Freelancer (FLN) Q3 2024 TU earnings summary

Executive summary

• Group GMV for Q3 2024 reached AUD 279.8 million, up 25.9% year-over-year, with Escrow.com driving most of the growth.

• Positive NPAT and operating cash flow of AUD 2.3 million for the quarter, up 138.8% year-over-year.

• Cash and equivalents at quarter-end were AUD 21.7 million, up 2.7% from 1H24.

• All three divisions—Freelancer, Escrow, and Loadshift—are positioned as leaders in their respective markets.

Financial highlights

• Escrow GMV was AUD 247 million, up 31.2% year-over-year; Freelancer GMV was AUD 32.8 million, down 3.8%.

• Group net cash receipts were AUD 14.2 million, up 3.9% year-over-year; Escrow.com receipts up 44.9%, Freelancer down 4.3%.

• Positive net operating cash flow of AUD 2.3 million for the quarter; year-to-date operating cash flow is AUD 4.4 million, up 88% year-over-year.

Outlook and guidance

• Management expects continued growth in GMV, revenue, and deposits, with positive trends rolling into future quarters.

• Strategic priorities include client retention, AI-driven product enhancements, and adapting to new acquisition channels.

• Anticipates further product-driven improvements and new service launches, including a Fiverr-style services marketplace.

• Escrow is on track for its fourth consecutive year of profitability.