2022 Q2 Form 10-Q Financial Statement

#000162747522000033 Filed on July 27, 2022

View on sec.gov

Income Statement

Concept 2022 Q2 2022 Q1 2021 Q4
Revenue $156.9M $141.3M $136.9M
YoY Change 26.35% 24.4% 28.87%
Cost Of Revenue $40.86M $37.92M $37.05M
YoY Change 23.5% 24.56% 28.65%
Gross Profit $116.0M $103.4M $99.81M
YoY Change 27.38% 24.34% 28.95%
Gross Profit Margin 73.96% 73.17% 72.93%
Selling, General & Admin $96.61M $86.78M $86.79M
YoY Change 23.58% 37.46% 62.83%
% of Gross Profit 83.25% 83.91% 86.96%
Research & Development $35.83M $38.16M $33.47M
YoY Change 27.4% 43.39% 47.46%
% of Gross Profit 30.88% 36.9% 33.54%
Depreciation & Amortization $800.0K $800.0K $2.074M
YoY Change -20.0% -20.0% -24.03%
% of Gross Profit 0.69% 0.77% 2.08%
Operating Expenses $139.1M $127.1M $120.3M
YoY Change 29.39% 39.83% 56.79%
Operating Profit -$23.05M -$23.65M -$20.46M
YoY Change 40.58% 207.29% -3022.29%
Interest Expense $1.120M $1.125M -$1.125M
YoY Change 918.18% 465.33% 1025.0%
% of Operating Profit
Other Income/Expense, Net $375.0K $68.00K $440.0K
YoY Change -2305.88% -12.82% -12.0%
Pretax Income -$23.79M -$24.71M -$22.49M
YoY Change 44.01% 216.05% -2349.3%
Income Tax $27.00K $29.00K $63.00K
% Of Pretax Income
Net Earnings -$23.82M -$24.74M -$22.56M
YoY Change 44.03% 215.74% -2606.22%
Net Earnings / Revenue -15.18% -17.5% -16.48%
Basic Earnings Per Share -$0.18 -$0.19
Diluted Earnings Per Share -$0.18 -$0.19 -$175.3K
COMMON SHARES
Basic Shares Outstanding 130.1M shares 129.4M shares
Diluted Shares Outstanding 130.1M shares 129.4M shares

Balance Sheet

Concept 2022 Q2 2022 Q1 2021 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $667.6M $673.0M $684.8M
YoY Change 287.17% 296.32% 303.52%
Cash & Equivalents $135.4M $121.2M $187.2M
Short-Term Investments $532.3M $551.8M $497.6M
Other Short-Term Assets $206.8M $214.5M $178.1M
YoY Change 16.45% 24.65% 23.56%
Inventory
Prepaid Expenses
Receivables $69.86M $62.05M $66.83M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $944.3M $949.5M $929.7M
YoY Change 129.05% 141.08% 157.66%
LONG-TERM ASSETS
Property, Plant & Equipment $20.82M $20.93M $21.33M
YoY Change -12.08% -24.9% -24.2%
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 $1.503M $1.663M $1.178M
YoY Change 6.9% 6.6% -29.55%
Total Long-Term Assets $149.7M $150.7M $151.4M
YoY Change -4.63% -9.45% -10.1%
TOTAL ASSETS
Total Short-Term Assets $944.3M $949.5M $929.7M
Total Long-Term Assets $149.7M $150.7M $151.4M
Total Assets $1.094B $1.100B $1.081B
YoY Change 92.18% 96.36% 104.27%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.281M $10.33M $4.996M
YoY Change -38.77% -14.51% -22.6%
Accrued Expenses $45.68M $33.03M $45.74M
YoY Change 37.54% 23.26% 39.03%
Deferred Revenue $23.98M $23.55M $22.08M
YoY Change 25.15% 29.69% 31.44%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $0.00 $0.00
YoY Change -100.0% -100.0% -100.0%
Total Short-Term Liabilities $263.4M $263.3M $233.6M
YoY Change 13.32% 16.5% 17.55%
LONG-TERM LIABILITIES
Long-Term Debt $562.8M $562.0M $561.3M
YoY Change 88806.79% 44400.4% 17764.39%
Other Long-Term Liabilities $7.484M $10.19M $9.858M
YoY Change -16.06% 29.5% 31.06%
Total Long-Term Liabilities $570.3M $572.2M $571.2M
YoY Change 5871.98% 6167.56% 5255.94%
TOTAL LIABILITIES
Total Short-Term Liabilities $263.4M $263.3M $233.6M
Total Long-Term Liabilities $570.3M $572.2M $571.2M
Total Liabilities $847.7M $850.9M $821.5M
YoY Change 225.12% 233.92% 257.32%
SHAREHOLDERS EQUITY
Retained Earnings -$299.6M -$275.8M -$251.1M
YoY Change 36.69% 36.09% 28.87%
Common Stock $550.7M $528.5M $511.1M
YoY Change 4.36% 4.01% 3.44%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $246.3M $249.3M $259.5M
YoY Change
Total Liabilities & Shareholders Equity $1.094B $1.100B $1.081B
YoY Change 92.18% 96.36% 104.27%

Cashflow Statement

Concept 2022 Q2 2022 Q1 2021 Q4
OPERATING ACTIVITIES
Net Income -$23.82M -$24.74M -$22.56M
YoY Change 44.03% 215.74% -2606.22%
Depreciation, Depletion And Amortization $800.0K $800.0K $2.074M
YoY Change -20.0% -20.0% -24.03%
Cash From Operating Activities -$446.0K -$11.48M -$12.45M
YoY Change -182.59% -711.73% -238.93%
INVESTING ACTIVITIES
Capital Expenditures -$2.000M $193.0K -$1.351M
YoY Change 29.45% 175.71% -47.84%
Acquisitions
YoY Change
Other Investing Activities $13.87M -$53.62M -$401.5M
YoY Change -43.4% -635.1% 4585.12%
Cash From Investing Activities $11.87M -$55.04M -$402.9M
YoY Change -48.28% -818.95% 3509.91%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -4.916M $36.05M -9.236M
YoY Change -164.61% 33.22% -161.74%
NET CHANGE
Cash From Operating Activities -446.0K -$11.48M -12.45M
Cash From Investing Activities 11.87M -$55.04M -402.9M
Cash From Financing Activities -4.916M $36.05M -9.236M
Net Change In Cash 6.512M -$30.47M -424.6M
YoY Change -79.07% -183.25% -3427.19%
FREE CASH FLOW
Cash From Operating Activities -$446.0K -$11.48M -$12.45M
Capital Expenditures -$2.000M $193.0K -$1.351M
Free Cash Flow $1.554M -$11.67M -$11.10M
YoY Change -25.47% -746.12% -196.08%

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CY2021Q1 us-gaap Stockholders Equity
StockholdersEquity
305501000 usd
CY2021Q2 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
3130000 usd
CY2021Q2 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
13562000 usd
CY2021Q2 us-gaap Adjustments To Additional Paid In Capital Warrant Issued
AdjustmentsToAdditionalPaidInCapitalWarrantIssued
187000 usd
CY2021Q2 us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
2688000 usd
CY2021Q2 us-gaap Other Comprehensive Income Availableforsale Securities Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentNetOfTaxPortionAttributableToParent
-2000 usd
CY2021Q2 us-gaap Net Income Loss
NetIncomeLoss
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CY2021Q2 us-gaap Stockholders Equity
StockholdersEquity
308528000 usd
CY2021Q4 us-gaap Stockholders Equity
StockholdersEquity
259517000 usd
us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
1044000 usd
us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
35734000 usd
us-gaap Adjustments To Additional Paid In Capital Warrant Issued
AdjustmentsToAdditionalPaidInCapitalWarrantIssued
375000 usd
us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
2462000 usd
us-gaap Other Comprehensive Income Availableforsale Securities Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentNetOfTaxPortionAttributableToParent
-4255000 usd
us-gaap Net Income Loss
NetIncomeLoss
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CY2022Q2 us-gaap Stockholders Equity
StockholdersEquity
246319000 usd
CY2020Q4 us-gaap Stockholders Equity
StockholdersEquity
299310000 usd
us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
5727000 usd
us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
24826000 usd
us-gaap Adjustments To Additional Paid In Capital Warrant Issued
AdjustmentsToAdditionalPaidInCapitalWarrantIssued
375000 usd
us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
2688000 usd
us-gaap Other Comprehensive Income Availableforsale Securities Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentNetOfTaxPortionAttributableToParent
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us-gaap Net Income Loss
NetIncomeLoss
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CY2021Q2 us-gaap Stockholders Equity
StockholdersEquity
308528000 usd
us-gaap Profit Loss
ProfitLoss
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us-gaap Profit Loss
ProfitLoss
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us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
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us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
1907000 usd
upwk Depreciation And Amortization Excluding Amortization Of Financing Costs
DepreciationAndAmortizationExcludingAmortizationOfFinancingCosts
4025000 usd
upwk Depreciation And Amortization Excluding Amortization Of Financing Costs
DepreciationAndAmortizationExcludingAmortizationOfFinancingCosts
5748000 usd
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
1481000 usd
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
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us-gaap Accretion Amortization Of Discounts And Premiums Investments
AccretionAmortizationOfDiscountsAndPremiumsInvestments
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us-gaap Accretion Amortization Of Discounts And Premiums Investments
AccretionAmortizationOfDiscountsAndPremiumsInvestments
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us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
1518000 usd
us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
1774000 usd
upwk Increase Decrease In Common Stock Warrant
IncreaseDecreaseInCommonStockWarrant
375000 usd
upwk Increase Decrease In Common Stock Warrant
IncreaseDecreaseInCommonStockWarrant
375000 usd
us-gaap Share Based Compensation
ShareBasedCompensation
35715000 usd
CY2022Q2 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
24000000 usd
us-gaap Share Based Compensation
ShareBasedCompensation
24760000 usd
us-gaap Asset Impairment Charges
AssetImpairmentCharges
0 usd
us-gaap Asset Impairment Charges
AssetImpairmentCharges
7389000 usd
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
10861000 usd
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
16835000 usd
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
1206000 usd
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
2871000 usd
upwk Increase Decrease Operating Lease Liability
IncreaseDecreaseOperatingLeaseLiability
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upwk Increase Decrease Operating Lease Liability
IncreaseDecreaseOperatingLeaseLiability
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us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
280000 usd
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
2168000 usd
us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
-3465000 usd
us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
-273000 usd
us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
2278000 usd
us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
3451000 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-11922000 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
2420000 usd
us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
231350000 usd
us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
29967000 usd
us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
191607000 usd
us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
64500000 usd
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
602000 usd
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
334000 usd
us-gaap Payments To Develop Software
PaymentsToDevelopSoftware
2824000 usd
us-gaap Payments To Develop Software
PaymentsToDevelopSoftware
3581000 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
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us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
30618000 usd
upwk Changes In Escrow Funds Payable
ChangesInEscrowFundsPayable
27632000 usd
upwk Changes In Escrow Funds Payable
ChangesInEscrowFundsPayable
30040000 usd
upwk Proceeds From Exercises Of Stock Options And Common Stock Warrant
ProceedsFromExercisesOfStockOptionsAndCommonStockWarrant
1044000 usd
upwk Proceeds From Exercises Of Stock Options And Common Stock Warrant
ProceedsFromExercisesOfStockOptionsAndCommonStockWarrant
5727000 usd
us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
13100000 usd
us-gaap Proceeds From Stock Plans
ProceedsFromStockPlans
2462000 usd
us-gaap Proceeds From Stock Plans
ProceedsFromStockPlans
2688000 usd
us-gaap Repayments Of Debt
RepaymentsOfDebt
0 usd
CY2021Q2 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
6100000 usd
us-gaap Repayments Of Debt
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3786000 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
31138000 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
34669000 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-23953000 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
67707000 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
352058000 usd
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
232463000 usd
CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
328105000 usd
CY2021Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
300170000 usd
us-gaap Interest Paid Net
InterestPaidNet
785000 usd
us-gaap Interest Paid Net
InterestPaidNet
283000 usd
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
46000 usd
us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
9600000 usd
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
39000 usd
CY2022Q2 us-gaap Capitalized Costs Asset Retirement Costs
CapitalizedCostsAssetRetirementCosts
157000 usd
CY2021Q2 us-gaap Capitalized Costs Asset Retirement Costs
CapitalizedCostsAssetRetirementCosts
36000 usd
us-gaap Use Of Estimates
UseOfEstimates
<div style="margin-bottom:6pt;text-align:justify"><span style="color:#14a800;font-family:'Arial',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:'Arial',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><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company is not aware of any specific event or circumstance that would require an update to its estimates or judgments or a revision of the carrying value of its assets or liabilities. These estimates may </span></div>change as new events occur and additional information is obtained. Actual results could differ materially from these estimates under different assumptions or conditions.
CY2022Q2 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
30700000 usd
CY2022Q2 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1
P12M
CY2022Q2 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
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CY2021Q4 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
66826000 usd
CY2022Q2 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
23983000 usd
CY2021Q4 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
22083000 usd
CY2022Q2 us-gaap Contract With Customer Liability Noncurrent
ContractWithCustomerLiabilityNoncurrent
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CY2021Q4 us-gaap Contract With Customer Liability Noncurrent
ContractWithCustomerLiabilityNoncurrent
6349000 usd
CY2022Q2 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
8600000 usd
CY2022Q2 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
672407000 usd
CY2022Q2 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
0 usd
CY2022Q2 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
4779000 usd
CY2022Q2 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
667628000 usd
CY2021Q4 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
685294000 usd
CY2021Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
2000 usd
CY2021Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
525000 usd
CY2021Q4 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
684771000 usd
CY2022Q2 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12Months
651398000 usd
CY2022Q2 us-gaap Held To Maturity Securities Continuous Unrealized Loss Position Less Than12 Months Accumulated Loss
HeldToMaturitySecuritiesContinuousUnrealizedLossPositionLessThan12MonthsAccumulatedLoss
4779000 usd
CY2022Q2 us-gaap Debt Securities Available For Sale Unrealized Loss Position
DebtSecuritiesAvailableForSaleUnrealizedLossPosition
651398000 usd
CY2021Q3 upwk Debt Instrument Convertible Measurement Period Percentage
DebtInstrumentConvertibleMeasurementPeriodPercentage
0.98
CY2022Q2 us-gaap Held To Maturity Securities Continuous Unrealized Loss Position Accumulated Loss
HeldToMaturitySecuritiesContinuousUnrealizedLossPositionAccumulatedLoss
4779000 usd
CY2022Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
135370000 usd
CY2021Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
187205000 usd
CY2022Q2 us-gaap Restricted Cash
RestrictedCash
4290000 usd
CY2021Q4 us-gaap Restricted Cash
RestrictedCash
4040000 usd
CY2022Q2 upwk Funds Held In Escrow Including Funds In Transit
FundsHeldInEscrowIncludingFundsInTransit
188445000 usd
CY2021Q4 upwk Funds Held In Escrow Including Funds In Transit
FundsHeldInEscrowIncludingFundsInTransit
160813000 usd
CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
328105000 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
352058000 usd
CY2022Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
49684000 usd
CY2021Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
46240000 usd
CY2022Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
28861000 usd
CY2021Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
24911000 usd
CY2022Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
20823000 usd
CY2021Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
21329000 usd
CY2022Q2 us-gaap Depreciation
Depreciation
800000 usd
CY2021Q2 us-gaap Depreciation
Depreciation
1000000 usd
us-gaap Depreciation
Depreciation
1600000 usd
us-gaap Depreciation
Depreciation
2000000 usd
CY2022Q2 us-gaap Capitalized Computer Software Additions
CapitalizedComputerSoftwareAdditions
1700000 usd
CY2021Q2 us-gaap Capitalized Computer Software Additions
CapitalizedComputerSoftwareAdditions
1300000 usd
us-gaap Capitalized Computer Software Additions
CapitalizedComputerSoftwareAdditions
2900000 usd
us-gaap Capitalized Computer Software Additions
CapitalizedComputerSoftwareAdditions
3400000 usd
CY2022Q2 us-gaap Capitalized Computer Software Amortization1
CapitalizedComputerSoftwareAmortization1
1200000 usd
CY2021Q2 us-gaap Capitalized Computer Software Amortization1
CapitalizedComputerSoftwareAmortization1
1600000 usd
us-gaap Capitalized Computer Software Amortization1
CapitalizedComputerSoftwareAmortization1
2400000 usd
us-gaap Capitalized Computer Software Amortization1
CapitalizedComputerSoftwareAmortization1
3100000 usd
CY2021Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
1013000 usd
CY2022Q2 upwk Accrued Compensation And Related Benefits Current
AccruedCompensationAndRelatedBenefitsCurrent
9032000 usd
CY2021Q4 upwk Accrued Compensation And Related Benefits Current
AccruedCompensationAndRelatedBenefitsCurrent
23047000 usd
CY2022Q2 upwk Accrued Vendor Expenses Current
AccruedVendorExpensesCurrent
12467000 usd
CY2021Q4 upwk Accrued Vendor Expenses Current
AccruedVendorExpensesCurrent
7728000 usd
CY2022Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
6410000 usd
CY2021Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
6315000 usd
CY2022Q2 upwk Accrued Indirect Taxes Current
AccruedIndirectTaxesCurrent
11628000 usd
CY2021Q4 upwk Accrued Indirect Taxes Current
AccruedIndirectTaxesCurrent
4137000 usd
CY2022Q2 upwk Accrued Payment Processing Fees Current
AccruedPaymentProcessingFeesCurrent
2407000 usd
CY2021Q4 upwk Accrued Payment Processing Fees Current
AccruedPaymentProcessingFeesCurrent
2085000 usd
CY2022Q2 upwk Accrued Freelancer Costs Current
AccruedFreelancerCostsCurrent
2260000 usd
CY2021Q4 upwk Accrued Freelancer Costs Current
AccruedFreelancerCostsCurrent
1417000 usd
CY2022Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
1474000 usd
CY2022Q2 us-gaap Long Term Debt
LongTermDebt
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CY2021Q4 us-gaap Long Term Debt
LongTermDebt
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CY2022Q2 us-gaap Long Term Debt Current
LongTermDebtCurrent
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CY2021Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
0 usd
CY2022Q2 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
562780000 usd
CY2021Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
561299000 usd
CY2022Q2 us-gaap Debt Weighted Average Interest Rate
DebtWeightedAverageInterestRate
0.0077
CY2021Q4 us-gaap Debt Weighted Average Interest Rate
DebtWeightedAverageInterestRate
0.0076
CY2021Q3 us-gaap Debt Instrument Face Amount
DebtInstrumentFaceAmount
575000000 usd
CY2021Q3 us-gaap Debt Instrument Interest Rate Stated Percentage
DebtInstrumentInterestRateStatedPercentage
0.0025
CY2021Q3 upwk Debt Instrument Additional Principal To Be Purchased
DebtInstrumentAdditionalPrincipalToBePurchased
75000000 usd
CY2021Q3 us-gaap Debt Instrument Interest Rate Stated Percentage
DebtInstrumentInterestRateStatedPercentage
0.0025
CY2021Q3 us-gaap Debt Instrument Convertible Threshold Percentage Of Stock Price Trigger
DebtInstrumentConvertibleThresholdPercentageOfStockPriceTrigger
1.30
CY2021Q3 us-gaap Debt Instrument Convertible Threshold Trading Days
DebtInstrumentConvertibleThresholdTradingDays
20 tradingday
CY2021Q3 us-gaap Debt Instrument Convertible Threshold Consecutive Trading Days1
DebtInstrumentConvertibleThresholdConsecutiveTradingDays1
30 tradingday
CY2021Q3 upwk Debt Instrument Convertible Business Period
DebtInstrumentConvertibleBusinessPeriod
5 businessday
CY2021Q3 upwk Debt Instrument Convertible Measurement Period
DebtInstrumentConvertibleMeasurementPeriod
5 businessday
CY2021Q3 us-gaap Debt Instrument Convertible Conversion Price1
DebtInstrumentConvertibleConversionPrice1
66.08
CY2021Q3 us-gaap Debt Instrument Convertible Threshold Percentage Of Stock Price Trigger
DebtInstrumentConvertibleThresholdPercentageOfStockPriceTrigger
1.30
CY2021Q3 us-gaap Debt Instrument Convertible Threshold Trading Days
DebtInstrumentConvertibleThresholdTradingDays
20 segment
CY2021Q3 us-gaap Debt Instrument Convertible Threshold Consecutive Trading Days1
DebtInstrumentConvertibleThresholdConsecutiveTradingDays1
30 tradingday
CY2021Q3 us-gaap Debt Instrument Redemption Price Percentage Of Principal Amount Redeemed
DebtInstrumentRedemptionPricePercentageOfPrincipalAmountRedeemed
1
CY2021Q3 us-gaap Debt Instrument Redemption Price Percentage Of Principal Amount Redeemed
DebtInstrumentRedemptionPricePercentageOfPrincipalAmountRedeemed
1
CY2021Q3 us-gaap Proceeds From Convertible Debt
ProceedsFromConvertibleDebt
560100000 usd
CY2021Q3 us-gaap Deferred Finance Costs Gross
DeferredFinanceCostsGross
14900000 usd
CY2022Q2 us-gaap Interest Expense Debt
InterestExpenseDebt
400000 usd
CY2022Q2 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
700000 usd
us-gaap Interest Expense Debt
InterestExpenseDebt
700000 usd
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
1500000 usd
us-gaap Adjustments To Additional Paid In Capital Equity Component Of Convertible Debt Subsequent Adjustments
AdjustmentsToAdditionalPaidInCapitalEquityComponentOfConvertibleDebtSubsequentAdjustments
49400000 usd
CY2022Q2 us-gaap Net Income Loss
NetIncomeLoss
-23820000 usd
CY2021Q2 us-gaap Net Income Loss
NetIncomeLoss
-16538000 usd
us-gaap Net Income Loss
NetIncomeLoss
-48558000 usd
us-gaap Net Income Loss
NetIncomeLoss
-24373000 usd
CY2022Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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CY2022Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
130060694 shares
CY2021Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
126742452 shares
CY2021Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
126742452 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
129707197 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
129707197 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
126010689 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
126010689 shares
CY2022Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.18
CY2022Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.18
CY2021Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.13
CY2021Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.13
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.37
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.37
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.19
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.19
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
21888997 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
10390746 shares
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1 segment
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1 segment
CY2022Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
156898000 usd
CY2021Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
124181000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
298235000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
237800000 usd
CY2022Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
156898000 usd
CY2021Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
124181000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
298235000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
237800000 usd
CY2022Q2 upwk Accrued Expenses And Other Current Liabilities
AccruedExpensesAndOtherCurrentLiabilities
45678000 usd
CY2021Q4 upwk Accrued Expenses And Other Current Liabilities
AccruedExpensesAndOtherCurrentLiabilities
45742000 usd
CY2022Q2 upwk Letters Of Credit Held
LettersOfCreditHeld
3 letter
CY2021Q4 upwk Letters Of Credit Held
LettersOfCreditHeld
3 letter
CY2022Q2 us-gaap Line Of Credit Facility Maximum Borrowing Capacity
LineOfCreditFacilityMaximumBorrowingCapacity
800000 usd
CY2021Q4 us-gaap Line Of Credit Facility Maximum Borrowing Capacity
LineOfCreditFacilityMaximumBorrowingCapacity
800000 usd
CY2021Q4 us-gaap Line Of Credit
LineOfCredit
0 usd
CY2022Q2 us-gaap Line Of Credit
LineOfCredit
0 usd
CY2022Q2 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
575000000 usd
CY2021Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
575000000 usd
CY2022Q2 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
12220000 usd
CY2021Q4 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
13701000 usd

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0001627475-22-000033-index-headers.html Edgar Link pending
0001627475-22-000033-index.html Edgar Link pending
0001627475-22-000033.txt Edgar Link pending
0001627475-22-000033-xbrl.zip Edgar Link pending
exhibit3112q22.htm Edgar Link pending
exhibit3122q22.htm Edgar Link pending
exhibit3212q22.htm Edgar Link pending
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FilingSummary.xml Edgar Link unprocessable
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upwk-20220630.htm Edgar Link pending
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upwk-20220630_cal.xml Edgar Link unprocessable
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