Specialist
Former Director at Workiva Inc
Agenda
- Regulatory trends that drive growth opportunities
- Go-to-market strategy and Workiva’s (NYSE: WK) ability to enter the European market
- Product overview and challenges of Workiva’s portfolio
- Competitive landscape and comparative advantages
- 2-5-year outlook
Questions
1.
Can you outline 2-3 key recent trends across regulatory filing services and the broader market that Workiva is playing in?
2.
Can we explore Workiva’s Wdesk platform and the core use cases that it tackles? What do you see as its strengths and weaknesses?
3.
What is your outlook for Workiva’s revenue drivers? Which end markets should we be focused on?
4.
Can you elaborate on Workiva’s traditional pricing structure and how it is changing? Any quantitative context on what that might look like YoY?
5.
When was Workiva’s pricing change enacted, and what is your outlook for how this will impact revenue? Is this already 100% adoption of this new platform pricing model, or are we still seeing trickling impacts?
6.
Do you think Workiva can expect revenue increases across the board for customer accounts, or could some face a downward trend? How should we evaluate adverse side effects?
7.
What has been the market uptake of Wdata thus far? Do you see this as a sought-after offering? How should we assess the strategic value of this product?
8.
What has been the market uptake of Wdata thus far? Do you see this as a sought-after offering? How should we assess the strategic value of this product?
9.
Can you foresee meaningful adoption for Wdata as it gains brand recognition? What will it take for it to be successful?
10.
Once Workiva’s customer base is transitioned to the new pricing model, how could it go about expanding contracts with those accounts? Is it set at that point, with no ability to grow the contract size, or is there a land-and-expand strategy that could make sense post this value-based pricing?
11.
Can you outline general trends in the European financial reporting software market, and Workiva’s go-to-market strategy here?
12.
What were the common customer pain points or reasons for attrition within Workiva’s customer base? Do you think the company has a healthy or a challenged attrition rate?
13.
Workiva’s Q1 Professional Services revenue was flat YoY, relative to subscription and support. What is your outlook for how Services revenue will scale with subscription revenue
14.
You outlined some of Workiva’s use cases across regulatory and statutory filings. What adjacent reporting market opportunities could it easily expand into in non-SEC [Securities and Exchange Commission] use?
15.
Can we explore Workiva’s competitive environment? Who are its direct and indirect competitors and how should we assess its positioning?
16.
On which points does Workiva fall short of Donnelley? Where does Workiva need to build out to continue to steal share from some of those more premium, sophisticated clients?
17.
Why is it so price-prohibitive for Workiva?
18.
You mentioned Office Suite as Workiva’s other major competitor, and version control being a potential differentiator for Workiva. What would it take for Office Suite to be even more competitive in this realm? Are there other easy add-on capabilities or functions that would threaten Workiva if included in a new version?
19.
Rounding out Workiva’s competitive landscape, any thoughts on potential offerings from Oracle, SAP or Certent?
20.
What do you think is Workiva’s roadmap to profitability? Is it just a matter of top-line growth, or are there any other key operational initiatives that need to occur to meet its targets?
21.
How might Workiva’s sales and marketing expense scale as top line scales? Do you expect a constant as a percentage of revenue acceleration/deceleration as the company tries to capture growth targets here?
22.
Are there any levers that Workiva can pull to increase sales productivity outside of that cost decrease? What is the headcount outlook? Where is the company terms of brand equity, and inbound requests potentially becoming a bigger piece of the puzzle?
23.
How should we segment Workiva’s customer base? You mentioned strategic accounts being those Fortune 500 companies, insurance, banks, other financial institutions. Can you walk us through the different cohorts, pinpointing the sweet spot and which of those customer bases you think will account for future growth?
24.
How does pricing differ across the different groups Workiva plays in?
25.
Are there any operational cost differences for Workiva across a strategic account, a Fortune 500 or an insurance carrier? How should we assess that from a cost and a margin perspective?
26.
Is Workiva’s Professional Services revenue concentrated in one type of customer or use case vs another, or spread pretty evenly throughout?
27.
I think you mentioned that Donnelley is particularly strong in the IPO business. Is that the case, and if so, what is Workiva able to capture here? Is it just the smaller deals? How do you see that trending?
28.
What is your assessment of Workiva’s management team? Are they the right team to lead the company?
29.
Which questions would you be asking Workiva’s management team if you were an investor trying to understand their strategic direction and ability to execute?
30.
Can you outline a best- and worst-case scenario for Workiva over the next 24 months?
31.
Is there anything we have not covered or done justice to regarding Workiva that you want to leave us with?
