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Upwork: Summary of SEC Fillings: Difference between revisions
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Return to: [[Upwork]] | |||
== 2022 SEC Filling == | == 2022 SEC Filling == | ||
Below is a summary of Upwork 2022 10-K SEC Filling<ref>https://investors.upwork.com/static-files/a3048866-0496-4d47-9bcf-29ed94f4564c</ref>. | Below is a summary of Upwork 2022 10-K SEC Filling<ref>https://investors.upwork.com/static-files/a3048866-0496-4d47-9bcf-29ed94f4564c</ref>. | ||
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* In 2022, marketplace revenue was 92% of total revenue while managed service revenue was 8% of total revenue. | * In 2022, marketplace revenue was 92% of total revenue while managed service revenue was 8% of total revenue. | ||
* In 2022, provision for transaction losses was approximately 4% of the revenue versus 1% of revenue in 2021. | * In 2022, provision for transaction losses was approximately 4% of the revenue versus 1% of revenue in 2021. | ||
* Payment withdrawal fees are shared between Upwork and financial institution facilitating the transaction. | |||
* Managed services invoices to clients are done on a monthly basis. | |||
=== Strategy and Outlook === | === Strategy and Outlook === | ||
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* '''Upwork cloud is designed be elastic''' i.e it automatically expands with increased usage in order to support sudden traffic spikes. It also autamatically reduces in size when the traffic goes down; hence saving on costs. | * '''Upwork cloud is designed be elastic''' i.e it automatically expands with increased usage in order to support sudden traffic spikes. It also autamatically reduces in size when the traffic goes down; hence saving on costs. | ||
=== Equity === | |||
* '''Upwork entered into capped calls in August 2021 to prevent potential dilution to its common stock.''' | |||
* The initial cap price of the Capped Calls is $92.74 per share of common stock, "representing over 100% premium over the last reported sale price of the common stock of $46.37 per share on August 5, 2021." | |||
* The capped calls is subject to certain arrangements as long as its price will not be reduced to "an amount less than the strike price of $66.08 per share." | |||
* If the market price per share of common stock exceeds the cap price of the Capped Calls, there would be dilution. | |||
* As of December 31, 2022 and 2021, Upwork did not have any outstanding shares of preferred stock | |||
== 2018 IPO SEC Filling == | == 2018 IPO SEC Filling == | ||