Upwork (UPWK) FY2020 results: revenue $374 million, up 24.3% on the year
Upwork, Inc. (UPWK) reported revenue of $374 million for fiscal 2020, the year ended 31 December 2020, up 24.3% on the year before. Net income was -$23 million, and diluted earnings per share $-0.19. The figures are the company's own, from the 10-K it filed with the SEC on 24 February 2021.
Revenue
$374 million
+24.3% on the year
FY2016FY2020
Operating margin
-6.0%
-6.2% a year earlier
FY2016FY2020
Net income
-$23 million
FY2016FY2020
Diluted EPS
-$0.19
FY2016FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
374
301
253
+24.3%
Cost of revenue
2.9
0.9
81.5
+222.2%
Gross profit
269
212
172
+26.8%
Gross margin
72.1%
70.7%
67.8%
Research and development
83.5
64.0
55.5
+30.4%
Operating income
-22.4
-18.7
-11.7
Operating margin
-6.0%
-6.2%
-4.6%
Interest expense
0.8
1.3
2.0
-40.4%
Pre-tax income
-22.7
-16.6
-19.9
Income tax
0.1
0.0
0.0
+435.7%
Net income
-22.9
-16.7
-19.9
Net margin
-6.1%
-5.5%
-7.9%
Diluted EPS
-$0.19
-$0.15
-$0.38
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
22.4
1.1
13.7
+2,013.9%
Capital expenditure
6.3
10.8
3.0
-41.2%
Free cash flow
16.0
-9.7
10.7
Free cash flow margin
4.3%
-3.2%
4.2%
Cash from investing
-4.1
-101
-6.8
Cash from financing
54.6
29.4
112
+85.8%
Depreciation and amortisation
6.3
5.5
4.9
+14.5%
Share-based compensation
25.5
18.8
10.4
+35.7%
Diluted shares, weighted
119m
110m
n/a
+8.1%
Shares outstanding at period end
125m
114m
106m
+9.9%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
299
259
244
+15.4%
Redeemable equity
n/a
n/a
0.0
Debt
10.7
18.3
23.9
-41.3%
Operating lease liabilities
20.5
21.2
n/a
-3.2%
Other liabilities
199
147
124
+34.7%
Total liabilities and equity
529
446
392
+18.6%
Fixed assets
28.1
21.5
10.8
+31.2%
Goodwill
118
118
118
0.0%
Intangible assets
0.7
3.3
6.0
-80.0%
Investments
75.6
85.5
0.0
-11.6%
Cash and equivalents
94.1
48.4
129
+94.4%
Receivables
47.0
30.2
22.3
+55.9%
Other assets
166
139
105
+18.8%
Total assets
529
446
392
+18.6%
10-K for the year ended 31 December 2020, filed 24 February 2021: the filing.