Upwork:Quarterly Results/2023 Q3: Difference between revisions

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-Return to:[[Upwork:Quarterly Results]] | [[Upwork:Quarterly Results/2023 Q2]] | [[Earnings Season:2023 Q3]]
+Return to: [https://investors.upwork.com/static-files/e7a891f7-011d-44a9-b5e0-817069a0f814 2023 Q3 Shareholder Letter] | [[Upwork:Quarterly Results]] | [[Upwork:Quarterly Results/2023 Q2]] | [[Earnings Season:2023 Q3]]
 See also: [[Upwork: Main Insights from Jobs Posted in Upwork Platform]] | [[Upwork: Product Developments]] | [[Upwork: Conferences]]
+== Results ==
+* Upwork posted impressive Q3 results; revenue of $175.7 million (+11% y/y) exceeded management upper guidance ($165 million-$170 million), 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.
+* Upwork said its existing clients continue to spend at a higher level compared to new clients, and as a result, GSV per active buyer fell 1% y/y to $4,906.
+* The company said it will repurchase outstanding common shares of up to $100 million.
 == Management Guidance and Analysts Estimate ==