Fiverr (FVRR) Q3 2025 Earnings Call Transcript

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Date

Wednesday, Nov. 5, 2025 at 8:30 a.m. ET

Call participants

• Founder and Chief Executive Officer — Micha Kaufman
• Executive Vice President, Finance — Estee Levi Daddon
• Chief Financial Officer — Ofer Katz
• Vice President, Investor Relations — Jinjin Qian

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Risks

• Chief Financial Officer Ofer Katz stated, "The account seems to be flat and might decline by a single digit," indicating potential pressure on active buyer numbers in the near term.
• Chief Financial Officer Ofer Katz also said, "we kept the guidance range wide to take that into consideration," reflecting management’s increased uncertainty in the revenue outlook.

Takeaways

• Revenue -- $107.9 million for Q3 2025, up 8% year over year, with both top- and bottom-line results above midpoint guidance.
• Adjusted EBITDA -- Adjusted EBITDA was $24.2 million for Q3 2025, yielding an adjusted EBITDA margin of 22%, a 260 basis-point improvement compared to the previous year.
• Free cash flow -- $29.1 million in free cash flow, supporting management’s claim of "robust cash flow generation."
• Market-based revenue -- $73.6 million, driven by 3.3 million active buyers, $330 spend per buyer, and a 27.6% market-based take rate.
• Spend per buyer -- Increased 12% year over year, representing the strongest growth rate since the "COVID era," according to Micha Kaufman and driven by large, complex projects.
• Dynamic matching GMV -- Rose 22% year over year in GMV for Dynamic Matching, with 15% of briefs over $1,000 and an average order value of $2,200.
• Managed services GMV -- Expanded 65% year over year, with a minimum project budget of $3,000 and average project size reaching $17,000.
• Programming and tech vertical -- Grew 14% year over year, reflecting surging AI-related demand.
• Service revenue -- $34.3 million service revenue, up 40% year over year, now constituting 32% of total revenue, propelled by Fiverr Go, 20% year-over-year growth in Seller Plus adoption, double-digit Fiverr Ads growth.
• Full-year revenue outlook -- Raised to $428 million to $436 million for full year 2025, implying 9%-11% year-over-year growth.
• Full-year adjusted EBITDA guidance -- Increased to $88 million to $93 million for full year 2025, equating to an adjusted EBITDA margin of 21% at the midpoint (non-GAAP).
• Q4 revenue guidance -- $104.3 million to $112.3 million for Q4 2025, implying 1%-8% year-over-year revenue growth; the wider range attributed to "elevated uncertainty in the macro environment."
• Q4 adjusted EBITDA guidance -- $23.9 million to $27.9 million, with a midpoint adjusted EBITDA margin of 24%.
• Strategic restructuring -- Announced in September, aimed at "streamline our organization, sharpen our product focus, and accelerate our evolution into an AI-first company," according to Micha Kaufman.
• Active buyers -- Management expects market-based revenue to be "flat or a low single-digit decline" for fiscal 2025, as guidance assumes no near-term SMB recovery.

Summary

Fiverr International (NYSE:FVRR) management detailed an acceleration in high-value projects, driven by 65% managed services and 22% dynamic matching GMV growth. New AI verticals and an upmarket client mix now contribute to spend per buyer increasing 12% year over year, the strongest growth rate since the COVID era. Service revenue—propelled by Fiverr Go, Seller Plus, and synergistic integrations—now accounts for almost one third of revenue and is pacing for double-digit expansion, representing 32% of total revenue. Restructuring efforts, including a reduced workforce and product pivots, are expected to yield immediate adjusted EBITDA margin gains. Forward guidance reflects heightened macroeconomic uncertainty, with a wide revenue outlook range and a cautionary stance on marketplace segment growth.

• Founder and Chief Executive Officer Micha Kaufman said, Transactions over $200 are already the majority, representing over 50% of the marketplace, and are growing at a double-digit rate.
• Chief Financial Officer Ofer Katz confirmed management continues to expect market-based revenue to be flat or show a low single-digit decline, and services revenue to exit the year with double-digit growth, with no assumption of small and medium business demand recovery in the outlook.
• Across digital marketing, video and animation, and programming and tech, AI-related workflow opportunities are cited as key drivers of increased client engagement.
• Management committed to accelerated investment in AI talent and infrastructure to "maximize the new possibilities that AI gives us both internally in how we work, in how we develop, and how we execute but both in how we can make AI more involved in our core business to make that core business better," according to Micha Kaufman.

Industry glossary

• GMV (Gross Merchandise Value): The total dollar amount of transactions processed through the platform within a given period, encompassing all products and services sold.
• Dynamic matching: An AI-powered workflow on Fiverr that matches projects of higher complexity to expert freelancers based on detailed criteria.
• Managed services: A service offering for larger, orchestrated projects, typically with budgets starting at $3,000 and characterized by more sophisticated client needs.
• Take rate: The percentage of total transaction value retained as revenue by the marketplace operator from each transaction facilitated on its platform.
• Seller Plus: A subscription program on Fiverr granting freelancers enhanced marketing tools and growth features.
• LLM (Large Language Model): Advanced AI models trained to process, generate, and understand human language, used to improve matching, workflow, and buyer experience on the platform.
• KYC (Know Your Customer): Regulatory and internal processes to verify buyer and seller identities, intended to ensure compliance and trust in marketplace transactions.
• AutoDS: A recent acquisition specializing in e-commerce automation software, integrated to drive service revenue.

Full Conference Call Transcript

Jinjin Qian: Thank you, operator, and good morning, everyone. Thank you for joining us on Fiverr International Ltd.'s earnings conference call for the third quarter that ended September 30, 2025. Joining me on the call today are Micha Kaufman, Founder and CEO, and Estee Levi Daddon, EVP Finance. Before we start, I would like to remind you that during this call, we may make forward-looking statements. These statements are based on our current expectations and assumptions as of today, and Fiverr International Ltd. 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 Factors section in Fiverr International Ltd.'s most recent Form 20-F 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.

Micha Kaufman: And now, I will turn the call over to Micha. 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 2025, 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 have consistently prioritized moving upmarket 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 off 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 are 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 project size reaching $17,000. The success of these offerings marks a meaningful evolution in Fiverr International Ltd.'s value proposition. We are no longer just a platform for fast, lightweight freelance tasks. We are increasingly becoming a trusted partner for businesses executing highly specialized multistage projects that often require depth of talent in 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 freelancers have become 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 multiyear 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 International Ltd. as the go-to destination for finding top-tier AI talent and deploying applied AI solutions.

Despite a macro environment that remains uneven, we are 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 an 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 are expanding our generative engine optimization capabilities, integrating our catalog into native AI channels, and building AI-powered catalog management systems. We are also investing in partnerships that drive growth across AI-related verticals. Two, 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 are 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 marketplace 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 strength 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 have built. I look forward to sharing more about our 2026 roadmap in our next call. And with that, I will turn it over to Estee.

Estee Levi Daddon: Thank you, Micha, and good morning, everyone. We delivered a strong third quarter, both top and bottom lines exceeding the midpoint of our guidance. Revenue for the third quarter was $107.9 million, up 8% year over year. We also achieved record adjusted EBITDA and adjusted EBITDA margin. Adjusted EBITDA for Q3 was $24.2 million, representing an adjusted EBITDA margin of 22%, an improvement of 260 basis points from the year earlier. We continue to generate strong cash flow, with free cash flow totaling $29.1 million in Q3. The strategic restructuring, combined with our continued discipline in expense management, contributed to strong profitability and robust cash flow generation.

As always, we remain focused on balancing between growth and profitability while maintaining discipline in capital allocation. Q3 saw solid performance across both marketplace and service segments. Market-based revenue was $73.6 million, driven by 3.3 million active buyers, $330 in spend per buyer, and a 27.6% market-based take rate. Within the market-based segment, we saw strong momentum driven by the tailwind in AI-related categories and the success of our expanded managed services and dynamic matching. These channels continue to fuel higher-value complex projects, which in turn result in higher average transaction value and an increase in share of customer spending.

We continue to believe the structural tailwinds within the marketplace segment, particularly around AI and upmarket adoption, will help offset broader economic headwinds and serve as a sustained growth driver. Service revenue was $34.3 million, representing a year-over-year growth of 40% and accounting for 32% of total revenue in Q3. The upside was driven by Fiverr Go, increasing adoption of Seller Plus, which saw 20% year-over-year growth. Fiverr Ads maintained double-digit growth as a result of ad load expansion, and AutoDS benefited from enhanced synergies with Fiverr International Ltd. and continued success with the Shopify partnership.

Looking ahead, we expect service revenue growth to moderate as we lap the one-year anniversary of the acquisition but to maintain healthy double-digit revenue growth. We continue to expect service revenue to represent a little over 30% of total revenue for the full year 2025. Now on to guidance. For the full year 2025, we expect revenue to be in the range of $428 to $436 million, representing a year-over-year growth of 9% to 11%. We are raising our full-year adjusted EBITDA guidance and now expect it to be in the range of $88 to $93 million, representing an adjusted EBITDA margin of 21% at midpoint.

For Q4 2025, revenue is expected to be between $104.3 to $112.3 million, representing a year-over-year growth of 1% to 8%. The wider-than-normal revenue guidance for the fourth quarter reflects elevated uncertainty in the macro environment with mixed signals. Adjusted EBITDA is expected to be $23.9 to $27.9 million, representing an adjusted EBITDA margin of 24% at the midpoint. During Q3, we announced a strategic restructuring plan, which resulted in a streamlined headcount and enhanced operational efficiency. These efforts contributed to the increased adjusted EBITDA guidance in Q4.

While the pace of EBITDA improvement in Q4 should not be viewed as a steady-state cadence, profitability, margin expansion, and cash flow will remain key priorities for us, even as we redeploy some of our cost base savings into selective high-impact investments in AI and upmarket initiatives in 2026. We remain committed to our accelerated schedule to reach the long-term adjusted EBITDA margin of 25% in 2026. With that, we will now turn the call over to the operator for questions. Thank you.

Operator: We will now begin the question and answer session. If you would like to ask a question, please press star, then the number one, on your telephone keypad to raise your hand and join the queue. Simply press star 1 again. Your first question comes from Ronald Josey with Citi. Your line is open.

Ronald Josey: Hey, this is Jake on for Ron. Thanks so much for taking the question. Micha, I wanted to double-click on how you are reimagining the marketplace to be AI-first. Specifically, the pillars around evolving the buyer experience and improving matching. Could you just double-click and help us better understand your vision here and why you believe Fiverr International Ltd. is uniquely positioned to be AI-first? Thanks so much.

Micha Kaufman: Hey. Good morning, and thank you for the question. I should clarify that Ofer Katz is with us on the line. He is having a sore throat, so this is why Estee was coming with the opening remarks. But in case we have questions, he will be happy to answer them. As to your question, look, I think what AI is giving us is the ability to change the way people express themselves. And you see that in the market, the way search is being augmented or replaced by prompting, it gives us an opportunity to extract a more accurate representation of the actual need from the customer.

Which in turn gives us better tools to be able to accurately match in a very precise manner the right expert to the right mission. The same applies for more complex projects, that sometimes require multitalent and sometimes require an orchestration of those multitalent into the end result. So this is just one example which is very robust. Because the primary function that customers are using is the browsing and searching. And this is the most fundamental thing that we can use AI for. The same applies for the rest of our solutions, like the dynamic matching, is an example the project management, and so forth.

And I have alluded to it in my opening remarks with everything I said about the matching capabilities, the know-your-customer aspects, and we are already reaping the benefits or starting to reap the benefits. Well, this being able to deliver much better matching to our customers, does that in turn result in larger types of projects, and with higher satisfaction.

Ronald Josey: Thanks so much. Ofer, I hope you feel better. Just one quick follow-up for you or Estee. Given the wider Q4 revenue guidance, could you just touch on the key assumptions that would get you to the low end versus the high end? Maybe specifically around GMV trends. Thanks a lot.

Ofer Katz: So, this is Ofer. Thank you for the concern. The assumptions for the remainder of the year are that the revenue coming from services will continue to grow, while the revenue coming from the marketplace will be dependent on GMV trends. The account seems to be flat and might decline by a single digit. The assumption is that the trend that we have been seeing in the last quarter will continue into the fourth quarter. And based on the high volatility of the market in the last few quarters, we kept the guidance range wide to take that into consideration.

Ronald Josey: Thanks again.

Operator: Your next question comes from Jason Helfstein with Oppenheimer. Your line is open.

Jason Helfstein: Thanks. Obviously, the spend per buyer increase was nice. I think you highlighted that this really was not from, like, the SMB, but you know, just the ability to move into more advanced projects. And does this show you more from the company? I guess how does the reorganization tie into the ability to ever get back to the SMB opportunity? Like, is the assumption now that you have reorganized the business to focus on higher-value jobs and hey, if SMBs ever come back, that is great, but, like, there is no assumption.

Like, do you think there is, just it has been so long since we have seen SMB demand that we just should not assume that it ever comes back or any broad thoughts about that? Thank you.

Ofer Katz: Right now, since the dynamics in the macro economy that we have seen have not changed materially, then we do not assume those changes. And, you know, while we see the Fed has started to lower interest rates, which could be constructive for SMBs, we also continue to see weak job data across both full-time and staffing sectors. So the macroeconomic conditions are still highly uncertain, to say the least. So when we think about our guidance or how it is being made off, it really assumes no change in the macro front. We talked about it on a full-year basis, that services will be a little over 30% of the 2025 revenue.

So that will give you some idea of how we think about the marketplace versus services revenue. But overall, we continue to expect the market-based revenue to be flat or low single-digit decline and services revenue to exit the year with double-digit growth. And that assumes no improvement in the SMB side. That said, when we look at everything that has to do with the upmarket, meaning the larger types of customers and the larger types of projects, this is where we do see an improvement, absolutely. That contribution is very noticeable.

And as much as that portion of the business becomes larger, the contribution is going to be larger, which means that by definition, the return to growth in active buyers is going to happen. Period. We have been saying that for multiple quarters. We are seeing this. So it converges to that point. That is the assumption. That is the framework, and this is what we are seeing happening in reality.

Jason Helfstein: Thank you.

Operator: Your next question comes from Douglas Anmuth with JPMorgan. Your line is open.

Douglas Anmuth: Thanks for taking the questions. Micha, can you just talk, I guess, first just about the key investments you need to make in 2026 to transform into an AI-first company and how should we think about timing, you know, as you kind of progress along this shift? And then, I guess, secondly, can you talk more about the drivers of spend per buyer and the 12% growth kind of like beneath the hood? What are you seeing in terms of changes in types of projects and how buyers are really engaging with the platform? Thanks.

Micha Kaufman: So thanks for the questions, Doug. Good morning. So the investments that we are doing is one on talent. And I think that this is true for everyone. Finding AI natives on the talent side within the company is one area of focus. The second is the improvements that we are introducing to our infrastructure. So some of the benefits of being able to use new development coding design, marketing, allows us not to just put more people on problems, or building things in our infrastructure, but actually finding new ways of moving much, much faster without paying the price of working on a fifteen-year-old infrastructure. The third is the marketplace experience.

On everything we do, and we have highlighted things like dynamic matching, and project management and orchestration, and we have highlighted also the aspects of having a much more nuanced and much more accurate matching technology. And KYC, and I have mentioned those four pillars, is the go-to-market with the investment in LLM engines, GEO, and partnerships, the buyer experience, the matching, and the talent. So across all of these areas that I have mentioned, these are the areas that we are putting focus. And the approach is AI-first mentality.

Meaning we want to make sure that we maximize the new possibilities that AI gives us both internally in how we work, in how we develop, and how we execute but both in how we can make AI more involved in our core business to make that core business better. As to your second question about the spend per buyer, I think that this is, when we think about spend per buyer, there are catalysts for it. And some of it is the ability to identify categories that are now growing, some of which thanks to our move upmarket, and some of which is because of the technological transformation of AI. I have given some examples for it.

You know, programming and tech vertical is one of them, which has a much, much higher project size. Dynamic matching, and its contribution and the fact that, you know, 15% of them are from briefs that are above $1,000. Managed services that have grown 65% over the year, with an average size of $17,000. So these are very, very different from our average transaction size services. And we continue to drive very healthy deal flow on managed services. So the nature of these projects is very strategic, not just tactical. And there are a few examples if you are interested in more examples in the shareholder letter.

Douglas Anmuth: Great. Thank you.

Operator: Once again, if you would like to ask a question, at this time, please press star, then the number one, on your telephone keypad to raise your hand and join the queue. Our next question comes from Matt Condon with Citizens. Your line is open.

Matt Condon: Thank you so much for taking my questions. Just with these product catalysts across AI and moving upmarket, potentially decoupling you from the macro environment, just what is your confidence level that these products can actually return the marketplace business to growth in 2026, as you just more deeply integrate them? And then my second question is just on AI displacing some of the commoditized jobs, the lower end of the market. Just have we seen those plateau at this point and become less of a headwind going forward? And is the displacement of those types of jobs less today than it was, say, a year ago?

Micha Kaufman: Thank you for the questions. So as these AI-driven products or needs grow, they grow much faster than the average. And so, and the more they become a bigger portion of the total, they are driving us to change direction and go back to growth. We are seeing that. Still, it takes time for those types of customers and those types of projects to become the majority of our business. But as they grow, we are by definition going back to growth. And we see that we see that on a constant basis, and you are seeing the numbers grow every time we meet here every quarter. And they become larger and larger.

Today, transactions over $200 are already the majority. They are over 50% of our marketplace. And they are growing double-digit. And transactions over $1,000 are growing in the 20s year over year. And more than 10% of the marketplace already. So this gives you some idea that they are already meaningful in the marketplace, and they continue growing. And this is where we draw our confidence from. The second part of your question about the job displacement, I have addressed that many times. The jobs that are being displaced are the very, very simplistic types of jobs. All of us are using AI for two years plus. We know its limitations.

There are a lot of limitations to what AI can do, to its accuracy, and to its quality. And customers understand that as well. And they are, we have seen a lot of our customers, and talent by the way, using AI, but the more they use it, the more they understand their limitations and their ability to trust the outcome to be production-ready and business-ready. And so the things that we have seen being displaced are very low-skill types of services. Those types of services have been very small in size anyway. So the fact that they are being displaced is not a big deal. The more we invest in larger projects, the more we grow.

That is the bottom line, and this is where AI does not replace human beings. It does not replace human talent and high skill.

Matt Condon: Thank you so much.

Operator: Your next question comes from Joshua Chan with UBS. Your line is open.

Joshua Chan: Hi, Micha, Ofer, Estee. Thanks for taking my questions. I just have two questions today. The first one is on your comment about macro and uncertainty. I was just wondering, the macro has obviously been choppy for a while. So are you seeing anything different now than before that kind of led you to make that comment and that wider guidance? And then the second question is on could you just talk about the phasing of the restructuring benefits? To what extent some of the benefits are coming into Q4? And how that kind of layers into the rest of 2026? Thank you.

Ofer Katz: So on the first question, there is no change in the macro, which is why we have kept the guidance pretty wide. And on the second question, definitely, there would be a bigger impact after the restructuring into Q4. But as we look into next year, we do plan to fill up the lines with some of the needed talent. That I would expect next year to improve in terms of EBITDA, but not to the same cadence as we are expected to see as of Q4.

Joshua Chan: Great. Thank you for the color.

Operator: Your last question comes from Marvin Fong with BTIG. Your line is open.

Marvin Fong: Hi. Good morning. Thanks for taking my questions. Also, I hope you feel better as well. Question, you know, I do not want to cover ground that we previously did, but I think I would like to ask you just kind of on a category basis. You called out the 14% growth in programming and tech. I was just would like to know, you know, other major categories, how are they benefiting from AI? Are you seeing the same trends? So perhaps you could comment on, like, design, creative, like, another large category for you, but any other major categories you like to call out and how AI might be a tailwind for that?

And then second question, just on, you know, the move upmarket, obviously, really great traction there. I was just wondering if there were other unlocks that you can do. Are you satisfied with the product suite or, you know, next twelve months? What are some new features that you might be able to launch to address other parts of the ecosystem? So for example, 1099 versus W-2, anything along those lines would be great.

Micha Kaufman: Thanks for the questions. So to highlight some of the areas where we are seeing growth, programming and tech is growing fast, and it is becoming a very meaningful category with about 20% of our business. Alongside programming and tech, we have digital marketing, video and animation, which are also growing very strong.

Some of it is due to AI and the possibility of bringing highly skilled people that know how to extract the most out of AI, which is kind of the case I mentioned where you have customers sometimes trying to use AI, understanding its limitation, and their limitations as not being experts in how to make the most out of it, and they come to us in these cases. We are seeing this as a very prominent case in these verticals. And also the nature of how customers come to us is very different from two years ago or even a year ago. So in many cases, they become more educated.

They do a little bit of work on their own. They are not clueless. They can better express their needs, which also changes the basic function of what we do, which is less of explaining to them what they need, but more trying to address that need by giving them a really strong and very accurate high-quality match. As we think about the move upmarket, there is a lot to do. And I have already highlighted both in my opening remarks and in some of the answers and in the shareholder letter some of these areas. But just to reiterate some of them, today, many customers are already enjoying dynamic matching and managed services.

But many more do not yet know that Fiverr International Ltd. can do these projects that are in the tens of thousands of dollars. So there is a lot of opportunity that we can unlock there. At the same time, there are the LLM channels, which are another example of areas to invest in. Where the traditional search or the fact that Google was the Internet up until a few years ago, and now they are not playing there alone. There are also other ways to explore the Internet, and a little bit is going to other lands. Creates a challenge which we prefer to look at as an opportunity.

And we are seeing how the LLM channel, top of funnel, is contributing more and more into the top of funnel traffic, which also makes us more motivated to continue investing along those areas. And lastly, I would say that maybe two or three I said before, is customers are more accurate in how they share their needs, they are more explicit, which is good news for us. Because now we have more to work with, and be able to match them with this incredible base of unbelievable talent that we have on our platform. So that we can address their needs.

Marvin Fong: That is super helpful. Thank you.

Operator: That concludes our Q&A session. I would like to now turn the call back over to Micha Kaufman for closing remarks.

Micha Kaufman: Thank you, Morgan, for moderating this conference. And thank you, everyone, for participating. Wishing you a great day, and talk to all of you soon.

Operator: This concludes today's call. Thank you for attending. You may now disconnect, and have a wonderful rest of your day.

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