AIRTASKER LIMITED — Investor Presentation 2021

Aug 18, 2021

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FY21 Annual Results Presentation CONFIDENTIAL

19 August 2021

Disclaimer

The following disclaimer applies to this presentation. Please consider its contents carefully. By accepting this presentation, you acknowledge that you are receiving it on the basis set out in the following paragraphs. This presentation has been prepared by Airtasker Ltd ( Airtasker ). Any capitalised terms not defined where they occur are defined in the glossary at the end of this presentation.

Currency of information

The information contained in this presentation is current as at the date of this presentation or such earlier date as specified in this presentation.

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Forward looking information

This presentation contains certain forward-looking statements that involve risks and uncertainties. Airtasker can give no assurance that these expectations will prove to be correct. You are cautioned not to place undue reliance on any forward-looking statements. Actual results may differ materially from those anticipated in these forward-looking statements due to many important factors, risks and uncertainties including, without limitation, risks associated with future capital needs and general economic uncertainty. Airtasker does not undertake any obligation to release any revisions to any “forward-looking statement” to reflect events or circumstances after the date of this presentation, except as may be required under applicable laws.

Summary information

The information in this presentation is of a general nature only. It does not purport to be complete.

This presentation is not a prospectus or other disclosure document. This presentation is not an invitation or offer of securities in Airtasker for subscription, purchase or sale in any jurisdiction.

Third party information

Certain market and industry data used in connection with this presentation may have been obtained from research, surveys or studies conducted by third parties, including industry or general publications. Neither Airtasker nor any of its related bodies corporate, directors, employees, agents or advisers have independently verified any such market or industry data.

Historical information

Past performance information in this presentation is given for illustrative purposes only and should not be relied upon as, and is not, an indication of future performance.

Financial information

This presentation contains certain financial information. The financial information has been presented in an abbreviated form insofar as it does not include all the presentation and disclosures, statements or comparative information as required by the Australian Accounting Standards, the International Financial Reporting Standards (including the interpretations of the International Financial Reporting Interpretations Committee) and other mandatory professional reporting requirements applicable to financial reports prepared in accordance with the Corporations Act. Financial information for FY20 and FY21 has been audited. All historical financial information prior to FY20 is unaudited and based on management accounts. All currency is in Australian dollars unless otherwise indicated.

Disclaimer

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.

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Australia’s no.1 marketplace for local services[1] Connecting people who need work done , with people who want to work

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Simple ecommerce for local services

Buying products online is simple and easy...

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...but buying services has been such hard work, many people avoid it...

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Ask a friend? Classifieds? Lead gen?

NOTES

1. By Gross Marketplace Volume transacted per month in Dec 2020.

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We create jobs, purpose and income

Our mission:

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

We believe that people matter and that every single person has unique skills .

$1.1B+

7.1%

34.8%

in work opportunities created through the Airtasker marketplace[3]

of platform workers used Airtasker, making Airtasker the most commonly-used platform[2]

of Australians use an online platform to find work each year[1]

NOTES

1. 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 to Dec 2020.

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Covid: temporary impact, long term accelerant to the future of work

• Lockdowns have impacted marketplace activity in Q1 FY22 with weekly GMV down ~12% during July compared to pre-lockdown. Current and potential future lockdowns may further impact marketplace activity.

• As with previous lockdowns, we have seen a change in the mix of services being offered and a number of services being provided remotely rather than in-person.

• In previous lockdowns, Airtasker has seen a strong bounce back in marketplace volumes as soon as restrictions ease.

In line with our mission, Airtasker is taking a long term view to job creation and empowering new work opportunities:

• Support for Taskers that can’t work during lockdowns

• Functionality to enable Covid-safe work

• Investment in new marketplace models that empower Taskers to generate greater income

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Tier status restoration Covid vaccination badges Community support packages Enabling virtual services

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Marketplace adaption and bounce back:

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Service providers adapt to changing market conditions:

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5.0 (5) New! 5.0 (13) 5.0 (1)
Baby Shower - Remote Thai Cooking Virtual Assistant for Personalised Princess
Remote Event Planner Instruction small business and Video Messages!
trades
From $150 $180 From $35 From $40
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Significant growth in consumer adoption and marketplace activity despite ongoing Covid lockdown disruptions

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415K+ 1.9x $198
Unique paying customers Frequency Average task price
forecast 405k forecast $189
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$153M+
Gross marketplace volume (GMV)
forecast $143.7m; +35% YoY growth rate
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User-aligned business model and light touch operations deliver revenue growth with strong gross margins

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17.4% $26.6M 93% $24.8M
Take Rate Revenue Gross Margin Gross Profit
forecast $24.5M; +38% YoY growth rate +39% YoY growth rate
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NOTES

GPAPA

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1. Gross Profit After Paid Acquisition

With positive operating cashflow and a strong cash balance, we are well positioned to invest in international expansion

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Positive operating cashflow

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Target International GMV run rate Jun-22 annualised run rate (ARR) of $8 - 10m[1]

International GMV Opportunity

Laying the foundations for future growth

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NOTES

1. Annualised run rate based on June monthly GMV x 12 months

Australia Global Ex-Australia

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Enormous global opportunity

$600+ billion global TAM for existing local service industries across Australia, US and UK.

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1 $52B

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1 $70B

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$500B 1

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Expanded further by creation of new “long tail” service industries...

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New service industries facilitated by
the Airtasker marketplace
Flatpack furniture assembly
Drone retrieval services
Spider removal services
Date night planning
Halloween costume making
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Existing industries within
the Airtasker
marketplace
Home services Business services
Cleaning Office administration
Removalists Event organisation
Professional trade & Accounting and
handyman services legal services
Creative services
Photography
Content production
Architecture
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NOTES

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1. Frost and Sullivan, 2021. Refer to Section 2 of the Prospectus.

FY22 outlook: International investment will lay foundations for significant GMV growth opportunity in FY23 onwards...

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Despite H1 Covid lockdowns impacting H1/H2 GMV split, we remain confident and focussed on long term growth, and over FY22 and FY23 we plan to invest $20m to ignite city-level markets in the US and UK with a primary focus on identifying scalable growth tactics (the “playbook”) whilst maintaining a sustainable cash burn rate. As seams of repeatable growth are identified, we’ll double down to absorb a massive international GMV opportunity.

GMV Revenue International GMV run rate International GMV Opportunity FY22 GMV exceeds $200M FY22 Revenue exceeds $35M Jun-22 annualised run rate (ARR) of Laying the foundations for future growth $8 - 10m[1]

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NOTES

Australia Global Ex-Australia

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1. Annualised run rate based on June monthly GMV x 12 months

Our growth strategy:

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01 02 03
Marketing Superstore International
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1. Update: Marketing

Following the hire of CMO Noelle Kim, we are currently investing in core marketing infrastructure ahead of a ramp up in investment:

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• Gross margin, GPAPA and unit economics continue to track well despite impact of Covid lockdowns in Australia

• Hired CMO Noelle Kim (former Head of Marketing Facebook APAC) and commenced build out of marketing organisation

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• Initial paid marketing investments in AU and UK delivering strong early results for both demand and supply

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• Adjusting marketing media spend in line with Covid impact (geographical and category mix)

Significant PR wins leveraging user generated content and data-backed trends

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2. Update: Superstore rollout

Airtasker Listings

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Listings launched Q3 FY21 - 25,000 listings created to date

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Listing bookings growing at 24% week-on-week

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Unlocking new service categories including online fitness training, tutoring and creative services

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Weekly Bookings growth

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3. Update: International expansion

Organic growth in city-level markets in the UK and US is tracking ahead of initial expectations:

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• UK organic growth accelerated by Covid recovery tailwinds and strong return on initial paid marketing investment

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• US expansion and integration of Zaarly (a US-based local services marketplace acquired in May 2021) progressing well

• Preparing to ignite city-level markets in Kansas City, Dallas and Miami, focused on CRM, paid marketing and PR

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3 US city-level markets ignited in H1 FY22:

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UK Weekly Gross Marketplace Volume

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GBP:AUD = 1.89

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FY21 performance overview

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415K 1.9x $198 $153.1M 232%
Active customers Frequency Average task price Gross marketplace volume (GMV) YoY growth
forecast 405k forecast $189 forecast $143.7m; +35% YoY growth rate UK GMV
$26.6M 93% $5.5M $8-10M
Revenue Gross margin Positive operating cashflow International annualised run rate
forecast $24.5M; +38% YoY growth rate
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Empowering people to realise the full value of their skills.

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Appendices

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Income statement

$ millions			FY21	FY20	Change
Revenue			26.6	19.3	38.0%
Cost of sales			(1.7)	(1.3)	28.8%
Gross proft			24.8	17.9	38.7%
Paid and direct marketing			(1.6)	(0.7)	150.3%
Gross proft after paid acquisitions (‘GPAPA’)			23.2	17.3	34.4%
Underlying pro forma EBITDA1			0.0	(4.0)	99.0%
Depreciation and amortisation			(2.2)	(1.2)	78.8%
Underlying pro forma EBIT			(2.2)	(5.2)	57.2%
Net interest income / (expense)			(0.1)	(0.0)	155.8%
Underlying pro forma net proft / (loss) after tax			(2.3)	(5.3)	55.8%

NOTES 1. Underlying pro forma EBITDA removes share-based payments expense, non-recurring capital raising and acquisition costs, and Government subsidies (to calculate Underlying EBITDA ), and then adds listed company costs that were not incurred in FY21 and FY20, as if the Group was listed for a full year (to calculate Underlying pro forma EBITDA ). See reconciliation at right for further detail.

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Commentary:

• Revenue growth of 38% achieved despite lockdowns in key markets, and with expenses below forecast.

• Expenses below prospectus forecast.

• Positive $1.3 million underlying EBITDA compared with $(1.8 million) in FY20 ($0.0 million underlying EBITDA after pro forma adjustments adding incremental listed company costs not incurred in FY21).

• Majority of share-based payments expense in FY21 and FY20 relate to legacy arrangements (not reflective of listed cost base).

Reconciliation of statutory EBITDA to underlying pro forma EBITDA

$ millions		FY21	FY20
Statutory EBITDA		(7.4)	(6.0)
Share-based payments expense		6.8	4.4
Capital raising and acquisition costs		2.8	-
Government subsidies received (COVID-19)		(0.5)	(0.6)
R&D tax ofsets received (FY17-FY19)		(0.4)	-
Underlying EBITDA		1.3	(2.2)
Incremental listed company costs		(1.3)	(1.8)
Underlying Pro Forma EBITDA		(0.0)	(4.0)

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Balance sheet

$ millions	30 June 2021
Cash and cash equivalents	33.9
Trade and other receivables	-
Term deposits	12.0
Intangibles (non-current)	9.6
Property, plant and equipment (non-current)	0.3
Other	1.8
Total assets	57.5
Trade and other payables	6.0
Unclaimed customer credits	3.5
Provision for repayment of R&D tax ofsets	1.5
Employee benefts	1.3
Contract liabilities	0.6
Lease liabilities	0.4
Total liabilities	13.4
Net assets	44.2
Issued equity	123.1
Reserves	15.7
Accumulated losses	(94.6)
Equity	44.2

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Commentary:

• $45.9 million in cash and term deposits compared with prospectus forecast of $25.6 million (30 June 2020: $13.1 million).

• No debt at 30 June 2021 (30 June 2020: $25.1 million preference shares that converted at completion of IPO).

• Intangibles reflects $3.5 million investment in assets of Zaarly in May 2021 and investment into software development.

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|||||
|---|---|---|---|
|$ millions|FY21|FY20|
|Commentary:|
|Receipts from customers (incl. GST)|30.0|21.5|
|Payments to suppliers (incl. GST)|(25.4)|(22.6)|
|4.6|(1.1)|
|●|
|Government grants|1.0|0.5|
|Net interest|(0.0)|(0.0)|●|
|Net cash from/(used in) operating activities|5.5|(0.6)|●|
|Investment in term deposits|(11.5)|(0.5)|in software development.|
|-|
|Payments for purchase of business|(3.1)|
|Payment for intangibles|(5.0)|(2.5)|
|Property, plant and equipment|(0.1)|(0.1)|
|Net cash used in investing activities|(19.8)|(3.1)|
|Proceeds from issue of shares and notes|37.6|10.9|
|Share issue transaction costs|(1.7)|-|
|Payment of lease liabilities|(0.5)|(0.4)|
|Net cash from financing activities|35.5|10.5|
|Net increase in cash and cash equivalents|21.3|6.8|
|Cash and cash equivalents at beginning of year|12.6|5.8|
|Cash and cash equivalent at year end|33.9|12.6|
|Adjustment for term deposits held|12.0|0.5|
|Cash, cash equivalents and term deposits at year end|45.9|13.1|

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Net increase in cash and term deposits of $32.8 million in FY21 due to:

• net capital raised from shares issued of $35.9 million;

• $3.1 million investment in assets of Zaarly; and

• cash generated from operating activities, offset by investment in software development.

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