UPWORK INC
For the period ended Feb 12, 2025. Filed Feb 12, 2025.
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Feb 12, 2025 · Filed Feb 12, 2025
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UPWK$10.02-2.9%Stored close · as of Nov 6, 2026
Contents
EX-99.1 · (In thousands, except for per share data)
(In thousands, except for per share data)
| Three Months EndedDecember 31, | Twelve Months EndedDecember 31, | |||
|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |
| Revenue: | ||||
| Marketplace | $163,655 | $157,490 | $662,108 | $586,099 |
| Enterprise | 27,828 | 26,444 | 107,217 | 103,037 |
| Total revenue | 191,483 | 183,934 | 769,325 | 689,136 |
| Cost of revenue | 42,641 | 45,868 | 174,094 | 170,450 |
| Gross profit | 148,842 | 138,066 | 595,231 | 518,686 |
| Operating expenses | ||||
| Research and development | 53,491 | 46,217 | 209,283 | 177,363 |
| Sales and marketing | 43,934 | 49,304 | 185,211 | 220,681 |
| General and administrative | 35,602 | 32,003 | 128,803 | 118,925 |
| Provision for transaction losses | 2,232 | 2,114 | 6,728 | 12,977 |
| Total operating expenses | 135,259 | 129,638 | 530,025 | 529,946 |
| Income (loss) from operations | 13,583 | 8,428 | 65,206 | (11,260) |
| Other income, net | 4,788 | 7,389 | 25,221 | 60,137 |
| Income before income taxes | 18,371 | 15,817 | 90,427 | 48,877 |
| Income tax benefit (provision) | 128,795 | 1,557 | 125,159 | (1,990) |
| Net income | $147,166 | $17,374 | $215,586 | $46,887 |
| Net income per share: | ||||
| Basic | $1.10 | $0.13 | $1.61 | $0.35 |
| Diluted | $1.03 | $0.13 | $1.52 | $0.06 |
| Weighted-average shares used to compute net income per share: | ||||
| Basic | 134,265 | 136,620 | 133,621 | 134,774 |
| Diluted | 143,098 | 143,803 | 143,152 | 137,263 |
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