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Fiverr Announces Fourth Quarter and Full Year 2023 Results

  • Delivered strong results for 2023. We successfully executed our strategic priorities and surpassed both revenue and Adjusted EBITDA targets that we set at the beginning of the year.
  • AI drove a +4% uplift in GMV. Our investments in AI and highly skilled categories led to a 4% net positive impact on GMV in 2023. Complex services contributed to 32% of total GMV in 2023, with y/y growth of 29%, accelerating from 12% in 2022.
  • Strong expansion in take rate. Take rate grew 160 bps in 2023 to 31.8%, driven by both Promoted Gigs, which grew 80% y/y in revenue, and Seller Plus, which grew 2.5x in revenue.
  • Supercharged our platform with AI innovation. In our recent Winter Product Release, announced on January 30, we delivered major upgrades across our platform with the latest AI technology. This includes a brand new homepage with Fiverr NeoTM and AI-powered personalization, AI-assisted briefing capability, and a new AI-driven seller leveling system.
  • Expect GMV to accelerate in 2024. Key priorities in 2024 include expanding our market share in complex service categories, driving adoption of Fiverr Business Solutions, and continued innovation around AI. We expect to take a balanced approach to drive profitable growth in 2024, with accelerating GMV, sustainable take rate, and continued expansion in Adjusted EBITDA.

/EIN News/ -- NEW YORK, Feb. 22, 2024 (GLOBE NEWSWIRE) -- Fiverr International Ltd. (NYSE: FVRR), the company that is changing how the world works together, today reported financial results for the fourth quarter and full year 2023. Complete operating results and management commentary can be found in the Company’s shareholder letter, which is posted to its investor relations website at investors.fiverr.com.

“We are pleased to deliver strong results for 2023 with both revenue and Adjusted EBITDA ahead of our targets set at the beginning of the year. In the face of an uncertain macro environment, we continue to lead through innovation. 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. “We entered 2024 with great confidence that we will continue to deliver profitable growth, expand our market share in the digital services industry, and create long lasting values for both our community and our shareholders.”

Ofer Katz, President and CFO at Fiverr, added, “For 2023, we successfully executed our strategy of strengthening core marketplace, moving upmarket and investing in AI, while diligently managing our expenses. When top-of-funnel acquisition is expensive, we leaned inward by maintaining strong marketing efficiency, generating more revenue from repeat business, and continuing to expand our wallet share with our customers. 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.”

Fourth Quarter 2023 Financial Highlights

  • Revenue in the fourth quarter of 2023 was $91.5 million, compared to $83.1 million in the fourth quarter of 2022, an increase of 10.1% year over year.
  • Active buyers1 as of December 31, 2023 was 4.1 million, compared to 4.3 million as of December 31, 2022, a decrease of 5% year over year.
  • Spend per buyer1 as of December 31, 2023 reached $278, compared to $262 as of December 31, 2022, an increase of 6% year over year.
  • Take rate1 for the period ended December 31, 2023 was 31.8%, up from 30.2% for the period ended December 31, 2022, an increase of 160 basis points year over year.
  • GAAP gross margin in the fourth quarter of 2023 was 83.1%, an increase of 210 basis points from 81.0% in the fourth quarter of 2022. Non-GAAP gross margin1 in the fourth quarter of 2023 was 84.6%, an increase of 150 basis points from 83.1% in the fourth quarter of 2022.
  • GAAP net income in the fourth quarter of 2023 was $4.7 million, or $0.12 basic and diluted net income per share, compared to ($1.3) million net loss, or ($0.03) basic and diluted net loss per share, in the fourth quarter of 2022.
  • Non-GAAP net income1 in the fourth quarter of 2023 was $23.1 million, or $0.6 basic non-GAAP net income per share1 and $0.56 diluted non-GAAP net income per share1, compared to $10.7 million non-GAAP net income, or $0.29 basic non-GAAP net income per share1 and $0.26 diluted non-GAAP net income per share1, in the fourth quarter of 2022.
  • Adjusted EBITDA1 in the fourth quarter of 2023 was $16.1 million, compared to $9.4 million in the fourth quarter of 2022. Adjusted EBITDA margin1 was 17.6% in the fourth quarter of 2023, compared to 11.3% in the fourth quarter of 2022.

Full Year 2023 Financial Highlights

  • Revenue in 2023 was $361.4 million, an increase of 7.1% year over year.
  • GAAP gross margin in 2023 was 82.9%, an increase of 240 basis points from 80.5% in 2022. Non-GAAP gross margin1 in 2023 was 84.5%, an increase of 150 basis points from 83.0% in 2022.
  • GAAP net income in 2023 was $3.7 million, or $0.10 basic net income per share and $0.09 diluted net income per share1, compared to a net loss of ($71.5) million, or ($1.94) basic and diluted net loss per share, in 2022. Non-GAAP net income1 in 2023 was $80.4 million, or $2.11 basic Non-GAAP net income per share1 and $1.95 diluted Non-GAAP net income per share1, compared to $28.9 million, or $0.78 basic Non-GAAP net income per share1 and $0.71 diluted Non-GAAP net income per share1, in 2022.
  • Adjusted EBITDA1 in 2023 was $59.2 million, compared to $24.4 million in 2022. Adjusted EBITDA margin1 was 16.4% in 2023, an increase of 920 basis points from 7.2% in 2022.

Financial Outlook

Below we provide our management guidance for the first quarter and full year of 2024, reflecting the recent trends on our marketplace.

Unpacking the underlying drivers, we expect to accelerate our GMV growth by 1%-2% as we continue to invest in progressing upmarket and complex services. Take rate is expected to expand at a more moderate pace in 2024 compared to 2023. Spend per buyer is also expected to accelerate in terms of y/y growth rate, and active buyers to continue to maintain similar trends as in 2023.

For Adjusted EBITDA, we expect to expand our Adjusted EBITDA margin at a steady pace and continue to make progress towards our long-term target of 25%. Overall, we expect to take a balanced and measured approach in driving profitable growth in 2024.

  Q1 2024 FY 2024
Revenue $91.5 - $93.5 million $379.0 - $387.0 million
y/y growth 4% - 6% y/y growth 5% - 7% y/y growth
Adjusted EBITDA(1) $12.5 - $14.5 million $65.0 - $73.0 million


Conference Call and Webcast Details

Fiverr’s management will host a conference call to discuss its financial results on Thursday, February 22, 2024, at 8:30 a.m. Eastern Time. A live webcast of the call can be accessed from Fiverr’s Investor Relations website. An archived version will be available on the website after the call. To participate in the Conference Call, please register at the link here.

About Fiverr

Fiverr’s mission is to change how the world works together. We exist to democratize access to talent and to provide talent with access to opportunities so anyone can grow their business, brand, or dreams. From small businesses to Fortune 500, over 4 million customers worldwide worked with freelance talent on Fiverr in the past year, ensuring their workforces remain flexible, adaptive, and agile. With Fiverr Business Solutions, large companies can find the right talent and tools, tailored to their needs to help them thrive and grow. On Fiverr, you can find over 700 skills, ranging from programming to 3D design, digital marketing to content creation, from video animation to architecture.

Don’t get left behind - come be a part of the future of work by visiting fiverr.com, read our blog, and follow us on Twitter, Instagram, and Facebook.

Investor Relations:
Jinjin Qian
investors@fiverr.com

Press:
Siobhan Aalders
press@fiverr.com

           
CONSOLIDATED BALANCE SHEETS     
(in thousands)     
           
    December 31,   December 31,  
     2023     2022   
    (Unaudited)   (Audited)  
Assets          
Current assets:          
Cash and cash equivalents   $ 183,674     $ 86,752    
Restricted cash     -       1,137    
Marketable securities     147,806       241,293    
User funds     151,602       143,020    
Bank deposits     85,893       134,000    
Restricted deposit     1,284       -    
Other receivables     24,217       19,019    
Total current assets     594,476       625,221    
           
Marketable securities     328,332       189,839    
Property and equipment, net     4,735       5,660    
Operating lease right of use asset     6,720       9,077    
Intangible assets, net     10,722       14,770    
Goodwill     77,270       77,270    
Other non-current assets     1,349       1,965    
Total assets   $ 1,023,604     $ 923,802    
           
Liabilities and Shareholders' Equity          
Current liabilities:          
Trade payables   $ 5,494     $ 8,630    
User accounts     142,203       133,032    
Deferred revenue     11,047       11,353    
Other account payables and accrued expenses   44,110       41,328    
Operating lease liabilities     2,571       2,755    
Total current liabilities     205,425       197,098    
           
Long-term liabilities:          
Convertible notes     455,305       452,764    
Operating lease liabilities     4,482       6,649    
Other non-current liabilities     2,618       1,559    
Total long-term liabilities     462,405       460,972    
Total liabilities   $ 667,830     $ 658,070    
           
Shareholders' equity:          
Share capital and additional paid-in capital     640,846       565,834    
Accumulated deficit     (284,358 )     (288,039 )  
Accumulated other comprehensive income (loss)     (714 )     (12,063 )  
Total shareholders' equity     355,774       265,732    
Total liabilities and shareholders' equity   $ 1,023,604     $ 923,802    
           


CONSOLIDATED STATEMENTS OF OPERATIONS        
(in thousands, except share and per share data)        
                 
    Three Months Ended   Year Ended
    December 31,   December 31,
     2023     2022     2023     2022 
    (Unaudited)   (Unaudited)
  (Audited)
Revenue   $ 91,502     $ 83,130     $ 361,375     $ 337,366  
Cost of revenue     15,473       15,814       61,846       65,948  
Gross profit     76,029       67,316       299,529       271,418  
                 
Operating expenses:                
Research and development     22,054       21,328       90,720       92,563  
Sales and marketing     39,767       40,448       161,208       174,599  
General and administrative     15,816       7,762       62,710       51,161  
Impairment of intangible assets     -       -       -       27,629  
Total operating expenses     77,637       69,538       314,638       345,952  
Operating loss     (1,608 )     (2,222 )     (15,109 )     (74,534 )
Financial income, net     6,914       1,391       20,163       3,624  
Income (loss) before income taxes     5,306       (831 )     5,054       (70,910 )
Income taxes     (605 )     (468 )     (1,373 )     (577 )
Net income (loss) attributable to ordinary shareholders   $ 4,701     $ (1,299 )   $ 3,681     $ (71,487 )
Basic net income (loss) per share attributable to ordinary shareholders   $ 0.12     $ (0.03 )   $ 0.10     $ (1.94 )
Basic weighted average ordinary shares     38,501,155       37,411,657       38,066,203       36,856,140  
Diluted net income (loss) per share attributable to ordinary shareholders   $ 0.12     $ (0.03 )   $ 0.09     $ (1.94 )
Diluted weighted average ordinary shares     39,286,967       37,411,657       39,151,047       36,856,140  


 CONSOLIDATED STATEMENTS OF CASH FLOWS        
 (in thousands)        
                 
    Three Months Ended   Twelve Months Ended
    December 31,   December 31,
     2023    2022    2023    2022 
    (Unaudited)   (Unaudited)   (Audited)
Operating Activities                
Net income (loss)   $ 4,701     (1,299 )   3,681     (71,487 )
Adjustments to reconcile net loss to net cash provided by operating activities:                
Depreciation and amortization     1,287     1,995     5,987     10,185  
Exchange rate fluctuations and other items, net     (214 )   (157 )   71     5  
Amortization of premium and accretion of discount of marketable securities, net     (1,841 )   1,333     (730 )   6,385  
Amortization of discount and issuance costs of convertible notes     637     633     2,541     2,527  
Shared-based compensation     16,792     17,026     68,698     71,755  
Impairment of intangible assets     -     -     -     27,629  
Impairment of lease ROU asset     211     -     211     -  
Changes in assets and liabilities:                
User funds     8,880     2,277     (8,582 )   (15,307 )
Operating lease ROU assets and liabilities     358     62     (205 )   (1,485 )
Other receivables     3,379     (10 )   (2,877 )   (4,847 )
Trade payables     2,099     2,771     (3,195 )   (113 )
Deferred revenue     (1,989 )   (263 )   (306 )   (792 )
User accounts     (7,140 )   (1,933 )   9,171     14,416  
Account payable, accrued expenses and other     752     (5,368 )   8,232     3,994  
Revaluation of contingent consideration     (570 )   (7,462 )   (570 )   (12,249 )
Payment of contingent consideration     -     -     -     (504 )
Non-current liabilities     207     -     1,059     -  
Net cash provided by operating activities     27,549     9,605     83,186     30,112  
                 
Investing Activities                
Investment in marketable securities     (46,394 )   (51,694 )   (309,155 )   (141,701 )
Proceeds from sale of marketable securities     40,780     13,180     273,186     130,701  
Bank and restricted deposits     31,245     (37,863 )   46,858     -  
Acquisition of intangible asset     -     -     -     (175 )
Purchase of property and equipment     (135 )   (87 )   (1,053 )   (1,198 )
Capitalization of internal-use software and other     (3 )   19     (60 )   (1,000 )
Other non-current assets     -     (73 )   -     (1,251 )
Net cash provided by (used in) investing activities     25,493     (76,518 )   9,776     (14,624 )
                 
Financing Activities                
Payment of contingent consideration     -     -     -     (1,105 )
Proceeds from exercise of share options     364     1,457     2,765     3,765  
Tax withholding in connection with employees' options exercises and vested RSUs     163     258     87     (2,028 )
Repayment of long-term loan     -     -     -     (2,269 )
Net cash provided by (used in) financing activities     527     1,715     2,852     (1,637 )
                 
Effect of exchange rate fluctuations on cash and cash equivalents     220     151     (29 )   (32 )
                 
Increase in cash, cash equivalents and restricted cash     53,789     (65,047 )   95,785     13,819  
Cash, cash equivalents and restricted cash at the beginning of period     129,885     152,936     87,889     74,070  
Cash and cash equivalents at the end of period   $ 183,674     87,889     183,674     87,889  
                 


KEY PERFORMANCE METRICS    
         
    Twelve Months Ended
    December 31,
    2023   2022
         
Annual active buyers (in thousands)   4,077   4,275
Annual spend per buyer ($)   278   262


 RECONCILIATION OF GAAP TO NON-GAAP GROSS PROFIT        
 (in thousands, except gross margin data)        
                 
    Three Months Ended   Year Ended
    December 31,   December 31,
     2023     2022     2023     2022 
    (Unaudited)   (Unaudited)
GAAP gross profit   $ 76,029     $ 67,316     $ 299,529     $ 271,418  
Add:                
Share-based compensation and other     633       565       2,497       2,520  
Depreciation and amortization     709       1,170       3,253       6,065  
Non-GAAP gross profit   $ 77,371     $ 69,051     $ 305,279     $ 280,003  
Non-GAAP gross margin     84.6%       83.1%       84.5%       83.0%  
                 
                 
 RECONCILIATION OF GAAP NET INCOME (LOSS) TO NON-GAAP NET INCOME AND NET INCOME PER SHARE        
 (in thousands, except share and per share data)        
                 
    Three Months Ended   Year Ended
    December 31,   December 31,
     2023      2022      2023      2022 
    (Unaudited)   (Unaudited)
GAAP net income (loss) attributable to ordinary shareholders   $ 4,701     $ (1,299 )   $ 3,681     $ (71,487 )
Add:                
Depreciation and amortization     1,287       1,995       5,987       10,185  
Share-based compensation     16,792       17,026       68,698       71,755  
Impairment of intangible assets     -       -       -       27,629  
Contingent consideration revaluation, acquisition related costs and other     (359 )     (7,403 )     (359 )     (10,613 )
Convertible notes amortization of discount and issuance costs     637       633       2,541       2,527  
Exchange rate (gain)/loss, net     42       (209 )     (131 )     (1,141 )
Non-GAAP net income   $ 23,100     $ 10,743     $ 80,417     $ 28,855  
Weighted average number of ordinary shares - basic     38,501,155       37,411,657       38,066,203       36,856,140  
Non-GAAP basic net income per share attributable to ordinary shareholders   $ 0.60     $ 0.29     $ 2.11     $ 0.78  
                 
Weighted average number of ordinary shares - diluted     41,440,827       40,783,489       41,304,907       40,662,057  
Non-GAAP diluted net income per share attributable to ordinary shareholders   $ 0.56     $ 0.26     $ 1.95     $ 0.71  
                 
                 
 RECONCILIATION OF GAAP NET INCOME (LOSS) TO ADJUSTED EBITDA        
 (in thousands, except adjusted EBITDA margin data)        
                 
    Three Months Ended   Year Ended
    December 31,   December 31,
     2023     2022     2023     2022 
    (Unaudited)   (Unaudited)
GAAP net income (loss)   $ 4,701     $ (1,299 )   $ 3,681     $ (71,487 )
Add:                
Financial income, net     (6,914 )     (1,391 )     (20,163 )     (3,624 )
Income taxes     605       468       1,373       577  
Depreciation and amortization     1,287       1,995       5,987       10,185  
Share-based compensation     16,792       17,026       68,698       71,755  
Impairment of intangible assets     -       -       -       27,629  
Contingent consideration revaluation, acquisition related costs and other     (359 )     (7,403 )     (359 )     (10,613 )
Adjusted EBITDA   $ 16,112     $ 9,396     $ 59,217     $ 24,422  
Adjusted EBITDA margin     17.6%       11.3%       16.4%       7.2%  
                 
                 
 RECONCILIATION OF GAAP TO NON-GAAP OPERATING EXPENSES        
 (in thousands)        
                 
    Three Months Ended   Year Ended
    December 31,   December 31,
     2023     2022     2023     2022 
    (Unaudited)   (Unaudited)
GAAP research and development   $ 22,054     $ 21,328     $ 90,720     $ 92,563  
Less:                
Share-based compensation     5,836       5,291       24,310       23,828  
Depreciation and amortization     191       198       799       801  
Non-GAAP research and development   $ 16,027     $ 15,839     $ 65,611     $ 67,934  
                 
GAAP sales and marketing   $ 39,767     $ 40,448     $ 161,208     $ 174,599  
Less:                
Share-based compensation     3,166       4,040       13,304       17,196  
Depreciation and amortization     309       495       1,601       2,889  
Contingent consideration revaluation, acquisition related costs and other     -       (24 )     -       (24 )
Non-GAAP sales and marketing   $ 36,292     $ 35,937     $ 146,303     $ 154,538  
                 
GAAP general and administrative   $ 15,816     $ 7,762     $ 62,710     $ 51,161  
Less:                
Share-based compensation     7,157       7,130       28,587       28,211  
Depreciation and amortization     78       132       334       430  
Contingent consideration revaluation, acquisition related costs and other     (359 )     (7,379 )     (359 )     (10,589 )
Non-GAAP general and administrative   $ 8,940     $ 7,879     $ 34,148     $ 33,109  
                                 

Key Performance Metrics and Non-GAAP Financial Measures

This release includes certain key performance metrics and financial measures not based on GAAP, including Adjusted EBITDA, Adjusted EBITDA margin, non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP net income (loss) and non-GAAP net income (loss) per share as well as operating metrics, including GMV, active buyers, spend per buyer and take rate. Some amounts in this release may not total due to rounding. All percentages have been calculated using unrounded amounts.

We define each of our non-GAAP measures of financial performance, as the respective GAAP balances shown in the above tables, adjusted for, as applicable, depreciation and amortization, share-based compensation expenses, contingent consideration revaluation, acquisition related costs and other, income taxes, amortization of discount and issuance costs of convertible note, financial (income) expenses, net. Non-GAAP gross profit margin represents non-GAAP gross profit expressed as a percentage of revenue. We define non-GAAP net income (loss) per share as non-GAAP net income (loss) divided by GAAP weighted-average number of ordinary shares basic and diluted.

We define GMV or Gross Merchandise Value as the total value of transactions ordered through our platform, excluding value added tax, goods and services tax, service chargebacks and refunds. Active buyers on any given date is defined as buyers who have ordered a Gig or other services on our platform within the last 12-month period, irrespective of cancellations. Spend per buyer on any given date is calculated by dividing our GMV within the last 12-month period by the number of active buyers as of such date. Take rate is revenue for any such period divided by GMV for the same period.

Management and our board of directors use these metrics as supplemental measures of our performance that is not required by, or presented in accordance with GAAP because they assist us in comparing our operating performance on a consistent basis, as they remove the impact of items not directly resulting from our core operations. We also use these metrics for planning purposes, including the preparation of our internal annual operating budget and financial projections, to evaluate the performance and effectiveness of our strategic initiatives and capital expenditures and to evaluate our capacity to expand our business.

Adjusted EBITDA, Adjusted EBITDA margin, non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP net income (loss) and non-GAAP net income (loss) per share as well as operating metrics, including GMV, active buyers, spend per buyer and take rate should not be considered in isolation, as an alternative to, or superior to net loss, revenue, cash flows or other performance measure derived in accordance with GAAP. These metrics are frequently used by analysts, investors and other interested parties to evaluate companies in our industry. Management believes that the presentation of non-GAAP metrics is an appropriate measure of operating performance because they eliminate the impact of expenses that do not relate directly to the performance of our underlying business.

These non-GAAP metrics should not be construed as an inference that our future results will be unaffected by unusual or other items. Additionally, Adjusted EBITDA and other non-GAAP metrics used herein are not intended to be a measure of free cash flow for management's discretionary use, as they do not reflect our tax payments and certain other cash costs that may recur in the future, including, among other things, cash requirements for costs to replace assets being depreciated and amortized. Management compensates for these limitations by relying on our GAAP results in addition to using Adjusted EBITDA and other non-GAAP metrics as supplemental measures of our performance. Our measure of Adjusted EBITDA and other non-GAAP metrics used herein is not necessarily comparable to similarly titled captions of other companies due to different methods of calculation.

See the tables above regarding reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measures.

We are not able to provide a reconciliation of Adjusted EBITDA and Adjusted EBITDA margin guidance for the first quarter of 2024 and the fiscal year ending December 31, 2024, and long term to net income (loss), the nearest comparable GAAP measure, because certain items that are excluded from Adjusted EBITDA and Adjusted EBITDA margin cannot be reasonably predicted or are not in our control. In particular, we are unable to forecast the timing or magnitude of share based compensation, amortization of intangible assets, impairment of intangible assets, income or loss on revaluation of contingent consideration, other acquisition-related costs, convertible notes amortization of discount and issuance costs and exchange rate income or loss, as applicable without unreasonable efforts, and these items could significantly impact, either individually or in the aggregate, GAAP measures in the future.

Forward Looking Statements

This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this release that do not relate to matters of historical fact should be considered forward-looking statements, including, without limitation, statements regarding our expected financial performance and operational performance for the first quarter of 2024, the fiscal year ending December 31, 2024, our long term Adjusted EBITDA margin goals, our expected future Adjusted EBITDA margin, our business plans and strategy, our expectations regarding AI services and developments, our expectations regarding market share expansion, as well as statements that include the words “expect,” “intend,” “plan,” “believe,” “project,” “forecast,” “estimate,” “may,” “should,” “anticipate” and similar statements of a future or forward-looking nature. These forward-looking statements are based on management’s current expectations. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to: political, economic and military instability in Israel, including related to the war in Israel; our ability to successfully implement our business plan within adverse economic conditions that may impact the demand for our services or have a material adverse impact on our business, financial condition and results of operations; our ability to attract and retain a large community of buyers and freelancers; our ability to generate sufficient revenue to achieve or maintain profitability; our ability to maintain and enhance our brand; our dependence on the continued growth and expansion of the market for freelancers and the services they offer; our dependence on traffic to our website; our ability to maintain user engagement on our website and to maintain and improve the quality of our platform; our operations within a competitive market; our ability and the ability of third parties to protect our users’ personal or other data from a security breach and to comply with laws and regulations relating to data privacy, data protection and cybersecurity; our ability to manage our current and potential future growth; our dependence on decisions and developments in the mobile device industry, over which we do not have control; our ability to detect errors, defects or disruptions in our platform; our ability to comply with the terms of underlying licenses of open source software components on our platform; our ability to expand into markets outside the United States and our ability to manage the business and economic risks of international expansion and operations; our ability to achieve desired operating margins; our ability to comply with a wide variety of U.S. and international laws and regulations; our ability to attract, recruit, retain and develop qualified employees; our reliance on Amazon Web Services; our ability to mitigate payment and fraud risks; our dependence on relationships with payment partners, banks and disbursement partners; and the other important factors discussed under the caption “Risk Factors” in our annual report on Form 20-F filed with the U.S. Securities and Exchange Commission (“SEC”) on February 22, 2024, as such factors may be updated from time to time in our other filings with the SEC, which are accessible on the SEC’s website at www.sec.gov. In addition, we operate in a very competitive and rapidly changing environment. New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements that we may make. In light of these risks, uncertainties and assumptions, the forward-looking events and circumstances discussed in this release are inherently uncertain and may not occur, and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. Accordingly, you should not rely upon forward-looking statements as predictions of future events. In addition, the forward-looking statements made in this release relate only to events or information as of the date on which the statements are made in this release. Except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.


1 This is a non-GAAP financial measure or Key Performance Metric. See “Key Performance Metrics and Non-GAAP Financial Measures” and reconciliation tables at the end of this release for additional information regarding the non-GAAP metrics and Key Performance Metrics used in this release.


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