Upwork is the largest global freelancing website (1), enabling businesses to find, hire, and pay highly-skilled freelancers for short-term and longer-term projects. At the same time, Upwork frees professionals everywhere to run their own businesses, create their own schedules, and work from their preferred locations and helps instill trust in remote work. As an increasingly connected and independent workforce goes online, knowledge work — similarly to software, shopping and content before it — is shifting online as well. Upwork has built an expansive and unique repository of data on its platform, which, when combined with machine learning capabilities, enables Upwork to best predict the availability, interest, and skill relevance of specific freelancers for specific projects. Once a freelancer is matched with a job, the platform offers collaboration and communication features, time tracking and invoicing, and two-way feedback systems to better manage the lifecycle of project engagements.
Upwork itself relies on over 1,100 freelancers to help operate and grow its business and provide a leading platform for online work.
(1) Based on Gross Services Volume (GSV)
The total dollar value transacted through Upwork’s platform is called Gross Services Volume (GSV). GSV includes both client spend and additional fees charged for value-added services. Client spend—the total amount that clients spend on both Upwork’s marketplace offerings and its managed services offering—is the primary component of Upwork’s GSV. GSV also includes additional fees charged by Upwork for other services, such as freelancer withdrawals and foreign currency exchange.
Upwork was founded in 2014 from the combination of Elance and oDesk, two of the early competitors in the freelance space. The predecessor companies have been around for almost 20 years with Elance founded in 1998 and oDesk founded in 2003.
Computershare, and they can be contact at https://www-us.computershare.com/investor/Contact.
Earnings are announced four times per year. Upwork will issue a press release shortly after the end of the quarter announcing the exact date and time for the earnings call.
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