Upwork Inc (UPWK) 2025 Q3 法說會逐字稿

Good day and thank you for standing by. Welcome to the Upwork's third-quarter 2025 earnings conference call.

您好，感謝您的耐心等待。歡迎參加 Upwork 2025 年第三季財報電話會議。

(Operator Instructions) Please be advised that today's conference is being recorded.

（操作人員指示）請注意，今天的會議正在錄音。

I would now like to hand the conference over to your speaker today, Tyler Stahl, Senior Corporate & Securities Counsel. Please go ahead.

現在我謹將會議交給今天的演講人，泰勒·斯塔爾先生，高級公司及證券法律顧問。請繼續。

Thank you and welcome to Upwork's discussion of its third-quarter 2025 financial results.

謝謝大家，歡迎參加Upwork對其2025年第三季財務表現的討論。

Joining me today are Hayden Brown, Upwork's President and Chief Executive Officer; and Erica Gessert, Upwork's Chief Financial Officer.

今天和我一起參加節目的有 Upwork 總裁兼執行長 Hayden Brown，以及 Upwork 財務長 Erica Gessert。

Following management's prepared remarks, they will be happy to take your questions.

管理層發言結束後，將樂意回答各位的問題。

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

但首先，我將回顧安全港聲明。在本次電話會議中，我們可能會發表一些與我們業務相關的聲明，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績效的保證，而是受到各種風險、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聲明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 September 30, 2025, when filed.

有關可能影響我們實際業績的重大風險和其他重要因素的討論，請參閱我們在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，以及今天發布的盈利新聞稿中討論的風險和其他重要因素。更多資訊將在我們截至 2025 年 9 月 30 日的季度報告（表格 10-Q）中列出，該報告將在提交時公佈。

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.

此外，也將提及某些非公認會計準則財務指標。有關非GAAP財務指標的信息，包括與最直接可比較的GAAP財務指標的調節表，可以在今天下午發佈在我們投資者關係網站 investors.upwork.com 上的新聞稿中找到。

Unless otherwise noted, reported figures are rounded. Comparisons of the third quarter of 2025 are to the third quarter of 2024. Adjusted EBITDA, adjusted EBITDA margin, non-GAAP operating expense, and free cash flow are non-GAAP financial measures. All other financial measures are GAAP, unless cited as non-GAAP.

除非另有說明，所列數字均已四捨五入。2025 年第三季的數據與 2024 年第三季的數據進行比較。調整後 EBITDA、調整後 EBITDA 利潤率、非 GAAP 營運費用和自由現金流量均為非 GAAP 財務指標。除特別註明為非GAAP外，所有其他財務指標均採用GAAP準則。

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

現在，我把電話交給海登。

Good afternoon and welcome to Upwork's third-quarter 2025 earnings call.

下午好，歡迎參加 Upwork 2025 年第三季財報電話會議。

Q3 marks a turning point for our company. The work we've done over the last 18 months to rewire our business for the AI era came to fruition in the form of GSV growth. After five quarters of GSV growth headwinds, the payoffs of our strategy are now visible. In Q3, we delivered 2% year-over-year growth in GSV and expect to see continued positive GSV growth from this point forward, including acceleration in this metric in 2026.

第三季是我們公司發展的轉捩點。在過去 18 個月裡，我們為適應人工智慧時代而對業務進行重新調整，最終透過 GSV 的成長取得了成果。在經歷了五個季度的 GSV 成長逆風之後，我們策略的回報現在已經顯現。第三季度，我們的 GSV 年增 2%，預計從現在開始 GSV 將持續成長，包括到 2026 年該指標將加速成長。

Our record-breaking performance on both revenue and profitability against a still sluggish labor market offers tangible proof points that Upwork is a structural beneficiary in the AI era of work.

在勞動市場依然低迷的情況下，Upwork 在收入和獲利能力方面均取得了破紀錄的成績，這切實證明了 Upwork 是人工智慧時代工作結構性受益者。

We exceeded $200 million in quarterly revenue for the first time in company history, with $201.7 million in revenue and GAAP net income of $29.3 million in Q3.

公司史上首次實現季度營收超過 2 億美元，第三季營收為 2.017 億美元，GAAP 淨利為 2,930 萬美元。

We delivered all-time highs in adjusted EBITDA at $59.6 million and adjusted EBITDA margin, which came in at 29.6%. Our strong performance is enabling us to increase our revenue and adjusted EBITDA outlook for the full year.

我們實現了調整後 EBITDA 5,960 萬美元的歷史新高，調整後 EBITDA 利潤率也達到了 29.6%。我們強勁的業績使我們能夠提高全年收入和調整後 EBITDA 的預期。

At this time, companies of all sizes are wrestling with the question: How can AI benefit my business? A recent MIT study found that 95% of Gen AI pilots fail; and 63% of employers still cite skills gaps as a major hurdle to business transformation, according to the World Economic Forum.

目前，各種規模的公司都在思考這樣一個問題：人工智慧如何讓我的企業受益？麻省理工學院最近的一項研究發現，95% 的人工智慧試點計畫都失敗了；世界經濟論壇的數據顯示，63% 的雇主仍然認為技能差距是企業轉型的主要障礙。

Upwork demonstrates how embracing AI technology can positively impact both top-line and bottom-line performance. Our solutions are increasingly essential for other companies looking to realize this potential.

Upwork 的案例表明，採用人工智慧技術可以對營收和利潤都產生積極影響。我們的解決方案對於其他希望發揮這種潛力的公司來說越來越重要。

As evidence of this, significant contributors to our GSV and revenue growth were targeted AI customer experience and product innovations, AI category growth on our marketplace, and robust adoption of Upwork Business Plus.

由此可見，我們 GSV 和收入成長的主要貢獻者包括：有針對性的 AI 客戶體驗和產品創新、我們市場上的 AI 類別成長以及 Upwork Business Plus 的強勁普及。

Let me take a moment to unpack each of these.

讓我花點時間逐一解釋。

First, in Q3, we continued our investment in transforming the Upwork marketplace into an AI-native platform. Product enhancements to Uma, Upwork's Mindful AI, enabled it to become more embedded across multiple workflows, unlocking the tremendous power of our data for customers.

首先，在第三季度，我們持續投資，將 Upwork 市場轉型為人工智慧原生平台。Upwork 的 Mindful AI 工具 Uma 的產品增強功能使其能夠更深入地嵌入到多個工作流程中，從而為客戶釋放我們資料的巨大力量。

We added highly requested capabilities to Uma's toolkit, including sourcing and interviewing talent on clients' behalf, drafting end-to-end talent proposals, and assisting both clients and talent with project management tasks like proposing project milestones and deliverables. Uma is eliminating manual work for clients and talent across our experience.

我們為 Uma 的工具包添加了客戶強烈要求的功能，包括代表客戶尋找和麵試人才、起草端到端的人才提案，以及協助客戶和人才完成專案管理任務，例如提出專案里程碑和交付成果。Uma 正在為我們的客戶和人才消除整個體驗過程中的手動工作。

Uma Recruiter drives higher-quality matches, doubling the acceptance rate from talent invited to submit proposals. Our upgraded Uma proposal writing feature saw a 15% increase in Uma-generated proposals, saving talents significant time.

Uma Recruiter 能夠實現更高品質的匹配，使受邀提交提案的人才的接受率翻倍。我們升級的 Uma 提案撰寫功能使 Uma 產生的提案數量增加了 15%，為人才節省了大量時間。

While each of these wins is valuable in isolation, we are now starting to see the compounding effects of these enhancements working together, as we continue to launch and iterate on Uma-powered features.

雖然這些勝利單獨來看都很有價值，但隨著我們不斷推出和迭代 Uma 驅動的功能，我們現在開始看到這些改進共同作用的累積效應。

Beyond improving the customer experience, they've delivered significant business impact, with search and recommendation improvements largely driven by AI expected to contribute a total of $100 million in incremental GSV in 2025.

除了改善客戶體驗外，它們還帶來了顯著的業務影響，其中搜尋和推薦功能的改進主要由人工智慧驅動，預計到 2025 年將帶來 1 億美元的增量 GSV。

As companies struggle to get AI work done and invest more in AI products and applications, we saw a notable expansion of AI projects and jobs on our platform in Q3. Businesses of all sizes continue to come to Upwork to find the critical skilled talent they need to integrate this technology and drive more immediate ROI.

隨著各公司努力完成 AI 工作並加大對 AI 產品和應用的投資，我們在第三季度看到我們平台上的 AI 項目和工作顯著增加。各種規模的企業都在不斷湧向 Upwork，尋找他們整合這項技術並實現更直接投資回報所需的關鍵技能人才。

The number of clients engaging in AI-related projects was up 45% year over year in Q3. And as a result, GSV from AI-related work increased 53% year over year during the same period, up significantly from 30% year-over-year growth in Q2.

第三季參與人工智慧相關專案的客戶數量年增 45%。因此，同期人工智慧相關工作的 GSV 年增 53%，較第二季 30% 的年成長率顯著提高。

The AI-enabled talent base on Upwork is expanding to meet the moment, with 41% more professionals engaging in AI projects versus a year ago.

Upwork 上的 AI 人才庫正在不斷擴大以滿足當前需求，參與 AI 專案的專業人士比一年前增加了 41%。

Next, let's turn to our strategy to deepen our reach with SMBs, a segment that is also performing ahead of our plans.

接下來，讓我們來看看我們擴大與中小企業合作範圍的策略，這個細分市場的表現也超出了我們的預期。

In Q3, we enhanced our tailored SMB product, Upwork Business Plus, with additional premium features that streamline the talent sourcing and evaluation process, as well as offering more collaborative hiring capabilities for teams.

第三季度，我們增強了專為中小企業量身定制的產品 Upwork Business Plus，增加了更多高級功能，簡化了人才搜尋和評估流程，並為團隊提供了更多協作招募功能。

As SMBs try to navigate what AI means for their businesses, they're increasingly relying on Upwork as an AI equalizer, the powerful platform that helps them scale their AI initiatives. As a result, Business Plus adoption from both new and existing clients outperformed our expectations in Q3, with active clients on Business Plus growing 36% quarter over quarter.

隨著中小企業努力探索人工智慧對其業務的意義，他們越來越依賴 Upwork 作為人工智慧均衡器，這個強大的平台可以幫助他們擴展人工智慧計畫。因此，第三季新舊客戶的 Business Plus 採用率均超出預期，Business Plus 的活躍客戶數量較上季成長 36%。

Turning to our Enterprise business, this quarter, we achieved a major milestone in our journey to unlock the $650 billion contingent work market with the launch of our new subsidiary, Lifted. While we have always been best-in-class in offering enterprise clients talent through the independent contractor model, through Lifted, we are now able to provide talent sourcing, contracting, and workforce management across every type of contingent work.

再來看我們的企業業務，本季度，我們透過推出新的子公司 Lifted，在開拓價值 6500 億美元的臨時工市場方面取得了重大里程碑式的進展。雖然我們一直以來都以獨立承包商模式為企業客戶提供一流的人才，但透過 Lifted，我們現在能夠為各種類型的臨時工作提供人才搜尋、合約簽訂和勞動力管理服務。

Not only is this a unique value proposition in the industry but we are the only player in the market with a comprehensive digitally native solution that's purpose-built for enterprises and integrates seamlessly into their existing systems.

這不僅是業內獨特的價值主張，而且我們還是市場上唯一一家擁有全面數位化原生解決方案的公司，該解決方案專為企業量身打造，並能無縫整合到其現有系統中。

We are thrilled with the customer reception of Lifted and are already seeing stronger-than-expected demand for this offering from both new and existing clients.

我們對 Lifted 的客戶反應感到非常興奮，並且已經看到新舊客戶對該產品的需求比預期更為強勁。

Our team is working at lightning speed towards our next milestone of onboarding our first customers onto the Lifted platform by early 2026. Anticipation for Lifted's new suite of products is high. While the sales cycle for very large multimillion-dollar enterprise agreements can take up to a year or more, early signals make us optimistic about the growth potential of this strategy.

我們的團隊正以閃電般的速度朝著下一個里程碑邁進，即在 2026 年初將我們的第一批客戶引入 Lifted 平台。人們對 Lifted 的全新產品系列充滿期待。雖然數百萬美元的大型企業協議的銷售週期可能需要一年或更長時間，但早期跡象表明，我們對該策略的成長潛力持樂觀態度。

With our return to GSV growth and the launch of Lifted, Q3 was a historic quarter for Upwork. Our AI-native platform, AI category growth, and tailored offerings for SMBs are delivering tangible results. The momentum is palpable as we write this next exciting growth chapter for Upwork.

隨著 GSV 成長的恢復和 Lifted 的推出，第三季對 Upwork 而言是一個具有歷史意義的季度。我們的AI原生平台、AI品類成長以及為中小企業量身訂製的產品正在帶來切實可見的成果。我們正在譜寫Upwork下一個令人興奮的成長篇章，這股動能顯而易見。

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

接下來，我將把麥克風交給艾莉卡。

Thanks, Hayden.

謝謝你，海登。

Q3 2025 was an exceptional quarter for Upwork, as we reported GSV and revenue growth and record profit margins. We are executing with tremendous velocity. We are seeing very strong growth potential across multiple strategies. As a result, we have resumed GSV growth two quarters earlier than planned.

2025 年第三季度對於 Upwork 來說是一個非凡的季度，我們實現了總銷售額和收入成長以及創紀錄的利潤率。我們正以驚人的速度執行任務。我們看到多種策略都展現出非常強勁的成長潛力。因此，我們比原計劃提前兩個季度恢復了 GSV 成長。

Third-quarter GSV of $1.02 billion grew 2% year over year. This growth was driven by both our Marketplace and Enterprise businesses. Average GSV per active client continued to grow, rising 5% year over year and remaining over $5,000. This underscores our success in attracting and retaining high-value relationships on the marketplace. Once again, GSV per active client grew year over year in every major client segment.

第三季 GSV 為 10.2 億美元，年增 2%。這一成長是由我們的市場業務和企業業務共同推動的。每位活躍客戶的平均商品和服務銷售額持續成長，年增 5%，並維持在 5,000 美元以上。這凸顯了我們在市場上吸引和維繫高價值客戶關係的成功。再次證明，在所有主要客戶群中，每位活躍客戶的GSV均較去年同期成長。

We continue to invest in features and functionality to attract larger clients and more complex work. Our investments are showing real traction. Overall spend per contract grew for the fourth consecutive quarter, increasing 12% year over year in Q3 and, once again, represented our highest-ever average spend per contract over any 12-month period. Hours per contract in Q3 surpassed Q2 as our highest ever.

我們將繼續投資於功能和特性，以吸引更大的客戶並承擔更複雜的工作。我們的投資正在取得切實成效。每份合約的總支出連續第四個季度增長，第三季度同比增長 12%，再次創下我們 12 個月期間每份合約平均支出的最高紀錄。第三季每份合約的工時超過了第二季度，創歷史新高。

On the client side, we ended the quarter with 794,000 active clients. Our strategy of focusing on quality over quantity is working, resulting in GSV per new client growth of 7% year over year. Q2 marked a trough in our year-over-year active client growth, as both new client acquisition and churn rate improved.

在客戶方面，本季末我們擁有 794,000 個活躍客戶。我們注重品質而非數量的策略正在奏效，使得每位新客戶的 GSV 年比增長 7%。第二季度，我們的活躍客戶年增率跌至谷底，新客戶獲取率和客戶流失率均有所改善。

Our churn rate declined over 70 basis points quarter over quarter, marking our lowest Q3 churn rate in years. This, along with the enhanced AI-powered customer experience improvements that we have been building over the past few quarters, contributed to Q3 marketplace revenue growth of 4% year over year.

我們的客戶流失率季減超過 70 個基點，創下多年來第三季最低客戶流失率紀錄。這一點，再加上我們在過去幾季中不斷改進的人工智慧驅動的客戶體驗，共同促成了第三季市場營收年增 4%。

As Hayden mentioned, the development of our new enterprise subsidiary Lifted is progressing well. In the third quarter, enterprise revenue increased 3% year over year, with a minor contribution from the acquisitions of Bubty and Ascen by Lifted. We continue to expect these acquisitions to contribute to top-line growth as they ramp in the back half of 2026, while being somewhat margin-dilutive throughout the year as we absorb the cost structures and invest in integration and launch. We expect Lifted to be meaningfully accretive to GSV, revenue, and adjusted EBITDA in 2027.

正如海登所提到的，我們新成立的企業子公司 Lifted 的發展進展順利。第三季度，企業營收年增 3%，其中 Lifted 收購 Bubty 和 Ascen 的貢獻較小。我們仍然預計這些收購將在 2026 年下半年逐步推進，從而促進營收成長，但同時，由於我們需要吸收成本結構並投資於整合和發布，因此全年利潤率將受到一定程度的稀釋。我們預計 Lifted 將在 2027 年大幅提升 GSV、營收和調整後 EBITDA。

Our marketplace take-rate was 18.9% in Q3 compared to 18.3% in the third quarter of 2024, as we saw benefit from multiple strategies, including dynamic pricing and Business Plus. Our marketplace take-rate has high potential for ongoing growth.

第三季我們的市場參與率為 18.9%，而 2024 年第三季為 18.3%，這得益於多種策略，包括動態定價和 Business Plus。我們的市場成交率具有持續成長的巨大潛力。

Ongoing product testing has helped us to identify several strategies, which we expect will drive both volume and value in the future. While successful new strategies have led to strength in total take-rate this year, we expect a lower total take-rate in the fourth quarter due to lower seasonal volumes from managed services customers.

持續的產品測試幫助我們確定了幾項策略，我們預計這些策略將在未來推動銷售和價值的成長。雖然成功的新策略使今年的總成交率有所提高，但我們預計第四季度的總成交率會下降，因為託管服務客戶的季節性業務量減少。

Gross margin was 77.3% in Q3, as we continue to execute disciplined cost management across every part of our business. Non-GAAP operating expense was $101 million in the third quarter or 50% of revenue compared to 57% of revenue in the third quarter of 2024. Adjusted EBITDA was $59.6 million in the third quarter. Once again, we produced a record quarterly adjusted EBITDA margin of 29.6%. We reported GAAP net income of $29.3 million for the third quarter, a 6% increase over Q3 2024. Free cash flow for the third quarter was also a record at $69.4 million.

第三季毛利率為 77.3%，因為我們繼續在業務的各個環節執行嚴格的成本管理。第三季非GAAP營運費用為1.01億美元，佔營收的50%，而2024年第三季則是營收的57%。第三季調整後 EBITDA 為 5,960 萬美元。我們再次創下了季度調整後 EBITDA 利潤率 29.6% 的歷史新高。我們公佈的第三季 GAAP 淨收入為 2,930 萬美元，比 2024 年第三季成長 6%。第三季自由現金流也創下紀錄，達到 6,940 萬美元。

In the quarter, we used $31 million in cash to buy back 2.1 million shares as part of our commitment to driving long-term shareholder value. Cash, cash equivalents, and marketable securities were approximately $643 million at the end of the third quarter.

本季度，我們動用 3,100 萬美元現金回購了 210 萬股股票，這是我們致力於提升股東長期價值的一部分。截至第三季末，現金、現金等價物和有價證券約為 6.43 億美元。

Now, turning to guidance, for the fourth quarter of 2025, we expect to generate revenue in the range of $193 million to $198 million. For adjusted EBITDA in the fourth quarter, we are guiding to a range of $49 million to $52 million, which represents an adjusted EBITDA margin in the range of 25% to 26%. Included in this guidance are incremental costs related to the acquisitions of both Ascen and Bubty by Lifted, as well as temporary integration costs to support the new Lifted subsidiary.

現在，展望未來，我們預計 2025 年第四季的營收將在 1.93 億美元至 1.98 億美元之間。對於第四季度的調整後 EBITDA，我們預計在 4,900 萬美元至 5,200 萬美元之間，調整後 EBITDA 利潤率在 25% 至 26% 之間。該指導意見包括 Lifted 收購 Ascen 和 Bubty 相關的增量成本，以及為支援新的 Lifted 子公司而產生的臨時整合成本。

We are pleased with the step-up of our adjusted EBITDA margin outlook for this year, even as we absorb incremental costs related to our M&A execution. We are reiterating our long-term adjusted EBITDA margin target of 35%.

我們對今年調整後 EBITDA 利潤率預期上調感到滿意，即使我們承擔了與併購執行相關的額外成本。我們重申長期調整後 EBITDA 利潤率目標為 35%。

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 $782 million to $787 million. The vast majority of the revenue guidance raise is due to the ongoing strength of our Marketplace business.

由於我們強有力的執行以及眾多平台改進措施帶來的令人鼓舞的早期影響，我們將全年收入預期提高至 7.82 億美元至 7.87 億美元之間。營收預期上調的絕大部分歸功於我們市場業務的持續強勁成長。

We are also increasing our full-year adjusted EBITDA guidance to be in the range of $222 million to $225 million or 28% adjusted EBITDA margin at the midpoint. This represents a more than 6 points margin expansion versus 2024.

我們同時將全年調整後 EBITDA 預期提高至 2.22 億美元至 2.25 億美元之間，或調整後 EBITDA 利潤率為 28%（取中間值）。這比 2024 年的差距擴大了 6 個百分點以上。

We expect full-year 2025 non-GAAP diluted EPS to be between $1.35 and $1.37, an increase of 30% at the midpoint from 2024 non-GAAP EPS.

我們預計 2025 年全年非 GAAP 稀釋後每股盈餘將在 1.35 美元至 1.37 美元之間，比 2024 年非 GAAP 每股盈餘的中位數成長 30%。

We have built a solid foundation for accelerated multiyear growth, as reflected in our increased 2025 guidance ranges.

我們已為未來多年加速成長奠定了堅實的基礎，這體現在我們提高了 2025 年的業績預期範圍。

In closing, Q3 2025 was a pivotal quarter for Upwork, marking our return to growth mode on a highly profitable foundation. We achieved record revenue and profitability, exceeded guidance on all financial metrics, and reached a critical inflection point by returning to GSV growth.

總而言之，2025 年第三季是 Upwork 的關鍵季度，標誌著我們在高利潤的基礎上重返成長模式。我們實現了創紀錄的收入和獲利能力，所有財務指標均超出預期，並透過恢復 GSV 成長達到了關鍵的轉折點。

Our strategy centered on AI, winning with SMBs, and enterprise expansion is delivering results ahead of schedule. We are executing with discipline and speed, positioning Upwork for accelerated multiyear growth starting in 2026. We remain focused on driving operational excellence and increasing long-term shareholder value.

我們以人工智慧為核心，贏得中小企業市場，並拓展企業業務的策略，已經提前取得了成果。我們正以嚴謹的紀律和快速的步伐執行計劃，為 Upwork 從 2026 年開始的多年加速增長做好準備。我們將繼續專注於提升營運效率和增加股東長期價值。

I look forward to seeing you, all, at our Investor Day in a couple of weeks.

期待在幾週後的投資者日上見到各位。

With that, we'd be happy to take your questions.

那麼，我們很樂意回答您的問題。

(Operator Instructions)

（操作說明）

Eric Sheridan, Goldman Sachs.

艾瑞克‧謝裡丹，高盛集團。

Given that you now have some period of time with integrating the assets you acquired on the Enterprise side, can you talk a little bit about the key early learnings of integrating those assets and how investors should be thinking about your Enterprise offering in total mixture of both organic and inorganic growth developing as you look out to 2026 and beyond?

鑑於您現在有一段時間來整合您在企業方面收購的資產，您能否談談整合這些資產的早期關鍵經驗教訓，以及投資者應該如何看待您在2026年及以後通過有機增長和非有機增長相結合的方式發展的企業產品？

Thanks, Eric.

謝謝你，埃里克。

Yeah. We're really pleased with the progress with these acquisitions. One thing that's important to note is as we look at our Enterprise revenue for Q3 and Q4, that's really a function of our former product. You know that we stopped selling that product early in the year. So we're really focused on some of these milestones out ahead of us, as we integrate the platforms and move customers over to Lifted, which is going to happen in early 2026. That's the next big milestone.

是的。我們對這些收購的進展感到非常滿意。需要注意的一點是，當我們查看第三季和第四季的企業收入時，這實際上是我們之前的產品所致。你知道我們年初就停止銷售那款產品了。因此，我們非常關注即將到來的一些里程碑，我們將整合平台並將客戶遷移到 Lifted，這將在 2026 年初發生。那是下一個重要的里程碑。

But, in the meantime, we're really seeing leading indicators for this business that are incredibly strong. We're seeing stronger-than-expected top-of-funnel interest. That's from both new and existing customers. We're also being invited for large multimillion dollar RFPs that we were not in contention for in the past.

但同時，我們看到該業務的領先指標確實非常強勁。我們看到漏斗頂端的潛在客戶興趣比預期更強。這既包括新客戶，也包括現有客戶。我們也受邀參與一些價值數百萬美元的大型招標項目，而這些項目我們過去根本沒有機會參與競爭。

All of these conversations with customers are really progressing very well. We know that it will take a few quarters to close these types of much-bigger multimillion-dollar deals so we are expecting significant GSV growth impact from the strategy starting to accelerate in the back half of next year and really continuing into 2027.

與客戶的這些對話進展得非常順利。我們知道，要完成這類數額巨大的數百萬美元的交易，需要幾個季度的時間，因此我們預計該戰略將在明年下半年開始加速，並持續到 2027 年，從而對 GSV 增長產生重大影響。

Yeah, Eric. I'd just add, both our Enterprise and our core Marketplace business grew both revenue and GSV in Q3. We expect that dynamic to continue and accelerate in 2026. I think, while there will be some inorganic contribution next year, the outsized opportunity for this new Lifted business is really in the synergies between the two acquisitions and our legacy business.

是的，埃里克。我還要補充一點，我們的企業業務和核心市場業務在第三季都實現了收入和總銷售額的成長。我們預計這種趨勢將在 2026 年繼續並加速發展。我認為，雖然明年會有一些非有機成長，但Lifted這項新業務的巨大機會真正在於這兩項收購與我們原有業務之間的協同效應。

And so the outsized opportunity, as Hayden just articulated, will start in the back half of 2026. And then, we really expect an acceleration in 2027.

因此，正如海登剛才所闡述的那樣，這個巨大的機會將從 2026 年下半年開始。然後，我們預計到 2027 年將出現加速成長。

Brent Thill, Jefferies.

布倫特‧蒂爾，傑富瑞集團。

This is John Byun, for Brent Thill. Just two questions.

我是約翰·比恩，代表布倫特·希爾。就兩個問題。

Great to see the acceleration on the AI-related GSV. Wondering if you could drill down into what some of the drivers are? Is it just a broader market tailwind? Or is awareness improving? Any specific initiatives there?

很高興看到與人工智慧相關的GSV加速成長。我想知道您能否詳細解釋一下其中一些驅動因素是什麼？只是受大盤利好因素影響嗎？或者說，人們的意識正在提高？有什麼具體舉措嗎？

And then, is there any way also to quantify the contribution from the two acquisitions in the Q3 for the updated guidance?

那麼，有沒有辦法量化第三季這兩項收購對更新後的業績指引的貢獻呢？

The biggest driver of that $100 million incremental GSV that we talked about was really from rebuilding our search-and-recommendation stack this year and leveraging the tech and talent we gained through the acquisitions of AI companies, Headroom and Objective to do so.

我們之前提到的 1 億美元增量 GSV 的最大驅動因素，實際上是我們今年重建了搜尋和推薦技術棧，並利用了我們透過收購人工智慧公司 Headroom 和 Objective 而獲得的技術和人才來實現這一目標。

We're also seeing a lot of other features performing for us. That includes Boost Your Profile as an example, which was a feature we ramped up; and was particularly impactful in Q3.

我們也看到許多其他功能也為我們帶來了不錯的表現。例如，「提升個人資料」功能就是我們大力推廣的一項功能；該功能在第三季尤其發揮了重要作用。

That's all in the area of GSV coming from our features and functionality in the platform on AI. There's another category of benefit that we're having as a tailwind, which is really the AI-related category growing at 53% overall in the quarter. We think there's just a ton of run room there.

以上內容皆來自我們平台在人工智慧方面的功能和特性，屬於 GSV 領域。我們也受惠於另一類利好因素，那就是人工智慧相關領域在本季整體成長了 53%。我們認為那裡還有很大的發展空間。

So lots of goodness coming from both sides of our AI strategy.

因此，我們的人工智慧策略在各方面都帶來了許多益處。

Yeah. And then, John, just in terms of the inorganic contribution, obviously, Bubty and Ascen are really contributing on the Enterprise side of our business. Like I said, Q3, we saw GSV and revenue growth on both sides of the business, Marketplace and Enterprise.

是的。然後，John，就非有機成長而言，顯然，Bubty 和 Ascen 確實為我們企業業務方面做出了巨大貢獻。正如我之前所說，第三季度，我們在市場和企業業務兩個方面都實現了 GSV 和收入成長。

Now, that said, the contribution from the Bubty and Ascen assets is very consistent with what I articulated in Q2. It's going to be about $5 million to revenue in the back half of this year. And so our outlook really remains the same there.

也就是說，Bubty 和 Ascen 資產的貢獻與我在第二季闡述的內容非常一致。今年下半年，營收預計將達到500萬美元左右。因此，我們對此的看法仍然保持不變。

But from an organic point of view, our marketplace also grew 1% GSV in Q3; 4% revenue. And so we expect that organic marketplace growth also to accelerate from here.

但從自然成長的角度來看，我們的市場在第三季也實現了 1% 的總銷售額成長和 4% 的營收成長。因此，我們預期有機市場成長也將從此加速。

Matt Condon, Citizens.

馬特康登，市民。

My first one is just on the broader macro backdrop. Can we just get an update, just on what you're seeing as far as freelancer demand and how that progressed throughout the quarter?

我的第一篇部落格文章只是從更宏觀的角度出發。能否請您更新一下關於自由工作者需求的情況，以及本季該需求的進展？

And then, my second one is just on AI driving meaningful improvement to the liquidity in the marketplace. Just, is there an upper limit to how far that can go? Just how much further do you think that these AI improvements can further drive GSV growth, as we think about the rest of this year and into 2026?

其次，我的第二個觀點是關於人工智慧如何實際改善市場流動性。只是，這種做法是否有上限？展望今年剩餘時間和 2026 年，您認為這些 AI 改進還能在多大程度上進一步推動 GSV 成長？

In terms of the macro, I'd say things have been relatively stable in the course of Q3, with no real change since Q2. And so it's important to emphasize that against that backdrop, our GSV growth really has been driven by initiatives that we've executed: the success of AI, SMB.

從宏觀角度來看，我認為第三季整體情況相對穩定，與第二季相比沒有發生實質變化。因此，必須強調的是，在這種背景下，我們的 GSV 成長實際上是由我們執行的各項措施所推動的：人工智慧和中小企業的成功。

Maybe that is a good segue to your second part of the question around what's the run room on those. We feel there's a lot more opportunity here. We have integrated Uma into some of the workflows across the product but not all of them. We're doing some bigger updates in 2026 that really bring together and harness the full power of what Uma can do end-to-end across our customer journey, including the project management side of our offering, which we've done a little bit there but there's a lot more.

也許這可以很好地引出你的第二個問題，即這些措施的運行空間有多大。我們覺得這裡還有更多機會。我們已將 Uma 整合到產品中的一些工作流程中，但並非全部。我們將在 2026 年進行一些更大的更新，真正將 Uma 在客戶旅程中端到端發揮的全部作用整合起來並加以利用，包括我們產品的專案管理方面，我們在這方面已經做了一些工作，但還有很多工作要做。

So we are very pleased that the early wins that we've had are really delivering. There's still a lot more we can do, which really bolsters our confidence on GSV growing from here, including having acceleration in GSV in 2026.

因此，我們非常高興看到我們早期所取得的勝利確實帶來了成效。我們還有很多事情可以做，這大大增強了我們對 GSV 從現在開始成長的信心，包括在 2026 年實現 GSV 的加速成長。

Bernie McTernan, Needham & Company.

伯尼·麥克特南，尼德姆公司。

The press release mentions using Agentic talent sourcing for Business Plus. Is it available for the rest of the marketplace? Or is that something that we should be expecting to be coming later?

新聞稿中提到，Business Plus 使用 Agentic 的人才招募服務。其他用戶也可以購買嗎？或者說，這是我們之後應該期待的事？

And then, second, for Erica, just wondering if we could get some directional commentary, just given the investment in Lifted in '26. Should we still expect margins to be up year over year, acknowledging that we'll probably get more of this at the Investor Day in a couple of weeks?

其次，對於 Erica 來說，我想知道我們是否可以得到一些方向性評論，考慮到 Lifted 在 2026 年的投資。我們是否仍應預期利潤率將同比增長，同時考慮到我們可能會在幾週後的投資者日上獲得更多相關資訊？

On the first question, Bernie, the Agentic sourcing that we have available, there's really a key feature in the Business Plan called Uma Recruiter or AI Recruiting. That is a Business Plus-only feature where our AI agent sources talent on behalf of clients by sending invitations to targeted talent within our ecosystem. It reviews that talent and provides a short list to customers, recommending of potentially hundreds or thousands of potential matches, which three are the strongest. And so that's the specific feature you're referencing from the press release.

關於第一個問題，伯尼，我們現有的代理商招募服務，其商業計畫中有一個關鍵功能叫做 Uma Recruiter 或 AI Recruiting。這是 Business Plus 專屬功能，我們的 AI 代理商會代表客戶向我們生態系統中的目標人才發送邀請，從而尋找人才。它會對這些人才進行評估，並向客戶提供一份候選名單，從數百或數千個潛在配對對像中推薦出最優秀的三位。所以，這就是你在新聞稿中提到的具體功能。

We are looking at that and whether there are opportunities to provide different versions of that benefit to our basic customers.

我們正在研究這個問題，以及是否有機會向我們的基礎客戶提供不同版本的這項福利。

But what we've seen is the features we've rolled out for the basic plan are also performing well from an AI perspective. That's things like AI-related job posting, AI overviews of talent that is in the mix for jobs.

但我們看到，從人工智慧的角度來看，我們為基本計畫推出的功能也表現良好。這包括人工智慧相關的職缺、人工智慧對求職人才的概覽等等。

And so there's different levels of offering between Basic and Plus. We feel good about the benefits we're seeing, actually, for both sets of customers based on these features.

因此，基礎版和進階版之間存在不同的服務等級。事實上，我們對這些功能為兩類顧客帶來的益處感到滿意。

Yeah, Bernie. And then, just on your question on the margin dilution next year from the Lifted strategy and our overall margin journey, like I said, look, we've reiterated our commitment to the 35% margin target but we will slow down the margin journey next year because we see so many multiple, very strong organic growth drivers in our business to invest in.

對，伯尼。至於你提出的關於明年「提升策略」和我們整體利潤率提升計劃可能導致的利潤率稀釋問題，正如我所說，我們已經重申了對 35% 利潤率目標的承諾，但明年我們將放緩利潤率提升的步伐，因為我們看到公司內部有很多非常強勁的內生增長動力值得投資。

The investment in Lifted, specifically, we expect to be about 2 percentage points of dilution next year. But we will not take a step back on margins next year, at the same time, even while we're absorbing those costs.

具體來說，我們預計對 Lifted 的投資明年將導致約 2 個百分點的股權稀釋。但即便要承擔這些成本，我們明年也不會在利潤率方面做出讓步。

I think we've shown, just even in Q3 and in our outlook for Q4, we're able to very well absorb these integration costs and other costs and still show very strong margins and even increase our outlook.

我認為我們已經證明，即使在第三季度以及我們對第四季度的展望中，我們也能很好地消化這些整合成本和其他成本，並且仍然保持非常強勁的利潤率，甚至提高我們的預期。

So we feel really good about the balance between investment in growth and our ability to produce very strong profitability, going forward.

因此，我們對未來在成長投資和實現強勁獲利能力之間的平衡感到非常滿意。

Marvin Fong, BTIG.

Marvin Fong，BTIG。

Erica and Hayden, I would love to just understand better the drivers. Four quarters in a row, hours per contract increased about 12%. Could you just share with us your thoughts on what's driving that?

Erica 和 Hayden，我真的很想更了解司機們。連續四個季度，每份合約的工作時長增加了約 12%。您能否和我們分享一下您認為造成這種情況的原因？

In particular, I'm interested, you would think that AI would be an efficiency driver and could actually be a headwind to hour per contract. Are you seeing at all any differential between AI-related growth and non-AI growth and then, impact on the hours per contract and that trend?

我特別感興趣的是，你可能會認為人工智慧會提高效率，但實際上它可能會成為每份合約工時的阻力。您是否觀察到人工智慧相關成長與非人工智慧成長之間存在任何差異，以及這種差異對每份合約工時和趨勢的影響？

Marvin, I'm so sorry, we had a little trouble hearing you. You were a little bit garbled. Do you mind? So sorry. Could you repeat the question?

馬文，非常抱歉，我們剛才沒聽清楚你說話。你剛才說話有點含糊不清。你介意嗎？非常抱歉。您能再說一次問題嗎？

Yeah. Sure. It was just about the hours per contract. Hopefully, you can hear me now.

是的。當然。主要問題在於每份合約規定的工時。希望你現在能聽到我說話了。

It was up, very strong; and up for four quarters. I was just curious what you think is driving that on such a sustained basis?

它一度高歌猛進，勢頭強勁；而且連續四個季度都保持著這種勢頭。我只是好奇，你認為是什麼原因導致這種情況持續發生？

And then, in particular, is there any difference you're seeing in AI-related work and the hours there and how that's trending; thinking that perhaps AI would actually be a headwind, considering it should make freelancers more efficient?

特別是，您是否觀察到人工智慧相關工作及其工時以及發展趨勢有任何不同？考慮到人工智慧應該會提高自由工作者的效率，您是否認為人工智慧實際上可能是一種阻力？

Okay. Yeah, I heard you perfectly at that time.

好的。是的，我當時聽得很清楚。

Yeah. You're right. Hours per contract continues to grow. There are multiple growth drivers here. This is really, I think, just a proof point to the fact that our focus on quality over quantity, in general; and also, on really driving up the value chain and attracting the larger end of SMB customers with our Business Plus plan; and then, also, actually the AI category of work. These are parts of our business that are attracting customers that are engaging us for very long, much more complex projects.

是的。你說得對。每份合約的工作時長持續成長。這裡存在多種成長驅動因素。我認為這確實證明了我們總體上註重品質而非數量；也證明了我們真正致力於提升價值鏈，並透過我們的 Business Plus 計劃吸引更多中小企業客戶；此外，也證明了我們在人工智慧領域的工作。這些業務環節吸引了許多客戶，他們與我們開展的都是週期更長、更複雜的專案。

Within the AI category of work, customers, clients who engage us for AI work spend actually more than 3.5x what our typical platform spend is. Similarly, on the Business Plus side, it's about 3x. So there are multiple strategies driving these trends but we see a continuation from here.

在人工智慧領域的工作中，委託我們進行人工智慧工作的客戶實際花費的金額是我們典型平台支出的 3.5 倍以上。同樣，在 Business Plus 版本中，大約是 3 倍。因此，推動這些趨勢的策略有很多，但我們預計這種趨勢還會繼續下去。

In fact, like I said, AI work is actually a growth driver of ours per contract, not a suppressor.

事實上，就像我之前說的，人工智慧工作實際上是我們每份合約的成長驅動力，而不是抑制因素。

Just adding to that, Marvin, because I think there is this myth out there that the growth of AI is a headwind for us. It is actually a tailwind for another reason that we haven't talked a lot about.

馬文，我還要補充一點，因為我認為有一種誤解認為人工智慧的發展對我們來說是一種阻礙。實際上，這還有另一個我們尚未過度討論的順風因素。

But even though there is substitution of work happening and changes to work happening across the labor market broadly due to AI, within the contingent work ecosystem, which is our space, substitution is only happening on smaller projects.

儘管人工智慧正在廣泛地改變勞動市場的工作方式，導致工作內容發生替代和變化，但在我們所處的臨時工作生態系統中，這種替代只發生在較小的專案中。

That includes -- for us, our business is only about 5% of our GSV coming from sub-$300 tasks or small projects. That's probably where we have the greatest exposure to AI changing value in a negative direction for us.

這包括——對我們來說，我們業務中只有大約 5% 的總銷售價值來自低於 300 美元的任務或小型項目。這或許是我們最容易受到人工智慧負面影響的地方，它可能會帶給我們負面影響。

Overall, we've seen the levels of substitution in AI-impacted categories. Even in categories you've talked about like writing and translation plateau in the last couple of quarters.

總體而言，我們已經看到了人工智慧影響的各個類別中的替代程度。即使在你提到的寫作和翻譯等類別中，近幾個季度也出現了停滯不前的情況。

So the bigger impact, for us, from AI is actually that AI is causing the fractionalization of traditional full-time work; meaning, new opportunities are emerging where businesses no longer need a full-time person because AI is doing part of the work but they do need someone to help augment that work. That's driving more value and more demand into the contingent work ecosystem and Upwork, specifically.

因此，對我們來說，人工智慧更大的影響實際上是人工智慧正在導致傳統全職工作的碎片化；這意味著，新的機會正在湧現，企業不再需要全職員工，因為人工智慧可以完成部分工作，但他們仍然需要有人來幫助補充這些工作。這正在為臨時工作生態系統，特別是 Upwork 平台，帶來更多價值和需求。

So this is actually a key reason why this quarter, we saw the GSV from AI-related work accelerate to 53% year-over-year growth compared to even 30% year-over-year growth in Q2. This is also why we see these trends as AI truly being a tailwind for us going forward, as more work is fractionalized and more of that demand comes to Upwork.

因此，這實際上是本季人工智慧相關工作的 GSV 年比成長 53% 的關鍵原因，而第二季的年成長率甚至只有 30%。這也是為什麼我們認為人工智慧的這些趨勢確實會成為我們未來發展的順風，因為越來越多的工作被細分，而越來越多的需求會湧向 Upwork。

That's super helpful. And then, my follow-up, I think you mentioned being invited to a very large evaluations for the Lifted business. Could you just help us understand in these bids, are you -- who are you competing against? Is it the staffing companies and whatnot? What are, like, the key criteria that you're emphasizing to differentiate Lifted versus the traditional competitor?

這太有幫助了。然後，我的後續問題是，我想您提到受邀參加 Lifted 公司的一項非常大規模的評估。您能否幫我們了解一下，在這些投標中，您的競爭對手是誰？是那些人資公司之類的嗎？你們強調的關鍵標準是什麼，才能讓 Lifted 與傳統競爭對手區分開來？

Sure. What's really exciting here is we are being invited to participate in RFPs and bids for work across different types of contingent work. Previously, we were really just eligible to serve independent contracting and agency of record engagements. Now, we are being considered for employment of record, temp staffing, the full suite of contingent work, which is 90% of enterprise spend versus the 10% that goes to independent contracting.

當然。真正令人興奮的是，我們受邀參與不同類型臨時工作的招標和投標。以前，我們實際上只有資格承接獨立承包和代理業務。現在，我們正在考慮承接正式僱用、臨時人員配備和全套臨時工作，這佔企業支出的 90%，而獨立承包僅佔 10%。

So that's a big change. That's happened just since we made the announcement of Lifted. We don't even have customers live on that product yet but, already, the demand from new and existing customers is coming in and people are eager to work with us on this.

這是一個很大的改變。自從我們宣布推出 Lifted 以來，這種情況就發生了。我們甚至還沒有客戶實際使用該產品，但是，新舊客戶的需求已經出現，人們渴望與我們合作開發該產品。

In terms of the change to our competitive environment, I'd say who we compete with in the Enterprise space has not changed. But now our ability to compete and win, as well as be a valuable partner within the ecosystem, is much greater.

就競爭環境的變化而言，我認為我們在企業領域的競爭對手並沒有改變。但現在，我們在競爭和獲勝方面的能力，以及成為生態系統中有價值的合作夥伴的能力，都大大增強了。

So we've changed our value prop now that it's full stack and we can have this end-to-end solution for enterprises. We've been, again, competing in this space for a long time but we were not as well equipped to win a bunch of different types of work that now we're winning.

所以我們改變了我們的價值主張，現在它是全端式的，我們可以為企業提供端到端的解決方案。我們在這個領域競爭了很長時間，但我們以前並沒有像現在這樣做好充分的準備去贏得各種不同類型的工作。

When we look at the landscape, other players tend to be focused on very specific niches like temp staff-only or EOR services-only or maybe they only have talent in specific geos. They don't have a fully global liquid talent pool like we do or they've been serving SMBs and are trying to retrofit their SMB offering for enterprise. We don't have any of those issues. We literally can ask our clients to have no compromises, no trade-offs, and have this winning solution that really does it all for them.

從市場格局來看，其他參與者往往專注於非常特定的細分市場，例如只提供臨時員工或只提供 EOR 服務，或者他們可能只在特定地區擁有人才。他們不像我們一樣擁有完全全球化的流動人才庫，或者他們一直服務中小企業，現在正試圖將他們的中小企業產品改造為面向大型企業的產品。我們沒有遇到這些問題。我們完全可以要求客戶不要做出任何妥協，不做任何取捨，就能獲得這個真正能滿足他們所有需求的完美解決方案。

It's also making us a great partner because it's digital and modular. We can work with others in the ecosystem to fill the gaps that they have with their own offerings.

它也使我們成為優秀的合作夥伴，因為它具有數位化和模組化的特徵。我們可以與生態系統中的其他參與者合作，利用他們自身的產品和服務來填補空白。

So we're excited about this setup. It's going to take some time to unlock because these contracting processes are multi-quarters in length. But we have so much confidence that in 2026, we'll see that acceleration towards the end of the year and into 2027.

所以我們對這個方案感到很興奮。這需要一些時間才能完成，因為這些合約簽訂過程需要幾個季度的時間。但我們非常有信心，到 2026 年末和 2027 年，我們將看到這種加速成長的趨勢。

Josh Chan, UBS.

瑞銀集團的 Josh Chan。

On your future GSV-type of comments, in terms of 2026, what's backing your confidence behind -- even an accelerating level of GSV growth compared to what we're seeing today?

關於您未來對 GSV 類型的評論，就 2026 年而言，是什麼讓您如此自信——甚至認為 GSV 的增長速度會比我們今天看到的更快？

And then, also, maybe a little bit nearer term in Q4, depending on what assumptions you make around the guidance, it seems like it may not assume that much GSV growth. Is that accurate? What's the thinking behind that?

此外，或許在第四季度，根據你對業績指引的假設，短期內可能不會預期 GSV 會有太大成長。準確嗎？這種想法背後的邏輯是什麼？

Yeah. Sure, Josh.

是的。當然可以，喬希。

Look, on the future GSV comments, we have multiple growth drivers in our business that are seeing a great deal of success right now. Just to name a few -- Hayden talked about the acceleration of the AI category of work, which continues to actually increase in acceleration quarter-by-quarter. Business Plus it's still relatively low penetration in our base. We've just launched our first marketing campaign just last week, as well as really increasing the features and functionality there.

關於未來 GSV 的評論，我們業務中有多個成長驅動因素，目前這些因素都取得了巨大的成功。舉幾個例子來說——海登談到了人工智慧領域的工作加速發展，而這種加速發展實際上每季都在持續加快。Business Plus 在我們客戶群中的滲透率仍然相對較低。我們上週剛推出了第一個行銷活動，同時也大大增加了該平台的功能。

So there's just a lot more runway to go. We're seeing excellent uptake even before we started to market it to name just a few areas where we really have a lot of optimism for GSV growth on the Marketplace side of the business.

所以還有很長的路要走。甚至在我們開始推廣之前，我們就看到了非常好的市場接受度，這只是我們對市場業務的 GSV 成長充滿信心的幾個面向之一。

In Q4, Q4 is a little bit unique for a couple of reasons. On the top line -- look, this is regular seasonality in our business, both on the Enterprise and on the Marketplace side. I think, as you know, what we usually see in Q4 is that we see clients wrapping up projects well before the end of December because of the holiday season. And so it's just a lighter overall GSV quarter for us, as well as the fact that on the Marketplace side -- or sorry, on the Enterprise side, I think we are expecting some regular seasonal slowdown on the managed services side.

第四季由於以下兩個原因而略顯特殊。總的來說——你看，這是我們業務中正常的季節性波動，無論是在企業端還是市場端都是如此。如您所知，我們通常在第四季度看到的是，由於假期臨近，客戶會在 12 月底之前完成專案。因此，對我們來說，本季的 GSV 整體表現較為疲軟，此外，在 Marketplace 方面——或者抱歉，在 Enterprise 方面——我認為我們預計託管服務方面會出現一些常規的季節性放緩。

As you know, we did stop selling our legacy enterprise solution at the beginning of this year. So the regular coverage on GSV and revenue that we would see on the top line from new accounts is absent this year.

如您所知，我們已於今年年初停止銷售我們的傳統企業解決方案。因此，我們通常會在新增帳戶的營收總額和總銷售額方面的數據，今年將不會再出現在總營收總額的統計中。

But that said, we're very optimistic, as we've talked about, about the growth of the Lifted strategy and expect that to really start to impact late 2026.

但話雖如此，正如我們之前所說，我們對 Lifted 策略的發展非常樂觀，並預計這將在 2026 年底真正開始產生影響。

Great. And then, maybe switching to free cash flow, which has been a really good story here. Is the current level of free cash flow generation sustainable? Any unusual items impacting this year?

偉大的。然後，或許可以轉而關注自由現金流，這方面我們做得非常好。目前的自由現金流水準是否可持續？今年有哪些特殊情況會影響到？

And then, you've also been using a portion of the free cash flow every quarter to buy back stock. So is this approach one that will be carried on forward as you routinely buy back a steady amount of stock, going forward?

此外，你們每季還會利用部分自由現金流回購股票。那麼，這種持續回購穩定數量股票的做法，是否會在未來繼續沿用呢？

Yeah. Sure. Just so -- on free cash flow, look, there's a little bit of modulation quarter by quarter with working capital movement. But, overall, I think you can think about our free cash flow as a run rate of around 85% conversion from EBITDA. So we anticipate very strong ongoing free cash flow generation.

是的。當然。沒錯——關於自由現金流，你看，由於營運資本的變動，每季都會有些波動。但總的來說，我認為你可以把我們的自由現金流看作是 EBITDA 轉換率約為 85% 的運行率。因此，我們預計未來將持續產生非常強勁的自由現金流。

In terms of our stock buyback, yeah, look, we've been very consistent with our capital allocation priorities, in general. We're very focused on increasing shareholder value on multiple fronts. Obviously, investing in organic growth, we're seeing, like I said, a lot of green shoots there.

就我們的股票回購而言，是的，你看，總的來說，我們在資本配置優先事項方面一直非常一致。我們非常注重從多個方面提升股東價值。顯然，投資於有機成長，正如我所說，我們已經看到了許多積極的跡象。

But we are maintaining our 35% margin target and expect to invest in growth but also continue to show margin accretion over the next several years.

但我們仍維持 35% 的利潤率目標，並預計在未來幾年內投資於成長，同時也將繼續實現利潤率的成長。

Second is returning capital to shareholders. We announced our second $100 million share repurchase this year in September. We repurchased another $31 million worth of stock in Q3. In current levels, we expect to continue to be buyers. So in 2025, we already surpassed our commitment to offset dilution from stock-based compensation with share buybacks.

第二點是向股東返還資本。今年9月，我們宣布了第二筆1億美元的股票回購計畫。第三季我們又回購了價值 3,100 萬美元的股票。以目前的價位來看，我們預計將繼續買入。因此，到 2025 年，我們已經超額完成了透過股票回購來抵消股票選擇權激勵措施造成的股權稀釋的承諾。

And then, lastly, we've had a lot of success with M&A, which has enabled us to return to GSV growth early. And so we'll continue to look for some inorganic opportunities to accelerate our roadmap and accelerate the growth opportunities we see for this business.

最後，我們在併購方面取得了巨大成功，這使我們能夠儘早恢復 GSV 成長。因此，我們將繼續尋找一些非有機成長機會，以加快我們的發展路線圖，並加速我們看到的這項業務的成長機會。

Congrats on the quarter and the GSV-positive.

恭喜本季業績和GSV為正。

Thank you so much.

太感謝了。

Ron Josey, Citi.

Ron Josey，花旗銀行。

I want to ask a little bit more about the variable freelance fee testing. I know it's been a quarter or two going live. Any categories in this approach that works better and thoughts here into 2026?

我想再問一下關於浮動自由工作者收費測試的問題。我知道上線已經一、兩個季度了。這種方法中有哪些類別效果較好？對於2026年，您有什麼想法？

And then, another question just on the Uma proposal writer. The 15% uplift in generated proposals. Just talk about the (technical difficulty).

然後，還有一個關於 Uma 提案撰寫人的問題。提案生成數量提升了 15%。就談談這個吧（技術難題）

We lost you on that last one, Ron. You said -- you asked about Uma proposal writer. Can you just repeat that question?

羅恩，你最後那句話我們沒聽懂。你說過－你問過關於Uma提案撰寫人的事。您能再說一次這個問題嗎？

Sorry. Hopefully, you can hear me now.

對不起。希望你現在能聽到我說話了。

Just talking about conversion rates with the Uma proposal writer, just given the 15% uplift.

剛才和 Uma 的提案撰寫人聊了聊轉換率，考慮到轉換率提升了 15%。

Okay. I'll take the dynamic pricing question. Maybe Hayden can take the proposal.

好的。我來回答動態定價的問題。或許海登會接受這個求婚。

From dynamic pricing, actually, the take-rate contribution from the variable freelancer fee was actually relatively minimal in Q3. We're still very early in this strategy. We've experimented with just a few categories on the platform in changing the fees, as I think people know, based on supply-and-demand dynamics.

實際上，從動態定價來看，第三季自由工作者可變費用的分成比例貢獻相對較小。我們目前還處於這項策略的早期階段。如大家所知，我們只在平台上對少數幾個類別進行了費用調整的試驗，這是根據供需動態來決定的。

We do vary the application of this strategy by category. And so I wouldn't say it's going to be a static strategy. So I won't go into, like, which categories are having the biggest yield right now because we'll continue to experiment there.

我們會根據類別調整該策略的應用方式。所以，我不會說這將是一項一成不變的策略。所以，我不會深入探討目前哪些類別的收益最大，因為我們將繼續在這方面進行試驗。

But we're seeing a lot of success in a very early way, driving some incremental revenue. We do expect, as we go into 2026, that we'll launch more broadly into more categories. We expect this to be very crucially both a revenue and a GSV driver because we modulate the fee both on the upside to drive take rate but also on the downside to help stimulate demand in certain categories. So we see it really influencing both areas.

但我們很快就看到了成效，並帶來了一些增量收入。我們預計，進入 2026 年後，我們將更廣泛地拓展到更多類別。我們預計這將對收入和 GSV 都起到至關重要的作用，因為我們會根據情況調整費用，上調費用以提高成交率，下調費用以幫助刺激某些類別的需求。所以我們看到它確實對這兩個領域都產生了影響。

On the Uma proposal writer topic, what we find exciting here is that Uma is really impacting both sides of the marketplace, as well as the compounding of both of them getting better. So with the conversion rates that you mentioned and the overall ability of the Uma Proposal writer, the new version that we launched, to help clients really submit high-quality proposals, that is then translating into better matching experiences, more hiring.

關於 Uma 提案撰寫人這個主題，我們發現令人興奮的是，Uma 確實對市場的供需雙方都產生了影響，而且雙方都在不斷進步。因此，正如您所提到的，Uma Proposal 撰寫工具（我們推出的新版本）的轉換率和整體能力，能夠幫助客戶真正提交高品質的提案，從而帶來更好的匹配體驗和更多的招聘機會。

Overall, we see that Uma itself is being adopted, on the client side, as an all-time high in Q3; and that Uma is increasing the likelihood that clients spend, as well as increasing how much they spend.

整體而言，我們看到，在第三季度，Uma 在客戶方面的採用率達到了歷史新高；而且 Uma 提高了客戶的消費可能性，也提高了他們的消費金額。

So it's all of these types of Uma-related interventions that are really accelerating our flywheel in the Marketplace. They're contributing to that $100 million in incremental GSV that we see for this year. We can envision, based on their success, how they will perform next year and how new features that we are going to be adding to Uma's skill set will also continue to expand impact, again, both for talent and clients.

所以，所有這些與 Uma 相關的干預措施，都在真正加速我們在市場上的發展。他們為今年預計新增的 1 億美元 GSV 做出了貢獻。根據他們的成功，我們可以預見他們明年的表現，以及我們將添加到 Uma 技能組合中的新功能將如何繼續擴大其影響力，再次惠及人才和客戶。

Brad Erickson, RBC Capital Markets.

Brad Erickson，加拿大皇家銀行資本市場。

Starting off with just sales and marketing, continuing to get a lot of leverage there coming down as a percentage of revenue. Talk about how you think about balancing the margin expansion along with the product improvement. It would seem like you guys are really hitting the ground running in '26 and could make sense to maybe lean into some spend there, just how you balance that philosophically?

從銷售和行銷開始，不斷獲得更大的影響力，進而降低收入佔比。請談談您如何看待在提高利潤率的同時改進產品。看來你們在 2026 年的發展勢頭非常強勁，或許應該加大投入，只是你們在理念上是​​如何平衡這方面的支出的？

And then, second, just would be great to get your latest views on ChatGPT and the other chatbots as a customer acquisition channel. What are you seeing as you start to get a little traffic off of those? What's the strategy, as you think about having, I would imagine, a strong -- hoping to have a strong presence on those channels in the future?

其次，我非常希望能了解您對 ChatGPT 和其他聊天機器人作為客戶獲取管道的最新看法。當這些網站開始獲得一些流量時，你觀察到了什麼？我想，您在考慮未來如何在這些管道上擁有強大的影響力時，您的策略是什麼？

Yeah, Brad, on the sales and marketing leverage question, look, you're right. We are seeing multiple very good green shoots from a growth point of view from some of the new products and services that we launched on the platform.

是的，布拉德，關於銷售和行銷槓桿作用的問題，你說得對。從成長的角度來看，我們在平台上推出的一些新產品和服務已經展現出多個非常好的好勢頭。

I started to talk about this last quarter but we will, I would say, moderate our margin expansion as we go into 2026 because we just have a lot of opportunity for organic growth. We want to -- we've built an incredibly profitable base. We do, over time, expect that we will continue to find additional cost optimization opportunities. But we are going to balance that with organic growth opportunity.

我上個季度就開始談論這個問題了，但我想說的是，隨著我們進入 2026 年，我們將放緩利潤率擴張的步伐，因為我們有很多內生成長的機會。我們想這樣做——我們已經建立了一個利潤豐厚的基礎。我們預計，隨著時間的推移，我們將不斷發現更多成本優化機會。但我們將透過有機成長機會來平衡這一點。

Regarding the ChatGPT and chatbot question, what we've already done is change our marketing and customer acquisition approaches to really optimize how and where we show up in LLM answers and so-called search results, both organically and even have done some testing where there are integrated advertising opportunities.

關於 ChatGPT 和聊天機器人的問題，我們已經改變了行銷和客戶獲取方式，以真正優化我們在 LLM 答案和所謂的搜尋結果中的出現方式和位置，包括自然搜尋結果，甚至還在一些整合廣告機會方面進行了一些測試。

I'd say that from this point, the LLM channel is still pretty small relative to other channels. But we do see a lot of promise there. It converts at a higher rate than other channels. The intent signal we see from customers coming through those referrals is really high.

我認為從目前來看，LLM 頻道相對於其他頻道來說仍然很小。但我們確實看到了那裡的巨大潛力。它的轉換率比其他管道更高。我們從這些推薦管道獲得的客戶看到的意向訊號非常高。

So it feels like it's still early days. But we're definitely leaned in on testing different approaches, which do make us optimistic about our ability to capture ongoing and growing demand from these new channels as customer preferences evolve.

感覺現在還處於早期階段。但我們確實在積極嘗試不同的方法，這讓我們對能夠抓住這些新管道不斷增長的需求充滿信心，因為客戶偏好一直在變化。

(Operator Instructions)

（操作說明）

I'm showing no further questions at this time. This concludes the question-and-answer session and today's conference call.

我目前不再提出其他問題。問答環節和今天的電話會議到此結束。

Thank you for participating. You may now disconnect.

感謝您的參與。您現在可以斷開連線了。