Upwork: Summary of Old Reports/ Conference Calls: Difference between revisions

Upwork: Summary of Old Reports/ Conference Calls (view source)

Revision as of 12:36, 21 June 2023

2,501 bytes added , 21 June 2023

no edit summary

VisualWikitext

Aron

Administrators

6,294

edits

@@ Line 248: / Line 248: @@
 *
+== Earnings Call Q4 2021 ==
+=== Management remarks ===
+* Surpassed $15 billion in lifetime talent earnings on Upwork<ref>https://capedge.com/transcript/1627475/2021Q4/UPWK</ref>.
+* Launched the perfect fit brand campaign awareness during the quarter.
+* Lowered the time they expect to achieve $1 billion in revenue from 2025 to 2024.
+* Their CAGR rate target is 25% for the next three years.
+* They are setting an enterprise revenue target of $300 million by 2025, 10% what they delivered in 2021.
+=== Q&A ===
+* Every quarter they have seen increase in the number of customers who come in through Project Catalog.
+* Seeing growth in all categories as companies struggle with talent shortage.
+* Categories like accounting and consulting grew 72% y/y.
+* It is a favarable environment to be making brand investments.
+* Signal metrics they are looking in brand investment include traffic, client registrations, pre-rental registrations, and branded search queries.
+* Believe Upwork can deliver 30% to 35% long-term EBITDA margins.
+* Clients spending over $100,000 per year grew 51% y/y.
+* $1 million spenders grew 61% y/y.
+* Take rate in 2022 will be hire than in 2021 driven by "a number of dynamics a few initiatives that we're working on including growth in Project Catalog or Talent Scout Enterprise which all three of those have higher take rates than the rest of the business."
+* "Hourly projects have been growing at a faster rate than fixed price projects and the number of hours within those projects has been increasing over time," Said CFO Jefff MCcombs.
+* Increase in hourly rates has been relatively consistent over the last several years.
+* But growth in the business is expected to come from both, increased in the number of jobs and average spend per client.
+* Average spend per client increased by 15%, still in the 4,000 range.
+* Seasonality(eg Covid) not playing out in enterprise business growth.
+* Talent dynamics is not slowing down. Weges is strong.
+* "Upwork talent quality is more superior than that of staffing agencies," said Hayden.
+* Upwork attractive than staffing agencies who have steep markups and this resonates well with clients.
+* Spent $47 million in brand marketing in 2021 and will spend $80 million in 2022.
+* Still early days to showcase the impact of boosted proposals and availability badges.
+* Don't hear anything about competitors such as LinkedIn from clients.
+* Dynamics and trends in the business "weren't meaningfully driven by the surge in Omicron."
 == References ==