Faber: Revenue increased by 80% to 190 m – Global

Faber
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The Nasdaq (FVRR) Freelance Services Freelance Trading Arena reports its results for the last quarter of 2020 and for the entire year: Revenue for the quarter was $ 55.9 million, 89% higher than the corresponding quarter and higher than analysts’ forecasts for revenue of $ 54.1 million for the quarter. The quarter was $ 4.8 million, or $ 0.13 per share ($ 0.12 fully diluted), compared to $ 2.7 million in the same quarter last year ($ 0.08 per share), and similar to the analysts’ average earnings forecast of $ 0.12 per share.

For the full year, revenues increased by 77% to $ 189.5 million, beating analysts’ forecasts for revenue of $ 187.7 million. Non-GAAP earnings for the period totaled $ 10.4 million, which is $ 0.32 per share (0.29 fully diluted), compared to a loss of $ 16.8 million ($ 0.58 per share) in 2019, similar to analysts’ earnings forecast. $ 0.3 per share.

The company also provided a forecast for the current quarter as well as for the coming year: Revenue is expected to be in the range of $ 63-65 million for the quarter, a figure that will reflect 87-90% growth, with negative adjusted EBITDA of $ 3-4 million. In 2021 as a whole, the company expects revenues of $ 277-284 million, ie growth of 46-50%, and adjusted EBITDA of $ 16-21 million.

Unlike non-GAAP results, the company posted a GAAP loss of $ 14.8 million ($ 0.46 per share) in 2020 – reducing the loss from $ 33.5 million in 2019 ($ 1.67 per share). The fourth quarter alone is a GAAP-based loss of $ 8.1 million, which is $ 0.23 per share, similar to that of the corresponding quarter – $ 7.4 million, which was $ 0.23 per share at the time. The rate of gross profit on a non-GAAP basis in the quarter was 83.9%, compared to 80.8 in the corresponding period, and for the entire year it is 83.7% compared to 81% in 2019.

Adjusted EBITDA for the quarter amounted to $ 4.6 million, compared to negative adjusted EBITDA of $ 3.3 million in the closing quarter of 2019. For the full year, the figure was $ 9.1 million, compared to a negative figure of $ 18 million in 2019.

The number of active users at the end of 2020 amounted to 3.4 million people, an increase of 45% compared to 2.4 million at the end of 2019. The average transaction volume per customer increased to $ 205, which is 20% higher than the figure at the end of 2019 which was $ 170. The company reports that it has crossed the threshold of 500 categories of services offered to users, after 30 new categories were added in the last quarter of 2020 alone.

The Israeli Faber was founded by Micha Kaufman and Shai Weininger and was issued in 2019 at a value of $ 650 million after the money, after raising about $ 110 million. Faber’s trading arena is active in 160 countries with services such as graphic design, digital marketing, Programming, video editing and animation, music production, accounting, etc. Faber’s economic model is based on a commission that the company takes from each transaction between a client and a freelancer who provides the service.

The company enjoyed an acceleration in activity following the Corona closures, when among other things fired employees turned to its platform to use their skills and sell services to customers as freelancers, so in the past year the stock has soared more than 800% and is currently trading at $ 10.7 billion.

Faber has just announced a new service it will offer, a platform that will help brands and advertising agencies recruit and manage creative teams of freelancers offering their services in Faber. The move follows the acquisition of the Creative Not Working website.