It's about 90 seconds past 11:00, we'll we'll kick off today. Thanks, everyone, for joining today.

This is the first of our quarterly trading updates, which we've now introduced. We were relieved from doing 4Cs because of the sustained positive cash flow, but we thought it was best to establish these quarterlies because it was just getting too long between drinks to only do updates twice per year.

Looking forward to to sharing one of these quarterlies with you in the March and September quarter to offset the the in-between months in between the the half-year and the full-year reporting. Usual disclaimer.

Wanted to start with an executive summary. Overall, we had a really, really great quarter where Australian GMV really picked up.

Usually this quarter would be, if you look at prior seasonality, would actually be down on the December quarter. We actually bucked that trend, and we saw GMV climb to a record $56.7 million just for the Australian business during the quarter.

That represented a 17.8% growth on PCP, which was a pretty sharp increase compared to last year, FY25, which was a but 5% GMV growth. Then in the first half of this year, we're at about 6.4% GMV growth.

Been really, really pleasantly surprised and feeling really good about that that growth. Most of that GMV growth then flowed through to revenue growth.

You notice that in this half, actually our GMV growth outpaced our revenue growth, and that was primarily because we didn't make any changes to pricing in this half. A full year has now passed since we last made any changes to the monetization rate, and so all of that revenue growth has really been driven by the top-line GMV growth.

I think this is a really good situation to be in because in the future, updating prices and updating monetization is something that we can do once we've got massive usage going through the GMV line. Overall, I think this is a mainly a reflection of the the brand salience work, which we kicked off in September of 2024.

It takes about 18 months. We're seeing that the first time we did above-the-line marketing in Australia, we saw that in the UK, where we launched marketing in September 23, and it didn't really produce results until about March 2025.

We're seeing the same thing happen as we reignite above-the-line marketing in Australia. As a reminder, we were not doing any above-the-line marketing from about February 2022 to September 2024.

That reintroduction of marketing, alongside predominantly ARN and oOh!media, takes some while to to build up, but it's really, really done well and and showing results now and proving out the brand salience strategy this this quarter. The UK and the US are also tracking along really well.

The UK hit a new high GMV ARR of $23.1 million, and this is actually in the Jan-Feb-March season, which is not the peak season yet. I think as we go through the April-May-June season, we can reach much higher heights in both the UK, starting with that base of $23 million, and in the US, where we're kicking off from $6.7 million.

I think we can make a a big difference as we go into the peak season. Importantly, we also launched memberships.

Memberships, as a reminder, is designed to is the the product that we're offering is $89, paid for by the customer. If the customer pays the $89 annual membership price, then there's actually no connection fees for the rest of the year.

What that is designed to do is make sure that there's no there's huge incentive for customers to increase their purchase frequency, because there's absolutely no friction or or cost in in keeping all of their jobs on-platform. Really, really excited to have launched this, and the the feedback was pretty incredible.

We passed 1,000 subscribers in the first 4 weeks, and we're continuing to see some really, really positive momentum. I'm excited actually about what we can deliver once we have a full quarter of memberships running with the trajectory and velocity that we've got.

One big callout on that is that with the utilization of AI-based tools, we were able to get Membership out to market in in the space of about 5 weeks. The pace of iteration on on the membership, both the product and the go-to-market strategy, has been really, really immense.

We've got a robust balance sheet, we've got over $26 million in cash still on the balance sheet. That gives us, a lot of flexibility to continue to invest into the US and the UK, as well as to settle media partnership notes which mature in July of '26.

On the back of this performance, really pleased to reaffirm the guidance that we issued in Feb '26. For ease of reference, we've included that guidance again in this in this brief update pack.

That and that guidance was essentially that Airtasker Australia is going to deliver double-digit revenue growth, and that's going to come even more from GMV growth, which I think we're already demonstrating. Oneflare, we're going to maximize the cash contribution of that business.

We've made some important changes there to reduce the cost base of that business. We're going to make sure that its bottom line does the best possible job for Airtasker in terms of cash generation.

We're going to see Australian marketplace cash flows after head office continue to generate more and more cash this year compared to FY25. FY25, we generated about $15 million of cash, and we expect that to go up in FY26.

Then the UK and the US, we're going to make a discreet and intentional $5 million investment into those markets for the remainder of FY 26. We think that can deliver some really, really good proof and traction points over there.

Just as a reminder, the UK business now at a $23 million run rate as we head into the fourth quarter. I think that's becoming a a really significant business, which is really exciting to see, and quite quite close to, moving towards that profitability mark.

We've got a strong balance sheet. Obviously at the the Feb, we we showed a $27 million ca- cash balance.

We still have $26 million cash. As you can see, that US and UK investment is going to play out predominantly in the fourth quarter.

In terms of just visualizing that growth, Airtasker Marketplaces, 17.3% revenue growth, which was great to see, and largely driven by a strong Australian market and and the UK really coming on coming on strong. Air- Airtasker Australia, 17.8% GMV growth became 14.4% revenue growth, and again, gives us a really solid base for the future.

Airtasker Marketplaces revenue was $1.3 million, but really as you can see there, the the fourth quarter and the first quarter of next year is where really where we tend to see those big jumps in in the performance of those markets. I won't go into all of the detail here, but we've laid out really what the reasons supporting that that strong growth was.

Overall, it's it's a it's a a significant increase in booked task volumes coming from our brand awareness campaigns, which drove about a 19% growth in booked tasks, plus a really strong uplift in the average task price. This is something that is a a real feature of the the business model is that when the economy grows, we automatically grow with that part of the economy.

Unlike sort of like an advertising website where you've got to keep up, increasing your advertising prices, with Airtasker, we just grow the Airtasker economy, we are going to earn a percentage of of that growth and that value that we create for our users. We are also worth well calling out the third bullet point there, which is as our brand salience work has delivered results, we're going to continue to invest into that strategy.

I think importantly, we announced Channel 9 as a media partner of ours over a 3-year period, meaning that we that note is to be repaid or settled in FY29. I think these agreements have just proven their value to us.

We get immense benefits as a partner of these of these media partners, but also I think importantly, as a from a cost of capital point of view, we're getting the benefits of this media upfront, and we are establishing we we're going to repay that over 3 years. That gives us a a massive cost of capital advantage, because the the cost of capital for our business, because we've got so many growth opportunities, is is very, very high.

Paying 4.9% interest on that on that convertible note is is a is a great model for us. Yes, as mentioned, our brand awareness, unprompted brand awareness was up 33% on PCP, so that is certainly working.

In addition, our partnership with MutinyX is to do marketing media mix modeling, and that proved that that we have about a 1.08 times short-term ROAS on our marketing. Although we're investing in this long-term branding, we're also getting short-term immediate results.

In terms of the UK, hit a $23 million GMV run rate, but I think more importantly is we haven't even started for this year. The the big lift really comes in April, May, June, starting already to see some results on that and and very much looking forward to sharing the update in June.

Then the US, worthwhile calling out that the FX is actually, obviously with the Australian dollar being strong, the US dollar being relatively weaker, that does make the the ARR, which we disclose in Australian dollars, that does provide a delta on that of about, 10% or so, given the FX fluctuation. Actually it's a net benefit for us operationally because, we're currently in cash investment mode, i.e., we're spending more cash than we're bringing in.

The net impact of a strong Australian dollar is is a net positive for us as as a business. Really looking forward to again showing the results as we hit the high season in April, May, and June.

One of the things that has been, a feature of our executive leadership team conversations a lot over the past 2, 3 years, but predominantly like really picked up pace in the last 6 months is is artificial intelligence and and AI. I did want to just touch on this point and and give a bit brief update here.

The first thing I want to say that which is, really fortunate aspect of our of our business model is that Airtasker is value is predominantly in the physical and real world. Physical and real-world skills, which makes up about 95% of the jobs on Airtasker, they're all physical and and real-world.

They're not remote or virtual jobs that can be done through computers. They're things that are done physically with your hands in real life.

These skills are going to become the constraining factor in the economy. Like if you kind of think about what all of this productivity means in the white-collar universe, it means you're going to be able to do things faster, you're going to be able to come up with plans to to go and build things faster.

The constraining factor is still going to be you're going to need a plumber to to to lay the pipes in the building, which you've you've now, sped up the the economy around. Airtasker is really well-positioned to to benefit from from that growth in the white-collar economy.

If you have a look at how blue-collar is, or in-real-life jobs are going to be impacted, you can see here that Anthropic's research shows that it's it's really in software, and legal, and admin that you're going to see these massive disruptions due to AI. I think in some cases, potential replacement of of labor with with software.

I think that this is, Anthropic's research indicates this is not really the case in the the the real world. Now, that's not to say that humanoid robots and and other methods of taking AI and bringing it to the real world aren't aren't on the horizon.

I think they are. I also think that it's worthwhile looking at how far into the future that may be, and also the fact that although some of the jobs at the lower end of of physical work may be replaced, and that's already happening, warehouses have automated, robotic storage systems and things like this.

Humans are always just going to get pushed up to that next level of creativity, you know. There's probably going to be more podcasts, there's more influencers, there's more people doing things that are on that higher order stack.

I think that human labor is still going to be a really, really important thing as we move forward. If we then look at AI disruption from like a marketplace or a platform level, rather than at the services level, there's definitely a lot happening in this software area.

I think it we can all probably agree we're going through this SaaS-pocalypse at the moment, where companies that sell software are definitely being disrupted. I think it's worthwhile sort of calling out, if you take a first principles approach, how does that apply to Airtasker?

You look at this, and and an author, Nicholas Bustamante, put out a great article talking about the the moats that exist in in software businesses. On the left, you can see of this table, you can see the kinds of moats that are generally not going to be very valuable into the future.

You can see these other moats that are going to be really, really important. I think calling those out, it's almost a description of what Airtasker is.

The first thing being that Airtasker is predominantly built on network effects. These network effects are what makes Airtasker work is that when you post a job, you get three people saying, 'I'm ready to do that job right now, close to you.'

All of that is driven by the fact that you've got liquidity on the supply side of the marketplace, which is driven by network effects. Now, I'm working really hard to work out like what the disruption case for that is, because we're we're trying to red-team ourselves to work out like how might that get disrupted?

As far as I can see, these network effects are very, very powerful and set up a pretty strong competitive advantage / defensive moat. The second thing is embedded transactions.

One of the things that Airtasker does that, say, HiPages and Thumbtack and and Angie's List don't do not do is actually running the transaction. I think that if you look at what OpenAI did, they kind of went into e-commerce, and they sort of thought about, and they actually backed out of it.

I think what you can see there is that's not the easiest pickings for a horizontal-based AI company. They're not going to go for businesses where you've actually got to manage the customer, manage the money, and, and and be accountable to to a customer.

They're mainly interested, I think, right now in moving pixels around and having somebody else do all of that hard work. That embedded transactions component becomes very important for us.

Then I think the third is proprietary data. One of the things that Airtasker has done is we have found these taskers, and we are giving them the opportunity directly to build their brand on Airtasker.

As they build their brand through their ratings, their reviews, adding, their passport, their ID, their verifications to the platform, that becomes a proprietary data set that gives us, essentially, a unique inventory of workers that isn't available elsewhere. I think all of these things mean that at the moment, I'm sleeping pretty well at night with respect to the direct AI impacts, noting that, in the big picture, we're very cognizant of if you don't disrupt yourself, you're going to get disrupted.

Overall, I would also say that Airtasker, AI is actually a huge unlock for us as a value driver. I'm happy to actually take any questions around this more directly, because this is something where I think that the the collective wisdom of all of our investors and stakeholders is actually like really powerful to sort of question what we're doing and interrogate it.

The first thing I would say is that we're getting massive software development efficiency. One of the best things about our business model is that we use software to deliver value to our users, but we don't sell software.

As the cost of software gets cheaper / the ability to build software becomes more efficient and more productive, that's a net benefit for us. Basically, it's getting cheaper / we can do more of the software that unlocks the underlying value, which is access to our network, access to our our marketplace of taskers.

We can do that at lower cost, much faster than ever before. I think rolling out Airtasker memberships was a massive example of this.

Also, if you check out what we're doing in recurring and rebooking of tasks, the pace of iteration has just picked up massively. Really, really excited about that.

It's also helped us with content moderation and leakage. We've talked a lot about people using Airtasker, we've got to clean up the streets.

We've got to make sure that we don't have a broken window theory. We want to make sure that the marketplace is the most trusted place to buy and sell your local services.

One inhibitor to that is all of the scams and the, little comments, things that come up on the the platform, and it's the vast minority of people, but those few people can ruin it for a lot of others. By having AI-based tools which can really learn about this unstructured data, this ambiguous data, we can actually solve these problems which were previously somewhat unsolvable with deterministic software.

Then lastly, we're getting great operational uplift. Our our customer support query times have dropped massively.

We're able to get back to customers faster than ever before. You are now able to talk in real time to our customer service team via chat, and a lot of that is because the back end, the the AI-based systems at the back end have been really, really great.

We just sort of come back to like defensive moats or competitive advantages, I think I'd summarize it in saying: network effects, the fact that we run the transactions, the reputation or the proprietary data that we have in our marketplace, and then finally, the regulatory responsibility which we take on. For example, providing all the tax information of our users, submitting that to to local authorities in Australia, the UK, and the US annually, which is now a law, which makes it pretty costly to come in and be a competitor of, to spin up another another marketplace easily.

Thank you so much, and I'm just going to leave it on the the cover page, which is something that was a bit of a, a bucket-list moment for the company, which is our first billboard going up in Times Square, New York. If you can recognize those red stairs, Airtasker did a very, very savvy deal to to start doing some great outdoor in that market.

Thank you again for attending. I can see there's a couple of questions in the in the chat.

There are also some questions that were submitted pre the webinar. I'm going to now go through those questions.

If you have any other questions, feel free to just drop them in the chat, and and I'll make sure that we we address them today. Firstly, some of the questions that came in from Sreeshan, Solomon Alton, and and G.

Sladen. I think the crux of these questions were the the share price being challenged, and and what are we doing about that, and and why is that happening?

I think share price has been challenged, and frankly, as a business leader, has been frustrating, I would say. I think, I've been given the wisdom time and time and time again, which is keep your head down and focus on just delivering for the business, and in the long run, the share price will take care of itself.

I think ultimately, delivering a massive reacceleration in Australian GMV growth is a testament to to that focus of our team, and have the US and the UK charging, as well as new product launches like memberships and and recurring tasks. These are all things that we can be in control of.

With respect to the the macro, I think we are suffering from the SaaS-pocalypse, which is, bundling in with the with software. I think we are being impacted by the AI uncertainty, which, the the slides today are designed to to address some of those concerns and and give people that the ground-up knowledge around AI.

Then finally, I think we are being hit by a small-cap ASX challenge, which I think has affected a lot of small caps, with some externalities ranging from, certain funds being liquidated and, having to clear positions and things like that. I wish I had a better answer on what are we doing about the share price.

If we could solve that, everything would be would be ultimately solved. I I guess what I'd say is I'm open to collaboration, anyone's specific ideas on what we can do to to try and improve the the share price on the back of what I think are are really, really strong business results.

The second was a great question about Formula 1 and what it's doing for us and how it's adding value to us. It's been an incredible journey with Racing Bulls.

As a reminder, we our partnership is that we sponsor the team behind the dream, the people doing all of the tasks in the the great world of Formula 1. Overarching, the audience for Formula 1 has just gone ab- through the absolute roof.

Everyone is is talking about Formula 1. There is a bit of a hiatus in this last 4 weeks due to the cancellation of two Middle Eastern races, which have give- been a bit of a gap, but the audience for this is is absolutely enormous.

We get quarterly reporting from the Racing Bulls team on brand exposure and all that, and that that's proven, a significant ROI, 2 or 3 times what we invested into the partnership. I think even more importantly is if you check us out on Instagram and Twitter, some of the collaborations that we do with all of these different properties that we've invested in are delivering some real results there.

Massively improved engagement across the board on our social handles and and the brand cachet that we're building. Formula 1 has been a great investment for us, I think actually one of the most economical and high RO- high-ROI brand investments that we've made.

I'm going to now switch from again, thanks Solomon, G. Sladen, and Sreeshan for your for your questions, and please keep them coming.

Now switch to some of the questions that have been asked in the chat. From Michael Traut, 'Strong result, great to see.

Want to understand why there's no smaller uplift in FY26 guide on the back of this?' We've typically kept FY20s, our guidance to be fairly, we we don't want to make promises that we can't keep.

I would say that, we really want to make sure that we follow through. Double-digit revenue in the context of not making any changes to yield means that we had to deliver on top-line GMV, and I think we have done that, but I think, we're reticent to to upgrade that result from what's on on in February.

We would rather be more on the cautious side and and make sure that we are overdeliver underpromise and overdeliver. 'In FY25, was Oneflare profitable?'

from Daniel Sims. 'What level of profits could you squeeze out of it with this renewed focus?'

Oneflare is not a separate business entity, it's an asset that's owned by the Airtasker Group. On a direct cost basis, it was roughly cash flow neutral, meaning staff, marketing, and software that was explicitly allocated to the Oneflare business versus Oneflare's revenues were roughly equal.

On a direct basis, cash neutral. That said, if you were to peel back all of the indirect costs, some of those being more abstract and some being, quite connectable indirect costs, for example, some of the software infrastructure layer that we have or the fact that some of our software is on a per-seat basis and that includes a bunch of staff, a lot of these things were not being factored in.

On that basis, Oneflare was costing us money. With this change changes that we've made to change the cost base of that business, we've been able to bring it back to in-month in-month profitability, and we are assessing what we're going to do with that next.

I would say that its current position is it's it's roughly direct cash neutral. If we and if we eliminated some of those indirect costs, it would actually probably generate cash for us.

We haven't made any firm decision on that, but we are going to make a decision on our next steps for for Oneflare in this in this coming quarter. I think one good callout in terms of like future profits of this model is that what it demonstrates to us is that the lead generation model, which is sort of the HiPages and and and Oneflare model, it is challenging to scale this model because the margins are the margin profile is very different to Airtasker.

It's it's driven by sales people, and it's largely dependent on Google Search marketing. Both of those things mean that you don't quite get the same operating leverage as Airtasker, I think it is a it is good to have had the inside run on, the benefits of the transactional marketplace model versus the the lead generation model.

From from Brent, 'Is the monetization rate in the international marketplace the same as Australia, roughly 20% to 22%?' Yes, we are currently running on pretty similar monetization rates.

It's slightly higher in Australia because lowering cancellation rates increase the monetization rate. As a reminder, the way that we calculate the monetization rate is the revenue divided by the GMV, and the revenue is much higher on a completed task versus a canceled task, meaning that as you decrease your cancellation rate, you increase your reliability, you generally increase your monetization rate.

Again, this is really great to align incentives towards we do better if more people are getting their tasks done. That's that's really, really great.

It does mean there's there's probably a 1%, 1 percentage point difference between, the US and UK versus Australia because we have higher reliability rates in the Australian market. 'GMV growth fueled by advertising contra makes it easy to be cash positive, but what does the results look like on an EBITDA basis?'

I think the thing that is really, really that's a fair callout. We are doing about $5 million run rate of advertising media contra in the Australian marketplace per year.

We try to be really, really transparent about that. We did two deals in 2024 with ARN and with oOh!, $5 million each, and we're roughly utilizing them over 2 years, it's $5 million per year.

If you wanted to get an adjusted EBITDA or cash basis for the Australian business, I would knock $5 million of cash off the bottom. If you look at that in FY25, we produced about $15.2 million from the Australian business.

On an adjusted basis, if we had paid for all of our marketing directly with cash in that year, you could knock off $5 million off that, so that'd be $10 million or $11 million of positive cash flow coming out of Australia. We think that this is absolutely still the right use of our balance sheet, that every year we we we bring the media forward and we pay for it 3 years later, oh, 2 years later in this case, because at 4.9% interest, which is what we just summed up with Channel 9, it's an incredibly good use of balance sheet.

From Steve S., 'So, jump from 6.4% GMV to 17.8% is a material inflection. Can you talk to the cadence within the quarter as April's tracking and and what's happening with the different media partners?'

A couple of things. First thing I would say is that the the quarter was we we saw a really, really strong run into Christmas.

Not at the 17.8%, but at a at a at a, picking up a pace into the Christmas season. As we came back in Jan, Feb, we're just sort of we're just tracking at a higher volume, and that's been consistently at this higher growth rate over the prior year.

As mentioned, of the 17.8%, about 9% of it is volume growth, predominantly being driven by higher throughput rate of of tasks getting completed. Partially from an increase in posted tasks, but also a great material improvement in the in the assignment rate, which is which is great to see.

Then about 7%, 8% driven by by the average task price, just the the the value of tasks going up. One thing to call out is, when you put a 1% pricing change on a, a 20-ish percent monetization rate, that just tacks on another 5% because, increasing your revenue from 20% to 21% or from 22% to 23% or 23% to 24%, it's like a 4% to 5% year-on-year revenue increase.

What we're excited by is that this is a leading indicator. If you can increase your GMV, you can go back and monetize that later and and drive revenue growth out of that, and that has material impact on cash when you're looking at sort of like a $200 million GMV run rate, or $220 million GMV run rate now.

Really important to say that the revenue lags the the GMV, and that's intentional. In terms of how we think it's going into into the fourth quarter of the year, we've got great momentum, and I would say that the third quarter is sort of reflective of, what would be a good outcome in in in the fourth quarter as well.

No no no major update that we want to provide there. That said, seeing some really, really interesting leading indicators from our membership program.

In the first 4 weeks, acquired 1,000 users, that's now 4 weeks ago, we are seeing some some new numbers coming through which which look very, very promising. I think when you look at the structure of our membership model, the structure of the model is that it self-incentivizes customers to use the product more frequently, because as a customer, once a customer buys a membership, it's about $89, you are generally getting value from that membership when you use Airtasker three times or more in a year.

We have a significant percentage of our customers now saying, 'Yeah, I want to commit to using Airtasker three times a year.' The financial mechanism is really you get the cash upfront, and then if you use Airtasker 3, 4, 5 times more per year, you miss out on the customer-side revenue, but you're monetizing that for two-thirds of its incremental revenue for every task that happens there.

I would say that for the most part, with with some extreme edge-case exceptions excluded, when someone signs up for a membership, it's it's absolutely good news. It's bringing forward cash, and it's essentially committing to frequency and it's recurring revenue that just auto-renews every year, which is great.

From Charlie S., 'In these changing times, how do you think about staying agile? How significant do you expect token costs to become as a part of your overall cost structure?'

Really, really great great question. We do we are investing into AI, but I would say that I take a pretty moderated or balanced view on investing into artificial intelligence.

I know that, there were headlines in the last week or so that Uber's burned through their token spend in the first quarter that they thought they would use for the first year. I do think there are wasteful incentives that that that are in play around AI, you know.

Like for for example, a lot of boards are instructing CEOs, 'Oh, yeah, just go and invest $10 million into AI,' and then people just go and burn through it. We're taking much more of an intentional, bottoms-up process for that.

We are rolling out Claude CoWork across the company. Claude Code is already giving us about a three-times velocity increase on on software development, but we think that that for for us as a as a, relatively small team of 200 people is about $75 about $75 per year.

Just see if I've lost [unclear]. Apologies there.

I had a little bit of a technical glitch. I've just missed the last question, let me just [unclear].

I think the question was about artificial intelligence and in relation to expect us to spend a low six-figure number or a high six-figure number on on AI in FY27, and we don't expect it to be a material spend. [unclear] Hi there, is that a little bit clearer now?

If you could just get a thumbs up in the chat, that would be amazing. Awesome.

Steve S., I think there were some questions from you. If you could just if you could just repeat those in the chat, apologies.

I'll go to the questions that have reappeared in my chat. From Michael Traut, 'Are there any updates on exploring other AI partnerships further, i.e., agentic storefronts to increase engagement?'

Yes. We have an excellent search and discovery team which who who are exploring, going well beyond traditional Google Search into a lot of social search, and then A- AI search.

If you go in and and and look at some of our web traffic and and and chat traffic and engagement metrics versus Checkatrade, Thumbtack, Taskrabbit, we're really, really far ahead. The reason for that is that underlyingly, Airtasker's engagement model has a lot more content than those marketplaces, like because we are an embedded transaction model, people are posting the tasks, they're talking about the tasks, they're, they're getting ratings, they're getting reviews, all of this content lives on our platform.

Ultimately, I think that the distribution is going to be massively favoring the people that are that are carrying that proprietary data. Really, really excited to see that play out and and to be leveraging one of our core our core advantages.

We are building a ChatGPT app and a a building an OpenAI app, embedded app, which is, a lot of companies are doing this now. I actually tried the Checkatrade one in the UK, and I asked it, 'Hey, I I've got a roof leak.

Who should I use to fix my roof leak?' The Checkatrade app told me to use Airtasker.

I think I wouldn't necessarily say that that distribution is reliable, and I would come back more to the fundamentals. If you've got the right product fit and you've got proprietary data, which I think Airtasker has the advantage in, then I think you're going to see you're going to see benefits from from that.

From Steve, 'So, talking of brand awareness in the UK, how's it tracking? Are you seeing uptick coming into peak season?'

Yep, I think we are are due to get a new YouGov brand update shortly, as well as a a MutinyX MMM model update shortly. What I'm seeing in in my dashboards, short of those quarterly reports, is that the data is all heading in the right direction.

One of the things I think is interesting and and we're postulating, sharing this in some of our investor decks, but if you look at some of the web metrics, I think those are great sort of like real-time indicators of of how the market share is moving around. We're doing a really, really good job there on both a traffic acquisition, but also user engagement level.

I'd encourage you to look into, Google Trends, App Annie, these kind of platforms to look at that, and we will start sharing some of that data ahead of then, too. 'Um what's strategy around LLM integration, any MCP connectivity?'

I think one of the things that is really important is setting up your platform to be discoverable by by the the changing nature of the search landscape. If I abstract one level back, I think that Airtasker has a really powerful proposition because it's rooted in the physical, real world at the at the core level, and then we have network effects, proprietary data, and transaction embedded, meaning that we don't get replaced as a platform.

I do think the nature of search and discovery is going to change a lot, you know. People are going to, instead of going to Google, they're going to go to different ways of finding out, what to do next.

Now, I think that's going to proliferate, meaning more people are going to be able to find more things to go and do. The constraint is going to be the physical world, I think this is all going to be good for us.

It's going to grow our marketplace. It does mean that you need to think about how you engage with all of these different search methods.

One one layer of that is is embedded apps, we are building an embedded app in OpenAI. I'm not sure whether that is the right methodology.

We've also built our own AI-based interface, if you go to airtasker.com/post-task-ai, you can actually try out our version of an AI model, and we've got two. One is a sort of tap tap tap called the building blocks AI model.

We've also got conversational AI models. Both of those are interesting, but what we found is most users do not want to engage with AI to get their plumbing done just yet.

They want to engage with Airtasker. It it's actually simpler just post a task rather than talking to a chatbot.

Then you've got the agentic protocol layer, where you want to make sure that people can buy, agents can purchase on on Airtasker, and we are looking to to make a lot of our code available and and complimentary to agentic commerce. I think more practical in the short term is primarily making it so that the search and discovery bots can easily find their way around Airtasker and get to all the data, but that that that data still living on Airtasker, you've got to come to us to ultimately get it.

In doing that, some examples of that is we're moving everything to, server-side UI rendering. For example, like you don't want to have native UI rendering because bots don't actually render UI.

You want all of the pages essentially to be getting formulated on the server side, when the robots come, they can go, 'Cool, I can see how this whole page works, I can read it, and I can bring that information back through Gemini or OpenAI to the user.' That's an example of where it's not a direct AI integration, but we are basically setting it up so that the AI can can access our our platform and and serve us traffic.

'Plans for AI to be embedded in the product, not as just a distribution channel?' Absolutely.

We have a team working on a bunch of features. Some obvious stuff like predictive text, budget suggestions, and things like that.

Our conclusion after putting a lot of effort into building an AI interface, a custom AI interface, was that people don't want to people don't want to post a task through AI. That's not what they're thinking.

They're thinking, 'How do I come to Airtasker, and how does AI make it easier for me to get a task done?' It's more that Airtasker can take components of AI and make the Airtasker experience better.

I will continue. From that was from Charlie Song.

Steve, we talked already about brand awareness in the US and the UK. From John B., 'Why did you go with Nine in the latest media deal?

Have ARN and oOh! delivered?'

We have done partnerships with an outdoor company, oOh!, and an audio company, ARN, and Channel 9 obviously brings us the third kind of broadcast media, which is online which is TV and and streaming. They do actually also own QMS now, which is another outdoor brand, which is an interesting an interesting place to to be in.

Overall, we've had a great experience working with ARN and oOh!. Awesome.

We've uplifted our brand. We wanted to add television into that.

Moving into FY27, we're in great discussions about extending partnerships with all of our media partners, and, really emphasizing the ones that have delivered outsized results for us. Using the the marketing mix modeling that we're doing alongside MutinyX, we're really able to see what's working versus not what's not working, really, really exciting.

'UK close to profitability, looking in any new markets?' I think one of the things I wanted to call out here is the the benchmark that we set out, which is over 3 years, we can get to a $25 million GMV run rate generating $5 million in gross margin, and that's enough to keep that marketplace going and easily be profitable.

We're going to we're going to fly through that target, I think, in in the in the fourth quarter. We're at $23 million in March, and, we usually see a good run into the into the year.

I think that really what what we have is is a choice of do we continue to invest in that marketplace and double down on that growth, or do we or do we bring it back to cash neutral, or do we actually start taking dividends out of it to invest into the next market? I'd say with a very cash flow generation mindset, I think the best decision now is to start bringing Airtasker UK back towards profitability.

We are expecting the net burn to be significantly less in '27, FY27 versus '26 for the UK. We will likely still be net cash investors into the UK market, I wouldn't think of it yet as a cash generator, but I would think of it as less of a cash investment, meaning that we can dial up investment elsewhere.

Predominantly, that focus right now is in key cities in the United States, which is going well. We're getting so much inbound interest from from media players all across the world that there really is an an opportunity to, take that effective franchise model and and and move it into new countries, leveraging our our software platform, which we're which we're building and investing into anyway.

From Charlie S., 'Would you agree that the barrier to entry has fallen for developing marketplaces? How do you think about growing, retaining market share outside of network effects and proprietary data?'

It's really interesting to to think about whether the the barriers to entry have increased or decreased for marketplaces. As some examples of where the barriers have actually increased would be, for example, regulatory lock-in.

In Australia, you have to provide, even if you do even one transaction online, you need to provide tax information to the government. That system costs about $1.5 million to $2 million a year to run that system.

It also adds a lot of friction to acquiring taskers onto the on the platform. They've got to put in all of this like verifiable, essentially similar to KYC/AML type information, and we have like 100,000 of these users who have done that.

Replicating that on another marketplace is really, really difficult, especially when you're starting from 1, 2, 3 transactions a year. We know this because we had to start from 1, 2, 3 transactions a year.

I don't think the moat of network effects and regulatory lock-in has gotten any easier. In fact, I think it's probably gone a lot harder, because the cost of marketing has gotten higher, and the cost of capital has most likely gotten harder for marketplaces as well, because, in the in 2010 to 2000 and 20, the general valuation multiple was something like 20 times forward revenue for a marketplace, and now we're probably looking at, in a good world, that someone not that number is probably less than 20 times next year's revenues.

I would say the cost of capital is higher, the cost of marketing is higher, the and and the ability to to do that regulatory stuff is is harder. 'Um how are you planning to pay back media commitments in the near future?'

We have cash on balance sheet to pay back media commitments if we so choose to settle them in cash. As a reminder, it's really our choice to settle them in cash or settle them in in equity.

We have, sufficient cash to settle them all with cash. With respect to future media commitments in the Australian market, we're very much taking the view that we do not want to be dependent on any kind of external funding.

Essentially what that means is that we are storing cash on our balance sheet ready to pay down Australian media notes. With respect to US and UK media notes, we've provided some analysis in the last presentation which spoke to how those media deals get sorted out.

If you kind of look through them, it it it's a very, very, very high probability that we're going to settle them into equity into the local subsidiaries. Then, depending on what the outcome is, settle those again with equity in ART.

Again, as a reminder, all of those choices sit with Airtasker as to repay in cash or repay in equity, we have a lot of flexibility to do that. 'Any plans to spin off Oneflare?'

I I don't have any specific update on that today, but we are watching this business. We've made some significant changes to its cost base, and we're reviewing again this quarter, and we'll have a good update in June.

'Are you looking to exp- ' from Ben A., 'Looking to expand into any other international markets?' We are getting a lot of inbound interest from media companies all around the world going, 'Wow, this model works.'

The model of turning media traffic into transactional models is is really, really exciting. We've got a lot of options there.

The constraining factor, I would say, is the share price, because to go into new markets, it is a net investment, including cash upfront. The two choices are that we continue to just buckle down on what we're doing now, continue to expand the profitability and cash generation of Australia and and and in the UK shortly as well, and then use that cash to expand.

Of course, if if there was a change in the cost of capital, we can put our foot down massively. We think that's a really exciting reason to to be a listed company is that, we we have a couple of, good quarters.

We can really build up that momentum, and if that capital again changes, we can turbocharge our investments into new markets as well. As a reminder, we're using the same piece of software, same piece of software going to new markets.

We're just replicating the marketing, the economics are very exciting. G.

Sladen, 'Are the growing media deals having an impact on the ART share price?' I think it's been quite positive.

I think the media deals have been as people have sort of realized that the cost of capital is 4.9% on the media deals, I think by institutional investors, been perceived very, very well. We're going to continue to deliver results off them.

That is obviously important, but it's also a consistent part of our our strategy moving forward. From Haydn S., 'With the cost of building and testing software falling dramatically, as you've mentioned, I'm curious about what's on the product roadmap for projects and initiatives that perhaps weren't economically viable to test and roll out 12 to 18 months ago?'

Oh man, this is this is what gets me excited. Things that, whether literally felt like they were 3 to 5 years away are now 3 to 5 months away.

I think membership is a really, really exciting product vector, which we are charging down, and there's so many iterations and variations on this. I think recurring tasks and rebooking was always something that was it was pretty heavy lift on the software side, and the pace of iteration on rebooking has been incredible.

Gift cards, I think Airtasker as a gift is also a very, very interesting product vector, which I think you're going to see a lot of, rapid iteration on. Then in the big picture, I think the financial ecosystem that Airtasker is building, it's a sort of 200 closing on 250 million GMV marketplace now, and a lot of that money just is sort of transient and sort of moves through Airtasker.

Building out an ecosystem which retains some of that financial value moving around is is very, very exciting to me, and and so, watch this space. I think you're going to see a lot of movement in that space, and we'll endeavor to share more on on the product update side.

Then lastly, other AI partnerships, I know we talked about we talked about AI a little bit, but yeah, at every layer, we are considering AI, but also being quite balanced, because I think there are a lot of companies just investing for the sake of investing, and, that's great for Anthropic, and I think it's it's kind of genius the way that Anthropic's kind of told you, 'If you don't spend money with us, your business is over, spend all your money with us.' Packaged up in a very marketable and positive way.

I think it's also important as the investor of that money to be really responsible and intentional about how we spend it, we're going to continue to do that. Thanks so much, and glad that we actually got to go through all of the questions today.

Apologies for the technical glitch earlier, and hope everyone has a has a great day, and we can see some positive moves on the share price. If we do, I think we can have some great compounding impact into the future.

Thanks so much, everyone.