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wk-20221102
FALSE000144530500014453052022-11-022022-11-02

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 2, 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 November 2, 2022, Workiva Inc. (the "Company") issued a press release announcing its results for the quarter ended September 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 2nd day of November, 2022.

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

https://cdn.kscope.io/72bfcbc99ba7f5451910fef571a4ac89-image1.jpg

Workiva Inc. Announces Third Quarter 2022 Financial Results
•Increased Q3 2022 Subscription & Support Revenue by 19.9% over Q3 2021
•Generated Total Q3 2022 Revenue of $132.8 Million, up 17.9% over Q3 2021
•Achieved 25.0% YOY Growth of Customers with Annual Contract Value Over $150K

AMES, Iowa - November 2, 2022 – Workiva Inc. (NYSE:WK), the company powering transparent reporting for a better world, today announced financial results for its third quarter ended September 30, 2022.
"We are pleased with our third quarter 2022 results, delivering revenue growth near the high end of our quarterly guidance," said Marty Vanderploeg, chief executive officer. "The strategic investments we've made in our platform and solutions over the past year are paying off. For the quarter, we showed continued bookings growth in multiple solution areas led by ESG."
"Third quarter Subscription & Support revenue grew 19.9%," said Jill Klindt, chief financial officer. "Total revenue grew 17.9% even after a 1.9% negative impact from foreign currency. For the full year, we're targeting a total revenue growth rate of 20%."
"Our continued focus on driving multi-solution adoption has propelled Workiva's growth," added Vanderploeg. "As organizations face increased macro uncertainty and cost challenges, we still believe they will continue to invest in the Workiva platform to drive efficiency, enhance productivity, and deliver on their financial, regulatory, and ESG requirements."
Third Quarter 2022 Financial Highlights
•Revenue: Total revenue for the third quarter of 2022 reached $132.8 million, an increase of 17.9% from $112.7 million in the third quarter of 2021. Subscription and support revenue contributed $118.6 million, up 19.9% versus the third quarter of 2021. Professional services revenue was $14.3 million, an increase of 3.5% compared to the same quarter in the prior year.
•Gross Profit: GAAP gross profit for the third quarter of 2022 was $100.4 million compared with $86.3 million in the same quarter of 2021. GAAP gross margin was 75.6% versus 76.6% in the third quarter of 2021. Non-GAAP gross profit for the third quarter of 2022 was $101.8 million, an increase of 16.5% compared with the prior year's third quarter, and non-GAAP gross margin was 76.6% compared to 77.6% in the third quarter of 2021.
•Results from Operations: GAAP loss from operations for the third quarter of 2022 was $30.1 million compared with a loss of $8.0 million in the prior year's third quarter. Non-GAAP loss from operations was $8.4 million, compared with non-GAAP income from operations of $5.0 million in the third quarter of 2021.
•GAAP Net Loss: GAAP net loss for the third quarter of 2022 was $29.7 million compared with a net loss of $6.6 million for the prior year's third quarter. GAAP net loss per basic and diluted share was $0.56 compared with a net loss per basic and diluted share of $0.13 in the third quarter of 2021.
•Non-GAAP Net Loss/Income: Non-GAAP net loss for the third quarter of 2022 was $7.9 million compared with net income of $8.7 million in the prior year's third quarter. Non-GAAP net loss per basic and diluted share was $0.15, compared with net income per basic share and diluted share of $0.17 and $0.15, respectively, in the third quarter of 2021.
•Liquidity: As of September 30, 2022, Workiva had cash, cash equivalents, and marketable securities totaling $433.0 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 $15.3 million of finance lease obligations outstanding as of September 30, 2022.
Key Metrics and Recent Business Highlights
•Customers: Workiva had 5,541 customers as of September 30, 2022, including approximately 895 ParsePort ESEF customers, a net increase of 1,395 customers from September 30, 2021.
•Revenue Retention Rate: As of September 30, 2022, Workiva's revenue retention rate (excluding add-on revenue) was 98.1%, and the revenue retention rate including add-on revenue was 107.0%. Add-on revenue includes changes in both solutions and pricing for existing customers.
•Large Contracts: As of September 30, 2022, Workiva had 1,257 customers with an annual contract value (“ACV”) of more than $100,000, up 21% from 1,043 customers at September 30, 2021. Workiva had 676 customers with an ACV of more than $150,000, up 25% from 541 customers in the third quarter of 2021. Workiva had 214 customers with an ACV of more than $300,000, up 21% from 177 customers in the third quarter of 2021.
Financial Outlook
As of November 2, 2022, Workiva is providing updated guidance as follows:
Fourth Quarter 2022 Guidance:
•Total revenue is expected to be in the range of $138.9 million to $139.9 million.
•GAAP loss from operations is expected to be in the range of $24.9 million to $23.9 million.
•Non-GAAP loss from operations is expected to be in the range of $5.7 million to $4.7 million.
•GAAP net loss per basic share is expected to be in the range of $0.47 to $0.45.
•Non-GAAP net loss per basic share is expected to be in the range of $0.10 to $0.08.
•Net loss per basic share is based on 53.3 million weighted-average shares outstanding.
Full Year 2022 Guidance:
•Total revenue is expected to be in the range of $533.0 million to $534.0 million.
•GAAP loss from operations is expected to be in the range of $100.4 million to $99.4 million.
•Non-GAAP loss from operations is expected to be in the range of $23.5 million to $22.5 million.
•GAAP net loss per basic share is expected to be in the range of $1.92 to $1.90.
•Non-GAAP net loss per basic share is expected to be in the range of $0.47 to $0.45.
•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 third quarter 2022, in addition to discussing the Company’s outlook for the fourth 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 November 9, 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, 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:
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 September 30,Nine months ended September 30,
2022202120222021
(unaudited)
Revenue
Subscription and support$118,591 $98,912 $339,064 $275,053 
Professional services14,258 13,781 55,008 47,449 
Total revenue132,849 112,693 394,072 322,502 
Cost of revenue
Subscription and support (1)
19,235 15,606 56,683 42,906 
Professional services (1)
13,184 10,799 38,846 31,766 
Total cost of revenue32,419 26,405 95,529 74,672 
Gross profit100,430 86,288 298,543 247,830 
Operating expenses
Research and development (1)
38,583 29,841 113,644 84,305 
Sales and marketing (1)
64,560 46,026 184,879 128,586 
General and administrative (1)
27,405 18,390 75,507 52,795 
Total operating expenses130,548 94,257 374,030 265,686 
Loss from operations(30,118)(7,969)(75,487)(17,856)
Interest income1,440 219 2,325 834 
Interest expense(1,510)(3,508)(4,540)(10,495)
Other income, net964 3,805 1,467 3,265 
Loss before provision (benefit) for income taxes(29,224)(7,453)(76,235)(24,252)
Provision (benefit) for income taxes467 (885)810 (846)
Net loss$(29,691)$(6,568)$(77,045)$(23,406)
Net loss per common share:
Basic and diluted$(0.56)$(0.13)$(1.46)$(0.46)
Weighted-average common shares outstanding - basic and diluted53,081,564 51,441,688 52,844,532 50,921,612 

(1) Includes stock-based compensation expense as follows:
Three months ended September 30,Nine months ended September 30,
2022202120222021
(unaudited)
Cost of revenue
Subscription and support$855 $731 $2,557 $1,824 
Professional services533 407 1,578 1,183 
Operating expenses
Research and development3,399 2,347 9,272 7,195 
Sales and marketing4,657 4,095 14,388 10,481 
General and administrative10,853 5,107 26,258 14,679 

2

WORKIVA INC.

CONSOLIDATED BALANCE SHEETS
(in thousands)
September 30, 2022December 31, 2021
(unaudited)
Assets
Current assets
Cash and cash equivalents$229,497 $300,386 
Marketable securities203,511 230,060 
Accounts receivable, net82,278 76,848 
Deferred costs35,043 31,152 
Other receivables3,449 3,538 
Prepaid expenses and other14,098 15,108 
Total current assets567,876 657,092 
Property and equipment, net27,133 28,821 
Operating lease right-of-use assets14,414 17,760 
Deferred costs, non-current30,258 33,091 
Goodwill103,091 34,556 
Intangible assets, net27,828 10,434 
Other assets6,037 5,005 
Total assets$776,637 $786,759 
Liabilities and Stockholders’ (Deficit) Equity
Current liabilities
Accounts payable$9,674 $4,114 
Accrued expenses and other current liabilities84,890 84,126 
Deferred revenue280,594 258,023 
Convertible senior notes, current— 298,661 
Finance lease obligations609 1,575 
Total current liabilities375,767 646,499 
Convertible senior notes, non-current339,932 — 
Deferred revenue, non-current37,498 34,181 
Other long-term liabilities1,353 1,605 
Operating lease liabilities, non-current12,866 16,408 
Finance lease obligations, non-current14,711 15,087 
Total liabilities782,127 713,780 
Stockholders’ (deficit) equity
Common stock53 51 
Additional paid-in-capital522,336 525,646 
Accumulated deficit(511,214)(452,430)
Accumulated other comprehensive loss(16,665)(288)
Total stockholders’ (deficit) equity(5,490)72,979 
Total liabilities and stockholders’ (deficit) equity$776,637 $786,759 

3

WORKIVA INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
Three months ended September 30,Nine months ended September 30,
2022202120222021
(unaudited)
Cash flows from operating activities
Net loss$(29,691)$(6,568)$(77,045)$(23,406)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization2,681 1,429 7,365 3,580 
Stock-based compensation expense20,297 12,687 54,053 35,362 
Provision for (recovery of) doubtful accounts91 (61)82 (162)
Amortization of premiums and discounts on marketable securities, net129 811 1,242 2,199 
Gain on settlement of equity securities— (3,698)— (3,698)
Amortization of issuance costs and debt discount325 2,301 973 6,851 
Deferred income tax57 (930)(91)(914)
Changes in assets and liabilities:
Accounts receivable(7,927)2,074 (6,190)5,233 
Deferred costs(1,372)(2,027)(2,662)(12,104)
Operating lease right-of-use asset1,269 985 3,877 2,906 
Other receivables(527)(628)38 (204)
Prepaid expenses3,593 (1,024)870 (4,049)
Other assets(1,140)(514)(1,105)(1,197)
Accounts payable3,931 478 5,995 1,214 
Deferred revenue14,775 9,949 28,573 22,028 
Operating lease liability(1,113)(1,112)(3,757)(3,390)
Accrued expenses and other liabilities(523)2,161 384 10,327 
Net cash provided by operating activities4,855 16,313 12,602 40,576 
Cash flows from investing activities
Purchase of property and equipment(1,023)(771)(2,226)(2,431)
Purchase of marketable securities(41,618)(48,213)(99,564)(143,085)
Sale of marketable securities— — 14,981 250 
Maturities of marketable securities40,071 45,579 106,857 116,371 
Acquisitions, net of cash acquired— (35,067)(99,186)(35,067)
Purchase of intangible assets(62)(64)(108)(187)
Other investments— — — (750)
Net cash used in investing activities(2,632)(38,536)(79,246)(64,899)
4

WORKIVA INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
Three months ended September 30,Nine months ended September 30,
2022202120222021
(unaudited)
Cash flows from financing activities
Proceeds from option exercises625 3,174 2,595 8,792 
Taxes paid related to net share settlements of stock-based compensation awards(738)(15,809)(10,652)(23,686)
Proceeds from shares issued in connection with employee stock purchase plan4,038 4,624 9,256 8,861 
Principal payments on finance lease obligations(454)(430)(1,342)(1,271)
Net cash provided by (used in) financing activities3,471 (8,441)(143)(7,304)
Effect of foreign exchange rates on cash(2,450)(405)(4,102)(79)
Net increase (decrease) in cash and cash equivalents3,244 (31,069)(70,889)(31,706)
Cash and cash equivalents at beginning of period226,253 322,194 300,386 322,831 
Cash and cash equivalents at end of period$229,497 $291,125 $229,497 $291,125 
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,
2022202120222021
Gross profit, subscription and support$99,356 $83,306 $282,381 $232,147 
Add back: Stock-based compensation855 731 2,557 1,824 
Gross profit, subscription and support, non-GAAP$100,211 $84,037 $284,938 $233,971 
As a percentage of subscription and support revenue, non-GAAP84.5 %85.0 %84.0 %85.1 %
Gross profit, professional services$1,074 $2,982 $16,162 $15,683 
Add back: Stock-based compensation533 407 1,578 1,183 
Gross profit, professional services, non-GAAP$1,607 $3,389 $17,740 $16,866 
As a percentage of professional services revenue, non-GAAP11.3 %24.6 %32.2 %35.5 %
Gross profit$100,430 $86,288 $298,543 $247,830 
Add back: Stock-based compensation1,388 1,138 4,135 3,007 
Gross profit, non-GAAP$101,818 $87,426 $302,678 $250,837 
As percentage of revenue, non-GAAP76.6 %77.6 %76.8 %77.8 %
Cost of revenue, subscription and support$19,235 $15,606 $56,683 $42,906 
Less: Stock-based compensation855 731 2,557 1,824 
Cost of revenue, subscription and support, non-GAAP$18,380 $14,875 $54,126 $41,082 
As percentage of revenue, non-GAAP13.8 %13.2 %13.7 %12.7 %
Cost of revenue, professional services$13,184 $10,799 $38,846 $31,766 
Less: Stock-based compensation533 407 1,578 1,183 
Cost of revenue, professional services, non-GAAP$12,651 $10,392 $37,268 $30,583 
As percentage of revenue, non-GAAP9.5 %9.2 %9.5 %9.5 %
Research and development$38,583 $29,841 $113,644 $84,305 
Less: Stock-based compensation3,399 2,347 9,272 7,195 
Less: Amortization of acquisition-related intangibles876 275 2,240 275 
Research and development, non-GAAP$34,308 $27,219 $102,132 $76,835 
As percentage of revenue, non-GAAP25.8 %24.2 %25.9 %23.8 %
Sales and marketing$64,560 $46,026 $184,879 $128,586 
Less: Stock-based compensation4,657 4,095 14,388 10,481 
Less: Amortization of acquisition-related intangibles587 13 1,373 13 
Sales and marketing, non-GAAP$59,316 $41,918 $169,118 $118,092 
As percentage of revenue, non-GAAP44.6 %37.2 %42.9 %36.6 %
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,
2022202120222021
General and administrative$27,405 $18,390 $75,507 $52,795 
Less: Stock-based compensation10,853 5,107 26,258 14,679 
General and administrative, non-GAAP$16,552 $13,283 $49,249 $38,116 
As percentage of revenue, non-GAAP12.5 %11.8 %12.5 %11.8 %
Loss from operations$(30,118)$(7,969)$(75,487)$(17,856)
Add back: Stock-based compensation20,297 12,687 54,053 35,362 
Add back: Amortization of acquisition-related intangibles1,463 288 3,613 288 
(Loss) income from operations, non-GAAP$(8,358)$5,006 $(17,821)$17,794 
As percentage of revenue, non-GAAP(6.3)%4.4 %(4.5)%5.5 %
Net loss$(29,691)$(6,568)$(77,045)$(23,406)
Add back: Stock-based compensation20,297 12,687 54,053 35,362 
Add back: Amortization of acquisition-related intangibles1,463 288 3,613 288 
Add back: Non-cash interest expense related to convertible senior notes— 2,301 — 6,851 
Net (loss) income, non-GAAP$(7,931)$8,708 $(19,379)$19,095 
As percentage of revenue, non-GAAP(6.0)%7.7 %(4.9)%5.9 %
Net loss per basic and diluted share:$(0.56)$(0.13)$(1.46)$(0.46)
Add back: Stock-based compensation0.38 0.25 1.02 0.69 
Add back: Amortization of acquisition-related intangibles0.03 0.01 0.07 0.01 
Add back: Non-cash interest expense related to convertible senior notes— 0.04 — 0.13 
Net (loss) income per basic share, non-GAAP$(0.15)$0.17 $(0.37)$0.37 
Net (loss) income per diluted share, non-GAAP$(0.15)$0.15 $(0.37)$0.34 
Weighted-average common shares outstanding - basic, non-GAAP53,081,564 51,441,688 52,844,532 50,921,612 
Weighted-average common shares outstanding - diluted, non-GAAP53,081,564 56,563,730 52,844,532 55,687,528 



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TABLE II
WORKIVA INC.
RECONCILIATION OF NON-GAAP GUIDANCE
(in thousands, except share and per share data)
Three months ending December 31, 2022Year ending December 31, 2022
Loss from operations, GAAP range$(24,869)-$(23,869)$(100,356)-$(99,356)
Add back: Stock-based compensation
17,788 17,788 71,841 71,841 
Add back: Amortization of acquisition-related intangibles1,402 1,402 5,015 5,015 
Net loss from operations, non-GAAP range$(5,679)-$(4,679)$(23,500)-$(22,500)
Net loss per share, GAAP range$(0.47)-$(0.45)$(1.92)-$(1.90)
Add back: Stock-based compensation
0.33 0.33 1.36 1.36 
Add back: Amortization of acquisition-related intangibles0.03 0.03 0.09 0.09 
Net loss per share, non-GAAP range$(0.10)-$(0.08)$(0.47)-$(0.45)
Weighted-average common shares outstanding - basic53,300,000 53,300,000 53,000,000 53,000,000 

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