Australia – Freelancer group net cash receipts down 0.9% in Q4

February 01, 2021

The online personnel platform operator Freelancer Ltd. (FLN: ASX) reported consolidated net income of A $ 14.3 million for the fourth quarter of 2020 ending December 31, 2020, a decrease of 0.9% from the previous corresponding period.

The group reported its cash receipts in both USD and AUD.

Cash revenues for the online freelancer segment (including Startcon) amounted to 11.9 million AUD (9.1 million USD) (down 6.1% compared to the same period last year). Expressed in USD currency, the incoming funds amounted to USD 8.7 million (plus 0.4%).

The escrow account revenue was $ 1.73 million, up 46.5%.

The gross payment volume for the fourth quarter was a record $ 191.8 million (up 47.5% unaudited) or A $ 261.8 million ($ 199.7 million) (up 37.7%).

The gross payment volume is calculated from the total payments to Freelancer or users for products and services that are processed via the Freelancer or websites, plus the net sales.

The gross market volume (payments to freelancers) in the fourth quarter of 2020 for the freelance online personnel segment was USD 25.9 million (plus 20.0%, unaudited) or AUD 35.5 million (AUD 27.0 million) ( plus 12.3%) the second highest in its history.

The gross payment volume for fiduciary transactions reached a record value of USD 156.6 million (plus 56.9%) or a record value of AUD 213.6 million (USD 163.1 million) (plus 45.7%). The gross payment volume of Escrow excluding China reached a record level of USD 149.8 million (plus 62.6%).

“Escrow Pay was at the center of development for the quarter as it is the most requested integration from our customers including eBay and the easiest way to make escrow payments to a website, mobile app, online store, classified website, or one Add marketplace. Explained the group.

The group posted positive net operating cash flow of A $ 0.1 million ($ 76,385) for the quarter and ended the fourth quarter of 2020 with cash and cash equivalents of A $ 34.4 million ($ 26.2 million), an increase of 7%.

The freelancer segment, escrow and the whole group were profitable in the fourth quarter of 20 and the second quarter of 20 (unaudited).

Freelancer stock closed at A $ 0.495 ($ 0.38), down 3.88% on the day and 34.00% below the 52-week high of A $ 0.75 set on July 13, 2020 , 57 USD). The company has a market capitalization of AUD 232.70 million (USD 177.74 million).

May 8, 2021