Workiva Inc. Announces Second Quarter 2021 Financial Results

  • Increased Q2 2021 Subscription & Support Revenue by 29.0% over Q2 2020
  • Generated Total Q2 2021 Revenue of $105.6 Million, up 25.9% over Q2 2020
  • Achieved 46% YOY Growth of Customers with Annual Contract Value Over $150K
  • Raises Full-Year 2021 Revenue Guidance

AMES, Iowa--(BUSINESS WIRE)-- Workiva Inc. (NYSE:WK), the company that simplifies complex work, today announced financial results for its second quarter ended June 30, 2021.

"Our results continue to build on our market leadership and the increased demand for regulatory reporting and fit-for-purpose solutions to support digital transformations," said Marty Vanderploeg, Chief Executive Officer. "Our strong bookings from existing customers reflect our enhanced ability to cross-sell multiple solutions."

"The entire Workiva team is focused on growing the business through new logos, maintaining high customer retention, and account expansion," Vanderploeg added.

"We beat guidance for revenue and operating results," said Jill Klindt, Chief Financial Officer. "Due to continued broad-based demand and the resulting top-line growth, we are raising our full-year revenue guidance range to $430 million to $432 million."

Second Quarter 2021 Financial Highlights

  • Revenue: Total revenue for the second quarter of 2021 reached$105.6 million, an increase of 25.9% from $83.9 million in the second quarter of 2020. Subscription and support revenue contributed $91.2 million, up 29.0% versus the second quarter of 2020. Professional services revenue was $14.4 million, an increase of 9.3% compared to the same quarter in the prior year.
  • Gross Profit: GAAP gross profit for the second quarter of 2021 was $81.0 million compared with $61.6 million in the same quarter of 2020. GAAP gross margin was 76.7% versus 73.5% in the second quarter of 2020. Non-GAAP gross profit for the second quarter of 2021 was $82.0 million, an increase of 31.4% compared with the prior year's second quarter, and non-GAAP gross margin was 77.7% compared to 74.4% in the second quarter of 2020.
  • Results from Operations: GAAP loss from operations for the second quarter of 2021 was $5.7 million compared with a loss of $16.7 million in the prior year's second quarter. Non-GAAP income from operations was $5.3 million, compared with non-GAAP loss from operations of $1.8 million in the second quarter of 2020.
  • GAAP Net Loss: GAAP net loss for the second quarter of 2021 was $9.5 million compared with a net loss of $19.6 million for the prior year's second quarter. GAAP net loss per basic and diluted share was $0.19 compared with a net loss per basic and diluted share of $0.41 in the second quarter of 2020.
  • Non-GAAP Net Income/Loss: Non-GAAP net income for the second quarter of 2021 was $3.8 million compared with net loss of $2.5 million in the prior year's second quarter. Non-GAAP net income per basic and diluted share was $0.07, compared with net loss per basic and diluted share of $0.05 in the second quarter of 2020.
  • Liquidity: As of June 30, 2021, Workiva had cash, cash equivalents and marketable securities totaling $551.6 million, compared with $530.0 million as of December 31, 2020. Workiva had $345.0 million aggregate principal amount of 1.125% convertible senior notes due in 2026 and $17.5 million of finance lease obligations outstanding as of June 30, 2021.

Key Metrics and Recent Business Highlights

  • Customers: Workiva had 3,949 customers as of June 30, 2021, a net increase of 437 customers from June 30, 2020.
  • Revenue Retention Rate: As of June 30, 2021, Workiva's revenue retention rate (excluding add-on revenue) was 96.0%, and the revenue retention rate including add-on revenue was 111.6%. Add-on revenue includes changes in both solutions and pricing for existing customers.
  • Large Contracts: As of June 30, 2021, Workiva had 952 customers with an annual contract value (ACV) of more than $100,000, up 33% from 716 customers at June 30, 2020. Workiva had 500 customers with an ACV of more than $150,000, up 46% from 342 customers in the second quarter of 2020.
  • On July 30, 2021, we acquired all of the equity interest in OneCloud, Inc., an integration platform as a service (iPaaS) company, in order to extend our integration and data preparation capabilities.

Financial Outlook

As of August 3, 2021, Workiva is providing guidance as follows:

Third Quarter 2021 Guidance:

  • Total revenue is expected to be in the range of $108.0 million to $109.0 million.
  • GAAP loss from operations is expected to be in the range of $17.6 million to $16.6 million.
  • Non-GAAP loss from operations is expected to be in the range of $5.5 million to $4.5 million.
  • GAAP net loss per basic and diluted share is expected to be in the range of $0.40 to $0.38.
  • Non-GAAP net loss per basic share is expected to be in the range of $0.12 to $0.10.
  • Net loss per basic share is based on 51.5 million weighted-average shares outstanding.

Full Year 2021 Guidance:

  • Total revenue is expected to be in the range of $430.0 million to $432.0 million.
  • GAAP loss from operations is expected to be in the range of $47.7 million to $45.7 million.
  • Non-GAAP income from operations is expected to be in the range of break-even to $2.0 million.
  • GAAP net loss per basic and diluted share is expected to be in the range of $1.19 to $1.15.
  • Non-GAAP net loss per basic and diluted share is expected to be in the range of $0.08 to $0.04.
  • Net income (loss) per basic and diluted share is based on 51.2 million weighted-average shares outstanding.

Workiva has factored into its guidance the expected impacts of COVID-19 on its business and results of operations based on currently available information. Significant variation from these assumptions could cause the company to change its guidance, and it undertakes no obligation to update its assumptions, expectations or guidance. These statements are forward-looking, and actual results may differ materially, as further discussed below under the heading "Safe Harbor Statement".

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, in addition to discussing the Company’s outlook for the third quarter and full year 2021. To access this call, dial 833-968-1977 (U.S. domestic) or 647-689-6649 (international). The conference ID is 1817158. 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 10, 2021, at 800-585-8367 (U.S. domestic) or 416-621-4642 (international). The replay pass code is 1817158. 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) simplifies complex work for thousands of organizations worldwide. Customers trust Workiva’s open, intelligent and intuitive platform to connect data, documents and teams. The results: more efficiency, greater transparency and less risk. Learn more at workiva.com.

Read the Workiva blog: www.workiva.com/blog
Follow Workiva on LinkedIn: www.linkedin.com/company/workiva
Like Workiva on Facebook: www.facebook.com/workiva
Follow Workiva on Twitter: www.twitter.com/workiva

Non-GAAP Financial Measures

The non-GAAP adjustments referenced herein relate to the exclusion of stock-based compensation and non-cash interest 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 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 from loss from operations. Non-GAAP net income (loss) is calculated by excluding stock-based compensation expense, net of tax, and non-cash interest expense related to our convertible senior notes 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. Under GAAP, certain convertible debt instruments that may be settled in cash on conversion are required to be accounted for as separate liability and equity components in a manner that reflects our non-convertible debt borrowing rate. This results in the debt component being treated as though it was issued at a discount, with the debt discount being accreted as additional non-cash interest expense over the term of the notes using the effective interest method. As a result, we believe that excluding this non-cash interest expense attributable to the debt discount in calculating our non-GAAP measures is useful because this interest expense does not represent a cash outflow and is not indicative of our ongoing operational performance. 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,

 

2021

 

2020

 

2021

 

2020

 

(unaudited)

Revenue       
Subscription and support$

91,205

  $

70,696

  $

176,141

  $

139,057

 
Professional services

14,382

  

13,164

  

33,668

  

30,604

 
Total revenue

105,587

  

83,860

  

209,809

  

169,661

 
Cost of revenue       
Subscription and support (1)

14,098

  

12,098

  

27,300

  

24,251

 
Professional services (1)

10,493

  

10,146

  

20,967

  

20,389

 
Total cost of revenue

24,591

  

22,244

  

48,267

  

44,640

 
Gross profit

80,996

  

61,616

  

161,542

  

125,021

 
Operating expenses       
Research and development (1)

27,830

  

23,508

  

54,464

  

46,502

 
Sales and marketing (1)

41,525

  

35,270

  

82,560

  

71,387

 
General and administrative (1)

17,384

  

19,553

  

34,405

  

32,922

 
Total operating expenses

86,739

  

78,331

  

171,429

  

150,811

 
Loss from operations

(5,743

) 

(16,715

) 

(9,887

) 

(25,790

)
Interest income

255

  

655

  

615

  

2,361

 
Interest expense

(3,502

) 

(3,489

) 

(6,987

) 

(6,967

)
Other (expense) income, net

(156

) 

(68

) 

(540

) 

650

 
Loss before provision (benefit) for income taxes

(9,146

) 

(19,617

) 

(16,799

) 

(29,746

)
Provision (benefit) for income taxes

368

  

(5

) 

39

  

284

 
Net loss$

(9,514

) $

(19,612

) $

(16,838

) $

(30,030

)
Net loss per common share:       
Basic and diluted$

(0.19

) $

(0.41

) $

(0.33

) $

(0.63

)
Weighted-average common shares outstanding - basic and diluted

51,065,867

  

48,171,552

  

50,657,264

  

47,858,628

 
(1) Includes stock-based compensation expense as follows:
 

Three months ended June 30,

 

Six months ended June 30,

 

2021

 

2020

 

2021

 

2020

 

(unaudited)

Cost of revenue       
Subscription and support$

597

 

 $

436

 

 $

1,093

 

 $

867

 

Professional services

409

 

 

365

 

 

776

 

 

790

 

Operating expenses       
Research and development

2,417

 

 

2,040

 

 

4,848

 

 

3,623

 

Sales and marketing

2,837

 

 

2,944

 

 

6,386

 

 

5,680

 

General and administrative

4,792

 

 

9,109

 

 

9,572

 

 

13,870

 

WORKIVA INC.

 

CONSOLIDATED BALANCE SHEETS

(in thousands)

 

June 30, 2021

 

December 31, 2020

 

(unaudited)

  
Assets   
Current assets   
Cash and cash equivalents$

322,194

  $

322,831

 
Marketable securities

229,419

  

207,207

 
Accounts receivable, net

65,908

  

68,922

 
Deferred costs

26,646

  

21,923

 
Other receivables

2,750

  

3,155

 
Prepaid expenses and other

12,045

  

9,047

 
Total current assets

658,962

  

633,085

 
Property and equipment, net

28,922

  

29,365

 
Operating lease right-of-use assets

15,558

  

15,844

 
Deferred costs, non-current

28,797

  

23,421

 
Intangible assets, net

1,516

  

1,583

 
Other assets

5,127

  

3,708

 
Total assets$

738,882

  $

707,006

 
Liabilities and Stockholders’ Equity   
Current liabilities   
Accounts payable$

3,704

  $

2,843

 
Accrued expenses and other current liabilities

76,682

  

68,256

 
Deferred revenue

224,952

  

208,990

 
Finance lease obligations

1,752

  

1,705

 
Total current liabilities

307,090

  

281,794

 
Convertible senior notes, net

294,040

  

289,490

 
Deferred revenue, non-current

32,219

  

35,894

 
Other long-term liabilities

1,338

  

1,680

 
Operating lease liabilities, non-current

16,355

  

17,209

 
Finance lease obligations, non-current

15,774

  

16,662

 
Total liabilities

666,816

  

642,729

 
Stockholders’ equity   
Common stock

50

  

49

 
Additional paid-in-capital

503,350

  

478,698

 
Accumulated deficit

(431,538

) 

(414,700

)
Accumulated other comprehensive income

204

  

230

 
Total stockholders’ equity

72,066

  

64,277

 
Total liabilities and stockholders’ equity$

738,882

  $

707,006

 

WORKIVA INC.

 

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

 

Three months ended June 30,

 

Six months ended June 30,

 

2021

 

2020

 

2021

 

2020

 

(unaudited)

Cash flows from operating activities       
Net loss$

(9,514

) $

(19,612

) $

(16,838

) $

(30,030

)
Adjustments to reconcile net loss to net cash provided by operating activities:       
Depreciation and amortization

1,097

  

1,052

  

2,151

  

2,115

 
Stock-based compensation expense

11,052

  

14,894

  

22,675

  

24,830

 
Provision for (recovery of) doubtful accounts

17

  

319

  

(101

) 

359

 
Amortization of premiums and discounts on marketable securities, net

763

  

112

  

1,388

  

213

 
Amortization of debt discount and issuance costs

2,284

  

2,213

  

4,550

  

4,410

 
Deferred income tax

362

  

(131

) 

16

  

(131

)
Changes in assets and liabilities:       
Accounts receivable

(12,106

) 

3,847

  

3,159

  

18,112

 
Deferred costs

(9,018

) 

(2,166

) 

(10,077

) 

(1,563

)
Operating lease right-of-use asset

977

  

875

  

1,921

  

1,973

 
Other receivables

585

  

58

  

424

  

(195

)
Prepaid expenses

722

  

(890

) 

(3,025

) 

(2,845

)
Other assets

(110

) 

(609

) 

(683

) 

(683

)
Accounts payable

(1,172

) 

(1,692

) 

736

  

(3,074

)
Deferred revenue

11,900

  

(3,640

) 

12,079

  

(4,868

)
Operating lease liability

(1,202

) 

(1,178

) 

(2,278

) 

(2,323

)
Accrued expenses and other liabilities

16,123

  

13,737

  

8,166

  

5,716

 
Net cash provided by operating activities

12,760

  

7,189

  

24,263

  

12,016

 
Cash flows from investing activities       
Purchase of property and equipment

(811

) 

(696

) 

(1,660

) 

(1,384

)
Purchase of marketable securities

(51,217

) 

(16,457

) 

(94,872

) 

(37,289

)
Sale of marketable securities

250

  

  

250

  

11,423

 
Maturities of marketable securities

30,206

  

13,062

  

70,792

  

26,037

 
Purchase of intangible assets

(52

) 

(74

) 

(123

) 

(151

)
Other

(750

) 

  

(750

) 

 
Net cash used in investing activities

(22,374

) 

(4,165

) 

(26,363

) 

(1,364

)
        
Cash flows from financing activities       
Proceeds from option exercises

1,480

  

6,664

  

5,618

  

9,458

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

(731

) 

(732

) 

(7,877

) 

(2,111

)
Proceeds from shares issued in connection with employee stock purchase plan

  

  

4,237

  

3,660

 
Principal payments on finance lease obligations

(424

) 

(404

) 

(841

) 

(802

)
Net cash provided by financing activities

325

  

5,528

  

1,137

  

10,205

 
Effect of foreign exchange rates on cash

310

  

135

  

326

  

(478

)
Net (decrease) increase in cash and cash equivalents

(8,979

) 

8,687

  

(637

) 

20,379

 
Cash and cash equivalents at beginning of period

331,173

  

393,434

  

322,831

  

381,742

 
Cash and cash equivalents at end of period$

322,194

  $

402,121

  $

322,194

  $

402,121

 

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,

 

2021

 

2020

 

2021

 

2020

Gross profit, subscription and support$

77,107

  $

58,598

  $

148,841

  $

114,806

 
Add back: Stock-based compensation

597

  

436

  

1,093

  

867

 
Gross profit, subscription and support, non-GAAP$

77,704

  $

59,034

  $

149,934

  $

115,673

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

85.2

% 

83.5

% 

85.1

% 

83.2

%
        
Gross profit, professional services$

3,889

  $

3,018

  $

12,701

  $

10,215

 
Add back: Stock-based compensation

409

  

365

  

776

  

790

 
Gross profit, professional services, non-GAAP$

4,298

  $

3,383

  $

13,477

  $

11,005

 
As a percentage of professional services revenue, non-GAAP

29.9

% 

25.7

% 

40.0

% 

36.0

%
        
Gross profit$

80,996

  $

61,616

  $

161,542

  $

125,021

 
Add back: Stock-based compensation

1,006

  

801

  

1,869

  

1,657

 
Gross profit, non-GAAP$

82,002

  $

62,417

  $

163,411

  $

126,678

 
As percentage of revenue, non-GAAP

77.7

% 

74.4

% 

77.9

% 

74.7

%
        
Cost of revenue, subscription and support$

14,098

  $

12,098

  $

27,300

  $

24,251

 
Less: Stock-based compensation

597

  

436

  

1,093

  

867

 
Cost of revenue, subscription and support, non-GAAP$

13,501

  $

11,662

  $

26,207

  $

23,384

 
As percentage of revenue, non-GAAP

12.8

% 

13.9

% 

12.5

% 

13.8

%
        
Cost of revenue, professional services$

10,493

  $

10,146

  $

20,967

  $

20,389

 
Less: Stock-based compensation

409

  

365

  

776

  

790

 
Cost of revenue, professional services, non-GAAP$

10,084

  $

9,781

  $

20,191

  $

19,599

 
As percentage of revenue, non-GAAP

9.6

% 

11.7

% 

9.6

% 

11.6

%
        
Research and development$

27,830

  $

23,508

  $

54,464

  $

46,502

 
Less: Stock-based compensation

2,417

  

2,040

  

4,848

  

3,623

 
Research and development, non-GAAP$

25,413

  $

21,468

  $

49,616

  $

42,879

 
As percentage of revenue, non-GAAP

24.1

% 

25.6

% 

23.6

% 

25.3

%
        
Sales and marketing$

41,525

  $

35,270

  $

82,560

  $

71,387

 
Less: Stock-based compensation

2,837

  

2,944

  

6,386

  

5,680

 
Sales and marketing, non-GAAP$

38,688

  $

32,326

  $

76,174

  $

65,707

 
As percentage of revenue, non-GAAP

36.6

% 

38.5

% 

36.3

% 

38.7

%
        
General and administrative$

17,384

  $

19,553

  $

34,405

  $

32,922

 
Less: Stock-based compensation

4,792

  

9,109

  

9,572

  

13,870

 
General and administrative, non-GAAP$

12,592

  $

10,444

  $

24,833

  $

19,052

 
As percentage of revenue, non-GAAP

11.9

% 

12.5

% 

11.8

% 

11.2

%
        
Loss from operations$

(5,743

) $

(16,715

) $

(9,887

) $

(25,790

)
Add back: Stock-based compensation

11,052

  

14,894

  

22,675

  

24,830

 
Income from operations, non-GAAP$

5,309

  $

(1,821

) $

12,788

  $

(960

)
As percentage of revenue, non-GAAP

5.0

% 

(2.2

)% 

6.1

% 

(0.6

)%
        
Net loss$

(9,514

) $

(19,612

) $

(16,838

) $

(30,030

)
Add back: Stock-based compensation

11,052

  

14,894

  

22,675

  

24,830

 
Add back: Non-cash interest expense related to convertible senior notes

2,284

  

2,213

  

4,550

  

4,410

 
Net income (loss), non-GAAP$

3,822

  $

(2,505

) $

10,387

  $

(790

)
As percentage of revenue, non-GAAP

3.6

% 

(3.0

)% 

5.0

% 

(0.5

)%
        
Net loss per basic and diluted share:$

(0.19

) $

(0.41

) $

(0.33

) $

(0.63

)
Add back: Stock-based compensation

0.22

  

0.31

  

0.45

  

0.52

 
Add back: Non-cash interest expense related to convertible senior notes

0.04

  

0.05

  

0.09

  

0.09

 
Net income (loss) per basic share, non-GAAP$

0.07

  $

(0.05

) $

0.21

  $

(0.02

)
Net income (loss) per diluted share, non-GAAP$

0.07

  $

(0.05

) $

0.19

  $

(0.02

)
        
Weighted-average common shares outstanding - basic, non-GAAP

51,065,867

  

48,171,552

  

50,657,264

  

47,858,628

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

55,064,895

  

48,171,552

  

55,081,027

  

47,858,628

 

TABLE II

WORKIVA INC.

RECONCILIATION OF NON-GAAP GUIDANCE

(in thousands, except share and per share data)

 

Three months ending
September 30, 2021

 

Year ending
December 31, 2021

        
Loss from operations, GAAP range$

(17,600

)

-

$

(16,600

) $

(47,700

)

-

$

(45,700

)
Add back: Stock-based compensation

12,100

  

12,100

  

47,700

  

47,700

 
Income (loss) from operations, non-GAAP range$

(5,500

)

-

$

(4,500

) $

 

-

$

2,000

 
        
Net loss per share, GAAP range$

(0.40

)

-

$

(0.38

) $

(1.19

)

-

$

(1.15

)
Add back: Stock-based compensation

0.23

  

0.23

  

0.93

  

0.93

 
Add back: Non-cash interest expense related to convertible senior notes

0.05

  

0.05

  

0.18

  

0.18

 
Net loss per share, non-GAAP range$

(0.12

)

-

$

(0.10

) $

(0.08

)

-

$

(0.04

)
        
Weighted-average common shares outstanding - basic

51,500,000

  

51,500,000

  

51,200,000

  

51,200,000

 

 

Investor Contact:
Adam Terese
Workiva Inc.
investor@workiva.com
(515) 663-4493

Media Contact:
Kevin McCarthy
Workiva Inc.
press@workiva.com
(515) 663-4471

Source: Workiva Inc.