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PLEASANTON, CA -- (Marketwired) -- 11/24/14 -- Workday, Inc. (NYSE: WDAY), a leader in enterprise cloud applications for finance and human resources, today announced results for the fiscal third quarter ended October 31, 2014.
"We had a strong third quarter and saw increasing customer demand globally," said Aneel Bhusri, co-founder and CEO, Workday. "We also welcomed a record number of customers to our eighth annual customer conference, Workday Rising, where we announced our newest suite of applications, Workday Insight Applications, to deepen the value our customers gain with one system in the cloud for finance and human resources."
"We are very pleased with our solid third quarter results," said Mark Peek, chief financial officer, Workday. "We generated record quarterly revenues and trailing twelve month operating cash flows. Looking ahead, we anticipate fourth quarter total revenues to be within a range of $219 and $222 million, or growth of 54% to 56% as compared to the prior year."
Recent Highlights
Workday plans to host a conference call today to review its third quarter financial results and to discuss its financial outlook. The call is scheduled to begin at 2:00 p.m. PT/ 5:00 p.m. ET and can be accessed via webcast or through the company's Investor Relations website at www.workday.com/investorrelations. The webcast will be available live, and a replay will be available following completion of the live broadcast for approximately 45 days.
(1) Non-GAAP operating loss and net loss per share for the fiscal third quarters of 2015 and 2014 exclude share-based compensation, employer payroll taxes on employee stock transactions and debt discount and issuance costs associated with convertible notes, and for the fiscal third quarter of 2015, also exclude 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) Free cash flows are defined as operating cash flows minus capital expenditures, assets acquired under a capital lease and purchased other intangible assets. See the section titled "About Non-GAAP Financial Measures" in the accompanying financial tables for further details.
About Workday
Workday is a leading provider of enterprise cloud applications for finance and human resources. Founded in 2005, Workday delivers financial management, human capital management, and analytics applications designed for the world's largest companies, educational institutions, and government agencies. Hundreds of organizations, ranging from medium-sized businesses to Fortune 50 enterprises, have selected Workday.
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."
Forward-Looking Statements
This press release contains forward-looking statements including, among other things, statements regarding Workday's fourth quarter revenue projections. The words "believe," "may," "will," "estimate," "continue," "anticipate," "intend," "expect," and similar expressions are intended to identify forward-looking statements. These forward-looking statements are subject to risks, uncertainties, and assumptions. If the risks materialize or assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. Risks include, but are not limited to: (i) breaches in our security measures, unauthorized access to our customers' data or disruptions in our data center operations; (ii) our ability to manage our growth effectively; (iii) competitive factors, including but not limited to pricing pressures, industry consolidation, entry of new competitors and new applications and marketing initiatives by our competitors; (iv) the development of the market for enterprise cloud services; (v) acceptance of our applications and services by customers; (vi) adverse changes in general economic or market conditions; (vii) delays or reductions in information technology spending; (viii) our limited operating history, which makes it difficult to predict future results; and (ix) changes in sales may not be immediately reflected in our results due to our subscription model. Further information on 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 quarter ended July 31, 2014 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.
© 2014. 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.
Workday, Inc. Condensed Consolidated Balance Sheets (in thousands) (unaudited) October 31, January 31, 2014 2014(1) ------------ ------------ Assets Current assets: Cash and cash equivalents $ 192,142 $ 581,326 Marketable securities 1,642,517 1,305,253 Accounts receivable, net 118,943 92,184 Deferred costs 19,024 16,446 Prepaid expenses and other current assets 37,120 28,449 ------------ ------------ Total current assets 2,009,746 2,023,658 Property and equipment, net 116,640 77,664 Deferred costs, noncurrent 18,342 20,797 Goodwill and acquisition-related intangible assets, net 35,079 8,488 Other assets 52,511 45,658 ------------ ------------ Total assets $ 2,232,318 $ 2,176,265 ============ ============ Liabilities and stockholders' equity Current liabilities: Accounts payable $ 9,610 $ 6,212 Accrued expenses and other current liabilities 34,508 17,999 Accrued compensation 47,510 55,620 Capital leases 4,681 9,377 Unearned revenue 441,324 332,682 ------------ ------------ Total current liabilities 537,633 421,890 Convertible senior notes, net 484,855 468,412 Capital leases, noncurrent -- 3,589 Unearned revenue, noncurrent 66,807 80,883 Other liabilities 13,807 14,274 ------------ ------------ Total liabilities 1,103,102 989,048 Stockholders' equity: Common stock 185 181 Additional paid-in capital 1,891,872 1,761,156 Accumulated other comprehensive income 64 269 Accumulated deficit (762,905) (574,389) ------------ ------------ Total stockholders' equity 1,129,216 1,187,217 ------------ ------------ Total liabilities and stockholders' equity $ 2,232,318 $ 2,176,265 ============ ============ (1) Amounts as of January 31, 2014 were derived from the January 31, 2014 audited financial statements. Workday, Inc. Condensed Consolidated Statements of Operations (in thousands, except per share data) (unaudited) Three Months Ended Nine Months Ended October 31, October 31, -------------------- -------------------- 2014 2013 2014 2013 --------- --------- --------- --------- Revenues: Subscription services $ 164,403 $ 93,925 $ 431,462 $ 243,454 Professional services 50,667 33,947 130,125 83,618 --------- --------- --------- --------- Total revenues 215,070 127,872 561,587 327,072 --------- --------- --------- --------- Costs and expenses(1): Costs of subscription services 27,426 18,076 73,258 49,333 Costs of professional services 44,363 30,515 121,590 76,711 Product development 85,270 49,349 227,905 126,799 Sales and marketing 80,681 54,051 227,371 136,565 General and administrative 28,796 16,280 76,781 42,970 --------- --------- --------- --------- Total costs and expenses 266,536 168,271 726,905 432,378 --------- --------- --------- --------- Operating loss (51,466) (40,399) (165,318) (105,306) Other expense, net (8,047) (6,893) (21,999) (10,628) --------- --------- --------- --------- Loss before provision for income taxes (59,513) (47,292) (187,317) (115,934) Provision for income taxes 399 242 1,199 593 --------- --------- --------- --------- Net loss $ (59,912) $ (47,534) $(188,516) $(116,527) ========= ========= ========= ========= Net loss per share, basic and diluted $ (0.33) $ (0.27) $ (1.03) $ (0.68) ========= ========= ========= ========= Weighted-average shares used to compute net loss per share, basic and diluted 184,310 174,385 182,770 171,269 ========= ========= ========= ========= (1) Costs and expenses include share-based compensation as follows: Costs of subscription services $ 1,959 $ 783 $ 4,622 $ 1,446 Costs of professional services 4,214 1,559 9,931 2,835 Product development 19,191 7,032 46,796 12,404 Sales and marketing 8,678 4,583 22,807 7,431 General and administrative 12,966 5,726 32,508 12,766 Workday, Inc. Condensed Consolidated Statements of Cash Flows (in thousands) (unaudited) Three Months Ended Nine Months Ended October 31, October 31, -------------------- ------------------------ 2014 2013 2014 2013 --------- --------- ----------- ----------- Cash flows from operating activities Net loss $ (59,912) $ (47,534) $ (188,516) $ (116,527) Adjustments to reconcile net loss to net cash provided by operating activities: Depreciation and amortization 15,682 9,361 42,679 23,981 Share-based compensation expenses 47,008 19,683 116,664 36,882 Amortization of deferred costs 5,740 3,211 14,113 8,449 Amortization of debt discount and issuance costs 6,083 5,764 18,005 8,554 Other 1,808 86 2,654 256 Changes in operating assets and liabilities, net of business combinations: Accounts receivable (18,598) (19,997) (27,052) (19,674) Deferred costs (4,340) (5,346) (14,236) (12,449) Prepaid expenses and other assets 1,586 (2,652) (8,512) (12,794) Accounts payable 4,056 1,891 1,603 5,563 Accrued expense and other liabilities 15,271 16,458 1,760 22,720 Unearned revenue 26,658 26,151 94,566 66,509 --------- --------- ----------- ----------- Net cash provided by operating activities 41,042 7,076 53,728 11,470 Cash flows from investing activities Purchases of marketable securities (454,219) (499,787) (1,490,404) (1,229,488) Maturities of marketable securities 368,984 256,240 1,136,456 833,107 Sales of available-for-sale securities -- -- 8,138 -- Business combinations, net of cash acquired -- -- (26,317) -- Purchases of property and equipment (27,699) (16,757) (65,981) (48,384) Purchase of cost method investment -- -- (10,000) -- Other -- -- 1,000 90 --------- --------- ----------- ----------- Net cash (used in) investing activities (112,934) (260,304) (447,108) (444,675) Cash flows from financing activities Proceeds from borrowings on convertible senior notes, net of issuance costs -- -- -- 584,291 Proceeds from issuance of warrants -- -- -- 92,708 Purchase of convertible senior notes hedges -- -- -- (143,729) Proceeds from issuance of common stock from employee equity plans 2,615 2,637 20,780 9,312 Principal payments on capital lease obligations (1,123) (2,817) (8,285) (9,505) Shares repurchased for tax withholdings on vesting of restricted stock -- (637) (8,291) (637) Other 91 41 151 121 --------- --------- ----------- ----------- Net cash provided by (used in) financing activities 1,583 (776) 4,355 532,561 Effect of exchange rate changes (183) 32 (159) (54) --------- --------- ----------- ----------- Net increase (decrease) in cash and cash equivalents (70,492) (253,972) (389,184) 99,302 Cash and cash equivalents at the beginning of period 262,634 437,432 581,326 84,158 --------- --------- ----------- ----------- Cash and cash equivalents at the end of period $ 192,142 $ 183,460 $ 192,142 $ 183,460 ========= ========= =========== =========== Workday, Inc. Reconciliation of GAAP to Non-GAAP Data Three Months Ended October 31, 2014 (in thousands, except per share data) (unaudited) Amortization Other of Debt Operating Discount and Share-Based Expenses Issuance Non- GAAP Compensation (2) Costs GAAP -------- ------------ --------- ------------ ------- Costs and expenses: Costs of subscription services $ 27,426 $ (1,959) $ (13) $ -- $25,454 Costs of professional services 44,363 (4,214) (69) -- 40,080 Product development 85,270 (19,191) (628) -- 65,451 Sales and marketing 80,681 (8,678) (485) -- 71,518 General and administrative 28,796 (12,966) (330) -- 15,500 Operating loss (51,466) 47,008 1,525 -- (2,933) Operating margin (23.9)% 21.9% 0.6% -- (1.4)% Other expense, net (8,047) -- -- 6,083 (1,964) Loss before provision for income taxes (59,513) 47,008 1,525 6,083 (4,897) Provision for income taxes 399 -- -- -- 399 Net loss $(59,912) $ 47,008 $ 1,525 $ 6,083 $(5,296) Net loss per share, basic and diluted (1) $ (0.33) $ 0.26 $ 0.01 $ 0.03 $ (0.03) (1) Calculated based upon 184,310 basic and diluted weighted-average shares of common stock. (2) Other operating expenses include employer payroll taxes on employee stock transactions and amortization of acquisition-related intangible assets. Workday, Inc. Reconciliation of GAAP to Non-GAAP Data Three Months Ended October 31, 2013 (in thousands, except per share data) (unaudited) Amortization Other of Debt Operating Discount and Share-Based Expenses Issuance GAAP Compensation (2) Costs Non-GAAP -------- ------------ --------- ------------ -------- Costs and expenses: Costs of subscription services $ 18,076 $ (783) $ -- $ -- $ 17,293 Costs of professional services 30,515 (1,559) (164) -- 28,792 Product development 49,349 (7,032) (390) -- 41,927 Sales and marketing 54,051 (4,583) (87) -- 49,381 General and administrative 16,280 (5,726) (188) -- 10,366 Operating loss (40,399) 19,683 829 -- (19,887) Operating margin (31.6)% 15.4% 0.6% -- (15.6)% Other expense, net (6,893) -- -- 5,764 (1,129) Loss before provision for income taxes (47,292) 19,683 829 5,764 (21,016) Provision for income taxes 242 -- -- -- 242 Net loss $(47,534) $ 19,683 $ 829 $ 5,764 $(21,258) Net loss per share, basic and diluted (1) $ (0.27) $ 0.11 $ -- $ 0.04 $ (0.12) (1) Calculated based upon 174,385 basic and diluted weighted-average shares of common stock. (2) Other operating expenses include employer payroll taxes on employee stock transactions. Workday, Inc. Reconciliation of GAAP to Non-GAAP Data Nine Months Ended October 31, 2014 (in thousands, except per share data) (unaudited) Amortization Other of Debt Operating Discount and Share-Based Expenses Issuance GAAP Compensation (2) Costs Non-GAAP --------- ------------ --------- ------------ -------- Costs and expenses: Costs of subscription services $ 73,258 $ (4,622) $ (101) $ -- $ 68,535 Costs of professional services 121,590 (9,931) (204) -- 111,455 Product development 227,905 (46,796) (2,098) -- 179,011 Sales and marketing 227,371 (22,807) (996) -- 203,568 General and administrative 76,781 (32,508) (688) -- 43,585 Operating loss (165,318) 116,664 4,087 -- (44,567) Operating margin (29.4)% 20.8% 0.7% -- (7.9)% Other expense, net (21,999) -- -- 18,005 (3,994) Loss before provision for income taxes (187,317) 116,664 4,087 18,005 (48,561) Provision for income taxes 1,199 -- -- -- 1,199 Net loss $(188,516) $ 116,664 $ 4,087 $ 18,005 $(49,760) Net loss per share, basic and diluted (1) $ (1.03) $ 0.64 $ 0.02 $ 0.10 $ (0.27) (1) Calculated based upon 182,770 basic and diluted weighted-average shares of common stock. (2) Other operating expenses include employer payroll taxes on employee stock transactions and amortization of acquisition-related intangible assets. Workday, Inc. Reconciliation of GAAP to Non-GAAP Data Nine Months Ended October 31, 2013 (in thousands, except per share data) (unaudited) Amortization Other of Debt Operating Discount and Share-Based Expenses Issuance GAAP Compensation (2) Costs Non-GAAP --------- ------------ --------- ------------ -------- Costs and expenses: Costs of subscription services $ 49,333 $ (1,446) $ (8) $ -- $ 47,879 Costs of professional services 76,711 (2,835) (511) -- 73,365 Product development 126,799 (12,404) (940) -- 113,455 Sales and marketing 136,565 (7,431) (470) -- 128,664 General and administrative 42,970 (12,766) (413) -- 29,791 Operating loss (105,306) 36,882 2,342 -- (66,082) Operating margin (32.2)% 11.3% 0.7% -- (20.2)% Other expense, net (10,628) -- -- 8,554 (2,074) Loss before provision for income taxes (115,934) 36,882 2,342 8,554 (68,156) Provision for income taxes 593 -- -- -- 593 Net loss $(116,527) $ 36,882 $ 2,342 $ 8,554 $(68,749) Net loss per share, basic and diluted (1) $ (0.68) $ 0.22 $ 0.01 $ 0.05 $ (0.40) (1) Calculated based upon 171,269 basic and diluted weighted-average shares of common stock. (2) Other operating expenses include employer payroll taxes on employee stock transactions.
Workday, Inc. Reconciliation of GAAP Cash Flows from Operations to Free Cash Flows (A Non-GAAP Financial Measure) (in thousands) (unaudited) Three Months Ended Nine Months Ended October 31, October 31, -------------------- -------------------- 2014 2013 2014 2013 --------- --------- --------- --------- GAAP cash flows from operating activities $ 41,042 $ 7,076 $ 53,728 $ 11,470 Capital expenditures (27,699) (16,757) (65,981) (48,384) Property and equipment acquired under capital lease -- -- -- (115) --------- --------- --------- --------- Free cash flows $ 13,343 $ (9,681) $ (12,253) $ (37,029) ========= ========= ========= ========= Trailing Twelve Months Ended October 31, -------------------- 2014 2013 --------- --------- GAAP cash flows from operating activities $ 88,521 $ 17,410 Capital expenditures (78,322) (57,479) Property and equipment acquired under capital lease -- (945) Purchase of other intangible assets (15,000) -- --------- --------- Free cash flows $ (4,801) $ (41,014) ========= =========
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 loss, non-GAAP net loss per share and free cash flows. Workday has provided a reconciliation of each non-GAAP financial measure used in this earnings release to the most directly comparable GAAP financial measure. The non-GAAP financial measures non-GAAP operating loss and non-GAAP net loss per share differ from GAAP in that they exclude share-based compensation, employer payroll taxes on employee stock transactions, amortization of acquisition-related intangible assets and non-cash interest expense related to our convertible senior notes, as applicable. Free cash flows differ from GAAP cash flows from operating activities in that it treats capital expenditures, assets acquired under a capital lease and purchased other (non-acquisition related) intangible assets as a reduction to cash flows.
Workday's management uses these non-GAAP financial measures to understand and compare operating results across accounting periods, and for internal budgeting and forecasting purposes, for short- and long-term operating plans, and to evaluate Workday's financial performance and the ability of operations to generate cash. 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, as they exclude expenses that are not reflective of ongoing operating results. 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 future prospects in the same manner as management and in comparing financial results across accounting periods and to those of peer companies. Additionally, management believes information regarding free cash flows provides investors and others with an important perspective on the cash available to make strategic acquisitions and investments, to fund ongoing operations and to fund other capital expenditures.
Management believes excluding the following items from the most directly comparable GAAP measures is useful to investors and others in assessing Workday's operating performance due to the following factors:
Additionally, we believe that the non-GAAP financial measure, free cash flows, is meaningful to investors because we review cash flows generated from or used in operations after deducting capital expenditures, whether purchased or leased, and purchased other intangible assets, due to the fact that these expenditures are considered to be an ongoing operational component of our business. This provides an enhanced view of cash available to make strategic acquisitions and investments, to fund ongoing operations and to fund other capital expenditures.
The use of non-GAAP operating loss and net loss per share has 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.
Investor Relations Contact:
Michael Haase
(925) 951-9005
Michael.Haase@Workday.com
Media Contact:
Eric Glass
(415) 432-3056
Eric.Glass@Workday.com
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