I am Tim, the founder and CEO of Airtasker, and I am joined today by our CFO, Reena Minhas. I have to apologize. I have lost my voice because it is that time of the year. I have my Bisolvon, and I am ready to put it all on the line to deliver this webinar. With that, we will jump straight into it. If we can now move two screens forward. It is always good to start with Airtasker's mission and why we are all here to do what we are doing. At Airtasker, that mission is to empower people to realize the full value of their skills. We believe that creating jobs is not just a byproduct of the work we do, it is the core purpose of Airtasker and our mission. This mission is even more important right now in the age of AI. I think Airtasker is going to really thrive in the era of AI, because as AI makes all of the white-collar jobs, all of the work around us more productive, the thing that is going to be really necessary for the future are people with skills and crafts that they can do in the physical real world. 95% of the jobs on Airtasker require physical real-world skills. Things like cleaning, moving, furniture assembly, handyman, gardening, or trades as well. The founder of NVIDIA, Jensen Huang, actually has really publicly said, "The real vocation that you want to have right now is being a plumber," because plumbers are going to win the AI race. FY 2026 was a great year. We passed some really, really exciting milestones. Our group GMV hit over AUD 240 million. That was up 14.9% on PCP. What is really exciting about this is not only is the growth trajectory re-accelerating, we are also seeing that year-on-year, the actual percentage growth continues to increase. In FY 2024, we had a flat to slightly negative year. FY 2025, we grew by about 9%, and FY 2026, we are seeing that hit strong double-digit growth, which is really exciting to see and was a big contributor to our revenue performance as well. We move over one box to the right. Airtasker's revenue grew 15.5%. Again, the Australian contribution largely driven by re-acceleration in GMV. This result in the Australian business after covering all of our head office costs are generating over AUD 16.5 million in free cash flow. That is really, really exciting because what that creates is the envelope that we can use to invest in overseas markets. Looking to those international markets, we saw our annualized run rate in GMV surpass AUD 40 million with the U.K. and U.S. both up over 50%. We saw international revenue growth up at over 65%. That was 55% in the U.K. and over 150% in the U.S. We introduced a paid membership program for Airtasker customers in February of 2026, and that reached 10,000 paid subscribers as at 30th of June. I am now going to pass it over to our incoming and very exciting new CFO, Reena Minhas. Reena comes to Airtasker after significant experience across ASX-listed companies and an illustrious career in the financial services industry. Now I am going to pass it over to Reena. Thanks, Tim. Good morning, everyone. As this is my first results presentation at Airtasker as CFO, I would like to take a moment to introduce myself. I have spent more than 20 years in finance leadership, including 17 years as CFO and company secretary of ASX-listed companies. Most of them growth-phase businesses, working alongside founders like Tim and entrepreneurial leadership teams, which is a big part of what drew me here. I want to acknowledge the finance team for the quality and rigor of work behind these results, and I am looking forward to meeting many of you over the coming weeks. I will start with the guidance we gave you at the start of FY 2026 and how we went against it. There were five commitments. First, Airtasker Australia to deliver double-digit revenue growth with an increasing contribution from top-line GMV growth. We delivered that. Revenue up 11.3% and GMV up 10.9%. Everything in FY 2026 was delivered by customer growth, not by pricing. The monetization rates held at 21.9%. We did not put prices up to hit these numbers, which means the growth is real demand, and it leaves pricing as a runway for the future. Second, maximize the cash contribution from Oneflare. We migrated the Oneflare business onto the Airtasker Australia marketplace, retired the brand and technology platform, and redeployed the sales team to launch Airtasker Pro Pass, a paid subscription for professional tradespeople. Third, Australian marketplace cash flow generation to increase. Australia generated AUD 16.5 million of cash after covering all of our global head office costs, up 8.6% on PCP. I will come back to this later. Fourth, the U.K. and U.S. to accelerate their growth trajectory, supported by the AUD 5 million marketing program we flagged at the capital raise. U.K. revenue was up 55% and U.S. revenue up 150%. The underlying group cash outflow came in at AUD 5.2 million, inside the AUD 5 million-AUD 6 million range we had guided to. Fifth, a strong balance sheet. This is a point I want to highlight. We settled the oOh!media and ARN Media partnership notes in June with AUD 10.8 million of cash, and we negotiated a AUD 300,000 early settlement reduction. That made our cost of capital on those notes 27% lower than it was going to be. The media deals were a smart use of the balance sheet. They funded the brand investment. We settled them in cash, and there was no dilution to shareholders. We finished the year with AUD 12.54 million in cash and term deposits, +AUD 13.2 million of prepaid media assets to deploy across FY 2027. So five commitments were made and five were delivered. Moving to slide nine. Group revenue reached a record AUD 57.8 million in FY 2026. The Airtasker marketplaces, Australia, the U.K. and U.S. grew 15.5% to AUD 52 million. Australia contributed AUD 46.3 million, up 11.3%, and international AUD 5.8 million up 65.8%. Including Oneflare, statutory group revenue growth was 9.9%. The gap is the planned Oneflare wind down ahead of its migration. Moving to slide 10, Australia. Australia delivered record GMV of AUD 211.6 million, and revenue of AUD 46.3 million. Double digit growth in what was a soft consumer economy, and all of it from customer and volume growth, with the monetization rate stable. Two things I would just like to call out. We introduced two new recurring revenue streams. Airtasker Membership, a paid subscription launched in February for customers, had passed 10,000 paid subscribers by June 30. We also launched a subscription model called Pro Pass on the Tasker side. From a financial perspective, the point is that paid subscriptions convert one-off transactions into recurring higher quality revenue. On the balance sheet, we chose to repay the oOh!media and ARN notes in cash rather than issue equity. AUD 10.8 million with a AUD 300,000 early settlement reduction, avoiding dilution at the current share price levels. Moving to slide 11, the U.K. The U.K. really is a milestone story this year. When we signed the Channel 4 media deal in October 2023, we set a three-year goal for a city-level marketplace, a AUD 25 million GMV annual run rate. The U.K. passed that goal at 33 months, a AUD 29.3 million run rate at June, and that is the whole U.K. market, with London the clear majority of it. For the full year, U.K. GMV grew 47% to AUD 21.6 million, and revenue grew 55% to AUD 4.4 million, with the monetization rate improving a full percentage point. The marketplace is monetizing better as it scales. The U.K. has now reached a point where it could fund its own marketing in FY 2027. We intend to reduce the total cash investment in the U.K. relative to FY 2026. Slide 12. The U.S. is earlier in this journey, but tracking ahead of the same three-year timeline, measured from when the U.S. media deals were signed in September 2024. At 22 months, the GMV run rate reached AUD 10.9 million, which is ahead of target. FY 2026 GMV grew 141% to AUD 6.3 million, and revenue grew 150% to AUD 1.3 million. iHeartMedia made a follow-on investment in November to support continued investment in growth activity and brand awareness, taking their total investment to around AUD 15 million. Turning to slide 13, cash flow. I am just going to give you a quick reminder on seasonality because it frames how our cash flows land. Australia is the cash generator, and its cash generation peaks in our second and third quarters, the Southern Hemisphere spring and summer. The U.K. and U.S. are net cash investors, and their investment peaks in the fourth and first quarters, the Northern Hemisphere spring and summer, which is then when we deliberately weight the marketing spend. Put together, the group is typically cash positive in Q2 and Q3, and cash negative in Q1 and Q4. Moving to slide 14, we finished the year with AUD 12.4 million in cash and term deposits. Two things explain the movement. Firstly, net operating cash flow was an outflow of AUD 2.3 million, but that includes the planned AUD 5 million of one-off marketing investment in the U.K. and the U.S. that we raised capital for back in November. That investment contributed to GMV growth of 47% in the U.K. and 141% in the U.S. A great result for the dollars deployed. Operating cash receipts were strong at AUD 64.1 million, up 9.6% in line with revenue. Our customers pay upfront, so revenue converts to cash quickly. Second, we settled the oOh!media and ARN media partnership notes in June. As I noted before, that was AUD 10.8 million with a AUD 300,000 discount. Alongside the cash, we carry AUD 13.2 million of prepaid media assets across our three markets. Marketing power that we already have on the balance sheet for FY 2027. Slide 15. Australia generated AUD 16.5 million to fund international expansion. This is an important slide, and it comes down to three numbers. Australia Marketplace has generated AUD 52 million of revenue. After all direct operating costs, that produces AUD 37 million of Australian cash flow. After covering all of our global head office costs, Australia generated AUD 16.5 million of cash, up 8.6% on PCP. That cash funds the U.K. and U.S. FY 2026 included the AUD 5 million of one-off accelerated program, as you will see on the outlook slide later in the pack. In FY 2027, we expect Australian cash generation to increase again and the group to return to strong positive free cash flow over the full year. With that, I will hand back to Tim to take you through the growth strategy. All right. Just passing through some great imagery from Airtasker's promotion alongside the Racing Bulls Formula One team. Some great stuff there at the Silverstone Grand Prix, appearing on the career ladder and even having Arvid Lindblad cause a 600- 700 person line in London at an event we held, where you can see Airtaskers were very prominent in promoting. Some really cool stuff there. Let's talk a bit about our growth strategy. This has remained unchanged over the past three years. First of all, we want to continue to invest into the core platform, to leverage our market leadership position in the Australian market, and also to be able to ship all the features that we create in Australia and get leverage on that platform as we distribute them into the U.S. and the U.K. In the Australian market, we are going to continue to focus on profitable growth. Reena just mentioned the AUD 16.5 million of cash that was generated in the Australian market, which was a great step forward. We are going to continue to increase that by growing in a very profitably focused way. In the U.S. and the U.K., we are going to leverage those platform investments and then work alongside our media partners, to really turbocharge and scale those network effects in the early stages of the marketplace. First of all, investing into our core platform. One of the things that we wanted to focus on a lot, was to reduce platform leakage and to improve purchase frequency. Our rebooking program, which is customers coming back to Airtasker to work with the same tasker again for the second task or more, continued to see rapid growth. It grew over 96% during FY 2026, and that now accounts for about 33,000 bookings annually and GMV of about AUD 8 million per year. The way that we are able to achieve that kind of growth is by launching AI-powered business cards, which now sit on your home screen, so you can easily find the task as you have worked before. We also created a new interface for taskers to engage with rebookings to make sure that those transactions get closed on the Airtasker platform. We also addressed fee pricing, so we brought down our fees for rebooking jobs to 1.9% for the taskers and only AUD 5 for customers. That had a really strong effect in getting out of the way and removing one of the main friction points to rebooking. With respect to platform leakage, we also made great strides forward by launching AI-powered content moderation into our platform. What does that mean? It means that when we see people who are trying to leak off the platform or bad behaviors, we are able to jump onto that bad behavior in real time and remove it, whilst being super efficient on a labor cost basis, but also creating a much more trust and safe Airtasker community. Moving forward, continuing the theme of frequency, we also had a target to improve the purchase frequency and generate recurring revenue via Airtasker's membership program. As we mentioned in the Q3 update, we launched this program in February, and we had 1,000 customers, paying subscribers as at the 31st of March. Fast-forward to the 30th of June, and we really saw the pace of acceleration improve there, which you can see on this top left-hand chart there, where subscription acquisition, the rate of acquisition really started to scale. We now have over 10,000 paying subscribers to that. As a reminder of what Airtasker's membership program is, it is AUD 89 paid upfront, which gives customers unlimited tasks with no connection fees. It also renews automatically at the end of every 12 months. In terms of revenue recognition, it is worthwhile saying here that if you look at that chart on the bottom right there, the cash flows do come in early, but the revenue is recognized over a full year. So you can see there that, as we acquired 10,000 members in FY 2026, the majority of that revenue is actually going to be recognized in FY 2027, but the cash has already been collected for that, which I think is really important. Continuing the theme of core platform investment, and I think AI has been something that has really changed the world over the last two to three years. A few things that we have done to stay ahead of that curve and make sure that Airtasker is going to thrive in this environment. Firstly, we launched Agentic Commerce. Airtasker's MCP is now available on OpenAI and in the Claude marketplace. It is actually a phenomenal experience. If you connect Airtasker into your OpenAI or Claude instance, you can actually post, assign, and complete tasks through that platform. What that represents is end-to-end agentic e-commerce. We are seeing uptake of this. There are some customers who actually enjoy this experience and are willing to outsource that leg of the journey to AI agents. That said, I think we are very early on in this journey of Agentic Commerce, and I think there is going to be a few iterations to come. What is really important is Airtasker is on the cutting edge. We are hosted on an open platform, which allows us to get all the data on how people want to use Agentic Commerce to scale into the future. We also saw traffic from AI sources increase significantly, with traffic coming in from OpenAI, ChatGPT, Claude, Gemini, Perplexity growing by over 200% throughout the year. Actually, since the beginning of January 2025, we have seen about close to 10 x growth in our AI-referred traffic. As AI distribution is eating into our search volume, Airtasker is on the cutting edge of that and winning more than our fair share of that traffic. A lot of our competitors actually saw declines in posted tasks this year, but actually, Airtasker continued to grow and thrive. Finally, we are using AI to deliver a great productivity and product velocity boost. We're seeing about a 3x velocity improvement in terms of pull requests from our developers, and that's allowing us to ship more product, more value to customers faster than ever. Moving forward, profitable growth. As we've been on the thematic for the last two years, we've really been in Australian market trying to drive an improvement in brand salience to re-accelerate GMV growth. I'm pleased to say there that our brand salience or our unprompted brand awareness actually grew by 20% on PCP. That's been a big contributor to those GMV volumes and our booking volumes increasing. In addition to looking at the long term of brand awareness, we're also looking at the near term direct ROI that we're getting from this marketing investment, and we're working alongside Mutinex. Shout out to the guys at Mutinex, a great partner for us to build detailed models of what exactly are we getting back for every AUD 1 of marketing that we've spent. I'm pleased to say there that incremental direct ROI on this marketing spend has grown from 1.08- 1.22 during the half. We're generating about AUD 5.48 in GMV for every AUD 1 that is spent into marketing. We're getting really lean and efficient and putting this marketing budget to work in the smartest possible way in the Australian market to squeeze every penny out of our marketplace and revenue that we can generate. Also exciting today is to announce, and we have a separate ASX announcement for this, that we've extended our partnerships from nine that we announced in February of this year to also be announcing new media partnerships with leading audio player NOVA, as well as extending our partnership from two years to five years now, with oOh!media. What this does is it brings over AUD 15 million of media capital onto our balance sheet, and these notes are repayable at our option in FY 2020 and FY 2030, or can be converted into equity if the share price and stance is correct at that point in time. These partnerships have proven out that over the last two years, we can re-accelerate GMV, and we're doubling down and continuing these partnerships into the future. Now, to the U.S. and the U.K., and the goal here is really rapid iteration and moving extremely fast to deploy and learn and iterate in our experiments. We have discovered some really exciting growth flywheels. First of all, our Airtasker Pioneers program. This is where we use agentic AI to identify influencers on social platforms that have a service need. For example, if they're moving homes or if they've just had a kid or if they're just starting a business. We're able to then, using these AI agents, reach out to these influencers and give them Airtasker credits, and we do that in exchange for them creating branded content on the platform. If you go and look at Airtasker U.S. in particular, you're going to see an incredible stream of user-generated content from prominent influencers in those markets. We've scaled that program over 5x during the previous quarter, and we're going to continue to scale that. The power of AI and the efficiency we can get out of that. What that's doing is not only creating that primary flywheel of being able to get these influencers and create branded content, but it's creating a secondary flywheel. Because now we have a lot of influencers coming to us and a lot of users coming to us saying, "Geez, I wouldn't mind some Airtasker credit to be able to try and sample your marketplace." That has been very exciting and something we're going to continue to double down on. We've also had great success in the U.S. and U.K. markets in our product expansion. We fast followed a memberships launch in Australia into the U.S. and the U.K. in May of last year, and we've already acquired a significant number of customers in both of those markets in just the few short weeks of FY 2026 that we were present in those markets. Finally, I think a really interesting area that we're seeing growth in is in our AI and robotics partnerships. We are working with a number of AI data acquisition platforms who are looking for video content of skilled workers using their hands and doing physical crafts. This is all AI training data that can be used to train various AI models. This is creating an additive stream of job opportunities into the Airtasker marketplace, and this is a great way to start building network effects in local marketplaces using third-party capital. Because we've got these AI data labs wanting to inject capital into our marketplaces to be able to secure this video content and thereby create jobs at the same time. So really, really exciting to be part of what is a very, very fast-growing space. Now, looking forward to FY 2027, we're expecting Airtasker Australia to deliver double-digit revenue growth ex Oneflare. We're going to see that coming from increasing contribution from top-line GMV growth. If you look at the rolling quarters throughout FY 2026, we continue to see great momentum in GMV growth re-acceleration. We're expecting Australia to generate over AUD 16.5 million or more in FY 2027, and that's after covering all of our global head office costs. Membership's going to deliver 50,000 paid subscribers, and as a reminder, that's at about AUD 89 subscription fee per year. So that's going to be meaningful revenue in FY 2027. Airtasker U.K. is going to continue to grow, but we're going to start moving towards profitability. We're going to increase our GMV and our revenue, but at the same time, reduce our cash investment committed FY 2026. The U.K.'s past that magical number of AUD 25 million a year, and so now we're looking at really that accountability loop of driving towards cash generation and profitability over a number of years with the first step in FY 2027. In the U.S., we're going to, of course, see GMV and revenue growth, and we're going to do that with very targeted program of marketing activity alongside our media partners. Finally, all of this is going to come together and be done with a group positive free cash flow. In closing, I just wanted to say thank you to all of you who've supported us over the FY 2026. I think the Airtasker team has worked their butts off to deliver a strong result for the year, and I'm really thankful for both their support, blood, sweat, and tears, as well as the support of our investor community. Thank you very much, and now I'm happy to move forward into some questions. Okay, Tim, I'll just read some of the questions that have come through. We've got a number of questions on growth across Australia, U.K., and the U.S. over the next three years. What is the growth plan for the next three years, and what is the market potential and market share targeted? In the Australian market, in each of our markets, we have close to a AUD 600 billion TAM. AUD 50 billion in Australia, AUD 70 billion in the U.K., and AUD 500 billion in the U.S. market. An absolutely enormous opportunity. That said, I think when you have a TAM that's that big, it's much more healthy to look at things bottoms up rather than tops down. In that respect, we can refer to the guidance, which is that Airtasker Australia is going to do double-digit revenue growth. I think we're going to be pushing hard with memberships, with Pro Pass subscriptions, with a new pricing change that just rolled out, as well as GMV growth to outperform that target. But refer to the formal guidance for the Australian market. In the U.S. and the U.K., we're going to see much more aggressive growth. Of course, in the U.K., that's going to temper a little bit from the 50%-80% revenue growth lines that we've seen, because we're going to start moving it towards profitability by reducing the net cash investment into that market. Then across to the U.S., and of course, as we said, we're going to be group cash flow positive. That sort of determines an envelope of investment that you can make into that market. But we're confident in delivering growth in both Australia and the U.K., and I think that's going to result in capacity to deliver a great 50%-100% sort of growth rate in the U.S. market. Thanks, Tim. There's another question here. How do you plan on competing with both TaskRabbit and Thumbtack in America? TaskRabbit and Thumbtack are worthy competitors in the U.S. market. That said, there's some core differences. Let's start with TaskRabbit. TaskRabbit has actually moved from being an open community to more like an Uber-like network, where they're setting the prices, and they're determining who does the jobs. That is actually, although it appears to be similar to Airtasker, is completely antithetical to what we do at Airtasker, which is that we let customers and Taskers have an open conversation, and they decide on the price and scope of jobs themselves. That is quite a big differentiation on both sides of the market. Customers want to be able to get that long tail of jobs done, which you cannot get done on TaskRabbit anymore. Taskers do not want to be told by an algorithm who's going to do what job. They want to get in there, and they want to be able to compete. When they have a spare weekend where they want to earn money, they want to be able to get on a platform and win two jobs on Saturday, not be dictated to by an algorithm. With respect to Thumbtack, I think this is a similar model to hipages in Australia, which is sort of lead generation or advertising-type fee platforms. I think what's really exciting here is that Airtasker's Pro Pass product is actually taking the best of both worlds. What we're doing is we're, for AUD 1,800 a year, allowing Taskers to be able to earn up to AUD 22,500 on Airtasker with absolutely no fees. They keep 100% of their earnings. What you get on Airtasker is unlimited leads, unlimited quotes compared to Thumbtack, which is saying you'll get a certain amount of leads or quotes out per month. On Airtasker, you're going to do that unlimited until you earn this AUD 22,500. So we're combining a fixed annual fee, AUD 1,800 per year, combined with this concept of unlimited quotes and unlimited offers. Thank you, Tim. There is a question around whether there will be another capital raise in the near future. We are confident that there will not be a capital raise anytime in the near future, certainly not one that is planned. I think we are signaling here that Airtasker is going to be group cash flow positive in FY 2027. So, we are generating a ton of cash in the Australian market, and our expenditures and investments into the U.S. and the U.K. are entirely variable. So we have got a lot of flexibility in there, and certainly not putting ourselves into a position in which we need to raise capital. Thanks, Tim. There are a couple of questions around AI, which I will try and group. On the AI-driven traffic or agentic referrals, can you talk to the type of jobs and/or task value that is coming through the funnel? I might let you do that one and then I will— Yeah. Do the other part. Super early stage. I want to start by saying, I think, OpenAI, 1 billion users a year, so really important to be on that frontier of allowing Agentic Commerce through that platform. I would say this area is really nascent. I do not think that many customers are yet willing to hand over their credit card and just say, "You go book it for me." They are using OpenAI and these platforms more for their generative content capabilities, the ability to be able to describe your task more easily, be able to pick the Tasker more easily, be able to get input and recommendation on budgets. The use case for this is less about Agentic Commerce right now and more about contextual content generation. Leading on from that, how has AI referral traffic impacted paid acquisition and marketing costs? In general, Airtasker has been a big winner out of AI and LLMs generating traffic for us. The reason why we are a winner is because Airtasker has much more data than, say, a hipages type platform or a Thumbtack type platform, because we are processing the transaction end to end. All of the communication happens on the Airtasker platform. All of the pricing and agreements happen on the Airtasker platform. That gives us very rich data which we can use to train and inform a platform like OpenAI. If you go and search for something like, "Hey, I want to know what a handyman is worth in Parramatta," you are going to get Airtasker cited a lot for that type of query, because we have actually got reliable and real data. That has been very good for us in driving traffic. Okay, the next question, I think we are going back to some overseas. You have spent over AUD 40 million in overseas marketing to generate revenue of only AUD 5.7 million. Please explain how these metrics work. In any new market that we're going into, we are investing in the first five or so years predominantly into actually building a network effect. When you think about any kind of network effect product on day one, let's just take the example of a nightclub or a music festival or party, any kind of network effect product. The first customer that comes in, they actually have no product to acquire. They're not experiencing any of the value of the network effect because there is no network effect. When you're bringing that first customer in, you're not actually saying, "Hey, I want to make money out of that individual customer." What you're saying is, "Come in and join this network." You're going to have to do that for a number of years, as we did and experienced in the Australian market, to build up to roughly 5,000 - 10,000 tasks a week. Once you're at that level, you have a network effect. The N plus oneth customer, call that the 100,000th customer that comes in, says, "Wow, this is an amazing network, and I'm willing to pay more than you're going to pay to acquire me in order to experience that network effect." The investment that we've made to date in the U.S. and the U.K. is really tied towards establishing those network effects. We did not go into that with the expectation that the money in is going to be beaten by the money out in those early stages. This is a multi-year investment cycle to be able to get up to that level of marketplace network effect. Now, in the U.K. market, we set out a target of getting to AUD 25 million GMV ARR as emblematic of having a good network effect, and we passed that goal. We're now at AUD 29 million of GMV in the U.K. market, and that's why at that point in time, we're starting to move it back towards profitability, and we're going to be reducing our net investment into that market in FY 2027 compared to FY 2026. What you can see from that is you're moving from being we're working on establish a network effect to becoming a profitable business where the return on advertising is actually more than what we invested in. Thanks, Tim. Just following on from that, I think in previous presentations, you've said that once overseas markets hit breakeven or profit, you will then expand into new overseas markets. Are there any further plans to do that? Noting that that would likely generate more losses. At present, we're really focused on the U.S. and the U.K. markets, and we're being really smart with the way that we deploy our cash capital, because that's really the constraining factor to growth. Right now, we have no plans to launch in any new markets, and the U.S. and the U.K. is absolutely the focus. Noting that the U.K. market also has Ireland as part of that, and that's been doing quite well. Great. Just on the membership program, it sounds like that is a key driver in Australia going forward. Noting the number of subscriptions forecast for FY 2027. Can you talk through the economics, the margin of a typical Tasker on non-membership versus membership? Do you expect the economics of the supply side of tasks, Posters, to change in order to support the membership model going forward? The membership model economics is that for anyone who's using Airtasker more than three times a year, you're going to be much economically better off becoming an Airtasker member. It's straight out, you're going to be saving money for three or more tasks per year. That was intentionally priced that way because what we are aiming to do is reward customers who commit to Airtasker, give you a rockstar deal. If you're going to do 100 tasks on Airtasker, wow, are you going to save money on membership? Absolutely. It's going to be incredible. But keep in mind that we always monetize the other side of the marketplace. We earn on average about two-thirds of our take rate from the supply side of our marketplace. If we can drive more jobs into the platform, by reducing costs and rewarding our high-value customers, we are going to monetize even more on the Tasker side of the marketplace, where we generate about a 14% take rate. The goal is just absolutely win on frequency for customers. Maybe just to give you a little bit more direct detail on the customer side of the marketplace. In general, membership is priced at a little less than two times the max connection fee and about three times the average connection fee. Meaning that if you do two big jobs or you do three average jobs, you are going to be better off on membership. If you look back at some of our previous presentations, our average frequency is a little under two times per year. When a customer says, "Hey, I am going to buy a membership," from that point forwards, either Airtasker's earning some good margin or margin improvement. That is not our goal, though. The better outcome for us is that customers are motivated to increase their frequency because they now have no marginal cost for using the product into the future. It is very early days, so we are not sharing any frequency uplift data just yet. Certainly, there are some interesting signs that are coming through there. Thank you, Tim. There is a question on the fact that the outlook guides towards cash flow positive, but meanwhile we are still using a lot of marketing contra. When do you expect to be EBITDA positive? Overall, I would say that the accounting for the media deals is very interesting. As a small business owner who is focused on cash and commercial terms, it is interesting to break apart how the media deals are actually accounted for. Certainly with respect to the U.S. and the U.K., there are some pretty complex and, in my opinion, unintuitive ways that you have to account for these media deals. I would focus much more on what the actual commercial cash and equity outcomes are versus what the accounting methodologies are, because some of them are pretty unintuitive. You have to follow the standards. Thank you. A couple more questions coming through. There's a question here on the depressed share price and what your view on that is. Yeah, it's pretty low. For anyone on this call, I reckon it's a buy. I would give it a buy rating, and you should get out there and correct the share price. Look, it's been frustratingly where it is. We have continued to engage with some great analysts. Taylor Collison, Morgans, MST Financial, and RaaS are all now covering Airtasker. We continue to engage with them to build our distribution. We also have invested into institutional networking to get in front of more institutional investors, and we've now committed to doing quarterly updates so you can see our progress. There'll be another quarterly update in October, which isn't actually too far away, with the results from September. So we're really putting in the hard yards to try to increase transparency, increase distribution, and build those networks. I can only assume that the macro market is not fantastic for small caps on the ASX. Thanks, Tim. There's just a question around the deferred. How much of is the media deal? I'll let you have a break and I can answer that one. So, as I noted during my presentation, there's AUD 13.2 million on the balance sheet at 30 June. Obviously, we've signed 11 and announced AUD 11 million today. So that's a total of AUD 24.2 million. And the AUD 13.2 million that are on balance sheet, that's a combination of U.S., U.K., and Australia. Okay, back to you, Tim. I think we've got a couple of others. Can you provide One second. I'm just- Can you provide some more color on the AI training in the robotics industry? When can we expect to see something tangible out of this? What are the economics, and is this included at all in your FY 2027 guidance? Okay. In terms of it being a tangible outcome in our marketplace, that is already happening. We have contracts, partnerships with data brokers who are acquiring the data from Airtasker, and that cost is what drives new jobs into the marketplace. The jobs are created on the Airtasker marketplace that produces the data. The data is monetized. That monetization can go back into more jobs into the marketplace. That is already happening, albeit at a very nascent scale at the moment. In terms of it being factored into FY 2027 results, certainly not directly, but in terms of our confidence in being able to continue to scale the U.S. market is very much built on a number of growth vectors that we have, of which AI data acquisition is one. If you actually zoom out and look at the thematic here, one of the things that we are very focused on is using the lowest cost of capital to build out network effects in new markets. One of the previous questions we had was, you are investing a lot of money upfront to build these network effects. How are you doing that? This is one of the methodologies through which we are going to get very low cost of capital to be able to invest into getting those initial jobs in new markets to establish those network effects. Why is there a low cost of capital? Because AI right now is in a very, let us say, inflated position right now. A lot of startups are able to raise a lot of capital to be able to acquire this data, and there is a fervent demand and hunger for this kind of training data. Airtasker is extremely well-positioned to be able to do that. When we go and talk to these AI companies, they are like, "Great, take my capital, produce me the video content." I think that is a very exciting piece of the pie to be getting part of. Thanks, Tim. Just moving to the last couple of questions. What percentage of tasks posted on Airtasker are successfully assigned to a Tasker? What have you done or are you planning to do to improve the assignment rate? The assignment rate is actually going up considerably in the Australian market. This is driven primarily by the fact that as you get more repeat customers, we see that repeat customers have a significantly higher completion and assign rate compared to our new customers that have just discovered Airtasker. It is quite an interesting and ultimately nuanced assessment or analysis that you have to do. New customers, experienced customers have different take-up rates in each market. In the U.S., we have a lower network effect. So overall, those numbers are lower compared to the U.K., that is middle, and Australia, which is very high. What we are also discovering is that rebookings have a significant impact on the assignment and completion rates. Because obviously, if you have worked with someone before and you are reaching out with them again on the marketplace, that has 100% completion rate, almost definitionally. We are seeing the assignment rate going up, but that is a combination of network effects, a combination of having a really great retained customer base, having memberships in place as well. Thanks, Tim. Just one final question. I have tried to group as many as I can, so apologies if I have missed any. But the final question, what is the expected split of the new media capital spend between the FY 2027 and FY 2028? Over FY 2024 and 2025, we invested the AUD 10 million of media capital that we had from ARN and oOh!media. That is AUD 5 million on average per year. The goal moving forward is to maintain that level of investment, so it is actually over the next three years, 2027, 2028, and 2029. To squeeze even more efficiency out of that marketing investment, because as our top line grows, we are actually doing that top-line growth with actually a consistent media budget. In short, about AUD 5 million, AUD 5 million, AUD 5 million over the coming years. Thank you. One final question has just popped up that I think I missed earlier. In reference to slide 35, have you considered a capital-light franchise model in other markets? I think that's a really interesting concept. If we look at the capital markets right now, there definitely feels like there's significant constraint for us to be able to leverage and scale Airtasker's business model globally. Because we're only using our own capital to grow and establish these network effects. I think it is a very interesting concept as to what models could there be to effectively leverage the brand or the technology that we've built to establish a new marketplace. That is something that has been on my mind a lot actually, because the global ambitions for this company, there should be an Airtasker in every single market around the world. I say this both from a financial and investment perspective, but also just at a humanity perspective. We've got AI coming in and disrupting human jobs left, right, and center. Actually what Airtasker is doing is creating those local jobs in each of these markets and creating a framework for people to be able to work with others, to be able to realize the value of their skills and make an income doing these kinds of local jobs. That is an imperative that I've been thinking about a lot. But no specific news to share just now. Thanks, Tim. I'd just like to note there have been a number of product and marketing suggestion questions come through, so we'll pass those on to the relevant team. Thank you for those. That's all, Tim. Thank you so much. Thanks to all of you over FY 2026 for your support. Thanks to the Airtasker team. So much blood, sweat, and tears goes into making all of this possible. Also to the Airtasker community. Doing AUD 200 million worth of local jobs last year in the Australian market alone, very cool. Thank you so much, and see you at the next quarter update. Thanks, everyone.