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1、7T2se3r0Ot6kwoPa7T2se3r0Ot6kwoPaDistributed on:17/09/2025 10:50:15 GMTDistributed on:17/09/2025 10:50:15 GMT17 September 2025Deutsche BankResearch Rating Buy North America United States TMT Software Company Workday Date Company Update Agentic AI a focus,but margins the storyWe believe Workdays Analy

2、st Day appropriately reset expectations for the financial model while continuing to highlight the pace of innovation.The companys focused approach to developing agents demonstrating high ROI as well as providing an open platform for customers and partners to access and develop on,stood out to us as

3、differentiated vs.enterprise software peers.We also believe the announced acquisition of Sana will benefit Workday beyond improving learning management,with Sana likely helping Workday transform its UX to be more user friendly,and possibly drive greater engagement with less regular Workday users giv

4、en its enterprise search capabilities.Workday Flex Credits look like a natural monetization model given Workdays open platform and agentic innovations,with some credits included in customer base subscriptions and the option to buy more as customers leverage more automation capabilities.We also appre

5、ciated managements understanding that the consumption model flywheel only really starts to spin if customers clearly see value from agents and the platform,and how that in turn informed agentic and product development focus.In addition to the innovation on display,management also provided a financia

6、l framework for FY28,with a target rule of 48%(35%ex SBC)between subscription revenue growth CAGR and target non-GAAP operating margin,with some flexibility for different growth scenarios.While managements base-case subscription revenue growth CAGR and initial starting point for FY27 subscription wa