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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.
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.
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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