Workiva Inc. (NYSE: WK), headquartered in Ames and creator of the Wdesk cloud-based productivity platform for business data collaboration and reporting, released their financial results for its fourth quarter and fiscal year ended December 31, 2014 on Wednesday.

“We are pleased to report strong revenue growth for the fourth quarter and full year 2014 and to begin a new chapter as a publicly traded company,” said Matthew Rizai, Chairman and Chief Executive Officer of Workiva. “Our results demonstrate increasing demand for our Wdesk platform, which is transforming the way companies collect, manage, report and analyze critical business data. We are excited about the breadth of growth opportunities for Workiva, and we are confident in our ability to continue penetrating our large and growing addressable market,” Rizai added. “Our IPO represents a significant milestone for Workiva and provides us with additional resources to execute on our growth initiatives.”

From the Press Release:

Full Year 2014 Financial Highlights

Revenue: Total revenue for the year ended December 31, 2014 was $112.7 million, an increase of 32% compared with $85.2 million in the prior year. Subscription and support revenue was $91.3 million, an increase of 40% on a year-over-year basis. Professional services revenue was $21.4 million, an increase of 7% on a year-over-year basis.

Gross Profit: GAAP gross profit for the year ended December 31, 2014 was $78.8 million compared with $60.5 million in the prior year, and GAAP gross margin was 69.9%. Non-GAAP gross profit for the year ended December 31, 2014 was $79.7 million, an increase of 31% compared with the prior year, and non-GAAP gross margin was 70.7%.

Loss from Operations: GAAP loss from operations for the year ended December 31, 2014 was $38.6 million compared with a loss of $29.3 million in the prior year. Non-GAAP loss from operations for the year ended December 31, 2014 was $31.2 million compared with a loss of $25.9 million in the prior year.

Net Loss: GAAP net loss for the year ended December 31, 2014 was $41.2 million compared with a net loss of $29.5 million in the prior year. GAAP net loss per share for the year ended December 31, 2014 was $1.28 based on 32.2 million weighted-average shares outstanding compared with a loss per share of $0.94 based on 31.4 million weighted-average shares outstanding in the prior year.

Non-GAAP net loss for the year ended December 31, 2014 was $33.8 million compared with a net loss of $26.2 million in the prior year. Non-GAAP net loss per share for the year ended December 31, 2014 was $1.05 based on 32.2 million weighted-average shares outstanding compared with a non-GAAP net loss per share of $0.83 based on 31.4 million weighted-average shares in the prior year.

Balance Sheet: As of December 31, 2014, Workiva had cash and cash equivalents of $101.1 million, compared with $20.3 million as of September 30, 2014 and cash, equivalents and marketable securities of $18.0 million as of December 31, 2013. Debt, including capital lease and financing obligations, totaled $24.9 million as of December 31, 2014.

Cash Flow: Net cash used in operating activities was $3.5 million in 2014, compared to cash used in operating activities of $10.5 million in 2013.

Customers: Workiva had 2,261 customers as of December 31, 2014, a net increase of 334 customers from 1,927 as of December 31, 2013.

Revenue Retention Rate: As of December 31, 2014, Workiva’s revenue retention rate (excluding add-on revenue) was 97.0%, and the revenue retention rate (including add-on revenue) was 104.1%. Add-on revenue includes the change in both seats purchased and seat pricing for existing customers.

Initial Public Offering: Workiva successfully completed its initial public offering of 7.2 million shares of common stock at $14.00 per share on December 12, 2014, generating proceeds of $90.4 million to the Company net of underwriting and other offering expenses.

Click here to read full financial information.

About Workiva

Workiva created Wdesk, a cloud-based platform for enterprises to collect, manage, report and analyze business data in real time. Wdesk includes a productivity suite for business data collaboration and reporting that is used by thousands of corporations, including more than 65 percent of the Fortune 500. Wdesk proprietary word processing, spreadsheet and presentation applications are fully integrated and built upon the Workiva data management engine. Wdesk is designed to help reduce enterprise risk and increase productivity with synchronized data, controlled collaboration, granular permissions and a full audit trail. This gives users confidence to make decisions with real-time data. Workiva employs more than 950 people with offices in 15 cities and is headquartered in Ames, Iowa. For more information, visit www.workiva.com.

 

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