Fiverr International Ltd (FVRR) 2022 Q1 法說會逐字稿

Hello, everyone, and welcome to the Fiverr First Quarter Fiscal 2022 Earnings Conference Call. My name is Victoria, and I will be coordinating the call today. (Operator Instructions)

大家好，歡迎來到 Fiverr 2022 財年第一季度收益電話會議。我叫 Victoria，今天我將負責協調電話會議。 （操作員說明）

I'll now pass it over to your host Jinjin Qian to begin. Please go ahead.

我現在將它傳遞給您的主持人 Jinjin Qian 開始。請繼續。

Thank you, operator, and good morning, everyone. Thank you for joining us on Fiverr's earnings conference call for the first quarter ended March 31, 2022. Joining me on the call today are Micha Kaufman, Founder and CEO; and Ofer Katz, President and CFO.

謝謝接線員，大家早上好。感謝您參加 Fiverr 截至 2022 年 3 月 31 日的第一季度收益電話會議。今天和我一起參加電話會議的有創始人兼首席執行官 Micha Kaufman；總裁兼首席財務官 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 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.

在我們開始之前，我想提醒您，在本次電話會議期間，我們可能會做出前瞻性陳述，並且這些陳述基於截至今天的當前預期和假設，Fiverr 不承擔更新或修改它們的義務。有關可能導致實際結果與任何前瞻性陳述存在重大差異的一些重要風險因素的討論，請參見 Fiverr 最近提交給美國證券交易委員會的 20-F 表格和其他文件中的風險因素部分。

During the call, we'll be referring to some non-GAAP financial measures. A reconciliation of the non-GAAP financial measures to the most directly comparable GAAP measures are provided in the earnings release we issued today in our shareholder letter, each of which is available on our website at investors.fiverr.com.

在電話會議期間，我們將提到一些非 GAAP 財務指標。我們今天在股東信中發布的收益發布中提供了非 GAAP 財務指標與最直接可比的 GAAP 指標的對賬，每一項都可以在我們的網站 investors.fiverr.com 上找到。

And now I will turn the call over to Micha.

現在我將把電話轉給 Micha。

Thanks, Jinjin. Good morning, everyone, and thanks for joining us today. The first quarter of 2022 was solid with 27% revenue growth year-over-year. It was also the first time in any Q1 that we achieved adjusted EBITDA profitability, a quarter when we typically front-load marketing investments. The quarter started with strong momentum in January and February. In March, the macro landscape shifted and our market base is currently seeing the impact.

謝謝，津津。大家早上好，感謝今天加入我們。 2022 年第一季度表現穩健，收入同比增長 27%。這也是我們在第一季度首次實現調整後的 EBITDA 盈利能力，這個季度我們通常會提前進行營銷投資。本季度在 1 月和 2 月以強勁的勢頭開始。 3 月份，宏觀格局發生了變化，我們的市場基礎目前正在受到影響。

With higher inflation, recovering travel demand and more in-person activities, spending patterns are shifting for consumers and therefore, business spending. We started to see this shift on our market base in March, and it has continued into the second quarter. We are not sure the duration of the shift or the magnitude and are adjusting our guidance range to reflect the uncertainty. Ofer will walk you through that in a moment.

隨著通貨膨脹率上升、旅遊需求復蘇和更多的面對面活動，消費者的支出模式正在發生變化，因此，企業支出也發生了變化。我們從 3 月份開始在我們的市場基礎上看到這種轉變，並且一直持續到第二季度。我們不確定轉變的持續時間或幅度，並且正在調整我們的指導範圍以反映不確定性。稍後 Ofer 將帶您了解這些內容。

We're making progress on our goals for the year and continue to invest in Fiverr business. While the small business or consumer-driven part of our business, is feeling the impact of the macro shift, Fiverr business is gaining momentum. Growth is robust, with over 50% growth in accounts year-over-year and even higher increase in order value year-over-year. Not only are we seeing strong growth in accounts, but we are also seeing increasing wallet share per account is business accounts are freelancers to their workflows and find more categories to meet their needs. We believe that tight labor market provides us with a tremendous opportunity to help businesses leverage their current employees and augment their team's skill sets. We are focusing our investment in Fiverr business because we believe the opportunity ahead has never been more clear.

我們在今年的目標上取得了進展，並繼續投資 Fiverr 業務。雖然小型企業或我們業務的消費者驅動部分正在感受到宏觀轉變的影響，但 Fiverr 業務正在獲得動力。增長強勁，客戶同比增長超過 50%，訂單價值同比增長甚至更高。我們不僅看到賬戶數量強勁增長，而且每個賬戶的錢包份額也在增加，因為企業賬戶是他們工作流程的自由職業者，可以找到更多類別來滿足他們的需求。我們相信，緊張的勞動力市場為我們提供了一個巨大的機會來幫助企業利用他們現有的員工並增強他們團隊的技能。我們將投資重點放在 Fiverr 業務上，因為我們相信未來的機會從未如此清晰。

Over the last 2 quarters, we have bedded tens of thousands of quality sellers on the marketplace in order to provide Fiverr business customers with the top 1% of talent. We have redesigned the Fiverr business listing page to focus on 8 freelancers [instead] of 48 offerings to streamline and humanize the buyer's decision-making process. And this has led to a meaningful increase in conversion, especially for more expensive service offering.

在過去的兩個季度中，我們在市場上吸引了數以萬計的優質賣家，以便為 Fiverr 企業客戶提供最頂尖的 1% 人才。我們重新設計了 Fiverr 業務列表頁面，將重點放在 8 位自由職業者 [而不是] 48 項產品上，以簡化和人性化買家的決策過程。這導致轉化率顯著增加，尤其是對於更昂貴的服務產品。

Business buyers want to know and trust who they are working with, and we are now highlighting the freelance along with the offering. We have added features such as a saved freelancer list that organizations can share between teams. This allows easy reference for repeat buying. We are starting to redirect marketing investments to target Fiverr business. We have added customer success managers to facilitate business accounts onboarding and provide high-touch support if needed, on the market base. The needs of small and medium businesses are more sophisticated than individual offerings, and we are listening to our customers and creating a market base that works for their needs for more complex projects for more departments throughout the organization. Fiverr's upmarket journey is just beginning.

商業買家想知道並信任他們的合作對象，我們現在在提供產品的同時強調自由職業者。我們添加了一些功能，例如組織可以在團隊之間共享的保存的自由職業者列表。這樣可以方便地參考重複購買。我們開始將營銷投資重新定向到 Fiverr 業務。我們增加了客戶成功經理，以促進企業客戶的入職，並在需要時在市場基礎上提供高接觸支持。中小型企業的需求比個人產品更複雜，我們正在傾聽客戶的意見，並創建一個市場基礎，以滿足他們對整個組織更多部門的更複雜項目的需求。 Fiverr 的高端之旅才剛剛開始。

Businesses who utilize Fiverr business can gain an advantage over their competitors. They are able to grow faster by leveraging their employees for essential roles while outsourcing many top for freelancers on Fiverr. Managers do not have to go through the process of hiring, which is becoming increasingly difficult in today's labor market.

利用 Fiverr 業務的企業可以獲得優於競爭對手的優勢。他們能夠通過利用員工擔任重要角色，同時將許多高層外包給 Fiverr 上的自由職業者，從而實現更快的增長。管理人員不必經歷招聘過程，這在當今的勞動力市場上變得越來越困難。

Companies will be able to scale up and down based on their workload without any headcount friction. Corporate margins will better growth faster. Teams that know how to leverage the Fiverr market-based talent pool will have more creative projects. Becoming embedded in a business human capital infrastructure is not a quick task, but those who are willing to be on the leading edge of human capital procurement should enjoy a first-mover advantage over their competitors. It is our mission to enable this.

公司將能夠根據他們的工作量擴大和縮小規模，而不會出現任何人員衝突。企業利潤率會更好，增長更快。知道如何利用 Fiverr 基於市場的人才庫的團隊將擁有更多的創意項目。融入企業人力資本基礎設施並非易事，但那些願意走在人力資本採購前沿的企業應該比競爭對手擁有先發優勢。我們的使命是實現這一點。

The way human capital is procured is in its early innings, and we are leading the way. One example is an interior designer team in Germany who uses 3D rendering services on Fiverr to increase productivity. Once the design is sketched, it's passed on to a freelancer on Fiverr who will turn a floor plan and product listing into a 3D visualization of a fully furnished room. It is all done with a few clicks to order a $100 budget and the customer gets a delivery in 3 days. Not only does utilizing Fiverr provides the designer with unmatched speed and value, but more importantly, it allows the designer to spend more time with clients. This customer has embedded 40 different Fiverr freelancers into their 3D workflow and they are constantly placing orders.

獲取人力資本的方式還處於早期階段，我們正在引領潮流。一個例子是德國的一個室內設計師團隊，他們使用 Fiverr 上的 3D 渲染服務來提高生產力。設計草圖完成後，它會傳遞給 Fiverr 上的自由職業者，後者會將平面圖和產品列表轉化為設施齊全的房間的 3D 可視化效果。只需點擊幾下即可訂購 100 美元的預算，客戶可在 3 天內收到貨品。利用 Fiverr 不僅可以為設計師提供無與倫比的速度和價值，更重要的是，它可以讓設計師花更多的時間與客戶打交道。該客戶已將 40 名不同的 Fiverr 自由職業者嵌入到他們的 3D 工作流程中，並且他們不斷地下訂單。

Another example is a North American event planner that lost most of their work when COVID lockdowns occurred and reduce their workforce. As they are rebuilding, it has become problematic to recruit and retain employees. So the company's human capital strategy is to embed Fiverr freelancers into their project team. They have 150 Fiverr freelancers that they currently work with across numerous categories. As each product requires different skill sets, the breadth of supply on Fiverr provides them with an unparalleled flexibility. We believe the use cases are nearly infinite for embedding Fiverr freelancers into businesses. Employees who know how to utilize the Fiverr market base will have a major productivity tool that allows employers to leverage their internal workforce many times over.

另一個例子是北美活動策劃者，當 COVID 封鎖發生並減少他們的勞動力時，他們失去了大部分工作。隨著他們的重建，招聘和留住員工成了問題。所以該公司的人力資本戰略是將 Fiverr 自由職業者嵌入到他們的項目團隊中。他們有 150 名 Fiverr 自由職業者，他們目前在許多類別中與之合作。由於每種產品需要不同的技能組合，Fiverr 上的廣泛供應為他們提供了無與倫比的靈活性。我們相信將 Fiverr 自由職業者嵌入企業的用例幾乎是無限的。知道如何利用 Fiverr 市場基礎的員工將擁有一個主要的生產力工具，允許雇主多次利用其內部勞動力。

The contracts that are available to businesses on Fiverr are being expanded to make usage seamless for larger and longer projects. Milestone payments were recently introduced to facilitate larger projects by enabling progress payments. Subscriptions are quickly being adopted as both buyers and freelancers find recurring relationships beneficial. The new Fiverr Business landing page encourages business buyers to contact sellers for more complex projects to ensure the scope of the project matches both parties' expectations. These efforts will meaningfully expand the ticket size on our marketplace. We've done this type of expansion before.

Fiverr 上可供企業使用的合同正在擴展，以便無縫地用於更大和更長的項目。最近引入了里程碑付款，以通過啟用進度付款來促進更大的項目。訂閱正在迅速被採用，因為買家和自由職業者都發現經常性的關係是有益的。新的 Fiverr 商業登陸頁面鼓勵商業買家聯繫賣家以進行更複雜的項目，以確保項目範圍符合雙方的期望。這些努力將有意義地擴大我們市場上的門票規模。我們以前做過這種類型的擴展。

When I started the company, everything on Fiverr was $5. Then we lifted the price cap, so sellers can price their services anywhere. Then in 2016, we introduced packages that allow sellers to offer tiered pricing bundles. In both cases, our market base experienced a step function leap in the product size and ticket size. We know this playbook very well and we are running it again now. We're also investing towards our vision of a talent cloud, a holistic solution that utilizes talent-as-a-service. Our marketplace today is already serving as a talent cloud solution for small businesses. We know many of our smaller customers leverage Fiverr to do everything from product to marketing to operations. But larger organizations with more sophisticated deliverables require a more comprehensive holistic solution. Imagine, as a marketing manager, some days you need someone to help you do a simple video editing. Other days, you need a full-fledged TV commercial production, then there are times you are looking for someone to help you manage content on your social media channel.

當我創辦公司時，Fiverr 上的一切都是 5 美元。然後我們取消了價格上限，這樣賣家就可以在任何地方為他們的服務定價。然後在 2016 年，我們推出了允許賣家提供分層定價捆綁包的套餐。在這兩種情況下，我們的市場基礎在產品規模和票務規模上都經歷了階躍函數飛躍。我們非常了解這個劇本，我們現在又在運行它。我們還在投資實現人才雲的願景，這是一種利用人才即服務的整體解決方案。我們今天的市場已經成為小型企業的人才雲解決方案。我們知道我們的許多小客戶都利用 Fiverr 來完成從產品到營銷再到運營的所有事情。但是，擁有更複雜可交付成果的大型組織需要更全面的整體解決方案。想像一下，作為營銷經理，有時您需要有人幫助您進行簡單的視頻編輯。其他時候，您需要完整的電視廣告製作，有時您需要找人來幫助您管理社交媒體頻道上的內容。

With talent cloud, you don't even need to think about how to allocate and distribute the workload, but rather just turn to Fiverr and our system will assemble the team, distribute the workflows and take the project to the finish line. This is the talent-as-a-service we are envisioning, let our technology do the optimization and customers can focus on growing their businesses.

有了人才雲，您甚至不需要考慮如何分配和分配工作量，只需轉向 Fiverr，我們的系統就會組建團隊、分配工作流程並將項目推向終點。這就是我們設想的人才即服務，讓我們的技術進行優化，客戶可以專注於發展他們的業務。

This is an ambitious vision, and there is a significant amount of work to do to accomplish our vision. No one has ever done anything like this. I think the technology we are building here is not only cutting edge, but it's also going to provide a sustainable competitive advantage for us in the businesses we embraced. We are also unlocking additional addressable market by creating disruptive solutions and significantly increasing freelancer adoption across businesses of all sizes. We believe these investments will meaningfully drive our future growth and ultimately increase long-term shareholder value.

這是一個雄心勃勃的願景，要實現我們的願景還有大量工作要做。從來沒有人做過這樣的事情。我認為我們在這裡構建的技術不僅是尖端技術，而且還將為我們所從事的業務提供可持續的競爭優勢。我們還通過創建顛覆性解決方案和顯著提高各種規模企業對自由職業者的採用來打開更多潛在市場。我們相信這些投資將有意義地推動我們未來的增長，並最終增加長期股東價值。

I am super proud of everyone on our team was executing towards our vision, their talent and dedication is inspirational. Our hearts are with our colleagues in Ukraine and their compatriots. I'm also grateful for our community of businesses and freelancers who trust us and help us build the future of work together.

我為我們團隊中的每個人都在朝著我們的願景執行而感到非常自豪，他們的才華和奉獻精神鼓舞人心。我們的心與烏克蘭的同事及其同胞同在。我也感謝我們的企業和自由職業者社區，他們信任我們並幫助我們共同打造工作的未來。

With that, let me turn the call over to Ofer, who will share some financial highlights.

有了這個，讓我把電話轉給奧弗，他將分享一些財務亮點。

Thank you, Micha, and good morning, everyone. We delivered a strong execution in Q1 amidst a volatile macro environment. January and February were as expected. In March, we started to see the impact of the shifting macro landscape within our marketplace, particularly in Europe.

謝謝你，Micha，大家早上好。在動蕩的宏觀環境中，我們在第一季度表現出色。一月和二月符合預期。 3 月，我們開始看到我們市場中不斷變化的宏觀格局的影響，尤其是在歐洲。

Revenue came near at the top end of the guidance at $86.7 million, up 27% year-over-year, driven by 11% growth in active buyers, 17% in spend per buyer and a 240 basis point expansion in the take rate. Adjusted EBITDA was $3.9 million, above the top end of our guidance with an adjusted EBITDA margin of 4.5%. First quarter revenue was a record for us on top of the tremendous growth we had over the past 2 years. This scale allows us to be adjusted EBITDA positive in the first quarter for the first time this early in the year when typically from load investments.

在活躍買家增長 11%、每位買家支出增長 17% 以及接受率增長 240 個基點的推動下，收入接近指導值的上限，達到 8670 萬美元，同比增長 27%。調整後的 EBITDA 為 390 萬美元，高於我們指引的上限，調整後的 EBITDA 利潤率為 4.5%。除了過去 2 年的巨大增長之外，第一季度的收入也創下了我們的記錄。這一規模使我們能夠在今年年初首次將第一季度的 EBITDA 調整為正值，而這通常來自負荷投資。

We remain highly efficient with our marketing investments for both brand and performance marketing. Brand marketing is a continued long-term investment. When coupled with high level of customer satisfaction, the awareness build intangible brand equity over time.

我們在品牌和績效營銷方面的營銷投資保持高效。品牌營銷是一項持續的長期投資。當與高水平的客戶滿意度相結合時，這種意識會隨著時間的推移建立無形的品牌資產。

We are pleased with how the brand investment are materializing. We recently conducted a survey that indicate Fiverr had the strongest freelancer brand in the U.S. and that brand awareness increased 30% from Q1 2021 when we last did the survey. Our performance marketing tROI was around 4 months in Q1, about the same as the previous quarter and still well within our 12-month target threshold.

我們對品牌投資的實現方式感到滿意。我們最近進行了一項調查，表明 Fiverr 在美國擁有最強大的自由職業者品牌，並且與我們上次進行調查時的 2021 年第一季度相比，品牌知名度提高了 30%。我們的績效營銷 tROI 在第一季度約為 4 個月，與上一季度大致相同，但仍處於我們 12 個月的目標閾值之內。

As we move upmarket, we are targeting higher lifetime value customers with bigger wallet and better retention potential allows us to lean into performance marketing a bit more. On a longer-term basis for cohorts that have been with us for 5-plus years, we are seeing overall lifetime to track up over 5x.

隨著我們向高端市場轉移，我們的目標客戶是具有更大錢包和更好保留潛力的更高生命週期價值的客戶，這使我們能夠更多地投入到績效營銷中。從長期來看，對於已經與我們合作 5 年以上的群體，我們看到整體壽命增加了 5 倍以上。

For cohort, we acquired at the beginning of COVID, we are already seeing lifetime value to CAC up nearly 3x in just 2 years. The strong unit economics give us the confidence to continue to invest in performance marketing throughout various macroeconomic condition.

對於隊列，我們在 COVID 開始時收購，我們已經看到 CAC 的生命週期價值在短短 2 年內增長了近 3 倍。強大的單位經濟學使我們有信心在各種宏觀經濟條件下繼續投資績效營銷。

As Micha mentioned, we are going upmarket across the organization. Our product teams are solving more complex programs and providing more intuitive tools. Our operation team is betting high-quality supply and ramping customer support and our upmarket marketing capacity is expanding. In our operating metrics, you see buyers who spend over 500 contributed to 64% of our marketplace up from 63% last quarter and 59% in Q1 '21.

正如 Micha 提到的，我們正在整個組織中走向高端市場。我們的產品團隊正在解決更複雜的程序並提供更直觀的工具。我們的運營團隊正在押注高質量的供應和客戶支持，我們的高端市場營銷能力正在擴大。在我們的運營指標中，您會看到花費超過 500 美元的買家占我們市場的 64%，高於上一季度的 63% 和 21 年第一季度的 59%。

According to our study, companies with 20 to 200 employees on average, spend $15,000 a year on freelancers. We believe there is a significant potential to grow buyer spend levels by increasing volatile from our existing buyers and adding high-value buyers. We also continue to invest in category expansion in order to increase cross-category purchases and extend our time. Pleased that our take rates continue to grind higher with deeper penetration of value-added services.

根據我們的研究，平均擁有 20 到 200 名員工的公司每年在自由職業者身上花費 15,000 美元。我們認為，通過增加現有買家的波動性和增加高價值買家，有很大的潛力來提高買家的支出水平。我們還繼續投資品類擴展，以增加跨品類採購併延長我們的時間。很高興我們的收費率隨著增值服務的深入滲透而繼續攀升。

During the quarter, Promoted Gigs continue to grow and contribute to our take rate expansion as we improve sellers targeting capabilities and bidding conversion. The program continues to enjoy strong seller retention as the seller pay only when they get a click to their listing page and the automatic bidding formula set guard rails to optimize seller ROI.

在本季度，隨著我們提高賣家定位能力和出價轉化率，Promoted Gigs 繼續增長並為我們的採用率擴張做出貢獻。該計劃繼續享有強大的賣家保留率，因為賣家只有在點擊他們的列表頁面時才付款，並且自動出價公式設置了護欄以優化賣家投資回報率。

On Seller Plus, we continue to roll additional features into the program such as buyer insight and buyer request notifications. The growth of those 2 programs continue to demonstrate our ability to command a strong take rate by building products, expanding our offering and providing value to our community.

在 Seller Plus 上，我們繼續將其他功能添加到該計劃中，例如買家洞察力和買家請求通知。這兩個項目的增長繼續證明我們有能力通過構建產品、擴展我們的產品和為我們的社區提供價值來獲得強大的採用率。

Now let's turn to our guidance. For the second quarter of 2022, revenue is expected to be $86 million to $87.5 million, representing year-over-year growth of 14% to 16%. Adjusted EBITDA is expected to be $3 million to $4 million, representing an adjusted EBITDA margin of 4% at midpoint. For the full year of 2022, we now expect revenues to be in the range of $345 million to $365 million, representing year-over-year growth of 16% to 23%.

現在讓我們轉向我們的指導。 2022 年第二季度，收入預計為 8600 萬美元至 8750 萬美元，同比增長 14% 至 16%。調整後的 EBITDA 預計為 300 萬至 400 萬美元，中點調整後的 EBITDA 利潤率為 4%。對於 2022 年全年，我們現在預計收入將在 3.45 億美元至 3.65 億美元之間，同比增長 16% 至 23%。

Adjusted EBITDA is expected to be in the range of $10 million to $17 million, representing an adjusted EBITDA margin of 3.8% at the midpoint. We have reduced and widened our guidance range to reflect the higher variability in the changing macro landscape, as Micha discussed at the start of the call. January and February were solid as expected. In March and April, our business was impacted by a mix of macro factors with Europe being particularly vulnerable. Compared to what we expected at the beginning of the year, in March, our European revenue was below trend by low double digit in the U.S. by a few percentage points.

調整後的 EBITDA 預計在 1000 萬美元至 1700 萬美元之間，調整後的 EBITDA 利潤率為中點 3.8%。正如 Micha 在電話會議開始時所討論的那樣，我們已經縮小和擴大了我們的指導範圍，以反映不斷變化的宏觀環境中更高的可變性。正如預期的那樣，1 月和 2 月表現強勁。在 3 月和 4 月，我們的業務受到了一系列宏觀因素的影響，其中歐洲尤其脆弱。與我們年初的預期相比，3 月份，我們在歐洲的收入比美國的低兩位數趨勢低幾個百分點。

In April, Europe revenue was further impacted although more moderately, and the U.S. was stable. As a reminder, Europe contributed to just under 30% of our revenue, and the U.S. approximately high. Our direct exposure to Russia and Ukraine was less than 1%. The midpoint of our revenue guidance reflects our current expectation of our business based on the trends we are seeing now.

4 月份，歐洲收入受到進一步影響，但影響較小，而美國收入穩定。提醒一下，歐洲對我們收入的貢獻略低於 30%，美國的貢獻率大約很高。我們對俄羅斯和烏克蘭的直接風險敞口不到 1%。我們收入指引的中點反映了我們根據現在看到的趨勢對我們業務的當前預期。

The high end of our guidance assumes an improvement in the macro environment that drives a rebound in consumer and business spending. The low end of our guidance contemplates a continued deterioration in Europe and moderate [contagion] in the rest of the world. At the midpoint, we expect active buyers to grow in the low single digits for the full year and be largely flat in Q2 as we left the large cohort from the first half of last year. Spend per buyer is expected to grow in the low to mid-teens year-over-year or 2022 with a steady sequential cadence. Take rate is expected to be steady with modest upside. The large improvement we saw in 2021 should moderate to less than 100 basis points for full year 2022.

我們指導的高端假設宏觀環境有所改善，推動消費者和企業支出反彈。我們指導的低端考慮了歐洲的持續惡化和世界其他地區的適度[蔓延]。在中點，我們預計活躍買家全年將以較低的個位數增長，並且在第二季度基本持平，因為我們從去年上半年離開了這一大群人。預計每個買家的支出將在 2022 年或 2022 年以穩定的連續節奏增長。 Take Rate 預計將保持穩定，並有適度的上行空間。我們在 2021 年看到的大幅改善應該會在 2022 年全年放緩至不到 100 個基點。

On the expense side, we do not expect to materially adjust our investment level for the year as growth continues to be our top priority. We expect to continue investing in personnel for customer support and engineering and expect modestly lower gross margin and higher R&D as a percentage of revenue for the year.

在費用方面，我們預計不會大幅調整今年的投資水平，因為增長仍然是我們的首要任務。我們預計將繼續投資於客戶支持和工程人員，並預計今年的毛利率和研發佔收入的百分比將略有下降。

Sales and marketing as a percentage of revenue should improve slightly. While our step fast investment target is tempering the progress towards our long-term target model, we remain committed to achieving lower-term adjusted EBITDA margin of 25% as our business scales.

銷售和營銷佔收入的百分比應該會略有提高。雖然我們的快速投資目標正在緩和我們長期目標模型的進展，但我們仍然致力於隨著業務規模的擴大實現 25% 的短期調整後 EBITDA 利潤率。

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

有了這個，我們現在將把電話轉給接線員提問。

(Operator Instructions) And our first question comes from Doug Anmuth at JPMorgan.

（操作員說明）我們的第一個問題來自摩根大通的 Doug Anmuth。

I just wanted to follow up on the comments related to macro. Just trying to understand, I guess, how you see this kind of playing out in the business. I mean it sounds like it's really coming from the buyer side. but also, I guess, how it kind of splits out between small businesses and some of your very positive comments just around Fiverr business. And as you're going kind of upmarket and toward bigger businesses as well.

我只是想跟進與宏相關的評論。我想，只是想了解您如何看待這種業務。我的意思是，這聽起來像是真的來自買方。而且，我想，它是如何在小企業和你對 Fiverr 業務的一些非常積極的評論之間分裂的。當你走向高端市場並走向更大的企業時。

Doug, thanks for the question. So essentially, I think macro environment largely speaking, was probably covered pretty extensively in this earnings season. I think from what everybody have seen, we've seen some softness in which is a result of a number of different factors with the opening up in the world to inflation to some uncertainty around the war in Ukraine and so forth. And all of these have created this macro environment.

道格，謝謝你的提問。因此，從本質上講，我認為宏觀環境在很大程度上可能在本財報季中得到了相當廣泛的涵蓋。我認為從每個人所看到的情況來看，我們已經看到了一些疲軟，這是許多不同因素的結果，包括世界對通貨膨脹的開放以及圍繞烏克蘭戰爭的一些不確定性等等。而這些都造就了這個宏觀環境。

Now obviously, as a business, Fiverr is still largely more concentrated in the SMB side of business. SMBs are being affected or responds faster to macro changes than larger businesses. And this is probably shown or demonstrated very well within our product itself, meaning within the market -- the market base itself where it's largely more SMBs than larger organizations, you see it faster and probably a slightly larger response to macro, whereas in Fiverr business, we're seeing a much moderate or even not seeing any impact. It's actually as a business, those businesses, the number of accounts are actually growing much faster than the marketplace itself. So that's a good sign.

現在顯然，作為一項業務，Fiverr 仍然主要集中在 SMB 業務方面。與大型企業相比，中小企業正在受到影響或對宏觀變化的反應更快。這可能在我們的產品本身中得到了很好的展示或證明，這意味著在市場中 - 市場基礎本身在很大程度上是中小企業而不是大型組織，你會看到它更快並且可能對宏觀的反應略大，而在 Fiverr 業務中，我們看到的影響非常溫和，甚至沒有看到任何影響。實際上，作為一家企業，這些企業的賬戶數量實際上比市場本身增長得更快。所以這是一個好兆頭。

And as we shift more into high-value buyers and into Fiverr business accounts, then we think that those macro trends are going to affect us less over time. We shared some numbers about the Fiverr business and the growth in accounts. The same goes with high-value buyers, which are growing faster. And we have accounts that are spending over $10,000 with us growing by 90% year-over-year. So that portion of the cohort is less affected.

隨著我們更多地轉向高價值買家和 Fiverr 商業賬戶，我們認為隨著時間的推移，這些宏觀趨勢對我們的影響會越來越小。我們分享了一些關於 Fiverr 業務和賬戶增長的數據。增長更快的高價值買家也是如此。我們的客戶支出超過 10,000 美元，年增長率為 90%。因此，這部分人群受到的影響較小。

And obviously, we've seen smaller businesses being more affected. And by the way, it's not very surprising in hindsight now that all of this effect has come in because we've seen that reaction also throughout the pandemic at the beginning of the pandemic, SMBs reacted much, much stronger than enterprise as an example. And obviously, as a business, we've benefited from that. And now we're seeing it as the opposite reaction. Obviously, we think it's temporary. These are aftershocks of the end of the pandemic and some macro economical impact. However, there is an uncertainty, which is why we've created a wider range than usual for our guidance to incorporate extreme cases of either macro continues at the same levels or improving over time.

顯然，我們看到小型企業受到的影響更大。順便說一句，事後看來，所有這些影響都已經出現並不令人驚訝，因為我們在大流行開始時的整個大流行期間也看到了這種反應，SMB 的反應比企業要強得多。顯然，作為一家企業，我們從中受益。而現在我們將其視為相反的反應。顯然，我們認為這是暫時的。這些是大流行結束的餘震和一些宏觀經濟影響。然而，存在不確定性，這就是為什麼我們為我們的指導創建了比平常更廣泛的範圍，以納入宏觀繼續保持相同水平或隨著時間的推移而改善的極端情況。

And then just a follow-up. Can you just talk about your kind of the decision and just related to investments, right, to continue along the same path just given the significant growth opportunities that you see in the business? And is there a point where that could potentially change through the year or you don't really anticipate that?

然後只是跟進。鑑於您在業務中看到的重大增長機會，您能否談談您的決定以及與投資有關的決定，對，繼續沿著相同的道路前進？有沒有一點可能會在一年中發生變化，或者你真的沒有預料到這一點？

Right now, we don't anticipate a change. We have a very solid plan. It is working. The fundamentals of the business are great. The investment in going upmarket is the right thing for the long term, and we're here for the long term. We haven't changed our goal to be -- or to continue to be prioritizing growth. And so despite the temporary hiccups of this macro environment, we don't think that it's going to be a right to change course right now and lose the potential that we have in the long term.

目前，我們預計不會發生變化。我們有一個非常可靠的計劃。這是工作。業務的基礎很好。從長遠來看，對高端市場的投資是正確的，我們也是長期存在的。我們沒有改變我們的目標 - 或者繼續優先考慮增長。因此，儘管這種宏觀環境暫時出現問題，但我們認為現在改變路線並失去我們長期擁有的潛力是不正確的。

Bear in mind that even within the SMB business, the level of penetration that Fiverr is I would assume less than 5% of the potential in the U.S. alone. There's 30 million SMBs. So the potential of continuing to penetrate the market and then also extending by going into larger businesses is enormous. And again, what we're seeing right now within the business is just a manifestation of what we're seeing in the macro environment. And the fact that we're now about to finally lap or completely lap the effect of the pandemic and the outsized cohorts that we had last year.

請記住，即使在 SMB 業務中，我認為 Fiverr 的滲透水平僅在美國的潛力還不到 5%。有 3000 萬家中小企業。因此，繼續滲透市場然後通過進入更大的企業進行擴展的潛力是巨大的。再一次，我們現在在業務中看到的只是我們在宏觀環境中看到的表現。事實上，我們現在即將最終擺脫或完全擺脫大流行病的影響以及我們去年擁有的龐大人群。

I would like to augment and point to the fundamental of the business all the way from the cohort behavior to the performance marketing efficiency, providing steady 4 months TLI. So that part of the decision to continue investing is the ability to keep our heads in terms of EBITDA, maintain profitability and build the muscle for going up market as we've done in the last few years.

我想補充並指出業務的基本原理，從群組行為到績效營銷效率，提供穩定的 4 個月 TLI。因此，繼續投資決定的一部分是能夠像我們在過去幾年所做的那樣，在 EBITDA 方面保持頭腦，保持盈利能力並為進入市場建立實力。

Our next question comes from Jason Helfstein from Oppenheimer.

我們的下一個問題來自奧本海默的 Jason Helfstein。

I'll ask two. So just to clarify on the weakness in the outlook. I mean, is there a way to kind of separate how much of it is, again, kind of almost just return to normal COVID hang over or the COVID tailwinds going away versus actual macroeconomic weakness that you're seeing in Europe?

我會問兩個。所以只是為了澄清前景的弱點。我的意思是，有沒有一種方法可以區分其中有多少是幾乎剛剛恢復正常的 COVID 宿醉或 COVID 順風消失與您在歐洲看到的實際宏觀經濟疲軟？

And then second, I mean, historically, you guys have spent a lot of money on marketing and it's driven growth. Just obviously, this quarter marketing, you slowed pretty dramatic relative to revenue. Just how are you thinking, I guess, about marketing kind of in a weaker period of inflation relative to doing things with pricing or other factors that you can kind of drive growth?

其次，我的意思是，從歷史上看，你們在營銷上投入了大量資金，這推動了增長。很明顯，這個季度的營銷，相對於收入來說，你的速度放慢了很多。我想，相對於通過定價或其他可以推動增長的因素來做事，你是如何看待在通貨膨脹較弱時期進行營銷的？

Jason, thanks. So really, to your question, the weakness comes from mostly macro. And on top of macro, we've seen some higher trends in terms of travel as well, which indicates and usually, that's a nice correlation to how we should anticipate business. So we're seeing high demand for travel, the world is opening up, and people want to shop offline and no travel. So that's impacting.

傑森，謝謝。所以真的，對於你的問題，弱點主要來自宏觀。在宏觀之上，我們也看到了旅行方面的一些更高趨勢，這表明並且通常這與我們應該如何預測業務有很好的相關性。所以我們看到對旅行的高需求，世界正在開放，人們想要線下購物而不是旅行。所以這是有影響的。

When you look at the fundamentals of the business, when you look at cohort behavior, it is stronger than pre-pandemic. It's maybe not as strong as it was a year ago, but it's definitely stronger. We're not back to any pre-pandemic levels, and it continues to be very healthy. So from that perspective, we think that this is really driven by macro environment.

當您查看業務的基本面時，當您查看群組行為時，它比大流行前更強大。它可能不如一年前那麼強，但絕對更強。我們沒有回到任何大流行前的水平，它仍然非常健康。所以從這個角度來看，我們認為這確實是由宏觀環境驅動的。

Q2, from a seasonal standpoint has a lot of seasonality baked into it. There is a there is long holidays in the Muslim world. There is international days like Mother's Day that has impact. So it's usually a quarter with high seasonality. And on top of that, with the macro this year and with the fact, again, that we're lapping outsized cohorts from last year and were being measured on a trailing 12 months, that always looks like that in the numbers when you lap it.

Q2，從季節性的角度來看，有很多季節性因素。穆斯林世界有長假。有像母親節這樣的國際日會產生影響。所以它通常是一個季節性很強的季度。最重要的是，根據今年的宏觀數據，再一次，我們正在對去年的超大隊列進行測量，並且在過去的 12 個月內進行測量，當你對它進行測量時，它總是看起來像這樣.

But as we're looking at the fundamentals of the business, and the same goes with marketing, by the way. We've been very consistent, and that maybe answers your second question. As we look at the way marketing complements our organic growth, we have been very consistent in that strategy, meaning, a, we've been investing in our brand. And our brand is growing very, very fast. We've seen 30% increase in unaided and aided brand awareness, which is great. And it's -- again, it gives us fuel for the fact that we're being consistent in the investment in brand. The same goes for performance marketing with the slight change now performance marketing targets more high-value buyers, those who have a higher lifetime value with us. And that is working very well.

但是，正如我們正在研究業務的基本面一樣，順便說一下，營銷也是如此。我們一直非常一致，這也許可以回答您的第二個問題。當我們審視營銷補充我們有機增長的方式時，我們在該戰略中一直非常一致，這意味著，a，我們一直在投資我們的品牌。我們的品牌發展得非常非常快。我們已經看到獨立和輔助品牌知名度提高了 30%，這非常好。而且它 - 再一次，它為我們在品牌投資方面保持一致這一事實提供了動力。績效營銷也是如此，現在績效營銷的目標是更多高價值買家，即那些在我們這裡具有更高生命週期價值的買家。這工作得很好。

And the fact that we can do that smart marketing and drug it also into Fiverr business allows us to build an upmarket business that is very cost effective. So right now, we're on plan, we're happy with the results. Obviously, like everyone else, waiting to understand how this macro environment is going to change in working around that uncertainty to keep the business running and the long-term plans on time and on schedule.

事實上，我們可以進行智能營銷並將其註入 Fiverr 業務，這使我們能夠建立一個非常具有成本效益的高端業務。所以現在，我們正在計劃中，我們對結果感到滿意。顯然，和其他人一樣，等待了解這個宏觀環境將如何變化以解決不確定性，以保持業務運行和長期計劃按時按時進行。

Our next question comes from Matt Farrell of Piper Sandler.

我們的下一個問題來自 Piper Sandler 的 Matt Farrell。

You've continued to do a nice job with expanding the take rate here, and you provided some commentary to how to think about take rate as we move throughout the year. But as I think about longer term, what is the real long-term target for take rate? And how should we kind of think about where this could go maybe in 2 or 3 years out?

你在擴大這裡的採用率方面繼續做得很好，並且你提供了一些關於如何在我們全年移動時考慮採用率的評論。但從長遠來看，take rate 的真正長期目標是什麼？我們應該如何考慮 2 或 3 年後的發展方向？

Yes, thanks for the question. Yes, I think on take rates, we always said that we're not going to rest until it's 100%. No. But seriously, I think that we're in a good point in terms of take rates. And I think we've demonstrated that through -- it's not extraction of additional take rate from the transactional aspect, but it's actually additional take rate coming from added value services and products.

是的，謝謝你的提問。是的，我認為在採用率方面，我們總是說我們不會在它達到 100% 之前休息。不，但說真的，我認為我們在接受率方面處於有利地位。而且我認為我們已經證明了這一點——它不是從交易方面提取額外的收費率，而是實際上來自增值服務和產品的額外收費率。

And I think that what we've demonstrated over the years, and definitely, as a public company since we started reporting is that we have a very wide arsenal of different products and offerings that we can introduce that would continue supporting the increase in take rate. One of them is Promoted Listings or Promoted Gigs, which is growing incredibly well. So these types of products, as we grow them over time, contribute to take rate.

而且我認為，自從我們開始報告以來，多年來，作為一家上市公司，我們所證明的是，我們擁有非常廣泛的不同產品和服務，我們可以推出這些產品和服務，這些產品和服務將繼續支持提高采用率.其中之一是 Promoted Listings 或 Promoted Gigs，它的增長非常好。因此，這些類型的產品，隨著我們隨著時間的推移而增長，有助於提高采用率。

We always said that the contribution is going to be moderate. So we don't -- take rate as itself is not a growth KPI, right? But we do think that there is potential to continue increasing it. And so far, I think we've demonstrated that this is possible also when you go up market and you work on much larger types of transactions.

我們總是說貢獻是適度的。所以我們不 - 將利率本身不是增長 KPI，對嗎？但我們確實認為有可能繼續增加它。到目前為止，我認為我們已經證明，當你進入市場並從事更大規模的交易時，這也是可能的。

And then is there -- on Fiverr Business, could you give some qualitative metrics on -- maybe about the size and the scale of the business today and maybe as a percentage of GMV or percentage of revenue that's contributing? And maybe to piggyback on that question, any update on how the Stoke Talent acquisition integration is contributing for the dynamics here in the near term?

然後是——在 Fiverr 業務上，你能否給出一些定性指標——也許是關於今天的業務規模和規模，也許是 GMV 的百分比或貢獻的收入的百分比？也許為了解決這個問題，關於斯托克人才收購整合如何在短期內為這裡的動態做出貢獻的任何更新？

Sure. Thanks for the question. So yes, so in Fiverr Business, what we said, I think a quarter or 2 ago, is that it's already contributing more than 5% of the overall revenues. Since it's still a small business and what we said is that this is going to be a multiyear investment, as a transformational part of our business. It's kind of our Act 2. It's a business -- we don't think that this would be -- it would take time and investment until it becomes a double-digit percentage contributor to the business. And so we're not reporting it separately.

當然。謝謝你的問題。所以是的，所以在 Fiverr Business 中，我認為一兩個季度前我們說過，它已經貢獻了超過 5% 的總收入。由於它仍然是一家小型企業，而且我們所說的是，這將是一項多年投資，作為我們業務轉型的一部分。這是我們的第二幕。這是一項業務——我們認為這不會——需要時間和投資，直到它成為業務的兩位數百分比貢獻者。所以我們沒有單獨報告。

However, we did speak about the fact that accounts are growing 50% year-over-year and the order or revenue contribution is growing even faster than that. So at some point, if it becomes a more mature and stable business, we may start reporting it separately to give more clarity on that business.

然而，我們確實談到了這樣一個事實，即客戶同比增長 50%，而訂單或收入貢獻的增長速度甚至更快。因此，在某個時候，如果它變得更加成熟和穩定，我們可能會開始單獨報告它，以便更清楚地說明該業務。

On Stoke, again, Stoke was acquired at the beginning of the year. We're in the process of integrating -- the first portion of integration is due before end of the year. And really the amazing potential there is the fact that as a freelancing management system, we want to connect it to the Fiverr talent pool so that those customers that are using Stoke as a system to manage their existing relationships with freelancers would be able to find additional freelancers, through that system. So that's Phase 1, and that should be done before the end of the year. We're working on it very hard.

在斯托克城，同樣，斯托克城在年初被收購。我們正在進行整合——整合的第一部分將於今年年底前完成。真正令人驚嘆的潛力在於，作為一個自由職業者管理系統，我們希望將其連接到 Fiverr 人才庫，以便那些使用斯托克作為系統來管理他們與自由職業者的現有關係的客戶能夠找到更多自由職業者，通過那個系統。這就是第 1 階段，應該在年底前完成。我們正在非常努力地工作。

And at the same time, Stoke as a business is growing, again, still small, but we're seeing customers that are paying on a yearly level more than $120,000 per account. So as a business, we believe it's a very healthy business. We're very happy with that acquisition and look forward to completing the integration and telling you guys more about it.

與此同時，斯托克作為一家企業再次增長，規模仍然很小，但我們看到客戶每年為每個賬戶支付超過 120,000 美元。因此，作為一家企業，我們相信這是一家非常健康的企業。我們對此次收購感到非常高興，並期待完成整合併向大家介紹更多相關信息。

We will now move on to the next question. And our next question comes from Andrew Boone at JMP Securities.

我們現在將繼續下一個問題。我們的下一個問題來自 JMP Securities 的 Andrew Boone。

As we look at active buyers for 1Q '22, you guys added 30,000 active buyers, I understood that's a net number. But given the slowdown there, it sounds like top of funnel was strong. Can you just help us understand the dynamics of churn and relate that to 2022 as we start to think about you guys moving through [covered] cohorts?

當我們查看 22 年第一季度的活躍買家時，你們增加了 30,000 名活躍買家，我知道這是一個淨數字。但鑑於那裡的放緩，聽起來漏斗頂部很強大。您能否幫助我們了解流失的動態並將其與 2022 年聯繫起來，因為我們開始考慮你們在[涵蓋的]隊列中移動？

Yes. Thank you for the question. I think we mentioned on the previous earnings that we anticipate the first half of the year to be slow in terms of new adds because of the impact of the unusual cohort size at the beginning of 2021. Because of the normal behavior of each cohort, stabilizing over the first year, have become consistent at cost using a flat revenue stream over a long period because of this behavior, we are getting this kind of headwind in terms of new net adds. We anticipate that this headwind will last at the end of the first half. And yes, to accelerate in terms of the new adds at the second half of the year moving -- going forward for the long term.

是的。感謝你的提問。我想我們在之前的收益中提到過，由於 2021 年初不同尋常的群體規模的影響，我們預計上半年的新增數量將放緩。由於每個群體的正常行為，穩定在第一年，由於這種行為，我們在很長一段時間內使用平坦的收入流在成本上變得一致，我們在新的淨增加方面遇到了這種逆風。我們預計這種逆風將持續到上半年結束。是的，在今年下半年的新增加方面加速——從長遠來看。

Okay. That's helpful. And then as we think about the marketing spend and the move upmarket, can you just help us tactically better understand what changes as you guys focus on longer LTV customers? Is there anything we should think about in terms of just greater brand spend there versus performance? How do we think about just the shift within marketing and the strategic move up market?

好的。這很有幫助。然後，當我們考慮營銷支出和向高端市場轉移時，您能否從戰術上幫助我們更好地了解隨著你們關注長期 LTV 客戶而發生的變化？就更大的品牌支出與績效而言，我們應該考慮什麼？我們如何看待營銷內部的轉變和戰略升級市場？

I think the point that I was making earlier is that we're able to extend our marketing -- most of our marketing work to target higher value and more established types of businesses. Now we do have a sales team. Most of it is a result of the acquisitions that we've done, and that sales team is able to offer the majority of our products, including ClearVoice, the content marketing, including Stoke and including Fiverr Business.

我認為我之前提出的觀點是，我們能夠擴展我們的營銷——我們的大部分營銷工作都針對更高價值和更成熟的業務類型。現在我們有一個銷售團隊。其中大部分是我們完成收購的結果，該銷售團隊能夠提供我們的大部分產品，包括 ClearVoice、內容營銷，包括 Stoke 和 Fiverr Business。

So the combination of doing brand marketing, which creates awareness and introduces the different types of products that we have with smart performance marketing that is able to target the right customers in the right channels. Including inside sales and success managers and including our sales team allows us to really go up market and maximize the potential.

因此，將品牌營銷與智能績效營銷相結合，創造知名度並推出我們擁有的不同類型的產品，能夠在正確的渠道中瞄準正確的客戶。包括內部銷售和成功經理以及我們的銷售團隊，使我們能夠真正進入市場並最大限度地發揮潛力。

And over time, we're learning how to optimize that process and that obviously focuses on customers with higher spending capacity, more complicated needs which allows us to offer them more sophisticated types of offerings that reflect in the size of their spending and the frequency in which they spend and the number of people within those organizations that uses Fiverr.

隨著時間的推移，我們正在學習如何優化該流程，這顯然側重於具有更高消費能力、更複雜需求的客戶，這使我們能夠為他們提供更複雜的產品類型，反映他們的消費規模和頻率他們花費的金額以及使用 Fiverr 的組織中的人數。

And again, Fiverr business is really in the early innings of itself as a product, but it's already demonstrating the vast changes that we're seeing there in terms of multiples when it comes to spend per buyer, and the type of activity that we see in those accounts. So again, first signals for us, super encouraging. We're very happy with this product, and it's really in its early days we have many exciting tasks on our road map for this year for Fiverr Business.

再一次，Fiverr 業務本身作為一種產品確實處於早期階段，但它已經展示了我們在每個買家的支出倍數方面看到的巨大變化，以及我們看到的活動類型在那些帳戶中。因此，再次向我們發出第一個信號，超級鼓舞人心。我們對這款產品非常滿意，它確實處於早期階段，我們在今年的 Fiverr Business 路線圖上有許多令人興奮的任務。

We will now move on to our next question, which comes from Brad Erickson at RBC Capital Markets.

我們現在將繼續下一個問題，該問題來自加拿大皇家銀行資本市場的布拉德埃里克森。

I guess first, just I appreciate the monthly commentary you gave over about how things have been tracking sort of pre and post war. Curious to get a little more color on just kind of the latest views of linearity. I think some companies have spoken to seeing softer traffic initially after the war began and then maybe a bit of a bounce back thereafter. Is that kind of generally what you've seen? Or does the guide reflects maybe a view of a more persistent weakness? And then I have a follow-up.

我想首先，我很欣賞你每月發表的關於戰前和戰後情況的評論。很想在線性的最新觀點上獲得更多色彩。我認為一些公司已經說過，在戰爭開始後最初會看到流量減少，然後可能會有所反彈。你看到的一般是這樣嗎？或者指南是否反映了一個更持久的弱點的觀點？然後我有一個後續行動。

This is pretty consistent with what we've been seeing. I think that during the month of March, we've seen more in that elevation. This has been softened throughout the April and been stable since. I think the guidance that we're providing that we've been provided has been widened to capture the amount of uncertainty in the macro economy. On the low end, we anticipate that this soften will continue.

這與我們所看到的非常一致。我認為在 3 月份，我們看到了更多的提升。這在整個 4 月份有所緩和，此後一直保持穩定。我認為我們提供的指導已經擴大，以捕捉宏觀經濟中的不確定性。在低端，我們預計這種疲軟將持續下去。

On the high end, we assume that the business, the demand the overall traction will be back to what we've seen in the past 10 years, which is normal seasonality throughout the second half of the year. But that's the kind of what we've been seeing. And as a commentary, we've always been guiding, but based on what we have seen, this has been the case in the past. This has been the case this time. Now we are guiding based on what we have seen on the behavior of existing cohorts and our ability to attract new cohort and its behavior on.

在高端，我們假設業務、需求整體牽引力將回到過去 10 年的水平，這是整個下半年的正常季節性。但這就是我們一直看到的。作為評論，我們一直在指導，但根據我們所看到的，過去就是這種情況。這次也是如此。現在，我們正在根據我們所看到的現有群體的行為以及我們吸引新群體及其行為的能力進行指導。

Got it. That's great. And then just secondarily, last quarter in the shareholder letter, I think you called out, I don't know, maybe half a dozen or so categories that were especially strong in the business. I wonder if you could give an update there on just how those are generally faring relative to the broader business slowdown you're guiding to, basically, are they proving better or worse or kind of in line?

知道了。那太棒了。然後是次要的，上個季度在股東信中，我想你說了，我不知道，也許有六個左右的類別在業務中特別強大。我想知道你是否可以在那裡提供更新，說明這些相對於你所指導的更廣泛的業務放緩的總體表現如何，基本上，它們是好是壞還是有點一致？

Yes. So there's -- there are categories swings that are normal, and that's a part of seasonality. So if -- right now, gaming is one, game art and game development, content illustration, video editing, resume travel listing. So there is -- essentially, those trends are not a surprise. They're pretty much aligned with seasonal trends that we're seeing from time to time and shift.

是的。所以有 - 有些類別波動是正常的，這是季節性的一部分。所以如果——現在，遊戲是一個遊戲藝術和遊戲開發、內容插圖、視頻編輯、簡歷旅行列表。因此，從本質上講，這些趨勢並不令人意外。它們與我們不時看到並發生變化的季節性趨勢非常一致。

There's rarely any changes within categories that are constant, that they are here to stay. And also those swings are relatively small. It's just we're just highlighting them from time to time as we think it's interesting in the larger, broader of just understanding supply and demand. But there is no substantial change in the category mix, again, from time to time, from quarter-to-quarter, some different highlights around different categories.

類別中很少有任何不變的變化，它們會一直存在。而且這些波動也相對較小。只是我們只是不時強調它們，因為我們認為在更大、更廣泛的理解供需方面很有趣。但是品類組合併沒有實質性的變化，同樣，從一個季度到另一個季度，圍繞不同品類的一些不同的亮點。

Our last question comes from Eric Sheridan at Goldman Sachs.

我們的最後一個問題來自高盛的 Eric Sheridan。

Maybe two, if I can just squeeze it in quickly. In terms of I know we've talked a little bit about marketing so far on the call. But in terms of where you're aiming marketing to be successful and continue to ramp into power business, is there a different cadence in the year in marketing? Or is it a different element of like more fixed versus variable that we could see in the model going forward? Just want to understand a little bit how the shifts might take place as you move up to stack online marketing dollars against Fiverr business.

也許兩個，如果我能快速擠進去的話。就我所知，到目前為止，我們已經在電話會議上討論了一些營銷問題。但是，就您希望營銷取得成功並繼續進軍電力業務的目標而言，今年的營銷節奏是否有所不同？還是我們可以在未來的模型中看到的更固定與可變的不同元素？只是想了解一點，當您將在線營銷資金投入 Fiverr 業務時，這些轉變會如何發生。

And I think I've asked this in the past, but when you think about language extension or vertical extension, anything on the road map, do you think we should be aware of where you see pretty big opportunities for growth going forward by further extension of the platform.

我想我過去曾問過這個問題，但是當你考慮語言擴展或垂直擴展時，路線圖上的任何內容，你認為我們應該意識到你認為通過進一步擴展在哪些方面可以看到巨大的增長機會平台的。

Eric, thanks for the question. So as to marketing, I think that what we're doing right now is the right thing in terms of seeing how we can extend marketing to go upmarket with the types of offerings that we have. Right now, we're not planning to do any potential changes in our marketing strategy or how we do spending and definitely how we think about the efficiency of our marketing.

埃里克，謝謝你的提問。至於營銷，我認為我們現在正在做的事情是正確的，因為我們可以看到我們如何擴展營銷以使用我們擁有的產品類型進入高端市場。目前，我們不打算對我們的營銷策略或我們的支出方式以及我們對營銷效率的看法進行任何潛在的改變。

And I think that, that in tandem with the work that we're doing on the success management and the inside sales, so to speak, is proving itself to be very efficient. Obviously, we're refining this over time. But right now, we think that, that strategy is working very well, and we're not planning to change it.

而且我認為，與我們在成功管理和內部銷售方面所做的工作相結合，可以這麼說，證明自己非常有效。顯然，我們會隨著時間的推移對其進行完善。但現在，我們認為該戰略運作良好，我們不打算改變它。

In terms of language extension, we're doing a lot of work in the past 2 years in the area of machine translation infrastructure, search in local languages, local currency, building local communication awareness. All in all, I'll say that the opportunity to extend our offerings and go deeper into different languages in different countries is there, and we're capturing it.

在語言擴展方面，過去兩年我們在機器翻譯基礎設施、本地語言搜索、本地貨幣、建立本地通信意識等領域做了大量工作。總而言之，我要說的是，我們有機會擴展我們的產品並深入研究不同國家/地區的不同語言，我們正在抓住它。

So without getting too deep -- too much deep into our playbook, it's definitely something that is playing well for us. And definitely, helping us establish our presence and increase our presence in multiple countries. And again, we think that the same playbook should be -- should continue to be applied as we grow.

因此，不要太深入——太深入我們的劇本，這絕對是對我們來說很好的事情。當然，幫助我們建立我們的存在並增加我們在多個國家的存在。再一次，我們認為同一個劇本應該——應該隨著我們的成長繼續應用。

This concludes our Q&A session. I would now like to pass back over to Micha for any final remarks.

我們的問答環節到此結束。我現在想請 Micha 發表最後的評論。

Thank you, Victoria, and thank you, everyone, for joining the call today. Have a great rest of the day. We'll see you at the upcoming investor events and talk to you next quarter. Thank you.

謝謝 Victoria，也謝謝大家今天加入電話會議。好好休息一天。我們將在即將舉行的投資者活動中見到您，並在下個季度與您交談。謝謝。

Perfect. Thank you, everybody, for joining today's call. You may now disconnect.

完美的。謝謝大家參加今天的電話會議。您現在可以斷開連接。