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EX - 99.1 2 q12021exhibit991.htm EX - 99.1 Workiva ● Workiva Inc. Announces First Quarter 2021 Financial Results Increased Q1 2021 Subscription & Support Revenue by 24.2 % over Q1 2020 Generated Total Q1 2021 Revenue of $ 104.2 Million , up 21.5 % over Q1 2020 Achieved 48 % YOY Growth of Customers with Annual Contract Value Over $ 150K Expands Total Addressable Market with Launch of ESG Solution Raises Full - Year 2021 Revenue Guidance AMES , Iowa - May 4 , 2021 - Workiva Inc. ( NYSE : WK ) , the company that simplifies complex work , today announced financial results for its first quarter ended March 31 , 2021 . " We entered 2021 with strong momentum , which continued throughout the first quarter , " said Marty Vanderploeg , Chief Executive Officer . " Secular tailwinds from macro business trends , such as digital transformations , changes in the regulatory landscape , and remote workplaces , continue to generate strong demand for our open , intelligent and intuitive platform . " " Last week we announced our newest fit - for - purpose solution , ESG , " added Vanderploeg . " ESG reporting is complex , making it a natural fit for our platform and a compelling market for us to enter . As companies address the rapidly evolving ESG disclosure requirements from company stakeholders , we believe ESG will drive global demand for our cloud platform and lead to an expansion of our total addressable market . " " Our cloud technology transforms the way people manage and report business data with various collaborators , data sources , documents , and spreadsheets . As a result of improved market demand and an expanding addressable market , we are raising our full - year guidance , " said Jill Klindt , Chief Financial Officer . First Quarter 2021 Financial Highlights Revenue : Total revenue for the first quarter of 2021 reached $ 104.2 million , an increase of 21.5 % from $ 85.8 million in the first quarter of 2020. Subscription and support revenue contributed $ 84.9 million , up 24.2 % versus the first quarter of 2020. Professional services revenue was $ 19.3 million , an increase of 10.6 % compared to the same quarter in the prior year . ● Gross Profit : GAAP gross profit for the first quarter of 2021 was $ 80.5 million compared with $ 63.4 million in the same quarter of 2020. GAAP gross margin was 77.3 % versus 73.9 % in the first quarter of 2020. Non - GAAP gross profit for the first quarter of 2021 was $ 81.4 million , an increase of 26.7 % compared with the prior year's first quarter , and non - GAAP gross margin was 78.1 % compared to 74.9 % in the first quarter of 2020 . Results from Operations : GAAP loss from operations for the first quarter of 2021 was $ 4.1 million compared with a loss of $ 9.1 million in the prior year's first quarter . Non - GAAP income from operations was $ 7.5 million , compared with non - GAAP income from operations of $ 0.9 million in the first quarter of 2020 . GAAP Net Loss : GAAP net loss for the first quarter of 2021 was $ 7.3 million compared with a net loss of $ 10.4 million for the prior year's first quarter . GAAP net loss per basic and diluted share was $ 0.15 compared with a net loss per basic and diluted share of $ 0.22 in the first quarter of 2020 . Non - GAAP Net Income : Non - GAAP net income for the first quarter of 2021 was $ 6.6 million compared with net income of $ 1.7 million in the prior year's first quarter . Non - GAAP net income per basic and diluted share was $ 0.13 and $ 0.12 , respectively , compared with net income per basic and diluted share of $ 0.04 and $ 0.03 , respectively , in the first quarter of 2020 . Liquidity : As of March 31 , 2021 , Workiva had cash , cash equivalents and marketable securities totaling $ 540.6 million , compared with $ 530.0 million as of December 31 , 2020. Workiva had $ 345.0 million aggregate principal amount of 1.125 % convertible senior notes due in 2026 and $ 17.9 million of finance lease obligations outstanding as of March 31 , 2021 .