A：Fiber's revenue grew by 10% in the fourth quarter of 2025, which accelerated from 8% in 2024. The adjusted EBITDA reached $92 million, representing a year-over-year increase of 23% with a margin of 20%. The company met the revenue and profitability targets set at the beginning of the year and generated strong cash flow.

A：The indicators of sustainable growth and increasing provider engagement include a 13% year-over-year growth in provider growth and a 7% increase in buyers spending over $10,000 annually. Additionally, GMV from projects over $1000 grew by 23%, reflecting a broader shift in how businesses engage with talent.

A：Post-restructuring, Fiber has developed a comprehensive multiyear plan to transform itself from a transaction-oriented marketplace into a trusted work platform. This platform will utilize intelligent matching, integrated workflows, end-to-end orchestration, and fulfillment, along with durable trust, to enable businesses' AI models and agents to collaborate with talent on complex, high-value outcomes.

A：According to Fiber, AI influences work by compressing task duration, expanding project ambition, and democratizing capability. It results in more ambitious work, not less, and shifts the value proposition towards context, judgment, orchestration, trust, and ownership of outcomes. Lower-value transactional work is expected to be displaced, while demand for higher-value specialized work is accelerating due to work's increasing nuance and complexity.

A：Fiber is focusing on two categories of high-value work: complex, orchestrated engagements that require collaboration between businesses, talent, and Fiber, such as managed services for creative production; and AI native work, which involves building the AI-enabled economy, such as partnerships with AI models and safety companies for domain expertise or enterprises for AI workflows and automation.

A：Fiber plans to capitalize on AI opportunities by prioritizing high value work categories that align with AI trends, such as complex engagements and AI native tasks. It also aims to leverage its existing strengths in managing large talent networks, outcome-based structures, and deep contextual data to enhance precision matching. Furthermore, it is making foundational investments in data infrastructure, backend systems, and product experience to accelerate its evolution into a fully AI-native talent platform.

A：The four pillars of Fiber's multi-year execution plan are: matching (building advanced semantic and reasoning layers for AI-native talent matching), product (transforming the experience across matching, fulfillment, collaboration, and talent management), go to market (expanding into enterprise and AI-native distribution channels with scalable growth engines), and operational excellence (becoming an AI-native organization across engineering, product, and operations).

A：Mark will continue as president, focusing on strategic investments in MMA, while the CFO role will be taken over by Her, who will bring deep institutional knowledge and disciplined financial leadership. Oper will assume the Chief Business Officer role, relocating to Tel Aviv to oversee revenue, talent, fulfillment, and business operations.

A：The fourth quarter reported revenue of $107.2 million, up 3%, with record adjusted EBITDA of $26.5 million, representing a margin of 25% and an improvement of 4 basis points from the year earlier. Free cash flow was reported at $21.8 million, and the company fully repaid a convertible note with a principal amount of $460 million during Q4.

A：The strategic investments are expected to influence marketplace revenue andGMV trends. Low-end transactions, which currently represent the majority of the marketplace, are targeted for optimization while the company focuses on strengthening the flywheel for high-value and AI-native work. This is expected to lead to a reacceleration of the segment and a transformational year with critical investments to support the high-end talent flywheel.

A：The company is maintaining a disciplined approach to capital allocation, intending to continue executing its buybacks program. In terms of M&A, the company is looking for opportunities to fund the transformational work ahead, which is expected to impact the adjusted EBITDA margin by approximately 200 basis points in the quarter.

A：The primary aspects of the company's go to market strategy include expanding to high value projects and focusing on AI native use cases, where the company assists businesses in building AI models and agents that require human intervention for calibration, ensuring security, integrity, and customer readiness.

A：The company has a cash position of $300 million, and it plans to grow this amount while maintaining discipline in utilizing cash. It intends to slow token contraction and allow for going up-market, indicating a strategic financial approach that supports growth and efficiency.

A：The company is deprioritizing lower-end work to focus on growing high-value segments, which have demonstrated significant growth over the last year and are expected to become a larger portion of the market. This adjustment is part of a strategic plan to transform the business and ensure long-term success.

A：Financially, the realignment is expected to result in a mix shift to higher-value work, leading to an inflection in GMV (Gross Market Value). The company aims to deliver market signals that reflect the current trends and changes within the market.

A：Post Ed's completion, the company expects some short-term compression in EBITDA margins but anticipates a return to long-term EBITDA profitability. The gross margin profile is expected to remain the same, focusing on the profile of investments and some increase in R&D expenditures.

A：The 'Go' initiative will be integrated into the product to enhance buyers' and sellers' communication and to better understand their needs and suitable talent for tasks. The focus is not on 'Go' as a product itself but on integrating the developed assets into the customer experience to improve outcomes.

A：No, the revenue is not being impacted by the company's restructuring efforts. It is a reflection of ongoing market trends with the lower end experiencing a decrease and the higher end seeing an increase. The strategy involves doubling down on high-end work to make it a faster-growing and more meaningful contributor to GMV (Gross Market Value) growth.

A：The company expects the core business to continue delivering a 20% plus margin, with some reinvestment into the business. This reinvestment is expected to have an operational impact of around 2 percentage points. Additionally, due to recent currency fluctuations, there's an estimated $10 million headwind on EBITDA for the year.

A：The strategy for driving sustainable business growth involves focusing on what's strategic and what is expected to accelerate the GMV growth over the coming years. Investments are being made in areas that are anticipated to contribute to this growth, with signals expected to emerge in the upcoming quarters.

A：The company is implementing changes to its enterprise segment approach, including structural changes to offerings and how enterprises are approached. This includes specific partnerships, such as with an AI model safety company for domain experts identifying vulnerabilities and a white label solution enabling AI workflow automation, as well as a focus on building AI solutions that many businesses can use more ambitiously.

A：The partnership with an AI model safety company is contributing to the business by providing domain experts who help identify vulnerabilities in foundational models. Additionally, there is a partnership enabling enterprises to build AI workflow automation, allowing them to deploy AI agents quickly and cost-effectively. These collaborations are part of the support that businesses need to build AI solutions and ensure their integrity.

A：The company does not believe revenue will decline in the back half of the year due to deprioritizing lower-end services in favor of developing high-end product experiences and technologies. The decline in revenue is not due to discontinuing any products or services but is a result of focusing resources on more skilled and higher-end services for larger customers. The decline is attributed to a decrease in simple services, such as website building, and certain areas like digital marketing and the music and audio vertical, which are seeing a decrease due to AI-related changes.

A：The decrease in simple services like website building is attributed to advancements in AI and simplistic coding solutions that have led to a decline in the demand for such services.

A：The company is focusing its efforts on unique, one-of-a-kind work and leveraging its talented workforce. This focus is in contrast to the decline in simple services and low-skilled tasks, as the company continues to transform and evolve its service offerings.

A：The company expects free cash flow to largely follow EBITDA, which has been guided to be between 18% to 20% on the core business, with an additional 200 basis point impact from the investment in restructuring. The company is indicating a mid-point EBITDA of 18% to 20% and suggests that free cash flow will vary depending on EBITDA performance.