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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.
Workiva
Workiva
Workiva Revenue by Segment
Revenue by Segment
Subscription and Support Revenue
CapyFin.comProfessional Services Revenue
CapyFin.com 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