Seeking Alpha

Workday -2% AH in spite of strong guidance, unearned revenue growth

  • Workday (WDAY) expects FQ1 revenue of $148M-$153M, mostly above a $148.2M consensus, and FY15 (ends Jan. '15) revenue of $710M-$740M, above a $705.9M consensus. A lot of good news has been priced in.
  • FQ4 results beat estimates on the back of an 86% Y/Y increase in subscription revenue (78% of total revenue) to $110.7M; subscription growth accelerated from FQ3's 82% clip. Professional services revenue +42% to $32.2M after growing 61% in FQ3.
  • Workday's unearned revenue balance rose 18% Q/Q and 45% Y/Y to $413.6M.
  • Total costs/expenses +69% Y/Y to $189.8M, with major increases in sales/marketing and R&D spend. Op. cash flow was $46.3M, and free cash flow -$29.6M.
  • FQ4 results, PR

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