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Audrey

Vice President and Equity Research Analyst at RBC

Audrey is a Vice President and Equity Research Analyst at RBC Capital Markets, specializing in the consumer sector with a focus on retail, apparel, and luxury goods companies. She covers specific firms such as Lululemon Athletica, Nike, VF Corporation, and Tapestry, boasting a strong performance track record with a 68% success rate on TipRanks and average returns of 14.2% per rating, ranking her in the top 10% of analysts covering consumer discretionary stocks. Audrey joined RBC in 2019 after starting her career at BMO Capital Markets in 2014 and a brief stint at Barclays, bringing over a decade of experience in equity research. She holds Series 7, 63, and 86/87 FINRA licenses, along with an MBA from the University of Toronto.

Audrey's questions to Fiverr International (FVRR) leadership

Question · Q4 2025

Audrey asked about the disconnect between solid new business formations and parts of Fiverr's business, and how S&M as a percentage of revenue or marketplace GMV might change in the new strategic direction.

Answer

Micha Kaufman (Founder and CEO, Fiverr) stated that new business formation only impacts a small part of their catalog focused on early-stage companies, so there isn't a strong correlation. Ofer Katz (President and CFO, Fiverr) added that they do not anticipate any change in S&M as a percentage of GMV.

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Question · Q4 2025

Audrey, on behalf of Brad Erickson, asked why the growth in new business formations did not seem to align with parts of Fiverr's business, seeking to understand any disconnect. She also questioned how Sales & Marketing (S&M) as a percentage of revenue or marketplace GMV might change in the new operational environment, asking if it would be structurally higher or lower.

Answer

CEO Micha Kaufman clarified that new business formations primarily impact a small segment of Fiverr's catalog focused on very early-stage companies, suggesting limited correlation. President and CFO Ofer Katz stated that no structural change is anticipated for S&M as a percentage of GMV.

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