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Dec 31, 2021
Upwork Q4 2021 Earnings Report
Revenue increased driven by strong GSV growth and new Enterprise clients signed.
Key Takeaways
Upwork's Q4 2021 results showed strong year-over-year growth in revenue and GSV. The company signed 32 new Enterprise Clients, exceeding expectations. Upwork is accelerating its target of achieving $1 billion in revenue by one year, to 2024.
GSV grew 35% year-over-year to $980 million.
Total revenue grew 29% year-over-year to $136.9 million.
Signed 32 new Enterprise Clients, a 78% increase year-over-year.
Active Clients increased by 22% year-over-year, reaching approximately 771,000.
Revenue by Segment
Forward Guidance
Upwork is guiding first-quarter 2022 revenue to between $139 million and $141 million, which is 23% year-over-year growth at the midpoint, and providing full-year 2022 revenue guidance of between $620 million and $630 million, which is 24% year-over-year growth at the midpoint.
Positive Outlook
- Revenue $139 million - $141 million
- Adjusted EBITDA $(11) million - $(13) million
- Basic weighted-average shares outstanding 129 million - 131 million
- Non-GAAP basic loss per share $(0.11) - $(0.13)
- Company is accelerating its target of achieving $1 billion revenue by one year
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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