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Upwork (UPWK) Q1 FY2024 earnings: revenue $191 million, up 18.7% on the year

Upwork, Inc. (UPWK) reported revenue of $191 million for Q1 FY2024, the quarter ended 31 March 2024, up 18.7% on the same quarter a year earlier. Net income was $18 million, up 7.4% on the year, and diluted earnings per share $0.13. The figures are the company's own, from the 10-Q it filed with the SEC on 1 May 2024.

Revenue$191 millionup 18.7%
Net income$18 millionup 7.4%
Diluted EPS$0.13
QuarterQ1 FY2024ended 31 March 2024

The quarter, against the one before and a year earlier

LineQ1 FY2024Q4 FY2023A year earlierChange on the year
Revenue191184n/an/a
Cost of revenue44.245.9n/an/a
Gross profit147138n/an/a
Gross margin76.9%75.1%n/a
Research and development52.946.2n/an/a
Operating income13.08.4n/an/a
Operating margin6.8%4.6%n/a
Pre-tax income19.815.8n/an/a
Income tax1.3-1.6n/an/a
Effective tax rate6.7%-9.8%n/a
Net income18.417.4n/an/a
Net margin9.7%9.4%n/a
Diluted EPS$0.13$0.12n/an/a
$ million except per share.
Read moreFourth quarters are the year less the first three quarters. 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

LineQ1 FY2024Q4 FY2023A year earlierChange on the year
Operating cash flow5.7-5.3n/an/a
Capital expenditure0.20.1n/an/a
Free cash flow5.5-5.5n/an/a
Free cash flow margin2.9%-3.0%n/a
Cash from investing6.1-63.4n/an/a
Cash from financing-56.236.0n/an/a
Depreciation and amortisation3.1n/an/an/a
Share-based compensation16.918.0n/an/a
Buybacks66.90.0n/an/a
Diluted shares, weighted144m137mn/an/a
Shares outstanding at period end133m137mn/an/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

LineQ1 FY2024Q4 FY2023A year earlierChange on the year
Shareholders' equity349381n/an/a
Debt357356n/an/a
Operating lease liabilities5.36.1n/an/a
Other liabilities290294n/an/a
Total liabilities and equity1,0011,038n/an/a
Fixed assets27.127.1n/an/a
Goodwill118118n/an/a
Intangible assets2.73.0n/an/a
Investments466470n/an/a
Cash and equivalents24.779.6n/an/a
Receivables114103n/an/a
Other assets248236n/an/a
Total assets1,0011,038n/an/a

Questions

What was Upwork's revenue in Q1 FY2024?

Upwork (UPWK) reported revenue of $191 million for Q1 FY2024, the quarter ended 31 March 2024, up 18.7% on the same quarter a year earlier.

How much did Upwork earn in Q1 FY2024?

Net income for Q1 FY2024 was $18 million, up 7.4% on the year, and diluted earnings per share $0.13.

When did Upwork report Q1 FY2024 results?

Upwork filed its 10-Q for the quarter ended 31 March 2024 with the SEC on 1 May 2024.

Quarterly results, the last 12 quarters

Q3 FY2023Q4 FY2023 *Q1 FY2024Q2 FY2024Q3 FY2024Q4 FY2024 *Q1 FY2025Q2 FY2025Q3 FY2025Q4 FY2025 *Q1 FY2026Q2 FY2026
Revenue176184191193194191193195202198195192
Cost of revenue43.345.944.243.943.442.641.843.445.843.744.645.3
Gross profit132138147149150149151152156155151146
Gross margin75%75%77%77%78%78%78%78%77%78%77%76%
R&D43.446.252.952.550.453.546.244.847.547.143.343.9
Operating income11.58.413.017.820.813.638.732.629.828.332.728.1
Operating margin7%5%7%9%11%7%20%17%15%14%17%15%
Interest expense0.7n/an/an/an/an/an/an/an/an/an/an/a
Pre-tax income17.215.819.823.428.918.445.038.435.734.137.732.1
Tax rate5%-10%7%5%4%-701%16%15%18%54%17%21%
Net income16.317.418.422.227.814737.732.729.315.631.525.4
Net margin9%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 flow37.0-5.35.737.31028.537.072.575.163.723.046.9
Capital expenditure0.40.10.20.61.21.52.52.40.50.51.71.6
Free cash flow36.5-5.55.536.71016.934.570.174.663.221.345.3
Buybacks0.00.066.933.10.00.033.137.931.034.01081.8
Shares outstanding136m137m133m132m133m135m134m133m131m131m124m125m
Filing10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q
Each quarter as filed, linked to its filing.
Read more* 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 31 March 2024, filed 1 May 2024, accession 0001627475-24-000022: the filing on EDGAR. All of Upwork, Inc.'s filings: EDGAR company page.

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