2020 Q1 Form 10-Q Financial Statement

#000162747520000018 Filed on May 06, 2020

View on sec.gov

Income Statement

Concept 2020 Q1 2019 Q1
Revenue $83.20M $68.48M
YoY Change 21.5% 15.63%
Cost Of Revenue $23.49M $21.13M
YoY Change 11.17% 7.69%
Gross Profit $59.71M $47.35M
YoY Change 26.1% 19.57%
Gross Profit Margin 71.77% 69.15%
Selling, General & Admin $48.50M $36.18M
YoY Change 34.06% 17.28%
% of Gross Profit 81.23% 76.41%
Research & Development $19.35M $15.80M
YoY Change 22.46% 17.12%
% of Gross Profit 32.4% 33.37%
Depreciation & Amortization $700.0K $800.0K
YoY Change -12.5% 100.0%
% of Gross Profit 1.17% 1.69%
Operating Expenses $68.76M $52.62M
YoY Change 30.69% 15.36%
Operating Profit -$9.051M -$5.265M
YoY Change 71.91% -12.38%
Interest Expense $230.0K $373.0K
YoY Change -38.34% -29.49%
% of Operating Profit
Other Income/Expense, Net -$731.0K $479.0K
YoY Change -252.61% -292.37%
Pretax Income -$10.01M -$5.159M
YoY Change 94.07% -23.99%
Income Tax $9.000K $1.000K
% Of Pretax Income
Net Earnings -$10.02M -$5.160M
YoY Change 94.21% -23.94%
Net Earnings / Revenue -12.05% -7.54%
Basic Earnings Per Share
Diluted Earnings Per Share -$87.64K -$48.78K
COMMON SHARES
Basic Shares Outstanding 113.9M shares 106.7M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2020 Q1 2019 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $145.3M $121.2M
YoY Change 19.88%
Cash & Equivalents $65.64M $171.8M
Short-Term Investments $79.70M $72.00M
Other Short-Term Assets $132.0M $126.8M
YoY Change 4.1%
Inventory
Prepaid Expenses
Receivables $35.26M $20.33M
Other Receivables $0.00 $0.00
Total Short-Term Assets $312.5M $296.3M
YoY Change 5.5%
LONG-TERM ASSETS
Property, Plant & Equipment $24.99M $12.60M
YoY Change 98.26%
Goodwill $118.2M $118.2M
YoY Change 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.040M $1.389M
YoY Change -25.13%
Total Long-Term Assets $169.5M $137.5M
YoY Change 23.25%
TOTAL ASSETS
Total Short-Term Assets $312.5M $296.3M
Total Long-Term Assets $169.5M $137.5M
Total Assets $482.1M $433.8M
YoY Change 11.13%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.719M $1.542M
YoY Change 11.48%
Accrued Expenses $23.40M $15.60M
YoY Change 50.0%
Deferred Revenue $14.39M $10.83M
YoY Change 32.79%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $22.59M $32.57M
YoY Change -30.64%
Total Short-Term Liabilities $185.6M $170.7M
YoY Change 8.76%
LONG-TERM LIABILITIES
Long-Term Debt $8.814M $16.35M
YoY Change -46.1%
Other Long-Term Liabilities $6.384M $2.780M
YoY Change 129.64%
Total Long-Term Liabilities $15.20M $19.13M
YoY Change -20.57%
TOTAL LIABILITIES
Total Short-Term Liabilities $185.6M $170.7M
Total Long-Term Liabilities $15.20M $19.13M
Total Liabilities $223.3M $189.8M
YoY Change 17.65%
SHAREHOLDERS EQUITY
Retained Earnings -$182.0M -$148.2M
YoY Change 22.77%
Common Stock $440.7M $392.2M
YoY Change 12.37%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $258.7M $231.7M
YoY Change
Total Liabilities & Shareholders Equity $482.1M $433.8M
YoY Change 11.13%

Cashflow Statement

Concept 2020 Q1 2019 Q1
OPERATING ACTIVITIES
Net Income -$10.02M -$5.160M
YoY Change 94.21% -23.94%
Depreciation, Depletion And Amortization $700.0K $800.0K
YoY Change -12.5% 100.0%
Cash From Operating Activities -$1.702M -$29.40M
YoY Change -94.21% -687.9%
INVESTING ACTIVITIES
Capital Expenditures $1.288M $3.604M
YoY Change -64.26% 680.09%
Acquisitions
YoY Change
Other Investing Activities $6.210M -$71.71M
YoY Change -108.66% 71610.0%
Cash From Investing Activities $2.924M -$76.53M
YoY Change -103.82% 6336.25%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $31.11M $47.66M
YoY Change -34.74% 4417.82%
NET CHANGE
Cash From Operating Activities -$1.702M -$29.40M
Cash From Investing Activities $2.924M -$76.53M
Cash From Financing Activities $31.11M $47.66M
Net Change In Cash $32.33M -$58.26M
YoY Change -155.49% -1297.27%
FREE CASH FLOW
Cash From Operating Activities -$1.702M -$29.40M
Capital Expenditures $1.288M $3.604M
Free Cash Flow -$2.990M -$33.00M
YoY Change -90.94% -827.17%

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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-58259000 USD
CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
159603000 USD
CY2018Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
230067000 USD
CY2020Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
191931000 USD
CY2019Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
171808000 USD
CY2020Q1 us-gaap Interest Paid Net
InterestPaidNet
239000 USD
CY2019Q1 us-gaap Interest Paid Net
InterestPaidNet
357000 USD
CY2020Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
2435000 USD
CY2019Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
1190000 USD
CY2020Q1 us-gaap Capitalized Costs Asset Retirement Costs
CapitalizedCostsAssetRetirementCosts
40000 USD
CY2019Q1 us-gaap Capitalized Costs Asset Retirement Costs
CapitalizedCostsAssetRetirementCosts
20000 USD
CY2020Q1 us-gaap Use Of Estimates
UseOfEstimates
<div style="text-align:justify;margin-bottom:6pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%;">Use of Estimates</span></div><div style="text-align:justify;margin-bottom:6pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;">The preparation of the condensed consolidated financial statements in conformity with U.S. GAAP requires management to make certain estimates, judgments, and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the periods presented. Such estimates include, but are not limited to: the useful lives of assets; assessment of the recoverability of long-lived assets; goodwill impairment; standalone selling price of material rights and the period of time over which to defer and recognize the consideration allocated to the material rights; allowance for doubtful accounts; liabilities relating to transaction losses; the valuation of warrants; stock-based compensation; and accounting for income taxes. Management bases its estimates on historical experience and on various other assumptions that management believes to be reasonable under the circumstances. The Company evaluates its estimates, assumptions, and judgments on an ongoing basis using historical experience and other factors and revises them when facts and circumstances dictate.</span></div>
CY2019Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
68476000 USD
CY2019Q1 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
15661000 USD
CY2019Q1 us-gaap Net Income Loss
NetIncomeLoss
-5160000 USD
CY2019Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.05
CY2019Q1 us-gaap Profit Loss
ProfitLoss
-5160000 USD
CY2019Q1 upwk Operating Lease Right Of Use Asset Amortization
OperatingLeaseRightOfUseAssetAmortization
1072000 USD
CY2019Q1 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
26149000 USD
CY2019Q1 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
886000 USD
CY2019Q1 upwk Increase Decrease Operating Lease Liability
IncreaseDecreaseOperatingLeaseLiability
-378000 USD
CY2019Q1 us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
-4125000 USD
CY2019Q1 us-gaap Increase Decrease In Commodity Contract Assets And Liabilities
IncreaseDecreaseInCommodityContractAssetsAndLiabilities
-603000 USD
CY2019Q1 us-gaap Increase Decrease In Restricted Cash
IncreaseDecreaseInRestrictedCash
0 USD
CY2019Q1 upwk Escrow Funds Payable Adjustment
EscrowFundsPayableAdjustment
0 USD
CY2019Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-58259000 USD
CY2018Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
230067000 USD
CY2019Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
171808000 USD
CY2020Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
17600000 USD
CY2020Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
14400000 USD
CY2020Q1 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1
P12M
CY2020Q1 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
14386000 USD
CY2019Q4 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
13799000 USD
CY2020Q1 us-gaap Contract With Customer Liability Noncurrent
ContractWithCustomerLiabilityNoncurrent
3215000 USD
CY2019Q4 us-gaap Contract With Customer Liability Noncurrent
ContractWithCustomerLiabilityNoncurrent
3153000 USD
CY2020Q1 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
5100000 USD
CY2019Q1 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
3500000 USD
CY2020Q1 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
139172000 USD
CY2019Q4 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
120767000 USD
CY2020Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
65635000 USD
CY2019Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
48392000 USD
CY2020Q1 us-gaap Restricted Cash
RestrictedCash
2740000 USD
CY2019Q4 us-gaap Restricted Cash
RestrictedCash
2490000 USD
CY2020Q1 upwk Funds Held In Escrow Including Funds In Transit
FundsHeldInEscrowIncludingFundsInTransit
123556000 USD
CY2019Q4 upwk Funds Held In Escrow Including Funds In Transit
FundsHeldInEscrowIncludingFundsInTransit
108721000 USD
CY2020Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
191931000 USD
CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
159603000 USD
CY2020Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
34538000 USD
CY2019Q1 us-gaap Capitalized Computer Software Additions
CapitalizedComputerSoftwareAdditions
1100000 USD
CY2019Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
29369000 USD
CY2020Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
9549000 USD
CY2019Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
7915000 USD
CY2020Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
24989000 USD
CY2019Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
21454000 USD
CY2020Q1 us-gaap Depreciation
Depreciation
700000 USD
CY2019Q1 us-gaap Depreciation
Depreciation
800000 USD
CY2020Q1 us-gaap Capitalized Computer Software Additions
CapitalizedComputerSoftwareAdditions
1600000 USD
CY2020Q1 us-gaap Capitalized Computer Software Amortization1
CapitalizedComputerSoftwareAmortization1
900000 USD
CY2019Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
700000 USD
CY2020Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
700000 USD
CY2020Q1 upwk Accrued Compensation And Related Benefits Current
AccruedCompensationAndRelatedBenefitsCurrent
6089000 USD
CY2019Q4 upwk Accrued Compensation And Related Benefits Current
AccruedCompensationAndRelatedBenefitsCurrent
5344000 USD
CY2020Q1 upwk Accrued Freelancer Costs Current
AccruedFreelancerCostsCurrent
1665000 USD
CY2019Q4 upwk Accrued Freelancer Costs Current
AccruedFreelancerCostsCurrent
622000 USD
CY2020Q1 upwk Accrued Indirect Taxes Current
AccruedIndirectTaxesCurrent
1746000 USD
CY2019Q4 upwk Accrued Indirect Taxes Current
AccruedIndirectTaxesCurrent
2401000 USD
CY2020Q1 upwk Accrued Vendor Expenses Current
AccruedVendorExpensesCurrent
9499000 USD
CY2019Q4 upwk Accrued Vendor Expenses Current
AccruedVendorExpensesCurrent
5485000 USD
CY2020Q1 upwk Accrued Payment Processing Fees Current
AccruedPaymentProcessingFeesCurrent
870000 USD
CY2019Q4 upwk Accrued Payment Processing Fees Current
AccruedPaymentProcessingFeesCurrent
832000 USD
CY2020Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
3134000 USD
CY2019Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
3214000 USD
CY2020Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
391000 USD
CY2019Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
444000 USD
CY2020Q1 upwk Accrued Expenses And Other Current Liabilities
AccruedExpensesAndOtherCurrentLiabilities
23394000 USD
CY2019Q4 upwk Accrued Expenses And Other Current Liabilities
AccruedExpensesAndOtherCurrentLiabilities
18342000 USD
CY2019Q4 upwk Letters Of Credit Held
LettersOfCreditHeld
3 letter
CY2020Q1 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
1000000.0 USD
CY2019Q4 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
800000 USD
CY2020Q1 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
31428000 USD
CY2019Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
18321000 USD
CY2020Q1 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
25000 USD
CY2019Q4 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
38000 USD
CY2020Q1 us-gaap Long Term Debt
LongTermDebt
31403000 USD
CY2019Q4 us-gaap Long Term Debt
LongTermDebt
18283000 USD
CY2020Q1 us-gaap Long Term Debt Current
LongTermDebtCurrent
22589000 USD
CY2019Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
7584000 USD
CY2020Q1 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
8814000 USD
CY2019Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
10699000 USD
CY2020Q1 us-gaap Debt Weighted Average Interest Rate
DebtWeightedAverageInterestRate
0.0431
CY2019Q4 us-gaap Debt Weighted Average Interest Rate
DebtWeightedAverageInterestRate
0.0693
CY2020Q1 us-gaap Line Of Credit Facility Maximum Borrowing Capacity
LineOfCreditFacilityMaximumBorrowingCapacity
49000000.0 USD
CY2019Q1 upwk Adjusted Liquidity Ratio
AdjustedLiquidityRatio
1.75
CY2019Q1 us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
15000000.0 USD
CY2020Q1 us-gaap Net Income Loss
NetIncomeLoss
-10021000 USD
CY2019Q1 us-gaap Net Income Loss
NetIncomeLoss
-5160000 USD
CY2020Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
114118958 shares
CY2019Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
106639079 shares
CY2020Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.09
CY2019Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.05
CY2020Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
21218487 shares
CY2019Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
25290921 shares
CY2020Q1 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1 segment
CY2020Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1 segment
CY2020Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
83196000 USD
CY2019Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
68476000 USD
CY2020Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
83196000 USD
CY2019Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
68476000 USD

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