Fiverr International Ltd (FVRR) 2024 Q3 法說會逐字稿

Good day, and thank you for standing by. Welcome to Fiverr third-quarter 2024 earnings conference call.

您好，感謝您的支持。歡迎參加 Fiverr 2024 年第三季財報電話會議。

(Operator Instructions)

（操作員指令）

Please be advised that today's conference is being recorded.

請注意，今天的會議正在錄音。

I'd now like to hand the conference over to your first speaker today, Jinjin Qian, EVP, Strategic Finance. Please go ahead.

現在，我想將會議交給今天的第一位發言者、策略財務執行副總裁錢金。請繼續。

Thank you, operator and good morning, everyone. Thank you for joining us on Fiverr's earnings conference call for the third quarter that ended September 30, 2024.

謝謝接線員，大家早安。感謝您參加 Fiverr 截至 2024 年 9 月 30 日的第三季財報電話會議。

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

今天與我一起參加電話會議的還有創辦人兼執行長 Micha Kaufman；以及總裁兼財務長 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. 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.

在我們開始之前，我想提醒您，在本次電話會議中，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。Fiverr 最新的 20-F 表格和向美國證券交易委員會提交的其他文件中的「風險因素」部分中討論了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。

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 measure is provided in the earnings release we issued today and our shareholder letter, each of which is available on our website at investor.fiverr.com.

在本次電話會議中，我們將參考一些關鍵績效指標和非 GAAP 財務指標，包括調整後的 EBITDA、調整後的 EBITDA 利潤率和自由現金流。我們今天發布的收益報告和股東信中提供了進一步的解釋和每個非 GAAP 財務指標與最直接可比較的 GAAP 指標的對賬，這些報告和信函均可在我們的網站 investor.fiverr.com 上查閱。

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

現在，我將把電話轉給 Micha。

Thank you, Jinjin. Good morning, everyone and thank you for joining us.

謝謝你，金金。大家早安，感謝大家的參與。

We delivered a tremendous third quarter with both revenue and adjusted EBITDA exceeding the high end of our guidance range. By successfully executing our strategy to go upmarket, expand value-added services and deliver innovative AI powered experience, we are able to grow a higher quality buyer base, drive robust growth in spend per buyer and strong expansion in take rate. All of these efforts are clearly paying off, allowing us to accelerate our revenue growth this quarter. This is not an easy task considering that the entire professional staffing industry is down double digits year over year and overall SMB sentiment still lingers around historically low levels.

我們第三季取得了出色的成績，收入和調整後 EBITDA 都超出了我們預期範圍的上限。透過成功執行高端市場策略、拓展增值服務和提供創新的人工智慧體驗，我們能夠發展更高品質的買家群體，推動每位買家的支出強勁成長以及接受率強勁擴張。所有這些努力顯然都獲得了回報，使我們本季的營收成長加快。考慮到整個專業人員配備行業同比下降兩位數且整體中小企業信心仍徘徊在歷史低位，這並不是一項容易的任務。

The fact that we are able to accelerate our growth under such macro conditions underscores the strength of our vision and strategy and our impeccable ability to execute them. We also continue to deliver steady improvement in adjusted EBITDA and strong cash flow generation. Last quarter, we laid out a three-year target plan for adjusted EBITDA and free cash flow. With strong execution in Q3, I'm confident that we are well on track to deliver these targets. Our strong financial position allows us to aggressively invest in product and technology to drive growth while at the same time returning capital to shareholders and driving shareholder value.

我們能夠在這樣的宏觀條件下加速成長，凸顯了我們的願景和策略的力量，以及我們無可挑剔的執行能力。我們的調整後 EBITDA 和現金流創造也持續穩定提升。上個季度，我們制定了調整後 EBITDA 和自由現金流的三年目標計畫。憑藉第三季的強勁執行力，我相信我們能夠順利實現這些目標。我們強大的財務狀況使我們能夠積極投資於產品和技術以推動成長，同時向股東返還資本並提高股東價值。

Fiverr's strategy has always been to relentlessly focus on creating customer value and building the most beautiful, innovative and simple to use product to transform the way people work. One thing that became clearer to me in the last year is that with the emergence of GenAI and the promise of AGI, the next generation of products we build must empower our community to fully leverage artificial intelligence. It also became clear to me that in the future, the best work will be done by humans and AI technology together; not humans alone or AI alone.

Fiverr 的策略一直是堅持不懈地專注於創造客戶價值，打造最美觀、最具創新性和最易於使用的產品，以改變人們的工作方式。去年我更清楚的一件事是，隨著 GenAI 的出現和 AGI 的前景，我們建構的下一代產品必須使我們的社群能夠充分利用人工智慧。我也清楚地認識到，未來最好的工作將由人類和人工智慧技術共同完成；不只是人類，不只是人工智慧。

With that in mind, the role of Fiverr must broaden from a talent marketplace to a comprehensive work platform where incredible work happens. This means that every business that comes to Fiverr will have a world class AI assistant to help them get things done from ideation, scoping and briefing to product management and workflow automation. It means that they can seamlessly leverage both human talent and machine intelligence to create the most beautiful results. Fiverr has a long history of pioneering the industry with innovative products and this is what we will do with AI as well.

考慮到這一點，Fiverr 的角色必須從人才市場擴展為實現令人難以置信的工作的綜合工作平台。這意味著入駐 Fiverr 的每家企業都會擁有一位世界一流的 AI 助手，幫助他們完成從構思、範圍確定和簡報到產品管理和工作流程自動化的所有工作。這意味著他們可以無縫利用人類才能和機器智慧來創造最美麗的成果。Fiverr 長期以來一直致力於透過創新產品引領產業發展，我們也將利用 AI 來實現這一目標。

We are already starting to put a few pieces together to build towards this long-term vision. On the buyer side, we are building a new search experience that not only includes more dynamic catalog but also incorporates Neo, an AI-powered smart matching tool to help customers match with more contextual information. We launched Dynamic Matching to allow buyers to put together comprehensive briefs with a powerful AI assistant and then get matched with the most relevant freelancer with a tailored proposal.

我們已經開始將一些部分整合在一起，以實現這個長期願景。在買方方面，我們正在建立一種新的搜尋體驗，它不僅包括更多動態目錄，還結合了人工智慧智慧匹配工具 Neo，幫助客戶匹配更多上下文資訊。我們推出了動態匹配功能，讓買家能夠透過強大的人工智慧助理匯總全面的簡報，然後與最相關的自由工作者進行匹配，並提供量身定制的提案。

These products allow businesses to fulfill much more complex projects on Fiverr without losing the speed, simplicity and convenience that they love Fiverr for. Even in the few weeks since we launched these products, we have already seen an enthusiastic reception from our community and promising performance. The projects that come through these products are several times larger than the typical project on Fiverr. And we believe it has a lot more potential down the road as the awareness and trust of these products grow on the platform. On the talent side, we are building the infrastructure to allow us to more efficiently distribute software tools that integrate with the work that is done on the platform. Some of the tools are built in house such as Promoted Gigs and Seller Plus.

這些產品使企業能夠在 Fiverr 上完成更複雜的項目，同時又不會失去他們喜愛 Fiverr 的速度、簡單性和便利性。在我們推出這些產品僅幾週後，我們已經看到了社區的熱情歡迎和良好的表現。透過這些產品完成的專案比 Fiverr 上的典型專案大幾倍。我們相信，隨著平台上這些產品的知名度和信任度不斷提高，它未來將具有更大的潛力。在人才方面，我們正在建立基礎設施，以便我們能夠更有效地分發與平台上的工作相結合的軟體工具。其中一些工具是內部建置的，例如 Promoted Gigs 和 Seller Plus。

Some of these tools are through acquisitions such as AutoDS and we believe there will be a lot of opportunities down the road to expand these value-added services through partnerships as well.

其中一些工具是透過收購獲得的，例如 AutoDS，我們相信未來將有很多機會透過合作夥伴關係來擴展這些增值服務。

Lastly, I want to say a few words about Fiverr Pro. As you know, Fiverr Pro is a premium offering we launched to grow our penetration into larger businesses with larger freelancing budget. We started by providing businesses with collaboration tools, white-glove services in a fully vetted catalog in order to drive better conversion, engagement, and retention among buyers with the highest lifetime value. Now with our product expansion into profession, dynamic matching and hourly contract and services such as product management, we are further leaning into these buyers to capture their budget on long term freelance engagement.

最後，我想說一下 Fiverr Pro。如您所知，Fiverr Pro 是我們推出的一款高級產品，旨在擴大我們向擁有更多自由職業預算的大型企業的滲透力。我們首先為企業提供協作工具和經過全面審查的白手套服務，以便在終身價值最高的買家中實現更好的轉換、參與和保留。現在，隨著我們的產品擴展到專業、動態匹配和小時合約以及產品管理等服務，我們進一步傾向於這些買家，以捕捉他們在長期自由職業參與中的預算。

Many of you have asked us, what our right to win is in this segment of the addressable market. I want to point out to you two things. First, we have a very large top of funnel which allows us to acquire enterprise customers in a super efficient manner. Most Fortune 500 companies already have employees who are on Fiverr and are using our services. This bottom-up approach allows us to scale with very light sales and accounts team. Second is our technology stock. The speed, simplicity and convenience of Fiverr is fundamentally different from a typical staffing solution. From onboarding to compliance to payment and reporting, Fiverr is so much easier compared to a self serve solution and so much more cost-effective compared to a managed solution.

你們許多人問過我們，在這個潛在市場領域，我們獲勝的權利是什麼。我想向你們指出兩件事。首先，我們擁有非常大的漏斗頂部，這使我們能夠以超高效的方式獲取企業客戶。大多數財富 500 強公司的員工都已加入 Fiverr 並使用我們的服務。這種自下而上的方法使我們能夠以非常精簡的銷售和會計團隊擴大規模。第二是我們的技術股。Fiverr 的速度、簡單和便利性與典型的人員配備解決方案有著根本的不同。從入職到合規再到付款和報告，Fiverr 與自助服務解決方案相比更加簡單，與託管解決方案相比更加划算。

And as I mentioned before, it is going to get even better as we implement AI capabilities further into our platform.

正如我之前提到的，隨著我們在平台上進一步實現人工智慧功能，情況會變得更好。

To close, I'm super excited about the many opportunities that are ahead of us. With the strong result in Q3, we are looking forward to wrapping up 2024 on a high note and can't wait to kick off another year of growth and innovation.

最後，我對我們面臨的眾多機會感到非常興奮。憑藉第三季的強勁業績，我們期待以高調結束 2024 年，並迫不及待地開啟另一個成長和創新的一年。

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

說完這些，我將把電話轉給奧弗，他將分享一些財務亮點。

Thank you, Micha, and good morning, everyone.

謝謝你，米莎，大家早安。

I’m pleased to report an exceptional quarter with both top and bottom-line exceeding expectation. Revenue for the third quarter was $99.6 million, up 8% year over year, representing an acceleration from 6% year over year growth in Q2. Adjusted EBITDA for Q3 was $19.7 million, representing an adjusted EBITDA margin of 19.7%, an improvement of 180 basis points from a year earlier. We continue to demonstrate our ability to deliver both growth and profitability improvement despite the macro uncertainty and our commitment to execute with the highest level of consistency, efficiency and focus.

我很高興地報告本季的出色表現，營收和淨利潤均超出預期。第三季營收為 9,960 萬美元，年增 8%，高於第二季 6% 的年增率。第三季調整後 EBITDA 為 1,970 萬美元，調整後 EBITDA 利潤率為 19.7%，較去年同期提高 180 個基點。儘管存在宏觀不確定性，我們仍展示出實現成長和獲利能力提高的能力，並且我們致力於以最高水準的一致性、效率和專注度執行。

Unpacking the strong result for Q3, we continue to see our effort of going upmarket and expanding value-added products works well. Spend per buyer was $296 in Q3, representing year over year growth of 9%. More buyers are coming to Fiverr for larger and more complex projects. While the active buyer growth was muted, we see continued growth in buyer who spend over $10,000 annually.

從第三季的強勁業績來看，我們繼續看到我們進入高端市場和拓展增值產品的努力取得了良好的效果。第三季每位買家的支出為 296 美元，年增 9%。越來越多的買家來到 Fiverr 進行更大、更複雜的專案。雖然活躍買家成長放緩，但我們看到每年消費超過 10,000 美元的買家數量持續成長。

On the macro level, we have seen some level of stabilization in trends since the volatility we experienced in June and July. However, the overall SMB sentiment remains weak, and the overall hiring environment continues to be challenging. We expect GMV will still take some time to recover. In the meantime, we believe our strategy to lean into products to drive wallet expansion, and our work to unlock new addressable markets continues to be the right strategy to generate growth catalysts.

從宏觀層面來看，自從六月和七月經歷波動以來，我們看到趨勢穩定。然而，中小企業整體信心依然疲軟，整體招募環境仍充滿挑戰。我們預計 GMV 仍需一段時間才能恢復。同時，我們相信，依靠產品來推動錢包擴張的策略以及我們開拓新目標市場的工作仍然是產生成長催化劑的正確策略。

Take rate for Q3 was 33.9%, representing a year over year improvement of 260 basis points. The continued strength of Promoted Gigs, the growth of Seller Plus programs with the newly launched Kickstart Program, as well as the strong growth momentum at AutoDS, all contributed to the take rate upside this quarter. As a reminder, Fiverr’s take rate consists of two distinctive components: first, is marketplace commission of approximately 26% and second is value-added services of an additional approximate 8% take rate. The marketplace commission is directly tied with GMV on the marketplace and has been relatively stable over the years.

第三季的接受率為 33.9%，年比提高了 260 個基點。Promoted Gigs 的持續強勁表現、Seller Plus 計劃和新推出的 Kickstart 計劃的增長以及 AutoDS 的強勁增長勢頭，均推動了本季佣金率的上升。提醒一下，Fiverr 的佣金率由兩個不同的部分組成：第一個是市場佣金，約 26%；第二是增值服務的額外佣金率，約 8%。市場佣金與市場上的GMV直接掛鉤，多年來一直相對穩定。

The expansion of value-added products has driven the vast majority of our take rate expansion. As Micha mentioned, Fiverr is increasingly building towards a comprehensive work platform that provides not only access to talent but also a suite of software and AI tools. Take rate expansion continues to be an important growth catalyst for us as we further expand our value-added product portfolio. The strong Q3 results also translated into strong cash flow generation. Free cash flow was $10.6 million. Free cash flow excluding one-time escrow payment for contingent consideration was $22.7 million, representing 22.8% of revenue.

增值產品的擴張推動了我們絕大多數的佣金率成長。正如 Micha 所說，Fiverr 正在逐步打造一個綜合的工作平台，不僅可以提供人才，還可以提供一套軟體和人工智慧工具。隨著我們進一步擴大增值產品組合，擴大利率繼續成為我們重要的成長催化劑。強勁的第三季業績也轉化為強勁的現金流。自由現金流為1060萬美元。不包括或有對價的一次性託管付款的自由現金流為 2,270 萬美元，佔收入的 22.8%。

Together with a balance sheet of over $650 million, we have ample cash to continue investing in product and growth, while supporting other capital allocation priorities including optimizing capital structure, buyback and M&A. With regard to the outstanding $460 million convertible note, our objective is to preserve maximum flexibility in this dynamic economic environment. We are confident in managing [debt] the liabilities through our strong balance sheet, but we will make the decision as we get closer to maturity.

加上超過 6.5 億美元的資產負債表，我們擁有充足的現金繼續投資於產品和成長，同時支持其他資本配置重點，包括優化資本結構、回購和併購。對於未償還的 4.6 億美元可轉換債券，我們的目標是在當前動態的經濟環境中保持最大的靈活性。我們有信心透過強勁的資產負債表來管理負債，但我們將在接近到期時做出決定。

Given the strong execution of Q3, we are raising our full-year guidance for both revenue and adjusted EBITDA. For the full year 2024, we now expect revenue to be in the range of $388 million to $390 million, representing year over year growth of 7% to 8%. In terms of underlying drivers, we expect spend per buyer to continue growing at a robust pace, offset by the decline in active buyers. We now expect the take rate to increase by approximately 330 basis points year over year, higher than we had previously anticipated. For adjusted EBITDA, we expect full year 2024 to be in the range of $73 million to $75 million, representing an adjusted EBITDA margin of 19% at the midpoint.

鑑於第三季的強勁表現，我們上調了全年營收和調整後 EBITDA 的預期。對於 2024 年全年，我們預計營收將在 3.88 億美元至 3.9 億美元之間，年增 7% 至 8%。從根本驅動因素來看，我們預計每位買家的支出將繼續強勁成長，但活躍買家數量的下降將抵消這一成長。我們現在預期接受率將比去年同期增加約 330 個基點，高於我們先前的預期。對於調整後的 EBITDA，我們預計 2024 年全年將在 7,300 萬美元至 7,500 萬美元之間，中間值調整後的 EBITDA 利潤率為 19%。

The updated full year guidance implies Q4 revenue guidance to be in the range of $100.2 million to $102.2 million, representing year over year growth of 9% to 12%. Adjusted EBITDA for Q4 is expected to be $19.5 million to $21.5 million, representing adjusted EBITDA margin of 20.2% at the midpoint.

更新後的全年預期意味著第四季營收預期在 1.002 億美元至 1.022 億美元之間，年增 9% 至 12%。第四季調整後 EBITDA 預計為 1,950 萬美元至 2,150 萬美元，中間值調整後 EBITDA 利潤率為 20.2%。

I’m very proud of the exceptional results we delivered in Q3, and believe the strong momentum in Q3 will largely carry forward into Q4. I’m even more excited about what’s yet to come in 2025, including an action-packed winter release that’s coming up shortly, as well as many pipeline projects that Micha has alluded to in his remarks.

我對我們在第三季取得的出色業績感到非常自豪，並相信第三季的強勁勢頭將在很大程度上延續到第四季。我對 2025 年即將發生的事情更加興奮，包括即將上映的充滿動感的冬季影片，以及 Micha 在演講中提到的許多正在籌備的項目。

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

說完這些，我們現在將電話轉給接線生來回答問題。

(Operator Instructions) Ron Josey, Citi.

（操作員指示）花旗銀行的 Ron Josey。

I wanted to follow up on two things. First is, in the letter, you talked about demand trends stabilizing here. But then obviously the broader macro continues to have some challenges, and I think you highlighted hiring in SMB as sort of a challenge. So just talk to us a little bit more about what you meant by stabilization, Micha. I was wondering if maybe that's a newer thing post rates coming down or just any insights on stabilization. And then maybe a bigger question on the buyer base. I was wondering with all these new products like new professions catalog, Dynamic Matching that just launched, hourly contracts that as we attract these newer buyers, I wanted to hear more about on the product strategy to keep those buyers, call it, on the platform and how you think about your product catalog to continue driving greater overall higher quality buyers on the platform.

我想跟進兩件事。首先，在信中您談到了這裡的需求趨勢趨於穩定。但顯然更廣泛的宏觀經濟仍然面臨一些挑戰，我認為您強調中小企業的招募就是一項挑戰。那麼，Micha，請跟我們再多講講你所說的穩定是什麼意思。我想知道這是否是利率下降後的新現象，或者只是對穩定的任何見解。然後也許關於買家群體是一個更大的問題。我想知道，隨著我們推出這些新產品，例如新的職業目錄、剛剛推出的動態匹配、小時合約等，我們能否吸引到這些新買家，我想更多地了解關於如何將這些買家留在平台上的產品策略，以及您如何看待您的產品目錄，以繼續在平台上吸引更多更高品質的買家。

As to the first question, if you recall, in previous earnings, we've mentioned that we've seen some specific volatility around June and July, June, July, August. And I think what we're calling right now is that we've seen September and the beginning of October to be slightly more stable. So there has been some improvement at the top of funnel but nothing we can call a trend at this point. And just a reminder, we're just a few days away from election. There's a lot of seasonality coming in, things that might create a fluctuations in trends. So I wouldn't say that this, we're not calling a new trend; we just called out the fact that after June, July and August, we've seen some more stabilization and slightly better top of funnel on that.

關於第一個問題，如果您還記得的話，在先前的收益中，我們提到過，我們在六月、七月、七月、八月左右看到了一些特定的波動。我認為我們現在所看到的是，九月和十月初的情況會稍微穩定一些。因此，漏斗頂部確實有一些改進，但目前我們還不能稱之為趨勢。提醒一下，距離選舉只有幾天了。許多季節性因素正在不斷出現，這些因素可能會導致趨勢波動。所以我不會說這不是一種新趨勢；我們只是指出，在六月、七月和八月之後，我們看到了更多的穩定和略微更好的漏斗頂部。

Second question was about the buyer base and the products that we're building, look, I think when we think about the types of things that we want to address as we're moving upmarket and we're entertaining larger customers with higher budgets for freelancing, we know that the things that they usually enjoy is mostly working with the agencies offline. And we know that there is, even though the fact that there is people are accustomed to doing it, they're used to working offline. There are a lot of weak points in doing so. Speed is one, convenience is another, clarity of pricing, of delivery, of the project itself.

第二個問題是關於買家群體和我們正在打造的產品，看，我認為，當我們思考我們在向高端市場邁進過程中想要解決的問題類型，以及我們正在為擁有更高自由職業預算的更大客戶提供服務時，我們知道他們通常喜歡的事情主要是與線下機構合作。我們知道，儘管人們已經習慣了這樣做，但他們習慣於離線工作。這樣做有很多弱點。速度是一回事，便利性是另一回事，還有定價、交付和專案本身的清晰度。

So everything that we're building right now are really tools that are eliminating all the things that customers dislike about working with freelancers or agencies offline and simplifying them and building beautifully simple products for our customers. And if you look at that strategy and how this has been working out for us in the past year or two, you see that those customers are growing, they're growing faster than the overall customer. They're spending more with us. They're sticking for a longer period of time. Their retention is better, their spend is better, their frequency is better.

因此，我們現在正在建立的一切實際上都是工具，可以消除客戶不喜歡與自由工作者或機構線下合作的所有事情，並簡化這些事情，並為我們的客戶建立精美簡單的產品。如果你看一下這個策略以及過去一兩年它為我們帶來的成果，你會發現這些客戶正在成長，而且成長速度比整體客戶要快。他們在我們這裡花的錢更多了。他們會堅持更長的時間。他們的保留率更高、​​他們的支出更高、他們的頻率也更好。

And that is why we're investing in these products. And don't forget, I mean we are one of them if not the first company that has done a very aggressive move into AI, not just on the catalog side of opening tens of different categories, but how we integrated AI in making our products much more or much easier to use and much more robust to do a lot of the work that was previously we had to do manually. So I think that with the removal of all of these frictions, our anticipation is that part, that portion of the business will continue to grow very nicely as it has been growing in recent quarters.

這就是我們投資這些產品的原因。別忘了，我們是其中之一，如果不是第一家積極進軍人工智慧領域的公司，我們不僅在目錄方面開放了數十個不同類別，而且我們如何整合人工智慧，使我們的產品更易於使用和更強大，以完成許多以前我們必須手動完成的工作。因此，我認為，隨著所有這些摩擦的消除，我們預期這部分業務將繼續保持良好的成長勢頭，就像最近幾季一樣。

Bernie McTernan, Needham & Company.

伯尼‧麥克特南 (Bernie McTernan)，尼德漢姆公司。

Two for me. First, just with the guidance for revenue (technical difficulty) 4Q, how should we think about the puts and takes between take rate and GMV and is (technical difficulty) having an impact on the revenue acceleration? And then secondly, just on dynamic matching, I know it's only been launched for a few weeks, but can you talk about the metrics that you're using to gauge success of the product, and does it have any impact for advertising or (technical difficulty) platform?

對我來說是兩個。首先，僅根據第四季的營收（技術難度）指引，我們該如何看待佣金率和 GMV 之間的利弊，以及（技術難度）是否會對營收加速產生影響？其次，關於動態匹配，我知道它只推出了幾個星期，但你能談談你用來衡量產品成功的指標嗎？

You were cutting off a little bit, but I think I got most of the questions.

您剛才說得有點多了，但我認為我已經回答了大部分問題。

So in terms of guidance, acceleration, look, macro hasn't changed, which means that we're working against a very negative market. If you look at the measures of or the trends of SMB sentiment or you look at professional staffing market, they're down double-digit percentage. So we're already offsetting -- in our profile, we're offsetting pretty massively on the macro conditions.

因此，從指導、加速來看，宏觀並沒有改變，這意味著我們正在應對一個非常消極的市場。如果您查看中小企業信心的指標或趨勢，或查看專業人員配備市場，您會發現它們的百分比下降了兩位數。因此，我們已經在抵銷了——在我們的概況中，我們在宏觀條件上進行了相當大的抵銷。

Our view on GMV, we've reiterated it. We talked about this. I think that within this market, other than just offsetting on these negative trends, we're improving our product and building new products that are creating value for our customers and those products are working extremely well. Customers are retained and happy to pay for these products because they're adding value for them. And so when you look at the makeup of what allowed us to grow, it's a combination of a somewhat better top of funnel. It's the tools that we either introduced in the past, like Promoted Gigs and seller tools, it's new tools like the addition of AutoDS and its higher spend per buyer because of all of our going upmarket products.

我們對GMV的看法，我們已經重申了。我們討論過這個。我認為在這個市場中，除了抵消這些負面趨勢之外，我們還在改進我們的產品並打造為客戶創造價值的新產品，而且這些產品的效果非常好。客戶會保留這些產品並且樂意為這些產品付費，因為這些產品為他們增加了價值。因此，當您查看使我們得以成長的因素時，您會發現這是由於漏斗頂部略有改善而形成的。這些是我們過去推出的工具，例如 Promoted Gigs 和賣家工具，以及新工具，例如新增的 AutoDS 及其更高的每個買家支出（因為我們所有的產品都走向高端）。

So we feel that as long as the macro would not significantly change, what we're doing now with the offset is the right thing. Obviously, we're pushing ourselves to even perform better, and I think we are, and I think the numbers show it. But the strategy remain very stable, very consistent. We're not zigzagging, we're delivering on the same things that we said we're going to do. And I'm happy to see that those developments are actually paying off for us.

因此我們認為，只要宏觀不會發生重大變化，我們現在對偏移所做的就是正確的。顯然，我們正在努力取得更好的成績，我認為我們確實做到了，而且我認為數字也證明了這一點。但該戰略仍然非常穩定、非常一致。我們不會曲折前進，我們會履行我們說過要做的事情。我很高興地看到這些發展確實為我們帶來了回報。

Do you have any follow up question, Bernie?

你還有其他問題嗎，伯尼？

No, I think he had a second question.

不，我認為他還有第二個問題。

Yeah. On Dynamic Matching. I know it's only been a few weeks, but can you just talk about some of the metrics you're using to gauge success for that? And then does it have any impact on advertising or take rate? Just really want to know if it could be take rate dilutive, if there's less of a need to advertise, if all the sellers are matched.

是的。論動態匹配。我知道這才過了幾週，但您能談談您用來衡量成功的一些指標嗎？那麼這對廣告或接受率有影響嗎？只是真的想知道如果所有賣家都匹配，是否不需要做廣告，是否會稀釋利率。

Right. It's a good question. So first, as you said, it's very early or what we're seeing from early signs are extremely positive signs. I think that the beauty about this product is it allows customers to be more nuanced specific and detailed about the types of projects that they need, and it allows them to actually come up and voice much more complex projects within this product.

正確的。這是個好問題。首先，正如您所說，現在還為時過早，或者說，我們從早期跡像看到的是極其積極的跡象。我認為這款產品的優點在於，它可以讓客戶更加細緻入微地了解他們所需的項目類型，並且允許他們實際提出並表達這款產品中更為複雜的項目。

And we're using AI technology to help them create more extensive briefs and then get matched with very, very specific type of talent, which saves them the trouble of actually going through and filtering talent and get tailored proposals. Now I don't think that because of the nature of these products, I don't foresee, definitely not an immediate impact on advertising. And the reality is we haven't seen that. I think that this product by itself is a little bit more relevant for very, very customized types of projects whereas our catalog allows our customers to have a readymade offerings that they can just click and buy.

我們正在使用人工智慧技術來幫助他們創建更詳盡的簡報，然後與非常具體的人才類型進行匹配，這省去了他們實際篩選人才並獲得定制提案的麻煩。現在我不認為由於這些產品的性質，我無法預見，肯定不會對廣告產生直接影響。但事實上我們還沒有看到這種情況。我認為該產品本身更適合非常非常客製化類型的項目，而我們的目錄允許我們的客戶獲得現成的產品，他們只需點擊即可購買。

So I don't see this influencing and the reality is that the Promoted Gigs continues to grow and we're very happy with it.

所以我認為這不會產生影響，事實上，Promoted Gigs 仍在繼續成長，我們對此感到非常高興。

Doug Anmuth, J.P. Morgan.

摩根大通的道格安穆斯 (Doug Anmuth)。

Can you guys talk about what you're seeing early on with AutoDS and just how we should think about contribution there? And then also if you could talk a little bit more on the business rewards program, how that's increasing spending among some of your larger buyers and then any impact that you're seeing thus far on loyalty as well?

你們能談談早期對 AutoDS 的看法以及我們應該如何看待那裡的貢獻嗎？另外，如果您可以再多談商業獎勵計劃，它如何增加一些較大買家的支出，以及您目前看到它對忠誠度有何影響？

So on AutoDS, I mean we're very happy with the acquisition. I think as I mentioned, it is contributing to the take rate component and actually they had a better quarter than anticipated. Look, it's still a small business. So in contribution to the larger picture of Fiverr, it's still small, which is why we're not reporting it separately, but we're happy with the performance. And it's a great addition to the already inhouse tools that we've built. I've mentioned them. I mentioned Promoted Listings, I've mentioned Seller Plus. Our loyalty programs are really tied in from both sides, from sellers and buyers into a place where we're enabling more engagement both for our sellers and our buyers in a way that pays off. And we know that the repeat and sometimes working with same seller and buyer is a very -- is a highly common thing on Fiverr and these are the types of things that we want to encourage.

所以對於 AutoDS，我的意思是我們對這次收購感到非常高興。我認為，正如我所提到的那樣，它對接受率部分有所貢獻，而且實際上他們本季的表現比預期要好。瞧，這仍然是一家小企業。因此，對於 Fiverr 的整體貢獻來說，它仍然很小，這就是我們沒有單獨報告它的原因，但我們對其表現感到滿意。它對於我們已經建立的內部工具來說是一個很好的補充。我曾經提到過他們。我提到了“推廣清單”，也提到了“賣家附加功能”。我們的忠誠度計畫實際上是將賣家和買家緊密結合在一起的，透過這種方式，我們可以為賣家和買家提供更多參與的機會，從而獲得豐厚的回報。我們知道，重複合作，有時與同一個賣家和買家合作，在 Fiverr 上是非常常見的事，而這些都是我們希望鼓勵的事情。

So we're very happy to see how these programs are shaping up because it's actually rewarding those who are doing it. And mostly influencing engagement which is really important. So retention and engagement are the two metrics of how we measure the success of these programs.

因此，我們很高興看到這些項目的進展，因為它實際上獎勵了那些正在做這件事的人。並且主要影響參與度，這確實很重要。因此，保留率和參與度是我們衡量這些項目成功與否的兩個指標。

Jason Helfstein, Oppenheimer.

奧本海默的傑森‧赫爾夫斯坦 (Jason Helfstein)。

Can you talk about where you see take rates going long term? Obviously, it's quite strong. The main driver really is, I guess mix shift. It's not like this is all headline increases, but just I guess how -- where do you see long term take rates playing out based on where you kind of see the mix of business over time?

您能談談您認為長期利率走勢如何嗎？顯然，它的強度相當高。我猜，主要的驅動因素確實是混合轉變。這並不意味著所有的業務都出現了成長，但我只是猜測，根據您所看到的隨時間推移的業務組合，您認為長期利率會如何變化？

Hey, Jason. So this is Ofer. I think that I'm kind of thinking how to address this question because on one hand, we are very satisfied, very satisfied with the growth, the pattern of take rate over the last few years starting with the basic 26% on the transaction growing all the way up to 30%-plus with value-added services. But in reality, we do see more room to expand both on existing product. We just launched the Kickstart subscription program for new seller, which is going really well, but there is more in the pipe.

嘿，傑森。這就是奧弗。我想我正在思考如何解決這個問題，因為一方面，我們對成長非常滿意，過去幾年的收費模式從交易的基本26%開始，隨著增值服務的增加一直增長到30%以上。但實際上，我們確實看到現有產品還有更多的擴充空間。我們剛剛為新賣家推出了 Kickstart 訂閱計劃，進展非常順利，但還有更多計劃正在籌備中。

So I think that during this period of the volatility and macro headwind, take rate expansion is a key driver for growth. I think that in the future as we believe, where the market is open and macro turn around and start to expand, I think that the contribution of take rate is still going to be massive, but percentage-wise, it's going to be slower, but for the time being, again with the existing program expansion but also new program in the pipe, I think there is a good reason to believe that take rate is going to go higher and modestly over the next year quarter.

因此，我認為，在這段波動和宏觀逆風時期，利率擴張是成長的關鍵動力。我認為，正如我們所相信的那樣，未來當市場開放、宏觀好轉並開始擴張時，我認為接受率的貢獻仍將是巨大的，但從百分比來看，它會變慢，但就目前而言，隨著現有計劃的擴張以及新計劃的實施，我認為有充分的理由相信，明年第一季接受率將會適度上升。

Brad Erickson, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的布拉德‧艾瑞克森 (Brad Erickson)。

First question is you mentioned the stabilization at the top of the funnel. There's clearly some cross currents going on with SMBs, hiring trends and everything. What do you guys need to sort of see to put marketing dollars back to work in the model? Like do you need to see kind of over improvement in the macro or is there anything that's maybe a bit more like in your control that might cause you to lean in on the marketing spend? And then I have a follow up.

第一個問題是您提到了漏斗頂部的穩定性。顯然，中小企業、招募趨勢等各方面都存在著一些矛盾。你們需要看到什麼才能讓行銷資金重新在該模型中發揮作用？例如，您是否需要看到宏觀層面的過度改善，或者是否存在一些可能更在您控制範圍內的因素，可能會導致您依賴行銷支出？然後我會進行後續跟進。

So essentially, the macro is putting more pressure on SMBs than it is on larger businesses. And therefore, acquiring SMBs, it is mostly a function of macro. Because right now with the current situation from a LTV to CAC, it doesn't make much more sense to continue investing more than we are. At the same time, when you look at larger businesses, midsize businesses to enterprise businesses and you see the improvement that we've done both on the going upmarket, but also on their spend on the platform, it does make sense to invest more, and we are. And we are and we focus our efforts there on high value buyers.

因此從本質上來說，宏觀經濟對中小企業的壓力比對大型企業更大。因此，收購中小企業主要是一個宏觀功能。因為現在從 LTV 到 CAC 的現狀是，繼續進行比現在更多的投資沒有多大意義。同時，當你關注大型企業、中型企業和大型企業時，你會發現我們在進入高端市場和在平台支出方面都取得了進步，所以加大投資確實是有意義的，我們也確實在這麼做。我們將精力集中在高價值買家上。

And so I think the good news on our end is, and I think I said that before and it continues to be the case, the top of our funnel contains every type of customer that we need. Yes, there's a little bit of a lesser demand or traffic coming from very small businesses because they're not even -- they're not having the best time of their lives right now as a business. But we contain everything from small businesses all the way to enterprise businesses, which is good news because it means we don't need to massively invest in having a sales force or having account management to entertain those customers.

因此我認為我們的好消息是，我想我之前就說過，而且現在仍然如此，我們的漏斗頂部包含了我們需要的每種類型的客戶。是的，來自小型企業的需求或流量確實稍微少一些，因為它們現在還沒有進入業務發展的最佳時期。但我們涵蓋了從小型企業到大型企業的所有業務，這是個好消息，因為這意味著我們不需要大量投資於銷售團隊或帳戶管理來服務這些客戶。

I think that when that sentiment is going to change, I called out two sentiments. One is the SMB sentiment which is not looking well and the other is professional staffing. And both of these indexes are going down. Offsetting these indexes by just pouring money into the market from our experience is not the most effective, which is why we're not doing it. I think that the -- if we have signs, even the smaller signs that this is changing. The way we do marketing is, the marketing automation, the sophistication of our marketing would allow us to respond to it extremely fast. But I think that I've outlined those -- these are the main components for when we can spend more.

我認為當這種情緒即將改變時，我呼喚出了兩種情緒。一是中小企業情緒不容樂觀，二是專業人員配備問題。這兩項指數都在下降。根據我們的經驗，僅僅透過向市場注入資金來抵消這些指數並不是最有效的，這就是我們不這樣做的原因。我認為——如果我們有跡象，即使是較小的跡像也表明這種情況正在改變。我們的行銷方式是行銷自動化，行銷的複雜性使我們能夠極快地做出反應。但我認為我已經概述了這些——這些是我們可以增加支出的主要因素。

And then just a housekeeping question but one that we are getting from investors. Just curious if you can quantify how much you paid for AutoDS. If I look at the balance sheet, the goodwill and intangibles picked up pretty a bit, I guess. I wonder if that's maybe a good way to think about it or any other color you can give there.

這只是一個普通問題，但我們是從投資者那裡得到的。只是好奇您是否可以量化您為 AutoDS 支付了多少錢。如果我看一下資產負債表，我想商譽和無形資產已經增加了不少。我想知道這是否是一種很好的思考方式，或者您可以給出任何其他顏色。

I think that we're not disclosing this deal. You probably have seen but there are some items on the financial statement that indicate. So that there is some cash flow component. Bear in mind that we did purchase some -- we did some acquihire earlier this year. So the amount is kind of compounded of those two deals. So I think it's a few thousands of millions of dollars. So you can see that in the financial statement.

我認為我們不會披露這筆交易。您可能已經看到，但財務報表上的一些項目表明。因此存在一些現金流成分。請記住，我們確實購買了一些——我們今年早些時候進行了一些收購。所以這個金額就是這兩筆交易的總和。所以我認為這個數字是幾億美元。您可以在財務報表中看到這一點。

Marvin Fong, BTIG.

BTIG 的 Marvin Fong。

Congrats on the quarter. Two questions for me. So I would like to just drill down a little bit deeper on going upmarket, you mentioned in the shareholder letter, things like Dynamic Matching, Professions and hourly contracts that, just wondering if you could give us some sense of which of those items you feel is having the most impact. And I'm especially interested in hourly contract. It seems like unlocking a major portion of the market. Could you provide any color on what you're seeing in terms of early start on how much of your mix is going to hourly contracts and then I'll -- and then I have a follow up.

恭喜本季取得佳績。我有兩個問題。因此，我想更深入地談談高端市場，您在致股東的信中提到了動態匹配、專業和小時合約等，我只是想知道您是否可以告訴我們您認為其中哪些項目影響最大。我對小時合約特別感興趣。這似乎解鎖了很大一部分市場。您能否提供一些細節，說明您在早期階段看到的情況，即您的組合中有多少將用於小時合同，然後我將進行跟進。

So essentially, I think you mentioned yourself, these are extremely new products. And as I said, what we're seeing there gives us very high confidence that these are going to be a very successful product. And the reason is they're dealing with very specific types of needs that Fiverr didn't deal with before. And it was important because as I've said, most customers work with agencies or freelancers offline, and they are used to work in a certain way, and I think that some of these behaviors we didn't capture well.

所以本質上，我想你自己提到過，這些都是極為新的產品。正如我所說的，我們所看到的情況讓我們非常有信心，這將會是一款非常成功的產品。原因是他們正在處理 Fiverr 以前沒有處理過的非常特殊的需求類型。這很重要，因為正如我所說，大多數客戶都是線下與代理商或自由工作者合作的，他們習慣以某種方式工作，而我認為我們沒有很好地捕捉其中一些行為。

So as an example, if you think about the market-based model where there's predefined, prepackaged, prepriced services that are very easy to purchase, if you have a very long ongoing relationship with a freelancer where it's mostly open ended because there's -- it's not like a project that has an A to Z that is very clear, a start and an end, but it's mostly on an ongoing basis. This is where hourly models come in and this gives the additional flexibility. Again, these products are super new. What we're seeing there is they're really catering to the types of products and services that are selling for many thousands of dollars, okay, and are by definition longer in duration.

舉個例子，如果你考慮基於市場的模型，其中有預先定義、預先打包、預先定價的服務，這些服務非常容易購買，如果你與自由職業者建立了非常長期的持續關係，那麼這種持續關係大多是開放式的，因為它不像一個從 A 到 Z 非常明確的項目，有開始和結束，但它大多是持續進行的。這就是按小時計算的模型發揮作用的地方，它提供了額外的靈活性。再說一次，這些產品非常新。我們看到的是，他們真正迎合的是那些售價數千美元的產品和服務，而且從定義上來說，它們的使用期限也更長。

So it's doing exactly what they were designed to do. Well, they're not competing with the other offerings that we have because we're tailoring each of our offering into a specific use case. So that for the customers, it's very easy to understand which of our solutions is the best one for them.

所以它確實在做它們被設計要做的事情。嗯，它們不會與我們的其他產品競爭，因為我們根據特定的用例來客製化我們的每款產品。這樣，客戶就很容易了解我們的哪種解決方案最適合他們。

Got you. And totally understand these are very new products. My second question is just on the guidance, and I think you mentioned earlier, this is a pretty seasonal quarter. Correct me if I'm wrong but typically a pretty seasonally strong quarter, the fourth quarter. So as we stand here at the end of October, do you feel like you have that visibility into that seasonal ramp or is it still too early to say and still waiting on seeing that develop and how that kind of plays into your guidance?

明白了。我完全理解這些都是非常新的產品。我的第二個問題只是關於指導，我認為您之前提到過，這是一個非常季節性的季度。如果我錯了，請糾正我，但通常來說，第四季度是一個季節性強勁的季度。那麼，當我們站在十月底的時候，您是否覺得您已經預見了季節性的增長，還是現在說還為時過早，仍在等待看到它的發展以及它如何影響您的指導？

And I would make the question more interesting by adding the election at the US that makes this quarter even more interesting. So that despite of or on top of the seasonality and the fear with the last two weeks, kind of shy in terms of prior attendance and priorities, I would say that we feel we have enough confidence to guide and beyond. We actually increased guidance or improved guidance for the quarter. And this is based on at the exit point of last quarter together with the stability of top of funnel and the strong pipeline and value-added services. So to address, the simple question is yes, we feel we have enough confidence to guide against those.

我想透過增加美國大選來使這個問題變得更有趣，這使得本季變得更加有趣。因此，儘管存在季節性因素以及過去兩週的擔憂，在之前的出席情況和優先事項方面有點害羞，但我想說，我們覺得我們有足夠的信心去指導和超越。我們實際上增加了或改善了本季的指導。這是基於上個季度的退出點以及漏斗頂部的穩定性以及強大的管道和增值服務。因此，要回答這個問題，簡單的答案是肯定的，我們覺得我們有足夠的信心來處理這些問題。

Rohit Kulkarni, ROTH Capital Partners.

羅希特·庫爾卡尼（Rohit Kulkarni），羅仕證券資本合夥人。

A couple of questions. One is just on kind of the cost side of the equation. Can you talk about what your hiring plans look like? How have they trended over the last six months and any color that you can provide in terms of what end markets you're feeling about and how that translates into your hiring plans? And then second is just I know take rate is something that investors kind of want to get their arms around. But over the last six months, there seems to be like a nice step up in how take rate has expanded. Perhaps talk about, there are some coincidental factors in terms of how you have expanded upmarket and that has been successful to the extent, you can provide any more color around what may have led to that kind of slight step up in the expansion and how sustainable that is. Perhaps it's about going upmarket, perhaps it's AI or anything else, that would be helpful.

幾個問題。一個只是等式中的成本方面。您能談談您的招募計畫嗎？在過去的六個月中，它們的趨勢如何？ 您能否就您對終端市場的看法提供一些信息，以及這如何轉化為您的招聘計劃？其次，我知道接受率是投資人想要掌握的。但在過去六個月中，接受率似乎有了很大的提高。或許可以談談，在您如何向高端市場擴張以及在一定程度上取得成功方面，是否存在一些巧合因素，您能否提供更多細節，說明是什麼導致了這種擴張的輕微提升，以及這種擴張的可持續性。也許是有關走向高端，也許是人工智慧或其他什麼，這些都會有所幫助。

On the cost side, what I would say is, hiring is done in a very disciplined manner. And we've been very disciplined on cost. But we're not shy from hiring, where we have needs to further invest in product and in growth. So I think we've done it in a very responsible manner. But the other question about take rate, so I'd say there aren't any surprises here. And again, I'm very proud of the fact that as management, this company has been very consistent in the way in which we build the business. And actually look, if you look at 2024, it's a pretty impressive year. But despite the fact that we had the very, very high pressure on the micro side, SMBs and professional hiring, we've been able to offset a lot of it and continue growing.

在成本方面，我想說的是，招募是以非常有紀律的方式進行的。我們對成本一直非常嚴格。但我們並不羞於招聘，我們需要進一步投資於產品和成長。因此我認為我們以非常負責任的方式做到了這一點。但另一個問題是關於接受率，所以我認為這裡沒有什麼意外。我再次對這樣的事實感到非常自豪，作為管理層，我們公司在發展業務的方式上始終如一。事實上，如果你展望 2024 年，那將是相當令人印象深刻的一年。儘管我們在微型、中小型企業和專業招聘方面面臨巨大的壓力，但我們已經能夠抵消許多壓力並繼續成長。

We been growing the bottom line, our profitability profile even faster than we said we will because we have the opportunity. We've done buyback to increase and give more value to our shareholders. We build products that allowed us to go upmarket very efficiently which we have and they're driving the platform higher. We were very fast to respond to the opportunity of AI and made it a net positive for us and a force of growth and ability to continue investing in great products. And we've offered great products and solutions to both our sellers and buyers, and they love them. And this is why they embrace them more, which allows us to increase the volume of people that are using these tools and also increase the exposure of these offerings across our products.

我們的底線成長、獲利狀況的成長速度甚至比我們所說的還要快，因為我​​們有機會。我們進行回購是為了增加股東價值並為他們帶來更多價值。我們打造的產品使我們能夠非常有效率地進入高端市場，而這些產品正在推動平台的更高水準。我們非常迅速地對人工智慧帶來的機會做出了反應，並使其成為我們業務的積極因素以及成長的力量，使我們能夠繼續投資於優秀的產品。我們為賣家和買家提供了優質的產品和解決方案，深受他們的喜愛。這就是他們更歡迎這些工具的原因，這使我們能夠增加使用這些工具的人數，並增加這些產品在我們產品中的曝光率。

There is no magic. It's just consistent, hard work that pays off. So to your question, do we think that there is anything coincidental or if we think that there's any reason to think that this would not be the trend moving forward, the answer is no. Because as I've said, it's a result of a very methodical, hard and consistent work.

沒有什麼魔法。只有堅持不懈的努力才會有回報。所以對於你的問題，我們是否認為有什麼巧合，或者我們是否認為有任何理由認為這不會是未來的趨勢，答案是否定的。因為正如我所說，這是有條不紊、艱苦和持續工作的成果。

Do you have any follow up questions, Rohit?

羅希特，你還有其他問題嗎？

If I could [squeak] in a couple, one more in terms of capital allocations and debt and buybacks, any latest -- excuse me, any updates on the convertible notes as well as the status of any additional share buyback authorization?

如果我可以再問幾個問題，關於資本配置、債務和回購，有什麼最新消息——對不起，關於可轉換票據有什麼最新消息，以及任何額外股票回購授權的狀態嗎？

I will start by saying that we are lucky or smart to have sufficient cash to fulfill all obligations including the convertible note. If time can, by the end of next year, we are -- we have the flexibility to decide to throughout this period and to react to market condition and any opportunity. But again, we have sufficient cash to stand against those vulnerability. I think in terms of share back authorization, we did some share back this year. I think we'll -- we have on top of this topic to make sure that we do our best and prioritize the shareholders' value on the long term. And so there's nothing to update as of now. But I recommend that you guys stay tuned to see how we react against the shareholders’ value.

首先我想說，我們很幸運或很聰明，擁有足夠的現金來履行包括可轉換票據在內的所有義務。如果時間可以的話，到明年年底，我們可以靈活地決定在這段時間內如何對市場狀況和任何機會做出反應。但話說回來，我們有足夠的現金來抵禦這些脆弱性。我認為在股票回饋授權方面，我們今年做了一些股票回饋。我認為，我們會專注於這個問題，以確保我們盡最大努力並優先考慮股東的長期價值。因此目前還沒有什麼可更新的。但我建議大家繼續關注我們對股東價值的反應。

Josh Chan, UBS.

瑞銀的 Josh Chan。

Congrats on a good quarter. I've got two questions. One is on the take rate guidance going up. And I guess could you talk about what factors drove you to be able to raise your take rate guidance and what kind of surprise you in that regard? And then secondly, just on AutoDS, does that business happen to have a very seasonal dynamic in Q4 with the holidays? I'm just wondering whether revenue contribution is stronger in Q4 than other quarters.

恭喜本季取得良好業績。我有兩個問題。一是提高接受率指引。我想您能談談哪些因素促使您提高了接受率預期以及在這方面給您帶來了哪些驚喜嗎？其次，僅就 AutoDS 而言，該業務在第四季是否隨著假期而呈現季節性動態？我只是想知道第四季度的收入貢獻是否比其他季度更強。

Take rate guidance, again, not massive surprises. It's just working. And it's -- maybe it's working a little bit better. I called out the fact that AutoDS had a better quarter than initially anticipated, which had some contribution. The same goes for our other take rate driving products. So that is why we have the confidence and that's why we guided the way we did. In terms of AutoDS, look, every business including Fiverr is -- has seasonality factor. And there is a seasonality factor in Q4 for Fiverr as well in Q1.

再次以利率指引為例，這並沒有帶來太大的意外。它正在工作。而且它 — — 也許效果會更好一些。我指出，AutoDS 本季的表現優於最初的預期，這有一定的貢獻。我們的其他接受率驅動產品也是如此。這就是我們有信心的原因，也是我們採取這種方式的原因。就 AutoDS 而言，包括 Fiverr 在內的每項業務都有季節性因素。Fiverr 在第四季也存在季節性因素，就像第一季一樣。

And the same goes for any other of our businesses. We're not guiding specifically to any one of our businesses. Again, it's a small contributor. At this point, we're happy with how it's growing, and it gives us nice contribution, but it's still small. We're not guiding specifically. It's a SaaS business, right, which is in many ways different than a lot of our businesses which is one of the reasons why we like it, and it allows us to extend and proliferate our different offerings. And as Ofer said, it's just we're guiding based on how we're seeing the previous quarter ending; this one starting. And that's it. I don't have that much more color to add.

我們的任何其他業務也是如此。我們不會專門針對我們的任何一家企業進行指導。再次強調，這只是一個小貢獻者。目前，我們對它的成長感到滿意，它給我們帶來了很好的貢獻，但仍然很小。我們不是專門進行指導。它是一項 SaaS 業務，在許多方面都不同於我們的許多業務，這也是我們喜歡它的原因之一，它使我們能夠擴展和增加我們的不同產品。正如奧弗所說，我們只是根據上一季末的業績預測做出指引；這一個開始。就是這樣。我沒有那麼多顏色可以添加。

Thanks for the color and the time and congrats on a good quarter.

感謝色彩和時間，並祝賀本季取得良好業績。

Thank you.

謝謝。

Andrew Boone, JMP Securities.

JMP證券的 Andrew Boone。

Micha, in the prepared remarks, you talked about the vision of expanding Fiverr beyond our marketplace and adding more tools for freelancers and I guess users of the platform overall. Can you just expound upon the vision of what you might be willing to offer? What does that start to look like? And then in the letter, new cohorts were called out as outperforming COVID cohorts. Can you guys just help us understand kind of COVID cohorts given their size and the importance of what that's been historically for the business, kind of how those are trending? Are you guys seeing stabilization there as we continue to move away from COVID or is macro kind of overwhelming that?

Micha，在準備好的演講中，你談到了將 Fiverr 擴展到我們的市場之外的願景，以及為自由工作者以及整個平台的用戶添加更多工具。您能否詳細闡述您願意提供的願景？它看起來像什麼？然後在信中，新群體被譽為表現優於 COVID 群體。你們能否幫助我們了解 COVID 群體的規模，以及它們對企業歷史的重要性，以及它們的趨勢如何？隨著我們繼續擺脫 COVID，你們是否看到了那裡的穩定，還是宏觀經濟有點壓倒一切？

Yeah. I think -- Andrew, thanks for the question. There isn't that much more I can talk about the vision, and this is because of competitive reasons and because of the fact that we do want to keep some nice surprises for our community and for the market. But I think I've alluded enough in where we make our investments and how we think about our product and how we think about this combined opportunity for intelligent machines to work with extremely talented people.

是的。我認為——安德魯，謝謝你的提問。關於願景我能說的並不多，這是出於競爭的原因，也因為我們確實想為我們的社區和市場保留一些驚喜。但我認為我已經足夠暗示了我們的投資領域、我們如何看待我們的產品以及我們如何看待智慧機器與極具天賦的人一起工作的這種綜合機會。

In I think that around that space, there's a lot to do and we are and I'm super excited and I'm not going to jump the gun and talk about this more. But I will say that we'll be happy to share news as soon as we have some interesting things to demonstrate. In terms of COVID cohorts, yeah, I mean yes, they're larger in size obviously and we know that. These cohorts are pretty stable at this point. There's -- they are a few years into maturity now. And I think it's worth calling out that the efforts that we're doing to focus on high value buyers, we do see that cohorts of the last two years are performing better than COVID cohorts. So it's not just the fact that there is a maturation phase into these COVID cohorts; it's the fact that newer cohorts are different in quality because we focus more on high value, which also is something that you see on the spend per buyer that is growing very nicely.

我認為在這個領域有很多事情要做，我們對此感到非常興奮，我不會妄下結論並過多談論這個話題。但我想說的是，一旦我們有一些有趣的東西可以展示，我們會很樂意分享新聞。就 COVID 群體而言，是的，我的意思是，是的，它們的規模顯然更大，我們知道這一點。目前這些群體已經相當穩定。現在它們已經成熟幾年了。我認為值得一提的是，我們為專注於高價值買家所做的努力確實看到過去兩年的群體表現優於 COVID 群體。因此，事實不僅僅是這些 COVID 群體有一個成熟階段；事實上，較新的群體在品質上有所不同，因為我們更注重高價值，這也是您從每位買家的支出中看到的非常良好的成長。

We have reached the end of the question and answer session. Thank you all very much for your questions. I'll now turn this conference back to Micha for closing comments.

問答環節已經結束。非常感謝大家的提問。現在我將把本次會議的發言交還給 Micha，請他發表最後評論。

Thank you, Amber. You've been wonderful in running this call. I appreciate that and I appreciate everyone for dialing in and giving us some great questions. Looking forward to talking to you very soon. Have a great day.

謝謝你，Amber。您主持這次通話非常出色。我對此表示感謝，也感謝大家撥打電話並向我們提出一些很好的問題。期待很快與您交談。祝你有美好的一天。

Thank you for your participation in today's conference. This does conclude the program. You may now disconnect.

感謝您參加今天的會議。該計劃確實結束了。您現在可以斷開連線。