Upwork: Conferences/Canaccord Genuity

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Here is a summary of what was discussed in the conference held on August 9, 2023.

Macro (minute 2:30-4:41)

• Q2 was similar to Q1 in terms of macroeconomic trends.
• In Q2, enterprise clients continued trend seen in Q1.
• They observed resilience in self-service marketplace in Q2.
• Outlook does not include seasonal strengths i.e outlook doesn't depend on macro improving from here.

AI (min 6:30)

• AI contribution to GSV is currently small but runway is large.
• Very early days to talk about success of its partnership with OpenAI but engagement is strong.

New Price Structure (Min 11:32-13:44)

• Goal of price change was to simplify price structure and unlock client demand.

• Reception of price change has been successful.
• Take rate will come up gradually as price change takes effect.

Enterprise Business (min 13:45)

• Enterprise business is in a good place of stability.
• New enterprise business GM is exceptionally strong and well positioned to drive the business.
• It will be multiple quarters before her work begins showing results.

Q2 2023 results (min 19:31)

• The good results were due to sequentiall growth& resilience in activity eg average hours per contract grew, monetization efforts boring fruits eg new pricing strucure and cost management.

Difference with Fiverr (min 21:49)

• Their focus is in large and complex projects, and long-term work.
• They also have full-time hiring.