Earnings call transcript Q4 2022

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Operator

Thank you all for joining. I would like to welcome you all to the Fiverr Q4 Fiscal 2022 Earnings Conference Call. My name is Brica, and I will be your event specialist operating today’s call. After the speakers’ presentation today, we will conduct a question-and-answer session. [Operator Instructions] Thank you.

hand Qian. over to for our like Jinjin today, now the to call host I'd may when you Jinjin, begin you’re ready.

Jinjin Qian

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

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

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

adjusted financial on our we’ll During website the be call, provided including and at most each measures of A non-GAAP each release this adjusted directly which some financial of of measures earnings issued to we referring non-GAAP EBITDA in GAAP letter, available is reconciliation the today margin. measures, EBITDA shareholder comparable is to the investors.fiverr.com. and our

over I Micha. And turn call now, to the will

Micha Kaufman

to efficiency resulting headwinds a our focus XXXX you, tighten In Thank in for pivoted and you overall response macro Jinjin. the profitability. Good we morning, unique quickly year. was environment to a thank us today. freelance everyone on joining company and to demand, shifting the

But was to front of huge the this absolutely how as the decisions, only more a opportunity also the more us, closer wasn’t it faster it level do. entrepreneur us projects, impactful does and Not in admit company, thing are making energy and help navigate macro is an knowing team. As right we I must across it a but new long-term value, shareholder and through easy. on of focused fewer and cycle velocity brings feeling the maximize but long-term

of us QX was $XX strong efforts EBITDA, We in our of terms Active our end adjusted these in a in margin expectations. XXXX. improved marketing were stable an led with X.X top delivered representing and growth, adjusted finish reduced ever spend the EBITDA All guidance to strongest of our overall and million, X%, buyers above modest while with we quarter line XX%. up Revenue for marketing leverage. million,

represent from with Repeat We brand are customers. driving business XX% an our among core in marketplace compared awareness revenue, existing of customers amount XX% now strong non-paid traffic, continued of engagement increasing and XXXX. to

annual than higher wallet more focus you Growth and expect efficiency. be of robust, overall grew continues with or an of core strengthening an continue level business and to us large our In XX% to operating at customers should buyer spend those year-over-year, growth. also $XX,XXX intensified XXXX, significantly of

We accelerating our of long-term XX%. adjusted continue EBITDA will the pace towards target

and for growth strong a company to return much before. more work Given profitability remote optimize the would workforce the long-term growth trajectory believe while time expect a we believe put matter and profitable just it’s to overall in intact, we happens, best position remains so The secular to flexible trend to this we macro our that demand us When profile. a of being current environment, overall towards rebound. freelance than

with sellers on a an platform. joining the a Fiverr, choice. significant and layoffs freelancing or new tech laser-focused our as is time for all-time talent of with earn independent platform business level Active reached in a among knowledge industry turned of career a are high, at At Fiverr to amount record best workers. permanent sellers a to making Many have a tech we The and temporary build XXXX also unique living.

gives and job platform buyers opportunities. efficiency e-commerce instead chasing freedom and freelancers unique after orders to of Fiverr’s take bidding from the

also the at comprehensive the XXX digital most end with categories service of over catalog, largest and operate We XXXX.

and In with recent to set cash advertising, programs a years, advance we Gigs, Plus include tools membership dynamic build Seller freelancers to business. our product provide expanded of to offerings and Promoted finance their

All of reasons an of can freelancers Fiverr also why organically and skills these attracts XX%. are take across and why to our we rate of the world the command all platform industry-leading

Now I talking about minute to spend AI. want a

will even AI the future. such by of AI benefit as in AI uniquely aspects. tools replaced technology possibilities whether actually be emergence of many business AI. I’m very the or questioned ChatGPT, have will about Fiverr With from these the Fiverr’s in impacted excited

creates AI a evolutionary significant recent the demonstrated few First, the step more past have to presented in progress The innovation always in tools technology. months of jobs, world function not the less.

However, create these make tools power, creative as as really will of have tools to inspiring, is incredible much for these humans matters what use other humans consume. how to work

professions can’t new today. that to imagine it we related result, a As AI even bring many will

are made coming talents our categories platform. to a these fact, address and we market by of demand for our volume share number already a see services January AI-related once response to of swift have, series We in introducing announcements public it. demonstrated interest In new of the to to again,

and who of freelancer positioned lot these and tools resources to community, access Second, to lack those uniquely improvement democratize often will productivity our distribute is to community deploy technologies. AI Fiverr tools bring and the to a talent

drastically AI browsing unstructured through difficult highly model fairly experience. Third, overall digital sellers service data and unlock an of is matching so is With the and the challenge. long have buyers a tail we and complicated, can e-commerce product search, matching technology, fragmented, and improve we

these working of already are on ideas. some We

big sizes. are businesses workforce reach community, by easy XX% in becoming on-site question Nearly is dynamic certain macro independent all the opportunity full-time XX% combines increasingly today, us the of workforce capacity of over and it is. sometimes of and Engaging XXXX. investor front to will versus top-of-mind remote workers, that a the the dominating is freelancers versus a that forget for of U.S. headlines With how already

other differentiated from highly is platforms. freelance Fiverr

million passionate built of have two-sided of community competitive with with selection around brand thousands foundation of model. marketplace scale, best-in-class and a short, of moats, and world digital the over a enviable largest services, In we freelancers. and a hundreds businesses a business an admire, have that X people the We

much in need macro, and we take the when and first are inning Yet attention that, To that a the comes is the we became to more it core under still to focused unlocking current clear Fiverr. flawless execution. prioritize and of potential the do full fast, give approach marketplace more especially what

priorities straightforward XXXX. three set have for We

of hundreds surface of of world-class service exactly the technology and to must to in comparability thousands With we of right discovery breadth tailored inventory improve deliver and First, marketplace. the search listings, and buyer. sellers millions each depth

different to digital talent types their visual services differentiated category offered express robust and marketplace, non-visual, and need we with some create so our work. experiences. on their Second, sellers many tools to others of With provide

and our to engagement potential buying the to sure throughout There Fiverr is brand delivers to our that reliability improve Third, that, and among we trust wallet retention. tremendous need share and make grow do experience. buyers, the

score. and top-of-mind have great which they to as when gives high, our Brand continue us need choice and awareness build, a we for Fiverr so is platform build This to a need. to strengths our upon our for is buyers NPS

working executing are We with toward urgency these initiatives. already

confident nimble, the last are to cost-efficient year In our company. to and need efficiency conclusion, we to within structure are XXXX, we we strengthen encouraged the our progress support that can In extremely made by work focus more do we the win.

We while than attack driving at before. pace a expect exciting faster growth to opportunities growth Adjusted EBITDA

to Ofer, call highlights. the over that, through who turn With I’ll financial our walk you will

Ofer Katz

$X.X a challenge on to marks operational of Thank of or $XX.X and and of above the the in macro of ended the you, strongest the took history, margin of beginning. in terms million it’s than in guidance note. Micha brought expectation This environment adjusted and good adjusted morning our the EBITDA We XX.X% was XXXX and quarter far our in company tad next strong our just opportunity the so EBITDA a excellence everyone. came but We baseline the range. higher million Revenue level.

the on made XXXX mentioned, year. we progress discipline this and in focus will continue Micha and execute to As we with build

With trajectory, business in we steady XXXX long-term dynamics the pace our underlying toward year, made bring is a show resilience. adjustments growth The continue the improvement believe to our of accelerating last I target. we our while profitability year where

Active buyers for up QX were year-over-year. X% X.X million,

the low macro where two in. going maintain the environment rather marketing overall sentiment we we cohorts past time, initial stabilization, through we is their stabilizing. limited, spend SMB important years are to from the same the of to believe outsized spending our than encouraged leaning it’s efficiency their discipline appetite and At and trends current the period in active With see are buyer moderating

around at see, can sales percentage to expense marketing and of are for X.Xx, our we a performance strong tROI overall improving marketing you and be as continues revenue. As

active terms it XXXX we expect forward, Going of of in steadily buyer in to growth the QX and will latter be XXXX. half the improve trough

the up as the SMB of in as in certainly Spend spend progress occurred our QX growth for per across that was majority of spending year-over-year, felt later we half cohorts. the year going continue year, intensified The to in in was X% the first upmarket. buyer make of XXXX the $XXX, all in headwinds

second, half on as very any the their years, in the of in typically holiday time, As investments. spend our was that and we previous mentioned the wallet our year from buyers share consistent to over as additional the the drives it season letter, first the the shareholder of increase expands platform

noting some to however, the fruit. of spend continue growing a the worth our share is buyers, who $XX,XXX decline XXXX, those headwinds, wallet in over that second among continue our year. upmarket be segment the buyers. all in to year, It the initiatives despite cohorts bearing half we fastest In Large see experienced spend

given will spend concrete muted believe timeline relatively of expansion to balanced be SMB Looking active and revenue we the a spend of manner. per the and our buyer be per recovery by forward, of buyer contributed sentiment, typical the a compared year, buyers growth would lack in of a

QX, quarter XXX Take points. representing basis was expansion in for the rate year-over-year of a XX.X%

time, modest value-added take by to believe continue with upside be sustainable driven We services. our rate will a over

We Promoted Gigs continue growth healthy expect Plus to we in seeing so and programs doing both Seller in are XXXX. and

to Now, let’s turn guidance.

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

million For growth XXXX, to is the to X%. to expected of $XX.X representing year-over-year revenue million, $XX.X first X% be quarter of

to Adjusted to million, EBITDA an at be EBITDA margin $X the of midpoint. representing is XX% $XX.X million expected adjusted

be will guidance headwinds. our acquisition historical when environment. dynamics most the by on growth in visibility have macro revenue believe Our rate, XXXX full the the to first was reflects as current quarter current the growth cohorts minimally QX due we year in QX and comparison the the impacted as macro and well funnels challenging of terms We to

year-over-year expect revenue course rates increase exit over XXXX the of growth midpoint. growth and revenue double-digit we the rate at with to expect XXXX We to

made expect we focus operational continue cost For progress build adjusted in the EBITDA, XXXX efficiency. to and and we upon discipline to on

are of delivering year the EBITDA and macro conditions to regardless this We committed our level. adjusted guidance revenue our

by throughout our achieve dynamically the year. this will We structure cost adjusting

sales Our and be and expense expect on very line. continue our meaningful disciplined marketing to continue and economics unit drive to will to we healthy leverage be marketing

strategy XXXX is with this financial a enormous. in place The opportunity great weather believe market are us in of in and are confidence period. terms in we front great we entering uncertain we to order of business conclude, both To and a

will future this our realizing and stronger a of potential. continue company more We as journey our out cycle and macro toward emerge profitable

that, operator now for With over questions. turn the to we’ll the call

Operator

first we comes Citi. Josey Instructions] Thank of question The [Operator line the you. Ron from have of

Your line open. is

RonJosey

and taking Great. and call ask I buyer the et just to question the and trends cetera. about Micha geographically, Thanks for wanted active Ofer. – demand

you the for demand And talk on year. you geographically, the priorities improving then buyers? it trends of Europe? you about to active stabilization talked us XQ just so where this Micha, or in States few different call remarks, can trends saw the prepared one Insights or around your And you on about maybe saw

One of comparability in them was the marketplace. around improving

demand Given how guys. talk and the overall you marketplace? Thank just have, you us many might about listings awareness how to sellers on and this improve

Micha Kaufman

Thanks, good with the I’ll question. maybe second Ron, morning. and start

grow the catalog, actually important customers, potential is, as is provide a So you with choose to massive our ability faster. to what’s really

some better given customers So less comparability our about some that. is because right is this which to being convert all area about and and are is business And that conversion key they to It’s of time the and out what where through more are in find to The spend the for able services allow fact an task visual they non-visual. click ability pretty our it really them. lot we service are figuring what because drive to is complex. need. invest rate a faster improves And people

Ofer Katz

is also buyer is buyer front. think we active into different this the in Ron, break economy. on And active three And impact layers. We – I that can the the main the – down two macro answer

The a as freelance demand, there cohort and little in less less is efficiency of we maintain which acquiring since performance and is say noticed. that, first that is that are you’ve probably paid fact overall traffic. see in fewer of we a Having in actually less marketing bit spending means tROI smaller direct there terms impression,

for less spending, is retention on And bit that lastly, cohort. of and existing a which they means there in terms appear softer SMB little old a are crucial cohort,

are of now in part to cohort address trend that period question, directly for control. in is of on is the end. I us is macro your the to just terms which to course So, to It’s related comfort not would which be are top COVID nothing there’s the the is the headed. of or stabilization about This where that, add come seeing And – a second impact we cohort.

RonJosey

Thank you, Micha. Ofer. you, Thank Okay.

Micha Kaufman

Thank you, Ron.

Operator

line ahead Sheridan of ready. Sachs. Your comes Please the next go Eric of when from question Goldman you’re

Eric Sheridan

two so Thanks if Maybe much. can. I

how the were or second be that areas might buyer, sort you the the if on talk stabilize be, Ron’s a environment redeploy to of on business how quarters? want would think about areas arc next basis, to and of can and you about a buyer about spend the spend into growth to sort quickly little environment going from about the could should as Thanks wonder much. bit following from and we couple And given of how just what cohort sort you environment either capital perspective I then should First reported so be? impact over turn to will that how question and of per we if the the investment per macro volatility question, macro forward quickly the would of turn of we improve, a stimulate macro think back those thinking and

Ofer Katz

the think time comparing seen half X% the buyer. And have saw the to think spend the declining second. Fiverr half half. first I to some represent first goes a XXXX. who by question saw HX the spend per spend buyer maybe second than I business But spend trying about on course we $XX,XXX first the more taking Spend of they discussion, And will this we I’m that XXX, data, from spend We comparing on XX%. who average previously now speaking by than address we and mentioned value increase shareholders’ more the per of XX% account represents average decline buyer of To start than it’s an letter XX% to comparing where grow I an of per less. of give spend buyer more first buyer the continue spend the X% in point into to high year history where Those ago. the will the of spend that actually other buyer.

the – up initiatives actually going But we products, on And signal. land buyer of in very approximately of think SMB by in also a we kind in spend tail. in but marketing, these the I at up that XXX. of investment long are offset go terms per good our So market equal headwind see

some of expect into the And beginning, think tough on at what going next buyer. But our guidance. because That’s in per year. spend look at comp included we second least last year, what see. we year when the into anticipate the of half is this I we Now, the we acceleration

Micha Kaufman

Thanks question, Yes. second for the Eric.

first benefit the the from headwind we’ll first seen So the remains fundamentals like macro our model business of Much and quickly. it. market first will very of most. growth strong the in to report companies of in underlying trajectory the turn giving the our The I we’ve see benefit fact trends one means e-commerce terms think that improvement,

gives supports lean strengthen In course. the also continuance the to us fiber of pushing also terms as it into opportunity to retention of our investment, well. like initiatives And marketing, opportunity And it of obviously long-term business.

Eric Sheridan

Thank you.

Operator

Thank Anmuth you. of ready, ahead Doug Doug. have We JPMorgan. go now Please when you’re

Doug Anmuth

Thanks the so for questions. much taking

about about but course talk also of expansion? in key question, then and drivers the the and to on accelerated And muted, year? within here on Can EBITDA the Eric’s related year So quarterly improving construct the you’d kind just the talked accelerated that you just this to committed profitability of pace key investments this factors what some pace what’s margin XQ revenue just following that up still still you of make expansion growth need through of margin being year. the of those to are of record Thanks.

Ofer Katz

Doug. Hey,

and So with year, of all discipline has plan did cost the way now implication the all operational I it’s to No, that discipline of expenses we the impact for full the think efficiency. on headcount P&L kind a start of which go to is marketing this last this year. from mid reduction

of headcount any throughout reduction plan year. headcount for isn’t reduction, future additional the there In terms

back few is years, Yet to to the the we we if be and in said, dynamic business and manage this way realized OpEx a go you we last respond.

EBITDA whether or we guide there is as headwind. meet more whether We or some guidance committed tough to the are intensive

flexibility the have business to the the is and see us for enough we that some think in I discipline high here So confidence. do

that only a of this even we year originally period to feel and we functions that the the long-term are I We is footprint, confident of kind we EBITDA the committed. fair for able slow this this as through growth, step very are still that our double execute doing EBITDA EBITDA For think this year.

Micha Kaufman

second And mentioned, us existing seeing. as think of of the comparability, more capture the One for part three our discovery, I ones to the are we're which and the and investment experience, engagement question, and Yes. retention. we've different that the mentioned given in allow services your of types differentiated – trends as core marketplace, improved search the is

and improving buyers are. meet where they So costs

work base. on that, and to of would on the them. the top continued segmentation also lots and customers build potential specific push tools There's go-to-market of high which and conversion partnerships On build is channels user around on up marketplace on, Business, I partners. customer leveraging external identify And mention traffic Fiverr building going to with open users we're

able year. It's we're probably early hopefully, about in the to talk bit a more in second but the something to half little that, of talk future, the

will these So side-by-side the business. investments to with pushing discipline allow cost to continue have us

Doug Anmuth

Great, thank you both.

Operator

Doug. you, with have Oppenheimer. We Thank now Jason Helfstein

You may with proceed question. your

Jason Helfstein

you can I questions. morning. Good should just how about technically, One, Thanks. expense growth. reduced the guess outline we just two be just thinking

is versus it and high spend behavior seeing are buyers you. different from for behavior Just low Or or So marketing G&A? how differently any Thank because levels? you did services specifically there pre-COVID then differently spending that? adjusting in And marketing parse kind the much just than same are versus there. spend doing do So of you're a you now in XXXX? for things way about color buyers? think you Is playbook some versus different – to you R&D different kind of

Ofer Katz

S&M, and the some from it's with sales the about R&D is first G&A, on sales mostly marketing, but marketing. OpEx Jason, flavor and question, on the mostly cost, and leverage

Micha Kaufman

adaptive, on depending we depending of marketing say the what one, And in on that test the a basis, that strategies, see marketing, and it's the I we categories very trends market, regular different time year. sometimes on our the would check meaning Yes. is on is, many

new the And emergence it's just categories. sometimes of

we're between or performance channels cost changing. if for What diverting marketing maximizing of if different now overall as we're budgets of is doing funnel doing is What is keeping terms really and in efficiency freelancing the top the marketing is brand needed. our we're marketing changes, of between demand

employing the that return the And and to think different. of it or marketing, look that if you highly investment we're very despite marketing maintain a fact throughout the being able technology the time overall I attractive to and have the on cost on extremely But automation that by is lot being our achieved that that keeps years. market very, you we at developed dynamic we that see

Operator

Thank you.

of ready. ahead Please question go & are next Our McTernan Needham when from Bernie comes Company. you

Bernie McTernan

the foe for a Does Thanks taking the in just revenue growth guidance macro? that get freelance on a have percent or think Long-term, your whether improvement use do AI, double-digit you year. Maybe questions. guys talent? And lot, for impact a for anything imply to of this be the estimate impacted Thank friend the the Fiverr. then for for we by do it's just on case start, could you how will just the AI? second, you. And an gigs question platform to exit AI an what

Ofer Katz

Hi, XXXX question, of Bernie, with first that guide to the reasons. challenging going be first terms I more in that two assumption growth we the for of quarter on the because is think

comp The the of stabilization also both of because is of the COVID. first cohort but

we Looking rebound end, any into guidance double-digit or environment. as a the doesn't the expect and macro include in whole the change do yes,

the first to that enjoy impact. to one event such companies definitely see of be In happened, the

in industry. the think is combination business, the healthiness to an I opportunity is of when of there the unmatched ability really the fast scale our

in I the that when of good include macro economy. But a up maintaining scenario think rebound existing swing will give a doesn't XXXX very business guidance, and terms us time pretty up change. head profitability it healthy So or of good such very

Micha Kaufman

Bernie, let question me AI. the address about

be editing, many could things. function in but other is fields. these in use interesting be can for about AI, AI new AI, for be how friend And more the That is computing think commodity about really it's I to a writing. general, design. in humans benefit when produce That So a could there a techno when progress. around And that And video around of than think that definitely tools foe. what's definitely could I I being a step optimist, always the about graphic technology think be

looking I mean a AI. through the jobs to actually, think amount AI jobs my step think then that between father's in about or it's mine, obviously, grandfather I'm evolutionary that some my generations. obsolete. become generations from is there's of But my generation from view natural father the when about I my passed to that by far of you And it's created impacted optimizing if jobs about specifically, generating for just And new cases will creating it. it. And already exceed it's AI. those thousands then jobs about use training

And is in producing And experts. operate how even right cohort the what produce mediocre. is very, really a to impressive, is tools. growing I breathtaking seeing of to we're need fast marketplace is results, very AI now that that though these with that that it new what know Because you output there very is AI you and get pretty is experts can to probably the

first marketplace So for world in see in being AI find we these sound include mostly the being to first And place very we're excited and the the the increased new world upside the you access probably demand professions of professions. the can and these about those professions. enjoying now, right and where

So we're very that. with happy

Operator

Thank go ready. ahead of when you. Matt Sandler. Please We have you are Piper Farrell now

Matt Farrell

spending up on Maybe on bit with the results really Congrats in how a more have momentum leverage these to changed market, conversations uncertainty? environment. are right out there here Or amid the with around for hesitancy QX. start flushed to of Is platform your customers potential or buyers? just larger in guys. now little Thanks the move the year in they focus some cycle difficult leaning budget in more kind in a stepping to as strong

Micha Kaufman

for thanks question. Matt, the Hey,

least really are impacted and what being is And been we're the cohorts representing mid-market. Fiverr percentage therefore, getting is now only growing historically, an market into are $XX,XXX we're called of what finding it is these macro Fiverr, has the finding maybe now, at have right that nice customers, more of we So seeing. seeing not by ways SMB over very those and of because out of more that fact our that those who business. The we spend types customers a are and within

So our that about for given now business because hesitant more a of little headwind and is less on macro. fact and of of we’re a the they’re micro the cautious that. least, And businesses, at bit small majority seeing spending still

Matt Farrell

And maybe one on innovation.

guys of as late. certain the upgrades innovate some introduce backdrop or products updates think out that and the about given we’re should You or in of cadence have new we in? of despite How pulling to continued in spending just innovation back rolling on the areas XXXX, Thanks.

Micha Kaufman

present faster these believe actually seeing going in I projects. we’re more we faster, to – focused, what that we that pick and said harder we’re our we’re projects is step around And that think in and can meaning I opening my do remarks, it up, that seeing velocity my of able I more work believe a but we function we push

much now, about that on – we’ve operate anything, fact despite and being optimizing as machine, had cost to right if the the we structure. we’ve better a focus disciplined So been very

Operator

Capital you. of Erickson Markets. Brad Thank have RBC We now

open. is line Your

Unidentified Analyst

on Logan for taking Thanks is the for question. This Brad.

Thanks. And reflect? guys early problems from what the impact Like efficiency buyers another Just the you And freelancers what you from in just trying to AI solve? are opportunities are And model the on one they’re guys anticipate XXXX? or then thus any the biggest are the far? AI. are on see seeing searches what with

Micha Kaufman

we’re now demand we’re we’re seeing What is this. seeing exploration stage And much pretty increased than of more I obviously, seeing anything – the we I AI else. we’re think an of tell can artists. early for about at think it’s what

other is relating We’re AI seeing design, demand forth. GPT whether for or developers more and video technologies, so technologies that to those develop writing, around new that tools graphic

is the writing, there’s around given from a it, in of accuracy copywriting of being far the content. top around On fact the that lot perfect, of issues technology

the this the to that but think and goes same and the result, is a human I other of get research, both fact type ensure also there’s demand. meet any that by for important. generated And customer that checking it this, requires around is So of perfect services really It to lot AI. content accurate

extremely we’re that and that So responding of those this this that power lies able And of that. I are yesterday were created quick in of to strengths things a one list invented is of to a think being categories Fiverr, is on swift I lot being seeing our And that think offering the fast. be services.

Operator

Thank you.

comes go line from Please ahead the Andrew ready. last Boone Our when Securities. of JMP with question you’re

Andrew Boone

my taking for going much so Thanks I’m to three. try questions.

time, anything So a Germany. a it for in Is XXXX? the talk update less think we to thinking on cohorts – expect Business a provide going be there? in just so should the can where investing of real Europe Fiverr you Thanks provide at that much. and is about you Is about we little heard any level you lastly, How want in bit steady then stabilization that update You’re kind there? there? to it about And forward? there you’re quarter. this Can real-time you TV now about

Ofer Katz

So as cohort the reference. and I and is will with of cohort, start in future into included distinguished old and guidance what kind cohort the newer a cohorts cohort

they cohorts but what the are There to less spending are than experienced So as of we’ve These pre-COVID, seen financial COVID to the Fiverr the and as be the of of anticipate the uplift them also macro change, spend still we beginning top more experienced stable in cohorts, at loyal continue the COVID. which old headwind more and year. than need last services.

future. retention the a is Hence, kind us didn’t little as model into bit new this joined is of predict we lower. period the And the COVID foreseeable the cohort uplift. who cohort during the The enjoy

we we that – to as is terms was model is retention know. now what know and behavior. guide we of in So just I our always on of what said guide when what based always And

And lot we we point. what some believe picture us there at this think of fortunate of – macro this the now. us kind to acquire, do the when very anticipate terms on in the I profitable, assets will here seeing and that PR, to this and behavior, in is even kind what rebound of give of things, are cohort that’s some will with think opportunity of we are underlying next a a is because what time and mature kind strong And still of fact, we But ability that of seeing bring we’re the level. we

Micha Kaufman

Germany me about business. let address the question Andrew, Fiverr and

terms in in expansion international this So more Germany, the focused of we’re investment our in year.

and more did English in are to focused non-English audience we’re around past tailored And demand. countries. the local that work in the in years. purchase UK We now transition preference local it’s and and Germany their product optimizations providing the customers So the and market growing on about

letter, so referring and continue And to brand our there. more did awareness. activities mentioned few campaigns recently invest to and We PR I’m shareholder a we details in we in

upmarket In previous terms going expand I’ve where in the Fiverr that I’ll to continue Business we say question. think Business, addressed strategy. is I and push of that maybe Fiverr

traffic customer those work customers. is around leveraging the mentioned, market-based And those done high I’ve We’re segmentation and customers there builds around base. to conversion user and it identify as potential tools those

with and we’ll specific partners. And more build mentioned provide we’re open the that use year. briefly to that, second in about be I And of up the believe cases channels the that fact I partnerships, we half information happy hopefully, external can said building which

we’re saying Fiverr strong it. us. growth of would priority close by Business going that lots continues to for early with focus seeing I in and continued signs investment be into wallet maybe And large customers. robust and a There’s

we Thank So towards it. you. investment very excited to put be continue and

Andrew Boone

Thank you.

Operator

would back for Micha it turn closing like to I you. now Kaufman to Thank remarks. some

Micha Kaufman

moderation all to Thank your for day. look with speaking us. you, you the great We soon. And Brica. everyone, appreciate thank Have I today. of to you, morning forward spending a

Operator

Thank does for That joining. call. today’s you conclude

may now lovely please may have your you have a lines, and day. disconnect – You

Fiverr International (FVRR) 22 Feb 232022 Q4 Earnings call transcript