Upwork Quarterly Balance Sheets Chart
Quarterly
|
Annual
Upwork Quarterly Balance Sheets Table
Quarterly
|
Annual
| Unit: USD | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 | 2021-06-30 | 2021-03-31 | 2020-12-31 | 2020-09-30 | 2020-06-30 | 2020-03-31 | 2019-12-31 | 2019-09-30 | 2019-06-30 | 2019-03-31 | 2018-12-31 | 2018-09-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| assets | ||||||||||||||||||||||||||||
| current assets | ||||||||||||||||||||||||||||
| cash and cash equivalents | 291,070,000 | 304,449,000 | 305,757,000 | 288,464,000 | 182,803,000 | 24,667,000 | 79,641,000 | 146,827,000 | 154,106,000 | 101,985,000 | 129,384,000 | 156,423,000 | 135,370,000 | 121,174,000 | 187,205,000 | 600,077,000 | 131,448,000 | 104,316,000 | 94,081,000 | 88,436,000 | 76,755,000 | 65,635,000 | 48,392,000 | 71,160,000 | 67,092,000 | 49,220,000 | 129,128,000 | |
| marketable securities | 343,509,000 | 317,619,000 | 316,344,000 | 312,719,000 | 314,941,000 | 465,939,000 | 470,457,000 | 408,417,000 | 362,561,000 | 407,643,000 | 557,230,000 | 519,383,000 | 532,258,000 | 551,781,000 | 497,566,000 | 96,764,000 | 40,990,000 | 65,513,000 | 75,570,000 | 67,051,000 | 69,606,000 | 79,693,000 | 85,481,000 | 60,404,000 | 62,442,000 | 71,999,000 | ||
| funds held in escrow, including funds in transit | 212,033,000 | 215,942,000 | 195,736,000 | 214,302,000 | 218,656,000 | 222,937,000 | 212,387,000 | 177,970,000 | 177,655,000 | 179,420,000 | 161,457,000 | 169,966,000 | 188,445,000 | 196,379,000 | 160,813,000 | 172,691,000 | 165,082,000 | 161,403,000 | 135,042,000 | 128,131,000 | 129,553,000 | 123,556,000 | 108,721,000 | 114,593,000 | 118,302,000 | 120,085,000 | 98,186,000 | 107,479,000 |
| trade and client receivables – net of allowance of 5,325 and 4,646 as of june 30, 2025 and december 31, 2024, respectively | 71,230,000 | |||||||||||||||||||||||||||
| prepaid expenses and other current assets | 21,141,000 | 22,086,000 | 17,727,000 | 19,359,000 | 22,743,000 | 20,073,000 | 17,825,000 | 16,537,000 | 19,396,000 | 19,481,000 | 17,947,000 | 16,860,000 | 18,374,000 | 18,152,000 | 17,243,000 | 12,156,000 | 12,526,000 | 10,742,000 | 9,090,000 | 8,487,000 | 9,009,000 | 8,387,000 | 7,885,000 | 7,606,000 | 6,554,000 | 6,681,000 | 6,253,000 | 5,326,000 |
| total current assets | 938,983,000 | 938,013,000 | 911,054,000 | 904,291,000 | 855,665,000 | 848,019,000 | 883,371,000 | 810,013,000 | 780,027,000 | 767,820,000 | 930,906,000 | 929,702,000 | 944,305,000 | 949,534,000 | 929,653,000 | 939,919,000 | 412,278,000 | 393,868,000 | 360,801,000 | 331,958,000 | 318,153,000 | 312,531,000 | 280,635,000 | 285,797,000 | 305,837,000 | 296,250,000 | 255,882,000 | 181,452,000 |
| property and equipment | 38,109,000 | 34,927,000 | 30,056,000 | 29,875,000 | 28,149,000 | 27,128,000 | 27,140,000 | 26,659,000 | 24,867,000 | 23,104,000 | 22,063,000 | 21,487,000 | 20,823,000 | 20,930,000 | 21,329,000 | 22,344,000 | 23,683,000 | 27,868,000 | 28,139,000 | 27,680,000 | 27,284,000 | 24,989,000 | 21,454,000 | 20,668,000 | 19,207,000 | 12,604,000 | 10,815,000 | 6,260,000 |
| goodwill | 141,473,000 | 121,064,000 | 121,064,000 | 118,219,000 | 118,219,000 | 118,219,000 | 118,219,000 | 118,219,000 | 118,219,000 | 118,219,000 | 118,219,000 | 118,219,000 | 118,219,000 | 118,219,000 | 118,219,000 | 118,219,000 | 118,219,000 | 118,219,000 | 118,219,000 | 118,219,000 | 118,219,000 | 118,219,000 | 118,219,000 | 118,219,000 | 118,219,000 | 118,219,000 | 118,219,000 | 118,219,000 |
| intangible assets | 9,525,000 | 11,174,000 | 12,989,000 | 1,859,000 | 2,258,000 | 2,656,000 | 3,048,000 | 667,000 | 1,334,000 | 2,001,000 | 2,668,000 | 3,335,000 | 4,002,000 | 4,670,000 | 5,337,000 | 6,004,000 | 6,671,000 | |||||||||||
| operating lease asset | 5,367,000 | 5,550,000 | 5,752,000 | 6,441,000 | 2,627,000 | 3,486,000 | 4,333,000 | 5,168,000 | 5,992,000 | 6,803,000 | 7,603,000 | 8,387,000 | 9,164,000 | 9,930,000 | 10,682,000 | 12,736,000 | 13,674,000 | 18,818,000 | 19,729,000 | 20,662,000 | 21,645,000 | 22,620,000 | 21,908,000 | |||||
| deferred tax asset | 126,715,000 | 127,762,000 | 128,779,000 | |||||||||||||||||||||||||
| other assets, noncurrent | 1,544,000 | 1,576,000 | 1,919,000 | 1,974,000 | 1,645,000 | 1,311,000 | 1,430,000 | 1,379,000 | 1,467,000 | 2,120,000 | 1,454,000 | 1,431,000 | 1,503,000 | 1,663,000 | 1,178,000 | 1,269,000 | 1,406,000 | 1,560,000 | 1,672,000 | 1,784,000 | 1,546,000 | 1,040,000 | 829,000 | 904,000 | 976,000 | 1,389,000 | 653,000 | 6,240,000 |
| total assets | 1,261,716,000 | 1,240,066,000 | 1,211,613,000 | 1,062,659,000 | 1,008,563,000 | 1,000,819,000 | 1,037,541,000 | 961,438,000 | 930,572,000 | 918,066,000 | 1,080,245,000 | 1,079,226,000 | 1,094,014,000 | 1,100,276,000 | 1,081,061,000 | 1,094,487,000 | 569,260,000 | 560,333,000 | 529,227,000 | 501,637,000 | 488,848,000 | 482,067,000 | 446,380,000 | 429,590,000 | 448,909,000 | 433,799,000 | 391,573,000 | 318,842,000 |
| liabilities and stockholders’ equity | ||||||||||||||||||||||||||||
| current liabilities | ||||||||||||||||||||||||||||
| accounts payable | 1,027,000 | 4,115,000 | 6,128,000 | 5,601,000 | 5,863,000 | 5,916,000 | 5,063,000 | 1,747,000 | 4,178,000 | 4,248,000 | 7,549,000 | 5,354,000 | 5,281,000 | 10,327,000 | 4,996,000 | 3,370,000 | 8,625,000 | 12,080,000 | 6,455,000 | 5,708,000 | 5,180,000 | 1,719,000 | 652,000 | 2,934,000 | 1,521,000 | 1,542,000 | 2,073,000 | 5,471,000 |
| escrow funds payable | 212,033,000 | 215,942,000 | 195,736,000 | 214,302,000 | 218,656,000 | 222,937,000 | 212,387,000 | 177,970,000 | 177,655,000 | 179,420,000 | 161,457,000 | 169,966,000 | 188,445,000 | 196,379,000 | 160,813,000 | 172,691,000 | 165,082,000 | 161,403,000 | 135,042,000 | 128,131,000 | 129,553,000 | 123,556,000 | 108,721,000 | 114,593,000 | 118,302,000 | 120,085,000 | 98,186,000 | 107,479,000 |
| accrued expenses and other current liabilities | 58,762,000 | 47,143,000 | 59,300,000 | 55,754,000 | 49,811,000 | 46,682,000 | 58,192,000 | 52,111,000 | 48,817,000 | 47,595,000 | 53,611,000 | 51,781,000 | 45,678,000 | 33,033,000 | 45,742,000 | 45,048,000 | 33,211,000 | 26,762,000 | 32,868,000 | 28,766,000 | 25,364,000 | 23,394,000 | 18,342,000 | 21,898,000 | 19,132,000 | 15,606,000 | 20,948,000 | 16,911,000 |
| deferred revenue | 7,802,000 | 7,496,000 | 7,269,000 | 8,782,000 | 10,766,000 | 13,957,000 | 17,361,000 | 21,237,000 | 24,079,000 | 25,557,000 | 25,075,000 | 24,910,000 | 23,983,000 | 23,548,000 | 22,083,000 | 20,742,000 | 19,164,000 | 18,157,000 | 16,801,000 | 15,892,000 | 14,984,000 | 14,386,000 | 13,799,000 | 1,587,000 | 1,130,000 | 891,000 | 722,000 | 717,000 |
| total current liabilities | 279,624,000 | 274,696,000 | 268,433,000 | 284,439,000 | 285,096,000 | 289,492,000 | 293,003,000 | 253,065,000 | 254,729,000 | 256,820,000 | 247,692,000 | 252,011,000 | 263,387,000 | 263,287,000 | 233,634,000 | 241,851,000 | 232,426,000 | 225,988,000 | 198,747,000 | 186,073,000 | 182,675,000 | 185,644,000 | 149,098,000 | 148,591,000 | 172,659,000 | 170,693,000 | 127,600,000 | 160,172,000 |
| debt, noncurrent | 358,849,000 | 358,389,000 | 357,928,000 | 357,468,000 | 357,008,000 | 356,547,000 | 356,087,000 | 355,626,000 | 355,166,000 | 354,705,000 | 564,261,000 | 563,520,000 | 562,780,000 | 562,040,000 | 561,299,000 | 560,559,000 | 633,000 | 1,263,000 | 3,142,000 | 5,021,000 | 6,929,000 | 8,814,000 | 10,699,000 | 12,584,000 | 14,469,000 | 16,354,000 | 18,239,000 | 19,304,000 |
| operating lease liability, noncurrent | 10,351,000 | 10,385,000 | 9,567,000 | 9,220,000 | 4,835,000 | 5,308,000 | 6,088,000 | 6,932,000 | 8,219,000 | 9,713,000 | 11,177,000 | 12,619,000 | 14,044,000 | 15,412,000 | 16,753,000 | 18,075,000 | 18,757,000 | 19,714,000 | 20,506,000 | 21,693,000 | 22,105,000 | 22,489,000 | 21,186,000 | |||||
| other liabilities, noncurrent | 4,238,000 | 2,254,000 | 308,000 | 361,000 | 528,000 | 596,000 | 1,288,000 | 2,876,000 | 5,535,000 | 7,872,000 | 8,236,000 | 8,493,000 | 7,484,000 | 10,188,000 | 9,858,000 | 9,169,000 | 8,916,000 | 7,867,000 | 7,522,000 | 7,276,000 | 6,996,000 | 6,384,000 | 5,973,000 | 5,816,000 | 4,148,000 | 2,780,000 | 1,989,000 | 6,110,000 |
| total liabilities | 653,062,000 | 645,724,000 | 636,236,000 | 651,488,000 | 647,467,000 | 651,943,000 | 656,466,000 | 618,499,000 | 623,649,000 | 629,110,000 | 831,366,000 | 836,643,000 | 847,695,000 | 850,927,000 | 821,544,000 | 829,654,000 | 260,732,000 | 254,832,000 | 229,917,000 | 220,063,000 | 218,705,000 | 223,331,000 | 186,956,000 | 166,991,000 | 191,276,000 | 189,827,000 | 147,828,000 | 185,586,000 |
| commitments and contingencies | ||||||||||||||||||||||||||||
| stockholders’ equity | ||||||||||||||||||||||||||||
| common stock | 13,000 | 13,000 | 14,000 | 13,000 | 13,000 | 13,000 | 14,000 | 14,000 | 13,000 | 13,000 | 13,000 | 13,000 | 13,000 | 13,000 | 13,000 | 13,000 | 13,000 | 13,000 | 12,000 | 12,000 | 12,000 | 11,000 | 11,000 | 11,000 | 11,000 | 11,000 | 11,000 | 4,000 |
| additional paid-in capital | 615,937,000 | 634,527,000 | 653,575,000 | 635,578,000 | 615,012,000 | 627,007,000 | 674,918,000 | 654,754,000 | 635,548,000 | 613,887,000 | 592,900,000 | 571,636,000 | 550,711,000 | 528,516,000 | 510,568,000 | 493,328,000 | 527,712,000 | 508,147,000 | 494,122,000 | 477,311,000 | 463,133,000 | 440,703,000 | 431,370,000 | 415,669,000 | 407,876,000 | 392,188,000 | 387,233,000 | 104,900,000 |
| accumulated and other comprehensive income | 724,000 | 548,000 | 264,000 | |||||||||||||||||||||||||
| accumulated deficit | -8,020,000 | -40,746,000 | -78,476,000 | -225,642,000 | -253,400,000 | -275,620,000 | -294,062,000 | -311,436,000 | -327,773,000 | -323,782,000 | -340,949,000 | -324,449,000 | -299,622,000 | -275,802,000 | -251,064,000 | -228,508,000 | -219,197,000 | -202,659,000 | -194,824,000 | -195,749,000 | -193,002,000 | -181,978,000 | -171,957,000 | -153,081,000 | -150,254,000 | -148,227,000 | -143,499,000 | -138,134,000 |
| total stockholders’ equity | 608,654,000 | 594,342,000 | 575,377,000 | 411,171,000 | 361,096,000 | 348,876,000 | 381,075,000 | 342,939,000 | 306,923,000 | 288,956,000 | 248,879,000 | 242,583,000 | 246,319,000 | 249,349,000 | 259,517,000 | 264,833,000 | 308,528,000 | 305,501,000 | 299,310,000 | 281,574,000 | 270,143,000 | 258,736,000 | 259,424,000 | 262,599,000 | 243,745,000 | |||
| total liabilities and stockholders’ equity | 1,261,716,000 | 1,240,066,000 | 1,211,613,000 | 1,062,659,000 | 1,008,563,000 | 1,000,819,000 | 1,037,541,000 | 961,438,000 | 930,572,000 | 918,066,000 | 1,080,245,000 | 1,079,226,000 | 1,094,014,000 | 1,100,276,000 | 1,081,061,000 | 1,094,487,000 | 569,260,000 | 560,333,000 | 529,227,000 | 501,637,000 | 488,848,000 | 482,067,000 | 446,380,000 | 429,590,000 | ||||
| trade and client receivables – net of allowance of 5,326 and 4,646 as of march 31, 2025 and december 31, 2024, respectively | 77,917,000 | |||||||||||||||||||||||||||
| trade and client receivables – net of allowance of 4,646 and 5,141 as of december 31, 2024 and 2023, respectively | 75,490,000 | |||||||||||||||||||||||||||
| trade and client receivables – net of allowance of 4,170 and 5,141 as of september 30, 2024 and december 31, 2023, respectively | 69,447,000 | |||||||||||||||||||||||||||
| accumulated other comprehensive income | 1,222,000 | -529,000 | -386,000 | 205,000 | ||||||||||||||||||||||||
| trade and client receivables – net of allowance of 4,893 and 5,141 as of june 30, 2024 and december 31, 2023, respectively | 116,522,000 | |||||||||||||||||||||||||||
| trade and client receivables – net of allowance of 4,790 and 5,141 as of march 31, 2024 and december 31, 2023, respectively | 114,403,000 | |||||||||||||||||||||||||||
| treasury stock | -2,138,000 | |||||||||||||||||||||||||||
| trade and client receivables – net of allowance of 5,141 and 12,464 as of december 31, 2023 and 2022, respectively | 103,061,000 | |||||||||||||||||||||||||||
| trade and client receivables – net of allowance of 5,216 and 12,464 as of september 30, 2023 and december 31, 2022, respectively | 60,262,000 | |||||||||||||||||||||||||||
| accumulated other comprehensive loss | -393,000 | -865,000 | -1,162,000 | -3,085,000 | -4,617,000 | -4,783,000 | -3,378,000 | |||||||||||||||||||||
| trade and client receivables – net of allowance of 6,761 and 12,464 as of june 30, 2023 and december 31, 2022, respectively | 66,309,000 | |||||||||||||||||||||||||||
| trade and client receivables – net of allowance of 9,018 and 12,464 as of march 31, 2023 and december 31, 2022, respectively | 59,291,000 | |||||||||||||||||||||||||||
| trade and client receivables – net of allowance of 12,464 and 3,410 as of december 31, 2022 and 2021, respectively | 64,888,000 | |||||||||||||||||||||||||||
| trade and client receivables – net of allowance of 16,099 and 3,410 as of september 30, 2022 and december 31, 2021, respectively | 67,070,000 | |||||||||||||||||||||||||||
| trade and client receivables – net of allowance of 8,182 and 3,410 as of june 30, 2022 and december 31, 2021, respectively | 69,858,000 | |||||||||||||||||||||||||||
| trade and client receivables – net of allowance of 4,031 and 3,410 as of march 31, 2022 and december 31, 2021, respectively | 62,048,000 | |||||||||||||||||||||||||||
| trade and client receivables – net of allowance of 3,410 and 1,661 as of december 31, 2021 and 2020, respectively | 66,826,000 | |||||||||||||||||||||||||||
| debt, current | 6,344,000 | 7,586,000 | 7,581,000 | 7,576,000 | 7,594,000 | 22,589,000 | 7,584,000 | 7,579,000 | 32,574,000 | 32,569,000 | 5,671,000 | 29,594,000 | ||||||||||||||||
| trade and client receivables – net of allowance of 2,274 and 1,661 as of september 30, 2021 and december 31, 2020, respectively | 58,231,000 | |||||||||||||||||||||||||||
| trade and client receivables – net of allowance of 1,886 and 1,661 as of june 30, 2021 and december 31, 2020, respectively | 62,232,000 | |||||||||||||||||||||||||||
| trade and client receivables – net of allowance of 1,792 and 1,661 as of march 31, 2021 and december 31, 2020, respectively | 51,894,000 | |||||||||||||||||||||||||||
| trade and client receivables – net of allowance of 1,661 and 2,215 as of december 31, 2020 and 2019, respectively | 47,018,000 | |||||||||||||||||||||||||||
| trade and client receivables – net of allowance of 1,648 and 2,215 as of september 30, 2020 and december 31, 2019, respectively | 39,853,000 | |||||||||||||||||||||||||||
| trade and client receivables – net of allowance of 2,075 and 2,215 as of june 30, 2020 and december 31, 2019, respectively | 33,230,000 | |||||||||||||||||||||||||||
| trade and client receivables – net of allowance of 2,102 and 2,215 as of march 31, 2020 and december 31, 2019, respectively | 35,260,000 | |||||||||||||||||||||||||||
| trade and client receivables – net of allowance of 2,215 and 2,832 as of december 31, 2019 and 2018, respectively | 30,156,000 | |||||||||||||||||||||||||||
| trade and client receivables – net of allowance of 2,219 and 2,832 as of september 30, 2019 and december 31, 2018, respectively | 32,034,000 | |||||||||||||||||||||||||||
| trade and client receivables – net of allowance of 2,195 and 2,832 as of june 30, 2019 and december 31, 2018, respectively | 51,447,000 | |||||||||||||||||||||||||||
| total stockholders' equity | 257,633,000 | 243,972,000 | ||||||||||||||||||||||||||
| total liabilities and stockholders' equity | 448,909,000 | 433,799,000 | ||||||||||||||||||||||||||
| trade and client receivables – net of allowance of 2,406 and 2,832 as of march 31, 2019 and december 31, 2018, respectively | 48,265,000 | |||||||||||||||||||||||||||
| current assets: | ||||||||||||||||||||||||||||
| trade and client receivables – net of allowance of 2,832 and 1,577 as of december 31, 2018 and 2017, respectively | 22,315,000 | |||||||||||||||||||||||||||
| liabilities, redeemable convertible preferred stock and stockholders’ equity | ||||||||||||||||||||||||||||
| current liabilities: | ||||||||||||||||||||||||||||
| redeemable convertible preferred stock | 166,486,000 | |||||||||||||||||||||||||||
| total liabilities, redeemable convertible preferred stock, and stockholders' equity | 391,573,000 | |||||||||||||||||||||||||||
| cash | 27,055,000 | |||||||||||||||||||||||||||
| trade and client receivables – net of allowance of 2,703 as of september 30, 2018 and 1,577 as of december 31, 2017, respectively | 41,592,000 | |||||||||||||||||||||||||||
| liabilities, redeemable convertible preferred stock and stockholders’ deficit | ||||||||||||||||||||||||||||
| stockholders’ deficit: | ||||||||||||||||||||||||||||
| total stockholders’ deficit | -33,230,000 | |||||||||||||||||||||||||||
| total liabilities, redeemable convertible preferred stock, and stockholders' deficit | 318,842,000 | |||||||||||||||||||||||||||
| revenue | 64,113,000 | |||||||||||||||||||||||||||
| cost of revenue | 20,504,000 | |||||||||||||||||||||||||||
| gross profit | 43,609,000 | |||||||||||||||||||||||||||
| operating expenses: | ||||||||||||||||||||||||||||
| research and development | 14,377,000 | |||||||||||||||||||||||||||
| sales and marketing | 18,967,000 | |||||||||||||||||||||||||||
| general and administrative | 11,707,000 | |||||||||||||||||||||||||||
| benefit from transaction losses | 1,892,000 | |||||||||||||||||||||||||||
| total operating expenses | 46,943,000 | |||||||||||||||||||||||||||
| income from operations | -3,334,000 | |||||||||||||||||||||||||||
| interest expense | 589,000 | |||||||||||||||||||||||||||
| other income | 3,423,000 | |||||||||||||||||||||||||||
| income before income taxes | -7,346,000 | |||||||||||||||||||||||||||
| income tax provision | ||||||||||||||||||||||||||||
| net income | -7,346,000 | |||||||||||||||||||||||||||
| undistributed earnings allocable to preferred stockholders | ||||||||||||||||||||||||||||
| net income attributable to common stockholders | -7,346,000 | |||||||||||||||||||||||||||
| net income per share | -200 | |||||||||||||||||||||||||||
| weighted-average shares used for eps calculation | 36,070,000 |
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