Announcement PDF 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. II 2023 Annual Report Report of operations HealthShare Letter from the Chair 3 Directors’ report 12 Letter from the Founder & CEO 5 Remuneration report (audited) 24 2023 at a glance 7 Board of Directors 9 Auditor’s independence declaration 45 Financial report 46 AIRTASKER LIMITED ABN 53 149 850 457 2023 Annual Report Report of operations III 1 2022-23 ANNUAL REPORT REPORT OF OPERATIONS 2023 Annual Report Report of operations GET MORE DONE 2023 Annual Report Report of operations 2 Letter from the Chair Dear Shareholders That is a lot of incremental work and pay. And we still have so much further to grow. Welcome to Airtasker’s 2023 Annual Report. Having joined the Company in July 2023, I am presenting this Report having had nil influence over the operations or performance of the Company during the FY23 year. Tim, his team and my fellow Directors must take credit for Airtasker’s almost 34% increase in Gross Market Value (“GMV”) of tasks, to over a quarter of a billion Australian dollars. From this, they extracted over 40% growth in revenue, to $44.2 million. This was against a backdrop of significant macroeconomic headwinds. The post pandemic supply chain issues, broad inflationary pressures and seemingly relentless interest rate increases put pressure on customer demand for Airtasker’s services, as it did for other consumer-oriented businesses. Unlike many of those other businesses, however, the same factors strengthened the flip side of our marketplace: tasker supply. We saw a record number of taskers keen to complement their main income sources by using their skills and time. Across Australia, people were truly out and about once more. Our taskers fetched ~1,000 wayward drones for outdoorsy types in FY23 and we saw increases across child minding (+27%) and housesitting (+44%) for partying parents and travellers, respectively. The national obsession? Property inspections on behalf of potential renters and buyers were up 15%. We had 140 requests for taskers to stand in lines for Taylor Swift tickets. I bet some of you wish you had thought of that. One of the many things I love about Airtasker is its ability to create jobs which have never before existed. This was Tim’s vision from the outset, and from then to now we have paid out over half a billion Australian dollars to taskers. 3 2023 Annual Report The Australian total addressable market for local services is estimated at $5 billion, with our current gross marketplace volume representing approximately 4%. We continue to invest in this market, while producing strong margins and positive cashflows. Our newer marketplaces internationally, in the UK and US, represent $70 billion and $500 billion Australian dollars, respectively. The international opportunity for Airtasker is significant and is part of our focus for FY24. In the UK, where we are at the “one to 100” stage of growth, we saw an almost 35% increase in GMV in FY23 compared to the prior year while revenue grew over 90% for the same period. We expect the investment by Channel 4 in the UK to assist in accelerating UK marketplace growth by building brand awareness, users and network effects. In the US, where we are at the “zero to one” stage of growth, we saw consistent growth trends during FY23 with posted tasks up 158% and tasker offers up 300%. While from a low base, it is pleasing to see the business maintaining its growth trajectory, especially given the limited marketing investment. FY23’s tightening of equity capital markets necessitated the business placing increased focus on the management of its cash. While we see vast opportunities in each market we operate in, we know that growth can no longer simply be bought and be rewarded by capital markets. During the year the team made the difficult decision to restructure the operating cost base of the business, reducing headcount by 20% and divesting non-core assets. The business is now more operationally streamlined, in a strong financial position and is targeting being free cash flow positive over the full FY24 year. Airtasker is supportive of regulatory measures which improve the lives of workers and create a clear operating environment for businesses. In line with Airtasker’s mission - to empower people to realise the full value of their skills - we will continue to lean in to support regulation that ultimately enables the creation of quality local jobs. We are very fortunate and privileged to have a team of dedicated and committed staff that believe in the mission and vision of Airtasker... Many of you may be aware that governments are considering increasing regulation that may impact platform operators and workers. New and emerging rules and regulations are intended to protect workers and enable governments to better regulate digital labour platforms. In Australia, these changes are captured in proposed regulations addressing “employee-like” workers, the sharing economy reporting regime and payroll tax legislation. Europe has seen the adoption of the OECD Model Rules in relation to digital platform operators across the European Union and the UK. In the coming year, management are focusing on the core Airtasker and Oneflare platform revenues, improving marketplace relatability and scaling new marketplaces through media partnerships. Behind the scenes, FY23 saw continued investment in platform and data protection initiatives. Combined with a focus on cost management and cash flows, the opportunities and prospects for Airtasker in FY24 are very positive. I thank previous Chair James Spenceley for handing over this team of dedicated and committed staff and Directors who believe in the mission and vision of Airtasker, and in delivering the best possible experience for our customers and taskers. The Directors are appreciative of the combined efforts of the leadership team and all Airtasker staff to deliver the FY23 result. On behalf of the Board, I also extend thanks to our shareholders and the broader investment community who have supported Airtasker this year. Finally, to our customers and taskers: without each of you, and your continued support of the Airtasker business model, none of this would be possible. Thank you. Cass O’Connor Chair 2023 Annual Report 4 Letter from the Founder & CEO Dear Shareholders, Thank you once again for being part of the Airtasker journey in FY23 as we together made strong progress towards our vision: to build the world’s most trusted marketplace to buy and sell local services. At Airtasker, creating jobs isn’t a by-product of the work that we do, it’s our core purpose. Our mission - to empower people to realise the full value of their skills - remains at the core of everything that we do, and I am incredibly proud to share that this year Airtasker achieved a new milestone: with earnings for Taskers in our community (after all fees) reaching $500m. FY23 was certainly a challenging year which saw, despite tough macroeconomic conditions, our marketplaces demonstrate incredible resilience. While lower consumer confidence resulted in softer consumer demand in some marketplaces, Tasker engagement (supply) surged to all-time record levels across the board, resulting in a significant improvement across all measures of customer experience quality and ultimately greater conversion to revenue. The strength and resilience of our marketplace delivered record financial performance with revenue of $44.2 million, up 40.4% on the prior year. This performance reflected solid organic growth in the Airtasker marketplaces and the full year contribution from the Oneflare marketplace of $9.5 million. Our core Australian marketplace continued to perform strongly generating a record $25 million of positive EBITDA which now covers all our fixed global head office operating and innovation expenditure. At the same time, our marketplaces in the UK and US continued to grow strongly in FY23, with revenue up 83.5% on the prior year. 5 2023 Annual Report Looking back, the year was marked by several significant and important events. We spent a large part of the first half of the year integrating the Oneflare business which we acquired in May 2022. The integration has proceeded in line with plan achieving operational, technical and financial synergies through integration into Airtasker’s existing infrastructure. In January 2023, we launched an all-new Airtasker brand design across our entire platform and business, setting ourselves up for global scale. In April 2023, with a focus on operational efficiency: we made the difficult but necessary decision to reduce our global headcount by 45 roles resulting in an operating expenditure reduction of 20%. Whilst this decision was incredibly difficult to make, we are confident it will allow Airtasker to best flourish in the long term. One of our most important values at Airtasker is “people matter” and before looking further ahead, I would like to take this opportunity to express gratitude for the contributions that each of those individuals made throughout their Airtasker journey. We are forever grateful. In June 2023 we announced a £3.5 million investment into Airtasker UK (our UK subsidiary) from UK television network Channel 4 which will provide Airtasker with access to over 47 million people across the UK each year (over 78% of the UK population). We are super excited about the potential of the Channel 4 partnership to replicate the success we achieved with Seven West Media in Australia and to make Airtasker a household name across the UK! As the year came to a close, we stood in a position of financial strength with over $16 million in cash and zero debt. With a renewed focus on efficiency, we reduced our net cash outflow in FY23 by 24% over the prior year and are well on track to generate a positive free cash flow result in FY24. significantly in the development and wellbeing of our people. In FY24, we will continue to invest in building a world class team and empower them to do their best work in line with Airtasker’s values. Finally, this year we bid a warm farewell to our long-serving Chair James Spenceley who provided invaluable guidance and support along every stage of the Airtasker journey from seed startup to publicly listed ASX company. Thank you so much James. Moving forward, we are honoured to welcome Cass O’Connor as our new Chair and I am super excited to be working alongside her and our Board on the next phase of our journey! In January 2023 we launched the new Airtasker branding and livery across our global business and assets. In closing, FY23 has been a formative year for Airtasker. Amidst a challenging economy, we achieved record revenue, proved the resilience of our business model and continued to invest in the people and platforms that will take Airtasker to the next level. Needless to say, I am super excited for what’s to come at Airtasker in FY24! Thank you for your continuing support. Looking ahead, we’re incredibly focussed on doing a few things really well. We will focus relentlessly on our Airtasker and Oneflare platforms, invest into our core product experience and scale our new marketplaces through the establishment of local media partnerships. Our people are, and will continue to be, core to our success. At Airtasker, our mission statement applies not only to our marketplace but also to our team - and in the pursuit of empowering every one of our team members to realise the full value of their skills, in FY23 we continued to invest Tim Fung Founder and Chief Executive Officer 2023 Annual Report 6 2023 at a glance 6,750,000 Verified Airtasker User Reviews $44.2m -$8.0m +40.4% pcp Revenue 53.1% improvement in EBITDA loss Airtasker EBITDA Oneflare 0.0 37.5 -5.0 AUD millions 50.0 25.0 12.5 -15.0 0.0 -20.0 7 FY19 FY20 FY21 FY22 2023 Annual Report Report of operations FY23 FY23 -10.0 FY22 149,000 +40.4% pcp Active Taskers 150 2,500,000+ +15.2% pcp Posted tasks 2.6 2.0 100 1.3 50 0.7 0.0 FY22 FY23 0.0 FY22 FY23 $6.7m $16.1m 0.5 3.5 0.4 2.5 0.3 1.3 0.1 0.0 0.0 FY21 FY22 FY23 Thousands 5.0 Net cash outflow reduced 23.9% on pcp. US Posted Tasks and Tasker Offers GMV (LHS) Revenue (RHS) GBP millions GBP millions UK GMV and Revenue Cash and zero debt Posted Tasks (LHS) Tasker Offers (RHS) 70 150.0 46.7 100.0 23.3 50.0 0.0 0.0 FY21 FY22 FY23 2023 Annual Report 2023 Report Annual of operations Report 8 Thousands Partnership with Channel 4 unlocking $6.7m (£3.5m) media advertising services in Airtasker UK. Board of Directors 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 Chairperson in July 2023. Cass is currently the Chair of NextEd Group (ASX:NXD) and a number of successful venture-backed technology companies including brand influencer 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 finance, 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 ASXlisted 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. Timothy is co-founder, Managing Director and Chief Executive Officer (‘CEO’) of Airtasker and has been the CEO of Airtasker since its incorporation in 2011. Timothy is currently also a co-founder and director of Tank Stream Labs Pty Ltd, a Sydneybased technology co-working space. Prior to joining Airtasker, Timothy 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 financial services businesses in Australia and internationally across a range of regulated sectors, including insurance, banking and finance, 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. In addition to being a Non-Executive Director of Heartland Group Holdings Limited (ASX: HGH) (NZX: HGH), Ellie is a Non-Executive Director of a number of privately held companies in Australia and the Netherlands. Ellie is a member of Chief Executive Women. 9 2023 Annual Report Peter (Pete) Hammond Xiaofan (Fred) Bai Mahendra Tharmarajah Non-Executive Director Non-Executive Director Company Secretary and Chief Financial Officer Peter joined Airtasker as a Non-Executive Director in November 2013. Peter is a cofounder and director of Exto Partners, a Sydney-based venture capital firm formed in 2003. With over nineteen years experience as a founder, investor and director of technology companies, Peter is experienced in building high growth companies. Peter is a qualified 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 re-engineering 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 firm. Fred is also founder and CEO 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 qualified Chartered Accountant, Mahendra has over 25 years’ experience in leading finance 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 finance expertise including systems implementation, mergers and acquisitions and international expansion. 2023 Annual Report 10 11 2023 Annual Report Directors report Directors’ report The Directors present their report, together with the financial 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 2023 (‘FY23’). Company secretary Directors Operating and financial review The following persons were directors of Airtasker Limited during the whole of the financial year and up to the date of this report, unless otherwise stated: Catherine (Cass) O’Connor Independent Non-Executive Chairperson (appointed 1 July 2023) James Spenceley Independent Non-Executive Chairperson (resigned 30 June 2023) Timothy (Tim) Fung Managing Director and Chief Executive Officer Ellen (Ellie) Comerford Independent Non-Executive Director Peter (Pete) Hammond Non-Executive Director Xiaofan (Fred) Bai Non-Executive Director Mark Simpson (resigned 28 June 2023) Mahendra Tharmarajah (appointed 28 June 2023) 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. Overview of the Group Airtasker is Australia’s leading online marketplace platform for local services, connecting people who need work done with people who want to work. Since launching in 2012, Airtasker has served more than 1.3 million unique paying customers (‘UPC’) and has put more than $500 million into the pockets of taskers in the community (net of Airtasker’s fees). The mission of Airtasker is to empower people to realise the full value of their skills. The core purpose of the Group is to enable flexible jobs and income opportunities by becoming the world’s most trusted place to buy and sell local services. More than 7.1% of Australians use a digital platform to find work and more than 34.8% of those people have chosen to work through the Airtasker marketplaces, placing the Group at the forefront of the flexible working movement.1 The Group has two main areas of strategic and operational focus. In Australia, it is scaling and realising value in its established home marketplaces through the Airtasker and Oneflare platforms. In international markets, it is investing in establishing and growing new marketplaces in the United Kingdom (‘UK’) and the United States of America (‘US’) through the Airtasker platform. Airtasker acquired the Oneflare business, one of Australia’s largest local services marketplace platforms, on 25 May 2022. During FY23, the integration of Oneflare has proceeded to plan with the business contributing a full year of revenue while also achieving operational, technical and financial synergies through integration into the pre-existing Airtasker operational and support functions. The Oneflare business has provided Airtasker with significant intellectual property on accessing the high value professional trades segment, which has an estimated Australian total addressable market (‘TAM’) of $110.3 billion.2 1. Frost & Sullivan, 2021 2. Management estimates based on publicly available information. 2023 Annual Report 12 On 27 April 2023, the Group announced a program to reduce costs and focus on efficient global scaling of the core Airtasker marketplaces. As a result of these changes the Group is targeting to be free cashflow positive for the financial year ending 30 June 2024 (‘FY24’). The program of efficient growth included: • Reducing global headcount by 20%, resulting in approximately 45 roles being made redundant, primarily in non-revenue generating functions; • Exiting non-core businesses acquired as part of Oneflare’s portfolio of businesses, including Renovate Forum, Word of Mouth and Urban You. These changes will reduce recurring revenue in FY24 by up to $1.0 million while also having a positive impact on operating expenses and cashflow; • Continuing to focus on efficient global scaling of the core Airtasker marketplaces and the Oneflare marketplace in Australia. On 7 June 2023, Airtasker UK Limited (‘Airtasker UK’) and the Company entered into a series of agreements with 4 Ventures Limited and Channel Four Television Corporation (collectively, ‘Channel 4’) whereby the Group would receive $6.7 million (£3.5 million) of media advertising services in exchange for a 20% interest in the Company’s subsidiary, Airtasker UK. The investment will enable the Group to accelerate its UK marketplace growth by building brand awareness, growing users and building network effects through access to the UK’s biggest free streaming service (with over 1.2 billion views per year) and Channel 4’s monthly reach of more than 47 million people (78% of the UK population).3 13 2023 Annual Report Consolidated 2023 $’000 2022 $’000 Change $’000 % Revenue 44,171 31,469 12,702 40.4% Gross profit 41,756 29,278 12,478 42.6% Loss before tax (12,918) (20,543) 7,625 (37.1%) Net loss after tax (12,918) (20,391) 7,473 (36.6%) Net cash outflow (7,710) (10,132) 2,422 (23.9%) The agreement incorporates the Company repurchasing the 20% stake at the end of financial year 2028 (‘FY28’) for scrip or cash (at the Company’s option) - valuation based on Airtasker UK’s FY28 revenue and the Group’s revenue multiple. This repurchase agreement aligns Channel 4 with Airtasker’s UK growth and the Group’s global expansion plans and mitigates risk of excessive shareholder dilution. Operating and financial performance for the year Statutory results The Group achieved strong growth in FY23, with statutory revenue growing 40.4% to $44.2 million versus $31.5 million for the year ended 30 June 2022 (‘FY22’). This result reflected organic growth in the Airtasker marketplace in Australia and a full year revenue contribution from the Oneflare marketplace. The result also reflected steady international growth in new marketplaces, principally in the UK and the US. The Group’s gross profit grew 42.6% in line with revenue growth and the lower direct costs associated with the Oneflare business. The FY23 net loss before tax decreased 37.1% to $12.9 million (FY22: loss of $20.5 million) with the net loss after tax (‘NPAT’) at $12.9 million (FY22: loss of $20.4 million). Net cash outflows for FY23 were $7.7 million (FY22: $10.1 million), a decrease of 23.9%. Earnings before interest and taxation (‘EBIT’), earnings before interest, taxation, depreciation and amortisation (‘EBITDA’) are financial measures which are not prescribed by Australian Accounting Standards (‘AAS’) and represent the statutory NPAT under AAS adjusted for specific non-cash and other items. The directors consider that EBIT, EBITDA reflect the core earnings of the Group and assist in understanding the financial performance of the Group. The FY23 EBIT loss decreased 37.7% to $12.8 million (FY22: loss of $20.6 million) while the EBITDA loss decreased 53.1% to $8.0 million (FY22: loss of $17.1 million). Reconciliation of statutory NPAT to EBIT and EBITDA EBIT and EBITDA have been calculated by eliminating the following from statutory NPAT: • net interest income and finance costs; • income tax benefit; and • depreciation and amortisation expense. 3. https://www.channel4.com/corporate/ about-4/who-we-are/channels-and-platforms Change Consolidated 2023 $’000 2022 $’000 Statutory NPAT (12,918) (20,391) 7,473 (36.6%) Net interest income and finance costs 82 (60) 142 (236.7%) Income tax benefit - (152) 152 (100.0%) (12,836) (20,603) 7,767 (37.7%) 4,827 3,525 1,302 36.9% (8,009) (17,078) 9,069 (53.1%) EBIT Depreciation and amortisation expense EBITDA Summary of FY23 operating and financial performance Airtasker’s business performed well in FY23 through the core Airtasker marketplaces in Australia and internationally, as well as the Australian Oneflare marketplace acquired in FY22. In Australia, the COVID-19 related restrictions that impacted business performance in FY22 had largely subsided, however, were replaced by challenging macro-economic conditions that impacted consumer sentiment and marketplace demand. In Australia macro-economic influences associated with an inflationary environment and tightening monetary policy gathered momentum during the financial year. Consequently, supply (tasker offers) recovered and accelerated at a faster rate through the financial year than customer demand (posted tasks), which softened over the financial year. The Airtasker business model demonstrated resilience and adaptability with the demand and supply metrics finding a natural market equilibrium. As such, the marketplace saw a trend towards higher task assignment rates, higher task completion rates and hence lower task cancellation rates, $’000 % resulting in an improved customer experience. Group marketplace activity is represented by gross marketplace volume (‘GMV’), which grew 33.7% to $253.5 million4 (FY22: $189.6 million). In FY22, in particular the first quarter, the business was significantly impacted by COVID-19 related restrictions and lockdowns in Australia which limited taskers’ ability to complete tasks onsite. Revenue grew 40.4% to $44.2 million (FY22: $31.5 million) reflecting organic growth in the Airtasker marketplace in Australia and the full year revenue contribution from the Oneflare marketplace. The result also reflected steady international growth in new marketplaces of $0.9 million. The take rate5 of 17.6% for FY23 was up above the FY22 take rate of 16.6%, due to an increase in the volume of closed tasks as a result of increased reliability on the platform, combined with the ongoing optimisation of Airtasker’s fee structure. In the Airtasker marketplaces, UPC for FY23 was up 2.2% to 438,000 (FY22: 428,000). Meanwhile, full year average task prices increased 5.7% against FY22 from $237 to $250 due to a combination of underlying inflationary pressure and an increase in high value task volumes. Established Marketplaces The Established Marketplaces in Australia, comprising Airtasker and Oneflare, generated revenue of $43.2 million (FY22: $31.0 million), up 39.7%. The Australian Airtasker marketplace generated revenue of $33.7 million up 13.0% on FY22 while the Oneflare marketplace contributed revenue of $9.5 million for FY23, including approximately $1.0 million from the businesses to be exited. The Oneflare marketplace is performing ahead of revenue expectations communicated when the acquisition was announced. New Marketplaces The New Marketplaces, principally the UK and the US, generated revenue of $0.9 million in FY23, up 83.3% on FY22. Airtasker operates marketplaces at multiple stages of development. In Australia, the marketplaces are at the ‘scaling’ stage. In the UK, the marketplaces are in the ‘one to 100’ stage during which the goal is to carefully balance supply and demand to drive marketplace activity and grow GMV. 4. 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 plus Oneflare marketplace GMV estimated by dividing total Oneflare marketplace revenue by the budgeted Airtasker marketplaces take rate. 5. Represents Airtasker’s revenue in a given financial period, expressed as a percentage of GMV in the same period within the Airtasker marketplaces. 2023 Annual Report 14 In the US, the marketplaces are in the ‘zero to one’ stage during which the focus is on creating a steadily increasing flow of job opportunities (posted tasks). During FY23, Airtasker experienced strong growth in its UK marketplace enabling it to generate FY23 revenue growth of 92.5% to £0.5 million and FY23 GMV growth of 34.6% to £3.7 million. This strong revenue and GMV performance was achieved on the back of increasing brand awareness and the impact of improved monetisation policies introduced at the end of FY22. During the UK spring, an all-new outdoor and radio brand campaign, showcasing Airtasker’s refreshed brand, was launched targeting commuters. New users continue to be acquired through a combination of organic social and search, performance marketing and user inc