Company Quick10K Filing
Workiva
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$0.00 46 $2,562
10-Q 2019-11-06 Quarter: 2019-09-30
10-Q 2019-08-06 Quarter: 2019-06-30
10-Q 2019-05-01 Quarter: 2019-03-31
10-K 2019-02-20 Annual: 2018-12-31
10-Q 2018-11-07 Quarter: 2018-09-30
10-Q 2018-08-07 Quarter: 2018-06-30
10-Q 2018-05-02 Quarter: 2018-03-31
10-K 2018-02-22 Annual: 2017-12-31
10-Q 2017-11-07 Quarter: 2017-09-30
10-Q 2017-05-04 Quarter: 2017-03-31
10-K 2017-02-23 Annual: 2016-12-31
10-Q 2016-11-09 Quarter: 2016-09-30
10-Q 2016-08-03 Quarter: 2016-06-30
10-Q 2016-05-04 Quarter: 2016-03-31
10-K 2016-03-01 Annual: 2015-12-31
10-Q 2015-11-05 Quarter: 2015-09-30
10-Q 2015-08-05 Quarter: 2015-06-30
10-Q 2015-05-05 Quarter: 2015-03-31
10-K 2015-03-11 Annual: 2014-12-31
8-K 2019-12-10 Regulation FD, Exhibits
8-K 2019-11-06 Earnings, Exhibits
8-K 2019-09-03 Officers, Exhibits
8-K 2019-08-28 Off-BS Arrangement, Sale of Shares, Exhibits
8-K 2019-08-13 Enter Agreement, Leave Agreement, Off-BS Arrangement, Sale of Shares, Regulation FD, Other Events, Exhibits
8-K 2019-08-06 Earnings, Exhibits
8-K 2019-06-11 Shareholder Vote
8-K 2019-05-01 Earnings, Exhibits
8-K 2019-02-20 Earnings, Exhibits
8-K 2018-11-01 Regulation FD, Exhibits
8-K 2018-08-07 Earnings, Exhibits
8-K 2018-06-13 Officers, Shareholder Vote, Exhibits
8-K 2018-05-02 Earnings, Exhibits
8-K 2018-03-02 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2018-02-22 Earnings, Exhibits
WK 2019-09-30
Part I. Financial Information
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Securities and Use of Proceeds
Item 6. Exhibits
EX-10.1 exhibit101employmentag.htm
EX-31.1 exhibit311-section302x.htm
EX-31.2 exhibit312-section302x.htm
EX-32.1 exhibit321-section906x.htm
EX-32.2 exhibit322-section906x.htm

Workiva Earnings 2019-09-30

WK 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Comparables ($MM TTM)
Ticker M Cap Assets Liab Rev G Profit Net Inc EBITDA EV G Margin EV/EBITDA ROA
BL 2,853 524 192 255 199 -26 -3 2,790 78% -1,026.1 -5%
MIME 2,783 663 472 361 266 -8 33 2,683 74% 81.3 -1%
CYBR 2,742 674 207 0 0 0 0 2,480 0%
TENB 2,732 481 360 310 259 -84 -74 2,546 83% -34.3 -17%
RPD 2,722 636 549 283 204 -50 -26 2,596 72% -101.8 -8%
ALRM 2,719 505 193 457 293 23 37 2,633 64% 71.2 5%
BOX 2,644 827 805 655 461 -133 -81 2,483 70% -30.5 -16%
WK 2,562 280 270 269 195 -34 -28 2,468 73% -87.3 -12%
APPN 2,382 228 171 246 152 -56 -52 2,301 62% -44.3 -24%
TWOU 2,339 1,332 471 480 0 -55 -29 2,355 0% -80.0 -4%

Document
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
___________________________________
FORM 10-Q
___________________________________
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2019
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For transition period from               to
Commission File Number 001-36773
___________________________________
WORKIVA INC.
(Exact name of registrant as specified in its charter)
___________________________________
Delaware
(State or other jurisdiction of incorporation or organization)
47-2509828
(I.R.S. Employer Identification Number)
2900 University Blvd
Ames, IA 50010
(888) 275-3125
(Address of principal executive offices and zip code)
(888) 275-3125
(Registrant's telephone number, including area code)
___________________________________


Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
Class A common stock, par value $.001WKNew York Stock Exchange
Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ý No o
Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files). Yes ý No o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer ý
Accelerated filer o
Non-accelerated filer o
Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act): Yes  No ý
As of November 4, 2019, there were approximately 37,820,028 shares of the registrant's Class A common stock and 8,640,596 shares of the registrant's Class B common stock outstanding.



WORKIVA INC.
TABLE OF CONTENTS
Page
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Table of Contents
SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS
Certain statements in this Quarterly Report on Form 10-Q are “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and are subject to the safe harbor created thereby. All statements contained in this Quarterly Report on Form 10-Q other than statements of historical facts, including statements regarding our future results of operations and financial position, our business strategy and plans and our objectives for future operations, are forward-looking statements. The words “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect” and similar expressions are intended to identify forward-looking statements. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy, short-term and long-term business operations and objectives, and financial needs. These forward-looking statements are subject to a number of risks, uncertainties and assumptions, including those described in “Item 1A. Risk Factors” of our Annual Report on Form 10-K for the year ended December 31, 2018, in “Item 1A. Risk Factors” in Part II of this Quarterly Report on Form 10-Q and in any subsequent filing we make with the SEC, as well as in any documents incorporated by reference that describe risks and factors that could cause results to differ materially from those projected in these forward-looking statements.
Moreover, we operate in a very competitive and rapidly changing environment. New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties and assumptions, the future events and trends discussed in this Quarterly Report on Form 10-Q may not occur and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements.
Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance, achievements or events and circumstances reflected in the forward-looking statements will occur. We are under no duty to update any of these forward-looking statements after completion of this Quarterly Report on Form 10-Q to conform these statements to actual results or revised expectations.
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Part I. Financial Information
Item 1.  Financial Statements
WORKIVA INC.

CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share amounts)
As of September 30, 2019As of December 31, 2018
(unaudited)
ASSETS
Current assets
Cash and cash equivalents$389,124  $77,584  
Marketable securities95,644  20,764  
Accounts receivable, net of allowance for doubtful accounts of $890 and $956 at September 30, 2019 and December 31, 2018, respectively
43,590  65,107  
Deferred commissions12,740  8,178  
Other receivables1,651  1,181  
Prepaid expenses8,148  4,417  
Total current assets550,897  177,231  
Property and equipment, net40,292  41,468  
Operating lease right-of-use assets15,917  —  
Deferred commissions, non-current13,940  10,569  
Intangible assets, net1,795  1,266  
Other assets3,920  577  
Total assets$626,761  $231,111  
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WORKIVA INC.

CONDENSED CONSOLIDATED BALANCE SHEETS (continued)
(in thousands, except share and per share amounts)
As of September 30, 2019As of December 31, 2018
(unaudited) 
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT) 
Current liabilities
Accounts payable
$4,895  $5,461  
Accrued expenses and other current liabilities
47,302  36,353  
Deferred revenue
156,352  148,545  
Current portion of financing obligations
1,295  1,222  
Total current liabilities209,844  191,581  
Convertible senior notes, net278,422    
Deferred revenue, non-current
31,467  25,171  
Other long-term liabilities
1,387  6,891  
Operating lease liabilities, non-current19,273  —  
Financing obligations, non-current
16,234  17,208  
Total liabilities556,627  240,851  
Stockholders’ equity (deficit) 
Class A common stock, $0.001 par value per share, 1,000,000,000 shares authorized, 37,780,966 and 34,498,391 shares issued and outstanding at September 30, 2019 and December 31, 2018, respectively
38  34  
Class B common stock, $0.001 par value per share, 500,000,000 shares authorized, 8,640,596 and 9,545,596 shares issued and outstanding at September 30, 2019 and December 31, 2018, respectively
9  10  
Preferred stock, $0.001 par value per share, 100,000,000 shares authorized, no shares issued and outstanding
    
Additional paid-in-capital
408,656  297,145  
Accumulated deficit
(338,863) (307,027) 
Accumulated other comprehensive income
294  98  
Total stockholders’ equity (deficit) 70,134  (9,740) 
Total liabilities and stockholders’ equity (deficit)$626,761  $231,111  
See accompanying notes.
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WORKIVA INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except share and per share amounts)
(unaudited)
Three months ended September 30,Nine months ended September 30,
2019201820192018
Revenue
Subscription and support$63,022  $51,306  $179,617  $146,613  
Professional services11,157  9,567  38,009  33,296  
Total revenue74,179  60,873  217,626  179,909  
Cost of revenue
Subscription and support10,924  8,139  30,935  25,578  
Professional services10,827  7,520  31,029  22,888  
Total cost of revenue21,751  15,659  61,964  48,466  
Gross profit52,428  45,214  155,662  131,443  
Operating expenses
Research and development22,899  19,984  66,705  60,829  
Sales and marketing32,990  24,068  86,568  67,326  
General and administrative12,017  11,864  33,626  45,286  
Total operating expenses67,906  55,916  186,899  173,441  
Loss from operations  (15,478) (10,702) (31,237) (41,998) 
Interest income1,460  341  2,593  843  
Interest expense(1,959) (448) (2,832) (1,347) 
Other income (expense), net 24  (138) (259) 195  
Loss before provision for income taxes  (15,953) (10,947) (31,735) (42,307) 
Provision for income taxes  98  17  101  43  
Net loss  $(16,051) $(10,964) (31,836) (42,350) 
Net loss per common share:  
Basic and diluted$(0.34) $(0.25) $(0.69) $(0.98) 
Weighted-average common shares outstanding - basic and diluted46,731,663  43,973,428  46,048,037  43,359,939  

See accompanying notes.


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WORKIVA INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(in thousands)
(unaudited)
Three months ended September 30,Nine months ended September 30,
2019201820192018
Net loss  $(16,051) $(10,964) $(31,836) $(42,350) 
Other comprehensive income, net of tax  
Foreign currency translation adjustment, net of income tax expense of $11 and $5 for the three months ended September 30, 2019 and 2018, respectively, and net of income tax expense of $16 and $5 for the nine months ended September 30, 2019 and 2018, respectively
19  (10) 34  21  
Unrealized gain (loss) on available-for-sale securities, net of income tax benefit (expense) of $(10) and $1 for the three months ended September 30, 2019 and 2018, respectively, and net of income tax benefit (expense) of $(51) and $1 for the nine months ended September 30, 2019 and 2018, respectively
43  22  162  (6) 
Other comprehensive income, net of tax  62  12  196  15  
Comprehensive loss  $(15,989) $(10,952) $(31,640) $(42,335) 

See accompanying notes.


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WORKIVA INC.

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (DEFICIT)
(in thousands)
(unaudited)
Common Stock (Class A and B)
SharesAmountAdditional Paid-in-CapitalAccumulated Other Comprehensive IncomeAccumulated DeficitTotal Stockholders' Equity (Deficit)
Balances at December 31, 201844,044$44  $297,145  $98  $(307,027) $(9,740) 
Stock-based compensation expense8,1938,193  
Issuance of common stock upon exercise of stock options961111,05411,055  
Issuance of common stock under employee stock purchase plan1012,1492,149  
Issuance of restricted stock units25—  
Tax withholding related to net share settlements of stock-based compensation awards(10)(390)(390) 
Net loss(7,463)(7,463) 
Other comprehensive income5252  
Balances at March 31, 201945,121$45  $318,151  $150  $(314,490) $3,856  
Stock-based compensation expense8,5138,513  
Issuance of common stock upon exercise of stock options45515,4975,498
Issuance of restricted stock units323
Net loss(8,322)(8,322)
Other comprehensive income8282
Balances at June 30, 201945,899$46  $332,161  $232  $(322,812) $9,627  
Stock-based compensation expense9,2239,223  
Issuance of common stock upon exercise of stock options40115,9395,940  
Issuance of common stock under employee stock purchase plan872,7732,773  
Issuance of restricted stock units35—  
Equity component of convertible senior notes, net58,56058,560  
Net loss(16,051)(16,051) 
Other comprehensive income6262  
Balances at September 30, 201946,422$47  $408,656  $294  $(338,863) $70,134  
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WORKIVA INC.

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (DEFICIT)(continued)
(in thousands)
(unaudited)
Common Stock (Class A and B)
SharesAmountAdditional Paid-in-CapitalAccumulated Other Comprehensive IncomeAccumulated DeficitTotal Stockholders' Deficit
Balances at December 31, 201742,369$42  $248,289  $72  $(265,337) $(16,934) 
Cumulative-effect adjustment in connection with the adoption of ASU 2014-09—  —  —  8,381  8,381  
Stock-based compensation expense—  5,905  —  —  5,905  
Issuance of common stock upon exercise of stock options2961  3,075  —  —  3,076  
Issuance of common stock under employee stock purchase plan80—  1,370  —  —  1,370  
Issuance of restricted stock units9—  —  —  —  —  
Tax withholding related to net share settlements of stock-based compensation awards(61)—  (1,342) —  —  (1,342) 
Net loss—  —  —  (9,618) (9,618) 
Other comprehensive loss—  —  (56) —  (56) 
Balances at March 31, 201842,693  $43  $257,297  $16  $(266,574) $(9,218) 
Stock-based compensation expense—  10,465  —  —  10,465  
Issuance of common stock upon exercise of stock options328  3,317  —  —  3,317  
Issuance of restricted stock units64—  —  —  —  —  
Tax withholding related to net share settlements of stock-based compensation awards(23)—  (519) —  —  (519) 
Net loss—  —  —  (21,768) (21,768) 
Other comprehensive income—  —  59  —  59  
Balances at June 30, 201843,062  $43  $270,560  $75  $(288,342) $(17,664) 
Stock-based compensation expense—  —  6,949  —  —  6,949  
Issuance of common stock upon exercise of stock options635  1  7,533  —  —  7,534  
Issuance of common stock under employee stock purchase plan99  —  1,846  —  —  1,846  
Issuance of restricted stock units4  —  —  —  —  —  
Net loss—  —  —  —  (10,964) (10,964) 
Other comprehensive income—  —  —  12  —  12  
Balances at September 30, 201843,800  $44  $286,888  $87  $(299,306) $(12,287) 

See accompanying notes.

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WORKIVA INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
Three months ended September 30,Nine months ended September 30,
2019201820192018
Cash flows from operating activities
Net loss  $(16,051) $(10,964) $(31,836) $(42,350) 
Adjustments to reconcile net loss to net cash provided by operating activities:  
Depreciation and amortization1,058  1,133  2,932  2,881  
Stock-based compensation expense9,223  6,949  25,929  23,319  
(Recovery of) provision for doubtful accounts(104) 128  (58) 311  
Amortization (accretion) of premiums and discounts on marketable securities, net 15  (66) (89) (63) 
Amortization of debt discount and issuance costs1,083    1,083    
Deferred income tax(21) (4) (67) (4) 
Changes in assets and liabilities:
Accounts receivable3,579  (1,691) 21,530  4,615  
Deferred commissions(2,106) (1,939) (7,968) (5,608) 
Operating lease right-of-use asset581  —  1,805  —  
Other receivables(417) (591) (470) (416) 
Prepaid expenses and other(191) 2,501  (3,737) 712  
Other assets(943) (389) (2,349) (557) 
Accounts payable516  616  160  1,999  
Deferred revenue3,830  8,630  14,112  15,032  
Operating lease liability(758) —  (2,226) —  
Accrued expenses and other liabilities5,403  3,269  9,828  6,948  
Net cash provided by operating activities  4,697  7,582  28,579  6,819  
Cash flows from investing activities
Purchase of property and equipment(663) (523) (2,860) (742) 
Purchase of marketable securities(54,749) (6,441) (95,466) (17,724) 
Sale of marketable securities498    498    
Maturities of marketable securities1,500  4,600  20,390  9,000  
Purchase of intangible assets(51) (46) (712) (174) 
Other investments(1,000)   (1,000)   
Net cash used in investing activities  (54,465) (2,410) (79,150) (9,640) 
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WORKIVA INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (continued)
(in thousands)
(unaudited)
Three months ended September 30,Nine months ended September 30,
2019201820192018
Cash flows from financing activities
Proceeds from option exercises5,940  7,534  22,493  13,927  
Taxes paid related to net share settlements of stock-based compensation awards    (390) (1,861) 
Proceeds from shares issued in connection with employee stock purchase plan2,773  1,846  4,922  3,216  
Proceeds from the issuance of convertible senior notes, net of issuance costs335,899    335,899    
Principal payments on capital lease and financing obligations(306) (287) (901) (879) 
Proceeds from government grants      22  
Net cash provided by financing activities  344,306  9,093  362,023  14,425  
Effect of foreign exchange rates on cash(127) 83  88  (94)