Announcement PDF ABN 53 149 850 457 (ASX:ART) Our Mission Our Vision To empower people to realise the full value of their skills. The world’s most trusted place to buy and sell local services. Creating jobs isn’t a by-product of the work that we do: it’s our core purpose. With a rising cost of living, dislocated labour markets and economic uncertainty, Airtasker’s mission, creating opportunities for people to generate additional income, has never been more relevant. Letter from the Chair and the Founder & CEO 3 2024 at a glance 5 Board of Directors 7 AIRTASKER LIMITED ABN 53 149 850 457 Directors’ report 10 Remuneration report (audited) 24 Auditor’s independence declaration 47 Financial report 48 2024 Annual Report GET MORE DONE 1 2024 Annual Report 2024 Annual Report 2 Letter from the Chair and the Founder & CEO Dear Shareholders, We are super pleased to present Airtasker’s FY24 Annual Report, marking a pivotal year in our journey towards building the world’s most trusted marketplace for local services! Financial Highlights FY24 was a great year for Airtasker in which we established strong foundations for an exciting growth journey ahead. We delivered on our promise of positive full-year free cash fllow (up 115.3% to $1.2 million) demonstrating the resilience and scalability of our business model. Our Airtasker marketplaces delivered strong revenue growth up 9.8% to $38.1 million, underpinning a solid Group revenue growth of 5.6% to $46.6 million - a positive result given challenging macroeconomic conditions and lean marketing investment in our core Australian market. Finally, we continued to strengthen our balance sheet, ending the year with $17.8 million in cash and term deposits, plus – by 4 July 2024 – $13.0 million in advertising inventory in Australia and the UK with our market leading media partners oOh!media (ASX:OML), ARN (ASX:A1N) and Channel 4. We truly believe these partnerships and our implementation of them will strengthen the value of the Airtasker brand globally. Operational Achievements Our established marketplaces in Australia continued to generate signifiicant results, delivering $45.2 million in revenue and $31.0 million in EBITDA, up 24.0% year-on-year. This result enabled strong cash generation which more than covered our total global head office expenditure providing the Group with a cash surplus which we are investing into building new Airtasker marketplaces in the UK and US, turbocharged by local media partnerships. Our UK marketplace emerged as a strong proof point of our global media partnership strategy, with fourth quarter revenue surging 76.3% on the prior comparative period while annualised fourth quarter gross marketplace volume was £5.9 million ($11.3 million), propelled by a super successful Channel 4 television campaign - ‘Airtasker.Yeahtasker!’. This growth momentum in the UK has continued into FY25 with fiirst quarter revenue up over 100%1 on the prior comparative period, fuelled by continued growth in the London market combined with successful marketplace launches in Birmingham and Manchester. During CY24 to date, we also set up our US marketplace for success by completing US$9.75 million in media partnerships with the world’s leading Spanish-language content and media company TelevisaUnivision and America’s no. 1 audio company iHeartMedia. Whilst we remain focused on iterating and learning in the Los Angeles market at present, we’re excited to have established incredibly strong foundations with these key partners to scale across the United States in the years ahead! Looking Ahead As we move into FY25, Airtasker is well-positioned to re-ignite growth and build a global brand whilst continuing to deliver on full year positive free cash fllow. Our FY25 focus is on investing alongside our incredible media partners into our brand presence in Australia, optimising our core product experience and improving marketplace trust. We’re also super excited about leveraging our scalable software platform and turbocharging our UK and US marketplaces to replicate the success we’ve achieved in Australia in these new markets! 1. Quarterly Activity Report and Appendix 4C Cash Flow Report 30 September 2024 3 2024 Annual Report Whilst we remain focused on iterating and learning in the Los Angeles market at present, we’re excited to have established incredibly strong foundations with these key partners to scale across the United States in the years ahead! We want to express our gratitude to our dedicated Airtasker team, loyal customers, hardworking Taskers, and you - our shareholders. Your continued support enables us to pursue our mission: to empower people to realise the full value of their skills. Thank you for being part of the Airtasker journey! Cass O’Connor Chair Tim Fung Founder and Chief Executive Officer 2024 Annual Report 4 2024 at a glance $600 million In the Pockets of Australian Taskers $46.6m -$0.2m up 5.6% on pcp Airtasker Onefllare Group EBITDA 50.0 5.0 40.0 0.0 30.0 -5.0 AUD millions AUD millions Group Revenue 97.8% improvement in EBITDA loss 20.0 10.0 0.0 5 -10.0 -15.0 FY20 FY21 2024 Annual Report FY22 FY23 FY24 -20.0 FY22 FY23 FY24 Airtasker Booked Tasks 200.0 800 150.0 600 No. of tasks (thousands) AUD millions Airtasker GMV 100.0 50.0 0.0 FY20 FY21 FY22 FY23 400 200 0.0 FY24 FY20 FY21 FY22 FY23 FY24 +76.3% $17.8m 4Q24 UK revenue on pcp GMV (LHS) Revenue (RHS) Net Cash Flow 750 30.0 4.0 600 20.0 3.0 450 2.0 300 1.0 150 -10.0 0 -20.0 0.0 FY20 FY21 FY22 FY23 FY24 AUD millions 5.0 GBP thousands GBP millions UK GMV and Revenue in cash and term deposits on balance sheet $1.2m 10.0 0.0 FY20 FY21 FY22 FY23 FY24 2024 Annual Report 6 Board of D Catherine (Cass) O’Connor Timothy (Tim) Fung Ellen (Ellie) Comerford Independent Non-Executive Chairperson Managing Director and Chief Executive Officer Independent Non-Executive Director Cass joined Airtasker as the Independent Non-Executive Chair in July 2023. Cass is currently the Chair of NextEd Group (ASX:NXD) and a number of successful venturebacked technology companies including brand inflluencer marketplace Tribe. Cass has 35 years’ of executive, non-executive and advisory experience, spanning various industries including media, technology, premium consumer goods, real estate and the arts. Her background is in fiinance, including as a senior equities research analyst with Deutsche Bank, and investment banking and private equity investing with a number of companies including Turnbull & Partners, Goldman Sachs LLC and Carnegie, Wylie & Co. Cass was previously the Chair of ASX-listed Prime Media Group where she managed a successful exit to Seven West Media. Cass has also held senior executive roles at some of Australia’s most successful pioneering technology success stories, including initial General Manager of OzEmail and Executive Director of Ecorp, which launched eBay in Australia. Tim is co-founder, Managing Director and CEO of Airtasker and has been the CEO of Airtasker since its incorporation in 2011. Tim is currently also a co-founder and director of Tank Stream Labs Pty Ltd, a Sydney-based technology co-working space. Prior to joining Airtasker, Tim was a founding team member at mobile telco start-up Amaysim and prior to that spent several years at Macquarie Bank and talent representation agency Chic Management. Ellie joined Airtasker as an Independent Non-Executive Director in February 2021. Ellie has over 35 years of experience in fiinancial services businesses in Australia and internationally across a range of regulated sectors, including insurance, banking and fiinance, and associated products and services. Ellie was the Chief Executive Officer and Managing Director of Genworth Mortgage Insurance Australia (ASX: GMA) between 2010 and 2016, leading the company to an IPO in 2014. Prior executive positions in the previous 20 years were held with First American Financial Corporation (NYSE: FAF – Fortune 500) and Citigroup Australia. Ellie is currently a Non-Executive Director of a number of privately held companies in Australia and the Netherlands. Ellie is a member of Chief Executive Women. 7 2024 Annual Report Directors Peter (Pete) Hammond Xiaofan (Fred) Bai Mahendra Tharmarajah Non-Executive Director Non-Executive Director Company Secretary and Chief Financial Officer Pete joined Airtasker as a NonExecutive Director in November 2013. Pete is a co-founder and director of Exto Partners, a Sydneybased venture capital fiirm formed in 2003. With over nineteen years’ experience as a founder, investor and director of technology companies, Pete is experienced in building high growth companies. Pete is a qualifiied Chartered Accountant and prior to founding Exto Partners spent 10 years with KPMG in Australia and the US. As a senior executive with KPMG Consulting in New York, he focused on advising capital markets clients on risk management, product pricing, business process reengineering and large-scale merger integration. Fred joined Airtasker as a NonExecutive Director in April 2015. Fred is a co-founder and the managing partner of Morning Crest Capital, a venture capital fiirm. Fred is also founder and Chief Executive Officer of Fanyu Investment, an equity investment management company. Fred was a co-founder and director of NASDAQ listed company Reven Housing REIT. Mahendra joined the Company as Chief Financial Officer (‘CFO’) in October 2022 and was appointed Company Secretary in June 2023. A qualifiied Chartered Accountant, Mahendra has over 25 years’ experience in leading fiinance functions, across both listed and unlisted environments. Having commenced his career in the accounting profession, Mahendra has spent the last twenty years in commerce including 6 years at high growth e-commerce marketplace Viator. Most recently Mahendra was CFO at listed labour hire and recruitment business Ignite Ltd (ASX: IGN) for 6 years. Mahendra’s experience includes strategic as well as operational fiinance expertise including systems implementation, mergers and acquisitions and international expansion. 2024 Annual Report 8 9 2024 Annual Report Directors’ report The Directors present their report, together with the fiinancial statements, on the consolidated entity (referred to hereafter as ‘Airtasker’ or the ‘Group’) consisting of Airtasker Limited (referred to hereafter as the ‘Company’ or ‘parent entity’) and the entities it controlled at the end of, or during, the year ended 30 June 2024 (‘FY24’). Directors Financial and operational review Key fiinancial and operational metrics Consolidated Financial metrics 2024 $’000 2023 $’000 Change $’000 % Group revenue 46,643 44,171 2,472 5.6% Gross profiit1 44,510 41,756 2,754 6.6% Employee benefiits expense (22,373) (30,274) 7,901 26.1% Sales and marketing expense (14,458) (8,634) (5,824) (67.5%) The following persons were directors of Airtasker during the whole of the fiinancial year and up to the date of this report, unless otherwise stated: Technology, general and administration expense (10,675) (12,766) 2,091 16.4% Australian net EBITDA2 12,817 (29) 12,846 44296.6% Catherine (Cass) O’Connor Group EBITDA (180) (8,009) 7,829 97.8% Ellen (Ellie) Comerford Loss before tax (4,426) (12,918) 8,492 65.7% Independent Non-Executive Director Net loss after tax (4,426) (12,918) 8,492 65.7% Net loss after tax attributable to the owners of Airtasker Limited (2,890) (12,902) 10,012 77.6% Independent Non-Executive Chair Peter (Pete) Hammond Non-Executive Director Xiaofan (Fred) Bai Non-Executive Director Timothy (Tim) Fung Net cash fllow3 1,181 (7,710) 8,891 115.3% Managing Director and Chief Executive Officer Cash from/(used in) operating activities 3,031 (10,843) 13,874 128.0% Company secretary Cash and term deposits 17,765 17,085 680 4.0% Mahendra Tharmarajah Net assets 32,636 29,105 3,531 12.1% Principal activity The principal activity of the Group is the provision of technology-enabled online marketplaces for local services, connecting people and businesses who need work done with people and businesses who want to work. 1. Gross profit is calculated based on ‘Revenue’ (as disclosed in the Consolidated statement of profit or loss and other comprehensive income) less ‘Cost of sales’ (as disclosed in note 7 of the Notes to the consolidated financial statements). 2. Earnings before interest, taxation, depreciation and amortisation (‘EBITDA’) is a financial measure which is not prescribed by Australian Accounting Standards (‘AAS’) and represents the statutory net loss after tax under AAS adjusted for specific non-cash and other items. ‘Australian net EBITDA’ refers to the ‘Established Marketplaces’ EBITDA less ‘Global Head Office operating expenditure’ and ‘Global Head Office innovation investment’, as disclosed in note 4 of the Notes to the consolidated financial statements. 3. Represents the ‘Net increase/(decrease) in cash and cash equivalents’ in the Consolidated statement of cash flows. 2024 Annual Report 10 Group Revenue Operational metrics Airtasker marketplaces4 2024 2023 Booked tasks 778,602 788,658 (10,056) (1.3%) Average task price ($) 245 250 (5) (2.0%) Monetisation rate5 20.0% 17.6% 2.4% 13.7% Airtasker marketplaces revenue ($'000) 38,082 34,688 3,394 9.8% Airtasker platform fee revenue ($'000)6 34,053 29,906 4,147 13.9% Gross marketplace volume ($'000)7 190,620 197,441 (6,821) (3.5%) Financial review Financial performance In FY24 Airtasker achieved solid revenue growth, with Group statutory revenue growing 5.6% to $46.6 million versus $44.2 million in the year to 30 June 2023 (‘FY23’). This result refllected organic revenue growth in the core Airtasker Australia marketplace of $36.7 million complemented by an increasing contribution from international Airtasker marketplaces where revenue grew 52.1% to $1.4 million. The Australian Onefllare marketplace contributed $8.4 million in revenue. A focussed program of product investment to improve marketplace reliability, reduce cancellations and address platform leakage increased sales funnel efficiency and contributed to the organic Airtasker marketplaces revenue growth. $46.6m Airtasker Change The Group’s gross profiit grew 6.6% which was ahead of revenue growth and primarily a result of signifiicant premium reductions achieved during the fiinancial year in relation to Tasker third party liability insurance, which is treated as a direct cost. FY24 statutory net loss after tax (‘NPAT’) improved 65.7% to $4.4 million (FY23: $12.9 million loss). After accounting for the noncontrolling interest held by 4 Ventures Limited (‘Channel 4’), the net loss after tax attributable to the owners of Airtasker Limited was $2.9 million, an improvement of 77.6% on the prior year (FY23: $12.9 million loss). This NPAT result refllects a focus on revenue growth combined with a continuing program of direct cost reductions while achieving efficiencies in operating expenditure. Onefllare 50.0 AUD millions 40.0 30.0 20.0 10.0 0.0 FY20 FY21 FY22 FY23 FY24 Earnings before interest and taxation (‘Group EBIT’) and earnings before interest, taxation, depreciation and amortisation (‘Group EBITDA’) are non-statutory fiinancial measures which are not prescribed by Australian Accounting Standards (‘AAS’) and represent the statutory NPAT under AAS adjusted for specifiic non-cash and other items. The directors consider that Group EBIT and Group EBITDA refllect the core earnings of the Group and assist in understanding the fiinancial performance of the Group. Group EBIT and Group EBITDA have been calculated by eliminating the following from statutory NPAT: • Net interest income/(expense); and • Depreciation and amortisation expense. 4. Operational metrics relating to the Airtasker marketplaces only excluding the Oneflare marketplace. 5. Monetisation rate represents Airtasker marketplaces revenue in a given financial period, expressed as a percentage of Airtasker marketplaces gross marketplace volume (‘GMV’) in the same period. 6. Airtasker marketplaces revenue less ‘Unclaimed customer credits breakage revenue’ from customer credits not expected to be redeemed or refunded prior to expiration (as disclosed in note 5 of the Notes to the consolidated financial statements). 7. GMV represents the total price of all tasks booked through the Airtasker marketplaces before cancellations and inclusive of price adjustments between customers and Taskers, bonuses paid by customers to Taskers, fees payable by customers and Taskers to Airtasker, and any applicable sales taxes. 11 2024 Annual Report Consolidated Change $’000 % Reconciliation of statutory NPAT to Group EBITDA 2024 $’000 2023 $’000 Statutory NPAT (4,426) (12,918) 8,492 65.7% (260) 82 (342) (417.1%) Group EBIT (4,686) (12,836) 8,150 63.5% Add: Depreciation and amortisation expense (4,506) (4,827) 321 6.7% (180) (8,009) 7,829 97.8% During the fiinancial year, Group EBIT improved by 63.5% to a loss of $4.7 million (FY23: $12.8 million loss) whilst Group EBITDA improved by 97.8% to a $0.2 million loss (FY23: $8.0 million loss). The Group EBITDA result was largely driven by top line revenue growth of $2.5 million during the year combined with operational efficiencies including an organisational restructure implemented in April 2023 which reduced headcount by 20.0%. The headcount reduction contributed to employee benefiits expense decreasing 26.1% to $22.4 million (FY23: $30.3 million). Sales and marketing expenditure increased 67.5% to $14.5 million (FY23: $8.6 million) principally due to the launch of the UK television brand campaign ‘Airtasker. Yeahtasker!’ which lead to higher expenditure on creative assets, paid marketing and amortisation of the Channel 4 media advertising asset, which alone accounted for $4.4 million of the movement. In addition, the Group ran two major out-of-home advertising campaigns in Australia and the UK in the last month of the fiinancial year with the aim of improving long term brand awareness. Ongoing programs to deliver operating efficiency drove technology, general and administration expenses down 16.4% to $10.7 million (FY23: $12.8 million). During the fiinancial year the Group also implemented a program of work to deliver signifiicant expenditure reductions across corporate insurance premiums, facilities costs and external consulting services. Net cash used in fiinancing activities of $1.0 million (FY23: $2.8 million net infllow) related to the fiinancing component of lease liability payments associated with office facilities leases. Net Cash fllow Cash fllows On a statutory basis, net cash fllows for the fiinancial year improved by $8.9 million or 115.3% to $1.2 million (FY23: $7.7 million net outfllow). Net cash from operating activities for FY24 was an infllow of $3.0 million, up $13.9 million or 128.0% (FY23: $10.8 million net outfllow). The full year positive operating cash fllow result was achieved by delivering solid Group revenue growth of 5.6% against FY23 with cash receipts improving $1.0 million (or 2.0%) to $49.4 million (FY23: $48.4 million). At the same time the Group achieved operating efficiencies by reducing employee benefiits expense by 26.1% and technology, general and administration expense by 16.4% with cash payments to suppliers and employees decreasing $12.4 million (or 20.9%) to $46.9 million (FY23: $59.3 million). A large portion of the marketing expense increase during the year did not impact cash as it $1.2m 30.0 20.0 AUD millions Group EBITDA Net cash used in investing activities of $0.9 million (FY23: $0.3 million net infllow) refllected $1.9 million invested in software development, a $0.5 million net infllow from maturing term deposits and $0.5 million received as proceeds from the disposal of businesses. Investments in term deposits are treated as investing cash fllows for statutory accounting purposes as they are not at call deposits and as such are not deemed to be equivalent to cash. 10.0 0.0 -10.0 -20.0 FY20 FY21 FY22 FY23 Operating Cash fllow FY24 $3.0m 10.0 5.0 AUD millions Less: Net (interest income) /expense related to the use of the Channel 4 media advertising asset in the UK. 0.0 -5.0 -10.0 -15.0 FY20 FY21 FY22 FY23 2024 Annual Report FY24 12 Financial position Airtasker’s net assets increased $3.5 million to $32.6 million during the fiinancial year, primarily refllecting a $4.0 million reduction in total liabilities. Total assets at 30 June 2024 decreased $0.4 million to $50.5 million. This was principally due to the amortisation of the prepaid media advertising asset from Channel 4 and the amortisation of intangible assets, offset by the addition of the out-of-home media inventory from oOh!media Limited (‘oOh!media’). During the year $4.4 million of the Channel 4 media advertising asset was amortised based on usage following the launch of the ‘Airtasker. Yeahtasker!’ UK television brand campaign. The decrease in the intangible asset was consistent with the decrease in the carrying amount of platform development costs of $1.9 million following reduced time spent on projects that were in their capitalisation phase, along with higher levels of amortisation as a number of projects moved from development into production. Total liabilities at 30 June 2024 decreased $4.0 million to $17.9 million. This was mainly due to a decrease of $1.7 million in unclaimed customer credits and $1.1 million in trade and other payables. The decrease in unclaimed customer credits refllected the introduction of a revised cancellation policy and cancellation fee structure, driving higher task completion rates and lower task cancellation rates which in turn resulted in fewer customer credits being granted. The movement in trade and other payables was 13 2024 Annual Report principally due to the timing of payments associated with fiinancial year-end software subscription renewals. Airtasker remains in a strong fiinancial position at 30 June 2024 with $17.2 million (FY23: $16.1 million) in cash on its balance sheet. Total cash and term deposits were $17.8 million (FY23: $17.1 million). Consolidated Cash and term deposits 2024 $’000 2023 $’000 Cash and cash equivalents (note 9) 17,228 16,052 Term deposits (note 10) 537 1,033 Total cash and term deposits 17,765 17,085 Operational review Overview Airtasker is Australia’s leading online marketplace for local services, connecting people and businesses who need work done with people who want to work. With a 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 fllexible opportunities to work and earn income. Since launching in 2012, Airtasker has put more than $600 million into the pockets of workers (payments made after all fee revenue is deducted) and 1.8 million unique paying customers8 across the world. For most of FY24 the Group faced challenging macroeconomic conditions. This was particularly apparent in Australia, where its largest two marketplaces operate, with an infllationary economic environment and tightening monetary policy impacting consumer sentiment and marketplace demand. Top of funnel customer demand (booked tasks) on the Airtasker marketplaces remained soft for most of the fiinancial year with booked tasks for the year declining 1.3% to 778,602 (FY23: 788,658). First half booked tasks of 385,589 were down 4.6% on the prior comparative period (‘pcp’) while the second half saw a 2.2% recovery with booked tasks of 393,013 against pcp. Booked tasks in the second half of FY24 were up 1.9% on the fiirst half. The Airtasker marketplaces are highly seasonal from quarter to quarter and as such the spring and summer seasons, in both the northern and southern hemispheres, generally experience greater marketplace activity with stronger demand and supply versus the autumn and winter seasons. Consequently, the second and third quarters of the fiinancial year experience greater volumes and stronger revenues and cash receipts. That said, that also results in the two halves of the fiinancial year being quite balanced with each half comprising a stronger and weaker quarter. Airtasker marketplaces GMV for FY24 decreased 3.5% to $190.6 million (FY23: $197.4 million). First half GMV decreased 7.5% to $95.7 million on pcp while the second half saw a 1.1% recovery with GMV of $94.9 million against pcp. GMV in the second half of FY24 was down 0.8% on the fiirst half. Airtasker marketplaces revenue grew 9.8% to $38.1 million (FY23: $34.7 million). This result comprised fiirst half revenue increasing 10.3% to $18.9 million against pcp and second half revenue increasing 9.2% to $19.2 million against pcp. Revenue in the second half of FY24 was up 1.5% on the fiirst half. The full year monetisation rate improved to 20.0% (FY23: 17.6%), up 13.7% on pcp. The signifiicant improvement in the monetisation rate, being revenue as a proportion of GMV, refllected a 9.8% increase in Airtasker marketplaces revenue relative to a 3.5% decrease in GMV. The improvement in the monetisation rate was due to the product investment to improve marketplace reliability together with the introduction of a revised cancellation policy and cancellation fee structure. These programs saw cancellations reduce by 26.3% on pcp, refllecting a decrease in platform leakage and an all-time record in completed task volumes. Consequently, all transactions on the Airtasker marketplaces are now monetised either through a connection and service fee for completed tasks or a cancellation fee for cancelled tasks. The revised cancellation policy and cancellation fee structure was phased in during the fiinancial year for both customers and Taskers in staggered cohorts and staged by geographic regions. As such, the monetisation rate for FY24 does not yet fully refllect the impact of the introduction of the revised cancellation policy and cancellation fee structure. Marketplace staging Airtasker operates marketplaces at multiple stages of development. The staging of Airtasker’s growth is critical because each city-level marketplace is built on liquidity and network effects which develop over time. 8. Comprising the Airtasker marketplaces only excluding the Oneflare marketplace. 2024 Annual Report 14 Airtasker has defiined 3 stages of marketplace development. • ‘Zero to one’. This is the fiirst stage of marketplace development. During this stage the focus is on building a base of actively engaged Taskers who will make offers by creating a consistent source of job opportunities (posted tasks). Management have also presented a non-statutory view of the operating segment data disclosed in note 4 based on the ‘marketplace economics’, reconciling the contribution of the Established Marketplaces Segment EBITDA to the investment in the New Marketplaces Segment and Group EBITDA. which are at the ‘zero to one’ and ‘one to 100’ stages respectively, have less established user bases and operations and may experience accelerated growth in revenue each year and represent the New Marketplaces Segment. The Group continues to invest in establishing and growing these international marketplaces. • ‘One to 100’. This is the second stage of marketplace development. Once an initial fllow of job opportunities has been established, the goal is to carefully balance supply and demand to drive marketplace activity and grow GMV. • ‘Scaling’. Once a marketplace has moved into the third stage of development, established network effects, organic customer acquisition and strong unit economics are leveraged to realise value. Change Non-statutory operating segment data 2024 $’000 2023 $’000 Established Marketplaces (Australia) EBITDA (note 4) 30,990 24,985 6,005 24.0% Less: Global Head Office operating expenditure (note 4)9 (13,574) (21,149) 7,575 35.8% Less: Global Head Office innovation investment (note 4)10 (4,599) (3,865) (734) (19.0%) 12,817 (29) 12,846 44296.6% (12,997) (7,980) 7,829 97.8% (180) (8,009) 7,829 97.8% Australian net EBITDA Less: New Marketplaces (UK and US) EBITDA (note 4) Group EBITDA (note 4) $’000 % Marketplace economics The Airtasker Australia and Onefllare marketplaces are at the ‘scaling’ stage as they have established user bases and operations and represent the Established Marketplaces Segment. International Airtasker marketplaces, particularly in the US and the UK 15 2024 Annual Report Australian Net EBITDA $12.8m Group EBITDA 15.0 5.0 10.0 0.0 AUD millions AUD millions The Group’s marketplaces, as disclosed at note 4, fall into two business segments being the ‘Established Marketplaces Segment’ and the ‘New Marketplaces Segment’ plus global head office expenditure which is not directly attributable to a segment. Geographic operations are segmented based on the maturity of the marketplaces as economics differ at each stage of growth as noted in the discussion above regarding marketplace staging. 5.0 0.0 -5.0 -$0.2m -5.0 -10.0 -15.0 -10.0 -20.0 FY22 FY23 FY24 FY22 FY23 FY24 9. Operating expenditure relating to the marketplace platforms including engineering, product support and maintenance and back office support functions including leadership, legal, finance and people operations. 10. Innovation investment that is non-capitalisable and associated with the design of, and postimplementation work on, new features designed to enhance the customer experience, increase long term GMV and grow long term revenue. Non-statutory Operating Segment Data Global head office operating expenditure decreased 35.8% against FY23, primarily due to improvements in operating efficiency (including a 20.0% headcount reduction