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Sep 30, 2024
Workiva Q3 2024 Earnings Report
Workiva's Q3 2024 financial performance showcased revenue growth and increased customer engagement.
Key Takeaways
Workiva reported a total revenue of $186 million for Q3 2024, representing a 17% year-over-year growth. Subscription and support revenue increased by 19% compared to Q3 2023. The company is raising its total revenue guidance by $6 million to a range of $733 million to $735 million.
Total revenue reached $186 million, a 17% increase year-over-year.
Subscription and support revenue grew to $171 million, up 19% year-over-year.
GAAP gross profit was $142 million, with a gross margin of 76.5%.
Customers with ACV over $500K grew by 28% year-over-year.
Workiva
Workiva
Workiva Revenue by Segment
Forward Guidance
Workiva is providing guidance for Q4 2024 and full year 2024.
Positive Outlook
- Total revenue for Q4 2024 is expected to be in the range of $194 million to $196 million.
- GAAP loss from operations for Q4 2024 is expected to be in the range of $16 million to $14 million.
- Non-GAAP income from operations for Q4 2024 is expected to be in the range of $13 million to $15 million.
- GAAP net loss per basic share for Q4 2024 is expected to be in the range of $0.21 to $0.18.
- Non-GAAP net income per basic share for Q4 2024 is expected to be in the range of $0.31 to $0.34.
Challenges Ahead
- Total revenue for full year 2024 is expected to be in the range of $733 million to $735 million.
- GAAP loss from operations for full year 2024 is expected to be in the range of $79 million to $77 million.
- Non-GAAP income from operations for full year 2024 is expected to be in the range of $30 million to $32 million.
- GAAP net loss per basic share for full year 2024 is expected to be in the range of $1.05 to $1.02.
- Non-GAAP net income per basic share for full year 2024 is expected to be in the range of $0.93 to $0.96.
Revenue & Expenses
Visualization of income flow from segment revenue to net income