FVRR - Earnings call transcript Q4 2021 | Fiverr International Ltd.

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Operator

Hello, everyone and welcome to the Fiverr Q4 Fiscal 2021 Earnings Conference Call. My name is Charlie and I'll be coordinating the call today. [Operator Instructions] I'll now hand over to your host Jinjin Qian, Head of Investor Relations to begin. Jinjin, please go ahead.

Jinjin Qian

Thank you, operator and good morning, everyone. us ended earnings December joining the call for quarter fourth XX, you on conference Fiverr's for Thank XXXX.

Katz, Joining are me and Ofer Micha today CFO. President Kaufman, Founder on and CEO; the call and

to could the like that make actual of statements update Fiverr most the on assumes today may section and other our I'd start, important differ expectations statements revise we remind that assumptions call SEC. forward-looking and are during A from results in filings XX-F them. statements on materially these to factors to discussion and and some no can risk be or you Risk Fiverr's that cause any forward-looking current obligation with Form found we this recent based of under Factors Before as

non-GAAP call, financial I to earnings we'll of on at letter, is available are provided now Micha. referring investors.fiverr.com. a in over the reconciliation our of website today. comparable to our which measures release financial issued be call to this GAAP the will measures the measures, And And During non-GAAP we the each turn directly most shareholder the

Micha Kaufman

morning, for on call year both revenue joining XXXX and Jinjin. the of remarkable everyone was for was in us a a It terms of Thanks, today. us. year Good growth thanks significant and profitability.

billion We $X XX% and a ever. growth hit year-over-year XXX% time annual year full a the a $XXX revenue XXXX, two-year on representing For GMV first basis. million, was growth for in

just years ago a $XX We to margin XXXX, X.X%, implying year also in an and million X.X% EBITDA of two of ago. EBITDA XX.X% adjusted adjusted compared negative generated an a

profitable to demonstrate our not but growth deliver Our rate only results continue growth. superior ability to also

expert with creative top-quality vendor-specific offering co-branded Life customers. expand well. not freelancer to We our Management a customers to of countries Creative next-gen services from Leveraging service our our to least, our building of the our XX% creative brands total System just development content allow acquired as learning offline for creative few Stoke working, expand presence in working relationships teams to click. their enabling assemble we Fiverr our segmentation seller We vendors our tools now sellers a XXXX Freelance talent library fully our section prioritizing group of also towards to committed most launched approach a made investments We the We Business easier for target. customers we Business to marketplace audience. in mechanism towards progress are build We of We ecosystem into to building and Fiverr substantially versus disciplined to a We join and our become including BXB to we Fiverr it relevant leading to significant terms launch long-term automatic we turned offer company made profitability continued future. the And.Co, important grew it of integrated acquired growth while a with acquired strengthening professional are expand of was variety in AI-powered marketplace non-English-speaking created to to making it market successfully on seller the Seller Promoted to Workspace. partnerships to focus by established expansion Last development And the with and model addressable Plus. the Gigs. of our further continue talent for international we platform but Talent pool revenue. freelancers. contributing not

On of way Having XX witnessing. the are we now. through block People an us before. the investments vision one survey cloud freelancers essential we going leaving not transformation that left long-term these Fiverr has a another, companies businesses. HR people beginning right of of that recent started of altogether. changes XXXX fundamental hand, all-in-one building you've is a good simply a turned for our today. businesses are working ever towards themselves managers The the all have at end but Fiverr on all sizes. rather people start talent gives All solution of conducted said and are jobs work becoming up than of workforce the one their got Based leaving or their more as people for traditional perspective to XX% own leaving join who company professionals their hiring

think startup start in when you host computing cloud massive their and struggling On when and space. retain the your The through and the a to moved then technology continues other servers hosted few a hand years. in I lot computing they about they past they you ever-changing quickly got slowed this outdated through out servers capabilities to required to substantial attract remember through massive to This working go to own and could local change Only your that up first full-time to on-site your in then gaps time day what means in companies in go really workforce take and run had an you to like actually skill the to talent set landscape. be very down building shift settings. to goes long-term. the businesses stay for building with how configuration increase their businesses wanted talent of and infrastructure go installation back own build. is And they employees data face capabilities must hire next competitive are the centers years. What in the computing a XX

and Not minimum resources world It Cloud ongoing empowers able was update. more best to with the faster most to will That technology. talent had is we it this cheaper the talent few and completely continue with the inefficient easier, was building. empowering not also we that and very companies solution By up full-time a the infrastructure. businesses to latest on work believe to retain to to it power think Fiverr's to of but and nimble there can and and a that they such our of IT similar So maintenance changed utilize the important are only businesses cost-efficient, very a the a workforce pursue When that. able talent project-by-project providing be across face challenges worth to same. years. computing servers. and it the tech are the even market the best become building more in project our industry for and complex will challenges much overall the of in all only regularly the is up The computing the about the very hard very opportunities, maintenance sizes to is skills expensive, means because of world from the workforce businesses very businesses at latest flexibility all other addressable coming set it's evolve all on-premise time with of on are or remote. you set of cloud not with it hiring directly keep to quick and expensive lack and talent the we long-term. for overhead, talent or a be technology of more with with need slow simple lifestyle better industries that to whether big latest of also and that maintain opportunities, update process the static up or as computing enjoy love in the cloud. the are companies solution We being talent same the small being ongoing of This and cloud the access the world solution expand cloud grow basis also And instead substantially them dealing to but opportunity more powerful the migration is all leveraging side

the the freelancers, leveraging while projects. from Over competency a they project of focuses to a We film-making project-by-project operation are on transition the Hollywood filming overhead. time dynamic static have to workforce on where primarily most core already resources execute from the where from companies we're than cloud envision Adhoc completed. and to distribution. assembled disbanded their XXXXs, robust a system to this are will talent execution creation also a early teams a switched workforce a the We solution. for on basis entire the empowering transition building focuses This only platform but process heading, not talent time generating own consists freelancers. that studios. is the a a of keep with trial after a and material future is to best solution. cloud develop and off-line seen happen In outcome rather where We've studios streamlines solution team It online to businesses help a smaller

more celebrate Fiverr's embarking I new this we the could journey are on. we as we XXth off birthday year and team the be and kick about excited not As

that years platform. us lot the a remarks much this my of already a grown we've but beginning the into cloud of work time vision profitability long-term at our allows substantially fact gone same model. talent pace building mentioned the in march I at As past our investment two and of accelerate has towards so to The

ever early that the journey. excited more very still are laid and the all we than are for We I believe reasons out our stages in of

continue With expect a financial with consistent highlights. share Ofer who that financial remain strategy and We in Ofer? call turn executing will manner. to our to I'll disciplined some the

Ofer Katz

active XX% on dimensions. for good year-over-year QX across million by expansion point was $XX.X a Thank growth take morning Revenue spend basis on strong and everyone. and buyer buyer rate. XX% inspiring per a on all you Micha remarks up quarter XX% driven this was XXX

weekends the be normalized season. as during web to lead weekdays during in days content, and to trends seasonality marketing categories invest we development and saw the strong and in shopping engagements strong that holiday into quieter E-commerce-related our holidays. During marketplace with continue quarter businesses very largely were

empowering and economy as trends blockchain, the could of once skills how the digital freelancer technologies and technological We from or huge this again our such is The emerging also fly. the opportunity platform and of our be as saw digital creative in and monetized forefront and Fiverr democratization creates such a marketing to at NFT. strong crypto general. trend recognizing grow for community freelancer

We cohort happy momentum are the in also continued very our to see retention.

row, second a mature over we see in retention. experienced that year For XXX% year-over-year cohort the

cohort XXXX life also better a we revenue stage. seeing new compared growth For at XXXX similar in are and trends to historical retention

our trend encouraged older cohort quality than good We believe paid do during outside not pandemic, work we the that that better if to early, see the acquired category are our and least at is cohort. retention are has as data expansion the still When as off. we in very

high enjoy to continue We satisfaction score. customer

As of XXXX per XX. and XX for NPS our is seller NPS December XXst is buyer

by reflect also lifetime revenue embracing impact on And the funnel. compounding retention which us to in overall organic allows and also acquisition the across into the the trends of has the target base top freelancer the the macro benefited how value among The invest cohort tailwinds our significant and adoption. strong awareness resource increasing our retention brand of from strong very channels to growth the continue businesses Our higher are of our customers. be unaided value

also dollar keep our our improving the, and diversification was quality as to highly launched months. we marketing We buyers performance spend -- investment. out-of-home level on be continue with challenging new increasing efficient our extending efficient well higher ability and in New buyers We York. our approximately be tROI four driving for automation. January able in QX We were to campaign focus as continued to marketing highly as

our accelerating and both programmatic are for TV channels. also We traditional investment in

and expect do rate drive to We we disciplined approach leverage are data-driven on marketing growth and committed a sales year-over basis. And to marketing and continue improving to efficiency.

million XXXX, implying guidance, is expected to $XX at to XX% Adjusted the million million million expected margin to year-over-year the $X.X of EBITDA to midpoint. of be to a first XX%. to revenue is $XX of QX $X.X EBITDA adjusted growth Now quarter be for representing X.X%

representing we XX% of midpoint. of full the the of to million at $XXX be is in to XX%. adjusted X% be million, EBITDA to to expected margin year-over-year For Adjusted $XXX year of revenue $XX an range EBITDA XXXX, in to $XX million the expect million growth range representing

implied talents of Given we experienced the provide color business to outlook and additional in I'd our types our the year, XXXX guidance. unusual last like growth

accelerate comp of part second weigh will early year. of during We the the growth the the XXXX in half in will tough growth of on and rate the half the first expect XXXX that

steady to per We rate expected teens grow the for the active upside. high-single to and be Take digits with in in of spend XXXX. rate year-over-year year -- full buyer buyers expect growth modest is to in grow

the cloud the and Fiverr Micha As is big road migration cloud map have solution. mentioned, opportunity we to talent to strong empower talent build

time target. call we continue and be to to those priority. margin generating towards Growth long-term turn now the EBITDA At continued our We questions. to committed to will initiatives disciplined for are continue With that, the in operator the investing approach our XXXX. progressing in we'll leverage same top over take

Operator

Instructions] [Operator Thank you.

from of now Doug first comes Doug, JPMorgan. Our Anmuth question is your line open.

Doug Anmuth

Thank the I taking have two. you for questions.

huge offerings in First, you increasing second and Creative and but hoping here or if about was kind then And rate? we I Upwork also Live Gigs competition to you there of number Talent question. upside. future market do was and take of get you as how what of of more about mentioned going sustainability drivers A and know then kind you could big way the XQ So, I well rate forward? price just questions Stoke the there and sure. And LinkedIn. expansion the Promoted quantify new of just the that's increase, there's do around impact curious the and from talk then an about for think any take saw the question one

could was any seeing on Just whether hoping in landscape? you you. the changes comment Thank you're competitive

Micha Kaufman

Hey good Doug. question. the morning for Thanks

first and increasing this added rate. services value one, and you products think has been our throughout the the combination year it. said for been take we've year The pretty introducing contributing I last of much that to efficiency of So,

business is continue Promoted So, that so payments what subscriptions the modest we contribute. the some doing and continue the is why continue as evolving our growth in milestone FX of said and Gigs we products rate. opportunity increasing essentially there's all this And forth the in with take to to all there past -- we're

Ofer Katz

the on the subscription add the Plus only will side seller that Micha I that Seller Yes, earlier. program monetize is offering mentioned

companies mentioned like other So, as I material those yet the to contribute you currently are the service mentioned rate. think for take you didn't -- that not Stoke,

certainly contribute more about question this year. Plus the fundamentals we believe your potential rate. to that as the Fiverr deployed Seller throughout is program more modest do guidance these definitely value-added the that what are sellers most upside I by and we contributing represents are sustainability, the the -- that take think Learn, Gigs rate we for the expanding Promoted with said and heading services And for take

Micha Kaufman

on competition. Yes, I'll take question your

competitor. our that We Upwork and haven't So, being, like the continue updates at biggest time is of and seen or The companies track market continue it. on opportunity this off-line our see business our is to the least for -- our obviously we to any also tracking ours. biggest demonstrated But their LinkedIn therefore, at impact impacting business. we hasn't point

Doug Anmuth

it. Thank Okay. both. you, Appreciate

Ofer Katz

Thank you.

Operator

your Thank you for Doug. questions,

from Our open is Matt Piper next Sandler. question your now comes line Matt Farrell of

Matt Farrell

the on we've more particularly entered on guys. pretty more changing additional have guidance the maybe buyer's starts Hi, some just have XXXX new the a spend strong visibility trends and perspective. the I on Congratulations you some fits we Could as provide and may normal results in color soon? seasonality color appreciate year, and the just from for hopefully you as

Micha Kaufman

factoring has business been swan how past the QX from said, of to these unforecasted due the we much based hasn't closing which or if good. our good markets, as one that repeat of future. hard in meaning, think the if what us up aggressive. how always future going business. more to or us factor been during Sure. or happen What the I'll to how black would in guide normal guidance, what be business hard going the one and guidance opening another terms events we of I we're the or been last know don't think in this for about seen and a to morning. think beyond we and any year, mean or as I've -- baseline, of the is more macro in what into been we seen be say into about normalized about impact What on the of not -- has that types in we've thinking any on trends. into guiding minimal there's from said we the it's to and events is more unseen we It's Hi, we've Omicron wishful We And pre-pandemic it. variant of any say stabilized events that affecting has and reminds

Ofer Katz

Ofer. is this And

visibility, shareholders said old for letter In the XXX% terms higher of remains from than now. that the of we it the way and is all that cohort, as retention. very it fundamental business steady. mentioned the And of the period to throughout retention We goes

we high buyer with us our the in would in level have, on I side, environment ability very to a the in return those the a predict high-value add confidence is into efficiency So a to an strong. few fundamentals terms the very of, economy to the ability invest unit of give visibility unique acquire that of ability short next – confident remain period marketing quarters.

Matt Farrell

for you pandemic of clarity. we you relative are the kind just where two freelancing soon should the here a about have ago? hopefully that online moving of can in we same, where you the how And talk Is were curve exit number progress very years as then Thank to about curve penetration that we the Thank forward? And we or a think we bit thinking in adoption be the have around forward? of moved mentioned past. X% that you. I adoption

Micha Kaufman

Yeah.

moved forward. essentially I think So have we

However, is to freelancing the continuing market grow. overall

freelancing to just changing change itself of the XX% the -- is percentage by American going because adoption by So the overall much, workforce is percentage XXXX. doesn't of about and in that be freelancing even if activity the general

if employees, companies very I well your is offline integrate US after online. when we companies is work it we the of we the full-time to this we talk And that, available experts. for well. that. works shortage is easy than are So the it more a But cloud that in creative seeing businesses that We is talent building could offer solutions this what if this talent half And again And happening more is more to the for and are what that doing. hire a growth. we're the And as going works in model work online pandemic think this that available more and well very forced We about massive that it to for platform with is and do now remote think high. that by the a think more And more freelancing as very understand talent we're definition this in -- work ways. as skill to need cohort of think that companies think more and be essentially robust I very idea full-time and going I make not addressing for is I in efficient manner. exactly that know

Matt Farrell

congrats Thanks again, execution. on and the solid

Micha Kaufman

Thank you.

Operator

Goldman open. Thank next you your [Operator from Our question line Eric, your Eric Instructions] is questions. for comes Sachs. now Sheridan of

Eric Sheridan

much everyone question. two if Maybe the you I taking all the on so well team. guys Hope can. is for Thank with

or the side some terms into projecting of give introductions it product you of the period, be new -- opportunity how into go-to-market the about should sticking to sense decided that's is understand XXXX you two, to over investments number either then First And analogy or of and have time into and think cloud of how address in pools efforts you. some were one. enterprises, as be buy larger business those the and the can us XXXX? exit XXXX, in used the large that strategy you and bigger That's number velocity upscale larger we XXXX to enterprises? a you we on build remarks so about computing thinking of your made question acquisitions Thank of prepared XXXX momentum where going in with that into done can product a

Micha Kaufman

thanks morning question. Eric, good the Hey and for

building essentially and highly new acquisitions of And said we Fiverr cloud. we acquire to as we in that there these setting either if out building about of the to as what solution that are these should the versus thought solutions integrate acquiring built So that we or in remarks, up for and or we've the terms blocks products opening figured with best-in-class actually we easy product solution. the acquired question is build are refer what your synergic to is if talent be all

strategic that -- activity So freelancing acquisitions the for we Talent able that on was to being directly and majority done understand the We maybe the to capture and of is with be that that recently latest think it platform. is have us And a component Stoke felt we done important the I with very really that for the customers to off-line. that those us. very augment relationships on we've mostly with talent them with was

had So, think that. -- very we I something market the to I And whether as standpoint, ready. technology that this that go-to-market that fast very, actually we're not excited think we're we about should integrate was wanted or build basic the reach as argument we possible. And already from a

Business, segmentation that up combination the usage of customers with them marketing of In to further cloud approach and segmentation strategy, platform doing terms success that Fiverr to actually your lot Through marketing experiment on Fiverr we've then consolidating right base best that ensure to with go-to-market develop on work is back-end we'll as buyer well the the more about a doing first lot down on solution impacts able larger which their therefore, and been Business of Business brand of question of road. solution, a portion how and quite organization. and as performance Fiverr successful we're then holistic customer into for identify engaging the the a pairing can a managers point with with our the

that the definitely, to more I develop been road. going down has And approach a holistic experience very that So successful. are think we

Operator

your Thank you question. for

Andrew, comes your question next Andrew is Boone JMP Our Securities. now of from line open.

Andrew Boone

have I Hi, two my for guys. taking please. question. Thanks

that address broadly? Workspaces ways opportunity to can the you other there off-line move the a clearly that. You've times start But to address need talk or mentioned Does for are to with more opportunity couple it? you off-line online, about projects. of

Micha Kaufman

Good morning, Andrew.

two that you would the mentioned first you've have questions, one? to think or address I you like me

Andrew Boone

was going on follow-up second follow-up... I'll to one. I just -- I the say,

Micha Kaufman

No No problem. Okay. problem.

because So comes our offline is freelancers know how amount a that who of being very and that in compliance, different think challenges of classification departments working department-based to challenges across oftentimes understand don't has that if or most experience exposure with lack are being budget terms the employ, they with. organization experts of and the of share for ask it's with And are answer the an project-based. And lot that work governance, organization talent good into organization. tremendous our essentially, to how management and able studies in across integrated that freelancers showed the creates working a there's many organization I in just you standardization that that they freelancers actually the resources organizations,

management think one acquired the exactly tremendous put to of we've think how this Stoke integrate for in. about So But to to I freelancing general that this the or the how talent you basically. is And companies it's if access this number order idea about and has system thinking Talent in opportunity challenge that. company we're

governance. talent or breaking run access efficient a So talent to budget without and sometimes or compliance that they system they in need just have an to manner

this management services offers the And we -- need that sometimes solutions system and they the merge offer think and And they the and access additional freelancing XXX solutions I solution Cloud. the of to managed systems, it. market-based Talent that need that call we talent these the

going companies freelancers whether online So off-line it be with some order or it and the in to it's moving of the way offline some is the online. to is engage just of putting

Andrew Boone

second the marketplace you listings talk on better My you progress promoted just So about just do question your That makes broadly marketplace? that. in all terms about more thinking and the inspire sense. duration matching Fiverr can But more and in buyers of so duration right? Thanks much. sellers choice Fiverr, is help

Micha Kaufman

Absolutely.

that us. that. Business understand and metadata category. is on of And we've since ability mentioned solutions some it's main us is all, the So with transactions not the for you've vetted every Fiverr for slice first done catalog. happening on -- the way Fiverr with has business Fiverr in the point X% top platform every the every What being supply. are and to about related project that to actually fully data of And Pro the hundreds transaction. use every of to that details Fiverr able better or smallest track we the different a actually the now quality of make to matches. But all and information only tag every and of advanced and the matches. platform, more that that we're the of points dice is done within transaction Fiverr And Because on allows actually focusing to It's a focus is in help create Business better customers supply it's

industry customer better a know offering in we coming that extreme if s that professional is information is services that example, a create know For is specific and match. we industry if the certain to that a we use can focus from

and of right vetting personalization segmentation combination data these a to matches of segments of supply it's create the demand. and and So and both

Andrew Boone

you. Thank

Operator

for questions, your Thank Andrew. you

Oppenheimer. Our next comes Helfstein your question open. from Jason Jason, line of now is

Jason Helfstein

I'll Hi. ask questions. two

on the discussed. topics one the So, being kind just of

then in becoming marketing full-time freelancers addition to SaaS-like less evidence become freelance is product? a efficient our but should about you an secondly We pricing think about hire historically about about does through you're that that how we for about talked that differently? heard typically So, just don't that have the it's And concerns and offering then workers think market you that the And basically focused so think to more you from competition sale that, like – when is to with market maybe than have you leading do Could businesses. concern cloud heard enterprise it as what they up investors. of Do one you've software? that expensive a move that product and of employees. we've – you've talking a on

So, that? curious to get your on take

Micha Kaufman

I'll Jason. their It's are is other one Hey, or is good another either businesses. around. becoming maybe the go full-time who starting and we're the If freelancers with which question. Thanks leaving second employees company trend own but no. morning, the answer other seeing the way to the actually independent, for rejoin to start not jobs anything, their

your which transactional cloud, more not well. or separately. and are different to time, of But about think different different transaction our reporting of introduce base question, business doing this I small, pretty do SaaS-based. that on usage previous and room we as think still software. it They're – is is there now models. in solution we're in are As pricing may other essentially, Even of spoke earnings there are we you're have that based them aspects the models XXX first to a holistic businesses why talent the pricing if we that Over

that the efficiency As compromising can sales, enterprise ruining of that unloading we we marketing. of or to that I so go our the by think and demonstrated cost have loading far, expenses, without up-market or

decrease do is on but reach actually a the in that do so success we'll whatever still and enterprise we're sales. more now we I businesses seen far that we haven't work high-value our on buyer And so target larger managers the efficiency. to we'll necessary we're of then, doing this where changed segmentation, same far hasn't But goes that obviously, much the – inside for and and think that. focused point, So, or marketing we'll when buyers efficiency

Ofer Katz

no think to on intent And to from on model, pricing is the the I Jason, Micha, rates transaction. reduce take augment just there

to freelancer rate intend the Then the to I then the as letter on mentioned would become the we shareholder responsible both study. take to FTE, marketplace earn And run. we the earlier, do believe much, case related the data the to earnings for freelancer the last leaving with those long refer So year. of for market more and on for for the who XX% business the seller sustain now

side. a using Fiverr freelancer more as So that more revenue on much we actually their to or channel more see us use income generating flow general

on So joining slowdown the any we on their the marketplace on don't see seller contrary. or neither earning new the

Jason Helfstein

you. Thank

Operator

comes from line now question of next Our Bernie Instructions] [Operator open. Needham is Jason. McTernan Co. questions, your for & you Bernie, Thank your

Bernie McTernan

the taking Two questions. for for Thanks me. Great.

of meet spend. demand that release roadblocks. have the you that spend? have about brand for mentioned XD or that does XXXX you been of the Do to ROI figure evaluate platform big to how the on to itself? sure Can First, do trends NFTs, just the rise demand, that those and given discussion the kind what's guide? release on into And second, marketplace in how organically the then in contemplated you And talk in strong enough anything leaning the crypto in supply on marketing make and out have investments you

Micha Kaufman

questions. morning, Good Bernie. Thanks for the

the in basic you because the and As larger measure marketing. exposed to actually that's your brand the And more the you delta mean are being on portion. performance the thinking where taking marketing we performance you -- brand. oftentimes, well oftentimes, brand question equity method, impact. to are to impact brand first are the your the it if awareness everything performance unaided always your in past significantly location, time run -- for that versus the and marketing, first shows overall our test brand brand customers years. the your can obviously, in We and I measuring combination a a time many from not marketing ways breakdown each have is marketing off. as become more say I is don't think provide There's that the essentially, marketing the marketing, and marketing. about that location in brand complementary but to conversion. at that the years been other on brand have We've specific it's few of we of baseline performance investing way And a use in very And performance which a efficient And look But about you awareness in investment between investments that long-term the we brand it's brand investment. of a grown that marketing as brand that paid you efficient marketing marketing to consideration the is

question comes XXX% in your generally organically. supply about to the to cases, NFT, most speaking us As

high-quality we supply, integrity we that it's structured market-based our definitely has in on pretty of ensure And the to much don't NFT demand case. a But enough catalog. that fuel to how and have the quality terms catalog that we increasing of supply. of the we think, in amount case in the quality do So experience. There's have meet I supply been in tremendous those the more focusing to need in And invest services.

Bernie McTernan

Getting gross was to hiring a there's gross Is fourth quarter. teams And in It about sounds if the some Thank catch I follow-up inbound on XXXX? just like one quarter few think to done way the support to Understood. fourth right could. margin. this questions that the you. margin up

Ofer Katz

as some do We speak. coming have we into catch-up

gross be So the margin the we throughout approximately in year. X% of there will believe short

Bernie McTernan

Thank you.

Operator

you now now Brad, take of Capital your our Thank Markets. line from is Erickson questions. Brad your We'll question open. for last RBC

Brad Erickson

Ofer for baked on guess up what's into sort of I just the Hi. a couple guide. following

a that rate few times flat take and with some assumption letter On is upside. specifically, the the said you've in effectively the

do no between you Thanks. and do and to if you're comments? two letter the that marketing you is, that And upside then, talked baked you clarify us that in those the numbers? guide what's offset is going would could to those in just clarify leverage, assume call flat you about sort channels. just that expect some also help of And you've we this it If it So just that. think, there on investments those is then continue what to upside the could said year. to on brand assumption sales assume this of that -- modest you programmatic be to I and the the see into accelerate Maybe out called you mentioned we with

Ofer Katz

Thank you, Brad.

rate. and Gigs the make contribute solid sure be that changed because again. service that a expand trigger I trying rate. as the to overall revenue, first little to moderated. everyone understand we have that to there the Again, is update an to we're this of upside, Promoted of So, we going we is a services be This and recall, create that but to the the yes, not are take fee believe it question, Seller overall going nature happen they more it's Plus, as like XXXX, take to on bit Throughout then or other going do expand

want And leverage. make on marketing, not see why the we to question that a with do So expect sure there's yes, to and flat understand beyond. to is on take then that that we some sales rate modest improve the

is last basis. path a us a clear We on few years the to enjoy the very that quarterly have seen scale. for There of throughout leverage

As more to of But the business grows, and dollars. marketing is maintain we declining. able percentage-wise investing are growth, while revenue, sales

trend this continue year. the to expect throughout We

Brad Erickson

be changes maybe questions seeing standpoint? may talked large that? then the that it one have just know that the could, seems there maybe the tailwind mix inflation you're And last enough I I bigger a think it. as hiring. if seeing the Thanks. Do I having might one, few a is and shift from great stuff. at freelancer resignation that well. been the everyone haven't seeing if like obviously, given supply I'm a Any curious moment enterprise from business one buyer activity more like not about tailwinds corporate's Got around but think you a fact follow-up, is all out less you visible in it, of sort labor or that of be

Micha Kaufman

coming and spend baked on larger of it's I think into cohorts ability the behavior platform. and So, willingness organizations this a I to point. engaged And businesses, be larger more more is think great that and that from the are their

in definitely more parts more for we're the I businesses, become resignation great and seeing a thing. and do There's that. and it part as other looking remotely can there's organizations So, most pandemic, talent working A a of think norm that is just viable standard need shortage therefore, solution. as general. companies a that has freelancers for something are after And now, is

So definitely tailwind a for us.

Brad Erickson

That’s Thank it. you. Got great.

Micha Kaufman

you. Thank

Operator

you Thank At have time for further this Brad. your we questions, no questions.

So over to that Micha any I'll Kaufman closing for remarks. hand

Micha Kaufman

call participating and for Charlie speaking a you, great managing with today. all forward look everyone Have for Thank in to the day. call soon. of We this you you thank

Operator

call. you all today's Thank for joining

now lines and may You disconnect a your lovely have day.

Fiverr International (FVRR) 17 Feb 222021 Q4 Earnings call transcript