{"schema_version":"secwatch.filing_event.v1","accession":"0001193125-24-241498","form_type":"8-K","ticker":"UPWK","cik":"0001627475","company_name":"UPWORK, INC","filed_at":"2024-10-23T23:59:59+00:00","discovered_at":"2026-05-14T18:03:09.030657+00:00","generated_at":"2026-05-30T11:06:13.314105+00:00","sec_items":["2.02","2.05","7.01","9.01"],"event_type":"other_material","sentiment":"positive","materiality_score":0.85,"calibrated_materiality_score":0.85,"confidence":"high","headline":"Upwork cuts 21% workforce, pre-announces Q3 beat with record 22% adjusted EBITDA margin","bullets":["Workforce reduction of 21% as part of restructuring plan; expects $60M annualized cost savings.","Preliminary Q3 2024 results exceed revenue and adjusted EBITDA guidance; record 22% adjusted EBITDA margin.","Pre-tax charges of $17-22M estimated, mostly cash, to be recognized in Q4 2024.","Ernesto Lamaina appointed GM of Enterprise to sharpen enterprise strategy.","Restructuring includes flattening teams, leveraging automation, and optimizing R&D spend."],"urls":{"canonical":"https://secwatch.observer/filing/0001193125-24-241498","json":"https://secwatch.observer/filing/0001193125-24-241498.json","markdown":"https://secwatch.observer/filing/0001193125-24-241498.md","text":"https://secwatch.observer/filing/0001193125-24-241498.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1627475/000119312524241498/0001193125-24-241498-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1627475/000119312524241498/d874056d8k.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-05-30T11:06:13.314105+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[{"claim_id":"e7fc03af801448ca1045a86c0304e7e470f15c9b","claim":"UPWORK, INC announced a restructuring with charges of approximately $17 million to $22 million affecting company-wide (21%).","evidence_excerpt":"In connection with these actions, the Company estimates that it will incur approximately $17 million to $22 million in pre-tax charges to its GAAP financial results, consisting primarily of severance and other one-time termination benefits for the Company’s impacted workforce.","evidence_source":"SEC 8-K Item 2.05/2.06","evidence_url":"https://www.sec.gov/Archives/edgar/data/1627475/000119312524241498/0001193125-24-241498-index.htm","confidence":0.9,"family_label":"Restructurings & Charges","details":[{"label":"Type","value":"restructuring"},{"label":"Charge","value":"approximately $17 million to $22 million"},{"label":"Affected area","value":"company-wide"},{"label":"Headcount","value":"21%"}],"fact_type":"restructuring_charge"}],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}