Upwork Inc. (Nasdaq: UPWK), the world’s largest work marketplace
that connects businesses with independent talent, as measured by
gross services volume (“GSV”), today announced its third quarter
2020 financial results.
“Our third quarter performance was fueled by
strength from both existing and new clients, who adopted Upwork in
record numbers. As the world’s largest work marketplace that
connects businesses with independent talent, as measured by gross
services volume, we have been building capabilities and tools for a
world now increasingly ready to use them,” said Hayden Brown,
President and CEO of Upwork. “Our vision is to place independent
talent at the heart of every business; everything we do is, and
will continue to be, focused on powering our customers’ progress.
This quarter we continued to expand our platform to serve our
customers with Project Catalog, a curated collection of pre-scoped
projects that provides a new click-and-buy way for clients and
freelancers to instantly begin working together on the Upwork
marketplace.”
Third Quarter 2020 Financial
Results
- Gross services volume (GSV) increased by 23%
year-over-year to $654.5 million;
- Revenue grew 24% year-over-year to $96.7
million;
- Marketplace revenue grew 26% year-over-year to
$88.0 million;
- Marketplace take rate was 13.6%, up from 13.3%
a year ago;
- Gross margin increased two percentage points
year-over-year to 73%;
- Net loss was $2.7 million, or $(0.02) per
share, compared to a net loss of $3.5 million, or $(0.03) per
share, in the third quarter of 2019;
- Non-GAAP net income was $5.0 million, or $0.04
per share, compared to non-GAAP net income of $1.1 million, or
$0.01 per share, in the third quarter of 2019; and
- Adjusted EBITDA, a non-GAAP financial measure,
was $6.7 million compared to adjusted EBITDA of $2.0 million in the
third quarter of 2019.
Note: Reported figures are rounded; unless
otherwise noted, comparisons of the third quarter of 2020 are to
the third quarter of 2019. All financial measures are GAAP unless
cited as non-GAAP. Certain operating metrics used here, including
“GSV” and “marketplace take rate,” are defined in our Annual Report
on Form 10-K for the full year ended December 31, 2019 and our most
recently filed Quarterly Report on Form 10-Q.
A reconciliation of GAAP to non-GAAP financial
measures has been provided at the end of this press release. An
explanation of these measures is also included below under the
heading “Non-GAAP Financial Measures.”
GuidanceThe fourth quarter
guidance we are providing today factors in the expected impacts of
the COVID-19 pandemic that are available to us as of today.
As of November 4, 2020, Upwork is providing
the following guidance for its fourth quarter and full year 2020 as
follows:
For the fourth quarter of 2020, Upwork expects
to report:
- Revenue in the range of $96 million to $98 million
- Weighted-average shares outstanding in the range of 122 million
to 124 million
For the full year 2020, Upwork expects to
report:
- Revenue in the range of $363 million to $365 million
- Weighted-average shares outstanding in the range of 118 million
to 122 million
Third Quarter 2020 Financial Results
Conference Call and Webcast
Upwork will host a conference call today at 2
p.m. Pacific Time/5 p.m. Eastern Time to discuss the company’s
third quarter 2020 financial results. An audio webcast archive will
be available following the live event for approximately one year at
investors.upwork.com. The prepared remarks corresponding to the
information reviewed on today’s conference call will also be
available on our Investor Relations website, once the call has
concluded.
We use our investor relations website
(investors.upwork.com), our Twitter handle (twitter.com/Upwork) and
Hayden Brown’s Twitter handle (twitter.com/hydnbrwn) and LinkedIn
profile (linkedin.com/in/haydenlbrown) as a means of disseminating
or providing notification of, among other things, news or
announcements regarding our business or financial performance,
investor events, press releases and earnings releases and as a
means of disclosing material non-public information and for
complying with our disclosure obligations under Regulation FD. The
content of our websites and information that we may post on or
provide to online and social media channels, including those
mentioned above, and information that can be accessed through our
websites or these online and social media channels are not
incorporated by reference into this press release or in any report
or document we file with the SEC, and any references to our
websites or these online and social media channels are intended to
be inactive textual references only.
Safe Harbor Statement
This press release includes forward-looking
statements, which are statements other than statements of
historical facts, and statements in the future tense. These
statements include, but are not limited to, statements regarding
the future performance of Upwork and its market opportunity,
including expected financial results for the fourth quarter of 2020
and full year 2020, expectations regarding the impact of the
COVID-19 pandemic on our business and industry, and expectations
for capturing market share and regarding the changing landscape of
work, as well as statements regarding our planned investments to
support growth. Accordingly, actual results could differ materially
or such uncertainties could cause adverse effects on our results.
Forward-looking statements are based upon various estimates and
assumptions, as well as information known to Upwork as of the date
of this press release, and are subject to risks and uncertainties,
including but not limited to: the impact and duration of the
COVID-19 pandemic on our business and global economic conditions;
the impact, severity and duration of safety measures put in place
to mitigate the impact of the COVID-19 pandemic; our ability to
attract and retain a community of freelancers and clients; our
limited operating history under our current business strategy and
pricing model; our focus on the long-term and our investments in
sustainable, profitable growth; our ability to develop and release
new products and services, and develop and release successful
enhancements, features, and modifications to our existing products
and services; the impact of new and existing laws and regulations;
our ability to generate revenue from our marketplace offerings and
the effects of fluctuations in our level of client spend retention;
our ability to develop, maintain, and enhance our brand and
reputation cost-effectively; competition; challenges to contractor
classification or employment status of freelancers on our platform;
the possibility that the market for freelancers and the services
they offer will develop more slowly than we expect; user
circumvention of our platform; our ability to sell to mid-market,
large enterprise, and global account clients; the success of our
investments in our enterprise sales organization and our related
marketing efforts, and expectations for the ability for enterprise
sales to drive incremental revenue and GSV growth; changes in the
amount and mix of services facilitated through our platform in a
period; changes in our level of investment in sales and marketing,
research and development, and general and administrative expenses,
and our hiring plans for sales personnel; the market for
information technology; future changes to our pricing model;
payment and fraud risks; security breaches; privacy; litigation and
related costs; changes in management; and other general market,
political, economic, and business conditions. Actual results could
differ materially from those predicted or implied, and reported
results should not be considered as an indication of future
performance. Additionally, these forward-looking statements,
particularly our guidance, involve risks, uncertainties and
assumptions, including those related to the impacts of the COVID-19
pandemic on our clients’ spending decisions. Significant variation
from the assumptions underlying our forward-looking statements
could cause our actual results to vary, and the impact could be
significant.
Additional risks and uncertainties that could
affect our financial results are included under the caption “Risk
Factors” in our Annual Report on Form 10-K filed with the SEC on
March 2, 2020, our Quarterly Report on Form 10-Q filed with the SEC
on August 4, 2020, and our other SEC filings, which are available
on the Investor Relations page of our website at
investors.upwork.com and on the SEC website at www.sec.gov.
Additional information will also be set forth in our Quarterly
Report on Form 10-Q for the three months ended September 30, 2020
when filed. All forward-looking statements contained herein are
based on information available to us as of the date hereof, and we
do not assume any obligation to update these statements as a result
of new information or future events.
Undue reliance should not be placed on the
forward-looking statements in this press release. These statements
are based on information available to Upwork on the date hereof,
and Upwork assumes no obligation to update such statements.
Non-GAAP Financial Measures
To supplement our condensed consolidated
financial statements, which are prepared in accordance with GAAP,
we present non-GAAP cost of revenue (and as a percentage of
revenue), non-GAAP gross profit (and as a percentage of revenue),
non-GAAP operating expenses (total and each line item, and total
and each non-GAAP operating expense item as a percentage of
revenue), non-GAAP income (loss) from operations (and as a
percentage of revenue), non-GAAP net income (loss) (and as a
percentage of revenue and on a per share basis), and adjusted
EBITDA in this press release. Our use of non-GAAP financial
measures has limitations as an analytical tool, and these measures
should not be considered in isolation or as a substitute for
analysis of financial results as reported under GAAP.
We use these non-GAAP financial measures in
conjunction with financial measures prepared in accordance with
GAAP for planning purposes, including in the preparation of our
annual operating budget, as a measure of our core operating results
and the effectiveness of our business strategy, and in evaluating
our financial performance. These measures provide consistency and
comparability with past financial performance, facilitate
period-to-period comparisons of core operating results, and also
facilitate comparisons with other peer companies, many of which use
similar non-GAAP financial measures to supplement their GAAP
results. In addition, adjusted EBITDA is widely used by investors
and securities analysts to measure a company’s operating
performance. We exclude the following items from one or more of our
non-GAAP financial measures: stock-based compensation expense
(non-cash expense calculated by companies using a variety of
valuation methodologies and subjective assumptions), depreciation
and amortization (non-cash expense), interest expense, other
(income) expense, net, income tax (benefit) provision, and, if
applicable, other non-cash transactions, which in the periods
presented consists of expense associated with the common stock
warrant that we issued to the Tides Foundation.
Investors are cautioned that there are material
limitations associated with the use of non-GAAP financial measures
as an analytical tool. In particular, (1) stock-based compensation
expense has recently been, and will continue to be for the
foreseeable future, a significant recurring expense for our
business and an important part of our compensation strategy, (2)
although depreciation and amortization expense are non-cash
charges, the assets subject to depreciation and amortization may
have to be replaced in the future, and adjusted EBITDA does not
reflect cash capital expenditure requirements for such replacements
or for new capital expenditure requirements, and (3) adjusted
EBITDA does not reflect: (a) changes in, or cash requirements for,
our working capital needs; (b) interest expense, or the cash
requirements necessary to service interest or principal payments on
our debt, which reduces cash available to us; (c) tax payments that
may represent a reduction in cash available to us; or (d) expense
from our common stock warrant issued to the Tides Foundation, which
is recurring and will be reflected in our financial results for the
foreseeable future. The non-GAAP measures we use may be different
from non-GAAP financial measures used by other companies, limiting
their usefulness for comparison purposes. We compensate for these
limitations by providing specific information regarding the GAAP
items excluded from these non-GAAP financial measures. A
reconciliation of these non-GAAP measures has been provided in the
financial statement tables included in this press release and
investors are encouraged to review the reconciliation.
About Upwork
Upwork is the world’s largest work marketplace
that connects businesses with independent talent, as measured by
gross services volume (“GSV”). We serve everyone from one-person
startups to 30% of the Fortune 100 with a powerful, trust-driven
platform that enables companies and freelancers to work together in
new ways that unlock their potential. Our talent community earned
over $2 billion on Upwork in 2019 across more than 8,000 skills,
including website & app development, creative & design,
customer support, finance & accounting, consulting, and
operations. Learn more at www.upwork.com and join us on
LinkedIn, Twitter, and Facebook.
Upwork is a registered trademark of Upwork Inc.
All other product and brand names may be trademarks or registered
trademarks of their respective owners.
UPWORK INC.CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS(In
thousands, except for per share
data)(Unaudited)
|
Three Months Ended September
30, |
|
Nine Months Ended September
30, |
|
2020 |
|
2019 |
|
2020 |
|
2019 |
Revenue |
|
|
|
|
|
|
|
Marketplace |
$ |
88,040 |
|
|
$ |
69,912 |
|
|
$ |
241,286 |
|
|
$ |
196,095 |
|
Managed services |
8,708 |
|
|
8,103 |
|
|
26,189 |
|
|
24,179 |
|
Total revenue |
96,748 |
|
|
78,015 |
|
|
267,475 |
|
|
220,274 |
|
Cost of revenue |
26,596 |
|
|
22,494 |
|
|
75,489 |
|
|
65,207 |
|
Gross profit |
70,152 |
|
|
55,521 |
|
|
191,986 |
|
|
155,067 |
|
Operating expenses |
|
|
|
|
|
|
|
Research and development |
20,833 |
|
|
16,209 |
|
|
60,728 |
|
|
47,705 |
|
Sales and marketing |
33,577 |
|
|
25,322 |
|
|
98,695 |
|
|
70,319 |
|
General and administrative |
18,047 |
|
|
16,468 |
|
|
52,973 |
|
|
46,193 |
|
Provision for transaction losses |
724 |
|
|
1,214 |
|
|
2,654 |
|
|
2,706 |
|
Total operating expenses |
73,181 |
|
|
59,213 |
|
|
215,050 |
|
|
166,923 |
|
Loss from operations |
(3,029 |
) |
|
(3,692 |
) |
|
(23,064 |
) |
|
(11,856 |
) |
Interest expense |
152 |
|
|
317 |
|
|
640 |
|
|
1,047 |
|
Other (income) expense, net |
(452 |
) |
|
(462 |
) |
|
31 |
|
|
(1,773 |
) |
Loss before income taxes |
(2,729 |
) |
|
(3,547 |
) |
|
(23,735 |
) |
|
(11,130 |
) |
Income tax provision |
(18 |
) |
|
— |
|
|
(57 |
) |
|
(28 |
) |
Net loss |
$ |
(2,747 |
) |
|
$ |
(3,547 |
) |
|
$ |
(23,792 |
) |
|
$ |
(11,158 |
) |
|
|
|
|
|
|
|
|
Net loss per share, basic and
diluted |
$ |
(0.02 |
) |
|
$ |
(0.03 |
) |
|
$ |
(0.20 |
) |
|
$ |
(0.10 |
) |
Weighted-average shares used
to compute net loss per share, basic and diluted |
120,681 |
|
|
111,163 |
|
|
117,121 |
|
|
108,844 |
|
UPWORK INC.CONDENSED
CONSOLIDATED BALANCE SHEETS(In
thousands)(Unaudited)
|
September 30, 2020 |
|
December 31, 2019 |
ASSETS |
|
|
|
Current assets |
|
|
|
Cash and cash equivalents |
$ |
88,436 |
|
|
$ |
48,392 |
|
Marketable securities |
67,051 |
|
|
85,481 |
|
Funds held in escrow, including funds in transit |
128,131 |
|
|
108,721 |
|
Trade and client receivables, net |
39,853 |
|
|
30,156 |
|
Prepaid expenses and other current assets |
8,487 |
|
|
7,885 |
|
Total current assets |
331,958 |
|
|
280,635 |
|
Property and equipment,
net |
27,680 |
|
|
21,454 |
|
Goodwill |
118,219 |
|
|
118,219 |
|
Intangible assets, net |
1,334 |
|
|
3,335 |
|
Operating lease asset |
20,662 |
|
|
21,908 |
|
Other assets, noncurrent |
1,784 |
|
|
829 |
|
Total
assets |
$ |
501,637 |
|
|
$ |
446,380 |
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS’ EQUITY |
|
|
|
Current liabilities |
|
|
|
Accounts payable |
$ |
5,708 |
|
|
$ |
652 |
|
Escrow funds payable |
128,131 |
|
|
108,721 |
|
Debt, current |
7,576 |
|
|
7,584 |
|
Accrued expenses and other current liabilities |
28,766 |
|
|
18,342 |
|
Deferred revenue |
15,892 |
|
|
13,799 |
|
Total current liabilities |
186,073 |
|
|
149,098 |
|
Debt, noncurrent |
5,021 |
|
|
10,699 |
|
Operating lease liability,
noncurrent |
21,693 |
|
|
21,186 |
|
Other liabilities,
noncurrent |
7,276 |
|
|
5,973 |
|
Total liabilities |
220,063 |
|
|
186,956 |
|
|
|
|
|
Stockholders’ equity |
|
|
|
Common stock |
12 |
|
|
11 |
|
Additional paid-in capital |
477,311 |
|
|
431,370 |
|
Accumulated deficit |
(195,749 |
) |
|
(171,957 |
) |
Total stockholders’ equity |
281,574 |
|
|
259,424 |
|
Total liabilities and
stockholders’ equity |
$ |
501,637 |
|
|
$ |
446,380 |
|
UPWORK INC.CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS(In
thousands)(Unaudited)
|
Three Months Ended September
30, |
|
Nine Months Ended September
30, |
|
2020 |
|
2019 |
|
2020 |
|
2019 |
CASH FLOWS FROM OPERATING
ACTIVITIES: |
|
|
|
|
|
|
|
Net loss |
$ |
(2,747 |
) |
|
$ |
(3,547 |
) |
|
$ |
(23,792 |
) |
|
$ |
(11,158 |
) |
Adjustments to reconcile net
loss to net cash provided by operating activities: |
|
|
|
|
|
|
|
Provision for transaction losses |
1,048 |
|
|
1,040 |
|
|
2,654 |
|
|
2,078 |
|
Depreciation and amortization |
2,658 |
|
|
1,671 |
|
|
7,444 |
|
|
4,498 |
|
Amortization of debt issuance costs |
17 |
|
|
13 |
|
|
43 |
|
|
39 |
|
Amortization of discount on purchases of marketable securities |
(54 |
) |
|
(283 |
) |
|
(311 |
) |
|
(948 |
) |
Amortization of operating lease asset |
982 |
|
|
882 |
|
|
2,927 |
|
|
3,059 |
|
Tides Foundation common stock warrant expense |
188 |
|
|
62 |
|
|
564 |
|
|
439 |
|
Stock-based compensation expense |
6,856 |
|
|
3,932 |
|
|
19,527 |
|
|
10,858 |
|
Changes in operating assets
and liabilities: |
|
|
|
|
|
|
|
Trade and client receivables |
(7,717 |
) |
|
22,875 |
|
|
(12,490 |
) |
|
(7,103 |
) |
Prepaid expenses and other assets |
684 |
|
|
(822 |
) |
|
(284 |
) |
|
(1,407 |
) |
Operating lease liability |
(495 |
) |
|
19 |
|
|
(1,420 |
) |
|
(979 |
) |
Accounts payable |
684 |
|
|
1,286 |
|
|
5,087 |
|
|
697 |
|
Accrued expenses and other liabilities |
3,216 |
|
|
1,289 |
|
|
10,448 |
|
|
(799 |
) |
Deferred revenue |
1,430 |
|
|
1,410 |
|
|
3,015 |
|
|
2,727 |
|
Net cash provided by operating activities |
6,750 |
|
|
29,827 |
|
|
13,412 |
|
|
2,001 |
|
CASH FLOWS FROM INVESTING
ACTIVITIES: |
|
|
|
|
|
|
|
Purchases of marketable securities |
(22,467 |
) |
|
(45,383 |
) |
|
(70,215 |
) |
|
(131,950 |
) |
Proceeds from maturities of marketable securities |
25,000 |
|
|
47,700 |
|
|
89,000 |
|
|
72,500 |
|
Purchases of property and equipment |
(583 |
) |
|
(2,795 |
) |
|
(6,210 |
) |
|
(10,230 |
) |
Internal-use software and platform development costs |
(2,008 |
) |
|
(1,872 |
) |
|
(5,567 |
) |
|
(4,054 |
) |
Net cash provided by (used in) investing activities |
(58 |
) |
|
(2,350 |
) |
|
7,008 |
|
|
(73,734 |
) |
CASH FLOWS FROM FINANCING
ACTIVITIES: |
|
|
|
|
|
|
|
Changes in escrow funds payable |
(1,423 |
) |
|
(3,709 |
) |
|
19,409 |
|
|
16,407 |
|
Proceeds from exercises of stock options and common stock
warrants |
7,333 |
|
|
3,634 |
|
|
23,343 |
|
|
13,974 |
|
Proceeds from borrowings on debt |
— |
|
|
— |
|
|
18,000 |
|
|
50,000 |
|
Repayment of debt |
(1,943 |
) |
|
(26,893 |
) |
|
(23,729 |
) |
|
(53,786 |
) |
Proceeds from employee stock purchase plan |
— |
|
|
— |
|
|
2,661 |
|
|
3,577 |
|
Net cash provided by (used in) financing activities |
3,967 |
|
|
(26,968 |
) |
|
39,684 |
|
|
30,172 |
|
NET CHANGE IN CASH, CASH
EQUIVALENTS, AND RESTRICTED CASH |
10,659 |
|
|
509 |
|
|
60,104 |
|
|
(41,561 |
) |
Cash, cash equivalents, and
restricted cash—beginning of period |
209,048 |
|
|
187,997 |
|
|
159,603 |
|
|
230,067 |
|
Cash, cash equivalents, and
restricted cash—end of period |
$ |
219,707 |
|
|
$ |
188,506 |
|
|
$ |
219,707 |
|
|
$ |
188,506 |
|
The following table reconciles cash, cash
equivalents, and restricted cash as reported in the condensed
consolidated balance sheets to the total of the same amounts shown
in the condensed consolidated statements of cash flows as of
September 30, 2020 and December 31, 2019 (in thousands):
|
September 30, 2020 |
|
December 31, 2019 |
Cash and cash equivalents |
$ |
88,436 |
|
|
$ |
48,392 |
|
Restricted cash |
3,140 |
|
|
2,490 |
|
Funds held in escrow,
including funds in transit |
128,131 |
|
|
108,721 |
|
Total cash, cash equivalents,
and restricted cash as shown in the condensed consolidated
statement of cash flows |
$ |
219,707 |
|
|
$ |
159,603 |
|
UPWORK INC.COST OF
REVENUE AND GROSS MARGIN(In thousands, except
percentages)(Unaudited)
|
Three Months Ended September
30, |
|
Nine Months Ended September
30, |
|
2020 |
|
2019 |
|
Change |
|
2020 |
|
2019 |
|
Change |
Cost of revenue |
$ |
26,596 |
|
|
$ |
22,494 |
|
|
$ |
4,102 |
|
|
18 |
% |
|
$ |
75,489 |
|
|
$ |
65,207 |
|
|
$ |
10,282 |
|
|
16 |
% |
Components of cost of
revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of freelancer services to deliver managed services |
7,093 |
|
|
6,745 |
|
|
348 |
|
|
5 |
% |
|
21,327 |
|
|
20,143 |
|
|
1,184 |
|
|
6 |
% |
Other components of cost of revenue |
19,503 |
|
|
15,749 |
|
|
3,754 |
|
|
24 |
% |
|
54,162 |
|
|
45,064 |
|
|
9,098 |
|
|
20 |
% |
Total gross margin |
73 |
% |
|
71 |
% |
|
|
|
|
|
72 |
% |
|
70 |
% |
|
|
|
|
UPWORK
INC.RECONCILIATION OF GAAP TO NON-GAAP
RESULTS(In thousands, except for percentages and
per share data)(Unaudited)
|
Three Months Ended September
30, |
|
Nine Months Ended September
30, |
|
2020 |
|
2019 |
|
2020 |
|
2019 |
GAAP Net Loss |
$ |
(2,747 |
) |
|
$ |
(3,547 |
) |
|
$ |
(23,792 |
) |
|
$ |
(11,158 |
) |
Add back (deduct): |
|
|
|
|
|
|
|
Stock-based compensation expense |
6,856 |
|
|
3,932 |
|
|
19,527 |
|
|
10,858 |
|
Depreciation and amortization |
2,658 |
|
|
1,671 |
|
|
7,444 |
|
|
4,498 |
|
Interest expense |
152 |
|
|
317 |
|
|
640 |
|
|
1,047 |
|
Other (income) expense, net |
(452 |
) |
|
(462 |
) |
|
31 |
|
|
(1,773 |
) |
Income tax provision |
18 |
|
|
— |
|
|
57 |
|
|
28 |
|
Tides Foundation common stock warrant expense |
188 |
|
|
62 |
|
|
564 |
|
|
439 |
|
Non-GAAP Adjusted EBITDA |
$ |
6,673 |
|
|
$ |
1,973 |
|
|
$ |
4,471 |
|
|
$ |
3,939 |
|
|
|
|
|
|
|
|
|
Cost of Revenue
Reconciliation: |
|
|
|
|
|
|
|
Cost of revenue, GAAP |
$ |
26,596 |
|
|
$ |
22,494 |
|
|
$ |
75,489 |
|
|
$ |
65,207 |
|
Stock-based compensation |
(203 |
) |
|
(109 |
) |
|
(579 |
) |
|
(326 |
) |
Cost of revenue, Non-GAAP |
$ |
26,393 |
|
|
$ |
22,385 |
|
|
$ |
74,910 |
|
|
$ |
64,881 |
|
% of revenue, GAAP |
27 |
% |
|
29 |
% |
|
28 |
% |
|
30 |
% |
% of revenue, Non-GAAP |
27 |
% |
|
29 |
% |
|
28 |
% |
|
29 |
% |
|
|
|
|
|
|
|
|
Gross Profit
Reconciliation: |
|
|
|
|
|
|
|
Gross profit, GAAP |
$ |
70,152 |
|
|
$ |
55,521 |
|
|
$ |
191,986 |
|
|
$ |
155,067 |
|
Stock-based compensation |
203 |
|
|
109 |
|
|
579 |
|
|
326 |
|
Gross profit, Non-GAAP |
$ |
70,355 |
|
|
$ |
55,630 |
|
|
$ |
192,565 |
|
|
$ |
155,393 |
|
% of revenue, GAAP |
73 |
% |
|
71 |
% |
|
72 |
% |
|
70 |
% |
% of revenue, Non-GAAP |
73 |
% |
|
71 |
% |
|
72 |
% |
|
71 |
% |
|
|
|
|
|
|
|
|
Operating Expenses
Reconciliation: |
|
|
|
|
|
|
|
Research and development,
GAAP |
$ |
20,833 |
|
|
$ |
16,209 |
|
|
$ |
60,728 |
|
|
$ |
47,705 |
|
Stock-based compensation |
(2,567 |
) |
|
(1,503 |
) |
|
(7,286 |
) |
|
(4,569 |
) |
Research and development, Non-GAAP |
$ |
18,266 |
|
|
$ |
14,706 |
|
|
$ |
53,442 |
|
|
$ |
43,136 |
|
% of revenue, GAAP |
22 |
% |
|
21 |
% |
|
23 |
% |
|
22 |
% |
% of revenue, Non-GAAP |
19 |
% |
|
19 |
% |
|
20 |
% |
|
20 |
% |
|
|
|
|
|
|
|
|
Sales and marketing, GAAP |
$ |
33,577 |
|
|
$ |
25,322 |
|
|
$ |
98,695 |
|
|
$ |
70,319 |
|
Stock-based compensation |
(1,212 |
) |
|
(635 |
) |
|
(3,452 |
) |
|
(1,860 |
) |
Sales and marketing, Non-GAAP |
$ |
32,365 |
|
|
$ |
24,687 |
|
|
$ |
95,243 |
|
|
$ |
68,459 |
|
% of revenue, GAAP |
35 |
% |
|
32 |
% |
|
37 |
% |
|
32 |
% |
% of revenue, Non-GAAP |
33 |
% |
|
32 |
% |
|
36 |
% |
|
31 |
% |
|
|
|
|
|
|
|
|
General and administrative,
GAAP |
$ |
18,047 |
|
|
$ |
16,468 |
|
|
$ |
52,973 |
|
|
$ |
46,193 |
|
Stock-based compensation |
(2,874 |
) |
|
(1,685 |
) |
|
(8,210 |
) |
|
(4,103 |
) |
Amortization of intangible
assets |
(667 |
) |
|
(667 |
) |
|
(1,334 |
) |
|
(1,334 |
) |
Tides Foundation common stock
warrant expense |
(188 |
) |
|
(62 |
) |
|
(564 |
) |
|
(439 |
) |
General and administrative, Non-GAAP |
$ |
14,318 |
|
|
$ |
14,054 |
|
|
$ |
42,865 |
|
|
$ |
40,317 |
|
% of revenue, GAAP |
19 |
% |
|
21 |
% |
|
20 |
% |
|
21 |
% |
% of revenue, Non-GAAP |
15 |
% |
|
18 |
% |
|
16 |
% |
|
18 |
% |
|
|
|
|
|
|
|
|
Loss from Operations
Reconciliation: |
|
|
|
|
|
|
|
Loss from operations,
GAAP |
$ |
(3,029 |
) |
|
$ |
(3,692 |
) |
|
$ |
(23,064 |
) |
|
$ |
(11,856 |
) |
Stock-based compensation |
6,856 |
|
|
3,932 |
|
|
19,527 |
|
|
10,858 |
|
Amortization of intangible
assets |
667 |
|
|
667 |
|
|
1,334 |
|
|
1,334 |
|
Tides Foundation common stock
warrant expense |
188 |
|
|
62 |
|
|
564 |
|
|
439 |
|
Income (loss) from operations, Non-GAAP |
$ |
4,682 |
|
|
$ |
969 |
|
|
$ |
(1,639 |
) |
|
$ |
775 |
|
% of revenue, GAAP |
-3 |
% |
|
-5 |
% |
|
-9 |
% |
|
-5 |
% |
% of revenue, Non-GAAP |
5 |
% |
|
1 |
% |
|
-1 |
% |
|
— |
% |
|
|
|
|
|
|
|
|
Net Loss
Reconciliation: |
|
|
|
|
|
|
|
Net loss, GAAP |
$ |
(2,747 |
) |
|
$ |
(3,547 |
) |
|
$ |
(23,792 |
) |
|
$ |
(11,158 |
) |
Stock-based compensation |
6,856 |
|
|
3,932 |
|
|
19,527 |
|
|
10,858 |
|
Amortization of intangible
assets |
667 |
|
|
667 |
|
|
1,334 |
|
|
1,334 |
|
Tides Foundation common stock
warrant expense |
188 |
|
|
62 |
|
|
564 |
|
|
439 |
|
Net income (loss), Non-GAAP |
$ |
4,964 |
|
|
$ |
1,114 |
|
|
$ |
(2,367 |
) |
|
$ |
1,473 |
|
% of revenue, GAAP |
-3 |
% |
|
-5 |
% |
|
-9 |
% |
|
-5 |
% |
% of revenue, Non-GAAP |
5 |
% |
|
1 |
% |
|
-1 |
% |
|
1 |
% |
|
|
|
|
|
|
|
|
Net Loss per Share
Reconciliation: |
|
|
|
|
|
|
|
Weighted-average shares
outstanding |
120,681 |
|
|
111,163 |
|
|
117,121 |
|
|
108,844 |
|
Net loss per share, GAAP |
$ |
(0.02 |
) |
|
$ |
(0.03 |
) |
|
$ |
(0.20 |
) |
|
$ |
(0.10 |
) |
Net income (loss) per share,
Non-GAAP |
$ |
0.04 |
|
|
$ |
0.01 |
|
|
$ |
(0.02 |
) |
|
$ |
0.01 |
|
Upwork (NASDAQ:UPWK)
Historical Stock Chart
From Aug 2024 to Sep 2024
Upwork (NASDAQ:UPWK)
Historical Stock Chart
From Sep 2023 to Sep 2024