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Workiva Inc. Investor Presentation May 1, 2025
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This presentation includes forward-looking statements. All statements contained in this presentation other than statements of historical facts, including any 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 "may," "will," "could," "would," "should," "expect," "plan," "assume," "anticipate," "intend," "believe," "estimate," "predict," "potential," "outlook," "guidance," "target," "goal," "project," "continue to," "confident," or the negative of those terms, and similar expressions are intended to identify forward-looking statements. These forward-looking statements are subject to risks and uncertainties and are based on our assumptions as to the macroeconomic, political and regulatory environment today, and reflect our best judgement based on factors currently known to us. It is not possible for management to predict all risks, nor can we assess the impact of all factors on our business. Workiva cautions that these forward-looking statements are not guarantees of future performance. Please refer to documents filed with the Securities and Exchange Commission, including the company’s annual reports filed on Form 10-K and quarterly reports on Form 10-Q, and any amendments thereto for a discussion of certain important risk factors that relate to forward-looking statements contained in this presentation that may cause our actual results to differ materially. All forward-looking statements are made as of May 1, 2025, and reflect our current expectations only. We undertake no obligation to update or revise these statements to conform to actual results or revised expectations. By reviewing this presentation, you acknowledge that you will be solely responsible for your own assessment of the market and our market position and that you will conduct your own analysis and be solely responsible for forming your own view of the potential future performance of our business. Safe Harbor 1
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2 EXPERIENCE ECOSYSTEM CAPABILITIES OUR CAPABILITIES. OUR ECOSYSTEM. OUR EXPERIENCE. Investor grade reporting Leader in XBRL tagging Regulatory expertise Global partner ecosystem 6,300+ customer base Workiva is Best Positioned to Capture the Growing Opportunity Unified Platform Secure, controlled collaborationFinancial Reporting Sustainability Management Governance, Risk, Compliance Continuous audit and control Audit ready environment Assured integrated reporting
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$35 Billion TAM Sustainability Management Financial Reporting Industry GRC $16.4B Americas $7.7B $10.9B APAC Europe 3 Sustainability Management Financial Reporting Industry Vertical GRC
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$35 Billion TAM 4 Sustainability Management Reporting is just 20% of our total TAM Sustainability Management Financial Reporting Industry Vertical GRC 20% 50% 20% 10%
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Due Dates Evidence Requests Controls Testing Shared Drives Audit Reports Phone Calls Checklists Policies & Procedures Fluxes PBCs Risk Assessments SOX Emails Data Requests Meetings XBRL Data Entry Paper Slack Board Deck Frameworks Version Final 2.7 10-K/Q Annual Report Financial Reporting Sustainability Management GRC Complexity is only growing. 5
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Meet the only platform for assured integrated reporting. Built for your most important work. 6
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Improve Team Productivity Balance Access and Security Drive Faster, Better Decisions Scale Capacity & Flex to Changing Demands Establish a Single-Source of Truth Boost Employee Retention & Satisfaction 7 Financial Reporting Capital Markets SEC/SEDAR Global Statutory Private Company Management ESEF Sustainability Management Carbon Governance, Risk, Compliance Controls Audit Risk Policies & Procedures Investments Banking Insurance Public Sector Vertical Specific Management Workiva Platform Solutions Connected Solutions Connected Platform Compliance Tools AI/ML App Builder Connectivity & APIs Unified Reporting Workflow Linking Data Management ESG
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8 SEC Reporting Multi-Entity Financial Reporting Annual & Interim Financial Reporting ICFR and SOX Compliance Capital Market Transactions Internal Management Reporting ESEF Reporting ESEF Carbon Management Solutions for Accounting & Finance Teams Stronger business insights to executives and the board Improved job satisfaction and reduced turnover Real-time information Beautiful, publish-ready design Digital reviews Audit-ready data Link narrative, tables, and text Easy to use and learn Control via permissions Single document version Scalable, unlimited users XBRL® support Financial data that’s trusted and accessible Source system integrations Linked data across all usages Flexible formatting Centralized data collection Seamless roll-forward The XBRL™/® standards are open and freely licensed by way of the XBRL International License Agreement. Financial Reporting How top teams automate financial reporting
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Chosen by the best accounting and finance teams More than 6,300 organizations use the Workiva platform across the globe. Discover more here! As an entry is booked into SAP software, we can rerun our chains and data and spit out financial statements within minutes as opposed to waiting an entire day. Riley Drummond Supervisor of Financial Reporting, Southwest I can’t imagine what life would be like without [Workiva]. Jordan Brackett VP and Controller, Solenis We have a lot more trust in our data. David Conley Head of Reporting, Challenger Financial reporting, sustainability disclosure, and audit and risk are three incredibly important parts or elements to proper disclosure and proper communication to investors, and having those working in an integrated fashion and synchronized with one another is extremely important. Jason Darby Chief Financial Officer, Amalgamated Bank 9
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Audit & Risk Solutions for Audit & Risk Teams Save time and focus on value-added work Drive smarter, data-driven decisions Powerful Data Linking Automated PBC Requests Dynamic Test Forms Live Status Tracking 3,000+ Templates Risk Heatmaps & Dashboards Built-In Audit Analytics Source System Integrations Certifications & Assessments Streamlined Issues Management Increase trust and transparency Workflow & Task Management Role-Based Permissions Unlimited Users Connected Financial & Sustainability Data Robust Audit Trail Audit Management SOX Compliance Controls Management Operational Risk Management Enterprise Risk Management Policies and Procedures OMB A-123 Sustainability Assurance IT Compliance 10 Build Risk Resilience with the leading GRC Platform
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Chosen by the best Audit & Risk teams around the world I don’t think Workiva has a peer as far as breadth of vision and technology and track record. David Gamble Chief Audit Executive SmileDirectClub I don't know what we would be doing right now without Workiva. Everything we have is in Workiva, and it has literally been a game-changer for us. Nancy Jordan VP Internal Audit Cornerstone Building Brands More than 6,300 organizations use the Workiva platform. Discover more here! It is much better to manage the testing process in one platform. We are able to track the status of our SOX testing, and we have all the results in one place— it’s perfect. Udo Burger Manager Business Process Controls Orion Engineered Carbons We have one source of truth for our controls, data, and all of our information in the Workiva platform. That has been a night and day difference. Lindsay Rael VP Internal Audit Flowserve Chosen by the best audit and risk teams 11
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Unify data, with assurance, to promote trust Boost team efficiency and drive measurable outcomes Set strategy and mitigate risk with actionable insights Automate collection of operational, financial, and carbon data Carbon accounting for scope 1, 2, and 3 that leverages emissions factor libraries Use validation tools to ensure audit- ready results Monitor key metrics across teams and geographies Pre-built templates to accelerate reporting and promote assurance Generative AI to refine narratives Streamline XBRL® and regulatory tagging Intuitive tools and role-based permissions to scale processes quickly Integrated reporting with assurance Templates to drive sustainability objectives and orchestrate reporting processes Double materiality to assess risks and opportunities Align with global frameworks like the CSRD and ISSB Tracking for material outcomes Drive governance over sustainability programs Solutions for Accounting & Finance Teams Double Materiality Assessment Sustainability + Carbon Data Collection Automation Carbon Accounting & Management Sustainability Framework Mapping Sustainability Program Management Sustainability Reports Solutions for sustainability teams: Sustainability Management Workiva Carbon Sustainability Resource Hub CSRD Software Accelerate your sustainability journey: The XBRL™/® standards are open and freely licensed by way of the XBRL International License Agreement. 12 Sustainability Management How top teams tackle sustainability management
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Chosen by the best sustainability teams More than 6,300 organizations use the Workiva platform across the globe. Discover more here! The connectivity we’re able to achieve with Workiva Carbon, Workiva Sustainability, and Workiva SEC is unlike any other software that’s out there. Annalise Di Santo Senior Analyst Energy Recovery Workiva has had tremendous benefit for us across multiple dimensions. I think the first and most important is we have an extremely secure control environment when it comes to data and the ability to move data into a reportable fashion for the public. Jason Darby Chief Financial Officer Amalgamated Bank 13
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Assured Integrated Reporting Six-figure deal, with multiple partners co-selling European travel company Purchased Financial Reporting + Global Statutory Reporting + Management Reporting + Policies & Procedures + Sustainability Reporting Telecom company in APAC NEW LOGO NEW LOGO Assured Integrated Reporting Mid-six-figure deal, sourced and delivered by a Big 4 Advisory firm 14 Purchased 7 solutions Management Reporting + Global Statutory Reporting + Controls Management + Financial Reporting +Risk Management + Sustainability Reporting + Carbon Q1 2025 Deal Highlights
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Subscription Revenue (in $M) $130 $155 $186 Q1 '23 Q1 '24 Q1 '25 Q1 2025 Financial Highlights 110% Q1 '25 Gross Retention Rate Q1 '25 Net Retention Rate Q1 '25 Subscription Revenue Growth20% 15 97% = = =
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Remaining Performance Obligation (in $M) $778 $932 $1,173 Q1 '23 Q1 '24 Q1 '25 Growth in Total RPO 16 20% 26%
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5,754 6,074 6,385 Q1 '23 Q1 '24 Q1 '255,000 6,000 Growth in Customer Logos 17
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Retention Rates Remain Strong Q1 '23 Q2 '23 Q3 '23 Q4 '23 Q1 '24 Q2 '24 Q3 '24 Q4 '24 Q1 '25 95% 100% 105% 110% 115% Gross retention rate Net retention rate 18 Net retention rate includes revenue from up-selling or cross-selling additional solutions, and pricing changes for existing customers and securing multi-year contract renewals containing periodic pricing term increases. This metric has previously been referred to as "Revenue retention with add-ons." The calculation is the same.
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Growth in Large ACV Customers 1,363 1,696 2,079 Q1 '23 Q1 '24 Q1 '25 109 145 191 Q1 '23 Q1 '24 Q1 '25 247 332 439 Q1 '23 Q1 '24 Q1 '25 > $100k ACV > $300k ACV > $500k ACV 19 23% 32%32% 32% 642 823 1,015 Q2 '22 Q2 '23 Q2 '24
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63% 66% 69% Multi Solution Revenue Growth Q1 '23 Q1 '24 Q1 '25 Subscription Revenue From Multi-Solution Customers 20 The value of our Assured Integrated Reporting platform continued to gain momentum with new and existing customers in 2024.
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2025 Guidance Summary 21 Q2 2025 Quarterly guidance Comments Total revenue $208M - $210M 17.2% - 18.3% y/y growth Non-GAAP operating margin ~ break-even reflecting ongoing investment in our long-term growth strategy, plus pre-planned events Non-GAAP EPS ~ $0.05 based on diluted shares of 57.6M FY 2025 Full - Year Guidance Comments Total revenue $864M - $868M 17.0% - 17.5% y/y growth Non-GAAP operating margin 5.0% - 5.5% Non-GAAP EPS $1.02 - $1.09 based on diluted shares of 59.7M Non-GAAP free cash flow margin ~10% Refer to Non-GAAP Reconciliation slides for additional information.
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For the full year 2025: 22 Revenue assumptions: • Subscription and support revenue is expected to grow 20% y/y at the midpoint. • Professional services is expected to decline y/y as we move low margin services to our Partners. Operating margin assumptions: • Operating margin in the back half of 2025 is expected to be stronger than the first half. Non-GAAP FY 2025 Model Assumptions
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Percentage of Revenue 2023—A 2024—A 2025—Guidance 2027 — Medium Term Target 2030 — Long Term Target Gross margin 77% 78% ~83% ~85% Research & development 24% 23% ~19% ~17% Sales & marketing 41% 42% ~41% ~38% General & administrative 10% 9% ~7% ~6% Operating margin 2% 4% 5.0% - 5.5% ~16% ~24% Refer to Non-GAAP Reconciliation slides for additional information. Medium- and long-term target operating models have not been changed since they were updated on August 1, 2024. Figures have been rounded for presentation purposes. Discrepancies may occur due to rounding. 23 Medium- and Long-Term Non-GAAP Operating Model
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Non-GAAP Reconciliation
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2023 2024 Gross margin 76% 77% Add back: Stock-based compensation 1% 2% Gross margin, non-GAAP 77% 78% Research and development 27% 26% Less: Stock-based compensation 3% 3% Less: Amortization of acquisition-related intangibles 1% —% Research and development, non-GAAP 24% 23% Sales and marketing 46% 47% Less: Stock-based compensation 4% 5% Sales and marketing, non-GAAP 41% 42% General and administrative 18% 14% Less: Stock-based compensation 7% 5% General and administrative, non-GAAP 10% 9% Loss from operations (15)% (10)% Add back: Stock-based compensation 16% 14% Add back: Amortization of acquisition-related intangibles 1% 1% (Loss) income from operations, non-GAAP 2% 4% Reconciliation of GAAP to non-GAAP, as a % of Revenue 25 Figures have been rounded for presentation purposes. Discrepancies may occur due to rounding.
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Q2 '25 FY '25 GAAP operating margin (14.8)% (8.8)% Add back: Stock-based compensation 13.9% 13.3% Add back: Amortization of acquisition-related intangibles 0.9% 0.8% Non-GAAP operating margin —% 5.3% Figures have been rounded for presentation purposes. Discrepancies may occur due to rounding. Reconciliation of GAAP to non-GAAP Guidance (at mid-point) 26