The Airtasker Ltd (ASX: ART) share price is falling today amid the company's FY22 results.
Shares in the online outsourcing marketplace are currently trading at 41.5 cents, a 4.6% fall. For perspective, the S&P/ASX 200 Index (ASX: XJO) is up 0.47% at the time of writing.
Let's take a look at what the company reported to the market today.
Airtasker results highlights
Highlights of Airtasker's FY22 presentation include:
- Underlying pro forma EBITDA loss of $14.4 million, up from $1.1 million loss in FY21
- Underlying pro forma net loss after tax of $17.8 million, up from a $3.4 million loss in FY21
- Revenue lifted 18.4% on the previous financial year to $31.5 million
- Gross profit after paid acquisitions of $24.8 million, up from $23.2 million in FY21
- Gross marketplace volume (GMV) lifted 23.8% to $189.6 million
What else did the company report?
COVID-19 government restrictions in Australia impacted Airtasker in the first five months of the financial year.
In quarter four, revenue lifted 30.6% on the prior corresponding period (pcp) to $9 million. Management highlighted the fourth quarter is a better reflection of underlying business performance, given the lockdown in earlier months. Quarter four GMV lifted 38.3% on the pcp to $54.4 million.
Expenses were higher due to investment in "new growth markets" — the US and UK — and marketing and product investment.
On a positive note, the Australian marketplace achieved earnings before interest, tax, depreciation, and amortisation (EBITDA) of $19.4 million.
Airtasker said it has a "strong balance sheet" with $31.8 million in cash and equity receivables with no debt.
International GMV lifted 120.5% on the previous year to a monthly annualised run rate (ARR) of $9.5 million in May 22.
Airtasker completed the acquisition of Oneflare on 25 May 2022.
Management comment
Commenting on the results, Airtasker CEO and co-founder Tim Fung said:
I'd like to thank the entire Airtasker team and community for their incredible efforts in FY22, which delivered strong GMV growth up 23.8% year-on-year and a sharp acceleration in international GMV growth up more than 120% on pcp.
With $31.8m of cash and equity receivables and a business model which could accelerate in an inflationary environment – we're looking forward to FY23.
Airtasker share price snapshot
The Airtasker share price has dropped 57% in the past year, while it has lost 50% year to date.
However, in the past month, Airtasker shares have lifted 10%.
For perspective, the benchmark ASX 200 Index has lost 7% in the past year and 6% year to date.
