Financial Data and Key Metrics Changes - Subscription revenue grew 20% year over year, while total revenue increased by 17% year over year, exceeding the high end of guidance [6][37] - Operating margin for Q1 was 2.4%, slightly ahead of guidance, with gross margin improving by 100 basis points to 79% [7][38] - The number of customers reached 6,385, an increase of 311 from the previous year, with a gross retention rate of 97% and a net retention rate of 110% [39] Business Line Data and Key Metrics Changes - The number of contracts valued over $100,000 increased by 23%, contracts over $300,000 rose by 32%, and those over $500,000 also increased by 32% compared to Q1 2024 [8][40] - Professional services revenue remained flat at $21 million, with higher XBRL services offset by a decline in setup and consulting services [37] Market Data and Key Metrics Changes - The company noted a more cautious buying environment towards the end of Q1, influenced by uncertainties in regulatory changes and the new U.S. Administration's policies [9][18] - Demand for sustainability solutions remained strong, with significant multi-six figure deals in Europe, indicating continued growth in this market despite regulatory changes [50][51] Company Strategy and Development Direction - The company remains focused on executing its long-term growth strategy and productivity initiatives, believing it has a competitive differentiation to meet its targets for 2025 and beyond [9][33] - The introduction of new capabilities for SEC reporting and a fund reporting solution for public funds reflects the company's commitment to product innovation and market expansion [30][32] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term market opportunity and growth strategy, despite the cautious buying environment [33][42] - The company reaffirmed its full-year revenue guidance, expecting subscription revenue growth of approximately 20% at the midpoint [42][43] Other Important Information - The company repurchased approximately 462,000 shares for $40 million as part of its share repurchase program [41] - The European Union's proposed changes to the CSRD regulation are expected to create demand for the company's GRC solutions [22][23] Q&A Session Summary Question: Guidance and cautious buying environment - Management maintained the full-year revenue guidance despite a cautious buying environment, citing strong Q1 performance and confidence in long-term market opportunities [46][47] Question: Demand for ESG and sustainability solutions - Sustainability remained a top booking solution, with clarity from the CSRD bringing opportunities for large companies to report [48][50] Question: Impact of market volatility on capital markets - The outlook for capital markets remains consistent, with no changes expected in contributions for the year [85] Question: Pricing philosophy - The company focuses on providing value and expanding accounts rather than squeezing additional dollars from renewals [80][81] Question: Opportunities in fund reporting - The market for public funds is significant, with over 12,000 public funds globally, presenting a strong opportunity for the company [92]

Financial Data and Key Metrics Changes - Subscription revenue grew 20% year over year, while total revenue increased by 17% year over year, exceeding the high end of guidance [6][37] - Operating margin for Q1 was 2.4%, slightly ahead of guidance, with gross margin improving by 100 basis points to 79% [38][39] - The number of customers reached 6,385, an increase of 311 from the previous year, with a gross retention rate of 97% and a net retention rate of 110% [40] Business Line Data and Key Metrics Changes - The number of contracts valued over $100,000 increased by 23%, contracts over $300,000 rose by 32%, and those over $500,000 also increased by 32% compared to Q1 2024 [8][41] - Professional services revenue remained flat at $21 million, with higher XBRL services offset by a decline in setup and consulting services [37] Market Data and Key Metrics Changes - The company noted a more cautious buying environment towards the end of Q1, influenced by regulatory uncertainties and macroeconomic conditions [9][34] - Demand for sustainability solutions remained strong, with significant multi-six figure deals in Europe despite the cautious environment [50][52] Company Strategy and Development Direction - The company remains focused on long-term growth strategy and productivity initiatives, emphasizing the importance of its platform for customer outcomes [9][34] - The company is committed to product innovation, having launched new capabilities for SEC reporting and a fund reporting solution for public funds [31][33] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term market opportunity despite a cautious buying environment, reaffirming the full-year revenue guidance [34][72] - The company highlighted the importance of sustainability reporting as a growing market, driven by both regulatory requirements and corporate performance needs [27][50] Other Important Information - The company has a cash position of $767 million as of March 31, 2025, with a share repurchase program in place [42] - The guidance for Q2 2025 expects total revenue between $208 million and $210 million, with subscription revenue growth projected at approximately 20% [43][44] Q&A Session Summary Question: Guidance and cautious buying environment - Management maintained the full-year revenue guidance despite a cautious buying environment, citing strong Q1 performance and confidence in long-term market opportunities [47][48] Question: Demand for ESG and sustainability solutions - Demand for sustainability solutions has continued to grow, with clarity from recent EU legislation expected to drive further opportunities [49][51] Question: Impact of market volatility on capital markets - The outlook for capital markets remains consistent, with no changes expected in contributions from this segment [85] Question: Changes in customer spending behavior - Management noted that while there is a cautious environment, demand across all solutions remains strong, with no specific verticals or regions showing significant weakness [79][80] Question: Pricing philosophy - The company focuses on providing value and expanding accounts rather than solely increasing prices, maintaining a customer-centric approach [81][82]

Market Opportunity & Platform Capabilities - Workiva estimates its total addressable market (TAM) to be $35 billion[7,9] - The TAM is broken down into Sustainability Management ($16.4 billion), Financial Reporting ($7.7 billion), Industry Vertical ($10.9 billion), and GRC (Governance, Risk, and Compliance)[7] - Sustainability Management represents 50% of the total TAM[11] - Financial Reporting represents 20% of the total TAM[11] - Industry Vertical represents 20% of the total TAM[11] - GRC represents 10% of the total TAM[11] Financial Performance & Growth Metrics - Q1 2025 subscription revenue reached $186 million, representing 20% year-over-year growth[52,54] - The company's Q1 2025 gross retention rate was 97%, and the net retention rate was 110%[54] - Total Remaining Performance Obligation (RPO) grew to $1.173 billion in Q1 2025, a 26% increase year-over-year[57] - The number of customer logos increased to 6,385 in Q1 2025[59] - The number of large Annual Contract Value (ACV) customers is growing, with 2,079 customers having >$100k ACV, 439 customers having >$300k ACV and 191 customers having >$500k ACV in Q1 2025[64] Guidance - The company projects total revenue of $864 million - $868 million for full year 2025, representing 17.0% - 17.5% year-over-year growth[70]

Part I [Item 1. Unaudited Consolidated Financial Statements](index=5&type=section&id=Item%201.%20Financial%20Statements) This section presents Workiva Inc.'s unaudited condensed consolidated financial statements for the three months ended March 31, 2025, and December 31, 2024 (for balance sheet) or March 31, 2024 (for income statement and cash flows), prepared in accordance with U.S. GAAP and SEC interim reporting rules. It includes the balance sheets, statements of operations, comprehensive loss, changes in stockholders' deficit, cash flows, and detailed notes explaining accounting policies, estimates, and specific financial items [Condensed Consolidated Balance Sheets](index=5&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) This section presents the company's financial position, detailing assets, liabilities, and stockholders' deficit at specific dates Metric | Metric | March 31, 2025 (in thousands) | December 31, 2024 (in thousands) | | :--- | :--- | :--- | | Total assets | $1,293,634 | $1,368,469 | | Total liabilities | $1,369,369 | $1,410,153 | | Total stockholders' deficit | $(75,735) | $(41,684) | [Condensed Consolidated Statements of Operations](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) This section outlines the company's revenues, expenses, and net loss over the reporting periods Metric | Metric | Q1 2025 (in thousands) | Q1 2024 (in thousands) | YoY Change | | :--- | :--- | :--- | :--- | | Total revenue | $206,280 | $175,667 | +17.4% | | Subscription and support revenue | $185,512 | $154,979 | +19.7% | | Professional services revenue | $20,768 | $20,688 | +0.4% | Metric | Metric | Q1 2025 (in thousands) | Q1 2024 (in thousands) | YoY Change | | :--- | :--- | :--- | :--- | | Net loss | $(21,371) | $(11,687) | +82.9% | Metric | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Basic and diluted EPS | $(0.38) | $(0.21) | [Condensed Consolidated Statements of Comprehensive Loss](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Loss) This section details the company's comprehensive loss, including net loss and other comprehensive income/loss items Metric | Metric | Q1 2025 (in thousands) | Q1 2024 (in thousands) | YoY Change | | :--- | :--- | :--- | :--- | | Comprehensive loss | $(17,065) | $(15,577) | +9.6% | Metric | Metric | Q1 2025 (in thousands) | Q1 2024 (in thousands) | | :--- | :--- | :--- | | Foreign currency translation adjustment | $3,937 | $(2,483) | | Unrealized gain (loss) on available-for-sale securities | $369 | $(1,407) | [Consolidated Statements of Changes in Stockholders' Deficit](index=9&type=section&id=Consolidated%20Statements%20of%20Changes%20in%20Stockholders'%20Deficit) This section tracks changes in the company's equity, including net loss, stock-based compensation, and share repurchases Metric | Metric | December 31, 2024 (in thousands) | March 31, 2025 (in thousands) | | :--- | :--- | :--- | | Balances | $(41,684) | $(75,735) | Metric | Metric | Q1 2025 (in thousands) | Q1 2024 (in thousands) | | :--- | :--- | :--- | | Stock-based compensation expense | $27,888 | $23,007 | Metric | Metric | Q1 2025 (in thousands) | Q1 2024 (in thousands) | | :--- | :--- | :--- | | Repurchases of Class A common stock | $(40,118) | $— | [Condensed Consolidated Statements of Cash Flows](index=10&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) This section summarizes the company's cash inflows and outflows from operating, investing, and financing activities Metric | Metric | Q1 2025 (in thousands) | Q1 2024 (in thousands) | | :--- | :--- | :--- | | Net cash (used in) provided by operating activities | $(7,358) | $24,844 | | Net cash (used in) provided by investing activities | $(9,133) | $17,448 | | Net cash used in financing activities | $(45,012) | $(1,325) | | Net (decrease) increase in cash, cash equivalents, and restricted cash | $(59,614) | $39,860 | [Notes to Condensed Consolidated Financial Statements](index=12&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) This section provides detailed explanations and disclosures for the financial statements, covering the company's organization, significant accounting policies, use of estimates, and recent accounting pronouncements. It also includes supplemental information on accrued expenses, cash equivalents, marketable securities, fair value measurements, convertible senior notes, commitments, stock-based compensation, revenue recognition, intangible assets, goodwill, net loss per share, and geographic segment data - Workiva Inc. provides a SaaS platform for finance, accounting, sustainability, risk, and audit teams, focusing on transparency, accountability, and trust by connecting data, unifying processes, and empowering teams in a secure, AI-powered collaborative environment[36](index=36&type=chunk) - The company's **revenue**, expenses, and cash flows from operations are affected by seasonality, with professional services **revenue** typically higher in Q1 due to Form 10-K filings and sales and marketing expenses higher in Q3 due to the annual user conference[38](index=38&type=chunk) Accrued Expenses and Other Current Liabilities (in thousands) | Item | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Customer deposits | $21,628 | $24,500 | | Accrued vacation | $21,551 | $18,698 | | Accrued bonuses | $9,270 | $7,891 | | Accrued commissions | $7,573 | $23,336 | | Accrued payroll | $7,238 | $9,638 | | Operating lease liabilities | $4,940 | $4,896 | | ESPP employee contributions | $4,860 | $7,710 | | Estimated health insurance claims | $2,439 | $3,986 | | Accrued interest | $1,197 | $3,591 | | Accrued other liabilities | $12,799 | $22,262 | | **Total** | **$93,495** | **$126,508** | Cash Equivalents and Marketable Securities (Aggregate Fair Value, in thousands) | Item | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Money market funds | $128,976 | $137,201 | | Commercial paper | $3,051 | $2,059 | | U.S. treasury debt securities | $276,627 | $263,227 | | U.S. government agency debt securities | $74,602 | $81,022 | | Corporate debt securities | $184,377 | $178,852 | | **Total** | **$667,633** | **$662,361** | Convertible Senior Notes (Net Carrying Amount, in thousands) | Note Type | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | 2026 Notes | $70,869 | $70,801 | | 2028 Notes | $694,632 | $694,090 | Stock-Based Compensation Expense (in thousands) | Category | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Cost of revenue - Subscription and support | $2,433 | $1,601 | | Cost of revenue - Professional services | $996 | $727 | | Operating expenses - Research and development | $6,050 | $4,641 | | Operating expenses - Sales and marketing | $9,751 | $8,038 | | Operating expenses - General and administrative | $8,658 | $8,000 | | **Total** | **$27,888** | **$23,007** | Revenue Disaggregation (in thousands) | Type of Good or Service | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Subscription and support | $185,512 | $154,979 | | XBRL professional services | $17,940 | $17,593 | | Other services | $2,828 | $3,095 | | **Total revenues** | **$206,280** | **$175,667** | Intangible Assets, Net Carrying Amount (in thousands) | Asset Type | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Acquired technology | $12,813 | $14,106 | | Acquired customer related | $11,720 | $11,738 | | Acquired trade names | $283 | $295 | | Patents | $1,215 | $1,250 | | **Total** | **$26,031** | **$27,389** | Geographic Revenue (in thousands) | Revenue Type | Region | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | :--- | | Subscription and support | Americas | $149,336 | $128,473 | | | Other | $36,176 | $26,506 | | Professional services | Americas | $18,379 | $18,227 | | | Other | $2,389 | $2,461 | | **Total** | | **$206,280** | **$175,667** | [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=24&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) This section provides management's perspective on Workiva's financial condition and operational results for the three months ended March 31, 2025, compared to the prior year. It covers the company's business overview, key factors influencing performance, critical performance indicators, and a detailed analysis of revenue, costs, operating expenses, and non-operating items, concluding with a discussion on liquidity and capital resources [Overview](index=24&type=section&id=Overview) This section provides a high-level introduction to Workiva's business model, platform, and recent financial performance - Workiva's SaaS platform provides solutions for financial reporting, sustainability management, and Governance, Risk, and Compliance (GRC), connecting data and teams for controlled, secure, and audit-ready processes[84](index=84&type=chunk) - The company serves over **6,300** organizations globally, with sales and marketing focused on CFO, CSO, and CAE offices, and its SaaS model involves annual/multi-year subscription contracts with solution-based licensing[86](index=86&type=chunk)[87](index=87&type=chunk) Financial Performance (Q1 2025 vs Q1 2024, in millions) | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Revenue | $206.3 | $175.7 | | Net Loss | $(21.4) | $(11.7) | - Workiva's full-time employee **headcount increased by 12.2%** to **2,873** at March 31, 2025, from **2,561** at March 31, 2024, reflecting continued investment in **growth**[89](index=89&type=chunk) [Key Factors Affecting Our Performance](index=25&type=section&id=Key%20Factors%20Affecting%20Our%20Performance) This section discusses internal and external factors influencing the company's financial results and strategic direction - Sales of sustainability management solutions, including Workiva Carbon, face material impact from domestic and global policy uncertainties, such as evolving EU CSRD standards, which could slow market adoption and **growth**[92](index=92&type=chunk) - Volatility in the IPO/SPAC markets in the U.S. has adversely affected new sales of SEC and capital markets solutions, with reduced valuation multiples expected to create an uncertain impact on IPOs in fiscal year 2025[93](index=93&type=chunk) - Key **growth strategies** include generating **growth** from existing customers through multi-solution adoption, pursuing new customers in financial and non-financial reporting, offering new fit-for-purpose solutions, expanding across enterprises, and deepening relationships with global and regional partners[94](index=94&type=chunk)[95](index=95&type=chunk)[96](index=96&type=chunk)[97](index=97&type=chunk)[98](index=98&type=chunk) - The company plans to continue investing in platform development, fit-for-purpose solutions, and sales/marketing/professional services/customer success organizations to drive **revenue** and support expansion in EMEA and APAC regions[99](index=99&type=chunk) - Professional services **revenue** is seasonal, typically higher in Q1 due to Form 10-K filings, while sales and marketing expenses are historically higher in Q3 due to the annual user conference[100](index=100&type=chunk) [Key Performance Indicators](index=27&type=section&id=Key%20Performance%20Indicators) This section presents key financial and operational metrics used to evaluate the company's performance and growth Financial and Operating Metrics | Metric | March 31, 2025 | March 31, 2024 | | :--- | :--- | :--- | | Total revenue | $206,280 | $175,667 | | Percentage increase in total revenue | 17.4% | 17.0% | | Subscription and support revenue | $185,512 | $154,979 | | Percentage increase in subscription and support revenue | 19.7% | 19.5% | | Subscription and support as a percent of total revenue | 89.9% | 88.2% | | Number of customers | 6,385 | 6,074 | | Gross retention rate | 97.3% | 97.8% | | Net retention rate | 110.1% | 110.6% | | Number of customers with ACV $100k+ | 2,079 | 1,696 | | Number of customers with ACV $300k+ | 439 | 332 | | Number of customers with ACV $500k+ | 191 | 145 | - The **gross retention rate** slightly **decreased to 97.3%** as of March 31, 2025, from **97.8%** in the prior year, with over half of the **revenue attrition** attributed to customers whose securities were deregistered due to M&A or financial distress[103](index=103&type=chunk) - The **net retention rate**, including add-ons, slightly **decreased to 110.1%** as of March 31, 2025, from **110.6%** as of March 31, 2024[105](index=105&type=chunk) Subscription and Support Revenue by ACV (as a percent of total subscription and support revenue) | ACV Threshold | March 31, 2025 | March 31, 2024 | | :--- | :--- | :--- | | $100k+ | 74.1% | 69.2% | | $300k+ | 38.4% | 34.3% | | $500k+ | 25.9% | 23.1% | [Components of Results of Operations](index=28&type=section&id=Components%20of%20Results%20of%20Operations) This section explains the primary revenue and expense categories contributing to the company's financial outcomes - **Revenue** is generated from subscription and support services (recognized ratably over contract term) and professional services (document setup, XBRL tagging, consulting, recognized upon completion or as performed)[111](index=111&type=chunk)[112](index=112&type=chunk) - **Cost of revenue** includes personnel, third-party vendors, hosting fees, IT, and facility costs related to professional services, customer success, and training[113](index=113&type=chunk) - Operating expenses comprise sales and marketing (personnel, events, advertising, commissions amortized over three years), research and development (personnel, hosting, IT), and general and administrative (executive, finance, legal, HR personnel, professional fees)[114](index=114&type=chunk)[115](index=115&type=chunk)[116](index=116&type=chunk) [Results of Operations (Comparison of Three Months Ended March 31, 2025 and 2024)](index=30&type=section&id=Results%20of%20Operations) This section provides a detailed comparative analysis of the company's financial performance for the specified periods Consolidated Statement of Operations Data (in thousands) | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Total revenue | $206,280 | $175,667 | | Total cost of revenue | $48,342 | $41,523 | | Gross profit | $157,938 | $134,144 | | Total operating expenses | $182,688 | $152,427 | | Loss from operations | $(24,750) | $(18,283) | | Net loss | $(21,371) | $(11,687) | Consolidated Statement of Operations Data as a Percentage of Revenue | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Total revenue | 100.0% | 100.0% | | Gross profit | 76.6% | 76.4% | | Total operating expenses | 88.6% | 86.7% | | Loss from operations | (12.0)% | (10.3)% | | Net loss | (10.3)% | (6.5)% | Revenue Comparison (in thousands) | Metric | Q1 2025 | Q1 2024 | % Change | | :--- | :--- | :--- | :--- | | Total revenue | $206,280 | $175,667 | 17.4% | | Subscription and support | $185,512 | $154,979 | 19.7% | | Professional services | $20,768 | $20,688 | 0.4% | Cost of Revenue Comparison (in thousands) | Metric | Q1 2025 | Q1 2024 | % Change | | :--- | :--- | :--- | :--- | | Total cost of revenue | $48,342 | $41,523 | 16.4% | | Subscription and support cost of revenue | $34,062 | $27,927 | 22.0% | | Professional services cost of revenue | $14,280 | $13,596 | 5.0% | Operating Expenses Comparison (in thousands) | Metric | Q1 2025 | Q1 2024 | % Change | | :--- | :--- | :--- | :--- | | Research and development | $53,780 | $45,495 | 18.2% | | Sales and marketing | $101,671 | $82,633 | 23.0% | | General and administrative | $27,237 | $24,299 | 12.1% | | **Total operating expenses** | **$182,688** | **$152,427** | **19.9%** | Non-Operating Income (Expenses) (in thousands) | Metric | Q1 2025 | Q1 2024 | % Change | | :--- | :--- | :--- | :--- | | Interest income | $8,747 | $10,455 | (16.3)% | | Interest expense | $(3,195) | $(3,232) | (1.1)% | | Other (expense) income, net | $(233) | $86 | * | - **Interest income decreased by $1.7 million** due to a lower investment balance and reduced interest rates, while other expense, net **increased by $0.3 million** primarily due to foreign currency transaction losses[127](index=127&type=chunk) [Liquidity and Capital Resources](index=34&type=section&id=Liquidity%20and%20Capital%20Resources) This section assesses the company's ability to meet its short-term and long-term financial obligations and fund operations - As of March 31, 2025, principal **liquidity sources** were cash, cash equivalents, and marketable securities totaling **$767.0 million**, primarily for working capital. Operations are financed through cash from operations and convertible debt[129](index=129&type=chunk) - The company had **outstanding convertible debt** of **$70.9 million** for 2026 Notes and **$694.6 million** for 2028 Notes as of March 31, 2025[130](index=130&type=chunk) - Under the 2024 Repurchase Plan, authorized for up to **$100.0 million**, the company **repurchased $40.1 million** of Class A common stock as of March 31, 2025[131](index=131&type=chunk) Cash Flows Summary (in thousands) | Activity | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Operating activities | $(7,358) | $24,844 | | Investing activities | $(9,133) | $17,448 | | Financing activities | $(45,012) | $(1,325) | | Net (decrease) increase in cash, cash equivalents, and restricted cash | $(59,614) | $39,860 | - **Cash used in operating activities** was **$7.4 million** in Q1 2025 (vs. **$24.8 million** provided in Q1 2024), driven by a **net loss** of **$21.4 million** and net cash outflows from changes in operating assets and liabilities, including decreases in accrued expenses and deferred revenue[134](index=134&type=chunk)[135](index=135&type=chunk) - **Cash used in investing activities** was **$9.1 million** in Q1 2025 (vs. **$17.4 million** provided in Q1 2024), primarily due to **$103.0 million** in marketable securities purchases, partially offset by **$94.6 million** from maturities[136](index=136&type=chunk)[137](index=137&type=chunk) - **Cash used in financing activities** was **$45.0 million** in Q1 2025 (vs. **$1.3 million** in Q1 2024), mainly due to **$40.1 million** in Class A common stock repurchases and **$12.9 million** in taxes for stock-based compensation settlements[138](index=138&type=chunk)[139](index=139&type=chunk) [Critical Accounting Policies and Estimates](index=36&type=section&id=Critical%20Accounting%20Policies%20and%20Estimates) This section highlights the significant accounting policies and judgments that materially impact the company's financial statements - **No significant changes** were made to the critical accounting policies and estimates during the three months ended March 31, 2025, as previously described in the Annual Report on Form 10-K for the year ended December 31, 2024[142](index=142&type=chunk) [Item 3. Quantitative and Qualitative Disclosure About Market Risk](index=36&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosure%20About%20Market%20Risk) This section refers to the company's Annual Report on Form 10-K for detailed quantitative and qualitative disclosures about market risk, confirming that there have been no material changes to these exposures since December 31, 2024 - The company's exposures to market risk have **not materially changed** since December 31, 2024, with further details available in the Annual Report on Form 10-K[143](index=143&type=chunk) [Item 4. Controls and Procedures](index=36&type=section&id=Item%204.%20Controls%20and%20Procedures) Management, including the principal executive and financial officers, concluded that Workiva's disclosure controls and procedures were effective as of March 31, 2025. No material changes in internal control over financial reporting occurred during the quarter - As of March 31, 2025, the company's disclosure controls and procedures were evaluated and deemed **effective**, providing reasonable assurance that required information is recorded, processed, summarized, and reported timely[145](index=145&type=chunk) - There were **no changes** in internal control over financial reporting during the three months ended March 31, 2025, that materially affected or are reasonably likely to materially affect these controls[146](index=146&type=chunk) Part II [Item 1. Legal Proceedings](index=37&type=section&id=Item%201.%20Legal%20Proceedings) Workiva is not currently involved in any legal proceedings that management believes would have a material adverse effect on its business, financial condition, operating results, or cash flows, although litigation can still impact the company due to costs and diversion of resources - The company is not a party to any legal proceedings that are expected to have a **material adverse effect** on its business, financial condition, operating results, or cash flows[149](index=149&type=chunk) [Item 1A. Risk Factors](index=37&type=section&id=Item%201A.%20Risk%20Factors) This section directs readers to the 2024 Annual Report on Form 10-K for a comprehensive discussion of risk factors, noting that no material changes to these factors have occurred during fiscal year 2025 - **No material changes** to the risk factors discussed in the 2024 Annual Report on Form 10-K have occurred during fiscal year 2025[150](index=150&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=37&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) This section details the company's share repurchase activity for Class A common stock under the $100.0 million plan authorized on July 30, 2024, showing repurchases made during February and March 2025 - On July 30, 2024, the board authorized a share repurchase plan for up to **$100.0 million** of Class A common stock[152](index=152&type=chunk) Share Repurchase Activity (in thousands, except share and per share data) | Period | Total Number of Shares Purchased | Average Price Paid per Share | Approximate Dollar Value that May Yet Be Purchased Under the Plans or Programs | | :--- | :--- | :--- | :--- | | January 1, 2025 to January 31, 2025 | — | $— | $100,000 | | February 1, 2025 to February 28, 2025 | 32,895 | $85.62 | $97,183 | | March 1, 2025 to March 31, 2025 | 428,656 | $87.00 | $59,891 | | **Total** | **461,551** | | | [Item 5. Other Information](index=37&type=section&id=Item%205.%20Other%20Information) This section confirms that no directors or officers of Workiva Inc. adopted, modified, or terminated any Rule 10b5-1 or non-Rule 10b5-1 trading arrangements during the three months ended March 31, 2025 - No director or officer adopted, modified, or terminated a "Rule 10b5-1 trading arrangement" or "non-Rule 10b5-1 trading arrangement" during Q1 2025[153](index=153&type=chunk) [Item 6. Exhibits](index=38&type=section&id=Item%206.%20Exhibits) This section lists all exhibits filed with the Quarterly Report on Form 10-Q, including certifications from the CEO and CFO, and the financial information presented in Inline XBRL format Exhibits Filed | Exhibit Number | Description | | :--- | :--- | | 31.1 | Certification of the Chief Executive Officer | | 31.2 | Certification of the Chief Financial Officer | | 32.1 | Certification of the Chief Executive Officer (18 U.S.C. Section 1350) | | 32.2 | Certification of the Chief Financial Officer (18 U.S.C. Section 1350) | | 101 | Inline XBRL Financial Information | | 104 | Cover Page Interactive Data File | [Signatures](index=39&type=section&id=Signatures) The Quarterly Report on Form 10-Q was officially signed on May 1, 2025, by Julie Iskow, President and Chief Executive Officer, and Jill Klindt, Executive Vice President, Chief Financial Officer and Treasurer of Workiva Inc - The report was signed by Julie Iskow, President and CEO, and Jill Klindt, EVP, CFO and Treasurer, on May 1, 2025[157](index=157&type=chunk)

Workiva Inc. Announces First Quarter 2025 Financial Results NEW YORK - May 1, 2025 – Workiva Inc. (NYSE:WK), the platform that powers transparency, accountability, and trust, today announced financial results for its first quarter ended March 31, 2025. "We kicked off the year with solid revenue growth as we continue to see broad-based demand across our solution portfolio. CFOs trust Workiva to be the platform that drives performance and productivity," said Julie Iskow, President & Chief Executive Officer. " ...

Core Insights - Workiva (WK) is positioned as a key player in the U.S. federal government's financial modernization efforts, being the only sanctioned platform for financial reporting and Governance, Risk, and Compliance [1][2] Group 1: Government Initiatives - A new executive order mandates all federal agencies to consolidate their core financial systems within 180 days of March 25, 2025, aiming to enhance transparency and reduce fraud [2] - Federal CFOs are required to adopt FM Marketplace-approved platforms like Workiva to comply with this directive [2] - The order is a response to significant financial reporting issues, with 25% of CFO Act agencies receiving problematic audit opinions in 2024 [3] Group 2: Workiva's Platform Features - Workiva's platform provides a comprehensive digital transformation solution, integrating with over 100 source systems, offering real-time data updates, automated workflows, and FedRAMP-certified audit trails [3][4] - The FedRAMP authorization at the moderate security impact level ensures compliance with federal security standards, facilitating adoption across government agencies [4] Group 3: Financial Performance and Market Position - Workiva's shares have declined by 36.7% year to date, underperforming the broader Zacks Computer and Technology sector's 14% decline and the Zacks Internet - Software industry's 11.1% fall [5] - The decline is attributed to a cautious outlook for operating margins, with a GAAP operating margin of -14.3% and non-GAAP margin near break-even, indicating profitability challenges [6] - Despite these challenges, Workiva's integrated reporting platform and consistent subscription revenue growth suggest strong long-term potential, with projected year-over-year growth of 16-17% for Q1 2025 [7] Group 4: Future Guidance - For 2025, Workiva projects total revenues of $864-$868 million, indicating a year-over-year growth of 17-17.5% [8] - Non-GAAP earnings are expected to be between $1.02 and $1.09 per share, with the Zacks Consensus Estimate for earnings at $1.05 per share, reflecting an 11.7% year-over-year increase [8]

Core Insights - Kaskela Law LLC is investigating Workiva Inc. on behalf of long-term investors due to a significant decline in the company's stock price [1][2] - Since January 2025, Workiva's stock has dropped over 38%, from above $113.00 per share to below $70.00 per share [2] Investigation Details - The investigation aims to determine if Workiva and its officers and directors violated securities laws or breached fiduciary duties to investors related to recent corporate actions [2] - Shareholders are encouraged to contact Kaskela Law LLC for information regarding their legal rights and options [3]

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Core Viewpoint - Workiva has reported strong financial results for Q4 2024, showcasing accelerating revenue growth and a positive outlook from analysts, despite its stock being significantly below its all-time high [2][3][14] Financial Performance - Workiva generated $199.9 million in total revenue during Q4 2024, representing a 20% increase year-over-year, marking the second consecutive quarter of accelerating growth [9] - The company's net revenue retention rate increased by 2 percentage points to 112%, with 70% of customers now using at least two products, up from 64% a year ago [10] - Workiva ended Q4 with 6,305 total customers, a 4.3% year-over-year increase, with significant growth in customers with higher annual contract values [11] - The company reported a net loss of $55 million for 2024, a 56% reduction from the $127.5 million loss in 2023, indicating improved expense management [11] - On a non-GAAP basis, Workiva was profitable in 2024, with a profit of $53.5 million, a positive shift from a $22.8 million loss in 2023 [12] Market Opportunity - Workiva is addressing a significant opportunity in the ESG reporting space, which could be worth nearly $15 billion annually according to PwC [7] - The company values its total addressable market at $35 billion across various reporting and compliance areas, while its current market capitalization is less than $5 billion, indicating substantial growth potential [14] Analyst Sentiment - The Wall Street Journal reports that 11 analysts cover Workiva stock, with 8 assigning the highest buy rating and an average price target of $119.78, suggesting a potential 39% increase over the next 12 to 18 months [13] - The highest target of $132 implies a possible 52% increase, reflecting strong bullish sentiment among analysts [13]

Workiva (WK 5.41%) stock is posting big gains in Wednesday's trading. The company's share price was up 5.5% as of 3:25 p.m. ET and had been up as much as 9.3% earlier in the day's trading.Workiva's valuation is climbing higher following the company's recent fourth-quarter report. The software specialist published its Q4 results before the market opened this morning, posting sales that came in ahead of the market's expectations.Workiva stock jumps on strong Q4 reportFor the fourth quarter, Workiva posted non ...