Fiverr International Ltd (FVRR) 2023 Q4 法說會逐字稿

Good morning, everyone. Thank you for joining us on Fiverr earnings conference call for the fourth quarter that ended December 31, 2023. Joining me on the call today are Micha Kaufman, Founder and CEO; and Ofer Katz, President and CFO.

大家，早安。感謝您參加我們截至 2023 年 12 月 31 日的第四季財報電話會議。今天和我一起參加電話會議的是創辦人兼執行長 Micha Kaufman；以及總裁兼財務長奧弗‧卡茨 (Ofer Katz)。

Before we start, I'd like to remind you that during this call, we may make forward-looking statements and that these statements are based on our current expectations and assumptions as of today, and Fiverr assumes no obligation to update or revise them. A discussion of some of the important risk factors that could cause actual results to differ materially from any forward-looking statements can be found under the Risk Factors section in Fiverr's most recent Form 20-F and other filings with the SEC.

在開始之前，我想提醒您，在這次電話會議中，我們可能會做出前瞻性陳述，這些陳述基於我們截至今天的當前預期和假設，Fiverr 不承擔更新或修改這些陳述的義務。可能導致實際結果與任何前瞻性陳述有重大差異的一些重要風險因素的討論可以在 Fiverr 最新的 20-F 表格和其他向 SEC 提交的文件中的風險因素部分找到。

During this call, we'll be referring to some key performance metrics and non-GAAP financial measures, including adjusted EBITDA and adjusted EBITDA margin. Further explanation at a reconciliation of each of the non-GAAP financial measures to the most directly comparable GAAP measure is provided in the earnings release we issued today and our shareholder letter, each of which is available on our website at investors.fiverr.com. And now I'll turn the call over to Micha.

在本次電話會議中，我們將提及一些關鍵績效指標和非 GAAP 財務指標，包括調整後 EBITDA 和調整後 EBITDA 利潤率。我們今天發布的收益報告和股東信中提供了有關每項非公認會計原則財務指標與最直接可比較的公認會計原則指標的調節的進一步解釋，每一項都可以在我們的網站Investors. Fiverr.com上找到。現在我將把電話轉給 Micha。

Thank you, Jinjin. Good morning, everyone, and thank you for joining us. We entered 2023 with a backdrop of challenging macro economic environment. Weak SMB sentiment and waves of layoffs and hiring freezes across industries. Was also a year of increasing geopolitical uncertainties with the ongoing war in Ukraine, and the onset of war in the Middle East.

謝謝你，津津。大家早安，感謝您加入我們。進入2023年，宏觀經濟環境充滿挑戰。中小企業情緒疲軟，各行業裁員和招募凍結。隨著烏克蘭戰爭的持續和中東戰爭的爆發，這一年地緣政治的不確定性也日益增加。

The entire Fiverr team showed extraordinary resilience against these tough conditions and delivered strong execution towards the strategic priorities set at the beginning of the year. For 2023, revenue grew 7% to $361 million and adjusted EBITDA was $59 million, representing adjusted EBITDA margin of 16%, both ahead of the targets we set at the beginning of the year.

Fiverr 整個團隊在這些艱難的條件下展現了非凡的韌性，並為年初制定的策略重點提供了強有力的執行力。2023 年，營收成長 7%，達到 3.61 億美元，調整後 EBITDA 為 5,900 萬美元，調整後 EBITDA 利潤率為 16%，均高於我們年初設定的目標。

Fiverr continues to operate one of the best in class business models and expands its market share in freelancer industry. Overall, GMV on the platform grew 1% year-over-year at a time when US job openings are down 19% and professional staffing is down 6% year over year. We continue to focus on upmarket initiatives in both acquisition and products, resulting in 4% year-over-year growth in buyers with over $500 annual spend and 6% year-over-year growth in overall spend per buyer.

Fiverr 繼續經營一流的商業模式之一，並擴大其在自由工作者行業的市場份額。總體而言，在美國職缺年減 19%、專業人員配備年減 6% 的情況下，該平台的 GMV 年比增加了 1%。我們繼續專注於收購和產品方面的高端舉措，導致年支出超過 500 美元的買家年增 4%，每位買家的整體支出年增 6%。

We also expanded our take rate by 160 basis points, reaching an overall peak rate of 31.8% as both seller monetization programs experienced significant growth. Our strategy of going upmarket, investing in AI and complex services and expanding value added products really paid off and helped us drive growth in this macro environment.

我們還將成交率提高了 160 個基點，達到 31.8% 的總體峰值，因為這兩個賣家貨幣化計劃都經歷了顯著增長。我們進入高端市場、投資人工智慧和複雜服務以及擴大增值產品的策略確實得到了回報，並幫助我們在這個宏觀環境中推動了成長。

2023 was also an exciting year as GenAI pushed artificial intelligence to new fronts. Early in January last year, we were the first in the market to launch a dedicated AI services vertical, creating a hub of businesses to hire AI talent. Throughout the year we continued to see tremendous demand for those services, which searches that contain AI related keywords in our market base growing sevenfold in 2023 compared to 2022.

2023 年也是令人興奮的一年，GenAI 將人工智慧推向了新的前沿。去年一月初，我們在市場上率先推出了專門的人工智慧垂直服務，創建了一個僱用人工智慧人才的企業中心。在這一年中，我們繼續看到對這些服務的巨大需求，與 2022 年相比，2023 年我們市場中包含人工智慧相關關鍵字的搜尋將成長七倍。

Overall, we estimate AI created a net positive impact of 4% to our business in 2023 as we see a category mix shift from simple services such as translation and voiceover to more complex services such as mobile app development, e-commerce management for financial consulting. In 2023, complex services represented nearly one-third of our market base, a significant step up from 2022.

總體而言，我們估計人工智慧在2023 年對我們的業務產生了4% 的淨積極影響，因為我們看到類別組合從翻譯和配音等簡單服務轉向行動應用程式開發、財務諮詢電子商務管理等更複雜的服務。2023 年，複雜服務占我們市場基礎的近三分之一，比 2022 年顯著提高。

Moreover, they are typically larger projects in longer duration with an average transaction size 30% higher than those of simple services. Double-clicking on these numbers, we believe that the opportunities created by emerging technologies far outweigh the jobs they replace. Human talent continues to be an essential part of unlocking the potential of new technologies. We are also seeing a shift into more sophisticated, highly skilled and longer duration categories with a bigger addressable market.

此外，它們通常是較大的項目，持續時間較長，平均交易規模比簡單服務高 30%。雙擊這些數字，我們相信新興技術創造的機會遠遠超過它們取代的就業機會。人才仍然是釋放新技術潛力的重要組成部分。我們也看到了向更複雜、高技能和持續時間更長的類別的轉變，以及更大的潛在市場。

As the data shows, our market base is built to benefit from these technologies and labor market changes. Unlike single vertical solution with higher exposure to disruptive technologies and trend changes. Fiverr has developed a proprietary horizontal platform with hundreds of verticals quickly leaning into the ever-changing industry, demand needs and trends.

如數據所示，我們的市場基礎是為了從這些技術和勞動力市場變化中受益而建立的。與單一垂直解決方案不同，它更容易受到顛覆性技術和趨勢變化的影響。Fiverr 開發了一個專有的水平平台，擁有數百個垂直平台，可快速適應不斷變化的行業、需求和趨勢。

All in all, we believe AI will be a multiyear tailwind for us to drive growth and innovation. In 2023 we also made significant investments in AI that drove improvements in our overall platform. We optimize our product and R&D organization in change to a buy annual product release cycle in order to significantly accelerate product velocity and focus on strategic priorities rather than incremental features.

總而言之，我們相信人工智慧將成為我們推動成長和創新的多年順風車。2023 年，我們也在人工智慧方面進行了大量投資，推動了我們整體平台的改進。我們優化我們的產品和研發組織，改為購買年度產品發布週期，以顯著加快產品速度並專注於策略優先事項而不是增量功能。

Our recent winter product release in January culminated these efforts in the second half of 2023 and revamped almost every part of our platform with an AI first approach, from search to personalization from supply quality to seller engagement. We believe these projects not only helped us drive growth last year, but also laid the foundation for future growth. As we enter 2024, we will build upon the progress we have made in 2023 and focus on investing in driving growth acceleration of the underlying business.

我們最近在1 月發布的冬季產品在2023 年下半年將這些努力推向高潮，並以人工智慧優先的方法改造了我們平台的幾乎每個部分，從搜尋到個人化，從供應品質到賣家參與度。我們相信這些項目不僅幫助我們推動了去年的成長，也為未來的成長奠定了基礎。進入2024年，我們將在2023年取得的進展的基礎上，重點投資推動基礎業務的加速成長。

The strategic priorities for 2024 are first continued growing our market share into complex service categories. In 2023, complex services are growing at 29% year over year, significantly faster than the overall market and a big acceleration from 12% in 2022. This year we are doubling down on this opportunity and have identified a number of verticals with high growth potential. We will build experiences tailored to these verticals and deploy more targeted go-to-market strategies for them.

2024 年的策略重點首先是繼續擴大複雜服務類別的市場佔有率。2023年，複雜服務年增29%，明顯快於整體市場，較2022年的12%大幅加速。今年，我們加倍抓住這個機會，並確定了一些具有高成長潛力的垂直領域。我們將為這些垂直產業打造量身訂製的體驗，並為其部署更有針對性的上市策略。

The second priority is to continue pushing upmarket by further expanding offerings in Fiverr business solutions. On Fiverr Pro our flagship business product, we are opening ways for clients to match with talent, whether it's through high touch points of contact from a customer success manager or AI assistant brief and match functionality, or managed services through initiative such as project partner.

第二個優先事項是透過進一步擴大 Fiverr 業務解決方案的產品來繼續推動高端市場。在我們的旗艦業務產品 Fiverr Pro 上，我們正​​在為客戶與人才匹配開闢途徑，無論是透過客戶成功經理或 AI 助理簡報和匹配功能的高接觸點，還是透過專案合作夥伴等舉措的託管服務。

For Fiverr enterprise we have redesigned our pricing and the go-to-market strategy to drive more talent, sourcing and engagement volume. We believe helping businesses with skill gaps and their hiring needs is a much stronger value proposition and creates more durable longer-term relationships than the talent management software alone.

對於 Fiverr 企業，我們重新設計了定價和進入市場策略，以推動更多人才、採購和參與量。我們相信，幫助企業解決技能差距和招募需求是一個更強大的價值主張，並且比單獨的人才管理軟體創造更持久的長期關係。

Early signals in December and January already show encouraging logo acquisition, and we are aggressively working to complete onboarding and ramp up usage. Last but not least, Fiverr certified now has dozens of partners, and we are working closely with them to integrate our solutions into their client flows.

12 月和 1 月的早期訊號已經顯示出令人鼓舞的徽標獲取，我們正在積極努力完成入職並提高使用量。最後但並非最不重要的一點是，Fiverr 認證現在擁有數十家合作夥伴，我們正在與他們密切合作，將我們的解決方案整合到他們的客戶流程中。

While the Fiverr market base is billed as a standardized catalog business to drive speed and cost efficiency, Fiverr Business Solutions is build as a suite of offerings to meet any needs of large customers. We believe this two pronged approach gives us tremendous competitive leverage in growing market share across the spectrum of the addressable market.

Fiverr 市場基礎被宣傳為標準化目錄業務，以提高速度和成本效率，而 Fiverr 業務解決方案則是建構成一套產品，以滿足大客戶的任何需求。我們相信，這種雙管齊下的方法為我們在整個目標市場範圍內增加市場份額方面提供了巨大的競爭優勢。

Our third strategic priority is to continue developing proprietary AI applications unique to our market base to enhance the overall customer experience. The winter product release we discussed just now gives you a flavor of that, but there's so much more to do. We are barely scratching the surface here. And the beauty is that all three priorities will drive a positive flywheel among each other to propel our business into the future. I'm very excited about our 2024 roadmap and firmly believe there's a significant growth runway ahead of us.

我們的第三個策略重點是繼續開發我們市場基礎獨有的專有人工智慧應用程序，以增強整體客戶體驗。我們剛才討論的冬季產品發布讓您感受到了這一點，但還有很多事情要做。我們在這裡僅僅觸及了表面。美妙之處在於，所有三個優先事項將相互推動積極的飛輪，推動我們的業務走向未來。我對我們的 2024 年路線圖感到非常興奮，並堅信我們前面有一條顯著的成長跑道。

With that, I'll turn the call to Ofer, who will walk you through some financial highlights.

接下來，我會將電話轉給奧弗，他將帶您了解一些財務亮點。

Thank you, Micha, and good morning, everyone. We finished the year with a strong execution as we strengthened our marketplace and invested heavily into AI and moving up market while successfully maintaining our operational excellence.

謝謝你，米夏，大家早安。我們以強大的執行力結束了這一年，我們加強了市場，大力投資人工智慧並提升市場，同時成功地保持了卓越的營運。

Revenue for the fourth quarter of 2023 was $91.5 million, representing year-over-year growth of 10.1%. Adjusted EBITDA was $16.1 million or 17.6% in adjusted EBITDA margin. Both was in line with our expectations. For the full year, our revenue increased 7.1% to $361.4 million. We also doubled our adjusted EBITDA to $59.2 million or 16.4% in adjusted EBITDA margin.

2023年第四季營收為9,150萬美元，年增10.1%。調整後 EBITDA 為 1,610 萬美元，調整後 EBITDA 利潤率為 17.6%。兩者都符合我們的預期。全年營收成長 7.1% 至 3.614 億美元。我們也將調整後 EBITDA 翻了一番，達到 5,920 萬美元，即調整後 EBITDA 利潤率的 16.4%。

And we are pleased to have achieved annual GAAP profitability for the first time in the company's history. Our strong free cash flow generation, together with a healthy balance sheet, puts us in a great financial strength to navigate this macro-environment, continue pursuing growth and maximize long-term shareholder value.

我們很高興在公司歷史上首次實現年度公認會計原則獲利。我們強大的自由現金流產生以及健康的資產負債表使我們擁有強大的財務實力來應對這一宏觀環境，繼續追求成長並實現長期股東價值最大化。

Our annual active buyers, we're at 4.1 million and spend per buyer improved to $278, up 6% year-over-year as we ramped up our marketing efforts on targeting higher value buyers and accelerating our upmarket investments. We've continued to make significant progress this quarter in our Fiverr business solution as we added new features to Fiverr from signup several new partners to our Fiverr certified solutions and onboarded over a dozen new clients to Fiverr enterprise.

我們的年度活躍買家數量為 410 萬，每位買家的支出增至 278 美元，同比增長 6%，因為我們加大了針對更高價值買家的營銷力度並加速了我們的高端投資。本季我們的 Fiverr 業務解決方案持續取得重大進展，我們為 Fiverr 新增了新功能，從註冊幾個新合作夥伴到我們的 Fiverr 認證解決方案，以及為 Fiverr 企業引進了十多個新客戶。

We saw the effort we made last year pay off as the average spend per buyer for 2023 cohorts was 13% higher than the 2022 cohorts in its first year. Our unit economics remain strong as the ROI for performance marketing was slightly over three months, while our three year lifetime value to cut exceeded over three times.

我們看到去年所做的努力得到了回報，2023 年群組的每位買家平均支出比第一年 2022 年群組高出 13%。我們的單位經濟效益仍然強勁，因為績效行銷的投資回報率略高於三個月，而我們的三年終身價值削減超過三倍多。

We expect to maintain strong market efficiency as we focus on investing in higher value buyers with cloud spend capacity. Take rates for the fourth quarter was 31.8%, representing a year-over-year expansion of 160 basis points, driven by significant growth in our seller monetization programs, Promoted Gigs and Seller Plus.

我們預計將保持強勁的市場效率，因為我們專注於投資具有雲端支出能力的高價值買家。在我們的賣家貨幣化計劃、Promoted Gigs 和 Seller Plus 顯著增長的推動下，第四季度的轉換率為 31.8%，較去年同期成長 160 個基點。

Our expansion efforts in this program have led revenue from Promoted Gigs to increase 80% of year-over-year and revenue from Seller Plus to climb over 2.5 times in 2023 compared to 2022. We believe both program have plenty of growth runway ahead.

我們在該計劃中所做的擴張努力使得 2023 年來自 Promotioned Gigs 的收入同比增長 80%，來自 Seller Plus 的收入與 2022 年相比攀升超過 2.5 倍。我們相信這兩個計劃都有很大的成長空間。

Now on to guidance, for the full year of 2024, we expect revenue to be in the range of $379 million to $387 million. We presenting a year-over-year growth of 5% to 7%. Adjusted EBITDA is expected to be in the range of $65 million to $73 million, representing an adjusted EBITDA margin of 18% at the midpoint.

現在來看看指導，我們預計 2024 年全年營收將在 3.79 億美元至 3.87 億美元之間。我們預計將年增 5% 至 7%。調整後的 EBITDA 預計在 6,500 萬美元至 7,300 萬美元之間，調整後的 EBITDA 利潤率中點為 18%。

For the first quarter of 2024, revenue is expected to be $91.5 million to $93.5 million, representing year-over-year growth of 4% to 6%. Adjusted EBITDA is expected to be $12.5 million to $14.5 million, representing an adjusted EBITDA margin of 15% at the midpoint.

2024年第一季的營收預計為9,150萬美元至9,350萬美元，年增4%至6%。調整後 EBITDA 預計為 1,250 萬美元至 1,450 萬美元，調整後 EBITDA 利潤率中點為 15%。

I'd like to provide some additional color and context behind this guide for Q1 and for the full year, unpacking the revenue guidance, we expect the revenue growth in 2024 will be driven by accelerating GMV growth combined by a moderate expansion of take rate. GMV is expected to accelerate by 1% to 2% in 2024 compared to 2023, primarily driven by market expansion in complex services going up market and investment in AI.

我想為第一季和全年的指南提供一些額外的背景和背景，透過解開營收指南，我們預計 2024 年的營收成長將由加速 GMV 成長和適度擴張相結合來推動。與 2023 年相比，2024 年 GMV 預計將成長 1% 至 2%，這主要是由複雜服務市場擴張和人工智慧投資所推動的。

We also expect our central buyer to accelerate while active buyer to continue similar trends as in 2023, we will take a balanced approach in driving profitable growth and expect adjusted EBITDA to continue progress toward our long-term target of 25%. It is important to note that revenue growth remain our top priority. At the same time, we expect to make steady, measurable annual growth and driving adjusted EBITDA expansion over the next several years.

我們也預期我們的核心買家將加速成長，而活躍買家將繼續與2023 年類似的趨勢，我們將採取平衡的方法來推動利潤成長，並預計調整後的EBITDA 將繼續朝著我們25% 的長期目標邁進。值得注意的是，收入成長仍然是我們的首要任務。同時，我們預計未來幾年將實現穩定、可衡量的年度成長，並推動調整後的 EBITDA 擴張。

We remain confident in our strategic priority and financial fortitude. The vast market opportunity ahead fuels our optimism and we are primed to emerge from this challenging economic period as an even stronger and more profitable company.

我們對我們的策略重點和財務實力仍然充滿信心。未來巨大的市場機會激發了我們的樂觀情緒，我們準備好擺脫這個充滿挑戰的經濟時期，成為一家更強大、利潤更高的公司。

With that, we will now turn the call over to the operator for question.

這樣，我們現在將把電話轉給接線員詢問。

Thank you. (Operator Instructions)

謝謝。（操作員說明）

Eric Sheridan, Goldman Sachs.

艾瑞克‧謝裡丹，高盛。

Thanks so much for taking the question. Maybe if I could just ask one big picture one, obviously very clear on the current macro environment. Talk a little bit about how you plan on balancing incremental profitability and managing through this macro environment, the short term, but not sort of missing the longer-term dynamic of wanting to capture growth and being ready to pivot and capitalize on the opportunity when and if the macro environment does get better. So just better color on sort of striking that balance in terms of the way you frame this year and the way you're executing in the early part of 2024. Thanks so much, guys.

非常感謝您提出問題。也許我可以問一個大局，顯然對當前的宏觀環境非常清楚。談談您計劃如何在短期內平衡增量盈利能力和管理這一宏觀環境，但不要錯過希望獲得增長並準備好在何時和何時抓住機遇的長期動態。如果宏觀環境確實好轉的話。因此，只要用更好的色彩來實現今年的框架方式和 2024 年初的執行方式之間的平衡。非常感謝，夥計們。

Yes, good morning, Eric, thanks for the question. So yes, growth does remain a top priority for us, and I think that what we've been demonstrating is that when the macro is challenging we were able to continue growing while optimizing our efficiency and create a very strong cash position and being remaining very opportunistic about the possibility of growth in the future.

是的，早上好，艾瑞克，謝謝你的提問。所以，是的，成長確實仍然是我們的首要任務，我認為我們一直在證明的是，當宏觀經濟面臨挑戰時，我們能夠繼續成長，同時優化我們的效率，創造非常強勁的現金狀況，並保持非常強勁的狀態。對未來成長的可能性持機會主義態度。

So doubling down on those on those opportunities is also always something that we do, it is important to say as well that we're investing in acquiring high-value buyers. Those buyers spend more with us and remain longer with us and support the expansion in categories, what we call the more complex categories that are outgrowing the more simpler categories.

因此，加倍努力抓住這些機會也是我們一直在做的事情，重要的是要說我們正在投資購買高價值買家。這些買家在我們這裡花費更多，在我們這裡停留的時間更長，並支持類別的擴展，我們稱之為更複雜的類別，這些類別的增長超過了更簡單的類別。

And I think that when the markets rebound and you're going to see more engagement also coming from lower market segments like micro businesses will be there to capitalize on that growth and be able to double down and grow faster on them. In the meantime, we're improving every aspect of our business throughout, and I think that we've demonstrated, but we've been doing that very steadily.

我認為，當市場反彈時，你會看到來自微型企業等較低市場領域的更多參與，將利用這種成長，並能夠加倍努力並更快地成長。同時，我們正在全面改進我們業務的各個方面，我認為我們已經證明了這一點，但我們一直在非常穩定地這樣做。

Great. Thank you.

偉大的。謝謝。

Thank you.

謝謝。

Ron Josey, Citi.

羅恩喬西，花旗銀行。

Great. Thanks for taking the questions. Maybe to build off Eric's questions, we definitely saw relatively stable cohort behavior, I think from existing buyers in '23 and certainly strength in more complex projects and AI to tailwind. Maybe dig down a little bit more on just that top line growth, as I understand you balanced top line and profitability, but would love to hear more about your plans around verticals and products, just to grow newer cohort spend and the build up that up-market sort of muscle based on all these new products that are being launched.

偉大的。感謝您提出問題。也許為了解決艾瑞克的問題，我們確實看到了相對穩定的群體行為，我認為從 23 年的現有買家來看，當然也有更複雜的專案和人工智慧的優勢。也許會進一步深入了解營收成長，因為我了解您平衡了營收和盈利能力，但很想了解更多有關垂直行業和產品的計劃，只是為了增加新的群體支出並建立起來-基於所有這些正在推出的新產品的市場力量。

And then over I did have a question with guidance calling for just continued strong margins. Can you talk just about how you view Fiverr's balance sheet here? Any update on capital allocation plans, Thank you.

然後我確實提出了一個問題，要求我們繼續保持強勁的利潤率。您能談談您如何看待 Fiverr 的資產負債表嗎？有關資本分配計劃的任何更新，謝謝。

Thank you, so much, Ron. Just a quick note on a -- an Ofer, had an unplanned dental treatment this morning, so we had them for the opening comments, but I think I'll spare you from having to talk further, and we obviously have Jinjin with me to answer with a question.

非常感謝你，羅恩。只是簡單說明一下——一個奧弗，今天早上進行了一次計劃外的牙科治療，所以我們讓他們作為開場評論，但我想我會讓你不必再進一步談論，而且我們顯然有津津和我一起用一個問題來回答。

So for your first question on cohort. So as we said in the opening comments, we are seeing a mix shift on a simple categories where there is more impact of macro coming from less spend from smaller businesses and a slightly impact from technological shifts and automations, while at the same time, we have cohorts that are coming to us for the more complex categories that are spending significantly more and are engaging more with us.

關於你關於隊列的第一個問題。因此，正如我們在開場評論中所說，我們看到了一個簡單類別的混合轉變，其中宏觀影響更大來自小型企業支出的減少，以及技術轉變和自動化的輕微影響，而與此同時，我們有些人來找我們尋求更複雜的類別，他們的支出顯著增加，與我們的互動也更多。

So we do see some softness in cohorts that we called out as of the second half of 2022. And if that lasted throughout 2023 and actually macro isn't changing. So we're not calling any change to macro. At the same time, we have identified a number of categories that are growing much, much faster and therefore, we're doubling down on these categories.

因此，我們確實看到截至 2022 年下半年我們召集的群體出現了一些疲軟。如果這種情況持續整個 2023 年並且宏觀經濟實際上沒有改變。所以我們不會對巨集進行任何更改。同時，我們已經確定了一些成長速度非常快的類別，因此，我們正在加倍投資這些類別。

And that with the focus on a on high-value buyers, those who have the spend capacity and are interested in our onboarding into Fiverr into these categories. It allows us to actually improve cohort behavior. And you see that from the numbers, the 13% increase in spending last year by these cohorts.

重點關注高價值買家，即那些有消費能力並對我們加入 Fiverr 感興趣的買家。它使我們能夠真正改善群體行為。從數字可以看出，這些族群去年的支出增加了 13%。

As to your second question come on capital allocation. Look, we've generated over $80 million of free cash flow this year and obviously, we have a very strong balance sheet. So financially, we are in a very well positioned. As we continue to generate free cash flow and increased cash on our balance sheet we are having active discussions with the Board on our capital allocation, including the use of excess cash for equity buybacks.

至於你的第二個問題是資本配置。看，我們今年已經產生了超過 8000 萬美元的自由現金流，顯然，我們的資產負債表非常強勁。因此，在財務方面，我們處於非常有利的地位。隨著我們繼續產生自由現金流並增加資產負債表上的現金，我們正在與董事會就我們的資本配置進行積極討論，包括使用多餘現金進行股權回購。

It is worth reiterating that growth continues to be a top priority for us. And we see opportunities for both organic and inorganic. And our top of mind is to be very disciplined in making these decisions and really focus on delivering returns to our shareholders and maximizing long-term shareholder value.

值得重申的是，成長仍然是我們的首要任務。我們看到了有機和無機的機會。我們的首要任務是在做出這些決策時非常自律，並真正專注於為股東帶來回報並最大化股東的長期價值。

Great. Thank you, Mika.

偉大的。謝謝你，米卡。

Thank you, Ron.

謝謝你，羅恩。

Doug, JPMorgan.

道格，摩根大通。

Great. Thanks for taking the question. It's Wesley for Doug. Come good to see AI already contributing to growth. it's really early times. You mentioned just kind of strapped scratching the surface on just kind of where do you see some of the longer term opportunities or maybe places in the business you couldn't really lean in a lot further with a eye and drive positive impact.

偉大的。感謝您提出問題。這是道格的韋斯利。很高興看到人工智慧已經為成長做出了貢獻。現在還很早。您提到，您只是簡單地觸及了表面，您在哪裡看到了一些長期機會，或者在業務中您無法真正進一步關注並產生積極影響的地方。

Hey, good morning. Thanks for the question. So is, um, as we made clear, both in the shareholder letter and our opening comments, a as a net positive for us. And I think that what we've identified is there is a difference between what we call simple categories are tasks and more complex ones. And in the complex group. It's really those categories that require human intervention and human inputs in order to produce a satisfactory result for the customer. And in these categories we're seeing we're seeing.

嗨，早安。謝謝你的提問。所以，嗯，正如我們在股東信和開場白中明確指出的那樣，這對我們來說是一個淨積極因素。我認為我們已經發現，我們所謂的簡單類別任務和更複雜的類別之間存在差異。而在複雜的群體中。實際上，這些類別需要人工幹預和人工輸入才能為客戶提供滿意的結果。在這些類別中，我們正在看到我們正在看到的。

Growth that goes well beyond the overall growth that we're seeing. And really the simple ones are such where technology can obviously do pretty much the entire work, which in those cases, there are usually associated with lower prices and shorter term engagements. So essentially, essentially where we're really focusing on these on these more complex services, doubling down on these categories.

成長遠遠超出了我們所看到的整體成長。事實上，簡單的情況是技術顯然可以完成幾乎所有的工作，在這種情況下，通常與較低的價格和短期的合作有關。所以本質上，我們真正關注的是這些更複雜的服務，加倍關注這些類別。

And we think that these categories have the potentials of driving very nice growth and the larger they become the more growth they'll push at the same time we're using or using AI across the entire market based the entire experience on the searching experience matching personalization, the way our customers are doing briefing the way our sellers are attending to a customer need.

我們認為這些類別有潛力推動非常好的成長，它們越大，它們推動的成長就越大，同時我們在整個市場上使用人工智慧，基於搜尋體驗匹配的整個體驗個性化，我們的客戶做簡報的方式，我們的賣家滿足客戶需求的方式。

And so essentially powering every aspect of the of the experience and making it better and more efficient. And what we've done with the winter product release is just the first step. It's a big step, but it's a first step in pretty much integrating AI in every aspect of the experience in the product.

因此，從根本上為體驗的各個方面提供動力，並使其更好、更有效率。我們在冬季產品發布中所做的只是第一步。這是邁出的一大步，但也是將人工智慧融入產品體驗各個方面的第一步。

And we'll continue doing so throughout the year and probably in the next years to come. Again, it is presenting with some superpowers that didn't exist before and allow us to allows us to really turbocharge on the experience. And so I think that both from a product standpoint, but also from a market-based standpoint, AI is going to be a multi-year tailwind for us.

我們將在全年甚至未來幾年繼續這樣做。它再次呈現出一些以前不存在的超能力，讓我們能夠真正增強體驗。因此，我認為，無論是從產品的角度來看，還是從基於市場的角度來看，人工智慧將成為我們多年的推動力。

Great thanks so much.

非常感謝。

Andrew Boone from JMP Securities.

JMP 證券公司的 Andrew Boone。

Thanks, much for taking my questions. I wanted to ask specifically about the simple services GMV in the factory was down 28% in 2023. Can we tie that into the 2024 guide? And just talk about your expectation for the simplest services and the ability for them to stay on the platform.

非常感謝您回答我的問題。我想具體問一下工廠的簡單服務GMV在2023年下降了28%。我們可以將其納入 2024 年指南嗎？只需談談您對最簡單的服務的期望以及它們留在平台上的能力。

Hey. Andrew, thanks for the question. So just as a just as a correction, the simple, the simple services are down in 10's, not 28%. I'm so sorry, it's a it is it is smaller than you indicated. Everything that we've put in the model is tied into the guidance. So whatever we see, including those is that a decrease in our in simple services is it definitely in.

嘿。安德魯，謝謝你的提問。因此，正如修正一樣，簡單、簡單的服務下降了 10%，而不是 28%。非常抱歉，它比您指示的要小。我們在模型中放入的所有內容都與指南相關聯。因此，無論我們看到什麼，包括那些，我們的簡單服務肯定會減少。

There is a mix shift, right. And so as we've demonstrated the increase in the complex categories, far outweigh the decrease in simple services. And so as we think about the guidance and as we think about AI becoming a multiyear tailwind. All of that is being tied into the guide.

有一個混合轉變，對吧。因此，正如我們所證明的，複雜類別的成長遠遠超過簡單服務的下降。因此，當我們考慮指導意見時，當我們考慮人工智慧成為多年的推動力時。所有這些都與指南相關聯。

Sorry about that. I misread it. Apologies on. And then I wanted to ask about the changes in enterprise that you're making? And how is how is the change in enterprise changing how you interact with business and how is that relating back to increased usage platform? Thank you so much.

對於那個很抱歉。我讀錯了。抱歉。然後我想問你們在企業方面正在做出的改變？企業的變化如何改變您與業務的互動方式，以及這與增加的使用平台有何關係？太感謝了。

Thank you. So essentially what we've done with enterprises, we've created a new pricing package that really emphasizes the value we provide on talent sourcing and are built for an encouraging long-term engagements. So under this new pricing package, clients do not pay additional fees to have access to content management system if they source and hire a certain number of freelancers.

謝謝。因此，本質上我們對企業所做的事情是，我們創建了一個新的定價方案，真正強調我們在人才採購方面提供的價值，並為鼓勵長期合作而建立。因此，在這個新的定價方案下，如果客戶尋找並僱用一定數量的自由工作者，則無需支付額外費用即可存取內容管理系統。

If they don't use enough that the minimum fee will kick in. So these changes have allowed us to really expand and onboard more customers into it that much quicker onboarding time.

如果他們使用的量不夠，則將收取最低費用。因此，這些變化使我們能夠真正擴展業務，並以更快的速度吸引更多客戶加入其中。

Thank you.

謝謝。

Matt Farrell, Piper Sandler.

馬特法瑞爾，派珀桑德勒。

Hey, guys. Thanks for letting me ask a question. My first one is a bit more near term, Q1 here is a little softer compared to normal seasonality, but you called out the macro really not changing in any material way. Would love just to hear kind of what's been going on Q1 from, puts and takes perspective that kind of drove the initial guide for the quarter.

大家好。謝謝你讓我問一個問題。我的第一個是近期的，與正常的季節性相比，第一季有點軟，但你指出宏觀經濟確實沒有任何實質變化。我很想聽聽第一季的情況、看跌期權和觀點，這些觀點推動了本季的初步指南。

Hey, Matt, this is Jinjin. I'll take this question. Yeah. So, nothing specific to call out for Q1. And like we mentioned earlier, we have not really seen a rebound in the macro. That said, we do believe that we can drive growth even under this macro. This is why it all for you see for the full year guidance, we are expecting to accelerate our GMV growth this year.

嘿，馬特，這是金金。我來回答這個問題。是的。因此，第一季沒有什麼特別需要指出的。正如我們之前提到的，我們並沒有真正看到宏觀經濟反彈。也就是說，我們確實相信，即使在這種宏觀環境下，我們也能推動成長。這就是為什麼您會看到全年指導，我們預計今年的 GMV 將會加速成長。

And Micha has talked, when you look at the strategic priorities we set for 2024. We notice a few big areas, and that is really you're not going to help us drive Jim acceleration. And on the take rate side, we already command, over 30% take-rate, which is really industry-leading and speaks to the unique value proposition we provide.

當你看看我們為 2024 年設定的策略重點時，Micha 就說過了。我們注意到一些大的領域，那就是你實際上不會幫助我們推動吉姆加速。在轉換率方面，我們的轉換率已經超過 30%，這確實處於行業領先地位，並且體現了我們提供的獨特價值主張。

For 2024, we expect to continue expanding take rate but at a more moderate pace compared to '23, mainly due to '23, we had a pretty substantial expansion for the two monetization programs. So we're '24. We expect to continue grow, take rate on, but could be more moderated than So these two pieces kind of go together into kind of the guide for Q1 and '24.

對於 2024 年，我們預計將繼續擴大採用率，但與 23 年相比，步伐會更加溫和，這主要是由於 23 年，我們的兩個貨幣化計劃有了相當大的擴張。所以我們是24歲。我們預計會繼續成長，但可能會比這更溫和，所以這兩部分一起進入第一季和 24 年的指南。

Thanks. And then you hit on kind of continuing to be on path for that long-term 25% adjusted EBITDA margin, obviously kind of optimizing here in the near term. But would love just any more insight from, as we maybe that a couple of more year time line? How should we be thinking that? And what are the major levers from here from the 2024 guide to get to that 25% number? Thanks.

謝謝。然後你突然想到，將繼續走上長期 25% 調整後 EBITDA 利潤率的道路，顯然是在短期內進行優化。但是否希望獲得更多的見解，因為我們可能還需要幾年的時間線？我們該如何思考呢？2024 年指南中實現 25% 這個數字的主要槓桿是什麼？謝謝。

Yeah. So I think we, for us growth is continues to be the priority. So on we are going to continue to drive growth while managing expenses very diligently and making very steady and consistent progress towards the long term. So we are not giving a specific time line for reaching 25% at the time, but as you can see, we are not far away from it and we are going to continue making steady annual progress towards it.

是的。所以我認為，對我們來說，成長仍然是首要任務。因此，我們將繼續推動成長，同時非常努力地管理費用，並朝著長期目標取得非常穩定和持續的進展。所以我們當時並沒有給出達到25%的具體時間表，但正如你所看到的，我們離這個目標並不遙遠，我們將繼續朝著這個目標穩步推進。

Thanks.

謝謝。

Jason Helfstein, Oppenheimer & Co.

賈森·赫夫斯坦，奧本海默公司

It's kind of like a two-part question, but on the same theme, so you've given us data showing that TROI. marketing efficiency still remains healthy and we look at the cohort data and just maybe help us how do you think about or how much is we're looking at like obviously the visual, right?

這有點像是由兩部分組成的問題，但主題相同，因此您向我們提供了顯示 TROI 的資料。行銷效率仍然保持健康，我們查看隊列數據，也許可以幫助我們了解您如何看待或我們在視覺上看到了多少，對嗎？

But they kind of genome cohort change from kind of running off the COVID benefit to just, general weak macro weakness among certain customers and then as you're thinking about the guide, I think most of us sit here and say, okay, have a good. The large percent of your business is smaller businesses that are interest rate sensitive.

但他們的基因組群體從某種程度地擺脫了新冠病毒帶來的好處，變成了某些客戶普遍疲軟的宏觀疲軟，然後當你思考這份指南時，我想我們大多數人坐在這裡說，好吧，有一個好的。您的企業中很大一部分是對利率敏感的小型企業。

As interest rates come down, they should we want to spend more like how do you just think about that dynamic as you're thinking about your guide relative to the other things that are in your control, right, moving upmarket, new products, take rate, et cetera. So just maybe unpack that. So kind of the burn off of the COVID benefit and then kind of how you're thinking about, particularly small business, smaller business customers who are probably more directly impacted by changing interest rates time.

隨著利率下降，我們應該花更多的錢，就像你在考慮你的指南相對於你控制的其他事情時如何考慮這種動態，對吧，進入高端市場，新產品，採取率等。所以也許只是解開它。那麼，新冠疫情帶來的好處會被燒掉，然後你會如何思考，特別是小型企業、小型企業客戶，他們可能更直接地受到利率變動的影響。

Thanks, Jason, and good morning, Tom. So essentially I think I think we mentioned this a few times right now. We're not seeing any macro change. And obviously, when it does change dirt, there is going to be an upside and we're going to be there to capture it. And the incredibly powerful marketing machine that we've that we've developed over the years is ready in fire up.

謝謝，傑森，早上好，湯姆。所以基本上我想我們現在已經提到過幾次了。我們沒有看到任何宏觀變化。顯然，當它確實改變污垢時，將會有一個好處，我們將在那裡捕捉它。我們多年來開發的極其強大的行銷機器已經準備好啟動。

So that capturing that opportunity is not going to be an issue. That said, since we're not seeing any of these changes as of now, and we'll be super happy to have to share to share it with all of you once we do see if we're focusing on the things that we that we can control, which is, which is why we've been focusing more on high-value buyers, those who spend more on spend per buyer in general. And knowing that knowing that we're not active buyers as an example, we're not going to see the same type of growth and in a in an easier macro environment.

因此，抓住這個機會不會成為問題。也就是說，由於我們目前還沒有看到任何這些變化，一旦我們確實看到我們是否專注於我們所關注的事情，我們將非常高興與大家分享。我們可以控制，這就是為什麼我們一直更多地專注於高價值買家，即那些在每個買家上花費更多錢的人。例如，我們知道我們不是活躍的買家，因此我們不會在更輕鬆的宏觀環境中看到相同類型的成長。

Usually if you look historically, what you see is you see a more balanced growth between active buyers and spend per buyer because we're able to grow both of them right now. We're obviously focusing on the things that we that we can control, which is which is really focusing on the more complex services, the higher value customers in optimizing to acquire is as effective as possible. And in those areas, I think, again, from a from a brand perspective, Fiverr is the leading brand in the world in this space. So once the sentiment is going to change, I think that there's this is just going to add to the great tailwind that we're experiencing from AI right. now.

通常，如果您回顧歷史，您會發現活躍買家和每位買家的支出之間的成長更加平衡，因為我們現在能夠同時實現這兩者的成長。顯然，我們專注於我們可以控制的事情，這實際上是專注於更複雜的服務，在優化過程中盡可能有效地獲取更高價值的客戶。在這些領域，我再次認為，從品牌角度來看，Fiverr 是該領域的世界領導品牌。因此，一旦情緒發生變化，我認為這只會增加我們從人工智慧中體驗到的巨大順風。現在。

And just to be clear, your guidance assumed no pickup in macro through the entire year, or is there sort of tick up at some point?

需要澄清的是，您的指導假設全年宏觀經濟沒有回升，或者在某個時候是否會回升？

No, no, no correct. It does not. It does not factor in any hopefulness around the macro rebound.

不不不，不正確。它不是。它沒有考慮到任何宏觀反彈的希望。

Thank you.

謝謝。

Thank you.

謝謝。

Kunal Madhukar, UBS.

庫納爾馬杜卡，瑞銀。

Thank you for taking my questions. A couple if I could. One on the complex services side. I wanted to understand a buyer behavior and seller behavior in terms of repeat sense of where you are seeing the demand from and are the centers that are supplying the complex services? Are these new to the platform? Are there people that have read told their skill set and are now supplying complex services.

感謝您回答我的問題。如果可以的話，一對。其中之一是複雜的服務方面。我想透過重複的感覺來了解買方行為和賣方行為，也就是您在哪裡看到需求以及提供複雜服務的中心是什麼？這些是該平台的新內容嗎？是否有人已經閱讀並掌握了他們的技能，現在正在提供複雜的服務。

And then on the on the take rate side for these complex services have been a bit with the ASP kind of increasing, you're probably going up more head to head with Upwork. So can you talk about take rate trends and pricing? Thank you.

然後，在這些複雜服務的使用率方面，隨著 ASP 的增加，您可能會與 Upwork 進行更多的正面競爭。那麼您能談談採取率趨勢和定價嗎？謝謝。

Yes. Thanks for the questions. So first of all, to touch on complex services, complex services are really categorized where human skills are essential to deliver a satisfactory outcome, even when AI can be used to improve the efficiency of some aspects of these projects, right? So essentially what we're seeing there is, by definition, the buyers who come to purchase these customers have a and typically longer duration of project. So in essence, the type of relationship that they develop with our platform is longer and that also influence their repeat and their retention over time.

是的。感謝您的提問。首先，談到複雜的服務，複雜的服務確實被分類為人類技能對於提供令人滿意的結果至關重要，即使人工智慧可以用來提高這些項目某些方面的效率，對嗎？因此，根據定義，我們基本上看到的是，前來購買這些客戶的買家的專案持續時間通常較長。因此，從本質上講，他們與我們平台建立的關係類型更長，這也會影響他們隨著時間的推移重複和保留。

Now as to the sellers, a lot of them are existing. Some are new. I mean, we're adding tremendous amount of talent to our platform every month, every quarter. But as you can imagine these sellers are mostly relevant for higher quality. So you can see segments like pro sellers on. So I think that this is really helpful for these sellers to really expand their earnings on Fiverr, which also create a retention of talent as well and their engagement. So I'm I think that from those two aspects, it's definitely a move into the right direction.

現在的賣家，很多都是現有的。有些是新的。我的意思是，我們每個月、每季都會在我們的平台上增加大量人才。但正如你可以想像的那樣，這些賣家大多與更高的品質相關。因此，您可以在上面看到像專業賣家這樣的細分。因此，我認為這對這些賣家真正擴大 Fiverr 上的收入非常有幫助，這也能留住人才並提高他們的參與度。所以我認為從這兩個方面來看，這絕對是朝著正確的方向邁出的一步。

Listen I think the way we look at competition is really that most of the competition is offline, but we're not focusing on any specific company and at each company in the space of its own on its own way in the way of doing business on ours is really to tried to do more of the transformation from the offline activity, the work that companies are doing with talent with agencies and really transform it on to the online world. We're really confident with the approach of tackle the entire addressable market with both the market base and the Fiverr business solutions. Thanks for the question.

聽著，我認為我們看待競爭的方式確實是，大多數競爭都是線下進行的，但我們並不關注任何特定的公司，而是每個公司都以自己的方式在自己的空間里以自己的方式開展業務。我們的真正目標是嘗試從線下活動中進行更多的轉變，即公司與代理商一起與人才一起開展的工作，並將其真正轉變為在線世界。我們對透過市場基礎和 Fiverr 業務解決方案來應對整個潛在市場的方法充滿信心。謝謝你的提問。

Brad Erickson, RBC Capital Markets.

Brad Erickson，加拿大皇家銀行資本市場部。

Thanks. I guess first, you mentioned your outperformance relative to like job openings and staffing and stuff like that. Neil, maybe just remind us if you could what are the kind of key types of capacity you think Fiverr is really replacing here augmenting or supplementing you think about the secular aspect of this, the digital freelancer opportunity, I guess, like what should investors focus on as kind of the more acute drivers, whether it's like new business formation, just kind of general health of the SMB job openings et cetera. That's the first one.

謝謝。我想首先，您提到了您在職缺、人員配置等方面的出色表現。尼爾，也許只是提醒我們，您認為 Fiverr 真正取代的關鍵類型的能力是什麼，增強或補充您考慮一下這方面的世俗方面，數字自由職業者的機會，我想，比如投資者應該關注什麼作為更尖銳的驅動因素，無論是新業務的形成，還是中小企業職位空缺的整體健康狀況等等。這是第一個。

And then second, just a housekeeping for Jinjin. I'm sorry about Ofer's teeth. Just stock-based comp, what's embedded in the guidance? And just generally how to think about stock-based comp, I guess, maybe as like a percentage of revenue, for example, going forward. Thanks.

其次，只是為津津做家事。我對奧弗的牙齒感到抱歉。只是基於股票的比較，指南包含了什麼？我想，一般來說如何考慮基於股票的補償，例如，未來可能會像收入的百分比。謝謝。

Good Morning, Brad, thanks for the questions. So on as for the first one, I think so first, what we're really optimizing for is this offline to online, right? So freelancers in general are addressing things like skill gaps, cost efficiency, issues of scale, scaling, scaling up or down very rapidly. And without the complexities of that, that comes with full-time hiring.

早安，布拉德，謝謝你的提問。那麼對於第一個，我認為首先，我們真正優化的是從離線到在線，對嗎？因此，自由工作者一般都在非常迅速地解決諸如技能差距、成本效率、規模、擴展、擴大或縮小等問題。如果沒有這種複雜性，那就需要全職招募。

And what we're doing is we're really doing this in a hyper efficient model online. So we make the actual process that is taking on average many, many weeks for companies of or changing that to a really simple interaction that takes minutes. So I think that by really covering this entire spectrum from the small needs of micro businesses to very sophisticated needs for more sophisticated and large customers. We're actually helping to transform this up. This are off-line to online.

我們正在做的是，我們實際上是在一個超高效的線上模型中做到這一點。因此，我們制定了公司平均需要花費數週時間的實際流程，或將其更改為只需幾分鐘的非常簡單的互動。因此，我認為，透過真正涵蓋從微型企業的小型需求到更複雜和大型客戶的非常複雜的需求的整個範圍。我們實際上正在幫助改變這種情況。這是從線下到線上。

Now in terms of what investors should focus on hand, we're trying to ourselves to look for properties. And um, one of the interesting things that we saw that is that there is, but it is hard to find a proxy other than the actual numbers that we're seeing on our platform, meaning new business formation is not necessarily an indication that those businesses have the spend capacity and sometimes new business formation is tied with them job cuts or people that need to need to replace or create new businesses.

現在就投資者應該關注的問題而言，我們正在努力尋找合適的房產。嗯，我們看到的有趣的事情之一是確實存在，但除了我們在平台上看到的實際數字之外，很難找到代理，這意味著新業務的形成並不一定表明這些企業有支出能力，有時新企業的形成與裁員或需要更換或創建新企業的人員聯繫在一起。

It doesn't mean that this is going to immediately lead to more spending. I think that if anything, cost of borrow is probably a decent proxy because when you think about, smaller businesses who need to borrow money to invest in growth have a harder time in this economy. And if you're a business that is already generating capital, then you can reinvest without borrowing money.

這並不意味著這會立即導致更多支出。我認為，如果有的話，借款成本可能是一個不錯的指標，因為當你想到需要藉錢投資成長的小型企業在當前經濟狀況下會遇到困難。如果您是一家已經產生資本的企業，那麼您可以在不借錢的情況下進行再投資。

So this is why I think we called out pretty much in the past year-and-a-half, the fact that we're so we're seeing parity between midsize, large size, enterprise business and small and micro businesses. So and the lower those lower cohorts of smaller businesses have a harder time than the large one on as we've demonstrated the fact that there is a pretty massive decrease in job openings doesn't mean that we're not growing. So we're seeing and we're showing we're demonstrating an opposite trend. So it's really hard to find to find these are these proxies. Jinjin, do you want to take the?

所以我認為這就是為什麼我們在過去的一年半大聲疾呼，事實上我們看到中型、大型、企業業務和小型和微型企業之間是平等的。因此，規模較小的企業比大型企業的處境越艱難，因為我們已經證明了職缺大幅減少並不代表我們沒有成長。所以我們看到並表明我們正在展示相反的趨勢。所以很難找到這些代理商。金金，你要帶嗎？

Yeah. So on SBC, we, SBC is an elevated level as we mentioned before, because of the accounting treatments that is booked at cost, it is tied with a high stock price during COVID. And so from a modeling perspective, , this is going to take for years to vest those RSU's and options.

是的。因此，在 SBC 上，我們 SBC 的水平較高，正如我們之前提到的，由於按成本記帳的會計處理，它與新冠疫情期間的高股價相關。因此，從建模的角度來看，需要數年時間才能歸屬於這些 RSU 和選擇權。

And so for modeling this year, it'll be similar to last year's level from a dollar perspective. So as a percentage of revenue, it will come down slightly. And as we finish the full year vesting and we do expect, that percentage revenue will grow more substantially stepping down.

因此，對於今年的建模，從美元角度來看，它將與去年的水平相似。因此，佔收入的百分比會略有下降。當我們完成全年歸屬時，我們確實預計，該百分比收入將大幅下降。

Great. Thank you.

偉大的。謝謝。

Bernie McKernan, Needham & Company.

伯尼·麥克南，李約瑟公司。

Great. Thanks for taking the questions and really appreciate all the color and data on the complex or simple declines or growth. Wanted to follow up on it just to what was the shape of complex growth in simple declines throughout the year. Just wanted to get a sense in terms of if trends were stabilizing or accelerating any direction, just as we and use that to forecast '24.

偉大的。感謝您提出問題，並非常感謝有關複雜或簡單下降或增長的所有顏色和數據。我想追蹤全年簡單下降中複雜增長的形狀。只是想了解趨勢是否穩定或加速任何方向，就像我們用它來預測 '24 一樣。

And then on the third bucket the neutral and any specific examples you could provide in terms of what those gains are predominantly and over time, do you think the growth will move more like simple or complex or really stay kind of flat?

然後，在第三個方面，您可以提供中性的和任何具體的例子，說明這些收益主要是什麼，隨著時間的推移，您認為成長會變得更簡單還是複雜，還是真的保持平穩？

Thanks. Bernie. I'm nothing really specific to comment on shape, right? We're up. We're not we can't call any difference across the year. And it's it seems to be steady. We have a full year of analysis that that is showing up. Obviously, we'll need to see how the future shapes up. But this is this is what we can call for now on in terms of the of the NuTool bucket, essentially, these are categories that are not being affected.

謝謝。伯尼.我對形狀沒有什麼具體的評論，對吧？我們起來了。我們不能說全年有任何差異。而且看起來很穩定。我們有一整年的分析正在顯示這一點。顯然，我們需要看看未來會如何發展。但這就是我們現在可以根據 NuTool 儲存桶呼叫的內容，本質上，這些是不受影響的類別。

So essentially, their trends have been have nothing to do with the AI impact. So we don't we don't see any material train trend changes due to a due to AI weather because AI is not involved in it or because it's not just not impacting it on?

因此，從本質上講，他們的趨勢與人工智慧的影響無關。所以我們沒有看到任何由於人工智慧天氣而導致的物料列車趨勢變化，因為人工智慧沒有參與其中，或者因為它不僅僅是不影響它？

Yes. And so as to your second part of the question Will growth move to simple or complex. I think I think at some point, every transformation, every technological transformation may plateau at some point, but we don't we don't think that this is going to happen anytime soon. So our assumption is that some of some of the simple, our path are going to be continue to be automated, which by the way, is nothing new on I mean, it happened before even before AI

是的。至於問題的第二部分，成長會變得簡單還是複雜。我認為在某個時刻，每一次變革、每一次技術變革都可能在某個時刻陷入停滯狀態，但我們不認為這種情況會很快發生。所以我們的假設是，我們的一些簡單的路徑將繼續自動化，順便說一句，這並不是什麼新鮮事，我的意思是，它甚至在人工智慧之前就發生了

Automation has been a part of our lives and definitely the more complex services is where I think the growth potential definitely lies. This is why we called out the fact that we're going to double down on these on these categories and services.

自動化已經成為我們生活的一部分，我認為更複雜的服務絕對是成長潛力所在。這就是為什麼我們指出我們將在這些類別和服務上加倍努力。

Understood. Thank you.

明白了。謝謝。

Marvin Fong, BTIG.

馬文·方，BTIG。

Great. Good morning. Thanks for taking my question. So two for me. So first, just on enterprise, great to see adding over a dozen clients, there's some be interested if there was any additional color you could add about on the pipeline that you see for this cohort. And can you speak to any what's the kind of size of the of the clients that are adopting this and they 500 plus employees or 1,000 plus employee kind of organizations, a very large organizations.

偉大的。早安.感謝您提出我的問題。所以對我來說是兩個。首先，就企業而言，很高興看到增加了十多個客戶，如果您可以在該隊列中看到的管道上添加任何其他顏色，有些人會感興趣。您能否談談採用此技術的客戶的規模是多少，他們是擁有 500 多名員工或 1,000 多名員工的組織，一個非常大的組織。

And then second question just more of a housekeeping question, but I'd love to see the disclosure about AI. being 4% of TMP, but just curious if since AI didn't really manifest itself until sort of, let's call it May or June was the was the percentage in the back half of the year, actually higher and down middle or maybe you could kind of speak to, fourth quarter or what was the impact just in that quarter? Trying to get a sense of home now maybe what we're seeing currently?

第二個問題更多的是一個內務問題，但我很樂意看到有關人工智慧的揭露。是TMP 的4%，但只是好奇，因為人工智慧直到某種程度才真正顯現出來，我們稱之為5 月或6 月，這是下半年的百分比，實際上是較高和較低的中間，或者也許你可以談談第四季或該季度的影響是什麼？現在試圖找到家的感覺也許就是我們現在所看到的？

So thanks a lot, and thanks for the questions. So on the first one on the dozen clients, we've added to enterprise. So in in Q4, we acquired three multinational enterprise clients including two in the tech space and one in the manufacturing industry. And we also added about 10 mid-size enterprises, including a few media companies.

非常感謝，也感謝大家提出的問題。因此，在十幾個客戶中的第一個客戶中，我們加入了企業客戶。因此，在第四季度，我們收購了三個跨國企業客戶，其中兩個來自科技領域，一個來自製造業。我們也增加了約10家中型企業，其中包括一些媒體公司。

And just to give you a color on size. When we when we talk about a large versus midsize, we categorize it below or above 3,000 employees. That hopefully is giving you is giving you color on the second part of your question on well, we've been responding to the changes or the announcements of a I mean, chargeability was announced November of 2022.

只是為了給你一個尺寸上的顏色。當我們談論大型企業與中型企業時，我們將其分為員工人數低於或高於 3,000 人的企業。希望這能讓您對問題的第二部分有所了解，我們一直在回應更改或公告，我的意思是，收費已於 2022 年 11 月宣布。

So as far as though we've seen the impact of started have started it though back end of 2022 in the beginning of 2023, we were already with about 20 or 30 categories that we're dealing with AI related services. So for us, a it's really a full a full year effect. That said, the obvious the categories are very dynamic on the market base and outside of the market base that demands for those and they've been developing throughout the year.

因此，儘管我們已經看到了 2022 年底到 2023 年初開始產生的影響，但我們已經有大約 20 或 30 個類別正在處理人工智慧相關服務。所以對我們來說，這確實是一整年的影響。也就是說，很明顯，這些類別在市場基礎和市場基礎之外都非常活躍，並且它們全年都在發展。

But we've been we have been talking about the net positive impact of AI throughout the year. And this is just our opportunity to wrap up on 2023 from a full year perspective and really calling and putting an actual number on it.

但我們全年一直在談論人工智慧的淨正面影響。這只是我們從全年角度總結 2023 年並真正呼籲並給出實際數字的機會。

Okay, that's fair. Thanks so much Micha. I appreciate that. Thanks, everyone.

好吧，這很公平。非常感謝米夏。我很感激。感謝大家。

Thank you.

謝謝。

Rohit Kulkarni, Ross MKM.

羅希特·庫爾卡尼，羅斯·MKM。

Hey, thank you. And thank you for the extra color on the GMV growth and the underlying layers. I guess just on metrics them and how they affective guidance for GMV. Anything you could provide to unpack a little bit more with regards to and then a trend in active buyers and spend per buyer as we think ahead and how that stacks up to help you accelerate GMV?

嘿，謝謝你。感謝您對 GMV 成長和底層的額外描述。我想只是衡量它們以及它們如何對 GMV 進行情感指導。您能否提供一些資訊來進一步了解活躍買家的趨勢以及每位買家的支出，以及我們對未來的思考以及這如何幫助您加快 GMV？

Yes. Thanks for the question. So essentially, I think as to active buyers and what we're seeing is what we've seen. So far, meaning because of macro, there isn't any noticeable improvement in terms of our ability to have to increase those numbers in terms of quantity. And therefore, we are focused on the quality of those of those active buyers, which is everything we said about the high-value buyers.

是的。謝謝你的提問。所以本質上，我認為對於活躍的買家來說，我們所看到的就是我們所看到的。到目前為止，由於宏觀原因，我們在數量方面增加這些數字的能力並沒有任何明顯的改善。因此，我們專注於那些活躍買家的質量，這就是我們所說的關於高價值買家的一切。

And obviously, if you if you continue to track those numbers, you see that the percentage that they contribute continues to increase and steadily. So active buyer is going to be it's going to be similar trends as in 2023 and spend per buyer will accelerate in your year-over-year growth in comparison to 2023.

顯然，如果你繼續追蹤這些數字，你會發現它們貢獻的百分比持續穩定成長。因此，活躍買家的趨勢將與 2023 年類似，與 2023 年相比，每位買家的支出將加速年增。

So, our, really our focus on it is going to continue if you just calling out the contribution of higher value buyers. Those who spend more than $500 with us, that cohort grew 4% year-over-year in 2023, which is a which is significantly higher than the overall active buyer growth. Yeah, so that. So that's how we view 2023 about 2024, sorry.

因此，如果您只是呼籲更高價值買家的貢獻，我們實際上將繼續關注它。那些在我們這裡消費超過 500 美元的人群在 2023 年同比增長了 4%，這明顯高於整體活躍買家的增長。是的，所以。這就是我們對 2023 年和 2024 年的看法，抱歉。

Okay. That's really helpful color. Thank you very much. And then I guess I know there were a bunch of questions on this new disclosure around simple versus complex sources, Marketplace mix that you have. I think just on that, probably like as far as the mix going forward, anything noteworthy that you're assuming on assuming with regards to complex services, that probably could be a bigger proportion of GMV going forward? And as a sub-question to that would be, are there any pricing or take rate differences? Is there a material differences across those three categories of GMV.

好的。這真是有用的顏色。非常感謝。然後我想我知道對於這個新的揭露，圍繞著簡單與複雜的來源、市場組合存在著許多問題。我認為就這一點而言，可能就像未來的組合一樣，您在複雜服務方面假設的任何值得注意的事情可能會佔未來 GMV 的更大比例？作為一個子問題，是否存在定價或費率差異？這三個類別的 GMV 是否有重大差異？

Hey, Rohit, this is Jinjin. Yeah. So I think definitely, I think we mentioned in the shareholder letter as well. Contract services in '23 is already almost a third of our marketplace in terms of GMV contribution and much higher than the simple services, which is around 23%. And yes, given the growth rate, right, 29% year-over-year growth. It is a big step-up in terms of the overall percentage of GMV coming from those contact services. And we do expect that contribution continue to grow in the coming year?

嘿，羅希特，這是金金。是的。所以我認為，我們在股東信中也提到了這一點。就 GMV 貢獻而言，23 年的合約服務幾乎占我們市場的三分之一，並且遠高於簡單服務（約 23%）。是的，考慮到成長率，沒錯，年增 29%。就這些聯繫服務的 GMV 總體百分比而言，這是一個巨大的進步。我們確實預期這項貢獻在來年持續成長？

And any noticeable differences in take rate jinjin? or anything other impact.

jinjin 的接受率有什麼明顯的差異嗎？或任何其他影響。

Yeah, that's right. Yeah, So take-rate is nothing really, no. We are different. We know we our entire marketplace takes we know very consistent like just uniform take rates across the board. So yes, so 20% from the center side. And then final 5.5% from the buyer side. There's no difference in terms of the transaction.

是啊，沒錯。是的，所以採取率真的沒什麼，不。我們不同。我們知道我們整個市場的需求非常一致，就像全面且統一的需求率一樣。所以是的，所以 20% 來自中心側。最後由買方支付 5.5%。就交易而言，沒有什麼區別。

Okay. Thank you very much.

好的。非常感謝。

Thank you. And I am showing no further questions from our phone lines. I'd now like to turn the conference back over to Micha Kaufman for any closing remarks.

謝謝。我的電話線路上沒有再提出任何問題。現在我想將會議轉回給米查·考夫曼（Micha Kaufman）做總結發言。

Thank you, krystal, and thank you, everyone, for joining us today, and we look forward to an exciting and successful year and hope to see you in person soon. Thank you have a great day.

謝謝克里斯托，謝謝大家今天加入我們，我們期待著激動人心和成功的一年，並希望很快能見到你們。謝謝你度過愉快的一天。