Fiscal Year 2014 Total Revenue of $468.9 Million, Up 71% Year Over Year; Q4 Total Revenue of
$141.9 Million, Up 74% Year Over Year
Fiscal Year 2014 Subscription Revenue of $354.2 Million, Up 86% Year Over Year; Q4 Subscription Revenue of
$110.7 Million, Up 86% Year Over Year
Generates Positive Operating Cash Flows for the Year
PLEASANTON, CALIF. — Feb. 26, 2014 — Workday, Inc. (NYSE: WDAY), a leader in enterprise cloud applications for
human resources and finance, today announced financial results for the fourth quarter and full fiscal year ended January 31, 2014.
Fiscal Fourth Quarter Results:
Total revenues were $141.9 million, an increase of 74% from the fourth quarter of fiscal 2013. Subscription revenues
were $110.7 million, an increase of 86% from same period last year.
Operating loss was $48.0 million, or negative 33.8% of revenues, compared to an operating loss of $30.7 million, or
negative 37.6% of revenues, in the same period last year. Non-GAAP operating loss for the fourth quarter was $21.0
million, or negative 14.8% of revenues, compared to a non-GAAP operating loss of $25.2 million last year, or negative 30.9% of revenues.
Net loss per basic and diluted share was $0.32, compared to a net loss per basic and diluted share of $0.19 in the fourth
quarter of fiscal 2013. The non-GAAP net loss per basic and diluted share was $0.13, compared to a non-GAAP net
loss per basic and diluted share of $0.16 during the same period last year.1
Operating cash flows were $34.8 million and free cash flows were $7.5 million.
Fiscal Year 2014 Results:
Total revenues were $468.9 million, an increase of 71% from fiscal 2013. Subscription revenues were $354.2 million, an
increase of 86% from same period last year.
Operating loss was $153.3 million, or negative 32.7% of total revenues, compared to an operating loss of $117.9 million, or negative 43.1% of total revenues, last year. Non-GAAP operating loss was $87.0 million, or negative 18.6% of total revenues, compared to a non-GAAP operating loss of $91.3 million, or negative 33.4% of total revenues, last year.
Net loss per basic and diluted share was $1.01, compared to a net loss per basic and diluted share of $1.62 in fiscal
2013. The non-GAAP net loss per basic and diluted share was $0.54, compared to a non-GAAP net loss per basic and
diluted share of $1.26 last year.1
Operating cash flows were $46.3 million and free cash flows were a negative $29.6 million.2
Cash, cash equivalents and marketable securities were approximately $1.9 billion as of January 31, 2014. Unearned revenue was $413.6 million, a 45% increase from last year.
“Fiscal 2014 marked a significant year of growth with more than 200 new customers and 800 new employees joining Workday,” said Aneel Bhusri, chairman, co-founder, and co-CEO, Workday. “During the year, we also accelerated adoption of our financials product, increased market presence in the education and government industries, and expanded our applications with the delivery of Workday Big Data Analytics. Moving forward, we are focused on continued growth across all areas of the business and remain committed to delivering the industry’s highest levels of customer satisfaction and product innovation.
“Workday finished an outstanding fiscal 2014 with a very strong fourth quarter,” said Mark Peek, chief financial officer, Workday. “Total revenues for the year increased 71% to $469 million and we generated positive operating cash flows. Looking ahead to our fiscal 2015, first quarter revenues are expected to be in the range of $148 to $153 million, or growth of 61% to 67% compared to the prior year period. Total revenues for the year are anticipated to be in the range of $710 and $740 million, or growth of 51% to 58%.”
Workday unveiled a new browser experience, designed in partnership with customers, that combines a redesigned
visual interface built on HTML5, along with dozens of rich, intuitive features to enhance usability.
The company announced its latest update, Workday 21, which is the first update to be released leveraging Workday’s
shift to a single code line for both development and production environments – a transition that simultaneously
increases the frequency of innovation delivered to customers, while minimizing disruption.
Workday raised net proceeds of approximately $592 million from a follow-on public offering of 6,900,000 shares of its Class A common stock.
In February, Workday acquired Identified, Inc., a San Francisco-based company, whose product development team is
expected to enhance search capabilities and accelerate the delivery of predictive analytics and machine learning
throughout Workday’s suite of applications.
Workday plans to host a conference call today to review its fourth quarter and full year fiscal 2014 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.