PLEASANTON, CA -- (Marketwired) -- 05/22/13 -- In the news release, "Workday Announces Fiscal 2014 First Quarter Financial Results," issued earlier today by Workday, Inc. (NYSE: WDAY), we are advised by the company that the last sentence of the second paragraph after the first set of bullets should read "Total revenues for the year are anticipated to be in the range of $425 and $440 million or growth of 55-61%." rather than "Total revenues for the year are anticipated to be in the range of $425 and $440 million or growth of 75-80%." as originally issued. Complete corrected text follows.
Workday Announces Fiscal 2014 First Quarter Financial Results
Total Revenue of $91.6 Million, Up 61% Year Over Year; Subscription Revenue of $68.4 Million, Up 85% Year Over Year
PLEASANTON, CA -- May 22, 2013 -- Workday, Inc. (NYSE: WDAY), a leader in enterprise cloud applications for human resources and finance, today announced financial results for the fiscal first quarter ended April 30, 2013.
•Total revenues for the first quarter were $91.6 million, an increase of 61% from the first quarter of fiscal 2013. Subscription revenues were $68.4 million, an increase of 85% from same period last year.
•Operating loss for the first quarter was $32.6 million, compared to an operating loss of $20.0 million in the same period last year. Non-GAAP operating loss for the first quarter was $24.5 million, compared to a non-GAAP operating loss of $18.5 million last year.(1)
•Net loss per basic and diluted share for the first quarter was $0.20, compared to a net loss per basic and diluted share of $0.61 in the first quarter of fiscal 2013. The first quarter non-GAAP net loss per basic and diluted share was $0.15, compared to a non-GAAP net loss per basic and diluted share of $0.57 during the same period last year.(1)
•Operating cash flows were $17.3 million in the first quarter. Free cash flows were $15.3 million in the first quarter.(2)
•Cash, cash equivalents and marketable securities were $805.8 million as of April 30, 2013. Unearned revenue was $300.9 million, a 41% increase from last year.
"Our Q1 results demonstrate that our business continues to perform well across all initiatives," said Aneel Bhusri, chairman, co-founder, and co-CEO, Workday. "Development efforts for Workday Big Data Analytics and Workday Recruiting are progressing as planned, and we see increasing customer demand for these new applications as the largest companies around the world continue to move HR and Finance to the cloud."
"We are very pleased with our first quarter results," said Mark Peek, chief financial officer, Workday. "Total revenues for the quarter were a record $92 million, and we generated positive operating and free cash flows. Looking ahead, our second quarter revenues are expected to be in the range of $97 and $101 million or growth of 55-61% as compared to the prior year. Total revenues for the year are anticipated to be in the range of $425 and $440 million or growth of 55-61%."
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