Workiva at William Blair Conference: Strategic Growth Prospects

On Wednesday, June 4, 2025, Workiva Inc. (NYSE:WK) presented at the 45th Annual William Blair Growth Stock Conference, outlining its strategic direction amidst both challenges and opportunities. The company, known for its assured integrated reporting platform, emphasized its expansion into sustainability and governance, risk, and compliance (GRC) sectors. Despite macroeconomic uncertainties elongating deal cycles, Workiva remains optimistic about its growth trajectory and financial targets.

Key Takeaways

• Workiva is targeting a 20% subscription revenue growth in 2025.
• The company aims to increase its European revenue contribution to 25-30%.
• Expansion into GRC and sustainability platforms is diversifying revenue streams.
• Workiva is focusing on larger deals and improving sales efficiency.
• Macroeconomic conditions have led to elongated deal cycles, but targets remain firm.

Financial Results

• Subscription Revenue Growth Target: 20% for 2025.
• Operating Margin Guidance: 5% to 5.5% for the current period.
• Operating Margin Target: 16% by 2027.
• Customer Growth: Q1 saw a 32% increase in customers spending over $300,000 and $500,000 annually.
• Capital Markets Activity: Accounted for less than 5% of total revenue in 2021.
• Margin Expansion: Expected in the second half of 2024 and into 2026-2027.

Operational Updates

• Platform Expansion: Moving beyond financial reporting to include GRC and sustainability.
• Revenue Diversification: Focus on selling the platform as a whole rather than individual solutions.
• Macroeconomic Challenges: Addressing uncertainties by managing deal cycles and customer spending.
• ERP Integration: Capitalizing on migration trends by integrating into larger transformation projects.

Future Outlook

• Growth and Margin Expansion: Continued growth in subscription revenue and operating margins.
• European Market Focus: Aiming to expand revenue contribution from Europe.
• Regulatory Drivers: Leveraging CSRD and California climate disclosure rules to boost demand for sustainability reporting.
• Go-to-Market Strategy: Enhancing efficiency and productivity, targeting larger contracts, and improving sales skills for closing million-dollar deals.

Q&A Highlights

• Sustainability Demand: Driven by business performance, self-regulation, and regulations.
• Large Company Reporting: Extensive sustainability information being reported, with some documents exceeding 300 pages.
• Sales Cycle Impact: Macroeconomic environment has led to elongated sales cycles.
• Private Company Focus: Increasing attention on private companies, regardless of IPO prospects.

In conclusion, Workiva’s presentation at the conference highlighted its strategic initiatives and growth prospects. For a deeper dive into the full transcript, please refer to the complete document below.

Full transcript - 45th Annual William Blair Growth Stock Conference:

Jacob Berge, Research Analyst, William Blair: We good to go? All set? Okay. Well, thanks everyone who is here joining the room in person as well as those that are joining over the webcast. Before we start off, my name is Jacob Berge.

I’m the research analyst here at William Blair that covers Workiva. And for a full list of our research disclosures please visit our website at williamblair.com. With that though, really excited to have Chief Financial Officer, Joe Clinton and Chief Strategy Officer, Mike Gross here for this presentation. Just before we kick off and before we go into the fireside chat, Jill is going kick us off with a few slides just to level set with those in the room that might be newer to the story of where Workiva is, what its platform does, and kind of the market that it’s addressing. So, Jill, I’ll turn it over to you.

Jill, Chief Financial Officer, Workiva: Thanks, Jake. Appreciate it. Thanks for having us. Alright. So, get started with our safe harbor as well.

You can take a look at these slides after the fact. We’ll have them available for you. Some lovely pictures the team put in of Mike and I. I’m gonna go past those and head straight to our first slide helping to describe and and give a little bit of context for our platform. So we are a company that provides a platform for assured integrated reporting to our customers, meaning that we help our customers with financial and non financial reporting, all with assurance wrapped around it, the ability to audit that report, whether it would be, audit of their financial information or whether that’s audit of, say, sustainability management information.

And we’re built to be able to help customers transparently report period over period, consistently over time, and be able to allow their auditors to easily audit those numbers. Bring our customers bring that information into the platform, connect that data throughout all of their different work products, so regardless of where you’re using a bit of data, whether it’s in an external reporting, whether it’s in a management reporting, whether it’s within your within your controls management, that same piece of data is consistently carried throughout the platform and consistently linked so that no matter when you change that information, it’s changed everywhere throughout the product. We have financial reporting, sustainability management, governance, risk, and compliance, again, assured and integrated reporting. Thinking about our TAM, so the way that that mix of solutions comes across in our TAM is that we we’ve got it split up here for our $35,000,000,000 TAM between The Americas, Europe, and APAC. 20 Percent of the total TAM is coming from sustainability management, 20% comes from GRC, 10% comes from the industry verticals, and 50% comes from financial reporting.

So we have a good split of our TAM, large unaddressed TAM, across the portfolio of solutions, but very clearly laying out also the split between The Americas, Europe, and APAC. We’re more heavily into The Americas right now. A certain area of growth that you’ve probably heard us talk about over the past few years, if you’re familiar with the story, has been moving towards having 25 to 30% of our total revenues coming from Europe over time and we’re definitely on a path towards that as we continue to grow outside of The US Europe. For the next slide here, so we’ve got Workiva’s best positioned to capture the growing opportunity, meaning that the capabilities within our platform and our ecosystem are there for us to be able to execute against. The four components of our growth are our platform, connected data that we were just talking about, as well as the large portfolio of solutions.

It is our ability to grow and our opportunity to grow outside of The US and also our partner network. So all those things will help to drive our growth over the next few years. Thinking of how you can expect us to perform as far as financials over the next few years, we have provided medium term 2027 targets as well as long term 2,030 targets for both revenue and margins. We reiterated our guide about a month ago when we filed Q1 results around subscription, total subscription revenue guide, and also our operating margin guide, the 5% to 5.5%. The way that we are executing today in the company is not only with our 2025 margin goals and guidance in mind, but also specifically moving towards our 2027 goal to 16% operating margin for 2027.

We’re also pleased to be able to report that we expect to have 20 subscription revenue growth for 2025 as well. And with that, we can that was almost exactly five minutes. We can move into Q and A.

Jacob Berge, Research Analyst, William Blair: Perfect overview. Did exactly what you said you were gonna do.

Jill, Chief Financial Officer, Workiva: Yeah. There we go.

Jacob Berge, Research Analyst, William Blair: Thank you for that. Well, guess just to kinda think about where you began. You obviously began as a financial reporting platform, have expanded subsequently to GRC or ESG, but what were customers using before Workiva? Like, how did they how did they get these workflows done and what are you most commonly replacing?

Jill, Chief Financial Officer, Workiva: So, I mean, if you in the way back time machine and thinking back to SEC reporting, there would have been other solutions that customers were using that didn’t allow them to connect the data in the way that we do and didn’t allow them to do real time reporting with the SEC, so building that report with with no pencils down period, direct connection to the data so that if you are making changes, if there is a need to make a change to any data element within your report, you can very easily do that. It would have been some of the competitors that we see today, DFIN, Topa Merrill, but it also would have been companies that no longer exist, would have been competitors in those early markets. But for some of our other areas of focus, especially around sustainability management, many companies today are just using Office tools type solutions, more manual processes to do some of the work that they’re doing around this reporting. And so what they consider when they’re looking at Workiva is a way to automate those reports and streamline their processes to be able to bring the data altogether within the platform and not have to rely on those manual spreadsheets and charts and graphs that connected to those spreadsheets potentially, and so it brings them the ability to be more auditable because the auditors can look at and see exactly where that data is linked.

They can see if there was any change to that data, whereas in Excel or Word, you can’t necessarily do that. So it’s a much more clear cut way to become, more efficient with their processes as well.

Jacob Berge, Research Analyst, William Blair: Yeah. That’s helpful. And then you’ve done a lot of work to build out the the GRC platform, the sustainability platform over the last few years. Could you talk about how those products have evolved over the past few years? And then how often are you landing broader platform deals that include financial reporting, GRC and sustainability versus just maybe getting in your foot in the door with one of those point products and then expanding over time?

Mike Gross, Chief Strategy Officer, Workiva: Mhmm. I’ll take the the product side of your first. Yeah. So yeah. We we you know, even if you go back ten years when the company went public, right, in our s one, we highlighted, five use cases beyond just the core SEC reporting solution.

So, yes, we got our start in this SEC area and in our most recent k, you know, we highlighted that it’s still more than 40% of our business, But a lot of our growth now is coming from broader financial reporting solutions, governance risk and compliance or GRC as you said, and sustainability. So we’ve been investing quite a bit on the solution area over the last, you know, five years in expanding out that footprint and expanding out where we where we get that revenue. When you think of our use cases, yes, SEC reporting for publicly traded companies, which is doing the q’s and k’s and the Xpero tagging and the filing parts of that. But we also support private companies with private company reporting. You know, many of the large privates have a lot of the same complexities as public companies.

Just don’t have to file with the SEC. We help companies with global statutory reporting. It’s multi entity reporting for all their legal entities reporting their tax authorities and internal reporting and other use cases outside in Europe. For governance, risk, and compliance, we started off in helping companies with SOX or internal controls over financial reporting. That has now expanded into internal audit, policy management, and risk management.

And then for sustainability, we actually were involved way back when about, you know, 2012 in helping companies with their initial corporate sustainability reports. But back then, it was more of a marketing exercise than a investor grade reporting exercise. So really over the last three years, we’ve invested significantly in that and have had, you know, really strong growth in that market. And that is helping organizations with one, their performance metrics that they’ve signed up for, their science based targets. Yes, there is some regulatory parts of this, which could be the corporate sustainability reporting directive in Europe or the upcoming, California climate disclosure rules or, you know, maybe supporting one of the 20 countries that have aligned with the ISSP or International Sustainability Standards Board.

So really what we’ve seen over the last three years is sustainability reporting has come now in line with some of the disciplines around financial reporting, which is investor grade data, you know, going through audit processes and, you know, regular disclosure processes.

Jill, Chief Financial Officer, Workiva: Mhmm. And so the other part of that question about how we’re landing, we have talked at length about our focus on selling the platform, and so when we go to talk to our customer, whether it’s an existing customer or a new logo, we really are focusing on what the platform brings to them, not necessarily an individual solution, although certainly you have a conversation around those individual ways that the platform supports their reporting, but we do focus on the platform and sell across the platform. And you’ve seen within our metrics that we provide the success that we’ve had there as we’ve had 32% growth in Q1 in customers spending more than $300,000 a year with us and spending more than $500,000 a year with us. Both of those groups grew 32% in Q1, and that’s not new. We’ve continued to grow those categories, and we’ve continued to see expansion in the amount of our revenue coming from customers that have more than one solution with us as well, And so it’s we have a lot of opportunity for the customers that are spending less than 100 k with us to be able to continue to expand, and that is an area that we will focus on.

But it’s a it’s a mix between that expansion into our base and selling new logos that will you know, that we are seeing success across the platform.

Jacob Berge, Research Analyst, William Blair: Okay. That’s helpful. And then zooming out a little bit, obviously, the macro is a big conversation topic these days, especially with the the recent kind of tariff uncertainty out there. You all called out a little bit of macro sensitivity last quarter, so maybe talk about what what you saw in the macro environment and just how how demand has been trending over the course of the year.

Jill, Chief Financial Officer, Workiva: So we we did call out some uncertainty, which I think you’re hearing from a lot of companies and what we relayed was that we we saw uncertainty. We took into account the risk that that had within our model for the year and and called out that we reiterated guide for revenue and for op margin for the full year. Taking into account all the risk that we were seeing, it was really around more expansion or elongation of the deal cycles, not necessarily hearing a no, but more that companies were being very careful about how they were spending and and not unlike what we ourselves are doing. And and and it was more around that and a potential delay in in when a customer might move forward with a project as well as some of the sustainability conversation also came into play and the clarity that we received around the CSRD in Europe was really helpful so that companies that were in wave one continued to report. There was a delay in the wave two and wave three, which weren’t necessarily where we were focusing in any case.

Really, the wave one customers were where we were initially focusing our efforts there. And so it was it was all of these things, just the the general macro that that was putting some pressure, we felt, on the financials and so, did hold our guide on on those two metrics.

Jacob Berge, Research Analyst, William Blair: Okay. That’s helpful. And then just thinking about margins, how do you think about the balance between growth and profitability? You obviously had the slide up there about the the 2027 and twenty twenty thirty targets, which show a pretty steep, expansion in margins. So just curious how you plan to drive that that margin expansion over the next few years.

Jill, Chief Financial Officer, Workiva: Absolutely. So we think about it all the time at the company. So the way that we are executing and operating today are with those margin goals in mind. As we’re considering where we’re investing, as we’re considering the ways that we can be more efficient throughout the business. We’re considering that 16% margin target for 2027 as being the first step towards the 2030 goals as well.

Throughout the business within our customer success teams, we’re looking for ways to be more efficient in the way that we support our customers, whether that’s with systems or external systems or whether that’s within our platform building additional functionality to be more efficient, absolutely. We’ve talked at length about moving our more high margin setup and consulting services over to our partners and we’ve been executing on that now for a couple of years and that and you’ve seen that reflected in our numbers and we will continue to see leverage there from the resources in that team. And it and it goes on down throughout the rest of the business, focusing on using systems to be more efficient throughout the business and if not, even systems, also thinking of other ways to be more cost effective in the way that we staff. There’s a lot of different things that we’re considering, as we as we execute on and against those margin goals.

Mike Gross, Chief Strategy Officer, Workiva: Okay. I I was gonna pause on that. I mean, because it’s a it’s a very important point, I think, for the dialogue that’s going around, you know, on our stock today. Right? So implied in our committed guide, for 2025 is an acceleration of margins in the second half.

And if you look at history, you’ll see that, you know, quarter over quarter where, you know, we have some fluctuation. But, you know, typically, the second half, we have higher margin than we’re doing that. Also implied in that, again, we reiterated this on our call in in May, is that we are committed to those 27 targets, which also implies a acceleration of margin, you know, into ’26 and to, you know, 27. So this is an expanding margin story while still at the same time driving growth, which I think is a, you know, kind of a an exciting story to look at from a hopefully from an investor perspective. And just wanna reiterate, we have the plans to get there and, know, are are really excited about the the growth and leverage we can drive in this business.

Jacob Berge, Research Analyst, William Blair: That’s really helpful. Yes. Switching over to sustainability, another big topic among investors. Mike, maybe I’ll throw this one over to you, but can you talk about the demand drivers for sustainability between you have CSRD in Europe, you have state regulation in The US, internal SPTI initiatives. Like, what what drives the demand to your platform and what are you most excited about moving forward?

Mike Gross, Chief Strategy Officer, Workiva: Yeah. So let’s I’ll maybe just take a step back. Right? There’s been a a lot of media coverage of the broader sustainability and derivatives of sustainability over the last over the last hundred days and and maybe even a little before that. And there’s been a lot of moving parts in this business.

So I’ll just kind of net it out. You know, first and foremost, you know, when you talk about drivers, we’ve been selling well ahead of regulation for the last several years in sustainability. Right? And these are drivers of business performance, managing risk, you know, organizations wanna participate in global supply chain. There are a number of different business drivers out there for companies, you know, that are focused on sustainability.

It’s not just a regulatory thing. Second is, one of the drivers is organizations just self regulating. So there’s something out there called the science based target initiative, SPTI. You can go Google it and they have a dashboard out there. In the dashboard, you’ll see that, you know, as of, you know, last week at least, there’s close to 8,000 companies that have now committed to science based targets.

And what that means is is they’ve gone through a process to get their targets approved, and they’ve also committed to meeting those and report against those. That’s up from about 4,200 this time last year. Right? So a significant increase. So it’s showing in spite of regulation, in spite of all the the news and narrative, right, organizations, corporations are focused on, you know, addressing some of these sustainability needs.

And then there’s the regulatory piece. Right? So we we break it down between Europe, North America, and the rest of the world. So in Europe, there was a law passed, know, going on, you know, two years now almost, called the corporate sustainability reporting directive. And all the news that’s happened here in the last hundred days has been, they came out last fall and said, hey, you know what?

We might modify this existing regulation and simplify it. And then there was always stories about what’s gonna happen and is it going away and this, that and the other. So Clarity came out in February, end of February, this thing called the omnibus. And then they even had a vote in April for part of this. And to net it out is organizations that the threshold that used to be companies of employees size of 250 more had to report.

They changed that to now be companies over a thousand employees in Europe that had to report. First change. Second change is is and and Jill had mentioned, there’s different waves. Different, you know, larger companies are wave one. The companies that are the next size down are wave two.

The next size down are wave three. They said, hey, wave two and wave three companies, you get an extra two years to report. So that was decided on. Now, what’s interesting, the wave one companies, the large companies, which is, you know, our primary target market, not much has changed for them. These are companies that are actually reporting now in 2025 on 2024 results.

And you can go out and look at some of those disclosures. And what you’ll find is, you know, the 600 plus that have already been filed, on average, these are documents that are at least 300 pages long and have a hundred pages of sustainability information in there. And they talk about things like double materiality and all these different reporting standards. So this is hard and complex work that’s going on that has not changed. Right?

So we see that as a as a very, you know, interesting market out there of a complex requirement that’s just coming into play. And, oh, by the way, audit requirements are coming forward for these. So it’s just gonna get harder for them. So in Europe, you know, things are moving along. Yes.

There was a few delays, you know, for organizations in the wave two and wave three. It didn’t go away. And the smaller companies who we didn’t target, yeah, some of those don’t have to report anymore. So in The US, yes, there’s been a maybe not an embracing in the new administration of sustainability. However, you know, what does exist in The US from a regulatory standpoint is state of California has passed a law, climate disclosure rule.

And as even as recent as last Thursday, the regulator CARB in California did a webinar of which the sponsoring center got on along with the regular and say, hey, we don’t have all the details of what’s gonna have to be disclosed. But be clear, you still need to report in 2026 on 2025 results. And the court of companies that have to re report on this are companies over a billion dollars that are doing business in California. That means, you know, companies that, you know, may have be paying state California sales taxes or have employees or paying payroll taxes in California. Right?

So that’s 5,000 plus companies that might be there. And there’s other states right now, even the state of Illinois here, there’s a there’s a bill, a house bill sitting on a house committee right now. There’s a bill sitting in New York, a bill sitting in New Jersey that are all in process. Not saying they’re gonna pass, but there is activity in other states for similar climate disclosure rules. And these rules would require organizations just report on their emissions, their scope one, those emissions they do, and scope two and scope three emissions as part of this.

Again, complex reporting requirements that are all new things for companies to go through. So again, there is a bear case. Maybe Trump comes out and says you can’t do any of that. There is a bull case. All this stuff rolls through and all these people have to go report additional information.

Jacob Berge, Research Analyst, William Blair: Yeah. Yeah. A lot of a lot of different kind of irons in the fire on that front. Today, are you seeing more demand for sustainability in The US or in Europe? And when we think about the European opportunity, that’s obviously a much more greenfield market for you.

Like, you have you’re very penetrated in The US. So when you land those new logos for sustainability in Europe, how often is it also pulling through kind of the ESA for the financial reporting business that you that you can also sell to customers?

Jill, Chief Financial Officer, Workiva: Mhmm. So, it’s it’s true that if we as we’re selling into Europe, it’s more often, a new logo because we aren’t as penetrated there in the market. But we would not focus on selling sustainability. We would focus on the platform. And so does it always pan out?

Not always. But often, we’re able to sell not only sustainability, but potentially, annual reporting, potentially some of the other solutions that are are more common in Europe because a lot of companies are, if they have multiple entities, there might be multiple entity reporting that they’re doing. And certainly, if a company is carefully considering the need for assurance around some of this data in the future, they might also be looking at building a controls environment around it, and so they might also be purchasing audit risk controls. So we’re always focusing on the upsell and, multiple solution, selling across the platform, and and that’s the conversation that we’re gonna have with that customer.

Jacob Berge, Research Analyst, William Blair: That makes sense. And then shifting gears to another catalyst for your business, the the SAP migration, Oracle migration, all the the ERP super cycles that that we’ve been hearing out there. How how often are you being pulled into deals as a as a part of a larger transformation around the ERP? And how has that been trending over the course of this year?

Mike Gross, Chief Strategy Officer, Workiva: Yeah. So I think the you know, don’t give specific numbers on on, you know, how many. But I will say the environment, you know, the the way I talk about this is, you know, when organizations go through a migration like this, this is a, you know, typically a disruptive, you know, thing they’re doing. They’re moving from on prem to cloud. And what happens, you know, similar to doing a home your own home remodel, right, you start looking at everything else that touches that core system of what Workiva would be one of those things.

And, you know, what we’ve seen and we we’ve highlighted in in earnings calls the year, every quarter, you know, is a deal example of how we get engaged with those. You know, sometimes we get involved upfront, which is organizations wanna make sure that their final disclosures and their process for that doesn’t get disrupted while they’re changing all their their back end transactional things out. So Workiva can play a role there. At times, we’re involved in the middle. For example, we highlighted a deal a couple of quarters ago where a large oil and gas company was going through a transformation, and they discovered they had a 40 year old mainframe system doing internal reporting.

And they said, you know what? We’re not gonna go live on our new cloud system here and connect it to this really old thing. Right? So there it’s the I started remodeling the kitchen. I gotta remodel the room next door because I don’t wanna have those two things coexist.

And finally, I’ve had one last quarter, which was, you know, a deal where they had gone live, in this case with s four HANA. And as part of the overall transformation, they were now looking at the other systems, you know, on the back end. So we can get involved in all three parts of that. And to me, it’s a trigger event for that. You know, it’s important for us, right, where we are working with our partners.

You know, our our trusted partners are typically involved in driving some of these transformations. And for at least, you know, one of these big four firms, you know, we are part of their, you know, s four HANA playbook. Right? So it’s even part of how those partners go and serve those clients as Workiva, if that requirement comes in, is part of that transformation.

Jacob Berge, Research Analyst, William Blair: Okay. That’s helpful. And then I’m not gonna ask you to predict when IPO markets return or anything like that, but just on the capital markets piece of your business, how has your traction been with getting into private companies earlier in their reporting process? And maybe take us back to a more normalized kind of IPO environment back in 2019 or 2020 and how capital markets activity kind of benefited your platform during those times?

Jill, Chief Financial Officer, Workiva: Yeah. So I’ll start with the the last question, which would have been 2021 when it was, the largest year that we saw around capital markets. It was less than 5% of our total revenue, and we’ve maintained a pretty steady state then, you know, as we moved into 2022, ’20 ’20 ’3, ’20 ’20 ’4 around capital markets, and thank you for not asking us to time that out. I would not do so because, you know, capital markets remains a potential tailwind for us if there is a true return to a lot of activity there. And and thinking about how we market to private companies, I would say in the past that we really would have focused on a private to public pathway, so working with a private company in their annual interim reporting and building a control environment as they were considering an IPO.

But we’ve moved more towards there’s a there’s a lot of really large private companies, and we’ve we were less focusing on that potential move to a to an IPO and more around just serving them for their needs as as they have them as being a large private company, whether they’re reporting to different investors or, you know, however they’re funded, there’s there’s still a need for them to operate in that way and honestly, they’re probably expected to, especially at size, have a more quarterly, a more external financial reporting cadence where they’re reporting quarterly to different stakeholders, where they’re expected to have a very strong control environment. And and we help those companies to to maintain that within the platform similar to how we would for a public company, regardless of whether or not they’re on a path to an IPO. Of course, if they do move towards an IPO, we expect to be able to help them, but it it’s more the focus on private companies as a whole as being a very valid market for us, the same way that a private a public company would be.

Jacob Berge, Research Analyst, William Blair: Okay. That’s helpful. And then we’re coming up on time here, so I’ll ask one last question, but per usual, I’ll make it a two or three parter to get in everything. The go to market motion has been you’ve been making some changes to your go to market motion over the last year or so. So could you talk about a, how those have changes have been trending?

B, what inning are we in? Like, where are we at in the process? And then the last part would be, where are we at in terms of getting the AEs to be able to sell the full platform versus being kind of supplemented by the the more solution specialists for each of the

Mike Gross, Chief Strategy Officer, Workiva: Well, I’m gonna take the middle one first on on the ending and having been in software for a number of decades, right? I will say no no company has ever done with their sales and marketing, you know, programs, right? It’s it’s kinda you’re evolving at different stages of company and different things. So it’s always a moving a moving target. You know, the way we talk about it, right, it’s it’s about the structure, it’s about the staff, and it’s about the strategy.

And yes, we are making some structural changes. You know, it’s interesting when I bring that up, you know, half the investors I talk to say, you know, make changes faster. The other half say, woah, don’t don’t impact growth. Right? So it’s finding that balance of how we go through that.

So we are methodically going through that and and doing some structural things to to make sure that we have a a, you know, more, you know, you know, effective productive model, you know, in the future. On the strategy side, it is really about where we’re selling and and and, you know, where we allocate those resources. And the staff side is really about bringing in different type of seller in. Now Jill highlighted some of the larger contract metrics that we have now. And with that, right, it is finding reps that are, you know, truly scalers and evangelists and go out and close those large deals.

Right? Million dollar deals don’t happen in software. Right? You have to go earn those, and it’s a different type of skill set to close a million dollar deal versus a, you know, a $50,000 deal, and we’re focused on that strategy. So from from that standpoint, Joe, mean, you know, where we’re going with this?

It’s in the model a little bit and

Jill, Chief Financial Officer, Workiva: Absolutely. It’s in the model. And to to continue to look for ways to more efficiently deliver on have our sellers deliver more efficiently. A lot of them that we’ve hired more recently, getting them up to speed to be more productive. All those things are a thing are where we’re focusing as we consider our margin goals over the next few years.

Jacob Berge, Research Analyst, William Blair: K. That’s really helpful. Well, thanks, Jill. Thanks, Mike. Appreciate you all spending time with us today.

Thanks, everyone, in the audience. If you are interested in digging deeper into the story, we’ll be up in the breakout room, Jenny B, and that that breakout session will start in about ten minutes. But thanks, everyone.

Jill, Chief Financial Officer, Workiva: Thanks, Jay. Thank you. This presentation has now finished. Please check back shortly for the archive.

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