Financial Performance - Gross Services Volume (GSV) for the three months ended March 31, 2024, was $1,008,797, a 1% increase from $1,003,345 in the same period in 2023[83] - Total revenue for the three months ended March 31, 2024, was $190,937,000, representing a 19% increase from $160,858,000 in the same period in 2023[108] - Net income for the three months ended March 31, 2024, was $18.4 million, compared to $17.2 million in the same period in 2023, representing a 7% increase[81] - Adjusted EBITDA for the three months ended March 31, 2024, was $33.3 million, a significant improvement from an adjusted EBITDA loss of $2.9 million in the same period in 2023[81] - Gross profit for the three months ended March 31, 2024, was $146,744,000, with a gross margin of 77%, up from 75% in the same period in 2023[112] Revenue Breakdown - Marketplace revenue increased by $27.7 million, or 20%, to $164,330 for the three months ended March 31, 2024, compared to $136,676 in the same period in 2023[80] - Marketplace revenue increased by 20% to $164,330,000, accounting for 86% of total revenue, while Enterprise revenue grew by 10% to $26,607,000, making up 14% of total revenue[109] - The company no longer reports revenue from its Enterprise Solutions offering in Marketplace revenue, aligning with current period presentation[84] Client Metrics - Active clients increased to 872, up 5% from 827 in the same period in 2023[83] - GSV per active client decreased to $4,755 for the three months ended March 31, 2024, down 4% from $4,967 in the same period in 2023[83] Cost Management - Cost-saving measures implemented in 2023 are expected to continue positively impacting net income and adjusted EBITDA in 2024[81] - Sales and marketing expenses decreased by 26% to $47,851,000, reflecting cost-saving measures implemented in 2023[116] - Provision for transaction losses significantly decreased by 86% to $927,000, down from $6,701,000 in the same period in 2023[120] Cash and Securities - As of March 31, 2024, the company had $24.7 million in cash and cash equivalents and $465.9 million in marketable securities[123] - Funds held in escrow, including funds in transit, increased to $222.9 million as of March 31, 2024, up from $212.4 million as of December 31, 2023[130] Share Repurchase and Financing - The company repurchased 5.0 million shares of common stock for $64.8 million at an average price of $12.83 per share during the three months ended March 31, 2024[129] - For the three months ended March 31, 2024, net cash used in financing activities was $56.2 million, primarily due to $66.9 million paid for share repurchases[142] - The company had $33.1 million available for repurchases under the Share Repurchase Program as of March 31, 2024[129] Future Outlook - The company expects continued growth in Marketplace revenue and take rate in 2024, driven by new and modified offerings[110] - The company anticipates that the balances of escrow funds will grow as Gross Services Volume (GSV) increases[130] - The company may need to raise additional capital through equity or debt financing, which could dilute existing stockholders' interests[126] - The company expects annual interest expense related to the Notes to be $2.7 million through 2025 and $1.8 million in 2026[127] Cash Flow - For the three months ended March 31, 2024, net cash provided by operating activities was $5.7 million, compared to a net cash used of $8.7 million for the same period in 2023[137][139] - For the three months ended March 31, 2024, net cash provided by investing activities was $6.1 million, primarily from maturities and sales of marketable securities[140]

Revenue Growth - First-quarter revenue grew 19% year-over-year to $190.9 million, with a marketplace take rate of 17.7% compared to 14.7% in the same quarter last year[3]. - Revenue from ads and monetization products grew 93% year-over-year, marking it as Upwork's fastest-growing revenue stream[8]. - The company raised its full-year revenue outlook to $770 million to $782 million, up from a previous range of $760 million to $780 million[10]. Profitability - First-quarter GAAP net income was $18.4 million, an increase from $17.2 million in the first quarter of 2023, with diluted EPS of $0.13 compared to a loss of $(0.15) in the prior year[3]. - Adjusted EBITDA for the first quarter was $33.3 million, a significant improvement from an adjusted EBITDA loss of $(2.9) million in the same quarter last year[3]. - Adjusted EBITDA for Q1 2024 reached $33.3 million, up from $30.5 million in Q1 2023, reflecting a growth of approximately 6.1%[36]. Cash Flow - Cash provided by operating activities was $5.7 million in the first quarter, compared to cash used of $(8.7) million in the same quarter last year[8]. - Free cash flow for Q1 2024 was $2.99 million, a significant improvement from a negative $11.56 million in Q1 2023[38]. - Adjusted free cash flow for Q1 2024 was $15.52 million, compared to a negative $11.56 million in Q1 2023, indicating a turnaround in cash generation[38]. Client Growth - Active clients increased by 5% year-over-year to over 872,000, with enterprise revenue growth accelerating to 10% year-over-year[3][8]. Expenses and Efficiency - Total operating expenses for Q1 2024 were $133.7 million, a decrease from $145.5 million in Q1 2023, representing a reduction of approximately 8.5%[34]. - Total revenue as a percentage of total operating expenses (GAAP) was 30% in Q1 2024, compared to 10% in Q1 2023, indicating improved operational efficiency[34]. Equity and Assets - Total assets decreased from $1,037,541 thousand as of December 31, 2023, to $1,000,819 thousand as of March 31, 2024, a decline of approximately 3.5%[23]. - Total stockholders' equity decreased from $381,075 thousand to $348,876 thousand, a decline of approximately 8.4%[23]. Research and Development - Research and development expenses increased to $52,916 thousand in Q1 2024 from $44,481 thousand in Q1 2023, an increase of 19%[33]. Stock and Debt - The company repurchased common stock amounting to $66,876 thousand during Q1 2024[25]. - The company recognized a gain of $38.9 million on the early extinguishment of debt during Q1 2023, which positively impacted net income[36]. Earnings Per Share - Basic earnings per share (GAAP) for Q1 2024 was $0.14, slightly up from $0.13 in Q1 2023[34]. - Diluted earnings per share (Non-GAAP) for Q1 2024 was $0.22, compared to a loss of $0.01 in Q1 2023, marking a significant recovery[34].

SAN FRANCISCO, April 30, 2024 (GLOBE NEWSWIRE) -- Upwork (NASDAQ:UPWK), the world's work marketplace that connects businesses with independent talent, today unveiled a collection of products, features and partnerships to transform how businesses and professionals hire and work, as part of Upwork Updates: Spring 2024, Upwork's new semi-annual product showcase. Introducing Uma, Upwork's Mindful AIThe Spring 2024 Update is headlined by Uma, Upwork's Mindful AI. Developed on top of industry-leading large langua ...

Wall Street analysts expect Upwork (UPWK) to post quarterly earnings of $0.19 per share in its upcoming report, which indicates a year-over-year increase of 2000%. Revenues are expected to be $186.71 million, up 16.1% from the year-ago quarter.The consensus EPS estimate for the quarter has remained unchanged over the last 30 days. This reflects how the analysts covering the stock have collectively reevaluated their initial estimates during this timeframe.Prior to a company's earnings release, it is of utmos ...

Upwork (UPWK) is set to release first-quarter 2024 results on May 1.For the first quarter of 2024, Upwork anticipates revenues between $183 million and $188 million. The Zacks Consensus Estimate for the same is currently pegged at $186.71 million, implying 16.07% growth from the year-ago period's level.Non-GAAP earnings are expected in the range of 17-19 cents per share. The Zacks Consensus Estimate for earnings has remained unchanged at 19 cents per share over the past 30 days, indicating growth of 2,000% ...

In the latest market close, Upwork (UPWK) reached $11.37, with a +1.25% movement compared to the previous day. The stock exceeded the S&P 500, which registered a gain of 1.2% for the day. Meanwhile, the Dow gained 0.69%, and the Nasdaq, a tech-heavy index, added 1.59%.Shares of the online freelance marketplace operator witnessed a loss of 9.44% over the previous month, trailing the performance of the Computer and Technology sector with its loss of 6.83% and the S&P 500's loss of 4.16%.Investors will be eage ...

In the latest trading session, Upwork (UPWK) closed at $11.23, marking a +0.9% move from the previous day. This move outpaced the S&P 500's daily gain of 0.87%. On the other hand, the Dow registered a gain of 0.67%, and the technology-centric Nasdaq increased by 1.11%.The online freelance marketplace operator's stock has dropped by 9.51% in the past month, falling short of the Computer and Technology sector's loss of 5.98% and the S&P 500's loss of 3.97%.Analysts and investors alike will be keeping a close ...

When deciding whether to buy, sell, or hold a stock, investors often rely on analyst recommendations. Media reports about rating changes by these brokerage-firm-employed (or sell-side) analysts often influence a stock's price, but are they really important?Before we discuss the reliability of brokerage recommendations and how to use them to your advantage, let's see what these Wall Street heavyweights think about Upwork (UPWK) .Upwork currently has an average brokerage recommendation (ABR) of 1.82, on a sca ...

SAN FRANCISCO, Calif., April 17, 2024 (GLOBE NEWSWIRE) -- Upwork (NASDAQ:UPWK), the world's work marketplace that connects businesses with independent talent, today announced Upwork Partners, a new program for companies to establish partnerships with Upwork that highlight skilled independent professionals on Upwork to serve their customers' most pressing business needs, as well as connect freelancers with industry-leading tools that supercharge productivity and improve work quality. Initially, Upwork Partne ...

The most recent trading session ended with Upwork (UPWK) standing at $12.10, reflecting a +1.85% shift from the previouse trading day's closing. The stock's change was more than the S&P 500's daily gain of 0.15%. Elsewhere, the Dow saw a downswing of 0.02%, while the tech-heavy Nasdaq appreciated by 0.32%.The online freelance marketplace operator's shares have seen a decrease of 7.19% over the last month, not keeping up with the Computer and Technology sector's gain of 1.32% and the S&P 500's gain of 1.65%. ...