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Sep 30, 2023
Upwork Q3 2023 Earnings Report
Upwork drove profitable growth and advanced its position in the work marketplace.
Key Takeaways
Upwork's Q3 2023 revenue reached $175.7 million, an 11% increase year-over-year. The company reported a GAAP net income of $16.3 million and an adjusted EBITDA of $31.2 million, marking a significant improvement from the previous year. Upwork is raising its full-year revenue and adjusted EBITDA guidance for 2023.
Revenue increased by 11% year-over-year to $175.7 million.
GAAP net income was $16.3 million, a significant improvement from the prior year's net loss.
Adjusted EBITDA reached $31.2 million, compared to a loss in the same quarter of the previous year.
The company is raising its full-year 2023 revenue and adjusted EBITDA guidance.
Revenue by Segment
Forward Guidance
Upwork is increasing its full-year 2023 revenue guidance to between $680 million and $685 million, representing 10% year-over-year growth at the midpoint. The company expects fourth-quarter revenue to be between $175 million and $180 million, a 10% year-over-year increase at the midpoint. Full-year adjusted EBITDA guidance is increased to between $67 million and $71 million, with fourth-quarter adjusted EBITDA expected to be between $24 million and $28 million.
Positive Outlook
- Revenue guidance increased to $680M - $685M for FY2023.
- Adjusted EBITDA guidance increased to $67M - $71M for FY2023.
- Q4 2023 revenue projected between $175M - $180M.
- Q4 2023 adjusted EBITDA expected to be $24M - $28M.
- Company expects to generate positive free cash flow going forward.
Challenges Ahead
- Stock-based compensation expense is difficult to predict.
- Factors impacting GAAP net income are uncertain.
- Guidance involves risks and uncertainties.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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