FVRR - Fiverr International Ltd. (FVRR) Citi's 2023 Global Technology Conference (Transcript)
2023-09-07 20:04:06 ET
Fiverr International Ltd. (FVRR)
Citi's 2023 Global Technology Conference
September 07, 2023, 10:30 AM ET
Company Participants
Micha Kaufman - Co-Founder and CEO
Ofer Katz - President and CFO
Conference Call Participants
Ronald Josey - Citi
Presentation
Ronald Josey
My name is Ron Josey. I cover the Internet sector here at Citi. Can you hear me okay? I feel like there's some issue with the microphone. Okay. So cover the Internet sector here at Citi, and I'm always happy to have with us Micha Kaufman, Ofer here, Ofer Katz, the CEO, Co-Founder Fiverr, the CFO of Fiverr. We know each other for a long time. So it's always great to see you all again in person. It's amazing. We're saying that years later, but we have to. So it's great to see you. Welcome.
I'm sure all of you know Fiverr. I really think Fiverr is sort of coined the service as a product approach and coined is a wrong word, just sort of brought it to light in terms of how you can reduce friction and drive, call it, commerce and transactions here across seven - around seven of the categories, maybe more now, 4.2 million active buyers, over $1 billion in annualized GMV. So we're at scale. We're global. There's a lot to talk about.
So with that, Micha, Ofer, great to see you both. Welcome.
Micha Kaufman
Thanks for having us.
Question-and-Answer Session
Q - Ronald Josey
Let's jump in. Thanks for flying across everywhere to get. So let's just kick off with a bigger picture question that we get all the time, and it's just level set us where Fiverr is in terms of the business, like the pandemics now, hopefully, knock on wood behind us. We've had ups and downs. I think you've used the word quasi-recession here recently.
So just tell us about the current operating environment? How Fiverr is seeing it? Maybe I'm diving too deep, start off with what does Fiverr do. And then we'll go into the operating environment.
Micha Kaufman
Okay. So essentially, Fiverr started in 2010, overseeing into a wave where freelancing became much more widely accepted as a carrier of choice. Millennials powered this in 2010. By 2030, they're going to be 75% of the workforce, Gen Z as well. We started financing was about 20 - low 20 percentage of the workforce in the U.S. It's now close to 50.
Ronald Josey
That 20% was when?
Micha Kaufman
2010.
Ronald Josey
2010, more than a decade ago.
Micha Kaufman
It's incredible. So it's growing very, very fast. When you look at the available market, we've published research that we've done just U.S. freelancers in the categories in which we operate are I've made last year about $250 billion. And this is the U.S., European total is 1.5x larger.
So it's a blue ocean opportunity. And the adoption of online platforms to tackle the challenges of working with the freelancer or an agency are still a very small portion of the overall business. That's a good news for us because it means that the world ahead of us has plenty of space for growth. And Fiverr is a growth company. For the first 10 years of the company, the baseline growth of the company was about 40% to 50% every year. And this was very, very steady, so compounded growth going - doing very well.
During the pandemic, obviously, this growth has pretty much doubled, went to 70% or 100%. And because of that fast-forward and the fact that we report on a trailing 12 months, we knew that the lapping of it is going to have bad optics, but the fundamentals of the business are great.
Now the situation that we're seeing right now is Fiverr started with micro services for micro businesses, and over time, went into a more - to a wider catalog of more extensive services that can also answer the needs of larger, more established businesses. But because of the history of - because of the heritage of the company, the majority of our customers are still micro businesses and small businesses.
Recently, we've been - recently, I mean, since the IPO, we've been talking about going on market. We've invested tremendously into it and launched products like Fiverr Business two years ago and recently announced the Fiverr Business Solutions Suite. It went - I mean, that portion of the business went very quickly from just a couple of quarters ago 5% of the business till now, about 10% of the business. So it's definitely outgrowing the pace of growth of the market base itself.
However, since the majority of our businesses are micro businesses and small businesses, they are more impacted because of macro - and so the reality was that at the back end of COVID as the market started going out of it, inflation went up, interest rate is crazy, so the cost of borrow is extremely high.
So unlike medium-sized businesses and established businesses that they have free cash and they need to continue investing in maintaining their brand equity and their growth, smaller businesses need to borrow money to spend in growth and borrowing money right now is crazy expensive. And so they're playing a little bit more safe.
We're seeing that in how they spend, the types of services that they acquire. All in all, again, also within small businesses, the fundamentals, when you look at their conversion rate and their engagement, the retention, the revenue retention of these cohorts, it's doing well. However, larger businesses are doing better, period. So for us, it's a good opportunity to double down. It's not a new thing.
And this is important for me to say to shareholders. Fiverr has been very consistent. I mean you know us since the early nondeal road shows before the IPO. Pick the deck of the road show and look at it. We said exactly the same thing that we're saying now that the investment in growth vectors have been consistent.
The execution have been consistent. We don't control them, we can't, and we can't beat macro. However, we can take advantage of the fact that we've grown as a company. And when we took the company public four years ago it was less than 1/3 in size where we are now, and it was a company that was burning money. Right now, we're 3.5x larger and printing money, which is great.
That's the right thing to do. And we've done it faster than anyone anticipated. So I think that, in that respect, it's in a good place. The investment that we're doing in going upmarket is definitely paying dividends, and we'll continue doing that. And we're sure because we've been through cycles that once this cycle is over, meaning that inflation is going to go down a little bit, so consumption is going to reinvigorate and then interest rate going down so the cost of borrowing is going to be smaller, then we're going to see the small size business just picking up very fast.
And we've seen that during COVID. It was - I mean, it was an S-curve. It was very compressed. It was very short, but we've seen that S-curve happening. So we know how the trend is going to look like.
In the meantime, we're doing the best to ensure maximum efficiency, making sure that we're maximizing the long-term margins and the bottom line. And we haven't changed our strategy of being a high-growth company, right? Sometimes growth is hard. It's hard in a macro environment that creates a tougher situation for small businesses.
Ronald Josey
So Micha, I was going to ask this a little bit later on, but it might be appropriate now. Like I - given everything we just talked about, understood the cost of borrowing and the importance of borrowing for SMBs, today, there is a release out, right? The power of humanity ad campaign, just launching, right? Some pretty good stats in there. I think, in 2Q, over, Ofer, we talked about hiring might be coming back in the back half.
So as we talk about the current environment, and as we talk about preparing for whatever the new, new normal might look like, are we seeing any following in the current environment? Or this is going a little bit more on offense because to your point, we're a lot more - we're more profitable, we can be. Just talk to us about the investment cycle relative to what you're seeing now in the growth cycle?
Micha Kaufman
I mean, as a company...
Ronald Josey
Or am I reading too much into it?
Micha Kaufman
No, no. I mean, Fiverr has been a very nimble company. I mean it's a very small team in comparison to the GMV that we're generating for the community, and we like to keep it that way. And if anything, yes, we're a little bit back into hiring. But that said, because of new technologies, because of AI, our team is much more effective.
I told my R&D team that I expect them to produce 30% more code this year already. And in the next two or three years, 50% more, which means that you can do more with these people, which is great. The same applies for things that're operational, like customer support, like marketplace integrity, things of that sort.
So in that sense, I mean, we're definitely not playing defense. We never play defense, and it doesn't make sense to play defense when you have such a large market. And essentially, it's not - these are not markets that you get squeezed by a competitor or anything. I mean it's just a wide blue ocean of opportunity that the majority of it happens offline, right? It's 2023 and still about 90 - maybe 95% even of the freelancing activity doesn't happen online.
So the opportunity is immense and there's no place to play defense. However, there is an opportunity to be more effective, that's exactly what we're doing.
Ronald Josey
Super helpful. Let's talk about just the current - I hate to say current demand environment, but there are certain things that are happening in the marketplace that, I think, are really interesting. So specifically, the percentage of core marketplace revenues from repeat buyers is now 65%, I believe. That's up from 64% in 1Q, and up over the past. I think first-time buyers are spending 15% more.
Micha Kaufman
Correct.
Ronald Josey
And so there's a lot of things that are happening here. Talk to us a little bit more about what's driving these changes? Is this the Fiverr business solutions? Is that 10%? Or what are these cohorts now knowing like the adoption is better for newer buyers and these cohorts are now knowing how to use the platform better?
Micha Kaufman
Yes. I mean it's very - it's a combination of everything you said and more. It's - when we report and talk about the business, there's a number of different numbers that we use. Those who follow us know that we report on active buyers and spend per buyer. And the reality is that when you think about active buyers and spend per buyer, these are inputs, not outputs, meaning that for us, these are levers that we can play with. And sometimes we push more on one at the expense of the other.
In a situation where we want to go more upmarket, what we do is we focus more on the quality of customers that we acquire. And again, this is nothing new. I mean we've been reporting what we call high-value buyers, those who spend in our case is those who spend more than $500 with us every year pretty much ever since we took the company public. And if you track that number, that number is increasing significantly. Now that means that; one we, by definition, focus on acquiring less, but better cohorts, which translates into these results.
But at the same time, we're also building much more extensive products that allows us to identify and segment those customers and funnel them into the right journeys. So if we're seeing a more mature business, with more sophisticated needs, we can push them from the core market space into one of our business solution offerings like Fiverr Pro. And by doing so, we're increasing their spends multiple times, right, than the average spend on Fiverr. So capturing it, acquiring them in the first place and making sure that we extract the most out of their spend capacity by sending them to the right experience within our platform.
Ronald Josey
Yes. And I mean, we're seeing this just - these are healthy underscoring - underlying dynamics of the marketplace where repeat buyers are growing, people are buying more. Search and comparability, I think were two key product improvements that are worked on this year. Anything else to point to that might be driving the like product-wise, that might be driving better continued healthy marketplace?
Micha Kaufman
I mean, we've been doing a lot to invest in products that will maximize the repeat potential of customers. So for example, features like the ability to subscribe to the service. Some services require investment over time. Search engine optimization is not something you do once and done. So essentially, what you do is you can subscribe to a service and work with a freelancer or agency throughout many, many months.
The entire suite of business solutions is all about that, right? It's the fact that you can now do so much more with Fiverr, meaning that if you're interested in a more complex project, but you don't want to run this project on your own, you have a project manager now as a service that can run the project for you. So these are the types of offerings that are maximizing and pushing the way and the frequency and the capacity of offerings that we have.
Ronald Josey
Super helpful. Let's dive a little bit deeper on Fiverr business solutions. This is key takeaway from 2Q was just obviously Fiverr Business Solutions, we're going up market, 10% of GMV, so growing certainly faster. Talk to us about just the demand here from a certain perspective, like what drove the - what's driving that 10% of GMV? We're going up market. Who's buying these services, and we have more specific questions, but just higher level talking us about fiber business solutions?
Micha Kaufman
Sure. Do you want to take this?
Ofer Katz
I think the genesis of the business solutions started where we saw the potential exist in the pipeline. Bigger organization arrive in the marketplace, seeking for bigger projects, more quality projects, kind of account management assistant while they use the freelancer on the marketplace. And the evolution of the product stuff with type of business approximately two years ago. That kind of create a different avenue for bigger organization to interact with the marketplace. And from there, it's evolved into by the certified and by the Enterprise.
And the new version of Fiverr Business, which is now Fiverr Pro. Those consist those are the fundamentals of the Fiverr Pro business solution. And it provides a bigger organization, a different set of tools, a vetted group of pool of talent, qualified to work with and serve bigger organization.
But also environment where compliance and misspecification exists to assist big organization, enterprise-grade organization to interact with freelancer. And we found throughout the journey of Fiverr that bigger organization not only need access to freelancer, but also need some basic element of compliance and tools to be able to walk out with freelancer under ordinary calls of doing business.
So the business solution evolved from there over time. And our focus today is to segment the audience that land into the marketplace and route them over to business solution because we know by the fact that when the right customer landing into business solution, they spend much more money on an ongoing basis.
I think we mentioned before that the spend on Fiverr Business used to be more than 3x the spend on the marketplace. I can share that spend on Certified is much higher. So customer that land on Certified are happened to use Fiverr and freelancer in a greater and better way, and same goes to enterprise.
Ronald Josey
So Ofer, let's take on Certified for a second, and I think it's a dedicated partner marketplace is how I think about it. I don't know how many people have looked into Fiverr Certified or Fiverr Pro. Maybe we can define it a little bit more, but I think Amazon is a partner, if I'm not mistaken. How does Certified scale? So how do you get this dedicated marketplace and these partners to be part of the marketplace?
Ofer Katz
More and more partners. And I think we launched that a few months ago. We already partner with few dozen of customers and it's growing on a weekly basis. I think Certified stand for the pain. First, the pain of the partner themselves, serving their long-term - long-tail customer because, for some partners, they have program for the bigger customer, program partners, companies that a system to serve the customer.
But for the long term, for the SMB, company like Monday, don't have any access to the SMB. They don't know how to serve small customers that need some assistance with deployment of Monday or expansion or customization of Monday within the organization.
Same goes to TikTok. How do you serve a small publisher that need to create a video to serve the advertiser needs. So without the access to this long tail, I think, Fiverr Certified solved this pain by allowing for freelancers to service audience. And I think this partnership is now being duplicated into many vendors.
We mentioned the bigger, but there're many others, and the work with the partner is not only to create more and more environment, but also to bring over talent that can serve the audience and then drive profit into this marketplace is the way to scale that into many partnerships, which is just like the catalog creating many, many categories.
And I think that's how it works.
Ronald Josey
That's super helpful. We'll get into Fiverr Pro here in a second. I do - I am curious as we go up market and we see greater spend with these products, does it change the acquisition strategy at all? Does it - and I know we don't have a sales force, but how do we think about acquisition for Business Solutions, which is growing so fast?
Micha Kaufman
Yes. So as you said, Fiverr pretty much operates without the sales force. The reality is that within the funnel of people that come to Fiverr, there is plenty of the entire spectrum. Yes, it's more skewed towards SMBs. We have plenty of midsized businesses and even enterprise businesses that're coming to Fiverr.
And what was really important, I think both Ofer and myself touched on that is the ability to identify and segment those customers as early as possible within their visit and make sure that we pair them with the right product, the right solution that obviously increases conversion and later on also retention.
In terms of the acquisition, again, I hinted to it by saying that, by definition, we are targeting higher value customers. And so what we do around marketing and that could be brand marketing or that could be performance marketing or working with different channels, and we operate tens of different channels for acquisition, is really focusing on the quality of these buyers that we know could be more meaningful as future cohorts.
Ronald Josey
So that's a great segue actually in the Fiverr Neo. Micha, you talked about just identifying and segmenting your buyers as early as possible. So Fiver Neo was a product that was announced at least we think it was announced on 2Q earnings, which is just an improved matching tool, I believe. But talk just about Fiver Neo. What was - what makes it differentiated unique and would love to hear mismatching to any insights on conversion rates? I know we're early, but...
Micha Kaufman
I wouldn't say it's an improvement on the margin. I would say that this is a groundbreaking step function in matching. And when you think about any market base, essentially, any 2-sided market base, the number one challenge that every marketplace has is margin, which is not search, and we shouldn't confuse the two. Yes, matching is the result of search to find. But essentially, it's a very different experience.
And I think people have been trained to do search, to compress their questions into two or three keywords and expect the results to be great. But when you try to match, and we're matching people, which is probably the highest level of complexity. When you try to match people, you need to get more than just a few key words. If you want to create the perfect match, what you need is context. And Fiverr Neo really allows us to answer the questions, who are you, and what are you trying to do? Would you trying to imagine answering those questions just by seeing the two or three words that people plug into the search, or how they click on the site. This is super complex.
What we're doing with Fiver Neo is not just being able to create this unbelievably accurate match and perfect match, which is super, super personalized, but we're also, as a byproduct, an intentional byproduct, we're accumulating this very deep authenticated profile of a customer that we can use in the future. right? So it's not just waiting for first purchase and trying to derive from that purchase, who are you? Or we're just asking a long list of survey questions about your business. No. Here, you have interactions that are more conversational, very experiential. They're very rich that allows us to understand who are those customers? And what are they trying to do?
And through that, not just provide them with great match, but also understand what's next for them? How can we help them better? Think about this as this perfect knowledgeable friends or concierge that can actually understand you and your needs and your level of knowledge in what - do you understand what you're trying to do? Or do you need some information to break it down because what you're trying to do is a project that requires three types of skills? And can you run it yourself?
Do you want us to do it for you? All of that is done through this magical product. I'm so excited about this. I mean this Neo got me back to coding.
Ronald Josey
Explain that a little bit more. You're actually coding?
Micha Kaufman
Yes. I used to. Yes. The first version of Fiverr, I was - I coded half - about half of it. And over the years, my quoting skills and my free time to code is being squeezing. But this is so much fun. I mean this - we're using a hybrid of technologies, third-party, home developed, our big data assets, our own algorithms of matching. So this is super exciting. I mean it's still in - I wouldn't even call it beta. It's alpha.
But essentially, it's open for just a few thousand people, and we're experimenting with it. We're releasing two, three new versions every day of it. It can do more and more each time. What's interesting also is that once you start using sophisticated AI in your product, you actually understand the level of maturity of AI, which is somewhat production - close to production ready.
Still lacks, still has many issues of performance and accuracy and - but we're - I mean, we're so excited about this, and our customers are excited about this. So the results are great. The first experiences that we're seeing through the system are incredible. The learnings that we accumulate through these experiences are unbelievable. And more important than anything, both sides are happy.
I mean the freelancer or agencies or what the businesses are just happy with the match. Because also, when you think about the supply side, those freelancers right, they love getting qualified customers. Sometimes you get a customer that ask you questions that just tells you that they're looking in the wrong place. But Neo has this incredible match. And it takes into account so many different variables, so many different things that make that transaction so great.
Ronald Josey
All within the key words, all within the key search, so almost instantaneous.
Micha Kaufman
So essentially, it starts from it, but it becomes this very unique type of conversation with Fiverr Neo. That is not - I mean it's not like ChatGPT. It's not like you put something and you get something back. This is - this is like talking to a person that can - that can throw things at you. It's not just text, it's imagery and video and examples, and it will take you through and explain things for you because sometimes you ask people if they have any style preference, but they don't know what style preference means, or they don't know what's the difference between an abstract design to a, I don't know, a realistic or 3D design.
So you need to show them. So that's all powered into Neo. It can actually take you through that experience, which is why I think it's great. And I think that this is - by the way, this is the future of e-commerce.
Ronald Josey
Future of sorry?
Micha Kaufman
E-commerce. Two years from now, Amazon will not look like Amazon. This is - I mean, you would think about just market bases where you see hundreds or thousands of products like a product of the 90s. It's - everything is going to change because we have the tech now that allows us to really personalize experiences. And we're - I mean, Fiverr has always been pioneering in what - I mean, you mentioned the services product concept. And we're having a good time right now pioneering this new way of matching.
Ronald Josey
And you know the next question here just because I'm sure it's on everyone's mind. Any insights on where an alpha, what I could time line, is this a '24, '25?
Micha Kaufman
No, no, no. We're pushing ourselves as much as possible, by that, I mean, 24/7, to open it up as widely as possible. That said, we want to provide very high value experience for our customers. And what we're doing now is we're gradually releasing this to a ginormous wait list that we have of customers that are waiting for it is making sure that as we release it, the quality of margin and experience and speed and everything is in the product and it just takes time. This technology was invented 20 seconds ago. This is like, we're pushing this technology to its boundaries and then a little bit beyond.
Ronald Josey
So we have about six minutes left. We'll go to questions after - I got one more, and then we'll open up because I'm sure there's a lot to talk about a lot of questions. Maybe if not, I've got tons of. But Ofer, we talked a good amount about the focus - or the mix shift upmarket, the strength of Fiverr Business solutions, core micro businesses, they still have some challenges given interest rates, everything else. How do we translate this into the model? So in other words, active buyers, spend per buyer. Talk to us about those dynamics and how you see that going?
Ofer Katz
I think we mentioned in the last - since last earnings that, when I said there is a balance between spend per buyer and active buyer, and as we go upmarket, we see more spend, but they're less of buyer because - and that's the focus. And that's the focus of Fiverr for a long time. Go up market, we focus on bigger organization, each one of them spend more but there are less account. And I think what we anticipate in the second half of the year is stabilized, maybe slightly decline in the number of active buyers, but spend per buyer is going to lead the growth. And we do expect some acceleration on the growth, and I think we mentioned that from the last earnings.
So while we go up market, lifetime value of customers is better. Cost of acquisition is higher, but the ratio of lifetime value to cost of acquisition is becoming better. And I think we share that every quarter, and you can see the return in terms of TROI, but also the longer-term return of 3x and 5x as time goes.
So for the time being, and that's for the rest of the year, that's what we see. We do believe that once macro turn, an appetizer SMB is going to go back to what we've seen in the last 14 years. We do anticipate that active buyer, as a whole, is then to grow back again and spend per buyer and buyers are going to contribute to growth.
Ronald Josey
And then one last one, just model. We've been super impressed with just the margin expansion and how the business has rethought its expense and just how it's organized. And so we are investing a little bit in headcount in Gen AI in the services that we need, right? We are seeing a new ad campaign launching to drive all the awareness of these new products. Just where do you see - we're sort of close - very close to long-term margin guidance. So talk to us about margins.
Ofer Katz
Sometimes the last mile is the hardest but we've been improving EBITDA ever since the company was established. You have the record of the last probably five or six years. And you can see how EBITDA is improving. Sometimes there is a step function and sometimes it gets a little bit slower, but it's always improving. What we are seeing today is a new baseline.
If I'm going to jump to another step function in the second half of the year, we do have some gap in headcount that mainly on the R&D that we are recruiting, but it's going to keep improving as the business scale. Now the unit economy and the fundamental works. It worked great during the time where we see a massive growth of 100%, and it works great when the top of funnel is soft. It worked great for the first customer that we acquire and its worked great for the last customer. This is why our gross margin is so high.
And the business is printing money, as Micha said at the beginning, even though it's not the best environment for Fiverr - for SMB and Fiverr accordingly. But it will keep growing, probably discuss how much is going to grow in the second again in the next year, later on or maybe early next year, but we do think that there is leverage embedded to sales and marketing as the business scale. The business is going to scale. And not that our investment is going down on the contrary, we do plan to increase the investment in marketing and other groups. But the business is trying to support and fund that just like we've been doing ever since went public and before.
Ronald Josey
Sure. Well, let's stop there, see if there's any questions in the audience. Here we go. Yes. We're waiting for microphone. It's coming.
Unidentified Analyst
Sorry, always in mind the fact that your take rate has been amazingly stable, if not higher. And I think you've explained to us that the - for small businesses, at least, the cost of them going out and getting leads is so much more than Fiverr. I totally understand that. How do we think about that as you move up market? What - where the economics look like?
And I guess I keep thinking to myself, you're not a staff augmentation firm, but it sounds a bit more like that as you move up market. Just kind of maybe just talk through those two issues a little bit.
Micha Kaufman
So when you think about take rate expansion the transactional portion of it has been pretty steady, with minor changes. The incremental addition to the take rate has been as a result of higher take rate services and products that we offer for our community. They love it. They use it. They pay for it.
And that, in combination with the transactional take rate, is the overall take rate, which is why it's growing. So the basic arrangement that we have in terms of being the marketeers and deal makers of our supply community hasn't changed. And this is not really changing as you go upmarket because essentially, every business, if you're a single freelancer or if you're an agency, there's massive marketing expenses of making the next month or quarter. And we're taking that out of the equation.
So at least for now, this is - and in terms of added value services and products, there's - I mean, we're just getting started, and we're launching more and more of these. And as long as they work well, and the community loves them and is openly willing to pay for them, then there is a potential to continue go on this.
Ronald Josey
So with that, I think we're in over time, if it's a quick one. We're in over time, but go ahead.
Unidentified Analyst
Just a quick one. You've been running around 260 on the spend per buyer and you're talking about the move up market. And that 260 million is like roughly average across - it's average across everybody. If you go up market, could you give us a sense for what these bigger customers are spending with you?
Ofer Katz
We just got a name on today about the customer willing to spend $0.5 million.
Micha Kaufman
Yes, we got an e-mail of a customer that wanted to get some project assistant to spend $0.5 million. The potential is very high. When you look at the customers that are using the business offerings I think Ofer mentioned that, they spend multiple times the average spend. And in some cases, they will - they might spend multiple times in their first purchase. So it is a pretty significant step function.
And by the way, it's not surprising because when - if you do a survey of the difference in spend capacity or the budgets that businesses have to work with talent, micro businesses and small businesses, that difference is order of magnitude. And when you get to medium-sized businesses, it gets to orders. So it's not surprising that when we get those types of customers, they spend significantly larger. And the more - their portion of the business grows, it's going to impact and accelerate the average spend. But still, it is a small portion of the business. It is growing faster than the marketplace itself, but it takes time.
Ronald Josey
With that, Micha, Ofer, thank you very much for joining us. Enjoyed it. A lot to think about for sure.
Micha Kaufman
Thank you.
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Fiverr International Ltd. (FVRR) Citi's 2023 Global Technology Conference (Transcript)