Income Statement Fiverr International Ltd.

Equities

FVRR

IL0011582033

Internet Services

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09-09	Transcript : Fiverr International Ltd. Presents at Goldman Sachs Communacopia + Technology Conference 2024, Sep-09-2024 11:30 AM

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Published financial data: FIVERR INTERNATIONAL LTD.

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2019	2020	2021	2022	2023
Revenues	107M	190M	298M	337M	361M
Total Revenues	107M	190M	298M	337M	361M
Cost of Goods Sold, Total	22.22M	33.19M	51.72M	65.95M	61.85M
Gross Profit	84.85M	156M	246M	271M	300M
Selling General & Admin Expenses, Total	81.35M	122M	211M	238M	224M
R&D Expenses	34.38M	45.72M	79.3M	92.56M	90.72M
Other Operating Expenses, Total	116M	168M	290M	331M	315M
Operating Income	-30.88M	-11.41M	-44.34M	-59.15M	-15.11M
Interest Expense, Total	-	-4.04M	-20.03M	-2.53M	-2.54M
Interest And Investment Income	1.89M	1.87M	1.92M	6.48M	22.42M
Net Interest Expenses	1.89M	-2.17M	-18.11M	3.95M	19.88M
Currency Exchange Gains (Loss)	-195K	-262K	-1.27M	1.14M	131K
Other Non Operating Income (Expenses)	-323K	-369K	-134K	-1.47M	150K
EBT, Excl. Unusual Items	-29.51M	-14.21M	-63.86M	-55.53M	5.05M
Merger & Related Restructuring Charges	-183K	-	-510K	-	-
Asset Writedown	-	-	-	-27.63M	-
Other Unusual Items	-3.69M	-398K	-487K	12.25M	-
EBT, Incl. Unusual Items	-33.38M	-14.61M	-64.85M	-70.91M	5.05M
Income Tax Expense	160K	200K	159K	577K	1.37M
Earnings From Continuing Operations	-33.54M	-14.81M	-65.01M	-71.49M	3.68M
Net Income to Company	-33.54M	-14.81M	-65.01M	-71.49M	3.68M
Net Income - (IS)	-33.54M	-14.81M	-65.01M	-71.49M	3.68M
Preferred Dividend and Other Adjustments	632K	-	-	-	-
Net Income to Common Incl Extra Items	-34.17M	-14.81M	-65.01M	-71.49M	3.68M
Net Income to Common Excl. Extra Items	-34.17M	-14.81M	-65.01M	-71.49M	3.68M
Per Share Items
Net EPS - Basic	-1.67	-0.46	-1.81	-1.94	0.1
Basic EPS - Continuing Operations	-1.67	-0.46	-1.81	-1.94	0.1
Basic Weighted Average Shares Outstanding	20.5M	32.32M	35.96M	36.86M	38.07M
Net EPS - Diluted	-1.67	-0.46	-1.81	-1.94	0.09
Diluted EPS - Continuing Operations	-1.67	-0.46	-1.81	-1.94	0.09
Diluted Weighted Average Shares Outstanding	20.5M	32.32M	35.96M	36.86M	39.15M
Normalized Basic EPS	-0.9	-0.27	-1.11	-0.94	0.08
Normalized Diluted EPS	-0.9	-0.27	-1.11	-0.94	0.08
American Depositary Receipts Ratio (ADR)	0.05	0.05	0.05	0.05	0.05
Supplemental Items
EBITDA	-27.31M	-7.07M	-37.47M	-48.97M	-9.12M
EBITA	-28.23M	-8.28M	-39.21M	-51M	-11M
EBIT	-30.88M	-11.41M	-44.34M	-59.15M	-15.11M
EBITDAR	-24.93M	-4.4M	-34.78M	-46.07M	-7.44M
Effective Tax Rate - (Ratio)	-0.48	-1.37	-0.25	-0.81	27.17
Normalized Net Income	-18.44M	-8.88M	-39.91M	-34.71M	3.16M
Non-Cash Pension Expense	2.36M	3.08M	4.55M	4.57M	4.73M
Supplemental Operating Expense Items
Advertising Expense	41.34M	68.54M	109M	120M	113M
Selling and Marketing Expenses	61.31M	94.38M	159M	175M	161M
General and Administrative Expenses	20.04M	27.64M	51.62M	63.41M	62.71M
Research And Development Expense From Footnotes	34.48M	45.72M	79.3M	92.56M	90.72M
Net Rental Expense, Total	2.37M	2.68M	2.69M	2.9M	1.68M
Imputed Operating Lease Interest Expense	-	461K	1.13M	138K	74K
Imputed Operating Lease Depreciation	-	2.22M	1.55M	2.76M	1.61M
Stock-Based Comp., COGS (Total)	142K	384K	1.44M	2.52M	2.5M
Stock-Based Comp., R&D Exp. (Total)	3.2M	5.84M	20.01M	23.83M	24.31M
Stock-Based Comp., S&M Exp. (Total)	1.85M	3.08M	14.11M	17.2M	13.3M
Stock-Based Comp., G&A Exp. (Total)	3.71M	6.5M	19.86M	28.21M	28.59M
Total Stock-Based Compensation	8.9M	15.82M	55.41M	71.76M	68.7M

Fiscal Period: December	2019	2020	2021	2022	2023
Assets
Cash And Equivalents	24.17M	268M	71.15M	86.75M	184M
Short Term Investments	104M	219M	252M	375M	234M
Total Cash And Short Term Investments	128M	487M	323M	462M	417M
Other Receivables	3.12M	5.42M	14.25M	18.96M	23.25M
Total Receivables	3.12M	5.42M	14.25M	18.96M	23.25M
Restricted Cash	-	-	2.92M	1.14M	-
Other Current Assets, Total	56.27M	98.33M	128M	143M	154M
Total Current Assets	187M	591M	468M	625M	594M
Gross Property Plant And Equipment	8.35M	26.12M	23.99M	22.34M	20.66M
Accumulated Depreciation	-3.03M	-4.24M	-5.71M	-7.6M	-9.2M
Net Property Plant And Equipment	5.32M	21.88M	18.28M	14.74M	11.46M
Long-term Investments	21.8M	228M	318M	190M	328M
Goodwill	11.24M	11.24M	77.27M	77.27M	77.27M
Other Intangibles, Total	7.19M	5.88M	49.22M	14.77M	10.72M
Other Long-Term Assets, Total	3.69M	3M	1.06M	1.96M	1.35M
Total Assets	236M	861M	932M	924M	1.02B
Liabilities
Accounts Payable, Total	3.75M	3.62M	8.7M	8.63M	5.49M
Accrued Expenses, Total	17.48M	27.75M	40.29M	39.56M	43.62M
Current Portion of Long-Term Debt	503K	560K	2.27M	-	-
Current Portion of Leases	-	3.31M	3.06M	2.76M	2.57M
Unearned Revenue Current, Total	3.25M	5.96M	12.14M	11.35M	11.05M
Other Current Liabilities	56.95M	105M	123M	135M	143M
Total Current Liabilities	81.94M	146M	189M	197M	205M
Long-Term Debt	2.54M	354M	372M	453M	455M
Long-Term Leases	-	13.86M	10.48M	6.65M	4.48M
Deferred Tax Liability Non Current	-	-	-	-	1.8M
Other Non Current Liabilities	3.08M	1.89M	13.1M	1.56M	813K
Total Liabilities	87.55M	516M	585M	658M	668M
Common Stock, Total	306M	-	-	-	-
Additional Paid In Capital	-	517M	586M	566M	641M
Retained Earnings	-158M	-173M	-238M	-288M	-284M
Comprehensive Income and Other	238K	532K	-1.1M	-12.06M	-714K
Total Common Equity	149M	345M	347M	266M	356M
Total Equity	149M	345M	347M	266M	356M
Total Liabilities And Equity	236M	861M	932M	924M	1.02B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	31.94M	35.84M	36.8M	37.76M	38.7M
ECS Total Common Shares Outstanding	31.94M	35.84M	36.76M	37.54M	38.65M
Book Value / Share	4.66	9.64	9.44	7.08	9.2
Tangible Book Value	130M	328M	220M	174M	268M
Tangible Book Value Per Share	4.08	9.16	5.99	4.63	6.93
Total Debt	3.04M	372M	388M	462M	462M
Net Debt	-146M	-344M	-253M	-190M	-283M
Debt Equivalent Oper. Leases	18.98M	21.42M	21.51M	23.21M	13.46M
Account Code - Inventory Valuation	3	3	3	3	3
Machinery, Total	3.19M	4.68M	6.08M	6.99M	7.58M
Full Time Employees	419	545	787	739	775

Fiscal Period: December	2019	2020	2021	2022	2023
Net Income	-33.54M	-14.81M	-65.01M	-71.49M	3.68M
Depreciation & Amortization - CF	920K	1.21M	1.74M	2.03M	1.88M
Amortization of Goodwill and Intangible Assets - (CF)	2.65M	3.13M	5.14M	8.15M	4.11M
Depreciation & Amortization, Total	3.57M	4.34M	6.88M	10.18M	5.99M
Amortization of Deferred Charges, Total - (CF)	-	4.04M	20.03M	2.53M	2.54M
(Gain) Loss From Sale Of Asset	-	-	-13K	-26K	-
(Gain) Loss on Sale of Investments - (CF)	-988K	1.09M	7.9M	6.38M	-730K
Asset Writedown & Restructuring Costs	-	-	-	27.63M	211K
Stock-Based Compensation (CF)	8.9M	15.82M	55.41M	71.76M	68.7M
Other Operating Activities, Total	65K	-1.08M	242K	31K	71K
Change In Accounts Receivable	-1.58M	-1.78M	-6.24M	-4.85M	-2.88M
Change In Accounts Payable	240K	-127K	4.67M	-113K	-3.2M
Change in Unearned Revenues	3.25M	2.68M	4.12M	-792K	-306K
Change in Other Net Operating Assets	6.14M	6.96M	10.06M	-11.14M	9.1M
Cash from Operations	-13.94M	17.14M	38.04M	30.11M	83.19M
Capital Expenditure	-1.02M	-2.09M	-1.68M	-1.2M	-1.05M
Cash Acquisitions	-9.97M	-	-97.08M	-	-
Sale (Purchase) of Intangible assets	-739K	-1.94M	-894K	-1.18M	-60K
Investment in Marketable and Equity Securities, Total	-124M	-322M	-130M	-11M	10.89M
Other Investing Activities, Total	-40K	107K	-	-1.25M	-
Cash from Investing	-136M	-326M	-229M	-14.62M	9.78M
Long-Term Debt Issued, Total	-	447M	-	-	-
Total Debt Issued	-	447M	-	-	-
Long-Term Debt Repaid, Total	-470K	-524K	-599K	-2.27M	-
Total Debt Repaid	-470K	-524K	-599K	-2.27M	-
Issuance of Common Stock	118M	139M	8.29M	3.76M	2.76M
Repurchase of Common Stock	-	-	-8.99M	-2.03M	-
Other Financing Activities, Total	-	-33.97M	-1.1M	-1.1M	87K
Cash from Financing	118M	552M	-2.4M	-1.64M	2.85M
Foreign Exchange Rate Adjustments	245K	1.27M	-130K	-32K	-29K
Net Change in Cash	-31.78M	244M	-194M	13.82M	95.78M
Supplemental Items
Cash Interest Paid	131K	115K	107K	246K	145K
Cash Income Tax Paid (Refund)	36K	-	78K	235K	589K
Levered Free Cash Flow	975K	26.7M	40.05M	35.91M	59.67M
Unlevered Free Cash Flow	975K	25.19M	32.54M	34.96M	58.71M
Change In Net Working Capital	-9.56M	-16.2M	-549K	7.64M	5.42M
Net Debt Issued / Repaid	-470K	447M	-599K	-2.27M	-

Fiscal Period: December	2019	2020	2021	2022	2023
Profitability
Return on Assets	-11.11	-1.3	-3.09	-3.99	-0.97
Return on Total Capital	-18.46	-1.64	-3.82	-5.06	-1.22
Return On Equity %	-33.08	-5.99	-18.78	-23.34	1.18
Return on Common Equity	-33.7	-5.99	-18.78	-23.34	1.18
Margin Analysis
Gross Profit Margin %	79.24	82.49	82.62	80.45	82.89
SG&A Margin	75.98	64.38	70.88	70.55	61.96
EBITDA Margin %	-25.5	-3.73	-12.59	-14.52	-2.52
EBITA Margin %	-26.36	-4.37	-13.17	-15.12	-3.04
EBIT Margin %	-28.84	-6.02	-14.9	-17.53	-4.18
Income From Continuing Operations Margin %	-31.32	-7.81	-21.84	-21.19	1.02
Net Income Margin %	-31.32	-7.81	-21.84	-21.19	1.02
Net Avail. For Common Margin %	-31.91	-7.81	-21.84	-21.19	1.02
Normalized Net Income Margin	-17.22	-4.69	-13.41	-10.29	0.87
Levered Free Cash Flow Margin	0.91	14.09	13.46	10.64	16.51
Unlevered Free Cash Flow Margin	0.91	13.29	10.93	10.36	16.25
Asset Turnover
Asset Turnover	0.62	0.35	0.33	0.36	0.37
Fixed Assets Turnover	20.47	13.94	14.82	20.43	27.59
Short Term Liquidity
Current Ratio	2.28	4.05	2.48	3.17	2.89
Quick Ratio	1.6	3.38	1.79	2.44	2.14
Operating Cash Flow to Current Liabilities	-0.17	0.12	0.2	0.15	0.4
Average Days Payable Outstanding	58.41	40.64	43.47	47.95	41.68
Long Term Solvency
Total Debt/Equity	2.04	107.67	111.82	173.92	129.96
Total Debt / Total Capital	2	51.85	52.79	63.49	56.51
LT Debt/Equity	1.7	106.55	110.29	172.89	129.24
Long-Term Debt / Total Capital	1.67	51.31	52.07	63.11	56.2
Total Liabilities / Total Assets	37.04	59.89	62.77	71.23	65.24
EBIT / Interest Expense	-	-2.83	-2.21	-23.41	-5.95
EBITDA / Interest Expense	-	-1.09	-1.74	-18.23	-2.93
(EBITDA - Capex) / Interest Expense	-	-1.61	-1.82	-18.7	-3.34
Total Debt / EBITDA	-0.11	-84.58	-11.15	-10.03	-62.15
Net Debt / EBITDA	5.37	78.13	7.27	4.12	38.09
Total Debt / (EBITDA - Capex)	-0.11	-57.3	-10.64	-9.78	-54.45
Net Debt / (EBITDA - Capex)	5.17	52.93	6.94	4.01	33.37
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	41.81	76.99	57.07	13.34	7.12
Gross Profit, 1 Yr. Growth %	41.69	84.24	57.33	10.36	10.36
EBITDA, 1 Yr. Growth %	-16.38	-77.18	401.43	29.02	-75.16
EBITA, 1 Yr. Growth %	-15.68	-74.05	351.73	28.49	-71.61
EBIT, 1 Yr. Growth %	-11.54	-66.99	275.47	31.95	-67.79
Earnings From Cont. Operations, 1 Yr. Growth %	-6.99	-55.84	338.97	9.96	-105.15
Net Income, 1 Yr. Growth %	-6.99	-55.84	338.97	9.96	-105.15
Normalized Net Income, 1 Yr. Growth %	-14.47	-57.19	337.07	-13.7	-111.68
Diluted EPS Before Extra, 1 Yr. Growth %	-69.28	-72.51	294.64	7.27	-104.64
Net Property, Plant and Equip., 1 Yr. Growth %	3.46	311.13	-16.43	-19.39	-22.27
Total Assets, 1 Yr. Growth %	112.88	264.36	8.17	-0.83	10.8
Tangible Book Value, 1 Yr. Growth %	168.67	151.78	-32.87	-21.18	54.17
Common Equity, 1 Yr. Growth %	175.7	132.11	0.42	-23.39	33.88
Cash From Operations, 1 Yr. Growth %	-73.02	-222.88	121.98	-20.84	176.26
Capital Expenditures, 1 Yr. Growth %	32.46	106.1	-19.58	-28.86	-12.1
Levered Free Cash Flow, 1 Yr. Growth %	-102.53	-2.11K	51.4	-9.66	36.96
Unlevered Free Cash Flow, 1 Yr. Growth %	-102.53	-1.99K	30.47	8.45	37.77
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	43.34	58.43	66.73	33.42	10.18
Gross Profit, 2 Yr. CAGR %	47.97	61.57	70.25	31.77	10.36
EBITDA, 2 Yr. CAGR %	21.71	-54.53	9.94	156	-50.98
EBITA, 2 Yr. CAGR %	21.33	-51.39	10.83	142.41	-47.35
EBIT, 2 Yr. CAGR %	25.76	-44.06	13.26	123.8	-41.95
Earnings From Cont. Operations, 2 Yr. CAGR %	31.74	-35.91	39.23	119.7	-76.2
Net Income, 2 Yr. CAGR %	31.74	-35.91	39.23	119.7	-76.2
Normalized Net Income, 2 Yr. CAGR %	24.52	-37.22	38.69	94.96	-71.97
Diluted EPS Before Extra, 2 Yr. CAGR %	-25.97	-70.94	4.16	105.75	-77.7
Net Property, Plant and Equip., 2 Yr. CAGR %	0.48	106.24	85.36	-17.92	-20.84
Total Assets, 2 Yr. CAGR %	84.05	178.5	98.53	3.57	4.82
Tangible Book Value, 2 Yr. CAGR %	146.93	160.09	30.01	-27.26	10.23
Common Equity, 2 Yr. CAGR %