$2.3 B

UPWK Mkt cap, 15-Feb-2019

$64.1 M

Upwork Revenue Q3, 2018
Upwork Gross profit (Q3, 2018)43.6 M
Upwork Gross profit margin (Q3, 2018), %68%
Upwork Net income (Q3, 2018)-7.3 M
Upwork EBIT (Q3, 2018)-3.3 M
Upwork Cash, 30-Sep-201827.1 M
Upwork EV2.3 B

Upwork Revenue

Upwork revenue was $202.55 m in FY, 2017 which is a 23.2% year over year increase from the previous period.

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Upwork Revenue Breakdown

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Upwork revenue breakdown by business segment: 87.9% from Marketplace and 12.1% from Managed services

Upwork Income Statement

Annual

USDFY, 2016FY, 2017

Revenue

164.4m202.6m

Revenue growth, %

23%

Cost of goods sold

62.6m65.4m

Gross profit

101.9m137.1m

Gross profit Margin, %

62%68%

Sales and marketing expense

37.4m53.0m

R&D expense

37.9m45.6m

General and administrative expense

35.4m37.3m

Operating expense total

116.3m140.2m

EBITDA

1.3m7.9m

EBITDA margin, %

1%4%

EBIT

(14.5m)(3.1m)

EBIT margin, %

(9%)(2%)

Interest expense

858.0k960.0k

Pre tax profit

(16.2m)(4.1m)

Income tax expense

1.0k22.0k

Net Income

(16.2m)(4.1m)

Upwork Balance Sheet

Annual

USDFY, 2016FY, 2017

Cash

27.3m21.6m

Accounts Receivable

25.3m30.8m

Prepaid Expenses

4.1m4.6m

Current Assets

116.6m144.1m

PP&E

2.6m3.5m

Goodwill

118.2m118.2m

Total Assets

249.6m275.2m

Accounts Payable

370.0k462.0k

Short-term debt

3.0m10.3m

Current Liabilities

85.4m114.6m

Long-term debt

14.0m23.5m

Total Debt

17.0m33.8m

Total Liabilities

100.9m140.1m

Common Stock

3.0k3.0k

Preferred Stock

178.8m166.5m

Additional Paid-in Capital

89.3m92.2m

Retained Earnings

(119.5m)(123.6m)

Total Equity

(30.1m)(31.4m)

Debt to Equity Ratio

-0.6 x-1.1 x

Debt to Assets Ratio

0.1 x0.1 x

Financial Leverage

-8.3 x-8.8 x

Quarterly

USDQ2, 2018Q3, 2018

Cash

31.3m27.1m

Accounts Receivable

36.8m

Prepaid Expenses

5.2m

Current Assets

154.9m181.5m

PP&E

6.0m6.3m

Goodwill

118.2m118.2m

Total Assets

290.3m318.8m

Accounts Payable

1.9m5.5m

Short-term debt

12.8m29.6m

Current Liabilities

130.8m160.2m

Long-term debt

21.1m

Total Debt

33.9m29.6m

Total Liabilities

154.4m185.6m

Common Stock

4.0k

Preferred Stock

166.5m

Additional Paid-in Capital

100.2m104.9m

Retained Earnings

(130.8m)(138.1m)

Total Equity

(30.6m)(33.2m)

Debt to Equity Ratio

-0.9 x

Debt to Assets Ratio

0.1 x

Financial Leverage

-9.5 x-9.6 x

Upwork Cash Flow

Annual

USDFY, 2016FY, 2017

Net Income

(16.2m)(4.1m)

Depreciation and Amortization

8.5m4.2m

Accounts Receivable

(8.3m)(8.9m)

Accounts Payable

(578.0k)74.0k

Cash From Operating Activities

3.1m(4.0m)

Purchases of PP&E

(846.0k)(1.8m)

Cash From Investing Activities

(475.0k)(2.1m)

Short-term Borrowings

(12.0m)(17.0m)

Cash From Financing Activities

5.2m381.0k

Net Change in Cash

7.9m(5.7m)

Interest Paid

1.3m847.0k

Income Taxes Paid

55.0k

Quarterly

USDQ2, 2017Q2, 2018Q3, 2018

Net Income

1.4m(7.2m)(14.5m)

Depreciation and Amortization

2.1m2.3m3.5m

Accounts Receivable

(3.7m)(8.6m)

Accounts Payable

669.0k261.0k5.0m

Cash From Operating Activities

9.1m10.4m(8.2m)

Purchases of PP&E

(568.0k)(1.3m)(1.6m)

Cash From Investing Activities

(810.0k)(3.3m)(4.4m)

Short-term Borrowings

(3.0m)

Cash From Financing Activities

(1.3m)2.7m18.0m

Net Change in Cash

6.9m9.7m

Interest Paid

488.0k1.1m1.6m

Income Taxes Paid

7.0k

Upwork Ratios

USDY, 2018

EV/EBIT

-704.1 x

EV/CFO

-286.6 x

Revenue/Employee

1.6k

Debt/Equity

-0.9 x

Debt/Assets

0.1 x

Financial Leverage

-9.6 x
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Upwork Operating Metrics

Y, 2014Q3, 2016FY, 2016Q1, 2017Q2, 2017Q3, 2017FY, 2017Q1, 2018Q2, 2018

Core Clients

77 76.50 k77.20 k78.60 k82.60 k86.40 k91 k95.70 k

Gross Services Volume

$289.37 m$1.15 b$311.13 m$332.02 m$353.50 m$1.37 b$402.25 m$834.53 m

Retention Rate

85%85%89%92%95%99%103%106%

Categories of Work

70

Clients

475 k

Countries

180

Freelancers

375 k

Job Listings

2.80 m

Projects

2 m
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Upwork Employee Rating

4.0219 votes
Culture & Values
3.8
Work/Life Balance
4.0
Senior Management
3.6
Salary & Benefits
3.6
Career Opportunities
3.9
Source