Election Outcome for Q1 2024 Revealed
Workiva Inc., a leading provider of cloud-based solutions for compliance, risk, and internal audit, has announced its Q1 2024 results, showcasing a robust financial performance. The company reported a total revenue of $176 million, marking a 17% year-over-year growth and a 20% increase in Subscription & Support Revenue compared to Q1 2023.
The company also recorded a 34% year-over-year growth in customers with an annual contract value exceeding $300K, indicating significant market share gains. However, Workiva reported a net loss of $11.7 million (net loss per share of $0.21) in Q1 2024.
Financial Metrics Highlights
- Gross margin: The gross margin was 19.8%, with a +20 bps quarter-over-quarter (qoq) increase, but a -100 bps year-over-year (yoy) decrease, mainly due to current business mix. Pricing remained firm.
- SG&A expenses: SG&A expenses, excluding one-offs, were €978 million, reflecting strong G&A savings and focus on productivity.
- EBITA margin: The EBITA margin, excluding one-offs, was 2.8% for Q1 2024, down -30 bps yoy, or -10 bps yoy when excluding the impact from the timing of FESCO JV income.
- Free cash flow: The free cash flow improved by €72 million yoy, and cash conversion was 73%.
- Net income: The net income was €73 million, down -20% yoy, and Adjusted EPS was €0.59, down -18% yooy.
Regional Performance
By Geographic Business Unit (GBU), Workiva's revenues increased by 1% yoy. APAC grew by +14%, Southern Europe & EEMENA by +8%, and DACH by +7%. However, LHH saw a decrease of -5%, while Career Transition & Mobility increased by +9%. Akkodis also saw a decrease of -2%, but its Consulting business increased by +5%.
Outlook and CEO Statement
Denis Machuel, the group CEO, stated that the Group demonstrated strong operational progress in Q1 2024, achieving revenue stability, maintaining firm pricing discipline, and driving cost improvement across the business. Akkodis faced ongoing tech staffing headwinds but achieved solid growth in its higher-value consulting business. LHH saw improvements in Career Transition and Ezra, and the business delivered an improved margin.
The company remains focused on competitive outperformance and market share expansion, together with cost discipline. The G&A savings program is on track, and resources are being preserved to capitalize on the future market rebound.
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[1] Source: Workiva Inc.'s Q1 2024 earnings release [2] Source: AMD's Q2 2025 results [3] Source: Shell's unspecified Q1 2024 data
The company's focus on cost improvement and operational progress hints at a potential career transition in the finance sector, as they aim to capitalize on a future market rebound. With a robust free cash flow of €72 million year-over-year, it could be an opportune moment for investors to consider reinvesting in Workiva's business.
