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Upwork investor relations Upwork Reports First Quarter 2021 Financial Results May 4 , 2021 SAN FRANCISCO , May 04 , 2021 ( GLOBE NEWSWIRE ) -- Upwork Inc. ( Nasdaq : UPWK ) , the world's largest work marketplace that connects businesses with independent talent , as measured by gross services volume ( " GSV " ) , today announced its first quarter 2021 financial results . " After a record year in 2020 , we're off to an even stronger 2021 , " said Hayden Brown , President and Chief Executive Officer of Upwork . " We continue to see success with our strategy as demonstrated by accelerating growth of both new clients and core clients , growing spend per client , and increasing customer lifetime value . With Covid shattering the biggest impediment to broader freelancer adoption - businesses ' prior discomfort with remote work - now is the time to introduce the new work marketplace industry category , which we announced today . Shining a spotlight on the work marketplace category and the numerous ways businesses and freelancers can work together on Upwork will help them achieve more than they ever imagined was possible . " First Quarter 2021 Financial Results • GSV increased by 41 % year - over - year to $ 786.8 million ; • Revenue grew 37 % year - over - year to $ 113.6 million ; • Marketplace revenue grew 40 % year - over - year to $ 104.7 million ; • Marketplace take rate was 13.5 % , down from 13.6 % a year ago ; • Gross margin increased one percentage point year - over - year to 73 % ; • Net loss was $ 7.8 million , or $ ( 0.06 ) per share , compared to a net loss of $ 10.0 million , or $ ( 0.09 ) per share , in the first quarter of 2020 ; • Non - GAAP net income was $ 4.2 million , or $ 0.03 per share , compared to non - GAAP net loss of $ 3.6 million , or $ ( 0.03 ) per share , in the first quarter of 2020 ; and Adjusted EBITDA , a non - GAAP financial measure , was $ 6.9 million compared to $ ( 1.0 ) million in the first quarter of 2020 . Note : Reported figures are rounded ; unless otherwise noted , comparisons of the first quarter of 2021 are to the first quarter of 2020. All financial measures are GAAP unless cited as non - GAAP . Certain operating metrics used here , including " GSV " and " marketplace take rate , " are defined in our Annual Report on Form 10 - K for the year ended December 31 , 2020 and will also be set forth in our most recently filed Quarterly Report on Form 10 - Q when filed . A reconciliation of GAAP to non - GAAP financial measures has been provided at the end of this press release . An explanation of these measures is also included below under the heading " Non - GAAP Financial Measures . " Guidance The guidance we are providing today factors in the expected impacts of the COVID - 19 pandemic that are available to us as of today . As of May 4 , 2021 , Upwork is providing the following guidance for its second quarter and full year 2021 : For the second quarter of 2021 , Upwork expects to report : • Revenue in the range of $ 119 million to $ 121 million • Adjusted EBITDA in the range of $ 2 million to $ 3 million • Weighted average shares outstanding in the range of 127 million to 129 million For the full year 2021 , Upwork expects to report : • Revenue in the range of $ 480 million to $ 490 million • Adjusted EBITDA in the range of $ 16 million to $ 20 million ● Weighted average shares outstanding in the range of 128 million to 132 million We have reconciled our adjusted EBITDA guidance to GAAP net income ( loss ) because certain items that impact GAAP net i come ( loss ) are uncertain or out of our control and cannot be reasonably predicted . In particular , stock - based compensation expense is impacted by the future fair market value of our common stock and other factors , all of which are difficult to predict , subject to frequent change , or not within our control . The actual amount of these expenses during 2021 will have a significant impact on our future GAAP financial results . Accordingly , a reconciliation of adjusted EBITDA to net income ( loss ) is not available without unreasonable effort . First Quarter 2021 Financial Results Conference Call and Webcast Upwork will host a conference call today at 2 p.m. Pacific Time / 5 p.m. Eastern Time to discuss the company's first quarter 2021 financial results . An audio webcast archive will be available following the live event for approximately one year at investors.upwork.com . The prepared remarks corresponding to the information reviewed on today's conference call will also be available on our Investor Relations website , once the call has concluded . Upwork will host a virtual Investor Day on June 15. More information and registration can be found on our website . We use our investor relations website ( investors.upwork.com ) , our Twitter handle ( twitter.com/Upwork ) and Hayden Brown's Twitter handle