Upwork (UPWK) FY2021 results: revenue $503 million, up 34.6% on the year

Upwork, Inc. (UPWK) reported revenue of $503 million for fiscal 2021, the year ended 31 December 2021, up 34.6% on the year before. Net income was -$56 million, and diluted earnings per share $-0.44. The figures are the company's own, from the 10-K it filed with the SEC on 15 February 2022.

Revenue

$503 million

+34.6% on the year

FY2016FY2021

Operating margin

-10.8%

-6.0% a year earlier

FY2016FY2021

Net income

-$56 million

FY2016FY2021

Diluted EPS

-$0.44

FY2016FY2021

this yearthe year beforeHover a bar for its figure.

The year in brief

The quarters: Q4 FY2021

Income statement (profit and loss)

$ million	FY2021	FY2020	FY2019	On the year
Revenue	503	374	301	+34.6%
Cost of revenue	136	2.9	0.9	+4,572.7%
Gross profit	367	269	212	+36.4%
Gross margin	73.0%	72.1%	70.7%
Research and development	119	83.5	64.0	+42.7%
Operating income	-54.2	-22.4	-18.7
Operating margin	-10.8%	-6.0%	-6.2%
Interest expense	2.2	0.8	1.3	+180.2%
Pre-tax income	-56.1	-22.7	-16.6
Income tax	0.1	0.1	0.0	-18.7%
Net income	-56.2	-22.9	-16.7
Net margin	-11.2%	-6.1%	-5.5%
Diluted EPS	-$0.44	-$0.19	-$0.15

$ million except per share.

Free 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	FY2021	FY2020	FY2019	On the year
Operating cash flow	10.8	22.4	1.1	-51.5%
Capital expenditure	1.0	6.3	10.8	-83.8%
Free cash flow	9.8	16.0	-9.7	-38.9%
Free cash flow margin	2.0%	4.3%	-3.2%
Cash from investing	-429	-4.1	-101
Cash from financing	538	54.6	29.4	+884.1%
Depreciation and amortisation	4.4	6.3	5.5	-30.2%
Share-based compensation	53.6	25.5	18.8	+110.1%
Diluted shares, weighted	127m	119m	110m	+7.1%
Shares outstanding at period end	129m	125m	114m	+3.5%

Balance sheet

$ million	FY2021	FY2020	FY2019	On the year
Shareholders' equity	260	299	259	-13.3%
Debt	561	10.7	18.3	+5,134.5%
Operating lease liabilities	16.8	20.5	21.2	-18.3%
Other liabilities	243	199	147	+22.5%
Total liabilities and equity	1,081	529	446	+104.3%
Fixed assets	21.3	28.1	21.5	-24.2%
Goodwill	118	118	118	0.0%
Intangible assets	0.0	0.7	3.3
Investments	498	75.6	85.5	+558.4%
Cash and equivalents	187	94.1	48.4	+99.0%
Receivables	66.8	47.0	30.2	+42.1%
Other assets	190	166	139	+14.7%
Total assets	1,081	529	446	+104.3%

10-K for the year ended 31 December 2021, filed 15 February 2022: the filing.