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Freelancer Ltd (NASDAQ:FLNCR) held its Q3 2025 earnings call, highlighting stable revenue figures and a modest stock price increase. Despite a 22.5% decline in group GMV, the company’s stock rose by 4% on the back of positive market sentiment and strategic initiatives in AI and user engagement. Freelancer’s revenue remained flat at $13.8 million, while its Escrow.com segment saw a slight increase in revenue. According to InvestingPro data, the stock has delivered an impressive 40.42% YTD return, with a current market capitalization of $16.8 million. InvestingPro analysis reveals the company maintains strong gross profit margins and holds more cash than debt on its balance sheet.
Key Takeaways
- Group GMV fell by 22.5% to $206.8 million, largely due to an extraordinary transaction spike in Q3 2024.
- Revenue remained stable at $13.8 million, with Escrow.com revenue up by 2.9%.
- Stock price increased by 4% following the earnings call.
- AI and engineering expansion are major focuses, with a tripling of the engineering team.
- The company aims to achieve $500,000 in monthly operating profit.
Company Performance
Freelancer Ltd’s performance in Q3 2025 was marked by stability in revenue despite a significant drop in GMV. The flat revenue of $13.8 million contrasts with the previous year’s figures, which were bolstered by a $50 million transaction spike. The company maintained operating profitability and positive cash flow, reflecting a steady financial footing amidst challenging market conditions.
Financial Highlights
- Revenue: $13.8 million (flat YoY)
- Group GMV: $206.8 million (down 22.5% YoY)
- Freelancer marketplace revenue: $10.1 million (down 2.2% YoY)
- Escrow.com revenue: $3.2 million (up 2.9% YoY)
- Operating cash flow: $1.6 million (positive)
- Cash and cash equivalents: $25.6 million
Outlook & Guidance
Freelancer is focusing on increasing marketplace engagement and aims to boost client acquisition by over 20% year-over-year. The company is continuing its deployment of AI technologies across platforms and is expanding its financial and payment infrastructure. The goal is to achieve a monthly operating profit of $500,000.
Executive Commentary
CEO Matt Barrie emphasized the transformative impact of AI on freelancer capabilities, stating, "AI is lifting the skills of freelancers quite dramatically across the board." He also highlighted the company’s top position in customer satisfaction, with a Trustpilot score of 4.4 out of 5, saying, "We continue to be the number one platform in the world for customer satisfaction."
Risks and Challenges
- Decline in GMV: The significant drop in GMV may affect future revenue streams if not addressed.
- User acquisition slowdown: A 4.1% YoY decrease in new users could hinder growth.
- Market competition: Increasing competition in the freelance marketplace could pressure margins.
- Economic conditions: Broader economic uncertainties could impact client spending on freelance services.
Freelancer’s Q3 2025 earnings call underscored a period of strategic realignment and technological investment, aiming to bolster its market position and drive future growth. The company’s focus on AI and user engagement initiatives is expected to play a crucial role in navigating the challenges ahead. InvestingPro forecasts indicate positive net income growth this year, with analysts expecting profitability. For detailed analysis and expert insights on Freelancer’s growth trajectory, access the comprehensive Pro Research Report, available exclusively to InvestingPro subscribers.
Full transcript - Freelancer Ltd (FLN) Q3 2025:
Matt Barrie, Chief Executive and Chairman, Freelancer Limited: Here we go. Hello and welcome to the Freelancer Limited third quarter of 2025 business update. My name is Matt Barrie. 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 a VP of Product, as well as Adam Byrnes, VP of Product, both the strategy and the product management side of things. I have Mas Mohammad from Loadshift and from the Field Services Division of Freelancer, and August Piao from Escrow.com. 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@freelancer.com.
In the third quarter, which was the Northern Hemisphere summer quarter, so usually it is a little bit quiet, our group GMV was down 22.5%. That’s primarily due to a single $50 million transaction that we lacked from the third quarter of 2024 from Escrow.com. The Freelancer marketplace GMV was up a little bit, 4%, almost $34.1 million. The Escrow.com GMV lacked 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 Freelancer revenue was at $10.1 million, was down 2.2%, and the Escrow.com revenue was up 2.9% at $3.2 million, even though we lacked 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 across the entire year. Cash flow was flat at $0.3 million, and cash and cash equivalents was $25.6 million, down a touch on the first half. The last two are primarily as a result because we’re buying back a number of shares in the Loadshift business, and we have basically increased our stake to 73.4% in the quarter. Overall, it was a stable third quarter result during the Northern Hemisphere summer, which is a quiet period.
Group revenue of $13.8 million was broadly in line with the prior cost spending period, and there was a modest growth to Escrow.com, partially offsetting a soft performance at Freelancer. While the GMV declined by 22.5% to $206.8 million, this was largely due to cycling a single large IP address block that we transacted in the third quarter of 2024. As I said, we have a transaction that’s going to go through in the fourth quarter, so you may very well see that spike reverse in the next quarter. The Freelancer group GMV grew 3.9% in the period. Group continued to be operationally profitable. Getting down into each of the segment reports, we added 1.86 million new users in the quarter, which is down 4.1% versus PCP, and saw 171,000 new projects in the marketplace. The average project size continued to grow up.
There is a typo here which is detected, which is it’s up 17.8% on the quarter, not on the year. On the year, it’s actually up a China number. It’s currently at $395 per job, and that includes the enterprise customers and the Loadshift division. This metric has basically doubled over the last five years, representing a significant lift in sophistication and quality of work done through the marketplace. Liquidity is one thing that is really standout at the moment. We’ve got record high bidding activity of 57 bids per project, and the contest activity is actually quite ludicrous, at 107% up on PCP. We get on average about 846 entries per contest.
We actually just, at the quarter, took some steps to reduce that a little bit by limiting the number of entries that can be done on a free account, and we probably will continue to take some steps to continue to limit the number of entries in contests. A lot of this liquidity is being driven by, as I reported in previous quarters, by AI. Not only are the skills of all the freelancers lifting quite dramatically across the board, it doesn’t matter if you’re an average copywriter, you can now be exceptional with GPT and so forth. If you’re an average illustrator, you can now be exceptional with Midjourney and so on. We were seeing also work being submitted quicker as a result of AI, and that’s basically coming through in the form of liquidity. This is a graph of the average project size over time.
You can see there it’s really been lifting quite strongly since 2020 and continues to grow. I do think we can still add a zero to the end of this. If you’ve got any employee and you’re a Western company anywhere around the world, you will probably be paying at least $45,000 a year for their salary. A $390 project is still only one one-hundredth of what a full-time staff member would cost. I think there’s quite a substantial ability to lift that, and we actually have something quite big. We have a number of things actually coming out quite big before the end of the year and into the new year, which I think will move this number quite significantly. In terms of acquisition of new clients, in the first 28 days, the cash coming in was up about 7.6% over the quarter, year on year.
You can see that in the red line moving average. We primarily have been achieving this through funnel conversion and AI personalizing the experience, etc. There are actually five further enhancements we’re pushing out between now and the end of the year, which should drive this number up a bit more. We did have a few delays over the quarter in getting a few of these things out, but two of the five are currently in A/B testing and actually testing quite positive. We should hopefully have some good numbers to report between now and the rest of the year on the acquisition front. Some of them will also, I think, lift as well the sign-up numbers and the activation numbers through the business. The GMV for new clients similarly trended positive for the majority of the year and also flowed into all client GMV.
You can see there that pretty much over the entire year we had positive GMV growth in the Freelancer marketplace for new clients. You can see likewise that was starting to flow through a bit into all clients in the business. Obviously, we want to get these numbers substantially higher from where they are, but we’re getting there slowly as we kind of push out these enhancements and continue to improve the site. AI-related jobs really started taking off in the last quarter. It is off a low base. I’ve got the numbers there on the left-hand axis in terms of the GMV contribution. You can see it’s quite small to start off with, but the growth figures are pretty astronomical.
In addition to clients posting a whole expanded range of AI-related projects, we also have the freelancers, as I mentioned before, becoming more and more capable and their skills lifting dramatically during the AI tools. We are seeing liquidity improvements, we’re seeing quality improvements, value for money improvements, etc. We’ll see where this trend goes. I do think, and I’ve mentioned this in quarters before, that there are certain categories of work that I think will completely be transformed at a very, very large scale worldwide for business. One category of work is AI agents answering the phone, taking order, processing a credit card, making a booking. That’s starting to creep through. In fact, we’ve got an EDM campaign going out as we speak. If you’re a sign that the Freelancer, you might get a new inbox in the next few days.
We’ll see where this trend continues at speed and how far it goes, but we are starting to see a big pickup in AI-related jobs, which is very interesting. This has a breakdown of the types of work over time by segment. We’ve also got a new brand team on board in the company, and we’re working through in the January of next year, you’ll see a whole new fresh look and feel right across the marketing and the product for the business. We’re pretty excited with that team. We do continue to be the number one platform in the world for customer satisfaction, driven by a 24 by 7 by 365, 20 language multilingual support team.
We ranked 4.4 excellent on Trustpilot with over 17,000 reviews, which is a very, very difficult thing to do because most people who go to these review sites are angry customers, not happy customers. It’s very, very hard to maintain that. It’s also very hard to maintain a high rating because we also get reviews if the end freelancer doesn’t do a great job. Not only do we have to do a good job as the platform, but we also have to ensure that the freelancers do a good job. This is a very hard number to achieve, and I think it’s props to the whole team. Likewise, we’re 4.7 out of 5 in SiteJava. You can compare us to any of the major competitors around the world, and they’re nowhere near us in terms of customer service.
That’s through a determined effort that we put in over many, many years. In our enterprise division, we’ve got a couple of things happening. It’s early days, but we’ve just started a partnership with a trillion-dollar global cloud compute platform to provide access to 18,000 small and medium business customers with the ability to provide services to integrate the products that this company produces at a cost-effective budget. Not everyone can afford an Ernst & Young or a KPMG or a Deloitte-level consultant to come in to do major cloud architecture and infrastructure deployment. We have the talent that’s able to do that. We’ve got work underway where for a limited set of services, we’re doing that in a very cost-effective way with a curated, vetted pool of talent. We’re already starting to provide that work to end customers. It’s just begun, but we’re pretty excited.
It’s a very, very big company that, obviously, the more that we can provide this sort of functionality, the more they can grow in the small to medium enterprise segment. We’ve also had concurrent investments in platform automation and some AI capabilities to strengthen the infrastructure to support our growing demand. Specifically, we have a whole bunch of work around quickly marshaling freelancers with certain demographic capabilities that we may not naturally keep in the database or on sign-up, curating, qualifying those freelancers, and then supplying them credentials. One area we need to supply them credentials for at speed is in generative AI. We’ve got a longstanding partnership with a major provider to one of the top AI models out there.
In order to be able to do that at scale, we’ve got to be able to provide credentials to be able to log into the platforms at scale because there’s limited pools of those due to how it’s all being set up. Right now we’re being paid to do this work. We’re halfway through it. Delivery on that will be before the end of the year, is that correct?
Andrew Bateman, VP of Product, Freelancer Limited: The next batch will be before the end of the year, then the rest of it in the first quarter.
Matt Barrie, Chief Executive and Chairman, Freelancer Limited: Yeah, so between the end of the year and the first quarter, which will allow us to not just marshal candidates for things like RLHF training for large foundational models, but get them actually qualified and credentialed so they can actually log in and start doing work quickly. We’ve been doing this in a very manual way up until now, which we’ve shown we can marshal 20,000 freelancers, qualify them, and get them available for work, but the bottlenecks have been coming in with the rest of the workflow. We’re really working on automating the rest of the workflow so that we can not just marshal and curate them and get them all ready, but we can actually provision them credentials so they can get on the platforms and start working.
After that, we’ll be doing a number of things to monitor the progress and do remediation training or kick people out of the training, out of the working pool, and so forth. This will be useful not just for generative AI work, but also a range of other customers. Field services is a bit of a standout. In fact, just coming in here this morning, I signed the first contract that came through in field services from our new Indian division. There’s a flurry of activity there across a whole wide range of field services activities, whether it’s your conventional repair, maintenance, installation of equipment and infrastructure, or computer equipment, etc. Now we’re looking at things like satellite installations and other networking, as well as in-the-field sales at scale with thousands and thousands of freelancers selling products and services. I’m pretty excited to see where this goes.
We’ve got a small but very, very effective team there in our Bangalore office, and it seems to be the most limitless opportunity there. We’ve done a couple of tours, multi-city tours. Earlier in the year, I reported we did six cities. We did two cities just recently, and that yielded a pretty good opportunity with the FinTech platform, which will see us supply over 5,000 field professionals for vendor product distribution across the market. That office will basically continue to house regional business development operational teams doing outbound sales initiatives. They’re a pretty, very, very effective team, and I’m pretty excited to kind of see where that goes. With NASA, we continue to go ahead with the, obviously, the expanded program. It’s now a $475 million U.S. dollar program that was just upsized before the government shutdown.
We have quite a number of initiatives that we did payouts on over the quarter. It’s about $700,000 U.S. dollars worth of money that was distributed across the targeted challenge, which is gene editing in the central nervous system of humans, which is now moving into the field in large animal trials. It’s pretty amazing that we do work as simple as $10 fix-up jobs for coding right up to $10 million Australian dollar jobs involving gene editing in the central nervous system of ultimately humans. We also did some prize release for a sustainable business model challenge, a data science challenge, and we had a very broad mass market one for kids, getting them interested in space. We got some great video footage with the astronauts promoting basically a challenge by virtue of that Freelancer. We’re pretty excited about that.
There’s a flurry of proposals that we have applied for that went in before the government shutdown, and our understanding is there’s quite a number that banked up. As soon as the Democrats agree to let the funding continue in the U.S. government, this is going to spike quite dramatically. We also are running a program to help with a problem that all governments have, both at the state and federal levels, or national levels, around getting people off unemployment benefits and into the workforce. The only way to do that is through remote work in the cloud. We’ve been working to work with the Bahrain TAMKIN initiatives. That actually has received very, very high satisfaction and scoring levels from the participants, and that continues into a new phase, and we will hopefully expand it over next year as well as go to other countries.
In terms of Escrow.com, the GPV always got about 25%, but as I said before, that’s due to a $50 million transaction spike. As you can see here, the GMV for Escrow.com is very lumpy over time as these big transactions come in and so forth. We’re working pretty hard to build a great checkout solution for more generic shopping cart and platform and marketplace infrastructure. We have that deployed in a number of customers. We have a pretty solid pipeline. Very happy with Elliot and the team that are really driving that. We also have the Shopify engagement, which is going slowly, but surely. We have a live golden transaction through that now, and we’ve been incorporating all the feedback to basically make it as a slick experience as possible because obviously there’s very high potential there in terms of transaction volume.
We continue to onboard merchants and get them into the program. We really did spend a lot of the quarter on infrastructure, working on improving our underlying payments infrastructure. We’ve expanded our support to 24 by 7 now, which was a very, very big step forward, which was necessary before we could really roll out heavily with the checkout infrastructure because you need to be able to provide 24 by 7 support if you’re going into merchants and platforms that do 24 by 7 operations and activities and support as well. That is now live, and we’ve managed to transition all of that to new leadership, and we’re pretty excited by the team and how they’re performing. We also have been building in real-time payments, so there’s new banking infrastructure in the U.S. that will allow payments to be instant.
I know that to those who are in Australia, that may seem quite strange that it’s only coming out now, but this is pretty revolutionary for us across all of our businesses. One of the reasons why credit cards are so popular, for example, with Freelancer and other parts of the business is because with a credit card, the payment is instant. Now, the problem with a credit card is you have a chargeback and reversals, which sometimes interferes with the integrity of the milestone payment system. If you’re holding a milestone payment for the delivery of a website, for example, and someone issues a chargeback, they can sometimes circumvent the dispute resolution process that we have in place and the arbitration and so forth.
With real-time payments from wire transfers, the money will be received instantly, and you get that instant gratification that you can get moving with your project or your purchase, but you don’t have the issues of reversible payments, which you have not only with credit cards, you have it with ACH, which is the U.S. traditional banking infrastructure payment system. We did a lot of infrastructure work in the quarter. We expanded our banking relationships, and we’ve designed the system to be more modular so that as we integrate new payments capabilities in the future, it’d be quicker to do so. A lot of fundamental work there. The other thing we’re doing actually is there’s a lot of synergies that we can actually take advantage of between the Freelancer and the Escrow.com platforms, just as we did with Freelancer and Loadshift.
We are, on an architectural level, bringing the platforms, just started to bring the platforms closer together, which will not only increase the velocity at which we could deliver product for Escrow.com, it will also mean that we build something once and it’s usable everywhere. For example, if you KYC with Freelancer or with Escrow.com, you’ll be KYC’d across the entire ecosystem that we have. You won’t have to do that more than once. There’s going to be cost savings there, there’s going to be velocity improvements here, and also overall product quality improvements because we do have some fairly advanced infrastructure running on the Freelancer stack, and Escrow.com has great infrastructure on the payment side, but not so good on the rest of the consumer side of the stack. There’s going to be some good improvements there.
We also have effectively tripled the size of the engineering team over the quarter, at least we’re at double the engineering team now. We’re going to triple, they’re working on the hiring for that last leg. We’ll get a lot more velocity in terms of the product development for that. We’re pretty excited about that. As I said before, in previous quarters, we’ve got our fifth year of profitability for Escrow.com, so we’re going to be starting to pay tax in this business, which is a first-world problem to have, but it’s also a good problem to have. It shows how mature we are in terms of our ability to generate profit in this business. In the new verticals, we’ve got a whole bunch of integrations going on across a wide range of different customer types. It ranges from physical goods, luxury goods, services, marketplaces.
We have regulatory credits work happening. We have integration in a large registrar for domains and so forth. Maybe August later on, you can mention a couple of the businesses, but I think we’ve got a pretty good pipeline. We did a bunch of co-marketing in the quarter. There’s a global luxury program we did some co-marketing work with that operates in 59 countries and has 5,000 real estate agents and 90 offices. As I said before, we can do real estate in many of the jurisdictions we operate, so we’re starting to slowly inch into that. Another one of note, which is a bit different, was with Pitch Capital, which is what they call themselves, an AI-powered capital raising platform, and we did a co-marketing with them and so forth.
Domain-owned transactions were up a little bit on PCP, and AI ventures have continued to capture a large share of transaction activity in the quarter, while many other digital asset categories are tempered by the mixed sentiment. We continue to dominate domain names. As I said before, we’ve gone to 24 by 7 customer support, which was a lot of work across voice, email, and chat, and we moved this across jurisdictions as well. We have that now headquartered in our Manila office, which is a spectacularly well-run support center, but it did take a lot of work to move that across. We also have a global now account management structure under Tony Yan, and that’s headquartered in Vancouver, offering a little white glove and account management support for our customers. In terms of Loadshift, the platform actually did pretty well in the quarter.
We had our strongest operational period to date, September 2025. We achieved record monthly revenue. The quarter was up at 15% on PCP in terms of the revenue. In September, it was up 25% year on year. It was also profitable in the third quarter, small profit, but it’s great to get the business in that position now and to build on it. Job postings are up about 7%. Award rate was up about 28%. There’s a little bit of an uptick there from the deployment of the calling that we put into the platform. Total jobs awarded were up 11%. Delivered loads were up 8%, and the carrier engagement remained strong with about two quotes in the first hour and about eight overall or nine overall.
The 11.3% increase in jobs awarded combined with higher delivery completion rates demonstrates better matching between shippers and carriers, driven by recent platform enhancements and operational improvements. The big thing was really deploying a much more robust audio-video calling system across the platform. From here, we are continuing to roll that out. We are continuing to provide upgrades, particularly to the app. We have deployed a new phone system, which allows us to transfer calls very easily around between all the operational people across different countries, which will be integrated in the app. We also are now in the process of integrating in much better real-time tracking of things as freight as it moves around the place, which I think will be very, very interesting. We also built a dashboard for enterprise, which we put in front of a couple of our enterprise customers and are quite excited about.
Our big three next areas for focus will be really that widespread adoption of calling, enhancing and streamlining the carrier onboarding experience, and really on the tracking on the freight to improve visibility. You see these big improvements to the product. Overall, at the group level, we continue to deliver operating profit in the third quarter, reflecting improved gross margins and disciplined cost management. Operating cash flow remains positive at $1.6 million. Cash and cash equivalents increased to $25.6 million, which are up 18% year on year, slightly down in the last quarter because we did some stock buyback of Loadshift, which I said before we got up to 73.4%. The financing cash outlay is total $1.8 million, consisting primarily of lease payments for office premises according to the new accounting rules.
There is a little bit of an outflow in relation to acquisition of Loadshift shares, and we have a commitment to each quarter for the next couple of quarters to do a similar outflow just to pay for that increase in ownership of Loadshift, which I think is a prudent investment given the business is doing very, very well, and we have a very bright future for it. There is about $1.2 million to be paid over the next nine months for that. As of the 30th of September, the company held $25.6 million in cash and cash equivalents. Looking forward in the fourth quarter, the key focus for Freelancer will be to continue to enhance the marketplace engagement. We really want to lift the acquisition numbers up to the 20%+ year over year.
As I said before, there are about five enhancements that are going out between now and the end of the year in order to drive that. Two of them are already in A/B tests live on the site right now, and there are another three that are in the pipeline. I think we will see some very, very significant bumps from these. The two that are in A/B tests are looking quite positive. I don’t know if anyone wants to ask any questions about that, but they’re looking quite good on awarding and cash coming in, etc.
We also have some very, very neat things around retention that Hadley and the team are working on that I think are going to be pretty groundbreaking and no one else has done yet in terms of this really bumping up the sophistication and the complexity of the jobs you can get done on the site. We continue to really deploy AI everywhere. We’ve got AI agents on the site now doing support, doing sales, doing operational work. We will continue to double down on that in a big way. Francis and the team are doing a great job there. We’re expanding our financial infrastructure and our payments infrastructure, as I mentioned previously, with things like real-time payments, which is, you know, I think a groundbreaking new technology available in the U.S.
We’re right now overhauling our PayPal infrastructure, for example, in the payments team on Freelancer, which I think will take it to the next level. We’re also integrating local credit card processing in a major country, which I think will both drive a much bigger lift in conversion as well as revenue, as well as custom costs. There is quite a lot happening on the financial side of things. Really on the operational excellence, we just, you know, reliability, quality, and performance. We did make very, very big strides this year in the systems engineering. We have new leadership under Tom Ellis there. In fact, on that leadership front, I will say that in the quarter, we did spend a lot of time onboarding new leadership across quite a number of different areas and bringing them to speed.
As I mentioned, Tom Ellis is the new guy in charge of systems engineering. We have Ed Wong, who came from HeroX, who’s in charge of sales out of the Vancouver office. We have Tony Yan, who’s come in new, and he’s in charge of account management out of the Vancouver office for Escrow.com. We have Jason Chen, who is the product manager for Loadshift. Michael Saraba, who’s in enterprise on product. We’ve got the whole India office, which was new. We’ve got the whole 24 by 7 by 365 support team and payments team under Dean in Escrow.com in Manila, and Owen Smith has come in to lead compliance. There was a lot of onboarding and bringing up to speed a lot of senior management.
As I said before, we’re expanding quite a number of teams, not just the Escrow.com support team, but also the Escrow.com engineering teams, the account management for Escrow.com, etc. and so forth. There is quite a lot of leadership building that happened over the summer quarter. As I said before, my goal is to achieve at least $500,000 per month operating profit consistently on an ongoing basis. We are there on the operating side now. I want to get it across to the actual profit and EBIT impact. We will continue to work on that. I will now open it up for questions. As I’ve said previously, you may direct your questions to myself or anyone else in the room. We have the Chief Financial Officer. We have the two Vice Presidents of Product for Freelancer.
We’ve got the Head of Product for Escrow.com, as well as on the Freelancer side and the Loadshift side, we have Matt here representing Field Services as well as Loadshift. I open up to the floor for questions, and maybe Liam, you can relay to me any questions that come through in the chat.
Andrew Bateman, VP of Product, Freelancer Limited: Yeah.
Matt Barrie, Chief Executive and Chairman, Freelancer Limited: You should take a minute or two for people to come through. Andrew, anything to say in the quarter while we’re kind of waiting for questions to come in?
Andrew Bateman, VP of Product, Freelancer Limited: Yeah, look, I think you kind of highlighted the partnership with the cloud platform providers. I think it is a key one for us. Looking forward to this quarter, as you said, we just started seeing the first inflow of clients from that. I think it’s something we can really build upon, that particular relationship, but also expand that into other providers in a similar industry, and also across different industries as well. I think the model that we’re running can work for both very large customers and also new startups in the marketplace as well. We’re looking to build out a special ad pool of freelancers to help drive usage of the products that they’re building.
Matt Barrie, Chief Executive and Chairman, Freelancer Limited: Okay. Adam, any comments at all about the quarter or quarter to come in terms of particularly client acquisition or retention?
Adam Byrnes, VP of Product, Freelancer Limited: Yeah, I mean, again, you sort of covered the basics, but we have a number of key releases coming out. I’m particularly excited about the next generation of our AI job posting flow. I think that’ll be very impactful. I’ve personally played with some of the demos for it, and I think it’s a big step forward. Outside of that, I’m also pretty excited about some of the stuff we’re doing on the retention front, particularly a marketing campaign that we’ll be launching soon, probably the first quarter of next year as part of our standard back-to-work campaign that we do every single year, trying to ride this seasonal high, I guess.
Matt Barrie, Chief Executive and Chairman, Freelancer Limited: Yeah, that usually starts in the first month after New Year’s. I was very pleased, Matt, to sign the first contract coming out of the India office. Maybe some comments about that and the greater Field Services work that you’re doing?
Mas Mohammad, Head of Loadshift and Field Services, Freelancer Limited: Yeah, I think we’ve got quite a large number of clients in that field space. The one that we signed today, just as a pilot initially, it’s 1,500 freelancers doing 10,000 volumes around artwork.
Matt Barrie, Chief Executive and Chairman, Freelancer Limited: Per month?
Mas Mohammad, Head of Loadshift and Field Services, Freelancer Limited: That’s just the pilot period. We definitely grow up in the back of that. I think the Indian team are doing really well. There’s a lot of opportunity in India. We found a few strategies internally with Neil around how we’ll capitalize and commercially get these contracts up and running, which I think we’re quite confident with. I think, yeah, there’s a lot of potential here. Some of the roadblocks we’ve kind of opened up. We’re looking forward to the next few months on really getting this back up. We’ve got our first field engineers out in the field now as we speak. This week’s a little bit rough with Diwali, but next week they’ll be back out in the field. Looking forward to getting that engagement back up and running.
Matt Barrie, Chief Executive and Chairman, Freelancer Limited: And LoadShift?
Mas Mohammad, Head of Loadshift and Field Services, Freelancer Limited: Loadshift doing very well in their record profit months. The team’s doing really well. Currently, they’re in Darling Harbour at the IMARC exhibition doing a stall and getting some leads from the enterprise area. I think the team are really running really well at the moment and hit their stride. We’re making some operational changes and tweaks internally to try and drive performance even better.
Matt Barrie, Chief Executive and Chairman, Freelancer Limited: August on Escrow.com?
August Piao, Head of Escrow.com, Freelancer Limited: Yeah, we’ve always got a very healthy pool of large domain name and marquee domain name sales. The account management team is constantly facing some very exciting large deals. Outside of that, in the marketplace space, we’ve got a lot of integration in play and a lot of them with high volumes. We’re talking B2B marketplaces, inventory goods, luxury items. Some of the integrations have very high potential. We’re looking forward to the next quarter back paying some of that revenue. The account management team and the sales team have done a brilliant job of getting that to the door. I think we will see some uplift as those integrations complete, as well as the hardening of our payments infrastructure. There’s a lot of work going on there beneath the surface just to make that sort of seamless and the automation required to continue to have the business just operate.
Matt Barrie, Chief Executive and Chairman, Freelancer Limited: We don’t have the way now. Liam, there’s some questions. No questions? Everyone’s quiet. If everyone’s too shy for questions, you may, as usual, follow up with another one. Here we go. This one from Doug.
Do you want me to read it or are you going to do it?
Yeah.
Doug says, we had GMV uplift in the Freelancer marketplace, but this didn’t translate into revenue growth. Can you elaborate on the reasons behind this lack of correlation and leverage?
I think it would be on because of enterprise and going through the summer quarter. Would that be correct?
Adam Byrnes, VP of Product, Freelancer Limited: Yeah, that’s most likely the case. The other, I mean, the monetization percentage does vary slightly quarter to quarter as well. It is enough to sweep probably a couple of percentage points out of the probably 2% to 4% difference, I think, from a revenue perspective and enterprise.
Matt Barrie, Chief Executive and Chairman, Freelancer Limited: Yeah.
Adam Byrnes, VP of Product, Freelancer Limited: Doug, I’m happy to confirm that for you if you’d like.
Matt Barrie, Chief Executive and Chairman, Freelancer Limited: Okay. Any other questions? None? You may always follow up, as I said before, at investor@freelancer.com to arrange a one-on-one at any time. We’ll be happy to take your call or do a face-to-face. Thank you again, and I’ll see you at the four-year results next year. Thank you.
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