Appen

2024 Annual Report

Overview
02 
About Appen
04 
2024 at a glance
06 
Chair message
08 
CEO message
Value drivers
10 
How we create value
 
12 
Technology, processes, systems
 
15 
Crowd, social and environment
 
22 
Customer and brand
 
25 
Our people
 
28 
Financial
Governance
33 
Identifying and managing risks
44 
Our approach to governance
46 
Board of Directors
48 
Executive team
Directors’ report
52 
Directors’ report
 
55 
Remuneration report
Financial report
73 
Financial report
118 
Directors’ declaration
119 
Independent auditor’s report
Other information
123 
Additional information
126 
Materiality assessment
127 
 Prioritised United Nations 
Sustainable Development Goals
128 
Non-financial data metrics
131 
Corporate directory
Appen Limited
ABN 60 138 878 298
All amounts in this report are 
in United States (US) dollars 
unless otherwise stated.
Contents
About this report
This Annual Report combines our financial and non-financial 
performance, linking environmental, social and governance 
matters to our strategy and business performance. In preparing 
our Annual Report, we have used the International Integrated 
Reporting Council (IIRC) Framework, the Sustainability 
Accounting Standards Board (SASB) and the Task Force 
on Climate-related Financial Disclosures (TCFD) to guide 
our disclosures on how Appen creates value for shareholders 
and which topics are most material to our business. Underlying 
results are alternative measures to those recommended under 
International Financial Reporting Standards (IFRS) and are 
used by management to assess the underlying performance 
of the business. Underlying results have been derived from 
statutory measures contained in the financial statements 
but have not been subject to audit. A reconciliation between 
statutory and underlying results is detailed on page 32 
of this report. 
Sustainable Development goals
We support the United Nations’ Sustainable Development 
Goals (SDGs), and by doing our part to contribute to the success 
of the SDGs we believe we can help contribute to a more 
sustainable future. On page 127 we have identified five SDGs 
as priority SDGs where we believe we can best contribute.
Reporting currency
Appen reports its financial results in United States (US) dollars.
Forward-looking statements
This report contains forward-looking statements. 
These statements involve subjective judgement and 
analysis and are subject to significant uncertainties, risks, 
and contingencies, many of which are outside the control 
of Appen. In particular, they speak only as of the date of 
this report, they are based on particular events, conditions 
or circumstances stated in the materials, they assume the 
success of Appen’s business strategies, and they are subject 
to significant regulatory, business, competitive, currency 
and economic uncertainties and risks. Except as required 
by applicable regulations or by law, Appen does not 
undertake to publicly update or review any forward-looking 
statements, whether as a result of new information or future 
events. Past performance cannot be relied on as a guide 
to future performance.
Material issues
A matter is considered material if senior management and 
the board believe it could significantly impact the value created 
and delivered in the short, medium, and long term. We identify 
and capture material issues through stakeholder engagement 
and our annual risk and materiality assessment. The outcome 
of these processes and our material issues are described on 
page 126.
Operating and Financial Review
The sections of this report from pages 6 to 45 titled the 
Chair message, CEO message, How we create value, Identifying 
and managing risk and Our approach to governance, comprise 
our Operating and financial review (OFR), and form part 
of the Directors’ report.

1
Real world AI
transforming the lives of 
our customers and crowd
Appen 2024 Annual Report
1

Appen
About
Appen is a global market leader in data with expertise in deep learning and 
generative AI. With almost three decades of experience in data sourcing, data 
annotation, and model evaluation by humans, Appen specialises in developing 
high‑quality data that enable the training, fine‑tuning, and deployment 
of world-class AI models and applications.
Our expertise includes a global crowd of more than 1 million skilled contractors who speak over 500 languages 1, in over 
200 countries 2, with over 100 domain specialisations, and our advanced AI-assisted data annotation platform. Our products 
and services serve over 80% of the world’s leading LLM foundation model builders and cutting-edge AI industry applications 
of traditional AI and machine learning models and generative AI applications. 
In 2024, Appen continued its focus on capturing growth in the generative AI space, successfully expanding from our 
traditional market to capture new opportunities in generative AI. Appen’s growth vision captures a full set of AI data services 
for deep learning and generative AI, enabling expansion of our addressable market and deliver a strong return on investment. 
1 Self-reported.
2 Self-reported, includes territories.
Appen AI data solutions support
Core AI 
lifestyle 
services
AI 
Solutions
Platform 
capabilities
Language
English
German
Spanish
French
Hindi
Mandarin
Portuguese
Japanese
500+ Others
Global 
delivery 
models
Appen CrowdGen Platform
Appen Secure Workplace
Client Internal Teams
LLM & Generative
Data Annotation
Quality Assurance & Workflow Management
AI Chat Feedback 
(Model API)
GenAI Evaluation 
& A/B Testing
Model Mate
AI Detector
Text, Audio, Image, 
Video, Document
Multimodal Data
Test Questions
Quality & Productivity 
Monitoring & 
Dashboards
Validators
Custom Quality 
Assurance  
Workflows
Personalized 
recommendations
Product 
Cataloguing
Ad Relevance
News Feed 
Evaluation
Content 
Relevance
Search 
Engines
Content 
Moderation
Sentiment 
Analysis
Metaverse 
AR/VR
Autonomous 
Vehicles
Computer Vision 
Models
Translation & 
Localization
Audio & Speech 
Models
Multimodal 
AI Models
LLM Foundation 
Models
Multimodal 
Generative AI
Enterprise LLM 
Customization
Enterprise LLM 
Red Teaming
Data Sourcing
• 
Custom Data Collection
• 
Off-the-shelf or Prelabeled Datasets
Data Preparation
• 
Data Annotation 
(Traditional AI/ML,Relevance)
• 
Supervised Fine Tuning (General, 
Multilingual, Domain-Specific)
• 
Human Preference Ranking (RLHF/DPO)
Model Evaluation
• 
Model Evaluation
• 
A/B Testing
• 
Benchmarking
• 
Red Teaming
• 
Application and User Testing
2

We unlock the power of ‘AI for good’ 
to build a better world
Our values
Our purpose
Customer obsessed
We believe our customer relationships are the ultimate 
differentiator and the foundation of our success.
Action oriented
We take decisive action, fast pace and make informed 
decisions quickly to drive progress and achieve results. 
Courage to innovate
We have the courage to innovate and foster breakthrough 
thinking and make it our engine for growth, success, 
and progress. 
Winning together
We foster teamwork and collaboration, celebrate each other's 
success, and work together towards common goals. 
3
Appen 2024 Annual Report

2024
at a glance
1 Excludes the impact of Google contract termination.
Revenue (US$M)
$234.3M
 14.2% from $273.0M in FY23
Adjusted revenue 1
$220.9M
  16.0% from $190.4M in FY23
Underlying EBITDA
$7.8M
compared to $(24.5)M in FY23
 57
Customer NPS
 from 35 in FY23
 26
LLM model builders 
as customers
 80%
World's leading LLM 
foundation model 
builders as customers
Underlying EBITDA 
excluding FX
$3.5M
compared to $(20.4)M in FY23
Underlying 
NPAT
$(10.5)M
compared to $(52.8)M in FY23
Statutory 
NPAT
$(20.0)M
compared to $(118.1)M in FY23
FINANCIAL
CUSTOMERS
4

 79%
Employee engagement
 from 75%
 50%
Female representation 
amongst our board 
 23%
Female representation 
amongst our senior 
leadership 
33
Crowd NPS
 from 27
Global
Ethical and Modern 
Slavery Policy
Ethical AI
through our crowd code 
of ethics
$19.6M
in product development 99.9%
uptime across all platforms
ISO 27001
certifications upgraded 
to latest edition
Crowd 
experience 
Improving with 
technology upgrades
Signatory to the
UN Global 
Compact
Net Zero
by 2030
OUR PEOPLE
OUR CROWD, SOCIAL & ENVIRONMENT
TECHNOLOGY
5
Appen 2024 Annual Report

Improved financials through FY24 
For the 2024 financial year, Appen announced a Statutory 
Loss of ($20.0) million, an improvement of $98.1 million 
compared to the prior year. 
Total operating revenue declined 14.2% to $234.3 million 
and Appen recorded underlying EBITDA (before foreign 
exchange) of $3.5 million, compared to a loss of ($20.4) 
million in the prior year. 
Revenue was significantly impacted by the loss of Google 
in Q1. Non-Google revenue in 2024 grew 16.0% compared to 
the prior year. Appen experienced strong growth in H2 with 
non-Google revenue for H2 up 36.1% compared to H2 2023.
Pleasingly, China annual revenue grew 70.7% to $58.9 million, 
largely due to generative AI opportunities. 
Global Product experienced strong growth due to Global 
customers utilising Appen’s software platform (ADAP). 
Revenue grew 221.9% to $31.3 million compared to 2023.
Appen remained focused on maintaining adequate balance 
sheet flexibility. In support of working capital requirements, 
Appen raised ~A$65 million during the year. A$50 million 
fully underwritten institutional placement completed 
on 14 October 2024, and A$15 million Share Purchase 
Plan completed on 7 November 2024.
At the end of the year, Appen had $54.8 million 
(equivalent to A$88.3 million) 1 in cash.
Once again, the Board made the decision not to 
declare an interim or final dividend in 2024 to ensure 
an appropriate allocation of capital.
2024 was a pivotal year for Appen, driven by 
generative AI as a key growth engine. Disciplined 
cost management and sharpened focus on 
execution have resulted in improved growth and 
profitability throughout the year. With a positive 
market outlook and a strong foundation, Appen 
is ready to seize future opportunities and deliver 
long-term value for shareholders.
Returning 
6
Chair message
1 31 December 2024 exchange rate AUD/USD 0.6204.
to profitable 
   growth
6

Significant progress to reset Appen
Throughout 2024, Appen was highly focused on resetting 
the business to achieve profitability.
In response to Google's decision to terminate its global 
services contract by 19 March 2024, Appen reduced the cost 
base by $13.5 million. 
At the beginning of 2023, we began a transformation 
process to reset Appen to better capture the growth 
in generative Al and improve performance of our core 
business. This included a new strategy to deliver long term 
growth and revenue diversification along with a $60 million 
cost reduction program.
Some of the key areas identified for improvement included 
a leadership and strategy refresh, operational improvements 
to project delivery and crowd management and strengthening 
of Appen's sales and marketing functions.
We remain committed to sizing our cost base in line with 
our revenue opportunity.
Change in leadership
On 5 February 2024, we appointed Ryan KolIn as our new 
CEO and Managing Director. In his first year as CEO, Ryan 
has led Appen to capitalise on the generative AI market 
opportunity while delivering improved financial results. 
His focus on operational excellence and cost controls have 
been instrumental to the performance of the business.
Board governance
There have been no changes to the Board in 2024. 
Vanessa Liu and Robin Low were re-elected to the Appen 
Board by shareholders at our AGM held in May 2024.
Executive remuneration
Appen's short-term incentive (STI) scorecard for key 
management personnel represents a combination of financial 
and non-financial metrics.
Appen will always regard its financial performance 
as paramount. Given the 2024 focus on resetting the business 
to achieve profitability, the STI weighting for the financial 
performance metrics increased to 80% from 70%. 
Non-financial metrics reflect Appen's focus on its customers, 
crowd and people and are assigned an STI weighting of 20%.
The 2024 STI equates to 85.9% of the maximum payable, 
with all measures above the minimum payout threshold.
I would encourage shareholders to read the remuneration 
report, commencing on page 55.
Sustainable operations
Our commitment to our stakeholders including our crowd, 
our customers and people remain as strong as ever.
We recognise the value of crowd and the benefit it provides 
to our customers. This year we undertook a significant 
digital transformation to improve our underlying crowd 
management platform. Crowd NPS improved due to the 
platform and increasing earning opportunities as our 
business grew throughout the year.
The high ethical treatment of our crowd remains a key priority. 
We stand by our commitment to the crowd as defined in our 
Crowd Code of Conduct, and our Global Ethical Sourcing 
and Modern Slavery Policy.
Promoting a diverse and inclusive culture across all aspects 
of Appen's business has been a long-held priority. In 2024 
Appen achieved 57% female representation among its 
employees. We maintained female representation of 50% 
among directors, and female representation among the senior 
leadership team increased to 23% from 22%.
Appen remains committed to supporting international 
initiatives to transition to net zero emissions. We have 
completed our initial Net Zero Roadmap and have committed 
to net zero by 2030. We continue to work towards assurance 
for our emissions data and remain committed to the Science 
Based Target initiative.
Closing
We are pleased with the progress made throughout 2024 
to reset the business and return to profitable growth. 
There is significant opportunity for Appen, largely driven 
by the potential of generative AI opportunities. 
Our constant focus remains on improving the company's 
performance and delivering better returns for shareholders. 
We thank shareholders for their ongoing support.
RICHARD FREUDENSTEIN
Non-executive Chair
7
Appen 2024 Annual Report

Positioned for 
CEO message
2024 has been a transformative year for 
both Appen and the AI ecosystem we serve. 
Through our focus on operational efficiency, 
innovation, and data quality fundamentals, 
we have strengthened our business and 
are well positioned for sustained growth.
Market Opportunity: 
The Generative AI Revolution
Generative AI marks a once-in-a-generation paradigm 
shift. Machines are evolving from simple search 
and retrieval capabilities to demonstrating deep 
understanding and creative generation. The applications 
are vast and powerful, ranging from personalised customer 
experiences to complex content creation. At the heart of 
this revolution lies high-quality data – a critical foundation 
that we provide. This is an incredibly exciting time, and 
we are honoured to play such a pivotal role in shaping 
this transformative future.
2024: Challenges and Resilience
The past few years have tested Appen’s resilience. We faced 
reduced spending from a major customer and experienced 
the financial impact of Google's decision to terminate 
their contract in early 2024. These challenges required 
radical changes to our business, including disciplined 
cost management. We took decisive steps to streamline 
operations, significantly reduce expenses, and improve 
financial efficiency. At the same time, we maintained our 
commitment to prioritising data quality and building a team 
capable of delivering excellence.
Our efforts paid off. In 2024, we successfully passed several 
rigorous customer assessments for generative AI projects. 
We also reached new benchmarks in data quality for our 
traditional work with a major customer. By shifting our go-to-
market strategy to prioritise LLM model builders – the primary 
drivers of market spending – we grew revenue and positioned 
ourselves to capture significant growth opportunities.
Innovation with Impact
Innovation remains the cornerstone of our success. This year, 
we enhanced our technology platform to meet the evolving 
needs of generative AI. Notable improvements included the 
onboarding of domain experts and significant advancements 
to our AI Data Platform (ADAP). These updates allowed 
us to tackle the sophisticated demands of generative AI 
projects with precision and efficiency. ADAP has become 
a cornerstone of our strategy, enabling scalable, accurate, 
and timely delivery of complex data tasks.
 sustained
       growth
8

2024 Outcomes: Growth Amidst Change
Our full-year operating revenue for 2024 was $234.3 million, 
reflecting a decline of 14.2% compared to 2023, inclusive 
of Google’s departure. However, when excluding Google, 
revenue grew 16.0% year-over-year. 
Quarterly performance showed consistent improvement, with 
Q3 and Q4 revenue (excluding Google) increasing 34.6% and 
37.2% respectively compared to the prior year. Generative AI 
projects emerged as a key growth driver, contributing 35% 
of total revenue in Q4, up from 9% in Q1.
At the divisional level, our Global division (excluding Google) 
and China were standout performers. Revenue from Global 
increased 14.6%, while China achieved a breakout year with 
revenue reaching $58.9 million — an impressive 70.7% growth 
over 2023. We solidified our position as the largest AI data 
company in China, with run-rate revenue nearly double that 
of our nearest competitors.
Alongside revenue growth, we achieved significant cost 
optimisation. Compared to 2023, employee expenses 1 were 
reduced by 29.2%, and all other expenses 2 were reduced 
by 19.6%. This combination of top-line growth and disciplined 
cost management led to a turnaround in profitability. 
We improved underlying EBITDA (before foreign exchange) 
from a loss of $20.4 million in 2023 to a gain of $3.5 million 
in 2024, with quarterly profitability throughout the year rising 
from a $2.9 million loss in Q1 to a $4.7 million gain in Q4.
Strengthening Our Balance Sheet
In October 2024, we raised ~ A$65 million in capital to bolster 
our balance sheet and provide additional liquidity to fund 
working capital. This capital infusion brought our year-end 
cash balance to $54.8 million (equivalent to A$88.3 million) 3, 
ensuring we are well-positioned to pursue growth 
opportunities and navigate market dynamics.
Strategic Focus for 2025
As we look to 2025, our focus remains clear: delivering 
high-quality data that powers cutting-edge AI models. 
Customers are increasingly demanding faster turnaround 
times and higher-quality data, which requires seamless 
integration of our project delivery teams, advanced 
technology platforms, and skilled crowd workforce.
Key strategic priorities include:
• 
Target Customer Segments: Our efforts will centre 
on providing high quality data for companies building 
or utilising leading AI models. The market segments we 
address will remain the same as 2024, focusing on US 
hyperscalers, China, government entities, and other 
technology enabled enterprises.
• 
Technology Evolution: Continuing to advance ADAP 
to meet the sophisticated requirements of generative 
AI projects, while enhancing our crowd management 
platform to support faster ramp times and specialised 
expertise. Technology is key to our delivery operations, 
this is a major focus for 2025, however we will maintain 
our current spend.
• 
Operational AI: Leveraging AI within our operations 
to drive efficiency in quality assessment, workforce 
onboarding, and support functions.
• 
Talent Development: Investing in our people 
by fostering growth and attracting new talent to meet 
the evolving demands of the AI landscape.
• 
Financial discipline: Continued cost control remains 
a high priority to deliver profitable growth.
Looking Ahead
2024 was a pivotal year for Appen. Amid challenges, 
we demonstrated resilience, adaptability, and an unwavering 
commitment to excellence. As we move into 2025, 
I am confident in our ability to build on this momentum, drive 
growth, and deliver exceptional value to our stakeholders.
RYAN KOLLN 
CEO and Managing Director
1 Employee expenses per management reporting. Excludes direct project workers included in gross margin calculation (i.e. crowd expenses).
2 All other expenses excludes non-cash share based payment expense but all other expenses included in underlying EBITDA before FX.
3 31 December 2024 exchange rate AUD/USD 0.6204.
9
Appen 2024 Annual Report

How we create value
Value Driver
Principal risks
How we deliver value
Technology, 
processes 
systems
  Investment in technology, 
innovation and transformation
  Compliance with security, 
privacy and other data regulations
  Through our technology and innovative solutions, 
we look to streamline and automate processes 
so we can deliver AI training data at scale
  Our engineering, privacy, and cyber security teams 
work to ensure that data availability targets are met, 
and data is protected and secure
Global crowd
  Crowd conditions
  Crowd supply meets 
customer demand
  We are committed to treating our crowd fairly 
in accordance with our Crowd Code of Ethics
  Whistleblower and Speak Up Policy is available 
to support crowd grievances 
  Our Impact Sourcing strategy provides jobs to people 
who have limited prospects for secure employment
Social and 
environment
  Compliance with legal, 
statutory and ethical obligations
  Environmental, social 
and governance (ESG) risks 
and performance
  We are taking steps to reduce the impact 
of our operations on the environment
  Our platform removes traditional barriers to work 
and increases global participation and representation 
in the development of emerging technologies
  We are committed to achieving fair AI and creating 
responsible AI standards
Customer 
and brand
  Changing customer strategy 
and needs
  Ability to execute on operational 
requirements
  We deliver high-quality data at speed for 
our customers and provide a superior 
customer experience
  Our LLM capabilities provide solutions for customers 
across the core AI data lifecycle (data sourcing, data 
preparation, model evaluation)
  Constantly monitoring relevant market and customer 
trends to meet the evolving needs of customers
Our people
  Talent strategy and employee 
value proposition
  Managing a culture 
of growth through change 
  By focusing on making Appen a great place to work 
and creating a culture where our people can thrive, 
grow and feel valued
  Investing in our people and HR systems to build 
a workforce for the future and optimise the 
employee experience
  Embedding diversity principles across our business 
via our Diversity and Inclusion policy
Financial
  Strategic direction of the business
  Financial sustainability
  We aim to grow the business and to deliver 
increased revenue and earnings to support returns 
for shareholders
  Capture the potential of generative AI
10

Creating and measuring value
SDGs
  Invested $19.6 million in technology and systems, including enhancements to ADAP and 
a new crowd management platform (CrowdGen) to support LLM products, and better support 
our crowd and customers
  Further development of China MatrixGo platform releasing many new features enhancing 
the capabilities of annotation tools, and improved user experience and crowd management
 Met or exceeded 99.9% uptime across all our platforms
  Maintained certification for ISO 27001 and SOC 2, including upgrading to latest 
ISO 27001 certifications
Pages 12–14
  We provided flexible, work-from-home opportunities to our global crowd of one million+ contractors
  We help make AI ethical and fair through our Crowd Code of Ethics
  Enhanced crowd experience with the launch of CrowdGen a next-generation crowd 
management platform
  Prioritisation of health and wellbeing via wellness resources, counselling services, and flexible 
work options
Pages 15–21
  Continued disclosure of scopes 1,2 and 3 and commenced work on assuring the data
  Continued implementation of our Net Zero Roadmap and working towards net zero emissions 
across operations by 2030
  Reporting on progress against United Nations Global Compact commitments
Pages 15–21
  Improved customer satisfaction with a significant uplift in our Net Promoter Score 
  Enhanced the customer experience through the launch of many new ADAP features
  We demonstrated leadership in promoting responsible and ethical AI which helps to enhance 
our brand
Pages 22–24
  We have a target of 30% female representation of women in senior management positions 
and on the board. We exceeded this target at board level
  Continue to respond to employee feedback to drive future engagement scores higher
Pages 25–27
  Completed an equity raising in Q4 2024 to provide additional liquidity to fund working capital
  Returned to EBITDA profitability in H1 2024
  Decided not to declare a dividend to ensure an appropriate allocation of capital
Pages 28–32
To deliver on our purpose and unlock the power of ‘AI for good’ to build a better world we draw our technology, scale and 
flexibility of our Crowd and deep expertise. We offer our customers highly flexible offerings – from fully tailored solutions to 
pre-labelled datasets and LLM solutions. We have a strong track record of AI deployment across many data types and a proven 
ability to meet production needs that achieve high benchmarks for data quality. The outcomes delivered for each value driver 
determines our ability to create value for our stakeholders – including Our Crowd, Our customers, Our people, shareholders, 
and the community more broadly. Even though we conduct our work with an innovative mindset and embrace new ways of doing 
things, our decisions are always supported by a disciplined approach to governance and risk management. We support the 
United Nations’ Sustainable Development Goals (SDGs). By doing our part to contribute to the success of these goals we believe 
we can help contribute to a more sustainable future and create value for our stakeholders. We have identified the following six 
core priority SDGs where we believe we can best contribute.
11
Appen 2024 Annual Report

Appen’s technology processes and systems deliver AI training data at 
scale. We leverage advanced tools and methodologies to source, prepare, 
and evaluate data, ensuring the highest quality datasets for our clients. 
With the ability to support large language model (LLM) capabilities we are 
at the forefront of generative AI, providing our customers with the resources 
they need to fine‑tune their AI models and achieve optimal performance.
Our comprehensive range of technology products and data services 
encompasses both deep learning and generative AI. This includes 
four major platforms 1) CrowdGen, the interface for our crowd workers 
to apply for tasks, 2) Mercury, the backend for all our crowd management 
tasks, 3) AI Data Platform (ADAP), a solution that allows internal teams 
and external customers to design and manage human annotation projects, 
and 4) China MatrixGo¹, the bespoke annotation platform to provide 
specialised services for the Chinese market. 
Priority SDG
$19.6M
in product 
development
99.9%
uptime met or 
exceeded across 
all platforms
Technology
 processes, 
  systems
China Platform
& Services
MatrixGo and 
Generative AI data 
annotation 
platform
AI data services 
for China markets
Off-the-shelf 
datasets
AI Data Annotation 
Platform (ADAP)
Data collection and 
annotation
LLM & Generative AI 
workflows
(fine-tuning 
and evaluation)
AI automation tools
CrowdGen Crowd 
Platform
Sourcing and 
recruitment
Qualification and 
smart matching
Crowd Payments
Crowd support
AI 
Data Solutions
LLM & Generative AI 
Data Solutions
(SFT, RLHF, Evaluation,
Red Teaming)
AI training data (data 
collection, data 
annotation, 
off-the-shelf datasets)
Global Services, Global Product, Enterprise, Government
China
Value drivers
1 Previously known as China A9.
12

Product development
In FY24 we undertook a major replatform of our core crowd 
management software, called Appen Connect. Appen Connect 
was introduced through the acquisition of Leapforce, and while 
it provided significant benefits to the business, the technology 
was built using legacy architecture and was inhibiting our ability 
to make rapid improvements, including automations.
In September we launched our new crowd management 
platform that consists of two deeply integrated components. 
The first is CrowdGen. This is the interface that our crowd workers 
use to interact with Appen to assess available work, apply for 
projects, and manage their accounts including payments. 
The second is Mercury. This is the backend system that 
we use internally to set up projects and manage our crowd 
workforce. The evolution to Mercury enables us to significantly 
improve the level of automation in our project management 
approach, and provides better insights into our workforce, 
leading to improved outcomes for our customers.
For CrowdGen and Mercury, we utilised best of breed 
software across the ecosystem to improve the return 
on investment in our software development resources 
and ensure access to the latest innovations.
Our AI Data Platform (ADAP) is the software we use to set 
up and administer project tasks. It is also the interface 
for our crowd workers to work on projects. We use ADAP 
for our managed service projects, and is also offered 
as a SaaS platform.
With the growth of generative AI related projects 
in FY24, we saw a significant increase in the volume of 
work utilising our ADAP platform. Revenue from Global 
Product, representing projects from our large Global 
customers that utilise ADAP, increased to $31.3 million 
in FY24, a 221.9% increase on FY23. Customers selected 
ADAP over internal annotation tools for the ability to rapidly 
set up and customise annotation tasks.
We released many new ADAP features in FY24 to 
support generative AI related projects, including:
  AI Detector that improves data quality by identifying 
non-human generated content, specifically where 
contributors are using LLMs to generate responses.
  Retrieval-augmented generation (RAG) capabilities 
that cover end-to-end data requirements for 
preparing data and evaluating performance.
  AI Chat Feedback enhancements, that allows 
connections with third-party endpoints directly 
from inside an ADAP project, to run a multi turns 
live conversation with a model, and to evaluate 
and live-correct completions.
Appen China released many new MatrixGo features in FY24, 
with a focus on enhancing the capabilities of the annotation 
tools, improving user experience and crowd management, 
and boosting data processing efficiency through algorithms. 
New features and enhancements include:
  MatrixGo Instant Messaging System, that allows project 
managers and annotators to interact in real time. 
It can handle one million transactions per second (TPS) 
in message throughput and supports dynamic scaling. 
The system is integrated into the MatrixGo platform 
and is accessible via web and mobile. 
  Self-Operated Crowd Module, that groups contributors 
based on language, skills, and project experience. 
It fosters talent development through dedicated project 
managers and continuous project opportunities, 
increasing platform loyalty and work enthusiasm. 
  Point Cloud 2.0, that supports very dense point cloud 
data with hundreds of millions of points per frame 
and supports various annotation tasks on 4D data. 
This reinforces our leadership in the computer vision 
point cloud annotation field. 
  Automated Data Annotation Loop, that combines 
pre-annotated foundation models with project-level 
fine-tuning. It boosts 2D annotation efficiency 
by up to five times and improves 3D annotation 
efficiency by around 25%. 
  Audio Classification Model, that can identify noise, music, 
speaker age and gender across multiple languages, 
providing a powerful tool for quality screening and 
feature extraction in the production of audio datasets.
Investment in product development
In FY24, investment in product development (excluding 
amortisation) decreased 43.3% to $19.6 million 
and represented 8.4% of revenue (2023: $34.6 million 
or 12.7% of revenue).
Managing and protecting data
At Appen, we manage and protect massive amounts 
of data in line with security, privacy, and regulatory 
requirements. We recognise the critical importance 
of meeting our customers' expectations and fulfilling 
contractual obligations related to data security. 
Additionally, we remain vigilant against the increasing 
risk of cyber security attacks, continuously adopting 
industry best practices to safeguard our systems, data, 
and customer trust.
13
Appen 2024 Annual Report

System and data security
Managing data security is an essential and a core 
competency of our business. Our approach is comprehensive 
and involves people, processes, and technology. 
As a minimum we adhere to industry recognised standards, 
such as the International Organisation for Standardisation 
(ISO) and National Institute of Standards and Technology 
(NIST) and implement global best practices.
Mandatory security awareness and privacy training 
is provided to all employees on annual basis. We also 
conduct regular synthetic phishing tests to promote 
employee awareness of the threats and their responsibilities 
in managing data security. These tests also provide an 
indication as to the effectiveness of our training programs.
We provide customers with a range of secure technology 
solutions. Our SaaS customers can maintain their data 
in their environment and do not need to physically move 
it to our environment. For maximum data security, our 
software can be deployed in the customers’ air-gapped 
environment or private cloud and provides flexibility 
to cater to client's expectations.
Customers with even higher data security requirements 
can use one of our ISO 27001-certified secure 
facilities in the Philippines, the UK, and China. In FY24, 
we successfully upgraded our ISO 27001 certifications 
to the most recent edition (ISO 27001:2022).
Data privacy
Our engineering, security and privacy teams work closely 
together to ensure that data privacy is integrated into our 
systems. We also work to comply with specific data privacy 
requirements in the markets in which we operate, including 
the California Consumer Privacy Act, the Philippines and 
Australian Privacy Acts, and the EU/UK General Data 
Protection Regulation. Mandatory data privacy training 
is provided to all employees on an annual basis.
In FY24, there was one non-material security incident 
involving and limited to Quadrant, a subsidiary of Appen. 
We promptly identified the root cause and resolved 
it following established protocols. Additional safeguards 
were implemented to further strengthen our security posture, 
reinforcing our commitment to protecting our customers. 
Platform availability, reliability and resilience
Platform availability, reliability and resilience is a key focus 
of our engineering teams. The team works to strict system 
availability targets and ensures that our systems can 
safely scale in response to changes in demand. In FY24, 
we continued to meet or exceed 99.9% 1 uptime across 
all our platforms. 
Cyber security
Our cyber security risk management framework is 
based on internationally recognised NIST standards 
and is structured to identify, detect, protect against, 
respond and recover to cyber security threats.
Security penetration testing is conducted annually by 
third-party specialists. Our operational facilities are ISO 
27001:2022 certified, and our ADAP and CrowdGen (Mercury) 
platforms are SOC 2 Type 2 attested. Additionally, our UK 
and China facilities hold ISO 9001 certifications, and our 
UK facility is Cyber Essentials Plus certified, meeting UK 
requirements. Appen also has Payment Card Industry (PCI) 
compliance for its ADAP platform. Our IT security policies 
and standards are adhering to ISO 27001 controls and the 
incident response procedure is aligned with the NIST CSF 
(Cyber security Framework). We conduct incident response 
tabletop exercises annually.
We have adopted a practice of engaging third-party cyber 
security maturity assessments for our organisation every 
two years. The latest assessment, conducted by PwC in FY24, 
demonstrated consistent improvement in our scores, which 
exceed the industry benchmark for organisations of similar 
size and scope. The results of this review continue to form 
the program of works to further mature Appen's cyber 
security capability.
Appen has cyber security insurance in place.
Data encryption is in place when data is at rest and in 
transit for critical systems as per SAL (Secure Algorithm List). 
We have centralised access controls via SSO (Single Sign 
On) and MFA (Multi Factor Authentication) for additional 
layers of protection. Security logs from our critical systems 
are captured and monitored in a SIEM (Security Information 
and Event Management) tool.
We also have top tier network, perimeter, and end point 
security tools protecting the assets and monitoring inbound 
and outbound network traffic. Privileged access and vendor 
security reviews are conducted as per our standards.
1 Based on report from third-party website monitoring company, StatusCake.
FY25 focus
Appen is committed to innovation and 
excellence. We remain focused on continuing 
to enhance the crowd experience to foster 
a more engaging environment, advancing 
our ADAP and MatrixGo platforms to 
support the evolving generative AI market, 
and strengthening our deep learning 
capabilities. We also remain dedicated 
to further automating processes through 
AI-driven productivity enhancements. 
Cyber security continues to be a key priority. 
We are advancing our cyber security maturity 
through dedicated programs, as well 
as prioritising data classification and loss 
prevention projects.
14

At Appen, our commitment to creating a positive 
social and environmental impact is a cornerstone 
of our mission to enable responsible and inclusive 
AI development. In 2024, we made significant strides 
in supporting our global crowd and embedding 
sustainability into our operations. 
Governance 
Our social and environmental frameworks remain underpinned by a steadfast 
commitment to high standards of corporate governance, ensuring transparency, 
accountability, and sustainability in all facets of our operations. The Board of 
Directors provides strategic oversight, while management ensures operational 
alignment with these principles. 
Responsibilities of the Board of Directors:
  Evaluating the environmental 
and social impacts of our business 
activities and decisions.
  Setting and monitoring adherence 
to social and environmental 
standards that align with global 
best practices.
  Overseeing the management 
of risks and opportunities related 
to climate change, biodiversity, 
and environmental sustainability.
  Approving climate-related 
disclosures, ensuring transparency 
and alignment with emerging 
regulatory requirements.
  Tracking progress against defined 
goals and targets for climate, social, 
and governance-related issues.
Audit and Risk Management Committee:
  Integrating environmental, 
social, and governance (ESG) 
considerations into the company’s 
broader risk framework.
  Reviewing quarterly risk reports 
to ensure effective management 
of climate-related and 
environmental risks.
  Supporting the identification 
and mitigation of emerging risks, 
such as supply chain vulnerabilities 
and compliance gaps in ESG areas.
  Providing recommendations to the 
Board for continuous improvement 
in governance and risk oversight.
Crowd,
social
and environment
Priority SDG
Ethical 
AI
through our Crowd 
code of ethics
33
Crowd NPS
 6 points from 27 FY23
Value drivers
15
Appen 2024 Annual Report

Good Business Practice
  Good business practice at Appen is defined by ethical 
leadership, integrity, and responsible decision-making. 
These principles guide how we interact with stakeholders, 
manage our workforce, and deliver services to customers. 
Code of Conduct and Ethical Standards
  Our Code of Conduct outlines the minimum standards 
for ethical behaviour, emphasising fairness, respect, 
and accountability. It applies to all employees, 
contractors, and business partners.
Anti-Corruption and Anti-Bribery
  Our Anti-Corruption and Anti-Bribery Policy reinforces 
a zero-tolerance approach to bribery and corruption.
  Strictly prohibits the use of corporate funds for political 
donations or advocacy unrelated to our core mission.
  Mandatory annual compliance training ensures 
employees are aware of their responsibilities. In FY24, 
90% of employees completed this training, compared 
to 95% in FY23.
UN Global Compact and Ethical Sourcing
As a proud signatory of the United Nations Global Compact 
(UNGC), we continue to embed its ten principles on 
human rights, labor, environment, and anti-corruption 
into our strategies and operations. We have also completed 
our first Communication on Progress during the year.
  Human Rights: Conducted risk-based supplier reviews, 
focusing on compliance with our Global Ethical Sourcing 
and Modern Slavery Policy.
  Labour: Set diversity targets, including 30% female 
representation in senior management roles.
  Environment: Advanced our net-zero emissions 
roadmap, maintaining flat emissions despite the 
opening of new facilities.
  Anti-Corruption: Continued to support our 
whistleblower hotline that enables anonymous reporting.
Training and Accountability
To drive accountability across all levels of the organisation:
  Short-term incentives for senior leadership are directly 
linked to compliance metrics, including training 
completion rates and ESG performance.
  Mandatory ethical sourcing training for key 
procurement and supply chain staff.
Empowering Contributors Through 
Economic Opportunities
Human involvement is not just a stage in AI development 
– it is its foundation. Keeping humans in the loop ensures 
that AI systems remain aligned with human values, helping 
to minimise hallucinations, bias, and toxicity. By embedding 
diverse human perspectives at every stage of the AI lifecycle, 
we aim to create systems that augment human potential, 
solving complex challenges and unlocking opportunities 
for positive societal impact.
In 2024, we connected over 1 million contributors in 
170 countries with projects spanning 20 domains, creating 
a truly borderless workforce. For almost 50% of our 
contributors in the US, this work served as a primary source 
of income, helping contributors support their families, fund 
education, or invest in their future goals.
A significant portion of our contributor base resides 
in emerging markets, where access to remote work 
opportunities is critical. 
Crowd Engagement
In FY24, our Crowd Net Promoter Score (NPS) increased 
to 33 from 27, reflecting the resilience of our contributor 
community and the impact of our targeted improvements. 
This growth comes despite challenges associated with 
the rollout of our new contributor platform, CrowdGen, 
and demonstrates the crowd's trust in our efforts 
to enhance their experience.
Key Highlights of NPS Feedback
Contributors highlighted areas where we can further 
enhance their experience:
  Project availability and relevance: Continued 
focus on increasing and better matching contributors 
to suitable projects is essential.
  System challenges: Initial issues with the new 
system caused some frustration, particularly 
around transparency and ease of use.
  Support and communication: Contributors 
appreciated ongoing updates but expressed 
a desire for faster resolution of queries.
Crowd, social and environment
16

Championing Fair 
Labor Practices
The well-being and dignity of our contributors 
are at the forefront of our efforts to improve 
the gig economy. Key milestones in 2024 included:
  Minimum wage commitment: 
We ensured that all contributors were paid 
at least the local minimum wage equivalent. 
This commitment reflects our dedication 
to promoting fair pay and reducing 
financial uncertainty.
  Enhanced payment options: 
We introduced a suite of payment methods, 
including direct bank transfers, gift cards, 
and local payout systems, giving contributors 
greater flexibility and control over 
how they receive their earnings.
  Collaborative advocacy: 
Our partnerships with organisations like 
Fairwork and PAI have allowed us to contribute 
to global conversations on ethical labor 
practices and help set new benchmarks 
for fairness in the gig economy.
Enhanced Contributor Systems and Support
In FY24, we launched CrowdGen a next-generation 
platform designed to address contributors' concerns 
and deliver a superior experience. The new system 
focuses on creating a seamless, efficient, and transparent 
environment for contributors, addressing pain points 
highlighted in past feedback. Key features include:
  Better project matching: Contributors are now 
matched to projects more effectively based on their 
skills, experience, and preferences. This improvement 
ensures that individuals have access to more relevant 
opportunities, increasing satisfaction and engagement.
  Streamlined user experience: CrowdGen 
simplifies onboarding, qualification processes, 
and project participation, reducing friction and saving 
contributors’ time.
  Expanded payment options: Offering flexible, 
transparent payment methods tailored to contributors' 
preferences. New features allow contributors to track 
payments with greater visibility, providing details such 
as hours worked, project breakdowns, and estimated 
timelines for fund availability.
Prioritising Contributor Health and Well-Being
In recognition of the challenges that come with gig work, 
we have implemented several initiatives to support the 
mental, emotional, and physical health of our contributors:
  Wellness resources: We expanded access 
to wellness programs, including monthly 
newsletters with tips on resilience, mental health, 
and stress management.
  Counselling services: Contributors working on 
sensitive or high-risk projects, such as content 
moderation, were provided with on-demand access 
to counselling and wellness services to safeguard 
their mental health.
  Flexible work options: By encouraging project 
structures that accommodate varying schedules, 
we empowered contributors to balance work with 
personal responsibilities.
Modern Slavery and respect for Human Rights
At Appen, we believe that any form of modern slavery 
and human rights abuse is unacceptable, and we are 
committed to playing a proactive role in eradicating 
these practices. Our commitment is detailed in our 
Global Ethical Sourcing and Modern Slavery Policy, 
which outlines our expectations for ethical behaviour 
across all levels of our supply chain.
This policy reinforces our zero-tolerance stance on 
forced labor and prioritises fair employment practices, 
safe working conditions, freedom of association, 
non-discrimination, and robust whistleblower protections.
Appen 2024 Annual Report
17

Crowd, social and environment
Climate change
We acknowledge the significant risks posed by climate 
change and are committed to supporting the global 
transition to net-zero emissions. Our alignment with the 
Science Based Target initiative (SBTi) reflects our pledge 
to limit global warming to 1.5°C. We have developed 
a Net Zero Emissions Roadmap to provide actionable 
pathways toward achieving our targets.
The roadmap, approved by management, includes 
funding (excluding offsets) and will be applied 
across the business, focusing on sustainable 
energy use, operational efficiency, and targeted 
supplier engagement.
Environmental footprint
Our environmental and climate commitments are outlined 
in our Environment Position Statement (EPS). This statement 
reaffirms our dedication to engaging external stakeholders, 
such as suppliers, clients, and contractors, to reduce 
our environmental impact. It also ensures transparency in our 
progress and establishes a governance structure to oversee 
the management of environmental risks and compliance. 
Given the relatively small environmental footprint 
of our direct operations, our focus remains on minimising 
the impact of our offices, facilities, travel, and data centre 
usage by:
  Reducing electricity consumption and increasing 
the use of renewable energy
  Optimising data centre requirements 
by collaborating with a cloud provider committed 
to 100% renewable energy
  Reducing water consumption and waste 
generation while increasing recycling 
and reprocessing of used technology equipment
  Minimising travel through enhanced digital 
collaboration tools
  Partnering with suppliers to pursue 
sustainable procurement solutions.
Strategy
Our Net Zero Carbon Roadmap outlines key strategic 
actions to achieve net-zero emissions by 2030 for our 
broader value chain. 
These actions include:
  Sustainable office design and operational efficiency
  Better energy management and sourcing 
renewable energy
  Partner engagement to achieve shared net-zero goals
  Procuring carbon offsets aligned with our values, 
providing additional social and economic benefits 
beyond carbon reductions.
Our offset strategy includes:
  Current and forecasted greenhouse gas emissions 
for Appen
  Scenario modelling and budget planning for offsets
  Criteria for selecting carbon offsets to align with 
our company values and sustainability objectives.
Progress
We have continued the implementation of our net zero 
strategy this year and achieved the following:
1. Renewable energy
  Signed ‘green’ electricity contract 
for our corporate office in Australia
2. Energy efficiency
  Finalised installation of LED lightings 
in our Philippines’ offices
3. Sustainable office design
  Applied sustainable design specifications 
to new office locations
  Closed underutilised office spaces 
to reduce emissions
4. Carbon offsets
  Procured carbon offsets to offset our business 
travel emissions 
  Commenced discussions with customers 
on best  offset strategies to align with their goals
18

Risk management
We assess climate risks through our risk management 
framework, aligned with the recommendations of the 
Task Force on Climate-related Financial Disclosures (TCFD). 
Climate risks are incorporated into our Risk Appetite 
Statement and monitored across all levels of governance, 
including the Board.
In 2024, we conducted a scenario analysis of physical 
risks affecting our global offices to identify vulnerabilities 
and inform mitigation strategies. Further details can 
be found in the section ‘TCFD-based Scenario Analysis.’
Metrics and targets
Our 2024 GHG emissions inventory was completed 
in accordance with the GHG Protocol, categorising 
emissions into scopes 1, 2, and 3. While direct operations 
account for a portion of emissions, the majority stem from 
our supply chain, including contractors and suppliers.
Source
2024 tCO2e
2023 tCO2e
Scope 1 
Natural gas
283
309
Scope 2 Electricity 
– Location-Based 
1,945
1,631
Scope 2 Electricity 
– Market-Based
1,990
1,637
Scope 3
12,509
13,515
Total 
Scope 1, 2 & 3 Emissions
14,737
15,455
The reporting boundary for scope 1 and 2 includes all 
offices globally occupied by Appen employees. Office 
spaces leased exclusively for the delivery of specific projects 
on a short-term basis and offices that were operational 
for less than six months in the reporting period have 
been excluded from this boundary.
Further details of our GHG inventory, including category 
breakdown for scope 3 and emissions by geography 
can be found in Appendix page 130 of the annual report. 
Outlook
While we are proud of the progress made 
in 2024, we know there is much more to be done. 
Our priorities for 2025 include:
1.  Improving Advocacy: 
We will strengthen our efforts to amplify 
contributor voices, ensuring they have 
a say in shaping the future of the platform.
2.  Advancing Fairness:  
Building on our partnerships with 
industry bodies, we will continue 
to advocate for ethical. 
3.  Supporting Innovation: 
By investing in new technologies 
and platform features, we will create 
a more seamless, rewarding experience 
for contributors and customers alike.
4.  Expanding Carbon Offset Strategy: 
Finalising and implementing our offset 
strategy, ensuring carbon credits are sourced 
from projects that align with our company 
values and deliver social and economic 
benefits beyond emissions reductions.
Appen 2024 Annual Report
19

Crowd, social and environment
Analysis of risks and opportunities
Our updated analysis indicates significant opportunities and manageable risks associated with climate change impacts. 
While the dispersed nature of our operations, suppliers, and customers mitigates certain physical risks, emerging 
challenges such as evolving customer expectations and regulatory landscapes require ongoing attention.
Potential Impact
Response
Transition risks
Policy 
and legal
Customers increasingly 
expect suppliers to 
demonstrate environmentally 
responsible practices and 
net-zero commitments within 
their supply chains.
We address these risks by further 
enhancing energy-efficient operations 
and reporting on our carbon footprint 
transparently. Additionally, we align 
with customer sustainability programs 
to mutually advance climate goals.
Physical risks
Acute
Offices in regions prone 
to extreme weather events, 
such as floods, heatwaves, 
and wildfires, are at risk 
of disruptions and damage.
Short-term disruptions are mitigated 
by leveraging remote working 
capabilities with minimal business 
impact. Business continuity and disaster 
recovery plans are regularly updated, 
factoring in the increasing frequency 
and severity of weather events.
Opportunities
Resource 
efficiency
Transitioning to resource-
efficient processes offers 
long-term cost reductions, 
employee satisfaction, and 
enhanced customer value.
We are expanding energy and water 
efficiency programs across all sites 
and continuously reviewing operations 
to identify further efficiency gains.
Energy 
source
Utilising lower-emission 
energy sources reduces 
exposure to fossil fuel price 
volatility, potential carbon 
pricing changes, and 
enhances reputation.
We are scaling our use of renewable 
energy across operations, focusing 
on solar, wind, and hydroelectric sources 
to meet sustainability commitments.
Products 
and services
AI innovations that reduce 
emissions and optimise 
resource allocation increase 
demand for high-quality 
training data.
We anticipate sustained 
demand for our AI data services, 
driven by the need for training models 
supporting climate-focused technologies.
20

TCFD-based scenario analysis 
We have conducted an updated desktop scenario analysis 
of the potential physical risks associated with climate 
change across Appen's global offices. This analysis 
utilised two scenarios from the Intergovernmental Panel 
on Climate Change (IPCC):
  Low emissions scenario (RCP 4.5): 
Represents a 2°C warming scenario.
  High emissions scenario (RCP 8.5): 
Represents a 4°C warming scenario.
Physical Risks Assessed
For each office location, the following risks were 
analysed under both scenarios:
  Fires: Risk of bushfires and wildfires 
driven by hotter and drier climates.
  Heatwaves: Increased frequency and 
severity of prolonged high temperatures.
  Drought: Reduced rainfall and water 
scarcity due to changing climate patterns.
  Flooding: Higher risk of floods from 
more intense storms and storm surges.
  Inundation: Rising sea levels 
threatening low-lying areas.
Business Impacts Identified
Key risks included:
  Property damage and potential safety concerns.
  Increased operational costs due to resource scarcity 
or infrastructure repair.
  Disruptions to supply chains and customer 
delivery commitments.
Scenario Analysis Outcomes
Our analysis shows that heatwaves and drought 
pose the greatest risk to our global office network, 
particularly in a high emissions scenario (RCP 8.5).
Mitigation and Adaptation Initiatives
In response, we have implemented and expanded 
the following measures:
  Energy Efficiency: Installation of LED lighting and 
efficient HVAC systems in high-risk locations.
  Water Conservation: Deployment of water-efficient 
plumbing fixtures to mitigate drought-related risks.
  Renewable Energy: Accelerating the transition 
to  renewable energy sources, such as solar and wind, 
for  onsite and offsite energy requirements.
  Disaster Preparedness: Enhancing business 
continuity and disaster recovery plans to address 
site-specific risks, including flooding and heatwaves.
By incorporating scenario analysis into our risk 
management framework, we continue to align 
our operations with the Task Force on Climate-related 
Financial Disclosures (TCFD) recommendations 
and ensure resilience against evolving climate risks.
21
Appen 2024 Annual Report

Customer 
 and brand
At Appen, our focus is to deliver great outcomes and experiences for 
our customers. As a global market leader and trusted partner, we provide 
high quality, human centric data to promote responsible and ethical AI.
Delivering value for customers
Since 1996, we have powered innovative AI applications for global 
brands including Microsoft, Amazon, Pinterest, Salesforce, Oracle, 
Adobe and BestBuy. Appen has cultivated trusted partnerships 
and earned a reputation based on our ability to provide unbiased, 
high quality, and globally representative data. As the demand for 
AI continues to grow, we remain committed to our core belief that 
humans are at the heart of its success.
Our focus is helping our customers improve the performance 
of their models to create stronger, smarter, and more efficient 
AI systems for our customers and to help shape a future where 
human intellect and machine learning seamlessly collaborate.
We believe that the success of our customers lies in their ability 
to leverage data effectively. Our high-quality human-annotated 
datasets are essential in training and validating AI algorithms, 
ultimately leading to more accurate and reliable results.
AI can be a powerful tool for positive change in the world. 
The work we do for our customers is impactful and we are committed 
to using our expertise and resources to support initiatives that 
use AI for social good. From partnering with organisations 
focused on environmental conservation to supporting projects 
that promote diversity and inclusion, we are dedicated to making 
a difference through AI. Our customers value our unwavering 
focus to promote responsible and ethical AI.
Value drivers
Priority SDG
57
Customer NPS
 22 points from 35 in FY23
80%
World's leading LLM 
foundation model 
builders as customers 
26
LLM model builders 
as customers
22

Net promoter score
Our key customer satisfaction measurement tool 
is Net Promoter Score (NPS). We seek feedback from 
our customers on a bi-annual basis and monitor NPS 
across our Global, Enterprise and China clients.
This year customer NPS was 57, compared with 35 in FY23. 
This score was above target and reflected a high level 
of customer satisfaction with Appen’s service offerings and 
project delivery. Customers saw improvements in operational 
excellence with more streamlined processes to deliver higher 
quality project outcomes. As model iterations evolved rapidly, 
there was an increased level of partnership between Appen 
and our customers, with speed and agility the priority. 
High-quality data for Large Language Models (LLMs)
As generative AI adoption grows, Appen continues 
to enhance our LLM solutions for foundation model 
builders and organisations adopting LLMs. These include 
pre-training data, fine-tuning data to enhance model 
performance in post-training, benchmarking and evaluation 
data to provide insights into model performance, and 
red teaming for safety assurance. Collectively, these help 
companies build more complex and high-performing LLMs 
that provide helpful, harmless, and honest responses while 
reducing bias and toxicity.
In FY23, our projects included curating prompt-response 
datasets for fine-tuning, preference annotation and 
ranking to train LLMs with human feedback, evaluation 
and benchmarking of generative AI model outputs, 
and human testing with live model interactions.
In FY24, we continued these programs of work and 
completed increasingly complex projects. Notable 
examples included multi-step reasoning capabilities 
and tasks requiring deep domain expertise in 
programming, coding, STEM, and other domains. 
In addition, our customers expanded the multilingual 
capabilities of LLMs in 70+ languages with large programs 
of work with demographically diverse crowds to address 
challenges with language and cultural nuances. As models 
shifted from text-based to multimodal, we also delivered 
projects involving multimodal data across text, image, 
documents, audio, and video.
As more models reach deployment, addressing 
the challenge related to the safety of model outputs 
is more important than ever. In FY24 we expanded our 
capabilities to conduct systematic and structured testing 
of models before deployment. By leveraging a curated 
crowd of our AI training specialists, we help customers 
conduct a full assessment of model performance and safety. 
This includes identifying problems like misinformation, 
privacy leaks, irrelevant content, bias, or toxic content. 
Our tooling allows real-time multi-turn scenario-based 
testing, comparison of multiple models, and analysis across 
key metrics, providing invaluable insights for ensuring 
the safety of models before deployment.
Growing and diversifying our customer base
Appen is truly a global business and supports companies 
that are at the forefront of AI. Our customers include global 
technology companies, software business that incorporate 
AI models into their core products, generative AI model 
builders and enterprise companies that are adopting AI 
in their products and operations. 
In FY24, our top five customers accounted for 67.3% 
of revenue, down from 74.8% in FY23. Revenue from 
New Markets (excluding Global Product) accounted 
for 36.2% of revenue, up from 26.3% in FY23. 
This year, Appen delivered multiple projects related 
to generative AI model development and evaluation, 
for leading model builders, large tech and enterprise 
customers. These included expansions with existing 
customers. Generative AI projects included human 
feedback for general LLMs, specialised domain 
training data such as code annotation and generation, 
and multimodal training data for video generation.
Generative AI revenue ¹ significantly increased in FY24, 
up 601% and accounted for 22% of revenue in FY24 up 
from 4% in FY23. Many projects are delivered using 
Appen’s AI Data Platform (ADAP). Appen is currently 
working with 26 LLM model builders globally.
Taking the industry to new heights
Beyond contributing to the technical growth of the AI industry, 
Appen plays a significant role in ensuring responsible AI 
practices. Our dedication to ethical considerations is apparent 
in every aspect of our work, from strict adherence to privacy and 
security protocols to regular reviews and updates of our policies.
By instilling these ethical standards throughout the AI lifecycle, 
we help create a framework within the industry that prioritises 
responsible AI use. This commitment ensures that the AI 
technologies we enable are not only advanced but also respect 
user privacy and promote fairness. We remain dedicated to 
shaping a future towards positive and ethical progress of AI.
In addition to supporting customers directly, we provide 
industry information and resources that monitor trends and 
developments in AI. In FY24, Appen released its State of AI 
Report, partnering with The Harris Poll to deliver the research. 
The report surveyed over 500 IT decision-makers, revealing 
that while the adoption of AI technologies continues to 
grow, progress is being hindered by a shortage of accurate, 
high-quality data. The report found that with the increasing 
complexity of AI use cases, data management has become 
the leading challenge. Companies report a 10% rise in 
bottlenecks related to sourcing, cleaning, and annotating 
data, a 9% drop in data accuracy, and a 7% increase in data 
availability challenges. 
Appen’s research also uncovered the importance of human 
oversight and custom data collection. 97% of respondents 
agree that data diversity, bias reduction, and scalability 
are vital components for building AI models. Custom data 
collection remains the top method for sourcing AI training data. 
The report can be accessed on the web: 
2024 State of AI Report (appen.com).
1 Excludes Google.
23
Appen 2024 Annual Report

Case Study: Training an LLM Image Generator 
for Graphics Design in 20+ Languages
Introduction
A leading graphic design software company created a multimodal AI model to generate original images from 
text prompts serving 20+ languages. To ensure these AI-generated images met high standards of visual quality 
and cultural relevance, they partnered with Appen to evaluate the AI-generated images and ensure successful 
alignment with user expectations. Appen supported the company in expanding their model capabilities 
to 20+ languages and producing high-quality AI-generated images across diverse cultural contexts.
Challenge
The generated designs were assessed based on 
over 15 different criteria to arrive at a final rating, 
which included cultural relevance to the localized 
prompts, as well as the format and style of the 
images. The complexity of this project arose from 
the need to accurately evaluate prompts covering 
20+ different countries and languages, ensuring 
that all design outputs were appropriate and 
effective in their respective cultural contexts.
Solution
Appen executed a two-step approach to address 
this challenge with the LLM image generator:
1. Prompt Localization
Appen’s network of native-language translators 
localized the prompts from English into 20+ 
languages, applying cultural expertise to ensure 
accurate adaptation. Beyond direct translation, 
this phase also required transcreation in cases 
where certain cultural events or visual elements 
needed adaptation to better resonate with 
the local audience. This process was essential 
in capturing culturally specific celebrations, 
symbols, and habits to ensure the prompts 
accurately reflected each target language’s 
unique characteristics.
2. Design Evaluation
In the second phase, Appen’s expert reviewers 
evaluated each LLM-generated image against 
a set of detailed criteria including cultural 
relevance, adherence to prompt instructions, 
design style, and format. The English version 
of each prompt also underwent evaluation, 
serving as a benchmark to ensure consistency 
across 20+ languages. By providing clear and 
consistent feedback on each image, Appen 
enabled the client to refine their model and 
improve the quality of the AI-generated designs.
Results
Through this detailed, culturally sensitive 
evaluation approach, Appen helped the client 
achieve high-quality, culturally relevant graphic 
outputs that met user expectations. By refining 
the AI model’s ability to produce contextually 
appropriate designs, Appen’s collaboration 
ensured an improved user experience for this 
global design software application, enhancing 
user satisfaction and product engagement 
across a diverse, international audience. 
Customer and brand
FY25 focus
In a dynamic and fast-paced AI market, new opportunities are endless. As AI adoption accelerates, Appen’s role as 
a provider of high-quality, human-sourced data is more critical than ever. Appen will continue to leverage its position 
as a global leader in high-quality data to deliver great outcomes for its customers. In FY25, we will continue to build 
on our expertise in generative AI projects and evolve our offerings, including multilingual and domain-specific 
datasets, through advancements to our annotation platform and automating processes through AI-based initiatives 
to enhance quality and optimise productivity. From advancing multilingual AI to supporting agentic systems and 
multimodal innovations, Appen will continue to drive meaningful progress in the development of cutting-edge AI systems.
24

Value drivers
Our 
 people
Every day, our people strive to unlock the power of AI for Good to build 
a better world. Our aim is to support their ability to do so, by providing 
continuous learning, empowerment and autonomy and an inclusive work 
culture to allow them to perform at their best.
2024 employee distribution
Appen’s people are based in North America, Asia Pacific, UK, Europe, 
and Australia. 
Global and diverse work force
As of 31 December 2024, we had 835 full time equivalent employees (FTE), 
313 fixed term, 8 casual employees, and 15 interns. Full time employees 
total 1,130 and part time employees total 41. 
1,171
employees
1,171
employees
1,171
Employees
 from 1,037 in FY23
79%
Employee engagement
 from 75% in FY23
 Asia Pacific 
824
 North America 
224
 Australia/NZ 
52
 UK/Europe 
71
 Permanent 
835
 Fixed term 
313
 Casual 
8
 Interns 
15
 Full time 
1,130
 Part time 
41
Priority SDG
25
Appen 2024 Annual Report

Occupational profile
Our people have deep industry expertise, particularly 
in the areas of project delivery, crowd management and 
engineering. We have developed specialised industry 
capabilities which we embed into our products and 
processes. We also rely on deep domain expertise in 
the areas of large language models, linguistics, machine 
learning, data science and computer science. AI is 
fast paced and dynamic, and with rise of generative 
AI we recognise that ongoing upskilling and reskilling 
is required to meet and exceed stakeholder expectations.
Employee engagement 1
We recognise that an engaged and high performing 
team is essential for the success of our business. 
To ensure we are listening and responding to our 
people, we conduct bi-annual engagement surveys 
followed up with action plans. We continue to receive 
good employee participation rates that allow us to 
leverage insights to drive further improvements.
In 2024 our average engagement score was 79%, 
up from 75% in the prior year. The increase reflects 
the focus on employee communication, specifically 
providing clear, transparent and regular updates from 
the CEO and senior leaders.
2024
2023
79%
78%
82%
76%
75%
2022
2021
2020
Cost reduction and the impact on our people
Following the decision by Google to terminate its global 
services contract, Appen reacted quickly to reduce costs. 
Unfortunately, this impacted approximately 100 of our 
valued people, and they exited Appen during H1 FY24. 
The impacted employees were directly and indirectly 
associated with the delivery of Google projects. 
1  Measures the likelihood of employees (including those 
in PEOs) referring a friend or colleague to Appen based 
on their employee experience. The scale is a 5-point Likert 
resulting in 1–2 Detractor, 3 Passive and 4–5 Promoter. NPS 
is calculated by subtracting the % of total detractors from 
the % of total promoters. Survey results are provided by 
Workday Peakon.
2 Based on HR report for all employees (excluding casuals 
and interns) generated by Workday.
Commitment to 
diversity and inclusion
At Appen, we strive to create a diverse and 
inclusive workforce that drives better performance 
and represents the communities we serve. 
We value the strength of a global team and 
celebrate the unique perspectives, experiences, 
and backgrounds our people bring. Our diversity 
and inclusion policy supports inclusive practices 
and focuses on increasing gender and ethnic 
diversity across our employees, senior 
management, and board.
The Board has continued to set a target 
of 30% female representation at all senior 
leadership levels. Female representation 
at the executive team and senior vice president 
(SVP) level has increased from the prior year 
however will continue to be a focus in FY25 
as we prioritise our efforts towards talent 
management and Executive succession planning. 
As of 31 December, women represented:
% female 2
2024
2023
Overall workforce
57
55
Board director
50
50
Executive team/SVP
23
22 
Vice President
57
35
Senior Director
36
47
Director
50
40
Manager
56
61
Our people
 Delivery 
613
  Product, technology  
and engineering 
163
 Corporate 
125
 Crowd 
212
  Revenue, solutions 
and marketing 
45
 Executive 
13
26

1 Data from Appen University.
2 Data from Appen University, excludes China employees.
Training and development
In FY24, our employees averaged 2 hours of training 
per month via Appen University, with a total training 
time of 29,280 hours 1.
Our courses focused on building knowledge about AI 
and large language models, along with leading teams 
and team management.
Working ethically
Our people are required to complete mandatory annual 
training in critical areas such as data privacy, security 
awareness and sexual harassment. Our Business Ethics 
training which sets out employees’ obligations to act honestly 
and ethically is also mandatory for all employees and 
contractors. In FY24, we achieved an 90% completion rate 
for our Business Ethics and Code of Conduct training 2.
Impact through inclusion and volunteering
This year, our Employee Service Committee (ESC) team 
led impactful initiatives that celebrated diversity, promoted 
employee well-being, and strengthened our commitment 
to giving back.
We hosted TedChat sessions on topics such as emotional 
intelligence, mental health, and leadership, fostering 
meaningful conversations and professional growth across 
the organisation. Our health and wellness programs 
included the annual flu vaccination drive, our inaugural fitness 
challenge, and the Steptember activity, which encouraged 
physical activity while supporting disability-focused causes.
Key highlights included the Biggest Morning Tea fundraiser, 
where employees came together to support cancer research, 
and our Community Outreach Program in the Philippines, 
which brought meaningful support to local communities. 
These efforts exemplify our dedication to creating a positive 
impact beyond the workplace.
Diversity and inclusion remained at the heart of our initiatives, 
with celebrations like Women’s Month, Pride Month, and 
National Disability Week fostering awareness and belonging. 
Cultural and community-building events, such as Flores 
de Mayo and Juneteenth, strengthened employee 
engagement and connection.
A standout initiative this year was our partnership with 
Na’amal, through which employees mentored refugees 
and underrepresented communities in Ethiopia and 
Kenya. This program provided vital guidance and support 
for mentees as they developed digital skills and pursued 
remote work opportunities.
Through these programs and more, the ESC team has 
continued to inspire connection, growth, and meaningful impact, 
reflecting our shared commitment to making a difference.
FY25 focus
We remain focused on creating an environment where our employees can thrive, grow, and contribute to Appen's 
success. In 2025, our emphasis will be on creating additional learning opportunities including investing in leadership 
development, and enhancing our overall employee experience.
27
Appen 2024 Annual Report

US$M (unless stated otherwise)
FY24
FY23
Change
Group revenue and other income 
235.7
274.2
-14.0%
Operating revenue
234.3
273.0
-14.2%
Adjusted operating revenue 1
220.9
190.4
16.0%
Gross Margin % 2
39.3%
36.3%
3.0pp
Underlying EBITDA 3
7.8
(24.5)
nm%
Underlying EBITDA 3 before FX
3.5
(20.4)
nm%
Underlying NPAT 4
(10.5)
(52.8)
nm%
Statutory NPAT 5
(20.0)
(118.1)
nm%
Dividend cents per share
Nil
Nil
Financial
Appen’s financial results reflect a transformative year for the company. 
A strong focus on cost and operational efficiency whilst capturing revenue 
growth enabled Appen to achieve its cash EBITDA profitability objective 
in early H1 2024. Appen is now well positioned for profitable growth.
Financial performance summary
Appen’s financial performance was impacted by the 
termination of the Google contract which ended on 
19 March 2024. Following the loss of the contract, 
a $13.5 million incremental cost out program was 
announced and was fully executed by the end of H1 FY24. 
With disciplined cost management, streamlined operations, 
and strong a focus on data quality and speed, Appen 
returned to EBITDA profitability in H2 FY24. 
A summary of Appen’s financial performance for FY24 
is as follows:
  Operating revenue decreased 14.2% to $234.3 million, 
reflecting the loss of the Google contract. Excluding 
the impact of Google, operating revenue grew 16.0% 
to $220.9 million. 
  Global Services revenue down 38.3% to $118.1 
million. Excluding the impact of Google, down 3.9% 
to $104.7 million.
  New Market revenue grew 42.6% to $116.2 million, 
driven by strong growth in China and Global Product. 
  China finished the year strongly with Q4 revenue 
of $17.7 million representing a quarterly record and 
quarter on quarter growth across all four quarters. 
  Product development investment (excluding 
amortisation) decreased 43.3% to $19.6 million 
and represented 8.4% of revenue.
  Underlying EBITDA (before the impact of 
foreign exchange losses) increased $23.9 million 
to $3.5 million due to revenue growth, and cost 
out programs executed in FY24 and FY23.
Priority SDG
1 Excludes the impact of Google contract termination. 
2 Gross margin refers to revenue less crowd expenses.
3 Underlying EBITDA excludes impairment loss, earn-out adjustment, restructure costs, transaction costs, 
and acquisition-related and one-time share-based payment expense.
4 Underlying NPAT excludes after tax impact of impairment loss, earn-out adjustment, restructure costs, 
transaction costs, acquisition-related and one-time share-based payment expense, amortisation of acquisition 
related intangibles, and deemed interest on earn-out liability.
5 FY23 includes non-cash impairment of $69.2 million.
Value drivers
28

  Underlying EBITDA (including the impact of foreign 
exchange gains and losses) increased $32.3 million 
to $7.8 million.
  Underlying net loss after tax improved by $42.3 million 
to $10.5 million from an underlying net loss 
of $52.8 million in FY23. The improvement was driven 
by revenue growth, and cost out programs executed 
in FY24 and FY23.
  Statutory net loss after tax improved by $98.1 million 
to $20.0 million from a net loss of $118.1 million 
in FY23. FY23 includes a non-cash impairment 
charge of $69.2 million.
  No dividend was paid to ensure appropriate 
allocation of capital. 
  Cash balance of $54.8 million at 31 December 2024 
and no debt. 
Operating revenue 
Group operating revenue decreased 14.2% to $234.3 million, 
reflecting the loss of the Google contract. Excluding 
the impact of Google, operating revenue grew 16.0% 
to $220.9 million, largely driven by generative AI related 
projects within our Global and China divisions. 
In FY24, generative AI related work represented 22% 
of group revenue ¹, compared to 4% in FY23. 
On 22 January 2024, Appen advised that it had received 
notification from a material customer, Google LLC, that 
as part of a strategic review process it was terminating 
its global inbound services contract with Appen. All Google 
projects ceased on or before 19 March 2024. 
Appen’s FY24 revenue from Google was $13.4 million 
compared to $82.8 million in FY23. Group revenue, 
excluding Google was $220.9 million, compared 
to $190.2 million in FY23. 
Revenue by operating division
Global Services revenue decreased 38.3% to $118.1 million 
(FY23: $191.5 million) and was impacted by the Google 
contract termination. Excluding the impact of Google, revenue 
decreased 3.9% to $104.7 million (FY23: $108.9 million). 
The small decrease excluding the impact of Google reflects 
a continuation of the stabilisation of the revenue in H2 FY23 
following the declines experienced H1 FY23. Compared 
to H2 FY23, H1 FY24 increased 5.9% to $50.8 million and 
H2 FY24 increased 7.7% to $54.5 million.
Growth within our Global customers is primarily driven 
by generative AI related projects. For these projects 
we saw a significant increase in the volume of work utilising 
our AI Data Platform (ADAP). This growth is reported 
in the New Markets segment. 
New Markets revenue increased 42.6% to $116.2 million, 
driven by strong growth in China and Global Product. 
Second half revenue from New Markets grew 55.6% 
to $66.4 million from $42.6 million in H2 FY23. 
Global Product revenue increased 221.9% to $31.3 million 
due to growth in generative AI related projects. These 
projects utilised our AI Data Platform (ADAP). Customers 
selected ADAP over internal annotation tools for the ability 
to rapidly setup and customise annotation tasks.
China which includes Japan and Korea grew 70.7% to 
$58.9 million compared to $34.5 million in FY23. The business 
grew quarter on quarter throughout FY24 and finished the 
year strongly, delivering a record Q4 revenue performance of 
$17.7 million. Growth in China was largely driven by continued 
traction in generative AI related projects, with China 
continuing to support leading LLM model builders. Growth 
came from expansion within existing large technology 
customers as well as new customer wins.
China remained focused on growth and maintaining its 
position as a leading AI data company.
Enterprise and Government revenue combined decreased 
30.2% to $26.0 million compared to $37.3 million in FY23. 
Enterprise was impacted lower volumes within existing 
large projects. Government revenue was impact by limited 
opportunities during FY24 given awards are generally linked 
to infrequent government budget cycles. 
Further detail can be found in the Customer and Brand value 
driver on page 22.
1 Excludes Google. 
29
Appen 2024 Annual Report

Product development
Technology continues to play a critical role in Appen’s 
business and underpins our ability to deliver large scale 
data requirements for our customers. Investment in product 
development in FY24 (excluding amortisation) decreased  
43.3% to $19.6 million and represented 8.4% of revenue 
(FY23: $34.6 million or 12.7% of revenue). 
While the quantum of our product development spend was 
lower in FY24, we remain committed to the development 
of industry-leading products and tools. For more information 
on these initiatives see the Technology processes and systems 
value driver on page 12. 
Amortisation of product development was $11.8 million down 
from $19.7 million in FY23. The decrease predominately 
reflects lower spend in relation to product development 
in FY24 and FY23.
Underlying financial performance 
Underlying earnings before interest, tax, depreciation, 
and amortisation (EBITDA) was $7.8 million, a $32.3 million 
improvement from ($24.5 million) in FY23. Before the impact 
of foreign exchange gains or losses, underlying EBITDA was 
$3.5 million, a $23.9 million improvement from ($20.4 million) 
in FY23. The significant improvement was driven by revenue 
growth, and cost out programs executed in FY24 and FY23. 
Crowd expenses was down as a percentage of revenue 
at 60.7% compared to 63.7% for FY23. This is primarily 
due to a change in customer and project mix, resulting 
in improved gross margin 1 (FY24: 39.3%, FY23: 36.3%).
Employee expenses 2, excluding direct project workers 
(included in crowd expense) decreased 29.2% to 
$55.1 million from $77.8 million in FY23. All other expenses 
3 for FY24 decreased 19.6% to $30.3 million compared to 
$37.6 million in FY23. The decrease in employee and other 
expenses reflects the benefit of the cost reduction programs 
completed over the course of FY23 and FY24. 
The Global Services segment reported EBITDA of $14.7 million 
down 15.8% from $17.5 million in FY23. Despite the loss of the 
Google contract, the impact on EBITDA was minimised due 
to improved gross margins and cost out programs executed 
during FY24.
The New Markets segment EBITDA improved by $24.6 million 
to ($8.1 million) compared to EBITDA of ($32.7 million) in FY23. 
The improvement reflects revenue growth and improved 
gross margin in both China and Global Product. 
Underlying net loss after tax improved by $42.3 million 
to ($10.5 million) compared to ($52.8 million) in FY23. 
Increase predominately due to the factors noted above as 
well as lower depreciation and amortisation in FY24 compared 
to FY23.
Statutory net loss after tax improved by $98.1 million to ($20.0 
million) and includes one-off restructure costs of $3.0 million 
associated with the implementation of the cost reduction 
program and a leadership refresh implemented during FY24. 
Included in FY23 is non-cash impairment of $69.2 million in 
relation to the Global Services cash generating unit.
Cost reduction program 
In response to the loss of the Google contract, the Group 
announced and delivered a $13.5 million 4 cost savings 
program that was executed in H1 FY24. The initiatives 
completed enabled Appen to achieve its cash EBITDA 
profitability objective in H2 FY24.
Balance Sheet 
Net assets at 31 December 2024 were $114.3 million 
(31 December 2023: $92.8 million). The increase in net assets 
was a result of equity raised in H2 FY24, offset by trading 
performance during the year.
Trade and other receivables combined with contract assets 
were $0.9 million higher at 31 December 2024 compared 
to 31 December 2023 due to the timing of customer receipts. 
Current liabilities were $3.8 million lower at 31 December 
2024 compared to 31 December 2023. The decrease was 
mainly due to finalisation of the Quadrant earnout liability, 
settled via the issue of ordinary shares in January 2024. 
Cash balance increased by $22.7 million to $54.8 million at 
31 December 2024 from $32.2 million at 31 December 2023. 
The balance includes net proceeds of $42.1 million from the 
issuance of shares during the period. The cash balance as 
at 31 December 2024 was impacted by foreign exchange, 
working capital requirements from a strong Q4 FY24 as well 
as timing of customer receipts, with $10.0 million received 
from a major customer on 4 January 2025 versus last week 
of December as scheduled. 
In H2 FY24, Appen raised ~A$65 million equity. A$50 
million fully underwritten institutional placement completed 
on 14 October 2024, and A$15 million Share Purchase 
Plan completed on 7 November 2024. Net proceeds of 
$42.1 million through the issue of 33,854,167 shares.
Financial
1 Gross margin refers to revenue less crowd expenses.
2 Employee expenses per management reporting. Excludes direct project workers included in gross margin calculation (i.e. crowd expenses).
3 All other expenses excludes non-cash share based payment expense but all other expenses included in underlying EBITDA before FX.
4 $13.5 million annualised cash opex savings (comparing June 2024 vs January 2024 planned opex. Cash opex refers to opex included 
in underlying EBITDA calculation, adding platform development capitalised from the profit and loss, less non-cash share-based 
payments expense.
30

Growth strategy and FY25 priorities 
Appen plays a key role in powering both deep learning 
applications and generative AI. 
Appen’s strategy remains focused on delivering 
high-quality data that powers cutting-edge AI 
models. Customers are increasingly demanding faster 
turnaround times and higher-quality data, which 
requires the seamless integration of our project delivery 
teams, advanced technology platforms, and skilled 
crowd workforce.
Appen’s AI data services for deep learning and generative 
AI is illustrated on page 2 in the About Appen section. 
Appen is focused on the following to support its 
customers and deliver profitable growth. 
1. Target Customer Segments: Appen's efforts will 
centre on providing high quality data for companies 
building or utilising leading AI models. The market 
segments we address will remain the same as FY24, 
focusing on US hyperscalers, China, government 
entities, and other technology enabled enterprises.
2. Technology Evolution: Continue to advance 
ADAP to meet the sophisticated requirements 
of generative AI projects, while enhancing our crowd 
management platform to support faster ramp times 
and specialised expertise. Technology is key to our 
delivery operations.
3. Operational AI: Leveraging AI within our operations 
to drive efficiency in quality assessment, workforce 
onboarding, and support functions.
4. Talent Development: Investing in our people by 
fostering growth and attracting new talent to meet 
the evolving demands of the AI landscape.
5. Financial discipline: Continued cost control remains 
a high priority to deliver profitable growth.
Appen 2024 Annual Report
31

Year ended
31 December 2024
Year ended
31 December 2023
Change
$ 000
$ 000
Global Services revenue
118,093
191,533
(38.3%)
New Markets revenue
116,192
81,479
42.6%
Other income
1,420
1,153
Total sales revenue and other income from principal activities
235,705
274,165
(14.0%)
Underlying net loss after tax (NPAT) 1
(10,546)
(52,810)
nm%
(Less)/add underlying adjustments (net of tax)
Impairment loss
–
(61,663)
Amortisation of acquisition-related identifiable Intangible assets
(6,140)
(6,158)
Earn-out adjustment
–
11,196
Restructure costs
(2,273)
(6,515)
Transaction costs
(166)
(380)
Deemed interest on earn-out liability 2 
–
(248)
Acquisition-related and one-time share-based payments 
(884)
(1,501)
Statutory NPAT
(20,009)
(118,079)
nm%
Add/less: tax expense/(benefit)
16
(6,870)
Add: net interest expense
335
805
Add: deemed interest on earn-out liability 2
–
354
EBIT 3
(19,658)
(123,790)
nm%
Add: depreciation and amortisation
23,320
35,147
Statutory EBITDA 4
3,662
(88,643)
nm%
Add/(less): underlying adjustments
Impairment loss
–
69,182
Earn-out adjustment 
–
(15,994)
Restructure costs
3,039
8,967
Transaction costs 
234
542
Acquisition-related and one-time share-based payments 
884
1,501
Underlying EBITDA 1
7,819
(24,445)
nm%
Statutory diluted earnings per share (cents)
(8.74)
(83.10)
Underlying diluted earnings per share (cents)
(4.61)
(37.17)
% Statutory EBITDA/revenue
1.6%
(32.3%)
% Underlying EBITDA/revenue
3.3%
(8.9%)
1 Underlying results are a non-IFRS measure used by management to assess the performance of the business and have been calculated from 
statutory measures. Non-IFRS measures have not been subject to audit. Underlying EBITDA excludes impairment loss, restructure costs, 
transaction costs, earn-out adjustment, inventory losses and acquisition-related and one-time share-based payments expense.
2 Liability with respect to the Quadrant acquisition which settled in January 2024 via the issue of ordinary shares. 
3 EBIT is defined as earnings before interest and tax. 
4 EBITDA is EBIT before depreciation and amortisation.
The following table summarises the Group’s financial results for the current and prior year and provides a reconciliation between 
our statutory and underlying results The following table summarises the Group’s financial results for the current and prior year 
and provides a reconciliation between our statutory and underlying results.
Financial
32

Identifying 
 and managing risks
Embedding robust risk management practices is critical to achieving 
a balance between risk and reward in the dynamic, high-growth market 
we operate in. Our approach ensures that strategic innovation and business 
growth are grounded in a thoughtful evaluation of potential risks, supported 
by comprehensive mitigation strategies. By integrating risk management 
into all levels of the business, we enable sustainable value creation while 
safeguarding our long-term operational resilience. 
Governance
Risk appetite
Our defined risk appetite is designed to enable agile, 
informed decision-making while supporting innovation 
and sustainable growth. At a category level, our risk appetite 
provides clear boundaries to guide daily operations and 
ensure alignment with strategic priorities. This framework is 
reviewed annually during our strategic planning session and 
approved by the Board, ensuring it remains consistent with 
our evolving goals and external market dynamics.
Risk culture
Risk management is deeply integrated into our strategic 
planning and day-to-day operations. This approach fosters 
a culture of transparency, accountability, and proactive 
decision-making, reinforced by our company values. Our risk 
culture is supported by the Code of Conduct, comprehensive 
policies, and regular training programs. By implementing 
practical, cost-effective controls, we empower teams 
to make decisions that align with our risk appetite while 
driving operational excellence.
Key changes in our principal risks
Each year, we reassess our principal risks as part 
of the strategic planning process to ensure alignment 
with our strategic priorities and value drivers. This process 
was undertaken alongside our materiality assessment 
to ensure alignment with stakeholder expectations. Principal 
risks are evaluated for year-on-year movement, capturing 
shifts driven by internal changes or external market forces. 
This year’s reassessment highlighted a continued focus 
on risks related to Generative AI, contributor wellbeing, 
and geopolitical and economic uncertainty, reflecting 
the broader operating environment. 
Emerging risks
Emerging risks represent uncertainties that are not yet fully 
understood but could significantly impact our business 
in the future. Through horizon scanning and annual strategic 
reviews, we monitor these risks and assess their potential 
implications. External sources, such as the World Economic 
Forum Global Risk Report, provide valuable context to inform 
our understanding. Once these risks are better defined, 
they are integrated into our principal risk reporting to ensure 
they are addressed within our broader risk management 
framework. Examples include the ethical and operational 
implications of Generative AI and the evolving regulatory 
landscape for data privacy and security.
33
Appen 2024 Annual Report

Ultimate responsibility
Board through the Audit & Risk Management Committee
• 
Provides oversight of risk management and culture which 
contributes to the ability to achieve strategic objectives.
• 
Approve the risk management framework.
• 
Approve the risk appetite statement and subsequent 
addressing of escalated risk appetite triggers.
• 
Have oversight of strategic and related ESG risks 
(including climate related risks and impacts).
Oversight
Executive and Senior Leadership Team
• 
Responsible for the implementation of the risk 
management framework and risk aware culture 
within their teams.
• 
Assess, manage and monitor risk profiles for 
identified strategic risks.
• 
Identify where risk appetite statement triggers 
may be met and further escalation is required.
• 
Promote a positive and appropriate attitude 
towards risk management and ensure employees 
are aware of their responsibilities.
• 
Attest that key risks in their area have been 
identified and managed through controls 
and mitigants on a bi-annual basis.
Identifying and managing risks
Ownership
Operational management
• 
Identify, prioritise, assess and monitor risks 
which may arise in the business operations.
• 
Implement and comply with all controls, policies 
and procedures within their area of responsibility, 
including devising and implementing controls 
to address identified operational risks.
Monitoring 
and partnering
Risk management function
• 
Defines the risk 
management process to 
be followed by the business 
(including risk appetite).
• 
Reviews and challenges 
the strategic and operational 
risks ensuring controls identified 
are operating, and tracks closure 
of items.
• 
Facilitates risk process, collating 
risk registers and consolidating 
the strategic risk register.
Governance
Risk is inherent in doing business, and effective risk management remains a cornerstone 
of our corporate governance framework. Our approach empowers the business to pursue 
opportunities while maintaining oversight and accountability. By embedding risk assessment 
into our governance processes, we ensure decisions are supported by sound judgement, 
enabling us to remain innovative without compromising the integrity of our operations. 
This foundation is bolstered by ongoing reviews of our governance practices to align 
with evolving business needs and market conditions.
34

Principal risk
Mitigation
Value Driver
Business model
Strategic direction of business
The AI market continues to evolve at 
a rapid pace, with client needs and end-user 
expectations frequently reshaped by 
technological advancements, regulatory 
developments, and competitive pressures. 
Demand for services is influenced by emerging 
AI technologies such as generative AI, alongside 
global economic and geopolitical challenges. 
Incorporated emerging risk: 
Geoeconomic confrontations 
 Change
While this risk has shown fluctuations 
throughout the year due to macroeconomic 
and geopolitical developments, the overall 
risk has decreased compared to the prior 
year. This reflects the operationalisation of 
our revised strategy under new leadership 
and ongoing alignment with market needs. 
• 
We maintain a dedicated strategy team 
tasked with monitoring AI and technology 
markets, insights which are then actively 
used to inform our technology roadmap. 
and go-to-market strategies, ensuring 
relevance and competitiveness. 
• 
We continuously assess opportunities 
for market expansion and technological 
diversification to enhance our existing 
offerings and mitigate risks from over 
reliance on specific segments.
• 
Macroeconomic and geopolitical risks 
are integrated into our strategic planning 
processes, with scenario analyses 
conducted to address potential political 
or economic uncertainties in key markets 
and geographies.
Customer 
and brand
Global crowd
Technology, 
processes, 
systems
Financial
Key: 
 Increase  
 Decrease  
 Stable
A summary of our principal risks, and how these have changed during the year, 
mitigation strategies and related trends are detailed in the following tables. 
This reflects the risks identified by the Board for the year ended 31 December 2024. The risk landscape is continually evolving 
and we regularly monitor and identify risks on a proactive basis. This means the risk register and associated strategies are not 
exhaustive and are reflective of efforts at a set point in time.
35
Appen 2024 Annual Report

Principal risk
Mitigation
Value Driver
Market demand and competition
In an increasingly competitive landscape, some 
areas of our business face pressure from niche 
and low-cost providers offering specialised 
services. The profile of customer projects 
continues to evolve, with growing emphasis 
on generative AI and complex data solutions, 
requiring us to adapt quickly to stay competitive 
and relevant.
 Change
The risk associated with market demand 
and competition has remained stable 
compared to the prior year. While there has 
been rapid expansion of the generative AI 
sector, where new entrants and cost-driven 
providers have intensified competition, 
we have been able to position ourselves 
strongly to capitalise on the growth in 
the sector.
• 
We continue to monitor new entrants 
and investments in the data annotation 
and AI sectors to stay ahead of 
emerging competitors. This includes 
assessing the strategies and offerings 
of niche providers and low-cost 
operators to identify potential threats 
and opportunities.
• 
Through targeted investments in account 
management, we aim to deepen 
relationships with existing customers, 
fostering long-term partnerships 
that prioritise collaboration and 
shared success.
• 
We are increasing investments 
in automation, AI-driven annotation 
tools, and advanced quality assurance 
capabilities to differentiate our offerings. 
These advancements enable us to meet 
the growing demand for high-quality, 
scalable data services in generative AI.
Customer 
and brand
Technology, 
processes, 
systems
Financial
Changing customer 
strategy and needs
A significant portion of revenue continues 
to come from a few large global technology 
companies, whose AI training data requirements 
represent a substantial percentage of our 
business. These customers can rapidly 
shift their spending priorities, which 
creates unpredictability in our revenue 
streams. This dynamic requires us to remain 
highly adaptive and aligned with their 
evolving strategies. 
 Change
This risk has increased due to heightened 
competition and rapid advancements in AI 
technologies like generative AI. However, 
it is stabilising as our efforts to diversify our 
client base, deepen relationships with key 
customers, and develop tailored product 
offerings have started to mitigate the 
immediate impacts. 
• 
Maintain proactive communication and 
collaboration with our largest customers, 
enabling us to anticipate shifts in their 
strategies and respond effectively 
to changing priorities.
• 
By closely analysing regulatory, 
technological, and market trends, we can 
better understand potential headwinds 
for our clients and tailor our offerings 
to align with their future needs.
• 
Our continued investment in product 
development ensures we can adapt 
to evolving customer requirements. 
This includes enhancing solutions for 
generative AI applications and offering 
scalable, high-quality data services.
• 
Incorporating customer NPS targets into 
executive STI plans ensures that customer 
satisfaction remains a core priority across 
the organisation.
Customer 
and brand
Technology, 
processes, 
systems
Identifying and managing risks
36

Principal risk
Mitigation
Value Driver
Ability to execute on 
operational requirements
The dynamic nature of the AI industry requires 
us to maintain agility and operational excellence 
to meet client expectations. Customers expect 
seamless delivery of increasingly complex 
projects, often with rapid turnaround times, 
while relying on our ability to adapt to their 
evolving requirements. 
 Change
While the fast-moving nature of the sector 
remains a constant challenge, we have 
maintained stability in our ability to execute 
operationally. Our focus on refining internal 
processes, streamlining our delivery 
model, and enhancing client satisfaction 
measures, such as the NPS program, 
has allowed us to keep pace with customer 
demands effectively. 
• 
Dedicated quick response teams remain 
in place for major clients, ensuring we can 
address their rapidly evolving needs 
with minimal disruption. These teams 
are trained to operate in high-pressure 
scenarios, maintaining service quality 
and delivery timelines.
• 
The refinement of our customer NPS 
program has provided clearer insights 
into operational gaps and opportunities 
for improvement. These insights are used 
to inform process adjustments, resource 
allocation, and client-focused initiatives.
• 
Investments in workflow automation and 
AI-driven project management tools 
have enabled us to handle complex 
client projects more efficiently while 
maintaining delivery standards.
• 
Client feedback is incorporated into 
operational reviews to ensure continuous 
improvement and alignment with 
customer requirements. This approach 
strengthens execution capabilities while 
maintaining high satisfaction levels.
Technology, 
processes, 
systems
Customer 
and brand
Global crowd
Resilient operational model
The loss of critical data, physical facilities, 
or key employees could significantly disrupt 
operations, impact customer deliverables, 
and damage our revenue and reputation. 
As our reliance on internal tools and proprietary 
systems grows, the potential consequences 
of system failures or security breaches become 
more pronounced, amplifying the importance 
of operational resilience.
 Change
This risk has increased over the past year 
due to the company’s increasing reliance 
on internal tools and technology to support 
operations and deliverables. While this 
dependence enhances efficiency and 
scalability, it also heightens vulnerability to 
system failures, outages, or security breaches. 
• 
We store critical data on 
enterprise-grade, cloud-based servers 
with duplication and redundancy 
measures to ensure minimal disruption 
in the event of a system failure.
• 
Our engineering team prioritises 
resilience in the development and 
maintenance of internal tools, ensuring 
systems are robust and capable 
of withstanding disruptions.
• 
We have strengthened our business 
continuity and disaster recovery plans 
to address risks related to physical sites 
and critical systems. These plans are 
regularly updated to reflect operational 
dependencies on internal tools.
• 
Our flexible work-from-home model 
for data annotators continues to provide 
operational resilience by mitigating risks 
related to physical site disruptions.
Customer 
and brand
Technology, 
processes, 
systems
Social and 
environment
Key: 
 Increase  
 Decrease  
 Stable
37
Appen 2024 Annual Report

Principal risk
Mitigation
Value Driver
People
Talent strategy and 
employee value proposition
Our business depends on a highly skilled 
workforce to drive growth and innovation. 
The ability to attract, develop, and retain top 
talent with specialised skills remains critical to 
achieving our business objectives. Maintaining 
a compelling employee value proposition 
is essential in a competitive talent market.
 Change
This risk has decreased compared to the 
prior year, driven by greater stability in 
leadership and organisational structure, 
which has enhanced alignment across teams 
and strengthened employee engagement. 
• 
Our Human Resources team continues 
to collaborate closely with the business 
to ensure skills and capabilities align with 
our strategic objectives. This includes 
ongoing refinement of employee goal 
setting and accountability processes 
to drive alignment and performance.
• 
Programs introduced in response 
to employee feedback – including 
flexible work arrangements and 
enhanced career development 
opportunities – have strengthened our 
employee value proposition.
• 
We regularly benchmark our total 
rewards packages, including 
compensation, benefits, and 
development opportunities, to ensure 
competitiveness within the industry. 
• 
Improved stability in leadership and 
organisational structure has provided 
employees with clarity and direction, 
fostering greater trust and engagement.
Appen 
employees
Social and 
environment
Managing a culture 
of growth through change
Our business’s future resilience depends 
on successfully embedding a large-scale 
restructure program. Employee buy-in and 
alignment with the organisation’s direction 
are critical for fostering engagement and 
sustaining a culture of innovation, adaptability, 
and performance through ongoing change. 
 Change
This risk has decreased due to greater 
stability achieved following the 
restructuring efforts in prior years. Clear 
communication and an increased focus in 
clear communication which has contributed 
to higher levels of trust and engagement 
among the workforce. 
• 
Transparent and consistent 
communication continues to be central 
to our approach, providing employees 
with a clear understanding of the 
organisation’s direction and the rationale 
behind changes. Town halls, regular 
updates, and feedback sessions are 
used to maintain an open dialogue.
• 
We conduct pulse surveys and 
engagement check-ins to identify pain 
points, address concerns proactively, 
and ensure that employees feel 
supported and valued throughout the 
change process.
• 
Additional support, such as access to 
wellness resources and confidential 
assistance programs, is available to 
help employees navigate change 
both professionally and personally.
Appen 
employees
Technology, 
processes, 
systems
Identifying and managing risks
38

Principal risk
Mitigation
Value Driver
Technology and innovation
Investment in technology, 
innovation and transformation
Automation, and staying competitive. 
As customer expectations evolve, the ability 
to deliver high-quality, scalable solutions 
is critical. The recent release of CrowdGen 
and the organisation’s increasing reliance 
on proprietary technology have elevated the 
importance of ensuring sustained investment 
and strategic oversight.
 Change
This risk has increased due to the release 
of new products that heighten operational 
reliance on proprietary technology and 
the need to maintain pace with a rapidly 
changing AI landscape. While these 
advancements position the business 
for long-term growth, they also introduce 
higher dependencies on the success 
of our engineering and technology 
teams to deliver robust, scalable, 
and reliable systems.
• 
Agile methodologies are employed 
across engineering projects to ensure 
resources are allocated effectively, 
priorities are clear, and investments 
align with strategic objectives. Oversight 
mechanisms are in place to track 
progress and ensure timely delivery.
• 
Comprehensive risk assessments are 
conducted at key project milestones 
to identify and mitigate potential 
issues early in the development 
cycle, minimising disruptions 
to product timelines.
• 
Customer insights and feedback are 
used to refine our technology roadmaps, 
ensuring product development aligns 
with client needs and expectations.
• 
We actively monitor emerging 
technologies, such as generative AI, 
to incorporate relevant advancements 
into our offerings and maintain 
a leadership position in the market.
Technology, 
processes, 
systems
Customer 
and brand
Protection of intellectual property
With an increasingly product-led strategy, 
protecting intellectual property (IP) is critical 
to ensuring the delivery of innovative outcomes 
for customers. Strong IP protection measures 
safeguard our competitive advantage, maintain 
customer trust, and secure long-term value from 
our technology investments.
 Change
This risk has decreased compared to 
the prior year, reflecting the increased 
alignment between technology 
development and protection strategies. 
Improved organisational awareness 
around IP protection, has reduced 
vulnerabilities. Continued investments 
in segmented access controls and 
market-specific brand protections further 
strengthen our position.
• 
Our dedicated IP Committee continues 
to evaluate new technologies through 
invention disclosures, ensuring alignment 
with product strategies. This includes 
implementing appropriate protection 
mechanisms such as patents, copyrights, 
trade secrets, and defensive publications 
to secure innovations effectively.
• 
Core technologies are segmented 
geographically, limiting access 
to sensitive IP based on location and role, 
thereby mitigating risks of unauthorised 
exposure or misuse.
• 
Efforts to protect our brands in relevant 
markets continue, ensuring trademarks 
are registered and upheld in key regions 
to maintain our market presence.
Technology, 
processes, 
systems
Key: 
 Increase  
 Decrease  
 Stable
39
Appen 2024 Annual Report

Identifying and managing risks
Principal risk
Mitigation
Value Driver
Crowd
Crowd conditions
Independent contractors form the backbone 
of our operations, contributing directly to our 
competitive advantage and customer value 
proposition. The ability to attract and retain 
skilled contributors is critical to delivering 
high-quality outcomes for customers. However, 
the evolving nature of work requests, combined 
with regional legislative changes and shifts 
in contractor expectations, has added 
complexity to maintaining consistent conditions.
 Change
This risk has increased due to growing 
complexity in the types of projects 
being requested, requiring heightened 
attention to contributor conditions. 
Factors such as more sensitive or 
challenging content types and 
broader global shifts in employment 
legislation have compounded the need 
for rigorous standards and proactive 
engagement with our contractor base. 
• 
Our Crowd Code of Ethics establishes 
clear standards for working conditions, 
going beyond legal minimums 
toensure ethical and fair treatment 
of all contractors. This code is 
regularly reviewed to reflect evolving 
expectations and best practices.
• 
We actively engage with customers and 
other industry bodies to promote the 
value of fair work practices, encouraging 
them to integrate these principles 
into their procurement processes. 
This collaborative approach helps ensure 
consistent contractor conditions across 
the value chain.
• 
Including crowd NPS targets in executive 
short-term incentive (STI) plans ensures 
that contractor satisfaction remains 
a strategic priority at the highest levels 
of the organisation.
• 
Additional wellness programs and 
resources have been introduced 
to support contractors working on more 
sensitive or challenging projects, helping 
to mitigate the impact of potentially 
harmful content.
Global crowd
Customer 
and brand
Crowd supply meets 
customer demand
Our business model is dependent on providing 
customers with access to a diverse and skilled 
global crowd. As project complexity continues 
to increase, maintaining a reliable supply 
of contributors with the required expertise 
across various regions and industries is essential 
for fulfilling customer needs and delivering 
high-quality outcomes.
 Change
This risk remains stable as the challenges 
associated with sourcing contributors 
for increasingly complex projects 
were identified in the prior year. While 
the trend toward more demanding 
customer requirements has persisted, 
the mitigations implemented have 
allowed us to maintain a steady supply 
of skilled contractors. 
• 
New strategies have been introduced to 
address contractor integrity, ensuring 
that customers have access to a pool 
of reliable and high-quality contributors. 
This includes verification measures and 
performance monitoring.
• 
Upskilling initiatives have been 
developed to equip contributors with 
the skills needed for complex projects, 
ensuring the supply chain aligns with 
evolving customer demands.
• 
Investments in platform scalability and 
usability support an improved experience 
for contractors, encouraging sustained 
participation and accessibility to more 
specialised contributors.
Global crowd
Customer 
and brand
40

Key: 
 Increase  
 Decrease  
 Stable
Principal risk
Mitigation
Value Driver
Data management
Compliance with security, 
privacy and other data regulations
As part of our operations, we manage significant 
volumes of sensitive data, including personal 
information, which necessitates robust security 
and privacy measures. With regulatory 
landscapes evolving rapidly and the increasing 
sophistication of cyber threats, ensuring 
compliance with global data regulations 
remains critical to safeguarding our operations 
and reputation.
 Change
This risk has increased due to 
the rapid introduction of stricter 
data privacy laws in key markets, 
heightened scrutiny of cross-border 
data transfers, and the complexity 
of managing compliance across 
multiple jurisdictions. Additionally, 
the sophistication and frequency 
of cyberattacks continue to rise, 
necessitating more advanced measures 
to protect data integrity.
• 
We continue to embed security and privacy 
requirements into our systems and product 
offerings, ensuring collaboration between 
engineering and privacy teams to address 
regulatory and operational risks proactively.
• 
Our dedicated information security team 
monitors emerging risks and collaborates 
with external advisors to stay ahead of new 
threats. This includes horizon scanning for 
new cyberattack vectors and assessing 
the implications of regulatory updates.
• 
We have maintained ISO 27001 and 
SOC 2 certifications and expanded 
compliance with ISO 27701 to include 
our China business. These certifications 
reinforce our commitment to adhering 
to global security standards.
• 
Comprehensive training programs ensure 
employees are well-versed in their privacy 
and security obligations. Policies and 
procedures are regularly reviewed and 
updated to reflect emerging risks and 
regulatory changes.
• 
Privacy and data security remain standing 
agenda items for our Audit and Risk 
Management Committee, ensuring 
continuous oversight at the highest levels.
Technology, 
processes, 
systems
Customer 
and brand
Emerging cyber security issues
As custodians of sensitive customer and 
contributor information, we face a growing 
threat landscape characterised by increasingly 
sophisticated cyberattacks. These threats 
heighten the risk of data breaches or service 
disruptions, which could negatively impact 
customers and damage our reputation. Staying 
ahead of emerging risks requires continuous 
vigilance and the adoption of advanced 
protective measures.
 Change
This risk has increased slightly due 
to the escalation in the frequency 
and sophistication of cyberattacks 
globally. The rise in targeted attacks 
against organisations managing 
sensitive data underscores the 
importance of maintaining a robust 
cybersecurity posture. 
• 
Our cybersecurity risk management 
framework is implemented across the 
organisation, deploying a multi-layered 
approach to identify, protect, detect, 
and respond to cybersecurity risks. 
This includes maintaining ISO 27001 
and SOC 2 certifications as a testament 
to our robust security practices.
• 
Regular audits, penetration testing, 
and simulated incident exercises 
ensure the strength of our control 
environment. Independent security 
experts conduct maturity assessments 
and provide prioritised recommendations, 
which are implemented to address 
vulnerabilities effectively.
• 
Employees undergo annual training on 
cybersecurity responsibilities and threats, 
complemented by regular phishing 
simulations to enhance awareness 
and reduce susceptibility to attacks.
• 
We are progressing toward implementing 
a zero-trust architecture to strengthen 
access controls, ensuring that users and 
systems are verified at every interaction.
Technology, 
processes, 
systems
Customer 
and brand
41
Appen 2024 Annual Report

Identifying and managing risks
Principal risk
Mitigation
Value Driver
Support
Financial sustainability
Operating in a global market exposes us to 
financial risks, including foreign exchange 
fluctuations, debt market changes, and evolving 
tax obligations. As a publicly listed entity, we 
are committed to protecting shareholder capital 
and ensuring sustainable earnings to maintain 
stakeholder confidence.
 Change
This risk has decreased compared 
to the prior year due to successful 
capital-raising initiatives and increased 
revenue, which have strengthened 
our financial position and provided 
greater flexibility to navigate 
market challenges.
• 
Our operational model naturally hedges 
foreign exchange risk by matching 
revenue currencies with associated 
service costs, reducing exposure 
to currency fluctuations.
• 
Regular scenario planning and external 
landscape monitoring enable us to 
respond proactively to changes, such 
as shifts in tax rates or other regulatory 
requirements, ensuring compliance 
and adaptability.
• 
Investments in operational efficiencies, 
including automation and process 
improvements, ensure profitability 
and cost containment while supporting 
sustainable earnings.
Financial
Appen 
employees
Compliance with legal, statutory 
and ethical obligations
We are committed to meeting our legal and 
statutory obligations while fostering trust and 
transparency through the dissemination and 
embedding of responsible AI practices. As 
the regulatory landscape evolves, compliance 
remains critical to maintaining operational 
integrity and supporting ethical standards 
across our business and partnerships.
Incorporated emerging risk: 
Responsible AI
 Change
This risk remains stable, reflecting 
consistent efforts to enhance 
governance and compliance 
capabilities across the business. 
However, the complexity of global 
legal and ethical standards requires 
ongoing vigilance and investment in 
compliance capabilities.
• 
We conduct regular reviews of our 
material obligations to ensure controls, 
governance, and oversight mechanisms 
remain robust and adapt to new legal and 
ethical requirements.
• 
Collaborations with industry organisations 
to support the development and 
implementation of responsible 
AI standards, reinforcing trust and 
value in AI for businesses and the 
broader community.
• 
Regular compliance audits, 
supplemented by independent reviews, 
ensure adherence to statutory and 
ethical obligations while identifying 
areas for improvement.
• 
Engagement with customers, 
partners, and regulators helps to align 
expectations, foster transparency, and 
ensure that compliance efforts reflect 
broader stakeholder priorities.
Social and 
environment
Financial
Appen 
employees
42

Key: 
 Increase  
 Decrease  
 Stable
Principal risk
Mitigation
Value Driver
Environmental, social and governance 
(ESG) risks and performance
The increasing emphasis on sustainability 
and corporate responsibility from investors, 
regulators, and customers makes effective 
ESG performance a critical priority. Meeting 
evolving stakeholder expectations and 
regulatory requirements, while ensuring 
alignment with global sustainability standards, 
is vital to preserving trust, enhancing market 
competitiveness, and mitigating potential 
reputational and financial risks. 
Incorporated emerging risk: 
Climate change
 Change
This risk remains stable as our existing 
commitments and initiatives, including 
our Net Zero Roadmap and alignment 
with the Science Based Target Initiative 
(SBTi), provide a solid foundation. 
• 
As a signatory to the United Nations 
Global Compact, we are committed to 
embedding its ten principles related 
to human rights, labour, environment, 
and anti-corruption into our business 
practices, reinforcing our alignment 
with global sustainability standards.
• 
We have developed and implemented 
an initial Net Zero Roadmap, with a 
commitment to achieve net zero by 
2030. This roadmap includes actionable 
plans to reduce emissions, improve 
energy efficiency, and explore renewable 
energy solutions.
• 
Our participation in the Science Based 
Target Initiative (SBTi) and reporting 
in accordance with the Task Force on 
Climate-related Financial Disclosures 
(TCFD) recommendations demonstrate 
our commitment to measurable, 
science-based approaches to climate 
action and transparency in climate-
related risks and opportunities.
Social and 
environment
43
Appen 2024 Annual Report

Our approach 
   to governance
Appen’s governance policies and practices 
are consistent with the 4th edition of the 
ASX Corporate Governance Council’s 
Principles and Recommendations 
(ASX Corporate Governance Principles) 
throughout the year.
Governance framework
Our governance framework ensures 
accountability, both of the Board and 
senior management. To clarify the roles 
and responsibilities of directors and 
management and to assist the Board 
in discharging its responsibilities, 
the Board operates under a formal 
Charter which sets out the functions 
reserved to the Board and provides for 
the delegation of functions to Board 
Committees and to senior management.
The Board is responsible for 
demonstrating leadership, defining 
the company’s purpose, establishing 
strategic objectives, approving our 
values and the Code of Conduct, 
and oversight of the management 
of the company.
The Board has established two 
standing Committees which assist 
with the execution of its responsibilities. 
The Audit and Risk Management 
Committee and the People and 
Culture Committee.
2024 areas of governance focus
Key areas of governance focus and 
activities undertaken by the Board, 
its Committees and management 
during 2024 included:
Strategic and financial performance
• 
conducted a Board and executive 
strategy review to focus Appen’s 
options for future growth 
considering the external operating 
and technology environment.
Our people
• 
reviewed our organisational 
structures within each business unit 
and functional areas with a focus 
on reducing organisation layers to 
improve operational efficiency.
• 
strengthened Appen’s 
executive team.
Oversight of financial 
and capital management
• 
completed a fully underwritten 
~A$50 million institutional 
placement on 14 October 2024 
along with a ~A$15M share purchase 
plan completed on 7 November 
2024 to bolster the balance sheet 
and provide additional liquidity 
to fund working capital.
• 
to ensure an appropriate allocation 
of capital, the Board determined not 
to pay any dividends.  
Compliance and risk management
• 
internal audit program – reviewed 
and assessed processes 
across key operational areas, 
including a review of our cyber 
security maturity.
• 
to ensure an appropriate allocation 
of capital, the Board determined not 
to pay any dividends.  
Ethics and responsible decision making
• 
partnered with our key customers 
to establish projects to identify 
and monitor our impact on social 
impact activities.
• 
published an updated Modern 
Slavery Statement, outlining 
the steps taken to mitigate risks 
of forced labor and exploitation 
within the supply chain. 
Global crowd
• 
continued focus on upholding the 
Crowd Code of Ethics, reinforcing 
fairness, integrity, and responsible 
practices in our partnerships with 
the global crowd.
• 
delivered significant enhancements 
to our platform, including new user 
experiences tailored to feedback 
from contributors to better support 
their engagement and performance. 
• 
strengthened partnerships with 
organisations such as Na’amal, 
Generation, and Konexio, opening 
new opportunities for underserved 
populations, including refugee 
communities, to access work. 
• 
introduced contractor wellness 
programs to support crowd 
contributors engaged in sensitive 
work, aligning with trust and 
safety priorities.
Social and environment
• 
continued disclosure of greenhouse 
gas emissions scopes 1, 2 and 3 
and achieved limited assurance 
of the data. 
• 
continued implementation of Net 
Zero Roadmap and working towards 
net zero across operations by 2030. 
• 
continued tracking performance 
against United Nations Global 
Compact commitments, aligning 
with principles for human 
rights, labor, environment, 
and anti corruption.
Governance
44

Skill
Description
Skill level
Strategy
Experience in defining strategic objectives, assessing 
business plans and driving execution. Ability to think 
strategically and identify and critically assess opportunities 
and threats and develop effective strategies in the context 
of changing market conditions.
Finance
Understanding the financial drivers of the business, 
experience in financial accounting and reporting, tax, 
corporate finance and internal financial controls.
Risk
Experience in the identification, monitoring and 
management of material financial and non-financial risks, 
the oversight of compliance frameworks and controls, and 
the ability to identify and oversee mitigation strategies for 
emerging risk and compliance issues in the organisation.
Industry 
experience
Experience and broad understanding of the application 
of language technology, machine learning, artificial 
intelligence and specifically AI, including market drivers, 
risks and trends and encompassing policies, competitors, 
end users, regulatory policy and frameworks.
Customer/Client
Experience developing customer/client strategy 
and delivering customer/client outcomes.
Capital markets
Expertise in considering and implementing efficient 
capital management including alternative capital sources 
and distributions, yields and markets.
Corporate 
transactions
Experience in assessing and completing complex business 
transactions, including mergers, acquisitions, divestments, 
capital management, major projects and business integration.
People 
and culture 
management
Board Committee or senior executive equivalent 
experience relating to people management and human 
resources, corporate culture, diversity and inclusion, 
and remuneration issues of a global organisation.
Governance
Knowledge and experience in best practice 
governance structures, policies and processes.
Technology 
and innovation
Experience and expertise in identifying, assessing, 
implementing and leveraging digital technologies 
and other innovations. 
Data and 
security
Understanding the use of data and the risks associated 
with data security, cyber and privacy.
International 
business 
experience
Experience in international business, trade and/or 
investment at a senior executive level and exposure 
to global markets and a range of different political, 
regulatory, and business environments.
ESG
Expertise in the areas of environment, social and governance 
(ESG), and the ability to advise the Company of required 
policies, actions and disclosures on these matters.
Board diversity
Male
Female
50%
of Directors
are female
50.0%
50.0%
Non-executive 
director tenure
5.1 years
average tenure
of NEDs
0–1 year
1–3 years
0.0%
43.0%
3–5 years
5+ years
28.5%
28.5%
International 
business experience
87.5%
Director's have
a high level of
international
experience
High
Medium
87.5%
12.5%
Director independence
87.5%
of directors are
independent
Independent
CEO
87.5%
12.5%
Medium competency and experience
High competency and experience
45
Appen 2024 Annual Report

Board of
 Directors
Richard 
Freudenstein 
BEc, LLB (Hons) 
Non-executive Chair
Appointed: 
Chair on 28 October and 
joined as non-executive 
Director on 12 August 2021
Board Committee: 
Member of the People 
and Culture Committee
Steve Hasker 
BCom, MBA, MIA, ACAA 
Independent 
non-executive Director
Appointed: 
7 April 2015
Board Committee: 
Chair of the People and 
Culture Committee
Robin Low 
BCom, FCA, FAICD 
Independent 
non-executive Director
Appointed: 
30 October 2014
Board Committee: 
Chair of the Audit 
and Risk Management 
Committee
Richard was appointed Chair in October 2021 and has been 
a non-executive director since August 2021. Richard is a director 
of Coles Group Limited (ASX: COL), REA Group Ltd (ASX: REA) 
and Cricket Australia. Previously, he was Chairman of REA Group 
Ltd. He is a former director of Ten Network Holdings Ltd (ASX: 
TEN), Foxtel and Astro Malaysia Holdings Berhad.  Richard has 
extensive experience as a media executive in Australia and 
overseas. He was previously the Chief Executive Officer (CEO) 
at Foxtel (2011-2016), CEO of The Australian newspaper and 
News Digital Media at News Ltd (2006–2010) and Chief Operating 
Officer (COO) at British Sky Broadcasting (2000–2006). He is 
currently Deputy Chancellor and Fellow of the Senate at the 
University of Sydney. Richard has a Bachelor of Laws (Hons) 
and a Bachelor of Economics from the University of Sydney. 
Steve has extensive experience as a CEO, COO and Advisor 
in the US. Steve has been President and CEO of Thomson 
Reuters since March 2020. He was a Senior Advisor to private 
equity firm TPG Capital (2019–2020) and CEO of CAA Global, 
a TPG Capital portfolio company (2018–2019). At Nielsen 
Holdings PLC, he served as Global President and COO 
(2015–2017) and President, Global Products (2009–2014). 
Steve was a partner with McKinsey (1998–2009). Before 
that, he spent five years in several financial roles in the U.S. 
and other countries.
Robin has extensive finance, risk and business experience 
from her 28-year career at PricewaterhouseCoopers, where 
she was a partner specialising in assurance and risk, mainly 
in financial services. She was previously deputy chair of the 
Auditing and Assurance Standards Board. Robin is an experienced 
non-executive director and is currently on the board of Articore 
Limited (ASX: ATG). Her previous ASX board roles include AUB 
Group Limited (ASX:AUB), CSG Limited (ASX: CSV), IPH Limited 
(ASX:IPH) and Marley Spoon SE (ASX: MMM). Robin is also a director 
of the Guide Dogs NSW/ACT and the Sax Institute, a member of 
Anacacia’s Business Advisory Council and she is a member of the 
Audit Committee for the University of NSW. Robin has a Bachelor of 
Commerce from the University of New South Wales and is a Fellow 
of the Institute of Chartered Accountants Australia and New Zealand 
and a Fellow of the Australian Institute of Company Directors. 
Governance
46

Vanessa Liu 
AB Psychology (magna 
cum laude with highest 
honors); JD (cum laude) 
Independent 
non-executive Director
Appointed:  
27 March 2020
Board Committee: 
Member of the Audit 
and Risk Management 
Committee
Stuart Davis 
LLB 
Independent 
non-executive Director
Appointed:  
30 March 2022
Board Committee: 
Member of the Audit 
and Risk Management 
Committee
Lynn Mickleburgh 
BSc (Hons) in 
Mathematics, MBA 
Independent 
non-executive Director
Appointed: 
29 July 2022
Board Committee: 
Member of the People 
and Culture Committee
Mini Peiris 
BSc 
Independent 
non-executive Director
Appointed: 
4 November 2022
Board Committee: 
Member of the People 
and Culture Committee
Vanessa has deep expertise of emerging technology trends 
and enterprise uptake of artificial intelligence, especially in the 
U.S. market. She is the Founder and CEO of SaaS technology 
company Sugarwork and is a non-executive director of Goodman 
Group (ASX: GMG). Most recently she was the Vice President 
of SAP.iO, the early-stage venture arm of SAP. Prior, Vanessa 
was the Chief Operating Officer at Trigger Media Group, 
a digital media incubator. Before that, Vanessa was Associate 
Partner at McKinsey & Company’s Media and Entertainment 
Practice, where she served clients in media and high-tech 
sectors on issues of digital media strategy, emerging market 
strategy, growth and innovation. Vanessa graduated magna 
cum laude with an AB in Psychology from Harvard University 
and cum laude with a JD from Harvard Law School. She serves 
as a member of the Board of Overseers of Harvard University. 
Stuart is a director of NEXTDC Limited (ASX: NXT) and Chair of the 
Remuneration Committee, a non-executive director of Bank of 
South Pacific Limited and PayPal Australia Ltd where he serves 
as Chair of the Risk Committee at both companies. He has more 
than 30 years’ experience as an international banker with the HSBC 
Group where he was CEO, HSBC India (2009-2012), CEO and 
Executive Director for HSBC Bank Australia Limited (2002-2009) 
and CEO HSBC Taiwan (1999-2002). He was a member of the 
Australian Bankers Association from 2002-2009 and Deputy Chair 
from 2006-2009. Stuart holds a LLB from Adelaide University and 
is a Graduate of the Australian Institute of Company Directors. 
Lynn has experience as an ASX non-executive director, 
a board advisor and transformational leader of both 
Fortune 500 companies and high-growth SaaS companies. 
Lynn is a former non-executive Director of ASX listed Altium 
Limited (ASX: ALU), where she chaired the HR Committee 
and served on the Audit and Risk Committee. Previously, 
she was Head of Business Optimisation at Atlassian Inc, 
VP Finance at Citrix Systems and held various global and 
operational roles at Adobe Systems and Apple Computer. 
She holds a Bachelor of Science in Mathematics and an 
MBA in Business Management. 
Mini is a go-to-market advisor for high-growth SaaS 
companies within the portfolio of Scale Venture Partners 
and is Chief Marketing Officer (CMO) of Nintex, a 
global leader in intelligent automation and application 
generation. Prior to that, she was the CMO at Doma (NYSE: 
DOMA), Elementum (a Lightspeed company) and Ambra 
Health (acquired by Hg’s Interlerad). Mini spent 12+ years 
at cloud-pioneer company NetSuite (NYSE: N), from its early 
stages through to its IPO and beyond. She helped drive 
product growth as VP of Product Management, then went 
on to lead a global team as VP Worldwide Marketing that 
delivered go-to-market scale from US$100 million to almost 
US$1 bullion in revenue. She holds a Bachelor of Science 
from the University of Michigan. 
47
Appen 2024 Annual Report

Executive
    team
Ryan Kolln  
Joined: October 2018 
CEO & Managing Director  
MBA, B.Eng (Electrical)
Ryan brings over 20 years of global experience in technology and telecommunications, 
along with a deep understanding of Appen’s business and the AI industry. 
His professional career began as an engineer, with a focus on mobile network data 
engineering in Australia, Asia and North America. 
On completion of an MBA from New York University, Ryan joined The Boston Consulting 
Group (BCG) in 2011 as a strategy consultant. During his time at BCG he specialised 
in technology and telecommunications and gained deep strategy expertise across 
a variety of growth and operational topics. 
Joining Appen AI in 2018 as VP of Corporate Development, he led strategic 
acquisitions like Figure Eight and Quadrant, and supported the establishment 
of the China and Federal divisions. Successive promotions culminated in his 
appointment as CEO & Managing Director in February 2024.
Corporate Services
Justin Miles 
Joined: March 2016 
Chief Financial Officer  
GradDipCA (Chartered Accounting) 
 
B. Bus (Accounting)
Justin is responsible for the finance and corporate functions of the company. 
He brings over 20 years of experience, including extensive exposure to listed companies 
within the technology and services sectors. He has a passion for supporting fast paced 
organisations through periods of growth and change. 
Joining Appen in 2016 he has a deep understanding of Appen’s business. With over 
5 years as Vice President Finance, he established the finance structure, systems, 
and processes that scaled, supported exceptional growth, and successfully executed 
several finance integrations.
Justin was promoted to Interim Chief Financial Officer in August 2023 and was officially 
appointed Chief Financial Officer in February 2024. Prior to joining Appen, Justin was 
Group Financial Controller at Rubicor Group Ltd (ASX: RUB) one of the largest networks 
of specialist recruitment businesses in Australia. Justin holds a Bachelor of Business 
(Accounting) and is a member of Chartered Accountants Australia and New Zealand.
Governance
48

Helen Attia 
Joined: November 2024 
Chief People Officer  
MCom (Human Resources), BASc
Helen joined Appen in November 2024 and is focused on creating a people strategy 
that supports Appen’s strategic objectives and creating an environment where our people 
can be their best. Helen brings over 20 years of Human Resources experience from global 
organisations primarily in the technology and software sector. With a passion for Talent 
Management and Organisational Development, Helen enjoys supporting organisations 
through periods of growth and change. Helen holds a Master of Commerce from the 
University of NSW and an Applied Science degree from the University of Sydney. 
Kim Stagg 
Joined: August 2022 
Chief Product and Technology Officer  
PhD (Hydrogeology and Computer Science)
Kim Stagg is the Chief Product and Technology Officer at Appen, bringing 
over 20 years of experience in AI-first strategies, B2B/B2C SaaS, and product 
leadership across a variety of industries. With deep expertise in product innovation, 
execution, and operational efficiencies, Kim has successfully led large-scale 
product transformations that have driven global business growth. Prior to Appen, 
Kim held senior leadership positions including Vice President of Product at Appen, 
Chief Technology Officer at Antea Group, and Chief Product Officer at iEHS.
Kim holds a PhD in Hydrogeology and Computer Science 
from the University of Birmingham. 
Eric de Cavaignac  
Joined: November 2021 
Chief Transformation Officer and GM crowd  
MBA (Beta Gamma Sigma, Dean’s List), 
 
BA (Hons)
Eric is responsible for driving programs to scale operations and delivery, 
and support revenue growth. He brings more than 25 years of experience in partnering 
with investors and management to transform businesses, and to deliver lasting 
growth and profit improvement.
Before joining Appen, Eric worked across several industries, including technology, 
media, telecommunications, ecommerce, health, financial services and luxury, where 
he helped drive digital transformation, international expansion, strategic M&A, and 
business restructuring. Eric has worked in New York, London, and Sydney including 
10 years as an advisor with McKinsey running a strategy and capital advisory business, 
and a number of executive positions reporting to the CEO of multinational companies 
executing a turnaround or transformation.
Corporate Services (continued)
Si Chen 
Joined: April 2023 
VP, Strategy & Marketing  
BCom (Actuarial Studies / Finance)
Si is the VP, Strategy & Marketing at Appen. Si brings extensive experience in technology 
leadership roles and her areas of expertise include traditional AI/ML models, generative 
AI, multimodal AI systems, intelligent robotics, and AI industry solutions. Prior to joining 
Appen, Si held leadership positions as Head of Strategy, Partnerships & Operations at 
Tencent AI & Robotics Lab, and Head of Strategy & Business Development at AWS China. 
Si holds a Bachelor of Commerce from the University of New South Wales. 
49
Appen 2024 Annual Report

Roc Tian  
Joined: August 2019 
SVP and General Manager, China, Japan and Korea 
PhD (Computer Software), MA 
 
(Computer Applications)
Roc comes to Appen with more than 20 years of sales, consulting, and management 
experience from Fortune 100 companies. He is responsible for Appen’s business 
strategy, sales, marketing, delivery, operations and government relationships in China, 
Japan and Korea.
Most recently, Roc was senior partner of IBM GBS where he led the client services, public 
sector and enterprise application service lines across the mainland China, Hong Kong 
and Taiwan markets with remarkable business performance and achievements. 
Before that, Roc was also a core leader responsible for the growth of IBM’s global 
delivery centre in China from 4,000 to more than 10,000 people.
Prior to IBM, Roc was a business quality director for HP’s global delivery centre in China 
and a key leader responsible for helping HP grow from a start-up to more than 3,000 
people across China. Roc was also the founder and CTO of a technology start-up that 
grew to more than 100 people.
Carl Middlehurst  
Joined: February 2019 
General Counsel and Company Secretary  
BSc (Hons) Biochemistry, LLB
Carl Middlehurst is the General Counsel and Company Secretary of Appen Limited. 
Prior to joining Appen Carl was the General Counsel and Company Secretary and the 
executive responsible for commercialisation and new ventures at NICTA (now Data61) 
and was also responsible for the HR function. 
Carl was an observer/director for several early-stage companies. He was formerly 
at Sun Microsystems in Australia and in Silicon Valley. At Sun, Carl had both legal and 
business roles (covering trademarks, APAC and managing an emerging market fund). 
Prior to Sun, Carl was at a pharma company and a medical device startup, The Salk 
Institute in La Jolla and at Baker & McKenzie (in Sydney and San Diego). 
Carl was an Adjunct Professor at Santa Clara University Law School where he taught 
Internet and Privacy law. Prior to becoming a lawyer Carl was a research biochemist 
and was published in a number of scientific journals.
Sales and delivery
Corporate Services (continued)
Brian Haskett 
Joined: March 2023 
SVP Client management and operations 
MBA (Information Technology), BSc
Brian oversees client relationships, account strategy, and business operations, 
ensuring high client satisfaction and fostering continued growth. With extensive 
experience in technology services and consulting, Brian is a seasoned professional 
adept at guiding major enterprises toward technological innovation. 
Commencing his career as a software engineer, he later moved into global executive 
leadership positions at large technology firms, including IBM, CA Technologies, and Ciber 
(now HTC). Before assuming the role of SVP, Brian held the position of Vice President 
and General Manager at Appen where he collaborated with global AI technology leaders, 
contributing to the advancement of machine learning-based products in areas such as 
deep learning, generative AI, and large language models.
50

Sales and delivery (continued)
Helen Giddings 
Joined: August 2020 
VP Client delivery  
BA (Psychology)
Robert Page 
Joined: April 2012 
VP Client delivery, strategic accounts 
BA (Hons)
Helen leads the delivery teams across all accounts, excluding Appen’s largest client. 
Her focus and passion is the development of deep client relationships, high quality 
delivery and driving growth. Prior to joining Appen, Helen was Director at Pureprofile, 
an online market research company. She led delivery teams in multiple countries 
and successfully supported new products and growth. Her focus was data quality 
and developing a high level of understanding of all areas of the business. Helen 
previously worked at Sony Business Europe heading up marketing and e-services 
with responsibility for all websites and marketing of broadcast products and services.
Robert leads the delivery team for our largest client and is responsible for the overall 
account strategy and operations. Robert is an industry expert with more than a decade 
of experience in driving Appen teams to delivery excellence. During this time, 
he has overseen the delivery of hundreds of successful, diverse projects for Appen’s 
customers. He has a deep understanding of the evolving needs of clients and flawless 
project execution. He has a track record of scaling opportunities and driving 
meaningful cost efficiencies, while navigating the constantly changing landscape 
of the technology industry. 
51
Appen 2024 Annual Report

The Directors present their report, together with the financial statements, on the consolidated entity (referred to hereafter 
as the “Group” or “Appen”) consisting of Appen Limited (referred to hereafter as the “Company” or “parent entity”) 
and the entities it controlled at the end of, or during, the year ended 31 December 2024.
Directors
The following persons were Directors of Appen Limited during the whole of the financial year and up to the date of this report, 
unless otherwise stated:
Richard Freudenstein – Chairman
Ryan Kolln – Chief Executive Officer (CEO) and Managing Director (appointed 5 February 2024)
Stuart Davis
Steve Hasker
Vanessa Liu
Robin Low
Lynn Mickleburgh
Mini Peiris
Armughan Ahmad – Chief Executive Officer (CEO), President and Managing Director (all appointments ceased 5 February 2024)
Directors’ meetings
Details of Board and Committee meetings held during the year and individual directors’ attendance at these meetings 
is summarised as follows:
Board
Audit and Risk Management 
Committee
People and Culture  
Committee
A
B
A
B
A
B
Richard Freudenstein
11
11
–
–
3
3
Ryan Kolln 1
8
8
–
–
–
–
Stuart Davis
11
9
6
6
–
–
Steve Hasker
11
9
–
–
3
3
Vanessa Liu
11
11
6
6
–
–
Robin Low
11
11
6
6
–
–
Lynn Mickleburgh
11
10
–
–
3
3
Mini Peiris
11
8
–
–
3
2
Armughan Ahmad 1
2
1
–
–
–
– 
A: Meetings eligible to attend.
B: Meetings attended.
1 Armughan Ahmad resigned on 5 February 2024. Ryan Kolln was appointed as CEO and Managing Director on 5 February 2024.
Company Secretary
Carl Middlehurst continues to act as the Company Secretary for Appen.
Changes in Chief Financial Officer
Justin Miles was appointed Chief Financial Officer on 27 February 2024. Prior to the appointment Justin acted 
as Interim Chief Financial Officer from 1 August 2023.
Directors’ 
  report
52

Principal activities
Appen is a global market leader in data for the AI Lifecycle. With over 28 years of experience in data sourcing, data annotation, 
and model evaluation by humans, we enable organisations to launch the world’s most innovative artificial intelligence systems.
Our expertise includes a global crowd of more than 1 million skilled contractors who speak over 500 languages 1, in over 200 
countries 2, as well as our AI data platform. Our products and services give leaders in technology, automotive, financial services, 
retail, healthcare, and governments the confidence to launch world-class AI products.
Founded in 1996, Appen has customers and offices globally.
Appen currently has four customer-facing business units as follows:
• 
Global: Responsible for delivery of high-quality deep learning and generative AI data services and products for large global 
technology customers;
• 
Enterprise: Responsible for leveraging our product suite and AI-driven automation to grow revenue outside of Global 
customers to serve new customers as they invest in AI. Quadrant was fully integrated into the Enterprise business unit from 
1 January 2024;
• 
Government: Responsible for serving the emerging AI needs of Government; and
• 
China: Responsible for capturing share in the growing China market. 
Appen has the following two operating and reporting segments:
• 
Global Services: represents the services that Appen provides to our major US technology customers (Global customers) 
using the customers’ data annotation platforms and tools. The majority of projects comprise large, at scale deep learning 
(model evaluation) programs, and rely on Appen’s crowd workforce to complete the work, thus reducing the need for 
Appen’s Global customers to employ a large and diverse ongoing workforce; and
• 
New Markets: represents Appen’s high growth markets, product-led and data services growth strategy. It comprises Global 
customer revenue through Appen’s data annotation platform and tools (Global Product), and the Enterprise, Government and 
China business units. New Markets customers benefit from our high-quality data collection, annotation and evaluation products, 
coupled with the provision of at-scale crowd management and Appen’s considerable expertise and knowhow built up over the last 
28 years. This enables Appen to deliver a full set of AI data services for deep-learning and generative AI for enterprise customers.
Significant changes in state of affairs
Other than those outlined in the Directors’ report, there have been no other significant changes in the state of affairs of the 
Group during the year. 
Matters subsequent to the end of the year
The Directors are not aware of any other matter or circumstance not otherwise dealt with in this report that has significantly 
affected or may significantly affect the operations of the Group, the results of those operations or the state of affairs 
of the Group in subsequent financial periods. 
Likely developments and expected results of operations
The Group continues to focus on profitability and remains committed to sizing its cost base in line with the revenue opportunity. 
Appen’s strategy and FY25 priorities can be found in the financial value driver on page 31.
Environmental regulations
The Group is not subject to any significant environmental regulation under Australian Commonwealth or State Law. 
The Board believes that the Group has adequate systems in place for the management of its environmental requirements 
and is not aware of any breach of those environmental requirements as they may apply to the Group during the period covered 
by this report. 
1 Self-reported.
2 Self-reported, includes territories.
53
Appen 2024 Annual Report

Indemnity and insurance of officers
The Company has indemnified the current and former directors and executives of the Company and its controlled entities 
for costs incurred, in their capacity as a director or executive, for which they may be held personally liable, except where 
there is a lack of good faith. 
During the financial year, the Company paid a premium in respect of a contract to insure the current and former directors 
and executives of the Company and its controlled entities against a liability to the extent permitted by the Corporations Act 2001. 
The contract of insurance prohibits disclosure of the nature of the liability covered and the amount of the premium.
Executives include all the key management personnel as defined in the remuneration report as well as their direct reports.
Indemnity and insurance of auditor
The Company has not, during or since the end of the financial year, indemnified or agreed to indemnify the auditors 
of the Company or any related entity against a liability incurred by the auditor. 
During the year, the Company did not pay a premium in respect of a contract to insure the auditor of the Company 
or any related entity.
Proceedings on behalf of the Company
No person has applied to the Court under section 237 of the Corporations Act 2001 for leave to bring proceedings on behalf 
of the Company, or to intervene in any proceedings to which the Company is a party for the purpose of taking responsibility 
on behalf of the Company for all or part of those proceedings.
Auditor’s independence declaration and non-audit services
The Directors have received the auditor’s independence declaration, as included on page 72 of the report. 
During the year, KPMG China performed certain non-audit services in relation to Appen China subsidiaries’ domestic 
transfer pricing. Remunerations paid or payable to KPMG services are outlined in Note 31 to the financial statements.
The Directors are satisfied that the provision of non-audit services during the financial year by the auditor (or another person 
or firm on the auditor’s behalf), is compatible with the general standard of independence for auditors imposed by the 
Corporation Act 2001.
Verification and assurance
In recognition of the important role that corporate reporting plays in communicating with our investors and other stakeholders, 
the Board has formalised process to verify the integrity of our periodic corporate reports, which includes the Directors’ report. 
The approach adopted, to ensure that the report is materially accurate, balanced and provide our investors with appropriate 
information, are as follows:
• 
Information about how we create value, identifying and managing risk, our approach to governance, and the remuneration 
report were prepared by management in consultation with the Board. The content of this report is guided by regulatory 
requirements and our interactions with investors and other stakeholders throughout the year, which helps us to understand 
what matters most to our investors and what information should be included in the Directors’ report.
• 
The information in the report has been derived from the Group’s internal records and has been through an internal 
verification process. 
Rounding off amounts
The Group is of a kind referred to in ASIC Legislative Instrument 2016/191, relating to the ‘rounding off’ of amounts 
in the Directors’ report. Amounts in the Directors’ report have been rounded off in accordance with the instrument 
to the nearest thousand US dollars, or in certain cases, to the nearest US dollar.
Directors' report
for the year ended 31 December 2024
54

Dear Shareholder
On behalf of Appen’s People and Culture Committee, 
I am pleased to present our audited Remuneration Report 
for the year ended 31 December 2024. 
Key Management Personnel (KMP) changes 
in FY24 and prior to the reporting date
On 5 February 2024, Appen announced the appointment 
of Ryan Kolln, formerly the Chief Operating Officer (COO) 
as CEO and Managing Director. Armughan Ahmad stepped 
down from this role and from that date ceased to be a KMP. 
The FY24 Remuneration Report reports on Armughan 
Ahmad’s remuneration arrangements during the time 
he was CEO and, Ryan Kolln’s remuneration arrangement 
for his role as CEO, with his actual remuneration combined 
for his time in each KMP role during the year. 
On 27 February Justin Miles commenced as Chief Financial 
Officer (CFO) having previously been interim CFO from 
1 August 2023. 
Further details of Armughan Ahmad’s termination 
arrangements and Ryan Kolln’s incoming CEO remuneration 
arrangements can be found on page 67. 
2024 performance
FY24 was a transformative year for Appen. 
Financial performance was impacted by the loss 
of the Google contract in Q1 FY24. Following the loss of the 
contract, a $13.5 million incremental cost out program was 
announced and was fully executed by the end of H1 FY24.
Pleasingly operating revenue, excluding the impact 
of Google, increased 16.0% to $220.9 million, primarily 
driven by generative AI related projects. Including 
the impact of Google, revenue decreased 14.2% to 
$234.3 million.
Underlying EBITDA (excluding foreign exchange) improved 
by $23.9 million to $3.5 million due to revenue growth 
(excluding Google) and disciplined cost management. 
Appen reached its target of returning to EBITDA 
profitability in early H2 FY24.
In addition to improved performance, Appen completed 
a ~A$50 million fully underwritten institutional placement 
in October 2024, and a ~A$15 million Share Purchase Plan 
in November 2024. 
2024 remuneration outcomes
A summary of remuneration outcomes for FY24 is as follows:
Short-term incentive (STI) outcomes
An assessment of the FY24 STI scorecard resulted in KMPs 
achieving 85.9% of target: 
• 
All financial measures were above the minimum payout 
thresholds with revenue (30% weighting) being 96% of 
target and EBITDA (50% weighting) being 90% of target. 
• 
All non-financial measures met or exceeded targets with 
customer NPS (10% weighting) at 118% of target, crowd 
NPS (5% weighting) at 150% of target, and employee 
engagement (5% weighting) at 100% of target.
The STI achievement reflects the improved financial 
performance of Appen, and the continued focus and 
improved outcome for our customers, crowd, and people.
No STI was paid to former CEO Armughan Ahmad.
Long-term incentive (LTI) outcomes
Legacy grants awarded with respect to previous roles held 
by current KMP were tested during FY24.
With respect to 2021 annual award (tranches 1–3), 
the relevant performance condition of 20% UBEPS 
growth has not been met in FY24. 
With respect to 2022 annual awards (tranche 2) and 2023 
annual awards (tranche 1), the relevant service conditions 
were met in FY24. 
Further details of these outcomes can be found on page 61.
Non-executive director fees
Non-executive director fees remained unchanged in FY24, 
and no change is proposed for FY25.
Looking ahead 
Appen remains firmly focused on its long-term growth 
strategy and we believe our remuneration framework 
remains fit for purpose. Our aim is to continue to align 
our remuneration structure, framework, and outcomes 
with sustainable shareholder value creation, while 
attracting and retaining talent in the highly competitive 
North American and Australian technology markets.
The Board is committed to an ongoing review of executive 
remuneration arrangements and strategic direction 
of the Company. To facilitate this ongoing review, 
we will engage with proxy advisors, shareholders, and 
their representatives on matters related to remuneration 
and welcome feedback on all aspects of our approach.
Yours sincerely
Stephen Hasker 
Chair of the People and Culture Committee
Remuneration 
  report
55
Appen 2024 Annual Report

Key management personnel
Key Management Personnel (KMP) are defined as persons having authority and responsibility for planning, directing, 
and controlling the activities of the Company and the Group. KMP comprise the directors of the Company and executives 
of the Company and the Group.
The current names and titles of KMP are set out below. 
NAME
POSITION
TERM AS KMP
Non-Executive KMP:
Richard Freudenstein
Independent director and non-executive Chair
Full year
Stuart Davis
Independent non-executive director
Full year
Stephen Hasker
Independent non-executive director
Full year
Vanessa Liu
Independent non-executive director
Full year
Robin Low
Independent non-executive director
Full year
Lynn Mickleburgh
Independent non-executive director
Full year
Mini Peiris
Independent non-executive director
Full year
Executive KMP:
Ryan Kolln 1 (United States)
Chief Executive Officer (CEO) and Managing Director
Full year
Justin Miles 2 (Australia)
Chief Financial Officer (CFO)
Full year
Previous KMP:
Armughan Ahmad 3 (Canada)
Former Chief Executive Officer (former CEO) and Managing Director
Part year
1 Ryan Kolln commenced as CEO and Managing Director on 5 February 2024 having previously held the Chief Operating Officer role. 
Since commencing as CEO, Ryan Kolln relocated from Canada to the United States. 
2 Justin Miles previously held the Interim CFO role from 1 August 2023 and was officially appointed CFO on 27 February 2024.
3 Armughan Ahmad stepped down as CEO and Managing Director on 5 February 2024 and ceased to be a KMP from this date. 
Details of Armughan Ahmad’s exit arrangements can be found on page 67 under executive KMP service contracts.
Remuneration report
for the year ended 31 December 2024
56

Remuneration snapshot
Our remuneration framework has been designed to motivate our people to deliver and achieve the company’s annual business 
plans and long-term growth objectives and strategy. 
Our goal is to ensure that the level and composition of remuneration aligns with shareholder interests and allows 
Appen to compete in some of the tightest markets in the world and attract and retain high-performing talent in the highly 
competitive technology sector. 
Remuneration principles
Heavy weighting 
to performance-
based pay
Alignment 
to creation 
of long-term 
shareholder 
value
Fair and 
competitive 
to attract and 
retain top 
talent globally
Reinforce 
responsible 
business 
practice
Simple 
and clear
Align the KMP 
remuneration 
outcomes to our 
short and long-term 
strategy, which is 
underpinned by, 
and dependent upon, 
strong financial and 
non-financial success.
Ensure employees 
think and act 
like long-term 
owners through 
performance-based 
pay, challenging 
targets, and equity.
Independently 
benchmarked 
against industry 
peers to ensure 
that remuneration 
is appropriate in 
each of the global 
markets in which 
Appen operates 
and competes with 
for talent.
Formalised policy 
providing for 
Board discretion in 
relation to malus 
and clawback of 
both STI and LTI.
Transparency 
on metrics, targets, 
assessment, 
and outcomes.
Executive remuneration structure
The diagram below shows the vesting timeline for all remuneration payable to CEO 1 and CFO.  
Noting only the CEO receives STI deferred equity.
 
STI: Cash + Deferred equity
Deferred equity
Vesting timeline
Year 3
2027
Year 2
2026
Year O
2024
Year 1
2025
Cash awarded
Equity vests/unrestricted
Year 4
2028
Year 5
2029
FR: Cash
LTI: Performance rights (subject to aTSR)
Equity granted 
MSR: 100% of FR for CEO, 50% of FR for KMP to be achieved over 5 years 
1 STI deferral is applicable to CEO only.
Remuneration report
for the year ended 31 December 2024
57
Appen 2024 Annual Report

Overview of remuneration elements 
Total fixed remuneration (FR)
Objective
Provide market competitive base salary and 
benefits commensurate with skills and experience 
to attract the best people around the world to 
design to lead the delivery of our growth strategy.
Current year approach
Cash salary, superannuation, and additional benefits. Additional benefits 
are in the form of Canadian Registered Retirement Saving Plan (RRSP) 
and insurance benefits provided to US and Canadian-based executives.
Alignment to strategy
Fixed remuneration reflects:
• 
the scope of the executive’s role;
• 
the executive’s skills, experience and qualifications; and,
• 
individual performance.
Short-term incentive (STI)
Objective
STI are performance-based incentives designed 
to reward executives (and employees) to deliver 
and outperform key financial and non-financial 
metrics to lead to sustainable, superior returns 
for shareholders.
Current year approach
STI is delivered in the form of an annual cash bonus payment to all eligible 
employees, other than the CEO where 25% of any STI earned will be 
deferred into equity with a holding lock of one year. 
Target and maximum opportunities are as follows (respectively):
• 
CEO: 100% of base salary, 150% of base salary
• 
CFO: 75% of base salary, 112.5% of base salary
The Group STI scorecard which is assessed over a 12-month period, 
comprises of the following measures:
• 
Revenue (30%),
• 
EBITDA (50%),
• 
Customer net promoter score (NPS) (10%),
• 
Crowd NPS (5%), and
• 
Employee engagement (5%).
Alignment to strategy
The Group scorecard measures directly align to our long-term growth strategy by focusing on revenue and earnings growth, 
delighted customers and crowd workers, and fully engaged employees. Each of these components, both financial and 
non-financial, are essential for Appen to deliver sustainable growth and superior returns for shareholders.
Long-term incentive (LTI)
Objective
LTI incentivises the achievement of long-term 
sustainable growth in earnings and 
shareholder value, designed to strongly align 
with long-term shareholder wealth creation, 
and supports the attraction and retention 
of high performing executives.
Current year approach
LTI is a form of equity-based compensation that is awarded in the form 
of performance rights. 
Individual opportunities are as follows:
• 
CEO: 250% of base salary
• 
CFO: 150% of base salary
LTI is subject to Absolute Total Shareholder Return (aTSR) targets over 
a three-year performance period. 
Alignment to strategy
The aTSR metric focuses directly on delivering shareholder return and growth in value to shareholders, aligning executives’ 
interests with shareholders’ and ensuring a focus on sustained value creation. Further, aTSR provides a comprehensive 
and transparent gauge of our overall financial performance, encouraging executives to prioritise strategic decisions 
that contribute to the company’s long-term success.
Remuneration report
for the year ended 31 December 2024
58

Remuneration mix
Target remuneration mix presented below for each executive comprises of total fixed remuneration, target STI opportunity 
and total LTI opportunity.
CEO
CFO
Base Salary 
22%
STI 
 
22%
LTI 
 
56%
Base Salary 
31%
STI 
 
24%
LTI 
 
45%
FY24 performance and remuneration outcomes
Appen’s five‑year performance
One of the key principles of the Company’s remuneration framework is to align executive remuneration outcomes 
with the Company’s performance and shareholder returns. 
Revenue
(US$’000)
Underlying 
EBITDA
Underlying 
basic EPS
(US$’000)
2020
2021
2022
2023
2024
 412,996 
 447,274 
 388,493 
235,705
 274,165 
 75,439 
 77,684 
 11,017 
 7,819 
 (24,445)
2020
2021
2022
2023
2024
Underlying 
NPAT
(US$’000)
Share price  
at 31 Dec
Dividend  
(full year)
(A$)
(A¢ per share)
 45,275 
 40,597 
(22,739)
 (10,546)
 (52,810)
2020
2021
2022
2023
2024
24.69
11.16
2.49
2.64
0.63
2020
2021
2022
2023
2024
10.0
10.0
–
–
–
2020
2021
2022
2023
2024
(US¢ per share)
37
33
(18)
(37)
(5)
2020
2021
2022
2023
2024
Long-term incentive measures
Shareholder returns
Short-term incentive measures
Remuneration report
for the year ended 31 December 2024
59
Appen 2024 Annual Report

FY24 STI Group scorecard and assessment
The below table provides an overview of the performance of executive KMP against pre-defined threshold, 
target and stretch performance hurdles associated with each financial and non-financial STI scorecard metric. 
Financial
Metric and 
weighting
Performance vs. target
% of target 
opportunity 
achieved
Commentary
EBITDA
(50%)
Threshold Target
Stretch
40%
100%
200%
45.7%
Group underlying EBITDA, excluding FX was up $23.9 
million to $3.5 million compared to ($20.4 million) in FY23.
Targets were set after the loss of the Google contract in 
Q1 2024 to ensure focus on cost out programs, tight cost 
control, and return to EBITDA profitability.
Minimum achievement threshold set at a lower rate of 40% 
compared to 90% in previous years, to ensure focus on 
turnaround efforts and profitability. However, stretch target 
increased to 200% compared to 120% in previous years.
Revenue
(30%)
Threshold
Target
Stretch
94%
100%
110%
20.2%
Excluding the impact of the Google contract, operating 
revenue grew 16.0% to $234.3 million. Including the impact 
of the Google contract, revenue decreased 14.2%. 
Targets were set after the loss of the Google contract 
in Q1 2024 to ensure focus on capturing revenue growth 
outside of Google.
Minimum achievement threshold set at a higher rate of 94% 
compared to 90% in previous years, however stretch target 
decreased to 110% compared to 120% in previous year 
to ensure focus on profitable growth (with EBITDA stretch 
increased to 200%).
Non financial
Customer 
NPS
(10%)
Threshold
Target
90%
100%
10%
Customer NPS was 118% of target and reflected a high level 
of customer satisfaction with Appen’s service offerings 
and project delivery. Customers saw improvements in 
operational excellence with more streamlined processes 
to deliver higher quality project outcomes.
Non-financial measures capped at 100%.
Crowd NPS
(5%)
Threshold
Target
90%
100%
5%
Crowd NPS was 150% of target and reflected the resilience 
of our contributor community and the impact of Appen’s 
targeted improvements to the contributor experience.
Non-financial measures capped at 100%.
Employee 
engagement
(5%)
Threshold
Target
90%
100%
5%
Employee engagement was 100% of target. 
Employee engagement rating was the highest it has 
been since FY2020 and reflects the focus on employee 
communication, specifically providing clear, transparent 
and regular updates from the CEO and Senior Leaders.
Non-financial measures capped at 100%.
Final scorecard outcome
85.9%
Remuneration report
for the year ended 31 December 2024
60

STI outcomes
The STI amounts earned and associated achievement and payout percentages are disclosed in the table below: 
Executive 
KMP
Currency
Fixed 
remuneration 4
STI target
% of fixed 
remuneration
STI target 
% STI earned 
as a % of 
target
% STI earned 
as a % of 
maximum
Total STI 
earned
Total STI 
deferred
%
$
%
%
$
$
Ryan 
Kolln 1
2024
USD
583,036
100%
566,441
85.9%
57.3%
486,612
121,653
2023
CAD
165,240
50%
82,620
15.9%
10.6%
13,137
–
Justin 
Miles 2
2024
AUD
528,510 
75%
396,383 
85.9%
57.3%
340,493 
–
2023
AUD
231,333
40%
92,533
15.9%
10.6%
14,713
-
Armughan 
Ahmad 3
2024
CAD
74,815
N/A
N/A
–
–
–
–
2023
CAD
700,895
100%
700,895
0%
0%
–
–
1 Commenced in role on 5 February 2024, having previously been the Chief Operating Officer (COO) since 2023. STI target % was 50% during 
time as COO before increasing to 100% as CEO.
2 Commenced in role on 27 February 2024, having previously been the Interim CFO from August 2023. 
3 Armughan Ahmad stepped down as CEO and Managing Director on 5 February 2024. FR has been pro-rated for the period he was KMP. 
The Board exercised discretion and did not award any STI to Armughan Ahmad for 2023. Armughan Ahmad was not entitled to STI for 2024. 
4 Fixed remuneration for Ryan Kolln has been converted for 2024 using actual rates used during his time in Canada. This differs to other tables 
which are converted at average rates consistent with accounting policy.
LTI outcomes
Annual LTI grant
Legacy annual grants awarded with respect to previous roles held by current KMP were tested during FY24. 
Plan
Tranche
Performance 
measurement
Vesting date
Vesting 
condition 
achieved?
# of rights 1
# Vested
# Forfeited
% Forfeited
Ryan Kolln
2021 LTI
1–3
20% UBEPS
27 Feb 24
No
6,163
–
6,163
100%
2022 LTI
2
Service only
1 Jan 24
Yes
4,134
4,134
–
–
2023 Exec
1
Service only
1 Jan 24
Yes
33,895
33,895
–
–
2023 Exec
1
Service only
1 Jan 24
Yes
31,269
31,269
–
–
Justin Miles
2021 LTI
1–3
20% UBEPS
27 Feb 24
No
5,570
–
5,570
100%
2022 LTI
2
Service only
1 Jan 24
Yes
3,425
3,425
–
–
2023 Exec
1
Service only
1 Jan 24
Yes
21,887
21,887
–
–
1 Number of rights unvested and held at the beginning of the year. 
Other Awards
Legacy retention and one-time grants awarded with respect to previous roles held by current KMP were tested during FY24.
Plan
Tranche
Performance 
measurement
Vesting date
Vesting 
condition 
achieved?
# of rights 1
# Vested
# Forfeited
% Forfeited
Ryan Kolln
2021 
Retention
2
Service only
1 Jan 24
Yes
6,578
6,578
–
–
2023 
One-time
1
Service only
1 Jan 24
Yes
101,686
101,686
–
–
Justin Miles
2021 
Retention
2
Service only
1 Jan 24
Yes
5,945
5,945
–
–
2023 
Retention
1
Service only
1 Jan 24
Yes
121,669
121,669
–
–
1 Number of rights unvested and held at the beginning of the year. 
Remuneration report
for the year ended 31 December 2024
61
Appen 2024 Annual Report

2024 LTI grant
The grant of performance rights to the CEO was approved by shareholders at the Annual General Meeting on 24 May 2024. 
Vesting is 100% weighted to absolute TSR, to be tested on 31 December 2026.The CFO award is aligned to the CEO, 
with the same performance measures applied. Further details of this plan are provided on page 65. 
Grant 
date
Performance 
measurement
Performance 
target
Performance 
target 
measurement 
date
Target 
achieved
Vesting 
condition
Vesting 
date
# of rights 
granted
Value per 
right at 
grant date
(AUD)
Fair value at 
grant date
(AUD)
Ryan Kolln
5 Feb 24
aTSR
190% (50%)
320% (100%)
31 Dec 26
Pending
Employed at 
1 Jan 2027
Release of 
26 results
7,049,667
0.27
1,903,410
Justin Miles
15 Jul 24
aTSR
190% (50%)
320% (100%)
31 Dec 26
Pending
Employed at 
1 Jan 2027
Release of 
26 results
1,363,636 
0.50 
681,818
Actual remuneration for executive KMP
The table below details the actual remuneration that was received by current and former executive KMP for FY24 and FY23. 
The remuneration is disclosed in the currency each KMP receives their remuneration. This table differs to the statutory 
remuneration table on page 68 which is prepared in accordance with accounting standards. The STI amount (if any) is the amount 
earned in recognition of performance for that year, including any relevant deferred portion. The LTI value at vesting date is the 
value of shares issued during the year as a result of the vesting of performance rights issued in prior years.
Fixed
Variable
Executive 
KMP
Currency
Cash 
salary 
$
Super-
annuation 4
$
Termination 
payments
$
STI
$
LTI Value at 
vesting date
$ 
Total value
$
 LTI value at 
grant date
$
Ryan 
Kolln 1
2024
USD
594,771
–
–
486,612
66,779
1,148,162
1,255,872 
2023
CAD
165,240
–
–
13,137
8,342
186,719
25,322
Justin 
Miles 2
2024
AUD
499,845
28,665
–
340,493
87,168
956,171
681,818
2023
AUD
219,917
11,416
–
14,713
14,898
260,944
89,144
Previous executive KMP
Armughan 
Ahmad 3
2024
CAD
74,815
3,741
805,500
–
371,122
1,255,178 
–
2023
CAD
700,895
7,027
–
–
581,389
1,289,311
663,379
1 Commenced in role on 5 February 2024, having previously been the Chief Operating Officer from 2023. 2024 STI includes $121,653 
deferred into equity with a holding lock of one year.
2 Commenced in role on 27 February 2024, having previously been the Interim CFO from1 August 2023. 
3 Armughan Ahmad stepped down as CEO and Managing Director on 5 February 2024 and ceased to be a KMP from this date. 
Details of Armughan Ahmad’s exit arrangements can be found on page 67 under executive KMP service contracts.
4 Superannuation contributions for Australian executive KMP and retirement benefits (RRSP) for Canadian Executive KMP. 
Remuneration report
for the year ended 31 December 2024
62

Actual remuneration for executive KMP
Total fixed remuneration (FR)
Fixed remuneration is benchmarked against North American technology companies, and similarly sized ASX-listed companies 
on an annual basis. Fixed remuneration is intended to be positioned below the median of peers, with greater emphasis on at-risk 
pay-for-performance. There is no guarantee of an annual increase in fixed remuneration.
FY24 short‑term incentive (STI) key terms
STI plan overview
Description 
Appen’s STI plan is a performance-based incentive designed for executives (and eligible 
employees) to deliver and outperform against key financial and non-financial metrics to lead 
to sustainable, superior returns for shareholders. 
Eligibility
The CEO and CFO, and certain other employees at the invitation of the CEO are eligible 
to participate in the STI plan on annual basis.
Performance period
1 January 2024 to 31 December 2024.
STI opportunity 
Target:
• 
CEO: 100% of base salary
• 
CFO: 75% of base salary
Maximum:
• 
CEO: 150% of base salary
• 
CFO: 112.5% of base salary
Delivery
STI is delivered in the form of an annual cash bonus payment to all employees, other than the 
CEO where 25% of any STI earned will be deferred into equity with a holding lock of one year.
Performance measures
Performance is assessed against targets determined under our STI Group Scorecard which 
comprises of 80% financial measures and 20% non-financial measures.
For the 2024 STI, the Group Scorecard measures were as follows:
• 
EBITDA (50%),
• 
Revenue (30%),
• 
Customer net promoter score (NPS) (10%),
• 
Crowd NPS (5%), and
• 
Employee engagement (5%).
Each of these components, both financial and non-financial, are essential for Appen to deliver 
sustainable growth and superior returns for shareholders.
In addition, eligible employees are expected to fulfil fundamental leadership responsibilities 
in their roles (Good Citizen Requirements). These fundamental leadership responsibilities 
include setting goals (OKRs), providing feedback, measuring performance and ensure 
completion of compliance training not just for themselves, but also for those who they manage.
Remuneration report
for the year ended 31 December 2024
63
Appen 2024 Annual Report

STI plan overview
Vesting schedule
Payment for financial measures
2024 was a pivotal year or Appen. Achievement thresholds for financial measured were adjusted 
to ensure a focus on both revenue growth and returning to EBITDA profitability.
EBITDA (50% of STI)
Achievement – % against target
Actual award – % of target payout
Below 40%
Nil
40%
50%
100%
100%
200% or more
162.5%
Revenue (30% of STI)
Achievement – % against target
Actual award – % of target payout
Below 94%
Nil
94%
50%
100%
100%
110% or more
162.5%
Non‑financial measures (20% of STI)
Below 90%
Nil
90%
50%
100% or more
100%
Assessment of outcomes
Fixed remuneration x target incentive x Group scorecard = STI outcome 
With the exception of his own performance, performance assessments are undertaken 
by the CEO who retains the discretion to pay or not pay any part of the STI. Performance 
assessment and payment for the CEO is subject to Board approval.
Employees under a formal performance improvement plan or any formal disciplinary procedure 
will have discretion applied and receive zero STI award.
Any noncompliance with the Good Citizen Requirements will delay payment until they 
are fulfilled. Any delay in excess of 90 days past the performance period end date will result 
in the forfeiture of any STI payment. 
Board discretion
The Board has discretion to adjust the level of STI (to zero) to prevent any inappropriate 
outcomes, for example, relative to the shareholder experience.
Remuneration report
for the year ended 31 December 2024
64

FY24 long‑term incentive (LTI) key terms
LTI plan overview
Description
Appen’s LTI plan is a form of equity-based compensation awarded in the form of performance 
rights. The LTI plan is designed to incentivise and challenge senior management to achieve 
long-term sustainable growth in earnings and shareholder value. It also supports the retention 
of high performing executives.
Eligibility
The CEO and CFO, and select other executives are eligible to participate in the LTI plan 
on annual basis.
LTI opportunity 
• 
CEO: 250% of base salary
• 
CFO: 150% of base salary
Vesting Conditions
Vesting of performance-based rights is subject to the extent to which the Absolute Total 
Shareholder Return performance condition (Absolute TSR Condition) is satisfied, as 
described below. In addition, vesting is subject to continued employment with the Company. 
TSR measures the growth in the price of shares (modified to account for capital adjustments 
where appropriate) together with the value of the dividends over the performance period, 
assuming that all those dividends are re-invested into new shares. 
Vesting (if any) of rights subject to the Absolute TSR Condition will be determined with 
reference to the Company’s TSR performance over the performance period as follows: 
Absolute TSR over the 
performance period
% of rights subject to the Absolute 
TSR Condition that vest
TSR is below 190%
0%
TSR is 190%
50%
TSR is between 190% and 320%
Pro-rata straight line vesting between 50% and 100% 
TSR is greater than or equal to 320% 
100%
Note: select non-KMP executives are currently on a different LTI plan which may include 
alternative performance conditions and timelines.
Performance period 
Performance rights may vest at the end of the three-year vesting period subject to the 
achievement of the performance and continuing employment hurdles specified above.
Board discretion 
The Board maintains absolute discretion to adjust LTI and all performance-based remuneration 
that has not been realised or vested if the Board considers that such remuneration would be 
an unfair or inappropriate benefit to an executive. 
The Board has absolute discretion to reduce, cancel, or clawback the performance-based 
remuneration to an executive. For example, this can include such circumstances as: 
• 
making a material misstatement or omission in the group financial statements
• 
if the employee acts fraudulently or engages in misconduct, or 
• 
any other circumstance that the Board determines in good faith to have resulted in an unfair 
or inappropriate benefit to the Executive. 
The Board also has discretion to ensure that the targets are achieved in the right way, and factors 
like acquisitions may be adjusted for if it unjustly boosts one or more of the financial metrics 
associated with the STI or LTI.
Leaver provisions
Unless the Board determines otherwise, where an employee leaves due to voluntary resignation, 
mutual separation or termination for cause (including gross misconduct), all unvested rights will 
automatically lapse on cessation. 
Subject to Board approval, where employment leaves for any other reason (including 
redundancy, disability, retirement or death) a pro-rata number of unvested rights will remain 
‘on-foot’ and vest on the original vesting date (with the service condition deemed to be met). 
Remuneration report
for the year ended 31 December 2024
65
Appen 2024 Annual Report

Remuneration governance
The People and Culture Committee is responsible for developing, monitoring and assessing the remuneration strategy, policies 
and practices, with a focus on our strategic human resources objectives, including the well-being of our employees and culture.
The number of Committee meetings and attendance by members during the reporting period is set out in the Meetings 
of directors’ section on page 52.
The following diagram shows Appen’s remuneration decision making process.
Corporate Governance Statement
Corporate Governance Statement
Further information about the People and Culture Committee is set out in the Corporate Governance Statement.  
The Statement is available at: appen.com/investors/corporate-governance/
Securities trading policy
KMP (both executive and non-executive directors) must not enter into transactions in associated products 
that operate to limit the economic risk of security holdings in the Company. A copy of the Company’s Securities 
Dealing Policy is available at appen.com/investors/corporate-governance/
Independent remuneration advisors
Periodically, the Board and the People and Culture Committee seeks input from external and independent remuneration 
advisors who can provide industry benchmarks, peer comparison information and specific local knowledge of country-specific 
remuneration practices.
External advice is used as a guide only and is not a substitute for the Board and People and Culture Committee’s thorough 
consideration of the relevant remuneration matter. 
People and Culture Committee
Oversees the application of the remuneration 
framework and policies, with a focus on Appen’s 
human resource strategy. Make remuneration 
recommendations for KMP to the Board.
Board
Approves and has oversight of Appen’s remuneration policy.  
Final approval of performance targets and remuneration outcomes for the CEO.
Executive team
Proposes executive appointments, succession plans, 
policies, remuneration structures and outcomes 
to the People and Culture Committee for review 
and approval, or recommendation to the Board 
as required.
Audit Committee
Advises the People and Culture Committee 
of material risk issues, behaviours and/or 
compliance breaches.
Independent external advisors
Insights and information is sought from 
independent external advisors as required 
to ensure the People and Culture Committee 
is appropriately informed.
Remuneration report
for the year ended 31 December 2024
66

Minimum shareholding requirement (MSR)
The Board has adopted a Minimum Shareholding Policy to assist in aligning the interests of all directors and executive KMP 
with our shareholders. The MSR requirements for KMP are as follows:
KMP
MSR
Period as KMP 
Compliance
Non-executive directors
100% of annual pre-tax base fees
3 years 
All Board members are compliant
CEO
100% of fixed remuneration
5 years
To be assessed Feb 2029
Other executives
50% of fixed remuneration
5 years
To be assessed Aug 2028
The value of such shares is based on their price at the time of acquisition. Any deferred STI for the CEO counts towards the 
achievement of MSR. Once the requirement has been met, directors are considered compliant even if there are subsequent 
changes in the share price.
Directors and executive KMP are compliant where Appen securities are held either by them personally or by a related party. 
Refer to page 69 for further details regarding current securities held by KMP.
Service contracts
Remuneration and other terms of employment for KMP are formalised in service contracts. All executive KMP service contracts 
provide for immediate termination in the event of serious misconduct. There are no guaranteed base pay increases in any 
executive service contracts.
Details of the other key terms are as follows:
Executive KMP
Role
Contract term
Annual salary 
review
Notice period by 
either party
Ryan Kolln
CEO and Managing Director 
(from 5 February 2024)
No fixed term
1 March
12 months
Justin Miles
CFO
(from 27 February 2024)
No fixed term
1 March
6 months
Armughan Ahmad
Former CEO, President, and Managing 
Director (to 5 February 2024) 
No fixed term
1 March
12 months
Incoming arrangements for Ryan Kolln (new CEO)
On 5 February 2024, Appen announced the appointment of Ryan Kolln as CEO and Managing Director. Ryan Kolln’s 
remuneration arrangements, as previously disclosed to the market are as follows:
• 
Base salary of US$600,000.
• 
Target STI of 100% of base salary with a stretch opportunity of 150%.
• 
Target LTI of 250% of base salary which vest over a three-year performance period.
Outgoing arrangements for Armughan Ahmad (former CEO)
Armughan Ahmad was appointed as CEO, President and Managing Director on 15 December 2022, and commenced in the role 
on 9 January 2023. Armughan Ahmad stepped down from his role as CEO, President and Managing Director on 5 February 2024 
and ceased to be a KMP from that date.
Armughan Ahmad’s remuneration arrangements for the time that he was CEO are set out below. Armughan Ahmad’s LTI grant, 
and sign-on bonus were approved by shareholders at Appen’s 2023 Annual General Meeting:
• 
Base salary of US$600,000.
• 
Target STI of 100% of base salary with a stretch opportunity of 150%.
• 
LTI equity grant valued at US$5,000,000. 
• 
Sign-on bonus, designed to replace a portion of Armughan Ahmad’s incentives forgone with his previous employer valued 
at US$2,000,000, vesting in equal monthly tranches over two years.
As disclosed in the 2023 remuneration report, Armughan Ahmad received his statutory entitlements and payment in lieu 
of notice (12 months). Armughan Ahmad’s LTI grant was forfeited upon his termination. The Board exercised its discretion 
and no STI was awarded to Armughan Ahmad. However, Armughan Ahmad’s sign-on bonus remained on-foot with the final 
tranche vesting in January 2025 in accordance with the terms of his contract.
Remuneration report
for the year ended 31 December 2024
67
Appen 2024 Annual Report

Non-executive director fees
Non-executive director remuneration reflects the Company’s desire to attract, motivate, and retain experienced directors 
and to ensure their active participation in advocating for the interests of shareholders, in areas such as strategy, corporate 
governance, remuneration, compliance, risk, and ESG. The size of the remuneration pool that can be paid to non-executive 
directors is governed by resolutions passed at the Annual General Meeting of shareholders.
The total non-executive director remuneration pool in 2024 was A$1,400,000 per annum, unchanged from 2022 when the  
Board last approved an uplift.
The Company aims to provide a level of remuneration for non-executive directors comparable with its general industry 
peer group. Non-executive directors receive a fee for Board membership and for service as Chair of Board Committees. 
No additional payment is made for being a member of Board Committees. All fees are inclusive of superannuation if applicable.
Role
Fee
2024 A$
Board Chair
$240,000
Non-executive director
$120,000
Audit and Risk Management Committee Chair
$20,000
People and Culture Committee Chair
$20,000
All non-executive directors are remunerated by way of Board and Committee fees. These fees reflect the workload associated 
with a complex global business and the governance oversight required to implement our long-term growth objective and key 
strategic pillars and to oversee the business transformation process. Non-executive directors do not receive any short-term 
or long-term incentive.
Statutory disclosures
Statutory remuneration for KMP
The tables below detail the statutory accounting expense of all remuneration-related items for executive KMP and non-executive 
Directors. All figures are presented in US dollars, which is Appen’s presentational currency. The 12-month average AUD/USD 
exchange rates used were 0.6598 for 2024 and 0.6647 for 2023. The 12-month average CAD/USD exchange rates used were 
0.73018 for 2024 and 0.7412 for 2023. 
The values for equity-settled LTI remuneration were measured at grant date in accordance with AASB2 Share-based Payments 
and represent the current year amortisation of the fair value of the rights over the vesting period. Certain statutory LTI figures 
are negative due to the true-up adjustment of share-based payments expense in relation share rights that did not vest 
or are not expected to vest.
Fixed
Variable
Executive KMP
Cash salary
$
Super-
annuation
$
Leave 
entitlements 4
$
Termination 
payments
$
STI
$
LTI
$
Total value
$
Ryan Kolln 1
2024
594,771
–
–
–
486,612
422,037
1,503,420
2023
122,482
–
8,202
–
9,737
423,467
563,888
Justin Miles 2
2024
329,799
18,914
18,189
–
224,657
158,955
750,514
2023
146,173
7,588
8,266
–
9,779
174,438
346,244
Previous executive KMP
Armughan
Ahmad 3
2024
54,628
2,732
–
588,160
–
(166,038)
479,482
2023
571,413
5,208
41,206
–
–
1,979,102
2,596,929
1 Ryan Kolln commenced as CEO and Managing Director on 5 February 2024 having previously held the Chief Operating Officer role. 
2024 STI includes $121,653 deferred into equity with a holding lock of one year.
2 Justin Miles previously held the Interim CFO role from 1 August 2023 and was officially appointed CFO on 27 February 2024.
3 Armughan Ahmad stepped down as CEO and Managing Director on 5 February 2024 and ceased to be a KMP from this date. 
Details of Armughan Ahmad’s exit arrangement can be found on page 67 under executive KMP service contracts. 
4 Leave entitlements include annual and long-service leave entitlements accrued but not taken during the year.
Remuneration report
for the year ended 31 December 2024
68

2024
2023
Director
Fees 
$
Super-
annuation 
$
Total 
$
Fees 
$
Super- 
annuation 
$
Total 
$
Richard Freudenstein
158,352
–
158,352
159,522
–
159,522
Stuart Davis
79,176
–
79,176
 79,761
–
 79,761
Stephen Hasker
92,372
–
92,372
93,054
–
93,054
Vanessa Liu
79,176
–
79,176
 79,761
–
 79,761
Robin Low
92,372
–
92,372
90,749
2,305
93,054
Lynn Mickleburgh
79,176
–
79,176
 79,761
–
 79,761
Mini Peiris
79,176
–
79,176
72,295
–
72,295
659,800
–
659,800
654,903
2,305
657,208
All non-executive directors provided services for the full year in both 2024 and 2023. Certain variances year-on-year are due to 
FX translation from Australian dollars to US dollars.
Securities holdings of executive KMP
The number of securities holdings by executive KMP during the performance period is listed below: 
Executive KMP
Number of performance rights held
Number of ordinary shares held
(direct and indirect)
Ryan Kolln
7,493,714
194,201
Justin Miles
1,608,179
188,502
Performance rights holdings of executive KMP
The movement during the reporting period of performance rights held by executive KMP is as follows: 
Name
Plan
Held at 1 
January
2024
Granted 
during the 
year
Exercised 
during the 
year
Forfeited
Forfeited %
Held at 31 
December
2024
Vested 
during the 
year
Ryan Kolln
2021
19,319
–
(13,156)
(6,163)
100%
–
(6,578)
2022
20,672
–
(4,134)
–
–
16,538
(4,134)
2023
594,359
–
(166,850)
–
–
427,509
(166,850)
2024
–
7,049,667
–
–
7,049,667
–
634,350
7,049,667
(184,140)
(6,163)
7,493,714
(177,562)
Justin Miles
2021
11,515
–
(5,945)
(5,570)
100%
–
(5,945)
2022
17,127
–
(3,425)
–
–
13,702
(3,425)
2023
374,397
–
(143,556)
–
–
230,841
(143,556)
2024
–
1,363,636
–
–
1,363,636
–
403,039
1,363,636
(152,926)
(5,570)
1,608,179
(152,926)
Previous executive KMP
Armughan
Ahmad
2023
3,601,501
–
(600,249)
(2,770,387)
82%
230,865
(600,249)
2024
–
–
–
–
–
–
3,601,501
–
(600,249)
(2,770,387)
230,865
(600,249)
Remuneration report
for the year ended 31 December 2024
69
Appen 2024 Annual Report

Performance rights vesting table
The performance details relating to the rights exercised during the year, are shown in the table below:
Grant date
Tranche
Measurement
Target
Measurement Date
Condition
Vesting date
Ryan Kolln
1-Jan-22
1
Service only
N/A
N/A
Employed at 1 Jan 23
1 Jan 23
1-Jan-22
2
Service only
N/A
N/A
Employed at 1 Jan 24
1 Jan 24
22-Mar-22
2
Service only
N/A
N/A
Employed at 1 Jan 24
1 Jan 24
1-Mar-23
1
Service only
N/A
N/A
Employed at 1 Jan 24
1 Jan 24
24-May-23
1
Service only
N/A
N/A
Employed at 1 Jan 24
1 Jan 24
24-May-23
1
Service only
N/A
N/A
Employed at 1 Jan 24
1 Jan 24
Justin Miles
1-Jan-22
2
Service only
N/A
N/A
Employed at 1 Jan 24
1 Jan 24
22-Mar-22
2
Service only
N/A
N/A
Employed at 1 Jan 24
1 Jan 24
26-Sep-23
1
Service only
N/A
N/A
Employed at 1 Jan 24
1 Jan 24
26-Sep-23
1
Service only
N/A
N/A
Employed at 1 Jan 24
1 Jan 24
Performance rights exercised during the year by executive KMP
The rights exercised during the year relate to vesting of the relevant plans as detailed above, upon the successful achievement 
of the relevant performance and employment hurdles.
Executive KMP
Number of
rights exercised
Value of rights 
at grant date
(US$)
Value of rights  
at exercise date
(US$)
Ryan Kolln
184,140
$245,908
$59,750
Justin Miles
152,926
$116,504
$47,423
Unvested performance rights held by executive KMP
The number of unvested performance rights held by executive KMP at 31 December 2024 are:
Plan
Ryan Kolln
Justin Miles
2022
 16,538 
 13,702 
2023
 427,509 
 230,841 
2024
 7,049,667 
 1,363,636 
 7,493,714 
 1,608,179 
Remuneration report
for the year ended 31 December 2024
70

KMP shareholdings
KMP
1 January 
2024
Purchased/
exercised during 
the year
Sold during
the year
Ceased to 
be KMP
31 December
2024
Non‑Executive KMP
Richard Freudenstein
66,847
–
–
–
66,847
Stuart Davis
72,830
15,625
–
–
88,455
Stephen Hasker
58,333
–
–
–
58,333
Vanessa Liu
25,200
–
–
–
25,200
Robin Low
257,051
15,625
–
–
272,676
Lynn Mickleburgh
–
300,000
–
–
300,000
Mini Peiris
–
–
–
–
–
Executive KMP
Ryan Kolln
10,061
184,140
–
–
194,201
Justin Miles
 35,576 
 152,926 
–
–
188,502
Previous KMP
Armughan Ahmad
277,041
–
–
(277,041)
–
 802,939 
 668,316 
–
(277,041)
1,194,214
Richard Freudenstein  
Non-executive Chair
26 February 2025 
Sydney
Remuneration report
for the year ended 31 December 2024
71
Appen 2024 Annual Report

I declare that, to the best of my knowledge and belief, in relation to the audit of Appen Limited for the financial year ended 
31 December 2024 there have been:
i. 
no contraventions of the auditor independence requirements as set out in the Corporations Act 2001 in relation 
to the audit; and
ii. no contraventions of any applicable code of professional conduct in relation to the audit.
KPMG
Cameron Slapp 
Partner
Sydney
26 February 2025
KPMG, an Australian partnership and a member firm of the KPMG global organisation of independent member firms affiliated with KPMG 
International Limited, a private English company limited by guarantee. All rights reserved. The KPMG name and logo are trademarks used 
under license by the independent member firms of the KPMG global organisation. Liability limited by a scheme approved under Professional 
Standards Legislation. 
Lead Auditor’s Independence Declaration under
Section 307C of the Corporations Act 2001
to the directors of Appen Limited
72

Contents
Financial
  report
Consolidated financial statements 
 
Consolidated statement of profit or loss and other  
comprehensive income 
74
Consolidated statement of financial position 
75
Consolidated statement of changes in equity  
76
Consolidated statement of cash flows 
77
Notes to the consolidated financial statements 
About this report 
 
Note 1. 
General information  
78
Note 2. 
Basis of preparation  
78
Group performance 
 
Note 3. 
Segment information 
80
Note 4. 
Revenue  
82
Note 5. 
Expenses  
83
Note 6. 
Earnings per share and dividends 
85
Note 7. 
Income tax 
86
Note 8. 
 Reconciliation of loss after income tax  
to net cash from operating activities 
89
Group core assets and liabilities 
 
Note 9. 
Cash and cash equivalents 
90
Note 10. Trade and other receivables 
90
Note 11. Contract assets  
91
Note 12. Intangible assets 
92
Note 13. Property, plant and equipment 
95
Note 14. Right of use assets and lease liabilities  
96
Note 15. Trade and other payables 
97
Note 16. Provisions 
97
Note 17. 
Contract liabilities 
98
Investment, capital and risk management 
 
Note 18. Earn-out liability 
99
Note 19. Derivative financial instruments 
99
Note 20. Investments 
100
Note 21. Fair value measurement 
100
Note 22. Borrowings 
102
Note 23. Equity  
102
Note 24. Financial risk management  
105
Other information 
 
Note 25. Contingent liabilities  
109
Note 26. Parent entity information 
109
Note 27. Subsidiaries  
110
Note 28. Deed of Cross Guarantee  
111
Note 29. Related party transactions 
114
Note 30. Share-based payments  
114
Note 31. Remuneration of auditors 
116
Note 32. Events after the reporting period 
116
Consolidated entity disclosure statement 
117 
Directors’ declaration 
118
Independent auditor’s report 
119
73
Appen 2024 Annual Report

 
2024
2023
 
Note
$ 000
$ 000
Revenue
Revenue from contract with customers 
4
234,285
273,012
Other income 
938
782
Interest income
482
371
Expenses
Crowd service costs
(126,933)
(168,099)
Employee expenses
5
(70,427)
(83,525)
Recruitment costs
(2,045)
(3,642)
Professional fees
(5,676)
(9,278)
Information technology costs
(12,882)
(12,592)
Communication and travel expenses
(1,904)
(3,044)
Other expenses
(8,689)
(9,837)
Depreciation and amortisation
5, 12-14
(23,320)
(35,147)
Share-based payments expense
5
(4,077)
(5,691)
Net foreign exchange gain/(loss)
4,345
(4,032)
Transaction costs
5
(234)
(542)
Restructure costs
(3,039)
(8,967)
Finance costs
5
(817)
(1,176)
Deemed interest on earn-out liability
5
–
(354)
Earn-out adjustment
–
15,994
Impairment of non-financial assets
–
(69,182)
Loss before income tax 
(19,993)
(124,949)
Income tax (expense)/benefit
7
(16)
6,870
Loss after income tax for the year attributable to the owners of the Group 
(20,009)
(118,079)
Other comprehensive income
Items that will not be reclassified subsequently to profit or loss:
Unrealised loss on fair valued investment
–
(1,600)
Items that may be reclassified subsequently to profit or loss:
Foreign currency translation
(8,828)
1,281
Other comprehensive income for the period, net of tax
(8,828)
(319)
Total comprehensive loss for the period attributable to the owners of the Group
(28,837)
(118,398)
Cents
Cents
Basic earnings per share
6
(8.74)
(83.10)
Diluted earnings per share
6
(8.74)
(83.10)
The above consolidated statement of profit or loss and other comprehensive income should be read in conjunction with 
the accompanying notes to the financial statements.
Consolidated statement of profit or loss 
and other comprehensive income
for the year ended 31 December 2024
74

2024
2023
 
Note
$ 000
$ 000
Assets
Current assets
Cash and cash equivalents
9
54,809
32,152
Trade and other receivables
10
46,719
49,933
Contract assets
11
19,717
15,536
Inventory
672
1,069
Prepayments and other assets
4,864
5,813
Income tax receivables
2,394
2,144
Derivative financial instruments
19
–
104
Total current assets
129,175
106,751
Non-current assets
Prepayments and other assets
1,220
30
Investments
20
1,432
1,446
Intangible assets
12
30,175
39,870
Property, plant and equipment
13
2,190
1,475
Right of use assets
14
4,090
3,095
Deferred tax assets
7
2,309
2,491
Total non-current assets
41,416 
48,407
Total assets
170,591
155,158
Liabilities
Current liabilities
Trade and other payables
15
28,194
27,232
Provisions
16
1,797
2,407
Contract liabilities
17
10,287
11,142
Lease liabilities
14
3,583
3,125
Earn-out liability
18
–
3,750
Total current liabilities
43,861
47,656
Non-current liabilities
Provisions
16
320
306
Lease liabilities
14
7,457
9,309
Deferred tax liabilities
7
4,637
5,090
Total non-current liabilities
12,414
14,705
Total liabilities
56,275
62,361
Net assets
114,316
92,797
Equity
Issued capital
23
366,714
320,435
Reserves
23
128,775
133,526
Accumulated losses
23
(381,173)
(361,164)
Total equity
114,316
92,797
The above consolidated statement of financial position should be read in conjunction with the accompanying notes to the 
financial statements.
Consolidated statement of financial position
as at 31 December 2024
75
Appen 2024 Annual Report

 
Equity attributable to owners of the Group
 
Issued capital
Reserves
Accumulated 
losses
Total equity
 
$000
$000
$000
$000
Balance at 1 January 2024
320,435
133,526
(361,164)
92,797
Loss after income tax for the period
–
 –
(20,009)
(20,009)
Other comprehensive expense, net of tax 
–
(8,828)
–
(8,828)
Total comprehensive loss for the period
–
(8,828)
(20,009)
(28,837)
Transactions with owners in their capacity as owners: 
Issue of ordinary shares, net of transaction costs
46,279
–
–
46,279
Share-based payments
–
4,077
–
4,077
Balance at 31 December 2024
366,714
128,775
(381,173)
114,316
Balance at 1 January 2023
262,917
128,154
(243,085)
147,986
Loss after income tax for the period
–
 –
(118,079)
(118,079)
Other comprehensive expense, net of tax 
–
(319)
–
(319)
Total comprehensive loss for the period
–
(319)
(118,079)
(118,398)
Transactions with owners in their capacity as owners: 
Issue of ordinary shares, net of transaction costs
57,518
 –
 –
57,518
Share-based payments
 – 
5,691
 –
5,691
Balance at 31 December 2023
320,435
133,526
(361,164)
92,797
The above consolidated statement of changes in equity should be read in conjunction with the accompanying notes 
to the financial statements.
Consolidated statement of changes in equity
for the year ended 31 December 2024
76

Note
 2024
 2023
 
 
$ 000
$ 000
Cash flows from operating activities
Receipts from customers (GST inclusive)
231,475
294,551
Payments to suppliers and employees (GST inclusive)
(232,538)
(317,952)
Interest received
482
371
Interest and other finance costs paid
(15)
(435)
Income tax (paid)/received
(68)
526
Net cash used in operating activities
8
(664)
(22,939)
Cash flows from investing activities
Payments for property, plant and equipment
(1,790)
(1,808)
Payments for intangibles
(11,057)
(18,045)
Payments for investment
–
(500)
Transaction costs
(234)
(542)
Net cash used in investing activities
(13,081)
(20,895)
Cash flows from financing activities
Lease payments
14
(4,398)
(4,763)
Proceeds from borrowings
–
4,000
Repayment of borrowings
–
(4,000)
Net proceeds from issuance of shares
42,137
57,437
Net cash from financing activities
37,739
52,674
Net increase in cash and cash equivalents
23,994
8,840
Cash and cash equivalents at the beginning of the year
32,152
23,429
Effect of foreign exchange rate changes
(1,337)
(117)
Cash and cash equivalents at the end of the year
9
54,809
32,152
The above consolidated statement of cash flows should be read in conjunction with the accompanying notes 
to the financial statements.
Consolidated statement of cash flows
for the year ended 31 December 2024
77
Appen 2024 Annual Report

About this report
Note 1. General information 
The financial statements cover Appen Limited as a Group consisting of Appen Limited and the entities it controlled at 
the end of, or during, the year. The financial statements are presented in United States (US) dollars, which is the Group’s 
presentation currency.
Appen Limited is a listed public company limited by shares, incorporated and domiciled in Australia. Its registered office 
and principal place of business is:
Level 6 
9 Help Street 
Chatswood NSW 2067
The financial statements were authorised for issue, in accordance with a resolution of directors, on 26 February 2025.
Note 2. Basis of preparation 
Statement of compliance
These general purpose financial statements have been prepared in accordance with Australian Accounting Standards 
and Interpretations issued by the Australian Accounting Standards Board (AASB) and the Corporations Act 2001, 
as appropriate for for-profit oriented entities. These financial statements also comply with International Financial 
Reporting Standards as issued by the International Accounting Standards Board (IASB).
Basis of consolidation
The financial statements include the assets and liabilities of all subsidiaries in the Group as at 31 December 2024 and 
the results for all subsidiaries for the year ended 31 December 2024. Inter-entity transactions, with, or between subsidiaries 
have been eliminated in full on consolidation.
The consolidated financial statements provide comparative information in respect of the previous period. 
Basis of measurement
The financial statements have been prepared on a accruals basis and are based on the historical cost convention, except for, 
derivative financial instruments, investments, earn-out contingent consideration and share-based payments which 
are measured at fair value.
Going concern
The financial statements have been prepared on a going concern basis, which contemplates the continuity of normal business 
activities and the realisation of assets and discharge of liabilities in the normal course of business.
The Group incurred a loss after tax for the year ended 31 December 2024 of $20,009,000 (31 December 2023: $118,079,000). 
The Group incurred a loss after tax for H2 2024 of $2,256,000 an improvement on H1 2024 loss after tax of $17,753,000. 
The Group has net assets of $114,316,000 (31 December 2023: $92,797,000) and net current assets of $85,314,000 
(31 December 2023 $59,095,000).
Cash and cash equivalents at 31 December 2024 were $54,809,000 (31 December 2023: $32,152,000). Operating cash outflow 
for the year was $664,000 (31 December 2023 outflow $22,939,000). Investing cash outflow (including product development 
costs) for the year was $13,081,000 (31 December 2023 outflow $20,895,000). Financing cash inflow for the year was $37,739,000 
(31 December 2023 inflow $52,674,000).
Notes to the consolidated financial statements
for the year ended 31 December 2024
78

Following the expiry of the $A10,000,000 debt facility on 3 January 2024, there are no debt facilities in place.
In response to the termination of the services contract with a material customer, Google LLC in March 2024, Appen implemented 
and executed measures to reduce its cost base.
Appen successfully completed a A$50 million fully underwritten institutional placement on 14 October 2024, and a A$15 million 
Share Purchase Plan raising on 7 November 2024. The equity was raised to provide additional liquidity to fund working capital, 
and provide greater flexibility to pursue generative AI related opportunities.
Management have prepared 24-month cashflow forecasts underpinning the basis of preparation as a going concern. 
The forecasts are based on current available information and forecasting improved financial performance as a result 
of the implementation of the cost savings measures and continued revenue growth from its New Markets segment.
The going concern basis presumes that the Group will continue to fulfil all obligations as and when they fall due for the 
foreseeable future and that the realisation of assets and settlement of liabilities will occur in the normal course of business.
After consideration of the Group’s financial position subsequent to the capital raise and the Board reviewed cashflow forecasts 
noted above, the directors of Appen consider that the Group will continue to fulfil all obligations as and when they fall due for 
the foreseeable future and that the Group’s financial statements should be prepared on a going concern basis.
Critical accounting estimates
The preparation of the financial statements requires the use of certain critical accounting estimates. It also requires 
management to exercise its judgement in the process of applying the Group’s accounting policies. The areas involving 
a higher degree of judgment or complexity, or areas where the assumptions and estimates are significant to the financial 
statements are disclosed in the relevant note.
• 
Note 7. Income tax
• 
Note 9. Trade and other receivables 
• 
Note 12. Intangible assets
Parent entity information
In accordance with the Corporations Act 2001, these financial statements present the results of the Group only. 
Supplementary information about the parent entity is disclosed in Note 26.
Change in accounting policies
Material accounting policies adopted in the preparation of these financial statements are disclosed in the relevant notes. 
The accounting policies adopted are consistent with those of the previous years.
Current and non‑current classification
Assets and liabilities are presented in the statement of financial position based on current and non-current classification. 
An asset is classified as current when: it is either expected to be realised or intended to be sold or consumed in the Group’s 
normal operating cycle; it is held primarily for the purpose of trading; it is expected to be realised within 12 months after the 
reporting period; or the asset is cash or cash equivalent unless restricted from being exchanged or used to settle a liability 
for at least 12 months after the reporting period. All other assets are classified as non-current.
A liability is classified as current when: it is either expected to be settled in the Group’s normal operating cycle; it is held 
primarily for the purpose of trading; it is due to be settled within 12 months after the reporting period; or it does not have 
the right at the end of the reporting period to defer settlement of the liability for at least 12 months after the reporting period. 
All other liabilities are classified as non-current.
New, revised or amended Accounting Standards
The Group has assessed and determined that there are no new or amended accounting standards applicable for the first 
time for the 31 December 2024 financial report, that materially affects the Group’s accounting policies or any of the amounts 
recognised in the financial statements.
Note 2. Basis of preparation (continued)
Notes to the consolidated financial statements
for the year ended 31 December 2024
79
Appen 2024 Annual Report

Group performance
Note 3. Segment information
Identification of operating and reportable operating segments
Appen’s operating and reportable operating segments are aligned to market opportunities and customer needs. 
The operating segments are: 
• 
The Global Services segment: which represents the services the Group provides to our major US technology customers 
using their data annotation platforms and tools.
• 
The New Markets segment: which represents our product-led businesses, using Appen’s products and tools conducting 
work for our Global customers, as well as Enterprise, Government and China businesses.
These operating segments are based on the internal reports that are provided to the CEO in his capacity as the Chief Operating 
Decision Maker (CODM) of the Appen Group, in order to assess performance and growth of the business and to determine 
where to allocate resources. The CODM reviews a set of financial reports which covers EBITDA (earnings before interest, tax, 
depreciation and amortisation), underlying EBITDA, revenue and operating segment reports on a monthly basis. 
The accounting policies adopted for internal reporting to the CEO/CODM are consistent with those adopted 
in this financial report. 
Major customers 
During the year ended 31 December 2024, approximately 67.3% (2023: 74.8%) of the Group’s revenue was derived from sales 
to the top five customers. 
Segment results
The following tables show revenue and EBITDA for the reportable segments for the year ended 31 December 2024 
and 31 December 2023.
Global 
Services
New 
Markets
Corporate 
unallocated
Total
31 December 2024
$ 000
$ 000
$ 000
$ 000
Revenue 
118,093
116,192
–
234,285
Other income
–
557
381
938
Interest
–
–
482
482
Total revenue and other income 
118,093
116,749
863
235,705
Segment EBITDA
14,749
(8,101)
6,648
Share-based payment – employees
(3,193)
Foreign exchange gains
4,364
Group underlying EBITDA
7,819
Depreciation and amortisation
(23,320)
Net interest expense
(335)
Restructure costs
(3,039)
Acquisition-related and one-time share-based payments
(884)
Transaction costs
(234)
Loss before income tax
(19,993)
Notes to the consolidated financial statements
for the year ended 31 December 2024
80

Global 
Services
New 
Markets
Corporate 
unallocated
Total
31 December 2023
$ 000
$ 000
$ 000
$ 000
Revenue 
191,533
81,479
–
273,012
Other income
–
742
40
782
Interest
–
–
371
371
Total revenue and other income 
191,533
82,221
411
274,165
Segment EBITDA
17,512
(32,729)
(15,217)
Share-based payment - employees
(4,190)
Transformation investment
(1,067)
Foreign exchange losses
(3,971)
Group underlying EBITDA
(24,445)
Depreciation and amortisation
(35,147)
Net interest expense
(805)
Restructure costs
(8,967)
Acquisition-related and one-time share-based payments
(1,501)
Deemed interest on earn-out liability
(354)
Earn-out adjustment
15,994
Transaction costs
(542)
Impairment loss
(69,182)
Loss before income tax
(124,949)
Geographical information
Revenue
Non-current assets
2024
2023
2024
2023
$ 000
$ 000
$ 000
$ 000
Australia
19,513
13,471
7,351
9,767
United States of America
146,485
215,584
21,452
28,678
Other countries
68,287
43,957
12,613
9,962
Total
234,285
273,012
41,416
48,407
Geographical information is represented based on the location of the legal entities who possess the ownership 
of the assets and the customer contracts. The prior period information has been reclassified to conform with this 
representation and enable comparability.
Note 3. Segment information (continued)
Notes to the consolidated financial statements
for the year ended 31 December 2024
81
Appen 2024 Annual Report

Note 4. Revenue 
Revenue is disaggregated by the type of service and whether the revenue is derived from usage of our products and tools 
(New Markets) or the customers’ own platform (Global Services).
Global 
Services
New 
Markets
Corporate 
unallocated
Total
31 December 2024
$ 000
$ 000
$ 000
$ 000
Global customers 
118,093
31,292
–
149,385
New Markets customers
–
84,900
–
84,900
Total revenue
118,093
116,192
–
234,285
31 December 2023
Global customers 
191,533
9,721
–
201,254
New Markets customers
–
71,758
–
71,758
Total revenue
191,533
81,479
–
273,012
Accounting policy
Revenue from contracts with customers 
Revenue is recognised when control of the goods or services is transferred to the customer and the contract 
performance obligation is satisfied. 
Appen derives most of its revenue from two distinct performance obligations, being:
• 
providing platform and tools for subscription customers for a specified period of time; and
• 
delivering collected, annotated and evaluated data.
Revenue is recognised over time as the customer receives and uses the services, and as the required data is delivered 
and accepted by the customer. Stage of completion method is applied where transactions involving the rendering 
of services is determined by reference to the services performed to date as a percentage of total services to 
be performed.
The amount of revenue recognised is based on the sales prices specified in the contract net of discounts, rebates 
and refunds, which are variable consideration involving a degree of estimation. Such estimates are determined 
using either the ‘expected value’ or ‘most likely amount’ method. The measurement of variable consideration is 
subject to a constraining principle whereby revenue will only be recognised to the extent that it is highly probable 
that a significant reversal in the amount of cumulative revenue recognised will not occur. There is no significant 
financing component and the credit terms are primarily between 30 to 60 days.
Contact assets and liabilities
The Group recognises unbilled revenue as contract assets as disclosed in Note 11 and deferred revenue as contract 
liabilities as disclosed in Note 17. 
Other income 
Other income primarily relates to China business obtained government subsidies and is recognised at the time 
of completion or over period when service is provided and satisfies the performance obligation.
Interest income 
Interest income is recognised on a time proportion basis, by reference to the principal outstanding and the 
effective interest rate applicable, which is the rate that discounts estimated future cash receipts through the expected 
life of the financial asset to the assets’ net carrying value.
Notes to the consolidated financial statements
for the year ended 31 December 2024
82

Note 5. Expenses 
Loss before income tax includes the following specific expenses:
 
 2024
 2023
Depreciation and amortisation
$ 000
$ 000
Depreciation
Leasehold improvements
391
389
Fixtures and fittings
35
54
Computer and audio equipment
619
1,484
Motor vehicles
–
35
Right of use assets
1,848
4,301
Depreciation subtotal
2,893
6,263
Amortisation
Systems and software
113
163
Capitalised product development
11,846
19,776
Other intangibles
257
324
Amortisation subtotal
12,216
20,263
Amortisation – acquisition-related
Capitalised product development
8,118
8,516
Brand
93
105
Amortisation - acquisition-related subtotal
8,211
8,621
Total depreciation and amortisation
23,320
35,147
Finance costs 
Interest and finance charges paid/payable on borrowings
15
435
Interest and finance charges paid/payable on lease liabilities
802
741
Interest and finance charges subtotal
817
1,176
Deemed interest on earn-out liability
–
354
Total finance costs
817
1,530
Share-based payments expense
Share-based payment in respect of Appen performance rights
3,193
4,190
Share-based payment in respect of the Quadrant acquisition and one-time sign-on arrangement 1
884
1,501
Total share-based payments expense
4,077
5,691
Transaction costs
Non-capitalised equity raising costs
41
481
Other transaction costs
193
61
Total transaction costs
234
542
Employee expenses
Defined contribution superannuation expense
5,621
6,090
Employee expenses
64,806
77,435
Total employee expenses
70,427
83,525
1 Includes former CEO one-off sign-on bonus, in receipt of bonuses forgone and was intended to replace a portion of the bonus payments 
that the former CEO would have received from his previous employer had he not ceased employment.
Notes to the consolidated financial statements
for the year ended 31 December 2024
83
Appen 2024 Annual Report

Accounting policy
Depreciation expense
Depreciation is calculated on a straight-line basis to write-off the net cost of each item of property, plant and equipment 
(excluding land) over their expected useful lives.
Amortisation expense
Amortisation is calculated to write-off the cost of intangible assets less their estimated residual values using the 
straight-line method over their estimated useful lives and is recognised in profit or loss. Goodwill is not amortised.
Finance costs
All finance costs are expensed in the period in which they are incurred.
Share-based payments expense
All share-based payments are expensed over the relevant vesting period. The share-based payments expense 
is based on expected targets and hurdles.
Employee expenses
Includes all short-term employee benefits (wages, paid leave and any non-monetary benefits), post-employment 
benefits and other long-term or termination employee benefits.
Note 5. Expenses (continued)
Notes to the consolidated financial statements
for the year ended 31 December 2024
84

Note 6. Earnings per share and dividends
 
2024
2023
$ 000
$ 000
Loss after income tax 
(20,009)
(118,079)
Number
Number
Weighted average number of ordinary shares used in calculating basic earnings per share
228,916,641
142,087,928
Adjustments for calculation of diluted earnings per share:
Rights over ordinary shares 
–1
–
Weighted average number of ordinary shares used in calculating diluted earnings per share
228,916,641
142,087,928
Cent
Cent
Basic earnings per share
(8.74)
(83.10)
Diluted earnings per share
(8.74)
(83.10)
1 Whilst there are unvested performance rights at 31 December 2024, potential ordinary shares are antidilutive when their conversion 
to ordinary shares would increase earnings per share or decrease loss per share. The calculation of diluted earnings per share does not 
assume exercise of the performance rights, or issue of potential ordinary shares that would have an antidilutive effect on earnings per share.
No dividends have been declared or paid during the year.
Accounting policy
Basic earnings per share is calculated by dividing the profit or loss attributable to the owners of the Group excluding 
any costs of servicing equity other than ordinary shares, by the weighted average number of ordinary shares outstanding 
during the financial year.
Diluted earnings per share adjusts the basic earnings per share to take into account the after tax effect of interest 
and other financing costs associated with dilutive positive ordinary shares and the weighted average number 
of shares assumed to have been issued for consideration in relation to dilutive potential ordinary shares.
Notes to the consolidated financial statements
for the year ended 31 December 2024
85
Appen 2024 Annual Report

Note 7. Income tax
2024
2023
$ 000
$ 000
Income tax expense/(benefit)
Current tax (benefit)/expense 
(254)
432
Deferred tax expense/(benefit)
131
(5,206)
Adjustment recognised for prior periods – current tax 
139
(665)
Adjustment recognised for prior periods – deferred tax
–
(1,431)
Income tax expense/(benefit)
16
(6,870)
Deferred tax included in income tax expense/(benefit) comprises:
Decrease in deferred tax assets
288
3,523
Decrease in deferred tax liabilities
(158)
(10,160)
Deferred tax - origination and reversal of temporary differences
130
(6,637)
Numerical reconciliation of income tax benefit and tax at the statutory rate
Loss before income tax expense
(19,993)
(124,949)
Tax at the statutory tax rate of 30%
(5,998)
(37,485)
Tax effect amounts which are not deductible/(taxable) in calculating taxable (loss)/income:
Impairment loss
(81)
12,485
Share-based payments
–
472
Deferred tax adjustments
5,901
21,562
Non-assessable purchase price adjustments on prior acquisitions
–
(4,773)
Sundry items and exchange differences
(67)
–
Adjustment recognised for prior periods
139
(2,096)
Difference in overseas tax rates
122
2,965
Income tax expense/(benefit)
16
(6,870)
2024
2023
$000
$000
Deferred tax assets
Deferred tax asset comprises temporary differences attributable to:
Amount recognised in profit or loss:
Lease liabilities
129
13
Revenue received in advance
(641)
5
Employee benefits
591
388
Accrued expenses
76
112
Other expenses and exchange differences
2,154
1,973
Deferred tax assets
2,309
2,491
Movement: 
Opening balance
2,491
5,078
Debited to profit or loss
(288)
(3,523)
Additions through capital raising
336
1,019
Foreign exchange differences
(230)
(83)
Closing balance
2,309
2,491
Notes to the consolidated financial statements
for the year ended 31 December 2024
86

2024
2023
$ 000
$ 000
Deferred tax liability
Deferred tax liability comprises temporary differences attributable to:
Amount recognised in profit or loss:
Intangible assets
 6,960 
 10,061 
Property, plant and equipment
–
 (541)
Right of use assets
 32 
 (1,694)
Lease liabilities
 (525)
 (689)
Revenue received in advance
 1,203 
 1,203 
Employee benefits
 (2,405)
 (2,243)
Other expenses and exchange differences
 (628)
 (1,007)
Deferred tax liability
 4,637 
 5,090 
Movement 
Opening balance
 5,090 
 15,270 
Debited to profit or loss
 (158)
  (10,160)
Foreign exchange differences
(295)
 (20)
Closing balance
4,637
5,090
China tax losses to be applied in future periods amount to $32 million, of which none have been recognised as a deferred 
tax asset. US tax losses to be applied in future periods amounts to $96 million, of which none have been recognised 
as a deferred tax asset.
Accounting policy
Deferred tax
Deferred tax is recognised in respect of temporary differences between the carrying amounts of assets and liabilities 
for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is not recognised for:
• 
temporary differences on the initial recognition of assets or liabilities in a transaction that is not a business 
combination and that affects neither accounting nor taxable profit or loss;
• 
temporary differences related to investments in subsidiaries, associates and joint arrangements to the extent 
that the Group is able to control the timing of the reversal of the temporary differences and it is probable that 
they will not reverse in the foreseeable future; and
• 
taxable temporary differences arising on the initial recognition of goodwill.
Deferred tax assets and liabilities are offset only where there is a legally enforceable right to offset current tax assets 
against current tax liabilities and deferred tax assets against deferred tax liabilities; and they relate to the same 
taxable authority on either the same taxable entity or different taxable entities which intend to settle simultaneously. 
Appen Limited (the ‘head entity’) and its wholly-owned Australian subsidiaries have formed an income tax consolidated 
group under the tax consolidation regime. The head entity and each subsidiary in the tax consolidated group continue 
to account for their own current and deferred tax amounts. The tax consolidated group has applied the ‘separate 
taxpayer within group’ approach in determining the appropriate amount of taxes to allocate to members of the tax 
consolidated group.
Note 7. Income tax (continued)
Notes to the consolidated financial statements
for the year ended 31 December 2024
87
Appen 2024 Annual Report

Critical accounting judgements, estimates and assumptions 
– uncertain tax positions
The Group is subject to tax in numerous jurisdictions. Significant judgement is required in determining the provision 
for income tax. There are certain transactions and calculations undertaken during the ordinary course of business 
for which the ultimate tax determination is uncertain. The Group recognises liabilities for any anticipated tax audit issues 
based on the Group’s current understanding of the application of the tax law. Where the final tax outcome of these 
matters is different from the carrying amounts, such differences will impact on the current and deferred tax positions 
in the period that such a determination is made.
Recoverability of deferred tax assets
Deferred tax assets are recognised for deductible temporary differences and net losses only if the Group considers 
it is probable that future taxable amounts will be available to utilise those temporary differences and losses.
In addition to its own current and deferred tax amounts, the head entity also recognises the current tax liabilities 
(or assets) and the deferred tax assets arising from unused tax losses and unused tax credits assumed from each 
subsidiary in the tax consolidated group. Assets or liabilities arising under tax funding agreements with the tax 
consolidated entities are recognised as amounts receivable from or payable to other entities in the tax consolidated 
group. The tax funding arrangement ensures that the intercompany charge equals the current tax liability or benefit 
of each tax consolidated group member, resulting in neither a contribution by the head entity to the subsidiaries 
nor a distribution by the subsidiaries to the head entity.
Note 7. Income tax (continued)
Notes to the consolidated financial statements
for the year ended 31 December 2024
88

Note 8. Reconciliation of loss after income tax to net cash from 
operating activities
 
2024
2023
 
Note
$ 000
$ 000
Loss after income tax for the year
(20,009)
(118,079)
Add back/(deduct):
Income tax expense/(benefit)
7
16
(6,870)
Depreciation and amortisation
5
23,320
35,147
Finance costs
5
817
1,176
Impairment of non-financial assets
–
69,182
Share-based payments expense
5
4,077
5,691
Gain on disposal of non-financial assets
(222)
(39)
Deemed interest on earn-out liability
–
354
Earn-out adjustment
–
(15,994)
Transaction costs 
5
234
542
Loss on inventory revaluation
–
669
Effect of foreign exchange rate changes
(7,122)
1,805
Other non-cash items 
–
(202)
Change in operating assets and liabilities:
(Increase) / decrease in:
Trade and other receivables and contract assets
(967)
29,261
Inventory
135
(420)
Prepayments and other assets
(137)
(2,307)
Increase / (decrease) in:
Trade and other payables
713
(14,599)
Provisions
(596)
(1,187)
Contract liabilities
(855)
(7,595)
Income tax received (net)
(68)
526
Net cash used in operating activities
(664)
(22,939)
Cash flows are presented on a gross basis unless otherwise specified. The GST components of cash flows arising from investing 
or financing activities which are recoverable from, or payable to the tax authority are presented as operating cash flows.
Notes to the consolidated financial statements
for the year ended 31 December 2024
89
Appen 2024 Annual Report

Group core assets and liabilities
Note 9. Cash and cash equivalents
 
2024
2023
 
$ 000
$ 000
Cash on hand and at bank
54,809
32,152
Total cash and cash equivalents
54,809
32,152
Accounting policy
Cash and cash equivalents include cash on hand, deposits held at call with financial institutions, and other short-term, 
highly liquid investments with original maturities of three months or less that are readily convertible to known amounts 
of cash and which are subject to an insignificant risk of changes in value.
Note 10. Trade and other receivables
 
2024
2023
 
$ 000
$ 000
Current assets
Trade receivables
46,817
47,869
Provision for expected credit loss
(1,453)
(152)
Net trade receivables 
45,364
47,717
Other receivables
430
1,580
GST/VAT receivable
925
636
Total trade and other receivables
46,719
49,933
Ageing of trade receivables
Days past due
$000
Current
< 3 months
3 – 6 months
> 6 months
Total
As at 31 December 2024
Gross carrying amount
32,999
10,618
758
2,442
46,817
Provision for expected credit loss
–
–
–
(1,453)
(1,453)
As at 31 December 2023
Gross carrying amount
33,969
12,524
628
748
47,869
Provision for expected credit loss
–
–
–
(152)
(152)
Movement in the provision for expected credit loss:
2024
2023
$ 000
$ 000
Balance at the beginning of the period
152
288
Increase in provision
1,325
188
Charged to profit or loss
(24)
(324)
Balance at the end of the period
1,453
152
Notes to the consolidated financial statements
for the year ended 31 December 2024
90

Accounting policy
Trade receivables are initially recognised at fair value. Trade receivables are generally due for settlement within 
30–60 days. A provision for impairment of trade receivables is established when there is objective evidence 
that the Group will not be able to collect all amounts due according to the original terms.
Management is of the view that past models and historical experience may not represent current expectations, 
and greater reliance is placed on up-to-date information about the circumstances about each debtor. 
Receivables and payables are stated inclusive of the amount of GST receivable or payable. The net amount 
of GST recoverable from, or payable to, the tax authority is included in other receivables or other payables 
in the statement of financial position.
Other receivables are recognised at amortised cost, less any provision for impairment.
Critical accounting judgements, estimates and assumptions 
– expected credit losses
The provision for expected credit losses assessment requires a degree of estimation and judgement, based on 
review and circumstances of each amount overdue including recent sales experience and historical collection rates 
and forward-looking information that is available.
Note 11. Contract assets 
 
2024
2023
 
 
$ 000
$ 000
Current assets
Contract assets
19,717
15,536
Movement during the period:
Balance at the beginning of the period
15,536
30,448
Contract asset recognised 
84,452
64,461
Subsequent release to billing and receivables for the year
(79,998)
(79,311)
Foreign currency translation
(273)
(62)
Balance at the end of the period
19,717
15,536
Accounting policy
Revenue is recognised at the amount to which the Group has the right to invoice based on the contract price 
and completed performance obligations. Where revenue recognised is in advance of billings (due to timing differences 
in the Group reporting period and customer billing cycle), a contract asset is recognised; and where cash received 
or billing issued are in advance of revenue recognition, a contract liability is recognised.
Note 10. Trade and other receivables (continued)
Notes to the consolidated financial statements
for the year ended 31 December 2024
91
Appen 2024 Annual Report

Note 12. Intangible assets
 
Goodwill
System and 
software
Capitalised 
product 
development
Brand and 
customer 
relationship
Other 
intangibles
Total
$ 000
$ 000
$ 000
$ 000
$ 000
$ 000
Balance at 1 January 2024
Cost
242,051
2,856
151,068
1,089
2,340
399,404
Accumulated depreciation and 
impairment
(242,051)
(2,277)
(113,369)
(825)
(1,012)
(359,534)
Net carrying value at 
1 January 2024
–
579
37,699
264
1,328
39,870
Additions
–
11
11,309
–
–
11,320
Amortisation
–
(113)
(19,964)
(93)
(257)
(20,427)
Foreign exchange translation 
–
–
(498)
(23)
(67)
(588)
Balance at 31 December 2024
Cost
242,051
2,783
161,311
1,045
2,184
409,374
Accumulated amortisation and 
impairment
(242,051)
(2,306)
(132,765)
(897)
(1,180)
(379,199)
Net carrying value at 
31 December 2024
–
477
28,546
148
1,004
30,175
Balance at 1 January 2023
Net carrying value
53,114
994
53,516
369
1,567
109,560
Additions
–
173
17,825
–
159
18,157
Disposals
–
(6)
–
–
–
(6)
Impairment
(53,114)
(399)
(5,264)
–
(74)
(58,851)
Transfers / reclassification
–
43
(43)
–
–
–
Amortisation
–
(163)
(28,292)
(105)
(324)
(28,884)
Foreign exchange translation
–
(63)
(43)
–
–
(106)
Balance at 31 December 2023
Net carrying value
–
579
37,699
264
1,328
39,870
Management’s impairment assessment
At each reporting period, an assessment of the carrying value of non-current assets is performed. AASB 136: Impairment 
of Assets, requires an entity to perform a detailed recoverable amount assessment for an asset when any of the following 
impairment indicators are present: 
• 
There are observable indications that an asset’s value has declined during the period more than that which would 
be expected as a result of the passage of time or normal use; 
• 
Technological, market, economic, or legal environment in which the entity operates has changed or will change with 
adverse impact on the entity; 
• 
Market interest rates or other market rates of return on investments have increased during the period and are likely 
to have an impact on discount rates; 
• 
Carrying amount of the net assets of the entity is more than its market capitalisation;
• 
Evidence that assets are obsolete or physically damaged; 
• 
Significant changes with an adverse impact on the entity have taken place during the period impacting the manner 
or extent to which an asset is used or expected to be used (restructure etc); or 
• 
Evidence is available from internal reporting that indicates that the economic performance of an asset is, or will be, 
worse than expected. 
Notes to the consolidated financial statements
for the year ended 31 December 2024
92

In addition to the above, Goodwill and indefinite life intangible assets (whether in-use or not ready for-use) must be tested, 
at least annually, for impairment. 
For the year ended 31 December 2024, management assessed that the Group continued to have 3 Cash Generating Units 
(CGUs), Global Services, New Markets (ex. China) and China, on the basis of:
• 
How cashflows are identified and measured; and 
• 
How resources are allocated and performance are measured, consistent with Appen’s long-term strategy of revenue 
and customer diversification. 
For the year ended 31 December 2024, management has not identified any indicators of impairment.
Critical accounting judgements, estimates and assumptions
Capitalisation of product development costs
The Group uses a degree of judgement in order to determine if product development costs satisfy the recognition 
and measurement criteria to be capitalised as an asset in accordance with AASB 138 Intangible Assets. This includes 
the use of Appen’s project management system to tag each project undertaken by the engineering team, as either 
new feature development or maintenance.
Impairment of non‑financial assets other than goodwill and other indefinite life intangible assets
The Group assesses impairment of non-financial assets other than goodwill and other indefinite life intangible 
assets for each cash-generating unit at each reporting date by evaluating conditions specific to the Group and 
to the particular asset that may lead to impairment. If an impairment trigger exists, the recoverable amount of the asset 
is determined. This involves fair value less costs of disposal or value-in-use calculations, which incorporate a number 
of key estimates and assumptions.
Note 12. Intangible assets (continued)
Notes to the consolidated financial statements
for the year ended 31 December 2024
93
Appen 2024 Annual Report

Accounting policy
Systems and software
Significant costs on systems implementation are deferred and amortised on a straight-line basis over the period 
of their expected useful life, being the finite life of 7 years. Configuration costs associated with the implementation 
of cloud-based ERP systems are expensed as incurred. 
Acquired software or software on perpetual license are capitalised and amortised on a straight-line basis over 
its useful life. 
Product development
Expenditure on research activities is recognised as an expense when incurred.
Product development costs are capitalised at the direct costs incurred and amortised on a straight-line basis 
over the period of their expected useful life being 3 to 7 years. Amortisation starts at the time that the technology 
is activated and is used either internally or externally. The capitalised costs include directly attributable costs relating 
to product development, and costs relating to employment of the engineering team, product hosting services, 
external consultants and IT software and hardware.
Development costs are capitalised when the Group can demonstrate all of the followings: 
• 
the technical feasibility of completing the asset so that it is available for use or sale; 
• 
the intention to complete the asset and use or sell it; 
• 
the ability to use or sell it; 
• 
how the asset will generate probable future economic benefits; 
• 
the availability of adequate technical, financial and other resources to complete the development and to use 
or sell the asset; and
• 
the ability to measure reliably the expenditure attributable to the asset during its development. 
Subsequent to initial recognition, internally-generated intangible assets are reported at cost less accumulated 
amortisation and accumulated impairment losses, on the same basis as intangible assets that are acquired separately.
Brand
Brand names acquired in a business combination are amortised on a straight-line basis over the period of their expected 
benefit. This includes the acquisition of the Quadrant brand name which has been estimated to have a finite life of 5 years.
Other intangibles
Other intangible assets primarily consist of licenses and databases. Costs in relation to other intangibles are capitalised 
as an asset and amortised on a straight-line basis over the period of their expected useful life being 3–5 years.
Off-the-shelf databases are internally generated intangibles and are capitalised only if they meet all of the criteria 
stated in the accounting policy section with respect to the accounting policy associated with development costs. 
Costs are capitalised at the direct costs incurred and amortised on a straight-line basis over the period of their expected 
useful life of 7 years. Amortisation starts at the time that the database is available for use or sale to external customers.
Note 12. Intangible assets (continued)
Notes to the consolidated financial statements
for the year ended 31 December 2024
94

Note 13. Property, plant and equipment
Leasehold 
improvements
Fixtures and 
fittings
Computer 
and Audio 
equipment Motor vehicles 
Total
$ 000
$ 000
$ 000
$ 000
$ 000
Balance at 1 January 2024
Cost
4,845
1,383
9,178
50
15,456
Accumulated depreciation
(4,360)
(1,267)
(8,304)
(50)
(13,981)
Net carrying value at 1 January 2024
485
116
874
–
1,475
Additions
791
206
793
–
1,790
Disposals
–
–
(1)
–
(1)
Depreciation
(391)
(35)
(619)
–
(1,045)
Foreign exchange translation
(2)
(2)
(25)
–
(29)
Balance at 31 December 2024
Cost 
4,833
1,042
9,053
48
14,976
Accumulated depreciation and impairment
(3,950)
(757)
(8,031)
(48)
(12,786)
Net carrying value at 31 December 2024
883
285
1,022
–
2,190
Balance at 1 January 2023
Net carrying value
656
258
2,777
35
3,726
Additions
738
180
890
–
1,808
Disposals
–
–
(66)
–
(66)
Impairment
(514)
(275)
(1,215)
–
(2,004)
Transfer/reclassification
5
8
(13)
–
–
Depreciation
(389)
(54)
(1,484)
(35)
(1,962)
Foreign exchange translation
(11)
(1)
(15)
–
(27)
Balance at 31 December 2023
Net carrying value
485
116
874
–
1,475
Accounting policy
Each class of property, plant and equipment is carried at cost or fair value, less any accumulated depreciation 
or impairment losses. The assets’ depreciation methods, residual values and useful lives are reviewed, and adjusted 
if appropriate, at the end of each reporting period. The depreciation rates used for each class of depreciable assets are:
Leasehold improvements
Over the lease term up to 8 years
Fixture and fittings
3–13 years
Computer and audio equipment 
1–4 years
Motor vehicles
3–5 years
Any gain or loss on disposal of an item of plant and equipment is recognised in the consolidated statement of profit 
or loss.
Notes to the consolidated financial statements
for the year ended 31 December 2024
95
Appen 2024 Annual Report

Note 14. Right of use assets and lease liabilities 
2024
2023
$ 000
$ 000
Right of use assets
Balance at the beginning of the period
3,095
9,061
Additions
2,960
8,403
Disposals
–
(1,488)
Impairment
–
(8,319)
Depreciation
(1,848)
(4,301)
Remeasurement
–
(251)
Foreign exchange translation
(117)
(10)
Balance at the end of the period
4,090
3,095
2024
2023
$000
$000
Lease liabilities
Balance at the beginning of the period
12,434
10,177
Additions
2,960
8,403
Accretion of interest
802
741
Payment of interest
(802)
(637)
Payment of principal
(3,596)
(4,126)
Disposals
–
(1,658)
Remeasurement
(239)
(453)
Foreign exchange translation
(519)
(13)
Balance at the end of the period
11,040
12,434
Current lease liabilities
3,583
3,125
Non-current lease liabilities
7,457
9,309
The undiscounted lease liabilities’ maturity is analysed in Note 24. Financial risk management.
Accounting policy
The Group’s leases primarily comprise commercial offices and car park facilities, where the Group is the lessee and 
has right to control the use of the identified lease assets. A right-of-use asset is recognised at the commencement date 
of a lease and is measured at cost, which comprises the initial amount of the lease liability, adjusted for, as applicable, 
any lease payments made at or before the commencement date net of any lease incentives received. Depreciation 
is charged on a straight-line basis over the term of the lease and recorded in profit or loss.
Right-of-use assets are subject to impairment or adjusted for any remeasurement of lease liabilities. Options to extend 
leases are assessed for reasonable certainty in assessing the term of the lease to charge the depreciation expense.
Short-term leases are those with a lease term of 12 months or less. The Group has elected to take exemptions under 
AASB 16 and has not recognised the right of use assets or lease liabilities for these leases. Lease payments for these 
exempted leases are expensed in profit or loss, on a straight-line basis over the lease term.
Lease liabilities are recognised at the lease commencement date and are initially measured at the present value of future 
lease payments using incremental borrowing rate or borrowing rate relevant for the jurisdiction of the lease, at the 
commencement date. Interest accretion on lease liabilities are recorded in the profit or loss. Lease payments include 
fixed payments (including in-substance fixed payments) less any lease incentives receivable, variable lease payments 
that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. Variable lease 
payments that do not depend on an index or a rate are recognised as expenses in the period incurred.
Notes to the consolidated financial statements
for the year ended 31 December 2024
96

Note 15. Trade and other payables
 
2024
2023
 
$ 000
$ 000
Current liabilities
Trade payables
14,083
13,573
Other payables and accrued expenses 
14,111
13,659
Total trade and other payables
28,194
27,232
Maturity analysis of trade and other payables are disclosed in Note 24. Financial risk management. 
Accounting policy
Trade and other payable represent liabilities in relation to goods and services rendered to the Group but not yet paid 
by the balance sheet date. They are measured at amortised cost and undiscounted due to their short-term nature. 
The amounts are unsecured and usually paid within agreed payment terms.
Note 16. Provisions
 
2024
2023
 
$ 000
$ 000
Current liabilities
Employee benefits 
1,797
2,407
Total current provisions
1,797
2,407
Non-current liabilities
Employee benefits
258
238
Other provisions
62
68
Total non-current provisions
320
306
Total provisions
2,117
2,713
Employee benefits primarily comprise accrued annual leave and long service leave. 
Notes to the consolidated financial statements
for the year ended 31 December 2024
97
Appen 2024 Annual Report

Accounting policy
Short‑term employee benefits
These are expected to be settled wholly within 12 months after the employees render the related service and include 
wages, salaries and sick leave. These are measured at the undiscounted amounts expected to be paid when the 
obligation is settled.
Long‑term employee benefits
Long-term employee benefits are measured at the present value of the expected future payments to be made 
to employees. When such benefits not expected to be settled within 12 months after balance date it is presented 
as non-current.
Expected future payments incorporate anticipated future wage and salary levels, duration of service and employee 
departures and are discounted at rates determined by reference to market yields at the end of the reporting 
period on high quality corporate bonds that have maturity dates that approximate the terms of the obligations. 
Any re-measurements for changes in assumptions of obligations for long-term employee benefits are recognised 
in profit or loss in the periods for which the changes occur.
Other provision 
This relates to office lease makegood provision. The amount recognised as a provision is the best estimate of the 
consideration required to settle.
Note 17. Contract liabilities
 
2024
2023
 
$ 000
$ 000
Current liabilities
Invoices issued/deposits received in advance
10,287
11,142
Contract liabilities are expected to be recognised as revenue in future periods as follows:
 
2024
2023
 
$ 000
$ 000
Within 3 months
4,276
4,340
Over 3 months
6,011
6,802
Total 
10,287
11,142
Accounting policy
Contract liabilities represent the Group’s obligations to render services to a customer and reflects the value 
of advance payments made by customers who have been invoiced for services that will be provided in the future 
and are recognised when the customer pays consideration or when the Group recognises a receivable to reflect its 
unconditional right to consideration (whichever is earlier) before the Group has transferred the services to a customer.
The Group does not disclose further qualitative information related to remaining performance obligations, as they 
are either part of a contract that has an original expected duration of one year or less; or the associated revenue 
is recognised in the amount of which the Group has a right to invoice.
Note 16. Provisions (continued)
Notes to the consolidated financial statements
for the year ended 31 December 2024
98

Investment, capital and risk management
Note 18. Earn-out liability
 
2024
2023
 
$ 000
$ 000
Current earn-out liability
–
3,750
Total earn-out liability
–
3,750
Movement during the year: 
 
2024
2023
 
$ 000
$ 000
Balance at the beginning of the period 
3,750
19,131
Deemed interest
–
354
Earn-out adjustment (including foreign currency translation)
–
(15,735)
Earn-out settlement
(3,750)
–
Balance at the end of the period
–
3,750
The earn-out liability relates to the acquisition of Quadrant in September 2021. The liability was fully settled in January 2024 via 
the issue of 7,774,816 fully paid ordinary shares.
Note 19. Derivative financial instruments
 
2024
2023
$ 000
$ 000
Current assets
Forward foreign exchange contract
–
104
The Group used forward foreign exchange contract to manage its exposure to foreign currency exchange risks. 
Derivatives were exclusively used for hedging purposes, i.e. not as trading or other speculative instruments. 
The Group no longer hedges using derivatives given the changes to the cost base over the last two years. Natural hedging 
is largely in place. The final forward contract was closed out in June 2024.
Accounting policy
Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently 
remeasured to their fair value at each reporting date. The accounting for subsequent changes in fair value depends 
on whether the derivative is designated as a hedging instrument, and if so, the nature of the item being hedged.
Further details are disclosed in Note. 21. Fair value measurement and Note 24. Financial risk management.
Notes to the consolidated financial statements
for the year ended 31 December 2024
99
Appen 2024 Annual Report

Note 20. Investments
The Group continued to hold its minority interests in the following investments:
• 
Mindtech Global Limited (“Mindtech”), a provider of synthetic data to create privacy-compliant edge cases; and
• 
Reka AI, Inc. (“Reka”), an AI model start-up specialising in the development of customised and powerful AI models for 
enterprise customers. 
These investments are carried at fair value as at 31 December. 
Fair value 
2024
2023
Investments
Country of 
incorporation
Elected accounting
method
$ 000
$ 000
Mindtech
UK
FVOCI
932
946
Reka
USA
FVOCI
500
500
Total 
1,432
1,446
Based on the best available information, management considered the fair value of both investments remained unchanged 
as at 31 December 2024, with the reduction in Mindtech due to foreign exchange translation.
Accounting policy
AASB 9 Financial Instruments allows an irrevocable election on initial recognition to present gains and losses 
on investments in equity instruments that are not held for trading in other comprehensive income. Management 
has applied this election with respect to both investments. Any future dividends in respect of this investment that 
are a return on investment will be recognised in profit or loss and there is no impairment on disposal of the investment.
Note 21. Fair value measurement
The following tables outlined the Group’s assets and liabilities, measured and disclosed at fair value, using the three-level 
hierarchy based on the lowest level of input that is significant to the entire fair value measurement, being:
• 
Level 1: inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access 
at the measurement date;
• 
Level 2: inputs other than quoted prices included within Level 1, that are observable for the asset or liability, either directly 
or indirectly; and
• 
Level 3: inputs are unobservable inputs for the asset or liability.
There were no transfers between categories for recurring fair value measurements during the year.
Level 1
Level 2
Level 3
Total
$ 000
$ 000
$ 000
$ 000
31 December 2024
Assets
Forward foreign exchange contracts
–
–
–
–
Investments
–
–
1,432
1,432
Total assets
–
–
1,432
1,432
Liabilities
Earn-out liability
–
–
–
–
Total liabilities
–
–
–
–
Notes to the consolidated financial statements
for the year ended 31 December 2024
100

Level 1
Level 2
Level 3
Total
$ 000
$ 000
$ 000
$ 000
31 December 2023
Assets
Forward foreign exchange contracts
–
104
–
104
Investments 
–
–
1,446
1,446
Total assets
–
104
1,446
1,550
Liabilities 
Earn-out liability
–
–
3,750
3,750
Total liabilities 
–
–
3,750
3,750
Accounting policy
When an asset or liability is measured at fair value, the fair value is based on the price that would be received to sell 
an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, 
and assumes the transaction will take place either in a principal or advantageous market. 
Assets and liabilities measured at fair value are classified into the three levels discussed above. External valuers 
may be used for recurring and non-recurring fair value measurements when internal expertise is not available 
or the amount is material.
Note 21. Fair value measurement (continued)
Notes to the consolidated financial statements
for the year ended 31 December 2024
101
Appen 2024 Annual Report

Note 22. Borrowings
The Group has no outstanding borrowings as at year end. 
2024
2023
Used at 
reporting date
Unused at 
reporting date
Used at 
reporting date
Unused at 
reporting date
Facilities
$ 000
$ 000
$ 000
$ 000
Facility A (Senior debt)
–
–
–
–
Facility B (Working capital)
–
–
–
6,818
Facility C (Acquisition funding)
–
–
–
–
Total facilities
–
–
–
6,818
Facility A and Facility B expired during 2023. Facility B was resized from A$20 million to $A10 million during 2023 and expired 
on 3 January 2024. Following the expiry of Facility B, there are no debt facilities in place.
Accounting policy
Loans and other borrowings are initially recognised at fair value of the consideration received, net of transaction costs. 
They are subsequently measured at amortised cost using the effective interest method.
Note 23. Equity 
Issued capital
2024
2023
Balance as at 31 December
# of shares
$000
# of shares
$000
Ordinary shares - fully paid
 260,735,154 
 366,714 
 211,467,054 
 320,435 
Movement in ordinary share capital: 
Details
Date
# of shares
$ 000
Balance as at
31 December 2023
211,467,054
320,435
Issue of shares – Quadrant earn-out settlement
19 January 2024
7,774,816
3,750
Issue of shares – exercise of performance rights
18 March 2024
2,094,641
–
Issue of shares – exercise of performance rights
21 March 2024
376,742
–
Issue of shares – exercise of performance rights
3 May 2024
666,925
–
Issue of shares – exercise of performance rights
13 May 2024
46,173
–
Issue of shares – exercise of performance rights
13 June 2024
46,173
–
Issue of shares – exercise of performance rights
26 June 2024
529,119
–
Issue of shares – exercise of performance rights
5 September 2024
92,346
–
Issue of shares – exercise of performance rights
30 September 2024
1,195,400
–
Issue of shares – institutional placement
17 October 2024
26,041,667
32,524
Issue of shares – conversion of warrants 1
18 October 2024
2,591,598
–
Issue of shares – share purchase plan
8 November 2024
7,812,500
10,005
Balance as at
31 December 2024
260,735,154
366,714
1 Warrants related to the Quadrant acquisition and subsequent earn-out.
Notes to the consolidated financial statements
for the year ended 31 December 2024
102

Ordinary shares
Ordinary shares entitle the holder to participate in dividends and the proceeds on the winding up of the Company 
in proportion to the number of and amounts paid on the shares held. The fully paid ordinary shares have no par value 
and the Company does not have a limited amount of authorised capital. On a show of hands every member present 
at a meeting in person or by proxy shall have one vote and upon a poll each share shall have one vote.
Share buy-back
There is no current on-market share buy-back.
Capital risk management
Capital is regarded as total equity, as recognised in the statement of financial position. Net debt is calculated as total 
borrowings less cash and cash equivalents.
The Group’s objectives when managing capital is to safeguard its ability to continue as a going concern, so that it can provide 
returns for shareholders and benefits for other stakeholders, as well as to maintain an optimal capital structure to reduce 
the cost of capital. 
In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to shareholders, 
return capital to shareholders, issue new shares or sell assets to improve liquidity.
The capital risk management policy remains unchanged from the prior year.
Accounting policy
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares are shown in 
equity as a deduction, net of tax, from the proceeds.
Reserves
 
2024
2023
$ 000
$ 000
Common control reserve 
(1,307)
(1,307)
Foreign currency translation reserve
(15,566)
(6,738)
Share-based payments reserve
38,979
34,902
Profit reserve
104,667
104,667
Other reserves 
2,002
2,002
Total reserves
128,775
133,526
Movement in each category of reserves are as follows:
Note 23. Equity (continued)
Notes to the consolidated financial statements
for the year ended 31 December 2024
103
Appen 2024 Annual Report

 
Common 
control 
reserve
Foreign 
currency 
translation 
reserve 
Share-based 
payments 
reserve
Profits
reserve
Other
reserves
Total
$ 000
$ 000
$ 000
$ 000
$ 000
$ 000
Balance at 1 January 2024
(1,307)
(6,738)
34,902
104,667
2,002
133,526
Foreign currency translation
–
(8,828)
–
–
–
(8,828)
Share-based payments 
–
–
4,077
–
–
4,077
Balance at 31 December 2024
(1,307)
(15,566)
38,979
104,667
2,002
128,775
Balance at 1 January 2023
(1,307)
(8,019)
29,211
106,267
2,002
128,154
Foreign currency translation
–
1,281
–
–
–
1,281
Unrealised loss on investment
–
–
–
(1,600)
–
(1,600)
Share-based payments 
–
–
5,691
–
–
5,691
Balance at 31 December 2023
(1,307)
(6,738)
34,902
104,667
2,002
133,526
Common control reserve
The reserve represents the difference between the consideration transferred by the Company for the acquisition of commonly 
controlled entities and the existing book value of those entities immediately prior to the acquisition.
Foreign currency translation reserve
The reserve is used to recognise exchange differences arising from translation of the financial statements of foreign operations 
to US dollars. 
Share-based payments reserve
The reserve is used to recognise the value of equity benefits provided to employees as part of their remuneration.
Profits reserve
The Profits reserve represents current year profits transferred to a reserve to quarantine these profits from being appropriated 
against present or prior year losses. Any profits are available for the payment of future dividends.
Other reserves
This reserve represents the equity settled portion of contingent consideration together with any capital raising expenses 
that are allocated to equity, in connection with the acquisition of Butler Hill.
Accumulated losses
2024
2023
 
$ 000
$ 000
Accumulated losses at the beginning of the period
 (361,164)
 (243,085)
Loss after income tax for the period
 (20,009)
(118,079)
Accumulated losses at the end of the period
(381,173)
 (361,164) 
Note 23. Equity (continued)
Notes to the consolidated financial statements
for the year ended 31 December 2024
104

Note 24. Financial risk management 
The key financial risks faced by the Group are market risks (including foreign currency exchange risk, price risks and interest rate 
risk), credit risks and liquidity risk. 
The Group’s overall risk management program focuses on the unpredictability of financial markets and seeks to minimise 
potential adverse effects on the financial performance of the Group. The Group regularly reviews these risks and related policies 
to manage the use of financial instruments in mitigating the overall risk exposures to an acceptable level, as summarised below.
Risk
Exposure
Measurement 
Management 
Market risk – 
Foreign currency 
exchange
• 
Non-USD payments to suppliers 
• 
Non-USD receipts from customers
Cash flow forecast 
and sensitivity 
analysis 
• 
Economic hedges 
• 
Treasury foreign exchange 
hedging policy
Credit risk 
• 
Cash at bank
• 
Trade and other receivables
• 
Derivative contracts
Ageing analysis and 
sensitivity analysis 
• 
Customer and supplier due 
diligence policies
• 
Treasury policy over financial instrument 
counterpart’s credit rating 
Liquidity risk
• 
Borrowings
• 
Lease liabilities
• 
Trade payables and other liabilities
Cash flow forecast 
and sensitivity 
analysis 
• 
Regular cash flow forecast
• 
Cash and credit facility management
• 
Maintain funding flexibility
The Chief Financial Officer retains overall responsibility for management of financial risks for the Group under policies approved 
by the Board of Directors (‘the Board’). These policies include identification and analysis of the risk exposure of the Group 
and appropriate procedures, controls and risk limits. 
Market risk 
Foreign currency exchange
The Group’s exposure is limited considering majority of the Group’s revenue and assets are denominated in US dollars 
(USD), the same as its reporting currency. The Group still has certain transactions in foreign currencies, principally in relation 
to corporate head office costs and ASX listing associated costs in Australian Dollars (AUD).
Where appropriate, the Group utilises forward foreign exchange contract to mitigate such risks. And as outlined in Note 19. 
Derivative financial instruments, the Group has stopped extending its derivative contracts upon expiry in 2024, given the limited 
exposure remained. 
Notes to the consolidated financial statements
for the year ended 31 December 2024
105
Appen 2024 Annual Report

The period-end average exchange rates and reporting date exchange rates applied were as follows:
Average rate
Reporting date rate
Group applied foreign exchange rates
2024
2023
2024
2023
United States Dollars
Australian Dollars
1.5156
1.5070
1.6120
1.4666
United Kingdom Pound Sterling
0.7824
0.8019
0.7978
0.7854
European Economic and Monetary Union Euro
0.9242
0.9236
0.9628
0.9060
Hong Kong Dollars
7.8025
7.8306
7.7660
7.8081
Philippine Pesos
57.2091
55.5477
58.1564
55.1700
Chinese Yuan
7.1855
7.0825
7.2995
7.0698
Japanese Yen
151.3088
141.3700
156.8135
140.9900
Singapore Dollars
1.3359
1.3418
1.3627
1.3192
Korean Won
1,375.5
1,305.4
1,473.8
1,293.1
Indian Rupee
83.6610
82.5800
85.6018
83.04
Canadian Dollars
1.3695
1.3493
1.4373
1.3247
Vietnamese Dong
25,125.6
N/A
25,481.6
N/A
Foreign exchange risk recognises financial assets and financial liabilities denominated in a currency that is not the US dollar 
and the risk is measured using sensitivity analysis. 
The carrying amount of the Group’s foreign currency denominated financial assets and financial liabilities at reporting date 
were as follows, excluding intangible and fixed assets, intercompany and other non-monetary balances.
Financial assets
Financial liabilities
2024
2023
2024
2023
$000
$000
$000
$000
Australian Dollars
15,802
8,477
704
199
United Kingdom Pound Sterling
1,008
1,814
106
197
European Economic and Monetary Union Euro
1,116
1,541
–
–
Hong Kong Dollars
–
–
13
13
Philippine Pesos
636
678
319
236
Chinese Yuan
16,276
13,823
5,866
4,861
Japanese Yen
1,504
1,999
123
198
Singapore Dollars
148
319
–
–
Korean Won
1,766
398
48
27
Indian Rupee
885
137
–
181
Canadian Dollars
651
191
–
–
Vietnamese Dong
188
–
14
–
Total 
39,980
29,377
7,193
5,912
Note 24. Financial risk management (continued)
Notes to the consolidated financial statements
for the year ended 31 December 2024
106

Based on the above exposure, had the US dollar weakened by 10% or strengthened by 10% against these foreign currencies with 
all other variables held constant, the impact on the Group’s profit/loss before tax for the year (excluding translation difference 
for consolidation purpose) and on the Group’s equity would have been as follows:
USD strengthened
USD weakened
change
Effect on profit 
before tax
Equity
Effect on profit 
before tax
Equity
2024
%
$000
$000
$000
$000
Australian Dollars
10%
-
(1,510)
–
1,510
United Kingdom Pound Sterling
10%
(6)
(90)
6
90
European Economic Monetary Union Euro
10%
(62)
(112)
62
112
Hong Kong Dollars
10%
–
1
–
(1)
Philippine Pesos
10%
–
(32)
–
32
Chinese Yuan
10%
–
(1,041)
–
1,041
Japanese Yen
10%
(6)
(138)
6
138
Singapore Dollars
10%
(15)
(15)
15
15
Korean Won
10%
–
(157)
–
157
Indian Rupee
10%
–
(54)
–
54
Canadian Dollars
10%
–
(65)
–
65
Vietnamese Dong
10%
–
(17)
–
17
Total
(89)
(3,230)
89
3,230
2023
Australian Dollars
10%
–
(828)
–
828
United Kingdom Pound Sterling
10%
(21)
(162)
21
162
European Economic Monetary Union Euro
10%
(16)
(154)
16
154
Hong Kong Dollars
10%
–
1
–
(1)
Philippine Pesos
10%
–
(44)
–
44
Chinese Yuan
10%
–
(896)
–
896
Japanese Yen
10%
(7)
(180)
7
180
Singapore Dollars
10%
(31)
(32)
31
32
Korean Won
10%
–
(35)
–
35
Indian Rupee
10%
–
4
–
(4)
Canadian Dollars
10%
–
(19)
–
19
Total
(75)
(2,345)
75
2,345
The percentage change is the expected overall volatility of the significant currencies, which is based on management’s 
assessment of reasonable possible fluctuations taking into consideration movements over the last 12 months each year 
and the spot rate at each reporting date.
Price risk
The Group holds an insignificant amount of cryptocurrency assets which, prima facie, may be subject to price risk. 
Cryptocurrency was part of the acquired Quadrant’s business operations, as it was used to pay geolancers and some suppliers, 
as it allowed real-time settlement and micropayments with no incremental fees. 
Cryptocurrency assets are classified as inventory and valued in these financial statements at the lower of cost and net 
realisable value.
Interest rate risk
The Group has limited interest rate risk exposure as it no longer hold any long-term borrowings.
Note 24. Financial risk management (continued)
Notes to the consolidated financial statements
for the year ended 31 December 2024
107
Appen 2024 Annual Report

Credit risk
Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the Group. 
The Group has a strict code of credit, including obtaining agency credit information, confirming references and setting 
appropriate credit limits. The Group obtains guarantees where appropriate to mitigate credit risk. The maximum exposure 
to credit risk at the reporting date to recognised financial assets is the carrying amount, net of any provisions for impairment 
of those assets, as disclosed in the statement of financial position and notes to the financial statements. The Group does not hold 
any collateral. 
Generally, trade receivables and contract assets are written off when there is no reasonable expectation of recovery. 
Indicators of this include the failure of a debtor to engage in a repayment plan and a failure to make contractual payments 
for a period greater than one year.
Liquidity risk
Liquidity risk management requires the Group to maintain sufficient liquid assets (mainly cash and cash equivalents) 
and available borrowing facilities to be able to pay debts as and when they become due and payable. 
The Group manages liquidity risk by maintaining adequate cash reserves and available borrowing facilities by continuously 
monitoring actual and forecast cash flows and matching the maturity profiles of financial assets and liabilities.
As at 31 December 2024, the Group held cash and cash equivalents of $54.8 million (2023: $32.2 million). 
Maturity of financial liabilities are summarised below, based on the contractual undiscounted cash flows. 
Balances due within 1 year equal their carrying values considering the discounting impact is insignificant.
Contractual maturities
2024 
$000
< 1 year
1-2 years
2- 5 years
> 5 years
Total cash 
flows
Total carrying 
value
Non-derivatives
Non-interest bearing 
Trade payables
14,083
–
–
–
14,083
14,083
Other payables
14,111
–
–
–
14,111
14,111
Interest‑bearing – fixed rate
Lease liability 1
3,794
3,147
4,748
–
11,689
11,040
Total non-derivatives
31,988
3,147
4,748
–
39,883
39,234
Contractual maturities
2023 
$000
< 1 year
1–2 years
2– 5 years
> 5 years
Total cash 
flows
Total carrying 
value
Non-derivatives
Non-interest bearing 
Trade payables
13,573
–
–
–
13,573
13,573
Other payables
13,659
–
–
–
13,659
13,659
Interest‑bearing – fixed rate
Lease liability 1
3,323
2,636
7,519
522
14,000
12,434
Total non-derivatives
30,555
2,636
7,519
522
41,232
39,666
1 Includes interest, weighted average at 5.87% (2023: 6.24%). 
Note 24. Financial risk management (continued)
Notes to the consolidated financial statements
for the year ended 31 December 2024
108

Other information
Note 25. Contingent liabilities
The Group has provided security for bank guarantees regarding contractual obligations on commercial real estate leases. 
The total amount is A$134,000 as at 31 December 2024 (2023: A$134,000). 
The Company is a party to the Deed of Cross Guarantee entered into with various Group entities. The operation of the Deed 
of Cross Guarantee has the effect of joining the Company as a guarantor to the Group’s commitments and contingencies. 
Further details are disclosed in Note 28. Deed of cross guarantee.
Note 26. Parent entity information
The Group’s parent entity is Appen Limited, and its supplementary information are as follows:
Statement of profit or loss
 
2024
2023
 
$ 000
$ 000
Profit/(loss) after income tax
(24,523)
(4,388)
Statement of financial position 
2024
2023
$ 000
$ 000
Total current assets
13,960
2,848
Total assets
114,544
122,745
Total current liabilities
230
1,468
Total liabilities
230
1,468
Net assets
114,314
121,277
Equity
Issued capital
366,714
320,435
Translation reserve
 (125,973)
 (89,220)
Share-based payments reserve
 38,979 
 34,902 
Profits reserve
 (39,659)
 (43,616)
Other reserves
 2,002 
 2,002 
Accumulated losses
(127,749)
(103,226)
Total equity
114,314
121,277
The accounting policies of the parent entity are consistent with those of the Group, except for that investments in subsidiaries are 
measured at cost in the parent entity.
The parent entity had a deed of cross guarantee in relation to the debtors of its subsidiaries in the prior year and as at 
31 December 2024. Further information are disclosed in Note 28. Deed of cross guarantee.
The parent entity had no contingent liabilities and no significant capital commitments as at 31 December 2024.
Notes to the consolidated financial statements
for the year ended 31 December 2024
109
Appen 2024 Annual Report

Note 27. Subsidiaries 
The consolidated financial statements incorporate the assets, liabilities and results of the following subsidiaries in accordance 
with the accounting policy described in Note 2. Basis of preparation.
Interest %
Entity
Country of incorporation
2024
2023
Appen AI Pty Ltd
Australia
100%
100%
Appen Financial Services Pty Ltd
Australia
100%
100%
Appen AI Inc 1
United States of America
100%
100%
Crowdgen, Inc. 3 
United States of America
100%
100%
RaterLabs Inc.
United States of America
100%
100%
Figure Eight Technologies Inc.
United States of America
100%
100%
Figure Eight Federal LLC
United States of America
100%
100%
Appen AI Europe Limited 1
Ireland
100%
100%
Appen (UK) Limited 1
United Kingdom
100%
100%
Mendip Media Group Limited
United Kingdom
100%
100%
Appen Data Technology (Shanghai) Co. Ltd
China
100%
100%
Beijing Appen Technology Co., Ltd 4
China
100%
100%
Appen Technology (Wuxi) Co. Ltd
China
100%
100%
Appen Data Technology (Chongqing) Co., Ltd.
China
100%
100%
Appen Data Technology (Huainan) Co. Ltd 2
China
100%
N/A
Appen Butler Hill Limited 1
Hong Kong
100%
100%
Appen Limited Korea 1
Korea
100%
100%
Appen Japan Pty Ltd 1
Japan
100%
100%
Quadrant Pte Ltd 1
Singapore
100%
100%
Quadrant Protocol Ltd
British Virgin Islands
100%
100%
Appen Canada Limited 1
Canada
100%
100%
Appen AI India Private Limited 1
India
100%
100%
APPEN VIET NAM CO.,LTD 1,2
Vietnam
100%
N/A
1 Wholly owned subsidiaries of Appen AI Pty Ltd. 
2 Newly incorporated legal entities in 2024.
3 Entity name changed from Leapforce, Inc. to Crowdgen, Inc. on 11 November 2024.
4 100% Ownership transferred to Appen Data Technology (Shanghai) Co. Ltd in August 2024.
Notes to the consolidated financial statements
for the year ended 31 December 2024
110

Accounting policy
The consolidated financial report incorporates all of the assets, liabilities and results of Appen Limited and all of the 
subsidiaries. Subsidiaries are entities controlled by the Group. The Group controls an entity when it is exposed to, 
or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through 
its power over the entity.
The assets, liabilities and results of all subsidiaries are fully consolidated into the financial statements of the Group from 
the date control is obtained by the Group. Acquisition of subsidiaries are accounted for using the acquisition method 
of accounting. A change in ownership interest without the loss of control, is accounted for as an equity transaction, where 
the difference between the consideration transferred and the book value of the share of the non-controlling interest 
acquired is recognised as directly attributable to the parent.
The consolidation of a subsidiary is discontinued from the date control ceases. When the Group loses control over 
a subsidiary, it de-recognises the assets and liabilities of the subsidiary, and any related non-controlling interest and 
other components of equity. Any resulting gain or loss is recognised in profit or loss. Any interest retained in the former 
subsidiary is measured at fair value when control is lost. Intercompany transactions, balances and unrealised gains 
or losses on transactions between Group members/subsidiaries are fully eliminated on consolidation. Accounting 
policies of subsidiaries are regularly reviewed and adjusted where necessary to ensure uniformity of the accounting 
policies adopted by the Group.
Note 28. Deed of Cross Guarantee
The following subsidiaries together with the parent entity are parties to a Deed of Cross Guarantee under which each party 
has guaranteed to pay any deficiency in the event of the winding up of any of the members in the Closed Group. By entering into 
the Deed, the wholly-owned entities have been relieved from the requirement to prepare a financial report and directors’ report 
under ASIC Corporations (Wholly-owned companies) Instrument 2016/785. 
• 
Appen AI Pty Ltd
• 
Appen Financial Services Pty Ltd
Note 27. Subsidiaries (continued)
Notes to the consolidated financial statements
for the year ended 31 December 2024
111
Appen 2024 Annual Report

The consolidated statement of profit or loss and financial positions of the entities that are members of the Closed Group 
is as follows:
Statement of profit or loss and other comprehensive income
 
2024
2023
 
$ 000
$ 000
Revenue
17,836
43,883
Expenses
Crowd service costs
(1,520)
(3,765)
Employee expenses 
(12,970)
(17,818)
Recruitment costs
(286)
(754)
Professional fees
(1,532)
(2,288)
Information technology costs
(1,301)
(1,591)
Communication and travel expenses
(693)
(1,020)
Other expenses
(5,382)
(7,343)
Depreciation and amortisation
(1,751)
(3,508)
Share-based payments expense
(1,094)
(1,578)
Net foreign exchange gain/(loss)
5,249
(2,873)
Transaction costs
(134)
(519)
Restructure costs
(207)
(1,959)
Finance costs
(255)
(660)
Deemed interest on earn-out liability
–
(354)
Earn-out adjustment
–
15,994
Impairment
–
(4,079)
Profit/(loss) before income tax
(4,040)
9,768
Income tax expense
(3)
(37)
Profit/(loss) after income tax
(4,043)
9,731
Other comprehensive income/(expense)
Items that may be reclassified subsequently to profit or loss:
Foreign currency translation
(16,446)
6,530
Other comprehensive income for the period, net of tax
(16,446)
6,530
Total comprehensive profit/(loss) for the period 
(20,489)
16,261
Note 28. Deed of Cross Guarantee (continued)
Notes to the consolidated financial statements
for the year ended 31 December 2024
112

 Statement of financial position
 
2024
2023
 
$ 000
$ 000
Assets
Current assets
Cash and cash equivalents
44,475
2,842
Trade and other receivables
9,665
3,788
Contract assets
6,245
3,774
Inventory
1,069
1,069
Prepayments and other assets
2,013
2,768
Income tax receivables
2,153
1,760
Derivative financial instruments
–
104
Total current assets
65,620
16,105
Non-current assets
Prepayments and other assets 
232
14
Intangible assets
5,011
7,251
Plant and equipment
233
157
Lease right of use assets
–
756
Deferred tax assets
6,647
7,251
Investments 
3,095
3,095
Intercompany transactions
121,798
148,523
Total non-current assets
137,016
167,047
Total assets
202,636
183,152
Liabilities
Current liabilities
Trade and other payables
3,520
4,254
Provisions
741
777
Contract liabilities
5,032
4,698
Lease liabilities
901
966
Total current liabilities
10,194
10,695
Non-current liabilities
Trade and other payables
320
306
Lease liabilities
2,201
3,453
Earn-out liability
–
3,750
Deferred tax liabilities
2,694
3,511
Total non-current liabilities
5,215
11,020
Total liabilities
15,409
21,715
Net assets
187,227
161,437
Equity
Issued capital
366,714
320,435
Reserves and retained earnings
(179,487)
(158,998)
Total equity
187,227
161,437
Note 28. Deed of Cross Guarantee (continued)
Notes to the consolidated financial statements
for the year ended 31 December 2024
113
Appen 2024 Annual Report

Note 29. Related party transactions
Parent entities
Appen Limited is the parent entity. Supplementary information of the parent entity is disclosed in Note 26. 
Subsidiaries 
Interests in subsidiaries are set out in Note 27.
Key management personnel compensation
The aggregate remuneration received/receivable by the Directors and other key management personnel of the Group is 
as follows: 
 
2024
2023
 
$
$
Short-term benefits
2,390,705
 1,750,025 
Post-employment benefits
 21,646 
 21,195 
Termination payments
 588,160 
 259,535 
Long-term benefits
18,189
 78,973 
Share-based payments
  414,954 
 2,634,705 
Total compensation
3,433,654
 4,744,433 
Loans to/from related parties 
There were no formal loans to or from related parties during the year or the prior year. 
Note 30. Share-based payments 
The Group provides benefits to employees (including key management personnel) of the Group through share-based incentives. 
Employees are paid for their services or incentivised for their performance in part through shares or rights over shares. 
These share-based payments are settled via equity and the expense arising from these transactions is recorded and disclosed 
in the consolidated statement of profit or loss. 
Performance rights – Long-term incentive plan
Appen has an established employee performance rights plan, designated to provide an incentive to senior managers and above 
(including executive directors) to deliver long-term shareholder returns. Under the plan, participants are granted performance 
rights which only vest if certain performance conditions are met.
LTI for executive KMP is 100% performance and service hurdle-based which aligns with Australian market practice. Vesting 
is subject to Absolute Total Shareholder Return (aTSR) targets over a three-year performance period. Further details can 
be found in the remuneration report. 
LTI for other executives is tailored to the North American market and the vesting is 50% time-based and 50% performance 
based over a two-year period. 
Notes to the consolidated financial statements
for the year ended 31 December 2024
114

The vesting levels for the achievement of targets are summarised as follows:
Absolute TSR 1 over the performance period
% of Rights that vest
TSR is below 190%
Nil
TSR is 190%
50%
TSR is between 190% and 320%
Pro-rata straight line vesting between 50% and 100%
TSR is greater than or equal to 320%
100%
1 Absolute Total Shareholder Return (ATSR) is defined as growth in the price of shares (modified to account for capital adjustments where 
appropriate) together with the value of the dividends over the performance period, assuming that all those dividends are re-invested into  
new shares. ATSR is measured over the three-year vesting period. 
LTI is also granted to non-executive employees on a discretionary basis and the vesting is dependent on continued employment 
with the Group.
The rights are granted on various dates in a year, based on a specified monetary value to each recipient and a share price at the 
time the offer is determined. There was no exercise price applicable and no expiry date applicable upon granting the rights. 
The fair value of rights is deemed to be the function of the number of rights granted and the share price at grant date. The fair 
value is then recognised in consolidated statement of profit or loss over time, to match to each employee’s vesting hurdles. Upon 
cessation of employment, unvested rights are forfeited and the expense recognised in prior periods in respect of forfeited rights 
is credited to the consolidated statement of profit or loss.
The following tables set out an overview of all performance rights granted under the existing plans:
Year ended 31 December 2024
Plans and number of rights
Balance at the 
start of the 
year
Granted
Exercised
Expired/
forfeited/
other
Balance at the 
end of the year
2019
723
–
–
–
723
2020
16,603
–
(2,816)
(4,855)
8,932
2021
403,188
–
(238,739)
(136,922)
27,527
2022
925,051
–
(355,473)
(192,508)
377,070
2023
11,919,817
2,598,175
(3,740,651)
(5,838,560)
4,938,781
2024 
–
21,682,936
(336,839)
(1,373,949)
19,972,148
13,265,382
24,281,111
(4,674,518)
(7,546,794)
25,325,181
Year‑ended 31 December 2023
Plans and number of rights
2019
121,459
–
(2,640)
(118,096)
723
2020
227,448
–
(72,117)
(138,728)
16,603
2021
583,641
–
(16,266)
(164,187)
403,188
2022
3,830,336
–
(921,818)
(1,983,467)
925,051
2023
–
18,346,408
(277,041)
(6,149,550)
11,919,817
4,762,884
18,346,408
(1,289,882)
(8,554,028)
13,265,382
The weighted average remaining contractual life of performance rights outstanding at the end of the financial year was 1.33 years 
(2023:1.33 years).
The total share-based payment expense recognised in 2024 was $4.1 million (2023: $5.7 million).
Note 30. Share-based payments (continued)
Notes to the consolidated financial statements
for the year ended 31 December 2024
115
Appen 2024 Annual Report

Accounting policy
The grant date fair value of equity-settled share-based payment arrangements granted to employees is generally 
recognised as an expense, with a corresponding increase in equity – share-based payment reserve, over the vesting 
period of the awards. 
The cumulative expense recognised for equity-settled transactions at each reporting date until vesting date reflects 
the extent to which the vesting period has expired and the proportion of the awards that are expected to ultimately vest. 
No expense is recognised for awards that do not ultimately vest due to a non-market performance condition not being 
met. The expense is recognised in full if the awards do not vest (or are not exercised) due to a market performance 
condition not being met. 
For share-based payment awards with non-vesting conditions, the grant date fair value of the share-based payment 
is measured to reflect such conditions and there is no true-up for differences between expected and accrual outcomes.
Note 31. Remuneration of auditors
During the financial year the following fees were paid or payable for services provided by KPMG, the auditor of the Company, 
and its network firms:
2024
2023
 
$
$
Audit and review services
 Audit or review of the financial statements – Group
295,622
365,435
 Audit of the financial statements – controlled entities
26,600
25,145
Total audit services
322,222
390,580
Other services
 Tax compliance services – transfer pricing 
28,231
86,262
 Other assurance services 
5,655
238,395
Total non-audit services
33,886
324,657
Total audit and non-audit services
356,108
715,237
Note 32. Events after the reporting period
The Directors are not aware of any other matter or circumstance not otherwise dealt with in this report that has significantly 
affected or may significantly affect the operations of the Group, the results of those operations or the state of affairs 
of the Group in subsequent financial periods.
Note 30. Share-based payments (continued)
Notes to the consolidated financial statements
for the year ended 31 December 2024
116

Entity 
Body corporate, 
partnership or trust
Country of  
incorporation
% of capital  
held
Australian or  
Foreign tax resident
Jurisdiction for 
Foreign tax resident
Appen Limited
Body Corporate
Australia
N/A
Australian
N/A
Appen AI Pty Ltd
Body Corporate
Australia
100%
Australian
N/A
Appen Financial Services Pty Ltd
Body Corporate
Australia
100%
Australian
N/A
Appen AI Inc
Body Corporate
USA
100%
Foreign
USA
Crowdgen, Inc 
Body Corporate
USA
100%
Foreign
USA
RaterLabs Inc.
Body Corporate
USA
100%
Foreign
USA
Figure Eight Technologies Inc.
Body Corporate
USA
100%
Foreign
USA
Figure Eight Federal LLC
Body Corporate
USA
100%
Foreign
USA
Appen AI Europe Limited
Body Corporate
Ireland
100%
Foreign
Ireland
Appen (UK) Limited
Body Corporate
UK
100%
Foreign
UK
Mendip Media Group Limited
Body Corporate
UK
100%
Foreign
UK
Appen Data Technology (Shanghai) Co. Ltd
Body Corporate
China
100%
Foreign
China
Beijing Appen Technology Co., Ltd
Body Corporate
China
100%
Foreign
China
Appen Technology (Wuxi) Co. Ltd
Body Corporate
China
100%
Foreign
China
Appen Data Technology (Chongqing) Co., Ltd.
Body Corporate
China
100%
Foreign
China
Appen Data Technology (Huainan) Co. Ltd
Body Corporate
China
100%
Foreign
China
Appen Butler Hill Limited
Body Corporate
Hong Kong
100%
Foreign
Hong Kong
Appen Limited Korea
Body Corporate
Korea
100%
Foreign
Korea
Appen Japan Pty Ltd
Body Corporate
Japan
100%
Foreign
Japan
Quadrant Pte Ltd
Body Corporate
Singapore
100%
Foreign
Singapore
Quadrant Protocol Ltd
Body Corporate
British Virgin 
Islands
100%
Foreign
British Virgin 
Islands
Appen Canada Limited
Body Corporate
Canada
100%
Foreign
Canada
Appen AI India Private Limited
Body Corporate
India
100%
Foreign
India
APPEN VIET NAM CO.,LTD
Body Corporate
Vietnam
100%
Foreign
Vietnam
Basis of preparation
This consolidated entity disclosure statement (CEDS) has been prepared in accordance with the Corporations Act 2001 
and includes information for each entity that was part of the consolidated entity as at the end of the financial year in accordance 
with AASB 10 Consolidated Financial Statements.
Determination of tax residency
Section 295 (3A)(vi) of the Corporation Act 2001 defines tax residency as having the meaning in the Income Tax Assessment 
Act 1997. The determination of tax residency involves judgement as there are different interpretations that could be adopted, 
and which could give rise to a different conclusion on residency.
In determining tax residency, the consolidated entity has applied the following interpretations:
• 
Australian tax residency 
The consolidated entity has applied current legislation and judicial precedent, including having regard to the Tax 
Commissioner’s public guidance in Tax Ruling TR 2018/5.
• 
Foreign tax residency 
Where necessary, the consolidated entity has used independent tax advisers in foreign jurisdictions to assist 
in its determination of tax residency to ensure applicable foreign tax legislation has been complied with.
Branches (permanent establishments)
Foreign branches of Australian subsidiaries are not separate level entities and therefore do not have a separate residency 
for Australian tax purposes. Generally, the Australian subsidiary that the branch is a part of will be the relevant tax resident, 
rather than the branch operations.
Additional disclosures on the tax status of Australian subsidiaries having a foreign branch with a taxable presence in that 
jurisdiction have been provided where relevant.
Consolidated entity disclosure statement
as at 31 December 2024
117
Appen 2024 Annual Report

In the Directors’ opinion:
• 
the attached financial statements and notes comply with the Corporations Act 2001, the Australian Accounting Standards, 
the Corporations Regulations 2001 and other mandatory professional reporting requirements;
• 
the attached financial statements and notes comply with International Financial Reporting Standards as issued by the 
International Accounting Standards Board as described in the financial statements;
• 
the attached financial statements and notes give a true and fair view of the Group’s financial position as at 31 December 2024 
and of its performance for the financial year ended on that date;
• 
the consolidated entity disclosure statement as at 31 December 2024 is true and correct;
• 
there are reasonable grounds to believe that the Company will be able to pay its debts as and when they become due and 
payable; and
• 
at the date of this declaration, there are reasonable grounds to believe that the members of the Extended Closed Group 
will be able to meet any obligations or liabilities to which they are, or may become, subject by virtue of the deed of cross 
guarantee described in note 28 to the financial statements.
The directors have been given the declarations required by section 295A of the Corporations Act 2001.
Signed in accordance with a resolution of directors made pursuant to section 295(5)(a) of the Corporations Act 2001.
On behalf of the Directors
Richard Freudenstein 
Director
26 February 2025
Directors’ declaration
118

Report on the audit of the Financial Report
Opinion
We have audited the Financial Report of Appen Limited 
(the Company).
In our opinion, the accompanying Financial Report of the 
Company gives a true and fair view, including of the Group’s 
financial position as at 31 December 2024 and of its financial 
performance for the year then ended, in accordance with 
the Corporations Act 2001, in compliance with Australian 
Accounting Standards and the Corporations Regulations 2001.  
The Financial Report comprises: 
• 
Consolidated statement of financial position as at 
31 December 2024
• 
Consolidated statement of profit or loss and other 
comprehensive income, Consolidated statement of 
changes in equity, and Consolidated statement of cash 
flows for the year then ended
• 
Consolidated entity disclosure statement 
and accompanying basis of preparation as at 
31 December 2024
• 
Notes, including material accounting policies
• 
Directors’ Declaration. 
The Group consists of the Company and the entities it 
controlled at the year end or from time to time during the 
financial year.
Basis for opinion
We conducted our audit in accordance with Australian Auditing Standards. We believe that the audit evidence we have 
obtained is sufficient and appropriate to provide a basis for our opinion.
Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the Financial 
Report section of our report.
We are independent of the Group in accordance with the Corporations Act 2001 and the ethical requirements of the 
Accounting Professional and Ethical Standards Board’s APES 110 Code of Ethics for Professional Accountants (including 
Independence Standards) (the Code) that are relevant to our audit of the Financial Report in Australia. We have fulfilled our 
other ethical responsibilities in accordance with these requirements.
Key Audit Matters 
Key Audit Matters are those matters that, in our professional judgement, were of most significance in our audit of the Financial 
Report of the current period.
This matter was addressed in the context of our audit of the Financial Report as a whole, and in forming our opinion thereon, 
and we do not provide a separate opinion on this matter.
KPMG, an Australian partnership and a member firm of the KPMG global organisation of independent member firms affiliated with KPMG 
International Limited, a private English company limited by guarantee. All rights reserved. The KPMG name and logo are trademarks used 
under license by the independent member firms of the KPMG global organisation. Liability limited by a scheme approved under Professional 
Standards Legislation.
Independent auditor’s report
to the shareholders of Appen Limited
119
Appen 2024 Annual Report

Recognition of revenue from contracts with customers ($234.3m)
Refer to Notes 4 and 11 to the Financial Report
The key audit matter
The Group derives the majority of its revenue from 
providing platform and tools to subscription customers 
for a specified period of time, and delivering collected, 
annotated and evaluated data.
The Group’s policy is to recognise this revenue over time 
using the stage of completion method, as the customer 
receives and uses the services, and as the required data is 
delivered and accepted by the customer.
Recognition of revenue from contracts with customers is 
considered to be a key audit matter due to:
• 
The significance of revenue to the Group’s financial 
statements; and
• 
The high volume of contracts spanning the year end 
requiring the Group to make manual adjustments 
to recognise revenue and related contract assets 
and liabilities.
This resulted in significant audit effort for us to assess the 
revenue recorded by the Group in its financial statements, 
and the basis for manual adjustments made, in particular 
to revenue and contract assets, which may be prone to a 
greater risk of error at the year end.
How the matter was addressed in our audit
Our procedures included: 
• 
We assessed the appropriateness of the Group’s 
accounting policies for revenue recognition against 
the requirements of the accounting standards and our 
understanding of the business.
• 
We obtained an understanding of and tested key 
internal controls related to the recognition of revenue, 
such as Management’s review and approval of invoices 
and contracts and Management’s review of stage of 
completion for revenue recognition.
• 
We tested a sample of revenue transactions recorded 
by the Group throughout the year.  
We checked the: 
 –
existence of the underlying arrangement to signed 
contracts with customers; and 
 –
stage of completion and amount of revenue 
recognised to customer acknowledgements of the 
services provided and data delivered (customer 
acknowledgements).
• 
We tested a sample of revenue transactions recognised 
by the Group either side of the year end (including 
manual adjustments), to underlying records such as, 
customer acknowledgements to check revenue was 
recognised in the period when the service was provided 
and data accepted by the customer.
• 
We tested a sample of contract assets recorded by the 
Group at year end, including manual adjustments to 
recognise contract assets, to underlying records such 
as customer acknowledgements to check revenue was 
recognised in the period when the service was provided 
and data accepted by the customer.
• 
We evaluated the adequacy of disclosures in the 
financial report using our understanding obtained 
from our testing and against the requirements of the 
accounting standards.
Independent auditor’s report
to the shareholders of Appen Limited
120

Other Information
Other Information is financial and non-financial information in Appen Limited’s annual report which is provided in addition to 
the Financial Report and the Auditor’s Report. The Directors are responsible for the Other Information.
Our opinion on the Financial Report does not cover the Other Information and, accordingly, we do not express an audit 
opinion or any form of assurance conclusion thereon, with the exception of the Remuneration Report and our related 
assurance opinion.
In connection with our audit of the Financial Report, our responsibility is to read the Other Information. In doing so, we 
consider whether the Other Information is materially inconsistent with the Financial Report or our knowledge obtained in the 
audit, or otherwise appears to be materially misstated.
We are required to report if we conclude that there is a material misstatement of this Other Information, and based on 
the work we have performed on the Other Information that we obtained prior to the date of this Auditor’s Report we have 
nothing to report.
Responsibilities of the Directors for the Financial Report
The Directors are responsible for:
• 
preparing the Financial Report in accordance with the Corporations Act 2001, including giving a true and fair view of 
the financial position and performance of the Group, and in compliance with Australian Accounting Standards and the 
Corporations Regulations 2001
• 
implementing necessary internal control to enable the preparation of a Financial Report in accordance with the 
Corporations Act 2001, including giving a true and fair view of the financial position and performance of the Group, and 
that is free from material misstatement, whether due to fraud or error
• 
assessing the Group and Company’s ability to continue as a going concern and whether the use of the going concern 
basis of accounting is appropriate. This includes disclosing, as applicable, matters related to going concern and using 
the going concern basis of accounting unless they either intend to liquidate the Group and Company or to cease 
operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the Financial Report 
Our objective is:
• 
to obtain reasonable assurance about whether the Financial Report as a whole is free from material misstatement, 
whether due to fraud or error; and
• 
to issue an Auditor’s Report that includes our opinion.
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with 
Australian Auditing Standards will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error. They are considered material if, individually or in the aggregate, they could 
reasonably be expected to influence the economic decisions of users taken on the basis of the Financial Report.
A further description of our responsibilities for the audit of the Financial Report is located at the Auditing and Assurance 
Standards Board website at: https://www.auasb.gov.au/media/bwvjcgre/ar1_2024.pdf 
This description forms part of our Auditor’s Report.
Independent auditor’s report
to the shareholders of Appen Limited
121
Appen 2024 Annual Report

Report on the Remuneration Report
Opinion 
In our opinion, the Remuneration Report of Appen Limited 
for the year ended 31 December 2024, complies with 
Section 300A of the Corporations Act 2001.
Directors’ responsibilities 
The Directors of the Company are responsible for the 
preparation and presentation of the Remuneration Report in 
accordance with Section 300A of the Corporations Act 2001.
Our responsibilities 
We have audited the Remuneration Report included in 
pages 55 to 71 of the Directors’ report for the year ended 
31 December 2024.
Our responsibility is to express an opinion as to whether 
the Remuneration Report complies in all material respects 
with Section 300A of the Corporations Act 2001, based 
on our audit conducted in accordance with Australian 
Auditing Standards.
KPMG 
Cameron Slapp  
  
Partner 
  
Sydney  
  
26 February 2025 
Independent auditor’s report
to the shareholders of Appen Limited
122

Additional information required under ASX Listing Rule 4.10 and not shown elsewhere in this Annual Report is as follows. 
The information is current as at 31 January 2025.
Distribution of shareholders
The distribution of issued capital is as follows:
Size of holding
Number of 
shareholders
Ordinary 
shares
% of issued 
capital
100,001 and over
204
164,981,507
 63.28 
10,001 to 100,000
2,019
55,827,450
 21.41 
5,001 to 10,000
1,832
13,663,584
 5.24 
1,001 to 5,000
7,856
18,965,586
 7.27 
1 to 1,000
24,483
7,297,027
 2.80 
Total
36,394
260,735,154
100.00
Distribution of performance rights holders
The distribution of unquoted performance rights on issue is as follows:
Size of holding
Number of 
holders
Unquoted 
performance 
rights
% of total 
rights
100,001 and over
22
21,657,619
86.95
10,001 to 100,000
93
2,824,835
11.34
5,001 to 10,000
42
275,341
1.11
1,001 to 5,000
40
130,614
0.52
1 to 1,000
48
18,523
0.08
Total
245
24,906,932 
100.00
The performance rights on issue are unquoted and have been issued under our employee incentive scheme.
Less than marketable parcels of ordinary shares
There are 11,631 shareholders with unmarketable parcels, holding 891,055 shares.
Additional information
123
Appen 2024 Annual Report

Twenty largest shareholders
The names of the twenty largest shareholders of quoted equity securities are as follows:
Ordinary shares
Number held
 % of issued 
capital
1 
CITICORP NOMINEES PTY LIMITED
19,642,438
7.53
2 
J P MORGAN NOMINEES AUSTRALIA PTY LIMITED
17,160,629
6.58
3 
HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED 
15,519,784
5.95
4 
MR LINPING FU
10,000,000
3.84
5 
C & J VONWILLER PTY LTD 
8,600,827
3.30
6 
BNP PARIBAS NOMS (NZ) LTD 
6,943,217
2.66
7 
BNP PARIBAS NOMS PTY LTD 
4,632,901
1.78
8 
MATTHEW WONG INVESTMENTS (AUS) PTY LTD 
3,961,110
1.52
9 
PACIFIC CUSTODIANS PTY LIMITED APX PLANS CTRL A/C 
3,741,675
1.44
10 
MORGAN STANLEY AUSTRALIA SECURITIES (NOMINEE) PTY LIMITED
3,578,735
1.37
11 
BNP PARIBAS NOMINEES PTY LTD 
3,520,088
1.35
12 
PENG CHENG INVESTMENT PTY LTD 
3,315,625
1.27
13 
WARBONT NOMINEES PTY LTD 
3,292,649
1.26
14 
MS BO XU
3,006,576
1.15
15 
BNP PARIBAS NOMINEES PTY LTD 
2,433,704
0.93
16 
ASB NOMINEES LIMITED <145608 A/C>
2,287,888
0.88
17 
BNP PARIBAS NOMINEES PTY LTD 
2,134,245
0.82
18 
QY LONG RIVER PTY LTD
2,106,326
0.81
19 
MS HUA LU
1,961,042
0.75
20 
MR GUOXIN HU
1,450,000
0.56
119,289,459
45.75
Remaining quoted equity securities
141,445,695
54.25
Total quoted equity securities
260,735,154
100.00
Unquoted equity securities
The Company had the following unquoted securities on issue as at 31 January 2025:
Number  
on issue
Number  
of holders
Performance rights
24,906,932
245 
Additional information
124

Substantial shareholders
The names of the substantial shareholders as disclosed in notices submitted to the ASX as at 31 January 2025 are:
Ordinary shares
Shareholder
Number held
 % of issued 
capital
C & J VONWILLER PTY LTD
8,600,827
3.30
Restricted securities
The Company had no restricted securities on issue as at 31 January 2025.
Voting rights
In accordance with the Constitution each member present at a meeting whether in person, or by proxy, or by power of attorney, 
or a duly authorised representative in the case of a corporate member, shall have one vote on a show of hands, and one vote for 
each fully paid ordinary share, on a poll.
Holders of performance rights have no voting rights.
On-market buy-backs
There is no current on-market buy-back in relation to the Company’s securities.
Additional information
125
Appen 2024 Annual Report

This year, our materiality assessment followed a robust three-step process to ensure alignment with strategic objectives and 
evolving business priorities.
Identify
We identified material issues by examining Appen’s economic, operational, and societal impacts, alongside 
associated risks. This process incorporated:
1 
Emerging and existing strategic challenges: Including technology advancements like generative AI and 
evolving workforce dynamics.
2 
Market signals: Trends and developments in policy and other market factors impacting Appen’s operations 
and reputation.
3 
Risk landscape evolution: Assessment of key and emerging risks critical to sustaining business resilience.
4 
Stakeholder insights: Feedback from contributors, customers, investors, and internal teams captured 
through ongoing engagement.
Evaluate
We evaluate each material issue based on its importance to Appen’s business and to our stakeholders. We 
typically engage with each stakeholder group during the year through many forums such as face-to-face and 
virtual meetings, surveys and by responding to queries and concerns. Through this process we have identified 
28 material issues on which we report. We have also identified and reported on other important issues and risks 
that are of interest to our stakeholders. 
Review  
and report
Our risk, trust, and safety team, senior management, and the Board reviewed the material issues to ensure 
alignment with our business strategy and risk management framework. Material issues guide our reporting and 
are embedded into our operational measures, allowing us to track progress and drive results across our six value 
drivers. Additionally, identified risks are integrated into relevant risk registers, ensuring a proactive approach to 
both opportunity capture and risk mitigation.
Value driver
2024 material issues 
Associated risk
Page reference
Technology, 
processes 
and systems
• 
Data security and governance
• 
Cyber security
• 
Technology innovation
• 
Protection of intellectual property
• 
Managing technology disruptions and business 
continuity
• 
Platform availability
• 
Ethical and responsible deployment of Generative AI
• 
Investment in technology innovation 
and transformation 
• 
Compliance with security privacy and 
other data regulations
12–14
Our people
• 
Culture and engagement
• 
Diversity, equity and inclusion
• 
Talent attraction and retention
• 
Wellbeing and safety
• 
Workplace training and development
• 
Talent strategy and 
employee value proposition
25–27
Customer 
and brand
• 
Customer experience and satisfaction
• 
Innovative customer solutions
• 
Customer concentration
• 
Crowd integrity
• 
Changing customer strategy and needs
• 
Ability to execute on 
operational requirements
• 
Crowd supply meets customer demand
22–24
Financial
• 
Sustainable earnings
• 
Ongoing customer demand for data
• 
Evolution of the AI market
• 
Strategic direction of business:
 –
Capture potential of generative AI
28–32
Crowd, 
social and 
environment
• 
Fair pay, treatment and wellbeing
• 
Crowd diversity and inclusion
• 
Responsible AI
• 
Environmental impact and climate change
• 
Corporate Governance
• 
Corporate citizenship and reputation
• 
Labour and Human rights
• 
Supply chain management
• 
Wellbeing of crowd workers on high-risk projects, 
including content moderation
• 
Crowd conditions
• 
Compliance with legal, statutory and 
ethical obligations
• 
Environmental, social and governance 
(ESG) risks and performance
15–21
Materiality assessment
126

Sustainable Development
Goals (SDGs)
Playing our part
9 Industry innovation  
and infrastructure
Our services support technology development, research and innovation across the globe, many 
of which are used to increase access to technology in developing countries.
8 Decent work and  
economic growth
Our work from anywhere model provides income generating opportunities for individuals whose 
personal circumstances make it difficult for them to access traditional employment. For many 
communities, the ability to access digital work through our platform has unlocked a new world 
of possibilities for economic development, skills training, and the ability to participate in the 
digital economy.
10 Reduced inequalities
We believe in digital equality through responsible AI practices. By ensuring training data is 
representative of the real world this reduces the potential for technology to introduce further 
bias and discrimination to underrepresented and marginalised communities. Our diverse global 
crowd is fundamental to ensuring this and we continue to invest in research to ensure that our 
crowd reflects the real world.
5 Gender equality
We believe in opportunities for all and embed this in our day-to-day practices as guided by our 
Diversity Policy. We have a 50% gender balance across our board and targeting an increase to 
female representation in our senior management team.
13 Climate action
We believe we can help drive the global net zero agenda by playing our part and have committed 
to the following:
• 
Net zero across our operations and supply chain by 2030
• 
Becoming a signatory to the SBTi
Prioritised United Nations Sustainable
Development Goals
127
Appen 2024 Annual Report

People
Employee Engagement 1
2021
2022
2023
2024
Score (%)
76
78
75
79
1  Measures the likelihood of full time permanent employees (including those in PEOs) referring a friend or colleague to Appen based on their 
employee experience. The scale is a 5 point Likert resulting in 1–2 Detractor, 3 Passive and 4–5 Promoter. NPS is calculated by subtracting the 
% of total detractors from the % of total promoters. Survey results are provided by Workday Peakon.
Training hours 1
2021
2022
2023
2024
Total training hours
32,527
41,665
35,156
29,280
1  Data from Appen University.
Mandatory training completion rates 1
2021
2022
2023
2024
Compliance courses (%)
91
91
95
90
1  Data from Appen University.
Employee demographics – gender 1
2021
2022
2023
2024
Female
Overall workforce (%)
58
57
55
57
Board director (%)
50
50
50
50
Executive Team/SVP (%)
30
30
22
23
Vice President (%)
28
32
35
57
Senior Director (%)
53
63
47
36
Director (%)
41
45
40
50
Manager (%)
60
57
61
56
Male
Overall workforce (%)
42
43
45
43
Board director (%)
50
50
50
50
Executive Team/SVP (%)
70
70
78
77
Vice President (%)
72
68
65
43
Senior Director (%)
47
37
53
64
Director (%)
59
55
60
50
Manager (%)
40
43
39
44
1 HR report for all employees generated from Workday. Refer to link www.appen.com/about-us for Board of directors.
Non-financial data metrics
128

Employee demographics – ethnicity 1
US Only
2023
2024
Breakdown
Share of total 
workforce (%)
Share in all mgmt. 
positions (%)
Share of total 
workforce (%)
Share in all mgmt. 
positions (%)
Asian
18.1
13.2
10.2
18.6
Black or African American
0.6
0.0
4.6
3.4
Hispanic or Latino
3.6
4.0
3.7
6.8
White
59.5
65.7
57.9
52.5
Indigenous or Native
0.0
0.0
0.5
0.0
Other
4.8
6.6
5.6
8.5
Not disclosed
13.4
10.5
17.6
10.2
All regions
2023
2024
Breakdown
Share of total 
workforce (%)
Share in all mgmt. 
positions (%)
Share of total 
workforce (%)
Share in all mgmt. 
positions (%)
Asian
41.5
37.9
36.7
39.1
Black or African American
0.1
0.0
1.2
0.7
Hispanic or Latino
1.1
1.0
1.3
1.3
White
19.5
21.2
20.7
15.8
Indigenous or Native
0.0
0.0
0.1
0.0
Other
1.6
2.2
2.2
2.6
Not disclosed
36.2
37.7
37.8
40.5
1  HR report for all permanent employees generated from Workday.
Crowd
Crowd NPS 1
2021
2022
2023
2024
Score (%)
40
31
27
33
1 Measures the likelihood of crowd contractors to recommend Appen to a friend or colleague, according to a scale of 1–10 where 10 means 
extremely likely (0–6 Detractor, 7–8 Passive, 9–10 Promoter). NPS is calculated by subtracting the % of total detractors from the % of total 
promoters. Scores can range from -100 to +100. Source: Cascade Insights.
Customer
Customer NPS 1
2021
2022
2023
2024
Score (%)
Not disclosed
22
35
57
1 Measures the likelihood of Customer to recommend Appen to a friend or colleague, according to a scale of 1–10 where 10 means extremely 
likely (0–6 Detractor, 7–8 Passive, 9–10 Promoter). NPS is calculated by subtracting the % of total detractors from the % of total promoters. 
Scores can range from -100 to +100. Source: ChurnZero.
Non-financial data metrics
129
Appen 2024 Annual Report

Environment
Geographic distribution of emissions (Scope 1 and 2) 1,2
Gas 
 (MWh)
Electricity 
(MWh)
Electricity  
–renewable
(MWh)
Scope 1 
 tCO2e
Scope 2 
 tCO2e
Scope 2 
(location based) 
 tCO2e
Australia
–
–
52.0
–
–
37.9
US and Canada
120.0
210.3
–
21.8
44.6
39.9
China, Japan and Vietnam
1,406.7
1,064.6
–
254.9
892.5
892.5
UK
35.6
26.9
65.5
6.5
1.8
13.6
India
–
174.6
–
–
173.0
173.0
Philippines
–
1,309.4
–
–
832.8
832.8
Total
1,562.3
2,785.8
90.6
283.2
1,944.7
1,989.7
1 Greenhouse Gas (GHG) emissions for scope 1 and 2 are calculated based on the GHG Protocol.
2 Electricity and Gas consumptions are based on utility bills (if available) or estimation by leased floor area.
Scope 3 1
Category
Description
Emissions
Category 1 – Purchased goods and services 2
Suppliers and Crowd contractors
9,511
Category 5 – Waste generated in operations 3
Disposal and treatment of waste generated in the company’s operations
46
Category 6 – Business travel 4
Business flights and accommodation
403
Category 7 – Employee commuting 5
Employees commuting between their homes and their worksites 
and employees working from home
1,608
Category 8 – Upstream leased assets 6
Emissions associated with leases such as lifecycle 
emissions for construction of a leased building
921
Category 11 – Use of sold products 7
End use of goods and services sold
20
1 Scope 3 categories and GHG emissions are calculated based on GHG Protocol Scope 3 value chain reporting.
2 Estimated emissions based on supplier spend data and crowd contractors’ work hours in 2024.
3 Estimated waste generation based on employee attendance in 2024.
4 Based on business travel information retrieved from travel agency Egencia, Navan and credit card bookings. Estimated emissions are calculated 
using web-based calculators for flight (provided by International Civil Aviation Organisation (ICAO)) and hotel (provided by Greenview).
5 Based on employee attendance in 2024.
6 Lifecycle lease emissions based on annual lease principle payment over the life of the leased assets. 
7 Based on carbon footprint report from Amazon Web Service, our third-party cloud service provider.
Technology
2021
2022
2023
2024
Data privacy breaches (number) 1
0
0
0
1
System availability 2 (%)
99.9
99.9
99.9
99.9
1 Based on report from Appen legal team. 2024, one non-material security incident involving and limited to Quadrant, a subsidiary of Appen.
2 Based on report from third-party website monitoring company, StatusCake.
Governance
2021 
$
2022 
$
2023 
$
2024 
$
Political donations 1
0
0
0
0
1 Based on financial data from Workday.
Social
Philanthropic donations 1
2021 
$
2022 
$
2023 
$
2024 
$
Matched Contributions
Not disclosed
25,953
9,393
442
Campaigns
Not disclosed
18,628
8,093
442
1 Based on Employee Services Committee (ESC) donation report.
Non-financial data metrics
130

Registered office
Level 6, 9 Help Street 
Chatswood NSW 2067 
+61 2 9468 6300 
www.appen.com
Company secretary
Carl Middlehurst
Investor relations
+61 2 9468 6300 
investorrelations@appen.com  
www.appen.com/investors
Shareholder enquiries
MUFG Corporate Markets  
Locked Bag A14 
Sydney South NSW 1235 
+61 1300 554 474 
support@cm.mpms.mufg.com  
au.investorcentre.mpms.mufg.com
Auditor
KPMG 
Tower Three 
International Towers Sydney  
300 Barangaroo Avenue 
Sydney NSW 2000
Stock exchange listing
Appen Limited shares are listed on the  
Australian Securities Exchange (ASX code: APX)
Corporate Governance Statement
www.appen.com/investors/corporate-governance
Corporate directory
131
Appen 2024 Annual Report