Announcement PDF ABN 53 149 850 457 (ASX Code: ART) Appendix 4D Half-Year Report and Interim Report 31 December 2023 Lodged with ASX under Listing Rules 4.2A.1 and 4.2A.3. www.airtasker.com 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 2023 For the half-year ended 31 December 2022 2. Results for announcement to the market $'000 Revenues from ordinary activities up 6.8% to 23,322 Profit from ordinary activities after tax attributable to the owners of Airtasker Limited up 103.0% to 236 Profit for the half-year attributable to the owners of Airtasker Limited up 103.0% to 236 Dividends There were no dividends paid, recommended or declared during the current or previous half-year. Comments The loss for Airtasker Limited for the period after providing for income tax and amounts attributable to non-controlling interests amounted to $291,000 (31 December 2022: $7,774,000 loss). Refer to the 'Operating and financial review' within the Directors' report for further commentary on the performance of Airtasker Limited. 3. Net tangible assets Net tangible assets per ordinary security Reporting period Cents Previous period Cents 2.06 2.75 Calculated as: Consolidated 31 Dec 2023 31 Dec 2022 $'000 $'000 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. 29,553 (2,156) (21,231) 3,160 33,909 (3,373) (22,490) 4,299 9,326 12,345 Number of shares Number of shares 451,875,924 449,505,940 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 2023 is attached. 12. Signed Approved for release by the Board of Directors Signed ___________________________ Cass O'Connor Chair Date: 29 February 2024 Airtasker Limited ABN 53 149 850 457 Interim Report - 31 December 2023 Airtasker Limited Contents 31 December 2023 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 14 15 16 17 18 19 31 32 Airtasker Limited Directors' report 31 December 2023 The Directors present their report, together with the financial statements, for 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 2023. 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 2023 31 Dec 2022 Change $'000 $'000 $'000 Financial metrics Group revenue Gross profit Employee benefits expense Sales and marketing expense Technology, general and administration expense Loss before tax Net loss after tax Net profit after tax attributable to the owners of Airtasker Limited 23,322 22,310 (11,017) (5,502) (5,309) (291) (291) 21,846 20,618 (16,604) (3,728) (6,510) (7,774) (7,774) 1,476 1,692 5,587 (1,774) 1,201 7,483 7,483 6.8% 8.2% 33.6% (47.6%) 18.4% 96.3% 96.3% 236 1,408 7,076 1,967 109 (7,774) (6,206) (2,005) (5,134) (4,643) 8,010 7,614 9,081 7,101 4,752 103.0% 122.7% 452.9% 138.3% 102.3% Cash from/(used in) operating activities Australian net EBITDA1 Group EBITDA Non-statutory free cash flow/(net cash outflow) Consolidated 31 Dec 2023 31 Dec 2022 Change Operational metrics - Airtasker marketplaces Booked tasks Average task price ($) Change % Change % 385,589 248 404,005 256 (18,416) (8) (4.6%) (3.1%) Monetisation rate2 19.8% 16.6% 3.2% 19.3% Airtasker marketplaces revenue Gross marketplace volume3 ($'000) 18,908 95,688 17,136 103,501 1,772 (7,813) 10.3% (7.5%) 1 Earnings before interest, taxation, depreciation and amortisation (EBITDA) are financial measures which are not prescribed by Australian Accounting Standards (‘AAS’) and represent the statutory net loss after tax under AAS adjusted for specific non-cash and other items. 2 Monetisation rate (previously take 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. 3 Gross marketplace volume 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. 2 Airtasker Limited Directors' report 31 December 2023 Financial review Financial performance Airtasker achieved strong growth in the half-year to 31 December 2023 (‘HY24’), with Group statutory revenue growing 6.8% to $23.3 million versus $21.8 million at 31 December 2022 (‘HY23’). This result reflected organic growth supported by investments to improve marketplace reliability by reducing cancellations and addressing leakage which led to an improvement in the monetisation rate. This growth was supported by an emerging contribution from new international marketplaces where revenue grew 35.3% in HY24 to $0.6 million. The Group's gross profit grew 8.2% ahead of revenue growth primarily due to premium reductions achieved in relation to Tasker third party liability insurance, which is treated as a direct cost. The HY24 statutory net loss after tax ('NPAT') decreased 96.3% to $0.3 million (HY23: $7.8 million loss). After accounting for the non-controlling interest held by 4 Ventures Limited ('Channel 4'), the net profit after tax attributable to the owners of Airtasker Limited was $0.2 million, an increase of 103.0% (HY23: $7.8 million loss). This result reflects a deliberate effort to achieve profitability with a substantial reduction in direct costs and operating expenses while also maintaining revenue growth. Earnings before interest and taxation (‘Group EBIT’) and earnings before interest, 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 finance costs; and ● Depreciation and amortisation expense. 3 Airtasker Limited Directors' report 31 December 2023 Consolidated 31 Dec 2023 31 Dec 2022 Change $'000 $'000 $'000 Reconciliation of statutory NPAT to Group EBITDA Statutory NPAT Less: Net interest income and finance costs Group EBIT (291) (107) (398) 2,365 1,967 Add: Depreciation and amortisation expense Group EBITDA (7,774) 97 (7,677) 2,543 (5,134) 7,483 (204) 7,279 (178) 7,101 Change % 96.3% (210.3%) 94.8% (7.0%) 138.3% During the half-year, Group EBIT was a loss of $0.4 million (HY23: $7.7 million loss), a 94.8% improvement. Group EBITDA was positive $2.0 million (HY23: $5.1 million loss), a 138.3% improvement. The Group EBITDA result was largely driven by top line revenue growth of $1.5 million during the half-year and the benefits flowing from the one-time operational restructure implemented in April 2023 that resulted in a 20.0% headcount reduction. The headcount reduction and temporary vacancies during the half-year largely contributed to employee benefits expense decreasing 33.6% to $11.0m (HY23: $16.6 million). Technology, general and administration expenses of $5.3 million were collectively down 18.4% (HY23: $6.5 million) due to an ongoing program of expenditure optimisation and reduction. During the half-year significant reductions were achieved in corporate insurance premiums, facilities costs, travel and entertainment and external consulting services. During HY24 sales and marketing expenditure of $5.5 million (HY23: $3.7 milion) as a proportion of Group revenue increased to 23.6% (HY23: 17.1%). This was 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 advertising media services asset provided by Channel 4, which alone accounted for $1.1 million of the movement. Cash flows On a statutory basis, net cash outflows in the half-year were $10.4 million (HY23: $0.5 million), reflecting the net $10.5 million surplus cash invested in term deposits. These term deposits are treated as investing cash outflows for statutory accounting purposes. Net cash from operating activities for HY24 was positive $1.4 million, up $7.6 million, compared to operating cash outflow of $6.2 million in HY23. The positive operating cash flow result in HY24 was achieved by delivering solid Group revenue growth of 6.8% against HY23 whilst at the same time improving operating efficiency and reducing employee benefits expense by 33.6% and technology, general and administration expense by 18.4%. Net cash used in investing activities of $11.3 million reflected the net $10.5 million surplus cash invested in term deposits and receipts of $0.4 million as proceeds from the disposal of non-core businesses announced in April 2023. Net cash used in financing activities of $0.5 million related to the financing component of lease liability payments associated with office facilities leases. In order to better reflect the underlying improvement in the Group's cash flow generation during the half-year, management have also presented a non-statutory view of the cash flows disclosed in the consolidated statement of cash flows. During HY24, after adjusting for investments in term deposits, Airtasker generated positive free cash flow of $0.1 million, an improvement of $4.7 million, compared to a net cash outflow of $4.6 million in HY23. 4 Airtasker Limited Directors' report 31 December 2023 Consolidated 31 Dec 2023 31 Dec 2022 $'000 $'000 Non-statutory cash flow Cash and cash equivalents at the end of the half-year Add: Payments for term deposits Less: Proceeds from maturing term deposits and bonds Less: Cash and cash equivalents at beginning of the half-year Non-statutory free cash flow/(net cash outflow) 5,664 11,000 (503) (16,052) 23,259 530 (4,710) (23,722) 109 (4,643) Financial position Airtasker's net assets increased $0.4 million during the half-year reflecting the greater reduction in total liabilities versus total assets. Total assets at 31 December 2023 decreased $2.5 million to $48.5 million. This was principally due to the movement in the capitalised advertising media services asset and the movement in intangible assets. During the half-year $1.1 million of the advertising media services asset was amortised based on usage following the launch of the 'Airtasker. Yeahtasker!' UK television brand campaign on Channel 4. The intangible asset decreased in line with the decrease in the carrying value of platform development costs of $0.8 million following higher levels of amortisation as a number of projects moved from development into production. Total liabilities at 31 December 2023 decreased $2.9 million to $19.0 million mainly due to a decrease of $1.0 million in trade and other payables and $1.0 million in unclaimed customer credits. The movement in trade and other payables was principally due to the timing of payments with a higher balance at 30 June 2023 related to trade creditors associated with financial year-end software subscription renewals. The decrease in unclaimed customer credits reflected high task completion rates and lower task cancellation rates with fewer customer credits being granted. In addition, the introduction of a revised cancellation policy has begun to also drive fewer task cancellations and fewer customer credits being granted. Airtasker remains in a strong financial position at 31 December 2023 with $17.2 million (30 June 2023: $17.1 million) in cash and term deposits on its balance sheet with zero debt. The Company had term deposit investments of $11.5 million at 31 December 2023, up $10.5 million on the balance at 30 June 2023. 5 Airtasker Limited Directors' report 31 December 2023 Consolidated 31 Dec 2023 30 Jun 2023 $'000 $'000 Cash and term deposits Cash and cash equivalents (note 6) Term deposits (note 7) 5,664 11,530 16,052 1,033 Total cash and term deposits 17,194 17,085 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. 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.4 Since launching in 2012, Airtasker has served 1.7 million unique paying customers5 and has put more than $550 million into the pockets of Taskers in the community (net of Airtasker’s fees). The challenging macroeconomic conditions associated with an inflationary environment and tightening monetary policy, particularly in Australia, that impacted consumer sentiment and marketplace demand in the second half of financial year ('FY23') were still apparent as financial year ('FY24') commenced. Top of funnel customer demand (posted tasks) remained soft in the half-year, however, supply (Tasker offers) remained relatively strong. As such, the marketplaces continued to see high task completion rates and lower task cancellation rates, resulting in an improved customer experience. The Airtasker marketplaces are highly seasonal 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. Airtasker marketplaces revenue grew 10.3% to $18.9 million (HY23: $17.1 million) during HY24 despite activity across the Airtasker marketplaces, represented by GMV, declining 7.5% to $95.7 million (HY23: $103.5 million). This reflected a 4.6% decline in booked tasks to 385,589 (HY23: 404,005) and a 3.1% decrease in the average task price to $248 (HY23: $256). During the half-year 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. Consequently, Airtasker has seen its monetisation rate improve and expects this to continue in the second half of FY24. The funnel optimisation programs have seen cancellations in the Airtasker marketplaces reduce by 28.4% in HY24 against HY23 resulting in the monetisation rate improving to 19.8% in HY24 (HY23: 16.6%), up 19.3%. The cancellation fee structure was phased in during the half-year for both customers and Taskers in staggered cohorts, and as such the monetisation rate for HY24 does not yet fully reflect the impact of the introduction of this fee structure. 4 Frost and Sullivan, 2021. 5 Comprising the Airtasker and Oneflare marketplaces. 6 Airtasker Limited Directors' report 31 December 2023 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. 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 UK and the US, 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 have also presented 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. 31 Dec 2023 31 Dec 2022 $'000 $'000 Non-statutory operating segment data Established Marketplaces (Australia) EBITDA (note 3) Less: Global head office operating expenditure6 (note 3) Less: Global head office innovation investment7 (note 3) 15,942 (6,484) (2,382) 7,076 (5,109) 1,967 Australian net EBITDA Less: New Marketplaces (UK and US) EBITDA (note 3) Group EBITDA (note 3) 11,931 (11,828) (2,108) (2,005) (3,129) (5,134) Change $'000 4,011 5,344 (274) 9,081 (1,980) 7,101 % 33.6% 45.2% (13.0%) 452.9% (63.3%) 138.3% During HY24, Airtasker's Established Marketplaces Segment in Australia generated positive EBITDA of $15.9 million (HY23: positive $11.9 million), a 33.6% increase. 6 The operating expenditure relating to the marketplace platforms (engineering, product support and maintenance), as well as back office support functions (leadership, legal, finance and people operations). 7 The innovation investment that is non-capitalisable and associated with the design of, and post-implementation work on new features designed to enhance the customer experience, increase long term GMV and grow long term revenue. 7 Airtasker Limited Directors' report 31 December 2023 The EBITDA from the Australian Established Marketplaces Segment contributed to the non-variable global head office operating expenditure of $6.5 million (HY23: $11.8 million) and the global head office innovation investment of $2.4 million (HY23: $2.1 million), to generate a positive Australian net EBITDA of $7.1 million (HY23: $2.0 million loss), up $9.1 million. Global head office operating expenditure decreased 45.2% against HY23, primarily due to the 20.0% headcount reduction implemented in April 2023 and the 18.4% reduction in technology, general and administration expense noted earlier. Airtasker delivered a 138.3% improvement in Group EBITDA of positive $2.0 million (HY23: $5.1 million loss), after accounting for the increased investment in the New Marketplaces Segment, which recorded an EBITDA loss of $5.1 million (HY23: $3.1 million loss). The investment in the New Marketplaces Segment during HY24 primarily consisted of UK expenditure on creative assets, paid marketing and amortisation of the advertising media services asset provided by Channel 4, which alone accounted for $1.1 million of the expenditure. 8 Airtasker Limited Directors' report 31 December 2023 Established marketplaces The Established Marketplaces Segment in Australia, comprising Airtasker and Oneflare, generated revenue of $22.7 million (HY23: $21.4million), up 6.2%. The Australian Airtasker marketplaces generated revenue of $18.3 million (HY23: $16.7 million), up 9.7% based on steady growth supported by a number of funnel optimisation programs, including the introduction of a revised cancellation policy. The Oneflare marketplaces revenue contribution for HY24 was $4.4 million (HY23: $4.7 million). In April 2023 the Group announced its intention to exit a number of non-core businesses acquired as part of Oneflare's portfolio of businesses, which collectively represented approximately $1.0 million in revenue. During the half-year the Group successfully completed all of these targeted exits with both Word of Mouth and Urban You being sold. The exit from these non-core businesses will allow greater management focus on the core Airtasker and Oneflare marketplace platforms and reflects ongoing extraction of synergies related to the acquisition of Oneflare. New marketplaces The New Marketplaces Segment, particularly in the UK and US, generated revenue of $0.6 million in HY24 (HY23: $0.4 million), up 35.3%. As at 31 December 2023, Airtasker experienced strong growth in its UK marketplaces enabling it to generate trailing twelve months ('TTM') GMV growth of 10.1% to £3.8 million8 versus the prior comparative period while TTM revenue increased 33.6% to £0.5 million8 versus the prior comparative period. This strong GMV and revenue performance was achieved on the back of increasing brand awareness. In late October 2023, Airtasker launched its 'Airtasker. Yeahtasker!' UK television brand campaign broadcast on Channel 4. This campaign has increased top of funnel posted tasks by 30.0%.10 Airtasker intends to continue broadcasting this television brand campaign on Channel 4 in the second half of FY24, during the peak spring and summer seasons in the northern hemisphere. Airtasker’s US marketplaces continued their momentum and as at 31 December 2023 achieved TTM GMV growth of 46.3% to US$0.5 million9 versus the prior comparative period and TTM revenue growth of 132.4% to US$57 thousand9 versus the prior comparative period. During HY24 Airtasker continued to focus on developing its marketplace playbook for establishing new marketplaces, driving growth through press relations leveraging the timely and unique user community content, local partnerships and building an engaged Tasker community. 8 Calculated on a trailing twelve months basis for the UK. 9 Calculated on a trailing twelve months basis for the US. 10 Calculated as the movement in cumulative posted tasks for the first 4 weeks of calendar year 2024 against the same period in calendar year 2023. 9 Airtasker Limited Directors' report 31 December 2023 Business strategy and outlook Focus At the beginning of FY24 the Group set a target of generating positive free cash flow on a full year basis. The Group achieved this target at the end of HY24 with positive non-statutory free cash flow of $0.1 million. This achievement was assisted by the high seasonality of the Airtasker marketplaces such that 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 which results in better financial performance. The Group still intends to deliver a full year positive free cash flow for FY24 while preserving the $17.2 million cash and term deposits on its balance sheet at 31 December 2023. The Group also intends to accelerate investment in marketing activities to drive revenue growth in the Australian, UK and US Airtasker marketplaces. In the second half of FY24 Airtasker intends to focus on the following three strategic pillars to support its Established Marketplaces and its New Marketplaces: ● Protect and grow the revenue of the core Airtasker and Oneflare marketplace platforms through funnel optimisation programs; ● Continue to improve Airtasker marketplace reliability through enhancements to the cancellation policy; and ● Continue to scale new marketplaces in the UK and US via exisiting and new media-for-equity partnerships. Established marketplaces Airtasker Australia In Australia, macroeconomic conditions associated with an inflationary environment and tightening monetary policy were expected to continue to impact consumer sentiment and marketplace demand in FY24. These challenges dissipated over the course of the half-year as inflation eased and monetary policy tightening was paused. Consequently, consumer sentiment appears to be improving as we commence the second half of FY24 pointing to better top of funnel demand metrics. However, while cost of living pressures continue we expect Tasker offers to remain buoyant leading to high task completion rates during the second half of FY24. As noted previously, during the half-year 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 cancellation fee structure was phased in during the half-year for both customers and Taskers in staggered cohorts, and as such the HY24 revenue and monetisation rate do not yet fully reflect the impact of this fee structure. Further improvements in the monetisation rate and the task cancellation rate are expected in the second half of FY24 with the cancellation fee structure in place for the full period for both customers and Taskers. Oneflare The Oneflare platform continues to provide a significant opportunity to enhance the customer experience for more complex and high value tasks through access to the professional tradesperson segment. The business model is largely subscription based sales from salespeople targeting professional tradespeople while search engine optimisation and paid performance marketing drive job leads to match consumers with tradespeople. The focus for the second half of FY24 is to continue to stabilise revenue by improving the retention of subscribing tradespeople through increases in the quantity and quality of consumer job leads, which will grow the revenue contribution of the business to the Group. Opportunities to improve monetisation are also being investigated including simplifying the breadth and complexity of subscription plans as well as the duration and price points of subscription plans. 10 Airtasker Limited Directors' report 31 December 2023 New marketplaces Airtasker continues to invest in international markets in order to replicate the success of its Australian Airtasker marketplaces. According to market data11, the aggregate total addressable market ('TAM') for local services in the UK and US is more than $500 billion per annum, more than 10 times the size of the Australian TAM. Airtasker is focused on leveraging its proven, open and infinitely horizontal marketplace platform to expand its reach in new markets. The Airtasker business model has a high operating leverage as the marketplace platform it has developed can be launched in new markets with relatively low incremental non-variable costs including product, engineering and corporate costs. The primary investment in new markets is brand marketing to build awareness of the marketplace platform and build network effects. In Australia, over a 5 year period Airtasker successfully leveraged a partnership with television network Channel 7 to increase brand awareness by 6 times and grow the revenue of its Airtasker Australian marketplaces by 20 times. In the current equity capital markets constrained environment, Airtasker continues to explore media-for-equity partnerships as a cost effective strategy to fund new market expansion and growth. These equity partnerships also provide the added benefit of a partner who understands local market dynamics and has a vested interest in the performance of the local business. Airtasker UK The UK city-level marketplaces are in the 'one to 100' phase of marketplace development with a focus on growing customer demand (post