Company Quick10K Filing
Workday
Price174.44 EPS-2
Shares228 P/E-87
MCap39,853 P/FCF70
Net Debt-917 EBIT-407
TEV38,936 TEV/EBIT-96
TTM 2019-10-31, in MM, except price, ratios
10-Q 2020-07-31 Filed 2020-08-28
10-Q 2020-04-30 Filed 2020-05-28
10-K 2020-01-31 Filed 2020-03-03
10-Q 2019-10-31 Filed 2019-12-04
10-Q 2019-07-31 Filed 2019-08-30
10-Q 2019-04-30 Filed 2019-05-30
10-K 2019-01-31 Filed 2019-03-18
10-Q 2018-10-31 Filed 2018-12-03
10-Q 2018-07-31 Filed 2018-09-05
10-Q 2018-04-30 Filed 2018-06-01
10-K 2018-01-31 Filed 2018-03-14
10-Q 2017-10-31 Filed 2017-11-30
10-Q 2017-07-31 Filed 2017-08-31
10-Q 2017-04-30 Filed 2017-06-02
10-K 2017-01-31 Filed 2017-03-20
10-Q 2016-10-31 Filed 2016-12-02
10-Q 2016-07-31 Filed 2016-09-02
10-Q 2016-04-30 Filed 2016-06-01
10-K 2016-01-31 Filed 2016-03-22
10-Q 2015-10-31 Filed 2015-12-04
10-Q 2015-07-31 Filed 2015-09-04
10-Q 2015-04-30 Filed 2015-06-05
10-K 2015-01-31 Filed 2015-03-25
10-Q 2014-10-31 Filed 2014-12-05
10-Q 2014-07-31 Filed 2014-09-02
10-Q 2014-04-30 Filed 2014-06-06
10-K 2014-01-31 Filed 2014-03-31
10-Q 2013-10-31 Filed 2013-12-02
10-Q 2013-04-30 Filed 2013-06-05
10-K 2013-01-31 Filed 2013-03-22
10-Q 2012-10-31 Filed 2012-12-07
8-K 2020-08-27 Earnings, Exhibits
8-K 2020-08-26 Officers, Amend Bylaw, Exhibits
8-K 2020-06-09
8-K 2020-05-27
8-K 2020-04-02
8-K 2020-03-14
8-K 2020-02-27
8-K 2019-12-04
8-K 2019-12-03
8-K 2019-11-04
8-K 2019-08-29
8-K 2019-06-18
8-K 2019-05-28
8-K 2019-03-30
8-K 2019-02-28
8-K 2018-11-29
8-K 2018-09-04
8-K 2018-08-01
8-K 2018-06-20
8-K 2018-06-11
8-K 2018-05-31
8-K 2018-02-27
8-K 2018-02-14
8-K 2018-02-01
8-K 2018-01-02

WDAY 10Q Quarterly Report

Part I. Financial Information
Item 1. Financial Statements
Note 1. Overview and Basis of Presentation
Note 2. Accounting Standards
Note 3. Investments
Note 4. Fair Value Measurements
Note 5. Deferred Costs
Note 6. Property and Equipment, Net
Note 7. Acquisition - Related Intangible Assets, Net
Note 8. Other Assets
Note 9. Derivative Instruments
Note 10. Debt
Note 11. Leases
Note 12. Commitments and Contingencies
Note 13. Stockholders' Equity
Note 14. Unearned Revenue and Performance Obligations
Note 15. Other Income (Expense), Net
Note 16. Income Taxes
Note 17. Net Loss per Share
Note 18. Geographic Information
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 6. Exhibits
EX-10.1 wday-7312020x101.htm
EX-31.1 wday-7312020xex311.htm
EX-31.2 wday-7312020xex312.htm
EX-31.3 wday-7312020xex313.htm
EX-32.1 wday-7312020xex321.htm
EX-32.2 wday-7312020xex322.htm
EX-32.3 wday-7312020xex323.htm

Workday Earnings 2020-07-31

Balance SheetIncome StatementCash Flow
10.08.06.04.02.00.02012201420172020
Assets, Equity
1.00.80.50.30.0-0.22012201420172020
Rev, G Profit, Net Income
1.10.60.1-0.3-0.8-1.32012201420172020
Ops, Inv, Fin

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Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-Q
(Mark One)
Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the quarterly period ended July 31, 2020
OR
Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For transition period from                     to                     
Commission File Number: 001-35680
WORKDAY, INC.
(Exact name of registrant as specified in its charter) 
Delaware20-2480422
(State or other jurisdiction of
incorporation or organization)
 (I.R.S Employer
Identification No.)
6110 Stoneridge Mall Road
Pleasanton, California 94588
(Address of principal executive offices)
(925951-9000
(Registrant’s telephone number, including area code) 
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Class A Common Stock, par value $0.001WDAYThe Nasdaq Stock Market LLC
(Nasdaq Global Select Market)
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 (the “Exchange Act”) during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days:    Yes      No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes     No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes    No  
As of August 26, 2020, there were approximately 177 million shares of the registrant’s Class A common stock, net of treasury stock, and 60 million shares of the registrant's Class B common stock outstanding.


Table of Contents
Workday, Inc.
  Page No.
Item 1.
Item 2.
Item 3.
Item 4.
Item 1.
Item 1A.
Item 2.
Item 6.
2

Table of Contents
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
Workday, Inc.
Condensed Consolidated Balance Sheets
(in thousands)
(unaudited)
July 31, 2020January 31, 2020
Assets
Current assets:
Cash and cash equivalents$1,239,696 $731,141 
Marketable securities1,513,842 1,213,432 
Trade and other receivables, net694,289 877,578 
Deferred costs105,350 100,459 
Prepaid expenses and other current assets161,004 172,012 
Total current assets3,714,181 3,094,622 
Property and equipment, net957,434 936,179 
Operating lease right-of-use assets324,655 290,902 
Deferred costs, noncurrent223,996 222,395 
Acquisition-related intangible assets, net276,847 308,401 
Goodwill1,819,261 1,819,261 
Other assets185,077 144,605 
Total assets$7,501,451 $6,816,365 
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable$57,764 $57,556 
Accrued expenses and other current liabilities125,784 130,050 
Accrued compensation252,814 248,154 
Unearned revenue2,003,455 2,223,178 
Operating lease liabilities75,798 66,147 
Debt, current37,500 244,319 
Total current liabilities2,553,115 2,969,404 
Debt, noncurrent1,752,004 1,017,967 
Unearned revenue, noncurrent64,465 86,025 
Operating lease liabilities, noncurrent271,607 241,425 
Other liabilities21,782 14,993 
Total liabilities4,662,973 4,329,814 
Stockholders’ equity:
Common stock238 231 
Additional paid-in capital5,954,738 5,090,187 
Treasury stock(303,201) 
Accumulated other comprehensive income (loss)646 23,492 
Accumulated deficit(2,813,943)(2,627,359)
Total stockholders’ equity2,838,478 2,486,551 
Total liabilities and stockholders’ equity$7,501,451 $6,816,365 
See Notes to Condensed Consolidated Financial Statements
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Workday, Inc.
Condensed Consolidated Statements of Operations
(in thousands, except per share data)
(unaudited)
Three Months Ended July 31, Six Months Ended July 31,
2020201920202019
Revenues:
Subscription services$931,698 $757,155 $1,813,654 $1,458,179 
Professional services130,269 130,597 266,698 254,628 
Total revenues1,061,967 887,752 2,080,352 1,712,807 
Costs and expenses (1):
Costs of subscription services145,007 121,161 290,270 233,630 
Costs of professional services139,270 145,173 299,637 275,923 
Product development418,681 378,122 862,165 725,953 
Sales and marketing276,497 280,200 595,054 553,136 
General and administrative99,266 85,593 194,437 170,048 
Total costs and expenses1,078,721 1,010,249 2,241,563 1,958,690 
Operating income (loss)(16,754)(122,497)(161,211)(245,883)
Other income (expense), net(11,453)(106)(22,426)7,035 
Loss before provision for (benefit from) income taxes(28,207)(122,603)(183,637)(238,848)
Provision for (benefit from) income taxes(191)(1,891)2,747 (1,861)
Net loss$(28,016)$(120,712)$(186,384)$(236,987)
Net loss per share, basic and diluted$(0.12)$(0.53)$(0.79)$(1.05)
Weighted-average shares used to compute net loss per share, basic and diluted236,002 226,392 234,483 224,857 
(1) Costs and expenses include share-based compensation expenses as follows:
Costs of subscription services$14,825 $12,001 $28,717 $22,416 
Costs of professional services24,552 18,991 47,118 35,141 
Product development128,505 105,758 250,527 196,995 
Sales and marketing49,854 42,690 96,804 81,544 
General and administrative33,500 29,781 64,742 58,360 
See Notes to Condensed Consolidated Financial Statements
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Workday, Inc.
Condensed Consolidated Statements of Comprehensive Loss
(in thousands)
(unaudited)
Three Months Ended July 31, Six Months Ended July 31,
2020201920202019
Net loss$(28,016)$(120,712)$(186,384)$(236,987)
Other comprehensive (loss) income, net of tax:
Net change in foreign currency translation adjustment1,684 53 437 (593)
Net change in unrealized gains (losses) on available-for-sale debt securities, net of tax provision of $0, $212, $0, and $431, respectively
(728)889 2,246 1,592 
Net change in market value of effective foreign currency forward exchange contracts, net of tax provision of $0, $2,629, $0, and $4,610, respectively
(57,836)18,403 (25,529)32,268 
Other comprehensive (loss) income, net of tax(56,880)19,345 (22,846)33,267 
Comprehensive loss$(84,896)$(101,367)$(209,230)$(203,720)
See Notes to Condensed Consolidated Financial Statements
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Workday, Inc.
Condensed Consolidated Statements of Stockholders’ Equity
(in thousands, except share data)
(unaudited)
Three Months Ended July 31, Six Months Ended July 31,
2020201920202019
Common stock:
Balance, beginning of period$235 $225 $231 $221 
Issuance of common stock under employee equity plans1 2 5 6 
Settlement of convertible senior notes2  2  
Balance, end of period238 227 238 227 
Additional paid-in capital:
Balance, beginning of period5,330,170 4,294,370 5,090,187 4,105,334 
Issuance of common stock under employee equity plans70,939 58,083 74,512 61,534 
Share-based compensation250,431 208,819 486,841 394,023 
Exercise of convertible senior notes hedges303,202  303,202  
Settlement of convertible senior notes(4) (4) 
Cumulative-effect of accounting changes   381 
Balance, end of period5,954,738 4,561,272 5,954,738 4,561,272 
Treasury stock:
Balance, beginning of period    
Exercise of convertible senior notes hedges(303,201) (303,201) 
Balance, end of period(303,201) (303,201) 
Accumulated other comprehensive income (loss):
Balance, beginning of period57,526 13,113 23,492 (809)
Other comprehensive (loss) income(56,880)19,345 (22,846)33,267 
Balance, end of period646 32,458 646 32,458 
Accumulated deficit:
Balance, beginning of period(2,785,927)(2,262,960)(2,627,359)(2,146,304)
Net loss(28,016)(120,712)(186,384)(236,987)
Cumulative-effect of accounting changes  (200)(381)
Balance, end of period(2,813,943)(2,383,672)(2,813,943)(2,383,672)
Total stockholders’ equity$2,838,478 $2,210,285 $2,838,478 $2,210,285 

Three Months Ended July 31, Six Months Ended July 31,
2020201920202019
Common stock (in shares):
Balance, beginning of period235,170,073 225,436,994 231,708,391 222,052,063 
Issuance of common stock under employee equity plans1,991,097 2,170,403 5,452,773 5,555,334 
Settlement of convertible senior notes1,654,302 197 1,654,308 197 
Purchase of treasury stock from the exercise of convertible senior notes hedges(1,654,757) (1,654,757) 
Balance, end of period237,160,715 227,607,594 237,160,715 227,607,594 
See Notes to Condensed Consolidated Financial Statements
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Workday, Inc.
Condensed Consolidated Statements of Cash Flows
(in thousands)
(unaudited)
Three Months Ended July 31, Six Months Ended July 31,
2020201920202019
Cash flows from operating activities:
Net loss$(28,016)$(120,712)$(186,384)$(236,987)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization73,178 67,754 144,692 128,919 
Share-based compensation expenses251,236 208,912 487,908 394,147 
Amortization of deferred costs27,349 22,002 53,409 42,882 
Amortization of debt discount and issuance costs14,528 14,301 29,368 25,888 
Non-cash lease expense19,879 16,252 38,248 32,074 
Other12,430 (4,851)16,800 (11,697)
Changes in operating assets and liabilities, net of business combinations:
Trade and other receivables, net(109,316)(73,437)181,586 83,942 
Deferred costs(41,841)(28,207)(59,901)(46,692)
Prepaid expenses and other assets(9,137)(1,679)10,840 (6,786)
Accounts payable9,307 1,047 (13,075)2,550 
Accrued expenses and other liabilities(39,837)(56,524)(41,341)(35,121)
Unearned revenue(22,550)55,461 (241,257)(63,637)
Net cash provided by (used in) operating activities157,210 100,319 420,893 309,482 
Cash flows from investing activities:
Purchases of marketable securities(602,546)(582,848)(1,156,531)(1,053,902)
Maturities of marketable securities473,016 385,710 854,414 845,807 
Sales of marketable securities 4,551 5,279 55,499 
Owned real estate projects(1,764)(34,149)(4,251)(73,783)
Capital expenditures, excluding owned real estate projects(66,555)(75,576)(126,495)(141,111)
Business combinations, net of cash acquired (12,885) (12,885)
Purchases of non-marketable equity and other investments(6,350)(5,516)(58,600)(7,716)
Sales and maturities of non-marketable equity and other investments1,561  6,199  
Other (32) (9)
Net cash provided by (used in) investing activities(202,638)(320,745)(479,985)(388,100)
Cash flows from financing activities:
Proceeds from borrowings on term loan, net250,000  747,795  
Payments on convertible senior notes(249,945)(27)(249,946)(27)
Proceeds from issuance of common stock from employee equity plans70,940 58,085 74,517 61,540 
Other(215)(107)(2,255)(200)
Net cash provided by (used in) financing activities70,780 57,951 570,111 61,313 
Effect of exchange rate changes771 75 506 (252)
Net increase (decrease) in cash, cash equivalents, and restricted cash26,123 (162,400)511,525 (17,557)
Cash, cash equivalents, and restricted cash at the beginning of period1,220,123 787,046 734,721 642,203 
Cash, cash equivalents, and restricted cash at the end of period$1,246,246 $624,646 $1,246,246 $624,646 
See Notes to Condensed Consolidated Financial Statements
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Three Months Ended July 31, Six Months Ended July 31,
2020201920202019
Supplemental cash flow data:
Cash paid for interest, net of amounts capitalized$4,939 $469 $6,377 $472 
Cash paid for income taxes4,641 2,469 7,586 6,003 
Non-cash investing and financing activities:
Purchases of property and equipment, accrued but not paid49,987 46,910 49,987 46,910 

As of July 31,
20202019
Reconciliation of cash, cash equivalents, and restricted cash as shown in the statements of cash flows:
Cash and cash equivalents$1,239,696 $619,514 
Restricted cash included in Prepaid expenses and other current assets6,421 5,002 
Restricted cash included in Other assets129 130 
Total cash, cash equivalents, and restricted cash$1,246,246