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== Earnings Call Q1 2021 ==
== Earnings Call Q1 2021 ==


=== Management remarks and Q&A ===
=== Numbers, Insights, Strategy ===
* Revenue grew 37% y/y to $114 million while GSV grew 41% y/y to $787 million, marking the third consequtive quarter of acceleration(MR)<ref>https://capedge.com/transcript/1627475/2021Q1/UPWK</ref>.
* Started calling the platform the work marketplace(MR).
* Pandemic changed the work forever, accelerating adoption of freelancers not just to perform traditional freelance jobs but also high level jobs(MR).
* Meaningfully lowered cost per acquisition(MR).
* Number of active freelancers grew significantly during the quarter(MR).
* Bullish about investment opportunities in front of them(MR).
* Every cohort eg client retention rate(from 102% to 106%) has accelerated y/y(Q&A).
* Work marketplace is aimed at defining Upwork category and raising awareness about the breadth of the platform. It's not about shifting their strategy(Q&A).
* Every job category is growing(Q&A).


==== Management remarks ====
=== Product ===
* Too early to give feedback on performance of project catalog but they have noticed that it's additive to the market place(Q&A).


* Revenue grew 37% y/y to $114 million while GSV grew 41% y/y to $787 million, marking the third consequtive quarter of acceleration<ref>https://capedge.com/transcript/1627475/2021Q1/UPWK</ref>.
=== Brand Campaign ===
* Started calling the platform the work marketplace.
* Brand awareness focus is on U.S market but also doing some advertising in English speaking international markets(Q&A).
* Pandemic changed the work forever, accelerating adoption of freelancers not just to perform traditional freelance jobs but also high level jobs.
* Meaningfully lowered cost per acquisition.
* Number of active freelancers grew significantly during the quarter.
* Bullish about investment opportunities in front of them.
 
==== Q&A ====
 
* Too early to give feedback on performance of project catalog but they have noticed that it's additive to the market place.
* Every cohort eg client retention rate(from 102% to 106%) has accelerated y/y.
* Work marketplace is aimed at defining Upwork category and raising awareness about the breadth of the platform. It's not about shifting their strategy.
* Every job category is growing.
* Brand awareness focus is on U.S market but also doing some advertising in English speaking international markets.


=== GSV and Clients Insights ===
=== GSV and Clients Insights ===
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* Grew core clients by 7,000 or 61% y/y(MR).
* Grew core clients by 7,000 or 61% y/y(MR).
* Enterprise clients grew 40% q/q, strongest quarter ever(MR).
* Enterprise clients grew 40% q/q, strongest quarter ever(MR).
* Client retention has been historically above 100%, which gives them visibility on how the future will perform(Q&A).
* '''Client retention has been historically above 100%, which gives them visibility on how the future will perform'''(Q&A).


== Earnings Call Q2 2021 ==
== Earnings Call Q2 2021 ==


==== Numbers, Insights, Strategy ====
=== Numbers, Insights, Strategy ===


* Revenue grew by 42% y/y<ref>https://capedge.com/transcript/1627475/2021Q2/UPWK</ref>. (MR)
* Revenue grew by 42% y/y<ref>https://capedge.com/transcript/1627475/2021Q2/UPWK</ref>. (MR)
* Single strategic priority remains to be innovating, scaling and promoting the work marketplace. (MR)
* Single strategic priority remains to be innovating, scaling and promoting the work marketplace. (MR)


==== GSV and Clients Insights ====
=== GSV and Clients Insights ===


* '''GSV grew by 50% y/y,''' driven by what they believe to be permanent changes to how work is done(MR).
* '''GSV grew by 50% y/y,''' driven by what they believe to be permanent changes to how work is done(MR).
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* '''10% of new customers are coming in through project catalog(Q&A)'''.
* '''10% of new customers are coming in through project catalog(Q&A)'''.


==== Product ====
=== Product ===


* Project Catalog customers are not just buying catalogs but also cross-buying other main products in the marketplace.(Q&A)  
* Project Catalog customers are not just buying catalogs but also cross-buying other main products in the marketplace.(Q&A)  


==== Marketing ====
=== Marketing ===


* Launched Talent Scout, which is less expensive compared to traditional staffing agencies.(MR)  
* Launched Talent Scout, which is less expensive compared to traditional staffing agencies.(MR)  
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== Earnings Call Q3 2021 ==
== Earnings Call Q3 2021 ==


=== Management remarks and Q&A ===
=== Numbers, Insights, Strategy ===
 
* 10 million Americans considering leaving their full-time jobs in an attempt to gain flexibility(MR)<ref>https://capedge.com/transcript/1627475/2021Q3/UPWK</ref>.
==== Management remarks ====
* Organizations are realizing that full-time roles will be left behind(MR).
 
* Hayden said the war for talent(labor shortage) is a tailwind to Upwork. But the shortage was there before Covid and during Covid. So it's not something new to the platform(Q&A).
* 10 million Americans considering leaving their full-time jobs in an attempt to gain flexibility<ref>https://capedge.com/transcript/1627475/2021Q3/UPWK</ref>.
* Organizations are realizing that full-time roles will be left behind.
* Introduced talent virtual bench, a collection of tools to aid client-talent relationship.
* Ratio of independent talent to employees is 2:1
* Has 2,000 employess distributed in more than 80 countries.
 
==== Q&A ====
 
* Hayden said the war for talent(labor shortage) is a tailwind to Upwork. But the shortage was there before Covid and during Covid. So it's not something new to the platform.
* Hayden said Upwork has single-digit brand awareness, meaning most companies are still not aware of what it does.
* Will  double brand awareness spend in Q4.
* Will expand the enterprise sales team in 2022.
* Don't expect return to office to affect the demand for its talent.
* Brand awareness spend is a multi-quarter, potentially multi-year type of investment.
* Brand spend is not like performance spend, it doesn't provide immediate in-quarter return.
* Thinking about launching boosted proposals tool.
* Also working on availability badges.
* Seeing great progress with talent scout. Reduced time to deliver by 30%.
 
*
 
*


=== GSV and Clients Insights ===
=== GSV and Clients Insights ===
* GSV rose 38% y/y to 904 million(MR).
* GSV rose 38% y/y to 904 million(MR).
* Leading lodging company superpassed $10 million in spend within the first year of being Upwork's customer(MR).
* '''Leading lodging company superpassed $10 million in spend within the first year of being Upwork's customer'''(MR).
* Customers who spent $1 million or more in the trailing 12 months up 11% q/q(MR).
* Customers who spent $1 million or more in the trailing 12 months up 11% q/q(MR).
* The huge spend by client that spend $10 million within the first year has nothing to do with the services the company is offering but great execution by the land team(Q&A).
* The huge spend by client that spend $10 million within the first year has nothing to do with the services the company is offering but great execution by the land team(Q&A).


== Earnings Call Q4 2021 ==
=== Product ===
* Introduced talent virtual bench, a collection of tools to aid client-talent relationship(MR).
* Thinking about launching boosted proposals tool(Q&A).
* Also working on availability badges(Q&A).
* '''Seeing great progress with talent scout. Reduced time to deliver by 30%'''(Q&A).


=== Management remarks and Q&A ===
=== Employees ===
* Ratio of independent talent to employees is 2:1(MR).
* Has 2,000 employess distributed in more than 80 countries.


==== Management remarks ====
=== Brand Campaign ===
* Hayden said Upwork has single-digit brand awareness, meaning most companies are still not aware of what it does(Q&A).
* Will  double brand awareness spend in Q4(Q&A).
* Will expand the enterprise sales team in 2022(Q&A).
* Brand awareness spend is a multi-quarter, potentially multi-year type of investment(Q&A).
* Brand spend is not like performance spend, it doesn't provide immediate in-quarter return(Q&A).


* Surpassed $15 billion in lifetime talent earnings on Upwork<ref>https://capedge.com/transcript/1627475/2021Q4/UPWK</ref>.
=== Remote Work ===
* Launched the perfect fit brand campaign awareness during the quarter.
* Don't expect return to office to affect the demand for its talent(Q&A).
* Their CAGR rate target is 25% for the next three years.


==== Q&A ====
== Earnings Call Q4 2021 ==


* Every quarter they have seen increase in the number of customers who come in through Project Catalog.
=== Numbers, Insights, Strategy ===
* Categories like accounting and consulting grew 72% y/y.
* '''Surpassed $15 billion in lifetime talent earnings on Upwork'''(MR)<ref>https://capedge.com/transcript/1627475/2021Q4/UPWK</ref>.
* It is a favarable environment to be making brand investments.
* Their CAGR rate target is 25% for the next three years(MR).
* Signal metrics they are looking in brand investment include traffic, client registrations, pre-rental registrations, and branded search queries.
* Categories like accounting and consulting grew 72% y/y(Q&A).
* Believe Upwork can deliver 30% to 35% long-term EBITDA margins.
* Believe Upwork can deliver 30% to 35% long-term EBITDA margins(Q&A).
* 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."
* 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."(Q&A)
* Average spend per client increased by 15%, still in the 4,000 range.
* Average spend per client increased by 15%, still in the 4,000 range(Q&A).
* Seasonality(eg Covid) not playing out in enterprise business growth.
* Dynamics and trends in the business "weren't meaningfully driven by the surge in Omicron."(Q&A).
* 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."


=== GSV and Clients Insights ===
=== GSV and Clients Insights ===
* Lowered the time they expect to achieve $1 billion in revenue from 2025 to 2024(MR).
* Lowered the time they expect to achieve $1 billion in revenue from 2025 to 2024(MR).
* They are setting an enterprise revenue target of $300 million by 2025, 10% what they delivered in 2021(MR).
* '''They are setting an enterprise revenue target of $300 million by 2025, 10x what they delivered in 2021'''(MR).
* Seeing growth in all categories as companies struggle with talent shortage(Q&A).
* Seeing growth in all categories as companies struggle with talent shortage(Q&A).
* Clients spending over $100,000 per year grew 51% y/y(Q&A).
* Clients spending over $100,000 per year grew 51% y/y(Q&A).
* $1 million spenders grew 61% y/y(Q&A).
* '''$1 million spenders grew 61% y/y'''(Q&A).
* "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(Q&A).
* '''"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'''(Q&A).
* 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).
* Seasonality(eg Covid) not playing out in enterprise business growth(Q&A).
=== Product ===
* Every quarter they have seen increase in the number of customers who come in through Project Catalog(Q&A).
* Still early days to showcase the impact of boosted proposals and availability badges(Q&A).
=== Brand Campaign ===
* Launched the perfect fit brand campaign awareness during the quarter(MR).
* It is a favarable environment to be making brand investments(Q&A).
* Signal metrics they are looking in brand investment include traffic, client registrations, pre-rental registrations, and branded search queries(Q&A).
* Spent $47 million in brand marketing in 2021 and will spend $80 million in 2022(Q&A).
=== Freelancer Insights ===
* Talent dynamics is not slowing down. Weges is strong(Q&A).
=== Competition ===
* '''Don't hear anything about competitors such as LinkedIn from clients'''(Q&A).
* "Upwork talent quality is more superior than that of staffing agencies," said Hayden(Q&A).
* '''Upwork attractive than staffing agencies who have steep markups''' and this resonates well with clients(Q&A).


== Definitions ==
== Definitions ==
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