Upwork(US:UPWK)2025-05-06 02:21Financial Performance - Upwork achieved record gross margins of 78.3% in Q1 2025[17] - The company's adjusted EBITDA margin reached a record 29.1% in Q1 2025[17] - Upwork's free cash flow generation was strong at $30.8 million in Q1 2025[17], more than doubled from Q1 2024 levels[50] - The company's cash, cash equivalents, and marketable securities totaled approximately $622 million at the end of Q1 2025[17] AI Initiatives - GSV from AI-related work increased by 25% year-over-year in Q1 2025[27] - Hourly wages for AI-related work were 42% higher compared to non-AI related work on the platform in Q1 2025[27] - Upwork launched Uma, its Mindful AI, with Uma-powered Proposal Writer increasing engagement by 58% and Uma on Upwork's homepage increasing user engagement by 340%[32] Enterprise Growth - The global enterprise TAM for staffing is a greater than $650 billion opportunity[36] - Enterprise revenues reached $26.4 million in Q1 2025, benefiting from increased spend per contract[36] Ads & Monetization - Upwork is on a steady trajectory towards a 35% adjusted EBITDA margin target, driven by growth of ads & monetization products[43] - Upwork's platform has facilitated more than $25 billion in economic opportunity for talent around the world[16, 98]