10-Q Filing
Filing Information
| Form Type | 10-Q |
| Accession Number | 0001627475-21-000022 |
| Period End Date | 20210331 |
| Filing Date | 20210504 |
| Fiscal Year | 2021 |
| Fiscal Period | Q1 |
| XBRL Instance | upwk-20210331_htm.xml |
Filing Contents
This filing contains the following financial statements:
Balance Sheet
68 line items
| Line Item | Tag | Value | Unit | Period |
|---|---|---|---|---|
| Allowance for doubtful accounts |
AllowanceForDoubtfulAccountsReceivableCurrent
|
$1.66M | USD | Point-in-time |
| Allowance for doubtful accounts |
AllowanceForDoubtfulAccountsReceivableCurrent
|
$1.79M | 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 |
| Common stock, shares authorized (in shares) |
CommonStockSharesAuthorized
|
490.00M | shares | Point-in-time |
| Cash and cash equivalents |
CashAndCashEquivalentsAtCarryingValue
|
$104.32M | USD | Point-in-time |
| Cash and cash equivalents |
CashAndCashEquivalentsAtCarryingValue
|
$94.08M | USD | Point-in-time |
| Common stock, shares issued (in shares) |
CommonStockSharesIssued
|
124.80M | shares | Point-in-time |
| Common stock, shares issued (in shares) |
CommonStockSharesIssued
|
125.96M | shares | Point-in-time |
| Marketable securities |
MarketableSecuritiesCurrent
|
$65.51M | USD | Point-in-time |
| Marketable securities |
MarketableSecuritiesCurrent
|
$75.57M | USD | Point-in-time |
| Common stock, shares outstanding (in shares) |
CommonStockSharesOutstanding
|
125.96M | shares | Point-in-time |
| Common stock, shares outstanding (in shares) |
CommonStockSharesOutstanding
|
124.80M | shares | Point-in-time |
| Funds held in escrow, including funds in transit |
EscrowDeposit
|
$135.04M | USD | Point-in-time |
| Funds held in escrow, including funds in transit |
EscrowDeposit
|
$161.40M | USD | Point-in-time |
| Trade and client receivables net of allowance of $1,792 and $1,661 as of March 31, 2021 and December 31, 2020, respectively |
AccountsReceivableNetCurrent
|
$47.02M | USD | Point-in-time |
| Trade and client receivables net of allowance of $1,792 and $1,661 as of March 31, 2021 and December 31, 2020, respectively |
AccountsReceivableNetCurrent
|
$51.89M | USD | Point-in-time |
| Prepaid expenses and other current assets |
PrepaidExpenseAndOtherAssetsCurrent
|
$10.74M | USD | Point-in-time |
| Prepaid expenses and other current assets |
PrepaidExpenseAndOtherAssetsCurrent
|
$9.09M | USD | Point-in-time |
| Total current assets |
AssetsCurrent
|
$360.80M | USD | Point-in-time |
| Total current assets |
AssetsCurrent
|
$393.87M | USD | Point-in-time |
| Property and equipment, net |
PropertyPlantAndEquipmentNet
|
$27.87M | USD | Point-in-time |
| Property and equipment, net |
PropertyPlantAndEquipmentNet
|
$28.14M | USD | Point-in-time |
| Goodwill |
Goodwill
|
$118.22M | USD | Point-in-time |
| Goodwill |
Goodwill
|
$118.22M | USD | Point-in-time |
| Intangible assets, net |
FiniteLivedIntangibleAssetsNet
|
$667.00K | USD | Point-in-time |
| Intangible assets, net |
FiniteLivedIntangibleAssetsNet
|
- | USD | Point-in-time |
| Operating lease asset |
OperatingLeaseRightOfUseAsset
|
$18.82M | USD | Point-in-time |
| Operating lease asset |
OperatingLeaseRightOfUseAsset
|
$19.73M | USD | Point-in-time |
| Other assets, noncurrent |
OtherAssetsNoncurrent
|
$1.56M | USD | Point-in-time |
| Other assets, noncurrent |
OtherAssetsNoncurrent
|
$1.67M | USD | Point-in-time |
| Total assets |
Assets
|
$560.33M | USD | Point-in-time |
| Total assets |
Assets
|
$529.23M | USD | Point-in-time |
| Accounts payable |
AccountsPayableCurrent
|
$6.46M | USD | Point-in-time |
| Accounts payable |
AccountsPayableCurrent
|
$12.08M | USD | Point-in-time |
| Escrow funds payable |
EscrowFundsPayable
|
$161.40M | USD | Point-in-time |
| Escrow funds payable |
EscrowFundsPayable
|
$135.04M | USD | Point-in-time |
| Debt, current |
LongTermDebtCurrent
|
$7.58M | USD | Point-in-time |
| Debt, current |
LongTermDebtCurrent
|
$7.59M | USD | Point-in-time |
| Accrued expenses and other current liabilities |
AccruedExpensesAndOtherCurrentLiabilities
|
$26.76M | USD | Point-in-time |
| Accrued expenses and other current liabilities |
AccruedExpensesAndOtherCurrentLiabilities
|
$32.87M | USD | Point-in-time |
| Deferred revenue |
ContractWithCustomerLiabilityCurrent
|
$16.80M | USD | Point-in-time |
| Deferred revenue |
ContractWithCustomerLiabilityCurrent
|
$18.16M | USD | Point-in-time |
| Total current liabilities |
LiabilitiesCurrent
|
$198.75M | USD | Point-in-time |
| Total current liabilities |
LiabilitiesCurrent
|
$225.99M | USD | Point-in-time |
| Debt, noncurrent |
LongTermDebtNoncurrent
|
$1.26M | USD | Point-in-time |
| Debt, noncurrent |
LongTermDebtNoncurrent
|
$3.14M | USD | Point-in-time |
| Operating lease liability, noncurrent |
OperatingLeaseLiabilityNoncurrent
|
$20.51M | USD | Point-in-time |
| Operating lease liability, noncurrent |
OperatingLeaseLiabilityNoncurrent
|
$19.71M | USD | Point-in-time |
| Other liabilities, noncurrent |
OtherLiabilitiesNoncurrent
|
$7.52M | USD | Point-in-time |
| Other liabilities, noncurrent |
OtherLiabilitiesNoncurrent
|
$7.87M | USD | Point-in-time |
| Total liabilities |
Liabilities
|
$254.83M | USD | Point-in-time |
| Total liabilities |
Liabilities
|
$229.92M | 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, 2021 and December 31, 2020; 125,962,107 and 124,795,222 shares issued and outstanding as of March 31, 2021 and December 31, 2020, respectively |
CommonStockValue
|
$12.00K | USD | Point-in-time |
| Common stock, $0.0001 par value; 490,000,000 shares authorized as of March 31, 2021 and December 31, 2020; 125,962,107 and 124,795,222 shares issued and outstanding as of March 31, 2021 and December 31, 2020, respectively |
CommonStockValue
|
$13.00K | USD | Point-in-time |
| Additional paid-in capital |
AdditionalPaidInCapitalCommonStock
|
$494.12M | USD | Point-in-time |
| Additional paid-in capital |
AdditionalPaidInCapitalCommonStock
|
$508.15M | USD | Point-in-time |
| Accumulated deficit |
RetainedEarningsAccumulatedDeficit
|
$-202.66M | USD | Point-in-time |
| Accumulated deficit |
RetainedEarningsAccumulatedDeficit
|
$-194.82M | USD | Point-in-time |
| Total stockholders equity |
StockholdersEquity
|
$259.42M | USD | Point-in-time |
| Total stockholders equity |
StockholdersEquity
|
$258.74M | USD | Point-in-time |
| Total stockholders equity |
StockholdersEquity
|
$299.31M | USD | Point-in-time |
| Total stockholders equity |
StockholdersEquity
|
$305.50M | USD | Point-in-time |
| Total liabilities and stockholders equity |
LiabilitiesAndStockholdersEquity
|
$529.23M | USD | Point-in-time |
| Total liabilities and stockholders equity |
LiabilitiesAndStockholdersEquity
|
$560.33M | USD | Point-in-time |
Income Statement
32 line items
| Line Item | Tag | Value | Unit | Period |
|---|---|---|---|---|
| Revenue |
RevenueFromContractWithCustomerExcludingAssessedTax
|
$83.20M | USD | 1 Quarter |
| Revenue |
RevenueFromContractWithCustomerExcludingAssessedTax
|
$113.62M | USD | 1 Quarter |
| Cost of revenue |
CostOfGoodsAndServicesSold
|
$30.44M | USD | 1 Quarter |
| Cost of revenue |
CostOfGoodsAndServicesSold
|
$23.48M | USD | 1 Quarter |
| Gross profit |
GrossProfit
|
$83.18M | USD | 1 Quarter |
| Gross profit |
GrossProfit
|
$59.71M | USD | 1 Quarter |
| Research and development |
ResearchAndDevelopmentExpense
|
$19.35M | USD | 1 Quarter |
| Research and development |
ResearchAndDevelopmentExpense
|
$26.61M | USD | 1 Quarter |
| Sales and marketing |
SellingAndMarketingExpense
|
$39.60M | 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
|
$23.53M | USD | 1 Quarter |
| Provision for transaction losses |
ProvisionForTransactionLosses
|
$1.13M | USD | 1 Quarter |
| Provision for transaction losses |
ProvisionForTransactionLosses
|
$912.00K | USD | 1 Quarter |
| Total operating expenses |
OperatingExpenses
|
$90.88M | USD | 1 Quarter |
| Total operating expenses |
OperatingExpenses
|
$68.76M | USD | 1 Quarter |
| Loss from operations |
OperatingIncomeLoss
|
$-7.70M | USD | 1 Quarter |
| Loss from operations |
OperatingIncomeLoss
|
$-9.05M | USD | 1 Quarter |
| Interest expense |
InterestExpense
|
$230.00K | USD | 1 Quarter |
| Interest expense |
InterestExpense
|
$199.00K | USD | 1 Quarter |
| Other (income) expense, net |
OtherNonoperatingIncomeExpense
|
$-731.00K | USD | 1 Quarter |
| Other (income) expense, net |
OtherNonoperatingIncomeExpense
|
$78.00K | USD | 1 Quarter |
| Loss before income taxes |
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
|
$-7.82M | 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
|
$17.00K | USD | 1 Quarter |
| Net loss |
NetIncomeLoss
|
$-10.02M | USD | 1 Quarter |
| Net loss |
NetIncomeLoss
|
$-7.83M | USD | 1 Quarter |
| Net loss per share, basic and diluted (in dollars per share) |
EarningsPerShareBasicAndDiluted
|
$-0.06 | USD | 1 Quarter |
| Net loss per share, basic and diluted (in dollars per share) |
EarningsPerShareBasicAndDiluted
|
$-0.09 | USD | 1 Quarter |
| Weighted-average shares used to compute net loss per share, basic and diluted (in shares) |
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
|
125.28M | shares | 1 Quarter |
| Weighted-average shares used to compute net loss per share, basic and diluted (in shares) |
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
|
114.12M | shares | 1 Quarter |
Cash Flow Statement
66 line items
| Line Item | Tag | Value | Unit | Period |
|---|---|---|---|---|
| Net loss |
ProfitLoss
|
$-10.02M | USD | 1 Quarter |
| Net loss |
ProfitLoss
|
$-7.83M | USD | 1 Quarter |
| Provision for transaction losses |
ProvisionForDoubtfulAccounts
|
$767.00K | USD | 1 Quarter |
| Provision for transaction losses |
ProvisionForDoubtfulAccounts
|
$901.00K | USD | 1 Quarter |
| Depreciation and amortization |
DepreciationAndAmortizationExcludingAmortizationOfFinancingCosts
|
$2.31M | USD | 1 Quarter |
| Depreciation and amortization |
DepreciationAndAmortizationExcludingAmortizationOfFinancingCosts
|
$3.19M | USD | 1 Quarter |
| Amortization of debt issuance costs |
AmortizationOfFinancingCosts
|
$19.00K | USD | 1 Quarter |
| Amortization of debt issuance costs |
AmortizationOfFinancingCosts
|
$13.00K | USD | 1 Quarter |
| Amortization of premium (discount) on purchases of marketable securities, net |
AccretionAmortizationOfDiscountsAndPremiumsInvestments
|
$-10.00K | USD | 1 Quarter |
| Amortization of premium (discount) on purchases of marketable securities, net |
AccretionAmortizationOfDiscountsAndPremiumsInvestments
|
$174.00K | USD | 1 Quarter |
| Amortization of operating lease asset |
OperatingLeaseRightOfUseAssetAmortization
|
$969.00K | USD | 1 Quarter |
| Amortization of operating lease asset |
OperatingLeaseRightOfUseAssetAmortization
|
$911.00K | USD | 1 Quarter |
| Tides Foundation common stock warrant expense |
IncreaseDecreaseInCommonStockWarrant
|
$188.00K | USD | 1 Quarter |
| Tides Foundation common stock warrant expense |
IncreaseDecreaseInCommonStockWarrant
|
$188.00K | USD | 1 Quarter |
| Stock-based compensation expense |
ShareBasedCompensation
|
$11.23M | USD | 1 Quarter |
| Stock-based compensation expense |
ShareBasedCompensation
|
$5.54M | USD | 1 Quarter |
| Trade and client receivables |
IncreaseDecreaseInAccountsReceivable
|
$5.89M | USD | 1 Quarter |
| Trade and client receivables |
IncreaseDecreaseInAccountsReceivable
|
$5.58M | USD | 1 Quarter |
| Prepaid expenses and other assets |
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
|
$1.54M | USD | 1 Quarter |
| Prepaid expenses and other assets |
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
|
$464.00K | USD | 1 Quarter |
| Operating lease liability |
IncreaseDecreaseOperatingLeaseLiability
|
$-401.00K | USD | 1 Quarter |
| Operating lease liability |
IncreaseDecreaseOperatingLeaseLiability
|
$-459.00K | USD | 1 Quarter |
| Accounts payable |
IncreaseDecreaseInAccountsPayable
|
$5.54M | USD | 1 Quarter |
| Accounts payable |
IncreaseDecreaseInAccountsPayable
|
$994.00K | USD | 1 Quarter |
| Accrued expenses and other liabilities |
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
|
$3.88M | USD | 1 Quarter |
| Accrued expenses and other liabilities |
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
|
$-6.29M | USD | 1 Quarter |
| Deferred revenue |
IncreaseDecreaseInDeferredRevenue
|
$650.00K | USD | 1 Quarter |
| Deferred revenue |
IncreaseDecreaseInDeferredRevenue
|
$1.54M | USD | 1 Quarter |
| Net cash provided by (used in) operating activities |
NetCashProvidedByUsedInOperatingActivities
|
$1.88M | USD | 1 Quarter |
| Net cash provided by (used in) operating activities |
NetCashProvidedByUsedInOperatingActivities
|
$-1.70M | USD | 1 Quarter |
| Purchases of marketable securities |
PaymentsToAcquireMarketableSecurities
|
$20.98M | 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
|
$31.00M | USD | 1 Quarter |
| Purchases of property and equipment |
PaymentsToAcquirePropertyPlantAndEquipment
|
$1.29M | USD | 1 Quarter |
| Purchases of property and equipment |
PaymentsToAcquirePropertyPlantAndEquipment
|
$70.00K | USD | 1 Quarter |
| Internal-use software and platform development costs |
PaymentsToDevelopSoftware
|
$2.00M | USD | 1 Quarter |
| Internal-use software and platform development costs |
PaymentsToDevelopSoftware
|
$2.30M | USD | 1 Quarter |
| Net cash provided by investing activities |
NetCashProvidedByUsedInInvestingActivities
|
$7.66M | USD | 1 Quarter |
| Net cash provided by investing activities |
NetCashProvidedByUsedInInvestingActivities
|
$2.92M | USD | 1 Quarter |
| Changes in escrow funds payable |
ChangesInEscrowFundsPayable
|
$26.36M | USD | 1 Quarter |
| Changes in escrow funds payable |
ChangesInEscrowFundsPayable
|
$14.83M | USD | 1 Quarter |
| Proceeds from exercises of stock options |
ProceedsFromExercisesOfStockOptionsAndCommonStockWarrant
|
$3.17M | USD | 1 Quarter |
| Proceeds from exercises of stock options |
ProceedsFromExercisesOfStockOptionsAndCommonStockWarrant
|
$2.60M | USD | 1 Quarter |
| Proceeds from borrowings on debt |
ProceedsFromLinesOfCredit
|
- | USD | 1 Quarter |
| Proceeds from borrowings on debt |
ProceedsFromLinesOfCredit
|
$15.00M | USD | 1 Quarter |
| Repayment of debt |
RepaymentsOfDebt
|
$1.89M | USD | 1 Quarter |
| Repayment of debt |
RepaymentsOfDebt
|
$1.89M | USD | 1 Quarter |
| Net cash provided by financing activities |
NetCashProvidedByUsedInFinancingActivities
|
$31.11M | USD | 1 Quarter |
| Net cash provided by financing activities |
NetCashProvidedByUsedInFinancingActivities
|
$27.06M | USD | 1 Quarter |
| NET CHANGE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH |
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
|
$36.60M | USD | 1 Quarter |
| NET CHANGE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH |
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
|
$32.33M | USD | 1 Quarter |
| Cash, cash equivalents, and restricted cashbeginning of period |
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
$269.06M | 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
|
$159.60M | USD | Point-in-time |
| Cash, cash equivalents, and restricted cashbeginning of period |
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
$232.46M | USD | Point-in-time |
| Cash, cash equivalents, and restricted cashend of period |
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
$269.06M | 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
|
$159.60M | USD | Point-in-time |
| Cash, cash equivalents, and restricted cashend of period |
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
$232.46M | USD | Point-in-time |
| Cash paid for interest |
InterestPaidNet
|
$239.00K | USD | 1 Quarter |
| Cash paid for interest |
InterestPaidNet
|
$105.00K | USD | 1 Quarter |
| Property and equipment purchased but not yet paid |
CapitalExpendituresIncurredButNotYetPaid
|
$173.00K | USD | 1 Quarter |
| Property and equipment purchased but not yet paid |
CapitalExpendituresIncurredButNotYetPaid
|
$2.44M | USD | 1 Quarter |
| Internal-use software and platform development costs incurred but not yet paid |
CapitalizedCostsAssetRetirementCosts
|
- | 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
18 line items
| Line Item | Tag | Value | Unit | Period |
|---|---|---|---|---|
| Beginning balance |
StockholdersEquity
|
$259.42M | USD | Point-in-time |
| Beginning balance |
StockholdersEquity
|
$258.74M | USD | Point-in-time |
| Beginning balance |
StockholdersEquity
|
$299.31M | USD | Point-in-time |
| Beginning balance |
StockholdersEquity
|
$305.50M | USD | Point-in-time |
| Issuance of common stock upon exercise of stock options |
StockIssuedDuringPeriodValueStockOptionsExercised
|
$2.60M | USD | 1 Quarter |
| Issuance of common stock upon exercise of stock options |
StockIssuedDuringPeriodValueStockOptionsExercised
|
$3.17M | USD | 1 Quarter |
| Stock-based compensation expense |
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
|
$11.26M | 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 |
| Tides Foundation common stock warrant expense and other |
AdjustmentsToAdditionalPaidInCapitalWarrantIssued
|
$165.00K | USD | 1 Quarter |
| Net loss |
NetIncomeLoss
|
$-10.02M | USD | 1 Quarter |
| Net loss |
NetIncomeLoss
|
$-7.83M | USD | 1 Quarter |
| Ending balance |
StockholdersEquity
|
$259.42M | USD | Point-in-time |
| Ending balance |
StockholdersEquity
|
$258.74M | USD | Point-in-time |
| Ending balance |
StockholdersEquity
|
$299.31M | USD | Point-in-time |
| Ending balance |
StockholdersEquity
|
$305.50M | USD | Point-in-time |
Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.