Upwork Inc. (UPWK) · 10+ Years of Financial statements

Income Statement	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Sales/Revenue/Turnover	164	203	253	301	374	503	618	689
+ Sales & Services Revenue	164	203	253	301	374	503	618	689
- Cost of Revenue	63	65	81	88	104	136	160	170
+ Cost of Goods & Services	63	65	81	88	104	136	160	170
Gross Profit	102	137	172	212	269	367	458	519
+ Other Operating Income	- -	- -	- -	- -	- -	- -	- -	- -
- Operating Expenses	116	140	184	231	292	422	551	530
+ Selling, General & Admin	73	90	122	163	205	296	371	340
+ Research & Development	38	46	55	64	83	119	155	177
+ Other Operating Expense	6	4	6	4	4	6	25	13
Operating Income (Loss)	-14	-3	-12	-19	-22	-54	-93	-11
- Non-Operating (Income) Loss	2	1	8	-2	- -	2	-3	-60
+ Interest Expense, Net	1	1	2	1	1	2	4	- -
+ Interest Expense	1	1	2	1	1	2	4	- -
- Interest Income	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Non-Op (Income) Loss	1	- -	6	-3	- -	- -	-8	-60
Pretax Income	-16	-4	-20	-17	-23	-56	-89	49
- Income Tax Expense (Benefit)	- -	- -	- -	- -	- -	- -	1	2
- (Income) Loss from Affiliates	- -	- -	- -	- -	- -	- -	- -	- -
Income (Loss) from Cont Ops	-16	-4	-20	-17	-23	-56	-90	47
- Net Extraordinary Losses (Gains)	- -	- -	- -	- -	- -	- -	- -	- -
+ Discontinued Operations	- -	- -	- -	- -	- -	- -	- -	- -
+ Extraord. & Accounting Changes	- -	- -	- -	- -	- -	- -	- -	- -
Income (Loss) Incl. MI	-16	-4	-20	-17	-23	-56	-90	47
- Minority Interest	- -	- -	- -	- -	- -	- -	- -	- -
Net Income, GAAP	-16	-4	-20	-17	-23	-56	-90	47
- Preferred Dividends	- -	- -	- -	- -	- -	- -	- -	- -
- Other Adjustments	- -	- -	- -	- -	- -	- -	- -	- -
Net Income Avail to Common, GAAP	-16	-4	-20	-17	-23	-56	-90	47
Basic Weighted Avg Shares	96	96	52	110	119	127	131	135
Basic EPS, GAAP	-0.17	-0.04	-0.38	-0.15	-0.19	-0.44	-0.69	0.35
Basic EPS from Cont Ops	-0.17	-0.04	-0.38	-0.15	-0.19	-0.44	-0.69	0.35
Diluted Weighted Avg Shares	96	96	52	110	119	127	131	137
Diluted EPS, GAAP	-0.17	-0.04	-0.38	-0.15	-0.19	-0.44	-0.69	0.34
Diluted EPS from Cont Ops	-0.17	-0.04	-0.38	-0.15	-0.19	-0.44	-0.69	0.34
EBITDA	-6	1	-7	-8	-8	-40	-81	1
EBITDA Margin (%)	-3.65	0.52	-2.67	-2.7	-2.24	-8.04	-13.18	0.21
EBITA	-14	-3	-12	-19	-22	-54	-93	-11
EBIT	-14	-3	-12	-19	-22	-54	-93	-11
Gross Margin (%)	61.95	67.69	67.85	70.67	72.09	73.05	74.06	75.27
Operating Margin (%)	-8.8	-1.54	-4.62	-6.23	-6	-10.78	-14.98	-1.63
Profit Margin (%)	-9.87	-2.04	-7.86	-5.54	-6.12	-11.19	-14.54	6.8
Sales per Employee	- -	- -	589,195	527,302	691,904	773,534	727,433	861,420
Dividend per Share	- -	- -	- -	- -	- -	- -	- -	- -
Depreciation Expense	8	4	5	11	14	14	11	13

Balance Sheet	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Total Current Assets	117	144	256	281	361	930	931	883
+ Cash, Cash Equivalents & STI	27	22	129	134	170	685	687	550
+ Cash & Cash Equivalents	27	22	129	48	94	187	129	80
+ ST Investments	- -	- -	- -	85	76	498	557	470
+ Accounts & Notes Receiv	25	31	22	30	47	67	65	103
+ Accounts Receivable, Net	25	31	22	30	47	67	65	103
+ Notes Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -
+ Loans Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -
+ Inventories	- -	- -	- -	- -	- -	- -	- -	- -
+ Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -
+ Work In Process	- -	- -	- -	- -	- -	- -	- -	- -
+ Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -
+ Inventory Adjustments	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -
+ Other ST Assets	64	92	104	117	144	178	179	230
+ Prepaid Expenses	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Assets Held-for-Sale	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc ST Assets	- -	- -	- -	- -	- -	- -	- -	- -
Total Noncurrent Assets	133	131	136	166	168	151	149	154
+ Property, Plant & Equip, Net	3	4	4	35	32	32	30	31
+ Property, Plant & Equip	10	11	11	43	48	57	63	72
- Accumulated Depreciation	7	8	7	8	15	25	33	41
+ LT Investments & Receivables	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Investments	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Receivables	- -	- -	- -	- -	- -	- -	- -	- -
+ Other LT Assets	130	128	132	130	136	119	120	123
+ Total Intangible Assets	130	127	124	122	119	118	118	121
+ Goodwill	118	118	118	118	118	118	118	118
+ Other Intangible Assets	11	9	6	3	1	- -	- -	3
+ LT Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc LT Assets	1	1	8	9	17	1	1	1
Total Assets	250	275	392	446	529	1,081	1,080	1,038
+ Payables & Accruals	77	94	121	128	174	181	197	243
+ Accounts Payable	- -	- -	2	1	6	5	8	5
+ Accrued Taxes	2	2	2	2	4	4	14	13
+ Interest & Dividends Payable	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Payables & Accruals	75	92	118	125	164	172	175	225
+ ST Debt	3	10	6	8	8	6	7	6
+ ST Borrowings	3	10	6	8	8	- -	- -	- -
+ ST Finance Leases	- -	- -	- -	3	4	6	7	6
+ Other ST Liabilities	5	10	1	14	17	46	44	44
+ Deferred Revenue	1	1	1	14	17	22	25	17
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc ST Liabilities	4	9	- -	- -	- -	24	19	27
Total Current Liabilities	85	115	128	149	199	234	248	293
+ LT Debt	14	23	18	32	24	578	575	362
+ LT Borrowings	14	23	18	11	3	561	564	356
+ LT Finance Leases	- -	- -	- -	21	21	17	11	6
+ Other LT Liabilities	180	168	2	6	8	10	8	1
+ Accrued Liabilities	- -	- -	- -	- -	- -	- -	- -	- -
+ Pension Liabilities	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Revenue	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -	- -	- -	- -
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc LT Liabilities	180	168	2	6	8	10	8	1
Total Noncurrent Liabilities	194	192	20	38	31	588	584	363
Total Liabilities	280	307	148	187	230	822	831	656
+ Preferred Equity and Hybrid Capital	179	166	- -	- -	- -	- -	- -	- -
+ Share Capital & APIC	89	92	387	431	494	511	593	675
+ Common Stock	- -	- -	- -	- -	- -	- -	- -	- -
+ Additional Paid in Capital	89	92	387	431	494	511	593	675
- Treasury Stock	- -	- -	- -	- -	- -	- -	- -	- -
+ Retained Earnings	-119	-124	-143	-172	-195	-251	-341	-294
+ Other Equity	-119	-124	-143	-172	- -	-1	-3	- -
Equity Before Minority Interest	-30	-31	244	259	299	260	249	381
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -
Total Equity	-30	-31	244	259	299	260	249	381
Total Liabilities & Equity	250	275	392	446	529	1,081	1,080	1,038
Shares Outstanding	96	96	106	114	125	129	132	137
Capital Leases - Total	- -	- -	- -	24	24	23	18	12
Net Debt	-10	12	-105	-30	-83	374	435	276
Net Debt to Equity	34.4	-39.02	-43.17	-11.61	-27.85	144.15	174.73	72.54
Tangible Common Equity Ratio	-282.15	-218.98	44.71	42.44	43.97	14.68	13.58	28.35
Current Ratio	1.37	1.26	2.01	1.88	1.82	3.98	3.76	3.01
Cash Conversion Cycle	- -	48.21	32.55	26.22	25.26	25.9	24.6	30.97
Number of Employees	- -	- -	430	570	540	650	850	800

Cash Flow Statement	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
+ Net Income	-16	-4	-20	-17	-23	-56	-90	47
+ Depreciation & Amortization	8	4	5	11	14	14	11	13
+ Non-Cash Items	13	11	22	22	29	70	101	32
+ Stock-Based Compensation	7	7	10	19	26	54	76	74
+ Deferred Income Taxes	- -	- -	- -	- -	- -	- -	- -	- -
+ Asset Impairment Charge	- -	- -	- -	- -	- -	9	- -	- -
+ Other Non-Cash Adj	6	4	12	3	3	7	26	-42
+ Chg in Non-Cash Work Cap	-2	-15	7	-14	2	-16	-16	-65
+ (Inc) Dec in Accts Receiv	-8	-9	4	-11	-20	-25	-20	-48
+ (Inc) Dec in Inventories	- -	- -	- -	- -	- -	- -	- -	- -
+ (Inc) Dec in Prepaid Assets	- -	- -	-1	-2	-1	-7	-1	- -
+ Inc (Dec) in Accts Payable	6	-6	4	-4	21	9	6	3
+ Inc (Dec) in Other	- -	- -	- -	3	2	6	-1	-20
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Operating Activities	3	-4	14	1	22	11	7	27
+ Change in Fixed & Intang	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp in Fixed & Intang	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp of Fixed Prod Assets	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp of Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -
+ Acq of Fixed & Intang	-1	-2	-7	-17	-14	-6	-9	-16
+ Acq of Fixed Prod Assets	-1	-2	-3	-11	-6	-1	-1	-1
+ Acq of Intangible Assets	- -	- -	-4	-6	-8	-5	-7	-16
+ Net Change in LT Investment	- -	- -	- -	-84	10	-423	-61	105
+ Dec in LT Investment	- -	- -	- -	84	118	102	521	814
+ Inc in LT Investment	- -	- -	- -	-169	-107	-525	-582	-709
+ Net Cash From Acq & Div	- -	- -	- -	- -	- -	- -	- -	- -
+ Cash from Divestitures	- -	- -	- -	- -	- -	- -	- -	- -
+ Cash for Acq of Subs	- -	- -	- -	- -	- -	- -	- -	- -
+ Cash for JVs	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Investing Activities	- -	- -	- -	- -	- -	- -	- -	- -
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Investing Activities	- -	-2	-7	-101	-4	-429	-69	88
+ Dividends Paid	- -	- -	- -	- -	- -	- -	- -	- -
+ Net Cash From Debt	5	17	-10	-6	-8	564	- -	- -
+ Cash From Debt	17	34	15	50	18	575	- -	- -
+ Repayments of Debt	-12	-17	-25	-56	-26	-11	- -	- -
+ Cash (Repurchase) of Equity	- -	- -	109	- -	- -	- -	- -	- -
+ Increase in Capital Stock	- -	- -	109	- -	- -	- -	- -	- -
+ Decrease in Capital Stock	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Financing Activities	- -	-17	2	35	62	-27	6	-114
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Financing Activities	5	- -	101	29	55	538	6	-114
Effect of Foreign Exchange Rates	- -	- -	- -	- -	- -	- -	- -	- -
Net Changes in Cash	8	-6	108	-70	73	120	-57	1
EBITDA	-6	1	-7	-8	-8	-40	-81	1
EBITDA Margin (%)	-3.65	0.52	-2.67	-2.7	-2.24	-8.04	-13.18	0.21
Net Cash Paid for Acquisitions	- -	- -	- -	- -	- -	- -	- -	- -
Free Cash Flow	2	-6	7	-16	8	5	-2	11
Free Cash Flow to Firm	- -	- -	- -	- -	- -	- -	- -	11
Free Cash Flow to Equity	- -	-1	-166	-15	8	574	5	27
Free Cash Flow per Basic Share	0.02	-0.07	0.13	-0.14	0.07	0.04	-0.02	0.08
Price/Free Cash Flow	- -	- -	45.76	63.61	118.89	259.68	86.89	47.63
Cash Flow to Net Income	-0.19	0.97	-0.69	-0.06	-0.98	-0.19	-0.07	0.58

Upwork Inc.

UPWK US

10.36