Q2 2024 Workiva Inc Earnings Call Transcript
Key Points
- Subscription revenue grew by 18% and total revenue by 15%, exceeding the high end of revenue guidance.
- Record quarterly bookings and a more optimistic market outlook led to an increase in full-year revenue guidance.
- Strong performance in ESG solutions, which was a top booking solution for eight consecutive quarters.
- Continued momentum in Europe, with significant wins in financial and ESG reporting.
- Launch of Workiva Carbon, supported by the acquisition of Sustained Life, to enhance ESG and sustainability platform capabilities.
- Professional services revenue declined by 8% due to a decrease in setup and consulting services revenue.
- Despite improvements, the company remains cautious about the macro and political environment affecting future bookings.
- Net revenue retention rate decreased to 109%, indicating some pressure on expansion within existing accounts.
- The updated long-term financial model includes a lower medium-term operating margin target, reduced from 22% to 16%.
- The acquisition of Sustained Life, while strategic, is not expected to significantly impact revenue in the short term.
Good afternoon, ladies and gentlemen. My name is Didi, and I will be the host operator on this call. After the prepared comments, we will conduct a question-and-answer session. Please note that this call is being recorded on August 1, 2024, at 5:00 PM eastern time. I would now like to turn this meeting over to your host for today's call, Mike Rost, Senior Vice President of Corporate Development and Investor Relations at Workiva. Please go ahead.
Good afternoon, and thank you for joining us for Workiva's second quarter conference call. During today's call, we will review our second quarter results and discuss our guidance for the third quarter and full year 2024. Today's call has been prerecorded and will include comments from our Chief Executive Officer, Julie Iskow, followed by our Chief Financial Officer, Jill Klindt. We will then open the call up for a live Q&A session.
A replay of this webcast will be available until August 14, 2024. Information to
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