SINGAPORE - Media OutReach - 5 September 2019 - Workday, Inc. (NASDAQ: WDAY), a leader in enterprise cloud
applications for finance and human resources, today announced results for the fiscal 2020
second quarter ended July 31, 2019.
Fiscal 2020 Second
Quarter Results
Comments on the
News
“It was a strong quarter, with continued global customer momentum across
the Fortune 500 and Global 2,000, as more organizations look to Workday for the
ability to plan, execute, and analyze in one system powered by machine
learning. In addition, we celebrated one year with Adaptive Insights and
continue to make great progress on our integration vision,” said Aneel Bhusri, co-founder and CEO, Workday.
“As we move into the second half of the year, we are continuing to invest in
areas that leverage our strengths and open new opportunities.”
“We delivered strong Q2 results with subscription revenue up 34%, along
with solid operating margins and cash flow,” said Robynne Sisco, co-president and chief financial officer, Workday.
“Based on our second quarter results, we are raising our fiscal 2020
subscription revenue outlook and now expect subscription revenue of $3.06 to
$3.07 billion. We expect our third quarter subscription revenue to be
between $783 and $785 million. We continue to prioritize investing in long-term
growth initiatives, while delivering solid operating margins and cash flow over
time.”
Recent Highlights
Additional
Information
Workday, Inc.
Condensed Consolidated Balance Sheets
(in thousands)
(unaudited)
| July 31, 2019 |
| January 31, 2019 | ||||||
Assets |
|
|
| ||||||
Current assets: |
|
|
| ||||||
Cash and cash equivalents | $ | 619,514 |
|
| $ | 638,554 |
| ||
Marketable securities | 1,307,006 |
|
| 1,139,864 |
| ||||
Trade and other receivables, net | 613,425 |
|
| 704,680 |
| ||||
Deferred costs | 85,557 |
|
| 80,809 |
|
| |||
Prepaid expenses and other current assets | 163,530 |
|
| 136,689 |
|
| |||
Total current assets | 2,789,032 |
|
| 2,700,596 |
|
| |||
Property and equipment, net | 919,523 |
|
| 796,907 |
|
| |||
Operating lease right-of-use | 294,824 |
|
| — |
|
| |||
Deferred costs, noncurrent | 182,580 |
|
| 183,518 |
|
| |||
Acquisition-related intangible | 277,953 |
|
| 313,240 |
|
| |||
Goodwill | 1,389,349 |
|
| 1,379,125 |
|
| |||
Other assets | 138,895 |
|
| 147,360 |
|
| |||
Total assets | $ | 5,992,156 |
|
| $ | 5,520,746 |
|
| |
Liabilities and stockholders’ |
|
|
|
| |||||
Current liabilities: |
|
|
|
| |||||
Accounts payable | $ | 32,540 |
|
| $ | 29,093 |
|
| |
Accrued expenses and other current | 114,494 |
|
| 123,542 |
|
| |||
Accrued compensation | 192,064 |
|
| 207,924 |
|
| |||
Unearned revenue | 1,796,423 |
|
| 1,837,618 |
|
| |||
Operating lease liabilities | 65,554 |
|
| — |
|
| |||
Current portion of convertible senior | 1,233,189 |
|
| 232,514 |
|
| |||
Total current liabilities | 3,434,264 |
|
| 2,430,691 |
|
| |||
Convertible senior notes, net | — |
|
| 972,264 |
|
| |||
Unearned revenue, noncurrent | 89,219 |
|
| 111,652 |
|
| |||
Operating lease liabilities, | 243,863 |
|
| — |
|
| |||
Other liabilities | 14,525 |
|
| 47,697 |
|
| |||
Total liabilities | 3,781,871 |
|
| 3,562,304 |
|
| |||
Stockholders’ equity: |
|
|
|
| |||||
Common stock | 227 |
|
| 221 |
|
| |||
Additional paid-in capital | 4,561,272 |
|
| 4,105,334 |
|
| |||
Accumulated other comprehensive income | 32,458 |
|
| (809 | ) |
| |||
Accumulated deficit | (2,383,672 | ) |
| (2,146,304 | ) |
| |||
Total stockholders’ equity | 2,210,285 |
|
| 1,958,442 |
|
| |||
Total liabilities and stockholders’ | $ | 5,992,156 |
|
| $ | 5,520,746 |
|
| |
Workday, Inc.
Condensed Consolidated Statements of Operations
(in thousands, except per share data)
(unaudited)
| Three Months Ended July 31, |
| Six Months Ended July 31, | ||||||||||||
| 2019 |
| 2018 |
| 2019 |
| 2018 | ||||||||
Revenues: |
|
|
|
|
|
|
| ||||||||
Subscription services | $ | 757,155 |
|
| $ | 565,659 |
|
| $ | 1,458,179 |
|
| $ | 1,087,808 |
|
Professional services | 130,597 |
|
| 106,061 |
|
| 254,628 |
|
| 202,555 |
| ||||
Total revenues | 887,752 |
|
| 671,720 |
|
| 1,712,807 |
|
| 1,290,363 |
| ||||
Costs and expenses (1): |
|
|
|
|
|
|
| ||||||||
Costs of subscription services | 121,161 |
|
| 87,523 |
|
| 233,630 |
|
| 167,768 |
| ||||
Costs of professional services | 145,173 |
|
| 112,707 |
|
| 275,923 |
|
| 210,433 |
| ||||
Product development | 378,122 |
|
| 292,840 |
|
| 725,953 |
|
| 556,424 |
| ||||
Sales and marketing | 280,200 |
|
| 202,464 |
|
| 553,136 |
|
| 395,235 |
| ||||
General and administrative | 85,593 |
|
| 65,168 |
|
| 170,048 |
|
| 120,749 |
| ||||
Total costs and expenses | 1,010,249 |
|
| 760,702 |
|
| 1,958,690 |
|
| 1,450,609 |
| ||||
Operating loss | (122,497 | ) |
| (88,982 | ) |
| (245,883 | ) |
| (160,246 | ) | ||||
Other income (expense), net | (106 | ) |
| 1,613 |
|
| 7,035 |
|
| (2,235 | ) | ||||
Loss before provision for | (122,603 | ) |
| (87,369 | ) |
| (238,848 | ) |
| (162,481 | ) | ||||
Provision for (benefit from) | (1,891 | ) |
| (1,213 | ) |
| (1,861 | ) |
| (1,915 | ) | ||||
Net loss | $ | (120,712 | ) |
| $ | (86,156 | ) |
| $ | (236,987 | ) |
| $ | (160,566 | ) |
Net loss per share, basic and | $ | (0.53 | ) |
| $ | (0.40 | ) |
| $ | (1.05 | ) |
| $ | (0.75 | ) |
Weighted-average shares used to | 226,392 |
|
| 215,932 |
|
| 224,857 |
|
| 214,517 |
|
(1) |
| Costs and expenses include | ||||||||||||||||
|
|
|
|
|
| |||||||||||||
Costs of subscription services | $ | 12,001 |
|
| $ | 8,521 |
|
| $ | 22,416 |
|
| $ | 16,398 |
|
| ||
Costs of professional services | 18,991 |
|
| 12,518 |
|
| 35,141 |
|
| 23,310 |
|
| ||||||
Product development | 105,758 |
|
| 75,354 |
|
| 196,995 |
|
| 143,865 |
|
| ||||||
Sales and marketing | 42,690 |
|
| 29,367 |
|
| 81,544 |
|
| 54,979 |
|
| ||||||
General and administrative | 29,781 |
|
| 21,303 |
|
| 58,360 |
|
| 41,170 |
|
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Workday, Inc.
Condensed Consolidated Statements of Cash Flows
(in thousands)
(unaudited)
| Three Months Ended July 31, |
| Six Months Ended July 31, | ||||||||||||
| 2019 |
| 2018 |
| 2019 |
| 2018 | ||||||||
Cash flows from operating activities |
|
|
|
|
|
|
| ||||||||
Net loss | $ | (120,712 | ) |
| $ | (86,156 | ) |
| $ | (236,987 | ) |
| $ | (160,566 | ) |
Adjustments to reconcile net loss to net cash |
|
|
|
|
|
|
| ||||||||
Depreciation and amortization | 67,754 |
|
| 42,226 |
|
| 128,919 |
|
| 80,890 |
| ||||
Share-based compensation expenses | 208,912 |
|
| 147,063 |
|
| 394,147 |
|
| 279,722 |
| ||||
Amortization of deferred costs | 22,002 |
|
| 17,061 |
|
| 42,882 |
|
| 33,421 |
| ||||
Amortization of debt discount and issuance costs | 14,301 |
|
| 17,490 |
|
| 25,888 |
|
| 35,629 |
| ||||
Other | 11,401 |
|
| (4,894 | ) |
| 20,377 |
|
| (14,183 | ) | ||||
Changes in operating assets and liabilities, net |
|
|
|
|
|
|
| ||||||||
Trade and other receivables, net | (73,437 | ) |
| (104,758 | ) |
| 83,942 |
|
| 63,944 |
| ||||
Deferred costs | (28,207 | ) |
| (23,943 | ) |
| (46,692 | ) |
| (36,549 | ) | ||||
Prepaid expenses and other assets | (1,679 | ) |
| (5,446 | ) |
| (6,786 | ) |
| 3,042 |
| ||||
Accounts payable | 1,047 |
|
| 5,987 |
|
| 2,550 |
|
| 13,941 |
| ||||
Accrued expenses and other liabilities | (56,524 | ) |
| (15,182 | ) |
| (35,121 | ) |
| (3,555 | ) | ||||
Unearned revenue | 55,461 |
|
| 68,168 |
|
| (63,637 | ) |
| (53,887 | ) | ||||
Net cash provided by (used in) operating | 100,319 |
|
| 57,616 |
|
| 309,482 |
|
| 241,849 |
| ||||
Cash flows from investing activities |
|
|
|
|
|
|
| ||||||||
Purchases of marketable securities | (582,848 | ) |
| (526,216 | ) |
| (1,053,902 | ) |
| (1,434,342 | ) | ||||
Maturities of marketable securities | 385,710 |
|
| 655,205 |
|
| 845,807 |
|
| 1,341,881 |
| ||||
Sales of marketable securities | 4,551 |
|
| 914,938 |
|
| 55,499 |
|
| 942,297 |
| ||||
Owned real estate projects | (34,149 | ) |
| (49,537 | ) |
| (73,783 | ) |
| (88,770 | ) | ||||
Capital expenditures, excluding owned real estate | (75,576 | ) |
| (53,346 | ) |
| (141,111 | ) |
| (102,208 | ) | ||||
Business combinations, net of cash acquired | (12,885 | ) |
| (26,737 | ) |
| (12,885 | ) |
| (26,737 | ) | ||||
Purchase of other intangible assets | — |
|
| (1,000 | ) |
| — |
|
| (1,000 | ) | ||||
Purchases of non-marketable equity and other | (5,516 | ) |
| (1,000 | ) |
| (7,716 | ) |
| (3,400 | ) | ||||
Other | (32 | ) |
| — |
|
| (9 | ) |
| — |
| ||||
Net cash provided by (used in) investing | (320,745 | ) |
| 912,307 |
|
| (388,100 | ) |
| 627,721 |
| ||||
Cash flows from financing activities |
|
|
|
|
|
|
| ||||||||
Payments on convertible senior notes | (27 | ) |
| (350,005 | ) |
| (27 | ) |
| (350,005 | ) | ||||
Proceeds from issuance of common stock from employee | 58,085 |
|
| 38,686 |
|
| 61,540 |
|
| 41,297 |
| ||||
Other | (107 | ) |
| (59 | ) |
| (200 | ) |
| (116 | ) | ||||
Net cash provided by (used in) financing | 57,951 |
|
| (311,378 | ) |
| 61,313 |
|
| (308,824 | ) | ||||
Effect of exchange rate changes | 75 |
|
| (162 | ) |
| (252 | ) |
| (582 | ) | ||||
Net increase (decrease) in cash, cash | (162,400 | ) |
| 658,383 |
|
| (17,557 | ) |
| 560,164 |
| ||||
Cash, cash equivalents, and restricted cash at | 787,046 |
|
| 1,037,435 |
|
| 642,203 |
|
| 1,135,654 |
| ||||
Cash, cash equivalents, and restricted cash at | $ | 624,646 |
|
| $ | 1,695,818 |
|
| $ | 624,646 |
|
| $ | 1,695,818 |
|
Workday, Inc.
Reconciliation of GAAP to Non-GAAP Data
Three Months Ended July 31, 2019
(in thousands, except percentages and per share data)
(unaudited)
| GAAP |
| Share-Based |
| Other |
| Amortization |
| Income Tax |
| Non-GAAP | ||||||||||||
Costs and expenses: |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Costs of subscription services | $ | 121,161 |
|
| $ | (12,001 | ) |
| $ | (11,739 | ) |
| $ | — |
|
| $ | — |
|
| $ | 97,421 |
|
Costs of professional services | 145,173 |
|
| (18,991 | ) |
| (1,233 | ) |
| — |
|
| — |
|
| 124,949 |
| ||||||
Product development | 378,122 |
|
| (105,758 | ) |
| (5,380 | ) |
| — |
|
| — |
|
| 266,984 |
| ||||||
Sales and marketing | 280,200 |
|
| (42,690 | ) |
| (10,449 | ) |
| — |
|
| — |
|
| 227,061 |
| ||||||
General and administrative | 85,593 |
|
| (29,781 | ) |
| (2,021 | ) |
| — |
|
| — |
|
| 53,791 |
| ||||||
Operating income (loss) | (122,497 | ) |
| 209,221 |
|
| 30,822 |
|
| — |
|
| — |
|
| 117,546 |
| ||||||
Operating margin | (13.8 | )% |
| 23.6 | % |
| 3.4 | % |
| — | % |
| — | % |
| 13.2 | % | ||||||
Other income (expense), net | (106 | ) |
| — |
|
| — |
|
| 14,301 |
|
| — |
|
| 14,195 |
| ||||||
Income (loss) before provision | (122,603 | ) |
| 209,221 |
|
| 30,822 |
|
| 14,301 |
|
| — |
|
| 131,741 |
| ||||||
Provision for (benefit from) | (1,891 | ) |
| — |
|
| — |
|
| — |
|
| 24,287 |
|
| 22,396 |
| ||||||
Net income (loss) | $ | (120,712 | ) |
| $ | 209,221 |
|
| $ | 30,822 |
|
| $ | 14,301 |
|
| $ | (24,287 | ) |
| $ | 109,345 |
|
Net income (loss) per share (1) | $ | (0.53 | ) |
| $ | 0.92 |
|
| $ | 0.14 |
|
| $ | 0.06 |
|
| $ | (0.15 | ) |
| $ | 0.44 |
|
(1) |
| GAAP net loss per share is |
(2) |
| Other operating expenses |
(3) |
| We utilize a fixed long-term |
Workday, Inc.
Reconciliation of GAAP to Non-GAAP Data
Three Months Ended July 31, 2018
(in thousands, except percentages and per share data)
(unaudited)
| GAAP |
| Share-Based |
| Other |
| Amortization |
| Income Tax |
| Non-GAAP |
| ||||||||||||||||||||||||||||
Costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||||||||
Costs of subscription services | $ | 87,523 |
|
| $ | (8,521 | ) |
| $ | (3,787 | ) |
| $ | — |
|
| $ | — |
|
| $ | 75,215 |
| |||||||||||||||||
Costs of professional services | 112,707 |
|
| (12,518 | ) |
| (519 | ) |
| — |
|
| — |
|
| 99,670 |
|
| ||||||||||||||||||||||
Product development | 292,840 |
|
| (75,354 | ) |
| (3,960 | ) |
| — |
|
| — |
|
| 213,526 |
|
| ||||||||||||||||||||||
Sales and marketing | 202,464 |
|
| (29,367 | ) |
| (1,039 | ) |
| — |
|
| — |
|
| 172,058 |
|
| ||||||||||||||||||||||
General and administrative | 65,168 |
|
| (21,303 | ) |
| (731 | ) |
| — |
|
| — |
|
| 43,134 |
|
| ||||||||||||||||||||||
Operating income (loss) | (88,982 | ) |
| 147,063 |
|
| 10,036 |
|
| — |
|
| — |
|
| 68,117 |
|
| ||||||||||||||||||||||
Operating margin | (13.2 | )% |
| 21.9 | % |
| 1.4 | % |
| — | % |
| — | % |
| 10.1 | % |
| ||||||||||||||||||||||
Other income (expense), net | 1,613 |
|
| — |
|
| — |
|
| 17,490 |
|
| — |
|
| 19,103 |
|
| ||||||||||||||||||||||
Income (loss) before provision | (87,369 | ) |
| 147,063 |
|
| 10,036 |
|
| 17,490 |
|
| — |
|
| 87,220 |
|
| ||||||||||||||||||||||
Provision for (benefit from) | (1,213 | ) |
| — |
|
| — |
|
| — |
|
| 16,004 |
|
| 14,791 |
|
| ||||||||||||||||||||||
Net income (loss) | $ | (86,156 | ) |
| $ | 147,063 |
|
| $ | 10,036 |
|
| $ | 17,490 |
|
| $ | (16,004 | ) |
| $ | 72,429 |
| |||||||||||||||||
Net income (loss) per | $ | (0.40 | ) |
| $ | 0.68 |
|
| $ | 0.05 |
|
| $ | 0.08 |
|
| $ | (0.10 | ) |
| $ | 0.31 |
| |||||||||||||||||
(1) |
| GAAP net loss per share is |
(2) |
| Other operating expenses |
(3) |
| We utilize a fixed long-term |
Workday, Inc.
Reconciliation of GAAP to Non-GAAP Data
Six Months Ended July 31, 2019
(in thousands, except percentages and per share data)
(unaudited)
| GAAP |
| Share-Based |
| Other |
| Amortization |
| Income Tax |
| Non-GAAP | ||||||||||||
Costs and expenses: |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Costs of subscription services | $ | 233,630 |
|
| $ | (22,416 | ) |
| $ | (24,399 | ) |
| $ | — |
|
| $ | — |
|
| $ | 186,815 |
|
Costs of professional services | 275,923 |
|
| (35,141 | ) |
| (4,692 | ) |
| — |
|
| — |
|
| 236,090 |
| ||||||
Product development | 725,953 |
|
| (196,995 | ) |
| (19,011 | ) |
| — |
|
| — |
|
| 509,947 |
| ||||||
Sales and marketing | 553,136 |
|
| (81,544 | ) |
| (23,283 | ) |
| — |
|
| — |
|
| 448,309 |
| ||||||
General and administrative | 170,048 |
|
| (58,360 | ) |
| (5,319 | ) |
| — |
|
| — |
|
| 106,369 |
| ||||||
Operating income (loss) | (245,883 | ) |
| 394,456 |
|
| 76,704 |
|
| — |
|
| — |
|
| 225,277 |
| ||||||
Operating margin | (14.4 | )% |
| 23.0 | % |
| 4.6 | % |
| — | % |
| — | % |
| 13.2 | % | ||||||
Other income (expense), net | 7,035 |
|
| — |
|
| — |
|
| 25,888 |
|
| — |
|
| 32,923 |
| ||||||
Income (loss) before provision | (238,848 | ) |
| 394,456 |
|
| 76,704 |
|
| 25,888 |
|
| — |
|
| 258,200 |
| ||||||
Provision for (benefit from) | (1,861 | ) |
| — |
|
| — |
|
| — |
|
| 45,755 |
|
| 43,894 |
| ||||||
Net income (loss) | $ | (236,987 | ) |
| $ | 394,456 |
|
| $ | 76,704 |
|
| $ | 25,888 |
|
| $ | (45,755 | ) |
| $ | 214,306 |
|
Net income (loss) per | $ | (1.05 | ) |
| $ | 1.75 |
|
| $ | 0.34 |
|
| $ | 0.12 |
|
| $ | (0.29 | ) |
| $ | 0.87 |
|
(1) |
| GAAP net loss per share is |
(2) |
| Other operating expenses |
(3) |
| We utilize a fixed long-term |
Workday, Inc.
Reconciliation of GAAP to Non-GAAP Data
Six Months Ended July 31, 2018
(in thousands, except percentages and per share data)
(unaudited)
| GAAP |
| Share-Based |
| Other |
| Amortization |
| Income Tax |
| Non-GAAP | ||||||||||||
Costs and expenses: |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Costs of subscription services | $ | 167,768 |
|
| $ | (16,398 | ) |
| $ | (8,239 | ) |
| $ | — |
|
| $ | — |
|
| $ | 143,131 |
|
Costs of professional services | 210,433 |
|
| (23,310 | ) |
| (2,220 | ) |
| — |
|
| — |
|
| 184,903 |
| ||||||
Product development | 556,424 |
|
| (143,865 | ) |
| (12,757 | ) |
| — |
|
| — |
|
| 399,802 |
| ||||||
Sales and marketing | 395,235 |
|
| (54,979 | ) |
| (3,619 | ) |
| — |
|
| — |
|
| 336,637 |
| ||||||
General and administrative | 120,749 |
|
| (41,170 | ) |
| (2,598 | ) |
| — |
|
| — |
|
| 76,981 |
| ||||||
Operating income (loss) | (160,246 | ) |
| 279,722 |
|
| 29,433 |
|
| — |
|
| — |
|
| 148,909 |
| ||||||
Operating margin | (12.4 | )% |
| 21.7 | % |
| 2.2 | % |
| — | % |
| — | % |
| 11.5 | % | ||||||
Other income (expense), net | (2,235 | ) |
| — |
|
| — |
|
| 35,629 |
|
| — |
|
| 33,394 |
| ||||||
Income (loss) before provision | (162,481 | ) |
| 279,722 |
|
| 29,433 |
|
| 35,629 |
|
| — |
|
| 182,303 |
| ||||||
Provision for (benefit from) | (1,915 | ) |
| — |
|
| — |
|
| — |
|
| 32,870 |
|
| 30,955 |
| ||||||
Net income (loss) | $ | (160,566 | ) |
| $ | 279,722 |
|
| $ | 29,433 |
|
| $ | 35,629 |
|
| $ | (32,870 | ) |
| $ | 151,348 |
|
Net income (loss) per | $ | (0.75 | ) |
| $ | 1.30 |
|
| $ | 0.14 |
|
| $ | 0.17 |
|
| $ | (0.22 | ) |
| $ | 0.64 |
|
(1) |
| GAAP net loss per share is |
(2) |
| Other operating expenses |
(3) |
| We utilize a fixed long-term |
Workday is a leading
provider of enterprise cloud applications for finance and human
resources. Founded
in 2005, Workday delivers financial management, human capital management,
planning, and analytics applications designed for the world‘s largest companies, educational institutions, and government
agencies. Organizations ranging from medium-sized businesses to Fortune 50 enterprises have selected
Workday.
© 2019.
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.
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) 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) differs from GAAP in that it excludes share-based compensation
expenses, employer payroll tax-related items on employee stock transactions,
and amortization of 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 of acquisition-related intangible assets, non-cash interest
expense related to our convertible senior notes, 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 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 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) 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.
Forward-Looking
Statements
This press
release contains forward-looking statements including, among other things,
statements regarding the expected performance and benefits of Workday’s
offerings. The words “believe,” “may,” “will,” “estimate,” “continue,”
“anticipate,” “intend,” “expect,” “seek,” “plan,” “project,” 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, risks described
in our filings with the Securities and Exchange Commission (SEC), including our
Form 10-K for the fiscal year ended January 31, 2019 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.
© 2019.
Workday, Inc. All rights reserved. Workday and the Workday logo are registered
trademarks of Workday, Inc.
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