Increased Q1 2022 Subscription & Support Revenue by 26.1% over Q1 2021
Generated Total Q1 2022 Revenue of $129.7 Million, up 24.4% over Q1 2021
Achieved 31.9% 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 first quarter ended March 31, 2022.
"The Workiva team generated strong revenue for the first quarter which resulted in growth of 26.1% in subscription & support revenue and 24.4% in total revenue," said Marty Vanderploeg, Chief Executive Officer.
"In the first quarter, we saw solid demand across our solution portfolio," said Jill Klindt, Chief Financial Officer. "We added 93 net new logos, saw a 27% YOY increase in the number of customers with contract values over $100k, and achieved our highest revenue retention rate of 97.7%."
"Workiva's mission is to power transparent reporting for a better world, and we believe that we have the team, the technology, and the opportunity to continue to capture share in our large and relatively unaddressed TAM," added Vanderploeg.
First Quarter 2022 Financial Highlights
Key Metrics and Recent Business Highlights
Financial Outlook
As of May 3, 2022, Workiva is providing guidance as follows:
Second Quarter 2022 Guidance:
Full Year 2022 Guidance:
The financial impact of Workiva's April 1, 2022 acquisition of ParsePort is not included in the Company's updated guidance. We expect that ParsePort will be accretive to our 2022 results.
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 first quarter 2022, in addition to discussing the Company’s outlook for the second 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 May 10, 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.
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.
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 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 March 31, |
|||||||
|
2022 |
2021 |
||||||
|
(unaudited) |
|||||||
Revenue |
|
|
||||||
Subscription and support |
$ |
107,120 |
|
$ |
84,936 |
|
||
Professional services |
|
22,554 |
|
|
19,286 |
|
||
Total revenue |
|
129,674 |
|
|
104,222 |
|
||
Cost of revenue |
|
|
||||||
Subscription and support (1) |
|
18,533 |
|
|
13,202 |
|
||
Professional services (1) |
|
12,340 |
|
|
10,474 |
|
||
Total cost of revenue |
|
30,873 |
|
|
23,676 |
|
||
Gross profit |
|
98,801 |
|
|
80,546 |
|
||
Operating expenses |
|
|
||||||
Research and development (1) |
|
35,884 |
|
|
26,634 |
|
||
Sales and marketing (1) |
|
56,100 |
|
|
41,035 |
|
||
General and administrative (1) |
|
23,994 |
|
|
17,021 |
|
||
Total operating expenses |
|
115,978 |
|
|
84,690 |
|
||
Loss from operations |
|
(17,177 |
) |
|
(4,144 |
) |
||
Interest income |
|
280 |
|
|
360 |
|
||
Interest expense |
|
(1,518 |
) |
|
(3,485 |
) |
||
Other expense, net |
|
(165 |
) |
|
(384 |
) |
||
Loss before benefit for income taxes |
|
(18,580 |
) |
|
(7,653 |
) |
||
Benefit for income taxes |
|
(87 |
) |
|
(329 |
) |
||
Net loss |
$ |
(18,493 |
) |
$ |
(7,324 |
) |
||
Net loss per common share: |
|
|
||||||
Basic and diluted |
$ |
(0.35 |
) |
$ |
(0.15 |
) |
||
Weighted-average common shares outstanding - basic and diluted |
|
52,596,228 |
|
|
50,244,120 |
|
||
(1) Includes stock-based compensation expense as follows: |
||||||||
|
Three months ended March 31, |
|||||||
|
2022 |
2021 |
||||||
|
(unaudited) |
|||||||
Cost of revenue |
||||||||
Subscription and support |
$ |
790 |
|
$ |
496 |
|
||
Professional services |
|
452 |
|
|
367 |
|
||
Operating expenses |
|
|
||||||
Research and development |
|
2,725 |
|
|
2,431 |
|
||
Sales and marketing |
|
4,085 |
|
|
3,549 |
|
||
General and administrative |
|
7,257 |
|
|
4,780 |
|
||
WORKIVA INC. |
||||||||
CONSOLIDATED BALANCE SHEETS |
||||||||
(in thousands) |
||||||||
|
March 31, 2022 |
|
December 31, 2021 |
|||||
|
(unaudited) |
|
|
|||||
Assets |
|
|
|
|||||
Current assets |
|
|
|
|||||
Cash and cash equivalents |
$ |
303,076 |
|
|
$ |
300,386 |
|
|
Marketable securities |
|
220,457 |
|
|
|
230,060 |
|
|
Accounts receivable, net |
|
70,133 |
|
|
|
76,848 |
|
|
Deferred costs |
|
31,816 |
|
|
|
31,152 |
|
|
Other receivables |
|
3,359 |
|
|
|
3,538 |
|
|
Prepaid expenses and other |
|
16,217 |
|
|
|
15,108 |
|
|
Total current assets |
|
645,058 |
|
|
|
657,092 |
|
|
Property and equipment, net |
|
28,091 |
|
|
|
28,821 |
|
|
Operating lease right-of-use assets |
|
16,460 |
|
|
|
17,760 |
|
|
Deferred costs, non-current |
|
30,879 |
|
|
|
33,091 |
|
|
Goodwill |
|
34,556 |
|
|
|
34,556 |
|
|
Intangible assets, net |
|
9,677 |
|
|
|
10,434 |
|
|
Other assets |
|
5,162 |
|
|
|
5,005 |
|
|
Total assets |
$ |
769,883 |
|
|
$ |
786,759 |
|
|
Liabilities and Stockholders’ Equity |
|
|
|
|||||
Current liabilities |
|
|
|
|||||
Accounts payable |
$ |
8,379 |
|
|
$ |
4,114 |
|
|
Accrued expenses and other current liabilities |
|
71,589 |
|
|
|
84,126 |
|
|
Deferred revenue |
|
259,387 |
|
|
|
258,023 |
|
|
Convertible senior notes, current |
|
— |
|
|
|
298,661 |
|
|
Finance lease obligations |
|
1,257 |
|
|
|
1,575 |
|
|
Total current liabilities |
|
340,612 |
|
|
|
646,499 |
|
|
Convertible senior notes, non-current |
|
339,283 |
|
|
|
— |
|
|
Deferred revenue, non-current |
|
33,204 |
|
|
|
34,181 |
|
|
Other long-term liabilities |
|
1,602 |
|
|
|
1,605 |
|
|
Operating lease liabilities, non-current |
|
15,026 |
|
|
|
16,408 |
|
|
Finance lease obligations, non-current |
|
14,963 |
|
|
|
15,087 |
|
|
Total liabilities |
|
744,690 |
|
|
|
713,780 |
|
|
Stockholders’ equity |
|
|
|
|||||
Common stock |
|
52 |
|
|
|
51 |
|
|
Additional paid-in-capital |
|
479,867 |
|
|
|
525,646 |
|
|
Accumulated deficit |
|
(452,662 |
) |
|
|
(452,430 |
) |
|
Accumulated other comprehensive (loss) income |
|
(2,064 |
) |
|
|
(288 |
) |
|
Total stockholders’ equity |
|
25,193 |
|
|
|
72,979 |
|
|
Total liabilities and stockholders’ equity |
$ |
769,883 |
|
|
$ |
786,759 |
|
|
WORKIVA INC. |
||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS |
||||||||
(in thousands) |
||||||||
|
Three months ended March 31, |
|||||||
|
2022 |
|
2021 |
|||||
|
(unaudited) |
|||||||
Cash flows from operating activities |
|
|
|
|||||
Net loss |
$ |
(18,493 |
) |
|
$ |
(7,324 |
) |
|
Adjustments to reconcile net loss to net cash (used in) provided by operating activities: |
|
|
|
|||||
Depreciation and amortization |
|
1,959 |
|
|
|
1,054 |
|
|
Stock-based compensation expense |
|
15,309 |
|
|
|
11,623 |
|
|
Recovery of doubtful accounts |
|
(29 |
) |
|
|
(118 |
) |
|
Amortization of premiums and discounts on marketable securities, net |
|
660 |
|
|
|
625 |
|
|
Amortization of issuance costs and debt discount |
|
324 |
|
|
|
2,266 |
|
|
Deferred income tax |
|
(211 |
) |
|
|
(346 |
) |
|
Changes in assets and liabilities: |
|
|
|
|||||
Accounts receivable |
|
6,581 |
|
|
|
15,265 |
|
|
Deferred costs |
|
1,444 |
|
|
|
(1,059 |
) |
|
Operating lease right-of-use asset |
|
1,301 |
|
|
|
944 |
|
|
Other receivables |
|
180 |
|
|
|
(161 |
) |
|
Prepaid expenses |
|
(1,132 |
) |
|
|
(3,747 |
) |
|
Other assets |
|
23 |
|
|
|
(573 |
) |
|
Accounts payable |
|
4,364 |
|
|
|
1,908 |
|
|
Deferred revenue |
|
606 |
|
|
|
179 |
|
|
Operating lease liability |
|
(1,342 |
) |
|
|
(1,076 |
) |
|
Accrued expenses and other liabilities |
|
(12,481 |
) |
|
|
(7,957 |
) |
|
Net cash (used in) provided by operating activities |
|
(937 |
) |
|
|
11,503 |
|
|
|
|
|
|
|||||
Cash flows from investing activities |
|
|
|
|||||
Purchase of property and equipment |
|
(532 |
) |
|
|
(849 |
) |
|
Purchase of marketable securities |
|
(34,148 |
) |
|
|
(43,655 |
) |
|
Sale of marketable securities |
|
14,981 |
|
|
|
— |
|
|
Maturities of marketable securities |
|
26,250 |
|
|
|
40,586 |
|
|
Purchase of intangible assets |
|
(40 |
) |
|
|
(71 |
) |
|
Net cash provided by (used in) investing activities |
|
6,511 |
|
|
|
(3,989 |
) |
|
|
|
|
|
|||||
Cash flows from financing activities |
|
|
|
|||||
Proceeds from option exercises |
|
825 |
|
|
|
4,138 |
|
|
Taxes paid related to net share settlements of stock-based compensation awards |
|
(8,570 |
) |
|
|
(7,146 |
) |
|
Proceeds from shares issued in connection with employee stock purchase plan |
|
5,218 |
|
|
|
4,237 |
|
|
Principal payments on finance lease obligations |
|
(442 |
) |
|
|
(417 |
) |
|
Net cash (used in) provided by financing activities |
|
(2,969 |
) |
|
|
812 |
|
|
Effect of foreign exchange rates on cash |
|
85 |
|
|
|
16 |
|
|
Net increase in cash and cash equivalents |
|
2,690 |
|
|
|
8,342 |
|
|
Cash and cash equivalents at beginning of period |
|
300,386 |
|
|
|
322,831 |
|
|
Cash and cash equivalents at end of period |
$ |
303,076 |
|
|
$ |
331,173 |
|
|
TABLE I |
||||||||
WORKIVA INC. |
||||||||
RECONCILIATION OF NON-GAAP INFORMATION |
||||||||
(in thousands, except share and per share) |
||||||||
|
Three months ended March 31, |
|||||||
|
2022 |
|
2021 |
|||||
Gross profit, subscription and support |
$ |
88,587 |
|
|
$ |
71,734 |
|
|
Add back: Stock-based compensation |
|
790 |
|
|
|
496 |
|
|
Gross profit, subscription and support, non-GAAP |
$ |
89,377 |
|
|
$ |
72,230 |
|
|
As a percentage of subscription and support revenue, non-GAAP |
|
83.4 |
% |
|
|
85.0 |
% |
|
|
|
|
|
|||||
Gross profit, professional services |
$ |
10,214 |
|
|
$ |
8,812 |
|
|
Add back: Stock-based compensation |
|
452 |
|
|
|
367 |
|
|
Gross profit, professional services, non-GAAP |
$ |
10,666 |
|
|
$ |
9,179 |
|
|
As a percentage of professional services revenue, non-GAAP |
|
47.3 |
% |
|
|
47.6 |
% |
|
|
|
|
|
|||||
Gross profit |
$ |
98,801 |
|
|
$ |
80,546 |
|
|
Add back: Stock-based compensation |
|
1,242 |
|
|
|
863 |
|
|
Gross profit, non-GAAP |
$ |
100,043 |
|
|
$ |
81,409 |
|
|
As percentage of revenue, non-GAAP |
|
77.1 |
% |
|
|
78.1 |
% |
|
|
|
|
|
|||||
Cost of revenue, subscription and support |
$ |
18,533 |
|
|
$ |
13,202 |
|
|
Less: Stock-based compensation |
|
790 |
|
|
|
496 |
|
|
Cost of revenue, subscription and support, non-GAAP |
$ |
17,743 |
|
|
$ |
12,706 |
|
|
As percentage of revenue, non-GAAP |
|
13.7 |
% |
|
|
12.2 |
% |
|
|
|
|
|
|||||
Cost of revenue, professional services |
$ |
12,340 |
|
|
$ |
10,474 |
|
|
Less: Stock-based compensation |
|
452 |
|
|
|
367 |
|
|
Cost of revenue, professional services, non-GAAP |
$ |
11,888 |
|
|
$ |
10,107 |
|
|
As percentage of revenue, non-GAAP |
|
9.2 |
% |
|
|
9.7 |
% |
|
|
|
|
|
|||||
Research and development |
$ |
35,884 |
|
|
$ |
26,634 |
|
|
Less: Stock-based compensation |
|
2,725 |
|
|
|
2,431 |
|
|
Less: Amortization of acquisition-related intangibles |
|
495 |
|
|
|
— |
|
|
Research and development, non-GAAP |
$ |
32,664 |
|
|
$ |
24,203 |
|
|
As percentage of revenue, non-GAAP |
|
25.2 |
% |
|
|
23.2 |
% |
|
|
|
|
|
|||||
Sales and marketing |
$ |
56,100 |
|
|
$ |
41,035 |
|
|
Less: Stock-based compensation |
|
4,085 |
|
|
|
3,549 |
|
|
Less: Amortization of acquisition-related intangibles |
|
200 |
|
|
|
— |
|
|
Sales and marketing, non-GAAP |
$ |
51,815 |
|
|
$ |
37,486 |
|
|
As percentage of revenue, non-GAAP |
|
40.0 |
% |
|
|
36.0 |
% |
|
|
|
|
|
|||||
General and administrative |
$ |
23,994 |
|
|
$ |
17,021 |
|
|
Less: Stock-based compensation |
|
7,257 |
|
|
|
4,780 |
|
|
General and administrative, non-GAAP |
$ |
16,737 |
|
|
$ |
12,241 |
|
|
As percentage of revenue, non-GAAP |
|
12.9 |
% |
|
|
11.7 |
% |
|
|
|
|
|
|||||
Loss from operations |
$ |
(17,177 |
) |
|
$ |
(4,144 |
) |
|
Add back: Stock-based compensation |
|
15,309 |
|
|
|
11,623 |
|
|
Add back: Amortization of acquisition-related intangibles |
|
695 |
|
|
|
— |
|
|
(Loss) income from operations, non-GAAP |
$ |
(1,173 |
) |
|
$ |
7,479 |
|
|
As percentage of revenue, non-GAAP |
|
(0.9 |
) % |
|
|
7.2 |
% |
|
|
|
|
|
|||||
Net loss |
$ |
(18,493 |
) |
|
$ |
(7,324 |
) |
|
Add back: Stock-based compensation |
|
15,309 |
|
|
|
11,623 |
|
|
Add back: Amortization of acquisition-related intangibles |
|
695 |
|
|
|
— |
|
|
Add back: Non-cash interest expense related to convertible senior notes |
|
— |
|
|
|
2,266 |
|
|
Net (loss) income, non-GAAP |
$ |
(2,489 |
) |
|
$ |
6,565 |
|
|
As percentage of revenue, non-GAAP |
|
(1.9 |
) % |
|
|
6.3 |
% |
|
|
|
|
|
|||||
Net loss per basic and diluted share: |
$ |
(0.35 |
) |
|
$ |
(0.15 |
) |
|
Add back: Stock-based compensation |
|
0.29 |
|
|
|
0.23 |
|
|
Add back: Amortization of acquisition-related intangibles |
|
0.01 |
|
|
|
— |
|
|
Add back: Non-cash interest expense related to convertible senior notes |
|
— |
|
|
|
0.05 |
|
|
Net (loss) income per basic share, non-GAAP |
$ |
(0.05 |
) |
|
$ |
0.13 |
|
|
Net (loss) income per diluted share, non-GAAP |
$ |
(0.05 |
) |
|
$ |
0.12 |
|
|
|
|
|
|
|||||
Weighted-average common shares outstanding - basic, non-GAAP |
|
52,596,228 |
|
|
|
50,244,120 |
|
|
Weighted-average common shares outstanding - diluted, non-GAAP |
|
52,596,228 |
|
|
|
55,090,270 |
|
|
TABLE II |
||||||||||||||||
WORKIVA INC. |
||||||||||||||||
RECONCILIATION OF NON-GAAP GUIDANCE |
||||||||||||||||
(in thousands, except share and per share data) |
||||||||||||||||
|
Three months ending June 30, 2022 |
|
Year ending December 31, 2022 |
|||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Loss from operations, GAAP range |
$ |
(32,500 |
) |
- |
$ |
(31,500 |
) |
|
$ |
(107,000 |
) |
- |
$ |
(105,000 |
) |
|
Add back: Stock-based compensation |
|
18,805 |
|
|
|
18,805 |
|
|
|
72,200 |
|
|
|
72,200 |
|
|
Add back: Amortization of acquisition-related intangibles |
|
695 |
|
|
|
695 |
|
|
|
2,800 |
|
|
|
2,800 |
|
|
Net loss from operations, non-GAAP range |
$ |
(13,000 |
) |
- |
$ |
(12,000 |
) |
|
$ |
(32,000 |
) |
- |
$ |
(30,000 |
) |
|
|
|
|
|
|
|
|
|
|||||||||
Net loss per share, GAAP range |
$ |
(0.64 |
) |
- |
$ |
(0.62 |
) |
|
$ |
(2.12 |
) |
- |
$ |
(2.08 |
) |
|
Add back: Stock-based compensation |
|
0.36 |
|
|
|
0.36 |
|
|
|
1.36 |
|
|
|
1.36 |
|
|
Add back: Amortization of acquisition-related intangibles |
|
0.01 |
|
|
|
0.01 |
|
|
|
0.05 |
|
|
|
0.05 |
|
|
Net loss per share, non-GAAP range |
$ |
(0.27 |
) |
- |
$ |
(0.25 |
) |
|
$ |
(0.71 |
) |
- |
$ |
(0.67 |
) |
|
|
|
|
|
|
|
|
|
|||||||||
Weighted-average common shares outstanding - basic |
|
52,700,000 |
|
|
|
52,700,000 |
|
|
|
53,000,000 |
|
|
|
53,000,000 |
|
Увеличение доходов от подписки и поддержки в 1 квартале 2022 года на 26,1% по сравнению с 1 кварталом 2021 года
Общая выручка за 1 квартал 2022 года составила 129,7 млн долларов, что на 24,4% больше, чем за 1 квартал 2021 года
Достигнут Рост числа Клиентов на 31,9% в годовом исчислении с годовой стоимостью контракта более $150 тыс.
ЭЙМС, Айова -- (BUSINESS WIRE)--Workiva Inc. (NYSE:WK), компания, предоставляющая прозрачную отчетность для лучшего мира, сегодня объявила финансовые результаты за первый квартал, закончившийся 31 марта 2022 года.
"Команда Workiva получила значительный доход за первый квартал, что привело к росту доходов от подписки и поддержки на 26,1% и общему доходу на 24,4%", - сказал Марти Вандерплоег, главный исполнительный директор.
"В первом квартале мы увидели устойчивый спрос на весь наш портфель решений", - сказала Джилл Клиндт, финансовый директор. "Мы добавили 93 новых чистых логотипа, увидели увеличение числа клиентов на 27% в годовом исчислении с контрактной стоимостью более 100 тысяч долларов и достигли нашего самого высокого показателя удержания выручки - 97,7%".
"Миссия Workiva - обеспечить прозрачную отчетность для лучшего мира, и мы считаем, что у нас есть команда, технологии и возможность продолжать получать долю в нашем большом и относительно безадресном TAM", - добавил Вандерплоег.
Основные финансовые показатели Первого квартала 2022 года
Ключевые показатели и Последние события в бизнесе
Финансовые перспективы
По состоянию на 3 мая 2022 года Workiva предоставляет следующие рекомендации:
Прогноз на Второй квартал 2022 года:
Руководство на весь 2022 год:
Финансовые последствия приобретения ParsePort компанией Workiva 1 апреля 2022 года не включены в обновленное руководство Компании. Мы ожидаем, что ParsePort будет способствовать нашим результатам в 2022 году.
Ежеквартальный Конференц-звонок
Workiva проведет селекторное совещание сегодня в 17:00 вечера по восточному времени, чтобы рассмотреть финансовые результаты Компании за первый квартал 2022 года, в дополнение к обсуждению перспектив Компании на второй квартал и весь 2022 год. Чтобы получить доступ к этому звонку, наберите 888-330-2469 (внутренний звонок в США) или 240-789-2740 (международный). Идентификатор конференции - 8736384. Прямая трансляция телефонной конференции будет доступна в разделе "Отношения с инвесторами" на веб-сайте Workiva по адресу www.Workiva.com . Воспроизведение этой телефонной конференции также можно получить до 10 мая 2022 года по телефону 800-770-2030 (внутренний звонок в США) или 647-362-9199 (международный). Код доступа для воспроизведения - 8736384. Архивная веб-трансляция этой телефонной конференции также будет доступна через час после завершения телефонной конференции в разделе "Отношения с инвесторами" на веб-сайте Компании по адресу www.Workiva.com .
Workiva Inc. (NYSE:WK) стремится обеспечить прозрачную отчетность для лучшего мира. Мы разрабатываем и предоставляем ведущие в мире решения для регулирования, финансовой отчетности и отчетности ESG для удовлетворения требований заинтересованных сторон к действиям, прозрачности и раскрытию финансовых и нефинансовых данных. Наша облачная платформа упрощает самые сложные задачи отчетности и раскрытия информации за счет оптимизации процессов, объединения данных и команд и обеспечения согласованности. Узнайте больше на сайте Workiva.com .
Читайте блог Workiva: www.Workiva.com/blog Подписывайтесь на Workiva в LinkedIn: www.linkedin.com/company/Workiva Как Workiva на Facebook: www.facebook.com/Workiva Подписывайтесь на Workiva в Twitter: www.twitter.com/Workiva
Финансовые показатели, Не относящиеся к ОПБУ
Корректировки, не относящиеся к GAAP, упомянутые здесь, относятся к исключению компенсации на основе акций и амортизации нематериальных активов, связанных с приобретением. Сверка ОПБУ с историческими финансовыми показателями, не относящимися к ОПБУ, приведена в таблице I в конце этого пресс-релиза. Сверка ОПБУ с рекомендациями, не относящимися к ОПБУ, приведена в Таблице II в конце настоящего пресс-релиза.
Workiva считает, что использование валовой прибыли и валовой прибыли без учета GAAP, дохода (убытка) от операций без учета GAAP, чистого дохода (убытка) без учета GAAP и чистого дохода (убытка) без учета GAAP на акцию полезно для его инвесторов. Эти показатели, которые называются финансовыми показателями, не относящимися к GAAP, не подготовлены в соответствии с общепринятыми принципами бухгалтерского учета в Соединенных Штатах или GAAP. Валовая прибыль, не соответствующая ОПБУ, рассчитывается путем исключения из валовой прибыли расходов на компенсацию на основе акций, относящихся к себестоимости выручки. Валовая прибыль без учета ОПБУ - это коэффициент, рассчитываемый путем деления валовой прибыли без учета ОПБУ на выручку. Доход (убыток) от операционной деятельности, не относящийся к ОПБУ, рассчитывается путем исключения расходов на компенсацию на основе запасов и расходов на амортизацию нематериальных активов, связанных с приобретением, из убытка от операционной деятельности. Чистая прибыль (убыток), не соответствующая ОПБУ, рассчитывается путем исключения расходов на компенсацию, основанных на акциях, за вычетом налогов и расходов на амортизацию нематериальных активов, связанных с приобретением. Чистая прибыль (убыток) на акцию, не относящаяся к ОПБУ, рассчитывается путем деления чистой прибыли (убытка), не относящейся к ОПБУ, на средневзвешенное количество акций в обращении, как показано при расчете чистого убытка на акцию по ОПБУ. Из-за различных доступных методологий оценки, субъективных допущений и разнообразия долевых инструментов, которые могут повлиять на неденежные расходы компании, Workiva считает, что предоставление финансовых показателей, не относящихся к GAAP, которые исключают расходы на компенсацию, основанную на акциях, позволяет проводить более значимые сравнения между ее операционными результатами от периода к периоду. При объединении бизнеса мы обычно распределяем часть покупной цены на нематериальные активы. Сумма распределения основана на оценках и допущениях, сделанных руководством, и подлежит амортизации. Сумма покупной цены, отнесенная на нематериальные активы, и срок соответствующей амортизации могут существенно различаться и являются уникальными для каждого приобретения, и поэтому мы не считаем, что это отражает текущую деятельность. Руководство Workiva использует эти финансовые показатели, не относящиеся к GAAP, в качестве инструментов для принятия финансовых и операционных решений, а также для оценки собственных операционных результатов Workiva за различные периоды времени.
Финансовые показатели, не относящиеся к GAAP, могут не предоставлять информацию, непосредственно сопоставимую с информацией, предоставляемой другими компаниями в отрасли Workiva, поскольку другие компании в отрасли могут рассчитывать финансовые результаты, не относящиеся к GAAP, по-разному. Кроме того, существуют ограничения в использовании финансовых показателей, не относящихся к GAAP, поскольку финансовые показатели, не относящиеся к GAAP, не подготовлены в соответствии с GAAP, могут отличаться от финансовых показателей, не относящихся к GAAP, используемых другими компаниями, и исключают расходы, которые могут оказать существенное влияние на отчетные финансовые результаты Workiva. Кроме того, расходы на компенсацию на основе акций были и будут оставаться в обозримом будущем значительными текущими расходами в бизнесе Workiva и важной частью компенсации, предоставляемой его сотрудникам. Представление финансовой информации, не относящейся к ОПБУ, не предназначено для рассмотрения изолированно или в качестве замены непосредственно сопоставимых финансовых показателей, подготовленных в соответствии с ОПБУ. Инвесторам следует проанализировать сверку финансовых показателей, не относящихся к GAAP, с сопоставимыми финансовыми показателями GAAP, включенными ниже, и не полагаться на какой-либо отдельный финансовый показатель для оценки бизнеса Workiva.
Заявление о безопасной гавани
Некоторые заявления в этом пресс-релизе являются "прогнозными заявлениями" по смыслу раздела 21E Закона о ценных бумагах и биржах 1934 года с внесенными в него поправками и подпадают под действие созданной таким образом безопасной гавани. Эти заявления касаются будущих событий или будущих финансовых показателей Компании и включают известные и неизвестные риски, неопределенности и другие факторы, которые могут привести к тому, что фактические результаты, уровни деятельности, показатели или достижения Компании или ее отрасли будут существенно отличаться от тех, которые выражены или подразумеваются в любых прогнозных заявлениях. В частности, заявления об ожиданиях, убеждениях, планах, целях, предположениях, будущих событиях или будущих результатах деятельности Компании, содержащиеся в настоящем пресс-релизе, являются прогнозными заявлениями. В некоторых случаях прогнозные заявления могут быть идентифицированы с помощью такой терминологии, как "может", "будет", "может", "будет", "должен", "ожидать", "планировать", "предвидеть", "намереваться", "полагать", "оценивать", "прогнозировать", "потенциал", "перспективы", "руководство" или отрицательное значение этих терминов или другой сопоставимой терминологии.
Пожалуйста, ознакомьтесь с документами Компании, поданными или подлежащими подаче в Комиссию по ценным бумагам и биржам, включая годовые отчеты Компании, представленные по форме 10-K, и квартальные отчеты по форме 10-Q, а также любые поправки к ним для обсуждения некоторых важных факторов риска, которые относятся к прогнозным заявлениям, содержащимся в этот отчет. Компания основала эти прогнозные заявления на своих текущих ожиданиях, предположениях, оценках и прогнозах. Хотя Компания считает, что эти ожидания, предположения, оценки и прогнозы являются разумными, такие прогнозные заявления являются всего лишь прогнозами и связаны с известными и неизвестными рисками и неопределенностями, многие из которых находятся вне контроля Компании. Эти и другие важные факторы могут привести к тому, что фактические результаты, показатели или достижения будут существенно отличаться от тех, которые выражены или подразумеваются в этих прогнозных заявлениях. Любые прогнозные заявления делаются только на дату настоящего Соглашения, и, если иное не требуется применимым законодательством о ценных бумагах, Компания отказывается от каких-либо намерений или обязательств обновлять или пересматривать любые прогнозные заявления, будь то в результате новой информации, будущих событий или иным образом.
Workiva INC. |
||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS |
||||||||
(in thousands, except share and per share amounts) |
||||||||
|
Three months ended March 31, |
|||||||
|
2022 |
2021 |
||||||
|
(unaudited) |
|||||||
Revenue |
|
|
||||||
Subscription and support |
$ |
107,120 |
|
$ |
84,936 |
|
||
Professional services |
|
22,554 |
|
|
19,286 |
|
||
Total revenue |
|
129,674 |
|
|
104,222 |
|
||
Cost of revenue |
|
|
||||||
Subscription and support (1) |
|
18,533 |
|
|
13,202 |
|
||
Professional services (1) |
|
12,340 |
|
|
10,474 |
|
||
Total cost of revenue |
|
30,873 |
|
|
23,676 |
|
||
Gross profit |
|
98,801 |
|
|
80,546 |
|
||
Operating expenses |
|
|
||||||
Research and development (1) |
|
35,884 |
|
|
26,634 |
|
||
Sales and marketing (1) |
|
56,100 |
|
|
41,035 |
|
||
General and administrative (1) |
|
23,994 |
|
|
17,021 |
|
||
Total operating expenses |
|
115,978 |
|
|
84,690 |
|
||
Loss from operations |
|
(17,177 |
) |
|
(4,144 |
) |
||
Interest income |
|
280 |
|
|
360 |
|
||
Interest expense |
|
(1,518 |
) |
|
(3,485 |
) |
||
Other expense, net |
|
(165 |
) |
|
(384 |
) |
||
Loss before benefit for income taxes |
|
(18,580 |
) |
|
(7,653 |
) |
||
Benefit for income taxes |
|
(87 |
) |
|
(329 |
) |
||
Net loss |
$ |
(18,493 |
) |
$ |
(7,324 |
) |
||
Net loss per common share: |
|
|
||||||
Basic and diluted |
$ |
(0.35 |
) |
$ |
(0.15 |
) |
||
Weighted-average common shares outstanding - basic and diluted |
|
52,596,228 |
|
|
50,244,120 |
|
||
(1) Includes stock-based compensation expense as follows: |
||||||||
|
Three months ended March 31, |
|||||||
|
2022 |
2021 |
||||||
|
(unaudited) |
|||||||
Cost of revenue |
||||||||
Subscription and support |
$ |
790 |
|
$ |
496 |
|
||
Professional services |
|
452 |
|
|
367 |
|
||
Operating expenses |
|
|
||||||
Research and development |
|
2,725 |
|
|
2,431 |
|
||
Sales and marketing |
|
4,085 |
|
|
3,549 |
|
||
General and administrative |
|
7,257 |
|
|
4,780 |
|
||
Workiva INC. |
||||||||
CONSOLIDATED BALANCE SHEETS |
||||||||
(in thousands) |
||||||||
|
March 31, 2022 |
|
December 31, 2021 |
|||||
|
(unaudited) |
|
|
|||||
Assets |
|
|
|
|||||
Current assets |
|
|
|
|||||
Cash and cash equivalents |
$ |
303,076 |
|
|
$ |
300,386 |
|
|
Marketable securities |
|
220,457 |
|
|
|
230,060 |
|
|
Accounts receivable, net |
|
70,133 |
|
|
|
76,848 |
|
|
Deferred costs |
|
31,816 |
|
|
|
31,152 |
|
|
Other receivables |
|
3,359 |
|
|
|
3,538 |
|
|
Prepaid expenses and other |
|
16,217 |
|
|
|
15,108 |
|
|
Total current assets |
|
645,058 |
|
|
|
657,092 |
|
|
Property and equipment, net |
|
28,091 |
|
|
|
28,821 |
|
|
Operating lease right-of-use assets |
|
16,460 |
|
|
|
17,760 |
|
|
Deferred costs, non-current |
|
30,879 |
|
|
|
33,091 |
|
|
Goodwill |
|
34,556 |
|
|
|
34,556 |
|
|
Intangible assets, net |
|
9,677 |
|
|
|
10,434 |
|
|
Other assets |
|
5,162 |
|
|
|
5,005 |
|
|
Total assets |
$ |
769,883 |
|
|
$ |
786,759 |
|
|
Liabilities and Stockholders’ Equity |
|
|
|
|||||
Current liabilities |
|
|
|
|||||
Accounts payable |
$ |
8,379 |
|
|
$ |
4,114 |
|
|
Accrued expenses and other current liabilities |
|
71,589 |
|
|
|
84,126 |
|
|
Deferred revenue |
|
259,387 |
|
|
|
258,023 |
|
|
Convertible senior notes, current |
|
— |
|
|
|
298,661 |
|
|
Finance lease obligations |
|
1,257 |
|
|
|
1,575 |
|
|
Total current liabilities |
|
340,612 |
|
|
|
646,499 |
|
|
Convertible senior notes, non-current |
|
339,283 |
|
|
|
— |
|
|
Deferred revenue, non-current |
|
33,204 |
|
|
|
34,181 |
|
|
Other long-term liabilities |
|
1,602 |
|
|
|
1,605 |
|
|
Operating lease liabilities, non-current |
|
15,026 |
|
|
|
16,408 |
|
|
Finance lease obligations, non-current |
|
14,963 |
|
|
|
15,087 |
|
|
Total liabilities |
|
744,690 |
|
|
|
713,780 |
|
|
Stockholders’ equity |
|
|
|
|||||
Common stock |
|
52 |
|
|
|
51 |
|
|
Additional paid-in-capital |
|
479,867 |
|
|
|
525,646 |
|
|
Accumulated deficit |
|
(452,662 |
) |
|
|
(452,430 |
) |
|
Accumulated other comprehensive (loss) income |
|
(2,064 |
) |
|
|
(288 |
) |
|
Total stockholders’ equity |
|
25,193 |
|
|
|
72,979 |
|
|
Total liabilities and stockholders’ equity |
$ |
769,883 |
|
|
$ |
786,759 |
|
|
Workiva INC. |
||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS |
||||||||
(in thousands) |
||||||||
|
Three months ended March 31, |
|||||||
|
2022 |
|
2021 |
|||||
|
(unaudited) |
|||||||
Cash flows from operating activities |
|
|
|
|||||
Net loss |
$ |
(18,493 |
) |
|
$ |
(7,324 |
) |
|
Adjustments to reconcile net loss to net cash (used in) provided by operating activities: |
|
|
|
|||||
Depreciation and amortization |
|
1,959 |
|
|
|
1,054 |
|
|
Stock-based compensation expense |
|
15,309 |
|
|
|
11,623 |
|
|
Recovery of doubtful accounts |
|
(29 |
) |
|
|
(118 |
) |
|
Amortization of premiums and discounts on marketable securities, net |
|
660 |
|
|
|
625 |
|
|
Amortization of issuance costs and debt discount |
|
324 |
|
|
|
2,266 |
|
|
Deferred income tax |
|
(211 |
) |
|
|
(346 |
) |
|
Changes in assets and liabilities: |
|
|
|
|||||
Accounts receivable |
|
6,581 |
|
|
|
15,265 |
|
|
Deferred costs |
|
1,444 |
|
|
|
(1,059 |
) |
|
Operating lease right-of-use asset |
|
1,301 |
|
|
|
944 |
|
|
Other receivables |
|
180 |
|
|
|
(161 |
) |
|
Prepaid expenses |
|
(1,132 |
) |
|
|
(3,747 |
) |
|
Other assets |
|
23 |
|
|
|
(573 |
) |
|
Accounts payable |
|
4,364 |
|
|
|
1,908 |
|
|
Deferred revenue |
|
606 |
|
|
|
179 |
|
|
Operating lease liability |
|
(1,342 |
) |
|
|
(1,076 |
) |
|
Accrued expenses and other liabilities |
|
(12,481 |
) |
|
|
(7,957 |
) |
|
Net cash (used in) provided by operating activities |
|
(937 |
) |
|
|
11,503 |
|
|
|
|
|
|
|||||
Cash flows from investing activities |
|
|
|
|||||
Purchase of property and equipment |
|
(532 |
) |
|
|
(849 |
) |
|
Purchase of marketable securities |
|
(34,148 |
) |
|
|
(43,655 |
) |
|
Sale of marketable securities |
|
14,981 |
|
|
|
— |
|
|
Maturities of marketable securities |
|
26,250 |
|
|
|
40,586 |
|
|
Purchase of intangible assets |
|
(40 |
) |
|
|
(71 |
) |
|
Net cash provided by (used in) investing activities |
|
6,511 |
|
|
|
(3,989 |
) |
|
|
|
|
|
|||||
Cash flows from financing activities |
|
|
|
|||||
Proceeds from option exercises |
|
825 |
|
|
|
4,138 |
|
|
Taxes paid related to net share settlements of stock-based compensation awards |
|
(8,570 |
) |
|
|
(7,146 |
) |
|
Proceeds from shares issued in connection with employee stock purchase plan |
|
5,218 |
|
|
|
4,237 |
|
|
Principal payments on finance lease obligations |
|
(442 |
) |
|
|
(417 |
) |
|
Net cash (used in) provided by financing activities |
|
(2,969 |
) |
|
|
812 |
|
|
Effect of foreign exchange rates on cash |
|
85 |
|
|
|
16 |
|
|
Net increase in cash and cash equivalents |
|
2,690 |
|
|
|
8,342 |
|
|
Cash and cash equivalents at beginning of period |
|
300,386 |
|
|
|
322,831 |
|
|
Cash and cash equivalents at end of period |
$ |
303,076 |
|
|
$ |
331,173 |
|
|
TABLE I |
||||||||
Workiva INC. |
||||||||
RECONCILIATION OF NON-GAAP INFORMATION |
||||||||
(in thousands, except share and per share) |
||||||||
|
Three months ended March 31, |
|||||||
|
2022 |
|
2021 |
|||||
Gross profit, subscription and support |
$ |
88,587 |
|
|
$ |
71,734 |
|
|
Add back: Stock-based compensation |
|
790 |
|
|
|
496 |
|
|
Gross profit, subscription and support, non-GAAP |
$ |
89,377 |
|
|
$ |
72,230 |
|
|
As a percentage of subscription and support revenue, non-GAAP |
|
83.4 |
% |
|
|
85.0 |
% |
|
|
|
|
|
|||||
Gross profit, professional services |
$ |
10,214 |
|
|
$ |
8,812 |
|
|
Add back: Stock-based compensation |
|
452 |
|
|
|
367 |
|
|
Gross profit, professional services, non-GAAP |
$ |
10,666 |
|
|
$ |
9,179 |
|
|
As a percentage of professional services revenue, non-GAAP |
|
47.3 |
% |
|
|
47.6 |
% |
|
|
|
|
|
|||||
Gross profit |
$ |
98,801 |
|
|
$ |
80,546 |
|
|
Add back: Stock-based compensation |
|
1,242 |
|
|
|
863 |
|
|
Gross profit, non-GAAP |
$ |
100,043 |
|
|
$ |
81,409 |
|
|
As percentage of revenue, non-GAAP |
|
77.1 |
% |
|
|
78.1 |
% |
|
|
|
|
|
|||||
Cost of revenue, subscription and support |
$ |
18,533 |
|
|
$ |
13,202 |
|
|
Less: Stock-based compensation |
|
790 |
|
|
|
496 |
|
|
Cost of revenue, subscription and support, non-GAAP |
$ |
17,743 |
|
|
$ |
12,706 |
|
|
As percentage of revenue, non-GAAP |
|
13.7 |
% |
|
|
12.2 |
% |
|
|
|
|
|
|||||
Cost of revenue, professional services |
$ |
12,340 |
|
|
$ |
10,474 |
|
|
Less: Stock-based compensation |
|
452 |
|
|
|
367 |
|
|
Cost of revenue, professional services, non-GAAP |
$ |
11,888 |
|
|
$ |
10,107 |
|
|
As percentage of revenue, non-GAAP |
|
9.2 |
% |
|
|
9.7 |
% |
|
|
|
|
|
|||||
Research and development |
$ |
35,884 |
|
|
$ |
26,634 |
|
|
Less: Stock-based compensation |
|
2,725 |
|
|
|
2,431 |
|
|
Less: Amortization of acquisition-related intangibles |
|
495 |
|
|
|
— |
|
|
Research and development, non-GAAP |
$ |
32,664 |
|
|
$ |
24,203 |
|
|
As percentage of revenue, non-GAAP |
|
25.2 |
% |
|
|
23.2 |
% |
|
|
|
|
|
|||||
Sales and marketing |
$ |
56,100 |
|
|
$ |
41,035 |
|
|
Less: Stock-based compensation |
|
4,085 |
|
|
|
3,549 |
|
|
Less: Amortization of acquisition-related intangibles |
|
200 |
|
|
|
— |
|
|
Sales and marketing, non-GAAP |
$ |
51,815 |
|
|
$ |
37,486 |
|
|
As percentage of revenue, non-GAAP |
|
40.0 |
% |
|
|
36.0 |
% |
|
|
|
|
|
|||||
General and administrative |
$ |
23,994 |
|
|
$ |
17,021 |
|
|
Less: Stock-based compensation |
|
7,257 |
|
|
|
4,780 |
|
|
General and administrative, non-GAAP |
$ |
16,737 |
|
|
$ |
12,241 |
|
|
As percentage of revenue, non-GAAP |
|
12.9 |
% |
|
|
11.7 |
% |
|
|
|
|
|
|||||
Loss from operations |
$ |
(17,177 |
) |
|
$ |
(4,144 |
) |
|
Add back: Stock-based compensation |
|
15,309 |
|
|
|
11,623 |
|
|
Add back: Amortization of acquisition-related intangibles |
|
695 |
|
|
|
— |
|
|
(Loss) income from operations, non-GAAP |
$ |
(1,173 |
) |
|
$ |
7,479 |
|
|
As percentage of revenue, non-GAAP |
|
(0.9 |
) % |
|
|
7.2 |
% |
|
|
|
|
|
|||||
Net loss |
$ |
(18,493 |
) |
|
$ |
(7,324 |
) |
|
Add back: Stock-based compensation |
|
15,309 |
|
|
|
11,623 |
|
|
Add back: Amortization of acquisition-related intangibles |
|
695 |
|
|
|
— |
|
|
Add back: Non-cash interest expense related to convertible senior notes |
|
— |
|
|
|
2,266 |
|
|
Net (loss) income, non-GAAP |
$ |
(2,489 |
) |
|
$ |
6,565 |
|
|
As percentage of revenue, non-GAAP |
|
(1.9 |
) % |
|
|
6.3 |
% |
|
|
|
|
|
|||||
Net loss per basic and diluted share: |
$ |
(0.35 |
) |
|
$ |
(0.15 |
) |
|
Add back: Stock-based compensation |
|
0.29 |
|
|
|
0.23 |
|
|
Add back: Amortization of acquisition-related intangibles |
|
0.01 |
|
|
|
— |
|
|
Add back: Non-cash interest expense related to convertible senior notes |
|
— |
|
|
|
0.05 |
|
|
Net (loss) income per basic share, non-GAAP |
$ |
(0.05 |
) |
|
$ |
0.13 |
|
|
Net (loss) income per diluted share, non-GAAP |
$ |
(0.05 |
) |
|
$ |
0.12 |
|
|
|
|
|
|
|||||
Weighted-average common shares outstanding - basic, non-GAAP |
|
52,596,228 |
|
|
|
50,244,120 |
|
|
Weighted-average common shares outstanding - diluted, non-GAAP |
|
52,596,228 |
|
|
|
55,090,270 |
|
|
TABLE II |
||||||||||||||||
Workiva INC. |
||||||||||||||||
RECONCILIATION OF NON-GAAP GUIDANCE |
||||||||||||||||
(in thousands, except share and per share data) |
||||||||||||||||
|
Three months ending June 30, 2022 |
|
Year ending December 31, 2022 |
|||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Loss from operations, GAAP range |
$ |
(32,500 |
) |
- |
$ |
(31,500 |
) |
|
$ |
(107,000 |
) |
- |
$ |
(105,000 |
) |
|
Add back: Stock-based compensation |
|
18,805 |
|
|
|
18,805 |
|
|
|
72,200 |
|
|
|
72,200 |
|
|
Add back: Amortization of acquisition-related intangibles |
|
695 |
|
|
|
695 |
|
|
|
2,800 |
|
|
|
2,800 |
|
|
Net loss from operations, non-GAAP range |
$ |
(13,000 |
) |
- |
$ |
(12,000 |
) |
|
$ |
(32,000 |
) |
- |
$ |
(30,000 |
) |
|
|
|
|
|
|
|
|
|
|||||||||
Net loss per share, GAAP range |
$ |
(0.64 |
) |
- |
$ |
(0.62 |
) |
|
$ |
(2.12 |
) |
- |
$ |
(2.08 |
) |
|
Add back: Stock-based compensation |
|
0.36 |
|
|
|
0.36 |
|
|
|
1.36 |
|
|
|
1.36 |
|
|
Add back: Amortization of acquisition-related intangibles |
|
0.01 |
|
|
|
0.01 |
|
|
|
0.05 |
|
|
|
0.05 |
|
|
Net loss per share, non-GAAP range |
$ |
(0.27 |
) |
- |
$ |
(0.25 |
) |
|
$ |
(0.71 |
) |
- |
$ |
(0.67 |
) |
|
|
|
|
|
|
|
|
|
|||||||||
Weighted-average common shares outstanding - basic |
|
52,700,000 |
|
|
|
52,700,000 |
|
|
|
53,000,000 |
|
|
|
53,000,000 |
|