Upwork Inc(NASDAQ:UPWK)
Upwork Inc., together with its subsidiaries, operates an online talent marketplace that enables businesses to find and work with various independent professionals and agencies in the United States, India, the Philippines, and internationally. The company's platform provides access to talent with var...
Website: http://www.upwork.com
Founded: 2015
Full Time Employees: 570
CEO: Hayden Brown
Sector: Industrials
Industry: Staffing & Employment Services
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At a glance:
Bull Thesis:
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Quarterly
Annual
| Unit: USD | 2026-03-31 | 2025-12-31 | 2025-09-30 | 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
revenue | 195,483,000 | 198,409,000 | 201,730,000 | 194,939,000 | 192,706,000 | 191,483,000 | 193,776,000 | 193,129,000 | 190,937,000 | 183,934,000 | 175,733,000 | 168,611,000 | 160,858,000 | 161,442,000 | 158,641,000 | 156,898,000 | 141,337,000 | 136,856,000 | 128,141,000 | 124,181,000 | 113,619,000 | 106,153,000 | 96,748,000 | 87,531,000 | 83,196,000 | 78,596,000 | 78,786,000 | 74,256,000 | 68,924,000 | 67,342,000 | 64,113,000 |
yoy | 1.44% | 3.62% | 4.10% | 0.94% | 0.93% | 4.10% | 10.27% | 14.54% | 18.70% | 13.93% | 10.77% | 7.47% | 13.81% | 17.96% | 23.80% | 26.35% | 24.40% | 28.92% | 32.45% | 41.87% | 36.57% | 35.06% | 22.80% | 17.88% | 20.71% | 16.71% | 22.89% | ||||
qoq | -1.47% | -1.65% | 3.48% | 1.16% | 0.64% | -1.18% | 0.34% | 1.15% | 3.81% | 4.67% | 4.22% | 4.82% | -0.36% | 1.77% | 1.11% | 11.01% | 3.27% | 6.80% | 3.19% | 9.30% | 7.03% | 9.72% | 10.53% | 5.21% | 5.85% | -0.24% | 6.10% | 7.74% | 2.35% | 5.04% | |
cost of revenue | 44,641,000 | 43,671,000 | 45,843,000 | 43,432,000 | 41,806,000 | 42,641,000 | 43,408,000 | 43,852,000 | 44,193,000 | 45,868,000 | 43,273,000 | 40,882,000 | 40,427,000 | 41,159,000 | 40,470,000 | 40,857,000 | 37,916,000 | 37,051,000 | 34,933,000 | 33,083,000 | 30,441,000 | 28,778,000 | 26,596,000 | 25,408,000 | 23,485,000 | 22,937,000 | 22,494,000 | 21,588,000 | 21,125,000 | 20,880,000 | 20,504,000 |
gross profit | 150,842,000 | 154,738,000 | 155,887,000 | 151,507,000 | 150,900,000 | 148,842,000 | 150,368,000 | 149,277,000 | 146,744,000 | 138,066,000 | 132,460,000 | 127,729,000 | 120,431,000 | 120,283,000 | 118,171,000 | 116,041,000 | 103,421,000 | 99,805,000 | 93,208,000 | 91,098,000 | 83,178,000 | 77,375,000 | 70,152,000 | 62,123,000 | 59,711,000 | 55,659,000 | 56,292,000 | 52,668,000 | 47,799,000 | 46,462,000 | 43,609,000 |
yoy | -0.04% | 3.96% | 3.67% | 1.49% | 2.83% | 7.80% | 13.52% | 16.87% | 21.85% | 14.78% | 12.09% | 10.07% | 16.45% | 20.52% | 26.78% | 27.38% | 24.34% | 28.99% | 32.87% | 46.64% | 39.30% | 39.02% | 24.62% | 17.95% | 24.92% | 19.79% | 29.08% | ||||
qoq | -2.52% | -0.74% | 2.89% | 0.40% | 1.38% | -1.01% | 0.73% | 1.73% | 6.29% | 4.23% | 3.70% | 6.06% | 0.12% | 1.79% | 1.84% | 12.20% | 3.62% | 7.08% | 2.32% | 9.52% | 7.50% | 10.30% | 12.92% | 4.04% | 7.28% | -1.12% | 6.88% | 10.19% | 2.88% | 6.54% | |
gross margin % | 77.16% | 77.99% | 77.28% | 77.72% | 78.31% | 77.73% | 77.60% | 77.29% | 76.85% | 75.06% | 75.38% | 75.75% | 74.87% | 74.51% | 74.49% | 73.96% | 73.17% | 72.93% | 72.74% | 73.36% | 73.21% | 72.89% | 72.51% | 70.97% | 71.77% | 70.82% | 71.45% | 70.93% | 69.35% | 68.99% | 68.02% |
operating expenses | |||||||||||||||||||||||||||||||
research and development | 43,307,000 | 47,055,000 | 47,494,000 | 44,843,000 | 46,152,000 | 53,491,000 | 50,411,000 | 52,465,000 | 52,916,000 | 46,217,000 | 43,419,000 | 43,246,000 | 44,481,000 | 41,664,000 | 38,898,000 | 35,830,000 | 38,161,000 | 33,473,000 | 30,873,000 | 28,124,000 | 26,613,000 | 22,743,000 | 20,833,000 | 20,547,000 | 19,348,000 | 16,322,000 | 16,209,000 | 15,696,000 | 15,800,000 | 14,808,000 | 14,377,000 |
sales and marketing | 37,437,000 | 36,005,000 | 34,985,000 | 36,671,000 | 35,751,000 | 43,934,000 | 46,093,000 | 47,333,000 | 47,851,000 | 49,304,000 | 47,308,000 | 59,069,000 | 65,000,000 | 62,786,000 | 63,171,000 | 63,283,000 | 57,642,000 | 54,681,000 | 43,192,000 | 45,817,000 | 39,604,000 | 34,530,000 | 33,577,000 | 34,440,000 | 30,678,000 | 25,572,000 | 25,322,000 | 24,479,000 | 20,518,000 | 17,909,000 | 18,967,000 |
general and administrative | 35,158,000 | 41,665,000 | 41,257,000 | 35,659,000 | 28,048,000 | 35,602,000 | 31,276,000 | 29,924,000 | 32,001,000 | 32,003,000 | 28,652,000 | 28,983,000 | 29,287,000 | 30,080,000 | 31,407,000 | 33,324,000 | 29,141,000 | 31,112,000 | 26,083,000 | 32,355,000 | 23,531,000 | 18,545,000 | 18,047,000 | 17,102,000 | 17,824,000 | 21,018,000 | 16,519,000 | 14,113,000 | 15,677,000 | 15,234,000 | 11,707,000 |
provision for transaction losses | 2,222,000 | 1,719,000 | 2,393,000 | 1,769,000 | 2,259,000 | 2,232,000 | 1,795,000 | 1,774,000 | 927,000 | 2,114,000 | 1,615,000 | 2,547,000 | 6,701,000 | 6,235,000 | 10,137,000 | 6,652,000 | 2,129,000 | 2,347,000 | 1,377,000 | 1,197,000 | 1,127,000 | 901,000 | 724,000 | 1,018,000 | 912,000 | 1,199,000 | 1,214,000 | 855,000 | 637,000 | 1,209,000 | 1,892,000 |
total operating expenses | 118,124,000 | 126,444,000 | 126,129,000 | 118,942,000 | 112,210,000 | 135,259,000 | 129,575,000 | 131,496,000 | 133,695,000 | 129,638,000 | 120,994,000 | 133,845,000 | 145,469,000 | 140,765,000 | 143,613,000 | 139,089,000 | 127,073,000 | 121,613,000 | 101,525,000 | 107,493,000 | 90,875,000 | 76,719,000 | 73,181,000 | 73,107,000 | 68,762,000 | 64,111,000 | 59,264,000 | 55,143,000 | 52,632,000 | 49,160,000 | 46,943,000 |
income from operations | 32,718,000 | 28,294,000 | 29,758,000 | 32,565,000 | 38,690,000 | 13,583,000 | 20,793,000 | 17,781,000 | 13,049,000 | 8,428,000 | 11,466,000 | -6,116,000 | -25,038,000 | -20,482,000 | -25,442,000 | -23,048,000 | -23,652,000 | -21,808,000 | -8,317,000 | -16,395,000 | -7,697,000 | 656,000 | -3,029,000 | -10,984,000 | -9,051,000 | -8,452,000 | -2,972,000 | -2,475,000 | -4,833,000 | -2,698,000 | -3,334,000 |
yoy | -15.44% | 108.30% | 43.12% | 83.14% | 196.50% | 61.17% | 81.34% | -390.73% | -152.12% | -141.15% | -145.07% | -73.46% | 5.86% | -6.08% | 205.90% | 40.58% | 207.29% | -3424.39% | 174.58% | 49.26% | -14.96% | -107.76% | 1.92% | 343.80% | 87.27% | 213.27% | -10.86% | ||||
qoq | 15.64% | -4.92% | -8.62% | -15.83% | 184.84% | -34.68% | 16.94% | 36.26% | 54.83% | -26.50% | -287.48% | -75.57% | 22.24% | -19.50% | 10.39% | -2.55% | 8.46% | 162.21% | -49.27% | 113.01% | -1273.32% | -121.66% | -72.42% | 21.36% | 7.09% | 184.39% | 20.08% | -48.79% | 79.13% | -19.08% | |
operating margin % | 16.74% | 14.26% | 14.75% | 16.71% | 20.08% | 7.09% | 10.73% | 9.21% | 6.83% | 4.58% | 6.52% | -3.63% | -15.57% | -12.69% | -16.04% | -14.69% | -16.73% | -15.93% | -6.49% | -13.20% | -6.77% | 0.62% | -3.13% | -12.55% | -10.88% | -10.75% | -3.77% | -3.33% | -7.01% | -4.01% | -5.20% |
other income | 4,992,000 | 5,757,000 | 5,917,000 | 5,878,000 | 6,317,000 | 4,788,000 | 8,091,000 | 5,620,000 | 6,722,000 | 115,410,000 | -6,477,000 | -4,695,000 | -44,101,000 | -68,000 | |||||||||||||||||
income before income taxes | 37,710,000 | 34,051,000 | 35,675,000 | 38,443,000 | 45,007,000 | 18,371,000 | 28,884,000 | 23,401,000 | 19,771,000 | 15,817,000 | 17,232,000 | -2,134,000 | 17,962,000 | -16,060,000 | -24,787,000 | -23,793,000 | -24,709,000 | -22,493,000 | -9,285,000 | -16,522,000 | -7,818,000 | 1,018,000 | -2,729,000 | -10,994,000 | -10,012,000 | -7,077,000 | -2,827,000 | -2,000,000 | -4,727,000 | -5,359,000 | -7,346,000 |
income tax provision | -6,249,000 | -4,833,500 | -6,340,000 | -5,717,000 | -7,277,000 | -909,000 | -1,126,000 | -1,181,000 | -1,329,000 | 1,557,000 | -895,000 | -1,857,000 | -795,000 | -440,000 | -40,000 | -27,000 | -29,000 | -63,000 | -26,000 | -16,000 | -17,000 | -93,000 | -18,000 | -30,000 | -9,000 | -7,000 | -27,000 | -2,250 | |||
net income | 31,461,000 | 15,634,000 | 29,335,000 | 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 | -7,346,000 |
yoy | -16.62% | -89.38% | 5.68% | 47.28% | 104.59% | 747.05% | 69.91% | -656.75% | 7.43% | -205.30% | -165.80% | -83.25% | -169.40% | -26.85% | 166.64% | 44.03% | 215.74% | -2538.49% | 238.95% | 50.02% | -21.81% | -113.07% | -2.83% | 443.86% | 111.95% | 31.91% | -61.52% | ||||
qoq | 101.23% | -46.71% | -10.36% | -13.26% | -74.36% | 430.18% | 24.92% | 20.49% | 6.15% | 6.35% | -509.35% | -123.25% | -204.04% | -33.54% | 4.23% | -3.71% | 9.67% | 142.25% | -43.70% | 111.08% | -947.03% | -133.67% | -75.08% | 10.01% | 41.60% | 150.34% | 39.47% | -57.13% | -11.87% | -26.97% | |
net income margin % | 16.09% | 7.88% | 14.54% | 16.79% | 19.58% | 76.86% | 14.32% | 11.51% | 9.66% | 9.45% | 9.30% | -2.37% | 10.67% | -10.22% | -15.65% | -15.18% | -17.50% | -16.48% | -7.27% | -13.32% | -6.90% | 0.87% | -2.84% | -12.59% | -12.05% | -9.00% | -3.59% | -2.73% | -6.86% | -7.97% | -11.46% |
net income per share | -0.13 | -0.19 | -0.18 | -0.19 | -0.17 | -0.07 | -0.13 | -0.06 | 0.01 | -0.02 | -0.09 | -0.09 | -0.06 | -0.03 | -0.02 | -0.04 | 0.03 | -0.2 | |||||||||||||
basic | 0.25 | 0.12 | 0.22 | 0.25 | 0.28 | 1.1 | 0.21 | 0.17 | 0.14 | 0.13 | 0.12 | -0.03 | 0.13 | ||||||||||||||||||
diluted | 0.24 | 0.12 | 0.21 | 0.24 | 0.27 | 1.02 | 0.2 | 0.17 | 0.13 | 0.12 | 0.12 | -0.03 | -0.15 | ||||||||||||||||||
weighted-average shares used for eps calculation | 130,518 | 130,830 | 130,061 | 129,359 | 127,164 | 127,915 | 126,742 | 125,279 | 118,699 | 120,681 | 116,524 | 114,119 | 109,815 | 111,163 | 108,683 | 106,639 | 52,328 | 36,070 | |||||||||||||
basic | 128,116 | 132,485 | 131,987 | 132,183 | 135,208 | 133,621 | 132,603 | 131,436 | 136,357 | 134,774 | 135,450 | 134,142 | 132,836 | ||||||||||||||||||
diluted | 135,656 | 140,660 | 139,666 | 140,198 | 142,777 | 143,152 | 139,294 | 138,266 | 143,657 | 137,263 | 137,291 | 134,142 | 135,966 | ||||||||||||||||||
other comprehensive income, net of tax: | |||||||||||||||||||||||||||||||
net unrealized holding gain on marketable securities | -615 | -113 | 143 | 176 | 284 | -958 | 1,751 | -143 | -591 | 598 | 472 | 297 | 1,923 | -1,022.25 | 166 | ||||||||||||||||
total comprehensive income | 30,846 | 15,521 | 29,478 | 32,902 | 38,014 | 146,208 | 29,509 | 22,077 | 17,851 | 17,972 | 16,809 | -3,694 | 19,090 | ||||||||||||||||||
interest expense | 631,250 | 711,000 | 713,000 | 1,101,000 | 1,121,000 | 1,117,000 | 1,120,000 | 1,125,000 | 1,125,000 | 746,000 | 110,000 | 199,000 | 138,000 | 152,000 | 258,000 | 230,000 | 259,000 | 317,000 | 357,000 | 373,000 | 364,000 | 589,000 | |||||||||
other expense | -553,750 | -1,772,000 | -375,000 | 40,250 | 222,000 | 17,000 | -78,000 | -500,000 | -452,000 | -248,000 | 731,000 | -1,634,000 | -462,000 | -832,000 | -479,000 | 2,297,000 | 3,423,000 | ||||||||||||||
net income per share | -0.13 | -0.19 | -0.18 | -0.19 | -0.17 | -0.07 | -0.13 | -0.06 | 0.01 | -0.02 | -0.09 | -0.09 | -0.06 | -0.03 | -0.02 | -0.04 | 0.03 | -0.2 | |||||||||||||
weighted-average shares used for eps calculation | 130,518 | 130,830 | 130,061 | 129,359 | 127,164 | 127,915 | 126,742 | 125,279 | 118,699 | 120,681 | 116,524 | 114,119 | 109,815 | 111,163 | 108,683 | 106,639 | 52,328 | 36,070 | |||||||||||||
other comprehensive loss, net of tax: | |||||||||||||||||||||||||||||||
total comprehensive loss | -14,968 | -24,661 | -25,225 | -27,588 | |||||||||||||||||||||||||||
net unrealized holding loss on marketable securities | -1,405 | -2,850 | |||||||||||||||||||||||||||||
income tax benefit | -1,000 | ||||||||||||||||||||||||||||||
operating expenses: | |||||||||||||||||||||||||||||||
undistributed earnings allocable to preferred stockholders | |||||||||||||||||||||||||||||||
net loss attributable to common stockholders | -5,365,000 | -7,346,000 |
Balance Sheets:
Quarterly
Annual
| Unit: USD | 2026-03-31 | 2025-12-31 | 2025-09-30 | 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 | 328,400,000 | 294,356,000 | 260,838,000 | 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 | 251,334,000 | 378,425,000 | 382,259,000 | 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 | 203,685,000 | 180,752,000 | 211,373,000 | 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 6,329 and 5,919 as of march 31, 2026 and december 31, 2025, respectively | 75,911,000 | ||||||||||||||||||||||||||||||
prepaid expenses and other current assets | 23,971,000 | 21,064,000 | 18,048,000 | 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 | 883,301,000 | 950,833,000 | 948,951,000 | 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 | 49,278,000 | 44,421,000 | 40,373,000 | 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 | 149,192,000 | 149,192,000 | 150,471,000 | 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 | 34,231,000 | 37,161,000 | 39,656,000 | 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 | 12,656,000 | 5,011,000 | 5,188,000 | 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 | 111,402,000 | 111,495,000 | 125,065,000 | 126,715,000 | 127,762,000 | 128,779,000 | |||||||||||||||||||||||||
other assets, noncurrent | 1,892,000 | 1,467,000 | 1,505,000 | 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 | 1,241,952,000 | 1,299,580,000 | 1,311,209,000 | 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 | 11,092,000 | 7,858,000 | 8,514,000 | 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 | 203,685,000 | 180,752,000 | 211,373,000 | 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 |
debt, current | 360,231,000 | 359,770,000 | 359,310,000 | 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 | ||||||||||||||||
accrued expenses and other current liabilities | 63,994,000 | 94,023,000 | 73,336,000 | 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 | 8,199,000 | 7,765,000 | 7,943,000 | 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 | 647,201,000 | 650,168,000 | 660,476,000 | 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 |
operating lease liability, noncurrent | 15,197,000 | 9,707,000 | 10,131,000 | 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 | 9,927,000 | 9,390,000 | 12,476,000 | 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 | 672,325,000 | 669,265,000 | 683,083,000 | 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, 0.0001 par value... | 12,000 | 13,000 | 13,000 | 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 | 501,066,000 | 592,599,000 | 605,931,000 | 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 | 139,000 | 754,000 | 867,000 | 724,000 | 548,000 | 264,000 | |||||||||||||||||||||||||
retained earnings | 68,410,000 | 36,949,000 | 21,315,000 | ||||||||||||||||||||||||||||
total stockholders’ equity | 569,627,000 | 630,315,000 | 628,126,000 | 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 | 1,241,952,000 | 1,299,580,000 | 1,311,209,000 | 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 5,919 and 4,646 as of december 31, 2025 and 2024, respectively | 76,236,000 | ||||||||||||||||||||||||||||||
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 | |||
trade and client receivables – net of allowance of 6,485 and 4,646 as of september 30, 2025 and december 31, 2024, respectively | 76,433,000 | ||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||
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 | |||
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 | ||||||||||||||||||||||||||||||
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, 0.0001 par value... | 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 |
Cashflow Statements:
Quarterly
Annual
| Unit: USD | 2026-03-31 | 2025-12-31 | 2025-09-30 | 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 | 31,461,000 | 15,634,000 | 29,335,000 | 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 | |||||||||||||||||
adjustments to reconcile net income to net cash from operating activities: | ||||||||||||||||||||||||||||||
provision for transaction losses | 1,946,000 | 999,000 | 2,113,000 | 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 | 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 | 9,099,000 | 7,024,000 | 7,946,000 | 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 | 460,000 | 461,000 | 460,000 | 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 | -1,850,000 | -2,499,000 | -2,195,000 | -1,561,000 | -1,943,000 | -1,480,000 | -2,272,000 | -3,283,000 | -4,876,000 | |||||||||||||||||||||
amortization of operating lease asset | 397,000 | 177,000 | 179,000 | 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 | 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 | 187,000 | 188,000 | 187,000 | 188,000 | 186,000 | 188,000 | 188,000 | 188,000 | |||||
stock-based compensation expense | 15,421,000 | 17,352,000 | 19,789,000 | 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 | 93,000 | 18,892,000 | -2,463,000 | |||||||||||||||||||||||||||
changes in operating assets and liabilities: | ||||||||||||||||||||||||||||||
trade and client receivables | -784,000 | -1,630,000 | -2,014,000 | 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 | -3,480,000 | -2,610,000 | 3,378,000 | -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 | -25,000 | -412,000 | -208,000 | -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 | 3,124,000 | -656,000 | 4,571,000 | -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 | -33,466,000 | 10,960,000 | 13,866,000 | 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 | 435,000 | -178,000 | 134,000 | 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 | 23,019,000 | 63,701,000 | 75,079,000 | 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 |
capital expenditures | -1,723,000 | -455,000 | -482,000 | -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 | 21,296,000 | 63,246,000 | 74,597,000 | 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 | -119,239,000 | -106,791,000 | -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 | 128,326,000 | 117,711,000 | 70,314,000 | 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 | 7,747,000 | 64,000 | 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 | ||||||||||||||||||
purchases of property and equipment | -1,723,000 | -455,000 | -482,000 | -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 | -8,391,000 | -5,973,000 | -5,166,000 | -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 | 118,212,000 | 1,231,000 | -81,497,000 | -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 | 23,554,000 | -29,756,000 | 6,451,000 | -2,684,000 | 19,258,000 | |||||||||||||||||||||||||
proceeds from exercises of stock options and common stock warrants | 83,000 | 76,000 | 1,000 | 652,000 | 7,333,000 | 3,634,000 | 9,576,000 | 764,000 | ||||||||||||||||||||||
repurchase of common stock | -107,891,000 | -34,036,000 | -31,001,000 | -37,868,000 | -33,054,000 | 0 | 0 | -33,124,000 | -66,876,000 | |||||||||||||||||||||
net cash from financing activities | -84,254,000 | -62,035,000 | -24,474,000 | -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 | 56,977,000 | 2,897,000 | -30,892,000 | -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 | 478,908,000 | 0 | 0 | 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 | 535,885,000 | 2,897,000 | -30,892,000 | -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 | 500,000 | 3,161,000 | 4,808,000 | 1,412,000 | 11,000 | 6,000 | ||||||||||||||||||||||||
cash paid for interest | 559,000 | 328,000 | 448,000 | 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: | ||||||||||||||||||||||||||||||
right-of-use asset recognized | 8,042,000 | 0 | ||||||||||||||||||||||||||||
property and equipment purchased but not yet paid | 150,000 | 3,000 | -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 | 345,000 | 624,000 | 0 | 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 | ||||||||||||||||||||||||||||||
acquisition of business, net of cash acquired | 1,440,000 | -39,436,000 | ||||||||||||||||||||||||||||
proceeds from exercises of stock options and common stock warrant | 1,149,000 | |||||||||||||||||||||||||||||
proceeds from employee stock purchase plan | 1,736,000 | 0 | 1,878,000 | 0 | 1,517,000 | 0 | 1,332,000 | 0 | 2,101,000 | 0 | 2,252,000 | 0 | 2,814,000 | 0 | ||||||||||||||||
net cash paid for early extinguishment of convertible senior notes | ||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||
net loss | -16,500,000 | -24,827,000 | -23,820,000 | -24,738,000 | -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 | |||||||||||||||
adjustments to reconcile net loss to net cash from operating activities: | ||||||||||||||||||||||||||||||
loss on disposal of fixed assets | 58,000 | |||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||
benefit from transaction losses | ||||||||||||||||||||||||||||||
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 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 | ||||||||||||||||||||||||||||||
payments of deferred offering costs | ||||||||||||||||||||||||||||||
net increase in cash | ||||||||||||||||||||||||||||||
cash, beginning of year | ||||||||||||||||||||||||||||||
cash, end of period |

