Workday, Inc. Files Q1 FY25 10-Q

Ticker: WDAY · Form: 10-Q · Filed: 2024-05-29T00:00:00.000Z

Sentiment: neutral

Topics: 10-Q, quarterly-filing, financials

TL;DR

Workday's Q1 FY25 10-Q is in. Check financials.

AI Summary

Workday, Inc. filed its 10-Q for the period ending April 30, 2024. The filing details financial performance for the first quarter of fiscal year 2025. Key financial data and operational updates are provided, reflecting the company's ongoing business activities and strategic direction.

Why It Matters

This filing provides investors with the latest financial performance data for Workday, Inc., crucial for understanding the company's current health and future prospects in the enterprise software market.

Risk Assessment

Risk Level: low — This is a routine quarterly filing providing standard financial disclosures.

Key Numbers

Key Players & Entities

FAQ

What is the primary business of Workday, Inc. as indicated in the filing?

Workday, Inc. is primarily involved in Services - Computer Processing & Data Preparation, as indicated by its SIC code [7374].

For which fiscal period is this 10-Q report filed?

This 10-Q report is filed for the period ending April 30, 2024.

What is Workday, Inc.'s fiscal year end?

Workday, Inc.'s fiscal year ends on January 31st.

What is the SEC file number for Workday, Inc.?

The SEC file number for Workday, Inc. is 001-35680.

What are the main segments of Workday's business mentioned in the filing?

The filing mentions Subscription Services and Professional Services as key segments.

Filing Stats: 4,712 words · 19 min read · ~16 pages · Grade level 17.1 · Accepted 2024-05-29 16:09:32

Key Financial Figures

Filing Documents

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements (unaudited)

Item 1. Financial Statements (unaudited): Condensed Consolidated Balance Sheets as of April 3 0 , 202 4 , and January 31, 202 4 3 Condensed Consolidated Statements of Operations for the Three Months Ended April 3 0 , 202 4 , and 20 23 4 Condensed Consolidated Statements of Comprehensive Income (Loss) for the Three Months Ended April 30, 2024, and 2023 5 Condensed Consolidated Statements of Stockholders' Equity for the Three Months Ended April 30, 2024, and 2023 6 Condensed Consolidated Statements of Cash Flows for the Three Months Ended April 30, 2024, and 2023 7 Notes to Condensed Consolidated Financial Statements 9

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 26

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 37

Controls and Procedures

Item 4. Controls and Procedures 37

OTHER INFORMATION

PART II. OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 39

Risk Factors

Item 1A. Risk Factors 40

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 61

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 61

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 61

Other Information

Item 5. Other Information 61

Exhibits

Item 6. Exhibits 62

Signatures

Signatures 63 2 Table of Contents

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS 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 See Notes to Condensed Consolidated Financial Statements 3 Table of Contents 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 ma

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