Fiscal First Quarter Total Revenues of
$1.990 Billion, Up 18.1% Year Over
Year
Subscription Revenues of $1.815 Billion, Up 18.8% Year Over Year
PLEASANTON, Calif., May 23, 2024
/PRNewswire/ -- Workday, Inc. (NASDAQ: WDAY), a leading provider of
solutions to help organizations manage their people and money,
today announced results for the fiscal 2025 first quarter ended
April 30, 2024.
Fiscal 2025 First Quarter Results
- Total revenues were $1.990
billion, an increase of 18.1% from the first quarter of
fiscal 2024. Subscription revenues were $1.815 billion, an increase of 18.8% from the
same period last year.
- Operating income was $64 million,
or 3.2% of revenues, compared to an operating loss of $20 million, or negative 1.2% of revenues, in the
same period last year. Non-GAAP operating income for the first
quarter was $515 million, or 25.9% of
revenues, compared to a non-GAAP operating income of $396 million, or 23.5% of revenues, in the same
period last year.1
- Diluted net income per share was $0.40, compared to diluted net income per share
of $0.00 in the first quarter of
fiscal 2024. Non-GAAP diluted net income per share was $1.74, compared to non-GAAP diluted net income
per share of $1.33 in the same period
last year.1
- 12-month subscription revenue backlog was $6.60 billion, up 17.9% from the same period last
year. Total subscription revenue backlog was $20.68 billion, increasing 24.2%
year-over-year.
- Operating cash flows were $372
million compared to $277
million in the prior year. Free cash flows were $291 million compared to $218 million in the prior year.1
- Workday repurchased approximately 0.5 million shares of Class A
common stock for $134 million as part
of its share repurchase programs.
- Cash, cash equivalents, and marketable securities were
$7.18 billion as of April 30, 2024.
1
|
See the section titled
"About Non-GAAP Financial Measures" in the accompanying financial
tables for further details.
|
Comments on the News
"Q1 was another solid quarter of revenue growth and non-GAAP
operating margin expansion for Workday, as we drive toward
long-term, durable growth," said Workday CEO Carl Eschenbach. "With the emergence of
Generative AI, the shifting talent landscape, and pressure to
realize operational efficiencies, Workday has never been more
relevant. Our strong value proposition, investments in key growth
initiatives, and leadership in AI are paying off as more
organizations turn to Workday to manage their two most important
assets – their people and money."
"Our first quarter performance was in line with our expectations
across our key financial metrics," said Zane Rowe, CFO, Workday. "We were pleased with
our progress across key growth initiatives in Q1, which help build
a foundation for long-term growth. Our updated subscription revenue
guidance reflects the elevated sales scrutiny and lower customer
headcount growth we experienced during the quarter. At the same
time, we are increasing our margin outlook as we focus on driving
increased efficiencies across the company."
Recent Highlights
- Workday is used by more than 60% of the Fortune 500, including
HPE, Keybank, Salesforce, and Unum.
- Workday added several full platform customers for Workday
Financial Management and Workday Human Capital Management (HCM),
including City of Milwaukee, H.
Lee Moffitt Cancer Center, and The Onin Group.
- Workday announced that the Defense Intelligence Agency (DIA),
the key intelligence agency for national defense in the United States, has selected Workday
Government Cloud to support DIA on its mission to rapidly
accelerate recruitment and onboarding efforts.
- Workday completed its acquisition of HiredScore, giving the
company a comprehensive AI-powered talent acquisition and internal
mobility solution.
- Workday now has more than 50 AI use cases in production and 25
generative AI use cases on its roadmap.
- Workday expanded its relationship with AWS to include
co-innovation across industries and enhanced go-to-market
investments, and formed a new partnership with Google Cloud,
providing GCP customers access to purchase Workday products through
the Google Cloud Marketplace.
- Workday's native Payroll solution for customers in Australia became generally available.
- Workday received the Gartner® Peer Insights™
Customers' Choice distinction for Cloud HCM Suites for 1,000+
Employee Enterprises1 for the seventh consecutive
year.
- The company was recognized as one of the 2024 World's Most
Ethical Companies® by Ethisphere for the fourth
consecutive year.
- Forbes named Workday as one of America's Best Employers For
Diversity.
1
|
Gartner, Voice of the
Customer for Cloud HCM Suites for 1,000+ Employee Enterprises, Peer
Contributors, 8 April 2024
|
Financial Outlook
Workday is updating its guidance for the fiscal 2025 full year
ending January 31, 2025 as
follows:
- Subscription revenue between $7.700
billion to $7.725 billion,
representing growth of approximately 17%
- Non-GAAP operating margin of 25.0%1
Workday is providing guidance for the fiscal 2025 second
quarter ending July 31, 2024 as
follows:
- Subscription revenue of $1.895
billion, representing growth of approximately 17%
- Non-GAAP operating margin of 24.5%1
1
|
The Company has not
provided a reconciliation of its forward outlook for non-GAAP
operating margin with its forward-looking GAAP operating margin in
reliance on the unreasonable efforts exception provided under Item
10(e)(1)(i)(B) of Regulation S-K. The Company is unable, without
unreasonable efforts, to quantify share-based compensation expense,
which is excluded from our non-GAAP operating margin, as it
requires additional inputs such as the number of shares granted and
market prices that are not ascertainable.
|
Earnings Call Details
Workday plans to host a conference call today to review its
fiscal 2025 first quarter financial results and to discuss its
financial outlook. The call is scheduled to begin at 1:30 p.m. PT/4:30 p.m.
ET and can be accessed via webcast. The webcast will be
available live, and a replay will be available following completion
of the live broadcast for approximately 90 days.
Workday uses the Workday Blog as a means of disclosing material
non-public information and for complying with its disclosure
obligations under Regulation FD.
About Workday
Workday is a leading enterprise platform that helps
organizations manage their most important assets – their people and
money. The Workday platform is built with AI at the core to help
customers elevate people, supercharge work, and move their business
forever forward. Workday is used by more than 10,500 organizations
around the world and across industries – from medium-sized
businesses to more than 60% of the Fortune 500. For more
information about Workday, visit workday.com.
© 2024 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.
Forward-Looking Statements
This press release contains forward-looking statements
including, among other things, statements regarding Workday's
full-year and second quarter fiscal 2025 subscription revenue and
non-GAAP operating margin, growth, demand, strategy, and
investments. These forward-looking statements are based only on
currently available information and our current beliefs,
expectations, and assumptions. Because forward-looking statements
relate to the future, they are subject to risks, uncertainties,
assumptions, and changes in circumstances that are difficult to
predict and many of which are outside of our control. If the risks
materialize, assumptions prove incorrect, or we experience
unexpected changes in circumstances, actual results could differ
materially from the results implied by these forward-looking
statements, and therefore you should not rely on any
forward-looking statements. Risks include, but are not limited to:
(i) breaches in our security measures or those of our third-party
providers, unauthorized access to our customers' or other users'
personal data, or disruptions in our data center or computing
infrastructure operations; (ii) service outages, delays in the
deployment of our applications, and the failure of our applications
to perform properly; (iii) privacy concerns and evolving domestic
or foreign laws and regulations; (iv) the impact of continuing
global economic and geopolitical volatility on our business, as
well as on our customers, prospects, partners, and service
providers; (v) any loss of key employees or the inability to
attract, train, and retain highly skilled employees; (vi)
competitive factors, including pricing pressures, industry
consolidation, entry of new competitors and new applications,
advancements in technology, and marketing initiatives by our
competitors; (vii) our reliance on our network of partners to drive
additional growth of our revenues; (viii) the regulatory, economic,
and political risks associated with our domestic and international
operations; (ix) adoption of our applications and services by
customers and individuals, including any new features,
enhancements, and modifications, as well as our customers' and
users' satisfaction with the deployment, training, and support
services they receive; (x) the regulatory risks related to new and
evolving technologies such as AI and our ability to realize a
return on our development efforts; (xi) our ability to realize the
expected business or financial benefits of any acquisitions of or
investments in companies; (xii) delays or reductions in information
technology spending; and (xiii) changes in sales, which may not be
immediately reflected in our results due to our subscription model.
Further information on these and additional risks that could affect
Workday's results is included in our filings with the Securities
and Exchange Commission ("SEC"), including our most recent report
on Form 10-Q or Form 10-K and other reports that we have filed and
will 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, except
as required by law.
Any unreleased services, features, or functions referenced in
this document, our website, or other press releases or public
statements that are not currently available are subject to change
at Workday's discretion and may not be delivered as planned or at
all. Customers who purchase Workday services should make their
purchase decisions based upon services, features, and functions
that are currently available.
Workday,
Inc.
Condensed
Consolidated Balance Sheets
(in
millions)
(unaudited)
|
|
|
April 30,
2024
|
|
January 31,
2024
|
Assets
|
|
|
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
$
1,752
|
|
$
2,012
|
Marketable
securities
|
5,430
|
|
5,801
|
Trade and other
receivables, net
|
1,133
|
|
1,639
|
Deferred
costs
|
232
|
|
232
|
Prepaid expenses and
other current assets
|
327
|
|
255
|
Total current
assets
|
8,874
|
|
9,939
|
Property and equipment,
net
|
1,238
|
|
1,234
|
Operating lease
right-of-use assets
|
323
|
|
289
|
Deferred costs,
noncurrent
|
489
|
|
509
|
Acquisition-related
intangible assets, net
|
351
|
|
233
|
Deferred tax
assets
|
1,056
|
|
1,065
|
Goodwill
|
3,257
|
|
2,846
|
Other assets
|
353
|
|
337
|
Total
assets
|
$
15,941
|
|
$
16,452
|
Liabilities and
stockholders' equity
|
|
|
|
Current
liabilities:
|
|
|
|
Accounts
payable
|
$
76
|
|
$
78
|
Accrued expenses and
other current liabilities
|
254
|
|
287
|
Accrued
compensation
|
451
|
|
544
|
Unearned
revenue
|
3,552
|
|
4,057
|
Operating lease
liabilities
|
95
|
|
89
|
Total current
liabilities
|
4,428
|
|
5,055
|
Debt,
noncurrent
|
2,981
|
|
2,980
|
Unearned revenue,
noncurrent
|
61
|
|
70
|
Operating lease
liabilities, noncurrent
|
268
|
|
227
|
Other
liabilities
|
40
|
|
38
|
Total
liabilities
|
7,778
|
|
8,370
|
Stockholders'
equity:
|
|
|
|
Common
stock
|
0
|
|
0
|
Additional paid-in
capital
|
10,512
|
|
10,400
|
Treasury
stock
|
(742)
|
|
(608)
|
Accumulated other
comprehensive income (loss)
|
17
|
|
21
|
Accumulated
deficit
|
(1,624)
|
|
(1,731)
|
Total stockholders'
equity
|
8,163
|
|
8,082
|
Total liabilities
and stockholders' equity
|
$
15,941
|
|
$
16,452
|
Workday,
Inc.
Condensed
Consolidated Statements of Operations
(in millions, except
number of shares which are reflected in thousands and per share
data)
(unaudited)
|
|
|
Three Months Ended
April 30,
|
|
2024
|
|
2023
|
Revenues:
|
|
|
|
Subscription
services
|
$
1,815
|
|
$
1,528
|
Professional
services
|
175
|
|
156
|
Total
revenues
|
1,990
|
|
1,684
|
Costs and expenses
(1):
|
|
|
|
Costs of subscription
services
|
290
|
|
239
|
Costs of professional
services
|
199
|
|
178
|
Product
development
|
656
|
|
600
|
Sales and
marketing
|
573
|
|
519
|
General and
administrative
|
208
|
|
168
|
Total costs and
expenses
|
1,926
|
|
1,704
|
Operating income
(loss)
|
64
|
|
(20)
|
Other income (expense),
net
|
59
|
|
27
|
Income (loss) before
provision for (benefit from) income taxes
|
123
|
|
7
|
Provision for (benefit
from) income taxes
|
16
|
|
7
|
Net income
(loss)
|
$
107
|
|
$
0
|
Net income (loss) per
share, basic
|
$
0.40
|
|
$
0.00
|
Net income (loss) per
share, diluted
|
$
0.40
|
|
$
0.00
|
Weighted-average shares
used to compute net income (loss) per share, basic
|
264,444
|
|
258,820
|
Weighted-average shares
used to compute net income (loss) per share, diluted
|
270,298
|
|
261,371
|
|
(1) Costs and expenses
include share-based compensation expenses as follows:
|
|
Three Months Ended
April 30,
|
|
2024
|
|
2023
|
Costs of subscription
services
|
$
38
|
|
$
29
|
Costs of professional
services
|
31
|
|
30
|
Product
development
|
173
|
|
170
|
Sales and
marketing
|
72
|
|
80
|
General and
administrative
|
71
|
|
60
|
Total share-based
compensation expenses
|
$
385
|
|
$
369
|
Workday,
Inc.
Condensed
Consolidated Statements of Cash Flows
(in
millions)
(unaudited)
|
|
|
Three Months Ended
April 30,
|
|
2024
|
|
2023
|
Cash flows from
operating activities:
|
|
|
|
Net income
(loss)
|
$
107
|
|
$
0
|
Adjustments to
reconcile net income (loss) to net cash provided by (used in)
operating activities:
|
|
|
|
Depreciation and
amortization
|
75
|
|
70
|
Share-based
compensation expenses
|
385
|
|
369
|
Amortization of
deferred costs
|
59
|
|
49
|
Non-cash lease
expense
|
25
|
|
24
|
(Gains) losses on
investments
|
7
|
|
8
|
Accretion of discounts
on marketable debt securities, net
|
(33)
|
|
(34)
|
Deferred income
taxes
|
6
|
|
2
|
Other
|
1
|
|
(5)
|
Changes in operating
assets and liabilities, net of business combinations:
|
|
|
|
Trade and other
receivables, net
|
509
|
|
473
|
Deferred
costs
|
(40)
|
|
(35)
|
Prepaid expenses and
other assets
|
(21)
|
|
(19)
|
Accounts
payable
|
10
|
|
(58)
|
Accrued expenses and
other liabilities
|
(193)
|
|
(223)
|
Unearned
revenue
|
(525)
|
|
(344)
|
Net cash provided by
(used in) operating activities
|
372
|
|
277
|
Cash flows from
investing activities:
|
|
|
|
Purchases of marketable
securities
|
(778)
|
|
(1,888)
|
Maturities of
marketable securities
|
1,096
|
|
1,232
|
Sales of marketable
securities
|
17
|
|
22
|
Capital
expenditures
|
(81)
|
|
(59)
|
Business combinations,
net of cash acquired
|
(512)
|
|
0
|
Purchase of other
intangible assets
|
0
|
|
(9)
|
Purchases of
non-marketable equity and other investments
|
0
|
|
(11)
|
Net cash provided by
(used in) investing activities
|
(258)
|
|
(713)
|
Cash flows from
financing activities:
|
|
|
|
Repurchases of common
stock
|
(128)
|
|
0
|
Proceeds from issuance
of common stock from employee equity plans
|
0
|
|
1
|
Taxes paid related to
net share settlement of equity awards
|
(239)
|
|
(3)
|
Net cash provided by
(used in) financing activities
|
(367)
|
|
(2)
|
Effect of exchange rate
changes
|
0
|
|
(1)
|
Net increase
(decrease) in cash, cash equivalents, and restricted
cash
|
(253)
|
|
(439)
|
Cash, cash
equivalents, and restricted cash at the beginning of
period
|
2,024
|
|
1,895
|
Cash, cash
equivalents, and restricted cash at the end of
period
|
$
1,771
|
|
$
1,456
|
Workday, Inc.
Reconciliations of
GAAP to Non-GAAP Data
Reconciliations of our GAAP to non-GAAP operating results are
included in the following table (in millions, except percentages
and per share data). See the section titled "About Non-GAAP
Financial Measures" below for further details.
|
Three Months Ended
April 30,
|
|
2024
|
|
2023
|
Non-GAAP operating
income (loss)
|
|
|
|
Operating income
(loss)
|
$
64
|
|
$
(20)
|
Share-based
compensation expenses
|
385
|
|
369
|
Employer payroll
tax-related items on employee stock transactions
|
38
|
|
26
|
Amortization of
acquisition-related intangible assets
|
17
|
|
21
|
Acquisition-related
costs
|
3
|
|
0
|
Realignment
costs
|
8
|
|
0
|
Non-GAAP operating
income (loss)
|
$
515
|
|
$
396
|
|
|
|
|
Non-GAAP operating
margin(1)
|
|
|
|
Operating
margin
|
3.2 %
|
|
(1.2) %
|
Share-based
compensation expenses
|
19.3 %
|
|
21.9 %
|
Employer payroll
tax-related items on employee stock transactions
|
1.9 %
|
|
1.5 %
|
Amortization of
acquisition-related intangible assets
|
0.9 %
|
|
1.3 %
|
Acquisition-related
costs
|
0.2 %
|
|
0.0 %
|
Realignment
costs
|
0.4 %
|
|
0.0 %
|
Non-GAAP operating
margin
|
25.9 %
|
|
23.5 %
|
|
|
|
|
Non-GAAP diluted net
income (loss) per share(1)(2)
|
|
|
|
Diluted net income
(loss) per share
|
$
0.40
|
|
$
0.00
|
Share-based
compensation expenses
|
1.42
|
|
1.41
|
Employer payroll
tax-related items on employee stock transactions
|
0.14
|
|
0.10
|
Amortization of
acquisition-related intangible assets
|
0.06
|
|
0.08
|
Acquisition-related
costs
|
0.01
|
|
0.00
|
Realignment
costs
|
0.03
|
|
0.00
|
Losses (gains) on
strategic investments, net
|
0.03
|
|
0.03
|
Income tax
effects
|
(0.35)
|
|
(0.29)
|
Non-GAAP diluted net
income (loss) per share
|
$
1.74
|
|
$
1.33
|
|
|
(1)
|
Operating margin and
diluted net income (loss) per share are calculated using unrounded
data.
|
(2)
|
For the three months
ended April 30, 2024, GAAP and non-GAAP diluted net income per
share were
calculated based upon 270,298 diluted weighted-average shares of
common stock. For the three
months ended April 30, 2023, GAAP and non-GAAP diluted net income
per share were calculated
based upon 261,371 diluted weighted-average shares of common
stock.
|
Reconciliation of our GAAP cash flows from operating activities
to non-GAAP free cash flow is as follows (in millions). See the
section titled "About Non-GAAP Financial Measures" below for
further details.
|
Three Months Ended
April 30,
|
|
2024
|
|
2023
|
Net cash provided by
(used in) operating activities
|
$
372
|
|
$
277
|
Less: Capital
expenditures
|
(81)
|
|
(59)
|
Free cash
flows
|
$
291
|
|
$
218
|
About Non-GAAP Financial Measures
Change in Non-GAAP Financial Measures
Effective beginning fiscal 2025, Workday will exclude certain
acquisition-related costs, realignment costs, and gains and losses
on strategic investments from its non-GAAP results as these items
may vary from period to period independent of the operating
performance of Workday's business. Prior period amounts have been
recast for gains and losses on strategic investments to conform to
this presentation. There was no impact to prior period amounts
presented in this release for acquisition-related costs or
realignment costs since no qualifying costs were incurred in the
first quarter of fiscal 2024.
Non-GAAP Financial Measures
To provide investors and others with additional information
regarding Workday's results, we have disclosed the following
non-GAAP financial measures: non-GAAP operating income (loss),
non-GAAP operating margin, non-GAAP diluted net income (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.
Non-GAAP operating income (loss) and non-GAAP operating margin
differ from GAAP in that they exclude share-based compensation
expenses, employer payroll tax-related items on employee
stock transactions, amortization expense for acquisition-related
intangible assets, acquisition-related costs, and realignment
costs. Non-GAAP diluted net income (loss) per share
differs from GAAP in that it excludes share-based compensation
expenses, employer payroll tax-related items on employee
stock transactions, amortization expense for acquisition-related
intangible assets, acquisition-related costs, realignment costs,
gains and losses on strategic investments, and income tax effects.
Free cash flows differ from GAAP cash flows from operating
activities in that it treats capital expenditures 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. Management believes these non-GAAP financial measures
reflect Workday's ongoing business in a manner that allows for
meaningful period-to-period comparisons and analysis of trends in
Workday's business. Management also believes that these non-GAAP
financial measures provide useful information to investors and
others in understanding and evaluating Workday's operating results
and prospects in the same manner as management and in comparing
financial results across accounting periods and to those of peer
companies.
Management believes excluding the following items from the GAAP
Condensed Consolidated Statements of Operations is useful to
investors and others in assessing Workday's operating performance
due to the following factors:
- Share-based compensation expenses. Share-based
compensation primarily consists of non-cash expenses for employee
restricted stock units and our employee stock purchase plan, and
includes share-based compensation associated with acquisitions.
Although share-based compensation is an important aspect of the
compensation of our employees and executives, this expense is
determined using a number of factors, including our stock price,
volatility, and forfeiture rates, that are beyond our control and
generally unrelated to operational decisions and performance in any
particular period. Further, share-based compensation expenses are
not reflective of the value ultimately received by the grant
recipients.
- Employer payroll tax-related items on employee stock
transactions. We exclude the employer payroll tax-related items
on employee stock transactions in order to show the full effect
that excluding share-based compensation expenses has on our
operating results. Similar to share-based compensation expenses,
this tax expense is dependent on our stock price and other factors
that are beyond our control and do not correlate to the operation
of our business.
- Amortization of acquisition-related intangible assets.
For business combinations, we generally allocate a portion of the
purchase price to intangible assets. The amount of the allocation
is based on estimates and assumptions made by management and is
subject to amortization. The amount of purchase price allocated to
intangible assets and the term of the related amortization can vary
significantly and are unique to each acquisition and thus we do not
believe this activity is reflective of our ongoing operations.
Although we exclude the amortization of acquisition-related
intangible assets from these non-GAAP financial measures, we
believe that it is important for investors to understand that such
intangible assets were recorded as part of purchase accounting and
contribute to revenue generation.
- Acquisition-related costs. Acquisition-related costs
include direct transaction costs, such as due diligence and
advisory fees, and certain compensation and integration-related
expenses. We exclude the effects of acquisition-related costs as we
believe these transaction-specific expenses are inconsistent in
amount and frequency and do not correlate to the operation of our
business.
- Realignment costs. Realignment costs are associated with
a formal restructuring plan and are primarily related to employee
severance, the closure of facilities, and cancellation of certain
contracts. We exclude these expenses because they are not
reflective of ongoing business and operating results.
- Gains and losses on strategic investments. Our strategic
investments include investments in early stage companies that are
valuable to Workday customers and complementary to Workday
products. Gains and losses on strategic investments may result from
observable price adjustments and impairment charges on
non-marketable equity securities, ongoing mark-to-market
adjustments on marketable equity securities, and the sale of equity
investments. We do not rely on these securities to fund our ongoing
operations nor do we actively trade publicly held securities, and
therefore we do not consider the gains and losses on these
strategic investments to be reflective of our ongoing
operations.
- Income tax effects. We utilize a fixed long-term
projected tax rate in our computation of the non-GAAP income tax
provision to provide better consistency across the reporting
periods. In projecting this long-term non-GAAP tax rate, we utilize
a three-year financial projection that excludes the direct impact
of the items excluded from GAAP income in calculating our non-GAAP
income. The projected rate considers other factors such as our
current operating structure, existing tax positions in various
jurisdictions, and key legislation in major jurisdictions where we
operate. For fiscal 2025 and 2024, we determined the projected
non-GAAP tax rate to be 19%, which reflects currently available
information, as well as other factors and assumptions. We will
periodically re-evaluate this tax rate, as necessary, for
significant events, relevant tax law changes, material changes in
the forecasted geographic earnings mix, and any significant
acquisitions.
Additionally, with regards to free cash flows, Workday's
management believes that reducing cash provided by (used in)
operating activities by capital expenditures is meaningful to
investors and others because it provides an enhanced view of cash
flow generation from the ongoing operations of our business, and it
balances operating results, cash management, and capital
efficiency.
The use of these non-GAAP measures have certain limitations as
they do not reflect all items of expense or cash 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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SOURCE Workday Inc.