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Upwork: Summary of Old Reports/ Conference Calls: Difference between revisions
Upwork: Summary of Old Reports/ Conference Calls (view source)
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* More than 50% of hiring managers feel the shift to remote work has gone better-than-expected. | * More than 50% of hiring managers feel the shift to remote work has gone better-than-expected. | ||
* 20% or 30% of CFOs believe remote work will be part of a number of jobs going forward. | * 20% or 30% of CFOs believe remote work will be part of a number of jobs going forward. | ||
== Earnings Call Q3 2020 == | |||
=== GSV and Clients === | |||
* GSV "grew 23% year-over-year and accelerated quarter-over-quarter due to a continued secular shift toward remote and independent work, coupled with strong execution by our team against our growth strategy."<ref>https://capedge.com/transcript/1627475/2020Q3/UPWK</ref> | |||
* GSV driven by both existing clients and new clients. | |||
* U.S and international client registrations grew at record levels. Saw an 89% yy increase in client registrations from the SEO channel. | |||
* Enterprise plan customers spend on average $1 million per year. | |||
* Impact of macroeconomic conditions on small businesses was less than anticipated. | |||
* According to Stifel Analyst, historically disclosed mixed of Upwork GSV is 65% being larger jobs, 20% agency spends, and 15% on gig work. | |||
* Strength seen in the quarter was broadbased but the main categories that showed strength were web mobile software development, sales marketing, design and creative. | |||
* Seeing interest from customers on things like Expert-Vetted program and top rated status. | |||
=== Other === | |||
* Revenue of $97 million(+24% y/y) exceeded the high end of their guidance. | |||
* Hayden Brown quoted an Harvard Business Review article titled, " Rethinking the On-Demand Workforce." | |||
* 90% of the executives they surveyed believe the platform will be key to their ability to compete in future. | |||
* Bring Your Own(BYO) talent grew 37% y/y in Q3. | |||
* Will reduce sales team by approximately one-third. | |||
* Zendesk(client with 4,000 employees) leveraging Upwork with teams from accounting and administrative support to engineering and software development. | |||
* Launched project catalog | |||
* Approximately two-third of Upwork internal talent are freelancers. | |||
* Management was bullish on their business. | |||
* Project catalog is a great way for clients to get a taste of the platform. | |||
* Sales team is a split of hunthers and gatherers. | |||
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