Technology
Workday Announces Fiscal 2024 Fourth Quarter and Full Year Financial Results
Published
3 years agoon
By
Fiscal Fourth Quarter Total Revenues of $1.9 Billion, Up 17% Year Over Year
Subscription Revenues of $1.8 Billion, Up 18% Year Over Year
Fiscal Year 2024 Total Revenues of $7.3 Billion, Up 17% Year Over Year
Subscription Revenues of $6.6 Billion, Up 19% Year Over Year
Operating Cash Flows of $2.1 Billion, Up 30% Year Over Year
PLEASANTON, Calif., Feb. 26, 2024 /PRNewswire/ — Workday, Inc. (NASDAQ: WDAY), a leading provider of solutions to help organizations manage their people and money, today announced results for the fiscal 2024 fourth quarter and full year ended January 31, 2024.
Fiscal 2024 Fourth Quarter Results
Total revenues were $1.9 billion, an increase of 17% from the fourth quarter of fiscal 2023. Subscription revenues were $1.8 billion, an increase of 18% from the same period last year.Operating income was $79 million, or 4.1% of revenues, compared to an operating loss of $89 million, or negative 5.4% of revenues, in the same period last year. Non-GAAP operating income for the fourth quarter was $461 million, or 23.9% of revenues, compared to a non-GAAP operating income of $305 million, or 18.5% of revenues, in the same period last year.1,2Basic and diluted net income per share was $4.52 and $4.42, respectively, compared to basic and diluted net loss per share of $0.49 in the fourth quarter of fiscal 2023. Non-GAAP basic and diluted net income per share was $1.60 and $1.57, respectively, compared to non-GAAP basic and diluted net income per share of $1.00 and $0.99, respectively, in the same period last year.2,3 GAAP basic and diluted net income per share benefited from the $1.1 billion release of our valuation allowance related to all U.S. federal and state deferred tax assets, excluding certain state tax credits, in the fourth quarter of fiscal 2024.
Fiscal Year 2024 Results
Total revenues were $7.3 billion, an increase of 17% from fiscal 2023. Subscription revenues were $6.6 billion, an increase of 19% from the prior year.Operating income was $183 million, or 2.5% of revenues, compared to an operating loss of $222 million, or negative 3.6% of revenues, in fiscal 2023. Non-GAAP operating income was $1.7 billion, or 24.0% of revenues, compared to a non-GAAP operating income of $1.2 billion, or 19.5% of revenues, in the prior year.1,2Basic and diluted net income per share was $5.28 and $5.21, respectively, compared to basic and diluted net loss per share of $1.44 in fiscal 2023. Non-GAAP basic and diluted net income per share was $5.93 and $5.84, respectively, compared to non-GAAP basic and diluted net income per share of $3.73 and $3.64, respectively, in the prior year.2,3 As noted above, GAAP basic and diluted net income per share benefited from the $1.1 billion release of our valuation allowance related to all U.S. federal and state deferred tax assets, excluding certain state tax credits, in fiscal 2024.Total subscription revenue backlog was $20.9 billion, up 27% from the same period last year. 12-month subscription revenue backlog was $6.6 billion, and 24-month subscription revenue backlog was $11.7 billion, both increasing 20% year over year.Operating cash flows were $2.1 billion compared to $1.7 billion in the prior year. Free cash flows were $1.9 billion compared to $1.3 billion in the prior year.4Workday repurchased approximately 1.8 million shares of Class A common stock for $423 million as part of its share repurchase program.Cash, cash equivalents, and marketable securities were $7.8 billion as of January 31, 2024.
Comments on the News
“Workday’s results this quarter are a testament to the strength of our value proposition and the durability of our business,” said Carl Eschenbach, CEO, Workday. “We’re seeing continued momentum with full platform customer wins and expansions within our base, strengthening international performance, growth of our partner ecosystem, and the seamless execution of nearly 19,000 Workmates across the globe – all setting us up for an incredible fiscal year 2025.”
“Our relentless focus on innovation continues to fuel Workday’s success while helping to enable our customers to transform how they manage their two most important assets – their people and money,” said Aneel Bhusri, co-founder and executive chair, Workday. “As I step into my new role as executive chair, I look forward to working closely with Carl, the rest of our leadership team, and our product and technology organization to push the Workday platform to even greater heights and capitalize on the growth opportunity in front of us.”
“Our fourth quarter and full-year fiscal 2024 results reflect the momentum building across our key investment initiatives,” said Zane Rowe, CFO, Workday. “We are reiterating our fiscal year 2025 subscription revenue guidance of $7.725 billion to $7.775 billion, representing growth of 17% to 18%. We expect fiscal year 2025 non-GAAP operating margin of approximately 24.5%. Our outlook contemplates incremental investments to support enduring growth, while at the same time calls for continued margin expansion as we scale and optimize the business.”
Recent Highlights
Workday officially named Carl Eschenbach CEO effective February 1, 2024. Aneel Bhusri remains integral to the organization as co-founder and executive chair.Workday announced it has entered into a definitive agreement to acquire HiredScore, a leading provider of AI-powered talent orchestration solutions.Workday announced that its Board of Directors approved a new share repurchase program, with a term of 18 months, to repurchase up to an additional $500 million of shares of its Class A common stock.Workday announced new full platform customers for Workday Financial Management and Workday Human Capital Management (HCM), including HHS, Randstad, UHS of Delaware, and VXI Global Solutions.Workday and Insperity announced an exclusive strategic partnership and plans to jointly develop, brand, market, and sell a preeminent full-service HR solution for small and midsize businesses.Workday continued to build its global leadership bench, naming David Somers Chief Product Officer, Chikara Furuichi President of Japan, and Lynn Martin head of the Workday Federal business.Workday was named a Leader in the 2023 Gartner® Magic Quadrant™ for Financial Planning Software5 for the second time since the category’s inception last year.KLAS Research named Workday as Best in KLAS 2024 in enterprise resource planning (ERP) for the seventh consecutive year.
Earnings Call Details
Workday plans to host a conference call today to review its fiscal 2024 fourth quarter and full year financial results and to discuss its financial outlook. The call is scheduled to begin at 1:30 p.m. PT/4:30 p.m. ET and can be accessed via webcast. The webcast will be available live, and a replay will be available following completion of the live broadcast for approximately 90 days.
Workday uses the Workday Blog as a means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD.
1 Non-GAAP operating income and non-GAAP operating margin exclude share-based compensation expenses, employer payroll tax-related items on employee stock transactions, and amortization expense for acquisition-related intangible assets. See the section titled “About Non-GAAP Financial Measures” in the accompanying financial tables for further details.
2 Operating margin and net income (loss) per share are calculated based upon the respective underlying, non-rounded data.
3 Non-GAAP net income per share excludes share-based compensation expenses, employer payroll tax-related items on employee stock transactions, amortization expense for acquisition-related intangible assets, and income tax effects. See the section titled “About Non-GAAP Financial Measures” in the accompanying financial tables for further details.
4 Free cash flows are defined as net cash provided by (used in) operating activities minus total capital expenditures. See the section titled “About Non-GAAP Financial Measures” in the accompanying financial tables for further details.
5 Gartner Magic Quadrant for Financial Planning Software, Regina Crowder, Matthew Mowrey, Vaughan D Archer, 5 December 2023.
Gartner Disclaimer
Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner’s research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.
GARTNER is a registered trademark and service mark, and MAGIC QUADRANT is a registered trademark of Gartner, Inc., and/or its affiliates in the U.S. and internationally and are used herein with permission. All rights reserved.
About Workday
Workday is a leading enterprise platform that helps organizations manage their most important assets – their people and money. The Workday platform is built with AI at the core to help customers elevate people, supercharge work, and move their business forever forward. Workday is used by more than 10,000 organizations around the world and across industries – from medium-sized businesses to more than 50% of the Fortune 500. For more information about Workday, visit workday.com.
© 2024 Workday, Inc. All rights reserved. Workday and the Workday logo are registered trademarks of Workday, Inc. All other brand and product names are trademarks or registered trademarks of their respective holders.
Use of Non-GAAP Financial Measures
Reconciliations of non-GAAP financial measures to Workday’s financial results as determined in accordance with U.S. generally accepted accounting principles are included at the end of this press release following the accompanying financial tables. For a description of these non-GAAP financial measures, including the reasons management uses each measure, please see the section titled “About Non-GAAP Financial Measures.” The Company has not provided a reconciliation of its forward outlook for non-GAAP operating margin with its forward-looking GAAP operating margin in reliance on the unreasonable efforts exception provided under Item 10(e)(1)(i)(B) of Regulation S-K. The Company is unable, without unreasonable efforts, to quantify share-based compensation expense, which is excluded from our non-GAAP operating margin, as it requires additional inputs such as the number of shares granted and market prices that are not ascertainable.
Forward-Looking Statements
This press release contains forward-looking statements including, among other things, statements regarding Workday’s planned acquisition of HiredScore, Workday’s partnership with Insperity and expected offerings, our intended share repurchases, Workday’s full-year fiscal 2025 subscription revenues and non-GAAP operating margin, growth and expansion, momentum, demand, strategy, and investments. These forward-looking statements are based only on currently available information and our current beliefs, expectations, and assumptions. Because forward-looking statements relate to the future, they are subject to risks, uncertainties, assumptions, and changes in circumstances that are difficult to predict and many of which are outside of our control. If the risks materialize, assumptions prove incorrect, or we experience unexpected changes in circumstances, actual results could differ materially from the results implied by these forward-looking statements, and therefore you should not rely on any forward-looking statements. Risks include, but are not limited to: (i) breaches in our security measures or those of our third-party providers, unauthorized access to our customers’ or other users’ personal data, or disruptions in our data center or computing infrastructure operations; (ii) service outages, delays in the deployment of our applications, and the failure of our applications to perform properly; (iii) privacy concerns and evolving domestic or foreign laws and regulations; (iv) the impact of continuing global economic and geopolitical volatility on our business, as well as on our customers, prospects, partners, and service providers; (v) any loss of key employees or the inability to attract, train, and retain highly skilled employees; (vi) competitive factors, including pricing pressures, industry consolidation, entry of new competitors and new applications, advancements in technology, and marketing initiatives by our competitors; (vii) our reliance on our network of partners to drive additional growth of our revenues; (viii) the regulatory, economic, and political risks associated with our domestic and international operations; (ix) adoption of our applications and services by customers and individuals, including any new features, enhancements, and modifications, as well as our customers’ and users’ satisfaction with the deployment, training, and support services they receive; (x) the regulatory risks related to new and evolving technologies such as AI and our ability to realize a return on our development efforts; (xi) our ability to realize the expected business or financial benefits of any acquisitions of or investments in companies, including HiredScore; (xii) the risk that the HiredScore transaction may not be completed in a timely manner or at all; (xiii) negative effects of the announcement or consummation of the HiredScore transaction on Workday’s business operations, operating results, or share price; (xiv) delays or reductions in information technology spending; and (xv) changes in sales, which may not be immediately reflected in our results due to our subscription model. Further information on these and additional risks that could affect Workday’s results is included in our filings with the Securities and Exchange Commission (“SEC”), including our most recent report on Form 10-Q or Form 10-K and other reports that we have filed and will file with the SEC from time to time, which could cause actual results to vary from expectations. Workday assumes no obligation to, and does not currently intend to, update any such forward-looking statements after the date of this release, except as required by law.
Any unreleased services, features, or functions referenced in this document, our website, or other press releases or public statements that are not currently available are subject to change at Workday’s discretion and may not be delivered as planned or at all. Customers who purchase Workday services should make their purchase decisions based upon services, features, and functions that are currently available.
Workday, Inc.
Condensed Consolidated Balance Sheets
(in millions)
(unaudited)
As of January 31,
2024
2023
Assets
Current assets:
Cash and cash equivalents
$ 2,012
$ 1,886
Marketable securities
5,801
4,235
Trade and other receivables, net
1,639
1,570
Deferred costs
232
191
Prepaid expenses and other current assets
255
226
Total current assets
9,939
8,108
Property and equipment, net
1,234
1,201
Operating lease right-of-use assets
289
249
Deferred costs, noncurrent
509
421
Acquisition-related intangible assets, net
233
306
Deferred tax assets
1,065
13
Goodwill
2,846
2,840
Other assets
337
348
Total assets
$ 16,452
$ 13,486
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable
$ 78
$ 154
Accrued expenses and other current liabilities
287
260
Accrued compensation
544
564
Unearned revenue
4,057
3,559
Operating lease liabilities
89
91
Total current liabilities
5,055
4,628
Debt, noncurrent
2,980
2,976
Unearned revenue, noncurrent
70
75
Operating lease liabilities, noncurrent
227
182
Other liabilities
38
40
Total liabilities
8,370
7,901
Stockholders’ equity:
Additional paid-in capital
10,400
8,829
Treasury stock
(608)
(185)
Accumulated other comprehensive income (loss)
21
53
Accumulated deficit
(1,731)
(3,112)
Total stockholders’ equity
8,082
5,585
Total liabilities and stockholders’ equity
$ 16,452
$ 13,486
Workday, Inc.
Condensed Consolidated Statements of Operations
(in millions, except number of shares which are reflected in thousands and per share data)
(unaudited)
Three Months Ended January 31,
Year Ended January 31,
2024
2023
2024
2023
Revenues:
Subscription services
$ 1,760
$ 1,496
$ 6,603
$ 5,567
Professional services
162
150
656
649
Total revenues
1,922
1,646
7,259
6,216
Costs and expenses (1):
Costs of subscription services
272
274
1,031
1,011
Costs of professional services
189
180
740
704
Product development
635
615
2,464
2,271
Sales and marketing
558
490
2,139
1,848
General and administrative
189
176
702
604
Total costs and expenses
1,843
1,735
7,076
6,438
Operating income (loss)
79
(89)
183
(222)
Other income (expense), net
59
11
173
(38)
Income (loss) before provision for (benefit from) income taxes
138
(78)
356
(260)
Provision for (benefit from) income taxes
(1,050)
48
(1,025)
107
Net income (loss)
$ 1,188
$ (126)
$ 1,381
$ (367)
Net income (loss) per share, basic
$ 4.52
$ (0.49)
$ 5.28
$ (1.44)
Net income (loss) per share, diluted
$ 4.42
$ (0.49)
$ 5.21
$ (1.44)
Weighted-average shares used to compute net income (loss) per share, basic
263,102
257,322
261,344
254,819
Weighted-average shares used to compute net income (loss) per share, diluted
268,843
257,322
265,285
254,819
(1) Costs and expenses include share-based compensation expenses as follows:
Three Months Ended January 31,
Year Ended January 31,
2024
2023
2024
2023
Costs of subscription services
$ 31
$ 29
$ 120
$ 106
Costs of professional services
28
30
116
111
Product development
159
169
653
619
Sales and marketing
70
69
282
249
General and administrative
58
64
245
210
Total share-based compensation expenses
$ 346
$ 361
$ 1,416
$ 1,295
Workday, Inc.
Condensed Consolidated Statements of Cash Flows
(in millions)
(unaudited)
Three Months Ended January 31,
Year Ended January 31,
2024
2023
2024
2023
Cash flows from operating activities:
Net income (loss)
$ 1,188
$ (126)
$ 1,381
$ (367)
Adjustments to reconcile net income (loss) to net cash
provided by (used in) operating activities:
Depreciation and amortization
72
89
282
364
Share-based compensation expenses
346
361
1,416
1,295
Amortization of deferred costs
57
48
213
175
Non-cash lease expense
24
24
96
92
(Gains) losses on investments
3
11
19
31
Accretion of discounts on marketable debt securities, net
(38)
(26)
(149)
(42)
Deferred income taxes
(1,063)
—
(1,058)
4
Other
7
29
(17)
57
Changes in operating assets and liabilities, net of business
combinations:
Trade and other receivables, net
(415)
(519)
(87)
(319)
Deferred costs
(159)
(129)
(342)
(293)
Prepaid expenses and other assets
(9)
17
69
(14)
Accounts payable
(9)
65
(72)
86
Accrued expenses and other liabilities
124
95
(95)
136
Unearned revenue
868
755
493
452
Net cash provided by (used in) operating activities
996
694
2,149
1,657
Cash flows from investing activities:
Purchases of marketable securities
(1,404)
(1,532)
(6,150)
(7,183)
Maturities of marketable securities
923
1,181
4,519
4,949
Sales of marketable securities
51
51
144
104
Owned real estate projects
(2)
(4)
(4)
(4)
Capital expenditures, excluding owned real estate projects
(46)
(73)
(228)
(360)
Business combinations, net of cash acquired
—
—
(8)
—
Purchase of other intangible assets
—
—
(10)
(1)
Purchases of non-marketable equity and other investments
(5)
(3)
(16)
(23)
Sales and maturities of non-marketable equity and other investments
2
—
2
12
Net cash provided by (used in) investing activities
(481)
(380)
(1,751)
(2,506)
Cash flows from financing activities:
Proceeds from issuance of debt, net of debt discount
—
—
—
2,978
Repayments and extinguishment of debt
—
—
—
(1,844)
Payments for debt issuance costs
—
—
—
(7)
Repurchases of common stock
(139)
(75)
(423)
(75)
Proceeds from issuance of common stock from employee
equity plans, net of taxes paid for shares withheld
72
67
155
152
Net cash provided by (used in) financing activities
(67)
(8)
(268)
1,204
Effect of exchange rate changes
—
1
(1)
(1)
Net increase (decrease) in cash, cash equivalents, and
restricted cash
448
307
129
354
Cash, cash equivalents, and restricted cash at the
beginning of period
1,576
1,588
1,895
1,541
Cash, cash equivalents, and restricted cash at the end
of period
$ 2,024
$ 1,895
$ 2,024
$ 1,895
Workday, Inc.
Reconciliations of GAAP to Non-GAAP Data
Reconciliations of our GAAP to non-GAAP operating results are included in the following tables (in millions, except percentages and per share data; operating margin and net income (loss) per share are calculated based upon the respective underlying, non-rounded data). See the section titled “About Non-GAAP Financial Measures” below for further details.
Three Months Ended January 31, 2024
GAAP
Share-Based
Compensation
Expenses
Employer
Payroll Tax-
Related Items
on Employee
Stock
Transactions
Amortization
of
Acquisition-
Related
Intangible
Assets
Income Tax
Effects (2)
Non-GAAP
Operating income (loss)
$ 79
$ 346
$ 20
$ 16
$ —
$ 461
Operating margin
4.1 %
18.0 %
1.0 %
0.8 %
— %
23.9 %
Net income (loss)
$ 1,188
$ 346
$ 20
$ 16
$ (1,149)
$ 421
Net income (loss) per share, basic (1)
$ 4.52
$ 1.31
$ 0.07
$ 0.06
$ (4.36)
$ 1.60
Net income (loss) per share, diluted (1)
$ 4.42
$ 1.29
$ 0.07
$ 0.06
$ (4.27)
$ 1.57
Three Months Ended January 31, 2023
GAAP
Share-Based
Compensation
Expenses
Employer
Payroll Tax-
Related Items
on Employee
Stock
Transactions
Amortization
of
Acquisition-
Related
Intangible
Assets
Income Tax
Effects (2)
Non-GAAP
Operating income (loss)
$ (89)
$ 361
$ 12
$ 21
$ —
$ 305
Operating margin
(5.4) %
21.9 %
0.7 %
1.3 %
— %
18.5 %
Net income (loss)
$ (126)
$ 361
$ 12
$ 21
$ (12)
$ 256
Net income (loss) per share, basic (1)
$ (0.49)
$ 1.40
$ 0.05
$ 0.08
$ (0.04)
$ 1.00
Net income (loss) per share, diluted (1)
$ (0.49)
$ 1.40
$ 0.05
$ 0.08
$ (0.05)
$ 0.99
Year Ended January 31, 2024
GAAP
Share-Based
Compensation
Expenses
Employer
Payroll Tax-
Related Items
on Employee
Stock
Transactions
Amortization
of
Acquisition-
Related
Intangible
Assets
Income Tax
Effects (2)
Non-GAAP
Operating income (loss)
$ 183
$ 1,416
$ 66
$ 75
$ —
$ 1,740
Operating margin
2.5 %
19.5 %
0.9 %
1.1 %
— %
24.0 %
Net income (loss)
$ 1,381
$ 1,416
$ 66
$ 75
$ (1,389)
$ 1,549
Net income (loss) per share, basic (1)
$ 5.28
$ 5.42
$ 0.25
$ 0.28
$ (5.30)
$ 5.93
Net income (loss) per share, diluted (1)
$ 5.21
$ 5.34
$ 0.25
$ 0.28
$ (5.24)
$ 5.84
Year Ended January 31, 2023
GAAP
Share-Based
Compensation
Expenses
Employer
Payroll Tax-
Related Items
on Employee
Stock
Transactions
Amortization
of
Acquisition-
Related
Intangible
Assets
Income Tax
and Dilution
Effects (2)
Non-GAAP
Operating income (loss)
$ (222)
$ 1,295
$ 52
$ 85
$ —
$ 1,210
Operating margin
(3.6) %
20.8 %
0.9 %
1.4 %
— %
19.5 %
Net income (loss)
$ (367)
$ 1,295
$ 52
$ 85
$ (116)
$ 949
Net income (loss) per share, basic (1)
$ (1.44)
$ 5.08
$ 0.21
$ 0.33
$ (0.45)
$ 3.73
Net income (loss) per share, diluted (1)
$ (1.44)
$ 5.08
$ 0.21
$ 0.33
$ (0.54)
$ 3.64
(1)
For the three months ended January 31, 2024, GAAP and non-GAAP net income per share were both calculated
based upon 263,102 basic and 268,843 diluted weighted-average shares of common stock.
For the three months ended January 31, 2023, GAAP net loss per share was calculated based upon 257,322
basic and diluted weighted-average shares of common stock. Non-GAAP net income per share was calculated
based upon 257,322 basic and 258,367 diluted weighted-average shares of common stock.
For the fiscal year ended January 31, 2024, GAAP and non-GAAP net income per share were both calculated
based upon 261,344 basic and 265,285 diluted weighted-average shares of common stock.
For the fiscal year ended January 31, 2023, GAAP net loss per share was calculated based upon 254,819 basic
and diluted weighted-average shares of common stock. Non-GAAP net income per share was calculated based
upon 254,819 basic and 261,641 diluted weighted-average shares of common stock. The numerator used to
compute non-GAAP diluted net income per share was increased by $3 million for after-tax interest expense on
our convertible senior notes in accordance with the if-converted method.
(2)
We utilize a fixed long-term projected tax rate in our computation of the non-GAAP income tax provision to provide
better consistency across the reporting periods. For fiscal 2024 and 2023, the non-GAAP tax rate was 19%. For
the year ended January 31, 2023, included in the per share amount was a dilution impact of $0.09 from the
conversion of GAAP diluted net loss per share to non-GAAP diluted net income per share.
Reconciliation of our GAAP cash flows from operating activities to non-GAAP free cash flow is as follows (in millions). See the section titled “About Non-GAAP Financial Measures” below for further details.
Three Months Ended January 31,
Year Ended January 31,
2024
2023
2024
2023
Net cash provided by (used in) operating activities
$ 996
$ 694
$ 2,149
$ 1,657
Less: Total capital expenditures (1)
(48)
(77)
(232)
(364)
Free cash flows
$ 948
$ 617
$ 1,917
$ 1,293
(1)
For the three months ended January 31, 2024, and 2023, total capital expenditures consisted of Capital expenditures,
excluding owned real estate projects of $46 million and $73 million, respectively, and Owned real estate projects of
$2 million and $4 million, respectively.
For the fiscal year ended January 31, 2024, and 2023, total capital expenditures consisted of Capital expenditures,
excluding owned real estate projects of $228 million and $360 million, respectively, and Owned real estate projects of
$4 million and $4 million, respectively.
About Non-GAAP Financial Measures
To provide investors and others with additional information regarding Workday’s results, we have disclosed the following non-GAAP financial measures: non-GAAP operating income (loss), non-GAAP operating margin, non-GAAP net income (loss) per share, and free cash flows. Workday has provided a reconciliation of each non-GAAP financial measure used in this earnings release to the most directly comparable GAAP financial measure. Non-GAAP operating income (loss) and non-GAAP operating margin differ from GAAP in that they exclude share-based compensation expenses, employer payroll tax-related items on employee stock transactions, and amortization expense for acquisition-related intangible assets. Non-GAAP net income (loss) per share differs from GAAP in that it excludes share-based compensation expenses, employer payroll tax-related items on employee stock transactions, amortization expense for acquisition-related intangible assets, and income tax effects. Free cash flows differ from GAAP cash flows from operating activities in that it treats total capital expenditures as a reduction to cash flows.
Workday’s management uses these non-GAAP financial measures to understand and compare operating results across accounting periods, for internal budgeting and forecasting purposes, for short- and long-term operating plans, and to evaluate Workday’s financial performance. Management believes these non-GAAP financial measures reflect Workday’s ongoing business in a manner that allows for meaningful period-to-period comparisons and analysis of trends in Workday’s business. Management also believes that these non-GAAP financial measures provide useful information to investors and others in understanding and evaluating Workday’s operating results and prospects in the same manner as management and in comparing financial results across accounting periods and to those of peer companies.
Management believes excluding the following items from the GAAP Condensed Consolidated Statements of Operations is useful to investors and others in assessing Workday’s operating performance due to the following factors:
Share-based compensation expenses. Although share-based compensation is an important aspect of the compensation of our employees and executives, management believes it is useful to exclude share-based compensation expenses to better understand the long-term performance of our core business and to facilitate comparison of our results to those of peer companies. Share-based compensation expenses are determined using a number of factors, including our stock price, volatility, and forfeiture rates, that are beyond our control and generally unrelated to operational decisions and performance in any particular period. Further, share-based compensation expenses are not reflective of the value ultimately received by the grant recipients.Employer payroll tax-related items on employee stock transactions. We exclude the employer payroll tax-related items on employee stock transactions in order to show the full effect that excluding share-based compensation expenses has on our operating results. Similar to share-based compensation expenses, this tax expense is dependent on our stock price and other factors that are beyond our control and do not correlate to the operation of the business.Amortization of acquisition-related intangible assets. For business combinations, we generally allocate a portion of the purchase price to intangible assets. The amount of the allocation is based on estimates and assumptions made by management and is subject to amortization. The amount of purchase price allocated to intangible assets and the term of the related amortization can vary significantly and are unique to each acquisition and thus we do not believe it is reflective of ongoing operations. Although we exclude the amortization of acquisition-related intangible assets from these non-GAAP measures, management believes that it is important for investors to understand that such intangible assets were recorded as part of purchase accounting and contribute to revenue generation.Income tax effects. We utilize a fixed long-term projected tax rate in our computation of the non-GAAP income tax provision to provide better consistency across the reporting periods. In projecting this long-term non-GAAP tax rate, we utilize a three-year financial projection that excludes the direct impact of share-based compensation and related employer payroll taxes, and amortization of acquisition-related intangible assets. The projected rate considers other factors such as our current operating structure, existing tax positions in various jurisdictions, and key legislation in major jurisdictions where we operate. For fiscal 2025 and 2024, we determined the projected non-GAAP tax rate to be 19%, which reflects currently available information, as well as other factors and assumptions. We will periodically re-evaluate this tax rate, as necessary, for significant events, relevant tax law changes, material changes in the forecasted geographic earnings mix, and any significant acquisitions.
Additionally, with regards to free cash flows, Workday’s management believes that reducing cash provided by (used in) operating activities by capital expenditures is meaningful to investors and others because it provides an enhanced view of cash flow generation from the ongoing operations of our business, and it balances operating results, cash management, and capital efficiency.
The use of the non-GAAP measures of non-GAAP operating income (loss), non-GAAP operating margin, non-GAAP net income (loss) per share, and free cash flows have certain limitations as they do not reflect all items of expense or cash that affect Workday’s operations. Workday compensates for these limitations by reconciling the non-GAAP financial measures to the most comparable GAAP financial measures. These non-GAAP financial measures should be considered in addition to, not as a substitute for or in isolation from, measures prepared in accordance with GAAP. Further, these non-GAAP measures may differ from the non-GAAP information used by other companies, including peer companies, and therefore comparability may be limited. Management encourages investors and others to review Workday’s financial information in its entirety and not rely on a single financial measure.
View original content to download multimedia:https://www.prnewswire.com/news-releases/workday-announces-fiscal-2024-fourth-quarter-and-full-year-financial-results-302071484.html
SOURCE Workday Inc.
You may like
Technology
The Ultimate Send-off to Summer: CSTS Debuts Global Entertainment IP PremierX at New York’s Pier 17, Ushering in a New Era of Live Entertainment
Published
27 minutes agoon
October 24, 2026By
NEW YORK, Oct. 24, 2026 /PRNewswire/ — CSTS Enterprises (‘CSTS’), a New York-based sports, entertainment, integrated media and travel technology group, today announced the official launch of PremierXTM, its flagship live entertainment brand, with a landmark Halloween Weekend event “AFTER DARK” at The Rooftop at Pier 17 in New York on October 30, 2026.
Capping off Seaport’s 2026 Summer Season in unforgettable fashion, the grand finale brings a powerhouse lineup of stars to the PremierXTM stage at Pier 17, featuring Lil Xan, Armani White, DJ Soda, Nate Wyatt, and surprise A-list guest headliners. Set against the iconic Manhattan skyline, the landmark eventing unites chart-topping hip-hop and high-octane electronic music for a festival-grade experience as The Rooftop at Pier 17 transforms into the city’s premier live music destination.
Building on the momentum of the PremierXTM After Party for the 2026 World Cup Final that took place in New York on July 19th, “AFTER DARK” signals the official debut of PremierXTM, a proprietary, New York – born global entertainment IP created by CSTS to deliver defining cultural experiences at the intersection of music, sport, art and lifestyle. Centred on the power of cultural crossover, PremierXTM serves as an international bridge connecting East and West, modern innovation and timeless classical, while uniting world-class artists, creators, performers and audiences through the universal language of entertainment and premium live experiences.
The launch also marks the beginning of a promising relationship with Pier 17, providing a world-class stage for PremierXTM to accelerate its growth in the U.S. and engage international audiences over the long term. By combining PremierXTM’s global entertainment vision with Pier 17’s iconic waterfront setting, the partnership aims to create a premier destination for live experiences, empowering both platforms to expand their global reach, deepen audience engagement, and drive sustainable growth.
As a key pillar of CSTS’ integrated ecosystem spanning entertainment, sports, travel, integrated media and marketing solutions, PremierXTM further strengthens the Group’s ability to create high-impact experiences that connect audiences, destinations and brand partners. With the global live entertainment market projected to grow from approximately US$203 billion in 2025 to US$270 billion by 2030[1], PremierXTM is well-positioned to capitalize on the growing demand for premium, experience-led entertainment while creating long-term value to the Group through recurring audience engagement, tourism and brand partnerships.
“PremierX TM represents a significant milestone in CSTS’ evolution from a leading operator of global sports and hospitality platforms into a creator of world-class entertainment experiences,” said Abel Zhao, Group CEO and Executive Director at CSTS Enterprises. “The season finale at Pier17 marks the beginning of an exciting new chapter for CSTS as we expand our entertainment footprint and introduce a platform designed to deliver iconic live experiences and bring together artists and audiences from across the globe.”
“PremierXTM was built from the ground up as a bespoke platform to champion multicultural talent and visionary creative performers.” said Jason Liu, Regional Director of CSTS USA. “Starting from New York, we are building a scalable global brand that brings iconic live experiences to audiences worldwide while expanding our presence across key entertainment hubs in North America, Asia and Europe.”
Following its New York launch, PremierXTM plans to expand through a broader international rollout across North America, Asia and Europe, with future editions planned as part of a growing network of recurring live entertainment properties and flagship cultural events.
For ticket information on PremierXTM: “AFTER DARK”, visit
https://www.axs.com/events/1644912/after-dark-tickets
About CSTS Enterprises
CSTS Enterprises is an integrated media, entertainment, sports, and travel technology group. Headquartered in New York City, the company develops and partners with intellectual properties and brands to deliver compelling experiences that connect with audiences across the world. In addition to its own initiatives, including Generation CTM and PremierXTM, it collaborates with international IPs including FIFA World Cup, UEFA European Championship, and Formula 1.
CSTS integrates experiential marketing, travel, data, and technology to deliver seamless end-to-end audience experiences. The company engages consumers across physical events and digital channels, executing at scale worldwide, turning complex activations into co-ordinated, measurable outcomes.
[1] Source: Industry research by Markets and Markets, Live Entertainment Market Size, Share, Latest Trends & Growth Analysis, 2025-2030, Live Entertainment Market Size, Share, Latest Trends & Growth Analysis, 2025-2030.
View original content to download multimedia:https://www.prnewswire.com/news-releases/the-ultimate-send-off-to-summer-csts-debuts-global-entertainment-ip-premierx-at-new-yorks-pier-17-ushering-in-a-new-era-of-live-entertainment-302918645.html
SOURCE CSTS Enterprises
Technology
Swanson Vitamins Launches Swanson Vitamins Nexus Pro to Champion Registered Dietitians and Licensed Nutritionists at Every Stage of Their Careers
Published
27 minutes agoon
October 24, 2026By
New network for health and nutrition professionals offers CPEU-accredited continuing education, profession-wide promotion, practicum support and exam scholarships
FARGO, N.D., Oct. 24, 2026 /PRNewswire/ — Swanson Vitamins today launched Swanson Vitamins Nexus Pro, a network for health and nutrition professionals. The new initiative champions registered dietitians and licensed nutritionists through every stage of their careers, from students to providers with decades of experience. Created by nutrition professionals for nutrition professionals, Swanson Vitamins Nexus Pro offers educational resources, incentives and investments to support practitioners who share Swanson’s commitment to uncompromising integrity.
Swanson Vitamins Nexus Pro offers tailored resources for both practicing professionals and students. For practicing registered dietitians and licensed nutritionists, the program provides CPEU-accredited continuing education, along with profession-wide promotion of the experts who guide consumers’ wellness decisions. For dietetics and nutrition students, Swanson is investing in the next generation of the profession through practicum support and scholarships toward licensing or credentialing exam fees.
As consumers take a more active role in their health, they are increasingly turning to registered dietitians and licensed nutritionists for accurate, science-backed guidance. Through Swanson Vitamins Nexus Pro, Swanson aims to help nutrition professionals strengthen their credentials and build expertise in areas where consumers are seeking trusted nutritional support.
“Since 1969, we have been committed to uncompromising integrity in service of everyone’s journey to real wellness, and we believe real wellness starts with the experts who guide it,” said Erin Del Ponte, EVP Brand Marketing at Swanson Vitamins. “Registered dietitians and licensed nutritionists translate nutrition science into practical, personalized guidance that helps people make informed decisions about their health. With Swanson Vitamins Nexus Pro, we are proud to support these professionals at every stage of their careers, from students preparing for their credentialing exams to seasoned providers building expertise in the areas that matter most to consumers today.”
Swanson Nexus Pro program highlights
CPEU-accredited continuing education for registered dietitians and licensed nutritionistsProfession-wide promotion of registered dietitians and licensed nutritionistsPracticum support for dietetics and nutrition studentsScholarships to help offset licensing or credentialing exam fees
Applications for Swanson Vitamins Nexus Pro are open and can be submitted HERE. Additional details, including scholarship award amounts and practicum support details, will be announced in the coming weeks.
Swanson Vitamins Nexus Pro was introduced at the Food & Nutrition Conference & Expo, the Academy of Nutrition and Dietetics’ annual conference, held Oct. 24-27 in San Antonio. This initiative builds on Swanson’s longstanding commitment to the nutrition and dietetics community and reflects the company’s continued investment in the professionals who help consumers make informed choices on their journey to real wellness.
Media Assets
Photos HERE
About Swanson Vitamins
Since 1969, Swanson Vitamins has offered high-quality, science-backed vitamins and supplements rooted in one simple belief: proof over promise. Nearly six decades before “wellness” became an industry, Swanson was pioneering trustworthy supplement offerings and upholding uncompromising quality standards through intentional sourcing, rigorous in-house and third-party testing and Good Manufacturing Practices (GMP).
Today, Swanson is a Certified GMP Facility recognized by NSF, backed by an in-house team of nutritionists, dietitians, scientists, chemists and pharmacists with a combined 250-plus years of experience. With more than 1,300 products across 36 categories, Swanson doesn’t chase trends. It sets standards for integrity, quality and clarity in the supplement industry.
Swanson products are available at SwansonVitamins.com, Amazon and iHerb.com. Learn more at SwansonVitamins.com or follow @swansonvitamins on Instagram.
MEDIA CONTACT
Lauren Torrez, Crowe PR
ltorrez@crowepr.com
View original content to download multimedia:https://www.prnewswire.com/news-releases/swanson-vitamins-launches-swanson-vitamins-nexus-pro-to-champion-registered-dietitians-and-licensed-nutritionists-at-every-stage-of-their-careers-302918428.html
SOURCE Swanson Vitamins
Technology
Technology Drives the Future of Travel: JETOUR Continues to Expand Its “Travel+” Ecosystem
Published
1 hour agoon
October 24, 2026By
WUHU, China, Oct. 24, 2026 /PRNewswire/ — Expectations for travel are evolving: vehicles are no longer simply a means of reaching a destination, but travel companions that bring people closer to nature, serving as a “mobile third space.”
JETOUR continues to advance its “Travel+” strategy, integrating technological innovation, product development, and ecosystem building into real travel scenarios. From October 20 to 23, the 2026 JETOUR Global Technology Experience Day, themed “Future Travel Starts Now,” takes place across Wuhu, Anhui and Moganshan, Zhejiang, featuring technology experiences, on-road driving, outdoor living, and conservation activities.
Technological Innovation: Expanding the Possibilities of Travel
Backed by the Group’s expertise in AI, intelligent driving, smart cabins, and AiMOGA Robotics, JETOUR turns cutting-edge technology into experiences users can genuinely feel. The XWD Fully Automatic Intelligent 4WD, with 7+X one-touch modes, tackles mountain roads, gravel, and water crossings, while the GAIA All-Terrain Intelligent Architecture adapts to diverse terrain and C-DM hybrid technology balances performance with efficiency. On October 21, models with these technologies take on mountain-road test drives at Moganshan.
A Diverse Product Lineup: Enriching the Travel Experience
The G700 combines premium comfort with hardcore off-road capability, while the T1 and T2 suit both urban driving and light off-road adventures. Roof tents, onboard refrigerators, and other ecosystem equipment turn the vehicle into an all-round companion. JETOUR also hosts a camping market and a Starry Night Forum, bringing product features into real travel settings.
Ecosystem: Extending the Value of Travel
Travel is about understanding cultures and protecting nature as well as exploration. Participants visit Xiazhu Lake in Zhejiang for a crested ibis conservation initiative. Globally, JETOUR supports cheetah conservation in Africa, turtle conservation in Malaysia, harpy eagle conservation in Panama, and protection of Pakistan’s national animal, the markhor.
JETOUR has also partnered with Chile’s Colo-Colo, FIBA, and the Malaysia Marathon, broadening engagement with local culture, sport, and communities — giving “Travel+” an ever richer meaning.
JETOUR now joins travelers worldwide across city, mountain, and wetland, exploring new possibilities through the deeper integration of technology and travel.
ABOUT JETOUR
Launched in 2018, JETOUR follows the “Travel+” strategy and has entered over 100 countries and regions, with 2,000+ sales and after-sales outlets. Its lineup includes the T Series for light off-road and the G Series for the premium luxury off-road market, covering urban commuting, family road trips, outdoor camping, and long-distance journeys.
View original content to download multimedia:https://www.prnewswire.com/apac/news-releases/technology-drives-the-future-of-travel-jetour-continues-to-expand-its-travel-ecosystem-302918650.html
SOURCE JETOUR
The Ultimate Send-off to Summer: CSTS Debuts Global Entertainment IP PremierX at New York’s Pier 17, Ushering in a New Era of Live Entertainment
Swanson Vitamins Launches Swanson Vitamins Nexus Pro to Champion Registered Dietitians and Licensed Nutritionists at Every Stage of Their Careers
Technology Drives the Future of Travel: JETOUR Continues to Expand Its “Travel+” Ecosystem
Send Rakhi to UK swiftly with UK Gifts Portal
Whiteboard Series with NEAR | Ep: 45 Joel Thorstensson from ceramic.network
Nullmax and Renesas Forge Strategic Partnership to Deliver Competitive ADAS Solutions for the Global Market
Why You Should Build on #NEAR – Co-founder Illia Polosukhin at CV Labs
Whiteboard Series with NEAR | Ep: 45 Joel Thorstensson from ceramic.network
NEAR End of Year Town Hall 2021: The Open Web World, MetaBUILD 2 Hackathon and 2021 recap
Trending
-
Technology5 days agoEnciso Systems Joins SOLAIYA / GARDANT GLOBAL Team to Provide IT Services on NASA SEWP VI Contract
-
Technology4 days agoSophont Launches Holon-S1 to Reveal Tumor Biology from Routine Pathology Slides
-
Technology5 days agoOppFi Announces its Third Quarter 2026 Earnings Conference Call
-
Technology4 days agoNC AI Officially Releases VARCO Sound, the Generative AI Sound Production Service
-
Technology4 days agoTrinity Acquires Verix, Adding AI-Powered Next-Best-Action and Omnichannel Orchestration to the TrinityEDGE Platform
-
Technology3 days agoWorkato Launches Self-Serve Platform in Singapore, Opening Enterprise AI to a Broader Community of Builders
-
Coin Market4 days agoStablecoin transfers quadruple to $891B as US banks expand adoption: Report
-
Technology4 days agoFindem Takes on Candidate Fraud With Authenticity Suite Pro
