Slide 1: Investor Presentation
Workiva Inc. Investor Presentation February 25, 2025
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
Slide 3: Workiva is on a 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 sustainability management reporting solutions to meet stakeholder demands for action, transparency, and disclosure of financial and non-financial data. 2
Slide 4: Workiva is Best Positioned to Capture the Growing Opportunity
Workiva is Best Positioned to Capture the Growing Opportunity OUR CAPABILITIES. OUR ECOSYSTEM. OUR EXPERIENCE. CAPABILITIES Unified Platform Secure, controlled collaboration Financial Reporting Continuous audit and control Sustainability Management Audit ready environment Governance, Risk, Complianc
Slide 5: $35 Billion TAM
$35 Billion $16.4B TAM $10.9B $7.7B Financial Reporting GRC Sustainability Management Industry APAC Europe Americas 4
Slide 6: Complexity is only growing
Complexity is only growing. Frameworks SOX Data Emails Entry Financial Sustainability Reporting Risk Assessments Management Meetings Data Version Final Requests PBCs 2.7 Fluxes Audit XBRL Reports Board Slack Shared Deck Drives Policies & Procedures Checklists GRC Phone Controls Calls Testing Evidenc
Slide 7: Meet the only platform for assured integrated reporting
Meet the only platform for assured integrated reporting. Built for your most important work. 6
Slide 8: Workiva Platform Solutions
Workiva Platform Solutions Controls Investments SEC/SEDAR Private Company ESG Audit Banking Global Statutory Management Carbon Risk Insurance Capital Markets ESEF Management Policies & Procedures Public Sector Financial Sustainability Governance, Risk, Vertical Connected Reporting Management Complia
Slide 9: How top teams automate financial reporting
Financial Reporting How top teams automate financial reporting Financial data that’s Stronger business insights to Improved job satisfaction trusted and accessible executives and the board and reduced turnover Source system integrations Real-time information Easy to use and learn Linked data across
Slide 10: Chosen by the best accounting and finance teams
Chosen by the best accounting and finance teams More than 6,300 organizations use the Workiva platform across the globe. Discover more here! I can’t imagine what As an entry is booked into SAP software, We have a lot Financial reporting, sustainability disclosure, and audit and risk are three life w
Slide 11: Build Risk Resilience with the leading GRC Platform
Audit Build Risk Resilience with the leading GRC Platform & Risk 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 and risk teams
Chosen by the best audit and risk teams More than 6,300 organizations use the Workiva platform. Discover more here! It is much better to manage the We have one source of truth for testing process in one platform. We Udo Burger our controls, data, and all of our Lindsay Rael Manager Business Process
Slide 13: How top teams tackle sustainability management
Sustainability Management How top teams tackle sustainability management Set strategy and mitigate risk Unify data, with assurance, Boost team efficiency and with actionable insights to promote trust drive measurable outcomes Templates to drive sustainability objectives Automate collection of operat
Slide 14: Chosen by the best sustainability teams
Chosen by the best sustainability teams More than 6,300 organizations use the Workiva platform across the globe. Discover more here! The connectivity we’re able to achieve with Workiva Workiva has had tremendous benefit for us across multiple dimensions. I think the Carbon, Workiva Sustainability, a
Slide 15: Q4 2024 Deal Highlights
Q4 2024 Deal Highlights PLATFORM Life sciences Added: Audit Management + Controls ACCOUNT company Management + Sustainability Reporting EXPANSION Existing: SEC Reporting + Management Reporting Assured Integrated Reporting + Internal Audit + SOX One of the world's Purchased 3 solutions : SEC largest
Slide 16: Q4 2024 Financial Highlights
Q4 2024 Financial Highlights Subscription Revenue (in $M) $181 $126 $149 = 22% Q4 '24 Subscription Revenue Growth = 97% Q4 '24 Gross Retention Rate = 112% Q4 '24 Net Retention Rate Q4 '22 Q4 '23 Q4 '24 15
Slide 17: Growth in Customer Logos
Growth in Customer Logos 6,305 6,034 6,000 5,664 5,000 Q4 '22 Q4 '23 Q4 '24 16
Slide 18: Retention Rates Remain Strong
Retention Rates Remain Strong 115% 110% Net retention rate* 105% 100% 95% Gross retention rate '2 2 '2 2 '2 2 '2 2 '2 3 '2 3 '2 3 '2 3 '2 4 '2 4 '2 4 '2 4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 *Net retention rate includes revenue from up-selling or cross-selling additional solutions, and pricing chang
Slide 19: Growth in Large ACV Customers
Growth in Large ACV Customers > $100k ACV > $300k ACV > $500k ACV 2,055 416 181 26% 34% 32% 1,631 311 137 1,345 236 101 Q4 '22 Q4 '23 Q4 '24 Q4 '22 Q4 '23 Q4 '24 Q4 '22 Q4 '23 Q4 '24 18
Slide 20: Subscription Revenue From Multi-Solution Customers
Subscription Revenue From Multi-Solution Customers 70% The value of our Assured Integrated Reporting platform 64% continued to gain momentum 62% with new and existing customers in 2024. Q4 '22 Q4 '23 Q4 '24 Multi-Solution Customers 19
Slide 21: 2025 Guidance Summary
2025 Guidance Summary Q1 2025 Quarterly guidance Comments Total revenue $203M - $205M 15.6% - 16.7% y/y growth Non-GAAP operating margin ~ break-even reflecting normal Q1 seasonality Non-GAAP EPS ~ $0.07 based on diluted shares of 57.9M FY 2025 Full - Year Guidance Comments Total revenue $864M - $86
Slide 22: Non-GAAP FY 2025 Model Assumptions
Non-GAAP FY 2025 Model Assumptions For the full year 2025: Revenue assumptions: • Subscription and support revenue is expected to grow 20% y/y at the midpoint. • Professional services is expected to decline y/y as we move low margin services to our Partners. ◦ XBRL services revenue is expected to gr
Slide 23: Medium- and Long-Term Non-GAAP Operating Model
Medium- and Long-Term Non-GAAP Operating Model 2027 - Medium 2030 - Long Percentage of Revenue 2022-A 2023-A 2024-A Term Target Term Target Gross margin 77% 77% 78% ~83% ~85% Research & development 25% 24% 23% ~19% ~17% Sales & marketing 42% 41% 42% ~41% ~38% General & administrative 12% 10% 9% ~7%
Slide 24: Non-GAAP Reconciliation
Non-GAAP Reconciliation
Slide 25: Reconciliation of GAAP to non-GAAP, as a % of Revenue
Reconciliation of GAAP to non-GAAP, as a % of Revenue 2022 2023 2024 Gross margin 76% 76% 77% Add back: Stock-based compensation 1% 1% 2% Gross margin, non-GAAP 77% 77% 78% Research and development 28% 27% 26% Less: Stock-based compensation 2% 3% 3% Less: Amortization of acquisition-related intangib
Slide 26: Reconciliation of GAAP to non-GAAP Guidance (at mid-point)
Reconciliation of GAAP to non-GAAP Guidance (at mid-point) Q1 '25 FY 2025 GAAP operating margin (14.3)% (8.8)% Add back: Stock-based compensation 13.5% 13.3% Add back: Amortization of acquisition-related intangibles 0.8% 0.8% Non-GAAP operating margin —% 5.3% Figures have been rounded for presentati