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Workiva
🇺🇸 NYSE:WK
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•
Jun 30, 2024

Workiva Q2 2024 Earnings Report

Reported a strong second quarter with significant revenue growth and improved profitability.

Key Takeaways

Workiva announced its Q2 2024 financial results, reporting a 15% increase in total revenue to $178 million compared to the previous year. Subscription and support revenue grew by 18% to $161 million. The company's GAAP operating margin improved, and it raised its full-year total revenue guidance to a range of $727 million to $729 million.

Total revenue increased by 15% year-over-year, reaching $178 million.

Subscription and support revenue grew by 18% compared to Q2 2023, totaling $161 million.

Customers with an annual contract value over $300,000 increased by 31% year-over-year.

The company announced a new $100 million share repurchase program.

Total Revenue
$178M
Previous year: $155M
+14.5%
EPS
$0.16
Previous year: $0.02
+700.0%
Customers
6.15K
Previous year: 5.86K
+4.9%
Revenue Retention Rate
109%
Previous year: 111%
-1.8%
Customers ACV > 100k
1.77K
Previous year: 1.47K
+20.3%
Gross Profit
$136M
Previous year: $116M
+17.7%
Cash and Equivalents
$268M
Previous year: $199M
+34.7%
Free Cash Flow
-$122K
Previous year: $25.3M
-100.5%
Total Assets
$1.24B
Previous year: $831M
+49.6%

Workiva

Workiva

Workiva Revenue by Segment

Forward Guidance

Workiva is providing the following guidance: For Q3 2024, total revenue is expected to be in the range of $182 million to $183 million. For the full year 2024, total revenue is expected to be in the range of $727 million to $729 million.

Positive Outlook

  • Total revenue is expected to be in the range of $182 million to $183 million for Q3 2024.
  • GAAP loss from operations is expected to be in the range of $22 million to $21 million for Q3 2024.
  • Non-GAAP income from operations is expected to be in the range of $6.5 million to $7.5 million for Q3 2024.
  • Total revenue is expected to be in the range of $727 million to $729 million for the full year 2024.
  • GAAP loss from operations is expected to be in the range of $81 million to $79 million for the full year 2024.

Challenges Ahead

  • GAAP net loss per basic share is expected to be in the range of $0.29 to $0.27 for Q3 2024.
  • Non-GAAP net income per basic share is expected to be in the range of $0.22 to $0.24 for Q3 2024.
  • GAAP net loss per basic share is expected to be in the range of $1.05 to $1.01 for the full year 2024.
  • Non-GAAP net income per basic share is expected to be in the range of $0.94 to $0.98 for the full year 2024.
  • Net income (loss) per basic share is based on 55.4 million weighted-average shares outstanding.

Revenue & Expenses

Visualization of income flow from segment revenue to net income

Company Overview

Full financial data and analysis

View Workiva