$UPWK
UPWORK, INC

2021 Q3 Form 10-Q Financial Statement

#000162747521000040 Filed on October 27, 2021

View on sec.gov

Income Statement

Concept 2021 Q3 2020 Q3 2020 Q2
Revenue $128.1M $96.75M $87.53M
YoY Change 32.45% 24.01% 18.63%
Cost Of Revenue $34.93M $26.60M $25.41M
YoY Change 31.35% 18.24% 17.7%
Gross Profit $93.21M $70.15M $62.12M
YoY Change 32.87% 26.35% 19.02%
Gross Profit Margin 72.74% 72.51% 70.97%
Selling, General & Admin $69.28M $51.62M $51.54M
YoY Change 34.19% 23.53% 33.73%
% of Gross Profit 74.32% 73.59% 82.97%
Research & Development $30.87M $20.83M $20.55M
YoY Change 48.19% 28.53% 30.91%
% of Gross Profit 33.12% 29.7% 33.07%
Depreciation & Amortization $800.0K $1.000M $800.0K
YoY Change -20.0% 42.86% 33.33%
% of Gross Profit 0.86% 1.43% 1.29%
Operating Expenses $101.5M $73.18M $73.11M
YoY Change 38.73% 23.59% 32.7%
Operating Profit -$8.317M -$3.029M -$10.98M
YoY Change 174.58% -17.96% 278.89%
Interest Expense $746.0K $152.0K $258.0K
YoY Change 390.79% -52.05% -27.73%
% of Operating Profit
Other Income/Expense, Net -$222.0K $452.0K $248.0K
YoY Change -149.12% -2.16% -70.19%
Pretax Income -$9.285M -$2.729M -$10.99M
YoY Change 240.23% -23.06% 353.55%
Income Tax $26.00K $18.00K $30.00K
% Of Pretax Income
Net Earnings -$9.311M -$2.747M -$11.02M
YoY Change 238.95% -22.55% 349.78%
Net Earnings / Revenue -7.27% -2.84% -12.59%
Basic Earnings Per Share -$0.07 -$0.02 -$0.09
Diluted Earnings Per Share -$0.07 -$0.02 -$0.09
COMMON SHARES
Basic Shares Outstanding 127.9M shares 120.7M shares 116.5M shares
Diluted Shares Outstanding 127.9M shares 120.7M shares 116.5M shares

Balance Sheet

Concept 2021 Q3 2020 Q3 2020 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $696.8M $155.5M $146.4M
YoY Change 348.13% 18.16% 13.05%
Cash & Equivalents $600.1M $88.44M $76.76M
Short-Term Investments $96.76M $67.10M $69.60M
Other Short-Term Assets $184.8M $136.6M $138.6M
YoY Change 35.32% 11.78% 10.97%
Inventory
Prepaid Expenses
Receivables $58.23M $39.85M $33.23M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $939.9M $332.0M $318.2M
YoY Change 183.14% 16.15% 4.03%
LONG-TERM ASSETS
Property, Plant & Equipment $22.34M $27.68M $27.28M
YoY Change -19.28% 33.93% 42.05%
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 $1.269M $1.784M $1.546M
YoY Change -28.87% 97.35% 58.4%
Total Long-Term Assets $154.6M $169.7M $170.7M
YoY Change -8.91% 18.0% 19.31%
TOTAL ASSETS
Total Short-Term Assets $939.9M $332.0M $318.2M
Total Long-Term Assets $154.6M $169.7M $170.7M
Total Assets $1.094B $501.6M $488.8M
YoY Change 118.18% 16.77% 8.9%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.370M $5.708M $5.180M
YoY Change -40.96% 94.55% 240.57%
Accrued Expenses $45.05M $28.80M $25.40M
YoY Change 56.42% 31.51% 32.98%
Deferred Revenue $20.74M $15.89M $14.98M
YoY Change 30.52% 901.39% 1226.02%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $7.576M $7.594M
YoY Change -100.0% -0.04% -76.69%
Total Short-Term Liabilities $241.9M $186.1M $182.7M
YoY Change 29.98% 25.22% 5.8%
LONG-TERM LIABILITIES
Long-Term Debt $560.6M $5.021M $6.929M
YoY Change 11064.29% -60.1% -52.11%
Other Long-Term Liabilities $9.169M $7.276M $6.996M
YoY Change 26.02% 25.1% 68.66%
Total Long-Term Liabilities $569.7M $12.30M $13.93M
YoY Change 4533.06% -33.17% -25.2%
TOTAL LIABILITIES
Total Short-Term Liabilities $241.9M $186.1M $182.7M
Total Long-Term Liabilities $569.7M $12.30M $13.93M
Total Liabilities $829.7M $220.1M $218.7M
YoY Change 277.01% 31.78% 14.34%
SHAREHOLDERS EQUITY
Retained Earnings -$228.5M -$195.7M -$193.0M
YoY Change 16.74% 27.87% 28.45%
Common Stock $493.3M $477.3M $463.1M
YoY Change 3.36% 14.83% 13.55%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $264.8M $281.6M $270.1M
YoY Change
Total Liabilities & Shareholders Equity $1.094B $501.6M $488.8M
YoY Change 118.18% 16.77% 8.9%

Cashflow Statement

Concept 2021 Q3 2020 Q3 2020 Q2
OPERATING ACTIVITIES
Net Income -$9.311M -$2.747M -$11.02M
YoY Change 238.95% -22.55% 349.78%
Depreciation, Depletion And Amortization $800.0K $1.000M $800.0K
YoY Change -20.0% 42.86% 33.33%
Cash From Operating Activities $20.86M $6.750M $8.360M
YoY Change 209.1% -77.37% 432.48%
INVESTING ACTIVITIES
Capital Expenditures -$871.0K -$2.590M -$5.900M
YoY Change -66.37% -44.42% 22.66%
Acquisitions
YoY Change
Other Investing Activities -$55.86M $2.540M $10.04M
YoY Change -2299.25% 9.48% 1.01%
Cash From Investing Activities -$56.73M -$60.00K $4.150M
YoY Change 94453.33% -97.45% -19.42%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 512.3M 3.960M 4.610M
YoY Change 12837.02% -109.13% -51.37%
NET CHANGE
Cash From Operating Activities 20.86M 6.750M 8.360M
Cash From Investing Activities -56.73M -60.00K 4.150M
Cash From Financing Activities 512.3M 3.960M 4.610M
Net Change In Cash 476.4M 10.65M 17.12M
YoY Change 4373.6% -167.02% 5.68%
FREE CASH FLOW
Cash From Operating Activities $20.86M $6.750M $8.360M
Capital Expenditures -$871.0K -$2.590M -$5.900M
Free Cash Flow $21.73M $9.340M $14.26M
YoY Change 132.71% -72.92% 123.51%

Facts In Submission

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UPWORK INC.
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475 Brannan Street, Suite 430
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us-gaap Capital Expenditures Incurred But Not Yet Paid
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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
CY2021Q3 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
26100000 USD
CY2021Q3 us-gaap Revenue Remaining Performance Obligation
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20700000 USD
CY2021Q3 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1
P12M
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5200000 USD
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674903000 USD
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147292000 USD
CY2020Q4 us-gaap Debt Instrument Carrying Amount
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43513000 USD
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CY2021Q3 us-gaap Depreciation
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CY2020Q3 us-gaap Depreciation
Depreciation
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us-gaap Depreciation
Depreciation
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us-gaap Depreciation
Depreciation
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2300000 USD
us-gaap Capitalized Computer Software Additions
CapitalizedComputerSoftwareAdditions
4100000 USD
us-gaap Capitalized Computer Software Additions
CapitalizedComputerSoftwareAdditions
5600000 USD
CY2021Q3 us-gaap Capitalized Computer Software Amortization1
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1600000 USD
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us-gaap Capitalized Computer Software Amortization1
CapitalizedComputerSoftwareAmortization1
4700000 USD
us-gaap Capitalized Computer Software Amortization1
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7400000 USD
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4300000 USD
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2900000 USD
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200000 USD
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700000 USD
us-gaap Amortization Of Intangible Assets
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700000 USD
us-gaap Amortization Of Intangible Assets
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3818000 USD
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CY2021Q3 upwk Letters Of Credit Held
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CY2021Q3 us-gaap Line Of Credit Facility Maximum Borrowing Capacity
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CY2021Q3 us-gaap Long Term Debt Noncurrent
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us-gaap Net Income Loss
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CY2021Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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-0.07
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us-gaap Earnings Per Share Basic
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-0.27
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.27
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.20
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.20
us-gaap Number Of Reportable Segments
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CY2021Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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18430078 shares
CY2020Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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us-gaap Number Of Operating Segments
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us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2021Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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365941000 USD
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
267475000 USD

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