WORKIVA INC — Call Transcript 2026

We'll get started here. Thank you guys for coming to the Workiva session. I'm Patrick McIlwee, and I'm a software research analyst here at William Blair, as a part of which I cover OCFO companies, including Workiva. Quickly, I'm required to inform you that a complete list of disclosures and potential conflicts of interest are available at our website at williamblair.com. This year, we're very excited to have the Workiva team back at the conference. For those not familiar, Workiva provides a reporting and governance platform that helps enterprises manage Financial Reporting, regulatory filings, ESG disclosures, and audit compliance workflows from a centralized cloud environment. I'm happy to be joined on stage by CFO Barbara Larson, who joined Workiva last year, prior to which she was serving as the CFO of SentinelOne. We also have Yogi Shah from the Investor Relations team in the audience, and then Mike Rost as well. That's my quick two-liner on the business, but I'll turn it over to Barbara for a better overview of the company, and then we'll jump into more of a fireside chat format. Wonderful. Thank you so much. Appreciate the introduction. It's great to be here. Thanks for joining me. I just wanted to give everyone a quick overview of Workiva, and then we'll dive into some Q&A. Of course, we couldn't have a presentation without our safe harbor statement, there you go. Overall, Workiva manages the data that matters in the office of the CFO. We have become known as the platform of trust. We've got more than 15 years of experience in investor-grade reporting as well as regulatory expertise. You can think of it as having both the data and the narrative in the Workiva platform, and that can be traceable all the way back to our customer source systems, ensuring that the data and the narrative are defendable, accurate, and audit ready. Something that's very close to my heart and exactly what CFOs just like me require. In the office of the CFO, you can only imagine the tolerance for error is zero. CFOs need to be able to explain and defend any number to any stakeholder at any point in time, whether that's an investor, a regulatory agency, or to their board. That's the exact problem that Workiva solves. Our experience, our ecosystem, and our capabilities create a foundation of trust. In terms of our strategy, we've got four pillars to our strategy. You can see that here on the slide. Fit-for-purpose solutions, a connected AI platform, global expansion, and partner ecosystem. The strategy is focused around AI-powered solutions. We've got more than two dozen solutions that we offer to our customers. Global expansion is another opportunity for us. We have a lot of opportunity in terms of selling into our customers that are outside of the U.S., and then we have a 200-plus network of partners that expand our reach and help us go to market. That strategy today remains intact and relevant. We have a very large $35 billion TAM across multiple categories: Financial Reporting, governance, risk, and compliance, as well as sustainability management plus industry verticals. We have over 6,600 customers, so a lot of opportunity still to grow into that customer base. Again, you can see with APAC and Europe, the TAMs there, we have opportunity to continue to grow our global footprint. In terms of AI is embedded in the core of our Workiva platform. It is securely built, in terms of the data stewardship, something our customers come to expect from us. It's seamlessly integrated into the existing workflows, and it's tailored to meet the needs across the office of the CFO. Workiva helps provide all of that, as well as the AI that's embedded in the core. Again, we've got over two dozen solutions in our offering across the different product categories, helping meet our customers' needs for both financial as well as non-financial reporting. It's a unified platform with unified reporting, workflow linking, data management, AI, and ML. Again, meeting our customers' needs for both financial and non-financial reporting all in one platform. The last piece I'll touch on is our approach to pricing and packaging. The number one thing is we are not seat-based. We have not been seat-based in for quite a while, over seven years. Our pricing is based on value-based pricing. Our pricing based on the outcomes we deliver to our customers. It's metric-driven. If you think about our Multi-Entity reporting solution, we're pricing based on the number of entities. If you think about our Controls and SOX solution, we are pricing based on the number of controls. Really trying to align that value to where our customers are getting the most outcomes out of the product. Just last year, we also introduced tiered pricing. Tiered pricing in terms of we have essentials, a standard, and advanced, so it's our good, better, best approach to pricing. That provides a natural expansion opportunity for us going forward as well. Hopefully, that gives you a little bit of an overview of Workiva and what we do. We'll get into Q&A? Yes. Awesome. That's great. Yeah. Thank you very much for the overview there, Barbara. It's very helpful. First question. You touched on the pricing. I'm going to just jump straight to the growth. It's one thing to grow 20%+ in a given year, but Workiva's been growing at a CAGR of roughly 20% for a decade now. Your product's now used by Thanks for highlighting that. Of course. Yeah. Your product's now used by 85% of the Fortune 500, 88% of the S&P 500. Can you just help us frame how you think about the growth levers going forward? Is it deeper penetration of that enterprise customer base, new lands further down market, or just how you think about the mix of new lands versus existing customer expansion into the future? Yeah. Growth levers, you highlighted it in terms of our customer base. We have some of the top companies across the world are our customers and trust us. We've got the up-and-coming new economy customers that are trusting us as well, the companies that are really starting to control data, compute, energy capacity, LLMs, and some of the big IPOs that are coming up. We definitely look at that 6,600-plus customers as an opportunity for us to continue to grow and expand. When you think of historically, we've been about 50/50 between new logos and expansion. In Q1, we recently reported that our revenue growth in the quarter was more 60/40, so 60% coming from our customer base, expanding with them, 40% with new logos. A couple of different motions on expanding with existing customers. We've got that broad portfolio of solutions, over two dozen, we have the opportunity to continue to go back and sell more solutions to our customer base across Financial Reporting, GRC, as well as Sustainability. Then the tiered pricing model that I mentioned as well is another opportunity to drive a natural expansion within our customer base. I think SEC Advanced is a really great example of that motion. We've had customers and have been offering our SEC capabilities for over 15 years now, and just last year, with the introduction of this tiered pricing model, we now have the opportunity to go back and sell Advanced. Advanced is actually one of the ways that we are looking to monetize on AI. AI, we have embedded into the core of the platform, but some of those more solution-specific capabilities around AI we've got in that advanced tier, as well as some other advanced capabilities. SEC reporting or what we call Intelligent Finance has translations, design, financial statement automation, in addition to those more advanced AI capabilities. We're seeing about a 20%+ price uplift when we go back to that SEC customer and sell them the higher advanced tier. Plenty of growth and expansion opportunity within our customer base there. New logos continues to be a growth opportunity for us, and a lot of that is coming through the global expansion. Mm-hmm. Okay. Awesome. Yeah, no, that's a really helpful overview. As we think about that expansion within the existing customer base, you guys have been driving some really impressive growth across your size cohorts, right? The bigger customers are growing faster than the smaller customers. Just for those in the audience, Workiva reports a KPI, ACV from customers over $500,000 grew nearly 40% last quarter, which grew faster than the customers that were $300K or more and so forth. My question is, what specific products are resonating with those large customers and supporting that growth at the high end? How, if at all, have you optimized your sales motion to support that success? Yeah, a couple of things. Really, it's the broader platform, right? That we have. The broader platform of solutions, more than two dozen offerings where we see the opportunity to go back and sell into our customer base. We're also seeing the more advanced tiers drive expansion and uplift for us around the customer base, too. I think from a go-to-market execution, one of the things that we've been really focused on, then with Michael Pinto joining, he's our new CRO, joined about six months ago, we've had much more focus on how we sell the platform. That combination of having the broad platform and solutions available, then with greater focus and execution from our go-to-market team, that's driving those larger multi-category, multi-solution deals, then also leaning into our partner network, that also is enabling the go-to-market execution, too. Okay. It seems like for all software businesses like yours with more of a true platform, this trend of vendor consolidation that we've seen across the software landscape is endearing to your benefit. Where are you seeing the most heated competition today? Is it still point solutions like ESG vendors, or increasingly broader platforms trying to build maybe just good enough solutions? Yeah to compete with some of what you offer? Yeah, I would say it's primarily around point solutions. Even when I talk about point solutions, it could just be manual work. A lot of, especially on a GRC and Sustainability, there are companies that are just muscling through it, and they've got manual processes, or you've got someone that's joined a company and maybe they have a familiarity with a particular point solution. That is primarily where we see the competition in terms of point solutions across SEC, GRC, and Financial Reporting, GRC, and Sustainability. What we don't necessarily see is that Platform competition that has the broad reach across the portfolio that we do. That is one of the differentiators of Workiva, is the breadth of our Platform and the solutions that we offer. Okay, great. As we talk about competition, I think we have to touch on AI. No, really? Can we just touch on potential disruption? Yeah. It's obviously a big fear across the software landscape. There's a lot of uncertainty in the market right now, notably from increasingly capable foundational models. Can you just talk about how Workiva's differentiated from those platforms, and if you're seeing any change in the competitive landscape or risk of that over time? Yeah at this point in time? Yeah. No, I love that question. Thank you. Love to highlight where we're different. I'll maybe do a little bit of a compare and contrast. LLMs today, they're very probabilistic. They are providing answers or output that are based on patterns and probabilities. They don't necessarily have the data. If you think of the CFO persona, we don't have any tolerance for error. We are looking for things that are more deterministic, and that's what Workiva provides. We provide deterministic data, traceability, as well as defensibility. Where an LLM can provide an answer, what Workiva does is it proves that that answer is right, it's current, it's traceable, and it's defensible to an auditor. That's how I would compare the two and how we're differentiated. The other piece to that is our customers, the business processes they're working in across finance, risk, compliance, and Sustainability, they're not necessarily binary. There are lots of different people and stakeholders that are collaborating around the data, the numbers, the narrative, all the commentary that goes around that, whether you've got humans in there making judgments, making comments. You can have lawyers, your auditors, your external stakeholders. There's a whole part of the process and workflow around that that requires a lot of judgment versus just a binary. Mm-hmm. Got it. Yeah, there's been a lot of discussion this week on the differentiation between deterministic workflows that are right every time. Yeah More probabilistic, where you can get a myriad of different answers. Yeah given the same input, very clear. In our line of work. Unacceptable. Yeah. We need deterministic. Got it. Okay. You've highlighted a few competitive wins over the last couple of quarters, and in the past, you've talked about AI increasingly showing up as a differentiator in those RFPs. Can you just elaborate on exactly what functionality or features are embedded in the Workiva platform that really seem to be resonating with those customers, and if you see that having more of an impact on existing account expansion or that incremental new business wins over time? Yeah, I think from a feature perspective, I think AI is pretty much table stakes now. I highlighted in the presentation that when in our platform, we have core AI functionality that's embedded, and it's available broadly to all of our users. A great example of that is if you're drafting a narrative. That feature is available, it's available to all of our customers. We have some more advanced features. SEC Advanced has a feature where you can create a benchmark group and benchmark maybe a new pronouncement or a risk factor against how your peers are doing that. Just different levels of functionality, and we're seeing that all resonate, and then we're also looking at rolling out some agent capabilities as well. Okay. Great. To change topics here, there's been some buzz going around about this SEC proposal for semi-annual reporting as a replacement for the quarterly reporting requirements. It seemed like your stock reacted negatively to that kind of initial announcement when that came out. Just wanted to ask, what your thoughts are on that proposal and just give you a chance to clarify how, if at all, that has an impact on your business? Yeah. The one thing, and you said it in the question, is right now it's a proposal. Even if it does move beyond a proposal, it's not a mandate. It is providing companies with the optionality to move to semi-annual reporting versus quarterly reporting. We've had conversations with customers, I've talked to my peers, and for the most part, I'm not hearing anyone wanting to make a big shift to semi-annual. I think investors like yourself appreciate having information more regularly than not. I think from a customer conversation, that's what we're hearing. When I think about the value that we provide to the customer, it's not just the filing and whether that happens 2x or 4x a year. It's an entire process. We've got month-end reporting, quarter-end reporting. My finance team is in the platform on a daily basis. The value of Workiva and the platform extends well beyond just the filing. From a pricing perspective, we don't price based on the number of filings. A really good example and proof point of this is in Europe, where they do have the option for semi-annual reporting. We have customers in Europe that do semi-annual reporting that also do quarterly reporting, and they pay the same amount. We are providing value to the customer throughout the year, regardless of the filing. We look at this as a relatively non-event for us. Non-event. Okay, got it. Glad to hear you guys are kind of eating your own cooking within the organization. It's been roughly half a year since you guys have made a handful of leadership changes. at Workiva, bringing in a new CRO, head of product, and obviously yourself as the Chief Financial Officer. My question is, how is that team meshing, and how do you feel this new slate of talent kind of positions Workiva for the next chapter of its growth story. Yeah in the future? Thanks for the question. I will say the team's meshing very well. Michael Pinto joined us about six months ago. Deepak and I joined about the same time, probably December or January timeframe, so team's meshing very well. I think they were very intentional in terms of their strategy in bringing new leaders in. A good blend of leaders that have kind of that deep institutional knowledge, tenured with the company, with the leaders that have experience within the industry and have actually also seen scale. Michael Pinto is bringing a new level of rigor and discipline to our execution on the go-to-market side. He also is looking at how we scale the business. Deepak is very focused on how we accelerate our product roadmap, particularly around AI, ensuring we've got really strong alignment between the product and the sales team. Then I'm very focused on kind of our dual mandate of continuing to deliver strong growth as well as operating leverage as we scale to $1 billion and beyond. Really focused with these leaders on kind of that next level of scale and maturity across the company and meshing and working really well together. Okay, great. You touched on it, so I'm just going to ask, how do you think about the balance between profitability, operating leverage, and growth going forward? I think one of the knocks on some of the highest quality software companies out there right now is just they're not profitable or they're adding back a ton of stock-based compensation. How do you think about the balance between those two? It's a balance. I also think that the more productivity we can drive in the company, it actually fuels growth. It helps us be more focused and prioritize where we're going to place our bets to drive growth. I look at it definitely as a balance, but also, the more we can drive productivity, the more that that fuels growth and our ability to invest back into the business. Okay. As we think about this new paradigm where personal productivity is available to everyone, have you guys been able to leverage artificial intelligence heavily within the operational base at Workiva and see some of those efficiencies? We are. If I look at our profitability journey, definitely that has been very intentional, deliberate focus on how we drive productivity across the company and drive more leverage in the business. AI has been part of that. I would say it's been an evolution, right? AI, as you mentioned, like your personal assistant, making everyone more productive, but also now really focusing on how do we leverage AI across our functions and really embedding that in our cross-functional workflows. Of course, R&D and development has been a really good opportunity for us to leverage AI to drive developer productivity. That to the extent we can go faster leveraging AI, we can do it at a much lower cost. Okay. Great. The backdrop for your ESG reporting solutions. has been kind of dynamic over the last few years with some delays on the SEC climate disclosure, changes to the CSRD and implementation in Europe. Can you talk through how demand for that solution has progressed and how large of an opportunity you still feel that it represents for the company? We're still seeing durable, strong demand for sustainability, and we look at that as kind of a long-term opportunity for us with durable growth. That landscape continues to change. We are seeing it start to shift a little bit from voluntary to required. You've got some of these regulatory standards start to firm up, like CSRD, deadlines firming up as well. Companies are starting to think about how they're going to build their processes around it to meet those requirements. We're definitely continue to see strong demand. It's one of our growth drivers going forward. I forget, have you guys shared what portion of the overall revenue base that is currently versus maybe what it could grow to over time? I think we have shared the TAM. Okay. Got it. in terms of- Not how material it is right now. Yeah. Okay, got it. Okay. You called out a win for an institution in the midst of an ERP transition last earnings call. I know that there's this wave of SAP transition to the cloud. It's proved a little more elusive than some people might have initially thought. I feel like we've been talking about that for, like, 10 years. For years. Yeah. I guess my question is, with that win, with that announcement that you talked about this quarter, are you starting to see a pickup? Has there been an inflection in the amount of opportunity out in the market as a result of those transitions taking place or being slated to take place? Yeah, I think ERP transformation, whether it's SAP, S/4HANA, it creates a forcing function for us in terms of you've got customers that are evaluating doing finance transformation, ERP transformation, and when they're doing that, they're not just thinking about their ERP, but they're thinking about their entire reporting framework. We're partnering with the Big Four, and they bring Workiva into those deals. It's definitely a good opportunity for us, in terms of finance transformation, ERP transformation, and driving more activity. Okay, great. Another kind of segue that you opened up. The partner strategy, I think you guys have been talking more about kind of a partner-led strategy over recent quarters, and you've seen some nice traction in that network recently, especially with the Big Four firms. Can you talk a little bit about how you're looking to balance partners with growth more so coming from your internal sales force and, I guess, how important both of those levers are for you as you go to market? Yeah, partners are definitely going to be really important for us in terms of our go-to-market. We have a lot of focus on that, whether we are co-selling with them or they're implementation partners. We have a really good partnership with them. Workiva, we bring the platform, the partner bring kind of their transformation expertise, their global reach, as well as the client relationships. The more and more Workiva is part of these ERP transformations, it does bring that reporting layer in, and it creates opportunity for our partners to build services practices around Workiva. A win-win combination for us. They bring us in, we also help them build their services practice up too. Mm-hmm. Okay, great. Then I think something that's probably come up more than it should, just given how material it is for the business, is the Capital Markets exposure. There's some sensitivity there, right? It's not overly material in my understanding. Can you just help us understand what drives that dynamic within a software, a SaaS model, and clarify how significant that exposure is for the business? Capital Markets, it comes up in multiple ways. When I think about the Capital Markets over the last couple of years, you've got a dynamic where companies have stayed private longer. One of the trends that we've seen is companies have a dream to go public. It may take longer than they expect, but they're looking to mature their processes. It's an opportunity before they become public for them to standardize on the Workiva platform. We have our Private Company Reporting for global companies. We've got Multi-Entity Financial Reporting. They start on their journey before they become public, and then they have a Capital Markets. As they go public, they buy our Capital Markets solution. That's part of the journey. We're actually even seeing once they take that Capital Markets solution, there's opportunity beyond that as a public company with our SEC and then Controls. Longer time to go public, but opportunity for them to drive more rigor and discipline in their processes before becoming public. The second is to the extent we saw this Q3 of last year, to the extent you start to see a few companies go public. The markets look good. We will see other companies kind of fast follow and want to take that opportunity to hit the market when the timing is right. In those cases, where you see a Capital Markets transaction, they may go public very soon. Those are one-year deals, the Capital Markets transaction. To the extent they IPO before the end of that deal, we do see some revenue acceleration. I think that's one dynamic where we can see some upside. Overall, the capital markets is a small piece of our overall business. Even at the height of the market in 2021, it was about five percent of our total revenue. Okay, got it. That's great context. Okay. Yeah, it looks like we're up on time. I think that's a good spot to close that up. We'll have more time for Q&A in the breakout room upstairs. That'll be on the second floor in Richardson. Thank you, Barbara, very much for being here with us. Appreciate it. Thank you. Appreciate it.

Speaker 2: We'll get started here. Thank you guys for coming to the Workiva session. I'm Patrick McIlwee, and I'm a software research analyst here at William Blair, as a part of which I cover OCFO companies, including Workiva. Quickly, I'm required to inform you that a complete list of disclosures and potential conflicts of interest are available at our website at williamblair.com. This year, we're very excited to have the Workiva team back at the conference. For those not familiar, Workiva provides a reporting and governance platform that helps enterprises manage Financial Reporting, regulatory filings, ESG disclosures, and audit compliance workflows from a centralized cloud environment. I'm happy to be joined on stage by CFO Barbara Larson, who joined Workiva last year, prior to which she was serving as the CFO of SentinelOne. We'll get started here. we'll get started here Thank you guys for coming to the Workiva session. thank you guys for coming to the workiva session I'm Patrick McIlwee, and I'm a software research analyst here at William Blair, as a part of which I cover OCFO companies, including Workiva. i'm patrick mcilwee and i'm a software research analyst here at william blair as a part of which i cover ocfo companies including workiva Quickly, I'm required to inform you that a complete list of disclosures and potential conflicts of interest are available at our website at williamblair.com. quickly i'm required to inform you that a complete list of disclosures and potential conflicts of interest are available at our website at williamblair.com This year, we're very excited to have the Workiva team back at the conference. this year we're very excited to have the workiva team back at the conference For those not familiar, Workiva provides a reporting and governance platform that helps enterprises manage Financial Reporting, regulatory filings, ESG disclosures, and audit compliance workflows from a centralized cloud environment. for those not familiar workiva provides a reporting and governance platform that helps enterprises manage financial reporting regulatory filings esg disclosures and audit compliance workflows from a centralized cloud environment I'm happy to be joined on stage by CFO Barbara Larson, who joined Workiva last year, prior to which she was serving as the CFO of SentinelOne. i'm happy to be joined on stage by cfo barbara larson who joined workiva last year prior to which she was serving as the cfo of sentinelone We also have Yogi Shah from the Investor Relations team in the audience, and then Mike Rost as well. That's my quick two-liner on the business, but I'll turn it over to Barbara for a better overview of the company, and then we'll jump into more of a fireside chat format. We also have Yogi Shah from the Investor Relations team in the audience, and then Mike Rost as well. we also have yogi shah from the investor relations team in the audience and then mike rost as well That's my quick two-liner on the business, but I'll turn it over to Barbara for a better overview of the company, and then we'll jump into more of a fireside chat format. that's my quick two-liner on the business but i'll turn it over to barbara for a better overview of the company and then we'll jump into more of a fireside chat format

Speaker 1: Wonderful. Thank you so much. Appreciate the introduction. It's great to be here. Thanks for joining me. I just wanted to give everyone a quick overview of Workiva, and then we'll dive into some Q&A. Of course, we couldn't have a presentation without our safe harbor statement, there you go. Overall, Workiva manages the data that matters in the office of the CFO. We have become known as the platform of trust. We've got more than 15 years of experience in investor-grade reporting as well as regulatory expertise. You can think of it as having both the data and the narrative in the Workiva platform, and that can be traceable all the way back to our customer source systems, ensuring that the data and the narrative are defendable, accurate, and audit ready. Wonderful. wonderful Thank you so much. thank you so much Appreciate the introduction. appreciate the introduction It's great to be here. it's great to be here Thanks for joining me. thanks for joining me I just wanted to give everyone a quick overview of Workiva, and then we'll dive into some Q&A. i just wanted to give everyone a quick overview of workiva and then we'll dive into some q&a Of course, we couldn't have a presentation without our safe harbor statement, there you go. of course we couldn't have a presentation without our safe harbor statement there you go Overall, Workiva manages the data that matters in the office of the CFO. overall workiva manages the data that matters in the office of the cfo We have become known as the platform of trust. we have become known as the platform of trust We've got more than 15 years of experience in investor-grade reporting as well as regulatory expertise. we've got more than 15 years of experience in investor-grade reporting as well as regulatory expertise You can think of it as having both the data and the narrative in the Workiva platform, and that can be traceable all the way back to our customer source systems, ensuring that the data and the narrative are defendable, accurate, and audit ready. you can think of it as having both the data and the narrative in the workiva platform and that can be traceable all the way back to our customer source systems ensuring that the data and the narrative are defendable accurate and audit ready Something that's very close to my heart and exactly what CFOs just like me require. In the office of the CFO, you can only imagine the tolerance for error is zero. CFOs need to be able to explain and defend any number to any stakeholder at any point in time, whether that's an investor, a regulatory agency, or to their board. That's the exact problem that Workiva solves. Our experience, our ecosystem, and our capabilities create a foundation of trust. In terms of our strategy, we've got four pillars to our strategy. You can see that here on the slide. Fit-for-purpose solutions, a connected AI platform, global expansion, and partner ecosystem. The strategy is focused around AI-powered solutions. We've got more than two dozen solutions that we offer to our customers. Global expansion is another opportunity for us. Something that's very close to my heart and exactly what CFOs just like me require. something that's very close to my heart and exactly what cfos just like me require In the office of the CFO, you can only imagine the tolerance for error is zero. in the office of the cfo you can only imagine the tolerance for error is zero CFOs need to be able to explain and defend any number to any stakeholder at any point in time, whether that's an investor, a regulatory agency, or to their board. cfos need to be able to explain and defend any number to any stakeholder at any point in time whether that's an investor a regulatory agency or to their board That's the exact problem that Workiva solves. that's the exact problem that workiva solves Our experience, our ecosystem, and our capabilities create a foundation of trust. our experience our ecosystem and our capabilities create a foundation of trust In terms of our strategy, we've got four pillars to our strategy. in terms of our strategy we've got four pillars to our strategy You can see that here on the slide. you can see that here on the slide Fit-for-purpose solutions, a connected AI platform, global expansion, and partner ecosystem. fit-for-purpose solutions a connected ai platform global expansion and partner ecosystem The strategy is focused around AI-powered solutions. the strategy is focused around ai-powered solutions We've got more than two dozen solutions that we offer to our customers. we've got more than two dozen solutions that we offer to our customers Global expansion is another opportunity for us. global expansion is another opportunity for us We have a lot of opportunity in terms of selling into our customers that are outside of the U.S., and then we have a 200-plus network of partners that expand our reach and help us go to market. That strategy today remains intact and relevant. We have a very large $35 billion TAM across multiple categories: Financial Reporting, governance, risk, and compliance, as well as sustainability management plus industry verticals. We have over 6,600 customers, so a lot of opportunity still to grow into that customer base. Again, you can see with APAC and Europe, the TAMs there, we have opportunity to continue to grow our global footprint. In terms of AI is embedded in the core of our Workiva platform. It is securely built, in terms of the data stewardship, something our customers come to expect from us. We have a lot of opportunity in terms of selling into our customers that are outside of the U.S., and then we have a 200-plus network of partners that expand our reach and help us go to market. we have a lot of opportunity in terms of selling into our customers that are outside of the u.s and then we have a 200-plus network of partners that expand our reach and help us go to market That strategy today remains intact and relevant. that strategy today remains intact and relevant We have a very large $35 billion TAM across multiple categories: Financial Reporting, governance, risk, and compliance, as well as sustainability management plus industry verticals. we have a very large $35 billion tam across multiple categories financial reporting governance risk and compliance as well as sustainability management plus industry verticals We have over 6,600 customers, so a lot of opportunity still to grow into that customer base. we have over 6,600 customers so a lot of opportunity still to grow into that customer base Again, you can see with APAC and Europe, the TAMs there, we have opportunity to continue to grow our global footprint. again you can see with apac and europe the tams there we have opportunity to continue to grow our global footprint In terms of AI is embedded in the core of our Workiva platform. in terms of ai is embedded in the core of our workiva platform It is securely built, in terms of the data stewardship, something our customers come to expect from us. it is securely built in terms of the data stewardship something our customers come to expect from us It's seamlessly integrated into the existing workflows, and it's tailored to meet the needs across the office of the CFO. Workiva helps provide all of that, as well as the AI that's embedded in the core. Again, we've got over two dozen solutions in our offering across the different product categories, helping meet our customers' needs for both financial as well as non-financial reporting. It's a unified platform with unified reporting, workflow linking, data management, AI, and ML. Again, meeting our customers' needs for both financial and non-financial reporting all in one platform. The last piece I'll touch on is our approach to pricing and packaging. The number one thing is we are not seat-based. We have not been seat-based in for quite a while, over seven years. Our pricing is based on value-based pricing. It's seamlessly integrated into the existing workflows, and it's tailored to meet the needs across the office of the CFO. it's seamlessly integrated into the existing workflows and it's tailored to meet the needs across the office of the cfo Workiva helps provide all of that, as well as the AI that's embedded in the core. workiva helps provide all of that as well as the ai that's embedded in the core Again, we've got over two dozen solutions in our offering across the different product categories, helping meet our customers' needs for both financial as well as non-financial reporting. again we've got over two dozen solutions in our offering across the different product categories helping meet our customers' needs for both financial as well as non-financial reporting It's a unified platform with unified reporting, workflow linking, data management, AI, and ML. it's a unified platform with unified reporting workflow linking data management ai and ml Again, meeting our customers' needs for both financial and non-financial reporting all in one platform. again meeting our customers' needs for both financial and non-financial reporting all in one platform The last piece I'll touch on is our approach to pricing and packaging. the last piece i'll touch on is our approach to pricing and packaging The number one thing is we are not seat-based. the number one thing is we are not seat-based We have not been seat-based in for quite a while, over seven years. we have not been seat-based in for quite a while over seven years Our pricing is based on value-based pricing. our pricing is based on value-based pricing Our pricing based on the outcomes we deliver to our customers. It's metric-driven. If you think about our Multi-Entity reporting solution, we're pricing based on the number of entities. If you think about our Controls and SOX solution, we are pricing based on the number of controls. Really trying to align that value to where our customers are getting the most outcomes out of the product. Just last year, we also introduced tiered pricing. Tiered pricing in terms of we have essentials, a standard, and advanced, so it's our good, better, best approach to pricing. That provides a natural expansion opportunity for us going forward as well. Hopefully, that gives you a little bit of an overview of Workiva and what we do. We'll get into Q&A? Our pricing based on the outcomes we deliver to our customers. our pricing based on the outcomes we deliver to our customers It's metric-driven. it's metric-driven If you think about our Multi-Entity reporting solution, we're pricing based on the number of entities. if you think about our multi-entity reporting solution we're pricing based on the number of entities If you think about our Controls and SOX solution, we are pricing based on the number of controls. if you think about our controls and sox solution we are pricing based on the number of controls Really trying to align that value to where our customers are getting the most outcomes out of the product. really trying to align that value to where our customers are getting the most outcomes out of the product Just last year, we also introduced tiered pricing. just last year we also introduced tiered pricing Tiered pricing in terms of we have essentials, a standard, and advanced, so it's our good, better, best approach to pricing. tiered pricing in terms of we have essentials a standard and advanced so it's our good better best approach to pricing That provides a natural expansion opportunity for us going forward as well. that provides a natural expansion opportunity for us going forward as well Hopefully, that gives you a little bit of an overview of Workiva and what we do. hopefully that gives you a little bit of an overview of workiva and what we do We'll get into Q&A? we'll get into q&a

Speaker 2: Yes. Yes. yes

Speaker 1: Awesome. Awesome. awesome

Speaker 2: That's great. Yeah. Thank you very much for the overview there, Barbara. It's very helpful. First question. You touched on the pricing. That's great. that's great Yeah. yeah Thank you very much for the overview there, Barbara. thank you very much for the overview there barbara It's very helpful. it's very helpful First question. first question You touched on the pricing. you touched on the pricing I'm going to just jump straight to the growth. It's one thing to grow 20%+ in a given year, but Workiva's been growing at a CAGR of roughly 20% for a decade now. Your product's now used by I'm going to just jump straight to the growth. i'm going to just jump straight to the growth It's one thing to grow 20%+ in a given year, but Workiva's been growing at a CAGR of roughly 20% for a decade now. it's one thing to grow 20%+ in a given year but workiva's been growing at a cagr of roughly 20% for a decade now Your product's now used by your product's now used by

Speaker 1: Thanks for highlighting that. Thanks for highlighting that. thanks for highlighting that

Speaker 2: Of course. Yeah. Your product's now used by 85% of the Fortune 500, 88% of the S&P 500. Can you just help us frame how you think about the growth levers going forward? Is it deeper penetration of that enterprise customer base, new lands further down market, or just how you think about the mix of new lands versus existing customer expansion into the future? Of course. of course Yeah. yeah Your product's now used by 85% of the Fortune 500, 88% of the S&P 500. your product's now used by 85% of the fortune 500 88% of the s&p 500 Can you just help us frame how you think about the growth levers going forward? can you just help us frame how you think about the growth levers going forward Is it deeper penetration of that enterprise customer base, new lands further down market, or just how you think about the mix of new lands versus existing customer expansion into the future? is it deeper penetration of that enterprise customer base new lands further down market or just how you think about the mix of new lands versus existing customer expansion into the future

Speaker 1: Yeah. Growth levers, you highlighted it in terms of our customer base. We have some of the top companies across the world are our customers and trust us. We've got the up-and-coming new economy customers that are trusting us as well, the companies that are really starting to control data, compute, energy capacity, LLMs, and some of the big IPOs that are coming up. We definitely look at that 6,600-plus customers as an opportunity for us to continue to grow and expand. When you think of historically, we've been about 50/50 between new logos and expansion. In Q1, we recently reported that our revenue growth in the quarter was more 60/40, so 60% coming from our customer base, expanding with them, 40% with new logos. A couple of different motions on expanding with existing customers. Yeah. yeah Growth levers, you highlighted it in terms of our customer base. growth levers you highlighted it in terms of our customer base We have some of the top companies across the world are our customers and trust us. we have some of the top companies across the world are our customers and trust us We've got the up-and-coming new economy customers that are trusting us as well, the companies that are really starting to control data, compute, energy capacity, LLMs, and some of the big IPOs that are coming up. we've got the up-and-coming new economy customers that are trusting us as well the companies that are really starting to control data compute energy capacity llms and some of the big ipos that are coming up We definitely look at that 6,600-plus customers as an opportunity for us to continue to grow and expand. we definitely look at that 6,600-plus customers as an opportunity for us to continue to grow and expand When you think of historically, we've been about 50/50 between new logos and expansion. when you think of historically we've been about 50/50 between new logos and expansion In Q1, we recently reported that our revenue growth in the quarter was more 60/40, so 60% coming from our customer base, expanding with them, 40% with new logos. in q1 we recently reported that our revenue growth in the quarter was more 60/40 so 60% coming from our customer base expanding with them 40% with new logos A couple of different motions on expanding with existing customers. a couple of different motions on expanding with existing customers We've got that broad portfolio of solutions, over two dozen, we have the opportunity to continue to go back and sell more solutions to our customer base across Financial Reporting, GRC, as well as Sustainability. Then the tiered pricing model that I mentioned as well is another opportunity to drive a natural expansion within our customer base. I think SEC Advanced is a really great example of that motion. We've had customers and have been offering our SEC capabilities for over 15 years now, and just last year, with the introduction of this tiered pricing model, we now have the opportunity to go back and sell Advanced. Advanced is actually one of the ways that we are looking to monetize on AI. We've got that broad portfolio of solutions, over two dozen, we have the opportunity to continue to go back and sell more solutions to our customer base across Financial Reporting, GRC, as well as Sustainability. we've got that broad portfolio of solutions over two dozen we have the opportunity to continue to go back and sell more solutions to our customer base across financial reporting grc as well as sustainability Then the tiered pricing model that I mentioned as well is another opportunity to drive a natural expansion within our customer base. then the tiered pricing model that i mentioned as well is another opportunity to drive a natural expansion within our customer base I think SEC Advanced is a really great example of that motion. i think sec advanced is a really great example of that motion We've had customers and have been offering our SEC capabilities for over 15 years now, and just last year, with the introduction of this tiered pricing model, we now have the opportunity to go back and sell Advanced. we've had customers and have been offering our sec capabilities for over 15 years now and just last year with the introduction of this tiered pricing model we now have the opportunity to go back and sell advanced Advanced is actually one of the ways that we are looking to monetize on AI. advanced is actually one of the ways that we are looking to monetize on ai AI, we have embedded into the core of the platform, but some of those more solution-specific capabilities around AI we've got in that advanced tier, as well as some other advanced capabilities. SEC reporting or what we call Intelligent Finance has translations, design, financial statement automation, in addition to those more advanced AI capabilities. We're seeing about a 20%+ price uplift when we go back to that SEC customer and sell them the higher advanced tier. Plenty of growth and expansion opportunity within our customer base there. New logos continues to be a growth opportunity for us, and a lot of that is coming through the global expansion. AI, we have embedded into the core of the platform, but some of those more solution-specific capabilities around AI we've got in that advanced tier, as well as some other advanced capabilities. ai we have embedded into the core of the platform but some of those more solution-specific capabilities around ai we've got in that advanced tier as well as some other advanced capabilities SEC reporting or what we call Intelligent Finance has translations, design, financial statement automation, in addition to those more advanced AI capabilities. sec reporting or what we call intelligent finance has translations design financial statement automation in addition to those more advanced ai capabilities We're seeing about a 20%+ price uplift when we go back to that SEC customer and sell them the higher advanced tier. we're seeing about a 20%+ price uplift when we go back to that sec customer and sell them the higher advanced tier Plenty of growth and expansion opportunity within our customer base there. plenty of growth and expansion opportunity within our customer base there New logos continues to be a growth opportunity for us, and a lot of that is coming through the global expansion. new logos continues to be a growth opportunity for us and a lot of that is coming through the global expansion

Speaker 2: Mm-hmm. Okay. Awesome. Yeah, no, that's a really helpful overview. As we think about that expansion within the existing customer base, you guys have been driving some really impressive growth across your size cohorts, right? The bigger customers are growing faster than the smaller customers. Just for those in the audience, Workiva reports a KPI, ACV from customers over $500,000 grew nearly 40% last quarter, which grew faster than the customers that were $300K or more and so forth. My question is, what specific products are resonating with those large customers and supporting that growth at the high end? How, if at all, have you optimized your sales motion to support that success? Mm-hmm. mm-hmm Okay. okay Awesome. awesome Yeah, no, that's a really helpful overview. yeah no that's a really helpful overview As we think about that expansion within the existing customer base, you guys have been driving some really impressive growth across your size cohorts, right? as we think about that expansion within the existing customer base you guys have been driving some really impressive growth across your size cohorts right The bigger customers are growing faster than the smaller customers. the bigger customers are growing faster than the smaller customers Just for those in the audience, Workiva reports a KPI, ACV from customers over $500,000 grew nearly 40% last quarter, which grew faster than the customers that were $300K or more and so forth. just for those in the audience workiva reports a kpi acv from customers over $500,000 grew nearly 40% last quarter which grew faster than the customers that were $300k or more and so forth My question is, what specific products are resonating with those large customers and supporting that growth at the high end? my question is what specific products are resonating with those large customers and supporting that growth at the high end How, if at all, have you optimized your sales motion to support that success? how if at all have you optimized your sales motion to support that success

Speaker 1: Yeah, a couple of things. Really, it's the broader platform, right? That we have. The broader platform of solutions, more than two dozen offerings where we see the opportunity to go back and sell into our customer base. We're also seeing the more advanced tiers drive expansion and uplift for us around the customer base, too. I think from a go-to-market execution, one of the things that we've been really focused on, then with Michael Pinto joining, he's our new CRO, joined about six months ago, we've had much more focus on how we sell the platform. That combination of having the broad platform and solutions available, then with greater focus and execution from our go-to-market team, that's driving those larger multi-category, multi-solution deals, then also leaning into our partner network, that also is enabling the go-to-market execution, too. Yeah, a couple of things. yeah a couple of things Really, it's the broader platform, right? really it's the broader platform right That we have. that we have The broader platform of solutions, more than two dozen offerings where we see the opportunity to go back and sell into our customer base. the broader platform of solutions more than two dozen offerings where we see the opportunity to go back and sell into our customer base We're also seeing the more advanced tiers drive expansion and uplift for us around the customer base, too. we're also seeing the more advanced tiers drive expansion and uplift for us around the customer base too I think from a go-to-market execution, one of the things that we've been really focused on, then with Michael Pinto joining, he's our new CRO, joined about six months ago, we've had much more focus on how we sell the platform. i think from a go-to-market execution one of the things that we've been really focused on then with michael pinto joining he's our new cro joined about six months ago we've had much more focus on how we sell the platform That combination of having the broad platform and solutions available, then with greater focus and execution from our go-to-market team, that's driving those larger multi-category, multi-solution deals, then also leaning into our partner network, that also is enabling the go-to-market execution, too. that combination of having the broad platform and solutions available then with greater focus and execution from our go-to-market team that's driving those larger multi-category multi-solution deals then also leaning into our partner network that also is enabling the go-to-market execution too

Speaker 2: Okay. It seems like for all software businesses like yours with more of a true platform, this trend of vendor consolidation that we've seen across the software landscape is endearing to your benefit. Where are you seeing the most heated competition today? Is it still point solutions like ESG vendors, or increasingly broader platforms trying to build maybe just good enough solutions? Okay. okay It seems like for all software businesses like yours with more of a true platform, this trend of vendor consolidation that we've seen across the software landscape is endearing to your benefit. it seems like for all software businesses like yours with more of a true platform this trend of vendor consolidation that we've seen across the software landscape is endearing to your benefit Where are you seeing the most heated competition today? where are you seeing the most heated competition today Is it still point solutions like ESG vendors, or increasingly broader platforms trying to build maybe just good enough solutions? is it still point solutions like esg vendors or increasingly broader platforms trying to build maybe just good enough solutions

Speaker 1: Yeah Yeah yeah

Speaker 2: to compete with some of what you offer? to compete with some of what you offer? to compete with some of what you offer

Speaker 1: Yeah, I would say it's primarily around point solutions. Even when I talk about point solutions, it could just be manual work. A lot of, especially on a GRC and Sustainability, there are companies that are just muscling through it, and they've got manual processes, or you've got someone that's joined a company and maybe they have a familiarity with a particular point solution. That is primarily where we see the competition in terms of point solutions across SEC, GRC, and Financial Reporting, GRC, and Sustainability. What we don't necessarily see is that Platform competition that has the broad reach across the portfolio that we do. That is one of the differentiators of Workiva, is the breadth of our Platform and the solutions that we offer. Yeah, I would say it's primarily around point solutions. yeah i would say it's primarily around point solutions Even when I talk about point solutions, it could just be manual work. even when i talk about point solutions it could just be manual work A lot of, especially on a GRC and Sustainability, there are companies that are just muscling through it, and they've got manual processes, or you've got someone that's joined a company and maybe they have a familiarity with a particular point solution. a lot of especially on a grc and sustainability there are companies that are just muscling through it and they've got manual processes or you've got someone that's joined a company and maybe they have a familiarity with a particular point solution That is primarily where we see the competition in terms of point solutions across SEC, GRC, and Financial Reporting, GRC, and Sustainability. that is primarily where we see the competition in terms of point solutions across sec grc and financial reporting grc and sustainability What we don't necessarily see is that Platform competition that has the broad reach across the portfolio that we do. what we don't necessarily see is that platform competition that has the broad reach across the portfolio that we do That is one of the differentiators of Workiva, is the breadth of our Platform and the solutions that we offer. that is one of the differentiators of workiva is the breadth of our platform and the solutions that we offer

Speaker 2: Okay, great. As we talk about competition, I think we have to touch on AI. Okay, great. okay great As we talk about competition, I think we have to touch on AI. as we talk about competition i think we have to touch on ai

Speaker 1: No, really? No, really? no really

Speaker 2: Can we just touch on potential disruption? Can we just touch on potential disruption? can we just touch on potential disruption

Speaker 1: Yeah. Yeah. yeah

Speaker 2: It's obviously a big fear across the software landscape. There's a lot of uncertainty in the market right now, notably from increasingly capable foundational models. Can you just talk about how Workiva's differentiated from those platforms, and if you're seeing any change in the competitive landscape or risk of that over time? It's obviously a big fear across the software landscape. it's obviously a big fear across the software landscape There's a lot of uncertainty in the market right now, notably from increasingly capable foundational models. there's a lot of uncertainty in the market right now notably from increasingly capable foundational models Can you just talk about how Workiva's differentiated from those platforms, and if you're seeing any change in the competitive landscape or risk of that over time? can you just talk about how workiva's differentiated from those platforms and if you're seeing any change in the competitive landscape or risk of that over time

Speaker 1: Yeah Yeah yeah

Speaker 2: at this point in time? at this point in time? at this point in time

Speaker 1: Yeah. No, I love that question. Thank you. Love to highlight where we're different. I'll maybe do a little bit of a compare and contrast. LLMs today, they're very probabilistic. They are providing answers or output that are based on patterns and probabilities. They don't necessarily have the data. If you think of the CFO persona, we don't have any tolerance for error. We are looking for things that are more deterministic, and that's what Workiva provides. We provide deterministic data, traceability, as well as defensibility. Where an LLM can provide an answer, what Workiva does is it proves that that answer is right, it's current, it's traceable, and it's defensible to an auditor. That's how I would compare the two and how we're differentiated. Yeah. yeah No, I love that question. no i love that question Thank you. thank you Love to highlight where we're different. love to highlight where we're different I'll maybe do a little bit of a compare and contrast. i'll maybe do a little bit of a compare and contrast LLMs today, they're very probabilistic. llms today they're very probabilistic They are providing answers or output that are based on patterns and probabilities. they are providing answers or output that are based on patterns and probabilities They don't necessarily have the data. they don't necessarily have the data If you think of the CFO persona, we don't have any tolerance for error. if you think of the cfo persona we don't have any tolerance for error We are looking for things that are more deterministic, and that's what Workiva provides. we are looking for things that are more deterministic and that's what workiva provides We provide deterministic data, traceability, as well as defensibility. we provide deterministic data traceability as well as defensibility Where an LLM can provide an answer, what Workiva does is it proves that that answer is right, it's current, it's traceable, and it's defensible to an auditor. where an llm can provide an answer what workiva does is it proves that that answer is right it's current it's traceable and it's defensible to an auditor That's how I would compare the two and how we're differentiated. that's how i would compare the two and how we're differentiated The other piece to that is our customers, the business processes they're working in across finance, risk, compliance, and Sustainability, they're not necessarily binary. There are lots of different people and stakeholders that are collaborating around the data, the numbers, the narrative, all the commentary that goes around that, whether you've got humans in there making judgments, making comments. You can have lawyers, your auditors, your external stakeholders. There's a whole part of the process and workflow around that that requires a lot of judgment versus just a binary. The other piece to that is our customers, the business processes they're working in across finance, risk, compliance, and Sustainability, they're not necessarily binary. the other piece to that is our customers the business processes they're working in across finance risk compliance and sustainability they're not necessarily binary There are lots of different people and stakeholders that are collaborating around the data, the numbers, the narrative, all the commentary that goes around that, whether you've got humans in there making judgments, making comments. there are lots of different people and stakeholders that are collaborating around the data the numbers the narrative all the commentary that goes around that whether you've got humans in there making judgments making comments You can have lawyers, your auditors, your external stakeholders. you can have lawyers your auditors your external stakeholders There's a whole part of the process and workflow around that that requires a lot of judgment versus just a binary. there's a whole part of the process and workflow around that that requires a lot of judgment versus just a binary

Speaker 2: Mm-hmm. Got it. Yeah, there's been a lot of discussion this week on the differentiation between deterministic workflows that are right every time. Mm-hmm. mm-hmm Got it. got it Yeah, there's been a lot of discussion this week on the differentiation between deterministic workflows that are right every time. yeah there's been a lot of discussion this week on the differentiation between deterministic workflows that are right every time

Speaker 1: Yeah Yeah yeah

Speaker 2: More probabilistic, where you can get a myriad of different answers. More probabilistic, where you can get a myriad of different answers. more probabilistic where you can get a myriad of different answers

Speaker 1: Yeah Yeah yeah

Speaker 2: given the same input, very clear. given the same input, very clear. given the same input very clear

Speaker 1: In our line of work. In our line of work. in our line of work

Speaker 2: Unacceptable. Unacceptable. unacceptable

Speaker 1: Yeah. We need deterministic. Yeah. yeah We need deterministic. we need deterministic

Speaker 2: Got it. Okay. You've highlighted a few competitive wins over the last couple of quarters, and in the past, you've talked about AI increasingly showing up as a differentiator in those RFPs. Can you just elaborate on exactly what functionality or features are embedded in the Workiva platform that really seem to be resonating with those customers, and if you see that having more of an impact on existing account expansion or that incremental new business wins over time? Got it. got it Okay. okay You've highlighted a few competitive wins over the last couple of quarters, and in the past, you've talked about AI increasingly showing up as a differentiator in those RFPs. you've highlighted a few competitive wins over the last couple of quarters and in the past you've talked about ai increasingly showing up as a differentiator in those rfps Can you just elaborate on exactly what functionality or features are embedded in the Workiva platform that really seem to be resonating with those customers, and if you see that having more of an impact on existing account expansion or that incremental new business wins over time? can you just elaborate on exactly what functionality or features are embedded in the workiva platform that really seem to be resonating with those customers and if you see that having more of an impact on existing account expansion or that incremental new business wins over time

Speaker 1: Yeah, I think from a feature perspective, I think AI is pretty much table stakes now. I highlighted in the presentation that when in our platform, we have core AI functionality that's embedded, and it's available broadly to all of our users. A great example of that is if you're drafting a narrative. That feature is available, it's available to all of our customers. We have some more advanced features. SEC Advanced has a feature where you can create a benchmark group and benchmark maybe a new pronouncement or a risk factor against how your peers are doing that. Just different levels of functionality, and we're seeing that all resonate, and then we're also looking at rolling out some agent capabilities as well. Yeah, I think from a feature perspective, I think AI is pretty much table stakes now. yeah i think from a feature perspective i think ai is pretty much table stakes now I highlighted in the presentation that when in our platform, we have core AI functionality that's embedded, and it's available broadly to all of our users. i highlighted in the presentation that when in our platform we have core ai functionality that's embedded and it's available broadly to all of our users A great example of that is if you're drafting a narrative. a great example of that is if you're drafting a narrative That feature is available, it's available to all of our customers. that feature is available it's available to all of our customers We have some more advanced features. we have some more advanced features SEC Advanced has a feature where you can create a benchmark group and benchmark maybe a new pronouncement or a risk factor against how your peers are doing that. sec advanced has a feature where you can create a benchmark group and benchmark maybe a new pronouncement or a risk factor against how your peers are doing that Just different levels of functionality, and we're seeing that all resonate, and then we're also looking at rolling out some agent capabilities as well. just different levels of functionality and we're seeing that all resonate and then we're also looking at rolling out some agent capabilities as well

Speaker 2: Okay. Great. To change topics here, there's been some buzz going around about this SEC proposal for semi-annual reporting as a replacement for the quarterly reporting requirements. It seemed like your stock reacted negatively to that kind of initial announcement when that came out. Just wanted to ask, what your thoughts are on that proposal and just give you a chance to clarify how, if at all, that has an impact on your business? Okay. okay Great. great To change topics here, there's been some buzz going around about this SEC proposal for semi-annual reporting as a replacement for the quarterly reporting requirements. to change topics here there's been some buzz going around about this sec proposal for semi-annual reporting as a replacement for the quarterly reporting requirements It seemed like your stock reacted negatively to that kind of initial announcement when that came out. it seemed like your stock reacted negatively to that kind of initial announcement when that came out Just wanted to ask, what your thoughts are on that proposal and just give you a chance to clarify how, if at all, that has an impact on your business? just wanted to ask what your thoughts are on that proposal and just give you a chance to clarify how if at all that has an impact on your business

Speaker 1: Yeah. The one thing, and you said it in the question, is right now it's a proposal. Even if it does move beyond a proposal, it's not a mandate. It is providing companies with the optionality to move to semi-annual reporting versus quarterly reporting. We've had conversations with customers, I've talked to my peers, and for the most part, I'm not hearing anyone wanting to make a big shift to semi-annual. I think investors like yourself appreciate having information more regularly than not. I think from a customer conversation, that's what we're hearing. When I think about the value that we provide to the customer, it's not just the filing and whether that happens 2x or 4x a year. It's an entire process. We've got month-end reporting, quarter-end reporting. My finance team is in the platform on a daily basis. Yeah. yeah The one thing, and you said it in the question, is right now it's a proposal. the one thing and you said it in the question is right now it's a proposal Even if it does move beyond a proposal, it's not a mandate. even if it does move beyond a proposal it's not a mandate It is providing companies with the optionality to move to semi-annual reporting versus quarterly reporting. it is providing companies with the optionality to move to semi-annual reporting versus quarterly reporting We've had conversations with customers, I've talked to my peers, and for the most part, I'm not hearing anyone wanting to make a big shift to semi-annual. we've had conversations with customers i've talked to my peers and for the most part i'm not hearing anyone wanting to make a big shift to semi-annual I think investors like yourself appreciate having information more regularly than not. i think investors like yourself appreciate having information more regularly than not I think from a customer conversation, that's what we're hearing. i think from a customer conversation that's what we're hearing When I think about the value that we provide to the customer, it's not just the filing and whether that happens 2x or 4x a year. when i think about the value that we provide to the customer it's not just the filing and whether that happens 2x or 4x a year It's an entire process. it's an entire process We've got month-end reporting, quarter-end reporting. we've got month-end reporting quarter-end reporting My finance team is in the platform on a daily basis. my finance team is in the platform on a daily basis The value of Workiva and the platform extends well beyond just the filing. From a pricing perspective, we don't price based on the number of filings. A really good example and proof point of this is in Europe, where they do have the option for semi-annual reporting. We have customers in Europe that do semi-annual reporting that also do quarterly reporting, and they pay the same amount. We are providing value to the customer throughout the year, regardless of the filing. We look at this as a relatively non-event for us. The value of Workiva and the platform extends well beyond just the filing. the value of workiva and the platform extends well beyond just the filing From a pricing perspective, we don't price based on the number of filings. from a pricing perspective we don't price based on the number of filings A really good example and proof point of this is in Europe, where they do have the option for semi-annual reporting. a really good example and proof point of this is in europe where they do have the option for semi-annual reporting We have customers in Europe that do semi-annual reporting that also do quarterly reporting, and they pay the same amount. we have customers in europe that do semi-annual reporting that also do quarterly reporting and they pay the same amount We are providing value to the customer throughout the year, regardless of the filing. we are providing value to the customer throughout the year regardless of the filing We look at this as a relatively non-event for us. we look at this as a relatively non-event for us

Speaker 2: Non-event. Okay, got it. Glad to hear you guys are kind of eating your own cooking within the organization. It's been roughly half a year since you guys have made a handful of leadership changes. Non-event. non-event Okay, got it. okay got it Glad to hear you guys are kind of eating your own cooking within the organization. glad to hear you guys are kind of eating your own cooking within the organization It's been roughly half a year since you guys have made a handful of leadership changes. it's been roughly half a year since you guys have made a handful of leadership changes at Workiva, bringing in a new CRO, head of product, and obviously yourself as the Chief Financial Officer. My question is, how is that team meshing, and how do you feel this new slate of talent kind of positions Workiva for the next chapter of its growth story. at Workiva, bringing in a new CRO, head of product, and obviously yourself as the Chief Financial Officer. at workiva bringing in a new cro head of product and obviously yourself as the chief financial officer My question is, how is that team meshing, and how do you feel this new slate of talent kind of positions Workiva for the next chapter of its growth story. my question is how is that team meshing and how do you feel this new slate of talent kind of positions workiva for the next chapter of its growth story

Speaker 1: Yeah Yeah yeah

Speaker 2: in the future? in the future? in the future

Speaker 1: Thanks for the question. I will say the team's meshing very well. Michael Pinto joined us about six months ago. Deepak and I joined about the same time, probably December or January timeframe, so team's meshing very well. I think they were very intentional in terms of their strategy in bringing new leaders in. A good blend of leaders that have kind of that deep institutional knowledge, tenured with the company, with the leaders that have experience within the industry and have actually also seen scale. Michael Pinto is bringing a new level of rigor and discipline to our execution on the go-to-market side. He also is looking at how we scale the business. Deepak is very focused on how we accelerate our product roadmap, particularly around AI, ensuring we've got really strong alignment between the product and the sales team. Thanks for the question. thanks for the question I will say the team's meshing very well. i will say the team's meshing very well Michael Pinto joined us about six months ago. michael pinto joined us about six months ago Deepak and I joined about the same time, probably December or January timeframe, so team's meshing very well. deepak and i joined about the same time probably december or january timeframe so team's meshing very well I think they were very intentional in terms of their strategy in bringing new leaders in. i think they were very intentional in terms of their strategy in bringing new leaders in A good blend of leaders that have kind of that deep institutional knowledge, tenured with the company, with the leaders that have experience within the industry and have actually also seen scale. a good blend of leaders that have kind of that deep institutional knowledge tenured with the company with the leaders that have experience within the industry and have actually also seen scale Michael Pinto is bringing a new level of rigor and discipline to our execution on the go-to-market side. michael pinto is bringing a new level of rigor and discipline to our execution on the go-to-market side He also is looking at how we scale the business. he also is looking at how we scale the business Deepak is very focused on how we accelerate our product roadmap, particularly around AI, ensuring we've got really strong alignment between the product and the sales team. deepak is very focused on how we accelerate our product roadmap particularly around ai ensuring we've got really strong alignment between the product and the sales team Then I'm very focused on kind of our dual mandate of continuing to deliver strong growth as well as operating leverage as we scale to $1 billion and beyond. Really focused with these leaders on kind of that next level of scale and maturity across the company and meshing and working really well together. Then I'm very focused on kind of our dual mandate of continuing to deliver strong growth as well as operating leverage as we scale to $1 billion and beyond. then i'm very focused on kind of our dual mandate of continuing to deliver strong growth as well as operating leverage as we scale to $1 billion and beyond Really focused with these leaders on kind of that next level of scale and maturity across the company and meshing and working really well together. really focused with these leaders on kind of that next level of scale and maturity across the company and meshing and working really well together

Speaker 2: Okay, great. You touched on it, so I'm just going to ask, how do you think about the balance between profitability, operating leverage, and growth going forward? I think one of the knocks on some of the highest quality software companies out there right now is just they're not profitable or they're adding back a ton of stock-based compensation. How do you think about the balance between those two? Okay, great. okay great You touched on it, so I'm just going to ask, how do you think about the balance between profitability, operating leverage, and growth going forward? you touched on it so i'm just going to ask how do you think about the balance between profitability operating leverage and growth going forward I think one of the knocks on some of the highest quality software companies out there right now is just they're not profitable or they're adding back a ton of stock-based compensation. i think one of the knocks on some of the highest quality software companies out there right now is just they're not profitable or they're adding back a ton of stock-based compensation How do you think about the balance between those two? how do you think about the balance between those two

Speaker 1: It's a balance. I also think that the more productivity we can drive in the company, it actually fuels growth. It helps us be more focused and prioritize where we're going to place our bets to drive growth. I look at it definitely as a balance, but also, the more we can drive productivity, the more that that fuels growth and our ability to invest back into the business. It's a balance. it's a balance I also think that the more productivity we can drive in the company, it actually fuels growth. i also think that the more productivity we can drive in the company it actually fuels growth It helps us be more focused and prioritize where we're going to place our bets to drive growth. it helps us be more focused and prioritize where we're going to place our bets to drive growth I look at it definitely as a balance, but also, the more we can drive productivity, the more that that fuels growth and our ability to invest back into the business. i look at it definitely as a balance but also the more we can drive productivity the more that that fuels growth and our ability to invest back into the business

Speaker 2: Okay. As we think about this new paradigm where personal productivity is available to everyone, have you guys been able to leverage artificial intelligence heavily within the operational base at Workiva and see some of those efficiencies? Okay. okay As we think about this new paradigm where personal productivity is available to everyone, have you guys been able to leverage artificial intelligence heavily within the operational base at Workiva and see some of those efficiencies? as we think about this new paradigm where personal productivity is available to everyone have you guys been able to leverage artificial intelligence heavily within the operational base at workiva and see some of those efficiencies

Speaker 1: We are. If I look at our profitability journey, definitely that has been very intentional, deliberate focus on how we drive productivity across the company and drive more leverage in the business. AI has been part of that. I would say it's been an evolution, right? AI, as you mentioned, like your personal assistant, making everyone more productive, but also now really focusing on how do we leverage AI across our functions and really embedding that in our cross-functional workflows. Of course, R&D and development has been a really good opportunity for us to leverage AI to drive developer productivity. That to the extent we can go faster leveraging AI, we can do it at a much lower cost. We are. we are If I look at our profitability journey, definitely that has been very intentional, deliberate focus on how we drive productivity across the company and drive more leverage in the business. if i look at our profitability journey definitely that has been very intentional deliberate focus on how we drive productivity across the company and drive more leverage in the business AI has been part of that. ai has been part of that I would say it's been an evolution, right? i would say it's been an evolution right AI, as you mentioned, like your personal assistant, making everyone more productive, but also now really focusing on how do we leverage AI across our functions and really embedding that in our cross-functional workflows. ai as you mentioned like your personal assistant making everyone more productive but also now really focusing on how do we leverage ai across our functions and really embedding that in our cross-functional workflows Of course, R&D and development has been a really good opportunity for us to leverage AI to drive developer productivity. of course r&d and development has been a really good opportunity for us to leverage ai to drive developer productivity That to the extent we can go faster leveraging AI, we can do it at a much lower cost. that to the extent we can go faster leveraging ai we can do it at a much lower cost

Speaker 2: Okay. Great. The backdrop for your ESG reporting solutions. Okay. okay Great. great The backdrop for your ESG reporting solutions. the backdrop for your esg reporting solutions has been kind of dynamic over the last few years with some delays on the SEC climate disclosure, changes to the CSRD and implementation in Europe. Can you talk through how demand for that solution has progressed and how large of an opportunity you still feel that it represents for the company? has been kind of dynamic over the last few years with some delays on the SEC climate disclosure, changes to the CSRD and implementation in Europe. has been kind of dynamic over the last few years with some delays on the sec climate disclosure changes to the csrd and implementation in europe Can you talk through how demand for that solution has progressed and how large of an opportunity you still feel that it represents for the company? can you talk through how demand for that solution has progressed and how large of an opportunity you still feel that it represents for the company

Speaker 1: We're still seeing durable, strong demand for sustainability, and we look at that as kind of a long-term opportunity for us with durable growth. That landscape continues to change. We are seeing it start to shift a little bit from voluntary to required. You've got some of these regulatory standards start to firm up, like CSRD, deadlines firming up as well. Companies are starting to think about how they're going to build their processes around it to meet those requirements. We're definitely continue to see strong demand. It's one of our growth drivers going forward. We're still seeing durable, strong demand for sustainability, and we look at that as kind of a long-term opportunity for us with durable growth. we're still seeing durable strong demand for sustainability and we look at that as kind of a long-term opportunity for us with durable growth That landscape continues to change. that landscape continues to change We are seeing it start to shift a little bit from voluntary to required. we are seeing it start to shift a little bit from voluntary to required You've got some of these regulatory standards start to firm up, like CSRD, deadlines firming up as well. you've got some of these regulatory standards start to firm up like csrd deadlines firming up as well Companies are starting to think about how they're going to build their processes around it to meet those requirements. companies are starting to think about how they're going to build their processes around it to meet those requirements We're definitely continue to see strong demand. we're definitely continue to see strong demand It's one of our growth drivers going forward. it's one of our growth drivers going forward

Speaker 2: I forget, have you guys shared what portion of the overall revenue base that is currently versus maybe what it could grow to over time? I forget, have you guys shared what portion of the overall revenue base that is currently versus maybe what it could grow to over time? i forget have you guys shared what portion of the overall revenue base that is currently versus maybe what it could grow to over time

Speaker 1: I think we have shared the TAM. I think we have shared the TAM. i think we have shared the tam

Speaker 2: Okay. Got it. Okay. okay Got it. got it

Speaker 1: in terms of- in terms of- in terms of-

Speaker 2: Not how material it is right now. Not how material it is right now. not how material it is right now

Speaker 1: Yeah. Yeah. yeah

Speaker 2: Okay, got it. Okay. You called out a win for an institution in the midst of an ERP transition last earnings call. I know that there's this wave of SAP transition to the cloud. It's proved a little more elusive than some people might have initially thought. Okay, got it. okay got it Okay. okay You called out a win for an institution in the midst of an ERP transition last earnings call. you called out a win for an institution in the midst of an erp transition last earnings call I know that there's this wave of SAP transition to the cloud. i know that there's this wave of sap transition to the cloud It's proved a little more elusive than some people might have initially thought. it's proved a little more elusive than some people might have initially thought

Speaker 1: I feel like we've been talking about that for, like, 10 years. I feel like we've been talking about that for, like, 10 years. i feel like we've been talking about that for like 10 years

Speaker 2: For years. Yeah. I guess my question is, with that win, with that announcement that you talked about this quarter, are you starting to see a pickup? Has there been an inflection in the amount of opportunity out in the market as a result of those transitions taking place or being slated to take place? For years. for years Yeah. yeah I guess my question is, with that win, with that announcement that you talked about this quarter, are you starting to see a pickup? i guess my question is with that win with that announcement that you talked about this quarter are you starting to see a pickup Has there been an inflection in the amount of opportunity out in the market as a result of those transitions taking place or being slated to take place? has there been an inflection in the amount of opportunity out in the market as a result of those transitions taking place or being slated to take place

Speaker 1: Yeah, I think ERP transformation, whether it's SAP, S/4HANA, it creates a forcing function for us in terms of you've got customers that are evaluating doing finance transformation, ERP transformation, and when they're doing that, they're not just thinking about their ERP, but they're thinking about their entire reporting framework. We're partnering with the Big Four, and they bring Workiva into those deals. It's definitely a good opportunity for us, in terms of finance transformation, ERP transformation, and driving more activity. Yeah, I think ERP transformation, whether it's SAP, S/4HANA, it creates a forcing function for us in terms of you've got customers that are evaluating doing finance transformation, ERP transformation, and when they're doing that, they're not just thinking about their ERP, but they're thinking about their entire reporting framework. yeah i think erp transformation whether it's sap s/4hana it creates a forcing function for us in terms of you've got customers that are evaluating doing finance transformation erp transformation and when they're doing that they're not just thinking about their erp but they're thinking about their entire reporting framework We're partnering with the Big Four, and they bring Workiva into those deals. we're partnering with the big four and they bring workiva into those deals It's definitely a good opportunity for us, in terms of finance transformation, ERP transformation, and driving more activity. it's definitely a good opportunity for us in terms of finance transformation erp transformation and driving more activity

Speaker 2: Okay, great. Another kind of segue that you opened up. The partner strategy, I think you guys have been talking more about kind of a partner-led strategy over recent quarters, and you've seen some nice traction in that network recently, especially with the Big Four firms. Can you talk a little bit about how you're looking to balance partners with growth more so coming from your internal sales force and, I guess, how important both of those levers are for you as you go to market? Okay, great. okay great Another kind of segue that you opened up. another kind of segue that you opened up The partner strategy, I think you guys have been talking more about kind of a partner-led strategy over recent quarters, and you've seen some nice traction in that network recently, especially with the Big Four firms. the partner strategy i think you guys have been talking more about kind of a partner-led strategy over recent quarters and you've seen some nice traction in that network recently especially with the big four firms Can you talk a little bit about how you're looking to balance partners with growth more so coming from your internal sales force and, I guess, how important both of those levers are for you as you go to market? can you talk a little bit about how you're looking to balance partners with growth more so coming from your internal sales force and i guess how important both of those levers are for you as you go to market

Speaker 1: Yeah, partners are definitely going to be really important for us in terms of our go-to-market. We have a lot of focus on that, whether we are co-selling with them or they're implementation partners. We have a really good partnership with them. Workiva, we bring the platform, the partner bring kind of their transformation expertise, their global reach, as well as the client relationships. The more and more Workiva is part of these ERP transformations, it does bring that reporting layer in, and it creates opportunity for our partners to build services practices around Workiva. A win-win combination for us. They bring us in, we also help them build their services practice up too. Yeah, partners are definitely going to be really important for us in terms of our go-to-market. yeah partners are definitely going to be really important for us in terms of our go-to-market We have a lot of focus on that, whether we are co-selling with them or they're implementation partners. we have a lot of focus on that whether we are co-selling with them or they're implementation partners We have a really good partnership with them. we have a really good partnership with them Workiva, we bring the platform, the partner bring kind of their transformation expertise, their global reach, as well as the client relationships. workiva we bring the platform the partner bring kind of their transformation expertise their global reach as well as the client relationships The more and more Workiva is part of these ERP transformations, it does bring that reporting layer in, and it creates opportunity for our partners to build services practices around Workiva. the more and more workiva is part of these erp transformations it does bring that reporting layer in and it creates opportunity for our partners to build services practices around workiva A win-win combination for us. a win-win combination for us They bring us in, we also help them build their services practice up too. they bring us in we also help them build their services practice up too

Speaker 2: Mm-hmm. Okay, great. Then I think something that's probably come up more than it should, just given how material it is for the business, is the Capital Markets exposure. There's some sensitivity there, right? It's not overly material in my understanding. Can you just help us understand what drives that dynamic within a software, a SaaS model, and clarify how significant that exposure is for the business? Mm-hmm. mm-hmm Okay, great. okay great Then I think something that's probably come up more than it should, just given how material it is for the business, is the Capital Markets exposure. then i think something that's probably come up more than it should just given how material it is for the business is the capital markets exposure There's some sensitivity there, right? there's some sensitivity there right It's not overly material in my understanding. it's not overly material in my understanding Can you just help us understand what drives that dynamic within a software, a SaaS model, and clarify how significant that exposure is for the business? can you just help us understand what drives that dynamic within a software a saas model and clarify how significant that exposure is for the business

Speaker 1: Capital Markets, it comes up in multiple ways. When I think about the Capital Markets over the last couple of years, you've got a dynamic where companies have stayed private longer. One of the trends that we've seen is companies have a dream to go public. It may take longer than they expect, but they're looking to mature their processes. It's an opportunity before they become public for them to standardize on the Workiva platform. We have our Private Company Reporting for global companies. We've got Multi-Entity Financial Reporting. They start on their journey before they become public, and then they have a Capital Markets. As they go public, they buy our Capital Markets solution. That's part of the journey. Capital Markets, it comes up in multiple ways. capital markets it comes up in multiple ways When I think about the Capital Markets over the last couple of years, you've got a dynamic where companies have stayed private longer. when i think about the capital markets over the last couple of years you've got a dynamic where companies have stayed private longer One of the trends that we've seen is companies have a dream to go public. one of the trends that we've seen is companies have a dream to go public It may take longer than they expect, but they're looking to mature their processes. it may take longer than they expect but they're looking to mature their processes It's an opportunity before they become public for them to standardize on the Workiva platform. it's an opportunity before they become public for them to standardize on the workiva platform We have our Private Company Reporting for global companies. we have our private company reporting for global companies We've got Multi-Entity Financial Reporting. we've got multi-entity financial reporting They start on their journey before they become public, and then they have a Capital Markets. they start on their journey before they become public and then they have a capital markets As they go public, they buy our Capital Markets solution. as they go public they buy our capital markets solution That's part of the journey. that's part of the journey We're actually even seeing once they take that Capital Markets solution, there's opportunity beyond that as a public company with our SEC and then Controls. Longer time to go public, but opportunity for them to drive more rigor and discipline in their processes before becoming public. The second is to the extent we saw this Q3 of last year, to the extent you start to see a few companies go public. The markets look good. We will see other companies kind of fast follow and want to take that opportunity to hit the market when the timing is right. In those cases, where you see a Capital Markets transaction, they may go public very soon. Those are one-year deals, the Capital Markets transaction. To the extent they IPO before the end of that deal, we do see some revenue acceleration. We're actually even seeing once they take that Capital Markets solution, there's opportunity beyond that as a public company with our SEC and then Controls. we're actually even seeing once they take that capital markets solution there's opportunity beyond that as a public company with our sec and then controls Longer time to go public, but opportunity for them to drive more rigor and discipline in their processes before becoming public. longer time to go public but opportunity for them to drive more rigor and discipline in their processes before becoming public The second is to the extent we saw this Q3 of last year, to the extent you start to see a few companies go public. the second is to the extent we saw this q3 of last year to the extent you start to see a few companies go public The markets look good. the markets look good We will see other companies kind of fast follow and want to take that opportunity to hit the market when the timing is right. we will see other companies kind of fast follow and want to take that opportunity to hit the market when the timing is right In those cases, where you see a Capital Markets transaction, they may go public very soon. in those cases where you see a capital markets transaction they may go public very soon Those are one-year deals, the Capital Markets transaction. those are one-year deals the capital markets transaction To the extent they IPO before the end of that deal, we do see some revenue acceleration. to the extent they ipo before the end of that deal we do see some revenue acceleration I think that's one dynamic where we can see some upside. Overall, the capital markets is a small piece of our overall business. Even at the height of the market in 2021, it was about five percent of our total revenue. I think that's one dynamic where we can see some upside. i think that's one dynamic where we can see some upside Overall, the capital markets is a small piece of our overall business. overall the capital markets is a small piece of our overall business Even at the height of the market in 2021, it was about five percent of our total revenue. even at the height of the market in 2021 it was about five percent of our total revenue

Speaker 2: Okay, got it. That's great context. Okay. Yeah, it looks like we're up on time. I think that's a good spot to close that up. We'll have more time for Q&A in the breakout room upstairs. That'll be on the second floor in Richardson. Thank you, Barbara, very much for being here with us. Appreciate it. Okay, got it. okay got it That's great context. that's great context Okay. okay Yeah, it looks like we're up on time. yeah it looks like we're up on time I think that's a good spot to close that up. i think that's a good spot to close that up We'll have more time for Q&A in the breakout room upstairs. we'll have more time for q&a in the breakout room upstairs That'll be on the second floor in Richardson. that'll be on the second floor in richardson Thank you, Barbara, very much for being here with us. thank you barbara very much for being here with us Appreciate it. appreciate it

Speaker 1: Thank you. Appreciate it. Thank you. thank you Appreciate it. appreciate it