10-Q Filing

UPWORK, INC CIK: 1627475 Q1 2019

Filing Information

Form Type	10-Q
Accession Number	`0001627475-19-000015`
Period End Date	20190331
Filing Date	20190508
Fiscal Year	2019
Fiscal Period	Q1
XBRL Instance	upwk-20190331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 66 Income Statement 32 Cash Flow Statement 68 Stockholders Equity 23

Balance Sheet 66 line items

Line Item	Tag	Value	Unit	Period
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$2.41M	USD	Point-in-time
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$2.83M	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	490.00M	shares	Point-in-time
Cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$21.59M	USD	Point-in-time
Cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$49.22M	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	490.00M	shares	Point-in-time
Cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$129.13M	USD	Point-in-time
Cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$26.46M	USD	Point-in-time
Marketable securities	`MarketableSecuritiesCurrent`	$72.00M	USD	Point-in-time
Marketable securities	`MarketableSecuritiesCurrent`	-	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	106.45M	shares	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	106.73M	shares	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	106.45M	shares	Point-in-time
Funds held in escrow, including funds in transit	`EscrowDeposit`	$120.08M	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	106.73M	shares	Point-in-time
Funds held in escrow, including funds in transit	`EscrowDeposit`	$98.19M	USD	Point-in-time
Trade and client receivables net of allowance of $2,406 and $2,832 as of March 31, 2019 and December 31, 2018, respectively	`AccountsReceivableNetCurrent`	$22.32M	USD	Point-in-time
Trade and client receivables net of allowance of $2,406 and $2,832 as of March 31, 2019 and December 31, 2018, respectively	`AccountsReceivableNetCurrent`	$48.27M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$6.68M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$6.25M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$255.88M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$296.25M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$10.81M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$12.60M	USD	Point-in-time
Goodwill	`Goodwill`	$118.22M	USD	Point-in-time
Goodwill	`Goodwill`	$118.22M	USD	Point-in-time
Intangible assets, net	`FiniteLivedIntangibleAssetsNet`	$6.00M	USD	Point-in-time
Intangible assets, net	`FiniteLivedIntangibleAssetsNet`	$5.34M	USD	Point-in-time
Other assets, noncurrent	`OtherAssetsNoncurrent`	$653.00K	USD	Point-in-time
Other assets, noncurrent	`OtherAssetsNoncurrent`	$1.39M	USD	Point-in-time
Total assets	`Assets`	$433.80M	USD	Point-in-time
Total assets	`Assets`	$391.57M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$2.07M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.54M	USD	Point-in-time
Escrow funds payable	`EscrowFundsPayable`	$98.19M	USD	Point-in-time
Escrow funds payable	`EscrowFundsPayable`	$120.08M	USD	Point-in-time
Debt, current	`LongTermDebtCurrent`	$5.67M	USD	Point-in-time
Debt, current	`LongTermDebtCurrent`	$32.57M	USD	Point-in-time
Accrued expenses and other current liabilities	`AccruedExpensesAndOtherCurrentLiabilities`	$15.61M	USD	Point-in-time
Accrued expenses and other current liabilities	`AccruedExpensesAndOtherCurrentLiabilities`	$20.95M	USD	Point-in-time
Deferred revenue	`ContractWithCustomerLiabilityCurrent`	$722.00K	USD	Point-in-time
Deferred revenue	`ContractWithCustomerLiabilityCurrent`	$891.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$170.69M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$127.60M	USD	Point-in-time
Debt, noncurrent	`LongTermDebtNoncurrent`	$18.24M	USD	Point-in-time
Debt, noncurrent	`LongTermDebtNoncurrent`	$16.35M	USD	Point-in-time
Other liabilities, noncurrent	`OtherLiabilitiesNoncurrent`	$1.99M	USD	Point-in-time
Other liabilities, noncurrent	`OtherLiabilitiesNoncurrent`	$2.78M	USD	Point-in-time
Total liabilities	`Liabilities`	$189.83M	USD	Point-in-time
Total liabilities	`Liabilities`	$147.83M	USD	Point-in-time
Commitments and contingencies (Note 5)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies (Note 5)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Common stock, $0.0001 par value; 490,000,000 shares authorized as of March 31, 2019 and December 31, 2018; 106,729,758 and 106,454,321 shares issued and outstanding as of March 31, 2019 and December 31, 2018, respectively	`CommonStockValue`	$11.00K	USD	Point-in-time
Common stock, $0.0001 par value; 490,000,000 shares authorized as of March 31, 2019 and December 31, 2018; 106,729,758 and 106,454,321 shares issued and outstanding as of March 31, 2019 and December 31, 2018, respectively	`CommonStockValue`	$11.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$392.19M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$387.23M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-148.23M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-143.50M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$243.97M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$-35.05M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$-31.37M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$243.75M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$433.80M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$391.57M	USD	Point-in-time

Income Statement 32 line items

Line Item	Tag	Value	Unit	Period
Revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$68.92M	USD	1 Quarter
Revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$59.22M	USD	1 Quarter
Cost of revenue	`CostOfGoodsAndServicesSold`	$21.12M	USD	1 Quarter
Cost of revenue	`CostOfGoodsAndServicesSold`	$19.62M	USD	1 Quarter
Gross profit	`GrossProfit`	$39.60M	USD	1 Quarter
Gross profit	`GrossProfit`	$47.80M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$15.80M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$13.49M	USD	1 Quarter
Sales and marketing	`SellingAndMarketingExpense`	$20.52M	USD	1 Quarter
Sales and marketing	`SellingAndMarketingExpense`	$19.67M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$15.68M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$11.18M	USD	1 Quarter
Provision for transaction losses	`ProvisionForTransactionLosses`	$1.27M	USD	1 Quarter
Provision for transaction losses	`ProvisionForTransactionLosses`	$637.00K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$52.63M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$45.61M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-4.83M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-6.01M	USD	1 Quarter
Interest expense	`InterestExpense`	$529.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$373.00K	USD	1 Quarter
Other (income) expense, net	`OtherNonoperatingIncomeExpense`	$479.00K	USD	1 Quarter
Other (income) expense, net	`OtherNonoperatingIncomeExpense`	$-249.00K	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-4.73M	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-6.79M	USD	1 Quarter
Income tax benefit (provision)	`IncomeTaxExpenseBenefit`	$1.00K	USD	1 Quarter
Income tax benefit (provision)	`IncomeTaxExpenseBenefit`	$-3.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-4.73M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-6.78M	USD	1 Quarter
Net loss per share, basic and diluted (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$-0.20	USD	1 Quarter
Net loss per share, basic and diluted (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$-0.04	USD	1 Quarter
Weighted-average shares used to compute net loss per share, basic and diluted (in shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	106.64M	shares	1 Quarter
Weighted-average shares used to compute net loss per share, basic and diluted (in shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	34.19M	shares	1 Quarter

Cash Flow Statement 68 line items

Line Item	Tag	Value	Unit	Period
Net loss	`ProfitLoss`	$-4.73M	USD	1 Quarter
Net loss	`ProfitLoss`	$-6.78M	USD	1 Quarter
Provision for transaction losses	`ProvisionForDoubtfulAccounts`	$1.27M	USD	1 Quarter
Provision for transaction losses	`ProvisionForDoubtfulAccounts`	$415.00K	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortizationExcludingAmortizationOfFinancingCosts`	$1.06M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortizationExcludingAmortizationOfFinancingCosts`	$1.53M	USD	1 Quarter
Amortization of debt issuance costs	`AmortizationOfFinancingCosts`	$39.00K	USD	1 Quarter
Amortization of debt issuance costs	`AmortizationOfFinancingCosts`	$13.00K	USD	1 Quarter
Amortization of discount on purchases of marketable securities	`AccretionAmortizationOfDiscountsAndPremiumsInvestments`	$283.00K	USD	1 Quarter
Amortization of discount on purchases of marketable securities	`AccretionAmortizationOfDiscountsAndPremiumsInvestments`	-	USD	1 Quarter
Change in fair value of redeemable convertible preferred stock warrant liability	`FairValueAdjustmentOfWarrants`	-	USD	1 Quarter
Change in fair value of redeemable convertible preferred stock warrant liability	`FairValueAdjustmentOfWarrants`	$318.00K	USD	1 Quarter
Change in fair value of Tides Foundation common stock warrant	`IncreaseDecreaseInCommonStockWarrant`	$252.00K	USD	1 Quarter
Change in fair value of Tides Foundation common stock warrant	`IncreaseDecreaseInCommonStockWarrant`	-	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$1.89M	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$4.29M	USD	1 Quarter
Loss on disposal of fixed assets	`GainLossOnSaleOfPropertyPlantEquipment`	$-29.00K	USD	1 Quarter
Loss on disposal of fixed assets	`GainLossOnSaleOfPropertyPlantEquipment`	-	USD	1 Quarter
Trade and client receivables	`IncreaseDecreaseInAccountsReceivable`	$26.43M	USD	1 Quarter
Trade and client receivables	`IncreaseDecreaseInAccountsReceivable`	$7.66M	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$1.11M	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$991.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-596.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$51.00K	USD	1 Quarter
Accrued expenses and other liabilities	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$-3.04M	USD	1 Quarter
Accrued expenses and other liabilities	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$15.80M	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInCommodityContractAssetsAndLiabilities`	$-91.00K	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInCommodityContractAssetsAndLiabilities`	$-169.00K	USD	1 Quarter
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-29.39M	USD	1 Quarter
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$5.00M	USD	1 Quarter
Purchases of marketable securities	`PaymentsToAcquireMarketableSecurities`	$71.71M	USD	1 Quarter
Purchases of marketable securities	`PaymentsToAcquireMarketableSecurities`	-	USD	1 Quarter
Decrease (increase) in restricted cash	`IncreaseDecreaseInRestrictedCash`	$101.00K	USD	1 Quarter
Decrease (increase) in restricted cash	`IncreaseDecreaseInRestrictedCash`	$-250.00K	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$3.60M	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$462.00K	USD	1 Quarter
Internal-use software and platform development costs	`PaymentsToDevelopSoftware`	$1.21M	USD	1 Quarter
Internal-use software and platform development costs	`PaymentsToDevelopSoftware`	$626.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-76.28M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-1.19M	USD	1 Quarter
Changes in funds held in escrow, including funds in transit	`ChangesInFundsHeldInEscrowIncludingFundsInTransit`	$-5.65M	USD	1 Quarter
Changes in funds held in escrow, including funds in transit	`ChangesInFundsHeldInEscrowIncludingFundsInTransit`	$21.90M	USD	1 Quarter
Changes in escrow funds payable	`ChangesInEscrowFundsPayable`	$-5.65M	USD	1 Quarter
Changes in escrow funds payable	`ChangesInEscrowFundsPayable`	$21.90M	USD	1 Quarter
Proceeds from exercises of stock options and common stock warrants	`ProceedsFromExercisesOfStockOptionsAndCommonStockWarrant`	$1.22M	USD	1 Quarter
Proceeds from exercises of stock options and common stock warrants	`ProceedsFromExercisesOfStockOptionsAndCommonStockWarrant`	$764.00K	USD	1 Quarter
Proceeds from borrowings on debt	`ProceedsFromLinesOfCredit`	-	USD	1 Quarter
Proceeds from borrowings on debt	`ProceedsFromLinesOfCredit`	$25.00M	USD	1 Quarter
Payments of costs related to the initial public offering	`PaymentsOfDeferredOfferingCosts`	$163.00K	USD	1 Quarter
Payments of costs related to the initial public offering	`PaymentsOfDeferredOfferingCosts`	-	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$25.76M	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$1.05M	USD	1 Quarter
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-79.91M	USD	1 Quarter
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$4.87M	USD	1 Quarter
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$21.59M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$49.22M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$129.13M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$26.46M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$21.59M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$49.22M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$129.13M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$26.46M	USD	Point-in-time
Cash paid for interest	`InterestPaidNet`	$511.00K	USD	1 Quarter
Cash paid for interest	`InterestPaidNet`	$357.00K	USD	1 Quarter
Property and equipment purchased but not yet paid	`CapitalExpendituresIncurredButNotYetPaid`	$1.15M	USD	1 Quarter
Property and equipment purchased but not yet paid	`CapitalExpendituresIncurredButNotYetPaid`	$1.21M	USD	1 Quarter
Unpaid deferred offering costs	`DeferredOfferingCostsIncurredButNotYetPaid`	$1.06M	USD	1 Quarter
Unpaid deferred offering costs	`DeferredOfferingCostsIncurredButNotYetPaid`	-	USD	1 Quarter

Stockholders Equity 23 line items

Line Item	Tag	Value	Unit	Period
Redeemable Convertible Preferred Stock (in shares)	`TemporaryEquitySharesOutstanding`	0.00	shares	Point-in-time
Redeemable Convertible Preferred Stock (in shares)	`TemporaryEquitySharesOutstanding`	61.28M	shares	Point-in-time
Redeemable Convertible Preferred Stock (in shares)	`TemporaryEquitySharesOutstanding`	61.28M	shares	Point-in-time
Redeemable Convertible Preferred Stock (in shares)	`TemporaryEquitySharesOutstanding`	0.00	shares	Point-in-time
Redeemable Convertible Preferred Stock	`TemporaryEquityCarryingAmountAttributableToParent`	$166.49M	USD	Point-in-time
Redeemable Convertible Preferred Stock	`TemporaryEquityCarryingAmountAttributableToParent`	-	USD	Point-in-time
Redeemable Convertible Preferred Stock	`TemporaryEquityCarryingAmountAttributableToParent`	$166.49M	USD	Point-in-time
Redeemable Convertible Preferred Stock	`TemporaryEquityCarryingAmountAttributableToParent`	-	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$243.97M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$-35.05M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$-31.37M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$243.75M	USD	Point-in-time
Issuance of common stock upon exercise of stock options (in shares)	`StockIssuedDuringPeriodSharesStockOptionsExercised`	273,105.00	shares	1 Quarter
Issuance of common stock upon exercise of stock options	`StockIssuedDuringPeriodValueStockOptionsExercised`	$767.00K	USD	1 Quarter
Issuance of common stock upon exercise of stock options	`StockIssuedDuringPeriodValueStockOptionsExercised`	$1.22M	USD	1 Quarter
Stock-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$1.89M	USD	1 Quarter
Stock-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$4.19M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-4.73M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-6.78M	USD	1 Quarter
Ending balance	`StockholdersEquity`	$243.97M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$-35.05M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$-31.37M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$243.75M	USD	Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.