APPEN LIMITED — Investor Presentation 2021

Aug 25, 2021

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Appen Limited Level 6, 9 Help Street Chatswood NSW 2067

Tel : 02 9468 6300 www.appen.com ACN: 138 878 298

ASX ANNOUNCEMENT

26 August 2021

INVESTOR PRESENTATION

Further to the Company’s announcement to the market today on its results for the half year ended 30 June 2021, please find attached the presentation to be delivered to investors and analysts this morning.

Authorised for release by the Board of Appen Limited.

For more information, please contact:

Kevin Levine / Linda Carroll investorrelations@appen.com +61 2 9468 6300

www.appen.com/investors

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Appen Limited 2021 Half Year Results Presentation 26[th] August 2021

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Important information

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The forward-looking statements included in these materials involve subjective judgement and analysis and are subject to significant uncertainties, risks and contingencies, many of which are outside the control of, and are unknown to, Appen Limited. In particular, they speak only as of the date of these materials, they are based on particular events, conditions or circumstances stated in the materials, they assume the success of Appen Limited’s business strategies, and they are subject to significant regulatory, business, competitive, currency and economic uncertainties and risks.

Appen Limited disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements in these materials to reflect any change in expectations in relation to any forward-looking statements or any change in events, conditions or circumstances on which any such statement is based. You should monitor any announcements by the company lodged with the ASX. Nothing in these materials shall under any circumstances create an implication that there has been no change in the affairs of Appen Limited since the date of these materials. Organisation structure is subject to change.

No representation, warranty or assurance (express or implied) is given or made in relation to any forward-looking statement by any person (including Appen Limited). In particular, no representation, warranty or assurance (express or implied) is given in relation to any underlying assumption or that any forward-looking statement will be achieved. Actual future events and conditions may vary materially from the forwardlooking statements and the assumptions on which the forward-looking statements are based. Given these uncertainties, readers are cautioned to not place undue reliance on such forward-looking statements. To the maximum extent permitted by law, Appen disclaims all liability and responsibility (including without limitation, any liability arising from fault or negligence) for any direct or indirect loss or damage which may arise or be suffered through use or reliance on anything contained in, or omitted from, this presentation.

All amounts are in US$ unless stated otherwise.

Appen Limited ACN 138 878 298 - 9 Help Street, Chatswood, NSW 2067, Australia

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2

Market expansion

• The data annotation market is expected to grow from $2.5B to more than $5B by 2024, ~25% CAGR[1]

• Appen revenue CAGR of 38% 1H16-1H21

• New Markets revenue growth of 31.5% 1H21 vs 1H20, driven by new customer segments and AI use cases

• Global Product revenue up 15.2% as Global customers use our products to enable their new AI investments

• 10.8% of 1H21 revenue invested in product development to tap the expanding market and new opportunities

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Appen's core market
2021
~$2.5B
AI training
data market
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Adjacent AI markets
2024E
~$110B
opportunity in a
$5B
broader AI
market [2]
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1. Market research 2. IDC Worldwide Artificial Intelligence Spending Guide 2020

3

Accelerating our transformation

Appen is transforming into an AI powered		FROM	TO
provider of AI data	Data type	Language data	AI data
and solutions
	Delivery model	Service led	Product led
Delivering greater
capabilities,	Revenue	Project based	Committed
broader application, better unit economics	Customers	Major US tech	All industries & geographies
	Org structure	Functional alignment	Customer alignment

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4

1H21 result overview

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				As expected, 1H21 growth rate impacted by the skew
US$	1H21	vs 1H20		in project delivery to 2H21 and the strong pcp result
Group revenue	$196.6M	(2.0%)		Global Services revenue lower due to Global customers’ allocation of resources to new and non-
Global Services1	$148.8M	(9.2%)		advertising related projects in 1H21
New Markets2	$47.8M	31.5%		New Markets revenue up 31.5% due to product led growth and growing customer base, now 24% of
				total revenue up from 18% in 1H20
Underlying EBITDA3	$27.7M	(14.3%)		Underlying EBITDA and margins impacted by the
Underlying EBITDA margin	14.1%	vs 16.1%		fully annualised cost base for FY20 growth investments and 1H21 investment in New Markets
Dividend per share (A$)	4.5c	Flat		Strong balance sheet - $66M in cash and no debt
				as at 30 June 2021

• Interim dividend A$ 4.5 cents per share, flat on 1H20

• Revenue from major US technology customers (Global customers) through their platforms

• Revenue from Global Product (Global customers using the Appen platform and tools) and Enterprise, China and Government customers

• Underlying EBITDA excludes restructure costs, transaction costs and acquisition-related share-based payment expenses, and for 1H20, the earnout adjustment relating to the Figure Eight acquisition

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5

Key focus areas

Global leader in data annotation and collection for AI

Grow in attractive new markets and geographies and leverage our capabilities across a broad customer base Build scalable products and processes to deliver high-quality training data, faster, with improved unit economics

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6

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1. Strong core

Global leader in data annotation and collection for AI

• Track record of high growth - 38% revenue CAGR 1H16-1H21

• Industry-leading AI-enabled annotation technology

• Flexible, diverse crowd of 1m+ annotators in 170+ countries with expertise in 235 languages

• Unrivalled customer relationships including the world’s largest technology, social media and e-commerce companies in the US and China

• Continued growth in demand for high-quality training data fueled by investment and growth in AI/ML applications

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7

Supporting Global customers’ evolving needs

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Global Services

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Global customer revenue through customers’ platforms
US$M
163.9
148.8
Revenue
EBITDA
42.3
34.4
1H20 1H21
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Global Product

Global customer revenue through Appen’s platform and tools US$M

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26
22
32% [1] 19
13
7
1H19 2H19 1H20 2H20 1H21
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• Global Services revenue of $148.8M, down 9.2%, due to Global customers’ prioritisation of new products as they diversify beyond ad-related products and respond to data privacy changes

• EBITDA down 18.6% to $34.4M

• Global Product revenue of $22.3M, up 15.2% on 1H20, 32% CAGR 1H19-1H21

• Growth driven by new product capabilities and ability to serve Global customers’ evolving needs

• Global Product now 13% of total Global customer spend, up from 11%

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1. Annualised CAGR from 1H19 to 1H21

8

Project diversity supports revenue growth

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Global Revenue [1] Global Revenue [1]
Projects related to advertising [2] All other projects
US$M
140
120
100
80
60
40
20
0
1H18 1H19 1H20 1H21 1H18 1H19 1H20 1H21
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• Non-ad related revenue is now 75% of total revenue from Global customers, reflecting their accelerated investment in new AI products and applications

• In 1H21 non-ad projects largely returned from the 4Q20 slowdown, and the revenue growth trend is expected to continue as Global customers diversify

• Ad-related projects returned at a slower pace in 1H21 and revenue was impacted by customers’ reprioritisation of projects and resources, and data privacy changes

• Ad related projects are expected to grow in 2H21, but at a lower rate than non-ad projects

• Total revenue from Global customers (Global Services plus Global Product)

• Revenue from projects that directly support the optimisation of digital advertising. Data is based on internal classification

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9

Growth in new projects due to expertise, capabilities

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1H21 Global 1H21 Global revenue (US$M) project count

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Projects that
20.3
commenced in
2021
100
Projects that
commenced prior 150.8
to 2021
185
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• Working with Global customers on 100 new projects since Jan 2021, reflecting our expertise and evolving capabilities

• New projects have lower revenue per project early in their lifecycle, but are a strong foundation for future revenue growth

• 97 of the new projects are not ad-related, reflecting Global customers’ product diversification

• Potential to support Global customers on new ad-related projects as they develop solutions that respond to data privacy changes

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10

New projects with Global customers

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AR/VR Capture of household actions to help AI understand hand motions e.g., toy assembly AR/VR Data collection of categories of motion without distinct boundaries e.g., liquid, gas, light, wind Geolocation Point-of-Interest and business validation data Smart glasses Collection/annotation of video to help machine learning models understand indoor spaces e-commerce Product clustering to help AI identify where products are similar or different Software Audio data of overlapping conversations to improve virtual meeting UX

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11

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2. New market expansion

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Grow in attractive new markets and geographies and leverage our capabilities across a broad customer base

• Global Product – leveraging our annotation platform and tools to expand the business we do with Global customers

• China – capturing share in the high growth China market

• Enterprise – using our product suite and AI-driven automation to serve new customers and AI use cases

• Government – serving the emerging AI training data needs of government departments

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12

New Markets delivered strong growth and new customers

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New Markets

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Global Product, Enterprise, Government, and China
US$M
47.8
36.3
Revenue
EBITDA
1H20 1H21
-7.9 -7.4
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Customer wins

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46
42
36
32
30
24
1Q20 2Q20 3Q20 4Q20 1Q21 2Q21
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• 1H21 revenue of $47.8M, up 31.5%

• EBITDA loss reduced by 5.8% to -$7.4M

• Growth driven by China, new Enterprise customer wins and new product-led projects with Global customers

• 74 new customers in 1H21, further expanding our customer base

• 320+ active[1] customers across diverse industries, geographies

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1. Paid for Appen products and services in the last 12 months

13

New Markets revenue breakdown

Global Product

Global customers using Appen platform US$M

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26
22
19
32% [1]
13
7
1H19 2H19 1H20 2H20 1H21
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• 1H21 revenue of $22.3M, up 15.2% from 1H20

• 32% CAGR 1H19-1H21

• Growth due to Global customers’ use of our annotation platform and tools

Enterprise, China, Government

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US$M
27
25
27% [1]
22
17
16
1H19 2H19 1H20 2H20 1H21
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• 1H21 revenue of $25.5M, up 50.1% from 1H20

• 27% CAGR 1H19-1H21

• Growth driven by China and new project wins from Enterprise customers

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1. Annualised CAGR from 1H19 to 1H21

14

New Markets driving committed revenue

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Annual contract value (ACV)

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At end of period
US$M
119.6
103.0
98.7
25.0
2H19 1H20 2H20 1H21
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Revenue by type
During the period
US$M
69% 69%
88%
93%
97% Project
Committed
31% 31%
3% 7% 12%
1H19 2H19 1H20 2H20 1H21
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• ACV of $119.6M, up 16% from 1H20

• Increase underpinned by the expansion of enterprise-wide platform agreement with an existing Global customer

• $61.8M of committed revenue in 1H21, 31% of total revenue

• Product led focus driving valuable committed revenue

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15

Capturing share in the high growth China market

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China revenue
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US$M
4.5
+60%
QoQ
2.9
2.1
1.4
0.9
0.4
1Q20 2Q20 3Q20 4Q20 1Q21 2Q21
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• 1H21 revenue of US$7.5M, 5.8x 1H20

• 60% compound growth rate 1Q20-2Q21

• Strong result driven by growing business with tech giants plus new logo wins

• Winning new deals in speech and image annotation and speech data collection in local and global languages

• Strong position in autonomous vehicles

• Growing China crowd

• Standalone tech stack and separate local management, engineering and sales teams

• Expanded to four locations - Beijing, Shanghai, Wuxi, Dalian

• Gross margin continues to improve

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16

Growing our Enterprise customer base

• Growing customer base

• Continued project expansion

• Average revenue per project up 18% year on year

• Expansion supported by investments in annotation platform and tools

• Return to on-site projects and data collection in the US and Europe post lockdowns

• Sales and marketing cadence returning post lockdowns

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New Enterprise projects

Online retail

Automotive Technology Product Driver activity Translation pair categorisation and monitoring evaluation search relevance Professional Healthcare Academia services Data collection and Classification and Handwriting data annotation of named entity collection patient events recognition

Online food Retail Telco ordering Home interior Fashion annotation Product ontology video collection and categorisation

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17

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Growing opportunities
with Government

New partnerships with leading government
contractors and integrators

New engagements with government research labs

Increased opportunities in space and mapping
projects

Launched new tiled imagery tool to support
geospatial annotation

Longer sales and budget cycles impacted by
early-stage market dynamics
18
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3. Product led

Build scalable products and processes to deliver high-quality training data, faster, with improved unit economics

• Our product suite expands our addressable market and customer base, and enables us to support the long tail of companies that are investing in AI

• Adding machine learning models and automation functionality increases productivity, reduces unit cost

• Product revenue streams drive ACV and committed revenue

• Products are the foundation for future capabilities

• 10.8% of revenue invested in product development in 1H21

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19

Building scalable products

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~~New products~~

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Appen Appen Data Connect Annotation Platform

Collect and annotate training data

Match our global crowd workforce to annotation tasks

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Appen Intelligence

Empower Appen products with proprietary machine learning models

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Appen In-Platform Audit

Organise and analyse training data to identify quality, distribution & bias

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Appen Mobile

Engages, enables and expands crowd

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20

ML-powered automation project deployments in 1H21

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Automatic Speech Recognition model for video transcription

Computer vision model for e-commerce

Object detection model for 2D video

ML for automated audio segmentation

Worker fraud detection model

Targeted task allocation

20% efficiency gain

200% annotation speed improvement

29% efficiency gain 22% quality improvement

93% accuracy without human intervention

7x more effective than manual detection

50% increase in crowd conversion

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21

Quadrant acquisition

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A global leader in mobile location and Point-of-Interest data

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Geolancer

QCMP

Hydra

High-fidelity crowd sourced Point-of-Interest data

Consent management platform to track location data origination

Leading location data intelligence provider with global data presence

Used in location-based advertising, urban planning and transport optimisation

For last-mile delivery, real estate, retail search and mapping

Utilises blockchain technology to verify data as authentic and transparent

Location analytics and intelligence market to reach $29.8B[1] by 2027

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29.8
+14%
CAGR
11.9
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1. Research and Markets: Location Intelligence Market Size 2020 – 2027

22

Quadrant unlocks new market potential for Appen

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Strategic rationale

Acquisition details

• Quadrant’s highly-scalable approach to data capture and processing aligns to Appen’s product-led strategy

• Provides Appen’s customers with access to additional high-quality location data assets

• US$25M upfront, funded from existing cash reserves

• Potential additional payment of up to US$20M in Appen shares to be issued on achievement of revenue milestones

• Combining Quadrant’s location technology with Appen’s global crowd will rapidly scale breadth and depth of data collection capabilities

• Appen intends to increase investment in Quadrant’s product and market expansion to further accelerate growth

• Opportunity to expand Appen services into Quadrant’s strong Southeast Asia footprint

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23

1H21 sustainability highlights

• Multi-year partnership with the World Economic Forum on Responsible AI helping to develop and promote responsible AI standards

• Calculated our 2019 and 2020 carbon footprint in accordance with the GHG Protocol; and have a low emissions intensity 3.16g CO2e/$ revenue

• Disclosed to CDP - provided data for Scope 1, 2 and 3 (business travel, accommodation and waste) emissions

• Strengthened risk and procurement processes for modern slavery and published our first Modern Slavery Statement

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Appen’s Impact Sourcing projects provide digital micro-work – image courtesy of cLabs, Toca

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24

Making an impact through digital work

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Impact Pulse Survey of our crowd[1]

40%

relied on our work from home model due to barriers to accessing traditional work e.g., family, health, cultural reasons

1 in 5

were long-term unemployed (>1 year) before joining Appen

39%

relied on Appen as their primary source of income

69%

use their Appen earnings to support their household or to pay for education

12 new Impact Partnerships with community organisations

World Food Program

Piloting digital work for youth in Kibera, a large urban informal settlement in Kenya

Lions Club of London

Working with Autism Hounslow to offer data collection work using the Appen Mobile App

Konexio

Sourcing low-resource language, Nyanja, while providing opportunities to refugees in Malawi

READI-net

Providing work to people with disabilities in the US

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1. Survey of Appen contractors, March 2021

25

Revenue and EBITDA summary

US$M	1H21	1H20 % change
Global Services New Markets Other	148.8 47.8 0.0	163.9 (9.2%) 36.3 31.5% 0.3
Total revenue	196.6	200.5 (2.0%)
Statutory EBITDA	25.2	33.4 (24.6%)
Underlying EBITDA1	27.7	32.3 (14.3%)
Underlying EBITDA margin	14.1%	16.1%
Statutory NPAT	6.7	14.9 (55.1%)
Underlying NPAT 2	12.5	19.3 (35.0%)

Numbers are subject to rounding

1. Underlying EBITDA excludes restructure costs, transaction costs, acquisition related share-based payment expenses, and for 1H20, fair value (consideration) adjustments relating to the Figure Eight acquisition

2. Underlying NPAT excludes after tax impact of items relating to restructure and acquisition related costs, including acquisition related intangibles, share-based payments and transaction costs, and for 1H20, consideration adjustments relating to the Figure Eight acquisition

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• Challenging pcp comparison with 1H20 revenue split at 49%, significantly higher than historic split and FY21 forecast, coupled with the higher cost base in 1H21

• 1H21 revenue impacted by Global customers’ allocation of resources to new and non-advertising related projects

• Gross profit margin impacted by customer and project mix

• 1H21 expenses higher due to the fully annualised impact of FY20 growth investments and 1H21 investment in New Markets, partly offset by share-based payment true up adjustment

• Underlying EBITDA margins impacted by lower revenue and gross margin and the higher cost base

• Underlying NPAT impacted by increased amortisation associated with investment in product development

• $2.3M restructure charge reflects 1H21 costs and provision for costs that will be incurred in 2H21

• Effective tax rate reduced to 20.5% from 22.8% mainly due to the tax effect of share-based payments and overseas tax rate differential. Normalised tax rate (excluding sharebased payment related items) is ~28%

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26

Core productivity has improved, growth investments continue

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Expenses as % of revenue

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30%
25%
20%
15%
10%
5%
0%
H2 2018 H1 2019 H2 2019 H1 2020 H2 2020 H1 2021
Total expense as % of revenue Core expense as % of total revenue
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Gap between total expense and core expense driven by incremental growth investments and investments in New Markets

Core expenses include service delivery, IT, recruitment, HR and corporate costs, and have decreased as a percentage of revenue, reflecting improved operating scale

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27

Investment in product development

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Investment in product development[1 ]

US$M

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Product development as a % of revenue
10.8%
8.6%
4.0%
35.3
18.7
21.2
14.8
11.2 53% capitalised
9.9
16.6
10.0 47% expensed
4.9
FY19 [2] FY20 [3] 1H21
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• 1H21 investment of $21.2M reflects increased focus on product development to drive customer wins, scalability, repeatability, quality and margin expansion

• Increase in FY20[3] vs FY19 due to strategic focus on engineering, with new engineering staff added to develop new products and enhance existing products

• Approximately 53% of product spend was capitalised in 1H21 (consistent with FY20), reflecting investment in platform development, new tools and products

• 10.8% of revenue was reinvested in product development in 1H21

• 2H21 quantum and capitalisation percentage expected to be in line with 1H21

• Product development relates to investment in engineering to ensure that the annotation platform and tools support our customers and their use cases, and drive efficiencies and scale 2. FY19 includes amounts capitalised related to the acquisition of Figure Eight

• FY20 spend includes annualisation of Figure Eight engineering spend (acquisition completed April 2019)

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28

Conservative approach to amortisation

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Product development is amortised over 3 years. Amortisation expense has increased due to the strategic focus on product development.

Year of origination of capitalised spend	Amount capitalised	2018 2019 2020 1H21 Amounts amortised US$’000	2018 2019 2020 1H21 Amounts amortised US$’000
20171	288	96 96 96	-
2018	762	247 254 261	-
20192	9,925	- 3,168 2,950	1,629
2020	18,712	- - 6,063	3,118
1H21	11,217	- - -	1,928
Total	40,904	343 3,518 9,370	6,675

Figures may vary from period to period due to the impact of foreign currency translation

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100%
90% Year of amortisation3
80% 2018 2019 2020 2021
70%
60%
50%
40%
30%
20%
10%
0%
2017 1 2018 2019 2 2020 1H21
Year of origination of capitalised spend
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1. Amortisation of 2017 capitalised spend commenced in 2018

2. 2019 includes capitalised amounts relating to the acquisition of Figure Eight

3. 2017 to 2020 amortisation rates have been annualised

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29

Strong and resilient balance sheet

US$M	Jun 2021	Dec 2020
Cash Receivables Contract assets1 Other current assets Non-current Assets	66.0 41.1 28.2 16.0 297.4	60.5 50.6 31.5 12.2 306.8
Total assets	448.7	461.6
Current liabilities Non-current liabilities	52.9 23.0	60.0 28.3
Total liabilities	75.9	88.3
Net assets	372.8	373.3
Total equity	372.8	373.3

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• Strong balance sheet with no debt

• $66.0M in cash at 30 June 2021, increased from 31 Dec 2020 as a result of effective cash collection, contributing to the reduction in receivables

• Non-current assets include $202.6M of goodwill and identifiable intangible assets of $72.7M

• Impairment testing as at 30 June 2021 resulting in adequate headroom

• Total liabilities lower due to reductions in accounts payable and deferred tax liability

• Interim dividend of A$ 4.5 cps, 50% franked, in line with 2020 interim dividend

Numbers are subject to rounding

1. Relates to services completed that the Group is yet to receive an unconditional right to the amount due, as the relevant invoices in respect of the completed work are pending satisfaction of the customers’ billing milestones or billing period. All contract assets were subsequently invoiced and the majority paid after 30 June 2021

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30

Effective cash flow conversion

US$M	1H21	1H20
Receipts	210.4	219.3
Payments and other	(182.5)	(169.8)
Cash flow from operations before interest and tax	27.9	49.5
Net interest	(0.3)	(0.3)
Taxes	(1.5)	(2.3)
Net cash from operations	26.1	46.9
Cash flows - investing activities	(12.3)	(33.2)
Cash flows - financing activities	(7.5)	20.2
Net cash flow for the period	6.3	33.9
Opening cash balance	60.5	52.8
FX impact	(0.8)	(0.0)
Closing cash balance	66.0	86.7
Numbers are subject to rounding

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• 1H20 cash flow from operations benefitted from favourable receipt timing differences

• Closing cash balance reduced by $20.7M, impacted by repayment of borrowings of $23.5M in August 2020

• Net cash from operations reduced in 1H21 due to higher cost base and lower revenue

• Cash was used for product development and operating costs, and to pay tax and dividends

• Cash conversion rate from EBITDA was 101%

Cash flow reconciliation (US$M)	1H21	1H20
Underlying EBITDA	27.7	32.3
Working capital	0.2	17.2
Cash flow from operations before interest and tax	27.9	49.5
Underlying EBITDA cash conversion	101%	153%

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Outlook

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• Full year underlying EBITDA will be impacted by the planned investment in Quadrant[1] – and reduces the guidance provided in February and May of $83M - $90M, by $2M, to $81M - $88M

• Full year underlying EBITDA expected to be at the low end of the range due to ad-related project impacts

• Year-to-date revenue plus orders in hand of ~$360M at August 2021, 10% above pcp of ~$328M which was 79% of FY20 full year revenue[2]

• Forecast supported by stronger order book, higher confidence in pipeline, and expected H2 21 revenue skew (weighted to Q4) due to customer delivery schedule for e-commerce, digital ads and search programs

• H2 21 revenue in line with historic splits (ex. FY20) – full year revenue growth of mid to high single-digits for Global Services, circa 25% for New Markets

• Gross margin expected to improve in H2 21 consistent with FY20, due to higher revenue and the customer and project mix

• Moderate expense growth in H2 21, restructure-related cost savings of ~$15M in FY22 will be largely reinvested to drive product development and growth

• Full year underlying EBITDA margins in line with FY20

• Appen intends to increase investment in Quadrant’s product and market expansion for the remainder of 2021 and in 2022, to further accelerate growth

• Year-to-date revenue and orders in hand in August 2020 was ~A$475M, equivalent to ~US$328M at the FY20 average AUD/USD FX rate of 69.04

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Strongly positioned for the long term

• Largest global player in AI training data collection and annotation

• Strong AI industry tailwinds – growing adoption, use cases

• Market-leading crowd, technology and expertise - capabilities aligned with Global customers’ evolving needs

• Growth investments in New Markets delivering revenue growth, more customers, higher ACV

• AI-enabled product suite opening new markets and delivering automation and scalability

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Strong New market Product
core expansion led
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Appendix: Summary financials

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US$’000	CAGR 2015-2020	2015 2016 2017 2018 2019 2020
Revenue	46%	62,136 81,655 127,742 272,415 372,181 412,996
Underlying EBITDA	48%	10,462 12,811 21,592 52,839 70,176 75,439
Underlying EBITDA margin	-	16.8% 15.7% 16.9% 19.4% 18.9% 18.3%
Underlying NPAT	49%	6,241 7,812 15,145 36,663 44,902 45,276
Underlying diluted EPS cps	42%	6.42 7.84 15.23 33.87 37.33 36.61
US$’000	CAGR 1H16-1H21	1H16 1H17 1H18 1H19 1H20 1H21
Revenue	38%	39,311 55,868 117,925 173,179 200,487 196,562
Underlying EBITDA	34%	6,509 9,632 19,754 37,740 32,319 27,688
Underlying EBITDA margin	-	16.6% 17.2% 16.8% 21.8% 16.1% 14.1%
Underlying NPAT	26%	3,945 6,122 13,726 20,947 19,257 12,511
Underlying diluted EPS cps	20%	3.98 6.19 12.71 17.86 15.70 10.01

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appen.com/investors

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