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Workiva
🇺🇸 NYSE:WK
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•
Sep 30, 2022

Workiva Q3 2022 Earnings Report

Delivered revenue growth near the high end of their quarterly guidance, driven by strategic investments and multi-solution adoption.

Key Takeaways

Workiva announced its Q3 2022 financial results, with total revenue reaching $132.8 million, a 17.9% increase from Q3 2021. Subscription and support revenue grew by 19.9%. The company had 5,541 customers as of September 30, 2022, a net increase of 1,395 from the previous year.

Total revenue for Q3 2022 reached $132.8 million, up 17.9% from $112.7 million in Q3 2021.

Subscription and support revenue contributed $118.6 million, up 19.9% versus Q3 2021.

Workiva had 5,541 customers as of September 30, 2022, a net increase of 1,395 customers from September 30, 2021.

As of September 30, 2022, Workiva had 1,257 customers with an annual contract value (ACV) of more than $100,000, up 21% from 1,043 customers at September 30, 2021.

Total Revenue
$133M
Previous year: $113M
+17.9%
EPS
-$0.15
Previous year: $0.15
-200.0%
Customers
5.54K
Previous year: 4.15K
+33.6%
Revenue Retention Rate
107%
Previous year: 111.1%
-3.7%
Customers ACV > 100k
1.26K
Previous year: 1.04K
+20.5%
Gross Profit
$100M
Previous year: $86.3M
+16.3%
Cash and Equivalents
$229M
Previous year: $291M
-21.2%
Free Cash Flow
$3.83M
Previous year: $15.5M
-75.3%
Total Assets
$777M
Previous year: $750M
+3.5%

Workiva

Workiva

Workiva Revenue by Segment

Forward Guidance

Workiva is providing updated guidance for Q4 2022. Total revenue is expected to be in the range of $138.9 million to $139.9 million. GAAP net loss per basic share is expected to be in the range of $0.47 to $0.45.

Positive Outlook

  • Total revenue is expected to be in the range of $138.9 million to $139.9 million.
  • GAAP loss from operations is expected to be in the range of $24.9 million to $23.9 million.
  • Non-GAAP loss from operations is expected to be in the range of $5.7 million to $4.7 million.
  • GAAP net loss per basic share is expected to be in the range of $0.47 to $0.45.
  • Non-GAAP net loss per basic share is expected to be in the range of $0.10 to $0.08.

Challenges Ahead

  • GAAP loss from operations is expected to be in the range of $24.9 million to $23.9 million.
  • Non-GAAP loss from operations is expected to be in the range of $5.7 million to $4.7 million.
  • GAAP net loss per basic share is expected to be in the range of $0.47 to $0.45.
  • Non-GAAP net loss per basic share is expected to be in the range of $0.10 to $0.08.
  • Net loss per basic share is based on 53.3 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