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    Stefanos Crist • Needham & Company, LLC

    Stefanos Crist's questions to Upwork Inc (UPWK) leadership

    Stefanos Crist's questions to Upwork Inc (UPWK) leadership • Q4 2024

    Question

    Stefanos Crist from Needham & Company, LLC, calling for Bernie McTernan, asked for details on where the previously announced $60 million in cost savings would be realized in 2025 and requested more color on the 'minor investments' planned for the year.

    Answer

    CFO Erica Gessert clarified that the cost savings from the operational realignment were focused on the Enterprise business and a more focused R&D portfolio. She stated the minor investments in 2025 are targeted at the three growth catalysts: AI enablement, Enterprise strategy, and Ads & Monetization, which will result in slightly lower margins in Q2 and Q3 compared to Q1.

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    Stefanos Crist's questions to Upwork Inc (UPWK) leadership • Q3 2024

    Question

    Stefanos Crist of Needham & Company requested more detail on the acquisition of Objective, including its function and integration into the Upwork ecosystem, and also asked about the current M&A market landscape.

    Answer

    CEO Hayden Brown described Objective as an AI-native search-as-a-service company that will accelerate core search/match performance and enhance Uma's multimedia capabilities, building on the success of the Headroom acquisition. She noted that while many buyers are on the sidelines, Upwork is positioned to act on strategic M&A opportunities that meet its high bar. CFO Erica Gessert affirmed the company will use its strong balance sheet for such accretive acquisitions.

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    Stefanos Crist's questions to Rush Street Interactive Inc (RSI) leadership

    Stefanos Crist's questions to Rush Street Interactive Inc (RSI) leadership • Q3 2024

    Question

    Stefanos Crist, on behalf of Bernard McTernan from Needham & Company, LLC, asked about any observed changes in operator behavior in Illinois since the recent tax increase and requested an update on the potential launch in Brazil.

    Answer

    CEO Richard Schwartz noted that while there's been less investment in Illinois following the tax hike, there haven't been quantifiable changes yet, though he expects longer-term adjustments. Regarding Brazil, Schwartz stated that while it's an exciting long-term opportunity, RSI is maintaining a cautious 'wait-and-see' approach to evaluate it against other opportunities and will provide updates when available.

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