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  "authorName": "Arnaud Ajdler",
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      "text": "We are writing to you today because we believe the Company has a great deal of potential that is unfortunately not being realized. This is due to Upwork’s lack of strategic clarity and focus, ineffective execution, poor capital allocation, and revolving management team under CEO Hayden Brown.",
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      "text": "EBITDA: 6.5x",
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      "text": "NEW YORK--(BUSINESS WIRE)--Engine Capital LP, which owns approximately 3.5% of the outstanding shares of Upwork Inc. (Nasdaq: UPWK) (\"Upwork\" or the \"Company\"), today announced it sent the below letter to the Company's Board of Directors regarding actionable opportunities for enhancing shareholder value.",
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      "text": "Despite its leadership position and significant growth potential, Upwork has failed to create shareholder value over any relevant measurable period, as shown in the below table.1 Upwork has also underperformed relevant indexes and its closest public peer, Fiverr International Ltd. (NYSE: FVRR) (\"Fiverr\"), as well as other staffing firms, which have faced the same macroeconomic headwinds as the Company.",
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      "text": "Members of the Board: Engine Capital LP (together with its affiliates, \"Engine\" or \"we\") is a meaningful shareholder of Upwork Inc. (Nasdaq: UPWK) (\"Upwork\" or the \"Company\"), with ownership of approximately 3.5% of the outstanding shares.",
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      "text": "Underscores that Upwork's Current Trading Valuation of ~6.5x EBITDA Represents a Steep Discount to its Intrinsic Value and Other Online Marketplaces and Staffing Firms",
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      "text": "Upwork Inc. 475 Brannan St., Suite 430 San Francisco, CA 94107 Attention: The Board of Directors (the \"Board\")",
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      "text": "September 13, 2024",
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      "kind": "paragraph",
      "text": "Calls on Upwork to Refresh Board to Improve Marketplace Functionality, Grow Enterprise Opportunity, Repurchase Shares, and Optimize Costs to Capture Significant Upside Potential",
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      "text": "Believes Management's Lack of Strategic Clarity and Focus, Poor Execution, Excessive Spending, and Significant Turnover Have Led to Poor Performance",
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      "text": "We also question whether the Board is appropriately holding senior management accountable for its numerous missteps.",
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      "text": "1 Total shareholder return calculated as of the close on September 11, 2024. Return since IPO calculated from the close of the first trading day. Staffing Peer Group includes Adecco, AMN Healthcare, ASGN Inc., Cross Country Healthcare, Hays, Heidrick & Struggles, Kelly Services, Kforce, Korn Ferry, ManpowerGroup, Randstad, Recruit Holdings Co., Robert Half, and Trueblue.",
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