CLUEY LTD — Interim / Quarterly Report 2021

Feb 21, 2021

Cluey Ltd (CLU)

First Half FY2021 Financial Results

2 2 F e b r u a r y 2 0 2 1

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Key investment highlights

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Large growing market: Significant and growing addressable market with strong tailwinds

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Scalable, quality education:

Proven ability to scale personalised high quality education with multiple service offerings​

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Technology advantage:

Data and learning analytics driving competitive advantage

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Major achievements in half year: Listed on ASX; revenues up 385% on PCP; launched new & improved services

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Growth and returns in the core business:

Strong growth trajectory, demonstrably improving unit economics and operating leverage

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Re-affirm Prospectus forecast: Based on HY2021 result and Q3FY2021 trading to-date

1

Substantial scaling of the business

Cluey is continuing to scale rapidly. Record first half in line with the HY2021 forecast[1] . Early positive signs in Q3FY2021 to-date

Student Sessions[2] (#)

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101,268
58,020
25,989
14,370
3,731
H1FY2019 H2FY2019 H1FY2020 H2FY2020 H1FY2021
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HY2021 Revenue of $6.4m, an increase of 385% on HY2020

• HY2021 Student session growth of 290% on PCP[4 ] ,exceeded forecast by 4%

• HY2021 Revenue growth of 385% on PCP, exceeded forecast by 3%

• During the mid year and end of year school holidays, fewer students actively use our services – majority become paused students and recommence in Q3FY. Record sessions now scheduled in February and March 2021.

• We are currently on track to exceed the February 2021 session forecast

Total Revenue[3] ($’000s)

Sessions Seasonality – impact of school holidays in line with forecast

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6,444
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3,542
1,328
716
184
H1FY2019 H2FY2019 H1FY2020 H2FY2020 H1FY2021
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Actual Forecast
30,000
25,000
Summer holidays
20,000
15,000
10,000
5,000
-
Jan-19 Apr-19 Jul-19 Oct-19 Jan-20 Apr-20 Jul-20 Oct-20 Jan-21
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2
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Note: 1. H1FY2021 component of the annual forecast provided in the Prospectus; 2. Student sessions can include multiple sessions for each tutoring group session (for example Small Group); 3. Revenue excludes R&D credits, government COVID incentives and interest income; 4. PCP – Prior corresponding period relates to H1FY2021 result compared to H1FY2020

Improving financial metrics as the business scales effectively

Gross margin continues to benefit from increasing take-up of Small Group service

Increase in Small Group[1] sessions leading to …..

…. an increase in Gross Profit ($) and Gross Profit Margin (%) in line with forecast[3]

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Small Group Student Sessions Proportion of total Student Sessions
15,000 12%
11%
13,000
11,312 10%
11,000
9,000 7% 8%
7,000 6%
5,000 4,114
4%
3,000
2%
1,000 453 1 2 2%
(1,000) H1FY2020 H2FY2020 H1FY2021 0%
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Gross profit ($'000) Gross profit margin (%)
4,000 55%
53%
3,500 51% 3,411
45%
3,000
2,500 37% 40% 35%
2,000 1,796 25%
1,500
15%
13%
1,000
534 5%
500 269
24
- -5%
H1FY2019 H2FY2019 H1FY2020 H2FY2020 H1FY2021
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Variable CAC[2] in line with forecast[3]

Commentary

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1,039
622
570
H1FY2020 H2FY2020 H1FY2021
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• Increasing composition of Small Group sessions for primary through HY2021. Seeing further step change in Small Group in Q3FY2021 following release of Small Group for secondary

• Gross margin increased to 53% in HY2021. A price increase in January 2021, increase in maximum group size from 4 to 5 students and scaling of the Small Group service will continue to drive an increase in margin

• CAC of $570 per new student for HY2021 is a reduction of 45% from $1,039 in HY2020 and in line with forecast

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3
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Note: 1. Small Group sessions consist of one tutor (paid a slightly higher rate) and up to 4-5 students, which results in a higher Gross Margin; 2. Variable CAC (customer acquisition costs) 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. Variable acquisition expenditure is calculated based on total marketing expenses, plus learning advisor (sales) employment costs and commission (included in employee benefits expense); 3. H1FY2021 component of the annual forecast provided in the Prospectus

HY2021 (Jul-Dec 2020) Operating Financial Performance Significant growth and improvement on PCP[1] and performance in line with HY2021 forecast

A B C	A B C	Summary Operating Profit and Loss Statement 6 months to 31/12/19 ("HY2020") $ 6 months to 31/12/20 ("HY2021") $ % change Revenue from services rendered 1,327,538 6,444,252 385% Revenue growth on PCP (%) 624% 385% Cost ofsales (793,674) (3,033,176) 282% Gross profit 533,864 3,411,076 539% Gross profit margin(%) 40.2% 52.9% 32% Marketing expenses (2,046,453) (2,647,070) 29% Administration& Occupancy expenses (1,280,025) (1,250,404) -2% Employee benefits expenses (5,072,610) (6,177,298) 22% Total operating expenses before non-recurring items (8,399,088) (10,074,772) 20% Other income 121,049 76,750 -37% Operating loss before non-recurring items (7,744,175) (6,586,946) -15%
		Key Operating metrics 6 months to 31/12/19 ("HY2020") 6 months to 31/12/20 ("HY2021") % change New Students 2,407 6,223 159% Active Students (with a session in the period) 3,174 10,311 225% Total variable acquisition expenditure ($'000s) $2,501 $3,545 42% Variable acquisition expenditure per new student ($) $1,039 $570 -45% Student Sessions 25,989 101,268 290%

Commentary

A Revenue:

• HY2021 revenue of $6.4m is an increase of 385% on HY2020

• Increase in revenues driven by increase in student sessions - 101,268 student sessions were completed in HY2021, representing a 290% increase on the 25,989 sessions completed in HY2020

• HY2021 net realised price per session of $63.62 is an increase of 23% compared to HY2020 of $51.62

B

Gross Profit

• Gross Profit of $3.41m is an increase of 539% on $534k in HY2020

• This was driven by the increase in average net realised price per session and an increase in the proportion of Small Group Sessions, which deliver higher margin by spreading the single tutor cost across multiple students

• In HY2021, 11,312 Small Group sessions were completed, representing 11.2% of total sessions

C

Operating Expenses:

• Significant operating leverage is being realised, with revenue growth (385%) substantially outpacing operating expense growth (20%)

• Marketing expenses of $2.6m, an increase of 29% on HY2020, delivered a 159% increase in new students and resulted in increases of 290% in student sessions and 385% in revenues

• Employee benefits expense, excluding share-based payments, increased 22% from $5.1m in HY2020 to $6.2m in HY2021. FTE increased 20% from 77.3 in December 2019 to 92.8 in December 2020, primarily in the sales and customer support functions in order to manage and support increased student enrolments 4

Note 1. PCP – Prior corresponding period relates to HY2021 in comparison to HY2020

Operating and financial metrics in line with Prospectus forecasts[1 ]

New students

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1st Half - Financial Year 2nd Half - Financial Year
18,000 16,000
16,000
14,000
12,000
9,777
10,000
8,000 7,615
6,000
5,208 39%
4,000 1,822 6,223
2,000 1,250 2,407 32%
- 572
FY2019 FY2020 FY2021F
# of students
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Student sessions[2]

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1st Half - Financial Year 2nd Half - Financial Year
250 241
200
140
150
100 84
42%
50 58 101
18
14 26 31%
- 4
FY2019 FY2020 FY2021F
# of sessions (000’s)
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Active students[3]

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15,927
10,311
6,722
3,174
1,621
618
H1FY2019 H2FY2019 H1FY2020 H2FY2020 H1FY2021 H2FY2021
# of active students
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Commentary

• New students in HY2021 of 6,223 represents an increase of 159% on 2,407 in HY2020. In HY2021, we achieved 39% of the FY2021 new student forecast, compared to 32% in the PCP[4] . The second half of the financial year is always a much larger new student enrolment period

• Active students in HY2021 of 10,311 is an increase of 225% on PCP.

• Student sessions in HY2021 of 101,268, an increase of 290% on 25,989 in HY2020. This represents 42% of the FY2021 forecast compared to 31% in the PCP

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Note: 1. Forecast for FY2021 per the Prospectus; 2. Student sessions can include multiple sessions for each tutoring group session (for example small group); 3. Active students in the period represents the number of students that completed at least one session in each HY; 4. PCP – Prior corresponding period relates to HY2020 result as a proportion of the FY2020 result

Operating and financial metrics in line with Prospectus forecasts[1 ]

Gross Profit ($000’s) & Gross Profit Margin (%)

Revenue

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Revenue Gross Profit ($000’s) & Gross Profit Margin (%)
1st Half - Financial Year 2nd Half - Financial Year
1st Half - Financial Year 2nd Half - Financial Year
16,000 15,475
Gross Profit Margin (%)
14,000 60%
54%
12,000 10,000 48% 8,322
50%
9,031
10,000 8,000
40%
8,000 33%
6,000 4,911
30%
6,000 4,869
4,000 42% 4,000 2,330 20%
3,541 6,444 41%
2,000 901 2,000 293 1,796 3,411 10%
- 716 184 1,328 27% - 260 33 534 23% 0%
FY2019 FY2020 FY2021F FY2019 FY2020 FY2021F
Variable acquisition expenditure [2]
Commentary
• Revenue in HY2021 of $6.4m, an increase of 385% on revenues of $1.3m in
2nd Half - Financial Year 1st Half - Financial Year HY2020. The first half result represents 42% of the FY2021 forecast
compared to 27% in the PCP [3]
Variable acquisition expenditure per student
•
Gross Profit of $3.41m in HY2021, an increase of 539% on gross profit of
10.0 9.1 1,800
$534k in HY2020. The first half result represents 41% of the FY2021 forecast
9.0 1,595 1,600
compared to 23% in the PCP
8.0 7.0 6.0 1,400 • Actual Gross Profit Margin (53%) for HY2021 is in line with forecast
6.0 5.6 1,200 1,000 • Variable acquisition expenditure in HY2021 of $3.5m, an increase of 42% on
5.0 787 800 $2.5m in HY2020, has delivered an increase of 159% in new students,
4.0 571
3.0 2.9 3.5 600 leading to an increase in student sessions of 290% and revenue of 385%. The
2.0 2.0 3.5 39% 400 HY2021 result represents 39% of the FY2021 variable acquisition
1.0 2.5 42% 200 expenditure forecast compared to 42% in the PCP
- 0.9 - •
Variable CAC per student of $570 in HY2021, a decrease of 45% from $1,039
FY2019 FY2020 FY2021F in HY2020 and $787 in FY2020, and in line with forecast
• Updated LTV estimates are in line with forecast; Estimated Lifetime
$’000s
$m / $ per student
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• Variable acquisition expenditure in HY2021 of $3.5m, an increase of 42% on $2.5m in HY2020, has delivered an increase of 159% in new students, leading to an increase in student sessions of 290% and revenue of 385%. The HY2021 result represents 39% of the FY2021 variable acquisition expenditure forecast compared to 42% in the PCP

• Updated LTV estimates are in line with forecast; Estimated Lifetime 6 Revenue[4] ~$2,067 and Estimated Lifetime Value[4] ~$1,056

Note: 1. Forecast for FY2021 per the Prospectus; 2. Variable acquisition expenditure is a non-IFRS measure used for management purposes and includes media, brand and marketing spend, learning advisors (sales) salaries, commissions and superannuation; 3. PCP – Prior corresponding period relates to HY2020 result as a proportion of the FY2020 result; 4. Estimated Lifetime Revenue and estimated Lifetime Value are non-IFRS measures used for management purposes and calculated on the same basis as detailed in the Prospectus

Growth and service improvement opportunities

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Service

improvements in HY2021

In HY2021, our focus was on enhancing our customer and learning experience. We rolled out:

• Automated self-service for parents/students (portal) for on-boarding and service configuration/changes

• Improved data-driven and fully automatic tutor matching and tutor availability management

• New reporting for parents incorporating learning data and analytics, demonstrating learning progress

• New direct online enrolment functionality

• Improved data-driven algorithms for automatic quality assurance of learning sessions at scale

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New services in HY2021

In HY2021, we designed, built and launched the following new services:

• B2B2C learning programs for delivery in schools

• Asynchronous practice for continuous (holiday) engagement with the service

• Small Group version for senior students (including increase from 4 to 5 students per session)

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In H2 2021, our focus is on:

• Continuing optimisation through service and configuration improvements

• Considering new product and service options

What’s next in the core?

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M&A and International expansion

In H2 2021, we are investigating M&A and offshore opportunities:

• Evaluating M&A opportunities that drive growth, increase product range and breadth, and expand reach

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Company contact details

Mark Rohald Greg Fordred CEO CFO & Company Secretary Investor.relations@clueylearning.com investor.relations@clueylearning.com

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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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 fut ure results, performance or events. Any forward looking statements have been prepared on the basis of a number of assumptions which may pr ove 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 state ments.

No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of the i nformation, 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, emp loyees, agents and advisers, will not be liable for any loss, damage, claim, demand, cost and expense of whatever nature arising in a ny way out of or in connection with this presentation, including any error or omission therefrom, or otherwise arising in connection with a ny reliance by any person on any part of this presentation.

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Appendicies

Overview of Cluey

Cluey is the leading pure online provider of K-12 learning support in Australia.

1 Cluey augments traditional schooling for year 2-12 students across Australia with a range of comprehensive online learning support services that includes:

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

• A proprietary adaptive learning platform that supports each individual student’s needs and learning progression

• Full national coverage for school years 2-10 in Maths and English and 11-12 in Maths, English and Chemistry

• NAPLAN and LANTITE test preparation

• Asynchronous online practice sets

• 2 K-12 is the largest education segment in Australia (~4.0m students): • The tutoring, test preparation and academic support markets are highly fragmented and traditional

• Parents and students are increasingly seeking outside-of-school support to supplement their learning

• There is a clear and accelerating shift to online learning

Cluey is defining and leading this sector: 3

• Data and proprietary learning analytics used to optimise every interaction and the learning experience

• Continuous refinement and optimisation of existing services

• Designing, developing and testing new/adjacent service offerings

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2.6x

>215,000

increase in New student sessions[1] students in HY2021 (vs HY2020)

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~50% increase

in Small Group enrolments this academic year[2]

$570

915 active tutors in January 2021

Variable CAC in HY2021, down 45% from $1,039 in HY2020

3.9x

increase in number of sessions in HY2021 (vs. HY2020)

4.9x

increase in revenue in HY2021 (vs. HY2020)

6.4x

increase in gross profit in HY2021 (vs. HY2020)

Note: 1. Total Student sessions to 31 January 2021; 2. This academic year means the period from 1 January 2021 to 20 February 2021

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As a result of a growing education gap, Australian school students actively seek academic support outside of their school

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School education has hardly
progressed in the last 100 years
1920’s 1980’s TODAY
Declining educational outcomes
PISA results show Australia is falling …despite government expenditure on
further behind the world’s top performers [1] K-12 education increasing [2]
570
Top 5 54.1
550
46.7
41.8
530 39.8
510 Australia
490 Average
470
450
2009 2012 2015 2018 2009 2012 2015 2018
$bn
PISA scores
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The education gap

The proportion of students performing far outside the median group increases each year level after Year 3 ( Equivalent year level grouping, numeracy, Australian students, 2014)[3]

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Year 3 Year 5 Year 7 Year 9
Higher
12
11
10
9 Median
8
7
6
5
4
3
2
Lower
20 40 20 40 20 40 20 40
Source: Grattan Institute (2016) [3] Percentage
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Different levels of achievement are alarming

“The existing achievement gap is more than 10 times greater than the gap that will have developed during the COVID-19 disruptions.”

Source: Grattan Institute (2020)[4]

Note: 1. OECD – PISA Mathematics data; 2. Australian Bureau of Statistics, Government school education expenditure; 3. Grattan Institute - Widening gaps (2016); 4. Grattan Institute – COVID catch-up (2020)

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Out-of-school learning support market is large and growing

Estimated Australian market opportunity

~4 million school students in Australia[1]

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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 apps, test preparation materials)
10%
~1.6 million students [2] used tutoring in the past 12
40%
months or are considering using in the next 12
months
2
Estimated addressable market
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When considering further learning support, students and parents seek one of the following[2] :

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1 General academic improvement
2 Specific academic improvement and test preparation
3 Supervision and care
4 Skill or knowledge expansion
5 Learning support, confidence building and special needs
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The out-of-school learning support market covers a number of categories and is highly fragmented

Tutoring based learning support

Characterised by a small number of franchise brands and a high number of sub-scale individual operators

Private tutors Learning centres Online tutoring Opaque market Highly fragmented Emerging segment of consisting of individual market consisting of the market, with tutors; users of multiple operators; significant success ‘marketplace solutions’ mainly brick-and-mortar internationally

Other learning support options

Mix of online and offline resources available to Australian students to supplement school based learning Learning content Classroom resources Apps and games Range of formats, Often supplementary, Focused on younger both physical and used by students at children; self-directed digital; textbooks, home, school-funded, and task based, study guides etc. used for schoolwork asynchronous solution

Low Ability to deliver services at scale, using technology

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High
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Low Ability to deliver services at scale, using technology

High

Note: 1. ACARA; 2. Estimate based on Cluey Voice of the Customer Internal Research (2019), n=1,201

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Service offering

Cluey is an EdTech company that supports the learning of school students through its proprietary online tutoring and test preparation services, leveraging highly scalable technology and platform infrastructure

Comprehensive learning plan focused on students’ specific needs

Live 1-to-1 or group learning sessions with an expert tutor via Cluey’s online learning platform

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Skilled tutors are recruited and
Fully mapped to the syllabus in
each Australian state trained by Cluey
Enabling students to address 100% online fully interactive
their individual needs learning environment
Data analytics to understand Relevant and engaging revision
student and tutor performance between tutoring sessions
Comprehensive two-way Sessions recorded for student/parent
feedback after every session review and tutor quality assurance
Detailed capture of learning data and feedback Independent practice and review activities aligned to the learning plan are
to inform regular reporting and enhance future learning available for students on the Cluey platform, updated after every session
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Technology at our core

Cluey’s purpose-built learning platforms have been developed to support targeted learning at scale

Live Learning and Practice environments

Enterprise level platforms

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Supporting both 1:1 and Small Group learning, includes:

• Live synchronous video, audio and text-based chat

• Fully integrated learning programs and content

• Fully transparent collaborative workspaces and content tools

• Session guidance and notifications

• Full integration with practice content and activities accessible at any time

• Pre-session preparation

• Post-session feedback and reporting

• Browser-based for easy access

End-to-end integrated Enterprise systems:

• Student management system designed and developed on Salesforce

• Fully integrated with learning environment and customer portal

• Customer portal facilitates with fully automated self-help options:

• Student and tutor scheduling

• Account management

• Service configuration

• Real-time cross-platform management KPI’s

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Learning analytics

We deliver valuable data-driven insights in teaching and learning using our proprietary data analytics

How do we use the data[1] ?

• Improve quality and performance of our services for all students at scale

• Enhance our live learning services with more real-time guidance for students and tutors

• Enhance our learning content and drive adaptive learning recommendations

• Continue to evolve and enhance student performance and mastery models to demonstrate how students learn optimally

• Continue to drive effectiveness and efficiency of our service, particularly tutor performance and quality assurance

Data-driven insights and outputs

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Analysis of all session data (video, audio and
use of workspace) linked concepts and content
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Micro analysis of each learning session (sequence, Visualisation and analysis of concept
topic, content type, duration and performance) mastery and syllabus coverage
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Summary of tutor session
readiness and student ratings
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Ratios of tutor-student participation by engagement type (voice and use of workspace)

Tutor performance on key markers (goal-setting, reflection and improvisation)

Note: 1. Cluey owns the data it collects from the student sessions

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Cluey’s offering has demonstrable appeal to the mass market

Broad appeal for the Cluey service across all socio-demographic categories. Higher proportion of public primary school children, with a potentially higher lifetime value

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TAS, 1% Lantite, 3%
SA, 4%
NT, 1%
WA, 7%
Year 11-12, 19%
QLD, 15% Students NSW + ACT Students by
by state 42% school year Year 2-6, 50%
(%) [1] (%) [1]
Year 7-10, 29%
VIC, 30%
Regional, 16%
Catholic, 18% Public, 61%
Students by
Students by
school type
location
(%) [1]
(%) [1]
Independent, 21%
Metro, 84%
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Note: 1. Student data as at end of August 2020

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HY2021 & HY2020 (Jul-Dec) Financial Performance Pro forma[1] consolidated statement of actual profit or loss

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Note: 1. Pro forma results are prepared on the basis that the acquisition of Quartet Education Holdings Pty Ltd and its subsidiaries had occurred on 1 July 2019.

31 December 2020 - Balance Sheet

Cluey has a strong balance sheet with $35.7m in Cash and $34.8m in Net Assets

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