(State or other jurisdiction of incorporation or organization) | (Commission File Number) | (I.R.S. Employer Identification Number) | ||||||
( | ||||||||
(Address of principal executive offices and zip code) | ||||||||
( | ||||||||
(Registrant's telephone number, including area code) | ||||||||
___________________________________ |
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/ Jill Klindt | ||||
Name: | Jill Klindt | ||||
Title: | Senior Vice President, Chief Financial Officer, Chief Accounting Officer and Treasurer | ||||
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 March 31, | |||||||||||
2021 | 2020 | ||||||||||
(unaudited) | |||||||||||
Revenue | |||||||||||
Subscription and support | $ | 84,936 | $ | 68,361 | |||||||
Professional services | 19,286 | 17,440 | |||||||||
Total revenue | 104,222 | 85,801 | |||||||||
Cost of revenue | |||||||||||
Subscription and support (1) | 13,202 | 12,153 | |||||||||
Professional services (1) | 10,474 | 10,243 | |||||||||
Total cost of revenue | 23,676 | 22,396 | |||||||||
Gross profit | 80,546 | 63,405 | |||||||||
Operating expenses | |||||||||||
Research and development (1) | 26,634 | 22,994 | |||||||||
Sales and marketing (1) | 41,035 | 36,117 | |||||||||
General and administrative (1) | 17,021 | 13,369 | |||||||||
Total operating expenses | 84,690 | 72,480 | |||||||||
Loss from operations | (4,144) | (9,075) | |||||||||
Interest income | 360 | 1,706 | |||||||||
Interest expense | (3,485) | (3,478) | |||||||||
Other (expense) income, net | (384) | 718 | |||||||||
Loss before (benefit) provision for income taxes | (7,653) | (10,129) | |||||||||
(Benefit) provision for income taxes | (329) | 289 | |||||||||
Net loss | $ | (7,324) | $ | (10,418) | |||||||
Net loss per common share: | |||||||||||
Basic and diluted | $ | (0.15) | $ | (0.22) | |||||||
Weighted-average common shares outstanding - basic and diluted | 50,244,120 | 47,545,703 |
Three months ended March 31, | |||||||||||
2021 | 2020 | ||||||||||
(unaudited) | |||||||||||
Cost of revenue | |||||||||||
Subscription and support | $ | 496 | $ | 431 | |||||||
Professional services | 367 | 425 | |||||||||
Operating expenses | |||||||||||
Research and development | 2,431 | 1,583 | |||||||||
Sales and marketing | 3,549 | 2,736 | |||||||||
General and administrative | 4,780 | 4,761 |
WORKIVA INC. CONSOLIDATED BALANCE SHEETS (in thousands) | |||||||||||
March 31, 2021 | December 31, 2020 | ||||||||||
(unaudited) | |||||||||||
Assets | |||||||||||
Current assets | |||||||||||
Cash and cash equivalents | $ | 331,173 | $ | 322,831 | |||||||
Marketable securities | 209,446 | 207,207 | |||||||||
Accounts receivable, net | 53,754 | 68,922 | |||||||||
Deferred costs | 22,924 | 21,923 | |||||||||
Other receivables | 3,314 | 3,155 | |||||||||
Prepaid expenses and other | 12,758 | 9,047 | |||||||||
Total current assets | 633,369 | 633,085 | |||||||||
Property and equipment, net | 28,961 | 29,365 | |||||||||
Operating lease right-of-use assets | 16,501 | 15,844 | |||||||||
Deferred costs, non-current | 23,422 | 23,421 | |||||||||
Intangible assets, net | 1,560 | 1,583 | |||||||||
Other assets | 4,610 | 3,708 | |||||||||
Total assets | $ | 708,423 | $ | 707,006 | |||||||
Liabilities and Stockholders’ Equity | |||||||||||
Current liabilities | |||||||||||
Accounts payable | $ | 4,716 | $ | 2,843 | |||||||
Accrued expenses and other current liabilities | 60,110 | 68,256 | |||||||||
Deferred revenue | 212,025 | 208,990 | |||||||||
Finance lease obligations | 1,728 | 1,705 | |||||||||
Total current liabilities | 278,579 | 281,794 | |||||||||
Convertible senior notes, net | 291,756 | 289,490 | |||||||||
Deferred revenue, non-current | 32,888 | 35,894 | |||||||||
Other long-term liabilities | 1,683 | 1,680 | |||||||||
Operating lease liabilities, non-current | 17,540 | 17,209 | |||||||||
Finance lease obligations, non-current | 16,221 | 16,662 | |||||||||
Total liabilities | 638,667 | 642,729 | |||||||||
Stockholders’ equity | |||||||||||
Common stock | 50 | 49 | |||||||||
Additional paid-in-capital | 491,549 | 478,698 | |||||||||
Accumulated deficit | (422,024) | (414,700) | |||||||||
Accumulated other comprehensive income | 181 | 230 | |||||||||
Total stockholders’ equity | 69,756 | 64,277 | |||||||||
Total liabilities and stockholders’ equity | $ | 708,423 | $ | 707,006 |
WORKIVA INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) | |||||||||||
Three months ended March 31, | |||||||||||
2021 | 2020 | ||||||||||
(unaudited) | |||||||||||
Cash flows from operating activities | |||||||||||
Net loss | $ | (7,324) | $ | (10,418) | |||||||
Adjustments to reconcile net loss to net cash provided by operating activities: | |||||||||||
Depreciation and amortization | 1,054 | 1,063 | |||||||||
Stock-based compensation expense | 11,623 | 9,936 | |||||||||
(Recovery of) provision for doubtful accounts | (118) | 40 | |||||||||
Amortization of premiums and discounts on marketable securities, net | 625 | 101 | |||||||||
Amortization of debt discount and issuance costs | 2,266 | 2,197 | |||||||||
Deferred income tax | (346) | — | |||||||||
Changes in assets and liabilities: | |||||||||||
Accounts receivable | 15,265 | 14,265 | |||||||||
Deferred costs | (1,059) | 603 | |||||||||
Operating lease right-of-use asset | 944 | 1,098 | |||||||||
Other receivables | (161) | (253) | |||||||||
Prepaid expenses | (3,747) | (1,955) | |||||||||
Other assets | (573) | (74) | |||||||||
Accounts payable | 1,908 | (1,382) | |||||||||
Deferred revenue | 179 | (1,228) | |||||||||
Operating lease liability | (1,076) | (1,145) | |||||||||
Accrued expenses and other liabilities | (7,957) | (8,021) | |||||||||
Net cash provided by operating activities | 11,503 | 4,827 | |||||||||
Cash flows from investing activities | |||||||||||
Purchase of property and equipment | (849) | (688) | |||||||||
Purchase of marketable securities | (43,655) | (20,832) | |||||||||
Sale of marketable securities | — | 11,423 | |||||||||
Maturities of marketable securities | 40,586 | 12,975 | |||||||||
Purchase of intangible assets | (71) | (77) | |||||||||
Net cash (used in) provided by investing activities | (3,989) | 2,801 | |||||||||
Cash flows from financing activities | |||||||||||
Proceeds from option exercises | 4,138 | 2,794 | |||||||||
Taxes paid related to net share settlements of stock-based compensation awards | (7,146) | (1,379) | |||||||||
Proceeds from shares issued in connection with employee stock purchase plan | 4,237 | 3,660 | |||||||||
Principal payments on finance lease obligations | (417) | (398) | |||||||||
Net cash provided by financing activities | 812 | 4,677 | |||||||||
Effect of foreign exchange rates on cash | 16 | (613) | |||||||||
Net increase in cash and cash equivalents | 8,342 | 11,692 | |||||||||
Cash and cash equivalents at beginning of period | 322,831 | 381,742 | |||||||||
Cash and cash equivalents at end of period | $ | 331,173 | $ | 393,434 |
TABLE I WORKIVA INC. RECONCILIATION OF NON-GAAP INFORMATION (in thousands, except share and per share) | |||||||||||
Three months ended March 31, | |||||||||||
2021 | 2020 | ||||||||||
Gross profit, subscription and support | $ | 71,734 | $ | 56,208 | |||||||
Add back: Stock-based compensation | 496 | 431 | |||||||||
Gross profit, subscription and support, non-GAAP | $ | 72,230 | $ | 56,639 | |||||||
As a percentage of subscription and support revenue, non-GAAP | 85.0 | % | 82.9 | % | |||||||
Gross profit, professional services | $ | 8,812 | $ | 7,197 | |||||||
Add back: Stock-based compensation | 367 | 425 | |||||||||
Gross profit, professional services, non-GAAP | $ | 9,179 | $ | 7,622 | |||||||
As a percentage of professional services revenue, non-GAAP | 47.6 | % | 43.7 | % | |||||||
Gross profit | $ | 80,546 | $ | 63,405 | |||||||
Add back: Stock-based compensation | 863 | 856 | |||||||||
Gross profit, non-GAAP | $ | 81,409 | $ | 64,261 | |||||||
As percentage of revenue, non-GAAP | 78.1 | % | 74.9 | % | |||||||
Cost of revenue, subscription and support | $ | 13,202 | $ | 12,153 | |||||||
Less: Stock-based compensation | 496 | 431 | |||||||||
Cost of revenue, subscription and support, non-GAAP | $ | 12,706 | $ | 11,722 | |||||||
As percentage of revenue, non-GAAP | 12.2 | % | 13.7 | % | |||||||
Cost of revenue, professional services | $ | 10,474 | $ | 10,243 | |||||||
Less: Stock-based compensation | 367 | 425 | |||||||||
Cost of revenue, professional services, non-GAAP | $ | 10,107 | $ | 9,818 | |||||||
As percentage of revenue, non-GAAP | 9.7 | % | 11.4 | % | |||||||
Research and development | $ | 26,634 | $ | 22,994 | |||||||
Less: Stock-based compensation | 2,431 | 1,583 | |||||||||
Research and development, non-GAAP | $ | 24,203 | $ | 21,411 | |||||||
As percentage of revenue, non-GAAP | 23.2 | % | 25.0 | % | |||||||
Sales and marketing | $ | 41,035 | $ | 36,117 | |||||||
Less: Stock-based compensation | 3,549 | 2,736 | |||||||||
Sales and marketing, non-GAAP | $ | 37,486 | $ | 33,381 | |||||||
As percentage of revenue, non-GAAP | 36.0 | % | 38.9 | % | |||||||
TABLE I WORKIVA INC. RECONCILIATION OF NON-GAAP INFORMATION (in thousands, except share and per share) | |||||||||||
Three months ended March 31, | |||||||||||
2021 | 2020 | ||||||||||
General and administrative | $ | 17,021 | $ | 13,369 | |||||||
Less: Stock-based compensation | 4,780 | 4,761 | |||||||||
General and administrative, non-GAAP | $ | 12,241 | $ | 8,608 | |||||||
As percentage of revenue, non-GAAP | 11.7 | % | 10.0 | % | |||||||
Loss from operations | $ | (4,144) | $ | (9,075) | |||||||
Add back: Stock-based compensation | 11,623 | 9,936 | |||||||||
Income from operations, non-GAAP | $ | 7,479 | $ | 861 | |||||||
As percentage of revenue, non-GAAP | 7.2 | % | 1.0 | % | |||||||
Net loss | $ | (7,324) | $ | (10,418) | |||||||
Add back: Stock-based compensation | 11,623 | 9,936 | |||||||||
Add back: Non-cash interest expense related to convertible senior notes | 2,266 | 2,197 | |||||||||
Net income, non-GAAP | $ | 6,565 | $ | 1,715 | |||||||
As percentage of revenue, non-GAAP | 6.3 | % | 2.0 | % | |||||||
Net loss per basic and diluted share: | $ | (0.15) | $ | (0.22) | |||||||
Add back: Stock-based compensation | 0.23 | 0.21 | |||||||||
Add back: Non-cash interest expense related to convertible senior notes | 0.05 | 0.05 | |||||||||
Net income per basic share, non-GAAP | $ | 0.13 | $ | 0.04 | |||||||
Net income per diluted share, non-GAAP | $ | 0.12 | $ | 0.03 | |||||||
Weighted-average common shares outstanding - basic, non-GAAP | 50,244,120 | 47,545,703 | |||||||||
Weighted-average common shares outstanding - diluted, non-GAAP | 55,090,270 | 51,749,547 |
TABLE II WORKIVA INC. RECONCILIATION OF NON-GAAP GUIDANCE (in thousands, except share and per share data) | |||||||||||||||||||||||
Three months ending June 30, 2021 | Year ending December 31, 2021 | ||||||||||||||||||||||
Loss from operations, GAAP range | $ | (12,100) | - | $ | (11,100) | $ | (53,700) | - | $ | (51,700) | |||||||||||||
Add back: Stock-based compensation | 12,100 | 12,100 | 48,700 | 48,700 | |||||||||||||||||||
Income (loss) from operations, non-GAAP range | $ | — | - | $ | 1,000 | $ | (5,000) | - | $ | (3,000) | |||||||||||||
Net loss per share, GAAP range | $ | (0.30) | - | $ | (0.28) | $ | (1.31) | - | $ | (1.27) | |||||||||||||
Add back: Stock-based compensation | 0.24 | 0.24 | 0.95 | 0.95 | |||||||||||||||||||
Add back: Non-cash interest expense related to convertible senior notes | 0.04 | 0.04 | 0.17 | 0.17 | |||||||||||||||||||
Net income (loss) per share, basic, non-GAAP range | $ | (0.02) | - | $ | — | $ | (0.19) | - | $ | (0.15) | |||||||||||||
Weighted-average common shares outstanding - basic | 51,200,000 | 51,200,000 | 51,400,000 | 51,400,000 |
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Cover Page |
May 04, 2021 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | May 04, 2021 |
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 |
Title of 12(b) Security | Class A common stock, par value $.001 |
Trading Symbol | WK |
Security Exchange Name | NYSE |
Entity Emerging Growth Company | false |
Entity Central Index Key | 0001445305 |
Amendment Flag | false |
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