UPWORK INC
For the period ended Aug 7, 2024. Filed Aug 7, 2024.
View on SEC.govAbout this filing
A notice of a major event between regular reports, such as results, a deal or a change of executives. It is often the first formal record of the news.
Aug 7, 2024 · Filed Aug 7, 2024
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Contents
EX-99.1 · (In thousands, except for per share data)
(In thousands, except for per share data)
| Three Months EndedJune 30, | Six Months EndedJune 30, | |||
|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |
| Revenue | ||||
| Marketplace (1) | $166,786 | $142,308 | $331,116 | $278,984 |
| Enterprise (1) | 26,343 | 26,303 | 52,950 | 50,485 |
| Total revenue | 193,129 | 168,611 | 384,066 | 329,469 |
| Cost of revenue | 43,852 | 40,882 | 88,045 | 81,309 |
| Gross profit | 149,277 | 127,729 | 296,021 | 248,160 |
| Operating expenses | ||||
| Research and development | 52,465 | 43,246 | 105,381 | 87,727 |
| Sales and marketing | 47,333 | 59,069 | 95,184 | 124,069 |
| General and administrative | 29,924 | 28,983 | 61,925 | 58,270 |
| Provision for transaction losses | 1,774 | 2,547 | 2,701 | 9,248 |
| Total operating expenses | 131,496 | 133,845 | 265,191 | 279,314 |
| Income (loss) from operations | 17,781 | (6,116) | 30,830 | (31,154) |
| Other income, net | 5,620 | 3,982 | 12,342 | 46,982 |
| Income (loss) before income taxes | 23,401 | (2,134) | 43,172 | 15,828 |
| Income tax provision | (1,181) | (1,857) | (2,510) | (2,652) |
| Net income (loss) | $22,220 | $(3,991) | $40,662 | $13,176 |
| Net income (loss) per share: | ||||
| Basic | $0.17 | $(0.03) | $0.30 | $0.10 |
| Diluted | $0.17 | $(0.03) | $0.30 | $(0.18) |
| Weighted-average shares used to compute net income (loss) per share | ||||
| Basic | 131,436 | 134,142 | 133,809 | 133,492 |
| Diluted | 138,266 | 134,142 | 140,798 | 135,049 |
(1)In 2023, we changed the name of our Upwork Enterprise offering to Enterprise Solutions. Concurrently, to align with customer needs and internal decision-making, we combined Enterprise Solutions and Managed Services into a suite of Enterprise offerings. In order to conform to the current period presentation as of June 30, 2024, we present revenue from Enterprise Solutions and Managed Services together as Enterprise revenue in prior periods and no longer report revenue from our Enterprise Solutions offering, previously referred to as Upwork Enterprise, in Marketplace revenue.
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