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Dec 31, 2020
Workiva Q4 2020 Earnings Report
Workiva's Q4 2020 financial results were announced, showing revenue growth and improved profitability.
Key Takeaways
Workiva announced strong Q4 2020 results, with total revenue reaching $93.8 million, a 16.9% increase year-over-year. Subscription and support revenue was a key driver, growing by 22.4%. The company reported a GAAP net loss of $8.0 million, an improvement from the previous year's $16.1 million loss, and a non-GAAP net income of $4.6 million, compared to a loss in the prior year. Workiva is raising guidance for fiscal 2021 revenue.
Total revenue for Q4 2020 reached $93.8 million, up 16.9% from Q4 2019.
Subscription and support revenue increased to $81.0 million, a 22.4% rise compared to the previous year.
GAAP loss from operations improved to $5.1 million, compared to a $14.4 million loss in Q4 2019.
Workiva had 3,723 customers as of December 31, 2020, a net increase of 213 customers from December 31, 2019.
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 Q1 2021 and full year 2021.
Positive Outlook
- Total revenue is expected to be in the range of $100.0 million to $101.0 million for Q1 2021.
- GAAP loss from operations is expected to be in the range of $8.5 million to $7.5 million for Q1 2021.
- Non-GAAP income from operations is expected to be in the range of $4.0 million to $5.0 million for Q1 2021.
- Total revenue is expected to be in the range of $409.0 million to $411.0 million for full year 2021.
- GAAP loss from operations is expected to be in the range of $71.0 million to $69.0 million for full year 2021.
Challenges Ahead
- GAAP net loss per basic and diluted share is expected to be in the range of $0.23 to $0.21 for Q1 2021.
- Non-GAAP net income per basic share is expected to be in the range of $0.06 to $0.08 for Q1 2021.
- GAAP net loss per basic and diluted share is expected to be in the range of $1.63 to $1.59 for full year 2021.
- Non-GAAP loss from operations is expected to be in the range of $12.0 million to $10.0 million for full year 2021.
- Non-GAAP net loss per basic share is expected to be in the range of $0.30 to $0.26 for full year 2021.
Revenue & Expenses
Visualization of income flow from segment revenue to net income