UPWK UPWORK, INC

Did the company actually spend money buying back stock in 3+ of the last 4 quarters?

Bought back stock in 3/4 quarters. Q1 2026: $33M, Q3 2025: $0M, Q2 2025: $33M, Q1 2025: $67M

Is the most recent quarter's buyback spend more than 15% above the trailing average?

Latest quarter $33M vs trailing avg $33M (-1%)

What percentage of free cash flow is going to buybacks? Bull: 30%+. Bear: negative FCF or no buybacks.

Buyback $133M / FCF $225M = 59% of FCF

How fast are they shrinking the float? Bull: 2%+ annually. Bear: under 0.5%.

Repurchased 0 shares = 0.0% of 130,545,236 outstanding (annualized)

Are officers and directors buying stock with their own money on the open market?

No insider open-market purchases in the last 12 months

Are both company buybacks and insider buying independently active? Bull when the company is buying back stock in 2+ quarters and insiders have made 2+ open-market purchases.

Need both buyback and insider purchase data

Over the last 90 days, are insiders net buyers or net sellers on the open market?

Insiders bought $0M, sold $3M in the last 90 days (net selling)

Active buyback + insiders net selling 3x+ more than buying. Company cash may be supporting price while insiders exit.

Company buying back stock while insiders sold 29912141.3x more than bought. 4 C-suite officers among sellers

• Mekhalfa Sabrina (Chief Accounting Officer) sold 1,482 shares on 2026-03-18
• Gessert Erica (Chief Financial Officer) sold 9,278 shares on 2026-03-18
• Brown Hayden (President & CEO) sold 23,745 shares on 2026-03-18
• Gessert Erica (Chief Financial Officer) sold 26,292 shares on 2026-02-18
• Brown Hayden (President & CEO) sold 73,152 shares on 2026-02-18
• Brown Hayden (President & CEO) sold 50,000 shares on 2026-02-18
• Gessert Erica (Chief Financial Officer) sold 9,044 shares on 2025-12-18
• Brown Hayden (President & CEO) sold 23,147 shares on 2025-12-18
• Brown Hayden (President & CEO) sold 75,000 shares on 2025-11-25
• Brown Hayden (President & CEO) sold 175,000 shares on 2025-11-26