Fiverr International Ltd FVRR reported fourth-quarter fiscal 2023 sales growth of 10.1% year-on-year to $91.50 million, missing the analyst consensus estimate of $92.55 million. Adjusted EPS of $0.56 beat the consensus of $0.48.
Active buyers as of December 31, 2023, were 4.1 million versus 4.3 million last year, and Spend per buyer rose 6% Y/Y to $278. Take rate expanded by 160 bps to 31.8%.
The adjusted gross margin expanded 150 basis points to 84.6%, while the adjusted EBITDA margin expanded 630 basis points to 17.6%.
The operating loss for the quarter was $(1.61) million versus a loss of $(2.22) million last year.
Fiverr generated $27.5 million in operating cash flow and held $331.5 million in cash and equivalents as of December 31, 2023.
“Our latest Winter Product Release announced on January 30 is jam-packed with new products and features, with AI integrated across the platform,” said Micha Kaufman, Fiverr’s Founder and CEO.
Ofer Katz, President and CFO at Fiverr, added, “We more than doubled our Adjusted EBITDA margin in 2023, and achieved annual GAAP profitability for the first time in our history. For 2024, we expect to accelerate our GMV growth with sustainable take rate, and continue to make steady pace in improving our bottom line.”
Outlook: Fiverr expects first-quarter fiscal 2024 revenue of $91.5 million – $93.5 million, against the consensus of $97.4 million. Adjusted EBITDA of $12.5 million – $14.5 million.
Fiverr projects fiscal 2024 revenue of $379.0 million – $387.0 million versus the consensus of $408.6 million. Adjusted EBITDA of $65.0 million – $73.0 million.
Price Action: FVRR shares traded lower by 3.44% at $25.00 premarket on the last check Thursday.
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