0001445305-22-000139 | 10-Q | XBRL Viewer

Intangible Assets and Goodwill

9 Months Ended

Sep. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

The following table presents the components of net intangible assets (in thousands):


	As of September 30, 2022							As of December 31, 2021
	Weighted Average Useful Life (Years)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Acquired technology	4.5	$	15,017	$	(2,896)	$	12,121	$	7,920	$	(701)	$	7,219
Acquired customer-related	10.0	13,677		(725)		12,952		360		(14)		346
Acquired trade names	2.9	2,092		(637)		1,455		1,478		(21)		1,457
Patents	10.0	2,865		(1,565)		1,300		2,740		(1,328)		1,412
Total	7.1	$	33,651	$	(5,823)	$	27,828	$	12,498	$	(2,064)	$	10,434

Amortization expense related to intangible assets was $1.5 million and $0.4 million for the three months ended September 30, 2022 and 2021, respectively, and $3.8 million and $0.6 million for the nine months ended September 30, 2022 and 2021, respectively.

As of September 30, 2022, expected remaining amortization expense of intangible assets by fiscal year is as follows (in thousands):


Remainder of 2022	$	1,473
2023	5,851
2024	5,087
2025	4,357
2026	3,047
2027	1,876
Thereafter	6,137
Total expected amortization expense	$	27,828

The changes in the carrying amount of goodwill were as follows (in thousands):


December 31, 2021	$	34,556
Acquisition	78,225
Foreign currency translation adjustments	(9,690)
September 30, 2022	$	103,091

Cash Equivalents and Marketable Securities

9 Months Ended

Sep. 30, 2022

Investments, Debt and Equity Securities [Abstract]

Cash Equivalents and Marketable Securities

At September 30, 2022, cash equivalents and marketable securities consisted of the following (in thousands):


	Amortized Cost		Unrealized Gains		Unrealized Losses		Aggregate Fair Value
Money market funds	$	158,865	$	—	$	—	$	158,865
Commercial paper	5,499		—		—		5,499
U.S. treasury debt securities	85,956		3		(1,190)		84,769
Corporate debt securities	118,133		—		(2,359)		115,774
Foreign government debt securities	992		—		(23)		969
	$	369,445	$	3	$	(3,572)	$	365,876
Included in cash and cash equivalents	$	162,365	$	—	$	—	$	162,365
Included in marketable securities	$	207,080	$	3	$	(3,572)	$	203,511

At December 31, 2021, cash equivalents and marketable securities consisted of the following (in thousands):


	Amortized Cost		Unrealized Gains		Unrealized Losses		Aggregate Fair Value
Money market funds	$	259,754	$	—	$	—	$	259,754
Commercial paper	10,479		—		—		10,479
U.S. treasury debt securities	54,809		2		(206)		54,605
Corporate debt securities	161,792		3		(334)		161,461
Foreign government debt securities	5,014		1		—		5,015
	$	491,848	$	6	$	(540)	$	491,314
Included in cash and cash equivalents	$	261,254	$	—	$	—	$	261,254
Included in marketable securities	$	230,594	$	6	$	(540)	$	230,060

The contractual maturities of the investments classified as marketable securities are as follows (in thousands):


	As of September 30, 2022
Due within one year	$	144,644
Due in one to two years	57,883
Due in three to five years	984
	$	203,511

The following table presents gross unrealized losses and fair values for those cash equivalents and marketable securities that were in an unrealized loss position as of September 30, 2022, aggregated by investment category and the length of time that individual securities have been in a continuous loss position (in thousands):


	As of September 30, 2022
	Less than 12 months				12 months or greater
	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
U.S. treasury debt securities	$	44,933	$	(370)	$	33,082	$	(820)
Corporate debt securities	94,854		(1,870)		20,920		(489)
Foreign government debt securities	969		(23)		—		—
Total	$	140,756	$	(2,263)	$	54,002	$	(1,309)

We do not believe the unrealized losses represent credit losses based on our evaluation of available evidence as of September 30, 2022, which includes an assessment of whether it is more likely than not we will be required to sell the investment before recovery of the investment's amortized cost basis.

Supplemental Consolidated Balance Sheet Information (Tables)

9 Months Ended

Sep. 30, 2022

Payables and Accruals [Abstract]

Schedule of Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following (in thousands):


	As of September 30, 2022		As of December 31, 2021
Accrued vacation	$	13,453	$	11,221
Accrued commissions	7,306		11,122
Accrued bonuses	16,981		8,292
Accrued payroll	3,648		4,494
Estimated health insurance claims	1,967		1,814
Accrued interest	485		1,455
ESPP employee contributions	3,176		5,349
Customer deposits	25,503		26,517
Operating lease liabilities	5,638		6,008
Accrued other liabilities	6,733		7,854
	$	84,890	$	84,126

Intangible Assets and Goodwill (Tables)

9 Months Ended

Sep. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of Intangible Assets

The following table presents the components of net intangible assets (in thousands):


	As of September 30, 2022							As of December 31, 2021
	Weighted Average Useful Life (Years)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Acquired technology	4.5	$	15,017	$	(2,896)	$	12,121	$	7,920	$	(701)	$	7,219
Acquired customer-related	10.0	13,677		(725)		12,952		360		(14)		346
Acquired trade names	2.9	2,092		(637)		1,455		1,478		(21)		1,457
Patents	10.0	2,865		(1,565)		1,300		2,740		(1,328)		1,412
Total	7.1	$	33,651	$	(5,823)	$	27,828	$	12,498	$	(2,064)	$	10,434

Schedule of Expected Amortization Expense of Intangible Assets

As of September 30, 2022, expected remaining amortization expense of intangible assets by fiscal year is as follows (in thousands):


Remainder of 2022	$	1,473
2023	5,851
2024	5,087
2025	4,357
2026	3,047
2027	1,876
Thereafter	6,137
Total expected amortization expense	$	27,828

Schedule in the Changes in the Carrying Amount of Goodwill

The changes in the carrying amount of goodwill were as follows (in thousands):


December 31, 2021	$	34,556
Acquisition	78,225
Foreign currency translation adjustments	(9,690)
September 30, 2022	$	103,091

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
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-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (g)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
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-Section 50
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-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13854-109267

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
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-Section 55
-Paragraph 24
-URI https://asc.fasb.org/extlink&oid=122137925&loc=d3e14258-109268

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

+ Details

Cash Equivalents and Marketable Securities - Continuous Unrealized Loss Position (Details) $ in Thousands	Sep. 30, 2022 USD ($)
Fair Value
Less than 12 months	$ 140,756
12 months or greater	54,002
Unrealized Loss
Less than 12 months	(2,263)
12 months or greater	(1,309)
U.S. treasury debt securities
Fair Value
Less than 12 months	44,933
12 months or greater	33,082
Unrealized Loss
Less than 12 months	(370)
12 months or greater	(820)
Corporate debt securities
Fair Value
Less than 12 months	94,854
12 months or greater	20,920
Unrealized Loss
Less than 12 months	(1,870)
12 months or greater	(489)
Foreign government debt securities
Fair Value
Less than 12 months	969
12 months or greater	0
Unrealized Loss
Less than 12 months	(23)
12 months or greater	$ 0

Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 30, 2022	Oct. 28, 2022
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2022
Document Transition Report	false
Entity File Number	001-36773
Entity Registrant Name	WORKIVA INC
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	47-2509828
Entity Address, Address Line One	2900 University Blvd
Entity Address, City or Town	Ames
Entity Address, State or Province	IA
Entity Address, Postal Zip Code	50010
City Area Code	888
Local Phone Number	275-3125
Title of 12(b) Security	Class A common stock, par value $.001
Trading Symbol	WK
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001445305
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2022
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Class A Common Stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		48,657,063
Class B Common Stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		3,890,583

Convertible Senior Notes -Narrative (Details)	1 Months Ended	9 Months Ended
Convertible Senior Notes -Narrative (Details)	Aug. 31, 2019 USD ($) day $ / shares	Sep. 30, 2022 USD ($) $ / shares	Jan. 01, 2022	Dec. 31, 2021 $ / shares
Class A Common Stock
Debt Instrument [Line Items]
Common stock, par value (in dollars per share) \| $ / shares	$ 0.001	$ 0.001		$ 0.001
Convertible debt \| 1.125% Convertible Senior Notes Due 2026
Debt Instrument [Line Items]
Face amount of debt issued \| $	$ 345,000,000
Stated interest percentage	1.125%
Proceeds from the issuance of convertible senior notes, net of issuance costs \| $	$ 335,900,000
Conversion ratio	0.0124756
Conversion price (in dollars per share) \| $ / shares	$ 80.16
Threshold number of trading days (day)	20
Threshold number of consecutive trading days (day)	30
Threshold percentage of stock price trigger	130.00%
Redemption price, percentage	100.00%
Effective interest percentage	4.30%		1.50%
If-converted value less than principal \| $		$ 10,200,000
Remaining life of debt instrument		3 years 9 months 18 days
Convertible debt \| 1.125% Convertible Senior Notes Due 2026 \| Debt Conversion Terms, One
Debt Instrument [Line Items]
Threshold number of trading days (day)	20
Threshold number of consecutive trading days (day)	30
Threshold percentage of stock price trigger	130.00%
Convertible debt \| 1.125% Convertible Senior Notes Due 2026 \| Debt Conversion Terms, Two
Debt Instrument [Line Items]
Threshold number of trading days (day)	5
Threshold number of consecutive trading days (day)	10
Threshold percentage of stock trading price	98.00%
Convertible debt \| Over-allotment option
Debt Instrument [Line Items]
Face amount of debt issued \| $	$ 45,000,000

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
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 amortization	2,681	1,429	7,365	3,580
Stock-based compensation expense	20,297	12,687	54,053	35,362
Provision for (recovery of) doubtful accounts	91	(61)	82	(162)
Amortization of premiums and discounts on marketable securities, net	129	811	1,242	2,199
Gain on settlement of equity securities	0	(3,698)	0	(3,698)
Amortization of issuance costs and debt discount	325	2,301	973	6,851
Deferred income tax	57	(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 asset	1,269	985	3,877	2,906
Other receivables	(527)	(628)	38	(204)
Prepaid expenses and other	3,593	(1,024)	870	(4,049)
Other assets	(1,140)	(514)	(1,105)	(1,197)
Accounts payable	3,931	478	5,995	1,214
Deferred revenue	14,775	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 activities	4,855	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	0	0	14,981	250
Maturities of marketable securities	40,071	45,579	106,857	116,371
Acquisitions, net of cash acquired	0	(35,067)	(99,186)	(35,067)
Purchase of intangible assets	(62)	(64)	(108)	(187)
Other investments	0	0	0	(750)
Net cash used in investing activities	(2,632)	(38,536)	(79,246)	(64,899)
Cash flows from financing activities
Proceeds from option exercises	625	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 plan	4,038	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 activities	3,471	(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 equivalents	3,244	(31,069)	(70,889)	(31,706)
Cash and cash equivalents at beginning of period	226,253	322,194	300,386	322,831
Cash and cash equivalents at end of period	229,497	291,125	229,497	291,125
Supplemental cash flow disclosure
Cash paid for interest	2,152	2,177	4,535	4,607
Cash paid for income taxes, net of refunds	$ 225	$ 36	$ 852	$ (30)

Acquisitions

9 Months Ended

Sep. 30, 2022

Business Combination and Asset Acquisition [Abstract]

Acquisitions

On April 1, 2022, we 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, for $99.2 million net of cash acquired of $1.6 million.

The purchase price has been preliminarily allocated to the assets acquired and liabilities assumed based on their estimated fair values at the date of acquisition. The fair values of assets acquired and liabilities assumed may change as the valuation of intangible assets and overall purchase price allocation is being finalized. The excess of the purchase price over the fair value of the net assets acquired was allocated to goodwill. The goodwill recognized was primarily attributable to the assembled workforce, operational synergies, and strategic benefits that are expected to be achieved and is not deductible for income tax purposes.

The following table presents a preliminary allocation of the purchase price to the assets acquired and liabilities assumed at the date of acquisition (in thousands):


Cash consideration	$	100,744
Total consideration	$	100,744

Cash	$	1,558
Accounts receivable, net	1,403
Intangible assets	24,000
Goodwill	78,225
Other assets	440
Accounts payable	(29)
Accrued liabilities	(1,444)
Deferred revenue	(3,299)
Other liabilities	(110)
Fair value of assets and liabilities	$	100,744

We incurred costs related to the acquisition of approximately $0.6 million during the nine months ended September 30, 2022. Substantially all acquisition related costs were expensed as incurred and have been recorded in general and administrative expenses in our condensed consolidated statements of operations.

The amount of revenues and net loss from the acquisition included in our condensed consolidated statements of operations for the three and nine months ended September 30, 2022 were insignificant.

Intangible Assets and Goodwill - Amortization of Intangible Assets by Fiscal Year (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Remainder of 2022	$ 1,473
2023	5,851
2024	5,087
2025	4,357
2026	3,047
2027	1,876
Thereafter	6,137
Net Carrying Amount	$ 27,828	$ 10,434

Acquisitions (Tables)

9 Months Ended

Sep. 30, 2022

Business Combination and Asset Acquisition [Abstract]

Schedule of Assets Acquired and Liabilities Assumed

The following table presents a preliminary allocation of the purchase price to the assets acquired and liabilities assumed at the date of acquisition (in thousands):


Cash consideration	$	100,744
Total consideration	$	100,744

Cash	$	1,558
Accounts receivable, net	1,403
Intangible assets	24,000
Goodwill	78,225
Other assets	440
Accounts payable	(29)
Accrued liabilities	(1,444)
Deferred revenue	(3,299)
Other liabilities	(110)
Fair value of assets and liabilities	$	100,744

Fair Value Measurements

9 Months Ended

Sep. 30, 2022

Fair Value Disclosures [Abstract]

Fair Value Measurements

We determine the fair values of our financial instruments based on the fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value assumes that the transaction to sell the asset or transfer the liability occurs in the principal or most advantageous market for the asset or liability and establishes that the fair value of an asset or liability shall be determined based on the assumptions that market participants would use in pricing the asset or liability. The classification of a financial asset or liability within the hierarchy is based upon the lowest level input that is significant to the fair value measurement. The fair value hierarchy prioritizes the inputs into three levels that may be used to measure fair value:

Level 1 - Inputs are unadjusted quoted prices in active markets for identical assets or liabilities.

Level 2 - Inputs are quoted prices for similar assets and liabilities in active markets or inputs that are observable for the asset or liability, either directly or indirectly through market corroboration, for substantially the full term of the financial instrument.

Level 3 - Inputs are unobservable inputs based on our assumptions.

Financial Assets

Cash equivalents primarily consist of AAA-rated money market funds with overnight liquidity and no stated maturities. We classified cash equivalents as Level 1 due to the short-term nature of these instruments and measured the fair value based on quoted prices in active markets for identical assets.

When available, our marketable securities are valued using quoted prices for identical instruments in active markets. If we are unable to value our marketable securities using quoted prices for identical instruments in active markets, we value our investments using broker reports that utilize quoted market prices for comparable instruments. We validate, on a sample basis, the derived prices provided by the brokers by comparing their assessment of the fair values of our investments against the fair values of the portfolio balances of another third-party professional pricing service. As of September 30, 2022, all of our marketable securities were valued using quoted prices for comparable instruments in active markets and are classified as Level 2.

Based on our valuation of our money market funds and marketable securities, we concluded that they are classified in either Level 1 or Level 2, and we have no financial assets measured using Level 3 inputs on a recurring basis. The following table presents information about our assets that are measured at fair value on a recurring basis using the above input categories (in thousands):


	Fair Value Measurements as of September 30, 2022						Fair Value Measurements as of December 31, 2021
Description	Total		Level 1		Level 2		Total		Level 1		Level 2
Money market funds	$	158,865	$	158,865	$	—	$	259,754	$	259,754	$	—
Commercial paper	5,499		—		5,499		10,479		—		10,479
U.S. treasury debt securities	84,769		—		84,769		54,605		—		54,605
Corporate debt securities	115,774		—		115,774		161,461		—		161,461
Foreign government debt securities	969		—		969		5,015		—		5,015
	$	365,876	$	158,865	$	207,011	$	491,314	$	259,754	$	231,560

Included in cash and cash equivalents	$	162,365					$	261,254
Included in marketable securities	$	203,511					$	230,060

We completed an acquisition on April 1, 2022. The values of certain assets acquired were recorded at fair value using Level 3 inputs. The majority of the related current assets acquired and liabilities assumed were recorded at their carrying values as of the date of acquisition, as their carrying values approximated their fair values due to their short-term nature. The fair values of definite-lived intangible assets acquired in the acquisition were estimated primarily based on the income approach. The income approach estimates fair value based on the present value of the cash flows that the assets are expected to generate in the future. We developed internal estimates for the expected cash flows and discount rates used in the present value calculations.

Convertible Senior Notes

As of September 30, 2022, the fair value of our convertible senior notes was $405.0 million. The fair value was determined based on the quoted price of the convertible senior notes in an over-the-counter market on the last trading day of the reporting period and has been classified as Level 2 in the fair value hierarchy. See Note 5 to the condensed consolidated financial statements for more information.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Stock-Based Compensation - Restricted Stock Units (Details)	9 Months Ended
	Sep. 30, 2022 $ / shares shares
Restricted stock units
Number of Shares (in shares)
Unvested at beginning of period (in shares)	1,891,699
Granted (in shares)	976,262
Forfeited (in shares)	(88,544)
Vested (in shares)	(829,854)
Unvested at end of period (in shares)	1,949,563
Weighted- Average Grant Date Fair Value (in dollars per share)
Unvested at beginning of period (in dollars per share) \| $ / shares	$ 73.04
Granted (in dollars per share) \| $ / shares	104.79
Forfeited (in dollars per share) \| $ / shares	89.64
Vested (in dollars per share) \| $ / shares	61.53
Unvested at end of period (in dollars per share) \| $ / shares	$ 92.62
Number of vested shares recipient elected to defer settlement (in shares)	18,491
Number of vested shares recipients elected to defer settlement, released during period (in shares)	22,006
Performance Shares
Weighted- Average Grant Date Fair Value (in dollars per share)
Award vesting period (years)	3 years
Performance Shares \| Minimum
Weighted- Average Grant Date Fair Value (in dollars per share)
Units earned, percentage of units granted	0.00%
Performance Shares \| Maximum
Weighted- Average Grant Date Fair Value (in dollars per share)
Units earned, percentage of units granted	200.00%

Stock-Based Compensation - Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share-based compensation expense	$ 20,297	$ 12,687	$ 54,053	$ 35,362
Research and development
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share-based compensation expense	3,399	2,347	9,272	7,195
Sales and marketing
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share-based compensation expense	4,657	4,095	14,388	10,481
General and administrative
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share-based compensation expense	10,853	5,107	26,258	14,679
Subscription and support \| Cost of revenue
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share-based compensation expense	855	731	2,557	1,824
Professional services \| Cost of revenue
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share-based compensation expense	$ 533	$ 407	$ 1,578	$ 1,183

Intangible Assets and Goodwill - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense related to intangible assets	$ 1.5	$ 0.4	$ 3.8	$ 0.6

Organization and Significant Accounting Policies	9 Months Ended
Organization and Significant Accounting Policies	Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Significant Accounting Policies	Organization and Significant Accounting Policies Organization Workiva Inc., a Delaware corporation, and its wholly-owned subsidiaries (the “Company” or “we” or “us”) simplifies complex work for thousands of organizations worldwide. We are a leading provider of cloud-based compliance and regulatory reporting solutions that are designed to solve business challenges at the intersection of data, process and people. Our operational headquarters are located in Ames, Iowa, with additional offices located in the United States, Europe, the Asia-Pacific region and Canada. Basis of Presentation and Principles of Consolidation The financial information presented in the accompanying unaudited condensed consolidated financial statements has been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and in accordance with rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) regarding interim financial reporting. The condensed consolidated balance sheet data as of December 31, 2021 was derived from audited financial statements, but does not include all disclosures required by U.S. GAAP. In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments, consisting primarily of normal recurring accruals, necessary for a fair presentation of our financial position and results of operations. The operating results for the three and nine months ended September 30, 2022 are not necessarily indicative of the results expected for the full year ending December 31, 2022. Seasonality has affected our revenue, expenses and cash flows from operations. Revenue from professional services has been higher in the first quarter as many of our customers file their Form 10-K in the first calendar quarter. Our sales and marketing expense also has some degree of seasonality. With the exception of September 2020 and September 2021 when we transitioned to a virtual event, sales and marketing expense has historically been higher in the third quarter due to our annual user conference in September, which was held as a hybrid in-person/virtual event in 2022. In addition, the timing of the payments of cash bonuses to employees during the first and fourth calendar quarters may result in some seasonality in operating cash flow. The condensed consolidated financial information should be read in conjunction with “Management’s Discussion and Analysis of Financial Condition and Results of Operations” contained in this report and the consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021 filed with the SEC on February 22, 2022. The unaudited condensed consolidated financial statements include the accounts of Workiva Inc. and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. Use of Estimates The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States requires us to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. We base our estimates on historical experience and various other assumptions believed to be reasonable. These estimates include, but are not limited to, the allowance for doubtful accounts, the determination of the relative selling prices of our services, the measurement of material rights, health insurance claims incurred but not yet reported, valuation of available-for-sale marketable securities, useful lives of deferred contract costs, intangible assets and property and equipment, goodwill, income taxes, discount rates used in the valuation of right-of-use assets and lease liabilities, and certain assumptions used in the valuation of equity awards. While these estimates are based on our best knowledge of current events and actions that may affect us in the future, actual results may differ materially from these estimates. Recently Adopted Accounting Pronouncements In October 2021, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers, which amends the accounting related to contract assets and liabilities acquired in business combinations. This ASU requires that entities recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with ASC 606, Revenue from Contracts with Customers. This update is effective for fiscal years beginning after December 15, 2022 with early adoption permitted. We adopted this standard on January 1, 2022. The adoption of this standard did not have a material impact on our consolidated financial statements. In August 2020, the FASB issued ASU 2020-06, Accounting for Convertible Instruments and Contracts in an Entity's Own Equity. Under ASU 2020-06, embedded conversion features are no longer separated from the host contract for convertible instruments with conversion features that are not required to be accounted for as derivatives, or that do not result in substantial premiums accounted for as paid-in capital. The convertible debt instruments will now be accounted for as a single liability measured at amortized cost. This results in the interest expense recognized for convertible debt instruments to be closer to the coupon interest rate. The new guidance also requires the if-converted method to be applied for all convertible instruments when calculating earnings per share. The new standard is effective for interim and annual periods beginning after December 15, 2021 and can be adopted on either a modified retrospective or full retrospective basis. We adopted this standard on January 1, 2022 using the modified retrospective method under which financial results reported in prior periods were not adjusted. Adoption of the new standard resulted in a decrease to accumulated deficit of $18.3 million, a decrease to additional paid-in capital of $58.6 million, and an increase to convertible senior notes, non-current of $40.3 million on the consolidated balance sheet. See Note 5 to the condensed consolidated financial statements for more information. New Accounting Pronouncements Not Yet Adopted None.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Statement of Comprehensive Income [Abstract]
Net loss	$ (29,691)	$ (6,568)	$ (77,045)	$ (23,406)
Other comprehensive (loss) income
Foreign currency translation adjustment	(7,256)	22	(13,344)	226
Unrealized loss on available-for-sale securities	(619)	(18)	(3,033)	(248)
Other comprehensive (loss) income	(7,875)	4	(16,377)	(22)
Comprehensive loss	$ (37,566)	$ (6,564)	$ (93,422)	$ (23,428)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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+ Details

Fair Value Measurements (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	$ 203,511	$ 230,060
Cash and cash equivalents and available-for-sale securities	365,876	491,314
Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	5,499	10,479
U.S. treasury debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents and available-for-sale securities	84,769	54,605
Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	115,774	161,461
Foreign government debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	969	5,015
Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents - money market funds	158,865	259,754
Cash Equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents - money market funds	162,365	261,254
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of convertible debt	405,000
Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	203,511	230,060
Total assets measured at fair value	365,876	491,314
Recurring \| Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	5,499	10,479
Recurring \| U.S. treasury debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents and available-for-sale securities	84,769	54,605
Recurring \| Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	115,774	161,461
Recurring \| Foreign government debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	969	5,015
Recurring \| Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents - money market funds	158,865	259,754
Recurring \| Cash Equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents - money market funds	162,365	261,254
Recurring \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	158,865	259,754
Recurring \| Level 1 \| Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	0	0
Recurring \| Level 1 \| U.S. treasury debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents and available-for-sale securities	0	0
Recurring \| Level 1 \| Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	0	0
Recurring \| Level 1 \| Foreign government debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	0	0
Recurring \| Level 1 \| Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents - money market funds	158,865	259,754
Recurring \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	207,011	231,560
Recurring \| Level 2 \| Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	5,499	10,479
Recurring \| Level 2 \| U.S. treasury debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents and available-for-sale securities	84,769	54,605
Recurring \| Level 2 \| Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	115,774	161,461
Recurring \| Level 2 \| Foreign government debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	969	5,015
Recurring \| Level 2 \| Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents - money market funds	$ 0	$ 0

Revenue Recognition (Tables)

9 Months Ended

Sep. 30, 2022

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

The following table presents our revenues disaggregated by industry (in thousands).


	Three months ended September 30,				Nine months ended September 30,
	2022		2021		2022		2021
Industrials	$	18,810	$	15,166	$	56,398	$	43,547
Diversified financials	17,472		14,808		51,864		41,970
Information technology	15,283		12,200		45,418		33,909
Banks	13,871		11,594		39,943		34,706
Consumer discretionary	13,301		10,993		38,147		30,348
Healthcare	11,701		9,999		35,158		28,580
Insurance	8,161		6,523		23,683		19,359
Real estate	5,647		5,229		17,651		15,479
Energy	5,577		5,275		17,169		15,720
Utilities	5,383		5,470		16,800		15,276
Materials	5,121		4,817		15,954		14,060
Other	12,522		10,619		35,887		29,548
Total revenues	$	132,849	$	112,693	$	394,072	$	322,502

The following table presents our revenues disaggregated by type of good or service (in thousands):


	Three months ended September 30,				Nine months ended September 30,
	2022		2021		2022		2021
Subscription and support	$	118,591	$	98,912	$	339,064	$	275,053
XBRL professional services	10,634		9,003		41,844		33,558
Other services	3,624		4,778		13,164		13,891
Total revenues	$	132,849	$	112,693	$	394,072	$	322,502

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (DEFICIT) - USD ($) $ in Thousands	Total	Cumulative Effect, Period of Adoption, Adjustment	Common Stock (Class A and B)	Additional Paid-in-Capital	Additional Paid-in-Capital Cumulative Effect, Period of Adoption, Adjustment	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit	Accumulated Deficit Cumulative Effect, Period of Adoption, Adjustment
Beginning of the period (in shares) at Dec. 31, 2020			48,789,000
Beginning of the period at Dec. 31, 2020	$ 64,277		$ 49	$ 478,698		$ 230	$ (414,700)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	11,623			11,623
Issuance of common stock upon exercise of stock options (in shares)			312,000
Issuance of common stock upon exercise of stock options	4,138		$ 1	4,137
Issuance of common stock under employee stock purchase plan (in shares)			93,000
Issuance of common stock under employee stock purchase plan	4,237			4,237
Issuance of restricted stock units (in shares)			803,000
Tax withholding related to net share settlements of stock-based compensation awards (in shares)			(70,000)
Tax withholding related to net share settlements of stock-based compensation awards	(7,146)			(7,146)
Net loss	(7,324)						(7,324)
Other comprehensive (loss) income	(49)					(49)
End of period (in shares) at Mar. 31, 2021			49,927,000
End of period at Mar. 31, 2021	69,756		$ 50	491,549		181	(422,024)
Beginning of the period (in shares) at Dec. 31, 2020			48,789,000
Beginning of the period at Dec. 31, 2020	64,277		$ 49	478,698		230	(414,700)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(23,406)
Other comprehensive (loss) income	(22)
End of period (in shares) at Sep. 30, 2021			50,804,000
End of period at Sep. 30, 2021	70,178		$ 51	508,025		208	(438,106)
Beginning of the period (in shares) at Dec. 31, 2020			48,789,000
Beginning of the period at Dec. 31, 2020	64,277		$ 49	478,698		230	(414,700)
End of period (in shares) at Dec. 31, 2021			51,444,000
End of period at Dec. 31, 2021	$ 72,979	$ (40,299)	$ 51	525,646	$ (58,560)	(288)	(452,430)	$ 18,261
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Accounting Standards Update [Extensible Enumeration]	Accounting Standards Update 2020-06 [Member]
Beginning of the period (in shares) at Mar. 31, 2021			49,927,000
Beginning of the period at Mar. 31, 2021	$ 69,756		$ 50	491,549		181	(422,024)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	11,052			11,052
Issuance of common stock upon exercise of stock options (in shares)			117,000
Issuance of common stock upon exercise of stock options	1,480			1,480
Issuance of restricted stock units (in shares)			318,000
Tax withholding related to net share settlements of stock-based compensation awards (in shares)			(8,000)
Tax withholding related to net share settlements of stock-based compensation awards	(731)			(731)
Net loss	(9,514)						(9,514)
Other comprehensive (loss) income	23					23
End of period (in shares) at Jun. 30, 2021			50,354,000
End of period at Jun. 30, 2021	72,066		$ 50	503,350		204	(431,538)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	12,687			12,687
Issuance of common stock upon exercise of stock options (in shares)			200,000
Issuance of common stock upon exercise of stock options	3,174		$ 1	3,173
Issuance of common stock under employee stock purchase plan (in shares)			56,000
Issuance of common stock under employee stock purchase plan	4,624			4,624
Issuance of restricted stock units (in shares)			305,000
Tax withholding related to net share settlements of stock-based compensation awards (in shares)			(111,000)
Tax withholding related to net share settlements of stock-based compensation awards	(15,809)			(15,809)
Net loss	(6,568)						(6,568)
Other comprehensive (loss) income	4					4
End of period (in shares) at Sep. 30, 2021			50,804,000
End of period at Sep. 30, 2021	70,178		$ 51	508,025		208	(438,106)
Beginning of the period (in shares) at Dec. 31, 2021			51,444,000
Beginning of the period at Dec. 31, 2021	$ 72,979	(40,299)	$ 51	525,646	(58,560)	(288)	(452,430)	18,261
End of period at Jan. 01, 2022					(58,600)			18,300
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Accounting Standards Update [Extensible Enumeration]	Accounting Standards Update 2020-06 [Member]
Beginning of the period (in shares) at Dec. 31, 2021			51,444,000
Beginning of the period at Dec. 31, 2021	$ 72,979	(40,299)	$ 51	525,646	(58,560)	(288)	(452,430)	18,261
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	15,309			15,309
Issuance of common stock upon exercise of stock options (in shares)			62,000
Issuance of common stock upon exercise of stock options	825		$ 1	824
Issuance of common stock under employee stock purchase plan (in shares)			53,000
Issuance of common stock under employee stock purchase plan	5,218			5,218
Issuance of restricted stock units (in shares)			545,000
Tax withholding related to net share settlements of stock-based compensation awards (in shares)			(73,000)
Tax withholding related to net share settlements of stock-based compensation awards	(8,570)			(8,570)
Net loss	(18,493)						(18,493)
Other comprehensive (loss) income	(1,776)					(1,776)
End of period (in shares) at Mar. 31, 2022			52,031,000
End of period at Mar. 31, 2022	25,193		$ 52	479,867		(2,064)	(452,662)
Beginning of the period (in shares) at Dec. 31, 2021			51,444,000
Beginning of the period at Dec. 31, 2021	$ 72,979	$ (40,299)	$ 51	525,646	$ (58,560)	(288)	(452,430)	$ 18,261
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of stock options (in shares)	182,257
Net loss	$ (77,045)
Other comprehensive (loss) income	(16,377)
End of period (in shares) at Sep. 30, 2022			52,495,000
End of period at Sep. 30, 2022	(5,490)		$ 53	522,336		(16,665)	(511,214)
Beginning of the period (in shares) at Mar. 31, 2022			52,031,000
Beginning of the period at Mar. 31, 2022	25,193		$ 52	479,867		(2,064)	(452,662)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	18,447			18,447
Issuance of common stock upon exercise of stock options (in shares)			76,000
Issuance of common stock upon exercise of stock options	1,145			1,145
Issuance of restricted stock units (in shares)			144,000
Tax withholding related to net share settlements of stock-based compensation awards (in shares)			(12,000)
Tax withholding related to net share settlements of stock-based compensation awards	(1,344)			(1,344)
Net loss	(28,861)						(28,861)
Other comprehensive (loss) income	(6,726)					(6,726)
End of period (in shares) at Jun. 30, 2022			52,239,000
End of period at Jun. 30, 2022	7,854		$ 52	498,115		(8,790)	(481,523)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	20,297			20,297
Issuance of common stock upon exercise of stock options (in shares)			43,000
Issuance of common stock upon exercise of stock options	625			625
Issuance of common stock under employee stock purchase plan (in shares)			79,000
Issuance of common stock under employee stock purchase plan	4,038		$ 1	4,037
Issuance of restricted stock units (in shares)			145,000
Tax withholding related to net share settlements of stock-based compensation awards (in shares)			(11,000)
Tax withholding related to net share settlements of stock-based compensation awards	(738)			(738)
Net loss	(29,691)						(29,691)
Other comprehensive (loss) income	(7,875)					(7,875)
End of period (in shares) at Sep. 30, 2022			52,495,000
End of period at Sep. 30, 2022	$ (5,490)		$ 53	$ 522,336		$ (16,665)	$ (511,214)

Stock-Based Compensation - Stock Options (Details)	9 Months Ended	12 Months Ended
Stock-Based Compensation - Stock Options (Details)	Sep. 30, 2022 $ / shares shares	Dec. 31, 2021 $ / shares shares
Options (in shares):
Outstanding beginning of the period (in shares) \| shares	1,755,180
Granted (in shares) \| shares	0
Forfeited (in shares) \| shares	(3,095)
Expired (in shares) \| shares	(2,970)
Exercised (in shares) \| shares	(182,257)
Outstanding end of the period (in shares) \| shares	1,566,858	1,755,180
Exercisable (in shares) \| shares	1,566,858
Weighted-Average Exercise Price (in dollars per share):
Outstanding beginning of the period (in dollars per share) \| $ / shares	$ 14.42
Granted (in dollars per share) \| $ / shares	0
Forfeited (in dollars per share) \| $ / shares	13.26
Expired (in dollars per share) \| $ / shares	3.92
Exercised (in dollars per share) \| $ / shares	14.23
Outstanding end of the period (in dollars per share) \| $ / shares	14.47	$ 14.42
Exercisable (in dollars per share) \| $ / shares	$ 14.47
Outstanding, weighted-average remaining contractual term (years)	3 years 4 months 24 days	4 years
Exercisable, weighted-average remaining contractual term (years)	3 years 4 months 24 days

Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Disaggregation of Revenue [Line Items]
Total revenue	$ 132,849	$ 112,693	$ 394,072	$ 322,502
Subscription and support
Disaggregation of Revenue [Line Items]
Total revenue	118,591	98,912	339,064	275,053
XBRL professional services
Disaggregation of Revenue [Line Items]
Total revenue	10,634	9,003	41,844	33,558
Other services
Disaggregation of Revenue [Line Items]
Total revenue	3,624	4,778	13,164	13,891
Industrials
Disaggregation of Revenue [Line Items]
Total revenue	18,810	15,166	56,398	43,547
Diversified financials
Disaggregation of Revenue [Line Items]
Total revenue	17,472	14,808	51,864	41,970
Information technology
Disaggregation of Revenue [Line Items]
Total revenue	15,283	12,200	45,418	33,909
Banks
Disaggregation of Revenue [Line Items]
Total revenue	13,871	11,594	39,943	34,706
Consumer discretionary
Disaggregation of Revenue [Line Items]
Total revenue	13,301	10,993	38,147	30,348
Healthcare
Disaggregation of Revenue [Line Items]
Total revenue	11,701	9,999	35,158	28,580
Insurance
Disaggregation of Revenue [Line Items]
Total revenue	8,161	6,523	23,683	19,359
Real estate
Disaggregation of Revenue [Line Items]
Total revenue	5,647	5,229	17,651	15,479
Energy
Disaggregation of Revenue [Line Items]
Total revenue	5,577	5,275	17,169	15,720
Utilities
Disaggregation of Revenue [Line Items]
Total revenue	5,383	5,470	16,800	15,276
Materials
Disaggregation of Revenue [Line Items]
Total revenue	5,121	4,817	15,954	14,060
Other
Disaggregation of Revenue [Line Items]
Total revenue	$ 12,522	$ 10,619	$ 35,887	$ 29,548

Acquisitions - Narrative (Details) - USD ($)		3 Months Ended		9 Months Ended
Acquisitions - Narrative (Details) - USD ($)	Apr. 01, 2022	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Business Acquisition [Line Items]
Payments to acquire business, net of cash acquired		$ 0	$ 35,067,000	$ 99,186,000	$ 35,067,000
ParsePort ApS
Business Acquisition [Line Items]
Payments to acquire business, net of cash acquired	$ 99,200,000
Cash acquired from acquisition	1,600,000
Goodwill tax deductible amount	$ 0
Acquisition related costs				$ 600,000

Intangible Assets and Goodwill - Goodwill Activity (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2022 USD ($)
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 34,556
Acquisition	78,225
Foreign currency translation adjustments	(9,690)
Goodwill, ending balance	$ 103,091

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2022

Share-Based Payment Arrangement [Abstract]

Schedule of Stock-based Compensation Expense

Stock-based compensation expense was recorded in the following cost and expense categories consistent with the respective employee or service provider’s related cash compensation (in thousands):


	Three months ended September 30,				Nine months ended September 30,
	2022		2021		2022		2021
Cost of revenue
Subscription and support	$	855	$	731	$	2,557	$	1,824
Professional services	533		407		1,578		1,183
Operating expenses
Research and development	3,399		2,347		9,272		7,195
Sales and marketing	4,657		4,095		14,388		10,481
General and administrative	10,853		5,107		26,258		14,679
Total	$	20,297	$	12,687	$	54,053	$	35,362

Schedule of Stock-Option Activity

The following table summarizes the option activity under the Plans for the nine months ended September 30, 2022:


	Options	Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (Years)

Outstanding at December 31, 2021	1,755,180	$	14.42	4.0
Granted	—	—
Forfeited	(3,095)	13.26
Expired	(2,970)	3.92
Exercised	(182,257)	14.23
Outstanding at September 30, 2022	1,566,858	$	14.47	3.4

Exercisable at September 30, 2022	1,566,858	$	14.47	3.4

Summary of Restricted Stock Units

The following table summarizes the restricted stock unit activity under the Plans for the nine months ended September 30, 2022:


	Number of Shares	Weighted- Average Grant Date Fair Value

Unvested at December 31, 2021	1,891,699	$	73.04
Granted	976,262	104.79
Forfeited	(88,544)	89.64
Vested(1)	(829,854)	61.53
Unvested at September 30, 2022	1,949,563	$	92.62

(1) During the nine months ended September 30, 2022, in accordance with our Nonqualified Deferred Compensation Plan, recipients of 18,491 shares had elected to defer settlement of the vested restricted stock units and 22,006 shares were released from deferral.

Convertible Senior Notes - Summary of Convertible Debt (Details) - 1.125% Convertible Senior Notes Due 2026 - Convertible debt - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Principal	$ 345,000	$ 345,000
Unamortized discount	0	(41,193)
Unamortized issuance costs	(5,068)	(5,146)
Net carrying amount	$ 339,932	298,661
Equity component, net of purchase discounts and issuance costs		$ 58,560

- Definition

Amount, excluding unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Stock-Based Compensation

9 Months Ended

Sep. 30, 2022

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

We grant stock-based incentive awards to attract, motivate and retain qualified employees, non-employee directors and consultants, and to align their financial interests with those of our stockholders. We utilize stock-based compensation in the form of restricted stock units, performance restricted stock units, options to purchase Class A common stock and Employee Stock Purchase Plan ("ESPP") purchase rights. Prior to our corporate conversion in December 2014, awards were provided under the 2009 Unit Incentive Plan (“the 2009 Plan”). The 2009 Plan was amended to provide that no further awards will be issued thereunder, and our board of directors and stockholders adopted and approved our 2014 Equity Incentive Plan (“the 2014 Plan” and, together with the 2009 Plan, “the Plans”).

As of September 30, 2022, awards outstanding under the 2009 Plan consisted of stock options, and awards outstanding under the 2014 Plan consisted of stock options, restricted stock units and performance restricted stock units.

On June 1, 2022, stockholders approved an amendment to the 2014 Plan that increased the number of shares available for grant by 3,000,000. As of September 30, 2022, 3,339,296 shares of Class A common stock were available for grant under the 2014 Plan.

Stock-Based Compensation Expense

Stock-based compensation expense was recorded in the following cost and expense categories consistent with the respective employee or service provider’s related cash compensation (in thousands):


	Three months ended September 30,				Nine months ended September 30,
	2022		2021		2022		2021
Cost of revenue
Subscription and support	$	855	$	731	$	2,557	$	1,824
Professional services	533		407		1,578		1,183
Operating expenses
Research and development	3,399		2,347		9,272		7,195
Sales and marketing	4,657		4,095		14,388		10,481
General and administrative	10,853		5,107		26,258		14,679
Total	$	20,297	$	12,687	$	54,053	$	35,362

Stock Options

The following table summarizes the option activity under the Plans for the nine months ended September 30, 2022:


	Options	Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (Years)

Outstanding at December 31, 2021	1,755,180	$	14.42	4.0
Granted	—	—
Forfeited	(3,095)	13.26
Expired	(2,970)	3.92
Exercised	(182,257)	14.23
Outstanding at September 30, 2022	1,566,858	$	14.47	3.4

Exercisable at September 30, 2022	1,566,858	$	14.47	3.4

Restricted Stock Units

The following table summarizes the restricted stock unit activity under the Plans for the nine months ended September 30, 2022:


	Number of Shares	Weighted- Average Grant Date Fair Value

Unvested at December 31, 2021	1,891,699	$	73.04
Granted	976,262	104.79
Forfeited	(88,544)	89.64
Vested(1)	(829,854)	61.53
Unvested at September 30, 2022	1,949,563	$	92.62

During the first quarter of 2022, performance restricted stock units (“PSUs”) were granted for the first time to our executives under the 2014 Plan. The fair value of a PSU is determined using the closing price of our common stock on the grant date. Each PSU grant vests in annual tranches over a three-year service period. Total units earned for grants made in 2022 may vary between 0% and 200% of the units granted based on the attainment of company-specific performance targets during the related three-year period and upon continued service. Stock-based compensation expense for PSUs is recognized on a graded-vesting basis if it is probable that the performance conditions will be achieved. Adjustments to compensation expense are made each period based on changes in our estimate of the number of PSUs that are probable of vesting. PSUs will vest with continued service and upon achievement of the relevant performance targets.

The recipient of a restricted stock unit award under the 2014 Plan will have no rights as a stockholder until share certificates are issued by us. At the Annual Meeting of Stockholders on June 1, 2022, our stockholders approved the amendment and restatement of the Workiva Inc. Amended and Restated 2014 Equity Incentive Plan which prohibits payment of dividends or dividend equivalents on full-value awards prior to the vesting of such award. Additionally, until the shares are issued, they have no voting rights and may not be bought or sold.

Employee Stock Purchase Plan

During the nine months ended September 30, 2022, 131,467 shares of common stock were purchased under the ESPP at a weighted-average price of $70.41 per share, resulting in cash proceeds of $9.3 million.

Compensation expense associated with ESPP purchase rights is recognized on a straight-line basis over the vesting period. At September 30, 2022, there was approximately $1.3 million of total unrecognized compensation expense related to the ESPP, which is expected to be recognized over a weighted-average period of 0.3 years.

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Litigation From time to time we may become involved in legal proceedings or be subject to claims arising in the ordinary course of our business. We evaluate the development of legal matters on a regular basis and accrue a liability when we believe a loss is probable and the amount can be reasonably estimated. Although the results of litigation and claims cannot be predicted with certainty, we currently believe that the final outcome of any currently pending legal proceedings to which we are a party will not have a material adverse effect on our business, operating results, financial condition or cash flows. Regardless of the outcome, litigation can have an adverse impact on us because of defense and settlement costs, diversion of management resources and other factors.

Net Loss Per Share - Earnings Per Share Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Denominator
Weighted-average common shares outstanding - basic (in shares)	53,081,564	51,441,688	52,844,532	50,921,612
Weighted-average common shares outstanding - diluted (in shares)	53,081,564	51,441,688	52,844,532	50,921,612
Basic net loss per share (in dollars per share)	$ (0.56)	$ (0.13)	$ (1.46)	$ (0.46)
Diluted net loss per share (in dollars per share)	$ (0.56)	$ (0.13)	$ (1.46)	$ (0.46)
Class A Common Stock
Numerator
Net loss, basic	$ (27,515)	$ (5,731)	$ (71,310)	$ (19,993)
Net loss, diluted	$ (27,515)	$ (5,731)	$ (71,310)	$ (19,993)
Denominator
Weighted-average common shares outstanding - basic (in shares)	49,190,981	44,886,268	48,911,092	43,496,619
Weighted-average common shares outstanding - diluted (in shares)	49,190,981	44,886,268	48,911,092	43,496,619
Basic net loss per share (in dollars per share)	$ (0.56)	$ (0.13)	$ (1.46)	$ (0.46)
Diluted net loss per share (in dollars per share)	$ (0.56)	$ (0.13)	$ (1.46)	$ (0.46)
Class B Common Stock
Numerator
Net loss, basic	$ (2,176)	$ (837)	$ (5,735)	$ (3,413)
Net loss, diluted	$ (2,176)	$ (837)	$ (5,735)	$ (3,413)
Denominator
Weighted-average common shares outstanding - basic (in shares)	3,890,583	6,555,420	3,933,440	7,424,993
Weighted-average common shares outstanding - diluted (in shares)	3,890,583	6,555,420	3,933,440	7,424,993
Basic net loss per share (in dollars per share)	$ (0.56)	$ (0.13)	$ (1.46)	$ (0.46)
Diluted net loss per share (in dollars per share)	$ (0.56)	$ (0.13)	$ (1.46)	$ (0.46)

Intangible Assets and Goodwill - Intangible Asset Components (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Weighted Average Useful Life (Years)	7 years 1 month 6 days
Gross Carrying Amount	$ 33,651	$ 12,498
Accumulated Amortization	(5,823)	(2,064)
Net Carrying Amount	$ 27,828	10,434
Acquired technology
Finite-Lived Intangible Assets [Line Items]
Weighted Average Useful Life (Years)	4 years 6 months
Gross Carrying Amount	$ 15,017	7,920
Accumulated Amortization	(2,896)	(701)
Net Carrying Amount	$ 12,121	7,219
Acquired customer-related
Finite-Lived Intangible Assets [Line Items]
Weighted Average Useful Life (Years)	10 years
Gross Carrying Amount	$ 13,677	360
Accumulated Amortization	(725)	(14)
Net Carrying Amount	$ 12,952	346
Acquired trade names
Finite-Lived Intangible Assets [Line Items]
Weighted Average Useful Life (Years)	2 years 10 months 24 days
Gross Carrying Amount	$ 2,092	1,478
Accumulated Amortization	(637)	(21)
Net Carrying Amount	$ 1,455	1,457
Patents
Finite-Lived Intangible Assets [Line Items]
Weighted Average Useful Life (Years)	10 years
Gross Carrying Amount	$ 2,865	2,740
Accumulated Amortization	(1,565)	(1,328)
Net Carrying Amount	$ 1,300	$ 1,412

Convertible Senior Notes - Summary of Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Debt Disclosure [Abstract]
Contractual interest expense	$ 970	$ 970	$ 2,910	$ 2,911
Amortization of debt discount	0	2,045	0	6,091
Amortization of issuance costs	325	256	973	760
Total interest expense	$ 1,295	$ 3,271	$ 3,883	$ 9,762

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Allowance for doubtful accounts	$ 664	$ 591
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	100,000,000	100,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Class A Common Stock
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, share authorized (in shares)	1,000,000,000	1,000,000,000
Common stock, shares issued (in shares)	48,604,656	47,293,775
Common stock, shares outstanding (in shares)	48,604,656	47,293,775
Class B Common Stock
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, share authorized (in shares)	500,000,000	500,000,000
Common stock, shares issued (in shares)	3,890,583	4,150,583
Common stock, shares outstanding (in shares)	3,890,583	4,150,583

Convertible Senior Notes (Tables)

9 Months Ended

Sep. 30, 2022

Debt Disclosure [Abstract]

Schedule of Convertible Debt

The net carrying amount of the liability and equity components of the Notes was as follows (in thousands):


	September 30, 2022		December 31, 2021
Liability component:
Principal	$	345,000	$	345,000
Unamortized discount	—		(41,193)
Unamortized issuance costs	(5,068)		(5,146)
Net carrying amount	$	339,932	$	298,661

Equity component, net of purchase discounts and issuance costs	$	—	$	58,560

Interest expense related to the Notes is as follows (in thousands):


	Three months ended September 30,				Nine months ended September 30,
	2022		2021		2022		2021
Contractual interest expense	$	970	$	970	$	2,910	$	2,911
Amortization of debt discount	—		2,045		—		6,091
Amortization of issuance costs	325		256		973		760
Total interest expense	$	1,295	$	3,271	$	3,883	$	9,762

Net Loss Per Share - Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Class A Common Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	4,300,000	4,300,000
Shares subject to outstanding common stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	1,566,858	2,267,032
Shares subject to unvested restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	1,949,563	2,036,160
Shares issuable pursuant to the ESPP
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	115,715	55,561

Supplemental Consolidated Balance Sheet Information

9 Months Ended

Sep. 30, 2022

Payables and Accruals [Abstract]

Supplemental Consolidated Balance Sheet Information

Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following (in thousands):


	As of September 30, 2022		As of December 31, 2021
Accrued vacation	$	13,453	$	11,221
Accrued commissions	7,306		11,122
Accrued bonuses	16,981		8,292
Accrued payroll	3,648		4,494
Estimated health insurance claims	1,967		1,814
Accrued interest	485		1,455
ESPP employee contributions	3,176		5,349
Customer deposits	25,503		26,517
Operating lease liabilities	5,638		6,008
Accrued other liabilities	6,733		7,854
	$	84,890	$	84,126

Stock-Based Compensation - Employee Stock Purchase Plan (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Proceeds from shares issued in connection with employee stock purchase plan	$ 4,038	$ 4,624	$ 9,256	$ 8,861
Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense	$ 1,300		$ 1,300
Unrecognized compensation expense, period for recognition (years)			3 months 18 days
Class A Common Stock \| Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued during period (in shares)			131,467
Shares issued during period, weighted average price per share (in dollars per share)			$ 70.41
Proceeds from shares issued in connection with employee stock purchase plan			$ 9,300

Net Loss Per Share (Tables)

9 Months Ended

Sep. 30, 2022

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

A reconciliation of the denominator used in the calculation of basic and diluted loss per share is as follows (in thousands, except share and per share data):


	Three months ended
	September 30, 2022				September 30, 2021
	Class A		Class B		Class A		Class B
Numerator
Net loss	$	(27,515)	$	(2,176)	$	(5,731)	$	(837)

Denominator
Weighted-average common shares outstanding - basic and diluted	49,190,981		3,890,583		44,886,268		6,555,420
Basic and diluted net loss per share	$	(0.56)	$	(0.56)	$	(0.13)	$	(0.13)


	Nine months ended
	September 30, 2022				September 30, 2021
	Class A		Class B		Class A		Class B
Numerator
Net loss	$	(71,310)	$	(5,735)	$	(19,993)	$	(3,413)

Denominator
Weighted-average common shares outstanding - basic and diluted	48,911,092		3,933,440		43,496,619		7,424,993
Basic and diluted net loss per share	$	(1.46)	$	(1.46)	$	(0.46)	$	(0.46)

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

The anti-dilutive securities excluded from the weighted-average shares used to calculate the diluted net loss per common share were as follows:


	As of
	September 30, 2022	September 30, 2021
Shares subject to outstanding common stock options	1,566,858	2,267,032
Shares subject to unvested restricted stock units	1,949,563	2,036,160
Shares issuable pursuant to the ESPP	115,715	55,561

Cash Equivalents and Marketable Securities (Tables)

9 Months Ended

Sep. 30, 2022

Investments, Debt and Equity Securities [Abstract]

Schedule of Marketable Securities

At September 30, 2022, cash equivalents and marketable securities consisted of the following (in thousands):


	Amortized Cost		Unrealized Gains		Unrealized Losses		Aggregate Fair Value
Money market funds	$	158,865	$	—	$	—	$	158,865
Commercial paper	5,499		—		—		5,499
U.S. treasury debt securities	85,956		3		(1,190)		84,769
Corporate debt securities	118,133		—		(2,359)		115,774
Foreign government debt securities	992		—		(23)		969
	$	369,445	$	3	$	(3,572)	$	365,876
Included in cash and cash equivalents	$	162,365	$	—	$	—	$	162,365
Included in marketable securities	$	207,080	$	3	$	(3,572)	$	203,511

At December 31, 2021, cash equivalents and marketable securities consisted of the following (in thousands):


	Amortized Cost		Unrealized Gains		Unrealized Losses		Aggregate Fair Value
Money market funds	$	259,754	$	—	$	—	$	259,754
Commercial paper	10,479		—		—		10,479
U.S. treasury debt securities	54,809		2		(206)		54,605
Corporate debt securities	161,792		3		(334)		161,461
Foreign government debt securities	5,014		1		—		5,015
	$	491,848	$	6	$	(540)	$	491,314
Included in cash and cash equivalents	$	261,254	$	—	$	—	$	261,254
Included in marketable securities	$	230,594	$	6	$	(540)	$	230,060

Schedule of Cash and Cash Equivalents

At September 30, 2022, cash equivalents and marketable securities consisted of the following (in thousands):


	Amortized Cost		Unrealized Gains		Unrealized Losses		Aggregate Fair Value
Money market funds	$	158,865	$	—	$	—	$	158,865
Commercial paper	5,499		—		—		5,499
U.S. treasury debt securities	85,956		3		(1,190)		84,769
Corporate debt securities	118,133		—		(2,359)		115,774
Foreign government debt securities	992		—		(23)		969
	$	369,445	$	3	$	(3,572)	$	365,876
Included in cash and cash equivalents	$	162,365	$	—	$	—	$	162,365
Included in marketable securities	$	207,080	$	3	$	(3,572)	$	203,511

At December 31, 2021, cash equivalents and marketable securities consisted of the following (in thousands):


	Amortized Cost		Unrealized Gains		Unrealized Losses		Aggregate Fair Value
Money market funds	$	259,754	$	—	$	—	$	259,754
Commercial paper	10,479		—		—		10,479
U.S. treasury debt securities	54,809		2		(206)		54,605
Corporate debt securities	161,792		3		(334)		161,461
Foreign government debt securities	5,014		1		—		5,015
	$	491,848	$	6	$	(540)	$	491,314
Included in cash and cash equivalents	$	261,254	$	—	$	—	$	261,254
Included in marketable securities	$	230,594	$	6	$	(540)	$	230,060

Schedule of Investments Classified by Contractual Maturity Date

The contractual maturities of the investments classified as marketable securities are as follows (in thousands):


	As of September 30, 2022
Due within one year	$	144,644
Due in one to two years	57,883
Due in three to five years	984
	$	203,511

Schedule of Available-for-sale Securities, Continuous Unrealized Loss Position


	As of September 30, 2022
	Less than 12 months				12 months or greater
	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
U.S. treasury debt securities	$	44,933	$	(370)	$	33,082	$	(820)
Corporate debt securities	94,854		(1,870)		20,920		(489)
Foreign government debt securities	969		(23)		—		—
Total	$	140,756	$	(2,263)	$	54,002	$	(1,309)

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Current assets
Cash and cash equivalents	$ 229,497	$ 300,386
Marketable securities	203,511	230,060
Accounts receivable, net of allowance for doubtful accounts of $664 and $591 at September 30, 2022 and December 31, 2021, respectively	82,278	76,848
Deferred costs	35,043	31,152
Other receivables	3,449	3,538
Prepaid expenses and other	14,098	15,108
Total current assets	567,876	657,092
Property and equipment, net	27,133	28,821
Operating lease right-of-use assets	14,414	17,760
Deferred costs, non-current	30,258	33,091
Goodwill	103,091	34,556
Intangible assets, net	27,828	10,434
Other assets	6,037	5,005
Total assets	776,637	786,759
Current liabilities
Accounts payable	9,674	4,114
Accrued expenses and other current liabilities	84,890	84,126
Deferred revenue	280,594	258,023
Convertible senior notes, current	0	298,661
Finance lease obligations	609	1,575
Total current liabilities	375,767	646,499
Convertible senior notes, non-current	339,932	0
Deferred revenue, non-current	37,498	34,181
Other long-term liabilities	1,353	1,605
Operating lease liabilities, non-current	12,866	16,408
Finance lease obligations, non-current	14,711	15,087
Total liabilities	782,127	713,780
Stockholders’ (deficit) equity
Preferred stock, $0.001 par value per share, 100,000,000 shares authorized, no shares issued and outstanding	0	0
Additional paid-in-capital	522,336	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
Class A Common Stock
Stockholders’ (deficit) equity
Common stock	49	47
Class B Common Stock
Stockholders’ (deficit) equity
Common stock	$ 4	$ 4

Cash Equivalents and Marketable Securities - Schedule of Contractual Maturities (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Investments, Debt and Equity Securities [Abstract]
Due within one year	$ 144,644
Due in one to two years	57,883
Due in three to five years	984
Marketable securities	$ 203,511	$ 230,060

Revenue Recognition

9 Months Ended

Sep. 30, 2022

Revenue from Contract with Customer [Abstract]

Revenue Recognition

Disaggregation of Revenue

The following table presents our revenues disaggregated by industry (in thousands).


	Three months ended September 30,				Nine months ended September 30,
	2022		2021		2022		2021
Industrials	$	18,810	$	15,166	$	56,398	$	43,547
Diversified financials	17,472		14,808		51,864		41,970
Information technology	15,283		12,200		45,418		33,909
Banks	13,871		11,594		39,943		34,706
Consumer discretionary	13,301		10,993		38,147		30,348
Healthcare	11,701		9,999		35,158		28,580
Insurance	8,161		6,523		23,683		19,359
Real estate	5,647		5,229		17,651		15,479
Energy	5,577		5,275		17,169		15,720
Utilities	5,383		5,470		16,800		15,276
Materials	5,121		4,817		15,954		14,060
Other	12,522		10,619		35,887		29,548
Total revenues	$	132,849	$	112,693	$	394,072	$	322,502

Revenues by industry are derived from leading software providers. In the fourth quarter of 2021 we refined our policy surrounding customer industry categorization and accordingly the prior year amounts have been updated to reflect these refinements.

The following table presents our revenues disaggregated by type of good or service (in thousands):


	Three months ended September 30,				Nine months ended September 30,
	2022		2021		2022		2021
Subscription and support	$	118,591	$	98,912	$	339,064	$	275,053
XBRL professional services	10,634		9,003		41,844		33,558
Other services	3,624		4,778		13,164		13,891
Total revenues	$	132,849	$	112,693	$	394,072	$	322,502

Deferred Revenue

We recognized $112.2 million and $91.3 million of revenue during the three months ended September 30, 2022 and 2021, respectively, that was included in the deferred revenue balances at the beginning of the respective periods. We recognized $262.3 million and $198.7 million of revenue during the nine months ended September 30, 2022 and 2021, respectively, that was included in the deferred revenue balances at the beginning of the respective periods.

Transaction Price Allocated to the Remaining Performance Obligations

As of September 30, 2022, we expect revenue of approximately $668.3 million to be recognized from remaining performance obligations for subscription contracts. We expect to recognize approximately $376.2 million of these remaining performance obligations over the next 12 months with the balance substantially recognized in the 24 months thereafter.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI https://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

+ Details

Supplemental Consolidated Balance Sheet Information (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Accrued Liabilities and Other Liabilities [Abstract]
Accrued vacation	$ 13,453	$ 11,221
Accrued commissions	7,306	11,122
Accrued bonuses	16,981	8,292
Accrued payroll	3,648	4,494
Estimated health insurance claims	1,967	1,814
Accrued interest	485	1,455
ESPP employee contributions	3,176	5,349
Customer deposits	25,503	26,517
Operating lease liabilities	5,638	6,008
Accrued other liabilities	6,733	7,854
Accrued expenses and other current liabilities	$ 84,890	$ 84,126

Net Loss Per Share

9 Months Ended

Sep. 30, 2022

Earnings Per Share [Abstract]

Net Loss Per Share

Basic net loss per share is computed by dividing the net loss by the weighted-average number of shares of common stock outstanding during the period. Diluted net loss per share is computed by giving effect to all potential shares of common stock, including convertible senior notes, outstanding stock options, stock related to unvested restricted stock units, and common stock issuable pursuant to the ESPP to the extent dilutive. Basic and diluted net loss per share was the same for each period presented, as the inclusion of all potential common shares outstanding would have been anti-dilutive.

The net loss per share is allocated based on the participation rights of the Class A and Class B common shares as if the loss for the year has been distributed. As the liquidation and dividend rights are identical, the net loss is allocated on a proportionate basis.

At the Annual Meeting of Stockholders on June 1, 2022, our stockholders approved the amendment and restatement of the Workiva Inc. Amended and Restated 2014 Equity Incentive Plan which prohibits payment of dividends or dividend equivalents on full-value awards prior to the vesting of such award. As such, we no longer consider unvested restricted stock granted under the 2014 Equity Incentive Plan to be participating securities.

A reconciliation of the denominator used in the calculation of basic and diluted loss per share is as follows (in thousands, except share and per share data):


	Three months ended
	September 30, 2022				September 30, 2021
	Class A		Class B		Class A		Class B
Numerator
Net loss	$	(27,515)	$	(2,176)	$	(5,731)	$	(837)

Denominator
Weighted-average common shares outstanding - basic and diluted	49,190,981		3,890,583		44,886,268		6,555,420
Basic and diluted net loss per share	$	(0.56)	$	(0.56)	$	(0.13)	$	(0.13)


	Nine months ended
	September 30, 2022				September 30, 2021
	Class A		Class B		Class A		Class B
Numerator
Net loss	$	(71,310)	$	(5,735)	$	(19,993)	$	(3,413)

Denominator
Weighted-average common shares outstanding - basic and diluted	48,911,092		3,933,440		43,496,619		7,424,993
Basic and diluted net loss per share	$	(1.46)	$	(1.46)	$	(0.46)	$	(0.46)

The anti-dilutive securities excluded from the weighted-average shares used to calculate the diluted net loss per common share were as follows:


	As of
	September 30, 2022	September 30, 2021
Shares subject to outstanding common stock options	1,566,858	2,267,032
Shares subject to unvested restricted stock units	1,949,563	2,036,160
Shares issuable pursuant to the ESPP	115,715	55,561

In addition, as of September 30, 2022 and 2021 approximately 4.3 million shares of our Class A common stock underlying our Convertible Senior Notes were excluded from the weighted-average shares used to calculate the diluted net loss per common share as they are considered anti-dilutive. Upon adoption of ASU 2020-06 on January 1, 2022, we use the if-converted method for calculating any potential dilutive effect of the Notes on diluted net income per share, if applicable. Prior to adoption of ASU 2020-06 we used the treasury stock method.

Organization and Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	The financial information presented in the accompanying unaudited condensed consolidated financial statements has been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and in accordance with rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) regarding interim financial reporting. The condensed consolidated balance sheet data as of December 31, 2021 was derived from audited financial statements, but does not include all disclosures required by U.S. GAAP. In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments, consisting primarily of normal recurring accruals, necessary for a fair presentation of our financial position and results of operations. The operating results for the three and nine months ended September 30, 2022 are not necessarily indicative of the results expected for the full year ending December 31, 2022.
Principles of Consolidation	All intercompany accounts and transactions have been eliminated in consolidation.
Use of Estimates	The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States requires us to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. We base our estimates on historical experience and various other assumptions believed to be reasonable. These estimates include, but are not limited to, the allowance for doubtful accounts, the determination of the relative selling prices of our services, the measurement of material rights, health insurance claims incurred but not yet reported, valuation of available-for-sale marketable securities, useful lives of deferred contract costs, intangible assets and property and equipment, goodwill, income taxes, discount rates used in the valuation of right-of-use assets and lease liabilities, and certain assumptions used in the valuation of equity awards. While these estimates are based on our best knowledge of current events and actions that may affect us in the future, actual results may differ materially from these estimates.
Recently Adopted Accounting Pronouncements and New Accounting Pronouncements Not Yet Adopted	In October 2021, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers, which amends the accounting related to contract assets and liabilities acquired in business combinations. This ASU requires that entities recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with ASC 606, Revenue from Contracts with Customers. This update is effective for fiscal years beginning after December 15, 2022 with early adoption permitted. We adopted this standard on January 1, 2022. The adoption of this standard did not have a material impact on our consolidated financial statements. In August 2020, the FASB issued ASU 2020-06, Accounting for Convertible Instruments and Contracts in an Entity's Own Equity. Under ASU 2020-06, embedded conversion features are no longer separated from the host contract for convertible instruments with conversion features that are not required to be accounted for as derivatives, or that do not result in substantial premiums accounted for as paid-in capital. The convertible debt instruments will now be accounted for as a single liability measured at amortized cost. This results in the interest expense recognized for convertible debt instruments to be closer to the coupon interest rate. The new guidance also requires the if-converted method to be applied for all convertible instruments when calculating earnings per share. The new standard is effective for interim and annual periods beginning after December 15, 2021 and can be adopted on either a modified retrospective or full retrospective basis. We adopted this standard on January 1, 2022 using the modified retrospective method under which financial results reported in prior periods were not adjusted. Adoption of the new standard resulted in a decrease to accumulated deficit of $18.3 million, a decrease to additional paid-in capital of $58.6 million, and an increase to convertible senior notes, non-current of $40.3 million on the consolidated balance sheet.None.
Fair Value of Financial Instruments	Cash equivalents primarily consist of AAA-rated money market funds with overnight liquidity and no stated maturities. We classified cash equivalents as Level 1 due to the short-term nature of these instruments and measured the fair value based on quoted prices in active markets for identical assets. When available, our marketable securities are valued using quoted prices for identical instruments in active markets. If we are unable to value our marketable securities using quoted prices for identical instruments in active markets, we value our investments using broker reports that utilize quoted market prices for comparable instruments. We validate, on a sample basis, the derived prices provided by the brokers by comparing their assessment of the fair values of our investments against the fair values of the portfolio balances of another third-party professional pricing service.

Revenue Recognition - Deferred Revenue and Transaction Price Allocated to the Remaining Performance Obligations (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Revenue from Contract with Customer [Abstract]
Deferred revenue recognized	$ 112.2	$ 91.3	$ 262.3	$ 198.7
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue expected to be recognized	668.3		668.3
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue expected to be recognized	$ 376.2		$ 376.2
Expected period of recognition	12 months		12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Expected period of recognition	24 months		24 months

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Revenue
Total revenue	$ 132,849	$ 112,693	$ 394,072	$ 322,502
Cost of revenue
Total cost of revenue	32,419	26,405	95,529	74,672
Gross profit	100,430	86,288	298,543	247,830
Operating expenses
Research and development	38,583	29,841	113,644	84,305
Sales and marketing	64,560	46,026	184,879	128,586
General and administrative	27,405	18,390	75,507	52,795
Total operating expenses	130,548	94,257	374,030	265,686
Loss from operations	(30,118)	(7,969)	(75,487)	(17,856)
Interest income	1,440	219	2,325	834
Interest expense	(1,510)	(3,508)	(4,540)	(10,495)
Other income, net	964	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 taxes	467	(885)	810	(846)
Net loss	$ (29,691)	$ (6,568)	$ (77,045)	$ (23,406)
Net loss per common share:
Basic (in dollars per share)	$ (0.56)	$ (0.13)	$ (1.46)	$ (0.46)
Diluted (in dollars per share)	$ (0.56)	$ (0.13)	$ (1.46)	$ (0.46)
Weighted-average common shares outstanding - basic (in shares)	53,081,564	51,441,688	52,844,532	50,921,612
Weighted-average common shares outstanding - diluted (in shares)	53,081,564	51,441,688	52,844,532	50,921,612
Subscription and support
Revenue
Total revenue	$ 118,591	$ 98,912	$ 339,064	$ 275,053
Cost of revenue
Total cost of revenue	19,235	15,606	56,683	42,906
Professional services
Revenue
Total revenue	14,258	13,781	55,008	47,449
Cost of revenue
Total cost of revenue	$ 13,184	$ 10,799	$ 38,846	$ 31,766

Acquisitions - Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Apr. 01, 2022	Sep. 30, 2022	Dec. 31, 2021
Business Acquisition [Line Items]
Goodwill		$ 103,091	$ 34,556
ParsePort ApS
Business Acquisition [Line Items]
Cash consideration	$ 100,744
Total consideration	100,744
Cash	1,558
Accounts receivable, net	1,403
Intangible assets	24,000
Goodwill	78,225
Other assets	440
Accounts payable	(29)
Accrued liabilities	(1,444)
Deferred revenue	(3,299)
Other liabilities	(110)
Fair value of assets and liabilities	$ 100,744

Stock-Based Compensation - Narrative (Details) - 2014 Plan - Class A Common Stock - shares	Sep. 30, 2022	Jun. 01, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of additional shares available for grant (in shares)		3,000,000
Number of shares available for grant (in shares)	3,339,296

Cash Equivalents and Marketable Securities - Schedule of Marketable Securities (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Cash and Cash Equivalents [Line Items]
Amortized Cost	$ 229,497	$ 300,386
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	207,080	230,594
Cash and cash equivalents and available-for-sale securities, amortized cost	369,445	491,848
Unrealized Gains	3	6
Unrealized Losses	(3,572)	(540)
Aggregate Fair Value	203,511	230,060
Cash and cash equivalents and available-for-sale securities	365,876	491,314
Commercial paper
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	5,499	10,479
Unrealized Gains	0	0
Unrealized Losses	0	0
Aggregate Fair Value	5,499	10,479
U.S. treasury debt securities
Debt Securities, Available-for-sale [Line Items]
Cash and cash equivalents and available-for-sale securities, amortized cost	85,956	54,809
Unrealized Gains	3	2
Unrealized Losses	(1,190)	(206)
Cash and cash equivalents and available-for-sale securities	84,769	54,605
Corporate debt securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	118,133	161,792
Unrealized Gains	0	3
Unrealized Losses	(2,359)	(334)
Aggregate Fair Value	115,774	161,461
Foreign government debt securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	992	5,014
Unrealized Gains	0	1
Unrealized Losses	(23)	0
Aggregate Fair Value	969	5,015
Money market funds
Cash and Cash Equivalents [Line Items]
Amortized Cost	158,865	259,754
Aggregate Fair Value	158,865	259,754
Cash Equivalents
Cash and Cash Equivalents [Line Items]
Amortized Cost	162,365	261,254
Aggregate Fair Value	$ 162,365	$ 261,254

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2022

Fair Value Disclosures [Abstract]

Schedule of Assets Measured on Recurring Basis

The following table presents information about our assets that are measured at fair value on a recurring basis using the above input categories (in thousands):


	Fair Value Measurements as of September 30, 2022						Fair Value Measurements as of December 31, 2021
Description	Total		Level 1		Level 2		Total		Level 1		Level 2
Money market funds	$	158,865	$	158,865	$	—	$	259,754	$	259,754	$	—
Commercial paper	5,499		—		5,499		10,479		—		10,479
U.S. treasury debt securities	84,769		—		84,769		54,605		—		54,605
Corporate debt securities	115,774		—		115,774		161,461		—		161,461
Foreign government debt securities	969		—		969		5,015		—		5,015
	$	365,876	$	158,865	$	207,011	$	491,314	$	259,754	$	231,560

Included in cash and cash equivalents	$	162,365					$	261,254
Included in marketable securities	$	203,511					$	230,060

Convertible Senior Notes

9 Months Ended

Sep. 30, 2022

Debt Disclosure [Abstract]

Convertible Senior Notes

In August 2019, we issued $345.0 million aggregate principal amount of 1.125% convertible senior notes due 2026 in a private placement to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended, including the exercise in full by the initial purchasers of their option to purchase an additional $45.0 million principal amount (the “Notes”). The Notes were issued pursuant to an indenture and are senior, unsecured obligations of the Company. The Notes bear interest at a fixed rate of 1.125% per annum, payable semi-annually in arrears on February 15 and August 15 of each year, commencing on February 15, 2020. Proceeds from the issuance of the Notes totaled $335.9 million, net of initial purchaser discounts and issuance costs.

The initial conversion rate is 12.4756 shares of our common stock per $1,000 principal amount of Notes, which is equivalent to an initial conversion price of approximately $80.16 per share, subject to adjustment upon the occurrence of specified events.

Holders of the Notes may convert all or a portion of their Notes prior to the close of business on May 15, 2026, in multiples of $1,000 principal amount, only under the following circumstances:

•during any calendar quarter commencing after the calendar quarter ending on September 30, 2019 (and only during such calendar quarter), if the last reported sale price of our Class A common stock, par value $0.001 per share (which we refer to in this offering memorandum as our “Class A common stock”), for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable trading day;

•during the five consecutive business day period immediately following any ten consecutive trading day period (the “measurement period”) in which the trading price (as defined below) per $1,000 principal amount of Notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of our Class A common stock and the conversion rate on each such trading day;

•if we call any or all of the Notes for redemption, at any time prior to the close of business on the scheduled trading day immediately preceding the redemption date; or

•upon the occurrence of certain specified corporate events as set forth in the indenture.

On or after May 16, 2026, holders of the Notes may convert their Notes at any time until the close of business on the second scheduled trading day immediately preceding the maturity date of the Notes.

Upon conversion, we will pay or deliver, as the case may be, cash, shares of our Class A common stock or a combination of cash and shares of our Class A common stock, at our election, in the manner and subject to the terms and conditions provided in the indenture. It is our current intent to settle conversions through a combination settlement of cash and shares of our Class A common stock.

The Company may redeem for cash all or any portion of the Notes, at its option, on or after August 21, 2023, if the last reported sale price of the Company’s common stock has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period (including the last trading day of such period) ending on, and including, the trading day immediately preceding the date on which the Company provides notice of redemption at a redemption price equal to 100% of the principal amount of the Notes to be redeemed, plus any accrued and unpaid interest to, but excluding, the redemption date.

During the third quarter of 2022 none of the conversion conditions were met and therefore the Notes are not convertible at the option of the holders. As a result, the Notes were classified as non-current liabilities on the condensed consolidated balance sheet as of September 30, 2022.

As discussed in Note 1, we adopted ASU 2020‑06 on January 1, 2022 and the Notes are now accounted for as a single liability measured at amortized cost. Upon adoption, interest expense representing the amortization of the issuance costs as well as contractual interest expense is amortized to interest expense at an effective interest rate of 1.5% over the term of the notes. Prior to the adoption of ASU 2020-06, interest expense representing the amortization of the debt discount and issuance costs as well as contractual interest expense was amortized to interest expense at an effective interest rate of 4.3%. As of September 30, 2022 the if-converted value of the Notes was less than the principal amount by $10.2 million.

As of September 30, 2022, the remaining life of the Notes is approximately 3.8 years.

The net carrying amount of the liability and equity components of the Notes was as follows (in thousands):


	September 30, 2022		December 31, 2021
Liability component:
Principal	$	345,000	$	345,000
Unamortized discount	—		(41,193)
Unamortized issuance costs	(5,068)		(5,146)
Net carrying amount	$	339,932	$	298,661

Equity component, net of purchase discounts and issuance costs	$	—	$	58,560

Interest expense related to the Notes is as follows (in thousands):


	Three months ended September 30,				Nine months ended September 30,
	2022		2021		2022		2021
Contractual interest expense	$	970	$	970	$	2,910	$	2,911
Amortization of debt discount	—		2,045		—		6,091
Amortization of issuance costs	325		256		973		760
Total interest expense	$	1,295	$	3,271	$	3,883	$	9,762

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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+ Details

Organization and Significant Accounting Policies (Details) - USD ($) $ in Thousands		12 Months Ended
	Jan. 01, 2022	Dec. 31, 2021	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Accounting Standards Update [Extensible Enumeration]	Accounting Standards Update 2020-06 [Member]	Accounting Standards Update 2020-06 [Member]
Increase (decrease) in stockholders' equity		$ 72,979	$ (5,490)	$ 7,854	$ 25,193	$ 70,178	$ 72,066	$ 69,756	$ 64,277
Increase to convertible senior notes, non-current		0	339,932
Accumulated Deficit
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Increase (decrease) in stockholders' equity		(452,430)	(511,214)	(481,523)	(452,662)	(438,106)	(431,538)	(422,024)	(414,700)
Additional Paid-in-Capital
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Increase (decrease) in stockholders' equity		525,646	$ 522,336	$ 498,115	$ 479,867	$ 508,025	$ 503,350	$ 491,549	$ 478,698
Cumulative Effect, Period of Adoption, Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Increase (decrease) in stockholders' equity		(40,299)
Increase to convertible senior notes, non-current	$ 40,300
Cumulative Effect, Period of Adoption, Adjustment \| Accumulated Deficit
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Increase (decrease) in stockholders' equity	18,300	18,261
Cumulative Effect, Period of Adoption, Adjustment \| Additional Paid-in-Capital
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Increase (decrease) in stockholders' equity	$ (58,600)	$ (58,560)

- Definition

Indicates amendment to accounting standards.

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- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

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