Upwork (UPWK) Q3 FY2023 earnings: revenue $176 million, up 10.8% on the year

Upwork, Inc. (UPWK) reported revenue of $176 million for Q3 FY2023, the quarter ended 30 September 2023, up 10.8% on the same quarter a year earlier. Net income was $16 million, and diluted earnings per share $0.12. The figures are the company's own, from the 10-Q it filed with the SEC on 7 November 2023.

Revenue$176 millionup 10.8%

Net income$16 million

Diluted EPS$0.12

QuarterQ3 FY2023ended 30 September 2023

The quarter, against the one before and a year earlier

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Revenue	176	n/a	n/a	n/a
Cost of revenue	43.3	n/a	n/a	n/a
Gross profit	132	n/a	n/a	n/a
Gross margin	75.4%	n/a	n/a
Research and development	43.4	n/a	n/a	n/a
Operating income	11.5	n/a	n/a	n/a
Operating margin	6.5%	n/a	n/a
Interest expense	0.7	n/a	n/a	n/a
Pre-tax income	17.2	n/a	n/a	n/a
Income tax	0.9	n/a	n/a	n/a
Effective tax rate	5.2%	n/a	n/a
Net income	16.3	n/a	n/a	n/a
Net margin	9.3%	n/a	n/a
Diluted EPS	$0.12	n/a	n/a	n/a

$ 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 and capital returned

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Operating cash flow	37.0	n/a	n/a	n/a
Capital expenditure	0.4	n/a	n/a	n/a
Free cash flow	36.5	n/a	n/a	n/a
Free cash flow margin	20.8%	n/a	n/a
Cash from investing	-45.2	n/a	n/a	n/a
Cash from financing	1.3	n/a	n/a	n/a
Share-based compensation	17.8	n/a	n/a	n/a
Buybacks	0.0	n/a	n/a	n/a
Diluted shares, weighted	137m	n/a	n/a	n/a
Shares outstanding at period end	136m	n/a	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Shareholders' equity	343	n/a	n/a	n/a
Debt	356	n/a	n/a	n/a
Operating lease liabilities	6.9	n/a	n/a	n/a
Other liabilities	256	n/a	n/a	n/a
Total liabilities and equity	961	n/a	n/a	n/a
Fixed assets	26.7	n/a	n/a	n/a
Goodwill	118	n/a	n/a	n/a
Investments	408	n/a	n/a	n/a
Cash and equivalents	147	n/a	n/a	n/a
Receivables	60.3	n/a	n/a	n/a
Other assets	201	n/a	n/a	n/a
Total assets	961	n/a	n/a	n/a

Questions

What was Upwork's revenue in Q3 FY2023?

Upwork (UPWK) reported revenue of $176 million for Q3 FY2023, the quarter ended 30 September 2023, up 10.8% on the same quarter a year earlier.

How much did Upwork earn in Q3 FY2023?

Net income for Q3 FY2023 was $16 million, and diluted earnings per share $0.12.

When did Upwork report Q3 FY2023 results?

Upwork filed its 10-Q for the quarter ended 30 September 2023 with the SEC on 7 November 2023.

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	176	184	191	193	194	191	193	195	202	198	195	192
Cost of revenue	43.3	45.9	44.2	43.9	43.4	42.6	41.8	43.4	45.8	43.7	44.6	45.3
Gross profit	132	138	147	149	150	149	151	152	156	155	151	146
Gross margin	75%	75%	77%	77%	78%	78%	78%	78%	77%	78%	77%	76%
R&D	43.4	46.2	52.9	52.5	50.4	53.5	46.2	44.8	47.5	47.1	43.3	43.9
Operating income	11.5	8.4	13.0	17.8	20.8	13.6	38.7	32.6	29.8	28.3	32.7	28.1
Operating margin	7%	5%	7%	9%	11%	7%	20%	17%	15%	14%	17%	15%
Interest expense	0.7	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Pre-tax income	17.2	15.8	19.8	23.4	28.9	18.4	45.0	38.4	35.7	34.1	37.7	32.1
Tax rate	5%	-10%	7%	5%	4%	-701%	16%	15%	18%	54%	17%	21%
Net income	16.3	17.4	18.4	22.2	27.8	147	37.7	32.7	29.3	15.6	31.5	25.4
Net margin	9%	9%	10%	12%	14%	77%	20%	17%	15%	8%	16%	13%
Diluted EPS	$0.12	$0.12	$0.13	$0.17	$0.20	$1.03	$0.27	$0.24	$0.21	$0.12	$0.24	$0.20
Operating cash flow	37.0	-5.3	5.7	37.3	102	8.5	37.0	72.5	75.1	63.7	23.0	46.9
Capital expenditure	0.4	0.1	0.2	0.6	1.2	1.5	2.5	2.4	0.5	0.5	1.7	1.6
Free cash flow	36.5	-5.5	5.5	36.7	101	6.9	34.5	70.1	74.6	63.2	21.3	45.3
Buybacks	0.0	0.0	66.9	33.1	0.0	0.0	33.1	37.9	31.0	34.0	108	1.8
Shares outstanding	136m	137m	133m	132m	133m	135m	134m	133m	131m	131m	124m	125m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 30 September 2023, filed 7 November 2023, accession 0001627475-23-000057: the filing on EDGAR. All of Upwork, Inc.'s filings: EDGAR company page.

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