Ann: Freelancer delivers cash receipts of A$12.5m, page-5

"Unlike many Silicon Valley technology companies, the Company has followed a strategy of being not being deeply negative in terms of cash flow on an operating basis, to de-risk future growth.
Marketing as a percentage of cash receipts continued to be remarkably low at 15.6%. It has been previously noted that for a Silicon Valley software business that this number can typically range between 50% to 100% of cash receipts."

This quote above illustrates the direct effects of shareholder mentality to the company strategy. While I don't necessarily agree with this strategy, I truly appreciate that the company actually listens and cares about the opinion of shareholders. It is true that silicon valley tech companies don't refrain re-investing a big portion of their earnings into marketing for aggressive growth. And it does really work in US. That's what shareholders want to see, more marketing, more revenue, more marketing and crazy growth. But here people care more about the earnings rather than growth. Many would prefer to see $50K profit over 50% growth.
Personally, I wouldn't mind to see super-negative cash flow yet spending 50% of cash receipts into marketing. Nevertheless, FLN seems to be very well aware of this and I appreciate they are still aiming to grow fast without burning cash. Now, that's something very difficult to do in this market, hence my kudos to entire FLN management.