Workday, Inc. - WDAY STOCK NEWS

Workday (NASDAQ: WDAY) has announced a definitive agreement to acquire Evisort, a leading AI-native document intelligence platform. This acquisition aims to enhance Workday's finance and HR suite with AI-powered document intelligence solutions. Evisort's technology will enable Workday customers to extract valuable insights from unstructured data in contracts, invoices, and policy documents.

Key benefits of the acquisition include:

• Improved data accuracy and extraction
• Automated document processing and stakeholder alignment
• Enhanced decision-making capabilities

The transaction is expected to close in Q3 of Workday's fiscal year 2025, subject to customary closing conditions.

Rain, an employer-sponsored platform providing earned wage access (EWA) and financial wellness services, has announced a partnership with Workday (NASDAQ: WDAY). This collaboration will allow Rain to leverage a direct API integration with Workday Human Capital Management (HCM) to offer Workday customers a streamlined EWA experience. Rain's EWA program enables employees to access a portion of their earned wages before payday, potentially saving them millions in overdraft fees and payday loan interest.

Key highlights:

• Employees using Rain in 2023 estimated to have saved $51 million
• Customers offering EWA with Rain saw up to 2x more job applications
• 49% increase in retention after eight months on average
• Rain has onboarded over 2 million employees since 2019
• Distributed over $1 billion in wage advances
• Secured $116 million Series A funding in March 2023

CloudPay, a leader in global payroll and payment solutions, has partnered with Workday (NASDAQ: WDAY) to launch the Global Payroll Connect solution. This integration aims to provide a best-in-class, end-to-end global payroll experience. CloudPay, a Workday partner since 2012, has been at the forefront of payroll integration innovation, with approximately 3,000 active integrations and several customers trialing the new Additional Payroll Data feature.

The upcoming release of Workday's Global Payroll Hub will further enhance CloudPay's capabilities. CloudPay's recent $120 million funding round supports its position as a market leader in technology and customer service. The company's latest Workday integration addresses the complexities of global payroll while transforming operations for multinational companies.

Trintech, a leading provider of cloud-based financial close solutions, has become a Workday Innovation Partner. This partnership integrates Trintech's solutions with Workday Financial Management (NASDAQ: WDAY), streamlining financial close management, account reconciliation, and transaction matching processes.

Key benefits include:

• Automating high-volume, multi-way transaction matching
• Reducing risk and improving financial report accuracy
• Cutting time to close by up to 50%
• Enhancing employee retention through automation

The integration aims to address complexities in reconciliation and close processes, allowing finance teams to focus on strategic tasks and gain confidence in period-end numbers.

Workday, Inc. (NASDAQ:WDAY) has announced the election of Rhonda J. Morris, vice president and chief human resources officer (CHRO) of Chevron , to its Board of Directors. Morris, who has led Chevron's HR transformation since 2016, brings a unique user-oriented perspective and deep understanding of Workday's products. Her appointment underscores Workday's commitment to delivering meaningful value to customers.

With over 31 years of global business experience, Morris has shaped Chevron's people and culture strategy, including leadership succession, diversity and inclusion, and total rewards. She spearheaded a complex HR digital transformation, unifying multiple ERP systems with Workday. Morris will officially join the board in early 2025, following her retirement as Chevron's CHRO.

Workday's Global Workforce Report reveals significant shifts in the job market and hiring practices. Job applications grew 31%, outpacing job openings at 7%, indicating a tightening labor market. Despite this, high-potential employees are increasingly leaving their positions, with 75% of industries experiencing higher turnover among top performers.

The report highlights the growing role of AI in recruitment, with 77% of organizations planning to increase AI usage in hiring. Meaningful work emerged as a important factor in employee satisfaction and retention, with workers finding meaning in their roles feeling 37% more accomplished.

Key trends include employers becoming more selective, raising qualification standards, and the importance of internal mobility programs. The report underscores the challenges faced by both job seekers and employers in a competitive market, emphasizing the need for innovative retention strategies.

Workday, Inc. (NASDAQ: WDAY) announced continued momentum in the healthcare industry during Q2. Several mid-sized healthcare organizations have selected and deployed Workday solutions to simplify business processes, attract talent, and scale access to care. The company's integrated platform for HR, payroll, finance, and supply chain data helps healthcare providers overcome challenges like supply chain issues and staffing shortages.

Notable selections include:

• The Center for Disability Services, Hebrew SeniorLife, Mary Free Bed Rehabilitation Hospital, Reid Health, Sea Mar Community Health, and Waverly Health Center chose Workday Financial Management, HCM, and Supply Chain Management.
• Columbine Health and GoHealth Urgent Care selected Workday Financial Management and HCM.
• Mercy Medical Center, Phelps Health, and SouthEast Alaska Regional Health Consortium deployed Workday Financial Management, HCM, and Supply Chain Management.

Workday's AI-embedded platform aims to help healthcare organizations of all sizes transform their business operations and improve patient and employee experiences.

Workday (NASDAQ: WDAY) has announced that CEO Carl Eschenbach will present at the Goldman Sachs Communacopia and Technology Conference on September 11, 2024. The presentation is scheduled for 9:30 a.m. Pacific Time / 12:30 p.m. Eastern Time.

A live webcast of the event will be available, and a replay will be accessible on the Workday Investor Relations site for at least 90 days following the conference. Workday is a leading provider of solutions for organizations to manage their people and money effectively.

Workday (NASDAQ: WDAY) reported strong fiscal 2025 Q2 results, with total revenues of $2.085 billion, up 16.7% year-over-year. Subscription revenues increased 17.2% to $1.903 billion. The company's operating income improved to $111 million (5.3% of revenues), compared to $36 million (2.0% of revenues) in the same period last year. Non-GAAP operating income rose to $518 million (24.9% of revenues).

Workday's diluted net income per share was $0.49, up from $0.30 in Q2 fiscal 2024. The company's 12-month subscription revenue backlog grew 16.1% to $6.80 billion, while total subscription revenue backlog increased 20.9% to $21.58 billion. Workday reiterated its full-year FY25 subscription revenue guidance and slightly raised its non-GAAP operating margin expectation.