Upwork (UPWK) FY2023 results: revenue $689 million, up 11.5% on the year

Upwork, Inc. (UPWK) reported revenue of $689 million for fiscal 2023, the year ended 31 December 2023, up 11.5% on the year before. Net income was $47 million, and diluted earnings per share $0.06. The figures are the company's own, from the 10-K it filed with the SEC on 15 February 2024.

Revenue

$689 million

+11.5% on the year

FY2016FY2023

Operating margin

-1.6%

-15.0% a year earlier

FY2016FY2023

Net income

$47 million

FY2016FY2023

Diluted EPS

$0.06

FY2016FY2023

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2023 · Q2 FY2023 · Q3 FY2023 · Q4 FY2023

Income statement (profit and loss)

$ million	FY2023	FY2022	FY2021	On the year
Revenue	689	618	503	+11.5%
Cost of revenue	170	160	136	+6.3%
Gross profit	519	458	367	+13.3%
Gross margin	75.3%	74.1%	73.0%
Research and development	177	155	119	+14.8%
Operating income	-11.3	-92.6	-54.2
Operating margin	-1.6%	-15.0%	-10.8%
Interest expense	n/a	4.5	2.2
Pre-tax income	48.9	-89.3	-56.1
Income tax	2.0	0.5	0.1	+271.3%
Effective tax rate	4.1%	n/a	n/a
Net income	46.9	-89.9	-56.2
Net margin	6.8%	-14.5%	-11.2%
Diluted EPS	$0.06	-$0.69	-$0.44

$ 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	FY2023	FY2022	FY2021	On the year
Operating cash flow	52.7	11.5	10.8	+358.5%
Capital expenditure	0.7	1.2	1.0	-44.6%
Free cash flow	52.0	10.2	9.8	+407.5%
Free cash flow margin	7.5%	1.7%	2.0%
Cash from investing	88.3	-69.5	-429
Cash from financing	-140	1.1	538
Depreciation and amortisation	9.4	8.1	4.4	+17.3%
Share-based compensation	74.2	75.5	53.6	-1.7%
Buybacks	0.0	0.0	n/a
Diluted shares, weighted	137m	131m	127m	+5.2%
Shares outstanding at period end	137m	132m	129m	+3.7%

Balance sheet

$ million	FY2023	FY2022	FY2021	On the year
Shareholders' equity	381	249	260	+53.1%
Debt	356	564	561	-36.9%
Operating lease liabilities	6.1	11.2	16.8	-45.5%
Other liabilities	294	256	243	+15.0%
Total liabilities and equity	1,038	1,080	1,081	-4.0%
Fixed assets	27.1	22.1	21.3	+23.0%
Goodwill	118	118	118	0.0%
Intangible assets	3.0	0.0	0.0
Investments	470	557	498	-15.6%
Cash and equivalents	79.6	129	187	-38.4%
Receivables	103	64.9	66.8	+58.8%
Other assets	236	188	190	+25.2%
Total assets	1,038	1,080	1,081	-4.0%

10-K for the year ended 31 December 2023, filed 15 February 2024: the filing.