Workday Inc - Ordinary Shares - Class A

AI momentum is driving measurable revenue and early adoption (good + surprising): - CEO said AI products alone drove >$100M in new ACV, representing >25% of all new ACV closed in Q2. - AI is also improving the core business (e.g., win rates), and adoption is accelerating: >5.5k customers using ≥1 organic agent, up >35% QoQ. - Engagement signals: BMO piloted self-service agent with 500 employees in May and rolled out to 55,000 employees in June; several other customers are moving from pilots to production. - Company highlighted >$600M ARR from AI SKUs, up >200% YoY and up >20% QoQ, indicating AI monetization is scaling faster than earlier phases.

Platform execution: “lawful” agent design + open/extensible ecosystem (opportunity + differentiator): - CTO emphasized Workday’s deterministic rails: agents act only within permissions, policies, governance, audit trails (“lawful” vs “lawless”). - Openness strategy includes: - Data Cloud for zero-copy access to Workday data (Workday said it closed 6 deals with customers choosing Data Cloud Pro; GA target Q3). - Developer agent (announced DevCon): developers can build policy-compliant workflows using natural language; claimed instant uptake with >3,000 custom apps/agents built since DevCon. - MCP-based integrations (Sana/agent builders/connectors) and Flex credits as the monetization mechanism across “paths” (Sana, APIs, Data Cloud). - Security attestations: Workday launched agent readiness / monitoring concepts (e.g., “Brent Passport”) with Cisco as a launch partner—aimed at giving CISOs confidence.

Key product milestones that support continued demand (good): - Sana Enterprise: shipped 23 new capabilities in Q2; internal rollout created 12k active users and 22k custom agents in 3 weeks. - Learning + Sana Learn combined into GA; monthly active users +190% YoY, and 78% of published courses created with AI. - Adaptive Decision Intelligence reached GA on 7/31 (from concept in ~4 months). 170 customers already purchased; early story: finance teams get answers they can defend; early adopter program connects into finance. - Deployment & Adoption agents: - Deployment Agent: 4.6k customers / ~24k users, query volume ~+500% in Q2; stated long-term target to cut deployment task time 80–90%. - Adoption Agent: entered early adoption with 200 customers in first 3 days, 94% customer satisfaction, and a customer example cutting release time 70%.