← UPWORK, INC
| Annual Trend | FY 2017 | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Net income | ($4.1m) |
($19.9m)
-382.83%
|
($16.7m)
+16.32%
|
($22.9m)
-37.27%
|
($56.2m)
-145.94%
|
($89.9m)
-59.82%
|
$46.9m
+152.16%
|
$215.6m
+359.80%
|
$115.4m
-46.46%
|
$109.2m
-5.43%
|
|
| Depreciation and amortization | $4.2m | $4.9m | $6.7m | $10.2m | $10.3m | $8.1m | $9.4m | $14.8m | $25.7m | $30.9m | |
| Amortization of debt issuance costs | $49k | $77k | $52k | $61k | $1.2m | $3.0m | $2.1m | $1.8m | $1.8m | — | |
| Amortization of operating lease asset | — | — | $3.9m | $3.9m | $3.5m | $3.1m | $3.3m | $2.8m | $741k | — | |
| Deferred taxes | — | — | — | — | — | $0 | $0 | ($129.3m) | $18.5m | — | |
| Stock-based compensation expense | $6.8m | $10.4m | $18.8m | $25.5m | $53.6m | $75.5m | $74.2m | $68.4m | $65.4m | $68.5m | |
| Trade and client receivables | ($8.9m) | $3.5m | ($10.9m) | ($20.0m) | ($24.6m) | ($20.2m) | ($47.7m) | ($4.8m) | ($3.3m) | — | |
| Accounts payable | $74k | $1.6m | ($1.5m) | $5.8m | ($1.4m) | $2.6m | ($2.5m) | $969k | ($1.2m) | $4.0m | |
| Accrued expenses and other liabilities | ($6.1m) | $2.8m | ($3.0m) | $15.4m | $10.3m | $3.7m | $5.7m | $4.7m | $27.7m | — | |
| Deferred revenue | $20k | $109k | $4.4m | $4.0m | $7.5m | $4.3m | ($14.5m) | ($10.9m) | $489k | — | |
| Prepaid expenses and other assets | ($479k) | ($1.3m) | ($2.1m) | ($1.2m) | ($7.0m) | ($630k) | $146k | ($656k) | ($2.6m) | — | |
| Net cash provided by operating activities | ($4.0m) |
$13.7m
+443.51%
|
$1.1m
-92.30%
|
$22.4m
+2013.89%
|
$10.8m
-51.55%
|
$6.6m
-39.47%
|
$27.2m
+315.02%
|
$153.6m
+464.13%
|
$248.3m
+61.67%
|
$234.3m
-5.62%
|
|
| Purchases of property and equipment | ($1.8m) | ($3.0m) | ($10.8m) | ($6.3m) | ($1.0m) | ($1.2m) | ($692k) | ($3.5m) | ($5.8m) | ($29.1m) | |
| Property and equipment purchased but not yet paid | $114k | $2.8m | $161k | $37k | $22k | $0 | $27k | $26k | $0 | — | |
| Accretion of discount on purchases of marketable securities, net | $0 | $0 | ($1.2m) | ($320k) | $298k | ($1.5m) | ($14.4m) | ($11.9m) | ($8.2m) | — | |
| Purchases of marketable securities | $0 | $0 | ($168.8m) | ($107.3m) | ($525.3m) | ($581.9m) | ($709.2m) | ($362.3m) | ($485.2m) | — | |
| Proceeds from maturities of marketable securities | $0 | $0 | $84.5m | $117.5m | $102.5m | $521.2m | $648.8m | $486.9m | $420.4m | — | |
| Proceeds from sale of marketable securities | — | — | — | — | $0 | $0 | $165.0m | $41.8m | $11.3m | — | |
| Net cash (used in) provided by investing activities | ($2.3m) | ($6.8m) | ($100.9m) | ($4.1m) | ($429.0m) | ($69.5m) | $88.3m | $137.6m | ($136.9m) | — | |
| Tides Foundation common stock warrant expense | $0 | $226k | $711k | $750k | $750k | $750k | $750k | $750k | $750k | — | |
| Proceeds from exercises of stock options and common stock warrant | $2.5m | $8.2m | $18.2m | $31.0m | $7.2m | $1.6m | $2.0m | $3.3m | $750k | — | |
| Repurchase of common stock | — | — | — | — | — | $0 | $0 | ($100.0m) | ($136.0m) | — | |
| Net cash used in financing activities | $27.7m |
$112.1m
+303.94%
|
$29.4m
-73.76%
|
$54.6m
+85.84%
|
$537.7m
+884.13%
|
$6.1m
-98.87%
|
($114.3m)
-1979.38%
|
($82.0m)
+28.30%
|
($138.0m)
-68.39%
|
($209.1m)
-51.53%
|
|
| Cash, cash equivalents, and restricted cash—beginning of period | $111.1m | $230.1m | $159.6m | $232.5m | $352.1m | $295.2m | $296.4m | $505.6m | $478.9m | — | |
| NET CHANGE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH | $21.4m | $119.0m | ($70.5m) | $72.9m | $119.6m | ($56.8m) | $1.2m | $209.2m | ($26.7m) | ||
| Additional Supplementary Disclosures | |||||||||||
| Additional Supplementary Disclosures | |||||||||||
| Provision for transaction losses | $4.2m | $5.1m | $3.1m | $2.9m | $5.2m | $23.3m | $8.7m | $5.5m | $6.7m | — | |
| Gain on early extinguishment of convertible senior notes | — | — | — | — | $0 | $0 | ($38.9m) | $0 | $0 | — | |
| Operating lease liability | — | — | ($1.5m) | ($1.9m) | ($1.2m) | ($5.4m) | ($5.9m) | ($4.4m) | $188k | — | |
| Purchase of an intangible asset | — | — | — | — | $0 | $0 | ($3.0m) | $0 | $0 | — | |
| Acquisition of business, net of cash acquired | — | — | — | — | — | $0 | $0 | ($14.3m) | ($58.4m) | — | |
| Internal-use software and platform development costs | ($489k) | ($3.8m) | ($5.9m) | ($8.0m) | ($5.1m) | ($7.5m) | ($12.7m) | ($10.9m) | ($19.3m) | — | |
| Change in escrow funds payable, net | — | — | — | — | — | ($4.3m) | $25.4m | $10.0m | ($6.7m) | — | |
| Proceeds from employee stock purchase plan | $0 | $0 | $6.4m | $4.9m | $4.8m | $3.8m | $4.1m | $4.8m | $3.9m | — | |
| Net cash paid for early extinguishment of convertible senior notes | — | — | — | — | $0 | $0 | ($171.3m) | $0 | $0 | — | |
| Cash paid for income taxes | $55k | $13k | $42k | $0 | $0 | $0 | $2.0m | $4.6m | $13.5m | — | |
| Cash paid for interest | $847k | $2.0m | $1.3m | $764k | $373k | $1.5m | $1.3m | $920k | $1.2m | — | |
| Right-of-use asset recognized | — | — | — | — | — | $0 | $0 | $4.4m | $0 | — | |
| Internal-use software and platform development costs incurred but not yet paid | $0 | $130k | $684k | $286k | $106k | $73k | $215k | $400k | $1.1m | — |