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10-Q Filing

UPWORK, INC CIK: 1627475 Q1 2022
Filing Information
Form Type 10-Q
Accession Number 0001627475-22-000015
Period End Date 20220331
Filing Date 20220427
Fiscal Year 2022
Fiscal Period Q1
XBRL Instance upwk-20220331_htm.xml
Filing Contents
Balance Sheet 66 line items
Line Item Tag Value Unit Period
Allowance for doubtful accounts AllowanceForDoubtfulAccountsReceivableCurrent $4.03M USD Point-in-time
Allowance for doubtful accounts AllowanceForDoubtfulAccountsReceivableCurrent $3.41M 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
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $187.21M USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $121.17M 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
Common stock, shares issued (in shares) CommonStockSharesIssued 129.65M shares Point-in-time
Common stock, shares issued (in shares) CommonStockSharesIssued 129.13M shares Point-in-time
Marketable securities MarketableSecuritiesCurrent $551.78M USD Point-in-time
Marketable securities MarketableSecuritiesCurrent $497.57M USD Point-in-time
Common stock, shares outstanding (in shares) CommonStockSharesOutstanding 129.13M shares Point-in-time
Funds held in escrow, including funds in transit EscrowDeposit $196.38M USD Point-in-time
Funds held in escrow, including funds in transit EscrowDeposit $160.81M USD Point-in-time
Common stock, shares outstanding (in shares) CommonStockSharesOutstanding 129.65M shares Point-in-time
Trade and client receivables net of allowance of $4,031 and $3,410 as of March 31, 2022 and December 31, 2021, respectively AccountsReceivableNetCurrent $66.83M USD Point-in-time
Trade and client receivables net of allowance of $4,031 and $3,410 as of March 31, 2022 and December 31, 2021, respectively AccountsReceivableNetCurrent $62.05M USD Point-in-time
Prepaid expenses and other current assets PrepaidExpenseAndOtherAssetsCurrent $17.24M USD Point-in-time
Prepaid expenses and other current assets PrepaidExpenseAndOtherAssetsCurrent $18.15M USD Point-in-time
Total current assets AssetsCurrent $929.65M USD Point-in-time
Total current assets AssetsCurrent $949.53M USD Point-in-time
Property and equipment, net PropertyPlantAndEquipmentNet $21.33M USD Point-in-time
Property and equipment, net PropertyPlantAndEquipmentNet $20.93M USD Point-in-time
Goodwill Goodwill $118.22M USD Point-in-time
Goodwill Goodwill $118.22M USD Point-in-time
Operating lease asset OperatingLeaseRightOfUseAsset $10.68M USD Point-in-time
Operating lease asset OperatingLeaseRightOfUseAsset $9.93M USD Point-in-time
Other assets, noncurrent OtherAssetsNoncurrent $1.66M USD Point-in-time
Other assets, noncurrent OtherAssetsNoncurrent $1.18M USD Point-in-time
Total assets Assets $1.08B USD Point-in-time
Total assets Assets $1.10B USD Point-in-time
Accounts payable AccountsPayableCurrent $10.33M USD Point-in-time
Accounts payable AccountsPayableCurrent $5.00M USD Point-in-time
Escrow funds payable EscrowFundsPayable $196.38M USD Point-in-time
Escrow funds payable EscrowFundsPayable $160.81M USD Point-in-time
Accrued expenses and other current liabilities AccruedExpensesAndOtherCurrentLiabilities $45.74M USD Point-in-time
Accrued expenses and other current liabilities AccruedExpensesAndOtherCurrentLiabilities $33.03M USD Point-in-time
Deferred revenue ContractWithCustomerLiabilityCurrent $23.55M USD Point-in-time
Deferred revenue ContractWithCustomerLiabilityCurrent $22.08M USD Point-in-time
Total current liabilities LiabilitiesCurrent $233.63M USD Point-in-time
Total current liabilities LiabilitiesCurrent $263.29M USD Point-in-time
Debt, noncurrent LongTermDebtNoncurrent $561.30M USD Point-in-time
Debt, noncurrent LongTermDebtNoncurrent $562.04M USD Point-in-time
Operating lease liability, noncurrent OperatingLeaseLiabilityNoncurrent $15.41M USD Point-in-time
Operating lease liability, noncurrent OperatingLeaseLiabilityNoncurrent $16.75M USD Point-in-time
Other liabilities, noncurrent OtherLiabilitiesNoncurrent $10.19M USD Point-in-time
Other liabilities, noncurrent OtherLiabilitiesNoncurrent $9.86M USD Point-in-time
Total liabilities Liabilities $850.93M USD Point-in-time
Total liabilities Liabilities $821.54M 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, 2022 and December 31, 2021; 129,651,218 and 129,130,478 shares issued and outstanding as of March 31, 2022 and December 31, 2021, respectively CommonStockValue $13.00K USD Point-in-time
Common stock, $0.0001 par value; 490,000,000 shares authorized as of March 31, 2022 and December 31, 2021; 129,651,218 and 129,130,478 shares issued and outstanding as of March 31, 2022 and December 31, 2021, respectively CommonStockValue $13.00K USD Point-in-time
Additional paid-in capital AdditionalPaidInCapitalCommonStock $528.52M USD Point-in-time
Additional paid-in capital AdditionalPaidInCapitalCommonStock $511.10M USD Point-in-time
Accumulated other comprehensive loss AccumulatedOtherComprehensiveIncomeLossNetOfTax $-528.00K USD Point-in-time
Accumulated other comprehensive loss AccumulatedOtherComprehensiveIncomeLossNetOfTax $-3.38M USD Point-in-time
Accumulated deficit RetainedEarningsAccumulatedDeficit $-275.80M USD Point-in-time
Accumulated deficit RetainedEarningsAccumulatedDeficit $-251.06M 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 stockholders equity StockholdersEquity $249.35M USD Point-in-time
Total stockholders equity StockholdersEquity $259.52M USD Point-in-time
Total liabilities and stockholders equity LiabilitiesAndStockholdersEquity $1.10B USD Point-in-time
Total liabilities and stockholders equity LiabilitiesAndStockholdersEquity $1.08B USD Point-in-time
Income Statement 40 line items
Line Item Tag Value Unit Period
Revenue RevenueFromContractWithCustomerExcludingAssessedTax $113.62M USD 1 Quarter
Revenue RevenueFromContractWithCustomerExcludingAssessedTax $141.34M USD 1 Quarter
Cost of revenue CostOfGoodsAndServicesSold $37.92M USD 1 Quarter
Cost of revenue CostOfGoodsAndServicesSold $30.44M USD 1 Quarter
Gross profit GrossProfit $103.42M USD 1 Quarter
Gross profit GrossProfit $83.18M USD 1 Quarter
Research and development ResearchAndDevelopmentExpense $38.16M USD 1 Quarter
Research and development ResearchAndDevelopmentExpense $26.61M USD 1 Quarter
Sales and marketing SellingAndMarketingExpense $57.64M USD 1 Quarter
Sales and marketing SellingAndMarketingExpense $39.60M USD 1 Quarter
General and administrative GeneralAndAdministrativeExpense $23.53M USD 1 Quarter
General and administrative GeneralAndAdministrativeExpense $29.14M USD 1 Quarter
Provision for transaction losses ProvisionForTransactionLosses $2.13M USD 1 Quarter
Provision for transaction losses ProvisionForTransactionLosses $1.13M USD 1 Quarter
Total operating expenses OperatingExpenses $127.07M USD 1 Quarter
Total operating expenses OperatingExpenses $90.88M USD 1 Quarter
Loss from operations OperatingIncomeLoss $-23.65M USD 1 Quarter
Loss from operations OperatingIncomeLoss $-7.70M USD 1 Quarter
Interest expense InterestExpense $199.00K USD 1 Quarter
Interest expense InterestExpense $1.12M USD 1 Quarter
Other income, net OtherNonoperatingIncomeExpense $68.00K USD 1 Quarter
Other income, net OtherNonoperatingIncomeExpense $78.00K USD 1 Quarter
Loss before income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $-24.71M USD 1 Quarter
Loss before income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $-7.82M USD 1 Quarter
Income tax provision IncomeTaxExpenseBenefit $17.00K USD 1 Quarter
Income tax provision IncomeTaxExpenseBenefit $29.00K USD 1 Quarter
Net loss NetIncomeLoss $-24.74M USD 1 Quarter
Net loss NetIncomeLoss $-7.83M USD 1 Quarter
Net loss per share, basic (in dollars per share) EarningsPerShareBasic $-0.19 USD 1 Quarter
Net loss per share, basic (in dollars per share) EarningsPerShareBasic $-0.06 USD 1 Quarter
Net loss per share, diluted (in dollars per share) EarningsPerShareDiluted $-0.19 USD 1 Quarter
Net loss per share, diluted (in dollars per share) EarningsPerShareDiluted $-0.06 USD 1 Quarter
Weighted-average shares used to compute new loss per share, basic (in shares) WeightedAverageNumberOfSharesOutstandingBasic 129.36M shares 1 Quarter
Weighted-average shares used to compute new loss per share, basic (in shares) WeightedAverageNumberOfSharesOutstandingBasic 125.28M shares 1 Quarter
Weighted-average shares used to compute new loss per share, diluted (in shares) WeightedAverageNumberOfDilutedSharesOutstanding 129.36M shares 1 Quarter
Weighted-average shares used to compute new loss per share, diluted (in shares) WeightedAverageNumberOfDilutedSharesOutstanding 125.28M shares 1 Quarter
Net unrealized holding loss on marketable securities, net OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentNetOfTaxPortionAttributableToParent $-2.85M USD 1 Quarter
Net unrealized holding loss on marketable securities, net OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentNetOfTaxPortionAttributableToParent $-23.00K USD 1 Quarter
Total comprehensive loss ComprehensiveIncomeNetOfTax $-27.59M USD 1 Quarter
Total comprehensive loss ComprehensiveIncomeNetOfTax $-7.86M USD 1 Quarter
Cash Flow Statement 64 line items
Line Item Tag Value Unit Period
Net loss ProfitLoss $-7.83M USD 1 Quarter
Net loss ProfitLoss $-24.74M USD 1 Quarter
Provision for transaction losses ProvisionForDoubtfulAccounts $901.00K USD 1 Quarter
Provision for transaction losses ProvisionForDoubtfulAccounts $1.92M USD 1 Quarter
Depreciation and amortization DepreciationAndAmortizationExcludingAmortizationOfFinancingCosts $3.19M USD 1 Quarter
Depreciation and amortization DepreciationAndAmortizationExcludingAmortizationOfFinancingCosts $2.01M USD 1 Quarter
Amortization of debt issuance costs AmortizationOfFinancingCosts $740.00K USD 1 Quarter
Amortization of debt issuance costs AmortizationOfFinancingCosts $19.00K USD 1 Quarter
Amortization of premium of purchases of marketable securities, net AccretionAmortizationOfDiscountsAndPremiumsInvestments $-537.00K USD 1 Quarter
Amortization of premium of purchases of marketable securities, net AccretionAmortizationOfDiscountsAndPremiumsInvestments $-10.00K USD 1 Quarter
Amortization of operating lease asset OperatingLeaseRightOfUseAssetAmortizationExpense $751.00K USD 1 Quarter
Amortization of operating lease asset OperatingLeaseRightOfUseAssetAmortizationExpense $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 $16.73M USD 1 Quarter
Stock-based compensation expense ShareBasedCompensation $11.23M USD 1 Quarter
Trade and client receivables IncreaseDecreaseInAccountsReceivable $-2.99M 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 $1.39M USD 1 Quarter
Operating lease liability IncreaseDecreaseOperatingLeaseLiability $-1.29M USD 1 Quarter
Operating lease liability IncreaseDecreaseOperatingLeaseLiability $-401.00K USD 1 Quarter
Accounts payable IncreaseDecreaseInAccountsPayable $5.54M USD 1 Quarter
Accounts payable IncreaseDecreaseInAccountsPayable $1.15M USD 1 Quarter
Accrued expenses and other liabilities IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities $-6.29M USD 1 Quarter
Accrued expenses and other liabilities IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities $-12.73M USD 1 Quarter
Deferred revenue IncreaseDecreaseInDeferredRevenue $1.66M USD 1 Quarter
Deferred revenue IncreaseDecreaseInDeferredRevenue $1.54M USD 1 Quarter
Net cash provided by (used in) operating activities NetCashProvidedByUsedInOperatingActivities $-11.48M USD 1 Quarter
Net cash provided by (used in) operating activities NetCashProvidedByUsedInOperatingActivities $1.88M USD 1 Quarter
Purchases of marketable securities PaymentsToAcquireMarketableSecurities $160.25M USD 1 Quarter
Purchases of marketable securities PaymentsToAcquireMarketableSecurities $20.98M USD 1 Quarter
Proceeds from maturities of marketable securities ProceedsFromSaleAndMaturityOfMarketableSecurities $106.63M USD 1 Quarter
Proceeds from maturities of marketable securities ProceedsFromSaleAndMaturityOfMarketableSecurities $31.00M USD 1 Quarter
Purchases of property and equipment PaymentsToAcquirePropertyPlantAndEquipment $70.00K USD 1 Quarter
Purchases of property and equipment PaymentsToAcquirePropertyPlantAndEquipment $193.00K USD 1 Quarter
Internal-use software and platform development costs PaymentsToDevelopSoftware $1.23M USD 1 Quarter
Internal-use software and platform development costs PaymentsToDevelopSoftware $2.30M USD 1 Quarter
Net cash provided by (used in) investing activities NetCashProvidedByUsedInInvestingActivities $-55.04M USD 1 Quarter
Net cash provided by (used in) investing activities NetCashProvidedByUsedInInvestingActivities $7.66M USD 1 Quarter
Changes in escrow funds payable ChangesInEscrowFundsPayable $26.36M USD 1 Quarter
Changes in escrow funds payable ChangesInEscrowFundsPayable $35.57M USD 1 Quarter
Proceeds from exercises of stock options ProceedsFromExercisesOfStockOptionsAndCommonStockWarrant $488.00K USD 1 Quarter
Proceeds from exercises of stock options ProceedsFromExercisesOfStockOptionsAndCommonStockWarrant $2.60M USD 1 Quarter
Repayment of debt RepaymentsOfDebt $1.89M USD 1 Quarter
Repayment of debt RepaymentsOfDebt - USD 1 Quarter
Net cash provided by financing activities NetCashProvidedByUsedInFinancingActivities $27.06M USD 1 Quarter
Net cash provided by financing activities NetCashProvidedByUsedInFinancingActivities $36.05M USD 1 Quarter
NET CHANGE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $-30.46M USD 1 Quarter
NET CHANGE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $36.60M 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 $232.46M USD Point-in-time
Cash, cash equivalents, and restricted cashbeginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $321.59M USD Point-in-time
Cash, cash equivalents, and restricted cashbeginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $352.06M 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 $232.46M USD Point-in-time
Cash, cash equivalents, and restricted cashend of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $321.59M USD Point-in-time
Cash, cash equivalents, and restricted cashend of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $352.06M USD Point-in-time
Cash paid for interest InterestPaidNet $763.00K 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 $302.00K USD 1 Quarter
Marketable securities purchased but not yet paid MarketableSecuritiesPurchasesNotYetPaid $3.98M USD 1 Quarter
Marketable securities purchased but not yet paid MarketableSecuritiesPurchasesNotYetPaid - USD 1 Quarter
Stockholders Equity 18 line items
Line Item Tag Value Unit Period
Beginning balance StockholdersEquity $299.31M USD Point-in-time
Beginning balance StockholdersEquity $305.50M USD Point-in-time
Beginning balance StockholdersEquity $249.35M USD Point-in-time
Beginning balance StockholdersEquity $259.52M 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 $488.00K USD 1 Quarter
Stock-based compensation expense AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue $16.74M USD 1 Quarter
Stock-based compensation expense AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue $11.26M USD 1 Quarter
Tides Foundation common stock warrant expense AdjustmentsToAdditionalPaidInCapitalWarrantIssued $188.00K USD 1 Quarter
Tides Foundation common stock warrant expense AdjustmentsToAdditionalPaidInCapitalWarrantIssued $188.00K USD 1 Quarter
Unrealized loss on marketable securities OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentNetOfTaxPortionAttributableToParent $-2.85M USD 1 Quarter
Unrealized loss on marketable securities OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentNetOfTaxPortionAttributableToParent $-23.00K USD 1 Quarter
Net loss NetIncomeLoss $-24.74M USD 1 Quarter
Net loss NetIncomeLoss $-7.83M USD 1 Quarter
Ending balance StockholdersEquity $299.31M USD Point-in-time
Ending balance StockholdersEquity $305.50M USD Point-in-time
Ending balance StockholdersEquity $249.35M USD Point-in-time
Ending balance StockholdersEquity $259.52M USD Point-in-time

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

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