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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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* Will reduce sales team by approximately one-third. | * 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. | * Zendesk(client with 4,000 employees) leveraging Upwork with teams from accounting and administrative support to engineering and software development. | ||
* Launched project catalog | * Launched project catalog in beta version. | ||
* Approximately two-third of Upwork internal talent are freelancers. | * Approximately two-third of Upwork internal talent are freelancers. | ||
* Management was bullish on their business. | * Management was bullish on their business. | ||
* Project catalog is a great way for clients to get a taste of the platform. | * Project catalog is a great way for clients to get a taste of the platform. | ||
* Sales team is a split of hunthers and gatherers. | * Sales team is a split of hunthers and gatherers. | ||
== Earnings Call Q4 2020 == | |||
==== GSV and Clients ==== | |||
* Clients acquired in Q4 spent 10% more per client than clients acquired in Q4 2019<ref>https://capedge.com/transcript/1627475/2020Q4/UPWK</ref>. | |||
* Upwork typically experiences slowdown started from November and peaking in the last two weeks of December, but was not existent this year probably due to Covid restrictions "reducing holiday travel and social gatherings and increasing the amount of work that was being done during this period relative to prior years." | |||
* Bullish on GSV growth opportunities. | |||
* Client spend is broad-based across all cohorts. | |||
=== Other === | |||
* Q4 revenue grew 32% y/y to $106 million, the best growth y/y since going public. | |||
* Seing openness across spectrum to hire freelancers. | |||
* Increase in addressable market opportunity to more than $1 trillion. | |||
* Expanded direct contracts to include hourly jobs. | |||
* Launche project catalog across 300 marketplaces one month earlier than planned. | |||
* Reception of project catalog has been positive. | |||
* Launched integrated onboarding process that reduced start time on payroll contracts from 9 days to 2.5 days. | |||
* Landed a global tech firm that onboarded 1,000 freelancers "running over $1 million through this BYOT product all within Q4." | |||
* Partnered with Zoom to integrate Zoom videos and communication tools into Upwork. | |||
* Bring your own talent has seen 400% growth since inception. | |||
* Project catalog will push up take rate as majority of the contracts are in the higher-tiers. | |||
* Influx of talent over the last year continues to be strong. | |||
* Hayden Brown indirectly points to Fiverr as its largest competitor, but points out that it outnumbers it when it comes to GSV, revenue and number of talents. | |||
* Brown notes that Upwork has certain features that differentiate it from competitors eg being a platform of both small and large projects and having built trust with clients and freelancers for a very long time. | |||
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