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Upwork:Quarterly Results/2023 Q2: Difference between revisions
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Here is a detailed summary of the earnings call<ref>https://seekingalpha.com/article/4623101-upwork-inc-upwk-q2-2023-earnings-call-transcript</ref>. | Here is a detailed summary of the earnings call<ref>https://seekingalpha.com/article/4623101-upwork-inc-upwk-q2-2023-earnings-call-transcript</ref>. | ||
=== Clients and GSV insights === | |||
* Active clients grew 2% y/y to 822,000(MR). | |||
*'''Growth in active clients was driven by y/y increase in retained clients, partially offset by flat growth in new clients'''(MR). | |||
*'''Retained clients were up 4% y/y'''(Q&A''').''' | |||
*'''Client acquisition was down less than 1% sequentially'''(Q&A)'''.''' | |||
* Active client number is a trailing 12-month number(Q&A). | |||
* One of their enterprise clients moved to managed service contract in Q2; hence the two will grow in aggregate in Q3(Q&A). | |||
*'''Expects GSV to be pretty much steady during the remainder of the year due to lapping of strong quarters. But this does not contemplate the changes to the macro environments(Q&A).''' | |||
=== Cost-saving measures === | === Cost-saving measures === | ||
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* GSV contribution by generative AI is small(Q&A). | * GSV contribution by generative AI is small(Q&A). | ||
* Upwork is talking with other generative AI providers who have clients who need generative AI talent. | * Upwork is talking with other generative AI providers who have clients who need generative AI talent. | ||
=== Numbers, Insights, Strategy === | === Numbers, Insights, Strategy === | ||
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* Q4 EBITDA margin tends to be higher than Q1 EBITDA margin(Q&A). | * Q4 EBITDA margin tends to be higher than Q1 EBITDA margin(Q&A). | ||
* Making pretty good returns on their cash balances due to high interest rates(Q&A). | * Making pretty good returns on their cash balances due to high interest rates(Q&A). | ||
=== Enterprise business === | |||
* Enterprise business added new clients like Mastercard, R.R. Donnelley, and Las Vegas Sands(MR). | |||
* Hired Zoë Diamadi as our new General Manager of Enterprise(MR). | |||
=== Macro environment === | === Macro environment === | ||
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* '''Their enterprise sales execution improved throughout the quarter'''(Q&A). | * '''Their enterprise sales execution improved throughout the quarter'''(Q&A). | ||
* Their revenue per account manager was up 100% q/q while productivity in the land team was up 13% q/q, with only one month operating under the optimized model(Q&A). | * Their revenue per account manager was up 100% q/q while productivity in the land team was up 13% q/q, with only one month operating under the optimized model(Q&A). | ||
=== Pricing Change === | === Pricing Change === | ||