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== Earnings Call Q1 2019 ==
== Earnings Call Q1 2019 ==
=== Management remarks and Q&A ===
==== Management remarks ====


* The number of Mondays in a quarter affect the amount of revenue<ref>https://capedge.com/transcript/1627475/2019Q1/UPWK</ref>. "When there's more Mondays in a quarter we make more money and when comparatively to the previous year or the previous quarter," Kastriel said.
* The number of Mondays in a quarter affect the amount of revenue<ref>https://capedge.com/transcript/1627475/2019Q1/UPWK</ref>. "When there's more Mondays in a quarter we make more money and when comparatively to the previous year or the previous quarter," Kastriel said.
* International business growing faster than U.S business.
 
* In the last three years, there has been a shift "from more of the business being cross border to more of the business being domestic."
==== Q&A ====
* Very demand contstraint but very oversupplied in terms of number of freelancers. "Every day there's over 10,000 people who apply to join Upwork as freelancers, and we only have jobs for about 2% of them," Kastriel said.
* Very demand contstraint but very oversupplied in terms of number of freelancers. "Every day there's over 10,000 people who apply to join Upwork as freelancers, and we only have jobs for about 2% of them," Kastriel said.
* Over 80% of freelancers have college degree.
* Over 80% of freelancers have college degree.
* 80% of business provided by companies that have less than 100 employees.
 
=== GSV and client insights ===
 
* International business growing faster than U.S business(Q&A).
 
* In the last three years, there has been a shift "from more of the business being cross border to more of the business being domestic."(Q&A)
 
* 80% of business provided by companies that have less than 100 employees(Q&A).


== Earnings Call Q2 2019 ==
== Earnings Call Q2 2019 ==


* Gig work is a small portion of their overall GSV and don't believe gig work is the future of their business<ref>https://capedge.com/transcript/1627475/2019Q2/UPWK</ref>.
=== Management remarks and Q&A ===
* Each day they get 2,500 buyer sign-ups, half coming from people that sign up using their personal emails( people who won't spend much/ contribute much to overall GSV).
 
==== Q&A ====
 
* Each day they get 2,500 buyer sign-ups, half coming from people that sign up using their personal emails( people who won't spend much/ contribute much to overall GSV)<ref>https://capedge.com/transcript/1627475/2019Q2/UPWK</ref>.
* There are over 50 companies that spend over a $1 million a year on the platform.
* There are over 50 companies that spend over a $1 million a year on the platform.
* Long-term target of 80%-85% gross margin.
* Long-term target of 80%-85% gross margin.
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* U.S domestic marketplace is 20% of the business and is growing at 35%.
* U.S domestic marketplace is 20% of the business and is growing at 35%.
* Have low awareness within the traditional buyers of staffing services. These buyers don't also consider them as alternatives to staffing services.
* Have low awareness within the traditional buyers of staffing services. These buyers don't also consider them as alternatives to staffing services.
=== GSV and client insights ===
* Gig work are projects under $1,000(MR).
* Large projects are projects with over $1,000 and not performed by an agency(MR).
* Vast majority of GSV comes from large projects and agency jobs(MR).
* Gig work is a small portion of their overall GSV and don't believe gig work is the future of their business(Q&A)


== Earnings Call Q3 2019 ==
== Earnings Call Q3 2019 ==


=== Management remarks and Q&A ===
==== Q&A ====
* Managed services is an headwind to take rate when it is growing slower than marketplace. This is because, "revenue recognition policy, managed services is recognized as 100% take rate, whereas the rest of our business is recognized as the net revenue being the take rate," said Kastriel<ref>https://capedge.com/transcript/1627475/2019Q3/UPWK</ref>.
* Managed services is an headwind to take rate when it is growing slower than marketplace. This is because, "revenue recognition policy, managed services is recognized as 100% take rate, whereas the rest of our business is recognized as the net revenue being the take rate," said Kastriel<ref>https://capedge.com/transcript/1627475/2019Q3/UPWK</ref>.
* U.S clients who start with U.S freelancers end up spending more when they start hiring from outside U.S, so they are introducing graduation path where they introduce clients with non-U.S freelancers when their stay in the platform matures.
* U.S clients who start by hiring U.S freelancers retains less.
* Sales team is mainly targeting U.S and Canadian companies.
* Sales team is mainly targeting U.S and Canadian companies.
=== GSV and client insights ===
* U.S clients who start with U.S freelancers end up spending more when they start hiring from outside U.S, so they are introducing graduation path where they introduce clients with non-U.S freelancers when their stay in the platform matures(Q&A).
* U.S clients who start by hiring U.S freelancers retains less(Q&A).


== Earnings Call Q4 2019 ==
== Earnings Call Q4 2019 ==
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== Earnings Call Q1 2020 ==
== Earnings Call Q1 2020 ==


==== GSV and Clients ====
=== Management remarks and Q&A ===


* GSV from small and mid-sized clients decreased 3% starting in March 9 and lasting through early April, compared to the average levels seen earlier in the quarter<ref>https://capedge.com/transcript/1627475/2020Q1/UPWK</ref>.
==== Management remarks ====
* Approximately one-third of Upwork GSV is generated from clients whose industries are classified by Goldman Sachs as Low Exposure to recession risk. Another one-third of its clients come from industries classified as Moderate Exposure while only 1% come from High Exposure classification.
* Approximately half of GSV comes from categories of work that are Essential to its clients while one-third come from categories that are Somewhat Essential.
* Pandemic started to impact the platform in the second week of March.
* The platform saw rebound in orders in the fourth week of March.
* Many prospective clients have either never heard of Upwork or believe Upwork is a site for small gigs.
* Saw softness in Q1 as a result of "the pandemic's immediate impact on larger companies' general willingness to sign new contracts."
* Some businesses moved their staff to Upwork to take advantage of its tools.
* Saw uptick in GSV from mid-market and larger customers.


==== Other ====
* Had approximately 2,000 team members<ref>https://capedge.com/transcript/1627475/2020Q1/UPWK</ref>.
* Had approximately 2,000 team members.
* Gartner CFO study found that 74% of companies plan to shift to more remote work after the pandemic.
* Gartner CFO study found that 74% of companies plan to shift to more remote work after the pandemic.
* Citrix poll found that 28% who started working remotely plans to seek remote jobs after the pandemic.
* Citrix poll found that 28% who started working remotely plans to seek remote jobs after the pandemic.
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* The company withdrew annual guidance due to unpredictability of macro environment as a result of Covid but provided guidance for the second quarter.
* The company withdrew annual guidance due to unpredictability of macro environment as a result of Covid but provided guidance for the second quarter.
* Saw 70% increase in brand awareness among the targeted buyers.
* Saw 70% increase in brand awareness among the targeted buyers.
==== Q&A ====
* Anticipate that dynamic and flexible working will be the rule going forward.
* Anticipate that dynamic and flexible working will be the rule going forward.
* Upwork does not only provide freelancers and IC compliance, but also has employer of record and payrolling  solution.
* Upwork does not only provide freelancers and IC compliance, but also has employer of record and payrolling  solution.
* Some of the big themes they saw were around IT, marketing and content and customer support.
* Some of the big themes they saw were around IT, marketing and content and customer support.
=== GSV and Clients ===
* GSV from small and mid-sized clients decreased 3% starting in March 9 and lasting through early April, compared to the average levels seen earlier in the quarter(MR).
* Approximately one-third of Upwork GSV is generated from clients whose industries are classified by Goldman Sachs as Low Exposure to recession risk. Another one-third of its clients come from industries classified as Moderate Exposure while only 1% come from High Exposure classification(MR).
* Approximately half of GSV comes from categories of work that are Essential to its clients while one-third come from categories that are Somewhat Essential(MR).
* Pandemic started to impact the platform in the second week of March(MR).
* The platform saw rebound in orders in the fourth week of March(MR).
* Many prospective clients have either never heard of Upwork or believe Upwork is a site for small gigs(MR).
* Saw softness in Q1 as a result of "the pandemic's immediate impact on larger companies' general willingness to sign new contracts."(MR)
* Some businesses moved their staff to Upwork to take advantage of its tools(MR).
* Saw uptick in GSV from mid-market and larger customers(Q&A).


== Earnings Call Q2 2020 ==
== Earnings Call Q2 2020 ==


==== GSV and Clients ====
=== Management remarks and Q&A ===


* Spend from new clients was the largest contributor to GSV as they onboarded a record number of them<ref>https://capedge.com/transcript/1627475/2020Q2/UPWK</ref>.
==== Management remarks ====
* GSV was also supported by retained clients. Upwork onboarded 4,000 of them to its core client roaster.
* Some clients pulled back spend due to macro economic factors.
* Began to exceed "pre-crisis levels on numerous top line activity metrics such as client registrations and new job post in early to mid April."
* Entered into partnership with Citrix and that grants them opportunity to land its clients.
* Product sizes holds steady but seeing a shift in favor of high value work.
* Approximately 80% of the work in the platform comes from categories conisdered as essential or somewhat essential.
* The premium for having workers from the Top 15 most expensive cities in U.S is 40% compared to other geographies.


==== Other ====
* Seismic trends towards remote and flexible work continue to work in Upwork's favor as illustrated in their Fourth Annual Future Workforce report<ref>https://capedge.com/transcript/1627475/2020Q2/UPWK</ref>.
 
* Seismic trends towards remote and flexible work continue to work in Upwork's favor as illustrated in their Fourth Annual Future Workforce report.
* Expanded the availability of employer of record to all customers.
* Expanded the availability of employer of record to all customers.
* Saw a huge global demand for technical talent.
* Saw a huge global demand for technical talent.
* Debuted Upwork Expert-Vetted Talent.
* Debuted Upwork Expert-Vetted Talent.
==== Q&A ====
* CFO Brian Kinion seems to have been fired? "I think there's little concern about the transition and maybe just talk through this, from your perspective, that'd be helpful?" Brent Thill from Jefferies asked. "I haven't decided what's next. I'm going to take some time over with my families. And I'll be very good and happy Upwork shareholder as well, " Kinion responded. "I think Brian's been an incredible partner and I think we've been having a lot of conversations since I stepped into the CEO role about the direction of the Company and our focus right now on really driving strategic growth priorities. And I'm excited that Jeff is really bringing in a strategic lens to financial leadership," Hayden Brown added.
* CFO Brian Kinion seems to have been fired? "I think there's little concern about the transition and maybe just talk through this, from your perspective, that'd be helpful?" Brent Thill from Jefferies asked. "I haven't decided what's next. I'm going to take some time over with my families. And I'll be very good and happy Upwork shareholder as well, " Kinion responded. "I think Brian's been an incredible partner and I think we've been having a lot of conversations since I stepped into the CEO role about the direction of the Company and our focus right now on really driving strategic growth priorities. And I'm excited that Jeff is really bringing in a strategic lens to financial leadership," Hayden Brown added.
* Anticipating the economy to get worse in Q3 due to 30 million unemployed Americans,  stimulus programs largely dried up and no forthcoming from small businesses.
* Anticipating the economy to get worse in Q3 due to 30 million unemployed Americans,  stimulus programs largely dried up and no forthcoming from small businesses.
* Used cost-savings from shift to remote work to drive brand awareness.
* Used cost-savings from shift to remote work to drive brand awareness.
* Increased search speed resuts by 10% .
* Increased search speed results by 10% .
* Matching of talent with clients is based on talen's profile and how their matching algorithms consume and process profile information.
* Matching of talent with clients is based on talen's profile and how their matching algorithms consume and process profile information.
* 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.
=== GSV and Clients ===
* Spend from new clients was the largest contributor to GSV as they onboarded a record number of them(MR).
* GSV was also supported by retained clients. Upwork onboarded 4,000 of them to its core client roaster(MR).
* Some clients pulled back spend due to macro economic factors(MR).
* Began to exceed "pre-crisis levels on numerous top line activity metrics such as client registrations and new job post in early to mid April."(MR)
* Entered into partnership with Citrix and that grants them opportunity to land its clients(Q&A).
* Product sizes holds steady but seeing a shift in favor of high value work(Q&A).
* Approximately 80% of the work in the platform comes from categories conisdered as essential or somewhat essential(Q&A).
* The premium for having workers from the Top 15 most expensive cities in U.S is 40% compared to other geographies(Q&A).


== Earnings Call Q3 2020 ==
== Earnings Call Q3 2020 ==
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* Increase in hourly rates has been relatively consistent over the last several years(Q&A).
* Increase in hourly rates has been relatively consistent over the last several years(Q&A).
* But growth in the business is expected to come from both, increased in the number of jobs and average spend per client(Q&A).
* But growth in the business is expected to come from both, increased in the number of jobs and average spend per client(Q&A).
== Definitions ==
MR: Stands for management remarks.
Q&A: Stands for questions and answers.


== References ==
== References ==
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