Fiverr International Ltd (FVRR) 2025 Q1 法說會逐字稿

Good day and thank you for standing by. Welcome to the Fiverr Q1 2025 earnings conference call. (Operator Instructions)

您好，感謝您的支持。歡迎參加 Fiverr 2025 年第一季財報電話會議。（操作員指示）

Please be advised today's conference is being recorded. I'd now like to hand the conference over to your first speaker today, Jinjin Qian. Please go ahead.

請注意，今天的會議正在錄製。現在我想把會議交給今天的第一位發言者錢金。請繼續。

Thank you, operator and good morning, everyone. Thank you for joining us for Fiverr's Earnings Conference Call for the first quarter that ended March 31, 2025. Joining me on the call today are Micha Kaufman, Founder and CEO; and Ofer Katz, President and CFO.

謝謝接線員，大家早安。感謝您參加 Fiverr 截至 2025 年 3 月 31 日的第一季財報電話會議。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.

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。

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. 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.

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，可以找到一些可能導致實際結果與任何前瞻性陳述存在重大差異的重要風險因素的討論。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。

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, and our shareholder letter, each of which is available on our website at investors.fiverr.com.

我們今天發布的收益報告和股東信中提供了對非 GAAP 財務指標與最直接可比較的 GAAP 指標的進一步解釋和對賬，這些內容均可在我們的網站 investors.fiverr.com 上查閱。

And now I'll 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. I'm pleased to kick-off 2025 with a strong first quarter, exceeding expectations in both revenue and adjusted EBITDA. This performance reflects the strong execution across market base and services segments. I'm proud of how our team have been laser-focused on delivering impactful products at a high velocity and driving progress toward our strategic priorities.

謝謝你，津津。大家早安，感謝大家的收看。我很高興 2025 年第一季表現強勁，營收和調整後 EBITDA 都超乎預期。這一業績體現了跨市場基礎和服務領域的強勁執行力。我為我們的團隊專注於高速提供有影響力的產品並推動我們的策略重點的進展而感到自豪。

We made good wins within Fiverr Pro this quarter, and early signs of Fiverr Go show strong engagement and meaningful conversion improvement. I’ll talk about both in more detail shortly. The past few months have been quite dynamic on the macro front. In the world where we operate, however the overall demand for freelancing has been stable.

本季我們在 Fiverr Pro 中取得了良好的成績，Fiverr Go 的早期跡象顯示出強大的參與度和有意義的轉換率提升。我稍後會更詳細地討論這兩點。過去幾個月宏觀情勢相當活躍。然而，在我們運作的世界中，對自由職業的整體需求一直保持穩定。

Our business has no direct exposure to tariffs, and we believe that Fiverr’s compelling value proposition, offering a competitive edge, speed, agility, and cost-effectiveness, may become even more attractive as businesses navigate an evolving economic climate.

我們的業務不直接受到關稅影響，我們相信，隨著企業在不斷變化的經濟環境中生存，Fiverr 引人注目的價值主張（提供競爭優勢、速度、靈活性和成本效益）可能會變得更具吸引力。

Our updated guidance reflects our confidence in the business for the remainder of the year. The three strategic priorities we set for this year are: strengthening the marketplace by going upmarket, expanding value-added services as a key growth catalyst, and investing in AI to drive long-term upside in the business.

我們更新後的指引反映了我們對今年剩餘時間業務的信心。我們今年設定的三大策略重點是：透過進軍高端市場來加強市場、擴大增值服務作為關鍵成長催化劑、以及投資人工智慧來推動業務的長期成長。

We’ve talked a lot in the past quarters about leaning into value-added services to drive growth in the current environment, and you can clearly see that through the services revenue disclosure we started providing last quarter. Today, I want to talk more about the other two efforts, Going Upmarket and AI, and how we’ve made exciting progress in those areas that allowed us to drive incremental volume on our Marketplace.

在過去的幾個季度中，我們多次談論過依靠增值服務來推動當前環境下的成長，您可以從我們上個季度開始提供的服務收入揭露中清楚地看到這一點。今天，我想多談談另外兩項努力，即走向高端市場和人工智慧，以及我們如何在這些領域取得令人興奮的進展，從而推動我們市場銷量的增量。

Since launching Fiverr Pro as a Business Solutions suite two years ago, we have continued to invest in rounding up the product offerings. Today, with Fiverr Pro, clients can access the premium marketplace with high-quality vetted supply, submit a job request via Dynamic Matching to get a shortlist of recommended sellers, utilize Project Management to get end-to-end support for large projects, and contact a Customer Success Manager to discuss needs directly, all of this in addition to the broader marketplace we operate.

自從兩年前推出 Fiverr Pro 作為商業解決方案套件以來，我們一直在不斷投資完善產品供應。如今，透過 Fiverr Pro，客戶可以訪問擁有高品質審查供應的高級市場，透過動態匹配提交工作請求以獲得推薦賣家的候選名單，利用專案管理獲得大型專案的端到端支持，並聯繫客戶成功經理直接討論需求，所有這些都是在我們運營的更廣泛的市場之外進行的。

This array of products not only provides a tailored experience for customers based on their needs and preferences, but it is also highly effective from a business perspective. It allows us to efficiently drive buyer conversion via the shortest path, and cross pollinate customer leads between the products, so that we can win customers from the most efficient channel and maximize conversion across the platform. Thanks to our efficient enterprise go-to-market strategy, in Q1 we managed to close a few large deals in the range of hundreds of thousands of dollars, without the need for a typical sales organization with complicated sales processes and long sales cycles.

這一系列產品不僅根據客戶的需求和偏好提供量身定制的體驗，而且從商業角度來看也非常有效。它使我們能夠透過最短路徑有效地推動買家轉化，並在產品之間交叉傳播客戶線索，使我們能夠從最有效的管道贏得客戶並最大限度地提高整個平台的轉換率。由於我們高效的企業市場進入策略，我們在第一季成功完成了幾筆數十萬美元的大額交易，而無需採用具有複雜銷售流程和長銷售週期的典型銷售組織。

One of the deals was with a large book publishing company, which utilizes Fiverr’s freelancers for book editing and proofreading services across English, German, French, and Spanish. After finding success in the marketplace with $15,000 spending, the client scaled quickly and signed a $200,000 engagement through Fiverr Pro to help them with hundreds of children’s books. They also decided to leverage the Project Management services to help orchestrate all freelancer operations on their behalf.

其中一項交易是與一家大型圖書出版公司達成的，該公司利用 Fiverr 的自由工作者提供英語、德語、法語和西班牙語的圖書編輯和校對服務。在以 15,000 美元的支出在市場上取得成功後，客戶迅速擴大規模並透過 Fiverr Pro 簽署了一份 20 萬美元的合約，以幫助他們出版數百本兒童讀物。他們也決定利用專案管理服務來幫助他們協調所有自由工作者的操作。

Another example is a leading online education company in the US that transitioned its YouTube video production to Fiverr. Following a successful proof-of-concept project supported by our Customer Success team, they recognized the superior value and efficiency of our platform.

另一個例子是美國一家領先的線上教育公司將其YouTube影片製作轉移到Fiverr。在我們的客戶成功團隊支援下成功完成概念驗證專案後，他們認識到了我們平台的卓越價值和效率。

Fiverr's capacity to deliver high-quality outcomes at scale with rapid turnaround is instrumental in scaling their YouTube channel, offering a clear advantage over their previous reliance on a traditional digital agency. These successes are a testament to the power and scalability of the Fiverr platform for enterprise clients.

Fiverr 能夠以快速的周轉速度大規模地提供高品質的成果，這對於擴大他們的 YouTube 頻道至關重要，與他們先前對傳統數位代理商的依賴相比，具有明顯的優勢。這些成功證明了 Fiverr 平台對於企業客戶的強大功能和可擴展性。

On Fiverr Go, following the landmark launch event in February, we’ve consistently seen strong engagement among both sellers and buyers. Over 6,000 top-quality sellers on Fiverr have activated Fiverr Go, and over 200,000 buyers have interacted with the product. While still early, initial signals around conversion have been highly encouraging.

在 Fiverr Go 上，繼 2 月具有里程碑意義的發布活動之後，我們一直看到賣家和買家之間的強烈參與。Fiverr 上已有超過 6,000 名優質賣家啟用了 Fiverr Go，超過 20 萬名買家與該產品進行了互動。儘管還處於早期階段，但圍繞轉換的初步訊號已經非常令人鼓舞。

For sellers who activated Personal Assistant, we saw one-hour conversion uplift of 56% and 14-day conversion uplift of 10% compared to their historical average. This means that because Personal Assistant is always on, and can respond to buyers immediately, with the ability to reference seller experience, suggest pricing, and ultimately close deals, it allows sellers to convert meaningfully better and faster.

對於啟動個人助理的賣家，我們發現與歷史平均值相比，一小時轉換率提升了 56%，14 天轉換率提升了 10%。這意味著，由於個人助理始終處於開啟狀態，可以立即回應買家，能夠參考賣家的經驗、建議定價並最終完成交易，因此它可以讓賣家更好、更快地實現轉換。

We are also thrilled to see buyers actively engaging with the Playground to explore and understand the unique offerings of each seller. The power of Fiverr Go lies in its personalized and humanized model, drawing exclusively from each seller's portfolio and history on our platform. This ensures that the generated visuals authentically showcase their style and quality, enabling buyers to make informed decisions with increased confidence.

我們也很高興看到買家積極參與遊樂場，探索和了解每個賣家的獨特產品。Fiverr Go 的強大之處在於其個人化和人性化的模式，它完全借鑒了我們平台上每個賣家的投資組合和歷史記錄。這確保生成的視覺效果真實地展示其風格和質量，使買家能夠更加自信地做出明智的決定。

This also led to amplifying visibility for our most exceptional, high-caliber sellers. While still early, these promising signals reinforce our confidence in GenAI's transformative potential to elevate the marketplace experience, fundamentally redefining how buyers and sellers connect and collaborate.

這也提高了我們最優秀、最優秀的賣家的知名度。雖然還處於早期階段，但這些令人鼓舞的訊號增強了我們對 GenAI 提升市場體驗的變革潛力的信心，從根本上重新定義了買家和賣家的聯繫和合作方式。

Moving forward, we will continue expanding both category coverage and seller access. We will also strategically integrate the Fiverr Go experience further into our marketplace, broadening its influence earlier in the buyer journey. We are incredibly excited about the momentum we've built in Q1 and the trajectory it sets for the rest of the year.

展望未來，我們將繼續擴大類別覆蓋範圍和賣家存取權限。我們也將策略性地將 Fiverr Go 體驗進一步融入我們的市場，在買家旅程的早期擴大其影響力。我們對第一季所取得的進展以及它為今年剩餘時間所設定的發展軌跡感到無比興奮。

Our strategic focus on going upmarket, expanding value-added services, and leveraging the power of AI, positions us for continued success. The innovations we are bringing to the market are not just incremental changes. They are fundamental shifts in how work is done, and we are leading that change.

我們的策略重點是進軍高端市場、拓展增值服務以及利用人工智慧的力量，這為我們持續成功奠定了基礎。我們為市場帶來的創新不僅僅是漸進的改變。這是工作方式的根本轉變，而我們正在引領這項變革。

We look forward to sharing our continued progress with you in the coming quarters. With that, I’ll turn the call over to Ofer.

我們期待在未來幾季與您分享我們不斷取得的進展。說完這些，我將把電話轉給奧弗。

Thank you, Micha, and good morning, everyone. We delivered an outstanding first quarter, with strong execution across the board. Revenue for the first quarter was $107.2 million, up 15% year-over-year, representing an acceleration from 13% year-over-year growth in Q4.

謝謝你，米莎，大家早安。我們第一季表現出色，全面執行力強勁。第一季營收為 1.072 億美元，年成長 15%，高於第四季 13% 的年成長。

Adjusted EBITDA for Q1 was $19.4 million, representing an Adjusted EBITDA margin of 18%, an improvement of 100 basis points from a year earlier. We continue to generate strong cash flow, with free cash flow totaling $27.4 million, up 31.6% year-over-year. We maintain a disciplined approach to capital allocation, including the use of cash to return capital to our shareholders.

第一季調整後 EBITDA 為 1,940 萬美元，調整後 EBITDA 利潤率為 18%，比去年同期提高了 100 個基點。我們持續產生強勁的現金流，自由現金流總額達 2,740 萬美元，年增 31.6%。我們堅持嚴謹的資本配置方法，包括使用現金向股東返還資本。

This quarter, our Board authorized an additional $100 million for our stock repurchase program, underscoring our strong confidence in the long-term opportunities of our business and our unwavering commitment to delivering shareholder value.

本季度，董事會批准額外撥款 1 億美元用於股票回購計劃，彰顯了我們對公司長期發展機會的堅定信心以及對實現股東價值的堅定承諾。

Q1 saw solid performance across both our Marketplace and Services segments. Marketplace revenue reached $77.7 million, driven by 3.5 million active buyers, $309 of spend per buyer and 27.7% of marketplace take rate. This growth was driven by the ongoing strength of Fiverr Pro, resulting in robust increases to spend per buyer, and further enhanced by the multiple large transactions discussed earlier.

第一季度，我們的市場和服務部門均表現穩健。市場收入達到 7,770 萬美元，這得益於 350 萬活躍買家、每位買家支出 309 美元以及 27.7% 的市場接受率。這一增長是由 Fiverr Pro 的持續強勁增長所推動的，從而導致每個買家的支出強勁增長，並且因前面討論的多筆大額交易而進一步增強。

Historically, Q1 tends to be a seasonally strong period for marketing investments. This quarter, the stepup from Q4 is slightly larger than what has been the case for the last two years. We saw opportunities to lean in more on marketing investments in the beginning of the year while maintaining a ROI of approximately five months.

從歷史上看，第一季往往是行銷投資的季節性強勁期。本季度，與第四季度相比，增幅略高於過去兩年的情況。我們看到了在年初加大行銷投資力度同時保持約五個月的投資報酬率的機會。

This underscores our nimble and data-driven go-to-market strategy as one of our competitive strengths that allows us to capitalize on opportunities when they present themselves, especially in a highly dynamic macro environment. That said, I don't think we've seen a real inflection in the freelancing demand environment in our space.

這凸顯了我們靈活且數據驅動的市場進入策略，這是我們的競爭優勢之一，它使我們能夠抓住出現的機遇，特別是在高度動態的宏觀環境中。話雖如此，我認為我們還沒有看到我們所在領域的自由職業需求環境發生真正的變化。

So from a forward-looking perspective, we haven’t changed our view or the macro assumptions going into our guidance. Services revenue was $29.5 million, representing year-over-year growth of 94%, driven by continued strength in Fiverr Ads, Seller Plus, and AutoDS. Services revenue represents 27.5% of our total revenue in Q1, and we expect it to reach over 30% for full year 2025.

因此，從前瞻性的角度來看，我們並沒有改變我們的觀點或指導中的宏觀假設。服務收入為 2,950 萬美元，較去年同期成長 94%，這得益於 Fiverr Ads、Seller Plus 和 AutoDS 的持續強勁成長。服務收入占我們第一季總收入的 27.5%，我們預計 2025 年全年這一比例將達到 30% 以上。

As Micha mentioned, we have seen strong seller engagement for Fiverr Go in the last two months. In addition to the conversion uplift, we expect to see some incremental uplift to Seller Plus subscriptions for the second half of the year, as most sellers leverage Fiverr Go through the bundled subscription offerings with Seller Plus Premium.

正如 Micha 所提到的，我們在過去兩個月中看到 Fiverr Go 的賣家參與度很高。除了轉換率的提升之外，我們預計下半年 Seller Plus 訂閱量也會有所提升，因為大多數賣家都會透過 Fiverr Go 和 Seller Plus Premium 捆綁的訂閱服務來利用它。

Now, onto guidance. Given the strong performance of Q1, we are raising the low end for both revenue and Adjusted EBITDA of the full year 2025 guidance. We now expect full year 2025 revenue to be in the range of $425 million to $438 million, representing year-over-year growth of 9% to 12%.

現在，進入指導。鑑於第一季的強勁表現，我們將提高 2025 年全年營收和調整後 EBITDA 的低端預期。我們現在預計 2025 年全年營收將在 4.25 億美元至 4.38 億美元之間，年增 9% 至 12%。

Adjusted EBITDA is expected to be in the range of $84 million to $90 million, representing an Adjusted EBITDA margin of 20% at the midpoint. For the second quarter of 2025, revenue is expected to be $105 million, $109 million, representing year-over-year growth of 11% to 15%.

調整後的 EBITDA 預計在 8,400 萬美元至 9,000 萬美元之間，中間值為 20% 的調整後 EBITDA 利潤率。2025年第二季度，預計營收為1.05億美元至1.09億美元，年增11%至15%。

Adjusted EBITDA is expected to be $20 million to $22 million, representing an Adjusted EBITDA margin of 20% at the midpoint. We expect to generate marketing leverage throughout the year, and our R&D expense will grow more modestly for the remainder of the year compared with Q1.

調整後的 EBITDA 預計為 2,000 萬美元至 2,200 萬美元，中間值為 20% 的調整後 EBITDA 利潤率。我們預計全年將產生行銷槓桿，與第一季相比，今年剩餘時間我們的研發費用將成長較為溫和。

We continue to manage the business with the highest level of discipline and efficiency. We are well on track toward our long-term targets to reach 25% Adjusted EBITDA target in 2027 and deliver 14% CAGR to free cash generation for the three years ending in 2027. To close, I’m very happy with the strong start in 2025. I believe Fiverr is not only well-positioned for today, but is building a robust foundation for long-term, sustainable growth and market leadership for years to come.

我們將繼續以最高水準的紀律和效率來管理業務。我們正順利實現長期目標，在 2027 年實現 25% 的調整後 EBITDA 目標，並在截至 2027 年的三年內實現 14% 的複合年增長率，實現自由現金流的產生。最後，我對 2025 年的強勁開局感到非常高興。我相信 Fiverr 不僅在目前佔據有利地位，而且還在為未來幾年的長期永續成長和市場領導奠定堅實的基礎。

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

現在，我們將把電話轉給接線員來回答問題。

(Operator Instructions)

（操作員指示）

Ron Josey, Citi.

花旗銀行的 Ron Josey。

Great. Thanks for taking the question. You know, Micha I wanted to ask you, please, one on Fiverr Go and one on just the broader demand environment. So on Fiverr Go, we're only a few months in, great results so far. We are hearing better conversion rates, newer, larger contracts, and just sort of better overall results.

偉大的。感謝您回答這個問題。你知道，Micha，我想問你一個關於 Fiverr Go 的問題，一個關於更廣泛的需求環境的問題。因此，我們在 Fiverr Go 上只使用了幾個月的時間，到目前為止已經取得了很好的成果。我們聽說轉換率更高了，合約更新、規模更大了，而且整體結果也更好了。

So talk just a little bit more about the progress here, how you see Fiverr Go going throughout the rest of the year in terms of rollout. I think you talked about broader categories, greater adoption, things along those lines, as we're seeing just better overall results early on.

那麼，請您再多談談這裡的進展情況，以及您如何看待 Fiverr Go 在今年剩餘時間內的推出情況。我認為您談到了更廣泛的類別、更廣泛的採用以及諸如此類的事情，因為我們早期就看到了更好的整體結果。

And then just on the macro front, Micha, and Ofer you talked about I think a stable demand environment overall and marketplace revenues came in better than our projections here. So we'd love your insights on drivers on what's going on out there. Thank you.

然後就宏觀而言，正如 Micha 和 Ofer 所說，我認為整體需求環境穩定，市場收入比我們預期的要好。因此，我們希望您能就當前發生的事件對駕駛員提出一些見解。謝謝。

Thank you, Ron. Good morning. So I'll take -- start with the question about Fiverr Go. So essentially as we designed Fiverr Go, in our mind this was a satisfaction, confidence, and conversion machine. Essentially what it does, it provides a much better, much higher confidence experience for our customers, but it also lowers the operational effort done by the talent, freeing more of their time to do actual talent work. And we've done exactly that. So what we've done in the past two months since launch is actually check product market fit.

謝謝你，羅恩。早安.所以我將從有關 Fiverr Go 的問題開始。因此，從本質上講，當我們設計 Fiverr Go 時，我們認為這是一個滿足感、信心和轉換的機器。從本質上講，它為我們的客戶提供了更好、更高信心的體驗，同時也降低了人才的營運工作量，讓他們有更多的時間去做實際的人才工作。我們確實這麼做了。因此，自推出以來，我們在過去兩個月所做的實際上就是檢查產品是否適合市場。

And I'm happy to report that we have it. We are super happy with the with the results so far. The impact on conversion is meaningful and the level of quality that we've seen as testament by the fact that buyers love the product, they love the assistant, they love to play with the model, it gives them more confidence to make a decision, is there.

我很高興地告訴大家我們已經擁有它了。我們對目前的結果非常滿意。對轉換的影響是有意義的，我們看到的品質水準證明，買家喜歡產品，喜歡助手，喜歡玩模型，這讓他們更有信心做出決定。

And sellers love it because it is a conversion machine and it lowers their effort to convert. So this is done and we're happy. Now we're getting into the scale of this. This is the scale phase. And much like in the case of Fiverr ads, I told you that the key to succeeding at scale is maintaining quality.

賣家喜歡它，因為它是一個轉換機器，它降低了他們的轉換努力。事情已經完成了，我們很高興。現在我們開始探討這個問題的規模。這是規模化階段。就像 Fiverr 廣告的情況一樣，我告訴過你，大規模成功的關鍵是保持品質。

So what you expected from us as we expanded Fiverr Ads, should be the same expectation that you should have with Go, meaning that we're going to expand this across many more categories, many more segments of sellers, but ensuring that as we do this and the quality maintained so that the confidence that our community has in this technology will continue to be very, very high. My expectation is that at the end game of it, this is going to be a tool that everybody is going to use because it's just killing it and we're super happy with this.

因此，當我們擴展 Fiverr Ads 時，您對我們的期望應該與您對 Go 的期望相同，這意味著我們將把它擴展到更多的類別、更多的賣家群體，但請確保在這樣做的同時保持質量，以便我們的社區對這項技術的信心將繼續非常高。我的期望是，最終這將成為每個人都會使用的工具，因為它非常有效，我們對此感到非常滿意。

The second question was on the macro front and you know I think that what we've said is really that the freelancing demand is stable. It's not going up. It's not going down. We're seeing a pretty steady state at this point. And I think that what we've seen in the elevated results in Q1 is we saw some pockets of opportunities where it allowed us to drive incremental upsides.

第二個問題是關於宏觀的，我認為我們所說的是自由職業需求確實是穩定的。它不會上漲。它不會下降。目前我們看到的是相當穩定的狀態。我認為，我們在第一季業績的成長中看到了一些機會，這些機會使我們能夠推動業績的逐步上漲。

And specifically, we've done this on the business front with the business solutions and our ability to actually, I mean, seasonally, Q1 is a good quarter. This Q1 was even better. It was better. The opportunity was actually larger than the opportunity in the past two Q1s, meaning that this year we had better opportunities than we had in the past two years and we leveraged it.

具體來說，我們在業務方面透過業務解決方案和我們的能力做到了這一點，從季節性來看，第一季是一個好季度。今年第一季的情況甚至更好。這樣更好。這個機會實際上比過去兩個第一季的機會更大，這意味著今年我們擁有比過去兩年更好的機會，並且我們利用了它。

And I think that this is the beauty about the Fiverr machine. We can be super opportunistic and seize every opportunity in real time, which is exactly what happened this time. And you know we've been discussing at length in during the past many quarters the investments that we've done in the business solution side and this is paying-off.

我認為這就是 Fiverr 機器的美妙之處。我們可以超級機會主義並即時抓住每一個機會，這正是這次發生的事情。你知道，在過去的幾個季度裡，我們一直在詳細討論我們在業務解決方案方面所做的投資，而這些投資正在獲得回報。

It's paying-off and it's starting to shape up as an -- it's really a playbook that allows us not to just identify the right customers and provide them with the right service, but also engage with these customers to make sure that we actually manage to extract their full wallet potential, as they grow their business with us.

它正在獲得回報，並且開始成形——它實際上是一個劇本，它使我們不僅能夠識別合適的客戶並為他們提供合適的服務，而且還能與這些客戶互動，以確保我們在他們與我們一起發展業務時真正能夠充分挖掘他們的錢包潛力。

Thank you, Micha.

謝謝你，米查。

Bernie McTernan, Needham & Company.

麥克特南 (Bernie McTernan)，Needham & Company。

I think we may have lost and so maybe jumping to --

我認為我們可能已經輸了，所以也許跳到--

Hi, can you hear me? Hi, this is Stefanos Crist calling in for Bernie. Thanks for taking our questions. Just wanted to touch on Fiverr Go. You talked about seller satisfaction. Could you maybe just talk about some of the dynamics for buyers so far? Thank you.

嗨，你聽得到我說話嗎？你好，我是 Stefanos Crist，我替 Bernie 打電話。感謝您回答我們的問題。只是想談談 Fiverr Go。您談到了賣家滿意度。您能否談談目前買家的一些動態？謝謝。

Good morning, Stefanos. Sure. So essentially, as I was referring to satisfaction, I was referring to both buyers and sellers. So the key to launching this was first having the sellers embrace this new solution so that buyers can enjoy the solution. And as I've said, the initial results of the embrace are very high and to our satisfaction.

早上好，史蒂芬諾斯。當然。所以本質上，當我提到滿意度時，我指的是買家和賣家。因此，推出這項服務的關鍵首先是讓賣家接受這個新解決方案，以便買家能夠享受解決方案。正如我所說，雙方擁抱的初步成果非常令人滿意。

And what we've seen is that buyers love to use it. They love to use it for a few reasons. One, it's always on. So whenever they have a question, whenever they want to consult on something, whenever they want help experimenting, viewing portfolio, figuring out the availability of the seller. And if their project is suitable for that seller, they get an instant result. But it's not an average chatbot.

我們看到買家很喜歡使用它。他們喜歡使用它有幾個原因。第一，它始終處於開啟狀態。因此，無論何時他們有問題，無論何時他們想要諮詢某事，無論何時他們需要幫助進行實驗、查看投資組合、確定賣家是否有空。如果他們的項目適合該賣家，他們就會立即得到結果。但它不是一個普通的聊天機器人。

We've invested tremendous amount of effort in building the tech that would humanize these agents and actually give them the voice of the actual seller, the voice and the style, but also the entire world of creation and the conversational world of the seller, which means that unlike in many other places where typically customers don't like chatbots, in this case, even though we're saying that this is the AI assistant of the seller, some customers don't even realize that they're talking to a machine.

我們投入了巨大的精力來建立人性化技術，讓這些代理商真正擁有賣家的聲音、語氣和風格，同時也能讓他們擁有賣家的整個創作世界和對話世界，這意味著，與許多其他地方的客戶通常不喜歡聊天機器人不同，在這種情況下，即使我們說這是賣家的人工智慧助手，有些客戶甚至沒有意識到他們正在與機器交談。

So much so that they carry complete conversations and they are super happy with it. They get instant results which translate into much, much higher and much more rapid conversion. And obviously sellers love this and they can continue tweaking their agents. And these agent over time are not going to be just providing the personal assistant services, but they are going to be your business partner providing sellers and buyers, or taking care of sellers and buyers needs as much as they can do it, improving the seller's performance and improving the buyer immediacy and satisfaction.

他們甚至可以進行完整的對話，並且對此感到非常高興。他們獲得了即時結果，轉化為更高、更快速的轉換。顯然賣家很喜歡這一點，他們可以繼續調整他們的代理商。隨著時間的推移，這些代理商將不僅僅提供個人助理服務，他們還將成為您的業務合作夥伴，為賣家和買家提供服務，或盡可能地照顧賣家和買家的需求，提高賣家的績效並提高買家的即時性和滿意度。

That's great. Thank you.

那太棒了。謝謝。

Jason Helfstein, Oppenheimer.

奧本海默的傑森·赫爾夫斯坦。

Thanks. Hi, everybody. So, Two questions. One, how should we think about services revenue growth going forward? Obviously, big growth there. Is this kind of year-to-year rate of growth sustainable? Or should we kind of start to think about the business more on a quarter-to-quarter sequential basis? Like you hit some kind of runway level.

謝謝。大家好。所以，有兩個問題。一、我們該如何看待未來服務收入的成長？顯然，那裡有很大的增長。這種逐年成長的速度能持續嗎？或者我們應該開始更多地以季度為單位來考慮業務？就像你達到了某種跑道水平。

And then just, Micha, you sound a lot more positive overall than probably the last few quarters in our view. So maybe where is that enthusiasm coming from? And maybe go in AI, are you actually seeing kind of better business dynamics on the SMB? It doesn't seem like it. Maybe it is on, you know, kind of some of the more enterprise tools, but just maybe some color. Thank you.

米莎，在我們看來，你的表現總體上比過去幾個季度要積極得多。那麼這種熱情究竟從何而來呢？也許進入人工智慧領域，您是否真的看到中小企業的業務動態有所改善？看起來不像。你知道，也許它是某種企業級工具，但可能只是一些顏色。謝謝。

Hey, good morning, Jason.

嘿，早上好，傑森。

Hey, Jason. This is Ofer. On the first part of the question, definitely services revenue are sustainable and we anticipate them to grow over the next two quarter and take a bigger portion in terms of percentage of the overall pie. I think I mentioned in the prepared remarks that we'll reach 30% of the total revenue driven by the services by the end of the year.

嘿，傑森。這是奧弗。關於問題的第一部分，服務收入肯定是可持續的，我們預計將在未來兩個季度內成長，並在整體收入中所佔比例更大。我想我在準備好的發言中提到過，到今年年底，服務收入將佔總收入的 30%。

This goes to the fundamental value that we provide throughout the services. There is a pipeline of additional tier, that we plan to add to seller-plus. Promoted gigs is still extending and under dropshipping the business goes well and expanding into a bigger audience and more tools. So overall, I think that under service revenue, we are confident that we can drive this business forward.

這符合我們在整個服務過程中提供的基本價值。我們計劃將附加層級的管道新增至 seller-plus 中。推廣演出仍在繼續，在直銷模式下，業務進展順利，並擴展到更大的受眾和更多的工具。所以總的來說，我認為在服務收入下，我們有信心推動這項業務向前發展。

Yeah, and on the second part of your question, I'm happy I sound more optimistic, even though I felt very optimistic in previous quarters as well. I think this draws from the fact that we are making great progress. The investment that we've done in up market, which as I've said, we've been talking about this at length for many quarters is shaping up to see great results. I love it.

是的，關於你問題的第二部分，我很高興我聽起來更樂觀，儘管我在前幾個季度也感到非常樂觀。我認為這源自於我們正在取得巨大進步。正如我所說，我們在高端市場進行的投資我們已經討論了好幾個季度，並且有望取得豐碩的成果。我喜歡它。

The second is Go. What we've done with Go, we've been experimenting with AI, you know, for a couple of years. And I think this time we nailed it. And we found something that brings a lot of benefit for our entire community, not just one side of the two-sided marketplace. And this I think gives us the conviction that this strategy is actually paying-off and we're seeing on the large customer side as well, the impact we've laid some of that in our letter to shareholder.

第二個是圍棋。我們對圍棋所做的一切，我們已經用人工智慧進行了幾年的實驗。我認為這次我們成功了。我們發現了一些能為整個社區帶來許多利益的東西，而不僅僅是雙邊市場的一方。我認為這讓我們確信這項策略確實正在取得成效，我們也看到了大客戶方面的影響，我們在致股東的信中已經闡述了其中的一些影響。

Eric Sheridan, Goldman Sachs.

高盛的艾瑞克·謝裡丹。

Thank you so much for taking the question. Maybe one big picture and then one on the margin. Bigger picture, you mentioned in the prepared remarks that given some of the macroeconomic volatility you might see receptivity to more freelance work across the broader economy.

非常感謝您回答這個問題。也許是一幅大圖，然後是一幅邊緣圖。從更大的角度來看，您在準備好的評論中提到，鑑於宏觀經濟的一些波動，您可能會看到整個經濟領域對更多自由職業的接受度。

I wanted to know if you could sort of flush that out a little bit in terms of the way you think about enterprises potentially moving around more towards being sort of adopting the freelance economy and how those conversations might evolve in such an end-to-end environment that was more volatile.

我想知道您是否可以稍微解釋一下，您認為企業可能會更多地轉向採用自由職業經濟，以及在這種更加不穩定的端到端環境中這些對話將如何發展。

And then the margin side, you know, well noted on the comments about marketing and R&D, as we progress through this year. When we look out to the second half of this year with Fiverr Go having launched, are those sort of good run rates to think about marketing ROI and marketing leverage or R&D as a source of either leverage or deleverage for more than medium to long-term for the business? Thank you so much.

然後，隨著我們今年的進展，利潤方面，你知道，在有關行銷和研發的評論中已經得到了很好的關注。當我們展望今年下半年 Fiverr Go 的推出時，這些良好的運作率是否值得考慮行銷投資報酬率和行銷槓桿或研發作為中長期業務槓桿或去槓桿的來源？太感謝了。

I'll take the first part and moving forward adapting freelancing. What we are seeing is big transaction coming from enterprise, seeking for freelancer to complement both an internal but also new project where they lack expertise or need to augment the existing internal team by means of expertise or skills or temporary assignment. It usually comes with a critical business need.

我將承擔第一部分並繼續適應自由職業。我們看到的是來自企業的大額交易，尋求自由工作者來補充內部和新項目，因為他們缺乏專業知識，或者需要透過專業知識或技能或臨時任務來擴充現有的內部團隊。它通常伴隨著關鍵的業務需求。

And I think that as volatility in the market goes across new technology that comes by and goes across the need to hire skills that doesn't exist. Sometimes goes across efficiency, challenge that organization experience. I think that this is where freelancing can take a bigger part and play a more critical role in the employment cycle.

我認為，隨著市場波動，新技術的出現以及對現有技能的聘用需求也隨之增加。有時會跨越效率，挑戰組織經驗。我認為自由職業可以在就業週期中發揮更大的作用並發揮更關鍵的作用。

Yeah, it may be worth mentioning that, you know, the fact that we've been focusing for many quarters on high-value buyers really allowed us to zoom into a sector that reduces the exposure to macro. We haven't seen, as we said, we haven't seen any change. Macro is pretty flat from our perspective at least. But the fact that we are entertaining higher value buyers, those who have larger wallets and their projects are more mission critical, allows us to continue even though macro is not improving to continue improving the fundamentals of the business itself.

是的，值得一提的是，您知道，我們多個季度以來一直關注高價值買家，這確實使我們能夠進入一個減少宏觀風險的領域。正如我們所說，我們沒有看到任何變化。至少從我們的角度來看，宏觀是相當平坦的。但事實上，我們正​​在招待更高價值的買家，那些錢包更大、項目更重要的買家，這使得我們能夠在宏觀經濟沒有改善的情況下繼續改善業務本身的基本面。

On the second part of the question, Eric, on the margin side. So there's definitely more room, and we are committed to the long-term EBITDA target. So there is more room both in marketing and R&D to expand into -- expand EBITDA over the next few quarter. I think that the more we rely on existing customer and retention improve, as cohorts are becoming more relying on high value buyer and a bigger organization, we should expect marketing to become more and more efficient, and that's what we've been doing over the last few years. I think that as a business scale, I think that R&D is the center of total, is slightly declining.

關於問題的第二部分，艾瑞克，站在邊際角度。因此肯定還有更多空間，我們致力於實現長期 EBITDA 目標。因此，行銷和研發方面都有更大的擴展空間——在未來幾季擴大 EBITDA。我認為，我們越依賴現有客戶和保留率，隨著群體越來越依賴高價值買家和更大的組織，我們應該期望行銷變得越來越高效，這就是我們過去幾年一直在做的事情。我認為，作為一個業務規模，我認為研發是整體的中心，正在略微下降。

Again, those are trends that are not new. And one who track back historical figures for the last few years, we'll see how this is happening pretty consistently over time. And this is what we expect to happen in the next few quarters.

再說一遍，這些趨勢並不新鮮。回顧過去幾年的歷史數據，我們會發現這種情況隨著時間的推移一直持續發生。這正是我們預計未來幾季將發生的事情。

Great, thank you.

太好了，謝謝。

Thank you.

謝謝。

Joshua Chan, UBS.

瑞銀集團 Joshua Chan。

Hi, good afternoon, Micha, Ofer. Thanks for taking my question. Just two quick ones, I guess. On the six figure deals that you had signed during the quarter. Is there a trend to notice in terms of why the customers first try Fiverr? Was there an issue with their existing method of delivery?

嗨，下午好，Micha，Ofer。感謝您回答我的問題。我想，只需簡單回答兩個問題。關於您在本季度簽署的六位數交易。關於客戶首次嘗試 Fiverr 的原因，是否有值得注意的趨勢？他們現有的交付方式是否有問題？

How did they first encounter Fiverr, ex cetera? And then second question, on the auto DS side, have you seen any impacts from tariffs that were kind of implemented earlier in Q2 and wondering if there is been any impact in that business. Thank you.

他們是如何第一次接觸到 Fiverr 的？第二個問題，在汽車 DS 方面，您是否看到第二季早些時候實施的關稅有任何影響，並想知道這是否對該業務產生了任何影響。謝謝。

I think -- so thank you for the question. I think the common denominator for the first question is the fact that this customer or type of client are lending at Fiverr on a pretty occasionally basis. They arrive at Fiverr to seek for freelancing services. The only thing that has changed is the fact that we managed to find them and communicate with them and unlock the need for high touch on a real-time basis.

我認為——所以謝謝你的提問。我認為第一個問題的共同點是，這個客戶或這類客戶偶爾會在 Fiverr 上借貸。他們來到 Fiverr 尋求自由業服務。唯一改變的是，我們設法找到他們，與他們溝通，並即時解鎖高接觸的需求。

And I think what we've been able to do is to create engagement or relationships that allow them and us to extend the trust. And with a high touch accounts manager that follow and assist the customer, they're able to spend much more on the marketplace.

我認為我們能夠做的是建立聯繫或關係，以便我們和他們可以擴大信任。透過高接觸客戶經理追蹤和協助客戶，他們能夠在市場上投入更多資金。

I think that's the one thing that we have changed. We talked about that over the time, I think we've been asked many times, are we planning to build a self-force? And we said, no, we don't need to. We just need to implement a proper funnel that can attach to the appropriate customer when they land into Fiverr. That's the only thing we have been changing and it's happening -- it's growing and we plan to extend it.

我認為這是我們改變的一件事。我們一直在討論這個問題，我想我們已經被問過很多次了，我們是否計劃建立一支自衛隊？我們說，不，我們不需要。我們只需要實作一個適當的漏斗，當客戶進入 Fiverr 時，該漏斗可以連接到合適的客戶。這是我們唯一一直在改變的事情，它正在發生——它正在發展，我們計劃擴展它。

Yeah, and I think I think you know the fact that customers are actually starting at the scale that allows them to build confidence is actually great. And that's why we moved from a marketplace strategy to a platform strategy. That is much more than just a marketplace. Sometimes the marketplace allows us to build the confidence and the relationship so that we can actually dive into much larger. That's the playbook. It works great and it actually allows us to engage with customers much easier than you know doing traditional sales.

是的，我認為你知道，客戶實際上已經開始從能夠讓他們建立信心的規模開始，這實際上是一件好事。這就是我們從市場策略轉向平台策略的原因。這不僅僅是一個市場。有時市場可以讓我們建立信心和關係，以便我們可以真正擴展更大的業務。這就是劇本。它的效果非常好，實際上它讓我們比傳統銷售更輕鬆地與客戶互動。

And the second part of the question, AutoDS, the simple answer is no.

問題的第二部分，AutoDS，簡單的答案是否定的。

Yeah. That's right. Yeah. I mean, look, you need to remember that AutoDS is a software subscription business. Right? So their revenue is more tied to seats and subscriptions rather than volume, which could mitigate volatility. So that's the longer answer than just no.

是的。這是正確的。是的。我的意思是，你需要記住 AutoDS 是一個軟體訂閱業務。正確的？因此，他們的收入更多地與座位數和訂閱量而非數量掛鉤，這可以減輕波動性。所以，這是一個比「不」更詳細的答案。

That makes a lot of sense. Thank you so much for the cover.

這很有道理。非常感謝你的封面。

(Operator Instructions)

（操作員指示）

Andrew Boone, Citizens.

安德魯·布恩，公民。

Hi, can you guys hear me?

嗨，你們聽得到我說話嗎？

We can now, thank you.

現在我們可以了，謝謝。

Okay. Sorry. If I think about reinvestment rates for freelancers back to the platform and services revenue reaching 30% plus, on my simple math, it seems that freelancers are reinvesting back at kind of a 20% rate after kind of the marketplace take rate. Is there a level that you guys think about in terms of the sustainability of that or when freelancers start to push back in terms of how much they want to reinvest into Fiverr.

好的。對不起。如果我考慮到自由工作者對平台和服務收入的再投資率達到 30% 以上，根據我的簡單計算，似乎自由工作者在市場接受率之後以 20% 的利率進行再投資。你們是否考慮過這種做法的可持續性，或者自由工作者何時會開始減少對 Fiverr 的再投資金額。

How do we think about kind of the ROI from the freelancer perspective of kind of these new tools and what's required in terms of additional kind of payments there? And then if I think about active buyer trends and the smaller portion of the platform, that certainly is a drag in terms of overall GMV. Can you speak to just the stabilization of that? Is it starting to asymptote in terms of the point that we should expect larger customers to be able to overcome that in the back half of the year or how do we think about the smaller portion of that in the drag on overall results? Thanks so much.

從自由工作者的角度來看，我們如何看待這些新工具的投資報酬率，以及需要哪些額外的付款？然後，如果我考慮活躍買家趨勢和平台的較小部分，那麼這肯定會對整體 GMV 造成拖累。您能談談其穩定性嗎？就我們是否應該預期較大的客戶能夠在下半年克服這個問題而言，它是否開始漸近，或者我們如何看待其中較小的部分對整體業績的拖累？非常感謝。

Hey Andrew, thanks for the question. Look, so first of all I should say or state what's obvious to us. There is no pushback. The reason is that when you think about the value-added services or what's compounded within the service revenue, it's very simple. You shouldn't just look at the cost. You should look at what the benefit is.

嘿，安德魯，謝謝你的提問。你看，首先我應該說或陳述對我們來說顯而易見的事。沒有反抗。原因是，當您考慮增值服務或服務收入中的複合收入時，它非常簡單。你不應該只看成本。你應該看看有什麼好處。

And basically, these are tools where there's ROI positive for everyone. It generates more money than it costs, which is why there is no reason to feel a pushback on it. It's a great investment. And this is why we've been prudent in how we've developed these tools and how we expanded these tools to make sure that as these tools work on a larger scale, they continue to be accretive and create ROI positive. So that's a very, very simple answer to that point.

基本上，這些工具對每個人來說都是有投資回報的。它創造的利潤大於它的成本，因此沒有理由對它產生阻力。這是一項偉大的投資。這就是為什麼我們在開發和擴展這些工具時一直非常謹慎，以確保這些工具在更大規模上發揮作用時能夠繼續增值並創造積極的投資回報率。所以對於這一點，這是一個非常非常簡單的答案。

I think on the second part of the question on the active buyer, we are definitely pushing up market. And acquiring bigger customer with a higher lifetime value is coming an account of acquiring many small customers with a very low lifetime value. I think economically it makes sense and that's why we are doing that.

我認為，關於活躍買家問題的第二部分，我們肯定在推動市場上漲。而獲得具有更高生命週期價值的大客戶，其代價就是要獲得許多具有非常低生命週期價值的小客戶。我認為從經濟角度來看這是合理的，這就是我們這樣做的原因。

And we don't plan to change this type of operation. We are doing that for, I think, the last two years or three years. So economically, it makes sense. And I think bigger customers not only have better lifetime value, they also have higher sustainability during this period, but for longer span over the years. I think this is why it makes sense that this is why we're doing that.

我們不打算改變這種操作方式。我想，過去兩三年我們一直在做這件事。因此從經濟角度來看，這是有道理的。我認為，大客戶不僅擁有更好的終身價值，而且在此期間具有更高的可持續性，而且多年來的可持續性也更長。我認為這就是我們這樣做的合理之處。

So as long as macro economy doesn't change and allow us to expand our investment in marketing into different tier, you shouldn't expect change in the balance between spent per buyer and active buyer. We are going to invest into spent per buyer and it's going to grow, while active buyer is going to decline.

因此，只要宏觀經濟不會發生變化，並允許我們將行銷投資擴展到不同層級，您就不應該期望每個買家的支出和活躍買家之間的平衡發生變化。我們將投資於每個買家的消費，它將會成長，而活躍買家將會下降。

I think that once maybe interest will go down or maybe optimistic of SMB is going to change momentum, this is the point of time where I would expect that central buyer is going to grow but active buyer is not going to decline the same way. But that's kind of the time frame that I would expect to change this dynamic.

我認為，一旦興趣下降或對 SMB 的樂觀態度發生改變，那麼我預計中央買家將會成長，但活躍買家不會以同樣的方式下降。但這是我預計會改變這種動態的時間框架。

Thank you.

謝謝。

Marvin Fong, BTIG.

Marvin Fong，BTIG。

Great, thanks for taking my question. On the sales and marketing opportunity that you saw in the first quarter, I'd just love to understand that a little bit better. I mean, was that primarily lower CPCs, and was that broad-based across the entire business, or was it focused on specific verticals? And apologies if you've mentioned this but has that opportunity continued into the second quarter or has that sort of disappeared?

太好了，感謝您回答我的問題。關於您在第一季看到的銷售和行銷機會，我很想更深入地了解一下。我的意思是，這主要是降低每次點擊費用嗎？這是否廣泛適用於整個業務，還是只專注於特定的垂直領域？如果您提到了這一點，我很抱歉，但這種機會是否延續到了第二季度，還是已經消失了？

And then second question, just on the Fiverr Pro contracts, it's great to see those developing. I understand that that's typically a monthly subscription product. To engage in these sort of longer-term contracts. Now what sort of the incentivization for the customer? Are you guys providing even more service or are there different unit economics? Any insight there would be great, thank you.

第二個問題，就 Fiverr Pro 合約而言，很高興看到它的發展。我知道這通常是按月訂閱的產品。簽訂此類長期合約。現在對客戶有什麼樣的激勵措施？你們是否提供更多的服務或有不同的單位經濟效益？任何見解都將非常有幫助，謝謝。

Hey Marvin, thanks for the question. So, yeah, so on the sales and marketing, you know, when we see opportunities, we seize them and we look for opportunities on a geo basis, on a channel basis, on category basis. And in Q1, we've seen some of these opportunities, obviously, for obvious reasons. I'm not going to be too specific on this.

嘿，馬文，謝謝你的提問。是的，在銷售和行銷方面，當我們看到機會時，我們就會抓住它們，並在地理、通路和類別的基礎上尋找機會。在第一季度，我們顯然看到了一些這樣的機會，原因也很明顯。我不會對此說得太具體。

But when we see those opportunities, we see them not, again, that's the beauty of the machine of being able to run thousands of different campaigns on different channels, on different mediums for different audiences, in different geos, so that when we see that opportunity, we seize that in this strategy will continue throughout the year, including Q2. It was always our opportunity and I think it was good that we were able to capture this during Q1, which from a seasonal standpoint is always a good time of the year to do this.

但當我們看到這些機會時，我們並沒有意識到，這就是機器的美​​妙之處，它能夠在不同的管道、不同的媒介上針對不同的受眾、在不同的地理位置開展數千個不同的活動，這樣當我們看到機會時，我們就會抓住它，這一戰略將持續全年，包括第二季度。這始終是我們的機會，我認為我們能夠在第一季抓住這個機會是件好事，從季節的角度來看，這始終是一年中最好的時機。

And the second part, our approach to the Pro product and service is slightly different. There is no subscription, but you need to spend enough money on the platform in order to be eligible to use the product and to receive the service. And there are certain elements that we provide on Pro that incentivize the buyer to join the program. I think the first and the most important one is that there is a queued group of seller -- for seller, where buyer that expect to enjoy a different experience of communicating, of search, and engaging different level or tier of seller usually appreciate.

第二部分，我們對 Pro 產品和服務的態度略有不同。無需訂閱，但您需要在平台上花費足夠的錢才有資格使用該產品並獲得該服務。我們在 Pro 上提供了某些元素來激勵買家加入該計劃。我認為第一個也是最重要的一點是，有一個排隊的賣家群體——對於賣家來說，買家通常希望享受不同的溝通、搜尋和與不同級別或層級的賣家互動的體驗。

The second is that there are certain products, and I will name one, but there are other like hourly order or hourly engagements that are available only for users. It goes to retention program like reward program where certain pro-buyer that stands above the minimum amount received some reward.

第二，有一些特定的產品，我會列舉其中一種，但還有其他產品，例如按小時訂購或按小時約定，只對用戶開放。它屬於保留計劃，類似於獎勵計劃，其中某些超過最低金額的專業買家會獲得一些獎勵。

And lastly, it goes to account management and high-touch services that include sourcing and other types of assistance that certain customers need in order to allow them at the end to engage further, to retain and spend more money on the platform. So all of those incentivize Fiverr to engage, to sign up to the program and retain over a long period and eventually spend more money on Fiverr.

最後，它涉及帳戶管理和高接觸服務，包括採購和某些客戶需要的其他類型的幫助，以便他們最終進一步參與、保留並在平台上花費更多資金。因此，所有這些都激勵 Fiverr 參與、註冊該計劃並長期保留，並最終在 Fiverr 上花費更多錢。

Got it. That's great. Thank you both.

知道了。那太棒了。謝謝你們兩位。

Thank you. There are no further questions, so I will now hand the conference back to Micha for closing.

謝謝。沒有其他問題了，現在我將把會議交還給 Micha 來結束。

Thank you, Sarah, for moderating the call and thank you everyone for joining us this morning. We look forward to seeing you in the upcoming conferences. Have a great day.

謝謝莎拉主持這次電話會議，也謝謝大家今天早上加入我們。我們期待在即將召開的會議上見到您。祝你有美好的一天。

Thank you. This concludes today's conference call. Thank you for participating and you may now disconnect.

謝謝。今天的電話會議到此結束。感謝您的參與，您現在可以斷開連接。