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wk-20211103
FALSE000144530500014453052021-11-032021-11-03

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 3, 2021
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 3, 2021, Workiva Inc. ("Workiva") issued a press release announcing its results for the quarter ended September 30, 2021. 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 3rd day of November, 2021.

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

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Workiva Inc. Announces Third Quarter 2021 Financial Results
•Increased Q3 2021 Subscription & Support Revenue by 30.4% over Q3 2020
•Generated Total Q3 2021 Revenue of $112.7 Million, up 27.9% over Q3 2020
•Achieved 41.3% YOY Growth of Customers with Annual Contract Value Over $150K
•Raises Full-Year 2021 Revenue Guidance

AMES, Iowa - November 3, 2021 – Workiva Inc. (NYSE:WK), the company that simplifies complex work, today announced financial results for its third quarter ended September 30, 2021.
"Workiva delivered another strong quarter, beating third quarter guidance for revenue and operating results," said Marty Vanderploeg, Chief Executive Officer. "We achieved 30.4% organic growth in subscription & support revenue, and 27.9% in total revenue."
"We continue to build on our market leadership and the increased demand for financial and ESG reporting solutions that drive digital transformations," Vanderploeg added.
"Due to our continued outperformance, we are raising our full-year guidance," said Jill Klindt, Chief Financial Officer. "We now expect total revenue to range from $439 million to $440 million, and non-GAAP operating income to range from $15 million to $16 million."
Third Quarter 2021 Financial Highlights
•Revenue: Total revenue for the third quarter of 2021 reached $112.7 million, an increase of 27.9% from $88.1 million in the third quarter of 2020. Subscription and support revenue contributed $98.9 million, up 30.4% versus the third quarter of 2020. Professional services revenue was $13.8 million, an increase of 12.5% compared to the same quarter in the prior year.
•Gross Profit: GAAP gross profit for the third quarter of 2021 was $86.3 million compared with $66.2 million in the same quarter of 2020. GAAP gross margin was 76.6% versus 75.2% in the third quarter of 2020. Non-GAAP gross profit for the third quarter of 2021 was $87.4 million, an increase of 30.7% compared with the prior year's third quarter, and non-GAAP gross margin was 77.6% compared to 75.9% in the third quarter of 2020.
•Results from Operations: GAAP loss from operations for the third quarter of 2021 was $8.0 million compared with a loss of $6.9 million in the prior year's third quarter. Non-GAAP income from operations was $5.0 million, compared with non-GAAP income from operations of $3.7 million in the third quarter of 2020.
•GAAP Net Loss: GAAP net loss for the third quarter of 2021 was $6.6 million compared with a net loss of $10.4 million for the prior year's third quarter. GAAP net loss per basic and diluted share was $0.13 compared with a net loss per basic and diluted share of $0.21 in the third quarter of 2020.
•Non-GAAP Net Income: Non-GAAP net income for the third quarter of 2021 was $8.7 million compared with net income of $2.5 million in the prior year's third quarter. Non-GAAP net income per basic share and diluted share was $0.17 and $0.15, respectively, compared with net income per basic and diluted share of $0.05 in the third quarter of 2020.
•Liquidity: As of September 30, 2021, Workiva had cash, cash equivalents and marketable securities totaling $522.3 million, compared with $530.0 million as of December 31, 2020. Workiva had $345.0
million aggregate principal amount of 1.125% convertible senior notes due in 2026 and $17.1 million of finance lease obligations outstanding as of September 30, 2021.
Key Metrics and Recent Business Highlights
•Customers: Workiva had 4,146 customers as of September 30, 2021, a net increase of 563 customers from September 30, 2020.
•Revenue Retention Rate: As of September 30, 2021, Workiva's revenue retention rate (excluding add-on revenue) was 96.5%, and the revenue retention rate including add-on revenue was 111.1%. Add-on revenue includes changes in both solutions and pricing for existing customers.
•Large Contracts: As of September 30, 2021, Workiva had 1,043 customers with an annual contract value (ACV) of more than $100,000, up 33% from 785 customers at September 30, 2020. Workiva had 541 customers with an ACV of more than $150,000, up 41% from 383 customers in the third quarter of 2020.
•On July 30, 2021, we acquired all of the equity interest in OneCloud, Inc., an integration platform as a service (iPaaS) company, in order to extend our integration and data preparation capabilities.
Financial Outlook
As of November 3, 2021, Workiva is providing guidance as follows:
Fourth Quarter 2021 Guidance:
•Total revenue is expected to be in the range of $116.5 million to $117.5 million.
•GAAP loss from operations is expected to be in the range of $15.6 million to $14.6 million.
•Non-GAAP loss from operations is expected to be in the range of $2.8 million to $1.8 million.
•GAAP net loss per basic and diluted share is expected to be in the range of $0.37 to $0.35.
•Non-GAAP net loss per basic share is expected to be in the range of $0.07 to $0.05.
•Net loss per basic share is based on 51.7 million weighted-average shares outstanding.
Full Year 2021 Guidance:
•Total revenue is expected to be in the range of $439.0 million to $440.0 million.
•GAAP loss from operations is expected to be in the range of $33.5 million to $32.5 million.
•Non-GAAP income from operations is expected to be in the range of $15.0 million to $16.0 million.
•GAAP net loss per basic and diluted share is expected to be in the range of $0.83 to $0.81.
•Non-GAAP net income per basic and diluted share is expected to be in the range of $0.30 to $0.32.
•Net income (loss) per basic and diluted share is based on 51.1 million weighted-average shares outstanding.
Workiva has factored into its guidance the expected impacts of COVID-19 on its business and results of operations based on currently available information. Significant variation from these assumptions could cause the company to change its guidance, and it undertakes no obligation to update its assumptions, expectations or guidance. These statements are forward-looking, and actual results may differ materially, as further discussed below under the heading "Safe Harbor Statement".
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, in addition to discussing the Company’s outlook for the fourth quarter and full year 2021. To access this call, dial 833-968-1977 (U.S. domestic) or 647-689-6649 (international). The conference ID is 8009407. 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 10, 2021, at 800-585-8367 (U.S. domestic) or 416-621-4642 (international). The replay pass code is 8009407. 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) simplifies complex work for thousands of organizations worldwide. Customers trust Workiva’s open, intelligent and intuitive platform to connect data, documents and teams. The results: more efficiency, greater transparency and less risk. Learn more at workiva.com.

Read the Workiva blog: www.workiva.com/blog
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 and non-cash interest expense. 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.
###
Investor Contact:
Media Contact:
Adam Terese
Kevin McCarthy
Workiva Inc.
Workiva Inc.
investor@workiva.com
press@workiva.com
(515) 663-4493
(515) 663-4471

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,
2021202020212020
(unaudited)
Revenue
Subscription and support$98,912 $75,850 $275,053 $214,907 
Professional services13,781 12,249 47,449 42,853 
Total revenue112,693 88,099 322,502 257,760 
Cost of revenue
Subscription and support (1)
15,606 12,013 42,906 36,264 
Professional services (1)
10,799 9,873 31,766 30,262 
Total cost of revenue26,405 21,886 74,672 66,526 
Gross profit86,288 66,213 247,830 191,234 
Operating expenses
Research and development (1)
29,841 23,956 84,305 70,458 
Sales and marketing (1)
46,026 35,487 128,586 106,874 
General and administrative (1)
18,390 13,642 52,795 46,564 
Total operating expenses94,257 73,085 265,686 223,896 
Loss from operations(7,969)(6,872)(17,856)(32,662)
Interest income219 471 834 2,832 
Interest expense(3,508)(3,500)(10,495)(10,467)
Other income (expense), net3,805 (387)3,265 263 
Loss before (benefit) provision for income taxes(7,453)(10,288)(24,252)(40,034)
(Benefit) provision for income taxes(885)67 (846)351 
Net loss$(6,568)$(10,355)$(23,406)$(40,385)
Net loss per common share:
Basic and diluted$(0.13)$(0.21)$(0.46)$(0.84)
Weighted-average common shares outstanding - basic and diluted51,441,688 48,840,131 50,921,612 48,188,183 

(1) Includes stock-based compensation expense as follows:
Three months ended September 30,Nine months ended September 30,
2021202020212020
(unaudited)
Cost of revenue
Subscription and support$731 $426 $1,824 $1,293 
Professional services407 272 1,183 1,062 
Operating expenses
Research and development2,347 2,167 7,195 5,790 
Sales and marketing4,095 2,687 10,481 8,367 
General and administrative5,107 5,049 14,679 18,919 

2

WORKIVA INC.

CONSOLIDATED BALANCE SHEETS
(in thousands)
September 30, 2021December 31, 2020
(unaudited)
Assets
Current assets
Cash and cash equivalents$291,125 $322,831 
Marketable securities231,224 207,207 
Accounts receivable, net64,099 68,922 
Deferred costs28,021 21,923 
Other receivables3,354 3,155 
Prepaid expenses and other13,092 9,047 
Total current assets630,915 633,085 
Property and equipment, net28,490 29,365 
Operating lease right-of-use assets14,536 15,844 
Deferred costs, non-current29,234 23,421 
Goodwill34,279 — 
Intangible assets, net8,193 1,583 
Other assets4,568 3,708 
Total assets$750,215 $707,006 
Liabilities and Stockholders’ Equity
Current liabilities
Accounts payable$4,018 $2,843 
Accrued expenses and other current liabilities78,799 68,256 
Deferred revenue235,754 208,990 
Convertible senior notes, current296,341 — 
Finance lease obligations1,776 1,705 
Total current liabilities616,688 281,794 
Convertible senior notes, net— 289,490 
Deferred revenue, non-current31,463 35,894 
Other long-term liabilities1,335 1,680 
Operating lease liabilities, non-current15,231 17,209 
Finance lease obligations, non-current15,320 16,662 
Total liabilities680,037 642,729 
Stockholders’ equity
Common stock51 49 
Additional paid-in-capital508,025 478,698 
Accumulated deficit(438,106)(414,700)
Accumulated other comprehensive income208 230 
Total stockholders’ equity70,178 64,277 
Total liabilities and stockholders’ equity$750,215 $707,006 

3

WORKIVA INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
Three months ended September 30,Nine months ended September 30,
2021202020212020
(unaudited)
Cash flows from operating activities
Net loss$(6,568)$(10,355)$(23,406)$(40,385)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization1,429 1,080 3,580 3,195 
Stock-based compensation expense12,687 10,601 35,362 35,431 
Recovery of doubtful accounts(61)(550)(162)(191)
Amortization of premiums and discounts on marketable securities, net811 106 2,199 319 
Gain on settlement of equity securities(3,698)— (3,698)— 
Amortization of debt discount and issuance costs2,301 2,231 6,851 6,641 
Deferred income tax(930)63 (914)(68)
Changes in assets and liabilities:
Accounts receivable2,074 (13,307)5,233 4,805 
Deferred costs(2,027)(4,818)(12,104)(6,381)
Operating lease right-of-use asset985 1,019 2,906 2,992 
Other receivables(628)224 (204)29 
Prepaid expenses(1,024)(211)(4,049)(3,056)
Other assets(514)83 (1,197)(600)
Accounts payable478 (181)1,214 (3,255)
Deferred revenue9,949 16,182 22,028 11,314 
Operating lease liability(1,112)(1,115)(3,390)(3,438)
Accrued expenses and other liabilities2,161 6,822 10,327 12,538 
Net cash provided by operating activities16,313 7,874 40,576 19,890 
Cash flows from investing activities
Purchase of property and equipment(771)(379)(2,431)(1,763)
Purchase of marketable securities(48,213)(7,980)(143,085)(45,269)
Sale of marketable securities— — 250 11,423 
Maturities of marketable securities45,579 16,300 116,371 42,337 
Business combinations, net of cash acquired(35,067)— (35,067)— 
Purchase of intangible assets(64)(102)(187)(253)
Other investments— — (750)— 
Net cash (used in) provided by investing activities(38,536)7,839 (64,899)6,475 
4

WORKIVA INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
Three months ended September 30,Nine months ended September 30,
2021202020212020
(unaudited)
Cash flows from financing activities
Proceeds from option exercises3,174 4,795 8,792 14,253 
Taxes paid related to net share settlements of stock-based compensation awards(15,809)— (23,686)(2,111)
Proceeds from shares issued in connection with employee stock purchase plan4,624 3,567 8,861 7,227 
Principal payments on finance lease obligations(430)(410)(1,271)(1,212)
Net cash (used in) provided by financing activities(8,441)7,952 (7,304)18,157 
Effect of foreign exchange rates on cash(405)346 (79)(132)
Net (decrease) increase in cash and cash equivalents(31,069)24,011 (31,706)44,390 
Cash and cash equivalents at beginning of period322,194 402,121 322,831 381,742 
Cash and cash equivalents at end of period$291,125 $426,132 $291,125 $426,132 
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,
2021202020212020
Gross profit, subscription and support$83,306 $63,837 $232,147 $178,643 
Add back: Stock-based compensation731 426 1,824 1,293 
Gross profit, subscription and support, non-GAAP$84,037 $64,263 $233,971 $179,936 
As a percentage of subscription and support revenue, non-GAAP85.0 %84.7 %85.1 %83.7 %
Gross profit, professional services$2,982 $2,376 $15,683 $12,591 
Add back: Stock-based compensation407 272 1,183 1,062 
Gross profit, professional services, non-GAAP$3,389 $2,648 $16,866 $13,653 
As a percentage of professional services revenue, non-GAAP24.6 %21.6 %35.5 %31.9 %
Gross profit$86,288 $66,213 $247,830 $191,234 
Add back: Stock-based compensation1,138 698 3,007 2,355 
Gross profit, non-GAAP$87,426 $66,911 $250,837 $193,589 
As percentage of revenue, non-GAAP77.6 %75.9 %77.8 %75.1 %
Cost of revenue, subscription and support$15,606 $12,013 $42,906 $36,264 
Less: Stock-based compensation731 426 1,824 1,293 
Cost of revenue, subscription and support, non-GAAP$14,875 $11,587 $41,082 $34,971 
As percentage of revenue, non-GAAP13.2 %13.2 %12.7 %13.6 %
Cost of revenue, professional services$10,799 $9,873 $31,766 $30,262 
Less: Stock-based compensation407 272 1,183 1,062 
Cost of revenue, professional services, non-GAAP$10,392 $9,601 $30,583 $29,200 
As percentage of revenue, non-GAAP9.2 %10.9 %9.5 %11.3 %
Research and development$29,841 $23,956 $84,305 $70,458 
Less: Stock-based compensation2,347 2,167 7,195 5,790 
Less: Amortization of acquisition-related intangibles275 — 275 — 
Research and development, non-GAAP$27,219 $21,789 $76,835 $64,668 
As percentage of revenue, non-GAAP24.2 %24.7 %23.8 %25.1 %
Sales and marketing$46,026 $35,487 $128,586 $106,874 
Less: Stock-based compensation4,095 2,687 10,481 8,367 
Less: Amortization of acquisition-related intangibles13 — 13 — 
Sales and marketing, non-GAAP$41,918 $32,800 $118,092 $98,507 
As percentage of revenue, non-GAAP37.2 %37.2 %36.6 %38.2 %
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,
2021202020212020
General and administrative$18,390 $13,642 $52,795 $46,564 
Less: Stock-based compensation5,107 5,049 14,679 18,919 
General and administrative, non-GAAP$13,283 $8,593 $38,116 $27,645 
As percentage of revenue, non-GAAP11.8 %9.8 %11.8 %10.7 %
Loss from operations$(7,969)$(6,872)$(17,856)$(32,662)
Add back: Stock-based compensation12,687 10,601 35,362 35,431 
Add back: Amortization of acquisition-related intangibles288 — 288 — 
Income from operations, non-GAAP$5,006 $3,729 $17,794 $2,769 
As percentage of revenue, non-GAAP4.4 %4.2 %5.5 %1.1 %
Net loss$(6,568)$(10,355)$(23,406)$(40,385)
Add back: Stock-based compensation12,687 10,601 35,362 35,431 
Add back: Amortization of acquisition-related intangibles288 — 288 — 
Add back: Non-cash interest expense related to convertible senior notes2,301 2,231 6,851 6,641 
Net income, non-GAAP$8,708 $2,477 $19,095 $1,687 
As percentage of revenue, non-GAAP7.7 %2.8 %5.9 %0.7 %
Net loss per basic and diluted share:$(0.13)$(0.21)$(0.46)$(0.84)
Add back: Stock-based compensation0.25 0.21 0.69 0.74 
Add back: Amortization of acquisition-related intangibles0.01 — 0.01 — 
Add back: Non-cash interest expense related to convertible senior notes0.04 0.05 0.13 0.14 
Net income per basic share, non-GAAP$0.17 $0.05 $0.37 $0.04 
Net income per diluted share, non-GAAP$0.15 $0.05 $0.34 $0.03 
Weighted-average common shares outstanding - basic, non-GAAP51,441,688 48,840,131 50,921,612 48,188,183 
Weighted-average common shares outstanding - diluted, non-GAAP56,563,730 53,209,214 55,687,528 52,417,046 



7

TABLE II
WORKIVA INC.
RECONCILIATION OF NON-GAAP GUIDANCE
(in thousands, except share and per share data)
Three months ending December 31, 2021Year ending December 31, 2021
Loss from operations, GAAP range$(15,611)-$(14,611)$(33,467)-$(32,467)
Add back: Stock-based compensation
12,384 12,384 47,746 47,746 
Add back: Amortization of acquisition-related intangibles433 433 721 721 
Net (loss) income from operations, non-GAAP range$(2,794)-$(1,794)$15,000 -$16,000 
Net loss per share, GAAP range$(0.37)-$(0.35)$(0.83)-$(0.81)
Add back: Stock-based compensation
0.24 0.24 0.93 0.93 
Add back: Amortization of acquisition-related intangibles0.01 0.01 0.01 0.01 
Add back: Non-cash interest expense related to convertible senior notes0.05 0.05 0.19 0.19 
Net (loss) income per share, non-GAAP range$(0.07)-$(0.05)$0.30 -$0.32 
Weighted-average common shares outstanding - basic51,700,000 51,700,000 51,100,000 51,100,000 

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