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Workiva Inc. Announces Second Quarter 2024 Financial Results

  • Increased Q2 2024 Subscription & Support Revenue by 18% over Q2 2023
  • Total revenue of $178 million in Q2 2024, representing 15% year-over-year growth
  • Achieved 31% YOY Growth of Customers with Annual Contract Value Over $300K
  • Announced inaugural $100 million share repurchase program

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, 2024.

"In Q2, we saw a healthy improvement in the buying environment marked by broad-based demand across our entire solution portfolio," said Julie Iskow, President & Chief Executive Officer. "This demand was driven by a number of multi-solution and large contract platform deals. Whether from new logos or account expansions, we’re encouraged by our win rates, our deal sizes, and our platform wins."

"Q2 was a good quarter with 18% growth in subscription revenue and a 150 basis point year over year improvement in GAAP operating margin, which equated to a 240 basis point improvement on a Non-GAAP basis," said Jill Klindt, Chief Financial Officer. "Our strong first half performance along with improved sales momentum gives us the confidence to raise our full year total revenue guidance range to $727 million to $729 million."

Second Quarter 2024 Financial Results

  • Revenue: Total revenue for the second quarter of 2024 reached $178 million, an increase of 15% from $155 million in the second quarter of 2023. Subscription and support revenue contributed $161 million, up 18% versus the second quarter of 2023. Professional services revenue was $17 million, down 8% from the second quarter of 2023.
  • Gross Profit: GAAP gross profit for the second quarter of 2024 was $136 million compared with $116 million in the same quarter of 2023. GAAP gross margin was 76.8% versus 74.5% in the second quarter of 2023. Non-GAAP gross profit for the second quarter of 2024 was $139 million, an increase of 18% compared with the prior year's second quarter, and non-GAAP gross margin was 78.3% compared to 75.9% in the second quarter of 2023.
  • Results from Operations: GAAP loss from operations for the second quarter of 2024 was $23 million, relatively flat compared to the same quarter in the prior year. Non-GAAP income from operations was $4 million compared with a non-GAAP loss from operations of $1 million in the second quarter of 2023.
  • GAAP Net Loss: GAAP net loss for the second quarter of 2024 was $18 million compared with a net loss of $21 million for the prior year's second quarter. GAAP net loss per basic and diluted share was $0.32 compared with a net loss per basic and diluted share of $0.39 in the second quarter of 2023.
  • Non-GAAP Net Income: Non-GAAP net income for the second quarter of 2024 was $9 million compared with net income of $1 million in the prior year's second quarter. Non-GAAP net income per basic share and diluted share was $0.17 and $0.16, respectively, compared with net income per basic share and diluted share of $0.02 in the second quarter of 2023.
  • Liquidity: As of June 30, 2024, Workiva had cash, cash equivalents, and marketable securities totaling $741 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 June 30, 2024.

Key Metrics and Recent Business Highlights

  • Workiva Announces Share Repurchase Program: Workiva announced that its Board of Directors has authorized the repurchase of up to $100 million of its Class A common stock.
  • Customers: Workiva had 6,147 customers as of June 30, 2024, a net increase of 287 customers from June 30, 2023.
  • Revenue Retention Rate: As of June 30, 2024, Workiva's revenue retention rate (excluding add-on revenue) was 98%, and the revenue retention rate including add-on revenue was 109%. Add-on revenue includes changes in both solutions and pricing for existing customers.
  • Large Contracts: As of June 30, 2024, Workiva had 1,768 customers with an annual contract value (“ACV”) of more than $100,000, up 20% from 1,470 customers at June 30, 2023. Workiva had 1,015 customers with an ACV of more than $150,000, up 23% from 823 customers in the second quarter of 2023. Workiva had 356 customers with an ACV of more than $300,000, up 31% from 272 customers in the second quarter of 2023.

Financial Outlook

As of August 1, 2024, Workiva is providing guidance as follows:

Third Quarter 2024 Guidance:

  • Total revenue is expected to be in the range of $182 million to $183 million.
  • GAAP loss from operations is expected to be in the range of $22 million to $21 million.
  • Non-GAAP income from operations is expected to be in the range of $6.5 million to $7.5 million.
  • GAAP net loss per basic share is expected to be in the range of $0.29 to $0.27.
  • Non-GAAP net income per basic share is expected to be in the range of $0.22 to $0.24.
  • Net income (loss) per basic share is based on 55.4 million weighted-average shares outstanding.

Full Year 2024 Guidance:

  • Total revenue is expected to be in the range of $727 million to $729 million.
  • GAAP loss from operations is expected to be in the range of $81 million to $79 million.
  • Non-GAAP income from operations is expected to be in the range of $29 million to $31 million.
  • GAAP net loss per basic share is expected to be in the range of $1.05 to $1.01.
  • Non-GAAP net income per basic share is expected to be in the range of $0.94 to $0.98.
  • Net income (loss) per basic share is based on 55.3 million weighted-average shares outstanding.

Share Repurchase Authorization

Workiva's Board of Directors has authorized a stock repurchase program of up to $100 million of Workiva's outstanding Class A common stock. The program has no minimum purchase commitment and no mandated end date. The repurchase is expected to be executed, subject to general business and market conditions and other investment opportunities, through open market purchases, block trades, and/or privately negotiated trades pursuant to 10b5-1 plans and other transactions in accordance with applicable securities laws. The timing and the amount of any repurchased common stock will be determined by Workiva's management based on its evaluation of market conditions and other factors. The repurchase program does not obligate Workiva to acquire any particular amount of Class A common stock and the repurchase program may be suspended or discontinued at any time at Workiva's discretion without prior notice. When shares are repurchased, they will be immediately retired by the Company.

Quarterly Conference Call

Workiva will host a webcast today at 5:00 p.m. ET to review the Company’s financial results for the second quarter 2024, in addition to discussing the Company’s outlook for the third quarter and full year 2024, and an update to the Company's long term financial model. 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, 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.

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 June 30,

 

Six months ended June 30,

 

 

2024

 

 

 

2023

 

 

 

2024

 

 

 

2023

 

 

(unaudited)

Revenue

 

 

 

 

 

 

 

Subscription and support

$

160,735

 

 

$

136,772

 

 

$

315,714

 

 

$

266,436

 

Professional services

 

16,768

 

 

 

18,250

 

 

 

37,456

 

 

 

38,775

 

Total revenue

 

177,503

 

 

 

155,022

 

 

 

353,170

 

 

 

305,211

 

Cost of revenue

 

 

 

 

 

 

 

Subscription and support (1)

 

27,945

 

 

 

25,083

 

 

 

55,872

 

 

 

49,216

 

Professional services (1)

 

13,227

 

 

 

14,421

 

 

 

26,823

 

 

 

28,806

 

Total cost of revenue

 

41,172

 

 

 

39,504

 

 

 

82,695

 

 

 

78,022

 

Gross profit

 

136,331

 

 

 

115,518

 

 

 

270,475

 

 

 

227,189

 

Operating expenses

 

 

 

 

 

 

 

Research and development (1)

 

48,408

 

 

 

42,697

 

 

 

93,903

 

 

 

88,488

 

Sales and marketing (1)

 

84,697

 

 

 

71,882

 

 

 

167,330

 

 

 

142,592

 

General and administrative (1)

 

26,375

 

 

 

23,627

 

 

 

50,674

 

 

 

65,638

 

Total operating expenses

 

159,480

 

 

 

138,206

 

 

 

311,907

 

 

 

296,718

 

Loss from operations

 

(23,149

)

 

 

(22,688

)

 

 

(41,432

)

 

 

(69,529

)

Interest income

 

10,336

 

 

 

4,535

 

 

 

20,791

 

 

 

8,252

 

Interest expense

 

(3,237

)

 

 

(1,499

)

 

 

(6,469

)

 

 

(3,000

)

Other (expense) and income, net

 

(45

)

 

 

(439

)

 

 

41

 

 

 

(1,379

)

Loss before provision for income taxes

 

(16,095

)

 

 

(20,091

)

 

 

(27,069

)

 

 

(65,656

)

Provision for income taxes

 

1,453

 

 

 

819

 

 

 

2,166

 

 

 

1,404

 

Net loss

$

(17,548

)

 

$

(20,910

)

 

$

(29,235

)

 

$

(67,060

)

Net loss per common share:

 

 

 

 

 

 

 

Basic and diluted

$

(0.32

)

 

$

(0.39

)

 

$

(0.53

)

 

$

(1.25

)

Weighted-average common shares outstanding - basic and diluted

 

55,177,162

 

 

 

54,009,963

 

 

 

55,046,507

 

 

 

53,850,986

 

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

 

Three months ended June 30,

 

Six months ended June 30,

 

2024

 

2023

 

2024

 

2023

 

(unaudited)

Cost of revenue

 

 

 

 

 

 

 

Subscription and support

$

1,943

 

$

1,413

 

$

3,544

 

$

2,485

Professional services

 

763

 

 

667

 

 

1,490

 

 

1,300

Operating expenses

 

 

 

 

 

 

 

Research and development

 

5,152

 

 

4,825

 

 

9,793

 

 

9,522

Sales and marketing

 

8,490

 

 

6,703

 

 

16,528

 

 

13,661

General and administrative

 

9,054

 

 

7,002

 

 

17,054

 

 

31,684

WORKIVA INC.

 

CONSOLIDATED BALANCE SHEETS

(in thousands)

 

June 30, 2024

 

December 31, 2023

 

(unaudited)

 

 

Assets

 

 

 

Current assets

 

 

 

Cash and cash equivalents

$

267,897

 

 

$

256,100

 

Marketable securities

 

472,956

 

 

 

557,622

 

Accounts receivable, net

 

121,359

 

 

 

125,193

 

Deferred costs

 

41,994

 

 

 

39,023

 

Other receivables

 

6,877

 

 

 

7,367

 

Prepaid expenses and other

 

21,307

 

 

 

23,631

 

Total current assets

 

932,390

 

 

 

1,008,936

 

Property and equipment, net

 

22,268

 

 

 

24,282

 

Operating lease right-of-use assets

 

10,535

 

 

 

12,642

 

Deferred costs, non-current

 

40,169

 

 

 

33,346

 

Goodwill

 

199,202

 

 

 

112,097

 

Intangible assets, net

 

31,533

 

 

 

22,892

 

Other assets

 

6,592

 

 

 

4,665

 

Total assets

$

1,242,689

 

 

$

1,218,860

 

Liabilities and Stockholders’ Deficit

 

 

 

Current liabilities

 

 

 

Accounts payable

$

8,229

 

 

$

5,204

 

Accrued expenses and other current liabilities

 

113,339

 

 

 

97,921

 

Deferred revenue

 

384,105

 

 

 

380,843

 

Finance lease obligations

 

547

 

 

 

532

 

Total current liabilities

 

506,220

 

 

 

484,500

 

Convertible senior notes, non-current

 

763,672

 

 

 

762,455

 

Deferred revenue, non-current

 

27,694

 

 

 

36,177

 

Other long-term liabilities

 

221

 

 

 

178

 

Operating lease liabilities, non-current

 

8,856

 

 

 

10,890

 

Finance lease obligations, non-current

 

13,773

 

 

 

14,050

 

Total liabilities

 

1,320,436

 

 

 

1,308,250

 

Stockholders’ deficit

 

 

 

Common stock

 

55

 

 

 

54

 

Additional paid-in-capital

 

608,804

 

 

 

562,942

 

Accumulated deficit

 

(681,876

)

 

 

(652,641

)

Accumulated other comprehensive (loss) income

 

(4,730

)

 

 

255

 

Total stockholders’ deficit

 

(77,747

)

 

 

(89,390

)

Total liabilities and stockholders’ deficit

$

1,242,689

 

 

$

1,218,860

 

WORKIVA INC.

 

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

 

Three months ended June 30,

 

Six months ended June 30,

 

 

2024

 

 

 

2023

 

 

 

2024

 

 

 

2023

 

 

(unaudited)

Cash flows from operating activities

 

 

 

 

 

 

 

Net loss

$

(17,548

)

 

$

(20,910

)

 

$

(29,235

)

 

$

(67,060

)

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

 

 

 

 

 

 

 

Depreciation and amortization

 

2,564

 

 

 

2,867

 

 

 

5,086

 

 

 

5,667

 

Stock-based compensation expense

 

25,402

 

 

 

20,610

 

 

 

48,409

 

 

 

58,652

 

Provision for (recovery of) doubtful accounts

 

20

 

 

 

(57

)

 

 

(103

)

 

 

49

 

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

 

 

 

 

147

 

 

 

 

 

 

708

 

Amortization of premiums and discounts on marketable securities, net

 

(3,156

)

 

 

(1,572

)

 

 

(6,905

)

 

 

(2,600

)

Amortization of issuance costs and debt discount

 

609

 

 

 

325

 

 

 

1,217

 

 

 

650

 

Deferred income tax

 

4

 

 

 

7

 

 

 

(291

)

 

 

(3

)

Changes in assets and liabilities:

 

 

 

 

 

 

 

Accounts receivable

 

(33,267

)

 

 

(6,886

)

 

 

3,680

 

 

 

22,477

 

Deferred costs

 

(11,599

)

 

 

1,362

 

 

 

(10,194

)

 

 

3,132

 

Operating lease right-of-use asset

 

1,172

 

 

 

1,268

 

 

 

2,598

 

 

 

2,563

 

Other receivables

 

4,347

 

 

 

(381

)

 

 

4,541

 

 

 

(286

)

Prepaid expenses

 

4,693

 

 

 

(1,705

)

 

 

2,420

 

 

 

(7,437

)

Other assets

 

(565

)

 

 

510

 

 

 

(1,655

)

 

 

436

 

Accounts payable

 

(1,884

)

 

 

(1,088

)

 

 

2,842

 

 

 

(881

)

Deferred revenue

 

13,079

 

 

 

21,060

 

 

 

(4,447

)

 

 

11,105

 

Operating lease liability

 

(966

)

 

 

(1,207

)

 

 

(1,953

)

 

 

(2,379

)

Accrued expenses and other liabilities

 

17,081

 

 

 

11,629

 

 

 

8,820

 

 

 

6,749

 

Net cash (used in) provided by operating activities

 

(14

)

 

 

25,979

 

 

 

24,830

 

 

 

31,542

 

Cash flows from investing activities

 

 

 

 

 

 

 

Purchase of property and equipment

 

(108

)

 

 

(639

)

 

 

(311

)

 

 

(837

)

Purchase of marketable securities

 

(34,986

)

 

 

(51,204

)

 

 

(151,553

)

 

 

(177,019

)

Sale of marketable securities

 

 

 

 

21,339

 

 

 

4,609

 

 

 

65,052

 

Maturities of marketable securities

 

107,100

 

 

 

8,000

 

 

 

236,740

 

 

 

39,905

 

Acquisitions, net of cash acquired

 

(98,280

)

 

 

 

 

 

(98,280

)

 

 

 

Purchase of intangible assets

 

(41

)

 

 

(40

)

 

 

(72

)

 

 

(119

)

Net cash used in investing activities

 

(26,315

)

 

 

(22,544

)

 

 

(8,867

)

 

 

(73,018

)

 

 

 

 

 

 

 

 

Cash flows from financing activities

 

 

 

 

 

 

 

Proceeds from option exercises

 

290

 

 

 

747

 

 

 

592

 

 

 

2,204

 

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

 

(1,640

)

 

 

(1,212

)

 

 

(10,251

)

 

 

(8,440

)

Proceeds from shares issued in connection with employee stock purchase plan

 

 

 

 

 

 

 

7,113

 

 

 

5,546

 

Principal payments on finance lease obligations

 

(132

)

 

 

(125

)

 

 

(261

)

 

 

(249

)

Net cash used in financing activities

 

(1,482

)

 

 

(590

)

 

 

(2,807

)

 

 

(939

)

Effect of foreign exchange rates on cash

 

(358

)

 

 

609

 

 

 

(1,465

)

 

 

1,157

 

Net (decrease) increase in cash and cash equivalents

 

(28,169

)

 

 

3,454

 

 

 

11,691

 

 

 

(41,258

)

Cash, cash equivalents and restricted cash at beginning of period

 

296,581

 

 

 

195,485

 

 

 

256,721

 

 

 

240,197

 

Cash, cash equivalents and restricted cash at end of period

$

268,412

 

 

$

198,939

 

 

$

268,412

 

 

$

198,939

 

 

Three months ended June 30,

 

Six months ended June 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

$

267,897

 

$

198,939

 

$

267,897

 

$

198,939

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

$

268,412

 

$

198,939

 

$

268,412

 

$

198,939

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,

 

 

2024

 

 

 

2023

 

 

 

2024

 

 

 

2023

 

Gross profit, subscription and support

$

132,790

 

 

$

111,689

 

 

$

259,842

 

 

$

217,220

 

Add back: Stock-based compensation

 

1,943

 

 

 

1,413

 

 

 

3,544

 

 

 

2,485

 

Gross profit, subscription and support, non-GAAP

$

134,733

 

 

$

113,102

 

 

$

263,386

 

 

$

219,705

 

 

 

 

 

 

 

 

 

Gross profit, professional services

$

3,541

 

 

$

3,829

 

 

$

10,633

 

 

$

9,969

 

Add back: Stock-based compensation

 

763

 

 

 

667

 

 

 

1,490

 

 

 

1,300

 

Gross profit, professional services, non-GAAP

$

4,304

 

 

$

4,496

 

 

$

12,123

 

 

$

11,269

 

 

 

 

 

 

 

 

 

Gross profit

$

136,331

 

 

$

115,518

 

 

$

270,475

 

 

$

227,189

 

Add back: Stock-based compensation

 

2,706

 

 

 

2,080

 

 

 

5,034

 

 

 

3,785

 

Gross profit, non-GAAP

$

139,037

 

 

$

117,598

 

 

$

275,509

 

 

$

230,974

 

 

 

 

 

 

 

 

 

Cost of revenue, subscription and support

$

27,945

 

 

$

25,083

 

 

$

55,872

 

 

$

49,216

 

Less: Stock-based compensation

 

1,943

 

 

 

1,413

 

 

 

3,544

 

 

 

2,485

 

Cost of revenue, subscription and support, non-GAAP

$

26,002

 

 

$

23,670

 

 

$

52,328

 

 

$

46,731

 

 

 

 

 

 

 

 

 

Cost of revenue, professional services

$

13,227

 

 

$

14,421

 

 

$

26,823

 

 

$

28,806

 

Less: Stock-based compensation

 

763

 

 

 

667

 

 

 

1,490

 

 

 

1,300

 

Cost of revenue, professional services, non-GAAP

$

12,464

 

 

$

13,754

 

 

$

25,333

 

 

$

27,506

 

 

 

 

 

 

 

 

 

Research and development

$

48,408

 

 

$

42,697

 

 

$

93,903

 

 

$

88,488

 

Less: Stock-based compensation

 

5,152

 

 

 

4,825

 

 

 

9,793

 

 

 

9,522

 

Less: Amortization of acquisition-related intangibles

 

962

 

 

 

891

 

 

 

1,852

 

 

 

1,777

 

Research and development, non-GAAP

$

42,294

 

 

$

36,981

 

 

$

82,258

 

 

$

77,189

 

 

 

 

 

 

 

 

 

Sales and marketing

$

84,697

 

 

$

71,882

 

 

$

167,330

 

 

$

142,592

 

Less: Stock-based compensation

 

8,490

 

 

 

6,703

 

 

 

16,528

 

 

 

13,661

 

Less: Amortization of acquisition-related intangibles

 

413

 

 

 

606

 

 

 

825

 

 

 

1,207

 

Sales and marketing, non-GAAP

$

75,794

 

 

$

64,573

 

 

$

149,977

 

 

$

127,724

 

 

 

 

 

 

 

 

 

General and administrative

$

26,375

 

 

$

23,627

 

 

$

50,674

 

 

$

65,638

 

Less: Stock-based compensation

 

9,054

 

 

 

7,002

 

 

 

17,054

 

 

 

31,684

 

General and administrative, non-GAAP

$

17,321

 

 

$

16,625

 

 

$

33,620

 

 

$

33,954

 

 

 

 

 

 

 

 

 

Loss from operations

$

(23,149

)

 

$

(22,688

)

 

$

(41,432

)

 

$

(69,529

)

Add back: Stock-based compensation

 

25,402

 

 

 

20,610

 

 

 

48,409

 

 

 

58,652

 

Add back: Amortization of acquisition-related intangibles

 

1,375

 

 

 

1,497

 

 

 

2,677

 

 

 

2,984

 

Income (loss) from operations, non-GAAP

$

3,628

 

 

$

(581

)

 

$

9,654

 

 

$

(7,893

)

 

 

 

 

 

 

 

 

Net loss

$

(17,548

)

 

$

(20,910

)

 

$

(29,235

)

 

$

(67,060

)

Add back: Stock-based compensation

 

25,402

 

 

 

20,610

 

 

 

48,409

 

 

 

58,652

 

Add back: Amortization of acquisition-related intangibles

 

1,375

 

 

 

1,497

 

 

 

2,677

 

 

 

2,984

 

Net income (loss), non-GAAP

$

9,229

 

 

$

1,197

 

 

$

21,851

 

 

$

(5,424

)

 

 

 

 

 

 

 

 

Net loss per basic and diluted share:

$

(0.32

)

 

$

(0.39

)

 

$

(0.53

)

 

$

(1.25

)

Add back: Stock-based compensation

 

0.47

 

 

 

0.38

 

 

 

0.88

 

 

 

1.09

 

Add back: Amortization of acquisition-related intangibles

 

0.02

 

 

 

0.03

 

 

 

0.05

 

 

 

0.06

 

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

$

0.17

 

 

$

0.02

 

 

$

0.40

 

 

$

(0.10

)

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

$

0.16

 

 

$

0.02

 

 

$

0.38

 

 

$

(0.10

)

 

 

 

 

 

 

 

 

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

 

55,177,162

 

 

 

54,009,963

 

 

 

55,046,507

 

 

 

53,850,986

 

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

 

56,418,031

 

 

 

55,793,636

 

 

 

57,260,662

 

 

 

53,850,986

 

TABLE II

WORKIVA INC.

RECONCILIATION OF NON-GAAP GUIDANCE

(in thousands, except share and per share data)

 

Three months ending September 30, 2024

 

Year ending December 31, 2024

 

 

 

 

 

 

 

 

Loss from operations, GAAP range

$

(22,000

)

-

$

(21,000

)

 

$

(81,000

)

-

$

(79,000

)

Add back: Stock-based compensation

 

26,600

 

 

 

26,600

 

 

 

103,500

 

 

 

103,500

 

Add back: Amortization of acquisition-related intangibles

 

1,900

 

 

 

1,900

 

 

 

6,500

 

 

 

6,500

 

Income from operations, non-GAAP range

$

6,500

 

-

$

7,500

 

 

$

29,000

 

-

$

31,000

 

 

 

 

 

 

 

 

 

Net loss per share, GAAP range

$

(0.29

)

-

$

(0.27

)

 

$

(1.05

)

-

$

(1.01

)

Add back: Stock-based compensation

 

0.48

 

 

 

0.48

 

 

 

1.87

 

 

 

1.87

 

Add back: Amortization of acquisition-related intangibles

 

0.03

 

 

 

0.03

 

 

 

0.12

 

 

 

0.12

 

Net income per share, non-GAAP range

$

0.22

 

-

$

0.24

 

 

$

0.94

 

-

$

0.98

 

 

 

 

 

 

 

 

 

Weighted-average common shares outstanding - basic

 

55,400,000

 

 

 

55,400,000

 

 

 

55,300,000

 

 

 

55,300,000

 

 

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