Fiverr $FVRR 3Q21 Earnings 💪🏻
- Rev $74m +42% ↗️ -1% QoQ ➡️
- Gross Profit $62m +42% margin 83% -10bps ➡️
- Adj EBITDA $7m +74% 🚀 margin 10% +180bps✅
- NG Net Income $7m +62% 🚀 margin 10% +127bps ✅
- OCF $10m +43% ↗️ margin 13% ➡️
- Rev $74m +42% ↗️ -1% QoQ ➡️
- Gross Profit $62m +42% margin 83% -10bps ➡️
- Adj EBITDA $7m +74% 🚀 margin 10% +180bps✅
- NG Net Income $7m +62% 🚀 margin 10% +127bps ✅
- OCF $10m +43% ↗️ margin 13% ➡️
$FVRR Strong Business Metrics 💪🏻
- Active Buyers 4.1m +33% ↗️
- Spend per Buyer $234 +20% ↗️
- Take-Rate 28.4% +140bps ✅
- Active Buyers 4.1m +33% ↗️
- Spend per Buyer $234 +20% ↗️
- Take-Rate 28.4% +140bps ✅
1 | Strong Quarter
“Q3, turn out to be a very strong quarter with revenue growing 42% YoY above the high end of our guidance.
All KPIs, including active buyers, spend per buyer in intake rate performed really well too.”
“Q3, turn out to be a very strong quarter with revenue growing 42% YoY above the high end of our guidance.
All KPIs, including active buyers, spend per buyer in intake rate performed really well too.”
2 | Despite strong base effects in 3Q20 (+88%)
“This is especially impressive considering the 88% growth we had in Q3 last year, translating to 166% revenue growth on a two-year basis.”
“This is especially impressive considering the 88% growth we had in Q3 last year, translating to 166% revenue growth on a two-year basis.”
3 | Top Customers Spending even more
“…customers that we acquire are actually spending more with us over time….their contribution to the overall revenues of Fiverr is increasing…
high-value buyers…62% of our revenues…500 bps more…which is a very significant growth.“
“…customers that we acquire are actually spending more with us over time….their contribution to the overall revenues of Fiverr is increasing…
high-value buyers…62% of our revenues…500 bps more…which is a very significant growth.“
4 | Higher Take-Rates.
“Part of the increase (i.e. 50bps) is due to the change we did on the service fees. And the rest is relying on the other services we are promoting, which have a higher take rate.
“Part of the increase (i.e. 50bps) is due to the change we did on the service fees. And the rest is relying on the other services we are promoting, which have a higher take rate.
4 | Higher Take-Rates (cont’d)
“…services are becoming more popular & adopted by the audience…anticipate the take rate will increase for the time being…
since we went public that take rate is growing moderately QoQ... anticipate this is the case for the next few quarters.”
“…services are becoming more popular & adopted by the audience…anticipate the take rate will increase for the time being…
since we went public that take rate is growing moderately QoQ... anticipate this is the case for the next few quarters.”
5 | Latest acquisitions not material yet
“…what's organic and was additive from CreativeLive and Stoke Talent?”
“The two companies are considerably small, and the overall revenue and expenses are not material to what we have today.”
➡️ Top-line ~ Organic
“…what's organic and was additive from CreativeLive and Stoke Talent?”
“The two companies are considerably small, and the overall revenue and expenses are not material to what we have today.”
➡️ Top-line ~ Organic
Final Thoughts on Fiverr $FVRR:
➡️ A combination of large opportunity of freelancing/remote work, supported by long-term secular tailwinds, growth, operating leverage, already profitable & still improving, founder-led, driven by network effects & optionality. Thesis unchanged.
➡️ A combination of large opportunity of freelancing/remote work, supported by long-term secular tailwinds, growth, operating leverage, already profitable & still improving, founder-led, driven by network effects & optionality. Thesis unchanged.
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