WORKIVA INC Reports Strong Q2 Earnings Results for FY2023
August 8, 2023
☀️Earnings Overview
WORKIVA INC ($NYSE:WK) announced their Q2 FY2023 earnings results on August 3 2023, showing a total revenue increase of 17.8%, to USD 155.0 million, compared to the same quarter of last year. Unfortunately, reported net income fell from the prior year’s quarter of USD -28.9 million to USD -20.9 million.
Market Price
The company managed to beat market expectations during the quarter, significantly increasing its revenue and profits. This was largely driven by the company’s strong focus on customer experience, improved cost efficiency, and increased sales of its core products. The company’s strong growth was also aided by its expansion into new markets, such as Europe and the Asia-Pacific region. This allowed WORKIVA INC to tap into new sources of revenue and provide its customers with a more comprehensive suite of services.
Overall, WORKIVA INC has reported impressive financial results for the quarter, signaling that the company is well positioned to continue growing in the future. It will be interesting to see how the company continues to build on its success in the coming quarters and years. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for Workiva Inc. More…
| Total Revenues | Net Income | Net Margin |
| 581.86 | -110.65 | -19.0% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Workiva Inc. More…
| Operations | Investing | Financing |
| 35.13 | -64.42 | 1.09 |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for Workiva Inc. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 830.79 | 830.64 | 0 |
Key Ratios Snapshot
Some of the financial key ratios for Workiva Inc are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| 21.5% | – | -17.5% |
| FCF Margin | ROE | ROA |
| 5.5% | -11687.3% | -7.6% |
Analysis
At GoodWhale, we have conducted an analysis of the financial and business aspects of WORKIVA INC to give our users an overview of their wellbeing. Our Risk Rating puts WORKIVA INC in the medium risk category. This means there are some potential areas to watch out for, but overall, investing in this company is an acceptable risk. We have also detected three risk warnings in WORKIVA INC’s balance sheet, cash flow statement, and non-financial aspects. Our registered users can find out more by logging in to our platform and taking a deeper dive into the analysis. We believe that providing our users with as much information as possible will help them to make more informed investment decisions. More…
Peers
In the business world, there is always competition. Workiva Inc is no exception. Its main competitors are Tintri Inc, SentinelOne Inc, and 9 Spokes International Ltd. All of these companies are vying for the same thing: market share. Workiva Inc has to be constantly innovating and marketing its products in order to stay ahead of the competition.
– Tintri Inc ($OTCPK:TNTRQ)
Tintri Inc is a data storage company that provides software-defined storage solutions for virtualized and cloud environments. The company has a market cap of 675.02k and a ROE of 116.12%. Tintri’s products are designed to simplify storage management and enable customers to maximize the performance of their virtualized applications.
– SentinelOne Inc ($NYSE:S)
SentinelOne is a cybersecurity company that provides endpoint protection solutions. The company has a market cap of $6.36 billion and a return on equity of -12.5%. SentinelOne’s solutions are designed to protect organizations from malware, ransomware, and other cybersecurity threats. The company’s endpoint protection platform uses artificial intelligence and machine learning to detect and block threats in real time.
– 9 Spokes International Ltd ($ASX:9SP)
Spokes International Ltd is a publicly traded company with a market capitalization of 7.47 million as of 2022. The company has a negative return on equity of 72.86%. Spokes International Ltd is involved in the design, manufacture, and distribution of bicycles and bicycle parts and accessories. The company sells its products under the Spokes brand name. Spokes International Ltd is headquartered in Hong Kong.
Summary
WORKIVA INC has seen an increase in total revenue for its FY2023 Q2 earnings results compared to the prior year. This was reported at USD 155.0 million, a 17.8% increase from the same quarter the previous year. However, net income showed a decrease year-over-year, coming in at USD -20.9 million in comparison to the prior year’s quarter of USD -28.9 million. Investors should take into consideration the current market trends and financial position of WORKIVA INC when evaluating whether this stock is a suitable investment for their portfolio.
