FVRR - Upwork: Building The World's Work Marketplace

• Upwork is the world’s largest marketplace connecting freelancers and remote workers with businesses that need specialised talent.
• Upwork expects to achieve $1b in revenue by 2024, which would represent a revenue CAGR of 25% over the next three years, dispelling concerns that Upwork is a 'COVID stock'.
• Upwork continues to report strong growth in enterprise revenue, which should reach 17% of revenues in 2024 and enhance both gross and EBITDA margins.
• Investors have valid concerns about increased brand marketing spend in 2022, but these investments should enhance Upwork's competitive position in the long-term.
• With shares down 52% in the past 12 months, Upwork trades at < 5x forward EV/sales and < 7x forward EV/gross profit, which is at the lower end of their historical valuation range.

For further details see: