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Mar 31, 2024
Upwork Q1 2024 Earnings Report
Upwork's Q1 2024 financial results were released, revealing a strong start to the year.
Key Takeaways
Upwork reported a strong first quarter in 2024, with revenue growing 19% year-over-year to $190.9 million. Net income increased to $18.4 million, and adjusted EBITDA reached $33.3 million. The company is raising its revenue and Adjusted EBITDA outlook for 2024 and has established a five-year Adjusted EBITDA margin target of 35%.
Revenue grew 19% year-over-year to $190.9 million.
Net income was $18.4 million, compared to $17.2 million in the first quarter of 2023.
Adjusted EBITDA was $33.3 million, a significant increase from the $(2.9) million loss in the prior year.
Active clients increased by 5% year-over-year, reaching over 872,000.
Revenue by Segment
Forward Guidance
Upwork's guidance for the second quarter of 2024 includes revenue between $190 million and $195 million, and adjusted EBITDA between $32 million and $36 million. For the full year 2024, Upwork projects revenue between $770 million and $782 million, and adjusted EBITDA between $140 million and $150 million.
Positive Outlook
- Revenue: $190 million to $195 million, representing year-over-year growth of 14.2% at the midpoint
- Adjusted EBITDA: $32 million to $36 million
- Diluted weighted-average shares outstanding: 139 million to 141 million
- Non-GAAP diluted EPS: $0.21 to $0.23
- Revenue: $770 million to $782 million, up from $760 million to $780 million
Challenges Ahead
- Diluted weighted-average shares outstanding: 140 million to 144 million
- Stock-based compensation expense is expected to average slightly more than $20 million per quarter for 2024
- Certain items that impact GAAP net income and GAAP diluted EPS are uncertain or out of our control and cannot be reasonably predicted.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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