Posted on Wednesday, Sep 9th 2020
SaaS-based enterprise services provider Workday (NASDAQ: WDAY) continues to deliver stellar results. For the recently reported quarter, the company outpaced all market expectations and its stock soared to record high levels. However, the recent market turmoil has impacted the stock.
Workday’s second quarter revenues grew 19.4% to $1.06 billion, ahead of the Street’s forecast of $1.04 billion. Non GAAP EPS was $0.84, also ahead of the market’s forecast of $0.66. Net loss decreased to $20.01 million compared to loss of $120.7 million a year ago.
By segment, Subscription services revenues grew 23% to $931.7 million, ahead of the market’s forecast of $830 million. Professional services revenues declined 0.3% to $130.3 million.
Cash, cash equivalents, and marketable securities were $2.7 billion as of July 31, 2020.
For the third quarter, Workday expects subscription revenue of $948-$950 million and professional services revenues of $135 million. Workday increased its subscription revenue guidance for FY21 to $3.73-$3.74. It expects professional services revenue of $525 million in FY21. The market was looking for revenues of $1.085 billion for the quarter with an EPS of $0.67 and revenues of $4.262 billion for the year with an EPS of $2.51.
Workday’s Customer Traction
During the quarter, Workday announced the availability for its new solutions, Workday Help and Journeys, to help extend the power of the machine learning-driven employee experience. It also announced the availability of people analytics, which will leverage its Prism foundation and help empower HR and business leaders to make better people decisions. Additionally, Workday is continuing to help its customers with their return to work planning by providing solutions that help plan, schedule, and monitor a safe return to the workplace.
It entered into a partnership with IBM to work on a joint solution that will combine Workday’s Adaptive Planning and Workday Human Capital Management (HCM) with IBM’s technologies. The joint offering will provide the necessary employee data to offer insights into worker readiness to return to the workplace.
IBM will embed Watson AI into the solutions to help form models and applications to assist companies as they continue to navigate the aspects of returning to the workplace. Organizations will be able to model site capacity and evaluate employee roles and their eligibility for their return to the workplace. It will also assess the community risk and the readiness of the workplace, as well as identify the COVID-19 trends at each location of the workers’ residence, to help site leaders, HR leaders and workforce and workplace planners to make decisions about the re-openings of facilities.
Workday’s PaaS Strategy: Platform or API
recently launched its PaaS strategy with its Extend platform that allows customers and partners to build and customize applications and extensions on top of the capabilities already delivered on Workday to meet their unique business needs.
Extend allows organizations to leverage a familiar user, administration, and reporting experience and enforce the same security controls while gaining real-time access to Workday people and financial data for additional business needs.
Workday’s PaaS Strategy: Developer Community
Workday’s platform is currently aimed at allowing organizations to build extensions and apps that can help them meet their customized business needs. For instance,
Netflix has used Extend to build an app that creates an external supplier PO request extension on top of the existing Workday supplier portal to automate the majority of supplier PO requests. Similarly, Flex has built The Vehicle Registration app to enable employees to register the vehicles they drive to work. It can be used by on-site security teams to identify the owner of a car in case of an emergency. But the app is not currently open to an ISV community to build commercial applications. Workday’s PaaS Strategy: Marketplace and Metrics
Workday does not disclose the statistics on the number of developers that are currently building on its platform. I think it should consider an ISV focused strategy that will allow it to leverage the developer ecosystem that can add more capabilities to Workday’s own platform.
Its stock is trading at $223.00 with a market capitalization of $51.1 billion. It hit a 52-week high of $248.75 in August and a 52-week low of $107.75 in March this year.
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Splunk on the Right Track with Cloud and PaaS . Veeva Sets an Example, Transitions to a Public Benefit Corporation . BlackLine is Targeting A/R Automation Market . Okta Targets $25B Customer Identity Market with Acquisition . Teradata Trying to Reinvent Itself on the Cloud . Dropbox Acquires, But Competition Remains Stiff . Smartsheet Focuses on Partners, and not on ISVs . MongoDB has Huge Room to Grow in $97B Market . Cloud and Platform Expansion Continues at Nutanix . Rapid7 Targets $1B ARR by 2025 . DocuSign Exploring Unprecedented Digital Signature Offerings . Tenable Continues its Acquisition Spree . SolarWinds Attack Driving Zscaler's Stellar Performance . Zoom Should Report Developer Ecosystem Metrics . Dynatrace Competing with Rivals by Simplifying DevOps . Talend Becomes a Private Firm, Once Again . Everbridge Focuses on the Government Sector . Analysis of Fastly’s Signal Sciences Acquisition . Cloudera Focuses on Machine Learning for Verticals . Medallia Acquires to Expand Digital Experience Analytics . PagerDuty Sees Market Expand Beyond ITOps . Bill.com Expanding Payment Offerings for Small Businesses . Alarm.com's Product and Partner Portfolio Helps Address Competition . Sumo Logic Counts on Acquisition and Product Upgrades . Analysis of Crowdstrike’s Humio Acquisition . IBM's Transition to a Hybrid Cloud and AI Company . Analysis of Box's Acquisition of SignRequest . ON24 Should Look at Consolidating MarTech SaaS . Snowflake Exploring AI for Data Warehousing Capabilities . Unity Software Focuses on Digital Marketing with RestAR Acquisition . Tuya Counts on PaaS for Growth Within IoT . ServiceNow Continues to Acquire, Partner, and Integrate . Atlassian Expands Beyond IT Teams to Enterprise-Wide Offerings . Google's Growth Continues Despite Regulatory Concerns . Analysis of Microsoft's Acquisition of Nuance . Amazon's Ad Revenue on the Rise . Alteryx Focuses on the User and Partner Community . 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Market Leader Tenable Leverages Acquisitions for Growth . Analysis of Zscaler's Recent Two Acquisitions . Analysis of Rapid7's Velocidex Acquisition . Dropbox Expands in International eSignature Market . MongoDB Rides High on Five Years of Atlas . RingCentral Leverages Partnerships for Growth . BlackLine Remains Focused on SAP . ON24 Expands Marketing Offerings . Analysis of Magnite's Spot X Acquisition . PagerDuty Focuses on Integrations . Analysis of Bill.com's Divvy Acquisition . C3.ai Doubles Down on Partnerships . Analysis of Coupa's Pana Acquisition . BigCommerce Eyes a Bigger Marketshare Through Walmart Tie-up . Analysis of Everbridge's xMatters Acquisition . Adobe's Digital Solutions Drive Stellar Growth . CrowdStrike Leads in Endpoint Security Through Tie-ups . Snowflake Focuses on Expanded Partner Program to Drive Growth . Analysis of Sumo Logic's Sensu Acquisition . Dynatrace Counts on AI to Continue its Market Leadership . Analysis of IBM's Waeg Acquisition . 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MongoDB's Atlas Capabilities Expand to the Government Sector . Analysis of Bill.com's Invoice2Go Acquisition . DocuSign Banks on Agreement Cloud . Smartsheet's Expanding Use Cases . Analysis of Salesforce's Servicetrace Acquisition . Zscaler Focuses on Federal Agencies . Coupa Launches PaaS Strategy . Analysis of BlackLine’s Kyriba Partnership . PagerDuty's Expanding Integration Portfolio . Analysis of Tenable's Accurics Acquisition . Upstart’s Improving AI Algorithm in FinTech Consumer Lending . Analysis of C3.ai's Growing Partnerships . Analysis of Veeva's Learnaboutgmp Acquisition . Analysis of Adobe's Frame.io Acquisition . Snowflake Focuses on the Financial Services Sector . CrowdStrike Expands Government Offerings . Zoom Focuses on Expanding Reseller Offerings . Dropbox Focuses on Content Creators with New Product . Analysis of Okta's atSpoke Acquisition . Sumo Logic Leverages Red Hat Marketplace . Analysis of Dynatrace's SpectX Acquisition . 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Qualys Expands Solutions to Address Ransomware . Veeva Eyes Data Cloud . Splunk Expands Partner Capabilities . Coupa Continues to Build on its PaaS . MongoDB Focuses on Winning Government Contracts . DocuSign Targets $50B Market Opportunity in Agreement Cloud . Smartsheet Focuses on PaaS Growth . C3.ai Expands Enterprise and Public Sector Presence . 25 Cloud Stocks to BUY in 2022 . IBM Realigns its Portfolio to Focus on AI and Hybrid Cloud . Analysis of ServiceNow's DotWalk Acquisition . Analysis of Atlassian's Percept.AI Acquisition . Should Microsoft Break Itself Up? . Google Focuses on AI Enhancements . Amazon to Test Prime Customer Stickiness . Bill.com Continues Focus on Services for the SMB Segment . Analysis of GoDaddy's Pagely Acquisition . HubSpot's PaaS Keeps Growing . Freshworks Targets IT Operations Management Market . Zendesk Rejects Private Equity Buyout Offer . Shopify Emerges as a Covid Beneficiary with Stellar Results . Wix Simplifies App Creation . Anaplan Expands AWS Relationship . ON24 Builds a Partner Network . RingCentral Maintains Market Share Leadership in UCaaS Through Partnerships . BigCommerce Rides on TikTok's Growth . Analysis of Veeva's Veracity Acquisition . Salesforce Slows Down M&A to Focus on Integration . Okta's Widening Losses Worry Investors, But Growth Metrics Remain Strong . Nutanix Plans to Take on VMWare . Newly Public HashiCorp Focuses on a $73B Infrastructure-as-a-Code Market . Coupa Focuses on Key Products to Restart Decelerating Performance . Smartsheet's Product Line-up Fails to Accelerate Growth . DocuSign Targets a $50 Billion Market Opportunity . Pure Storage Takes on Dell in Top Tier Storage Market . Analysis of PagerDuty's Catalytic Acquisition . Splunk Impresses with Enterprise Customer Growth . Analysis of Qualtrics's Acquisition of SurveyVitals . Analysis of DigitalOcean's Nimbella Acquisition . Squarespace Eyes Video Offerings for SMBs . MongoDB is Leveraging Alliance with Amazon for Growth . 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