Upwork Q4 revenue $191.5M (+4% YoY); adjusted EBITDA record $50.2M at 26% margin

UPWORK, INC

2024-FY EPS reported $1.52 revenue$769,325,000

GAAP net income $147.2M includes $140.3M non-cash tax benefit; diluted EPS $1.03.
Full-year 2024 revenue $769.3M (+12% YoY); GAAP net income $215.6M; diluted EPS $1.52.
Adjusted EBITDA $50.2M in Q4 (+65% YoY, 26% margin); full year adj. EBITDA $167.6M.
Active clients 832k; GSV per active client $4,815 (+1% QoQ), second straight sequential gain.
Management targets 35% adjusted EBITDA margin; expects rising profitability and FCF each year.

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