Fiverr International Ltd.

Thank you for standing by. At this time, I would like to welcome everyone to the Fiverr Third Quarter 2025 Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press star followed by the number one on your telephone keypad. If you would like to withdraw your question, press star 1 again. Thank you. I would like to now turn the conference over to Jinjin Shin. Please go ahead.

Thank you, operator, and good morning, everyone. Thank you for joining us on Fiverr's earnings conference call for the third quarter that ended September 30, 2025. Joining me on the call today are Miha Kaufman, founder and CEO, and Estee Levy de Don, EVP Finance. Before we start, I'd like to remind you that during this call, we may make forward-looking statements, and that these statements are based on our current expectations and assumptions as of today, and Fiverr assumes no obligation to update or revise them. A discussion of some of the important risk factors that could cause actual results to differ materially from any forward-looking statements can be found under the Risk Factor section in Fiverr's most recent Form 20F. and other filings with the SEC. During this call, we will be referring to some key performance metrics and non-GAAP financial measures, including adjusted EBITDA, adjusted EBITDA margin, and free cash flow. Further explanation and a reconciliation of each of the non-GAAP financial measures to the most directly comparable GAAP measure is provided in the earnings release we issued today in our shareholder letter. each of which is available on our website at investors.fiverr.com. And now I'll turn the call over to Mika.

Thank you, Jinjin. Good morning, everyone, and thank you for joining us. We delivered another strong quarter with solid performance across the business. In Q3 25, revenue grew 8% year over year, and we achieved a record high adjusted EBITDA margin of 22%. This is a clear reflection of our disciplined execution and the inherent leverage in our market-based model. Over the past several years, we've consistently prioritizing moving up market and investing in product innovation to support more complex use cases and larger customers. Q3 results clearly demonstrate our success on both fronts. Spend per buyer increased 12% year-over-year our strongest growth rate since the COVID era and of a much higher base. Not only are we seeing wallet share expansion across the broader buyer base, but more importantly, thanks to the adoption of dynamic matching and managed services, we are witnessing strong growth among projects that are significantly larger than the average market-based transaction. In Q3, GMV for dynamic matching grew 22% year over year with 15% of job briefs having a budget of over $1,000 and an average order value of $2,200. Managed services is capturing even larger and more sophisticated engagements with a minimum budget of $3,000. In Q3, managed services GMV grew 65% year over year with average product size reaching $17,000. The success of these offerings marks a meaningful evolution in Fiverr's value proposition. We're no longer just a platform for fast, lightweight freelance tasks. We are increasingly becoming a trusted partner for businesses executing highly specialized, multi-stage projects that often require depth of talent and orchestration. Another area where we are seeing tremendous growth is AI-related services. As AI is increasingly reshaping how work is delivered and being implemented across industries, demand continues to surge in areas such as AI agents, workflow automation, and vibe coding. Fiverr free answers have become an essential partners for SMBs looking to turn AI from potential into performance. This demand is directly reflected in the programming and tech vertical, which grew 14% year over year in Q3. We believe that this AI transformation cycle mirrors an early stage of the digital transformation and could provide a multi-year tailwind for broader tech investment. To lean into this secular tailwind, we are doubling down on our investment in AI-related categories. From growing specialized talent communities and launching tailored AI solutions to expanding our go-to market channels through strategic partnerships, our ambition is to position Fiverr as the go-to destination for finding top-tier AI talent and deploying applied AI solutions. Despite a macro environment that remains uneven, we're seeing positive signals and gaining market share. Labor markets continue to show mixed trends and broader hiring recovery remains elusive. However, our growth strategy which centers around upmarket expansion and AI enablement, is built on long-term macro-agnostic trends. We believe these are the right bets to get us back on track for GMV acceleration, regardless of macroeconomic scenarios. In that context, we announced a strategic restructuring in September to streamline our organization sharpen our product focus, and accelerate our evolution into AI first company. This means accelerating investment in building an AI native team, upgrading our tech infrastructure to drive faster AI integration and operational efficiency, and reimagining our market base with an AI integrated experience. From a product perspective, this transformation is anchored on four key pillars. One, strengthening our go-to-market execution. We're expanding our generative engine optimization, GEO, capabilities, integrating our catalog into native AI channels, and building AI-powered catalog management systems. We're also investing in partnerships that drive growth across AI-related verticals. building the next Gen AI-powered buyer experience. This includes expanding LLM-powered workflows across the buyer journey, advancing our know-your-customer, KYC, capabilities through data and product innovation, and investing in customer success to deepen trust. Three, evolving our matching technology. As we serve more upmarket clients and more complex projects, We're transitioning from traditional search to agentic matching, delivering a recruiting-like experience that surpasses human performance through deeper data, richer context, and advanced reasoning. Four, investing in talent and the talent community. Talent is at the heart of the entire MarketBase experience. In a world where AI is rapidly transforming how work is done, Our priority is to build a high quality trusted talent ecosystem. This means supporting human in the loop workflows, creating pathways for professional growth and deepening our commitment to long-term community engagement. I am truly excited about the opportunities ahead and the strengths of the roadmap we have built. As we enter the final stretch of the year, we remain laser-focused on execution. Our momentum in AI and upmarket expansion gives me confidence in the foundation we build. I look forward to sharing more about our 2026 roadmap in our next call. And with that, I'll turn it over to Esty.