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Sep 30, 2021
Workiva Q3 2021 Earnings Report
Workiva demonstrated a robust financial performance, exceeding revenue and operating results guidance for the third quarter.
Key Takeaways
Workiva reported a strong third quarter with a 27.9% increase in total revenue, driven by a 30.4% rise in subscription and support revenue. The company raised its full-year revenue guidance to $439 million to $440 million and non-GAAP operating income to $15 million to $16 million.
Total revenue for Q3 2021 reached $112.7 million, up 27.9% from Q3 2020.
Subscription and support revenue increased by 30.4% year-over-year, contributing $98.9 million.
Workiva had 4,146 customers as of September 30, 2021, a net increase of 563 customers from September 30, 2020.
The company increased customers with an annual contract value over $150,000 by 41.3% 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 provided guidance for Q4 2021 and full year 2021.
Positive Outlook
- Total revenue is expected to be in the range of $116.5 million to $117.5 million for Q4 2021.
- GAAP loss from operations is expected to be in the range of $15.6 million to $14.6 million for Q4 2021.
- Non-GAAP loss from operations is expected to be in the range of $2.8 million to $1.8 million for Q4 2021.
- Total revenue is expected to be in the range of $439.0 million to $440.0 million for full year 2021.
- Non-GAAP income from operations is expected to be in the range of $15.0 million to $16.0 million for full year 2021.
Challenges Ahead
- GAAP net loss per basic and diluted share is expected to be in the range of $0.37 to $0.35 for Q4 2021.
- Non-GAAP net loss per basic share is expected to be in the range of $0.07 to $0.05 for Q4 2021.
- GAAP loss from operations is expected to be in the range of $33.5 million to $32.5 million for full year 2021.
- GAAP net loss per basic and diluted share is expected to be in the range of $0.83 to $0.81 for full year 2021.
- Net loss per basic share is based on 51.7 million weighted-average shares outstanding.
Revenue & Expenses
Visualization of income flow from segment revenue to net income