• Increased Q3 2024 Subscription & Support Revenue by 19% over Q3 2023
  • Total revenue of $186 million in Q3 2024, representing 17% year-over-year growth
  • Achieved 28% YOY Growth of Customers with Annual Contract Value Over $500K

Workiva Inc. (NYSE:WK), the world’s leading cloud platform for assured integrated reporting, today announced financial results for its third quarter ended September 30, 2024.

"Workiva is once again in a beat and raise position. Our results highlight an acceleration of our growth and improved operating leverage," said Julie Iskow, President & Chief Executive Officer. "We delivered another record bookings quarter with broad based demand across the entire solution portfolio and a high volume of account expansion deals and platform wins across North America and Europe."

"Subscription and support revenue growth of 19% drove our total revenue beat to $2.6 million over the high end of our guidance range," said Jill Klindt, Chief Financial Officer. "Due to our solid performance, we are raising our total revenue guidance by $6 million to a range of $733 million to $735 million."

Third Quarter 2024 Financial Results

  • Revenue: Total revenue for the third quarter of 2024 reached $186 million, an increase of 17% from $158 million in the third quarter of 2023. Subscription and support revenue contributed $171 million, up 19% versus the third quarter of 2023. Professional services revenue was $15 million, relatively flat compared to the same quarter in the prior year.
  • Gross Profit: GAAP gross profit for the third quarter of 2024 was $142 million compared with $120 million in the same quarter of 2023. GAAP gross margin was 76.5% versus 75.8% in the third quarter of 2023. Non-GAAP gross profit for the third quarter of 2024 was $146 million, an increase of 20% compared with the prior year's third quarter, and non-GAAP gross margin was 78.6% compared to 76.9% in the third quarter of 2023.
  • Results from Operations: GAAP loss from operations for the third quarter of 2024 was $22 million compared with a loss of $16 million in the prior year's third quarter. Non-GAAP income from operations was $8 million compared with non-GAAP income from operations of $5 million in the third quarter of 2023.
  • GAAP Net Loss: GAAP net loss for the third quarter of 2024 was $17 million compared with a net loss of $56 million for the prior year's third quarter. GAAP net loss per basic and diluted share was $0.31 compared with a net loss per basic and diluted share of $1.04 in the third quarter of 2023.
  • Non-GAAP Net Income/Loss: Non-GAAP net income for the third quarter of 2024 was $12 million compared with a net loss of $35 million in the prior year's third quarter. Non-GAAP net income per basic share and diluted share was $0.22 and $0.21, respectively, compared with a net loss per basic share and diluted share of $0.65 in the third quarter of 2023.
  • Liquidity: As of September 30, 2024, Workiva had cash, cash equivalents, and marketable securities totaling $776 million, compared with $814 million as of December 31, 2023. 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 $14 million of finance lease obligations outstanding as of September 30, 2024.

Key Metrics and Recent Business Highlights

  • Customers: Workiva had 6,237 customers as of September 30, 2024, a net increase of 292 customers from September 30, 2023.
  • Revenue Retention Rate: As of September 30, 2024, Workiva's revenue retention rate (excluding add-on revenue) was 98%, and the revenue retention rate including add-on revenue was 111%. Add-on revenue includes changes in both solutions and pricing for existing customers.
  • Large Contracts: As of September 30, 2024, Workiva had 1,926 customers with an annual contract value (“ACV”) of more than $100,000, up 23% from 1,561 customers at September 30, 2023. Workiva had 383 customers with an ACV of more than $300,000, up 29% from 296 customers in the third quarter of 2023. Workiva had 166 customers with an ACV of more than $500,000, up 28% from 130 customers in the third quarter of 2023.

Financial Outlook

As of November 6, 2024, Workiva is providing guidance as follows:

Fourth Quarter 2024 Guidance:

  • Total revenue is expected to be in the range of $194 million to $196 million.
  • GAAP loss from operations is expected to be in the range of $16 million to $14 million.
  • Non-GAAP income from operations is expected to be in the range of $13 million to $15 million.
  • GAAP net loss per basic share is expected to be in the range of $0.21 to $0.18.
  • Non-GAAP net income per basic share is expected to be in the range of $0.31 to $0.34.
  • Net income (loss) per basic share is based on 55.8 million weighted-average shares outstanding.

Full Year 2024 Guidance:

  • Total revenue is expected to be in the range of $733 million to $735 million.
  • GAAP loss from operations is expected to be in the range of $79 million to $77 million.
  • Non-GAAP income from operations is expected to be in the range of $30 million to $32 million.
  • GAAP net loss per basic share is expected to be in the range of $1.05 to $1.02.
  • Non-GAAP net income per basic share is expected to be in the range of $0.93 to $0.96.
  • Net income (loss) per basic share is based on 55.4 million weighted-average shares outstanding.

Quarterly Conference Call

Workiva will host a webcast today at 5:00 p.m. ET to review the Company’s financial results for the third quarter 2024, in addition to discussing the Company’s outlook for the fourth quarter and full year 2024. The webcast will be available on https://investor.workiva.com/news-events/events. An archived webcast 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, Governance, Risk, and Compliance (GRC), and Environmental, Social, and Governance (ESG) data 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.

Forward-Looking Statements

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 September 30,

 

Nine months ended September 30,

 

 

2024

 

 

 

2023

 

 

 

2024

 

 

 

2023

 

 

(unaudited)

Revenue

 

 

 

 

 

 

 

Subscription and support

$

171,035

 

 

$

143,421

 

 

$

486,749

 

 

$

409,857

 

Professional services

 

14,586

 

 

 

14,754

 

 

 

52,042

 

 

 

53,529

 

Total revenue

 

185,621

 

 

 

158,175

 

 

 

538,791

 

 

 

463,386

 

Cost of revenue

 

 

 

 

 

 

 

Subscription and support (1)

 

30,621

 

 

 

24,864

 

 

 

86,493

 

 

 

74,080

 

Professional services (1)

 

13,050

 

 

 

13,491

 

 

 

39,873

 

 

 

42,297

 

Total cost of revenue

 

43,671

 

 

 

38,355

 

 

 

126,366

 

 

 

116,377

 

Gross profit

 

141,950

 

 

 

119,820

 

 

 

412,425

 

 

 

347,009

 

Operating expenses

 

 

 

 

 

 

 

Research and development (1)

 

48,425

 

 

 

41,747

 

 

 

142,328

 

 

 

130,235

 

Sales and marketing (1)

 

89,756

 

 

 

72,576

 

 

 

257,086

 

 

 

215,168

 

General and administrative (1)

 

25,551

 

 

 

21,022

 

 

 

76,225

 

 

 

86,660

 

Total operating expenses

 

163,732

 

 

 

135,345

 

 

 

475,639

 

 

 

432,063

 

Loss from operations

 

(21,782

)

 

 

(15,525

)

 

 

(63,214

)

 

 

(85,054

)

Interest income

 

9,298

 

 

 

7,294

 

 

 

30,089

 

 

 

15,546

 

Interest expense

 

(3,199

)

 

 

(47,437

)

 

 

(9,668

)

 

 

(50,437

)

Other expense, net

 

(350

)

 

 

(71

)

 

 

(309

)

 

 

(1,450

)

Loss before provision for income taxes

 

(16,033

)

 

 

(55,739

)

 

 

(43,102

)

 

 

(121,395

)

Provision for income taxes

 

959

 

 

 

530

 

 

 

3,125

 

 

 

1,934

 

Net loss

$

(16,992

)

 

$

(56,269

)

 

$

(46,227

)

 

$

(123,329

)

Net loss per common share:

 

 

 

 

 

 

 

Basic and diluted

$

(0.31

)

 

$

(1.04

)

 

$

(0.84

)

 

$

(2.28

)

Weighted-average common shares outstanding - basic and diluted

 

55,581,841

 

 

 

54,256,941

 

 

 

55,226,254

 

 

 

53,987,791

 

 

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

 

Three months ended September 30,

 

Nine months ended September 30,

 

2024

 

2023

 

2024

 

2023

 

(unaudited)

Cost of revenue

 

 

 

 

 

 

 

Subscription and support

$

2,164

 

$

1,247

 

$

5,708

 

$

3,732

Professional services

 

858

 

 

623

 

 

2,348

 

 

1,923

Operating expenses

 

 

 

 

 

 

 

Research and development

 

5,681

 

 

4,155

 

 

15,474

 

 

13,677

Sales and marketing

 

9,942

 

 

7,108

 

 

26,470

 

 

20,769

General and administrative

 

8,825

 

 

6,244

 

 

25,879

 

 

37,928

WORKIVA INC. CONSOLIDATED BALANCE SHEETS (in thousands)

 

September 30, 2024

 

December 31, 2023

 

(unaudited)

 

 

Assets

 

 

 

Current assets

 

 

 

Cash and cash equivalents

$

248,239

 

 

$

256,100

 

Marketable securities

 

528,115

 

 

 

557,622

 

Accounts receivable, net

 

137,921

 

 

 

125,193

 

Deferred costs

 

44,726

 

 

 

39,023

 

Other receivables

 

8,646

 

 

 

7,367

 

Prepaid expenses and other

 

21,055

 

 

 

23,631

 

Total current assets

 

988,702

 

 

 

1,008,936

 

Property and equipment, net

 

21,757

 

 

 

24,282

 

Operating lease right-of-use assets

 

9,485

 

 

 

12,642

 

Deferred costs, non-current

 

43,557

 

 

 

33,346

 

Goodwill

 

202,133

 

 

 

112,097

 

Intangible assets, net

 

30,278

 

 

 

22,892

 

Other assets

 

6,174

 

 

 

4,665

 

Total assets

$

1,302,086

 

 

$

1,218,860

 

Liabilities and Stockholders’ Deficit

 

 

 

Current liabilities

 

 

 

Accounts payable

$

13,346

 

 

$

5,204

 

Accrued expenses and other current liabilities

 

111,029

 

 

 

97,921

 

Deferred revenue

 

414,229

 

 

 

380,843

 

Finance lease obligations

 

555

 

 

 

532

 

Total current liabilities

 

539,159

 

 

 

484,500

 

Convertible senior notes, non-current

 

764,281

 

 

 

762,455

 

Deferred revenue, non-current

 

27,527

 

 

 

36,177

 

Other long-term liabilities

 

236

 

 

 

178

 

Operating lease liabilities, non-current

 

8,062

 

 

 

10,890

 

Finance lease obligations, non-current

 

13,631

 

 

 

14,050

 

Total liabilities

 

1,352,896

 

 

 

1,308,250

 

Stockholders’ deficit

 

 

 

Common stock

 

56

 

 

 

54

 

Additional paid-in-capital

 

645,083

 

 

 

562,942

 

Accumulated deficit

 

(698,868

)

 

 

(652,641

)

Accumulated other comprehensive income

 

2,919

 

 

 

255

 

Total stockholders’ deficit

 

(50,810

)

 

 

(89,390

)

Total liabilities and stockholders’ deficit

$

1,302,086

 

 

$

1,218,860

 

WORKIVA INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands)

 

Three months ended September 30,

 

Nine months ended September 30,

 

 

2024

 

 

 

2023

 

 

 

2024

 

 

 

2023

 

 

(unaudited)

Cash flows from operating activities

 

 

 

 

 

 

 

Net loss

$

(16,992

)

 

$

(56,269

)

 

$

(46,227

)

 

$

(123,329

)

Adjustments to reconcile net loss to net cash provided by operating activities

 

 

 

 

 

 

 

Depreciation and amortization

 

3,006

 

 

 

2,686

 

 

 

8,092

 

 

 

8,353

 

Stock-based compensation expense

 

27,470

 

 

 

19,377

 

 

 

75,879

 

 

 

78,029

 

Provision for (recovery of) doubtful accounts

 

57

 

 

 

8

 

 

 

(46

)

 

 

57

 

Accretion of premiums and discounts on marketable securities, net

 

(2,638

)

 

 

(1,930

)

 

 

(9,543

)

 

 

(4,530

)

Amortization of debt discount and issuance costs

 

609

 

 

 

472

 

 

 

1,826

 

 

 

1,122

 

Induced conversion expense

 

 

 

 

45,144

 

 

 

 

 

 

45,144

 

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

 

 

 

 

 

 

 

 

 

 

708

 

Deferred income tax

 

(1

)

 

 

(14

)

 

 

(292

)

 

 

(17

)

Changes in assets and liabilities:

 

 

 

 

 

 

 

Accounts receivable

 

(15,187

)

 

 

(15,234

)

 

 

(11,507

)

 

 

7,243

 

Deferred costs

 

(4,946

)

 

 

3,116

 

 

 

(15,140

)

 

 

6,248

 

Operating lease right-of-use asset

 

1,210

 

 

 

1,244

 

 

 

3,808

 

 

 

3,807

 

Other receivables

 

(1,745

)

 

 

(1,556

)

 

 

2,796

 

 

 

(1,842

)

Prepaid expenses and other

 

344

 

 

 

3,452

 

 

 

2,764

 

 

 

(3,985

)

Other assets

 

464

 

 

 

1,043

 

 

 

(1,191

)

 

 

1,479

 

Accounts payable

 

4,788

 

 

 

(386

)

 

 

7,630

 

 

 

(1,267

)

Deferred revenue

 

26,606

 

 

 

11,120

 

 

 

22,159

 

 

 

22,225

 

Operating lease liability

 

(878

)

 

 

(750

)

 

 

(2,831

)

 

 

(3,129

)

Accrued expenses and other liabilities

 

(3,261

)

 

 

3,468

 

 

 

5,559

 

 

 

10,217

 

Net cash provided by operating activities

 

18,906

 

 

 

14,991

 

 

 

43,736

 

 

 

46,533

 

Cash flows from investing activities

 

 

 

 

 

 

 

Purchase of property and equipment

 

(243

)

 

 

(895

)

 

 

(554

)

 

 

(1,732

)

Purchase of marketable securities

 

(158,522

)

 

 

(144,989

)

 

 

(310,075

)

 

 

(322,008

)

Maturities of marketable securities

 

108,993

 

 

 

36,906

 

 

 

345,733

 

 

 

76,811

 

Sale of marketable securities

 

 

 

 

 

 

 

4,609

 

 

 

65,052

 

Acquisitions, net of cash acquired

 

187

 

 

 

 

 

 

(98,093

)

 

 

 

Purchase of intangible assets

 

(44

)

 

 

(48

)

 

 

(116

)

 

 

(167

)

Net cash used in investing activities

 

(49,629

)

 

 

(109,026

)

 

 

(58,496

)

 

 

(182,044

)

 

 

 

 

 

 

 

 

Cash flows from financing activities

 

 

 

 

 

 

 

Proceeds from option exercises

 

3,273

 

 

 

1,120

 

 

 

3,865

 

 

 

3,324

 

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

 

(1,173

)

 

 

(984

)

 

 

(11,424

)

 

 

(9,424

)

Proceeds from shares issued in connection with employee stock purchase plan

 

6,709

 

 

 

6,967

 

 

 

13,822

 

 

 

12,513

 

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

 

 

 

 

691,113

 

 

 

 

 

 

691,113

 

Payments for repurchase of convertible senior notes

 

 

 

 

(396,869

)

 

 

 

 

 

(396,869

)

Principal payments on finance lease obligations

 

(134

)

 

 

(127

)

 

 

(395

)

 

 

(376

)

Net cash provided by financing activities

 

8,675

 

 

 

301,220

 

 

 

5,868

 

 

 

300,281

 

Effect of foreign exchange rates on cash

 

2,390

 

 

 

(1,239

)

 

 

925

 

 

 

(82

)

Net (decrease) increase in cash, cash equivalents, and restricted cash

 

(19,658

)

 

 

205,946

 

 

 

(7,967

)

 

 

164,688

 

Cash, cash equivalents, and restricted cash at beginning of period

 

268,412

 

 

 

198,939

 

 

 

256,721

 

 

 

240,197

 

Cash, cash equivalents, and restricted cash at end of period

$

248,754

 

 

$

404,885

 

 

$

248,754

 

 

$

404,885

 

 

Three months ended September 30,

 

Nine months ended September 30,

 

2024

 

2023

 

2024

 

2023

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

 

 

 

 

 

 

 

Cash and cash equivalents at end of period

$

248,239

 

$

404,885

 

$

248,239

 

$

404,885

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

 

515

 

 

 

 

515

 

 

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

$

248,754

 

$

404,885

 

$

248,754

 

$

404,885

TABLE I WORKIVA INC. RECONCILIATION OF NON-GAAP INFORMATION (in thousands, except share and per share)

 

Three months ended September 30,

 

Nine months ended September 30,

 

 

2024

 

 

 

2023

 

 

 

2024

 

 

 

2023

 

Gross profit, subscription and support

$

140,414

 

 

$

118,557

 

 

$

400,256

 

 

$

335,777

 

Add back: Stock-based compensation

 

2,164

 

 

 

1,247

 

 

 

5,708

 

 

 

3,732

 

Add back: Amortization of acquisition-related intangibles

$

1,007

 

 

$

 

 

$

1,007

 

 

$

 

Gross profit, subscription and support, non-GAAP

$

143,585

 

 

$

119,804

 

 

$

406,971

 

 

$

339,509

 

 

 

 

 

 

 

 

 

Gross profit, professional services

$

1,536

 

 

$

1,263

 

 

$

12,169

 

 

$

11,232

 

Add back: Stock-based compensation

 

858

 

 

 

623

 

 

 

2,348

 

 

 

1,923

 

Gross profit, professional services, non-GAAP

$

2,394

 

 

$

1,886

 

 

$

14,517

 

 

$

13,155

 

 

 

 

 

 

 

 

 

Gross profit

$

141,950

 

 

$

119,820

 

 

$

412,425

 

 

$

347,009

 

Add back: Stock-based compensation

 

3,022

 

 

 

1,870

 

 

 

8,056

 

 

 

5,655

 

Add back: Amortization of acquisition-related intangibles

$

1,007

 

 

$

 

 

$

1,007

 

 

$

 

Gross profit, non-GAAP

$

145,979

 

 

$

121,690

 

 

$

421,488

 

 

$

352,664

 

 

 

 

 

 

 

 

 

Cost of revenue, subscription and support

$

30,621

 

 

$

24,864

 

 

$

86,493

 

 

$

74,080

 

Less: Stock-based compensation

 

2,164

 

 

 

1,247

 

 

 

5,708

 

 

 

3,732

 

Less: Amortization of acquisition-related intangibles

$

1,007

 

 

$

 

 

$

1,007

 

 

$

 

Cost of revenue, subscription and support, non-GAAP

$

27,450

 

 

$

23,617

 

 

$

79,778

 

 

$

70,348

 

 

 

 

 

 

 

 

 

Cost of revenue, professional services

$

13,050

 

 

$

13,491

 

 

$

39,873

 

 

$

42,297

 

Less: Stock-based compensation

 

858

 

 

 

623

 

 

 

2,348

 

 

 

1,923

 

Cost of revenue, professional services, non-GAAP

$

12,192

 

 

$

12,868

 

 

$

37,525

 

 

$

40,374

 

 

 

 

 

 

 

 

 

Research and development

$

48,425

 

 

$

41,747

 

 

$

142,328

 

 

$

130,235

 

Less: Stock-based compensation

 

5,681

 

 

 

4,155

 

 

 

15,474

 

 

 

13,677

 

Less: Amortization of acquisition-related intangibles

 

414

 

 

 

891

 

 

 

2,267

 

 

 

2,668

 

Research and development, non-GAAP

$

42,330

 

 

$

36,701

 

 

$

124,587

 

 

$

113,890

 

 

 

 

 

 

 

 

 

Sales and marketing

$

89,756

 

 

$

72,576

 

 

$

257,086

 

 

$

215,168

 

Less: Stock-based compensation

 

9,942

 

 

 

7,108

 

 

 

26,470

 

 

 

20,769

 

Less: Amortization of acquisition-related intangibles

 

467

 

 

 

598

 

 

 

1,292

 

 

 

1,805

 

Sales and marketing, non-GAAP

$

79,347

 

 

$

64,870

 

 

$

229,324

 

 

$

192,594

 

 

 

 

 

 

 

 

 

General and administrative

$

25,551

 

 

$

21,022

 

 

$

76,225

 

 

$

86,660

 

Less: Stock-based compensation

 

8,825

 

 

 

6,244

 

 

 

25,879

 

 

 

37,928

 

General and administrative, non-GAAP

$

16,726

 

 

$

14,778

 

 

$

50,346

 

 

$

48,732

 

 

 

 

 

 

 

 

 

Loss from operations

$

(21,782

)

 

$

(15,525

)

 

$

(63,214

)

 

$

(85,054

)

Add back: Stock-based compensation

 

27,470

 

 

 

19,377

 

 

 

75,879

 

 

 

78,029

 

Add back: Amortization of acquisition-related intangibles

 

1,889

 

 

 

1,489

 

 

 

4,566

 

 

 

4,473

 

Income (loss) from operations, non-GAAP

$

7,577

 

 

$

5,341

 

 

$

17,231

 

 

$

(2,552

)

 

 

 

 

 

 

 

 

Net loss

$

(16,992

)

 

$

(56,269

)

 

$

(46,227

)

 

$

(123,329

)

Add back: Stock-based compensation

 

27,470

 

 

 

19,377

 

 

 

75,879

 

 

 

78,029

 

Add back: Amortization of acquisition-related intangibles

 

1,889

 

 

 

1,489

 

 

 

4,566

 

 

 

4,473

 

Net income (loss), non-GAAP

$

12,367

 

 

$

(35,403

)

 

$

34,218

 

 

$

(40,827

)

 

 

 

 

 

 

 

 

Net loss per basic and diluted share:

$

(0.31

)

 

$

(1.04

)

 

$

(0.84

)

 

$

(2.28

)

Add back: Stock-based compensation

 

0.50

 

 

 

0.36

 

 

 

1.38

 

 

 

1.44

 

Add back: Amortization of acquisition-related intangibles

 

0.03

 

 

 

0.03

 

 

 

0.08

 

 

 

0.08

 

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

$

0.22

 

 

$

(0.65

)

 

$

0.62

 

 

$

(0.76

)

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

$

0.21

 

 

$

(0.65

)

 

$

0.60

 

 

$

(0.76

)

 

 

 

 

 

 

 

 

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

 

55,581,841

 

 

 

54,256,941

 

 

 

55,226,254

 

 

 

53,987,791

 

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

 

57,557,373

 

 

 

54,256,941

 

 

 

57,361,707

 

 

 

53,987,791

 

TABLE II WORKIVA INC. RECONCILIATION OF NON-GAAP GUIDANCE (in thousands, except share and per share data)

 

Three months ending December 31, 2024

 

Year ending December 31, 2024

 

 

 

 

 

 

 

 

Loss from operations, GAAP range

$

(16,186

)

-

$

(14,186

)

 

$

(79,400

)

-

$

(77,400

)

Add back: Stock-based compensation

 

27,121

 

 

 

27,121

 

 

 

103,000

 

 

 

103,000

 

Add back: Amortization of acquisition-related intangibles

 

1,834

 

 

 

1,834

 

 

 

6,400

 

 

 

6,400

 

Income from operations, non-GAAP range

$

12,769

 

-

$

14,769

 

 

$

30,000

 

-

$

32,000

 

 

 

 

 

 

 

 

 

Net loss per share, GAAP range

$

(0.21

)

-

$

(0.18

)

 

$

(1.05

)

-

$

(1.02

)

Add back: Stock-based compensation

 

0.49

 

 

 

0.49

 

 

 

1.86

 

 

 

1.86

 

Add back: Amortization of acquisition-related intangibles

 

0.03

 

 

 

0.03

 

 

 

0.12

 

 

 

0.12

 

Net income per share, non-GAAP range

$

0.31

 

-

$

0.34

 

 

$

0.93

 

-

$

0.96

 

 

 

 

 

 

 

 

 

Weighted-average common shares outstanding - basic

 

55,800,000

 

 

 

55,800,000

 

 

 

55,400,000

 

 

 

55,400,000

 

 

Investor Contact: Mike Rost Workiva Inc. investor@workiva.com

Media Contact: Mandi McReynolds Workiva Inc. press@workiva.com

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