Upwork Investor Day Presentation Deck

Our Investment Approach Is Rooted in EVA Finance June 2021 Ⓒ2021 Upwork Inc. Proprietary and confidential. Do not distribute. Economic Value Added (EVA) • Maximize investment wherever return is >WACC Driving growth within this constraint is top priority ● EBITDA margin is important, but secondary Details 5-year revenue attribution window Payback period is a consideration ● ● ● Given strong retention curves, target LTV:CAC averages ~3x 110

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