Workiva (WK) Raymond James 2024 TMT & Consumer Conference summary

Strategic priorities and platform evolution

• Continued focus on expanding the platform, strengthening partner channels, and deepening multi-solution and platform sales remain top priorities, with significant progress made in the past year.

• The platform now offers three main solution categories: financial reporting, sustainability reporting, and governance, risk, and compliance (GRC), each with expanded capabilities.

• Ongoing investment in generative AI and data management enhances the platform's fit-for-purpose capabilities across all workflows.

• The partner ecosystem is integral, with partners handling lower-margin services and building alliances to accelerate growth and expand into new geographies.

Regulatory drivers and market demand

• The Corporate Sustainability Reporting Directive (CSRD) in Europe is a major catalyst, with the first compliance cohort due in Q1 2025, driving demand for integrated financial and non-financial reporting.

• Record bookings in Q2 and Q3 were attributed to both regulatory tailwinds and internal process improvements, with thousands of companies in Europe needing to comply with CSRD over the next four years.

• U.S. state-level regulations (e.g., California, Washington, New York, Illinois) are emerging, creating additional demand for sustainability solutions regardless of federal action.

Go-to-market transformation and international expansion

• Transition from single-solution to multi-solution and now platform selling requires new commercial expertise and sales models, including a shift to hunter-farmer models and reduced overlay sales teams.

• Significant hiring from companies with multi-billion-dollar scale experience supports this transformation.

• International revenue has grown from 15% to 17% of total, with Europe as a key growth vector due to regulatory changes and increased brand recognition.