BTIG在Workday Rising投资者日后发研报看好其agentic AI布局，但维持Neutral评级，WDAY盘中已涨约4.5%

Workday's ( WDAY ) agentic artificial intelligence push should benefit the back office software provider, BTIG said on Thursday. “After attending Workday Rising with 17,000 in-person attendees, we came away with a stronger appreciation for WDAY’s effort to reposition itself as a trusted, agentic AI platform for enterprise work,” BTIG analyst Allan Verkhovski wrote in a note to clients after attending the company's investor day. “The demo-heavy keynote showcased WDAY's accelerating innovation, along with why management sees WDAY's opportunity expanding into labor budgets. WDAY is just entering its Flex Credit chapter with ~300 customers that have signed a Flex Credit agreement while over 5,500 customers are using organic agents, which we see making up a small portion of WDAY's agentic AI ARR of ~$600M. WDAY shared additional early proof points of AI adoption, with (1) Sana approaching $100M ARR; (2) Extend AI, HiredScore, and Paradox each above $100M; (3) ~25% of WDAY's customer base has adopted an AI SKU vs. ~10% last year; (4) >50% of customers having signed a UMSA, with visibility to 75% over the next few quarters; and (5) customers that bought one or more agents saw a ~12% ARR uplift on average.” Verkhovski has a Neutral rating on Workday. In addition to the aforementioned details, Workday's management highlighted that AI is now more than 50% of the company's incremental customer base annual recurring revenue, a figure that is expected to rise towards 70% in fiscal 2028. Other positives mentioned include Workday being “notably constructive” on its net-new and international opportunities, including in areas like Canada, the U.K., Japan, Northern Europe, and Asia. “Positively, management noted they see potential upside to its initial ~11% FY28 subscription growth framework, while still targeting >33% [operating margins], supported by [a roughly] flat FY27 headcount, internal AI adoption, and a sharper product focus,” Verkhovski explained.