8-KEarnings & ResultsOther EventsExhibits & Filings

Workday, Inc. 8-K Report, Financial Results (Nov 29, 2022)

Filed November 29, 2022For Securities:WDAY

Summary

Workday, Inc. (WDAY) filed an 8-K on November 29, 2022, to report its financial results for the fiscal third quarter ended October 31, 2022, and to announce a new share repurchase program. The company released its financial performance details via a press release, which is incorporated by reference. This provides investors with the latest operational and financial condition updates. The most significant announcement beyond the quarterly results is the authorization of a new Share Repurchase Program. Workday's Board of Directors approved the repurchase of up to $500 million of its outstanding Class A common stock over an 18-month period. This indicates management's confidence in the company's value and a potential return of capital to shareholders.

Key Highlights

  • 1Workday announced its third-quarter fiscal 2023 financial results on November 29, 2022.
  • 2The company authorized a new Share Repurchase Program with a value of up to $500 million.
  • 3The share repurchase program has a term of 18 months and can be executed through various methods, including open market purchases and Rule 10b5-1 trading plans.
  • 4The repurchase program signals management's confidence in Workday's stock valuation.
  • 5The timing and amount of repurchases are subject to market conditions, corporate requirements, and stock prices.
  • 6The company utilizes its blogs.workday.com website for disclosing material non-public information.
  • 7The press releases detailing the financial results and the repurchase program are attached as exhibits to the 8-K filing.

Frequently Asked Questions

Workday's Board of Directors authorized the repurchase of up to $500 million of its outstanding Class A common stock. The program has a term of 18 months.

Workday may repurchase shares through open market purchases, privately negotiated transactions, or other means, including trading plans intended to qualify under Rule 10b5-1 of the Securities Exchange Act of 1934.

A share repurchase program generally signals that management believes the company's stock is undervalued and that it is a good use of capital to return value to shareholders. It can also indicate confidence in the company's future financial performance.

This 8-K filing announces that Workday issued a press release on November 29, 2022, detailing its fiscal third-quarter financial results. The press release (Exhibit 99.1) is incorporated by reference into the filing, providing the specific financial performance data.