Earnings Roundup – Workday (WDAY); Intuit (INTU); Okta (OKTA) – December 1, 2023
Workday (WDAY)
Workday is a leading, cloud-based software firm. Its products focus on human capital and financial management.
Results
- Beat revenue estimate & guide by 1% each.
- Slightly beat subscription revenue guide.
- Beat EBIT estimate by 6.4% & beat guide by 6.6%.
- Beat $0.22 GAAP EPS estimate by $0.21.
- Beat $1.41 EPS estimate by $.12.
- Beat FCF estimate by 8.5%
Source: Brad Freeman – SEC Filings, Company Presentations, and Company Press Releases
Source: Brad Freeman – SEC Filings, Company Presentations, and Company Press Releases
OCF = Operating Cash Flow
Source: Brad Freeman – SEC Filings, Company Presentations, and Company Press Releases
Balance Sheet
- Nearly $7 billion in cash & equivalents.
- $3 billion in debt.
- Share count rose 2.5% Y/Y.
Fiscal Year 2024 Guidance:
- Revenue guide met estimate.
- EBIT guide beat estimate by 0.4%.
Intuit (INTU)
Intuit provides financial management software mainly to smaller businesses.
Results:
- Beat revenue estimate by 3.4% & beat guide by 3.8%.
- Beat $1.98 EPS estimate by $0.49 & beat guide by $0.50.
- Beat EBIT estimate by 24.8%.
Source: Brad Freeman – SEC Filings, Company Presentations, and Company Press Releases
Source: Brad Freeman – SEC Filings, Company Presentations, and Company Press Releases
Source: Brad Freeman – SEC Filings, Company Presentations, and Company Press Releases
Balance Sheet
- $2.3 billion in cash & equivalents.
- $5.9 billion in debt.
- Share count fell slightly Y/Y.
Annual Guidance
Intuit reiterated annual guidance across the board. This means the Q1 beat was timing-related as Q2 guidance was weak across the board.
Okta (OKTA)
Okta provides identity security services. Importantly, it doesn’t really compete with Zscaler or CrowdStrike. Although both are expanding into identity, they’re not expanding into the role of identity broker. That’s Okta’s bread and butter.
Results
- Beat revenue estimate by 4.2% and beat its guidance by 4.4%.
- Beat current remaining performance obligations (cRPO) guidance by 2.7%.
- Beat EBIT estimate by 55.5% and beat its guidance by 57.4%.
- Beat $0.29 EPS estimate by $0.15 and beat its guidance by $0.15.
Source: Brad Freeman – SEC Filings, Company Presentations, and Company Press Releases
Source: Brad Freeman – SEC Filings, Company Presentations, and Company Press Releases
Source: Brad Freeman – SEC Filings, Company Presentations, and Company Press Releases
Balance Sheet:
- $2.13 billion in cash & equivalents.
- Basic share count rose by 3.6% Y/Y.
- Diluted share count (impacted by M&A) rose by 13.0% Y/Y.
Annual Guidance:
- Raised revenue guidance by 1.5%.
- Raised EBIT guidance by 30.6%.
- Raised $1.18 EPS guidance by $0.29.
Guidance was ahead of estimates for demand and well ahead of estimates for profit.
