Artificial Intelligence
Workday Announces Fiscal Fourth Quarter and Full Year 2021 Financial Results
Fiscal Fourth Quarter Total Revenues of $1.13 Billion, Up 15.9% Year Over Year
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
Fiscal Year 2021 Total Revenues of $4.32 Billion, Up 19.0% 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
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
- Total revenues were $1.13 billion, an increase of 15.9% from the fourth quarter of fiscal 2020. Subscription revenue was $1.01 billion, an increase of 19.8% from the same period last year.
- Operating loss was $73.3 million, or negative 6.5% of revenues, compared to an operating loss of $146.1 million, or negative 15.0% of revenues, in the same period last year. Non-GAAP operating income for the fourth quarter was $211.0 million, or 18.6% of revenues, compared to a non-GAAP operating income of $116.6 million, or 11.9% of revenues, in the same period last year.1
- Net loss per basic and diluted share was $0.30, compared to a net loss per basic and diluted share of $0.56 in the fourth quarter of fiscal 2020. Non-GAAP net income per diluted share was $0.73, compared to a non-GAAP net income per diluted share of $0.50 in the same period last year.2
Fiscal Year 2021 Results
- Total revenues were $4.32 billion, an increase of 19.0% from fiscal 2020. Subscription revenue was $3.79 billion, an increase of 22.4% from the prior year.
- Operating loss was $248.6 million, or negative 5.8% of revenues, compared to an operating loss of $502.2 million, or negative 13.8% of revenues, in fiscal 2020. Non-GAAP operating income was $867.2 million, or 20.1% of revenues, compared to a non-GAAP operating income of $484.5 million, or 13.4% of revenues, in the prior year.1
- Net loss per basic and diluted share was $1.19, compared to a net loss per basic and diluted share of $2.12 in fiscal 2020. Non-GAAP net income per diluted share was $2.93, compared to a non-GAAP net income per diluted share of $1.88 last year.2
- Operating cash flows were $1.27 billion compared to $864.6 million in the prior year.
- Cash, cash equivalents, and marketable securities were $3.54 billion as of January 31, 2021.
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
- Workday announced its intent to acquire Peakon ApS, an employee success platform that converts feedback into actionable insights. With Peakon, Workday will provide organizations with a continuous listening platform to help drive employee engagement and improve organizational performance.
- Workday has expanded its addressable market for the office of the chief financial officer with the Workday Enterprise Finance solution. This new offering provides customers – particularly those in product-based industries such as retail or manufacturing with on-premise enterprise resource planning and industry-specific systems – the flexibility to accelerate their digital finance transformation with as little friction as possible.
- Workday announced a COVID-19 vaccine management solution that combines real-time HR data with immunization information, providing customers with the insight and resources needed to help foster healthier workforces and safer workplaces.
- Workday announced that Lynne Doughtie, former U.S. chairman and CEO of KPMG, has been elected to its board of directors as an independent director.
- Workday announced it has promoted Doug Robinson to executive vice president of global sales, reporting to Co-CEO Chano Fernandez.
- Workday was recognized, for the fourth year in a row, as Best in KLAS in enterprise resource planning for Workday Financial Management, Workday Human Capital Management, and Workday Supply Chain Management solutions for healthcare. Workday was also honored with Best in KLAS for Talent Management.
- Workday welcomed its newest brand ambassador, Naomi Osaka, a globally recognized tennis champion, recent Australian Open winner, and leading voice of the social justice movement.
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.
Workday uses the Workday Blog as a means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD.
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. |
Required Disclaimer
Gartner does not endorse any vendor, product or service depicted in its research publications and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner’s research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.
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.
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 | |||
Workday, Inc.
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 | |||||||||||
Workday, Inc.
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 | |||||||
Workday, Inc.
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. |
Workday, Inc.
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. |
Workday, Inc.
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. |
Workday, Inc.
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. |
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:
- Share-based compensation expenses. Although share-based compensation is an important aspect of the compensation of our employees and executives, management believes it is useful to exclude share-based compensation expenses to better understand the long-term performance of our core business and to facilitate comparison of our results to those of peer companies. Share-based compensation expenses are determined using a number of factors, including our stock price, volatility, and forfeiture rates, that are beyond our control and generally unrelated to operational decisions and performance in any particular period. Further, share-based compensation expenses are not reflective of the value ultimately received by the grant recipients.
- Other operating expenses. Other operating expenses includes employer payroll tax-related items on employee stock transactions and amortization of acquisition-related intangible assets. The amount of employer payroll tax-related items on employee stock transactions is dependent on our stock price and other factors that are beyond our control and do not correlate to the operation of the business. For business combinations, we generally allocate a portion of the purchase price to intangible assets. The amount of the allocation is based on estimates and assumptions made by management and is subject to amortization. The amount of purchase price allocated to intangible assets and the term of its related amortization can vary significantly and are unique to each acquisition and thus we do not believe it is reflective of ongoing operations.
- Amortization of convertible senior notes debt discount and issuance costs. Under GAAP, we are required to separately account for liability (debt) and equity (conversion option) components of the convertible senior notes that were issued in private placements in June 2013 and September 2017. Accordingly, for GAAP purposes we are required to recognize the effective interest expense on our convertible senior notes and amortize the issuance costs over the term of the notes. The difference between the effective interest expense and the contractual interest expense, and the amortization expense of issuance costs are excluded from management’s assessment of our operating performance because management believes that these non-cash expenses are not indicative of ongoing operating performance. Management believes that the exclusion of the non-cash interest expense provides investors an enhanced view of Workday’s operational performance.
- Income tax effects. 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. In projecting this long-term non-GAAP tax rate, we utilize a three-year financial projection that excludes the direct impact of share-based compensation and related employer payroll taxes, amortization of acquisition-related intangible assets, and amortization of debt discount and issuance costs. The projected rate considers other factors such as our current operating structure, existing tax positions in various jurisdictions, and key legislation in major jurisdictions where we operate. For fiscal 2021 and 2022, we determined the projected non-GAAP tax rate to be 19%, which reflects currently available information, as well as other factors and assumptions. We will periodically re-evaluate this tax rate, as necessary, for significant events, based on our ongoing analysis of the 2017 U.S. Tax Cuts and Jobs Act, relevant tax law changes, material changes in the forecasted geographic earnings mix, and any significant acquisitions.
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:
Justin Furby
[email protected]
Media Contact:
Nina Oestlien
[email protected]
Artificial Intelligence
Businessabc.net, part of Ztudium group partners with IEBF to offer GenerativeAI tools for SMEs, Adds Dilip Pungliya to Leadership
LONDON and NEW DELHI, April 24, 2024 /PRNewswire/ — Businessabc.net part of ztudium group partners with Indo-European Business Forum IEBF and signed an MOU to collaborate in building tech AI-powered tools and trade corridors and technological solutions for businesses in India, UK, and Europe.
Businessabc.net is a global business abc AI, digital certification search engine, and directory marketplace that offers a fresh approach to business insights, and analytics and makes it accessible to every company, and employee, empowering knowledge-sharing and strategic insights across every level for businesses worldwide. Businessabc offers a digital hub marketplace to empower SMEs and businesses of all types with B2B, B2C, and AI-powered tools, that give them access to strategies, and insights and connect them with chambers of commerce, trade corridors, digital supply chains, provenance tools, and multi-store e-commerce solutions. The Indo-European Business Forum – IEBF is an independent, impartial organisation promoting two-way flows of trade, and investment in India, the UK, and EU member countries.
Businessabc.net owned by ztudium announces this strategic partnership with the IEBF and announces Dilip Pungliya as a new partner and Board Member to lead these endeavours. In this role, Mr. Pungliya, a tech, business, and data scientist executive will bring his extensive expertise in business strategy and digital transformation to lead key initiatives within the organisation.
The growth of Generative AI among Small and Medium Enterprises (SMEs) worldwide has been steadily gaining momentum, and in India, the UK, and Europe a burgeoning tech ecosystem is growing awareness of the transformative potential of artificial intelligence.
IEBF and Businessabc.net join forces to expand the platform with new indexes powered by Generative AI to enhance efficiency, streamline operations, and give companies a competitive edge in the market. Factors such as the availability of cost-effective AI solutions, the skilled workforce, and a global need to push towards digitalisation have contributed to the adoption of Generative AI technologies. GenAI tools and tech solutions are critical to unlocking new value for businesses and becoming the most important tools for organisations of all sizes. AI revolution through platforms such as businessabc.net semantic and GenAI search, indexes, and chatbots, can solve business problems and offer leaders integrated solutions for their growth.
IEBF has been collaborating with Governments in India, UK, and Europe,. Their contribution includes events in the UK House of Lords, Indian governmental organisations, and research and education initiatives for businesses. Created by Mr. Vijay Goel and Mr. Sunil Kumar Gupta the founders, responsibles for the organisation said about this: “We are excited to work and enhance business solutions between IEBF and Businessabc.net, part of Ztudium group. All businesses need to be aware, educated, and prepared for this new AI and digital growth tools world. Data from India’s Ministry of Electronics and Information Technology (MeitY) reports that GenAI is expected to add USD 450–500 billion to India’s GDP by 2025 – 10% of the country’s USD 5 trillion GDP target. We expect to work together to empower businesses in India, the UK, and Europe joining forces with Businessabc.net to organise strategic trade corridors, events, and Indexes.”
Dinis Guarda, Founder of Ztudium / Businessabc.net, a business top thought leader, author, and Youtuber said about the partnership: “We are thrilled to work with IEBF to expand the businessabc.net solutions to India, UK, and Europe businesses and welcome Dilip Punglyia to support, lead this partnership and Ztudium group. Together we will offer cutting-edge simple tools that use genAI in business and finance. In the financial sector alone GenAI is expected to increase global gross domestic product (GDP) by 7%—nearly $7 trillion—and boost productivity growth by 1.5%, according to Goldman Sachs Research.”
Dilip Pungliya, a seasoned tech, digital, and business strategy leader with more than twenty five years of experience creating data-driven solutions will be at the forefront of this partnership. Mr. Dilip Pungliya said about this: “I’m thrilled to join businessabc.net and Ztudium leadership team and contribute to the growth of the partnership with the IEBF and its holistic company’s mission of driving innovation and digital transformation through cutting-edge technologies like AI, fintech, Web 3.0, Metaverse, and Blockchain. This partnership will allow us to create a digital ID, new AI data-driven generative tools, and scale growth for businesses in India, UK, and Europe, and Dilip’s wealth of experience and strategic vision will be invaluable as we continue to drive innovation and empower businesses with transformative technologies.”
About the Indo-European Business Forum
IEBF is an independent, impartial body actively promoting two-way flows of trade, and investment in India and EU member countries. Indo European Business Forum is an open forum comprising like-minded people who believe that “India can offer strong and sustained business opportunities for European Union countries”. IEBF is patronised by leading personalities from both India and the EU having excellence in the fields of business, finance, real estate, and art, to name a few. Our advisory board consists of people who are determined to create a progressive world.
About the Businessabc.net,
Founded in August 2011 by Dinis Guarda, who was joined by Sonesh Sira as board and partner some years after businessabc.net part of Ztudium group has been creating Digital Transformation, and AI tools and being recognised as one of the top global thought leaders organisations by organisations like Thinkers360.com. The company has been working and advising Fortune 500 companies and governments and offers technology products and platforms. Some of its offers are citiesabc.com, fashionsabc.com, sportsabc.org. It also manages a media division with intelligenthq.com, tradersdna.com, hedgethink.com, and services that integrate a wide range of 4IR, AI, 3D, web 3.0, and blockchain technologies solutions such as Metaverseabc. tech, MStores.shopping, iDNA.technology, and AI.DNA. The platform unveiled recently its Top 10,000 Public Companies Market Cap Index, which lists tech giants like Apple, Microsoft, Google, Alphabet, Nvidia, and Meta, and LVMH, IBM, and JPMorgan Chase & Co., from other industries at the top.
About Ztudium: The maker of 4IR, AI, Web 3.0, and Smart Cities technologies
Ztudium is a UK-based global maker of leading proprietary intellectual property and technologies that integrate Fourth Industrial Revolution (4IR) technologies. The company creates technology products, platforms, media, and services that integrate fintech, smart cities, Web 3.0, AI, Metaverse, and Blockchain. Ztudium collaborates with multiple governments, organisations, educational institutions, and business networks worldwide.
For media inquiries, please contact:
Media Contact Name: Manan KothariEmail Address: [email protected] Number: +44 7833881659
Company Name: Businessabc / ZtudiumCompany Address: 85, Great portland street, London W1W7LTWebsite URL: www.businessabc.net, www.ztudium.com
View original content:https://www.prnewswire.co.uk/news-releases/businessabcnet-part-of-ztudium-group-partners-with-iebf-to-offer-generativeai-tools-for-smes-adds-dilip-pungliya-to-leadership-302126571.html
Artificial Intelligence
South Korea Data Center Market to Witness Investment of $7.22 Billion by 2029 – Get Insights on 35 Existing Data Centers and 19 Upcoming Facilities across South Korea
CHICAGO, April 24, 2024 /PRNewswire/ — According to Arizton’s latest research report, the South Korea data center market is growing at a CAGR of 8.43% during 2023-2029.
To Know More, Download the Free Sample Report: https://www.arizton.com/market-reports/south-korea-data-center-market-investment-analysis
South Korea Data Center Market Report Scope
Report Attributes
Details
Market Size (Investment)
USD 7.22 Billion (2029)
Market Size (Area)
688 thousand sq. Feet (2029)
Market Size (Power Capacity)
143 MW (2029)
CAGR Investment (2023-2029)
8.43 %
Colocation Market Size (Revenue)
USD 1.42 Billion (2029)
Historic Year
2020-2022
Base Year
2023
Forecast Year
2024-2029
South Korea is becoming a resilient data center market, propelled by a strategy prioritizing cloud service, a conducive business climate, and a well-established regulatory framework. Moreover, South Korea is a prominent Southeast Asian market, with investment opportunities driven by Artificial Intelligence and Renewable Energy initiatives. Major investments from local and international data center providers position the country as a pivotal player in the Asia-Pacific (APAC) digital infrastructure landscape.
Recently, South Korea has seen the development of smart cities such as Seoul, Incheon, Busan, and Daejeon. These cities implemented various smart solutions, including the Integrated Public Transportation Fare System, Demand-Responsive Transportation (DRT), Smart Grid, Smart Waste Management System, and numerous others.
Investment Opportunities in South Korea
In October 2023, LGU+ announced the completion of their second facility, Pyeoungchon 2 Center, in South Korea.In September 2023, Kakao announced the completion of their data center facility in Ansan, Gyeonggi, South Korea.In September 2023, SK Ecoplant announced plans to develop a data center campus facility in Pohang, South Korea.In August 2023, the South Korean government announced plans to develop a 1GW data center campus in the Southwest of South Korea.In June 2023, Empyrion DC commenced constructing its first data center facility in the Gangnam area of Seoul, South Korea.Market Trends
The South Korean government has committed to overturning the earlier policy by the administration of phasing out nuclear energy—the previous approach aimed to reduce the number of operational nuclear plants to 17 by 2034.South Korea plans to reduce its dependence on coal-fired power generation to 19.7% by 2030 and further down to 14.4% by 2036. Additionally, the country aims to decrease its reliance on gas-fired generation to 22.9% by 2030 and 9.3% by 2036.KOEN, formerly Korea South-East Power (KOSEP), generates renewable power from photovoltaic – 36 MW, hydro – 18.6 MW, fuel cells – 51.9 MW, wind – 58.4 MW, and biomass – 325 MW.Korea Western Power owns and operates around 17 solar power plants with a total capacity of around 43 MW. The Taean Small Hydro Power plant generates 2.2 MW, and the Hwasun Wind Power plant produces around 16 MW. In addition, the company generates around 39 MW of power capacity through fuel cells, generating around 35 MW of power through biomass.Significant Growth in Cloud, Mission Critical, and High-Performance Infrastructure to Increase OCP and Arm-based Server Adoption Booming the Market Growth
The expansion of hyperscale data centers will likely increase the demand for arm-based servers and promote the procurement of high-performance infrastructure solutions and OCP infrastructure solutions. South Korea-based cloud service provider Douzone Bizon adopted Intel Xeon Scalable Processor solutions to decrease the total cost of ownership for managing blade servers.
Why Should You Buy This Research?
Market size is available regarding investment, area, power capacity, and South Korea colocation market revenue.An assessment of the data center investment in South Korea by colocation, hyperscale, and enterprise operators.Investments in the area (square feet) and power capacity (MW) across cities in the country.A detailed study of the existing South Korea data center market landscape, an in-depth market analysis, and insightful predictions about market size during the forecast period.Snapshot of existing and upcoming third-party data center facilities in South KoreaFacilities Covered (Existing): 35Facilities Identified (Upcoming): 19Coverage: 12+ CitiesExisting vs. Upcoming (Area)Existing vs. Upcoming (IT Load Capacity)Data Center Colocation Market in South KoreaColocation Market Revenue & Forecast (2023-2029)Wholesale vs. Retail Colocation Revenue (2023-2029)Retail Colocation PricingWholesale Colocation PricingThe South Korea data center market investments are classified into IT, power, cooling, and general construction services with sizing and forecast.A comprehensive analysis of the latest trends, growth rate, potential opportunities, growth restraints, and prospects for the industry.Business overview and product offerings of prominent IT infrastructure providers, construction contractors, support infrastructure providers, and investors operating in the industry.A transparent research methodology and the analysis of the demand and supply aspects of the industry.Buy this Research @ https://www.arizton.com/market-reports/south-korea-data-center-market-investment-analysis
Post-Purchase Benefit
1hr of free analyst discussion10% off on customization The Report Includes the Investment in the Following Areas:
IT InfrastructureServersStorage SystemsNetwork InfrastructureElectrical InfrastructureUPS SystemsGeneratorsTransfer Switches & SwitchgearsPDUsOther Electrical InfrastructureMechanical InfrastructureCooling SystemsRack CabinetsOther Mechanical InfrastructureCooling SystemsCRAC & CRAH UnitsChiller UnitsCooling Towers, Condensers & Dry CoolersEconomizers & Evaporative CoolersOther Cooling UnitsGeneral ConstructionCore & Shell DevelopmentInstallation & Commissioning ServicesEngineering & Building DesignFire Detection & Suppression SystemsPhysical SecurityData Center Infrastructure Management (DCIM)Tier StandardTier I & Tier IITier IIITier IVGeographySeoulOther CitiesVendor Landscape
IT Infrastructure Providers
Arista NetworksAtosCisco SystemsDell TechnologiesFujitsuHewlett Packard EnterpriseIBMInspurIntelLenovoNetAppData Center Construction Contractors & Sub-Contractors
BEHIVE ArchitectsDPR ConstructionGS E&CHanmiGlobalHyundai Engineering & ConstructionISGPOSCO ICTSAMOO Architects & EngineersSamsung C&TSupport Infrastructure Providers
ABBCaterpillarCumminsDelta ElectronicsEatonFuji ElectricLegrandMitsubishi ElectricPiller Power SystemsRittalRolls-RoyceSchneider ElectricSTULZVertivData Center Investors
ActisDigital RealtyDreammark1Digital EdgeEquinixHostway IDCKakao CorpKT CorpLG UplusLG CNSNaverNHN CorpSOLISIDCSK BroadbandNew Entrants
Empyrion DCESROneAsia NetworkPrinceton Digital GroupPure Data Centres GroupSC Zeus Data CentersST Telemedia Global Data CentresSTACK InfrastructureKey Questions Answered in the Report: How big is the South Korea data center market?How many existing and upcoming data center facilities exist in South Korea?How much MW of power capacity will be added across South Korea during 2024-2029?What factors are driving the South Korea data center market?What is the growth rate of the South Korea data center market?Who are the key investors in the South Korea data center market?
Get the Detailed TOC @ https://www.arizton.com/market-reports/south-korea-data-center-market-investment-analysis
Check Out Some of the Top-Selling Research Reports: Indonesia Data Center Market – Investment Analysis & Growth Opportunities 2024-2029
Thailand Data Center Colocation Market – Supply and Demand Analysis 2024-2029
Singapore Data Center Market – Investment Analysis & Growth Opportunities 2023-2028
Australia Data Center Market – Investment Analysis & Growth Opportunities 2023–2028
Why Arizton? 100% Customer Satisfaction 24×7 availability – we are always there when you need us 200+ Fortune 500 Companies trust Arizton’s report 80% of our reports are exclusive and first in the industry 100% more data and analysis 1500+ reports published till date
About Us:
Arizton Advisory and Intelligence is an innovative and quality-driven firm that offers cutting-edge research solutions to clients worldwide. We excel in providing comprehensive market intelligence reports and advisory and consulting services.
We offer comprehensive market research reports on consumer goods & retail technology, automotive and mobility, smart tech, healthcare, life sciences, industrial machinery, chemicals, materials, I.T. and media, logistics, and packaging. These reports contain detailed industry analysis, market size, share, growth drivers, and trend forecasts.
Arizton comprises a team of exuberant and well-experienced analysts who have mastered generating incisive reports. Our specialist analysts possess exemplary skills in market research. We train our team in advanced research practices, techniques, and ethics to outperform in fabricating impregnable research reports.
Contact Us Call: +1-312-235-2040 +1 302 469 0707 Mail: [email protected] Contact Us: https://www.arizton.com/contact-us Blog: https://www.arizton.com/blog Website: https://www.arizton.com/
Photo: https://mma.prnewswire.com/media/2396093/South_Korea_data_Arizton.jpgLogo: https://mma.prnewswire.com/media/818553/Arizton_Logo.jpg
View original content:https://www.prnewswire.co.uk/news-releases/south-korea-data-center-market-to-witness-investment-of-7-22-billion-by-2029—get-insights-on-35-existing-data-centers-and-19-upcoming-facilities-across-south-korea-302126231.html
Artificial Intelligence
Lucinity Appoints Udi Nessimyan as President and Chief Revenue Officer
REYKJAVIK, Iceland, April 24, 2024 /PRNewswire/ — Lucinity , a leader in generative AI for financial institutions, is thrilled to announce the appointment of Udi Nessimyan as its new President and Chief Revenue Officer. Udi brings to the role a wealth of experience from his time in AI development at some of the world’s most prestigious tech companies, including Sealed.ai, Oracle, and Amazon Web Services.
Gudmundur Kristjansson, Founder and CEO of Lucinity, expressed his enthusiasm about Udi’s appointment, stating, “Udi’s proven track record of driving growth and innovation aligns perfectly with our core mission at Lucinity. His strategic acumen and deep industry knowledge are invaluable as we continue to develop and deliver AI solutions that enhance the efficiency and effectiveness of our clients’ operations.”
Udi’s career highlights include co-founding and leading Sealed.ai as CEO, where he spearheaded the development of a cutting-edge conversational AI platform that redefined standards in business communication. At Basis Technology, he was instrumental in driving sales and operational strategies for their flagship products, including Rosette and various Cyber Forensics tools, achieving an annual recurring revenue growth rate exceeding 30%.
In his new role, Udi will focus on refining Lucinity’s approach to marketing, sales, and customer onboarding. His expertise will be crucial in ensuring that Lucinity’s innovative AI solutions are effectively communicated and reach the right audiences, thereby maximizing their impact and facilitating the adoption of the technology.
“Udi’s involvement is vital as we strive to make our AI tools more intuitive and impactful,” said Kristjansson. “His insights and leadership will enhance our ability to deliver these technologies efficiently and effectively, aligning them closely with customer needs and industry demands.”
Under Udi’s leadership, Lucinity is set to deepen its commitment to unleashing human efficiency with AI, expanding the reach and impact of its mission to create AI that makes people better at what they do.
Lucinity thanks its partners and stakeholders for their continued support and interest as it embarks on this exciting new chapter.
About Lucinity:
Lucinity is a leader in generative AI technologies for financial institutions, designed to accelerate workforce efficiency. Its platform features Luci, an AI copilot that enhances intelligence gathering, analysis, and decision-making, allowing institutions to streamline operations and reduce costs. As an open, configurable, no-code platform, Lucinity is a crucial tool for enhancing productivity and operational efficiency in the financial sector.
Media Contact
Celina PabloSenior Marketing [email protected] +354 792 4321
Logo: https://mma.prnewswire.com/media/2208676/4669079/Lucinity_Logo.jpg
View original content:https://www.prnewswire.co.uk/news-releases/lucinity-appoints-udi-nessimyan-as-president-and-chief-revenue-officer-302126327.html
-
Uncategorized5 days ago
Generative AI gold rush drives IT spending — with payoff in question
-
Uncategorized5 days ago
Do underwriters trust artificial intelligence?
-
Uncategorized5 days ago
Hans Jonas on Responsibility in the Age of Artificial Intelligence
-
Uncategorized5 days ago
Meta AI Assistant Adds Website, Expands Beyond US
-
Artificial Intelligence5 days ago
Free Your Hands, QIDI Vida Smart AR Glasses Lead the Way in New Sports Experience.
-
Uncategorized5 days ago
Can artificial intelligence reduce vehicle time to market?
-
Uncategorized5 days ago
The Ottawa Hospital doctors to try AI for patient notes
-
Artificial Intelligence6 days ago
Malaysia Data Center Market to Witness $3.97 Billion Investment Opportunities by 2029, Get Insights on 34 Existing Data Centers and 33 Upcoming Facilities across Malaysia – Arizton