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

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* Some businesses moved their staff to Upwork to take advantage of its tools(MR).
* Some businesses moved their staff to Upwork to take advantage of its tools(MR).
* Saw uptick in GSV from mid-market and larger customers(Q&A).
* Saw uptick in GSV from mid-market and larger customers(Q&A).
=== Product ===
* Launched direct contracts(MR).
* Lauched Work Together Talent Grants program, which offers grants of $1 million to clients that hire Upwork freelancers to work on Covid-related projects(MR).


=== Employees ===
=== Employees ===
* Had approximately 2,000 team members(MR).
* Had approximately 2,000 team members(MR).
* Paused sales team hiring(MR).
* Paused sales team hiring(MR).
=== Product ===
* Launched direct contracts(MR).
* Lauched Work Together Talent Grants program, which offers grants of $1 million to clients that hire Upwork freelancers to work on Covid-related projects(MR).


=== Brand Marketing ===
=== Brand Marketing ===
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== Earnings Call Q2 2020 ==
== Earnings Call Q2 2020 ==


=== Management remarks and Q&A ===
=== Numbers, Insights, Strategy ===
 
==== Management remarks ====
 
* Seismic trends towards remote and flexible work continue to work in Upwork's favor as illustrated in their Fourth Annual Future Workforce report<ref>https://capedge.com/transcript/1627475/2020Q2/UPWK</ref>.
* Saw a huge global demand for technical talent.
* Debuted Upwork Expert-Vetted Talent.


==== Q&A ====
* Anticipating the economy to get worse in Q3 due to 30 million unemployed Americans,  stimulus programs largely dried up and no forthcoming from small businesses(Q&A)<ref>https://capedge.com/transcript/1627475/2020Q2/UPWK</ref>.
 
* 20% or 30% of CFOs believe remote work will be part of a number of jobs going forward(Q&A).
* '''CFO Brian Kinion seems to have been fired.''' <ref>https://www.linkedin.com/in/briankinion/</ref> "I think there's little concern about the transition and maybe just talk through this, from your perspective, that'd be helpful?" Brent Thill from Jefferies asked. "I haven't decided what's next. I'm going to take some time over with my families. And I'll be very good and happy Upwork shareholder as well, " Kinion responded. "I think Brian's been an incredible partner and I think we've been having a lot of conversations since I stepped into the CEO role about the direction of the Company and our focus right now on really driving strategic growth priorities. And I'm excited that Jeff is really bringing in a strategic lens to financial leadership," Hayden Brown added.
* Seismic trends towards remote and flexible work continue to work in Upwork's favor as illustrated in their Fourth Annual Future Workforce report.(MR)
 
* Anticipating the economy to get worse in Q3 due to 30 million unemployed Americans,  stimulus programs largely dried up and no forthcoming from small businesses.
* Used cost-savings from shift to remote work to drive brand awareness.
* Increased search speed results by 10% .
* Matching of talent with clients is based on talen's profile and how their matching algorithms consume and process profile information.
* More than 50% of hiring managers feel the shift to remote work has gone better-than-expected.
* 20% or 30% of CFOs believe remote work will be part of a number of jobs going forward.


=== GSV and Clients ===
=== GSV and Clients ===
* Spend from new clients was the largest contributor to GSV as they onboarded a record number of them(MR).
* Spend from new clients was the largest contributor to GSV as they onboarded a record number of them(MR).
* GSV was also supported by retained clients. Upwork onboarded 4,000 of them to its core client roaster(MR).
* GSV was also supported by retained clients. Upwork onboarded 4,000 of them to its core client roaster(MR).
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* '''Approximately 80% of the work in the platform comes from categories conisdered as essential or somewhat essential'''(Q&A).
* '''Approximately 80% of the work in the platform comes from categories conisdered as essential or somewhat essential'''(Q&A).
* The premium for having workers from the Top 15 most expensive cities in U.S is 40% compared to other geographies(Q&A).
* The premium for having workers from the Top 15 most expensive cities in U.S is 40% compared to other geographies(Q&A).
* More than 50% of hiring managers feel the shift to remote work has gone better-than-expected(Q&A).
* Matching of talent with clients is based on talen's profile and how their matching algorithms consume and process profile information(Q&A).


==== Product ====
=== Product ===
* Debuted Upwork Expert-Vetted Talent(MR).
* Increased search speed results by 10%(Q&A).
* Expanded the availability of employer of record to all customers(MR).


* Expanded the availability of employer of record to all customers. (MR)  
=== Management and Culture ===
*'''CFO Brian Kinion seems to have been fired.''' <ref>https://www.linkedin.com/in/briankinion/</ref> "I think there's little concern about the transition and maybe just talk through this, from your perspective, that'd be helpful?" Brent Thill from Jefferies asked. "I haven't decided what's next. I'm going to take some time over with my families. And I'll be very good and happy Upwork shareholder as well, " Kinion responded. "I think Brian's been an incredible partner and I think we've been having a lot of conversations since I stepped into the CEO role about the direction of the Company and our focus right now on really driving strategic growth priorities. And I'm excited that Jeff is really bringing in a strategic lens to financial leadership," Hayden Brown added(Q&A).


== Earnings Call Q3 2020 ==
=== Freelancer Insights ===


=== Management remarks and Q&A ===
* Saw a huge global demand for technical talent(MR).


==== Management remarks ====
=== Brand Marketing ===
* Used cost-savings from shift to remote work to drive brand awareness(Q&A).


* Revenue of $97 million(+24% y/y) exceeded the high end of their guidance<ref>https://capedge.com/transcript/1627475/2020Q3/UPWK</ref>.
== Earnings Call Q3 2020 ==
* Hayden Brown quoted an Harvard Business Review article titled, " Rethinking the On-Demand Workforce."
* 90% of the executives they surveyed believe the platform will be key to their ability to compete in future.
* Bring Your Own(BYO) talent grew 37% y/y in Q3.
* Will reduce sales team by approximately one-third.
* Zendesk(client with 4,000 employees) leveraging Upwork with teams from accounting and administrative support to engineering and software development.
* Launched project catalog in beta version.
* Approximately two-third of Upwork internal talent are freelancers.
* Management was bullish on their business.


==== Q&A ====
=== Numbers, Insights, Strategy ===


* Project catalog is a great way for clients to get a taste of the platform.
* Revenue of $97 million(+24% y/y) exceeded the high end of their guidance<ref>https://capedge.com/transcript/1627475/2020Q3/UPWK</ref>(MR).
* Sales team is a split of hunthers and gatherers.
* Hayden Brown quoted an Harvard Business Review article titled, " Rethinking the On-Demand Workforce."(MR)
* 90% of the executives they surveyed believe the platform will be key to their ability to compete in future.(MR)
* Management was bullish on their business(MR).


=== GSV and Clients ===
=== GSV and Clients ===
* GSV "grew 23% year-over-year and accelerated quarter-over-quarter due to a continued secular shift toward remote and independent work, coupled with strong execution by our team against our growth strategy."(MR)
* GSV "grew 23% year-over-year and accelerated quarter-over-quarter due to a continued secular shift toward remote and independent work, coupled with strong execution by our team against our growth strategy."(MR)
* GSV driven by both existing clients and new clients(Q&A).
* GSV driven by both existing clients and new clients(Q&A).
* U.S and international client registrations grew at record levels. Saw an 89% yy increase in client registrations from the SEO channel(Q&A).
* U.S and international client registrations grew at record levels. Saw an 89% yy increase in client registrations from the SEO channel(Q&A).
* Enterprise plan customers spend on average $1 million per year(MR).
* '''Enterprise plan customers spend on average $1 million per year(MR).'''
* Impact of macroeconomic conditions on small businesses was less than anticipated(MR).
* Impact of macroeconomic conditions on small businesses was less than anticipated(MR).
* According to Stifel Analyst,  historically disclosed mixed of Upwork GSV is 65% being larger jobs, 20% agency spends, and 15% on gig work(Q&A).
* '''According to Stifel Analyst,  historically disclosed mixed of Upwork GSV is 65% being larger jobs, 20% agency spends, and 15% on gig work(Q&A).'''
* Strength seen in the quarter was broadbased but the main categories that showed strength were web mobile software development, sales marketing, design and creative(Q&A).
* Strength seen in the quarter was broadbased but the main categories that showed strength were web mobile software development, sales marketing, design and creative(Q&A).
* Seeing interest from customers on things like Expert-Vetted program and top rated status(Q&A).
* Seeing interest from customers on things like Expert-Vetted program and top rated status(Q&A).
* Zendesk(client with 4,000 employees) leveraging Upwork with teams from accounting and administrative support to engineering and software development(MR).
=== Product ===
* Bring Your Own(BYO) talent grew 37% y/y in Q3(MR).
* Launched project catalog in beta version(MR).
* Project catalog is a great way for clients to get a taste of the platform(Q&A).
=== Brand Marketing ===
* Will reduce sales team by approximately one-third.
* Sales team is a split of hunthers and gatherers(Q&A).
=== Freelancer Insights ===
* '''Approximately two-third of Upwork internal talent are freelancers'''(MR).


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


=== Management remarks and Q&A ===
=== Numbers, Insights, Strategy ===
 
==== Management remarks ====
* Q4 revenue grew 32% y/y to $106 million, the best growth y/y since going public.
* Seing openness across spectrum to hire freelancers.
* Increase in addressable market opportunity to more than $1 trillion.
* Expanded direct contracts to include hourly jobs.
* 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.
* 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."
* Partnered with Zoom to integrate Zoom videos and communication tools into Upwork.


==== Q&A ====
* Q4 revenue grew 32% y/y to $106 million, the best growth y/y since going public(MR).
* Project catalog will push up take rate as majority of the contracts are in the higher-tiers.
* Increase in addressable market opportunity to more than $1 trillion(MR).
* Influx of talent over the last year continues to be strong.
* Seing openness across spectrum to hire freelancers(MR).
* 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.


=== GSV and Clients ===
=== GSV and Clients ===
* Clients acquired in Q4 spent 10% more per client than clients acquired in Q4 2019(MR).
* 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)
* 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).
* Bullish on GSV growth opportunities(MR).
* Client spend is broad-based across all cohorts(Q&A).
* Client spend is broad-based across all cohorts(Q&A).
* '''Landed a global tech firm that onboarded 1,000 freelancers''' "running over $1 million through this BYOT product all within Q4."(MR)
=== Product ===
* Expanded direct contracts to include hourly jobs(MR).
* Launche project catalog across 300 marketplaces one month earlier than planned(MR).
* '''Bring your own talent has seen 400% growth since inception'''(MR).
* Reception of project catalog has been positive(MR).
* Launched integrated onboarding process that reduced start time on payroll contracts from 9 days to 2.5 days(MR).
* Partnered with Zoom to integrate Zoom videos and communication tools into Upwork(MR).
* Project catalog will push up take rate as majority of the contracts are in the higher-tiers(Q&A).
=== Freelancer Insights ===
* '''Influx of talent over the last year continues to be strong'''(Q&A).
=== Competition ===
* 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(Q&A).
* 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.


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