Upwork Investor Day Presentation Deck

Strong Client Spend Retention Provides High GSV Predictability Note: (1) See appendix for the definition of client cohort. GSV GSV by Annual Client Cohort(1) Before 2016 $2.5B $2.0B $1.5B $1.0B $500M $200M $1.15B 2016 2016 2017 $1.37B 2017 2018 $1.76B 2018 2019 2020 $2.09B 2019 $2.52B 2020 96

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