Q3 2024 Fiverr International Ltd Earnings Call Transcript
Key Points
- Fiverr International Ltd (FVRR) exceeded its revenue and adjusted EBITDA guidance for Q3 2024, showcasing strong financial performance.
- The company reported an 8% year-over-year revenue growth, with a significant improvement in adjusted EBITDA margin by 180 basis points.
- Fiverr's strategy to go upmarket and expand value-added services has resulted in a higher spend per buyer, which grew by 9% year-over-year.
- The introduction of innovative AI-powered tools like Dynamic Matching and Neo has been well-received, leading to larger and more complex projects on the platform.
- Fiverr has a strong balance sheet with over $650 million in cash, allowing for continued investment in growth and shareholder value initiatives.
- Despite the positive financial results, the overall SMB sentiment remains weak, and the hiring environment continues to be challenging.
- Active buyer growth was muted, indicating potential challenges in attracting new users to the platform.
- The macroeconomic conditions, including a downturn in the professional staffing market, pose ongoing challenges for Fiverr.
- There is uncertainty regarding the impact of seasonality and upcoming elections on future performance.
- The company faces pressure to maintain its take rate expansion amidst macroeconomic volatility and competitive market conditions.
Good day, and thank you for standing by. Welcome to Fiverr third-quarter 2024 earnings conference call.
(Operator Instructions)
Please be advised that today's conference is being recorded.
I'd now like to hand the conference over to your first speaker today, Jinjin Qian, EVP, Strategic Finance. Please go ahead.
Thank you, operator and good morning, everyone. Thank you for joining us on Fiverr's earnings conference call for the third quarter that ended September 30, 2024.
Joining me on the call today are Micha Kaufman, Founder and CEO; and Ofer Katz, President and CFO.
Before we start, I'd like to remind you that during this call, we may make forward-looking statements and that these statements are based on our current expectations and assumptions as of today and Fiverr assumes no obligation to update or revise them. A discussion of some of the important risk factors that could cause actual results to differ materially from any
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