2023 Q4 Form 20-F Financial Statement

#000117891324000697 Filed on February 22, 2024

View on sec.gov

Income Statement

Concept 2023 Q4 2023
Revenue $91.50M $361.4M
YoY Change 10.07% 7.12%
Cost Of Revenue $15.47M $61.85M
YoY Change -2.16% -6.22%
Gross Profit $76.03M $299.5M
YoY Change 12.94% 10.36%
Gross Profit Margin 83.09% 82.89%
Selling, General & Admin $55.58M $223.9M
YoY Change 15.29% -0.82%
% of Gross Profit 73.11% 74.76%
Research & Development $22.05M $90.72M
YoY Change 3.4% -1.99%
% of Gross Profit 29.01% 30.29%
Depreciation & Amortization $1.287M $5.987M
YoY Change -35.49% -41.22%
% of Gross Profit 1.69% 2.0%
Operating Expenses $77.64M $314.6M
YoY Change 11.65% -9.05%
Operating Profit -$1.608M -$15.11M
YoY Change -27.63% -79.73%
Interest Expense $6.914M $20.16M
YoY Change 397.05% 377.8%
% of Operating Profit
Other Income/Expense, Net -$185.0K
YoY Change -68.96%
Pretax Income $5.306M $5.054M
YoY Change -738.51% -107.13%
Income Tax $605.0K $1.373M
% Of Pretax Income 11.4% 27.17%
Net Earnings $4.701M $3.681M
YoY Change -461.89% -105.15%
Net Earnings / Revenue 5.14% 1.02%
Basic Earnings Per Share $0.10
Diluted Earnings Per Share $0.12 $0.09
COMMON SHARES
Basic Shares Outstanding 38.65M shares 38.07M shares
Diluted Shares Outstanding 39.15M shares

Balance Sheet

Concept 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $417.4M $417.4M
YoY Change -9.67% -9.67%
Cash & Equivalents $183.7M $183.7M
Short-Term Investments $147.8M $147.8M
Other Short-Term Assets $152.9M $152.9M
YoY Change 6.06% 6.06%
Inventory
Prepaid Expenses
Receivables
Other Receivables $24.22M
Total Short-Term Assets $594.5M $594.5M
YoY Change -4.92% -4.92%
LONG-TERM ASSETS
Property, Plant & Equipment $4.735M $11.46M
YoY Change -16.34% -22.27%
Goodwill $77.27M
YoY Change 0.0%
Intangibles $10.72M
YoY Change -27.41%
Long-Term Investments $328.3M $328.3M
YoY Change 72.95% 72.95%
Other Assets $1.349M $1.349M
YoY Change -31.35% -31.35%
Total Long-Term Assets $429.1M $429.1M
YoY Change 43.72% 43.72%
TOTAL ASSETS
Total Short-Term Assets $594.5M $594.5M
Total Long-Term Assets $429.1M $429.1M
Total Assets $1.024B $1.024B
YoY Change 10.8% 10.8%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.494M $5.494M
YoY Change -36.34% -36.34%
Accrued Expenses $2.571M $2.571M
YoY Change -6.68% -93.97%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $205.4M $205.4M
YoY Change 4.22% 4.22%
LONG-TERM LIABILITIES
Long-Term Debt $457.9M $457.9M
YoY Change 0.79% 1.14%
Other Long-Term Liabilities $2.618M $4.482M
YoY Change 67.93% -45.39%
Total Long-Term Liabilities $462.4M $462.4M
YoY Change 0.31% 0.31%
TOTAL LIABILITIES
Total Short-Term Liabilities $205.4M $205.4M
Total Long-Term Liabilities $462.4M $462.4M
Total Liabilities $667.8M $667.8M
YoY Change 1.48% 1.48%
SHAREHOLDERS EQUITY
Retained Earnings -$284.4M
YoY Change -1.28%
Common Stock $0.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $355.8M $355.8M
YoY Change
Total Liabilities & Shareholders Equity $1.024B $1.024B
YoY Change 10.8% 10.8%

Cashflow Statement

Concept 2023 Q4 2023
OPERATING ACTIVITIES
Net Income $4.701M $3.681M
YoY Change -461.89% -105.15%
Depreciation, Depletion And Amortization $1.287M $5.987M
YoY Change -35.49% -41.22%
Cash From Operating Activities $27.55M $83.19M
YoY Change 186.82% 176.26%
INVESTING ACTIVITIES
Capital Expenditures $138.0K $1.053M
YoY Change 102.94% -12.1%
Acquisitions $0.00
YoY Change
Other Investing Activities $25.63M $10.89M
YoY Change -133.53% -188.88%
Cash From Investing Activities $25.49M $9.776M
YoY Change -133.32% -166.85%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $0.00
YoY Change -100.0%
Cash From Financing Activities 527.0K $2.852M
YoY Change -69.27% -274.22%
NET CHANGE
Cash From Operating Activities 27.55M $83.19M
Cash From Investing Activities 25.49M $9.776M
Cash From Financing Activities 527.0K $2.852M
Net Change In Cash 53.57M $95.79M
YoY Change -182.16% 593.14%
FREE CASH FLOW
Cash From Operating Activities $27.55M $83.19M
Capital Expenditures $138.0K $1.053M
Free Cash Flow $27.41M $82.13M
YoY Change 187.42% 184.06%

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CY2022 us-gaap Net Income Loss
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CY2022 us-gaap Operating Lease Impairment Loss
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CY2021 us-gaap Operating Lease Impairment Loss
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CY2021 fvrr Increase Decrease In User Funds
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CY2023 fvrr Increase Decrease In Operating Lease Rou Assets And Liabilities Net
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CY2022 fvrr Increase Decrease In Operating Lease Rou Assets And Liabilities Net
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CY2021 fvrr Increase Decrease In Operating Lease Rou Assets And Liabilities Net
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CY2022 us-gaap Increase Decrease In Other Receivables
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CY2021 us-gaap Increase Decrease In Other Receivables
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CY2023 us-gaap Increase Decrease In Accounts Payable Trade
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CY2022 us-gaap Payments To Acquire Intangible Assets
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CY2021 us-gaap Payments To Acquire Intangible Assets
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CY2023 us-gaap Payments To Acquire Property Plant And Equipment
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CY2022 us-gaap Payments To Acquire Property Plant And Equipment
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CY2021 us-gaap Payments To Acquire Property Plant And Equipment
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CY2023 us-gaap Payments To Develop Software
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CY2022 us-gaap Payments To Develop Software
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CY2021 us-gaap Payments To Develop Software
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CY2022 fvrr Other Receivables And Non Current Assets Classified Investing Activities
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CY2021 us-gaap Net Cash Provided By Used In Investing Activities
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CY2021 us-gaap Proceeds From Convertible Debt
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CY2021 fvrr Contingent Consideration
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CY2023 us-gaap Nature Of Operations
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<div> <div style="text-align:justify;line-height:1.25;font-weight:bold"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Note 1: - General</span></span></div> <div style="text-align:justify;line-height:1.25"> </div> <div style="text-align:justify;margin-left:36pt;line-height:1.25"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Fiverr International Ltd. was incorporated on April 29, 2010, under the laws of Israel, and commenced operations on the same date.</span></span></div> <div style="text-align:justify;line-height:1.25;margin-left:36pt"> </div> <div style="text-align:justify;margin-left:36pt;line-height:1.25"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Fiverr International Ltd. and its subsidiaries (the “Company”) operates a worldwide online marketplace for sellers to sell their services and buyers to buy them. The Company’s platform includes various categories across ten verticals, including Graphics &amp; Design, Digital Marketing, Writing &amp; Translation, Video &amp; Animation, Music &amp; Audio, Programming &amp; Tech, Business, Data, Lifestyle and photography.</span></span></div> <div style="text-align:justify;line-height:1.25;margin-left:36pt"> </div> <div style="text-align:justify;margin-left:36pt;line-height:1.25"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The Company’s platform also includes a variety of value-added products including subscription-based content marketing platform, back-office platform, learning and development offerings, creative talent platform and freelancer management platform.</span></span></div> <div style="text-align:justify;line-height:1.25;margin-left:36pt"> </div> <div style="text-align:justify;line-height:1.25;margin-left:36pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Commencing June 13, 2019, the ordinary shares of the Company are traded on the New York Stock Exchange.</span></span></div> </div>
CY2023 us-gaap Use Of Estimates
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<div> <table cellpadding="0" cellspacing="0" style="font-family:'Times New Roman', Times, serif;font-size:10pt;width:100%;text-align:left;color:#000000"> <tr> <td style="width:18pt"> </td> <td style="width:18pt;vertical-align:top"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">a.</span></span></td> <td style="width:auto;vertical-align:top;text-align:justify"> <div><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Use of estimates:</span></span></div> </td> </tr> </table> <div style="text-align:justify;text-indent:18pt;line-height:1.25"> </div> <div style="text-align:justify;margin-left:36pt;line-height:1.25"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The preparation of consolidated financial statements, in conformity with generally accepted accounting principles, U.S. GAAP, requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes.</span></span></div> <div style="text-align:justify;line-height:1.25"> </div> <div style="text-align:justify;margin-left:36pt;line-height:1.25"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The accounting estimates that require management’s subjective judgments include but are not limited to revenue recognition, income taxes, purchase price allocation (PPA) and impairment of intangible assets. The Company evaluates its estimates and judgments on an ongoing basis and revises them when necessary. Actual results may differ from the original or revised estimates.</span></span></div> </div>
CY2023Q4 us-gaap Impairment Of Long Lived Assets To Be Disposed Of
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us-gaap Impairment Of Long Lived Assets To Be Disposed Of
ImpairmentOfLongLivedAssetsToBeDisposedOf
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CY2023 us-gaap Concentration Risk Credit Risk
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<div> <table cellpadding="0" cellspacing="0" style="font-family:'Times New Roman', Times, serif;font-size:10pt;width:100%;text-align:left;color:#000000"> <tr> <td style="width:18pt"> </td> <td style="width:18pt;vertical-align:top"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">p.</span></span></td> <td style="width:auto;vertical-align:top;text-align:justify"> <div><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Concentrations of credit risks:</span></span></div> </td> </tr> </table> <div style="text-align:justify;text-indent:18pt;line-height:1.25"> </div> <div style="text-align:justify;margin-left:36pt;line-height:1.25"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents, restricted cash, bank deposits, investment in marketable securities, restricted deposit and derivatives, which are placed in major banks in Israel, Germany and the U.S.</span></span></div> <div style="text-align:justify;margin-left:36pt;line-height:1.25"> </div> <div style="text-align:justify;margin-left:36pt;line-height:1.25"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">User funds are held by a payment service provider which, pursuant to the agreement, was engaged to hold the user funds on behalf of buyers and sellers in an account segregated from the payment service provider’s operating bank account.</span></span></div> <div style="text-align:justify;line-height:1.25"> </div> <div style="text-align:justify;text-indent:36pt;line-height:1.25"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The Company does not have off-balance sheet concentration of credit risks.</span></span></div> </div>
CY2023 fvrr Percentage Of Monthly Salary Contributed To Insurance Funds
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CY2021 us-gaap Severance Costs1
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CY2022 us-gaap Advertising Expense
AdvertisingExpense
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CY2023 us-gaap Number Of Reportable Segments
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1 segment
CY2023 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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5792535 shares
CY2022 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
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CY2021 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
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CY2023 fvrr Adjustments To Additional Paid In Capital Convertible Debt With Conversion Feature One
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21033000 usd
CY2023 us-gaap Prior Period Reclassification Adjustment Description
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<table border="0" cellpadding="0" cellspacing="0" style="font-size:10pt;font-family:Times New Roman, Times, serif;width:100%"> <tr> <td style="font-size:10pt;vertical-align:top;width:18pt"> </td> <td style="font-size:10pt;vertical-align:top;width:18pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>ag.</span></span></span></td> <td style="font-size:10pt;width:auto"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>Certain comparative figures have been reclassified to conform to the current year presentation.</span></span></span></td> </tr> </table>
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CY2023Q4 fvrr Available For Sale Securities Debt Maturities After One Through Two Years Amortized Cost
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CY2023Q4 us-gaap Available For Sale Securities Debt Maturities Single Maturity Date Amortized Cost Basis
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CY2022Q4 us-gaap Property Plant And Equipment Gross
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CY2022Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
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CY2023Q4 us-gaap Finite Lived Intangible Assets Net
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CY2021Q4 us-gaap Capitalized Computer Software Gross
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CY2023Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
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CY2023Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
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1883000 usd
CY2023Q4 fvrr Finite Lived Intangible Assets Amortization Expense After Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFour
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CY2022 fvrr Derivative And Hedging Instruments Loss Reclassified From Accumulated Oci Into Income Not Probable Of Accuring
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CY2023Q4 us-gaap Derivative Liabilities Current
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CY2022Q4 us-gaap Derivative Liabilities Current
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CY2023Q4 us-gaap Lessee Operating Lease Renewal Term
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CY2023 fvrr Operating Lease Right Of Use Assets
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CY2022 fvrr Operating Lease Right Of Use Assets
OperatingLeaseRightOfUseAssets
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CY2021 fvrr Operating Lease Right Of Use Assets
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CY2022 us-gaap Operating Lease Payments
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CY2021 us-gaap Operating Lease Payments
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CY2020Q4 fvrr Debt Instrument Convertible Initial Conversion Rate
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1
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Prior to May 15, 2025, a holder may convert all or a portion of its convertible notes only under the following circumstances: (i) during any calendar quarter commencing after the calendar quarter ending on December 31, 2020 (and only during such calendar quarter), if the last reported sale price of the Company’s ordinary shares for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable trading day; (ii) during the five business day period after any 10 consecutive trading day period in which the trading price, determined pursuant to the terms of the convertible notes, per $1 principal amount of convertible notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of the ordinary shares and the conversion rate on each such trading day; (iii) if the Company calls such convertible notes for redemption in certain circumstances, at any time prior to the close of business on the third scheduled trading day immediately preceding the redemption date; or (iv) upon the occurrence of specified corporate events.
CY2020Q4 us-gaap Debt Instrument Convertible Threshold Percentage Of Stock Price Trigger
DebtInstrumentConvertibleThresholdPercentageOfStockPriceTrigger
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CY2020Q4 us-gaap Debt Instrument Convertible Threshold Trading Days
DebtInstrumentConvertibleThresholdTradingDays
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CY2020Q4 us-gaap Debt Instrument Convertible Threshold Consecutive Trading Days1
DebtInstrumentConvertibleThresholdConsecutiveTradingDays1
30 days
CY2020Q4 us-gaap Debt Instrument Redemption Price Percentage
DebtInstrumentRedemptionPricePercentage
1 pure
CY2020Q4 us-gaap Payments Of Debt Issuance Costs
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CY2020Q4 us-gaap Payments Of Stock Issuance Costs
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2842000 usd
CY2020Q4 us-gaap Debt Instrument Interest Rate Effective Percentage
DebtInstrumentInterestRateEffectivePercentage
0.051 pure
CY2023Q4 us-gaap Debt Instrument Interest Rate Effective Percentage
DebtInstrumentInterestRateEffectivePercentage
0.067 pure
CY2023Q4 us-gaap Convertible Notes Payable
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CY2022Q4 us-gaap Convertible Notes Payable
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460000000 usd
CY2023Q4 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
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CY2022Q4 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
7236000 usd
CY2023Q4 us-gaap Debt Instrument Carrying Amount
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CY2022Q4 us-gaap Debt Instrument Carrying Amount
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CY2023 us-gaap Amortization Of Debt Discount Premium
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CY2022 us-gaap Amortization Of Debt Discount Premium
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CY2021 us-gaap Amortization Of Debt Discount Premium
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CY2023 us-gaap Amortization Of Financing Costs
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2541000 usd
CY2022 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
2527000 usd
CY2021 us-gaap Amortization Of Financing Costs
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CY2023 us-gaap Interest Expense Debt
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2541000 usd
CY2022 us-gaap Interest Expense Debt
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CY2021 us-gaap Interest Expense Debt
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CY2023Q4 us-gaap Deferred Tax And Other Liabilities Noncurrent
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CY2022Q4 us-gaap Deferred Tax And Other Liabilities Noncurrent
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CY2023Q4 fvrr Other Liabilities Noncurrent Other
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CY2022Q4 fvrr Other Liabilities Noncurrent Other
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CY2023Q4 us-gaap Other Liabilities Noncurrent
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CY2022Q4 us-gaap Other Liabilities Noncurrent
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CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Description
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The maximum number of ordinary shares available for issuance under the 2019 Plan is equal to the sum of (i) 560,80754 shares, (ii) any shares subject to awards under the 2011 Plan which will expire or become un-exercisable withou
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
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CY2022 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
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P5Y1M6D
CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
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CY2023 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
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34.21
CY2023 us-gaap Stock Issued During Period Shares Stock Options Exercised
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CY2023 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
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7.78
CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
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CY2023 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
94.92
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
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CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
52.52
CY2023 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P4Y7M28D
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
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CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
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CY2023 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
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CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
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CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
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CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
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CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0 pure
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
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CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
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CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
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CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
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