CLUEY LTD — Annual Report 2022

Aug 28, 2022

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CLUEY LTD (CLU)
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FY22 FULL-YEAR RESULTS 29 AUGUST 2022

AGENDA

Overview Mark Rohald, CEO

Business Update & Key Achievements Mark Rohald, CEO

FY22 Full Year Results Greg Fordred, CFO

FY23 Key Initiatives & Growth Outlook Mark Rohald, CEO

Q&A Mark Rohald and Greg Fordred

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Mark Rohald, CEO

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Greg Fordred, CFO

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1

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1 Business Update & Key Achievements

2

OVERVIEW OF CLUEY

CLUEY AUGMENTS TRADITIONAL SCHOOLING FOR K-12 STUDENTS ACROSS AUSTRALIA AND NEW ZEALAND WITH A RANGE OF COMPREHENSIVE LEARNING SERVICES

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Core academic support services:

• Live online 1-to-1 and small group tutoring, mapped to local curriculum

• Primarily B2C with some B2B as a government approved provider

• Proprietary adaptive learning platform that supports individual student’s needs and learning progression

• Australia - full national coverage for school years 2-10 in Maths and English and 11-12 in Maths, English, Chemistry, Physics and Biology

• New Zealand - national coverage for school years 4-11 in Maths and English

• NAPLAN and LANTITE test preparation & asynchronous online practice sets

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CO EX Co/extracurricular learning - the Cluey Academy:

• Holiday camps, after-school and online learning programs

• Primarily B2B2C with some B2C

• Parents and students increasingly seeking outside-of-school learning to supplement their skills and interests

• Coding and digital skills in high demand - Code Camp subsidiary largest provider in Australia

• Currently piloting in the UK

Cluey is defining and leading this sector:

• Clear and accelerating shift to online learning and support outside the classroom

• In core academic services, data and proprietary learning analytics used to optimise learning interaction and the learning experience

• Continuous refinement and optimisation of existing services

• Expanding portfolio of learning services provides opportunity to leverage a common customer data layer and increase share of educational wallet

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CLUEY IS A DOMINANT PLAYER IN THE LARGE LEARNING SERVICES MARKET

Est. Australian & NZ tutoring market opportunity ~4.8 million students

When considering further learning services, students and parents seek one of the following[2] :

~4 million[1] school students in Australia 8% 300k students[2] not likely to consider any educational support 42% 2 million students[2] use or are considering using paid (10%) or unpaid (42%) educational support (e.g. learning 10% apps, test preparation materials) ~1.6 million students[2] used tutoring in 40% the past 12 months or are considering using in the next 12 months

Est. ~.8 million[1] school students in NZ with similar profile

PLUS

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General academic improvement
Specific academic improvement and test preparation
Learning support, confidence building and special needs
CO
EX Skill or knowledge expansion
CO
EX Supervision and care
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PLUS Co/extra curricular (COEX) market opportunity is significant[2]

• The out-of-school learning services market covers a number of categories and is highly fragmented

• The transformational shift to online learning in K-12 is accelerating

Propensity to consume COEX

26% 26% 48% Definitely not + Probably not Might or might not Probably would + Definitely would

• Post-COVID-19 the propensity to consume learning support is driven by COVID-19 learning gap and parents being more involved in their children’s education.

• Tutoring & test preparation are traditionally resilient to economic downturns

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Notes

1. Source Australia - ACARA , NZ - NZ Ministry of Education 2. Estimate based on Cluey Voice of the Customer internal research

4

BUSINESS UPDATE & KEY ACHIEVEMENTS

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CODE CAMP ACQUISITION, INTEGRATION & EXPANSION

Acquisition completed Oct-21. Key areas now integrated. Delivered $3.4m revenue in FY22. Successful UK pilot launched & now being extended.

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STRONGER UNIT ECONOMICS

30% improvement in CAC:LTV & Operating Leverage improvements.

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EXPANSION TO NEW ZEALAND

Successful soft launch in Oct-21. In Q4FY22, NZ new student enrolments accounted for 9.5% of total Cluey Learning enrolments. Now scaling.

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FURTHER INVESTMENT IN PRODUCT & TECHNOLOGY

Designed to deliver enhanced student/tutor experience & drive further automation, yielding efficiencies/cost savings going forward.

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COURSE EXTENSION

Launched Yr 11-12 Physics and Biology courses in Feb-22. >500 new student enrolments in these new subjects. More to follow.

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CONTINUING REVENUE GROWTH AND REDUCTION IN CAC

Delivered revenue growth of 116% YOY, from $15.9m in FY21 to $34.3m in FY22. CAC improvements of 24% YOY, down to $429.

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5

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2 FY22 Full Year Results

6

FY22 SNAPSHOT

CLUEY[1] CONTINUES TO BENEFIT FROM THE TRANSFORMATIONAL SHIFT TO ONLINE LEARNING AND DEMAND FOR CO/EXTRA CURRICULAR LEARNING

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538,000 2.0x
Student sessions in FY22, up Increase in new students in
115% from 250,000 in PCP FY22 (vs PCP)
2.1x
2,490
Increase in number of
Active Cluey Learning tutors in June
sessions in FY22 (vs PCP)
2022, up 124% from 1,114 in PCP
2.8x LTV:CAC
2.2x
Improvement of 33% in life-time Increase in revenue in
value (LTV) per new student to FY22 (vs. PCP)
Variable CAC per new student ratio
Variable CAC in FY22, down
24% from $563 in PCP [[2]]
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2.1x
Increase in gross profit in
FY22 (vs. PCP)
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$429
Variable CAC in FY22, down
24% from $563 in PCP [[2]]
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Notes:

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1. The Cluey Group (‘Cluey’ or ‘Group’) comprises Cluey Ltd, Cluey Learning Pty Ltd and it’s subsidiaries – collectively ‘Cluey Learning’ ; as well as Codecamp Holdings Pty Ltd and it’s subsidiaries – collectively ‘Code Camp’. Code Camp was acquired on 1 October 2021. Cluey Learning is the core online learning support business and Code Camp is the holiday camps and after-school business 2. PCP - prior corresponding period (“FY21”)

7

CONTINUING GROWTH IN KEY GROUP METRICS

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32,929
ACTIVE STUDENTS [[1]]
30,000
25,000
23,739
20,000
15,543
15,000
10,311
10,000
6,437
5,000 3,174
1,537
618
0
H1 H2 H1 H2 H1 H2 H1 H2
FY19 FY20 FY21 FY22
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ACTIVE STUDENTS[[1]]

STUDENT SESSIONS[2]

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538,362
FY21 revenue of $15.9m, an
increase of 226% on FY20,
exceeding forecast [1] of $15.5m
by $400k (3%)250,613
CAGR of 320% since FY19
84,009
18,101
FY19 FY20 FY21 FY22
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Notes:

1. Active students for Cluey Learning represent the number of students who completed at least one session in the period. Active students for Code Camp represent the number of students enrolled during the period for an in-person holiday camp or after school program. This includes camps or programs which will take place in future periods.

2. Student Sessions includes Cluey Learning tutoring session and attendance days at Code Camp after-school and school holiday programs

8

STRONG GROWTH IN GROUP FINANCIAL PERFORMANCE

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REVENUES ($’millions)
34.3
15.9
4.9
0.9
FY19 FY20 FY21 FY22
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GROSS PROFIT ($’millions) and GROSS MARGIN (%)

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Gross Profit Gross Profit margin (%)
20.0 54%
53%
18.0 48% 50%
18.1
16.0
40%
14.0
12.0
33%
30%
10.0
8.0
8.6 20%
6.0
4.0
10%
2.0 0.3 2.3
- 0%
FY19 FY20 FY21 FY22
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GROUP VARIABLE CUSTOMER ACQUISITION COST[1] (‘CAC’)

CAC PER NEW STUDENT & PAYBACK IN NUMBER OF SESSIONS TO RECOVER CAC

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CAC # sessions payback
$1,600 90
$1,400 $1,371 80
83 70
$1,200
60
$1,000
50
$787
$800
$600 $563 40
30
28 $429
$400
20
16
$200 13 10
$0 -
FY19 FY20 FY21 FY22
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FY22 Variable CAC per new student, improved by 24% on FY21

In FY22, 13 student sessions CAC payback, after tutor cost. Based on 3.5 average sessions per active student per month for FY22 = 4 months payback CAC Includes brand spend of $1.9m in FY22, an increase of 56% on FY21 brand spend of $1.2m

Notes:

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1. Variable customer acquisition costs (CAC) per student is a non-IFRS measure used for management purposes which represents variable acquisition expenditure for a period divided by new students with a session in the same period for Cluey and new students enrolled in the period for Code Camp. This includes camps or programs which will take place in future periods. Variable acquisition expenditure is calculated based on Media marketing expenses of $11.6 million (including brand spend), plus learning advisor (sales) employment costs and commission of $3.3 million (included in employee benefits expense).

10

ONGOING IMPROVEMENT IN UNIT ECONOMICS

CLUEY (Consolidated)

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LTR LTV CAC LTV:CAC
2.8x
$2,259
$2,162
2.1x
$1,174 $1,197
$563
$429
FY21 FY22
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CAC :LTV [1] ratio improved by
33% in FY22 to 2.8 times
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Code Camp LTR [1] , LTV and CAC
are comparatively ~20% of
Cluey Learning, and d elivers a
3.0 times CAC: LTV ratio
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Notes:

1. Estimated Lifetime Revenue (LTR) is calculated based on a cohort of students (i.e. all students starting in a particular quarter) and calculating the expected revenue generated from the cohort after churn (i.e. as some students cease purchasing tutoring over time) over various time periods and Estimated Lifetime Value (LTV) is calculated by multiplying Estimated LTR by the relevant gross profit margin for the respective periods.

11

ONGOING IMPROVEMENT IN UNIT ECONOMICS

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LTR LTV CAC LTV:CAC
2.6x
2.4x
2.2x
$2,684
1.8x
$2,255
$2,202
$1,968
$1,390
$1,245
$1,180
$1,041
$569 $560 $491 $538
H1FY21 H2FY21 H1FY22 H2FY22
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LTR LTV CAC LTV:CAC
$490 3.0x
$259
$85
FY22
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12

IMPROVED OPERATING LEVERAGE AT INCREASED SCALE

COSTS AS % OF REVENUE

H2FY22

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Marketing % G&A % Employment costs %
400%
350%
300%
250%
200%
150%
100% 54%
41%
50%
15%
0%
H1FY20 H2FY20 H1FY21 H2FY21 H1FY22 H2FY22
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Marketing costs (including brand spend of $1.1m) as % of revenue down 29% on H2FY21 to 41%

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General & Administration (G&A)
costs as % of revenue down 37% on
H2FY21 to 15%
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Employment costs[1] as % of revenue down 26% on H2FY21 to 54%

Notes:

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1. Employment costs excluding non-cash share-based payments.

13

CLUEY GROUP CONTINUES TO DELIVER SIGNIFICANT GROWTH

CLUEY EXPERIENCED STRONG GROWTH IN REVENUE AND GROSS PROFIT

SUMMARY CONSOLIDATED FINANCIAL RESULTS – FY22

	FY22	FY21	%
Revenue	$34.3m	$15.9m	+116%
Cost of sales	($16.1m)	($7.3m)	+121%
Gross profit	$18.1m	$8.6m	+110%
Gross profit margin (%)	53%	54%	-2%
Marketing expenses	($12.0m)	($8.0m)	+50%
Employee benefit expenses1	($18.4m)	($13.2m)	+39%
Administration and occupancy expenses	($5.7m)	($3.5m)	+63%
Total operating expenses	($36.1m)	($24.7m)	+46%
Underlying EBITDA2	($17.3m)	($15.9m)	-9%
Cluey Learning Adjusted Underlying EBITDA3	($15.1m)	($15.1m)	-

Notes:

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1. Excluding share-based payment expense of $1.8m in FY22 and $1.0m in FY21

2. The Directors consider Earnings before interest, tax, depreciation, amortisation and share-based payments (“EBITDA”) to reflect the core earnings of the Group. EBITDA is a financial measure which is not prescribed by Australian Accounting Standards (“AAS”) and represents the profit under AAS adjusted for non-cash and non-routine expenses/income. Details of the Underlying EBITDA calculation are contained in the FY22 results ASX Announcement (29 August 2022). 3. Cluey Learning Adjusted Underlying EBITDA excludes Code Camp FY22 contribution and integration costs and public company costs, noting in FY21 only 7 months of public company costs were incurred.

14

UNDERLYING EBITDA

UNDERLYING EBITDA BRIDGE – FY21 TO FY22

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• Increase in new • • Directly related

• students, active to increase in • students and student student sessions

• sessions

• NZ soft launch Oct-21

FY22 Brand spend $1.9m • Full year • Investment in • 9 months since Marketing spend resulted in public Product & Tech acquisition, increased active students, company resources to includes who will contribute to future cost impact - deliver benefits in COVID-19 earnings as they continue to $0.5m H2FY23 and FY24 impact, consume Cluey Learning’s • Increase in • Increase in Sales integration and services over time technology & Customer investment in related costs Support to service sales & larger number of marketing students

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CLUEY GROUP CONTINUING TO IMPROVE KPI’S

CLUEY EXPERIENCED STRONG GROWTH ACROSS ALL KEY OPERATING METRICS WITH SOLID PERFORMANCE BY CODE CAMP

KEY OPERATING METRICS – FY22

Cluey Learning	FY22	FY21	%
New students	27,901	17,832	+56%
Total variable acquisition expenditure1	$14.3m	$10.0m	+43%
CAC per new student	$514	$563	-9%
Student sessions	502,110	250,613	+100%
Revenue	$30.9m	$15.9m	+95%
Gross Profit	$16.3m	$8.6m	+90%
Gross Profit margin (%)	53%	54%	-1%

Code Camp2	FY22
New students acquired3	6,941
Total variable acquisition expenditure	$0.6m
CAC per new student acquired	$85
Student sessions	36,252
Revenue	$3.4m
Gross Profit	$1.8m
Gross Profit margin (%)	53%

Notes:

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1. Variable acquisition expenditure (also referred to as Customer Acquisition Cost “CAC”) is calculated based on total marketing expenses (including brand investment), plus learning advisor (sales) employment costs and commission (included in employee benefits expense).

2. New Students acquired includes those students that have paid but may not have completed their first session

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1. Code Camp was acquired on 1 October 2021. The key operating metrics are for the 9-month period since acquisition.

BALANCE SHEET

AS AT 30 JUNE 2022

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$’Million	30-Jun-22	30-Jun-21
Cash and term deposits at bank 24.0 28.0 Other current assets 1.4 1.1
Total current assets 25.4 29.1
Plant and equipment 0.3 0.1 Right-of-use assets 0.7 - Intangible assets 10.0 1.3
Total assets 36.4 30.5
Trade and other payables 5.2 3.6 Provisions 0.9 0.6 Lease liabilities 0.3 - Contract liabilities 2.5 0.7
Total current liabilities 8.9 4.9
Lease liabilities (non-current) 0.4 -
Deferred tax (non-current) 0.2 -
Provisions (non-current) 0.2 0.1
Total liabilities 9.7 4.9
Net Assets 26.7 25.6
Issued capital 159.4 139.2 Reserves (99.9) (101.7) Accumulated losses (32.8) (11.9)
Total equity 26.7 25.6

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3 FY23 Key Initiatives & Growth Outlook

18

GROWTH OUTLOOK FY23

BALANCING THE KEY PRIORITIES OF GROWTH, IMPROVING UNIT ECONOMICS AND PROFITABILITY KEY TO DRIVING TOWARDS CASH BREAK-EVEN

	SCALING THE CORE & IMPROVING EFFICIENCY	SCALING THE CORE & IMPROVING EFFICIENCY	Foundations laid for strong organic growth: • Continue to efficiently scale the core business by investing in sales and marketing at a lower CAC • Optimise the core tutoring and test preparation service by investing further in product and technology • Monitor economic environment and react to any impacts on demand for services and costs
	FOCUS ON REDUCING OVERHEADS AND CASH CONSERVATION		Implementing cost savings • Deliver further automation, improve operating leverage and drive efficiencies/cost savings • Focus on further improvements in unit economics and margin
	INTERNATIONAL EXPANSION		Grow New Zealand and UK expansion • Continued focus on growth in New Zealand • Following success of Code Camp UK pilot, expand service offering and scale in the UK
	WORKING WITH SCHOOLS – B2B & B	~~2B2~~C	Increasing B2B and B2B2C service offerings: • Increase number of schools for Code Camp holiday camps and after-school services • Grow Code Camp enrolments through investment in sales & marketing • Invest in new co/extra curricular programs
	ENHANCING CUSTOMER & LEARNER EXPERIENCE		Product & Tech. driven enhancements to customer, learner and tutor experience a key driver of LTV • Service changes and improvements focusing on optimising customer and tutor experience • Increasing self-service configuration for customers and tutors using technology, key to scaling growth and cost reduction • Single view of customer across business units to enable cross/upsell
	M&A		Strategic M&A • Continue to identify domestic and international M&A and Partnership opportunities

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FY23 KEY PRIORITIES

OUR MA JOR PRIORITIES AND WORKSTREAMS IN FY23 CONVERGE ON IMPROVEMENTS IN GP$ PER STUDENT (VIA MARGIN AND TOTAL ACTIVITY) AND REDUCING VARIABLE COSTS

INVESTMENT IN PRODUCT & TECHNOLOGY CAPABILITY KEY TO IMPROVING OPERATING LEVERAGE AND INCREASING THROUGHPUT

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Total sessions
Performance metric Gross revenue New students Reactivated students
(paid activity)
Increase sessions Reduce support cost Reduce customer
Increase Average Improve Month-on-
Prioritised measures
& sessions / student (per student; per acquisition cost
session price Month retention
/ month session) (per student)
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Prioritised measures

Revenue & cost drivers

Introduce price increase for 1[st] time in two years.

Completed July and August 2022.

Product & tech driven enhancements to Tutor Portal:

• Increase and improve tutor scheduling and availability

• • Improve student/tutor matching

Product & tech driven enhancements to Student Portal:

• Easier to manage tutor selection/session

• changes/pauses

• Consumption-based pricing

• Product & tech driven enhancements – On-going channel optimisation to Student and Tutor Portal: – New channels - Enables far greater self-service and – Leverage brand service configuration

• Reduce reliance on Customer & Tutor Support personnel

• Offshoring support roles

Grow new enrolments - Core, NZ, UK, new programs

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20

PATHWAY TO PROFITABILITY

FOCUS ON BALANCING THE KEY PRIORITIES OF GROWTH, IMPROVING UNIT ECONOMICS AND PROFITABILITY AS THE PATH TO ACHIEVING CASH FLOW BREAK-EVEN

Cluey Learning Sessions

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FY22 Actual FY23 FY24
Full benefits from FY23
~85,000 avg. session/m
~42,000 avg. session/m As at Aug 22 est. investments / initiatives
For Cluey Group to achieve
(100% YoY growth) ~58,000 sessions/m flow into FY24
break-even
Code Camp anticipated to be profitable from FY23 onwards
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21

KEY INVESTMENT HIGHLIGHTS

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CONTINUED REVENUE GROWTH

Delivered revenue of $34.3m in FY22 vs $15.9m in FY21

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SCALABLE, QUALITY CURRICULUMBASED EDUCATION

Demonstrated ability to scale personalised high-quality education with multiple service offerings

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GROWTH AND RETURNS IN THE CORE BUSINESS

Proven strong growth trajectory, improved unit economics and operating leverage

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CO/EXTRACURRICULAR LEARNING SERVICE EXTENSION

New products & services to complement the core

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TECHNOLOGY ADVANTAGE

Enterprise platforms, data and learning analytics driving competitive advantage

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GEOGRAPHIC EXPANSION & STRATEGIC M&A

NZ now live and range of complementary strategic M&A opportunities identified

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22

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4 Q & A

23

DISCLAIMER

This presentation

• is not an offer, invitation, inducement or recommendation to purchase or subscribe for any securities in Cluey Ltd ("Cluey") or to retain any securities currently held;

• is for information purposes only, is in summary form and does not purport to be complete;

• is not intended to be relied upon as advice to investors or potential investors and does not take into account the investment objectives, financial situation or needs of any particular investor, potential investor or any other person. Such persons should consider seeking independent financial advice depending on their specific investment objectives, financial situation or needs when deciding if an investment is appropriate or varying any investment; and

• contains forward looking statements. These statements reflect the current views, expectations and assumptions of the board of directors of Cluey and are based on information currently available, involve risks and uncertainties and do not guarantee future results, performance or events. Any forward looking statements have been prepared on the basis of a number of assumptions which may prove to be incorrect or involve known and unknown risks, uncertainties and other factors, many of which are beyond the control of Cluey, which may cause actual results, performance or achievements to differ materially from those expressed or implied in the statements.

No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of the information, opinions and conclusions contained in this presentation and any oral presentation accompanying it.

• To the maximum extent permitted by law, Cluey and its related bodies corporate, and their respective directors, officers, employees, agents and advisers, will not be liable for any loss, damage, claim, demand, cost and expense of whatever nature arising in any way out of or in connection with this presentation, including any error or omission therefrom, or otherwise arising in connection with any reliance by any person on any part of this presentation.

NON-IFRS FINANCIAL INFORMATION

The Cluey Ltd Group results are prepared under Australian Accounting Standards, and also comply with International Financial Reporting Standards (‘IFRS’). This presentation includes certain non-IFRS measures. These measures are used internally by management to assess the performance of the business, make decisions on the allocation of resources and assess operational performance. Non-IFRS measures have not been subject to audit or review, however, all items used to calculate these non-IFRS measures have been derived from information used in the preparation of the reviewed financial statements.

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24

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CLUEY LTD (CLU)

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CONTACT US

Mark Rohald CEO investor.relations@clueylearning.com

Greg Fordred CFO & Company Secretary investor.relations@clueylearning.com