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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.
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.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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