Workiva Announces Fourth Quarter and Fiscal Year 2014 Financial Results

Q4 Revenue of $30.1 Million, Up 28% From Q4 of 2013 Completed Initial Public Offering


Ames, IA - March 11, 2015 - Workiva Inc. (NYSE: WK), creator of the Wdesk cloud-based productivity platform for business data collaboration and reporting, today announced financial results for its fourth quarter and fiscal year ended December 31, 2014.

“We are pleased to report strong revenue growth for the fourth quarter and full year 2014 and to begin a new chapter as a publicly traded company,” said Matthew Rizai, Chairman and Chief Executive Officer of Workiva. “Our results demonstrate increasing demand for our Wdesk platform, which is transforming the way companies collect, manage, report and analyze critical business data. We are excited about the breadth of growth opportunities for Workiva, and we are confident in our ability to continue penetrating our large and growing addressable market,” Rizai added. “Our IPO represents a significant milestone for Workiva and provides us with additional resources to execute on our growth initiatives.”

The non-GAAP adjustments referenced herein relate to the exclusion of stock-based compensation. A reconciliation of GAAP to non-GAAP financial measures has been provided in Table I at the end of this press release. An explanation of these measures is also included below under the heading “Non-GAAP Financial Measures.”

Fourth Quarter 2014 Financial Highlights
  • Revenue: Total revenue for the quarter ended December 31, 2014 was $30.1 million, an increase of 28% compared with $23.6 million in the fourth quarter of 2013. Subscription and support revenue was $25.0 million, an increase of 31% versus results in the fourth quarter of 2013. Professional services revenue was $5.1 million, an increase of 16% compared to the same quarter in the prior year.
  • Gross Profit: GAAP gross profit for the quarter ended December 31, 2014 was $20.2 million compared with $17.1 million in the same quarter of the prior year, and GAAP gross margin was 66.9%. Non-GAAP gross profit for the quarter ended December 31, 2014 was $20.3 million, an increase of 19% compared with the prior year’s fourth quarter, and non-GAAP gross margin was 67.5%.
  • Loss from Operations: GAAP loss from operations for the quarter ended December 31, 2014 was $11.6 million compared with a loss of $5.9 million in the prior year’s fourth quarter. Non-GAAP loss from operations for the quarter ended December 31, 2014 was $9.8 million, compared with non-GAAP loss from operations of $5.2 million in the fourth quarter of 2013.
  • Net Loss: GAAP net loss for the quarter ended December 31, 2014 was $12.7 million compared with a net loss of $5.9 million for the prior year’s fourth quarter. GAAP net loss per share for the quarter ended December 31, 2014 was $0.38, based on 33.1 million weighted-average shares outstanding, compared with a net loss per share of $0.19, based on 31.7 million weighted-average shares outstanding in the fourth quarter of 2013.
  • Non-GAAP net loss for the quarter ended December 31, 2014 was $10.8 million compared with a net loss of $5.1 million in the prior year’s fourth quarter. Non-GAAP net loss per share for the quarter ended December 31, 2014 was $0.33, based on 33.1 million weighted-average shares outstanding, compared with a net loss per share of $0.16, based on 31.7 million weighted-average shares outstanding in the fourth quarter of 2013.


Full Year 2014 Financial Highlights
  • Revenue: Total revenue for the year ended December 31, 2014 was $112.7 million, an increase of 32% compared with $85.2 million in the prior year. Subscription and support revenue was $91.3 million, an increase of 40% on a year-over-year basis. Professional services revenue was $21.4 million, an increase of 7% on a year-over-year basis.
  • Gross Profit: GAAP gross profit for the year ended December 31, 2014 was $78.8 million compared with $60.5 million in the prior year, and GAAP gross margin was 69.9%. Non-GAAP gross profit for the year ended December 31, 2014 was $79.7 million, an increase of 31% compared with the prior year, and non-GAAP gross margin was 70.7%.
  • Loss from Operations: GAAP loss from operations for the year ended December 31, 2014 was $38.6 million compared with a loss of $29.3 million in the prior year. Non-GAAP loss from operations for the year ended December 31, 2014 was $31.2 million compared with a loss of $25.9 million in the prior year.
  • Net Loss: GAAP net loss for the year ended December 31, 2014 was $41.2 million compared with a net loss of $29.5 million in the prior year. GAAP net loss per share for the year ended December 31, 2014 was $1.28 based on 32.2 million weighted-average shares outstanding compared with a loss per share of $0.94 based on 31.4 million weighted-average shares outstanding in the prior year.
  • Non-GAAP net loss for the year ended December 31, 2014 was $33.8 million compared with a net loss of $26.2 million in the prior year. Non-GAAP net loss per share for the year ended December 31, 2014 was $1.05 based on 32.2 million weighted-average shares outstanding compared with a non-GAAP net loss per share of $0.83 based on 31.4 million weighted-average shares in the prior year.
  • Balance Sheet: As of December 31, 2014, Workiva had cash and cash equivalents of $101.1 million, compared with $20.3 million as of September 30, 2014 and cash, equivalents and marketable securities of $18.0 million as of December 31, 2013. Debt, including capital lease and financing obligations, totaled $24.9 million as of December 31, 2014.
  • Cash Flow: Net cash used in operating activities was $3.5 million in 2014, compared to cash used in operating activities of $10.5 million in 2013.


Please refer to Table II at the end of this press release for a summary of the impact of the correction of an error that was not material to Workiva’s previously issued annual financial statements. The correction did not affect revenue or cash flow for any period.

Operating Metrics and Recent Business Highlights
  • Customers: Workiva had 2,261 customers as of December 31, 2014, a net increase of 334 customers from 1,927 as of December 31, 2013.
  • Revenue Retention Rate: As of December 31, 2014, Workiva’s revenue retention rate (excluding add-on revenue) was 97.0%, and the revenue retention rate (including add-on revenue) was 104.1%. Add-on revenue includes the change in both seats purchased and seat pricing for existing customers.
  • Initial Public Offering: Workiva successfully completed its initial public offering of 7.2 million shares of common stock at $14.00 per share on December 12, 2014, generating proceeds of $90.4 million to the Company net of underwriting and other offering expenses.


Financial Outlook: As of March 11, 2015, Workiva’s guidance for its first quarter and full year 2015 is as follows:
  • First Quarter 2015 Guidance:
    • Total revenue is expected to be in the range of $33.5 million to $34.0 million.
    • Non-GAAP loss from operations is expected to be in the range of $6.7 million to $7.2 million.
    • GAAP loss from operations is expected to be in the range of $9.1 million to $9.6 million.
    • Non-GAAP loss per share is expected to be in the range of $0.18 to $0.20.
    • GAAP loss per share is expected to be in the range of $0.24 to $0.26.
    • Loss per share is based on 40 million weighted-average diluted shares outstanding.


  • Full Year 2015 Guidance:
    • Total revenue is expected to be in the range of $139 million to $142 million.
    • Non-GAAP loss from operations is expected to be in the range of $37 million to $40 million.
    • GAAP loss from operations is expected to be in the range of $48 million to $51 million.
    • Non-GAAP loss per share is expected to be in the range of $0.92 to $1.00.
    • GAAP loss per share is expected to be in the range of $1.19 to $1.27.
    • Loss per share is based on 40 million weighted-average diluted shares outstanding.
    • Capital expenditures are expected to be in the range of $3.5 million to $4.0 million.


A reconciliation of GAAP to non-GAAP guidance has been provided in Table III at the end of this press release.

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 fourth quarter and full year 2014, in addition to discussing the Company’s outlook for the first quarter and full year 2015. To access this call, dial 877-201-0168 (domestic) or 647-788-4901 (international). The conference ID is 58430933. A live webcast of the conference call will be accessible in the “Investors” section of Workiva’s website at www.workiva.com. A replay of this conference call can also be accessed through March 18, 2015 at 855-859-2056 (domestic) or 404-537-3406 (international). The replay pass code is 58430933. An archived webcast of this conference call will also be available an hour after the completion of the call in the “Investors” section of the Company’s website at www.workiva.com.

About Workiva Workiva created Wdesk, a cloud-based platform for enterprises to collect, manage, report and analyze business data in real time. Wdesk includes a sophisticated productivity suite for business data collaboration and reporting that is used by thousands of corporations, including more than 65 percent of the Fortune 500. Wdesk proprietary word processing, spreadsheet and presentation applications are fully integrated and built upon the Workiva data management engine. Wdesk helps reduce enterprise risk and increase productivity with synchronized data, controlled collaboration, granular permissions and a full audit trail. This gives users confidence to make decisions with real-time data. Workiva employs more than 950 people with offices in 15 cities and is headquartered in Ames, Iowa. For more information, visit www.workiva.com.

Non-GAAP Financial Measures
Workiva believes that the use of non-GAAP gross profit and gross margin, non-GAAP loss from operations, nonGAAP net loss and non-GAAP net 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 nonGAAP gross profit by revenues. Non-GAAP loss from operations is calculated by excluding stock-based compensation expense from loss from operations. Non-GAAP net loss is calculated by excluding stock-based compensation expense, net of tax, from net loss. Non-GAAP net loss per share is calculated by dividing non-GAAP net loss by the weightedaverage 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 allow for more meaningful comparisons between its operating results from period to period. 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 nonGAAP 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 Registration Statement on Form S-1, 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. AND SUBSIDIARIES

 

UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS (continued)

(in thousands)


















Three months ended

December 31,


Year ended

December 31,


2014


2013


2014


2013

Cash flows from financing activities








Proceeds from issuance of Series C preferred units







7,165


Payment of equity issuance costs







(20)


Proceeds from public offering, net of underwriters' discount

91,826





91,769




Proceeds from issuance of convertible notes





5,000




Proceeds from option exercises

217



141



580



256


Changes in restricted cash

25





(275)



20


Repayment of long-term debt

(2,167)



(42)



(2,365)



(181)


Principal payments on capital lease and financing obligations

(557)



(90)



(1,338)



(346)


Distributions to members

(228)



(10)



(279)



(61)


Proceeds from borrowings on line of credit



12



3,020



2,017


Proceeds from government for training reimbursement



366



194



1,520


Payments of issuance costs on line of credit

(14)





(113)




Repayment of line of credit

(3,000)





(5,038)




Government loan award





2,000




Net cash provided by financing activities

86,102



377



93,155



10,370


Effect of foreign exchange rates on cash

40



62



62



50


Net increase (decrease) in cash and cash equivalents

80,856



2,381



85,616



(9,464)


Cash and cash equivalents at beginning of period

20,275



13,134



15,515



24,979


Cash and cash equivalents at end of period

$

101,131



$

15,515



$

101,131



$

15,515


 

 

TABLE I

WORKIVA INC.

RECONCILIATION OF NON-GAAP INFORMATION

(in thousands, except share and per share data)


















Three months ended

December 31,


Year ended

December 31,


2014


2013


2014


2013

Gross profit, as reported

$

20,168



$

17,081



$

78,816



$

60,502


Add back: Stock-based compensation

172



73



839



371


Gross profit, non-GAAP

$

20,340



$

17,154



$

79,655



$

60,873


As percentage of revenue, non-GAAP

67.5

%


72.8

%


70.7

%


71.5

%









Research and development, as reported

$

11,911



$

8,669



$

44,145



$

34,116


Less: Stock-based compensation

314



135



1,757



762


Research and development, non-GAAP

$

11,597



$

8,534



$

42,388



$

33,354


As percentage of revenue, non-GAAP

38.5

%


36.2

%


37.6

%


39.2

%









Sales and marketing, as reported

$

14,063



$

10,482



$

53,498



$

41,067


Less: Stock-based compensation

352



255



1,241



799


Sales and marketing, non-GAAP

$

13,711



$

10,227



$

52,257



$

40,268


As percentage of revenue, non-GAAP

45.5

%


43.4

%


46.4

%


47.3

%









General and administrative, as reported

$

5,797



$

3,826



$

19,783



$

14,601


Less: Stock-based compensation

1,008



257



3,548



1,438


General and administrative, non-GAAP

$

4,789



$

3,569



$

16,235



$

13,163


As percentage of revenue, non-GAAP

15.9

%


15.1

%


14.4

%


15.5

%









Loss from operations

$

(11,603)



$

(5,896)



$

(38,610)



$

(29,282)


Add back: Stock-based compensation

1,846



720



7,385



3,370


Loss from operations, non-GAAP

$

(9,757)



$

(5,176)



$

(31,225)



$

(25,912)


As percentage of revenue, non-GAAP

(32.4)

%


(22.0)

%


(27.7)

%


(30.4)

%









Net loss

$

(12,657)



$

(5,869)



$

(41,154)



$

(29,544)


Add back: Stock-based compensation

1,846



720



7,385



3,370


Net loss, non-GAAP

$

(10,811)



$

(5,149)



$

(33,769)



$

(26,174)


As percentage of revenue, non-GAAP

(35.9)

%


(21.8)

%


(30.0)

%


(30.7)

%









Net loss per share, non-GAAP:








Basic and diluted, non-GAAP

$

(0.33)



$

(0.16)



$

(1.05)



$

(0.83)


Weighted average common shares outstanding - basic and diluted, non-GAAP

33,117,423



31,663,225



32,156,060



31,376,603


 

 

TABLE II
REVISION OF PRIOR PERIOD FINANCIAL STATEMENTS
(in thousands)

We have identified and corrected an error in our prior period accounting for reimbursements received pursuant to government job training programs. We evaluated the effects of this error and concluded it was immaterial to any of our previously issued annual financial statements. The correction did not affect revenue or total cash flow for any period. More information can be found in Note 2 to the consolidated financial statements included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2014.

The following tables summarize the changes to each of the line items on the consolidated financial statements as a result of the revision described above:

 

Revised consolidated statements of operations amounts


























Year ended December 31, 2013


Year ended December 31, 2012


Previously reported


Adjustment


As revised


Previously reported


Adjustment


As revised

Revenue












Subscription and support

$

65,164



$



$

65,164



$

34,702



$



$

34,702


Professional services

19,987





19,987



18,236





18,236


  Total revenue

85,151





85,151



52,938





52,938


Cost of revenue












Subscription and support

14,881



248



15,129



9,222



40



9,262


Professional services

9,406



114



9,520



9,777



3



9,780


  Total cost of revenue

24,287



362



24,649



18,999



43



19,042


  Gross profit

60,864



(362)



60,502



33,939



(43)



33,896


Operating expenses












Research and development

33,400



716



34,116



18,342



43



18,385


Sales and marketing

40,824



243



41,067



27,506



31



27,537


General and administrative

14,402



199



14,601



16,146



31



16,177


  Total operating expenses

88,626



1,158



89,784



61,994



105



62,099


  Loss from operations

(27,762)



(1,520)



(29,282)



(28,055)



(148)



(28,203)


Interest expense

(366)





(366)



(1,521)





(1,521)


Other income and (expense), net

104





104



(861)





(861)


Loss before provision for income taxes

(28,024)



(1,520)



(29,544)



(30,437)



(148)



(30,585)


Provision for income taxes












Net loss

$

(28,024)



$

(1,520)



$

(29,544)



$

(30,437)



$

(148)



$

(30,585)



Revised consolidated balance sheet amounts


























As of December 31, 2013


As of December 31, 2012


Previously reported


Current period adjustment


Adjusted balance


Previously reported


Current period adjustment


Adjusted balance

Deferred government grant obligation



100



100








Total current liabilities

$

43,325



$

100



$

43,425



$

26,404



$



$

26,404


Deferred government grant obligation

2,259



3,293



5,552





1,873



1,873


Total liabilities

$

77,338



$

3,393



$

80,731



$

39,502



$

1,873



$

41,375


Series A preferred units

(9,711)



(891)



(10,602)



(9,652)



(891)



(10,543)


Series B preferred units

(6,485)



(425)



(6,910)



(6,483)



(425)



(6,908)


Series C preferred units

8,590



(1,520)



7,070



29,213





29,213


Common units

482



(322)



160



(2,664)



(322)



(2,986)


Appreciation and participation units

3,872



(235)



3,637



3,648



(235)



3,413


Total members' equity (deficit)

$

(3,394)



$

(3,393)



$

(6,787)



$

14,020



$

(1,873)



$

12,147


 

 

Revised consolidated statements of cash flow amounts


























Year ended December 31, 2013


Year ended December 31, 2012


Previously reported


Adjustment


As revised


Previously reported


Adjustment


As revised

Net loss

$

(28,024)



$

(1,520)



$

(29,544)



$

(30,437)



$

(148)



$

(30,585)


Other receivables

(686)





(686)



176



(209)



(33)


Net cash used in operating activities

$

(8,932)



$

(1,520)



$

(10,452)



$

(5,406)



$

(357)



$

(5,763)


Proceeds from government for training reimbursement



1,520



1,520





357



357


Net cash provided by financing activities

$

8,850



$

1,520



$

10,370



$

31,282



$

357



$

31,639


 

 

Revised consolidated statements of operations amounts by quarter for 2013 are as follows:


















































Three months ended March 31, 2013


Three months ended June 30, 2013


Three months ended September 30, 2013


Three months ended December 31, 2013


Previously reported


Adjustment


As revised


Previously reported


Adjustment


As revised


Previously reported


Adjustment


As revised


Previously reported


Adjustment


As revised

























Revenue
























Subscription and support

$

13,449



$



$

13,449



$

15,233



$



$

15,233



$

17,333



$



$

17,333



$

19,149



$



$

19,149


Professional services

7,850





7,850



3,794





3,794



3,923





3,923



4,420





4,420


  Total revenue

21,299





21,299



19,027





19,027



21,256





21,256



23,569





23,569


Cost of revenue
























Subscription and support

3,392





3,392



3,383



224



3,607



3,949



2



3,951



4,157



22



4,179


Professional services

2,879





2,879



2,163



104



2,267



2,064



1



2,065



2,300



9



2,309


  Total cost of revenue

6,271





6,271



5,546



328



5,874



6,013



3



6,016



6,457



31



6,488


    Gross profit

15,028





15,028



13,481



(328)



13,153



15,243



(3)



15,240



17,112



(31)



17,081


Operating expenses
























Research and development

8,095





8,095



8,121



401



8,522



8,775



55



8,830



8,409



260



8,669


Sales and marketing

9,214





9,214



9,441



187



9,628



11,726



17



11,743



10,443



39



10,482


General and administrative

3,770





3,770



2,825



157



2,982



4,017



6



4,023



3,790



36



3,826


  Total operating expenses

21,079





21,079



20,387



745



21,132



24,518



78



24,596



22,642



335



22,977


    Loss from operations

(6,051)





(6,051)



(6,906)



(1,073)



(7,979)



(9,275)



(81)



(9,356)



(5,530)



(366)



(5,896)


Interest expense

(10)





(10)



(94)





(94)



(255)





(255)



(7)





(7)


Other income and (expense), net

34





34



(23)





(23)



59





59



34





34


Loss before provision for income taxes

(6,027)





(6,027)



(7,023)



(1,073)



(8,096)



(9,471)



(81)



(9,552)



(5,503)



(366)



(5,869)


Provision for income taxes
























Net loss

$

(6,027)



$



$

(6,027)



$

(7,023)



$

(1,073)



$

(8,096)



$

(9,471)



$

(81)



$

(9,552)



$

(5,503)



$

(366)



$

(5,869)


 

 

Revised consolidated statements of operations amounts by quarter for 2014 are as follows:






































Three months ended March 31, 2014


Three months ended June 30, 2014


Three months ended September 30, 2014


Previously reported


Adjustment


As revised


Previously reported


Adjustment


As revised


Previously reported


Adjustment


As revised



















Revenue


















Subscription and support

$

20,648



$



$

20,648



$

21,968



$



$

21,968



$

23,690



$



$

23,690


Professional services

7,484





7,484



4,546





4,546



4,229





4,229


  Total revenue

28,132





28,132



26,514





26,514



27,919





27,919


Cost of revenue


















Subscription and support

4,664



5



4,669



5,029





5,029



5,385



2



5,387


Professional services

2,793



5



2,798



2,882





2,882



3,151



1



3,152


  Total cost of revenue

7,457



10



7,467



7,911





7,911



8,536



3



8,539


Gross profit

20,675



(10)



20,665



18,603





18,603



19,383



(3)



19,380


Operating expenses


















Research and development

10,219



68



10,287



10,768



4



10,772



11,155



20



11,175


Sales and marketing

10,415



25



10,440



12,747





12,747



16,229



19



16,248


General and administrative

4,197



31



4,228



5,186





5,186



4,558



14



4,572


  Total operating expenses

24,831



124



24,955



28,701



4



28,705



31,942



53



31,995


Loss from operations

(4,156)



(134)



(4,290)



(10,098)



(4)



(10,102)



(12,559)



(56)



(12,615)


Interest expense

(265)





(265)



(316)





(316)



(700)





(700)


Other income and (expense), net

3





3



(157)



12



(145)



(106)



39



(67)


Loss before provision for income taxes

(4,418)



(134)



(4,552)



(10,571)



8



(10,563)



(13,365)



(17)



(13,382)


Provision for income taxes


















Net loss

$

(4,418)



$

(134)



$

(4,552)



$

(10,571)



$

8



$

(10,563)



$

(13,365)



$

(17)



$

(13,382)


 

 

TABLE III

WORKIVA INC.

RECONCILIATION OF NON-GAAP GUIDANCE

(in thousands, except share and per share data)


















Three months ending

March 31, 2015


Year ending

December 31, 2015









Loss from operations, GAAP range

$

(9,100)


-

$

(9,600)



$

(48,000)


-

$

(51,000)


Add back: Stock-based compensation

2,400



2,400



11,000



11,000


Loss from operations, non-GAAP range

$

(6,700)


-

$

(7,200)



$

(37,000)


-

$

(40,000)










Net loss per share, GAAP range

$

(0.24)


-

$

(0.26)



$

(1.19)


-

$

(1.27)


Add back: Stock-based compensation

0.06



0.06



0.27



0.27


Net loss per share, non-GAAP range

$

(0.18)


-

$

(0.20)



$

(0.92)


-

$

(1.00)










Weighted average common shares outstanding - basic and diluted

40,000,000



40,000,000



40,000,000



40,000,000


Investor Relations Contact 
Adam Rogers
Workiva Inc.
investor@workiva.com
1.515.663.4471
Media Contact 
Kevin McCarthy
Workiva Inc.
press@workiva.com
1.515.663.4471