Upwork, Inc - Understand $upwk stock

$UPWK Market Cap: $2.332 Billion

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Financial Snapshot

Revenue

$761.8M

TTM

Gross Margin

76.7%

TTM

Net Earnings

$85.79M

TTM

Current Assets

$904.3M

Q3 2024

Current Liabilities

$284.4M

Q3 2024

Current Ratio

317.92%

Q3 2024

Total Assets

$1.063B

Q3 2024

Total Liabilities

$651.5M

Q3 2024

Book Value

$411.2M

Q3 2024

Cash

$288.5M

Q3 2024

P/E

27.19

Nov 29, 2024 EST

Free Cash Flow

$125.0M

TTM

Revenues

Revenue YoY Change

Revenues

Concept	2023	2022	2021	2020	2019	2018	2017	2016
Revenue	$689.1M	$618.3M	$502.8M	$373.6M	$300.6M	$253.4M	$202.6M	$164.4M
YoY Change	11.45%	22.98%	34.57%	24.31%	18.63%	25.08%	23.17%

Expenses

Cost Of Revenues

Gross Profit

Gross Profit Margin

Gross Profit

Concept	2023	2022	2021	2020	2019	2018	2017	2016
Revenue	$689.1M	$618.3M	$502.8M	$373.6M	$300.6M	$253.4M	$202.6M	$164.4M
Cost Of Revenue	$170.5M	$160.4M	$135.5M	$2.900M	$900.0K	$81.46M	$65.44M	$62.58M
Gross Profit	$518.7M	$457.9M	$367.3M	$269.4M	$212.4M	$171.9M	$137.1M	$101.9M
Gross Profit Margin	75.27%	74.06%	73.05%	72.09%	70.67%	67.85%	67.69%	61.95%

Selling, General & Admin Expense

Research & Development

Depreciation, Depletion & Amortization

SGA Expense to Gross Profit Ratio

R&D To Gross Profit Ratio

DDA To Gross Profit Ratio

Operating Expenses Total

Operating Profits/Loss

Operational Expenses

Concept	2023	2022	2021	2020	2019	2018	2017	2016
Selling, General & Admin	$339.6M	$370.8M	$296.4M	$204.7M	$163.2M	$122.3M	$90.38M	$72.88M
YoY Change	-8.42%	25.12%	44.75%	25.44%	33.46%	35.32%	24.0%
% of Gross Profit	65.47%	80.98%	80.69%	76.01%	76.84%	71.15%	65.92%	71.55%
Research & Development	$177.4M	$154.6M	$119.1M	$83.47M	$64.03M	$55.49M	$45.60M	$37.90M
YoY Change	14.76%	29.79%	42.66%	30.37%	15.39%	21.67%	20.32%
% of Gross Profit	34.19%	33.75%	32.42%	30.99%	30.14%	32.28%	33.26%	37.21%
Depreciation & Amortization	$2.900M	$3.200M	$3.700M	$3.600M	$2.800M	$2.200M	$1.500M	$1.800M
YoY Change	-9.38%	-13.51%	2.78%	28.57%	27.27%	46.67%	-16.67%
% of Gross Profit	0.56%	0.7%	1.01%	1.34%	1.32%	1.28%	1.09%	1.77%
Operating Expenses	$529.9M	$550.5M	$421.5M	$291.8M	$231.2M	$183.6M	$140.2M	$116.3M
YoY Change	-3.74%	30.61%	44.47%	26.22%	25.89%	30.93%	20.54%
Operating Profit	-$11.26M	-$92.62M	-$54.22M	-$22.41M	-$18.73M	-$11.71M	-$3.123M	-$14.47M
YoY Change	-87.84%	70.84%	141.95%	19.62%	59.94%	275.02%	-78.41%

Interest Expenses

Interest Expenses To Operating Income %

Other Expense/Income

Interest & Other Expense/Income

Concept	2023	2022	2021	2020	2019	2018	2017	2016
Interest Expense	$500.0K	$4.483M	$2.180M	$778.0K	$1.306M	$2.038M	$960.0K	$858.0K
YoY Change	-88.85%	105.64%	180.21%	-40.43%	-35.92%	112.29%	11.89%
% of Operating Profit
Other Income/Expense, Net	$60.14M	$7.758M	$279.0K	$469.0K	$3.407M	-$6.142M	-$62.00K	-$908.0K
YoY Change	675.16%	2680.65%	-40.51%	-86.23%	-155.47%	9806.45%	-93.17%

Income/Loss

Pretax Income

Income Tax

Net Profits/Loss

Pretax Income YoY Change

Income Tax Rate

Net Profits/Loss YoY Change

Basic EPS

Net Income To Revenue Ratio

Pretax & Net Income

Concept	2023	2022	2021	2020	2019	2018	2017	2016
Pretax Income	$48.88M	-$89.35M	-$56.12M	-$22.72M	-$16.63M	-$19.89M	-$4.145M	-$16.23M
YoY Change	-154.7%	59.22%	147.03%	36.59%	-16.39%	379.9%	-74.47%
Income Tax	$1.990M	$536.0K	$122.0K	$150.0K	$28.00K	$15.00K	-$22.00K	-$1.000K
% Of Pretax Income	4.07%
Net Earnings	$46.89M	-$89.89M	-$56.24M	-$22.87M	-$16.66M	-$19.91M	-$4.123M	-$16.23M
YoY Change	-152.16%	59.82%	145.94%	37.27%	-16.32%	382.83%	-74.6%
Net Earnings / Revenue	6.8%	-14.54%	-11.19%	-6.12%	-5.54%	-7.86%	-2.04%	-9.87%
Basic Earnings Per Share	$0.35	-$0.69	-$0.44	-$0.19	-$0.15
Diluted Earnings Per Share	$0.06	-$0.69	-$0.44	-$0.19	-$0.15	-$186.9K	-$39.39K	-$155.6K

Assets & Liabilities

Cash & Short-Term Investments

Cash & Equivalents

Cash To Operating Expenses Ratio

Inventory

Receivables

Total Short-Term Assets

Property, Plant And Equipment

Long-Term Investments

Total Long-Term Assets

Total Assets

Net Income To Total Assets Percentage

Accounts Payable

Short-Term Debt

Long Term Debt Due

Total Short-Term Liabilities

Long-Term Debt

Other Long-Term Liabilities

Total Long-Term Liabilities

Total Liabilities

Short-Term To Long-Term Debt Ratio

Short-Term Assets To Debt Ratio

Long-Term Debt To Net Income Ratio

Assets & Liabilities

Concept	2023	2022	2021	2020	2019	2018	2017	2016
Cash & Short-Term Investments	$550.1M	$686.6M	$684.8M	$169.7M	$133.9M	$129.1M	$21.60M	$27.30M
YoY Change	-19.88%	0.27%	303.52%	26.74%	3.72%	497.69%	-20.88%
Cash & Equivalents	$79.64M	$129.4M	$187.2M	$94.10M	$48.40M	$117.1M
Short-Term Investments	$470.5M	$557.2M	$497.6M	$75.60M	$85.50M
Other Short-Term Assets	$230.2M	$179.4M	$178.1M	$144.1M	$116.6M	$104.5M	$91.80M	$63.90M
YoY Change	28.32%	0.76%	23.56%	23.58%	11.58%	13.83%	43.66%
Inventory
Prepaid Expenses
Receivables	$103.1M	$64.89M	$66.83M	$47.00M	$30.20M	$22.30M	$30.80M	$25.30M
Other Receivables	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Total Short-Term Assets	$883.4M	$930.9M	$929.7M	$360.8M	$280.6M	$255.9M	$144.1M	$116.6M
YoY Change	-5.11%	0.13%	157.66%	28.58%	9.65%	77.59%	23.58%
Property, Plant & Equipment	$31.47M	$29.67M	$32.01M	$47.90M	$43.40M	$10.80M	$3.500M	$2.600M
YoY Change	6.09%	-7.33%	-33.17%	10.37%	301.85%	208.57%	34.62%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets	$1.430M	$1.454M	$1.178M	$1.700M	$800.0K	$700.0K	$700.0K	$800.0K
YoY Change	-1.65%	23.43%	-30.71%	112.5%	14.29%	0.0%	-12.5%
Total Long-Term Assets	$154.2M	$149.3M	$151.4M	$168.4M	$165.8M	$135.7M	$131.1M	$133.0M
YoY Change	3.23%	-1.37%	-10.09%	1.57%	22.18%	3.51%	-1.43%
Total Assets	$1.038B	$1.080B	$1.081B	$529.2M	$446.4M	$391.6M	$275.2M	$249.6M
YoY Change
Accounts Payable	$5.063M	$7.549M	$4.996M	$6.500M	$700.0K	$2.100M	$500.0K	$400.0K
YoY Change	-32.93%	51.1%	-23.14%	828.57%	-66.67%	320.0%	25.0%
Accrued Expenses	$58.19M	$53.61M	$45.74M	$32.90M	$18.30M	$20.90M	$16.00M	$21.60M
YoY Change	8.54%	17.2%	39.03%	79.78%	-12.44%	30.63%	-25.93%
Deferred Revenue
YoY Change
Short-Term Debt	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
YoY Change
Long-Term Debt Due		$0.00	$0.00	$7.600M	$7.600M	$5.700M	$10.30M	$3.000M
YoY Change			-100.0%	0.0%	33.33%	-44.66%	243.33%
Total Short-Term Liabilities	$293.0M	$247.7M	$233.6M	$198.7M	$149.1M	$127.6M	$114.6M	$85.40M
YoY Change	18.29%	6.02%	17.58%	33.27%	16.85%	11.34%	34.19%
Long-Term Debt	$356.1M	$564.3M	$561.3M	$3.100M	$10.70M	$18.20M	$23.50M	$14.00M
YoY Change	-36.89%	0.53%	18006.42%	-71.03%	-41.21%	-22.55%	67.86%
Other Long-Term Liabilities	$7.376M	$19.41M	$26.61M	$28.00M	$27.20M	$2.000M	$1.900M	$1.600M
YoY Change	-62.0%	-27.05%	-4.96%	2.94%	1260.0%	5.26%	18.75%
Total Long-Term Liabilities	$363.5M	$583.7M	$587.9M	$31.10M	$37.90M	$20.20M	$25.40M	$15.60M
YoY Change	-37.73%	-0.72%	1790.39%	-17.94%	87.62%	-20.47%	62.82%
Total Liabilities	$656.5M	$831.4M	$821.5M	$229.9M	$187.0M	$147.8M	$140.1M	$100.9M
YoY Change	-21.04%	1.2%	257.35%	22.94%	26.52%	5.5%	38.85%

Ownership

Basic Shares Outstanding

Diluted Shares Outstanding

Preferred Stock

Treasury Stock Shares

Stock Issuance & Repurchase

Ownership Data

Concept	2023	2022	2021	2020	2019
Basic Shares Outstanding	134.8M shares	130.5M shares	127.2M shares	118.7M shares	109.8M shares
Diluted Shares Outstanding	137.3M shares	130.5M shares	127.2M shares	118.7M shares	109.8M shares
Preferred Stock
Treasury Stock Shares

Return On Shareholders' Equity

Book Value

Free Cash Flow

Free Cash Flow YoY

Free Cash Flow Margin

Dividends

Stock Price

Market Cap: $2.3325 Billion

About UPWORK, INC

Upwork, Inc. is an online marketplace that enables businesses to find, hire, and pay freelancers for short-term and longer-term projects. The company is headquartered in San Francisco, California and currently employs 800 full-time employees. The company went IPO on 2018-10-03. The firm's independent talent refers to the talent that includes independent professionals and agencies of varying sizes. The Company’s marketplace offerings are designed for clients looking to identify hiring. Its marketplace offerings provide clients with access to independent talent with verified work history on its work marketplace, as well as client feedback. They also receive perks, such as a verified client badge and highlighted job posts. Upwork Payroll is available to clients when they choose to work with talent that they engage through Upwork as employees. With Upwork Payroll, clients have access to third-party staffing providers to employ talent and meet their talent needs through its work marketplace. The company offers two lines of service: enterprise solutions and managed services. Its managed services offer a service-led program management and full project lifecycle solution.

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