Announcement PDF Airtasker Limited Appendix 4D Half-year report 1. Company details Name of entity: ABN: Reporting period: Previous period: Airtasker Limited 53 149 850 457 For the half-year ended 31 December 2024 For the half-year ended 31 December 2023 2. Results for announcement to the market $'000 Revenues from ordinary activities up Loss from ordinary activities after tax attributable to the owners of Airtasker Limited down Loss for the half-year attributable to the owners of Airtasker Limited down 10.0% to - 25,658 - (6783.3%) to (6783.3%) to (15,962) (15,962) Dividends There were no dividends paid, recommended or declared during the current or previous half-year. Comments The loss for the Group after providing for income tax and non-controlling interest amounted to $15,962,000 (31 December 2023: profit of $236,000). Refer to the 'Financial and operational review' within the Directors' report for further commentary on the performance of Airtasker Limited. 3. Net tangible assets Net tangible assets per ordinary security Calculated as: Net assets Less: Right-of-use assets Less: Intangibles Add: Lease liabilities Net tangible assets Total shares issued 4. Control gained over entities Not applicable. Reporting period Cents Previous period Cents 0.76 2.06 Consolidated 31 Dec 2024 31 Dec 2023 $'000 $'000 23,036 (1,639) (20,059) 2,128 29,553 (2,156) (21,231) 3,160 3,466 9,326 Number of shares Number of shares 453,519,669 451,875,924 Airtasker Limited Appendix 4D Half-year report 5. Loss of control over entities Not applicable. 6. Dividends Current period There were no dividends paid, recommended or declared during the current half-year. Previous period There were no dividends paid, recommended or declared during the previous half-year. 7. Dividend reinvestment plans Not applicable. 8. Details of associates and joint venture entities Not applicable. 9. Foreign entities Details of origin of accounting standards used in compiling the report: Not applicable. 10. Audit qualification or review Details of audit/review dispute or qualification (if any): The financial statements were subject to a review by the auditors and the review report is attached as part of the Interim Report. 11. Attachments Details of attachments (if any): The Interim Report of Airtasker Limited for the half-year ended 31 December 2024 is attached. 12. Signed Approved for release by the Board of Directors Signed ___________________________ Cass O'Connor Chair Date: 27 February 2025 Airtasker Limited ABN 53 149 850 457 Interim Report - 31 December 2024 Airtasker Limited Contents 31 December 2024 Directors' report Auditor's independence declaration Consolidated statement of profit or loss and other comprehensive income Consolidated statement of financial position Consolidated statement of changes in equity Consolidated statement of cash flows Notes to the consolidated financial statements Directors' declaration Independent auditor's review report to the members of Airtasker Limited 1 2 17 18 19 20 21 22 38 39 Airtasker Limited Directors' report 31 December 2024 The Directors present their report, together with the financial statements, on the consolidated entity ('Airtasker' or the 'Group') consisting of Airtasker Limited (the 'Company') and the entities it controlled at the end of, or during, the halfyear ended 31 December 2024 ('HY25'). Directors The following persons were directors of Airtasker Limited during the whole of the half-year and up to the date of this report, unless otherwise stated: Catherine (Cass) O'Connor - Independent Non-Executive Chair 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 Principal activities 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. Financial and operational review Key financial and operational metrics Consolidated 31 Dec 2024 31 Dec 2023 Change $'000 $'000 $'000 Financial metrics Group revenue Gross profit Employee benefits expense Sales and marketing expense Technology expense General and administration expense Group EBIT1 Group EBITDA2 Loss before tax Net loss after tax Net (loss)/profit after tax attributable to the owners of Airtasker Limited Net cash flow3 Cash from operating activities 25,658 24,566 (11,468) (18,153) (2,522) (6,516) (18,211) (16,471) (18,220) (18,220) 23,322 22,310 (11,017) (5,502) (2,656) (2,653) (398) 1,967 (291) (291) 2,336 2,256 (451) (12,651) 134 (3,863) (17,813) (18,438) (17,929) (17,929) 10.0% 10.1% (4.1%) (229.7%) 5.0% (145.7%) (4500.6%) (937.2%) (6213.4%) (6213.4%) (15,962) 553 1,913 236 (10,388) 1,408 (16,198) 10,941 505 (6783.3%) 105.3% 35.8% Consolidated 31 Dec 2024 30 Jun 2024 Change $'000 $'000 $'000 Cash and term deposits Total assets Total liabilities Net assets Change % 18,320 88,183 (65,147) 23,036 17,765 50,573 (17,937) 32,636 555 37,610 (47,210) (9,600) Change % 3.1% 74.4% (263.2%) (29.4%) 1 Earnings before net interest income and taxation. 2 Earnings before net interest income, taxation, depreciation and amortisation. 3 In the prior comparative period, $10.5 million of net investments in term deposits were treated as cash outflows under Australian Accounting Standards. These term deposits matured in the second half of financial year 2024 and were treated as cash inflows such that on a full year basis the term deposit outflows and inflows netted off. 2 Airtasker Limited Directors' report 31 December 2024 Consolidated 31 Dec 2024 31 Dec 2023 Change Operational metrics - Airtasker marketplaces Booked tasks Average task price ($) Monetisation rate4 Airtasker marketplaces revenue5 ($'000) Airtasker platform fee revenue6 ($'000) Gross marketplace volume7 ($'000) Change % 418,721 250 385,589 248 33,132 2 8.6% 0.6% 20.8% 19.8% 1.0% 5.1% 21,705 20,192 104,558 18,908 16,588 95,688 2,797 3,604 8,870 14.8% 21.7% 9.3% Financial review Financial performance Airtasker achieved strong growth in HY25, with Group statutory revenue growing 10.0% to $25.7 million versus $23.3 million at 31 December 2023 (‘HY24’). This result reflected 14.8% organic revenue growth in the Airtasker marketplaces (excluding the Oneflare marketplace) which contributed $21.7 million in HY25 (HY24: $18.9 million), supported by an increasing contribution from new international marketplaces where revenue grew 110.0% in HY25 to $1.3 million (HY24: $0.6 million). The Group's gross profit increased by 10.1%, in line with revenue growth as direct costs moved proportionately to revenue. The revenue growth in the Airtasker marketplaces was supported by the Group's previously stated strategy to increase its marketing investment in all key geographies in FY25. The marketing strategy predominantly involves above the line brand marketing supported by paid performance and other marketing activities. The above the line brand marketing investment is financed by leveraging the non-cash media advertising services from the media partnerships completed in Australia, the UK and the US in 2023 and 2024, while the paid performance and other marketing activities are financed in cash. 4 Monetisation rate represents Airtasker marketplaces revenue in a given financial period, expressed as a percentage of Airtasker marketplaces gross marketplace volume in the same period. 5 Airtasker marketplaces platform revenue plus breakage revenue. Refer to note 4. 6 Airtasker marketplaces platform revenue comprising connection fees charged to customers, service fees charged to Taskers and cancellation fees, excluding breakage revenue. Refer to note 4. 7 Gross marketplace volume represents the total value 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. 3 Airtasker Limited Directors' report 31 December 2024 The HY25 statutory net loss after tax ('NPAT') increased to $18.2 million (HY24: $0.3 million loss) reflecting the sales and marketing investment in the half-year of $18.2 million as well as the impact of the remeasurement of the media partner share purchase liabilities and the associated foreign currency translation of $6.6 million, which are recognised through profit or loss. The net loss after tax attributable to the owners of Airtasker Limited was $16.0 million (HY24: $0.2 million profit), after accounting for the 4 Ventures Limited ('Channel 4') and Univision Communications Inc. ('TelevisaUnivision') non-controlling interests. Employee benefits expense of $11.5 million was up 4.1% (HY24: $11.0 million) principally due to salary indexation across the Group. During the half-year the Group invested $18.2 million (HY24: $5.5 million) in sales and marketing, a 229.7% increase. The increase was in line with the Group's previously stated strategy to build Airtasker brand awareness in its key markets of Australia, the UK and the US. The marketing strategy predominantly involves above the line brand marketing through the use of media advertising services provided by a range of media partners in Australia, the UK and the US. The consideration provided to the media partners by the Group involved equity or convertible notes in the Company and Group subsidiaries with varying terms and maturities. In the half-year, the marketing investment comprised $10.9 million in non-cash media advertising services with the balance $7.3 million in cash directed towards paid performance and other marketing activities. As a proportion of Group revenue, sales and marketing expenditure in the half-year increased to 70.8% (HY24: 23.6%). Technology expense of $2.5 million was down 5.0% (HY24: $2.7 million) due to operational efficiencies and reductions in expenditure. General and administration expense of $6.5 million (HY24: $2.7 million) was up $3.9 million due principally to the foreign currency translation loss of $3.0 million associated with the media partner share purchase liabilities, recognised through profit and loss. Earnings before net interest income and taxation (‘Group EBIT’) and earnings before net interest income, taxation, depreciation and amortisation ('Group 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 Group EBIT and Group EBITDA reflect the core earnings of the Group and assist in understanding the financial performance of the Group. Group EBIT and Group EBITDA have been calculated by eliminating the following from statutory NPAT: ● ● Net interest income; and Depreciation and amortisation expense. Consolidated 31 Dec 2024 31 Dec 2023 Change $'000 $'000 $'000 Reconciliation of statutory NPAT to Group EBITDA Statutory NPAT (18,220) 9 (18,211) 1,740 (16,471) - Less: Net interest income Group EBIT Add: Depreciation and amortisation expense Group EBITDA (291) (107) (398) 2,365 1,967 - (17,929) 116 (17,813) (625) (18,438) - Change % (6213.4%) 107.7% (4500.6%) (26.4%) (937.2%) - For HY25, Group EBIT was negative $18.2 million (HY24: negative $0.4 million) while Group EBITDA was negative $16.5 million (HY24: positive $2.0 million), with the movement in both reflecting the impact of the $18.2 million marketing investment (which included $10.9 million in non-cash media advertising services), the $3.6 million unrealised statutory accounting loss from the remeasurement of the media partner share purchase liabilities and the associated $3.0 million unrealised statutory accounting loss from the foreign currency translation of the media partner share purchase liabilities. 4 Airtasker Limited Directors' report 31 December 2024 The Group EBIT result reflected the adjustment of statutory NPAT for the net interest income generated in the halfyear from the Group's cash and term deposits of $18.3 million at 31 December 2024. The Group EBITDA result reflected the adjustment of Group EBIT during the half-year for the depreciation and amortisation expense of $1.7 million, which arose principally from the amortisation of right-of-use assets and capitalised platform development expenditure. Included in Group EBITDA were a number of non-cash and other unrealised statutory accounting gains and losses, which are recognised through profit or loss, including share-based payments expense, non-cash marketing expense, the remeasurement of the media partner share purchase liabilities and the foreign currency translation associated with the media partner share purchase liabilities. The non-cash share-based payments expense reflects the statutory accounting expense associated with options and rights over equity granted to staff and key management personnel. Refer to note 5. The non-cash marketing expense reflects the utilisation of the non-cash media advertising services provided by the Group's media partners. Refer to note 5 and note 8. The Group has completed a number of media partnerships that have provided media advertising services for use in the markets in which it operates, in consideration for which the Company and Group subsidiaries have issued equity and unsecured convertible notes. The Company and Group subsidiaries have rights to settle the convertible notes in cash at their maturity dates for principal and coupon or convert them into equity. The convertible notes are recognised as equity-settled share-based payments with a forward obligation to repurchase the equity-settled convertible notes in subsequent periods. The forward obligation over own equity is treated as a share purchase liability and the forward obligation can be settled in cash or equity in the Company, at the option of the relevant Group subsidiary. The share purchase obligations are a function of the Group subsidiary valuation which is based on each Group subsidiary's trailing twelve months revenue immediately prior to the purchase date, multiplied by the Group’s market capitalisation multiple as a function of the Group’s trailing twelve months revenue immediately prior to the purchase date. The movement in the Group's revenue based market capitalisation multiple during the half-year of approximately 16% was the principal driver of the change in measurement of the share purchase liabilities, resulting in a $3.6 million unrealised statutory accounting loss, recognised through profit or loss. In addition, as the share purchase liabilities are denominated in foreign currencies, their carrying value is exposed to movements in foreign currency translation rates. Unfavourable movements in foreign currency translation rates in the half-year of 5-8% resulted in a $3.0 million unrealised statutory accounting foreign currency translation loss, recognised through profit or loss. It is expected that as the Group continues to utilise the media advertising assets on its balance sheet in pursuit of its above the line brand marketing strategy, Group EBIT and Group EBITDA losses will increase in subsequent half years, as the usage is recognised as a sales and marketing expense through profit or loss. Changes in the measurement of the media partner share purchase liabilities will be recognised directly to profit or loss, except for the unwinding of the effect of discounting on the liabilities, which is recognised as a finance cost. Subsequent remeasurement of the media partner share purchase liabilities are subject to movements in the Group's revenue based market capitalisation multiple, foreign currency translation rates, the Group's cost of capital and forecast revenues for the relevant Group subsidiary. Cash flows On a statutory basis, the net increase in cash in the half-year was $0.6 million (HY24: $10.4 million decrease) with the positive movement mainly due to the surplus cash invested in term deposits in HY24, which were treated as cash outflows for statutory accounting purposes. 5 Airtasker Limited Directors' report 31 December 2024 Net cash from operating activities for HY25 was $1.9 million, up $0.5 million (HY24: $1.4 million). The positive operating cash flow result was achieved by increasing cash receipts 16.4% to $28.4 million (HY24: $24.4 million) with cash outflows increasing 16.1% to $26.8 million from a lower base. Cash receipts growth was supported by Group revenue growth of 10.0% to $25.7 million and in particular, Airtasker marketplaces revenue growth of 14.8% to $21.7 million. Net cash used in investing activities of $1.0 million was principally for payments for intangible assets, which represented capitalised platform development expenditure. The net cash used in investing activities decreased by a net $10.3 million against HY24, as cash invested in term deposits in HY24 was treated as a cash outflow for investing purposes and at the full year financial year 2024 ('FY24') the maturing term deposits were treated as an investing cash inflow, such that on a full year basis the term deposit outflows and inflows netted off. Net cash used in financing activities of $0.6 million related to the financing component of lease liability payments associated with office facilities leases. Financial position Airtasker's net assets decreased $9.6 million (29.4%) during the half-year from 30 June 2024, reflecting a lower increase in total assets versus total liabilities. Total assets at 31 December 2024 increased $37.6 million to $88.2 million (30 June 2024: $50.6 million). This was principally due to the movement in the prepaid media asset. During the half-year, $45.2 million in media advertising services from the Group's media partners in Australia, the UK and the US was recognised as an addition to prepaid media assets, while $10.9 million of the prepaid media asset was recognised as a sales and marketing expense, based on usage, through profit or loss. Refer to note 8. Total liabilities at 31 December 2024 increased $47.2 million to $65.1 million (30 June 2024: $17.9 million). The increase was mainly due to $40.4 million in non-current financial instrument liabilities related to the recognition of the media partner share purchase liabilities during the half-year. In addition, at 31 December 2024 a $6.6 million increase in the financial instrument liabilities was recognised, comprising $3.6 million from the remeasurement of the media partner share purchase liabilities together with $3.0 million from the associated foreign currency translation. Refer to note 14. Airtasker remains in a strong financial position at 31 December 2024 with $18.3 million (30 June 2024: $17.8 million) in cash and term deposits on its balance sheet. 6 Airtasker Limited Directors' report 31 December 2024 Consolidated 31 Dec 2024 30 Jun 2024 $'000 $'000 Cash and term deposits Cash and cash equivalents (note 6) Term deposits (note 7) 17,781 539 17,228 537 Total cash and term deposits 18,320 17,765 Operational review Overview Airtasker is Australia’s leading online marketplace platform for local services, connecting people who need work done with people who want to work. Airtasker's mission 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. In Australia, more than 13% of active digital platform workers use task-based digital platforms and more than 61% of those people have chosen to work through the Airtasker marketplaces, placing the Group at the forefront of the flexible working movement.8 Since launching in 2012, Airtasker has served more than 1.9 million unique paying customers9 and has put more than $650 million into the pockets of Taskers in the community (net of Airtasker’s fees). Macroeconomic conditions in the Group's key geographic markets were mixed during the half-year. Market and economic conditions in the UK and US had little impact on the Group given the size and stage of development of the Airtasker marketplaces in those countries. In Australia, the Group's largest revenue market, macroeconomic conditions remained largely unchanged during the half-year. There were no changes to monetary policy during the half-year with the cash rate remaining at June 2024 levels until reduced in February 2025. The unemployment rate meanwhile was relatively steady with inflation declining slightly. Management is optimistic that consumer sentiment will improve over the course of 2025 and into 2026 leading to increased Australian marketplace demand. During HY25, Airtasker marketplaces revenue grew 14.8% to $21.7 million (HY24: $18.9 million) while activity across the Airtasker marketplaces, represented by GMV, increased 9.3% to $104.6 million (HY24: $95.7 million). This reflected an 8.6% increase in booked tasks to 418,721 (HY24: 385,589) and a 6.5% increase in booked tasks on a sequential half-year basis. The average task price in HY25 was relatively steady, increasing 0.6% to $250 (HY24: $248). During HY24 Airtasker implemented a number of funnel optimisation programs including the introduction of a revised cancellation policy and fee structure designed to improve platform reliability and address task leakage. The funnel optimisation programs have seen cancellation rates in the Airtasker marketplaces reduce by 10.0% in HY25 against HY24, resulting in the monetisation rate improving to 20.8% in HY25 (HY24: 19.8%), up 5.1%. In HY25, Airtasker launched its new creative assets focusing on the 'magical world of Airtasker' with a new tag line where users can 'Get anything done'. The creative assets and tag line are being progressively rolled out across all geographies, commencing with the out-of-home advertising and audio channels in Australia. The Group completed media partnerships with TelevisaUnivision, iHeartMedia + Entertainment, Inc. ('iHeartMedia'), Sinclair Television Group, Inc. ('Sinclair') and Mercurius Media Capital LP ('Mercurius') in the US and a follow-on investment from Channel 4 in the UK during the half-year. This was in addition to the Australian partnerships with oOh!media Operations Pty Limited ('oOh!media') and Australian Radio Network Pty Limited ('ARN') in June and July 2024. Refer to note 8, note 14, note 16 and note 17. 8 Frost and Sullivan, 2024. 9 Comprising the Airtasker marketplace 7 Airtasker Limited Directors' report 31 December 2024 During the half-year, Airtasker launched its above the line brand marketing campaign in the Australian and US markets and continued the above the line brand marketing campaign launched in the UK market in FY24. The above the line brand marketing campaigns leveraged the media advertising services from oOh!media and ARN in Australia, Channel 4 in the UK and TelevisaUnivision and iHeartMedia in the US. Payback from the investment in the above the line brand marketing campaigns is expected to be realised over a 3 year period. 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 with each stage supported by a significant investment in either building, or maintaining, brand awareness. Airtasker has defined 3 stages of marketplace development. ● ● ● 'Zero to one'. This is the first 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). 'One to 100'. This is the second stage of marketplace development. Once an initial flow 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. Marketplace economics Airtasker's marketplaces, as disclosed at note 3, 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. The Airtasker Australia and Oneflare Australia marketplaces are at the 'scaling' stage as they have established user bases and operations and represent the ‘Established Marketplaces Segment’. International marketplaces, particularly in the US and the UK, are at the 'zero to one' and 'one to 100' stages as they have less established user bases and operations and represent the ‘New Marketplaces Segment’. Airtasker continues to invest in establishing and growing these international marketplaces. Management also present a non-statutory view of the operating segment data disclosed in note 3 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. During HY25, Airtasker's Established Marketplaces Segment generated positive EBITDA of $14.0 million (HY24: positive $15.9 million), a 12.5% decrease. This decrease principally reflected a $3.9 million increase in marketing investment in Australia to $6.0 million (HY24: $2.1 million). The majority of this investment went into the Airtasker Australia marketplace with a total investment of $4.5 million, up $3.6 million on HY24, and including $2.6 million in non-cash media advertising services. The EBITDA from the Established Marketplaces Segment contributed to the non-variable global head office operating expenditure of $7.9 million (HY24: $6.6 million) and the global head office innovation investment of $1.9 million (HY24: $2.4 million), to generate positive Australian net EBITDA of $4.1 million (HY24: positive $6.9 million), down $2.8 million. Global head office operating expenditure increased 19.6% against HY24 reflecting salary indexation, backfilling vacant roles from HY24 in the second half of FY24 and a greater focus by engineering and product teams on non-capitalisable and non-innovative projects during the half-year. 8 Airtasker Limited Directors' report 31 December 2024 31 Dec 2024 31 Dec 2023 $'000 $'000 Non-statutory operating segment data Established Marketplaces (Australia) EBITDA Less: Global head office operating expenditure10, 11 Less: Global head office innovation investment12 Australian net EBITDA Australian net EBITDA Less: New Marketplaces (UK and US) EBITDA Less: Remeasurement and foreign currency translation of share purchase liabilities13 (note 14) Group EBITDA Change $'000 % 13,956 (7,917) (1,938) 4,101 (14,014) 15,942 (6,621) (2,382) 6,939 (5,109) (1,986) (1,296) 444 (2,838) (8,905) (12.5%) (19.6%) 18.6% (40.9%) (174.3%) (6,558) (16,471) 137 1,967 (6,695) (18,438) (4893.4%) (937.2%) As noted earlier, the Group has completed a number of media partnerships that have provided media advertising services for use in the markets in which it operates, in consideration for which the Company and Group subsidiaries have issued equity and unsecured convertible notes. The Company and Group subsidiaries have rights to settle the convertible notes in cash at their maturity dates for principal and coupon or convert them into equity. The convertible notes are recognised as equity-settled share-based payments with a forward obligation to repurchase the equity-settled convertible notes in subsequent periods. The forward obligation over own equity is treated as a share purchase liability and the forward obligation can be settled in cash or equity in the Company, at the option of the relevant Group subsidiary. The share purchase obligations are a function of the Group subsidiary valuation which is based on each Group subsidiary's trailing twelve months revenue immediately prior to the purchase date, multiplied by the Group’s market capitalisation multiple as a function of the Group’s trailing twelve months revenue immediately prior to the purchase date. In HY25 the impact of the remeasurement of the media partner share purchase liabilities and the associated foreign currency translation was an unrealised statutory accounting loss of $6.6 million, which was recognised through profit or loss. The movement in the Group's revenue based market capitalisation multiple during the half-year of approximately 16% was the principal driver of the change in measurement of the share purchase liabilities, resulting in a $3.6 million unrealised statutory accounting loss, recognised through profit or loss. In addition, as the share purchase liabilities are denominated in foreign currencies, their carrying value is exposed to movements in foreign currency translation rates. Unfavourable movements in foreign currency translation rates in the half-year of 5-8% resulted in a $3.0 million unrealised statutory accounting foreign currency translation loss, recognised through profit or loss. The investment in the New Marketplaces Segment during HY25 consisted of marketing investment of $12.2 million, comprising $8.3 million from utilisation of the prepaid media assets provided by the UK and US media partners, plus $3.9 million cash investment in paid performance and other marketing activities. After accounting for the increased marketing investment in the New Marketplaces Segment, which recorded negative EBITDA of $14.0 million (HY24: negative $5.1 million), and the $6.6 million