WDAY.xlsx

	C	D	E	F	H	I	J	K	L	M	N	O	P	Q	R	S	T	U	V
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2	Tax rate	20%
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6					2017	2018	2019	2020	2021	2022	2023	2024	2025	2026	2027	2028	2029	2030	2031
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8			Subscription Services		1.3	1.8	2.4	3.1	3.8	4.5	5.6	6.6	7.7	8.9	10.1	11.1	12.1	13.1	14.1
9			Professional Services		0.3	0.4	0.4	0.5	0.5	0.6	0.6	0.7	0.7
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11			Total Revenue		1.6	2.2	2.8	3.6	4.3	5.1	6.2	7.3	8.4
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13			Subscription revenue growth rate			38%	33%	29%	23%	18%	24%	18%	17%	15%	14%	10%	9%	8%	8%
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15			Cost of subscription services		0.2	0.3	0.4	0.5	0.6	0.8	1	1	1.3
16			Cost of professional services		0.3	0.4	0.5	0.6	0.6	0.6	0.7	0.7	0.8
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18			Sub services gross margin		1.1	1.5	2	2.6	3.2	3.7	4.6	5.6	6.4	7.3	8.4	9.2	10.0	10.8	11.7
19			Sub services gross margin %		85%	83%	83%	84%	84%	82%	82%	85%	83%	83%	83%	83%	83%	83%	83%
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21			R&D		0.7	0.9	1.2	1.5	1.7	1.9	2.2	2.5	2.6
22			Sales and Marketing		0.6	0.7	0.9	1.1	1.2	1.5	1.8	2.1	2.4
23			G&A		0.2	0.2	0.3	0.4	0.4	0.5	0.6	0.7	0.8
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25			R&D	as a % of revenue	54%	50%	50%	48%	45%	42%	39%	38%	34%
26			Sales and Marketing	as a % of revenue	46%	39%	38%	35%	32%	33%	32%	32%	31%
27			G&A	as a % of revenue	15%	11%	13%	13%	11%	11%	11%	11%	10%
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29			Total Operating Expenses		1.5	1.8	2.4	3	3.3	3.9	4.6	5.3	5.8	6.6	6.9	7.2	7.5	7.8	8.1
30			Operating Expenses forecast growth											13%	5%	5%	4%	4%	4%
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32			Operating Income		-0.4	-0.3	-0.4	-0.4	-0.1	-0.2	0	0.3	0.6	0.8	1.5	2.0	2.5	3.0	3.6
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34			Operating Margin											9%	15%	18%	21%	23%	25%
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36			Taxes											0.2	0.3	0.4	0.5	0.6	0.7
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38			NI											0.6	1.2	1.6	2.0	2.4	2.9
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