PLEASANTON, CA -- (Marketwired) -- 08/27/13 -- Workday, Inc. (NYSE: WDAY), a leader in enterprise cloud applications for human resources and finance, today announced financial results for the fiscal second quarter ended July 31, 2013.
•Total revenues for the second quarter were $107.6 million, an increase of 72% from the second quarter of fiscal 2013. Subscription revenues were $81.1 million, an increase of 92% from same period last year.
•Operating loss for the second quarter was $32.3 million, compared to an operating loss of $26.4 million in the same period last year. Non-GAAP operating loss for the second quarter was $21.7 million, compared to a non-GAAP operating loss of $24.1 million last year.(1)
•Net loss per basic and diluted share for the second quarter was $0.21, compared to a net loss per basic and diluted share of $0.78 in the second quarter of fiscal 2013. The second quarter non-GAAP net loss per basic and diluted share was $0.13, compared to a non-GAAP net loss per basic and diluted share of $0.71 during the same period last year.(1)
•Operating cash flows were a negative $12.9 million in the second quarter. Free cash flows were a negative $42.6 million in the second quarter.(2)
•Cash, cash equivalents and marketable securities were approximately $1.3 billion as of July 31, 2013 and include net proceeds from convertible notes issued in the second quarter. Unearned revenue was $325.6 million, a 32% increase from last year.
"Workday continues to be well positioned for strong growth as a leader in cloud applications for human capital management and financial management," said Aneel Bhusri, chairman, co-founder, and co-CEO, Workday. "We continue to execute well as we expand our global operations and new product initiatives. Workday's pace of innovation and very high levels of customer and employee satisfaction are important contributors to our growth."
"We are very pleased with our results for the second quarter of fiscal 2014," said Mark Peek, chief financial officer, Workday. "We generated record quarterly revenues and billings, made solid progress toward profitability, and strengthened our balance sheet raising $533 million net proceeds from our two convertible notes offerings. Looking ahead, we anticipate a strong second half of fiscal 2014 with third quarter revenues expected to be in the range of $115 to $118 million, or growth of 58% to 62% as compared to the prior year. Total revenues for the year are anticipated to be in the range of $436 to $446 million, or growth of 59% to 63%."
•Workday raised $533 million from the issuance of two series of convertible notes due in 2018 and 2020, respectively, net of offering expenses and the costs of related warrant and hedge transactions.
•Workday announced plans to deliver Workday Payroll for UK and Workday Payroll for France, designed to address the full spectrum of payroll needs. The applications are expected to be generally available in 2015 and 2016, respectively.
•In an independent survey, Workday employees voted the company the #1 Top Workplace in the large company category on the Bay Area News Group's Top Workplaces list. This is the second consecutive year Workday has received the top recognition on the list.
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