Upwork Inc. (UPWK)

Upwork Income Statement

Financials in millions USD. Fiscal year is January - December.

Year	2023	2022	2021	2020	2019
Revenue	689.14	618.32	502.8	373.63	300.56
Revenue Growth (YoY)	11.45%	22.98%	34.57%	24.31%	18.63%
Cost of Revenue	170.45	160.4	135.51	104.27	88.14
Gross Profit	518.69	457.92	367.29	269.36	212.42
Selling, General & Admin	339.61	370.83	296.38	204.74	163.22
Research & Development	177.36	154.55	119.08	83.47	64.03
Other Operating Expenses	12.98	25.15	6.05	3.56	3.91
Operating Expenses	529.95	550.54	421.51	291.77	231.15
Operating Income	-11.26	-92.62	-54.22	-22.41	-18.73
Interest Expense / Income	0	0	0	0.78	1.31
Other Expense / Income	-60.14	-3.28	1.9	-0.47	-3.41
Pretax Income	48.88	-89.35	-56.12	-22.72	-16.63
Income Tax	1.99	0.54	0.12	0.15	0.03
Net Income	46.89	-89.89	-56.24	-22.87	-16.66
Shares Outstanding (Basic)	135	131	127	119	110
Shares Outstanding (Diluted)	135	131	127	119	110
Shares Change	3.26%	2.64%	7.13%	8.09%	109.86%
EPS (Basic)	0.35	-0.69	-0.44	-0.19	-0.15
EPS (Diluted)	0.06	-0.69	-0.44	-0.19	-0.15
Free Cash Flow	13.87	-2.17	4.7	8	-15.58
Free Cash Flow Per Share	0.10	-0.02	0.04	0.07	-0.14
Gross Margin	75.27%	74.06%	73.05%	72.09%	70.67%
Operating Margin	-1.63%	-14.98%	-10.78%	-6.00%	-6.23%
Profit Margin	6.80%	-14.54%	-11.19%	-6.12%	-5.54%
Free Cash Flow Margin	2.01%	-0.35%	0.93%	2.14%	-5.18%
Effective Tax Rate	4.07%	-	-	-	-
EBITDA	61.6	-78.21	-42.31	-7.91	-4.72
EBITDA Margin	8.94%	-12.65%	-8.42%	-2.12%	-1.57%
Depreciation & Amortization	12.72	11.14	13.81	14.03	10.61
EBIT	48.88	-89.35	-56.12	-21.94	-15.33
EBIT Margin	7.09%	-14.45%	-11.16%	-5.87%	-5.10%

Source: Financials are provided by Nasdaq Data Link and sourced from the audited annual (10-K) and quarterly (10-Q) reports submitted to the Securities and Exchange Commission (SEC).