Upwork (UPWK) FY2022 results: revenue $618 million, up 23.0% on the year
Upwork, Inc. (UPWK) reported revenue of $618 million for fiscal 2022, the year ended 31 December 2022, up 23.0% on the year before. Net income was -$90 million, and diluted earnings per share $-0.69. The figures are the company's own, from the 10-K it filed with the SEC on 16 February 2023.
Revenue
$618 million
+23.0% on the year
FY2016FY2022
Operating margin
-15.0%
-10.8% a year earlier
FY2016FY2022
Net income
-$90 million
FY2016FY2022
Diluted EPS
-$0.69
FY2016FY2022
this yearthe year beforeHover a bar for its figure.
$ 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
FY2022
FY2021
FY2020
On the year
Last 8 years
Operating cash flow
11.5
10.8
22.4
+6.1%
Capital expenditure
1.2
1.0
6.3
+21.5%
Free cash flow
10.2
9.8
16.0
+4.5%
Free cash flow margin
1.7%
2.0%
4.3%
Cash from investing
-69.5
-429
-4.1
Cash from financing
1.1
538
54.6
-99.8%
Depreciation and amortisation
8.1
4.4
6.3
+83.1%
Share-based compensation
75.5
53.6
25.5
+40.9%
Buybacks
0.0
n/a
n/a
Diluted shares, weighted
131m
127m
119m
+2.6%
Shares outstanding at period end
132m
129m
125m
+2.5%
Balance sheet
$ million
FY2022
FY2021
FY2020
On the year
Last 8 years
Shareholders' equity
249
260
299
-4.1%
Debt
564
561
10.7
+0.5%
Operating lease liabilities
11.2
16.8
20.5
-33.3%
Other liabilities
256
243
199
+5.1%
Total liabilities and equity
1,080
1,081
529
-0.1%
Fixed assets
22.1
21.3
28.1
+3.4%
Goodwill
118
118
118
0.0%
Intangible assets
0.0
0.0
0.7
Investments
557
498
75.6
+12.0%
Cash and equivalents
129
187
94.1
-30.9%
Receivables
64.9
66.8
47.0
-2.9%
Other assets
188
190
166
-0.8%
Total assets
1,080
1,081
529
-0.1%
10-K for the year ended 31 December 2022, filed 16 February 2023: the filing.