Fiverr International Ltd. (NYSE:FVRR) Q1 2022 Results Earnings Conference Call May 11, 2022 8:30 AM ET
Company Participants
Jinjin Qian - Vice President, Strategic Finance
Micha Kaufman - Founder and Chief Executive Officer
Ofer Katz - President & Chief Financial Officer
Conference Call Participants
Douglas Anmuth - JPMorgan
Jason Helfstein - Oppenheimer
Matthew Farrell - Piper Sandler
Andrew Boone - JMP Securities
Bradley Erickson - RBC Capital Markets
Eric Sheridan - Goldman Sachs
Operator
Hello, everyone, and welcome to the Fiverr First Quarter Fiscal 2022 Earnings Conference Call. My name is Victoria, and I will be coordinating your call today. [Operator Instructions]
I'll now pass it over to your host Jinjin Qian to begin. Please go ahead.
Jinjin Qian
Thank you, operator, and good morning everyone. Thank you for joining us on Fiverr’s earnings conference call for the first quarter ended March 31, 2022. Joining me on the call today are Micha Kaufman, Founder and CEO, and Ofer 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 Factors section in Fiverr’s most recent Form 20-F and other filings with the SEC. During this call, we’ll be referring to some non-GAAP financial measures. A reconciliation of the non-GAAP financial measures to the most directly comparable GAAP measures are 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
Micha Kaufman
Thanks Jinjin. Good morning everyone and thanks for joining us today. The first quarter of 2022 was solid with 27% revenue growth year-over-year. It was also the first time in any Q1 that we achieved Adjusted EBITDA profitability, a quarter when we typically front load marketing investments. The quarter started with strong momentum in January and February. In March, the macro landscape shifted, and our marketplace is currently seeing the impact.
With higher inflation, recovering travel demand and more in-person activities, spending patterns are shifting for consumers, and therefore business spending. We started to see this shift on our marketplace in March and it has continued into the second quarter. We are not sure the duration of the shift or the magnitude and are adjusting our guidance range to reflect the uncertainty. Ofer will walk you through that in a moment.