Fiverr International Ltd (FVRR) 2025 Q3 法說會逐字稿

Thank you for standing by. At this time, I would like to welcome everyone to the Fiverr third quarter 2025 earnings conference call. (Operator Instructions) I would like to now turn the conference over to Jinjin Qian. Please go ahead.

感謝您的耐心等待。在此，我謹代表 Fiverr 歡迎各位參加 2025 年第三季財報電話會議。（操作員指示）現在我將會議交給錢金金女士。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, 2025. Joining me on the call today are Micha Kaufman, Founder and CEO; and Esti Levy Dadon, EVP, Finance.

謝謝接線員，大家早安。感謝您參加 Fiverr 截至 2025 年 9 月 30 日的第三季財報電話會議。今天和我一起參加電話會議的有創辦人兼執行長 Micha Kaufman；以及財務執行副總裁 Esti Levy Dadon。

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

在開始之前，我想提醒各位，在本次電話會議中，我們可能會發表一些前瞻性聲明，這些聲明是基於我們截至今日的預期和假設，Fiverr 不承擔更新或修改這些聲明的義務。

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 Factors section in Fiverr's 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聲明有重大差異的一些重要風險因素的討論，請參閱 Fiverr 最新提交的 20-F 表格以及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 will 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 in our shareholder letter, each of which is available on our website at investors.fiverr.com.

在本次電話會議中，我們將提及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。我們今天在致股東信中發布的盈利報告中提供了對每項非GAAP財務指標的進一步解釋以及與最直接可比的GAAP指標的調節表，每份報告都可以在我們的網站 investors.fiverr.com 上找到。

And now I'll turn the call over to Micha.

現在我把電話交給米卡。

Thank you, Jinjin. Good morning, everyone, and thank you for joining us. We delivered another strong quarter with solid performance across the business. In Q3 '25, revenue grew 8% year-over-year, and we achieved a record high adjusted EBITDA margin of 22%. This is a clear reflection of our disciplined execution and the inherent leverage in our market-based model.

謝謝你，津津。各位早安，感謝各位的參與。我們又迎來了一個業績強勁的季度，各項業務都表現出色。2025 年第三季度，營收年增 8%，調整後 EBITDA 利潤率創歷史新高，達 22%。這充分體現了我們嚴謹的執行力和我們以市場為基礎的模式所固有的優勢。

Over the past several years, we've consistently prioritizing moving upmarket and investing in product innovation to support more complex use cases and larger customers. Q3 results clearly demonstrate our success on both fronts.

過去幾年，我們一直優先考慮向高端市場進軍，並投資於產品創新，以支援更複雜的使用情境和更大的客戶群。第三季業績清楚地表明我們在這兩方面都取得了成功。

Spend per buyer increased 12% year-over-year, our strongest growth rate since the COVID era and off a much higher base. Not only are we seeing wallet share expansion across the broader buyer base, but more importantly, thanks to the adoption of dynamic matching and managed services, we are witnessing strong growth among projects that are significantly larger than the average marketplace transaction.

每位買家的支出較去年同期成長 12%，這是自新冠疫情爆發以來我們最強勁的成長率，而且基數也更高。我們不僅看到錢包份額在更廣泛的買家群體中不斷擴大，更重要的是，由於採用了動態匹配和管理服務，我們看到規模遠大於平均市場交易的項目實現了強勁增長。

In Q3, GMV for Dynamic Matching grew 22% year-over-year with 15% of job briefs having a budget of over $1,000 and an average order value of $2,200. Managed Services is capturing even larger and more sophisticated engagements with a minimum budget of $3,000.

第三季度，動態配對的GMV年增22%，其中15%的職位簡報預算超過1,000美元，平均訂單價值為2,200美元。託管服務正在贏得規模更大、更複雜的項目，最低預算為 3,000 美元。

In Q3, Managed Services GMV grew 65% year-over-year with average product size reaching $17,000. The success of these offerings marks a meaningful evolution in Fiverr's value proposition. We're no longer just a platform for fast, lightweight freelance tasks. We are increasingly becoming a trusted partner for businesses executing highly specialized multistage projects that often require depth of talent and orchestration.

第三季度，託管服務 GMV 年增 65%，平均產品規模達 17,000 美元。這些服務的成功標誌著 Fiverr 的價值主張發生了意義深遠的演變。我們不再只是一個提供快速、輕量級自由工作任務的平台。我們正日益成為執行高度專業化、多階段專案的企業的值得信賴的合作夥伴，這些專案通常需要深厚的人才儲備和協調能力。

Another area where we are seeing tremendous growth is AI-related services. As AI is increasingly reshaping how work is delivered and being implemented across industries, demand continues to surge in areas such as AI agents, workflow automation, and vibe coding.

另一個我們看到成長迅猛的領域是人工智慧相關服務。隨著人工智慧日益重塑各行各業的工作交付和實施方式，人工智慧代理、工作流程自動化和氛圍編碼等領域的需求持續激增。

Fiverr freelancers have become an essential partner for SMBs looking to turn AI from potential into performance. This demand is directly reflected in the Programming and Tech vertical, which grew 14% year-over-year in Q3. We believe that this AI transformation cycle mirrors an early stage of the digital transformation and could provide a multiyear tailwind for broader tech investment.

對於希望將人工智慧的潛力轉化為實際效益的中小企業而言，Fiverr 自由工作者已成為不可或缺的合作夥伴。這種需求直接反映在程式設計和技術垂直領域，該領域在第三季度同比增長了 14%。我們認為，此次人工智慧轉型週期反映了數位轉型的早期階段，並可能為更廣泛的技術投資提供多年的順風。

To lean into this secular tailwind, we are doubling down on our investment in AI-related categories from growing specialized talent communities and launching tailored AI solutions to expanding our go-to-market channels through strategic partnerships.

為了順應這一長期發展趨勢，我們將加倍投資人工智慧相關領域，從發展專業人才社群和推出客製化人工智慧解決方案，到透過策略合作擴大市場管道。

Our ambition is to position Fiverr as the go-to destination for finding top-tier AI talent and deploying applied AI solutions. Despite a macro environment that remains uneven, we're seeing positive signals and gaining market share.

我們的目標是將 Fiverr 打造成尋找頂尖人工智慧人才和部署應用型人工智慧解決方案的首選平台。儘管宏觀環境依然不平衡，但我們看到了一些積極的信號，而且市場份額也在不斷擴大。

Labor markets continue to show mixed trends and broader hiring recovery remains elusive. However, our growth strategy, which centers around upmarket expansion and AI enablement is built on long-term macro-agnostic trends.

勞動市場持續呈現喜憂參半的趨勢，整體招聘市場的復甦仍遙遙無期。然而，我們的成長策略以高端市場擴張和人工智慧賦能為中心，是建立在長期的、與宏觀經濟無關的趨勢之上的。

We believe these are the right bets to get us back on track for GMV acceleration regardless of macroeconomic scenarios. In that context, we announced a strategic restructuring in September to streamline our organization, sharpen our product focus, and accelerate our evolution into AI-first company.

我們相信，無論宏觀經濟情勢如何，這些舉措都是讓我們重回GMV加速成長軌道的正確選擇。在此背景下，我們在 9 月宣布了一項策略重組計劃，旨在精簡組織架構，更加專注於產品，並加速向人工智慧優先型公司轉型。

This means accelerating investments in building an AI-native team, upgrading our tech infrastructure to drive faster AI integration and operational efficiency and reimagining our marketplace with an AI integrated experience.

這意味著要加快對組建人工智慧原生團隊的投資，升級我們的技術基礎設施以推動人工智慧的更快整合和營運效率，並透過人工智慧整合體驗重新構想我們的市場。

From a product perspective, this transformation is anchored on four key pillars: One, strengthening our go-to-market execution. We're expanding our generative engine optimization, GEO, capabilities, integrating our catalog into native AI channels and building AI-powered catalog management systems.

從產品角度來看，這項轉型建立在四個關鍵支柱之上：第一，加強我們的市場推廣執行。我們正在擴展生成式引擎優化、GEO 功能，將我們的目錄整合到原生 AI 頻道中，並建立​​ AI 驅動的目錄管理系統。

We're also investing in partnerships that drive growth across AI-related verticals. Two, building the next Gen AI-powered buyer experience. This includes expanding LLM-powered workflows across the buyer journey, advancing our Know Your Customer, KYC, capabilities through data and product innovation and investing in customer success to deepen trust.

我們也正在投資於能夠推動人工智慧相關垂直領域成長的合作夥伴關係。第二，建構下一代人​​工智慧驅動的買家體驗。這包括擴展 LLM 支援的整個購買流程的工作流程，透過數據和產品創新提升我們的「了解你的客戶」（KYC）能力，並投資於客戶成功以加深信任。

Three, evolving our matching technology. As we serve more upmarket clients and more complex projects, we're transitioning from traditional search to agentic matching, delivering a recruiting-like experience that surpasses human performance through deeper data, richer context, and advanced reasoning.

第三，改進我們的配對技術。隨著我們服務更多高端客戶和開展更複雜的項目，我們正在從傳統的搜尋方式過渡到代理匹配，透過更深入的數據、更豐富的背景資訊和更高級的推理，提供超越人類表現的招募體驗。

Four, investing in talent and the talent community. Talent is at the heart of the entire marketplace experience. In a world where AI is rapidly transforming how work is done, our priority is to build a high-quality, trusted talent ecosystem. This means supporting human-in-the-loop workflows, creating pathways for professional growth and deepening our commitment to long-term community engagement. I am truly excited about the opportunities ahead and the strength of the roadmap we have built.

第四，投資人才和人才群。人才對整個市場體驗至關重要。在人工智慧正迅速改變工作方式的世界裡，我們的首要任務是建立一個高品質、值得信賴的人才生態系統。這意味著支持人機協作工作流程，創造職業發展途徑，並深化我們對長期社區參與的承諾。我為未來的機會和我們制定的路線圖的強大實力感到無比興奮。

As we enter the final stretch of the year, we remain laser-focused on execution. Our momentum in AI and upmarket expansion gives me confidence in the foundation we've built. I look forward to sharing more about our 2026 roadmap in our next call.

隨著年底臨近，我們將繼續全力以赴，確保執行到位。我們在人工智慧和高端市場擴張方面取得的進展讓我對我們所建立的基礎充滿信心。我期待在下次電話會議上與大家分享更多關於我們2026年發展路線圖的資訊。

With that, I'll turn it over to Esti.

接下來，我將把麥克風交給艾斯蒂。

Thank you, Micha, and good morning, everyone. We delivered a strong third quarter, with both top and bottom lines exceeding the midpoint of our guidance. Revenue for the third quarter was $107.9 million, up 8% year-over-year. We also achieved record adjusted EBITDA and adjusted EBITDA margin. Adjusted EBITDA for Q3 was $24.2 million, representing an adjusted EBITDA margin of 22%, an improvement of 260 basis points from a year earlier.

謝謝你，米卡，大家早安。第三季業績表現強勁，營收和利潤都超過了我們預期的中位數。第三季營收為 1.079 億美元，年增 8%。我們也實現了調整後 EBITDA 和調整後 EBITDA 利潤率的歷史新高。第三季調整後 EBITDA 為 2,420 萬美元，調整後 EBITDA 利潤率為 22%，比上年同期提高了 260 個基點。

We continue to generate strong cash flow, with free cash flow totaling $29.1 million in Q3. The strategic restructuring, combined with our continued discipline in expense management, contributed to strong profitability and robust cash flow generation.

我們持續產生強勁的現金流，第三季自由現金流總額達 2,910 萬美元。策略重組，加上我們持續嚴格的費用管理，促成了強勁的獲利能力和穩健的現金流。

As always, we remain focused on balancing between growth and profitability, while maintaining discipline in capital allocation. Q3 saw solid performance across both Marketplace and Services segments. Marketplace revenue was $73.6 million, driven by 3.3 million active buyers, $330 in spend per buyer, and 27.6% marketplace take rate.

一如既往，我們將繼續專注於在成長和獲利能力之間取得平衡，同時保持資本配置方面的紀律。第三季度，市場和業務服務兩大板塊均表現穩健。市場收入為 7,360 萬美元，這得益於 330 萬活躍買家、每位買家 330 美元的消費額以及 27.6% 的市場分成率。

Within the Marketplace segment, we saw strong momentum driven by the tailwinds in AI-related categories and the success of our expanded Managed Services and Dynamic Matching. These channels continue to fuel higher-value, complex projects, which in turn result in higher average transaction values and increased in share of customer spending.

在市場領域，我們看到了強勁的成長勢頭，這得益於人工智慧相關類別的順風以及我們擴展的託管服務和動態匹配的成功。這些管道持續推動更高價值、更複雜的項目，進而帶來更高的平均交易額和更高的客戶支出份額。

We continue to believe the structural tailwinds within the Marketplace segment, particularly around AI and upmarket adoption, will help offset broader economic headwinds and serve as a sustained growth driver. Services revenue was $34.3 million, representing a year-over-year growth of 40% and accounting for 32% of total revenue in Q3. The upside was driven by Fiverr Go increasing adoption of Seller Plus, which saw 20% year-over-year growth.

我們仍然相信，市場領域的結構性利多因素，特別是人工智慧和高端市場應用的利多因素，將有助於抵消更廣泛的經濟逆風，並成為持續成長的驅動力。服務收入為 3,430 萬美元，年增 40%，佔第三季總收入的 32%。Fiverr Go 推動了 Seller Plus 的普及，其年增了 20%，這促進了 Fiverr 的成長。

Fiverr Ads maintained double-digit growth as a result of ad load expansion, and AutoDS benefited from enhanced synergies with Fiverr and continued success with the Shopify partnership. Looking ahead, we expect Services revenue growth to moderate as we lap the one year anniversary of the acquisition, but to maintain healthy double-digit revenue growth. We continue to expect Services revenue to represent a little over 30% of total revenue for the full year 2025.

由於廣告載入量的增加，Fiverr 廣告保持了兩位數的成長，而 AutoDS 則受益於與 Fiverr 的協同效應增強以及與 Shopify 合作的持續成功。展望未來，我們預計隨著收購完成一週年，服務收入成長將放緩，但仍將維持兩位數的健康收入成長。我們仍然預計，到 2025 年全年，服務收入將佔總收入的 30% 以上。

Now onto guidance. For the full year 2025, we expect revenue to be in the range of $428 million to $436 million, representing year-over-year growth of 9% to 11%. We are raising our full-year adjusted EBITDA guidance and now expect it to be in the range of $88 million to $93 million, representing an adjusted EBITDA margin of 21% at the midpoint.

接下來是指導部分。預計 2025 年全年營收將在 4.28 億美元至 4.36 億美元之間，年增 9% 至 11%。我們將全年調整後 EBITDA 預期上調，目前預計為 8,800 萬美元至 9,300 萬美元，調整後 EBITDA 利潤率中位數為 21%。

For the fourth quarter of 2025, revenue is expected to be between $104.3 million to $112.3 million, representing a year-over-year growth of 1% to 8%. The wider-than-normal revenue guidance for the fourth quarter reflects the elevated uncertainty in macro environment with mixed signals.

預計 2025 年第四季營收將在 1.043 億美元至 1.123 億美元之間，年增 1% 至 8%。第四季營收預期範圍較往常更廣，反映出宏觀環境存在高度不確定性，且訊號喜憂參半。

Adjusted EBITDA is expected to be $23.9 million to $27.9 million, representing an adjusted EBITDA margin of 24% at the midpoint. During Q3, we announced a strategic restructuring plan, which resulted in a streamlined headcount and enhanced operational efficiency.

調整後 EBITDA 預計為 2,390 萬美元至 2,790 萬美元，調整後 EBITDA 利潤率（取中間值）為 24%。第三季度，我們宣布了一項策略重組計劃，該計劃精簡了員工人數並提高了營運效率。

These efforts contributed to the increased adjusted EBITDA guidance in Q4. While the pace of EBITDA improvement in Q4 should not be viewed as a steady-state cadence, profitability, margin expansion, and cash flow will remain key priorities for us, even as we redeploy some of our cost base savings into selective, high-impact investments in AI, and upmarket initiatives in 2026. We remain committed to our accelerated schedule to reach the long-term adjusted EBITDA margin of 25% in 2026.

這些努力促成了第四季度調整後 EBITDA 預期值的提高。儘管第四季度 EBITDA 改善的速度不應被視為穩定狀態的節奏，但盈利能力、利潤率擴張和現金流仍將是我們的關鍵優先事項，即便我們將部分成本基礎節省重新部署到 2026 年人工智能和高端計劃等有選擇性的高影響力投資中。我們仍致力於按計劃加快推進，力爭在 2026 年實現 25% 的長期調整後 EBITDA 利潤率。

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

接下來，我們將把電話轉交給接線員，回答大家的問題。

(Operator Instructions)

（操作說明）

Ron Josey, Citi.

Ron Josey，花旗銀行。

Hey, this is Jake on for Ron. Thanks so much for taking the questions. Micha, I wanted to double-click on how you're reimagining the marketplace to be AI first, specifically the pillars around evolving the buyer experience and improving matching. Could you just double-click and help us better understand your vision here and why you believe Fiverr is uniquely positioned to be AI first? Thanks so much.

大家好，我是傑克，代羅恩報道。非常感謝您回答這些問題。Micha，我想專注於你如何將市場重新構想為以人工智慧為先，特別是圍繞著改善買家體驗和提升匹配度的支柱。您能否雙擊一下，幫助我們更好地理解您的願景，以及您為什麼認為 Fiverr 擁有成為 AI 優先平台的獨特優勢？非常感謝。

Hey, good morning, and thank you for the question. I should clarify that Ofer is with us on the line. He's having a sore throat. So this is why Esti was coming with the opening remarks. But in case we have questions, he will be happy to answer them.

嗨，早上好，謝謝你的提問。我需要澄清一下，奧弗和我們在線。他喉嚨痛。所以這就是艾斯蒂要來致開幕詞的原因。但如果我們有任何問題，他都很樂意解答。

As to your question, look, I think what AI is giving us is the ability to change the way people express themselves. And you see that in the market, the way search is being augmented or replaced by prompting, it gives us an opportunity to extract more -- a more accurate representation of the actual need from the customer, which in turn gives us better tools to be able to accurately match in a very precise manner the right expert to the right mission.

至於你的問題，我認為人工智慧帶給我們的是改變人們表達自我的方式的能力。你會發現，在市場上，搜尋功能正被提示功能增強或取代，這讓我們有機會提取更多資訊——更準確地反映客戶的實際需求，進而為我們提供更好的工具，以便非常精確地將合適的專家與合適的任務進行匹配。

The same applies for more complex projects that sometimes require multi-talent and sometimes require an orchestration of those multi-talent into the end result. So this is just one example, which is very robust because the primary function that customers are using is the browsing and searching. And this is the most fundamental thing that we can use AI for.

對於更複雜的項目，有時需要多方面的才能，有時需要將這些才能協調起來，最終達成目標，情況也是如此。這只是一個例子，它非常可靠，因為客戶使用的主要功能是瀏覽和搜尋。而這正是人工智慧最根本的應用場景。

The same applies for the rest of our solutions like the dynamic matching, as an example, the project management, and so forth. And I've alluded to it in my opening remarks with everything I said about the matching capabilities, the Know Your Customer aspects. And we're already reaping the benefits or starting to reap the benefits of this being able to deliver much better matching to our customers that, in turn, result in larger types of projects and with higher satisfaction.

這同樣適用於我們的其他解決方案，例如動態配對、專案管理等等。我在開場白中已經多次提到這一點，包括我所說的配對功能和「了解你的客戶」等方面。我們已經開始收穫或正在收穫由此帶來的好處，即能夠為客戶提供更精準的匹配，從而帶來更大類型的專案和更高的客戶滿意度。

Thanks, thanks so much, and Ofer, I hope you feel better. Just one quick follow-up for you or Esti. Kind of given the wider 4Q revenue guidance, could you just touch on the key assumptions that would get you to the low end versus the high end, maybe specifically around GMV trends? Thanks a lot.

謝謝，非常感謝！奧弗，希望你感覺好些。還有一個後續問題想問你或Esti。鑑於第四季營收預期較為寬泛，您能否簡要說明一下導致預期低端與高端的關鍵假設是什麼，特別是關於GMV趨勢方面？多謝。

So this is Ofer. Thank you for the concern. The assumptions for the remainder of the year is that the revenue coming from Services will continue to grow. While the revenue coming from Marketplace dependent on GMV trend that currently seem to be flat, might decline by single digit. The assumption is that the trend that we have been seeing in the last quarter will continue into the fourth quarter. And based on the high volatility of the market in the last few quarters, we kept the guidance range wide to take into consideration that.

這就是奧弗。謝謝你的關心。今年剩餘時間裡，服務業務的收入預計將持續成長。雖然來自 Marketplace 的收入取決於 GMV 趨勢，而 GMV 目前似乎處於平穩狀態，但可能會出現個位數的下降。我們預計上個季度出現的趨勢將延續到第四季。鑑於過去幾季市場的高波動性，我們將業績指引範圍設定得比較寬，以考慮到這一點。

Thanks, again.

再次感謝。

Jason Helfstein, Oppenheimer.

傑森·赫爾夫斯坦，奧本海默。

Thanks. Obviously, the spend per buyer increase was nice. I think you highlighted that this really wasn't from like the SMB, but just the ability to move into more advanced projects and does show you more than a company.

謝謝。顯然，每位買家的消費額增加是件好事。我認為你已經強調了這一點，這實際上並不是來自中小企業，而是能夠進入更高級的項目，這不僅僅展現了一家公司的能力。

I guess how does the reorganization tie into the ability to ever get back like the SMB opportunity? Like is the assumption now that you are -- you've reorganized the business to focus on higher-value jobs, and hey, if SMBs ever come back, that's great, but like there's no assumption. Like do you think there's like just -- it's been so long since we've seen SMB demand that we just shouldn't assume that it ever comes back? Or any broad thoughts about that? Thank you.

我想知道，重組與能否再次獲得像中小企業那樣的機會之間有什麼關聯？現在的假設是——你已經重組了業務，專注於更高價值的工作，嘿，如果中小企業能夠回歸，那當然很好，但這並不是一個假設。你覺得是不是因為──我們已經很久沒有看到中小企業的需求了，所以我們不應該假設它還會回來？或者您對此有什麼總體看法？謝謝。

Right now, since the dynamics in the macro economy that we've seen hasn't changed materially, then we don't assume those changes. And while we see the Fed has started to lower interest rates, which could be constructive for SMBs, we also continue to see weak job data across full-time and staffing sectors.

目前，由於我們所看到的宏觀經濟動態尚未發生實質變化，因此我們不假設會發生這些變化。雖然我們看到聯準會已經開始降低利率，這可能對中小企業有利，但我們也繼續看到全職和臨時工行業的就業數據疲軟。

So the macroeconomic conditions are still highly uncertain, to say the least. So when we think about our guidance or how it's being made off, it really assumes no change in the macro front. We talked about it in the full year basis that services will be a little over 30% and of the 2025 revenue.

因此，宏觀經濟情勢仍高度不確定，這還算是客氣的說法。所以，當我們思考我們的指導方針或它是如何制定的時，它實際上是假設宏觀方面不會發生任何變化。我們討論過，在全年基礎上，服務收入將占到 2025 年收入的 30% 以上。

So that will give you some idea of how we think about the marketplace versus services revenue. But overall, we continue to expect the marketplace revenue to be flat or low single-digit decline and services revenue to exit the year with double-digit growth. And that assumes no improvement in the SMB side.

這樣您就能大致了解我們是如何看待市場收入與服務收入的了。但總體而言，我們仍預期市場收入將持平或出現個位數百分比的下降，而服務收入將在年底實現兩位數百分比的成長。而且這還是假設中小企業方面沒有任何改善。

That said, when we look at everything that has to do with the upmarket, meaning the larger types of customers, and the larger types of projects, this is where we do see an improvement, absolutely. And that contribution is very noticeable.

也就是說，當我們審視與高端市場相關的一切，也就是規模較大的客戶和規模較大的專案時，我們確實看到了改進，這是毋庸置疑的。而且這種貢獻非常顯著。

And as much as that portion of the business becomes larger, the contribution is going to be larger, which means that by definition, the return to growth in active buyers is going to happen, period. We've been saying that for multiple quarters, and we're seeing this. So it converges to that point, okay? That is the assumption. That's the framework. And this is what we're seeing happening in reality. Thank you.

隨著這部分業務規模的擴大，其貢獻也會相應增大，這意味著，從定義上講，活躍買家的成長勢必會恢復，這是毋庸置疑的。我們已經連續幾個季度這麼說了，現在我們看到了這種情況。所以它最終會收斂到這一點，懂嗎？這是假設。這就是框架。而這正是我們在現實中所看到的。謝謝。

Thanks for the color.

謝謝你提供的色彩。

Doug Anmuth, JPMorgan.

道格·安穆斯，摩根大通。

Thanks for taking the questions. I have two, Micha. Can you just talk, I guess, first, just about the key investments you need to make in '26 to transform into an AI-first company? And how should we think about timing as you kind of progress along this shift?

謝謝您回答問題。我有兩個，米卡。我想，您能否先談談貴公司在 2026 年需要進行哪些關鍵投資才能轉型為人工智慧優先的公司？那麼，隨著你逐步完成這個轉變，我們該如何考慮時機呢？

And then, I guess, secondly, can you talk more about the drivers of spend per buyer in the 12% growth? Kind of like beneath the hood, what are you seeing in terms of changes in types of projects and how buyers are really engaging with the platform? Thanks.

其次，我想請您詳細談談推動每位買家支出成長 12% 的因素。從更深層次來看，您觀察到專案類型發生了哪些變化，以及買家如何真正與平台互動？謝謝。

So thanks for the questions, Doug. Good morning. So the investment that we're doing is, one, on talent. And I think that this is true for everyone. Finding AI natives on the talent side within the company is one area of focus.

謝謝你的提問，道格。早安.因此，我們進行的投資，第一點，是人才。我認為這對每個人都適用。在公司內部尋找人工智慧領域的本土人才是我們關注的重點領域之一。

The second is the improvements that we're introducing to our infrastructure. So some of the benefits of being able to use new development, coding, design, marketing allows us not to just put more people on problems or building things on our infrastructure, but actually finding new ways of moving much, much faster without paying the price of working on a 15-year-old infrastructure.

第二點是我們正在對基礎設施進行的改進。因此，利用新的開發、編碼、設計和行銷技術帶來的一些好處，不僅讓我們能夠投入更多的人來解決問題或在我們的基礎設施上構建東西，而且還能找到新的方法，以更快的速度前進，而無需付出使用 15 年前基礎設施的代價。

The third is the marketplace experience. On everything we do, and we've highlighted things like dynamic matching and project management and orchestration. And we've highlighted also the aspects of having a much more nuanced and much more accurate matching technology and KYC. And I've mentioned those four pillars, which is the go-to-market with the investment in LLM engines, GEO and partnerships, the buyer experience, the matching and the talent.

第三點是市場體驗。在我們所做的每一件事中，我們都專注於動態匹配、專案管理和編排等內容。我們還重點強調了擁有更細緻、更準確的配對技術和 KYC 流程的重要性。我之前提到過這四大支柱，分別是：透過投資 LLM 引擎、GEO 和合作夥伴關係進入市場；買家體驗；匹配和人才。

So across all of these areas that I've mentioned, these are the areas that we're putting focus. And the approach is AI-first mentality, meaning we want to make sure that we maximize the new possibilities that AI gives us both internally in how we work and how we develop and how we execute, but both in how we can make AI more involved in our core business to make that core business better.

因此，在我提到的所有這些領域中，這些都是我們重點關注的領域。我們採取的是人工智慧優先的理念，這意味著我們要確保最大限度地利用人工智慧為我們帶來的新可能性，無論是在內部的工作方式、開發方式和執行方式上，還是在如何讓人工智慧更參與我們的核心業務中，從而使核心業務變得更好。

As to your second question about the spend per buyer, I think that this is -- when we think about spend per buyer, there are catalysts for it. And some of it is the ability to identify categories that are now growing, some of which thanks to our move upmarket and some of which is because of the technological transformation of AI.

至於你提出的第二個問題，即每個買家的支出，我認為——當我們考慮每個買家的支出時，有一些催化劑。部分原因是能夠識別正在成長的類別，部分原因是由於我們向高端市場轉型，部分原因是由於人工智慧的技術變革。

Now I've given some examples for it. Programming and tech vertical is one of them, which has a much, much higher project size, dynamic matching and its contribution and the fact that 15% of them are from briefs that are above $1,000, managed services that have grown 65% year-over-year with an average size of $17,000.

現在我已經舉了一些例子。程式設計和技術垂直領域就是其中之一，其專案規模要大得多，動態配對及其貢獻，以及其中 15% 的專案來自超過 1000 美元的簡報，管理服務年增 65%，平均規模為 17,000 美元。

So these are very, very different from our average transaction size of services. And we continue to drive very healthy deal flow on managed services. So the nature of these projects is very strategic, not just tactical. And there are a few examples, if you are interested in more examples in the shareholder letter.

所以這些與我們的服務平均交易規模非常非常不同。我們持續推動託管服務領域的交易成長，業績非常穩健。因此，這些項目的性質是非常戰略性的，而不僅僅是戰術性的。如果您想了解更多例子，股東信中還有一些例子。

Right. Thank you.

正確的。謝謝。

(Operator Instructions)

（操作說明）

Matt Condon, Citizens.

馬特康登，市民。

Thank you so much for taking my questions. Just with these product catalysts across AI and moving upmarket and potentially decoupling you from the macro environment. Just what is your confidence level that these products can actually return the marketplace business to growth in 2026 as you just more deeply integrate them?

非常感謝您回答我的問題。僅憑這些人工智慧領域的產品催化劑，就能向高端市場轉型，並有可能使你與宏觀環境脫鉤。您對這些產品在 2026 年透過更深入的整合，能否真正使市場業務恢復成長有多大信心？

And then my second question is just on AI displacing some of the commoditized jobs at the lower end of the market. Just have we seen those plateau at this point and become less of a headwind going forward? And just the placement of those types of jobs, is it less today than it was, say, a year ago? Thank you.

我的第二個問題是關於人工智慧是否會取代市場低端的一些同質化工作。目前這些因素是否已經趨於穩定，未來不再構成太大阻力？如今這類工作的職缺數量是否比一年前有所減少？謝謝。

Thank you for the question. So as these AI-driven products or needs grow, they grow much faster than the average. And so -- and the more they become a bigger portion of the total, they are driving us to change direction and go back to growth. We're seeing that. Still, it takes time for those types of customers and those types of projects to become the majority of our business.

謝謝你的提問。因此，隨著這些人工智慧驅動的產品或需求的成長，它們的成長速度遠超平均水準。因此，隨著它們在總量中所佔比例越來越大，它們正在促使我們改變方向，重回成長軌道。我們看到了這一點。不過，要讓這類客戶和這類專案成為我們業務的主體，還需要時間。

But as they grow, we are, by definition, going back to growth. And we see that, we see that on a constant basis, and you're seeing the numbers grow every time we meet here every quarter and they become larger and larger.

但隨著它們的成長，從定義上講，我們又回到了成長的狀態。我們看到，這種情況一直在發生，每次我們每季在這裡開會，你都會看到這些數字在成長，而且越來越大。

Today, transactions over $200 is already the majority. They're over 50% of our market base, and they're growing double digit. And transactions over $1,000 is growing in the 20s year-over-year and more than 10% of the marketplace already. So this gives you some idea that they are already meaningful in the marketplace, and they continue growing, and this is where we draw our confidence from.

如今，超過 200 美元的交易已經佔大多數。它們占我們市場份額的 50% 以上，並且正以兩位數的速度成長。超過 1000 美元的交易量年增 20 多美元，目前已佔市場總額的 10% 以上。由此可見，它們在市場上已經具有重要意義，而且還在不斷發展壯大，這就是我們信心的來源。

The second part of your question about the job displacing, I've addressed that many times. The jobs that are being displaced are the very, very simplistic types of jobs. All of us are using AI for two years-plus. We know its limitations.

關於你提出的第二個問題，也就是工作流失的問題，我已經回答了很多次。被取代的工作都是非常非常簡單的工作。我們所有人使用人工智慧都超過兩年了。我們知道它的限制。

There's a lot of limitations to what AI can do to its accuracy and to its quality. And customers understand that as well. And they are -- we've seen a lot of our customers and talent, by the way, using AI. But the more they use it, the more they understand its limitations and their ability to trust the outcome to be production-ready and business ready.

人工智慧在準確性和品質方面有許多限制。顧客們也明白這一點。順便說一句，我們已經看到很多客戶和人才都在使用人工智慧。但他們使用得越多，就越了解它的局限性，也越能信任其結果能夠投入生產和業務使用。

And so the things that we have seen being displaced are very low skill types of services. Those types of services have been very small in size anyway. So the fact that they are being displaced is not a big deal. The more we invest in larger projects, the more we grow. That's the bottom line. And this is where AI doesn't replace human beings. It doesn't replace human talent and high skills.

因此，我們看到被取代的都是一些低技能服務。這類服務的規模本來就很小。所以他們流離失所這件事並不是什麼大事。我們對大型專案投入越多，發展就越快。這就是問題的關鍵。而這正是人工智慧無法取代人類的地方。它並不能取代人類的才能和高超的技能。

Thank you so much.

太感謝了。

Josh Chan, UBS.

瑞銀集團的 Josh Chan。

Hi, Micha, Ofer, Esti. Thanks for taking my questions. I just have two questions today. The first one is on your comment about macro uncertainty. I was just wondering, the macro has obviously been choppy for a while. So are you seeing anything different now than before that kind of led you to make that comment and that wider guidance?

嗨，Micha、Ofer、Esti。謝謝您回答我的問題。我今天只有兩個問題。第一個問題是關於你對宏觀經濟不確定性的評論。我只是好奇，這個巨集顯然已經有一段時間運行不穩定了。那麼，你現在是否看到了與之前不同的什麼情況，從而促使你發表了那番評論並提出了更廣泛的指導意見？

And then the second question is on, could you just talk about the phasing of the restructuring benefits? To what extent some of the benefits are coming into Q4 and how that kind of layers into the rest of 2026? Thank you.

第二個問題是，您能否談談重組收益的分階段發放？其中一些益處在多大程度上會在第四季顯現？這些益處又將如何影響 2026 年剩餘時間？謝謝。

This is Ofer. On the first question, on the contrary, there is no change in macro, which is why we have kept the guidance pretty wide. And on the second question, definitely, there will be a bigger impact after restructuring into Q4. But as we look into next year, we do plan to fill up the lines with some of the needed talent so that I would expect next year to improve in terms of EBITDA, but not to the same cadence as we are expected to see as of Q4.

這是奧弗。對於第一個問題，恰恰相反，宏觀經濟沒有變化，這就是為什麼我們保持了相當廣泛的指引。至於第二個問題，可以肯定的是，重組後第四季會產生更大的影響。但展望明年，我們計劃引進一些所需的人才來填補生產線，因此我預計明年 EBITDA 將有所改善，但不會達到我們預期從第四季度開始看到的水平。

Right. Thank you for the color.

正確的。謝謝你提供的色彩。

Marvin Fong, BTIG.

Marvin Fong，BTIG。

Hi, good morning. Thanks for taking my questions. I hope you feel better as well. Question, I don't want to be -- cover ground that we previously did, but I think I'd like to ask it just kind of on a category basis, you called out the 14% growth in programming and tech. I just would like to know if other major categories are, how are they benefiting from AI? Are you seeing the same trends? So perhaps you could comment on like design, creative, I think that's another large category for you. But any other major categories you'd like to kind of call out and how AI might be a tailwind for that?

您好，早安。謝謝您回答我的問題。希望你也感覺好些。問題，我不想重複我們之前討論過的內容，但我想就類別問題問一下，您提到了程式設計和技術領域 14% 的成長。我想知道其他主要類別是如何從人工智慧中受益的？你們也觀察到同樣的趨勢嗎？所以或許你可以就設計、創意等方面發表一些看法，我認為這對你來說也是個很大的領域。但您還想特別提及哪些其他主要類別，以及人工智慧將如何推動這些類別的發展？

And then second question, just on the move upmarket, obviously, really great traction there. And I was wondering if there were other unlocks that you can do? Are you satisfied with the product suite or in the next 12 months, what are some new features that you might be able to launch to address other parts of the ecosystem. So for example, 1099 versus W-2, anything along those lines would be great.

第二個問題，就是向高端市場擴張，顯然，這方面發展動能非常強勁。我想知道是否有其他解鎖方式？您對目前的產品套件是否滿意？或者在接下來的 12 個月內，您可能會推出哪些新功能來滿足生態系統其他部分的需求？例如，1099 表格與 W-2 表格的區別，諸如此類的問題都非常有用。

Thanks for the question. So to highlight some of the areas where we're seeing growth. So programming and tech is growing fast, and it's becoming a very meaningful category with about 20% of our business. Alongside programming and tech, we have digital marketing, video and animation, which are also growing very strong.

謝謝你的提問。因此，我想重點介紹一下我們看到成長的一些領域。因此，程式設計和科技產業發展迅速，正成為一個非常重要的類別，約占我們業務的 20%。除了程式設計和科技之外，數位行銷、影片和動畫領域也發展迅速。

Some of it is due to AI and the possibility of bringing highly skilled people that know how to extract the most out of AI, which is kind of the case I mentioned where you have customers sometimes trying to use AI, understanding its limitation and their limitations is not being experts in how to make the most out of it, and they come to us in these cases, and we're seeing this as a very prominent case in these verticals.

部分原因是人工智慧的發展，以及引進高技能人才的可能性，這些人懂得如何最大限度地利用人工智慧。我之前提到過這種情況，有些客戶嘗試使用人工智慧，但他們並不了解人工智慧的局限性，也不具備充分利用人工智慧的專業知識，在這種情況下，他們會來找我們。我們發現，在這些垂直領域，這種情況非常普遍。

And also the nature of how customers come to us is very different from two years ago or even a year ago. So they -- in many cases, they come more educated. They do a little bit of work on their own. They're not clueless. They can better express their needs, which also changes the basic function of what we do, which is less of explaining them what they need, but more trying to address that need by giving them a really strong and very accurate high-quality match.

而且，顧客光顧我們的方式也與兩年前甚至一年前大不相同。所以，在很多情況下，他們的教育程度更高。他們會自己做一些工作。他們並非一無所知。他們可以更好地表達自己的需求，這也改變了我們工作的基本功能，不再是向他們解釋他們需要什麼，而是嘗試透過提供真正強大、非常準確的高品質匹配來滿足他們的需求。

As we think about the move up market, there is a lot to do. And I've already highlighted both in my opening remarks and in some of the answers and in the shareholder letter, some of these areas. But just to reiterate some of them, today, many customers are already enjoying dynamic matching and managed services, but many more don't yet know that Fiverr can do these projects that are in the tens of thousands of dollars.

當我們考慮升級換房市場時，有很多事情要做。我在開場白、一些回答以及致股東信中已經重點提及了其中的一些方面。但需要重申的是，如今許多客戶已經享受了動態匹配和託管服務，但還有更多人不知道 Fiverr 可以完成這些價值數萬美元的專案。

So there is a lot of opportunity that we can unlock there. At the same time, there is the LLM channels, which are another example of areas to invest in where the traditional search or the fact that Google was the Internet up until a few years ago, and now they're not playing there alone.

所以那裡有很多我們可以挖掘的機會。同時，LLM 管道也是值得投資的領域之一，因為傳統的搜尋方式，或者說谷歌在幾年前還代表互聯網，但現在他們不再孤軍奮戰了。

There are also other ways to explore the Internet and a lot of it is going to LLMs, creates a challenge, which we prefer to look as an opportunity. And we're seeing how the LLM channels at the top of funnel is contributing more and more into the top of funnel traffic, which also makes us more motivated to continue investing along those areas.

探索網路還有其他途徑，其中許多途徑都與攻讀法學碩士學位有關，這帶來了挑戰，但我們更願意將其視為機會。我們看到，漏斗頂端的 LLM 管道對漏斗頂端流量的貢獻越來越大，這也激勵我們繼續在這些領域進行投資。

And lastly, I would say that is maybe to reiterate what I said before, which is customers are more accurate in how they share their needs. They're more explicit, which is good news for us because now we have more to work with and be able to match them with this incredible base of unbelievable talent that we have on our platform so that we can address their needs.

最後，我想重申我之前說過的話，那就是顧客在表達他們的需求時更加準確。他們的要求更加明確，這對我們來說是個好消息，因為現在我們有了更多可以利用的信息，能夠將他們與我們平台上的大量優秀人才進行匹配，從而滿足他們的需求。

That's super helpful. Thank you, Micha.

這太有幫助了。謝謝你，米卡。

That concludes our Q&A session. I would like to now turn the call back over to Micha Kaufman for closing remarks.

我們的問答環節到此結束。現在我謹將電話交還給米卡·考夫曼，請他作總結發言。

Thank you, Moore, again for moderating this conference. And thank you, everyone, for participating. Wishing you a great day, and talk to all of you soon.

再次感謝摩爾先生主持本次會議。感謝大家的參與。祝您今天過得愉快，期待很快與大家再次交流。

This concludes today's call. Thank you for attending. You may now disconnect. And have a wonderful rest of your day.

今天的電話會議到此結束。謝謝各位的出席。您現在可以斷開連線了。祝您今天餘下的時間過得愉快。