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TMTB: INTU WDAY First takes; EOD Wrap
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TMTB: INTU WDAY First takes; EOD Wrap

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TMT Breakout
Aug 22, 2024
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TMTB: INTU WDAY First takes; EOD Wrap
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Good afternoon. Some de-grossing ahead of Jackson Hole tomorrow as QQQs -1.6% with Semis -3.5% underperforming.

Post-close:

WDAY: Looks ok but cRPO + guide slightly weaker than buyside

Total revs/subscription revs look in line
Q2 12 month cRPO was 16.1% vs buyside in 16-16.5% range
Guided Q3 sub revs to $1.955B vs street at $1.97B and OPM of 25.25% vs street at 25.3%
Maintained FY rev/OPM outlook

From the PR, “We see a macroeconomic environment consistent with last quarter and are reiterating our full-year FY25 subscription revenue guidance while slightly raising our expectation for FY25 non-GAAP operating margin."

Q2 Details:
- ADJ EPS $1.75 vs. $1.43 y/y, EST $1.64
- Revenue $2.09B, +17% y/y, EST $2.08B
- Subscription revenue $1.90B, +17% y/y, EST $1.9B
- Professional services revenue $182M, +12% y/y, EST $175.1M
- Backlog $21.58B, +21% y/y, EST $21.52B
- Product development expense $649M, +6.4% y/y

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