NEW YORK--(BUSINESS WIRE)-- 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
Key Metrics and Recent Business Highlights
Financial Outlook
As of October 30, 2023, Workiva is providing guidance as follows:
Fourth Quarter 2023 Guidance:
Full Year 2023 Guidance:
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.
WORKIVA INC. | |||||||||||
| |||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||
(in thousands, except share and per share amounts) | |||||||||||
| Three months ended September 30, |
| Nine months ended September 30, | ||||||||
|
| 2023 |
|
| 2022 |
|
| 2023 |
|
| 2022 |
| (unaudited) | ||||||||||
Revenue |
|
|
|
|
|
|
| ||||
Subscription and support | $ | 143,421 |
| $ | 118,591 |
| $ | 409,857 |
| $ | 339,064 |
Professional services |
| 14,754 |
|
| 14,258 |
|
| 53,529 |
|
| 55,008 |
Total revenue |
| 158,175 |
|
| 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 revenue |
| 38,355 |
|
| 32,419 |
|
| 116,377 |
|
| 95,529 |
Gross profit |
| 119,820 |
|
| 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 expenses |
| 135,345 |
|
| 130,548 |
|
| 432,063 |
|
| 374,030 |
Loss from operations |
| (15,525) |
|
| (30,118) |
|
| (85,054) |
|
| (75,487) |
Interest income |
| 7,294 |
|
| 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 taxes |
| 530 |
|
| 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 diluted |
| 54,256,941 |
|
| 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, | ||||||||
|
| 2023 |
|
| 2022 |
|
| 2023 |
|
| 2022 |
| (unaudited) | ||||||||||
Cost of revenue |
|
|
|
|
|
|
| ||||
Subscription and support | $ | 1,247 |
| $ | 855 |
| $ | 3,732 |
| $ | 2,557 |
Professional services |
| 623 |
|
| 533 |
|
| 1,923 |
|
| 1,578 |
Operating expenses |
|
|
|
|
|
|
| ||||
Research and development |
| 4,155 |
|
| 3,399 |
|
| 13,677 |
|
| 9,272 |
Sales and marketing |
| 7,108 |
|
| 4,657 |
|
| 20,769 |
|
| 14,388 |
General and administrative |
| 6,244 |
|
| 10,853 |
|
| 37,928 |
|
| 26,258 |
WORKIVA INC. | |||||
| |||||
CONSOLIDATED BALANCE SHEETS | |||||
(in thousands) | |||||
| September 30, 2023 |
| December 31, 2022 | ||
| (unaudited) |
|
| ||
Assets |
|
|
| ||
Current assets |
|
|
| ||
Cash and cash equivalents | $ | 404,885 |
| $ | 240,197 |
Marketable securities |
| 377,533 |
|
| 190,595 |
Accounts receivable, net |
| 98,861 |
|
| 106,316 |
Deferred costs |
| 36,953 |
|
| 38,350 |
Other receivables |
| 7,017 |
|
| 6,674 |
Prepaid expenses and other |
| 21,902 |
|
| 17,957 |
Total current assets |
| 947,151 |
|
| 600,089 |
Property and equipment, net |
| 25,102 |
|
| 27,096 |
Operating lease right-of-use assets |
| 10,228 |
|
| 13,932 |
Deferred costs, non-current |
| 28,816 |
|
| 33,682 |
Goodwill |
| 108,851 |
|
| 109,740 |
Intangible assets, net |
| 23,585 |
|
| 28,234 |
Other assets |
| 5,395 |
|
| 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 liabilities |
| 94,158 |
|
| 83,999 |
Deferred revenue |
| 338,418 |
|
| 316,263 |
Finance lease obligations |
| 525 |
|
| 504 |
Total current liabilities |
| 438,010 |
|
| 406,940 |
Convertible senior notes, non-current |
| 761,847 |
|
| 340,257 |
Deferred revenue, non-current |
| 38,216 |
|
| 38,237 |
Other long-term liabilities |
| 1,539 |
|
| 1,518 |
Operating lease liabilities, non-current |
| 9,023 |
|
| 12,102 |
Finance lease obligations, non-current |
| 14,186 |
|
| 14,583 |
Total liabilities |
| 1,262,821 |
|
| 813,637 |
Stockholders’ (deficit) equity |
|
|
| ||
Common stock |
| 54 |
|
| 53 |
Additional paid-in-capital |
| 541,093 |
|
| 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 |
WORKIVA INC. | |||||||||||
| |||||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||||||
(in thousands) | |||||||||||
| Three months ended September 30, |
| Nine months ended September 30, | ||||||||
|
| 2023 |
|
| 2022 |
|
| 2023 |
|
| 2022 |
| (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 amortization |
| 2,686 |
|
| 2,681 |
|
| 8,353 |
|
| 7,365 |
Stock-based compensation expense |
| 19,377 |
|
| 20,297 |
|
| 78,029 |
|
| 54,053 |
Provision for doubtful accounts |
| 8 |
|
| 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 discount |
| 472 |
|
| 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 costs |
| 3,116 |
|
| (1,372) |
|
| 6,248 |
|
| (2,662) |
Operating lease right-of-use asset |
| 1,244 |
|
| 1,269 |
|
| 3,807 |
|
| 3,877 |
Other receivables |
| (1,556) |
|
| (527) |
|
| (1,842) |
|
| 38 |
Prepaid expenses |
| 3,452 |
|
| 3,593 |
|
| (3,985) |
|
| 870 |
Other assets |
| 1,043 |
|
| (1,140) |
|
| 1,479 |
|
| (1,105) |
Accounts payable |
| (386) |
|
| 3,931 |
|
| (1,267) |
|
| 5,995 |
Deferred revenue |
| 11,120 |
|
| 14,775 |
|
| 22,225 |
|
| 28,573 |
Operating lease liability |
| (750) |
|
| (1,113) |
|
| (3,129) |
|
| (3,757) |
Accrued expenses and other liabilities |
| 3,468 |
|
| (523) |
|
| 10,217 |
|
| 384 |
Net cash provided by operating activities |
| 14,991 |
|
| 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 securities |
| 36,906 |
|
| 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) |
|
|
|
|
|
|
|
| ||||
Cash flows from financing activities |
|
|
|
|
|
|
| ||||
Proceeds from option exercises |
| 1,120 |
|
| 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 plan |
| 6,967 |
|
| 4,038 |
|
| 12,513 |
|
| 9,256 |
Proceeds from the issuance of convertible senior notes, net of issuance costs |
| 691,113 |
|
| — |
|
| 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 activities |
| 301,220 |
|
| 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 equivalents |
| 205,946 |
|
| 3,244 |
|
| 164,688 |
|
| (70,889) |
Cash and cash equivalents at beginning of period |
| 198,939 |
|
| 226,253 |
|
| 240,197 |
|
| 300,386 |
Cash and cash equivalents at end of period | $ | 404,885 |
| $ | 229,497 |
| $ | 404,885 |
| $ | 229,497 |
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, | ||||||||
|
| 2023 |
|
| 2022 |
|
| 2023 |
|
| 2022 |
Gross profit, subscription and support | $ | 118,557 |
| $ | 99,356 |
| $ | 335,777 |
| $ | 282,381 |
Add back: Stock-based compensation |
| 1,247 |
|
| 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 compensation |
| 623 |
|
| 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 compensation |
| 1,870 |
|
| 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 compensation |
| 1,247 |
|
| 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 compensation |
| 623 |
|
| 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 compensation |
| 4,155 |
|
| 3,399 |
|
| 13,677 |
|
| 9,272 |
Less: Amortization of acquisition-related intangibles |
| 891 |
|
| 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 compensation |
| 7,108 |
|
| 4,657 |
|
| 20,769 |
|
| 14,388 |
Less: Amortization of acquisition-related intangibles |
| 598 |
|
| 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 compensation |
| 6,244 |
|
| 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 compensation |
| 19,377 |
|
| 20,297 |
|
| 78,029 |
|
| 54,053 |
Add back: Amortization of acquisition-related intangibles |
| 1,489 |
|
| 1,463 |
|
| 4,473 |
|
| 3,613 |
Income (loss) from operations, non-GAAP | $ | 5,341 |
| $ | (8,358) |
| $ | (2,552) |
| $ | (17,821) |
|
|
|
|
|
|
|
| ||||
Net loss | $ | (56,269) |
| $ | (29,691) |
| $ | (123,329) |
| $ | (77,045) |
Add back: Stock-based compensation |
| 19,377 |
|
| 20,297 |
|
| 78,029 |
|
| 54,053 |
Add back: Amortization of acquisition-related intangibles |
| 1,489 |
|
| 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 compensation |
| 0.36 |
|
| 0.38 |
|
| 1.44 |
|
| 1.02 |
Add back: Amortization of acquisition-related intangibles |
| 0.03 |
|
| 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-GAAP |
| 54,256,941 |
|
| 53,081,564 |
|
| 53,987,791 |
|
| 52,844,532 |
Weighted-average common shares outstanding - diluted, non-GAAP |
| 54,256,941 |
|
| 53,081,564 |
|
| 53,987,791 |
|
| 52,844,532 |
TABLE II | |||||||||||
WORKIVA INC. | |||||||||||
RECONCILIATION OF NON-GAAP GUIDANCE | |||||||||||
(in thousands, except share and per share data) | |||||||||||
| Three months ending December 31, 2023 |
| Year 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 intangibles |
| 1,427 |
|
| 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 intangibles |
| 0.03 |
|
| 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 - basic |
| 54,400,000 |
|
| 54,400,000 |
|
| 54,200,000 |
|
| 54,200,000 |
View source version on businesswire.com: https://www.businesswire.com/news/home/20231030151326/en/
Investor Contact: Mike RostWorkiva Inc.investor@workiva.com
Media Contact: Darcie BrossartWorkiva Inc.press@workiva.com
Source: Workiva Inc.