Workday Announces First Quarter Financial Results

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Fiscal First Quarter Total Revenues of $1.43 Billion, Up 22.1% Year Over Year

Subscription Revenues of $1.27 Billion, Up 23.2% Year Over Year

24-Month Subscription Revenue Backlog of $7.97 Billion, Up 20.9% Year Over Year

Total Subscription Revenue Backlog of $12.65 Billion, Up 25.5% Year Over Year

PLEASANTON, Calif. — Workday, Inc. (NASDAQ: WDAY), a leader in enterprise cloud applications for finance and human resources, today announced results for the fiscal 2023 first quarter ended April 30, 2022.

Fiscal 2023 First Quarter Results

  • Total revenues were $1.43 billion, an increase of 22.1% from the first quarter of fiscal 2022. Subscription revenues were $1.27 billion, an increase of 23.2% from the same period last year.
  • Operating loss was $72.8 million, or negative 5.1% of revenues, compared to an operating loss of $38.3 million, or negative 3.3% of revenues, in the same period last year. Non-GAAP operating income for the first quarter was $288.6 million, or 20.1% of revenues, compared to a non-GAAP operating income of $288.5 million, or 24.6% of revenues, in the same period last year.1
  • Basic and diluted net loss per share was $0.41, compared to basic and diluted net loss per share of $0.19 in the first quarter of fiscal 2022. Non-GAAP basic and diluted net income per share was $0.86 and $0.83, respectively, compared to non-GAAP basic and diluted net income per share of $0.93 and $0.87, respectively, in the same period last year.2
  • Operating cash flows were $439.7 million compared to $452.4 million in the prior year.
  • Cash, cash equivalents, and marketable securities were $6.26 billion as of April 30, 2022.

Comments on the News

“Workday had a strong first quarter, building on the fiscal 2022 acceleration of our business,” said Aneel Bhusri, co-founder, co-CEO, and chairman, Workday. “I’m confident in our opportunity ahead and the enduring growth of Workday. Our focus remains on cultivating our culture, while driving innovation across finance and HR, and expanding the value we bring to some of the world’s largest organizations.”

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“Our continued global momentum and a healthy deal pipeline position us well to deliver a strong fiscal 2023,” said Chano Fernandez, co-CEO, Workday. “As we look ahead, we will continue to remain focused on our people, who are so critical to our success, as well as driving high rates of customer satisfaction through our industry investments, as well as our expanded innovation efforts with our partner ecosystem.”

“We had a solid start to the year, as organizations across the globe continue to choose Workday as their strategic finance and HR partner,” said Barbara Larson, chief financial officer, Workday. “As a result, we are raising our fiscal 2023 subscription revenue to be in the range of $5.537 billion to $5.557 billion, representing year-over-year growth of 22%. We expect second quarter subscription revenue of $1.353 billion to $1.355 billion, representing year-over-year growth of 22%. We are maintaining our fiscal 2023 non-GAAP operating margin guidance of 18.5%, as we invest to capitalize on the long-term opportunity we see ahead.”

Recent Highlights

  • Workday intends to create 1,000 new jobs at its European headquarters in Dublin over the next two years. In addition, the company plans to build new European headquarters at Grangegorman in Dublin. 
  • Workday completed the issuance and sale of $3.0 billion aggregate principal amount of senior notes in an underwritten, registered public offering.
  • Building on its long-standing support of ESG, Workday shared its commitments to ESG as well as announced two new ESG solutions to help customers drive social and sustainability initiatives as they navigate evolving ESG regulations and corporate accountability standards.
  • Workday was named one of the World’s Most Ethical Companies by Ethisphere, which recognizes companies with a commitment to advancing business integrity.
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