10-Q Filing

UPWORK, INC CIK: 1627475 Q1 2020

Filing Information

Form Type	10-Q
Accession Number	`0001627475-20-000018`
Period End Date	20200331
Filing Date	20200506
Fiscal Year	2020
Fiscal Period	Q1
XBRL Instance	upwk-20200331_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 82 Income Statement 32 Cash Flow Statement 67 Stockholders Equity 17

Balance Sheet 82 line items

Line Item	Tag	Value	Unit	Period
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$2.10M	USD	Point-in-time
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$2.21M	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`	490.00B	shares	Point-in-time
Cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$230.07M	USD	Point-in-time
Cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$191.93M	USD	Point-in-time
Cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$171.81M	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	490.00B	shares	Point-in-time
Cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$159.60M	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	113.60M	shares	Point-in-time
Marketable securities	`MarketableSecuritiesCurrent`	$85.48M	USD	Point-in-time
Marketable securities	`MarketableSecuritiesCurrent`	$79.69M	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	114.87B	shares	Point-in-time
Funds held in escrow, including funds in transit	`EscrowDeposit`	$123.56M	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	114.87B	shares	Point-in-time
Funds held in escrow, including funds in transit	`EscrowDeposit`	$108.72M	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	113.60M	shares	Point-in-time
Trade and client receivables net of allowance of $2,102 and $2,215 as of March 31, 2020 and December 31, 2019, respectively	`AccountsReceivableNetCurrent`	$35.26M	USD	Point-in-time
Trade and client receivables net of allowance of $2,102 and $2,215 as of March 31, 2020 and December 31, 2019, respectively	`AccountsReceivableNetCurrent`	$30.16M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$7.88M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$8.39M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$280.63M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$312.53M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$24.99M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$21.45M	USD	Point-in-time
Goodwill	`Goodwill`	$118.22M	USD	Point-in-time
Goodwill	`Goodwill`	$118.22M	USD	Point-in-time
Intangible assets, net	`FiniteLivedIntangibleAssetsNet`	$2.67M	USD	Point-in-time
Intangible assets, net	`FiniteLivedIntangibleAssetsNet`	$3.33M	USD	Point-in-time
Operating lease asset	`OperatingLeaseRightOfUseAsset`	$21.91M	USD	Point-in-time
Operating lease asset	`OperatingLeaseRightOfUseAsset`	$22.62M	USD	Point-in-time
Other assets, noncurrent	`OtherAssetsNoncurrent`	$829.00K	USD	Point-in-time
Other assets, noncurrent	`OtherAssetsNoncurrent`	$1.04M	USD	Point-in-time
Total assets	`Assets`	$446.38M	USD	Point-in-time
Total assets	`Assets`	$482.07M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$652.00K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.72M	USD	Point-in-time
Escrow funds payable	`EscrowFundsPayable`	$108.72M	USD	Point-in-time
Escrow funds payable	`EscrowFundsPayable`	$123.56M	USD	Point-in-time
Debt, current	`LongTermDebtCurrent`	$7.58M	USD	Point-in-time
Debt, current	`LongTermDebtCurrent`	$22.59M	USD	Point-in-time
Accrued expenses and other current liabilities	`AccruedExpensesAndOtherCurrentLiabilities`	$18.34M	USD	Point-in-time
Accrued expenses and other current liabilities	`AccruedExpensesAndOtherCurrentLiabilities`	$23.39M	USD	Point-in-time
Deferred revenue	`ContractWithCustomerLiabilityCurrent`	$13.80M	USD	Point-in-time
Deferred revenue	`ContractWithCustomerLiabilityCurrent`	$14.39M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$149.10M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$185.64M	USD	Point-in-time
Debt, noncurrent	`LongTermDebtNoncurrent`	$10.70M	USD	Point-in-time
Debt, noncurrent	`LongTermDebtNoncurrent`	$8.81M	USD	Point-in-time
Operating lease liability, noncurrent	`OperatingLeaseLiabilityNoncurrent`	$21.19M	USD	Point-in-time
Operating lease liability, noncurrent	`OperatingLeaseLiabilityNoncurrent`	$22.49M	USD	Point-in-time
Other liabilities, noncurrent	`OtherLiabilitiesNoncurrent`	$5.97M	USD	Point-in-time
Other liabilities, noncurrent	`OtherLiabilitiesNoncurrent`	$6.38M	USD	Point-in-time
Total liabilities	`Liabilities`	$186.96M	USD	Point-in-time
Total liabilities	`Liabilities`	$223.33M	USD	Point-in-time
Commitments and contingencies (Note 6)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies (Note 6)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Common stock, $0.0001 par value; 490,000,000 shares authorized as of March 31, 2020 and December 31, 2019; 114,866,938 and 113,604,398 shares issued and outstanding as of March 31, 2020 and December 31, 2019, respectively	`CommonStockValue`	$11.00K	USD	Point-in-time
Common stock, $0.0001 par value; 490,000,000 shares authorized as of March 31, 2020 and December 31, 2019; 114,866,938 and 113,604,398 shares issued and outstanding as of March 31, 2020 and December 31, 2019, respectively	`CommonStockValue`	$11.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$440.70M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$431.37M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-181.98M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-171.96M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$258.74M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$243.75M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$259.42M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$231.74M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$482.07M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$446.38M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$48.39M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$65.64M	USD	Point-in-time
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$2.10M	USD	Point-in-time
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$2.21M	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`	490.00B	shares	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	490.00B	shares	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	113.60M	shares	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	114.87B	shares	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	114.87B	shares	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	113.60M	shares	Point-in-time

Income Statement 32 line items

Line Item	Tag	Value	Unit	Period
Revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$83.20M	USD	1 Quarter
Revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$68.48M	USD	1 Quarter
Cost of revenue	`CostOfGoodsAndServicesSold`	$23.48M	USD	1 Quarter
Cost of revenue	`CostOfGoodsAndServicesSold`	$21.12M	USD	1 Quarter
Gross profit	`GrossProfit`	$59.71M	USD	1 Quarter
Gross profit	`GrossProfit`	$47.35M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$19.35M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$15.80M	USD	1 Quarter
Sales and marketing	`SellingAndMarketingExpense`	$20.52M	USD	1 Quarter
Sales and marketing	`SellingAndMarketingExpense`	$30.68M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$17.82M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$15.66M	USD	1 Quarter
Provision for transaction losses	`ProvisionForTransactionLosses`	$637.00K	USD	1 Quarter
Provision for transaction losses	`ProvisionForTransactionLosses`	$912.00K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$52.62M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$68.76M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-5.26M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-9.05M	USD	1 Quarter
Interest expense	`InterestExpense`	$373.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$230.00K	USD	1 Quarter
Other (income) expense, net	`OtherNonoperatingIncomeExpense`	$-731.00K	USD	1 Quarter
Other (income) expense, net	`OtherNonoperatingIncomeExpense`	$479.00K	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-5.16M	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-10.01M	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	$9.00K	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	$1.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-10.02M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-5.16M	USD	1 Quarter
Net loss per share, basic and diluted (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$-0.09	USD	1 Quarter
Net loss per share, basic and diluted (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$-0.05	USD	1 Quarter
Weighted-average shares used to compute net loss per share, basic and diluted (in shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	114.12M	shares	1 Quarter
Weighted-average shares used to compute net loss per share, basic and diluted (in shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	106.64M	shares	1 Quarter

Cash Flow Statement 67 line items

Line Item	Tag	Value	Unit	Period
Net loss	`ProfitLoss`	$-10.02M	USD	1 Quarter
Net loss	`ProfitLoss`	$-5.16M	USD	1 Quarter
Provision for transaction losses	`ProvisionForDoubtfulAccounts`	$767.00K	USD	1 Quarter
Provision for transaction losses	`ProvisionForDoubtfulAccounts`	$415.00K	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortizationExcludingAmortizationOfFinancingCosts`	$2.31M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortizationExcludingAmortizationOfFinancingCosts`	$1.53M	USD	1 Quarter
Amortization of debt issuance costs	`AmortizationOfFinancingCosts`	$13.00K	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`	$174.00K	USD	1 Quarter
Amortization of operating lease asset	`OperatingLeaseRightOfUseAssetAmortization`	$969.00K	USD	1 Quarter
Amortization of operating lease asset	`OperatingLeaseRightOfUseAssetAmortization`	$1.07M	USD	1 Quarter
Tides Foundation common stock warrant expense	`IncreaseDecreaseInCommonStockWarrant`	$188.00K	USD	1 Quarter
Tides Foundation common stock warrant expense	`IncreaseDecreaseInCommonStockWarrant`	$252.00K	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$4.29M	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$5.54M	USD	1 Quarter
Trade and client receivables	`IncreaseDecreaseInAccountsReceivable`	$26.15M	USD	1 Quarter
Trade and client receivables	`IncreaseDecreaseInAccountsReceivable`	$5.89M	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$464.00K	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$886.00K	USD	1 Quarter
Operating lease liability	`IncreaseDecreaseOperatingLeaseLiability`	$-378.00K	USD	1 Quarter
Operating lease liability	`IncreaseDecreaseOperatingLeaseLiability`	$-459.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$994.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-596.00K	USD	1 Quarter
Accrued expenses and other liabilities	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$-4.12M	USD	1 Quarter
Accrued expenses and other liabilities	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$3.88M	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInCommodityContractAssetsAndLiabilities`	$-650.00K	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInCommodityContractAssetsAndLiabilities`	$-603.00K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-29.39M	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-1.70M	USD	1 Quarter
Purchases of marketable securities	`PaymentsToAcquireMarketableSecurities`	$71.71M	USD	1 Quarter
Purchases of marketable securities	`PaymentsToAcquireMarketableSecurities`	$26.79M	USD	1 Quarter
Proceeds from maturities of marketable securities	`ProceedsFromSaleAndMaturityOfMarketableSecurities`	$33.00M	USD	1 Quarter
Proceeds from maturities of marketable securities	`ProceedsFromSaleAndMaturityOfMarketableSecurities`	-	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$3.60M	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$1.29M	USD	1 Quarter
Internal-use software and platform development costs	`PaymentsToDevelopSoftware`	$2.00M	USD	1 Quarter
Internal-use software and platform development costs	`PaymentsToDevelopSoftware`	$1.21M	USD	1 Quarter
Net cash provided by (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$2.92M	USD	1 Quarter
Net cash provided by (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-76.53M	USD	1 Quarter
Changes in escrow funds payable	`ChangesInEscrowFundsPayable`	$14.83M	USD	1 Quarter
Changes in escrow funds payable	`ChangesInEscrowFundsPayable`	$21.90M	USD	1 Quarter
Proceeds from exercises of stock options	`ProceedsFromExercisesOfStockOptionsAndCommonStockWarrant`	$3.17M	USD	1 Quarter
Proceeds from exercises of stock options	`ProceedsFromExercisesOfStockOptionsAndCommonStockWarrant`	$764.00K	USD	1 Quarter
Proceeds from borrowings on debt	`ProceedsFromLinesOfCredit`	$25.00M	USD	1 Quarter
Proceeds from borrowings on debt	`ProceedsFromLinesOfCredit`	$15.00M	USD	1 Quarter
Proceeds from borrowings on debt	`ProceedsFromLinesOfCredit`	$15.00M	USD	Point-in-time
Repayment of debt	`RepaymentsOfDebt`	$1.89M	USD	1 Quarter
Repayment of debt	`RepaymentsOfDebt`	-	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$31.11M	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$47.66M	USD	1 Quarter
NET CHANGE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$32.33M	USD	1 Quarter
NET CHANGE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-58.26M	USD	1 Quarter
Cash, cash equivalents, and restricted cashbeginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$230.07M	USD	Point-in-time
Cash, cash equivalents, and restricted cashbeginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$191.93M	USD	Point-in-time
Cash, cash equivalents, and restricted cashbeginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$171.81M	USD	Point-in-time
Cash, cash equivalents, and restricted cashbeginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$159.60M	USD	Point-in-time
Cash, cash equivalents, and restricted cashend of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$230.07M	USD	Point-in-time
Cash, cash equivalents, and restricted cashend of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$191.93M	USD	Point-in-time
Cash, cash equivalents, and restricted cashend of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$171.81M	USD	Point-in-time
Cash, cash equivalents, and restricted cashend of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$159.60M	USD	Point-in-time
Cash paid for interest	`InterestPaidNet`	$239.00K	USD	1 Quarter
Cash paid for interest	`InterestPaidNet`	$357.00K	USD	1 Quarter
Property and equipment purchased but not yet paid	`CapitalExpendituresIncurredButNotYetPaid`	$2.44M	USD	1 Quarter
Property and equipment purchased but not yet paid	`CapitalExpendituresIncurredButNotYetPaid`	$1.19M	USD	1 Quarter
Internal-use software and platform development costs incurred but not yet paid	`CapitalizedCostsAssetRetirementCosts`	$20.00K	USD	Point-in-time
Internal-use software and platform development costs incurred but not yet paid	`CapitalizedCostsAssetRetirementCosts`	$40.00K	USD	Point-in-time

Stockholders Equity 17 line items

Line Item	Tag	Value	Unit	Period
Beginning balance	`StockholdersEquity`	$258.74M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$243.75M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$259.42M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$231.74M	USD	Point-in-time
Issuance of common stock upon exercise of stock options	`StockIssuedDuringPeriodValueStockOptionsExercised`	$3.17M	USD	1 Quarter
Issuance of common stock upon exercise of stock options	`StockIssuedDuringPeriodValueStockOptionsExercised`	$767.00K	USD	1 Quarter
Stock-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$4.19M	USD	1 Quarter
Stock-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$5.33M	USD	1 Quarter
Issuance of common stock for settlement of RSUs	`StockIssuedDuringPeriodValueRestrictedStockAwardGross`	-	USD	1 Quarter
Issuance of common stock for settlement of RSUs	`StockIssuedDuringPeriodValueRestrictedStockAwardGross`	-	USD	1 Quarter
Tides Foundation common stock warrant expense and other	`AdjustmentsToAdditionalPaidInCapitalWarrantIssued`	$841.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-10.02M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-5.16M	USD	1 Quarter
Ending balance	`StockholdersEquity`	$258.74M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$243.75M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$259.42M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$231.74M	USD	Point-in-time

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