Freelancer Limited (FLN) Q3 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Here we go. Hello and welcome to the Freelancer Limited third quarter of 2025 Business Update. My name is Matt Barrick. I'm the Chief Executive and Chairman of Freelancer Limited. Today with me in the room, I have our Chief Financial Officer, Neil Katz to my left. I have Andrew Bateman, who's VP of Product, as well as Adam Burns, VP of Product. but the strategy and product management side of things. I have Mas from Loadshift and from the Field Services Division of Freelancer and August Pial from escrow.com. And as always, at the end of the Q&A, you may address your questions to any of the executives in the room, or you may follow up if you'd like to do a one-on-one by emailing investor at freelancer.com. In the third quarter, which was the Northern Hemisphere summer quarter, so usually it is a little bit quiet, Group GMV was down 22.5%. That's primarily due to a single 50 million US dollar transaction that we lacked from the third quarter of 2024 from escrow. The freelancer GMV was up a little bit, 4%, almost 34.1 million. The escrow GMV lapped, obviously, that large transaction spike. And I will say, actually, we're looking at a reasonably large transaction happening in the next quarter. So you may see a reversal of that in Q4. Group revenue was basically flat at $13.8 million. The free answer revenue was at $10.1 million, was down 2.2%. And the escrow revenue was up 2.9% at $3.2 million, even though we lapped that single transaction spike. The group continued to achieve operating profit in third quarter 2025. And as I've mentioned previously, for the last couple of quarters, we aim to continue to produce profit in the business from here on in. Operating cash flow was $1.6 million. Again, continued to be positive. And across the entire year, cash flow was flat at $0...