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Workiva Inc. Announces Fourth Quarter and Full Year 2023 Financial Results

  • Subscription revenues of $149 million in Q4 2023, representing 18% year-over-year growth
  • Total revenues of $167 million in Q4 2023, representing 16% year-over-year growth
  • Subscription revenues of $559 million for full year 2023, representing 20% year-over-year growth
  • Achieved 32% YOY Growth of Customers with Annual Contract Value Over $300K

Workiva Inc. (NYSE:WK), the world’s leading cloud platform for assured integrated reporting, today announced financial results for its fourth quarter and full year ended December 31, 2023.

"Workiva closed out the year with another solid quarter," said Workiva CEO Julie Iskow. "Our solid fourth-quarter and full year results demonstrate the durability of our business and the ongoing market adoption for our assured integrated reporting platform. Leading organizations are investing in our strategic platform that brings together financial reporting, GRC, and ESG. We shine where data consistency, integrity and accuracy are critical and narrative is required."

"For Q4, we exceeded our revenue guidance by $2 million dollars," said Workiva CFO Jill Klindt. "Our platform approach continues to drive performance. In the quarter, we generated 64% of our subscription revenue from customers with multiple solutions. We finished the year strong with 2023 subscription revenue growth of 20%, and we generated $71 million dollars in operating cash flow, the strongest cash-flow performance in Workiva's history."

Fourth Quarter 2023 Financial Results

  • Revenue: Total revenue for the fourth quarter of 2023 reached $167 million, an increase of 16% from $144 million in the fourth quarter of 2022. Subscription and support revenue contributed $149 million, up 18% versus the fourth quarter of 2022. Professional services revenue was $18 million, relatively flat compared to the same quarter in the prior year.
  • Gross Profit: GAAP gross profit for the fourth quarter of 2023 was $129 million compared with $109 million in the same quarter of 2022. GAAP gross margin was 77.3% versus 76.1% in the fourth quarter of 2022. Non-GAAP gross profit for the fourth quarter of 2023 was $131 million, an increase of 18% compared with the prior year's fourth quarter, and non-GAAP gross margin was 78.4% compared to 77.1% in the fourth quarter of 2022.
  • Results from Operations: GAAP loss from operations for the fourth quarter of 2023 was $9 million compared with a loss of $13 million in the prior year's fourth quarter. Non-GAAP income from operations was $13 million compared with non-GAAP income from operations of $5 million in the fourth quarter of 2022.
  • GAAP Net Loss: GAAP net loss for the fourth quarter of 2023 was $4 million compared with a net loss of $14 million for the prior year's fourth quarter. GAAP net loss per basic and diluted share was $0.08 compared with a net loss per basic and diluted share of $0.26 in the fourth quarter of 2022.
  • Non-GAAP Net Income: Non-GAAP net income for the fourth quarter of 2023 was $18 million compared with net income of $4 million in the prior year's fourth quarter. Non-GAAP net income per basic share was $0.33 and net income per diluted share was $0.30 compared with net income per basic share and diluted share of $0.08 in the fourth quarter of 2022.
  • Liquidity: As of December 31, 2023, Workiva had cash, cash equivalents, and marketable securities totaling $814 million, compared with $431 million as of December 31, 2022. In August 2023, we issued $702.0 million aggregate principal amount of 1.250% convertible senior notes due in 2028. We used $396.9 million of the net proceeds from the 2028 Notes offering to repurchase $273.8 million principal amount, together with accrued and unpaid interest thereon, of our 2026 Notes. Workiva had $71 million aggregate principal amount of 1.125% convertible senior notes due in 2026, $702 million aggregate principal amount of 1.250% convertible senior notes due in 2028 and $15 million of finance lease obligations outstanding as of December 31, 2023.

Key Metrics and Recent Business Highlights

  • Customers: Workiva had 6,034 customers as of December 31, 2023, a net increase of 370 customers from December 31, 2022.
  • Revenue Retention Rate: As of December 31, 2023, Workiva's revenue retention rate (excluding add-on revenue) was 98%, and the revenue retention rate including add-on revenue was 110%. Add-on revenue includes changes in both solutions and pricing for existing customers.
  • Large Contracts: As of December 31, 2023, Workiva had 1,631 customers with an annual contract value (“ACV”) of more than $100,000, up 21% from 1,345 customers at December 31, 2022. Workiva had 915 customers with an ACV of more than $150,000, up 27% from 718 customers in the fourth quarter of 2022. Workiva had 311 customers with an ACV of more than $300,000, up 32% from 236 customers in the fourth quarter of 2022.

Full Year 2023 Financial Results

  • Revenue: Total revenue for the full year 2023 reached $630 million, an increase of 17% from $538 million in 2022. Subscription and support revenue contributed $559 million, up 20% compared to 2022. Professional services revenue was $71 million, a decrease of 2% compared to the prior year.
  • Gross Profit: GAAP gross profit for 2023 was $476 million compared with $408 million in 2022. GAAP gross margin was 75.6% versus 75.9% in the prior year. Non-GAAP gross profit for 2023 was $483 million, an increase of 17% compared to 2022, and non-GAAP gross margin was 76.7% compared to 76.9%.
  • Results from Operations: GAAP loss from operations for 2023 was $95 million compared with a loss of $89 million in the prior year. Non-GAAP income from operations was $10 million, compared with a non-GAAP loss from operations of $13 million in 2022.
  • GAAP Net Loss: GAAP net loss for 2023 was $128 million compared with a net loss of $91 million in the prior year. GAAP net loss per basic and diluted share was $2.36 compared with a net loss per basic and diluted share of $1.72 in 2022.
  • Non-GAAP Net Loss: Non-GAAP net loss for 2023 was $23 million compared with a net loss of $15 million in the prior year. Non-GAAP net loss per basic and diluted share was $0.42, compared with a net loss per basic and diluted share of $0.29 in 2022. In connection with the partial repurchase of our convertible notes due in 2026 described above, we recorded a loss on induced conversion of $45.1 million which was recorded as interest expense.
  • Cash Flow: Net cash provided by operating activities was $71 million in 2023, compared to cash provided by operating activities of $11 million in 2022.

Financial Outlook

As of February 20, 2024, Workiva is providing guidance as follows:

First Quarter 2024 Guidance:

  • Total revenue is expected to be in the range of $173 million to $175 million.
  • GAAP loss from operations is expected to be in the range of $20.5 million to $18.5 million.
  • Non-GAAP income from operations is expected to be in the range of $4 million to $6 million.
  • GAAP net loss per basic share is expected to be in the range of $0.29 to $0.25.
  • Non-GAAP net income per basic share is expected to be in the range of $0.15 to $0.19.
  • Net income (loss) per basic share is based on 55.0 million weighted-average shares outstanding.

Full Year 2024 Guidance:

  • Total revenue is expected to be in the range of $718 million to $722 million.
  • GAAP loss from operations is expected to be in the range of $85 million to $81 million.
  • Non-GAAP income from operations is expected to be in the range of $17 million to $21 million.
  • GAAP net loss per basic share is expected to be in the range of $1.28 to $1.21.
  • Non-GAAP net income per basic share is expected to be in the range of $0.56 to $0.63.
  • Net income (loss) per basic share is based on 55.3 million weighted-average shares outstanding.

Quarterly Conference Call

Workiva will host a conference call today at 5:00 p.m. ET to review the Company’s financial results for the fourth quarter and full year 2023, in addition to discussing the Company’s outlook for the first quarter and full year 2024. To access this call, dial 888-330-2469 (U.S. domestic) or 240-789-2740 (international). The conference ID is 8736384. A live webcast of the conference call will be accessible in the "Investors" section of Workiva’s website at www.workiva.com. A replay of this conference call can also be accessed through February 27, 2024, at 800-770-2030 (U.S. domestic) or 647-362-9199 (international). The replay pass code is 8736384. An archived webcast of this conference call will also be available an hour after the completion of the call in the "Investor Relations" section of the Company’s website at www.workiva.com.

About Workiva

Workiva Inc. (NYSE:WK) is on a mission to power transparent reporting for a better world. We build and deliver the world’s leading cloud platform for assured integrated reporting to meet stakeholder demands for action, transparency, and disclosure of financial and non-financial data. Workiva offers the only unified SaaS platform that brings customers’ financial reporting, Environmental, Social, and Governance (ESG), and Governance, Risk, and Compliance (GRC) together in a controlled, secure, audit-ready platform. Our platform simplifies the most complex reporting and disclosure challenges by streamlining processes, connecting data and teams, and ensuring consistency. Learn more at workiva.com.

Non-GAAP Financial Measures

The non-GAAP adjustments referenced herein relate to the exclusion of stock-based compensation and amortization of acquisition-related intangible assets. A reconciliation of GAAP to non-GAAP historical financial measures has been provided in Table I at the end of this press release. A reconciliation of GAAP to non-GAAP guidance has been provided in Table II at the end of this press release.

Workiva believes that the use of non-GAAP gross profit and gross margin, non-GAAP income (loss) from operations, non-GAAP net income (loss) and non-GAAP net income (loss) per share is helpful to its investors. These measures, which are referred to as non-GAAP financial measures, are not prepared in accordance with generally accepted accounting principles in the United States, or GAAP. Non-GAAP gross profit is calculated by excluding stock-based compensation expense attributable to cost of revenues from gross profit. Non-GAAP gross margin is the ratio calculated by dividing non-GAAP gross profit by revenues. Non-GAAP income (loss) from operations is calculated by excluding stock-based compensation expense and amortization expense for acquisition-related intangible assets from loss from operations. Non-GAAP net income (loss) is calculated by excluding stock-based compensation expense, net of tax and amortization expense for acquisition-related intangible assets from net loss. Non-GAAP net income (loss) per share is calculated by dividing non-GAAP net income (loss) by the weighted- average shares outstanding as presented in the calculation of GAAP net loss per share. Because of varying available valuation methodologies, subjective assumptions and the variety of equity instruments that can impact a company’s non-cash expenses, Workiva believes that providing non-GAAP financial measures that exclude stock-based compensation expense allows for more meaningful comparisons between its operating results from period to period. For business combinations, we generally allocate a portion of the purchase price to intangible assets. The amount of the allocation is based on estimates and assumptions made by management and is subject to amortization. The amount of purchase price allocated to intangible assets and the term of its related amortization can vary significantly and are unique to each acquisition and thus we do not believe it is reflective of ongoing operations. Workiva’s management uses these non-GAAP financial measures as tools for financial and operational decision making and for evaluating Workiva’s own operating results over different periods of time.

Non-GAAP financial measures may not provide information that is directly comparable to that provided by other companies in Workiva’s industry, as other companies in the industry may calculate non-GAAP financial results differently. In addition, there are limitations in using non-GAAP financial measures because the non-GAAP financial measures are not prepared in accordance with GAAP, may be different from non-GAAP financial measures used by other companies and exclude expenses that may have a material impact on Workiva’s reported financial results. Further, stock-based compensation expense has been and will continue to be for the foreseeable future a significant recurring expense in Workiva’s business and an important part of the compensation provided to its employees. The presentation of non-GAAP financial information is not meant to be considered in isolation or as a substitute for the directly comparable financial measures prepared in accordance with GAAP. Investors should review the reconciliation of non-GAAP financial measures to the comparable GAAP financial measures included below, and not rely on any single financial measure to evaluate Workiva’s business.

Safe Harbor Statement

Certain statements in this press release are "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and are subject to the safe harbor created thereby. These statements relate to future events or the Company’s future financial performance and involve known and unknown risks, uncertainties and other factors that may cause the actual results, levels of activity, performance or achievements of the Company or its industry to be materially different from those expressed or implied by any forward-looking statements. In particular, statements about the Company’s expectations, beliefs, plans, objectives, assumptions, future events or future performance contained in this press release are forward-looking statements. In some cases, forward-looking statements can be identified by terminology such as "may," "will," "could," "would," "should," "expect," "plan," "anticipate," "intend," "believe," "estimate," "predict," "potential," "outlook," "guidance" or the negative of those terms or other comparable terminology.

Please see the Company’s documents filed or to be filed with the Securities and Exchange Commission, including the Company’s annual reports filed on Form 10-K and quarterly reports on Form 10-Q, and any amendments thereto for a discussion of certain important risk factors that relate to forward-looking statements contained in this report. The Company has based these forward-looking statements on its current expectations, assumptions, estimates and projections. While the Company believes these expectations, assumptions, estimates and projections are reasonable, such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond the Company’s control. These and other important factors may cause actual results, performance or achievements to differ materially from those expressed or implied by these forward-looking statements. Any forward-looking statements are made only as of the date hereof, and unless otherwise required by applicable securities laws, the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

WORKIVA INC.

 

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except share and per share amounts)

 

 

Three months ended

December 31,

Year ended December 31,

 

2023

2022

2023

2022

 

(unaudited)

 

 

Revenue

 

 

 

 

Subscription and support

$

148,788

 

$

125,871

 

$

558,645

 

$

464,935

 

Professional services

 

17,865

 

 

17,932

 

 

71,394

 

 

72,940

 

Total revenue

 

166,653

 

 

143,803

 

 

630,039

 

 

537,875

 

Cost of revenue

 

 

 

 

Subscription and support (1)

 

25,113

 

 

21,028

 

 

99,193

 

 

77,711

 

Professional services (1)

 

12,732

 

 

13,328

 

 

55,029

 

 

52,174

 

Total cost of revenue

 

37,845

 

 

34,356

 

 

154,222

 

 

129,885

 

Gross profit

 

128,808

 

 

109,447

 

 

475,817

 

 

407,990

 

Operating expenses

 

 

 

 

Research and development (1)

 

42,555

 

 

38,072

 

 

172,790

 

 

151,716

 

Sales and marketing (1)

 

71,867

 

 

60,381

 

 

287,035

 

 

245,260

 

General and administrative (1)

 

23,859

 

 

24,271

 

 

110,519

 

 

99,778

 

Total operating expenses

 

138,281

 

 

122,724

 

 

570,344

 

 

496,754

 

Loss from operations

 

(9,473

)

 

(13,277

)

 

(94,527

)

 

(88,764

)

Interest income

 

10,336

 

 

2,555

 

 

25,882

 

 

4,880

 

Interest expense

 

(3,202

)

 

(1,502

)

 

(53,639

)

 

(6,042

)

Other (expense) and income, net

 

(364

)

 

(541

)

 

(1,814

)

 

926

 

Loss before provision for income taxes

 

(2,703

)

 

(12,765

)

 

(124,098

)

 

(89,000

)

Provision for income taxes

 

1,493

 

 

1,137

 

 

3,427

 

 

1,947

 

Net loss

$

(4,196

)

$

(13,902

)

$

(127,525

)

$

(90,947

)

Net loss per common share:

 

 

 

 

Basic and diluted

$

(0.08

)

$

(0.26

)

$

(2.36

)

$

(1.72

)

Weighted-average common shares outstanding - basic and diluted

 

54,432,003

 

 

53,279,147

 

 

54,099,757

 

 

52,954,079

 

 

(1) Includes stock-based compensation expense as follows:

 

Three months ended

December 31,

Year ended December 31,

 

2023

2022

2023

2022

 

(unaudited)

Cost of revenue

Subscription and support

$

1,298

 

$

880

 

$

5,030

 

$

3,437

 

Professional services

 

617

 

 

550

 

 

2,540

 

 

2,128

 

Operating expenses

 

 

 

 

Research and development

 

4,764

 

 

3,282

 

 

18,441

 

 

12,554

 

Sales and marketing

 

7,005

 

 

4,935

 

 

27,774

 

 

19,323

 

General and administrative

 

7,052

 

 

6,960

 

 

44,980

 

 

33,218

 

 

WORKIVA INC.

 

CONSOLIDATED BALANCE SHEETS

(in thousands)

 

 

As of December 31,

 

2023

 

2022

Assets

 

 

 

Current assets

 

 

 

Cash and cash equivalents

$

256,100

 

 

$

240,197

 

Marketable securities

 

557,622

 

 

 

190,595

 

Accounts receivable, net

 

125,193

 

 

 

106,316

 

Deferred costs

 

39,023

 

 

 

38,350

 

Other receivables

 

7,367

 

 

 

6,674

 

Prepaid expenses and other

 

23,631

 

 

 

17,957

 

Total current assets

 

1,008,936

 

 

 

600,089

 

Property and equipment, net

 

24,282

 

 

 

27,096

 

Operating lease right-of-use assets

 

12,642

 

 

 

13,932

 

Deferred costs, non-current

 

33,346

 

 

 

33,682

 

Goodwill

 

112,097

 

 

 

109,740

 

Intangible assets, net

 

22,892

 

 

 

28,234

 

Other assets

 

4,665

 

 

 

6,847

 

Total assets

$

1,218,860

 

 

$

819,620

 

Liabilities and Stockholders’ (Deficit) Equity

 

 

 

Current liabilities

 

 

 

Accounts payable

$

5,204

 

 

$

6,174

 

Accrued expenses and other current liabilities

 

97,921

 

 

 

83,999

 

Deferred revenue

 

380,843

 

 

 

316,263

 

Finance lease obligations

 

532

 

 

 

504

 

Total current liabilities

 

484,500

 

 

 

406,940

 

Convertible senior notes, non-current

 

762,455

 

 

 

340,257

 

Deferred revenue, non-current

 

36,177

 

 

 

38,237

 

Other long-term liabilities

 

178

 

 

 

1,518

 

Operating lease liabilities, non-current

 

10,890

 

 

 

12,102

 

Finance lease obligations, non-current

 

14,050

 

 

 

14,583

 

Total liabilities

 

1,308,250

 

 

 

813,637

 

Stockholders’ (deficit) equity

 

 

 

Common stock

 

54

 

 

 

53

 

Additional paid-in-capital

 

562,942

 

 

 

537,732

 

Accumulated deficit

 

(652,641

)

 

 

(525,116

)

Accumulated other comprehensive loss

 

255

 

 

 

(6,686

)

Total stockholders’ (deficit) equity

 

(89,390

)

 

 

5,983

 

Total liabilities and stockholders’ (deficit) equity

$

1,218,860

 

 

$

819,620

 

 

WORKIVA INC.

 

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

 

 

Three months ended

December 31,

 

Year ended December 31,

 

2023

 

2022

 

2023

 

2022

 

(unaudited)

 

 

 

 

Cash flows from operating activities

 

 

 

 

 

 

 

Net loss

$

(4,196

)

 

$

(13,902

)

 

$

(127,525

)

 

$

(90,947

)

Adjustments to reconcile net loss to net cash provided by (used in) operating activities:

 

 

 

 

 

 

 

Depreciation and amortization

 

2,787

 

 

 

2,847

 

 

 

11,140

 

 

 

10,212

 

Stock-based compensation expense

 

20,736

 

 

 

16,607

 

 

 

98,765

 

 

 

70,660

 

Provision for doubtful accounts

 

353

 

 

 

74

 

 

 

410

 

 

 

156

 

Realized loss on sale of available-for-sale securities, net

 

 

 

 

 

 

 

708

 

 

 

 

(Accretion) amortization of premiums and discounts on marketable securities, net

 

(3,186

)

 

 

(163

)

 

 

(7,716

)

 

 

1,079

 

Amortization of issuance costs and debt discount

 

608

 

 

 

325

 

 

 

1,730

 

 

 

1,298

 

Induced conversion expense

 

 

 

 

 

 

 

45,144

 

 

 

 

Deferred income tax

 

3

 

 

 

629

 

 

 

(14

)

 

 

538

 

Changes in assets and liabilities:

 

 

 

 

 

 

 

Accounts receivable

 

(25,561

)

 

 

(22,703

)

 

 

(18,318

)

 

 

(28,893

)

Deferred costs

 

(5,971

)

 

 

(5,834

)

 

 

277

 

 

 

(8,496

)

Operating lease right-of-use asset

 

1,177

 

 

 

1,276

 

 

 

4,984

 

 

 

5,153

 

Other receivables

 

(334

)

 

 

(1,693

)

 

 

(2,176

)

 

 

(1,655

)

Prepaid expenses

 

(1,038

)

 

 

(3,783

)

 

 

(5,023

)

 

 

(2,913

)

Other assets

 

751

 

 

 

(1,336

)

 

 

2,230

 

 

 

(2,441

)

Accounts payable

 

265

 

 

 

(3,557

)

 

 

(1,002

)

 

 

2,438

 

Deferred revenue

 

37,887

 

 

 

33,084

 

 

 

60,112

 

 

 

61,657

 

Operating lease liability

 

(1,004

)

 

 

(1,298

)

 

 

(4,133

)

 

 

(5,055

)

Accrued expenses and other liabilities

 

1,065

 

 

 

(1,841

)

 

 

11,282

 

 

 

(1,457

)

Net cash provided by (used in) operating activities

 

24,342

 

 

 

(1,268

)

 

 

70,875

 

 

 

11,334

 

Cash flows from investing activities

 

 

 

 

 

 

 

Purchase of property and equipment

 

(392

)

 

 

(1,232

)

 

 

(2,124

)

 

 

(3,458

)

Purchase of marketable securities

 

(251,296

)

 

 

(31,190

)

 

 

(573,304

)

 

 

(130,754

)

Sale of marketable securities

 

 

 

 

 

 

 

65,052

 

 

 

14,981

 

Maturities of marketable securities

 

76,547

 

 

 

43,708

 

 

 

153,358

 

 

 

150,565

 

Acquisitions, net of cash acquired

 

 

 

 

 

 

 

 

 

 

(99,186

)

Purchase of intangible assets

 

(68

)

 

 

(52

)

 

 

(235

)

 

 

(160

)

Net cash (used in) provided by investing activities

 

(175,209

)

 

 

11,234

 

 

 

(357,253

)

 

 

(68,012

)

 

 

 

 

 

 

 

 

Cash flows from financing activities

 

 

 

 

 

 

 

Proceeds from option exercises

 

1,148

 

 

 

678

 

 

 

4,472

 

 

 

3,273

 

Taxes paid related to net share settlements of stock-based compensation awards

 

(35

)

 

 

(1,889

)

 

 

(9,459

)

 

 

(12,541

)

Proceeds from shares issued in connection with employee stock purchase plan

 

 

 

 

 

 

 

12,513

 

 

 

9,256

 

Proceeds from the issuance of convertible senior notes, net of issuance costs

 

 

 

 

 

 

 

691,113

 

 

 

 

Payments for repurchase of convertible senior notes

 

 

 

 

 

 

 

(396,869

)

 

 

 

Principal payments on finance lease obligations

 

(129

)

 

 

(233

)

 

 

(505

)

 

 

(1,575

)

Net cash provided by (used in) financing activities

 

984

 

 

 

(1,444

)

 

 

301,265

 

 

 

(1,587

)

Effect of foreign exchange rates on cash

 

1,719

 

 

 

2,178

 

 

 

1,637

 

 

 

(1,924

)

Net (decrease) increase in cash and cash equivalents

 

(148,164

)

 

 

10,700

 

 

 

16,524

 

 

 

(60,189

)

Cash and cash equivalents at beginning of period

 

404,885

 

 

 

229,497

 

 

 

240,197

 

 

 

300,386

 

Cash and cash equivalents at end of period

$

256,721

 

 

$

240,197

 

 

$

256,721

 

 

$

240,197

 

 
 

Three months ended

December 31,

Year ended December 31,

2023

2022

2023

2022

Reconciliation of cash, cash equivalents, and restricted cash to the consolidated balance sheets

Cash and cash equivalents at end of period

$

256,100

 

$

240,197

 

$

256,100

 

$

240,197

 

Restricted cash included within prepaid expenses and other at end of period

 

621

 

 

 

 

621

 

 

 

Total cash, cash equivalents, and restricted cash at end of period shown in the consolidated statements of cash flows

$

256,721

 

$

240,197

 

$

256,721

 

$

240,197

 

 

TABLE I

WORKIVA INC.

RECONCILIATION OF NON-GAAP INFORMATION

(in thousands, except share and per share)

 

 

Three months ended

December 31,

 

Year ended December 31,

 

2023

 

2022

 

2023

 

2022

Gross profit, subscription and support

$

123,675

 

 

$

104,843

 

 

$

459,452

 

 

$

387,224

 

Add back: Stock-based compensation

 

1,298

 

 

 

880

 

 

 

5,030

 

 

 

3,437

 

Gross profit, subscription and support, non-GAAP

$

124,973

 

 

$

105,723

 

 

$

464,482

 

 

$

390,661

 

 

 

 

 

 

 

 

 

Gross profit, professional services

$

5,133

 

 

$

4,604

 

 

$

16,365

 

 

$

20,766

 

Add back: Stock-based compensation

 

617

 

 

 

550

 

 

 

2,540

 

 

 

2,128

 

Gross profit, professional services, non-GAAP

$

5,750

 

 

$

5,154

 

 

$

18,905

 

 

$

22,894

 

 

 

 

 

 

 

 

 

Gross profit

$

128,808

 

 

$

109,447

 

 

$

475,817

 

 

$

407,990

 

Add back: Stock-based compensation

 

1,915

 

 

 

1,430

 

 

 

7,570

 

 

 

5,565

 

Gross profit, non-GAAP

$

130,723

 

 

$

110,877

 

 

$

483,387

 

 

$

413,555

 

 

 

 

 

 

 

 

 

Cost of revenue, subscription and support

$

25,113

 

 

$

21,028

 

 

$

99,193

 

 

$

77,711

 

Less: Stock-based compensation

 

1,298

 

 

 

880

 

 

 

5,030

 

 

 

3,437

 

Cost of revenue, subscription and support, non-GAAP

$

23,815

 

 

$

20,148

 

 

$

94,163

 

 

$

74,274

 

 

 

 

 

 

 

 

 

Cost of revenue, professional services

$

12,732

 

 

$

13,328

 

 

$

55,029

 

 

$

52,174

 

Less: Stock-based compensation

 

617

 

 

 

550

 

 

 

2,540

 

 

 

2,128

 

Cost of revenue, professional services, non-GAAP

$

12,115

 

 

$

12,778

 

 

$

52,489

 

 

$

50,046

 

 

 

 

 

 

 

 

 

Research and development

$

42,555

 

 

$

38,072

 

 

$

172,790

 

 

$

151,716

 

Less: Stock-based compensation

 

4,764

 

 

 

3,282

 

 

 

18,441

 

 

 

12,554

 

Less: Amortization of acquisition-related intangibles

 

886

 

 

 

867

 

 

 

3,554

 

 

 

3,107

 

Research and development, non-GAAP

$

36,905

 

 

$

33,923

 

 

$

150,795

 

 

$

136,055

 

 

 

 

 

 

 

 

 

Sales and marketing

$

71,867

 

 

$

60,381

 

 

$

287,035

 

 

$

245,260

 

Less: Stock-based compensation

 

7,005

 

 

 

4,935

 

 

 

27,774

 

 

 

19,323

 

Less: Amortization of acquisition-related intangibles

 

587

 

 

 

581

 

 

 

2,392

 

 

 

1,954

 

Sales and marketing, non-GAAP

$

64,275

 

 

$

54,865

 

 

$

256,869

 

 

$

223,983

 

 

 

 

 

 

 

 

 

General and administrative

$

23,859

 

 

$

24,271

 

 

$

110,519

 

 

$

99,778

 

Less: Stock-based compensation

 

7,052

 

 

 

6,960

 

 

 

44,980

 

 

 

33,218

 

General and administrative, non-GAAP

$

16,807

 

 

$

17,311

 

 

$

65,539

 

 

$

66,560

 

 

 

 

 

 

 

 

 

Loss from operations

$

(9,473

)

 

$

(13,277

)

 

$

(94,527

)

 

$

(88,764

)

Add back: Stock-based compensation

 

20,736

 

 

 

16,607

 

 

 

98,765

 

 

 

70,660

 

Add back: Amortization of acquisition-related intangibles

 

1,473

 

 

 

1,448

 

 

 

5,946

 

 

 

5,061

 

Income (loss) from operations, non-GAAP

$

12,736

 

 

$

4,778

 

 

$

10,184

 

 

$

(13,043

)

 

 

 

 

 

 

 

 

Net loss

$

(4,196

)

 

$

(13,902

)

 

$

(127,525

)

 

$

(90,947

)

Add back: Stock-based compensation

 

20,736

 

 

 

16,607

 

 

 

98,765

 

 

 

70,660

 

Add back: Amortization of acquisition-related intangibles

 

1,473

 

 

 

1,448

 

 

 

5,946

 

 

 

5,061

 

Net income (loss), non-GAAP

$

18,013

 

 

$

4,153

 

 

$

(22,814

)

 

$

(15,226

)

 

 

 

 

 

 

 

 

Net loss per basic and diluted share:

$

(0.08

)

 

$

(0.26

)

 

$

(2.36

)

 

$

(1.72

)

Add back: Stock-based compensation

 

0.38

 

 

 

0.31

 

 

 

1.83

 

 

 

1.33

 

Add back: Amortization of acquisition-related intangibles

 

0.03

 

 

 

0.03

 

 

 

0.11

 

 

 

0.10

 

Net income (loss) per basic share, non-GAAP

$

0.33

 

 

$

0.08

 

 

$

(0.42

)

 

$

(0.29

)

Net income (loss) per diluted share, non-GAAP

$

0.30

 

 

$

0.08

 

 

$

(0.42

)

 

$

(0.29

)

 

 

 

 

 

 

 

 

Weighted-average common shares outstanding - basic, non-GAAP

 

54,432,003

 

 

 

53,279,147

 

 

 

54,099,757

 

 

 

52,954,079

 

Weighted-average common shares outstanding - diluted, non-GAAP

 

60,523,201

 

 

 

54,938,441

 

 

 

54,099,757

 

 

 

52,954,079

 

 

TABLE II

WORKIVA INC.

RECONCILIATION OF NON-GAAP GUIDANCE

(in thousands, except share and per share data)

 

 

Three months ending March 31, 2024

 

Year ending December 31, 2024

 

 

 

 

 

 

 

 

Loss from operations, GAAP range

$

(20,500

)

-

$

(18,500

)

 

$

(85,000

)

-

$

(81,000

)

Add back: Stock-based compensation

 

23,200

 

 

 

23,200

 

 

 

97,000

 

 

 

97,000

 

Add back: Amortization of acquisition-related intangibles

 

1,300

 

 

 

1,300

 

 

 

5,000

 

 

 

5,000

 

Income from operations, non-GAAP range

$

4,000

 

-

$

6,000

 

 

$

17,000

 

-

$

21,000

 

 

 

 

 

 

 

 

 

Net loss per share, GAAP range

$

(0.29

)

-

$

(0.25

)

 

$

(1.28

)

-

$

(1.21

)

Add back: Stock-based compensation

 

0.42

 

 

 

0.42

 

 

 

1.75

 

 

 

1.75

 

Add back: Amortization of acquisition-related intangibles

 

0.02

 

 

 

0.02

 

 

 

0.09

 

 

 

0.09

 

Net income per share, non-GAAP range

$

0.15

 

-

$

0.19

 

 

$

0.56

 

-

$

0.63

 

 

 

 

 

 

 

 

 

Weighted-average common shares outstanding - basic

 

55,000,000

 

 

 

55,000,000

 

 

 

55,300,000

 

 

 

55,300,000

 

 

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