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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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== Earnings Call Q4 2021 == | == Earnings Call Q4 2021 == | ||
=== Management remarks === | === Management remarks and Q&A === | ||
==== Management remarks ==== | |||
* Surpassed $15 billion in lifetime talent earnings on Upwork<ref>https://capedge.com/transcript/1627475/2021Q4/UPWK</ref>. | * Surpassed $15 billion in lifetime talent earnings on Upwork<ref>https://capedge.com/transcript/1627475/2021Q4/UPWK</ref>. | ||
* Launched the perfect fit brand campaign awareness during the quarter. | * Launched the perfect fit brand campaign awareness during the quarter. | ||
* Their CAGR rate target is 25% for the next three years. | * Their CAGR rate target is 25% for the next three years. | ||
=== Q&A === | ==== Q&A ==== | ||
* Every quarter they have seen increase in the number of customers who come in through Project Catalog. | * Every quarter they have seen increase in the number of customers who come in through Project Catalog. | ||
* Categories like accounting and consulting grew 72% y/y. | * Categories like accounting and consulting grew 72% y/y. | ||
* It is a favarable environment to be making brand investments. | * It is a favarable environment to be making brand investments. | ||
* Signal metrics they are looking in brand investment include traffic, client registrations, pre-rental registrations, and branded search queries. | * Signal metrics they are looking in brand investment include traffic, client registrations, pre-rental registrations, and branded search queries. | ||
* Believe Upwork can deliver 30% to 35% long-term EBITDA margins. | * Believe Upwork can deliver 30% to 35% long-term EBITDA margins. | ||
* 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." | ||
* 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. | ||
* Seasonality(eg Covid) not playing out in enterprise business growth. | * Seasonality(eg Covid) not playing out in enterprise business growth. | ||
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* Don't hear anything about competitors such as LinkedIn from clients. | * 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." | * Dynamics and trends in the business "weren't meaningfully driven by the surge in Omicron." | ||
=== GSV and Clients Insights === | |||
* 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). | |||
* 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). | |||
* $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). | |||
* 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). | |||
== References == | == References == | ||