Workiva’s niche is tangentially related to large incumbents SAP and Oracle, which are likely to replicate these reporting capabilities in coming years.

Workiva occupies a narrow niche and may struggle to adequately expand into new applications and, in turn, maintain robust revenue growth and reach profitability. 

North America generates 95% of Workiva’s revenue, and the company may struggle to break into the European market where it is less familiar with regulatory reporting requirements in this new jurisdiction.

Workiva’s Solution-based pricing may lower the barriers of adoption for new users within existing customers, allowing them to expand Wdesk to additional use cases within the organization.

Workiva is expanding into new use cases with more than half of bookings in 2018 related to non-SEC use cases.

We believe Workiva has a first mover advantage in a niche software application (regulatory reporting) that has a massive tailwind and is only expected to expand going forward.

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