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Upwork: Summary of Old Reports/ Conference Calls (view source)

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== Earnings Call Q4 2020 ==
== Earnings Call Q4 2020 ==


==== GSV and Clients ====
=== Management remarks and Q&A ===
 
* Clients acquired in Q4 spent 10% more per client than clients acquired in Q4 2019<ref>https://capedge.com/transcript/1627475/2020Q4/UPWK</ref>.
* Upwork typically experiences slowdown started from November and peaking in the last two weeks of December, but was not existent this year probably due to Covid restrictions "reducing holiday travel and social gatherings and increasing the amount of work that was being done during this period relative to prior years."
* Bullish on GSV growth opportunities.
* Client spend is broad-based across all cohorts.
 
=== Other ===


==== Management remarks ====
* Q4 revenue grew 32% y/y to $106 million, the best growth y/y since going public.
* Q4 revenue grew 32% y/y to $106 million, the best growth y/y since going public.
* Seing openness across spectrum to hire freelancers.
* Seing openness across spectrum to hire freelancers.
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* Expanded direct contracts to include hourly jobs.
* Expanded direct contracts to include hourly jobs.
* Launche project catalog across 300 marketplaces one month earlier than planned.
* Launche project catalog across 300 marketplaces one month earlier than planned.
* Bring your own talent has seen 400% growth since inception.
* Reception of project catalog has been positive.
* Reception of project catalog has been positive.
* Launched integrated onboarding process that reduced start time on payroll contracts from 9 days to 2.5 days.
* Launched integrated onboarding process that reduced start time on payroll contracts from 9 days to 2.5 days.
* Landed a global tech firm that onboarded 1,000 freelancers "running over $1 million through this BYOT product all within Q4."
* Landed a global tech firm that onboarded 1,000 freelancers "running over $1 million through this BYOT product all within Q4."
* Partnered with Zoom to integrate Zoom videos and communication tools into Upwork.
* Partnered with Zoom to integrate Zoom videos and communication tools into Upwork.
* Bring your own talent has seen 400% growth since inception.
 
==== Q&A ====
* Project catalog will push up take rate as majority of the contracts are in the higher-tiers.
* Project catalog will push up take rate as majority of the contracts are in the higher-tiers.
* Influx of talent over the last year continues to be strong.
* Influx of talent over the last year continues to be strong.
* Hayden Brown indirectly points to Fiverr as its largest competitor, but points out that it outnumbers it when it comes to GSV, revenue and number of talents.
* Hayden Brown indirectly points to Fiverr as its largest competitor, but points out that it outnumbers it when it comes to GSV, revenue and number of talents.
* Brown notes that Upwork has certain features that differentiate it from competitors eg being a platform of both small and large projects and having built trust with clients and freelancers for a very long time.
* Brown notes that Upwork has certain features that differentiate it from competitors eg being a platform of both small and large projects and having built trust with clients and freelancers for a very long time.
=== GSV and Clients ===
* Clients acquired in Q4 spent 10% more per client than clients acquired in Q4 2019(MR).
* Upwork typically experiences slowdown started from November and peaking in the last two weeks of December, but was not existent this year probably due to Covid restrictions "reducing holiday travel and social gatherings and increasing the amount of work that was being done during this period relative to prior years."(MR)
* Bullish on GSV growth opportunities(MR).
* Client spend is broad-based across all cohorts(Q&A).


== Earnings Call Q1 2021 ==
== Earnings Call Q1 2021 ==


=== Management remarks ===
=== Management remarks and Q&A ===
 
==== Management remarks ====


* Revenue grew 37% y/y to $114 million while GSV grew 41% y/y to $787 million, marking the third consequtive quarter of acceleration<ref>https://capedge.com/transcript/1627475/2021Q1/UPWK</ref>.
* Revenue grew 37% y/y to $114 million while GSV grew 41% y/y to $787 million, marking the third consequtive quarter of acceleration<ref>https://capedge.com/transcript/1627475/2021Q1/UPWK</ref>.
* Started calling the platform the work marketplace.
* Started calling the platform the work marketplace.
* Pandemic changed the work forever, accelerating adoption of freelancers not just to perform traditional freelance jobs but also high level jobs.
* Pandemic changed the work forever, accelerating adoption of freelancers not just to perform traditional freelance jobs but also high level jobs.
* Grew new clients by 55%, marking fourth consequtive growth acceleration.
* SEM-acquired new clients increased by 113% q/q in Q1.
* Meaningfully lowered cost per acquisition.
* Meaningfully lowered cost per acquisition.
* Grew core clients by 7,000 or 61% y/y.
* Enterprise clients grew 40% q/q, strongest quarter ever.
* Number of active freelancers grew significantly during the quarter.
* Number of active freelancers grew significantly during the quarter.
* Bullish about investment opportunities in front of them.
* Bullish about investment opportunities in front of them.


=== Q&A ===
==== Q&A ====


* Too early to give feedback on performance of project catalog but they have noticed that it's additive to the market place.
* Too early to give feedback on performance of project catalog but they have noticed that it's additive to the market place.
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* Every job category is growing.
* Every job category is growing.
* Brand awareness focus is on U.S market but also doing some advertising in English speaking international markets.
* Brand awareness focus is on U.S market but also doing some advertising in English speaking international markets.
* Client retention has been historically above 100%, which gives them visibility on how the future will perform.
 
=== GSV and Clients Insights ===
 
* Grew new clients by 55%, marking fourth consequtive growth acceleration(MR).
* SEM-acquired new clients increased by 113% q/q in Q1(MR)
* Grew core clients by 7,000 or 61% y/y(MR).
* Enterprise clients grew 40% q/q, strongest quarter ever(MR).
* Client retention has been historically above 100%, which gives them visibility on how the future will perform(Q&A).


== Earnings Call Q2 2021 ==
== Earnings Call Q2 2021 ==


=== Management remarks ===
=== Management remarks and Q&A ===
 
==== Management remarks ====


* Revenue grew by 42% y/y<ref>https://capedge.com/transcript/1627475/2021Q2/UPWK</ref>.
* Revenue grew by 42% y/y<ref>https://capedge.com/transcript/1627475/2021Q2/UPWK</ref>.
* GSV grew by 50% y/y, driven by what they believe to be permanent changes to how work is done.
* Launched Talent Scout, which is less expensive compared to traditional staffing agencies.
* Launched Talent Scout, which is less expensive compared to traditional staffing agencies.
* Raised addressable market from $1 trillion to $1.3 trillion.
* Single strategic priority remains to be innovating, scaling and promoting the work marketplace.
* Single strategic priority remains to be innovating, scaling and promoting the work marketplace.


=== Q&A ===
==== Q&A ====


* 10% of new customers are coming in through project catalog.
* Project Catalog customers are not just buying catalogs but also cross-buying other main products in the marketplace.
* Project Catalog customers are not just buying catalogs but also cross-buying other main products in the marketplace.
* It's still early to see if Project Catalog is having an impact on GSV but generally, the impact is expected to be positive.
* They are seeing a slight drop in GSV from Q2 to Q3 as clients and vacations and summer travel.That has been a seaonal trend since 2018.
* They are seeing a slight drop in GSV from Q2 to Q3 as clients and vacations and summer travel.That has been a seaonal trend since 2018.
* A lot of the jobs posted by enterprise clients are in design and creative category.
* 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.
 
=== GSV and Clients Insights ===
 
* GSV grew by 50% y/y, driven by what they believe to be permanent changes to how work is done(MR).
* Raised addressable market from $1 trillion to $1.3 trillion(MR).
* It's still early to see if Project Catalog is having an impact on GSV but generally, the impact is expected to be positive(Q&A).
* A lot of the jobs posted by enterprise clients are in design and creative category(Q&A).
* Slowdown in GSV growth normally happens at the beginning of Q1 also as people take time to resume work after the holoday(Q&A).
* 10% of new customers are coming in through project catalog(Q&A).


== Earnings Call Q3 2021 ==
== Earnings Call Q3 2021 ==


=== Management remarks ===
=== Management remarks and Q&A ===
 
==== 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<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.
* Organizations are realizing that full-time roles will be left behind.
* Introduced talent virtual bench, a collection of tools to aid client-talent relationship.
* 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
* Ratio of independent talent to employees is 2:1
* Has 2,000 employess distributed in more than 80 countries.
* Has 2,000 employess distributed in more than 80 countries.


=== Q&A ===
==== 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 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.
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* Thinking about launching boosted proposals tool.
* Thinking about launching boosted proposals tool.
* Also working on availability badges.
* 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%.
* Seeing great progress with talent scout. Reduced time to deliver by 30%.


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*  
*  
=== GSV and Clients Insights ===
* GSV rose 38% y/y to 904 million(MR).
* Leading lodging company superpassed $10 million in spend within the first year of being Upwork's customer(MR).
* Customers who spent $1 million or more in the trailing 12 months up 11% q/q(MR).
* 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(Q&A).


== Earnings Call Q4 2021 ==
== Earnings Call Q4 2021 ==
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