2021 Q2 Form 10-Q Financial Statement

#000162747521000032 Filed on July 29, 2021

View on sec.gov

Income Statement

Concept 2021 Q2 2020 Q2 2020 Q1
Revenue $124.2M $87.53M $83.20M
YoY Change 41.87% 18.63% 21.5%
Cost Of Revenue $33.08M $25.41M $23.49M
YoY Change 30.21% 17.7% 11.17%
Gross Profit $91.10M $62.12M $59.71M
YoY Change 46.64% 19.02% 26.1%
Gross Profit Margin 73.36% 70.97% 71.77%
Selling, General & Admin $78.17M $51.54M $48.50M
YoY Change 51.67% 33.73% 34.06%
% of Gross Profit 85.81% 82.97% 81.23%
Research & Development $28.12M $20.55M $19.35M
YoY Change 36.88% 30.91% 22.46%
% of Gross Profit 30.87% 33.07% 32.4%
Depreciation & Amortization $1.000M $800.0K $700.0K
YoY Change 25.0% 33.33% -12.5%
% of Gross Profit 1.1% 1.29% 1.17%
Operating Expenses $107.5M $73.11M $68.76M
YoY Change 47.04% 32.7% 30.69%
Operating Profit -$16.40M -$10.98M -$9.051M
YoY Change 49.26% 278.89% 71.91%
Interest Expense $110.0K $258.0K $230.0K
YoY Change -57.36% -27.73% -38.34%
% of Operating Profit
Other Income/Expense, Net -$17.00K $248.0K -$731.0K
YoY Change -106.85% -70.19% -252.61%
Pretax Income -$16.52M -$10.99M -$10.01M
YoY Change 50.28% 353.55% 94.07%
Income Tax $16.00K $30.00K $9.000K
% Of Pretax Income
Net Earnings -$16.54M -$11.02M -$10.02M
YoY Change 50.02% 349.78% 94.21%
Net Earnings / Revenue -13.32% -12.59% -12.05%
Basic Earnings Per Share -$0.13 -$0.09
Diluted Earnings Per Share -$0.13 -$0.09 -$87.64K
COMMON SHARES
Basic Shares Outstanding 126.7M shares 116.5M shares 113.9M shares
Diluted Shares Outstanding 126.7M shares 116.5M shares

Balance Sheet

Concept 2021 Q2 2020 Q2 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $172.4M $146.4M $145.3M
YoY Change 17.79% 13.05% 19.88%
Cash & Equivalents $131.4M $76.76M $65.64M
Short-Term Investments $40.99M $69.60M $79.70M
Other Short-Term Assets $177.6M $138.6M $132.0M
YoY Change 28.14% 10.97% 4.1%
Inventory
Prepaid Expenses
Receivables $62.23M $33.23M $35.26M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $412.3M $318.2M $312.5M
YoY Change 29.58% 4.03% 5.5%
LONG-TERM ASSETS
Property, Plant & Equipment $23.68M $27.28M $24.99M
YoY Change -13.2% 42.05% 98.26%
Goodwill $118.2M $118.2M $118.2M
YoY Change 0.0% 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.406M $1.546M $1.040M
YoY Change -9.06% 58.4% -25.13%
Total Long-Term Assets $157.0M $170.7M $169.5M
YoY Change -8.03% 19.31% 23.25%
TOTAL ASSETS
Total Short-Term Assets $412.3M $318.2M $312.5M
Total Long-Term Assets $157.0M $170.7M $169.5M
Total Assets $569.3M $488.8M $482.1M
YoY Change 16.45% 8.9% 11.13%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $8.625M $5.180M $1.719M
YoY Change 66.51% 240.57% 11.48%
Accrued Expenses $33.21M $25.40M $23.40M
YoY Change 30.75% 32.98% 50.0%
Deferred Revenue $19.16M $14.98M $14.39M
YoY Change 27.9% 1226.02% 32.79%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $6.344M $7.594M $22.59M
YoY Change -16.46% -76.69% -30.64%
Total Short-Term Liabilities $232.4M $182.7M $185.6M
YoY Change 27.23% 5.8% 8.76%
LONG-TERM LIABILITIES
Long-Term Debt $633.0K $6.929M $8.814M
YoY Change -90.86% -52.11% -46.1%
Other Long-Term Liabilities $8.916M $6.996M $6.384M
YoY Change 27.44% 68.66% 129.64%
Total Long-Term Liabilities $9.549M $13.93M $15.20M
YoY Change -31.43% -25.2% -20.57%
TOTAL LIABILITIES
Total Short-Term Liabilities $232.4M $182.7M $185.6M
Total Long-Term Liabilities $9.549M $13.93M $15.20M
Total Liabilities $260.7M $218.7M $223.3M
YoY Change 19.22% 14.34% 17.65%
SHAREHOLDERS EQUITY
Retained Earnings -$219.2M -$193.0M -$182.0M
YoY Change 13.57% 28.45% 22.77%
Common Stock $527.7M $463.1M $440.7M
YoY Change 13.94% 13.55% 12.37%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $308.5M $270.1M $258.7M
YoY Change
Total Liabilities & Shareholders Equity $569.3M $488.8M $482.1M
YoY Change 16.45% 8.9% 11.13%

Cashflow Statement

Concept 2021 Q2 2020 Q2 2020 Q1
OPERATING ACTIVITIES
Net Income -$16.54M -$11.02M -$10.02M
YoY Change 50.02% 349.78% 94.21%
Depreciation, Depletion And Amortization $1.000M $800.0K $700.0K
YoY Change 25.0% 33.33% -12.5%
Cash From Operating Activities $540.0K $8.360M -$1.702M
YoY Change -93.54% 432.48% -94.21%
INVESTING ACTIVITIES
Capital Expenditures -$1.545M -$5.900M $1.288M
YoY Change -73.81% 22.66% -64.26%
Acquisitions
YoY Change
Other Investing Activities $24.51M $10.04M $6.210M
YoY Change 144.15% 1.01% -108.66%
Cash From Investing Activities $22.96M $4.150M $2.924M
YoY Change 453.2% -19.42% -103.82%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 7.609M 4.610M $31.11M
YoY Change 65.05% -51.37% -34.74%
NET CHANGE
Cash From Operating Activities 540.0K 8.360M -$1.702M
Cash From Investing Activities 22.96M 4.150M $2.924M
Cash From Financing Activities 7.609M 4.610M $31.11M
Net Change In Cash 31.11M 17.12M $32.33M
YoY Change 81.7% 5.68% -155.49%
FREE CASH FLOW
Cash From Operating Activities $540.0K $8.360M -$1.702M
Capital Expenditures -$1.545M -$5.900M $1.288M
Free Cash Flow $2.085M $14.26M -$2.990M
YoY Change -85.38% 123.51% -90.94%

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IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
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us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
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30040000 USD
upwk Changes In Escrow Funds Payable
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20832000 USD
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16010000 USD
us-gaap Proceeds From Lines Of Credit
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0 USD
us-gaap Proceeds From Lines Of Credit
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Capital Expenditures Incurred But Not Yet Paid
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us-gaap Use Of Estimates
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<div style="margin-bottom:6pt;text-align:justify"><span style="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="margin-bottom:6pt;text-align:justify"><span style="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; 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>
CY2021Q2 us-gaap Asset Impairment Charges
AssetImpairmentCharges
7400000 USD
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RevenueRemainingPerformanceObligation
24400000 USD
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RevenueRemainingPerformanceObligation
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P12M
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4177000 USD
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6100000 USD
us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
9600000 USD
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ContractWithCustomerLiabilityRevenueRecognized
4900000 USD
us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
8000000.0 USD
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160796000 USD
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AssetsFairValueDisclosure
147292000 USD
CY2021Q2 us-gaap Debt Instrument Carrying Amount
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7000000.0 USD
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DebtInstrumentCarryingAmount
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94081000 USD
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RestrictedCash
3640000 USD
CY2020Q4 us-gaap Restricted Cash
RestrictedCash
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165082000 USD
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135042000 USD
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
232463000 USD
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44121000 USD
CY2020Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
43513000 USD
CY2021Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
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AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
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PropertyPlantAndEquipmentNet
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PropertyPlantAndEquipmentNet
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Depreciation
1000000.0 USD
CY2020Q2 us-gaap Depreciation
Depreciation
800000 USD
us-gaap Depreciation
Depreciation
2000000.0 USD
us-gaap Depreciation
Depreciation
1500000 USD
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1300000 USD
CY2020Q2 us-gaap Capitalized Computer Software Additions
CapitalizedComputerSoftwareAdditions
1700000 USD
us-gaap Capitalized Computer Software Additions
CapitalizedComputerSoftwareAdditions
3400000 USD
us-gaap Capitalized Computer Software Additions
CapitalizedComputerSoftwareAdditions
3300000 USD
CY2021Q2 us-gaap Capitalized Computer Software Amortization1
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1600000 USD
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CapitalizedComputerSoftwareAmortization1
1100000 USD
us-gaap Capitalized Computer Software Amortization1
CapitalizedComputerSoftwareAmortization1
3100000 USD
us-gaap Capitalized Computer Software Amortization1
CapitalizedComputerSoftwareAmortization1
2000000.0 USD
CY2021Q2 upwk Lessor Operating Lease Lease Not Yet Commenced Undiscounted Amount Per Month
LessorOperatingLeaseLeaseNotYetCommencedUndiscountedAmountPerMonth
100000 USD
CY2021Q2 us-gaap Asset Impairment Charges
AssetImpairmentCharges
7400000 USD
CY2021Q2 us-gaap Operating Lease Impairment Loss
OperatingLeaseImpairmentLoss
4300000 USD
CY2021Q2 us-gaap Impairment Of Leasehold
ImpairmentOfLeasehold
2900000 USD
CY2021Q2 us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
200000 USD
CY2020Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
700000 USD
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
700000 USD
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
1300000 USD
CY2021Q2 upwk Accrued Compensation And Related Benefits Current
AccruedCompensationAndRelatedBenefitsCurrent
12100000 USD
CY2020Q4 upwk Accrued Compensation And Related Benefits Current
AccruedCompensationAndRelatedBenefitsCurrent
14007000 USD
CY2021Q2 upwk Accrued Freelancer Costs Current
AccruedFreelancerCostsCurrent
1141000 USD
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1235000 USD
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3037000 USD
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3818000 USD
CY2021Q2 upwk Accrued Vendor Expenses Current
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CY2021Q2 upwk Accrued Payment Processing Fees Current
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CY2021Q2 us-gaap Other Accrued Liabilities Current
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CY2020Q4 us-gaap Other Accrued Liabilities Current
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CY2021Q2 upwk Accrued Expenses And Other Current Liabilities
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CY2020Q4 upwk Accrued Expenses And Other Current Liabilities
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CY2020Q4 upwk Letters Of Credit Held
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LettersOfCreditHeld
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CY2021Q2 us-gaap Debt Instrument Carrying Amount
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CY2021Q2 us-gaap Long Term Debt
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CY2020Q4 us-gaap Long Term Debt
LongTermDebt
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CY2021Q2 us-gaap Long Term Debt Current
LongTermDebtCurrent
6344000 USD
CY2020Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
7581000 USD
CY2021Q2 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
633000 USD
CY2020Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
3142000 USD
CY2021Q2 us-gaap Debt Weighted Average Interest Rate
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0.0510
CY2020Q4 us-gaap Debt Weighted Average Interest Rate
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0.0564
CY2021Q2 us-gaap Line Of Credit Facility Maximum Borrowing Capacity
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upwk Adjusted Liquidity Ratio
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1.75
CY2021Q2 us-gaap Net Income Loss
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CY2020Q2 us-gaap Net Income Loss
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us-gaap Net Income Loss
NetIncomeLoss
-24373000 USD
us-gaap Net Income Loss
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CY2021Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
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126742452 shares
CY2021Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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126742452 shares
CY2020Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2020Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
126010689 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
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126010689 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
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115321264 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
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-0.13
CY2021Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
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CY2020Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.09
CY2020Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.09
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.19
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.19
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.18
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.18
CY2021Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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10390746 shares
CY2020Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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17484848 shares
us-gaap Number Of Reportable Segments
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1 segment
us-gaap Number Of Operating Segments
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1 segment
CY2021Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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124181000 USD
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87531000 USD
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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237800000 USD
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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170727000 USD
CY2021Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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124181000 USD
CY2020Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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87531000 USD
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
237800000 USD
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
170727000 USD

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