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Workiva
🇺🇸 NYSE:WK
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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.

Total Revenue
$155M
Previous year: $132M
+17.8%
EPS
$0.02
Previous year: -$0.17
-111.8%
Customers
5.86K
Previous year: 5.38K
+8.9%
Revenue Retention Rate
111%
Previous year: 97.9%
+13.4%
Customers ACV > 100k
1.47K
Previous year: 1.19K
+23.9%
Gross Profit
$116M
Previous year: $99.3M
+16.3%
Cash and Equivalents
$199M
Previous year: $226M
-12.1%
Free Cash Flow
$25.3M
Previous year: $8.01M
+216.2%
Total Assets
$831M
Previous year: $777M
+7.0%

Workiva

Workiva

Workiva Revenue by Segment

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

Company Overview

Full financial data and analysis

View Workiva