Upwork Inc (UPWK) 2021 Q4 法說會逐字稿

Good day. Thank you for standing by, and welcome to the Upwork Fourth Quarter 2021 Earnings Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded. (Operator Instructions)

再會。感謝您的耐心等待，歡迎參加 Upwork 2021 年第四季財報電話會議。 （操作員指示）請注意，今天的會議正在錄製中。 （操作員說明）

I would now like to hand the conference over to your speaker today, Evan Barbosa, Vice President of Investor Relations. Please go ahead.

現在我想將會議交給今天的發言人，投資者關係副總裁 Evan Barbosa。請繼續。

Thank you. Welcome to Upwork's discussion of its fourth quarter and full year 2021 financial results. Leading the discussion today are Hayden Brown, Upwork's President and Chief Executive Officer; and Jeff McCombs, Upwork's Chief Financial Officer. Following management's prepared remarks, we will be happy to take your questions.

謝謝。歡迎參加 Upwork 關於其第四季和 2021 年全年財務表現的討論。今天主持討論的是 Upwork 總裁兼執行長 Hayden Brown；以及 Upwork 財務長 Jeff McCombs。在管理層準備好的發言之後，我們將很樂意回答您的問題。

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. 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，我們可能會根據聯邦證券法做出與我們業務相關的前瞻性陳述。這些陳述並不是對未來績效的保證，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陳述中反映的預期有重大差異。

In addition, any statements regarding the current and future impacts of the COVID-19 pandemic on our business and our current and future impacts of actions we have taken in response to the COVID-19 pandemic are forward-looking statements and related to matters that are beyond our control and changing rapidly.

此外，有關 COVID-19 大流行對我們業務的當前和未來影響以及我們為應對 COVID-19 大流行所採取的行動的當前和未來影響的任何聲明均為前瞻性聲明，並且與以下事項相關：超出我們的控制範圍並迅速變化。

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 shareholder letter.

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 SEC 網站和投資者關係網站上提供的 SEC 文件，以及今天股東信中討論的風險和其他重要因素。

Additional information will be set forth in our annual report on Form 10-K for the year ended December 31, 2021, when filed. In addition, reference will be made to non-GAAP financial measures. Information regarding a reconciliation of non-GAAP to GAAP measures can be found in the shareholder letter that was issued this afternoon on our Investor Relations website at investors.upwork.com.

其他資訊將在我們提交的截至 2021 年 12 月 31 日止年度的 10-K 表格年度報告中列出。此外，也將參考非公認會計準則財務指標。有關非 GAAP 與 GAAP 措施調節的信息，請參閱今天下午在我們的投資者關係網站 Investors.upwork.com 上發布的股東信函。

As always, reported figures are rounded, unless otherwise noted. Comparisons of the fourth quarter of 2021 are to the fourth quarter of 2020 and comparisons to the full year of 2021 or to the full year of 2020. All GAAP measures -- all measures are GAAP unless cited as non-GAAP. Now I'll turn the call over to Hayden.

像往常一樣，除非另有說明，報告的數字都是四捨五入的。 2021 年第四季與 2020 年第四季的比較以及與 2021 年全年或 2020 年全年的比較。所有 GAAP 指標－所有指標均為 GAAP 指標，除非被列為非 GAAP 指標。現在我將把電話轉給海登。

Thanks, Evan, and thank you all for joining us today for our fourth quarter and full year 2021 earnings call. 2021 was a remarkable year for Upwork, not only in how far we push our business forward but also in how clearly it has set our path for continued performance in 2022 and beyond. GSV grew 41% year-over-year to reach $3.5 billion and revenue grew 35% year-over-year to reach $503 million for the full year 2021.

謝謝 Evan，也謝謝大家今天參加我們的 2021 年第四季和全年財報電話會議。 2021 年對 Upwork 來說是非凡的一年，不僅體現在我們推動業務向前發展的程度，也體現在它為我們 2022 年及以後的持續業績指明了道路。 2021 年全年，GSV 年增 41%，達到 35 億美元，營收年增 35%，達到 5.03 億美元。

Additionally, during the fourth quarter, we surpassed $15 billion in lifetime talent earnings on Upwork. This achievement highlights the magnitude of impact we have had and signals how we are leading the global movement to reimagine work. Last year, we launched a host of powerful products and features, including Project Catalog, Talent Scout and Virtual Talent Bench as well as valuable partnerships with technology and benefits providers such as Loom and Catch.

此外，第四季度，我們在 Upwork 上的終身人才收入超過了 150 億美元。這項成就凸顯了我們所產生的影響力，並表明我們如何引領全球重新構想工作的運動。去年，我們推出了一系列強大的產品和功能，包括 Project Catalog、Talent Scout 和 Virtual Talent Bench，以及與 Loom 和 Catch 等技術和福利提供者的寶貴合作夥伴關係。

We had successful high-profile collaborations with leading brands, including Budweiser and Kristen Kish, launched "The Perfect Fit" brand campaign to raise awareness of Upwork to customers and prospects. And in the third quarter, as a result of our confidence in the long-term value creation opportunity in enterprise sales, we announced our intentions to double the number of account executives on our sales team by the end of 2022.

我們與 Budweiser 和 Kristen Kish 等領導品牌進行了成功的高調合作，推出了「The Perfect Fit」品牌活動，以提高客戶和潛在客戶對 Upwork 的認識。在第三季度，由於我們對企業銷售的長期價值創造機會充滿信心，我們宣布計劃在 2022 年底前將銷售團隊的客戶經理人數增加一倍。

And we are just getting started. We believe timing matters and time frame matters. In terms of timing, the time continues to be now for investing in our business to win customer market share at a time when customer needs for our offering are accelerating and our brand awareness is low. We will do this with conviction in the year ahead as planned because we are building a powerful and sustainable business with leading share, economics and growth rates for the long term.

我們才剛開始。我們相信時機很重要，時間框架也很重要。就時機而言，在客戶對我們產品的需求不斷增加而我們的品牌知名度較低的情況下，現在仍然是投資我們的業務以贏得客戶市場份額的時候。我們將滿懷信心地在未來一年按計劃實現這一目標，因為我們正在建立一個強大且可持續的業務，擁有領先的市場份額、經濟效益和長期增長率。

In terms of time frame, 2021 was the first year executing our 3-part strategy to innovate, evangelize and scale our work marketplace. We have always known this strategy will take multiple years to fully deliver, and we are pleased with our progress to date. Due to this progress and are confident in our execution, we are accelerating our target of achieving $1 billion in revenue by 1 year to 2024, up from our previous time line of 2025 with a compound annual growth rate of approximately 25% over the next 3 years.

就時間框架而言，2021 年是我們執行三部分策略的第一年，以創新、宣傳和擴大我們的工作市場。我們一直都知道這項策略需要多年才能完全實現，我們對迄今為止的進展感到滿意。由於取得了這一進展，並對我們的執行充滿信心，我們正在加速實現到 2024 年實現 10 億美元收入的目標，高於之前的 2025 年時間表，未來 3 年複合年增長率約為 25%年。

We are also excited to announce that we are setting an enterprise revenue target of $300 million by 2025, almost 10x what we delivered in 2021, which represents a compound annual growth rate over the next 4 years of more than 70%. Our innovation ambitions are bigger than ever. Amidst the backdrop of the work awakening, at time in which people are reevaluating what they want in work and life and realigning their priorities accordingly. We have embraced an expanded vision for Upwork as the world's work marketplace.

我們也很高興地宣布，到 2025 年，我們設定的企業收入目標為​​ 3 億美元，幾乎是 2021 年交付的 10 倍，這意味著未來 4 年的複合年增長率將超過 70%。我們的創新雄心比以往任何時候都更大。在工作覺醒的背景下，人們正在重新評估他們在工作和生活中想要什麼，並相應地重新調整他們的優先事項。我們對 Upwork 作為全球工作市場的願景抱持著更廣闊的願景。

We build for companies to flex into the new operating model of the new world, and we build for talent to flex into new ways of working. We anticipate that the businesses who embrace this work awakening will be poised to out-innovate companies who do not. 2022 is the year that Upwork takes the next steps in evolving from being the largest global freelance marketplace as measured by GSV, to broadening our horizon as the world's work marketplace.

我們幫助公司適應新世界的新營運模式，幫助人才適應新的工作方式。我們預計，擁抱這種工作覺醒的企業將在創新上超越不擁抱這種工作覺醒的企業。 2022 年，Upwork 將進一步發展，從 GSV 衡量的全球最大自由工作市場發展為拓寬我們作為全球工作市場的視野。

Our focus has evolved because the world has evolved. The old binary notion of freelance versus full-time employee work are being revisited in a world where remote work is rampant, where career and work innovation is happening all around us and where talent and clients are searching for new solutions to both new and old challenges they're struggling with.

我們的關注點隨著世界的發展而變化。在遠距工作盛行、職業和工作創新在我們周圍發生、人才和客戶正在尋找新的解決方案來應對新舊挑戰的世界中，自由工作者與全職員工工作的舊二元概念正在被重新審視。他們正在掙扎著。

Many professionals are seeking to unbundle aspects of traditional full-time work to get benefits in new ways, while others are seeking new benefits without shackling themselves to a full-time job. We are poised to innovate these solutions with and for our customers, and our strong foundation help us do just that.

許多專業人士正在尋求擺脫傳統全職工作的束縛，以新的方式獲得福利，而其他人則在不將自己束縛於全職工作的情況下尋求新的福利。我們準備好與客戶一起並為客戶創新這些解決方案，我們強大的基礎幫助我們做到這一點。

We have distinctive know-how in building and delivering relationship-centered flexible solutions for knowledge workers. We have products in the market that already empower workers to seamlessly transition from freelance to full-time work and back. And we have teams that already design and deliver modern work models at scale for our enterprise clients. This year, we will build on our existing foundations with a lineup of new offerings that will continue to make the transition from freelance to full-time and vice versa and the integration of both working models, seamless for all our customers.

我們在為知識工作者建立和提供以關係為中心的靈活解決方案方面擁有獨特的專業知識。我們市場上的產品已經使員工能夠從自由工作者無縫過渡到全職工作並返回。我們的團隊已經為企業客戶大規模設計和交付現代工作模式。今年，我們將在現有基礎上推出一系列新產品，繼續實現從自由工作者到全職工作者的轉變，反之亦然，以及兩種工作模式的集成，為我們的所有客戶提供無縫服務。

We at Upwork are focused on accelerating the work awakening, empowering professionals by building their online home for work that grows and flexes with them across their career and as their needs change. And for businesses delivering a singular destination that gives them access to the freelance and full-time professionals they need on the work marketplace that makes these powerful relationships and the tools to manage them a foregone conclusion.

Upwork 致力於加速工作覺醒，透過為專業人士建立線上工作之家來賦予他們權力，讓他們在整個職業生涯中以及隨著他們的需求變化而成長和靈活。對於提供單一目的地的企業來說，他們可以在工作市場上接觸到所需的自由工作者和全職專業人員，從而使這些強大的關係和管理它們的工具成為必然。

We have always seen ourselves as the pacesetters of innovation and work. And in a time when the speed and creativity with which people are constructing their careers is accelerating and companies are rethinking their workforces, Upwork will be the work marketplace that empowers them to achieve their goals.

我們始終將自己視為創新和工作的先鋒。在人們建立職業生涯的速度和創造力不斷加快、公司重新思考員工隊伍的時代，Upwork 將成為幫助他們實現目標的工作市場。

Thank you for joining us on this journey. We will now open the call to your questions.

感謝您加入我們的這段旅程。我們現在將開始電話詢問您的問題。

(Operator Instructions) Our first question will come from the line of Maria Ripps from Canaccord.

（操作員說明）我們的第一個問題將來自 Canaccord 的 Maria Ripps。

I just wanted to ask about sort of your customer count in the quarter here. Any update you can share with us on roughly what portion of new customers on the platform are now sort of being driven by project catalog? And I know you previously said it was 10% sort of, but anything you can share with that? And then now with this product doubt that this product has been around for some time, what portion of customers who came in via Project Catalog are now engaging with the platform more deeply? And then I have a quick follow-up.

我只是想問一下你們本季的客戶數量。您可以與我們分享最新情況嗎？平台上的新客戶現在大約有多少部分是由專案目錄驅動的？我知道您之前說過大概是 10%，但可以分享一下嗎？現在，由於懷疑該產品已經存在了一段時間，透過專案目錄進入的客戶中有多少部分現在正在更深入地與該平台互動？然後我會進行快速跟進。

Sure. Thanks, Maria. We are seeing really great progress with Project Catalog. Definitely, every quarter, we've seen increases in the number of customers coming in through catalog. And the bigger picture for us here is, this product is really designed as a new way to capture the imaginations of customers who may not know how to engage with freelance talent on our work marketplace, give them a way to get started with this 1 click model and then, of course, be able to cross-sell to them other ways of working with talent. And for sure, to your question, we have seen that hypothesis validated. We're seeing a significant number of these customers actually going further than just catalog and using a talent marketplace or Talent Scout or other ones of our offerings.

當然。謝謝，瑪麗亞。我們看到專案目錄取得了巨大的進步。當然，每季我們都會看到透過目錄進入的客戶數量增加。對我們來說，更大的前景是，該產品實際上是作為一種新方式設計的，可以捕捉那些可能不知道如何在我們的工作市場上與自由職業人才互動的客戶的想像力，為他們提供一個一鍵入門的方法模型，然後當然能夠向他們交叉銷售其他與人才合作的方式。當然，對於你的問題，我們已經看到這個假設得到了驗證。我們發現，其中有相當多的客戶實際上不僅僅只是進行編目，還使用人才市場、Talent Scout 或我們的其他產品。

And similarly, our existing talent marketplace and other customers have been crossing over and using catalog as well. So we're seeing really great validation that customers do have these needs that span different types of products, different types of use cases and that adoption has been really supporting the whole thesis at the work marketplace is what's required to meet the needs of all customers.

同樣，我們現有的人才市場和其他客戶也已經跨越並使用目錄。因此，我們看到了非常好的驗證，客戶確實有這些跨越不同類型的產品、不同類型的用例的需求，並且採用確實支援了工作市場上的整個論文，這就是滿足所有客戶的需求所需要的。

Got it. And then maybe a bigger picture question. As many companies are struggling with labor shortages here, are there any categories or verticals on the platform where you perhaps sort of seen an acceleration of growth as a result of that? And maybe related to that, are there any verticals where you feel like the platform maybe -- would benefit from a deeper pool of talent?

知道了。然後也許是一個更大的問題。由於許多公司都在努力應對勞動力短缺問題，因此您可能會在平台上看到任何類別或垂直領域的加速成長嗎？也許與此相關的是，您是否認為該平台可能會從更深層的人才庫中受益？

Sure. We're really seeing tremendous strength across the board in all of our categories right now. And we've seen acceleration in some of our biggest categories. We've seen some smaller categories like accounting and consulting, which grew at 72% year-over-year in the past quarter. So in this market, we're actually not seeing negatives. We're seeing this war for talent happening in the world at large. And despite that, the value proposition of what's available on Upwork is actually increasing with talent. We see sign-ups from new talent and active engagement from existing talent at or near record levels continually. And I think that really speaks to the broader story of the work awakening and the fact that talent are now looking for a different value proposition in the world at large and what we have to offer really meets that value proposition so well. So there's a ton of health there, and we're excited about what that means both for now and the future.

當然。我們現在確實在所有類別中都看到了巨大的優勢。我們已經看到一些最大類別的加速發展。我們看到一些較小的類別，如會計和諮詢，在上個季度同比增長了 72%。所以在這個市場上，我們其實沒有看到負面影響。我們看到這場人才爭奪戰正在全世界發生。儘管如此，Upwork 上可用內容的價值主張實際上隨著人才的增加而增加。我們看到新人才的註冊和現有人才的積極參與不斷達到或接近創紀錄的水平。我認為這確實說明了工作覺醒的更廣泛的故事，以及人才現在正在全世界尋找不同的價值主張的事實，而我們所提供的東西確實很好地滿足了該價值主張。因此，那裡有大量的健康，我們對這對現在和未來的意義感到興奮。

And our next question will come from the line of Eric Sheridan from Goldman Sachs.

我們的下一個問題將來自高盛的艾瑞克謝裡登。

Maybe 2-part question, if I can. In terms of the marketing investments you're calling out that would put some margin pressure on in '22. Just give us a little bit of looking back and what you've seen in the business where now is the right time to lean in on those marketing investments and try to scale the platform against the opportunities that you see? And then looking further out than just '22, how should we be thinking about elements of wanting to capture leverage in the model as you grow in scale versus continuing those investments on a multiyear view?

如果可以的話，也許是由兩個部分組成的問題。就您所說的行銷投資而言，這會對 22 年的利潤造成一些壓力。請讓我們回顧一下您在業務中所看到的情況，現在是依靠這些行銷投資並嘗試根據您看到的機會擴展平台的合適時機嗎？然後，除了 22 年之外，我們應該如何考慮隨著規模的增長而想要在模型中獲得槓桿作用的要素，而不是從多年的角度繼續進行這些投資？

Eric, our view is that timing does really matter around this investment. And specifically, this is such a favorable environment for us to making the investment in. We see that this is a unique moment because of the work awakening. Businesses have never been more in need of our products. And on the other side, professionals are really rethinking their priorities and are really drawn into the model that we have. We know at the same time that our unaided brand awareness amongst our target clients is in the single digits, and we imagine how much bigger our business can be if we are able to double or triple that awareness.

艾瑞克（Eric），我們認為這項投資的時機確實很重要。具體來說，這對我們來說是一個非常有利的投資環境。我們看到，由於工作的覺醒，這是一個獨特的時刻。企業從未像現在這樣需要我們的產品。另一方面，專業人士正在真正重新考慮他們的優先事項，並真正被我們現有的模型所吸引。同時我們知道，我們在目標客戶中的獨立品牌知名度只有個位數，我們想像如果我們能夠將這種知名度提高一倍或三倍，我們的業務將會擴大多少。

And to your point about looking backward, this investment is absolutely a continuation of our strategy that we initiated in 2021. And we've been preparing for this as we launch the work marketplace, category in May of last year and then in the back half of last year, began increasing that brand investment, seeing the signals really as it was that this was working. And then in January, we brought on Melissa Waters as our CMO to further set us up to really rebuilding a world-class brand that shapes the category, that shapes customer behavior in our category and really sets us up to be making this investment with a lot of confidence this year. Let me hand it off to Jeff to talk a little more about the rest of your question.

回顧你的觀點，這項投資絕對是我們在 2021 年啟動的策略的延續。我們一直在為此做準備，因為我們在去年 5 月推出了工作市場類別，然後在下半年推出去年開始增加品牌投資，看到了這確實有效的信號。然後在一月份，我們聘請梅麗莎·沃特斯（Melissa Waters）擔任我們的首席營銷官，以進一步幫助我們真正重建一個世界級品牌，塑造這個品類，塑造我們品類中的客戶行為，並真正讓我們能以今年信心十足。讓我把它交給傑夫，讓他進一步討論你的問題的其餘部分。

Thanks, Hayden. Yes, our investment philosophy with respect to brand marketing is exactly the same as it's been with sales and performance marketing. Our goal is to invest as much as we possibly can, wherever we can get returns that we think are comfortably above our weighted average cost of capital. And with respect to brand marketing, just like sales and performance marketing, we're focused on driving real business outcomes. And what that means for us is we're trying to drive more clients and increased spend from our existing clients.

謝謝，海登。是的，我們在品牌行銷方面的投資理念與銷售和績效行銷方面的投資理念完全相同。我們的目標是盡可能多投資，只要我們能獲得我們認為遠高於我們加權平均資本成本的回報。在品牌行銷方面，就像銷售和績效行銷一樣，我們專注於推動真正的業務成果。這對我們來說意味著我們正在努力吸引更多客戶並增加現有客戶的支出。

And so we want to see -- we have a hypothesis that as we increase our unaided brand awareness that, that will convert into real business outcomes. Now we bring patients to this. We know that it's going to take time to move our brand awareness and to test and learn into this to understand what is the optimal mix of creative and channel and geo and reach and frequency and whatnot. So we bring that patients to it. That being said, we also bring an urgency, like all of you to try to understand how are the -- how is the spend converting in the interim. And so we're looking at top of signal metrics, traffic, client registrations, free rental registrations, branded search queries. We also look at the proxy metrics. How are we moving brand consideration, how are we moving brand awareness, how are we moving brand relevance, et cetera. But ultimately, the goal is to absolutely move -- convert the investment into real business outcomes.

因此，我們希望看到 - 我們有一個假設，隨著我們提高獨立的品牌意識，這將轉化為真正的業務成果。現在我們把病人帶到這裡。我們知道，需要時間來提高我們的品牌知名度，並進行測試和學習，以了解創意、管道、地理、覆蓋範圍、頻率等的最佳組合。所以我們把病人帶到這裡。話雖這麼說，我們也像你們所有人一樣迫切地試圖了解在此期間支出的轉換情況如何。因此，我們關注的是訊號指標、流量、客戶註冊、免費租賃註冊、品牌搜尋查詢。我們也查看代理指標。我們如何提高品牌考量、如何提高品牌知名度、如何提高品牌相關性等等。但最終的目標是絕對行動——將投資轉化為真正的業務成果。

And in terms of the impact on long-term margins, we absolutely believe this is a business that can deliver 30% to 35% long-term EBITDA margins. We are actively driving leverage in cost of revenue, G&A, but we also see this as a great opportunity to focus on our top priority, which is growing the business by investing in those areas that are returning attractive dollars, whether that's sales, performance marketing, brand marketing, whatnot and the early results that we're seeing at the top of the funnel with respect to brand marketing are encouraging. So we're excited to be pushing on this front.

就對長期利潤率的影響而言，我們絕對相信這是一項可以提供 30% 至 35% 長期 EBITDA 利潤率的業務。我們正在積極推動收入成本、一般行政費用的槓桿作用，但我們也認為這是一個專注於我們的首要任務的絕佳機會，即透過投資那些能帶來有吸引力的美元的領域來發展業務，無論是銷售、績效行銷、品牌行銷等等，以及我們在品牌行銷漏斗頂部看到的早期結果令人鼓舞。因此，我們很高興能夠推動這一領域的發展。

Our next question comes from the line of Bernie McTernan from Needham.

我們的下一個問題來自李約瑟的伯尼·麥克特南。

Maybe just to [zero] in on the revenue guidance or long-term revenue guidance moving the $1 billion of revenue up by a year, only about 6 months after the guide. What's been primarily outperforming expectations? And then on enterprise expecting $300 million, is that -- should we be assuming that you guys keep bringing on more land account reps? Or is that maybe a different thought process and maybe how steep the curve can get and how businesses are spending? You provide some interesting data in terms of how big some of these businesses are in the GSV on the platform?

也許只是將收入指導或長期收入指導[歸零]，將 10 億美元的收入增加一年，僅在指南發布後約 6 個月。主要是哪些方面超出了預期？然後，對於預計 3 億美元的企業來說，我們是否應該假設你們繼續聘請更多的土地客戶代表？或者這可能是一個不同的思考過程，也許曲線有多陡以及企業如何支出？您提供了一些有趣的數據，說明平台上的 GSV 中的一些業務有多大？

Excellent. Thank you very much for your questions. In terms of the $1 billion goal, really the way we thought about this is, we saw 2 key themes happening in the business. First off, super excited about the results of our enterprise efforts. The team did a great job in 2021, hitting the unit economic productivity targets that we had. We know that those are attractive investments to make. So that's why we're doubling the sales force in 2022. And that caused us to be comfortable with a long-term target of $300 million in 2025.

出色的。非常感謝您的提問。就 10 億美元的目標而言，我們真正的想法是，我們看到業務中正在發生兩個關鍵主題。首先，我對我們企業努力的成果感到非常興奮。團隊在 2021 年表現出色，實現了我們設定的單位經濟生產力目標。我們知道這些都是有吸引力的投資。這就是我們在 2022 年將銷售隊伍增加一倍的原因。這讓我們對 2025 年 3 億美元的長期目標感到滿意。

And the second dynamic is that we saw really strong performance in our spend per client. So whether that is the 15% year-over-year improvement in the 771,000 clients that we have on the platform or those that are spending over $100,000 per year that increased by 51% or $1 million spenders that increased by 61% year-over-year in terms of the number of those. So those 2 dimensions caused us to be comfortable with a target of $300 million of enterprise revenue in 2025, which then gave us comfort that we can bring in our $1 billion revenue target from 2025 to 2024.

第二個動態是我們看到每位客戶的支出表現非常強勁。因此，無論是我們平台上的 771,000 名客戶同比增長 15%，還是每年支出超過 100,000 美元的客戶同比增長 51%，或者支出 100 萬美元的客戶同比增長 61%——年的數量。因此，這兩個維度讓我們對 2025 年企業收入 3 億美元的目標感到滿意，這讓我們感到放心，我們可以在 2025 年至 2024 年實現 10 億美元的收入目標。

And with respect to how we're going to get to that $300 million in enterprise revenue, we don't need any productivity improvements per rep from what we're seeing from the team right now, which is great. Now that being said, we'll continue to focus on making sure that we're as effective and productive as we possibly can. And continue investing to hire additional reps. As we indicated, we're going to double those in 2022. We absolutely do need to continue investing in those reps, which is a great investment for the company. And the rep growth will probably roughly mirror the growth of the revenue between now and 2025. Thanks for the question.

至於我們如何實現 3 億美元的企業收入，從我們目前從團隊中看到的情況來看，我們不需要提高每個代表的生產力，這很好。話雖如此，我們將繼續專注於確保我們盡可能有效和富有成效。並持續投資聘請更多代表。正如我們所指出的，我們將在 2022 年將這些人員數量增加一倍。我們絕對需要繼續對這些代表進行投資，這對公司來說是一項巨大的投資。代表成長可能會大致反映從現在到 2025 年的收入成長。謝謝你的提問。

Our next question will come from line of Marvin Fong from BTIG.

我們的下一個問題將來自 BTIG 的 Marvin Fong。

Great. A couple of them have already been answered. But maybe we could start on take rate. I think a bit the larger decrease quarter-over-quarter than we've seen in the last few quarters. And I know you mentioned more uptake of longer-term relationships. Just looking forward in terms of sort of the cadence on how that might evolve in 2022? I know you mentioned it should be up very slightly. Maybe you could just give us a little more breakdown between like your first quarter guidance. What does take rate look there quarter-over-quarter and then for the balance of the year? And then I have another follow-up.

偉大的。其中一些已經得到答案。但也許我們可以從採用率開始。我認為季度環比下降幅度比我們過去幾季看到的要大一些。我知道你提到更多地建立長期關係。只是期待 2022 年它會如何發展？我知道你提到它應該略有上升。也許您可以給我們更多詳細信息，例如您的第一季指導。季度環比以及全年剩餘時間的利率情況如何？然後我還有另一個後續行動。

Sure. Thanks, Marvin. So you're right in that. Our take rates and our spend per client seem to be inversely correlated. So given the pricing model that we have whereas clients and freelancers find more success on the platform and end up spending more within those existing relationships, the average take rate progresses, I guess, the price that they're charged goes from 20% to 10% to 5% and therefore, the average take rate feels a little pressure.

當然。謝謝，馬文。所以你是對的。我們的接受率和每位客戶的支出似乎呈現負相關。因此，考慮到我們擁有的定價模型，而客戶和自由工作者在平台上獲得了更多成功，並最終在這些現有關係中花費更多，平均採用率不斷提高，我猜，他們收取的價格從20% 上升到10% %到5%，因此，平均採納率感覺有點壓力。

So the strength that we saw in the average spend per client going up 15% year-over-year was reflected in a little bit of a take rate pressure quarter-over-quarter. And as we look out into 2022, we do expect that on average for the year, the take rate will be higher than we're exiting 2021. And that's going to be driven by a number of dynamics, a few initiatives that we're working on, including growth in Project Catalog or Talent Scout, Enterprise, which all 3 of those have higher take rates than the rest of the business.

因此，我們看到每位客戶的平均支出年增 15%，這反映在季度環比的一點接受率壓力上。當我們展望 2022 年時，我們確實預計今年的平均使用率將高於 2021 年。這將由我們正在採取的一些動態和一些舉措推動工作，包括項目目錄或人才偵察、企業的增長，這三者的採用率都高於其他業務。

So we would expect those dynamics to be lifting take rate a bit throughout the year, kind of more in Q2 and beyond than in Q1, but we're excited to see you lift there. Thanks, Marvin.

因此，我們預計這些動態在全年中都會有所提升，第二季及以後的增幅會比第一季更高，但我們很高興看到你的提升。謝謝，馬文。

Great. And just a follow-up, if I may. Just I think you did highlight how spending per client is up no matter how you cut it. Maybe you can just kind of drill down. I mean, are they doing more projects or the value of the projects going up? I'm sure there's some interplay between the 2, but maybe just kind of talk about that and then how you're modeling those 2 as you give us these longer-term targets, where will the GSV growth comes from more from spend per client or new clients? Any color there would be great.

偉大的。如果可以的話，我只是跟進一下。只是我認為你確實強調了無論你如何削減每個客戶的支出都會增加。也許你可以深入研究一下。我的意思是，他們正在做更多的專案還是專案的價值在上升？我確信這兩者之間存在一些相互作用，但也許只是談論這一點，然後當你給我們這些長期目標時，你如何對這兩者進行建模，GSV 的增長將來自於每個客戶的支出更多還是新客戶？任何顏色都會很棒。

Yes. So with respect to the spend per client, we've seen a lot of success in the longer-term projects on our platform. So hourly projects have been growing at a faster rate than fixed price projects and the number of hours within those projects has been increasing over time. We've also seen increases in hourly rates. But surprisingly, that's been relatively consistent over the last several years. So it's really clients and freelancers are finding more value in the platform and extending the duration with which they're using the platform.

是的。因此，就每位客戶的支出而言，我們在我們平台上的長期專案中看到了許多成功。因此，每小時項目的成長速度比固定價格項目更快，並且這些項目的小時數隨著時間的推移而增加。我們也看到每小時工資的增加。但令人驚訝的是，過去幾年這種情況相對穩定。因此，客戶和自由工作者確實在該平台中發現了更多價值，並延長了他們使用該平台的持續時間。

In terms of growth going forward, where would we expect growth to come from? We really do expect it to come from both. We obviously -- we're pleased that our average spend per client is up 15%. That being said, it's still in the $4,000 range. We think there's significant opportunity to continue increasing that for many years to come.

就未來的成長而言，我們預計成長來自哪裡？我們確實希望它來自兩者。顯然，我們很高興每位客戶的平均支出增加了 15%。話雖如此，它仍然在 4,000 美元範圍內。我們認為，在未來的許多年裡，有很大的機會繼續增加這一點。

And also understand that we serve 771,000 customers client -- on the client side this past year. We do think there's lots more room over the long term to continue growing that. And that goes directly to the brand marketing efforts that Hayden touched upon. We believe that if we can increase awareness of our offering that we have the opportunity to meaningfully move those business metrics and new clients is absolutely one of the key ones there.

我們也了解到，去年我們在客戶端為 771,000 名客戶提供服務。我們確實認為，從長遠來看，繼續成長的空間還有很大。這直接涉及海登提到的品牌行銷工作。我們相信，如果我們能夠提高人們對我們產品的認識，我們就有機會有意義地改變這些業務指標，而新客戶絕對是其中的關鍵之一。

Our next question comes from the line of Matt Farrell from Piper Sandler.

我們的下一個問題來自 Piper Sandler 的 Matt Farrell。

Congrats on the really strong results in the pulling in of the $1 billion target. I just wanted to dive a little bit deeper into the enterprise opportunity. What really remains the biggest overhang with potential customers in that space today? And how do you overcome that overhang to kind of drive to your $300 million target that you laid out today?

恭喜您在實現 10 億美元目標方面取得了非常強勁的成果。我只是想更深入地了解企業機會。如今，該領域潛在客戶最大的懸念到底是什麼？您如何克服這項懸而未決的問題，以推動實現您今天制定的 3 億美元目標？

Thanks, Matt. There's really not a big barrier to hitting the $300 million target other than executing really well against that goal. I think we have a lot of confidence that we're on that path. And we see the proof points with the performance we've delivered around things like the 78% year-over-year growth in the new deals on the land side. Q4 enterprise revenue up 65% year-over-year and [online work centers] up 61% year-over-year.

謝謝，馬特。除了很好地執行該目標之外，實現 3 億美元的目標實際上並沒有太大的障礙。我認為我們對走上這條道路充滿信心。我們在陸地方面的新交易年增 78% 等方面所取得的業績證明了這一點。第四季企業營收年增65%，【線上工作中心】較去年同期成長61%。

So the momentum we're seeing in that part of the business has been great, and the execution there is really strong and we think we can continue that execution, and that's what's going to take us to that $300 million goal. I think, however, there's such a big market opportunity there that we're trying to unlock. That's where really awareness is one of the big efforts where we think so many of these customers, and we know from the brand awareness data don't know about us, haven't heard about us and (inaudible).

因此，我們在這部分業務中看到的勢頭非常強勁，執行力也非常強大，我們認為我們可以繼續執行，這將帶領我們實現 3 億美元的目標。然而，我認為那裡存在著巨大的市場機會，我們正在努力解鎖。這就是真正的認知度是我們所付出的巨大努力之一，我們認為很多客戶，我們從品牌認知度數據中知道，他們不了解我們，沒有聽說過我們，並且（聽不清楚）。

Sometimes they're hearing negative top tracks from our competitors in the market, mainly legacy staffing firms who may be already working with those customers around what we can offer. And so that's really the bigger unlock in terms of how else we are trying to accelerate that space is just getting our name out there, getting the story out there that will further amplify, I think, all of our efforts in the business both on the sales side of the house, performance marketing, halo effect and efficiency improvements, hopefully over time, those types of things.

有時，他們會聽到我們市場上競爭對手的負面評價，主要是傳統的人力資源公司，他們可能已經在與這些客戶合作，圍繞著我們提供的服務進行合作。因此，就我們如何努力加速這個領域而言，這確實是更大的解鎖，只是讓我們的名字在那裡，讓故事在那裡，我認為，這將進一步放大我們在業務上的所有努力銷售方面、績效行銷、光環效應和效率改進，希望隨著時間的推移，這些類型的事情。

Now clearly, it's early days with this investment, and Jeff talked about some of the goals and the ways we're really being disciplined about measuring that. But I think 1 of the biggest challenges is these firms haven't heard about us and so our sales teams are going in and educating them, but we think there's more we can do to make that job even easier for them.

現在顯然，這項投資還處於早期階段，傑夫談到了一些目標以及我們在衡量目標方面真正受到約束的方式。但我認為最大的挑戰之一是這些公司還沒有聽說過我們，因此我們的銷售團隊正在介入並對他們進行教育，但我們認為我們可以做更多的事情來讓他們的工作變得更加輕鬆。

Awesome. And then as I think about 2022, is there a sense of seasonality that returns to the business, hopefully, as we come out of COVID here this year? Or are we still in a place where just the market dynamics and the growth that you're highlighting that seasonality really doesn't exist given the broader opportunity ahead?

驚人的。然後，當我想到 2022 年時，當我們今年擺脫新冠疫情時，業務是否會出現季節性的感覺？或者說，鑑於未來有更廣泛的機會，我們是否仍然處於這樣的境地：您所強調的市場動態和成長，季節性確實不存在？

Yes, it's a great question. Obviously, COVID is incredibly hard to predict and probably given up trying to exactly understand how that behaves. But really, our numbers have followed kind of a week-to-week and month-to-month level of seasonality since I don't know, maybe mid-ish 2021.

是的，這是一個很好的問題。顯然，新冠病毒很難預測，並且可能會放棄嘗試準確地理解其行為。但實際上，我們的數據遵循每周和每月的季節性水平，因為我不知道，也許是 2021 年中期。

Now clearly, certain business dynamics do overrun that seasonality. So with respect to our enterprise offering, if you just looked at those numbers, there's not a whole lot of seasonality that comes into play in terms of the overall revenue growth there because it's driven much more by new account execs that we have, how many accounts they're bringing in and new account managers and all those sorts of dynamics.

現在顯然，某些業務動態確實超出了季節性。因此，就我們的企業產品而言，如果您只看這些數字，就整體收入成長而言，並沒有太多季節性因素發揮作用，因為它更多地是由我們擁有的新客戶執行官推動的，有多少他們引入的客戶和新的客戶經理以及所有這些動態。

But we do see that there is a -- obviously, the dynamics that were driven or the week-to-week metrics that were driven throughout COVID look different now. And our goal would be to obviously bend those curves as much as we can to make sure that our growth drivers are the primary things that are driving the business forward, and you're seeing that absolutely play out on the enterprise side, you're seeing that play out in the spend per account.

但我們確實看到，顯然，整個新冠疫情期間所驅動的動態或每週的指標現在看起來有所不同。我們的目標是盡可能明顯地彎曲這些曲線，以確保我們的成長動力是推動業務向前發展的主要因素，並且您會看到這絕對在企業方面發揮作用，您看到每個帳戶的支出都發揮了作用。

And then we hope that with brand marketing, we're able to do that same thing. That's absolutely the intention with those investments.

然後我們希望透過品牌行銷，我們能夠做同樣的事情。這絕對是這些投資的目的。

Our next question comes from the line of Andrew Boone from JMP Securities.

我們的下一個問題來自 JMP 證券公司的安德魯·布恩 (Andrew Boone)。

Two please. So first, with wage inflation across the board, can you just talk about how that impacts your market? What are the dynamics that we should be thinking about from the outside? And then the second question is 2021 was a major year for product launches. As we think about your enterprise goal of the $300 million, what are -- what else are enterprise is asking for, right? I think, Hayden, you mentioned in your prepared comments that there was a fluidity between freelancers and full-time workers. Is there anything else that we can expect for 2022?

請兩個。首先，隨著薪資全面上漲，您能談談這對您的市場有何影響嗎？我們應該從外部考慮哪些動態？第二個問題是2021年是產品發表的重要一年。當我們考慮您的 3 億美元企業目標時，企業還要求什麼，對吧？我想，海登，您在準備好的評論中提到自由工作者和全職工作者之間存在流動性。 2022 年我們還有什麼可以期待的嗎？

Sure. So on the wage inflation side, I can definitely characterize -- we talked little bit earlier on the call about the talent dynamics, not slowing down, if anything, they're faster than ever in terms of talent really being interested in this model. We see talent set their own wages on our platform, and they're doing that in a really healthy way today. Wages are strong. We also see that clients in a tight labor market really see our value proposition resonating more strongly than ever.

當然。因此，在薪資通膨方面，我絕對可以描述——我們早些時候在電話會議上談到了人才動態，沒有放緩，如果有的話，就人才真正對這種模式感興趣而言，他們比以往任何時候都快。我們看到人才在我們的平台上設定自己的工資，而且他們今天正在以一種非常健康的方式這樣做。工資很給力。我們也發現，勞動市場緊張的客戶確實認為我們的價值主張比以往任何時候都更能產生強烈的共鳴。

Globally, they're looking at different wages and we arbitrage becomes more of an issue. They also start to see even more sharply that we have a competitive edge over traditional talent businesses like staffing agencies who have these really steep markups compared to our directed talent model. And therefore, are even more hard pressed than even in normal times to compete on an economic basis.

在全球範圍內，他們正在考慮不同的工資，而我們的套利變得更加成為一個問題。他們也開始更敏銳地看到，我們比人才仲介等傳統人才企業擁有競爭優勢，與我們的定向人才模式相比，這些企業的加價幅度非常大。因此，在經濟基礎上競爭比正常時期更困難。

Never mind the fact that our sound quality is so much more superior to theirs. So in all of that, we are in a really strong position in a tight labor market. However, we still face the reality that so many of these companies just haven't heard of us, so they don't even know that these advantages exist on our platform.

不要介意我們的音質比他們的好得多這一事實。因此，綜上所述，我們在緊張的勞動市場中處於非常有利的地位。然而，我們仍然面臨這樣的現實：很多公司只是沒有聽說過我們，所以他們甚至不知道我們平台上有這些優勢。

To your second question around what our enterprise is asking for, a lot of it is building off of the solutions we've already been giving them, things like bring your own talent, compliance offerings where they are trying to build these hybrid teams of workers make it even easier for their workforce to have a single log in, a single place to go to source talent, break down the barriers between what a freelance worker is doing, an employee is doing because oftentimes that matter is not consequential -- that difference is not consequential anymore.

關於你的第二個問題，我們的企業要求什麼，其中很多都是建立在我們已經為他們提供的解決方案的基礎上的，比如帶來你自己的人才、合規產品，他們試圖建立這些混合的員工團隊使他們的員工更容易進行單一登錄，在單一地點尋找人才，打破自由工作者正在做的事情與員工正在做的事情之間的障礙，因為通常情況下，這並不重要——這種差異不再重要了。

And so we're really helping them build these things out programmatically. And so when we look at our product road map for enterprises, a lot of the solutioning is around giving them more of the access to those different talent pools in a much more seamless way and making it just easy for customers to do that without having to worry about things like how is this person going to be classified? Do you need to think about all of the back office things to do in order to get started with this person, whether they are a full-time worker or a freelance worker.

因此，我們確實在幫助他們以程式設計方式建立這些東西。因此，當我們查看企業的產品路線圖時，許多解決方案都是圍繞著讓他們以更無縫的方式更多地訪問這些不同的人才庫，並使客戶能夠輕鬆地做到這一點，而無需擔心諸如如何對這個人進行分類之類的事情？您是否需要考慮所有後勤辦公室要做的事情才能開始與此人合作，無論他們是全職員工還是自由工作者。

And so we're really leaning into the reality that, that is how the customers are thinking about these things today, those distinctions are no longer nearly as important as they once were and building the single destination on our work marketplace for these enterprise customers to come in and use our solution that way, even more than they've been able to do so in the past.

因此，我們真正傾向於現實，這就是客戶今天對這些事情的看法，這些區別不再像以前那麼重要，並在我們的工作市場上為這些企業客戶建立單一目的地以這種方式進來並使用我們的解決方案，甚至比他們過去能夠這樣做的更多。

Our next question will come from the line of Rohit Kulkarni from MKM Partners.

我們的下一個問題將來自 MKM Partners 的 Rohit Kulkarni。

A very nice quarter and a very optimistic guidance. I guess on the brand marketing, can you recap in terms of about $47 million spent last year, $80 million this year across the quarters, where did that spend come from? And what were the learnings that made you more bullish on spending or doubling down on more brand marketing in terms of quantifiable facts that we can learn from outside?

這是一個非常好的季度和非常樂觀的指導。我想在品牌行銷方面，您能否回顧一下去年各季度花費的約 4700 萬美元、今年的 8000 萬美元，這些支出來自哪裡？就我們可以從外部了解到的可量化事實而言，哪些經驗教訓讓您更加看好支出或加大品牌行銷力度？

I'll touch on a few things there. With respect to the $47 million in 2021, as we mentioned, we really started investing more aggressively in the second half. I mean we launched the work marketplace in May of last year, spent a bit around that in Q2 of last year. And then from Q3 to Q4, we increased the brand spend from $8 million to $17 million. We mentioned that for 2022, our current target is $80 million with a little bit more front-end loaded than at the Q4 of this year. But roughly in line with the levels that we saw in Q4 of 2021. We are -- with all of that being said, we've been at this for several quarters of trying to lay the foundation to be able to go aggressively against this opportunity. And we know that it's going to take time. We are absolutely taking a test and learn approach. We want to understand what works best across reach and frequency by geo, by channel, all of those different intersections.

我將談一些事情。至於 2021 年的 4,700 萬美元，正如我們所提到的，我們確實在下半年開始更積極投資。我的意思是，我們在去年 5 月推出了工作市場，並在去年第二季花了一些時間。然後從第三季到第四季度，我們將品牌支出從 800 萬美元增加到 1700 萬美元。我們提到，到 2022 年，我們目前的目標是 8,000 萬美元，前端負載比今年第四季稍多。但與我們在 2021 年第四季看到的水平大致一致。話雖如此，我們已經在這幾個季度中努力奠定基礎，以便能夠積極抓住這一機會。我們知道這需要時間。我們絕對採取測試和學習的方法。我們希望了解按地理位置、按渠道、所有這些不同交叉點的覆蓋範圍和頻率，哪種方法最有效。

And as we get those learnings, we're going to move the dollars to the areas that are performing well and move them away from the areas where we're not getting the target performance. And so that really is the mentality that we're approaching this. And we believe that there's a significant opportunity that if we can absolutely convert or meaningfully lift our unaided awareness, we have the opportunity to turn that into real business outcomes, but there's a lot of work to do ahead of us to get there.

當我們獲得這些經驗教訓時，我們將把資金轉移到表現良好的領域，並將資金從我們沒有達到目標績效的領域中轉移出去。這確實是我們正在接近這目標的心態。我們相信，如果我們能夠完全轉變或有意義地提高我們的獨立意識，我們就有機會將其轉化為真正的業務成果，但要實現這一目標，我們還有很多工作要做。

Okay. And I know in the last few months, you have started to experiment with advertising and more subscriptions to both sellers and buyers. Any update as to where you are with both these 2 new initiatives?

好的。我知道在過去的幾個月裡，你們已經開始嘗試廣告以及向賣家和買家提供更多訂閱。您對這兩項新措施有何最新進展？

I'd say it's definitely early days, but we're very excited about the paid ad products that we have launched, Rohit. They are a new way for us to do basically 2 things. One is to create new high-quality signals in our work marketplace around things like intent and availability and who's really interested in what and why. And so those signaling factors have been really valuable in terms of increasing things like match quality on the platform.

我想說這絕對是早期，但我們對我們推出的付費廣告產品感到非常興奮，羅希特。它們是我們基本上做兩件事的新方法。一是圍繞意圖和可用性以及誰真正對什麼感興趣以及為什麼感興趣等問題，在我們的工作市場中創建新的高品質訊號。因此，這些訊號因素對於提高平台上的比賽品質等方面非常有價值。

And then secondarily, they also create opportunities for further monetization and that is also an exciting piece of the puzzle. So it's early days on both of the products we've launched, boosted proposals, availability badges, things like that. But I think these do represent a really nice new opportunity for us to be both improving the product experience and match quality while also monetizing the business in new ways.

其次，他們也創造了進一步貨幣化的機會，這也是這個難題中令人興奮的一部分。因此，我們推出的這兩種產品、增強提案、可用性徽章等都還處於早期階段。但我認為這些確實為我們提供了一個非常好的新機會，可以改善產品體驗和比賽質量，同時以新的方式實現業務盈利。

And the availability just moved out of beta into GA last week or so. So we're looking forward to seeing how those perform more broadly.

上週左右，該版本剛從測試版轉為正式版。因此，我們期待看到它們的更廣泛表現。

Okay. If I could ask 1 kind of competitive dynamic question. Are you seeing any changes in new players emerge? Any comments on Microsoft LinkedIn launching their services marketplace? How do you see them -- if you see them in the broader ecosystem as such?

好的。如果我可以問一種競爭動態問題。您是否看到新玩家出現任何變化？對 Microsoft LinkedIn 推出其服務市場有何評論？如果您在更廣泛的生態系統中看待它們，您如何看待它們？

I mean the space is dynamic. It hasn't really changed quarter-over-quarter, and we don't really hear anything about those types of competitors in the market from customers. So we're just staying focused on our business, our strategy, it's working, it's unlocking the space. And I think that's the story for us. We're not hearing the noise about anybody else.

我的意思是空間是動態的。它並沒有真正改變季度與季度，我們也沒有真正從客戶那裡聽到有關市場上這些類型的競爭對手的任何信息。因此，我們只是專注於我們的業務、我們的策略，它正在發揮作用，它正在釋放空間。我認為這就是我們的故事。我們沒有聽到任何關於其他人的噪音。

And our last question will be from the line of Brent Thill from Jefferies.

我們的最後一個問題將來自傑富瑞 (Jefferies) 的布倫特希爾 (Brent Thill)。

This is Sang-Jin in for Brent Thill. Just a couple of, I guess, maybe housekeeping in smaller topics. Just wondering if you had seen any impact or benefits from Omicron late in Q4 or so far in Q1? And then second, on the OpEx line items, I mean, Q4 as a percentage of revenue, pretty much all of the OpEx lines moved up. Is that the sort of trend we should expect through the rest of '22? Or is it really more concentrated in marketing?

這是桑金 (Sang-Jin) 替補布倫特希爾 (Brent Thill)。我想，也許只是一些較小主題的內務處理。只是想知道您是否在第四季度末或第一季到目前為止看到了 Omicron 的任何影響或好處？其次，在營運支出項目上，我的意思是，第四季佔收入的百分比，幾乎所有營運支出項目都上升了。這是我們在 22 年餘下時間應該期待的趨勢嗎？還是說它真的更專注於行銷？

Sure. So with respect to Omicron, as far as we can tell, the dynamics and trends in the business weren't meaningfully driven by the surge in Omicron. We did see nice strength in the business post-Thanksgiving a bit stronger than we had expected. But any attempt to kind of correlate that with Omicron either geographically from a time frame perspective, didn't result in us having a strong conviction that it came from Omicron.

當然。因此，就 Omicron 而言，據我們所知，業務的動態和趨勢並沒有受到 Omicron 激增的有意義的推動。我們確實看到感恩節後業務的強勁勢頭比我們預期的要強一些。但任何試圖將其與 Omicron 聯繫起來的嘗試，無論是從地理上還是從時間框架的角度來看，都沒有讓我們堅信它來自 Omicron。

With respect to OpEx, as we said, our overall approach is we want to invest as aggressively as we possibly can, wherever we're seeing the return. So in sales and marketing, you're going to see healthy growth in that line item driven by both brand marketing and our sales efforts as well as performance marketing.

關於營運支出，正如我們所說，我們的整體方法是，無論我們在哪裡看到回報，我們都希望盡可能積極地進行投資。因此，在銷售和行銷方面，您將看到該訂單項目在品牌行銷、我們的銷售努力以及績效行銷的推動下實現健康成長。

In R&D, we are aggressively moving to build out the work marketplace beyond where we currently have it. And so you'll see that grow as well. And then we're trying to drive leverage in G&A and cost of revenue. Obviously, all in pursuit of delivering that long-term 30% to 35% EBITDA margin.

在研發方面，我們正積極努力建立超出目前範圍的工作市場。所以你也會看到它的成長。然後我們正在努力提高一般管理費用和收入成本的槓桿。顯然，所有這些都是為了實現 30% 至 35% 的長期 EBITDA 利潤率。

I'm not showing any further questions in the queue. I'd like to turn the call over to Evan for any closing remarks.

我不會在隊列中顯示任何其他問題。我想將電話轉給埃文，讓他作結束語。

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

我謹代表整個 Upwork 團隊，感謝您今天加入我們，並感謝您對 Upwork 的興趣。如果您需要任何說明或有任何後續問題，請隨時透過 Investor@upwork.com 與我聯絡。我們的通話到此結束。謝謝。

This concludes today's conference call. Thank you for participating. You may now disconnect. Everyone, have a great day.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。大家，祝你有美好的一天。