Freelancer Limited ($FLN)

Freelancer Limited First Quarter 2026 Business Update. My name is Matt Barrie and I'm Chief Executive. Here with me today, I have Neil Katz, Chief Financial Officer; Andrew Bateman, the Vice President of Product; [indiscernible] Director of Operations and [indiscernible]. As always [indiscernible] myself [indiscernible] in the Q&A. Moving on to [ third ] quarter [indiscernible] volume was up 14% to $263.3 million in the [ third ] quarter. Freelancer was down 14.8%, $28.4 million. Escrow was $234.9 million, up 18.9%. Group revenue was down at 9.4% versus the first quarter. Freelancer was $8.7 million, down 19%. Escrow was $3.5 million, up 18.9%. Operating profit excluding FX translation [indiscernible] of the business is group breakeven for the quarter [indiscernible]. And Escrow achieved and quite a healthy all-time recoed operating profit before FX. [indiscernible] sort of 11% was a drag on the business due to the Australian dollars U.S. dollar [indiscernible] very, very quick move [indiscernible] look to our lens. Our operating cash flow was neutral versus last year. Capital itself was nearly $1.7 million at a number of one-offs and then including the second line payments for a buyback of 10% of Loadshift. We have one payment remaining in the next quarter in that period. Take our sales earnings to [ 3.4% ]. A couple of [indiscernible] related to the closing up on Buenos Aires office and [indiscernible] in the Manila [indiscernible] so forth [indiscernible] here with timing as in that new promises. The [indiscernible] debt profit before tax was positive for the quarter. The cash was [ $20.8 ] million in the end. Again, not that we have a buyback of [indiscernible] share and one-offs. And so ran appreciate the high against the U.S. dollar, 10.7% created several translation headwind of this regard the [indiscernible] revenue. Under our outflow [ EBIT ] is expected to improve in quarter and it would include nonrecurrent related to the Buenos Aires office closure and Manila lease transition, alongside our recent cost initiatives. We're working out the group to build on surface. We've been at over 90 million registered users across the group to a seamless ecosystem of labour, payments, and freight solutions through its core businesses. Freelancer, the largest cloud workforce in the world [indiscernible]. Escrow.com, is the world’s largest online escrow company, which facilitates and secures large value payments [indiscernible] for company, which all banks [indiscernible] and any multi-jurisdictional online [indiscernible] company that's line major efficiency or real estate. And Loadshift, Australia’s largest heavy haulage freight marketplace. These services meet the everyday needs even the large product for a while. On [indiscernible] for us. The [indiscernible] a modest operating profit for the quarter on reported basis, suppoted by favourable FX translation and underlying result reflecting revenue pressure partially offset by continued cost discipline and operating leverage in the business. The platform added [ 1.3 ] million users, 150,000 new projects during the quarter. Several quality indicators improved meaningfully: average project size grew 20.4% USD 414, bids per project grew 4.1% to 51. So [indiscernible]. And the contest entries grew 72.4% to quite an incredible 862 per contest. [indiscernible] try on for the average [indiscernible]. Now in terms of average channels, they grew quite [indiscernible] a few customers for those days. We're going to implement stable in that channel. I think is the underlying demand in [indiscernible] strong and there profit around the [indiscernible] rates and [indiscernible] rates I mean you can see that we've been looking at the year as we continue to drive product improvements and [indiscernible]. However [indiscernible] on performance in particular this factor was report for [ 7% ] of the issue. And that's just -- we dramatically the security of the platform in the fourth quarter of last year. We actually enhanced operation controls and extended the role of two-factor authentication that material reduce for [indiscernible] additional loading versions in IT [indiscernible] over the long ended profile to the progression simply that this introducing drag at the [indiscernible] quarter and it also occur the fourth quarter of last year. We've been hearing this whole control rapidly, [indiscernible], I think, and refining on experience secure a trade-off with usability and so I can give us a success rate of [ 2 ] [indiscernible] from users returning with the same gross which excludes and for example, we can see that and we can grow that out that there have been an impact in the success rates returning to the [indiscernible] well. You can see that fees that we have got the costs with longer in on sort of some we iterated a [indiscernible] team and [indiscernible] and other forms of Canadians, et cetera. You see there that there have successful -- the successful volumes from accounts. Now we've always counted about of the issue that later. It's fair question and I -- we also have a lot of charging at a time when that will get a search and has a headwind [indiscernible] 2025. Essentially all site [indiscernible], obviously, there were an infrastructure because our price gets called quite dramatically, particularly in [indiscernible] screening agents, [indiscernible] not every bench, which is trying get their software to outperforming and doing work, et cetera. And the train has had over the last year or so of course issues. We have done [indiscernible] how we deliver let the outlook pages and push it as a [indiscernible], and we like prevent hill with that now and substantially. The highest remediation branding will apply to Google [indiscernible] which benefication. So basically, we [ 14 million ] typically, and they just look at the [indiscernible] contributed in [indiscernible] several organic [indiscernible] from [indiscernible]. Now we do have an exceptionally strong demand footprint of the [indiscernible] about [ 67 million ] and 37,000 recurring plans. So we top 0.1 -- 0.01 [indiscernible] globally in a tangible basis and deliver a recovery that did not were for this year. Continuing with our previous close strategy to produce an organic search really focus on search and so on we are responding with 3 workstreams. First is to improve technical probability indexation, semiretired [indiscernible] value or generate fees and content in [indiscernible] search demand and investment in [indiscernible] in normalization to service us and discovery platforms actually people, et cetera, to try to from the [indiscernible] this growth in [indiscernible] search. And if a little bit of a minor transient impact of our crude on for which is a somewhat bottle chain I think was primarily but there's some Manila during the period. And the [indiscernible] has successfully looked at the worries on the products that they manage. And in fact, they're doing very, very well, all that. But what they have done is to that is if I have a temperate adoption in the complementary upgrade to recruit again apply effect on various project per ounce. I distribute the free volume, which has a little posting in the second quarter as we go the snow. In particular, so execution as is growing the pie road map with into orders experienced leading provision or in aconitase. So primarily, it's not the best quarter we do. We are in what we think the [indiscernible] issue is in term of issues in others improvement, et cetera, and we will continue to work on that moving for that we never fully engaged on the issue product. [indiscernible] probably the first quarter was rented that the areas most of the driver comparison returns, particularly in clients, you're going to find each other on transaction [indiscernible] [ BD ] experience. This is a long -- the long-term feedback we had that slide is where we have the biggest cloud across the world. Sometimes confusing, sometimes the users duration part get signal from the noise and so what we have done is we put a new [indiscernible] delivering an overall [indiscernible] was about [ 6% ] and [indiscernible] strong results to new clients and it's a pillar abroad to leverage the capabilities and meditation [indiscernible]. For example, a key where now we will schedule the deposit activity, in particular, used a very strong signal and we'll tie with this relative to all next year is seasonal last year now. And I think you all know that it is a harvest and we got a number of not coming through in the next quarter. We value for the [indiscernible]. We had previously as well as [indiscernible] on average, but does have about [indiscernible] so what was putting our values for [indiscernible] on the business. I know the impact on this to be awarded overall. So again, back to that first graph half you can see that the award rep and the maltreating the last period to see these business require other. Those initiatives are actually delivering for us and the trade listed at the front ends that we should be in very, very close. Essentially, we continue to expand with our AR capabilities. Sort a lot of power for the time. You can actually software there as additional disclosing our platform. We had the competition internally in the last couple of weeks, someone build mine for us on the [indiscernible] and an boomerang of lab game for the lines right and actually one of the next [indiscernible]. Coming launched the [indiscernible] manufacturing so any design on Freelancer data, you can now with [ RP ] who will organize as [indiscernible] with various manufacturing quality and also head into 4 ongoing manufacturing with an exciting new process trying to grow [indiscernible]. Automation of support functions actually on some in the second quarter. We're pretty excited yet the initiatives that we have. We've ordered the genetic framework on the [indiscernible] operations [indiscernible] that platform now will be extended in the next quarter 2 on a 4, which is the first line of [indiscernible] users, and we believe over 50% of high patients. So the end of Q1 now that will escalate it [indiscernible] support, et cetera, I call on it over [indiscernible]. We're pretty excited about that. And so [indiscernible] our operation bristoperation to be able to have a strategy and operations team to do a number of other industries [indiscernible]. First all, we're a pretty normal breakthrough this quarter with our in-house time [indiscernible], the biggest [indiscernible] offer in the year across increasing complex as one shot. So things like modulating focuses, pression landing case, et cetera. It's pretty small. This increased our throughput significantly allows to our backlog of low as significantly focused on engineering on the high value delivery. Be able to deal with customer feedback or customer issues very, very quickly in terms of [ UI ] issues or so and which allow us to increase the [indiscernible] which we did improve quality on the platform primarily because we have a lot of up issues to improve all the time and attract on the [indiscernible] for engineering teams work on the [indiscernible] robust [indiscernible] exchange quality program and co-enterprise that we're rolling out progressively through the teams. For the remainder of 2026 we can see continued profile improving and streamlining the core experience of the marketplace. We've got [indiscernible] special context experience the delivered I think that will be pretty can show you in the next day, we a bit better than they are in terms of getting very serious content [indiscernible]. We have new product destined to gain the sort high-value reductions. We continue to rank #1 in the world. Obviously, most [indiscernible] platform were 4.4 [indiscernible] 4.7 [indiscernible] 2 of them. Our [indiscernible] management and test order as well in an end line across a operations and [indiscernible]. We also ratify the opportunity to market outcomes on a will be generally we see that were our social midpoint with. We're in sourcing for over 1 million images globally using our overall during other training with deal system for one of the [indiscernible] doing prudent scale of that right now and see a much stuff on service for [indiscernible] at that the [ 20-unit ] specialists, we're executing blotting health onto our project contributed to our [indiscernible] we're looking how data provide a reception project [indiscernible] and renewing conditions to grow in the mine with [indiscernible]. In addition, in the division, we have strong [indiscernible] today. We've got 2 field services engagement for payment systems, [indiscernible]. Our model data service engagement discussions to areas accounts enforcing the digital [indiscernible] pilots. It's 2-property and as opportunities in Sonora and scale the reboot guidance. The treatment [indiscernible] program to this time was actually supported by [indiscernible] organizations. We have commercialized that launched corporate clients ramped in the first quarter with next 2 crude emission flew with the [indiscernible] which was rise, which we source the deteriorating which we thought to them through a bold contest across 50 countries. [indiscernible]. And as well as [indiscernible] 50 years at pre have a lot of coverage for us is with priority prudence program opportunity to expand its corporate across high [indiscernible]. We work with the United Nations development program [indiscernible] tools for the affordable protection of underwater explosives. [indiscernible] managerial challenge looking to clear our clients probably site. We also have our first commercial partner or a challenge to model the distribution of high from [indiscernible] including certain aftermath class as well in fee, et cetera, and also [indiscernible] continue with the maturation around and help resist data share [indiscernible] reacted or [indiscernible] activation at the [indiscernible]. So over our asset of work. And again, in an [indiscernible] give a hard side pressure so at and ever time keep take for us offering. In the [ 6 ] coupon will be to obviously get to the trait issues we delivered a talked about beginning, enhanced demand focus can and continue to prove experiences to attract active retainment. In the next quarter, it's going to be a pretty amazing pace, right? Automobile, it can be probably context are going to be very, very, very strict. And we will have a very big timing partner to show you with the work we've been. We're also going to accelerate or driven innovation, expanded the retention of product services and give efficiency automation and expanded enhanced service ones or in streamline our payment members and our financial [indiscernible] transaction needs security growth sustainability and drive operational excellence to try at least fire-operated [indiscernible]. [indiscernible] is just on a bank basis reducing is gross payment volume of $238.4 million or 18.9% driven by [indiscernible] growth in general merchandise [indiscernible]. Revenue before that's going into year reportability and for the first quarter represented our second highest revenue quarter since in session, and we hit a milestone [ $8 billion ] cumulative in transaction secure and say as is today on a rolling 3-month basis and what was better in the first quarter. Escrow [indiscernible] and scalability, cost as we did around a given workload bring the strong foundation in our financial [indiscernible] business is [indiscernible] or road history of the business. And as you said, there's a strong turn amount in as pension, which would waterfront I think at this point time in the second quarter, I have a great year. Some of platform innovation efforts, digitalization of sales of industry on an infrastructure may organizational time and -- in the second quarter, we were watching [indiscernible] bank account number or in down payments. So just like wise you get a [indiscernible] or several users. We'll have a little time can support [ RTGS ], which is Real Time [indiscernible] the U.S. from crediting et cetera, flexible payments transaction structures to set of transactions that may have also finalists to what a in terms of what we do to a pretty novel platform as well as [indiscernible] overall. During the first quarter, we have put several migrations to the homes partners to achieve executio or strategies on partners for the successful technical we will manage to drive sustainable development across U.S. The activity is to build the pipeline of both our high-value account management, they can't manage pipeline, [indiscernible] pointed -- but in addition, our so pipeline is also best we've ever had in terms of platforms. And the execution is very, very well [indiscernible] all or the expansion of the acquisition and sales with the dedicated marketing results for linemen situation protection volume network we're trying to do what [indiscernible] too far at the reagent activation to hang in [indiscernible] that's what we're doing now in the second phase. In terms of new verticals, we continue to see our position in high-value [ DV ] transaction categories in the quarter with major progress [indiscernible] before. Global track, we've got pro a number of things in. We've extended our patent support complex order transactions. We have a new sign, I can mention it, it's somewhere a digital letter of credit price to supply and replace for digital [indiscernible] instruments, which has 60% to 70% rejection rate that target settled. We have a visual offering that we've launched, and we already have a transaction signed on [indiscernible] offer condor and more accessible turn traditional trade in [indiscernible] Global Shipping and Logistics partner deploys employees across the series of international trade deals. [indiscernible] electronis the vertical content mature. We signed new partnerships with trade movement for quarter in transnational on during the quarter, but , which is the world's largest [ PV ] electronics trading platform is that [ $100 million ] month of volume. [indiscernible] technical integration with Escrow that jointly announced or were released are so to the launch of scheduled annual net media creature accounting as we see and we are there at a where it's really introduced as a partner solution over about 10,000 new companies position Escrow to capture even share of the secondary electrons transaction volume globally. So we are in Asia today, [indiscernible] working through that event. We had good [indiscernible] we've done lots of [ USD 50 million ] in size, and we've got a pretty big verifiably corrected the platform, relationships also [indiscernible] or precedents, [indiscernible] announces of the demand or war that's recognized as the industry or war, which ranks the top brokers across the entire SaaS issues [indiscernible]. We've got a long iterations with Andrew, [indiscernible] the #1 [indiscernible] in the world. [indiscernible] and be able to [indiscernible] a few large transactions just recently, for example, to plus [ $10 million ] and several others on our platform tangible there. We also continue to engage the media on particular market issues of our industry trends to demand index in the index of the [ AI ] demands a takeoff reconquer high $10.3 million in total transaction volume throughout the fourth quarter the emerging nature extension area of strength and meaningful growth of freeboard industry. In addition to [indiscernible], we're also going to publish an imminently an IP the direct index footings speed that is been a region that just take it with your [indiscernible]. We also attended a number of major industry conferences, [indiscernible], et cetera, with the standard of the industries because we are where the transaction is up. We're thinking for the demand volume year-on-year, we just continue to rise. There's obviously some evaluations. So I see that [indiscernible] tens of millions dollars that say the commercial property of the Internet. And beyond, we aim a little bit new users value emanates standard offerings, streamline the deliveries to customers around that. In terms of the partner experience for [indiscernible], we implemented a financial support and [indiscernible] team running 24/7 now, [indiscernible] work with the [indiscernible] working night shift in doing funding migration of bringing order which allowed us to get all benefits share front hand and what we [indiscernible] is right as well as the mobility of engineering between the teams as well as [ PPD ] or to offer, which I talked about for us additional in terms of what we can do with that in biomarker-directed. In 2026 or team building enhanced and thermal systems and external transaction of all channel taconite contracts that pet all use anointed new pairs after pre automation in a transfer and new compliance initiatives to leverage uniqueness jurisdictions [indiscernible] partners. Very harsh I look to describe a lot of ceilings we just lonely with nationwide equipment verified carriers. And Matt in the room with me [indiscernible] we all ask any questions about it. so our capacity committed rents revenue compelled with suicidal equipment -- the leverage has a legacy efficiencies of by our intend visibility real high tracking integrated mutations and seamless transaction [indiscernible] can carry [indiscernible] low high asset utilization of [indiscernible]. We started Q1 strongly with [indiscernible] March delivery second highest revenue on record. It was not sort of how much [ $700 ]. So we named rates in the quarter this year. The core will have a year-on-year revenue and GMV [indiscernible] year-on-year to provide minus equipment improvements. In the third quarter earnings was [indiscernible]. We have a summary over course of this year. I'll talk about second. The final item demonstrated improvement to us increasing for [ 8.3% ] of word rate, so a slightly the fuel price fluctuations grew 40 million higher loan increased [indiscernible]. So the [indiscernible] of 20.8% to alter line exploded by 11.6%. Loadshift enjoyed a more successful quarter for earned media exposure promotion in Australia. We're pretty much in the news every second day also we've become the site, I think on the national price and fuel and even had a different BDC worldwide. We've did more than 35 articles across [indiscernible] general recovery for takeoff for the state provisions, cost trades, driven by aligning is around [indiscernible] side impact of [indiscernible]. We also have reset the U.S. U.K. in you see like major strategies now in terms of workshop at not on-prem and logistics and what's happening of the brain and that to continue expand with us to launch a national hotline evidently to support that. We continue to vest in plan capabilities for the first quarter, delivering enhancements to gauge and transactions in a on adoption continue to build with market higher-tonnage to be to [ 40% ] mark. Usability improvements led including meaningful windows and so forth of that account in our works, development down the [indiscernible] the app and bridging the cube development work, which is premised negotiation on an should be ready by the second quarter. As you've heard the half have launched a same [indiscernible] sign up loaded out there quickly, and that's why we took insertion and [indiscernible]. It's done on inquiry, et cetera, whether it's entities whatever. [indiscernible] been encouraging, and we're getting all of [indiscernible]. And we also have a system, which is also doing pretty well. On [indiscernible] now, up [ 46% ] last year and really had a income road map of some 3 key areas, [indiscernible] Phase 1 and in a streamline of pass in tariffs, so we should have a big exposures carriers getting on the platform. We've also got a very value-enhancing new features they've got various line loads, which is a launched in combination with [indiscernible]. We also have [indiscernible] now that it's in our rate from us, had a very big leader in this [indiscernible] and on enterprise really exciting for donates quite a number of very large enterprise [indiscernible] now. We measure higher store food where we have accelerated approved our carrier network all that and moving between their [indiscernible] bullish, and we're ahead of a trial to test hope that we have rolled out nationwide and has a very, very big customer. And there are a number of around options. There's another equipment hire and [indiscernible]. So pretty excited about that. So I think just a great place makes a great market for us. So reported for the direct even operating cash flow for the quarter strong in cash flows in the prior period. I see lower year-on-year consulate growth for corn-based pricing offset plus strong performance can have a record operating proposition before a very, very, very strong. Operating cash flow was also impacted by asset working capital movements is the prior proxy period, including a near [indiscernible]. Cash and cash equivalents recent quarter, reporting breakeven operating cash flows ongoing isolated outflows such as the office, the mayor deposits and of the new office here in Manila. The other [indiscernible] installments is are a entorthe acquisition of [indiscernible]. We have one final pant in the next quarter that time. That is the semi [ 4% ] of the business is looking great but I think on an incredible business in terms of the growth this year and in terms of a group in terms of trying we've got some [indiscernible] very long time have now basically come experience resound that digita they to now go to are, et cetera, [indiscernible] AI agent automation on a number of things logistics business is really going to start to shine the gradual just complete the leverage of [ 3 ] stack so it's a very lean and mean machine and accurate the lean and mean machine is low side. And so there is quite extreme operating leverage, I think, in this business is in. So [indiscernible] think that not occurring to the office move [indiscernible]. The group remains focus on improving operating cash flow in the canister, we're doing that as [indiscernible] benefited from these northern currencies and risk issues. And at the 31st of March, we [indiscernible] $25 million cash and cash equivalents to make debt in pretty [indiscernible] close period. I mentioned a number of while. In terms of group management, 2 things here. We have appointed [ Mr. Bill Pate ] who's a Chief Financial Officer [indiscernible] on the 18th of May [indiscernible], but you've been reinsurer of days and coming to others in a auto through his break from this previous appointment is very engaged. I think he's going to be a [indiscernible], parts now as we will see more than 16 years of various anguished services and we made the company through the August [indiscernible] ensure all the transition. The recovery of projective experience stasis digital payments businesses to rise ahead of commercial analysis payments. I mean the fact of the CFO, we take a key role with alternative is alerted to the clients of mine acquisitions at communities or our treasury at all the [indiscernible] from the [indiscernible]. I think he brings quite a deal of spend into the role as we'll have a very, very relevant experience, [indiscernible]. The [indiscernible] team as well as appointed the [indiscernible] and how the opportunities in the logistics and all service ton will be today has been ran operations as early to leadership of accountant support our payment partners, [indiscernible] contribution to Escrow operational performance and core continue to deliver select service delivery. So in the hot side, we client the strategy of organizing the teams to be coherent [indiscernible] produce channel friction, [indiscernible] and so I'm very, very pleased to see in that role. [indiscernible] side that concludes the overview for the group like broader characterized at a supply level, [indiscernible] extremely well in flying and sitting on cash or doing [indiscernible] and I think is really going to excite the year, as I said before, second quarter to be better than the third quarter you see that directly in the [indiscernible]. We've got some transactions we put through. Obviously, since the first quarter this quarter. We've also got with his level of credit offering is normal. So we've got our first customer. We mentioned a number, it's very county service customer and exporting the customer partnership which is a export platform. We're going to announce that in a bigger way coming forward. There was an important export of ongoing monthly containers certain to base. It's an ongoing annual contract in substantial size and I think the artist proof to play approval and the partnerships grooving and all the other global sourcing places [indiscernible] products. And in time, obviously, with our [indiscernible] manufacturing alternative as well. And this sort of a number of verticals that is not posing a regulatory credits. [indiscernible] this was qualified model agricultural machinery at a tetramer. So I think it's very, very good place. I think we had an get that business work. So I think we'll also be seeing that but total time of first quarter I think to continue this year, the key phases we've had our now fruition an integrated audio-video calling experience. You've obviously lose are driving a truck. So some who have more of a tactical that -- so that will be in that into our full agent system is working to our contrition system, for [indiscernible] fully live for enhanced growth opportunity of drivers line lowers. And all of that some pretty amazing we see very promising into enterprise integrations. For our [indiscernible]. I mean it was a challenging quarter. We know issues is primarily attrition with deploying enhanced security. We just as we noted, we've got to pay some million people on the [indiscernible], and we do have every range of assets as much and interacting on next February well aligned and well paid business, and we just need to crackdown on the [indiscernible] that has the trade-off in terms of friction, and we have been, as you can see, iterating on reducing richness of you can, but we have to go on that. The underlying prior experience you can see in this grade improvement particularly the share improvement underlying rate, it's a strong final work. And there was, as I mentioned in the fourth quarter, there's still a very strong pipeline in the end in the have been trying to get out of the water through issues [indiscernible] jump on it and really already have full home and so walk through do that and we're going to get the third late firing as well. This group will be a pretty space. That is for the update. I will now open it up for Q&A. [indiscernible] anyone on the management team. So Neil Katz, Chief Financial Officer; with Andrew Bateman [indiscernible] from Escrow. So [indiscernible] questions on the chat.

So [indiscernible] how concerned are you that the demand for summer Freelancer's core projects, skills like design, coding, et cetera, when will come redundant with the advances in AI?

Yes. We feel a little bit of more in the market from the largest foundational AI companies I was going to take everyone's so to all the other employees, it will be on investment-based income. I have [indiscernible] because we do a money that [indiscernible], you can have a big sign that will match that show that even a return on those times rate. And so the general trended into growth, we're going to take certain categories of work and all grand design or ritual work or accounting is all going to be one and everything to a the gas of salinities on that as well. I mean that [indiscernible]. Now if you want to buy [indiscernible] series of [indiscernible] voices. And I've also reiterating on this. The [indiscernible] around AI is completely that is mid-tier identify the financial companies. In [indiscernible] resource. It's great for personalization, it's great for [indiscernible] I talk about it and our harmed, et cetera. productivity to drive as a product or as a powerful. You need to be tenant all the industry to really going to back out these tools by our pumps and an engine driving it. And in fact, what we've seen for our adoption of our holding tools in the company that you've now got a top the engineers or the delta risk [indiscernible] point in time, right? Is still so across the whole part, right? [indiscernible] can now be a gray operator, et cetera, [indiscernible], where the dislocation will occur and for AI will be in companies where you people doing the same role in the workflows automated. So it might be somewhat as a bank and the [indiscernible] take work and do different things and you can automate that workflow and then you have anticipation. It's in the air like call centers where you've got 10,000 people on road. We 7000, you might have 200. I know the rollout AI in my store organization you can actually just create more work rather than remove work lane started to screen the summer to be the managers of the hour. There's a lot of the compensation to get more busy on the new roles. So for example, there are also retrospect how did you come from [indiscernible] your profile, some noise got for series. I don't see that in promotable joined the walk through of your the site, right? That's what we tend to be bolder the 25 [indiscernible]. So what it's doing is elevating people down the elevation of [ 74 ] there's more than you are the more your elevations, right? So if you are a soldier you could get really the lion you're already basic design. I'm just touching shooters. The center is a over the last few years where we can every company in the current world update all the inventory to the [indiscernible]. And then the 2 times later they understand that I have also because [indiscernible] sizes are really the designing on guests that so if you hire a security design, you can get a great [indiscernible]. It really -- it seems to have a ton people not get reduced to 100, the things have the neutral [indiscernible] rating in the long term and you have 40 people that have junior [indiscernible] right? So the teams that got highly [indiscernible] people doing their workflows, et cetera, if the things be reduced if you [indiscernible] hiring your pumping nobody on traffic designer and go license some else. The other that come actual issue with AI is professions with AI, we have a bigger market like [indiscernible] professionals, there that now transit all our users use AI pretty much. So they were all positive power, but they're all -- they protect, they're all vision power, et cetera and so forth. So -- and I also see a final number of rise in new AI costs at the [indiscernible] the moment last quarter on that, reman better level. And how this is work being enabled AI including [indiscernible] as well. So look, I think how is clearly translational is a productivity tool. It's not a human replacement or [indiscernible] and in terms of our work in the world. These players obviously in people to do right? And all technology in the past is pretty much great in [indiscernible]. Yes, there's been dislocation. I'm 52 years old when I join the workforce, it was higher on the cost of coming to work and the computer in desk and you can go is website with no computer [indiscernible] desk. Nobody at just how we should tell us -- so yes, there's a massive productivity in the business to be action vary. And do there some jobs be changed the secretary of the [indiscernible] but the one work and what we do see is the price game from this that it's done for a lot of exceptions, so it does get a little bit of humans. [Indiscernible] that final issue with the AI as well in the priming mall, and I talked about this in a [indiscernible] which is a lot of the tools will launch the premium models or [indiscernible] core basically our token allocation automate more. We had 200 [indiscernible], but we can is spending quite often in a tumors. Well, as turn down, nobody in the AI space is in other than NVIDIA and [ TSMC ]. So [indiscernible] [ $160 billion ] [indiscernible]. So none of the AI companies are making any money. And the reason why is not profitable. And that's why you use ChatGPT and [indiscernible] hours or what have you in the issues in terms of data center capacity and the roller software development packages going to token. So what that means is software developers use the tokens as they go. The problem is that the nature of the AI [indiscernible] in a way it's turning software development into a little bit of a machine [indiscernible], maybe it will come along and there's a lot of social media cases where people have said it's right? And that's just the nature of the underlying over time, they are reducing engineering error rates occur the complex of things that people are trying to do with it is also increasing. So while the coin getting a lower the other thing [indiscernible] problem there are issues with [indiscernible] technology, cameras work the market for pain probably declined quite themselves and generate [indiscernible] always people [indiscernible] all the AI of people coming to us [indiscernible] graphic design, the layoffs in companies for various reasons. I think the layoffs around being able to afford the AI coding tools as the going up. And so a lot of the performing engineers software development on dramatic. You've got people doing effectively workflows highly pal and lots people doing the same thing. But thanks for your question. It's a great question.

So got a few questions. First one, is stablecoin an opportunity for or threat to Escrow or a different space entirely?

[indiscernible] It's a cryptographic digital currency. We had zero demand from any of our freelancers a single reach. We have seen some demand on Escrow payments. We explicitly reject that. We don't accept crypto for a few reasons. One is there is no licensing in the United States in money transmission or in crypto, escrow around crypto whatsoever. The fundamental problem with AML, anti-money laundering with crypto in that typically go to the bank and present and identify. And then your bank account is linked to your identity because the bank has seen you and verified and the bank account. And then, of course, you [indiscernible] a lot of hot money slushing around to being paid to the [indiscernible] tariff is being paid to crypto et cetera. I profess a lot in that space very 2021, et cetera. A lot of that money [indiscernible], checks, sanctions checks, et cetera. It's very risky to take that money on either to receive and to send it out. So we do not accept it at all in any of our platforms. In fact, we [indiscernible] reel actually gone on crypto project. So despite my background in crypto, I'm very negative on the actual [indiscernible]. Now, things may change bank custody crypto in the U.S. In the future, should the legislation change, we could potentially look at that. But it's pretty catastrophic things happen crypto that browser loaded all [indiscernible] on small seller ultimately want to [indiscernible] touch it. And that's why I went through to the founder of Crypto.com bought it. [indiscernible], but there's just a lot of around the space become more regulated and more of an accepted thing with the banks and actually adopt it a little bit more widely might consider in the future. But at this point, we have no plans to do it. In fact, we have [indiscernible] a threat at all. I just going to lose control of [indiscernible] and I think in the future, there may be currency around the world, the government issue which would not be crypto more than crypto. And we would potentially support that most likely support that. But these unregulated, semi-regulated crypto projects run by unknown and so forth [indiscernible].

And another one from Ray. Any developments in taking Loadshift offshore?

Yes. We aim to launch in Canada first, and we have a partner we're in discussions with around that's [indiscernible].

And final one from Ray. Any comment on the share price trajectory?

I was pretty amazed by -- obviously, there's been a knock down 75%, et cetera. I mean the share price is ridiculous I've buying continue to buy. My job is to get it up the number is working at the same time. The Escrow team is doing well, [indiscernible] is doing well. But I pretty [indiscernible].

That was the final question.

[indiscernible] As always, you may want to direct question [indiscernible] private you can reach out [indiscernible]. Okay. Thank you, everyone, for attending the first quarter 2022 financial results. I look forward to speaking to you in the next quarter. Thank you.