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== Earnings Call Q1 2020 ==
== Earnings Call Q1 2020 ==


=== Management Prepared Remarks ===
==== GSV and Clients ====
* Had approximately 2,000 team members<ref>https://capedge.com/transcript/1627475/2020Q1/UPWK</ref>.
 
* 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>.
* 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.
 
==== Others ====
* 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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* Saw an influx of new freelancers.
* 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.
* Lauched Work Together Talent Grants program, which offers grants of $1 million to clients that hire Upwork freelancers to work on Covid-related projects.
* Some businesses moved their staff to Upwork to take advantage of its tools.
* Pandemic started to impact the platform in the second week of March.
* The platform saw rebound in orders in the fourth week of March.
* 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.
* 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.
* 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."
* Paused sales team hiring.
* Paused sales team hiring.
* Q1 revenue was reduced by approximately 1% by Covid.
* 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.
* The company withdrew annual guidance due to unpredictability of macro environment as a result of Covid but provided guidance for the second quarter.
=== Questions and Answers ===
* Saw 70% increase in brand awareness among the targeted buyers.
* Saw 70% increase in brand awareness among the targeted buyers.
* Saw uptick in GSV from mid-market and larger customers.
* 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.
== Earnings Call Q2 2020 ==
==== GSV and Clients ====
* 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>.
* 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.
==== Others ====
* 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.
* Saw a huge global demand for technical talent.
* Debuted Upwork Expert-Vetted Talent.
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== References ==
== References ==
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