Workday Inc (WDAY) saw its loss narrow to $64.04 million, or $0.31 a share for the quarter ended Apr. 30, 2017. In the previous year period, the company reported a loss of $78.50 million, or $0.40 a share. On the other hand, adjusted net income for the quarter stood at $64.10 million, or $0.29 a share compared with $12.84 million or $0.06 a share, a year ago. Revenue during the quarter surged 38.02 percent to $479.86 million from $347.68 million in the previous year period. Gross margin for the quarter expanded 275 basis points over the previous year period to 71.51 percent. Operating margin for the quarter stood at negative 12.55 percent as compared to a negative 20.57 percent for the previous year period.
Operating loss for the quarter was $60.20 million, compared with an operating loss of $71.53 million in the previous year period.
However, the adjusted operating income for the quarter stood at $60.99 million compared to $13.21 million in the prior year period. At the same time, adjusted operating margin improved 891 basis points in the quarter to 12.71 percent from 3.80 percent in the last year period.
"Workday delivered a strong first quarter and achieved our highest net new ACV growth in nearly three years," said Aneel Bhusri, co-founder and chief executive officer, Workday. "As we look to the rest of fiscal 2018 and beyond, we believe our relentless focus on innovation and customer satisfaction will continue to be the differentiators that drive further momentum for our growing family of applications."
For the second-quarter, Workday projects revenue to be in the range of $420 million to $423 million. Workday projects revenue to be in the range of $1,705 million to $1,720 million for financial year 2018.
Operating cash flow improves
Workday Inc has generated cash of $180.02 million from operating activities during the quarter, up 10.57 percent or $17.20 million, when compared with the last year period. The company has spent $222.89 million cash to meet investing activities during the quarter as against cash outgo of $61.34 million in the last year period.
Cash flow from financing activities was $2.21 million for the quarter, down 41.20 percent or $1.55 million, when compared with the last year period.
Cash and cash equivalents stood at $498.93 million as on Apr. 30, 2017, up 22.90 percent or $92.98 million from $405.96 million on Apr. 30, 2016.
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