Marty. then explain our our a model our you, level business I'll comment at guidance. and high Thank beat on financial review QX why position, we
financially XX, with positioned has guidance. believe is and COVID-XX. March from Next, Workiva short-term QX weather had results I'll stronger last At well flexible Workiva position investments. do or million storm XXXX Workiva finish a $XXX of We year versus cash QX had discuss to now. than we the more we financial forward never unrestricted Indeed, and believe
on occurs debt first The our maturity more than years. in X funded
obligations covenants. debt Our have no financial restrictive
the challenges for is mitigates model We for relatively first, from solutions our COVID-XX business believe by insulated posed our cycle. the reasons: X demand business of many
performance larger and needed compliance bad. assist good with both to times management in enterprises is Software and regulatory
systems Second, our cloud-based in who this compete for platform remotely, as is work collaborate team members cannot to environment. those On-premise designed from home. including well
service. revenue enjoy customer retention our love our customers the design we because high-quality functionality our of Third, high rates of the and software and
in and is compelling platform. and fairly us reduces proposition our value alternatives advance think of to of reporting. to annually risk time, evenly saves renew among eliminates aspects We and X for tedious quarters the Fourth, markets platform our a of most These software year. subscription the of the managerial customers our contracts relative we the serve. many Our pay financial
As recognize from revenue every the quarter a subscription result, XX% revenue. we comes around deferred of
Fifth, no accounts customer for more of X% than revenue. our
our But Our for XX X% financials largest customers. our breaks account of the Sixth, in X the less aggregate. than revenue revenue our customers sources contribution industry to are Note our by in the out of of XX-Q revenue diverse.
Shifting now to our financials.
our results talk and a a and always, well about As about guidance. and against for midpoint on guidance did XXXX non-GAAP beat, revenue guidance X/X press Higher reconciliation guidance million. to Refer revenue non-GAAP how services we accounted at will first. higher GAAP I'll while of the revenue I $X.XX the results the our of subscription about our basis. release talk for contributed balance. We QX beat by
care $X discretionary due guidance due recruiters, travel employees beat as and to the just at were COVID-XX. legal than of COVID-XX margin. to restrictions; advisers operating of were from forecast. The expenses a high for our $X.X than a deductible operating commission QX of revenue We The beat a $X visits structure; I the $X million income, explain of high above higher paid million, level. accounted accounted came forecast to about sales on forecast, relatively better commission medical fees and were million Expenses over operating a $X.X to some mentioned to income the than just a just I'd hiring pace by for restrictions remaining wide of COVID-XX swing like $X at a insurance income expenses positive percentage X/X better remainder expense better related QX the swing. the in forecast almost from was million million postponement the due X/X primarily entertainment better plan; and slower medical our follows: than sales consultants to beat, on electing travel which was beat medical million than forecast change of
comparison an turning XX.X% $XX.X the out XXXX. support increase XXXX XX.X% of of reporting a QX QX from of generated quarter in from last QX million, We revenue up $XX.X to and Now subscription item, QX first revenue million, total revenue XXXX. line to by year. Breaking was
to solutions, months. drive XXXX. solution-based in increase revenue licensing S&S The XX% in in increase and added conversions new balance of helps the QX strong of QX from new came last customers. existing revenue XX growth customers the the logos New from came in
was services Professional an last in XX% and was customers consulting QX migrate helping growth. increase additional organic XXXX, by from revenue driven same revenue $XX.X of to XBRL XBRL, the Growth inline year. setup and million quarter in
first of customers quarter. XBRL our the a reminder, high point prepare for XX-Ks in their the the since is quarter our tagging seasonally traded publicly most first revenue from As
of Turning QX a metrics. XXXX. net XXX increase gross from XXXX and by On XX have to XX finished end. new to QX net high our from have new of closed these with deals supplemental Of early QX of decrease customers, types pipeline, very highest would Normally, XX We the a a customers X our In in XX basis, month in is was and customers of a rating new QX, to COVID-XX. returned churn impact normal XX for QX, March, percentage of and added March month the customers which would for and deals us, logos. end. a to which we been pipeline us of XX in of below by churned deals, due logos probability in level did normal the close close XX a is for which carried X,XXX our
rates retention strong. revenue remained Our
quarter quarter support half last attrition same and in bankruptcies. revenue Our the to from delistings of M&A, came year. XX.X% subscription rate compared was the first the for XX.X% and of XXXX the retention for Almost period
and higher delistings. of a expect incidence we ahead, bankruptcies Looking
On term. first the our in the XXX.X% With retention of for the add-ons, in expect to XXXX near and compared pressure positive rate less QX revenue XXXX. support to we from subscription quarter improved side, XXX.X% M&A
continues at totaled over from results. up The subscription customers from $XXX,XXX first in of number larger year. XXX promising. XXXX The in with progress XXXX, valued over of quarter the valued to contracts first the be per contracts $XXX,XXX contracts XXX totaled of the QX up prior quarter, XX% XX% QX year number of Our at
net same $XX.X in a and revenue, XX.X% basis gross basis Consolidated expansion from Moving gross down QX Subscription a quarter XX a QX to to in to XXXX, P&L. a XX.X% ago. versus million, of year was of gross Gross XXXX. profit. QX, profit XX.X% on equating contraction Breaking in XXX quarter margin totaled points. profit million totaled points the support the compared latest margin up gross $XX.X out of XX.X% S&S
of Additional to platform driver customers the headcount to was our next-generation the upgrade help contraction. primary
QX equating in up to QX due improved million, the compared due margin XX% gross R&D quarter expense of XXXX. XXXX in XX.X% percentage as a XX.X% from $XX.X utilization. XXXX, profit gross improved in X.X% services to compensation development Professional Research totaled a in QX from to and primarily XX.X% first revenue XXXX to $X.X costs. was expense million, to higher in QX QX
totaled Sales integrated bookings $X.X in revenue sales increased in marketing of percentage XXXX reporting for basis our increased million to QX, QX XX.X% G&A talent U.S. to investment primarily compared and to drive global General $X.X reflecting million, expenses expense XXXX. and up XX.X% from and to to expense. government. higher quarter QX software the $XX.X and in EMEA, points risk, a statutory increased administrative additional million expenses headcount, XX due as rent expenses
in last an year. in QX operating our better an $XXX,XXX than guidance, I was of Workiva's posted QX earlier. to of as XXXX QX discussed compared We operating profit margin in $XXX,XXX operating profit substantially
the in balance increase same quarter our an compared $X.X XXXX, marketable flow from to December cash, March with of a ago. $X.X net and at At operating statement. XX, totaled XX, activities cash million, to year million XXXX. $X.X sheet provided million of balance equivalents cash million totaled In securities XXXX, QX Turning cash compared and $XXX cash provided the
on increase terms as obligations account, COVID-XX. end we is of impact quarter, revenue collected, at reserve remove reduced consistent $X and million due revenue invoices the We risk, at an $X.X review Remaining continue outstanding we the by the payment vary from XXXX, collection of is determine a and the including the accounts account risk, therefore, XXX. The ones At equal with invoices to reserve deferred when revenue factors, which end of begin reserve each amount, billings this year-end March receivables we this in out customers. multiyear to it the At which XX, the amounts ASC risk performance of from credit to up we quarter. a subscription present to for with of contracts some implement reduced anticipation to in annual deferred of contracts deferred of billing at recognize revenue. receivable both taking million until classified variety
our to Turning guidance.
quarter $XX.X range For to XXXX, the $XX.X revenue total of to million. we second from million expect
revenue in year. QX grow expect teens to We last the to subscription at rate low a compared
services expect normal post to revenue last We expect we from revenue the decline QX. seasonal below addition, year's QX to show results. QX in And services
we revenue change may onetime QX You recall, contribution in a services had from year. regulatory a to last
operating We XXXX. million $X.X range unknown. expect duration economic QX The to from to million loss depth is disruption from the non-GAAP and COVID-XX $X.X of in
limited While of deals on pipeline will when we close. deals, have the large visibility a we have new
suspending So guidance XXXX. we specific for are year full
and grow revenue that rest margin gave directional are guidance in the for we a operating expect slower to year to now pace XXXX year. we some providing improve. the we the However, of February, at guidance to Relative full
your we're begin now ready to questions. Q&A will the take Operator, We session.
