2019 Q4 Form 10-Q Financial Statement

#000162828019013517 Filed on November 06, 2019

View on sec.gov

Income Statement

Concept 2019 Q4 2019 Q3 2018 Q3
Revenue $78.60M $78.02M $64.11M
YoY Change 16.79% 21.68% 22.68%
Cost Of Revenue $22.90M $22.49M $20.50M
YoY Change 9.57% 9.71% 21.37%
Gross Profit $55.70M $55.52M $43.61M
YoY Change 19.78% 27.32% 23.3%
Gross Profit Margin 70.87% 71.17% 68.02%
Selling, General & Admin $47.80M $41.79M $30.67M
YoY Change 38.95% 36.24% 35.86%
% of Gross Profit 85.82% 75.27% 70.34%
Research & Development $16.30M $16.21M $14.38M
YoY Change 10.14% 12.74% 24.87%
% of Gross Profit 29.26% 29.19% 32.97%
Depreciation & Amortization $2.160M $700.0K $600.0K
YoY Change 53.19% 16.67% 50.0%
% of Gross Profit 3.88% 1.26% 1.38%
Operating Expenses $64.10M $59.21M $46.94M
YoY Change 30.55% 26.14% 33.49%
Operating Profit -$8.400M -$3.692M -$3.334M
YoY Change 223.08% 10.74% -1742.36%
Interest Expense -$300.0K $317.0K $589.0K
YoY Change -25.0% -46.18% 195.98%
% of Operating Profit
Other Income/Expense, Net $1.600M $462.0K -$3.423M
YoY Change -169.57% -113.5% 1216.54%
Pretax Income -$7.100M -$3.547M -$7.346M
YoY Change 31.48% -51.72% 2769.53%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$7.100M -$3.547M -$7.346M
YoY Change 31.48% -51.72% 2340.53%
Net Earnings / Revenue -9.03% -4.55% -11.46%
Basic Earnings Per Share
Diluted Earnings Per Share -$63.00K -$31.47K -$70.12K
COMMON SHARES
Basic Shares Outstanding 112.0M shares 110.8M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2019 Q4 2019 Q3 2018 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $133.9M $131.6M $27.10M
YoY Change 3.72% 385.61%
Cash & Equivalents $48.39M $188.5M $27.06M
Short-Term Investments $85.50M $60.40M
Other Short-Term Assets $116.6M $122.2M $112.8M
YoY Change 11.58% 8.33%
Inventory
Prepaid Expenses
Receivables $30.16M $32.03M $41.59M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $280.6M $285.8M $181.5M
YoY Change 9.67% 57.51%
LONG-TERM ASSETS
Property, Plant & Equipment $21.45M $20.67M $6.260M
YoY Change 98.37% 230.16%
Goodwill $118.2M $118.2M $118.2M
YoY Change 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $829.0K $904.0K $6.240M
YoY Change 26.95% -85.51%
Total Long-Term Assets $165.7M $143.8M $137.4M
YoY Change 22.15% 4.66%
TOTAL ASSETS
Total Short-Term Assets $280.6M $285.8M $181.5M
Total Long-Term Assets $165.7M $143.8M $137.4M
Total Assets $446.4M $429.6M $318.8M
YoY Change 14.0% 34.73%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $652.0K $2.934M $5.471M
YoY Change -68.55% -46.37%
Accrued Expenses $18.30M $21.90M $16.90M
YoY Change -12.44% 29.59%
Deferred Revenue $13.80M $1.587M $717.0K
YoY Change 1811.22% 121.34%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $7.584M $7.579M $29.59M
YoY Change 33.73% -74.39%
Total Short-Term Liabilities $149.1M $148.6M $160.2M
YoY Change 16.85% -7.23%
LONG-TERM LIABILITIES
Long-Term Debt $10.70M $12.58M $19.30M
YoY Change -41.34% -34.81%
Other Long-Term Liabilities $5.973M $5.816M $6.110M
YoY Change 200.3% -4.81%
Total Long-Term Liabilities $16.67M $18.40M $25.41M
YoY Change -17.58% -27.6%
TOTAL LIABILITIES
Total Short-Term Liabilities $149.1M $148.6M $160.2M
Total Long-Term Liabilities $16.67M $18.40M $25.41M
Total Liabilities $187.0M $167.0M $185.6M
YoY Change 26.47% -10.02%
SHAREHOLDERS EQUITY
Retained Earnings -$172.0M -$153.1M -$138.1M
YoY Change 19.83% 10.82%
Common Stock $431.4M $415.7M $104.9M
YoY Change 11.4% 296.25%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $259.4M $249.2M -$33.23M
YoY Change
Total Liabilities & Shareholders Equity $446.4M $429.6M $318.8M
YoY Change 14.0% 34.73%

Cashflow Statement

Concept 2019 Q4 2019 Q3 2018 Q3
OPERATING ACTIVITIES
Net Income -$7.100M -$3.547M -$7.346M
YoY Change 31.48% -51.72% 2340.53%
Depreciation, Depletion And Amortization $2.160M $700.0K $600.0K
YoY Change 53.19% 16.67% 50.0%
Cash From Operating Activities -$940.0K $29.83M -$18.59M
YoY Change -104.29% -260.46% -525.4%
INVESTING ACTIVITIES
Capital Expenditures -$2.360M -$4.660M -$1.030M
YoY Change -8.17% 352.43% -5.5%
Acquisitions
YoY Change
Other Investing Activities -$24.84M $2.320M $10.00K
YoY Change -27700.0% 23100.0%
Cash From Investing Activities -$27.19M -$2.350M -$1.020M
YoY Change 996.37% 130.39% -6.42%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 15.63M -43.37M 15.33M
YoY Change -83.38% -382.91% 1433.0%
NET CHANGE
Cash From Operating Activities -940.0K 29.83M -18.59M
Cash From Investing Activities -27.19M -2.350M -1.020M
Cash From Financing Activities 15.63M -43.37M 15.33M
Net Change In Cash -12.50M -15.89M -4.280M
YoY Change -111.01% 271.26% -200.0%
FREE CASH FLOW
Cash From Operating Activities -$940.0K $29.83M -$18.59M
Capital Expenditures -$2.360M -$4.660M -$1.030M
Free Cash Flow $1.420M $34.49M -$17.56M
YoY Change -94.2% -296.41% -421.61%

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us-gaap Amortization Of Financing Costs
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us-gaap Fair Value Adjustment Of Warrants
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us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
3610000 USD
upwk Increase Decrease In Common Stock Warrant
IncreaseDecreaseInCommonStockWarrant
439000 USD
upwk Increase Decrease In Common Stock Warrant
IncreaseDecreaseInCommonStockWarrant
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us-gaap Share Based Compensation
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us-gaap Share Based Compensation
ShareBasedCompensation
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us-gaap Gain Loss On Sale Of Property Plant Equipment
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us-gaap Gain Loss On Sale Of Property Plant Equipment
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us-gaap Increase Decrease In Accounts Receivable
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15137000 USD
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
1439000 USD
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
658000 USD
us-gaap Increase Decrease In Accounts Payable
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697000 USD
us-gaap Increase Decrease In Accounts Payable
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5006000 USD
us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
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5814000 USD
us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
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us-gaap Increase Decrease In Commodity Contract Assets And Liabilities
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-1432000 USD
us-gaap Increase Decrease In Commodity Contract Assets And Liabilities
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us-gaap Net Cash Provided By Used In Operating Activities
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2001000 USD
us-gaap Net Cash Provided By Used In Operating Activities
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us-gaap Payments To Acquire Marketable Securities
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us-gaap Payments To Acquire Marketable Securities
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us-gaap Proceeds From Sale And Maturity Of Marketable Securities
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us-gaap Increase Decrease In Restricted Cash
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us-gaap Payments To Develop Software
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upwk Changes In Funds Held In Escrow Including Funds In Transit
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16407000 USD
upwk Changes In Funds Held In Escrow Including Funds In Transit
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20283000 USD
upwk Changes In Escrow Funds Payable
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16407000 USD
upwk Changes In Escrow Funds Payable
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20283000 USD
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7011000 USD
us-gaap Proceeds From Lines Of Credit
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50000000 USD
us-gaap Proceeds From Lines Of Credit
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15000000 USD
us-gaap Repayments Of Debt
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us-gaap Proceeds From Stock Plans
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us-gaap Proceeds From Stock Plans
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Net Cash Provided By Used In Financing Activities
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18012000 USD
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
5460000 USD
CY2018Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
129128000 USD
CY2017Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
21595000 USD
CY2019Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
71160000 USD
CY2018Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
27055000 USD
us-gaap Income Taxes Paid
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31000 USD
us-gaap Income Taxes Paid
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us-gaap Interest Paid Net
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us-gaap Interest Paid Net
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1573000 USD
us-gaap Capital Expenditures Incurred But Not Yet Paid
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166000 USD
upwk Deferred Offering Costs Incurred But Not Yet Paid
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upwk Deferred Offering Costs Incurred But Not Yet Paid
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1583000 USD
CY2015 upwk Number Of Operating Platforms Consolidated
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CY2018Q4 us-gaap Sale Of Stock Consideration Received On Transaction
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us-gaap Use Of Estimates
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<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';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';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; 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. Actual results could materially differ from these estimates.</span></div>
CY2019Q3 us-gaap Assets Fair Value Disclosure
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CY2018Q4 us-gaap Assets Fair Value Disclosure
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Cash
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CY2018Q4 us-gaap Cash
Cash
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CY2019Q3 us-gaap Money Market Funds At Carrying Value
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71160000 USD
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60404000 USD
CY2019Q3 us-gaap Depreciation
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700000 USD
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7085000 USD
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AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
6989000 USD
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20668000 USD
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CY2018Q3 us-gaap Depreciation
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600000 USD
us-gaap Depreciation
Depreciation
2100000 USD
us-gaap Depreciation
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1500000 USD
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2000000.0 USD
CY2018Q3 us-gaap Capitalized Computer Software Additions
CapitalizedComputerSoftwareAdditions
800000 USD
us-gaap Capitalized Computer Software Additions
CapitalizedComputerSoftwareAdditions
4500000 USD
us-gaap Capitalized Computer Software Additions
CapitalizedComputerSoftwareAdditions
2700000 USD
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300000 USD
us-gaap Capitalized Computer Software Amortization1
CapitalizedComputerSoftwareAmortization1
400000 USD
CY2019Q3 us-gaap Finite Lived Intangible Assets Gross
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31856000 USD
CY2019Q3 us-gaap Finite Lived Intangible Assets Accumulated Amortization
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27854000 USD
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4002000 USD
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FiniteLivedIntangibleAssetsGross
31856000 USD
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25852000 USD
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6004000 USD
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AmortizationOfIntangibleAssets
700000 USD
CY2019Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
700000 USD
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
2000000.0 USD
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
2000000.0 USD
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667000 USD
CY2019Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
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2668000 USD
CY2019Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
667000 USD
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FiniteLivedIntangibleAssetsNet
4002000 USD
CY2019Q3 upwk Accrued Compensation And Related Benefits Current
AccruedCompensationAndRelatedBenefitsCurrent
5627000 USD
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AccruedCompensationAndRelatedBenefitsCurrent
9314000 USD
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AccruedFreelancerCostsCurrent
5293000 USD
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AccruedFreelancerCostsCurrent
2465000 USD
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AccruedIndirectTaxesCurrent
2195000 USD
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AccruedIndirectTaxesCurrent
1630000 USD
CY2019Q3 upwk Accrued Vendor Expenses Current
AccruedVendorExpensesCurrent
7527000 USD
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AccruedVendorExpensesCurrent
6002000 USD
CY2019Q3 upwk Accrued Payment Processing Fees Current
AccruedPaymentProcessingFeesCurrent
803000 USD
CY2018Q4 upwk Accrued Payment Processing Fees Current
AccruedPaymentProcessingFeesCurrent
715000 USD
CY2019Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
453000 USD
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OtherAccruedLiabilitiesCurrent
822000 USD
CY2019Q3 upwk Accrued Expenses And Other Current Liabilities
AccruedExpensesAndOtherCurrentLiabilities
21898000 USD
upwk Number Of Non Cancelable Operating Lease Agreements
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4 agreement
CY2019Q3 us-gaap Letters Of Credit Outstanding Amount
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1100000 USD
CY2018Q4 upwk Accrued Expenses And Other Current Liabilities
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20948000 USD
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LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
1059000 USD
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
5921000 USD
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
6405000 USD
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
6588000 USD
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
6776000 USD
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
13137000 USD
CY2019Q3 us-gaap Lessor Operating Lease Payments To Be Received
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482000 USD
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LesseeOperatingLeaseLiabilityPaymentsDueLessPaymentsToBeReceived
39404000 USD
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OperatingLeaseCost
1200000 USD
CY2018Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
1100000 USD
us-gaap Operating Lease Cost
OperatingLeaseCost
3900000 USD
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800000 USD
us-gaap Operating Lease Cost
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3000000.0 USD
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LettersOfCreditHeld
4 letter
CY2018Q4 upwk Letters Of Credit Held
LettersOfCreditHeld
3 letter
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7579000 USD
CY2019Q3 us-gaap Debt Instrument Carrying Amount
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20214000 USD
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24000000 USD
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DebtInstrumentUnamortizedDiscount
51000 USD
CY2018Q4 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
90000 USD
CY2019Q3 us-gaap Long Term Debt
LongTermDebt
20163000 USD
CY2018Q4 us-gaap Long Term Debt
LongTermDebt
23910000 USD
CY2018Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
5671000 USD
CY2019Q3 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
12584000 USD
CY2018Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
18239000 USD
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0.0672
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DebtWeightedAverageInterestRate
0.0689
CY2019Q3 us-gaap Line Of Credit Facility Maximum Borrowing Capacity
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49000000.0 USD
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ProceedsFromDebtNetOfIssuanceCosts
50000000.0 USD
CY2019Q1 upwk Adjusted Liquidity Ratio
AdjustedLiquidityRatio
1.75
CY2019Q1 upwk Debt Covenant Reduction In Frequency Of Providing Financial Information Adjusted Quick Ratio To Maintain
DebtCovenantReductionInFrequencyOfProvidingFinancialInformationAdjustedQuickRatioToMaintain
2.50
CY2019Q1 upwk Adjusted Liquidity Ratio
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1.30
CY2018Q4 us-gaap Temporary Equity Shares Issued
TemporaryEquitySharesIssued
0 shares
CY2019Q1 us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
25000000.0 USD
CY2019Q2 us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
25000000.0 USD
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TemporaryEquitySharesOutstanding
61279079 shares
CY2019Q3 upwk Convertible Preferred Stock Conversion Ratio
ConvertiblePreferredStockConversionRatio
1
CY2019Q3 us-gaap Temporary Equity Shares Issued
TemporaryEquitySharesIssued
0 shares
CY2018Q4 us-gaap Temporary Equity Shares Outstanding
TemporaryEquitySharesOutstanding
0 shares
CY2019Q3 us-gaap Temporary Equity Shares Outstanding
TemporaryEquitySharesOutstanding
0 shares
CY2019Q2 us-gaap Proceeds From Warrant Exercises
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1200000 USD
CY2019Q2 upwk Class Of Warrant Or Right Number Of Warrants Surrendered
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64646 shares
CY2019Q2 upwk Stock Issued During Period Shares Warrant Exercises
StockIssuedDuringPeriodSharesWarrantExercises
333685 shares
CY2019Q3 upwk Increase Decrease In Common Stock Warrant
IncreaseDecreaseInCommonStockWarrant
100000 USD
upwk Increase Decrease In Common Stock Warrant
IncreaseDecreaseInCommonStockWarrant
400000 USD
upwk Common Stock Vote Per Share
CommonStockVotePerShare
1 votePerShare
CY2019Q3 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
490000000 shares
CY2018Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
490000000 shares
CY2019Q3 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
37885475 shares
CY2018Q4 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
37219376 shares
CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
23774279 shares
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
3.71
CY2019Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P7Y1M6D
CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
342262000 USD
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
4707617 shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
3.00
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
2470357 shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
6.09
CY2019Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
16596305 shares
CY2019Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
3.56
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P6Y4M6D
CY2019Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
161808000 USD
CY2018Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1986000 USD
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
11040000 USD
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
5667000 USD
CY2019Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4114000 USD
CY2019Q3 us-gaap Capitalized Computer Software Net
CapitalizedComputerSoftwareNet
200000 USD
CY2019Q3 us-gaap Capitalized Computer Software Net
CapitalizedComputerSoftwareNet
200000 USD
CY2018Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
36069502 shares
CY2019Q3 us-gaap Net Income Loss
NetIncomeLoss
-2827000 USD
CY2018Q3 us-gaap Net Income Loss
NetIncomeLoss
-7346000 USD
us-gaap Net Income Loss
NetIncomeLoss
-9582000 USD
us-gaap Net Income Loss
NetIncomeLoss
-14542000 USD
CY2019Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
111163396 shares
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
108844495 shares
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
35129250 shares
CY2019Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.03
CY2018Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.20
us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.09
us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.41
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1 segment
CY2019Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
78786000 USD
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
19298398 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
86489613 shares
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1 segment
CY2018Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
64113000 USD
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
221966000 USD
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
186012000 USD
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
221966000 USD
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
186012000 USD
CY2019Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
78786000 USD
CY2018Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
64113000 USD
us-gaap Defined Contribution Plan Employer Matching Contribution Percent
DefinedContributionPlanEmployerMatchingContributionPercent
50
us-gaap Defined Contribution Plan Maximum Annual Contributions Per Employee Amount
DefinedContributionPlanMaximumAnnualContributionsPerEmployeeAmount
5000 USD
CY2018Q3 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
300000 USD
us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
1700000 USD
us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
1400000 USD
CY2019Q3 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
22494000 USD
CY2018Q3 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
20504000 USD
us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
65207000 USD
us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
60578000 USD
CY2019Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
16209000 USD
CY2018Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
14377000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
47705000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
40680000 USD
CY2019Q3 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
25322000 USD
CY2018Q3 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
18967000 USD
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
70319000 USD
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
55054000 USD
CY2019Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
16519000 USD
CY2018Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
11707000 USD
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
46309000 USD
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
34102000 USD
CY2019Q3 upwk Provision For Transaction Losses
ProvisionForTransactionLosses
1214000 USD
CY2018Q3 upwk Provision For Transaction Losses
ProvisionForTransactionLosses
1892000 USD
upwk Provision For Transaction Losses
ProvisionForTransactionLosses
2706000 USD
upwk Provision For Transaction Losses
ProvisionForTransactionLosses
4612000 USD
CY2019Q3 us-gaap Interest Expense
InterestExpense
317000 USD
CY2018Q3 us-gaap Interest Expense
InterestExpense
589000 USD
us-gaap Interest Expense
InterestExpense
1047000 USD
us-gaap Interest Expense
InterestExpense
1674000 USD
CY2019Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
462000 USD
CY2018Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-3423000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
1773000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-3845000 USD
CY2019Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0 USD
CY2018Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
28000 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
9000 USD
CY2019Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4114000 USD
CY2018Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1986000 USD
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
11040000 USD
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
5667000 USD
CY2019Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
16519000 USD
CY2019Q3 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
22494000 USD
CY2018Q3 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
20504000 USD
us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
65207000 USD
us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
60578000 USD
CY2019Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
16209000 USD
CY2018Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
14377000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
47705000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
40680000 USD
CY2019Q3 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
25322000 USD
CY2018Q3 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
18967000 USD
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
70319000 USD
CY2018Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
11707000 USD
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
55054000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-3845000 USD
CY2018Q3 us-gaap Interest Expense
InterestExpense
589000 USD
us-gaap Interest Expense
InterestExpense
1047000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
2001000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-8190000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-73734000 USD
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
46309000 USD
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
34102000 USD
CY2019Q3 upwk Provision For Transaction Losses
ProvisionForTransactionLosses
1214000 USD
CY2018Q3 upwk Provision For Transaction Losses
ProvisionForTransactionLosses
1892000 USD
upwk Provision For Transaction Losses
ProvisionForTransactionLosses
2706000 USD
upwk Provision For Transaction Losses
ProvisionForTransactionLosses
4612000 USD
CY2019Q3 us-gaap Interest Expense
InterestExpense
317000 USD
us-gaap Interest Expense
InterestExpense
1674000 USD
CY2019Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
462000 USD
CY2018Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-3423000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
1773000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-4362000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
13765000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
18012000 USD
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-57968000 USD
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
5460000 USD
CY2019Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
16596305 shares

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exhibit3123q19.htm Edgar Link pending
exhibit3213q19.htm Edgar Link pending
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upwk-20190930_htm.xml Edgar Link completed
upwk-20190930_lab.xml Edgar Link unprocessable
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