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Workiva Inc. Announces Second Quarter 2023 Financial Results

  • Increased Q2 2023 Subscription & Support Revenue by 21% over Q2 2022
  • Generated Total Q2 2023 Revenue of $155.0 Million, up 18% over Q2 2022
  • Achieved 28% YOY Growth of Customers with Annual Contract Value Over $150K

Workiva Inc. (NYSE:WK), the world’s leading cloud platform for assured, integrated reporting, today announced financial results for its second quarter ended June 30, 2023.

"Workiva delivered another solid quarter. Our subscription revenue grew by 21%, driving a beat to the high end of our revenue guidance," said Julie Iskow, Workiva President & CEO. "Our growth during the quarter showcases the flexibility of our innovative technology, and speaks to the value of managing financial reporting, non-financial - or ESG - reporting, and audit, risk and controls all in one platform. Our results also reflect the strength of our partner program and its contribution in both new logo wins and account expansions."

"We're winning with assured, integrated reporting," said Jill Klindt, Workiva CFO. "This is evidenced by the growth we're seeing in our large contract customers. Compared to second quarter 2022 the number of contracts valued over $100K increased 24%; those over $150K increased 28%; and contracts valued over $300K were up 40%."

Iskow added, "I've had the opportunity and pleasure during my first quarter as CEO to spend a lot of time meeting with employees, customers, and partners all around the world. I'm more optimistic than ever in the opportunity in front of us. Despite the challenging macro environment, I'm confident in Workiva's ability to successfully execute our growth strategy and advance our productivity initiatives."

Second Quarter 2023 Financial Highlights

  • Revenue: Total revenue for the second quarter of 2023 reached $155.0 million, an increase of 18% from $131.5 million in the second quarter of 2022. Subscription and support revenue contributed $136.8 million, up 21% versus the second quarter of 2022. Professional services revenue was $18.3 million, relatively flat compared to the same quarter in the prior year.
  • Gross Profit: GAAP gross profit for the second quarter of 2023 was $115.5 million compared with $99.3 million in the same quarter of 2022. GAAP gross margin was 74.5% versus 75.5% in the second quarter of 2022. Non-GAAP gross profit for the second quarter of 2023 was $117.6 million, an increase of 16.6% compared with the prior year's second quarter, and non-GAAP gross margin was 75.9% compared to 76.6% in the second quarter of 2022.
  • Loss from Operations: GAAP loss from operations for the second quarter of 2023 was $22.7 million compared with a loss of $28.2 million in the prior year's second quarter. Non-GAAP loss from operations was $0.6 million compared with a loss of $8.3 million in the second quarter of 2022.
  • GAAP Net Loss: GAAP net loss for the second quarter of 2023 was $20.9 million compared with a net loss of $28.9 million for the prior year's second quarter. GAAP net loss per basic and diluted share was $0.39 compared with a net loss per basic and diluted share of $0.55 in the second quarter of 2022.
  • Non-GAAP Net Income/Loss: Non-GAAP net income for the second quarter of 2023 was $1.2 million compared with a loss of $9.0 million in the prior year's second quarter. Non-GAAP net income per basic share and diluted share was $0.02 compared with a net loss per basic and diluted share of $0.17 in the second quarter of 2022.
  • Liquidity: As of June 30, 2023, Workiva had cash, cash equivalents, and marketable securities totaling $466.3 million, compared with $430.8 million as of December 31, 2022. Workiva had $345.0 million aggregate principal amount of 1.125% convertible senior notes due in 2026 and $14.8 million of finance lease obligations outstanding as of June 30, 2023.

Key Metrics and Recent Business Highlights

  • Customers: Workiva had 5,860 customers as of June 30, 2023, a net increase of 479 customers from June 30, 2022.
  • Revenue Retention Rate: As of June 30, 2023, 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 June 30, 2023, Workiva had 1,470 customers with an annual contract value (“ACV”) of more than $100,000, up 24% from 1,186 customers at June 30, 2022. Workiva had 823 customers with an ACV of more than $150,000, up 28% from 642 customers in the second quarter of 2022. Workiva had 272 customers with an ACV of more than $300,000, up 40% from 194 customers in the second quarter of 2022.

Financial Outlook

As of August 3, 2023, Workiva is providing guidance as follows:

Third Quarter 2023 Guidance:

  • Total revenue is expected to be in the range of $155.0 million to $156.0 million.
  • GAAP loss from operations is expected to be in the range of $24.0 million to $23.0 million.
  • Non-GAAP loss from operations is expected to be in the range of $1.0 million to break-even.
  • GAAP net loss per basic and diluted share is expected to be in the range of $0.40 to $0.38.
  • Non-GAAP net income per basic and diluted share is expected to be in the range of $0.03 to $0.05.
  • Net income (loss) per basic and diluted share is based on 54.1 million weighted-average shares outstanding.

Full Year 2023 Guidance:

  • Total revenue is expected to be in the range of $626.0 million to $628.0 million.
  • GAAP loss from operations is expected to be in the range of $109.0 million to $107.0 million.
  • Non-GAAP loss from operations is expected to be in the range of $3.0 million to $1.0 million.
  • GAAP net loss per basic and diluted share is expected to be in the range of $1.88 to $1.85.
  • Non-GAAP net income per basic and diluted share is expected to be in the range of $0.09 to $0.12.
  • Net income (loss) per basic and diluted share is based on 54.0 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 second quarter 2023, in addition to discussing the Company’s outlook for the third quarter and full year 2023. 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 "Investor Relations" section of Workiva’s website at www.workiva.com. A replay of this conference call can also be accessed through August 10, 2023, 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.

Follow Workiva on LinkedIn: www.linkedin.com/company/workiva

Like Workiva on Facebook: www.facebook.com/workiva

Follow Workiva on Twitter: www.twitter.com/workiva

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 June 30,

 

Six months ended June 30,

 

 

2023

 

 

 

2022

 

 

 

2023

 

 

 

2022

 

 

(unaudited)

 

 

 

 

Revenue

 

 

 

 

 

 

 

Subscription and support

$

136,772

 

 

$

113,353

 

 

$

266,436

 

 

$

220,473

 

Professional services

 

18,250

 

 

 

18,196

 

 

 

38,775

 

 

 

40,750

 

Total revenue

 

155,022

 

 

 

131,549

 

 

 

305,211

 

 

 

261,223

 

Cost of revenue

 

 

 

 

 

 

 

Subscription and support (1)

 

25,083

 

 

 

18,915

 

 

 

49,216

 

 

 

37,448

 

Professional services (1)

 

14,421

 

 

 

13,322

 

 

 

28,806

 

 

 

25,662

 

Total cost of revenue

 

39,504

 

 

 

32,237

 

 

 

78,022

 

 

 

63,110

 

Gross profit

 

115,518

 

 

 

99,312

 

 

 

227,189

 

 

 

198,113

 

Operating expenses

 

 

 

 

 

 

 

Research and development (1)

 

42,697

 

 

 

39,177

 

 

 

88,488

 

 

 

75,061

 

Sales and marketing (1)

 

71,882

 

 

 

64,219

 

 

 

142,592

 

 

 

120,319

 

General and administrative (1)

 

23,627

 

 

 

24,108

 

 

 

65,638

 

 

 

48,102

 

Total operating expenses

 

138,206

 

 

 

127,504

 

 

 

296,718

 

 

 

243,482

 

Loss from operations

 

(22,688

)

 

 

(28,192

)

 

 

(69,529

)

 

 

(45,369

)

Interest income

 

4,535

 

 

 

605

 

 

 

8,252

 

 

 

885

 

Interest expense

 

(1,499

)

 

 

(1,512

)

 

 

(3,000

)

 

 

(3,030

)

Other (expense) and income, net

 

(439

)

 

 

668

 

 

 

(1,379

)

 

 

503

 

Loss before provision for income taxes

 

(20,091

)

 

 

(28,431

)

 

 

(65,656

)

 

 

(47,011

)

Provision for income taxes

 

819

 

 

 

430

 

 

 

1,404

 

 

 

343

 

Net loss

$

(20,910

)

 

$

(28,861

)

 

$

(67,060

)

 

$

(47,354

)

Net loss per common share:

 

 

 

 

 

 

 

Basic and diluted

$

(0.39

)

 

$

(0.55

)

 

$

(1.25

)

 

$

(0.90

)

Weighted-average common shares outstanding - basic and diluted

 

54,009,963

 

 

 

52,850,470

 

 

 

53,850,986

 

 

 

52,724,051

 

(1)

 

Includes stock-based compensation expense as follows:

 

Three months ended June 30,

 

Six months ended June 30,

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

(unaudited)

 

 

 

 

Cost of revenue

 

 

 

 

 

 

 

Subscription and support

$

1,413

 

$

912

 

$

2,485

 

$

1,702

Professional services

 

667

 

 

593

 

 

1,300

 

 

1,045

Operating expenses

 

 

 

 

 

 

 

Research and development

 

4,825

 

 

3,148

 

 

9,522

 

 

5,873

Sales and marketing

 

6,703

 

 

5,646

 

 

13,661

 

 

9,731

General and administrative

 

7,002

 

 

8,148

 

 

31,684

 

 

15,405

 WORKIVA INC.

 

CONSOLIDATED BALANCE SHEETS

(in thousands)

 

June 30, 2023

 

December 31, 2022

 

(unaudited)

 

 

Assets

 

 

 

Current assets

 

 

 

Cash and cash equivalents

$

198,939

 

 

$

240,197

 

Marketable securities

 

267,312

 

 

 

190,595

 

Accounts receivable, net

 

84,272

 

 

 

106,316

 

Deferred costs

 

38,471

 

 

 

38,350

 

Other receivables

 

5,472

 

 

 

6,674

 

Prepaid expenses and other

 

25,419

 

 

 

17,957

 

Total current assets

 

619,885

 

 

 

600,089

 

Property and equipment, net

 

25,380

 

 

 

27,096

 

Operating lease right-of-use assets

 

11,493

 

 

 

13,932

 

Deferred costs, non-current

 

30,810

 

 

 

33,682

 

Goodwill

 

111,154

 

 

 

109,740

 

Intangible assets, net

 

25,643

 

 

 

28,234

 

Other assets

 

6,430

 

 

 

6,847

 

Total assets

$

830,795

 

 

$

819,620

 

Liabilities and Stockholders’ Equity

 

 

 

Current liabilities

 

 

 

Accounts payable

$

5,312

 

 

$

6,174

 

Accrued expenses and other current liabilities

 

91,118

 

 

 

83,999

 

Deferred revenue

 

327,365

 

 

 

316,263

 

Finance lease obligations

 

518

 

 

 

504

 

Total current liabilities

 

424,313

 

 

 

406,940

 

Convertible senior notes, non-current

 

340,907

 

 

 

340,257

 

Deferred revenue, non-current

 

39,822

 

 

 

38,237

 

Other long-term liabilities

 

1,527

 

 

 

1,518

 

Operating lease liabilities, non-current

 

9,749

 

 

 

12,102

 

Finance lease obligations, non-current

 

14,320

 

 

 

14,583

 

Total liabilities

 

830,638

 

 

 

813,637

 

Stockholders’ equity

 

 

 

Common stock

 

54

 

 

 

53

 

Additional paid-in-capital

 

595,693

 

 

 

537,732

 

Accumulated deficit

 

(592,176

)

 

 

(525,116

)

Accumulated other comprehensive loss

 

(3,414

)

 

 

(6,686

)

Total stockholders’ equity

 

157

 

 

 

5,983

 

Total liabilities and stockholders’ equity

$

830,795

 

 

$

819,620

 

 WORKIVA INC.

 

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

 

Three months ended June 30,

 

Six months ended June 30,

 

 

2023

 

 

 

2022

 

 

 

2023

 

 

 

2022

 

 

(unaudited)

 

 

 

 

Cash flows from operating activities

 

 

 

 

 

 

 

Net loss

$

(20,910

)

 

$

(28,861

)

 

$

(67,060

)

 

$

(47,354

)

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

 

 

 

 

 

 

 

Depreciation and amortization

 

2,867

 

 

 

2,725

 

 

 

5,667

 

 

 

4,684

 

Stock-based compensation expense

 

20,610

 

 

 

18,447

 

 

 

58,652

 

 

 

33,756

 

(Recovery of) provision for doubtful accounts

 

(57

)

 

 

20

 

 

 

49

 

 

 

(9

)

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

 

147

 

 

 

 

 

 

708

 

 

 

 

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

 

(1,572

)

 

 

453

 

 

 

(2,600

)

 

 

1,113

 

Amortization of issuance costs and debt discount

 

325

 

 

 

324

 

 

 

650

 

 

 

648

 

Deferred income tax

 

7

 

 

 

63

 

 

 

(3

)

 

 

(148

)

Changes in assets and liabilities:

 

 

 

 

 

 

 

Accounts receivable

 

(6,886

)

 

 

(4,844

)

 

 

22,477

 

 

 

1,737

 

Deferred costs

 

1,362

 

 

 

(2,734

)

 

 

3,132

 

 

 

(1,290

)

Operating lease right-of-use asset

 

1,268

 

 

 

1,307

 

 

 

2,563

 

 

 

2,608

 

Other receivables

 

(381

)

 

 

385

 

 

 

(286

)

 

 

565

 

Prepaid expenses

 

(1,705

)

 

 

(1,591

)

 

 

(7,437

)

 

 

(2,723

)

Other assets

 

510

 

 

 

12

 

 

 

436

 

 

 

35

 

Accounts payable

 

(1,088

)

 

 

(2,300

)

 

 

(881

)

 

 

2,064

 

Deferred revenue

 

21,060

 

 

 

13,192

 

 

 

11,105

 

 

 

13,798

 

Operating lease liability

 

(1,207

)

 

 

(1,302

)

 

 

(2,379

)

 

 

(2,644

)

Accrued expenses and other liabilities

 

11,629

 

 

 

13,388

 

 

 

6,749

 

 

 

907

 

Net cash provided by operating activities

 

25,979

 

 

 

8,684

 

 

 

31,542

 

 

 

7,747

 

Cash flows from investing activities

 

 

 

 

 

 

 

Purchase of property and equipment

 

(639

)

 

 

(671

)

 

 

(837

)

 

 

(1,203

)

Purchase of marketable securities

 

(51,204

)

 

 

(23,798

)

 

 

(177,019

)

 

 

(57,946

)

Sale of marketable securities

 

21,339

 

 

 

 

 

 

65,052

 

 

 

14,981

 

Maturities of marketable securities

 

8,000

 

 

 

40,536

 

 

 

39,905

 

 

 

66,786

 

Acquisitions, net of cash acquired

 

 

 

 

(99,186

)

 

 

 

 

 

(99,186

)

Purchase of intangible assets

 

(40

)

 

 

(6

)

 

 

(119

)

 

 

(46

)

Net cash used in investing activities

 

(22,544

)

 

 

(83,125

)

 

 

(73,018

)

 

 

(76,614

)

 

 

 

 

 

 

 

 

Cash flows from financing activities

 

 

 

 

 

 

 

Proceeds from option exercises

 

747

 

 

 

1,145

 

 

 

2,204

 

 

 

1,970

 

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

 

(1,212

)

 

 

(1,344

)

 

 

(8,440

)

 

 

(9,914

)

Proceeds from shares issued in connection with employee stock purchase plan

 

 

 

 

 

 

 

5,546

 

 

 

5,218

 

Principal payments on finance lease obligations

 

(125

)

 

 

(446

)

 

 

(249

)

 

 

(888

)

Net cash used in financing activities

 

(590

)

 

 

(645

)

 

 

(939

)

 

 

(3,614

)

Effect of foreign exchange rates on cash

 

609

 

 

 

(1,737

)

 

 

1,157

 

 

 

(1,652

)

Net increase (decrease) in cash and cash equivalents

 

3,454

 

 

 

(76,823

)

 

 

(41,258

)

 

 

(74,133

)

Cash and cash equivalents at beginning of period

 

195,485

 

 

 

303,076

 

 

 

240,197

 

 

 

300,386

 

Cash and cash equivalents at end of period

$

198,939

 

 

$

226,253

 

 

$

198,939

 

 

$

226,253

 

TABLE I

WORKIVA INC.

RECONCILIATION OF NON-GAAP INFORMATION

(in thousands, except share and per share)

 

Three months ended June 30,

 

Six months ended June 30,

 

 

2023

 

 

 

2022

 

 

 

2023

 

 

 

2022

 

Gross profit, subscription and support

$

111,689

 

 

$

94,438

 

 

$

217,220

 

 

$

183,025

 

Add back: Stock-based compensation

 

1,413

 

 

 

912

 

 

 

2,485

 

 

 

1,702

 

Gross profit, subscription and support, non-GAAP

$

113,102

 

 

$

95,350

 

 

$

219,705

 

 

$

184,727

 

 

 

 

 

 

 

 

 

Gross profit, professional services

$

3,829

 

 

$

4,874

 

 

$

9,969

 

 

$

15,088

 

Add back: Stock-based compensation

 

667

 

 

 

593

 

 

 

1,300

 

 

 

1,045

 

Gross profit, professional services, non-GAAP

$

4,496

 

 

$

5,467

 

 

$

11,269

 

 

$

16,133

 

 

 

 

 

 

 

 

 

Gross profit

$

115,518

 

 

$

99,312

 

 

$

227,189

 

 

$

198,113

 

Add back: Stock-based compensation

 

2,080

 

 

 

1,505

 

 

 

3,785

 

 

 

2,747

 

Gross profit, non-GAAP

$

117,598

 

 

$

100,817

 

 

$

230,974

 

 

$

200,860

 

 

 

 

 

 

 

 

 

Cost of revenue, subscription and support

$

25,083

 

 

$

18,915

 

 

$

49,216

 

 

$

37,448

 

Less: Stock-based compensation

 

1,413

 

 

 

912

 

 

 

2,485

 

 

 

1,702

 

Cost of revenue, subscription and support, non-GAAP

$

23,670

 

 

$

18,003

 

 

$

46,731

 

 

$

35,746

 

 

 

 

 

 

 

 

 

Cost of revenue, professional services

$

14,421

 

 

$

13,322

 

 

$

28,806

 

 

$

25,662

 

Less: Stock-based compensation

 

667

 

 

 

593

 

 

 

1,300

 

 

 

1,045

 

Cost of revenue, professional services, non-GAAP

$

13,754

 

 

$

12,729

 

 

$

27,506

 

 

$

24,617

 

 

 

 

 

 

 

 

 

Research and development

$

42,697

 

 

$

39,177

 

 

$

88,488

 

 

$

75,061

 

Less: Stock-based compensation

 

4,825

 

 

 

3,148

 

 

 

9,522

 

 

 

5,873

 

Less: Amortization of acquisition-related intangibles

 

891

 

 

 

869

 

 

 

1,777

 

 

 

1,364

 

Research and development, non-GAAP

$

36,981

 

 

$

35,160

 

 

$

77,189

 

 

$

67,824

 

 

 

 

 

 

 

 

 

Sales and marketing

$

71,882

 

 

$

64,219

 

 

$

142,592

 

 

$

120,319

 

Less: Stock-based compensation

 

6,703

 

 

 

5,646

 

 

 

13,661

 

 

 

9,731

 

Less: Amortization of acquisition-related intangibles

 

606

 

 

 

586

 

 

 

1,207

 

 

 

786

 

Sales and marketing, non-GAAP

$

64,573

 

 

$

57,987

 

 

$

127,724

 

 

$

109,802

 

 

 

 

 

 

 

 

 

General and administrative

$

23,627

 

 

$

24,108

 

 

$

65,638

 

 

$

48,102

 

Less: Stock-based compensation

 

7,002

 

 

 

8,148

 

 

 

31,684

 

 

 

15,405

 

General and administrative, non-GAAP

$

16,625

 

 

$

15,960

 

 

$

33,954

 

 

$

32,697

 

 

 

 

 

 

 

 

 

Loss from operations

$

(22,688

)

 

$

(28,192

)

 

$

(69,529

)

 

$

(45,369

)

Add back: Stock-based compensation

 

20,610

 

 

 

18,447

 

 

 

58,652

 

 

 

33,756

 

Add back: Amortization of acquisition-related intangibles

 

1,497

 

 

 

1,455

 

 

 

2,984

 

 

 

2,150

 

Loss from operations, non-GAAP

$

(581

)

 

$

(8,290

)

 

$

(7,893

)

 

$

(9,463

)

 

 

 

 

 

 

 

 

Net loss

$

(20,910

)

 

$

(28,861

)

 

$

(67,060

)

 

$

(47,354

)

Add back: Stock-based compensation

 

20,610

 

 

 

18,447

 

 

 

58,652

 

 

 

33,756

 

Add back: Amortization of acquisition-related intangibles

 

1,497

 

 

 

1,455

 

 

 

2,984

 

 

 

2,150

 

Net income (loss), non-GAAP

$

1,197

 

 

$

(8,959

)

 

$

(5,424

)

 

$

(11,448

)

 

 

 

 

 

 

 

 

Net loss per basic and diluted share:

$

(0.39

)

 

$

(0.55

)

 

$

(1.25

)

 

$

(0.90

)

Add back: Stock-based compensation

 

0.38

 

 

 

0.35

 

 

 

1.09

 

 

 

0.64

 

Add back: Amortization of acquisition-related intangibles

 

0.03

 

 

 

0.03

 

 

 

0.06

 

 

 

0.04

 

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

$

0.02

 

 

$

(0.17

)

 

$

(0.10

)

 

$

(0.22

)

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

$

0.02

 

 

$

(0.17

)

 

$

(0.10

)

 

$

(0.22

)

 

 

 

 

 

 

 

 

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

 

54,009,963

 

 

 

52,850,470

 

 

 

53,850,986

 

 

 

52,724,051

 

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

 

55,793,636

 

 

 

52,850,470

 

 

 

53,850,986

 

 

 

52,724,051

 

TABLE II

WORKIVA INC.

RECONCILIATION OF NON-GAAP GUIDANCE

(in thousands, except share and per share data)

 

Three months ending

September 30, 2023

 

Year ending December 31, 2023

 

 

 

 

 

 

 

 

Loss from operations, GAAP range

$

(24,000

)

-

$

(23,000

)

 

$

(109,000

)

-

$

(107,000

)

Add back: Stock-based compensation

 

21,500

 

 

 

21,500

 

 

 

100,100

 

 

 

100,100

 

Add back: Amortization of acquisition-related intangibles

 

1,500

 

 

 

1,500

 

 

 

5,900

 

 

 

5,900

 

Net loss from operations, non-GAAP range

$

(1,000

)

-

$

 

 

$

(3,000

)

-

$

(1,000

)

 

 

 

 

 

 

 

 

Net loss per share, GAAP range

$

(0.40

)

-

$

(0.38

)

 

$

(1.88

)

-

$

(1.85

)

Add back: Stock-based compensation

 

0.40

 

 

 

0.40

 

 

 

1.86

 

 

 

1.86

 

Add back: Amortization of acquisition-related intangibles

 

0.03

 

 

 

0.03

 

 

 

0.11

 

 

 

0.11

 

Net income per share, non-GAAP range

$

0.03

 

-

$

0.05

 

 

$

0.09

 

-

$

0.12

 

 

 

 

 

 

 

 

 

Weighted-average common shares outstanding - basic

 

54,100,000

 

 

 

54,100,000

 

 

 

54,000,000

 

 

 

54,000,000

 

 

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