Upwork Q1 rev +14% to $160.9M; cuts 15% of staff; CSO departs

UPWORK, INC

2023-Q1 EPS reported -$0.15 revenue$160,858,000

Revenue $160.9M (+14% YoY); GAAP net income $17.2M; adjusted EBITDA -$2.9M.
Reduced workforce by 137 roles (~15% of FTEs); cut H2 brand media spend by $22M (94% reduction).
Expects >$80M annualized cost savings; Q4 2023 adjusted EBITDA margin target ~15%.
Chief Sales Officer Eric Gilpin to step down; stays as advisor through June 30, 2023.
Repurchased >$200M principal of 2026 convertible notes at a discount.

item 2.02 item 5.02 item 9.01

Executive movements

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Departed

Eric Gilpin

Chief Sales Officer

UPWK · UPWORK, INC

Effective: 2023-06-30
Filed: May 3, 2023, 7:59 PM ET

On May 3, 2023, the Company announced that Eric Gilpin, the Company's Chief Sales Officer, will depart from the Company and that the Company has reached an agreement regarding Mr. Gilpin's resignation.

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.85

UPWORK, INC reported the quarter ended March 31, 2023 results: revenue $160.9 million, net income $17.2 million. Guidance lowered.

Period: the quarter ended March 31, 2023
Revenue: $160.9 million
Net income: $17.2 million
Guidance: lowered
Result: reported results

Exact text from the filing

first-quarter revenue growth of 14% year-over-year to $160.9 million. We had GAAP net income of $17.2 million

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Eric Gilpin resigned as Chief Sales Officer at UPWORK, INC.

Action: resigned
Role: Chief Sales Officer

Exact text from the filing

On May 3, 2023, the Company announced that Eric Gilpin, the Company's Chief Sales Officer, will depart from the Company and that the Company has reached an agreement regarding Mr. Gilpin's resignation.

View on SEC.gov

51 earnings releases filed in the last 30 days. Browse all earnings releases →

UPWORK, INC filing history →

Source: SEC EDGAR

accession 0001627475-23-000030

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