Fiscal Second Quarter Total Revenues of $1.54 Billion, Up 21.9% Year Over Year
Subscription Revenues of $1.37 Billion, Up 22.8% Year Over Year
24-Month Subscription Revenue Backlog of $8.37 Billion, Up 21.7% Year Over Year
Total Subscription Revenue Backlog of $13.47 Billion, Up 27.4% Year Over Year
PLEASANTON, Calif., Aug. 25, 2022 /PRNewswire/ -- Workday, Inc. (NASDAQ: WDAY), a leader in enterprise cloud applications for finance and human resources, today announced results for the fiscal 2023 second quarter ended July 31, 2022.
Fiscal 2023 Second Quarter Results
Comments on the News
"We continue to see a strong global demand for our products, underscoring how organizations are continuing to drive digital transformation across finance and HR to support the changing world of work," said Aneel Bhusri, co-founder, co-CEO, and chairman, Workday. "Thanks to our incredible employees and their ongoing commitment to customer service and innovation, I am confident in our ability to deliver continued value to our global customer community and capitalize on the great opportunity in front of us."
"Our continued momentum is a testament to our strategy, which focuses on delivering significant value to our customers and helping them adapt and grow in today's dynamic environment," said Chano Fernandez, co-CEO, Workday. "As we look to the future, we will continue to invest in key industries and our global opportunity, as well as grow our footprint with existing customers and our partner ecosystem."
"We delivered strong second-quarter results with healthy growth across the business, as enterprises of all sizes increasingly realize the need for a flexible, modern finance and HR solution to navigate their businesses and drive change during these uncertain times," said Barbara Larson, chief financial officer, Workday. "Our updated outlook reflects the momentum in our business and the mission-critical nature of our solutions, while also balancing the current macro environment. As a result, we are maintaining our guidance for fiscal 2023 subscription revenue to be in the range of $5.537 billion to $5.557 billion, representing 22% year-over-year growth. We expect third quarter subscription revenue of $1.418 billion to $1.420 billion, growth of 21%. We are raising our fiscal 2023 non-GAAP operating margin guidance to 19.0%, reflecting the scalability of our model and our commitment to longer-term margin expansion."
Recent Highlights
Earnings Call Details
Workday plans to host a conference call today to review its fiscal 2023 second quarter financial results and to discuss its financial outlook. The call is scheduled to begin at 1:30 p.m. PT/4:30 p.m. ET and can be accessed via webcast. The webcast will be available live, and a replay will be available following completion of the live broadcast for approximately 90 days.
Workday uses the Workday Blog as a means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD.
1 Non-GAAP operating income and non-GAAP operating margin exclude share-based compensation expenses, employer payroll tax-related items on employee stock transactions, and amortization expense for acquisition-related intangible assets. See the section titled "About Non-GAAP Financial Measures" in the accompanying financial tables for further details.
2 Non-GAAP net income per share excludes share-based compensation expenses, employer payroll tax-related items on employee stock transactions, amortization expense for acquisition-related intangible assets, and income tax effects. See the section titled "About Non-GAAP Financial Measures" in the accompanying financial tables for further details.
3 Gartner "Magic Quadrant for Cloud ERP for Service-Centric Enterprises," by John Van Decker, Denis Torii, Tim Faith, Sam Grinter, Patrick Connaughton, July 12, 2022.
Required Disclaimer
Gartner does not endorse any vendor, product or service depicted in its research publications and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner's research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose. GARTNER and Magic Quadrant are registered trademarks and service marks of Gartner, Inc. and/or its affiliates in the U.S. and internationally and is used herein with permission. All rights reserved.
Workday is a leading provider of enterprise cloud applications for finance and human resources, helping customers adapt and thrive in a changing world. Workday applications for financial management, human resources, planning, spend management, and analytics have been adopted by thousands of organizations around the world and across industries – from medium-sized businesses to more than 50% of the Fortune 500. For more information about Workday, visit workday.com.
© 2022 Workday, Inc. All rights reserved. Workday and the Workday logo are registered trademarks of Workday, Inc. All other brand and product names are trademarks or registered trademarks of their respective holders.
Use of Non-GAAP Financial Measures
Reconciliations of non-GAAP financial measures to Workday's financial results as determined in accordance with GAAP are included at the end of this press release following the accompanying financial data. For a description of these non-GAAP financial measures, including the reasons management uses each measure, please see the section of the tables titled "About Non-GAAP Financial Measures." A reconciliation of our forward outlook for non-GAAP operating margin with our forward-looking GAAP operating margin is not available without unreasonable efforts as the quantification of share-based compensation expense, which is excluded from our non-GAAP operating margin, requires additional inputs such as the number of shares granted and market prices that are not ascertainable.
Forward-Looking Statements
This press release contains forward-looking statements including, among other things, statements regarding Workday's full-year fiscal 2023 subscription revenues and non-GAAP operating margin, third quarter subscription revenue, growth, innovation, opportunities, demand, momentum, pipeline, and investments. These forward-looking statements are based only on currently available information and our current beliefs, expectations, and assumptions. Because forward-looking statements relate to the future, they are subject to risks, uncertainties, assumptions, and changes in circumstances that are difficult to predict and many of which are outside of our control. If the risks materialize, assumptions prove incorrect, or we experience unexpected changes in circumstances, actual results could differ materially from the results implied by these forward-looking statements, and therefore you should not rely on any forward-looking statements. Risks include, but are not limited to: (i) our ability to implement our plans, objectives, and other expectations with respect to any of our acquired companies; (ii) the impact of recent macroeconomic events on our business, as well as our customers, prospects, partners, and service providers; (iii) breaches in our security measures or those of our third-party providers, unauthorized access to our customers' or other users' personal data, or disruptions in our data center or computing infrastructure operations; (iv) service outages, delays in the deployment of our applications, and the failure of our applications to perform properly; (v) our ability to manage our growth effectively; (vi) competitive factors, including pricing pressures, industry consolidation, entry of new competitors and new applications, advancements in technology, and marketing initiatives by our competitors; (vii) the development of the market for enterprise cloud applications and services; (viii) acceptance of our applications and services by customers and individuals, including any new features, enhancements, and modifications, as well as the acceptance of any underlying technology such as machine learning and artificial intelligence; (ix) adverse changes in general economic or market conditions; (x) the regulatory, economic, and political risks associated with our domestic and international operations; (xi) the regulatory risks related to new and evolving technologies such as machine learning and artificial intelligence; (xii) delays or reductions in information technology spending; and (xiii) changes in sales, which may not be immediately reflected in our results due to our subscription model. Further information on these and additional risks that could affect Workday's results is included in our filings with the Securities and Exchange Commission ("SEC"), including our Form 10-Q for the fiscal quarter ended July 31, 2022, and our future reports that we may file with the SEC from time to time, which could cause actual results to vary from expectations. Workday assumes no obligation to, and does not currently intend to, update any such forward-looking statements after the date of this release.
Any unreleased services, features, or functions referenced in this document, our website, or other press releases or public statements that are not currently available are subject to change at Workday's discretion and may not be delivered as planned or at all. Customers who purchase Workday services should make their purchase decisions based upon services, features, and functions that are currently available.
Workday, Inc. |
|||
July 31, 2022 |
January 31, 2022 |
||
Assets |
|||
Current assets: |
|||
Cash and cash equivalents |
$ 2,486,540 |
$ 1,534,273 |
|
Marketable securities |
3,806,427 |
2,109,888 |
|
Trade and other receivables, net |
1,105,288 |
1,242,545 |
|
Deferred costs |
165,012 |
152,957 |
|
Prepaid expenses and other current assets |
241,390 |
174,402 |
|
Total current assets |
7,804,657 |
5,214,065 |
|
Property and equipment, net |
1,233,151 |
1,123,075 |
|
Operating lease right-of-use assets |
286,284 |
247,808 |
|
Deferred costs, noncurrent |
353,990 |
341,259 |
|
Acquisition-related intangible assets, net |
347,875 |
391,002 |
|
Goodwill |
2,840,044 |
2,840,044 |
|
Other assets |
383,549 |
341,252 |
|
Total assets |
$ 13,249,550 |
$ 10,498,505 |
|
Liabilities and stockholders' equity |
|||
Current liabilities: |
|||
Accounts payable |
$ 60,710 |
$ 55,487 |
|
Accrued expenses and other current liabilities |
293,646 |
195,590 |
|
Accrued compensation |
374,246 |
402,885 |
|
Unearned revenue |
2,888,792 |
3,110,947 |
|
Operating lease liabilities |
91,481 |
80,503 |
|
Debt, current |
1,148,982 |
1,222,443 |
|
Total current liabilities |
4,857,857 |
5,067,855 |
|
Debt, noncurrent |
2,974,023 |
617,354 |
|
Unearned revenue, noncurrent |
53,938 |
71,533 |
|
Operating lease liabilities, noncurrent |
213,537 |
182,456 |
|
Other liabilities |
22,387 |
24,225 |
|
Total liabilities |
8,121,742 |
5,963,423 |
|
Stockholders' equity: |
|||
Common stock |
255 |
251 |
|
Additional paid-in capital |
7,988,096 |
7,284,174 |
|
Treasury stock |
(12,588) |
(12,467) |
|
Accumulated other comprehensive income (loss) |
62,961 |
7,709 |
|
Accumulated deficit |
(2,910,916) |
(2,744,585) |
|
Total stockholders' equity |
5,127,808 |
4,535,082 |
|
Total liabilities and stockholders' equity |
$ 13,249,550 |
$ 10,498,505 |
Workday, Inc. |
|||||||
Three Months Ended July 31, |
Six Months Ended July 31, |
||||||
2022 |
2021 |
2022 |
2021 |
||||
Revenues: |
|||||||
Subscription services |
$ 1,367,335 |
$ 1,113,454 |
$ 2,639,411 |
$ 2,145,623 |
|||
Professional services |
168,463 |
146,907 |
331,044 |
289,771 |
|||
Total revenues |
1,535,798 |
1,260,361 |
2,970,455 |
2,435,394 |
|||
Costs and expenses (1): |
|||||||
Costs of subscription services |
244,982 |
192,738 |
477,904 |
374,946 |
|||
Costs of professional services |
178,103 |
152,783 |
348,002 |
303,628 |
|||
Product development |
547,835 |
444,251 |
1,089,344 |
885,867 |
|||
Sales and marketing |
458,701 |
358,157 |
888,002 |
684,651 |
|||
General and administrative |
140,255 |
113,552 |
274,124 |
225,735 |
|||
Total costs and expenses |
1,569,876 |
1,261,481 |
3,077,376 |
2,474,827 |
|||
Operating income (loss) |
(34,078) |
(1,120) |
(106,921) |
(39,433) |
|||
Other income (expense), net |
(32,789) |
102,985 |
(52,952) |
93,934 |
|||
Income (loss) before provision for (benefit from) income taxes |
(66,867) |
101,865 |
(159,873) |
54,501 |
|||
Provision for (benefit from) income taxes |
(2,709) |
(3,871) |
6,458 |
(4,713) |
|||
Net income (loss) |
$ (64,158) |
$ 105,736 |
$ (166,331) |
$ 59,214 |
|||
Net income (loss) per share, basic |
$ (0.25) |
$ 0.43 |
$ (0.66) |
$ 0.24 |
|||
Net income (loss) per share, diluted |
$ (0.25) |
$ 0.41 |
$ (0.66) |
$ 0.23 |
|||
Weighted-average shares used to compute net income (loss) per share, basic |
254,355 |
246,943 |
253,071 |
245,308 |
|||
Weighted-average shares used to compute net income (loss) per share, diluted |
254,355 |
260,016 |
253,071 |
252,900 |
|||
(1) Costs and expenses include share-based compensation expenses as follows: |
|||||||
Three Months Ended July 31, |
Six Months Ended July 31, |
||||||
2022 |
2021 |
2022 |
2021 |
||||
Costs of subscription services |
$ 25,090 |
$ 20,421 |
$ 51,320 |
$ 41,138 |
|||
Costs of professional services |
25,838 |
26,534 |
53,422 |
54,226 |
|||
Product development |
147,181 |
129,892 |
300,485 |
259,754 |
|||
Sales and marketing |
59,878 |
52,168 |
119,047 |
102,476 |
|||
General and administrative |
50,020 |
35,704 |
95,239 |
71,760 |
|||
Total share-based compensation expenses |
$ 308,007 |
$ 264,719 |
$ 619,513 |
$ 529,354 |
Workday, Inc. |
|||||||
Three Months Ended July 31, |
Six Months Ended July 31, |
||||||
2022 |
2021 |
2022 |
2021 |
||||
Cash flows from operating activities: |
|||||||
Net income (loss) |
$ (64,158) |
$ 105,736 |
$ (166,331) |
$ 59,214 |
|||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: |
|||||||
Depreciation and amortization |
92,695 |
85,383 |
182,541 |
167,846 |
|||
Share-based compensation expenses |
308,007 |
264,719 |
619,513 |
529,354 |
|||
Amortization of deferred costs |
42,258 |
33,748 |
81,685 |
65,362 |
|||
Non-cash lease expense |
22,911 |
21,069 |
44,959 |
43,299 |
|||
(Gains) losses on investments |
16,499 |
(106,275) |
24,579 |
(100,257) |
|||
Other |
11,413 |
(7,009) |
12,122 |
(8,633) |
|||
Changes in operating assets and liabilities, net of business combinations: |
|||||||
Trade and other receivables, net |
(324,841) |
(227,511) |
138,123 |
164,608 |
|||
Deferred costs |
(64,742) |
(52,834) |
(106,471) |
(79,104) |
|||
Prepaid expenses and other assets |
(9,885) |
(3,531) |
(33,882) |
(39,097) |
|||
Accounts payable |
(4,142) |
8,060 |
2,768 |
7,890 |
|||
Accrued expenses and other liabilities |
25,065 |
(15,687) |
(5,808) |
(26,607) |
|||
Unearned revenue |
63,278 |
92,605 |
(239,723) |
(132,974) |
|||
Net cash provided by (used in) operating activities |
114,358 |
198,473 |
554,075 |
650,901 |
|||
Cash flows from investing activities: |
|||||||
Purchases of marketable securities |
(1,329,471) |
(829,370) |
(3,340,090) |
(1,594,765) |
|||
Maturities of marketable securities |
984,887 |
771,824 |
1,586,362 |
1,629,232 |
|||
Sales of marketable securities |
28,237 |
14,829 |
33,367 |
27,286 |
|||
Owned real estate projects |
(245) |
(71) |
(265) |
(171,494) |
|||
Capital expenditures, excluding owned real estate projects |
(168,598) |
(87,781) |
(227,348) |
(157,577) |
|||
Business combinations, net of cash acquired |
— |
— |
— |
(679,220) |
|||
Purchases of non-marketable equity and other investments |
(1,900) |
(12,039) |
(16,923) |
(57,806) |
|||
Sales and maturities of non-marketable equity and other investments |
95 |
3,270 |
7,161 |
3,295 |
|||
Other |
— |
6 |
— |
1 |
|||
Net cash provided by (used in) investing activities |
(486,995) |
(139,332) |
(1,957,736) |
(1,001,048) |
|||
Cash flows from financing activities: |
|||||||
Proceeds from issuance of debt, net of debt discount |
— |
— |
2,978,077 |
— |
|||
Repayments and extinguishment of debt |
(30) |
(9,395) |
(693,983) |
(18,821) |
|||
Payments for debt issuance costs |
— |
— |
(7,220) |
— |
|||
Proceeds from issuance of common stock from employee equity plans, net of taxes paid for shares withheld |
83,302 |
75,844 |
84,292 |
74,487 |
|||
Other |
(185) |
(151) |
(377) |
(376) |
|||
Net cash provided by (used in) financing activities |
83,087 |
66,298 |
2,360,789 |
55,290 |
|||
Effect of exchange rate changes |
(145) |
(321) |
(830) |
(135) |
|||
Net increase (decrease) in cash, cash equivalents, and restricted cash |
(289,695) |
125,118 |
956,298 |
(294,992) |
|||
Cash, cash equivalents, and restricted cash at the beginning of period |
2,786,738 |
967,811 |
1,540,745 |
1,387,921 |
|||
Cash, cash equivalents, and restricted cash at the end of period |
$ 2,497,043 |
$ 1,092,929 |
$ 2,497,043 |
$ 1,092,929 |
Workday, Inc. |
|||||||||
GAAP |
Share-Based |
Other |
Income Tax |
Non-GAAP |
|||||
Costs and expenses: |
|||||||||
Costs of subscription services |
$ 244,982 |
$ (25,090) |
$ (14,596) |
$ — |
$ 205,296 |
||||
Costs of professional services |
178,103 |
(25,838) |
(775) |
— |
151,490 |
||||
Product development |
547,835 |
(147,181) |
(2,236) |
— |
398,418 |
||||
Sales and marketing |
458,701 |
(59,878) |
(9,388) |
— |
389,435 |
||||
General and administrative |
140,255 |
(50,020) |
(628) |
— |
89,607 |
||||
Operating income (loss) |
(34,078) |
308,007 |
27,623 |
— |
301,552 |
||||
Operating margin |
(2.2) % |
20.1 % |
1.7 % |
— % |
19.6 % |
||||
Other income (expense), net |
(32,789) |
— |
— |
— |
(32,789) |
||||
Income (loss) before provision for (benefit from) income taxes |
(66,867) |
308,007 |
27,623 |
— |
268,763 |
||||
Provision for (benefit from) income taxes |
(2,709) |
— |
— |
53,773 |
51,064 |
||||
Net income (loss) |
$ (64,158) |
$ 308,007 |
$ 27,623 |
$ (53,773) |
$ 217,699 |
||||
Net income (loss) per share, basic (1) |
$ (0.25) |
$ 1.21 |
$ 0.11 |
$ (0.21) |
$ 0.86 |
||||
Net income (loss) per share, diluted (1) |
$ (0.25) |
$ 1.21 |
$ 0.11 |
$ (0.24) |
$ 0.83 |
(1) |
GAAP net loss per share is calculated based upon 254,355 basic and diluted weighted-average shares of common stock. Non-GAAP net income per share is calculated based upon 254,355 basic and 262,931 diluted weighted-average shares of common stock. The numerator used to compute non- GAAP diluted net income per share was increased by $1.3 million for after-tax interest expense on our convertible senior notes in accordance with the if-converted method. |
(2) |
Other operating expenses include amortization of acquisition-related intangible assets of $21.5 million and employer payroll tax-related items on employee stock transactions of $6.1 million. |
(3) |
We utilize a fixed long-term projected tax rate in our computation of the non-GAAP income tax provision to provide better consistency across the reporting periods. For fiscal 2023, the non-GAAP tax rate is 19%. Included in the per share amount is a dilution impact of $0.03 from the conversion of GAAP diluted net loss per share to non-GAAP diluted net income per share. |
Workday, Inc. |
|||||||||
GAAP |
Share-Based |
Other |
Income Tax |
Non-GAAP |
|||||
Costs and expenses: |
|||||||||
Costs of subscription services |
$ 192,738 |
$ (20,421) |
$ (13,132) |
$ — |
$ 159,185 |
||||
Costs of professional services |
152,783 |
(26,534) |
(1,215) |
— |
125,034 |
||||
Product development |
444,251 |
(129,892) |
(3,161) |
— |
311,198 |
||||
Sales and marketing |
358,157 |
(52,168) |
(9,764) |
— |
296,225 |
||||
General and administrative |
113,552 |
(35,704) |
(933) |
— |
76,915 |
||||
Operating income (loss) |
(1,120) |
264,719 |
28,205 |
— |
291,804 |
||||
Operating margin |
(0.1) % |
21.0 % |
2.3 % |
— % |
23.2 % |
||||
Other income (expense), net |
102,985 |
— |
— |
— |
102,985 |
||||
Income (loss) before provision for (benefit from) income taxes |
101,865 |
264,719 |
28,205 |
— |
394,789 |
||||
Provision for (benefit from) income taxes |
(3,871) |
— |
— |
78,881 |
75,010 |
||||
Net income (loss) |
$ 105,736 |
$ 264,719 |
$ 28,205 |
$ (78,881) |
$ 319,779 |
||||
Net income (loss) per share, basic (1) |
$ 0.43 |
$ 1.07 |
$ 0.11 |
$ (0.32) |
$ 1.29 |
||||
Net income (loss) per share, diluted (1) |
$ 0.41 |
$ 1.02 |
$ 0.11 |
$ (0.31) |
$ 1.23 |
(1) |
GAAP and non-GAAP net income per share are both calculated based upon 246,943 basic and 260,016 diluted weighted-average shares of common stock. The numerator used to compute GAAP and non-GAAP diluted net income per share was increased by $1.6 million and $1.3 million, respectively, for after-tax interest expense on our convertible senior notes in accordance with the if-converted method. |
(2) |
Other operating expenses include amortization of acquisition-related intangible assets of $19.8 million and employer payroll tax-related items on employee stock transactions of $8.4 million. |
(3) |
We utilize a fixed long-term projected tax rate in our computation of the non-GAAP income tax provision to provide better consistency across the reporting periods. For fiscal 2022, the non-GAAP tax rate was 19%. |
Workday, Inc. |
|||||||||
GAAP |
Share-Based |
Other |
Income Tax |
Non-GAAP |
|||||
Costs and expenses: |
|||||||||
Costs of subscription services |
$ 477,904 |
$ (51,320) |
$ (30,922) |
$ — |
$ 395,662 |
||||
Costs of professional services |
348,002 |
(53,422) |
(4,674) |
— |
289,906 |
||||
Product development |
1,089,344 |
(300,485) |
(15,247) |
— |
773,612 |
||||
Sales and marketing |
888,002 |
(119,047) |
(23,434) |
— |
745,521 |
||||
General and administrative |
274,124 |
(95,239) |
(3,241) |
— |
175,644 |
||||
Operating income (loss) |
(106,921) |
619,513 |
77,518 |
— |
590,110 |
||||
Operating margin |
(3.6) % |
20.9 % |
2.6 % |
— % |
19.9 % |
||||
Other income (expense), net |
(52,952) |
— |
— |
— |
(52,952) |
||||
Income (loss) before provision for (benefit from) income taxes |
(159,873) |
619,513 |
77,518 |
— |
537,158 |
||||
Provision for (benefit from) income taxes |
6,458 |
— |
— |
95,601 |
102,059 |
||||
Net income (loss) |
$ (166,331) |
$ 619,513 |
$ 77,518 |
$ (95,601) |
$ 435,099 |
||||
Net income (loss) per share, basic (1) |
$ (0.66) |
$ 2.45 |
$ 0.31 |
$ (0.38) |
$ 1.72 |
||||
Net income (loss) per share, diluted (1) |
$ (0.66) |
$ 2.45 |
$ 0.31 |
$ (0.44) |
$ 1.66 |
(1) |
GAAP net loss per share is calculated based upon 253,071 basic and diluted weighted-average shares of common stock. Non-GAAP net income per share is calculated based upon 253,071 basic and 263,224 diluted weighted-average shares of common stock. The numerator used to compute non- GAAP diluted net income per share was increased by $2.6 million for after-tax interest expense on our convertible senior notes in accordance with the if-converted method. |
(2) |
Other operating expenses include amortization of acquisition-related intangible assets of $43.1 million and employer payroll tax-related items on employee stock transactions of $34.4 million. |
(3) |
We utilize a fixed long-term projected tax rate in our computation of the non-GAAP income tax provision to provide better consistency across the reporting periods. For fiscal 2023, the non-GAAP tax rate is 19%. Included in the per share amount is a dilution impact of $0.06 from the conversion of GAAP diluted net loss per share to non-GAAP diluted net income per share. |
Workday, Inc. |
|||||||||
GAAP |
Share-Based |
Other |
Income Tax |
Non-GAAP |
|||||
Costs and expenses: |
|||||||||
Costs of subscription services |
$ 374,946 |
$ (41,138) |
$ (27,336) |
$ — |
$ 306,472 |
||||
Costs of professional services |
303,628 |
(54,226) |
(8,168) |
— |
241,234 |
||||
Product development |
885,867 |
(259,754) |
(22,703) |
— |
603,410 |
||||
Sales and marketing |
684,651 |
(102,476) |
(26,870) |
— |
555,305 |
||||
General and administrative |
225,735 |
(71,760) |
(5,319) |
— |
148,656 |
||||
Operating income (loss) |
(39,433) |
529,354 |
90,396 |
— |
580,317 |
||||
Operating margin |
(1.6) % |
21.7 % |
3.7 % |
— % |
23.8 % |
||||
Other income (expense), net |
93,934 |
— |
— |
— |
93,934 |
||||
Income (loss) before provision for (benefit from) income taxes |
54,501 |
529,354 |
90,396 |
— |
674,251 |
||||
Provision for (benefit from) income taxes |
(4,713) |
— |
— |
132,821 |
128,108 |
||||
Net income (loss) |
$ 59,214 |
$ 529,354 |
$ 90,396 |
$ (132,821) |
$ 546,143 |
||||
Net income (loss) per share, basic (1) |
$ 0.24 |
$ 2.16 |
$ 0.37 |
$ (0.54) |
$ 2.23 |
||||
Net income (loss) per share, diluted (1) |
$ 0.23 |
$ 2.09 |
$ 0.36 |
$ (0.58) |
$ 2.10 |
(1) |
GAAP net income per share is calculated based upon 245,308 basic and 252,900 diluted weighted-average shares of common stock. Non-GAAP net income per share is calculated based upon 245,308 basic and 260,718 diluted weighted-average shares of common stock. The numerator used to compute non-GAAP diluted net income per share was increased by $2.6 million for after-tax interest expense on our convertible senior notes in accordance with the if-converted method. |
(2) |
Other operating expenses include employer payroll tax-related items on employee stock transactions of $52.7 million and amortization of acquisition-related intangible assets of $37.7 million. |
(3) |
We utilize a fixed long-term projected tax rate in our computation of the non-GAAP income tax provision to provide better consistency across the reporting periods. For fiscal 2022, the non-GAAP tax rate was 19%. Included in the per share amount is a dilution impact of $0.05 from the conversion of GAAP diluted net income per share to non-GAAP diluted net income per share. |
About Non-GAAP Financial Measures
To provide investors and others with additional information regarding Workday's results, we have disclosed the following non-GAAP financial measures: non-GAAP operating income (loss), non-GAAP operating margin, and non-GAAP net income (loss) per share. Workday has provided a reconciliation of each non-GAAP financial measure used in this earnings release to the most directly comparable GAAP financial measure. Non-GAAP operating income (loss) and non-GAAP operating margin differ from GAAP in that they exclude share-based compensation expenses, employer payroll tax-related items on employee stock transactions, and amortization expense for acquisition-related intangible assets. Non-GAAP net income (loss) per share differs from GAAP in that it excludes share-based compensation expenses, employer payroll tax-related items on employee stock transactions, amortization expense for acquisition-related intangible assets, and income tax effects.
Workday's management uses these non-GAAP financial measures to understand and compare operating results across accounting periods, for internal budgeting and forecasting purposes, for short- and long-term operating plans, and to evaluate Workday's financial performance. Management believes these non-GAAP financial measures reflect Workday's ongoing business in a manner that allows for meaningful period-to-period comparisons and analysis of trends in Workday's business. Management also believes that these non-GAAP financial measures provide useful information to investors and others in understanding and evaluating Workday's operating results and prospects in the same manner as management and in comparing financial results across accounting periods and to those of peer companies.
Management believes excluding the following items from the GAAP Condensed Consolidated Statements of Operations is useful to investors and others in assessing Workday's operating performance due to the following factors:
The use of non-GAAP operating income (loss), non-GAAP operating margin, and non-GAAP net income (loss) per share measures have certain limitations as they do not reflect all items of income and expense that affect Workday's operations. Workday compensates for these limitations by reconciling the non-GAAP financial measures to the most comparable GAAP financial measures. These non-GAAP financial measures should be considered in addition to, not as a substitute for or in isolation from, measures prepared in accordance with GAAP. Further, these non-GAAP measures may differ from the non-GAAP information used by other companies, including peer companies, and therefore comparability may be limited. Management encourages investors and others to review Workday's financial information in its entirety and not rely on a single financial measure.
SOURCE Workday Inc.
Общая выручка за Второй финансовый квартал составила $1,54 млрд, увеличившись на 21,9% В годовом исчислении
Выручка от подписки составила $1,37 млрд, увеличившись на 22,8% В годовом исчислении.
Выручка от подписки за 24 месяца составила $8,37 млрд, увеличившись на 21,7% В годовом исчислении
Общая Выручка от подписки составила $13,47 Млрд, Увеличившись на 27,4% В годовом исчислении
ПЛЕЗАНТОН, Калифорния, 25 августа 2022 г. /PRNewswire/ -- Workday, Inc. (NASDAQ: WDAY), лидер в области корпоративных облачных приложений для финансов и управления персоналом, сегодня объявила результаты за второй квартал 2023 финансового года, закончившийся 31 июля 2022 года.
Результаты второго квартала 2023 финансового года
Комментарии к новостям
"Мы по-прежнему наблюдаем высокий глобальный спрос на наши продукты, что подчеркивает, как организации продолжают внедрять цифровую трансформацию в сфере финансов и управления персоналом для поддержки меняющегося мира труда", - сказал Анил Бхусри, соучредитель, со-генеральный директор и председатель Workday. "Благодаря нашим невероятным сотрудникам и их постоянной приверженности обслуживанию клиентов и инновациям, я уверен в нашей способности приносить постоянную пользу нашему глобальному сообществу клиентов и извлекать выгоду из открывающихся перед нами прекрасных возможностей".
"Наш постоянный рост является свидетельством нашей стратегии, которая направлена на то, чтобы приносить значительную пользу нашим клиентам и помогать им адаптироваться и расти в сегодняшней динамичной среде", - сказал Чано Фернандес, со-генеральный директор Workday. "Глядя в будущее, мы будем продолжать инвестировать в ключевые отрасли и наши глобальные возможности, а также расширять наше присутствие с существующими клиентами и нашей партнерской экосистемой".
"Мы добились хороших результатов во втором квартале при здоровом росте по всему бизнесу, поскольку предприятия всех размеров все больше осознают необходимость гибких, современных финансовых и кадровых решений для управления своим бизнесом и стимулирования изменений в эти неопределенные времена", - сказала Барбара Ларсон, финансовый директор Workday. "Наш обновленный прогноз отражает динамику нашего бизнеса и критически важный характер наших решений, а также сбалансированность текущей макроэкономической среды. В результате мы сохраняем наш прогноз по доходам от подписки на 2023 финансовый год в диапазоне от $ 5,537 млрд до $ 5,557 млрд, что представляет собой рост на 22% в годовом исчислении. Мы ожидаем, что выручка от подписки в третьем квартале составит от $1,418 млрд до $1,420 млрд, рост на 21%. Мы повышаем наш прогноз по операционной марже без учета GAAP на 2023 финансовый год до 19,0%, что отражает масштабируемость нашей модели и нашу приверженность долгосрочному увеличению маржи".
Последние основные моменты
Детали Звонка о Доходах
Workday планирует провести сегодня телефонную конференцию, чтобы обсудить финансовые результаты за второй квартал 2023 финансового года и обсудить свои финансовые перспективы. Звонок запланирован на начало в 1:30 вечера по Гринвичу / 4:30 вечера по восточному времени, и доступ к нему можно получить через веб-трансляцию. Веб-трансляция будет доступна в прямом эфире, а повтор будет доступен после завершения прямой трансляции в течение примерно 90 дней.
Workday использует Блог Workday в качестве средства раскрытия существенной непубличной информации и для выполнения своих обязательств по раскрытию информации в соответствии с Регламентом FD.
1 Операционный доход не по GAAP и операционная маржа не по GAAP исключают расходы на компенсацию, основанную на акциях, статьи, связанные с налогом на заработную плату работодателя, связанные с операциями с акциями сотрудников, и расходы на амортизацию нематериальных активов, связанных с приобретением. Более подробную информацию смотрите в разделе "О финансовых показателях, не относящихся к GAAP" в прилагаемых финансовых таблицах.
2 Чистая прибыль на акцию, не соответствующая ОПБУ, исключает расходы на компенсацию на основе акций, статьи, связанные с налогом на заработную плату работодателя, связанные с операциями с акциями сотрудников, расходы на амортизацию нематериальных активов, связанных с приобретением, и влияние налога на прибыль. Более подробную информацию смотрите в разделе "О финансовых показателях, не относящихся к GAAP" в прилагаемых финансовых таблицах.
3 Gartner "Волшебный квадрант для облачной ERP-системы для предприятий, ориентированных на обслуживание", Джон Ван Декер, Денис Торий, Тим Фейт, Сэм Гринтер, Патрик Коннотон, 12 июля 2022 года.
Обязательный Отказ от ответственности
Gartner не одобряет какого-либо поставщика, продукт или услугу, описанные в его исследовательских публикациях, и не рекомендует пользователям технологий выбирать только тех поставщиков, которые имеют самые высокие рейтинги или другие обозначения. Публикации Gartner research состоят из мнений исследовательской организации Gartner и не должны толковаться как констатация факта. Gartner отказывается от всех гарантий, явных или подразумеваемых, в отношении этого исследования, включая любые гарантии товарной пригодности или пригодности для определенной цели. GARTNER и Magic Quadrant являются зарегистрированными товарными знаками и знаками обслуживания Gartner, Inc. и/или ее филиалов в США и за рубежом и используются здесь с разрешения. Все права защищены.
Workday - ведущий поставщик корпоративных облачных приложений для финансов и управления персоналом, помогающий клиентам адаптироваться и процветать в меняющемся мире. Приложения Workday для финансового управления, управления персоналом, планирования, управления расходами и аналитики были приняты тысячами организаций по всему миру и в разных отраслях – от среднего бизнеса до более чем 50% компаний из списка Fortune 500. Для получения дополнительной информации об Workday посетите Workday.com .
© 2022 Workday, Inc. Все права защищены. Workday и логотип Workday являются зарегистрированными товарными знаками Workday, Inc. Все остальные торговые марки и названия продуктов являются товарными знаками или зарегистрированными товарными знаками их соответствующих владельцев.
Использование финансовых показателей, не относящихся к ОПБУ
Сверки финансовых показателей, не относящихся к GAAP, с финансовыми результатами Workday, определенными в соответствии с GAAP, включены в конце этого пресс-релиза после прилагаемых финансовых данных. Описание этих финансовых показателей, не относящихся к GAAP, включая причины, по которым руководство использует каждый показатель, см. в разделе таблиц, озаглавленном "О финансовых показателях, не относящихся к GAAP". Сверка нашего прогнозного прогноза по операционной марже, не относящейся к GAAP, с нашей прогнозной операционной маржей по GAAP невозможна без необоснованных усилий, поскольку количественная оценка расходов на компенсацию на основе акций, которые исключены из нашей операционной маржи, не относящейся к GAAP, требует дополнительных исходных данных, таких как количество предоставленных акций и рыночные цены. которые невозможно установить.
Прогнозные заявления
В этом пресс-релизе содержатся прогнозные заявления, в том числе, среди прочего, заявления относительно доходов от подписки Workday за весь 2023 финансовый год и операционной прибыли без учета GAAP, доходов от подписки за третий квартал, роста, инноваций, возможностей, спроса, импульса, конвейера и инвестиций. Эти прогнозные заявления основаны только на имеющейся в настоящее время информации и наших текущих убеждениях, ожиданиях и предположениях. Поскольку прогнозные заявления относятся к будущему, они подвержены рискам, неопределенностям, допущениям и изменениям обстоятельств, которые трудно предсказать и многие из которых находятся вне нашего контроля. Если риски материализуются, предположения окажутся неверными или мы столкнемся с неожиданными изменениями обстоятельств, фактические результаты могут существенно отличаться от результатов, подразумеваемых в этих прогнозных заявлениях, и поэтому вам не следует полагаться на какие-либо прогнозные заявления. Риски включают, но не ограничиваясь: (I) в нашу способность выполнять наши планы, цели и ожидания в отношении любого из присоединенных компаний; (II) влияние последних макроэкономических событий на нашем бизнесе, а также в нашей потенциальных клиентов, партнеров и провайдеров услуг; (III) нарушения в нашем меры безопасности, или тех из наших сторонних поставщиков, несанкционированного доступа для наших клиентов и других пользователей, личные данные, или перебоев в нашем центре обработки данных или вычислительной инфраструктуры, операций; (IV) все обслуживание, простои, задержки в развертывании нашего приложения, и провал наших приложений для надлежащего выполнения; (в) способность управлять нашего роста эффективно; (ви) конкурентные факторы, включая ценовое давление, консолидация отрасли, появление новых конкурентов и новых приложений, прогресс в развитии технологий, и маркетинговых мероприятий конкурентов; и (VII) развитие рынка корпоративных облачных приложений и услуг; (VIII вида) принятие приложений и сервисов клиентов и физических лиц, в том числе каких-либо новых функций, улучшений и изменений, а также принятие базовых технологий, таких как машинное обучение и искусственный интеллект; (іх) неблагоприятные изменения общеэкономических или рыночных условий; (х) нормативные, экономические и политические риски, связанные с наших внутренних и международных операций; (XI в) законодательные риски, связанные с новой и развивающейся технологии, такие как машинное обучение и искусственный интеллект; (ХІІ) задержки или сокращений в области информационных технологий расходов; и (XIII в) изменения объема продаж, который не может быть немедленно отражено в нашей поисковой согласно нашей модели подписки. Дополнительная информация об этих и дополнительных рисках, которые могут повлиять на результаты Workday, включена в наши заявки в Комиссию по ценным бумагам и биржам ("SEC"), включая нашу форму 10-Q за финансовый квартал, закончившийся 31 июля 2022 года, и наши будущие отчеты, которые мы можем время от времени подавать в SEC. время, что может привести к тому, что фактические результаты будут отличаться от ожидаемых. Workday не берет на себя никаких обязательств и в настоящее время не собирается обновлять какие-либо такие прогнозные заявления после даты этого выпуска.
Любые неизданные сервисы, функции или функции, упомянутые в этом документе, на нашем веб-сайте или в других пресс-релизах или публичных заявлениях, которые в настоящее время недоступны, могут быть изменены по усмотрению Workday и могут быть предоставлены не так, как планировалось, или вообще. Клиенты, которые приобретают услуги Workday, должны принимать решения о покупке на основе услуг, функций и функций, доступных в настоящее время.
Workday, Inc. |
|||
July 31, 2022 |
January 31, 2022 |
||
Assets |
|||
Current assets: |
|||
Cash and cash equivalents |
$ 2,486,540 |
$ 1,534,273 |
|
Marketable securities |
3,806,427 |
2,109,888 |
|
Trade and other receivables, net |
1,105,288 |
1,242,545 |
|
Deferred costs |
165,012 |
152,957 |
|
Prepaid expenses and other current assets |
241,390 |
174,402 |
|
Total current assets |
7,804,657 |
5,214,065 |
|
Property and equipment, net |
1,233,151 |
1,123,075 |
|
Operating lease right-of-use assets |
286,284 |
247,808 |
|
Deferred costs, noncurrent |
353,990 |
341,259 |
|
Acquisition-related intangible assets, net |
347,875 |
391,002 |
|
Goodwill |
2,840,044 |
2,840,044 |
|
Other assets |
383,549 |
341,252 |
|
Total assets |
$ 13,249,550 |
$ 10,498,505 |
|
Liabilities and stockholders' equity |
|||
Current liabilities: |
|||
Accounts payable |
$ 60,710 |
$ 55,487 |
|
Accrued expenses and other current liabilities |
293,646 |
195,590 |
|
Accrued compensation |
374,246 |
402,885 |
|
Unearned revenue |
2,888,792 |
3,110,947 |
|
Operating lease liabilities |
91,481 |
80,503 |
|
Debt, current |
1,148,982 |
1,222,443 |
|
Total current liabilities |
4,857,857 |
5,067,855 |
|
Debt, noncurrent |
2,974,023 |
617,354 |
|
Unearned revenue, noncurrent |
53,938 |
71,533 |
|
Operating lease liabilities, noncurrent |
213,537 |
182,456 |
|
Other liabilities |
22,387 |
24,225 |
|
Total liabilities |
8,121,742 |
5,963,423 |
|
Stockholders' equity: |
|||
Common stock |
255 |
251 |
|
Additional paid-in capital |
7,988,096 |
7,284,174 |
|
Treasury stock |
(12,588) |
(12,467) |
|
Accumulated other comprehensive income (loss) |
62,961 |
7,709 |
|
Accumulated deficit |
(2,910,916) |
(2,744,585) |
|
Total stockholders' equity |
5,127,808 |
4,535,082 |
|
Total liabilities and stockholders' equity |
$ 13,249,550 |
$ 10,498,505 |
Workday, Inc. |
|||||||
Three Months Ended July 31, |
Six Months Ended July 31, |
||||||
2022 |
2021 |
2022 |
2021 |
||||
Revenues: |
|||||||
Subscription services |
$ 1,367,335 |
$ 1,113,454 |
$ 2,639,411 |
$ 2,145,623 |
|||
Professional services |
168,463 |
146,907 |
331,044 |
289,771 |
|||
Total revenues |
1,535,798 |
1,260,361 |
2,970,455 |
2,435,394 |
|||
Costs and expenses (1): |
|||||||
Costs of subscription services |
244,982 |
192,738 |
477,904 |
374,946 |
|||
Costs of professional services |
178,103 |
152,783 |
348,002 |
303,628 |
|||
Product development |
547,835 |
444,251 |
1,089,344 |
885,867 |
|||
Sales and marketing |
458,701 |
358,157 |
888,002 |
684,651 |
|||
General and administrative |
140,255 |
113,552 |
274,124 |
225,735 |
|||
Total costs and expenses |
1,569,876 |
1,261,481 |
3,077,376 |
2,474,827 |
|||
Operating income (loss) |
(34,078) |
(1,120) |
(106,921) |
(39,433) |
|||
Other income (expense), net |
(32,789) |
102,985 |
(52,952) |
93,934 |
|||
Income (loss) before provision for (benefit from) income taxes |
(66,867) |
101,865 |
(159,873) |
54,501 |
|||
Provision for (benefit from) income taxes |
(2,709) |
(3,871) |
6,458 |
(4,713) |
|||
Net income (loss) |
$ (64,158) |
$ 105,736 |
$ (166,331) |
$ 59,214 |
|||
Net income (loss) per share, basic |
$ (0.25) |
$ 0.43 |
$ (0.66) |
$ 0.24 |
|||
Net income (loss) per share, diluted |
$ (0.25) |
$ 0.41 |
$ (0.66) |
$ 0.23 |
|||
Weighted-average shares used to compute net income (loss) per share, basic |
254,355 |
246,943 |
253,071 |
245,308 |
|||
Weighted-average shares used to compute net income (loss) per share, diluted |
254,355 |
260,016 |
253,071 |
252,900 |
|||
(1) Costs and expenses include share-based compensation expenses as follows: |
|||||||
Three Months Ended July 31, |
Six Months Ended July 31, |
||||||
2022 |
2021 |
2022 |
2021 |
||||
Costs of subscription services |
$ 25,090 |
$ 20,421 |
$ 51,320 |
$ 41,138 |
|||
Costs of professional services |
25,838 |
26,534 |
53,422 |
54,226 |
|||
Product development |
147,181 |
129,892 |
300,485 |
259,754 |
|||
Sales and marketing |
59,878 |
52,168 |
119,047 |
102,476 |
|||
General and administrative |
50,020 |
35,704 |
95,239 |
71,760 |
|||
Total share-based compensation expenses |
$ 308,007 |
$ 264,719 |
$ 619,513 |
$ 529,354 |
Workday, Inc. |
|||||||
Three Months Ended July 31, |
Six Months Ended July 31, |
||||||
2022 |
2021 |
2022 |
2021 |
||||
Cash flows from operating activities: |
|||||||
Net income (loss) |
$ (64,158) |
$ 105,736 |
$ (166,331) |
$ 59,214 |
|||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: |
|||||||
Depreciation and amortization |
92,695 |
85,383 |
182,541 |
167,846 |
|||
Share-based compensation expenses |
308,007 |
264,719 |
619,513 |
529,354 |
|||
Amortization of deferred costs |
42,258 |
33,748 |
81,685 |
65,362 |
|||
Non-cash lease expense |
22,911 |
21,069 |
44,959 |
43,299 |
|||
(Gains) losses on investments |
16,499 |
(106,275) |
24,579 |
(100,257) |
|||
Other |
11,413 |
(7,009) |
12,122 |
(8,633) |
|||
Changes in operating assets and liabilities, net of business combinations: |
|||||||
Trade and other receivables, net |
(324,841) |
(227,511) |
138,123 |
164,608 |
|||
Deferred costs |
(64,742) |
(52,834) |
(106,471) |
(79,104) |
|||
Prepaid expenses and other assets |
(9,885) |
(3,531) |
(33,882) |
(39,097) |
|||
Accounts payable |
(4,142) |
8,060 |
2,768 |
7,890 |
|||
Accrued expenses and other liabilities |
25,065 |
(15,687) |
(5,808) |
(26,607) |
|||
Unearned revenue |
63,278 |
92,605 |
(239,723) |
(132,974) |
|||
Net cash provided by (used in) operating activities |
114,358 |
198,473 |
554,075 |
650,901 |
|||
Cash flows from investing activities: |
|||||||
Purchases of marketable securities |
(1,329,471) |
(829,370) |
(3,340,090) |
(1,594,765) |
|||
Maturities of marketable securities |
984,887 |
771,824 |
1,586,362 |
1,629,232 |
|||
Sales of marketable securities |
28,237 |
14,829 |
33,367 |
27,286 |
|||
Owned real estate projects |
(245) |
(71) |
(265) |
(171,494) |
|||
Capital expenditures, excluding owned real estate projects |
(168,598) |
(87,781) |
(227,348) |
(157,577) |
|||
Business combinations, net of cash acquired |
— |
— |
— |
(679,220) |
|||
Purchases of non-marketable equity and other investments |
(1,900) |
(12,039) |
(16,923) |
(57,806) |
|||
Sales and maturities of non-marketable equity and other investments |
95 |
3,270 |
7,161 |
3,295 |
|||
Other |
— |
6 |
— |
1 |
|||
Net cash provided by (used in) investing activities |
(486,995) |
(139,332) |
(1,957,736) |
(1,001,048) |
|||
Cash flows from financing activities: |
|||||||
Proceeds from issuance of debt, net of debt discount |
— |
— |
2,978,077 |
— |
|||
Repayments and extinguishment of debt |
(30) |
(9,395) |
(693,983) |
(18,821) |
|||
Payments for debt issuance costs |
— |
— |
(7,220) |
— |
|||
Proceeds from issuance of common stock from employee equity plans, net of taxes paid for shares withheld |
83,302 |
75,844 |
84,292 |
74,487 |
|||
Other |
(185) |
(151) |
(377) |
(376) |
|||
Net cash provided by (used in) financing activities |
83,087 |
66,298 |
2,360,789 |
55,290 |
|||
Effect of exchange rate changes |
(145) |
(321) |
(830) |
(135) |
|||
Net increase (decrease) in cash, cash equivalents, and restricted cash |
(289,695) |
125,118 |
956,298 |
(294,992) |
|||
Cash, cash equivalents, and restricted cash at the beginning of period |
2,786,738 |
967,811 |
1,540,745 |
1,387,921 |
|||
Cash, cash equivalents, and restricted cash at the end of period |
$ 2,497,043 |
$ 1,092,929 |
$ 2,497,043 |
$ 1,092,929 |
Workday, Inc. |
|||||||||
GAAP |
Share-Based |
Other |
Income Tax |
Non-GAAP |
|||||
Costs and expenses: |
|||||||||
Costs of subscription services |
$ 244,982 |
$ (25,090) |
$ (14,596) |
$ — |
$ 205,296 |
||||
Costs of professional services |
178,103 |
(25,838) |
(775) |
— |
151,490 |
||||
Product development |
547,835 |
(147,181) |
(2,236) |
— |
398,418 |
||||
Sales and marketing |
458,701 |
(59,878) |
(9,388) |
— |
389,435 |
||||
General and administrative |
140,255 |
(50,020) |
(628) |
— |
89,607 |
||||
Operating income (loss) |
(34,078) |
308,007 |
27,623 |
— |
301,552 |
||||
Operating margin |
(2.2) % |
20.1 % |
1.7 % |
— % |
19.6 % |
||||
Other income (expense), net |
(32,789) |
— |
— |
— |
(32,789) |
||||
Income (loss) before provision for (benefit from) income taxes |
(66,867) |
308,007 |
27,623 |
— |
268,763 |
||||
Provision for (benefit from) income taxes |
(2,709) |
— |
— |
53,773 |
51,064 |
||||
Net income (loss) |
$ (64,158) |
$ 308,007 |
$ 27,623 |
$ (53,773) |
$ 217,699 |
||||
Net income (loss) per share, basic (1) |
$ (0.25) |
$ 1.21 |
$ 0.11 |
$ (0.21) |
$ 0.86 |
||||
Net income (loss) per share, diluted (1) |
$ (0.25) |
$ 1.21 |
$ 0.11 |
$ (0.24) |
$ 0.83 |
(1) |
GAAP net loss per share is calculated based upon 254,355 basic and diluted weighted-average shares of common stock. Non-GAAP net income per share is calculated based upon 254,355 basic and 262,931 diluted weighted-average shares of common stock. The numerator used to compute non- GAAP diluted net income per share was increased by $1.3 million for after-tax interest expense on our convertible senior notes in accordance with the if-converted method. |
(2) |
Other operating expenses include amortization of acquisition-related intangible assets of $21.5 million and employer payroll tax-related items on employee stock transactions of $6.1 million. |
(3) |
We utilize a fixed long-term projected tax rate in our computation of the non-GAAP income tax provision to provide better consistency across the reporting periods. For fiscal 2023, the non-GAAP tax rate is 19%. Included in the per share amount is a dilution impact of $0.03 from the conversion of GAAP diluted net loss per share to non-GAAP diluted net income per share. |
Workday, Inc. |
|||||||||
GAAP |
Share-Based |
Other |
Income Tax |
Non-GAAP |
|||||
Costs and expenses: |
|||||||||
Costs of subscription services |
$ 192,738 |
$ (20,421) |
$ (13,132) |
$ — |
$ 159,185 |
||||
Costs of professional services |
152,783 |
(26,534) |
(1,215) |
— |
125,034 |
||||
Product development |
444,251 |
(129,892) |
(3,161) |
— |
311,198 |
||||
Sales and marketing |
358,157 |
(52,168) |
(9,764) |
— |
296,225 |
||||
General and administrative |
113,552 |
(35,704) |
(933) |
— |
76,915 |
||||
Operating income (loss) |
(1,120) |
264,719 |
28,205 |
— |
291,804 |
||||
Operating margin |
(0.1) % |
21.0 % |
2.3 % |
— % |
23.2 % |
||||
Other income (expense), net |
102,985 |
— |
— |
— |
102,985 |
||||
Income (loss) before provision for (benefit from) income taxes |
101,865 |
264,719 |
28,205 |
— |
394,789 |
||||
Provision for (benefit from) income taxes |
(3,871) |
— |
— |
78,881 |
75,010 |
||||
Net income (loss) |
$ 105,736 |
$ 264,719 |
$ 28,205 |
$ (78,881) |
$ 319,779 |
||||
Net income (loss) per share, basic (1) |
$ 0.43 |
$ 1.07 |
$ 0.11 |
$ (0.32) |
$ 1.29 |
||||
Net income (loss) per share, diluted (1) |
$ 0.41 |
$ 1.02 |
$ 0.11 |
$ (0.31) |
$ 1.23 |
(1) |
GAAP and non-GAAP net income per share are both calculated based upon 246,943 basic and 260,016 diluted weighted-average shares of common stock. The numerator used to compute GAAP and non-GAAP diluted net income per share was increased by $1.6 million and $1.3 million, respectively, for after-tax interest expense on our convertible senior notes in accordance with the if-converted method. |
(2) |
Other operating expenses include amortization of acquisition-related intangible assets of $19.8 million and employer payroll tax-related items on employee stock transactions of $8.4 million. |
(3) |
We utilize a fixed long-term projected tax rate in our computation of the non-GAAP income tax provision to provide better consistency across the reporting periods. For fiscal 2022, the non-GAAP tax rate was 19%. |
Workday, Inc. |
|||||||||
GAAP |
Share-Based |
Other |
Income Tax |
Non-GAAP |
|||||
Costs and expenses: |
|||||||||
Costs of subscription services |
$ 477,904 |
$ (51,320) |
$ (30,922) |
$ — |
$ 395,662 |
||||
Costs of professional services |
348,002 |
(53,422) |
(4,674) |
— |
289,906 |
||||
Product development |
1,089,344 |
(300,485) |
(15,247) |
— |
773,612 |
||||
Sales and marketing |
888,002 |
(119,047) |
(23,434) |
— |
745,521 |
||||
General and administrative |
274,124 |
(95,239) |
(3,241) |
— |
175,644 |
||||
Operating income (loss) |
(106,921) |
619,513 |
77,518 |
— |
590,110 |
||||
Operating margin |
(3.6) % |
20.9 % |
2.6 % |
— % |
19.9 % |
||||
Other income (expense), net |
(52,952) |
— |
— |
— |
(52,952) |
||||
Income (loss) before provision for (benefit from) income taxes |
(159,873) |
619,513 |
77,518 |
— |
537,158 |
||||
Provision for (benefit from) income taxes |
6,458 |
— |
— |
95,601 |
102,059 |
||||
Net income (loss) |
$ (166,331) |
$ 619,513 |
$ 77,518 |
$ (95,601) |
$ 435,099 |
||||
Net income (loss) per share, basic (1) |
$ (0.66) |
$ 2.45 |
$ 0.31 |
$ (0.38) |
$ 1.72 |
||||
Net income (loss) per share, diluted (1) |
$ (0.66) |
$ 2.45 |
$ 0.31 |
$ (0.44) |
$ 1.66 |
(1) |
GAAP net loss per share is calculated based upon 253,071 basic and diluted weighted-average shares of common stock. Non-GAAP net income per share is calculated based upon 253,071 basic and 263,224 diluted weighted-average shares of common stock. The numerator used to compute non- GAAP diluted net income per share was increased by $2.6 million for after-tax interest expense on our convertible senior notes in accordance with the if-converted method. |
(2) |
Other operating expenses include amortization of acquisition-related intangible assets of $43.1 million and employer payroll tax-related items on employee stock transactions of $34.4 million. |
(3) |
We utilize a fixed long-term projected tax rate in our computation of the non-GAAP income tax provision to provide better consistency across the reporting periods. For fiscal 2023, the non-GAAP tax rate is 19%. Included in the per share amount is a dilution impact of $0.06 from the conversion of GAAP diluted net loss per share to non-GAAP diluted net income per share. |
Workday, Inc. |
|||||||||
GAAP |
Share-Based |
Other |
Income Tax |
Non-GAAP |
|||||
Costs and expenses: |
|||||||||
Costs of subscription services |
$ 374,946 |
$ (41,138) |
$ (27,336) |
$ — |
$ 306,472 |
||||
Costs of professional services |
303,628 |
(54,226) |
(8,168) |
— |
241,234 |
||||
Product development |
885,867 |
(259,754) |
(22,703) |
— |
603,410 |
||||
Sales and marketing |
684,651 |
(102,476) |
(26,870) |
— |
555,305 |
||||
General and administrative |
225,735 |
(71,760) |
(5,319) |
— |
148,656 |
||||
Operating income (loss) |
(39,433) |
529,354 |
90,396 |
— |
580,317 |
||||
Operating margin |
(1.6) % |
21.7 % |
3.7 % |
— % |
23.8 % |
||||
Other income (expense), net |
93,934 |
— |
— |
— |
93,934 |
||||
Income (loss) before provision for (benefit from) income taxes |
54,501 |
529,354 |
90,396 |
— |
674,251 |
||||
Provision for (benefit from) income taxes |
(4,713) |
— |
— |
132,821 |
128,108 |
||||
Net income (loss) |
$ 59,214 |
$ 529,354 |
$ 90,396 |
$ (132,821) |
$ 546,143 |
||||
Net income (loss) per share, basic (1) |
$ 0.24 |
$ 2.16 |
$ 0.37 |
$ (0.54) |
$ 2.23 |
||||
Net income (loss) per share, diluted (1) |
$ 0.23 |
$ 2.09 |
$ 0.36 |
$ (0.58) |
$ 2.10 |
(1) |
GAAP net income per share is calculated based upon 245,308 basic and 252,900 diluted weighted-average shares of common stock. Non-GAAP net income per share is calculated based upon 245,308 basic and 260,718 diluted weighted-average shares of common stock. The numerator used to compute non-GAAP diluted net income per share was increased by $2.6 million for after-tax interest expense on our convertible senior notes in accordance with the if-converted method. |
(2) |
Other operating expenses include employer payroll tax-related items on employee stock transactions of $52.7 million and amortization of acquisition-related intangible assets of $37.7 million. |
(3) |
We utilize a fixed long-term projected tax rate in our computation of the non-GAAP income tax provision to provide better consistency across the reporting periods. For fiscal 2022, the non-GAAP tax rate was 19%. Included in the per share amount is a dilution impact of $0.05 from the conversion of GAAP diluted net income per share to non-GAAP diluted net income per share. |
О финансовых показателях, не относящихся к GAAP
Чтобы предоставить инвесторам и другим лицам дополнительную информацию о результатах Workday, мы раскрыли следующие финансовые показатели, не относящиеся к GAAP: операционная прибыль (убыток), не соответствующая GAAP, операционная маржа, не соответствующая GAAP, и чистая прибыль (убыток) на акцию, не соответствующая GAAP. Workday предоставил сверку каждого финансового показателя, не относящегося к GAAP, используемого в этом отчете о доходах, с наиболее непосредственно сопоставимым финансовым показателем GAAP. Операционный доход (убыток) не по GAAP и операционная маржа не по GAAP отличаются от GAAP тем, что они исключают расходы на компенсацию на основе акций, связанные с налогом на заработную плату работодателя статьи, связанные с операциями с акциями сотрудников, и расходы на амортизацию нематериальных активов, связанных с приобретением. Чистая прибыль (убыток) на акцию, не относящаяся к GAAP, отличается от GAAP тем, что она исключает расходы на компенсацию, основанную на акциях, статьи налога на заработную плату работодателя, связанные с операциями с акциями сотрудников, расходы на амортизацию нематериальных активов, связанных с приобретением, и влияние налога на прибыль.
Руководство Workday использует эти финансовые показатели, не относящиеся к GAAP, для понимания и сравнения операционных результатов за отчетные периоды, для целей внутреннего составления бюджета и прогнозирования, для краткосрочных и долгосрочных операционных планов, а также для оценки финансовых показателей Workday. Руководство считает, что эти финансовые показатели, не относящиеся к GAAP, отражают текущую деятельность Workday таким образом, чтобы можно было проводить значимые сравнения между периодами и анализировать тенденции в бизнесе Workday. Руководство также считает, что эти финансовые показатели, не относящиеся к GAAP, предоставляют инвесторам и другим лицам полезную информацию для понимания и оценки операционных результатов и перспектив Workday таким же образом, как и руководство, а также для сравнения финансовых результатов за отчетные периоды и с аналогичными компаниями.
Руководство считает, что исключение следующих статей из Сокращенных консолидированных отчетов о деятельности GAAP полезно для инвесторов и других лиц при оценке операционных показателей Workday из-за следующих факторов:
Использование показателей операционной прибыли (убытка), не относящихся к GAAP, операционной маржи, не относящихся к GAAP, и чистой прибыли (убытка) на акцию, не относящихся к GAAP, имеет определенные ограничения, поскольку они не отражают все статьи доходов и расходов, которые влияют на деятельность Workday. Workday компенсирует эти ограничения путем согласования финансовых показателей, не относящихся к GAAP, с наиболее сопоставимыми финансовыми показателями GAAP. Эти финансовые показатели, не относящиеся к ОПБУ, следует рассматривать в дополнение, а не в качестве замены или в отрыве от показателей, подготовленных в соответствии с ОПБУ. Кроме того, эти показатели, не относящиеся к GAAP, могут отличаться от информации, не относящейся к GAAP, используемой другими компаниями, включая аналогичные компании, и поэтому сопоставимость может быть ограниченной. Руководство рекомендует инвесторам и другим лицам просматривать финансовую информацию Workday во всей ее полноте и не полагаться на какой-либо один финансовый показатель.
ИСТОЧНИК Workday Inc.
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