Workiva Announces Second Quarter 2018 Financial Results

Q2 Total Revenue of $59.1 million, Up 19.7% from Q2 2017

Q2 Subscription and Support Revenue of $48.8 million, Up 19.2% from Q2 2017


AMES, Iowa - August 7, 2018 -- Workiva Inc. (NYSE: WK), a leader in data collaboration, reporting and compliance solutions, today announced financial results for its second quarter ended June 30, 2018.

“We posted strong results in the second quarter of 2018, highlighted by an increase of 19.7% in total revenue over the same quarter last year, with subscription and support revenue up 19.2% and professional services revenue up 22.4%,” said Marty Vanderploeg, President and Chief Executive Officer of Workiva. “We outperformed our guidance for quarterly revenue, operating loss and loss per share.”

“Because of the investments we have been making in our Wdesk platform and distribution organization, I believe we have never been in a better position to grow,” said Vanderploeg. “I am proud of our progress, and I’m excited about our future.”

“Workiva is committed to pursing profitable growth,” said Vanderploeg. “We will continue to enhance our Wdesk platform, add new customers and partners and expand Wdesk across our customers’ organizations.”


Second Quarter 2018 Financial Highlights

  • Revenue: Total revenue for the second quarter of 2018 reached $59.1 million, an increase of 19.7% from $49.4 million in the second quarter of 2017. Subscription and support revenue contributed $48.8 million, up 19.2% versus the second quarter of 2017. Professional services revenue was $10.3 million, an increase of 22.4% compared to the same quarter in the prior year.
  • Gross Profit: GAAP gross profit for the second quarter of 2018 was $42.8 million compared with $35.1 million in the same quarter of 2017. GAAP gross margin was 72.4% versus 71.1% in the second quarter of 2017. Non-GAAP gross profit for the second quarter of 2018 was $43.2 million, an increase of 22.1% compared with the prior year's second quarter, and non-GAAP gross margin was 73.1% compared to 71.6% in the second quarter of 2017.
  • Loss from Operations: GAAP loss from operations for the second quarter of 2018 was $21.8 million compared with a loss of $9.9 million in the prior year's second quarter. Non-GAAP loss from operations was $5.4 million, compared with non-GAAP loss from operations of $5.5 million in the second quarter of 2017. Adoption of ASC 606 caused loss from operations to be $1.9 million less for the second quarter of 2018 than what would have been recognized under the legacy standard. Included in GAAP loss from operations is a $9.5 million severance expense pursuant to a separation agreement with our former CEO.
  • Net Loss: GAAP net loss for the second quarter of 2018 was $21.8 million compared with a net loss of $10.2 million for the prior year's second quarter. GAAP net loss per basic and diluted share was $0.50 compared with a net loss per basic and diluted share of $0.25 in the second quarter of 2017. Included in GAAP net loss is a $9.5 million severance expense, or $0.22 per basic and diluted share, pursuant to a separation agreement with our former CEO.
  • Non-GAAP net loss for the second quarter of 2018 was $5.4 million compared with a net loss of $5.8 million in the prior year's second quarter. Non-GAAP net loss per basic and diluted share was $0.12 compared with a net loss per basic and diluted share of $0.14 in the second quarter of 2017.

  • Key Metrics

  • Customers: Workiva had 3,222 customers as of June 30, 2018, a net increase of 314 customers from June 30, 2017. Customers include more than 75 percent of Fortune 500® companies.
  • Revenue Retention Rate: As of June 30, 2018, Workiva's revenue retention rate (excluding add-on revenue) was 95.6%, and the revenue retention rate including add-on revenue was 106.9%. Add-on revenue includes the change in both seats purchased and seat pricing for existing customers. Revenue retention rates are calculated using the legacy accounting standard ASC 605. Revenue retention rates will be calculated using ASC 606 when comparable data becomes available.
  • Large Contracts: As of June 30, 2018, Workiva had 366 customers with an annual contract value (ACV) of more than $100,000, up 33.1% from 275 customers at June 30, 2017. Workiva had 161 customers with an ACV of more than $150,000, up 33.1% from 121 customers in the second quarter of last year.

  • Financial Outlook

    As of August 7, 2018, Workiva is providing guidance for its third quarter 2018 and full year 2018 as follows:

    Third Quarter 2018 Guidance:

  • Total revenue is expected to be in the range of $59.5 million to $60.0 million.
  • GAAP loss from operations is expected to be in the range of $15.5 million to $16.0 million.
  • Non-GAAP loss from operations is expected to be in the range of $8.9 million to $9.4 million.
  • GAAP net loss per basic and diluted share is expected to be in the range of $0.36 to $0.37.
  • Non-GAAP net loss per basic and diluted share is expected to be in the range of $0.21 to $0.22.
  • Net loss per basic and diluted share is based on 43.8 million weighted-average shares outstanding.
  • Full Year 2018 Guidance:

  • Total revenue is expected to be in the range of $240.0 million to $241.0 million.
  • GAAP loss from operations is expected to be in the range of $57.9 million to $58.9 million.
  • Non-GAAP loss from operations is expected to be in the range of $22.5 million to $23.5 million.
  • GAAP net loss per basic and diluted share is expected to be in the range of $1.34 to $1.36.
  • Non-GAAP net loss per basic and diluted share is expected to be in the range of $0.53 to $0.55.
  • Net loss per basic and diluted share is based on 43.5 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 2018, in addition to discussing the Company’s outlook for the third quarter and full year 2018. To access this call, dial 866-393-4306 (domestic) or 734-385-2616 (international). The conference ID is 9298157. 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 14, 2018 at 855-859-2056 (domestic) or 404-537-3406 (international). The replay pass code is 9298157. 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 delivers Wdesk, a leading enterprise cloud platform for data collaboration, reporting and compliance that is used by thousands of organizations worldwide, including over 75 percent of the Fortune 500®. Companies of all sizes, state and local governments and educational institutions use Wdesk to help mitigate risk, improve productivity and gain confidence in their data-driven decisions.

  • Read the Workiva blog: www.workiva.com/blog
  • Follow Workiva on LinkedIn: www.linkedin.com/company/workiva
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  • Follow Workiva on Twitter: www.twitter.com/Workiva
  • Claim not confirmed by FORTUNE or Time Inc. FORTUNE 500® is a registered trademark of Time Inc. and is used under license. FORTUNE and Time Inc. are not affiliated with, and do not endorse products or services of, Workiva Inc.


    Non-GAAP Financial Measures

    The non-GAAP adjustments referenced herein relate to the exclusion of stock-based compensation and CEO separation expense. 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 loss from operations, non-GAAP 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 non-GAAP gross profit by revenues. Non-GAAP loss from operations is calculated by excluding stock-based compensation expense and CEO separation expense from loss from operations. Non-GAAP net loss is calculated by excluding stock-based compensation expense, net of tax, and CEO separation expense from net loss. Non-GAAP net loss per share is calculated by dividing non-GAAP net 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. Because of the non-recurring nature of CEO separation expense, Workiva believes this expense is not representative of ongoing operating costs. Workiva’s management excludes CEO separation expense when evaluating its ongoing performance and/or predicting its operating trends and believes that its investors should have access to the same set of tools that we use in analyzing results. 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.


    For the latest information and news, visit The Workiva Newsroom.





    WORKIVA INC.

    UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
    (in thousands, except share and per share amounts)

    Three months ended June 30,
    Six months ended June 30,
    2018
    2017
    2018
    2017
    Revenue
    Subscription and support
    $
    48,837

    $
    40,980

    $
    95,307

    $
    80,520

    Professional services
    10,293

    8,411

    23,729

    20,775

    Total revenue
    59,130

    49,391

    119,036

    101,295

    Cost of revenue
    Subscription and support (1)
    8,637

    7,758

    17,439

    15,395

    Professional services (1)
    7,659

    6,528

    15,368

    13,109

    Total cost of revenue
    16,296

    14,286

    32,807

    28,504

    Gross profit
    42,834

    35,105

    86,229

    72,791

    Operating expenses
    Research and development (1)
    20,718

    16,239

    40,845

    31,775

    Sales and marketing (1)
    22,252

    19,787

    43,258

    38,500

    General and administrative (1)
    21,654

    8,943

    33,422

    18,364

    Total operating expenses
    64,624

    44,969

    117,525

    88,639

    Loss from operations
    (21,790
    )
    (9,864
    )
    (31,296
    )
    (15,848
    )
    Interest expense
    (449
    )
    (475
    )
    (899
    )
    (930
    )
    Other income, net
    492

    176

    835

    788

    Loss before provision for income taxes
    (21,747
    )
    (10,163
    )
    (31,360
    )
    (15,990
    )
    Provision for income taxes
    21

    33

    26

    42

    Net loss
    $
    (21,768
    )
    $
    (10,196
    )
    $
    (31,386
    )
    $
    (16,032
    )
    Net loss per common share:
    Basic and diluted
    $
    (0.50
    )
    $
    (0.25
    )
    $
    (0.73
    )
    $
    (0.39
    )
    Weighted-average common shares outstanding - basic and diluted
    43,234,655

    41,429,691

    43,048,110

    41,270,038


    (1) Includes stock-based compensation expense as follows:
    Three months ended June 30,
    Six months ended June 30,
    2018
    2017
    2018
    2017
    Cost of revenue
    Subscription and support
    $
    228

    $
    178

    $
    399

    $
    318

    Professional services
    146

    100

    296

    200

    Operating expenses
    Research and development
    1,495

    472

    2,516

    965

    Sales and marketing
    1,440

    694

    2,553

    1,353

    General and administrative
    7,156

    2,953

    10,606

    5,700







    WORKIVA INC.

    CONSOLIDATED BALANCE SHEETS
    (in thousands)
    June 30, 2018
    December 31, 2017
    (unaudited)
    Assets
    Current assets
    Cash and cash equivalents
    $
    57,495

    $
    60,333

    Marketable securities
    23,216

    16,364

    Accounts receivable, net
    39,088

    28,800

    Deferred commissions
    4,844

    2,376

    Other receivables
    801

    975

    Prepaid expenses
    8,229

    6,444

    Total current assets
    133,673

    115,292

    Property and equipment, net
    39,338

    40,444

    Deferred commissions, non-current
    6,462


    Intangible assets, net
    1,196

    1,118

    Other assets
    1,025

    861

    Total assets
    $
    181,694

    $
    157,715

    Liabilities and Stockholders’ Deficit
    Current liabilities
    Accounts payable
    $
    4,688

    $
    3,060

    Accrued expenses and other current liabilities
    30,979

    20,212

    Deferred revenue
    118,490

    104,684

    Deferred government grant obligation
    42

    217

    Current portion of capital lease and financing obligations
    1,160

    1,168

    Total current liabilities
    155,359

    129,341

    Deferred revenue, non-current
    21,835

    22,709

    Deferred government grant obligation
    267

    278

    Other long-term liabilities
    4,056

    3,896

    Capital lease and financing obligations
    17,841

    18,425

    Total liabilities
    199,358

    174,649

    Stockholders’ deficit
    Common stock
    43

    42

    Additional paid-in-capital
    270,560

    248,289

    Accumulated deficit
    (288,342
    )
    (265,337
    )
    Accumulated other comprehensive income
    75

    72

    Total stockholders’ deficit
    (17,664
    )
    (16,934
    )
    Total liabilities and stockholders’ deficit
    $
    181,694

    $
    157,715







    WORKIVA INC.

    UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS
    (in thousands)

    Three months ended June 30,
    Six months ended June 30,
    2018
    2017
    2018
    2017
    Cash flows from operating activities
    Net loss
    $
    (21,768
    )
    $
    (10,196
    )
    $
    (31,386
    )
    $
    (16,032
    )
    Adjustments to reconcile net loss to net cash (used in) provided by operating activities
    Depreciation and amortization
    876

    867

    1,748

    1,758

    Stock-based compensation expense
    10,465

    4,397

    16,370

    8,536

    Provision for doubtful accounts
    139

    146

    183

    432

    (Accretion) amortization of premiums and discounts on marketable securities, net
    (15
    )
    28

    3

    59

    Recognition of deferred government grant obligation
    (100
    )
    (198
    )
    (208
    )
    (736
    )
    Changes in assets and liabilities:
    Accounts receivable
    (236
    )
    (3,228
    )
    6,306

    (542
    )
    Deferred commissions
    (2,020
    )
    (149
    )
    (3,669
    )
    (151
    )
    Other receivables
    148

    (865
    )
    175

    (25
    )
    Prepaid expenses
    (2,020
    )
    (2,830
    )
    (1,789
    )
    (2,026
    )
    Other assets
    (110
    )
    36

    (168
    )
    13

    Accounts payable
    (1,294
    )
    (678
    )
    1,383

    339

    Deferred revenue
    8,747

    14,398

    6,402

    18,494

    Accrued expenses and other liabilities
    4,642

    2,254

    3,887

    (3,557
    )
    Net cash (used in) provided by operating activities
    (2,546
    )
    3,982

    (763
    )
    6,562

    Cash flows from investing activities
    Purchase of property and equipment
    (210
    )
    (26
    )
    (219
    )
    (147
    )
    Purchase of marketable securities
    (11,283
    )
    (2,259
    )
    (11,283
    )
    (6,350
    )
    Maturities of marketable securities
    3,900

    1,850

    4,400

    4,851

    Purchase of intangible assets
    (64
    )
    (58
    )
    (128
    )
    (89
    )
    Net cash used in investing activities
    (7,657
    )
    (493
    )
    (7,230
    )
    (1,735
    )
    Cash flows from financing activities
    Proceeds from option exercises
    3,318

    4,709

    6,393

    5,515

    Taxes paid related to net share settlements of stock-based compensation awards
    (519
    )

    (1,861
    )
    (936
    )
    Proceeds from shares issued in connection with employee stock purchase plan


    1,370


    Repayment of other long-term debt

    (20
    )

    (20
    )
    Principal payments on capital lease and financing obligations
    (294
    )
    (490
    )
    (592
    )
    (787
    )
    Proceeds from government grants
    22

    22

    22

    22

    Payments of issuance costs on line of credit

    (10
    )

    (10
    )
    Net cash provided by financing activities
    2,527

    4,211

    5,332

    3,784

    Effect of foreign exchange rates on cash
    (85
    )
    82

    (177
    )
    94

    Net (decrease) increase in cash and cash equivalents
    (7,761
    )
    7,782

    (2,838
    )
    8,705

    Cash and cash equivalents at beginning of period
    65,256

    52,204

    60,333

    51,281

    Cash and cash equivalents at end of period
    $
    57,495

    $
    59,986

    $
    57,495

    $
    59,986






    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,

    2018

    2017

    2018

    2017
    Gross profit, subscription and support
    $
    40,200


    $
    33,222


    $
    77,868

    $
    65,125

    Add back: Stock-based compensation
    228


    178


    399

    318

    Gross profit, subscription and support, non-GAAP
    $
    40,428


    $
    33,400


    $
    78,267

    $
    65,443

    As a percentage of subscription and support revenue, non-GAAP
    82.8
    %

    81.5
    %

    82.1
    %
    81.3
    %




    Gross profit, professional services
    $
    2,634


    $
    1,883


    $
    8,361

    $
    7,666

    Add back: Stock-based compensation
    146


    100


    296

    200

    Gross profit, professional services, non-GAAP
    $
    2,780


    $
    1,983


    $
    8,657

    $
    7,866

    As a percentage of professional services revenue, non-GAAP
    27.0
    %

    23.6
    %

    36.5
    %
    37.9
    %




    Gross profit
    $
    42,834


    $
    35,105


    $
    86,229

    $
    72,791

    Add back: Stock-based compensation
    374


    278


    695

    518

    Gross profit, non-GAAP
    $
    43,208


    $
    35,383


    $
    86,924

    $
    73,309

    As percentage of revenue, non-GAAP
    73.1
    %

    71.6
    %

    73.0
    %
    72.4
    %




    Research and development
    $
    20,718


    $
    16,239


    $
    40,845

    $
    31,775

    Less: Stock-based compensation
    1,495


    472


    2,516

    965

    Research and development, non-GAAP
    $
    19,223


    $
    15,767


    $
    38,329

    $
    30,810

    As percentage of revenue, non-GAAP
    32.5
    %

    31.9
    %

    32.2
    %
    30.4
    %
    Sales and marketing
    $
    22,252


    $
    19,787


    $
    43,258

    $
    38,500

    Less: Stock-based compensation
    1,440


    694


    2,553

    1,353

    Sales and marketing, non-GAAP
    $
    20,812


    $
    19,093


    $
    40,705

    $
    37,147

    As percentage of revenue, non-GAAP
    35.2
    %

    38.7
    %

    34.2
    %
    36.7
    %
    General and administrative
    $
    21,654


    $
    8,943


    $
    33,422

    $
    18,364

    Less: Stock-based compensation
    3,535


    2,953


    6,985

    5,700

    Less: CEO separation expense(1)
    9,527


    9,527


    General and administrative, non-GAAP
    $
    8,592


    $
    5,990


    $
    16,910

    $
    12,664

    As percentage of revenue, non-GAAP
    14.5
    %

    12.1
    %

    14.2
    %
    12.5
    %
    Loss from operations
    $
    (21,790
    )

    $
    (9,864
    )

    $
    (31,296
    )
    $
    (15,848
    )
    Add back: Stock-based compensation
    6,844


    4,397


    12,749

    8,536

    Add back: CEO separation expense(1)
    9,527


    9,527


    Loss from operations, non-GAAP
    $
    (5,419
    )

    $
    (5,467
    )

    $
    (9,020
    )
    $
    (7,312
    )
    As percentage of revenue, non-GAAP
    (9.2
    )%

    (11.1
    )%

    (7.6
    )%
    (7.2
    )%
    Net loss
    $
    (21,768
    )

    $
    (10,196
    )

    $
    (31,386
    )
    $
    (16,032
    )
    Add back: Stock-based compensation
    6,844


    4,397


    12,749

    8,536

    Add back: CEO separation expense(1)
    9,527


    9,527


    Net loss, non-GAAP
    $
    (5,397
    )

    $
    (5,799
    )

    $
    (9,110
    )
    $
    (7,496
    )
    As percentage of revenue, non-GAAP
    (9.1
    )%

    (11.7
    )%

    (7.7
    )%
    (7.4
    )%
    Net loss per basic and diluted share:
    $
    (0.50
    )
    $
    (0.25
    )
    $
    (0.73
    )
    $
    (0.39
    )
    Add back: Stock-based compensation
    0.16


    0.11

    0.30

    0.21

    Add back: CEO separation expense(1)
    0.22


    0.22


    Net loss per basic and diluted share, non-GAAP
    $
    (0.12
    )
    $
    (0.14
    )
    $
    (0.21
    )
    $
    (0.18
    )
    Weighted-average common shares outstanding - basic and diluted, non-GAAP
    43,234,655

    41,429,691

    43,048,110

    41,270,038


    (1) CEO separation expense in the three and six months ended June 30, 2018 includes stock-based compensation of $3.6 million related to the acceleration of eligible stock awards and separation payment expense of $5.9 million pursuant to the former CEO’s employment agreement. Included as separation payment expense are cash payments made in excess of the related bonus accrual recorded through the date of separation.





    TABLE II
    WORKIVA INC.
    RECONCILIATION OF NON-GAAP GUIDANCE
    (in thousands, except share and per share data)

    Three months ending September 30, 2018
    Year ending December 31, 2018
    Loss from operations, GAAP range
    $
    (15,500
    )
    -
    $
    (16,000
    )
    $
    (57,900
    )
    -
    $
    (58,900
    )
    Add back: Stock-based compensation
    6,600

    6,600

    25,873

    25,873

    Add back: CEO separation expense(1)


    9,527

    9,527

    Loss from operations, non-GAAP range
    $
    (8,900
    )
    -
    $
    (9,400
    )
    $
    (22,500
    )
    -
    $
    (23,500
    )
    Net loss per share, GAAP range
    $
    (0.36
    )
    -
    $
    (0.37
    )
    $
    (1.34
    )
    -
    $
    (1.36
    )
    Add back: Stock-based compensation
    0.15

    0.15

    0.59

    0.59

    Add back: CEO separation expense(1)


    0.22

    0.22

    Net loss per share, non-GAAP range
    $
    (0.21
    )
    -
    $
    (0.22
    )
    $
    (0.53
    )
    -
    $
    (0.55
    )
    Weighted-average common shares outstanding - basic and diluted
    43,800,000

    43,800,000

    43,500,000

    43,500,000



    (1) CEO separation expense in the year ending December 31, 2018 includes stock-based compensation of $3.6 million related to the acceleration of eligible stock awards and separation payments of $5.9 million pursuant to the former CEO’s employment agreement. Included as separation payment expense are cash payments made in excess of the related bonus accrual recorded through the date of separation.



    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