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Workiva Inc. Announces Fourth Quarter and Full Year 2022 Financial Results

  • Increased Q4 2022 Subscription & Support Revenue by 20.7% over Q4 2021
  • Generated Total Q4 2022 Revenue of $143.8 Million, up 19.1% over Q4 2021
  • Achieved 24.2% YOY Growth of Customers with Annual Contract Value Over $150K

Workiva Inc. (NYSE:WK), the company powering transparent reporting for a better world, today announced financial results for its fourth quarter and full year ended December 31, 2022.

"The Workiva team once again delivered strong financial results and outperformed against our key operating metrics. Our strong performance resulted in a 2022 revenue growth rate of 23% in Subscription & Support and 21% in total revenue," said Marty Vanderploeg, Chief Executive Officer. "We delivered strong growth in multiple solution areas, led by ESG. ESG was one of our fastest growing solutions in 2022. This is a result of the strategic investments we made in our talent, technology, partners, and go-to-market strategy in order to capitalize on this significant market opportunity."

"For the fourth quarter, Workiva generated record revenue, which resulted in revenue growth of 21% in Subscription & Support and 19% in total revenue," said Jill Klindt, Chief Financial Officer. "We also delivered a Non-GAAP operating profit margin of 3.3%, beating the high end of our guidance by 660 basis points. We added 123 net new logos during the quarter, bringing our total customer count to 5,664 companies, and our gross revenue retention rate of 97.8% remains above the industry benchmark."

"In Q4, our continued focus on driving multi-solution deals propelled our growth of large contract values," added Vanderploeg. "Workiva offers the only assured integrated reporting platform that brings Financial Reporting, ESG, and GRC together in one controlled, secure, audit-ready environment. This unified platform offering is a unique and key differentiator that provides our customers with the best, most complete business reporting capabilities on the market."

Fourth Quarter 2022 Financial Highlights

  • Revenue: Total revenue for the fourth quarter of 2022 reached $143.8 million, an increase of 19.1% from $120.8 million in the fourth quarter of 2021. Subscription and support revenue contributed $125.9 million, up 20.7% versus the fourth quarter of 2021. Professional services revenue was $17.9 million, an increase of 8.7% compared to the same quarter in the prior year.
  • Gross Profit: GAAP gross profit for the fourth quarter of 2022 was $109.4 million compared with $91.6 million in the same quarter of 2021. GAAP gross margin was 76.1% versus 75.9% in the fourth quarter of 2021. Non-GAAP gross profit for the fourth quarter of 2022 was $110.9 million, an increase of 19.0% compared with the prior year's fourth quarter, and non-GAAP gross margin was 77.1% compared to 77.2% in the fourth quarter of 2021.
  • Results from Operations: GAAP loss from operations for the fourth quarter of 2022 was $13.3 million compared with a loss of $11.5 million in the prior year's fourth quarter. Non-GAAP income from operations was $4.8 million, compared with non-GAAP income from operations of $2.2 million in the fourth quarter of 2021.
  • GAAP Net Loss: GAAP net loss for the fourth quarter of 2022 was $13.9 million compared with a net loss of $14.3 million for the prior year's fourth quarter. GAAP net loss per basic and diluted share was $0.26 compared with a net loss per basic and diluted share of $0.28 in the fourth quarter of 2021.
  • Non-GAAP Net Income: Non-GAAP net income for the fourth quarter of 2022 was $4.2 million compared with net income of $1.7 million in the prior year's fourth quarter. Non-GAAP net income per basic share and diluted share was $0.08, compared with net income per basic share and diluted share of $0.03 in the fourth quarter of 2021.
  • Liquidity: As of December 31, 2022, Workiva had cash, cash equivalents, and marketable securities totaling $430.8 million, compared with $530.4 million as of December 31, 2021. Workiva had $345.0 million aggregate principal amount of 1.125% convertible senior notes due in 2026 and $15.1 million of finance lease obligations outstanding as of December 31, 2022.

Key Metrics and Recent Business Highlights

  • Customers: Workiva had 5,664 customers as of December 31, 2022, including approximately 922 ParsePort ESEF customers, a net increase of 1,349 customers from December 31, 2021.
  • Revenue Retention Rate: As of December 31, 2022, Workiva's revenue retention rate (excluding add-on revenue) was 97.8%, and the revenue retention rate including add-on revenue was 108.5%. Add-on revenue includes changes in both solutions and pricing for existing customers.
  • Large Contracts: As of December 31, 2022, Workiva had 1,345 customers with an annual contract value (“ACV”) of more than $100,000, up 20% from 1,121 customers at December 31, 2021. Workiva had 718 customers with an ACV of more than $150,000, up 24% from 578 customers in the fourth quarter of 2021. Workiva had 236 customers with an ACV of more than $300,000, up 29% from 183 customers in the fourth quarter of 2021.

Full Year 2022 Financial Highlights

  • Revenue: Total revenue for the full year 2022 reached $537.9 million, an increase of 21.3% from $443.3 million in 2021. Subscription and support revenue contributed $464.9 million, up 22.6% compared to 2021. Professional services revenue was $72.9 million, an increase of 14.1% compared to the prior year.
  • Gross Profit: GAAP gross profit for 2022 was $408.0 million compared with $339.5 million in 2021. GAAP gross margin was 75.9% versus 76.6% in the prior year. Non-GAAP gross profit for 2022 was $413.6 million, an increase of 20.2% compared to 2021, and non-GAAP gross margin was 76.9% compared to 77.6%.
  • Results from Operations: GAAP loss from operations for 2022 was $88.8 million compared with a loss of $29.4 million in the prior year. Non-GAAP loss from operations was $13.0 million, compared with non-GAAP income from operations of $20.0 million in 2021.
  • GAAP Net Loss: GAAP net loss for 2022 was $90.9 million compared with a net loss of $37.7 million in the prior year. GAAP net loss per basic and diluted share was $1.72 compared with a net loss per basic and diluted share of $0.74 in 2021.
  • Non-GAAP Net Loss/Income: Non-GAAP net loss for 2022 was $15.2 million compared with net income of $20.8 million in the prior year. Non-GAAP net loss per basic and diluted share was $0.29, compared with net income per basic share and diluted share of $0.41 and $0.37, respectively, in 2021.
  • Cash Flow: Net cash provided by operating activities was $11.3 million in 2022, compared to cash provided by operating activities of $49.8 million in 2021.

Financial Outlook

As of February 21, 2023, Workiva is providing guidance as follows:

First Quarter 2023 Guidance:

  • Total revenue is expected to be in the range of $149.0 million to $150.0 million.
  • GAAP loss from operations is expected to be in the range of $52.0 million to $51.0 million.
  • Non-GAAP loss from operations is expected to be in the range of $12.0 million to $11.0 million.
  • GAAP net loss per basic share is expected to be in the range of $0.97 to $0.95.
  • Non-GAAP net loss per basic share is expected to be in the range of $0.23 to $0.21.
  • Net loss per basic share is based on 53.7 million weighted-average shares outstanding.

Full Year 2023 Guidance:

  • Total revenue is expected to be in the range of $624.0 million to $626.0 million.
  • GAAP loss from operations is expected to be in the range of $111.0 million to $109.0 million.
  • Non-GAAP loss from operations is expected to be in the range of $9.0 million to $7.0 million.
  • GAAP net loss per basic share is expected to be in the range of $2.02 to $1.99.
  • Non-GAAP net loss per basic share is expected to be in the range of $0.13 to $0.10.
  • Net loss per basic 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 fourth quarter and full year 2022, in addition to discussing the Company’s outlook for the first 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 February 28, 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, amortization of acquisition-related intangible assets and non-cash interest expense related to our convertible senior notes. 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, amortization expense for acquisition-related intangible assets, and non-cash interest expense related to our convertible senior notes 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. Under GAAP, certain convertible debt instruments that may be settled in cash on conversion are required to be accounted for as separate liability and equity components in a manner that reflects our non-convertible debt borrowing rate. This results in the debt component being treated as though it was issued at a discount, with the debt discount being accreted as additional non-cash interest expense over the term of the notes using the effective interest method. As a result, we believe that excluding this non-cash interest expense attributable to the debt discount in calculating our non-GAAP measures is useful because this interest expense does not represent a cash outflow and is not indicative of our ongoing operational performance. 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,

 

2022

 

2021

 

2022

 

2021

 

(unaudited)

 

 

 

 

Revenue

 

 

 

 

 

 

 

Subscription and support

$

125,871

 

 

$

104,287

 

 

$

464,935

 

 

$

379,340

 

Professional services

 

17,932

 

 

 

16,496

 

 

 

72,940

 

 

 

63,945

 

Total revenue

 

143,803

 

 

 

120,783

 

 

 

537,875

 

 

 

443,285

 

Cost of revenue

 

 

 

 

 

 

 

Subscription and support (1)

 

21,028

 

 

 

17,645

 

 

 

77,711

 

 

 

60,551

 

Professional services (1)

 

13,328

 

 

 

11,516

 

 

 

52,174

 

 

 

43,282

 

Total cost of revenue

 

34,356

 

 

 

29,161

 

 

 

129,885

 

 

 

103,833

 

Gross profit

 

109,447

 

 

 

91,622

 

 

 

407,990

 

 

 

339,452

 

Operating expenses

 

 

 

 

 

 

 

Research and development (1)

 

38,072

 

 

 

31,430

 

 

 

151,716

 

 

 

115,735

 

Sales and marketing (1)

 

60,381

 

 

 

50,199

 

 

 

245,260

 

 

 

178,785

 

General and administrative (1)

 

24,271

 

 

 

21,492

 

 

 

99,778

 

 

 

74,287

 

Total operating expenses

 

122,724

 

 

 

103,121

 

 

 

496,754

 

 

 

368,807

 

Loss from operations

 

(13,277

)

 

 

(11,499

)

 

 

(88,764

)

 

 

(29,355

)

Interest income

 

2,555

 

 

 

207

 

 

 

4,880

 

 

 

1,041

 

Interest expense

 

(1,502

)

 

 

(3,520

)

 

 

(6,042

)

 

 

(14,015

)

Other (expense) and income, net

 

(541

)

 

 

(36

)

 

 

926

 

 

 

3,229

 

Loss before provision (benefit) for income taxes

 

(12,765

)

 

 

(14,848

)

 

 

(89,000

)

 

 

(39,100

)

Provision (benefit) for income taxes

 

1,137

 

 

 

(524

)

 

 

1,947

 

 

 

(1,370

)

Net loss

$

(13,902

)

 

$

(14,324

)

 

$

(90,947

)

 

$

(37,730

)

Net loss per common share:

 

 

 

 

 

 

 

Basic and diluted

$

(0.26

)

 

$

(0.28

)

 

$

(1.72

)

 

$

(0.74

)

Weighted-average common shares outstanding - basic and diluted

 

53,279,147

 

 

 

51,734,522

 

 

 

52,954,079

 

 

 

51,126,510

 

 

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

 

Three months ended

December 31,

 

Year ended December 31,

 

2022

 

2021

 

2022

 

2021

 

(unaudited)

 

 

 

 

Cost of revenue

 

 

 

 

 

 

 

Subscription and support

$

880

 

$

1,044

 

$

3,437

 

$

2,868

Professional services

 

550

 

 

546

 

 

2,128

 

 

1,729

Operating expenses

 

 

 

 

 

 

 

Research and development

 

3,282

 

 

2,395

 

 

12,554

 

 

9,590

Sales and marketing

 

4,935

 

 

3,420

 

 

19,323

 

 

13,901

General and administrative

 

6,960

 

 

5,866

 

 

33,218

 

 

20,545

WORKIVA INC.

 

CONSOLIDATED BALANCE SHEETS

(in thousands)

 

 

As of December 31,

 

2022

 

2021

Assets

 

 

 

Current assets

 

 

 

Cash and cash equivalents

$

240,197

 

 

$

300,386

 

Marketable securities

 

190,595

 

 

 

230,060

 

Accounts receivable, net

 

106,316

 

 

 

76,848

 

Deferred costs

 

38,350

 

 

 

31,152

 

Other receivables

 

6,674

 

 

 

3,538

 

Prepaid expenses and other

 

17,957

 

 

 

15,108

 

Total current assets

 

600,089

 

 

 

657,092

 

Property and equipment, net

 

27,096

 

 

 

28,821

 

Operating lease right-of-use assets

 

13,932

 

 

 

17,760

 

Deferred costs, non-current

 

33,682

 

 

 

33,091

 

Goodwill

 

109,740

 

 

 

34,556

 

Intangible assets, net

 

28,234

 

 

 

10,434

 

Other assets

 

6,847

 

 

 

5,005

 

Total assets

$

819,620

 

 

$

786,759

 

Liabilities and Stockholders’ Equity

 

 

 

Current liabilities

 

 

 

Accounts payable

$

6,174

 

 

$

4,114

 

Accrued expenses and other current liabilities

 

83,999

 

 

 

84,126

 

Deferred revenue

 

316,263

 

 

 

258,023

 

Convertible senior notes, current

 

 

 

 

298,661

 

Finance lease obligations

 

504

 

 

 

1,575

 

Total current liabilities

 

406,940

 

 

 

646,499

 

Convertible senior notes, non-current

 

340,257

 

 

 

 

Deferred revenue, non-current

 

38,237

 

 

 

34,181

 

Other long-term liabilities

 

1,518

 

 

 

1,605

 

Operating lease liabilities, non-current

 

12,102

 

 

 

16,408

 

Finance lease obligations, non-current

 

14,583

 

 

 

15,087

 

Total liabilities

 

813,637

 

 

 

713,780

 

Stockholders’ equity

 

 

 

Common stock

 

53

 

 

 

51

 

Additional paid-in-capital

 

537,732

 

 

 

525,646

 

Accumulated deficit

 

(525,116

)

 

 

(452,430

)

Accumulated other comprehensive loss

 

(6,686

)

 

 

(288

)

Total stockholders’ equity

 

5,983

 

 

 

72,979

 

Total liabilities and stockholders’ equity

$

819,620

 

 

$

786,759

 

WORKIVA INC.

 

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

 

Three months ended

December 31,

 

Year ended December 31,

 

2022

 

2021

 

2022

 

2021

 

(unaudited)

 

 

 

 

Cash flows from operating activities

 

 

 

 

 

 

 

Net loss

$

(13,902

)

 

$

(14,324

)

 

$

(90,947

)

 

$

(37,730

)

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

 

 

 

 

 

 

 

Depreciation and amortization

 

2,847

 

 

 

1,664

 

 

 

10,212

 

 

 

5,244

 

Stock-based compensation expense

 

16,607

 

 

 

13,271

 

 

 

70,660

 

 

 

48,633

 

Provision for (recovery of) doubtful accounts

 

74

 

 

 

37

 

 

 

156

 

 

 

(125

)

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

 

(163

)

 

 

825

 

 

 

1,079

 

 

 

3,024

 

Gain on settlement of equity securities

 

 

 

 

 

 

 

 

 

 

(3,698

)

Amortization of issuance costs and debt discount

 

325

 

 

 

2,320

 

 

 

1,298

 

 

 

9,171

 

Deferred income tax

 

629

 

 

 

(1,059

)

 

 

538

 

 

 

(1,973

)

Changes in assets and liabilities:

 

 

 

 

 

 

 

Accounts receivable

 

(22,703

)

 

 

(12,916

)

 

 

(28,893

)

 

 

(7,683

)

Deferred costs

 

(5,834

)

 

 

(7,103

)

 

 

(8,496

)

 

 

(19,207

)

Operating lease right-of-use asset

 

1,276

 

 

 

1,291

 

 

 

5,153

 

 

 

4,197

 

Other receivables

 

(1,693

)

 

 

(187

)

 

 

(1,655

)

 

 

(391

)

Prepaid expenses

 

(3,783

)

 

 

(2,473

)

 

 

(2,913

)

 

 

(6,522

)

Other assets

 

(1,336

)

 

 

(25

)

 

 

(2,441

)

 

 

(1,222

)

Accounts payable

 

(3,557

)

 

 

(242

)

 

 

2,438

 

 

 

972

 

Deferred revenue

 

33,084

 

 

 

25,391

 

 

 

61,657

 

 

 

47,419

 

Operating lease liability

 

(1,298

)

 

 

(1,544

)

 

 

(5,055

)

 

 

(4,934

)

Accrued expenses and other liabilities

 

(1,841

)

 

 

4,342

 

 

 

(1,457

)

 

 

14,669

 

Net cash (used in) provided by operating activities

 

(1,268

)

 

 

9,268

 

 

 

11,334

 

 

 

49,844

 

Cash flows from investing activities

 

 

 

 

 

 

 

Purchase of property and equipment

 

(1,232

)

 

 

(1,103

)

 

 

(3,458

)

 

 

(3,534

)

Purchase of marketable securities

 

(31,190

)

 

 

(26,985

)

 

 

(130,754

)

 

 

(170,070

)

Sale of marketable securities

 

 

 

 

 

 

 

14,981

 

 

 

250

 

Maturities of marketable securities

 

43,708

 

 

 

26,788

 

 

 

150,565

 

 

 

143,159

 

Acquisitions, net of cash acquired

 

 

 

 

(2,400

)

 

 

(99,186

)

 

 

(37,467

)

Purchase of intangible assets

 

(52

)

 

 

(32

)

 

 

(160

)

 

 

(219

)

Other investments

 

 

 

 

 

 

 

 

 

 

(750

)

Net cash provided by (used in) investing activities

 

11,234

 

 

 

(3,732

)

 

 

(68,012

)

 

 

(68,631

)

 

 

 

 

 

 

 

 

Cash flows from financing activities

 

 

 

 

 

 

 

Proceeds from option exercises

 

678

 

 

 

7,808

 

 

 

3,273

 

 

 

16,600

 

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

 

(1,889

)

 

 

(3,458

)

 

 

(12,541

)

 

 

(27,144

)

Proceeds from shares issued in connection with employee stock purchase plan

 

 

 

 

 

 

 

9,256

 

 

 

8,861

 

Principal payments on finance lease obligations

 

(233

)

 

 

(434

)

 

 

(1,575

)

 

 

(1,705

)

Net cash (used in) provided by financing activities

 

(1,444

)

 

 

3,916

 

 

 

(1,587

)

 

 

(3,388

)

Effect of foreign exchange rates on cash

 

2,178

 

 

 

(191

)

 

 

(1,924

)

 

 

(270

)

Net increase (decrease) in cash and cash equivalents

 

10,700

 

 

 

9,261

 

 

 

(60,189

)

 

 

(22,445

)

Cash and cash equivalents at beginning of period

 

229,497

 

 

 

291,125

 

 

 

300,386

 

 

 

322,831

 

Cash and cash equivalents at end of period

$

240,197

 

 

$

300,386

 

 

$

240,197

 

 

$

300,386

 

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,

 

2022

 

2021

 

2022

 

2021

Gross profit, subscription and support

$

104,843

 

 

$

86,642

 

 

$

387,224

 

 

$

318,789

 

Add back: Stock-based compensation

 

880

 

 

 

1,044

 

 

 

3,437

 

 

 

2,868

 

Gross profit, subscription and support, non-GAAP

$

105,723

 

 

$

87,686

 

 

$

390,661

 

 

$

321,657

 

 

 

 

 

 

 

 

 

Gross profit, professional services

$

4,604

 

 

$

4,980

 

 

$

20,766

 

 

$

20,663

 

Add back: Stock-based compensation

 

550

 

 

 

546

 

 

 

2,128

 

 

 

1,729

 

Gross profit, professional services, non-GAAP

$

5,154

 

 

$

5,526

 

 

$

22,894

 

 

$

22,392

 

 

 

 

 

 

 

 

 

Gross profit

$

109,447

 

 

$

91,622

 

 

$

407,990

 

 

$

339,452

 

Add back: Stock-based compensation

 

1,430

 

 

 

1,590

 

 

 

5,565

 

 

 

4,597

 

Gross profit, non-GAAP

$

110,877

 

 

$

93,212

 

 

$

413,555

 

 

$

344,049

 

 

 

 

 

 

 

 

 

Cost of revenue, subscription and support

$

21,028

 

 

$

17,645

 

 

$

77,711

 

 

$

60,551

 

Less: Stock-based compensation

 

880

 

 

 

1,044

 

 

 

3,437

 

 

 

2,868

 

Cost of revenue, subscription and support, non-GAAP

$

20,148

 

 

$

16,601

 

 

$

74,274

 

 

$

57,683

 

 

 

 

 

 

 

 

 

Cost of revenue, professional services

$

13,328

 

 

$

11,516

 

 

$

52,174

 

 

$

43,282

 

Less: Stock-based compensation

 

550

 

 

 

546

 

 

 

2,128

 

 

 

1,729

 

Cost of revenue, professional services, non-GAAP

$

12,778

 

 

$

10,970

 

 

$

50,046

 

 

$

41,553

 

 

 

 

 

 

 

 

 

Research and development

$

38,072

 

 

$

31,430

 

 

$

151,716

 

 

$

115,735

 

Less: Stock-based compensation

 

3,282

 

 

 

2,395

 

 

 

12,554

 

 

 

9,590

 

Less: Amortization of acquisition-related intangibles

 

867

 

 

 

426

 

 

 

3,107

 

 

 

701

 

Research and development, non-GAAP

$

33,923

 

 

$

28,609

 

 

$

136,055

 

 

$

105,444

 

 

 

 

 

 

 

 

 

Sales and marketing

$

60,381

 

 

$

50,199

 

 

$

245,260

 

 

$

178,785

 

Less: Stock-based compensation

 

4,935

 

 

 

3,420

 

 

 

19,323

 

 

 

13,901

 

Less: Amortization of acquisition-related intangibles

 

581

 

 

 

22

 

 

 

1,954

 

 

 

35

 

Sales and marketing, non-GAAP

$

54,865

 

 

$

46,757

 

 

$

223,983

 

 

$

164,849

 

 

 

 

 

 

 

 

 

General and administrative

$

24,271

 

 

$

21,492

 

 

$

99,778

 

 

$

74,287

 

Less: Stock-based compensation

 

6,960

 

 

 

5,866

 

 

 

33,218

 

 

 

20,545

 

General and administrative, non-GAAP

$

17,311

 

 

$

15,626

 

 

$

66,560

 

 

$

53,742

 

 

 

 

 

 

 

 

 

Loss from operations

$

(13,277

)

 

$

(11,499

)

 

$

(88,764

)

 

$

(29,355

)

Add back: Stock-based compensation

 

16,607

 

 

 

13,271

 

 

 

70,660

 

 

 

48,633

 

Add back: Amortization of acquisition-related intangibles

 

1,448

 

 

 

448

 

 

 

5,061

 

 

 

736

 

Income (loss) from operations, non-GAAP

$

4,778

 

 

$

2,220

 

 

$

(13,043

)

 

$

20,014

 

 

 

 

 

 

 

 

 

Net loss

$

(13,902

)

 

$

(14,324

)

 

$

(90,947

)

 

$

(37,730

)

Add back: Stock-based compensation

 

16,607

 

 

 

13,271

 

 

 

70,660

 

 

 

48,633

 

Add back: Amortization of acquisition-related intangibles

 

1,448

 

 

 

448

 

 

 

5,061

 

 

 

736

 

Add back: Non-cash interest expense related to convertible senior notes

 

 

 

 

2,320

 

 

 

 

 

 

9,171

 

Net income (loss), non-GAAP

$

4,153

 

 

$

1,715

 

 

$

(15,226

)

 

$

20,810

 

 

 

 

 

 

 

 

 

Net loss per basic and diluted share:

$

(0.26

)

 

$

(0.28

)

 

$

(1.72

)

 

$

(0.74

)

Add back: Stock-based compensation

 

0.31

 

 

 

0.26

 

 

 

1.33

 

 

 

0.96

 

Add back: Amortization of acquisition-related intangibles

 

0.03

 

 

 

0.01

 

 

 

0.10

 

 

 

0.01

 

Add back: Non-cash interest expense related to convertible senior notes

 

 

 

 

0.04

 

 

 

 

 

 

0.18

 

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

$

0.08

 

 

$

0.03

 

 

$

(0.29

)

 

$

0.41

 

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

$

0.08

 

 

$

0.03

 

 

$

(0.29

)

 

$

0.37

 

 

 

 

 

 

 

 

 

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

 

53,279,147

 

 

 

51,734,522

 

 

 

52,954,079

 

 

 

51,126,510

 

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

 

54,938,441

 

 

 

56,697,006

 

 

 

52,954,079

 

 

 

55,998,736

 

TABLE II

WORKIVA INC.

RECONCILIATION OF NON-GAAP GUIDANCE

(in thousands, except share and per share data)

 

Three months ending March 31,

2023

 

Year ending December 31, 2023

 

 

 

 

 

 

 

 

Loss from operations, GAAP range

$

(52,000

)

-

$

(51,000

)

 

$

(111,000

)

-

$

(109,000

)

Add back: Stock-based compensation

 

38,528

 

 

 

38,528

 

 

 

96,158

 

 

 

96,158

 

Add back: Amortization of acquisition-related intangibles

 

1,472

 

 

 

1,472

 

 

 

5,842

 

 

 

5,842

 

Net loss from operations, non-GAAP range

$

(12,000

)

-

$

(11,000

)

 

$

(9,000

)

-

$

(7,000

)

 

 

 

 

 

 

 

 

Net loss per share, GAAP range

$

(0.97

)

-

$

(0.95

)

 

$

(2.02

)

-

$

(1.99

)

Add back: Stock-based compensation

 

0.72

 

 

 

0.72

 

 

 

1.78

 

 

 

1.78

 

Add back: Amortization of acquisition-related intangibles

 

0.03

 

 

 

0.03

 

 

 

0.11

 

 

 

0.11

 

Net loss per share, non-GAAP range

$

(0.23

)

-

$

(0.21

)

 

$

(0.13

)

-

$

(0.10

)

 

 

 

 

 

 

 

 

Weighted-average common shares outstanding - basic

 

53,700,000

 

 

 

53,700,000

 

 

 

54,000,000

 

 

 

54,000,000

 

 

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