Upwork Investor Day Presentation Deck
GAAP to
Non-GAAP
Reconciliation
GAAP Marketplace COR
Stock-based compensation
Non-GAAP Marketplace COR
Non-GAAP Marketplace
Gross Margin (%)
GAAP Managed Services COR
Non-GAAP Managed Services COR
Non-GAAP Managed Service
Gross Margin (%)
GAAP COR
Stock-based compensation
Non-GAAP Total COR
Non-GAAP Total Gross Margin (%)
FY2018 FY2019 FY2020 Q1-2021 FY2018
57.0
-0.3
56.7
75%
24.5
24.5
17%
81.5
-0.3
81.2
68%
61.4
-0.5
60.9
77%
26.8
26.8
17%
88.1
-0.5
87.7
$Millions
71%
75.6
-0.8
74.8
78%
28.7
28.7
19%
104.3
-0.8
103.5
72%
23.2
-0.2
23.0
78%
7.2
7.2
19%
30.4
-0.2
30.2
73%
25%
0%
25%
83%
83%
32%
0%
32%
% of Related Revenue
FY2019 FY2020 Q1-2021
23%
0%
23%
83%
83%
29%
0%
29%
22%
0%
22%
81%
81%
28%
0%
28%
Notes: (1) Figures have been rounded. (2) Marketplace gross margin is using Marketplace revenue and total COR less Managed Services COR. (3) Managed Services gross margin is using
Managed Services revenue and Managed Services COR.
22%
0%
22%
81%
81%
27%
0%
27%
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