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wk-20220809
FALSE000144530500014453052022-08-092022-08-09

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

August 9, 2022
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 August 9, 2022, Workiva Inc. ("Workiva") issued a press release announcing its results for the quarter ended June 30, 2022. 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 9th day of August, 2022.

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 Second Quarter 2022 Financial Results
•Increased Q2 2022 Subscription & Support Revenue by 24.3% over Q2 2021
•Generated Total Q2 2022 Revenue of $131.5 Million, up 24.6% over Q2 2021
•Achieved 28.4% YOY Growth of Customers with Annual Contract Value Over $150K

AMES, Iowa - August 9, 2022 – Workiva Inc. (NYSE:WK), the company powering transparent reporting for a better world, today announced financial results for its second quarter ended June 30, 2022.
"Our second quarter subscription & support and total revenue exceeded market expectations and we once again beat the high end of our guidance in revenue and operating results," said Marty Vanderploeg, Chief Executive Officer. "We added 123 net new logos for the Workiva platform, saw a 28% YOY increase in the number of customers with contract values over $150k, and achieved our highest revenue retention rate of 97.9%."
"We believe that the demand for regulatory software is consistent and durable. For the back half of 2022, we are maintaining our investment in our platform, purpose-built solutions, and talent in order to accelerate our growth and capture more of our large and relatively unaddressed TAM. However, we intend to balance this investment with a more prudent approach to our second half outlook," Vanderploeg added.
"We have increased our focus on operating leverage and have slowed the hiring plans for parts of our core business for the remainder of 2022. The balance between growth and operating leverage should lead to future margin improvement and we believe it will return Workiva to a quarterly operating profit on a Non-GAAP basis in the latter half of 2023," said Jill Klindt, Chief Financial Officer. "It is still early days in Workiva's growth story as we continue to capture more of the large and expanding business reporting market. We remain committed to strong, durable growth as we build Workiva into a billion dollar revenue company."
Second Quarter 2022 Financial Highlights
•Revenue: Total revenue for the second quarter of 2022 reached $131.5 million, an increase of 24.6% from $105.6 million in the second quarter of 2021. Subscription and support revenue contributed $113.4 million, up 24.3% versus the second quarter of 2021. Professional services revenue was $18.2 million, an increase of 26.5% compared to the same quarter in the prior year.
•Gross Profit: GAAP gross profit for the second quarter of 2022 was $99.3 million compared with $81.0 million in the same quarter of 2021. GAAP gross margin was 75.5% versus 76.7% in the second quarter of 2021. Non-GAAP gross profit for the second quarter of 2022 was $100.8 million, an increase of 22.9% compared with the prior year's second quarter, and non-GAAP gross margin was 76.6% compared to 77.7% in the second quarter of 2021.
•Results from Operations: GAAP loss from operations for the second quarter of 2022 was $28.2 million compared with a loss of $5.7 million in the prior year's second quarter. Non-GAAP loss from operations was $8.3 million, compared with non-GAAP income from operations of $5.3 million in the second quarter of 2021.
•GAAP Net Loss: GAAP net loss for the second quarter of 2022 was $28.9 million compared with a net loss of $9.5 million for the prior year's second quarter. GAAP net loss per basic and diluted share was $0.55 compared with a net loss per basic and diluted share of $0.19 in the second quarter of 2021.
•Non-GAAP Net Loss/Income: Non-GAAP net loss for the second quarter of 2022 was $9.0 million compared with net income of $3.8 million in the prior year's second quarter. Non-GAAP net loss per basic
and diluted share was $0.17, compared with net income per basic and diluted share of $0.07 in the second quarter of 2021.
•Liquidity: As of June 30, 2022, Workiva had cash, cash equivalents, and marketable securities totaling $429.0 million, compared with $530.4 million as of December 31, 2021. Workiva had $345.0 million aggregate principal amount of 1.125% convertible senior notes due in 2026 and $15.8 million of finance lease obligations outstanding as of June 30, 2022.
Key Metrics and Recent Business Highlights
•Customers: Workiva had 5,381 customers as of June 30, 2022, including approximately 850 ParsePort ESEF customers, a net increase of 1,432 customers from June 30, 2021.
•Revenue Retention Rate: As of June 30, 2022, Workiva's revenue retention rate (excluding add-on revenue) was 97.9%, and the revenue retention rate including add-on revenue was 108.0%. Add-on revenue includes changes in both solutions and pricing for existing customers.
•Large Contracts: As of June 30, 2022, Workiva had 1,186 customers with an annual contract value (“ACV”) of more than $100,000, up 25% from 952 customers at June 30, 2021. Workiva had 642 customers with an ACV of more than $150,000, up 28% from 500 customers in the second quarter of 2021. Workiva had 194 customers with an ACV of more than $300,000, up 22% from 159 customers in the second quarter of 2021.
•On April 1, 2022, Workiva acquired all of the issued and outstanding equity interests in Denmark-based ParsePort ApS (“ParsePort”), a leading solution provider for the European Single Electronic Format (“ESEF”) financial reporting mandate, which complements Workiva's cloud platform.
Financial Outlook
As of August 9, 2022, Workiva is providing updated guidance as follows:
Third Quarter 2022 Guidance:
•Total revenue is expected to be in the range of $132.0 million to $133.0 million.
•GAAP loss from operations is expected to be in the range of $33.5 million to $32.5 million.
•Non-GAAP loss from operations is expected to be in the range of $13.0 million to $12.0 million.
•GAAP net loss per basic share is expected to be in the range of $0.66 to $0.64.
•Non-GAAP net loss per basic share is expected to be in the range of $0.27 to $0.25.
•Net loss per basic share is based on 53.1 million weighted-average shares outstanding.
Full Year 2022 Guidance:
•Total revenue is expected to be in the range of $534.0 million to $536.0 million.
•GAAP loss from operations is expected to be in the range of $103.5 million to $101.5 million.
•Non-GAAP loss from operations is expected to be in the range of $27.0 million to $25.0 million.
•GAAP net loss per basic share is expected to be in the range of $2.02 to $1.98.
•Non-GAAP net loss per basic share is expected to be in the range of $0.57 to $0.53.
•Net loss per basic share is based on 53.0 million weighted-average shares outstanding.
Quarterly Conference Call
Workiva will host a conference call today at 5:00 p.m. ET to review the Company’s financial results for the second quarter 2022, in addition to discussing the Company’s outlook for the third quarter and full year 2022. 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 August 16, 2022, 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 regulatory, financial, and ESG reporting solutions to meet stakeholder demands for action, transparency, and disclosure of financial and non-financial data. Our cloud-based platform simplifies the most complex reporting and disclosure challenges by streamlining processes, connecting data and teams, and ensuring consistency. Learn more at workiva.com.

Follow Workiva on LinkedIn: www.linkedin.com/company/workiva
Like Workiva on Facebook: www.facebook.com/workiva
Follow Workiva on Twitter: www.twitter.com/workiva

Non-GAAP Financial Measures
The non-GAAP adjustments referenced herein relate to the exclusion of stock-based compensation 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. 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.
###
Investor Contact:
Media Contact:
Mike RostDarcie Brossart
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 June 30,Six months ended June 30,
2022202120222021
(unaudited)
Revenue
Subscription and support$113,353 $91,205 $220,473 $176,141 
Professional services18,196 14,382 40,750 33,668 
Total revenue131,549 105,587 261,223 209,809 
Cost of revenue
Subscription and support (1)
18,915 14,098 37,448 27,300 
Professional services (1)
13,322 10,493 25,662 20,967 
Total cost of revenue32,237 24,591 63,110 48,267 
Gross profit99,312 80,996 198,113 161,542 
Operating expenses
Research and development (1)
39,177 27,830 75,061 54,464 
Sales and marketing (1)
64,219 41,525 120,319 82,560 
General and administrative (1)
24,108 17,384 48,102 34,405 
Total operating expenses127,504 86,739 243,482 171,429 
Loss from operations(28,192)(5,743)(45,369)(9,887)
Interest income605 255 885 615 
Interest expense(1,512)(3,502)(3,030)(6,987)
Other income (expense), net668 (156)503 (540)
Loss before provision for income taxes(28,431)(9,146)(47,011)(16,799)
Provision for income taxes430 368 343 39 
Net loss$(28,861)$(9,514)$(47,354)$(16,838)
Net loss per common share:
Basic and diluted$(0.55)$(0.19)$(0.90)$(0.33)
Weighted-average common shares outstanding - basic and diluted52,850,470 51,065,867 52,724,051 50,657,264 

(1) Includes stock-based compensation expense as follows:
Three months ended June 30,Six months ended June 30,
2022202120222021
(unaudited)
Cost of revenue
Subscription and support$912 $597 $1,702 $1,093 
Professional services593 409 1,045 776 
Operating expenses
Research and development3,148 2,417 5,873 4,848 
Sales and marketing5,646 2,837 9,731 6,386 
General and administrative8,148 4,792 15,405 9,572 

2

WORKIVA INC.

CONSOLIDATED BALANCE SHEETS
(in thousands)
June 30, 2022December 31, 2021
(unaudited)
Assets
Current assets
Cash and cash equivalents$226,253 $300,386 
Marketable securities202,712 230,060 
Accounts receivable, net75,607 76,848 
Deferred costs29,992 31,152 
Other receivables2,949 3,538 
Prepaid expenses and other17,776 15,108 
Total current assets555,289 657,092 
Property and equipment, net27,331 28,821 
Operating lease right-of-use assets15,049 17,760 
Deferred costs, non-current34,826 33,091 
Goodwill109,040 34,556 
Intangible assets, net30,162 10,434 
Other assets5,061 5,005 
Total assets$776,758 $786,759 
Liabilities and Stockholders’ Equity
Current liabilities
Accounts payable$5,797 $4,114 
Accrued expenses and other current liabilities85,863 84,126 
Deferred revenue272,731 258,023 
Convertible senior notes, current— 298,661 
Finance lease obligations936 1,575 
Total current liabilities365,327 646,499 
Convertible senior notes, non-current339,608 — 
Deferred revenue, non-current34,063 34,181 
Other long-term liabilities1,380 1,605 
Operating lease liabilities, non-current13,688 16,408 
Finance lease obligations, non-current14,838 15,087 
Total liabilities768,904 713,780 
Stockholders’ equity
Common stock52 51 
Additional paid-in-capital498,115 525,646 
Accumulated deficit(481,523)(452,430)
Accumulated other comprehensive (loss) income(8,790)(288)
Total stockholders’ equity7,854 72,979 
Total liabilities and stockholders’ equity$776,758 $786,759 

3

WORKIVA INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
Three months ended June 30,Six months ended June 30,
2022202120222021
(unaudited)
Cash flows from operating activities
Net loss$(28,861)$(9,514)$(47,354)$(16,838)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization2,725 1,097 4,684 2,151 
Stock-based compensation expense18,447 11,052 33,756 22,675 
Provision for (recovery of) doubtful accounts20 17 (9)(101)
Amortization of premiums and discounts on marketable securities, net453 763 1,113 1,388 
Amortization of issuance costs and debt discount324 2,284 648 4,550 
Deferred income tax63 362 (148)16 
Changes in assets and liabilities:
Accounts receivable(4,844)(12,106)1,737 3,159 
Deferred costs(2,734)(9,018)(1,290)(10,077)
Operating lease right-of-use asset1,307 977 2,608 1,921 
Other receivables385 585 565 424 
Prepaid expenses(1,591)722 (2,723)(3,025)
Other assets12 (110)35 (683)
Accounts payable(2,300)(1,172)2,064 736 
Deferred revenue13,192 11,900 13,798 12,079 
Operating lease liability(1,302)(1,202)(2,644)(2,278)
Accrued expenses and other liabilities13,388 16,123 907 8,166 
Net cash provided by operating activities8,684 12,760 7,747 24,263 
Cash flows from investing activities
Purchase of property and equipment(671)(811)(1,203)(1,660)
Purchase of marketable securities(23,798)(51,217)(57,946)(94,872)
Sale of marketable securities— 250 14,981 250 
Maturities of marketable securities40,536 30,206 66,786 70,792 
Acquisitions, net of cash acquired(99,186)— (99,186)— 
Purchase of intangible assets(6)(52)(46)(123)
Other investments— (750)— (750)
Net cash used in investing activities(83,125)(22,374)(76,614)(26,363)
Cash flows from financing activities
Proceeds from option exercises1,145 1,480 1,970 5,618 
Taxes paid related to net share settlements of stock-based compensation awards(1,344)(731)(9,914)(7,877)
Proceeds from shares issued in connection with employee stock purchase plan— — 5,218 4,237 
Principal payments on finance lease obligations(446)(424)(888)(841)
Net cash (used in) provided by financing activities(645)325 (3,614)1,137 
Effect of foreign exchange rates on cash(1,737)310 (1,652)326 
Net decrease in cash and cash equivalents(76,823)(8,979)(74,133)(637)
Cash and cash equivalents at beginning of period303,076 331,173 300,386 322,831 
Cash and cash equivalents at end of period$226,253 $322,194 $226,253 $322,194 
4

TABLE I
WORKIVA INC.
RECONCILIATION OF NON-GAAP INFORMATION
(in thousands, except share and per share)
Three months ended June 30,Six months ended June 30,
2022202120222021
Gross profit, subscription and support$94,438 $77,107 $183,025 $148,841 
Add back: Stock-based compensation912 597 1,702 1,093 
Gross profit, subscription and support, non-GAAP$95,350 $77,704 $184,727 $149,934 
As a percentage of subscription and support revenue, non-GAAP84.1 %85.2 %83.8 %85.1 %
Gross profit, professional services$4,874 $3,889 $15,088 $12,701 
Add back: Stock-based compensation593 409 1,045 776 
Gross profit, professional services, non-GAAP$5,467 $4,298 $16,133 $13,477 
As a percentage of professional services revenue, non-GAAP30.0 %29.9 %39.6 %40.0 %
Gross profit$99,312 $80,996 $198,113 $161,542 
Add back: Stock-based compensation1,505 1,006 2,747 1,869 
Gross profit, non-GAAP$100,817 $82,002 $200,860 $163,411 
As percentage of revenue, non-GAAP76.6 %77.7 %76.9 %77.9 %
Cost of revenue, subscription and support$18,915 $14,098 $37,448 $27,300 
Less: Stock-based compensation912 597 1,702 1,093 
Cost of revenue, subscription and support, non-GAAP$18,003 $13,501 $35,746 $26,207 
As percentage of revenue, non-GAAP13.7 %12.8 %13.7 %12.5 %
Cost of revenue, professional services$13,322 $10,493 $25,662 $20,967 
Less: Stock-based compensation593 409 1,045 776 
Cost of revenue, professional services, non-GAAP$12,729 $10,084 $24,617 $20,191 
As percentage of revenue, non-GAAP9.7 %9.6 %9.4 %9.6 %
Research and development$39,177 $27,830 $75,061 $54,464 
Less: Stock-based compensation3,148 2,417 5,873 4,848 
Less: Amortization of acquisition-related intangibles869 — 1,364 — 
Research and development, non-GAAP$35,160 $25,413 $67,824 $49,616 
As percentage of revenue, non-GAAP26.7 %24.1 %26.0 %23.6 %
Sales and marketing$64,219 $41,525 $120,319 $82,560 
Less: Stock-based compensation5,646 2,837 9,731 6,386 
Less: Amortization of acquisition-related intangibles586 — 786 — 
Sales and marketing, non-GAAP$57,987 $38,688 $109,802 $76,174 
As percentage of revenue, non-GAAP44.1 %36.6 %42.0 %36.3 %
5

TABLE I
WORKIVA INC.
RECONCILIATION OF NON-GAAP INFORMATION
(in thousands, except share and per share)
Three months ended June 30,Six months ended June 30,
2022202120222021
General and administrative$24,108 $17,384 $48,102 $34,405 
Less: Stock-based compensation8,148 4,792 15,405 9,572 
General and administrative, non-GAAP$15,960 $12,592 $32,697 $24,833 
As percentage of revenue, non-GAAP12.1 %11.9 %12.5 %11.8 %
Loss from operations$(28,192)$(5,743)$(45,369)$(9,887)
Add back: Stock-based compensation18,447 11,052 33,756 22,675 
Add back: Amortization of acquisition-related intangibles1,455 — 2,150 — 
(Loss) income from operations, non-GAAP$(8,290)$5,309 $(9,463)$12,788 
As percentage of revenue, non-GAAP(6.3)%5.0 %(3.6)%6.1 %
Net loss$(28,861)$(9,514)$(47,354)$(16,838)
Add back: Stock-based compensation18,447 11,052 33,756 22,675 
Add back: Amortization of acquisition-related intangibles1,455 — 2,150 — 
Add back: Non-cash interest expense related to convertible senior notes— 2,284 — 4,550 
Net (loss) income, non-GAAP$(8,959)$3,822 $(11,448)$10,387 
As percentage of revenue, non-GAAP(6.8)%3.6 %(4.4)%5.0 %
Net loss per basic and diluted share:$(0.55)$(0.19)$(0.90)$(0.33)
Add back: Stock-based compensation0.35 0.22 0.64 0.45 
Add back: Amortization of acquisition-related intangibles0.03 — 0.04 — 
Add back: Non-cash interest expense related to convertible senior notes— 0.04 — 0.09 
Net (loss) income per basic share, non-GAAP$(0.17)$0.07 $(0.22)$0.21 
Net (loss) income per diluted share, non-GAAP$(0.17)$0.07 $(0.22)$0.19 
Weighted-average common shares outstanding - basic, non-GAAP52,850,470 51,065,867 52,724,051 50,657,264 
Weighted-average common shares outstanding - diluted, non-GAAP52,850,470 55,064,895 52,724,051 55,081,027 



6

TABLE II
WORKIVA INC.
RECONCILIATION OF NON-GAAP GUIDANCE
(in thousands, except share and per share data)
Three months ending September 30, 2022Year ending December 31, 2022
Loss from operations, GAAP range$(33,500)-$(32,500)$(103,500)-$(101,500)
Add back: Stock-based compensation
19,045 19,045 71,431 71,431 
Add back: Amortization of acquisition-related intangibles1,455 1,455 5,069 5,069 
Net loss from operations, non-GAAP range$(13,000)-$(12,000)$(27,000)-$(25,000)
Net loss per share, GAAP range$(0.66)-$(0.64)$(2.02)-$(1.98)
Add back: Stock-based compensation
0.36 0.36 1.35 1.35 
Add back: Amortization of acquisition-related intangibles0.03 0.03 0.10 0.10 
Net loss per share, non-GAAP range$(0.27)-$(0.25)$(0.57)-$(0.53)
Weighted-average common shares outstanding - basic53,100,000 53,100,000 53,000,000 53,000,000 

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