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