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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
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