Workday, a leader in enterprise cloud applications for finance and human resources, announced strong financial results for the second quarter of fiscal 2024. Total revenues were $1.79 billion, an increase of 16.3% from the same period last year. Subscription revenues were $1.62 billion, an increase of 18.8% from the same period last year.
Operating income was $36.3 million, or 2.0% of revenues, compared to an operating loss of $34.1 million, or negative 2.2% of revenues, in the same period last year. Non-GAAP operating income for the second quarter was $421.4 million, or 23.6% of revenues, compared to a non-GAAP operating income of $301.6 million, or 19.6% of revenues, in the same period last year.
Basic and diluted net income per share was $0.30, compared to basic and diluted net loss per share of $0.25 in the second quarter of fiscal 2023. Non-GAAP basic and diluted net income per share was $1.45 and $1.43, respectively, compared to non-GAAP basic and diluted net income per share of $0.86 and $0.83, respectively, in the same period last year.
Operating cash flows were $425.3 million compared to $114.4 million in the prior year. Cash, cash equivalents, and marketable securities were $6.66 billion as of July 31, 2023.
These results reflect strong demand for Workday’s cloud-based applications, which help businesses to manage their finances and human resources more effectively. Workday is well-positioned to continue its growth in the years to come.
Here are some additional details from the financial news:
- Workday’s customer base grew to over 7,000 customers in the second quarter, with over 50% of new customers coming from outside of the United States.
- Workday’s average revenue per customer increased 17% in the second quarter.
- Workday’s renewal rate for existing customers was 91% in the second quarter.
“Workday delivered another strong quarter, driven by our ongoing focus on employees, customers, and innovation – including our leadership in AI and ML,” said Aneel Bhusri, co-founder, co-CEO, and chair, Workday. “We’re seeing continued momentum with more than 3,000 customers sharing their data with our ML models, more than 50 million ML inferences processed per day, and multiple generative AI capabilities in development including several that we plan to unveil next month at Workday Rising. We believe this momentum will continue to grow as more companies look to Workday as their trusted partner in responsible implementation of AI and ML.”
