Workiva Inc. Announces Second Quarter 2022 Financial Results

Rhea-AI Summary

Workiva reported a strong Q2 2022 performance, achieving total revenue of $131.5 million, an increase of 24.6% year-over-year. Subscription and support revenue reached $113.4 million, up 24.3%. The company added 123 new customers and reported a revenue retention rate of 97.9%. However, Workiva experienced a GAAP net loss of $28.9 million, compared to a $9.5 million loss in the prior year. For the second half of 2022, the company plans to balance growth investments with a focus on operating leverage, with expectations of returning to profitability in late 2023.

Positive

• Total revenue increased by 24.6% YOY to $131.5 million.
• Subscription and support revenue rose 24.3% YOY to $113.4 million.
• Revenue retention rate stood at 97.9%, indicating strong customer loyalty.
• Achieved 28% YOY growth in customers with contracts over $150K.

Negative

• GAAP net loss of $28.9 million vs. $9.5 million loss in Q2 2021.
• GAAP loss from operations increased to $28.2 million from $5.7 million.
• Non-GAAP net loss of $9.0 million vs. net income of $3.8 million in the prior year.

• Increased Q2 2022 Subscription & Support Revenue by 24.3% over Q2 2021
• Generated Total Q2 2022 Revenue of $131.5 Million, up 24.6% over Q2 2021
• Achieved 28.4% YOY Growth of Customers with Annual Contract Value Over $150K

AMES, Iowa--(BUSINESS WIRE)-- Workiva Inc. (NYSE:WK), the company powering transparent reporting for a better world, today announced financial results for its second quarter ended June 30, 2022.

"Our second quarter subscription & support and total revenue exceeded market expectations and we once again beat the high end of our guidance in revenue and operating results," said Marty Vanderploeg, Chief Executive Officer. "We added 123 net new logos for the Workiva platform, saw a 28% YOY increase in the number of customers with contract values over $150k, and achieved our highest revenue retention rate of 97.9%."

"We believe that the demand for regulatory software is consistent and durable. For the back half of 2022, we are maintaining our investment in our platform, purpose-built solutions, and talent in order to accelerate our growth and capture more of our large and relatively unaddressed TAM. However, we intend to balance this investment with a more prudent approach to our second half outlook," Vanderploeg added.

"We have increased our focus on operating leverage and have slowed the hiring plans for parts of our core business for the remainder of 2022. The balance between growth and operating leverage should lead to future margin improvement and we believe it will return Workiva to a quarterly operating profit on a Non-GAAP basis in the latter half of 2023," said Jill Klindt, Chief Financial Officer. "It is still early days in Workiva's growth story as we continue to capture more of the large and expanding business reporting market. We remain committed to strong, durable growth as we build Workiva into a billion dollar revenue company."

Second Quarter 2022 Financial Highlights

• Revenue: Total revenue for the second quarter of 2022 reached $131.5 million, an increase of 24.6% from $105.6 million in the second quarter of 2021. Subscription and support revenue contributed $113.4 million, up 24.3% versus the second quarter of 2021. Professional services revenue was $18.2 million, an increase of 26.5% compared to the same quarter in the prior year.
• Gross Profit: GAAP gross profit for the second quarter of 2022 was $99.3 million compared with $81.0 million in the same quarter of 2021. GAAP gross margin was 75.5% versus 76.7% in the second quarter of 2021. Non-GAAP gross profit for the second quarter of 2022 was $100.8 million, an increase of 22.9% compared with the prior year's second quarter, and non-GAAP gross margin was 76.6% compared to 77.7% in the second quarter of 2021.
• Results from Operations: GAAP loss from operations for the second quarter of 2022 was $28.2 million compared with a loss of $5.7 million in the prior year's second quarter. Non-GAAP loss from operations was $8.3 million, compared with non-GAAP income from operations of $5.3 million in the second quarter of 2021.
• GAAP Net Loss: GAAP net loss for the second quarter of 2022 was $28.9 million compared with a net loss of $9.5 million for the prior year's second quarter. GAAP net loss per basic and diluted share was $0.55 compared with a net loss per basic and diluted share of $0.19 in the second quarter of 2021.
• Non-GAAP Net Loss/Income: Non-GAAP net loss for the second quarter of 2022 was $9.0 million compared with net income of $3.8 million in the prior year's second quarter. Non-GAAP net loss per basic and diluted share was $0.17, compared with net income per basic and diluted share of $0.07 in the second quarter of 2021.
• Liquidity: As of June 30, 2022, Workiva had cash, cash equivalents, and marketable securities totaling $429.0 million, compared with $530.4 million as of December 31, 2021. Workiva had $345.0 million aggregate principal amount of 1.125% convertible senior notes due in 2026 and $15.8 million of finance lease obligations outstanding as of June 30, 2022.

Key Metrics and Recent Business Highlights

• Customers: Workiva had 5,381 customers as of June 30, 2022, including approximately 850 ParsePort ESEF customers, a net increase of 1,432 customers from June 30, 2021.
• Revenue Retention Rate: As of June 30, 2022, Workiva's revenue retention rate (excluding add-on revenue) was 97.9%, and the revenue retention rate including add-on revenue was 108.0%. Add-on revenue includes changes in both solutions and pricing for existing customers.
• Large Contracts: As of June 30, 2022, Workiva had 1,186 customers with an annual contract value (“ACV”) of more than $100,000, up 25% from 952 customers at June 30, 2021. Workiva had 642 customers with an ACV of more than $150,000, up 28% from 500 customers in the second quarter of 2021. Workiva had 194 customers with an ACV of more than $300,000, up 22% from 159 customers in the second quarter of 2021.
• On April 1, 2022, Workiva 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.

Financial Outlook

As of August 9, 2022, Workiva is providing updated guidance as follows:

Third Quarter 2022 Guidance:

• Total revenue is expected to be in the range of $132.0 million to $133.0 million.
• GAAP loss from operations is expected to be in the range of $33.5 million to $32.5 million.
• Non-GAAP loss from operations is expected to be in the range of $13.0 million to $12.0 million.
• GAAP net loss per basic share is expected to be in the range of $0.66 to $0.64.
• Non-GAAP net loss per basic share is expected to be in the range of $0.27 to $0.25.
• Net loss per basic share is based on 53.1 million weighted-average shares outstanding.

Full Year 2022 Guidance:

• Total revenue is expected to be in the range of $534.0 million to $536.0 million.
• GAAP loss from operations is expected to be in the range of $103.5 million to $101.5 million.
• Non-GAAP loss from operations is expected to be in the range of $27.0 million to $25.0 million.
• GAAP net loss per basic share is expected to be in the range of $2.02 to $1.98.
• Non-GAAP net loss per basic share is expected to be in the range of $0.57 to $0.53.
• Net loss per basic share is based on 53.0 million weighted-average shares outstanding.

Quarterly Conference Call

Workiva will host a conference call today at 5:00 p.m. ET to review the Company’s financial results for the second quarter 2022, in addition to discussing the Company’s outlook for the third quarter and full year 2022. To access this call, dial 888-330-2469 (U.S. domestic) or 240-789-2740 (international). The conference ID is 8736384. A live webcast of the conference call will be accessible in the "Investor Relations" section of Workiva’s website at www.workiva.com. A replay of this conference call can also be accessed through August 16, 2022, at 800-770-2030 (U.S. domestic) or 647-362-9199 (international). The replay pass code is 8736384. An archived webcast of this conference call will also be available an hour after the completion of the call in the "Investor Relations" section of the Company’s website at www.workiva.com.

About Workiva

Workiva Inc. (NYSE:WK) is on a mission to power transparent reporting for a better world. We build and deliver the world’s leading regulatory, financial, and ESG reporting solutions to meet stakeholder demands for action, transparency, and disclosure of financial and non-financial data. Our cloud-based platform simplifies the most complex reporting and disclosure challenges by streamlining processes, connecting data and teams, and ensuring consistency. Learn more at workiva.com.

Follow Workiva on LinkedIn: www.linkedin.com/company/workiva
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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. 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 June 30,								Six months ended June 30,
		2022				2021				2022				2021
		(unaudited)
Revenue
Subscription and support		$	113,353			$	91,205			$	220,473			$	176,141
Professional services			18,196				14,382				40,750				33,668
Total revenue			131,549				105,587				261,223				209,809
Cost of revenue
Subscription and support (1)			18,915				14,098				37,448				27,300
Professional services (1)			13,322				10,493				25,662				20,967
Total cost of revenue			32,237				24,591				63,110				48,267
Gross profit			99,312				80,996				198,113				161,542
Operating expenses
Research and development (1)			39,177				27,830				75,061				54,464
Sales and marketing (1)			64,219				41,525				120,319				82,560
General and administrative (1)			24,108				17,384				48,102				34,405
Total operating expenses			127,504				86,739				243,482				171,429
Loss from operations			(28,192	)			(5,743	)			(45,369	)			(9,887	)
Interest income			605				255				885				615
Interest expense			(1,512	)			(3,502	)			(3,030	)			(6,987	)
Other income (expense), net			668				(156	)			503				(540	)
Loss before provision for income taxes			(28,431	)			(9,146	)			(47,011	)			(16,799	)
Provision for income taxes			430				368				343				39
Net loss		$	(28,861	)		$	(9,514	)		$	(47,354	)		$	(16,838	)
Net loss per common share:
Basic and diluted		$	(0.55	)		$	(0.19	)		$	(0.90	)		$	(0.33	)
Weighted-average common shares outstanding - basic and diluted			52,850,470				51,065,867				52,724,051				50,657,264
(1) Includes stock-based compensation expense as follows:
		Three months ended June 30,								Six months ended June 30,
		2022				2021				2022				2021
		(unaudited)
Cost of revenue
Subscription and support		$	912			$	597			$	1,702			$	1,093
Professional services			593				409				1,045				776
Operating expenses
Research and development			3,148				2,417				5,873				4,848
Sales and marketing			5,646				2,837				9,731				6,386
General and administrative			8,148				4,792				15,405				9,572

WORKIVA INC.
CONSOLIDATED BALANCE SHEETS
(in thousands)
		June 30, 2022				December 31, 2021
		(unaudited)
Assets
Current assets
Cash and cash equivalents		$	226,253			$	300,386
Marketable securities			202,712				230,060
Accounts receivable, net			75,607				76,848
Deferred costs			29,992				31,152
Other receivables			2,949				3,538
Prepaid expenses and other			17,776				15,108
Total current assets			555,289				657,092
Property and equipment, net			27,331				28,821
Operating lease right-of-use assets			15,049				17,760
Deferred costs, non-current			34,826				33,091
Goodwill			109,040				34,556
Intangible assets, net			30,162				10,434
Other assets			5,061				5,005
Total assets		$	776,758			$	786,759
Liabilities and Stockholders’ Equity
Current liabilities
Accounts payable		$	5,797			$	4,114
Accrued expenses and other current liabilities			85,863				84,126
Deferred revenue			272,731				258,023
Convertible senior notes, current			—				298,661
Finance lease obligations			936				1,575
Total current liabilities			365,327				646,499
Convertible senior notes, non-current			339,608				—
Deferred revenue, non-current			34,063				34,181
Other long-term liabilities			1,380				1,605
Operating lease liabilities, non-current			13,688				16,408
Finance lease obligations, non-current			14,838				15,087
Total liabilities			768,904				713,780
Stockholders’ equity
Common stock			52				51
Additional paid-in-capital			498,115				525,646
Accumulated deficit			(481,523	)			(452,430	)
Accumulated other comprehensive (loss) income			(8,790	)			(288	)
Total stockholders’ equity			7,854				72,979
Total liabilities and stockholders’ equity		$	776,758			$	786,759

WORKIVA INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
		Three months ended June 30,								Six months ended June 30,
		2022				2021				2022				2021
		(unaudited)
Cash flows from operating activities
Net loss		$	(28,861	)		$	(9,514	)		$	(47,354	)		$	(16,838	)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization			2,725				1,097				4,684				2,151
Stock-based compensation expense			18,447				11,052				33,756				22,675
Provision for (recovery of) doubtful accounts			20				17				(9	)			(101	)
Amortization of premiums and discounts on marketable securities, net			453				763				1,113				1,388
Amortization of issuance costs and debt discount			324				2,284				648				4,550
Deferred income tax			63				362				(148	)			16
Changes in assets and liabilities:
Accounts receivable			(4,844	)			(12,106	)			1,737				3,159
Deferred costs			(2,734	)			(9,018	)			(1,290	)			(10,077	)
Operating lease right-of-use asset			1,307				977				2,608				1,921
Other receivables			385				585				565				424
Prepaid expenses			(1,591	)			722				(2,723	)			(3,025	)
Other assets			12				(110	)			35				(683	)
Accounts payable			(2,300	)			(1,172	)			2,064				736
Deferred revenue			13,192				11,900				13,798				12,079
Operating lease liability			(1,302	)			(1,202	)			(2,644	)			(2,278	)
Accrued expenses and other liabilities			13,388				16,123				907				8,166
Net cash provided by operating activities			8,684				12,760				7,747				24,263
Cash flows from investing activities
Purchase of property and equipment			(671	)			(811	)			(1,203	)			(1,660	)
Purchase of marketable securities			(23,798	)			(51,217	)			(57,946	)			(94,872	)
Sale of marketable securities			—				250				14,981				250
Maturities of marketable securities			40,536				30,206				66,786				70,792
Acquisitions, net of cash acquired			(99,186	)			—				(99,186	)			—
Purchase of intangible assets			(6	)			(52	)			(46	)			(123	)
Other investments			—				(750	)			—				(750	)
Net cash used in investing activities			(83,125	)			(22,374	)			(76,614	)			(26,363	)
Cash flows from financing activities
Proceeds from option exercises			1,145				1,480				1,970				5,618
Taxes paid related to net share settlements of stock-based compensation awards			(1,344	)			(731	)			(9,914	)			(7,877	)
Proceeds from shares issued in connection with employee stock purchase plan			—				—				5,218				4,237
Principal payments on finance lease obligations			(446	)			(424	)			(888	)			(841	)
Net cash (used in) provided by financing activities			(645	)			325				(3,614	)			1,137
Effect of foreign exchange rates on cash			(1,737	)			310				(1,652	)			326
Net decrease in cash and cash equivalents			(76,823	)			(8,979	)			(74,133	)			(637	)
Cash and cash equivalents at beginning of period			303,076				331,173				300,386				322,831
Cash and cash equivalents at end of period		$	226,253			$	322,194			$	226,253			$	322,194

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,
		2022				2021				2022				2021
Gross profit, subscription and support		$	94,438			$	77,107			$	183,025			$	148,841
Add back: Stock-based compensation			912				597				1,702				1,093
Gross profit, subscription and support, non-GAAP		$	95,350			$	77,704			$	184,727			$	149,934
As a percentage of subscription and support revenue, non-GAAP			84.1	%			85.2	%			83.8	%			85.1	%
Gross profit, professional services		$	4,874			$	3,889			$	15,088			$	12,701
Add back: Stock-based compensation			593				409				1,045				776
Gross profit, professional services, non-GAAP		$	5,467			$	4,298			$	16,133			$	13,477
As a percentage of professional services revenue, non-GAAP			30.0	%			29.9	%			39.6	%			40.0	%
Gross profit		$	99,312			$	80,996			$	198,113			$	161,542
Add back: Stock-based compensation			1,505				1,006				2,747				1,869
Gross profit, non-GAAP		$	100,817			$	82,002			$	200,860			$	163,411
As percentage of revenue, non-GAAP			76.6	%			77.7	%			76.9	%			77.9	%
Cost of revenue, subscription and support		$	18,915			$	14,098			$	37,448			$	27,300
Less: Stock-based compensation			912				597				1,702				1,093
Cost of revenue, subscription and support, non-GAAP		$	18,003			$	13,501			$	35,746			$	26,207
As percentage of revenue, non-GAAP			13.7	%			12.8	%			13.7	%			12.5	%
Cost of revenue, professional services		$	13,322			$	10,493			$	25,662			$	20,967
Less: Stock-based compensation			593				409				1,045				776
Cost of revenue, professional services, non-GAAP		$	12,729			$	10,084			$	24,617			$	20,191
As percentage of revenue, non-GAAP			9.7	%			9.6	%			9.4	%			9.6	%
Research and development		$	39,177			$	27,830			$	75,061			$	54,464
Less: Stock-based compensation			3,148				2,417				5,873				4,848
Less: Amortization of acquisition-related intangibles			869				—				1,364				—
Research and development, non-GAAP		$	35,160			$	25,413			$	67,824			$	49,616
As percentage of revenue, non-GAAP			26.7	%			24.1	%			26.0	%			23.6	%
Sales and marketing		$	64,219			$	41,525			$	120,319			$	82,560
Less: Stock-based compensation			5,646				2,837				9,731				6,386
Less: Amortization of acquisition-related intangibles			586				—				786				—
Sales and marketing, non-GAAP		$	57,987			$	38,688			$	109,802			$	76,174
As percentage of revenue, non-GAAP			44.1	%			36.6	%			42.0	%			36.3	%
General and administrative		$	24,108			$	17,384			$	48,102			$	34,405
Less: Stock-based compensation			8,148				4,792				15,405				9,572
General and administrative, non-GAAP		$	15,960			$	12,592			$	32,697			$	24,833
As percentage of revenue, non-GAAP			12.1	%			11.9	%			12.5	%			11.8	%
Loss from operations		$	(28,192	)		$	(5,743	)		$	(45,369	)		$	(9,887	)
Add back: Stock-based compensation			18,447				11,052				33,756				22,675
Add back: Amortization of acquisition-related intangibles			1,455				—				2,150				—
(Loss) income from operations, non-GAAP		$	(8,290	)		$	5,309			$	(9,463	)		$	12,788
As percentage of revenue, non-GAAP			(6.3	)%			5.0	%			(3.6	)%			6.1	%
Net loss		$	(28,861	)		$	(9,514	)		$	(47,354	)		$	(16,838	)
Add back: Stock-based compensation			18,447				11,052				33,756				22,675
Add back: Amortization of acquisition-related intangibles			1,455				—				2,150				—
Add back: Non-cash interest expense related to convertible senior notes			—				2,284				—				4,550
Net (loss) income, non-GAAP		$	(8,959	)		$	3,822			$	(11,448	)		$	10,387
As percentage of revenue, non-GAAP			(6.8	)%			3.6	%			(4.4	)%			5.0	%
Net loss per basic and diluted share:		$	(0.55	)		$	(0.19	)		$	(0.90	)		$	(0.33	)
Add back: Stock-based compensation			0.35				0.22				0.64				0.45
Add back: Amortization of acquisition-related intangibles			0.03				—				0.04				—
Add back: Non-cash interest expense related to convertible senior notes			—				0.04				—				0.09
Net (loss) income per basic share, non-GAAP		$	(0.17	)		$	0.07			$	(0.22	)		$	0.21
Net (loss) income per diluted share, non-GAAP		$	(0.17	)		$	0.07			$	(0.22	)		$	0.19
Weighted-average common shares outstanding - basic, non-GAAP			52,850,470				51,065,867				52,724,051				50,657,264
Weighted-average common shares outstanding - diluted, non-GAAP			52,850,470				55,064,895				52,724,051				55,081,027

TABLE II
WORKIVA INC.
RECONCILIATION OF NON-GAAP GUIDANCE
(in thousands, except share and per share data)
		Three months ending September 30, 2022								Year ending December 31, 2022
Loss from operations, GAAP range		$	(33,500	)	-	$	(32,500	)		$	(103,500	)	-	$	(101,500	)
Add back: Stock-based compensation			19,045				19,045				71,431				71,431
Add back: Amortization of acquisition-related intangibles			1,455				1,455				5,069				5,069
Net loss from operations, non-GAAP range		$	(13,000	)	-	$	(12,000	)		$	(27,000	)	-	$	(25,000	)
Net loss per share, GAAP range		$	(0.66	)	-	$	(0.64	)		$	(2.02	)	-	$	(1.98	)
Add back: Stock-based compensation			0.36				0.36				1.35				1.35
Add back: Amortization of acquisition-related intangibles			0.03				0.03				0.10				0.10
Net loss per share, non-GAAP range		$	(0.27	)	-	$	(0.25	)		$	(0.57	)	-	$	(0.53	)
Weighted-average common shares outstanding - basic			53,100,000				53,100,000				53,000,000				53,000,000

 

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Investor Contact:

Mike Rost

Workiva Inc.

investor@workiva.com

(515) 663-4493

Media Contact:

Darcie Brossart

Workiva Inc.

press@workiva.com

(515) 663-4471

Source: Workiva Inc.

FAQ

What were Workiva's Q2 2022 revenue results?

Workiva reported total revenue of $131.5 million in Q2 2022, up 24.6% from the previous year.

What is the expected GAAP net loss for Workiva in Q3 2022?

Workiva expects a GAAP loss from operations in Q3 2022 to be in the range of $33.5 million to $32.5 million.

How many new customers did Workiva add in Q2 2022?

In Q2 2022, Workiva added 123 new customers to its platform.

What is the revenue retention rate reported by Workiva?

Workiva reported a revenue retention rate of 97.9% in Q2 2022.

What guidance did Workiva provide for full-year 2022 revenue?

Workiva expects total revenue for full-year 2022 to be between $534.0 million and $536.0 million.