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: 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 $25 Billion
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 on regulatory companies to report in Japan have adopted limited Sustainability Standards 2025 on fiscal 2024 result
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 Fortune® 50 US 10 year long loyal SEC customer ACCOUNT multinational food company EXPANSION Assured Integrated Reporting Existing: SEC + ESG + Management Reporting European PLATFORM biopharmaceutical Added ESG and Global statutory ACCOUNT company reporting solution EXPANSION Assured Integra
Slide 17: Q4 2023 Highlights
Q4 2023 Highlights Subscription Revenue $149M = 18% Q4 '23 Subscription Revenue Growth = 98% $126M Q4 '23 Gross $104M dollar retention $81M = 110% $66M $54M Q4 '23 Net dollar retention with add-ons Q4 '18 Q4 '19 Q4 '20 Q4 '21 Q4 '22 Q4 '23 15
Slide 18: Growth in New Customer Logos
Growth in New Customer Logos 7000 6,034 6000 5,664 5000 4,315 4000 3,723 3,510 3,340 3000 Q4 '18 Q4 '19 Q4 '20 Q4 '21 Q4 '22* Q4 '23 *Logo growth from 2021 to 2022 includes customers added in the acquisition of ParsePort 16
Slide 19: Revenue Retention Remains Strong
Revenue Retention Remains Strong Revenue retention w/add-ons 115.0% (Net revenue retention) 110.0% 105.0% Revenue retention rate 100.0% (Gross revenue retention) 95.0% '18 '18 '18 '18 '19 '19 '19 '19 '2 0 '2 0 '2 0 '2 0 '2 1 '2 1 '2 1 '2 1 '2 2 '2 2 '2 2 '2 2 '2 3 '2 3 '2 3 '2 3 Q1 Q2 Q3 Q4 Q1 Q2 Q3
Slide 20: Growth in Large ACV Customers
Growth in Large ACV Customers > $100k ACV > $150k ACV > $300k ACV 1,631 915 21% 311 27% 32% 1,345 718 236 1,121 578 183 Q4 '21 Q4 '22 Q4 '23 Q4 '21 Q4 '22 Q4 '23 Q4 '21 Q4 '22 Q4 '23 18
Slide 21: Subscription Revenue by Customer Type
Subscription Revenue by Customer Type 70% 64% 65% 62% 60% 58% 55% 55% 54% 51% 50% 46% 45% 49% 45% 42% 40% 38% 36% 35% 30% Q4 '18 Q4 '19 Q4 '20 Q4 '21 Q4 '22 Q4'23 Single Solution Customers Multi-Solution Customers 19
Slide 22: 2024 Guidance Summary
2024 Guidance Summary* Total Revenue Growth Rate Non-GAAP Operating Profit 20% $20M 15% $15M 10% $10M $19.0 16% 14% 14% $14.0 5% $5M $5.0 —% $0M Q1 '24 Q2 '24 - Q4 '24 FY '24 Guidance Q1 '24 Q2 '24 - Q4 '24 FY '24 Guidance Implied Guidance Implied Guidance *Guidance at Mid-Point 20
Slide 23: Operating Model
Operating Model 2027- Percentage of Revenue 2019-A 2020-A 2021-A 2022-A 2023 -A Target Subscription & support revenue 83% 84% 86% 86% 89% ~92% Professional services revenue 17% 16% 14% 14% 11% ~8% Consolidated gross margin* 73% 75% 78% 77% 77% ~82% Research & development* 27% 25% 24% 25% 24% ~19% Sa
Slide 24: Non-GAAP Reconciliation
Non-GaaP Reconciliation yy”
Slide 25: Reconciliation of GAAP to Non-GAAP - percentage of revenue
Reconciliation of GAAP to Non-GAAP - presented as a percentage of revenue 2019 2020 2021 2022 2023 Gross margin 71% 74% 77% 76% 76% Add back: Stock-based compensation 1% 1% 1% 1% 1% Gross margin, non-GAAP 73% 75% 78% 77% 77% Research and development 30% 27% 26% 28% 27% Less: Stock-based compensation
Slide 26: Reconciliation of GAAP to Non-GAAP Guidance
Reconciliation of GAAP to Non-GAAP Guidance - (in Thousands) Q1 '24 Q2-Q4 '24 2024 Loss from Operations, GAAP* $(19,500) $(63,500) $(83,000) Add back: Stock-based compensation 23,200 73,800 97,000 Add back: Amortization of acquisition- 1,300 3,700 5,000 related intangibles Income from Operations, no