Fiverr International Ltd (FVRR) 2024 Q2 法說會逐字稿

Good morning, everyone. Thank you for joining us on Fiverr's earnings conference call for the second quarter that ended June 30, 2024. 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 Fiverr 於 2024 年 6 月 30 日結束的第二季財報電話會議。今天與我一起參加電話會議的有創辦人兼執行長 Micha Kaufman 和總裁兼財務長 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.

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。

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 factor section in Fiverr's most recent Form 20-F and other filings with the SEC.

對可能導致實際結果與任何前瞻性陳述存在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 表格和向 SEC 提交的其他文件的風險因素部分中找到。

During this call, we'll be referring to some key performance metrics and non-GAAP financial measures, including adjusted EBITDA, adjusted EBITDA margin, and free cash flow. Further explanation and a reconciliation of each of the non-GAAP financial measures to the most directly comparable GAAP measures is provided in the earnings release we issued today in 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、調整後 EBITDA 利潤率和自由現金流。我們今天在股東信函中發布的收益報告中提供了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進一步解釋和調節，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. Our Q2 results demonstrate continued strong execution and the resilience of our business. Both the revenue and adjusted EBITDA came in above the midpoint of our guidance as we continue to expand customer wallet share and improve monetization. We are committed to driving profitable growth and delivering shareholder value in a fluid environment.

謝謝你，津津。大家早安，感謝您加入我們。我們第二季的業績證明了我們業務持續強勁的執行力和彈性。隨著我們繼續擴大客戶錢包份額並提高貨幣化水平，收入和調整後的 EBITDA 均高於我們指導的中點。我們致力於在不斷變化的環境中推動獲利成長並提供股東價值。

I'm pleased to report that we have completed the $100 million buyback program announced in April. We remain highly confident about the long-term opportunity of our business and believe our strong cash flow and strong balance sheet allow us to invest in our business while returning capital to our shareholders. I'm very excited to be here today.

我很高興地報告，我們已經完成了 4 月宣布的 1 億美元回購計畫。我們對我們業務的長期機會仍然充滿信心，並相信我們強勁的現金流和強大的資產負債表使我們能夠投資我們的業務，同時向股東返還資本。我今天很高興來到這裡。

It has been an incredibly busy and fulfilling few months at Fiverr, culminating in the announcement of our summer product release last week. I want to thank our entire team for their hard work. The level of energy and dedication, especially in the last few weeks, reminded me of Fiverr's early days when we were just a small startup.

Fiverr 度過了令人難以置信的忙碌和充實的幾個月，最終在上周宣布了夏季產品發布。我要感謝我們整個團隊的辛勤工作。這種精力和奉獻精神，尤其是在過去幾週，讓我想起 Fiverr 的早期時光，當時我們只是一家小型新創公司。

Fittingly, we are starting up a number of new ventures as we look to take our business to the next level. First is the expansion of Fiverr to enable freelance hiring capabilities. With the introduction of profession-based catalog and the ability to initiate time-based transactions and contracts, we are enabling businesses to hire long-term freelancers who act as part of the team with ongoing tasks and goals.

為了將我們的業務提升到一個新的水平，我們正在創辦一些新的企業。首先是 Fiverr 的擴展，以實現自由工作者的招募能力。透過引入基於專業的目錄以及啟動基於時間的交易和合約的能力，我們使企業能夠僱用長期的自由工作者，他們作為團隊的一部分，承擔持續的任務和目標。

This is not an area we competed historically, but as we increasingly go up market and lean into complex service categories, it becomes essential to round up our offering. We believe it will significantly expand our direct addressable market, allowing us to open up top of funnel, specifically for traffic with long-term hiring intentions. It will allow us to capture more of our customers' overall freelance hiring budget.

這不是我們歷史上競爭的領域，但隨著我們越來越多地進入市場並傾向於複雜的服務類別，整合我們的產品變得至關重要。我們相信，它將顯著擴大我們的直接目標市場，使我們能夠打開通路頂部，特別是具有長期招募意願的流量。這將使我們能夠獲得更多客戶的整體自由工作招募預算。

The expansion of Fiverr to a multi-solution platform that enables long-term hiring is also an important message for our community. In an environment where AI seems to have the potential of up-end many professions, the line between human services and AI-generated services is blurring.

Fiverr 擴展到支援長期招募的多解決方案平台，這對我們的社區來說也是一個重要訊息。在人工智慧似乎具有顛覆許多職業的潛力的環境中，人類服務和人工智慧生成的服務之間的界限正在變得模糊。

The professions-based catalog puts talent at the center of the market-based experience. To our buyer community, it underscores our value proposition in connecting them with the best human talent around the world for authentic creative work.

基於專業的目錄將人才置於基於市場的經驗的中心。對於我們的買家社群來說，它強調了我們將他們與世界各地最優秀的人才聯繫起來以進行真正的創意工作的價值主張。

To our talent community, the mission of Fiverr since day one has always been to bring them opportunities and empower their success, and the commitment has not changed in the face of AI. It is our passion and responsibility to help talent navigate the changing landscape, discover their skills, and translate them into a career.

對於我們的人才社群來說，Fiverr 的使命從第一天起就一直是為他們帶來機會並幫助他們取得成功，面對人工智慧，這項承諾並沒有改變。我們的熱情和責任是幫助人才駕馭不斷變化的環境、發現他們的技能並將其轉化為職業。

Earlier this month, we unveiled our first ever Breakthrough Achievement Recognition to celebrate freelancers who have achieved significant earning milestones on Fiverr. It is extremely rewarding and inspiring to see people making $1 million or even $5 million throughout our platform by just doing what they love. Whether you're a musician or a script writer or a Shopify expert, and no matter where you come from, it is all possible on Fiverr.

本月早些時候，我們推出了首個突破性成就表彰，以慶祝在 Fiverr 上實現重大收入里程碑的自由工作者。看到人們透過我們的平台做自己喜歡的事情賺取 100 萬美元甚至 500 萬美元，這是非常有價值和鼓舞人心的。無論您是音樂家、劇本作家還是 Shopify 專家，也無論您來自哪裡，在 Fiverr 上一切皆有可能。

The second theme of our summer product release is deepening the integration of Neo, Fiverr's AI tool throughout the market-based experience. As gen AI applications quickly shift consumers' internet behavior and expectations, we want to stay ahead of the curve to build a more personable experience on Fiverr. At the same time, tests and data in the past six months have shown that not everyone prefers the outright chatbot experience when it comes to shopping.

我們夏季產品發布的第二個主題是深化 Fiverr 的 AI 工具 Neo 在整個市場體驗中的整合。隨著新一代人工智慧應用程式迅速改變消費者的網路行為和期望，我們希望保持領先地位，在 Fiverr 上創造更人性化的體驗。同時，過去六個月的測試和數據表明，並不是每個人都喜歡購物時完全的聊天機器人體驗。

So our strategy for Neo is to incorporate it as an assistant throughout the funnel to help customers when friction arises. For search, Neo provides the guidance you need to navigate Fiverr's massive catalog of services and talent. And it is trained to understand customers' past transactions and preference to provide the most relevant recommendations.

因此，我們對 Neo 的策略是將其作為整個管道的助手，在出現摩擦時為客戶提供幫助。對於搜索，Neo 提供了您瀏覽 Fiverr 龐大的服務和人才目錄所需的指導。經過訓練，它可以了解客戶過去的交易和偏好，以提供最相關的建議。

When it comes to project briefing, having Neo is like having a strategy by your side. It transforms customers' ideas into a structured brief document that not only looks good, but also delivers better business results. Neo can also help customers write more detailed reviews faster by generating content based on transactions and providing language assistance. We are in the early innings of unleashing the full potential of AI in our marketplace. And we believe it will be a multi-year tailwind for us to drive product innovation and growth.

當涉及專案簡報時，有 Neo 就像你身邊有策略。它將客戶的想法轉化為結構化的簡短文檔，不僅看起來不錯，而且還能帶來更好的業務成果。Neo 還可以根據交易產生內容並提供語言協助，幫助客戶更快地撰寫更詳細的評論。我們正處於在市場中釋放人工智慧全部潛力的早期階段。我們相信，這將成為我們推動產品創新和成長的多年順風車。

Lastly, I want to say a few words on the acquisition of AutoDS. For us, the deal is strategic for a number of reasons. Fiverr was founded on the belief that everyone should have the opportunity to find financial independence. The creator economy is the epitome of this community. And competitively, we have a strong foothold in this segment. We are passionate about continuing to support and empower this community. Like the Fiverr millionaires that I've mentioned earlier, there is something emotional gratifying in witnessing and contributing to their amazing stories.

最後，我想就收購AutoDS 說幾句話。對我們來說，出於多種原因，這筆交易具有戰略意義。Fiverr 成立的信念是每個人都應該有機會實現財務獨立。創造者經濟就是這個社區的縮影。從競爭角度來看，我們在這一領域擁有穩固的立足點。我們熱衷於繼續支持和增強這個社區的力量。就像我之前提到的 Fiverr 百萬富翁一樣，目睹並為他們的精彩故事做出貢獻會讓人感到情感上的滿足。

Secondly, while dropshipping is not exactly a new business, with the rise of fast fashion e-commerce sites like Temu and Shein, and the continued strength of social media, we are seeing dropshipping related categories experiencing tremendous growth on Fiverr. That includes Shopify development, e-commerce management, video ads, and UGC videos, to name a few. We believe the deal can create many synergetic opportunities for us to lean into growth.

其次，雖然直銷並不是一項新業務，但隨著 Temu 和 Shein 等快時尚電商網站的崛起，以及社群媒體的持續強勢，我們看到直銷相關類別在 Fiverr 上經歷了巨大的成長。其中包括 Shopify 開發、電子商務管理、影片廣告和 UGC 影片等。我們相信，這筆交易可以為我們創造許多協同成長的機會。

Lastly, in alignment with our expansion to a platform play, we are taking the opportunity to fold in new subscription-based revenue stream with strong synergy and growth potential. This will add to our value-added product portfolio, which includes promoted gigs and seller plus, and further strengthen our business overall financial profile.

最後，為了配合我們向平台業務的擴張，我們正在藉此機會納入具有強大協同效應和成長潛力的新的基於訂閱的收入來源。這將增加我們的加值產品組合，其中包括促銷演出和賣家附加服務，並進一步增強我們業務的整體財務狀況。

To wrap up, we are expanding our business from a simple marketplace to a complete freelance talent platform for businesses of all sizes. We are also diversifying our business model to capture customers' freelance spending and provide them with multiple value-added products and software solutions. We continue to operate at the highest level of discipline to drive consistent margin expansion and free cash flow generation. We are committed to profitable growth, robust free cash flow, and a disciplined capital allocation strategy that aims to deliver long-term shareholder value.

總而言之，我們正在將業務從一個簡單的市場擴展到適合各種規模企業的完整自由工作者人才平台。我們還使我們的業務模式多樣化，以吸引客戶的自由支出，並為他們提供多種增值產品和軟體解決方案。我們繼續按照最高水準的紀律運營，以推動持續的利潤擴張和自由現金流的產生。我們致力於獲利成長、強勁的自由現金流以及旨在實現長期股東價值的嚴格資本配置策略。

With that, I'll turn the call over to Ofer, who will share some financial highlights.

接下來，我會將電話轉給奧弗，他將分享一些財務亮點。

Thank you, Micha, and good morning, everyone. We delivered another strong quarter of results. Revenue for Q2 was $94.7 million, up 6% year-over-year above the midpoint of our guidance. Adjusted EBITDA was $17.8 million near the top end of our guidance and representing an adjusted EBITDA margin of 18.9%.

謝謝你，米夏，大家早安。我們又交付了強勁的季度業績。第二季營收為 9,470 萬美元，年增 6%，高於我們指引的中位數。調整後 EBITDA 為 1780 萬美元，接近我們指導的上限，調整後 EBITDA 利潤率為 18.9%。

Importantly, adjusted EBITDA margin increased by 180 basis points year-over-year, which underscore our commitment to driving steady, measurable operating leverage. We remain confident in our ability to achieve a 25% long-term adjusted EBITDA margin in the next three years. We also continue to generate impressive cash flow.

重要的是，調整後的 EBITDA 利潤率年增了 180 個基點，這凸顯了我們對推動穩定、可衡量的營運槓桿的承諾。我們仍有信心在未來三年內達到 25% 的長期調整後 EBITDA 利潤率。我們也繼續產生可觀的現金流。

Operating cash flow was $21 million, up 11.9% year-over-year. Free cash flow was $20.7 million, representing a 12.5% year-over-year increase, and free cash flow margin of 21.8%. This results in a strong balance sheet, which we intend to use to increase shareholder's value through a prudent capital allocation strategy.

營運現金流為 2,100 萬美元，年增 11.9%。自由現金流為 2,070 萬美元，較去年同期成長 12.5%，自由現金流利潤率為 21.8%。這導致了強大的資產負債表，我們打算利用它透過審慎的資本配置策略來增加股東價值。

As Micha mentioned, we have completed the $100 million share buyback, which was authorized in April, and we are committed to optimizing our capital allocation strategy to deliver shareholder's value. Over the next three years, we expect to continue growing free cash flow generation with a CAGR in the mid-teens. There are multiple ways we can get there, but as I often say, we always model based on what we know.

正如 Micha 所提到的，我們已經完成了 4 月授權的 1 億美元股票回購，我們致力於優化資本配置策略，以實現股東價值。在接下來的三年中，我們預計自由現金流的產生將繼續成長，複合年增長率將達到十幾歲。我們可以透過多種方式實現這一目標，但正如我常說的，我們總是根據我們所知道的進行建模。

Based on our line of sight today, we expect to achieve this through steady revenue growth, continued margin expansion, strong free cash flow generation, accompanied by active share counts management.

根據我們今天的視線，我們預計透過穩定的收入成長、持續的利潤率擴張、強勁的自由現金流產生以及積極的股數管理來實現這一目標。

Unpacking our Q2 results, we continue to see our strategy of going up market work really well, with spent-to-buyer showing a robust growth of 10% year-over-year. We also see AI continuing to have a net positive impact on our business. It is important to know that we are starting to see stabilizing and improving trends in simple services.

從我們第二季的業績來看，我們繼續看到我們的市場拓展策略非常有效，買家支出比去年同期成長了 10%。我們也看到人工智慧繼續對我們的業務產生積極的淨影響。重要的是要知道我們開始看到簡單服務的穩定和改善趨勢。

As we mentioned in prior quarters, we believe the low-end transaction within the simple service categories were getting impacted the most. As the mixed ships within those categories improved towards the higher end, we believe the overall durability of those categories shall improve over time as well. There are also certain metrics in Q2 that didn't perform as strongly as we had anticipated.

正如我們在前幾個季度所提到的，我們認為簡單服務類別中的低端交易受到的影響最大。隨著這些類別中的混合船舶向高端邁進，我們相信這些類別的整體耐用性也會隨著時間的推移而提高。第二季的某些指標也沒有我們預期的那麼強勁。

Active buyer was 3.9 million, down 8% year-over-year, and overall GMV decelerating Q2. Both were impacted by a slowdown in traffic started in June, as the trend we saw in the earlier part of the year proved to be more of a pull forward rather than sustainable turn of trend. These trends serve as a reminder for us that we are still in the middle of macro cycle where higher inflation and interest rates impact the immediate cashflow of small businesses, erode their confidence in spending as they try to preserve more cash and delay large projects for potential rainy days ahead.

第二季活躍買家數為 390 萬，年減 8%，整體 GMV 下降。兩者都受到 6 月開始的流量放緩的影響，因為我們在今年稍早看到的趨勢被證明更多是向前拉動，而不是可持續的趨勢轉變。這些趨勢提醒我們，我們仍處於宏觀週期的中間，通貨膨脹和利率上升會影響小型企業的直接現金流，削弱他們的支出信心，因為他們試圖保留更多現金並推遲未來大型專案的潛力有雨天。

As we enter into the second half of this year, we are expanding our product portfolio both organically and inorganically to create additional growth catalysts as Micha covered extensively in his remarks. Our seller monetization program, such as Promoted Gigs and Seller Plus, continue to show strong growth momentum and the addition of AutoDS will further strengthen our overall take rate. We believe this effort will keep us on track to deliver the target we set at the beginning of the year.

隨著我們進入今年下半年，我們正在有機和無機地擴大我們的產品組合，以創造額外的成長催化劑，正如米查在他的演講中廣泛提到的那樣。我們的賣家貨幣化計劃，如Promoted Gigs和Seller Plus，繼續表現出強勁的成長勢頭，AutoDS的加入將進一步提高我們的整體接受率。我們相信，這項努力將使我們能夠實現年初設定的目標。

For the full year, 2024, we are raising the bottom end of our guidance and now expect revenue to be in the range of $383 million to $387 million representing year-over-year growth of 6% to 7%. We are seeing the volatility in June continue into July and we anticipate Q3 revenue growth to be relatively muted. We expect Q4 revenue growth to improve as the continued product development and the addition of the AutoDS creates additional growth catalysts.

對於 2024 年全年，我們提高了指導下限，目前預計營收將在 3.83 億美元至 3.87 億美元之間，年增 6% 至 7%。我們預計 6 月份的波動將持續到 7 月份，我們預計第三季的營收成長將相對溫和。我們預計第四季度營收成長將有所改善，因為持續的產品開發和 AutoDS 的添加將創造額外的成長催化劑。

In terms of underlying drivers, we now expect active buyers to decline slightly more than we previously anticipated and spend the buyers to continue growing at a robust pace. We now expect the take rate to increase by approximately 250 basis points as we continue to expand our value-added product portfolio.

就潛在驅動因素而言，我們現在預計活躍買家的下降幅度將略高於我們先前的預期，而支出買家將繼續以強勁的速度成長。隨著我們繼續擴大加值產品組合，我們現在預計採用率將增加約 250 個基點。

For adjusted EBITDA, we expect full year 2024 to be in the range of $69 million to $73 million representing an adjusted EBITDA margin of 18.4% at the midpoint. We are confident that we can continue making steady and consistent progress on our adjusted EBITDA margin to reach 25% by the end of 2027.

對於調整後的 EBITDA，我們預計 2024 年全年將在 6,900 萬美元至 7,300 萬美元之間，調整後的 EBITDA 利潤率中點為 18.4%。我們有信心能夠繼續穩定地推進調整後 EBITDA 利潤率，到 2027 年底達到 25%。

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

現在，我們將電話轉給接線員詢問問題

(Operator Instructions) Ron Josey, Citi.

（操作員指令）Ron Josey，花旗銀行。

All right, thanks for taking the question, guys. So I want to ask about the product and then maybe a little bit more about just broader visibility. So on the product, look -- I think it's really fascinating to expansion to a broader marketplace with the hiring platform. And so specifically, Micha, I wanted to hear a little bit more about the benefits of Neo as it relates to conversion rates and then insights on overall launch plans to have it fully integrated.

好的，謝謝你們提出問題，夥伴們。所以我想詢問有關產品的信息，然後可能更多地詢問更廣泛的知名度。因此，在產品方面，我認為透過招聘平台擴展到更廣泛的市場確實很有趣。因此，具體來說，Micha，我想更多地了解 Neo 的優勢，因為它與轉換率有關，然後是關於將其完全整合的整體發布計劃的見解。

And as we also think about the product, I'd love to hear more from a professional-based catalog, just how you see demand and supply evolving on the marketplace over time as you bring everything together and become more of that hiring and marketplace platform. And then just a little more details on the macro volatility, the pull forward early in the year and then June, July comments. You know, was this just a change that happened in June, July and as interest rates maybe come down and any insights on maybe when we might see some stability here? Thank you.

當我們也在考慮產品時，我很想從基於專業的目錄中聽到更多信息，隨著時間的推移，當您將所有內容整合在一起並成為招聘和市場平台時，您如何看待市場上的需求和供應變化。然後是關於宏觀波動、年初的拉動以及六月、七月評論的更多細節。你知道，這只是六月、七月發生的變化嗎？謝謝。

Good morning, Ron. Thanks for the questions. I'll try to take them by order. So the first one was I think about the product release and specifically about Neo. So essentially, I think as I've said in my opening comments, the possibility of actually using AI to make our products better, it's pretty much endless.

早安，羅恩。感謝您的提問。我會嘗試按訂單接受它們。所以第一個是我考慮產品發布，特別是 Neo。所以本質上，我認為正如我在開場白中所說的那樣，實際使用人工智慧來使我們的產品變得更好的可能性幾乎是無窮無盡的。

And we're in the very early stages of doing that. And the experimentation that we've done with Neo as a personal assistant within the inbox, which was the first version of doing it, taught us a lot about how our customers are actually using it and how it improved the conversion in briefing.

我們正處於這樣做的早期階段。我們用 Neo 作為收件匣中的個人助理進行了實驗，這是這樣做的第一個版本，教會了我們很多關於客戶實際如何使用它以及它如何提高簡報轉換的資訊。

Now it allows buyers to complete and it leads to higher conversion as a result. And so the idea here is that we're graduating Neo to get out of the inbox and essentially being integrated in all of our experience. Right now, it's being rolled out gradually because we want to test its accuracy and performance. But essentially, you can find it as a personal assistant throughout the experience.

現在它允許買家完成，從而帶來更高的轉換率。所以這裡的想法是，我們要讓 Neo 擺脫收件匣的束縛，從本質上融入我們所有的體驗中。目前，它正在逐步推出，因為我們想測試它的準確性和性能。但本質上，您可以在整個體驗過程中發現它作為個人助理。

So it allows customers to search better, to be more accurate about their needs and as a result, get much higher quality match. But it also has awareness about where it exists. So if you're looking at a specific page, you can ask it questions about that page. So it helps people make decisions and get to what they're looking for better.

因此，它可以讓客戶更好地搜索，更準確地了解他們的需求，從而獲得更高品質的匹配。但它也知道自己的存在位置。因此，如果您正在查看特定頁面，您可以向其詢問有關該頁面的問題。因此，它可以幫助人們做出決定並更好地找到他們想要的東西。

The same goes with the integration in briefing. If customers have a brief pre-made, then they can just upload it. And we help make that brief even better. But if they don't, then the technology that is behind Neo actually helps them write a better, more accurate brief. And again, as a result of that, gets matched with a much more specific cohort of potential talent that can do the job.

簡報中的整合也是如此。如果客戶有預先製作的簡短內容，那麼他們只需上傳即可。我們幫助讓這份簡報變得更好。但如果他們不這樣做，那麼 Neo 背後的技術實際上可以幫助他們寫出更好、更準確的簡報。因此，我們會再次與一群更具體的、能夠勝任這項工作的潛在人才進行配對。

So essentially, it's a big part of our summer release. We're very happy on how it's progressing. It's a new technology. As we scale it up, it takes a little bit of time. But we're in the process of gradually opening this up for more customers.

所以本質上，它是我們夏季版本的重要組成部分。我們對它的進展感到非常高興。這是一項新技術。當我們擴大規模時，需要一點時間。但我們正在逐步向更多客戶開放這一點。

Second question was about a profession-based catalog. So essentially, one of the things that happens in this idea of graduating from a marketplace to a platform is historically Fiverr was just a marketplace for predefined services. But those services are being offered by professionals. And we've noticed that a lot of our customers, when they search for something, they do not necessarily search for a specific service, but they do search for a specific talent.

第二個問題是關於基於專業的目錄。因此，從本質上講，從市場升級到平台的想法中發生的事情之一是，歷史上 Fiverr 只是一個預先定義服務的市場。但這些服務是由專業人士提供的。我們注意到，很多客戶在搜尋某些東西時，不一定會搜尋特定的服務，但他們確實會搜尋特定的人才。

And as a result of that, we created a new catalog that is very much focused on talent, skills, professions, rather than specific services. And again, it allows customers to be more naturally matched with our talent. If you connect this with new contracting forms, like the possibility of paying based on hourly rates, then that completes or upgrades, enhances the platform and the possibilities of customers to actually engage with talent.

因此，我們創建了一個新的目錄，該目錄非常關注人才、技能、專業，而不是特定的服務。再次，它讓客戶能夠更自然地與我們的人才相匹配。如果您將其與新的合約形式（例如按小時費率付費的可能性）聯繫起來，那麼就會完成或升級，增強平台以及客戶與人才實際接觸的可能性。

I think your last question was about what we're seeing with macro. I think as Ofer mentioned, we've seen some volatility during June. First macro environment continues to be challenging in terms of SMB and the sentiment of hiring. And I think that there's a few stats that are worth calling out here. So we have the small business index that continues to linger at the lowest levels in a decade.

我認為你的最後一個問題是關於我們在宏觀方面看到的情況。我認為正如奧弗所提到的，我們在六月看到了一些波動。首先，就中小企業和招募情緒而言，宏觀環境仍然充滿挑戰。我認為這裡有一些統計數據值得一提。因此，我們的小企業指數繼續徘徊在十年來的最低水準。

You have the job opening that are down 7% year-over-year. And in the tech sector specifically, they're down 17% year-over-year. And you have professional staffing that is tracked through staffing hours that is also down 7% year- over-year, which is slightly worse than it was a year ago. So all in all, when you think about the hiring space, the hiring space is not seeing its brightest moment right now.

職缺較去年同期下降 7%。特別是在科技領域，年減了 17%。而且，透過人員配備時間進行追蹤的專業人員配置也同比下降了 7%，這比一年前略有下降。總而言之，當你考慮到招募領域時，你會發現招募領域目前還沒有迎來最光明的時刻。

In addition to that, what we've seen during June was some slowness in top of funnel traffic across the platform. So I think that from a matrix perspective, it's more visible in terms of impact on active buyers and less on spend per buyer. And spend per buyer has been growing pretty aggressively, double digits. And the efforts that we're doing in going up market continues to pay off.

除此之外，我們在 6 月看到整個平台的漏斗流量頂部有些緩慢。所以我認為，從矩陣的角度來看，它對活躍買家的影響更加明顯，而對每個買家的支出則更少。每位買家的支出一直以兩位數的速度快速成長。我們在高端市場所做的努力繼續得到回報。

And from a category perspective, we're seeing some more volatility among larger projects, which is something new. And I think that this tells, more than anything else, that what we're seeing is something that we can't call a steady trend.

從類別的角度來看，我們看到較大項目的波動性更大，這是新的情況。我認為這比其他任何事情都更能說明我們所看到的不能稱為穩定趨勢。

Right now, the market is a little bit volatile. Some of it is seasonality, some of it is AI in some categories, some of it is just macro. But in reality, we see among larger projects, we've seen some more volatility. And at the same time, we're seeing some more stability on simple projects, which is slightly different than what we've seen in the first few months. So we're just calling out those facts. It's hard to call them a trend at this point.

目前，市場有點波動。有些是季節性的，有些是某些類別的人工智慧，有些只是宏觀的。但實際上，我們在較大的項目中看到了更多的波動性。同時，我們在簡單專案上看到了更多的穩定性，這與我們在前幾個月看到的略有不同。所以我們只是說出這些事實。目前很難稱它們為趨勢。

Thank you, Micha, very helpful.

謝謝你，米夏，非常有幫助。

Thank you

謝謝

Bernie McKernan, Needham & Company

伯尼麥克南，李約瑟公司

Great, thanks for taking the questions. Maybe just to start, I'd love to dive into AutoDS a little bit more and just learn maybe what capabilities that the acquisitions bring that you didn't have before or for its customers and probably most importantly, how it's supposed to impact the financials in the second half of the year.

太好了，感謝您提出問題。也許只是為了開始，我很想更深入地了解 AutoDS，只是了解收購可能會帶來哪些您以前或為其客戶所沒有的功能，也許最重要的是，它應該如何影響財務狀況下半年。

And then I think based on the commentary of the take rate being up 250 basis points this year, it implies GMV down year over year in the second half of the year. So just wanted to make sure I was triangulating that right. And then, I know it's early, but how to think about if we should be expecting, in your view, a reacceleration in '25 or not, or just given the comments of the '27 targets involving strong revenue growth, just maybe the puts and takes in getting there in terms of your thoughts in terms of the ability to continue to expand the take rate, how M&A could play in that, but also importantly, GMV growth.

然後我認為根據今年採取率上升250個基點的評論，這意味著下半年GMV年減。所以只是想確保我的三角測量是正確的。然後，我知道現在還為時過早，但在您看來，我們是否應該期待 25 年經濟重新加速，或者只是考慮到涉及強勁收入增長的 27 年目標的評論，也許只是看跌期權並考慮您對繼續擴大採用率的能力、併購如何在其中發揮作用的想法，但同樣重要的是，GMV 成長。

Good morning, Bernie. Thanks for the question. So AutoDS, essentially, I think as we said in the opening comment, dropshipping is a category that has been on Fiverr for many, many years. And we've been witnessing a lot of growth in this category. I've been saying in previous quarters that Fiverr has identified the number of faster growing categories in which we intend to double down.

早上好，伯尼。謝謝你的提問。所以 AutoDS，本質上，我認為正如我們在開篇評論中所說的那樣，直銷是 Fiverr 上已經存在很多年的一個類別。我們已經見證了這一類別的巨大成長。我在前幾季一直在說，Fiverr 已經確定了我們打算加倍投資的快速成長類別的數量。

And in some cases, it's doubled down organically. And in some cases, there's an opportunity for inorganic growth as well. So we had a very sizable community of people that are either dropshipping or offer services related to dropshippers.

在某些情況下，它會自然地加倍。在某些情況下，也存在無機成長的機會。因此，我們有一個非常龐大的社區，他們要么從事代發貨，要么提供與代發貨相關的服務。

And what we're doing with the addition of AutoDS is expanding this space also into the software solution. So that allows us to really double down and accelerate. AutoDS is practically in the software space related to dropshipping, is the number one player in the world. It's a fast growing company. We love the team. It's extremely synergic with our business for a number of reasons.

透過新增 AutoDS，我們正在將這一空間擴展到軟體解決方案中。因此，這使我們能夠真正加倍努力並加速。AutoDS 實際上在與直銷相關的軟體領域是世界第一的玩家。這是一家快速發展的公司。我們熱愛這個團隊。出於多種原因，它與我們的業務具有極大的協同作用。

It allows us to double down on dropshipping, e-commerce, social media, user-generated content, and video categories. Which as I've said, some of the fastest growing categories on Fiverr, -- it's a community that we know very well and feel very strongly about. And I think competitively, it allows us to extend our offering and grow this further. And also add to the value chain by providing more product for them.

它使我們能夠在直銷、電子商務、社交媒體、用戶生成內容和影片類別上加倍投入。正如我所說，Fiverr 上成長最快的一些類別——這是一個我們非常了解並且感受非常強烈的社群。我認為從競爭角度來說，它使我們能夠擴展我們的產品並進一步發展。並透過為他們提供更多產品來增加價值鏈。

It's a community that is in many ways rooted in Fiverr's origin, and we're very passionate to empower them. We talked about this idea of the Fiverr Millionaire Award, and this connects really to self-made people, people that have built their businesses and are able to grow it.

這個社區在許多方面都植根於 Fiverr 的起源，我們非常熱衷於為他們提供支持。我們討論了 Fiverr 百萬富翁獎的想法，這確實與白手起家的人、那些已經建立了自己的企業並能夠發展其企業的人聯繫在一起。

And lastly, I think it creates a diversified revenue stream adding a subscription base, which is another step towards making our business not just a market base, but also a platform that provides freelancers with software solution on top of access to opportunity.

最後，我認為它創造了多元化的收入來源，增加了訂閱基礎，這是使我們的業務不僅成為市場基礎，而且成為一個平台的又一步，該平台為自由工作者提供除機會之外的軟體解決方案。

I think the second part of the question is related to take rate and impact on financials. I will start by saying that we are happy and proud to end Q2, above consensus, both for revenue and EBITDA. And with the confidence to reiterate the guidance for the year, both on revenue with a slight increase in the bottom, a bottom range, reiterating the EBITDA.

我認為問題的第二部分與採用率和對財務的影響有關。首先我要說的是，我們很高興也很自豪第二季結束時，營收和 EBITDA 都高於共識。並有信心重申全年指引，營收均在底部小幅增長，區間底部，重申 EBITDA。

And I think this takes into consideration the fact that I referred to what Micha said earlier about June and July weakness, result in weak joining of new buyer, of active buyer, compensated both by center buyer, growing on double digits and take rate extension. And I think that looking on a center buyer, center buyer has a robust growth because we're investing in going up market for some time.

我認為這考慮到了這樣一個事實：我提到了Micha 之前所說的關於6 月和7 月疲軟的情況，導致新買家和活躍買家的加入疲軟，由中心買家補償，以兩位數增長並延長利率。我認為，從中心買家的角度來看，中心買家的成長強勁，因為我們一段時間以來一直在投資高端市場。

It's the maturity of investment with the add on of the summary list, hourly rate features that we didn't have before, a loyalty program. Those types of features allow us to double down on the community with a bigger wallet and increase the engagement relationship experience to a new level.

這是投資的成熟度，加上摘要清單、我們以前沒有的每小時費率功能、忠誠度計劃。這些類型的功能使我們能夠用更大的錢包加倍投入社區，並將參與關係體驗提高到一個新的水平。

And the second part that's compensated on the active buyer is a take rate. And take rate has expanded over the last few years with new feature that we have added alongside the marketplace. And I was going all the way back with the promoted gigs and then Seller Plus. And I think the AutoDS falls into the same bucket, allowing our community to further utilize our offering to make money.

對活躍買家的補償的第二部分是接受率。在過去的幾年裡，隨著我們在市場上添加的新功能，使用率有所提高。我一路回去，參加了晉升的演出，然後是 Seller Plus。我認為 AutoDS 屬於同一類，它允許我們的社群進一步利用我們的產品來賺錢。

And by having said that, we anticipate that the integration of the community will take some time and then the benefits of the AutoDS will fall into the take rate with much of the opportunity ahead of us. You asked about 2025 and 2027. I think that we put some timelines to the 25% EBITDA and in 2027, this is based on the assumption that we continue to grow and continue to improve EBITDA.

話雖如此，我們預計社區的整合將需要一些時間，然後 AutoDS 的好處將體現在我們面前的大量機會中。你問的是2025年和2027年。我認為我們為 25% 的 EBITDA 設定了一些時間表，即 2027 年，這是基於我們繼續成長並繼續提高 EBITDA 的假設。

I think that's what we've been doing ever since. There is no step function or hockey stick. We just about continue to do what we are doing and make sure that the fundamentals continue to work.

我想這就是我們從那時起就一直在做的事情。沒有步進功能或曲棍球棒。我們只是繼續做我們正在做的事情，並確保基本原理繼續發揮作用。

Thank you both.

謝謝你們倆。

Jason Helfstein, Oppenheimer & Co.

賈森·赫夫斯坦，奧本海默公司

Hi, this is Steve Homan on for Jason. So just one question on the consolidated take rate. So where do you see the ceiling on take rate over time, kind of long-term as you kind of look towards that 2027 target or the '27 targets you put out today? Thanks.

大家好，我是傑森的史蒂夫·霍曼。那麼只有一個關於綜合利用率的問題。那麼，當您展望 2027 年目標或今天提出的 27 年目標時，您認為隨著時間的推移，採用率的上限在哪裡？謝謝。

Yeah, Jason, thanks for the question. Essentially, if you think about the two parts of take rate, there's the transactional portion of it. And then there's the added value services and products that we offer to our community. The transactional portion of it hasn't really changed. In the growth that we're seeing, is coming from the value-added products.

是的，傑森，謝謝你的提問。從本質上講，如果您考慮採用率的兩個部分，您會發現其中的交易部分。然後是我們為社區提供的增值服務和產品。它的交易部分並沒有真正改變。我們看到的成長來自於增值產品。

So we haven't cut this. For as long as we can continue generating products that our community loves using and thinks that they're worth spending, we'll continue doing that. And we have quite a few in the pipeline. And therefore, we haven't cut this. And the transactional portion has pretty much remained the same. So that's how we're thinking about this.

所以我們還沒有削減這個。只要我們能夠繼續生產我們的社區喜歡使用並認為值得花費的產品，我們就會繼續這樣做。我們還有不少正在籌備中。因此，我們沒有削減這個。交易部分幾乎保持不變。這就是我們的想法。

Great. Thank you.

偉大的。謝謝。

Doug Anmuth, JPMorgan.

道格·安姆斯，摩根大通。

Great, thanks so much for taking the questions. I just wanted to talk more about the summer product release first, the hiring of long-term freelancers. Micha, maybe you can just talk about what you've seen here in terms of demand from buyers just as you've built this product and kind of the drivers behind it.

太好了，非常感謝您提出問題。我只是想先多談談夏季產品發布，以及長期自由工作者的招募。Micha，也許你可以談談你在這裡看到的買家需求，就像你開發了這個產品以及它背後的驅動因素一樣。

And then how we should think about monetization. Is it still project-based or is there a different revenue structure there? And then Ofer, just on the full year outlook, maybe you can just talk a little bit more about what drives the confidence in the 4Q revenue acceleration. Thanks.

然後我們應該如何考慮貨幣化。它仍然是基於專案的還是有不同的收入結構？然後奧弗，就全年展望而言，也許您可以多談談是什麼推動了對第四季度收入加速的信心。謝謝。

Morning, Doug. Thanks for the question. So to the summer product release, as we go up markets and as we become more for our customers, they can envision doing more with us. In some cases, when you think about the predefined catalog of services, in some cases, it's very hard for customers to define their needs in the format of a well-defined service with a beginning and an end.

早安，道格。謝謝你的提問。因此，到了夏季產品發佈時，隨著我們進入市場，隨著我們越來越為客戶服務，他們可以設想與我們一起做更多事情。在某些情況下，當您考慮預先定義的服務目錄時，在某些情況下，客戶很難以具有開始和結束的明確定義的服務的格式來定義他們的需求。

In some cases, when they need to hire talent, all they know is that they need a highly qualified graphic designer for three months because they have a variety of projects. Some of them, they're not even aware of what their specifics are, but they know that they have a lot of pressure right now and they need talent for the next couple of months.

在某些情況下，當他們需要雇用人才時，他們只知道他們需要一名高素質的平面設計師為期三個月，因為他們有各種各樣的項目。他們中的一些人甚至不知道自己的具體情況是什麼，但他們知道自己現在壓力很大，並且在接下來的幾個月裡需要人才。

When that is the case, the best way of doing that is not necessarily going through the gig or services catalog, but rather to find the right talent and engage in an ongoing arrangement, which is why we created this mechanism.

在這種情況下，最好的方法不一定是透過零工或服務目錄，而是找到合適的人才並進行持續的安排，這就是我們創建這個機制的原因。

Now, it's not competing with the services because when you know exactly what you need and that is well-defined and it has a beginning and an end, it's very easy for our community, they're very accustomed to providing the transparency and clarity of having a predefined scope of work where you know how long does it take and exactly how much it's going to cost.

現在，它不再與服務競爭，因為當你確切地知道你需要什麼並且這是明確定義的並且它有開始和結束時，這對我們的社區來說非常容易，他們非常習慣於提供透明度和清晰度有一個預先定義的工作範圍，您知道它需要多長時間以及確切的費用是多少。

But these are the more variable tasks, the more variable ongoing projects. And so both the community from the supply side and the demand side have been asking for this. And we're happy to get to the maturity of extending our marketplace into this platform idea that really allows multiple ways of engaging with talent and multiple ways of contracting and paying to talent.

但這些是更多變的任務，更多變的正在進行的項目。因此，無論是供給側或需求側，社會各界都在不斷提出這樣的要求。我們很高興能夠將我們的市場擴展到這個平台理念，它真正允許多種方式與人才互動以及多種方式簽約和支付人才。

So we just launched it. The community is highly, highly excited about this. Obviously, we're seeing a lot of transactions coming into the system already, but since it's been about a week, there's no numbers that we can talk about at this point.

所以我們剛剛推出了它。社區對此非常非常興奮。顯然，我們已經看到大量交易進入系統，但由於已經過去了大約一周，目前我們還沒有可以談論的數字。

Yeah, the second part, Doug, of the question was about the confidence in Q4 revenue. I think the confidence is based on what we are seeing, products that we have released and numbers of potential central buyer growth and active buyer. I think that the current guidance implies more muted growth for GMV this year.

是的，道格，問題的第二部分是關於對第四季度收入的信心。我認為這種信心是基於我們所看到的情況、我們發布的產品以及潛在中央買家成長和活躍買家的數量。我認為目前的指引意味著今年 GMV 的成長更為溫和。

And from a present standpoint, we haven't taken into account any impact from product release. We do think that professional catalog and time-based contracts open up a whole new world. We stop a funnel traffic. Historically, we haven't competed in this area at all. So there's definitely a potential to drive additional GMV uplift in the second half.

從目前的角度來看，我們還沒有考慮到產品發布帶來的任何影響。我們確實認為專業目錄和基於時間的合約開闢了一個全新的世界。我們阻止漏斗流量。從歷史上看，我們根本沒有在這個領域競爭。因此，下半年絕對有可能推動 GMV 進一步提升。

So all in all, when we build a model based on what we see, we think that the add-on of the AutoDS later this year to our audience will have a positive impact on top of everything that we are doing internally. And the sum all is a nice exit rate for this year.

總而言之，當我們根據所見所聞建立模型時，我們認為今年稍後向我們的受眾添加 AutoDS 的附加元件將對我們內部所做的一切產生積極影響。總而言之，今年的退出率不錯。

Got it, thank you both.

明白了，謝謝兩位。

Andrew Boone, GMP Securities.

安德魯‧布恩 (Andrew Boone)，GMP 證券公司。

Good morning. Thanks so much for taking my questions. Micha, you've been fairly clear that AI has been a net positive, but can you talk about what you're seeing on the simple tasks and whether there's a path to underlying stabilization for those categories?

早安.非常感謝您回答我的問題。Micha，你已經相當清楚地表明人工智慧是正面的，但你能談談你在簡單任務上看到的情況以及這些類別是否有一條實現潛在穩定的途徑嗎？

And then secondly, as you transition from a marketplace into more of a platform with software solutions, how should we expect that to manifest going forward? It sounds like AutoDS is going to be operating independently. How do you think about the synergies and then how do you build out more software solutions and what's the obvious adjacencies that you're seeing there? Thanks so much.

其次，當您從市場過渡到更多具有軟體解決方案的平台時，我們應該如何期望這一點在未來體現？聽起來 AutoDS 將獨立運作。您如何看待協同效應，如何建立更多的軟體解決方案以及您在那裡看到的明顯的鄰接關係是什麼？非常感謝。

Morning, Andrew. Thanks for the question. So starting with AI. So essentially AI continues to be net positive for us. We're seeing stabilizing and improving trends on simple services. So we mentioned in the past that AI is impacting low ticket size jobs mostly. So we continue to see improving trends on simple overall mix of projects. So the overall mix of projects shifts towards higher end skills.

早安，安德魯。謝謝你的提問。所以從人工智慧開始。所以本質上人工智慧對我們來說仍然是淨積極的。我們看到簡單服務的穩定和改善趨勢。所以我們過去提到過，人工智慧主要影響的是小額工作。因此，我們繼續看到簡單的整體專案組合的改善趨勢。因此，專案的整體組合轉向更高端的技能。

Now, several quarters in, we're seeing this in our data. So for example, writing and translation as a vertical is the vertical with the biggest exposure to AI impact. In Q2, we're actually seeing traffic in that vertical improved 10-percentage-points in terms of year-over-year growth rate compared to Q1.

現在，幾個季度過去了，我們在數據中看到了這一點。例如，寫作和翻譯作為一個垂直領域，是受人工智慧影響最大的垂直領域。在第二季度，我們實際上看到該垂直領域的流量與第一季相比，年成長率提高了 10 個百分點。

And on complex services, they're still growing much faster than simple and neutral categories. But the growth rate has moderated recently due to the volatility that we've been speaking about in June and July. That said, with us now opening professions catalog and hourly contracts, this will open up new funnels and create growth opportunities, especially for complex services categories.

在複雜的服務上，它們的成長速度仍然比簡單和中性的類別快得多。但由於我們在六月和七月一直在談論的波動，成長率最近有所放緩。也就是說，隨著我們現在開放職業目錄和小時合同，這將開闢新的管道並創造成長機會，特別是對於複雜的服務類別。

And remember that we have over 700 categories. So our exposure to specific categories is relatively low and seasonal trends in category spend are a regular thing in our line of business. When we think about the overall mix, complex is in the mid 30s of GMV and simple is about 20%.

請記住，我們有 700 多個類別。因此，我們對特定類別的接觸相對較低，且類別支出的季節性趨勢是我們業務領域的常見現象。當我們考慮整體組合時，複雜的是 GMV 的 30 左右，簡單的大約是 20%。

I would be careful about calling anything we spoke about on June and in July a trend, because it's very hard to see stable things. Things seems to change over the year. And as I've said, there's many reasons why that is. And I would wait before we can actually call it a trend.

我會謹慎地將我們在 6 月和 7 月談論的任何內容稱為趨勢，因為很難看到穩定的事情。這一年情況似乎改變了。正如我所說，造成這種情況的原因有很多。在我們真正將其稱為趨勢之前，我會等待。

The second question was a transition to platform. Okay, so essentially, when you think about the progression, the way we have developed over the past couple of years, we started from being a gig market base where there's very well-defined services with timing and price associated with them and people can just come in and order.

第二個問題是向平台的過渡。好吧，本質上，當你考慮過去幾年我們的發展方式時，我們從一個零工市場基地開始，那裡有非常明確的服務，以及與之相關的時間和價格，人們可以進來訂購。

Over the years, we've been offering a long list of or a multi-solution, building a multi-solution platform where our customers can actually engage in a multitude of ways with the talent on the platform, depending on their needs. And what we're trying to do is we're trying to fit the solution with the right need.

多年來，我們一直提供一長串或多解決方案，建立一個多解決方案平台，我們的客戶可以根據自己的需求，以多種方式與平台上的人才進行實際互動。我們正在努力做的是讓解決方案滿足正確的需求。

So what we've been doing with Fiverr Pro and Fiverr Enterprise, what we've been doing with project management, success management, the addition of agencies into the platform, Fiverr Pro, now the profession and the hourly-based contract, all of that completes a platform with multi-solutions for our customers' needs.

因此，我們一直在Fiverr Pro 和Fiverr Enterprise 上所做的事情，我們一直在專案管理、成功管理、將代理機構添加到平台中所做的事情，Fiverr Pro，現在的專業和基於小時的合同，所有這些完善了一個具有多種解決方案的平台，可以滿足客戶的需求。

On top of that, we have software solutions for specific needs that could be either our sellers or our buyers, depending on the solution. And AutoDS is a part of this. So as I was saying in the beginning, dropshipping is a very lively, well-growing category for us by adding not just the community of AutoDS, but their software solution, because this is what they are.

最重要的是，我們擁有滿足特定需求的軟體解決方案，這些需求可能是我們的賣家或買家，這取決於解決方案。AutoDS 是其中的一部分。正如我一開始所說的，直銷對我們來說是一個非常活躍、發展良好的類別，不僅添加了 AutoDS 社區，還添加了他們的軟體解決方案，因為這就是他們的本質。

They're a platform that solves all the needs of dropshippers. We're able to enjoy those synergies, offering software to our dropshippers and our freelancers, and offer freelancing solutions and creative solutions for dropshippers that have the software, but need help in managing their stores and growing their businesses. And this together makes it highly synergistic.

他們是一個可以解決代發貨商所有需求的平台。我們能夠享受這些協同效應，為我們的直銷商和自由工作者提供軟體，並為擁有該軟體但需要幫助管理商店和發展業務的直銷商提供自由職業解決方案和創意解決方案。這使得它具有高度的協同作用。

Thank you.

謝謝。

Matt Farrell, Piper Sandler.

馬特法瑞爾，派珀桑德勒。

Thanks, guys. Impressive free cashflow generation in the quarter, and congrats on completing the buyback. For the $300 million of free cashflow over the next three quarters, should we be thinking about all of that being deployed in some way, just given where your balance sheet is today? And is the preference for continued buybacks or more M&A?

謝謝，夥計們。本季產生的自由現金流令人印象深刻，恭喜完成回購。對於未來三個季度 3 億美元的自由現金流，考慮到您今天的資產負債表狀況，我們是否應該考慮以某種方式部署所有這些資金？是偏好繼續回購還是更多併購？

Matt, should I assume you meant three years? $300 million or?

馬特，我應該假設你的意思是三年嗎？3億美元還是？

Yes, 300 million over the next three years, yes.

是的，未來三年3億，是的。

Good. So I thought maybe you know something I don't know, but I think we laid off the capital allocation priorities in the shareholder's letter, pretty extensive. I will name it now, but again, that's a pretty extensive status in the shareholder's letter.

好的。所以我想也許你知道一些我不知道的事情，但我認為我們在股東信中取消了資本分配優先事項，相當廣泛。我現在就將其命名，但再次強調，這在股東信中佔據了相當廣泛的地位。

So the way we see the capital allocation goes from investing product to drive growth. That's something that we've been doing for a while and will continue to do because we think the time is ahead of us. There's a lot of opportunity to capture.

因此，我們看待資本配置的方式是從投資產品轉向推動成長。這是我們已經做了一段時間並將繼續做的事情，因為我們認為時間就在我們前面。有很多機會可以捕捉。

The second goes to optimize balance sheet and cashflow generation. I think a quick look into our balance sheet today show we have a little bit over $700 million of cash and cash equivalent. And this is after we have completed the $100 million of buyback.

第二個是優化資產負債表和現金流產生。我認為，快速瀏覽我們今天的資產負債表就會發現，我們擁有略高於 7 億美元的現金和現金等價物。這是在我們完成 1 億美元的回購之後。

So this $700 million allows us lots of flexibility and also making sure we have enough liquidity to pay off if needed, the convert and the max deal. And then if there is an opportunity for the value of the shareholders, to do some more share buyback. If price is attractive, we may consider that.

因此，這 7 億美元為我們提供了很大的靈活性，並確保我們有足夠的流動性來支付需要時的轉換和最大交易。然後如果有機會為了股東的價值，進行更多的股票回購。如果價格有吸引力，我們可能會考慮。

And lastly, it's M&A. We've been opportunistic in the past and plan to continue and seek for alternatives for us to grow inorganic by M&A. You need to take into consideration that on top of the $700 million, we are generating free cashflow of approximately $80 million. So that as we look forward, we're pretty positive and confident from cashflow standpoint.

最後是併購。我們過去一直投機取巧，並計劃繼續尋找替代方案，透過併購實現無機成長。您需要考慮到，除了 7 億美元之外，我們還產生約 8,000 萬美元的自由現金流。因此，當我們展望未來時，從現金流的角度來看，我們非常積極和有信心。

And I think we intend to strategize our cash usage with the goal of driving steady and consistent free cashflow per share in the next three years. As we mentioned in the prepared remarks, with the current line of sight, we believe we can drive CAGR 14% in free cashflow for the next three years and a similar trajectory for free cashflow per share.

我認為我們打算制定現金使用策略，目標是在未來三年內推動每股穩定且一致的自由現金流。正如我們在準備好的評論中提到的，按照目前的情況，我們相信未來三年我們可以推動自由現金流複合年增長率 14%，每股自由現金流也保持類似的軌跡。

Thanks and maybe just one more. You mentioned not competing in the new long-term freelancer category until the recent product announcement. First, is there a way to size how big this opportunity is relative to the part of the market that you've been going after historically?

謝謝，也許還有一個。您提到在最近的產品發布之前不會參與新的長期自由工作者類別的競爭。首先，有沒有辦法衡量這個機會相對於您歷史上一直追求的市場部分有多大？

And second, do you have to change your go-to-market strategy at all to compete in this new area with what I would assume to be a different set of competition to some degree? Thanks.

其次，你是否必須改變你的進入市場策略，才能在這個新領域與我認為在某種程度上不同的競爭對手競爭？謝謝。

Yeah, so I think when we look at this, as we go up market, this opens up the ability to have a significantly larger ticket size project that are by definition more longer term or resemble more long-term freelancer hiring. And as a result of that -- that has a number of implications. One, it allows to increase the top of funnel traffic because it allows us to get into more relevant keywords. As we invest in the profession catalog, it allows us to exist also on keywords that have to do with specific skills and not only on services.

是的，所以我認為，當我們看到這一點時，隨著我們進入市場，這開啟了擁有更大門票規模項目的能力，這些項目根據定義更長期或類似於更長期的自由職業者招聘。因此，這會產生很多影響。第一，它可以增加漏斗頂部的流量，因為它可以讓我們進入更相關的關鍵字。當我們投資於專業目錄時，它使我們能夠存在於與特定技能相關的關鍵字上，而不僅僅是服務上。

And lastly, also on conversion, it provides a way for buyers to search talent and initiate time-based contracts without having full scope and as a result, get into a more ongoing engagement. These are the types of engagements that Fiverr wasn't a part of.

最後，同樣在轉換方面，它為買家提供了一種尋找人才和啟動基於時間的合約的方式，而無需全面了解，從而進行更持續的參與。Fiverr 並沒有參與這些​​類型的活動。

When you think about this competitively and what does it do to the market, we still think that the vast majority of opportunity is offline. It doesn't reside in specific marketplaces or platforms, but it is actually pretty scarce, widely spread either in directories or in offline ways of engagement. And we think that this is where the opportunity is in bringing that offline activity to the online. And this is why it is important for us to invest, again, to create this opportunity for top of funnel relevant keywords to create more opportunity for new business traffic coming into Fiverr.

當你考慮這場競爭以及它對市場的影響時，我們仍然認為絕大多數的機會是線下。它並不存在於特定的市場或平台中，但實際上非常稀缺，無論是在目錄中還是以線下參與方式廣泛傳播。我們認為這就是將線下活動帶到線上的機會。這就是為什麼我們再次投資為漏斗頂部相關關鍵字創造機會，為 Fiverr 的新業務流量創造更多機會的原因。

Marvin Fong, BTIG.

馬文·方，BTIG。

Hi, good morning. Thanks for taking my questions. Just a couple for me. Just so curious on the volatility you saw in June and continuing into July. I know you said it was kind of across the top of funnel, but could you kind of speak to the larger businesses on your platform? I think in the past you've referenced like the TikTok's and Deltas of the world. I mean, the larger organizations, are you also seeing this level of volatility or is it isolated to SMB?

嗨，早安。感謝您回答我的問題。對我來說只是一對。只是對您在 6 月看到並持續到 7 月的波動感到非常好奇。我知道您說過這有點跨越管道的頂部，但是您能與您平台上的大型企業談談嗎？我想您過去曾提到過 TikTok 和 Delta 等。我的意思是，對於較大的組織，您是否也看到了這種程度的波動，或者它是否僅限於中小型企業？

And then secondly, I know you referenced in your shareholder letter that promoted gigs and Seller Plus continue to do well. I'm just wondering if you could just drill a little deeper on that. I think in the past you've given us some growth rates, but anything more you could share just on your view of that in the context of the choppiness we're seeing, freelancers leading into these types of services to grow their businesses even more, that'd be helpful. Thanks so much.

其次，我知道您在股東信中提到了促進演出的內容，而 Seller Plus 繼續表現良好。我只是想知道你是否可以更深入地研究一下。我認為過去您給了我們一些成長率，但您可以分享更多您的觀點，在我們看到的不穩定的背景下，自由工作者進入這些類型的服務以進一步發展他們的業務，那會有幫助的。非常感謝。

Thanks Marvin. I'll answer the question. So when we look at our larger businesses, customers, that segment is growing faster than the rest. So yes, when we think about macro -- macro does influence smaller businesses more. It should be said though, and we called out that -- for example, one of the things that were surprising that volatility is that categories like programming and technology, which are always growing, were a little bit more volatile during that period of time.

謝謝馬文。我來回答這個問題。因此，當我們觀察規模較大的企業、客戶時，會發現該細分市場的成長速度比其他細分市場更快。所以，是的，當我們考慮宏觀時，宏觀確實對小型企業的影響更大。但應該說，我們指出，例如，令人驚訝的波動性之一是，像程式設計和技術這樣一直在成長的類別在那段時間裡波動性更大一些。

And again, I think I called out a number of statistics on professional hiring that I think are troubling and are saying that there is an impact of macro. That said, it is mostly top of funnel, meaning what you see is reduced levels of top of funnel traffic.

我想我再次指出了一些有關專業招聘的統計數據，我認為這些統計數據令人不安，並且表明宏觀經濟存在影響。也就是說，它主要是漏斗頂部，這意味著您看到的是漏斗頂部流量等級的降低。

Now this doesn't necessarily touches our existing customers. Actually, if you think about it and you look at cohort behavior, actually we're seeing cohorts behave better than before. And I called out in previous earnings and that hasn't changed. Meaning that newer cohorts are spending more on their first purchase, first month, first quarter, first year and we're seeing those trends. So it's less of a volatility of existing customers and those larger customers that work with us in most cases only extend the scope of work that they do. And yes, it is impacting SMB more than that.

現在這不一定會觸及我們現有的客戶。事實上，如果你仔細想想並觀察群體行為，我們會發現群體的行為比以前更好。我在之前的財報中就說過，這一點並沒有改變。這意味著新人群在首次購買、第一個月、第一季、第一年的支出更多，我們正在看到這些趨勢。因此，現有客戶的波動性較小，而在大多數情況下與我們合作的大客戶只會擴展他們所做的工作範圍。是的，它對中小型企業的影響遠不止於此。

I think the second part of your question was about promoted gigs and Sellar Plus?

我認為你問題的第二部分是關於晉升演出和 Sellar Plus？

Yeah, just like your value-added services and.

是的，就像您的加值服務一樣。

Yeah, they're doing well. And I think I said in the previous earnings when we gave a little bit more color in the form of actual number of growth, I said that there's a very nice road ahead for continuing growth in both of these programs. And that continues to be the case. Sellers are very eager to get in and obviously these are in some cases these are programs that are not open to all of them.

是的，他們做得很好。我想我在之前的財報中說過，當我們以實際成長數字的形式提供更多色彩時，我說過這兩個項目的持續成長都有一條非常好的道路。情況仍然如此。賣家非常渴望加入，顯然在某些情況下這些計劃並不向所有人開放。

The reason why they love using these products is it does create more income, it does create more value, more transparency, more analytics into their business so we continue to create more ways for them to enjoy it in promoted gigs, increasing real estate, in Seller plus.

他們喜歡使用這些產品的原因是它確實創造了更多的收入，它確實創造了更多的價值，更高的透明度，對他們的業務進行更多的分析，所以我們繼續創造更多的方法來讓他們在促銷演出、增加房地產、賣家加。

In part of the summer release we talk about starting to build a Kickstarter program that would provide more value to actually newer sellers meaning it will help them start selling much faster and help them grow their business. So there's plenty of road ahead and we're not close to consuming the maximum potential of these programs.

在夏季發布的部分內容中，我們討論了開始建立一個 Kickstarter 計劃，該計劃將為新賣家提供更多價值，這意味著它將幫助他們更快地開始銷售並幫助他們發展業務。因此，前面還有很多路要走，我們還沒有接近充分發揮這些計劃的潛力。

Thanks a lot Micha and Ofer, I appreciate it.

非常感謝 Micha 和 Ofer，我很感激。

Rohit Kulkarni, Roth Capital Partners.

羅希特‧庫爾卡尼 (Rohit Kulkarni)，羅斯資本合夥人。

Hey, thanks for taking my question. A couple of them, I guess looking ahead it feels like GAAP profitability is not too far in the future for you guys. Maybe talk about once you turn GAAP profitable, how does that change your philosophy of running the business?

嘿，謝謝你回答我的問題。其中有幾個，我想展望未來，對你們來說，公認會計準則獲利能力在未來並不遙遠。也許可以談談一旦你按照公認會計原則獲利，這將如何改變你經營業務的理念？

I see you already have put out bullish free cash flow generation potential but it feels that the model brings us to a GAAP profitability by end of this year and every quarter going forward. So we'd love to get your take on that.

我看到你已經提出了樂觀的自由現金流產生潛力，但感覺該模型使我們在今年年底和未來每個季度實現公認會計準則盈利能力。所以我們很想聽聽您對此的看法。

And then in terms of this June-July trend, I know a lot has been asked and you've shared quite a few things. Perhaps again, asking you guys a hard question, what gives you confidence that this volatility does not linger into August and September? Any leading indicators that you would point us towards?

然後就六月至七月的趨勢而言，我知道人們提出了很多問題，並且您也分享了很多事情。也許再問你們一個難題，是什麼讓你們有信心這種波動不會持續到八月和九月？您可以向我們指出任何領先指標嗎？

I'll take the first part on the GAAP. So as we usually speak and guide on long-term EBITDA and free cash flow, less than a GAAP, but we have turned into GAAP profitability already. So that's a good news. And as we look into the future, we anticipate that the GAAP between the EBITDA and GAAP is going to decrease because of the share based compensation that we are carrying from 2021.

我將討論 GAAP 的第一部分。正如我們通常談論和指導的長期 EBITDA 和自由現金流，低於 GAAP，但我們已經轉變為 GAAP 獲利能力。所以這是一個好消息。展望未來，我們預計 EBITDA 和 GAAP 之間的 GAAP 將會下降，因為我們從 2021 年開始實施以股份為基礎的薪酬。

So that within 12 months ahead of us, what we anticipate is that the share based compensation is going to be reduced from 18% of revenue as of now to 13%, which is pretty much in the range of the industry. And GAAP EBITDA will grow side by side with EBITDA.

因此，在未來 12 個月內，我們預計股權激勵將從目前佔收入的 18% 降至 13%，幾乎在行業範圍內。GAAP EBITDA 將與 EBITDA 並肩成長。

I think we set the EBITDA target, the long-term target to '25. We now gave it a timeline of 2027, free cash flow, follow EBITDA. And I think that now that we are GAAP positive, I think we'd see improvement in GAAP income profitability over the next two quarters.

我認為我們將 EBITDA 目標（長期目標）設定為「25」。我們現在給它的時間表是 2027 年，自由現金流，遵循 EBITDA。我認為，既然我們的公認會計原則是正面的，我認為我們會看到未來兩個季度公認會計原則收入獲利能力的改善。

And the next question about June and July trends. It should be said that it's hard to call them a trend. There is some volatility, and that volatility is something that the guidance take into account. It does take into account that it's continuing into July and potentially impact on the second half of the year, hence the updated color around active buyers.

下一個問題是關於六月和七月的趨勢。應該說，很難稱之為趨勢。存在一定的波動性，指導意見考慮到了這種波動性。它確實考慮到它會持續到七月，並可能對下半年產生影響，因此圍繞活躍買家更新了顏色。

At the same time, spend per buyer take rate going up, which we think is going to cover it. And I mean, volatility might be influenced also as you think about how the year will continue to progress on decisions about the interest rate and the outcome of the election in the US.

同時，每個買家的支出率上升，我們認為這將彌補這一點。我的意思是，當你考慮今年有關利率和美國選舉結果的決策將如何繼續取得進展時，波動性也可能會受到影響。

So obviously, we're not prophets, and it's very hard to know. But since we've taken into the guidance the possibility of this volatility continuing, but the confidence that we have on the spend per buyer intake rate, we believe that we're going to cover it.

顯然，我們不是先知，而且很難知道。但由於我們已經考慮到這種波動持續的可能性，但我們對每個買家的支出率有信心，我們相信我們將涵蓋它。

Thank you, Rohit. Now I would like to hand the conference over to your speaker, Micha Kaufman, for any closing remarks.

謝謝你，羅希特。現在我想將會議交給發言人米夏·考夫曼 (Micha Kaufman) 發表閉幕詞。

Thank you, Nadia, for moderating the call today, and thank you, everyone, for joining us. We're looking forward to seeing you in person very soon during the quarter. Thanks so much, and have a great day.

感謝娜迪亞主持今天的電話會議，也感謝大家加入我們。我們期待很快在本季見到您。非常感謝，祝你有美好的一天。