Upwork Inc (UPWK) 2025 Q2 法說會逐字稿

Good day. Thank you for standing by. Welcome to Upwork's second-quarter 2025 earnings conference call. (Operator Instructions) Please note that today's conference may be recorded.

再會。感謝您的支持。歡迎參加 Upwork 2025 年第二季財報電話會議。（操作員指示）請注意，今天的會議可能會被錄音。

I will now hand the conference over to your speaker host, Samuel Meehan, Vice President of Investor Relations. Please go ahead.

現在，我將會議交給主持人、投資人關係副總裁 Samuel Meehan。請繼續。

Thank you, and welcome to Upwork's discussion of its second-quarter 2025 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.

謝謝，歡迎參加 Upwork 2025 年第二季財務業績討論。今天與我一起出席的還有 Upwork 總裁兼執行長 Hayden Brown 和 Upwork 財務長 Erica Gessert。在管理層準備好發言之後，他們會很樂意回答您的問題。但首先，我將回顧安全港聲明。

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 to a variety of risks, uncertainties, and assumptions. Our actual results may differ materially from expectations reflected in any forward-looking statements.

在本次電話會議中，我們可能會做出與我們的業務相關的聲明，這些聲明根據聯邦證券法屬於前瞻性聲明。前瞻性陳述包括除歷史事實陳述以外的所有陳述。這些聲明並非對未來表現的保證，而是受各種風險、不確定性和假設的影響。我們的實際結果可能與任何前瞻性陳述中反映的預期有重大差異。

For a discussion of the material risks and other important factors that could affect our actual results, please refer to our SEC filings available on the SEC website and on our Investor Relations website as well as the risks and other important factors discussed in today's earnings press release. Additional information will also be set forth in our quarterly report on Form 10-Q for the quarter ended June 30, 2025, when filed.

有關可能影響我們實際結果的重大風險和其他重要因素的討論，請參閱美國證券交易委員會網站和投資者關係網站上提供的美國證券交易委員會文件，以及今天的收益新聞稿中討論的風險和其他重要因素。其他資訊也將在我們提交的截至 2025 年 6 月 30 日的季度 10-Q 表季度報告中列出。

In addition, reference will be made to certain non-GAAP financial measures. Information regarding non-GAAP financial measures, including reconciliations to their most directly comparable GAAP financial measures can be found in the press release that was issued this afternoon on our Investor Relations website at investors.upwork.com. Unless otherwise noted, reported figures are rounded, comparisons of the second quarter of 2025 are to the second quarter of 2024. Adjusted EBITDA, adjusted EBITDA margin, and free cash flow are non-GAAP financial measures, and all other financial measures are GAAP unless cited as non-GAAP.

此外，也將參考某些非公認會計準則財務指標。有關非公認會計準則 (Non-GAAP) 財務指標的信息，包括與最直接可比較的公認會計準則 (GAAP) 財務指標的調節表，請參閱我們今天下午在投資者關係網站 investors.upwork.com 上發布的新聞稿。除非另有說明，報告數據均已四捨五入，2025 年第二季的數據與 2024 年第二季的數據進行比較。調整後的 EBITDA、調整後的 EBITDA 利潤率和自由現金流量均為非 GAAP 財務指標，所有其他財務指標均為 GAAP，除非註明為非 GAAP。

Now, I'll turn the call over to Hayden.

現在，我將把電話轉給海登。

Good afternoon, and welcome to Upwork's second-quarter 2025 earnings call. Upwork delivered another record quarter on both the top and bottom lines. We generated our highest ever Q2 revenue of $194.9 million, with our outperformance driven by AI enhancement of the platform, accelerated client hiring in AI-related work, ads & monetization strategies, and our thriving Business Plus offering. We also exceeded our guidance by generating net income of $32.7 million and adjusted EBITDA of $57.1 million, resulting in a 16.8% profit margin and 29.3% adjusted EBITDA margin.

下午好，歡迎參加 Upwork 2025 年第二季財報電話會議。Upwork 本季的營收和利潤均創下新高。我們創造了有史以來最高的第二季度營收，達到 1.949 億美元，這得益於平台的 AI 增強、AI 相關工作的客戶招聘加速、廣告和貨幣化戰略以及我們蓬勃發展的 Business Plus 產品。我們也超越了我們的預期，實現了 3,270 萬美元的淨收入和 5,710 萬美元的調整後 EBITDA，從而實現了 16.8% 的利潤率和 29.3% 的調整後 EBITDA 利潤率。

Based on our performance in the first half of the year and positive momentum, we are raising our full-year guidance for both revenue and adjusted EBITDA. Our strong results and increased guidance underscore the success of our AI and M&A strategies in attracting and converting larger clients in the Marketplace. This increase is driven in part by a more than $80 million dollar in-year lift in GSV attributable to our AI and customer experience enhancements.

根據我們上半年的業績和積極的勢頭，我們提高了全年收入和調整後 EBITDA 的預期。我們的強勁業績和增強的指導強調了我們的人工智慧和併購策略在吸引和轉化市場中更大客戶方面的成功。這一成長部分得益於我們人工智慧和客戶體驗的提升，GSV 年度成長超過 8,000 萬美元。

Our innovation velocity was on display in our Summer 2025 Upwork Updates announced on July 23. This product release was rooted in our unique ability to combine the world's best human talent with cutting-edge AI to deliver unparalleled outcomes and pioneering customer experiences. We are seeing the fruits of evolving Uma Upwork's Mindful AI, into a more fully capable always-on AI work agent.

我們在 7 月 23 日發布的 2025 年夏季 Upwork 更新中展示了我們的創新速度。該產品的發布源於我們獨特的能力，即將世界上最優秀的人才與尖端人工智慧相結合，以提供無與倫比的成果和開創性的客戶體驗。我們看到了 Uma Upwork 的 Mindful AI 發展成果，使其成為功能更齊全的永遠線上 AI 工作代理。

Clients can now leverage Uma to interview talent on their behalf and find the right fit, saving them time on manual reviews. This capability also helps freelancers find work faster, interviewing on their own time, and showcasing their skills more effectively than a cover letter can. New Uma-powered Upwork Video Meetings generate transcripts, summaries and action items, which enhance collaboration, propose project milestones, and turn meetings into real progress.

客戶現在可以利用 Uma 代表他們面試人才並找到合適的人選，從而節省人工審核的時間。此功能還可以幫助自由工作者更快找到工作，利用自己的時間進行面試，並比求職信更有效地展示他們的技能。新的由 Uma 提供支援的 Upwork 視訊會議可產生記錄、摘要和行動項目，從而增強協作、提出專案里程碑並將會議轉化為真正的進展。

We completed the integration of Objective AI's AI-native search technology and released several core search and recommendation enhancements, including contextually aware Uma-powered search. These drove a 4% lift in average spend per contract and 3% increase in Connects revenue compared to our prior feature set.

我們完成了 Objective AI 的 AI 原生搜尋技術的集成，並發布了幾項核心搜尋和推薦增強功能，包括基於上下文感知的 Uma 搜尋。與我們先前的功能集相比，這些功能使每份合約的平均支出增加了 4%，Connects 收入增加了 3%。

Finally, our reimagined AI-driven job posting experience provides tailored actionable tips to clients based on our differentiated trove of work interaction data. And on the talent side, Uma Proposal Writer enhancements led to a 58% increase in freelancers utilizing Uma TM to submit a bid compared to the previous product experience.

最後，我們重新構想的人工智慧驅動的職位發布體驗根據我們差異化的工作互動資料寶庫為客戶提供量身定制的可操作建議。在人才方面，與先前的產品體驗相比，Uma Proposal Writer 的增強功能使利用 Uma TM 提交投標的自由工作者數量增加了 58%。

Our strategy to rapidly grow AI work across categories is also working as GSV from AI-related work accelerated to 30% year-over-year growth from 25% in the first quarter. Businesses are coming to Upwork to access our pool of 250,000 AI experts, offering more than 365 unique AI skills. This work spans everything from model tuning and generative design to LLM integration and prompt engineering. For example, one of the largest multinational CPG companies is tapping into AI developer talent on Upwork to build AI-powered, interactive, personalized ordering systems and to redesign the user experience for some of the world's most recognizable brands.

我們快速發展跨類別人工智慧工作的策略也正在發揮作用，因為來自人工智慧相關工作的 GSV 從第一季的 25% 加速到年成長 30%。企業紛紛加入 Upwork，接觸我們擁有的 25 萬名 AI 專家團隊，他們提供超過 365 種獨特的 AI 技能。這項工作涵蓋了從模型調整和生成設計到 LLM 整合和快速工程的所有內容。例如，最大的跨國 CPG 公司之一正在利用 Upwork 上的人工智慧開發人才來建立人工智慧驅動的、互動式的個人化訂購系統，並為一些全球最知名的品牌重新設計使用者體驗。

The number of clients posting AI jobs grew 38% year over year, a positive future GSV signal as clients engaging in AI work spend more than 3 times as much as the average client on the platform. GSV from prompt engineering grew 51% year over year in Q2 and categories that not long ago seemed ripe for AI substitution like Accounting & Bookkeeping, Video & Animation, and Contract Law are actually being augmented and accelerated by AI tools, leading to category growth due to demand for human creativity and judgment.

發布 AI 職位的客戶數量年增 38%，這是一個積極的未來 GSV 訊號，因為從事 AI 工作的客戶在該平台上的花費是普通客戶的 3 倍多。即時工程的 GSV 在第二季度同比增長了 51%，不久前看似可以用人工智能替代的類別，如會計和簿記、視頻和動畫以及合同法，實際上正在通過人工智能工具得到增強和加速，從而由於對人類創造力和判斷力的需求而導致類別增長。

While we continue to see the simplest tasks and smallest projects substituted by AI in some categories like Writing and Translation, our GSV is now outperforming expectations. We expect AI augmentation to continue across many categories on our platform, supporting growth of GSV per active client. With accelerating momentum in AI work and much higher average spend, AI is an important growth multiplier for us.

雖然我們繼續看到人工智慧在某些類別（如寫作和翻譯）中取代最簡單的任務和最小的項目，但我們的 GSV 現在的表現超出了預期。我們預計人工智慧增強將繼續涵蓋我們平台的許多類別，從而支援每個活躍客戶的 GSV 成長。隨著人工智慧工作勢頭的加速和平均支出的大幅增加，人工智慧對我們來說是一個重要的成長倍數。

In our Marketplace, Business Plus, our premium plan for teams and larger SMB clients continues to exceed our goals in attracting and expanding share of wallet with larger customers. Active Business Plus clients increased 45% quarter over quarter, while GSV from those clients surged 190% quarter over quarter. Importantly, Business Plus appeals to both existing customers as well as new prospects. 35% of Business Plus clients in Q2 were brand new to Upwork. Business Plus' success is a key beachhead for our strategy to serve larger businesses in our Marketplace with a differentiated and tailored value proposition.

在我們的市場 Business Plus 中，我們針對團隊和大型 SMB 客戶的高級計劃在吸引和擴大大型客戶錢包份額方面繼續超越我們的目標。活躍 Business Plus 客戶較上季成長 45%，而來自這些客戶的 GSV 則是環比成長 190%。重要的是，Business Plus 既能吸引現有客戶，也能吸引新客戶。第二季 35% 的 Business Plus 客戶都是 Upwork 的新客戶。Business Plus 的成功是我們透過差異化和客製化的價值主張為市場中的大型企業提供服務的策略的重要立足點。

Ads & monetization offerings were a strong contributor in the quarter as revenue from these products grew 17% year over year, including 19% year-over-year growth in Connects revenue and 13% year-over-year growth in Freelancer Plus subscription revenue. These products empower freelancers to improve their visibility and increase the yield on their efforts while also expanding our take rate.

廣告和貨幣化產品是本季的強勁貢獻者，因為這些產品的營收年增 17%，其中 Connects 營收年增 19%，Freelancer Plus 訂閱營收年增 13%。這些產品使自由工作者能夠提高他們的知名度並增加他們的努力的收益，同時也擴大我們的收費率。

In the second quarter, we made huge strides on our strategy to expand our share of wallet with large Enterprise customers, which is a transformational opportunity. Today, we are announcing two acquisitions by our new wholly owned Upwork Enterprise subsidiary. These acquisitions complete our feature set in Enterprise and together with our existing capabilities, enable us to offer a unique, highly differentiated solution.

在第二季度，我們在擴大大型企業客戶錢包份額的策略上取得了巨大進展，這是一個轉型機會。今天，我們宣布新成立的全資子公司 Upwork Enterprise 進行兩項收購。這些收購完善了我們在企業中的功能集，並與我們現有的能力相結合，使我們能夠提供獨特的、高度差異化的解決方案。

We have always been the best-in-class provider of independent contractor talent and management for enterprises. To tap into the remainder of our clients' contingent work spend, spanning employer of record, staff augmentation, statement of work, and other contract types, we historically relied on EOR partners and workarounds to deploy our IC talent management solution for other contract types.

我們一直是企業獨立承包商人才和管理的最佳提供者。為了利用客戶剩餘的臨時工作支出，涵蓋記錄雇主、人員擴充、工作說明和其他合約類型，我們歷來依賴 EOR 合作夥伴和變通方法來為其他合約類型部署我們的 IC 人才管理解決方案。

While this approach enabled us to support a variety of programs for our clients, our reliance on partners and lack of a more versatile and deeply integrated workforce management solution limited our ability to deploy our tremendous talent pool against the full range of opportunities enterprise customers approached us with. We, therefore, made the decision to bring these critical capabilities in-house. Doing so positions Upwork with a single, digitally-native, contract-agnostic, and global solution that holistically supports contingent work program needs.

雖然這種方法使我們能夠為客戶提供各種計劃，但我們對合作夥伴的依賴以及缺乏更靈活、更深度整合的勞動力管理解決方案，限制了我們部署龐大人才庫以應對企業客戶向我們提供的各種機會的能力。因此，我們決定將這些關鍵能力引入公司內部。這樣做使 Upwork 擁有了一個單一的、數位原生的、與合約無關的全球解決方案，可以全面支援臨時工作計劃的需求。

This is why I am so excited to share the update on our M&A progress today. In Q2, our wholly-owned subsidiary acquired Bubty, a contingent workforce management platform built to support large enterprises. Our Enterprise subsidiary has also signed a definitive agreement to acquire Ascen, a digitally native employment solution for contingent W-2 work. We expect that transaction to close in the second half of this year.

這就是為什麼我今天如此興奮地分享我們的併購進展的最新情況。在第二季度，我們的全資子公司收購了Bubty，這是一個為支持大型企業而建構的臨時勞動力管理平台。我們的企業子公司還簽署了一項最終協議，收購 Ascen，這是一款針對 W-2 臨時工作的數位原生就業解決方案。我們預計交易將在今年下半年完成。

This combination of assets completes our Enterprise offering, bringing talent sourcing, contracting, and workforce management in a unified experience, purpose-built for large companies and every type of contingent work. This is a powerful combination. It accelerates our ability to capture a greater share of the $650 billion contingent workforce TAM, and we expect it to begin driving meaningful GSV and revenue growth starting in late 2026.

這些資產的組合完善了我們的企業產品，將人才採購、合約簽訂和勞動力管理融為一體，專為大型公司和各種類型的臨時工作而設計。這是一個強大的組合。它加速了我們在 6500 億美元臨時勞動力 TAM 中佔據更大份額的能力，我們預計它將從 2026 年底開始推動 GSV 和收入的顯著增長。

Underpinning all of this are rapidly expanding AI workflows across our company. Our focused and disciplined efforts to reinvent our processes with AI are increasing our internal efficiency and therefore, margin profile while allowing our teams to spend their time wisely on their highest impact work. Over 35% of our deployed code is now AI generated. And in our Search team, fine-tuned LLM evaluations of match quality have reduced our model iteration time and cost by over 70%. This is how we are now able to deliver faster, higher-quality product releases.

所有這一切的基礎是我們公司範圍內迅速擴展的人工智慧工作流程。我們專注而嚴謹地利用人工智慧重塑流程，這不僅提高了我們的內部效率，也提高了利潤率，同時使我們的團隊能夠明智地將時間花在最具影響力的工作上。我們部署的程式碼中超過 35% 都是由 AI 產生的。在我們的搜尋團隊中，經過微調的 LLM 匹配品質評估將我們的模型迭代時間和成本減少了 70% 以上。這就是我們現在能夠提供更快、更高品質的產品發布的方式。

Q2 was a standout quarter. Our three-pronged strategy centered on AI, ads and monetization and enterprise is exceeding our expectations and bolsters our confidence in a GSV growth outlook for 2026. Today, our platform is more powerful. Our customers are more engaged. Our team is more effective. And our opportunity is bigger than ever. I'd like to thank our incredible team for their talent and dedication and our customers for their trust and partnership.

第二季表現突出。我們以人工智慧、廣告和貨幣化以及企業為中心的三管齊下的策略超出了我們的預期，並增強了我們對 2026 年 GSV 成長前景的信心。今天，我們的平台更強大了。我們的客戶更加投入。我們的團隊更有效率。我們的機會比以往任何時候都更大。我要感謝我們出色的團隊的才華和奉獻精神，以及客戶的信任和合作。

With that, I'll turn it over to Erica.

說完這些，我就把它交給 Erica。

Thanks, Hayden. We delivered an outstanding second quarter with revenue of $194.9 million and better-than-expected performance across all financial metrics. The quarter's results clearly demonstrate the significant advancement of our AI efforts and product enhancements, resulting in growth of our core Marketplace business, including Business Plus.

謝謝，海登。我們第二季的業績表現出色，營收達 1.949 億美元，各項財務指標均優於預期。本季的業績清楚地表明了我們的人工智慧工作和產品增強的重大進步，從而推動了我們的核心市場業務（包括 Business Plus）的成長。

Our focused, disciplined approach to margin expansion while investing in growth was evident across our business, as our adjusted EBITDA margin hit a new record high of 29.3%, exceeding our guidance range. This was driven by strong revenue outperformance alongside our continued cost optimization efforts, including internal investments in AI enablement. We are firmly on track to achieve our 35% adjusted EBITDA margin target and we are raising our full year 2025 revenue and adjusted EBITDA guidance. While the macro environment remains difficult to predict, we continue to outperform peers and our own plans while investing in future growth levers.

我們在投資成長的同時，對利潤率擴張採取了專注而嚴謹的態度，這在我們的整個業務中得到了充分體現，我們的調整後 EBITDA 利潤率創下了 29.3% 的新高，超出了我們的指導範圍。這是由強勁的收入表現以及我們持續的成本優化努力（包括對人工智慧支援的內部投資）所推動的。我們正穩步實現 35% 調整後 EBITDA 利潤率目標，並且我們正在提高 2025 年全年營收和調整後 EBITDA 預期。儘管宏觀環境仍然難以預測，但我們在投資未來成長槓桿的同時，繼續超越同行和我們自己的計劃。

Second quarter GSV of $1 billion was stronger than expected due to successful product improvements we've made to the Marketplace, including search and match and Business Plus. We are encouraged by early positive signals that our GSV growth levers are beginning to bend the GSV curve. Average GSV per active client continued on its positive growth trajectory, rising 5% year over year and surpassing $5,000 for the first time since 2022. This marks the second consecutive quarter of positive year-over-year growth and the fourth consecutive quarter of sequential growth.

第二季的 GSV 達到 10 億美元，高於預期，這得益於我們對 Marketplace 的成功產品改進，包括搜尋和匹配以及 Business Plus。早期的正面訊號令我們感到鼓舞，即我們的 GSV 成長槓桿開始彎曲 GSV 曲線。每位活躍客戶的平均 GSV 繼續保持正成長軌跡，年增 5%，自 2022 年以來首次超過 5,000 美元。這是連續第二季實現年成長，也是連續第四個季度實現環比成長。

Once again, GSV per active client grew year over year in every major client segment with particularly strong growth of 16% year over year in our very large business segment. Our hours per contract in Q2 were also the highest ever as our platform attracts larger jobs and more complex work.

再次，每個主要客戶群的每位活躍客戶的 GSV 都同比增長，其中非常大的業務群的同比增長尤其強勁，達到 16%。由於我們的平台吸引了更大、更複雜的工作，我們第二季的每份合約的工作時間也達到了歷史最高水準。

Our active client count continues to exhibit the cumulative effect of the top-of-funnel demand pressure that we have noted for the past few quarters. We are addressing the challenging demand environment by focusing on quality over quantity and targeting our marketing spend on higher LTV clients. In recent quarters, we have also been extensively testing new marketing channels and are seeing strong yield from alternative channels to traditional SEM and SEO.

我們的活躍客戶數量持續表現出我們在過去幾季中註意到的漏斗頂端需求壓力的累積效應。我們注重品質而非數量，並將行銷支出集中在 LTV 較高的客戶身上，以應對充滿挑戰的需求環境。最近幾個季度，我們也一直在廣泛測試新的行銷管道，並看到傳統 SEM 和 SEO 的替代管道產生了豐厚的收益。

The success of this strategy is evident as overall spend per contract grew for the third consecutive quarter, increasing 11% year over year in Q2 and representing our highest ever average spend per contract over any 12-month period. This, along with the enhanced AI-powered customer experience improvements we have been building over the past few quarters, contributed to Q2 Marketplace revenue growth of 2.3% year over year.

這項策略的成功顯而易見，因為每份合約的總支出連續第三個季度成長，第二季年增 11%，創下 12 個月期間每份合約平均支出的最高紀錄。這一點，加上我們在過去幾季中一直在建構的增強型人工智慧客戶體驗改進，推動第二季市場營收年增 2.3%。

As Hayden mentioned, we are excited to announce two strategic acquisitions by a newly formed Upwork Enterprise-focused subsidiary. The combination of these assets is a game changer for our customers. Having a full stack contract-agnostic Enterprise solution will solve key customer pain points and enable us to unlock this massive enterprise market in an expanded way. We expect these deals will have a minor GSV and revenue benefit to the second half of this year with an expected mid-single-digit contribution to revenue.

正如海登所提到的，我們很高興地宣布新成立的專注於 Upwork Enterprise 的子公司進行了兩項策略性收購。這些資產的結合將為我們的客戶帶來重大改變。擁有一個與合約無關的全端企業解決方案將解決關鍵的客戶痛點，並使我們能夠以擴展的方式解鎖這個龐大的企業市場。我們預計這些交易將對今年下半年的 GSV 和收入產生輕微影響，預計對收入的貢獻將達到中等個位數。

The combination of additional OpEx from these new businesses as well as integration and expansion costs will have a dilutive impact of approximately $10 million on adjusted EBITDA in the back half of 2025, all of which is contemplated in our raised adjusted EBITDA guidance. We expect these acquisitions to contribute to topline growth in 2026 and to be meaningfully GSV, revenue and adjusted EBITDA accretive in 2027. Longer term, we expect this strategy to be a strong driver for both top and bottom line growth.

這些新業務產生的額外營運支出以及整合和擴張成本將對 2025 年下半年的調整後 EBITDA 產生約 1000 萬美元的稀釋影響，所有這些都已在我們上調的調整後 EBITDA 指引中考慮到。我們預計這些收購將有助於 2026 年的營業額成長，並在 2027 年顯著增加 GSV、收入和調整後 EBITDA。從長遠來看，我們預計這項策略將成為推動營收和利潤成長的強勁動力。

In the second quarter, Enterprise revenue was down sequentially due to ongoing pressure from internal budget cuts at a handful of larger customers, some of whom had prominent layoffs in the first half of the year. As a reminder, we also paused the majority of our sales efforts on our traditional Enterprise plans in the first half of the year as we retooled our Enterprise strategy. We expect the Enterprise business, now part of our newly formed subsidiary, to return to growth in 2026 on the back of the new capabilities, the two acquisitions will contribute to our offering and our renewed sales approach.

在第二季度，企業收入環比下降，原因是少數較大客戶的內部預算削減持續帶來壓力，其中一些客戶在今年上半年進行了大規模裁員。提醒一下，由於我們調整了企業策略，我們在上半年也暫停了傳統企業計畫的大部分銷售工作。我們預計，企業業務（現為我們新成立的子公司的一部分）將在新的能力的支持下於 2026 年恢復成長，這兩項收購將有助於我們提供更好的產品和更新的銷售方式。

Our Marketplace take rate was 18.5% in Q2, compared to 18.0% in the second quarter of 2024, as we successfully introduced new ways to price to value in the Marketplace. While successful new pricing tests have led to strength in take rate in the first half of the year, we expect relatively stable take rates through the rest of 2025 as we continue to test approaches to drive both GSV and revenue in 2026 and beyond.

由於我們成功地在市場上引入了新的定價方式，我們的市場接受率在第二季為 18.5%，而 2024 年第二季為 18.0%。雖然成功的新定價測試已導致上半年的收費率強勁，但我們預計 2025 年剩餘時間的收費率將相對穩定，因為我們將繼續測試在 2026 年及以後推動 GSV 和收入的方法。

Non-GAAP gross margin reached 77.8% as we execute disciplined cost management across every part of our business. Non-GAAP operating expense was $98.9 million in the second quarter or 51% of revenue compared to 58% of revenue in the second quarter of 2024.

由於我們在業務的每個部分都執行嚴格的成本管理，非公認會計準則毛利率達到 77.8%。第二季非公認會計準則營運費用為 9,890 萬美元，佔營收的 51%，而 2024 年第二季則為 58%。

Adjusted EBITDA was $57.1 million in the second quarter, leading to a record second quarter adjusted EBITDA margin of 29.3%. We reported GAAP net income of $32.7 million for the second quarter, a 47% increase over Q2 2024 and a record for any second quarter in our company's history. These all-time highs in profitability and cash generation are enabling us to strategically put capital to work to grow our business and further extend our market leadership position, exemplified by today's Marketplace results and Enterprise subsidiary acquisitions.

第二季調整後 EBITDA 為 5,710 萬美元，導致第二季調整後 EBITDA 利潤率創下 29.3% 的新高。我們報告第二季的 GAAP 淨收入為 3,270 萬美元，比 2024 年第二季成長 47%，創下公司歷史上任何第二季的最高紀錄。獲利能力和現金產生能力達到歷史最高水平，使我們能夠策略性地投入資本來發展業務，並進一步擴大我們的市場領導地位，今天的市場業績和企業子公司收購就是明證。

Free cash flow for the second quarter was $65.6 million. In the quarter, we utilized $38 million in cash to buy back 2.9 million shares as part of our commitment to driving long-term shareholder value. At these levels, we expect to be active in share repurchases in the back half of this year. Cash and cash equivalents were approximately $635 million at the end of the second quarter.

第二季的自由現金流為 6,560 萬美元。本季度，我們利用 3,800 萬美元現金回購 290 萬股股票，這是我們致力於推動長期股東價值的一部分。在這樣的水平上，我們預計今年下半年將積極進行股票回購。第二季末的現金和現金等價物約為 6.35 億美元。

Now turning to guidance. For the third quarter of 2025, we expect to generate revenue in the range of $190 to $195 million. For adjusted EBITDA in the third quarter, we are guiding to a range of $47 to $51 million, which represents an adjusted EBITDA margin in the range of 25% to 26%. Included in this guidance is the absorption of incremental costs related to the acquisitions of both Ascen and Bubty as well as incremental spend to support the expansion of the enterprise business. Even as we invest in future growth, we will achieve meaningful year-over-year margin improvement in 2025 and we are reiterating our long-term adjusted EBITDA margin target of 35%.

現在轉向指導。到 2025 年第三季度，我們預計營收將在 1.9 億美元至 1.95 億美元之間。對於第三季的調整後 EBITDA，我們預計範圍在 4,700 萬至 5,100 萬美元之間，這代表調整後的 EBITDA 利潤率在 25% 至 26% 之間。本指南包括吸收與收購 Ascen 和 Bubty 相關的增量成本以及支援企業業務擴張的增量支出。即使我們投資於未來的成長，我們也將在 2025 年實現同比有意義的利潤率成長，並且我們重申 35% 的長期調整後 EBITDA 利潤率目標。

As a result of our strong execution and encouraging early impact from our numerous platform enhancements, we are increasing our full-year revenue guide to be in the range of $765 to $775 million. While this guidance does include some minimal topline benefit from the announced Enterprise subsidiary acquisitions, the vast majority of the revenue guidance raise is due to the continued strength in our Marketplace business.

由於我們強有力的執行力以及眾多平台增強帶來的令人鼓舞的早期影響，我們將全年營收預期提高到 7.65 億美元至 7.75 億美元之間。雖然該指引確實包含了已宣布的企業子公司收購帶來的一些最低限度的收入收益，但收入指引的絕大部分增長歸功於我們市場業務的持續強勁。

We are also increasing our full year adjusted EBITDA guidance to be in the range of $206 to $214 million, or 27% adjusted EBITDA margin at the midpoint. This represents a more than 5-point margin expansion versus 2024. We expect full-year 2025 non-GAAP diluted EPS to be between $1.24 (corrected by company after the call) and $1.27 (corrected by company after the call), up from our 2024 results. We are building the foundation for accelerated multi-year growth, and this is reflected in our increased 2025 guidance ranges. We are on the path to topline growth in 2026, driven by multiple well-developed catalysts.

我們也將全年調整後 EBITDA 預期上調至 2.06 億美元至 2.14 億美元之間，或中間值調整後 EBITDA 利潤率為 27%。這意味著與 2024 年相比，利潤率擴大了 5 個百分點以上。我們預計 2025 年全年非 GAAP 稀釋每股收益將在 1.24 美元（電話會議後公司調整後）至 1.27 美元（電話會議後公司調整後）之間，高於 2024 年的業績。我們正在為多年加速成長奠定基礎，這反映在我們提高的 2025 年指導範圍中。在多種成熟催化劑的推動下，我們將在 2026 年實現營收成長。

On stock-based compensation, we have been taking meaningful steps to reduce our SBC expense and these actions will have a lasting benefit on our recorded stock-based compensation and GAAP profitability. Stock-based compensation is expected to be between $60 million and $65 million for the year.

在股票薪酬方面，我們一直在採取有意義的措施來降低我們的 SBC 費用，這些措施將對我們記錄的股票薪酬和 GAAP 盈利能力產生持久的益處。預計今年的股票薪酬將在 6,000 萬美元至 6,500 萬美元之間。

In closing, Q2 2025 was a standout quarter that reflects the strength of our strategy, the power of our platform, and the exceptional execution of our team. We delivered record profitability, exceeded guidance on every major financial metric, and raised our full-year outlook, all while navigating an uncertain macro environment. Our disciplined cost management, expanding gross margins, and ability to bend the GSV curve underscore the effectiveness of our strategy and the speed of our execution.

最後，2025 年第二季度是一個出色的季度，反映了我們策略的實力、我們平台的強大以及我們團隊的卓越執行力。在應對不確定的宏觀環境的同時，我們實現了創紀錄的盈利，所有主要財務指標均超出預期，並上調了全年預期。我們嚴格的成本管理、不斷擴大的毛利率以及扭轉 GSV 曲線的能力凸顯了我們策略的有效性和執行速度。

We are making bold strategic moves to unlock long-term growth, accelerating our Enterprise transformation with two game-changing acquisitions, and delivering fully integrated AI-enabled customer experiences. As we move into the second half of the year, we are confident in our ability to drive continued operational excellence while investing in durable, profitable growth. We remain focused on increasing value for our clients, for our talent, and for our shareholders, and we are just getting started.

我們正在採取大膽的策略性舉措以實現長期成長，透過兩次改變遊戲規則的收購加速我們的企業轉型，並提供完全整合的人工智慧客戶體驗。隨著進入下半年，我們有信心在投資持久獲利成長的同時，繼續推動卓越營運。我們始終致力於為我們的客戶、我們的人才和我們的股東增加價值，而我們才剛起步。

With that, we will be happy to take your questions.

我們將很樂意回答您的問題。

(Operator Instructions)

（操作員指示）

Josh Chan, UBS.

瑞銀的 Josh Chan。

I wanted to ask about the acquisitions. So could you talk about kind of these assets, in particular, how -- maybe give an example of how they will work once you integrate into your Upwork platform and kind of how things will flow through the revenue and GSV in terms of how you're going to report it?

我想詢問有關收購的情況。那麼，您能否談談這些資產，特別是如何——也許可以舉個例子，說明一下一旦您將它們整合到 Upwork 平台中，它們將如何運作，以及就您報告的方式而言，它們將如何流經收入和 GSV？

Thanks, Josh. We've always been best-in-class in offering our enterprise clients talent through the independent contracting model and we've provided a range of solutions such as employer record and other contracting types through our partners and extensions or workarounds of our platform. Historically, this partnership approach really limited our ability to serve the full range of opportunities that enterprise customers approached us on. So that includes other engagement types like employer of record, some type of managed services, and staff augmentation.

謝謝，喬希。我們始終致力於透過獨立承包模式為企業客戶提供一流的人才，並透過合作夥伴以及平台的擴展或變通方案提供一系列解決方案，例如雇主記錄和其他承包類型。從歷史上看，這種合作方式確實限制了我們為企業客戶提供全方位服務的能力。因此，這包括其他參與類型，如記錄雇主、某種類型的託管服務和人員擴充。

Clients have been asking us to expand into these spaces because they love our strength in independent contracting. They love our digitally native platform, and they wanted to use us for broader parts of their contingent work programs.

客戶一直要求我們擴展到這些領域，因為他們喜歡我們在獨立承包方面的優勢。他們喜歡我們的數位原生平台，並希望將我們的平台用於其臨時工作計劃的更廣泛的部分。

With these acquisitions, we're really bringing into Upwork a fully comprehensive, digitally native set of solutions that combine our incredible talent pool with Bubty's workforce management system and Ascen's contingent employment solution. And each of those businesses and their products were purpose-built for enterprises. So going forward, we are going to be able to serve enterprises in all of these different ways across their full contingent programs, meeting them where they are, integrating into their existing efforts, and really not requiring major change management on their side.

透過這些收購，我們真正為 Upwork 帶來了一套全面的、數位原生的解決方案，將我們令人難以置信的人才庫與 Bubty 的勞動力管理系統和 Ascen 的臨時就業解決方案相結合。這些業務及其產品都是專為企業打造的。因此，展望未來，我們將能夠以各種不同的方式為企業提供服務，涵蓋其全部應急計劃，滿足他們的現狀，融入他們現有的工作，並且實際上不需要他們進行重大的變革管理。

We've had the benefit of piloting both Bubty and Ascen together along with our solution. And that really showed us how effective this combination is going to be and give us tremendous confidence that this is the right solution that will open up this tremendous $650 billion enterprise opportunity.

我們已經受益於同時試用 Bubty 和 Ascen 以及我們的解決方案。這確實向我們展示了這種組合的有效性，並讓我們充滿信心，這是一個正確的解決方案，將開啟價值 6500 億美元的巨大企業機會。

And Josh, this is Erica. Maybe I'll just hit the question on GSV and revenue. Like I said, these transactions are immediately GSV and revenue accretive in 2025. They'll have a very small, approximately $5 million or so benefit in the back half of 2025 revenue. And so -- and they'll contribute some topline growth as we enter 2026.

喬希，這是艾莉卡。也許我只想問一下關於 GSV 和收入的問題。正如我所說的，這些交易將立即產生 GSV，並在 2025 年增加收入。他們將獲得非常小的收益，2025 年下半年的收入約為 500 萬美元左右。因此，當我們進入 2026 年時，它們將為營收成長做出一些貢獻。

As Hayden described, these enterprises have long sales cycles and we are going after very large multimillion dollar contracts with both our existing enterprise customers and new enterprise customers. So we expect to see much more meaningful GSV and revenue accretion in late 2026.

正如海登所描述的，這些企業的銷售週期很長，我們正在與現有企業客戶和新企業客戶簽訂數百萬美元的巨額合約。因此，我們預計 2026 年底 GSV 和收入將實現更顯著的成長。

Okay. Perfect. Thank you for the color there. And then maybe if I can ask about the macro situation. I guess some of the employment-oriented data points have kind of softened in recent months. How are you seeing the macro environment impacting your business kind of through Q2 and recognizing that you're taking other steps to kind of offset them, but just curious what kind of macro shape are you embedding into the second half?

好的。完美的。感謝那裡的色彩。然後也許我可以詢問一下宏觀情況。我猜想最近幾個月一些以就業為導向的數據點已經減弱。您如何看待宏觀環境對第二季度您的業務的影響，並意識到您正在採取其他措施來抵消這些影響，但我只是好奇您在下半年會呈現什麼樣的宏觀形態？

Yes, I'll comment on the macro, Josh. So the environment right now continues to be unpredictable. We really haven't seen notable changes from the prior quarter. And so the slower acquisition environment that we've been experiencing for a while now does weigh on things like our active client metrics, but we're now lapping those trends. We have been executing extremely well, and we are increasingly successful in offsetting these macro pressures through the things we can control, things like AI enablement of our platform, growth in our AI categories, our enterprise strategy, which we just discussed.

是的，我會對宏觀進行評論，喬希。因此，當前的環境仍然難以預測。我們確實沒有看到與上一季相比的顯著變化。因此，我們一段時間以來經歷的較慢的收購環境確實對我們的活躍客戶指標等方面產生了影響，但我們現在正在順應這些趨勢。我們的執行情況一直非常好，而且我們越來越成功地透過我們可以控制的事情來抵消這些宏觀壓力，例如我們平台的人工智慧支援、我們人工智慧類別的成長、我們的企業策略，這些我們剛才討論過。

So if you look at our Q2 beat and the increased revenue guide that we just shared, it really reflects our confidence in our own initiatives despite not anticipating or seeing any changes in the macro now or in the near term. As we've said for a while, we do look at a lot of factors here, but we feel that this is a very prudent outlook, and we're excited about what we're delivering.

因此，如果您看一下我們剛剛分享的第二季業績和營收成長指南，您會發現它確實反映了我們對自己舉措的信心，儘管現在或短期內宏觀經濟沒有預料到或看到任何變化。正如我們一直以來所說的那樣，我們確實考慮了很多因素，但我們認為這是一個非常謹慎的觀點，我們對我們所交付的成果感到興奮。

Perfect. Thank you for the color and congrats on the quarter.

完美的。感謝您的色彩並祝賀本季。

Maria Ripps, Canaccord.

瑪麗亞·里普斯（Maria Ripps），Canaccord。

Congrats on the acquisitions. Can we maybe dive a little bit deeper on your comments around bending the GSV curve? I guess what contributed the most to take rate expansion this quarter? So should we think about AI enhancement, maybe monetization products, like other sort of new offerings like business plan?

祝賀收購成功。我們能否更深入探討一下您對彎曲 GSV 曲線的評論？我猜想是什麼因素導致了本季利率上升？那麼我們是否應該考慮人工智慧增強，也許是貨幣化產品，就像商業計劃等其他類型的新產品？

And sort of now with these two acquisitions sort of that you announced today, maybe talk about the opportunity going forward, especially as you think about the gap between your platform and other platforms or solutions out there on the take rate?

那麼，就您今天宣布的這兩項收購而言，能否談談未來的機遇，特別是當您考慮您的平台與其他平台或解決方案在接受率方面的差距時？

Okay. Maria, I'll talk a little bit about take rate and then maybe I'll hand it to Hayden. She can talk a little bit about some of the opportunities that we're seeing, which are really exciting on the GSV front. In terms of take rate expansion in Q2, we've talked a lot about kind of the experimentation that we'd be doing on the platform this year and the amount of time and effort that goes into kind of value-based take rate strategies.

好的。瑪麗亞，我會稍微談論一下接受率，然後也許我會把它交給海登。她可以稍微談談我們看到的一些機會，這些機會在 GSV 方面確實令人興奮。就第二季的接受率擴張而言，我們已經討論了很多關於今年我們將在平台上進行的實驗，以及投入到基於價值的接受率策略中的時間和精力。

So there are quite a number of things that are contributing to the take rate benefit. It's about 50 basis points that we've seen year over year in Q2. One of which is some of the supply and demand experimentation that we've implemented on the platform.

因此，有許多因素都對接受率的提高做出了貢獻。與去年同期相比，第二季的增幅約為 50 個基點。其中之一就是我們在平台上實施的一些供需實驗。

We started in May with kind of a larger range of kind of freelancer fees on the freelancer side, looking at adjusting the fees according to the amount of freelancer supply on the platform. We've seen some nice take rate benefits there, along with other kind of year-over-year growth, 19% growth in Connects and 13% growth in Freelancer Plus. So actually quite a number of contributors, and we're seeing actually this is just the beginning and a lot more benefits to come from some of the experimentation we're doing.

我們從五月開始在自由工作者方面擴大收費範圍，並計劃根據平台上自由工作者的供應量來調整費用。我們在那裡看到了一些不錯的接受率收益，以及其他類型的同比增長，Connects 增長了 19%，Freelancer Plus 增長了 13%。因此實際上有相當多的貢獻者，我們實際上看到這只是一個開始，我們正在進行的一些實驗將帶來更多的好處。

Hayden, do you want to talk to the GSV opportunity?

海登，你想談談 GSV 的機會嗎？

Sure. Overall, we're seeing a lot of bright spots in terms of our GSV performance here and some of the things that are unlocking it. So notably, the three-pronged strategy we announced at the beginning of the year is absolutely working. We're seeing the AI features that we're building on the platform are driving volume and velocity. And that means we've seen this $80 million 2025 GSV uplift just from AI and customer experience improvements alone and that's going to sustain further in 2026 and beyond.

當然。總體而言，我們在 GSV 表現方面看到了許多亮點，並且還有一些亮點正在顯現。值得注意的是，我們年初宣布的三管齊下策略絕對有效。我們看到，我們在平台上建立的人工智慧功能正在推動數量和速度的成長。這意味著，僅憑人工智慧和客戶體驗的改善，我們就能看到 2025 年 GSV 成長 8,000 萬美元，而且這種成長趨勢還將持續到 2026 年及以後。

We're also seeing great strength in our AI work categories. So GSV is up 30% year over year in Q2, which is an acceleration versus Q1. Definitely, demand there is extremely strong, and that's becoming more evident. Enterprise is obviously going to be a bigger opportunity. And to address what you're saying there, we've really set ourselves up with a game-changing offering that lets our sales team go to existing and new accounts and really engage with them on multimillion-dollar opportunities.

我們也看到了人工智慧工作類別的巨大優勢。因此，GSV 第二季度年增 30%，與第一季相比有所加速。毫無疑問，那裡的需求非常強勁，而且這一點正變得越來越明顯。企業顯然將會是一個更大的機會。為了解決您所說的問題，我們確實為自己制定了一項改變遊戲規則的服務，讓我們的銷售團隊能夠接觸現有和新客戶，並真正與他們接觸，獲得數百萬美元的商機。

So these are even bigger than what we were able to do before and that is really going to contribute over time to enterprise performance overall on both growth. And again, these are take rate accretive solutions relative to our Marketplace. So it's going to help us there as well.

因此，這些比我們以前能夠做的還要大，並且隨著時間的推移，這將真正促進企業整體績效的成長。再次強調，這些都是相對於我們的市場而言的增值解決方案。所以它也會對我們有幫助。

Great. That's very helpful. And then can you maybe talk about how you are prioritizing sort of investments in AI, enterprise and ads and monetization against other forms of returning capital to shareholders?

偉大的。這非常有幫助。然後，您能否談談您如何優先考慮對人工智慧、企業和廣告以及貨幣化的投資，而不是其他形式的股東返還資本？

Yes. Sure, Maria. Look, our ability to expand margins and really -- and invest in organic growth is proven with over 20 percentage points of margin expansion over the past two years. And the growth catalysts that we've been investing in over the last two years are really starting to show strength and starting to bend the GSV curve as we've described. At the same time, we've also been able to execute on some really smart, inexpensive high ROI M&A, and that's helping drive the growth objectives that we're starting to see success in, first with headroom and objective and now most recently with Bubty and Ascen.

是的。當然，瑪麗亞。你看，我們擴大利潤率和投資有機成長的能力已經得到證明，過去兩年利潤率成長了 20 個百分點以上。而且，正如我們所描述的，我們在過去兩年中一直投資的成長催化劑確實開始顯示出實力，並開始改變 GSV 曲線。同時，我們也能夠執行一些非常明智、廉價、高投資回報率的併購，這有助於推動我們開始看到成功的成長目標，首先是淨空和目標，最近是 Bubty 和 Ascen。

And last but not least, we've been able to do this while we're also returning capital to shareholders, so far executing $170 million of share buyback just in the last 18 months. So you can really expect more of the same from us. We're going to be focusing our investment in organic growth with really clear yield prospects and really focusing in on using our strong free cash flow and balance sheet, both to accelerate our growth strategy with M&A and to continue our capital return.

最後但同樣重要的一點是，我們在做到這一點的同時也向股東返還了資本，僅在過去 18 個月內就已執行了 1.7 億美元的股票回購。因此，您確實可以期待我們提供更多類似的服務。我們將把投資重點放在具有真正明確收益前景的有機成長上，並真正專注於利用我們強大的自由現金流和資產負債表，透過併購加速我們的成長策略並繼續我們的資本回報。

Got it. That's very helpful. Thank you so much.

知道了。這非常有幫助。太感謝了。

Ron Josey, Citi. (Operator Instructions)

花旗銀行的 Ron Josey。（操作員指示）

Rohit Kulkarni, ROTH Capital Partners.

羅仕資本合夥人 Rohit Kulkarni。

This is Jared Osteen on for Rohit Kulkarni. Great to see Business Plus continue to grow substantially. I was curious if you could talk a little bit more to the evolution of how new customers are using the platform and anything to the behavior you're seeing of more mature cohorts?

這是 Jared Osteen 為 Rohit Kulkarni 主持的節目。很高興看到 Business Plus 繼續大幅成長。我很好奇，您是否可以再多談談新客戶使用該平台的演變，以及您所看到的更成熟群體的行為？

Yes. It's clear from the growth we're seeing in Business Plus that this product is meeting a really clear need in the market. So we built this offering really for larger SMBs and teams that have bigger work needs from us. And what we're seeing so far is Business Plus clients convert faster. They spend more than a typical M client, and they are adopting across the board high-value features like access to our expert-vetted talent and AI-powered talent sourcing and shortlisting.

是的。從我們在 Business Plus 中看到的成長可以清楚地看出，該產品滿足了市場真正明確的需求。因此，我們專為大型中小型企業和有更大工作需求的團隊建立了該產品。到目前為止，我們看到的是 Business Plus 客戶的轉換速度更快。他們的花費比典型的 M 客戶更多，而且他們全面採用高價值功能，例如獲得我們專家審查的人才以及人工智慧驅動的人才採購和入圍名單。

So this all contributed to that big GSV growth of 190% quarter-over-quarter in Business Plus and the 45% growth in clients. And it really is showing that the offering is resonating.

這一切都促成了 Business Plus 的 GSV 環比增長 190% 以及客戶數量增長 45%。這確實表明該產品引起了共鳴。

I would say the fact that 35% of Business Plus clients are entirely new to Upwork is showing that they want these features, too. We're seeing their adoption very similar to our established customers and really taking up some of these new products and features that are available through Business Plus. And there's not a real difference in terms of how they look new versus existing. It's more that Business Plus overall is just such a great segment for us, performing even more strongly than typical Marketplace customers. So we really see this as a material revenue growth driver in 2026 because it's really just kind of building up steam now.

我想說的是，35% 的 Business Plus 客戶都是 Upwork 的新用戶，這顯示他們也想要這些功能。我們發現他們的採用情況與我們的老客戶非常相似，並且真正採用了 Business Plus 提供的一些新產品和新功能。並且就新舊外觀而言，並沒有什麼實質差異。更重要的是，Business Plus 整體而言對我們來說是一個非常好的細分市場，其表現甚至比典型的 Marketplace 客戶更強大。因此，我們確實將其視為 2026 年的重要收入成長動力，因為它現在確實正在累積力量。

I would just add, we continue to see very strong active-client retention overall. This has been a very steady metric for us, and our retained clients grew 2% year over year in Q2. So just another bright spot in terms of drivers behind our GSV per active growth overall.

我想補充一點，我們總體上仍然看到非常強勁的活躍客戶保留率。對我們來說，這是一個非常穩定的指標，我們留存的客戶在第二季年增了 2%。因此，就我們 GSV 整體活躍成長背後的驅動力而言，這只是另一個亮點。

Brent Thill, Jefferies.

布倫特·蒂爾（Brent Thill），傑富瑞集團。

This is John Byun for Brent Thill. Maybe some more questions regarding Bubty and Ascen. I guess curious to hear more about the distinction between there in the Marketplace and Business Plus side of the business. I mean, are they very, very distinctly separate? What about if you have clients that want to migrate from one to the other?

我是布倫特·蒂爾 (Brent Thill) 的約翰·拜恩 (John Byun)。也許還有一些關於 Bubty 和 Ascen 的問題。我很好奇想了解更多有關 Marketplace 和 Business Plus 業務之間的差異。我的意思是，它們之間是否有著非常非常明顯的差異？如果您的客戶想要從一個遷移到另一個，該怎麼辦？

How would that work? And if they do sign multimillion dollar contracts, is the recognition of that upfront? Or is it spread out as they use the labor pool? And maybe one more -- what -- how is the margin profile compare?

那該如何實現呢？如果他們確實簽署了數百萬美元的合同，是否會提前承認這一點？還是隨著他們使用勞動力資源而分散開來？也許還有一個——什麼——利潤率概況如何比較？

Sure, John. So the distinction is actually pretty big between the Marketplace business and the types of customers and deals that Bubty and Ascen unlock for us. If you look at our core Marketplace business, we have a lot of very small and small business customers who are doing -- sometimes it's programmatic work for us, but with us, but they don't need the types of features and functionality that very large enterprise customers do. So if you think about the top few thousand enterprise businesses in the world, they have very complex needs around compliance, around reporting, around auditing, around integrating with existing tools.

當然，約翰。因此，市場業務與 Bubty 和 Ascen 為我們解鎖的客戶類型和交易之間的差異實際上很大。如果你看一下我們的核心市場業務，你會發現我們有很多非常小的企業客戶，他們有時會為我們進行程序化工作，但與我們合作，但他們不需要大型企業客戶所需的特性和功能。因此，如果你考慮一下世界上排名前幾千的企業，你會發現他們在合規性、報告、審計、與現有工具整合方面都有非常複雜的需求。

And that's where Bubty and Ascen really come in with new capabilities that are tailored for these very big tens of millions of dollars or greater programs. So it's a very different customer set. The functionality and the needs are very different.

這就是 Bubty 和 Ascen 真正發揮作用的地方，它們具有專為這些數千萬美元或更大規模的項目量身定制的新功能。所以這是一個非常不同的客戶群。功能和需求非常不同。

To the question about migrating, certainly, if a customer starts with us in the Marketplace, we will have a very clear upgrade path for them to move into our enterprise offerings. But right now, we're really focused on kind of a different set of customers who really are best served and would probably only start with us with all of these robust capabilities that we've added in.

對於遷移的問題，當然，如果客戶在市場上開始與我們合作，我們將為他們提供非常清晰的升級路徑，以便他們轉向我們的企業產品。但目前，我們真正關注的是另一類客戶，他們真正需要最好的服務，而且可能只會從我們這裡開始提供我們添加的所有這些強大的功能。

I'll just add a couple of things and maybe hit a couple of your questions on revenue recognition and margin profile. But first and foremost, just to be super clear, Business Plus is targeted at more of the SMB market. It has a curtailed set of kind of enterprise-grade solutions, mostly focused on expert talent and other things. And we have seen virtually zero downgrades from our core enterprise business. So these are really different sets of products targeted at different types of businesses.

我只想補充幾點，也許可以解答你關於收入確認和利潤率狀況的幾個問題。但首先，需要先明確的是，Business Plus 的目標客戶是更多的 SMB 市場。它擁有一套有限的企業級解決方案，主要專注於專家人才和其他方面。我們的核心企業業務幾乎沒有出現任何降級。所以這些其實是針對不同類型企業的不同產品。

In terms of go-forward enterprise subsidiary with Bubty and Ascen integrated, these contracts will be recognized as the work is executed just like our enterprise business is today. So really no change there. The one thing about the go-forward business is the majority of these contracts are likely to be a gross-revenue-recognition contracts, but that will really largely be a presentation issue. And overall, there's, number one, no change at all to our adjusted EBITDA margin target of 35%. And number two, we expect that, that enterprise business unit with its huge growth potential will be meaningfully EBITDA accretive starting in 2027.

對於未來將 Bubty 和 Ascen 整合在一起的企業子公司而言，這些合約將在工作執行時得到確認，就像我們今天的企業業務一樣。所以實際上沒有變化。關於未來業務的一件事是，這些合約中的大多數可能是總收入確認合同，但這實際上在很大程度上是一個呈現問題。整體而言，首先，我們的調整後 EBITDA 利潤率目標 35% 沒有任何變動。第二，我們預計，具有巨大成長潛力的企業業務部門將從 2027 年開始實現 EBITDA 的大幅成長。

Matthew Condon, Citizens Bank.

馬修康登，公民銀行。

My first one, I just wanted to ask on the testing of the freelancer fees. Just how widely is this rolled out across the platform today? And how should we think about that being rolled out maybe in the back half of this year and into 2026? Any color there would be helpful.

我的第一個問題，我只是想詢問有關自由工作者費用的測試。目前該功能在整個平台上的推廣範圍有多廣？我們該如何考慮在今年下半年和 2026 年推出這項計畫？任何顏色都會有幫助。

Sure. The changes in the testing around the variable fee is still not fully rolled out to all work types or freelancers. And that's because we're still fine-tuning exactly what that approach needs to look like. So I'd say it's still early in that implementation and we have a lot of runway to move forward with that.

當然。圍繞浮動費用的測試變化尚未完全推廣到所有工作類型或自由工作者。這是因為我們仍在對該方法的具體實現進行微調。所以我想說，這個實施過程還處於早期階段，我們還有很長的路要走。

One thing to note about that is it really does drive both GSV and revenue because these fee changes actually drive more matching. And so we expect that the impact from these things will be positive, not just on take rate, but also on GSV in 2026.

需要注意的一點是，它確實推動了 GSV 和收入，因為這些費用變化實際上推動了更多的匹配。因此，我們預計這些因素的影響將是正面的，不僅對接受率，而且對 2026 年的 GSV 也會產生正面影響。

Great. That's helpful color. And then I just wanted to ask a follow-up just specifically on AI efficiencies internally. You called out some stuff in the press release around customer support, but also just coding. Can you just talk about where we are as far as the efficiencies that you can drive further in cost reductions that you can implement through AI?

偉大的。這是很有幫助的顏色。然後我只想問一個關於內部人工智慧效率的具體後續問題。您在新聞稿中提到了一些有關客戶支援的內容，但也只是編碼。您能否談談透過人工智慧可以進一步提高成本削減效率的現況？

Sure. AI implementation is a huge priority for us and is certainly gaining momentum and having impact both internally and on our margin structure. For us, it's not about replacing people. We're really focused on helping our people be more effective and impactful. So we've been implementing AI workflows across the company in engineering and product development, we're seeing 35% of code shipped is touched by or generated by AI.

當然。人工智慧的實施對我們來說是重中之重，而且它正在獲得發展勢頭，並對我們的內部和利潤結構產生影響。對我們來說，這不是要取代人。我們真正致力於幫助我們的員工提高效率和影響力。因此，我們一直在公司的工程和產品開發中實施 AI 工作流程，我們發現 35% 的已發布程式碼都受到 AI 的影響或由 AI 產生。

Customer support is another area we're seeing impact. Our agents are actually able to have faster response times, handle higher volumes of tickets. And in finance and HR, that's another area where we're using AI for things like forecasting and analyzing our internal employee feedback. So we have done a lot here, but there's definitely more to do. And again, it does show up in our margin structure, but what we're most excited about is our team is more effective and more productive because of this.

客戶支援是我們看到影響的另一個領域。我們的代理商實際上能夠更快地做出回應，處理大量的票證。在財務和人力資源領域，我們使用人工智慧來預測和分析內部員工回饋等。所以我們在這裡已經做了很多，但肯定還有很多事情要做。再一次，它確實體現在我們的利潤結構中，但最讓我們興奮的是，我們的團隊因此變得更有效率、更有生產力。

And I'm showing no further questions in the Q&A queue at this time. Ladies and gentlemen, that does conclude our conference for today. Thank you all for your participation, and you may now disconnect.

目前，問答隊列中沒有其他問題。女士們、先生們，今天的會議到此結束。感謝大家的參與，現在您可以斷開連線了。