Business
Upwork Reports Fourth Quarter and Full Year 2019 Financial Results
Full Year 2019 ASC 606 Revenue of $300.6 Million Full Year 2019 ASC 605 Revenue of $302.6 Million Increased 19% Year-Over-Year SANTA CLARA, Calif., Feb. 26,
About this update from Upwork Inc.
[{"type":"text","content":"Full Year 2019 ASC 606 Revenue of $300.6 Million\n Full Year 2019 ASC 605 Revenue of $302.6 Million Increased 19% Year-Over-Year SANTA CLARA, Calif., Feb. 26, 2020 (GLOBE NEWSWIRE) -- Upwork Inc. (Nasdaq: UPWK), the largest online talent solution, as measured by gross services volume (“GSV”), today announced its fourth quarter and full year 2019 financial results. “We had a solid fourth quarter and exceeded our revenue and adjusted EBITDA guidance. Not only do we have a tremendous market opportunity, but we are uniquely positioned to solve the greatest challenge any company can face: how to find the skills and talent they need to thrive,” said Hayden Brown, President and CEO of Upwork. “We’ve set the right strategic priorities and are making the necessary investments to take Upwork into the next phase of growth, and I am confident that we are oriented for success.” Upwork adopted the new revenue recognition accounting standard, Accounting Standards Codification Topic 606 (“ASC 606”), as of January 1, 2019 on a modified retrospective basis. Financial results for the reporting periods during 2019 are presented in accordance with the new revenue recognition standard. This press release includes additional information to reconcile the impact of the adoption of ASC 606 on our financial results for the reporting periods during 2019. Please refer to the financial tables at the end of this press release for results reported under Accounting Standards Codification Topic 605 (“ASC 605”). Additionally, we have posted a presentation on the investor section of our website at investors.upwork.com with details regarding the impact of the ASC 606 adoption on our reported financial results. Fourth Quarter 2019 Financial Results Gross services volume (GSV) increased by 16% year-over-year to $549 millionRevenue (under ASC 606) grew 19% year-over-year to $80.3 million; Revenue (under ASC 605) grew 20% year-over-year to $80.7 millionMarketplace revenue (under ASC 606) grew 21% year-over-year to $72.2 million; Marketplace revenue (under ASC 605) grew 22% year-over-year to $72.6 millionTake rate (under ASC 606) was 14.6%, up from 14.3% a year ago; Take rate (under ASC 605) was 14.7%, up from 14.3% a year agoGross margin (under ASC 606) expanded approximately two percentage points year-over-year to 71%; Gross margin (under ASC 605) expanded three perce...