Workiva Q3 2021 Earnings Report
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
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