UPWORK INC.
Cash Flow Statement
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Operating Activities | ||||||||
| Net Income | $115.4M | $215.6M | $46.9M | $-89.9M | $-56.2M | $-22.9M | $-16.7M | $-19.9M |
| Depreciation & Amortization | $25.7M | $14.8M | $9.4M | $8.1M | — | — | — | — |
| Depreciation | $2.2M | $2.9M | $2.9M | $3.2M | $3.7M | $3.6M | $2.8M | $2.2M |
| Amortization | $9.4M | $2.1M | $0 | $0 | $700.0K | $2.7M | $2.7M | $2.7M |
| Stock-Based Compensation | $65.4M | $68.4M | $74.2M | $75.5M | $53.6M | $25.5M | $18.8M | $10.4M |
| Net Cash from Operating Activities | $248.3M | $153.6M | $52.7M | $11.5M | $10.8M | $22.4M | $1.1M | $13.7M |
| Investing Activities | ||||||||
| Capital Expenditures | $5.8M | $3.5M | $692.0K | $1.2M | $1.0M | $6.3M | $10.8M | $3.0M |
| Business Acquisitions | $58.4M | $14.3M | $0 | $0 | — | — | — | — |
| Net Cash from Investing Activities | $-136.9M | $137.6M | $88.3M | $-69.5M | $-429.0M | $-4.1M | $-100.9M | $-6.8M |
| Financing Activities | ||||||||
| Dividends Paid | — | — | — | — | — | — | — | — |
| Stock Repurchases | $136.0M | $100.0M | $0 | $0 | — | — | — | — |
| Net Cash from Financing Activities | $-138.0M | $-82.0M | $-139.8M | $1.1M | $537.7M | $54.6M | $29.4M | $112.1M |
| Net Change in Cash | $-26.7M | $209.2M | $1.2M | $-56.8M | $119.6M | $72.9M | $-70.5M | $119.0M |
| Free Cash Flow | $242.5M | $150.0M | $52.0M | $10.2M | $9.8M | $16.0M | $-9.7M | $10.7M |