Fiverr International Ltd (FVRR) 2025 Q2 法說會逐字稿

Thank you for standing by and welcome to Fiverr's second quarter, 2025 earnings conference call. (Operator Instructions) I would now like to hand the call over to Jinjin Qian, [EVP] Strategic Finance. Please go ahead.

感謝您的支持，歡迎參加 Fiverr 2025 年第二季財報電話會議。（操作員指示）現在我想將電話交給策略財務部執行副總裁 Jinjin Qian。請繼續。

Thank you, operator, and good morning, everyone. Thank you for joining us on Fiverr's earnings conference call for the second quarter that ended June 30, 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 6 月 30 日的第二季財報電話會議。今天與我一起參加電話會議的還有創辦人兼執行長 Micha Kaufman 和總裁兼財務長 Ofer Katz。

Before we start, I'd like to remind you that during this call, we may make forward-looking statements and that these statements are based on our current expectations and assumptions as of today, and Fiverr assumes no obligation to update or revise them.

在我們開始之前，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 for most recent Form 20-F and other filings with the SEC.

有關可能導致實際結果與任何前瞻性陳述有重大差異的一些重要風險因素的討論，請參閱最新的 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。

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 the reconciliation of each of the non-GAAP financial measures to the most directly comparable GAAP measures is provided in the earnings release we issued today in our shareholder letter, each of which is available on our website at investors.fiverr.com.

在本次電話會議中，我們將參考一些關鍵績效指標和非公認會計準則財務指標。包括調整後的 EBITDA、調整後的 EBITDA 利潤率和自由現金流。我們今天在致股東的盈利報告中提供了進一步的解釋以及每個非 GAAP 財務指標與最直接可比較的 GAAP 指標的對賬，每個盈利報告均可在我們的網站 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. We delivered another strong quarter building on a solid start to the year with continued momentum across our business. In Q2 2025, we achieved 15% year-over-year revenue growth and a 20% adjusted EBITDA margin as we continue to drive profitable growth with disciplined execution.

謝謝你，津津。大家早安，感謝大家的收看。在年初取得良好開局的基礎上，我們又取得了一個強勁的季度業績，並且業務持續保持強勁增長勢頭。2025 年第二季度，我們實現了同比增長 15% 的收入和 20% 的調整後 EBITDA 利潤率，我們繼續以嚴格的執行推動盈利增長。

Within our platform we are seeing strong signs of durability and growth, including surging demand for AI-related services. And the continued momentum of managed services and dynamic matching products.

在我們的平台內，我們看到了持久性和成長的強勁跡象，包括對人工智慧相關服務的需求激增。以及託管服務和動態匹配產品的持續發展動能。

While SMBs continue to take a cautious stance on spending and hiring amid a volatile economic environment, our success in these efforts contributed to the acceleration in spend per buyer, which grew 10% year-over-year alongside robust growth across key verticals, such as Programming & Tech, Digital Marketing, and Video & Animation.

儘管中小企業在動盪的經濟環境中繼續對支出和招聘採取謹慎態度，但我們在這些努力中的成功促進了每位買家支出的增長，同比增長 10%，同時編程和技術、數位行銷、視頻和動畫等關鍵垂直領域也實現了強勁增長。

Additionally, we continue to expand our value-added services across our ecosystem. AutoDS continues to maintain strong growth momentum, and we’ve made meaningful progress in integrating our platforms to drive adoption and scale.

此外，我們將繼續在我們的生態系統中擴展增值服務。AutoDS 持續保持強勁的成長勢頭，我們在整合平台以推動採用和規模方面取得了有意義的進展。

Notable highlights include the launch of an AI-powered Shopify Store Builder, as well as the development of a deeper integration to enable seamless upselling and cross-selling between AutoDS and Fiverr’s marketplace. The strong performance of the Services segment contributed to the revenue upside this quarter.

值得注意的亮點包括推出由人工智慧驅動的 Shopify Store Builder，以及開發更深層的集成，以實現 AutoDS 和 Fiverr 市場之間的無縫追加銷售和交叉銷售。服務部門的強勁表現推動了本季營收的成長。

We are also incredibly excited about how AI is positively impacting every dimension of our business, driving demand through AI-related services, improving discovery and conversion for buyers and sellers on the marketplace, and unlocking operational efficiencies through AI agents across functions. Today, I want to delve deeper into each of these areas and demonstrate how we are at the forefront of AI adoption, with the speed, conviction, and clarity that set us apart

我們也對人工智慧如何對我們業務的各個方面產生積極影響感到無比興奮，透過人工智慧相關服務推動需求，改善市場上買家和賣家的發現和轉化，並透過跨職能的人工智慧代理釋放營運效率。今天，我想深入探討這些領域，並展示我們如何在人工智慧應用方面處於領先地位，並憑藉速度、信念和清晰度脫穎而出

First, the rapid development of AI technology is giving rise to numerous new skills, and Fiverr’s marketplace is becoming the go-to destination for accessing and engaging with AI experts. Categories such as AI agents, workflow automation, and vibe coding have experienced 5 to10 fold growth on our marketplace over the past six months.

首先，人工智慧技術的快速發展正在催生出許多新技能，而 Fiverr 的市場正在成為接觸和聯繫人工智慧專家的首選目的地。在過去的六個月中，人工智慧代理、工作流程自動化和氛圍編碼等類別在我們的市場上經歷了 5 到 10 倍的成長。

With AI fundamentally changing how humans and machines interact, it allows many non-technical entrepreneurs and professionals to build and leverage the technology. At the same time, we are increasingly seeing the gaps between on-the-shelf AI tools and the real-world problems our customers are trying to solve.

人工智慧從根本上改變了人類與機器的互動方式，使許多非技術企業家和專業人士能夠建立和利用這項技術。同時，我們越來越多地看到現有的人工智慧工具與客戶試圖解決的現實問題之間的差距。

This is where Fiverr comes in. Freelancers on our platform are filling the critical first and last-mile gaps for our customers. This could involve setting up AI systems, selecting the most efficient AI models, integrating the backend with existing systems, adding functionality, creating custom workflows, or simply debugging when the customer encounters issues.

這就是 Fiverr 的作用所在。我們平台上的自由工作者正在為我們的客戶填補關鍵的第一英里和最後一英里的空白。這可能涉及設定 AI 系統、選擇最有效的 AI 模型、將後端與現有系統整合、新增功能、建立自訂工作流程，或在客戶遇到問題時進行簡單的偵錯。

Fiverr’s freelancers help our customers turn concepts and prototypes into high-impact solutions and tangible business results. These exciting trends underscore our conviction that human expertise is crucial in unlocking the full potential of AI.

Fiverr 的自由工作者可協助我們的客戶將概念和原型轉化為高影響力的解決方案和實際的業務成果。這些令人興奮的趨勢強調了我們的信念：人類的專業知識對於釋放人工智慧的全部潛力至關重要。

With the proliferation of AI tools in the market and the increasingly ubiquitous access to these tools, we believe this represents a long-term tailwind for our business, driven by an increasing number of buyers who are deploying AI and their growing need and budget for tackling AI-related problems.

隨著市場上人工智慧工具的激增以及這些工具的日益普及，我們相信，這對我們的業務來說是一個長期的順風，這是由越來越多的部署人工智慧的買家以及他們對解決人工智慧相關問題日益增長的需求和預算所推動的。

That’s why we are not only expanding our catalog to meet this demand, but also exploring ways to embed Fiverr’s talent network and transaction infrastructure directly into AI-driven workflows. These efforts include several ongoing strategic partnership discussions, the development of targeted fulfilment capabilities, and laying the technical foundations to build scalable AI powered by experts.

這就是為什麼我們不僅要擴大我們的目錄來滿足這一需求，還要探索將 Fiverr 的人才網路和交易基礎設施直接嵌入到 AI 驅動的工作流程中的方法。這些努力包括正在進行的幾項戰略合作夥伴關係討論、有針對性的履行能力的開發以及為構建由專家驅動的可擴展人工智能奠定技術基礎。

Our goal is simple. Fiverr freelancers are addressing critical challenges for businesses adopting AI, and we must strive to meet customers where they are and build an integrated experience that makes it seamless for them to leverage our platform.

我們的目標很簡單。Fiverr 自由工作者正在解決企業採用人工智慧所面臨的關鍵挑戰，我們必須努力滿足客戶的需求，並建立整合體驗，使他們能夠無縫地利用我們的平台。

Second, we are shipping at an incredible pace so that we can leverage AI to strengthen our marketplace flywheel. Every transaction in our marketplace involves three core participants. The buyer, the seller, and the platform. Our vision is to create an intelligent, agentic experience for each.

其次，我們的出貨速度非常快，因此我們可以利用人工智慧來加強我們的市場飛輪。我們市場中的每筆交易都涉及三個核心參與者。買家、賣家和平台。我們的願景是為每個人創造智慧、代理的體驗。

Two years ago, Fiverr launched Neo, the first-of-its-kind AI matching agent for buyers in a marketplace environment. Since then, Neo has evolved into a powerful AI engine that drives underlying KYC and matching across all of our front-end products.

兩年前，Fiverr 推出了 Neo，這是第一個在市場環境中為買家提供的 AI 匹配代理商。從那時起，Neo 已經發展成為一個強大的人工智慧引擎，推動我們所有前端產品的底層 KYC 和匹配。

As we continue to build out the agentic experience on the buyer side, we envision a future where each buyer will be accompanied by a recruiting agent who can assist with drafting job briefs, communicating with freelancers, curating candidate lists, and even managing project execution end-to-end. This is the beginning of a search-less vision for the future.

隨著我們繼續豐富買方代理體驗，我們設想未來每個買方都會配備一名招聘代理，協助起草工作簡介、與自由工作者溝通、整理候選人名單，甚至端到端管理專案執行。這是無需搜尋的未來願景的開始。

At least in the traditional keyword-based sense of search, that makes room for more expressive and nuanced ways to address customer needs, one that unleashes the power of the multiple solutions Fiverr has built on the platform to tackle any project, from simple tasks to the most complex ones imagined that require multi-task and multi-talent orchestration and assembly.

至少在傳統的基於關鍵字的搜尋意義上，這為以更具表現力和更細緻的方式滿足客戶需求提供了空間，從而釋放了 Fiverr 在平台上構建的多種解決方案的力量，可以處理任何項目，從簡單的任務到最複雜的需要多任務和多人才協調和組裝的任務。

On the seller side, we introduced Fiverr Go earlier this year, an AI assistant designed to help freelancers with project discovery, client engagement, and creative ideation. Following the successful launch in February, Fiverr Go continues to drive strong seller engagement and meaningful conversion uplift across the funnel it touches.

在賣方方面，我們在今年稍早推出了 Fiverr Go，這是一款人工智慧助手，旨在幫助自由工作者進行專案發現、客戶參與和創意構思。繼二月成功推出之後，Fiverr Go 繼續在其涉及的管道中推動強大的賣家參與度和有意義的轉換率提升。

Similar to the agentic AI experience on the buyer side, we have an extensive roadmap for Fiverr Go that will enable seller agents to provide more sophisticated support and guidance for our sellers, including service listing optimization, lead generation and qualification, and other marketing, analytics, operations, and production capabilities.

與買方代理 AI 體驗類似，我們為 Fiverr Go 制定了廣泛的路線圖，使賣家代理能夠為我們的賣家提供更複雜的支援和指導，包括服務清單優化、潛在客戶生成和資格認證以及其他行銷、分析、營運和生產能力。

Last but not least, we are deploying agentic AI across internal functions to boost platform-level efficiency, from automating customer support workflows to enhancing marketplace integrity operations, and from improving job post matching algorithms to empowering customer success managers. These systems are designed to enable faster, more seamless orchestration between buyers and sellers, while scaling operational productivity behind the scenes.

最後但同樣重要的一點是，我們正在內部職能部門部署代理人工智慧，以提高平台級效率，從自動化客戶支援工作流程到增強市場誠信運營，從改進職位發布匹配演算法到增強客戶成功經理的能力。這些系統旨在實現買家和賣家之間更快、更無縫的協調，同時在後台提高營運生產力。

As these agents become more capable over time, we believe they’ll increasingly act autonomously, not only to improve individual workflows, but ultimately to enable agent-to-agent transactions that reduce friction and eliminate the need for their human counterparts to manually navigate the platform. While this is an ambitious long-term vision, the path is clear.

隨著這些代理的能力逐漸增強，我們相信它們將越來越自主地行動，這不僅可以改善個人工作流程，而且最終可以實現代理與代理之間的交易，從而減少摩擦並消除人類同行手動導航平台的需要。雖然這是一個雄心勃勃的長期願景，但道路是明確的。

Having this roadmap enables us to make informed architectural and product investments today, and these early bets will position Fiverr at the forefront of marketplace innovation, further reinforcing our leadership through AI-powered differentiation. As we wrap up the first half of 2025, I’m incredibly proud of how our team has delivered and even more excited about our strategy and roadmap for the second half of this year.

有了這個路線圖，我們今天就能做出明智的架構和產品投資，而這些早期的投資將使 Fiverr 處於市場創新的前沿，並透過人工智慧驅動的差異化進一步鞏固我們的領導地位。隨著 2025 年上半年的結束，我對我們團隊的成績感到無比自豪，對今年下半年的策略和路線圖感到更加興奮。

I look forward to updating you on our continued progress in the months to come. With that, I’ll turn the call over to Ofer.

我期待在未來幾個月向您報告我們持續取得的進展。說完這些，我將把電話轉給奧弗。

Thank you, Micha, and good morning, everyone. We delivered a strong second quarter, with both top and bottom lines exceeding expectations. Revenue for the second quarter was $108.6 million, up 15% year-over-year.

謝謝你，米莎，大家早安。我們第二季表現強勁，營收和利潤均超乎預期。第二季營收為1.086億美元，年增15%。

Adjusted EBITDA for Q2 was $21.4 million, representing an Adjusted EBITDA margin of 20%, an improvement of 80 basis points from a year earlier. We continue to generate strong cash flow, with free cash flow totaling $25 million, up 21% year-over-year.

第二季調整後 EBITDA 為 2,140 萬美元，調整後 EBITDA 利潤率為 20%，比去年同期提高了 80 個基點。我們持續產生強勁的現金流，自由現金流總額達 2,500 萬美元，較去年同期成長 21%。

As always, we remain focused on taking a balanced approach between growth and profitability, while maintaining discipline with capital allocation. Q2 saw solid performance across both our Marketplace and Services segments.

像往常一樣，我們仍然專注於在成長和獲利之間採取平衡的方法，同時保持資本配置的紀律。第二季度，我們的市場和服務部門均表現穩健。

Marketplace revenue was $74.7 million, driven by 3.4 million active buyers, $318 of spend per buyer and 27.6% of marketplace take rate. Within the Marketplace segment, we saw strong demand for AI-related services and AI category expansion, and Managed Services remains an important channel for upmarket penetration.

市場收入為 7,470 萬美元，由 340 萬活躍買家、每位買家支出 318 美元和 27.6% 的市場接受率推動。在市場領域，我們看到對人工智慧相關服務和人工智慧類別擴展的強勁需求，而託管服務仍然是高端市場滲透的重要管道。

We’re encouraged by the accelerating growth across several of our core verticals and the steady increase in larger, more complex projects on the platform. In Q2, over 50% of GMV on our marketplace came from transactions over $200 and these higher-value transactions are growing at a double-digit pace year-over-year.

我們感到鼓舞的是，我們的幾個核心垂直領域的成長正在加速，平台上更大、更複雜的專案也在穩步增加。在第二季度，我們市場上超過 50% 的 GMV 來自超過 200 美元的交易，而這些高價值交易同比增長了兩位數。

This is a strong indicator of our marketplace’s ongoing evolution towards serving more sophisticated business needs. While the overall macro conditions do not warrant us revising our assumptions going into the second half of the year, we believe the structural tailwinds within the Marketplace segment, particularly around AI and upmarket adoption, will continue to help offset broader economic headwinds and serve as a sustained growth driver.

這有力地表明我們的市場正在不斷發展，以滿足更複雜的業務需求。雖然整體宏觀條件不足以讓我們修改下半年的假設，但我們相信，市場領域的結構性順風，特別是在人工智慧和高端市場採用方面，將繼續幫助抵消更廣泛的經濟逆風，並成為持續的成長動力。

Services revenue was $34 million, representing year-over-year growth of 84% and 31% of our total revenue in Q2. The upside was driven by several key initiatives, including the launch of an AI-powered Shopify Store Builder, streamlined cross-sell execution between AutoDS and the marketplace, and continued momentum in Seller Plus.

服務收入為 3,400 萬美元，年增 84%，佔第二季總收入的 31%。這項成長得益於幾項關鍵舉措，包括推出由人工智慧驅動的 Shopify Store Builder、簡化 AutoDS 和市場之間的交叉銷售執行，以及 Seller Plus 的持續發展勢頭。

We continue to see strong engagement and positive conversion impact from Fiverr Go, leading to incremental uplift to Seller Plus Premium Tier subscriptions in Q2. Looking ahead, we expect Services revenue to maintain healthy momentum and as mentioned previously, expect it to represent a little over 30% of total revenue for the full year 2025.

我們繼續看到 Fiverr Go 的強勁參與度和積極的轉換影響，從而導致第二季度 Seller Plus Premium Tier 訂閱量的逐步提升。展望未來，我們預計服務收入將保持健康勢頭，如前所述，預計將佔 2025 年全年總收入的 30% 多一點。

Now, onto guidance. We are reiterating our revenue and Adjusted EBITDA guidance for the full year 2025. We expect full year 2025 revenue to be in the range of $425 to $438 million, representing year-over-year growth of 9% to 12%.

現在，進入指導。我們重申 2025 年全年收入和調整後 EBITDA 指引。我們預計 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 to $90 million, representing an Adjusted EBITDA margin of 20% at the midpoint. For the third quarter of 2025, revenue is expected to be $105 to $110 million, representing year-over-year growth of 5% to 10%.

調整後的 EBITDA 預計在 8,400 萬至 9,000 萬美元之間，中間值為 20% 的調整後 EBITDA 利潤率。2025 年第三季度，預計營收為 1.05 億美元至 1.1 億美元，年增 5% 至 10%。

Adjusted EBITDA is expected to be $21.5 to $23.5 million, representing an Adjusted EBITDA margin of 21% at the midpoint. We continue to operate with the highest level of discipline and efficiency.

調整後的 EBITDA 預計為 2,150 萬美元至 2,350 萬美元，中間值為 21% 的調整後 EBITDA 利潤率。我們將繼續以最高水準的紀律和效率開展工作。

We believe we are well on track toward our long-term targets to reach 25% Adjusted EBITDA in 2027, and deliver 14% CAGR in free cash generation for the three years ending in 2027. To close, we continue to execute on the goals and roadmap we set at the beginning of the year, and are looking forward to the second half as we remain well positioned to capture the enormous opportunity ahead of us.

我們相信，我們正順利實現我們的長期目標，在 2027 年實現 25% 的調整後 EBITDA，並在截至 2027 年的三年內實現 14% 的自由現金產生複合年增長率。最後，我們將繼續執行年初設定的目標和路線圖，並期待下半年，因為我們仍處於有利地位，可以抓住未來的巨大機會。

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）

Eric Sheridan, Goldman Sachs.

高盛的艾瑞克·謝裡丹。

Thanks so much for taking the question and thanks for all the detailed information, guys. When you think about services revenue growth building and momentum deeper into the second half of this year, but more on a multi-year view.

非常感謝你們提出這個問題，也感謝你們提供的所有詳細資訊。當您考慮服務收入成長將在今年下半年進一步增強且勢頭強勁時，但更多的是從多年的角度來看。

What do you guys see as some of the key investments you need to make to sort of unlock continued scaling of that service revenue and maybe honing in a little bit on Seller Plus. Understood the goal you have around, getting to a certain rate of penetration, but how do we think about maybe over the longer term where that can go in terms of a percentage of the mix. Thanks so much.

你們認為需要進行哪些關鍵投資才能持續擴大服務收入，並可能在 Seller Plus 上取得一些進展。我理解您的目標，即達到一定的滲透率，但從長遠來看，我們如何考慮這一目標在混合比例方面能達到什麼程度。非常感謝。

Good morning, Eric. Thanks for the questions. But so for the, services, we expect service revenue to continue growing at a healthy double digit rate exiting this year after we lap both Fiverr Ads and AutoDS acquisition in Q4, and we believe that services, still have a long growth runway ahead of us as we continue to expand, value-added services.

早安，埃里克。感謝您的提問。但對於服務而言，我們預計在第四季度完成 Fiverr Ads 和 AutoDS 收購後，服務收入將繼續以健康的兩位數速度成長，我們相信，隨著我們繼續擴展增值服務，服務仍然具有很長的成長空間。

To productivity, financial, and other, adjacent tools, for our freelancers. In addition, we're seeing opportunities to drive synergies between AutoDS and Fiverr, and, as we mentioned this quarter, we unlock some nice Shopify affiliates revenue through the new AI powered Shopify Store Builder tool.

為我們的自由工作者提供生產力、財務和其他相關工具。此外，我們看到了推動 AutoDS 和 Fiverr 之間協同效應的機會，正如我們本季度提到的，我們透過新的 AI 驅動的 Shopify Store Builder 工具釋放了一些不錯的 Shopify 聯盟收入。

And we believe that services will continue to be a growth catalyst for overall revenue growth. Is to, Seller Plus, it continues to, expand, value added services to drive adoption among a wider range of audience.

我們相信服務將繼續成為整體收入成長的成長催化劑。Seller Plus 將繼續擴展加值服務，以推動更廣泛受眾的採用。

But go with an example, of that, and we keep adding tools and the audience of Seller Plus is growing as they see this as a net positive contributor to the growth of their business.

但舉個例子，我們不斷添加工具，Seller Plus 的受眾也在不斷成長，因為他們認為這對他們的業務成長產生了淨正面貢獻。

And, broadly, we are expanding value added services to a wider range of services for freelancers. We want to empire, the entire freelancer career, including those financial tools and benefits, so there's a lot of growth run right there.

並且，從廣義上講，我們正在將增值服務擴展到為自由工作者提供更廣泛的服務。我們希望將整個自由工作者的職業生涯，包括那些金融工具和福利，都納入帝國之中，這樣就能實現很大的成長。

Great. Thank you.

偉大的。謝謝。

Ron Josey, Citi.

花旗銀行的 Ron Josey。

Great, thanks for taking the question and good to talk to you all guys. Micha, I wanted to talk and ask a little bit more about the manage services offering and the broader makeshift to upmarket and just talk to us a little bit more about the progress here.

太好了，感謝您提出這個問題，很高興與大家交談。米查，我想多談談並詢問一些有關管理服務產品和更廣泛的高端市場臨時措施的問題，並向我們多談談這裡的進展。

I know there were some stats in the letter around 50% of marketplace or by transactions over $200. So as we see greater demand for managed services, as we see the makeshift of market, help us understand just the progress overall and maybe the size.

我知道信中有一些統計數據，大約佔市場總額的 50% 或交易額超過 200 美元。因此，當我們看到對託管服務的需求越來越大，當我們看到市場的臨時措施時，這有助於我們了解整體進展和規模。

And then from an AI or I guess Fiverr Go perspective, I think we saw and heard a little bit more about conversion rates. Any more insights there would be great. Thank you.

然後從人工智慧或 Fiverr Go 的角度來看，我想我們看到和聽到了更多關於轉換率的資訊。如果有更多見解就更好了。謝謝。

Morning, Ran. Thanks for the question. So essentially managed services as we think about it in general, is a part of our going upmarket strategy. And as we said time and time again, this is it, I mean, you can think about the history of the company, a company that starts from services of $5 and now more than half of our business is coming from transactions of over $200, which is incredible.

早安，Ran。謝謝你的提問。因此，從本質上講，託管服務是我們走向高端市場策略的一部分。正如我們一次又一次說過的，就是這樣，我的意思是，你可以想想公司的歷史，一家從 5 美元的服務起步的公司，現在我們一半以上的業務來自超過 200 美元的交易，這是令人難以置信的。

And this is thanks to the fact that we've actually extended beyond just being a market space into becoming a platform, where we offer a whole suite of different services so that we can mature with our customers and cater to more of their needs. And this is really, demonstrated in the fact that these, managed services are, growing, very nicely.

這是因為我們實際上已經從單純的市場空間擴展為一個平台，我們提供一整套不同的服務，以便我們能夠與客戶一起成長並滿足他們的更多需求。事實上，這些託管服務正在順利發展，這確實得到了證明。

And this also has to do with our acquisition strategy, which means we're focusing on customers that have larger wallets that have more sophisticated and complex needs, and making sure that we have the right tools to answer for those needs. And we're seeing this and by the way, if this grows.

這也與我們的收購策略有關，這意味著我們專注於擁有更大錢包、有更複雜需求的客戶，並確保我們有合適的工具來滿足這些需求。順便說一句，我們看到了這一點，如果它增長的話。

It is actually decreasing our exposure to the segments of the market of SMBs where they're more exposed to, macroeconomics than the larger customers. So this remains very much in the focus of, what we're doing and we're very encouraged by the growth that we're seeing there.

這實際上減少了我們對中小企業市場部分的接觸，因為中小企業比大客戶更容易受到宏觀經濟的影響。因此，這仍然是我們工作的重點，我們對所看到的成長感到非常鼓舞。

In terms of go, I think we provided color in our, letter to our shareholders. As you noted, yes, it is increasing the conversion rates and the speed and efficiency and decreasing the time to convert for our sellers. And this is why we've seen a 50% jump in the amount of sellers that are using it.

就前進而言，我認為我們在致股東的信中提供了色彩。正如您所說，是的，它正在提高轉換率、速度和效率，並減少賣家的轉換時間。這就是為什麼我們看到使用它的賣家數量增加了 50%。

They love it. It's incredible tool that actually let them sleep at night, quietly, knowing that their business is continuing to run. In addition, the way we're thinking about this, and this is a part of our entire agentic vision for the company.

他們喜歡它。這是一個令人難以置信的工具，它實際上可以讓他們晚上安心睡覺，因為他們知道他們的業務仍在繼續運作。此外，我們對此的思考方式，也是我們對公司整個代理願景的一部分。

What we're doing is we're building sophisticated tools that allow them to not just deal with communication, but actually smart AI that will allow them to optimize their offerings and actually take actions for them. To make sure that they get the best exposure and they maximize their potential for deal flow.

我們正在做的是建立複雜的工具，使他們不僅能夠處理通信，而且實際上能夠處理智慧人工智慧，使他們能夠優化他們的產品並實際為他們採取行動。確保他們獲得最佳曝光度並最大限度地發揮交易流程的潛力。

And I think that this is, I mean, we're pretty early in that phase, but the things that we're building internally are just incredible. And I think the fact that we've started with Neo way ahead of any company, any marketplace out there, allowed us to build the muscle and build one of the most incredible AI teams that I know in the world. And we're building credible tools that I'm sure we're going to be able to talk about in the next few quarters.

我認為，我的意思是，我們還處於這個階段的早期階段，但我們內部正在建構的東西真是令人難以置信。我認為，我們在 Neo 上的起步遠遠領先於任何公司、任何市場，這使我們能夠增強實力，打造出我所知道的世界上最不可思議的人工智慧團隊之一。我們正在建立可靠的工具，我相信我們將能夠在接下來的幾個季度內討論這些工具。

Thank you Micha.

謝謝你，米莎。

Thanks, Ron.

謝謝，羅恩。

Doug Anmuth, JPMorgan.

摩根大通的道格安穆斯 (Doug Anmuth)。

Great, thanks so much for taking questions. I have to maybe just first in terms of, supply demand just balance on the marketplace. I just curious how you're thinking about the supply and the freelancer side, with AI expertise, and whether that's where you need it to be.

太好了，非常感謝您回答問題。我可能首先要考慮的是市場供需平衡。我只是好奇，您如何看待供應和自由工作者方面以及人工智慧專業知識，以及這是否是您需要的。

And then, second, just as you think about the marketplace business, what would it take for a marketplace to return to growth in your view? Thank you.

其次，正如您所考慮的市場業務，您認為市場需要什麼才能恢復成長？謝謝。

Morning, Doug. Thanks for the questions. As for our supply and demand, I think we're in a good place there. The one benefit that we have with freelancers is that they are ahead of most full-time employees in terms of embracing new technology and new tools.

早安，道格。感謝您的提問。至於我們的供需情況，我認為我們處於良好狀態。自由工作者的一個優勢是，他們在採用新技術和新工具方面領先於大多數全職員工。

A lot of them are what we call AI natives, and we're seeing how they're actually elevating the outputs of their work in an incredible way. In, obviously when we open new categories sometimes, it takes a little bit of time, a couple of weeks to build a new supply, and as we go into the areas of, more sophisticated types of services.

他們中的許多人都是我們所謂的人工智慧原住民，我們看到他們實際上正在以令人難以置信的方式提升他們的工作成果。顯然，當我們有時開闢新的類別時，需要一點時間，幾週的時間來建立新的供應，並且隨著我們進入更複雜的服務類型領域。

Obviously, we, allow more sophisticated types of sellers to join the marketplace, but I think that we're in a very good, place. We don't have a category where, we don't have the right supply to, entertain the needs of the customers. If we think about the market-based business.

顯然，我們允許更多成熟的賣家加入市場，但我認為我們處於非常好的位置。我們沒有一個類別，沒有合適的供應來滿足客戶的需求。如果我們考慮基於市場的業務。

We believe that the efforts that we're doing around AI and upmarket will allow us to turn to growth, even in the current macro. But given the macro uncertainty, we don't think that we're ready to bake this into guidance yet.

我們相信，即使在當前的宏觀環境下，我們在人工智慧和高端市場所做的努力也將使我們實現成長。但考慮到宏觀的不確定性，我們認為我們還沒有準備好將其納入指導。

As we said a number of times before, and I think I mentioned this in my first answer, the fact that we're going upmarket and actually acquiring high value buyers. By definition, lowers our exposure to the segments of the buyers that are mostly affected by macro, economical, conditions.

正如我們之前多次提到的那樣，我想我在第一個回答中也提到了這一點，事實上我們正在走向高端市場並真正獲得高價值買家。根據定義，這降低了我們對受宏觀經濟條件影響最大的買家群體的曝險。

And therefore, even without the macro-turning, over time we will continue, we will turn into growth and obviously if macro turns, it's going to be a further tailwind for us.

因此，即使沒有宏觀經濟轉向，隨著時間的推移，我們仍將繼續實現成長，顯然，如果宏觀經濟轉向，這對我們來說將是進一步的順風。

Jason Holstein, Oppenheimer & Company.

傑森·霍爾斯坦（Jason Holstein），奧本海默公司。

Hi, this is Steve Roman on for Jason. So two questions from us. One is, have you seen off any specific categories relating to AI.

大家好，我是史蒂夫·羅曼 (Steve Roman)，代表傑森 (Jason)。我們有兩個問題。一是，您是否看到任何與人工智慧相關的具體類別。

And second if more entry level jobs are going to be replaced with or by AI, how does that affect the demand for Fiverr services? Thanks.

其次，如果更多的入門工作將被人工智慧取代，這將如何影響對 Fiverr 服務的需求？謝謝。

Hi, good morning. Thanks for the question. Essentially, I mean, if, we haven't seen any accelerated, decline. But as we said, before, we made the comment about simple versus complex types of services, and we said that the simple types of services and usually they are associated with very low prices are going through displacement.

嗨，早安。謝謝你的提問。本質上，我的意思是，如果我們沒有看到任何加速下降。但正如我們之前所說，我們對簡單類型與複雜類型服務做出了評論，並且我們說簡單類型的服務以及通常與非常低的價格相關的服務正在被取代。

But at the same time, there is many new categories and many new needs. That we can answer for. And by the way, that's a good thing for us because we're obviously less focused on the micro types of services and more interested in the more complex nuanced types of services that our larger customers need.

但同時，也出現了許多新的類別和許多新的需求。我們可以回答。順便說一句，這對我們來說是一件好事，因為我們顯然不太關注微類型的服務，而更感興趣的是我們的大型客戶所需的更複雜、更細緻的服務類型。

The two entry level jobs. Look, I think the definition of an entry level job is changing. I think the expectation of everyone is to do more thanks to technology.

兩個入門級的工作。看，我認為入門級工作的定義正在改變。我想大家的期望都是藉助科技做更多的事情。

And again, I think that much like freelancers. I think that people that are in their very beginning of their career cycle have the benefit of actually being AI natives.

再說一次，我認為這很像自由工作者。我認為，處於職業生涯初期的人實際上具有作為人工智慧原住民的優勢。

Which means that even on entry level jobs, they can do much more than that. I said that many times. I'll repeat it now. I think that what AI has done is to elevate the floor for everyone. Meaning it's providing incredible tools and capabilities to everyone, but that's exactly the thing.

這意味著即使是入門級的工作，他們也能做得更多。我說過很多次了。我現在再重複一遍。我認為人工智慧所做的就是提高每個人的發言權。這意味著它為每個人提供了令人難以置信的工具和功能，但這正是它的意義所在。

No one has an advantage thanks to AI. The tools are available for everyone. So essentially they're changing the starting point, the floor, but it is not changing the ceiling. So I think that it moves all jobs up including entry level jobs. This is what we're seeing at least.

沒有人因為人工智慧而獲得優勢。這些工具可供所有人使用。因此，從本質上來說，他們改變了起點、底線，但並沒有改變上限。所以我認為它會使所有工作（包括入門級工作）都得到提升。至少這是我們所看到的。

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)。

Yeah, thanks guys. I have two, first on the services revenue, can you just update us on the mix within that line item between what you might regard as sort of recurring revenue versus more transactional and then kind of how you think about the general visibility level and then have a follow up.

是的，謝謝大家。我有兩個問題，首先是關於服務收入，您能否向我們介紹一下該項目中經常性收入與交易性收入的混合情況，然後您如何看待總體可見性水平，然後進行跟進。

Hey, good morning. So, essentially, when you look at the services side, it is mostly made out of promoted gigs. Seller Plus and AutoDS and all of them are continuing their momentum.

嘿，早安。因此，從本質上講，當你看服務方面時，它主要是由推廣的演出構成的。Seller Plus 和 AutoDS 等均持續保持強勁勢頭。

There is nothing specifically to call out there. Was there a second part to your question?

沒有特別需要強調的。您的問題還有第二部分嗎？

It just kind of general visibility. Related to, obviously some of the revenue being sort of what might look like recurring versus purely transactional.

這只是一種普遍的可見性。與此相關的是，顯然部分收入看起來可能是經常性的，而不是純粹的交易性的。

I think that, to give some more calls. I think promoted gigs, is not recurring by design. But it's pretty much, ongoing and we see a very high retention of seller who are using this product. It's aligned with the with the GMV on one hand.

我認為，多打幾通電話吧。我認為促銷演出在設計上並不是重複的。但它基本上是持續進行的，我們看到使用該產品的賣家的保留率非常高。一方面，它與 GMV 保持一致。

But it has more room to expand as we have more inventory, that hasn't been utilized yet, and I think, one territory that we haven't extended to in terms of promoted gigs is the Fiverr pro-environment, which is growing faster than the marketplace. So I think that, but this is one example then on the Seller Plus.

但它還有更大的擴展空間，因為我們有更多尚未利用的庫存，而且我認為，在推廣演出方面我們尚未擴展到的一個領域是 Fiverr 專業環境，它的成長速度比市場更快。所以我認為，但這是 Seller Plus 的一個例子。

Seller Plus is subscription by design, this is the offering. There are multi-tier, there are a few-tiers of offering for different services being offered and packaged. And as time goes, we expand those offerings, adding more capabilities, and opening more fields.

Seller Plus 是設計訂閱的，這是提供的服務。有多個層次，有幾層提供和打包不同的服務。隨著時間的推移，我們會擴大這些產品範圍，增加更多功能，並開拓更多領域。

So I think under the Seller Plus, as well, it has the room, for us to offer more services and to charge accordingly and then also to expand in terms of the target audience, approaching seller that, we're not entitled for the program before and offering them a different class or different type of tool to improve the business.

因此，我認為在 Seller Plus 計劃下，我們有空間提供更多服務並相應地收費，然後擴大目標受眾，接近以前我們沒有資格使用該計劃的賣家，並為他們提供不同類別或不同類型的工具來改善業務。

And lastly, AutoDS subscription, is being growing nicely and contribute more than expected on the second quarter, and we see this business building up nicely as we just finalized the integration with Fiverr ecosystem, we see that building nicely.

最後，AutoDS 訂閱量成長良好，第二季的貢獻超出預期，我們看到這項業務發展良好，因為我們剛完成與 Fiverr 生態系統的整合，我們看到這項業務發展良好。

Looking forward. I don't think we break down each and any of those, to line item. But this is, I hope for more color and visibility to this line of revenue.

期待。我認為我們不會將每一個都分解成項目。但我希望這條收入線能夠更加豐富多彩、更加清晰可見。

Yeah, it is very helpful color, thanks. And then the second one, maybe following on to a few of the questions around marketplace growth. You've talked for a while about this whole mix shift between complex services and simple services.

是的，這是非常有用的顏色，謝謝。然後是第二個問題，也許會涉及一些有關市場成長的問題。您已經談論過複雜服務和簡單服務之間的這種整體混合轉變。

I guess, do you feel like you have visibility to when that makeshift might become a tailwind? I know you just said you're not ready to guide to that because of the macro. So I guess the question is like, do we need to see macro ultimately improve, or do we reach a point maybe at some point soon where that makeshift is enough to push the marketplace back to growth? How to think about that? Thanks.

我想，您是否能預見這種臨時措施何時會成為順風？我知道您剛才說過，由於宏觀因素，您還沒有準備好對此進行指導。所以我想問題是，我們是否需要看到宏觀經濟最終改善，或者我們很快就會達到一個點，在這個點上，這種臨時措施足以推動市場恢復成長？該如何考慮這個問題？謝謝。

Yeah, thank you. Look, I said it before, we don't know exactly when this is going to be the case given the volatility of the market.

是的，謝謝。聽著，我之前說過，考慮到市場的波動性，我們不知道這種情況何時會發生。

That said, we do believe, that by going upmarket, and, enjoying the tailwind that, AI is giving us. Over time, this is going to bring us back into growth on the marketplace side, even without macro, economy, taking a turn.

話雖如此，我們確實相信，透過進入高端市場，並享受人工智慧為我們帶來的順風。隨著時間的推移，即使宏觀經濟沒有轉變，這也將使我們的市場重新恢復成長。

Bernie McTernan, Needham & Company.

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

Great, thanks for taking the question. Just one for me, one to just follow up with one of the comments you made in your preparing marks that you were in discussion with several companies on potential partnerships on with on AI.

太好了，謝謝你回答這個問題。對我來說，就一個問題，我想跟進您在準備分數時提到的一個評論，即您正在與幾家公司討論在人工智慧方面的潛在合作關係。

I just wanted to, I know it's too early to announce what those are, but what could those partnerships actually. Look like either, the technology being better put into your marketplace or Fiverr's marketplace being on like other AI platforms is how we should think about those partnerships potentially playing out.

我只是想，我知道現在宣布這些合作關係還為時過早，但這些合作關係實際上可能是什麼。看起來，無論是將科技更好地投入到你的市場中，還是將 Fiverr 的市場像其他 AI 平台一樣投入使用，我們都應該考慮這些合作關係可能如何發揮作用。

Hey, Bernie, thank you for the question. Look, What I refer to is what we call internally Scaled AI. Using experts. Essentially what we're seeing with technology is we're seeing technology allowing everyone to take a pretty meaningful step forward.

嘿，伯尼，謝謝你的提問。看，我指的是我們所謂的內部規模化的人工智慧。利用專家。從本質上講，我們看到科技讓每個人都能向前邁出相當有意義的一步。

That said, using many of these technologies in a way that would create either a complete product or would provide a competitive edge, usually requires either at the beginning or at the end, or both, using someone who's an expert in using these tools, as friendly as they are.

也就是說，要以能夠創造完整產品或提供競爭優勢的方式使用這些技術，通常需要在開始或結束時，或兩者兼而有之，使用精通使用這些工具的專家，儘管他們很友好。

At some point, they become technical. At some point they reach their limitation. I think this is exactly the concept of actually working with those who can give you either the help to get to the finish line or the competitive edge required to build successful things.

到了某個時候，它們就變得技術化了。到了某個時候，他們就達到了極限。我認為這正是與那些能夠為你提供幫助以到達終點或為你提供成功所需的競爭優勢的人一起工作的理念。

And so without getting into specifics, the thing that we can do did with certified, could give you a sense of how we're thinking about empowering our customers as they use these, AI tools.

因此，無需贅述細節，我們透過認證所做的事情可以讓您了解我們如何考慮在客戶使用這些 AI 工具時為他們提供支援。

Understood. Thank you.

明白了。謝謝。

Josh Chan, UBS.

瑞銀的 Josh Chan。

Hi, Micha. Thanks for taking my questions. I guess two questions for me. One, on your AI capabilities. I know that because they're more complex that you're getting higher ASP from your AI type of services. I guess I'm wondering, are you also attracting new and different customers that weren't part of the Fiverr platform before that are attracted to your AI capabilities?

你好，Micha。感謝您回答我的問題。我想問兩個問題。第一，關於你的人工智慧能力。我知道，因為它們更複雜，所以您可以從 AI 類型的服務中獲得更高的 ASP。我想知道，您是否也吸引了那些之前不屬於 Fiverr 平台、但被您的 AI 功能所吸引的新客戶和不同客戶？

And then I guess my second question is on the margin front as you think about the path to targets. Yeah, how dependent on GMB improvement will your margin trajectory be. Thank you.

然後我想我的第二個問題是關於利潤方面的，當你考慮實現目標的路徑時。是的，您的利潤率軌跡在多大程度上依賴 GMB 的改善。謝謝。

Morning, Josh, thanks for the question. The answer for your, first question is yes. Given the fact that, it's more complex types of projects. It allows us to actually get the types of customers that we're very much focused on, which are customers that are able to actually pay and fund, these types of expertise.

早安，喬希，謝謝你的提問。對於你的第一個問題，答案是肯定的。鑑於事實，這是更複雜的項目類型。它使我們能夠真正獲得我們非常關注的客戶類型，這些客戶能夠真正支付和資助這些類型的專業知識。

And again, having these experts on our platform is something that we've been working on for a while and it's definitely paying off, we called out the positive and accelerated growth around programming and tech, and video in animation verticals is an example.

再次強調，讓這些專家加入我們的平台是我們一直在努力的事情，而且它確實取得了回報，我們呼籲在編程和技術方面實現積極和加速的增長，動畫垂直領域的視頻就是一個例子。

And obviously we're seeing that also accelerating our growth in the spend for buyer, in a very nice way, actually putting us in a great position where, I don't think that there is any company in our space that delivers the performance at the performance at our level with double-digit growth and a 20% EBITDA. And so, investing in these areas allows us to deliver one of the best performing businesses in our space.

顯然，我們也看到，這也以非常好的方式加速了我們買家支出的成長，實際上使我們處於一個非常有利的位置，我認為我們所在領域沒有任何一家公司能夠實現與我們同等的業績，實現兩位數的增長和 20% 的 EBITDA。因此，在這些領域進行投資使我們能夠在我們的領域中打造出表現最好的業務之一。

Yeah, and the second part on the margin and dependent on GMV improvement. I think we have a 2027 margin, a long term margin that we are committed to 25% and I think as you can see we are moving there step by step and have a full confidence with the ability to deliver on the margin improvement.

是的，第二部分與利潤有關，並且取決於 GMV 的改善。我認為我們的 2027 年利潤率，即我們致力於實現 25% 的長期利潤率，而且我認為正如您所見，我們正在一步步朝著這個目標前進，並且對實現利潤率提高的能力充滿信心。

This is taken into consideration multiple scenario after GMV growth or GMV flat. So I don't think there is a there is a dependency. We have the flexibility, but also the confident, the ability to deliver despite the different scenario.

這是考慮了 GMV 成長或 GMV 持平後的多種情境。所以我不認為有依賴關係。我們不僅擁有彈性，而且有信心，有能力在不同的情況下實現目標。

That's great. Thank you for the call and the time.

那太棒了。感謝您的來電和時間。

Matthew Continetti, Citizens.

馬修康蒂內蒂，公民。

Thank you so much for taking my question. My first one is just on marketplace revenue in the quarter. It looks like trends on a year-over-year basis, deteriorated in in the second quarter, and that's just in the backdrop of, a stable macro environment in the AI tailwinds that you guys are seeing. Can you just elaborate just on what you're seeing, I guess, real time if there's anything to call out there.

非常感謝您回答我的問題。我的第一個問題是關於本季的市場收入。與去年同期相比，第二季的趨勢似乎有所惡化，而這只是在你們看到的人工智慧順風的穩定宏觀環境背景下。您能否詳細說明您所看到的情況，我想，如果有什麼需要指出的話。

And then my second question is just on marketing spend specifically as you guys move upmarket, are you seeing any changes in your return on marketing spend, or any changes in your tROI framework, specifically as you move up a market? Thank you so much.

然後我的第二個問題是，特別是在行銷支出方面，隨著你們向高端市場邁進，你們的行銷支出回報率是否有任何變化，或者你們的 tROI 框架是否有任何變化，特別是隨著你們向高端市場邁進？太感謝了。

Yeah. So I think the answer for both questions is that. Both behave as expected. I think we have, committed to, marketplace, being flat, maybe a low in the decline and that's exactly where we are.

是的。所以我認為這兩個問題的答案都是這樣的。兩者的行為均符合預期。我認為我們已經致力於讓市場保持平穩，甚至可能處於下滑的低位，而這正是我們現在所處的狀態。

And honestly, I think that as we look to the second half of the year we anticipate or predict a similar trend, and as for the marketing trend, I mean you can track and, we provide tROI data and return. I think that those are, those fall into the expectation without much except exception.

老實說，我認為展望下半年，我們預期或預測會出現類似的趨勢，至於行銷趨勢，我的意思是您可以跟踪，我們提供 tROI 數據和回報。我認為，除了例外，這些都符合預期。

Rohit Kulkarni, Roth Capital Partners.

羅希特·庫爾卡尼（Rohit Kulkarni），羅斯資本合夥公司（Roth Capital Partners）。

Thank you. I one question on, you've mentioned the, a few times AI agents work flow to mention in the letter may maybe talk about what you're seeing, from a demand standpoint, what types of, customers or what types of use cases you feel, Fiverr is, well positioned to, address the demand and AI agents and robotic process automation, workflow automation in the new AI world.

謝謝。我有一個問題，您曾多次提到，信中提到的人工智慧代理工作流程可能談論了您所看到的情況，從需求的角度來看，您認為 Fiverr 能夠很好地滿足新人工智慧世界中的需求和人工智慧代理、機器人流程自動化、工作流程自動化等客戶類型或用例。

And then just, based on our calculation, I think GMV, seems to have accelerated almost three or four quarters in a row, perhaps talk about what your assumptions are. Heading into the second half, as, the guidance seems to be unchanged.

然後，根據我們的計算，我認為 GMV 似乎已經連續三到四個季度加速成長，也許您可以談談您的假設。進入下半年，指導意見似乎沒有改變。

But just, talk through how you feel, the sustainability of, GMV acceleration, although from a, minus 1% to plus 2%, but that's still encouraging in my opinion. Thanks.

但是，請談談您的感受，GMV 加速的可持續性，雖然從-1％到+2％，但我認為這仍然令人鼓舞。謝謝。

Hey morning Rohith. Thanks for the questions. I'll start with the first one. Look, AI related, services, are booming and the demand is surging, especially around AI agents, workflow automation and byte coding. As an example, AI agents, 35% growth quarter-over-quarter, 10X growth in the last six months.

嘿，早安，羅希斯。感謝您的提問。我先從第一個開始。看，與人工智慧相關的服務正在蓬勃發展，需求也在激增，尤其是在人工智慧代理、工作流程自動化和位元組編碼方面。舉例來說，人工智慧代理，季增 35%，過去六個月成長 10 倍。

Workflow automation and vibe coding growing 10X in the last six months is, customers are using services like make.com or GoHighLevel to create those workflows. AI development, 137% growth year-over-year, mobile app 47% year-over-year, AI consulting 37% year-over-year.

在過去的六個月中，工作流程自動化和氛圍編碼成長了 10 倍，客戶正在使用 make.com 或 GoHighLevel 等服務來建立這些工作流程。人工智慧開發較去年同期成長137%，行動應用較去年同期成長47%，人工智慧諮詢較去年同期成長37%。

And also we're seeing some peripheral categories that are benefiting from it, such as data governance and protection with 58% growth, in crowdfunding with 51% growth, where AI drives, is now driving millions of startups. And so AI experts on Fiverr play a critical role in helping customers navigate the rapidly evolving AI landscape and bridge the gap between technology and tangible business impact.

我們也看到一些外圍類別正在從中受益，例如資料治理和保護成長了 58%，眾籌成長了 51%，人工智慧驅動著數百萬家新創企業的發展。因此，Fiverr 上的人工智慧專家在幫助客戶駕馭快速發展的人工智慧領域以及彌合技術與實際業務影響之間的差距方面發揮著關鍵作用。

So we're excited about this. We think that this is just the beginning and we're going to see a lot of more categories. That are going to be affected as a result of it in experience accelerated growth.

所以我們對此感到很興奮。我們認為這只是一個開始，我們將會看到更多的類別。這將受到影響，從而經歷加速成長。

I think I'm the, on the second part of the question. What we are seeing is, pretty stable macro. We don't interrupt, small deceleration or acceleration as a trend. And I think this takes us to the assumption on the second half of the year. Which is a reiteration of what we said at the beginning of the year.

我認為我是該問題的第二部分。我們看到的是，宏觀經濟相當穩定。我們不會打斷小幅減速或加速的趨勢。我認為這讓我們對下半年的情況有了一定的期待。這是對我們年初所說內容的重申。

We don't think, unless something change on the macro environment, we think that it is going to be stable between flat. And maybe, slightly, one digit because, in GMV, but that's what we anticipate in the second half of it.

我們認為，除非宏觀環境發生變化，否則它將保持穩定。或許，GMV 會稍微低一點，但這就是我們對下半年的期待。

Great. Thank you both.

偉大的。謝謝你們兩位。

Thank you. I would now like to turn the conference back to Miha Kaufman for closing remarks, sir.

謝謝。先生，現在我想請米哈·考夫曼致閉幕詞。

Thank you, Lati for moderating the call today and to everyone who dialed in this morning. I look forward to, speaking to all of you very soon. Have a great day.

感謝 Lati 主持今天的電話會議，也感謝今天早上撥入電話的所有人。我期待著很快與大家交談。祝你有美好的一天。

This concludes today's conference calls. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。