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Mar 31, 2022
Workiva Q1 2022 Earnings Report
Workiva's Q1 2022 financial results demonstrated strong revenue growth and customer acquisition.
Key Takeaways
Workiva announced strong first quarter results with a 24.4% increase in total revenue, driven by a 26.1% rise in subscription and support revenue. The company also saw growth in its customer base and a high revenue retention rate.
Total revenue for Q1 2022 reached $129.7 million, up 24.4% year-over-year.
Subscription and support revenue increased by 26.1% to $107.1 million compared to Q1 2021.
The company achieved a revenue retention rate of 97.7%.
Workiva had 1,124 customers with an ACV of more than $100,000, representing a 27% increase year-over-year.
Workiva
Workiva
Workiva Revenue by Segment
Forward Guidance
Workiva provided guidance for the second quarter and full year 2022, excluding the financial impact of the ParsePort acquisition.
Positive Outlook
- Second quarter total revenue is expected to be in the range of $125.5 million to $126.5 million.
- Full year total revenue is expected to be in the range of $534.0 million to $536.0 million.
- Second quarter GAAP net loss per basic share is expected to be in the range of $0.64 to $0.62.
- Full year GAAP net loss per basic share is expected to be in the range of $2.12 to $2.08.
- ParsePort is expected to be accretive to 2022 results.
Challenges Ahead
- Second quarter GAAP loss from operations is expected to be in the range of $32.5 million to $31.5 million.
- Second quarter non-GAAP loss from operations is expected to be in the range of $13.0 million to $12.0 million.
- Second quarter non-GAAP net loss per basic share is expected to be in the range of $0.27 to $0.25.
- Full year GAAP loss from operations is expected to be in the range of $107.0 million to $105.0 million.
- Full year non-GAAP loss from operations is expected to be in the range of $32.0 million to $30.0 million.
Revenue & Expenses
Visualization of income flow from segment revenue to net income