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wk-20230803
FALSE000144530500014453052023-08-032023-08-03

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

August 3, 2023
Date of Report (date of earliest event reported)
___________________________________
WORKIVA INC.
(Exact name of registrant as specified in its charter)
___________________________________
Delaware
(State or other jurisdiction of incorporation or organization)
001-36773
(Commission File Number)
47-2509828
(I.R.S. Employer Identification Number)
2900 University Blvd
Ames, IA 50010
(888) 275-3125
(Address of principal executive offices and zip code)
(888) 275-3125
(Registrant's telephone number, including area code)
___________________________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
Class A common stock, par value $.001WKNew York Stock Exchange

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



Section 2 - Financial Information
Item 2.02 - Results of Operations and Financial Condition
On August 3, 2023, Workiva Inc. (the "Company") issued a press release announcing its results for the quarter ended June 30, 2023. A copy of the press release is attached as Exhibit 99.1 to this current report on Form 8-K and is incorporated by reference herein.
The information in this current report on Form 8-K and the exhibits attached hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filing.



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



SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized on this 3rd day of August, 2023.

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

https://cdn.kscope.io/3b85f0027c548525c11809442446a0b1-image1a.jpg

Workiva Inc. Announces Second Quarter 2023 Financial Results
•Increased Q2 2023 Subscription & Support Revenue by 21% over Q2 2022
•Generated Total Q2 2023 Revenue of $155.0 Million, up 18% over Q2 2022
•Achieved 28% YOY Growth of Customers with Annual Contract Value Over $150K

NEW YORK - August 3, 2023 – Workiva Inc. (NYSE:WK), the world’s leading cloud platform for assured, integrated reporting, today announced financial results for its second quarter ended June 30, 2023.

"Workiva delivered another solid quarter. Our subscription revenue grew by 21%, driving a beat to the high end of our revenue guidance," said Julie Iskow, Workiva President & CEO. "Our growth during the quarter showcases the flexibility of our innovative technology, and speaks to the value of managing financial reporting, non-financial - or ESG - reporting, and audit, risk and controls all in one platform. Our results also reflect the strength of our partner program and its contribution in both new logo wins and account expansions."

"We're winning with assured, integrated reporting," said Jill Klindt, Workiva CFO. "This is evidenced by the growth we're seeing in our large contract customers. Compared to second quarter 2022 the number of contracts valued over $100K increased 24%; those over $150K increased 28%; and contracts valued over $300K were up 40%."

Iskow added, "I've had the opportunity and pleasure during my first quarter as CEO to spend a lot of time meeting with employees, customers, and partners all around the world. I'm more optimistic than ever in the opportunity in front of us. Despite the challenging macro environment, I'm confident in Workiva's ability to successfully execute our growth strategy and advance our productivity initiatives."
Second Quarter 2023 Financial Highlights
•Revenue: Total revenue for the second quarter of 2023 reached $155.0 million, an increase of 18% from $131.5 million in the second quarter of 2022. Subscription and support revenue contributed $136.8 million, up 21% versus the second quarter of 2022. Professional services revenue was $18.3 million, relatively flat compared to the same quarter in the prior year.
•Gross Profit: GAAP gross profit for the second quarter of 2023 was $115.5 million compared with $99.3 million in the same quarter of 2022. GAAP gross margin was 74.5% versus 75.5% in the second quarter of 2022. Non-GAAP gross profit for the second quarter of 2023 was $117.6 million, an increase of 16.6% compared with the prior year's second quarter, and non-GAAP gross margin was 75.9% compared to 76.6% in the second quarter of 2022.
•Loss from Operations: GAAP loss from operations for the second quarter of 2023 was $22.7 million compared with a loss of $28.2 million in the prior year's second quarter. Non-GAAP loss from operations was $0.6 million compared with a loss of $8.3 million in the second quarter of 2022.
•GAAP Net Loss: GAAP net loss for the second quarter of 2023 was $20.9 million compared with a net loss of $28.9 million for the prior year's second quarter. GAAP net loss per basic and diluted share was $0.39 compared with a net loss per basic and diluted share of $0.55 in the second quarter of 2022.
•Non-GAAP Net Income/Loss: Non-GAAP net income for the second quarter of 2023 was $1.2 million compared with a loss of $9.0 million in the prior year's second quarter. Non-GAAP net income per basic
share and diluted share was $0.02 compared with a net loss per basic and diluted share of $0.17 in the second quarter of 2022.
•Liquidity: As of June 30, 2023, Workiva had cash, cash equivalents, and marketable securities totaling $466.3 million, compared with $430.8 million as of December 31, 2022. Workiva had $345.0 million aggregate principal amount of 1.125% convertible senior notes due in 2026 and $14.8 million of finance lease obligations outstanding as of June 30, 2023.
Key Metrics and Recent Business Highlights
•Customers: Workiva had 5,860 customers as of June 30, 2023, a net increase of 479 customers from June 30, 2022.
•Revenue Retention Rate: As of June 30, 2023, Workiva's revenue retention rate (excluding add-on revenue) was 98%, and the revenue retention rate including add-on revenue was 111%. Add-on revenue includes changes in both solutions and pricing for existing customers.
•Large Contracts: As of June 30, 2023, Workiva had 1,470 customers with an annual contract value (“ACV”) of more than $100,000, up 24% from 1,186 customers at June 30, 2022. Workiva had 823 customers with an ACV of more than $150,000, up 28% from 642 customers in the second quarter of 2022. Workiva had 272 customers with an ACV of more than $300,000, up 40% from 194 customers in the second quarter of 2022.
Financial Outlook
As of August 3, 2023, Workiva is providing guidance as follows:
Third Quarter 2023 Guidance:
•Total revenue is expected to be in the range of $155.0 million to $156.0 million.
•GAAP loss from operations is expected to be in the range of $24.0 million to $23.0 million.
•Non-GAAP loss from operations is expected to be in the range of $1.0 million to break-even.
•GAAP net loss per basic and diluted share is expected to be in the range of $0.40 to $0.38.
•Non-GAAP net income per basic and diluted share is expected to be in the range of $0.03 to $0.05.
•Net income (loss) per basic and diluted share is based on 54.1 million weighted-average shares outstanding.
Full Year 2023 Guidance:
•Total revenue is expected to be in the range of $626.0 million to $628.0 million.
•GAAP loss from operations is expected to be in the range of $109.0 million to $107.0 million.
•Non-GAAP loss from operations is expected to be in the range of $3.0 million to $1.0 million.
•GAAP net loss per basic and diluted share is expected to be in the range of $1.88 to $1.85.
•Non-GAAP net income per basic and diluted share is expected to be in the range of $0.09 to $0.12.
•Net income (loss) per basic and diluted share is based on 54.0 million weighted-average shares outstanding.
Quarterly Conference Call
Workiva will host a conference call today at 5:00 p.m. ET to review the Company’s financial results for the second quarter 2023, in addition to discussing the Company’s outlook for the third quarter and full year 2023. To access this call, dial 888-330-2469 (U.S. domestic) or 240-789-2740 (international). The conference ID is 8736384. A live webcast of the conference call will be accessible in the "Investor Relations" section of Workiva’s website at www.workiva.com. A replay of this conference call can also be accessed through August 10, 2023, at 800-770-2030 (U.S. domestic) or 647-362-9199 (international). The replay pass code is 8736384. An archived webcast of this conference call will also be available an hour after the completion of the call in the "Investor Relations" section of the Company’s website at www.workiva.com.

About Workiva
Workiva Inc. (NYSE:WK) is on a mission to power transparent reporting for a better world. We build and deliver the world’s leading cloud platform for assured, integrated reporting to meet stakeholder demands for action, transparency, and disclosure of financial and non-financial data. Workiva offers the only unified SaaS platform that brings customers’ financial reporting, Environmental, Social, and Governance (ESG), and Governance, Risk, and Compliance (GRC) together in a controlled, secure, audit-ready platform. Our platform simplifies the most complex reporting and disclosure challenges by streamlining processes, connecting data and teams, and ensuring consistency. Learn more at workiva.com.

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

Non-GAAP Financial Measures
The non-GAAP adjustments referenced herein relate to the exclusion of stock-based compensation and amortization of acquisition-related intangible assets. A reconciliation of GAAP to non-GAAP historical financial measures has been provided in Table I at the end of this press release. A reconciliation of GAAP to non-GAAP guidance has been provided in Table II at the end of this press release.
Workiva believes that the use of non-GAAP gross profit and gross margin, non-GAAP income (loss) from operations, non-GAAP net income (loss) and non-GAAP net income (loss) per share is helpful to its investors. These measures, which are referred to as non-GAAP financial measures, are not prepared in accordance with generally accepted accounting principles in the United States, or GAAP. Non-GAAP gross profit is calculated by excluding stock-based compensation expense attributable to cost of revenues from gross profit. Non-GAAP gross margin is the ratio calculated by dividing non-GAAP gross profit by revenues. Non-GAAP income (loss) from operations is calculated by excluding stock-based compensation expense and amortization expense for acquisition-related intangible assets from loss from operations. Non-GAAP net income (loss) is calculated by excluding stock-based compensation expense, net of tax and amortization expense for acquisition-related intangible assets from net loss. Non-GAAP net income (loss) per share is calculated by dividing non-GAAP net income (loss) by the weighted- average shares outstanding as presented in the calculation of GAAP net loss per share. Because of varying available valuation methodologies, subjective assumptions and the variety of equity instruments that can impact a company’s non-cash expenses, Workiva believes that providing non-GAAP financial measures that exclude stock-based compensation expense allows for more meaningful comparisons between its operating results from period to period. For business combinations, we generally allocate a portion of the purchase price to intangible assets. The amount of the allocation is based on estimates and assumptions made by management and is subject to amortization. The amount of purchase price allocated to intangible assets and the term of its related amortization can vary significantly and are unique to each acquisition and thus we do not believe it is reflective of ongoing operations. Workiva’s management uses these non-GAAP financial measures as tools for financial and operational decision making and for evaluating Workiva’s own operating results over different periods of time.

Non-GAAP financial measures may not provide information that is directly comparable to that provided by other companies in Workiva’s industry, as other companies in the industry may calculate non-GAAP financial results differently. In addition, there are limitations in using non-GAAP financial measures because the non-GAAP financial measures are not prepared in accordance with GAAP, may be different from non-GAAP financial measures used by other companies and exclude expenses that may have a material impact on Workiva’s reported financial results. Further, stock-based compensation expense has been and will continue to be for the foreseeable future a significant recurring expense in Workiva’s business and an important part of the compensation provided to its employees. The presentation of non-GAAP financial information is not meant to be considered in isolation or as a substitute for the directly comparable financial measures prepared in accordance with GAAP. Investors should review the reconciliation of non-GAAP financial measures to the comparable GAAP financial measures included below, and not rely on any single financial measure to evaluate Workiva’s business.

Safe Harbor Statement
Certain statements in this press release are "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and are subject to the safe harbor created thereby. These statements relate to future events or the Company’s future financial performance and involve known and unknown risks, uncertainties and other factors that may cause the actual results, levels of activity, performance or achievements of the Company or its industry to be materially different from those expressed or implied by any forward-looking statements. In particular, statements about the Company’s expectations, beliefs, plans, objectives, assumptions, future events or future performance contained in this press release are forward-looking statements. In some cases, forward-looking statements can be identified by terminology such as "may," "will," "could," "would," "should," "expect," "plan," "anticipate," "intend," "believe," "estimate," "predict," "potential," "outlook," "guidance" or the negative of those terms or other comparable terminology.

Please see the Company’s documents filed or to be filed with the Securities and Exchange Commission, including the Company’s annual reports filed on Form 10-K and quarterly reports on Form 10-Q, and any amendments thereto for a discussion of certain important risk factors that relate to forward-looking statements contained in this report. The Company has based these forward-looking statements on its current expectations, assumptions, estimates and projections. While the Company believes these expectations, assumptions, estimates and projections are reasonable, such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond the Company’s control. These and other important factors may cause actual results, performance or achievements to differ materially from those expressed or implied by these forward-looking statements. Any forward-looking statements are made only as of the date hereof, and unless otherwise required by applicable securities laws, the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
###
Investor Contact:
Media Contact:
Mike RostDarcie Brossart
Workiva Inc.
Workiva Inc.
investor@workiva.com
press@workiva.com

1

WORKIVA INC.

CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except share and per share amounts)
Three months ended June 30,Six months ended June 30,
2023202220232022
(unaudited)
Revenue
Subscription and support$136,772 $113,353 $266,436 $220,473 
Professional services18,250 18,196 38,775 40,750 
Total revenue155,022 131,549 305,211 261,223 
Cost of revenue
Subscription and support (1)
25,083 18,915 49,216 37,448 
Professional services (1)
14,421 13,322 28,806 25,662 
Total cost of revenue39,504 32,237 78,022 63,110 
Gross profit115,518 99,312 227,189 198,113 
Operating expenses
Research and development (1)
42,697 39,177 88,488 75,061 
Sales and marketing (1)
71,882 64,219 142,592 120,319 
General and administrative (1)
23,627 24,108 65,638 48,102 
Total operating expenses138,206 127,504 296,718 243,482 
Loss from operations(22,688)(28,192)(69,529)(45,369)
Interest income4,535 605 8,252 885 
Interest expense(1,499)(1,512)(3,000)(3,030)
Other (expense) and income, net(439)668 (1,379)503 
Loss before provision for income taxes(20,091)(28,431)(65,656)(47,011)
Provision for income taxes819 430 1,404 343 
Net loss$(20,910)$(28,861)$(67,060)$(47,354)
Net loss per common share:
Basic and diluted$(0.39)$(0.55)$(1.25)$(0.90)
Weighted-average common shares outstanding - basic and diluted54,009,963 52,850,470 53,850,986 52,724,051 

(1) Includes stock-based compensation expense as follows:
Three months ended June 30,Six months ended June 30,
2023202220232022
(unaudited)
Cost of revenue
Subscription and support$1,413 $912 $2,485 $1,702 
Professional services667 593 1,300 1,045 
Operating expenses
Research and development4,825 3,148 9,522 5,873 
Sales and marketing6,703 5,646 13,661 9,731 
General and administrative7,002 8,148 31,684 15,405 

2

WORKIVA INC.

CONSOLIDATED BALANCE SHEETS
(in thousands)
June 30, 2023December 31, 2022
(unaudited)
Assets
Current assets
Cash and cash equivalents$198,939 $240,197 
Marketable securities267,312 190,595 
Accounts receivable, net84,272 106,316 
Deferred costs38,471 38,350 
Other receivables5,472 6,674 
Prepaid expenses and other25,419 17,957 
Total current assets619,885 600,089 
Property and equipment, net25,380 27,096 
Operating lease right-of-use assets11,493 13,932 
Deferred costs, non-current30,810 33,682 
Goodwill111,154 109,740 
Intangible assets, net25,643 28,234 
Other assets6,430 6,847 
Total assets$830,795 $819,620 
Liabilities and Stockholders’ Equity
Current liabilities
Accounts payable$5,312 $6,174 
Accrued expenses and other current liabilities91,118 83,999 
Deferred revenue327,365 316,263 
Finance lease obligations518 504 
Total current liabilities424,313 406,940 
Convertible senior notes, non-current340,907 340,257 
Deferred revenue, non-current39,822 38,237 
Other long-term liabilities1,527 1,518 
Operating lease liabilities, non-current9,749 12,102 
Finance lease obligations, non-current14,320 14,583 
Total liabilities830,638 813,637 
Stockholders’ equity
Common stock54 53 
Additional paid-in-capital595,693 537,732 
Accumulated deficit(592,176)(525,116)
Accumulated other comprehensive loss(3,414)(6,686)
Total stockholders’ equity157 5,983 
Total liabilities and stockholders’ equity$830,795 $819,620 

3

WORKIVA INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
Three months ended June 30,Six months ended June 30,
2023202220232022
(unaudited)
Cash flows from operating activities
Net loss$(20,910)$(28,861)$(67,060)$(47,354)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization2,867 2,725 5,667 4,684 
Stock-based compensation expense20,610 18,447 58,652 33,756 
(Recovery of) provision for doubtful accounts(57)20 49 (9)
Realized loss on sale of available-for-sale securities, net147 — 708 — 
(Accretion) amortization of premiums and discounts on marketable securities, net(1,572)453 (2,600)1,113 
Amortization of issuance costs and debt discount325 324 650 648 
Deferred income tax7 63 (3)(148)
Changes in assets and liabilities:
Accounts receivable(6,886)(4,844)22,477 1,737 
Deferred costs1,362 (2,734)3,132 (1,290)
Operating lease right-of-use asset1,268 1,307 2,563 2,608 
Other receivables(381)385 (286)565 
Prepaid expenses(1,705)(1,591)(7,437)(2,723)
Other assets510 12 436 35 
Accounts payable(1,088)(2,300)(881)2,064 
Deferred revenue21,060 13,192 11,105 13,798 
Operating lease liability(1,207)(1,302)(2,379)(2,644)
Accrued expenses and other liabilities11,629 13,388 6,749 907 
Net cash provided by operating activities25,979 8,684 31,542 7,747 
Cash flows from investing activities
Purchase of property and equipment(639)(671)(837)(1,203)
Purchase of marketable securities(51,204)(23,798)(177,019)(57,946)
Sale of marketable securities21,339 — 65,052 14,981 
Maturities of marketable securities8,000 40,536 39,905 66,786 
Acquisitions, net of cash acquired— (99,186)— (99,186)
Purchase of intangible assets(40)(6)(119)(46)
Net cash used in investing activities(22,544)(83,125)(73,018)(76,614)
4

WORKIVA INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
Three months ended June 30,Six months ended June 30,
2023202220232022
(unaudited)
Cash flows from financing activities
Proceeds from option exercises747 1,145 2,204 1,970 
Taxes paid related to net share settlements of stock-based compensation awards(1,212)(1,344)(8,440)(9,914)
Proceeds from shares issued in connection with employee stock purchase plan— — 5,546 5,218 
Principal payments on finance lease obligations(125)(446)(249)(888)
Net cash used in financing activities(590)(645)(939)(3,614)
Effect of foreign exchange rates on cash609 (1,737)1,157 (1,652)
Net increase (decrease) in cash and cash equivalents3,454 (76,823)(41,258)(74,133)
Cash and cash equivalents at beginning of period195,485 303,076 240,197 300,386 
Cash and cash equivalents at end of period$198,939 $226,253 $198,939 $226,253 
5

TABLE I
WORKIVA INC.
RECONCILIATION OF NON-GAAP INFORMATION
(in thousands, except share and per share)
Three months ended June 30,Six months ended June 30,
2023202220232022
Gross profit, subscription and support$111,689 $94,438 $217,220 $183,025 
Add back: Stock-based compensation1,413 912 2,485 1,702 
Gross profit, subscription and support, non-GAAP$113,102 $95,350 $219,705 $184,727 
Gross profit, professional services$3,829 $4,874 $9,969 $15,088 
Add back: Stock-based compensation667 593 1,300 1,045 
Gross profit, professional services, non-GAAP$4,496 $5,467 $11,269 $16,133 
Gross profit$115,518 $99,312 $227,189 $198,113 
Add back: Stock-based compensation2,080 1,505 3,785 2,747 
Gross profit, non-GAAP$117,598 $100,817 $230,974 $200,860 
Cost of revenue, subscription and support$25,083 $18,915 $49,216 $37,448 
Less: Stock-based compensation1,413 912 2,485 1,702 
Cost of revenue, subscription and support, non-GAAP$23,670 $18,003 $46,731 $35,746 
Cost of revenue, professional services$14,421 $13,322 $28,806 $25,662 
Less: Stock-based compensation667 593 1,300 1,045 
Cost of revenue, professional services, non-GAAP$13,754 $12,729 $27,506 $24,617 
Research and development$42,697 $39,177 $88,488 $75,061 
Less: Stock-based compensation4,825 3,148 9,522 5,873 
Less: Amortization of acquisition-related intangibles891 869 1,777 1,364 
Research and development, non-GAAP$36,981 $35,160 $77,189 $67,824 
Sales and marketing$71,882 $64,219 $142,592 $120,319 
Less: Stock-based compensation6,703 5,646 13,661 9,731 
Less: Amortization of acquisition-related intangibles606 586 1,207 786 
Sales and marketing, non-GAAP$64,573 $57,987 $127,724 $109,802 
General and administrative$23,627 $24,108 $65,638 $48,102 
Less: Stock-based compensation7,002 8,148 31,684 15,405 
General and administrative, non-GAAP$16,625 $15,960 $33,954 $32,697 
Loss from operations$(22,688)$(28,192)$(69,529)$(45,369)
Add back: Stock-based compensation20,610 18,447 58,652 33,756 
Add back: Amortization of acquisition-related intangibles1,497 1,455 2,984 2,150 
Loss from operations, non-GAAP$(581)$(8,290)$(7,893)$(9,463)
6

TABLE I
WORKIVA INC.
RECONCILIATION OF NON-GAAP INFORMATION
(in thousands, except share and per share)
Three months ended June 30,Six months ended June 30,
2023202220232022
Net loss$(20,910)$(28,861)$(67,060)$(47,354)
Add back: Stock-based compensation20,610 18,447 58,652 33,756 
Add back: Amortization of acquisition-related intangibles1,497 1,455 2,984 2,150 
Net income (loss), non-GAAP$1,197 $(8,959)$(5,424)$(11,448)
Net loss per basic and diluted share:$(0.39)$(0.55)$(1.25)$(0.90)
Add back: Stock-based compensation0.38 0.35 1.09 0.64 
Add back: Amortization of acquisition-related intangibles0.03 0.03 0.06 0.04 
Net income (loss) per basic share, non-GAAP$0.02 $(0.17)$(0.10)$(0.22)
Net income (loss) per diluted share, non-GAAP$0.02 $(0.17)$(0.10)$(0.22)
Weighted-average common shares outstanding - basic, non-GAAP54,009,963 52,850,470 53,850,986 52,724,051 
Weighted-average common shares outstanding - diluted, non-GAAP55,793,636 52,850,470 53,850,986 52,724,051 



7

TABLE II
WORKIVA INC.
RECONCILIATION OF NON-GAAP GUIDANCE
(in thousands, except share and per share data)
Three months ending September 30, 2023Year ending December 31, 2023
Loss from operations, GAAP range$(24,000)-$(23,000)$(109,000)-$(107,000)
Add back: Stock-based compensation
21,500 21,500 100,100 100,100 
Add back: Amortization of acquisition-related intangibles1,500 1,500 5,900 5,900 
Net loss from operations, non-GAAP range$(1,000)-$— $(3,000)-$(1,000)
Net loss per share, GAAP range$(0.40)-$(0.38)$(1.88)-$(1.85)
Add back: Stock-based compensation
0.40 0.40 1.86 1.86 
Add back: Amortization of acquisition-related intangibles0.03 0.03 0.11 0.11 
Net income per share, non-GAAP range$0.03 -$0.05 $0.09 -$0.12 
Weighted-average common shares outstanding - basic54,100,000 54,100,000 54,000,000 54,000,000 

8