Workiva Inc. · Q3 2020 earnings

Briefing

Workiva's financial results beat guidance for revenue and operating income, with record bookings achieved.

Workiva announced strong Q3 2020 financial results, exceeding guidance for revenue and operating income. Total revenue reached $88.1 million, up 18.8% year-over-year, with subscription and support revenue contributing $75.9 million, a 20.4% increase. The company had 3,583 customers with a revenue retention rate of 110.0%.

• Total revenue for the third quarter of 2020 reached $88.1 million, an increase of 18.8% from the third quarter of 2019.
• Subscription and support revenue contributed $75.9 million, up 20.4% versus the third quarter of 2019.
• GAAP loss from operations for the third quarter of 2020 was $7.0 million compared with a loss of $15.5 million in the prior year's third quarter.
• Workiva had 3,583 customers as of September 30, 2020, a net increase of 129 customers from September 30, 2019.

Headline financials

Revenue & EPS history

Workiva is providing the following guidance: Fourth Quarter 2020 Guidance: Total revenue is expected to be in the range of $90.2 million to $90.7 million. GAAP loss from operations is expected to be in the range of $10.0 million to $9.5 million. Non-GAAP income from operations is expected to be in the range of $0.5 million to $1.0 million. GAAP net loss per basic and diluted share is expected to be in the range of $0.26 to $0.25. Non-GAAP net income per basic share is expected to be in the range of $0.00 to $0.01. Net income (loss) per basic share is based on 49.1 million weighted-average shares outstanding.