UPWK - Earnings call 2 2023

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Operator

Good day, and thank you for standing by. Welcome to the Upwork Second Quarter 2023 Earnings Conference Call. [Operator Instructions] Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Evan Barbosa, Vice President of Investor Relations. Please go ahead.

Evan Barbosa

Thank you. of quarter discussion financial Upwork's to its XXXX second results. Welcome

Upwork's today Upwork's Chief are me President Chief Hayden Officer. Gessert, Joining Erica Brown, and and Executive Financial Officer;

questions. we'll statement. harbor to prepared the be management's I'll review remarks, take Following your But first, safe happy

statements we forward-looking federal this that call, to business make may During securities related laws. statements our are under

to risks, future statements statements are These and statements Forward-looking performance rather historical but of include of all statements fact. a are assumptions. subject guarantees uncertainties other of variety than not

Our actual materially differ could any forward-looking from in results expectations statements. reflected

For as important and filings website a results, risks factors important the available affect today's discussion please of that actual well SEC the on the and letter. material other our risks and our in SEC on discussed factors Investor other refer Relations shareholder our to as could website

Additional report also ended quarterly forth on three in XX, Form XXXX. information our months be the June for will set XX-Q

Information In on addition, reconciliation that Relations be certain to made issued of shareholder to reference at investors.upwork.com. financial website will Investor measures afternoon be this the found regarding was non-GAAP letter in a our GAAP can measures. non-GAAP

second financial quarter as are As of of second comparisons reported to of quarter non-GAAP. measures All the always, XXXX figures rounded, XXXX. are the GAAP are cited unless noted, otherwise and unless

the to I'll Hayden. over call Now turn

Hayden Brown

XXXX our later million, into Erica X% of revenue our greater and made Thanks, our and $XX.X significant strides profitable Evan. durable go across across business. we delivering while million. $XXX.X in second progress from meeting growth strong detail adjusted Thank better-than-expected resulted up our driving ago, XXXX, This second you and achieved on all of call. results on customers for AI solutions joining quarter EBITDA goals, the us today. in growth. quarter in In financial the results financial innovative generative We a will for year of

identified cost investments, primarily deprioritization to reducing macroeconomic of reassessment we an our first projects moved savings environment quickly discussed adapt we reduction plans and costs, quarter workforce. implemented in investment of and Throughout initiatives. to consulting measures, through our materials, reductions brand additional and quarter, to important the supplemental most our As and including we on in marketing by earnings focus strategic lower to on expenses vendor of return brand hiring marketing the

identify at we We continue that the and continue to expect focused within prudently the to organization, to business. the in of areas across same new time, our of invest areas efficiency growth see

space, on and important with most to more access steps move customers the talent of expert magic Upwork and ensuring modern accomplish unlocking of category supercharge the One than need, the every destination diverse they growth AI this for we are matching features AI-powered of talent the by across with for opportunities possible. have and talent discovering most thought delivering our serving opportunity productivity is of closer they AI-focused breadth of the Upwork for generative quality and and to AI their new clients full sourcing tools in to Upwork premiering singular a on work ever work. Collectively, these to

in Outstanding of need We engineers checkers. AI as annotators prompt continued to to half roles the on AI first XXXX. continue solutions and in quarter, come growth category was researchers, most trainers to and data and their for see in Upwork model AI spanning work second code category the from this hiring they to clients of professionals talent the initiatives, the in Upwork fastest-growing ambitious execute

XXXX our quarter more comparing platform were on while of fourth to second generative searches up fact, up AI than job were XXXX. related the XXx, when of more than In posts XXx quarter the

we AI this generative skilled with features first this launched flourishing the a our leading we and OpenAI AI. Upwork. earlier OpenAI resources which expect a tools advanced July with experienced highlights centralized ecosystem, accelerate partnership talent, unveiled businesses we with AI program weeks, few through innovations boost This in and and to for services pre-vetted highly highly professionals and establishing XX, priority partnerships announced OpenAI changes to own businesses power the hub further our and helping that OpenAI its their skilled on technologies clients Upwork, their Upwork Enterprise this In providers new and past and connects improved just independent the Vegas talent new week, OpenAI of looking momentum AI-focused Over team many our space. the with to we customers the other marketplace experts further during talent connect access We AI customers grew in to to notable deeply to and on provides work leading XX% generating year-over-year. partnership. customer the to its projects is sales the platform, while Upwork the so saw implemented and quarter, they as R.R. growth, quickly and base, of Sands from the second can increased Las products, and revenue, like Donnelley, revenue has. OpenAI in to clients innovation expenses. bring reducing and Enterprise support Mastercard, solutions leveraging quarter, Enterprise productivity value adding to talent our strategy, grew staffing new We On

opportunity the and forward long-term continued in new Diamadi and driving brings important as strategy, with Zoe conviction our of of have growth to our a appointment We leadership General Enterprise we Manager in thrilled our strong step on her took for experience and a the vector are in ability wealth and Enterprise go-to-market execute in Upwork. strategies, this gain significant strategy businesses that the of building quarter. Zoe of second to

We our during work; growth; Enterprise pre-eminent have AI-related for to make profitable are destination priorities made innovating we and talent change. rapid Upwork durable, with against within growth of and driving the a our progress time of driving the pleased business

the Our growth in opportunity unwavering. is Upwork confidence long-term for

future. I'll to discuss excited financial turn We second who quarter to and made now the results. the members call we them, advancements of about over the our we and are our team proud in stellar the executed are Erica

Erica Gessert

everyone. reduction in resulted discuss down revenue, the is of our to for also grew vendor. Non-GAAP revenue million, income and results significantly Active year of marketing Total quarter the and revenue transaction and letter a year-over-year for rates XX.X%, reported chargeback well and year-over-year. revenue here our platform, our as a shareholder of and was operating $XXX.X activities the was QX fraudulent increase improve retained issued quarter new QX a platform great saving with partially today. GSV quarter. acquisition. GSV in sequential in was sales in quarter year-over-year marketplace adjusted million XXXX year-over-year second both of simplified to result removing fraud $XXX.X up to single we by X% second fees lower expenses call Revenue or primarily simplify and in net the reducing on clients, strategies $X second also on revenue second compared year-over-year took driven expenses the Thanks, first part XX%, moving X% related to down Today, the pricing of Managed the many losses XXXX, second million quarter a to the second resulting XX.X% non-GAAP in the as our quarter as ROI reinvest expense improvement. the of both relatively was rate to in have quarter in XXXX, client the was compared growth in shift year revenue of with in quarter and exceeded was on experiences to gross second again X% second pricing to compared XX% the R&D second net earnings my paid in $XX.X active grew in result guidance loss Active a XXXX. a of clients It's quarter, which per these quarter is in growth. Non-GAAP contract $X.X which up to quarter team about financial to as for well hello, XX% after down customers' full increased to while Enterprise activity $X,XXX. work based spend expense from rate $XX while in the fraud reduction marketplace operating like months $XXX.X Transaction believe strategies, monetization increased $XXX.X XX%, the measures year-over-year is structure to for and which by third-party XX% be services million of reduce million. the projects second our April the third we margin three in was representing our in ago. to were loss was increase in to included of in driven quarter updated lines for to teams Total X%. client and of ago. flat quarter the of gross the X% million, non-GAAP our of in $XXX,XXX. associated our to protection compared I XXXX, XX.X% our million strong Provision quarter. We to Non-GAAP were from and Connects losses EBITDA million down year-over-year guidance a rates Hayden, for and of of plan take the Client second and the This the quarter QX notable the had as platform. billion the job. offset in X% for second This other monetization changes Non-GAAP by for G&A on stellar profit freelancer Total was a XXXX. in year XX% as due of rebating management XXXX. innovation in XX% growth our by XXXX. and compared in by revenue freelancers of cost fee year-over-year helped for implementation Marketplace to $XX.X that and offering initiation will

was $X.XX the was million Our quarter Adjusted and quarter, compared adjusted per in XXXX. the diluted in income in in and share $X.X net EBITDA basic diluted the XXXX. the of second per share of an compared loss million second to quarter of second to non-GAAP as $X.XX net quarter second non-GAAP basic EBITDA $XX.X loss of

Adjusted and direct adjusted quarter in the result EBITDA X% EBITDA X% growth. of to Our is second management costs in margin second G&A business, adjusted reduce to margin particularly in overperformance EBITDA XXXX, to the XXXX. a quarter marketing was the of action compared of aggressive across fund sales and in negative of strong

includes costs. EBITDA severance-related adjusted $X.X XXXX non-recurring quarter million Second of approximately

Turning now to guidance.

million million, We growth year be are and between million, the to revenue we $XXX raising and year-over-year guidance $XXX midpoint. to revenue quarter $XXX at are million be between representing guiding $XXX and our third full X%

our pricing raising structure to are guidance other due monetization revenue We simplified primarily our of and improvements. success platform the

million, $XX EBITDA and represents million $XX between to X.X% be an of to XX%. EBITDA adjusted which adjusted quarter third expect We margin

between and XXXX. be adjusted We benefits to which outlook, margin million second be public. year $XX savings the in we actions of with any saving measures earlier X.X% expect of to actions adjusted improved XXXX yield cost expecting and $XX that additional since the over we the our remainder taken raising EBITDA incremental an of X.X%. we took year Because EBITDA double this now cost revenue guidance full the went quarter, million, are between XXXX quarter EBITDA more are our guidance, throughout these we and than along of to represents adjusted in With

We forward. positive going flow generate to expect free cash also

segment at Upwork. on to two-sided of to forefront cash our for and strong extraordinary for my power technological of our I'd provide turn excited reflections network, my came now quarter, our to few Having potential it one into the the the of in be time. be is strength and I a invest here in I profitably, power this been grow. of the flow the to grow enablement greatest work of AI continues able over developments movement. Before at Upwork's and growth like a of questions, Upwork first to business and enablement business position free the strategy, quarter to about enterprise a

our growth focus discipline, proven turn leadership We cost to and you, your profitable team have and durable, will we'll and on dedicated questions. our Hayden, has and the now continue team wonderful ROI and highest a on innovation, a call identifying to shareholder on over effectively. the investment the value. Thank on workforce plans execute to ability I quickly generate to and fantastic management that

Operator

first Sheridan [Operator Our line from of the will Eric Goldman question Sachs. Instructions] come from

open. is line Your

Eric Sheridan

environment six company highlighted you're about been the some to during in clients And broader and or impacting there's client and enterprise had and environment you reorganization back talking seeing the around refocus obviously, spend first, the and/or clients, some with remainder can what three the through that you've Maybe how you the those the macro in take year? volatile versus and about within us of back maybe business couple and remarks, macro a deal last retained quarters. bring of ago? months help a that's per characterize think fairly Could activity today of activity for with to retain better elements the step us of should trajectory how the the that and metrics of also you we acquisition levels,

Hayden Brown

business. In some the macro throughout cycle obviously which QX not the the for same I'd the navigating you outlook budgetary did And our sales did really really we and for team was We are our smaller the say which to terms in of remainder we enterprises prior throughout some of the time, specifically, the the with corporations showing clients we improvements showing productivity year, of saw for major changes still as the the our drove execution were quarter. is question, quarter. were this sales market It elongation, quarter, about, at in side caution. have as in business had mixed environment notable increased the the But And of and through well made May, really continue that part we quarter part on improve numbers the own a quarter. a the I'd asking say you're how changes a see signals. versus quarter

really per was So AM, saw of And Mastercard, like Account the growth great optimized of quarter, Revenue in quarter-over-quarter, team XXX% addition land quarter and up our with with with new fully XX% of productivity enterprise quarter-over-quarter. the the month XX% operating revenue, the XX second Manager one model. or really new only enterprise was expansion team accounts a we in our up logos including R.R. names Donnelley.

though different the So I'd macro even of didn't environment. say kind have quarter itself

us part a Our confidence it in trends was to were And need of a some wait Erica lot execution of mentioning. I lot drive for performance was improve. the active macro you different this gives continue great that more hand a the really to to about environment continuing to -- of we don't to think talk to that client business. I'll

Erica Gessert

add Eric, the And I change too. follow-up, actually, any sure. guidance the one environment, Hayden's that doesn't on included point updated haven't our just and Yes, macro guidance. to contemplate Thanks, to Hayden. last really would just we in that

guidance macroeconomic we not feel upon our think tethered and really and we're the not I we're execution business. that of of in improvements to seeing changes -- kind sort depending is the

of adhere ensuring ago, an slightly less the transitioned three up that at acquisition X%. quarters threshold is really are recall value-oriented On we very point approach, strict the look if LTV you would if from Upwork acquisition. we more clients client a a acquisition client X% to front, the retained to And really year-over-year. than And business active very, retained clients say from -- very very, view, I down acquisition sequentially,

approach And client acquisition is these so, that trailing is value versus reflected active number numbers. month XX a volume Obviously, metric. in our

to it So our up base continues XX numbers, and obviously I'd grow we're clients, still both that enterprise trailing on in quarter-over-quarter. having activity steadily note in also the growth and also is, active just really client months year-over-year shows strong comp. these very

Operator

from come line the Securities. from will question next our And Boone Andrew of JMP

Andrew Boone

What hub. across are wanted their any I you for? other guys terms the really announcement seeing then hearing to quarter product any you from What are And ask guys categories? and of additionally, they about asking It's headwinds go to nice clients? are this AI. in AI see

Hayden Brown

growth AI you searches we more client up demand, asked of related versus are area the more explosive are quarter really say Generative posts I'd Since about Sure. in job seeing are of itself. X,XXX% XXXX. this than AI up QX X,XXX%, than

generative exciting, as that's talent. for jobs the their Wages for XX% commentary as jobs pay coming business these other marketplace. solutions, much why them talent. tools they willing premium so, over help are premium is, need And implement come in from a for to that to that into the really talent they're AI-related hearing clients us related also from to and They're into we're

us to really So around AI from for generative of talent picture robust the do to the this clients from is bigger broadly, see demand and gains on the productivity kind right more around this. for work talent an eagerness

plus higher wages across every virtually serve no categories in XXX the impact AI outcomes in talent So category clients, mentioned, much for And majority adopting on that we site. serve. categories the and negative productivity, as the driving pretty tools vast this we increased I is of better that

this a So us. exciting for is story really

Andrew Boone

then That ask lot makes a I half about wanted of guidance. just sense. the to EBITDA And second

guys XQ, up maybe a in been speak is here there certainly conservatism it's You into half? back whether Can of there, kind of factored beat the the terms significant in there just or the for else of brought and EBITDA had more. but rest is guide the to you what could have being year,

Erica Gessert

Yes, one, Andrew. sure. I'll that take

approaching So want we're through if as in to areas that improve of invest growth honors going to But and the EBITDA that contemplate make to the year. savings. steady includes unpack quarter, margin. I quite and kind EBITDA identified growth rest say that well we're -- margin. a to it it. approach savings, quarter-upon-quarter of top exit that This thoughtful of about we've to to fact still we margin we kind run, margin we expectation as and talked kind we also multi-quarter EBITDA line you I'd top guidance, a Last for of are our XX% of cost expected kind kind the improvement continue steadily to business, -- of EBITDA the does identifying a continue we year continue few cost say, right? And would sure line guidance

balance is Hayden to the going great just look for how reinvestment as going just in front. both, the considering as business to opportunity to we're and the continue go, we're in us So of we opportunities ahead organic highlighted at AI

Operator

And our Piper will of Matt from Farrell Sandler. the come question line next from

Matthew Farrell

my strong strong some to enterprise wanted first Congrats talked and you the really With about quarter grew on I results. It jump execution. with the exiting business. the question, nicely in QX, into really

of about there? Have talked terms had you it? about any enterprise. on maybe second the we are of there previously, on And that should think across the reached quick it How be we on one normalized Is a a early the adopters Or of clients update that? Upwork push-out the is trends in it client base? Is enterprise I dynamics. broadly thinking platform? return the AI

Hayden Brown

Sure, Matt.

that In kind have who I'd -- of the last the previously, in of referring quarters. I as think in phases clients the say macro. you're moving quarter a QX was say in of mixed unfolding been normalized few of have lot the to terms through QX customers dynamics, kind adjusting updates, It to than the are of different of didn't and different situations navigating in macro are of I'd terms terms look a where mentioned I signals.

was against a backdrop. for what say characterization. would there that was different execution I so, us And But really is our own different

adjusting where that's sales news And are, in through any And in the so, of and they conclusion regardless good this are cycle driving us. macro of is, those of meeting customers at three getting they are think phases what the for where our performance of where really better I environment. we're kind they

clients AI into across in and them talent different productive, from enterprise sizes, businesses, find them of are of augmenting AI-specific are categories, all these for who AI. second and flows looking just trying customers In AI outside help also in terms around tools being with interested your to normal leaning work. because in they're more to We're categories, small their their large, of demands talent business seeing medium, and question

them, across something different just, is which they and and we're size. again, all figure need out supplying strategies. board of is helping regardless And a go this conversation the clients this these that's they So with again, client happening as

Erica Gessert

see would of view. services services line, add revenue In the enterprise dynamic recognition our enterprise the managed I bit line, because one revenue on kind of just a from point between we little a contract. a of point managed of QX, customers in see did financial QX, just one move you'll and to

what will but what there'll So, in in the movement those wants, And little for this upon be just of product grow best them. between bit two client is combination, the lines the a set aggregate, lines. -- dependent

Matthew Farrell

step really my EBITDA margin Is there reiterated that And question, in and upside profitability, any of would why for floor be I to the XX% be back maybe would what some that XX% kind that for of XX% profitability profitability moving And on shown a second level? guess nice prompt you that for forward? shouldn't from new adjusted terms you've you QX. something take material reason

Erica Gessert

Yes, sure.

of we watermark percentage, dynamics percentage of our being of does of with quarterly higher a margin one bit lower. QX dynamic margin from little highlighted us in the the to a of our terms So view, be point EBITDA of kind kind is, an tend for last quarter, just QX

with QX focused margin top So there along we be showing very, sequentially QX line kind But improvement of some from come on we growth. are into variability continually year. very next could when

expect you also dynamic that can So full I think for year. the

Operator

from will come question Kulkarni ROTH. next Rohit Our from

Rohit Kulkarni

couple of questions. A

GSV observations from the is Clearly, the high the just you're of is talk our low seeing just GSV kind pricing about clients. impact change. from growing GSV versus structure what above First Maybe expectations. of and behavior

how clients But of about positive there. So pricing of the is to particularly, change. from And the talk may XX% move probably clients that? X% how retention there reacting kind to in of could the are just who a terms impact from

Hayden Brown

a turn, most that, a enables chances we it out that for services roll increases unlocks their on rates is see talent or them contracts. of are future existing and our started of will change in seeing the through set announced or with So really And been of to and terms all their as talent winning in more competitive new reminder, and to fee, reduced ERC. when -- QX, they've positive demand more which

in do lower this for contribute in result our that see jobs Upwork talent. to to and clients cycle to opportunities marketplace encourages we So, more virtuous bring talent more do fees and

seen terms clients, that higher smoothly. behavior GSV impacts question specific all say we've spending we've it have the change of cohorts it for including your so marketplace, digesting In customers you're very referring adopting I'd of with both sides and gone a of the changes the and marketplace, in that the around or these line much the And to, around GSV net-net, changes for has the both rolled out far our been benefit expectations. extremely lower that shareholders. And

responding far, different But really positive. in surprising so it's nothing how I we're monitoring far. to extremely these there's So been closely. are customers mean, terms of this so very changes or

Rohit Kulkarni

that Okay. ways profitability of and and surplus new very to positive. that of positive other have any cash flow you cool once uses And may generate specific cash in you're this cash then cash continue think could terms you'll of flow, just flow that cash? you free in that's that investments you terms deploy Any think be or you think

Erica Gessert

Thanks for Rohit. question, Yes, sure. the

being flow ongoing cash interest where returns on we're rates an flow But positive we given right look, anticipate at same and taking a on now, I'm focused very, So cash cash to I'm the thinking balances. the we capital thing on through time nice making will allocation. quarter mean, is our look, approach pretty good very focused on very disciplined positive, basis. be I are, The

our myself, we team management Hayden the rest kind process And the of are running so, a disciplined of options. all internally, in considering of and

a top growth, EBITDA I will, to and strong We to as way, want also said, drive while showing we invest continue in line organic margins. profitable in growth

our drive to of expected or opportunities going and return there opportunities be value. shareholder to with inorganic our to return there ability obviously strategy. other part to but growth We capital -- going available, the balance that's always So are we're shareholders

right So we're a going through process now.

are things mind updated, set, important very returns and we'll us. of All are you but in shareholder the to and of keep these top consideration

Operator

our of from And Citi. Josey next is come Ron from question

Ronald Josey

we're Hayden, change and post I now the wanted take internally changes maybe back two and in the between we step some quarter a sales, say or to the a of just risk hired Zoe. at

of results as us about sort our talk work Just We're just Have to curious structure, we positioned. is seeing here, the things what on are? move to better expect? where but forward clearly And internally we how internal recovered? here,

Hayden Brown

I since changes, quarter it's we're here these we're one yet long about always that I positioned. and feel in been not fantastic Yes, mean how

I -- think But to in and decisions growth. terms QX we end of hard durable in the really set certainly things with of them QX, make execute did they always commitment the have it's these profitable our us team. for to was challenging up

the excited space a and that's AI. I leaning I well, think executing into everyone the through And so opportunity really team generative think also what They're quarter. around Zoe's has in mean, in just really I every this our about what here business we're taken about we're our touching well so positive extremely facet of on something excited them with leadership, enterprise doing way. is about executed the is so excited what building. we're

think couldn't leadership we're with energy be and it doing doing the structure better. both and around we're what how current the I enthusiasm So, and our

we're excited. So

over Some over of we driving these destiny have overnight, our things feel a certainly, control we're do how that terms is we in of degree but here out will in of some play performance. not due horizon, everything time

Operator

our Thill Jefferies. And Brent the question of from come from next line will

Sang-Jin Byun

of categories? don't big Brent contribution. a can how terms some is, One I color know there's is way Thill. Obviously, a questions. you to if AI in behalf This to if of on impact on is about John Two provide maybe of focus. think how of some especially path Byun quantify the double-digit, line I these GSV past return and contribution about and looks normalization? GSV wanted pricing how secondly, see we then once compares they get thinking you're top bottoming. to other to And the changes maybe to But the to

Hayden Brown

in Sure. really around I'd AI, categories AI, the we've base. the quantifying smaller things of some of a shared say, generative the contribution I seen related terms to John, of strong the GSV is impact earlier to specifically of certainly, related off in growth

there, a as pause So impact. just for think but us positive opportunity building a from we're to business. it that really I think about base and is a smaller And

versus most to these that already I and are forefront clients employees in the talent be than best this in are generative is, tools. getting think skills to employees depend it's the table of on captive both generative breathes super of and have two for we are do day important talent for freelancers of in to out space talent between upskill without faster to tools that these the and choice more companies, this that's us incentive best to profound understand to and all growing Upwork there face to that on a because expand, productive. -- at touched the Upwork the at adopt companies of every fields advantage trends structural expertise inside their for reasons. continuing week. as And their AI doing put the to specifically benefits that our as means as rate AI -- tools versus service every XXX from is the internal needs here freelancers having being that on to these today And pushing time there, continues the the single a anything. And and the grow, finding work. And is category their we tools the sense a natural continue that the using by going technologies to productivity us technologies One are this and food are hard going is and

fact gains But somewhat turning that get advantaged going delivering the is hardest related AI out platform to every companies be using is way GSV over touch a in see on that you're the us for what are time, to to working work to think those and I hungry tools some that AI-specific categories technologies to because these is this and the that's to today, going talent talent the our is and there is small. So, contribution by the most clients.

to I'll terms over turn In other some of questions, of it your GSV Erica.

Erica Gessert

part, on about few right is of I Obviously, outlook you But guiding now. elements which give a for bit don't We're GSV. It think, XXXX it's timing can really, when second a just flavor. the Yes. a Maybe take maybe the I for I'll GSV. recognized. has guide obviously little we asking

of guidance the is year. the through our rest So

look, GSV So you QX and between past the I'd line, QX year this all XXXX the this years. as over all strong growth well, two and foremost, know along say, in line, GSV very first particular, nearly On is doubled. lapping XXXX, year extraordinarily

that So kind of lapping growth. obviously, we're still

note on pretty So basis throughout overall. environment a the I contemplate given changes But would macro the the any year. trajectory our like kind I year-over-year the And earlier, as much this, said GSV. goes of in that we're current she expecting in rest steady to also of changes doesn't guidance or

Operator

come Stefanos is question next line Crist from Our Instructions] [Operator of the from Needham.

Stefanos Crist

any wanted details. more exclusivity just us detail who OpenAI ask partnership. whom? there maybe you any Just the more little I to there? a give about there, Could just approached Is

Hayden Brown

partnership, doing, a kind because in that already own something exciting using category business an its Sure. unique was that our This own it's as provider work very came of such out talent growth. of really and Upwork for their the of the OpenAI their is and first

work their anywhere on own with business. for been to they've ecosystem really frankly, the Upwork in and out ways to working of couldn't them technologies the customers. were talent those providing customers find this needed in together So using execute those came really important to and they've talents desperate conversations with were, talent, us build else to their provide OpenAI that idea end for of we've implementations the actually been putting And their that that them own of

signals because reputation, is might six customers that of these not to things who OpenAI And we together carefully be it, a because part talent, stale this around in of the Upwork excited together with as even degree space about to and that about and that not other quickly. got work also so being work is ongoing and that something are value a months dynamic have things are talent, propositions that for on ago provide are that all the an OpenAI's So put businesses them. the of living history, serves to very it's like very And are moving technology that was just talent to someone looking proven customers that the our able it's value vetted coming that providing basis, for.

that's I current way. of could so, moving terms both in they that and expertise, vetted OpenAI, work the with to forward with was think appealing we and talent a really And skills as high-quality, table what very today we some the to things customers their serve of found that really were unique able in bring

the talent enable this we expect platform So an customers it's to have important the providers for our needs end solutions in to really of their do the talking that with bring similar ecosystem. we're for they're to a who on that many space other of number to deliver of and to partnership their to is first trying also sure,

partner. for we're have So a us to and with been excited do very definitely this able opportunity one is our to big

Operator

I Evan closing any Thank back remarks. the you. And would now to to conference turn like for

Evan Barbosa

entire of joining you thank Thanks. in and interest team, today, Upwork you On the thank your for behalf for Upwork. us

If you any at do questions, or investor@upwork.com. out to please have any hesitate me clarifications need follow-up reach to not

Operator

today's for participating. This Thank you concludes conference call.

now have may day. disconnect. great a You Everyone,

Upwork (UPWK) 2 Aug 232023 Q2 Earnings call transcript