Fiverr(FVRR)2023-11-08 16:00Revenue and Financial Performance - Revenue in Q3 2023 was 82.5 million in Q3 2022[5] - Q4 2023 revenue is projected to be between 95.1 million, with a year-over-year growth of 6% to 14%[7] - FY 2023 revenue guidance is maintained at 365.0 million, with a year-over-year growth of 6% to 8%[7] - GAAP net income for Q3 2023 was 11.4 million in Q3 2022[5] - Net income for Q3 2023 was 11.350 million in Q3 2022[16] - Non-GAAP net income for Q3 2023 was 8.628 million in Q3 2022[21] - Non-GAAP diluted net income per share for Q3 2023 was 0.21 in Q3 2022[21] Adjusted EBITDA and Margins - Adjusted EBITDA for Q3 2023 was 6.6 million and 7.9% in Q3 2022[5] - Fiverr raised its FY 2023 Adjusted EBITDA guidance to 60.0 million, representing a midpoint margin of 16.3%[3] - Adjusted EBITDA for Q3 2023 was 6.554 million and 7.9% in Q3 2022[22] - Non-GAAP gross margin improved to 85.2% in Q3 2023 from 82.8% in Q3 2022[20] - Management uses non-GAAP metrics like Adjusted EBITDA and Adjusted EBITDA margin to evaluate operating performance and plan for business expansion[28][29] - The company cannot provide a reconciliation of Adjusted EBITDA and Adjusted EBITDA margin guidance for Q4 2023 and fiscal year 2023 due to unpredictable items like share-based compensation and exchange rate income/loss[32] Active Buyers and Spend Metrics - Active buyers remained stable at 4.2 million as of September 30, 2023, unchanged from the same period in 2022[5] - Annual active buyers decreased slightly to 4.164 million in 2023 from 4.249 million in 2022[18] - Spend per buyer (SPB) increased to 262 in Q3 2022[5] - Annual spend per buyer increased to 262 in 2022[18] - Active buyers are defined as those who have ordered a Gig or other services on the platform within the last 12-month period, regardless of cancellations[27] - Spend per buyer is calculated by dividing GMV within the last 12-month period by the number of active buyers as of that date[27] Take Rate and Seller Plus - Take rate rose to 31.3% in Q3 2023, up 130 basis points from 30.0% in Q3 2022[5] - Seller Plus subscribers reached 25,000, contributing to the take rate expansion[3] - Take rate is calculated as revenue for a period divided by GMV for the same period[27] Cash Flow and Operating Activities - Net cash provided by operating activities in Q3 2023 was 5.706 million in Q3 2022[16] Expenses and Compensation - Share-based compensation expenses totaled 17.612 million in Q3 2022[16] - Non-GAAP research and development expenses decreased to 16.927 million in Q3 2022[24] GMV and Platform Metrics - GMV (Gross Merchandise Value) is defined as the total value of transactions ordered through the platform, excluding VAT, GST, service chargebacks, and refunds[27] Forward-Looking Statements and Risks - Forward-looking statements include expectations for Q4 2023 and fiscal year 2023 financial performance, long-term Adjusted EBITDA margin goals, and AI service developments[33] - Risks to forward-looking statements include political and economic instability, competition, data security, and international expansion challenges[33]