Mission Statement, Vision, & Core Values (2024) of Workiva Inc. (WK)

An Overview of Workiva Inc. (WK)

An Overview of Workiva Inc. (WK)

Workiva Inc. (WK) is a leading provider of cloud-based software solutions for financial and regulatory reporting, governance, risk, and compliance (GRC). Founded in 2008, the company has established a strong presence in the market by offering a platform that integrates data, documents, and processes to streamline reporting and compliance tasks. As of 2024, Workiva serves over 6,200 customers, including many Fortune 500 companies, across various industries.

The company's primary products include Workiva Wdesk, which facilitates collaborative reporting and compliance, and Workiva Carbon, an audit-ready carbon accounting solution launched following the acquisition of Sustain.Life in June 2024. This acquisition expanded Workiva's capabilities in environmental, social, and governance (ESG) reporting. Workiva's innovative solutions help organizations manage complex reporting requirements and improve transparency, ultimately driving efficiency and accuracy in their operations.

As of 2024, Workiva's total revenue reached approximately $538.8 million for the nine months ended September 30, 2024, marking a significant increase from $463.4 million during the same period in 2023.

Company's Financial Performance in the Latest Financial Reports

In the latest financial reports, Workiva demonstrated robust growth, particularly in subscription and support revenue. For the third quarter of 2024, Workiva reported total revenue of $185.6 million, a 17.4% increase compared to $158.2 million in the third quarter of 2023. Subscription and support revenue specifically grew by 19.3%, from $143.4 million to $171.0 million year-over-year. This growth was largely driven by strong demand and continued expansion of solutions across its customer base.

Workiva's net loss narrowed significantly to $17.0 million for the third quarter of 2024 from $56.3 million in Q3 2023. For the nine months ended September 30, 2024, the company recorded a net loss of $46.2 million, a substantial improvement compared to $123.3 million for the same period in 2023. This improvement in financial performance demonstrates Workiva's commitment to operational efficiency and strategic growth.

Workiva as a Leader in the Industry

Workiva has positioned itself as a leader in the cloud-based software industry, particularly in the areas of financial and regulatory reporting. The company's innovative solutions and strong customer retention rates—97.5% as of September 30, 2024—underscore its competitive advantage. Workiva's focus on expanding its product offerings, such as the recent introduction of Workiva Carbon, further solidifies its leadership role in addressing the evolving needs of organizations navigating complex reporting landscapes.

The company's strategic investments in technology and customer service have resulted in a growing customer base that includes over 1,900 clients with annual contract values exceeding $100,000. This growth trajectory reflects Workiva's ability to attract and retain high-value clients, making it a company to watch in the financial technology sector.

To explore more about Workiva's innovative solutions and its impact on the industry, further details can be found below.

Mission Statement of Workiva Inc. (WK)

Mission Statement Overview

Workiva Inc. (WK) aims to empower organizations with innovative cloud solutions that enhance transparency, compliance, and collaboration across their reporting processes. The mission statement is pivotal in guiding the company’s long-term objectives and ensuring alignment with its strategic goals.

Core Component 1: Empowering Organizations

Workiva's mission emphasizes the importance of empowering organizations through technology. As of September 30, 2024, Workiva serves 6,237 customers, up from 5,945 the previous year, reflecting a commitment to growth and customer empowerment. The company’s subscription and support revenue retention rate is 97.5%, indicating strong customer satisfaction and loyalty.

Core Component 2: Innovative Cloud Solutions

Workiva focuses on delivering innovative cloud-based solutions. In the three months ended September 30, 2024, the company reported total revenue of $185.6 million, a 17.4% increase year-over-year. Subscription and support revenue grew by 19.3%, underscoring the demand for its cloud offerings. The acquisition of Sustain.Life for $98.1 million enhances its capabilities in carbon accounting, further diversifying its solution portfolio.

Core Component 3: Enhancing Transparency and Compliance

Workiva strives to enhance transparency and compliance for its customers. The company’s solutions are designed to simplify complex reporting processes, ensuring organizations meet regulatory requirements. For the nine months ended September 30, 2024, Workiva's professional services revenue decreased by 2.8%, reflecting a strategic shift towards subscription-based services that provide ongoing compliance support. The company’s focus on compliance is evident in its robust technology platform, which supports over 1,926 customers with annual contract values exceeding $100,000.

Workiva’s mission statement encapsulates its dedication to providing high-quality products and services that not only meet but exceed customer expectations in the realm of compliance and reporting.

Vision Statement of Workiva Inc. (WK)

Vision Statement Overview

The vision statement of Workiva Inc. reflects its commitment to providing innovative solutions that streamline complex reporting and compliance processes. As of 2024, Workiva aims to enhance transparency and efficiency in financial and non-financial reporting across various industries.

Commitment to Innovation

Workiva's vision emphasizes a strong focus on innovation. The company continually invests in developing its SaaS platform to meet evolving customer needs. In 2024, Workiva's total revenue reached $538.8 million for the nine months ended September 30, 2024, up from $463.4 million in the same period of 2023, reflecting a growth rate of 16.3% .

Customer-Centric Approach

At the heart of Workiva's vision is a customer-centric approach. The company serves over 6,200 organizations globally, providing solutions tailored to their specific reporting challenges. The subscription and support revenue retention rate was 97.5% as of September 30, 2024 .

Focus on Sustainability

As part of its vision, Workiva has integrated sustainability into its offerings. The acquisition of Sustain.Life in June 2024 for $98.1 million enhances Workiva's capabilities in carbon accounting and ESG reporting . This focus on sustainability aligns with the growing demand for transparency in environmental impact reporting.

Global Expansion Strategy

Workiva aims to expand its market presence internationally. The company has identified significant opportunities in the EMEA and APAC regions. As of September 30, 2024, Workiva's full-time employee headcount increased by 9.2% to 2,751, indicating investment in resources to support this global strategy .

Financial Performance Metrics

These metrics highlight Workiva's robust financial health and its ability to scale operations while managing costs effectively.

Technology Integration and Development

Workiva's vision includes leveraging technology to enhance reporting capabilities. The company recognizes the importance of integrating various data sources into its platform to provide comprehensive solutions. As of September 30, 2024, Workiva reported an increase in subscription and support revenue from customers with annual contract values over $100,000 to 71.8% of total subscription revenue .

Conclusion

Workiva's vision statement for 2024 showcases its commitment to innovation, customer success, sustainability, and global expansion. The company’s financial performance and strategic initiatives position it well for continued growth in the dynamic SaaS market.

Core Values of Workiva Inc. (WK)

Core Value: Customer Success

The core value of Customer Success at Workiva Inc. emphasizes the importance of ensuring that customers achieve their desired outcomes while using the company's platform. This commitment is reflected in Workiva's customer retention rates and the expansion of service offerings.

As of September 30, 2024, Workiva reported a subscription and support revenue retention rate of 97.5%, slightly down from 97.7% in the previous year. This high retention rate demonstrates the effectiveness of Workiva's customer support and service initiatives .

Furthermore, the company has expanded its customer base to 6,237 customers, a rise from 5,945 in 2023. The number of customers with an annual contract value of $100,000 or more increased to 1,926, up from 1,561 .

Core Value: Innovation

Innovation is a driving force behind Workiva's operations, focusing on developing cutting-edge solutions to meet the evolving needs of its customers. In June 2024, Workiva acquired Sustain.Life for $98.1 million, launching Workiva Carbon, a solution aimed at carbon accounting .

This acquisition enhances Workiva's Environmental, Social, and Governance (ESG) reporting capabilities, allowing customers to measure and report carbon emissions effectively. Such initiatives underscore the company's commitment to innovation and sustainability .

Core Value: Integrity

Integrity is fundamental to Workiva's business practices, guiding interactions with customers, employees, and stakeholders. The company maintains transparency in its financial reporting, evidenced by a comprehensive approach to revenue recognition and compliance with accounting standards .

In the nine months ending September 30, 2024, Workiva recognized total revenue of $538.8 million, a significant increase from $463.4 million in the same period the previous year . This growth reflects the company's integrity in delivering value to its shareholders and maintaining trust in its financial disclosures.

Core Value: Collaboration

Collaboration is central to Workiva's operational philosophy, fostering teamwork both internally and with clients. The platform's design encourages collaborative efforts across various teams within organizations, enhancing productivity .

Workiva's customer success metrics highlight the collaborative nature of its services, with a subscription and support revenue retention rate including add-ons of 110.5%, indicating that existing customers are not only remaining loyal but also expanding their usage of Workiva's offerings .

Core Value: Accountability

Accountability at Workiva is reflected in its performance metrics and commitment to operational excellence. The company reported a net loss of $16.99 million for the three months ending September 30, 2024, a decrease from a net loss of $56.27 million in the same period of 2023 .

Such financial accountability is critical as Workiva continues to invest in growth while managing expenses effectively. The company has allocated $27.47 million to stock-based compensation in the latest quarter, demonstrating a focus on incentivizing employees while maintaining fiscal responsibility .

Updated on 16 Nov 2024

Resources:

1. Workiva Inc. (WK) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Workiva Inc. (WK)' financial performance, including balance sheets, income statements, and cash flow statements.
2. SEC Filings – View Workiva Inc. (WK)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.