Some thoughts on the quarter in no particular order:
- Bit frustrating there's no presentation or conference call.
- Top-line results of 25% GMV growth and 21% revenue growth is solid but not incredible. Possible headwind of floods throughout NSW but I imagine this would also increase demand due to home repairs, etc.
- Traction in international markets is strong. UK GMV grew 100%+ yet again and US posted task growth accelerated from the prior quarter.
- Seems these results were slightly weaker than Airtasker was expecting. They forecasted 107-110m GMV in H2 FY22 and by my calculations, this means they need at least 56m GMV to meet the lower end of this guidance (+9% QoQ growth which is doable but not guaranteed either).
- The headline result of 1m positive OCF is nice but a deeper look shows it was due to a big reduction in advertising and marketing. They guided for marketing spend to be back-weighted in FY22 so this makes little sense unless a large portion of their marketing costs are set to be paid in Q4. Or marketing efforts were not showing a ROI so they pulled the plug?
Keen to hear what others think.
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