Le Lézard
Classified in: Science and technology, Business
Subjects: ERN, ERP

Workday Announces Fiscal 2023 Third Quarter Financial Results


Fiscal Third Quarter Total Revenues of $1.60 Billion, Up 20.5% Year Over Year

Subscription Revenues of $1.43 Billion, Up 22.3% Year Over Year

24-Month Subscription Revenue Backlog of $8.62 Billion, Up 21.1% Year Over Year

Total Subscription Revenue Backlog of $14.10 Billion, Up 28.5% Year Over Year

PLEASANTON, Calif., Nov. 29, 2022 /PRNewswire/ -- Workday, Inc. (NASDAQ: WDAY), a leader in enterprise cloud applications for finance and human resources, today announced results for the fiscal 2023 third quarter ended October 31, 2022.

Fiscal 2023 Third Quarter Results

Comments on the News

"We delivered another solid quarter, demonstrating how our cloud finance and HR solutions are vital for global organizations navigating today's changing world," said Aneel Bhusri, co-founder, co-CEO, and chairman, Workday. "There is no question that the current macro environment presents increased uncertainty, but, due to the great work of our employees and our continued innovation, we are confident in the long-term opportunity and our ability to navigate the road ahead."

"Our strong third-quarter results illustrate how global organizations are continuing to choose Workday as the backbone of their digital transformation in the face of constant change," said Chano Fernandez, co-CEO, Workday. "As we look ahead, we will continue to focus our efforts on industry investments and driving innovation with our open and connected partner ecosystem, which are critical to our customers' success."

"We delivered solid third-quarter results, a testament to strong execution across the company as well as the strategic and mission-critical nature of our solutions," said Barbara Larson, chief financial officer, Workday. "Our updated outlook reflects the ongoing momentum in our business and the power of our business model, while continuing to balance the current environment. We are raising the low end of our fiscal 2023 subscription revenue guidance to a range of $5.555 billion to $5.557 billion, or 22% growth. We are also raising our fiscal 2023 non-GAAP operating margin guidance to 19.2%, reflecting our commitment to delivering healthy growth and profitability."

Recent Highlights

Earnings Call Details

Workday plans to host a conference call today to review its fiscal 2023 third 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.

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.

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.

Gartner, "Magic Quadrant for Cloud HCM Suites for 1,000+ Employee Enterprises," by Sam Grinter, Chris Pang, Jeff Freyermuth, Ron Hanscome, Helen Poitevin, Ranadip Chandra, John Kostoulas, Emi Chiba, Rania Stewart, October 31, 2022.

Gartner Disclaimer 

Gartner does not endorse any vendor, product or service depicted in our 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 of Gartner, Inc. and/or its affiliates in the U.S. and internationally and are used herein with permission. All rights reserved.

About Workday

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, our intended share repurchases, growth, innovation, opportunities, demand, momentum, 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 October 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.

Condensed Consolidated Balance Sheets

(in thousands)

(unaudited)



October 31, 2022


January 31, 2022

Assets




Current assets:




Cash and cash equivalents

$      1,575,955


$      1,534,273

Marketable securities

3,916,130


2,109,888

Trade and other receivables, net

1,040,468


1,242,545

Deferred costs

171,100


152,957

Prepaid expenses and other current assets

266,622


174,402

Total current assets

6,970,275


5,214,065

Property and equipment, net

1,219,127


1,123,075

Operating lease right-of-use assets

268,110


247,808

Deferred costs, noncurrent

359,624


341,259

Acquisition-related intangible assets, net

326,670


391,002

Goodwill

2,840,044


2,840,044

Other assets

405,937


341,252

Total assets

$    12,389,787


$    10,498,505

Liabilities and stockholders' equity




Current liabilities:




Accounts payable

$           75,803


$           55,487

Accrued expenses and other current liabilities

334,961


195,590

Accrued compensation

406,799


402,885

Unearned revenue

2,815,599


3,110,947

Operating lease liabilities

90,237


80,503

Debt, current

?


1,222,443

Total current liabilities

3,723,399


5,067,855

Debt, noncurrent

2,974,979


617,354

Unearned revenue, noncurrent

63,736


71,533

Operating lease liabilities, noncurrent

196,078


182,456

Other liabilities

22,487


24,225

Total liabilities

6,980,679


5,963,423

Stockholders' equity:




Common stock

257


251

Additional paid-in capital

8,400,756


7,284,174

Treasury stock

(110,382)


(12,467)

Accumulated other comprehensive income (loss)

104,114


7,709

Accumulated deficit

(2,985,637)


(2,744,585)

Total stockholders' equity

5,409,108


4,535,082

Total liabilities and stockholders' equity

$    12,389,787


$    10,498,505

 

Workday, Inc.

Condensed Consolidated Statements of Operations

(in thousands, except per share data)

(unaudited)



Three Months Ended October 31,


Nine Months Ended October 31,


2022


2021


2022


2021

Revenues:








Subscription services

$      1,432,393


$      1,171,517


$      4,071,804


$      3,317,140

Professional services

166,710


155,746


497,754


445,517

Total revenues

1,599,103


1,327,263


4,569,558


3,762,657

Costs and expenses (1):








Costs of subscription services

259,397


200,700


737,301


575,646

Costs of professional services

176,396


159,024


524,398


462,652

Product development

565,727


455,615


1,655,071


1,341,482

Sales and marketing

470,196


366,323


1,358,198


1,050,974

General and administrative

153,708


121,656


427,832


347,391

Total costs and expenses

1,625,424


1,303,318


4,702,800


3,778,145

Operating income (loss)

(26,321)


23,945


(133,242)


(15,488)

Other income (expense), net

4,163


21,557


(48,789)


115,491

Income (loss) before provision for (benefit from) income taxes

(22,158)


45,502


(182,031)


100,003

Provision for (benefit from) income taxes

52,563


2,090


59,021


(2,623)

Net income (loss)

$          (74,721)


$            43,412


$        (241,052)


$          102,626

Net income (loss) per share, basic

$              (0.29)


$                0.17


$              (0.95)


$                0.42

Net income (loss) per share, diluted

$              (0.29)


$                0.17


$              (0.95)


$                0.40

Weighted-average shares used to compute net income (loss) per share, basic

255,753


248,468


253,975


246,348

Weighted-average shares used to compute net income (loss) per share, diluted

255,753


254,760


253,975


253,917

               

(1) Costs and expenses include share-based compensation expenses as follows:











Three Months Ended October 31,


Nine Months Ended October 31,


2022


2021


2022


2021

Costs of subscription services

$           25,598


$           21,340


$           76,918


$           62,478

Costs of professional services

26,577


29,105


79,999


83,331

Product development

149,279


135,591


449,764


395,345

Sales and marketing

61,186


55,645


180,233


158,121

General and administrative

51,556


39,437


146,795


111,197

Total share-based compensation expenses

$         314,196


$         281,118


$         933,709


$         810,472

 

Workday, Inc.

Condensed Consolidated Statements of Cash Flows

(in thousands)

(unaudited)



Three Months Ended October 31,


Nine Months Ended October 31,


2022


2021


2022


2021

Cash flows from operating activities:








Net income (loss)

$           (74,721)


$             43,412


$         (241,052)


$           102,626

Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:








Depreciation and amortization

91,854


87,127


274,395


254,973

Share-based compensation expenses

314,196


278,995


933,709


808,349

Amortization of deferred costs

44,830


35,482


126,515


100,844

Non-cash lease expense

23,359


21,407


68,318


64,706

(Gains) losses on investments

(3,833)


(25,222)


20,746


(125,479)

Other

3,251


4,408


15,373


(4,225)

Changes in operating assets and liabilities, net of business combinations:








Trade and other receivables, net

61,885


6,649


200,008


171,257

Deferred costs

(56,552)


(50,654)


(163,023)


(129,758)

Prepaid expenses and other assets

2,435


18,050


(31,447)


(21,047)

Accounts payable

18,116


(12,007)


20,884


(4,117)

Accrued expenses and other liabilities

47,061


2,498


41,253


(24,109)

Unearned revenue

(63,213)


(25,491)


(302,936)


(158,465)

Net cash provided by (used in) operating activities

408,668


384,654


962,743


1,035,555

Cash flows from investing activities:








Purchases of marketable securities

(2,310,915)


(722,275)


(5,651,005)


(2,317,040)

Maturities of marketable securities

2,181,147


674,246


3,767,509


2,303,478

Sales of marketable securities

19,988


?


53,355


27,286

Owned real estate projects

(181)


(4)


(446)


(171,498)

Capital expenditures, excluding owned real estate projects

(58,665)


(33,335)


(286,013)


(190,912)

Business combinations, net of cash acquired

?


(60,645)


?


(739,865)

Purchase of other intangible assets

(700)


?


(700)


?

Purchases of non-marketable equity and other investments

(3,250)


(26,720)


(20,173)


(84,526)

Sales and maturities of non-marketable equity and other investments

4,513


1,874


11,674


5,169

Other

?


?


?


1

Net cash provided by (used in) investing activities

(168,063)


(166,859)


(2,125,799)


(1,167,907)

Cash flows from financing activities:








Proceeds from issuance of debt, net of debt discount

?


?


2,978,077


?

Repayments and extinguishment of debt

(1,149,622)


(9,384)


(1,843,605)


(28,205)

Payments for debt issuance costs

?


?


(7,220)


?

Proceeds from issuance of common stock from employee equity plans, net of taxes paid for shares withheld

710


1,894


85,002


76,381

Other

(161)


(33)


(538)


(409)

Net cash provided by (used in) financing activities

(1,149,073)


(7,523)


1,211,716


47,767

Effect of exchange rate changes

(920)


50


(1,750)


(85)

Net increase (decrease) in cash, cash equivalents, and restricted cash

(909,388)


210,322


46,910


(84,670)

Cash, cash equivalents, and restricted cash at the beginning of period

2,497,043


1,092,929


1,540,745


1,387,921

Cash, cash equivalents, and restricted cash at the end of period

$        1,587,655


$        1,303,251


$        1,587,655


$        1,303,251

 

Workday, Inc.

Reconciliation of GAAP to Non-GAAP Data

Three Months Ended October 31, 2022 

(in thousands, except percentages and per share data)

(unaudited)



GAAP


Share-Based
Compensation
Expenses


Other
Operating
Expenses (2)


Income Tax
and Dilution
Effects (3)


Non-GAAP

Costs and expenses:










Costs of subscription services

$  259,397


$   (25,598)


$   (14,100)


$            ?


$   219,699

Costs of professional services

176,396


(26,577)


(623)


?


149,196

Product development

565,727


(149,279)


(1,899)


?


414,549

Sales and marketing

470,196


(61,186)


(9,206)


?


399,804

General and administrative

153,708


(51,556)


(531)


?


101,621

Operating income (loss)

(26,321)


314,196


26,359


?


314,234

Operating margin

(1.6) %


19.6 %


1.7 %


? %


19.7 %

Other income (expense), net

4,163


?


?


?


4,163

Income (loss) before provision for (benefit from) income taxes

(22,158)


314,196


26,359


?


318,397

Provision for (benefit from) income taxes

52,563


?


?


7,933


60,496

Net income (loss)

$   (74,721)


$   314,196


$     26,359


$     (7,933)


$   257,901

Net income (loss) per share, basic (1)

$       (0.29)


$         1.23


$         0.10


$       (0.03)


$         1.01

Net income (loss) per share, diluted (1)

$       (0.29)


$         1.23


$         0.10


$       (0.05)


$         0.99



(1)

GAAP net loss per share is calculated based upon 255,753 basic and diluted weighted-average shares of common stock. Non-GAAP

net income per share is calculated based upon 255,753 basic and 261,777 diluted weighted-average shares of common stock. The

numerator used to compute non-GAAP diluted net income per share was increased by $0.9 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 $21.2 million and employer payroll

tax-related items on employee stock transactions of $5.2 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

$0.02 from the conversion of GAAP diluted net loss per share to non-GAAP diluted net income per share.

 

Workday, Inc.

Reconciliation of GAAP to Non-GAAP Data

Three Months Ended October 31, 2021

(in thousands, except percentages and per share data)

(unaudited)



GAAP


Share-Based
Compensation
Expenses


Other
Operating
Expenses (2)


Income Tax
and Dilution
Effects (3)


Non-GAAP

Costs and expenses:










Costs of subscription services

$   200,700


$   (21,340)


$   (12,859)


$            ?


$  166,501

Costs of professional services

159,024


(29,105)


(1,043)


?


128,876

Product development

455,615


(135,591)


(2,870)


?


317,154

Sales and marketing

366,323


(55,645)


(9,642)


?


301,036

General and administrative

121,656


(39,437)


(772)


?


81,447

Operating income (loss)

23,945


281,118


27,186


?


332,249

Operating margin

1.8 %


21.2 %


2.0 %


? %


25.0 %

Other income (expense), net

21,557


?


?


?


21,557

Income (loss) before provision for (benefit from) income taxes

45,502


281,118


27,186


?


353,806

Provision for (benefit from) income taxes

2,090


?


?


65,133


67,223

Net income (loss)

$     43,412


$   281,118


$     27,186


$   (65,133)


$   286,583

Net income (loss) per share, basic (1)

$         0.17


$         1.13


$         0.11


$       (0.26)


$         1.15

Net income (loss) per share, diluted (1)

$         0.17


$         1.10


$         0.11


$       (0.28)


$         1.10



(1)

GAAP net income per share is calculated based upon 248,468 basic and 254,760 diluted weighted-average shares of common stock.

Non-GAAP net income per share is calculated based upon 248,468 basic and 262,577 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 $19.7 million and employer payroll tax-related

items on employee stock transactions of $7.5 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 projected tax rate was 19%. Included in the per share amount is a dilution impact of

$0.02 from the conversion of GAAP diluted net income per share to non-GAAP diluted net income per share.

 

Workday, Inc.

Reconciliation of GAAP to Non-GAAP Data

Nine Months Ended October 31, 2022

(in thousands, except percentages and per share data)

(unaudited)

 



GAAP


Share-Based
Compensation
Expenses


Other
Operating
Expenses (2)


Income Tax
and Dilution
Effects (3)


Non-GAAP

Costs and expenses:










Costs of subscription services

$   737,301


$   (76,918)


$  (45,022)


$             ?


$   615,361

Costs of professional services

524,398


(79,999)


(5,297)


?


439,102

Product development

1,655,071


(449,764)


(17,146)


?


1,188,161

Sales and marketing

1,358,198


(180,233)


(32,640)


?


1,145,325

General and administrative

427,832


(146,795)


(3,772)


?


277,265

Operating income (loss)

(133,242)


933,709


103,877


?


904,344

Operating margin

(2.9) %


20.4 %


2.3 %


? %


19.8 %

Other income (expense), net

(48,789)


?


?


?


(48,789)

Income (loss) before provision for (benefit from) income taxes

(182,031)


933,709


103,877


?


855,555

Provision for (benefit from) income taxes

59,021


?


?


103,534


162,555

Net income (loss)

$  (241,052)


$   933,709


$  103,877


$  (103,534)


$   693,000

Net income (loss) per share, basic (1)

$        (0.95)


$         3.68


$        0.41


$        (0.41)


$         2.73

Net income (loss) per share, diluted (1)

$        (0.95)


$         3.68


$        0.41


$        (0.49)


$         2.65



(1)

GAAP net loss per share is calculated based upon 253,975 basic and diluted weighted-average shares of common stock. Non-GAAP

net income per share is calculated based upon 253,975 basic and 262,742 diluted weighted-average shares of common stock. The

numerator used to compute non-GAAP diluted net income per share was increased by $3.5 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 $64.3 million and employer payroll tax-related

items on employee stock transactions of $39.5 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

$0.08 from the conversion of GAAP diluted net loss per share to non-GAAP diluted net income per share.

 

Workday, Inc.

Reconciliation of GAAP to Non-GAAP Data

Nine Months Ended October 31, 2021

(in thousands, except percentages and per share data)

(unaudited)



GAAP


Share-Based
Compensation
Expenses


Other
Operating
Expenses (2)


Income Tax
and Dilution
Effects (3)


Non-GAAP

Costs and expenses:










Costs of subscription services

$   575,646


$   (62,478)


$  (40,195)


$            ?


$   472,973

Costs of professional services

462,652


(83,331)


(9,211)


?


370,110

Product development

1,341,482


(395,345)


(25,573)


?


920,564

Sales and marketing

1,050,974


(158,121)


(36,512)


?


856,341

General and administrative

347,391


(111,197)


(6,091)


?


230,103

Operating income (loss)

(15,488)


810,472


117,582


?


912,566

Operating margin

(0.4) %


21.5 %


3.2 %


? %


24.3 %

Other income (expense), net

115,491


?


?


?


115,491

Income (loss) before provision for (benefit from) income taxes

100,003


810,472


117,582


?


1,028,057

Provision for (benefit from) income taxes

(2,623)


?


?


197,954


195,331

Net income (loss)

$   102,626


$   810,472


$  117,582


$  (197,954)


$   832,726

Net income (loss) per share, basic (1)

$         0.42


$         3.29


$        0.48


$        (0.81)


$         3.38

Net income (loss) per share, diluted (1)

$         0.40


$         3.19


$        0.46


$        (0.85)


$         3.20



(1)

GAAP net income per share is calculated based upon 246,348 basic and 253,917 diluted weighted-average shares of common stock.

Non-GAAP net income per share is calculated based upon 246,348 basic and 261,734 diluted weighted-average shares of common

stock. The numerator used to compute non-GAAP diluted net income per share was increased by $3.9 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 $60.1 million and amortization

of acquisition-related intangible assets of $57.5 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 $0.07 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.


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