Workiva Inc. Announces Third Quarter 2023 Financial Results

  • Increased Q3 2023 Subscription & Support Revenue by 21% over Q3 2022
  • Generated Total Q3 2023 Revenue of $158.2 Million, up 19% over Q3 2022
  • Achieved 38% YOY Growth of Customers with Annual Contract Value Over $300K

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

"Workiva delivered another solid quarter, achieving subscription revenue growth of 21% and an operating profit that beat the high end of our guidance," said CEO Julie Iskow. "Our platform offering continues to stand out from the SaaS crowd given that we solve problems our customers must address. Companies need transparency. They need to comply with regulation. And, they need accuracy in reporting and disclosure. We provide solutions that they need in good times and in challenging times."

Iskow added, "The value our platform provides was also quantified by the continued large contract account expansion we saw during the quarter. We continue to see outpaced growth in our large contract customers. Compared to third quarter 2022, the number of annual contracts valued over $100,000 increased 24%. Contracts valued over $150,000 increased 26% and contracts over $300,000 were up 38%."

"We were pleased with the strong increase we saw in net revenue retention, which improved for the fourth consecutive quarter," said CFO Jill Klindt. "With add-ons, our subscription revenue retention rate increased to 112% compared to 107% for the third quarter 2022. The main driver of this improvement is strong account expansion activity."

"The operating profit we posted in the third quarter is a result of our continued focus on growth and productivity. This focus has helped us improve our operating leverage and stay committed to our goal of delivering improved operating margins and non-GAAP profitability for both 2023 and 2024," added Klindt.

Third Quarter 2023 Financial Highlights

  • Revenue: Total revenue for the third quarter of 2023 reached $158 million, an increase of 19% from $133 million in the third quarter of 2022. Subscription and support revenue contributed $143 million, up 21% versus the third quarter of 2022. Professional services revenue was $15 million, a slight increase compared to the same quarter in the prior year.
  • Gross Profit: GAAP gross profit for the third quarter of 2023 was $120 million compared with $100 million in the same quarter of 2022. GAAP gross margin was 75.8% versus 75.6% in the third quarter of 2022. Non-GAAP gross profit for the third quarter of 2023 was $122 million, an increase of 20% compared with the prior year's third quarter, and non-GAAP gross margin was 76.9% compared to 76.6% in the third quarter of 2022.
  • Results from Operations: GAAP loss from operations for the third quarter of 2023 was $16 million compared with a loss of $30 million in the prior year's third quarter. Non-GAAP income from operations was $5 million compared with a loss of $8 million in the third quarter of 2022.
  • GAAP Net Loss: GAAP net loss for the third quarter of 2023 was $56 million compared with a net loss of $30 million for the prior year's third quarter. GAAP net loss per basic and diluted share was $1.04 compared with a net loss per basic and diluted share of $0.56 in the third quarter of 2022.
  • Non-GAAP Net Loss: Non-GAAP net loss for the third quarter of 2023 was $35 million compared with a loss of $8 million in the prior year's third quarter. Non-GAAP net loss per basic share and diluted share was $0.65 compared with a net loss per basic and diluted share of $0.15 in the third quarter of 2022. In connection with the 2026 note repurchase described below, we recorded a loss on induced conversion of $45.1 million which was recorded as interest expense.
  • Liquidity: As of September 30, 2023, Workiva had cash, cash equivalents, and marketable securities totaling $782 million, compared with $431 million as of December 31, 2022. In August 2023, we issued $702.0 million aggregate principal amount of 1.250% convertible senior notes due in 2028. We used $396.9 million of the net proceeds from the 2028 Notes offering to repurchase $273.8 million principal amount, together with accrued and unpaid interest thereon, of our 2026 Notes. Workiva had $71 million aggregate principal amount of 1.125% convertible senior notes due in 2026, $702 million aggregate principal amount of 1.250% convertible senior notes due in 2028 and $15 million of finance lease obligations outstanding as of September 30, 2023.

Key Metrics and Recent Business Highlights

  • Customers: Workiva had 5,945 customers as of September 30, 2023, a net increase of 404 customers from September 30, 2022.
  • Revenue Retention Rate: As of September 30, 2023, Workiva's revenue retention rate (excluding add-on revenue) was 98%, and the revenue retention rate including add-on revenue was 112%. Add-on revenue includes changes in both solutions and pricing for existing customers.
  • Large Contracts: As of September 30, 2023, Workiva had 1,561 customers with an annual contract value (“ACV”) of more than $100,000, up 24% from 1,257 customers at September 30, 2022. Workiva had 851 customers with an ACV of more than $150,000, up 26% from 676 customers in the third quarter of 2022. Workiva had 296 customers with an ACV of more than $300,000, up 38% from 214 customers in the third quarter of 2022.

Financial Outlook

As of October 30, 2023, Workiva is providing guidance as follows:

Fourth Quarter 2023 Guidance:

  • Total revenue is expected to be in the range of $164 million to $165 million.
  • GAAP loss from operations is expected to be in the range of $17 million to $16 million.
  • Non-GAAP income from operations is expected to be in the range of $6 million to $7 million.
  • GAAP net loss per basic share is expected to be in the range of $0.20 to $0.18.
  • Non-GAAP net income per basic share is expected to be in the range of $0.21 to $0.23.
  • Net income (loss) per basic share is based on 54 million weighted-average shares outstanding.

Full Year 2023 Guidance:

  • Total revenue is expected to be in the range of $627 million to $628 million.
  • GAAP loss from operations is expected to be in the range of $102 million to $101 million.
  • Non-GAAP income from operations is expected to be in the range of $3 million to $4 million.
  • GAAP net loss per basic share is expected to be in the range of $2.48 to $2.46.
  • Non-GAAP net loss per basic share is expected to be in the range of $0.54 to $0.52.
  • Net income (loss) per basic share is based on 54 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 third quarter 2023, in addition to discussing the Company’s outlook for the fourth 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 November 7, 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.

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

September 30,

 

Nine months ended

September 30,

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

(unaudited)

Revenue

 

 

 

 

 

 

 

Subscription and support

$

143,421

 

$

118,591

 

$

409,857

 

$

339,064

Professional services

 

14,754

 

 

14,258

 

 

53,529

 

 

55,008

Total revenue

 

158,175

 

 

132,849

 

 

463,386

 

 

394,072

Cost of revenue

 

 

 

 

 

 

 

Subscription and support (1)

 

24,864

 

 

19,235

 

 

74,080

 

 

56,683

Professional services (1)

 

13,491

 

 

13,184

 

 

42,297

 

 

38,846

Total cost of revenue

 

38,355

 

 

32,419

 

 

116,377

 

 

95,529

Gross profit

 

119,820

 

 

100,430

 

 

347,009

 

 

298,543

Operating expenses

 

 

 

 

 

 

 

Research and development (1)

 

41,747

 

 

38,583

 

 

130,235

 

 

113,644

Sales and marketing (1)

 

72,576

 

 

64,560

 

 

215,168

 

 

184,879

General and administrative (1)

 

21,022

 

 

27,405

 

 

86,660

 

 

75,507

Total operating expenses

 

135,345

 

 

130,548

 

 

432,063

 

 

374,030

Loss from operations

 

(15,525)

 

 

(30,118)

 

 

(85,054)

 

 

(75,487)

Interest income

 

7,294

 

 

1,440

 

 

15,546

 

 

2,325

Interest expense

 

(47,437)

 

 

(1,510)

 

 

(50,437)

 

 

(4,540)

Other (expense) and income, net

 

(71)

 

 

964

 

 

(1,450)

 

 

1,467

Loss before provision for income taxes

 

(55,739)

 

 

(29,224)

 

 

(121,395)

 

 

(76,235)

Provision for income taxes

 

530

 

 

467

 

 

1,934

 

 

810

Net loss

$

(56,269)

 

$

(29,691)

 

$

(123,329)

 

$

(77,045)

Net loss per common share:

 

 

 

 

 

 

 

Basic and diluted

$

(1.04)

 

$

(0.56)

 

$

(2.28)

 

$

(1.46)

Weighted-average common shares outstanding - basic

and diluted

 

54,256,941

 

 

53,081,564

 

 

53,987,791

 

 

52,844,532

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

 

Three months ended

September 30,

 

Nine months ended

September 30,

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

(unaudited)

Cost of revenue

 

 

 

 

 

 

 

Subscription and support

$

1,247

 

$

855

 

$

3,732

 

$

2,557

Professional services

 

623

 

 

533

 

 

1,923

 

 

1,578

Operating expenses

 

 

 

 

 

 

 

Research and development

 

4,155

 

 

3,399

 

 

13,677

 

 

9,272

Sales and marketing

 

7,108

 

 

4,657

 

 

20,769

 

 

14,388

General and administrative

 

6,244

 

 

10,853

 

 

37,928

 

 

26,258

WORKIVA INC.

 

CONSOLIDATED BALANCE SHEETS

(in thousands)

 

 

September 30, 2023

 

December 31, 2022

 

(unaudited)

 

 

Assets

 

 

 

Current assets

 

 

 

Cash and cash equivalents

$

404,885

 

$

240,197

Marketable securities

 

377,533

 

 

190,595

Accounts receivable, net

 

98,861

 

 

106,316

Deferred costs

 

36,953

 

 

38,350

Other receivables

 

7,017

 

 

6,674

Prepaid expenses and other

 

21,902

 

 

17,957

Total current assets

 

947,151

 

 

600,089

Property and equipment, net

 

25,102

 

 

27,096

Operating lease right-of-use assets

 

10,228

 

 

13,932

Deferred costs, non-current

 

28,816

 

 

33,682

Goodwill

 

108,851

 

 

109,740

Intangible assets, net

 

23,585

 

 

28,234

Other assets

 

5,395

 

 

6,847

Total assets

$

1,149,128

 

$

819,620

Liabilities and Stockholders’ (Deficit) Equity

 

 

 

Current liabilities

 

 

 

Accounts payable

$

4,909

 

$

6,174

Accrued expenses and other current liabilities

 

94,158

 

 

83,999

Deferred revenue

 

338,418

 

 

316,263

Finance lease obligations

 

525

 

 

504

Total current liabilities

 

438,010

 

 

406,940

Convertible senior notes, non-current

 

761,847

 

 

340,257

Deferred revenue, non-current

 

38,216

 

 

38,237

Other long-term liabilities

 

1,539

 

 

1,518

Operating lease liabilities, non-current

 

9,023

 

 

12,102

Finance lease obligations, non-current

 

14,186

 

 

14,583

Total liabilities

 

1,262,821

 

 

813,637

Stockholders’ (deficit) equity

 

 

 

Common stock

 

54

 

 

53

Additional paid-in-capital

 

541,093

 

 

537,732

Accumulated deficit

 

(648,445)

 

 

(525,116)

Accumulated other comprehensive loss

 

(6,395)

 

 

(6,686)

Total stockholders’ (deficit) equity

 

(113,693)

 

 

5,983

Total liabilities and stockholders’ (deficit) equity

$

1,149,128

 

$

819,620

WORKIVA INC.

 

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

 

 

Three months ended

September 30,

 

Nine months ended

September 30,

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

(unaudited)

Cash flows from operating activities

 

 

 

 

 

 

 

Net loss

$

(56,269)

 

$

(29,691)

 

$

(123,329)

 

$

(77,045)

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

 

 

 

 

 

 

 

Depreciation and amortization

 

2,686

 

 

2,681

 

 

8,353

 

 

7,365

Stock-based compensation expense

 

19,377

 

 

20,297

 

 

78,029

 

 

54,053

Provision for doubtful accounts

 

8

 

 

91

 

 

57

 

 

82

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

 

 

 

 

 

708

 

 

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

 

(1,930)

 

 

129

 

 

(4,530)

 

 

1,242

Amortization of issuance costs and debt discount

 

472

 

 

325

 

 

1,122

 

 

973

Induced conversion expense

 

45,144

 

 

 

 

45,144

 

 

Deferred income tax

 

(14)

 

 

57

 

 

(17)

 

 

(91)

Changes in assets and liabilities:

 

 

 

 

 

 

 

Accounts receivable

 

(15,234)

 

 

(7,927)

 

 

7,243

 

 

(6,190)

Deferred costs

 

3,116

 

 

(1,372)

 

 

6,248

 

 

(2,662)

Operating lease right-of-use asset

 

1,244

 

 

1,269

 

 

3,807

 

 

3,877

Other receivables

 

(1,556)

 

 

(527)

 

 

(1,842)

 

 

38

Prepaid expenses

 

3,452

 

 

3,593

 

 

(3,985)

 

 

870

Other assets

 

1,043

 

 

(1,140)

 

 

1,479

 

 

(1,105)

Accounts payable

 

(386)

 

 

3,931

 

 

(1,267)

 

 

5,995

Deferred revenue

 

11,120

 

 

14,775

 

 

22,225

 

 

28,573

Operating lease liability

 

(750)

 

 

(1,113)

 

 

(3,129)

 

 

(3,757)

Accrued expenses and other liabilities

 

3,468

 

 

(523)

 

 

10,217

 

 

384

Net cash provided by operating activities

 

14,991

 

 

4,855

 

 

46,533

 

 

12,602

Cash flows from investing activities

 

 

 

 

 

 

 

Purchase of property and equipment

 

(895)

 

 

(1,023)

 

 

(1,732)

 

 

(2,226)

Purchase of marketable securities

 

(144,989)

 

 

(41,618)

 

 

(322,008)

 

 

(99,564)

Sale of marketable securities

 

 

 

 

 

65,052

 

 

14,981

Maturities of marketable securities

 

36,906

 

 

40,071

 

 

76,811

 

 

106,857

Acquisitions, net of cash acquired

 

 

 

 

 

 

 

(99,186)

Purchase of intangible assets

 

(48)

 

 

(62)

 

 

(167)

 

 

(108)

Net cash used in investing activities

 

(109,026)

 

 

(2,632)

 

 

(182,044)

 

 

(79,246)

 

 

 

 

 

 

 

 

Cash flows from financing activities

 

 

 

 

 

 

 

Proceeds from option exercises

 

1,120

 

 

625

 

 

3,324

 

 

2,595

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

 

(984)

 

 

(738)

 

 

(9,424)

 

 

(10,652)

Proceeds from shares issued in connection with employee stock purchase plan

 

6,967

 

 

4,038

 

 

12,513

 

 

9,256

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

 

(127)

 

 

(454)

 

 

(376)

 

 

(1,342)

Net cash provided by (used in) financing activities

 

301,220

 

 

3,471

 

 

300,281

 

 

(143)

Effect of foreign exchange rates on cash

 

(1,239)

 

 

(2,450)

 

 

(82)

 

 

(4,102)

Net increase (decrease) in cash and cash equivalents

 

205,946

 

 

3,244

 

 

164,688

 

 

(70,889)

Cash and cash equivalents at beginning of period

 

198,939

 

 

226,253

 

 

240,197

 

 

300,386

Cash and cash equivalents at end of period

$

404,885

 

$

229,497

 

$

404,885

 

$

229,497

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,

 

 

2023

 

 

2022

 

 

2023

 

 

2022

Gross profit, subscription and support

$

118,557

 

$

99,356

 

$

335,777

 

$

282,381

Add back: Stock-based compensation

 

1,247

 

 

855

 

 

3,732

 

 

2,557

Gross profit, subscription and support, non-GAAP

$

119,804

 

$

100,211

 

$

339,509

 

$

284,938

 

 

 

 

 

 

 

 

Gross profit, professional services

$

1,263

 

$

1,074

 

$

11,232

 

$

16,162

Add back: Stock-based compensation

 

623

 

 

533

 

 

1,923

 

 

1,578

Gross profit, professional services, non-GAAP

$

1,886

 

$

1,607

 

$

13,155

 

$

17,740

 

 

 

 

 

 

 

 

Gross profit

$

119,820

 

$

100,430

 

$

347,009

 

$

298,543

Add back: Stock-based compensation

 

1,870

 

 

1,388

 

 

5,655

 

 

4,135

Gross profit, non-GAAP

$

121,690

 

$

101,818

 

$

352,664

 

$

302,678

 

 

 

 

 

 

 

 

Cost of revenue, subscription and support

$

24,864

 

$

19,235

 

$

74,080

 

$

56,683

Less: Stock-based compensation

 

1,247

 

 

855

 

 

3,732

 

 

2,557

Cost of revenue, subscription and support, non-GAAP

$

23,617

 

$

18,380

 

$

70,348

 

$

54,126

 

 

 

 

 

 

 

 

Cost of revenue, professional services

$

13,491

 

$

13,184

 

$

42,297

 

$

38,846

Less: Stock-based compensation

 

623

 

 

533

 

 

1,923

 

 

1,578

Cost of revenue, professional services, non-GAAP

$

12,868

 

$

12,651

 

$

40,374

 

$

37,268

 

 

 

 

 

 

 

 

Research and development

$

41,747

 

$

38,583

 

$

130,235

 

$

113,644

Less: Stock-based compensation

 

4,155

 

 

3,399

 

 

13,677

 

 

9,272

Less: Amortization of acquisition-related intangibles

 

891

 

 

876

 

 

2,668

 

 

2,240

Research and development, non-GAAP

$

36,701

 

$

34,308

 

$

113,890

 

$

102,132

 

 

 

 

 

 

 

 

Sales and marketing

$

72,576

 

$

64,560

 

$

215,168

 

$

184,879

Less: Stock-based compensation

 

7,108

 

 

4,657

 

 

20,769

 

 

14,388

Less: Amortization of acquisition-related intangibles

 

598

 

 

587

 

 

1,805

 

 

1,373

Sales and marketing, non-GAAP

$

64,870

 

$

59,316

 

$

192,594

 

$

169,118

 

 

 

 

 

 

 

 

General and administrative

$

21,022

 

$

27,405

 

$

86,660

 

$

75,507

Less: Stock-based compensation

 

6,244

 

 

10,853

 

 

37,928

 

 

26,258

General and administrative, non-GAAP

$

14,778

 

$

16,552

 

$

48,732

 

$

49,249

 

 

 

 

 

 

 

 

Loss from operations

$

(15,525)

 

$

(30,118)

 

$

(85,054)

 

$

(75,487)

Add back: Stock-based compensation

 

19,377

 

 

20,297

 

 

78,029

 

 

54,053

Add back: Amortization of acquisition-related intangibles

 

1,489

 

 

1,463

 

 

4,473

 

 

3,613

Income (loss) from operations, non-GAAP

$

5,341

 

$

(8,358)

 

$

(2,552)

 

$

(17,821)

 

 

 

 

 

 

 

 

Net loss

$

(56,269)

 

$

(29,691)

 

$

(123,329)

 

$

(77,045)

Add back: Stock-based compensation

 

19,377

 

 

20,297

 

 

78,029

 

 

54,053

Add back: Amortization of acquisition-related intangibles

 

1,489

 

 

1,463

 

 

4,473

 

 

3,613

Net loss, non-GAAP

$

(35,403)

 

$

(7,931)

 

$

(40,827)

 

$

(19,379)

 

 

 

 

 

 

 

 

Net loss per basic and diluted share:

$

(1.04)

 

$

(0.56)

 

$

(2.28)

 

$

(1.46)

Add back: Stock-based compensation

 

0.36

 

 

0.38

 

 

1.44

 

 

1.02

Add back: Amortization of acquisition-related intangibles

 

0.03

 

 

0.03

 

 

0.08

 

 

0.07

Net loss per basic share, non-GAAP

$

(0.65)

 

$

(0.15)

 

$

(0.76)

 

$

(0.37)

Net loss per diluted share, non-GAAP

$

(0.65)

 

$

(0.15)

 

$

(0.76)

 

$

(0.37)

 

 

 

 

 

 

 

 

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

 

54,256,941

 

 

53,081,564

 

 

53,987,791

 

 

52,844,532

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

 

54,256,941

 

 

53,081,564

 

 

53,987,791

 

 

52,844,532

TABLE II

WORKIVA INC.

RECONCILIATION OF NON-GAAP GUIDANCE

(in thousands, except share and per share data)

 

 

Three months ending December 31, 2023

 

Year ending December 31, 2023

 

 

 

 

 

 

 

 

Loss from operations, GAAP range

$

(16,946)

-

$

(15,946)

 

$

(102,000)

-

$

(101,000)

Add back: Stock-based compensation

 

21,071

 

 

21,071

 

 

99,100

 

 

99,100

Add back: Amortization of acquisition-related intangibles

 

1,427

 

 

1,427

 

 

5,900

 

 

5,900

Income from operations, non-GAAP range

$

5,552

-

$

6,552

 

$

3,000

-

$

4,000

 

 

 

 

 

 

 

 

Net loss per share, GAAP range

$

(0.20)

-

$

(0.18)

 

$

(2.48)

-

$

(2.46)

Add back: Stock-based compensation

 

0.38

 

 

0.38

 

 

1.83

 

 

1.83

Add back: Amortization of acquisition-related intangibles

 

0.03

 

 

0.03

 

 

0.11

 

 

0.11

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

$

0.21

-

$

0.23

 

$

(0.54)

-

$

(0.52)

 

 

 

 

 

 

 

 

Weighted-average common shares outstanding - basic

 

54,400,000

 

 

54,400,000

 

 

54,200,000

 

 

54,200,000

 

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