Upwork Inc. Files 2024 10-K Report

Ticker: UPWK · Form: 10-K · Filed: Feb 13, 2025 · CIK: 1627475

Sentiment: neutral

Topics: 10-K, annual-report, financials

TL;DR

Upwork's 2024 10-K is in. Check financials for the year ending Dec 31, 2024.

AI Summary

Upwork Inc. filed its 2024 10-K report, detailing its financial performance for the fiscal year ending December 31, 2024. The company, incorporated in Delaware, operates in the computer processing and data preparation services sector. Its principal executive offices are located at 530 Lytton Avenue, Suite 301, Palo Alto, CA 94301, with a mailing address in West Valley City, UT.

Why It Matters

This filing provides investors and stakeholders with a comprehensive overview of Upwork's financial health, operational performance, and strategic positioning for the fiscal year 2024.

Risk Assessment

Risk Level: medium — The filing is a standard annual report and does not inherently indicate new risks.

Key Numbers

Key Players & Entities

FAQ

What is the primary business of Upwork, Inc. as described in the 10-K?

Upwork, Inc. operates in the SERVICES-COMPUTER PROCESSING & DATA PREPARATION sector, as indicated by its SIC code [7374].

When was the 10-K filing submitted to the SEC?

The 10-K filing was submitted on February 13, 2025.

What is the fiscal year end date for the reporting period?

The conformed period of report is December 31, 2024.

Where are Upwork's principal executive offices located?

Upwork's principal executive offices are located at 530 Lytton Avenue, Suite 301, Palo Alto, CA 94301.

What was Upwork's former company name before its current name?

Upwork Inc. was formerly known as Elance-oDesk, Inc. before a name change on April 27, 2018.

Filing Stats: 4,426 words · 18 min read · ~15 pages · Grade level 15.3 · Accepted 2025-02-13 16:44:56

Key Financial Figures

Filing Documents

Risk Factors 10

Item 1A. Risk Factors 10

Unresolved Staff Comments 32

Item 1B. Unresolved Staff Comments 32 Item 1C. Cybersecurity 32

Properties 33

Item 2. Properties 33

Legal Proceedings 33

Item 3. Legal Proceedings 33

Mine Safety Disclosures 34

Item 4. Mine Safety Disclosures 34 PART II

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 35

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 35

[Reserved] 36

Item 6. [Reserved] 36

Management's Discussion and Analysis of Financial Condition and Results of Operations 37

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 37

Quantitative and Qualitative Disclosures About Market Risk 50

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 50

Financial Statements and Supplementary Data 52

Item 8. Financial Statements and Supplementary Data 52

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 93

Controls and Procedures 93

Item 9A. Controls and Procedures 93

Other Information 93

Item 9B. Other Information 93

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 94

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 94 PART III

Directors, Executive Officers and Corporate Governance 94

Item 10. Directors, Executive Officers and Corporate Governance 94

Executive Compensation 94

Item 11. Executive Compensation 94

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 94

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 94

Certain Relationships and Related Transactions, and Director Independence 94

Item 13. Certain Relationships and Related Transactions, and Director Independence 94

Principal Accountant Fees and Services 94

Item 14. Principal Accountant Fees and Services 94 PART IV

Exhibits and Financial Statement Schedules 95

Item 15. Exhibits and Financial Statement Schedules 95

Form 10-K Summary 97

Item 16. Form 10-K Summary 97 Signatures 98 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. Trademarks, Trade Names, and Service Marks Upwork, the Upwork logo, Elance, oDesk, "Uma, Upwork's Mindful AI," "Talent Cloud," "Work Without Limits," and other registered or common law trade names, trademarks, or service marks of Upwork appearing in this Annual Report are the property of Upwork. This Annual Report contains additional trade names, trademarks, and service marks of ours and of other companies. We do not intend our use or display of other companies' trade names, trademarks, or service marks to imply a relationship with these other companies, or endorsement or sponsorship of us by these other companies. Other trademarks appearing in this Annual Report are the property of their respective holders. Solely for convenience, our trademarks and trade names referred to in this Annual Report appear without the and symbols, but those references are not intended to indicate, in any way, that we will not assert, to the fullest extent under applicable law, our rights, or the right of the applicable licensor, to these trademarks and trade names. SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS This Annual Report contains forward-looking statements within the meaning of the federal securities laws. Forward-looking statements include all statements other than statements of historical fact, including any statements regarding our future operating results and financial position, information or predictions concerning the future of our business or strategy, anticipated events and trends, including future research and development, sales and marketing, and general and administrative expenses, and provision for transaction losses, potent

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 is an increasingly sought-after, critical, and expanding segment of the global workforce. During the year ended December 31, 2024, our work marketplace enabled $4.0 billion of GSV. Independent talent that advertise and provide services to clients through our work marketplace, which we refer to as talent, includes independent professionals and agencies of varying sizes. We define clients as customers that seek out and work with talent through our work marketplace. We refer to talent and clients together as customers. 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. 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." 1 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, desi

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