Upwork, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Upwork, Inc. has filed its 2023 annual report (10-K) detailing its financial performance and business operations for the year ended December 31, 2023.</b>

AI Summary

UPWORK, INC (UPWK) filed a Annual Report (10-K) with the SEC on February 15, 2024. Upwork, Inc. filed its 2023 Form 10-K on February 15, 2024, reporting on the fiscal year ending December 31, 2023. The filing covers the company's financial performance and business operations for the fiscal year 2023. Key financial data and disclosures for the period are detailed within the report. The report includes information on the company's business address at 475 Brannan Street, Suite 430, San Francisco, CA 94107. Upwork, Inc. was formerly known as Elance-oDesk, Inc. before a name change on April 27, 2018.

Why It Matters

For investors and stakeholders tracking UPWORK, INC, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Upwork's financial health, operational strategies, and risk factors for the fiscal year 2023, crucial for investors and stakeholders to assess the company's performance and future outlook. The detailed financial statements and disclosures within the report offer insights into Upwork's revenue streams, profitability, and balance sheet, enabling a thorough evaluation of its market position and growth potential.

Risk Assessment

Risk Level: medium — UPWORK, INC shows moderate risk based on this filing. The filing is a standard 10-K, which is a comprehensive annual report. While it contains detailed financial information, it does not inherently signal immediate positive or negative developments beyond the typical reporting cycle, thus warranting a medium risk assessment.

Analyst Insight

Review the detailed financial statements and management's discussion and analysis in the 10-K to understand Upwork's performance drivers and identify any emerging trends or risks.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period)
• 2024-02-15 — Filing Date (Date of submission)
• 464337682 — IRS Number (Company tax identifier)
• 001-38678 — SEC File Number (SEC registration number)

Key Players & Entities

• UPWORK, INC (company) — Filer name
• UPWK (company) — Ticker symbol
• 2024-02-15 (date) — Filing date
• 2023-12-31 (date) — Period of report
• 475 BRANNAN STREET SUITE 430 (address) — Business address
• SAN FRANCISCO (location) — Business address city
• DE (location) — State of incorporation
• Elance-oDesk, Inc. (company) — Former company name

FAQ

Industry Context

Upwork operates in the online talent solution industry, connecting businesses with freelancers for various services.

Regulatory Implications

The filing is a standard SEC Form 10-K, required for publicly traded companies to provide an annual summary of their financial condition.

What Investors Should Do

1. Analyze Upwork's revenue and profitability trends from the 2023 10-K.
2. Assess the company's competitive landscape and market position as described in the filing.
3. Review any disclosed risk factors and their potential impact on future performance.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.
• 2024-02-15: Filing Date — Date Upwork, Inc. submitted its 2023 Form 10-K to the SEC.

Year-Over-Year Comparison

This filing is the 2023 annual report (10-K), providing a comprehensive update on the company's financial and operational status compared to previous periods.

Key Financial Figures

• $0.0001 — ange on Which Registered Common Stock, $0.0001 par value per share UPWK The Nasdaq S
• $4.1 billion — 31, 2023, our work marketplace enabled $4.1 billion of GSV. We serve as a powerful discove

Filing Documents

• upwk-20231231.htm (10-K) — 1934KB
• exhibit43descriptionofcapi.htm (EX-4.3) — 27KB
• exhibit211subsidiariesofup.htm (EX-21.1) — 6KB
• exhibit231pwcconsent2023.htm (EX-23.1) — 3KB
• exhibit3112023.htm (EX-31.1) — 11KB
• exhibit3122023.htm (EX-31.2) — 11KB
• exhibit3212023.htm (EX-32.1) — 6KB
• exhibit3222023.htm (EX-32.2) — 6KB
• exhibit971-20231101compens.htm (EX-97.1) — 77KB
• upwk-20231231_g1.jpg (GRAPHIC) — 199KB
• upwk-20231231_g2.jpg (GRAPHIC) — 229KB
• upwk-20231231_g3.jpg (GRAPHIC) — 39KB
• 0001627475-24-000012.txt (&nbsp;) — 11206KB
• upwk-20231231.xsd (EX-101.SCH) — 54KB
• upwk-20231231_cal.xml (EX-101.CAL) — 102KB
• upwk-20231231_def.xml (EX-101.DEF) — 267KB
• upwk-20231231_lab.xml (EX-101.LAB) — 893KB
• upwk-20231231_pre.xml (EX-101.PRE) — 564KB
• upwk-20231231_htm.xml (XML) — 1567KB

Risk Factors 10

Item 1A. Risk Factors 10

Unresolved Staff Comments 38

Item 1B. Unresolved Staff Comments 38 Item 1C. Cybersecurity 38

Properties 40

Item 2. Properties 40

Legal Proceedings 40

Item 3. Legal Proceedings 40

Mine Safety Disclosures 40

Item 4. Mine Safety Disclosures 40 PART II

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 41

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 41

[Reserved] 42

Item 6. [Reserved] 42

Management's Discussion and Analysis of Financial Condition and Results of Operations 43

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 43

Quantitative and Qualitative Disclosures About Market Risk 57

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 57

Financial Statements and Supplementary Data 59

Item 8. Financial Statements and Supplementary Data 59

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 97

Controls and Procedures 97

Item 9A. Controls and Procedures 97

Other Information 97

Item 9B. Other Information 97

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 98

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 98 PART III

Directors, Executive Officers and Corporate Governance 98

Item 10. Directors, Executive Officers and Corporate Governance 98

Executive Compensation 98

Item 11. Executive Compensation 98

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 98

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 98

Certain Relationships and Related Transactions, and Director Independence 98

Item 13. Certain Relationships and Related Transactions, and Director Independence 98

Principal Accountant Fees and Services 98

Item 14. Principal Accountant Fees and Services 98 PART IV

Exhibits and Financial Statement Schedules 99

Item 15. Exhibits and Financial Statement Schedules 99

Form 10-K Summary 101

Item 16. Form 10-K Summary 101 Signatures 102 Unless otherwise expressly stated or the context otherwise requires, references in this Annual Report on Form 10-K, which we refer to as this Annual Report or report, to "Upwork," "Company," "our," "us," and "we" and similar references refer to Upwork Inc. and its wholly-owned subsidiaries. SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS This Annual Report contains forward-looking statements within the meaning of the federal securities laws. All statements contained in this Annual Report, other than statements of historical fact, including statements regarding our future operating results and financial position, our business strategy and plans, potential growth or growth prospects, active clients, future research and development, sales and marketing and general and administrative expenses, provision for transaction losses, our plans with respect to our share repurchase program, and our objectives for future operations, are forward-looking statements. Words such as "believes," "may," "will," "estimates," "potential," "continues," "anticipates," "intends," "expects," "could," "would," "projects," "plans," "targets," and variations of such words and similar expressions are intended to identify forward-looking statements. We have based these forward-looking statements largely on our current expectations and projections as of the date of this filing about future events and trends that we believe may affect our financial condition, results of operations, business strategy, short-term and long-term business operations and objectives, and financial needs. These forward-looking statements are subject to a number of risks, uncertainties and assumptions, including those described in Part I, Item 1A, "Risk Factors" in this Annual Report. Readers are urged to carefully review and consider the various disclosures made in this Annual Report and in other documents we file from time to time with the Securities and Exchange Comm

Business

Item 1. Business. Overview We operate the world's largest work marketplace that connects businesses with independent talent from across the globe, as measured by gross services volume, which we refer to as GSV. 1 Independent talent on our work marketplace, which we refer to as talent, includes independent professionals and agencies of varying sizes, and is an increasingly sought-after, critical, and expanding segment of the global workforce. We define clients as users that seek and work with talent through our work marketplace. We refer to clients and talent together as customers. During the year ended December 31, 2023, our work marketplace enabled $4.1 billion of GSV. We serve as a powerful discovery engine for talent, helping them find rewarding, engaging and flexible work, as well as market their services and build their book of business. Talent benefit from access to quality clients and secure and timely payments while enjoying the freedom to run their own businesses, create their own schedules, and work from their preferred locations on projects that they find fulfilling. Moreover, talent have real-time visibility into opportunities that are in high demand, so that they can invest their time and focus on developing sought-after skills. For clients, our work marketplace provides fast, secure, and efficient access to high-quality talent with over 10,000 skills across more than 125 categories of work, such as web, mobile and software development, administrative support, sales and marketing, design and creative, and customer service, as well as more emergent categories and 1 GSV represents the total amount that clients spend on our offerings as well as additional fees we charge to talent and clients for other services. For additional information related to how we calculate GSV, see the section titled "Management's Discussion and Analysis of Financial Condition and Results of Operations — Overview — Business" and " — Key Financial and Operational Metrics."

View Full Filing

View this 10-K filing on SEC EDGAR