secwatch.observer — SEC 8-K summary
======================================

Issuer:     UPWORK, INC (UPWK)
CIK:        0001627475
Form:       8-K
Filed at:   2024-08-07T23:59:59+00:00
Accession:  0001627475-24-000032
Event type: earnings
Sentiment:  positive
Materiality: 0.75
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Upwork reports record Q2 net income of $22.2M; revenue up 15% YoY to $193.1M
----------------------------------------------------------------------------

- GAAP net income $22.2M (highest ever) vs net loss of $(4.0)M in Q2 2023; diluted EPS $0.17 vs $(0.03).
- Revenue grew 15% YoY to $193.1M; active clients rose 6% to over 868,000.
- Adjusted EBITDA $40.8M (21% margin), up from $14.4M in Q2 2023; free cash flow $33.5M.
- Repurchased 2.9M shares for $33.1M, nearly 100% of quarterly free cash flow.
- CFO targets 35% adjusted EBITDA margin within five years.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1627475/000162747524000032/0001627475-24-000032-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1627475/000162747524000032/upwork-20240807.htm
  HTML page:      https://secwatch.observer/filing/0001627475-24-000032

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer