Upwork Inc. (UPWK) Financial Statements (2024 and earlier)

Company Profile

Business Address 475 BRANNAN STREET
SAN FRANCISCO, CA 94107
State of Incorp. DE
Fiscal Year End December 31
Industry (SIC) 7374 - Computer Processing and Data Preparation and Processing Services (benchmarking)
More info Complete Financial Analysis Financial Benchmarking

Balance Sheet (Statement of Financial Position) ($ in thousands)

3/31/2024
MRQ
12/31/2023
12/31/2022
12/31/2021
12/31/2020
12/31/2019
12/31/2018
ASSETS
Current Assets
Cash, cash equivalents, and short-term investments550,098686,614684,771169,651133,873129,128
Cash and cash equivalents79,641129,384187,20594,08148,392129,128
Short-term investments470,457557,230497,56675,57085,481 
Restricted cash and investments 3,6003,6003,2002,3001,7002,200
Receivables103,06164,88866,82647,01830,15622,315
Other undisclosed current assets226,612175,804174,856141,832114,906102,239
Total current assets:883,371930,906929,653360,801280,635255,882
Noncurrent Assets
Operating lease, right-of-use asset4,3337,60310,68219,72921,908
Property, plant and equipment27,14022,06321,32928,13921,45410,815
Intangible assets, net (including goodwill)121,267118,219118,219118,886121,554124,223
Goodwill118,219118,219118,219118,219118,219118,219
Intangible assets, net (excluding goodwill)3,048  6673,3356,004
Other noncurrent assets1,4301,4541,1781,672829653
Total noncurrent assets:154,170149,339151,408168,426165,745135,691
TOTAL ASSETS:1,037,5411,080,2451,081,061529,227446,380391,573
LIABILITIES AND EQUITY
Liabilities
Current Liabilities
Accounts payable and accrued liabilities32,04826,92129,05620,6646,44012,209
Employee-related liabilities23,04714,0075,3449,314
Accounts payable5,0637,5494,9966,4556522,073
Accrued liabilities26,98519,3721,013202444822
Deferred revenue17,36125,07522,08316,80113,799
Debt    7,58110,7985,671
Contract with customer, liability722
Other undisclosed current liabilities243,594195,696182,495153,701118,061108,998
Total current liabilities:293,003247,692233,634198,747149,098127,600
Noncurrent Liabilities
Long-term debt and lease obligation356,087564,261578,05223,64831,88518,239
Long-term debt, excluding current maturities356,087564,261561,2993,14210,69918,239
Liabilities, other than long-term debt7,37619,4139,8587,5225,9731,989
Other liabilities1,2888,2369,8587,5225,9731,989
Operating lease, liability6,08811,17716,75320,50621,186
Total noncurrent liabilities:363,463583,674587,91031,17037,85820,228
Total liabilities:656,466831,366821,544229,917186,956147,828
Equity
Equity, attributable to parent381,075248,879259,517299,310259,424243,745
Common stock141313121111
Treasury stock, value      
Additional paid in capital674,918592,900510,568494,122431,370387,233
Accumulated other comprehensive income (loss)205(3,085)    
Accumulated deficit(294,062)(340,949)(251,064)(194,824)(171,957)(143,499)
Total equity:381,075248,879259,517299,310259,424243,745
TOTAL LIABILITIES AND EQUITY:1,037,5411,080,2451,081,061529,227446,380391,573

Income Statement (P&L) ($ in thousands)

3/31/2024
TTM
12/31/2023
12/31/2022
12/31/2021
12/31/2020
12/31/2019
12/31/2018
Revenues689,136618,318502,797373,628300,562253,354
Cost of revenue(170,450)(160,402)(135,508)(2,900)(900)(81,458)
Cost of goods and services sold(170,450)(160,402)(135,508)(104,267)(88,144)(81,458)
Other undisclosed gross profit    (101,367)(87,244) 
Gross profit:518,686457,916367,289269,361212,418171,896
Operating expenses(529,946)(550,540)(421,506)(291,769)(231,150)(183,608)
Operating income (loss):(11,260)(92,624)(54,217)(22,408)(18,732)(11,712)
Nonoperating income (expense)
(Other Nonoperating Income (Expense))
60,1377,7582794693,407(6,142)
Interest and debt expense38,945(4,483)(2,180)(778)(1,306)(2,038)
Income (loss) from continuing operations before equity method investments, income taxes:87,822(89,349)(56,118)(22,717)(16,631)(19,892)
Other undisclosed loss from continuing operations before income taxes(38,945)     
Income (loss) from continuing operations before income taxes:48,877(89,349)(56,118)(22,717)(16,631)(19,892)
Income tax expense(1,990)(536)(122)(150)(28)(15)
Income (loss) from continuing operations:46,887(89,885)(56,240)(22,867)(16,659)(19,907)
Loss before gain (loss) on sale of properties:(56,240)(22,867)(16,659)(19,907)
Net income (loss) available to common stockholders, basic:46,887(89,885)(56,240)(22,867)(16,659)(19,907)
Interest on convertible debt389     
Other undisclosed net loss available to common stockholders, diluted (38,525)     
Net income (loss) available to common stockholders, diluted:8,751(89,885)(56,240)(22,867)(16,659)(19,907)

Comprehensive Income ($ in thousands)

3/31/2024
TTM
12/31/2023
12/31/2022
12/31/2021
12/31/2020
12/31/2019
12/31/2018
Net income (loss):46,887(89,885)(56,240)(22,867)(16,659)(19,907)
Comprehensive income (loss):46,887(89,885)(56,240)(22,867)(16,659)(19,907)
Other undisclosed comprehensive income (loss), net of tax, attributable to parent3,290(2,557)    
Comprehensive income (loss), net of tax, attributable to parent:50,177(92,442)(56,240)(22,867)(16,659)(19,907)

Statements Sources

The financial statements are based on the Company's filings with the U.S. Securities and Exchange Commission (SEC) through the Electronic Data Gathering, Analysis, and Retrieval system (EDGAR). The information is derived from the 10-K and 10-Q reports submitted to the SEC in XBRL (eXtensible Business Reporting Language) format and presented according to the US GAAP Taxonomy. Please review the original filings for a more detailed information.

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