Ann: Freelancer 3Q19 Commentary, page-10

The back and forth between Matt and the UBS analysts is always great to listen to

Key points from MB

• FLN is being managed at the "margin of profitability" and not burn cash like SV competitors
• Revenue growth will be a "slow burn" until spikes arrive from the growing enterprise customer base who have long lead times setup and usage. No guidance given but reading between the lines, 2020 late Q2/early Q3 seems likely
• Will not invest in marketing that does not deliver positive ROI within a specific timeframe
• Resource constrained on developers (front end upgrades delayed due to enterprise rollouts) and compliance (UK delayed to push California and Canada rollouts)
• Dropping 40 high risk countries from Escrow reduced GPV by 5%
• No dividends currently planned
• Expects a synchronised global recession within a year, positive for individual and enterprise freelancing, negative for escrow