Upwork Inc. (NASDAQ:UPWK) Q3 2023 Earnings Call Transcript

Hayden Brown: Sure. Again, we’re not giving any specific guidance on it. Look, I think that it’s probably a combination of all those things. I think we’ve been really, really pleased with the progress on sales productivity specifically, and particularly the sequential growth on new logos on the enterprise side, considering all of the work that we’ve done on optimizing for efficiency in that business. So that’s been really good. Again, a combination of that, the benefits we’re seeing on the performance marketing side and just level of CAC (ph) that we’re seeing there is also contributing, and certainly some of the macro environment would also be helpful. But I think on an ongoing basis, we do believe that the continued optimizations that we’re making on the platform should help it.

Maria Ripps: Got it. That’s very helpful. And then is there any data that you track sort of demonstrate that you are perhaps gaining share? Obviously, there’s been a ton of progress on the product side, but broadly, how do you view your competitive positioning in this sort of uncertain hiring environment?

Hayden Brown: Maria, I think we view our competitive position as strong or stronger than ever, frankly. There’s a lot of data you can look at and I think it’s — our — the point — the place we sit in the industry is a very interesting one, as the market leader and certainly building a new way of working. But as I look at the data points we have around our competitive set and certainly everything we’re executing on to take advantage of the strength we have in the business around our size, our scale, our data asset, our incredible customer base, the product innovation we’ve already built or alone the ones that we are launching on a weekly basis, I think all of those things really lend themselves to our continued strength as we pull ahead of competitors, not to mention the partners now that are so eager to work with us as they see that strength in Upwork and are eager to be part of our ecosystem.

Maria Ripps: Got it. Thank you so much, and congrats on the strong quarter.

Erica Gessert: Thank you.

Hayden Brown: Thanks so much, Maria.

Operator: All right. Thank you for your questions. I am showing no further questions at this time. I would now like to turn the call back to David Anhalt for closing remarks.

David Anhalt: Thank you. On behalf of the entire Upwork team, thank you for joining us today, and thank you for your interest in Upwork. If you need any clarifications or have any follow-up questions, please do not hesitate to reach out to me at investor@upwork.com. This concludes our call.

Operator: Thank you for your participation in today’s conference. This does conclude the program and you may now disconnect.