Q2 2024 Upwork Inc Earnings Call Transcript
Key Points
- Upwork Inc (UPWK) reported a 15% year-over-year increase in Q2 revenue, reaching $193.1 million.
- The company achieved its highest-ever quarter of GAAP net income at $22.2 million.
- Adjusted EBITDA was $40.8 million, representing a 21% adjusted EBITDA margin, up from 8.5% in the same quarter last year.
- Upwork Inc (UPWK) continues to benefit from the secular shift towards flexible, cost-effective alternatives to traditional staffing.
- The company is investing in AI-powered features and user experiences, which have shown promising early adoption rates.
- Top-of-funnel activity showed softness in Q2, with a 6% sequential deceleration in client-seeking work.
- There was a mix shift towards very small businesses, which typically have lower spend per contract and fewer contracts per client.
- Upwork Inc (UPWK) lowered its 2024 full-year revenue guidance due to macroeconomic conditions.
- Gross Services Volume (GSV) declined 2.7% year-over-year, and GSV per active client declined 5%.
- The company saw a mix shift to very small businesses, impacting average contract size and overall GSV.
Good day and thank you for standing by, and welcome to the Upwork second-quarter 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, Jacob McQuown, Vice President to Deputy General Counsel. Please go ahead.
Thank you. Welcome to Upwork's discussion of its second-quarter 2024 financial results. Joining me today are Hayden Brown, Upwork's President and Chief Executive Officer; and Erica Gessert, Upwork's Chief Financial Officer. Following management's prepared remarks, they will be happy to take your questions. But first, I'll review the Safe Harbor statement.
During this call, we may make statements related to our business that are forward-looking statements under federal securities laws. Forward-looking statements include all statements other than statements of historical fact. These statements are not guarantees of future performance, but rather are subject
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