Freelancer Limited (FLN) Q1 2025 Earnings Call

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WEBVTT 00:00:00.031 -- 00:00:05.178 Hello and welcome to the Freelance Limited first quarter of 2025 business updates. 00:00:05.178 -- 00:00:08.223 My name is Matt Barry. I'm the Chief Executive of Freelance Limited. 00:00:08.223 -- 00:00:13.107 Today with me on the call, we have Neil Katz, the Chief Financial Officer, Adam 00:00:13.109 -- 00:00:18.217 Burns, who's the VP of Product from Freelancer, Andrew Bateman, who's the 00:00:18.217 -- 00:00:24.025 Head of Enterprise Product from Freelancer, August Piao, who runs escrow.com, 00:00:24.025 -- 00:00:29.012 and as always, you may direct questions to either myself or any of the management team 00:00:29.012 -- 00:00:30.659 in the Q&A. 00:00:30.659 -- 00:00:32.061 Going 00:00:32.061 -- 00:00:37.108 forward into the results, so in the first quarter of 2025, the group GMV was 00:00:37.108 -- 00:00:41.794 $231 million, which was up 1.7% on PCP. 00:00:41.794 -- 00:00:46.260 Freelancer was $33.4 million, up 6% on PCP. 00:00:46.260 -- 00:00:48.661 Escrow was $197.6 00:00:48.724 -- 00:00:54.000 million, up 1% on PCP and GMV. On the revenue front, we were at $14.1 00:00:54.000 -- 00:00:56.926 million, which is up 11.7%. The freelancer 00:00:56.926 -- 00:01:01.997 revenue was $10.7 million, up 8% on PCP. And the escrow 00:01:01.997 -- 00:01:05.184 revenue was $2.9 million, up 34.5% 00:01:05.184 -- 00:01:10.769 on PCP. We achieved positive operating profit in the first quarter of 2025. 00:01:10.769 -- 00:01:14.677 In fact, it's the ninth consecutive month of operating profit. 00:01:14.677 -- 00:01:19.747 About a year ago, I said my objective was to put an underlying base operating profitability 00:01:19.747 -- 00:01:24.878 into the business. My target is about half a million dollars a month, every month consistently. 00:01:24.87...