Workiva Inc. (NYSE:WK) Q3 2019 Earnings Conference Call Transcript

Nov 06, 2019 • 05:00 pm ET

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Workiva Inc. (NYSE:WK) Q3 2019 Earnings Conference Call Transcript

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Presentation
Executive
Martin J. Vanderploeg

current solutions is driving strong bookings growth in the EMEA region. At the same time, Europe's impending ESIP regulatory mandate is increasing our number of meetings with customers and prospects as they prepare for their first ESIP filings in 2021. Therefore, we continue to ramp up sales and support in EMEA. We also continued to see solid bookings growth from our integrated risk solutions, which includes SOX, audit and enterprise risk management.

In addition, we are expanding our integrated risk solutions into EMEA and the US Federal Government. We are very pleased this quarter by our go-to-market results in global statutory reporting. We continue to validate demand for our platform to streamline multi entity reporting in numerous jurisdictions. We are aggressively pursuing this large underserved market.

We continue to augment our sales and delivery channels with advisory and service partners. We recently announced a strategic alliance with Deloitte which adds our platform to their portfolio of solutions for financial transformation. In addition, at our September user conference, we named KPMG, our Global Partner of the year.

Last month, we received FedRAMP moderate authorization which recognizes our work to further strengthen the security of our platform benefiting all of our customers. This higher level of authorization enables us to help federal agencies connect, control and report up to 80% of their information types. In addition, many commercial enterprises consider FedRAMP the highest standard of security assessment, authorization and continuous monitoring for cloud software. We are thrilled with our largest ever Amplify user conference in September, where more than 1,800 customers and industry leaders, spent three days with our R&D and customer teams.

As I visit with customers and prospects, I am more confident than ever that Workiva will continue to be a driving force in data transparency and connected reporting throughout the world. With that, let me turn it over to Stuart Miller, our CFO.

Executive
J. Stuart Miller

Thank you. As Marty discussed, we've been investing in EMEA, Wdata, integrated risk and global statutory reporting to drive revenue growth. Progress in each of these growth markets has been so encouraging in terms of bookings and pipeline that we are accelerating our investment in each market. This progress combined with beating our Q3 guidance is leading us to raise our guidance on full year 2019 revenue, I'll cover the specifics on guidance later in the call. Also, as you know, we successfully recapitalized our balance sheet in Q3 with a convertible note offering significantly improving our financial flexibility. We intend to be patient and thorough in evaluating opportunities for investment.

Turning to our third quarter results and financial outlook for the rest of 2019. I'll talk about our results and guidance on a non-GAAP basis that is before stock-based compensation and non-cash interest expense related to our convertible notes. Please refer to our press release for a reconciliation of our non-GAAP and GAAP results and guidance. We outperformed our revenue guidance for the quarter. We generated total revenue in the third quarter of $74.2 million,