Workiva Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Workiva Inc. has filed its 2023 annual report (10-K) detailing its financial performance and business operations for the fiscal year ending December 31, 2023.</b>

AI Summary

WORKIVA INC (WK) filed a Annual Report (10-K) with the SEC on February 20, 2024. Workiva Inc. filed its 2023 Form 10-K on February 20, 2024. The filing covers the fiscal year ending December 31, 2023. The company's principal executive offices are located in Ames, Iowa. Workiva Inc. is classified under SIC code 7372 (Prepackaged Software). The filing includes financial data for the fiscal years 2021, 2022, and 2023.

Why It Matters

For investors and stakeholders tracking WORKIVA INC, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Workiva's financial health, operational performance, and strategic direction for the past fiscal year, which is crucial for investors to assess the company's current standing and future prospects. As a software company focused on cloud-based solutions for reporting and compliance, the details within this filing are important for understanding its competitive positioning, revenue streams (license and professional services), and any associated risks.

Risk Assessment

Risk Level: — WORKIVA INC shows moderate risk based on this filing. The company's financial performance and future growth are subject to market competition and the adoption rate of its cloud-based solutions, as indicated by its revenue segments and the need for professional services.

Analyst Insight

Investors should analyze Workiva's revenue growth in its license and professional services segments, as well as its operating margins, to gauge its ability to scale and maintain profitability.

Revenue Breakdown

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period)
• 2024-02-20 — Filing Date (Date of submission)
• 116 — Public Document Count (Number of documents in the filing)

Key Players & Entities

• WORKIVA INC (company) — Filer name
• 2023-12-31 (date) — Fiscal year end
• 2024-02-20 (date) — Filing date
• 7372 (other) — Standard Industrial Classification
• AMES (location) — Business address city
• DE (location) — State of incorporation

FAQ

Industry Context

Workiva Inc. operates in the software industry, specifically providing cloud-based solutions for financial reporting and compliance. This sector is characterized by rapid technological advancements and evolving regulatory landscapes.

Regulatory Implications

As a company involved in financial reporting, Workiva is subject to various regulations and compliance standards that dictate how financial information must be prepared, disclosed, and audited. The accuracy and integrity of its platform are critical for meeting these regulatory requirements.

What Investors Should Do

1. Review Workiva's detailed financial statements and management's discussion and analysis for the fiscal year 2023.
2. Analyze the growth trends in Workiva's revenue segments (License and Service, Professional Services) and their impact on profitability.
3. Assess any identified risk factors and their potential implications for Workiva's future operations and financial performance.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-02-20: Filing Date — Date Workiva Inc. submitted its 10-K filing.

Year-Over-Year Comparison

This filing is the 2023 Form 10-K, representing the company's annual report. Specific comparisons to the prior year's filing (2022 10-K) are not detailed in the provided header information.

Key Financial Figures

• $101.66 — 30, 2023, based on the closing price of $101.66 for shares of the Registrant's Class A
• $443.3 million — March 2010. Our revenue increased from $443.3 million in 2021 to $630.0 million in 2023, repr
• $630.0 million — ncreased from $443.3 million in 2021 to $630.0 million in 2023, representing a 19% compound an
• $37.7 million — growth rate. We incurred net losses of $37.7 million in 2021, $90.9 million in 2022 and $127
• $90.9 million — ed net losses of $37.7 million in 2021, $90.9 million in 2022 and $127.5 million in 2023. App
• $127.5 million — lion in 2021, $90.9 million in 2022 and $127.5 million in 2023. Approximately 89% of our reven
• $702 million — their needs. In August 2023, we issued $702 million of 1.250% convertible senior notes due
• $396.9 million — vertible senior notes due 2028. We used $396.9 million of the net proceeds to repurchase $273.
• $273.8 million — llion of the net proceeds to repurchase $273.8 million principal amount, together with accrued

Filing Documents

• wk-20231231.htm (10-K) — 2008KB
• exhibit1006-hawkinsemploym.htm (EX-10.06) — 122KB
• exhibit1022-formofemployme.htm (EX-10.22) — 140KB
• exhibit211subsidiaries1231.htm (EX-21.01) — 10KB
• exhibit231consentofauditor.htm (EX-23.01) — 5KB
• exhibit311-section302xceoc.htm (EX-31.01) — 8KB
• exhibit312-section302xcfoc.htm (EX-31.02) — 8KB
• exhibit321-section906xceoc.htm (EX-32.01) — 4KB
• exhibit322-section906xcfoc.htm (EX-32.02) — 5KB
• exhibit971-workivaincclawb.htm (EX-97.1) — 40KB
• wk-20231231_g1.jpg (GRAPHIC) — 112KB
• 0001445305-24-000021.txt (&nbsp;) — 11970KB
• wk-20231231.xsd (EX-101.SCH) — 61KB
• wk-20231231_cal.xml (EX-101.CAL) — 136KB
• wk-20231231_def.xml (EX-101.DEF) — 401KB
• wk-20231231_lab.xml (EX-101.LAB) — 1001KB
• wk-20231231_pre.xml (EX-101.PRE) — 677KB
• wk-20231231_htm.xml (XML) — 1749KB

Business

Business 1 Item 1A.

Risk Factors

Risk Factors 17 Item 1B. Unresolved Staff Comments 41 I tem 1C. C ybersecurity 41 Item 2.

Properties

Properties 42 Item 3.

Legal Proceedings

Legal Proceedings 43 Item 4. Mine Safety Disclosures 43 Part II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 44 Item 6. [Reserved] 45 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 46 Item 7A. Quantitative and Qualitative Disclosure About Market Risk 61 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 63 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 105 Item 9A.

Controls and Procedures

Controls and Procedures 105 Item 9B. Other Information 106 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 107 Part III Item 10. Directors, Executive Officers and Corporate Governance 108 Item 11.

Executive Compensation

Executive Compensation 109 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 109 Item 13. Certain Relationships and Related Transactions and Director Independence 109 Item 14. Principal Accounting Fees and Services 109 Part IV Item 15. Exhibits and Financial Statement Schedules 110

SIGNATURES

SIGNATURES S-1 Table of Contents SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS AND INFORMATION Certain statements in this Annual Report on Form 10-K are "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended ("Exchange Act") and are subject to the safe harbor created thereby. All statements contained in this Annual Report on Form 10-K 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." 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 Annual Report on Form 10-K 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 expectation

Business

Item 1. Business Overview Workiva's mission is to power transparent reporting for a better world. We believe that all stakeholders including consumers, employees, shareholders, and regulators expect more from business – more action, transparency, and disclosure of financial and non-financial information. We build solutions to meet that demand and streamline processes, connect data and teams, and ensure consistency – all within the Workiva platform, the world's leading cloud platform for assured integrated reporting. Additionally, we offer the only unified software-as-a-service ("SaaS") platform that brings customers' financial reporting, Environmental, Social, and Governance ("ESG"), and Governance, Risk, and Compliance ("GRC") together in a controlled, secure, audit-ready platform. From data to disclosure, the Workiva platform empowers customers by connecting and transforming data from hundreds of enterprise resource planning ("ERP"), human capital management ("HCM"), and customer relationship management ("CRM") systems, as well as other third-party cloud and on-premise applications. Customers use our platform to create, review and publish data-linked documents, presentations, and reports with greater control, consistency, accuracy, and productivity. Our platform is flexible and scalable, so customers can easily adapt it to define, automate, and change their business processes in real time. Workiva provides more than 6,000 organizations across the globe with SaaS platform solutions to help solve some of the most complex reporting and disclosure challenges. While our customers use our platform for more than 100 different use cases, across dozens of vertical industries, we organize our sales and marketing resources into three purpose-built solution groups (Financial Reporting, ESG, and GRC) focusing primarily on the offices of the Chief Financial Officer ("CFO"), Chief Sustainability Officer ("CSO"), and Chief Audit Executive ("CAE"). We have experienced strong

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View this 10-K filing on SEC EDGAR