Freelancer Limited (FLN) Q1 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Hello and welcome to the Freelance Limited first quarter of 2025 business updates. My name is Matt Barry. I'm the Chief Executive of Freelance Limited. Today with me on the call, we have Neil Katz, the Chief Financial Officer, Adam Burns, who's the VP of Product from Freelancer, Andrew Bateman, who's the Head of Enterprise Product from Freelancer, August Piao, who runs escrow.com, and as always, you may direct questions to either myself or any of the management team in the Q&A. Going forward into the results, so in the first quarter of 2025, the group GMV was $231 million, which was up 1.7% on PCP. Freelancer was $33.4 million, up 6% on PCP. Escrow was $197.6 million, up 1% on PCP and GMV. On the revenue front, we were at $14.1 million, which is up 11.7%. The freelancer revenue was $10.7 million, up 8% on PCP. And the escrow revenue was $2.9 million, up 34.5% on PCP. We achieved positive operating profit in the first quarter of 2025. In fact, it's the ninth consecutive month of operating profit. About a year ago, I said my objective was to put an underlying base operating profitability into the business. My target is about half a million dollars a month, every month consistently. Since July of last year, every single month we've achieved positive operating profit, and we're about two-thirds of the way to the progress of my target. So we're doing about $1 million of operating profit every quarter. So we've had a nice consecutive month of operating profit, which is good to see, and I think we'll provide a bit of a base under the financials of the company. We achieved operating cash flow of $3.5 million, up from $1 million in the PCP. We also achieved overall cash flow of $2.2 million, up from breakeven in the PCP, and cash-in-cash equivalents grew again in the quarter ...