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Workiva
🇺🇸 NYSE:WK
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OverviewEarningsDividends
•
Dec 31, 2023

Workiva Q4 2023 Earnings Report

Workiva demonstrated solid financial performance with revenue exceeding guidance.

Key Takeaways

Workiva reported a strong Q4 2023, exceeding revenue guidance by $2 million. The company's subscription revenue grew by 18% year-over-year, and total revenue increased by 16%. Workiva also saw a significant increase in customers with annual contract values over $300,000, demonstrating the durability of their business.

Total revenue for Q4 2023 reached $167 million, a 16% increase year-over-year.

Subscription and support revenue was $149 million, up 18% year-over-year.

GAAP net loss for Q4 2023 was $4 million, an improvement from a $14 million loss in the prior year.

Workiva had 6,034 customers as of December 31, 2023, a net increase of 370 customers from December 31, 2022.

Total Revenue
$167M
Previous year: $144M
+15.9%
EPS
$0.3
Previous year: $0.08
+275.0%
Customers
6.03K
Previous year: 5.66K
+6.5%
Revenue Retention Rate
110%
Previous year: 97.8%
+12.5%
Customers ACV > 100k
1.63K
Previous year: 1.35K
+21.3%
Gross Profit
$129M
Previous year: $109M
+17.9%
Cash and Equivalents
$256M
Previous year: $240M
+6.6%
Free Cash Flow
$24M
Previous year: -$2.5M
-1058.0%
Total Assets
$1.22B
Previous year: $820M
+48.7%

Workiva

Workiva

Workiva Revenue by Segment

Forward Guidance

Workiva provided revenue guidance for Q1 2024 to be in the range of $173 million to $175 million and FY 2024 to be in the range of $718 million to $722 million.

Positive Outlook

  • Total revenue is expected to be in the range of $173 million to $175 million for Q1 2024.
  • Non-GAAP income from operations is expected to be in the range of $4 million to $6 million for Q1 2024.
  • Non-GAAP net income per basic share is expected to be in the range of $0.15 to $0.19 for Q1 2024.
  • Total revenue is expected to be in the range of $718 million to $722 million for FY 2024.
  • Non-GAAP income from operations is expected to be in the range of $17 million to $21 million for FY 2024.

Challenges Ahead

  • GAAP loss from operations is expected to be in the range of $20.5 million to $18.5 million for Q1 2024.
  • GAAP net loss per basic share is expected to be in the range of $0.29 to $0.25 for Q1 2024.
  • Net income (loss) per basic share is based on 55.0 million weighted-average shares outstanding for Q1 2024.
  • GAAP loss from operations is expected to be in the range of $85 million to $81 million for FY 2024.
  • GAAP net loss per basic share is expected to be in the range of $1.28 to $1.21 for FY 2024.

Revenue & Expenses

Visualization of income flow from segment revenue to net income

Company Overview

Full financial data and analysis

View Workiva