Fiverr International (FVRR) Reports In-Line Q4 EPS, Revenues Beat; Offers 1Q & FY21 Revenue Guidance Above Consensus

February 18, 2021 8:26 AM EST
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Price: $208.62 --0%

EPS Growth %: +100.0%

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Fiverr International (NYSE: FVRR) reported Q4 EPS of $0.12, in-line with the analyst estimate of $0.12. Revenue for the quarter came in at $55.9 million versus the consensus estimate of $54.1 million.

Fourth Quarter 2020 Financial Highlights

  • Revenue in the fourth quarter of 2020 was $55.9 million, an increase of 89% year over year.
  • Active buyers as of December 31, 2020 grew to 3.4 million, compared to 2.4 million as of December 31, 2019, an increase of 45% year over year.
  • Spend per buyer as of December 31, 2020 reached $205, compared to $170 as of December 31, 2019, an increase of 20% year over year.
  • Take rate for the year ended December 31, 2020 was 27.1%, up from 26.7% for the year ended December 31, 2019, an increase of 40 basis points year over year.
  • GAAP gross margin in the fourth quarter of 2020 was 82.6%, an increase of 330 basis points from 79.3% in the fourth quarter of 2019. Non-GAAP gross margin in the fourth quarter of 2020 was 83.9%, an increase of 310 basis points from 80.8% in the fourth quarter of 2019.
  • GAAP net loss in the fourth quarter of 2020 was ($8.1) million, or ($0.23) net loss per share, compared to ($7.4) million, or ($0.23) net loss per share, in the fourth quarter of 2019. Non-GAAP net income in the fourth quarter of 2020 was $4.8 million, or $0.13 and $0.12 basic and diluted net income per share, respectively, compared to ($2.7) million, or ($0.08) loss per share, in the fourth quarter of 2019.
  • Adjusted EBITDA1 in the fourth quarter of 2020 improved to $4.6 million, compared to ($3.3) million in the fourth quarter of 2019. Adjusted EBITDA margin was 8.3% in the fourth quarter of 2020, an improvement of 1,960 basis points from (11.3%) in the fourth quarter of 2019.

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GUIDANCE:

Fiverr International sees Q1 2021 revenue of $63-65 million, versus the consensus of $57.76 million.

Fiverr International sees FY2021 revenue of $277-280 million, versus the consensus of $261 million.

We are introducing strong Q1’21 and full-year 2021 guidance, as business momentum in 2020 continues into 2021. The Super Bowl commercial is expected to result in a one-time expense of $8 million in Q1'21 and we expect to continue gaining operating leverage throughout the year. Given the uncertainty of the ongoing impact and unprecedented conditions surrounding the COVID-19 pandemic on economies globally, we will provide investors with updated business trends as they evolve.

For earnings history and earnings-related data on Fiverr International (FVRR) click here.



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