AIRTASKER LIMITED — AGM Information 2022

Nov 22, 2022

FY22 Annual General Meeting

23 November 2022

No representation or warranty, whether express or implied, is made by any person as to the fairness, accuracy, completeness or correctness of the information, opinions and conclusions contained in this presentation. You should carry out your own investigations and analysis of Airtasker and verify the accuracy, reliability and completeness of the information contained in this presentation. Neither Airtasker nor any of its related bodies corporate, directors, employees, agents and advisers accept any responsibility for any loss arising from anyone acting or refraining from acting in reliance on the contents of this presentation.

This document has been prepared for publication in Australia and may not be released to US wire services or distributed in the United States. By receiving this document you are deemed to confirm, represent and warrant to Airtasker and its related bodies corporate and each of their directors, employees, agents and advisers that you agree to be bound by the limitations and

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Australia’s no. 1
marketplace
for local
services [1]
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Connecting people
who need work done,
with people who
want to work.
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1. By Gross Marketplace Volume transacted per month in June 2022.

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To empower people to realise the full value of their skills
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Steven C.
“Airtasker has changed my
life. Now I’m running my
own business, which is
great. It’s awesome being
your own boss and being
able to work in your own
time. Just log in and start
getting tasks. There are
various tasks, small to large
and anything you’re good
at, just use your skill set.
You can earn whatever you
want, the sky’s the limit.”
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Sifat R.

“I was very concerned when the price of everything went up. I’ve got a new baby and we hardly have any savings. I’m now coping thanks to being able to pick up extra jobs on Airtasker. I looked after a rabbit for a few weeks when the owners went on holiday and got paid £200! It’s such a relief being able to go to a platform where I can find quick and easy jobs in my area. It means I can choose my own hours making childcare easier.”

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To empower people to realise the full value of their skills
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7%
of Australians use an
online platform to find
work [1]
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34%
of platform workers
use Airtasker [2]
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$2B
in work opportunities
created through
Airtasker [3]
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  - people in our community to generate additional income.

• Softening the impact when people leave full time work or want to ease back into full time work.

• ● Enabling people and skills to move to where there is greatest

• Frost and Sullivan, 2021 (The Report of the Inquiry into the Victorian On-demand Workforce, June 2020). 2. Frost and Sullivan, 2021 (Victorian Department of Premier and Cabinet, Digital Platform Work in Australia, 2019). 3. Cumulative posted task value from inception to Q1 FY23.

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Building the world’s most trusted place
to buy and sell local services
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Open Marketplace

Built on transparency and accountability to enable trust with an efficient, light touch operating model.

Infinitely Horizontal

Customers can get almost any task done, bringing together a highly fragmented local services industry and creating entirely new industries.

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Efficient marketplace model with cumulative network effects drives organic customer acquisition and strong unit economics

Light touch operating model combined with cumulative reputation data results in a sticky user base and strong competitive advantage.

Organic customer acquisition

Low reliance on paid marketing with over 442,000 unique paying customers (UPCs) in the 12 months to Q1 FY23 of which 63%+ are repeat UPCs and 80%+ of new UPCs are from non-paid acquisition.

Strong unit economics

Average task price demonstrated consistent growth to $250 in Q1 FY23. Gross margin increased to 94% with variable input costs being largely untethered to inflation.

5M+ User reviews

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442,000 UPC in TTM

$250+ Average task price

94%

Gross margin

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1. Statistics on this slide relate to the Airtasker marketplace excluding the Oneflare marketplace.

Q1 FY23 revenue increased 80% on pcp to $10.5M[1]

$63.4M[2]

+82% on pcp

$10.5M[2]

+80% on pcp

Q1 FY23 Gross Marketplace Volume (GMV)[1] increased to $63.4M[2] (up 82% on prior comparable period (pcp)) whilst revenue increased to $10.5M[2] (up 80% on pcp).

Excluding Oneflare, GMV increased 39% on pcp to $48.2M[2] and revenue increased 36% on pcp to $8.0M[2] .

1. GMV represents the total price of all tasks booked through the Airtasker marketplace before cancellations and inclusive of price adjustments between customers and taskers, bonuses paid by customers to taskers, and fees payable by customers and taskers to Airtasker, and any applicable sales taxes plus Oneflare GMV estimated by dividing total Oneflare marketplace revenue by the Airtasker marketplace take rate.

2. Amounts are unaudited.

3. Prior comparable period did not include a contribution from the Oneflare marketplace acquired on 25 May 2022.

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Strong focus on managing operating cash burn

• New CFO Mahendra Tharmarajah appointed October 2022 with over 25 years experience in listed and unlisted environments, scaling entrepreneurial high growth technology businesses and turning around mature scaled businesses.

• ● Strong cash position with $26.5M[1] on balance sheet and no debt. ● A program of cost management initiatives, including a reduction in R&D and non-revenue related headcount was implemented in Q4 FY22 and Q1 FY23.

• [1] in redundancy costs.

Balance Sheet $M

30 Sep 221 30 Jun 22 Variance %	30 Sep 221 30 Jun 22 Variance %	30 Sep 221 30 Jun 22 Variance %	30 Sep 221 30 Jun 22 Variance %
Cash and cash equivalents 26.5 23.7 11.8% Trade and other current assets 2.2 6.5 (66.2%) Non-current assets 27.9 24.7 13.0%
Total assets	56.6	54.9	3.1%
Trade and other payables 5.5 7.3 (24.7%) Unclaimed customer credits 4.9 4.7 4.3% Other current liabilities 7.3 4.7 55.3% Non-current liabilities 1.3 1.2 8.3%
Total liabilities	19.0	17.9	6.1%
Net assets	37.6	37.0	1.6%
Issued equity 139.5 133.8 4.3% Reserves 16.8 18.2 (7.7%) Accumulated losses (118.7) (115.0) 3.2%
Equity	37.6	37.0	1.6%

1. Amounts are unaudited.

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Marketplace staging and strategy

Our strategy

Stages of marketplace growth

Australia: Scaling our home marketplace

Leverage network effects in scaling marketplaces to produce strong margins and positive cashflows.

• Driving frequency - invest in core product to drive returning users and unlock new customer interactions (eg. rebooking, Oneflare high value trades).

• Marketing - continue to invest in brand trust and profitable marketing tactics to drive gross profit.

Investment

US & UK: Building new marketplaces

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Scaling
One to 100
Zero to one
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Invest cashflows generated by scaled marketplace in Australia to develop network effects in new marketplaces in US and UK.

The chart above illustrates overall Airtasker Gross Marketplace Volume (GMV) growth over 10 years demonstrating three clear phases of growth (based on our Australian marketplace experience) and future international marketplace growth potential.

• Zero to one - drive Tasker engagement by building a growing stream of job opportunities (posted tasks).

• One to 100 - balance supply and demand to drive marketplace activity and grow GMV.

Our US marketplace is currently in the initial “zero to one” phase whilst our UK marketplace is in the second “one to 100” phase. Our Australian marketplace is now in the “scaling” phase demonstrating strong margins and generating significant positive cashflows.

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Marketplace staging economics

Airtasker operates marketplaces at different stages of maturity with economics differing significantly depending upon stage of development:

• Scaling (eg. Australia)

• One to 100 (eg. UK)

• Zero to one (eg. US)

To illustrate these economics, management has prepared a notional (non-statutory) split of financial performance based on the following:

• Revenue attributed to each local marketplace based on customer location.

• All marketing, infrastructure and customer support costs attributed to local marketplaces on a proportional traffic, spend or customer volume basis.

• Global head office costs includes both operating and innovation expenditure:

• Operating expenditure refers to the Airtasker and Oneflare platform engineering, product support and maintenance as well as back office support functions (leadership, legal, finance and people operations).

• Innovation expenditure refers to the Airtasker and Oneflare platform non-capitalisable expenditure associated with the development of new features designed to enhance the customer experience, increase long term GMV and grow long term revenue.

Framework for understanding economics of marketplaces at different stages of maturity

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Global Head Office
Operating Innovation
expenditure expenditure
Australia UK US
Scaling New marketplaces
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Australian marketplace generates positive EBITDA after covering Global Head Office operating costs

• In Q1 FY23, Airtasker’s Australian marketplace generated EBITDA[1] of $5.8M. ● Australian marketplace EBITDA covers the global head office operating expenditure[2] (excluding global innovation expenditure[3] ) with a combined EBITDA of $0.1M.

• We are committed to innovation expenditure to realise long term growth opportunities (eg. rebooking via our Contacts product and high value trades via investment in Oneflare and Airtasker Pro).

• We continue to build new marketplaces internationally in the US and UK, leveraging our scalable software platform, global head office operations and innovation expenditure.

• Creating new marketplaces in the US and UK requires upfront investment primarily in the form of variable marketing expenditure (ie. paid advertising) to drive user acquisition and establish early network effects.

• Airtasker reports and manages the business as a single operating unit. Calculations including EBITDA splits shown are estimates based on management assumptions and judgement, are unaudited and are provided for illustrative purposes only to demonstrate the contribution of various marketplaces.

• Operating expenditure refers to the Airtasker and Oneflare platform engineering, product support and maintenance as well as back office support functions (leadership, legal, finance and people operations).

• Described as “R&D expense” in prior periods, innovation expenditure refers to the Airtasker and Oneflare platform non-capitalisable expenditure associated with the development of new features designed to enhance the customer experience, increase long term GMV and grow long term revenue.

Non-statutory Profit and Loss $M

Scaled Marketplace		**Q1 FY231 **	**Q1 FY221 **	Variance
AU Revenue		$10.3	$5.7	80.7%
AU Gross margin		$9.8	$5.3	84.9%
AU operating costs (marketing, customer support, etc)		($4.0)	($1.5)	166.7%
AU marketplace EBITDA		$5.8	$3.8	52.6%
Global Head Ofce
Operating expenditure		($5.7)	($3.8)	50.0%
AU marketplace + Global Head Ofce EBITDA		$0.1	($0.0)	>100.0%
Innovation expenditure		($1.0)	($1.2)	(16.7%)
New Marketplaces
New marketplaces (US and UK) EBITDA		($1.4)	($1.4)	0.0%
Airtasker Group EBITDA		($2.3)	($2.6)	(11.5%)

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In Australia, we are in the “scaling”
phase of marketplace growth focussed
on driving profitable revenue and gross
profit.
In Q1 FY23 revenue grew 79% on pcp
to $10.3M [1] while gross profit grew 83%
on pcp to $9.8M [1] driving an Australian
marketplace EBITDA contribution of
$5.8M [2] .
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Revenue

1. Comprising the Australian Airtasker and Oneflare marketplaces. Amounts are unaudited.

2. provided for illustrative purposes only to demonstrate the contribution of various marketplaces.

are

AU: Scaling marketplace - improving frequency

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Grow into the potential of the Australian local services space by improving frequency via returning users and unlocking new use cases.

Improving marketplace reliability through greater transparency and accountability

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Contacts: Driving purchase frequency by enabling same Customer, same Tasker re-booking

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Smart Tasker Alerts: Enhancing Tasker engagement and improved matching of skills to tasks

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GMV

Revenue

1. Amounts are in AUD thousands and are unaudited.

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UK: New marketplace - growing broad brand awareness
Leverage partnerships, press and paid media to maintain
and grow our brand awareness
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Hire a Prince Harry lookalike for Queens Jubilee on Airtasker, May 26

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Demand - posted tasks	13,000 posted tasks 4.7xgrowth on pcp

Supply Tasker	Supply Tasker	- ofers	19x	19,000 ofers made growth on pcp

US: New marketplace - establishing brand awareness

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• LA market launch - chosen as a tier-1 media obsessed market that has an outsized impact on the US

• Press - highlight the longtail of tasks that we are famous for in our established markets to inspire usage

• Paid performance and SEO - convert awareness or demand into posted tasks

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Trust and Safety: Our approach to Cybersecurity

The trust and safety of our marketplace users is critical to our success.

The Australian Cyber Security Centre reported that Australia alone saw a cybersecurity incident every 7 mins in 2022[1] , with many Australians and those abroad impacted by private information leaks or financial impacts of digital fraud.

We’ve continued to invest in strengthening the security of our systems and our overall security practices to ensure our customers, staff and business data are safe.

IT security

• Increased staff security and phishing awareness training

• Upgraded device management, VPN, antivirus and ransomware protection

• Upgraded security monitoring, detection and alerting technology (SIEM)

Cloud security

• Security tested and audited Airtasker and Oneflare platforms

• Hired dedicated security engineering staff and moved security operations internally

• Invested in ISO 27001 + NIST benchmarking and improvement program

32%

Improved incident team response time

289%

Investment in cybersecurity + marketplace safety[2]

24%

Reduction in customer group chargebacks[2]

1 https://www.cyber.gov.au/acsc/view-all-content/reports-and-statistics/acsc-annual-cyber-threat-report-july-2021-june-2022

2 Calculated as the year to 30 September 2022 compared with the year to 30 September 2021.

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Our People:
Empowering us all to realise the full value of our skills
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Airtasker is an exciting place for top talent.

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Investing in the growth of our people:
● Airtime, a dedicated 1 day per week for deep flow work that allows our
people time to focus, grow their skills and achieve more.
● Manager Training that develops the best leaders for our business.
● ‘Airsessions’, our education instrument on topics that impact our people.
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in Manila to enhance our employee
- best practices toolkit for ensuring our
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FY23 outlook: Airtasker well positioned to benefit in an inflationary macro environment

Essential versus discretionary demand

Approximately 70% of total marketplace demand is considered to be essential (non-discretionary[1] ) services.

Potential macro factors driving Airtasker demand:

Increased marketplace demand

• Flexible labour represents a lower cost alternative compared to traditional labour sources

70% of Airtasker jobs are essential (non-discretionary[1] ) services

• Lower consumer confidence and less overall demand for services

Potential macro factors driving Airtasker supply:

• Less economic growth and jobs created

Increased availability of workers

• Increased cost of living

Incentives to seek more income

• Reversal of immigration barriers and Covid-related absenteeism

Increased worker availability

70% Essential services (non-discretionary1)

1. Discretionary services defined as those that would be considered ‘optional’ when there are changes impacting household wealth or the prices of goods and services, as defined by the Australian Bureau of Statistics https://www.abs.gov.au/articles/measuring-non-discretionary-and-discretionary-infation.

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MISSION
To empower
people to realise
the full value of
their skills
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Thank you.