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EX - 99.1 2 q22021exhibit991.htm EX - 99.1 Workiva AMES , Iowa - August 3 , 2021 – Workiva Inc. ( NYSE : WK ) , the company that simplifies complex work , today announced financial results for its second quarter ended June 30 , 2021 . Workiva Inc. Announces Second Quarter 2021 Financial Results Increased Q2 2021 Subscription & Support Revenue by 29.0 % over Q2 2020 Generated Total Q2 2021 Revenue of $ 105.6 Million , up 25.9 % over Q2 2020 Achieved 46 % YOY Growth of Customers with Annual Contract Value Over $ 150K Raises Full - Year 2021 Revenue Guidance " Our results continue to build on our market leadership and the increased demand for regulatory reporting and fit - for - purpose solutions to support digital transformations , " said Marty Vanderploeg , Chief Executive Officer . " Our strong bookings from existing customers reflect our enhanced ability to cross - sell multiple solutions . " " The entire Workiva team is focused on growing the business through new logos , maintaining high customer retention , and account expansion , " Vanderploeg added . " We beat guidance for revenue and operating results , " said Jill Klindt , Chief Financial Officer . " Due to continued broad - based demand and the resulting top - line growth , we are raising our full - year revenue guidance range to $ 430 million to $ 432 million . " Second Quarter 2021 Financial Highlights Revenue : Total revenue for the second quarter of 2021 reached $ 105.6 million , an increase of 25.9 % from $ 83.9 million in the second quarter of 2020. Subscription and support revenue contributed $ 91.2 million , up 29.0 % versus the second quarter of 2020. Professional services revenue was $ 14.4 million , an increase of 9.3 % compared to the same quarter in the prior year . ● ● Gross Profit : GAAP gross profit for the second quarter of 2021 was $ 81.0 million compared with $ 61.6 million in the same quarter of 2020. GAAP gross margin was 76.7 % versus 73.5 % in the second quarter of 2020. Non - GAAP gross profit for the second quarter of 2021 was $ 82.0 million , an increase of 31.4 % compared with the prior year's second quarter , and non - GAAP gross margin was 77.7 % compared to 74.4 % in the second quarter of 2020 . Results from Operations : GAAP loss from operations for the second quarter of 2021 was $ 5.7 million compared with a loss of $ 16.7 million in the prior year's second quarter . Non - GAAP income from operations was $ 5.3 million , compared with non - GAAP loss from operations of $ 1.8 million in the second quarter of 2020 . GAAP Net Loss : GAAP net loss for the second quarter of 2021 was $ 9.5 million compared with a net loss of $ 19.6 million for the prior year's second quarter . GAAP net loss per basic and diluted share was $ 0.19 compared with a net loss per basic and diluted share of $ 0.41 in the second quarter of 2020 . Non - GAAP Net Income / Loss : Non - GAAP net income for the second quarter of 2021 was $ 3.8 million compared with net loss of $ 2.5 million in the prior year's second quarter . Non - GAAP net income per basic and diluted share was $ 0.07 , compared with net loss per basic and diluted share of $ 0.05 in the second quarter of 2020 . Liquidity : As of June 30 , 2021 , Workiva had cash , cash equivalents and marketable securities totaling $ 551.6 million , compared with $ 530.0 million as of December 31 , 2020. Workiva had $ 345.0 million Key Metrics and Recent Business Highlights Customers : Workiva had 3,949 customers as of June 30 , 2021 , a net increase of 437 customers from June 30 , 2020 . Revenue Retention Rate : As of June 30 , 2021 , Workiva's revenue retention rate ( excluding add - on revenue ) was 96.0 % , and the revenue retention rate including add - on revenue was 111.6 % . Add - on revenue includes changes in aggregate principal amount of 1.125 % convertible senior notes due in 2026 and $ 17.5 million of finance lease obligations outstanding as of June 30 , 2021 .