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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%.
Workiva
Workiva
Workiva Revenue by Segment
Revenue by Segment
Subscription and Support Revenue
CapyFin.comProfessional Services Revenue
CapyFin.com 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.
- Non-GAAP loss from operations is expected to be in the range of $9.0 million to $7.0 million for FY 2023.
- Non-GAAP net loss per basic share is expected to be in the range of $0.13 to $0.10 for FY 2023.
Revenue & Expenses
Visualization of income flow from segment revenue to net income