Research Analyst at BMO Capital Markets
Kyle Aberasturi is an Equity Research Senior Associate at BMO Capital Markets, specializing in software equity research. He is responsible for financial analysis and investment strategies within the software sector, supporting coverage of key software companies in BMO’s research universe. Aberasturi joined BMO Capital Markets as a Senior Associate and has held the position since early 2024, bringing a strong foundation in financial modeling and market analysis to the team. His professional credentials include significant expertise as an analyst, though specific securities licenses and industry recognition are not publicly available.
Kyle Aberasturi, on for Dan Jester of BMO Capital Markets, asked about the potential impact of the new R&D tax credit policy on the company's cash flows.
CFO Patrick Villanova confirmed that the proposed bill would have a beneficial impact, projecting an approximate $10 million increase in free cash flow in the second half of the year, with a more significant positive effect expected in 2026 and beyond.
Kyle Aberasturi, on for Daniel Jester, asked for the key product portfolio drivers behind the strong growth in large customers and for an update on the competitive landscape. He also inquired about investment plans and headcount expectations for the remainder of 2025 and into 2026.
CEO Julie Iskow reiterated that demand is broad-based across the entire solution portfolio, not concentrated in one area, which is a key strength. She described the competition as primarily point solutions and legacy technology, against which Workiva's unified, partner-connected platform is a strong differentiator. CFO Jill Klindt added that investment and hiring will be disciplined, with a focus on productivity and leverage from existing resources to ensure profitable growth in line with long-term margin goals.
Kyle Aberasturi from BMO Capital Markets, on for Dan Jester, asked for more detail on the S/4HANA customer win and the related pipeline. He also inquired about the performance of 'carbon-first' deals and cross-selling to legacy Sustain.Life customers.
CEO Julie Iskow described the S/4HANA deal as a typical engagement driven by partners with ERP practices. Regarding Workiva Carbon, CFO Jill Klindt clarified that the legacy Sustain.Life business was immaterial and the strategic focus is on using the new capability to drive organic growth for the entire Workiva platform, not on cross-selling to a small acquired base.