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Workiva
🇺🇸 NYSE:WK
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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%.

Total Revenue
$144M
Previous year: $121M
+19.1%
EPS
$0.08
Previous year: $0.03
+166.7%
Customers
5.66K
Previous year: 4.32K
+31.3%
Revenue Retention Rate
97.8%
Previous year: 97%
+0.8%
Customers ACV > 100k
1.35K
Previous year: 1.12K
+20.0%
Gross Profit
$109M
Previous year: $91.6M
+19.5%
Cash and Equivalents
$240M
Previous year: $300M
-20.0%
Free Cash Flow
-$2.5M
Previous year: $8.17M
-130.6%
Total Assets
$820M
Previous year: $787M
+4.2%

Workiva

Workiva

Workiva 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.
  • 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

Company Overview

Full financial data and analysis

View Workiva