Ann: Appendix 3Y, page-32

My remark was flippant, but FLN has probably 1% of its user base really active, and I think the overwhelming majority of their revenue comes from that small group of users. These active users are really quite lucrative, and it's a better story than suggesting somehow this company makes $1 per year from each user (??).

I think 90% of their supposed users have never done anything on their site, if not more. This nothing to be ashamed of - I don't think most of UPWK or FVRRs users are active users either. It just makes bragging about who has more users pretty pointless.

FLN's user count is clearly a script that just increments steadily over time - there was a user here who posted various plots of numbers, and while projects, # of logged in users, etc all fluctuated like real measurements, # of users just kept steadily going up in a suspiciously straight line.