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Fiverr Announces First Quarter 2021 Results

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Company announces Q1 2021 earnings

- Massive start to 2021: We kicked off the year with one of the highest Q1 revenue figures reported in our history, with revenue growth accelerating to 100% y/y
- Outperformance across the business: Our key performance metrics outperformed y/y driven by ongoing trends and execution with active buyers increasing 56% y/y to 3.8 million and continued expansion in both spend per buyer (SPB) and take rate
- New data vertical: We launched our ninth vertical to expand our catalog into data related services and deepen our penetration in this fast growing industry
- Fiverr Business: Buyers purchase more frequently and more expensive Gigs on Fiverr Business compared to the marketplace, and on average spend three times more on the Fiverr platform
- Subscriptions and Milestones expansion: Subscriptions is now available in 25 categories, tripling from 8 in Q4'20, and Milestones are now open to all Fiverr community members
Significantly increasing FY'21 guidance: Fiverr expects business momentum to continue and is upgrading guidance for 2021 from 46-50% to 59-63% revenue growth

NEW YORK--(BUSINESS WIRE)-- Fiverr International Ltd. (NYSE: FVRR), the company that is changing how the world works together, today reported financial results for the first quarter of 2021. 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 continue to capitalize and execute on the ongoing digital transformation as we delivered one of the strongest quarters in Fiverr's history with outstanding results across the board, supported by continued execution on our strategy," said Micha Kaufman, Founder and CEO of Fiverr. "Fiverr's business momentum remains strong and resilient as we continue to scale at accelerating levels while leading companies through this new world of work."

Ofer Katz, Fiverr's President and CFO, added, "We are thrilled with the Q1 results we delivered, we kicked the year off with 100% y/y revenue growth and continued focus, discipline and execution in the business. As a result of our continued momentum and the visibility built into our business model, we are providing strong guidance for the second quarter of 2021 and significantly upgrading our full-year 2021 guidance upwards."

First Quarter 2021 Financial Highlights:
- Revenue in the first quarter of 2021 was $68.3 million, an increase of 100% year over year.
- Active buyers as of March 31, 2021 grew to 3.8 million, compared to 2.5 million as of March 31, 2020, an increase of 56% year over year.
- Spend per buyer as of March 31, 2021 reached $216, compared to $177 as of March 31, 2020, an increase of 22% year over year.
- Take rate for the quarter ended March 31, 2021 was 27.2%, up from 27.1% for the quarter ended March 31, 2020, an increase of 10 basis points year over year.
- GAAP gross margin in the first quarter of 2021 was 83.1%, an increase of 310 basis points from 80.0% in the first quarter of 2020. Non-GAAP gross margin in the first quarter of 2021 was 84.1%, an increase of 250 basis points from 81.6% in the first quarter of 2020.
- GAAP net loss in the first quarter of 2021 was ($17.8) million, or ($0.49) basic and diluted net loss per share, compared to ($6.2) million, or ($0.19) basic and diluted net loss per share, in the first quarter of 2020. Non-GAAP net loss in the first quarter of 2021 was ($0.3) million, or ($0.01) basic and diluted net loss per share, compared to ($2.6) million, or ($0.08) basic and diluted net loss per share, in the first quarter of 2020.
- Adjusted EBITDA1 in the first quarter of 2021 improved to ($0.7) million, compared to ($2.9) million in the first quarter of 2020. Adjusted EBITDA margin was (1.0)% in the first quarter of 2021, an improvement of 740 basis points from (8.4%) in the first quarter of 2020.

For the full press release, please visit: https://investors.fiverr.com/press-releases/press-releases-details/2021/Fiverr-Announces-First-Quarter-2021-Results/default.aspx

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Fiverr's mission is to revolutionize 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's Talent Cloud, companies can easily scale their teams from a talent pool of skilled professionals from over 160 countries across more than 550 categories, ranging from programming to 3D design, digital marketing to content creation, from video animation to architecture.

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