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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
Revenue by Segment
Subscription and Support Revenue
CapyFin.comProfessional Services Revenue
CapyFin.com 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