Ann: Freelancer 3Q19 Commentary, page-30

If anything I would have thought that FVRRs results would be a negative for FLN.

		FLN (AUD)	FVRR (USD)	UPWK (USD)	FLN (USD)	Total	AUD/USD
1	Revenue Jul-Sep 19	$14,276,000	$27,900,000	$78,790,000	$9,636,300	$116,326,300	0.675
2	Revenue Jul-Sep 18	$13,020,000	$19,647,000	$64,109,000	$9,413,460	$93,169,460	0.723
3	Change YoY	$1,256,000	$8,253,000	$14,681,000	$222,840	$23,156,840
4	Change YoY %	9.65%	42.01%	22.90%	2.37%	24.85%
5	Market Share Sept 19		24.0%	67.7%	8.3%
6	Market Share Sept 18		21.1%	68.8%	10.1%
7	Growth Captured		35.6%	63.4%	1.0%

As you can see once you strip out the weaker AUD this year the question for FLN would have to be where is the growth? When you are in an industry where revenues are growing almost 25% YoY and you can only manage to achieve 2.4% then something is off.

It should be noted that FLNs market share dropped from 9.1% in June Quarter to 8.3% now. Also USD growth rate for FLN fell from 6.3% in June Qtr while Upwork went from 18.5 to 22.9% and Fivr went from 40.8 to 42.0%. So clearly the slowdown in FLNs growth is not industry related and is company specific.