Today techs Upwork Initiates Chief Monetary Officer Transition Plan

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Present CFO Jeff McCombs to stay at Upwork via December 31, 2022;

Firm reaffirms third quarter 2022 steering

SAN FRANCISCO, Sept. 22, 2022 (GLOBE NEWSWIRE) — Upwork Inc. (Nasdaq: UPWK), the world’s largest work market that connects companies with impartial expertise, as measured by gross providers quantity, immediately introduced that it has initiated a seek for a brand new Chief Monetary Officer. Present today techs CFO Jeff McCombs will stay with the Firm via the tip of the calendar 12 months to assist the transition plan. The Firm and its Board of Administrators will work with an exterior search agency to establish its subsequent CFO.

“I wish to share my profound gratitude to Jeff for his many substantial contributions to Upwork,” mentioned Hayden Brown, President and Chief Government Officer of Upwork. “Jeff’s deep expertise and finance experience has helped put Upwork able of power for its subsequent chapter, and it has been a pleasure to work alongside him. Jeff and I each agree that now could be the best time for a transition, as Upwork continues innovating, evangelizing, and scaling the world’s work market. I sit up for having  Jeff’s ongoing assist on this transition interval and respect his dedication to the Firm.”

“It has been a privilege to work alongside Hayden, the Board, and all the, gifted Upwork group,” mentioned McCombs. “I sit up for persevering with to steer as CFO throughout this transition, today techs and stay assured Upwork will proceed to scale the world’s work market, develop income, and thrive properly into the longer term.”

Elizabeth Nelson, member of the Board of Administrators and Chairperson of the Audit Committee, continued, “On behalf of the Board of Administrators, we’d prefer to thank Jeff for his many contributions as CFO, and we’re grateful for his ongoing service to Upwork to make sure a clean transition. Below Hayden’s management and with a robust bench of expertise in place, Upwork is properly positioned to proceed driving the enterprise ahead.”

Primarily based on present projections, Upwork is reaffirming the next third-quarter 2022 steering beforehand introduced on July 27, 2022:

  • Income between $156 million and $158 million
  • Adjusted EBITDA between $(7) million and $(9) million
  • Fundamental weighted-average shares excellent between 130 million and 132 million
  • Non-GAAP fundamental and diluted loss per share between $(0.06) and $(0.08)

Upwork appears ahead to sharing extra info on the Firm’s efficiency at its subsequent quarterly earnings name.

Protected Harbor Assertion

This press launch consists of forward-looking statements, that are statements apart from statements of historic info, and statements sooner or later tense. These statements embody, however usually are not restricted to, statements concerning the longer term efficiency of Upwork and its market alternative, together with anticipated monetary outcomes for the third quarter of 2022 and the CFO transition plan. Accordingly, precise outcomes might differ materially or such uncertainties might trigger antagonistic results on our outcomes. Ahead-looking statements are based mostly upon varied estimates and assumptions, in addition to info recognized to Upwork as of the date of this press launch, and are topic to dangers and uncertainties, together with however not restricted to: the impression of the continued Russian invasion of Ukraine, our determination to droop our enterprise operations in Russia and Belarus, and the COVID-19 pandemic on our enterprise and international financial circumstances; the impression, severity, and length of security measures put in place to mitigate the impression of the COVID-19 pandemic; our means to draw and retain a neighborhood of expertise and purchasers; our restricted working historical past below our present enterprise technique and pricing mannequin; our deal with the long run and our investments in sustainable, worthwhile development; our means to develop and launch new services and products, and develop and launch profitable enhancements, options, and modifications to our current services and products; the impression of latest and current legal guidelines and rules; our means to generate income from our market choices and the results of fluctuations in our degree of shopper spend retention; our means to develop, preserve, and improve our model and status cost-effectively; competitors; challenges to contractor classification or employment standing of expertise on our work market; the likelihood that the marketplace for expertise and the providers they provide will develop extra slowly than we count on; person circumvention of our work market; our means to promote to massive enterprise and purchasers with bigger, longer-term impartial expertise wants; the success of our investments in today techs our Enterprise gross sales group and our associated advertising efforts, and expectations for the power for Enterprise gross sales to drive incremental income and gross providers quantity (“GSV”) development; modifications within the quantity and mixture of providers facilitated via our work market from interval to interval; the success of our investments in model advertising and the expansion of our gross sales group; modifications in our degree of funding in gross today techs sales and advertising, analysis and growth, and normal and administrative bills, and our hiring plans for gross sales personnel; the marketplace for info expertise; future modifications to our pricing mannequin; cost and fraud dangers; safety breaches; privateness; litigation and associated prices; modifications in administration; and different normal market, political, financial, and enterprise circumstances. Precise outcomes might differ materially from these predicted or implied, and reported outcomes shouldn’t be thought of as a sign of future efficiency. Moreover, these forward-looking statements, significantly our steering, contain dangers, uncertainties, and assumptions, together with these associated to the impacts of the Russian invasion of Ukraine and our determination to droop our enterprise operations in Russia and Belarus and the COVID-19 pandemic on our purchasers’ spending choices. Important variation from the assumptions underlying our forward-looking statements might trigger our precise outcomes to range, and the impression might be important.

Further dangers and uncertainties that might have an effect on our monetary outcomes are included below the caption “Threat Components” and “Administration’s Dialogue and Evaluation of Monetary Situation and Outcomes of Operations” in our Annual Report on Type 10-Ok filed with the Securities and Alternate Fee (“SEC”) on February 15, 2022, our Quarterly Report on Type 10-Q for the three months ended March 31, 2022, filed with the SEC on April 27, 2022, our Quarterly Report on Type 10-Q for the three months ended June 30, 2022, filed with the SEC on July 27, 2022, and our different SEC filings, which can be found on the Investor Relations web page of our web site at traders.upwork.com and on the SEC web site at www.sec.gov. All forward-looking statements contained herein are based mostly on info obtainable to us as of the date hereof, and we don’t assume any obligation to replace these statements on account of new info or future today techs occasions.

Undue reliance shouldn’t be positioned on the forward-looking statements on this press launch. These statements are based mostly on info obtainable to Upwork on the date hereof, and Upwork assumes no obligation to replace such statements.

About Upwork

Upwork is the world’s largest work market that connects companies with impartial expertise, as measured by gross providers quantity. We serve everybody from one-person startups to over 30% of the Fortune 100 with a strong, trust-driven platform that allows corporations and expertise to work collectively in new ways in which unlock their potential. Our expertise neighborhood earned over $3.3 billion on Upwork in 2021 throughout greater than 10,000 abilities in classes together with web site & app growth, inventive & design, buyer assist, finance & accounting, consulting, and operations. Be taught extra at upwork.com and be a part of us on LinkedIn, Twitter, Fb, Instagramand TikTok.

Contact
Evan Barbosa
Investor Relations
investor@upwork.com

Rachel Durfee
Media Relations
press@upwork.com

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