Freelancer Ltd. (FLN:ASX) today reported Gross Marketplace Volume (GMV) in Q1 2024 of AUD 227.1 million (USD 147.6 million), down 23.8% over the year. GMV represents the underlying transaction value between third parties which is the basis for Freelancer's revenue, i.e. the value of services performed (Freelancer); goods shipped (Loadshift) or goods / services exchanged (Escrow).

At the same time, Freelancer group net cash receipts stood at AUD 13.2 million (USD 8.6 million), down 3.6% over the year.

The group had positive net operating cash flow of AUD 1.0 million (USD 0.6 million) for Q1 2024 (Q1 2023: AUD (-0.1 million (USD -65,000) and ended with cash & equivalents of AUD 21.7 million (USD 14.1 million), down 4.2% over the prior year period.

The Freelancer Group primarily consists of Freelancer, Escrow.com and Loadshift.

In its Q1 market update, Freelancer Group said the Freelancer division reported GMV of AUD 31.5 million (USD 20.4 million), down 2.2% over the year. Freelancer cash receipts were AUD 10.8 million (USD 7.0 million), down 2.0% over the previous year.

Meanwhile, Escrow.com GMV AUD 195.7 million (USD 127.2 million), down 26.5% over the prior year period. At the same time, Escrow.com cash receipts stood at AUD 2.4 million (USD 1.5 million), down 10.2%.

Loadshift reported GMV was up 69.7% over the prior year.

During the quarter, Freelancer increased its ownership in the Loadshift business from 53.0% to 60.0%.

Freelancer shares closed today at AUD 0.205 (USD 0.13), down 2.38% on the day and 20.59% above the 52-week low of AUD 0.17 (USD 0.11) set on 14 March 2024. The company has a market cap of AUD 94.69 million (USD 61.57 million).