Artificial Intelligence
Workday Announces Fiscal Fourth Quarter and Full Year 2021 Financial Results
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Fiscal Fourth Quarter Total Revenues of $1.13 Billion, Up 15.9% Year Over Year Fiscal Year 2021 Total Revenues of $4.32 Billion, Up 19.0% Year Over Year PLEASANTON, Calif., Feb. 25, 2021 (GLOBE NEWSWIRE) — Workday, Inc. (NASDAQ: WDAY), a leader in enterprise cloud applications for finance and human resources, today announced results for the fiscal fourth quarter and full year ended January 31, 2021.
Fiscal Fourth Quarter 2021 Results
Fiscal Year 2021 Results
Comments on the News
“I couldn’t be prouder of how we closed out this extraordinary year and how we as a company and community – including employees, customers, and partners – responded, innovated, and supported one another,” said Aneel Bhusri, co-founder and co-CEO, Workday. “As we look ahead, I’m inspired by the incredible opportunity we have as we continue to serve as the backbone of digital transformation for the world’s largest organizations as they embrace new ways to engage employees and manage finances in today’s rapidly changing environment.” “We had a very strong close to the year, as more organizations accelerate their HR and finance technology investments and adopt cloud-based systems to respond to an evolving world,” said Chano Fernandez, co-CEO, Workday. “Reflecting on this year, I’m so pleased with the way our employees were able to respond during such a dynamic time and in turn, create great experiences and results for our customers and each other. Our customer community now represents more than 50 million workers and as we head into next fiscal year, we’re hoping to build on that great momentum with significant pipeline improvement, helping position us well for accelerated new bookings growth.”
“Our solid fourth quarter and full-year fiscal 2021 results are a testament to the strategic, mission-critical nature of our solutions and the resiliency of our business,” said Robynne Sisco, president and chief financial officer, Workday. “We currently expect fiscal 2022 subscription revenue to be in a range of $4.38 billion to $4.40 billion, representing year-over-year growth of 16%, and we expect non-GAAP operating margins of 17%. Our focus this year is on driving accelerated bookings growth, which we expect will ultimately result in a faster pace of future subscription revenue growth.”
Recent Highlights
Earnings Call Details
Workday plans to host a conference call today to review its fiscal fourth quarter and full year 2021 financial results and to discuss its financial outlook. The call is scheduled to begin at 1:30 p.m. PT/4:30 p.m. ET and can be accessed via webcast. The webcast will be available live, and a replay will be available following completion of the live broadcast for approximately 90 days.
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About Workday
Workday is a leading provider of enterprise cloud applications for finance and human resources, helping customers adapt and thrive in a changing world. Workday applications for financial management, human resources, planning, spend management, and analytics have been adopted by thousands of organizations around the world and across industries – from medium-sized businesses to more than 45 percent of the Fortune 500. For more information about Workday, visit workday.com.
© 2021 Workday, Inc. All rights reserved. Workday and the Workday logo are registered trademarks of Workday, Inc. All other brand and product names are trademarks or registered trademarks of their respective holders. Use of Non-GAAP Financial Measures
Reconciliations of non-GAAP financial measures to Workday’s financial results as determined in accordance with GAAP are included at the end of this press release following the accompanying financial data. For a description of these non-GAAP financial measures, including the reasons management uses each measure, please see the section of the tables titled “About Non-GAAP Financial Measures.” A reconciliation of our forward outlook for non-GAAP operating margin with our forward-looking GAAP operating margin is not available without unreasonable efforts as the quantification of share-based compensation expense, which is excluded from our non-GAAP operating margin, requires additional inputs such as the number of shares granted and market prices that are not ascertainable.
Forward-Looking Statements
This press release contains forward-looking statements including, among other things, statements regarding Workday’s full-year fiscal 2022 subscription revenue and non-GAAP operating margins, growth metrics, opportunities, pipeline, and positioning. The words “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “seek,” “plan,” “project,” “looking ahead,” “look to,” “move into,” and similar expressions are intended to identify forward-looking statements. These forward-looking statements are subject to risks, uncertainties, and assumptions. If the risks materialize or assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. Risks include, but are not limited to: (i) the impact of the ongoing COVID-19 pandemic on our business, as well as our customers, prospects, partners, and service providers; (ii) the risk that the pending acquisition of Peakon may not be completed in a timely manner or at all, that we may not be able to achieve the expected benefits of the transaction, or that we may incur unanticipated costs or other negative effects in connection with the transaction; (iii) our ability to implement our plans, objectives, and other expectations with respect to Peakon or any other of our acquired companies; (iv) breaches in our security measures, unauthorized access to our customers’ or other users’ personal data, or disruptions in our data center or computing infrastructure operations; (v) service outages, delays in the deployment of our applications, and the failure of our applications to perform properly; (vi) our ability to manage our growth effectively; (vii) competitive factors, including pricing pressures, industry consolidation, entry of new competitors and new applications, advancements in technology, and marketing initiatives by our competitors; (viii) the development of the market for enterprise cloud applications and services; (ix) acceptance of our applications and services by customers and individuals, including any new features, enhancements, and modifications, as well as the acceptance of any underlying technology such as machine learning, artificial intelligence, and blockchain; (x) adverse changes in general economic or market conditions; (xi) the regulatory, economic, and political risks associated with our domestic and international operations; (xii) the regulatory risks related to new and evolving technologies such as machine learning, artificial intelligence, and blockchain; (xiii) delays or reductions in information technology spending; and (xiv) changes in sales, which may not be immediately reflected in our results due to our subscription model. Further information on these and additional risks that could affect Workday’s results is included in our filings with the Securities and Exchange Commission (“SEC”), including our Form 10-Q for the fiscal quarter ended October 31, 2020, and our future reports that we may file with the SEC from time to time, which could cause actual results to vary from expectations. Workday assumes no obligation to, and does not currently intend to, update any such forward-looking statements after the date of this release.
Any unreleased services, features, or functions referenced in this document, our website, or other press releases or public statements that are not currently available are subject to change at Workday’s discretion and may not be delivered as planned or at all. Customers who purchase Workday services should make their purchase decisions based upon services, features, and functions that are currently available. Workday, Inc. Workday, Inc. Workday, Inc. Workday, Inc. Workday, Inc. Workday, Inc. Workday, Inc. About Non-GAAP Financial Measures
To provide investors and others with additional information regarding Workday’s results, we have disclosed the following non-GAAP financial measures: non-GAAP operating income (loss) and non-GAAP net income (loss) per share. Workday has provided a reconciliation of each non-GAAP financial measure used in this earnings release to the most directly comparable GAAP financial measure. Non-GAAP operating income (loss) differs from GAAP in that it excludes share-based compensation expenses, employer payroll tax-related items on employee stock transactions, and amortization expense for acquisition-related intangible assets. Non-GAAP net income (loss) per share differs from GAAP in that it excludes share-based compensation expenses, employer payroll tax-related items on employee stock transactions, amortization expense for acquisition-related intangible assets, non-cash interest expense related to our convertible senior notes, and income tax effects.
Workday’s management uses these non-GAAP financial measures to understand and compare operating results across accounting periods, for internal budgeting and forecasting purposes, for short- and long-term operating plans, and to evaluate Workday’s financial performance. Management believes these non-GAAP financial measures reflect Workday’s ongoing business in a manner that allows for meaningful period-to-period comparisons and analysis of trends in Workday’s business. Management also believes that these non-GAAP financial measures provide useful information to investors and others in understanding and evaluating Workday’s operating results and prospects in the same manner as management and in comparing financial results across accounting periods and to those of peer companies. Management believes excluding the following items from the GAAP Condensed Consolidated Statements of Operations is useful to investors and others in assessing Workday’s operating performance due to the following factors:
The use of non-GAAP operating income (loss) and non-GAAP net income (loss) per share measures have certain limitations as they do not reflect all items of income and expense that affect Workday’s operations. Workday compensates for these limitations by reconciling the non-GAAP financial measures to the most comparable GAAP financial measures. These non-GAAP financial measures should be considered in addition to, not as a substitute for or in isolation from, measures prepared in accordance with GAAP. Further, these non-GAAP measures may differ from the non-GAAP information used by other companies, including peer companies, and therefore comparability may be limited. Management encourages investors and others to review Workday’s financial information in its entirety and not rely on a single financial measure.
Investor Relations Contact: Media Contact:
Subscription Revenue of $1.01 Billion, Up 19.8% Year Over Year
24-Month Subscription Revenue Backlog of $6.53 Billion, Up 19.2% Year Over Year
Total Subscription Revenue Backlog of $10.09 Billion, Up 21.6% Year Over Year
Subscription Revenue of $3.79 Billion, Up 22.4% Year Over Year
Operating Cash Flows of $1.27 Billion, Up 46.7% Year Over Year
1
Non-GAAP operating income excludes share-based compensation expenses, employer payroll tax-related items on employee stock transactions, and amortization expense for acquisition-related intangible assets. See the section titled “About Non-GAAP Financial Measures” in the accompanying financial tables for further details.
2
Non-GAAP net income per share excludes share-based compensation expenses, employer payroll tax-related items on employee stock transactions, amortization expense for acquisition-related intangible assets, non-cash interest expense related to our convertible senior notes, and income tax effects. See the section titled “About Non-GAAP Financial Measures” in the accompanying financial tables for further details.
3
Gartner “Magic Quadrant for Cloud HCM Suites for 1,000+ Employee Enterprises,” by Jason Cerrato, Chris Pang, Jeff Freyermuth, Ron Hanscome, Helen Poitevin, Sam Grinter, Ranadip Chandra, Amanda Grainger, November 9, 2020.
Condensed Consolidated Balance Sheets
(in thousands)
(unaudited)
January 31,
2021
2020
Assets
Current assets:
Cash and cash equivalents
$
1,384,181
$
731,141
Marketable securities
2,151,472
1,213,432
Trade and other receivables, net
1,032,484
877,578
Deferred costs
122,764
100,459
Prepaid expenses and other current assets
111,160
172,012
Total current assets
4,802,061
3,094,622
Property and equipment, net
972,403
936,179
Operating lease right-of-use assets
414,143
290,902
Deferred costs, noncurrent
271,796
222,395
Acquisition-related intangible assets, net
248,626
308,401
Goodwill
1,819,625
1,819,261
Other assets
189,757
144,605
Total assets
$
8,718,411
$
6,816,365
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable
$
75,596
$
57,556
Accrued expenses and other current liabilities
169,266
130,050
Accrued compensation
285,061
248,154
Unearned revenue
2,556,624
2,223,178
Operating lease liabilities
93,000
66,147
Debt, current
1,103,101
244,319
Total current liabilities
4,282,648
2,969,404
Debt, noncurrent
691,913
1,017,967
Unearned revenue, noncurrent
80,111
86,025
Operating lease liabilities, noncurrent
350,051
241,425
Other liabilities
35,854
14,993
Total liabilities
5,440,577
4,329,814
Stockholders’ equity:
Common stock
242
231
Additional paid-in capital
6,254,936
5,090,187
Treasury stock
(12,384
)
—
Accumulated other comprehensive income (loss)
(54,970
)
23,492
Accumulated deficit
(2,909,990
)
(2,627,359
)
Total stockholders’ equity
3,277,834
2,486,551
Total liabilities and stockholders’ equity
$
8,718,411
$
6,816,365
Condensed Consolidated Statements of Operations
(in thousands, except per share data)
(unaudited)
Three Months Ended January 31,
Year Ended January 31,
2021
2020
2021
2020
Revenues:
Subscription services
$
1,006,251
$
839,694
$
3,788,452
$
3,096,389
Professional services
125,433
136,605
529,544
530,817
Total revenues
1,131,684
976,299
4,317,996
3,627,206
Costs and expenses (1):
Costs of subscription services
169,246
132,578
611,912
488,513
Costs of professional services
143,798
152,197
586,220
576,745
Product development
439,095
422,211
1,721,222
1,549,906
Sales and marketing
335,249
306,618
1,233,173
1,146,548
General and administrative
117,607
108,792
414,068
367,724
Total costs and expenses
1,204,995
1,122,396
4,566,595
4,129,436
Operating income (loss)
(73,311
)
(146,097
)
(248,599
)
(502,230
)
Other income (expense), net
4,737
16,884
(26,535
)
19,783
Loss before provision for (benefit from) income taxes
(68,574
)
(129,213
)
(275,134
)
(482,447
)
Provision for (benefit from) income taxes
3,133
(1,255
)
7,297
(1,773
)
Net loss
$
(71,707
)
$
(127,958
)
$
(282,431
)
$
(480,674
)
Net loss per share, basic and diluted
$
(0.30
)
$
(0.56
)
$
(1.19
)
$
(2.12
)
Weighted-average shares used to compute net loss per share, basic and diluted
240,992
230,491
237,019
227,185
(1) Costs and expenses include share-based compensation expenses as follows:
Three Months Ended January 31,
Year Ended January 31,
2021
2020
2021
2020
Costs of subscription services
$
17,769
$
13,869
$
63,253
$
49,919
Costs of professional services
27,402
23,011
101,869
80,401
Product development
126,426
118,978
505,376
434,188
Sales and marketing
51,938
48,072
202,819
176,758
General and administrative
33,579
30,492
131,537
118,614
Condensed Consolidated Statements of Cash Flows
(in thousands)
(unaudited)
Three Months Ended January 31,
Year Ended January 31,
2021
2020
2021
2020
Cash flows from operating activities:
Net loss
$
(71,707
)
$
(127,958
)
$
(282,431
)
$
(480,674
)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization
75,101
75,126
293,657
276,278
Share-based compensation expenses
257,114
234,422
1,004,854
859,571
Amortization of deferred costs
30,506
24,744
112,647
90,641
Amortization of debt discount and issuance costs
12,227
14,634
53,693
54,034
Non-cash lease expense
23,987
18,170
84,376
67,325
Other
(20,351
)
(26,110
)
(12,311
)
(35,063
)
Changes in operating assets and liabilities, net of business combinations:
Trade and other receivables, net
(286,903
)
(262,280
)
(159,240
)
(176,141
)
Deferred costs
(82,629
)
(68,061
)
(184,353
)
(149,168
)
Prepaid expenses and other assets
15,379
(18,413
)
52,117
(17,736
)
Accounts payable
5,837
15,805
(3,476
)
20,293
Accrued expenses and other liabilities
27,906
(6,375
)
(18,472
)
220
Unearned revenue
567,279
423,410
327,380
355,018
Net cash provided by (used in) operating activities
553,746
297,114
1,268,441
864,598
Cash flows from investing activities:
Purchases of marketable securities
(768,641
)
(368,422
)
(2,731,885
)
(1,797,468
)
Maturities of marketable securities
520,010
346,813
1,802,334
1,686,643
Sales of marketable securities
5,348
1,009
10,627
56,508
Owned real estate projects
(793
)
(3,693
)
(6,116
)
(99,308
)
Capital expenditures, excluding owned real estate projects
(48,688
)
(47,420
)
(253,380
)
(243,694
)
Business combinations, net of cash acquired
—
(460,718
)
—
(473,603
)
Purchase of other intangible assets
(2,950
)
(850
)
(2,950
)
(850
)
Purchases of non-marketable equity and other investments
(4,264
)
(8,100
)
(67,482
)
(25,393
)
Sales and maturities of non-marketable equity and other investments
1,005
—
7,228
252
Other
—
—
—
(9
)
Net cash provided by (used in) investing activities
(298,973
)
(541,381
)
(1,241,624
)
(896,922
)
Cash flows from financing activities:
Proceeds from borrowings on Term Loan, net of debt discount and issuance costs
—
—
747,795
—
Payments on convertible senior notes
(66
)
—
(250,012
)
(30
)
Payments on Term Loan
(9,375
)
—
(18,750
)
—
Proceeds from issuance of common stock from employee equity plans
70,506
62,353
148,673
125,673
Other
(221
)
(144
)
(2,657
)
(519
)
Net cash provided by (used in) financing activities
60,844
62,209
625,049
125,124
Effect of exchange rate changes
788
(78
)
1,334
(282
)
Net increase (decrease) in cash, cash equivalents, and restricted cash
316,405
(182,136
)
653,200
92,518
Cash, cash equivalents, and restricted cash at the beginning of period
1,071,516
916,857
734,721
642,203
Cash, cash equivalents, and restricted cash at the end of period
$
1,387,921
$
734,721
$
1,387,921
$
734,721
Reconciliation of GAAP to Non-GAAP Data
Three Months Ended January 31, 2021
(in thousands, except percentages and per share data)
(unaudited)
GAAP
Share-Based Compensation Expenses
Other Operating Expenses (2)
Amortization of Convertible Senior Notes Debt Discount and Issuance Costs
Income Tax and Dilution Effects (3)
Non-GAAP
Costs and expenses:
Costs of subscription services
$
169,246
$
(17,769
)
$
(8,501
)
$
—
$
—
$
142,976
Costs of professional services
143,798
(27,402
)
(1,643
)
—
—
114,753
Product development
439,095
(126,426
)
(6,857
)
—
—
305,812
Sales and marketing
335,249
(51,938
)
(8,956
)
—
—
274,355
General and administrative
117,607
(33,579
)
(1,226
)
—
—
82,802
Operating income (loss)
(73,311
)
257,114
27,183
—
—
210,986
Operating margin
(6.5
)%
22.7
%
2.4
%
—
%
—
%
18.6
%
Other income (expense), net
4,737
—
—
12,117
—
16,854
Income (loss) before provision for (benefit from) income taxes
(68,574
)
257,114
27,183
12,117
—
227,840
Provision for (benefit from) income taxes
3,133
—
—
—
40,157
43,290
Net income (loss)
$
(71,707
)
$
257,114
$
27,183
$
12,117
$
(40,157
)
$
184,550
Net income (loss) per share (1)
$
(0.30
)
$
1.07
$
0.11
$
0.05
$
(0.20
)
$
0.73
(1)
GAAP net loss per share is calculated based upon 240,992 basic and diluted weighted-average shares of common stock. Non-GAAP net income per share is calculated based upon 252,099 diluted weighted-average shares of common stock.
(2)
Other operating expenses include amortization of acquisition-related intangible assets of $14.0 million and total employer payroll tax-related items on employee stock transactions of $13.2 million.
(3)
We utilize a fixed long-term projected tax rate in our computation of the non-GAAP income tax provision to provide better consistency across the reporting periods. For fiscal 2021, we determined the projected non-GAAP tax rate to be 19%. Included in this is a dilution impact of $0.03 from the conversion of basic and diluted net loss per share to diluted net income per share.
Reconciliation of GAAP to Non-GAAP Data
Three Months Ended January 31, 2020
(in thousands, except percentages and per share data)
(unaudited)
GAAP
Share-Based Compensation Expenses
Other Operating Expenses (2)
Amortization of Convertible Senior Notes Debt Discount and Issuance Costs
Income Tax and Dilution Effects (3)
Non-GAAP
Costs and expenses:
Costs of subscription services
$
132,578
$
(13,869
)
$
(8,334
)
$
—
$
—
$
110,375
Costs of professional services
152,197
(23,011
)
(1,179
)
—
—
128,007
Product development
422,211
(118,978
)
(7,253
)
—
—
295,980
Sales and marketing
306,618
(48,072
)
(9,671
)
—
—
248,875
General and administrative
108,792
(30,492
)
(1,820
)
—
—
76,480
Operating income (loss)
(146,097
)
234,422
28,257
—
—
116,582
Operating margin
(15.0
)%
24.0
%
2.9
%
—
%
—
%
11.9
%
Other income (expense), net
16,884
—
—
14,635
—
31,519
Income (loss) before provision for (benefit from) income taxes
(129,213
)
234,422
28,257
14,635
—
148,101
Provision for (benefit from) income taxes
(1,255
)
—
—
—
26,432
25,177
Net income (loss)
$
(127,958
)
$
234,422
$
28,257
$
14,635
$
(26,432
)
$
122,924
Net income (loss) per share (1)
$
(0.56
)
$
1.02
$
0.12
$
0.06
$
(0.14
)
$
0.50
(1)
GAAP net loss per share is calculated based upon 230,491 basic and diluted weighted-average shares of common stock. Non-GAAP net income per share is calculated based upon 247,819 diluted weighted-average shares of common stock.
(2)
Other operating expenses include amortization of acquisition-related intangible assets of $17.0 million and total employer payroll tax-related items on employee stock transactions of $11.2 million.
(3)
We utilize a fixed long-term projected tax rate in our computation of the non-GAAP income tax provision to provide better consistency across the reporting periods. For fiscal 2020, the projected non-GAAP tax rate was 17%. Included in the per share amount is a dilution impact of $0.03 from the conversion of basic and diluted net loss per share to diluted net income per share.
Reconciliation of GAAP to Non-GAAP Data
Year Ended January 31, 2021
(in thousands, except percentages and per share data)
(unaudited)
GAAP
Share-Based Compensation Expenses
Other Operating Expenses (2)
Amortization of Convertible Senior Notes Debt Discount and Issuance Costs
Income Tax and Dilution Effects (3)
Non-GAAP
Costs and expenses:
Costs of subscription services
$
611,912
$
(63,253
)
$
(34,799
)
$
—
$
—
$
513,860
Costs of professional services
586,220
(101,869
)
(6,486
)
—
—
477,865
Product development
1,721,222
(505,376
)
(27,567
)
—
—
1,188,279
Sales and marketing
1,233,173
(202,819
)
(35,797
)
—
—
994,557
General and administrative
414,068
(131,537
)
(6,337
)
—
—
276,194
Operating income (loss)
(248,599
)
1,004,854
110,986
—
—
867,241
Operating margin
(5.8
)%
23.3
%
2.6
%
—
%
—
%
20.1
%
Other income (expense), net
(26,535
)
—
—
53,326
—
26,791
Income (loss) before provision for (benefit from) income taxes
(275,134
)
1,004,854
110,986
53,326
—
894,032
Provision for (benefit from) income taxes
7,297
—
—
—
162,569
169,866
Net income (loss)
$
(282,431
)
$
1,004,854
$
110,986
$
53,326
$
(162,569
)
$
724,166
Net income (loss) per share (1)
$
(1.19
)
$
4.24
$
0.47
$
0.22
$
(0.81
)
$
2.93
(1)
GAAP net loss per share is calculated based upon 237,019 basic and diluted weighted-average shares of common stock. Non-GAAP net income per share is calculated based upon 247,230 diluted weighted-average shares of common stock.
(2)
Other operating expenses include amortization of acquisition-related intangible assets of $59.8 million and total employer payroll tax-related items on employee stock transactions of $51.2 million.
(3)
We utilize a fixed long-term projected tax rate in our computation of the non-GAAP income tax provision to provide better consistency across the reporting periods. For fiscal 2021, we have determined the projected non-GAAP tax rate to be 19%. Included in the per share amount is a dilution impact of $0.12 from the conversion of basic and diluted net loss per share to diluted net income per share.
Reconciliation of GAAP to Non-GAAP Data
Year Ended January 31, 2020
(in thousands, except percentages and per share data)
(unaudited)
GAAP
Share-Based Compensation Expenses
Other Operating Expenses (2)
Amortization of Convertible Senior Notes Debt Discount and Issuance Costs
Income Tax and Dilution Effects (3)
Non-GAAP
Costs and expenses:
Costs of subscription services
$
488,513
$
(49,919
)
$
(40,326
)
$
—
$
—
$
398,268
Costs of professional services
576,745
(80,401
)
(6,440
)
—
—
489,904
Product development
1,549,906
(434,188
)
(30,684
)
—
—
1,085,034
Sales and marketing
1,146,548
(176,758
)
(40,774
)
—
—
929,016
General and administrative
367,724
(118,614
)
(8,592
)
—
—
240,518
Operating income (loss)
(502,230
)
859,880
126,816
—
—
484,466
Operating margin
(13.8
)%
23.7
%
3.5
%
—
%
—
%
13.4
%
Other income (expense), net
19,783
—
—
54,034
—
73,817
Income (loss) before provision for (benefit from) income taxes
(482,447
)
859,880
126,816
54,034
—
558,283
Provision for (benefit from) income taxes
(1,773
)
—
—
—
96,681
94,908
Net income (loss)
$
(480,674
)
$
859,880
$
126,816
$
54,034
$
(96,681
)
$
463,375
Net income (loss) per share (1)
$
(2.12
)
$
3.78
$
0.56
$
0.24
$
(0.58
)
$
1.88
(1)
GAAP net loss per share is calculated based upon 227,185 basic and diluted weighted-average shares of common stock. Non-GAAP net income per share is calculated based upon 247,013 diluted weighted-average shares of common stock.
(2)
Other operating expenses include amortization of acquisition-related intangible assets of $71.8 million and total employer payroll tax-related items on employee stock transactions of $55.0 million.
(3)
We utilize a fixed long-term projected tax rate in our computation of the non-GAAP income tax provision to provide better consistency across the reporting periods. For fiscal 2020, the projected non-GAAP tax rate was 17%. Included in the per share amount is a dilution impact of $0.15 from the conversion of basic and diluted net loss per share to diluted net income per share.
Justin Furby
[email protected]
Nina Oestlien
[email protected]
Artificial Intelligence
Complyport’s new AI tool – ViCA.Chat – set to revolutionise compliance support services
![complyport’s-new-ai-tool-–-vica.chat-–-set-to-revolutionise-compliance-support-services](https://roboticulized.com/wp-content/uploads/2024/06/150191-complyports-new-ai-tool-vica-chat-set-to-revolutionise-compliance-support-services.jpg)
LONDON, June 14, 2024 /PRNewswire/ — ViCA.Chat, the Virtual Compliance Assistant powered by AI technology, is set to transform regulatory compliance consulting. Developed by ComplyMAP Group’s AI engineers and Complyport’s compliance consulting teams, ViCA redefines compliance support services and propels governance, risk and compliance consulting into a new era of innovation.
Offering real-time assistance across a vast array of UK and EU regulatory frameworks, ViCA delivers unparalleled efficiency, detail and precision in disentangling and dealing with complicated regulatory frameworks.
The key differentiator of ViCA is its specialised and purposely constructed unique databases that leverage Complyport’s 22 years of regulatory expertise, combined with tailored AI training tools, enabling ViCA to operate as an experienced compliance consultant. A dedicated human support team continuously improves and updates ViCA’s knowledge and responses through a feedback loop process and quality assurance sessions. This powerful symbiosis of AI and human expertise sets ViCA apart and ensures businesses have the latest regulatory information instantaneously and seamlessly.
As a result, ViCA’s specialised regulatory database goes beyond readily available online resources which feature into traditional AI tools. ViCA offers exclusive insights, proprietary regulatory interpretations, historical data, bespoke and purposely structured compliance documentation and templates. With advanced scraping capabilities, ViCA also extracts relevant data from selected websites and publicly available information, ensuring an up-to-date and comprehensive understanding of compliance requirements across industries.
From agile fintech startups to established law firms, financial institutions, regulatory bodies, insurance providers, as well as compliance consultants, ViCA seamlessly adapts to unique compliance needs. Its user-friendly interface ensures navigating and analysing regulatory data is swift and intuitive, streamlining the compliance workflow.
“ViCA is a game-changer in how regulatory compliance advice will be provided in the future”, commented Luis Parra, Managing Director of ViCA. “With ViCA, compliance insights become available to all. No longer are regulated firms and responsible people overly dependent on advisors and compliance consultants. Through ViCA, the financial system will not only meet but exceed regulatory standards. Moreover, the level of information made available to the public will benefit society as a whole, in its interactions with the financial services sector.”
Among ViCA’s revolutionary features is its cost-effective model, allowing businesses to significantly reduce reliance on traditional spending with external consultants and advisors.
Visit ViCA.Chat to experience the future of compliance support.
Contact:
Name: Luis ParraTitle: Managing DirectorCompany: Vica.ChatTelephone: +44 20 7399 4980 Email: [email protected]
About ViCA.Chat:
ViCA.Chat is a revolutionary Virtual Compliance Assistant powered by cutting-edge AI technology, designed to demystify the complexities of regulatory compliance. Utilising Complyport’s 22 years of regulatory expertise, ViCA offers real-time assistance and guidance across a wide range of regulatory frameworks, setting a new standard for efficiency and precision in compliance support. From fintech start-ups to established law firms, financial services institutions, regulators, regulatory firms, compliance consultants and insurance firms, ViCA caters to the diverse needs of professionals across all levels in the broader UK financial services sector.
Visit ViCA.Chat to learn more.
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Artificial Intelligence
LoRa and LoRaWAN IoT Market worth $32.7 billion by 2029- Exclusive Report by MarketsandMarkets™
![lora-and-lorawan-iot-market-worth-$32.7-billion-by-2029-exclusive-report-by-marketsandmarkets™](https://roboticulized.com/wp-content/uploads/2024/06/150193-lora-and-lorawan-iot-market-worth-32-7-billion-by-2029-exclusive-report-by-marketsandmarkets.jpg)
CHICAGO, June 14, 2024 /PRNewswire/ — The LoRa and LoRaWAN IoT Market is expected to reach USD 32.7 billion by 2029 from USD 8.0 billion in 2024, at a Compound Annual Growth Rate (CAGR) of 32.4 % during 2024–2029, according to a new report by MarketsandMarkets™.
Browse in-depth TOC on “LoRa and LoRaWAN IoT Market”
320 – Tables 58 – Figures294 – Pages
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Scope of the Report
Report Metrics
Details
Market size available for years
2018-2029
Base year considered
2023
Forecast period
2024–2029
Forecast units
Value (USD Billion)
Segments Covered
Offering, Network Deployment, Application, End User, and Region
Region covered
North America, Europe, Asia Pacific, Middle East & Africa, and Latin America.
List of Companies in LoRa and LoRaWAN IoT
The Bosch Group (Germany), Cisco (US), Orange SA (France), Comcast Corporation (US), Semtech (US), NEC Corporation(Japan), Tata Communications (India), AWS (US), Advantech (Taiwan), SK Telecom (South Korea), Murata (Japan), Kerlink (France), Actility (France), Digi International (US), MultiTech (US), Ezurio (US), Sensoterra (Netherlands), Nwave Technologies (US), RAKwireless (China), TheThings.io (Spain), Datacake (Germany), Milesight (China), LORIOT (Switzerland), Exosite (US), Orbiwise (Switzerland), Netmore Group (Sweden), and Radio Bridge Inc (US).
The LoRaWAN ecosystem influences development of tools, software libraries, and cloud-based platforms that streamline the creation, deployment, and management of IoT solutions. Continuously evolving, this ecosystem boasts a burgeoning array of vendors providing LoRa-compliant devices, gateways, and network management solutions. This vibrant competition within the ecosystem propels innovation while driving down costs for end-users. Moreover, the development of interoperable solutions fosters seamless integration and deployment of LoRaWAN networks, simplifying the implementation process for businesses and organizations. As the ecosystem continues to expand and mature, it empowers developers, system integrators, and IoT enthusiasts to unleash their creativity, accelerate time-to-market, and unlock the full potential of LoRaWAN technology in diverse applications and industries.
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Based on network deployment, the public network segment to hold the largest market size during the forecast period.
The robust security features integrated into public LoRaWAN networks play a significant role in driving the growth and adoption of LoRaWAN technology in the market. End-to-end encryption ensures that data transmitted between devices and gateways is protected from unauthorized access or interception, safeguarding sensitive information such as sensor readings, location data, and command messages. Message integrity checks verify the integrity of data packets, detecting any tampering or alteration during transmission and ensuring data authenticity and reliability. Additionally, mutual authentication mechanisms establish trust between devices and gateways, verifying the identity of both parties before allowing communication to occur. These security measures provide organizations and end-users with confidence in the integrity and confidentiality of their data, mitigating concerns related to data privacy, cybersecurity threats, and regulatory compliance. As a result, implementing robust security features in public LoRaWAN networks enhances trust and credibility in the technology, driving increased adoption and market growth as organizations seek reliable and secure connectivity solutions for their IoT deployments.
By offering, the services segment is expected to hold a higher growth rate during the forecast period.
IoT service providers are pivotal in driving adoption by developing vertical-specific solutions finely tuned to the distinct needs of industries like agriculture, healthcare, logistics, and smart cities. In agriculture, for instance, IoT services offer solutions for precision farming, crop monitoring, and livestock management, enabling farmers to optimize irrigation, monitor soil health, and enhance yields. Similarly, IoT services facilitate remote patient monitoring, asset tracking, and inventory management in healthcare, improving patient care, reducing costs, and ensuring compliance with regulatory standards such as HIPAA. In logistics, IoT services provide real-time tracking of shipments, fleet management, and predictive maintenance, enhancing supply chain visibility, efficiency, and reliability. For smart cities, IoT services offer solutions for traffic management, waste management, energy optimization, and public safety, transforming urban infrastructure and enhancing the quality of life for residents. By addressing industry-specific challenges, compliance requirements, and use cases, vertical-specific IoT solutions deliver tangible business value, driving adoption and fueling the growth of the IoT services market across diverse sectors.
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Asia Pacific is expected to hold a higher growth rate during the forecast period.
In the Asia Pacific region, where agriculture serves as a cornerstone of many economies, adopting IoT technologies, particularly LoRa and LoRaWAN, is revolutionizing traditional farming practices. LoRaWAN’s long-range connectivity and low-power consumption make it well-suited for deployment in rural agricultural settings, where access to reliable connectivity may be limited. Through LoRa-based IoT solutions, farmers can implement precision agriculture techniques to address pressing challenges such as water scarcity, soil degradation, and unpredictable weather patterns. LoRa-enabled sensors facilitate real-time monitoring of soil moisture levels, temperature, and humidity, allowing farmers to optimize irrigation schedules and conserve water resources. Remote sensing technologies powered by LoRaWAN enable farmers to gather actionable insights on crop health, pest infestations, and nutrient deficiencies, facilitating timely interventions and improving overall crop management practices. Furthermore, LoRa-based crop analytics platforms provide farmers with data-driven decision support tools, helping them optimize planting strategies, improve yield forecasting, and mitigate the impact of climate change on agricultural productivity. By harnessing the power of LoRa and LoRaWAN IoT solutions, farmers in the Asia Pacific region can increase yields, conserve resources, and enhance resilience to environmental challenges, driving the adoption and growth of the LoRaWAN IoT market in the agricultural sector.
Top Key Companies in LoRa and LoRaWAN IoT Market:
The major vendors covered in the LoRa and LoRaWAN IoT Market are The Bosch Group (Germany), Cisco (US), Orange SA (France), Comcast Corporation (US), Semtech (US), NEC Corporation(Japan), Tata Communications (India), AWS (US), Advantech (Taiwan), SK Telecom (South Korea), Murata (Japan), Kerlink (France), Actility (France), Digi International (US), MultiTech (US), Ezurio (US), Sensoterra (Netherlands), Nwave Technologies (US), RAKwireless (China), TheThings.io (Spain), Datacake (Germany), Milesight (China), LORIOT (Switzerland), Exosite (US), Orbiwise (Switzerland), Netmore Group (Sweden), and Radio Bridge Inc (US). These players have adopted various growth strategies, such as partnerships, agreements and collaborations, new product launches, enhancements, and acquisitions to expand their footprint in the LoRa and LoRaWAN IoT Market.
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MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.
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The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
Built on the ‘GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies – helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
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Artificial Intelligence
Scoring a Seat at UEFA EURO 2024™ with Top-Performing AI-Powered TOSHIBA TV Lineup
![scoring-a-seat-at-uefa-euro-2024™-with-top-performing-ai-powered-toshiba-tv-lineup](https://roboticulized.com/wp-content/uploads/2024/06/150185-scoring-a-seat-at-uefa-euro-2024-with-top-performing-ai-powered-toshiba-tv-lineup.jpg)
HONG KONG, June 14, 2024 /PRNewswire/ — Football fans are in for a treat as they gear up for UEFA EURO 2024™ with Toshiba TV’s top-performing Gaming TV Z670. As the OFFICIAL TV OF UEFA EURO 2024™, Toshiba TVs present immersive viewing of the football game by their AI-powered TV lineup. To celebrate the brilliant moments it can bring, Toshiba TV are gifting USD100 Amazon Gift Card via their social platform! By simply like, follow and comment on @ToshibaTVGlobal, fans can boost their chances of scoring this prize.
Optimized Visuals Tailored for Football Dynamics
The Toshiba REGZA Engine ZRi in Z670 transports football fans into the heart of the action. With the AI Football Mode, they’ll be able to see fast-moving objects crystal clear and football field actions much enriched. To see their favourite player score that winning goal, the AI Picture Optimizer automatically adjusts visual contrast and precision adapted to the game. From vivid green fields and vibrant player kits, every play comes to life with AI 4K Upscaling and Quantum Dot Color, transforming lower-resolution broadcasts into near-4K quality and unleashing lifelike visual color.
Powerful Audio Effects for a Live Stadium Experience
The Toshiba TV Z670’s powerful audio system makes viewers feel like they’re right in the game. With the REGZA Bass Woofer Pro, Tru Bass Booster, and Dolby Atmos, they’ll experience heart-thumping 3D surround sound that captures the live stadium atmosphere. Whether it’s the roar of the crowd or the intensity of each play, the rich audio brings the excitement of each game right into their room.
Bringing Everyone Together for UEFA EURO 2024™
Available in sizes ranging from 55″ to 85″, Z670 is equipped with a Wide Viewing Angle and Anti-reflection features that ensures a clear picture from all viewing positions with the non-glare panel. Gather everyone for “Brilliant Every Moment” in UEFA EURO 2024™ with Toshiba TV!
Please find the high-resolution TVC here: Link
About Toshiba TV:
With 70+ years of history in TV production, Toshiba TV is known for its exquisite craftsmanship, innovative ideas and groundbreaking inventions. By prioritizing superior image quality and auditory experiences, Toshiba TV sets new standards in entertainment. Toshiba TV stems from the excellence quest of customers, providing the world with responsible products to make the world a better place. Emphasizing attention to product details and technological advancement, Toshiba TV integrates aesthetically pleasing design, quality assurance, and brand reputation to underscore its commitment to authenticity in the actual world and a sincere dedication to its consumers, showcasing Toshiba TV’s long-standing design philosophy and continuous pursuit of product quality.
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