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Jun 30, 2023
Workiva Q2 2023 Earnings Report
Workiva's Q2 2023 financial results were announced, showcasing revenue growth and increased customer contracts.
Key Takeaways
Workiva reported a solid second quarter with total revenue reaching $155.0 million, an 18% increase year-over-year. Subscription and support revenue grew by 21% to $136.8 million. The company saw growth in large contract customers, with contracts valued over $100K, $150K, and $300K increasing by 24%, 28%, and 40%, respectively.
Total revenue for Q2 2023 reached $155.0 million, up 18% compared to Q2 2022.
Subscription and support revenue increased by 21% to $136.8 million compared to the same quarter last year.
The number of customers with an annual contract value (ACV) over $100K increased by 24% year-over-year.
The number of customers with an ACV over $300K increased by 40% year-over-year.
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 August 3, 2023: For the third quarter of 2023, total revenue is expected to be in the range of $155.0 million to $156.0 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 $155.0 million to $156.0 million for Q3 2023.
- GAAP loss from operations is expected to be in the range of $24.0 million to $23.0 million for Q3 2023.
- Non-GAAP loss from operations is expected to be in the range of $1.0 million to break-even for Q3 2023.
- GAAP net loss per basic and diluted share is expected to be in the range of $0.40 to $0.38 for Q3 2023.
- Non-GAAP net income per basic and diluted share is expected to be in the range of $0.03 to $0.05 for Q3 2023.
Challenges Ahead
- GAAP loss from operations is expected to be in the range of $24.0 million to $23.0 million for Q3 2023.
- Non-GAAP loss from operations is expected to be in the range of $1.0 million to break-even for Q3 2023.
- GAAP net loss per basic and diluted share is expected to be in the range of $0.40 to $0.38 for Q3 2023.
- Total revenue is expected to be in the range of $626.0 million to $628.0 million for FY 2023.
- GAAP loss from operations is expected to be in the range of $109.0 million to $107.0 million for FY 2023.
Revenue & Expenses
Visualization of income flow from segment revenue to net income