Airtasker demonstrated solid marketplace performance in Q1 FY22 with GMV up 6.2% yoy to $35.0 million despite key markets Sydney and Melbourne being in lockdown for all or substantially all of the quarter (and other markets being in lockdown for various parts of the quarter), showing the underlying growth and resilience of the marketplace.
The marketplace performed well in an environment marked by extensive Covid-19 related restrictions during the period, with receipts from customers up 2.3% to $6.5 million compared to Q1 FY21.
Since the easing of restrictions in major markets, Sydney and Melbourne, Airtasker has experienced a sharp bounce back with latest weekly GMV1 of $3.6 million, or $185 million on an annualised run rate2 basis. Airtasker is heading into its strongest southern hemisphere seasonal growth period.
International market growth continues with Q1 FY22 international GMV up more than 100% yoy driven by strong growth in the UK compared to Q1 FY21. The Zaarly integration and US expansion is progressing well with city-level markets launching in Dallas, Kansas City and Miami. We note that in contrast to an increase in seasonal growth in Australia, Airtasker’s northern hemisphere marketplaces in the US and UK are now entering winter which represents a seasonally slower period.
Q1 FY22 operating cash outflows increased due to a ramp up of international marketing investment in line with expectations, annual bonuses triggered by FY21 revenue
1 7-day rolling GMV to 26 October 2021
2 7-day rolling GMV x 52 weeks outperformance vs target, one-off payroll tax payments relating to historical equity awards which crystallised upon the IPO, and timing differences.
Airtasker continues to strengthen its leadership bench with the appointment of former Zip Co Chief Technology and Product Officer, Patrick Collins, as Chief Product Officer.
Airtasker continues to strengthen its leadership bench with the appointment of former Zip Co Chief Product and Technology Officer, Patrick Collins, as Chief Product Officer.
“Patrick brings to Airtasker more than two decades of product leadership experience developed in leading Silicon Valley and Australian technology companies including 5th Finger and Zip Co, so we’re very excited to bring him on board as we scale internationally and continue to invest in a world class customer experience,” Airtasker co-founder and CEO Tim Fung said.
Patrick has a solid global tech foundation after recently returning from San Francisco where he was based for more than a decade – working as Founder and CEO of venture-backed mobile technology start-up, 5th Finger. He also started the Aussie Founders Network in the Bay Area and was known earlier in his career as the founding technical member of Fairfax Digital, where he launched Domain, Sydney Morning Herald and the Australian Financial Review.
During his time at Zip Co he drove product development and in two years saw the company expand from 2 markets to 13 markets, $84m to $480m revenue and $1.1bn to $5.8bn GMV.
Commenting on his appointment, Patrick said: “I joined Airtasker because of the team calibre, the growth aspirations and the vision for the product. Having lived and worked in the US for more than a decade, I know I can help scale the product globally – particularly across the US and the UK.
As a member of Airtasker’s leadership team, Patrick will work closely with Tim to ensure that all Product teams understand and are aligned with the overall strategy, and are optimising their work to optimise for learning and value delivery in line with Airtasker’s mission to empower people to realise their full value of their skills.
