Upwork Inc (UPWK) 2020 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the Upwork Fourth Quarter and Full Year 2020 Earnings Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded. (Operator Instructions)

女士們、先生們，感謝大家的支持，歡迎參加 Upwork 2020 年第四季和全年收益電話會議。 （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, Denise Garcia, Investor Relations. Thank you. Please go ahead, ma'am.

我現在想將會議交給今天的發言人、投資者關係部門的丹尼斯·加西亞 (Denise Garcia)。謝謝。請繼續，女士。

Thank you. Welcome to Upwork's discussion of its fourth quarter and full year 2020 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. But first, I'll review the safe harbor statement.

謝謝。歡迎參加 Upwork 對其 2020 年第四季和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。但首先，我將回顧安全港聲明。

During this call, we may make statements related to our business that are forward-looking statements under federal securities laws. 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.

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 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. 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 press release. Additional information will also be set forth in our annual report on Form 10-K for the year ended December 31, 2020, when filed.

此外，任何有關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 大流行而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，並且涉及超出範圍的事項。我們的控制和變化很快。有關可能影響我們實際結果的重大風險和其他重要因素的討論，請參閱 SEC 網站和投資者關係網站上提供的 SEC 文件以及今天新聞稿中討論的風險和其他重要因素。其他資訊也將在我們提交的截至 2020 年 12 月 31 日止年度的 10-K 表格年度報告中列出。

In addition, reference will be made to non-GAAP financial measures. Information regarding reconciliation of non-GAAP to GAAP measures can be found in the press release that was issued this afternoon on our Investor Relations website at investors.upwork.com. As always, reported figures are rounded, unless otherwise noted. Comparisons of the fourth quarter of 2020 are to the fourth quarter of 2019. And comparisons for the full year 2020 are to the full year 2019. All measures are GAAP unless cited as non-GAAP.

此外，也將參考非公認會計準則財務指標。有關非公認會計準則與公認會計準則措施調節的信息，請參閱今天下午在我們的投資者關係網站 Investors.upwork.com 上發布的新聞稿。像往常一樣，除非另有說明，報告的數字都是四捨五入的。 2020 年第四季與 2019 年第四季的比較。2020 年全年與 2019 年全年的比較。除非被引用為非 GAAP，否則所有衡量標準均為 GAAP。

The prepared remarks corresponding to the information reviewed on today's conference call will also be available on our Investor Relations website shortly after the call has concluded.

與今天電話會議上審查的資訊相對應的準備好的評論也將在電話會議結束後不久在我們的投資者關係網站上發布。

Now I'll turn the call over to Hayden.

現在我將把電話轉給海登。

Thanks, Denise, and thank you all for joining today.

謝謝丹尼斯，也謝謝大家今天加入。

I'm pleased to report that fourth quarter revenue grew 32% year-over-year to reach $106 million, and fourth quarter gross services volume grew 33% year-over-year to reach $728 million. This is our best year-over-year growth performance since going public and was driven by our aggressive execution during the pandemic to enable our customers with a better way to work. I applaud our team for greatly expanding our operating capabilities to serve our customers today while simultaneously building towards the future we envision, a reordering of the world of work with independent talent at the heart of every business.

我很高興地報告，第四季營收年增 32%，達到 1.06 億美元，第四季總服務量年增 33%，達到 7.28 億美元。這是我們自上市以來最好的同比成長業績，得益於我們在疫情期間積極執行，為客戶提供更好的工作方式。我讚揚我們的團隊大大擴展了我們的營運能力，為當今的客戶提供服務，同時朝著我們設想的未來邁進，以獨立人才為每項業務的核心，重新安排工作世界。

COVID has forced a mass experiment of remote work across the business landscape, proving what we always knew, old models of work were in need of and capable of change. People can be just as, if not more productive, when not in an office. Nearly a year into the pandemic, we see the remote work is actually getting easier, as shown in our recently published Economist Report: Future Workforce. But the focus solely on remote work would be to overlook something much more important. While most see 2020 as the year when people figured out how to work remotely, we see a much bigger trend emerging. There is a new openness across the spectrum of our clients to rethink not just where work happens, but to rethink who does the work and how it gets done. They realize that much of their critical work needs a more flexible, dynamic, skilled and efficient solution. It needs to be done by independent talent.

新冠疫情迫使整個商業領域進行了大規模的遠距工作實驗，證明了我們一直都知道的事實：舊的工作模式需要並且能夠改變。人們不在辦公室時也能維持同樣的工作效率，甚至更高。正如我們最近發布的《經濟學人報告：未來勞動力》所示，大流行近一年後，我們看到遠距工作實際上變得越來越容易。但僅僅專注於遠距工作會忽略一些更重要的事情。雖然大多數人認為 2020 年是人們弄清楚如何遠距工作的一年，但我們看到一個更大的趨勢正在出現。我們的各類客戶都抱持著一種新的開放態度，不僅要重新思考工作在哪裡進行，還要重新思考誰來做工作以及如何完成工作。他們意識到，他們的許多關鍵工作需要更靈活、動態、熟練和高效的解決方案。它需要由獨立的人才來完成。

And this is where the real power of Upwork's work marketplace is unleashed. Companies that truly want to work with the best people for the job at hand are realizing that many of the best professionals today are now freelancers. This is an undeniable new reality in an age where in the U.S. alone, more than 50% of Gen Z college grads and 59 million Americans are now freelancers. So many more companies are awakening to this truth. Small businesses to large enterprises are bringing independent talent on to do more work ever closer to the core of their companies.

這就是 Upwork 工作市場真正發揮作用的地方。真正希望與最優秀的人才合作完成手頭工作的公司意識到，當今許多最優秀的專業人士現在都是自由工作者。這是一個不可否認的新現實，光是在美國，就有超過 50% 的 Z 世代大學畢業生和 5,900 萬美國人現在是自由工作者。越來越多的公司正在意識到這個事實。小型企業到大型企業都在聘請獨立人才來完成更多更接近公司核心的工作。

We see that the work landscape has shifted, and we believe this has increased our total addressable market opportunity to more than $1 trillion. With this incredible potential still ahead of us, it's evident that the step change comfort that companies gained with remote work last year was only the first step on the path towards this exciting horizon.

我們看到工作格局發生了變化，我們相信這已將我們的潛在市場機會總額增加到超過 1 兆美元。我們仍然面臨著這種令人難以置信的潛力，很明顯，去年公司透過遠距工作獲得的逐步改變只是邁向這一令人興奮的前景的第一步。

As we step into this new era of work, we see the work world rapidly evolving. The biases and barriers between full-time employees and independent talent are dissolving quickly as their contributions are being equally valued and increasingly sought after at every level of the organization. We see everyone benefiting in this new way of working. Full-time employees gain access to much-needed partners, who can traverse the increasingly fluid walls of their companies. Freelancers are able to contribute critical skills and expertise while continuing to work on their own terms. And companies benefit from harnessing the power of a global, creative and diverse talent pool that gives them exactly the people they need for the work at hand, offering the competitive advantages of agility and speed in an ever-changing environment.

當我們步入這個新的工作時代時，我們看到工作世界正在迅速發展。全職員工和獨立人才之間的偏見和障礙正在迅速消失，因為他們的貢獻在組織的各個層面都受到同等重視並受到越來越多的追捧。我們看到每個人都從這種新的工作方式中受益。全職員工可以接觸到急需的合作夥伴，這些合作夥伴可以穿越公司日益流動的牆壁。自由工作者能夠貢獻關鍵技能和專業知識，同時繼續以自己的方式工作。公司受益於利用全球性、創造性和多元化人才庫的力量，為他們提供手頭工作所需的人才，在不斷變化的環境中提供敏捷和速度的競爭優勢。

We know what it takes to unlock the market opportunity ahead of us. It takes more than being a gig company, a talent network or a vertically integrated single-category provider. To unlock the tremendous potential ahead requires being the work marketplace for the world.

我們知道如何才能釋放眼前的市場機會。它需要的不僅僅是一家零工公司、人才網絡或垂直整合的單一類別提供者。要釋放未來的巨大潛力，就需要成為世界的工作市場。

For clients, this means serving them with the multiple ways that they want to find and build their virtual talent bench. Whether that is posting jobs in our talent marketplace, one-click models like Project Catalog, complex project and team collaboration offerings like our agency solution, recruiting services such as Talent Scout, where our specialized recruiters pinpoint prevetted talent that aligns with our clients' goals or our range -- our full range of Enterprise solutions.

對客戶而言，這意味著以他們想要的多種方式為他們提供服務，以尋找和建立虛擬人才庫。無論是在我們的人才市場上發布職位、專案目錄等一鍵式模型、我們的代理解決方案等複雜專案和團隊協作產品、Talent Scout 等招聘服務（我們的專業招聘人員可以在其中找到符合客戶目標的預選人才）或我們的產品系列－我們的全系列企業解決方案。

For independent talent, being the work marketplace means serving them with high-quality clients and varied earning opportunities that they seek. The control to dial up or down the pipeline of work they want as they build their freelance careers, a suite of offerings to support their businesses and the tools to nurture trusted client relationships for the long term.

對於獨立人才來說，成為工作市場意味著為他們提供高品質的客戶和他們尋求的各種收入機會。在建立自由職業生涯時，可以控制他們想要的工作流程，提供一套支持其業務的產品以及培養長期可信賴的客戶關係的工具。

We know from experience that the ability to build trusted long-term relationships on our platform makes the work being done on our work marketplace further differentiated from what happens in other parts of the freelance economy. It is the unique characteristics of freelancing on Upwork that enables companies to change their entire operating models to rely on the independent talent on our platform and to completely reconsider, not just with whom they work, but also how they get core work done, gaining incredible agility, productivity and efficiency in the process. When businesses and talent fully embrace the power that they gain from this reimagining of what's possible, we see that they have tapped into the full potential of our work marketplace.

我們從經驗中知道，在我們的平台上建立值得信賴的長期關係的能力使得我們的工作市場上所做的工作進一步區別於自由職業經濟的其他部分。正是Upwork上自由職業的獨特特徵，使得企業能夠改變整個營運模式，依靠我們平台上的獨立人才，徹底重新考慮，不僅是與誰合作，還包括如何完成核心工作，獲得令人難以置信的收益。過程中的敏捷性、生產力和效率。當企業和人才充分擁抱從重新構想可能性中獲得的力量時，我們看到他們已經充分挖掘了我們工作市場的潛力。

Our singular focus this year is bringing this transformational awareness to the market in a bigger way while continuing to enhance and innovate our platform as we bolster our position as not just the market leader, but the only company offering these unique capabilities. This is our 2021 strategy. We are innovating, scaling and evangelizing the work marketplace for the world.

今年我們的唯一重點是以更大的方式將這種變革意識帶入市場，同時繼續增強和創新我們的平台，因為我們不僅鞏固了我們作為市場領導者的地位，而且是唯一提供這些獨特功能的公司。這是我們的 2021 年策略。我們正在為世界創新、擴展和傳播工作市場。

With that perspective, let's step back and take a look at our fourth quarter performance, focusing on the key drivers of our growth, namely new client acquisitions, client retention, product and sales.

從這個角度來看，讓我們退後一步，看看我們第四季度的業績，重點關注我們成長的關鍵驅動因素，即新客戶獲取、客戶保留、產品和銷售。

I'll start with new client acquisition. We started the year with an aggressive plan for growth in SEO, SEM, mobile and international, and we executed strongly against that plan, adding a record number of new clients at attractive acquisition costs. We acquired new clients at a faster clip and with greater efficiencies during the fourth quarter than in any of the previous quarters since becoming a public company. The efficiencies and success of the programs we have been building with discipline throughout the year were evident. For example, new clients from SEM grew 86% year-over-year in Q4 and 50% for the year as a whole. Our laser focus in 2020 on tuning our marketing programs around lifetime value was also apparent as the new clients we acquired in Q4 spent over 10% more per client than new clients in the same quarter of the previous year.

我將從獲取新客戶開始。今年伊始，我們在 SEO、SEM、行動和國際領域制定了一項積極的成長計劃，並且我們大力執行該計劃，以極具吸引力的收購成本增加了創紀錄數量的新客戶。與成為上市公司以來的任何一個季度相比，第四季度我們以更快的速度和更高的效率獲得了新客戶。我們全年嚴格遵守的計劃的效率和成功是顯而易見的。例如，SEM的新客戶第四季年增86%，全年成長50%。我們在2020 年的重點是圍繞生命週期價值調整我們的行銷計劃，這一點也很明顯，因為我們在第四季度獲得的新客戶的每位客戶花費比上一年同一季度的新客戶高出10 % 以上。

We saw our best quarter of growth in both international and mobile client acquisition with further runway ahead. In 2021, we will increase our SEM spend given these strong signals in order to drive additional new customers to Upwork and help them see the value of our expanding work marketplace.

我們在國際和行動客戶獲取方面看到了最好的季度成長，並且還有進一步的發展。鑑於這些強烈訊號，2021 年我們將增加 SEM 支出，以吸引更多新客戶使用 Upwork，並幫助他們看到我們不斷擴大的工作市場的價值。

Moving to client spend retention. We were pleased with an acceleration to 102% in the fourth quarter as our core clients increased by more than 6,400, 64% more than the increase in Q4 2019. GSV from clients acquired before Q4 was up 30%, and GSV from clients acquired before 2020 was up 27% as existing and new clients deepened their usage of Upwork to build, operate and grow their companies.

轉向客戶支出保留。我們對第四季度的成長加速至102% 感到高興，因為我們的核心客戶增加了6,400 多個，比2019 年第四季的增幅高出64%。第四季之前收購的客戶的GSV 成長了30 %，先前收購的客戶的GSV 成長了30%。隨著現有和新客戶加深使用 Upwork 來建立、營運和發展他們的公司，2020 年成長了 27%。

I'd like to now talk about some of our fourth quarter product developments, which are being led by our new Chief Product and Experience Officer, Sam Bright, who joined us from eBay in November. Last quarter, we announced Project Catalog, a brand-new way to use Upwork. We launched Project Catalog a full month earlier than planned across 300 marketplace categories. The customer response has been positive. Project Catalog allows clients to immediately understand the massive breadth of talent on Upwork through predefined, ready-to-purchase projects. Not only does it create a powerful new client pathway into Upwork, it allows existing clients to augment larger and more complex, role-based work with smaller, well-defined projects and serves as a strong discovery engine for the rest of the platform. We see Project Catalog as an ideal complement to our other offerings together broadening the spectrum of pathways to get work done in our work marketplace.

我現在想談談我們第四季的一些產品開發，這些開發由我們新任首席產品和體驗長 Sam Bright 領導，他於 11 月從 eBay 加入我們。上季度，我們發布了 Project Catalog，這是一種使用 Upwork 的全新方式。我們比計劃提前了整整一個月在 300 個市場類別中推出了專案目錄。客戶的反應是正面的。專案目錄使客戶能夠透過預先定義的、可立即購買的專案立即了解 Upwork 上的大量人才。它不僅創建了一條強大的新客戶進入 Upwork 的途徑，還允許現有客戶透過更小、定義明確的專案來增強更大、更複雜、基於角色的工作，並作為平台其餘部分的強大發現引擎。我們將專案目錄視為我們其他產品的理想補充，共同拓寬了在我們的工作市場中完成工作的途徑範圍。

In the quarter, we expanded our direct contract offering for freelancers to enable them to invoice and build their clients for hourly work in addition to using our escrow protections for fixed price jobs. While this offering is still nascent, we see freelancers continue to grow the portfolio of client and work they are billing through our platform as they consolidate more of their freelance work on Upwork.

在本季度，我們擴大了為自由工作者提供的直接合約服務，使他們除了對固定價格工作使用我們的託管保護外，還可以為小時工開立發票並建立客戶。雖然這項服務仍處於起步階段，但我們看到自由工作者在 Upwork 上整合更多的自由工作，從而透過我們的平台計費的客戶和工作組合不斷增加。

Throughout the course of 2020, we saw increased demand from clients wanting to onboard their various team members and agencies onto Upwork for easy and unified billing, program management and collaboration and competitive bidding in our marketplace. Our larger clients are enthusiastic about our bring-your-own-talent, or BYOT, solution. Not just because we automatically handle all of the money movement, local currency payments on a global scale and associated paperwork, but also because for our Enterprise compliance clients, we solve the worker classification, other headaches normally associated with these tasks, which are increasingly daunting for many companies in a fragmented and distributed work landscape.

在整個 2020 年中，我們看到客戶的需求不斷增加，他們希望將其各個團隊成員和代理商納入 Upwork，以便在我們的市場中輕鬆、統一地計費、專案管理和協作以及競爭性投標。我們的大客戶對我們的自備人才（BYOT）解決方案充滿熱情。不僅因為我們自動處理全球範圍內的所有資金流動、本幣支付和相關文書工作，還因為對於我們的企業合規客戶，我們解決了工人分類以及通常與這些任務相關的其他令人頭疼的問題，這些問題越來越令人畏懼對於處於分散和分散式工作環境中的許多公司來說。

To enhance this experience, we launched an integrated onboarding process in Q4 that reduced our industry-leading start time on payroll contracts from 9 to 2.5 days. This past quarter, we landed a global tech firm that onboarded over 1,000 freelancers, running over $1 million through this BYOT product all within Q4. We are bullish on the prospects that our highly attractive offering has for the expanding set of clients seeking solutions for their challenges paying and project managing distributed teams.

為了增強這種體驗，我們在第四季度推出了整合的入職流程，將我們業界領先的薪資合約開始時間從 9 天縮短到 2.5 天。上個季度，我們找到了一家全球科技公司，該公司僱用了 1,000 多名自由工作者，透過這款 BYOT 產品在第四季度運營了超過 100 萬美元。我們看好我們極具吸引力的產品的前景，因為越來越多的客戶正在尋求解決方案，以應對支付和專案管理分散式團隊的挑戰。

Building the world of work marketplace means both developing and integrating best-of-breed tools that customers love to use for their work. During the fourth quarter, we announced a partnership with Zoom that integrates Zoom's video and voice communication tools into Upwork. This provides our customers a frictionless and secure communications experience for interviewing candidates, setting opportunities and collaborating on projects. The customer feedback has been phenomenal, resulting in a significant increase in calls and collaboration activity on our platform and is an example of the types of further integrations we have in the pipeline.

建立工作市場世界意味著開發和整合客戶喜歡在工作中使用的最佳工具。第四季度，我們宣布與 Zoom 合作，將 Zoom 的視訊和語音通訊工具整合到 Upwork 中。這為我們的客戶面試候選人、創造機會和專案協作提供了順暢且安全的溝通體驗。客戶的回饋非常好，導致我們平台上的通話和協作活動顯著增加，這也是我們正在進行的進一步整合類型的一個例子。

Our sales team has fully implemented the changes we announced last quarter and has been making progress against our sharper go-to-market strategy. Our team is engaged in strategic conversation at the highest levels to help clients implement and manage their remote and independent talent programs and is pleased by the reception in the market. One example was the recent work we did for a leading global technology conglomerate. The client needed a solution that would enable them to continue working with their existing independent talent while aggressively scaling their team. We seamlessly onboarded more than 30 freelancers in 5 countries in the first day and now serve as the operational backbone of their globally distributed team, spanning 30 subcategories of work. Since inception, the account has seen 400% growth in new projects.

我們的銷售團隊已全面實施我們上季宣布的變革，並在我們更明確的市場進入策略方面取得了進展。我們的團隊參與最高層的策略對話，幫助客戶實施和管理他們的遠距和獨立人才計劃，並對市場的反應感到滿意。一個例子是我們最近為一家全球領先的科技集團所做的工作。客戶需要一個解決方案，使他們能夠繼續與現有的獨立人才合作，同時積極擴大團隊規模。我們在第一天就無縫地入職了 5 個國家的 30 多名自由工作者，現在他們成為他們分佈在全球的團隊的營運骨幹，涵蓋 30 個工作子類別。自成立以來，該帳戶的新項目成長了 400%。

2020 was a watershed year for Upwork. We understood early on that although the tide of remote work was rising, it was imperative to create long-term strategies that would retain customers on our platform and grow their value over time, well after COVID passed, laying the foundation for Upwork's durable long-term growth.

2020 年對 Upwork 來說是分水嶺的一年。我們很早就認識到，儘管遠距工作的浪潮正在興起，但必須制定長期策略，以便在新冠疫情過去後，將客戶保留在我們的平台上，並隨著時間的推移不斷增長他們的價值，為Upwork 的持久長期發展奠定基礎。期限成長。

As we look to 2021, our focus is clear. We have a single strategic priority, innovating, scaling and evangelizing the work marketplace for the world. We are humbled and excited to be in a position to transform work so positively for so many people, pursuing with purpose, our mission to create economic opportunities so people have better lives.

展望 2021 年，我們的重點很明確。我們有一個單一的策略重點，那就是創新、擴展和傳播世界各地的工作市場。我們感到謙卑和興奮，能夠如此積極地改變這麼多人的工作，有目的地追求我們的使命，創造經濟機會，讓人們過上更好的生活。

I'll now turn the call over to Jeff to discuss our financial results in more detail.

我現在將把電話轉給傑夫，更詳細地討論我們的財務表現。

Thanks, Hayden.

謝謝，海登。

Our fourth quarter and full year financial results were strong, and I'm looking forward to the year ahead. I joined Upwork to be part of the team passionate about our mission, and I'm proud to see that we are executing strongly against our strategy, increasing efficiencies in our business and delivering products ahead of schedule.

我們的第四季和全年財務業績強勁，我對未來的一年充滿期待。我加入 Upwork 是為了成為對我們的使命充滿熱情的團隊的一員，我很自豪地看到我們正在大力執行我們的策略，提高業務效率並提前交付產品。

Now I will discuss the financial results for the fourth quarter and full year 2020 and provide our revenue and EBITDA guidance for the first quarter and full year 2021, which we included in our earnings release filed earlier today.

現在，我將討論 2020 年第四季和全年的財務業績，並提供 2021 年第一季和全年的收入和 EBITDA 指導，我們將其納入今天稍早提交的收益報告中。

GSV in the fourth quarter and full year was $728 million and $2.5 billion, respectively, and represents strong year-over-year growth of 33% and 21%. Revenue grew 32% year-over-year to $106 million in the fourth quarter and grew 24% to $374 million in the full year 2020. Marketplace revenue for the fourth quarter was $97 million, reflecting a year-over-year increase of 34%. For the full year 2020, marketplace revenue was $338 million, an increase of 26% from 2019. Managed services revenue grew 15% to $9.3 million in the fourth quarter and was $35 million for the full year.

第四季和全年的 GSV 分別為 7.28 億美元和 25 億美元，較去年同期強勁成長 33% 和 21%。第四季營收年增 32%，達到 1.06 億美元；2020 年全年營收成長 24%，達到 3.74 億美元。第四季市場營收為 9,700 萬美元，年增 34% 。 2020 年全年，市場營收為 3.38 億美元，較 2019 年成長 26%。第四季託管服務營收成長 15%，達到 930 萬美元，全年營收為 3,500 萬美元。

I want to touch briefly on our strong beat versus Q4 revenue guidance. Our business typically experiences a seasonal slowdown starting in November and peaking in the last 2 weeks of the year. This year, the seasonal slowdown was virtually nonexistent, which we had not assumed in guidance. In addition to particularly strong acquisition and quarter-over-quarter retention, this atypical seasonality was a key driver behind the revenue beat in the fourth quarter. We hypothesized that this was due to COVID and COVID-related restrictions, reducing holiday travel and social gatherings and increasing the amount of work that was being done during this period relative to prior years. We wouldn't anticipate this atypical seasonality to repeat in 2021.

我想簡單談談我們與第四季營收指引的強勁表現。我們的業務通常會從 11 月開始經歷季節性放緩，並在一年的最後兩週達到頂峰。今年，季節性放緩幾乎不存在，這是我們在指導中沒有假設的。除了特別強勁的收購和季度環比保留之外，這種非典型的季節性也是第四季營收成長的關鍵驅動因素。我們假設這是由於新冠病毒和與新冠病毒相關的限制，減少了假期旅行和社交聚會，並增加了這一時期相對於前幾年所做的工作量。我們預計這種非典型季節性現像不會在 2021 年重演。

Total core clients grew by approximately 17% year-over-year or 6,460 in the fourth quarter to 145,400, with gross new core clients in the quarter growing 36% year-over-year and net additions of core clients up 64% year-over-year. Client spend retention accelerated from 100% in Q3 to 102% in Q4 as the spending strength of clients acquired in 2019 and earlier performed well.

第四季核心客戶總數年增約 17%，即 6,460 家，達 145,400 家，本季新核心客戶總數年增 36%，核心客戶淨增年增 64% -年。由於 2019 年及之前獲得的客戶支出實力表現良好，客戶支出留任率從第三季的 100% 加速至第四季的 102%。

Our overall take rate in the fourth quarter was 14.6%, in line with Q4 '19, but down slightly from the 14.8% we saw in Q3. This decrease was driven primarily by a higher percentage of revenue being earned in the lower pricing tiers due to client spending more with their freelancers as well as changes we made in Connects to improve liquidity by better balancing the number of job posts and proposals.

我們第四季的整體採用率為 14.6%，與 19 年第四季一致，但略低於第三季的 14.8%。這一下降主要是由於客戶在自由工作者身上花費更多，以及我們在Connects 中做出的改變，透過更好地平衡工作職位和提案的數量來提高流動性，從而在較低定價層賺取的收入百分比更高。

Non-GAAP gross profit was $78 million for the fourth quarter or 73% of revenue and $270 million for the full year or 72% of revenue. With respect to the fourth quarter, non-GAAP operating expenses were $70 million, representing 66% of revenue, down from 69% in 2019, with G&A decreasing from 19% to 15% and transaction losses remaining flat at 1%, while sales and marketing increased from 31% to 32% and R&D increased from 18% to 19%. With respect to the full year, non-GAAP operating expenses were $264 million, representing 71% of revenue, up from 70% in 2019, with sales and marketing increasing from 31% to 34% and R&D increasing from 19% to 20%, while G&A decreased from 18% to 15%. Non-GAAP net income was $7.8 million in the fourth quarter of 2020 compared to $3.4 million in the fourth quarter of 2019. For the full year, non-GAAP net income was $6.1 million compared to $5.5 million for 2019.

第四季非 GAAP 毛利為 7,800 萬美元，佔營收的 73%；全年毛利為 2.7 億美元，佔營收的 72%。第四季度，非 GAAP 營運費用為 7,000 萬美元，佔營收的 66%，低於 2019 年的 69%，其中 G&A 從 19% 下降至 15%，交易損失持平於 1%，而銷售和行銷從31 % 增加到32%，研發從18% 增加到19%。就全年而言，非公認會計原則營運費用為2.64億美元，佔收入的71%，高於2019年的70%，其中銷售和行銷費用從31%增加到34%，研發費用從19%增加到20%，而一般行政費用則從 18% 下降至 15%。 2020 年第四季非 GAAP 淨利潤為 780 萬美元，而 2019 年第四季為 340 萬美元。全年非 GAAP 淨利潤為 610 萬美元，而 2019 年為 550 萬美元。

Our basic and diluted non-GAAP net income per share was $0.06 in the fourth quarter of 2020 as compared to $0.03 in the fourth quarter of 2019. Our basic and diluted non-GAAP net income per share was $0.05 in both the full year 2020 and the full year 2019. Adjusted EBITDA was $9.6 million in the fourth quarter of 2020 compared to $3.5 million in the fourth quarter of 2019 and materially above our guidance, primarily the result of the flow-through of the revenue beat. For the full year 2020, adjusted EBITDA was $14 million compared to $7.4 million for 2019.

2020 年第四季我們的基本和稀釋非GAAP 每股淨利潤為0.06 美元，而2019 年第四季為0.03 美元。我們的2020 年全年和稀釋後非GAAP 每股基本和稀釋淨利潤均為0.05 美元。2019 年 全年。2020 年第四季調整後 EBITDA 為 960 萬美元，而 2019 年第四季為 350 萬美元，大大高於我們的指導，這主要是收入超額流動的結果。 2020 年全年，調整後 EBITDA 為 1,400 萬美元，而 2019 年為 740 萬美元。

Now let's move on to guidance. We are guiding first quarter revenue between $107 million and $109 million and full year revenue between $460 million and $470 million, representing 24% year-over-year growth at the midpoint. We expect GSV growth to be slightly stronger as marketplace revenue will likely grow faster than managed services revenue and due to changes we have made to our Connects program that are driving better liquidity in the marketplace and higher GSV while lowering Connects specific revenue.

現在讓我們繼續指導。我們預計第一季營收在 1.07 億美元至 1.09 億美元之間，全年營收在 4.6 億美元至 4.7 億美元之間，年比中位數成長 24%。我們預計GSV 的成長將略強，因為市場收入的成長可能快於託管服務收入的成長，並且由於我們對Connects 計劃進行了更改，這些更改正在推動市場更好的流動性和更高的GSV，同時降低Connects 的特定收入。

We remain bullish on the investment opportunities in front of us, and we'll continue funding growth initiatives while closely monitoring our performance to achieve our return thresholds. As such, we expect first quarter EBITDA to be between $2 million and $3 million and full year EBITDA to be between $12 million and $16 million. We will continue to manage cost with discipline while preserving our cash and maintaining our strong balance sheet, which included cash and marketable securities of approximately $170 million at the end of the fourth quarter.

我們仍然看好眼前的投資機會，我們將繼續為成長計畫提供資金，同時密切監控我們的績效以達到我們的回報門檻。因此，我們預計第一季 EBITDA 將在 200 萬美元至 300 萬美元之間，全年 EBITDA 將在 1,200 萬美元至 1,600 萬美元之間。我們將繼續嚴格控製成本，同時保留現金並維持強勁的資產負債表，其中包括截至第四季末約 1.7 億美元的現金和有價證券。

While the unique macro environment continues to make forecasting this year more challenging than usual, we expect the strength we have seen in our business to persist, and our current outlook calls for relatively consistent quarter-over-quarter growth throughout the year. We remain committed to a long-term revenue growth rate of 20-plus percent. We ended the year with solid execution across all areas of the business, and we enter 2021 well positioned to drive growth as we continue to execute on our plans and capture an even larger share of our market opportunity.

儘管獨特的宏觀環境繼續使今年的預測比平時更具挑戰性，但我們預計我們在業務中看到的強勁勢頭將持續存在，並且我們目前的前景要求全年實現相對穩定的季度環比增長。我們仍然致力於實現 20% 以上的長期收入成長率。我們在所有業務領域都以紮實的執行力結束了這一年，進入 2021 年，我們將繼續執行我們的計劃並抓住更大的市場機會，以推動成長。

On a final note, we are hosting a virtual Investor Day, June 15, and we'd like to personally invite all of you to join us. We will provide registration information on our IR website soon. Thank you. We will now take your questions.

最後一點，我們將在 6 月 15 日舉辦虛擬投資者日，我們想親自邀請大家參加我們的活動。我們很快就會在我們的 IR 網站上提供註冊資訊。謝謝。我們現在將回答您的問題。

(Operator Instructions) Our first question comes from the line of Nick Jones from Citi.

（操作員說明）我們的第一個問題來自花旗銀行的 Nick Jones。

Great. Two for me. I guess, first, can you expand a little bit, Hayden, on Project Catalog and what the early traction is in beta and now what you're seeing once it's launched? And then I guess a follow-up on that is, how should we think about Upwork's take rate as the Project Catalog gains traction? I think the price points, that could potentially increase take rate over time as more transactions funded through there.

偉大的。給我兩個。我想，首先，Hayden，您能否詳細介紹一下專案目錄以及測試版的早期吸引力以及現在啟動後您所看到的情況？然後我想後續的問題是，隨著專案目錄獲得關注，我們應該如何考慮 Upwork 的採用率？我認為隨著時間的推移，隨著越來越多的交易透過那裡資助，價格點可能會提高接受率。

Thanks, Nick. Yes, we've been really gratified by the response in the market to Catalog so far. It's really a great way for new clients to discover what's possible in Upwork and really dip their toe into freelance talent overall, and it has a fantastic discovery engine aspect to it. And then they can use Catalog as a way to then graduate to some of our larger, more complex project-based work with freelancers on the platform. It's also shown to be a nice way for clients who are already using Upwork for larger complex projects to really round out and add on additional small projects to complement the work they're already doing in the marketplace.

謝謝，尼克。是的，到目前為止，我們對 Catalog 的市場反應感到非常滿意。對於新客戶來說，這確實是一個很好的方式來發現 Upwork 的可能性，並真正全面了解自由職業人才，並且它具有出色的發現引擎方面。然後他們可以使用 Catalog 作為一種方式，然後與平台上的自由工作者一起進行一些更大、更複雜的基於專案的工作。對於已經使用 Upwork 進行大型複雜項目的客戶來說，這也是一種很好的方式，可以真正完善並添加額外的小型項目，以補充他們已經在市場上所做的工作。

So it's still really early in the offering. We launched it a month early in January, but the signs are very positive, and we see it as a complement as we build out the single work marketplace that really provides our clients and our talent all of the ways that they want to work together and collaborate inside the ecosystem.

所以現在的產品還處於早期階段。我們在一月初推出了它，但跡象非常積極，我們將其視為一個補充，因為我們構建了單一工作市場，真正為我們的客戶和我們的人才提供了他們想要的所有合作方式，在生態系統內進行協作。

And Jeff, I don't know if you want to address the points on take rate.

傑夫，我不知道你是否想解決有關轉換率的問題。

Sure, Nick. So on take rates, as you know, our pricing for Project Catalog is the same model that we have for the talent marketplace. However, given that the average size of the projects on Project Catalog we would expect to be smaller, more of them will end up in the higher-priced tiers. So on average, we would think that we'll have a higher take rate there. And as Project Catalog represents a larger and larger percentage of the overall market, it will drive upward pressure and take rate as it does that.

當然，尼克。因此，就採用率而言，如您所知，我們對專案目錄的定價與人才市場的定價模式相同。然而，考慮到專案目錄上專案的平均規模我們預計會更小，因此更多的專案最終將進入價格較高的層級。因此，平均而言，我們認為那裡的採用率會更高。由於專案目錄在整個市場中所佔的比例越來越大，它將推動上行壓力並提高利率。

Our next question comes from the line of Ron Josey from JMP Securities.

我們的下一個問題來自 JMP 證券的 Ron Josey。

Great. Happy New Year. Hayden, I wanted to ask a little bit more about the cohort spend. I think you mentioned pretty strong growth across GSV for both 2020 cohorts and cohorts prior to 2020, and client retention rates reached 102%. So can you talk just about the drivers here of cohort spend? And obviously, the main question is sustainability. And I think one of the -- my second question here, Hayden and Jeff, I think one of the core imperatives last year, Hayden, was to just generate more high-quality matches, and I wanted to hear the progress there. And maybe, Jeff, as that relates to your comment on the changes on the Connects program, if you can just elaborate a little bit more, that would be great.

偉大的。新年快樂。海登，我想多問一些關於隊列支出的問題。我認為您提到了 2020 年群體和 2020 年之前群體的 GSV 成長相當強勁，客戶保留率達到 102%。那麼您能談談隊列支出的驅動因素嗎？顯然，主要問題是永續性。我認為，我的第二個問題，海登和傑夫，我認為去年的核心任務之一，海登，就是產生更多高品質的比賽，我想聽到那裡的進展。傑夫，也許這與您對 Connects 計劃的變化的評論有關，如果您能詳細說明一下，那就太好了。

Thanks, Ron. What we've seen has been really strong broad-based acceleration in spend across pretty much every client cohort, both from new clients and retained clients. So GSV from clients acquired before Q4 was up 30%. GSV from clients acquired before 2020 was up 27%, and that was part of what drove our CSR to 102% this past quarter with that 6,400 increase, which is the largest acceleration we've seen since being a public company. So our view is that this is an increase that is certainly not just related to pandemic-related work. What we're hearing from clients is they're really shifting workloads to freelancers that are part of their core operations, deepening their relationships further with the freelancers on the platform. And our view is that this is really sticky.

謝謝，羅恩。我們所看到的幾乎所有客戶群的支出都出現了非常強勁的廣泛加速，無論是新客戶還是老客戶。因此，在第四季度之前獲得的客戶的 GSV 成長了 30%。 2020 年之前收購的客戶的 GSV 成長了 27%，這也是上個季度我們的企業社會責任 (CSR) 成長 6,400 人達到 102% 的部分原因，這是我們成為上市公司以來看到的最大增幅。因此，我們認為，這一增長肯定不僅僅與流行病相關的工作有關。我們從客戶那裡聽到的是，他們確實將工作量轉移給自由工作者，這是其核心業務的一部分，進一步加深了他們與平台上自由工作者的關係。我們的觀點是，這確實很棘手。

As we hear from customers, they don't want to go back to the ways that they were working prepandemic. They see Upwork as a continued part of their ongoing operations. And so our expectation is that this higher spend retention, in many cases, really will stay and stick well after the pandemic recedes because the client behaviors themselves are changing and the value they're seeing in these relationships is really long term. So this is a highly sustainable model for them.

正如我們從客戶那裡聽到的那樣，他們不想回到大流行前的工作方式。他們將 Upwork 視為其持續營運的持續組成部分。因此，我們的預期是，在許多情況下，這種較高的支出保留率確實會在疫情消退後持續存在，因為客戶行為本身正在發生變化，而且他們在這些關係中看到的價值確實是長期的。所以這對他們來說是一個高度永續的模式。

In terms of your question around about high-quality matches and that focus last year, I'd say we've been making really good progress there. Some of the dynamics we've mentioned around Connects revenue and some of the changes to that program has been part of powering more and more matching on the platform, especially as we've seen the influx in freelance talent over the last year continue to be so strong. And we're very focused on making sure that every job that's posted, every client is finding exactly that great talent match for them. And so that Connects program is just one piece of the puzzle, along with a lot of the data science changes and technical changes on the platform that we've been making, to continue to improve fill rates, accelerate the time that clients and freelancers are finding to actually get matched up on the platform, et cetera. And so we feel like the progress there has been really positive and actually has been one of the pieces of the puzzle in terms of making sure that matches are happening quickly, spend is happening, and that is showing up in both the acquisition spend numbers and the retention spend numbers.

就你關於高品質比賽和去年關注的問題而言，我想說我們在這方面取得了非常好的進展。我們提到的有關 Connects 收入的一些動態以及該計劃的一些變化是推動平台上越來越多匹配的一部分，特別是我們看到去年自由職業者的湧入繼續好強大。我們非常注重確保發布的每一份工作、每位客戶都能找到適合他們的優秀人才。因此，Connects 計劃只是難題的一小部分，還有我們一直在平台上進行的大量數據科學變革和技術變革，以繼續提高填充率，加快客戶和自由工作者的工作時間。發現在平台上真正匹配，等等。因此，我們覺得那裡的進展非常積極，實際上是確保比賽快速進行、支出發生的難題之一，這體現在收購支出數字和保留支出數字。

Our next question comes from the line of Marvin Fong from BTIG.

我們的下一個問題來自 BTIG 的 Marvin Fong。

Great, and congrats on the great quarter. Just a question -- a couple of questions. So last quarter, you talked about the -- targeting 20% growth in 2021. And now you've actually given us guidance. It looks like it's a little bit above that, maybe 20% -- 23% to 26% growth. Just curious if you could talk about the KPIs that you're tracking. Are you seeing actually stronger growth than that than where we stood 3 months ago? Just talk about your optimism there.

太棒了，恭喜這個偉大的季度。只是一個問題——幾個問題。上個季度，您談到了 2021 年成長 20% 的目標。現在您實際上已經給了我們指導。看起來有點高於這個數字，可能是 20% - 23% 到 26% 的成長。只是好奇您能否談談您正在跟踪的 KPI。您是否看到實際成長比 3 個月前更強勁？談談你的樂觀態度。

And then my second question is just on Enterprise. If you could just kind of elaborate more on how the sales force performed there and what might be embedded in your guidance for 2021.

我的第二個問題是關於企業的。您能否詳細說明一下銷售人員在那裡的表現以及 2021 年指導中可能包含的內容。

Sure. Thanks, Marvin. Appreciate it. With respect to guidance, as we looked at Q4, we saw really strong performance really across all dimensions of the business, including acquisition and spend per client, both setting record levels for us. And as we think through the year ahead, we're assuming that we're able to -- our guidance reflects we're able to continue to build on those elevated levels and acquire new clients. And you're right that, that does reflect 23% to 26% growth for the year, ahead of what we had guided last quarter to 20%. And we really -- we saw an inflection point change in the performance of our cohorts in Q3 and Q4. It does make it really tricky to forecast that going forward because the predictability of customer behavior in the past is -- it's a little bit less given that it improved so much, but we're assuming that we can hold on to that higher level of performance given that we really do think that the changes that are happening are permanent and structural in nature, and all that's reflected in the guidance going forward. And so those numbers -- the performance we saw both in acquisition and retention inform our retention curves and acquisition forecasts that are included in guidance.

當然。謝謝，馬文。欣賞它。就指導而言，當我們查看第四季度時，我們看到業務各個方面的表現都非常強勁，包括每個客戶的收購和支出，兩者都為我們創造了創紀錄的水平。當我們思考未來一年時，我們假設我們能夠——我們的指導反映了我們能夠繼續在這些更高的水平上發展並獲得新客戶。你說得對，這確實反映了今年 23% 至 26% 的成長，高於我們上季指導的 20%。我們確實看到了第三季和第四季我們團隊的表現出現了轉折點變化。這確實使得預測未來變得非常棘手，因為過去客戶行為的可預測性——考慮到它已經改進了這麼多，所以有點少，但我們假設我們可以保持更高水平的鑑於我們確實認為正在發生的變化本質上是永久性的和結構性的，並且所有這些都反映在未來的指導中。因此，這些數字——我們在收購和保留方面看到的表現，為我們的保留曲線和收購預測提供了信息，這些都包含在指導中。

And then with respect to sales, we -- well, we currently -- sales represents 10% to 20% of our overall economics of the business, depending upon what metric you look at. The team is -- has done great work to digesting the changes that we announced in Q4 and are continuing to execute against the strategy, and we'll evaluate in the future when we want to increase our investment there as we get more and more data in terms of the overall performance.

然後就銷售而言，我們——嗯，我們目前——銷售占我們整體業務經濟效益的 10% 到 20%，具體取決於您所關注的指標。該團隊已經做了很多工作來消化我們在第四季度宣布的變化，並將繼續執行該策略，隨著我們獲得越來越多的數據，我們將在未來評估何時增加投資就整體表現而言。

Our next question comes from the line of Brent Thill from Jefferies.

我們的下一個問題來自 Jefferies 的 Brent Thill。

This is John Byun for Brent Thill. I had 2 questions. On Project Catalog, I realize it's early, but if you could talk about maybe how much you're assuming this year's 2021 guidance and then if you can give some color on year-to-date trends. Obviously, we're almost at the end of February. I mean it sounds like all the strength from Q4 has sustained, but any sort of color you could add would be great.

我是布倫特·希爾的約翰·拜恩。我有兩個問題。在專案目錄中，我意識到現在還為時過早，但您是否可以談談您對今年 2021 年指導的假設有多大，然後您是否可以對今年迄今為止的趨勢提供一些說明。顯然，我們已經快到二月底了。我的意思是，聽起來第四季度的所有優勢都得到了延續，但你可以添加任何類型的顏色都會很棒。

Sure. So with respect to Project Catalog, as we mentioned in the script, it is included in our overall guidance. It is early, so we don't have a ton of great data to forecast a rapidly growing project like Project Catalog, but we've taken our best guess, and it is reflected in our overall guidance.

當然。因此，就專案目錄而言，正如我們在腳本中提到的，它包含在我們的整體指南中。現在還為時過早，因此我們沒有大量數據來預測像項目目錄這樣快速增長的項目，但我們已經做出了最好的猜測，並且它反映在我們的整體指導中。

In terms of January performance and how we're trending for the year, obviously, we've taken that into consideration in terms of the guidance that we provided. We've seen good strength continue across the business, and that's reflected in the guidance.

顯然，就一月份的表現以及我們今年的趨勢而言，我們在提供的指導中已經考慮到了這一點。我們看到整個業務繼續保持良好的實力，這也反映在指導中。

Our next question comes from the line of Logan Thomas from Stifel.

我們的下一個問題來自 Stifel 的 Logan Thomas。

Hayden and Jeff, I was wondering if you could talk about the Enterprise segment, drill down on that a little bit more given the changes that you're seeing in talent procurement and organizational behavior and the benefit that, that's having on the platform, I guess, specifically as it relates to Enterprise, if you could just talk about sales productivity and maybe how conversations you're having or what you're seeing in the sales cycle, which can -- tend to be longer and how you're thinking about that year-to-date.

海登和傑夫，我想知道你們是否可以談談企業部門，考慮到你們在人才採購和組織行為方面看到的變化以及平台上所帶來的好處，我更深入地探討了這一點。猜測，特別是與企業相關的時候，您是否可以只談論銷售生產力，也許您正在進行的對話或您在銷售週期中看到的內容（往往會更長）以及您的想法關於那年至今。

And then the second piece would just be if you could just address your views on competitive intensity in your key markets, how you're thinking about competitive interest in the opportunity and your position against that.

然後第二個問題是，您是否可以闡述您對關鍵市場競爭強度的看法，您如何看待機會的競爭利益以及您對此的立場。

Sure. I'd say our client mindset, as we talk to folks in the market, are really evolving rapidly in our favor. We talk to Enterprise customers all the time, who are increasingly creating their virtual talent benches on Upwork, moving more organizational capabilities to use independent talent in more and new ways. And that's really where the conversations with clients are shifting from.

當然。我想說，當我們與市場上的人們交談時，我們的客戶心態確實正在迅速朝著有利於我們的方向發展。我們一直在與企業客戶交談，他們越來越多地在 Upwork 上創建虛擬人才庫，移動更多的組織能力，以更多新的方式使用獨立人才。這確實是與客戶的對話正在轉變的地方。

Last year, I think they were really focused on how do we work remotely. And now we're starting to have more conversations around we work remotely now by default, how do we use that as a real tool to tap into this independent talent workforce, which is out there, all around the globe, ready to do work for us. And that's where we're hearing conversations with clients right now, shifting from the where to the who and how element of really how Upwork can be part of their talent strategies going forward and understanding that, that has to be how they stay competitive in the market well after this pandemic recedes.

去年，我認為他們真正關注的是我們如何遠距工作。現在，我們開始圍繞我們現在默認的遠距工作進行更多對話，我們如何使用它作為真正的工具來利用這個獨立的人才隊伍，這些人才就在那裡，在全球各地，準備好為他們工作我們。這就是我們現在與客戶進行對話的地方，從“地點”轉向“誰”和“如何”，Upwork 真正如何成為他們未來人才戰略的一部分，並理解，這必須是他們在競爭中保持競爭力的方式。疫情消退後，市場仍將回升。

In terms of the competitive intensity, we know this is a big, attractive market, and so competition never surprises us. We also know from experience that competitors can really struggle to build big, successful businesses. So we stay very focused on our strategy, investing in and maintaining the advantages that we have.

就競爭強度而言，我們知道這是一個巨大且有吸引力的市場，因此競爭從來不會讓我們感到驚訝。我們也從經驗中知道，競爭對手要建立大型、成功的企業確實很困難。因此，我們非常專注於我們的策略，投資並保持我們擁有的優勢。

I think some of the big ones that we focus on are scale. We know we already have more than 3.5x the gross services volume and more than 2 -- approximately 2x the revenue of the next largest player in our space. And that means we have the deepest, highest quality talent network, which is a huge differentiator for clients of all sizes as they are contemplating how to engage with independent talent at scale. They want high-quality talent that is highly reliable, and we offer that in a way that no one else does.

我認為我們關注的一些大問題是規模。我們知道，我們的總服務量已經是我們領域第二大參與者的 3.5 倍以上，收入是第二大參與者的 2 倍以上（大約是 2 倍）。這意味著我們擁有最深入、最高品質的人才網絡，這對於各種規模的客戶來說是一個巨大的差異化因素，因為他們正在考慮如何大規模地與獨立人才合作。他們想要高度可靠的高素質人才，而我們以一種其他人無法提供的方式提供這一點。

I think the second thing we really focus on is the trust and safety element of our platform where we know companies are very concerned about how do they find people they can trust that are highly reliable, and how clients and talent want to know that their money is safe, that they can use this model at scale. And that is something that we've had to build up over many years, and it's very hard for another competitor to replicate.

我認為我們真正關注的第二件事是我們平台的信任和安全元素，我們知道公司非常關心如何找到可以信任且高度可靠的人，以及客戶和人才如何想知道他們的錢是安全的，他們可以大規模使用這個模型。這是我們多年來必須建立的東西，其他競爭對手很難複製。

I think the last thing around our strategic focus is really the focus on building the work marketplace, where we know that to win in this space requires not just having one offering or one capability but really serving clients and talents with a spectrum of ways that they cannot just do small project work or larger project work but actually do both. And that is where we are uniquely differentiated and how we can serve our customers with a small through to the very large project needs that they have. And I think those things are the things where we are executing very rapidly, continuing to innovate and really be the pioneer. And as I look forward, I really couldn't be more excited about what's ahead for Upwork and for our customers.

我認為圍繞我們策略重點的最後一件事實際上是對建立工作市場的關注，我們知道要在這個領域獲勝，不僅需要擁有一種產品或一種能力，而且還需要透過一系列方式真正為客戶和人才提供服務。不能只做小型專案工作或大型專案工作，而是實際上兩者都做。這就是我們獨特的差異化之處，以及我們如何為客戶提供從小到大的專案需求。我認為我們正在快速執行這些事情，不斷創新並真正成為先鋒。展望未來，我對 Upwork 和我們的客戶的未來感到非常興奮。

Ladies and gentlemen, this concludes today's conference call. Thank you for participating. You may now disconnect.

女士們、先生們，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。