June quarter 2022 - Appendix 4C and quarterly activity report
Q4 Highlights
GMV up 38.3% on pcp to $54.4 million
Revenue up 30.6% on pcp to $9.0 million
$31.8 million cash and equity receivables on balance sheet
Successfully completed the acquisition of Oneflare
International GMV up 112% on pcp to $9.5m ARR in May-22
UK supply and demand doubled with UK GMV up 104% on pcp
US posted task growth up 49% quarter-on-quarter
Airtasker’s Q4 results saw Gross Marketplace Volume (GMV) grow 38.3% on the prior comparative period (pcp) to $54.4 million1 whilst revenue increased 30.6% on pcp to $9.0 million1.
During the quarter, international GMV also accelerated up more than 112% on pcp to reach a monthly annualised run rate (ARR) of $9.5m2 in May 2022.
The strong result demonstrates the resilience of Airtasker’s business model with growth achieved despite significant macro headwinds including record low unemployment, a nationwide labour shortage and unprecedented levels of rainfall and flooding which impacted many of Airtasker’s city level marketplaces.
In the US, our marketplaces are in the “zero to one” stage of marketplace development in which the focus is on creating a steadily increasing flow of job opportunities (posted tasks). In Q4, Airtasker’s US marketplace continued to accelerate with Q4 posted tasks increasing 49% quarter on quarter.
In the UK, our marketplaces are in the “one to 100” stage in which the goal is to carefully balance supply and demand to drive marketplace activity and grow GMV. Airtasker’s UK marketplaces demonstrated ongoing balanced growth with both demand (posted tasks) and supply (offers made by active Taskers) more than doubling on pcp and UK GMV increasing 104% on pcp.
Following completion of the acquisition on 25 May 2022, the Oneflare business is performing ahead of expectations and integration is underway with a program of initiatives to extract combined network effects and cost efficiencies tracking to plan.
Airtasker is well capitalised with $31.8m cash and equity receivables on balance sheet. We generate strong gross margins with a low cost to operate and our variable costs (payment costs and insurance premiums) are untethered to inflation. A program of cost management initiatives has been activated to reduce our fixed cost base to ensure a clear path to sustained positive cashflow.
Commenting on the results, Airtasker Co-founder and CEO Tim Fung said, “I’m super pleased to share that Airtasker has achieved another strong quarter of marketplace growth with total GMV up 38% on pcp and both our US and UK marketplaces more than doubling year on year! With $31.8m of cash and equity receivables, a clear path to positive cashflow and a business model which could accelerate in an inflationary environment - we’re looking forward to continued strong growth for FY23.”
Use of funds
In accordance with ASX Listing Rule 4.7C.2, Airtasker provides this update on use of funds (unaudited):
$0.007 million of related party payments were made in Q4 FY22. All numbers are unaudited.
Includes Oneflare contribution from 25 May 2022.
On a constant currency basis using exchange rates at the date of providing FY22 guidance (19-Aug-21).