Workiva Inc. Class A

Good afternoon, ladies and gentlemen. My name is Sedarius and I will be your host operator on this call. After the prepared comments, we will conduct a question and answer session. Instructions will be provided at that time. If at any time during the conference you need to reach an operator, please press star followed by zero. Please note that this call is being recorded on February 17th, 2021 at 5 p.m. Eastern Time. I would now like to turn the meeting over to your host for today's call, Adam Therese, Director of Corporate Development and Investor Relations at Workiva. Please go ahead.

Good afternoon. Thank you for joining us for Workiva's fourth quarter 2020 conference call. Today's call has been prerecorded and will include comments from our Chief Executive Officer, Marty Vander Plauw, followed by our Chief Financial Officer, Stuart Miller. We will then open the call up for a live Q&A session. Jill Clint, our Chief Accounting Officer, is also on the call. A replay of this webcast will be available until February 24. Information to access the replay is listed in today's press release, which is available on our website under the Investor Relations section. Before we begin, I would like to remind everyone that during today's call, we will be making forward-looking statements regarding future events and financial performance, including guidance for the first quarter and full fiscal year 2021. These forward-looking statements are subject to known and unknown risks and uncertainties. We keep a caution that these statements are not guarantees of future performance. All forward-looking statements made today reflect our current expectations only. We undertake no obligation to update any statement to reflect the events that occur after this call. Please refer to the company's annual report on Form 10-K and subsequent filings for factors that could cause our actual results to differ materially from any forward-looking statements. Also, during the course of today's call, we will refer to certain non-GAAP financial measures. Reconciliations of non-GAAP to GAAP measures and certain additional information are also included in today's press release. With that, we'll begin by turning the call over to our CEO, Marty Vander Plaat.

Marty Vander Plaat Hello, and thank you for joining today's call. We are pleased with our fourth quarter and full year 2020 results, which beat guidance for revenue and operating income. In Q4, we continued to benefit from macro business trends, which included significant increases in cloud platform deployments, digital transformations, and remote workplaces. Akiva has also benefited from the growing demand for RegTech and XBRL. Our financial results reflect the broadening adoption of our platform and fit-for-purpose solutions. We exceeded 20% growth in subscription and support revenue and generated record bookings. In 2020, 77% of new solution and new logo bookings were generated by solutions outside FDC or Cedar. As we recently announced, all of our customers are now on our next generation platform, which is more open, scalable, intelligent, and intuitive. This company-wide initiative was a significant undertaking And I would like to thank our employees for their dedication and hard work in achieving this important milestone. I'd also like to thank our customers for their commitment to Orkiva and recognizing the value of our new platform. Now that our platform upgrade is complete, we are prioritizing three areas where we see opportunities for growth. Fit for purpose solutions, global expansion, and our partner ecosystem. First, our fit for purpose solutions. Our idea to incubation framework gives us a mix of discipline, speed, and agility. We will continue to launch new solutions that solve specific business problems and enable our customers to realize value quickly. Second, global expansion. We will continue to capitalize on demand from companies outside North America that need to manage complex data sets reduce errors and risk, improve efficiency, and respond to regulatory requirements. In 2020, EMEA and APAC generated less than 8% of our consolidated revenue. We expect these markets to contribute an increasing percentage of total revenue over time. And third, our partner ecosystem. Many of our more than 200 partners are now creating new solutions and services on top of the Workiva platform. We look forward to further expanding our partner ecosystem as we work together to deploy our platform throughout global enterprises. In 2020, our values-based culture sustained us as we remained strong and connected to each other and to our customers, even as our global teams were remotely for most of the year. We also strengthened our commitment to advancing our diversity, equity, and inclusion efforts through a variety of employee and company-wide initiatives. We continue to win awards in 2020, including being named a top 100 best workplace by Fortune Magazine for the second year in a row, as well as being named a great place to work in technology for families and for millennials. Earlier today, we announced that Stuart Miller, our CFO, will be retiring at the end of this month. I want to thank Stuart for his dedication over the past seven years, guiding us from a private company through an IPO and to the global SaaS company we are today. Stuart has been a valued colleague and we will all miss him. Thanks to Stuart's leadership, we are able to make a seamless transition by appointing Jill Quint, our Chief Accounting Officer to the CFO role. Jill has been with Workiva since our early days, building our finance and accounting teams and taking on more responsibility over the past several years. I look forward to continuing to scale Workiva with Jill on our executive management team. In closing, I am extremely pleased that we finished 2020 with strong revenue growth and record operating income and cash flow, while upgrading all of our customers to our new platform and continuing to provide innovative solutions. With that, I will turn the call over to Stuart Miller.