Artificial Intelligence

Workday Announces Fiscal 2022 First Quarter Financial Results

Published

3 years ago

May 26, 2021

Fiscal First Quarter Total Revenues of $1.18 Billion, Up 15.4% Year Over Year
Subscription Revenue of $1.03 Billion, Up 17.0% Year Over Year
24-Month Subscription Revenue Backlog of $6.59 Billion, Up 19.5% Year Over Year
Total Subscription Revenue Backlog of $10.08 Billion, Up 23.0% Year Over Year

PLEASANTON, Calif., May 26, 2021 (GLOBE NEWSWIRE) — Workday, Inc. (NASDAQ: WDAY), a leader in enterprise cloud applications for finance and human resources, today announced results for the fiscal 2022 first quarter ended April 30, 2021.

Fiscal 2022 First Quarter Results

Total revenues were $1.18 billion, an increase of 15.4% from the first quarter of fiscal 2021. Subscription revenue was $1.03 billion, an increase of 17.0% from the same period last year.
Operating loss was $38.3 million, or negative 3.3% of revenues, compared to an operating loss of $144.5 million, or negative 14.2% of revenues, in the same period last year. Non-GAAP operating income for the first quarter was $288.5 million, or 24.6% of revenues, compared to a non-GAAP operating income of $130.5 million, or 12.8% of revenues, in the same period last year.¹
Net loss per basic and diluted share was $0.19, compared to a net loss per basic and diluted share of $0.68 in the first quarter of fiscal 2021. Non-GAAP net income per diluted share was $0.87, compared to a non-GAAP net income per diluted share of $0.44 in the same period last year.²
Operating cash flows were $452.4 million compared to $263.7 million in the prior year.
Cash, cash equivalents, and marketable securities were $2.99 billion as of April 30, 2021.

Comments on the News

“It was a strong start to the year as more organizations turn to Workday to accelerate their digital transformation efforts and meet the evolving finance and workforce demands for a post-pandemic world,” said Aneel Bhusri, co-founder, co-CEO, and chairman, Workday. “As we look to future growth and innovation, our values are stronger than ever with our employees foundational to continued customer success, which is why we’re investing heavily in growing our workforce. In doing so, we can further embrace the opportunity in front of us to partner with more organizations globally.”

“Building on last year’s momentum, our first quarter bookings outperformance, combined with ongoing strength in our pipeline, demonstrates continued demand for our solutions and increased confidence in new bookings acceleration this fiscal year,” said Chano Fernandez, co-CEO, Workday. “A big thanks to our employees and partners around the world who play an important role in helping us achieve continued customer momentum. As we look ahead, we’ll be making investments across our organization and in new market opportunities so we can expand our efforts and build on this great start to the year.”

“We delivered solid first-quarter results driven by strong execution against an improving market backdrop,” said Robynne Sisco, president and chief financial officer, Workday. “As a result, we are raising our fiscal 2022 guidance for subscription revenue to a range of $4.425 to $4.440 billion, growth of 17%. We expect second-quarter subscription revenue of $1.095 billion to $1.097 billion, growth of 18%. We are also raising our fiscal 2022 non-GAAP operating margin guidance to a range of 18% to 19%.”

Recent Highlights

Workday announced that it completed its acquisition of Peakon ApS, an employee success platform that converts feedback into actionable insights. The company now operates as Peakon, a Workday company.
Workday announced it plans to increase its global headcount by more than 20% or more than 2,500 hires in fiscal 2022, which includes the creation of 400 new jobs at its European headquarters in Dublin as well as more than 250 new roles in Atlanta, Georgia.
Workday achieved a customer satisfaction rating of 97% as part of its latest customer survey of named support contacts – those who are closest to engaging with the Workday experience on a daily basis.
Workday delivered its latest feature release – Workday 2021 R1 – which included advancements across its product portfolio such as expanded functionality in spend and supplier management, more personalized experiences in Workday People Experience, and advances in Workday Extend to further support customers in creating and deploying new capabilities in their Workday environment.
Workday announced changes to its board of directors, including the appointment of Co-Founder and Co-CEO Aneel Bhusri as chairman, Co-CEO Chano Fernandez as a director, and Co-Founder and Director Dave Duffield as chairman emeritus.
For the fifth year in a row, Workday was named a Leader in the Gartner Magic Quadrant for Cloud Core Financial Management Suites for Midsize, Large, and Global Enterprises.³
Workday was named one of Ethisphere’s 2021 World’s Most Ethical Companies, which recognizes companies with a commitment to advancing business integrity. In addition, Workday was recognized as part of Fast Company’s 2021 World Changing Ideas Awards for VIBE Index™, an offering that helps organizations measure and compare belonging, equity, diversity, and inclusion.

Earnings Call Details

Workday plans to host a conference call today to review its fiscal 2022 first quarter 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 Core Financial Management Suites for Midsize, Large, and Global Enterprises,” by John Van Decker, Greg Leiter, Robert Anderson, 10 May 2021.

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, Peakon, VIBE Index, 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 margin, second-quarter subscription revenue, growth, innovation, opportunities, customer demand and momentum, acceleration potential, and investments. These forward-looking statements are based only on currently available information and our current beliefs, expectations, and assumptions. Because forward-looking statements relate to the future, they are subject to risks, uncertainties, assumptions, and changes in circumstances that are difficult to predict and many of which are outside of our control. If the risks materialize, assumptions prove incorrect, or we experience unexpected changes in circumstances, actual results could differ materially from the results implied by these forward-looking statements, and therefore you should not rely on any 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) our ability to implement our plans, objectives, and other expectations with respect to Peakon or any other of our acquired companies; (iii) breaches in our security measures or those of our third-party providers, unauthorized access to our customers’ or other users’ personal data, or disruptions in our data center or computing infrastructure operations; (iv) service outages, delays in the deployment of our applications, and the failure of our applications to perform properly; (v) our ability to manage our growth effectively; (vi) competitive factors, including pricing pressures, industry consolidation, entry of new competitors and new applications, advancements in technology, and marketing initiatives by our competitors; (vii) the development of the market for enterprise cloud applications and services; (viii) 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; (ix) adverse changes in general economic or market conditions; (x) the regulatory, economic, and political risks associated with our domestic and international operations; (xi) the regulatory risks related to new and evolving technologies such as machine learning, artificial intelligence, and blockchain; (xii) delays or reductions in information technology spending; and (xiii) 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 April 30, 2021, 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)

	April 30, 2021			January 31, 2021
Assets
Current assets:
Cash and cash equivalents	$	959,358		$	1,384,181
Marketable securities	2,035,171			2,151,472
Trade and other receivables, net	647,163			1,032,484
Deferred costs	123,828			122,764
Prepaid expenses and other current assets	140,277			111,160
Total current assets	3,905,797			4,802,061
Property and equipment, net	1,155,697			972,403
Operating lease right-of-use assets	280,943			414,143
Deferred costs, noncurrent	265,388			271,796
Acquisition-related intangible assets, net	401,220			248,626
Goodwill	2,362,166			1,819,625
Other assets	252,796			189,757
Total assets	$	8,624,007		$	8,718,411
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable	$	48,097		$	75,596
Accrued expenses and other current liabilities	208,559			169,266
Accrued compensation	320,176			285,061
Unearned revenue	2,361,095			2,556,624
Operating lease liabilities	81,106			93,000
Debt, current	1,191,722			1,103,101
Total current liabilities	4,210,755			4,282,648
Debt, noncurrent	673,273			691,913
Unearned revenue, noncurrent	64,914			80,111
Operating lease liabilities, noncurrent	213,568			350,051
Other liabilities	56,056			35,854
Total liabilities	5,218,566			5,440,577
Stockholders’ equity:
Common stock	246			242
Additional paid-in capital	6,298,516			6,254,936
Treasury stock	(12,420		)	(12,384		)
Accumulated other comprehensive income (loss)	(60,421		)	(54,970		)
Accumulated deficit	(2,820,480		)	(2,909,990		)
Total stockholders’ equity	3,405,441			3,277,834
Total liabilities and stockholders’ equity	$	8,624,007		$	8,718,411

Workday, Inc.
Condensed Consolidated Statements of Operations
(in thousands, except per share data)
(unaudited)

	Three Months Ended April 30,
	2021			2020
Revenues:
Subscription services	$	1,032,169		$	881,956
Professional services	142,864			136,429
Total revenues	1,175,033			1,018,385
Costs and expenses⁽¹⁾:
Costs of subscription services	182,208			145,263
Costs of professional services	150,845			160,367
Product development	441,616			443,484
Sales and marketing	326,494			318,557
General and administrative	112,183			95,171
Total costs and expenses	1,213,346			1,162,842
Operating income (loss)	(38,313		)	(144,457		)
Other income (expense), net	(9,051		)	(10,973		)
Loss before provision for (benefit from) income taxes	(47,364		)	(155,430		)
Provision for (benefit from) income taxes	(842		)	2,938
Net loss	$	(46,522	)	$	(158,368	)
Net loss per share, basic and diluted	$	(0.19	)	$	(0.68	)
Weighted-average shares used to compute net loss per share, basic and diluted	243,739			232,939

(1) Costs and expenses include share-based compensation expenses as follows:
	Three Months Ended April 30,
	2021		2020
Costs of subscription services	$	20,717	$	13,892
Costs of professional services	27,692		22,566
Product development	129,862		122,022
Sales and marketing	50,308		46,950
General and administrative	36,056		31,242

Workday, Inc.
Condensed Consolidated Statements of Cash Flows
(in thousands)
(unaudited)

	Three Months Ended April 30,
	2021			2020
Cash flows from operating activities:
Net loss	$	(46,522	)	$	(158,368	)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization	82,463			71,514
Share-based compensation expenses	264,635			236,672
Amortization of deferred costs	31,614			26,060
Amortization of debt discount and issuance costs	997			14,840
Non-cash lease expense	22,230			18,369
Other	3,397			4,370
Changes in operating assets and liabilities, net of business combinations:
Trade and other receivables, net	392,119			290,902
Deferred costs	(26,270		)	(18,060		)
Prepaid expenses and other assets	(35,566		)	19,977
Accounts payable	(170		)	(22,382		)
Accrued expenses and other liabilities	(10,920		)	(1,504		)
Unearned revenue	(225,579		)	(218,707		)
Net cash provided by (used in) operating activities	452,428			263,683
Cash flows from investing activities:
Purchases of marketable securities	(765,395		)	(553,985		)
Maturities of marketable securities	857,408			381,398
Sales of marketable securities	12,457			5,279
Owned real estate projects	(171,423		)	(2,487		)
Capital expenditures, excluding owned real estate projects	(69,796		)	(59,940		)
Business combinations, net of cash acquired	(679,220		)	—
Purchases of non-marketable equity and other investments	(45,767		)	(52,250		)
Sales and maturities of non-marketable equity and other investments	25			4,638
Other	(5		)	—
Net cash provided by (used in) investing activities	(861,716		)	(277,347		)
Cash flows from financing activities:
Proceeds from borrowings on Term Loan, net of debt discount and issuance costs	—			497,795
Payments on convertible senior notes	(51		)	(1		)
Payments on Term Loan	(9,375		)	—
Proceeds from issuance of common stock from employee equity plans, net of taxes paid for shares withheld	(1,357		)	3,577
Other	(225		)	(2,040		)
Net cash provided by (used in) financing activities	(11,008		)	499,331
Effect of exchange rate changes	186			(265		)
Net increase (decrease) in cash, cash equivalents, and restricted cash	(420,110		)	485,402
Cash, cash equivalents, and restricted cash at the beginning of period	1,387,921			734,721
Cash, cash equivalents, and restricted cash at the end of period	$	967,811		$	1,220,123

Workday, Inc.
Reconciliation of GAAP to Non-GAAP Data
Three Months Ended April 30, 2021
(in thousands, except percentages and per share data)
(unaudited)

	GAAP			Share-Based Compensation Expenses			Other Operating Expenses ⁽²⁾			Income Tax and Dilution Effects ⁽³⁾			Non-GAAP
Costs and expenses:
Costs of subscription services	$	182,208		$	(20,717	)	$	(14,204	)	$	—		$	147,287
Costs of professional services	150,845			(27,692		)	(6,953		)	—			116,200
Product development	441,616			(129,862		)	(19,542		)	—			292,212
Sales and marketing	326,494			(50,308		)	(17,106		)	—			259,080
General and administrative	112,183			(36,056		)	(4,386		)	—			71,741
Operating income (loss)	(38,313		)	264,635			62,191			—			288,513
Operating margin	(3.3		)%	22.5		%	5.4		%	—		%	24.6		%
Other income (expense), net	(9,051		)	—			—			—			(9,051		)
Income (loss) before provision for (benefit from) income taxes	(47,364		)	264,635			62,191			—			279,462
Provision for (benefit from) income taxes	(842		)	—			—			53,940			53,098
Net income (loss)	$	(46,522	)	$	264,635		$	62,191		$	(53,940	)	$	226,364
Net income (loss) per share⁽¹⁾	$	(0.19	)	$	1.09		$	0.26		$	(0.29	)	$	0.87

(1)	GAAP net loss per share is calculated based upon 243,739 basic and diluted weighted-average shares of common stock. Non-GAAP net income per share is calculated based upon 260,416 diluted weighted-average shares of common stock.

(2)	Other operating expenses include total employer payroll tax-related items on employee stock transactions of $44.3 million and amortization of acquisition-related intangible assets of $17.9 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 2022, we determined the projected non-GAAP tax rate to be 19%. Included in this is a dilution impact of $0.07 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 April 30, 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	$	145,263		$	(13,892	)	$	(9,643	)	$	—		$	—		$	121,728
Costs of professional services	160,367			(22,566		)	(3,101		)	—			—			134,700
Product development	443,484			(122,022		)	(12,150		)	—			—			309,312
Sales and marketing	318,557			(46,950		)	(10,576		)	—			—			261,031
General and administrative	95,171			(31,242		)	(2,781		)	—			—			61,148
Operating income (loss)	(144,457		)	236,672			38,251			—			—			130,466
Operating margin	(14.2		)%	23.2		%	3.8		%	—		%	—		%	12.8		%
Other income (expense), net	(10,973		)	—			—			14,803			—			3,830
Income (loss) before provision for (benefit from) income taxes	(155,430		)	236,672			38,251			14,803			—			134,296
Provision for (benefit from) income taxes	2,938			—			—			—			22,578			25,516
Net income (loss)	$	(158,368	)	$	236,672		$	38,251		$	14,803		$	(22,578	)	$	108,780
Net income (loss) per share⁽¹⁾	$	(0.68	)	$	1.02		$	0.16		$	0.06		$	(0.12	)	$	0.44

(1)	GAAP net loss per share is calculated based upon 232,939 basic and diluted weighted-average shares of common stock. Non-GAAP net income per share is calculated based upon 248,181 diluted weighted-average shares of common stock.

(2)	Other operating expenses include total employer payroll tax-related items on employee stock transactions of $22.4 million and amortization of acquisition-related intangible assets of $15.8 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, the projected non-GAAP tax rate was 19%. Included in the per share amount is a dilution impact of $0.02 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. We adopted Accounting Standard Update No. 2020-06, Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40), on February 1, 2021, using a modified retrospective method, under which financial results reported in prior periods were not adjusted. Prior to the adoption, we were 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 were 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 were excluded from management’s assessment of our operating performance because management believed that these non-cash expenses were not indicative of ongoing operating performance. Management believed that the exclusion of the non-cash interest expense provided investors an enhanced view of Workday’s operational performance. Upon adoption, we recombined the liability and equity components of our outstanding convertible senior notes, assuming the instrument was accounted for as a single liability from inception to the date of adoption. We similarly recombined the liability and equity components of the issuance costs. Under this new guidance, we will no longer incur interest expense related to the amortization of the debt discount associated with the conversion option and therefore no longer consider this to be a Non-GAAP reconciling item.
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 2022 and 2021, 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]

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LOS ANGELES, May 11, 2024 /PRNewswire/ — WIO LLC, parent company of the global TV broadcast airings platform, WIOpro™, has announced a new strategic agreement with Gracenote, the global content data business unit of Nielsen, to address the longstanding challenge of accurately tracking and collecting music royalties generated by broadcast television and digital programming, With this agreement, WIO will integrate Gracenote TV program metadata and show airings into its WIOpro™ (“When’s It On – Professional”) platform enabling performance rights organizations, copyright management organizations and other entities to better monitor broadcast schedules and identify when royalties have been earned.

By integrating Gracenote historical program data into WIOpro’s new LookBack™ feature, WIO is enhancing its reporting capabilities and empowering Collection Societies, Rights Management Companies and the royalty-earning community to more easily monitor and export broadcast airings and better understand collections opportunities.
“At WIO, we are committed to empowering collection societies and copyright holders around the world with our platform tools and unprecedented access to the best and most accurate television broadcast and streaming data available,” said Shawn Pierce, Co-Founder and CEO of WIO LLC. “We have enjoyed an incredible relationship with Gracenote for 10 years. With the solidification of this agreement, we are able to deliver an unrivaled dataset to the royalty and residual community in a way that has not been offered before.” said Adam Shafron, Co-Founder and CTO of WIO LLC.
“WIO’s platform developed to solve the difficult matter of royalty tracking only becomes more powerful based on the integration of accurate, timely and comprehensive Gracenote metadata,” said Scott Monahan, Director, Strategic Partnerships, Gracenote. “We look forward to the combination of WIOpro’s technology and Gracenote’s program metadata delivering on the promise of transforming music royalty collection so that rights holders can be fairly compensated for use of their work.”
WIO and Gracenote will be at the MusicBiz 2024 conference in Nashville, TN May 13 – 16. Contact Dave Pelman, COO of WIO LLC at [email protected] for media queries or to book an appointment for a product demonstration.
About WIO:WIO is a technology company dedicated to providing broadcast television and digital programming data tailored specifically for the royalty and residual collection industry. Through its platform WIOpro (wiopro.com), users obtain access to real-time broadcast insights, reporting and curated data delivery.
About Gracenote:Gracenote is the content data business unit of Nielsen providing entertainment metadata, connected IDs and related offerings to the world’s leading creators, distributors and platforms. Gracenote enables advanced content navigation and discovery capabilities helping individuals easily connect to the TV shows, movies, music, podcasts and sports they love while delivering powerful content analytics making complex business decisions simpler.
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Artificial Intelligence

IDTechEx Explores Printed Electronics in Electrified and Autonomous Mobility

Published

11 hours ago

May 10, 2024

CISION (PR Newswire)

idtechex-explores-printed-electronics-in-electrified-and-autonomous-mobility

BOSTON, May 10, 2024 /PRNewswire/ — Electrification, autonomy, and vehicle ownership saturation are causing a technological revolution in the automotive sector. These automotive meta-trends are driving drastic changes in electronic component requirements and present a high-volume opportunity for printed electronics to capitalize on.

Historically, printed electronics technologies have nurtured a close relationship with the automotive sector, with printed force sensors pioneering passenger safety through seat occupancy and seatbelt detection. As such, the automotive sector continues to represent the lion’s share of the global printed and flexible sensor market, which IDTechEx’s report on the topic evaluates as worth US$421M in 2024. However, if the automotive sector is to continue to be a reliable revenue stream, printed electronics technology providers must adapt to address the emerging technical challenges facing future mobility.
Augmenting autonomous vehicles with printed electronics
As vehicle autonomy levels advance, the increasing number and distribution of spatial mapping sensors required will need continuous performance improvements to ensure passenger safety. Emerging printed electronics technologies can augment these sensors, extending detection bandwidth and maximizing reliability during operation.
Transparent conductive films (TCFs) are being developed to heat and defog LiDAR sensor panels, ensuring the function is unperturbed by external environmental conditions. Properties such as high transparency and low haze are important for defogging. These properties can be easily tuned using the wide variety of material options available for TCFs, including carbon nanotubes and silver nanowires.
IDTechEx identifies printed heating as a leading application of transparent conductive films. This is attributed to diminishing growth prospects in capacitive touch sensing applications. Innovations in thin film coating techniques have enabled indium tin oxide (ITO) to dominate touch sensing applications, all but displacing TCFs completely.
Looking towards the future, printed electronics technologies could play a more active role in advanced autonomous driving. Emerging semiconductive materials, such as quantum dots, printed directly onto conventional silicon image sensor arrays can extend detection range and sensitivity deeper into the infrared region. Augmenting existing image sensor technology with enhanced spectral range could facilitate the competition of hybrid silicon sensors with established InGaAs detectors.
Printed sensors promise granularized battery health monitoring
Vehicle electrification is driving the sustained development and evolution of electronic management systems, particularly in the battery and electric drivetrain. A strong market pull exists for technologies that increase vehicle efficiency, range, and lifetime while reducing recharge times.
Printed pressure and temperature sensors measure battery cell swelling and thermal profiles, providing granularized physical data that can be used to optimize battery deployment and recharging. Moreover, hybrid printed sensors that combine integrated printed heating elements promise a solution to actively address battery temperature. IDTechEx estimates that printed sensor-enabled battery deployment and charging optimizations could be worth up to US$3000 in savings per vehicle.
There remains uncertainty about whether electrification trends will correspond to increased demand for physical sensors in electric vehicle batteries, owing to the utility of existing electronic readouts for managing deployment. Virtual sensors also pose a threat, where AI-enabled software models interpret data to predict and emulate physical sensor functions without the need for discreet components. However, emerging regulations regarding safety and sensor redundancy will likely favor measurable metrics and see automotive makers continue to adopt physical sensors. IDTechEx predicts that virtual sensors are unlikely to displace their physical counterparts – so long as low-cost sensors remain widely available.
Embedding printed electronics in the car of the future
IDTechEx predicts that global car sales will saturate over the next decade, with automakers increasingly looking for premium features and technical innovations to differentiate themselves from the competition. In-cabin technologies will be highly desirable – as the location where passengers reside and interact with the vehicle the most.
Lighting elements are emerging as a prominent differentiator, described as “the new chrome” by Volkswagen’s chief designer. The use of in-mold structural electronics (IMSE) enables the integration of embedded lighting elements using existing manufacturing processes. 3D electronics technologies are intrinsically attractive for automotive integration, as functional layers are conformable and lightweight while easily embedded within existing aesthetic elements.
Despite strong tailwinds, the adoption of in-mold electronics within automotive interiors has been sluggish. This is attributed to the challenges of meeting automotive qualification requirements, as well as stiff competition with less sophisticated alternatives such as applying functional films to thermoformed parts. Nevertheless, momentum is building, with technology providers like Tactotek partnering with Mercedes-Benz and Stallantis to progress the automotive validation of IMSE to TRL5.
Outlook for printed electronics in automotive applications
Just as printed force sensors heralded early passenger safety systems, printed electronics technology is poised to underpin next-generation innovations for the car of the future. But this time, the competition will be stiff. Critical cost requirements must be met, while desirable new functionality must address existing challenges faced by manufacturers. Printed electronics can play a role in supporting emerging electrified and autonomous mobility, such as augmenting LiDAR sensors or optimizing electric battery deployment. Demand for technologies that enhance passenger experience and vehicle aesthetics will continue to grow, and printed electronics can supply low-power, lightweight lighting solutions for these.
Sustained engagement from tier suppliers and manufacturers continues to make the automotive sector key to printed sensor market growth opportunities – a total market IDTechEx predicts will reach US$960M by 2034. Strong partnerships between material providers and printed electronics technology providers are complementary to those of the highly vertically integrated automotive value chains between tier suppliers and OEMs. Leveraging printing techniques to provide solutions that slot into existing manufacturing processes and designs will be crucial. In the medium term, the printed electronics technologies most likely to realize revenue potential are those that can adapt to service emerging challenges already known to the automotive industry.
For more information on IDTechEx’s research on this topic, please see their report, “Printed and Flexible Sensors 2024-2034: Technologies, Players, Markets”. Downloadable sample pages are available for this report.
For the full portfolio of printed and flexible electronics market research from IDTechEx, please visit www.IDTechEx.com/Research/PE.
About IDTechEx:
IDTechEx provides trusted independent research on emerging technologies and their markets. Since 1999, we have been helping our clients to understand new technologies, their supply chains, market requirements, opportunities and forecasts. For more information, contact [email protected] or visit www.IDTechEx.com.
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Artificial Intelligence

Identity Threat Detection and Response (ITDR) Market worth $35.6 billion by 2029- Exclusive Report by MarketsandMarkets™

Published

13 hours ago

May 10, 2024

CISION (PR Newswire)

CHICAGO, May 10, 2024 /PRNewswire/ — The growing need for identity-centric security solutions brought on by an increase in cyberattacks and regulatory compliance requirements will define the Identity Threat Detection and Response (ITDR) Market in the future. The growth of ITDR solutions towards more proactive and autonomous security operations is being shaped by several major trends, including integration with IAM platforms, use of AI and ML technologies, and emphasis on UEBA and Zero Trust security.

The global Identity Threat Detection and Response Market size is projected to grow from USD 12.8 billion in 2024 to USD 35.6 billion by 2029 at a Compound Annual Growth Rate (CAGR) of 22.6% during the forecast period, according to a new report by MarketsandMarkets™. The expansion of identity threat detection and response (ITDR) is propelled by the continuously evolving global threat landscape and combating threat-targeting identities and identity systems. ITDR provides response strategies ensuring the protection of sensitive and confidential data.
Browse in-depth TOC on “Identity Threat Detection and Response (ITDR) Market”
266 – Tables 48 – Figures273 – Pages
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Scope of the Report
Report Metrics
Details
Market size available for years
2022-2029
Base year considered
2023
Forecast period
2024-2029
Forecast units
Value (USD) Billion
Segments Covered
By offering deployment mode, organization size, vertical and region
Region covered
North America, Europe, Asia Pacific, Middle East and Africa, and Latin America
Companies covered
Microsoft (US), IBM (US), CrowdStrike (US), Zscaler (US), Tenable (US), Veronis (US), BeyondTrust (US), CyberArk (US), Proofpoint (US), Quest (US), Oort(US), Vectra (US), Proficio (US), Qomplx (US), Adaptive Shield (Israel), Acalvio (US), Authorize (Israel), Illusive (US), Mindfire (UAE), Rezonate (US), Semperis (US), Sentinelone (US), Silverfort (Israel), Netwrix (US), Vericlouds (US), Microminder (UK), Quorum Cyber (UK) and Mix mode (US).
Governments worldwide increasingly emphasize the importance of robust identity threat detection and response (ITDR) solutions to counter growing cyber threats and safeguard critical infrastructure. Key initiatives include funding research and development grants, supporting startups through grants and incubator programs, and enforcing data privacy regulations like GDPR and CCPA. They also promote cybersecurity frameworks, critical infrastructure protection standards, and public awareness campaigns. Collaboration with the private sector, through partnerships and procurement policies, further drives ITDR market growth. These efforts underscore a global recognition of ITDR’s significance in enhancing digital security and compliance with industry regulations.
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By deployment mode, the cloud segment is expected to demonstrate the highest growth rate in the Identity Threat Detection and Response Market during the forecast period.
The Identity Threat Detection and Response (ITDR) Market is experiencing a notable shift towards cloud-based deployments, which are projected to dominate in the coming years. Cloud solutions offer various advantages, including scalability, reduced infrastructure costs, faster deployment, improved accessibility, and automatic updates. With businesses increasingly adopting cloud technologies and prioritizing agility and innovation, cloud-based ITDR solutions align well with this evolving landscape. The cybersecurity skills shortage further drives the preference for cloud solutions, given their built-in automation and ease of management. While on-premises ITDR solutions may still be favored in scenarios with stringent data security requirements, the overall trend favors cloud-based deployments due to their scalability, agility, and cost-effectiveness. Cloud providers continue to innovate and enhance their offerings, making them increasingly attractive to businesses of all sizes, ultimately shaping the dominance of cloud-based ITDR in the foreseeable future.
Based on organization size, the SMEs segment is projected to exhibit the highest growth rate at the highest CAGR during the forecast period.
The Identity Threat Detection and Response (ITDR) Market is set for significant growth, particularly among Small and Medium-Sized Enterprises, driven by several key factors. SMEs face increased vulnerability due to limited security resources, a growing reliance on digital tools, and evolving cyber threats. Heightened awareness of cyber risks and emerging data privacy regulations are pressuring SMEs to invest in ITDR solutions. The affordability and scalability of cloud-based ITDR solutions further contribute to SME adoption. These solutions offer improved threat detection, enhanced user access control, and simplified compliance management, positioning SMEs as pivotal drivers of growth in the ITDR market.
Asia Pacific is anticipated to experience substantial growth with the highest CAGR in the Identity Threat Detection and Response Market during the forecast period.
The Identity Threat Detection and Response (ITDR) Market is experiencing remarkable growth globally, particularly in the Asia-Pacific region, where it is projected to witness the highest Compound Annual Growth Rate. This surge is fueled by several factors specific to the area. APAC’s rapid digital transformation, propelled by adopting cloud computing, mobile technologies, and e-commerce platforms, creates an expanded attack surface for cyber threats. Heightened regulatory focus on data privacy regulations in countries like China, India, and Australia drives the demand for robust ITDR solutions to ensure compliance. The emergence of domestic cybersecurity vendors in APAC and the increasing adoption of cloud-based ITDR solutions contribute to market growth. Government initiatives, such as heavy investments in cybersecurity infrastructure and public-private partnerships, create a supportive environment for the ITDR market’s expansion. Despite facing challenges like a shortage of skilled cybersecurity professionals, the APAC region’s unique dynamics position it as a key driver of ITDR market growth. It is crucial in protecting critical infrastructure and businesses against cyber threats in the digital age.
Top Key Companies in Identity Threat Detection and Response (ITDR) Market:
The major players in the Identity Threat Detection and Response Market are Microsoft (US), IBM (US), CrowdStrike (US), Zscaler (US), Tenable (US), Veronis (US), BeyondTrust (US), CyberArk (US), Proofpoint (US), Quest (US), Oort(US), Vectra (US), Proficio (US), Qomplx (US), Adaptive Shield ( Israel), Acalvio (US), Authomize (Israel), Illusive (US), Mindfire (UAE), Rezonate (US), Semperis (US), Sentinelone (US), Silverfort (Israel), Netwrix (US), Vericlouds (US), Microminder (UK), Quorum Cyber (UK) and Mixmode (US).
Recent Developments
January 2024 – IBM collaborated with ASUS to enhance cybersecurity by utilizing AI-powered security technologies to detect and remediate attacks swiftly. IBM’s QRadar EDR will be integrated directly into ASUS’s business hardware, supported by MDR services from IBM.January 2024 – Aembit integrates its Workload IAM Platform with CrowdStrike Falcon for real-time security posture assessment, enabling dynamic access policy enforcement. This collaboration enhances ITDR capabilities, ensuring secure workload-to-workload access.October 2023 – BeyondTrust partnered with the AWS SaaS Factory team to build their Identity Security Insights solution as a SaaS offering on AWS. This collaboration helped BeyondTrust navigate business and technical decisions for a successful SaaS model launch.September 2023 – CyberArk collaborates with Accenture to deploy CyberArk Privilege Cloud to enhance PAM solutions. This initiative aims to bolster cybersecurity defenses by managing and monitoring privileged access, which is crucial for ITDR. The collaboration leverages CyberArk’s Identity Security Platform, enabling comprehensive security for identities across various IT environments, aligning with ITDR principles by securing access and mitigating risks associated with privileged accounts.July 2023 – Microsoft partnered with CISA by offering expanded cloud logging capabilities at no additional cost. This initiative directly supports ITDR by improving detection and response to identity-related threats, making it easier for organizations to maintain identity integrity and security through better visibility and monitoring of security incidents.Inquire Before Buying@ https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=259116012
Identity Threat Detection and Response (ITDR) Market Advantages:
ITDR solutions assist avoid security breaches and data loss by enabling organisations to proactively detect and respond in real-time to identity-related threats such account takeovers, credential stuffing, and insider threats.ITDR solutions assist organisations in strengthening their security posture and safeguarding sensitive data and assets from unauthorised access and misuse by continually monitoring user activities, access patterns, and behaviour across digital channels and systems.Rapid incident response is made possible by ITDR systems, which immediately notify security teams of potentially dangerous activity and security issues. This allows the teams to quickly investigate and neutralise threats to minimise the damage to the organisation.By offering thorough visibility, audit trails, and reporting capabilities, ITDR solutions help enterprises comply with legal and regulatory requirements pertaining to identity and access management, data protection, and cybersecurity.ITDR systems with advanced analytics and machine learning capabilities help minimise noise and false positives, allowing security professionals to concentrate on real threats and efficiently prioritise their response efforts.Numerous ITDR systems come with easy-to-use dashboards and interfaces that give security teams the tools and knowledge they need to effectively monitor, assess, and address identity-related threats without the need for in-depth training or specialised knowledge.Organisations may take advantage of their investments and coordinate automated response activities throughout the security ecosystem by integrating ITDR solutions with pre-existing security technologies and systems like SIEM, IAM, CASB, and SOAR platforms.Report Objectives
To describe and forecast the global Identity Threat Detection and Response Market by offering, deployment mode, organization size, vertical, and regionTo forecast the market size of five central regions: North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and Latin AmericaTo analyze the subsegments of the market concerning individual growth trends, prospects, and contributions to the overall marketTo provide detailed information related to significant factors (drivers, restraints, opportunities, and challenges) influencing the growth of the marketTo analyze the opportunities in the market for stakeholders and provide the competitive landscape details of major playersTo profile the key players of the Identity Threat Detection and Response Market and comprehensively analyze their market shares and core competenciesTo track and analyze competitive developments, such as Mergers and Acquisitions (M&A), new product developments, and partnerships and collaborations in the marketTo track and analyze the impact of COVID-19 on the Identity Threat Detection and Response MarketBrowse Adjacent Market: Information Security Market Research Reports & Consulting
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Physical Security Information Management Market- Global Forecast to 2029
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Artificial Intelligence3 days ago

Körber Pharma and Siemens Take the Lead in ABI Research’s MES Software for Pharmaceutical, Biotechnology, and Cell & Gene Manufacturing Competitive Ranking