Workday (WDAY) Tops on Q2 Earnings & Revenues, Stock Rises
Workday, Inc. WDAY reported second-quarter fiscal 2021 non-GAAP earnings of 84 cents per share, which outpaced the Zacks Consensus Estimate by 29.2%. Backlogs from Subscription revenues were $8.6 billion, up 22.3% year over year, primarily driven by robust growth in new ACV bookings through both net new and add-on business domains, and deal renewals, and net retention of customers. The company witnessed the rapid deployment of HCM solution in the fiscal second quarter, which was selected by IB, Air Liquide, the State of Oklahoma and notable manufacturing company based in Germany, Thyssenkrupp. Workday generated operating cash flow of $157.2 million compared with the prior-quarter figure of $264 million. As of Jul 31, 2020, total unearned revenues (including non-current portion) were $2.07 billion compared with $2.09 billion as of Apr 30, 2020.