(State or other jurisdiction of incorporation or organization) | (Commission File Number) | (I.R.S. Employer Identification Number) | ||||||
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(Address of principal executive offices and zip code) | ||||||||
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___________________________________ |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act: | ||||||||
Title of each class | Trading Symbol | Name of each exchange on which registered | ||||||
Exhibit Number | Description | |||||||
99.1 | ||||||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
WORKIVA INC. | |||||
By: | /s/ J. Stuart Miller | ||||
Name: | J. Stuart Miller | ||||
Title: | Executive Vice President and Chief Financial Officer | ||||
Investor Contact: | Media Contact: | |||||||||||||
Adam Terese | Kevin McCarthy | |||||||||||||
Workiva Inc. | Workiva Inc. | |||||||||||||
investor@workiva.com | press@workiva.com | |||||||||||||
(515) 663-4493 | (515) 663-4471 |
WORKIVA INC. CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except share and per share amounts) | |||||||||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||||||||||
(unaudited) | |||||||||||||||||||||||
Revenue | |||||||||||||||||||||||
Subscription and support | $ | 63,022 | $ | 51,306 | $ | 179,617 | $ | 146,613 | |||||||||||||||
Professional services | 11,157 | 9,567 | 38,009 | 33,296 | |||||||||||||||||||
Total revenue | 74,179 | 60,873 | 217,626 | 179,909 | |||||||||||||||||||
Cost of revenue | |||||||||||||||||||||||
Subscription and support (1) | 10,924 | 8,139 | 30,935 | 25,578 | |||||||||||||||||||
Professional services (1) | 10,827 | 7,520 | 31,029 | 22,888 | |||||||||||||||||||
Total cost of revenue | 21,751 | 15,659 | 61,964 | 48,466 | |||||||||||||||||||
Gross profit | 52,428 | 45,214 | 155,662 | 131,443 | |||||||||||||||||||
Operating expenses | |||||||||||||||||||||||
Research and development (1) | 22,899 | 19,984 | 66,705 | 60,829 | |||||||||||||||||||
Sales and marketing (1) | 32,990 | 24,068 | 86,568 | 67,326 | |||||||||||||||||||
General and administrative (1) | 12,017 | 11,864 | 33,626 | 45,286 | |||||||||||||||||||
Total operating expenses | 67,906 | 55,916 | 186,899 | 173,441 | |||||||||||||||||||
Loss from operations | (15,478) | (10,702) | (31,237) | (41,998) | |||||||||||||||||||
Interest income | 1,460 | 341 | 2,593 | 843 | |||||||||||||||||||
Interest expense | (1,959) | (448) | (2,832) | (1,347) | |||||||||||||||||||
Other income and (expense), net | 24 | (138) | (259) | 195 | |||||||||||||||||||
Loss before provision for income taxes | (15,953) | (10,947) | (31,735) | (42,307) | |||||||||||||||||||
Provision for income taxes | 98 | 17 | 101 | 43 | |||||||||||||||||||
Net loss | $ | (16,051) | $ | (10,964) | $ | (31,836) | $ | (42,350) | |||||||||||||||
Net loss per common share: | |||||||||||||||||||||||
Basic and diluted | $ | (0.34) | $ | (0.25) | $ | (0.69) | $ | (0.98) | |||||||||||||||
Weighted-average common shares outstanding - basic and diluted | 46,731,663 | 43,973,428 | 46,048,037 | 43,359,939 |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||||||||||
(unaudited) | |||||||||||||||||||||||
Cost of revenue | |||||||||||||||||||||||
Subscription and support | $ | 386 | $ | 161 | $ | 1,142 | $ | 560 | |||||||||||||||
Professional services | 456 | 153 | 1,296 | 449 | |||||||||||||||||||
Operating expenses | |||||||||||||||||||||||
Research and development | 2,265 | 1,624 | 6,016 | 4,140 | |||||||||||||||||||
Sales and marketing | 2,203 | 1,397 | 6,199 | 3,950 | |||||||||||||||||||
General and administrative | 3,913 | 3,614 | 11,276 | 14,220 |
WORKIVA INC. CONSOLIDATED BALANCE SHEETS (in thousands) | |||||||||||
September 30, 2019 | December 31, 2018 | ||||||||||
(unaudited) | |||||||||||
Assets | |||||||||||
Current assets | |||||||||||
Cash and cash equivalents | $ | 389,124 | $ | 77,584 | |||||||
Marketable securities | 95,644 | 20,764 | |||||||||
Accounts receivable, net | 43,590 | 65,107 | |||||||||
Deferred commissions | 12,740 | 8,178 | |||||||||
Other receivables | 1,651 | 1,181 | |||||||||
Prepaid expenses and other | 8,148 | 4,417 | |||||||||
Total current assets | 550,897 | 177,231 | |||||||||
Property and equipment, net | 40,292 | 41,468 | |||||||||
Operating lease right-of-use assets | 15,917 | — | |||||||||
Deferred commissions, non-current | 13,940 | 10,569 | |||||||||
Intangible assets, net | 1,795 | 1,266 | |||||||||
Other assets | 3,920 | 577 | |||||||||
Total assets | $ | 626,761 | $ | 231,111 | |||||||
Liabilities and Stockholders’ Equity (Deficit) | |||||||||||
Current liabilities | |||||||||||
Accounts payable | $ | 4,895 | $ | 5,461 | |||||||
Accrued expenses and other current liabilities | 47,302 | 36,353 | |||||||||
Deferred revenue | 156,352 | 148,545 | |||||||||
Current portion of financing obligations | 1,295 | 1,222 | |||||||||
Total current liabilities | 209,844 | 191,581 | |||||||||
Convertible senior notes, net | 278,422 | — | |||||||||
Deferred revenue, non-current | 31,467 | 25,171 | |||||||||
Other long-term liabilities | 1,387 | 6,891 | |||||||||
Operating lease liabilities, non-current | 19,273 | — | |||||||||
Financing obligations, non-current | 16,234 | 17,208 | |||||||||
Total liabilities | 556,627 | 240,851 | |||||||||
Stockholders’ equity (deficit) | |||||||||||
Common stock | 47 | 44 | |||||||||
Additional paid-in-capital | 408,656 | 297,145 | |||||||||
Accumulated deficit | (338,863) | (307,027) | |||||||||
Accumulated other comprehensive income | 294 | 98 | |||||||||
Total stockholders’ equity (deficit) | 70,134 | (9,740) | |||||||||
Total liabilities and stockholders’ equity (deficit) | $ | 626,761 | $ | 231,111 |
WORKIVA INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) | |||||||||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||||||||||
(unaudited) | |||||||||||||||||||||||
Cash flows from operating activities | |||||||||||||||||||||||
Net loss | $ | (16,051) | $ | (10,964) | $ | (31,836) | $ | (42,350) | |||||||||||||||
Adjustments to reconcile net loss to net cash provided by operating activities: | |||||||||||||||||||||||
Depreciation and amortization | 1,058 | 1,133 | 2,932 | 2,881 | |||||||||||||||||||
Stock-based compensation expense | 9,223 | 6,949 | 25,929 | 23,319 | |||||||||||||||||||
(Recovery of) provision for doubtful accounts | (104) | 128 | (58) | 311 | |||||||||||||||||||
Amortization (accretion) of premiums and discounts on marketable securities, net | 15 | (66) | (89) | (63) | |||||||||||||||||||
Amortization of debt discount and issuance costs | 1,083 | — | 1,083 | — | |||||||||||||||||||
Deferred income tax | (21) | (4) | (67) | (4) | |||||||||||||||||||
Changes in assets and liabilities: | |||||||||||||||||||||||
Accounts receivable | 3,579 | (1,691) | 21,530 | 4,615 | |||||||||||||||||||
Deferred commissions | (2,106) | (1,939) | (7,968) | (5,608) | |||||||||||||||||||
Operating lease right-of-use asset | 581 | — | 1,805 | — | |||||||||||||||||||
Other receivables | (417) | (591) | (470) | (416) | |||||||||||||||||||
Prepaid expenses | (191) | 2,501 | (3,737) | 712 | |||||||||||||||||||
Other assets | (943) | (389) | (2,349) | (557) | |||||||||||||||||||
Accounts payable | 516 | 616 | 160 | 1,999 | |||||||||||||||||||
Deferred revenue | 3,830 | 8,630 | 14,112 | 15,032 | |||||||||||||||||||
Operating lease liability | (758) | — | (2,226) | — | |||||||||||||||||||
Accrued expenses and other liabilities | 5,403 | 3,269 | 9,828 | 6,948 | |||||||||||||||||||
Net cash provided by operating activities | 4,697 | 7,582 | 28,579 | 6,819 | |||||||||||||||||||
Cash flows from investing activities | |||||||||||||||||||||||
Purchase of property and equipment | (663) | (523) | (2,860) | (742) | |||||||||||||||||||
Purchase of marketable securities | (54,749) | (6,441) | (95,466) | (17,724) | |||||||||||||||||||
Maturities of marketable securities | 1,500 | 4,600 | 20,390 | 9,000 | |||||||||||||||||||
Sale of marketable securities | 498 | — | 498 | — | |||||||||||||||||||
Purchase of intangible assets | (51) | (46) | (712) | (174) | |||||||||||||||||||
Other | (1,000) | — | (1,000) | — | |||||||||||||||||||
Net cash used in investing activities | (54,465) | (2,410) | (79,150) | (9,640) | |||||||||||||||||||
WORKIVA INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) | |||||||||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||||||||||
(unaudited) | |||||||||||||||||||||||
Cash flows from financing activities | |||||||||||||||||||||||
Proceeds from option exercises | 5,940 | 7,534 | 22,493 | 13,927 | |||||||||||||||||||
Taxes paid related to net share settlements of stock-based compensation awards | — | — | (390) | (1,861) | |||||||||||||||||||
Proceeds from shares issued in connection with employee stock purchase plan | 2,773 | 1,846 | 4,922 | 3,216 | |||||||||||||||||||
Proceeds from the issuance of convertible senior notes, net of issuance costs | 335,899 | — | 335,899 | — | |||||||||||||||||||
Principal payments on capital lease and financing obligations | (306) | (287) | (901) | (879) | |||||||||||||||||||
Proceeds from government grants | — | — | — | 22 | |||||||||||||||||||
Net cash provided by financing activities | 344,306 | 9,093 | 362,023 | 14,425 | |||||||||||||||||||
Effect of foreign exchange rates on cash | (127) | 83 | 88 | (94) | |||||||||||||||||||
Net increase in cash and cash equivalents | 294,411 | 14,348 | 311,540 | 11,510 | |||||||||||||||||||
Cash and cash equivalents at beginning of period | 94,713 | 57,495 | 77,584 | 60,333 | |||||||||||||||||||
Cash and cash equivalents at end of period | $ | 389,124 | $ | 71,843 | $ | 389,124 | $ | 71,843 |
TABLE I WORKIVA INC. RECONCILIATION OF NON-GAAP INFORMATION (in thousands, except share and per share) | |||||||||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||||||||||
Gross profit, subscription and support | $ | 52,098 | $ | 43,167 | $ | 148,682 | $ | 121,035 | |||||||||||||||
Add back: Stock-based compensation | 386 | 161 | 1,142 | 560 | |||||||||||||||||||
Gross profit, subscription and support, non-GAAP | $ | 52,484 | $ | 43,328 | $ | 149,824 | $ | 121,595 | |||||||||||||||
As a percentage of subscription and support revenue, non-GAAP | 83.3 | % | 84.5 | % | 83.4 | % | 82.9 | % | |||||||||||||||
Gross profit, professional services | $ | 330 | $ | 2,047 | $ | 6,980 | $ | 10,408 | |||||||||||||||
Add back: Stock-based compensation | 456 | 153 | 1,296 | 449 | |||||||||||||||||||
Gross profit, professional services, non-GAAP | $ | 786 | $ | 2,200 | $ | 8,276 | $ | 10,857 | |||||||||||||||
As a percentage of professional services revenue, non-GAAP | 7.0 | % | 23.0 | % | 21.8 | % | 32.6 | % | |||||||||||||||
Gross profit | $ | 52,428 | $ | 45,214 | $ | 155,662 | $ | 131,443 | |||||||||||||||
Add back: Stock-based compensation | 842 | 314 | 2,438 | 1,009 | |||||||||||||||||||
Gross profit, non-GAAP | $ | 53,270 | $ | 45,528 | $ | 158,100 | $ | 132,452 | |||||||||||||||
As percentage of revenue, non-GAAP | 71.8 | % | 74.8 | % | 72.6 | % | 73.6 | % | |||||||||||||||
Cost of revenue, subscription and support | $ | 10,924 | $ | 8,139 | $ | 30,935 | $ | 25,578 | |||||||||||||||
Less: Stock-based compensation | 386 | 161 | 1,142 | 560 | |||||||||||||||||||
Cost of revenue, subscription and support, non-GAAP | $ | 10,538 | $ | 7,978 | $ | 29,793 | $ | 25,018 | |||||||||||||||
As percentage of revenue, non-GAAP | 14.2 | % | 13.1 | % | 13.7 | % | 13.9 | % | |||||||||||||||
Cost of revenue, professional services | $ | 10,827 | $ | 7,520 | $ | 31,029 | $ | 22,888 | |||||||||||||||
Less: Stock-based compensation | 456 | 153 | 1,296 | 449 | |||||||||||||||||||
Cost of revenue, professional services, non-GAAP | $ | 10,371 | $ | 7,367 | $ | 29,733 | $ | 22,439 | |||||||||||||||
As percentage of revenue, non-GAAP | 14.0 | % | 12.1 | % | 13.7 | % | 12.5 | % | |||||||||||||||
Research and development | $ | 22,899 | $ | 19,984 | $ | 66,705 | $ | 60,829 | |||||||||||||||
Less: Stock-based compensation | 2,265 | 1,624 | 6,016 | 4,140 | |||||||||||||||||||
Research and development, non-GAAP | $ | 20,634 | $ | 18,360 | $ | 60,689 | $ | 56,689 | |||||||||||||||
As percentage of revenue, non-GAAP | 27.8 | % | 30.2 | % | 27.9 | % | 31.5 | % | |||||||||||||||
Sales and marketing | $ | 32,990 | $ | 24,068 | $ | 86,568 | $ | 67,326 | |||||||||||||||
Less: Stock-based compensation | 2,203 | 1,397 | 6,199 | 3,950 | |||||||||||||||||||
Sales and marketing, non-GAAP | $ | 30,787 | $ | 22,671 | $ | 80,369 | $ | 63,376 | |||||||||||||||
As percentage of revenue, non-GAAP | 41.5 | % | 37.2 | % | 36.9 | % | 35.2 | % | |||||||||||||||
TABLE I WORKIVA INC. RECONCILIATION OF NON-GAAP INFORMATION (in thousands, except share and per share) | |||||||||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||||||||||
General and administrative | $ | 12,017 | $ | 11,864 | $ | 33,626 | $ | 45,286 | |||||||||||||||
Less: Stock-based compensation | 3,913 | 3,614 | 11,276 | 10,599 | |||||||||||||||||||
Less: CEO separation expense(1) | — | — | — | 9,527 | |||||||||||||||||||
General and administrative, non-GAAP | $ | 8,104 | $ | 8,250 | $ | 22,350 | $ | 25,160 | |||||||||||||||
As percentage of revenue, non-GAAP | 10.9 | % | 13.6 | % | 10.3 | % | 14.0 | % | |||||||||||||||
Loss from operations | $ | (15,478) | $ | (10,702) | $ | (31,237) | $ | (41,998) | |||||||||||||||
Add back: Stock-based compensation | 9,223 | 6,949 | 25,929 | 19,698 | |||||||||||||||||||
Add back: CEO separation expense(1) | — | — | — | 9,527 | |||||||||||||||||||
Loss from operations, non-GAAP | $ | (6,255) | $ | (3,753) | $ | (5,308) | $ | (12,773) | |||||||||||||||
As percentage of revenue, non-GAAP | (8.4) | % | (6.2) | % | (2.4) | % | (7.1) | % | |||||||||||||||
Net loss | $ | (16,051) | $ | (10,964) | $ | (31,836) | $ | (42,350) | |||||||||||||||
Add back: Stock-based compensation | 9,223 | 6,949 | 25,929 | 19,698 | |||||||||||||||||||
Add back: Non-cash interest expense related to convertible senior notes | 1,083 | — | 1,083 | — | |||||||||||||||||||
Add back: CEO separation expense(1) | — | — | — | 9,527 | |||||||||||||||||||
Net loss, non-GAAP | $ | (5,745) | $ | (4,015) | $ | (4,824) | $ | (13,125) | |||||||||||||||
As percentage of revenue, non-GAAP | (7.7) | % | (6.6) | % | (2.2) | % | (7.3) | % | |||||||||||||||
Net loss per basic and diluted share: | $ | (0.34) | $ | (0.25) | $ | (0.69) | $ | (0.98) | |||||||||||||||
Add back: Stock-based compensation | 0.20 | 0.16 | 0.57 | 0.46 | |||||||||||||||||||
Add back: Non-cash interest expense related to convertible senior notes | 0.02 | — | 0.02 | — | |||||||||||||||||||
Add back: CEO separation expense(1) | — | — | — | 0.22 | |||||||||||||||||||
Net loss per basic and diluted share, non-GAAP | $ | (0.12) | $ | (0.09) | $ | (0.10) | $ | (0.30) | |||||||||||||||
Weighted-average common shares outstanding - basic and diluted, non-GAAP | 46,731,663 | 43,973,428 | 46,048,037 | 43,359,939 |
TABLE II WORKIVA INC. RECONCILIATION OF NON-GAAP GUIDANCE (in thousands, except share and per share data) | |||||||||||||||||||||||
Three months ending December 31, 2019 | Year ending December 31, 2019 | ||||||||||||||||||||||
Loss from operations, GAAP range | $ | (18,300) | - | $ | (18,800) | $ | (49,500) | - | $ | (50,000) | |||||||||||||
Add back: Stock-based compensation | 10,000 | 10,000 | 35,900 | 35,900 | |||||||||||||||||||
Loss from operations, non-GAAP range | $ | (8,300) | - | $ | (8,800) | $ | (13,600) | - | $ | (14,100) | |||||||||||||
Net loss per share, GAAP range | $ | (0.41) | - | $ | (0.42) | $ | (1.10) | - | $ | (1.11) | |||||||||||||
Add back: Stock-based compensation | 0.21 | 0.21 | 0.77 | 0.77 | |||||||||||||||||||
Add back: Non-cash interest expense related to convertible senior notes | 0.05 | 0.05 | 0.07 | 0.07 | |||||||||||||||||||
Net loss per share, non-GAAP range | $ | (0.15) | - | $ | (0.16) | $ | (0.26) | - | $ | (0.27) | |||||||||||||
Weighted-average common shares outstanding - basic and diluted | 47,000,000 | 47,000,000 | 46,300,000 | 46,300,000 |
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Cover Page |
Nov. 06, 2019 |
---|---|
Cover page. | |
Document Type | 8-K |
Document Period End Date | Nov. 06, 2019 |
Entity Registrant Name | WORKIVA INC |
Entity Incorporation, State or Country Code | DE |
Entity File Number | 001-36773 |
Entity Tax Identification Number | 47-2509828 |
Entity Address, Address Line One | 2900 University Blvd |
Entity Address, City or Town | Ames |
Entity Address, State or Province | IA |
Entity Address, Postal Zip Code | 50010 |
City Area Code | 888 |
Local Phone Number | 275-3125 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Entity Emerging Growth Company | false |
Title of 12(b) Security | Class A common stock, par value $.001 |
Trading Symbol | WK |
Security Exchange Name | NYSE |
Entity Central Index Key | 0001445305 |
Amendment Flag | false |
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