Fiverr reported on their Q1 pre-market opening today.
Revenue growth accelerating to 100% y/y
Active buyers increased 56% y/y to 3.8 million
Continued expansion in spend per buyer
Continued expansion in take rate
Launched ninth vertical, for data related services:
This quarter, we opened a new vertical on the Fiverr marketplace. The new Data Vertical is focused on data related services and gives businesses access to talent that can provide insights from data analysis and includes services such as storage solutions, data science, analysis and automations. Businesses today not only need an online presence, but a holistic digital strategy to drive their businesses forward. Investing in data science and analytics can help companies make more informed decisions, improve their operational efficiency, and ultimately increase their revenue. By opening a vertical focused solely on data services, we are providing business buyers of all sizes the ability to tap directly into talented data analysts, data scientists and more, on-demand within their specified budget.
Raised FY21 guidance: “Fiverr expects business momentum to continue and is upgrading guidance for 2021 from 46-50% to 59-63% revenue growth”
$68.3 million revenue (100% y/y growth)
3.8M active buyers (56% y/y growth)
$216 spend per buyer (22% y/y growth)
Gross Margin 83.1% GAAP / 84.1% Non-GAAP
($0.7M) Adjusted EBITDA
(1.0%) Adjusted EBITDA Margin
27.2% Take Rate (10bps y/y improvement)
$73-75M Revenue (55-59% y/y)
$5-$7M Adjusted EBITDA
$302-308M (59-63% y/y)
$19.5-$24.5M Adjusted EBITDA
We continue to expect the elevated spend level across our cohorts to sustain into the future with the potential to increase further as we deepen our strategic initiatives around Fiverr Business, Subscriptions and Milestones. As we mentioned earlier this year, existing cohorts from 2018 and older, on average grew 15% in 2020. We are so happy to see our buyers doing more with Fiverr and unlocking the power of remote work!
Shareholder letter here:
(I am long FVRR)