Please welcome Justin Furby, Vice President, Investor Relations, Workday. Yes, thank you for that warm, warm applause. Thank you. Welcome, everybody. Welcome to Rising 2024 and our financial analyst session. We've got a great group here in the room today. It's a smart group, maybe smarter than me. I know that because it took me about two days to find this room, and everybody, for the most part, made it on time. So thank you for your commitment to coming here. We also have a great group of folks on the webcast as well, so appreciate you all spending some time with us today. As many of you all know, or hopefully you know, a few weeks ago on our Q2 earnings call, we gave an update, we shared an updated financial framework that talks about durable and profitable growth over the next few years. And so today, what we're gonna do is go a little deeper on and have a targeted discussion on a number of those growth areas that we first started talking about over the past year. We'll give an update on some of the progress that we've had since last Analyst Day. And more importantly, talk about where we're going over the next year and over the longer term. We're at a really exciting moment as a company, as we think about the opportunity and the next wave of growth that we see as a platform. So we're gonna have about 60 minutes or so of content. It's gonna be very targeted, to have plenty of time for Q&A. And as part of the format, at the end of this event, on our investor relations page, we'll post all of our slides, hopefully pretty real-time. There'll also be some appendices with some updated disclosure for you all as well. So before I turn it over to Carl, this is our safe harbor statement. This is my favorite slide. Please be mindful that some of the matters that we'll be discussing today include forward-looking statements regarding our strategies, operations, or financial items based on information we have as of today, and our current beliefs with respect to the future of our business. These statements are subject to risks, uncertainties, assumptions, and actual results, and financial conditions may differ materially from those indicated in the forward-looking statements. Further information on risks that could affect our results is included in our most recent filings with the SEC, which are available on our investor relations web page. I did fight with legal to not have to say that, but I didn't win. With that, I am delighted to welcome on stage and kick off the program with our CEO, Carl Eschenbach. Thank you. Good afternoon, everybody. Hello. If you're here in person and those online, thanks for joining. And Justin, I really appreciate you reading that safe harbor statement, so I didn't have to. Great job. Welcome. Welcome to Rising 2024. Yesterday, when I kicked off the conference, I talked about this being our biggest, boldest, most innovative and funnest Rising ever. It's our sixteenth Rising, and it is absolutely our largest ever. We have over 18,000 people joining us here in person, and we have over 30,000 when you include everyone who's watching online this week. Our theme this week has been Forever Forward, and the reason for that theme is because we think fundamentally, every single day, things are changing. The only thing constant is change, and we need to work with our customers and our partners, and even our workmates, to continue to think about how we push forward what work looks like next, not what work looks like today. And we did that in the context of earlier today and last night, launching something called Workday Illuminate, our next generation of AI. And you're gonna hear a lot about that today afterwards from a number of our product folks, and how Doug is actually taking it to market. What did we showcase so far? And it's not over, 'cause we'll even have more, more tomorrow at our next keynote. We talked about Illuminate. How do we illuminate the future, the future of work, the next generation of Workday AI? Earlier today, on main stage, our amazing product and technology team spoke about agents, and how these agents aren't just gonna change how we work as employees or humans, but actually how it changes and drives a fundamental shift in the business process and how companies are run. We also talked about AI assistants and how that comes together through a user experience that's radically different. Think about a copilot. Think about us delivering a Workday copilot to you as an individual to help you through your daily end-to-end tasks. Really exciting announcement for us. And then earlier this morning, as you probably all read in the press release, and then we announced it on main stage, we announced our next acquisition of Evisort. Evisort is an exciting technology, and when you think about the amount of unstructured data that exists in the world today, it's immense. In fact, they estimate that 80%-90% of all data and documents are unstructured. Now, imagine leveraging AI in a partnership now with Evisort to think about going forward, how we can bring all of this unstructured data into the Workday system, and it's both for our HR application and our finance application. This is gonna be game-changing when we think about how we leverage all the content, all the data that ultimately has to eventually land in a system of record. And we believe we have that powerful system of record, in conjunction with Evisort, to think about how we analyze, how we look at, and how we contextualize all documents going forward. A really exciting announcement that we made earlier today. Before I go forward, let's for a minute just look back. Let's look back at our journey over the last 20 years. Next year, we'll be celebrating our 20-year anniversary. When Aneel and Dave started the company back in two thousand and five, the first thing they said is they want to be pioneers, pioneers in driving the movement to the cloud. And they started with HCM, and then they followed it up very shortly thereafter with financials. And I think everyone would agree, almost 20 years ago, no one was gonna support moving all of your HR data or your financials to the cloud. They just started the journey 20 years ago, and if you fast-forward what's happened over the past 20 years, including, like, in 2913, we started to think about machine learning, we started to think about AI. We've been on an evolution to a revolution that's happening today called AI. We've been on this journey for years, and what's super exciting is that while we stand here today and we estimate our revenues to be $8.4 billion this year, we think we're just getting started. And we're getting started, and we have confidence and conviction in our business because of the diversity of the business we have in front of us and the diversity of how we sell into the market. When I started almost two years ago, this is one of the things that made me so convicted to join Aneel and the rest of my workmates. It's because we have a diverse business model, and through that diverse business model, it allows us to drive durable growth. And when I talk about a diverse business model, I think about it. If you look at this slide, you can see a matrix here. Let's start horizontally. When we think about our opportunity, we think about it from a large enterprise market segment. We go downmarket into the medium enterprise, and then another segment that's horizontal is emerging enterprise, and you'll hear us talk a little bit more about that. But it's just not the horizontal axis that gives us diversity. It's also the vertical axis. When you think about our presence in financial service, retail, hospitality, you think about how we're selling into the market around healthcare. You think about what we're doing in higher education, or you think about what we're doing in state and local government. We are extremely diverse in our solutions in how we can go after industries. But it's more than that. It's also the geographies, and I'll spend a minute on geographies in a couple minutes, in a couple slides, to talk about that massive opportunity we have that we've been articulating for quite some time when we think about the international opportunity. This week, we're gonna spend a lot of time talking about a platform, because a platform is exactly what Workday is. And to build or scale any business, you need a foundation, and the foundation for Workday is our platform. And on top of that, I'll talk about what we're building. And last is our ecosystem. We have aggressively leaned into building out our ecosystem. In fact, we now like to start to talk about the ecosystem opportunity we have as an economy. I like to talk about building an ecosystem that actually eventually becomes an economy around the Workday platform. As we do this, we're always focused on driving value. Who gets the value from the Workday platform? First, our customers. One of our six core values at Workday is our customers and the customer service and support we give them. We are providing value for people to help make sure their employees have an incredible experience. And through an incredible employee experience, those employees stay with the companies longer, which reduces attrition, which drives productivity. At the same time, we're helping people think about how they manage their money and their finance and how we can help automate it. And quite frankly, the two of them come together on our platform. There's value creation that we feel like we're doing for our customers, but we're also doing it for our partners. I talked about that ecosystem and creating an economy around Workday. We think the value creation we're giving to our partners is immense, and if you walk around the conference here this week, you'll see two thousand partners, two hundred partners in the Expo Center, all talking about how not just go to market with us, but they're innovating as well. And in return, through the value creation we give to our customers and our partners, ultimately it drives value for us. It drives growth, it drives scalability, it drives operating margin expansion, which allows us to invest back in the business. And when you think about this, when you think about the value across our customers, the value across our partners, and the value we bring back to Workday, this ultimately drives shareholder value for everybody. Value is at the core of what we're trying to bring to every constituent around the Workday platform. So what is that Workday platform that I was talking about and you've heard so much about? It starts down here at the bottom, and I'll work my way up. It's a powerful platform, or it's a system of record for HR and finance. We talk about having a competitive edge, or we have a differentiation over everyone else in the market because we have this platform at the bottom. That platform and that system of record that's highly curated and it's data that has context, allows us to launch what we did this week, Workday Illuminate, the next generation of Workday AI. On top of that are the two industry-leading applications for HR and finance. They're built on the Workday platform, and what we provide is what I talked about earlier, an incredible user experience through any mechanism, any device, that anyone wants to get access to their Workday data, and from there, we provide extensibility. Extensibility in the form of Extend, Extend Pro, extensibility in what you'll hear Doug talk about, Built on Workday. This is a highly extensible platform that allows value creation for both us, our customers, and our partners, so let's look at this. When you pull these two together, HR and financials, last year, we probably stood here at Financial Analyst Day, and we talked about our TAM. A TAM that was roughly $148 billion, but because of the expansion we're doing in thinking about all these different growth vectors, this TAM is expanding. We now believe between HR and financials and the platform and our ecosystem, the Workday TAM is now $160 billion. The TAM is expanding. What's really cool about this TAM isn't just the size, it's the market opportunity that allows us to go get. Today, Workday, at $8.4 billion, still gets approximately 50% of our business from new customers. I can tell you, when you think about, you know, our peer group, there's not a lot of people that get that much new business right at this scale. That's because we have this remarkable TAM to go after. And then once we land those customers, obviously, the other 50% of our business comes from selling back into that install base. A few weeks ago, on our earnings call, Zane and I had the opportunity to lay out a new financial profile for the company over what we call a medium-term outlook, which is an outlook that says we can grow 15% for the next two and a half years and expand operating margin all the way to 30% through FY 2027, and as a friendly reminder, this is on top of an already 500 basis points expansion of our TAM just over the last couple of years. I'm not gonna spend a lot of time talking about the margins. I'm gonna talk about how we feel comfortable and why we have conviction that we can continue to grow 15% through FY 2027, starting with AI. I talked about the platform. I talked about the data, the highly curated set of data with context that gives us a unique advantage over everyone else in the industry to drive business value. We don't wanna just use AI for the sake of using AI. It has to have business value, has to have business impact, and we think there's an incredible opportunity with Workday Illuminate to help our customers accelerate how they work, to assist them in how they work, and ultimately, to transform their businesses. This is a major growth driver. In fact, we fundamentally believe when you invest in Workday, you are investing in AI. The next is Fins and full suite, and I put Fins up here first for a reason, because we all know the massive opportunity the industry and Workday has to go after financials. Even if we stretch a little bit, still, only 70% of financials have moved to the cloud. This is a big opportunity for us, and we know we have a great platform that scales both domestically here in the U.S., in the U.S. and internationally. We're internationalized. We're go-globalizing our platform to be able to serve global markets and multinationals. I said I'd put Fins up here first because what Fins really does is it allows us to drive full suite or full platform, and Doug and Zane and David are gonna talk more about this. Our full platform sales does nothing but accelerate, especially when you think about very certain or specific markets, whether it's healthcare, higher education, or state and local government. Another growth driver is absolutely our international opportunity. You've heard us say this a lot. 50% of our TAM for Workday is outside the U.S., and we only have 25% of our revenue. On the back of hiring great executives and great leadership around the world, on the back of us leveraging our partner ecosystem to get access to the massive TAM, and on the back of us focusing on our product strategy as we think about international growth, we think this is absolutely a key growth driver for us going forward, and we will not let up on this for any time in the foreseeable future. In partners, partners, partners, partners. Ecosystem, ecosystem, ecosystem. Ecosystem, ecosystem, ecosystem around the Workday platform. Just look at some of these statistics. If we stood up here last year and we talked about a partner referral program, a program where we ask partners to bring us opportunities, that number 500 would be zero. We now pay our partners to bring us new opportunities, and they're aggressively helping us build new pipeline. We talk about innovation. Innovation in the form of three different ways: us, our customers, and our partners. And we've seen a 2x increase in partners innovating on top of the Workday platform. And you've seen us talk over the last few months about very strategic business partnerships, whether it's with Insperity to go after the PEO market, or whether it's with Kainos, who you saw on stage earlier today, or whether it's with someone like Equifax for employment verification, or like we did with Salesforce, and we'll talk about that more tomorrow in our community keynote. Partners are a critical component to how we see scaling and maintaining that 15% growth over the next 2.5 years. These are the growth drivers for Workday, but that's not all. We also think about what's next and why we've been on a mission around these growth drivers for the last couple of years. We also see a great opportunity going forward. For example, we've been in the U.S. federal business for years, but now it's at an inflection point. Often we talk about how much infrastructure between HCM and financials remain on-premises in the enterprise. If you look at it in the federal government, specifically the U.S. federal government, there's even more on-premises. With the new leadership in place to drive our U.S. federal business, I can tell you we see a really rich opportunity going forward for us to expand into that market. Japan, the fourth largest GDP per capita in the world. A new leader in that market, and over the last six months, he's done amazing things. He's here with us this week. It's a rich opportunity. In just a short amount of time, in the last two quarters, we can already feel the impact he has had as he's brought in a new organization around him. Think about the vertical access. We're successful in healthcare because of a supply chain solution that we've created. Now, fast-forward. Think about the healthcare... I'm sorry, the education market, where we're doing extremely well, selling full platform in, and it opens up an opportunity for us to sell our student solution into all of those universities. Last, as we go down, not just think about the vertical axis, we think about the horizontal axis, think about the emerging enterprise. The emerging enterprise also represents a very large opportunity for us going forward, and we're going to go after that market, and you'll hear about the growth of that market today, both direct and indirectly, through our partner ecosystem that I talked about earlier. Because it's a different market, it's a different scale, there's a different cost to serve that we have to get right as we go down market. So these are our growth drivers, and throughout the next 40 minutes, we're going to dive into these a little bit deeper. So the question is: how do you deliver on all of this? Well, it's quite simply this picture. This is a powerful leadership team that I get to serve alongside of and I get to work for. They're an amazing organization. What I'm most proud of when I look at this picture is the amount of existing executives we have at Workday that have grown and scaled their careers, all while being at Workday. And what we've done is we've infused new leadership, new executives, new talent to allow us to scale into the future. And it's been an amazing journey to watch how we've been able to bring in new talent, engage with the existing incredible talent that was already here at Workday, and completely take Workday to the next level. This is the team that's going to allow us to scale into the future. We have the right leadership at the right time, with a huge opportunity going forward. In this slide, if you look at the bottom of this, across just to the right or your, I guess I'm looking at this, your right, you'll see Angelique, who leads EMEA. You'll see Simon, who leads APAC, and Chikara, who leads APJ. Amazing leaders as we tackle that international opportunity. So in closing, the team's in place, the platform's in place, and the opportunity is out there for us to go get. If we execute on the vision we have of changing the way people work forever, we will continue to drive durable growth at scale with expanding operating margin. Now, to take it a step further, I'd like to bring up a few of my partners and peers. I'd like to bring up David Somers, our Chief Product Officer. Ali, who you saw on stage today. Ali, come on up, and Doug Robinson, our Co-President. Thank you. Hi, everybody. My name is Ali Fuller. I lead our experience team here at Workday, and I'm really excited to talk to you about where we're going with AI. Carl touched on it a little bit. You heard it earlier this morning, but really it starts to converge with so many things in Workday, in particular, experiences, which is what I'm passionate about. I also want to do a plug. It is actually my twelve-year anniversary at Workday today. You took my plug. Oh, sorry. Congratulate me. Yeah. But it's just been an incredible journey to be a part of such a great company and along with wonderful workmates. You stole both our openings. Yes. We were going to congratulate you. Yes, you did. It is my anniversary- Thank you. So I get to announce it. No, but really excited to be here with you all today. Really wanted to touch on a few key differentiators as it pertains to Workday and our approach to AI, what we're now referring to as Workday Illuminate, announced this morning, and while we're not going to touch on everything, I really wanna really highlight five key areas that I think are unique and different to Workday, and then I'll give you some examples of really how this comes to life in the product and for our customers, so the first is data and context, and you heard Carl touch on this, you heard us talk about it in the keynote, but why is this important? We've kinda collectively, as an industry, been on this journey, in particular the last year with generative AI, around the power that data kinda enables with AI and the value that it can drive. And you hear us talk a lot about our unique data set, which is incredible. Seventy plus, kind of 70 million users, 8,800 billion transactions, and that really creates this rich data set that we have across all things, people and money, no doubt. But data alone is actually insufficient when it comes to transformative AI. What we found is that it's data and context that really enables you to transform those processes that we have today for key personas and functions. And so when you think about our trajectory, which I'll showcase in a moment here, that's what makes us unique. It's the data coupled with the context, and we have to have both of those to get to transformation. The second is our platform approach. We have built AI into the platform, and you saw Shane Luke talk about this this morning, and really what this enables to do is not only build it into the platform so that you have a consistent approach with all the great security and resiliency that Workday offers, but it really enables this proliferation of AI across use cases around all things, people, and money, and when we talked about Workday Assistant this morning, and I'll show you an example, this is a perfect example of that. We build it into the platform, and then you start to see the floodgates open across hundreds of use cases, all the same experience, all powered by that same platform that is trusted and secure. The third is experience, and it won't surprise you that obviously I'm passionate about this particular area. Experience and AI are no longer mutually exclusive topics. When you think about users' expectations, experience and AI are deeply coupled today and in particular, as we go into the future. And one important thing to note is this is not just AI and experience within Workday, but really meeting people where they are, with Workday Illuminate, as well as key partnerships. So you saw this in our announcement with Salesforce, as an example. Really, kind of upleveling the experience by meeting users where they are, in that case, maybe with a combined agent, leveraging AI and experience at that convergence. The fourth, and this is important, and you heard Carl touch on it, David touched on it this morning, what we refer to as 3x innovation, and this absolutely applies at the platform level, but in particular, when we think about AI. What do I mean by this? We, of course, produce native AI innovation, and we really align that to customers, and we co-innovate with our customers there. But those are the use cases that apply more broadly to a large set of our customers across HCM financials. But that's interesting, but that can't be our only source of innovation. It has to be our customers and our partners, too. And so we've actually enabled, not only our platform, but all the great AI capabilities we have for our own developers, and we extend that to our customers through what we call AI Gateway. They can build custom AI applications on top of Workday, that same trusted platform. But we don't stop there. Our partners also contribute some of this AI innovation, and they really post that, source that through the AI Marketplace, where we actually certify the same responsible AI and approaches that we take with Workday, with those, trusted kinda solutions that our partners contribute, and in particular, from an industry approach, really providing those industry solutions. And then last, but certainly not least, Carl touched on this, our value-centric approach. It is incredibly important to us at Workday that we are not building AI innovation for the sake of it. That is wholly uninteresting to us, but really building AI innovation that aligns to customer value. And one of the things that you'll actually see us share here at Workday, and it was announced in our product strategy and vision session today, is a new program that we have called Workday Foundry. And this is really sort of a beta program, even earlier than early access, where we're bringing our customers in to co-innovate alongside us with AI, but really making sure that we're realizing that value with our customers as early as possible, so that we can make sure as we see that all the way through, they really realize that value by the time it gets to a larger set of customers in production. I love the number five, so those are our top five things that I wanted to touch on in terms of our positioning. You saw this in the keynote, but really wanna quickly walk through our new AI strategy and vision. So when you think about kinda where the industry and market has been focused with AI, really, we've been leveraging AI, many techniques, but in particular, the last year or so, generative AI, to accelerate and assist customers and users through their existing processes. So this is really taking things like generative AI, document generation, even copilots, and sort of companion-like assistants, but injecting that into existing processes. Where we see this going is ultimately building on top of that foundation, looking at key personas and functions, in our case, people and money, and really transforming those processes. They look fundamentally different in three to five years than they do today, and so if you think back to the data and context, how do we leverage the data and the context? What somebody does before a process, what they do during, what they do after, to really shrink and transform that process to give back not only hours and increased productivity, but really hard dollar cost savings in an exponential way, so a few key examples for you, just to touch on how this shows up in the product. I mentioned Accelerate as that first phase. What you see here are some examples of what we've been up to over the last year. We announced many of these at Rising. They're now in customers' hands, and we're seeing great productivity and uplift from things like generating a job description, generating a growth plan. But we see things like a couple different percentage points in productivity, and that's valuable, but that's not transformation. And so we built on top of that.... The second is assist. And you saw that many times today in the keynote with the announcement of Workday Assistant. In particular, think about this as a conversational experience, leveraging natural language to not only find things in Workday, but complete actions faster, assisting you in a transaction to, again, elevate a key persona or function. But where we're going is more transformational. We're looking at those critical processes across Workday and evaluating not how they look today, but how they look in the future, and again, really getting to the productivity and cost savings that is transformative for a business, and that many of our customers really want and expect as they think about adapting their business as they go forward, and some great examples of this, 'cause the transformation isn't just three to five years out, it's here now. Some of these things that are in Transform exist in our customers' hands today and will continue to adapt and evolve as AI does, and get better and better along that transformation journey, so one example is the Recruiter Agent. This is live today with our customers, and we're really seeing incredible results. Things like 25% increase in recruiter capacity. That's not 1%-2%, 3%-4%. That's transformational if you think about where our customers and their businesses are going. Another great example that is in our customers' hands today is the Manager Agent. Another great example of incredible results, 31% reduction in time to offer. That's where we get true business savings, true transformation, so that our customers can better compete and move their businesses and people forward. And with that, I'll leave you on this note, which is the AI as part of Workday Illuminate, that is incredibly beneficial to our customers and will continue to be. As our customers lean into more of Workday, it gets even more impactful across all things, people, and money. And so David's gonna walk you through our full suite approach. Yeah. All right. Thanks, Ali. And once again, I was gonna congratulate you for twelve years. I'm gonna congratulate you anyway. We are lucky to have you driving our experience in AI innovation. Thank you. We appreciate you. Thank you. All right. Carl mentioned this earlier, our innovation journey really started with our HCM application, and of course, we're now the clear market leader with over 60% of the Fortune 500, but we still have room to grow, even on the HCM side of the business. But starting over a decade ago, we also made significant investments in our financials application, and that business has really just taken off over the last few years. What really gets us excited isn't just HCM or financials, markets by themselves, but it's actually the opportunity to innovate across both of these markets. You know, I talked about this this morning during the keynote, really creating applications that work better together. It is central to our Better Together strategy. You know, things like streamlining workflows and providing better data insights. AI plays into this, as Ali alluded to as well. And once again, as we layer in customer and the partner ecosystem, it really, truly turbocharges our innovation across the suite. So why does this matter, right? This matters because the broader financials opportunity more than doubles our standalone HCM opportunity. And financials is still in its early days. I mentioned that as well, with less than 30% of organizations having moved their financials to the cloud. Additionally, we see increased win rates when we sell full suite. And once again, as Ali discussed, it furthers our natural AI advantage that we have. And finally, for many of the industries, Carl mentioned this as well. It's just the way these industries buy. I'm gonna dive into that here in a sec. So let's take just a minute. I wanna take a minute and walk you guys through the momentum we've had over the last year. First, a growing percentage of our deals are full suite, and over the last 12 months, over one-third of our new customers have purchased the full suite. Second, we've laid the foundation from a go-to-market perspective. Doug's gonna touch on this in a bit. Resources, our resources, and they're really focused on squarely driving financials and the, the full suite momentum. And finally, we're seeing both medium enterprise and some of these focus industries really driving strong performance for us. And these are just... You know, those are two areas that are super right for opportunity for us. So I'm gonna dive into that. Let's take a little bit closer look at our industry opportunity. You guys are probably all familiar with some of our larger industries, like financial services, retail, and hospitality. But if you listen to our earnings call, you know we're outperforming in some other industries, like healthcare, state and local government, and higher education. And as I mentioned earlier, we are seeing these industries specifically buy full suite. For example, approximately 60% of our customers in healthcare and state and local government are now full suite, and in higher education, that number is almost 80%. And we're still in the early days, once again, in these industries. We have single to mid-teens in customer penetration in all three of these industries. In healthcare, I think we've disclosed we're currently exceeding $500 million HC ARR, but each one of these industries has a clear runway to be a billion-dollar business. Each of them. Carl touched on this as well. Another area of tremendous momentum for full suite specifically is in medium enterprise. And if you look at medium enterprise, it really starts at the macro level. Medium enterprise accounts for about 70% of global GDP, and from a Workday perspective, when we look across the addressable market, roughly half of it comes from the medium enterprise space itself. This market is fragmented, right? Legacy ERP is really only 20% of what we replace, and the strength of our full suite really allows us to go and consolidate that other 80%, or what we call the long tail. There we go. Now, let's take a minute and talk about where we're headed. As you heard this morning, we continue to deepen our industry strategy and the investments we're making from a product perspective. We believe this is critical to our access, our success in ERP, and it's the glue that really does connect HCM and financials. And as an example, in professional services, we're launching functionality around billing and resource staffing. In tech and media, we're investing in subscription billing, and another example is SLED, where we're doubling down, and I talked about this in the keynote this morning, on our grants management capabilities. We have 450 customers managing their grants all inside Workday today. And these are just a few examples of where we're going deeper within industry. In medium enterprise, we're continuing to really streamline how customers both buy and deploy Workday through our Accelerate program. And in international, we're capable of serving most markets today from a full suite perspective, and we continue to lean into more internationalization in the platform. As you heard during the keynote, hopefully you listened to that, we're leaning into partners to help us accelerate innovation, both in industry functionality and regional requirements. And once again, Ali touched on AI, but it is a critical part of our roadmap. And the more a customer has on Workday, the more we're able to truly orchestrate their processes via AI, and truly transform their business. And so with that, I'm gonna turn it over to Doug. You want to share a couple more of our growth areas? There you go, sir. I thought I'd never get a turn. Yeah. Good afternoon, everybody. Thank you for being here, and thank you, David. So I'm gonna share two of our growth areas and growth levers for the business. And as I think you'll see, both of these are inextricably linked. It is, of course, our international expansion opportunity, as well as the partner transformation that we've been highlighting for the investor community for a while. So let's start first with international. And as Carl mentioned up front, this concept of global expansion and how important it is to Workday when we think about our future and leading into the platform that we have built. So why is international so important? I will not belabor the first, because this is one we highlight often, which is 50% of our addressable market, yet today we derive 25% of revenue. So this opportunity internationally cuts across both large enterprise and medium enterprise, and for many of these markets internationally, it is still relatively early days, particularly for full suite. HCM in many markets has started to move, and we've been a part of that growth, but for full suite, it's early innings in many markets, and we see that as a great opportunity. Secondly, it's important, because from the very early days, international has been really important to us for the multinational customers that we serve. Companies like Aon and Netflix and Flextronics forced us, in the very early days at Workday, to think globally about the platform. And finally, the last one there, we actually haven't talked too much to you all about, which is we see it as a terrific source of talent. And there are markets, there are regions around the world where we are focused on hiring, and there's a great source of talent in those places, but it's also an opportunity for us to support our operating leverage that we're looking to drive over the next several years. Okay, so over the last year, since we were all together here at the Analyst Day last year, perhaps you remember, the power was cut by our competitors. Some of you, maybe. This year, we've got double backups going and great resiliency. Thank you, Cheyenne. But we talked last year about the leadership that we brought into Asia Pacific. Carl mentioned Simon Tait. He also mentioned Angelique de Vries, we brought in to Europe. And so, you know, fast-forward one year, and these leaders are settled, and they are not only settled, but they are driving their operating rhythm, their cadence. We could not be more pleased with the global leadership these two have brought and the leadership that they've brought talent to their teams. In other words, they've brought in some leaders who they've worked with in their careers and have really bolstered the international teams. And an output of really strong focus and really strong leadership is we're seeing incredible increases to our competitive win rates internationally. This has been true for the last year, and we're really excited because that drives our growth. Okay, in the last year, we've driven a lot through our partner transformation. This is an example of where they're inextricably linked. In many international markets, the partner channel is actually the primary motion of how you go to market. And in some of these markets, it's perhaps even more important than our alternate routes to market and co-selling opportunities than in the US. So in Q2, our new ACV sourced from partners more than doubled. We shared that at last earnings call, and the international momentum is palpable. So you see represented here, what this shows you is mid-teens% of our net new ACV driven by new partner relationships. These are opportunities Workday was not in or did not know about and partners are bringing to the table. So, that's the momentum in the last year. Also, we announced this last year, so this, you know, it's sort of had a full year now, and when we announced it, we talked about supporting global payrolls. We have five payrolls? I should ask the product leaders. I think five localized payrolls. And then, what's really important is payroll and HR in many markets go hand in hand. So we talked about our go-to-market initiative with both ADP and Strada. Fast-forward a year now, when we did that, Strada was in maybe three markets. We were really sort of experimenting. We were doing it, but not in a big way. We've now updated those agreements. We're building pipelines, seeing good momentum, and it's now in 57 markets, where we can offer both an HR and a payroll solution, together with really tight integration. Okay. Next up on the international front. Last FY, this announcement hadn't been made yet, and Carl mentioned it, but we brought in Chikara Furuichi, who's been a fantastic addition to our leadership team, and we're really starting to see the Japanese market open up for us. Not the least of which he's brought to us is a focus on partners, too. He has a really strong track record of building great partnerships with previous technology firms he's worked for, and I think that's a real opportunity for us, going forward, but certainly a lot of momentum in last year. I want to mention federal in the international section, because so much of the time we talk to you all about, you know, the $2 billion market opportunity in the U.S. federal space, certainly the largest and really important market for us, but we're also developing and having really strong momentum over the last year in the United Kingdom, in Australia, New Zealand, and Canada. All federal markets within those, common theme here, commonwealth countries, and specifically in Australia, we recently were accepted into the government's Digital Transformation Agency Software Marketplace for ERP. Try saying that. Yeah, so that's part of the momentum that we're driving within the international markets on the fed space. Okay, I'll hit Fins as well, because this has been a really pleasant development for us over the last year, which is we've had growth in ACV, but I've really been pleased with the growth in units, which is represented here. The new customer count of Fins, and this is inclusive of full suite, but greater than 25% in the last year. It's an exciting opportunity for us. Going forward, in many ways, there's an element of much of the same and continue to amplify it, get better at it and get better at the execution of it. There's also some new mixed in here, and I'll steal some from the product organization on this. The Global Payroll Connect, we did a press release on that maybe a month or two ago, but it's really launching right now. And this is exciting for us because what we see with Global Payroll Connect is companies like ADP and Strada, that I mentioned before, but also PwC, CloudPay, Safeguard, a number of different aggregators. We've now opened up the technology in a way and built really durable APIs, so that Global Payroll Connect can give our customers a single cockpit to manage their global payroll and avoid a lot of the brain damage that comes with managing a global workforce on the payroll side of things, and give our customers a really seamless experience, and make that data a first-class citizen within Workday. So now you're reporting, if you're running U.S. Payroll, and you've got 14 other countries, and you're using Global Payroll Connect, you're looking at that data and reporting off of it and driving your business in a really efficient way. This saves our customers a ton of time and a lot of cost, and this is something we're monetizing, too. There's a great opportunity here with GPC. Okay, second one I'll hit is Fins. We are making significant investment on the Fins front, and, you know, today, we already support U.S. multinationals that do business globally. And in fact, our U.S.-based customers, some of our larger enterprise ones, now cover 160 countries where they're using Workday Financials as part of the full suite offering. But we're also building out deep localization to cover a majority of the global Fins opportunity in large enterprise domiciled customers by end of calendar 2026. Innovation is also not limited to us. So leveraging Extend, we can now, as you heard this week, accelerate what our product organization can do and what we can do from a go-to-market perspective as well. So a great example of this is in Europe. I think the Kainos example was brought up in one of the keynotes. But they built an audit and compliance capability specific to Europe for document handling. Similarly, PwC built out an application to manage employee sickness and compliance in the gatekeeper legislation, which is appropriate in Holland and Netherlands. So partners are part of that journey as well on the international front and getting real leverage for our development organization. And then finally, new markets. So we'll always look for opportunities to expand into new geographies when we say new markets as part of that equation as well. So that's the international front. I now wanna turn our attention to the partner transformation that we've been going through for the last year and a half. And as this group hopefully knows, this has been a critical part of our story and, frankly, a success story over the last year. I'm excited to share with you. So, following the similar template here, why this matters? You know, first and foremost, at Workday, I've been here over fourteen years. The primary initial deployment for our customers will always be critically important because it creates such a virtuous cycle. Our GSIs and deployment partnership continues to remain a real focus for us. Last year, 95% of all go-lives went live on time, and that is unique to Workday. It's always been unique to Workday in this space, particularly in the ERP and the HCM space, and it creates that virtuous cycle. Secondly, our partners help us grow the go-to-market engine. Carl mentioned, 14 months ago, we launched a referral process and program, and not just a referral program. Some partners can refer, and we can do rev share. Some partners can refer and co-sell, and so you get real operating leverage there. So you can have partners both bring new opportunities, but also help with the cost of sale and execute or prosecuting those sales pursuits. And third, the last one is around accelerating our innovation. So via Industry Accelerators, which you've heard us talk about for some time, or unique applications for our customers via Extend, we now have Built on Workday as well, which enables our partners to serve as really true extensions of your R&D organizations. Yep. And they also help drive operating leverage on this front as well. Okay, this is the one I was excited to share. So the progress here is exciting. It's been, by all accounts, a banner year, and our partner organization, led by Matt Brandt, he and his team, he would be the first to say, have done a phenomenal job. So partner co-sell has moved out of that pilot mode, something we just started fourteen months ago. We now have five hundred partners contributing opportunities to us around the globe. They have clear incentives to drive lead generation, and they have clear alignment with our sales teams in market. And that momentum is building. So last year at Financial Analyst Day, we shared that from the channel, opportunities sourced from this partner channel were less than 3%. In the most recent quarter, you see it at 9%, and we like that direction, and we'd like to see that obviously continue. Momentum is also building as it relates to our deployment capacity. This is by way of both adding new partners to the traditional GSIs or deployment boutiques that are out there, but also existing partners seeing an opportunity to hire and certify more consultants. Our certified consultant resources increased 25% in the last year. Then it was mentioned as well by Carl, but we've doubled the number of innovation partners. A platform is only as powerful as the partner... or as the partner ecosystem, and so we've doubled them. This ranges everything from what you could think of as traditional ISV, sort of easy handshakes between our technology and our partners, and those are certified integrations, all the way to our AI Marketplace, which was announced last year, to now this Built on Workday concept. If I were to summarize, like, of all of that, to me, representing our global field teams, what's, I believe, most exciting and the real technical breakthrough is that Extend is now distributed. Meaning our partners can now build technology on top of our technology and sell a cloud application within our cloud, and there's an unlock that brings to us. So many current partners, and then this is where I really get excited, is even more partners, potential partners that we haven't done business with yet, recognize this unique opportunity to participate in the Workday economy. And they see the incredible opportunity to provide value, combined with our technology, to our customers, who, by the way, are managing seventy million workers around the globe. A lot of partners see that opportunity and want to serve these markets. So that leads to some of the strategic partnerships that you've seen there. I won't belabor those. Each of those are exciting. Maybe in the Q&A, we can talk more about each of those, but those are all exciting in their own right. But this is the kind of things where, there's rev share opportunity and new alternate routes to market, and the aperture is opened up on it. Okay, so where are we going from here? I'd say on this one, this is definitely more of the same. Do more of it and look for more opportunities, and make the right decision on where are the right opportunities, for growth, but also serve our customers. Keep that focus always on, serving the customer. So from a growth perspective, whether it's US, international, medium enterprise, large enterprise, net new customer base, or industries, as you talked about as well, there are partners lining up, to partner with us in each of those, segments and however you slice it. And we get leverage, as I mentioned before. There's go-to-market leverage when we have partners bringing us... registering both pipeline we were not aware of, and we vet this, not aware of it, bringing to our attention and then making the introduction, as well as partners who not only bring us the opportunity, but then help us sell it together. And then finally, around the innovation front, the operating leverage for our product organization, I think over time, will be a story I will want to amplify- Yep ... even more because we see a great opportunity there, so all of this, in service of our customers, and there's, you know, hopefully, you're getting from this. Clearly, we got a lot of momentum on this front, but so much opportunity still ahead of us, and so with that, I'd like to turn it over to our Chief Financial Officer, Zane Rowe. You want to join me up here? Great. Thank you, Doug. Welcome, everybody. There's some very familiar faces, and some I've seen recently, and some I haven't seen for many, many years, which kindly makes me feel a little old, but other than that, we've all been here for a while. Thanks for joining us. For those of you in person, I've seen many of you wandering around, and hopefully, you're having a great Rising. Remember, it's day two, and to pace yourselves. And for those of you online, thanks for joining us as well. So with that, I thought I would just give a recap on not only what you've heard here today, but also the financial model that Carl and I presented, now just over three weeks ago, where we talked about durable growth, approximately 15% annual subscription growth over the next two years, and then an operating model that'll drive operating margin to 30% plus beyond FY 2027. So a lot to capture, and then hopefully have time for some good questions after that. When we think about it, as Carl mentioned earlier, it's really down to both net new and our customer base, so the growth drivers that we've been talking about, both AI, Fins, International, partner ecosystem, are really driving a lot of the growth for the 15%, and driving growth not only for this year or next year, but well beyond that. In many cases, we're early on in the opportunity and have a lot of opportunity ahead, so you heard Ali talk about AI, and for those of you who were able to make the keynote this morning, with net new customers, AI innovation is driving strong rates of win, strong win rates, strong opportunities, and really becomes part of our differentiation and part of our opportunity for the foreseeable future. With Fins and Full Suite, we have one-third of our opportunities and 1/3 of our customers, both landing on Full Suite and driving a lot of that momentum beyond just Fins and Full Suite, but really, you know, beyond the HCM market as well. So with that, international, 25% of our revenue is international. It's over half of our TAM, and just another great opportunity for us as we think about those net new opportunities and how we're able to grow those markets beyond just the domestic opportunity we have here. On the partner ecosystem, Doug mentioned we're thrilled to see 9% of our ACV, our new ACV, come from partners, which is a great accelerator here and a great opportunity for new markets as well. And then cutting across all that, the medium enterprise, 50% of new ACV coming from medium enterprise, and a great opportunity as we think about transcending the AI and Fins, but it's really that medium enterprise that's driving a lot of the growth for the foreseeable future as well. And then emerging growth areas, Carl touched on it. We've got a great opportunity in federal. We see great opportunities in student, and of course, Japan, the fourth-largest GDP out there, and a great opportunity to continue to grow in Japan, too. And then, of course, strategic partnerships that Doug mentioned. We've got good growth on the strategic partnerships, and happy to talk more about those, and you see a lot of them here at Rising as well. So really good growth on the net new, which is a big part of where we see things going. It also drives the customer base. We've talked about last year. We still have $10 billion of growth in our customer base, so great opportunities within that customer base to continue to drive some of the same growth areas that we've been talking about across the suite, but within our customer base, to continue to see further progression on that front as well. On AI, we see the attach rates for some of our key modules that use AI, like Talent Optimization, we talked about. One of our key modules that's just growing really well on a year-over-year basis, almost 10-point increase for those of you who remember what we talked about with Talent Optimization last year. We see that module growing tremendously on a year-over-year basis and continues to drive our growth, driving AI within our customer base. Then Extend, Extend Pro, we talked about all the opportunities there with our partners to continue to drive that and to continue to see the growth again within the customer base, using some of those AI capabilities with Extend Pro. HiredScore, Athena talked about some of the opportunities with HiredScore, and hopefully, you all had a good opportunity to see the benefits that HiredScore can drive within our existing customers and, of course, with new customers. It's been a great land and expand opportunity for us, and obviously has a lot of interest across our customer base, too. Then on Fins and Full Suite, 36% of our core Fins attach, for our core Fins is attached to our core business. So we continue to see great growth on core Fins, also driving financial planning, procurements, and of course, expenses all up in the 30s and continue to see nice growth and nice ramp across that part of the suite. And then the international markets. We've got great opportunity as we continue to invest in partners and continue to invest in our go-to-market activities across not only those new customers, but with that customer base as we continue to build that customer base around the globe, and they become a selling motion and a flywheel for continued progress and continued growth beyond just the existing customer base there, too. And then on the partner ecosystem, we couldn't say more on the partner ecosystem and how it's really driving our growth beyond what we've been able to do ourselves. We have Workday Marketplace and industry accelerators, for those of you who saw the earlier session, tremendous industry accelerators that'll be the next phase of our growth beyond what we see today. And then, of course, there's employee experience and workforce management. We see great attach rates. Many of these are still early in their stage of driving that growth, but you can see here between Help, Peakon, Journeys, Scheduling, and of course, VNDLY, we continue to see good growth in that area as well. So that's the capstone on both the customer base and, of course, the new customers and how it's driving good growth in both HCM and Fins. You can see over the last 12 months, subscription revenue has grown 17% in HCM and 21% in our Fins Plus, which includes extend markets. Good growth we've seen over the course of those two areas. But more importantly is what Carl's talked about. As you pull that together, this is driving our full suite. Today, full suite represents over a third of our core customers and over 1/3 of our ARR. So tremendous growth that we're seeing with that core suite capability. I talked about that ME growth. What Core Suite is able to do with ME, and that combination, is really drive tremendous growth for us, and we see that continuing well into the future. So now we look at the non-GAAP operating margin. We've had some discussion with many of you over the number of weeks on how we continue to drive that call. Reminded us all that we grew five points over the last number of years in our non-GAAP operating margin. We expect to continue to drive that to 30% over the next few years. We're doing that by not only investing in the business, but having targeted growth investments, and really thinking about ROI, and thinking about what it is we need to invest in, and areas that we don't need to invest in, that we may have invested in previously, like payroll and other areas where we've consciously decided not to enter certain markets and leave that up to our partners like ADP and Strada, to continue to drive that growth for us. So we're being more targeted as we think about these investment areas and the ROI that those investment areas drive. We're also focused on efficiency and scale between people, process, and systems across the company. When we think about being able to grow at 15%, it allows us to scale across the company, and then we continue to invest, but we do so in a thoughtful way, and we continue to look at every process that we go through, think about our people, and think about our systems to balance that, and continue to show not only top line, but bottom-line growth as well. We're leveraging AI ourselves. Our R&D teams, our P&T, we call them, are leveraging AI capabilities. We're using AI in our customer experience areas, and we're driving a lot of those AI capabilities, not only in our products, but also across our teams as well. We're also leaning into partner innovation on our platform, as you would expect. Then, of course, our partner go-to-market efficiencies are driving that growth in a very efficient way as we think about new markets that we're able to enter and continue to drive. We're very pleased with the efficiency we gain from doing that, and candidly, the capabilities in market that we won't otherwise be able to offer. On top of that, as we grow globally, we're able to leverage people around the world and able to think about a footprint of people around the world in a new way, in a sort of a more balanced way than what we've done previously. So with that, the efficiencies that we see on the top line and how we plan on growing the bottom line, and the working capital benefits we get out of the business, we expect to see operating cash flow at approximately 34% in FY 2027. Nice increase from where we were here last year. We, in addition to that, because of our efficient capital spending, we expect to see free cash flow margin of approximately 30% over the same period. And again, with that, we're able to support not only organic innovation, but strategic M&A, and then be thoughtful about dilution and share buybacks as well. So we've also focused on many questions we get on SBC. We're focused on not only SBC, but also dilution. We expect to have ex-SBC represent 15% of revenue in FY 2027, as we continue to focus on not only driving that in a thoughtful way, but also having that percent of revenue decline over the foreseeable future beyond FY 2027. We expect to have net dilution of approximately 1% or less annually as well. So this is the framework that we've outlined. I just wanted to go over it in a quick way to give you guys an opportunity to ask us a lot of questions around it. I will remind you that the framework includes, you know, acquisitions like we've done between HiredScore and even, what we've done more recently with Evisort, but nothing more significant than that. We haven't changed our view on acquisitions, but the framework just includes acquisitions like tuck-ins that you've seen us pursue over the last year and a half. So with that, that was the quick wrap-up. I'm gonna invite Carl to come back up on stage and then entertain any questions you have. So, Carl? Thank you. Now- Now. Hello? Okay, great. So we're gonna work the room. We'll do our best here. I'm gonna start right here with, not Carl, but Brent Thill. Thanks for having us. Brent Thill, Jefferies. There's a healthy degree of skepticism around the growth targets you've given. I'm just curious, when you look across all those drivers, I know it's a collection to get to that number, but is there one that's particularly more important, international or Japan, or how would you characterize the importance of what needs to go right to hit that 15%? Yeah, I guess I'll start, Thill. Thanks for the question, and thanks for being here. I think if you just look at what we laid out today, all the growth drivers we have, there's a lot more growth drivers today than just last year or just a few years ago. It's expanded between just not HCM, it's now HCM and financials, it's full suite. We go to market with verticals. I think there's just the aperture of where we can find growth is just much greater. We have no single anchor tenant, meaning if there's a vertical that goes south because of some economic situation, we don't have an outage because of the diversity of our business. Specifically, to your question, I do think international is a rich opportunity for us. You see the statistics, we talk about it all the time, Thill. I think partners-... Partners can help us achieve growth. I mean, we're only 15-18 months into this journey of building out our partner ecosystem. I think there's such operating leverage. Everyone talks about operating leverage inside your company. I think about operating leverage as you go to market, and how do you scale go-to-market without just hiring incremental headcount for Workday? I think the partners drive significant growth opportunities for us. And then last, we're going into new verticals. We talked about federal, right? U.S. Federal. Think about Australian Federal. We're winning new business in the U.K. in our federal business, so I think that's another growth driver. I'm not sure. I think we like all of our opportunities. I don't know that I'm going to sit here and stack rank them for you, Thill, but I think what I'd ask you to take away is the diversity in the aperture of where our growth comes from has scaled significantly from where it was just a few years ago. And that's because we're leaning into these investments. We're seeing a return on those investments. Zane talked about it. Everything's ROI-based, and as long as we see those investments paying off, we're going to continue to lean into them. Hey, Brent, I think also over time, we're able to lean into them in different ways, right? So right now, we see tremendous growth on the partner side. We saw tremendous growth last year with EMEA and then this year with APAC. So we're able to navigate that, and, you know, to Carl's point, it's diversified revenue opportunity, and yet we're able to invest in different areas there, too, in order to drive some of those that take off. And they're all sort of go at different speeds, of course, but we're able to navigate that. And I think, Doug, you used the word, they're all intertwined, right? Our international growth opportunity is tightly coupled with our partner strategy. It's how we go after new emerging markets. It's how we sell and deliver our products into the market, so you can't really separate them. It's part of a broader growth strategy that we have. Hi, Kirk Materne with Evercore, right in front of you, I guess. In listening to you all, it seems like this strategy in terms of monetization of AI is clearly through better functionality, better win rates with customers. Is there an opportunity for taking price a little bit if, if there is a value exchange that is favorable for the customer? Can you talk about that a little bit? And then, Zane, I have a really quick one for you. I think last year you guys talked about gross retention rates being 98%. I think this year you said 95%. Can you just clarify that? I assume some of that's, you know, employment, some of the employee numbers coming down, but can you just talk about that and how that is, processed in your long-term guide? Thanks. Sure. Yeah, I can touch on that one because Justin knew that you would ask the question somehow. But we're still consistent at 98%. We put 95%+ because that's what did he ask you to tell you? Because we've put 95% in a lot of our other materials, so but we're consistent with where we were last year. Yeah, and I'll take the, you know, the AI monetization question. And I think the way we've described it, and I'd say it's the same as we sit here today, we've taken a multipronged approach to how we're going to monetize AI. I said earlier, I think when you invest in Workday, you're investing in AI, just because of the nature of the platform that we all sit up here and talked about. But I also think there's opportunities to also expand how we monetize it. For example, Zane talked about talent optimization. We talked about Extend and Extend Pro. Extend Pro is absolutely a solution that's driven around AI, whether it's the AI copilot for developers or whether it's the AI API that allows us to extend and bring in other large language models, we are monetizing, and then HiredScore is another way to think about it. That being said, what we won't do is we won't go to market, and we've never done this from day one. We were probably different than our peer groups. We haven't gone to market and said, we're going to raise, you know, our prices by 10%, 15%, 20%, or 30% because now we have a copilot. And I think people questioned us at first for doing that. If you talk to our customers, they're thankful, they're grateful, and they think we're taking the right approach because inherently, we owe them innovation. A lot of the innovation you saw up on stage today will come through the power of the platform at Workday. That being said, when we see the opportunity to bring an AI solution to market, like HiredScore, where we can look at someone and say, "We're going to drive a 30%-40% gain in recruiter productivity, or we're going to accelerate hiring by 30% or 40%," people will pay because there's a strong ROI. So I think that the multipronged approach that we're taking in how we're monetizing AI will give us the opportunity in the future to continue to monetize it, but maybe slightly different than the way everyone else is doing out there. And I think this comes back in our favor with the approach we've been taking over the last couple of years. Thanks for the question. Hi, Kash Rangan at Goldman Sachs, here. Oh, hi, Kash. Hi, good afternoon. Great event. I just wanted to pull on the AI thing a little bit more. I think relative to 12, 18 months back or so, today, it's clear that the incumbents in SaaS have the data advantage, and it's harder to disrupt folks like Workday, being an AI startup partner, whereas that was not the case. You were the disruptor in the old cycle, right? So with that said, what is Workday's right to win here in this market? You have immense data, your customers love using the product, but as you look at this AI cycle play out, what is it that Workday can do uniquely with the data that an AI startup cannot do or other incumbents, the other three-letter, four-letter word companies, that they cannot do that, that you could do, that when we're all at Financial Analyst Day 2029, look back and say, "Okay, it makes sense. It's obvious that Workday got AI, just like you got the cloud, right?" What do you see as your unique capability? And maybe you could talk a little bit about how you're implementing AI internally within Workday, that you're starting to see these advantages, that gives you the conviction that, "Okay, I got it in sight. I can now roll it out outside global stage. Done, dusted. Thank you so much. Thanks, Kash. I'm supposed to be the quarterback, so I'm gonna look at my two powerful product folks on stage, and Ali, and you know, if you could, David, you too, you answer that. Sure. No, you go first. Do you want to go first? So there was, like, four questions there, Kash. Are you surprised? I'm not surprised. I'll start with the last one. I mean, there's a ton of different ways we're using AI internally, including just broader Workday, right? I mean, we're a partner with Google. I mean, we all have access to both Google Gemini, and, you know, specifically in the product and technology organization, we leverage AI in Salesforce and Slack in all kinds of ways, right? We also use it internally for our developers, and we've seen some really good early indications of, I think, the benefit that you can see from AI. You know, like, developers leveraging Copilot. They're. I think they're accepting, like, 30% is the number that we've tracked. 30% of the code that's being generated, they're accepting that. I mean, it's... For a younger developer, it's pretty impressive how fast it can help them get good. You know, maybe not expert, but they can get pretty good pretty quickly. I think back to the question around Workday. A couple things there. Ali touched on this. We didn't cover it much, if at all, in the innovation keynote, but I think one of the things. There's a couple things I think about from our advantage. One, you touched on the data, right? Our ability to actually fine-tune a model based on that data to give not kinda accurate answers but highly accurate answers is important, right? I mean, back to using something like Gemini. I use Gemini probably fort, no, no kidding, 40x, 45x a day. Sorry, if we're gonna get hit with a big bill on that, but I use it all the time for all kinds of stuff. It's super helpful when you're trying to be creative because you can ask it the same question fifteen times, and it will give you fifteen different answers, kinda right, but in a very different way, and it allows you to think about problems differently. That's great in a creative situation. That is not great when you are asking it: How much bonus should I give Ali, right, based on policy information? You don't want fifteen different answers. That is, I believe, one of the key advantages of Workday. The second, we didn't touch on it, but Ali mentioned it, and it's around what we call Workday Foundry. I have talked to a ton of customers, spent a lot of time this summer talking to them about what they're doing with AI, what tools they're using besides Workday, and, you know, they're doing tons of experimentation, and I think they're figuring out, a lot of customers are figuring out, this stuff's hard. Like, you can think you've got a great idea for how to apply it, and it's gonna get you that 30% transformation, and you spend $3 million, and you don't get that, right? And so I think one of our benefits is how we think about it, our internal methodology for how we're constantly looking at all of these use cases. We have the business process data. We can look and see what process is actually causing most customers issues, which process are most customers using, right? Like, we can look and see all of that. And so we can start to very quickly pinpoint, okay, where can we actually go and try to transform a process that's going to affect most of our customers? And then through the platform, put it out there. We test, we fail quickly if it's not working. We can put that into our platform and get it out there very quickly with our customers, and it's in a platform that they're used to using, and so they actually use it, and that's another key point. Maybe one thing I'll add. We talked about data and context together, and that being the differentiation here, not just data alone. And to kind of put a finer point on that with an example, so when we talk to customers, in many cases, if they're building or buying their own kind of AI assistant or companion out there, what they're doing is they're extracting data, not just from Workday, but many other applications and vendors that they might have. And not only is that expensive and potentially risky because they're now liable for that information outside of Workday, they don't have the context when you just extract data through APIs. And what do I mean by that? In the keynote, you saw the example that Katie referenced around payslips. Yep. So if somebody is actually in a task looking at a payslip with Workday, not only are they understanding the payslip, we're pulling for historical payslip information, company policy information, things that sit inside of Workday about who the user is and what they do, and no one else has that context in addition to the data, and that's where you get to transformation. It's a combination of data and context to be able to produce some of those results. Yep. Great point. Hey, hey, guys. Brad Sills over here, Bank of America. Thanks so much for hosting a great event. A question on the partner channel. Clearly, it's a big focus for you. We're definitely getting a sense, walking the floor today, that there's a heightened level of engagement with the partner channel. That 9% number is impressive, but just curious, you know, where are you today with the partner channel? What has changed versus, say, a year ago, in terms of your engagement with particularly the global SIs, which could really move the needle for you in the large enterprise segment of the market? Where are you today with them in terms of the engagement level? Has the focus been on just getting more consultants on the bench that are trained on Workday? Are you going to market in a more integrated fashion with them? And where could that 9% growth number go over time? Could it be 30%, 40%, 50% of the business over time? Thank you. I'll go first. Yeah, please, Doug. I'd summarize... Can you hear me all right? Yeah. I'd summarize as earlier- ... So that 9%, I'm excited to see where that is this time next year. And the way we're thinking about the deployment capacity is we're not – that's not the primary focus, like adding more consultants to it. It's a good – where it makes sense, we wanna do it. And so what we're trying to do is focus on where the emerging markets that- I didn't think it was working. Yeah, I think you're- Can you hear me? Okay. There we go. We're focused on which markets are we trying to grow that we don't have strong consulting expertise, strong subject matter expertise, strong industry expertise, and that's where we're recruiting. So you will see certified consultants increase overall, but we're trying to be smart about where we're doing it. And then, so that's I think that's early. That's definitely an international focus. And then the other thing, you said, "Where is this in the whole journey?" Just the simple referral program, which is, like, an awful idea to Workday here, to start 14 months ago, to have 500 partners, what surprised me, to the positive, is I thought we'd have to go recruit, recruit, recruit, and we are. We're being strategic about it, but they're coming to us, and they want that, that opportunity with us. So I think it's summarize early innings, and I'll let you round out the answer from there. Yeah, I'm a broken drumbeat on this, Brad, so I, I just echo what Doug said. We're super early. Like, having been around partners and ecosystems for almost 35 years now, I couldn't be more proud of what the team has done in the last 18 months when we launched all of these programs and just watching this rapid growth. I said earlier, if you just go walk around, here at Rising, we have 2,000 partners here, 200 of them in the Exchange, the Solutions Exchange, Expo. Like, we're really early, and the fact that we're growing as rapidly as we are only shows the actual demand of the platform for our partners to both help us sell, help us market, and help us innovate and drive ultimate customer success. I don't know if I can give you an exact number of the growth that you're asking from 9% to what, but I know we have a hell of a lot of runway, and in 15-18 months, what the team has done has been nothing short of remarkable, and I couldn't be prouder of them. We were a direct sales force, now we're a direct and indirect sales force, and we no longer talk about partners being an extension of our innovation engine or an extension of our sales force. They are our sales force and their innovation engine, working with folks like Ali and David as well. We're super excited about the future of the partners. Yeah, we talk co-sell, but just one other finer point to that is we have several. I don't wanna mischaracterize this as massive and everywhere yet, but we do have several full resell motions going on as well. So that's not just co-sell with us, and we sell some of, you know, their IP, some of ours, and we jointly pursue an opportunity, but some where we're doing full resell, and that's another area that's so early. Not enough to put on a slide for you yet, but I'm excited next year to talk about what we're doing with that. Yeah, Doug, one of the things you mentioned on the partner side is what we're doing with payroll providers. Last year on stage, we had Maria, the CEO of ADP. I think people are going: "Oh, my gosh, we are on the stage together?" Now we're up here talking about how we're leveraging multiple payroll providers and actually reselling something like Strada on our people on a global basis. Like, we have global payroll access now from Workday on our single, you know, contract. That's powerful leverage for us going forward. Hey, guys, Alex Zukin, Wolfe Research over here. Thanks for really efficient Analyst Day also. I guess I wanted to ask the question, Aneel talked about, I think, on the main kind of keynote today, of AI entering kind of this trough of disillusionment, and you're releasing a lot of really exciting functionality with the Illuminate platform, and it seems like AI is kind of core to net new to growth from net new. I wanted to maybe dive into that because is it push? Is it pull? Is it easy for you know, customers to understand the differentiation between you and some of your competitors on this front? And then maybe one for you, Zane, just on the free cash flow targets. Maybe help us with the linearity of that ramp through fiscal 2027. Sure. So why don't you start, and then take the first part? Yeah. So- Yeah, go ahead. Yeah. I'll take it. I'll answer the trough of... Oh, and we got Aneel in the back, too, if he wants to take a shot at the- Oh! Trough of disillusionment. That's a mouthful. Simply put- Mouthful W e introduced a great bunch of applications, but the expectations in the market for what AI can do are disconnected from the reality of what's actually happening right now, and we're trying to close that gap. And I think the cycle's only gonna be a couple years, as opposed to the cloud cycle of, you know, six, seven years, 'cause AI's moving so forward fast. But not disillusionment with our applications, just more, I think, the expectations were set way too high, as Carl talked about, with all those copilots that didn't really amount to much. The only thing I'd add to that is back to something I said earlier. I've talked to enough customers who've gone out and tried to do a bunch of this stuff themselves. I mean, this is a side gig for them. We do this every day. It's our job. Like, I think they are suddenly realizing: "You know what? You guys actually know what you're doing." We put a lot of thought and effort into that, and I would say that's where some of that disillusionment is coming from, is they go, and they try, you know, three different proof of concepts, and they can't get out of proof of concept. It's one of the issues they have. They can't get it to production, they're not seeing the value out of it, and it's super expensive. I think we have a really clear runway to help them with that, and I think they see that, too, for sure. You mentioned about competitors and when we talk to customers, how is that going? If you go back to the value-centric approach I talked about, and David just touched on the word "value," we don't talk to them about hypothesized value. Yeah. We talk to them about realized value, and I think that's really different than some of the conversations they're having. Yep. You can show a roadmap with hundreds of features, but if that's in the future, and it's not tangibly in our customers' hands, that's hypothesized value, not value realized, and that's what customers, what resonates with them. Yeah, and Alex, we'll give a little more context for next year and the upcoming year at our next earnings. But in general, I'd say it follows the business of both OCF and free cash flow. And you think about those increases in operating margin over the next few years, we think about them being somewhat equal over the next few years. But you know, we'll update you at our next earnings on that. Hey, thank you. Raimo Lenschow from Barclays. Hey, Raimo. And one for you, Zane. If you think about AI, there's the other side of AI, which is the extra cost. Can you talk a little bit about how your long-term outlook with the margins, et cetera, is including different scenarios around AI adoption and, you know, the monetization that you talked about? Thank you. Sure. Yeah. I mean, it's included, and the team over here can tell you about the efficiencies that we're driving, even within those LLMs. So, in the context of the margins that we've talked about, and even thinking about gross margins, it's all embedded and included in our view of the next number of years, and it's partly because of that data set we have and because of the efficiencies and all the work that we do in AI to help drive that. Go ahead, Rob. Oh, thank you. Mark Murphy, way over here on your left. Hi, Mark. Mark Murphy with JPMorgan. Great show here. That room was extremely packed this morning, and it's great to see. I wanted to ask you, Zane, the net share dilution of 1% is very, it's surprisingly low to me, and I know that it's net. Should we read into that, that you're gonna be pretty active there with the share repurchase? I mean, can you help us bridge a little from gross to net? And then, I wanted to ask as well, you know, mingling with some of your partners, the, we've had several of them say Extend is actually what they're most excited about at this point in time for Workday. And what they're relaying is, you can open the scope and become more of a platform consolidator, right? That's what your customers are looking for. I think it begs the question of, you know, where do you wanna draw the boundaries of what can get built on the Extend platform? Should everything be in the realm of HR and finance that gets built there? Or, you know, is this your opportunity to... I mean, should we think of some parallel of having kind of a ServiceNow low-code, no-code platform embedded within Workday, where you can build these workflows and, you know, sort of go across business units, right? That would be maybe well outside of HR and finance. Yeah. Do you wanna start with this? Yeah, I'll start. Yeah, the dilution, Mark, we moved to withhold to cover, which is helping contribute. If you look at historically, we haven't done that, so obviously some of our cash is being used in that regard, which does help in the context of dilution. And then in addition to that, we are. You know, we have $1 billion authorized, and you should expect us to, you know, at least as you map it out, to get to 1%, probably be at a rate that's slightly higher than what we've done historically. We've, you know, been doing averaging probably $500 million a year. We expect to see maybe a little bit more than that as we navigate the 1%. But that's in line with our peer group, and that's our target at this point. You guys wanna touch on Extend? And I'll have a couple comments as well. Yeah. I mean, I think the last part of your question, I would just... It sounds like you were at the innovation keynote, so you probably saw some of the stuff that we're doing around extending the extensibility around the UI. And I think that's early days in terms of where we think we're headed. So to your question around, do we think, you know, that the Extend product platform can be more? I mean, a lot of the applications that customers and partners are already building on that are not HR or financial by nature. I actually see a lot of where that's going to start to go, at least in the early days, is around industry-specific applications. I think we're gonna see a lot of partners lean in there. We're gonna... You know, from a product perspective, if you couldn't tell, I absolutely love Extend and Built on Workday. You know, from my product team's perspective, it allows us to focus and really build what we and my teams can build the best. And for things that, you know, we can't or we don't believe we have the right, if you will, to build, or that is specific to a customer, you know, that platform allows customers and partners to just go crazy. I am not surprised that partners are telling you that. I'm hearing the exact same thing. And, you know, we started out with eight early adopters on Built on Workday, and we're already at 20, and that is not because there's not more. That's because we're basically pumping the brakes slightly there. There's a lot of excitement in the partner base around what we're doing. Yeah, I just wanna add. I was just reflecting back. I think it was at the Jefferies conference a few months ago, and I was asked a question like: "What do you think the most exciting thing at Workday is today? And we love everything we're doing, but what's the most exciting application going forward or use case?" And I responded with Extend for exactly the reasons you just articulated. We think it is a powerful way to extend that platform, not just to drive innovation around HR and HCM, but it's an opportunity to drive industry-specific solutions from our partners. You saw Kainos on stage talking about EDM earlier today, right? They're very specifically focused on what is their differentiation that they can bring to the Workday customer base. So I'm really excited about it, and I was gonna mention what David said. If you talk about Extend, we also talked about Extend in the context of the UI/UX. Yep And the extensibility of it. You saw a whole bunch of people up there on a logo slide that are already integrating into and through our, you know, extensibility platform on the UI/UX. What we're trying to do, is we're trying to meet employees and people in the flow of work where they're at. Eventually, there's gonna be no reason to have to jump in and out from platform to platform. If we can open up the aperture more and more through Extend and through the APIs we add now through the UI/UX platform, we think we can do a lot and handle a lot right in Workday today, because it's one of the most highly used applications in the enterprise. Let's keep them in the flow of work where they're at in the Workday platform. That's our strategy going forward. Yeah, and I would add, what was highlighted in the keynote was the homepage, but that's absolutely not the only place that we're doing that. So if you can think about what's happening there, is they're essentially these composable applications. Think mini applications built leveraging Extend, and we showed them to you on the homepage, but they're also gonna be embedded in things like hubs, journeys, other areas of the Workday UI. Right here. Okay, great. Yep, right here in front of you. Karl Keirstead at UBS. Hi, I'll direct this one to Zane. So, Zane, as everybody in the room is trying to get comfortable with the sub revs growth tomorrow, one way to do that is to look at CRPO growth today. But that makes you feel a little bit wobbly because the CRPO growth is slowing, and it's probably gonna finish this year sub 15%. So what would your pushback to that thought process be? I can imagine one could be that starting in Q1, we might lap the end of those early renewals, and hence, CRPO growth might frankly stabilize. But I'd love to hear your pushback to that thought process. Sure. Yeah, I think, you know, the CRPO dynamic's one that we've talked about for some time, if you recall, over the last... now it's been a year and a half, as we saw the early renewals come in at a faster pace than we otherwise would anticipated. You know, we were running about two hundred basis points over subscription revenue growth with CRPO. So a lot of those opportunities impacted the duration, even within CRPO. So if you think about total RPO, duration impacts it significantly, right? So we've had total RPO last year above 30% for a number of quarters, and obviously, we weren't guiding to, you know, that kind of revenue, even long-term, at least at this point. But if you think about CRPO, there's a duration dynamic, even within CRPO, that's impacted by both scheduled renewals and also that early renewal activity. Now, in addition to that, you've got to drive new ACV, and of course, you know, we've talked about here around the durability with the 15%. There's no doubt we've got to continue to grow the business and continue to drive new ACV. But in addition to that, there's clearly variability on a quarter-to-quarter basis and year-over-year basis, tied to both scheduled renewals as well as early renewals, and that's what impacts some of that. So what I tend to do is look at, I mean, obviously, we've got better view into pipeline and into all kinds of metrics that we use, looking further ahead at subscription revenue growth. But if you look at that coverage, so if you look at the aggregated CRPO value, and you think about that over the upcoming recurring revenue or upcoming subscription revenue, that's sort of the metric that we tend to look at just to get you know, have a feel for what that coverage is for the next, you know, sort of period of time. And that's been within the similar range that we've expected, at least that we've seen, historically. So that's how we think about it. Obviously, we've got more insight and more data than that, but that's how I think about that CRPO dynamic. Is that helpful? Yep. You sort of add- Awesome. Answered part of the question. Yep. Thank you, Zane. Asked and answered. Thank you. Brent Bracelin over here, on this side of the room here with Piper Sandler. Two very specific questions, if I could. Doug, for you, global payrolls, can you just remind us why it took so long? I know that was a blocker internationally. And, what's the uplift to ACV as you think about bundling international HCM with payroll? What's the monetization uplift when you bundle it together? And then, Zane, could you just talk about partner implications on margins? It's 9% of net new ACV. Does that drive meaningful leverage in sales and marketing expenses over time in a more efficient way? Thanks. Sure. Global payroll is hard. I'll answer it on behalf of the product and technology organization. Thank you. It is very hard. I am here for you. Moral support. It's hard, and I think the strategy has shifted. I mean, we never set out... you know, this is back to Aneel and Dave, we never set out to say we're gonna build a local payroll in 30 markets. We chose strategically the ones we went to, and I think the big breakthrough is that for years, many of you who followed us know about Cloud Connect for third-party payroll. It's a pretty flat file approach, and it's durable, it works, but it doesn't give you sort of a rich experience, and it was prioritizing the R&D investment to do something that was a step function better than that and breakthrough, and I think that's what we've done with Global Cloud Payroll. So the GCP... Now, that's not local payrolls. That is now opening up the aperture for all of these different aggregators or the different local payroll providers to write to our APIs and have bidirectional data share. But maybe anything else you guys want to add to that, or you see the same? Yeah, I mean, I would just say that on top of the ability to write to our APIs, the experience that the admin, the payroll admins have, and even you as a user, I think we showed this- Yeah In the keynote today. Like, your ability to go in and through Strada, like, start entering your bank information right through Workday, like, it's that type of thing that this approach starts to allow us to do. And the uplift, Justin, can I give a range, a rough range of what we think the uplift is? Or do... Do you know one? Yeah. No, I know what it is, but I don't know if I'm allowed to disclose. I'm gonna learn up here now. Based on how long. Yeah, like, 10%-20% uplift over Cloud Connect over the years. Yeah, and I would just, yeah. It's out there. Yeah. The economics on, the, that partner activity is compelling, as you would imagine, and part of it's how you think about, you know, both in country, but then the ecosystem that we're driving, whether it's sell to or sell with, and, how we drive that into new markets and new opportunities, incredibly compelling. And part of it's just the lens that you look at, 'cause obviously, you wanna make sure that it's interesting for partners and that they're driving investments themselves. But from a Workday perspective, the incremental economics are very compelling, especially if it's a market you wouldn't enter, or a country you wouldn't enter, or otherwise, a sector that you wouldn't go that deep into. You know, just to share from Carl, I mean, we're all very excited about the opportunity across the board on the partner side. Rishi Jaluri, RBC, all the way in the back on the left, right here. Yeah. Thanks. Thanks so much for having us. Thanks so much for taking my question. Maybe just going back to the margin targets, help us understand, you know, obviously, really well-received by the investment community, what can you say to give us confidence that you're not underinvesting in innovation? Clearly, a lot of opportunities on the product side, especially with Fins, to continue building out capabilities, narrow the gap, and maybe exceed capabilities of some of the incumbent vendors. AI, obviously a major, major opportunity. So maybe help us understand that. And alongside that, on the last earnings call, Carl, you talked about just how this macro environment is kind of more of the new normal. If there is, in fact, a bounce back, whether it comes back from just an improving economy or AI unlocking budgets or something, is there an opportunity for you to, you know, maybe suppress some of that margin expansion and invest more aggressively for growth opportunities? Thanks. Yeah. So I'll take the question. We believe we've always been able to drive really sustainable growth, durable growth, over a long period of time, and at the same time, expand operating margin. We didn't necessarily think one had to come at the expense of the other, and to do that, you have to be able to invest in the business. All the things we sat up here and talked about, from all of our AI strategy and Workday Illuminate, to our partner strategy, these are all investments we're making while expanding our go-to-market efforts with Doug and his team. So we are investing heavily in the business. We're not just gonna expand margin, right, and then pull back on investment in our innovation. The innovation engine at Workday is alive and well, and it's across three different areas: organic innovation, like you heard on main stage today, inorganic innovation through technology acquisition, like we made with Evisort, and technology innovation leads to go-to-market innovation that Doug and his team are doing. So we're leaning heavily into innovation. And if you think about a lot of the things we're talking about right now, for example, the startup cost to launch a partner program that probably wasn't here eighteen months ago, while there's costs to do that, they go from being a headwind to a tailwind as you scale. You saw some of the statistics that, you know, Doug talked about. Now 9% of our funnel is being created by them. We have 500 partners. So all of those costs that we did to invest go from a headwind to a tailwind to help us scale and drive economy over time. I'm quite confident we're not just driving margins at the expense of innovation, and I think a company of our scale, of 20,000 employees, $8 billion of revenue, we can find economies of scale across the entire business. We're much more prudent and smart about the things we're not gonna do. We talked about global payroll, for example. We pulled back on payroll in France. We stopped our development in Germany. What did we do? We leaned into partners to help us build global payroll solutions. I'm very confident in the innovation we're gonna continue to drive. You know the technology industry. If you're not innovating and you're standing still, you're moving backwards, and we will never stop innovating purely at the expense of driving better operating margins. There's a symbiotic relationship between the two of them, and that's why we reset our financial profile of the company going forward. I would just add, if you look, Carl's mentioned over the last number of years, we've continued to grow top line and invested in the business in a number of these growth initiatives, while increasing operating margins five points over that same period of time. You know, nothing like top-line growth to help you lean in, invest, but also recognize some margin improvement over the same period of time. Yeah. Hi, Scott Berg here with Needham. Thanks for taking time out of the busy customer schedule to chat with us today. The question is around kind of expectation around bookings mix with regards to the 2027, you know, kind of targets and goals there. I get a lot of questions around how you all can continue to grow with, you know, 50% of your net new ACV coming from new customers. It's a big number, especially considering you already have 60% of the, you know, Fortune 500, and you've done so well at market. But how do we think about that mix kind of going forward, especially in a macro that's a little bit uncertain today? Yeah. I think, going back to part of your question, you talked about 60% of the Fortune 500. While that's a great statistic, when you think about the Fortune 500, it's 500 customers. And a lot of those Fortune 500 customers aren't in some of our biggest market opportunities: healthcare, state, local government, higher education. So while we like to talk about that 60% of Fortune 500, the revenue mix and the bookings mix going forward is across all these powerful industries we have, number one, and also, we didn't stay at the high end of the market. For years, Workday has always sold into the medium enterprise. Now we're just leaning into it a lot more aggressively because we have a full platform sale that is actually resonating with the medium enterprise, and as we go down market, we get to monetize the high end of the emerging market. So it's not just the large enterprise where we're gonna find growth. That's why we're segmenting more. That's why we're going towards industry verticals more. That's why we're going into new geographies. We're diversifying the business, and I think the mix of where our business comes from in the future will look significantly different based on the growth drivers we articulated today. So it'll change over time. We do think Fins is a big driver of growth. You saw some of the statistics today about our Fins growth compared to our HCM, but I think the real power comes together in that full platform sale that we're making into certain industries and certain segments. That's how I think it'll change over time, is the full platform sale. Hey, thanks very much. It's Michael Turrin, Wells Fargo Securities in the middle here. Appreciate you making time and for all the content today. One, on targeted verticals, I think you referenced a teens-ish customer penetration rate across the healthcare, state, and local government, the verticals that you, you presented. Can you just frame what you're doing from a product and go-to-market perspective to get those penetration rates up? And how things like the investments in partners and the Extend program can help as you're going after those longer, longer-tailed customer areas? Thanks. You guys wanna start? I'm gonna- Yeah, I mean... First. Yeah, you want me to go product first? Yeah, from a product perspective, we've mentioned healthcare, state and local government, higher education. And, you know, we touched on... I actually touched on some of this as well this morning in the keynote. I mean, industry from a product perspective is big for us. You know, we've put in, even from an organizational perspective, we've put in, you know, what we call general managers, who own those specific industries. And everything they do, wake up every single day, is look across the entire platform and say, "What products, what capabilities do I need to drive, you know, more happy customers in our particular vertical?" We started that with higher education. That was our first, I think, kind of, foray, if you will, into industry, and it's paid off tremendously. You know, we've created a student application that's another component to that particular industry, and I think you'll see us lean in more, as well in industry around going after industry-specific applications. I talked about grants management this morning. That one's interesting. I was at a lunch earlier today. I had a university system represented there, a healthcare system represented there. They both use grants management capability inside of Workday. There was a nonprofit who was a prospect on the fin side, who was also wanting to talk and understand how they could use grants management. So it's things like that. We're investing in a lot more capabilities there. I think about professional services, investing in things like resource staffing. You know, we already have a lot. Really, the operating system, if you're in the professional services industry, if you're using our HCM and our financials, our billing capability, you're using our projects capability, we're now building resource staffing capability, as well. So we have you kind of wall to wall, if you will, from a product perspective, so we're doing a lot more of that. And then, Doug, I don't know- On the go-to-market side, we've already verticalized all three of those industries that were highlighted with essentially the TAM, the- Yeah T hat was represented on that, that hopefully sounds like got your attention. I think the next five years, all three of those industries in the U.S. market are gonna go at a really healthy clip and change over legacy technology. So it's about making sure we have the right deployment capacity, the right number of certified resources with industry expertise to show up, as we sort of forecast what we think we're gonna do in each of those years, and making sure we've got the sales teams, solution consulting, enterprise architects, the sort of supporting functions, appropriately sized to do so. So that's for go-to-market, I feel really good that we got our eye on the ball on all three of those. And then there's another side of that, which is all the partner motions beyond just traditional SI deployments, which is we have market architectures for each of those three. So we have ideas of where we can do more with the solution marketplace, with partners in those offerings, and a lot of that's customer feedback driven. Yeah. What they're seeing as... You know, we know some of the gaps, but who they like is important for us to know, and that feedback, this week's a great opportunity to get that, so we know who we should partner with and formalize the relationship. Maybe, Doug, you can also touch on the industry accelerators that continue to launch. Yeah. So industry accelerators have been out there for a while, and you... The way to think about those is, with Extend, we have a packaged solution. So these are just little things that a partner has done that is - they're making available to the broader Workday community of customers, and then that hopefully drives a nice consulting engagement for them, or some ability to sell their offerings. Now, take a collection of packaged solutions that are industry-focused, that becomes an industry accelerator, so one to many sort of relationship there. And so industry accelerators cut across beyond just the three you saw on that slide. Yeah. All the verticals where we wanna compete in full suite. That's retail, hospitality. We've got industry accelerators showing up in FSI and some of the other ones as well. Yeah. Thanks. Mark Moerdler, Bernstein Research. Up front, over here. We can see you. There's no light. You can't miss... Well, there's lights in the way. The light. Thank you for taking the question, and Zane, thanks for the additional detail and color on the guidance. You've had this increasing partner focus, and you're partnering in AI. How do you think about the trade-off between building core AI functionality versus leveraging partners to build that for you? If the differentiation is context, and you really own that context, is that really something a partner can do, should do? In other words, do you see AI as something that you really need to own versus, given the importance of data and context, versus something that everyone in the world could build using your data? Howie, David? Yeah. I mean, I wish I had a straightforward answer for you. Other than that, it honestly, it depends, and I think this goes back to kind of what I was getting at earlier around our strategy and the way we think about AI in general. Like, we truly look at areas where we believe we absolutely have the right to deliver the best capability. And if we don't, then that's probably better served by someone else besides us. But, you know, we are. I wanna be clear, we are leveraging partners even through our AI capabilities today. I mean, you know, when you look at something like Workday Extend, AI Gateway, we have third-party models that can be leveraged. I won't name the customer, but, you know, as an example, they're a very skills-based organization. This will get to kind of what you were talking about. They have a very specific way for trying to determine a proficiency that someone in their organization has a skill. We don't know that context. They actually know that context. So that's a great example of where they would take our data, they take it out, they have their own algorithm, they run their own, you know, kind of AI against that, they create efficient proficiency score, and they bring that data back into Workday. Then from there, right, we have a much better ability to do things like start matching those individuals to other opportunities, within this particular organization. So that's an example of where it's both. Hopefully, that's helpful. Yeah. Maybe, maybe I'll add one thing. I think where we think there is unique customer value, you'll see us pursue strategic partnerships. Oh, yeah, now you're not on. You passed it to me. Where it adds unique value for our customers, you'll also see us perceive or pursue a strategic partnership. Salesforce is a great example of that. If you saw in that announcement, very core to that was step one, building a shared data foundation, and that's really important. We go back to the data and context. Yep. Building that data foundation first, and then building something like the employee agent you saw us announce on top of that. So it's not extracting data and kinda taking it away. It's creating that foundation by which you still have things like data and context across that unique partnership. Yep. Okay, we're gonna do two more, so I'm gonna go to Derek first. Great, thanks. Derek Wood at TD Cowen. Karl, you showed a slide that described the medium enterprise replacement opportunity, and it was less than 20% was legacy ERP, and the other 80% was other vendors or other technologies. Can you just talk a little bit about what other opportunities there are outside of legacy ERP displacement? And I know, I mean, maybe payroll is a big chunk because you've moved from having five native payroll offerings to now over fifty-five. That seems pretty significant. But how would you characterize that other opportunity? Yeah, I think, David, that was your slide? Yeah, it was, and it was specific to financials. It was to finance. Yeah. Yeah. So that other 80% long tail is like a massive collection- Of- of other financial providers that are out there. Some of the names you would probably know, others you probably wouldn't. Yeah. Yeah. Yeah, no, exactly. And, and as we've talked about many times, we talked about the medium enterprise and why we're pushing hard on our financials platform, going to replace, if you will, the traditional people that service that market. They very, very quickly turn into full platform sales for us. So we, we no longer, in the medium enterprise, talk about fins, we talk about full platform, because very rarely do we just sell fins. It's always a full platform sale into that market. So the drag of HCM sometimes comes through financials, not just HCM dragging financials in that medium enterprise. That's why we're really excited. The other thing, it's from a sales motion for Doug and his team, right? They're selling to one buyer who can make a decision across both HR and finance, whereas you go into large enterprise, you're talking to CHROs, you're talking to CFOs and CIOs. So there's a simplified go-to-market motion in that medium enterprise that drives the financials as well. Okay, we're gonna go back here for the last question with Brian. Last question. Thank you. Brian Schwartz from Oppenheimer. It's a question about the partner ecosystem. I think it's for you, Doug. Specifically, the reseller aspect of the business. I know it's very early, but the question is, who ultimately owns the customer? Are these resellers buying subscriptions from you, and then they're going and they're selling it to the customer and the billing, and they own the customer relationship? Or are they going and you're handling the billing, and ultimately, the customer relationship is with Workday? And does it vary at all by geographies? Thanks. Great, great question. Customer relationship is with Workday, and I define customer relationship is when something doesn't work, who do you call? For our core products, that relationship is with Workday. But we have several different flavors. For example, we've got some partners who are our partner of record for that customer, and they help with the renewal, and there's a rev share associated with it, but the renewal and the relationship is still with Workday. There are geographies where it is a full resell, where the partner represents Workday for the reselling motion and the contracts. But even still, with like first-line support, it goes to Workday to support our customer base. Yeah, and there's a third variant with a partner like Insperity. Yeah ... where Insperity is now selling into the PEO market, and let's call it 10- 100 employees, that we're not gonna go down into that market, but they're building Insperity on top of the Workday platform, and we get to monetize it through them, per seat as they sell into the market. So there is multiple routes to market as we expand the ecosystem and multiple variations on how you monetize, but we do wanna always maintain a relationship with the end user. It's very important. It's our second core value at our company, is our customer success and customer service. Okay, fantastic. So that concludes the Q&A. I'm gonna flip it over to Carl just to close this out. Oh, thanks, Justin, very much. So, maybe a couple thank yous. So let me first. This all wouldn't be possible, us sitting here almost 20 years later, without our co-founder and exec chair, Aneel. So, Aneel, thank you for creating such a powerful company. I'd also like to thank Aneel. Just a little bit ago, I'm walking through the hall and, I said: "What are you doing today?" He said, "You know what I'm doing? I'm going to the Financial Analyst Day." I said, "Why?" He said, "'Cause I'm still one of the largest shareholders, and I'm pepper you with questions." So I wanna thank you for not doing that. Yeah. I also wanna thank all of you for coming. I wanna thank my peers who are sitting here on stage. I'll close by what I said earlier: We have the right people, which is evident by these leaders up here and the other 20,000 Workmates we have around the world. We have the right platform, and we have the right market opportunity. Our success is in our hands, and if we execute like we plan, we will drive durable growth at scale and expand operating margins simultaneously. Thanks for your time, and we'll see you at the reception in a little bit. Appreciate it.