Workiva Inc. (WK) saw its loss narrow to $5.84 million, or $0.14 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $12.04 million, or $0.30 a share. On the other hand, adjusted net loss for the quarter narrowed to $1.70 million, or $0.04 a share from a loss of $8.66 million or $0.21 a share, a year ago. Revenue during the quarter grew 16.50 percent to $51.90 million from $44.55 million in the previous year period. Gross margin for the quarter expanded 203 basis points over the previous year period to 72.61 percent. Operating margin for the quarter stood at negative 11.53 percent as compared to a negative 27.19 percent for the previous year period.
Operating loss for the quarter was $5.98 million, compared with an operating loss of $12.11 million in the previous year period.
However, the adjusted operating loss for the quarter stood at $1.84 million compared to operating loss of $8.72 million in prior year period.
"We posted strong results in the first quarter, highlighted by 16.5% revenue growth over the same quarter last year," said Matt Rizai, chairman and chief executive officer of Workiva. "We outperformed our guidance for quarterly revenue, operating loss and loss per share."
For fiscal year 2017, Workiva Inc. projects revenue to be in the range of $204 million to $206 million. It projects operating income to be in the range of $44 million to $46 million. It projects adjusted operating income to be in the range of $26 million to $28 million. It forecasts diluted earnings per share to be in the range of $1.08 to $1.13. It forecasts diluted earnings per share to be in the range of $0.64 to $0.69 on adjusted basis for the same period.
For the second-quarter, Workiva Inc. projects revenue to be in the range of $48.10 million to $48.60 million. It projects operating income to be in the range of $12.50 million to $13 million. It projects adjusted operating income to be in the range of $8 million to $8.50 million. It forecasts diluted earnings per share to be in the range of $0.31 to $0.32. It forecasts diluted earnings per share to be in the range of $0.20 to $0.21 on an adjusted basis for the same period.
Operating cash flow turns positive
Workiva Inc. has generated cash of $2.58 million from operating activities during the quarter as against cash outgo of $19.08 million in the last year period. The company has spent $1.24 million cash to meet investing activities during the quarter as against cash inflow of $4.33 million in the last year period.
The company has spent $0.43 million cash to carry out financing activities during the quarter as against cash outgo of $0.73 million in the last year period.
Cash and cash equivalents stood at $52.20 million as on Mar. 31, 2017, up 20.77 percent or $8.98 million from $43.23 million on Mar. 31, 2016.
Working capital turns negative
Working capital of Workiva Inc. has turned negative to $2.53 million on Mar. 31, 2017 from positive $4.24 million on Mar. 31, 2016. Current ratio was at 0.97 as on Mar. 31, 2017, down from 1.06 on Mar. 31, 2016.
Days sales outstanding went down to 32 days for the quarter compared with 35 days for the same period last year.
At the same time, days payable outstanding went down to 22 days for the quarter from 32 for the same period last year.
Debt comes down
Workiva Inc. has recorded a decline in total debt over the last one year. It stood at $20.80 million as on Mar. 31, 2017, down 7.74 percent or $1.75 million from $22.55 million on Mar. 31, 2016. Total debt was 14.88 percent of total assets as on Mar. 31, 2017, compared with 18.14 percent on Mar. 31, 2016.
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