From the Wires
Workday Announces Fiscal 2013 Third Quarter Financial Results
Total Revenue of $72.6 Million, Up 99% Year Over Year; Subscription Revenue of $51.6 Million, Up 116% Year Over Year
Nov. 28, 2012 04:05 PM
PLEASANTON, CA -- (Marketwire) -- 11/28/12 -- Workday, Inc. (NYSE: WDAY), a leader in enterprise cloud applications for human resources and finance, today announced financial results for the third quarter of fiscal 2013:
- Total revenues were $72.6 million, an increase of 99% from the third quarter of fiscal 2012. Subscription revenues were $51.6 million, an increase of 116% from same period last year.
- Operating loss for the third quarter was $40.9 million, compared to an operating loss of $19.4 million in the same period last year. Non-GAAP operating loss for the third quarter was $23.5 million, compared to a non-GAAP operating loss of $18.3 million last year.(1)
- Net loss for the quarter was $41.3 million, compared to a net loss of $19.7 million in the third quarter of fiscal 2012. Non-GAAP net loss for the third quarter was $23.9 million, compared to a non-GAAP net loss of $18.6 million last year.(1)
- Net loss per basic and diluted share for the third quarter was $0.67, compared to a loss per basic and diluted share of $0.66 in the third quarter of fiscal 2012. The third quarter non-GAAP loss per basic and diluted share was $0.39, compared to a non-GAAP loss per basic and diluted share of $0.63 during the same period last year.(1)
- Operating cash flows were a negative $9.4 million in the third quarter and a negative $1.4 million for the trailing twelve months. Free cash flows were a negative $23.8 million in the third quarter and a negative $32.2 million for the trailing twelve months.(2)
Cash, cash equivalents and marketable securities were $797.4 million as of October 31, 2012 and include net proceeds from our October initial public offering of $684.6 million. Unearned revenue was $252.2 million, a 64% increase from last year.
"Workday had a strong third quarter, and we continue to make great strides as we build for the long term," said Aneel Bhusri, chairman, co-founder, and co-CEO, Workday. "Our pace of innovation, high levels of customer satisfaction, and employee-centric culture are key contributors to our growth. With these differentiators, we see more companies choosing Workday to bring HR, finance, and analytics to the cloud."
"Workday is well positioned for growth as a leader in cloud-based human capital management and financial management applications," said Mark Peek, chief financial officer, Workday. "Fiscal 2013 fourth quarter revenues are expected to be in the range of $75 and $79 million, or growth of 74-83% as compared to the prior year. Fourth quarter subscription revenues are anticipated to be within a range of $56 and $58 million."
Recent Highlights
- In the third quarter, Workday added several significant customers, including DuPont, Johnson Controls, and Yale University, as well as J.B. Hunt for Financial Management.
- In August, Workday delivered Workday Time Tracking, a new global time and attendance application that enables enterprises to collect, process, and manage time and labor for their global workforce.
- At Workday Rising, the company's annual customer conference, Workday announced it is building two new applications. Workday Big Data Analytics, expected to be available in the second half of 2013, will enable customers to make more informed business decisions based on a holistic view of workforce and financial information. Workday Recruiting, expected to be available in the first half of 2014, is designed to transform the recruiting process by delivering a complete talent acquisition solution for hiring teams.
Workday plans to host a conference call today to review its fiscal 2013 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 results, net loss, and net loss per share for the fiscal third quarters of 2012 and 2013 exclude share-based compensation, and for the fiscal 2013 third quarter, also exclude a one-time charge related to our contribution of 500,000 shares to the Workday Foundation. 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 fourth quarter revenue and subscription 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, including our registration statement on Form S-1 and our future reports on Form 10-K and Form 10-Q and current reports on Form 8-K that we may file 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.
© 2012. 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, except share and per share data)
October 31, January 31,
2012 2012
------------ ------------
(unaudited)
Assets
Current assets:
Cash and cash equivalents $ 442,980 $ 57,529
Marketable securities 354,397 53,634
Accounts receivable, net of allowance for
doubtful accounts of $778 at October 31, 2012
and $261 at January 31, 2012 61,099 54,467
Deferred costs 8,636 9,450
Prepaid expenses and other current assets 14,542 8,092
------------ ------------
Total current assets 881,654 183,172
Property and equipment, net 39,760 25,861
Deferred costs, noncurrent 17,060 13,156
Goodwill and intangible assets, net 8,509 8,578
Other assets 3,165 1,871
------------ ------------
Total assets $ 950,148 $ 232,638
============ ============
Liabilities, redeemable convertible preferred
stock and stockholders' equity (deficit)
Current liabilities:
Accounts payable $ 3,481 $ 2,730
Accrued expenses and other current liabilities 14,925 6,808
Accrued compensation 22,487 13,891
Capital leases 6,946 3,561
Capital leases with related party 2,634 3,514
Unearned revenue 164,421 114,734
------------ ------------
Total current liabilities 214,894 145,238
Capital leases, noncurrent 17,144 6,594
Capital lease with related party, noncurrent 289 2,047
Unearned revenue, noncurrent 87,742 73,363
Other liabilities 14,578 10,051
------------ ------------
Total liabilities 334,647 237,293
Commitments and contingencies
Redeemable convertible preferred stock, $0.001
par value; no shares and 31 million shares
authorized as of October 31, 2012 and January
31, 2012; no shares and 30 million shares
issued and outstanding as of October 31, 2012
and January 31, 2012 with liquidation
preference of $174,340 as of January 31, 2012 - 170,906
Stockholder's equity (deficit):
Convertible preferred stock, $0.001 par value;
no shares and 68 million shares authorized as
of October 31, 2012 and January 31, 2012; no
shares and 68 million shares issued and
outstanding as of October 31, 2012 and
January 31, 2012 with liquidation preference
of $93,716 as of January 31, 2012 - 68
Preferred Stock, $0.001 par value; 10 million
shares authorized and no shares issued and
outstanding as of October 31, 2012 - -
Class A common stock, $0.001 par value; 750
million shares authorized as of October 31,
2012 and 26 million shares issued and
outstanding as of October 31, 2012 26 -
Class B common stock $0.001 par value; 240
million shares authorized as of October 31,
2012 and 140 million shares issued and
outstanding as of October 31, 2012 (including
4 million shares, subject to repurchase,
legally issued and outstanding as of October
31, 2012) 134 -
Common stock, $0.001 par value; no shares and
200 million shares authorized as of October
31, 2012 and January 31, 2012; no shares and
36 million shares issued and outstanding as
of October 31, 2012 and January 31, 2012
(including 3 million shares, subject to
repurchase, legally issued and outstanding as
of January 31, 2012) - 33
Additional paid-in capital 986,245 106,457
Accumulated other comprehensive income 32 3
Accumulated deficit (370,936) (282,122)
------------ ------------
Total stockholders' equity (deficit) 615,501 (175,561)
------------ ------------
Total liabilities, redeemable preferred stock
and stockholders' equity (deficit) $ 950,148 $ 232,638
============ ============
Workday, Inc.
Condensed Consolidated Statements of Operations
(in thousands, except per share data)
(unaudited)
Three Months Ended Nine Months Ended
October 31, October 31,
-------------------- --------------------
2012 2011 2012 2011
--------- --------- --------- ---------
Revenues $ 72,618 $ 36,450 $ 192,138 $ 91,269
Costs and expenses(1):
Costs of revenues 30,194 17,679 83,549 45,038
Research and development 28,075 16,404 72,413 43,727
Sales and marketing 32,584 18,215 87,051 47,774
General and administrative 22,633 3,594 36,310 10,083
--------- --------- --------- ---------
Total costs and expenses 113,486 55,892 279,323 146,622
Operating loss (40,868) (19,442) (87,185) (55,353)
Other expense, net (364) (243) (1,036) (574)
--------- --------- --------- ---------
Loss before provision for income
taxes (41,232) (19,685) (88,221) (55,927)
Provision for income taxes 78 46 25 116
--------- --------- --------- ---------
Net loss (41,310) (19,731) (88,246) (56,043)
--------- --------- --------- ---------
Accretion of redeemable
convertible preferred stock (161) (72) (568) (85)
--------- --------- --------- ---------
Net loss attributable to common
stockholders $ (41,471) $ (19,803) $ (88,814) $ (56,128)
========= ========= ========= =========
Net loss per share
attributable to Class A and
Class B common stockholders,
basic and diluted $ (0.67) $ (0.66) $ (2.06) $ (1.93)
========= ========= ========= =========
Weighted-average shares used
to compute net loss per share
attributable to Class A and
Class B common stockholders 61,960 29,779 43,053 29,013
========= ========= ========= =========
(1) Costs and expenses include
share-based compensation as
follows:
Costs of revenues $ 609 $ 182 $ 1,101 $ 416
Research and development 1,300 306 2,227 751
Sales and marketing 970 233 1,838 533
General and administrative 3,273 389 4,714 1,056
Workday, Inc.
Condensed Consolidated Statements of Cash Flows
(in thousands)
(unaudited)
Three Months Ended Nine Months Ended
October 31, October 31,
-------------------- --------------------
2012 2011 2012 2011
--------- --------- --------- ---------
Cash flows from operating
activities
Net loss $ (41,310) $ (19,731) $ (88,246) $ (56,043)
Adjustments to reconcile net
loss to net cash provided by
(used in) operating activities:
Depreciation and amortization 4,461 2,522 11,938 6,250
Share-based compensation 6,152 1,110 9,880 2,755
Amortization of deferred costs 2,750 1,824 8,336 5,095
Donation of common stock to
Workday Foundation 11,250 - 11,250 -
Other 11 15 41 45
Changes in operating assets and
liabilities:
Accounts receivable 7,382 477 (6,632) (17,251)
Deferred costs (4,673) (3,029) (11,426) (7,142)
Prepaid expenses and other
assets (3,395) (2,149) (7,744) (4,151)
Accounts payable (253) (421) 73 391
Accrued and other liabilities 3,575 3,279 13,738 7,437
Unearned revenue 4,692 10,592 64,066 55,482
--------- --------- --------- ---------
Net cash provided by (used in)
operating activities (9,358) (5,511) 5,274 (7,132)
Cash flows from investing
activities
Purchases of marketable
securities (288,659) (2,497) (374,599) (11,924)
Maturities of marketable
securities 19,845 5,005 72,785 8,606
Purchase of cost method
investment - - - (1,000)
Purchases of property and
equipment (801) (2,663) (6,803) (3,742)
--------- --------- --------- ---------
Net cash used in investing
activities (269,615) (155) (308,617) (8,060)
Cash flows from financing
activities
Proceeds of initial public
offering, net of issuance costs 684,620 - 684,620 -
Proceeds from exercise of stock
options 2,955 1,028 10,085 4,198
Proceeds from issuance of
redeemable convertible
preferred stock, net of
issuance costs - 81,473 - 81,473
Principal payments on capital
lease obligations (1,483) (366) (3,274) (366)
Principal payments on capital
lease obligations with related
party (886) (831) (2,638) (2,582)
--------- --------- --------- ---------
Net cash provided by financing
activities 685,206 81,304 688,793 82,723
Effect of exchange rate changes 6 2 1 8
--------- --------- --------- ---------
Net increase in cash and cash
equivalents 406,239 75,640 385,451 67,539
Cash and cash equivalents at the
beginning of period 36,741 22,411 57,529 30,512
--------- --------- --------- ---------
Cash and cash equivalents at the
end of period $ 442,980 $ 98,051 $ 442,980 $ 98,051
========= ========= ========= =========
Workday, Inc.
Reconciliation of GAAP to Non-GAAP Data
For the Three Months Ended October 31, 2012
(in thousands, except per share data)
(unaudited)
Equity
Grant to Non-GAAP
Share-Based Workday as
GAAP Compensation Foundation adjusted
--------- ------------ ---------- ---------
Costs and expenses:
Costs of revenues $ 30,194 $ (609) $ - $ 29,585
Research and development 28,075 (1,300) - 26,775
Sales and marketing 32,584 (970) - 31,614
General and administrative 22,633 (3,273) (11,250) 8,110
Operating loss (40,868) 6,152 11,250 (23,466)
Operating margin (56.2%) 8.4% 15.5% (32.3%)
Loss before provision for
income taxes (41,232) 6,152 11,250 (23,830)
Provision for income taxes 78 - - 78
Net loss $ (41,310) $ 6,152 $ 11,250 $ (23,908)
Net loss per share
attributable to common
stockholders, for Class A
and Class B, basic and
diluted (1) $ (0.67) $ 0.10 $ 0.18 $ (0.39)
(1) - Calculated based upon 61,960 basic and diluted weighted-average shares of Class A and Class B common stock
Workday, Inc.
Reconciliation of GAAP to Non-GAAP Data
For the Three Months Ended October 31, 2011
(in thousands, except per share data)
(unaudited)
Non-GAAP
Share-Based as
GAAP Compensation adjusted
--------- ------------ ---------
Costs and expenses:
Costs of revenues $ 17,679 $ (182) $ 17,497
Research and development 16,404 (306) 16,098
Sales and marketing 18,215 (233) 17,982
General and administrative 3,594 (389) 3,205
Operating loss (19,442) 1,110 (18,332)
Operating margin (53.3%) 3.0% (50.3%)
Loss before provision for income taxes (19,685) 1,110 (18,575)
Provision for income taxes 46 - 46
Net loss $ (19,731) $ 1,110 $ (18,621)
Net loss per share attributable to
common stockholders, for Class A and
Class B, basic and diluted (1) $ (0.66) $ 0.03 $ (0.63)
(1) - Calculated based upon 29,779 basic and diluted weighted-average shares of Class A and Class B common stock
Workday, Inc.
Reconciliation of GAAP to Non-GAAP Data
For the Nine Months Ended October 31, 2012
(in thousands, except per share data)
(unaudited)
Equity
Grant to Non-GAAP
Share-Based Workday as
GAAP Compensation Foundation adjusted
--------- ------------ ---------- ---------
Costs and expenses:
Costs of revenues $ 83,549 $ (1,101) $ - $ 82,448
Research and development 72,413 (2,227) - 70,186
Sales and marketing 87,051 (1,838) - 85,213
General and administrative 36,310 (4,714) (11,250) 20,346
Operating loss (87,185) 9,880 11,250 (66,055)
Operating margin (45.4%) 5.1% 5.9% (34.4%)
Loss before provision for
income taxes (88,221) 9,880 11,250 (67,091)
Provision for income taxes 25 - - 25
Net loss $ (88,246) $ 9,880 $ 11,250 $ (67,116)
Net loss per share
attributable to common
stockholders, for Class A
and Class B, basic and
diluted (1) $ (2.06) $ 0.23 $ 0.26 $ (1.57)
(1) - Calculated based upon 43,053 basic and diluted weighted-average
shares for Class A and Class B common stock
Workday, Inc.
Reconciliation of GAAP to Non-GAAP Data
For the Nine Months Ended October 31, 2011
(in thousands, except per share data)
(unaudited)
Non-GAAP
Share-Based as
GAAP Compensation adjusted
---------- ------------ ----------
Costs and expenses:
Costs of revenues $ 45,038 $ (416) $ 44,622
Research and development 43,727 (751) 42,976
Sales and marketing 47,774 (533) 47,241
General and administrative 10,083 (1,056) 9,027
Operating loss (55,353) 2,756 (52,597)
Operating margin (60.6%) 3.0% (57.6%)
Loss before provision for income
taxes (55,927) 2,756 (53,171)
Provision for income taxes 116 - 116
Net loss $ (56,043) $ 2,756 $ (53,287)
Net loss per share attributable to
common stockholders, for Class A
and Class B, basic and diluted (1) $ (1.93) $ 0.09 $ (1.84)
(1) - Calculated based upon 29,013 basic and diluted weighted-average
shares for Class A and Class B common stock
Workday, Inc.
Revenue by Type
(in thousands)
(unaudited)
Three Months Ended Nine Months Ended
October 31, October 31,
-------------------- --------------------
2012 2011 2012 2011
--------- --------- --------- ---------
Revenues:
Subscription services $ 51,576 $ 23,868 $ 130,698 $ 59,603
Professional services 21,042 12,582 61,440 31,666
--------- --------- --------- ---------
Total revenues $ 72,618 $ 36,450 $ 192,138 $ 91,269
========= ========= ========= =========
Revenues:
Subscription services 71.0% 65.5% 68.0% 65.3%
Professional services 29.0% 34.5% 32.0% 34.7%
--------- --------- --------- ---------
Total revenues 100.0% 100.0% 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
October 31, 2012
-----------------
GAAP cash flows from operating activities $ (9,358)
Capital expenditures (801)
Property and equipment acquired under capital lease (13,663)
-----------------
Free cash flows $ (23,822)
=================
Workday, Inc.
Reconciliation of GAAP Cash Flows from Operations to Free Cash Flows
(A Non-GAAP Financial Measure)
(in thousands)
(unaudited)
Trailing Twelve
Months Ended
October 31, 2012
-----------------
GAAP cash flows from operating activities $ (1,369)
Capital expenditures (8,060)
Property and equipment acquired under capital lease (22,728)
-----------------
Free cash flows $ (32,157)
=================
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, non-GAAP net loss per share, non-GAAP operating margin, free cash flows and trailing twelve-month 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, for the third quarter of fiscal 2013, a one-time charge related to the contribution of 500,000 shares of common stock to the Workday Foundation. 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.
- Equity Grant to Workday Foundation. During the third quarter of fiscal 2013, Workday granted 500,000 shares of common stock to the Workday Foundation. The Workday Foundation is a non-profit organization established to provide grants, humanitarian relief and employee matching contributions and support volunteerism and social development projects. This grant resulted in a one-time charge of $11.3 million, which was recorded to the General and administrative expenses line of the income statement. Management does not expect to make future grants of shares to the Foundation and therefore considers this charge non-recurring. As such, Management believes it is useful to exclude this one-time charge in order to better understand the ongoing expenses of our core business and to facilitate comparison of our results across periods.
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.
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