Fiverr Announces Fourth Quarter and Full Year 2020 Results

  • Strong finish to 2020: We concluded a phenomenal year with accelerating growth in Q4 – revenue grew 89% y/y and active buyers grew 45% y/y
  • Reached 500+ categories: Fiverr added 30 new categories in Q4 and now offers digital services in more than 500 categories
  • Fiverr’s first ever Super Bowl commercial: The commercial follows a successful new brand evolution last year and introduces Fiverr to the world on one of the biggest stages
  • Initiating strong guidance for 2021: Fiverr expects continued business momentum and is initiating strong guidance for 2021 with 46-50% revenue growth and continued improvement on adjusted EBITDA margin
  • Momentum in 2020 continues in 2021: We expect the elevated engagement levels shown in 2020 to last well beyond the pandemic

NEW YORK–(BUSINESS WIRE)–Fiverr International Ltd. (NYSE: FVRR), the company that is changing how the world works together, today reported financial results for the fourth quarter of 2020. Complete operating results and management commentary can be found in the Company’s shareholder letter which is posted to its investor relations website at investors.fiverr.com.

“2020 was a landmark year for our business with 77% year over year revenue growth driven largely by bringing more freelancers and businesses together during a critical time of global change,” said Micha Kaufman, founder and CEO of Fiverr. “We are carrying that momentum into the new year and I’m thrilled about what lies ahead for us in 2021. We started this year with our first Super Bowl campaign, which allowed us to reach millions of people in a way that was unprecedented for our brand. In the year ahead, we also expect to continue to roll out significant products, features and capabilities and continue to help lead and power the global trend towards digital transformation and remote work.”

Ofer Katz, Fiverr’s CFO, added, “Our marketplace significantly scaled during 2020 and we achieved the important milestone of turning EBITDA positive as well. We believe the strong momentum is carrying into 2021 and the increased awareness and adoption of digital freelancing services will continue to provide tailwinds for our business. We are excited about the year ahead as reflected by our strong financial outlook for 2021.”

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.

Full Year 2020 Financial Highlights

  • Revenue in 2020 was $189.5 million, an increase of 77% year over year.
  • GAAP gross margin in 2020 was 82.5%, an increase of 330 basis points from 79.2% in 2019. Non-GAAP gross margin in 2020 was 83.7%, an increase of 270 basis points from 81.0% in 2019.
  • GAAP net loss in 2020 was ($14.8) million, or ($0.46) net loss per share, compared to a net loss of ($33.5) million, or ($1.67) net loss per share, in 2019. Non-GAAP net income in 2020 was $10.4 million, or $0.32 and $0.29 basic and diluted net income per share, respectively, compared to a loss of ($16.8) million, or ($0.58) basic and diluted net loss per share, in 2019.
  • Adjusted EBITDA in 2020 improved to $9.1 million, compared to ($18.0) million in 2019. Adjusted EBITDA margin was 4.8% in 2020, an improvement of 2,160 basis points from (16.8%) in 2019.

Financial Outlook

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.

 

Q1 2021

FY 2021

Revenue

$63.0 – $65.0 million

$277.0 – $284.0 million

Year over year growth

84-90%

46-50%

Adjusted EBITDA

($4.0) – ($3.0) million

$16.0 – $21.0 million

1 Adjusted EBITDA is a non-GAAP financial measure. See “Key Performance Metrics and Non-GAAP Financial Measure” for additional information regarding this and other non-GAAP metrics used in this release.

Conference Call and Webcast Details

Fiverr will host a conference call to discuss its financial results on Thursday, February 18, 2021, at 8:30 a.m. Eastern Time. A live webcast of the call can be accessed from Fiverr’s Investor Relations website. An archived version will be available on the website after the call. Investors and analysts can participate in the conference call by dialing (866) 360-3590, or (412) 317-5278 for callers outside the United States, and mention the passcode, “Fiverr.” A telephonic replay of the conference call will be available until Thursday, February 25, 2021, beginning one hour after the end of the conference call. To listen to the replay please dial (877) 344-7529, or (412) 317-0088 for callers outside the United States, and enter replay code 10150856.

About Fiverr

Fiverr’s mission is to change how the world works together. For over 10 years, the Fiverr platform has been at the forefront of the future of work connecting businesses of all sizes with skilled freelancers offering digital services in more than 500 categories, across 8 verticals including graphic design, digital marketing, programming, video and animation. In the twelve months ended December 31, 2020, over 3.4 million customers bought a wide range of services from freelancers across more than 160 countries. We invite you to become part of the future of work by visiting us at fiverr.com, read our blog and follow us on Facebook, Twitter and Instagram.

CONSOLIDATED BALANCE SHEETS

(in thousands)

 
December 31, December 31,

2020

2019

 
Assets
Current assets:
Cash and cash equivalents

$

268,030

 

$

24,171

 

Marketable securities

 

129,372

 

 

88,559

 

User funds

 

97,984

 

 

55,945

 

Bank deposits

 

90,000

 

 

15,000

 

Restricted deposit

 

346

 

 

324

 

Other receivables

 

5,418

 

 

3,117

 

Total current assets

 

591,150

 

 

187,116

 

 
Marketable securities

 

228,048

 

 

21,805

 

Operating lease right of use asset

 

15,611

 

 

 

Property and equipment, net

 

6,265

 

 

5,321

 

Intangible assets, net

 

5,884

 

 

7,188

 

Goodwill

 

11,240

 

 

11,240

 

Restricted deposit

 

2,589

 

 

3,168

 

Other non-current assets

 

415

 

 

522

 

Total assets

$

861,202

 

$

236,360

 

 
Liabilities and Shareholders’ Equity
Current liabilities:
Trade payables

$

3,622

 

$

3,749

 

User accounts

 

92,027

 

 

53,013

 

Deferred revenue

 

5,957

 

 

3,248

 

Other account payables and accrued expenses

 

40,396

 

 

21,426

 

Operating lease liabilities

 

3,307

 

 

 

Current maturities of long-term loan

 

560

 

 

503

 

Total current liabilities

 

145,869

 

 

81,939

 

 
 
Convertible notes

 

352,034

 

 

 

Operating lease liabilities

 

13,861

 

 

 

Long-term loan and other non-current liabilities

 

4,035

 

 

5,612

 

Total liabilities

 

369,930

 

 

5,612

 

 
Total liabilities

$

515,799

 

$

87,551

 

 
Shareholders’ equity:
Share capital and additional paid-in capital

 

517,444

 

 

306,334

 

Accumulated deficit

 

(172,573

)

 

(157,763

)

Accumulated other comprehensive income

 

532

 

 

238

 

Total shareholders’ equity

 

345,403

 

 

148,809

 

Total liabilities and shareholders’ equity

$

861,202

 

$

236,360

 

CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except share and per share data)

 
Three Months Ended Year Ended
December 31, December 31,

2020

2019

2020

2019

 
Revenue

$

55,885

 

$

29,531

 

$

189,510

 

$

107,073

 

Cost of revenue

 

9,703

 

 

6,120

 

 

33,188

 

 

22,224

 

Gross profit

 

46,182

 

 

23,411

 

 

156,322

 

 

84,849

 

 
Operating expenses:
Research and development

 

13,570

 

 

9,322

 

 

45,719

 

 

34,483

 

Sales and marketing

 

27,403

 

 

15,663

 

 

94,379

 

 

62,750

 

General and administrative

 

8,983

 

 

6,495

 

 

28,034

 

 

22,366

 

Total operating expenses

 

49,956

 

 

31,480

 

 

168,132

 

 

119,599

 

Operating loss

 

(3,774

)

 

(8,069

)

 

(11,810

)

 

(34,750

)

Financial income (expenses), net

 

(4,192

)

 

684

 

 

(2,800

)

 

1,371

 

Loss before income taxes

 

(7,966

)

 

(7,385

)

 

(14,610

)

 

(33,379

)

Income taxes

 

(111

)

 

(54

)

 

(200

)

 

(160

)

Net loss

$

(8,077

)

$

(7,439

)

$

(14,810

)

$

(33,539

)

Deemed dividend to protected ordinary shareholders

 

 

 

 

 

 

 

(632

)

Net loss attributable to ordinary shareholders

$

(8,077

)

$

(7,439

)

$

(14,810

)

$

(34,171

)

Basic and diluted net loss per share attributable to ordinary shareholders

$

(0.23

)

$

(0.23

)

$

(0.46

)

$

(1.67

)

Basic and diluted weighted average ordinary shares

 

35,643,919

 

 

31,900,413

 

 

32,323,636

 

 

20,503,893

 

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

 
Three Months Ended Year Ended
December 31, December 31,

2020

2019

2020

2019

 
Operating Activities
Net loss

$

(8,077

)

$

(7,439

)

$

(14,810

)

$

(33,539

)

Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization

 

1,227

 

 

893

 

 

4,338

 

 

3,571

 

Amortization of discount of marketable securities

 

933

 

 

(430

)

 

1,091

 

 

(988

)

Shared-based compensation

 

6,235

 

 

2,337

 

 

15,815

 

 

8,899

 

Net income (loss) from exchange rate fluctuations

 

(987

)

 

(67

)

 

(1,076

)

 

65

 

Changes in assets and liabilities:
User funds

 

(4,831

)

 

(1,245

)

 

(42,039

)

 

(16,209

)

Operating lease ROU assets and liabilities, net

 

1,068

 

 

 

 

1,068

 

 

 

Amortization of discount and issuance costs of convertible notes

 

4,036

 

 

 

 

4,036

 

 

 

Other receivables

 

(1,446

)

 

(232

)

 

(1,777

)

 

(1,583

)

Trade payables

 

(2,404

)

 

1,750

 

 

(127

)

 

240

 

User accounts

 

4,653

 

 

(1,687

)

 

39,014

 

 

13,277

 

Deferred revenue

 

120

 

 

3,248

 

 

2,680

 

 

3,248

 

Other account payables and accrued expenses

 

4,206

 

 

(372

)

 

10,674

 

 

8,677

 

Payment of contingent consideration

 

 

 

 

 

(1,960

)

 

 

Non-current liabilities

 

45

 

 

336

 

 

208

 

 

398

 

Net cash provided by (used in) operating activities

 

4,778

 

 

(2,908

)

 

17,135

 

 

(13,944

)

 
Investing Activities
Acquisition of business, net

 

 

 

 

 

 

 

(9,967

)

Acquisition of intangible asset

 

 

 

 

 

(1,230

)

 

 

Purchase of property and equipment

 

(1,041

)

 

(181

)

 

(2,094

)

 

(1,016

)

Capitalization of internal-use software

 

(64

)

 

(216

)

 

(711

)

 

(739

)

Other receivables and non-current assets

 

39

 

 

(29

)

 

107

 

 

(40

)

Bank and Restricted deposits

 

(49,443

)

 

5,000

 

 

(74,443

)

 

(15,000

)

Investment in marketable securities

 

(235,229

)

 

(69,954

)

 

(431,176

)

 

(214,306

)

Proceeds from sale of marketable securities

 

25,800

 

 

69,993

 

 

183,190

 

 

104,990

 

Net cash provided by (used in) investing activities

 

(259,938

)

 

4,613

 

 

(326,357

)

 

(136,078

)

 
Financing Activities
Proceeds from exercise of options

 

2,696

 

 

200

 

 

9,189

 

 

773

 

Proceeds from initial public offering, net

 

 

 

(452

)

 

 

 

113,350

 

Proceeds from issuance of protected ordinary shares, net

 

 

 

 

 

 

 

4,340

 

Proceeds from follow on offering, net

 

(40

)

 

 

 

129,853

 

 

 

Proceeds from issuance of convertible notes, net

 

447,264

 

 

 

 

447,264

 

 

 

Purchase of capped call

 

(43,240

)

 

 

 

(43,240

)

 

 

Payment of contingent consideration

 

 

 

 

 

(2,040

)

 

 

Repayment of long-term loan

 

(152

)

 

(123

)

 

(524

)

 

(470

)

Tax withholding in connection with employees’ options exercises

 

9,528

 

 

 

 

11,311

 

 

 

Net cash provided by (used in) financing activities

 

416,056

 

 

(375

)

 

551,813

 

 

117,993

 

 
Effect of exchange rate fluctuations on cash and cash equivalents

 

1,170

 

 

100

 

 

1,268

 

 

245

 

 
Increase (decrease) in cash and cash equivalents

 

162,066

 

 

1,430

 

 

243,859

 

 

(31,784

)

Cash and cash equivalents at the beginning of period

 

105,964

 

 

22,741

 

 

24,171

 

 

55,955

 

Cash and cash equivalents at the end of period

$

268,030

 

$

24,171

 

$

268,030

 

$

24,171

 

KEY PERFORMANCE METRICS

 

Twelve Months Ended
December 31,

2020

2019

 
Annual active buyers (in thousands)

 

3,418

 

2,352

Annual spend per buyer ($)

$

205

$

170

RECONCILIATION OF GAAP TO NON-GAAP GROSS PROFIT

(In thousands, except gross margin data)

 
Three Months Ended Year Ended
December 31, December 31,

2020

2019

2020

2019

 
GAAP gross profit

$

46,182

 

$

23,411

 

$

156,322

 

$

84,849

 

Add:
Share-based compensation

 

172

 

 

49

 

 

384

 

 

142

 

Depreciation and amortization

 

506

 

 

393

 

 

1,962

 

 

1,728

 

Non-GAAP gross profit

$

46,860

 

$

23,853

 

$

158,668

 

$

86,719

 

Non-GAAP gross margin

 

83.9

%

 

80.8

%

 

83.7

%

 

81.0

%

RECONCILIATION OF GAAP TO NON-GAAP NET INCOME (LOSS) AND NET INCOME (LOSS) PER SHARE

(In thousands, except share and per share data)

 
Three Months Ended Year Ended
December 31, December 31,

2020

2019

2020

2019

 
GAAP net loss attributable to ordinary shareholders

$

(8,077

)

$

(7,439

)

$

(14,810

)

$

(34,171

)

Add:
Deemed dividend to protected ordinary shareholders

 

 

 

 

 

 

 

632

 

Depreciation and amortization

 

1,227

 

 

893

 

 

4,338

 

 

3,571

 

Share-based compensation

 

6,235

 

 

2,337

 

 

15,815

 

 

8,899

 

Other initial public offering related expenses

 

 

 

 

 

 

 

416

 

Contingent consideration revaluation and acquisition related costs

 

932

 

 

1,509

 

 

768

 

 

3,873

 

Convertible notes amortization of discount and issuance costs

 

4,036

 

 

 

 

4,036

 

 

 

Exchange rate loss, net

 

416

 

 

 

 

262

 

 

 

Non-GAAP net income (loss)

$

4,769

 

$

(2,700

)

$

10,409

 

$

(16,780

)

GAAP basic weighted average number of ordinary shares outstanding

 

35,643,919

 

 

31,900,413

 

 

32,323,636

 

 

20,503,893

 

Add:
Additional weighted average shares giving effect to exchange of protected ordinary shares at the beginning of the period

 

 

 

 

 

 

 

8,596,606

 

Non-GAAP basic weighted average number of ordinary shares outstanding

 

35,643,919

 

 

31,900,413

 

 

32,323,636

 

 

29,100,499

 

Non-GAAP basic net income (loss) per share attributable to ordinary shareholders

$

0.13

 

$

(0.08

)

$

0.32

 

$

(0.58

)

 
Non-GAAP diluted weighted average number of ordinary shares outstanding

 

41,176,573

 

 

31,900,413

 

 

35,607,317

 

 

29,100,499

 

Non-GAAP diluted net income (loss) per share attributable to ordinary shareholders

$

0.12

 

$

(0.08

)

$

0.29

 

$

(0.58

)

Note: Non-GAAP basic and diluted net loss per share attributable to ordinary shareholders for the twelve months ended December 31, 2019 were calculated based on ordinary shares outstanding after accounting for the exchange of Fiverr’s then outstanding protected ordinary shares into 18.7 million ordinary shares as though such event had occurred at the beginning of the periods.

RECONCILIATION OF GAAP NET LOSS TO ADJUSTED EBITDA

(In thousands, except adjusted EBITDA margin data)

 
Three Months Ended Year Ended
December 31, December 31,

2020

2019

2020

2019

 
GAAP net loss

$

(8,077

)

$

(7,439

)

$

(14,810

)

$

(33,539

)

Add:
Financial expense (income), net

 

4,192

 

 

(684

)

 

2,800

 

 

(1,371

)

Income taxes

 

111

 

 

54

 

 

200

 

 

160

 

Depreciation and amortization

 

1,227

 

 

893

 

 

4,338

 

 

3,571

 

Share-based compensation

 

6,235

 

 

2,337

 

 

15,815

 

 

8,899

 

Other initial public offering related expenses

 

 

 

 

 

 

 

416

 

Contingent consideration revaluation and acquisition related costs

 

932

 

 

1,509

 

 

768

 

 

3,873

 

Adjusted EBITDA

$

4,620

 

$

(3,330

)

$

9,111

 

$

(17,991

)

Adjusted EBITDA margin

 

8.3

%

 

(11.3

%)

 

4.8

%

 

(16.8

%)

RECONCILIATION OF GAAP TO NON-GAAP OPERATING EXPENSES

(in thousands)

 
Three Months Ended Year Ended
December 31, December 31,

2020

2019

2020

2019

 
GAAP research and development

$

13,570

$

9,322

$

45,719

$

34,483

Less:
Share-based compensation

 

2,331

 

811

 

5,842

 

3,197

Depreciation and amortization

 

156

 

126

 

551

 

454

Acquisition related costs

 

 

 

 

106

Non-GAAP research and development

$

11,083

$

8,385

$

39,326

$

30,726

 
GAAP sales and marketing

$

27,403

$

15,663

$

94,379

$

62,750

Less:
Share-based compensation

 

1,196

 

488

 

3,084

 

1,853

Depreciation and amortization

 

513

 

325

 

1,625

 

1,212

Acquisition related costs

 

 

363

 

121

 

1,436

Non-GAAP sales and marketing

$

25,694

$

14,487

$

89,549

$

58,249

 
GAAP general and administrative

$

8,983

$

6,495

$

28,034

$

22,366

Less:
Share-based compensation

 

2,536

 

989

 

6,505

 

3,707

Depreciation and amortization

 

52

 

49

 

200

 

177

Other initial public offering related expenses

 

 

 

 

416

Contingent consideration revaluation and acquisition related costs

 

932

 

1,146

 

647

 

2,331

Non-GAAP general and administrative

$

5,463

$

4,311

$

20,682

$

15,735

Key Performance Metrics and Non-GAAP Financial Measures

This release includes certain key performance metrics and financial measures not based on GAAP, including Adjusted EBITDA, Adjusted EBITDA margin, Non-GAAP gross profit, Non-GAAP gross margin, Non-GAAP operating expenses, Non-GAAP net income (loss) and Non-GAAP net income (loss) per share as well as operating metrics, including GMV, spend per buyer, active buyers and take rate. Some amounts in this release may not total due to rounding. All percentages have been calculated using unrounded amounts.

We define GMV or Gross Merchandise Value as the total value of transactions ordered through our platform, excluding value added tax, goods and services tax, service chargebacks and refunds. We define active buyers on any given date as buyers who have ordered a Gig or other services on our platform within the last 12-month period, irrespective of cancellations. Spend per buyer on any given date is calculated by dividing our GMV within the last 12-month period by the number of active buyers as of such date. Take rate is revenue for any such period divided by GMV for the same period.

Management and our board of directors use these metrics as supplemental measures of our performance that is not required by, or presented in accordance with GAAP because they assist us in comparing our operating performance on a consistent basis, as they remove the impact of items not directly resulting from our core operations. We also use these metrics for planning purposes, including the preparation of our internal annual operating budget and financial projections, to evaluate the performance and effectiveness of our strategic initiatives and to evaluate our capacity to expand our business.

Adjusted EBITDA, Adjusted EBITDA margin, Non-GAAP gross profit, Non-GAAP gross margin, Non-GAAP operating expenses, Non-GAAP net income (loss) and Non-GAAP net income (loss) per share as well as operating metrics, including GMV, spend per buyer, active buyers and take rate should not be considered in isolation, as an alternative to, or superior to net loss, revenue, cash flows or other performance measure derived in accordance with GAAP. These metrics are frequently used by analysts, investors and other interested parties to evaluate companies in our industry. Management believes that the presentation of non-GAAP metrics is an appropriate measure of operating performance because they eliminate the impact of expenses that do not relate directly to the performance of our underlying business.

These non-GAAP metrics should not be construed as an inference that our future results will be unaffected by unusual or other items. Additionally, Adjusted EBITDA and other non-GAAP metrics used herein are not intended to be a measure of free cash flow for management’s discretionary use, as they do not reflect our tax payments and certain other cash costs that may recur in the future, including, among other things, cash requirements for costs to replace assets being depreciated and amortized. Management compensates for these limitations by relying on our GAAP results in addition to using Adjusted EBITDA and other non-GAAP metrics as supplemental measures of our performance. Our measure of Adjusted EBITDA and other non-GAAP metrics used herein is not necessarily comparable to similarly titled captions of other companies due to different methods of calculation.

See the tables above regarding reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measures.

We are not able to provide a reconciliation of non-GAAP financial measures guidance for the first quarter of 2021, and the fiscal year ending December 31, 2021 to the comparable GAAP measures, because certain items that are excluded from non-GAAP financial measures cannot be reasonably predicted or are not in our control. In particular, we are unable to forecast the timing or magnitude of share based compensation, amortization of intangible assets, and income or loss on revaluation of contingent consideration, as applicable without unreasonable efforts, and these items could significantly impact, either individually or in the aggregate, GAAP measures in the future.

Forward Looking Statements

This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this release that do not relate to matters of historical fact should be considered forward-looking statements, including, without limitation, statements regarding our expected financial performance and operational performance for the first quarter of 2021 and the fiscal year ending December 31, 2021, our expected future Adjusted EBITDA profitability, as well as statements that include the words “expect,” “intend,” “plan,” “believe,” “project,” “forecast,” “estimate,” “may,” “should,” “anticipate” and similar statements of a future or forward-looking nature. These forward-looking statements are based on management’s current expectations. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to: our ability to attract and retain a large community of buyers and freelancers; our ability to achieve profitability; our ability to maintain and enhance our brand; our dependence on the continued growth and expansion of the market for freelancers and the services they offer; our ability to maintain user engagement on our website and to maintain and improve the quality of our platform; our dependence on the interoperability of our platform with mobile operating systems that we do not control; our ability to successfully implement our business plan during a global economic downturn caused by the COVID-19 pandemic that may impact the demand for our services or have a material adverse impact on our and our business partners’ financial condition and results of operations; our ability and the ability of third parties to protect our users’ personal or other data from a security breach and to comply with laws and regulations relating to consumer data privacy and data protection; our ability to detect errors, defects or disruptions in our platform; our ability to comply with the terms of underlying licenses of open source software components on our platform; our ability to expand into markets outside the United States; our ability to achieve desired operating margins; our compliance with a wide variety of U.

Contacts

Investor Relations:

Jinjin Qian

[email protected]

Press:

Siobhan Aalders

[email protected]

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