The following is a summary of the Freelancer Limited (FLNCF) Q4 2023 Earnings Call Transcript:

Financial Performance:

• Freelancer Limited reported a 2.8% drop in revenue in Q4 2023 but managed to reduce operating costs by $8.8 million, improving profitability and margin.

• Gross marketplace volume was at $1.02 billion, down 4.8% on the previous period. Freelancer's segment increased by 2.9% while the Escrow segment was down by 5.8%.

• Group's net revenue was $53.3 million, reflecting a 4.1% decrease, with revenues from Freelancer down 2.8% and Escrow revenue reported at $9.1 million, down 9.9% on pcp.

• Operating cash flows of $1.9 million for FY '23 were reported, a turnaround from negative $4.2 million the previous year.

• Freelancer anticipates a structurally lower cost base and is in a good position to increase its net profit before tax in 2024.

• The company brought the group to profitability last year through significant cost reductions and demonstrated a 55% increase in revenue growth for the fourth quarter.

Business Progress:

• Freelancer added 1.4 million new users and 201,000 new projects, and it is also investing in AI for platform enhancements.

• The company is expanding its footprint across India, Malaysia, Australia, New Zealand and the U.S.

• Freelancer is working on a solution to help governments address unemployment benefits, and showed progress with NASA and the U.S. government – delivering complex and high-end projects which it plans to apply to other government and large enterprises globally.

• There are plans to expand MyGigs into Europe and Australia, and begin payment solutions integration in major shopping platforms, including the addition of escrow payments.

• Freelancer has built and launched a platform in collaboration with Deloitte, ready to scale services across the global organization.

• Future initiatives include partnerships in oil and gas, FMCG space, global talent management agreements, client activation program and further engagements with Deloitte MyGigs.

• The company aims to make its product more engaging for user retention and is integrating AI as a solution to complex issues, which forms the basis for confidence in potential revenue growth for FY '24.

More details: FREELANCER LTD IR

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