Workiva Q3 2020 Earnings Report
Key Takeaways
Workiva announced strong Q3 2020 financial results, exceeding guidance for revenue and operating income. Total revenue reached $88.1 million, up 18.8% year-over-year, with subscription and support revenue contributing $75.9 million, a 20.4% increase. The company had 3,583 customers with a revenue retention rate of 110.0%.
Total revenue for the third quarter of 2020 reached $88.1 million, an increase of 18.8% from the third quarter of 2019.
Subscription and support revenue contributed $75.9 million, up 20.4% versus the third quarter of 2019.
GAAP loss from operations for the third quarter of 2020 was $7.0 million compared with a loss of $15.5 million in the prior year's third quarter.
Workiva had 3,583 customers as of September 30, 2020, a net increase of 129 customers from September 30, 2019.
Workiva
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Workiva Revenue by Segment
Forward Guidance
Workiva is providing the following guidance: Fourth Quarter 2020 Guidance: Total revenue is expected to be in the range of $90.2 million to $90.7 million. GAAP loss from operations is expected to be in the range of $10.0 million to $9.5 million. Non-GAAP income from operations is expected to be in the range of $0.5 million to $1.0 million. GAAP net loss per basic and diluted share is expected to be in the range of $0.26 to $0.25. Non-GAAP net income per basic share is expected to be in the range of $0.00 to $0.01. Net income (loss) per basic share is based on 49.1 million weighted-average shares outstanding.
Revenue & Expenses
Visualization of income flow from segment revenue to net income