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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Workiva Inc | NYSE:WK | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.50 | -0.68% | 72.99 | 74.975 | 72.67 | 74.49 | 1,007,500 | 22:30:00 |
Workiva Inc. (NYSE:WK), the world’s leading cloud platform for assured integrated reporting, today announced financial results for its first quarter ended March 31, 2024.
"The Workiva team delivered another solid quarter, resulting in subscription revenue growth of 20%," said Julie Iskow, President & Chief Executive Officer. "Workiva's platform remains a key differentiator for new logo wins and account expansion deals. Workiva is the only platform that brings Financial Reporting, ESG and GRC together in one secure, controlled, audit-ready environment. We are the platform for assured integrated reporting."
"In Q1, we generated 66% of subscription revenue from customers who have multiple solutions," said Jill Klindt, Chief Financial Officer. "Our focus on multi-solution deals and account expansions led to the increase in the number of larger subscription contracts. Workiva had 332 customers with an annual contract value over $300,000 at the end of the first quarter, growing 34% compared to the same time last year."
First Quarter 2024 Financial Results
Key Metrics and Recent Business Highlights
Financial Outlook
As of May 2, 2024, Workiva is providing guidance as follows:
Second Quarter 2024 Guidance:
Full Year 2024 Guidance:
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 first quarter 2024, in addition to discussing the Company’s outlook for the second quarter and full year 2024. 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 May 9, 2024, 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 March 31,
2024
2023
(unaudited)
Revenue
Subscription and support
$
154,979
$
129,664
Professional services
20,688
20,525
Total revenue
175,667
150,189
Cost of revenue
Subscription and support (1)
27,927
24,133
Professional services (1)
13,596
14,385
Total cost of revenue
41,523
38,518
Gross profit
134,144
111,671
Operating expenses
Research and development (1)
45,495
45,791
Sales and marketing (1)
82,633
70,710
General and administrative (1)
24,299
42,011
Total operating expenses
152,427
158,512
Loss from operations
(18,283
)
(46,841
)
Interest income
10,455
3,717
Interest expense
(3,232
)
(1,501
)
Other income and (expense), net
86
(940
)
Loss before provision for income taxes
(10,974
)
(45,565
)
Provision for income taxes
713
585
Net loss
$
(11,687
)
$
(46,150
)
Net loss per common share:
Basic and diluted
$
(0.21
)
$
(0.86
)
Weighted-average common shares outstanding - basic and diluted
54,915,852
53,690,242
(1) Includes stock-based compensation expense as follows:
Three months ended March 31,
2024
2023
(unaudited)
Cost of revenue
Subscription and support
$
1,601
$
1,072
Professional services
727
633
Operating expenses
Research and development
4,641
4,697
Sales and marketing
8,038
6,958
General and administrative
8,000
24,682
WORKIVA INC.
CONSOLIDATED BALANCE SHEETS
(in thousands)
March 31, 2024
December 31, 2023
(unaudited)
Assets
Current assets
Cash and cash equivalents
$
296,066
$
256,100
Marketable securities
542,281
557,622
Accounts receivable, net
87,898
125,193
Deferred costs
37,822
39,023
Other receivables
7,162
7,367
Prepaid expenses and other
25,771
23,631
Total current assets
997,000
1,008,936
Property and equipment, net
23,295
24,282
Operating lease right-of-use assets
11,254
12,642
Deferred costs, non-current
32,848
33,346
Goodwill
110,317
112,097
Intangible assets, net
21,154
22,892
Other assets
6,036
4,665
Total assets
$
1,201,904
$
1,218,860
Liabilities and Stockholders’ Deficit
Current liabilities
Accounts payable
$
9,911
$
5,204
Accrued expenses and other current liabilities
89,437
97,921
Deferred revenue
367,060
380,843
Finance lease obligations
540
532
Total current liabilities
466,948
484,500
Convertible senior notes, non-current
763,063
762,455
Deferred revenue, non-current
31,085
36,177
Other long-term liabilities
212
178
Operating lease liabilities, non-current
9,839
10,890
Finance lease obligations, non-current
13,913
14,050
Total liabilities
1,285,060
1,308,250
Stockholders’ deficit
Common stock
55
54
Additional paid-in-capital
584,752
562,942
Accumulated deficit
(664,328
)
(652,641
)
Accumulated other comprehensive (loss) income
(3,635
)
255
Total stockholders’ deficit
(83,156
)
(89,390
)
Total liabilities and stockholders’ deficit
$
1,201,904
$
1,218,860
WORKIVA INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
Three months ended March 31,
2024
2023
(unaudited)
Cash flows from operating activities
Net loss
$
(11,687
)
$
(46,150
)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization
2,522
2,800
Stock-based compensation expense
23,007
38,042
(Recovery of) provision for doubtful accounts
(123
)
106
Realized loss on sale of available-for-sale securities, net
—
561
Amortization of premiums and discounts on marketable securities, net
(3,749
)
(1,028
)
Amortization of issuance costs and debt discount
608
325
Deferred income tax
(295
)
(10
)
Changes in assets and liabilities:
Accounts receivable
36,947
29,363
Deferred costs
1,405
1,770
Operating lease right-of-use asset
1,426
1,295
Other receivables
194
95
Prepaid expenses
(2,273
)
(5,732
)
Other assets
(1,090
)
(74
)
Accounts payable
4,726
207
Deferred revenue
(17,526
)
(9,955
)
Operating lease liability
(987
)
(1,172
)
Accrued expenses and other liabilities
(8,261
)
(4,880
)
Net cash provided by operating activities
24,844
5,563
Cash flows from investing activities
Purchase of property and equipment
(203
)
(198
)
Purchase of marketable securities
(116,567
)
(125,815
)
Sale of marketable securities
4,609
43,713
Maturities of marketable securities
129,640
31,905
Purchase of intangible assets
(31
)
(79
)
Net cash provided by (used in) investing activities
17,448
(50,474
)
Cash flows from financing activities
Proceeds from option exercises
302
1,457
Taxes paid related to net share settlements of stock-based compensation awards
(8,611
)
(7,228
)
Proceeds from shares issued in connection with employee stock purchase plan
7,113
5,546
Principal payments on finance lease obligations
(129
)
(124
)
Net cash used in financing activities
(1,325
)
(349
)
Effect of foreign exchange rates on cash
(1,107
)
548
Net increase (decrease) in cash and cash equivalents
39,860
(44,712
)
Cash and cash equivalents at beginning of period
256,721
240,197
Cash and cash equivalents at end of period
$
296,581
$
195,485
Three months ended March 31,
2024
2023
Reconciliation of cash, cash equivalents, and restricted cash to the consolidated balance sheets
Cash and cash equivalents at end of period
$
296,066
$
195,485
Restricted cash included within prepaid expenses and other at end of period
515
—
Total cash, cash equivalents, and restricted cash at end of period shown in the consolidated statements of cash flows
$
296,581
$
195,485
TABLE I
WORKIVA INC.
RECONCILIATION OF NON-GAAP INFORMATION
(in thousands, except share and per share)
Three months ended March 31,
2024
2023
Gross profit, subscription and support
$
127,052
$
105,531
Add back: Stock-based compensation
1,601
1,072
Gross profit, subscription and support, non-GAAP
$
128,653
$
106,603
Gross profit, professional services
$
7,092
$
6,140
Add back: Stock-based compensation
727
633
Gross profit, professional services, non-GAAP
$
7,819
$
6,773
Gross profit
$
134,144
$
111,671
Add back: Stock-based compensation
2,328
1,705
Gross profit, non-GAAP
$
136,472
$
113,376
Cost of revenue, subscription and support
$
27,927
$
24,133
Less: Stock-based compensation
1,601
1,072
Cost of revenue, subscription and support, non-GAAP
$
26,326
$
23,061
Cost of revenue, professional services
$
13,596
$
14,385
Less: Stock-based compensation
727
633
Cost of revenue, professional services, non-GAAP
$
12,869
$
13,752
Research and development
$
45,495
$
45,791
Less: Stock-based compensation
4,641
4,697
Less: Amortization of acquisition-related intangibles
890
886
Research and development, non-GAAP
$
39,964
$
40,208
Sales and marketing
$
82,633
$
70,710
Less: Stock-based compensation
8,038
6,958
Less: Amortization of acquisition-related intangibles
412
601
Sales and marketing, non-GAAP
$
74,183
$
63,151
General and administrative
$
24,299
$
42,011
Less: Stock-based compensation
8,000
24,682
General and administrative, non-GAAP
$
16,299
$
17,329
Loss from operations
$
(18,283
)
$
(46,841
)
Add back: Stock-based compensation
23,007
38,042
Add back: Amortization of acquisition-related intangibles
1,302
1,487
Income (loss) from operations, non-GAAP
$
6,026
$
(7,312
)
Net loss
$
(11,687
)
$
(46,150
)
Add back: Stock-based compensation
23,007
38,042
Add back: Amortization of acquisition-related intangibles
1,302
1,487
Net income (loss), non-GAAP
$
12,622
$
(6,621
)
Net loss per basic and diluted share:
$
(0.21
)
$
(0.86
)
Add back: Stock-based compensation
0.42
0.71
Add back: Amortization of acquisition-related intangibles
0.02
0.03
Net income (loss) per basic share, non-GAAP
$
0.23
$
(0.12
)
Net income (loss) per diluted share, non-GAAP
$
0.22
$
(0.12
)
Weighted-average common shares outstanding - basic, non-GAAP
54,915,852
53,690,242
Weighted-average common shares outstanding - diluted, non-GAAP
56,352,572
53,690,242
TABLE II
WORKIVA INC.
RECONCILIATION OF NON-GAAP GUIDANCE
(in thousands, except share and per share data)
Three months ending June 30, 2024
Year ending December 31, 2024
Loss from operations, GAAP range
$
(24,000
)
-
$
(22,000
)
$
(76,000
)
-
$
(72,000
)
Add back: Stock-based compensation
24,700
24,700
98,000
98,000
Add back: Amortization of acquisition-related intangibles
1,300
1,300
5,000
5,000
Income from operations, non-GAAP range
$
2,000
-
$
4,000
$
27,000
-
$
31,000
Net loss per share, GAAP range
$
(0.32
)
-
$
(0.29
)
$
(0.90
)
-
$
(0.83
)
Add back: Stock-based compensation
0.46
0.46
1.77
1.77
Add back: Amortization of acquisition-related intangibles
0.02
0.02
0.09
0.09
Net income per share, non-GAAP range
$
0.16
-
$
0.19
$
0.96
-
$
1.03
Weighted-average common shares outstanding - basic
55,200,000
55,200,000
55,300,000
55,300,000
View source version on businesswire.com: https://www.businesswire.com/news/home/20240502478727/en/
Investor Contact: Mike Rost Workiva Inc. investor@workiva.com
Media Contact: Rotha Brauntz Workiva Inc. press@workiva.com
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