AIRTASKER LIMITED — Interim / Quarterly Report 2022

Jan 30, 2022

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31 January 2022

ASX Announcement Airtasker Limited (ASX Code: ART)

December quarter 2021 - Appendix 4C and quarterly activity report

Highlights:

• Q2 Gross Marketplace Volume (GMV) up 39% quarter-on-quarter to $48.6 million

• Q2 revenue up 37.5% quarter-on-quarter to $8.1 million

• Record weekly GMV run rate of $4.5 million achieved in December

• UK Q2 GMV up 121% on prior year comparable period (pcp), US posted task growth up 71% quarter-on-quarter

• H2 guidance upgraded 4.8% from $105m to $110m due to current underlying GMV growth trajectory and clear outlook on no further lockdowns.

Airtasker posted another strong quarter of growth with GMV increasing 39% quarter-on-quarter to $48.6 million (up 23% on pcp) and revenue up 37.5% QoQ to $8.1 million (up 16.6% on pcp).

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Following easing of lockdowns in Q2[1] , weekly GMV increased to $4.5 million in December 2021 representing accelerating year-on-year growth from peak-to-peak. The rebound was supported by customer acquisition being up 2.1% on pcp in October, 6.6% on pcp in November and 8.9% on pcp in December whilst average task price in Q2 increased to $255 (up 24% on pcp).

Commenting on the results, Airtasker Co-founder and CEO Tim Fung said, “The strong performance this quarter demonstrates the robust and resilient underlying growth of the Airtasker marketplace. Based on our current growth trajectory, a clear outlook on no further lockdowns and an exciting product and marketing roadmap - we’re super pleased to be upgrading our H2 guidance for FY22.”

Guidance upgrade

Initial guidance (provided May 2021, prior to lockdowns commencing in June 2021) was FY22 GMV of $200m split $95m and $105m (47/53%) between H1 and H2. Whilst lockdowns impacted H1, the company has upgraded H2 guidance based on strong growth trajectory and increased marketing investment.

H2 GMV guidance is increased to $107-$110m GMV representing full year GMV of $191m-194m GMV and lockdown-adjusted GMV of $205-208m. The upgraded guidance is supported by:

• Assumption of no further lockdowns

• Current underlying GMV trajectory outperforming initial guidance

• Ramp up of working-media marketing investment in H2 with a forecast H1/H2 split of media spend being approximately 25/75%.

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132 major city-days in lockdown in Q2 FY22 versus 188 major city-days in lockdown in Q1 FY22. Source: abs.gov.au/articles/impact-lockdowns-household-consumption-insights-alternative-data-sources

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International growth

The US marketplace saw posted task growth of 71% QoQ[2] . In the first 6 months since launching in the US, Airtasker has focussed on 4 key cities (Atlanta, Kansas City, Dallas and Miami) however additional Airtasker marketplaces are also emerging in non-core cities across the US. In line with seasonal demand, US marketing investment will increase in H2 FY2 (working-media marketing investment H1/H2 split of 20/80%).

UK Q2 GMV was up 121% on pcp[3] . Growth was a result of both demand and supply sides of the marketplace growing in sync: In Q2, UK demand (posted tasks) grew by 106% on pcp with Tasker engagement (offers made) up 102% on pcp. A dedicated UK Country Manager is now in place focused initially on London GMV growth and an above-the-line marketing campaign is planned in Q4 (working-media marketing investment H1/H2 split of 20/80%).

Leadership team appointments

Strong key additions to the executive leadership team continue with the appointment of Isa Notermans (former Global Head of Diversity at Spotify) in the role of Chief HR Officer and Patrick Collins (former Head of Product and Technology at Zip) in the role of Chief Product Officer.

Use of funds

In accordance with ASX Listing Rule 4.7C.2, Airtasker provides the following update on its use of funds (unaudited):

Use of Funds	$m	Spend to 31-Dec-21 ($m)	Status
Marketing (including international)	8.0	5.2	On track
Product development	5.0	3.1	On track
Ofer costs	3.1	2.7	Final
Total	16.1	11.0	On track

$0.032 million of related party payments were made in Q2 FY22. All numbers are unaudited.

-- ENDS --

2 In the “zero to one” stage of marketplace development, our focus is on creating a steadily increasing flow of job opportunities (posted tasks) in order to build Tasker engagement. 3 In the second “one to 100” stage of marketplace development, we continue to drive posted tasks whilst increasing emphasis on Tasker engagement and GMV.

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For further information, please contact:

Media Enquiries

Alex Beashel alex.beashel@airtasker.com +61 466 308 667

Investor Relations

www.investor.airtasker.com investors@airtasker.com

About Airtasker

Airtasker (ASX: ART) is Australia’s leading online marketplace for local services, connecting people and businesses who need work done with people who want to work. With its mission to empower people to realise the full value of their skills, Airtasker aims to have a positive impact on the future of work by creating truly flexible opportunities to work and earn income. Since launching in 2012, Airtasker has enabled more than $1.7 billion in working opportunities and served more than 1.2 million unique paying customers. For more information visit: investor.airtasker.com

This announcement was approved for release by the Board of Directors of Airtasker Limited.

Rule 4.7B

Appendix 4C

Quarterly cash flow report for entities subject to Listing Rule 4.7B

Name of entity

Airtasker Limited

ABN 53 149 850 457

Quarter ended (“current quarter”) December 2021

Consolidated statement of cash flows	Current quarter $A’000	Year to date (6 months) $A’000
1. Cash flows from operating activities 1.1 Receipts from customers 1.2 Payments for (a) research and development (b) product manufacturing and operating costs (c) advertising and marketing (d) leased assets (e) staff costs (f) administration and corporate costs 1.3 Dividends received (see note 3) 1.4 Interest received 1.5 Interest and other costs of finance paid 1.6 Income taxes paid 1.7 Government grants and tax incentives 1.8 Other – GST and FBT 1.9 Net cash from / (used in) operating activities	9,208 - (1,135) (5,560) (2) (4,584) (1,952) - 22 (0) - - (659)	15,751 - (1,693) (7,217) (4) (10,165) (3,690) - 22 (1) - - (1,752)
	(4,662)	(8,749)
2. Cash flows from investing activities 2.1 Payments to acquire or for: (a) entities (b) businesses (c) property, plant and equipment (d) investments (e) intellectual property (f) other non-current assets	- (333) (149) - (1,800) -	- (333) (206) - (3,302) -

ASX Listing Rules Appendix 4C (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.

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Appendix 4C Quarterly cash flow report for entities subject to Listing Rule 4.7B

Consolidated statement of cash flows	Consolidated statement of cash flows	Current quarter $A’000	Year to date (6 months) $A’000
2.2 Proceeds from disposal of: (a) entities (b) businesses (c) property, plant and equipment (d) investments (e) intellectual property (f) other non-current assets 2.3 Cash flows from loans to other entities 2.4 Dividends received (see note 3) 2.5 Other (provide details if material) 2.6 Net cash from / (used in) investing activities		- - - - - - - - -	- - - - - - - - -
		(2,282)	(3,841)
3. Cash flows from financing activities 3.1 Proceeds from issues of equity securities (excluding convertible debt securities) 3.2 Proceeds from issue of convertible debt securities 3.3 Proceeds from exercise of options 3.4 Transaction costs related to issues of equity securities or convertible debt securities 3.5 Proceeds from borrowings 3.6 Repayment of borrowings 3.7 Transaction costs related to loans and borrowings 3.8 Dividends paid 3.9 Other – lease liabilities 3.10 Net cash from / (used in) financing activities		- - 870 - - - - - (125)	- - 941 - - - - - (250)
		745	691
4. 4.1 4.2 4.3	Net increase / (decrease) in cash and cash equivalents for the period Cash and cash equivalents at beginning of period Net cash from / (used in) operating activities (item 1.9 above) Net cash from / (used in) investing activities (item 2.6 above)	40,181 (4,662) (2,282)	45,857 (8,749) (3,841)

ASX Listing Rules Appendix 4C (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.

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Appendix 4C Quarterly cash flow report for entities subject to Listing Rule 4.7B

Consolidated statement of cash flows	Consolidated statement of cash flows	Current quarter $A’000	Year to date (6 months) $A’000
4.4 4.5 4.6	Net cash from / (used in) financing activities (item 3.10 above) Effect of movement in exchange rates on cash held Cash and cash equivalents at end of period	745 (10)	691 14
		33,972	33,972
5. Reconciliation of cash and cash equivalents at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts		Current quarter $A’000	Previous quarter $A’000
5.1 Bank balances 5.2 Call deposits 5.3 Bank overdrafts 5.4 Other (provide details) 5.5 Cash and cash equivalents at end of quarter (should equal item 4.6 above)		33,972 - - -	40,181 - - -
		33,972	40,181
6. Payments to related parties of the entity and their associates			Current quarter $A'000
6.1 Aggregate amount of payments to related parties and their associates included in item 1 25 6.2 Aggregate amount of payments to related parties and their associates included in item 2 7 Note: if any amounts are shown in items 6.1 or 6.2, your quarterly activity report must include a description of, and an explanation for, such payments.			25
			7

ASX Listing Rules Appendix 4C (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.

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Appendix 4C Quarterly cash flow report for entities subject to Listing Rule 4.7B

7. 7.1 7.2 7.3 7.4 7.5 7.6	Financing facilities Note: the term “facility’ includes all forms of financing arrangements available to the entity. Add notes as necessary for an understanding of the sources of finance available to the entity. Total facility amount at quarter end $A’000 Amount drawn at quarter end $A’000 Loan facilities - - Credit standby arrangements - - Other (please specify) - - Total financing facilities - - Unused financing facilities available at quarter end - Include in the box below a description of each facility above, including the lender, interest rate, maturity date and whether it is secured or unsecured. If any additional financing facilities have been entered into or are proposed to be entered into after quarter end, include a note providing details of those facilities as well.	Total facility amount at quarter end $A’000	Amount drawn at quarter end $A’000
		-	-
		-	-
		-	-
		-	-
	N/A - no financing arrangements available to the company.

8.	Estimated cash available for future operating activities	$A’000
8.1 8.2 8.3 8.4 8.5 8.6	Net cash from / (used in) operating activities (item 1.9) (4,662) Cash and cash equivalents at quarter end (item 4.6) 33,972 Unused finance facilities available at quarter end (item 7.5) - Total available funding (item 8.2 + item 8.3) 33,972 Estimated quarters of funding available (item 8.4 divided by item 8.1) 7 Note: if the entity has reported positive net operating cash flows in item 1.9, answer item 8.5 as “N/A”. Otherwise, a figure for the estimated quarters of funding available must be included in item 8.5. If item 8.5 is less than 2 quarters, please provide answers to the following questions: 8.6.1 Does the entity expect that it will continue to have the current level of net operating cash flows for the time being and, if not, why not?	(4,662) 33,972 -
		33,972
	Answer: N/A
	8.6.2 Has the entity taken any steps, or does it propose to take any steps, to raise further cash to fund its operations and, if so, what are those steps and how likely does it believe that they will be successful?
	Answer: N/A
	8.6.3 Does the entity expect to be able to continue its operations and to meet its business objectives and, if so, on what basis?
	Answer: N/A
	Note: where item 8.5 is less than 2 quarters, all of questions 8.6.1, 8.6.2 and 8.6.3 above must be answered.

ASX Listing Rules Appendix 4C (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.

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Appendix 4C Quarterly cash flow report for entities subject to Listing Rule 4.7B

Compliance statement

• 1 This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A.

• 2 This statement gives a true and fair view of the matters disclosed.

Date: ................................................................................... 31 January 2022

The board Authorised by: ...................................................................................

(Name of body or officer authorising release – see note 4)

Notes

1. This quarterly cash flow report and the accompanying activity report provide a basis for informing the market about the entity’s activities for the past quarter, how they have been financed and the effect this has had on its cash position. An entity that wishes to disclose additional information over and above the minimum required under the Listing Rules is encouraged to do so.

2. If this quarterly cash flow report has been prepared in accordance with Australian Accounting Standards, the definitions in, and provisions of, AASB 107: Statement of Cash Flows apply to this report. If this quarterly cash flow report has been prepared in accordance with other accounting standards agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent standard applies to this report.

3. Dividends received may be classified either as cash flows from operating activities or cash flows from investing activities, depending on the accounting policy of the entity.

4. If this report has been authorised for release to the market by your board of directors, you can insert here: “By the board”. If it has been authorised for release to the market by a committee of your board of directors, you can insert here: “By the [ name of board committee – eg Audit and Risk Committee ]”. If it has been authorised for release to the market by a disclosure committee, you can insert here: “By the Disclosure Committee”.

5. If this report has been authorised for release to the market by your board of directors and you wish to hold yourself out as complying with recommendation 4.2 of the ASX Corporate Governance Council’s Corporate Governance Principles and Recommendations , the board should have received a declaration from its CEO and CFO that, in their opinion, the financial records of the entity have been properly maintained, that this report complies with the appropriate accounting standards and gives a true and fair view of the cash flows of the entity, and that their opinion has been formed on the basis of a sound system of risk management and internal control which is operating effectively.

ASX Listing Rules Appendix 4C (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.

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