Workiva reported Q2 revenue of $255 million, beating guidance, and raised its full-year margin and revenue outlook.
Workiva posted second-quarter revenue of $255 million, a 19% year-over-year increase and $3 million above the high end of its guidance. Non-GAAP operating margin reached 16.8%, prompting the company to raise its full-year margin target to approximately 18%, a year ahead of schedule.
Subscription revenue grew 19% to $236 million, while professional services revenue rose 12% to $19 million. The company now expects full-year revenue of $1.040 billion to $1.044 billion, with subscription growth of about 19% and a free-cash-flow margin of approximately 21%.
Workiva repurchased $123 million of shares in Q2, leaving $106 million remaining under its authorization. Customer growth and retention remained strong, with gross retention at 97% and net retention above 110%.