Seguridad Mania.com - España y América Latina

PLEASANTON, CA -- (Marketwired) -- 05/22/13 -- Workday, Inc. (NYSE: WDAY), a leader in enterprise cloud applications for human resources and finance, today announced financial results for the fiscal first quarter ended April 30, 2013.

• Total revenues for the first quarter were $91.6 million, an increase of 61% from the first quarter of fiscal 2013. Subscription revenues were $68.4 million, an increase of 85% from same period last year.
  
  
• Operating loss for the first quarter was $32.6 million, compared to an operating loss of $20.0 million in the same period last year. Non-GAAP operating loss for the first quarter was $24.5 million, compared to a non-GAAP operating loss of $18.5 million last year.(1)
  
  
• Net loss per basic and diluted share for the first quarter was $0.20, compared to a net loss per basic and diluted share of $0.61 in the first quarter of fiscal 2013. The first quarter non-GAAP net loss per basic and diluted share was $0.15, compared to a non-GAAP net loss per basic and diluted share of $0.57 during the same period last year.(1)
  
  
• Operating cash flows were $17.3 million in the first quarter. Free cash flows were $15.3 million in the first quarter.(2)
  
  
• Cash, cash equivalents and marketable securities were $805.8 million as of April 30, 2013. Unearned revenue was $300.9 million, a 41% increase from last year.
  
  

"Our Q1 results demonstrate that our business continues to perform well across all initiatives," said Aneel Bhusri, chairman, co-founder, and co-CEO, Workday. "Development efforts for Workday Big Data Analytics and Workday Recruiting are progressing as planned, and we see increasing customer demand for these new applications as the largest companies around the world continue to move HR and Finance to the cloud."

"We are very pleased with our first quarter results," said Mark Peek, chief financial officer, Workday. "Total revenues for the quarter were a record $92 million, and we generated positive operating and free cash flows. Looking ahead, our second quarter revenues are expected to be in the range of $97 and $101 million or growth of 55-61% as compared to the prior year. Total revenues for the year are anticipated to be in the range of $425 and $440 million or growth of 75-80%."

Recent Highlights

• In the first quarter, Workday added significant customers including Bristol Myers Squibb and Levi Strauss for Workday Human Capital Management as well as University of Miami for the full suite of Workday applications.
  
  
• In April, all customers moved to Workday 19 and gained the ability to tailor the Workday experience for their unique business contexts. Also new in this update, Workday customers can manage intangible assets, benefit from new levels of insights into headcount planning, and can download the new Workday for Android™ app. Workday 19 includes more than 170 new features, and of those, many come from Workday Brainstorm, a forum that captures and shares customer ideas based on popular vote.
  
  
• In an independent third-party survey, employees voted Workday #1 in the large company category on the San Francisco Business Times and the Silicon Valley / San Jose Business Journal Best Places to Work in the Bay Area list. This is the sixth consecutive year Workday has received recognition on the list.
  
  

Workday plans to host a conference call today to review its first 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, net loss, and net loss per share for the fiscal first quarters of 2013 and 2014 exclude share-based compensation, and for the fiscal first quarter of 2014, also exclude employer payroll taxes on employee stock transactions. 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 and property and equipment acquired under capital lease. 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 human resources and finance. Founded in 2005, Workday delivers human capital management, financial management, and analytics applications designed for the world's largest organizations. Hundreds of companies, 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 second quarter and full year fiscal 2014 revenue projections, and our expectations for future applications. 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) adverse changes in general economic or market conditions; (ii) delays or reductions in information technology spending; (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) our ability to manage our growth effectively; (v) our limited operating history, which makes it difficult to predict future results; (vi) the development of the market for enterprise cloud services; (vii) acceptance of our applications and services by customers; (viii) breaches in our security measures or unauthorized access to our customers' data; 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-K for the year ended January 31, 2013 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, Inc. services should make their purchase decisions based upon services, features and functions that are currently available.

© 2013. 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)

                                                   April 30,    January 31,
                                                     2013          2013
                                                 ------------  ------------
                                                  (unaudited)
Assets
Current assets:
  Cash and cash equivalents                      $    219,264  $     84,158
  Marketable securities                               586,503       706,181
  Accounts receivable, net                             60,345        67,437
  Deferred costs                                       10,053         9,816
  Prepaid expenses and other current assets            17,519        16,710
                                                 ------------  ------------
Total current assets                                  893,684       884,302

Property and equipment, net                            54,197        44,585
Deferred costs, noncurrent                             19,092        18,575
Goodwill and intangible assets, net                     8,488         8,488
Other assets                                            5,794         3,130
                                                 ------------  ------------
Total assets                                     $    981,255  $    959,080
                                                 ============  ============

Liabilities and stockholders' equity
Current liabilities:
  Accounts payable                               $     16,408  $      2,665
  Accrued expenses and other current liabilities       13,915        13,558
  Accrued compensation                                 43,267        27,203
  Capital leases                                       11,179        12,008
  Unearned revenue                                    224,363       199,340
                                                 ------------  ------------
Total current liabilities                             309,132       254,774
Capital leases, noncurrent                             10,163        12,972
Unearned revenue, noncurrent                           76,575        85,920
Other liabilities                                      13,600        13,131
                                                 ------------  ------------
Total liabilities                                     409,470       366,797

Stockholders' equity:
  Common stock                                            169           162
  Additional paid-in capital                        1,006,446       993,933
  Accumulated other comprehensive income                   65            68
  Accumulated deficit                                (434,895)     (401,880)
                                                 ------------  ------------
Total stockholders' equity                            571,785       592,283
                                                 ------------  ------------
Total liabilities and stockholders' equity       $    981,255  $    959,080
                                                 ============  ============



                                Workday, Inc.

               Condensed Consolidated Statements of Operations
                    (in thousands, except per share data)
                                 (unaudited)

                                                     Three Months Ended
                                                          April 30,
                                                 --------------------------
                                                     2013          2012
                                                 ------------  ------------

Revenues                                         $     91,645  $     56,818
Costs and expenses(1):
  Costs of revenues                                    36,699        25,090
  Research and development                             36,282        20,786
  Sales and marketing                                  38,364        24,838
  General and administrative                           12,924         6,061
                                                 ------------  ------------
Total costs and expenses                              124,269        76,775
                                                 ------------  ------------
Operating loss                                        (32,624)      (19,957)
Other expense, net                                       (256)          (35)
                                                 ------------  ------------
Loss before provision for income taxes                (32,880)      (19,992)
Provision for income taxes                                135            63
                                                 ------------  ------------
Net loss                                              (33,015)      (20,055)
Accretion of redeemable convertible preferred
 stock                                                      -          (201)
                                                 ------------  ------------
Net loss attributable to common stockholders     $    (33,015) $    (20,256)
                                                 ============  ============
Net loss per share attributable to common
 stockholders, basic and diluted                 $      (0.20) $      (0.61)
                                                 ============  ============
Weighted-average shares used to compute net loss
 per share attributable to common stockholders        168,074        33,013
                                                 ============  ============



(1) Costs and expenses include share-based
 compensation as follows:
    Costs of revenues                            $        737  $        216
    Research and development                            1,907           375
    Sales and marketing                                 1,043           367
    General and administrative                          3,729           487



                                Workday, Inc.

               Condensed Consolidated Statements of Cash Flows
                               (in thousands)
                                 (unaudited)

                                                     Three Months Ended
                                                          April 30,
                                                 --------------------------
                                                     2013          2012
                                                 ------------  ------------
Cash flows from operating activities
Net loss                                         $    (33,015) $    (20,055)
Adjustments to reconcile net loss to cash
 provided by operating activities:
  Depreciation and amortization                         6,569         3,534
  Share-based compensation                              7,416         1,445
  Amortization of deferred costs                        2,482         3,252
  Other                                                   (26)           15
  Changes in operating assets and liabilities:
    Accounts receivable                                 7,131          (471)
    Deferred costs                                     (3,236)       (3,626)
    Prepaid expenses and other assets                  (3,563)       (2,824)
    Accounts payable                                    2,421          (434)
    Accrued and other liabilities                      15,453         6,905
    Unearned revenue                                   15,678        24,967
                                                 ------------  ------------
Net cash provided by operating activities              17,310        12,708

Cash flows from investing activities
Purchases of marketable securities                   (287,841)      (53,867)
Maturities of marketable securities                   406,708        16,421
Purchases of property and equipment                    (1,895)       (2,197)
Other                                                      90             -
                                                 ------------  ------------
Net cash provided by (used in) investing
 activities                                           117,062       (39,643)

Cash flows from financing activities
Proceeds from exercise of stock options                 4,565           705
Principal payments on capital lease obligations        (3,753)       (1,766)
Other                                                       8             -
                                                 ------------  ------------
Net cash provided by (used in) financing
 activities                                               820        (1,061)
Effect of exchange rate changes                           (86)            8
                                                 ------------  ------------
Net increase (decrease) in cash and cash
 equivalents                                          135,106       (27,988)
Cash and cash equivalents at the beginning of
 period                                                84,158        57,529
                                                 ------------  ------------
Cash and cash equivalents at the end of period   $    219,264  $     29,541
                                                 ============  ============



                                Workday, Inc.

                   Reconciliation of GAAP to Non-GAAP Data
                      Three Months Ended April 30, 2013
                    (in thousands, except per share data)
                                 (unaudited)

                                                     Employer
                                                  Payroll Taxes
                                                   on Employee    Non-GAAP
                                    Share-Based       Stock          as
                           GAAP     Compensation   Transactions   adjusted
                        ---------  -------------  -------------  ---------
Costs and expenses:
Costs of revenues:
  Subscription services $  14,930  $        (262) $          (8) $  14,660
  Professional services    21,769           (475)          (293)    21,001
Total costs of revenues    36,699           (737)          (301)    35,661

Research and
 development               36,282         (1,907)          (232)    34,143
Sales and marketing        38,364         (1,043)           (91)    37,230
General and
 administrative            12,924         (3,729)           (53)     9,142

Operating loss            (32,624)         7,416            677    (24,531)
Operating margin            (35.6%)          8.1%           0.7%     (26.8%)

Loss before provision
 for income taxes         (32,880)         7,416            677    (24,787)

Provision for income
 taxes                        135              -              -        135

Net loss                $ (33,015) $       7,416  $         677  $ (24,922)
Net loss per share
 attributable to common
 stockholders, basic
 and diluted (1)        $   (0.20) $        0.05  $           -  $   (0.15)


(1) Calculated based upon 168,074 basic and diluted weighted-average shares
    of common stock.



                                Workday, Inc.

                   Reconciliation of GAAP to Non-GAAP Data
                      Three Months Ended April 30, 2012
                    (in thousands, except per share data)
                                (unaudited)

                                                      Employer
                                                   Payroll Taxes
                                                    on Employee   Non-GAAP
                                     Share-Based       Stock         as
                            GAAP     Compensation   Transactions  adjusted
                         ---------  -------------  ------------- ---------
Costs and expenses:
Costs of revenues:
  Subscription services  $   7,594  $         (78) $           - $   7,516
  Professional services     17,496           (138)             -    17,358
Total costs of revenues     25,090           (216)             -    24,874

Research and development    20,786           (375)             -    20,411
Sales and marketing         24,838           (367)             -    24,471
General and
 administrative              6,061           (487)             -     5,574

Operating loss             (19,957)         1,445              -   (18,512)
Operating margin             (35.1%)          2.5%             -     (32.6%)

Loss before provision
 for income taxes          (19,992)         1,445              -   (18,547)

Provision for income
 taxes                          63              -              -        63

Net loss                 $ (20,055) $       1,445  $           - $ (18,610)
Net loss per share
 attributable to common
 stockholders, basic and
 diluted (1)             $   (0.61) $        0.04  $           - $   (0.57)


(1) Calculated based upon 33,013 basic and diluted weighted-average shares
    of common stock.



                                Workday, Inc.

                               Revenue by Type
                               (in thousands)
                                 (unaudited)

                                                     Three Months Ended
                                                          April 30,
                                                 --------------------------
                                                     2013          2012
                                                 ------------  ------------
Revenues:
Subscription services                            $     68,418  $     36,922
Professional services                                  23,227        19,896
                                                 ------------  ------------
  Total revenues                                 $     91,645  $     56,818
                                                 ============  ============

Revenues:
Subscription services                                    74.7%         65.0%
Professional services                                    25.3%         35.0%
                                                 ------------  ------------
  Total revenues                                        100.0%        100.0%
                                                 ============  ============



                               Workday, Inc.

    Reconciliation of GAAP Cash Flows from Operations to Free Cash Flows
                       (A Non-GAAP Financial Measure)
                               (in thousands)
                                (unaudited)

                                                     Three Months Ended
                                                          April 30,
                                                 --------------------------
                                                     2013          2012
                                                 ------------  ------------

GAAP cash flows from operating activities        $     17,310  $     12,708
Capital expenditures                                   (1,895)       (2,197)
Property and equipment acquired under capital
 lease                                                   (115)         (234)
                                                 ------------  ------------
  Free cash flows                                $     15,300  $     10,277
                                                 ============  ============

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 expenses, non-GAAP operating loss, non-GAAP operating margin, non-GAAP net 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. These non-GAAP financial measures, other than free cash flows, differ from GAAP in that they exclude share-based compensation and employer payroll taxes on employee stock transactions. Free cash flows differ from GAAP cash flows from operating activities in that it treats capital expenditures and assets acquired under a capital lease as a reduction to cash flows.

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 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 these non-GAAP financial measures are useful to investors and others in assessing Workday's operating performance due to the following factors:

• Share-based compensation. Although share-based compensation is an important aspect of the compensation of Workday's employees and executives, determining the fair value of certain of the share-based instruments we utilize involves a high degree of judgment and estimation and the expense recorded may bear little resemblance to the actual value realized upon the vesting or future exercise of the related share-based awards. Furthermore, unlike cash compensation, the value of stock options, which is an element of our ongoing share-based compensation expense, is determined using a complex formula that incorporates factors, such as market volatility, that are beyond our control. Management believes it is useful to exclude share-based compensation in order to better understand the long-term performance of our core business and to facilitate comparison of our results to those of peer companies.
  
  
• Employer payroll taxes on employee stock transactions. The amount of employer payroll taxes on share-based compensation is dependent on Workday's stock price and other factors that are beyond our control and do not correlate to the operation of the business. Also included in this number are tax equalization payments to certain of Workday's expatriate employees related to their stock transactions.
  
  

Additionally, we believe that the non-GAAP financial measure, free cash flows, is meaningful to investors because we review cash flows generated from operations after deducting capital expenditures, whether purchased or leased, due to the fact that these expenditures are considered to be an ongoing operational component of our business.

The use of non-GAAP financial measures 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.