I'm Tim, uh the founder and CEO of Airtasker, and I'm joined today by um our CFO, Arena Minhas. Um I um have to apologize.

I have lost my voice um because it's that time of the year. I have my Bisolvon, and I'm ready to um uh put it all on the line to deliver uh this webinar.

Um and uh with that, uh we'll jump uh straight into it. If we could now move two screens forward.

Uh it's always good to start with Airtasker's uh mission and why we're all here to do uh what we're doing. At Airtasker, that mission is to empower people to realize the full value of their skills.

Uh we believe that creating jobs isn't just a byproduct of the work we do. It's the core purpose uh of Airtasker and our mission.

Uh this uh mission is even more important right now in the age of AI. I think AI Airtasker is going to really thrive in the era of AI because as AI makes um all of the white-collar jobs, all of the uh work around us more productive, the thing that is going to be really necessary for the future are people with skills and crafts that they can do in the physical, real world.

95% of the jobs on Airtasker require physical, real-world skills, things like cleaning, moving, furniture assembly, handyman, gardening, or trades as well. Um the founder of NV- uh Nvidia, uh Jensen Huang, actually is really publicly said, the real vacation that you want to have right now is being a plumber cuz plumbers are going to win the AI race.

FY '26 was a great year. Uh we we passed some really, really exciting milestones.

Our group GMV um hit over $240 million. That was up 14.9% on PCP.

What's really exciting about this is not only is the uh growth trajectory um reaccelerating, we're also seeing that year-on-year, the actual percentage growth um continues to increase. In FY '24, we had a um a flat to slightly negative year.

FY '25, we grew by about 9%. FY '26, we're seeing that um hit um strong double-digit uh growth, which is really exciting to see and was a big contribu- contributor to our revenue performance as well.

When we move over one box to the right, Airtasker's revenue grew 15.5%. Um and uh again, um the Australian contribution largely driven by reacceleration in GMV.

This results in the Australian um business after covering all of our head office costs uh generating over $16.5 million in free cash flow. Uh that's really, really exciting because what that tells us, what that creates is the envelope that we can use to invest in overseas markets.

Looking to those uh international markets, we uh saw our annualized run rate in GMV surpass $40 million, with the UK and US both up over 50%. We saw international revenue growth up at over 65%.

That was 55% in the UK and over 150% in the US. We introduced a paid membership uh program for Airtasker customers in um February of 2026.

That reached 10,000 um paid subscribers um as of 30th of June. I'm now going to pass it over to um our incoming and uh very exciting new CFO, uh Arena Minhas.

Uh Arena comes to Airtasker after significant experience across ASX-listed companies um and um an illustrious career in the financial services industry. I'm now going to pass it over to Arena.

Thanks, Tim. Good morning, everyone.

As this is my first results uh presentation as Airtasker's CFO, I'd like to take a moment to introduce myself. I've spent more than 20 years in finance leadership, including 17 years as CFO and company secretary of ASX-listed companies.

Most of them growth phase businesses working alongside founders like Tim and entrepreneurial leadership teams, which is a big part of what drew me here. I want to acknowledge the finance team for the quality and rigor of work behind these results, and I'm looking forward to meeting many of you over the coming weeks.

I'll start with the guidance we gave you at the start of F- FY '26 and how we went against it. There were five commitments.

First, Airtasker Australia to deliver double-digit revenue growth with an increasing contribution from top-line GMV growth. We've delivered that, revenue up 11.3% and GMV up 10.9%.

Everything in FY set '26 was delivered by customer growth, not by pricing. The monetization rate held at 21.9%.

We didn't put prices up to hit these numbers, which means the growth is real demand and it leaves pricing as a runway for the future. Second, maximize the cash contribution from Oneflare.

We migrated the Oneflare business onto the Airtasker Australia marketplace, retired the brand and technology platform, and redeployed the sales team to launch Airtasker Pro Pass, a paid subscription for professional tradespeople. Third, Australian marketplace is cash flow generation to increase.

Australia generated 16.5 million of cash after covering all of our global head office costs, up 8.6% on PCP. I'll come back to this later.

Fourth, the UK and US to accelerate their growth trajectory, supported by the 5 million marketing program we flagged at the capital raise. UK revenue was up 55%, and US revenue up 150%, and the underlying group cash outflow came in at 5.2 million, inside the 5 to 6 million range we had guided to.

Fifth, a strong balance sheet. This is a point I want to highlight.

We settled the oOh!media and ARN media partnership notes in June with 10.8 million of cash, and we negotiated a $300,000 early settlement reduction. That made our cost of capital on those notes 27% lower than it was going to be.

Media deals were a smart use for the balance sheet. They fund funded the brand investment, we settled them in cash, and there was no dilution to shareholders.

We finished the year with 12.5 4 million in cash and term deposits, plus 13.2 million of prepaid media assets to deploy across FY '27. Five commitments were were made and five were delivered.

Moving to slide 9. Group revenue reached a record 57.8 million in FY '26.

The Airtasker marketplaces, Australia, the UK, and US, grew 15.5% to 52 million. Australia contributed 46.3 million, up 11.3%, and international 5.8 million, up 65.8%.

Including Oneflare, statutory group revenue growth was 9.9%. The gapped gap is the planned Oneflare wind-down ahead of its migration.

Moving to slide 10, Australia. Australia delivered record GMV of 211.6 million and revenue of 46.3 million.

Double-digit growth in what was a soft consumer economy, and all of it from customer and volume growth, with the monetization rate stable. Two things I'd just like to call out.

We introduced a new recurring rev- we've introduced two new recurring revenue streams. Airtasker membership, a paid subscription launched in February for customers, had passed 10,000 paid subscribers by the 30 June.

We also launched a subscription model called Pro Pass on the Tasker side. From the finan- from a financial perspective, the point is that paid subscriptions convert one-off transactions into recurring higher quality revenue.

On the balance sheet, we chose to repay the oOh!media and ARN notes in cash rather than issue equity, 10.8 million with a 300,000 early settlement reduction, avoiding dilution at the current share price level. Moving to slide 11, the United Kingdom.

The UK really is a milestone story this year. When we signed the Channel 4 media deal in October '23, we set a 3-year goal for a city-level marketplace, a 25 million GMV annual run rate.

The UK passed that goal in 33 months, a 29.3 million run rate at June. That's the whole UK market, with London the clear majority of it.

For the full year, UK GMV grew 47% to 21.6 million, and revenue grew 55% to 4.4 million, with the monetization rate improving a full percentage point. The marketplace is monetizing better as it scales.

The UK has now reached a point where it could fund its own marketing in FY '27. We intend to reduce the total cash investment in the UK relative to FY '26.

Slide 12. The US is earlier in its journey, but tracking ahead of the same 3-year timeline, measured from when the US media deals were signed in September 2024.

At 22 months, the GMV run rate reached 10.9 million, which is ahead of target. FY '26 GMV grew 141% to 6.3 million, and revenue grew 150% to 1.3 million.

iHeartMedia made a follow-on investment in November to support continued investment in growth activity and brand awareness, taking their total investment to around 15 million. Turning to slide 13, cash flow.

John's going to give you a quick reminder of on seasonality, because it frames how our cash flows land. Australia is the cash generator, and it's cash generation peaks in our second and third quarters, the Southern Hemisphere spring and summer.

The UK and US are net cash investors, and their investment peaks in the fourth and first first quarters, the Northern Hemisphere spring and summer, which is then when we deliberately weight the marketing spend. Put together, the group was tip- the cash positive in Q2 and Q3 and Q- negative in cash negative in Q1 and Q4.

Moving to slide 14, we finished the year with 12.4 million in cash and term deposits. Two things explain the movement.

Net operating Firstly, net operating cash flow was an outflow of 2.3 million, but that includes the planned 5 million of one-off marketing investment in the UK and the US that was um rai- that we raised capital for back in November. That investment contributed to GMV growth of 47% in the UK and 141% in the US, a great result for the dollars deployed.

Operating cash receipts were strong at 64.1 million, up 9.6% in line with revenue. Our customers pay upfront, revenue converts to cash quickly.

Second, we settled the oOh!media and ARN media partnership notes in June. As I noted before, that was 10.8 million with a 300 um thousand discount.

Alongside cash, we carry 13.2 million of prepaid media assets across our three markets, marketing power that we already have on the balance sheet for FY '27. Slide 15.

Australia generated 16.5 million to fund international expansion. This is an important slide, and it comes down to three numbers.

Australia mark- Australian marketplaces generated 52 mil of revenue. Um after all direct operating costs, that produces 37 million of Australian cash flow.

Then after covering all of our global head office costs, Australia generated 16.5 million of cash, up 8.6% on PCP. That cash funds the UK and US.

FY '26 included the 5 million of one-off accelerated program. As you'll see on the outlook slide later in the pack, in FY '27, we expect Australian cash generation to in- increase again and the group to return to strong positive free cash flow over the full year.

With that, I'll hand back to Tim to take you through the growth strategy.

All right. Um so uh just passing through some great imagery from um Airtasker's promotion alongside the Racing Bulls uh Formula 1 team.

Uh so great stuff there at the Silverstone Grand Prix, appearing on the career ladder, and even having Alvin and Vlad cause a uh 6- 700 uh person line in London uh at an event we held uh where you can see Airtaskers were uh very prominent in promoting. Uh so um some really cool stuff there.

Let's talk um a bit about our growth strategy, and this has remained unchanged over the past 3 years. We want to continue to invest into the core platform um to leverage our market leadership position in the Australian market and also to be able to uh ship all the features that we create in Australia and get leverage on that platform as we distribute them into the US and the UK.

In the Australian market, we're going to continue to focus on profitable growth. Uh Arena just mentioned the $16.5 million of cash that was generated in the Australian uh market, which was a a great step forward.

We're going to continue to um to continue to increase uh that by growing in in a very profitably focused way. In the US and the UK, we're going to leverage those platform investments, and then work alongside our media partners uh to really turbocharge and scale those network effects in the early stages of the marketplace.

Investing into our core um into our core platform. One of the things that we wanted to focus on a lot uh was to reduce platform leakage and to improve purchase frequency.

Our rebooking program, which is customers coming back to Airtasker to work with the same Tasker again for the second task or more, continued to see rapid growth. It grew over 96% uh during FY '26.

That now accounts for about 33,000 uh bookings annually and GMV of about $8 million per year. The way that we're able to achieve that kind of growth is by launching AI-powered uh business cards, which now sit on your home screen.

Um so you can easily find the Taskers you've worked before. We also created a new uh interface for Taskers to engage with rebookings to make sure that those transactions get closed on the Airtasker platform.

We also adjusted fee pricing. We brought down our fees uh for rebooking uh jobs to 1.9% for the Taskers and only $5 uh for customers.

That had a a really strong effect in getting out of the way and removing one of the main friction points uh to uh to rebooking. With respect to platform leakage, we also made great strides forward by launching AI-powered content moderation into our platform.

What does that mean? It means that when we see people who are trying to leak off the platform, or or bad behaviors, we're able to uh jump on to that bad behavior in real time and remove it, um whilst being super efficient on a um on a labor cost basis, but also um creating a much more um trust and um safe uh Airtasker community.

Moving forward, continuing on the theme of frequency, we also had a um a a target to im- improve the purchase frequency and generate recurring revenue via Airtasker's membership program. Uh as we mentioned in the Q3 update, uh we launched this program in February, and uh we had 1,000 customers uh paying subscribers as at the 31st of March.

Uh fast forward to the 30th of June, and we really saw the pace of acceleration uh improve there, which you can see on this um uh top left-hand chart there, uh where subscription acquisition, the rate of um uh acquisition really started to scale, and uh we now have over 10,000 uh paying uh subscribers uh to that. As a reminder of what um Airtasker's uh membership program is, it's $89 paid upfront, which gives customers unlimited tasks with no connection fees.

It also renews automatically at the end of um every uh 12 months. Um in terms of revenue recognition, it is worthwhile saying here that if you look at that chart on the bottom right there, uh the cash flows uh do come in early, but the um the revenue is recognized over a full year.

You can see there that um as we acquired 10,000 members in um FY '26, uh the majority of that revenue is actually going to be recognized in FY uh '27, but the cash has already been collected for that, which um I think is um really, really important. Continuing um the the theme of core platform investment, and I think AI has been something that has really changed the world over the last, 2 to 3 years.

A few things um that we've done to stay ahead of that curve and make sure that Airtasker is going to thrive in this uh environment. Firstly, we launched agentic commerce.

Airtasker's MCP is now available uh on OpenAI and in the Claude uh marketplace. It's actually a phenomenal experience.

If you connect Airtasker into your um OpenAI or Claude instance, you can actually post, assign, and complete tasks through that platform. What that represents is end-to-end agentic e-commerce.

We're seeing uptake of this. Um there are some customers who actually enjoy this experience and are willing to outsource uh that leg of the journey to um to um AI agents.

That said, I think we are very early on in this um this journey of agentic commerce, and I think there's going to be a few iterations to come. What's really important is Airtasker is on the cutting edge.

We're hosted on an open platform, which allows us to get all the data on how people want to use agentic commerce to scale into the future. We also saw traffic from AI sources increase significantly, um with uh traffic coming in from OpenAI, ChatGPT, Claude, Gemini, Perplexity growing by over 200% uh throughout the year.

Actually, since the beginning of January '25, we've seen about a um close to 10 times uh growth in our AI-referred traffic. Um as AI distribution is eating into uh search volume, Airtasker is on the cutting edge of that and uh winning more than our fair share of that traffic.

Uh a lot of our competitors actually saw declines in posted tasks um uh this year, but actually, Airtasker continued to grow and thrive. Finally, we're using AI um to deliver a great productivity and product velocity boost.

Uh we're seeing about a 3x velocity improvement in terms of our pull requests uh from our developers, and that's allowing us to ship more product, more value to customers uh faster than ever. Moving forward.

Profitable growth. As we've um been um on the thematic for the last um 2 years, we've really been um in Australian market trying to drive an improvement in brand salience to reaccelerate GMV growth.

I'm pleased to say there that our uh brand salience, our unprompted brand awareness, actually grew by 20% um on PCP, um and that's um been, been a big contributor to those GMV volumes and and uh booking volumes increasing. In addition to looking at the long term of brand awareness, we're also looking at the um the near-term direct ROI that we're getting from this uh marketing investment.

We're working alongside uh Mutiny. Shout out to the guys at Mutiny.

It's a great uh partner uh for us to build um detailed models of what exactly we're getting back for every dollar of marketing that we spend. I'm pleased to say there that incremental direct ROI on this marketing spend has grown from 1.08 to 1.22 uh during the half, and um we're uh generating about $5.48 in GMV for every $1 um that is spent into marketing.

We're getting really lean and efficient and putting this marketing budget to work um in the smartest possible way in the Australian market to squeeze every penny out of um uh out of our marketplace and revenue that we can generate. Also, uh exciting today is to uh announce, and we have a separate ASX announcement for this, uh that we've extended our partnerships from um nine that we announced in February of this year to also be announcing new mark- media partnerships with leading audio uh player NOVA, uh as well as extending our partnership from uh 2 years to 5 years now uh with oOh!media.

What this does is it brings um uh over $15 million of media capital onto our balance sheet, and these notes are repayable at our option in FY '20 and FY '30, or can be converted into equity if the share price and um uh stance is correct at that point in time. Um these partnerships have proven out that over the last uh 2 years we can reaccelerate GMV, and we're doubling down and continuing these partnerships uh into the future.

Now, to the US and the UK. The goal here is really rapid iteration and moving extremely fast to uh deploy and learn and iterate um in our experiments.

We have discovered some really exciting growth flywheels. Uh first of all, our Airtasker Pioneers program.

Uh this is where we use agentic AI to identify influencers on social platforms that have a service need, for example, if they're moving homes, or if they've just had a kid, or if they're just starting a business. We're able to then, using these AI agents, reach out to these influencers and give them Airtasker credits, and we do that in exchange for them creating branded content on the platform.

If you go and um look at Airtasker uh USA in particular, you're going to see an incredible stream of user-generated content um from prominent influencers um in those markets. Uh we've scaled that program over 5x during um the the previous quarter.

We're going to continue to scale that, the power of AI and the efficiency we can get out of that. What that's doing is not only creating that primary flywheel of being able to to get these influencers and create branded content, but it's creating a secondary flywheel, because now we have a lot of influencers coming to us and a lot of users coming to us saying, "Geez, I wouldn't mind some Airtasker credit to be able to try and sample um your marketplace."

That has been very, very, very um exciting and something we're going to continue to dou- double down on. We've also had great success in the US and UK markets in our product expansion.

Uh we fast-followed a memberships launch in Australia into the US and the UK in May of last year, and we've already acquired um a significant number of customers in both of those markets in just the few short weeks um of FY '26 that we were um present in those markets. Uh finally, uh I think a really interesting uh area that we're seeing growth in is in our AI and robotics partnerships.

We are working with a number of um AI data acquisition platforms who are looking for um video content of skilled workers using their hands and doing physical crafts. These were This is all AI um that training data that can be used to train um to train various um AI models.

This is um creating an additive stream of job opportunities into the Airtasker marketplace. This is a great way to start building network effects in in local marketplaces using third-party capital, because we've got these um AI data labs uh wanting to inject capital into our marketplaces to be able to um secure this video content and thereby create jobs uh at the same time.

Really, really exciting to be part of what is a very, very fast-growing space. Now, looking forward to FY '27, we're expecting Airtasker Australia to deliver double-digit revenue growth ex-Oneflare.

Uh and we're going to see that coming from increasing contribution from top-line GMV growth. If you look um at the at the rolling quarters throughout FY '26, we continue to see great momentum in GMV growth reacceleration.

We're expecting Australia to generate over $16.5 million or more in FY um '27, and that's after covering all of our global head office costs. Membership is going to deliver 50,000 uh paid subscribers, and as a reminder, that's at about $89 um subscription fee uh per year, so that's going to be meaningful uh revenue in FY '27.

Airtasker UK is going to continue to grow, but we are going to start moving towards profitability. We're going to increase our GMV and our revenue, but at the same time, reduce our cash investment compared to FY '26.

The UK has passed that magical number of $25 million a year, and um so now, we're looking at, really that accountability loop of driving towards cash generation and profitability um over a number of years, uh with the first step in FY '27. In the US, we're going to, of course, see GMV and revenue growth, um and we're going to do that with very targeted program of marketing activity alongside our media partners.

Finally, um all of this is going to come together and be done um with a group positive free cash flow. Uh in closing, uh I just want to say thank you uh to all of you who've supported us over the uh FY '26.

I think our um the Airtasker team has worked their butts off uh to deliver a strong result uh for the year. Um really thankful for both their support, blood, sweat, and tears, uh as well as the support of our investor community.

Thank you very much, and now I'm happy to uh move forward into some questions.

Tim, I'll just um read some of the questions that have come through. We've got a number of questions on growth across Australia, the UK, and the US over the next 3 years.

Um so, what is the growth plan for the next 3 years, and what is the market potential and market share targeted?

In the Australian market, um in each of our markets, we have um, close to a $600 billion TAM, 50 billion uh in Australia, uh 70 billion in the UK, and 500 billion uh in the US market, a a absolutely enormous opportunity. Uh that said, I think it's When you have a TAM that's that big, it's much more healthy to look at things bottom up rather than top down.

Um in that respect, we can refer to the guidance, which is that Airtasker Australia is going to do um uh double-digit revenue growth. I think we can certainly um, we're going to be pushing hard with um memberships, with Pro Pass uh subscriptions, with a new pricing change that just rolled out, as well as GMV growth, to outperform that target.

Refer to the formal guidance uh for uh for the Australian market. In the US and the UK, we're going to see much more aggressive uh growth.

Of course, in the UK, that's going to temper a little bit from the um, 50% to 80% revenue growth lines that we've seen, because we're going to start moving it towards um uh profitability by reducing the um the net cash investment into that market. Then, um across to the US, and of course, as we said, we're going to be group cash flow positive, um so that sort of determines an envelope of investment you can make into that uh market.

Um but we're confident in delivering growth in both uh Australia and the UK. I think that's going to result in um capacity to deliver a great, um, 50% to 100% sort of growth rate um in um in um the US market.

Thanks, Tim. Um there's another question here.

How do you plan on competing with both TaskRabbit and Thumbtack in America?

TaskRabbit uh and Thumbtack are um worthy competitors in the US market. Um that said, there's some core differences.

Let's start with TaskRabbit. Uh TaskRabbit has actually moved from being an open community to more like an Uber-like network where they're setting the prices and they're determining who does the jobs.

That is actually, although it appears to be similar to Airtasker, is completely antithetical to what we do at um at Airtasker, which is that we let customers and Taskers have an open conversation, and they decide on the price and the scope of jobs themselves. Um that is quite a big differentiation on both sides of the market.

Uh customers want to be able to get that long tail of jobs uh done, which you cannot get done on TaskRabbit anymore. Taskers do not want to be told by an algorithm who's going to do what job.

They want to get in there and they want to be able to compete. When they um when they uh have a spare weekend where they want to earn money, they want to be able to get on a platform and win two jobs on Saturday, not be dictated to by an algorithm.

With respect to Thumbtack, I think, um this is a similar model to HiPages in Australia, which is sort of like lead generation or advertising um-type uh fee platforms. I think um what's really exciting here is that um Airtasker's Pro Pass product is actually taking the best of both worlds.

What we're doing is we're, for $1,800 a year, allowing um Taskers to be able to earn up to $22,500 on Airtasker with absolutely no fees. They keep 100% of their earnings.

What you get on Airtasker is uh unlimited leads, unlimited quotes, compared to Thumbtack, which is saying, "You'll get a certain amount of uh leads or quotes uh per month." On Airtasker, you're going to do that unlimited until you earn this $22,500.

We're combining a fixed annual fee, $1,800 per year, combined with this uh concept of unlimited quotes and unlimited uh and unlimited offers.

Thank you, Tim. There's a question around whether there will be another capital raise in the near future.

We don't think there We are confident that there won't be a capital raise anytime in the near future, certainly not one that is planned. Um and I think, we're signaling uh here that Airtasker is going to be group cash flow positive in FY uh '27.

Um so, we're generating a ton of cash uh in the Australian uh market, and our um expenditures and investments into the US and the UK are entirely variable. Um so, we've got a lot of um uh flexibility in there, and certainly not putting ourselves into a position in which we need to raise capital.

Thanks, Tim. There's a couple of questions around AI, which I'll try and group.

Um on the AI-driven traffic or agentic referrals, can you talk to the type of jobs and a and/or task value that is coming through the funnel? I might let you do that one and then I'll [laughter] do the second part.

Yeah.

Super early stage. Um I want to start by saying I think um OpenAI, billion users, uh yeah, really important to be on that frontier of um allowing agentic commerce through that platform.

I would say this area is really, really nascent. I don't think that many customers um are yet willing to hand over their credit card and just say, "You go book it for me."

They're using OpenAI and these uh platforms more for their generative uh content capabilities: the ability to be able to describe your task more easily, be able to pick the Tasker more easily, be able to get input and recommendation on budgets. The um use case for this is less about agentic commerce right now and more about contextual um content generation.

Just

leading on from that, how has it has AI referral traffic impacted paid acquisition and marketing costs?

In general, Airtasker's been a big winner out of um AI and LLMs uh generating traffic for us. The reason why we're a winner is because Airtasker has much more data than, say, a HiPages-type platform or a Thumbtack-type platform, because we are processing the track- transaction end-to-end.

All of the communication happens on the Airtasker platform, all of the pricing and agreements happen on the Airtasker platform. That gives us very, very rich data, which we can use to train and inform a platform like um like OpenAI.

If you go and search for something like, "Hey, I want to know what a handyman is worth in Parramatta," you're going to get Airtasker cited a lot for that um type of uh query, because we've actually got reliable and real data. Um and so, that has been very, very good for us in in in driving traffic.

The next question, I think we're going back to over some overseas. Um you have spent over 40 million in overseas marketing to generate revenue of only 5.7 million.

Please explain how these metrics work.

In the U- In any new market that we're going into, uh we are investing in the first 5 or so years predominantly into actually building a network effect. When you think about um any kind of network effect product, on day one, like let's just um take the example of a um of a a nightclub or a music festival or a party, any kind of network effect product, the first customer that comes in is not a they actually have no product to acquire.

They they're not experiencing any of the value of the network effect, cuz there is no network effect. When you bring that first customer in, you're not actually saying, "Hey, I want to make money out of that individual customer."

What you're saying is, "Come in and join this network." You're going to have to do that for a number of years, as we did and experienced in the Australian market, to build up to roughly 5 to 10,000 tasks a week.

Once you're at that level, you have a network effect. The n+1th customer, call it the 100,000th customer that comes in, says, "Wow.

This is an an amazing network, and I'm willing to pay more than you're going to pay to acquire me in order to experience that network effect." Um the investment that we've made to date in the US and the U- UK is really tied towards establishing uh those network effects.

It is We did not go into that with the expectation that the money in uh is going to be beaten by the money out in those early stages. This is an a multi-year uh investment cycle to be able to get up to that level of um uh marketplace network effect.

Now, in the UK market, uh we um uh set out a target of getting to 25 million GMV ARR as emblematic of having a good network effect, and we've passed that goal. We're now at $29 million of GMV in the UK market.

That's why at that point in time, we're starting to move it back towards uh profitability and um and we're going to be reducing our net investment into that market in FY '27 compared to FY '26. What you can see from that is you're moving from being we're working on um establishing a network effect to uh becoming a profitable a profitable business where the return on advertising is actually more than um than what we've invested in.

Thanks, Tim. Just, I think, following on from that.

Um I think previous pres- presentations, you've said that once overseas markets hit break-even or profit, you will then expand into new overseas markets. Um are there any further plans to do that, and noting that that would likely generate more losses?

At present, we're really focused on the US and the UK markets, and we're being really smart with the way that we deploy our um our cash capital, because that's really the constraining factor to growth. Um so, right now, we have no plans to launch into any new markets, and the US and the UK is absolutely uh the focus.

Um uh noting that, uh the UK market also has um Ireland uh as part of that, and and that's been um been doing quite well.

Great. Just on um the membership program, um it sounds like um that is a key driver in Australia going forward, um noting the number of subscriptions forecast for FY '27.

Um can you talk through the economics, the margin of a typical Tasker on non-membership versus membership? Um and do you expect the economics of the supply side of tasks, posters, to change in order to support the membership model going forward?

The membership model economics is that uh for anyone who is using Airtasker more than three times a year, um you're going to be um much economically better off uh becoming an Airtasker member. Like it's straight out you're going to be saving money for three or more tasks uh per year.

That was intentionally priced that way, because what we uh are aiming to do is get custom- reward customers who commit to Airtasker, give you a rockstar deal. If you're going to do 100 tasks uh on Airtasker, wow, are you going to save money on membership?

Absolutely. It's going to be incredible.

Um but keep in mind that we always monetize the other side of the marketplace. Uh we earn on average about two-thirds of our take rate from the supply side of our marketplace.

If we if we can drive more jobs into the platform um by reducing costs and rewarding our high-value um customers, we are going to monetize even more on the on the Tasker side of the marketplace where we generate about a 14% uh take rate. The goal is to just absolutely um win on on frequency for customers.

Maybe just to give you a little bit um uh more direct detail on the customer side of the marketplace. In general, membership is priced at a little less than two times the max connection fee, and about three times the average connection fee, meaning that, if you do two big jobs or you do three average jobs, uh you're going to be better off on membership.

If you uh look back um at some of our previous presentations, our average frequency is um a little under two times per year. When a customer says, "Hey, I'm going to uh buy a membership," um from that point forwards, uh either Airtasker is earning some good margin or margin improvement, that's not our goal, though.

Um the the better outcome for us is that customers are motivated to increase their frequency, because they now have no marginal cost uh for using the product um into the future. Um it's very, very early days, uh so we're not sharing any uh frequency uplift data uh just yet.

Uh but certainly, uh there's some interesting uh signs that are that are coming through there. Um

thank you, Tim. Um there's a question on the fact that the outlook guides towards cash flow positive, but while meanwhile we're still using a lot of marketing contra.

When do you expect to be EBITDA positive? Um well,

overall, I would say that the accounting for the uh for the media deals is uh very, very interesting. Um as a as a small business owner who's uh focused on cash um and uh commercial terms, um it's interesting to like break apart how the the media deals are actually accounted for.

Um so, certainly with respect to the US uh and the UK, uh there are some pretty complex and, um in my opinion, unintuitive uh ways that you have to account for these uh media deals. I would focus much more on what the actual commercial, cash, and equity outcomes are uh versus what the accounting uh methodologies are, cuz some of them are pretty um unintuitive.

You've got to follow the follow the standards.

Thank you. A couple more questions coming through.

Um there's a question here on the depressed share price and what your view on that is.

It's pretty low. Um so, for anyone on this call, I reckon it's a buy.

I would give it a buy rating, and you should get out there and correct uh the share price. Look, it's frustratingly um it's been frustratingly where it is.

Um we have um continued to engage with some great um analysts, um Taylor Collison, uh Morgans, MST uh and RaaS are all um now covering uh Airtasker. We continue to engage with them to build our distribution.

Uh we also have invested into uh institutional uh networking to get in front of more uh institutional uh investors. We've now committed to doing our quarterly updates, you can see our progress.

There'll be another quarterly update in in October, which isn't actually too far away, um with uh with the results from September. We're really putting in the hard yards to try to increase transparency, increase distribution, and build those uh networks.

I I can only assume that the macro uh market is not is not fantastic for uh small caps on the ASX.

Thanks, Tim. Um there's just a question around the deferred um how much of is the media deals, I'll let you have a break.

[laughter] And I can answer that one. As I noted during my presentation, um there there's 13.2 million on balance sheet at 30 June.

Obviously, we've signed um 11 and announced 11 million today. That's a total of 24.2 million.

The 13.2 million that are on balance sheet, um that's a combination of US, UK, and Australia. Um okay, back to you, Tim.

I think we've got a couple of others. Can um you provide 1 second.

Can you provide some more color on the AI training in the robotics in industry? What can we expect to see so When can we expect to see something tangible out of this?

What are the economics, and is this included at at all in your FY '27 guidance?

Um in terms of um it being a a tangible outcome in our marketplace, that's already happening. We have um uh contracts, uh partnerships with uh data brokers [cough] who are acquiring uh the data uh from Airtasker.

That um that cost is what drives new jobs into the marketplace. The jobs are created on the Airtasker marketplace, that produces the data, the data is monetized, that monetization can go back into more jobs um into the marketplace.

That is already happening, albeit at a very um nascent scale at the moment. In terms of it being factored into FY '27 uh results, certainly not directly.

In terms of our confidence in being able to continue to scale the US market is very much um built on a number of growth vectors that we have, of which AI data acquisition is one. If you actually zoom out and look at the thematic here, one of the things that we are very focused on is using the lowest cost of capital to build out network effects in new markets.

As a As, one of the previous questions we had was, "You're investing a lot of money upfront to build these network effects. Um how how are you doing that?"

This is one of the methodologies through which we can get very low cost of capital capital to be able to invest into getting those initial jobs in new markets to establish those network effects. Why is there a low cost of capital?

Because um AI right now is in a a very, very um uh let's say, inflated position right now. A lot of startups are able to raise a lot of capital to be able to acquire this data, and there's a fervent demand and hunger for this kind of training data.

Airtasker is extremely well-positioned to be able to do that. When we go and talk to these uh AI companies, they're like, "Great.

Take my capital, produce me the um the video content." I think that is a very, very exciting um uh piece of the pie to be um getting part of.

Thanks, Tim. Um just moving to the last couple of questions.

Um what percentage of tasks posted on Airtasker are successfully assigned to a Tasker, and what have you done or are you planning to do to improve the assignment rate?

The assignment rate is actually going uh up considerably uh in the Australian market. This is driven primarily by the fact that as you get more repeat customers, we see that repeat customers have a significantly higher completion and assign rate compared to uh new customers that have just um uh discovered Airtasker.

It's quite an interesting and and um ultimately nuanced um uh assessment that or analysis that you have to do. New customers, experienced customers have different uh take-up rates.

In each market, in the US, we have a lower network effect, overall, those numbers are lower, compared to the UK that's middle, and Australia, um which is uh very, very high. Then what we're also discovering is that rebookings um have a significant impact on um the assignment and completion rates, because obviously, if you've worked with someone before and you're reaching out with them again on the marketplace, that has 100% um completion rate um almost definitionally.

We are seeing the assignment rate going up, uh but that is a combination of network effects, a combination of um having a really great retained customer base, um having memberships uh in place as well.

Thanks, Tim. Just one final question.

I've tried to group as many as I can, apologies if I've missed any. The final question, um what is the expected split of the new media capital spend between the old FY '27 and FY '28?

Uh

over FY 20 um '24 and '25, we um spent uh the invested the $10 million of media capital um that we had from uh ARN and oOh!media. That's $5 million on average per year.

The goal moving forward is to um maintain that level of investment. It's actually over the next 3 years, '27, '28, and '29, um and to squeeze even more efficiency out of that um out of that marketing investment, because as our top line grows, we're actually doing that top-line growth with uh actually a consistent uh media budget.

In short, about 5, 5, 5 um over the over the coming years.

Thank you. One final question has just popped up um that I think I missed earlier.

Um have you In reference to slide 35, have you considered a capital-light franchise model in other markets?

I think that's a really, really interesting concept. Um it's definitely um if we look at the capital markets right now, there definitely feels like there's significant constraint for uh us to be able to leverage uh and scale Airtasker's uh business model globally.

When you look at um you because we're only using our own capital to to grow and establish these network effects. I think it is a a very, very interesting concept as to like what models could there be to effectively uh leverage the brand, the technology that we've built, um to establish new marketplace.

That is something that has been uh on my uh on my mind a lot actually, because the global ambitions for this company that there should be an Airtasker in every single market around the world. Um and I say this both from like a a financial and investment perspective, but also just at a humanity perspective.

We've got AI coming in and disrupting uh human jobs left, right, and center. Actually, what Airtasker is doing is creating those local jobs in each of these markets and creating a framework for um uh for people to be able to work with others to be able to realize the value of their skills and make an income um doing these kinds of local jobs.

That is an imperative um that I've been thinking about a lot, uh but no specific news um to uh to share just now.

Thanks, Tim. Um I'd just like to note there have been a number of um kind of product and marketing suggestion questions come through, we'll pass those on to the relevant team.

Thank you for those. Um and that's all, Tim.

Thank you so much. Um and and thanks to all of you over FY '26 for uh for your support.

Uh thanks to the Airtasker team. Uh so much blood, sweat, and tears goes into making all of this possible.

Uh and also to uh the Airtasker community. Uh doing $200 million worth of uh local jobs last year in the Australian market alone uh very, very cool.

Uh thank you so much, and uh see you at the quarter next quarter update.

Thanks, everyone.