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Workiva
🇺🇸 NYSE:WK
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•
Mar 31, 2023

Workiva Q1 2023 Earnings Report

Reported a solid quarter with subscription revenue growth and increased customer contracts.

Key Takeaways

Workiva announced its Q1 2023 financial results, reporting a total revenue of $150.2 million, a 16% increase compared to Q1 2022. The company's subscription and support revenue grew by 21% year-over-year. Workiva had 5,754 customers as of March 31, 2023, a net increase of 1,346 customers from March 31, 2022.

Total revenue for Q1 2023 reached $150.2 million, up 16% from Q1 2022.

Subscription and support revenue increased to $129.7 million, a 21% increase year-over-year.

GAAP gross profit for Q1 2023 was $111.7 million, compared to $98.8 million in the same quarter of 2022.

Workiva had 5,754 customers as of March 31, 2023, including 919 ParsePort ESEF customers, a net increase of 1,346 customers from March 31, 2022.

Total Revenue
$150M
Previous year: $130M
+15.8%
EPS
-$0.12
Previous year: -$0.05
+140.0%
Customers
5.75K
Previous year: 4.41K
+30.5%
Revenue Retention Rate
98%
Previous year: 97.7%
+0.3%
Customers ACV > 100k
1.36K
Previous year: 1.12K
+21.3%
Gross Profit
$112M
Previous year: $98.8M
+13.1%
Cash and Equivalents
$195M
Previous year: $303M
-35.5%
Free Cash Flow
$5.37M
Previous year: -$1.47M
-465.2%
Total Assets
$800M
Previous year: $770M
+3.9%

Workiva

Workiva

Workiva Revenue by Segment

Forward Guidance

Workiva is providing the following guidance as of May 2, 2023: For the second quarter of 2023, total revenue is expected to be in the range of $153.0 million to $154.0 million. For the full year 2023, total revenue is expected to be in the range of $626.0 million to $628.0 million.

Positive Outlook

  • Total revenue is expected to be in the range of $153.0 million to $154.0 million for Q2 2023.
  • GAAP loss from operations is expected to be in the range of $27.0 million to $26.0 million for Q2 2023.
  • Non-GAAP loss from operations is expected to be in the range of $5.0 million to $4.0 million for Q2 2023.
  • GAAP net loss per basic share is expected to be in the range of $0.50 to $0.48.
  • Non-GAAP net loss per basic share is expected to be in the range of $0.09 to $0.07.

Challenges Ahead

  • GAAP loss from operations is expected to be in the range of $27.0 million to $26.0 million for Q2 2023.
  • Non-GAAP loss from operations is expected to be in the range of $5.0 million to $4.0 million for Q2 2023.
  • GAAP net loss per basic share is expected to be in the range of $0.50 to $0.48.
  • Non-GAAP net loss per basic share is expected to be in the range of $0.09 to $0.07.
  • Net loss per basic share is based on 53.8 million weighted-average shares outstanding.

Revenue & Expenses

Visualization of income flow from segment revenue to net income

Company Overview

Full financial data and analysis

View Workiva