UPWK Stock Cash Flow Statements

Upwork Quarterly Cash Flow Statements Chart

Quarterly

Annual

Stock-Based Compensation

Operating Cash Flow

Investing Cash Flow

Financing Cash Flow

Free Cash Flow

Capital Expenditure

Upwork Quarterly Cash Flow Statements 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

cash flows from operating activities:
net income	32,726,000	37,730,000	147,166,000	27,758,000	22,220,000	18,442,000	17,374,000	16,337,000	-3,991,000	17,167,000	-16,500,000	-24,827,000	-23,820,000	-24,738,000	-22,556,000	-9,311,000	-16,538,000	-7,835,000	925,000	-2,747,000	-11,024,000	-10,021,000	-7,077,000	-2,827,000	-2,027,000	-4,728,000	-5,365,000
adjustments to reconcile net income to net cash from operating activities:
benefit from transaction losses	1,528,000	2,066,000	1,972,000	1,100,000	1,637,000	796,000	1,867,000	1,364,000	1,730,000	3,712,000	4,894,000	10,102,000	6,391,000	1,919,000	2,174,000	1,097,000	1,006,000	901,000	265,000	1,048,000	839,000	767,000	1,040,000	1,040,000	623,000	415,000	498,000
depreciation and amortization	5,879,000	4,861,000	4,370,000	3,668,000	3,629,000	3,146,000					2,050,000	1,982,000	2,016,000	2,009,000	2,074,000	2,439,000	2,554,000	3,194,000	2,728,000	2,658,000	2,478,000	2,308,000	2,163,000	1,671,000	1,295,000	1,532,000	1,407,000
amortization of debt issuance costs	461,000	460,000	461,000	460,000	461,000	460,000	461,000	460,000	461,000	716,000	740,000	740,000	741,000	740,000	741,000	402,000	20,000	19,000	18,000	17,000	13,000	13,000	13,000	13,000	13,000	13,000	13,000
accretion of discount on purchases of marketable securities	-1,561,000	-1,943,000	-1,480,000	-2,272,000	-3,283,000	-4,876,000
amortization of operating lease asset	183,000	202,000	409,000	722,000	859,000	847,000	834,000	824,000	811,000	800,000	784,000	777,000	767,000	751,000	833,000	938,000	863,000	911,000	933,000	982,000	976,000	969,000
tides foundation common stock warrant expense	187,000	188,000	187,000	188,000	187,000	188,000	187,000	188,000	187,000	188,000	187,000	188,000	187,000	188,000	187,000	188,000	187,000	188,000	186,000	188,000	188,000	188,000
stock-based compensation expense	15,977,000	12,272,000	13,633,000	18,578,000	19,238,000	16,942,000	18,047,000	17,811,000	18,437,000	19,900,000	19,382,000	20,404,000	18,980,000	16,735,000	14,926,000	13,906,000	13,534,000	11,226,000	5,981,000	6,856,000	7,134,000	5,537,000	7,940,000	3,932,000	2,631,000	4,295,000	4,694,000
deferred taxes
changes in operating assets and liabilities:
trade and client receivables	3,895,000	-3,535,000	-34,659,000	46,015,000	-3,769,000	-12,389,000	-45,025,000	4,319,000	-8,947,000	1,990,000	-2,466,000	-6,903,000	-13,851,000	2,990,000	-10,643,000	2,868,000	-11,251,000	-5,584,000	-7,510,000	-7,717,000	1,118,000	-5,891,000	967,000	18,403,000	-3,857,000	-26,431,000	18,643,000
prepaid expenses and other assets	-40,000	-3,298,000	1,812,000	2,665,000	-3,004,000	-2,129,000	-1,341,000	2,951,000	-104,000	-1,360,000	-1,010,000	1,586,000	188,000	-1,394,000	-4,797,000	708,000	-1,329,000	-1,542,000	-914,000	684,000	-504,000	-464,000	-630,000	-738,000	290,000	-991,000	-634,000
operating lease liability	-22,000	830,000	-136,000	-1,086,000	-1,580,000	-1,549,000	-1,528,000	-1,509,000	-1,447,000	-1,419,000	-1,395,000	-1,380,000	-1,322,000	-1,292,000	-1,277,000	975,000	-460,000	-401,000	-431,000	-495,000	-466,000	-459,000
accounts payable	-3,088,000	-1,987,000	428,000	-160,000	-81,000	782,000	3,289,000	-2,431,000	9,000	-3,380,000	2,301,000	-2,000	-870,000	1,150,000	1,743,000	-5,356,000	-3,372,000	5,540,000	735,000	684,000	3,409,000	994,000	-2,154,000	1,286,000	7,000	-596,000	-3,397,000
accrued expenses and other liabilities	14,019,000	-11,108,000	5,097,000	6,480,000	4,050,000	-10,897,000	6,823,000	4,064,000	1,714,000	-6,855,000	1,487,000	5,667,000	9,269,000	-12,734,000	266,000	10,260,000	6,018,000	-6,291,000	4,990,000	3,216,000	3,351,000	3,881,000	-8,771,000	6,244,000	2,612,000	-3,042,000	3,339,000
deferred revenue	306,000	227,000	-1,513,000	-1,988,000	-3,274,000	-4,107,000	-5,537,000	-5,511,000	-3,738,000	248,000	-28,000	2,007,000	615,000	1,663,000	2,334,000	1,669,000	1,911,000	1,540,000	1,012,000	1,430,000	935,000	650,000	2,998,000	1,024,000	239,000	169,000	6,000
net cash from operating activities	72,514,000	36,965,000	8,489,000	102,128,000	37,290,000	5,656,000	-5,339,000	36,952,000	4,309,000	-8,701,000	8,455,000	10,026,000	-446,000	-11,476,000	-12,448,000	20,864,000	544,000	1,876,000	8,953,000	6,750,000	8,364,000	-1,702,000	-943,000	29,827,000	1,569,000	-29,395,000	21,934,000
capex	-2,381,000	-2,472,000	-1,549,000	-1,204,000	-598,000	-177,000	-134,000	-423,000	23,000	-158,000	-355,000	-291,000	-409,000	-193,000	-462,000	-231,000	-264,000	-70,000	-110,000	-583,000	-4,339,000	-1,288,000	-522,000	-2,795,000	-3,831,000	-3,604,000	-1,404,000
free cash flows	70,133,000	34,493,000	6,940,000	100,924,000	36,692,000	5,479,000	-5,473,000	36,529,000	4,332,000	-8,859,000	8,100,000	9,735,000	-855,000	-11,669,000	-12,910,000	20,633,000	280,000	1,806,000	8,843,000	6,167,000	4,025,000	-2,990,000	-1,465,000	27,032,000	-2,262,000	-32,999,000	20,530,000
cash flows from investing activities:
purchases of marketable securities	-208,440,000	-50,708,000	-127,818,000	-40,205,000	-44,423,000	-149,876,000	-260,034,000	-195,061,000	-97,991,000	-156,128,000	-183,628,000	-166,909,000	-71,099,000	-160,251,000	-416,515,000	-78,861,000	-8,991,000	-20,976,000	-37,066,000	-22,467,000	-20,959,000	-26,789,000	-36,836,000	-45,383,000	-14,854,000	-71,713,000
proceeds from maturities of marketable securities	181,031,000	51,380,000	121,623,000	43,423,000	190,074,000	131,772,000	197,753,000	143,637,000	139,994,000	167,416,000	149,273,000	180,272,000	84,973,000	106,634,000	15,000,000	23,000,000	33,500,000	31,000,000	28,500,000	25,000,000	31,000,000	33,000,000
proceeds from sale of marketable securities	3,257,000	280,000	3,354,000	3,027,000	8,485,000	26,909,000	5,460,000	9,716,000	6,150,000	143,709,000
acquisition of business, net of cash acquired
purchases of property and equipment	-2,381,000	-2,472,000	-1,549,000	-1,204,000	-598,000	-177,000	-134,000	-423,000	23,000	-158,000	-355,000	-291,000	-409,000	-193,000	-462,000	-231,000	-264,000	-70,000	-110,000	-583,000	-4,339,000	-1,288,000	-522,000	-2,795,000	-3,831,000	-3,604,000	-1,404,000
internal-use software and platform development costs	-4,507,000	-3,703,000	-2,316,000	-2,963,000	-3,149,000	-2,488,000	-3,480,000	-3,107,000	-3,369,000	-2,703,000	-2,325,000	-2,336,000	-1,591,000	-1,233,000	-889,000	-640,000	-1,283,000	-2,298,000	-2,478,000	-2,008,000	-1,560,000	-1,999,000	-1,832,000	-1,872,000	-972,000	-1,210,000	-1,169,000
net cash from investing activities	-51,450,000	-5,223,000	-21,039,000	2,078,000	150,389,000	6,140,000	-63,435,000	-45,238,000	44,807,000	152,136,000	-37,035,000	10,736,000	11,874,000	-55,043,000	-402,866,000	-56,732,000	22,962,000	7,656,000	-11,154,000	-58,000	4,142,000	2,924,000	-27,190,000	-2,500,000	5,043,000	-76,277,000	-2,923,000
cash flows from financing activities:
change in escrow funds payable	-2,684,000	19,258,000
proceeds from exercises of stock options and common stock warrants	1,000	652,000																		7,333,000				3,634,000	9,576,000	764,000
proceeds from employee stock purchase plan			1,878,000	0			1,517,000	0			1,332,000	0			2,101,000	0			2,252,000	0			2,814,000	0
repurchase of common stock	-37,868,000	-33,054,000	0	0	-33,124,000	-66,876,000
net cash from financing activities	-38,352,000	-13,144,000	11,277,000	-3,189,000	-33,824,000	-56,220,000	36,005,000	1,322,000	400,000	-152,031,000	-6,868,000	-18,188,000	-4,916,000	36,054,000	-9,236,000	512,306,000	7,605,000	27,064,000	14,957,000	3,967,000	4,611,000	31,106,000	15,637,000	-23,259,000	11,260,000	25,764,000	83,062,000
net change in cash, cash equivalents, and restricted cash	-17,288,000	18,598,000	-1,273,000	101,017,000	153,855,000	-44,424,000	-32,769,000	-6,964,000	49,516,000	-8,596,000	-35,448,000	2,574,000	6,512,000	-30,465,000	-424,550,000	476,438,000	31,111,000	36,596,000	12,756,000	10,659,000	17,117,000	32,328,000
cash, cash equivalents, and restricted cash—beginning of period	0	505,593,000	0	0	0	296,418,000		0	0	295,231,000		0	0	352,058,000		0	0	232,463,000		0	0	159,603,000
cash, cash equivalents, and restricted cash—end of period	-17,288,000	524,191,000	-1,273,000	101,017,000	153,855,000	251,994,000		-6,964,000	49,516,000	286,635,000		2,574,000	6,512,000	321,593,000		476,438,000	31,111,000	269,059,000		10,659,000	17,117,000	191,931,000
supplemental disclosure of cash flow information:
cash paid for income taxes			1,412,000																				11,000				6,000
cash paid for interest	0	451,000	0	457,000	5,000	458,000	7,000	477,000	26,000	811,000	21,000	735,000	22,000	763,000	26,000	64,000	178,000	105,000	124,000	141,000	260,000	239,000	264,000	313,000	357,000	357,000	403,000
supplemental disclosures of non-cash activities:
property and equipment purchased but not yet paid	-824,000	875,000	-284,000	192,000	-42,000	160,000			45,000	79,000		61,000	-256,000	302,000	-229,000	212,000	-134,000	173,000	-358,000	-83,000	-1,957,000	2,435,000	-744,000	-2,235,000	1,930,000	1,210,000	2,779,000
internal-use software and platform development costs incurred but not yet paid	252,000	227,000	144,000	122,000	104,000	30,000	175,000	-53,000	36,000	57,000	-2,000	-82,000			-12,000	82,000					130,000	40,000
gain on early extinguishment of convertible senior notes
purchase of an intangible asset
proceeds from exercises of stock options and common stock warrant																											1,149,000
net cash paid for early extinguishment of convertible senior notes
right-of-use asset recognized			0
changes in escrow funds payable				-4,354,000	-4,281,000	10,550,000	34,417,000	316,000	-1,766,000	17,963,000	-8,508,000	-18,479,000	-7,934,000	35,566,000	-11,878,000	7,609,000	3,680,000	26,360,000	6,912,000	-1,423,000	5,998,000	14,834,000	-5,872,000	-3,709,000	-1,783,000	21,899,000	-9,292,000
proceeds from exercises of stock options				1,165,000	664,000	106,000		1,006,000	177,000	758,000		291,000	556,000	488,000		909,000	3,130,000	2,597,000				3,165,000
supplemental disclosures of non-cash investing activities:
gain on early extinguishment of debt							0	0	0	-38,945,000
net cash paid for early extinguishment of debt							0	0	-575,000	-170,752,000
amortization of premium (accretion of discount) of purchases of marketable securities							-4,598,000	-3,678,000	-2,667,000	-3,487,000					195,000
impairment expense															1,352,000	0
repayment of debt															0	-6,964,000	-1,893,000	-1,893,000	-1,892,000	-1,943,000	-19,893,000	-1,893,000	-1,893,000	-26,893,000
proceeds from issuance of convertible senior notes															0
payment of debt issuance costs															0
purchases of capped calls related to convertible senior notes															0
cash, cash equivalents, and restricted cash—beginning of year
cash, cash equivalents, and restricted cash—end of year
supplemental disclosures of non-cash investing and financing activities:
depreciation								1,763,000	1,854,000	2,024,000
marketable securities purchased but not yet paid														3,985,000
loss on disposal of fixed assets
proceeds from borrowings on debt																			0	0	3,000,000	15,000,000	0	0	25,000,000	25,000,000	0
amortization of premium of purchases of marketable securities												-315,000	263,000	537,000
amortization of premium (discount) on purchases of marketable securities																	12,000	10,000
amortization of discount on purchases of marketable securities																			-9,000	-54,000	-83,000	-174,000	-210,000	-283,000	-382,000	-283,000
change in fair value of redeemable convertible preferred stock warrant liability																											2,446,000
taxes paid related to net share settlement of restricted stock units
proceeds from the initial public offering, net of discounts and commissions
payments of costs related to the initial public offering
conversion of redeemable convertible preferred stock warrant in connection with the initial public offering
conversion of redeemable convertible preferred stock in connection with the initial public offering
proceeds from exercise of redeemable convertible preferred stock warrant
repurchase of redeemable convertible preferred stock
reclassification of redeemable convertible preferred stock warrant liability to redeemable convertible preferred stock
unpaid deferred offering costs
change in fair value of tides foundation common stock warrant																								62,000	125,000	252,000
sale of marketable securities																								47,700,000
increase in restricted cash
changes in funds held in escrow, including funds in transit																								3,709,000	1,783,000	-21,899,000	9,292,000
net increase in cash and cash equivalents																								4,068,000	17,872,000	-79,908,000
cash and cash equivalents, beginning of period																								0	0	129,128,000
cash and cash equivalents, end of period																								4,068,000	17,872,000	49,220,000
decrease (increase) in restricted cash																									-100,000	250,000
taxes paid related to net share settlement of rsus
cash and cash equivalents, beginning of year
cash and cash equivalents, end of year
gain on disposal of fixed assets
payments of deferred offering costs
net increase in cash
cash, beginning of year
cash, end of period
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