A largely inline quarterly with slightly higher revenue from the direct sourcing (DS) business and lower cash burn, offset by underwhelming customer growth in DS. Livehire has detailed a rather healthy pipeline in both business units. Conversion of this pipeline is fundamental to seeing a re-rating in the stock. The US talent community continues to grow (+53% in the quarter to 1.3m applicants) signaling greater utility for new customers. Initial DS client spend ramping well, partner network continues to grow, with direct sourcing receiving greater market focus. We maintain the Add rating with an unchanged $0.53 target price.
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