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wk-20241106
FALSE000144530500014453052024-11-062024-11-06

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
___________________________________
FORM 8-K
___________________________________
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934

November 6, 2024
Date of Report (date of earliest event reported)
___________________________________
WORKIVA INC.
(Exact name of registrant as specified in its charter)
___________________________________
Delaware
(State or other jurisdiction of incorporation or organization)
001-36773
(Commission File Number)
47-2509828
(I.R.S. Employer Identification Number)
2900 University Blvd
Ames, IA 50010
(888) 275-3125
(Address of principal executive offices and zip code)
(888) 275-3125
(Registrant's telephone number, including area code)
___________________________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
Class A common stock, par value $.001WKNew York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 12b-2 of the Exchange Act.
Emerging growth company    ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨



Section 2 - Financial Information
Item 2.02 - Results of Operations and Financial Condition
On November 6, 2024, Workiva Inc. (the "Company") issued a press release announcing its results for the quarter ended September 30, 2024. A copy of the press release is attached as Exhibit 99.1 to this current report on Form 8-K and is incorporated by reference herein.
The information in this current report on Form 8-K and the exhibits attached hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filing.



Section 9 - Financial Statements and Exhibits
Item 9.01 - Financial Statements and Exhibits
(d): The following exhibits are being filed herewith:
Exhibit
Number
Description
99.1
104Cover Page Interactive Data File (embedded within the Inline XBRL document).



SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized on this 6th day of November, 2024.

WORKIVA INC.
By:
/s/ Jill Klindt
Name:
Jill Klindt
Title:
Executive Vice President, Chief Financial Officer, and Treasurer
Document

https://cdn.kscope.io/24184bcbd9551433cd26bda484bb3c84-workivalogo.jpg

Workiva Inc. Announces Third Quarter 2024 Financial Results
•Increased Q3 2024 Subscription & Support Revenue by 19% over Q3 2023
•Total revenue of $186 million in Q3 2024, representing 17% year-over-year growth
•Achieved 28% YOY Growth of Customers with Annual Contract Value Over $500K

NEW YORK - November 6, 2024 – 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, 2024.
"Workiva is once again in a beat and raise position. Our results highlight an acceleration of our growth and improved operating leverage," said Julie Iskow, President & Chief Executive Officer. "We delivered another record bookings quarter with broad based demand across the entire solution portfolio and a high volume of account expansion deals and platform wins across North America and Europe."
"Subscription and support revenue growth of 19% drove our total revenue beat to $2.6 million over the high end of our guidance range," said Jill Klindt, Chief Financial Officer. "Due to our solid performance, we are raising our total revenue guidance by $6 million to a range of $733 million to $735 million."
Third Quarter 2024 Financial Results
•Revenue: Total revenue for the third quarter of 2024 reached $186 million, an increase of 17% from $158 million in the third quarter of 2023. Subscription and support revenue contributed $171 million, up 19% versus the third quarter of 2023. Professional services revenue was $15 million, relatively flat compared to the same quarter in the prior year.
•Gross Profit: GAAP gross profit for the third quarter of 2024 was $142 million compared with $120 million in the same quarter of 2023. GAAP gross margin was 76.5% versus 75.8% in the third quarter of 2023. Non-GAAP gross profit for the third quarter of 2024 was $146 million, an increase of 20% compared with the prior year's third quarter, and non-GAAP gross margin was 78.6% compared to 76.9% in the third quarter of 2023.
•Results from Operations: GAAP loss from operations for the third quarter of 2024 was $22 million compared with a loss of $16 million in the prior year's third quarter. Non-GAAP income from operations was $8 million compared with non-GAAP income from operations of $5 million in the third quarter of 2023.
•GAAP Net Loss: GAAP net loss for the third quarter of 2024 was $17 million compared with a net loss of $56 million for the prior year's third quarter. GAAP net loss per basic and diluted share was $0.31 compared with a net loss per basic and diluted share of $1.04 in the third quarter of 2023.
•Non-GAAP Net Income/Loss: Non-GAAP net income for the third quarter of 2024 was $12 million compared with a net loss of $35 million in the prior year's third quarter. Non-GAAP net income per basic share and diluted share was $0.22 and $0.21, respectively, compared with a net loss per basic share and diluted share of $0.65 in the third quarter of 2023.
•Liquidity: As of September 30, 2024, Workiva had cash, cash equivalents, and marketable securities totaling $776 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 September 30, 2024.
Key Metrics and Recent Business Highlights
•Customers: Workiva had 6,237 customers as of September 30, 2024, a net increase of 292 customers from September 30, 2023.
•Revenue Retention Rate: As of September 30, 2024, Workiva's revenue retention rate (excluding add-on revenue) was 98%, and the revenue retention rate including add-on revenue was 111%. Add-on revenue includes changes in both solutions and pricing for existing customers.
•Large Contracts: As of September 30, 2024, Workiva had 1,926 customers with an annual contract value (“ACV”) of more than $100,000, up 23% from 1,561 customers at September 30, 2023. Workiva had 383 customers with an ACV of more than $300,000, up 29% from 296 customers in the third quarter of 2023. Workiva had 166 customers with an ACV of more than $500,000, up 28% from 130 customers in the third quarter of 2023.
Financial Outlook
As of November 6, 2024, Workiva is providing guidance as follows:
Fourth Quarter 2024 Guidance:
•Total revenue is expected to be in the range of $194 million to $196 million.
•GAAP loss from operations is expected to be in the range of $16 million to $14 million.
•Non-GAAP income from operations is expected to be in the range of $13 million to $15 million.
•GAAP net loss per basic share is expected to be in the range of $0.21 to $0.18.
•Non-GAAP net income per basic share is expected to be in the range of $0.31 to $0.34.
•Net income (loss) per basic share is based on 55.8 million weighted-average shares outstanding.
Full Year 2024 Guidance:
•Total revenue is expected to be in the range of $733 million to $735 million.
•GAAP loss from operations is expected to be in the range of $79 million to $77 million.
•Non-GAAP income from operations is expected to be in the range of $30 million to $32 million.
•GAAP net loss per basic share is expected to be in the range of $1.05 to $1.02.
•Non-GAAP net income per basic share is expected to be in the range of $0.93 to $0.96.
•Net income (loss) per basic share is based on 55.4 million weighted-average shares outstanding.
Quarterly Conference Call
Workiva will host a webcast today at 5:00 p.m. ET to review the Company’s financial results for the third quarter 2024, in addition to discussing the Company’s outlook for the fourth quarter and full year 2024. 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, Governance, Risk, and Compliance (GRC), and Environmental, Social, and Governance (ESG) data 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.
###
Investor Contact:
Media Contact:
Mike RostMandi McReynolds
Workiva Inc.
Workiva Inc.
investor@workiva.com
press@workiva.com
1

WORKIVA INC.

CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except share and per share amounts)
Three months ended September 30,Nine months ended September 30,
2024202320242023
(unaudited)
Revenue
Subscription and support$171,035 $143,421 $486,749 $409,857 
Professional services14,586 14,754 52,042 53,529 
Total revenue185,621 158,175 538,791 463,386 
Cost of revenue
Subscription and support (1)
30,621 24,864 86,493 74,080 
Professional services (1)
13,050 13,491 39,873 42,297 
Total cost of revenue43,671 38,355 126,366 116,377 
Gross profit141,950 119,820 412,425 347,009 
Operating expenses
Research and development (1)
48,425 41,747 142,328 130,235 
Sales and marketing (1)
89,756 72,576 257,086 215,168 
General and administrative (1)
25,551 21,022 76,225 86,660 
Total operating expenses163,732 135,345 475,639 432,063 
Loss from operations(21,782)(15,525)(63,214)(85,054)
Interest income9,298 7,294 30,089 15,546 
Interest expense(3,199)(47,437)(9,668)(50,437)
Other expense, net(350)(71)(309)(1,450)
Loss before provision for income taxes(16,033)(55,739)(43,102)(121,395)
Provision for income taxes959 530 3,125 1,934 
Net loss$(16,992)$(56,269)$(46,227)$(123,329)
Net loss per common share:
Basic and diluted$(0.31)$(1.04)$(0.84)$(2.28)
Weighted-average common shares outstanding - basic and diluted55,581,841 54,256,941 55,226,254 53,987,791 

(1) Includes stock-based compensation expense as follows:
Three months ended September 30,Nine months ended September 30,
2024202320242023
(unaudited)
Cost of revenue
Subscription and support$2,164 $1,247 $5,708 $3,732 
Professional services858 623 2,348 1,923 
Operating expenses
Research and development5,681 4,155 15,474 13,677 
Sales and marketing9,942 7,108 26,470 20,769 
General and administrative8,825 6,244 25,879 37,928 

2

WORKIVA INC.

CONSOLIDATED BALANCE SHEETS
(in thousands)
September 30, 2024December 31, 2023
(unaudited)
Assets
Current assets
Cash and cash equivalents$248,239 $256,100 
Marketable securities528,115 557,622 
Accounts receivable, net137,921 125,193 
Deferred costs44,726 39,023 
Other receivables8,646 7,367 
Prepaid expenses and other21,055 23,631 
Total current assets988,702 1,008,936 
Property and equipment, net21,757 24,282 
Operating lease right-of-use assets9,485 12,642 
Deferred costs, non-current43,557 33,346 
Goodwill202,133 112,097 
Intangible assets, net30,278 22,892 
Other assets6,174 4,665 
Total assets$1,302,086 $1,218,860 
Liabilities and Stockholders’ Deficit
Current liabilities
Accounts payable$13,346 $5,204 
Accrued expenses and other current liabilities111,029 97,921 
Deferred revenue414,229 380,843 
Finance lease obligations555 532 
Total current liabilities539,159 484,500 
Convertible senior notes, non-current764,281 762,455 
Deferred revenue, non-current27,527 36,177 
Other long-term liabilities236 178 
Operating lease liabilities, non-current8,062 10,890 
Finance lease obligations, non-current13,631 14,050 
Total liabilities1,352,896 1,308,250 
Stockholders’ deficit
Common stock56 54 
Additional paid-in-capital645,083 562,942 
Accumulated deficit(698,868)(652,641)
Accumulated other comprehensive income2,919 255 
Total stockholders’ deficit(50,810)(89,390)
Total liabilities and stockholders’ deficit$1,302,086 $1,218,860 

3

WORKIVA INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
Three months ended September 30,Nine months ended September 30,
2024202320242023
(unaudited)
Cash flows from operating activities
Net loss$(16,992)$(56,269)$(46,227)$(123,329)
Adjustments to reconcile net loss to net cash provided by operating activities
Depreciation and amortization3,006 2,686 8,092 8,353 
Stock-based compensation expense27,470 19,377 75,879 78,029 
Provision for (recovery of) doubtful accounts57 8 (46)57 
Accretion of premiums and discounts on marketable securities, net(2,638)(1,930)(9,543)(4,530)
Amortization of debt discount and issuance costs609 472 1,826 1,122 
Induced conversion expense— 45,144 — 45,144 
Realized loss on sale of available-for-sale securities, net— — — 708 
Deferred income tax(1)(14)(292)(17)
Changes in assets and liabilities:
Accounts receivable(15,187)(15,234)(11,507)7,243 
Deferred costs(4,946)3,116 (15,140)6,248 
Operating lease right-of-use asset1,210 1,244 3,808 3,807 
Other receivables(1,745)(1,556)2,796 (1,842)
Prepaid expenses and other344 3,452 2,764 (3,985)
Other assets464 1,043 (1,191)1,479 
Accounts payable4,788 (386)7,630 (1,267)
Deferred revenue26,606 11,120 22,159 22,225 
Operating lease liability(878)(750)(2,831)(3,129)
Accrued expenses and other liabilities(3,261)3,468 5,559 10,217 
Net cash provided by operating activities18,906 14,991 43,736 46,533 
Cash flows from investing activities
Purchase of property and equipment(243)(895)(554)(1,732)
Purchase of marketable securities(158,522)(144,989)(310,075)(322,008)
Maturities of marketable securities108,993 36,906 345,733 76,811 
Sale of marketable securities— — 4,609 65,052 
Acquisitions, net of cash acquired187 — (98,093)— 
Purchase of intangible assets(44)(48)(116)(167)
Net cash used in investing activities(49,629)(109,026)(58,496)(182,044)
4

WORKIVA INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
Three months ended September 30,Nine months ended September 30,
2024202320242023
(unaudited)
Cash flows from financing activities
Proceeds from option exercises3,273 1,120 3,865 3,324 
Taxes paid related to net share settlements of stock-based compensation awards(1,173)(984)(11,424)(9,424)
Proceeds from shares issued in connection with employee stock purchase plan6,709 6,967 13,822 12,513 
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(134)(127)(395)(376)
Net cash provided by financing activities8,675 301,220 5,868 300,281 
Effect of foreign exchange rates on cash2,390 (1,239)925 (82)
Net (decrease) increase in cash, cash equivalents, and restricted cash(19,658)205,946 (7,967)164,688 
Cash, cash equivalents, and restricted cash at beginning of period268,412 198,939 256,721 240,197 
Cash, cash equivalents, and restricted cash at end of period$248,754 $404,885 $248,754 $404,885 

Three months ended September 30,Nine months ended September 30,
2024202320242023
Reconciliation of cash, cash equivalents, and restricted cash to the consolidated balance sheets
Cash and cash equivalents at end of period
$248,239 $404,885 $248,239 $404,885 
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
$248,754 $404,885 $248,754 $404,885 
5

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,
2024202320242023
Gross profit, subscription and support$140,414 $118,557 $400,256 $335,777 
Add back: Stock-based compensation2,164 1,247 5,708 3,732 
Add back: Amortization of acquisition-related intangibles$1,007 $— $1,007 $— 
Gross profit, subscription and support, non-GAAP$143,585 $119,804 $406,971 $339,509 
Gross profit, professional services$1,536 $1,263 $12,169 $11,232 
Add back: Stock-based compensation858 623 2,348 1,923 
Gross profit, professional services, non-GAAP$2,394 $1,886 $14,517 $13,155 
Gross profit$141,950 $119,820 $412,425 $347,009 
Add back: Stock-based compensation3,022 1,870 8,056 5,655 
Add back: Amortization of acquisition-related intangibles$1,007 $— $1,007 $— 
Gross profit, non-GAAP$145,979 $121,690 $421,488 $352,664 
Cost of revenue, subscription and support$30,621 $24,864 $86,493 $74,080 
Less: Stock-based compensation2,164 1,247 5,708 3,732 
Less: Amortization of acquisition-related intangibles$1,007 $— $1,007 $— 
Cost of revenue, subscription and support, non-GAAP$27,450 $23,617 $79,778 $70,348 
Cost of revenue, professional services$13,050 $13,491 $39,873 $42,297 
Less: Stock-based compensation858 623 2,348 1,923 
Cost of revenue, professional services, non-GAAP$12,192 $12,868 $37,525 $40,374 
Research and development$48,425 $41,747 $142,328 $130,235 
Less: Stock-based compensation5,681 4,155 15,474 13,677 
Less: Amortization of acquisition-related intangibles414 891 2,267 2,668 
Research and development, non-GAAP$42,330 $36,701 $124,587 $113,890 
Sales and marketing$89,756 $72,576 $257,086 $215,168 
Less: Stock-based compensation9,942 7,108 26,470 20,769 
Less: Amortization of acquisition-related intangibles467 598 1,292 1,805 
Sales and marketing, non-GAAP$79,347 $64,870 $229,324 $192,594 
General and administrative$25,551 $21,022 $76,225 $86,660 
Less: Stock-based compensation8,825 6,244 25,879 37,928 
General and administrative, non-GAAP$16,726 $14,778 $50,346 $48,732 
6

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,
2024202320242023
Loss from operations$(21,782)$(15,525)$(63,214)$(85,054)
Add back: Stock-based compensation27,470 19,377 75,879 78,029 
Add back: Amortization of acquisition-related intangibles1,889 1,489 4,566 4,473 
Income (loss) from operations, non-GAAP
$7,577 $5,341 $17,231 $(2,552)
Net loss$(16,992)$(56,269)$(46,227)$(123,329)
Add back: Stock-based compensation27,470 19,377 75,879 78,029 
Add back: Amortization of acquisition-related intangibles1,889 1,489 4,566 4,473 
Net income (loss), non-GAAP
$12,367 $(35,403)$34,218 $(40,827)
Net loss per basic and diluted share:$(0.31)$(1.04)$(0.84)$(2.28)
Add back: Stock-based compensation0.50 0.36 1.38 1.44 
Add back: Amortization of acquisition-related intangibles0.03 0.03 0.08 0.08 
Net income (loss) per basic share, non-GAAP
$0.22 $(0.65)$0.62 $(0.76)
Net income (loss) per diluted share, non-GAAP
$0.21 $(0.65)$0.60 $(0.76)
Weighted-average common shares outstanding - basic, non-GAAP55,581,841 54,256,941 55,226,254 53,987,791 
Weighted-average common shares outstanding - diluted, non-GAAP57,557,373 54,256,941 57,361,707 53,987,791 



7

TABLE II
WORKIVA INC.
RECONCILIATION OF NON-GAAP GUIDANCE
(in thousands, except share and per share data)
Three months ending December 31, 2024
Year ending December 31, 2024
Loss from operations, GAAP range$(16,186)-$(14,186)$(79,400)-$(77,400)
Add back: Stock-based compensation
27,121 27,121 103,000 103,000 
Add back: Amortization of acquisition-related intangibles1,834 1,834 6,400 6,400 
Income from operations, non-GAAP range
$12,769 -$14,769 $30,000 -$32,000 
Net loss per share, GAAP range$(0.21)-$(0.18)$(1.05)-$(1.02)
Add back: Stock-based compensation
0.49 0.49 1.86 1.86 
Add back: Amortization of acquisition-related intangibles0.03 0.03 0.12 0.12 
Net income per share, non-GAAP range
$0.31 -$0.34 $0.93 -$0.96 
Weighted-average common shares outstanding - basic55,800,000 55,800,000 55,400,000 55,400,000 


8