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Workday Inc. (WDAY-3.32%) has submitted its 10-Q filing for the quarterly period ended October 31, 2024.
The filing reports total revenues of $2.2 billion for the quarter, an increase from $1.9 billion in the same period the previous year. Subscription services revenues accounted for $1.96 billion of the total, reflecting a 16% increase from the prior year.
Operating income for the quarter was $165 million, representing 7.6% of total revenues, compared to $88 million or 4.7% of revenues in the same quarter last year.
Net income for the quarter was $193 million, up from $114 million in the previous year. Basic net income per share was $0.73, compared to $0.43 in the prior year.
Workday reported cash and cash equivalents of $1.3 billion as of October 31, 2024, with marketable securities bringing total liquidity to $7.2 billion.
The company highlighted a gross revenue retention rate of 98%, indicating strong customer retention. Total subscription revenue backlog was reported at $22.2 billion, with $7.0 billion expected to be recognized over the next 12 months.
Workday completed two acquisitions during the quarter: Evisort Inc. for $311 million and HiredScore, Inc. for $530 million, aiming to enhance its AI capabilities in document intelligence and talent orchestration.
The filing notes ongoing risks related to cybersecurity threats, data privacy regulations, and economic uncertainties. Workday continues to monitor these risks as part of its operational strategy.
The company also announced a new $1.0 billion share repurchase program authorized in August 2024, following the completion of a previous $500 million program.
Workday's management remains focused on expanding its product offerings and market reach, with investments in AI and international growth cited as key strategic areas.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Workday Inc. quarterly 10-Q report dated December 5, 2024. To report an error, please email earnings@qz.com.