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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
Revenue by Segment
Subscription and Support Revenue
CapyFin.comProfessional Services Revenue
CapyFin.com 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