SI=+20%, I=10
- Upwork posted impressive Q3 results; revenue of $175.7 million (+11% y/y) exceeded management upper guidance ($165 million-$170 million or 4%-7% y/y), adjusted EBITDA and EPS of $31.2 million and $0.12 also topped management upper guidance of $14 million-$17 million and $0.09-$0.11, respectively.
- Upworks profit margin rose to 9% from -16% a year ago while net cash from operating activities rose to $37 million from $10 million in Q3 2022.
- However, Upwork’s GSV of $1,030 million was flat Q/Q and Y/Y due to “lapping” of strong quarters.
- Upwork raised their full-year 2023 revenue guidance and adjusted EBITDA to $680 million-$685 million and $67 million-$71 million from $665 million-$675 million and $50 million-$55 million, respectively.
- The company is guiding Q4 2023 revenue of $175million-$180 million and non-GAAP EPS of $0.16-$0.18 versus analysts estimates of $172.7 million (+7% y/y) and $0.16, respectively.
https://investors.upwork.com/static-files/e7a891f7-011d-44a9-b5e0-817069a0f814