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

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

Revision as of 19:36, 23 June 2023

405 bytes added , 23 June 2023

no edit summary

VisualWikitext

Aron

Administrators

6,294

edits

@@ Line 25: / Line 25: @@
 == Earnings Call Q3 2018 ==
-=== Management remarks and Q&A ===
+=== GSV and client insights ===
+* '''SMBs represented at least 80% of GSV in 2017'''(MR)<ref>https://capedge.com/transcript/1627475/2018Q3/UPWK</ref>.
-==== Q&A ====
+* Upwork has 4 segment of customers: very small businesses or VSBS( <10 employees), Small Businesses(10 to 100 employees), in-market(100 to 1,000 employees), large businesses(above 1,000)(Q&A).
+* Stephane Kasriel said that '''bigger companies tend to be a little bit more risk-averse than smaller companies when hiring freelancers from different countries''' i.e U.S clients preferred U.S freelancers. "And so what we see is as our business grows faster with bigger companies, we see more and more interest in this type of domestic hiring, " he said(Q&A).
+* U.S is their number one geography for clients and freelancers(Q&A).
+* '''Enterprise business growing faster than the overall business''' but it will take several years before it becomes 50% plus of the business(Q&A).
-* escrow is a big competitive advantage<ref>https://capedge.com/transcript/1627475/2018Q3/UPWK</ref>.
+=== Payment Protection ===
-==== GSV and client insights ====
+* escrow is a big competitive advantage(Q&A).
-* SMBs represented at least 80% of GSV in 2017(MR).
-* Upwork has 4 segment of customers: very small businesses or VSBS( <10 employees), Small Businesses(10 to 100 employees), in-market(100 to 1,000 employees), large businesses(above 1,000)(Q&A).
-* Stephane Kasriel said that bigger companies tend to be a little bit more risk-averse than smaller companies when hiring freelancers from different countries i.e U.S clients preferred U.S freelancers. "And so what we see is as our business grows faster with bigger companies, we see more and more interest in this type of domestic hiring, " he said(Q&A).
-* U.S is their number one geography for clients and freelancers(Q&A).
-* Enterprise business growing faster than the overall business but it will take several years before it becomes 50% plus of the business(Q&A).
 == Earnings Call Q4 2018 ==
-=== Management remarks and Q&A ===
+=== Numbers, Insights, Strategy ===
-==== Management remarks ====
+* Enterprises today spend an estimated 3.5 trillion on contingent labor. According to Upwork CEO(MR)<ref>https://capedge.com/transcript/1627475/2018Q4/UPWK</ref>.
-* Enterprises today spend an estimated 3.5 trillion on contingent labor. According to Upwork CEO<ref>https://capedge.com/transcript/1627475/2018Q4/UPWK</ref>.
+=== GSV and client insights ===
-* New integration into Microsoft 365 freelance toolkit (Power BI, Microsoft Teams, SharePoint and Flow) accessible for Upwork Enterprise clients.
-* New help me hire feature which allows clients to integrate a coworker/freelancer into the hiring process driver over 10,000 hiring managers sign-ups so far.
-* Relaunched mobile freelance ios app and planned launch of mobile freelance android app & client ios and android apps.
-* Macro tailwinds. (link to future work 2019 report). Young hiring managers are twice as likely to engage with freelancers.
-=== GSV and client insights ===
+* '''A big part of SMB are in IT and are cross-border'''(Q&A).
-* A big part of SMB are in IT and are cross-border(Q&A).
 * Building enterprise business where a big part are non-IT and domestic hiring-specific(Q&A).
-== Earnings Call Q1 2019 ==
+=== Product ===
+* New integration into Microsoft 365 freelance toolkit (Power BI, Microsoft Teams, SharePoint and Flow) accessible for Upwork Enterprise clients(MR).
+* New help me hire feature which allows clients to integrate a coworker/freelancer into the hiring process driver over 10,000 hiring managers sign-ups so far(MR).
+* Relaunched mobile freelance ios app and planned launch of mobile freelance android app & client ios and android apps(MR).
-=== Management remarks and Q&A ===
+=== Macroeconomic Conditions ===
+* Macro tailwinds. (link to future work 2019 report). Young hiring managers are twice as likely to engage with freelancers(MR).
-==== Management remarks ====
+== Earnings Call Q1 2019 ==
-* 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.
+=== Numbers, Insights, Strategy ===
-==== Q&A ====
+* '''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(MR).
-* 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.
 === GSV and client insights ===
-* International business growing faster than U.S business(Q&A).
+* '''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).
-* 80% of business provided by companies that have less than 100 employees(Q&A).
+==== Freelancer Insights ====
+* '''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(Q&A).
+* '''Over 80% of freelancers have college degree(Q&A).'''
 == Earnings Call Q2 2019 ==
-=== Management remarks and Q&A ===
+=== Numbers, Insights, Strategy ===
+* '''There are over 50 companies that spend over a $1 million a year on the platform'''<ref>https://capedge.com/transcript/1627475/2019Q2/UPWK</ref>(Q&A).
+* Long-term target of 80%-85% gross margin(Q&A).
+* A huge part of gross margin growth will come from payment cost(credt card fees) reduction, hence if more clients adopt ACH payment, it helps with leverage(Q&A).
+* '''U.S domestic marketplace is 20% of the business and is growing at 35%(Q&A).'''
-==== Q&A ====
+=== GSV and client insights ===
-* 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.
-* Long-term target of 80%-85% gross margin.
-* A huge part of gross margin growth will come from payment cost(credt card fees), hence if more clients adopt ACH payment, it helps with leverage.
-* Client spend retention is much higher for enterprise than the overall marketplace, i.e the bigger the company the more the spend retention.
-* 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.
-=== GSV and client insights ===
+* '''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).
+* Client spend retention is much higher for enterprise than the overall marketplace, i.e the bigger the company the more the spend retention(Q&A).
 * 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).
+* '''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)
-* Gig work is a small portion of their overall GSV and don't believe gig work is the future of their business(Q&A)
+=== Brand marketing ===
+* '''Have low awareness within the traditional buyers of staffing services.''' These buyers don't also consider them as alternatives to staffing services(Q&A).
 == Earnings Call Q3 2019 ==
-=== Management remarks and Q&A ===
+=== Numbers, Insights, Strategy ===
-==== 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>.
-* 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).
-* 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).
+=== Brand Marketing ===
-* U.S clients who start by hiring U.S freelancers retains less(Q&A).
+* Sales team is mainly targeting U.S and Canadian companies(Q&A).
 == Earnings Call Q4 2019 ==
-=== Management remarks and Q&A ===
+=== Numbers, Insights, Strategy ===
+* Persuing $560 million worth of jobs that can be done remotely(MR)<ref>https://capedge.com/transcript/1627475/2019Q4/UPWK</ref>.
-==== Management remarks ====
+* Hayden believe they can sustain 20%+ y/y growth rate(MR).
+* Typical transaction losses range has been 1-2%(MR).
-* Persuing $560 million worth of jobs that can be done remotely<ref>https://capedge.com/transcript/1627475/2019Q4/UPWK</ref>.
-* Hayden believe they can sustain 20%+ y/y growth rate.
-* '''After taking up CEO position, she made significant organizational changes.'''
-* Hayden said, "within Upwork, I am known for bold leadership, a long-term strategic focus, and my deep passion for our mission and our business."
-* It takes about 6 months for a new rep to ramp to full productivity.
-* Hayden Brown came up with new strategy upon becoming CEO: "number one, attract more, bigger clients; number two, enable more spend per client; and number three, make more high-quality matches, particularly in our technical categories of web, mobile, and software development."
-* Launched brand campaign which targets staffing clients.
-* Typical transaction losses range has been 1-2%.
-* Hayden Brown said she speaks with both large and small clients everyday.
-==== Q&A ====
-* Its Customer Advisory Board is made up of representatives from its biggest clients.
 === GSV and Clients Insights ===
-* Over 85% of Upwork's GSV was derived from larger engagements and complex projects(MR).
+* '''Over 85% of Upwork's GSV was derived from larger engagements and complex projects'''(MR).
 * Demand for Upwork services has always been and continues to be strong among small businesses but the tides are turning in larger company contexts(MR).
 * One third of fortune 500 companies are Upwork clients(MR).
@@ Line 136: / Line 121: @@
 * Main focus is to improve client spend retention rate(Q&A).
-== Earnings Call Q1 2020 ==
+=== Management and Culture ===
+*'''After taking up CEO position, she made significant organizational changes'''(MR)'''.'''
+* Hayden said, "within Upwork, '''I am known for bold leadership''', a long-term strategic focus, and my deep passion for our mission and our business."(MR)
+* Hayden Brown came up with '''new strategy upon becoming CEO: "number one, attract more, bigger clients; number two, enable more spend per client; and number three, make more high-quality matches, particularly in our technical categories of web, mobile, and software development."'''(MR)
+* Hayden Brown said she speaks with both large and small clients everyday.(MR)
+* Its Customer Advisory Board is made up of representatives from its biggest clients(Q&A).
-=== Management remarks and Q&A ===
+=== Brand Marketing ===
+* It takes about 6 months for a new rep to ramp to full productivity(MR).
+* Launched brand campaign which targets staffing clients(MR).
-==== Management remarks ====
+== Earnings Call Q1 2020 ==
-* Had approximately 2,000 team members<ref>https://capedge.com/transcript/1627475/2020Q1/UPWK</ref>.
-* 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.
-* Accelerated hourly contract payments of top rated freelancers by 50%.
-* Launched direct contracts.
-* Saw an influx of new freelancers.
-* Lauched Work Together Talent Grants program, which offers grants of $1 million to clients that hire Upwork freelancers to work on Covid-related projects.
-* Paused sales team hiring.
-* Q1 revenue was reduced by approximately 1% by Covid.
-* 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.
-==== Q&A ====
+=== Numbers, Insights, Strategy ===
-* Anticipate that dynamic and flexible working will be the rule going forward.
+* Gartner CFO study found that 74% of companies plan to shift to more remote work after the pandemic(MR)<ref>https://capedge.com/transcript/1627475/2020Q1/UPWK</ref>.
-* Upwork does not only provide freelancers and IC compliance, but also has employer of record and payrolling  solution.
+* Citrix poll found that 28% who started working remotely plans to seek remote jobs after the pandemic(MR).
-* Some of the big themes they saw were around IT, marketing and content and customer support.
+* Q1 revenue was reduced by approximately 1% by Covid(MR).
+* '''The company withdrew annual guidance due to unpredictability of macro environment as a result of Covid''' but provided guidance for the second quarter(MR).
+* Accelerated hourly contract payments of top rated freelancers by 50%(MR).
+* '''Some of the big themes they saw were around IT, marketing and content and customer support'''(Q&A).
+* Anticipate that dynamic and flexible working will be the rule going forward(Q&A).
 === 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 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).
+* '''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).
@@ Line 171: / Line 154: @@
 * 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).
+=== Employees ===
+* Had approximately 2,000 team members(MR).
+* Paused sales team hiring(MR).
+=== Product ===
+* Launched direct contracts(MR).
+* Lauched Work Together Talent Grants program, which offers grants of $1 million to clients that hire Upwork freelancers to work on Covid-related projects(MR).
+=== Brand Marketing ===
+* '''Saw 70% increase in brand awareness among the targeted buyers'''(MR).
+=== Freelancer Insights ===
+* '''Saw an influx of new freelancers'''(MR).
+* Upwork does not only provide freelancers and IC compliance, but also has employer of record and payrolling  solution(Q&A).
 == Earnings Call Q2 2020 ==