Ann: 3Q23 Business Update, page-4

Good: EBITDA and cash flow positive, group receipts better than whatever happened in 2Q23 and 4Q22 (by basic arithmetic). Whatever cutbacks they are doing aren't impacting the bottom line.

Bad: Group receipts in USD terms still worse than anything since 4Q15 aside from those 2 quarters. FLN still valued like a growth company that hasn't grown for 8 years.

Ugly: Talking about "3 companies" when discussing EBITDA, but only disclosing segment information by marketplace + Escrow. Mystery grab bag of metrics each report (GPV->GMV switch, no breakdown of where FLN earns money by USD/AUD).

A few solid quarters and they might be OK, but it's hard to picture what the end game is here. They're not going to get out of 4th place (behind UPWK, FVRR and Toptal, who are at about 18/10/5x FLN's revenues respectively) by organic growth - especially when the competition is growing faster than they are and is generously funded in US markets.