Loading...
•
Mar 31, 2024
Workiva Q1 2024 Earnings Report
Workiva's Q1 2024 financial results were announced, demonstrating growth in revenue and customer base.
Key Takeaways
Workiva reported a solid first quarter in 2024, with a 17% increase in total revenue, reaching $176 million. Subscription and support revenue grew by 20% year-over-year, and the company saw a 34% increase in customers with an annual contract value over $300,000.
Total revenue reached $176 million, a 17% increase year-over-year.
Subscription and support revenue increased by 20% compared to Q1 2023, totaling $155 million.
GAAP gross profit was $134 million, with a gross margin of 76.4%.
The number of customers with an annual contract value over $300,000 grew by 34%.
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 2024.
Positive Outlook
- Total revenue is expected to be in the range of $174 million to $176 million for Q2 2024.
- Non-GAAP income from operations is expected to be in the range of $2 million to $4 million for Q2 2024.
- Non-GAAP net income per basic share is expected to be in the range of $0.16 to $0.19 for Q2 2024.
- Total revenue is expected to be in the range of $719 million to $723 million for full year 2024.
- Non-GAAP income from operations is expected to be in the range of $27 million to $31 million for full year 2024.
Challenges Ahead
- GAAP loss from operations is expected to be in the range of $24.0 million to $22.0 million for Q2 2024.
- GAAP net loss per basic share is expected to be in the range of $0.32 to $0.29 for Q2 2024.
- GAAP loss from operations is expected to be in the range of $76 million to $72 million for full year 2024.
- GAAP net loss per basic share is expected to be in the range of $0.90 to $0.83 for full year 2024.
- Net income (loss) per basic share is based on 55.3 million weighted-average shares outstanding for full year 2024.
Revenue & Expenses
Visualization of income flow from segment revenue to net income