(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: | Executive Vice President, Chief Financial Officer, and Treasurer | ||||

| ### | ||||||||||||||
Investor Contact: | Media Contact: | |||||||||||||
Yogita Shah | Mandi McReynolds | |||||||||||||
Workiva Inc. | Workiva Inc. | |||||||||||||
| WORKIVA INC. CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except share and per share amounts) | |||||||||||||||||||||||
| Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
| (unaudited) | |||||||||||||||||||||||
| Revenue | |||||||||||||||||||||||
| Subscription and support | $ | 198,223 | $ | 160,735 | $ | 383,735 | $ | 315,714 | |||||||||||||||
| Professional services | 16,964 | 16,768 | 37,732 | 37,456 | |||||||||||||||||||
| Total revenue | 215,187 | 177,503 | 421,467 | 353,170 | |||||||||||||||||||
| Cost of revenue | |||||||||||||||||||||||
Subscription and support (1) | 35,277 | 27,945 | 69,339 | 55,872 | |||||||||||||||||||
Professional services (1) | 14,266 | 13,227 | 28,546 | 26,823 | |||||||||||||||||||
| Total cost of revenue | 49,543 | 41,172 | 97,885 | 82,695 | |||||||||||||||||||
| Gross profit | 165,644 | 136,331 | 323,582 | 270,475 | |||||||||||||||||||
| Operating expenses | |||||||||||||||||||||||
Research and development (1) | 54,843 | 48,408 | 108,623 | 93,903 | |||||||||||||||||||
Sales and marketing (1) | 104,025 | 84,697 | 205,696 | 167,330 | |||||||||||||||||||
General and administrative (1) | 28,922 | 26,375 | 56,159 | 50,674 | |||||||||||||||||||
| Total operating expenses | 187,790 | 159,480 | 370,478 | 311,907 | |||||||||||||||||||
| Loss from operations | (22,146) | (23,149) | (46,896) | (41,432) | |||||||||||||||||||
| Interest income | 8,344 | 10,336 | 17,091 | 20,791 | |||||||||||||||||||
| Interest expense | (3,194) | (3,237) | (6,389) | (6,469) | |||||||||||||||||||
| Other (expense) income, net | (736) | (45) | (969) | 41 | |||||||||||||||||||
| Loss before provision for income taxes | (17,732) | (16,095) | (37,163) | (27,069) | |||||||||||||||||||
| Provision for income taxes | 1,668 | 1,453 | 3,608 | 2,166 | |||||||||||||||||||
| Net loss | $ | (19,400) | $ | (17,548) | $ | (40,771) | $ | (29,235) | |||||||||||||||
| Net loss per common share: | |||||||||||||||||||||||
| Basic and diluted | $ | (0.35) | $ | (0.32) | $ | (0.73) | $ | (0.53) | |||||||||||||||
| Weighted-average common shares outstanding - basic and diluted | 56,076,723 | 55,177,162 | 56,133,286 | 55,046,507 | |||||||||||||||||||
| Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
| (unaudited) | |||||||||||||||||||||||
| Cost of revenue | |||||||||||||||||||||||
| Subscription and support | $ | 2,511 | $ | 1,943 | $ | 4,944 | $ | 3,544 | |||||||||||||||
| Professional services | 1,106 | 763 | 2,102 | 1,490 | |||||||||||||||||||
| Operating expenses | |||||||||||||||||||||||
| Research and development | 6,556 | 5,152 | 12,606 | 9,793 | |||||||||||||||||||
| Sales and marketing | 9,890 | 8,490 | 19,641 | 16,528 | |||||||||||||||||||
| General and administrative | 8,404 | 9,054 | 17,062 | 17,054 | |||||||||||||||||||
| WORKIVA INC. CONSOLIDATED BALANCE SHEETS (in thousands) | |||||||||||
| June 30, 2025 | December 31, 2024 | ||||||||||
| (unaudited) | |||||||||||
| Assets | |||||||||||
| Current assets | |||||||||||
| Cash and cash equivalents | $ | 284,253 | $ | 301,835 | |||||||
| Marketable securities | 529,456 | 514,585 | |||||||||
| Accounts receivable, net | 121,564 | 148,433 | |||||||||
| Deferred costs | 53,250 | 50,914 | |||||||||
| Other receivables | 9,441 | 10,276 | |||||||||
| Prepaid expenses and other | 25,184 | 22,199 | |||||||||
| Total current assets | 1,023,148 | 1,048,242 | |||||||||
| Property and equipment, net | 21,185 | 21,825 | |||||||||
| Operating lease right-of-use assets | 11,664 | 11,786 | |||||||||
| Deferred costs, non-current | 51,476 | 54,858 | |||||||||
| Goodwill | 206,007 | 196,844 | |||||||||
| Intangible assets, net | 25,215 | 27,389 | |||||||||
| Other assets | 7,047 | 7,525 | |||||||||
| Total assets | $ | 1,345,742 | $ | 1,368,469 | |||||||
| Liabilities and Stockholders’ Deficit | |||||||||||
| Current liabilities | |||||||||||
| Accounts payable | $ | 10,905 | $ | 7,747 | |||||||
| Accrued expenses and other current liabilities | 118,588 | 126,508 | |||||||||
| Deferred revenue | 461,267 | 457,608 | |||||||||
| Convertible senior notes, current | 70,937 | — | |||||||||
| Finance lease obligations | 578 | 562 | |||||||||
| Total current liabilities | 662,275 | 592,425 | |||||||||
| Convertible senior notes, non-current | 695,175 | 764,891 | |||||||||
| Deferred revenue, non-current | 32,443 | 29,681 | |||||||||
| Other long-term liabilities | 292 | 227 | |||||||||
| Operating lease liabilities, non-current | 8,890 | 9,441 | |||||||||
| Finance lease obligations, non-current | 13,195 | 13,488 | |||||||||
| Total liabilities | 1,412,270 | 1,410,153 | |||||||||
| Stockholders’ deficit | |||||||||||
| Common stock | 56 | 56 | |||||||||
| Additional paid-in-capital | 675,076 | 672,363 | |||||||||
| Accumulated deficit | (748,454) | (707,683) | |||||||||
| Accumulated other comprehensive income (loss) | 6,794 | (6,420) | |||||||||
| Total stockholders’ deficit | (66,528) | (41,684) | |||||||||
| Total liabilities and stockholders’ deficit | $ | 1,345,742 | $ | 1,368,469 | |||||||
| WORKIVA INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) | |||||||||||||||||||||||
| Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
| (unaudited) | |||||||||||||||||||||||
| Cash flows from operating activities | |||||||||||||||||||||||
| Net loss | $ | (19,400) | $ | (17,548) | $ | (40,771) | $ | (29,235) | |||||||||||||||
| Adjustments to reconcile net loss to net cash provided by (used in) operating activities | |||||||||||||||||||||||
| Depreciation and amortization | 2,949 | 2,564 | 5,842 | 5,086 | |||||||||||||||||||
| Stock-based compensation expense | 28,467 | 25,402 | 56,355 | 48,409 | |||||||||||||||||||
| (Recovery of) provision for doubtful accounts | (357) | 20 | (345) | (103) | |||||||||||||||||||
| Accretion of premiums and discounts on marketable securities, net | (1,390) | (3,156) | (3,085) | (6,905) | |||||||||||||||||||
| Amortization of debt discount and issuance costs | 611 | 609 | 1,221 | 1,217 | |||||||||||||||||||
| Deferred income tax | (13) | 4 | (77) | (291) | |||||||||||||||||||
| Changes in assets and liabilities: | |||||||||||||||||||||||
| Accounts receivable | (504) | (33,267) | 30,132 | 3,680 | |||||||||||||||||||
| Deferred costs | (12) | (11,599) | 4,081 | (10,194) | |||||||||||||||||||
| Operating lease right-of-use assets | 1,377 | 1,172 | 2,706 | 2,598 | |||||||||||||||||||
| Other receivables | (59) | 4,347 | 935 | 4,541 | |||||||||||||||||||
| Prepaid expenses and other | 3,191 | 4,693 | (2,462) | 2,420 | |||||||||||||||||||
| Other assets | 1,386 | (565) | 738 | (1,655) | |||||||||||||||||||
| Accounts payable | (3,755) | (1,884) | 2,896 | 2,842 | |||||||||||||||||||
| Deferred revenue | 15,424 | 13,079 | (3,014) | (4,447) | |||||||||||||||||||
| Operating lease liabilities | (1,087) | (966) | (1,918) | (1,953) | |||||||||||||||||||
| Accrued expenses and other liabilities | 23,483 | 17,081 | (10,281) | 8,820 | |||||||||||||||||||
| Net cash provided by (used in) operating activities | 50,311 | (14) | 42,953 | 24,830 | |||||||||||||||||||
| Cash flows from investing activities | |||||||||||||||||||||||
| Purchase of property and equipment | (995) | (108) | (1,758) | (311) | |||||||||||||||||||
| Purchase of marketable securities | (102,985) | (34,986) | (205,950) | (151,553) | |||||||||||||||||||
| Maturities of marketable securities | 99,738 | 107,100 | 194,352 | 236,740 | |||||||||||||||||||
| Sale of marketable securities | — | — | — | 4,609 | |||||||||||||||||||
| Acquisitions, net of cash acquired | — | (98,280) | — | (98,280) | |||||||||||||||||||
| Purchase of intangible assets | (41) | (41) | (60) | (72) | |||||||||||||||||||
| Net cash used in investing activities | (4,283) | (26,315) | (13,416) | (8,867) | |||||||||||||||||||
| WORKIVA INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) | |||||||||||||||||||||||
| Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
| (unaudited) | |||||||||||||||||||||||
| Cash flows from financing activities | |||||||||||||||||||||||
| Proceeds from option exercises | 1,803 | 290 | 2,434 | 592 | |||||||||||||||||||
| Taxes paid related to net share settlements of stock-based compensation awards | (569) | (1,640) | (13,491) | (10,251) | |||||||||||||||||||
| Proceeds from shares issued in connection with employee stock purchase plan | — | — | 7,535 | 7,113 | |||||||||||||||||||
| Repurchases of Class A common stock | (10,002) | — | (50,120) | — | |||||||||||||||||||
| Principal payments on finance lease obligations | (139) | (132) | (277) | (261) | |||||||||||||||||||
| Net cash used in financing activities | (8,907) | (1,482) | (53,919) | (2,807) | |||||||||||||||||||
| Effect of foreign exchange rates on cash | 5,108 | (358) | 6,997 | (1,465) | |||||||||||||||||||
| Net increase (decrease) in cash, cash equivalents, and restricted cash | 42,229 | (28,169) | (17,385) | 11,691 | |||||||||||||||||||
| Cash, cash equivalents, and restricted cash at beginning of period | 242,736 | 296,581 | 302,350 | 256,721 | |||||||||||||||||||
| Cash, cash equivalents, and restricted cash at end of period | $ | 284,965 | $ | 268,412 | $ | 284,965 | $ | 268,412 | |||||||||||||||
| Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
| (unaudited) | |||||||||||||||||||||||
| Reconciliation of cash, cash equivalents, and restricted cash to the consolidated balance sheets | |||||||||||||||||||||||
Cash and cash equivalents at end of period | $ | 284,253 | $ | 267,897 | $ | 284,253 | $ | 267,897 | |||||||||||||||
Restricted cash included within prepaid expenses and other at end of period | 712 | 515 | 712 | 515 | |||||||||||||||||||
Total cash, cash equivalents, and restricted cash at end of period shown in the consolidated statements of cash flows | $ | 284,965 | $ | 268,412 | $ | 284,965 | $ | 268,412 | |||||||||||||||
| TABLE I WORKIVA INC. RECONCILIATION OF NON-GAAP INFORMATION (in thousands, except share and per share) | |||||||||||||||||||||||
| Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
| Gross profit, subscription and support | $ | 162,946 | $ | 132,790 | $ | 314,396 | $ | 259,842 | |||||||||||||||
| Add back: Stock-based compensation | 2,511 | 1,943 | 4,944 | 3,544 | |||||||||||||||||||
| Add back: Amortization of acquisition-related intangibles | 939 | — | 1,849 | — | |||||||||||||||||||
| Gross profit, subscription and support, non-GAAP | $ | 166,396 | $ | 134,733 | $ | 321,189 | $ | 263,386 | |||||||||||||||
| Gross profit, professional services | $ | 2,698 | $ | 3,541 | $ | 9,186 | $ | 10,633 | |||||||||||||||
| Add back: Stock-based compensation | 1,106 | 763 | 2,102 | 1,490 | |||||||||||||||||||
| Gross profit, professional services, non-GAAP | $ | 3,804 | $ | 4,304 | $ | 11,288 | $ | 12,123 | |||||||||||||||
| Gross profit | $ | 165,644 | $ | 136,331 | $ | 323,582 | $ | 270,475 | |||||||||||||||
| Add back: Stock-based compensation | 3,617 | 2,706 | 7,046 | 5,034 | |||||||||||||||||||
| Add back: Amortization of acquisition-related intangibles | 939 | — | 1,849 | — | |||||||||||||||||||
| Gross profit, non-GAAP | $ | 170,200 | $ | 139,037 | $ | 332,477 | $ | 275,509 | |||||||||||||||
| Cost of revenue, subscription and support | $ | 35,277 | $ | 27,945 | $ | 69,339 | $ | 55,872 | |||||||||||||||
| Less: Stock-based compensation | 2,511 | 1,943 | 4,944 | 3,544 | |||||||||||||||||||
| Less: Amortization of acquisition-related intangibles | 939 | — | 1,849 | — | |||||||||||||||||||
| Cost of revenue, subscription and support, non-GAAP | $ | 31,827 | $ | 26,002 | $ | 62,546 | $ | 52,328 | |||||||||||||||
| Cost of revenue, professional services | $ | 14,266 | $ | 13,227 | $ | 28,546 | $ | 26,823 | |||||||||||||||
| Less: Stock-based compensation | 1,106 | 763 | 2,102 | 1,490 | |||||||||||||||||||
| Cost of revenue, professional services, non-GAAP | $ | 13,160 | $ | 12,464 | $ | 26,444 | $ | 25,333 | |||||||||||||||
| Research and development | $ | 54,843 | $ | 48,408 | $ | 108,623 | $ | 93,903 | |||||||||||||||
| Less: Stock-based compensation | 6,556 | 5,152 | 12,606 | 9,793 | |||||||||||||||||||
| Less: Amortization of acquisition-related intangibles | 495 | 962 | 990 | 1,852 | |||||||||||||||||||
| Research and development, non-GAAP | $ | 47,792 | $ | 42,294 | $ | 95,027 | $ | 82,258 | |||||||||||||||
| Sales and marketing | $ | 104,025 | $ | 84,697 | $ | 205,696 | $ | 167,330 | |||||||||||||||
| Less: Stock-based compensation | 9,890 | 8,490 | 19,641 | 16,528 | |||||||||||||||||||
| Less: Amortization of acquisition-related intangibles | 478 | 413 | 925 | 825 | |||||||||||||||||||
| Sales and marketing, non-GAAP | $ | 93,657 | $ | 75,794 | $ | 185,130 | $ | 149,977 | |||||||||||||||
| General and administrative | $ | 28,922 | $ | 26,375 | $ | 56,159 | $ | 50,674 | |||||||||||||||
| Less: Stock-based compensation | 8,404 | 9,054 | 17,062 | 17,054 | |||||||||||||||||||
| General and administrative, non-GAAP | $ | 20,518 | $ | 17,321 | $ | 39,097 | $ | 33,620 | |||||||||||||||
| TABLE I WORKIVA INC. RECONCILIATION OF NON-GAAP INFORMATION (in thousands, except share and per share) | |||||||||||||||||||||||
| Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
| Loss from operations | $ | (22,146) | $ | (23,149) | $ | (46,896) | $ | (41,432) | |||||||||||||||
| Add back: Stock-based compensation | 28,467 | 25,402 | 56,355 | 48,409 | |||||||||||||||||||
| Add back: Amortization of acquisition-related intangibles | 1,912 | 1,375 | 3,764 | 2,677 | |||||||||||||||||||
Income from operations, non-GAAP | $ | 8,233 | $ | 3,628 | $ | 13,223 | $ | 9,654 | |||||||||||||||
GAAP operating margin | (10.2) | % | (13.1) | % | (11.2) | % | (11.7) | % | |||||||||||||||
Non-GAAP operating margin | 3.8 | % | 2.0 | % | 3.1 | % | 2.7 | % | |||||||||||||||
| Net loss | $ | (19,400) | $ | (17,548) | $ | (40,771) | $ | (29,235) | |||||||||||||||
| Add back: Stock-based compensation | 28,467 | 25,402 | 56,355 | 48,409 | |||||||||||||||||||
| Add back: Amortization of acquisition-related intangibles | 1,912 | 1,375 | 3,764 | 2,677 | |||||||||||||||||||
| Net income, non-GAAP | $ | 10,979 | $ | 9,229 | $ | 19,348 | $ | 21,851 | |||||||||||||||
| Net loss per basic and diluted share: | $ | (0.35) | $ | (0.32) | $ | (0.73) | $ | (0.53) | |||||||||||||||
| Add back: Stock-based compensation | 0.52 | 0.47 | 1.00 | 0.88 | |||||||||||||||||||
| Add back: Amortization of acquisition-related intangibles | 0.03 | 0.02 | 0.07 | 0.05 | |||||||||||||||||||
| Net income per basic share, non-GAAP | $ | 0.20 | $ | 0.17 | $ | 0.34 | $ | 0.40 | |||||||||||||||
| Net income per diluted share, non-GAAP | $ | 0.19 | $ | 0.16 | $ | 0.33 | $ | 0.38 | |||||||||||||||
| Weighted-average common shares outstanding - basic, non-GAAP | 56,076,723 | 55,177,162 | 56,133,286 | 55,046,507 | |||||||||||||||||||
Effect of potentially dilutive securities | 1,738,597 | 1,240,869 | 1,997,835 | 2,214,155 | |||||||||||||||||||
| Weighted-average common shares outstanding - diluted, non-GAAP | 57,815,320 | 56,418,031 | 58,131,121 | 57,260,662 | |||||||||||||||||||
Net cash provided by (used in) operating activities | $ | 50,311 | (14) | 42,953 | 24,830 | ||||||||||||||||||
Purchase of property and equipment | (995) | (108) | (1,758) | (311) | |||||||||||||||||||
Free cash flow | $ | 49,316 | $ | (122) | $ | 41,195 | $ | 24,519 | |||||||||||||||
Free cash flow margin | 22.9 | % | (0.1) | % | 9.8 | % | 6.9 | % | |||||||||||||||
TABLE II WORKIVA INC. RECONCILIATION OF NON-GAAP GUIDANCE | |||||||||||||||||||||||
Three months ending September 30, 2025 | Year ending December 31, 2025 | ||||||||||||||||||||||
| GAAP operating margin | (7.4) | % | - | (6.4) | % | (7.1) | % | - | (6.6) | % | |||||||||||||
| Add back: Stock-based compensation | 13.6 | % | 13.6 | % | 13.3 | % | 13.3 | % | |||||||||||||||
| Add back: Amortization of acquisition-related intangibles | 0.8 | % | 0.8 | % | 0.8 | % | 0.8 | % | |||||||||||||||
| Non-GAAP operating margin | 7.0 | % | - | 8.0 | % | 7.0 | % | - | 7.5 | % | |||||||||||||
| Net loss per basic share, GAAP range | $ | (0.18) | - | $ | (0.14) | $ | (0.79) | - | $ | (0.72) | |||||||||||||
| Add back: Stock-based compensation | 0.53 | 0.53 | 2.05 | 2.05 | |||||||||||||||||||
| Add back: Amortization of acquisition-related intangibles | 0.03 | 0.03 | 0.11 | 0.11 | |||||||||||||||||||
| Effect of potentially dilutive securities | (0.01) | (0.01) | (0.06) | (0.06) | |||||||||||||||||||
| Net income per diluted share, non-GAAP range | $ | 0.37 | - | $ | 0.41 | $ | 1.31 | - | $ | 1.38 | |||||||||||||
| Weighted-average common shares used in calculating GAAP earnings per share, basic | 56,400,000 | 56,400,000 | 56,400,000 | 56,400,000 | |||||||||||||||||||
| Weighted-average common shares used in calculating non-GAAP earnings per share, diluted | 58,000,000 | 58,000,000 | 59,500,000 | 59,500,000 | |||||||||||||||||||