Workday (WDAY) expects FQ2 revenue of $173M-$178M and FY15 (ends Jan. '15) revenue of $730M-$750M. The former is above a $171.5M consensus, and the latter is both up from a prior $710M-$740M and favorable at the midpoint to a $735.4M consensus.
FY15 billings guidance has been hiked by $40M to $890M-$910M. Thanks to "several new large customers," FQ1 billings totaled $208M (+94% Y/Y), above revenue of $159.7M and blowing past guidance of $165M. FQ2 billings are expected to be down Q/Q.
Thanks to the billings print, Workday's unearned revenue balance rose 12% Q/Q and 54% Y/Y in FQ1 to $461.9M.
Free cash flow was $11.5M.GAAP costs/expenses rose 70% Y/Y to $211.8M, with sales/marketing spend rising 77% to $68.2M and R&D spend 80% to $65.2M.