On this page of StockholderLetter.com we present the latest annual shareholder letter from WORKIVA INC — ticker symbol WK. Reading current and past WK letters to shareholders can bring important insights into the investment thesis.
Annual Report 2024
Letter from the CEO Dear Stockholders As we move into our next decade as a publicly traded company, I continue to be optimistic about the future of our business and our industry. With the shifting technology landscape around AI, an evolving regulatory environment, and continued pressure to realize operational efficiencies, business leaders increasingly turn to Workiva as the trusted platform for transparency and disclosure of financial and non-financial data. The stakes are high, and accuracy, speed, and productivity are not optional. Our customers rely on Workiva s platform to ensure data integrity while complying with global regulations. Fiscal 2024 was another strong year for Workiva, and I m incredibly proud of our team s execution, all while navigating a shifting global political and economic environment. We achieved 20% year-over-year subscription revenue growth, improved operating margins, and generated record cash flow. A healthy balance of new logo growth and solution expansion with existing customers speaks to the significant opportunity we still have ahead of us. We now have a global customer base of over 6,300 organizations that trust Workiva with their most sensitive data. A Focus on Growth and Productivity We deliver a unified platform offering financial and non-financial investor-grade business reporting, which is a unique and key differentiator that separates us from the competition. We shine where data consistency, integrity, and accuracy are critical and narrative is required. We remain focused on our future opportunities as we continue to address a large and growing global market. At our Investor Day in September 2024, we provided a revised TAM of $35 billion, reflecting the growing opportunity we see to power transparency, trust, and accountability. The growth in our market opportunity reflects our expanded global reach and our investment in our platform, solutions, and technology innovation. We are confident we can maintain our top-line momentum while at the same time improving productivity. We have shown margin expansion in recent years and have committed to the operating targets in our 2027 model. We are focused on driving efficiency and scale across the business, while at the same time aiming for high teens-to-20% subscription growth over the coming years. Executing Our Strategy Workiva continues to deliver on the four pillars of our strategy: platform, solutions, partners, and global expansion. We are winning with our assured integrated reporting platform, which now includes carbon accounting the most consistently regulated part of sustainability management. We are demonstrating continued success across our diverse and growing portfolio of best-of-breed solutions. This is highlighted by the success in selling new solutions to our existing installed base. In 2024, we delivered a 26% increase in contracts valued at over $100 thousand and a 32% increase in contracts valued at over $500 thousand. We are also effectively executing on our global expansion strategy. As highlighted in our most recent 10-K, 18% of our 2024 total worldwide revenue now comes from outside the Americas, up 285 basis points from 2023. And finally, our high-performing partner ecosystem continues to extend our value and accelerate our growth. Partners are engaged globally in deals of all sizes, and their value and contribution have increased throughout 2024. A Values-Driven Culture One of the differentiators that makes Workiva so special is our continued focus on our values-driven culture. We are a company of over 2,800 talented professionals dedicated to amazing our customers and making a positive daily impact. Our company s guiding principles inspire everything we do - from building our software and exceeding our customers expectations to how we treat our employees, foster a culture of innovation, and make a difference in our world. Our focus on culture is why we continue to be recognized among the 100 Best Companies to Work For by Fortune magazine for the 7th year in a row and among PEOPLE s 100 Companies That Care. In conclusion, I want to express my gratitude to the entire Workiva team for their dedication and accomplishments throughout 2024. This is an exciting time for Workiva, and we have a remarkable global opportunity ahead of us. We are strategically positioned to help companies enhance building trust, transparency, and accountability. 2024 Company Highlights Exceeded full-year guidance, resulting in 20% subscription revenue growth and 17% total revenue growth Achieved a gross retention rate above our 96% target Grew our global customer base to over 6,300 organizations and achieved a 32% year-overyear growth of customers with an annual contract value of over $500K Named one of the Fortune 100 Best Companies to Work For for the seventh consecutive year Launched Workiva Carbon, a new offering that enables organizations to support the requirements of global climate regulations while simplifying the management of net zero targets that thousands of organizations have established voluntarily to meet international guidelines Received a rating of AAA in the MSCI ESG Ratings assessment for the third year in a row Launched enhancements to the core platform and generative AI Added 10 new innovation patents, bringing our total to 86 Julie Iskow President and Chief Executive Officer
The Workiva Platform Where your most important work comes together.
 • shareholder letter icon 4/17/2025 Letter Continued (Full PDF)
 • stockholder letter icon 4/17/2023 WK Stockholder Letter
 • stockholder letter icon 4/17/2024 WK Stockholder Letter
 • stockholder letter icon More "Application Software" Category Stockholder Letters
 • Benford's Law Stocks icon WK Benford's Law Stock Score = 95


WK Shareholder/Stockholder Letter Transcript:

Annual
Report
2024


Letter from the CEO
Dear Stockholders As we move into our next decade as a publicly traded company, I continue to be optimistic about the future of our business and our industry.
With the shifting technology landscape around AI, an evolving regulatory environment, and continued pressure to realize operational efficiencies,
business leaders increasingly turn to Workiva as the trusted platform for transparency and disclosure of financial and non-financial data. The stakes
are high, and accuracy, speed, and productivity are not optional. Our customers rely on Workiva   s platform to ensure data integrity while complying
with global regulations.
Fiscal 2024 was another strong year for Workiva, and I   m incredibly proud of our team   s execution, all while navigating a shifting global political and
economic environment. We achieved 20% year-over-year subscription revenue growth, improved operating margins, and generated record cash flow.
A healthy balance of new logo growth and solution expansion with existing customers speaks to the significant opportunity we still have ahead of us.
We now have a global customer base of over 6,300 organizations that trust Workiva with their most sensitive data.
A Focus on Growth and Productivity
We deliver a unified platform offering financial and non-financial investor-grade business reporting, which is a unique and key differentiator that
separates us from the competition. We shine where data consistency, integrity, and accuracy are critical and narrative is required. We remain
focused on our future opportunities as we continue to address a large and growing global market.
At our Investor Day in September 2024, we provided a revised TAM of $35 billion, reflecting the growing opportunity we see to power transparency,
trust, and accountability. The growth in our market opportunity reflects our expanded global reach and our investment in our platform, solutions,
and technology innovation.
We are confident we can maintain our top-line momentum while at the same time improving productivity. We have shown margin expansion in
recent years and have committed to the operating targets in our 2027 model. We are focused on driving efficiency and scale across the business,
while at the same time aiming for high teens-to-20% subscription growth over the coming years.
Executing Our Strategy
Workiva continues to deliver on the four pillars of our strategy: platform, solutions, partners, and global expansion. We are winning with our assured
integrated reporting platform, which now includes carbon accounting     the most consistently regulated part of sustainability management. We are
demonstrating continued success across our diverse and growing portfolio of best-of-breed solutions. This is highlighted by the success in selling
new solutions to our existing installed base. In 2024, we delivered a 26% increase in contracts valued at over $100 thousand and a 32% increase in
contracts valued at over $500 thousand.
We are also effectively executing on our global expansion strategy. As highlighted in our most recent 10-K, 18% of our 2024 total worldwide revenue
now comes from outside the Americas, up 285 basis points from 2023. And finally, our high-performing partner ecosystem continues to extend our
value and accelerate our growth. Partners are engaged globally in deals of all sizes, and their value and contribution have increased throughout 2024.
A Values-Driven Culture
One of the differentiators that makes Workiva so special is our continued focus on our values-driven culture. We are a company of over 2,800
talented professionals dedicated to amazing our customers and making a positive daily impact. Our company   s guiding principles inspire everything
we do - from building our software and exceeding our customers    expectations to how we treat our employees, foster a culture of innovation, and
make a difference in our world. Our focus on culture is why we continue to be recognized among the 100 Best Companies to Work For by Fortune
magazine for the 7th year in a row and among PEOPLE   s 100 Companies That Care.
In conclusion, I want to express my gratitude to the entire Workiva team for their dedication and accomplishments throughout 2024. This is an
exciting time for Workiva, and we have a remarkable global opportunity ahead of us. We are strategically positioned to help companies enhance
building trust, transparency, and accountability.
2024 Company Highlights

Exceeded full-year guidance, resulting in 20% subscription revenue growth and 17% total revenue growth

Achieved a gross retention rate above our 96% target

Grew our global customer base to over 6,300 organizations and achieved a 32% year-overyear growth of customers with an annual contract value of over $500K

Named one of the Fortune 100 Best Companies to Work For        for the seventh
consecutive year

Launched Workiva Carbon, a new offering that enables organizations to support the
requirements of global climate regulations while simplifying the management of net
zero targets that thousands of organizations have established voluntarily to meet
international guidelines

Received a rating of AAA in the MSCI ESG Ratings assessment for the third year in a row

Launched enhancements to the core platform and generative AI

Added 10 new innovation patents, bringing our total to 86
Julie Iskow
President and Chief Executive Officer

The Workiva Platform
Where your most
important work
comes together.



shareholder letter icon 4/17/2025 Letter Continued (Full PDF)
 

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