Upwork Investor Day Presentation Deck

GAAP to Non-GAAP Reconciliation GAAP R&D Stock-based compensation Non-GAAP R&D GAAP S&M Stock-based compensation Non-GAAP S&M GAAP G&A Stock-based compensation Amortization Non-cash charitable Non-GAAP G&A Notes: (1) Figures have been rounded. FY2018 FY2019 FY2020 55.5 -3.3 52.2 73.0 -1.6 71.3 49.3 -5.2 -2.7 -0.2 41.3 64.0 -6.5 57.6 95.9 -2.6 93.3 67.3 -9.3 -2.7 -0.7 $Millions 54.7 83.5 -9.8 73.7 133.2 -4.4 128.8 71.5 -10.5 -2.7 -0.8 57.6 Q1-2021 FY2018 26.6 -3.3 23.3 39.6 -1.3 38.3 23.5 -6.4 -0.7 -0.2 16.2 22% -1% 21% 29% -1% 28% 19% -2% -1% 0% 16% % of Related Revenue FY2019 FY2020 21% -2% 19% 32% -1 31% 22% -3% -1% 0% 18% 22% -3% 20% 36% -1% 34% 19% -3% -1% 0% 15% Q1-2021 23% -3% 21% 35% -1% 34% 21% -6% -1% 0% 14% 123

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