2023 Q1 Form 10-Q Financial Statement

#000162747523000033 Filed on May 03, 2023

View on sec.gov

Income Statement

Concept 2023 Q1
Revenue $160.9M
YoY Change 13.81%
Cost Of Revenue $40.43M
YoY Change 6.62%
Gross Profit $120.4M
YoY Change 16.45%
Gross Profit Margin 74.87%
Selling, General & Admin $94.29M
YoY Change 8.65%
% of Gross Profit 78.29%
Research & Development $44.48M
YoY Change 16.56%
% of Gross Profit 36.93%
Depreciation & Amortization $800.0K
YoY Change 0.0%
% of Gross Profit 0.66%
Operating Expenses $145.5M
YoY Change 14.48%
Operating Profit -$25.04M
YoY Change 5.86%
Interest Expense $1.101M
YoY Change -2.13%
% of Operating Profit
Other Income/Expense, Net $44.10M
YoY Change 64754.41%
Pretax Income $17.96M
YoY Change -172.69%
Income Tax $795.0K
% Of Pretax Income 4.43%
Net Earnings $17.17M
YoY Change -169.4%
Net Earnings / Revenue 10.67%
Basic Earnings Per Share $0.13
Diluted Earnings Per Share -$0.15
COMMON SHARES
Basic Shares Outstanding 132.5M shares
Diluted Shares Outstanding 136.0M shares

Balance Sheet

Concept 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $509.6M
YoY Change -24.27%
Cash & Equivalents $102.0M
Short-Term Investments $407.6M
Other Short-Term Assets $198.9M
YoY Change -7.29%
Inventory
Prepaid Expenses
Receivables $59.29M
Other Receivables $0.00
Total Short-Term Assets $767.8M
YoY Change -19.14%
LONG-TERM ASSETS
Property, Plant & Equipment $23.10M
YoY Change 10.39%
Goodwill $118.2M
YoY Change 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $2.120M
YoY Change 27.48%
Total Long-Term Assets $150.2M
YoY Change -0.33%
TOTAL ASSETS
Total Short-Term Assets $767.8M
Total Long-Term Assets $150.2M
Total Assets $918.1M
YoY Change -16.56%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.248M
YoY Change -58.87%
Accrued Expenses $47.60M
YoY Change 44.08%
Deferred Revenue $25.56M
YoY Change 8.53%
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due $0.00
YoY Change
Total Short-Term Liabilities $256.8M
YoY Change -2.46%
LONG-TERM LIABILITIES
Long-Term Debt $354.7M
YoY Change -36.89%
Other Long-Term Liabilities $7.872M
YoY Change -22.73%
Total Long-Term Liabilities $362.6M
YoY Change -36.64%
TOTAL LIABILITIES
Total Short-Term Liabilities $256.8M
Total Long-Term Liabilities $362.6M
Total Liabilities $629.1M
YoY Change -26.07%
SHAREHOLDERS EQUITY
Retained Earnings -$323.8M
YoY Change 17.4%
Common Stock $613.9M
YoY Change 16.15%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $289.0M
YoY Change
Total Liabilities & Shareholders Equity $918.1M
YoY Change -16.56%

Cashflow Statement

Concept 2023 Q1
OPERATING ACTIVITIES
Net Income $17.17M
YoY Change -169.4%
Depreciation, Depletion And Amortization $800.0K
YoY Change 0.0%
Cash From Operating Activities -$8.701M
YoY Change -24.18%
INVESTING ACTIVITIES
Capital Expenditures $158.0K
YoY Change -18.13%
Acquisitions
YoY Change
Other Investing Activities $155.0M
YoY Change -389.08%
Cash From Investing Activities $152.1M
YoY Change -376.39%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$152.0M
YoY Change -521.68%
NET CHANGE
Cash From Operating Activities -$8.701M
Cash From Investing Activities $152.1M
Cash From Financing Activities -$152.0M
Net Change In Cash -$8.596M
YoY Change -71.78%
FREE CASH FLOW
Cash From Operating Activities -$8.701M
Capital Expenditures $158.0K
Free Cash Flow -$8.859M
YoY Change -24.08%

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CY2022Q1 us-gaap Net Cash Provided By Used In Investing Activities
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CY2022Q1 upwk Changes In Escrow Funds Payable
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CY2023Q1 us-gaap Proceeds From Stock Options Exercised
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CY2022Q1 us-gaap Proceeds From Stock Options Exercised
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CY2022Q1 us-gaap Payments Of Debt Extinguishment Costs
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CY2023Q1 us-gaap Net Cash Provided By Used In Financing Activities
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CY2022Q1 us-gaap Net Cash Provided By Used In Financing Activities
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CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
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CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2023Q1 us-gaap Interest Paid Net
InterestPaidNet
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CY2022Q1 us-gaap Interest Paid Net
InterestPaidNet
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CY2023Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
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CY2022Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
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CY2023Q1 us-gaap Capitalized Costs Asset Retirement Costs
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CY2022Q1 us-gaap Capitalized Costs Asset Retirement Costs
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0 usd
CY2023Q1 upwk Marketable Securities Purchases Not Yet Paid
MarketableSecuritiesPurchasesNotYetPaid
0 usd
CY2022Q1 upwk Marketable Securities Purchases Not Yet Paid
MarketableSecuritiesPurchasesNotYetPaid
3985000 usd
CY2023Q1 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 expected credit losses; 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.
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CY2023Q1 us-gaap Revenue Remaining Performance Obligation
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CY2023Q1 us-gaap Revenue Remaining Performance Obligation
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CY2023Q1 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
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CY2023Q1 us-gaap Accounts Receivable Net Current
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CY2023Q1 us-gaap Contract With Customer Liability Current
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CY2023Q1 us-gaap Contract With Customer Liability Noncurrent
ContractWithCustomerLiabilityNoncurrent
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CY2022Q4 us-gaap Contract With Customer Liability Noncurrent
ContractWithCustomerLiabilityNoncurrent
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CY2023Q1 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
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CY2022Q1 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
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CY2023Q1 us-gaap Debt Securities Available For Sale Amortized Cost Excluding Accrued Interest After Allowance For Credit Loss
DebtSecuritiesAvailableForSaleAmortizedCostExcludingAccruedInterestAfterAllowanceForCreditLoss
510751000 usd
CY2023Q1 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
196000 usd
CY2023Q1 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
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CY2023Q1 us-gaap Debt Securities Available For Sale Excluding Accrued Interest
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CY2022Q4 us-gaap Debt Securities Available For Sale Amortized Cost Excluding Accrued Interest After Allowance For Credit Loss
DebtSecuritiesAvailableForSaleAmortizedCostExcludingAccruedInterestAfterAllowanceForCreditLoss
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CY2022Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
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CY2022Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
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CY2022Q4 us-gaap Debt Securities Available For Sale Excluding Accrued Interest
DebtSecuritiesAvailableForSaleExcludingAccruedInterest
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CY2023Q1 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12Months
46988000 usd
CY2023Q1 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months Accumulated Loss
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12MonthsAccumulatedLoss
196000 usd
CY2023Q1 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLonger
80626000 usd
CY2023Q1 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer Accumulated Loss
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLongerAccumulatedLoss
1123000 usd
CY2023Q1 us-gaap Debt Securities Available For Sale Unrealized Loss Position
DebtSecuritiesAvailableForSaleUnrealizedLossPosition
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CY2023Q1 us-gaap Debt Securities Available For Sale Unrealized Loss Position Accumulated Loss
DebtSecuritiesAvailableForSaleUnrealizedLossPositionAccumulatedLoss
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CY2022Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12Months
211052000 usd
CY2022Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months Accumulated Loss
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12MonthsAccumulatedLoss
630000 usd
CY2022Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLonger
145460000 usd
CY2022Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer Accumulated Loss
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLongerAccumulatedLoss
2504000 usd
CY2022Q4 us-gaap Debt Securities Available For Sale Unrealized Loss Position
DebtSecuritiesAvailableForSaleUnrealizedLossPosition
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CY2022Q4 us-gaap Debt Securities Available For Sale Unrealized Loss Position Accumulated Loss
DebtSecuritiesAvailableForSaleUnrealizedLossPositionAccumulatedLoss
3134000 usd
CY2023Q1 us-gaap Proceeds From Sale Of Available For Sale Securities Debt
ProceedsFromSaleOfAvailableForSaleSecuritiesDebt
138200000 usd
CY2023Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
101985000 usd
CY2022Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
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CY2023Q1 us-gaap Restricted Cash
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CY2022Q4 us-gaap Restricted Cash
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CY2023Q1 upwk Funds Held In Escrow Including Funds In Transit
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CY2022Q4 upwk Funds Held In Escrow Including Funds In Transit
FundsHeldInEscrowIncludingFundsInTransit
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CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2023Q1 us-gaap Property Plant And Equipment Gross
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57944000 usd
CY2022Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
54906000 usd
CY2023Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
34840000 usd
CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
32843000 usd
CY2023Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
23104000 usd
CY2022Q4 us-gaap Property Plant And Equipment Net
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22063000 usd
CY2023Q1 us-gaap Depreciation
Depreciation
800000 usd
CY2022Q1 us-gaap Depreciation
Depreciation
800000 usd
CY2023Q1 us-gaap Capitalized Computer Software Additions
CapitalizedComputerSoftwareAdditions
2900000 usd
CY2022Q1 us-gaap Capitalized Computer Software Additions
CapitalizedComputerSoftwareAdditions
1200000 usd
CY2023Q1 us-gaap Capitalized Computer Software Amortization1
CapitalizedComputerSoftwareAmortization1
1200000 usd
CY2022Q1 us-gaap Capitalized Computer Software Amortization1
CapitalizedComputerSoftwareAmortization1
1200000 usd
CY2023Q1 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
7981000 usd
CY2022Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
17239000 usd
CY2023Q1 upwk Accrued Freelancer Costs Current
AccruedFreelancerCostsCurrent
12042000 usd
CY2022Q4 upwk Accrued Freelancer Costs Current
AccruedFreelancerCostsCurrent
14102000 usd
CY2023Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
15271000 usd
CY2022Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
8858000 usd
CY2023Q1 upwk Accrued Indirect Taxes Current
AccruedIndirectTaxesCurrent
6547000 usd
CY2022Q4 upwk Accrued Indirect Taxes Current
AccruedIndirectTaxesCurrent
6502000 usd
CY2023Q1 upwk Accrued Payment Processing Fees Current
AccruedPaymentProcessingFeesCurrent
2485000 usd
CY2022Q4 upwk Accrued Payment Processing Fees Current
AccruedPaymentProcessingFeesCurrent
2425000 usd
CY2023Q1 upwk Accrued Vendor Expenses Current
AccruedVendorExpensesCurrent
1457000 usd
CY2022Q4 upwk Accrued Vendor Expenses Current
AccruedVendorExpensesCurrent
2352000 usd
CY2023Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
1812000 usd
CY2022Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
2133000 usd
CY2023Q1 upwk Accrued Expenses And Other Current Liabilities
AccruedExpensesAndOtherCurrentLiabilities
47595000 usd
CY2022Q4 upwk Accrued Expenses And Other Current Liabilities
AccruedExpensesAndOtherCurrentLiabilities
53611000 usd
CY2023Q1 us-gaap Line Of Credit Facility Maximum Borrowing Capacity
LineOfCreditFacilityMaximumBorrowingCapacity
1700000 usd
CY2022Q4 us-gaap Line Of Credit Facility Maximum Borrowing Capacity
LineOfCreditFacilityMaximumBorrowingCapacity
800000 usd
CY2022Q4 us-gaap Line Of Credit
LineOfCredit
0 usd
CY2023Q1 us-gaap Line Of Credit
LineOfCredit
0 usd
CY2023Q1 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
360998000 usd
CY2022Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
575000000 usd
CY2023Q1 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
6293000 usd
CY2022Q4 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
10739000 usd
CY2023Q1 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
354705000 usd
CY2022Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
564261000 usd
CY2023Q1 us-gaap Debt Weighted Average Interest Rate
DebtWeightedAverageInterestRate
0.0076
CY2022Q4 us-gaap Debt Weighted Average Interest Rate
DebtWeightedAverageInterestRate
0.0076
CY2021Q3 us-gaap Debt Instrument Face Amount
DebtInstrumentFaceAmount
575000000 usd
CY2021Q3 upwk Debt Instrument Additional Principal To Be Purchased
DebtInstrumentAdditionalPrincipalToBePurchased
75000000 usd
CY2023Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
17167000 usd
CY2022Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-24738000 usd
CY2023Q1 upwk Gain On Early Extinguishment Of Debt Net Of Tax
GainOnEarlyExtinguishmentOfDebtNetOfTax
38525000 usd
CY2022Q1 upwk Gain On Early Extinguishment Of Debt Net Of Tax
GainOnEarlyExtinguishmentOfDebtNetOfTax
0 usd
CY2023Q1 us-gaap Interest On Convertible Debt Net Of Tax
InterestOnConvertibleDebtNetOfTax
389000 usd
CY2022Q1 us-gaap Interest On Convertible Debt Net Of Tax
InterestOnConvertibleDebtNetOfTax
0 usd
CY2023Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-20969000 usd
CY2022Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-24738000 usd
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
132835837 shares
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
129358872 shares
CY2023Q1 us-gaap Incremental Common Shares Attributable To Conversion Of Debt Securities
IncrementalCommonSharesAttributableToConversionOfDebtSecurities
3130578 shares
CY2022Q1 us-gaap Incremental Common Shares Attributable To Conversion Of Debt Securities
IncrementalCommonSharesAttributableToConversionOfDebtSecurities
0 shares
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
135966415 shares
CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
129358872 shares
CY2023Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.13
CY2022Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.19
CY2023Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.15
CY2022Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.19
CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
21297393 shares
CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
21244736 shares
CY2023Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1 segment
CY2023Q1 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1 segment
CY2023Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
160858000 usd
CY2022Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
141337000 usd
CY2023Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
160858000 usd
CY2022Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
141337000 usd

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