View:
Download DOC
Download PDF
Download XLS
Download XBRL
wk-20231030
FALSE000144530500014453052023-10-302023-10-30

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

October 30, 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 October 30, 2023, Workiva Inc. (the "Company") issued a press release announcing its results for the quarter ended September 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 30th day of October, 2023.

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

https://cdn.kscope.io/222e8c8cf5f14e27b5d22a6a7c09de45-image1.jpg

Workiva Inc. Announces Third Quarter 2023 Financial Results
•Increased Q3 2023 Subscription & Support Revenue by 21% over Q3 2022
•Generated Total Q3 2023 Revenue of $158.2 Million, up 19% over Q3 2022
•Achieved 38% YOY Growth of Customers with Annual Contract Value Over $300K

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

"Workiva delivered another solid quarter, achieving subscription revenue growth of 21% and an operating profit that beat the high end of our guidance," said CEO Julie Iskow. "Our platform offering continues to stand out from the SaaS crowd given that we solve problems our customers must address. Companies need transparency. They need to comply with regulation. And, they need accuracy in reporting and disclosure. We provide solutions that they need in good times and in challenging times."

Iskow added, "The value our platform provides was also quantified by the continued large contract account expansion we saw during the quarter. We continue to see outpaced growth in our large contract customers. Compared to third quarter 2022, the number of annual contracts valued over $100,000 increased 24%. Contracts valued over $150,000 increased 26% and contracts over $300,000 were up 38%."

"We were pleased with the strong increase we saw in net revenue retention, which improved for the fourth consecutive quarter," said CFO Jill Klindt. "With add-ons, our subscription revenue retention rate increased to 112% compared to 107% for the third quarter 2022. The main driver of this improvement is strong account expansion activity."

"The operating profit we posted in the third quarter is a result of our continued focus on growth and productivity. This focus has helped us improve our operating leverage and stay committed to our goal of delivering improved operating margins and non-GAAP profitability for both 2023 and 2024," added Klindt.
Third Quarter 2023 Financial Highlights
•Revenue: Total revenue for the third quarter of 2023 reached $158 million, an increase of 19% from $133 million in the third quarter of 2022. Subscription and support revenue contributed $143 million, up 21% versus the third quarter of 2022. Professional services revenue was $15 million, a slight increase compared to the same quarter in the prior year.
•Gross Profit: GAAP gross profit for the third quarter of 2023 was $120 million compared with $100 million in the same quarter of 2022. GAAP gross margin was 75.8% versus 75.6% in the third quarter of 2022. Non-GAAP gross profit for the third quarter of 2023 was $122 million, an increase of 20% compared with the prior year's third quarter, and non-GAAP gross margin was 76.9% compared to 76.6% in the third quarter of 2022.
•Results from Operations: GAAP loss from operations for the third quarter of 2023 was $16 million compared with a loss of $30 million in the prior year's third quarter. Non-GAAP income from operations was $5 million compared with a loss of $8 million in the third quarter of 2022.
•GAAP Net Loss: GAAP net loss for the third quarter of 2023 was $56 million compared with a net loss of $30 million for the prior year's third quarter. GAAP net loss per basic and diluted share was $1.04 compared with a net loss per basic and diluted share of $0.56 in the third quarter of 2022.
•Non-GAAP Net Loss: Non-GAAP net loss for the third quarter of 2023 was $35 million compared with a loss of $8 million in the prior year's third quarter. Non-GAAP net loss per basic share and diluted share was $0.65 compared with a net loss per basic and diluted share of $0.15 in the third quarter of 2022. In connection with the 2026 note repurchase described below, we recorded a loss on induced conversion of $45.1 million which was recorded as interest expense.
•Liquidity: As of September 30, 2023, Workiva had cash, cash equivalents, and marketable securities totaling $782 million, compared with $431 million as of December 31, 2022. In August 2023, we issued $702.0 million aggregate principal amount of 1.250% convertible senior notes due in 2028. We used $396.9 million of the net proceeds from the 2028 Notes offering to repurchase $273.8 million principal amount, together with accrued and unpaid interest thereon, of our 2026 Notes. Workiva had $71 million aggregate principal amount of 1.125% convertible senior notes due in 2026, $702 million aggregate principal amount of 1.250% convertible senior notes due in 2028 and $15 million of finance lease obligations outstanding as of September 30, 2023.
Key Metrics and Recent Business Highlights
•Customers: Workiva had 5,945 customers as of September 30, 2023, a net increase of 404 customers from September 30, 2022.
•Revenue Retention Rate: As of September 30, 2023, Workiva's revenue retention rate (excluding add-on revenue) was 98%, and the revenue retention rate including add-on revenue was 112%. Add-on revenue includes changes in both solutions and pricing for existing customers.
•Large Contracts: As of September 30, 2023, Workiva had 1,561 customers with an annual contract value (“ACV”) of more than $100,000, up 24% from 1,257 customers at September 30, 2022. Workiva had 851 customers with an ACV of more than $150,000, up 26% from 676 customers in the third quarter of 2022. Workiva had 296 customers with an ACV of more than $300,000, up 38% from 214 customers in the third quarter of 2022.
Financial Outlook
As of October 30, 2023, Workiva is providing guidance as follows:
Fourth Quarter 2023 Guidance:
•Total revenue is expected to be in the range of $164 million to $165 million.
•GAAP loss from operations is expected to be in the range of $17 million to $16 million.
•Non-GAAP income from operations is expected to be in the range of $6 million to $7 million.
•GAAP net loss per basic share is expected to be in the range of $0.20 to $0.18.
•Non-GAAP net income per basic share is expected to be in the range of $0.21 to $0.23.
•Net income (loss) per basic share is based on 54 million weighted-average shares outstanding.
Full Year 2023 Guidance:
•Total revenue is expected to be in the range of $627 million to $628 million.
•GAAP loss from operations is expected to be in the range of $102 million to $101 million.
•Non-GAAP income from operations is expected to be in the range of $3 million to $4 million.
•GAAP net loss per basic share is expected to be in the range of $2.48 to $2.46.
•Non-GAAP net loss per basic share is expected to be in the range of $0.54 to $0.52.
•Net income (loss) per basic share is based on 54 million weighted-average shares outstanding.
Quarterly Conference Call
Workiva will host a conference call today at 5:00 p.m. ET to review the Company’s financial results for the third quarter 2023, in addition to discussing the Company’s outlook for the fourth 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 November 7, 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.
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 September 30,Nine months ended September 30,
2023202220232022
(unaudited)
Revenue
Subscription and support$143,421 $118,591 $409,857 $339,064 
Professional services14,754 14,258 53,529 55,008 
Total revenue158,175 132,849 463,386 394,072 
Cost of revenue
Subscription and support (1)
24,864 19,235 74,080 56,683 
Professional services (1)
13,491 13,184 42,297 38,846 
Total cost of revenue38,355 32,419 116,377 95,529 
Gross profit119,820 100,430 347,009 298,543 
Operating expenses
Research and development (1)
41,747 38,583 130,235 113,644 
Sales and marketing (1)
72,576 64,560 215,168 184,879 
General and administrative (1)
21,022 27,405 86,660 75,507 
Total operating expenses135,345 130,548 432,063 374,030 
Loss from operations(15,525)(30,118)(85,054)(75,487)
Interest income7,294 1,440 15,546 2,325 
Interest expense(47,437)(1,510)(50,437)(4,540)
Other (expense) and income, net(71)964 (1,450)1,467 
Loss before provision for income taxes(55,739)(29,224)(121,395)(76,235)
Provision for income taxes530 467 1,934 810 
Net loss$(56,269)$(29,691)$(123,329)$(77,045)
Net loss per common share:
Basic and diluted$(1.04)$(0.56)$(2.28)$(1.46)
Weighted-average common shares outstanding - basic and diluted54,256,941 53,081,564 53,987,791 52,844,532 

(1) Includes stock-based compensation expense as follows:
Three months ended September 30,Nine months ended September 30,
2023202220232022
(unaudited)
Cost of revenue
Subscription and support$1,247 $855 $3,732 $2,557 
Professional services623 533 1,923 1,578 
Operating expenses
Research and development4,155 3,399 13,677 9,272 
Sales and marketing7,108 4,657 20,769 14,388 
General and administrative6,244 10,853 37,928 26,258 

2

WORKIVA INC.

CONSOLIDATED BALANCE SHEETS
(in thousands)
September 30, 2023December 31, 2022
(unaudited)
Assets
Current assets
Cash and cash equivalents$404,885 $240,197 
Marketable securities377,533 190,595 
Accounts receivable, net98,861 106,316 
Deferred costs36,953 38,350 
Other receivables7,017 6,674 
Prepaid expenses and other21,902 17,957 
Total current assets947,151 600,089 
Property and equipment, net25,102 27,096 
Operating lease right-of-use assets10,228 13,932 
Deferred costs, non-current28,816 33,682 
Goodwill108,851 109,740 
Intangible assets, net23,585 28,234 
Other assets5,395 6,847 
Total assets$1,149,128 $819,620 
Liabilities and Stockholders’ (Deficit) Equity
Current liabilities
Accounts payable$4,909 $6,174 
Accrued expenses and other current liabilities94,158 83,999 
Deferred revenue338,418 316,263 
Finance lease obligations525 504 
Total current liabilities438,010 406,940 
Convertible senior notes, non-current761,847 340,257 
Deferred revenue, non-current38,216 38,237 
Other long-term liabilities1,539 1,518 
Operating lease liabilities, non-current9,023 12,102 
Finance lease obligations, non-current14,186 14,583 
Total liabilities1,262,821 813,637 
Stockholders’ (deficit) equity
Common stock54 53 
Additional paid-in-capital541,093 537,732 
Accumulated deficit(648,445)(525,116)
Accumulated other comprehensive loss(6,395)(6,686)
Total stockholders’ (deficit) equity(113,693)5,983 
Total liabilities and stockholders’ (deficit) equity$1,149,128 $819,620 

3

WORKIVA INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
Three months ended September 30,Nine months ended September 30,
2023202220232022
(unaudited)
Cash flows from operating activities
Net loss$(56,269)$(29,691)$(123,329)$(77,045)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization2,686 2,681 8,353 7,365 
Stock-based compensation expense19,377 20,297 78,029 54,053 
Provision for doubtful accounts8 91 57 82 
Realized loss on sale of available-for-sale securities, net— — 708 — 
(Accretion) amortization of premiums and discounts on marketable securities, net(1,930)129 (4,530)1,242 
Amortization of issuance costs and debt discount472 325 1,122 973 
Induced conversion expense
45,144 — 45,144 — 
Deferred income tax(14)57 (17)(91)
Changes in assets and liabilities:
Accounts receivable(15,234)(7,927)7,243 (6,190)
Deferred costs3,116 (1,372)6,248 (2,662)
Operating lease right-of-use asset1,244 1,269 3,807 3,877 
Other receivables(1,556)(527)(1,842)38 
Prepaid expenses3,452 3,593 (3,985)870 
Other assets1,043 (1,140)1,479 (1,105)
Accounts payable(386)3,931 (1,267)5,995 
Deferred revenue11,120 14,775 22,225 28,573 
Operating lease liability(750)(1,113)(3,129)(3,757)
Accrued expenses and other liabilities3,468 (523)10,217 384 
Net cash provided by operating activities14,991 4,855 46,533 12,602 
Cash flows from investing activities
Purchase of property and equipment(895)(1,023)(1,732)(2,226)
Purchase of marketable securities(144,989)(41,618)(322,008)(99,564)
Sale of marketable securities— — 65,052 14,981 
Maturities of marketable securities36,906 40,071 76,811 106,857 
Acquisitions, net of cash acquired— — — (99,186)
Purchase of intangible assets(48)(62)(167)(108)
Net cash used in investing activities(109,026)(2,632)(182,044)(79,246)
4

WORKIVA INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
Three months ended September 30,Nine months ended September 30,
2023202220232022
(unaudited)
Cash flows from financing activities
Proceeds from option exercises1,120 625 3,324 2,595 
Taxes paid related to net share settlements of stock-based compensation awards(984)(738)(9,424)(10,652)
Proceeds from shares issued in connection with employee stock purchase plan6,967 4,038 12,513 9,256 
Proceeds from the issuance of convertible senior notes, net of issuance costs691,113 — 691,113 — 
Payments for repurchase of convertible senior notes
(396,869)— (396,869)— 
Principal payments on finance lease obligations(127)(454)(376)(1,342)
Net cash provided by (used in) financing activities301,220 3,471 300,281 (143)
Effect of foreign exchange rates on cash(1,239)(2,450)(82)(4,102)
Net increase (decrease) in cash and cash equivalents205,946 3,244 164,688 (70,889)
Cash and cash equivalents at beginning of period198,939 226,253 240,197 300,386 
Cash and cash equivalents at end of period$404,885 $229,497 $404,885 $229,497 
5

TABLE I
WORKIVA INC.
RECONCILIATION OF NON-GAAP INFORMATION
(in thousands, except share and per share)
Three months ended September 30,Nine months ended September 30,
2023202220232022
Gross profit, subscription and support$118,557 $99,356 $335,777 $282,381 
Add back: Stock-based compensation1,247 855 3,732 2,557 
Gross profit, subscription and support, non-GAAP$119,804 $100,211 $339,509 $284,938 
Gross profit, professional services$1,263 $1,074 $11,232 $16,162 
Add back: Stock-based compensation623 533 1,923 1,578 
Gross profit, professional services, non-GAAP$1,886 $1,607 $13,155 $17,740 
Gross profit$119,820 $100,430 $347,009 $298,543 
Add back: Stock-based compensation1,870 1,388 5,655 4,135 
Gross profit, non-GAAP$121,690 $101,818 $352,664 $302,678 
Cost of revenue, subscription and support$24,864 $19,235 $74,080 $56,683 
Less: Stock-based compensation1,247 855 3,732 2,557 
Cost of revenue, subscription and support, non-GAAP$23,617 $18,380 $70,348 $54,126 
Cost of revenue, professional services$13,491 $13,184 $42,297 $38,846 
Less: Stock-based compensation623 533 1,923 1,578 
Cost of revenue, professional services, non-GAAP$12,868 $12,651 $40,374 $37,268 
Research and development$41,747 $38,583 $130,235 $113,644 
Less: Stock-based compensation4,155 3,399 13,677 9,272 
Less: Amortization of acquisition-related intangibles891 876 2,668 2,240 
Research and development, non-GAAP$36,701 $34,308 $113,890 $102,132 
Sales and marketing$72,576 $64,560 $215,168 $184,879 
Less: Stock-based compensation7,108 4,657 20,769 14,388 
Less: Amortization of acquisition-related intangibles598 587 1,805 1,373 
Sales and marketing, non-GAAP$64,870 $59,316 $192,594 $169,118 
General and administrative$21,022 $27,405 $86,660 $75,507 
Less: Stock-based compensation6,244 10,853 37,928 26,258 
General and administrative, non-GAAP$14,778 $16,552 $48,732 $49,249 
Loss from operations$(15,525)$(30,118)$(85,054)$(75,487)
Add back: Stock-based compensation19,377 20,297 78,029 54,053 
Add back: Amortization of acquisition-related intangibles1,489 1,463 4,473 3,613 
Income (loss) from operations, non-GAAP
$5,341 $(8,358)$(2,552)$(17,821)
6

TABLE I
WORKIVA INC.
RECONCILIATION OF NON-GAAP INFORMATION
(in thousands, except share and per share)
Three months ended September 30,Nine months ended September 30,
2023202220232022
Net loss$(56,269)$(29,691)$(123,329)$(77,045)
Add back: Stock-based compensation19,377 20,297 78,029 54,053 
Add back: Amortization of acquisition-related intangibles1,489 1,463 4,473 3,613 
Net loss, non-GAAP
$(35,403)$(7,931)$(40,827)$(19,379)
Net loss per basic and diluted share:$(1.04)$(0.56)$(2.28)$(1.46)
Add back: Stock-based compensation0.36 0.38 1.44 1.02 
Add back: Amortization of acquisition-related intangibles0.03 0.03 0.08 0.07 
Net loss per basic share, non-GAAP
$(0.65)$(0.15)$(0.76)$(0.37)
Net loss per diluted share, non-GAAP
$(0.65)$(0.15)$(0.76)$(0.37)
Weighted-average common shares outstanding - basic, non-GAAP54,256,941 53,081,564 53,987,791 52,844,532 
Weighted-average common shares outstanding - diluted, non-GAAP54,256,941 53,081,564 53,987,791 52,844,532 



7

TABLE II
WORKIVA INC.
RECONCILIATION OF NON-GAAP GUIDANCE
(in thousands, except share and per share data)
Three months ending December 31, 2023Year ending December 31, 2023
Loss from operations, GAAP range$(16,946)-$(15,946)$(102,000)-$(101,000)
Add back: Stock-based compensation
21,071 21,071 99,100 99,100 
Add back: Amortization of acquisition-related intangibles1,427 1,427 5,900 5,900 
Income from operations, non-GAAP range
$5,552 -$6,552 $3,000 -$4,000 
Net loss per share, GAAP range$(0.20)-$(0.18)$(2.48)-$(2.46)
Add back: Stock-based compensation
0.38 0.38 1.83 1.83 
Add back: Amortization of acquisition-related intangibles0.03 0.03 0.11 0.11 
Net income (loss) per share, non-GAAP range
$0.21 -$0.23 $(0.54)-$(0.52)
Weighted-average common shares outstanding - basic54,400,000 54,400,000 54,200,000 54,200,000 

8