Research Desk Line-up: SecureWorks Post Earnings Coverage

LONDON, UK / ACCESSWIRE / June 23, 2017 / Pro-Trader Daily has just published a free post-earnings coverage on Workday, Inc. (NYSE: WDAY), which can be viewed by registering at http://protraderdaily.com/optin/?symbol=WDAY, following the Company's posting of its first quarter fiscal 2018 financial results on June 01, 2017. The maker of human resources software surpassed top- and bottom-line expectations. Our daily stock reports are accessible for free, and with those to look forward today you also will be signing up for a complimentary member's account at:

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Get more of our free earnings reports coverage from other constituents of the Application Software industry. Pro-TD has currently selected SecureWorks Corp. (NASDAQ: SCWX) for due-diligence and potential coverage as the Company announced on June 06, 2017, its financial results for Q1 FY18 which ended on May 05, 2017. Register for a free membership today, and be among the early birds that get access to our report on SecureWorks when we publish it.

At Pro-TD, we make it our mission to bring you news that matter about the stock you follow. Today, our research desk covers a blog story on WDAY; also brushing on SCWX. With the links below you can directly download the report of your stock of interest free of charge at:

http://protraderdaily.com/optin/?symbol=WDAY

http://protraderdaily.com/optin/?symbol=SCWX

Earnings Reviewed

For the fiscal first quarter ended April 30, 2017, Workday reported total revenues of $479.86 million, reflecting an increase of 38.0% compared to revenue of $347.68 million in Q1 FY17. The Company's revenue numbers topped analysts' forecasts of $466.8 million.

Workday's Q1 FY18 subscription revenues surged 43% to $399.74 million compared to revenue of $280.17 million in Q1 FY17. The Company's Professional Service revenue totaled $80.13 million in the reported quarter versus revenue of $67.51 million in the prior year's comparable quarter.

For Q1 FY18, Workday's operating loss was $60.2 million, or negative 12.5% of revenues, compared to an operating loss of $71.5 million, or negative 20.6% of revenues, in Q1 FY17. The Company's non-GAAP operating profit for the reported quarter was $61.0 million, or 12.7% of revenues, compared to a non-GAAP operating profit of $13.2 million, or 3.8% of revenues, in the prior year's same quarter.

Workday reported a loss of $64.04 million, or $0.31 per diluted share, in Q1 FY18 compared to a loss of $78.50 million, or $0.40 per diluted share, in Q1 FY17. The Company's non-GAAP net income per diluted share was $0.29 compared to a non-GAAP net income per diluted share of $0.06 in the year ago same period. The earnings results topped Wall Street's expectations of $0.16 per share.

Cash Matters

During Q1 FY18, Workday achieved a record high for cash flow from operations of $180 million, while free cash flows were $149.4 million. The Company's trailing 12-month operating cash flow was $368 million, up 12% on a y-o-y basis and trailing 12-month free cash flow totaled $251 million, up 32% on a y-o-y basis.

Workday's cash, cash equivalents, and marketable securities were $2.1 billion as of April 30, 2017. The Company's total unearned revenue at the end of Q1 FY18 grew 31% on a y-o-y to $1.2 billion. The Company's current unearned revenue, which it will recognize over the next 12 months, was approximately $1.1 billion, representing annual growth of 37%. Workday's non-current unearned revenue was down 6% on a y-o-y basis, driven primarily by fewer customers electing to pay more than 1 year of subscription fees upfront.

At the end of Q1 FY18, Workday's subscription revenue backlog was $4.0 billion, with 2/3 expected to be recognized within the next 2 years and the remaining balance to be recognized thereafter.

Outlook

Workday stated that based on strong first quarter results, it is raising its FY18 outlook. Workday is forecasting subscription revenue of $1.705 billion to $1.720 billion, or growth of 32% to 33%. Workday is estimating professional services revenue to be approximately $333 million in FY18 and $85 million in the upcoming quarter. For Q2 FY18, the Company is expecting subscription revenue to be between $420 million and $423 million, or growth of 37% to 38%. Workday is forecasting total revenue for FY18 to be in the range of $2.038 billion to $2.053 billion with Q2 total revenue in the range of $505 million to $508 million.

Stock Performance

Workday's share price finished yesterday's trading session at $102.83, marginally advancing 0.58%. A total volume of 1.37 million shares have exchanged hands. The Company's stock price soared 26.22% in the last three months, 49.77% in the past six months, and 31.48% in the previous twelve months. Additionally, the stock skyrocketed 55.59% since the start of the year. The stock currently has a market cap of $21.26 billion.

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SOURCE: Pro-Trader Daily