Fiverr International Ltd.

Good morning, and welcome to the Fiverr Fourth Quarter 2025 Earnings Conference Call. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star, then one on a touch-tone phone. To withdraw your question, please press star, then two. Please note this event is being recorded. I would now like to turn the conference over to Emily Greenstein, Investor Relations. Please go ahead.

Thank you, operator, and good morning, everyone. Thank you for joining us on Fiverr's earnings conference call for the fourth quarter that ended December 31st, 2025. Joining me on the call today are Mika Kaufman, founder and CEO, and Ofra Katz, president and CFO. Before we start, I would 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 20-F and other filings with SEC. During this call, we'll 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 the reconciliation of each of the non-GAAP financial measures to the most directly comparable GAAP measures is provided in the earnings release we issued today and our shareholder letter, each of which is available on our website at investors.fiverr.com. And now, I will turn the call over to Micha.

Thank you, Emily. Good morning, everyone, and thank you for joining us. Let me start simply. 2025 was an execution year, and we delivered. Revenue grew 10%, accelerating from 8% in 2024. Adjusted EBITDA reached $92 million, up 23% year-over-year, with a 21% margin. We met the revenue and profitability targets we set at the beginning of the year while continuing to generate strong cash flow. Importantly, we achieved this while repositioning the business for where the market is headed. Products like dynamic matching and managed services are enabling us to expand into larger, more complex projects and drive sustainable wallet share growth. Spend per buyer increased 13% year over year, accelerating from 9% in 2024. Buyers spending over $10,000 annually grew 7%, and GMV from projects over $1,000 increased 23%. These are not just product milestones. They reflect a broader shift in how businesses engage with talent. As many of you saw in the shareholder letter we published this morning, following the restructuring we undertook a few months ago, we have since developed and began executing a comprehensive multi-year plan to transform Fiverr from a transaction-oriented marketplace into a trusted work platform. One that enables businesses, AI models, and agents to collaborate with talent on complex, high-value outcomes through intelligent matching, integrated workflows, end-to-end orchestration and fulfillment, and durable trust. Before I go deeper into that transformation, it's important to step back and understand the broader environment that led us here and why we believe this is the moment to act decisively. There is a prevailing narrative that AI eliminates labor. That framing is incomplete. What AI actually does to work is, one, it compresses task duration. What took weeks now takes days. Two, it expands project ambition. When execution becomes cheaper, scope grows, and the number of projects grows exponentially. Three, it democratizes capability. Individuals can operate with domain expertise beyond their original knowledge base. The result is not less work. It is more ambitious work. Human talent remains essential. What changes is where value resides in context, judgment, orchestration, trust, and ownership of outcomes. There will be displacement in lower value transactional work. We are already seeing that dynamic. At the same time, demand for higher value specialized work is accelerating at the healthy double digit rate. As work becomes more nuanced and complex, matching talent becomes harder, not easier. That makes Fiverr's core mission of connecting businesses with the right human talent more relevant than ever. Looking ahead, much of the workflow will become human in the loop. Hiring decisions will increasingly be influenced and in some cases initiated by AI agents. In that environment, traditional resume driven hiring models become inefficient and unreliable. Precision matching contextual data and outcome history becomes critical. So what does this mean for Fiverr? First, we see a significant opportunity. Today, Projects over $1,000 represent less than 15% of market-based GMV, yet they are growing 23% year-over-year. With focused execution, we believe this segment will become a materially larger contributor to our business. We are prioritizing two categories of high-value work. The first is complexity. orchestrated engagement requiring collaboration between businesses, talent, and fiber. For example, through managed services, we support a Georgia-based automotive technology company with ongoing multilingual UGC production for the Canadian market, coordinating multiple creators each month. This reflects growing demand for scalable, always-on creative production powered by global talent. The second is AI native work building the AI enabled economy. For example, we are partnering with AI model safety companies to provide domain experts who help identify vulnerabilities in foundational models. In another partnership, we are enabling enterprises to build AI workflows automation through white label solution that allows them to deploy AI agents quickly and cost-effectively. In one case, we streamlined a historical case discovery workflow across Salesforce and Jira, reducing knowledge gaps and improving support efficiency. What would have required two weeks of internal implementation was delivered in one and a half days at the cost of $6,000, reducing deployment time by roughly 90%. These examples illustrate where the market is moving and where Fiverr is leaning in. Fiverr has a strong right to win in this AI-enabled talent economy. First, the future of work is human in the loop. Scarcity lies in high-quality human expertise, not AI agents. Fiverr operates one of the largest global talent networks and has deep expertise managing liquidity, quality, and engagement at scale. Second, our end-to-end transaction model is built around outcomes. That structure integrates naturally into AI-enabled workflows and eliminates much of the friction inherent in traditional hiring systems. Third, our data is a durable advantage. Over 16 years, we have captured not only millions of transactions, but the contextual relationship between buyers and sellers, what was delivered, in what context, and with what results. that depth of data enables precision matching in increasingly complex environments. Capturing this opportunity is why we are making foundational investments across data infrastructure, backend system, and product experience, accelerating Fiverr's evolution into a fully AI-native talent platform. While we have made steady progress over the years, The velocity of AI innovation requires us to move faster and more decisively. A few months ago, we initiated a company-wide restructuring to accelerate this shift. We have since developed a multi-year execution plan built around four pillars. The first is matching, building advanced semantic and reasoning layer powered by proprietary data to enable AI native talent matching. The second is product, transforming the experience across matching, fulfillment, collaboration, and talent management. The third is go-to-market, expanding into enterprise and AI native distribution channels with scalable growth engines. The fourth is operational excellence, becoming an AI native organization across engineering, product, and operations. We expect tangible impact within four to six quarters, including a stronger high-value work flywheel and proven AI-native growth loops. These milestones will position us for meaningful revenue expansion in the years ahead. Let me be clear. This is the moment to lean in. AI is not shrinking the market for human talent. It is reshaping access and expanding ambition. Platforms that own the intelligent matching layer between business demand and human capability will capture significant value. Fiverr has the assets, infrastructure, and strategic clarity to lead in that environment. 2026 will be a transformational year, positioning us for accelerated growth in 2027 and beyond. Before I turn it over to Ofer, I want to acknowledge that today marks his final earnings goal as CFO. Ofer will continue as president, focusing on strategic investments and M&A as we execute this next chapter. Esty, after 10 years at Fiverr and four years as EVP Finance, will assume the CFO role. Her deep institutional knowledge and disciplined financial leadership provide important continuity as we execute through this transformation. Jin Jin, after seven years leading IR and strategy, will step into a newly created chief business officer role, overseeing revenue, talent, fulfillment, and business operations. As part of this transition, she will be relocating with her husband and two young children from San Francisco to Tel Aviv to take on this expanded responsibility. I'm truly excited about our expanded leadership team that will strengthen our ability to execute with focus and velocity as we move forward. With that, I'll turn it over to Ofer for the financial details.