Slide 1: Workiva Inc. Investor Presentation
Workiva Inc. Investor Presentation
Slide 2: Safe Harbor
Safe Harbor This presentation includes forward-looking statements. All statements contained in this presentation other than statements of historical facts, including any statements regarding our future results of operations and financial position, our business strategy and plans and our objectives f
Slide 3: Mission to power transparent reporting for a better world
Workiva 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. 1
Slide 4: Right platform. Right solutions. Right time.
Right platform. Right solutions. Right time. Our market opportunity remains strong Digital Remote & The cloud transformation hybrid work Disparate data Investor Regulations sources scrutiny 2
Slide 5: Winning Strategy
Winning Strategy Fit-for-Purpose Connected Partner Global Solutions Platform Ecosystem Excellence Fit-for-purpose, best of Best in class open, High performing partner Expanded global breed solutions (FR + connected, intelligent, ecosystem extending footprint with excellence ESG + GRC) that are intui
Slide 6: Large, Untapped Global TAM
Large, Untapped Global TAM $25 Billion $11.6 B $7.5 B $5.9 B A&F GRC ESG Industry APAC EMEA N.A. 4
Slide 7: Complexity is only growing.
Complexity is only growing. Frameworks SOX Data Entry Emails Financial ESG & Risk Reporting Assessments Sustainability Meetings Data Version Final Requests PBCs 2.7 Fluxes Audit XBRL Reports Board Shared Slack Deck Drives Policies & Procedures Checklists GRC Phone Controls Calls Testing Evidence Pap
Slide 8: The ONLY unified platform for Assured Integrated Reporting
The ONLY unified platform for Assured Integrated Reporting 6
Slide 9: How Top Teams Automate Financial Reporting
Financial Reporting How Top Teams Automate Financial Reporting Connect Transform Report Automate Financial data that’s Stronger business insights Improved job satisfaction trusted & accessible to executives & the board and reduced turnover Source system integrations Real-time information Easy to use
Slide 10: Chosen by the best Accounting & Finance teams
Chosen by the best Accounting & Finance teams More than 6,000 organizations use the Workiva platform across the globe. Discover more here! I can’t imagine what life As an entry is booked into SAP software, we can rerun our chains and data and We have a lot more trust would be like without [Workiva].
Slide 11: Build Risk Resilience with the leading GRC Platform
Audit & Risk Build Risk Resilience with the leading GRC Platform Increase trust Save time and focus Drive smarter, and transparency on value-added work data-driven decisions Workflow & Task Management Powerful Data Linking Risk Heatmaps & Dashboards Role-Based Permissions Automated PBC Requests Buil
Slide 12: Chosen by the best Audit & Risk teams
Chosen by the best Audit & Risk teams More than 6,000 organizations use the Workiva platform. Discover more here! Udo Burger We have one source of truth for our controls, data, I don’t know of any other Manager Business Process Lindsay Rael platform that can do everything Controls, Orion Engineered
Slide 13: ESG Regulations Gaining Traction Across the Globe
ESG Regulations Gaining Traction Across the Globe United States European Union APAC Global • SEC Climate Disclosure • CSRD: First round of • NZ, Singapore, HK, and • International Rule approved in March, companies to report in Japan have adopted limited Sustainability Standards 2025 on fiscal 2024 r
Slide 14: A Platform for ESG & Sustainability
Con ESG & A Platform for ESG & Sustainability Re Trans Auto Sustainability nec por form mate t Drive transformation and Enhance consistency and trust t Increase core team efficiency agility with value-added work with a single source of truth with a successful on ramp Real time collaboration Framewor
Slide 15: Chosen by the best ESG & Sustainability teams
Chosen by the best ESG & Sustainability teams More than 6,000 organizations use the Workiva platform across the globe. Discover more here! Our leadership really demonstrated that ESG is a top-level priority. Aya Kiy Associate Director, ESG–Legal It’s an end-to-end solution. I didn’t see anyone who c
Slide 16: Platform Account Expansion
PLATFORM Canadian based Real Estate and Asset Purchased: Management reporting+Controls ACCOUNT Management management+Risk management+ESG EXPANSION company Assured Integrated Reporting Existing: SEC + ESG + Management reporting PLATFORM North American Added Controls management Financial ACCOUNT Coope
Slide 17: Q1 2024 Highlights
Q1 2024 Highlights Subscription Revenue $130M $155M = 20% Q1 '24 Subscription Revenue Growth $85M $107M = 98% Q1 '24 Gross dollar retention = 111% Q1 '24 Net dollar retention with add-ons Q1 '21 Q1 '22 Q1 '23 Q1 '24 15
Slide 18: Growth in New Customer Logos
Growth in New Customer Logos 7000 6,074 6000 5,754 5000 4,408 4000 3,800 3000 Q1 '21 Q1 '22 Q1 '23 Q1 '24 *Logo growth from 2022 to 2023 includes customers added in the acquisition of ParsePort 16
Slide 19: Revenue Retention Remains Strong
Revenue Retention Remains Strong 115.0% 110.0% Revenue retention w/add-ons (Net revenue retention) 105.0% 100.0% Revenue retention rate 95.0% (Gross revenue retention) '2 1 '2 1 '2 1 '2 1 '2 2 '2 2 '2 2 '2 2 '2 3 '2 3 '2 3 '2 3 '2 4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 17
Slide 20: Growth in Large ACV Customers
Growth in Large ACV Customers > $100k ACV > $150k ACV > $300k ACV 332 34% 24% 1,696 29% 961 247 1,363 746 1,124 186 603 Q1 '22 Q1 '23 Q1 '24 Q1 '22 Q1 '23 Q1 '24 Q1 '22 Q1 '23 Q1 '24 18
Slide 21: Subscription Revenue by Customer Type
Subscription Revenue by Customer Type 70% 66% 63% 60% 55% 50% 50% 50% 45% 40% 37% 34% 30% Q1 '21 Q1 '22 Q1 '23 Q1 '24 Single Solution Customers Multi-Solution Customers 19
Slide 22: 2024 Guidance Summary
2024 Guidance Summary* Total Revenue Growth Rate Non-GAAP Operating Profit 20% $35M $30M 15% $25M $20M 10% 17% $15M $29 14% 14% 13% $10M $20 5% $5M $6 $3 —% $0M Q1 '24 Q2 '24 Q3 - Q4 '24 FY '24 Q1 '24 Q2 '24 Q3 - Q4 '24 FY '24 Guidance Guidance *Guidance at Mid-Point 20
Slide 23: Operating Model
Operating Model 2027- Percentage of Revenue 2021-A 2022-A 2023 -A 2024 YTD Target Subscription & support revenue 86% 86% 89% 88% ~92% Professional services revenue 14% 14% 11% 12% ~8% Consolidated gross margin* 78% 77% 77% 78% ~82% Research & development* 24% 25% 24% 23% ~19% Sales & marketing* 37%
Slide 24: Non-GAAP Reconciliation
Non-GaaP Reconciliation yy”
Slide 25: Reconciliation of GAAP to Non-GAAP - presented as a percentage of revenue
Reconciliation of GAAP to Non-GAAP - presented as a percentage of revenue 2021 2022 2023 2024 - YTD Gross margin 77% 76% 76% 76% Add back: Stock-based compensation 1% 1% 1% 1% Gross margin, non-GAAP 78% 77% 77% 78% Research and development 26% 28% 27% 26% Less: Stock-based compensation 2% 2% 3% 3% L
Slide 26: Reconciliation of GAAP to Non-GAAP Guidance - (in Thousands)
Reconciliation of GAAP to Non-GAAP Guidance - (in Thousands) Q1 '24 Q2 '24 Q3 - Q4 '24 2024 Loss from Operations, GAAP* $(18,283) $(23,000) $(32,717) $(74,000) Add back: Stock-based compensation 23,007 24,700 50,293 98,000 Add back: Amortization of acquisition- 1,302 1,300 2,398 5,000 related intang