聽起來，你們顯然已經在路上了。

But how much effort do you think it takes to accomplish that? And of course, it's a continuous effort. But when do you think you'll get to the point where you can see we've arrived as an AI platform. Is that going to take years, or just curious how you think about that?

但你們認為要做到這件事需要投入多少努力？當然，這會是一個持續性的投入。但你們覺得什麼時候會到達一個點，可以說「我們已經成為一個 AI 平台」？這會需要好幾年嗎？我只是好奇你們怎麼看待這件事。

I'll start. And I think both Gerrit and Gabe should weigh in. We are trying to be very thoughtful in the way that we're building our Agentic solutions. They're there meant to solve a anybody can solve the simple problems when I look at what we're doing with the self-service agent is really hard. What we're doing with the financial audit agent is really hard.

我先回答。我也認為 Gerrit 和 Gabe 都應該補充。我們在打造 Agentic 解決方案的方式上，努力做到非常周全。它們是要解決——任何人都能解決簡單問題；但當我看我們在自助服務代理（self-service agent）上做的事情，真的很難。我們在財務稽核代理（financial audit agent）上做的事情，也真的很難。

But by building these agents and coming out the other end, they add tremendous value to our customers and frankly, from a competitive perspective, they're really, really hard for anybody to compete with because they're so deeply embedded in the bowels of Workday. I don't know when we arrive. I think we're arriving now, and I think it just gets better over the next couple of years, but it's all about adoption and customer success. We have to have agents that have real ROI, and that's been the lens we've been looking at it since I came back. We had a lot more agents when I came back.

但透過打造這些代理並走到最後，它們能為客戶帶來巨大的價值；而且坦白說，從競爭角度來看，其他人要跟我們競爭會非常非常難，因為它們深度嵌入在 Workday 的核心底層之中。我不知道什麼時候算是「到達」。我覺得我們現在就在到達的路上，而且接下來幾年只會變得更好，但關鍵在於採用與客戶成功。我們必須要有能帶來真實 ROI 的代理，這一直是我回來之後看待這件事的核心視角。我回來時，我們其實有更多代理。

We killed a lot, or we rolled them into bigger agents. And the ones that we have right now, I'm very optimistic they're all very meaningful to our customers. But let's have Gerrit and Gabe add to that.

我們砍掉了很多，或是把它們整併進更大的代理裡。而目前我們保留下來的這些，我非常樂觀，它們對客戶都非常有意義。不過也讓 Gerrit 和 Gabe 補充一下。

Yes, I had a couple of points on the top of the stack, if you will, and then Gabe on the platform side. But to give you a few concrete points on what are the key milestones that we are looking at that we truly believe our landmark moments for Workday as well as for the industry of moving into the AI era and enterprise SaaS. And one of the biggest one for us is how work is going to change in the work experience with Sana. You heard in the prepared remarks that Sana is going to be the default home screen for Workday coming rising this year. Rob spoke about the lighthouse program at Sana Enterprise, and I have shared this changed the world of work inside were there already.

是的，我先從「堆疊最上層」（top of the stack）的角度補充幾點，然後再由 Gabe 從平台面來談。我先給你一些更具體的重點：我們正在關注哪些關鍵里程碑；我們真心相信，這些會是 Workday 以及整個產業在邁入 AI 時代與企業 SaaS 過程中的標誌性時刻（landmark moments）。其中對我們來說最大的一個，是工作將如何改變，以及在 Sana 所帶來的工作體驗中會如何改變。你在事先準備的發言中也聽到，Sana 今年稍晚將會成為 Workday 的預設主畫面（default home screen）。Rob 談到了 Sana Enterprise 的燈塔計畫（lighthouse program），而我也分享過：這已經在內部改變了工作的世界。

We have 24,000 agents being built in just three weeks. We really see this coming this rising as a key moment because the phase of SaaS and how work happens is going to fundamentally range. And frankly, we believe it's a stark difference to what that work experience is than what you get from generic jet Copilots because they're deeply tattered into the system of action and a system of work. Secondly, you heard you know that our agents are making a lot of progress. And when we say agents, we really mean AI systems that automate large parts of the value chains in HR and Finance.

我們在短短三週內就建立了 24,000 個代理。我們真的認為，這個即將到來的時點會是一個關鍵時刻，因為 SaaS 的階段以及工作的發生方式將會從根本上改變。坦白說，我們相信，這與你從通用型 Copilot 所得到的工作體驗有著非常鮮明的差異，因為它們深度綁定在行動系統（system of action）與工作系統（system of work）之中。第二，你也聽到我們的代理正在取得很大進展。而當我們說「代理」時，我們真正指的是能自動化 HR 與財務價值鏈中大部分環節的 AI 系統。

We just put Decision Intelligence into GA, which is truly a reimagination of how you collaborate with AI on enterprise data. We are about to bring new functionality to recruiting age, and you have heard earlier how much momentum that has already. We are making great progress in one of the areas that Aneel is most excited on financial audit and financial compliance agents, all of these agents are coming out either day out already or coming out of rising at the end of the year. And I think when we come together in the next call back and you look at the momentum we have built until then. I think there will be no question mark left anymore about Workday being in an AI company or not because the world of SaaS will have changed.

我們剛把決策智慧（Decision Intelligence）導入 GA，這真正重新想像了你如何在企業資料上與 AI 協作。我們即將為招募領域帶來新功能，而你先前也聽到這方面已經有多大的動能。我們在 Aneel 最興奮的領域之一——財務稽核與財務合規代理（agents）——取得了很大進展；這些代理不是已經陸續推出，就是會在年底前推出。我想當我們在下一次電話會議再聚在一起、你回頭看我們到那時所累積的動能。我認為大家將不再對 Workday 是否是一家 AI 公司有任何疑問，因為 SaaS 的世界將已經改變。

Gabe, over to you for platform.

Gabe，平台部分交給你。

Yes. And thanks for the question. In terms of just the time line view on this on the platform side, it's pretty obvious that the AI technology evolution has been at a frantic pace, right? We're seeing rapid and continuous evolution. And I don't really see an end to that.

是的。也謝謝你的提問。就平台端的時間軸來看，很明顯 AI 技術的演進速度非常瘋狂，對吧？我們看到快速且持續的演進。而我也不太認為這會有終點。

It's going to be continuous, constant evolution. And so the way we're looking at this is as these new integration patterns change, as protocols change, as identity approaches change, we're on a process of taking the new capabilities, pulling them into the platform, driving adoption, as Rob was mentioning, and then delivering outcomes and ROIs. And the key is going to be doing that continuously in a loop. That is the art of building AI systems. And that's going to be a long journey.

這會是持續、恆常的演進。因此我們的看法是：當新的整合模式改變、協定改變、身分識別的方法改變時，我們就處於一個流程中，把新能力納入平台、推動採用（如 Rob 提到的），然後交付成果與投資報酬（ROI）。關鍵在於要持續以迴圈方式做到這件事。這就是打造 AI 系統的藝術。而這將是一段長旅程。

This is not something that's going to end anytime soon.

這不是短期內就會結束的事情。

Alex Zukin with Wolfe Research.

Wolfe Research 的 Alex Zukin。

Probably another AI question here. But just it's great to hear about the agents and the data cloud opportunities that you're getting front of customers, but maybe just help crystallize us how you're monetizing? And maybe any specifics around like how many Flex credits does an onboarding or procurement agent actually go through, and what that could mean in terms of a net expansion in terms of spend at a customer that's deploying them or like a sales force yesterday talked about in order for customers to unlock AI functionality, they had to upgrade to a premium version that's 60% to 80% more in some cases. How do you see that with some of the MSA agreements we were talking about, Rob? And when should we think about that as a tailwind to numbers?

這裡可能又是一個 AI 的問題。不過，聽到你們把代理與資料雲的機會推到客戶面前，確實很棒；但能否幫我們更具體釐清你們如何變現？以及是否能提供一些細節，例如：一個入職（onboarding）或採購（procurement）代理實際會消耗多少 Flex 點數（credits），這對於部署它們的客戶在支出上的淨擴張可能意味著什麼；或者像 Salesforce 昨天提到的，客戶要解鎖 AI 功能必須升級到高階版本，在某些情況下價格高出 60% 到 80%。你如何看待這點與我們談到的一些 MSA 合約（Master Service Agreement，主服務協議），Rob？以及我們應該何時把這視為對數字的順風（tailwind）？

Is that a 2020, fiscal '27 dynamics or the following year?

這會是 2020、2027 財年（fiscal '27）的動態，還是下一年？

You said it's a question about AI, but you are hitting all of the cards here from sales of finance to car technology. So maybe let me start and then I hand it over to Rob and probably saying on the outlook question. What we are seeing is that the workload that these agents are driving quite substantial. When you heard about early the numbers and our volumes, we are driving recruiting already. And the key of the ambient agents, the agents that are running in the background, we see a substantial opportunity, but we are not comparing it to software spend.

你說這是關於 AI 的問題，但你其實把所有面向都問到了，從銷售、財務到技術。所以我先開始回答，然後交給 Rob，可能也請他回應展望的問題。我們看到這些代理所帶動的工作量相當可觀。你先前也聽到我們在招募上已經推動的早期數字與量體。而對於環境型代理（ambient agents），也就是在背景運行的代理，我們看到很大的機會，但我們並不是把它拿來和軟體支出做比較。

Actually, what we are modeling it against is the labor spend that companies have in those given roles already and think about what is the share of the agent that actually will get basically transferred from a labor spend into an AI agent spend for that specific task group. Right now though, and Rob has said it, so I want to repeat that. Our focus is really on adoption, adoption adoption, right? This is the way how you actually build great AI systems. And so what we are doing right now, and Rob spoke about it, right, we're incentivizing this with programs like the Sana Lighthouse program that we basically allow customers to use it for free in the first year self-service age and one of the most consequential agents we do we put out a promotion that we are not putting on a flexed meter until the end of August or September.

實際上，我們用來建模比較的是企業在那些既有職務角色上的人力支出，並思考：在特定任務群組中，有多少比例的工作會從人力支出轉移為 AI 代理支出。不過目前，正如 Rob 說過的，我也想重申。我們的重點真的在採用、採用、再採用，對吧？這就是你打造優秀 AI 系統的方式。因此我們現在在做的事——Rob 也提到——是透過像 Sana Lighthouse 計畫這類方案來提供誘因：基本上讓客戶在第一年可免費使用自助式代理（self-service agents）；而對於我們推出的一些最具關鍵性的代理，我們也做了促銷，在 8 月底或 9 月底之前不會把它們納入 Flex 計量（flexed meter）。

So the question that you're asking, how does this translate now to sales and dollars right now, it's difficult to answer because this has not been our focus point. But then you ask me for the potential that we have because of how much work or it actually processes. It is incredibly substantial. And this is why San has said, right, we are so bullish as this being an upside because we can see on the one side, the usage increasing, and we sit on the inside that this represents significant monetization opportunity for us.

所以你問的這個問題——它現在如何轉化為銷售與美元收入——目前很難回答，因為這並不是我們的聚焦點。但如果你問我，基於它處理的工作量，我們的潛力有多大。那是極其可觀的。這也是為什麼 San 說得很對：我們對這會成為上行（upside）非常看多，因為一方面我們看到使用量在增加；另一方面我們也清楚這對我們而言代表重大的變現機會。

I mean you kind of said that, look, I'm super excited. We focus on the adoption side of things. Now we're starting to focus really on the consumption side of things. So as we move into this, the sales motion changes, and what you see with broad adoption of Sana self-service agents, it's going to rise all the other agents as well because it gives it a completely different look and feel on how you utilize Workday in the future? And what kind of users can work with Workday pretty much anyone.

我的意思是，你其實也說到了：你看，我非常興奮。我們先聚焦在採用端。現在我們開始真正聚焦在消耗（consumption）端。因此當我們往這方向前進時，銷售動作（sales motion）會改變；而當 Sana 自助式代理被廣泛採用時，也會帶動其他所有代理的成長，因為它讓你未來如何使用 Workday 呈現出完全不同的樣貌與體驗。而且能與 Workday 一起工作的使用者，幾乎是任何人。

I watched the CFO and a COO look at the the intelligence agent. And it was just, they were completely blown away. So I think the opportunity for us is really good. The back half of the year looks really positive for us. And I can't see that changing.

我看過一位 CFO 和一位 COO 觀看那個智慧代理（intelligence agent）。他們真的完全被震撼到了。所以我認為我們的機會非常好。今年下半年對我們來說看起來非常正面。而我看不出這會改變。

And we are lockstep in making certain that these agents are to adopt them and consume them. The quality of the agent continues to improve all the time. And I think that's what he meant by it's a circle. It's a loop. And I think we've got a really good process on how to define that loop.

而且我們會步調一致，確保這些代理被採用並被消耗使用。代理的品質也一直在持續提升。我想這就是他所說的「圓」——是一個迴圈。而我認為我們已經有一個很好的流程來定義那個迴圈。

So the field is excited by it. Every single one of my customer conversations is really, really interesting. And even customers that I've known for years that are not really in the HCM or finance space. We really want to understand what we're doing and one Workday to lead in the space of HCM and finance. And then lastly, I'd just say, don't say that we've also got agents like talent acquisition agent and a document where we actually measure by different statistics.

所以前線團隊對此很興奮。我每一場與客戶的對話都非常、非常有意思。甚至是一些我認識多年的客戶，他們其實不完全在 HCM 或財務領域。他們也真的想了解我們在做什麼，並希望 Workday 能在 HCM 與財務領域領先。最後我也想說，別忘了我們還有像人才招募代理（talent acquisition agent）以及一個文件（document），我們會用不同的統計指標來衡量。

And if I look at Talent Acquisition Agent, we had more than 30 million candidate interviews in Q2 with 8 million in view schedule. So the numbers are starting to show up, and it will continue to improve over the next months and quarters.

如果我看人才招募代理，在第二季（Q2）我們有超過 3,000 萬次候選人面試，其中有 800 萬次是在檢視排程（view schedule）。所以這些數字開始浮現，而且在接下來幾個月與幾個季度會持續改善。

Yes, Alex, I would just add, this quarter, we talked about roughly $600 million in AI ARR, which is up from around just over 150 just a year ago. So we expect that trend to continue. As Aneel mentioned earlier on the call, this is all about customer success and customer value, and that's going to be the ultimate driver of our revenue. So we've got some of that built into the back half of this year, as you would expect, but really growing from FY28 and beyond where the AI component becomes a significant part of our incremental ARR. So we're excited about the future, as you can tell, and we just want to be thoughtful as we monetize it.

是的，Alex，我補充一下：本季我們談到 AI ARR 約 6 億美元，較一年前約略高於 1.5 億美元大幅成長。所以我們預期這個趨勢會持續。如同 Aneel 在電話會議前面提到的，這一切都關乎客戶成功與客戶價值，而那將是我們營收的最終驅動力。因此今年下半年我們已如你所預期地納入了一部分，但真正的成長會從 FY28 及之後開始，屆時 AI 組成將成為我們新增 ARR 的重要部分。所以我們對未來很興奮，你也看得出來；同時在變現上我們也希望審慎行事。

Karl Keirstead with UBS.

UBS 的 Karl Keirstead。

Maybe I'll direct this one to Zane. Zane, you gave us a preliminary look at 200 bps of margin expansion next year, a little bit more than I was modeling. And actually, a greater pace of expansion than you're guiding to this year. I'm assuming there's no big change in the prioritization on investing. So perhaps you'll probably address this at the Investor Day, but a couple of things that might be driving that.

也許我把這題交給 Zane。Zane，你讓我們初步看到明年有 200 個基點的利潤率擴張，比我原先模型假設的還要多一些。而且實際上，擴張的速度也比你們今年所給的指引更快。我假設在投資優先順序上沒有什麼重大改變。所以也許你們會在投資人日談到，但有幾個可能驅動這點的因素。

Yes, Karl, thanks for the question. As Anil mentioned earlier this year, this was the year where we intentionally invested heavily in AI and brought in some great talent and feel like we're doing a lot in that area. And I think we've done a credible job prioritizing and then leveraging size and scale and really being thoughtful on how we drive just thoughtful expenses in the future.

是的，Karl，謝謝你的提問。如同 Anil 今年稍早提到的，今年是我們刻意在 AI 上大幅投資的一年，也引進了一些很優秀的人才，並且覺得我們在這個領域做了很多事。我認為我們在設定優先順序方面做得很可信，並且運用規模與量體優勢，也非常審慎地思考未來如何推動更有節制的費用支出。

So it's a continuation of that doing, I think, a pretty good job utilizing AI ourselves internally and expect that trend to continue. So it's really been about the team focusing on what matters and rethinking what we are doing and as importantly, what we're not doing where we're not going to be spending money in the future.

所以這是延續那樣的作法；我認為我們在內部運用 AI 方面做得相當不錯，並預期這個趨勢會持續。因此重點一直在於團隊聚焦在重要事項、重新思考我們正在做什麼，以及同樣重要的是，我們不做什麼——也就是未來哪些地方我們不會再花錢。

And it's that kind of focus that I think is also driving the increase. And we believe that the 2 points for next year is a good starting point. As you know, we've increased to 31% this year, and we believe we can continue to see that improvement as well as leaning in as much as we have in investments in critical areas around AI and our platform.

而我認為正是這種聚焦也在推動利潤率提升。我們相信明年 2 個百分點是一個好的起點。如你所知，我們今年已提升到 31%，我們相信在持續加碼 AI 與平台等關鍵領域投資的同時，也能繼續看到這樣的改善。

Yes. I would just add, we're leveraging AI internally, and we're doing more with flat headcount. That's the goal. And I think that's a really important direction for us to head.

是的。我只想補充，我們正在內部運用 AI，並且在員工人數持平的情況下做更多事。這就是目標。我認為這對我們而言是一個非常重要的前進方向。

Samik Chaterjee with JPMorgan.

JPMorgan 的 Samik Chaterjee。

You talked a lot today about the organic agents and the adoption curve you see there. Maybe if you can sort of dive into the acquired acquisitions that you've done and particularly the acquired agents and how you're thinking about the road map there in terms of integration finest of making to a product and then the monetization on that front? And particularly, how should we expect that to impact your fiscal '28 sort of financial outlook as well? Any thoughts on that front would be helpful.

你們今天談了很多關於自研代理（agents）以及你們看到的採用曲線。也許你可以深入談談你們做過的併購，特別是併購而來的代理，並說明你們如何看待那邊的路線圖：就整合的細節、把它們做成產品，以及在那方面的變現。尤其是，我們應該如何預期這會對你們 2028 財年的財務展望產生影響？任何相關想法都會很有幫助。

Well, I'll just say that they're all doing well, but most importantly, they're all deeply integrated already. We don't ever buy technology and just leave it on the outside. We deeply integrate it right away, so we can deliver that unified experience. Maybe, Gerrit, you want to talk about where the products are headed?

嗯，我先說它們都表現得很好，但更重要的是，它們其實都已經深度整合了。我們不會買了技術就把它放在外面不管。我們會立刻深度整合，這樣才能提供一致、統一的體驗。也許，Gerrit，你想談談產品接下來的方向？

Yes, awesome. So it's a great question because actually, we kind of spoke about it earlier, the big products that you can think of is a higher score on the recruiting side in paradox. They actually both are part of our talent acquisition agent now. So they are basically agentic skills as we evolve our AI systems. And both of them have tremendous momentum.

好的，很棒。這是個很好的問題，因為其實我們稍早也提到過，你可以想到的兩個大型產品是在 Paradox 的招募端的 HiredScore。它們現在其實都已經是我們人才招募代理的一部分。所以隨著我們 AI 系統演進，它們基本上就是代理式（agentic）的技能。而且兩者都有非常強勁的動能。

I'm going to hand it over to Rob in a second to talk about that. But we are not really thinking about this as, hey, this is separate from the core. As Aneel said, we have a really good M&A regime that we look for strong technical fit. And so as we move forward with Workday recruiting, HiredScore and Paradox, they are an integral part of that, and they're all coming together under the row-based agent for talent acquisition. Again, right this whole idea.

我等一下會把話交給 Rob 來談。但我們並不把這些視為「這是核心之外的另一套」。如 Aneel 所說，我們有一套很好的併購機制，會尋找技術上高度契合的標的。因此，當我們推進 Workday Recruiting 時，HiredScore 和 Paradox 都是其中不可或缺的一部分，並且會在以角色為基礎的人才招募代理之下整合在一起。再次強調，就是這整個概念。

This is the embodiment of an actual recruiter with all of these skills. And on the Sana side, which had an absolutely blowout quarter as well gangbuster growth. We put it into GA in a combined product. So Workday Learning and Sana Learning is actually one product now. It's in GA already, and it's driving substantial growth for our customers.

這就是一位真正招募人員的具體化呈現，具備所有這些技能。而在 Sana 這邊，本季同樣表現非常亮眼，成長也非常強勁。我們已把它以合併產品的形式推進到 GA（正式可用）。所以 Workday Learning 和 Sana Learning 現在其實已經是一個產品。它已經 GA，並正在為我們的客戶帶來可觀的成長。

But as we take it to them, we don't put rates as Workday and others. This is the learning agent from Workday. This is the recruiting agent from Workday and those acquisitions, they are just widening the breadth of skills these agents have. Rob?

但當我們把它帶給客戶時，我們不會把它分別標示為 Workday 和其他。這是 Workday 的學習代理。這是 Workday 的招募代理，而那些併購只是擴大了這些代理所具備的技能廣度。Rob？

Yes. I'd simply say, I mean, we drove more than $100 million of new ACV with our AI products, just 25% of all new ACV. So if you just look at those numbers. And then we, our ARR numbers are up at, close to $600 million now. More than half of the new into signed up for AI solutions.

是的。我簡單說一下：我們的 AI 產品帶來了超過 1 億美元的新 ACV，約占所有新增 ACV 的 25%。所以你只要看這些數字就知道。另外，我們的 ARR 目前也接近 6 億美元。新增簽約中，超過一半選擇了 AI 解決方案。

So our AI solutions are really paying off. And as Gerrit said, I think it's really important to point out, they are integrated into the Workday Foundation. It's one core, it's one view for our customers, and that allows us to deliver the agents even on top of that.

所以我們的 AI 解決方案確實正在帶來回報。而如 Gerrit 所說，我認為很重要的一點是，它們都整合在 Workday Foundation 之中。對客戶而言是一個核心、同一個視圖，這也讓我們能在其上方交付這些代理。

And 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。您現在可以斷線。