Upwork Inc (NASDAQ:UPWK) Q3 2018 Earnings Conference Call Transcript

Nov 07, 2018 • 05:00 pm ET


Upwork Inc (NASDAQ:UPWK) Q3 2018 Earnings Conference Call Transcript


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Good day, ladies and gentlemen, and welcome to the Upwork Q3 2018 Earnings Conference Call. At this time, all participants are in a listen-only mode. Later we will conduct a question-and-answer session and instructions will follow at that time. (Operator Instructions) As a reminder, this call may be recorded.

I would now like to introduce your host for today's conference, Palmira Gerlach, Director of IR. You may begin.

Palmira Gerlach

Hello, and welcome to Upwork's discussion of its third quarter 2018 financial results. Leading the discussion today are Stephane Kasriel, Upwork's CEO; and Brian Kinion, Upwork's CFO. Following management's prepared remarks, we will be happy to take your questions.

(Forward-Looking Cautionary Statements)

In addition, reference will be made to non-GAAP financial measures. Information regarding reconciliation of non-GAAP to GAAP measures can be found on the press release that will be issued this afternoon on our investor relations website. Please note that the prepared remarks corresponding to the information reviewed on today's conference call will also be available on our investor relations website at investors.upwork.com once the call has concluded.

With that, I will turn the call over Stephane.

Stephane Kasriel

Good afternoon and thank you, everyone, for joining us for our first quarterly earnings call as a public company. We are excited to share our progress with you and to provide details on our financial performance. But before I do, I would like to take a moment to express my gratitude to our investors, our clients, the freelancers on our platform, the freelancers who provide services to us, and our employees. Each of you has put your passion and trust in us over the years and I greatly appreciate it.

We were pleased with our IPO process and investors' reception to our offering. We are excited to share today that we exceeded our own expectations for the third quarter of 2018. While our IPO was a major milestone for Upwork, it was just another step in the evolution of the company. We are addressing a large and expanding market opportunity, of which we believe we have merely scratched the surface.

Since many of you are new to the Upwork story, I wanted to provide a brief review of our business and our opportunity before we look more closely at the progress we made in the third quarter. Upwork's mission is to create economic opportunities so people have better lives. The world is in the midst of a transformation in how we work. Technology is enabling people to work how, where, when, and with whom they please. Upwork is at the forefront of addressing this opportunity as our platform removes the constraints of location, making hiring faster and more efficient. We operate the largest online marketplace for highly skilled freelance talent, as measured by gross services volume, or GSV. As a reminder, GSV is the total amount of business transacted through our platform. As we last disclosed, over 475,000 clients hired more than 375,000 freelancers in 180 countries through our platform in the last 12 months.