It's a strange result from Mr Market - the recovery, that is,...

It's a strange result from Mr Market - the recovery, that is, not the dip. Will we see some 3Y disclosures? Hard to see how they didn't get pounded.

People are happier about Escrow, but I don't know why. It's a relatively good result, but this is a 22 year old company that's bounced around in the $6.7 - $8.2M revenue range for the last few years and has, on net, cost the FLN group about $2M since 2017 (a couple profitable segment years, and last Q was good, but look back at the segment breakouts for most recent years and it's more typical to see a $500K loss for Escrow).

It's hardly compensating for the fact that the core business of FLN is imploding. During COVID, the time that was supposedly great for freelancer (somewhere in there, and it certainly worked for the competition).

Worse still is the fact that they appear to have folded Freightlancer+Loadshift revenue (last EBITDA was $A776K for Loadshift) into "Online Marketplace". So a company they bought recently - and presumably didn't completely break right away - may well have brought a chunk of revenue into the company, not to mention previous Freightlancer revenues. At first I was suspicious that they weren't reporting Freightlancer/Loadshift revenues because they were too small - but more sobering is the fact that this new revenue (which is mostly bought revenue) is possibly filling in an even steeper decline in the core FLN revenue than before.

I guess some people are happy to own a conglomerate of 3 small businesses: the Matt Barrie Diversified Superannuation Trust.

They're also even further down on their balance sheet, and given how much of their total net asset position depends on a very generous assessment of "intangibles" (domain names and goodwill). Obviously still fine on current assets and cash position, but also not great.