Fiverr at JPMorgan Conference: Strategic Shift to AI and Larger Clients

Published 13/05/2025, 23:18
Updated 19/05/2025, 17:40
© PA Images via Reuters Connect

On Tuesday, 13 May 2025, Fiverr International (NYSE:FVRR) participated in the 53rd Annual JPMorgan Global Technology, Media and Communications Conference. The discussion, led by CEO Micha Kaufman and CFO Ofer Katz, highlighted Fiverr’s strategic pivot towards larger clients and AI integration amidst current economic challenges. While the company remains committed to growth, it faces headwinds from the macroeconomic environment impacting small and medium-sized businesses (SMBs).

Key Takeaways

- Fiverr is expanding its platform to cater to larger clients and more complex projects.

- The company is heavily investing in AI to enhance user experience and efficiency.

- Despite economic headwinds, Fiverr aims for 10% revenue growth in 2025.

- The freelancer market in the US represents a $250 billion opportunity.

- Fiverr targets a 25% EBITDA margin by 2027.

Financial Results

- Fiverr is navigating a challenging macroeconomic environment, particularly affecting SMB spending.

- The company projects a 10% revenue growth for 2025, focusing on maintaining revenue growth and improving EBITDA margins.

- Seller services, including tools, Fiverr Ads, and AutoGF, are expected to contribute approximately 30% of overall revenue this year.

- GMV remains steady despite the challenging environment.

Operational Updates

- Fiverr is evolving from a micro-services marketplace to a platform catering to mid-market and enterprise clients.

- New project management tools and hourly-based contracts are being offered to facilitate more complex projects.

- Fiverr Go, a new AI-powered product, is designed to empower creators and improve conversion rates.

Future Outlook

- Fiverr is focusing on acquiring customers with higher lifetime values and optimizing marketing efforts.

- The company is committed to innovation, particularly in AI, to drive future growth.

- Fiverr aims to automate 80% of tasks to allow employees to focus on strategic activities requiring human skills.

Market Overview

- Fiverr operates in a total addressable market (TAM) of approximately $250 billion in the US, with significant international potential.

- The company is addressing friction points by increasing awareness of the efficiency of marketplaces compared to traditional methods.

Q&A Highlights

- CEO Micha Kaufman emphasized the efficiency of Fiverr’s platform, noting that finding a freelancer outside a marketplace takes about 30 days, compared to 15 minutes on Fiverr.

- Kaufman also highlighted the role of AI in automating tasks and freeing up time for strategic activities.

Fiverr’s full conference call transcript provides further insights into its strategic priorities and financial outlook.

Full transcript - 53rd Annual JPMorgan Global Technology, Media and Communications Conference:

Doug Yammit, JPMorgan’s Internet analyst, JPMorgan: Alright. We’re going to go ahead and get started. I’m Doug Yammit, JPMorgan’s Internet analyst. Very happy to have with us Fiverr’s Co Founder and CEO, Micha Kaufman and CFO, Ofer Katz. Fiverr is a global marketplace that connects freelancers and businesses through digital services in more than 700 categories, graphic design and copywriting to voice over music, AI services, many more.

In the past twelve months, more than three and a half million customers bought a wide range of services from freelancers working in over a 60 countries. Zika is the founder, CEO, and chairman and CEO since since the beginning fifteen years ago, serial entrepreneur who has also founded and led several other tech ventures. Wulfur has served as Wulfur’s president since February 21 and full time CFO since July of twenty seventeen. So welcome, both of you.

Micha Kaufman, Co-Founder and CEO, Fiverr: Thank you.

Doug Yammit, JPMorgan’s Internet analyst, JPMorgan: Thanks for having us. Okay. Let’s talk kind of big picture about the freelancer market. In The U. S, you talked about a kind of TAM of around $250,000,000,000 including international, this would obviously be that much bigger.

So if can talk a little bit about some of the friction points that you feel like you need to address to unlock more of this TAM opportunity. I think, first and foremost, it’s, it’s about awareness. A lot of the freelancing activity in the world generally is very fragmented and still very old fashioned in in the sense that when people require assistance from freelancers, they call their friends, or they’re looking for local agencies. And that is disregarding the fact that the efficiency of marketplaces is so much higher. The time spent on finding talent and engaging with talent is significantly shorter.

The average time that it takes to find a freelancer, outside of marketplace is about thirty days, and the time that it takes a visitor on fiber to place an order is about fifteen minutes. So that’s a compression of of efficiency in in very few words. With time, obviously, the awareness is is growing up. And in terms of brand awareness, fiber is the leading market in the world in that, but there’s still plenty of room to grow into. Some of that has to do with the fact that, historically, fiber started as a market for micro services, for micro businesses.

And over the years, we’ve extended the platform to engage larger customers with more complex needs. And today, we we can you know, we have transactions of anything between a few tens of dollars for very, very simplistic cost all the way to hundreds of thousands of dollars of of spending with customers. I think the awareness for the higher end market is is growing, and it’s it’s a strategy that we’ve been going through in the past two years. And and we’re actually seeing very nice results in the past few quarters as we’ve outlined in the letter to shareholders.

Micha Kaufman, Co-Founder and CEO, Fiverr: There’s a

Doug Yammit, JPMorgan’s Internet analyst, JPMorgan: lot of information and and use cases there. Yeah. So let’s talk about that a little bit. Certainly, key strategic priority is just going going up margin. You’ve had good success with Fiverr Pro.

Maybe you can just talk more about how that’s how that product has evolved over the last couple of years. What kind of adoption you’re seeing, you know, as as you go up market? Sure. So in in recent years, you know, we we’ve we’ve done a concentrated effort to address this mid mid market all the way for enterprise. And, essentially, what this has transformed us into is not just being a marketplace, but becoming a platform.

I think that the marketplace is still the leading product within the platform, but there is a suite of different solutions and tools that allows more advanced customers to do more complex things. And I’ll give just a few examples. So rather than just thinking about simple task, our larger customers are actually thinking about projects. And so project management is definitely one of them. Having engagement with talent that are open ended, so you can’t actually have a set price in advance because you don’t actually know what the engagement is

Micha Kaufman, Co-Founder and CEO, Fiverr: going to

Doug Yammit, JPMorgan’s Internet analyst, JPMorgan: look like over over a period of time. So we’ve added the option to contract based on on an hour basis, on hourly basis. So this has been extending the ability to help customers understand how to break their goals into task and what involved in actually orchestrating a project Mhmm. And how to assembly that project

Micha Kaufman, Co-Founder and CEO, Fiverr: at the end.

Doug Yammit, JPMorgan’s Internet analyst, JPMorgan: That would be very complex projects like software development, you know, transformation, all of this. And we we’ve seen in in in strategy, we’ve been focusing our acquisition efforts in those types of customers, meaning that we ident we developed the technology know how to how to identify those customers as they come into our funnel to a proper KYC to understand who this customer is and what the world then consider, and then bringing them, or suiting them with the right solution so that they have a great experience from which we can actually create a relationship and help customers engage with us over a longer period of time. Got it. Okay.

Micha Kaufman, Co-Founder and CEO, Fiverr: Maybe you can talk a

Doug Yammit, JPMorgan’s Internet analyst, JPMorgan: little bit about the other, other key strategic priorities as you as you think about, ’25 kind of beyond, beyond CyberPro and going upmarket. What are the, you know, three to four things that you’re most focused on? So, obviously, it’s a it’s a very dynamic market. A and then you said it in the in the introduction. We we operate in in close to 800 different categories of of services.

And as a natural movement of of this marketplace, categories come and go. And it it was very important for

Micha Kaufman, Co-Founder and CEO, Fiverr: us to

Doug Yammit, JPMorgan’s Internet analyst, JPMorgan: create a very effective machine that knows how to respond to these changes. So as an example, when, you know, LLM tragedy burst into our lives, that was what, November 22. By January 23, we had 30 different categories relating to AI. From, you know, model training to tagging to agent development to software development, integrating AI, to any anything you can you can think of in the AI world.

Micha Kaufman, Co-Founder and CEO, Fiverr: And and this continues to be a focus for us

Doug Yammit, JPMorgan’s Internet analyst, JPMorgan: because we wanna make sure that as new jobs are being invented that never existed before, you would find them first on Twitter. So so that is a critical thing. The other, which also relates to AI, is the investment in utilizing AI, not just as a team to work better and faster, but use these tools to make the customer experiences better. So, you know, I I I made the the statement that I think Google search is dead. Mhmm.

And you you may agree or disagree with me that I don’t I don’t use search anymore for many months. It feels I mean, it’s it’s words and you get blue links. That’s weird. It feels like the nineties. And to me, the same applies for any modern search, Meaning that even search within market places need to change.

Right? You you don’t you don’t you stop seeing enough keywords. You start seeing them at something. And what can we learn outside, you know, as as a result of that to improve the experience of utilizing the marketplace in a smarter way? How does this inform the way we do matching?

How does this inform the way we think about not just tasks, but projects and so forth? So so we’ve been we’ve been announcing a whole host of of new products around this. Tiger Go is is one of the leading products, but there’s there’s a ton of them being built right now. But I think it’s gonna challenge just the way marketplaces are being used and would encourage people to utilize more of the efficiency and the power of marketplaces to more.

Micha Kaufman, Co-Founder and CEO, Fiverr: So I do wanna over back

Doug Yammit, JPMorgan’s Internet analyst, JPMorgan: to five or go in a minute, but I just to touch on your your earlier comment, you know, your your view on search, I think, was in an internal or or at least included in the internal email. Leaks. Okay. Well, linked it leaked on LinkedIn. So it’s not that leaked.

So, you know, so so basically, what you said was that AI is coming for your job. You wrote this to your employees, essentially. To my team and all also the community on fiber. I mean Yeah. If if you’re a freelancer, that was true for you as well.

Okay.

Micha Kaufman, Co-Founder and CEO, Fiverr: So maybe tell us if if you can talk

Doug Yammit, JPMorgan’s Internet analyst, JPMorgan: about that a little bit more and some of the stuff that you talked about there because I’m assuming not everybody has necessarily seen that. Yeah. I mean, the the title of this email was the unpleasant truth. And and, actually, what what I wrote there was more than anything else, it was just a validation of of the things that people feel on a on a daily basis. Whether you’re a programmer or a legal consultant or Mhmm.

Being in finance or customer support or sales, You do understand that there’s there’s plenty of tools that are coming in our reshaping the way we we work as as individuals and teams. And the point would be that these tools are actually giving us superpowers. But if we continue disregarding them instead of using them Mhmm. Then we’re working like it’s twenty twenty four. That’s a bad idea.

And, essentially, as I was gathering the team following this this email, and I said, I’m I’m happy to have conversations with anyone who wants to talk about about how their jobs are gonna look like. What I said there was that, look, AI is incredibly powerful, but it’s not all mighty. It cannot do everything. And most of all, what it does is actually automate a lot of the things that we’ve used to do manually. Right?

So if you’re, I don’t know, if you’re preparing presentation or you’re studying something before, what what you’ve done is you went to Google and you followed some links, and you read articles, and you analyze, and you summarize, and you could point, and then you can say business presentation. This could potentially take half of your time, maybe more. Mhmm. If you’re still doing it, you’re gonna be out of the job in a year because there’s no reason why you should do it. And so to to make the point there, I said that in a in an ideal world, what each of us should do is we should strive to automate a % of what we do and let technology do this.

This would not make you obsolete. This would make you indisposable. And the reason is that if you can now put a % of your time into automation, you have a % of your time free to do more strategic things that human beings are special at doing. And I think that may maybe in a funny way, I think that AI in many ways allows us to discover our humanity again. Because it’s it’s really the thing that makes us special.

Mhmm. It’s a special case that we have. It’s a special eye for things. It’s the special attention for details. It’s the creativity.

It’s the the ability to come up with with unconventional ideas. This is what even the aims are good at, and this is what we should be focusing on. And that was my point. Now my point was that we should strive as an as an organization to utilize these tools to the maximum so that we can devote more more of our time to actually do things that are worth our time and also reduce the cost of failure. Why?

Because if

Micha Kaufman, Co-Founder and CEO, Fiverr: it took us

Doug Yammit, JPMorgan’s Internet analyst, JPMorgan: three months to build something that later on turns to be a failure, and we can now spend three days doing that, then the payment figure is much, much lower, which means that by definition, we have more time to figure out what works, which means that we can, as an organization, move much, much faster, So it increases our velocity. It it just, you know, improves our output per unit of time Mhmm. And the quality of our work. And to me, not doing this is a thing. I was like, you know, it’s so that was that was the overarching idea of this, you know, and it it was it was received very well because people like when you’re honest, you know, and you treat them as adults and not kids.

And you it’s you know, I I referred to it as radical candor, which is it’s coming from a place of of care, not not to fight. Mhmm. So it was well received, and it for whatever reason, it’s not it’s viral. Right. Hold on.

Yep. So how does so you can talk about how Fiverr go kind of plays into this newer newer product, recently launched, specifically addressing kind of the AI opportunity that you’re talking about for both sellers and and buyers on the platform. Yeah. So there’s a there’s a very deep philosophical background to how fiber came to being. I what I recommend, we don’t have enough time, is just people on YouTube and and see the keynote that I given when we launched Cyber Go two months ago in New York.

Because it’s it’s, like, it’s the fifteen minutes of your time, and it’s I I think it’s it’s a good outline of what was the background. But, essentially, I’ll I’ll I’ll do a quick summary for you. Essentially, idea was that there’s there’s plenty of ways of actually designing AI in the first place. And the way most of AI is designed right now is a little bit exploitive in the sense that AI is eating everything, everything we’ve ever created. And it’s remixing it, and it’s generating stuff without giving rewards or compensation to the actual creators, which if you’re a creator, that’s

Micha Kaufman, Co-Founder and CEO, Fiverr: not it.

Doug Yammit, JPMorgan’s Internet analyst, JPMorgan: Mhmm. Okay? And my fear as a human being has nothing to do with with either is that it continues to be the case, and people’s motivations to continue creating and sharing is going to reduce over time, which for humanity is goddess. Okay? And so what we’ve done with Fiverr Go is really to introduce a different take.

Whether it’s the perfect one or not, who knows? History will judge. But, essentially, the underlying idea was that you can build AI for creators that serves customer in a in a great way. And so what we’ve introduced is we’ve introduced the technology both generative and the LLM technology that learns specifically from each creator and it becomes their own AI. It’s not general AI.

You can you can obviously, you can give cumulative models. You can create a GenTick. But, essentially, it’s becoming your AI. So we’ve introduced the one of the first products that we’ve introduced, which after two months, I can say that is a is a huge success, is a personal assistant for creators. Essentially, learning their entire body of work and their entire history of conversations and based on not becoming their personalized AI assistant.

And by doing so, you can actually take all the admin work that creators do by injecting information from customers, by answering the same question for the 400 time, by giving, you know, a price quoting, by giving examples of work, by creating even samples of work, convincing customers that this is the right choice. This is the right player to work with. And the number one KPI for that was conversion. And it is not only absolutely converting much better than the actual freelancer, It’s converting faster, and it’s involving less efforts in conversion. It’s incredible.

So this is the and and what’s beauty about this is customers love And by the way, most customers hate speaking to chatbot. But what we’ve done there by humanizing the agents, reducing the likelihood of hallucinations, And we’ve something super powerful, and and it’s working really well. So this is just one example of how we can utilize the power of AI to actually empower creators to succeed more, convert to their give better experience to their customers. And and this was just the first phase. We we wanted to do a test or not, and now we’re moving to scale mode, and we’re we’re gonna introduce a line of new products around this.

You started with the creation model kind of moves in in AI system as you just talked about. How do you how do you expect things to evolve kind of from a product perspective? I know you don’t wanna give too much of it, I’m sure. But

Micha Kaufman, Co-Founder and CEO, Fiverr: Yeah. So as I said, I think

Doug Yammit, JPMorgan’s Internet analyst, JPMorgan: that the notional free market and the place of a marketplace in our future is is there. It’s not going away. Mean, people love the ability to have selection and and to be able to select. Mhmm. And if you can make that experience better, I think I think this is true for every market.

Right? It’s a the most most basic functionality of a market is search. When you do search on Amazon, you do search on Airbnb, you search on Etsy, you search on Fiverr. That experience is gonna look like something very different, you know, a few years from now. And and it’s important for us to be pioneers enough because I think we we have the ability to actually create these types of experiences Mhmm.

From the ground up. And we we do know that the better they will become, the more active customers are gonna be because their experience is just gonna be easier, you know, and and faster. Okay. Let’s shift gears for a minute. You’ve been operating, hopefully, maybe you’ll jump in here a little bit too.

You’ve operating in a, you know, a controlled backdrop for a couple of years, you know, with SMBs and everything.

Micha Kaufman, Co-Founder and CEO, Fiverr: Maybe you can just give us an

Doug Yammit, JPMorgan’s Internet analyst, JPMorgan: update on how you’re thinking about that now. And

Micha Kaufman, Co-Founder and CEO, Fiverr: what do you

Doug Yammit, JPMorgan’s Internet analyst, JPMorgan: what do you kind of see? What are the things that would kind of need to happen for for the market to improve in your view?

Micha Kaufman, Co-Founder and CEO, Fiverr: So we start by saying that SMB is a is a huge market and and and a potential is still ahead of us. We do experience some some headwind in the S and P. And I think the overall sentiment is negative. And for us, we see a GMV steady in this environment. It’s a challenge by itself.

But we do believe that market is going to to change. And as much more will improve, I think we will go back to quality treatment invest back in in their business and their growth, the customer is more positive, they will be willing to take more risk by investing and optimizing provide the low on on their profit. So I think that, you know, what we offer is relevant for S and P from you know, to to build organizations. And over time, as Nick has said earlier with the Federal Pro, we are looking into bigger organization that has less volatility and and bigger wallet. We do that by optimizing the product and making sure we have the the access to the market space, but also by capital for marketing effort into this platform where lifetime value is higher, and lifetime value is is is higher as well.

And that’s how we increase this customer over the last few years, and we consider that this is a very consistent growth in the amount of dollar that each customer, our general driver is doing over time. I think that as we continue to go up market, it can continue and and evolve.

Doug Yammit, JPMorgan’s Internet analyst, JPMorgan: So maybe maybe you just flesh that out a little bit in terms of, you know, kind of like broad expectations, you know, active buyers and and spend per hire, you know, assuming kind of current environment continues?

Micha Kaufman, Co-Founder and CEO, Fiverr: Yeah. I think that as long as the current environment continue, think the dynamics of consumer buyers going hard coming up and active buyer declining. Approximately the same rate will will continue. I think the sentiment once the sentiment in market change will be more opportunistic and and and double down a lower of value I think higher that can offset the decline, but we can see that coming soon or until the market dynamic is is changing. I think it it doesn’t make sense for us to to acquire buyer with negative ROI.

This is something that we didn’t do before. And and so as long as SMB are are not spending much, We are focusing on the customer that you can invest in in the business in the business. Mm-mm.

Doug Yammit, JPMorgan’s Internet analyst, JPMorgan: Okay. Alright. Talk a little bit about services revenue where you’ve seen really strong growth over the last several quarters. Maybe you can just talk more about kind of what the key components are, what’s driving such strong growth there and then how you think about trajectory a little bit going forward?

Micha Kaufman, Co-Founder and CEO, Fiverr: Yeah. So I think the the main three components within the service revenue is seller seller tool. It’s a it’s a it’s a setup tool where we offer a freelancer value added services in order to better utilize Fighter and eventually get more traffic and demand. So that’s the the first layer. The second is either add or promoted leads, which is our platform that, again, allows seller to update themselves and get more traffic.

This is a product that’s launched three or four years ago, and it’s still expanding. And and and the last the last piece is also the app, which is a platform system based platform that allow for dropshipper to find products, to market themselves, to be able to shop and on and on. So I think the the the three components growing and would continue to grow throughout the year. It’s up to the subscription on the on the sort of path where we are planning to launch additional feature, a favorable feature. One good example is the that we launched two months ago will expand throughout the year.

We have the Pfizer (NYSE:PFE) adds, the some of the jigs that has some some more opportunity, more inventory that we haven’t monetized again, so this plan again to extend this product. Lastly, AutoGF that is expanding nicely. After the acquisition with the integration with Fiverr allows for both platforms to contribute to the other. We do expect that the Seller plus revenue will contribute approximately 30% of the overall revenue in this year. And, you know, this the the beginning of the year, it’s going pretty substantially.

We do expect some overlap with the acquisition at the second half, so it will continue to grow at a slower pace. Got it. Okay.

Doug Yammit, JPMorgan’s Internet analyst, JPMorgan: So maybe we can just kind of roll that a little more into the numbers. You’ve seen good revenue growth, low teens. More recently. Your ’25 revenue growth outlook of 10%, which does imply detail kind of into the single digits in the back half.

Micha Kaufman, Co-Founder and CEO, Fiverr: I guess how do kind

Doug Yammit, JPMorgan’s Internet analyst, JPMorgan: of think about normalized growth rates?

Micha Kaufman, Co-Founder and CEO, Fiverr: So again, normalized, it depends on for us, it’s much dependent on the macro. I think that the overall sentiment in the staffing for professional services is is negative 16%. So we are growing against the against the the stopping index of professional services. And and we think that when macro change, we increase this down, when FMC affects the business, we definitely see double digit growth. We think that in terms of central buyer, there’s a lot of room.

The average spend for S and P and C is approximately 15,000 a year. We still get a small portion of that, so there’s plenty of room. And then in terms of the number of us in higher, SMB is huge, more than 30,000,000. We serve approximately 2.5 per year globally, which means that The US is approximately half. There is a plenty of room to grow both both spend and active buyer.

So we do believe that there is a room for us to to grow much faster in a different macro environment. Okay.

Doug Yammit, JPMorgan’s Internet analyst, JPMorgan: Let’s talk about profitability a little bit. Just as you’ve kind of been in a tough environment, maybe you can talk about some of the ways that you’ve managed, managed expenses, you know, been able to continue expanding margins, and what that means for you as things kind of ultimately improve.

Micha Kaufman, Co-Founder and CEO, Fiverr: Yeah. I I would start by saying that, you know, we have a high level of discipline. We’ll navigate that throughout this period while not only growing but also improving EBITDA. The long term target was the net 25%. We haven’t changed that over the last few years, and we’re going to take that by 2027.

If you track our quarterly number in the last few years, you can see how we make a path through them. It’s going by r and d, kind of a little room, and more room to be efficient on the on the sales and marketing. And I think that as we are relying on the same customers and we go up market and able to increase lifetime value to cost, and there is a room for us to expand further because the marketing as a percentage of revenue doesn’t mean that we are going to invest. It just just mean that the percentage of revenue has some room to further decline, and and and that’s the that’s the plan. I think that, you know, the plan with highly measurable business, a bit of lot of understand and contain is measured against the outcome.

We have done this throughout the last few years successfully, and we plan to continue doing that to get to the long term target of 25%.

Doug Yammit, JPMorgan’s Internet analyst, JPMorgan: Okay. Micha, if you were advising young people just entering the workforce, what would you what would you tell them?

Micha Kaufman, Co-Founder and CEO, Fiverr: Well yeah. I think I think so Look. I I think that this has been one of

Doug Yammit, JPMorgan’s Internet analyst, JPMorgan: the most challenging, you know, questions. I mean, what would you advise your your kids to go study? I mean, the rate of change is really high. Look, I do believe I I don’t believe in in in this idea that developers are going away and there’s not gonna be any more of these or the same goes for, you know, marketeers or any of these professions. By the way, the fact that some professions are not gonna survive over over the years, it is not a new concept.

There was a there was a study published in the economy that was done on 2018, and it showed that out of the jobs that exist in 2018, ’60 percent of them didn’t exist fifty years before. I mean, think about this. How many how many jobs, you know, of your your parents’ generations revived to our generation generation and and or grandparents. It’s natural. It’s evolving.

I don’t think that that a lot of the professionals that we know today are gonna go away, but I do think that they’re changing. Their nature is changing. The type of labor, the things that we that we do as a professional are changing. And if anything I mean, know, they’ve asked me once if if I think that AI is going to replace professionals. And I said, no.

I think that professionals are gonna master AI or gonna replace professionals with tools. And so I I think that this summarizes everything. I think that there’s there’s plenty of opportunities. I’m I’m super optimistic. I do think that because we we were given these these new tools, the nature of of work is changing.

I think I think that this would create tremendous opportunities for entrepreneurs to start new businesses. There’s not been a better time to start a business. We’re gonna see many more billion dollar companies with teams of three people, five people. It’s not gonna be an it’s it’s gonna be a common thing. So if anything, like, I would I would encourage people to probably not waste time on going to institutions to to to study.

I’d actually, you know, sit down and and and put time on there there’s there’s so much information on there’s everything on it. You can study anything. So if if not for the, you know, the boos and the parties, I I would actually spend more time spending on my own and getting the properties as as fast as possible. It is doable, and this was something that was that was not possible, you know, thirty, forty years ago. Alright.

We’re gonna leave it there. Thank you very much. Thank you. Appreciate

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