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Dec 31, 2022
Workiva Q4 2022 Earnings Report
Workiva reported strong financial results with revenue growth and customer acquisition.
Key Takeaways
Workiva Inc. reported Q4 2022 financial results, achieving a total revenue of $143.8 million, up 19.1% year-over-year, and a subscription and support revenue of $125.9 million, up 20.7% year-over-year. The company added 123 net new logos, bringing the total customer count to 5,664. Non-GAAP operating profit margin was 3.3%.
Total revenue for the fourth quarter of 2022 reached $143.8 million, an increase of 19.1% from $120.8 million in the fourth quarter of 2021.
Subscription and support revenue contributed $125.9 million, up 20.7% versus the fourth quarter of 2021.
Workiva had 5,664 customers as of December 31, 2022, a net increase of 1,349 customers from December 31, 2021.
Workiva's revenue retention rate (excluding add-on revenue) was 97.8%, and the revenue retention rate including add-on revenue was 108.5%.
Revenue by Segment
Forward Guidance
Workiva is providing the following guidance for Q1 2023 and full year 2023.
Positive Outlook
- Total revenue is expected to be in the range of $149.0 million to $150.0 million for Q1 2023.
- GAAP loss from operations is expected to be in the range of $52.0 million to $51.0 million for Q1 2023.
- Non-GAAP loss from operations is expected to be in the range of $12.0 million to $11.0 million for Q1 2023.
- Total revenue is expected to be in the range of $624.0 million to $626.0 million for FY 2023.
- GAAP loss from operations is expected to be in the range of $111.0 million to $109.0 million for FY 2023.
Challenges Ahead
- GAAP net loss per basic share is expected to be in the range of $0.97 to $0.95 for Q1 2023.
- Non-GAAP net loss per basic share is expected to be in the range of $0.23 to $0.21 for Q1 2023.
- GAAP net loss per basic share is expected to be in the range of $2.02 to $1.99 for FY 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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