Upwork Income Statement

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

Millions USD. Fiscal year is Jan - Dec.

Year	2023	2022	2021	2020	2019	2018	2017	2016
Revenue	689.14	618.32	502.8	373.63	300.56	253.35	202.55	164.45
Revenue Growth (YoY)	11.45%	22.98%	34.57%	24.31%	18.63%	25.08%	23.17%	-
Cost of Revenue	170.45	160.4	135.51	104.27	88.14	81.46	65.44	62.58
Gross Profit	518.69	457.92	367.29	269.36	212.42	171.9	137.11	101.87
Selling, General & Admin	339.61	370.83	296.38	204.74	163.22	122.3	90.38	72.88
Research & Development	177.36	154.55	119.08	83.47	64.03	55.49	45.6	37.9
Other Operating Expenses	12.98	25.15	6.05	3.56	3.91	5.82	4.25	5.55
Operating Expenses	529.95	550.54	421.51	291.77	231.15	183.61	140.23	116.34
Operating Income	-11.26	-92.62	-54.22	-22.41	-18.73	-11.71	-3.12	-14.47
Interest Expense / Income	0	0	0	0.78	1.31	2.04	0.96	0.86
Other Expense / Income	-60.14	-3.28	1.9	-0.47	-3.41	6.14	0.06	0.91
Pretax Income	48.88	-89.35	-56.12	-22.72	-16.63	-19.89	-4.15	-16.23
Income Tax	1.99	0.54	0.12	0.15	0.03	0.02	-0.02	-0
Net Income	46.89	-89.89	-56.24	-22.87	-16.66	-19.91	-4.12	-16.23
Preferred Dividends	0	0	0	0	0	0	6.51	0
Net Income Common	46.89	-89.89	-56.24	-22.87	-16.66	-19.91	-10.63	-16.23
Shares Outstanding (Basic)	136	131	127	119	110	52	33	32
Shares Outstanding (Diluted)	-	131	127	119	110	52	33	32
Shares Change	4.28%	2.64%	7.13%	8.09%	109.86%	58.83%	2.72%	-
EPS (Basic)	0.35	-0.69	-0.44	-0.19	-0.15	-0.38	-0.32	-0.51
EPS (Diluted)	0.06	-0.69	-0.44	-0.19	-0.15	-0.38	-0.32	-0.51
Free Cash Flow	13.87	-2.17	4.7	8	-15.58	6.9	-6.32	2.3
Free Cash Flow Per Share	0.10	-0.02	0.04	0.07	-0.14	0.13	-0.19	0.07
Gross Margin	75.27%	74.06%	73.05%	72.09%	70.67%	67.85%	67.69%	61.95%
Operating Margin	-1.63%	-14.98%	-10.78%	-6.00%	-6.23%	-4.62%	-1.54%	-8.80%
Profit Margin	6.80%	-14.54%	-11.19%	-6.12%	-5.54%	-7.86%	-5.25%	-9.87%
Free Cash Flow Margin	2.01%	-0.35%	0.93%	2.14%	-5.18%	2.72%	-3.12%	1.40%
Effective Tax Rate	4.07%	-	-	-	-	-	-	-
EBITDA	61.6	-78.21	-42.31	-7.91	-4.72	-12.91	1	-6.91
EBITDA Margin	8.94%	-12.65%	-8.42%	-2.12%	-1.57%	-5.09%	0.49%	-4.20%
Depreciation & Amortization	12.72	11.14	13.81	14.03	10.61	4.95	4.19	8.46
EBIT	48.88	-89.35	-56.12	-21.94	-15.33	-17.85	-3.19	-15.38
EBIT Margin	7.09%	-14.45%	-11.16%	-5.87%	-5.10%	-7.05%	-1.57%	-9.35%

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).