Workday Steady As Always In Q2
Aug 24, 2024
Workday reported its usual steady, predictable, impressive quarter for Q2. Revenues were up about 17%, and the firm delivered both GAAP and cash flow margin improvements. Total backlog continues to grow nicely, up 21%. We're starting to see more aggressive share repurchase activity (1.4 million shares in the quarter), which is easing one of the historical challenges in the stock (dilution). Workday is about as reliable as they come. The fair value gets a slight bump up to $239.
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