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Upwork: Summary of Old Reports/ Conference Calls: Difference between revisions
Upwork: Summary of Old Reports/ Conference Calls (view source)
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* Having positive impacts from brand campaigns. | * Having positive impacts from brand campaigns. | ||
* Slowdown in GSV growth normally happens at the beginning of Q1 also as people take time to resume work after the holoday. | * Slowdown in GSV growth normally happens at the beginning of Q1 also as people take time to resume work after the holoday. | ||
== Earnings Call Q3 2021 == | |||
=== Management remarks === | |||
* GSV rose 38% y/y to 904 million<ref>https://capedge.com/transcript/1627475/2021Q3/UPWK</ref>. | |||
* 10 million Americans considering leaving their full-time jobs in an attempt to gain flexibility. | |||
* Organizations are realizing that full-time roles will be left behind. | |||
* Introduced talent virtual bench, a collection of tools to aid client-talent relationship. | |||
* Leading lodging company superpassed $10 million in spend within the first year of being Upwork's customer. | |||
* Customers who spent $1 million or more in the trailing 12 months up 11% q/q. | |||
* 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. | |||
* 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. | |||
* Seeing great progress with talent scout. Reduced time to deliver by 30%. | |||
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