Upwork Inc. (Nasdaq: UPWK), the world’s largest work marketplace
that connects businesses with independent talent, as measured by
gross services volume, today announced that it has initiated a
search for a new Chief Financial Officer. Current CFO Jeff McCombs
will remain with the Company through the end of the calendar year
to support the transition plan. The Company and its Board of
Directors will work with an external search firm to identify its
next CFO.
“I want to share my profound gratitude to Jeff for his many
substantial contributions to Upwork,” said Hayden Brown, President
and Chief Executive Officer of Upwork. “Jeff’s deep experience and
finance expertise has helped put Upwork in a position of strength
for its next chapter, and it has been a pleasure to work alongside
him. Jeff and I both agree that now is the right time for a
transition, as Upwork continues innovating, evangelizing, and
scaling the world’s work marketplace. I look forward to
having Jeff’s ongoing support in this transition period and
appreciate his dedication to the Company.”
“It has been a privilege to work alongside Hayden, the Board,
and the entire, talented Upwork team,” said McCombs. “I look
forward to continuing to lead as CFO during this transition, and
remain confident Upwork will continue to scale the world’s work
marketplace, grow revenue, and thrive well into the future.”
Elizabeth Nelson, member of the Board of Directors and
Chairperson of the Audit Committee, continued, “On behalf of the
Board of Directors, we’d like to thank Jeff for his many
contributions as CFO, and we are grateful for his ongoing service
to Upwork to ensure a smooth transition. Under Hayden’s leadership
and with a strong bench of talent in place, Upwork is well
positioned to continue driving the business forward.”
Based on current projections, Upwork is reaffirming the
following third-quarter 2022 guidance previously announced on July
27, 2022:
- Revenue between $156 million and $158 million
- Adjusted EBITDA between $(7) million and $(9) million
- Basic weighted-average shares outstanding between 130 million
and 132 million
- Non-GAAP basic and diluted loss per
share between $(0.06) and $(0.08)
Upwork looks forward to sharing more information on the
Company’s performance at its next quarterly earnings call.
Safe Harbor Statement
This press release includes forward-looking statements, which
are statements other than statements of historical facts, and
statements in the future tense. These statements include, but are
not limited to, statements regarding the future performance of
Upwork and its market opportunity, including expected financial
results for the third quarter of 2022 and the CFO transition plan.
Accordingly, actual results could differ materially or such
uncertainties could cause adverse effects on our results.
Forward-looking statements are based upon various estimates and
assumptions, as well as information known to Upwork as of the date
of this press release, and are subject to risks and uncertainties,
including but not limited to: the impact of the ongoing Russian
invasion of Ukraine, our decision to suspend our business
operations in Russia and Belarus, and the COVID-19 pandemic on our
business and global economic conditions; the impact, severity, and
duration of safety measures put in place to mitigate the impact of
the COVID-19 pandemic; our ability to attract and retain a
community of talent and clients; our limited operating history
under our current business strategy and pricing model; our focus on
the long term and our investments in sustainable, profitable
growth; our ability to develop and release new products and
services, and develop and release successful enhancements,
features, and modifications to our existing products and services;
the impact of new and existing laws and regulations; our ability to
generate revenue from our marketplace offerings and the effects of
fluctuations in our level of client spend retention; our ability to
develop, maintain, and enhance our brand and reputation
cost-effectively; competition; challenges to contractor
classification or employment status of talent on our work
marketplace; the possibility that the market for talent and the
services they offer will develop more slowly than we expect; user
circumvention of our work marketplace; our ability to sell to large
enterprise and clients with larger, longer-term independent talent
needs; the success of our investments in our Enterprise sales
organization and our related marketing efforts, and expectations
for the ability for Enterprise sales to drive incremental revenue
and gross services volume (“GSV”) growth; changes in the amount and
mix of services facilitated through our work marketplace from
period to period; the success of our investments in brand marketing
and the growth of our sales team; changes in our level of
investment in sales and marketing, research and development, and
general and administrative expenses, and our hiring plans for sales
personnel; the market for information technology; future changes to
our pricing model; payment and fraud risks; security breaches;
privacy; litigation and related costs; changes in management; and
other general market, political, economic, and business conditions.
Actual results could differ materially from those predicted or
implied, and reported results should not be considered as an
indication of future performance. Additionally, these
forward-looking statements, particularly our guidance, involve
risks, uncertainties, and assumptions, including those related to
the impacts of the Russian invasion of Ukraine and our decision to
suspend our business operations in Russia and Belarus and the
COVID-19 pandemic on our clients’ spending decisions. Significant
variation from the assumptions underlying our forward-looking
statements could cause our actual results to vary, and the impact
could be significant.
Additional risks and uncertainties that could affect our
financial results are included under the caption “Risk Factors” and
“Management’s Discussion and Analysis of Financial Condition and
Results of Operations” in our Annual Report on Form 10-K filed with
the Securities and Exchange Commission (“SEC”) on February 15,
2022, our Quarterly Report on Form 10-Q for the three months ended
March 31, 2022, filed with the SEC on April 27, 2022, our Quarterly
Report on Form 10-Q for the three months ended June 30, 2022, filed
with the SEC on July 27, 2022, and our other SEC filings, which are
available on the Investor Relations page of our website at
investors.upwork.com and on the SEC website at www.sec.gov. All
forward-looking statements contained herein are based on
information available to us as of the date hereof, and we do not
assume any obligation to update these statements as a result of new
information or future events.
Undue reliance should not be placed on the forward-looking
statements in this press release. These statements are based on
information available to Upwork on the date hereof, and Upwork
assumes no obligation to update such statements.
About Upwork
Upwork is the world’s largest work marketplace that connects
businesses with independent talent, as measured by gross services
volume. We serve everyone from one-person startups to over 30% of
the Fortune 100 with a powerful, trust-driven platform that enables
companies and talent to work together in new ways that unlock their
potential. Our talent community earned over $3.3 billion on Upwork
in 2021 across more than 10,000 skills in categories including
website & app development, creative & design, customer
support, finance & accounting, consulting, and operations.
Learn more at upwork.com and join us on LinkedIn, Twitter,
Facebook, Instagram, and TikTok.
ContactEvan BarbosaInvestor
Relationsinvestor@upwork.com
Rachel DurfeeMedia Relationspress@upwork.com
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