Fiverr International Ltd (FVRR) 2026 Q1 法說會逐字稿

Good morning and welcome to the Fiverr first-quarter 2026 earnings conference call. (Operator Instructions) Please note that this conference is being recorded.

早安，歡迎參加 Fiverr 2026 年第一季財報電話會議。(接線員指示) 請注意，本次會議將被錄音。

I would now like to turn the conference over to Ms. Emily Greenstein. Thank you and over to you.

現在我想將會議交給 Emily Greenstein 女士。謝謝，交給您。

Thank you, operator, and good morning, everyone. Thank you for joining us on Fiverr's earnings conference call for the first quarter that ended March 31, 2026. Joining me on the call today are Micha Kaufman, Founder and CEO; and Esti Levy Dadon, CFO.

謝謝接線員，大家早安。感謝各位參加 Fiverr 截至 2026 年 3 月 31 日止第一季的財報電話會議。今天與我一同出席的有：創辦人兼執行長 Micha Kaufman，以及財務長 Esti Levy Dadon。

Before we start, I would like to remind you that during this call, we may make forward-looking statements and that these statements are based on our current expectations and assumptions as of today, and Fiverr assumes no obligation to update or revise them. A discussion of some of the important risk factors that could cause actual results to differ materially from any forward-looking statements can be found under the Risk Factors section in Fiverr's most recent Form 20-F and other filings with the SEC.

在開始之前，我想提醒各位，本次電話會議中我們可能會做出前瞻性陳述，而這些陳述係基於我們截至今日的當前預期與假設；Fiverr 不承擔更新或修訂該等陳述的任何義務。有關可能導致實際結果與任何前瞻性陳述存在重大差異之部分重要風險因素的討論，請參閱 Fiverr 最新的 Form 20-F 及其他向美國證券交易委員會（SEC）提交之文件中的「風險因素」章節。

During this call, we'll be referring to some key performance metrics and non-GAAP financial measures including adjusted EBITDA, adjusted EBITDA margin, and free cash flow. Further explanation and a reconciliation of each of the non-GAAP financial measures to the most directly comparable GAAP measures is provided in the earnings release we issued today and our shareholder letter, each of which is available on our website at investors.fiverr.com.

在本次電話會議中，我們將提及若干關鍵績效指標與非 GAAP 財務衡量指標，包括調整後 EBITDA、調整後 EBITDA 利潤率，以及自由現金流。各項非 GAAP 財務衡量指標與最直接可比之 GAAP 指標之進一步說明與調節表，已載於我們今日發布的財報新聞稿與致股東信中；兩者皆可於我們的網站 investors.fiverr.com 取得。

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

現在，我將把電話會議交給 Micha。

Thank you, Emily. Good morning, everyone, and thank you for joining us. Let me start with the headline. Q1 was a solid quarter of execution with both revenue and adjusted EBITDA coming in at the high end of our guidance range. Esti will walk through the details shortly, but the underlying message is this: we are focused on executing the strategic transformation while being methodical in managing the existing business across both top and bottom lines. Maintaining financial discipline and transparency throughout this transformation is critical, and we are committed to doing that consistently and credibly.

謝謝你，Emily。各位早安，感謝各位加入我們。我先從重點開始。第一季是執行表現穩健的一季，營收與調整後 EBITDA 皆落在我們指引區間的高端。Esti 稍後會說明細節，但核心訊息是：我們專注於推動策略轉型，同時以審慎有序的方式管理既有業務，在營收端與獲利端都兼顧。在此轉型過程中維持財務紀律與透明度至關重要，我們承諾將持續且可信地做到這一點。

Let me now turn to the transformation or as we mentioned last quarter, we are in the early stages of a multiyear journey to reposition Fiverr from a transaction-oriented marketplace into a trusted work platform for complex high-value outcomes. This is not a cosmetic shift. It is a fundamental evolution of how work is matched, delivered, and orchestrated on our platform.

接著談轉型。如同我們上季提到的，我們正處於一段為期多年的旅程初期，目標是將 Fiverr 從以交易為導向的市集，重新定位為一個可被信賴、用於交付複雜高價值成果的工作平台。這不是表面上的改變。這是我們平台上工作如何被媒合、交付與協同編排的根本性演進。

Our North Star is clear: to become the most trusted platform for completing high-value, high-trust work. This means enabling businesses and talent and increasingly AI-driven workflows to collaborate effectively on complex outcomes.

我們的北極星目標很清楚：成為完成高價值、高信任工作最值得信賴的平台。這意味著讓企業與人才，並且日益由 AI 驅動的工作流程，能夠有效協作以完成複雜成果。

Two months into the transformation, the early signals across all pillars of this transformation are consistent with our plan. First, we are strengthening the high-end talent flywheel and expanding into more complex, higher-value projects.

轉型推進兩個月後，這項轉型各支柱的早期訊號與我們的計畫一致。首先，我們正在強化高端人才飛輪，並擴展至更複雜、價值更高的專案。

Projects over $1,000 continue to grow at a strong double-digit rate with clients completing $1,000-plus projects, up 18% year over year. We are also seeing increasing participation from talent delivering these engagements. What's important here is not just the growth. It's the nature of the work. We are seeing businesses come to Fiverr not for isolated tasks, but for multiphase mission-critical projects.

金額超過 1,000 美元的專案持續以強勁的雙位數成長；完成 1,000 美元以上專案的客戶數年增 18%。我們也看到提供這些合作案的人才參與度持續提升。重點不僅是成長。更重要的是工作的性質。我們看到企業來到 Fiverr，不再只是為了零散任務，而是為了多階段、攸關任務成敗的關鍵專案。

For example, one, a global health care company is working with talent on Fiverr to produce over 30 multilingual animated assets for a product launch with ongoing spend across multiple engagements. Two, a C2C sports platform in New Zealand built a full mobile application through multiple development phases on Fiverr. Three, a European entrepreneur is building an AI-enabled invoicing SaaS platform to comply with regional regulatory standards.

例如：第一，一家全球醫療保健公司正與 Fiverr 上的人才合作，為產品上市製作超過 30 個多語系動畫素材，並在多個合作案中持續投入預算。第二，紐西蘭的一個 C2C 運動平台透過 Fiverr 在多個開發階段完成了一個完整的行動應用程式。第三，一位歐洲創業者正在打造一個具 AI 功能的開立發票 SaaS 平台，以符合區域監管標準。

These are not one-off gigs. They are sustained high-value engagements that require coordination, iteration and trust. This is exactly the segment we are targeting and exactly where the market is moving towards more strategic outcome-based engagements. Second, we are investing heavily in matching infrastructure and experience. This is our main differentiator and the key to driving trust and quality, which are the core primitives of the market.

這些都不是一次性的案子。它們是需要協調、反覆迭代與信任的、可持續的高價值合作。這正是我們鎖定的區隔，也正是市場正朝向更具策略性、以成果為導向的合作模式所移動的方向。第二，我們正大力投資於媒合基礎設施與體驗。這是我們的主要差異化，也是推動信任與品質的關鍵，而信任與品質是市場的核心基礎要素。

Our research and internal data confirm this. The primary differentiator in hiring platforms is not price. It is talent, quality and trust. Historically, Fiverr has won on ease of use and speed. Winning upmarket means extending that advantage into quality and trust, and that is exactly what our infrastructure investments are designed to deliver. That is why we are rebuilding our matching infrastructure from the ground up.

我們的研究與內部數據也證實了這一點。招募平台的主要差異化並非價格。而是人才、品質與信任。過去 Fiverr 的優勢在於易用性與速度。要在高端市場勝出，就必須把這項優勢延伸到品質與信任，而這正是我們基礎設施投資所要交付的成果。因此，我們正從零開始重建媒合基礎設施。

We are moving from keyword-based matching to context-aware, outcome-driven matching powered by a knowledge graph that captures not just who the talent is, but what they have delivered in what context and with what results. At the same time, we are shifting ranking from optimizing for conversion to optimizing for expected project success and buyer satisfaction.

我們正從以關鍵字為基礎的媒合，轉向具情境感知、以成果為導向的媒合；其動力來自一個知識圖譜，不僅捕捉人才是誰，也捕捉他們在何種情境下交付了什麼、以及帶來了哪些結果。同時，我們也將排序機制從「最佳化轉換」轉為「最佳化預期專案成功率與買家滿意度」。

The data is already moving. Recent tests in Fiverr Pro show mismatch rates down nearly 10%, and we are consistently seeing higher value engagements, leading to stronger repeat behavior. These are the early proof points of a durable trust mode. Third, we are evolving Fiverr into a comprehensive work platform. Today, most high-value projects on Fiverr run on infrastructure built for a different era of the platform.

數據已經開始改善。近期在 Fiverr Pro 的測試顯示，媒合不符率下降近 10%，且我們持續看到更高價值的合作案，進而帶來更強的重複使用行為。這些都是「可持久的信任模式」的早期驗證。第三，我們正在將 Fiverr 演進為一個全面性的工作平台。目前，Fiverr 上多數高價值專案仍運行在為平台不同時代所打造的基礎設施之上。

We are addressing this by building an end-to-end fulfillment layer that includes visibility into project progress, early detection of risk, structured feedback loops and active orchestration by Fiverr. This is a fundamental shift in responsibility and perception of responsibility. We are becoming an active partner for our clients and talent, not just a passive connector. Over time, this infrastructure will also allow Fiverr to integrate seamlessly into agentic workflows, where AI handles coordination and humans provide judgment and accountability.

我們正透過建立端到端的履約層來解決這個問題，其中包含：專案進度可視化、風險的早期偵測、結構化的回饋迴圈，以及由 Fiverr 主動進行的協同編排。這在責任與責任認知上都是根本性的轉變。我們將成為客戶與人才的主動合作夥伴，而不只是被動的媒合者。隨著時間推進，這套基礎設施也將使 Fiverr 能無縫整合至代理式（agentic）工作流程中，由 AI 負責協調，而人類提供判斷與問責。

Fourth, we are expanding our go-to-market capabilities to scale more aggressively into high-value work. We are now building three new growth engines. First, talent-led growth engine, driving high-quality demand directly to high-performing freelancers. Second, industry-led growth engine, building tailored experiences for specific industries such as e-commerce and early-stage start-up companies. And third, partner-led distribution, embedding Fiverr directly into workflows and platforms where high-value demand already exists. These initiatives expand beyond traditional performance marketing and are designed to create scalable, durable growth engines aligned with our upmarket strategy.

第四，我們正在擴展我們的市場進入（go-to-market）能力，以更積極地擴張高價值工作規模。我們目前正在打造三個新的成長引擎。第一，人才帶動的成長引擎，將高品質需求直接導向高績效的自由工作者。第二，產業帶動的成長引擎，為特定產業（如電商與早期新創公司）打造量身定制的體驗。第三，夥伴帶動的分銷，將 Fiverr 直接嵌入高價值需求已存在的工作流程與平台中。這些計畫超越傳統成效行銷，旨在建立可擴張、可持續的成長引擎，並與我們的高端市場策略一致。

Finally, we are improving execution across the organization. We are optimizing production workflows through better telemetry, identifying bottlenecks and increasing discipline in delivery. At the same time, we are rebuilding how work is executed with AI agents at the center and human judgment where it matters most.

最後，我們正在提升整個組織的執行力。我們透過更好的遙測（telemetry）來最佳化生產工作流程，找出瓶頸並提升交付紀律。同時，我們也在重建工作如何被執行：以 AI 代理為核心，在最關鍵之處由人類判斷把關。

This approach enables faster decision-making, reduces handoffs, improves product quality and drives efficiency across the organization. Mastering this as a company will also allow us to generate a reusable blueprint for our customers and talent to replicate and enjoy.

這種方法能加快決策、減少交接、提升產品品質，並推動整個組織的效率。作為一家公司掌握這套能力，也將使我們能產出一套可重複使用的藍圖，讓我們的客戶與人才得以複製並從中受益。

Stepping back, the fundamental dynamics of this market are moving in our direction. AI is increasing, not reducing, the complexity of matching the right talent to the right work. The demand for trusted outcome-based platforms is not a future possibility. It is already showing up in our data, in our customer examples and in the infrastructure we are building.

退一步看，這個市場的基本動態正朝著對我們有利的方向發展。AI 正在提高而非降低將合適人才與合適工作配對的複雜度。對可信賴、以成果為基礎的平台之需求並非未來才可能出現。它已經在我們的數據、客戶案例以及我們正在建置的基礎設施中顯現。

Fiverr has a differentiated model, a compounding data advantage built on real transaction outcomes and an end-to-end platform that no point solution can easily replicate. We are executing with urgency and discipline, and we are confident in where this leads. With that, I'll turn it over to Esti for the financial details.

Fiverr 擁有差異化的模式、建立在真實交易成果之上的複利式數據優勢，以及任何單點解決方案都難以輕易複製的端到端平台。我們以緊迫感與紀律推進執行，並對其將帶來的結果充滿信心。接下來我把時間交給 Esti，說明財務細節。

Thank you, Micha, and good morning, everyone. We delivered a strong first quarter with both top and bottom lines exceeding the midpoint of our guidance. Revenue was $105.5 million, down 1.6% year-over-year, reflecting continued growth in high-value work, offset by headwinds in low-value transactional activity on the marketplace alongside a continued growth of service revenue. Adjusted EBITDA was $22.6 million, up 16.3% year-over-year and representing an adjusted EBITDA margin of 21%. This is an improvement of 330 basis points from a year earlier as we continue to execute with strong financial discipline.

謝謝你，Micha，大家早安。我們交出強勁的第一季成績，營收與獲利皆高於財測區間的中位數。營收為 1.055 億美元，年減 1.6%，反映高價值工作持續成長，但被市集中低價值、交易型活動的逆風所抵銷，同時服務營收亦持續成長。調整後 EBITDA 為 2,260 萬美元，年增 16.3%，調整後 EBITDA 利潤率為 21%。相較一年前提升 330 個基點，顯示我們持續以嚴謹的財務紀律推進執行。

Turning to our revenue segments, Q1 marketplace revenue was $67.1 million, driven by 2.9 million active buyers, $356 in spend per buyer and a 27.7% marketplace take rate. The continued momentum in our upmarket strategy and shift towards more complex engagement is clearly showing in our cohort behavior with spend per buyer growth of 15% year over year.

就營收分部而言，第一季市集（marketplace）營收為 6,710 萬美元，主要由 290 萬名活躍買家、每位買家 356 美元的支出，以及 27.7% 的市集抽成率所帶動。我們向上市場（upmarket）策略的持續動能，以及朝更複雜合作型態的轉移，已清楚反映在同批次（cohort）行為上：每位買家支出年增 15%。

Projects over $1,000 grew at a strong double-digit rate, driven by 18% growth in clients completing these engagements. This growth is coming from both new adoption and repeat behavior as buyer expand into larger use cases, along with increased usage of dynamic matching and managed services.

單筆超過 1,000 美元的專案以強勁的雙位數速度成長，主要由完成此類合作的客戶數年增 18% 所帶動。這項成長同時來自新採用與重複使用行為：買家擴展至更大型的使用情境，並增加對動態配對與託管式服務（managed services）的使用。

Looking ahead, macro conditions remain largely unchanged. Based on current trends, we expect marketplace growth for the remainder of the year and on a full year basis to track broadly in line with Q1 performance. Service revenue in Q1 was $38.4 million, up 30% year-over-year and accounted for 36% of total revenue. Services revenue came in slightly higher than expected as AutoDS ran a successful campaign at the start of the year, pulling certain user sign-ups and revenue forward from Q2 to Q1.

展望未來，總體環境大致維持不變。依據目前趨勢，我們預期今年剩餘期間以及全年市集成長將大致與第一季表現一致。第一季服務營收為 3,840 萬美元，年增 30%，占總營收 36%。服務營收略高於預期，因 AutoDS 在年初成功推動一項活動，將部分使用者註冊與營收從第二季提前至第一季認列。

Overall, our expectation for services revenue for this year remain largely unchanged with growth moderation in Q2 and continuing into the second half of the year. As Micha mentioned, 2026 is a transformational year for us as we make critical foundational investments to strengthen our high-end talent flywheel. Our decisions are centered on improving marketplace quality and trust, prioritizing high-value work and driving more focused execution with strong financial discipline.

整體而言，我們對今年服務營收的預期大致不變，第二季成長將趨緩，並延續至下半年。如 Micha 所提，2026 年對我們而言是轉型的一年，我們將進行關鍵的基礎性投資，以強化高端人才飛輪。我們的決策聚焦於提升市集品質與信任、優先推動高價值工作，並在嚴謹的財務紀律下更聚焦地執行。

On capital allocation, we continue to take a disciplined and balanced approach. Our strong balance sheet allows us to invest in growth, returning capital to shareholders and remain opportunistic on M&A. We generated $21 million in free cash flow in Q1, and we expect to continue executing our buyback program in a thoughtful manner. As of March 31, 2026, we had $59.5 million remaining under the current authorization.

在資本配置方面，我們持續採取有紀律且均衡的方法。我們強健的資產負債表使我們得以投資成長、回饋股東，並在併購（M&A）上保持機動性。第一季我們產生 2,100 萬美元自由現金流，並預期將以審慎方式持續執行庫藏股回購計畫。截至 2026 年 3 月 31 日，現行授權額度下尚餘 5,950 萬美元可用。

Now on to guidance, for the full-year 2026, we expect revenue to be in the range of $380 million to $420 million, representing a year-over-year growth of negative 12% to negative 3%. We are raising our full year adjusted EBITDA guidance and now expect it to be in the range of $64 million to $80 million, representing an adjusted EBITDA margin of 18% at the midpoint.

接著談財測：對 2026 全年，我們預期營收介於 3.80 億至 4.20 億美元，年增率為負 12% 至負 3%。我們上調全年調整後 EBITDA 財測，現預期介於 6,400 萬至 8,000 萬美元，以中位數計算的調整後 EBITDA 利潤率為 18%。

For the second quarter of 2026, revenue is expected to be between $95 million to $103 million, representing year-over-year growth of negative 13% to negative 5%. Adjusted EBITDA is expected to be between $16 million to $20 million, representing an adjusted EBITDA margin of 18% at the midpoint.

對 2026 年第二季，預期營收介於 9,500 萬至 1.03 億美元，年增率為負 13% 至負 5%。調整後 EBITDA 預期介於 1,600 萬至 2,000 萬美元，以中位數計算的調整後 EBITDA 利潤率為 18%。

Our revenue outlook reflects solid execution in Q1 and the continued uncertainty in the market conditions. Our adjusted EBITDA guidance reflects the strength of our core marketplace profitability and our continued commitment in maintaining disciplined margin profile while investing in the transformation.

我們的營收展望反映第一季穩健的執行，以及市場環境持續存在的不確定性。我們的調整後 EBITDA 財測反映核心市集獲利能力的強勁表現，以及我們在投入轉型的同時，仍持續致力於維持有紀律的利潤率結構。

As we look at the rest of the year, we are staying focused on our core priorities, driving progress in higher-value work, improving trust and quality and building scalable growth engine. We believe these are the right indicators to evaluate the business as we transition to the next phase. With that, we will now turn the call over to the operator for questions.

展望今年其餘時間，我們將持續聚焦核心優先事項：推動更高價值工作的進展、提升信任與品質，並打造可擴展的成長引擎。我們相信，隨著我們邁向下一階段，這些是評估業務的正確指標。接下來我們把電話交給接線員，進入提問環節。

(Operator Instructions) Eric Sheridan, Goldman Sachs.

(接線員指示) Eric Sheridan，高盛。

Maybe two, if I could. One, just coming back to the transformation strategy. I want to know a little bit more about the duration of sort of completion of what you call sort of the infrastructure layer and putting the pieces in place, and how we should be thinking about when you exit that phase of the transformation and some of the execution shifts more predominantly to go-to-market or what the mix is of building blocks relative to execution on the transformation strategy, that would be one.

如果可以的話，我有兩個問題。第一個，回到轉型策略。我想更了解你們所稱的基礎設施層（infrastructure layer）完成與各項拼圖到位的大致時程；以及我們應如何思考你們何時會走出轉型的這個階段，並且執行重心更明顯地轉向市場推廣（go-to-market），或是在轉型策略中「建置」與「執行」之間的組合會如何變化。

And then the second one would just be, you talked a little bit about partners and evolving the go-to-market strategy. I want to know if you could go a little bit deeper in terms of what those types of partners might look like and what market opportunity they might open up that maybe you're under-indexed to today?

第二個問題是，你們提到合作夥伴以及演進中的 go-to-market 策略。我想請你們更深入說明，這類合作夥伴可能會是什麼樣貌，以及他們可能開啟哪些市場機會，而這些機會可能是你們目前布局相對不足的？

Essentially, the transformation is an ongoing process, and since we just started it mid last quarter, we are anticipating to see results over the remainder of the year with more emphasis, because it takes time between the things that we develop and release until they show up in the numbers, to see this more in the second half of the year and definitely towards the end of the year. And as we said, we will continue to be transparent on what we're seeing and the progress there.

基本上，轉型是一個持續進行的過程；由於我們在上一季中段才剛開始，我們預期在今年剩餘期間會逐步看到成果，但會更偏向後段，因為從我們開發與發布到反映在數字上需要時間；因此，我們會在下半年、尤其是接近年底時更明顯看到。如同我們所說，我們會持續透明地分享我們所觀察到的情況與進展。

As the transformation, my belief is that the entire market is in a transformational moment where every business needs to adapt to a new reality where AI plays a critical game, not in just making products better and more efficient, but also being able to connect with agentic realities where agents are actually using the platform. This is not limited to this year, I think that this is going to be a transformation that every business out there will have to implement in the coming years.

就轉型而言，我的看法是整個市場正處於轉型時刻：每一家企業都必須適應一個新的現實，在這個現實中，AI 扮演關鍵角色，不僅是讓產品更好、更有效率，也包括能夠連結到代理式（agentic）的現實情境——也就是代理（agents）實際在使用平台。這不僅限於今年；我認為這將是一項在未來幾年每家企業都必須推動的轉型。

It's very similar in my mind to the digital transformation when businesses went from the offline to the online and now are seeing a new reality. Now, we are already seeing some initial signals that we called out in the opening remarks of areas where that transformation has started, and we started rolling out experiments and new products and how they influence a higher quality matching and focuses on better conversion and better retention around high-end talent and larger scopes.

在我看來，這非常類似於當年企業從線下走向線上的數位轉型，而如今又面臨新的現實。目前我們已經看到一些初步訊號，我們在開場致詞中也提到，某些領域的轉型已經開始；我們也開始推出實驗與新產品，並觀察它們如何影響更高品質的配對，並聚焦於更好的轉換率與留存，圍繞高端人才與更大範疇的專案。

So over the next few quarters, we will continue to report on what we're seeing. The progress, and obviously, the more history we have in doing this, the results should accumulate. And as we said, this is going to be a turnaround year where the next years are going to be years of growth.

因此在接下來幾個季度，我們會持續回報我們所看到的情況。隨著進展推進，且我們在這方面累積更多歷史數據，成果應會逐步累積。如同我們所說，今年將是扭轉的一年，而接下來幾年將會是成長的年份。

In terms of the other question regarding partners and go-to-market strategy. Again, we very much focus on this idea of human-in-the-loop partners where the requirement for a skilled talent network to make judgment calls on AI's work and on calibrating models and checking integrity and ensuring accuracy is paramount, and I think that this is an area where Fiverr can play a major role.

關於另一個有關合作夥伴與上市（go-to-market）策略的問題。同樣地，我們非常聚焦於「人類在迴路中（human-in-the-loop）」的合作夥伴概念：需要一個具備專業技能的人才網路，能對 AI 的工作做出判斷、校準模型、檢查完整性並確保準確性，這一點至關重要；我認為這正是 Fiverr 能夠扮演重要角色的領域。

That together with agents that we're developing to automate some of this work to make sure that the experts are actually focusing only on things that humans need to focus is a very important and critical role in what we're doing. It is still early, there's a lot of AI automation use cases. We're running successful pilots with some initial customers, and we see that there's a lot of demand for Fiverr to become a fulfillment partner for SMBs to adopt automation. So again, early in the process, but we will have more things to call out in future quarters.

再加上我們正在開發的代理（agents），用以自動化其中一部分工作，確保專家實際上只專注於人類必須專注的事項，這在我們所做的事情中扮演非常重要且關鍵的角色。目前仍在早期階段，AI 自動化的使用案例很多。我們正與一些初期客戶進行成功的試點，我們也看到市場對 Fiverr 成為中小企業（SMBs）採用自動化的履約合作夥伴有很高的需求。因此，雖然仍在流程早期，但我們會在未來幾個季度分享更多值得關注的進展。

Jason Helfstein, Oppenheimer.

Jason Helfstein，Oppenheimer。

Kind of like a two-part question, but on the same theme, so obviously, you've had a front row seat to this whole evolution of how agents are evolving the business. As you're seeing kind of even these more cutting-edge frontier models coming out, how is that further evolving your view on kind of how both you will leverage this technology, how your companies -- how your customers will leverage it?

算是同一主題下的兩段式問題：很明顯，你一直在第一線見證代理（agents）如何演進並改變業務。當你看到這些更前沿、尖端的前沿模型（frontier models）陸續推出時，這又如何進一步改變你對於你們將如何運用這項技術、以及你們的客戶將如何運用它的看法？

And then there's also been discussion among investors that AI agents are like lowering the barriers to new business creation. There's like more -- new domains coming online, I think a record number of apps being submitted to the app stores. I guess like how do you think about that, like is that a positive for Fiverr or a negative for Fiverr? Can you leverage that? Just kind of broadly all bring those topics together.

另外，投資人之間也在討論，AI 代理似乎正在降低新創事業的門檻。好像有更多——新的領域正在上線，我想應用程式商店收到的 App 提交數量也創下新高。我想問你怎麼看：這對 Fiverr 來說是正面還是負面？你們能否加以利用？就把這些話題大方向地串在一起談談。

So essentially, the way we're thinking about how agents are becoming a part of what we're doing, essentially, agents are very much learning from human -- skilled people on how to run workflows much, much faster, much more efficient, 24/7. But at the same time, a lot of what agents are doing require ongoing judgment.

基本上，我們對於代理如何成為我們所做事情的一部分的思考方式是：代理正在向人類——具備技能的人——學習如何以更快、更有效率、24/7 的方式執行工作流程。但同時，代理所做的許多事情仍需要持續的判斷。

And it's much like everything else with AI. Everybody has the access to the same AI which means that also everybody has access to the same agents that are available out there. Just having access to this technology doesn't give you a competitive edge, it just flattens everything and it -- maybe it elevates the floor. But on top of what agents are doing and how you create skills for agents, how you create workflows that combine multiple skills, multiple agents, that is an art.

這和 AI 的其他一切很像。每個人都能取得同樣的 AI，這也意味著每個人都能取得市面上同樣可用的代理。僅僅能取得這項技術並不會帶來競爭優勢，它只會把一切拉平——也許它抬高了底線。但在代理能做什麼之上，以及你如何為代理打造技能、如何建立結合多種技能與多個代理的工作流程，這是一門藝術。

And that is what a lot of companies are actually focusing in and providing their employees, their expert skills onto agents. Now in the case of businesses, not all businesses have the talent to actually train an agent and oversee what the agent is doing and providing judgment and calibration and fine-tuning.

而這正是許多公司正在投入的重點：把員工的專業技能提供給代理。但就企業而言，並非所有企業都有人才能夠訓練代理、監督代理在做什麼，並提供判斷、校準與微調。

We see this on Fiverr. The implementation of agents across our system internally require tremendous amount of calibration to overcome hallucinations, inaccuracies or just moderate execution. So definitely, the role of an expert, of an employee, of a freelancer is changing, but it is highlighting the uniqueness of what they can build, bring to the table to provide an advantage.

我們在 Fiverr 上就看得到這點。在我們內部系統全面導入代理，需要大量的校準，才能克服幻覺（hallucinations）、不準確，或只是執行品質普通的問題。所以，專家、員工或自由工作者的角色確實正在改變，但同時也更凸顯他們能打造並帶到桌面上的獨特性，從而提供優勢。

Now, when we think about lowering the barriers, or agents lowering the barriers for business creation, this is amazing news for us. I've seen lately staggering numbers on the launches of new products in recent months. I believe April was the highest month with over 19,000 new announcements on product and company releases.

至於我們如何看待降低門檻、或代理降低創業門檻這件事，這對我們來說是非常棒的消息。我最近看到一些關於近幾個月新產品推出的驚人數字。我相信 4 月是最高的一個月，產品與公司發布的新公告超過 19,000 則。

On the one hand, the signal to noise is extremely complex because it makes everybody a builder, but building something gives you nothing. It's all about the deployment, it's all about taking you to the market. It's getting noticed, it's validating and then it's scaling. These tasks are largely unresolved yet by AI.

一方面，訊號與雜訊的辨識變得極其複雜，因為它讓每個人都成了建造者，但「做出一個東西」本身並不能帶來任何成果。關鍵在於部署，關鍵在於把你推向市場。要被看見、要驗證，然後要擴張。這些任務在很大程度上，AI 目前仍尚未解決。

Can AI help in this? Yes. But generically speaking, because it provides the same help for everybody else, again, flattening everything. What gives you that competitive edge when you create something or you almost create something and you want to improve it and then you want to deploy it and then you want to scale it, this is where experts come in.

AI 能在這方面提供幫助嗎？可以。但一般而言，因為它也對所有其他人提供同樣的幫助，又會再次把一切拉平。當你創造了某個東西，或幾乎創造出來並想要改進，接著想要部署、再想要擴張時，真正帶來競爭優勢的，就是專家在這裡介入。

Now the reason why I believe that this is not still showing up in the numbers is this is a transformative period. I remember the digital transformation from 2000. It took time for businesses to understand that if you don't have a website, you're going to be out of business over time. The same goes with AI, and the same goes with experts that need to come with AI to make your AI or your execution better than your competitors.

我認為之所以這點還沒有完全反映在數字上，是因為我們正處於一個轉型期。我記得從 2000 年開始的數位轉型。企業需要時間才理解：如果你沒有網站，長期來看你會被淘汰。AI 也是一樣；而且同樣地，必須有專家與 AI 一起，才能讓你的 AI 或你的執行力優於競爭對手。

And I think that we're in the early innings. It's going to take some time. But all in all, I actually think that this is really a great upside for us. And when I look at the marketplace, we see AI consulting, business formation, all grow really strong double digit. So this, to me, I think it's an early sign of what would come.

我認為我們還在早期階段。這需要一些時間。但總體而言，我其實認為這對我們是非常大的上行機會。當我看市場時，我們看到 AI 顧問、公司設立（business formation）等類別都呈現非常強勁的雙位數成長。所以對我來說，這是未來趨勢的一個早期訊號。

Also AI-related categories continue to be super strong. AI development up 118% year-over-year. Marketing automation, also growing really strong double digits, and I can go into -- my answer is really long, so I'll stop here, but I can give more color around this.

此外，AI 相關類別持續非常強勁。AI 開發年增 118%。行銷自動化也以非常強勁的雙位數成長；我還可以再深入——我的回答已經很長了，所以先到這裡，但我可以提供更多補充說明。

I guess it hasn't automated us doing this earnings process yet, but maybe someday.

我想 AI 還沒把我們做財報電話會議這個流程自動化，不過也許有一天會。

Ron Josey, Citi.

Ron Josey，花旗（Citi）。

Automation is the future, right? Can't wait. I wanted to ask a little bit more -- two questions. First is on just attracting the talent to the marketplace as we go to more upmarket projects -- upmarket and towards these multiphase projects. We're clearly seeing continued strength on spend per buyer.

自動化是未來，對吧？很期待。我想再多問一點——兩個問題。第一個是，當我們走向更高端（upmarket）的專案——更高端並且朝向這些多階段（multiphase）專案時，如何吸引人才進入這個市場。我們顯然看到每位買家的支出持續走強。

We're seeing that growth reaccelerate. So talk to us just about the talent on the marketplace as we go more upmarket and these multiphase projects.

我們看到成長正在重新加速。所以請談談，當我們更走向高端以及這些多階段專案時，市場上的人才狀況。

And then one of the things that struck me, matching is a key part of the marketplace. And I think I heard the team talk about mismatch rates being down 10%. So during this transformation era, talk to us just about the ability to continue to execute on some of the key tenets of the marketplace like dynamic matching and the results that you're seeing.

另外，有一件事讓我印象深刻：配對（matching）是市場的關鍵部分。我想我聽到團隊提到不匹配率（mismatch rates）下降了 10%。所以在這個轉型時代，請談談你們持續在市場的一些關鍵原則上執行的能力，例如動態配對（dynamic matching），以及你們看到的成果。

On the first question, talent is super important. As we know from research, quality is core and the ability to match quality, drive quality perception is super critical, and this is very much in the center of this transformation for us. Now, getting access or getting talent to the platform has never been an issue. Actually, we always had, I would say, an abundance of talent.

關於第一個問題，人才非常重要。如同我們從研究中所知，品質是核心，而能夠配對到高品質、推動品質認知的能力至關重要，這也正是我們這次轉型的核心。至於取得、或把人才帶到平台上，從來都不是問題。事實上，我會說我們一直都有——相當充沛的人才供給。

What we're more adamant right now is really understanding on the meta skill level, what does it mean to be a talent and for what type of customer and what type of an outcome, and creating this skill graph is super critical. In other words, what this means is, a, we're more picky about talent. But two, by improving the algorithm, improving the matching, we can create -- we can anticipate better outcomes, better happiness, and as a result, we also anticipate better retention in our customers.

我們現在更堅持的一點，是要在「元技能」層級真正理解：成為一名人才意味著什麼、適用於哪一類客戶、以及要達成哪一類結果；而建立這個技能圖譜至關重要。換句話說，這代表：第一，我們對人才更挑剔。第二，透過改進演算法、改進配對，我們可以創造——我們可以更好地預期更佳的結果、更高的滿意度；因此，我們也預期客戶留存會更好。

Those are the key things. So when we call out the reduction in mismatch, this is key because this actually means -- and it's like hiring for any job, right? Some people that you hire turn out to be amazing, some you later on figure out that there is something that you missed or they missed, which makes the match not optimal. We don't want to tolerate this. And we actually think that if there's one huge advantage based on data that we've accumulated over 16 years, billions of interactions, tens of millions of transactions, is being able to take that data and actually make matching like anything that was done before by anyone.

這些是關鍵事項。所以當我們提到不匹配的降低，這很關鍵，因為這其實意味著——就像任何工作招募一樣，對吧？你招來的人有些最後表現非常出色，有些你後來才發現你或他們漏掉了某些事情，導致配對並非最優。我們不想容忍這種情況。而且我們確實認為，如果說有一個基於我們16年累積的數據（數十億次互動、數千萬筆交易）所帶來的巨大優勢，那就是能夠把這些數據拿來，真正把配對做到前所未有、任何人都未曾做到的程度。

And this is a reason to win, this is a reason to exist. So we're putting a lot of pressure there and seeing numbers, seeing the amount of actual matches that were mismatched in hindsight, getting down is a very positive signal, and we're far from that. We're just starting right now. And obviously, over time, as we accumulate more signals, deeper signals, we will continue sharing it with you guys.

這是我們取勝的理由，也是我們存在的理由。所以我們在這方面施加了很大壓力，也在看數據、看那些事後回看確實配錯的實際配對數量；這個數字下降是一個非常正面的訊號，但我們離目標還很遠。我們現在才剛開始。而且顯然，隨著時間推進，當我們累積更多訊號、更深層的訊號時，我們會持續與各位分享。

Bernie McTernan, Needham.

Bernie McTernan，Needham。

This is Stefanos Crist calling in for Bernie. I wanted to follow up on Ron's question on the matching, could you maybe give us any more details on what a baseline mismatch rate is or maybe what the revenue impact is of that 10% reduction? And then I also wanted to ask on the AutoDS pull forward, could you talk about what went right with that campaign? And is the pull forward just a dynamic of annual subscriptions? Or is there anything else?

我是 Stefanos Crist，代替 Bernie 來電。我想延續 Ron 關於配對的問題，你們能否再提供一些細節，例如基準的不匹配率大概是多少，或是這10%的降低對營收的影響是什麼？另外我也想問 AutoDS 的拉前（pull forward），能否談談那個活動做對了什麼？以及這個拉前只是年度訂閱的動態所致嗎？還是還有其他因素？

In terms of matching, we haven't publicly shared any specific numbers, but with this transformation, we're really focusing on trust and quality as core primitives, so to us, mismatch is really about making sure that we have this deep understanding of what are the things that will drive a perfect match between a customer with their specific circumstances and needs and the very specific skill and validated experience of a talent to do this task, okay?

就配對而言，我們尚未公開分享任何具體數字；但在這次轉型中，我們真正聚焦於「信任」與「品質」作為核心基元（core primitives）。因此對我們來說，不匹配主要是要確保：我們對於哪些因素能驅動「完美配對」有深刻理解——也就是在客戶特定情境與需求，與人才非常特定的技能以及經驗（且已被驗證）之間，能夠完成這項任務的完美契合，好嗎？

And again, as we move forward to do this restructure and refocus, we are going to be able to provide more color, more specific color as we really focus on those KPIs. And this nuanced understanding is super important. It's not just driving revenue today, but it is driving the flywheel and driving the repeat rate.

同樣地，隨著我們推進這次重組與重新聚焦，我們將能提供更多說明、更具體的說明，因為我們會真正聚焦在那些KPI上。而這種細緻入微的理解非常重要。它不只是驅動今天的營收，也是在驅動飛輪、驅動回購率（repeat rate）。

Now, on the AutoDS, essentially, we had a very strong influencer campaign that we found great timing to do. In Q1 -- essentially, we were kind of focusing this on Q2, but we were able to actually execute this slightly earlier, not something that we plan to replicate, but -- which is baked into the numbers, which that has drove strong sign-ups at the beginning of the year, okay? So we called it out because this was a great opportunity for us to move something from Q2 to Q1 and do it earlier.

至於 AutoDS，本質上我們做了一個非常強的網紅（influencer）行銷活動，而且時機掌握得很好。在第一季——原本我們大致是把重點放在第二季，但我們實際上能稍微提前執行；這不是我們計畫要複製的做法，但——這已反映在數字裡，並在年初帶動了強勁的註冊成長，好嗎？所以我們特別提出來，是因為這對我們而言是個很好的機會，把原本在第二季要做的事情拉到第一季更早執行。

Doug Anmuth, JPMorgan.

Doug Anmuth，摩根大通（JPMorgan）。

I have two. Micha, can you just talk about where you are in terms of hiring AI native personnel within your own company and how you're thinking about that? And then Esti, can you just help us bridge the EBITDA margins from the 21% in 1Q to the 18% or so for the full year?

我有兩個問題。Micha，你能談談你們公司內部在招募 AI 原生（AI native）人才方面目前進展到哪裡，以及你們如何思考這件事嗎？然後 Esti，你能否幫我們把 EBITDA 利潤率從第一季的21%銜接到全年大約18%的指引？

In terms of hiring AI native, we're on track. We continue to do this, and it's -- obviously, the -- I think the competition over talent is pretty brutal, but we've added incredible people into the team. And what's interesting is that if you really can find, identify and attract the right people, it's really different than it used to be before in terms of the amount of people that you need to do this because essentially, those are really AI natives are very much what I found in common, and I actually wrote about this. It is really this idea that they have this founder mentality, this entrepreneur mentality. And what's really common around them is that they're 10x-ers.

就招募 AI 原生人才而言，我們進度符合預期。我們持續在做這件事，而且——顯然，我認為人才競爭相當殘酷，但我們已經把非常優秀的人加入團隊。有趣的是，如果你真的能找到、辨識並吸引到對的人，所需的人數跟過去相比其實很不一樣；因為本質上，這些 AI 原生人才有一個很共同的特質，我也確實寫過這點。那就是他們有創辦人心態、創業者心態。而他們很常見的一點是，他們是「10倍人才」（10x-ers）。

Essentially, there are people that can do 10x, and a lot of what they do is really put up these systems, these agents, these workflows and be able to connect them for the rest of the company and continue evolving this, tweaking, calibrating, validating. It's incredible. And this is really, I think, also points to future corporates being leaner, smaller, but having people that can actually multiply the work. And talent strategy is important, not just for us, but for all companies, top of mind, in my opinion. I'll let Esti address the EBITDA question.

本質上，這些人能做到10倍的產出；他們做的很多事情，是搭建這些系統、這些代理（agents）、這些工作流程（workflows），並能把它們串接起來供公司其他部門使用，然後持續演進、微調、校準、驗證。這非常驚人。而我認為這也指向未來的企業會更精實、更小，但擁有能夠真正放大工作量的人。我認為人才策略很重要，不只是對我們，對所有公司都是當務之急。我讓 Esti 來回答 EBITDA 的問題。

So as for the 18% full year margin guide, so that actually reflects the hiring and the investment that we're doing in the transformation, and that picks up over time during the year, so it's consistent with our expectation at the beginning of the year. As you know, overall, we're very committed to execute the transformation and -- but that is with a strong financial discipline, so we are planning to execute that together with higher profitability and to continue to generate healthy cash flow.

至於全年18%的利潤率指引，這其實反映了我們在轉型中所進行的招募與投資，而且這些投入會在一年當中逐步增加；因此這與我們年初的預期一致。如各位所知，整體而言，我們非常致力於執行轉型——但同時也會保持強勁的財務紀律；因此我們計畫在更高獲利能力的前提下推進轉型，並持續產生健康的現金流。

Brad Erickson, RBC Capital Markets.

Brad Erickson，RBC 資本市場（RBC Capital Markets）。

I guess all this transformation talk, larger buyers, et cetera, I wonder, do you think about adjusting the economics or take rates or pricing or how you merchandise your services at all to kind of serve that type of customer? And then along those same lines, what would you say you want to kind of be signaling here this morning on overall marketing intensity as you pursue, again, this kind of maybe different customer profile than you have historically?

我想，談了這麼多轉型、更大型買家等等，我在想，你們是否會考慮調整經濟模型，例如抽成率（take rates）或定價，或你們如何陳列/包裝（merchandise）你們的服務，以更好地服務那類客戶？另外沿著同樣的思路，今天早上你們希望在整體行銷強度方面傳達什麼訊號？因為你們正在追求——再次強調——可能與過去歷史上不同的客戶輪廓。

As for the first question, there's nothing to call out at the moment. The -- what we see from the dynamics is as expected. I don't want to speculate on future models. Obviously, it's a very dynamic company. We look at it all the time, but I don't have anything to call out at the moment.

關於第一個問題，目前沒有特別需要提出的事項。——我們從這些動態中看到的情況符合預期。我不想對未來的模式做推測。顯然，這是一家非常動態的公司。我們一直都在看，但目前沒有什麼要特別說明的。

In terms of similar to the market with the customer profile and marketing, so we gave some example of use cases in the prepared remarks, and these types of examples are rising. That portion of the business is growing. It is taking a larger size of our overall activity, and as it continues to grow, it will drive the business for growth.

就客戶輪廓與行銷而言，我們在事先準備的發言中給了一些使用案例的例子，而這類例子正在增加。那一部分業務正在成長。它在我們整體活動中的占比正在變大；而隨著它持續成長，將會帶動業務成長。

Now, as we create more efficient, higher trust, higher quality solutions with everything I've outlined, again, I'm happy to go through it, but I was pretty long in my opening remarks about what we're doing with the transformation. What we're doing with acquiring customers, with creating the flywheel will become more efficient, allowing us to also invest more aggressively in marketing to feed this flywheel as it grows.

現在，隨著我們打造更高效率、更高信任、更高品質的解決方案——基於我剛才概述的一切；我也很樂意再逐一說明，但我在開場發言中已經相當詳細地談了我們在轉型上做的事。我們在獲客、打造飛輪方面會變得更有效率，這也讓我們能在飛輪成長時，更積極地投入行銷來餵養這個飛輪。

That's the plan. This is why we said at the beginning of the year, and I'm reiterating this, we're building ourselves for growth in the next couple of years. And this is really important and the foundational work that we're doing is not -- are not buzzwords, it is really the essence of the business.

這就是計畫。這也是為什麼我們在年初就說過——我在此重申——我們正在為未來幾年的成長打造自身。而這非常重要；我們正在做的基礎工作不是——不是流行口號，而是真正的業務本質。

Matt Condon, Citizens Bank.

Matt Condon，Citizens Bank。

My first question is just on as we look at the green shoots that you're seeing in success moving into more complex projects, can you just talk about what you're seeing today as far as the product launches or go-to-market that's really driving that success in the transactions of $1,000-plus growing, clients purchasing projects $1,000-plus growing?

我的第一個問題是，當我們看到你們在推進更複雜專案方面取得成功、出現一些正向跡象時，你能否談談你們目前看到的情況：就產品上線或上市策略（go-to-market）而言，究竟是什麼在真正推動這種成功——也就是1,000美元以上交易的成長、購買1,000美元以上專案的客戶成長？

And then my second question is just you talked in the letter a lot about this comprehensive work platform, can you just talk about the specific products that you are really focused on today is really enabling that end-to-end platform, as you called it?

然後我的第二個問題是，你們在信中談了很多關於這個「全面性的工作平台」，你能否談談你們目前真正聚焦的具體產品是哪些，正在如何支撐你所說的端到端平台？

The truth is we're only two months into the transformation, so what we've progressed so far is not big product launch yet. What we're doing is really dealing with the fundamentals of the business, the infrastructure of the business, the data infrastructure, the matching algorithm, the quality improvements, all of these. It's not really about new product launches, but it is very much about how we enhance everything we do. In some cases, we completely rewrite those solutions.

事實是，我們才剛進入轉型的第二個月，所以目前的進展還談不上是大型產品發布。我們正在做的其實是處理業務的基本面：業務基礎設施、資料基礎設施、配對演算法、品質改善等等。這不太是關於新產品發布，而更是關於我們如何強化我們所做的一切。在某些情況下，我們會把那些解決方案完全重寫。

Now, we -- I called out job post as an example, dynamic matching, managed services, and they're driving large engagements on Fiverr. And we highlighted a few examples in the prepared remarks, but more broadly, we're seeing a clear shift in how customers use the platform. These products are fundamentally changing Fiverr from a place to complete isolated task into a platform to execute multiphase high-value projects.

現在，我們——我以工作貼文（job post）為例，還有動態配對、託管服務（managed services），它們正在推動 Fiverr 上的大型合作案。我們在事先準備的發言中也強調了幾個例子，但更廣泛地說，我們看到客戶使用平台的方式出現明顯轉變。這些產品正從根本上把 Fiverr 從一個完成零散任務的地方，轉變為一個執行多階段高價值專案的平台。

So again, two months into it, it's not about shiny, new launches and creating promises. It's about going back to the basics and making sure that we provide a level of service, a quality of service that is unmatched. That is the focus, and this is where we're starting to see the numbers provide signals.

所以再說一次，才兩個月，重點不是華而不實的新發布或做出承諾。重點是回到基本功，確保我們提供的服務水準、服務品質是無可匹敵的。這就是焦點，而我們也開始看到數據釋放出一些訊號。

Does that answer your question, Matt?

Matt，這有回答你的問題嗎？

Yes, that's great. I just had another question just on the comprehensive work platform, just the end-to-end platform that you're launching, like what are the capabilities that you really need to launch to enable this end-to-end service?

有的，很棒。我還有一個問題，關於這個全面性的工作平台，也就是你們要推出的端到端平台：要實現這種端到端服務，你們真正需要推出哪些能力？

Sorry for skipping this. So on the product front, we talked about investing in an end-to-end fulfilling layer, which we think is key to identifying and increasing the value of Fiverr as an active partner in ensuring that the customers and the talent is engaging efficiently, and if there's anything in the process that we need to identify to course correct, we're there.

抱歉剛才略過了這點。在產品方面，我們談到要投資於端到端的履約層（fulfilling layer）。我們認為這是關鍵，能讓 Fiverr 作為積極的合作夥伴更容易被辨識並提升其價值，確保客戶與人才（talent）能高效率互動；而如果流程中有任何需要我們辨識並進行修正的地方，我們會在場。

This is really important because as you go to more bespoke, more complex types of projects, being there and being a part of that transaction and making sure that you understand the scope, you understand the progress, you can create transparency. You identify early on if things are on track or are deviating from track is super important. And this is a whole new layer that we are creating, and it's important as we think about changing the perception of Fiverr as a high-end solution for high-end scope and talent.

這非常重要，因為當你走向更客製化、更複雜的專案類型時，能夠在場、成為交易的一部分，並確保你理解範疇、理解進度、建立透明度，以及及早辨識事情是否按軌道進行或偏離軌道，這些都極其重要。而這是我們正在打造的一個全新層級；當我們思考要改變外界對 Fiverr 的認知、把它定位為適用於高端範疇與高端人才的高端解決方案時，這一點很重要。

And as we -- I can talk about those core pillars. I just don't want to reiterate the -- my opening comments, but it's all about the matching and the brain behind things. It's about the product itself. It's about the go-to-market and how we entertain, how we engage with customers, and it's all about this idea of operational excellence where we're creating this extremely high execution capability, which we want to also provide for our customers.

另外，關於——我可以談談那些核心支柱。我只是不想重複——我開場的評論，但一切都圍繞配對，以及背後的「大腦」。也關乎產品本身。也關乎上市策略（go-to-market），以及我們如何招待、如何與客戶互動；同時也關乎營運卓越這個概念——我們正在打造極高的執行能力，而我們也希望把這種能力提供給客戶。

The learnings that we have as a team on how to be more efficient, where do you need to have a human-in-the-loop and where can Fiverr help with both providing you with the right tech, but also with the human-in-the-loop is critical. And all of these learnings are transforming from our internal execution into the tools that we are and we will provide for our customers and for talent.

我們作為團隊在如何更有效率方面的學習：哪些地方需要人類介入（human-in-the-loop），哪些地方 Fiverr 可以提供協助——既提供合適的技術，也提供人類介入——這點至關重要。而所有這些學習，正在從我們內部的執行轉化為我們正在、也將會提供給客戶與人才的工具。

Josh Chan, UBS.

Josh Chan，UBS。

I guess with your move upmarket, what's the profile of the customer that you're ultimately targeting? You mentioned projects above $1,000, so is that the benchmark of what you're targeting? And then secondly, on free cash flow, could you talk about whether the Q1 level of free cash flow is roughly sustainable for the rest of the year and then your willingness to more aggressively buy back the stock at these levels?

我想問，隨著你們往更高端市場移動，你們最終鎖定的客戶輪廓是什麼？你提到1,000美元以上的專案，所以那是你們鎖定的基準嗎？其次，關於自由現金流，你能否談談第一季的自由現金流水準是否大致可在今年其餘時間維持，以及在目前這些價位下，你們是否願意更積極地回購股票？

So in terms of focus, it's still largely focused on SMBs, probably larger than the micro businesses, but still SMBs. There's a lot of untapped demand, both into larger customers and larger use cases. If every business and definitely midsized businesses and up are building their own new tech stack that includes agents, APIs, MCPs, all of these use cases require a tremendous amount of validation to check accuracy, integrity, compliance, security, all these things require the mix of both technology and human-in-the-loop to continue calibrating, validating, in some cases, building, fixing.

就聚焦而言，仍然主要聚焦在中小企業（SMB），可能是比微型企業更大的那一類，但仍是中小企業。在更大型客戶與更大型使用情境上，仍有大量尚未被滿足的需求。如果每一家企業——尤其是中型企業以上——都在打造自己的新技術堆疊，其中包含代理（agents）、API、MCP 等等，所有這些使用情境都需要大量驗證，以檢查準確性、完整性、合規性、安全性；這些都需要技術與人類介入（human-in-the-loop）的組合，持續校準、驗證，在某些情況下還要建置、修復。

Those are areas that Fiverr is a perfect fit. And so we'll see those -- more of these use cases as we continue exploring this. But largely speaking, it's SMBs. And the projects of $1,000 and more is a proxy, it's a way to identify the spend capacity and willingness on digital services, and so that has provided us with a good point. Now it's $1,000 and above, and within our marketplace, we have everything in ranges of hundreds to tens and sometimes hundreds of thousands of dollars on transactions, but that's kind of a reference point to help us identify the seriousness and willingness to invest in your business.

這些領域非常適合 Fiverr。因此，隨著我們持續探索，我們會看到——更多這類使用情境。但大體而言，仍是中小企業。而1,000美元以上的專案是一個代理指標（proxy），用來辨識在數位服務上的支出能力與意願，因此它為我們提供了一個不錯的切入點。目前是1,000美元以上；在我們的市集中，交易金額從數百美元到數萬、甚至有時到數十萬美元都有，但這是一個參考點，幫助我們辨識你對投資自身業務的認真程度與意願。

As for cash flow, we generated $21 million free cash flow in Q1, and we plan to continue to generate strong cash flow and to be consistent and disciplined on capital allocation. Obviously, our capital allocation priorities remain the same. First and foremost, we are investing in the business, and we will continue to invest in the transformation and generating cash flow. Now, as for buyback, we have authorization of $59.5 million, and we will use it and act on that thoughtfully over time.

至於現金流，我們在第一季產生了2,100萬美元的自由現金流，我們計畫持續產生強勁現金流，並在資本配置上保持一致與紀律。顯然，我們的資本配置優先順序維持不變。首要之務是投資於業務，我們將持續投資於轉型，同時產生現金流。至於回購，我們目前有5,950萬美元的授權額度，我們會隨時間審慎地使用並執行。

Thank you. This concludes our question-and-answer session. I would like to turn the conference back to the management for any closing remarks.

謝謝。問答環節到此結束。我想把電話會議交回管理層，請他們做任何結語。

Thank you, Marin, for moderating the call today. And for everyone joining, wishing you a great day and looking forward to speaking soon.

謝謝 Marin 今天主持這通電話會議。也感謝所有與會者，祝大家有美好的一天，期待很快再與各位交流。

Thank you. The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

謝謝。本次電話會議現在結束。感謝各位參加今天的簡報。您現在可以斷線。