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Workiva
🇺🇸 NYSE:WK
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•
Jun 30, 2020

Workiva Q2 2020 Earnings Report

Reported financial results that exceeded guidance for revenue and operating results.

Key Takeaways

Workiva announced its Q2 2020 financial results, with total revenue reaching $83.9 million, a 14.1% increase from Q2 2019. Subscription and support revenue grew by 16.9% compared to the same quarter last year. The company reinstated its full year 2020 guidance due to improved visibility on closing new business.

Total revenue for the second quarter of 2020 reached $83.9 million, an increase of 14.1% from the second quarter of 2019.

Subscription and support revenue contributed $70.7 million, up 16.9% versus the second quarter of 2019.

Workiva had 3,512 customers as of June 30, 2020, a net increase of 91 customers from June 30, 2019.

As of June 30, 2020, Workiva had 716 customers with an annual contract value (ACV) of more than $100,000, up 28% from June 30, 2019.

Total Revenue
$83.9M
Previous year: $73.5M
+14.1%
EPS
-$0.06
Previous year: -$0.18
-66.7%
Customers
3.51K
Previous year: 3.42K
+2.7%
Revenue Retention Rate
107.9%
Previous year: 107.4%
+0.5%
Customers ACV > 100k
716
Previous year: 558
+28.3%
Gross Profit
$61.6M
Cash and Equivalents
$402M
Free Cash Flow
$6.49M
Total Assets
$655M

Workiva

Workiva

Workiva Revenue by Segment

Forward Guidance

Workiva is providing guidance for Q3 2020 and full year 2020, factoring in the expected impacts of COVID-19 on its business.

Positive Outlook

  • Total revenue is expected to be in the range of $84.3 million to $84.8 million for Q3 2020.
  • GAAP loss from operations is expected to be in the range of $16.4 million to $16.9 million for Q3 2020.
  • Non-GAAP loss from operations is expected to be in the range of $5.2 million to $5.7 million for Q3 2020.
  • Total revenue is expected to be in the range of $341.5 million to $342.5 million for full year 2020.
  • GAAP loss from operations is expected to be in the range of $56.5 million to $58.0 million for full year 2020.

Challenges Ahead

  • GAAP net loss per basic and diluted share is expected to be in the range of $0.39 to $0.40 for Q3 2020.
  • Non-GAAP net loss per basic and diluted share is expected to be in the range of $0.12 to $0.13 for Q3 2020.
  • GAAP net loss per basic and diluted share is expected to be in the range of $1.37 to $1.40 for full year 2020.
  • Non-GAAP loss from operation is expected to be in the range of $10.0 million to $11.5 million for full year 2020.
  • Non-GAAP net loss per basic and diluted share is expected to be in the range of $0.23 to $0.26 for full year 2020.

Revenue & Expenses

Visualization of income flow from segment revenue to net income

Company Overview

Full financial data and analysis

View Workiva