Full Year 2024 Airtasker Ltd Earnings Call Transcript
Key Points
- Airtasker Ltd (ASX:ART) achieved free cash flow of $1.2 million in FY24, marking a significant turnaround from the previous year.
- Revenue from the Airtasker marketplace increased by nearly 10% to approximately $38 million.
- The company saw a 76% revenue increase in the UK market during the fourth quarter, driven by a successful marketing campaign.
- Airtasker Ltd (ASX:ART) finished the year with $17.8 million in cash and term deposits, providing a strong financial position.
- The company has established valuable media partnerships, including $11 million in ad inventory from oOh!media and ARN Media, to be utilized over the next two years.
- The Gross Marketplace Volume (GMV) in Australia was down by about 4.5%, impacted by volume booked costs and a softening in average task prices.
- Despite revenue growth, the company faced challenging macroeconomic conditions, which affected overall performance.
- The US market, while showing some growth, remains in the early stages and has seen a cautious approach to marketing investment.
- The business is highly seasonal, with stronger performance in the second and third fiscal quarters, leading to variability in cash flows.
- There is still work to be done to address marketplace leakage and improve repeat booking rates, despite some progress in FY24.
Welcome everyone to the investor webinar for Airtasker Limited ASX Code: ART. Earlier today, the company released its full year '24 financial results with several key financial and operational milestones achieved. Shortly I'll introduce Chief Executive Officer, Tim Fung; and CFO, Mahendra Tharmarajah. The one who will run through a presentation on the results.
At the completion of the presentation Tim and Mahendra will then participate in a live Q&A session. (Operator Instructions) So thank you for joining us. And without further ado, I'd now like to introduce Tim and Mahendra, who will run you through the formal presentation.
Hi, everybody. Thanks, David, for that introduction. So I'm Tim. I'm one of the founders and the CEO here at Airtasker. And yeah, really pleased to share with you our FY24, our financial results. I'll skip forward to slide through the disclaimer and to the next slide. So at Airtasker, we're building the world's most trusted
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