Freelancer Ltd. · ASX:FLN

Freelancer — Q1 2016 Earnings Presentation

95 slides from Freelancer's earnings presentation, Apr 18, 2016

  1. Slide 1: 1Q16 Results Presentation

    For personal use only 18th April 2016 Freelancer Limited 1Q16 Results Presentation Matt Barrie Chief Executive Officer

  2. Slide 2: Key market statistics

    Freelancer Limited (ASX: FLN) For personal use only Key market statistics ASX code FLN Share price A$1.58 Market capitalisation A$720 million Share Price Chart $2.00 $1.80 $1.60 $1.40 $1.20 $1.00 $0.80 $0.60 $0.40 2 1. Source: Bloomberg. Market data as at 15 April 2016.

  3. Slide 3: 1Q16 a brilliant quarter with record cash receipts

    1Q16 a brilliant quarter with record cash receipts Delivering large growth in cash receipts and in core volumes For personal use only Record cash receipts for 1Q of $12.8 million, up 60% over pcp • In Q1 2016, the Company booked record cash receipts of $12.8 million, up 60% over the prior correspond

  4. Slide 4: Total Jobs Posted per Month (Filtered)

    Total Jobs Posted per Month (Filtered), thousands1 Exceptional first quarter for project and contest listings in 2016 250 For personal use only 224 218 200 185 151 149 150 151 144 146 150 143 142 139 135 122 122 118 118 116 118 119 118 111 113 106 104 105 102 100 50 - Jan-14 Feb-14 Mar-14 Apr-14 May

  5. Slide 5: Cumulative Jobs Posted per Month (Filtered)

    Cumulative Jobs Posted per Month (Filtered), millions1 Continues track record of strong growth in project and contest listings 9.0 For personal use only 8.4 8.5 8.2 8.0 8.0 7.9 7.7 7.6 7.4 7.5 7.3 7.1 7.0 7.0 6.9 6.7 6.6 6.5 6.5 6.3 6.2 6.1 6.0 6.0 5.9 5.8 5.7 5.6 5.4 5.5 5.3 5.2 5.1 5.0 5.0 4.5 4.0

  6. Slide 6: Operational highlights during Q1

    Operational highlights during Q1 Key product developments that shipped during the quarter For personal use only Key product highlights include • Escrow.com released a new mobile responsive and multi-lingual front end, added new payment methods for international users, and added chat technical suppor

  7. Slide 7: Corporate highlights during Q1

    Corporate highlights during Q1 Executive appointments and research initiation by UBS For personal use only Escrow.com appoints Danny Raja as Vice President, Sales • Danny is an experienced Silicon Valley executive who brings 10+ years experience selling into Fortune 1000 companies in the U.S, EMEA a

  8. Slide 8: Corporate highlights during Q1

    Corporate highlights during Q1 Freelancer.com continues to be nominated for global awards For personal use only Nomination for Best Employment Website in 20th Annual Webby Awards • At the end of the quarter we were pleased to announce that we have been officially selected as a Nominee in the 20th An

  9. Slide 9: For personal use only

    Yggdrasil full color tattoo Create Print and Packaging Designs for Hazelnut chocolate spreads Ineed some Graphic Design for chosing color for studio design Design me a Product for the Next Evolution in Smoke Alarm Design Architectural design and 3d renders of Hotels and Shopping Center Design a Webs

  10. Slide 10: Freelancer delivers yet another record full year result

    Freelancer delivers yet For personal use only another record full year result • Record Net Revenue $38.6m (up 48% on pcp) • Record GPV $229.3m (up 120% on pcp) • Positive Operating Cashflow $1.5m • Cash & equiv. (31 Dec) $32.2 million (up 59% on pcp) • Contribution from Escrow.com from 1 November 20

  11. Slide 11: Key financial highlights FY15

    Key financial highlights FY15 Record Net Revenue $38.6m (+48%), Record GPV $229.3m (+120%), Operating cashflow positive $1.5m For personal use only A$m, 31 December year end FY15 FY14 Change Net Revenue1 $38.6m $26.1m 48% Gross Payment Volume1,2 $229.3m $103.7m 120% Take rate3 (%) 26.6% 25.1% 6% Gro

  12. Slide 12: Key financial highlights FY15

    Key financial highlights FY15 Freelancer delivers yet another record full year result, with debut contribution from Escrow.com For personal use only ● Record Net Revenue and GPV, operating cashflow positive, contribution from Escrow.com ● Net Revenue of $38.6m for FY15 (up 48% on pcp)1 ● Gross Payme

  13. Slide 13: Continuation of outstanding marketplace growth

    Continuation of outstanding marketplace growth Continues to experience exceptional growth in users and total jobs posted For personal use only Total Registered Users1 8,000,000 Total Jobs Posted (Filtered) 1 18,000,000 7,000,000 16,000,000 14,000,000 6,000,000 12,000,000 5,000,000 10,000,000 4,000,0

  14. Slide 14: Key marketplace highlights FY15

    Key marketplace highlights FY15 Freelancer delivers yet another record full year result For personal use only 31 December year end FY15 FY14 Change % New Registered Users 4.4m3 4.6m Total Registered Users 18.7m3 14.3m 30% New Jobs in year1 1.7m 1.4m Total Jobs Posted (Filtered)1 8.0m 6.3m 27% Averag

  15. Slide 15: Net Revenue

    Net Revenue Record FY15 net revenue of $38.6m, up +48% on prior corresponding period Net Revenue (A$m) and Gross Margin (%) 38.6 For personal use only 4 0 .0 1 6 0 .0 % ● Record net revenue of $38.6m in FY15, 3 5 .0 +48% 1 4 0 .0 % up +48% on FY14 Net Revenue Gross margin ● Consistently high gross m

  16. Slide 16: Gross Payment Volume (GPV)

    Gross Payment Volume (GPV) Gross Payment Volume1 (GPV) of $229.3m (+120% on pcp), pro-forma full year of $709.7m Gross Payment Volume1 (A$m) and Marketplace Take Rate2 (%) For personal use only 229.3 3 5 .0 % ● GPV of $229.3m in FY15, up +120% on pcp – $138.2m from core Freelancer marketplace +120%

  17. Slide 17: Cash flow profile

    Cash flow profile Re-investing for growth, with positive operating cashflow of $1.5 million For personal use only Cash Balance/Flows (A$m) ● 31 December 2014 cash balance of $20m ● $20m of capital raised in two placements, each of $10m 2.2 (10.3) 1.5 ● Positive operating cashflow of $1.5m 20.0 ● Exc

  18. Slide 18: Key operational highlights FY15

    Key operational highlights FY15 Developed international footprint and continued investment in talent to accelerate growth in FY16 For personal use only ● Total staff of 440 FTE at 31 December 2015, up 13% from 390 as at 31 December 2014 18

  19. Slide 19: Summary profit & loss statement

    Summary profit & loss statement Continued re-investment in product development, user experience, user and project acquisition and customer service For personal use only (A$m) FY15 FY14 Change ● Continued strong revenue and gross profit growth, 31 Dec y/e Actual Actual up 48% on pcp Net Revenue 38.6

  20. Slide 20: Summary balance sheet

    Summary balance sheet Very strong balance sheet, no debt For personal use only (A$m) FY15 FY14 Change ● Total cash at period end of $32.2m, no debt 31 Dec y/e Actual Actual Cash and cash equivalents 32.2 20.2 60% ● Escrow.com also holds approximately $27 million in cash, in trust, off balance sheet

  21. Slide 21: Marketplace highlights FY15

    Marketplace highlights FY15 Freelancer continues to break new records and accelerate its growth trajectory For personal use only ● Key milestones of c.18 million users and 8 million jobs posted – added 4.4 million users in FY15 including 870k unique (from 961k) Escrow.com users ● Passed US$3.0 billi

  22. Slide 22: Outlook statement FY16

    Outlook statement FY16 FY16 will be an exceptional year for the Company with the addition of Escrow.com to the group For personal use only • Freelancer is continuing its exceptional growth, with record net revenue, registered users and posted projects in FY15 • Freelancer’s growth is accelerating •

  23. Slide 23: Freelancer.com is changing the global dynamics in the marketplace for people

    For personal use only Freelancer.com is changing the global dynamics in the marketplace for people 23

  24. Slide 24: We help small businesses, startups and entrepreneurs

    For personal use only We Weare changing help small lives in the businesses, developing startups and world by entrepreneurs providing turn that opportunity and spark of an idea income. into reality. Design of a digital counting wristband for $220

  25. Slide 25: We are changing lives in the developing world

    For personal use only We are changing lives in the developing world by providing opportunity and income.

  26. Slide 26: 160 million jobs could be carried out remotely

    For personal use only “160 million jobs, or about 11% of the projected 1.46 billion services jobs worldwide, could in theory be carried out remotely, barring any constraints in supply” * * McKinsey Global Institute, The Emerging Global Labor Market, Part I: The Demand for Offshore Talent in Services

  27. Slide 27: Freelancer's Online Economy in 2012

    Freelancer’s Online Economy in 2012 For personal use only Note: Sample of projects awarded in 2012. The pink lines indicate where projects are being posted by employers, and the blue lines indicate where the projects are being performed by 27 freelancers. Thicker lines indicate a higher volume of wo

  28. Slide 28: Freelancer's Online Economy in 2013

    Freelancer’s Online Economy in 2013 For personal use only Note: Sample of projects awarded in 2013. The pink lines indicate where projects are being posted by employers, and the blue lines indicate where the projects are being performed by 28 freelancers. Thicker lines indicate a higher volume of wo

  29. Slide 29: Freelancer's Online Economy in 2014

    Freelancer’s Online Economy in 2014 For personal use only Note: Sample of projects awarded in 2014. The pink lines indicate where projects are being posted by employers, and the blue lines indicate where the projects are being performed by 29 freelancers. Thicker lines indicate a higher volume of wo

  30. Slide 30: Freelancer's Online Economy in 2015

    Freelancer’s Online Economy in 2015 For personal use only Note: Sample of projects awarded in 2015. The pink lines indicate where projects are being posted by employers, and the blue lines indicate where the projects are being performed by 30 freelancers. Thicker lines indicate a higher volume of wo

  31. Slide 31: Job Examples

    For personal use only Freelancer Limited JOB EXAMPLES

  32. Slide 32: For personal use only

    3D House Render Goo] Fish and Chip Shop e—_— Design an Inflatable Poo! Toy! :-) Need my websiteand html desgin Logo Design for Energy/Mineral Drink Ineeda Flying lizard CGI Malaysia Design a Responsive Website Mockup for Tourism (Wire-frame Provided) HIGH FASHION LUXURY COMB DESIGN Develop options f

  33. Slide 33: 3D rendering of a villa from 2D floor plan for $100

    3D rendering of a villa from 2D floor plan for $100 For personal use only 33

  34. Slide 34: Website for Fresh Futures for $277

    Website for Fresh Futures for $277 For personal use only 34

  35. Slide 35: Paper towel design and render for CAD $55

    Paper towel design and render for CAD $55 For personal use only 35 Source: https://www.freelancer.com/jobs/threed-modelling-Rendering/Create-model-product-Printed/

  36. Slide 36: Logo design for a consulting firm for $129

    Logo design for a consulting firm for $129 For personal use only 36

  37. Slide 37: Ambient 3D modelling of a wardrobe for $90

    Ambient 3D modelling of a wardrobe for $90 For personal use only 37 Source: https://www.freelancer.com/contest/Ambient-in-d-modeling-with-our-product-wardrobe-122619.html

  38. Slide 38: apricotseeds.co.nz website

    apricotseeds.co.nz website For personal use only Source: https://www.freelancer.com/contest/Graphic-Design-Redesign-FRONT-PAGE-Only-apricotseedsc onz-website-13937.html 38

  39. Slide 39: Design a contemporary (Bauhaus style) home for $215

    Design a contemporary (Bauhaus style) home for $215 For personal use only 39 Source: https://www.freelancer.com/contest/D esign- a-contemporary-hous e-Bauhaus-styl e-223900.html

  40. Slide 40: Floor plans & rendering for $215

    Floor plans & rendering for $215 For personal use only 40

  41. Slide 41: Industrial design of a vinyl cutter for €500

    Industrial design of a vinyl cutter for €500 For personal use only 41

  42. Slide 42: For personal use only

    42 For personal use only

  43. Slide 43: 3D Model of a Handrail for an EVA Spacewalk for NASA for $50

    3D Model of a Handrail for an EVA Spacewalk for NASA for $50 For personal use only 43

  44. Slide 44: For personal use only

    For personal use only

  45. Slide 45: For personal use only

    For personal use only Robonaut 2 delivered February 2011 to ISS. Pictured here with Zero-G leg upgrade which will climb using external handrails.

  46. Slide 46: For personal use only

    For personal use only

  47. Slide 47: Freelancer & NASA team up

    2016 > FREELANCER& NASATEAMUP — \ Y- TOPUSHTHEBOUNDARIES «Ct - OFHUMANINNOVATION In the latest set of challenges, we will designing a robotic arm for the —-q@pp Astrobee, the next generation of free flying robots on the International Space Station. personal gg \ es 50+ ST 88 © a CHALLENGES ) © freer

  48. Slide 48: Beautiful Products

    For personal use only Beautiful Products

  49. Slide 49: Global, Multilingual, Multicurrency

    Global, Multilingual, Multicurrency For personal use only 44 Regional Websites 34 Supported Languages 21 Supported Currencies Languages Currencies Afrikaans USD CLP NZD Bahasa Indonesia 한국어 AUD JMD PHP Bahasa Malaysia Norsk-Bokmål CAD IDR PLN !"#quot; Nederlands EUR MXN SGD Català Polskiа GBP SEK BRL Č

  50. Slide 50: 30% of engaged users touch Freelancer Mobile products

    For personal use only 30% of engaged users touch Freelancer Mobile products (up 114% YoY Dec-Dec)

  51. Slide 51: Marketplace dynamics

    Marketplace dynamics “Every job, every country, every language, every currency, at any time” For personal use only Top country sources for completed projects in 20151 ● c.900 job categories as diverse as Aerospace Engineering, Biotechnology, Sales, 28% United States Manufacturing, Mechanical Enginee

  52. Slide 52: Liquidity: 65% of projects get a bid within seconds

    Liquidity: 65% of projects get a bid within 60 seconds (supply) Number of bids on projects Number of entries in contests For personal use only Actual completed projects Actual contest entries 52

  53. Slide 53: Revenue model

    Revenue model Freelancer’s revenue is driven by users posting jobs – as a project (outsourcing) or a contest (crowdsourcing) For personal use only ● For employers it’s free to post a project, free to review bids, free to talk and review samples – 3% project commissions paid by employers when a proje

  54. Slide 54: Escrow.com is now mobile responsive & available in Chinese

    For personal use only Escrow.com is now mobile responsive & available in Chinese Your Escrow.com payment has been received Escrow.com/514661 The seller has agreed to your transaction

  55. Slide 55: Escrow.com historical financial performance

    Escrow.com historical financial performance FY15 growth rates significantly beat 5-year CAGRs (2009-2014) for both revenue and GPV For personal use only Revenue (US$ ‘000) Gross Payment Volume (GPV) (US$) 7,000 450,000,000 20% growth in 2015 34% growth in 2015 6,073 6,000 13% 5-year CAGR1 400,000,00

  56. Slide 56: Operational highlights FY15

    Operational highlights FY15 Significant improvements to Freelancer products in FY15 For personal use only ● Significant product improvements in matchmaking – Major improvements shipped in project management, messaging, video chat, time tracking and invoice generation ● Strong growth in contests – 51

  57. Slide 57: Freelancer Contests

    Freelancer For personal use only Contests Freelancer's crowdsourcing platform introduced several significant product improvements resulting in growth of 51% year on year • Contests is now available on mobile devices, access your contest anywhere • Employers can get deliverables as graphics, videos a

  58. Slide 58: Over 800,000 freelancers ready to work on local projects

    For personal use only Over 800,000 freelancers ready to work on local projects in over 100 new location specific skills

  59. Slide 59: Major Improvements in Project Management, Communication and Collaboration

    Major Improvements in Project Management, For personal use only Communication and Collaboration Video chat Time tracking Our messaging service now supports Video Chat for everyone Offline time tracking, easier invoicing and payments New project management page Real time surfacing and ranking of bids

  60. Slide 60: The World's Largest Internet Marketing Forum & Marketplace

    The World’s Largest Internet Marketing Forum & Marketplace Since 1997 For personal use only The #1 Internet Marketing Forum Since 1997 USERS POSTS DISCUSSIONS 1,065,000+ 9,600,000+ 870,000+

  61. Slide 61: StartCon

    STARTCON CEO of Unbounce rsonal use only Australia’s Biggest Startup & Growth Conference New Higher 3000+ International Lineup Hundreds of Capacity Venue PAX Of Speakers Exhibitors Sold Out 6 Years Ina Row | StartCon.com | November 26 - 27:n 2016

  62. Slide 62: Industry Drivers

    For personal use only Freelancer Limited INDUSTRY DRIVERS

  63. Slide 63: The other 55% of the world's population are about to join the Internet

    For personal use only The other 55% of the world’s population are about to join the Internet. 63

  64. Slide 64: It's 2016: the other four billion are connecting

    It’s 2016 The other four billion are connecting at a tremendous pace For personal use only ● World population1: 7,259,902,243 Internet Users by Development Level 2005-2015E2 Number on the Internet: 3,366,261,156 (46.4%) North America Europe 313 million users 604 million users 88% penetration 74% pen

  65. Slide 65: Developing world self-educating to raise socio-economic status

    Developing world self-educating to raise socio-economic status The wealth of human knowledge is available online For personal use only 86% of users of top 10 US sites are already foreign1 ● Five billion people live on $10 a day or less ● The first thing they are looking to do online is raise their s

  66. Slide 66: For personal use only

    66 @pufutama = Bandung 9am Member since January, 2014 6 Recommendations Work — My Proj pufutama Illustrator | 2D Animator | Concept Artist —_.«_ Passionate award winning Director and Animator, with s Animations, as well as App and Game Assets. My specialities include, but are not limited to, the fol

  67. Slide 67: Software is eating the world

    Software is eating the world “We are in the middle of a dramatic and broad technological and economic shift in which software companies are poised to take over large swathes of the economy”1 For personal use only ● Every industry is being disrupted rapidly, and becoming Advertising dominated by soft

  68. Slide 68: The world is repeating itself years later

    The world is repeating itself 20 years later For personal use only 68

  69. Slide 69: Escrow.com

    For personal use only Freelancer Limited ESCROW.COM

  70. Slide 70: Freelancer.com acquired Escrow.com November 1st 2015

    Freelancer.com acquired Escrow.com November 1st 2015 For personal use only Freelancer.com Escrow.com #1 Online Services Marketplace #1 for Secure Online Payments Over US$3.0 billion in Over US$2.7 billion in secured projects posted transactions

  71. Slide 71: Escrow.com

    Escrow.com For personal use only SAFEGUARDING YOUR The world’s #1 ONLINE TRANSACTIONS provider of secure online payments More than US$2,700,000,000 of transactions protected

  72. Slide 72: Escrow.com

    Escrow.com The world’s #1 freelancing & crowdsourcing marketplace adds the world’s #1 provider of online secure payments Financials For personal use only • Licensed, bonded & certified, processed over US$2.7 billion in secured transactions to date • FY15 gross payment volume of US$430 million (up 34

  73. Slide 73: Escrow.com historical user growth

    Escrow.com historical user growth Almost 1 million users with solid demographics from mostly high income OECD nations For personal use only Total number of users Users by country • An exceptionally high quality user base of ~1 million users with high transaction value 73

  74. Slide 74: Escrow.com's Online Economy in 2013

    Escrow.com’s Online Economy in 2013 For personal use only Note: Sample of transactions. The pink lines indicate where Escrow transactions are being originated by buyers, and the blue lines indicate where transactions are being fulfilled by sellers. 74 Thicker lines indicate higher volume. White dots

  75. Slide 75: Escrow.com's Online Economy in 2014

    Escrow.com’s Online Economy in 2014 For personal use only Note: Sample of transactions. The pink lines indicate where Escrow transactions are being originated by buyers, and the blue lines indicate where transactions are being fulfilled by sellers. 75 Thicker lines indicate higher volume. White dots

  76. Slide 76: Escrow.com's Online Economy in 2015

    Escrow.com’s Online Economy in 2015 For personal use only Note: Sample of transactions. The pink lines indicate where Escrow transactions are being originated by buyers, and the blue lines indicate where transactions are being fulfilled by sellers. 76 Thicker lines indicate higher volume. White dots

  77. Slide 77: You wouldn't sell your car with PayPal

    You wouldn’t sell your car with PayPal For personal use only 77

  78. Slide 78: Only use Escrow.com

    In fact, eBay doesn’t think so either: For personal use only “Important: Only use Escrow.com” 78

  79. Slide 79: Escrow.com is used to secure a wide range of transaction types

    Escrow.com is used to secure a wide range For personal use only of transaction types

  80. Slide 80: Licensed, Bonded, Audited, 0% chargebacks

    For personal use only Audited Licensed 0% chargebacks Bonded 80

  81. Slide 81: Escrow.com 5-step trust process

    Escrow.com is the only licensed, bonded & audited secure online solution that protects both the buyer and the seller with a simple, 5-step trust process For personal use only 1 2 3 4 5 Buyer & seller Buyer pays Seller ships Buyer accepts Escrow.com agree to terms Escrow.com merchandise the merchandi

  82. Slide 82: Escrow.com secures transactions from $100 to $10,000,000+

    For personal use only Escrow.com secures 1975 Piper PA-23-250 securely sold through Escrow.com transactions from $100 to $10,000,000+ 2004 Fountain 38 LX securely sold through Escrow.com Transact in US Dollars or Euros 2003 Ferrari Enzo securely sold through Escrow.com

  83. Slide 83: Escrow.com makes import / export simple

    Escrow.com For personal use only makes import / export simple No more expensive & complicated letters of credit

  84. Slide 84: Industrial & heavy equipment sold through Escrow.com

    Industrial & heavy equipment sold through Escrow.com For personal use only 2014 FANUC 2006 Caterpillar Industrial Robot D5N Dozer

  85. Slide 85: Escrow.com protects the sale of jewellery and fine art

    For personal use only Escrow.com protects the sale of jewellery and fine art including the purchase of Andy Warhol’s “Queen Elizabeth Suite”

  86. Slide 86: Escrow.com also protects the supply of services

    Escrow.com also For personal use only protects the supply of services such as as holiday rentals or designing a website

  87. Slide 87: Where the Internet is bought and sold

    Where the Internet is bought and sold For personal use only

  88. Slide 88: How Big Is The Market?

    For personal use only Freelancer Limited HOW BIG IS THE MARKET?

  89. Slide 89: Estimated demand for Web Design services alone

    Estimated demand for Web Design services alone Freelancer’s global web design revenue opportunity estimated as $2.7 billion per annum ($10.5b GPV) For personal use only ● Freelancer’s estimated global web design revenue opportunity at c.$2.7 billion ($10.5b GPV) ● This is as a replacement of existin

  90. Slide 90: Estimated demand from Small Businesses

    Estimated demand from Small Businesses Global small business revenue opportunity estimated as $31.9 billion per annum (571 million projects, $122 billion GPV) For personal use only ● There are about 28 million small businesses in the US 420-510 million – 22 million of these are informal non-employer

  91. Slide 91: Estimated demand from Consumers

    Estimated demand from Consumers Engaged active users on major product marketplaces are low hanging fruit for online services. Major product marketplaces as a proxy of consumer demand indicates TAM of c.$40 billion (700 million projects, $155 billion GPV) For personal use only GPV of Taking c.$155 bi

  92. Slide 92: Estimated supply of professional labour in the developing world

    Estimated supply of professional labour in the developing world 370 million people, or 10% of the 3.7 billion working age population in the developing world have a tertiary qualification For personal use only ● 2010 global working age population: 3.7 billion, labour force: 2.9 billion1 Educational a

  93. Slide 93: Estimated demand from Local Jobs

    Estimated demand from Local Jobs Freelancer’s expansion into 100 categories of Local Jobs expands the total addressable market by up to $800 billion For personal use only ● Online services is already a huge market, with enormous future potential – McKinsey Global Institute has estimated that “160 mi

  94. Slide 94: 357.9 billion non-cash payment transactions in 2013

    357.9 billion non-cash payment transactions in 2013 (+7.6%) For personal use only Source: World Payments Report 2015 (Capgemini, Royal Bank of Scotland - Capgemini Financial Services Analysis, 2015; ECB Statistical Data Warehouse, 2013 figures 94 94 released September 2014; Bank for International Se

  95. Slide 95: Important notice and disclaimer

    Important notice and disclaimer This presentation has been prepared by Freelancer Limited (ACN 141 959 042) (Freelancer or the Company). The information contained in this presentation is current at the date of this presentation. The information is a summary overview of the current activities of the

Freelancer — Q1 2016 Earnings Presentation on 6ix