{"schema_version":"secwatch.filing_event.v1","accession":"0001627475-23-000030","form_type":"8-K","ticker":"UPWK","cik":"0001627475","company_name":"UPWORK, INC","filed_at":"2023-05-03T23:59:59+00:00","discovered_at":"2026-05-14T18:03:39.729603+00:00","generated_at":"2026-06-16T01:08:04.289708+00:00","sec_items":["2.02","5.02","9.01"],"event_type":"earnings","sentiment":"negative","materiality_score":0.8,"calibrated_materiality_score":0.8,"confidence":"high","headline":"Upwork Q1 rev +14% to $160.9M; cuts 15% of staff; CSO departs","bullets":["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."],"urls":{"canonical":"https://secwatch.observer/filing/0001627475-23-000030","json":"https://secwatch.observer/filing/0001627475-23-000030.json","markdown":"https://secwatch.observer/filing/0001627475-23-000030.md","text":"https://secwatch.observer/filing/0001627475-23-000030.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1627475/000162747523000030/0001627475-23-000030-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1627475/000162747523000030/upwork-20230502.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-06-16T01:08:04.289708+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":"def0cef9413a60d26bf3dae5ebf4f48f5ca42e27","claim":"UPWORK, INC reported the quarter ended March 31, 2023 results: revenue $160.9 million, net income $17.2 million. Guidance lowered.","evidence_excerpt":"first-quarter revenue growth of 14% year-over-year to $160.9 million. We had GAAP net income of $17.2 million","evidence_source":"SEC 8-K Item 2.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/1627475/000162747523000030/0001627475-23-000030-index.htm","confidence":0.85,"family_label":"Earnings Releases","details":[{"label":"Period","value":"the quarter ended March 31, 2023"},{"label":"Revenue","value":"$160.9 million"},{"label":"Net income","value":"$17.2 million"},{"label":"Guidance","value":"lowered"},{"label":"Result","value":"reported results"}],"fact_type":"earnings_release"},{"claim_id":"92826074a6","claim":"Eric Gilpin resigned as Chief Sales Officer at UPWORK, INC.","evidence_excerpt":"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.","evidence_source":"SEC 8-K Item 5.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/1627475/000162747523000030/0001627475-23-000030-index.htm","confidence":0.95,"family_label":"Executive change","details":[{"label":"Action","value":"resigned"},{"label":"Role","value":"Chief Sales Officer"}],"fact_type":"executive_change"}],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}