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Sep 30, 2023
Workiva Q3 2023 Earnings Report
Workiva's Q3 2023 earnings were announced, showcasing revenue growth and improved profitability.
Key Takeaways
Workiva reported a solid third quarter with a 19% increase in total revenue, driven by a 21% rise in subscription and support revenue. The company's focus on growth and productivity led to improved operating leverage and a commitment to enhanced operating margins and non-GAAP profitability for 2023 and 2024.
Subscription and support revenue increased by 21% compared to Q3 2022.
Total revenue reached $158.2 million, a 19% increase year-over-year.
The number of customers with annual contract values over $300,000 grew by 38% year-over-year.
Subscription revenue retention rate, including add-ons, improved to 112% compared to 107% in Q3 2022.
Revenue by Segment
Forward Guidance
Workiva provided financial guidance for the fourth quarter and full year 2023.
Positive Outlook
- Total revenue is expected to be in the range of $164 million to $165 million for Q4 2023.
- Non-GAAP income from operations is expected to be in the range of $6 million to $7 million for Q4 2023.
- Non-GAAP net income per basic share is expected to be in the range of $0.21 to $0.23 for Q4 2023.
- Total revenue is expected to be in the range of $627 million to $628 million for the full year 2023.
- Non-GAAP income from operations is expected to be in the range of $3 million to $4 million for the full year 2023.
Challenges Ahead
- GAAP loss from operations is expected to be in the range of $17 million to $16 million for Q4 2023.
- GAAP net loss per basic share is expected to be in the range of $0.20 to $0.18 for Q4 2023.
- GAAP loss from operations is expected to be in the range of $102 million to $101 million for the full year 2023.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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