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Workday (WDAY)

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  • Aug. 27, 2013, 12:10 AM
  • Aug. 26, 2013, 5:35 PM
  • Aug. 21, 2013, 7:45 AM
    • The maker of sales-tracking software looking to take on rivals like Salesforce.com (CRM) and Oracle (ORCL) will use the cash for further R&D and to expand its sales efforts. Prior to Goldman's (GS) investment, the company had raised $79M. CEO Larry Augustin hasn't commented on valuation beyond saying it's "up and to the right" since the last financing round.
    • Augustin said late last year the company is nearing profitability and could go public as soon 2013 (joining other recent IPOs WDAY and NOW).
    • Goldman VP Antoine Munfa will join SugarCRM's board.
    | 2 Comments
  • Aug. 17, 2013, 5:41 PM
    • In a June Information Week survey covering enterprise app use (excludes software such as Windows, Office, and databases), 24% of respondents named Microsoft (MSFT) their "most strategic " app supplier, up from 19% in April '12.
    • Though its Windows sales have fallen, Microsoft has been seeing solid billings growth for enterprise app offerings such as Dynamics, Exchange, Lync, and SharePoint.
    • Salesforce (CRM) rose to 10% from 6%. The company posted 25% Y/Y billings growth in FQ1, and is reporting FQ2 results on Aug. 29.
    • On the other hand, Oracle (ORCL), which is coming off two quarters of license revenue misses and is reportedly dealing with salesforce turmoil, fell to 23% from 30%. Archrival SAP fell slightly to 15% from 16%.
    • The cloud migration continues: 46% of respondents said their companies are using cloud/SaaS apps, up from a prior 38%. Not surprisingly, companies are more comfortable moving CRM and HR apps to the cloud (Salesforce and WDAY have led the way) than moving ERP apps (SAP's stronghold in the on-premise world).
    • Also, 60% said their firms are using or considering a cloud app platform such as Salesforce's Heroku and Force.com vs. a prior 52%, and 48% said the same for cloud infrastructure platforms such as AWS (AMZN) vs. a prior 41%. Windows Azure competes in both realms.
    • Interestingly, in spite of the rapid growth SAP has seen for Hana, only 13% of respondents said their firms are using an in-memory database. Another 37% are considering, and 50% are unlikely to consider it.
    | 3 Comments
  • Jul. 12, 2013, 11:26 AM
    Workday (WDAY +4.5%) rallies after Oppenheimer (Outperform) says a talk with management leaves it confident about its positioning and growth potential. Shares are close to their post-IPO high of $69.75 (reached on May 14). (European customer wins)
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  • Jul. 11, 2013, 1:38 PM
    Workday (WDAY -0.2%) tries to highlight its European growth by announcing five new European customers, including Spotify, auction house Christie's, and social gaming giant King. Workday, which recently declared Europe its fastest-growing market, says it now has 6 offices on the continent. The company announced during its FQ1 call it added Phillips as a European customer.
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  • Jun. 26, 2013, 5:30 PM
    Oracle (ORCL) rounds out this week's cloud dealmaking by announcing partnerships with NetSuite (N - Larry Ellison owns a large stake) and Deloitte. Oracle and NetSuite will deliver cloud offerings for mid-sized businesses that feature the former's HR software and the latter's ERP software (more competition for WDAY), and Deloitte will offer related consulting services. Meanwhile, Oracle has quietly made its cloud-friendly 12c database available for download. InfoWorld praises 12c, which faces competition from Microsoft's SQL Server and a slew of open-source rivals (inc. Oracle-distributed MySQL), for bringing "a new level of efficiency and ease to database consolidation," among other things. (PR) (Microsoft) (Salesforce)
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  • Jun. 26, 2013, 11:26 AM
    Workday (WDAY +3.9%) rallies after William Blair starts coverage with an Outperform. The launch comes a day after partner Salesforce announced a partnership with rival Oracle, and Pac Crest struck an upbeat tone about Workday's new cloud recruiting product. The firm says checks indicate recruiting rivals Taleo and SuccessFactors are "far less competitive" following their respective acquisitions by Oracle (ORCL) and SAP, thanks in part major personnel defections (this is an issue bigger software firms often face when acquiring startups), and that Workday's "unique use of object-oriented technology and its proprietary in-memory data model" aid its efforts to enter the HR/finance analytics space.
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  • Jun. 25, 2013, 6:25 PM
    "Oracle (ORCL) looks like it got the best of the Salesforce (CRM) partnership," says ZDNet's Larry Dignan after reviewing the details. Not only is Salesforce set to buy plenty of Oracle hardware/software over 9 years, it won't be easy for it to dismiss Oracle's cloud apps when it's using them, and (given integration plans for Oracle's cloud HR/ERP apps) the deal will alienate Salesforce partner Workday (WDAY). Cowen offers similar views, but also sees the deal "as an admission on Oracle's part that its salesforce cloud offering can't compete." BI's Julie Bort, noting Salesforce just hired former Oracle exec Keith Block to be its sales chief, suspects Salesforce got a good deal from Oracle, which was likely hungry for a big hardware reference win.
    | 5 Comments
  • Jun. 21, 2013, 4:03 PM
    Salesforce's (CRM +4.2%) partnership with Oracle (ORCL -9.2%) will include a deal to allow the companies' apps to "easily share data," the NYT reports. Though the deal may have been sparked by frustrated customers demanding interoperability between Salesforce's CRM cloud apps (esp. Sales Cloud) and Oracle's CRM, ERP, and HR apps, it nonetheless represents a thawing of occasionally frosty ties between the rivals. No word on whether Oracle will reach a similar deal with cloud ERP/HR software rival Workday (WDAY +0.7%), whom Larry Ellison took multiple shots at during the FQ4 call.
    | 1 Comment
  • Jun. 20, 2013, 5:37 PM
    Oracle (ORCL) guides on its FQ4 call for FQ1 revenue growth of 2%-5% and constant currency EPS of $0.56-$0.59; that compares with a consensus of 4.5% rev. growth and non-constant-currency EPS of $0.58. Software license/cloud subscription rev. growth is forecast at -1% to +7%, and hardware product growth at -6% to +2%; the latter is much better than FQ4's -13%, but aided by easier comps. Engineered systems now make up over 1/3 of hardware sales. Mark Hurd names dozens of major cloud customer wins, and claims Oracle's cloud HR business is bigger than Workday's (WDAY). But what does that say about traditional software sales, in light of the total license numbers? ORCL -8% AH. SAP -1%.
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  • Jun. 12, 2013, 11:24 AM
    Cornerstone OnDemand (CSOD +1.8%) ticks higher after pricing its $220M offering of convertible senior notes due 2018. The cloud HR software firm is offering a yield of 1.5%, and an initial conversion price of $54.04 (33% above current levels). Workday (WDAY), meanwhile, is nearly unchanged after pricing its dual $220M debt offerings: the company is respectively offering yields of 0.75% and 1.5% for is 2018 and 2020 notes, and has set conversion prices of $83.28 and $81.74 (34% and 32% above current levels). Shares of both companies fell yesterday in response to news of their offerings.
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  • Jun. 10, 2013, 4:56 PM
    Workday (WDAY) is offering $440M worth of convertible senior debt - half of it will be due in 2018, and the other half in 2020. Meanwhile, cloud HR software peer Cornerstone OnDemand (CSOD) is also selling $220M worth of convertible senior notes due 2018 (but nothing for 2020). Both companies say they'll use the proceeds for "general corporate purposes" - is one or both about to join Salesforce in going M&A hunting?
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  • Jun. 5, 2013, 3:55 PM
    Workday (WDAY +2.7%) is closing with a solid gain after FBR's David Hilal launches coverage with a Market Perform and $64 PT. Though Hilal isn't a fan of Workday's "premium valuation," many others on the Street have aired similar concerns. Thus, investors are focusing on Hilal's expectations for strong growth thanks to still-rising penetration for Workday's core cloud HR software, the cross-selling of financial and other software, product line expansion, international expansion, and a growing distributor base.
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  • May. 27, 2013, 8:30 AM
    The NYT profiles cloud software companies NetSuite (N) and Workday (WDAY) as they take on corporate software giants Oracle and SAP. While NetSuite's roots come from Oracle - Larry Ellison was a backer - Workday has much motivation to outgun its larger rival. Workday founders David Duffield and Aneel Bhusri still feel the hurt of Oracle's hostile takeover of PeopleSoft, which was formed and led by Duffield.
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  • May. 22, 2013, 4:34 PM
    More on Workday (WDAY) 2014 FQ1 earnings: Full year revenue guidance of $425M-$440M upped from previous $420M-$435M. Subscription revenue of $68.4M, up 85% from a year ago. Unearned revenue balance of $224M, up 12.5% Q/Q. Operating expenses up 62% Y/Y - Sales and Marketing +54%, R&D +75%. CC at 5 ET. Shares reverse a quick early tumble, now +1.4% AH. (PR)
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Company Description
Workday Inc is a provider of enterprise cloud-based applications for human capital management, payroll, financial management, time tracking, procurement and employee expense management.
Sector: Technology
Country: United States