Risk Factors Update Summary

• Addition of "macroeconomic conditions" to risk factors, reflecting increased sensitivity to economic changes.
• Increased investment in sales team in 2022 may have led to a reduction in demand for offerings.
• Inclusion of "potential disruptions due to natural disasters," underscoring operational vulnerabilities to catastrophic events.
• Recently established partnerships integrated generative AI tools into the platform to enhance customer experience and productivity.
• Inclusion of "recent challenging macroeconomic conditions continue," highlighting ongoing economic risks.
• Provision for transaction losses increased in 2022 due to higher fraud instances.
• Emphasis on "potential regulatory fines or penalties," highlighting legal risks and financial implications.
• California Privacy Rights Act amendment requires covered companies to report breaches, potentially increasing data breach litigation.
• Addition of risk related to "global or regional public health events or conditions" is significant.
• Expansion into new markets (180 countries) poses risks due to varying laws and regulations.
• GSV growth rate decelerated to 16% for the year ended December 31, 2023, compared to 41% in 2022.
• Addition of "increased indemnification and risk shifting," indicating heightened risk management strategies.
• Introduction of "increased prevalence of remote work and increased flexibility in employment relationships," indicating evolving work trends.
• Mention of "a more limited market" for independent professionals could impact business growth.
• Mention of "increased use of generative artificial intelligence tools," signaling technological advancements.
• Form 1099-K reporting threshold decreased to $600 for talent payments, down from $20,000 and 200 transactions.
• Board authorized a Share Repurchase Program of up to $100.0 million for common stock.
• Change from "operating results" to "financial condition" highlights a shift in focus.
• Entered into Note Repurchases, repurchasing $214.0 million principal amount of the Notes.
• Accumulated deficit decreased from $340.9 million to $294.1 million as of December 31, 2023.