JAYRIDE GROUP LIMITED — Annual Report 2023

Aug 30, 2023

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Building the world leader in rides for travellers FY23 Results Presentation Rod Bishop, Managing Director Peter McWilliam, CFO 31st August 2023

ASX release authorised by Rod Bishop, Managing Director, Jayride Group Limited (ASX:JAY) www.jayride.com

FY23 Results Summary

Jayride doubled in scale in FY23 driven by strong growth in passenger trips and revenues booked in Europe and Asia.

FY23 Passenger Trips Booked

▲ 97%

Net Revenue minus variable costs[1] (000’s)

FY23 Net Revenue

(000’s)

▲ 99%

FY23 Cash Receipts

(000’s)

▲ 153%

▲ 94%

FY23 Stand-Still Operating Cash Flow

Cash flows before business improvement costs[2 ] (000’s) ▲ $1.4M

FY23 Operating Cash Flow (000’s)

▲ 24%

1. Contribution profit is net revenue minus all direct marketing and operating costs. Contribution profit margin is the profit as a percentage of net revenue.

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2

1. Stand-still cash flow and stand-still EBITDA are cash flows and profits after the operating costs of the Company, excluding the cost of business improvement costs and capex.

Q4 Completes FY23 at Record Levels

Q4 FY23 completed the year with record trips, revenues, contribution profits, cash receipts, and operating cash flows.

Q4 Passenger Trips Booked

▲ 46%

Q4 Contribution Profit

Net Revenue minus variable costs[1] (000’s)

Q4 Net Revenue

(000’s) ▲ 42%

Q4 Cash Receipts (000’s)

▲ 64%

▲ 20%

Q4 Stand-Still Operating Cash Flow

Cash flows before business improvement costs[2 ] (000’s) ▲ 45%

Q4 Operating Cash Flow (000’s)

▲ 37%

1. Contribution profit is net revenue minus all direct marketing and operating costs. Contribution profit margin is the profit as a percentage of net revenue.

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3

1. Stand-still cash flow and stand-still EBITDA are cash flows and profits after the operating costs of the Company, excluding the cost of business improvement costs and capex.

Jayride Overview

World leader in rides for travellers

Jayride helps travellers to find and book their rides around the world.

Key Facts

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Compare the world’s leading selection of ride brands

Covering 95% of world airport trips

In partnership with the world’s leading travel brands

$30M+ invested in scaling tech platform

• Travel technology company at an early stage in a long-term growth trajectory – scaling towards 10M+ trips per year,

• Winning market share in a large and fast growing global market,

• Highly-scalable capital-light model with negative working capital,

• Positioned to benefit from multiple growth tailwinds including the shift to online connected trips, a superior product offering, and ongoing international tourism recovery, including Asia reopening.

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COVID-19
2H FY23
$2.55M
98% CAGR Faster growth
Six years to Dec 2019 rate ex-COVID
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The world’s leading travel brands and ride service brands use Jayride.

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Outperforming the Travel Recovery

Accelerating growth in trips booked and cash flows driven by market share gains.

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I am pleased to report that Jayride's revenue grew by 99% in FY23, reaching record levels, and we are set for further growth in FY24. Over the past year, we've introduced a series of enhancements and are positioned to achieve cash flow positive for FY24.

Our results are the outcome of our work to leverage the global travel recovery , to create expanded operating leverage and enhanced value propositions for both travel partners and travellers, and to capture the structural transition towards online and connected trips . Jayride is now a fundamentally improved and more profitable business with greater opportunities ahead.

We reaffirm our vision to provide door-to-door rides that suit every traveller's needs , in every country, from anywhere to anywhere. We are positioned to capture this once-in-a-generation opportunity to become the world's leader in rides for travellers.

Jayride is growing quickly in the early stages of a long-term growth trajectory with significant growth ahead in FY24 and beyond.

FY23 ended with momentum, with Q4 reaching record levels. This continued in July as we surpassed our Company's long-held objective of a run-rate of 1 million+ passenger trips booked per year for the first time. We look forward to keeping you informed about our progress towards realising our vision and our next important milestones including cash flow positive for FY24.

On behalf of the Company, I would like to thank our shareholders for their continued support throughout FY23. I would also like to thank our team for their success in delivering initiative after initiative throughout the year, which ensures our ongoing growth to become a larger and more profitable Jayride.

– Managing Director and Co-founder, Rod Bishop

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Reaching New Scale in Global Destinations

Europe, North America and Asian destinations reach new record scale, as growth accelerates through Northern Hemisphere summer.

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COVID-19
Long track record of Faster growth rate
growth at 83% CAGR ex-COVID-19
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● In July 2023, passenger trips booked grew to a new high of 85K trips per month, a run rate of 1M+ trips per year.

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Record Revenue and

Revenue and contribution profit expand to record levels, up 99% and 94% in FY23, driven by growth in trips booked.

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Record net revenue of Record contribution of
$5.1 Million, +99% $2.4 Million, +94%
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Growth To Cash Flow Positive for FY24

Record revenues convert to record cash flows – $2.7M of net revenue in 2H converts to $3.9M of cash receipts at 1.4X.

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Q4 FY23 result was a record for cash flows:

• Cash receipts from customers grew to $2.24M in Q4 FY23, up +64% vs Q4 FY22,

• Stand-still operating cash flow grew to $725K in Q4 FY23, up +45% vs Q4 FY22,

• Operating cash flow improved to $(32)K in Q4 FY23, up +37% vs Q4 FY22,

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2H FY23 Growth Initiatives Launched

Successful launch of major business improvement initiatives to accelerate Jayride growth to cash flow positive for FY24.

Improve the traveller experience

Status

New Jayride brand launch and major user experience enhancements to Jayride.com – increase conversion rate

Multilingual platform and Spanish language launch – increase total addressable market and conversion rate

Ride Tracker launch – improved retention and increased volume with major travel brand partner

Expand the traveller offer

Expanded supply in Europe destinations – enhanced conversion rate

Enhanced supply in Asia destinations – enhanced unit economics

Win market share

Acquisition and relaunch of AirportShuttles.com – increase reach

Major enhancements to search engine marketing (paid and organic) – increase reach

New travel agents portal launch – increase total addressable market and conversion rate

Complete

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Ongoing

2H FY23 Growth Initiatives Launched

Successful launch of major business improvement initiatives to accelerate Jayride growth to cash flow positive for FY24.

New Jayride brand launched AirportShuttles.com acquired

Spanish language launched

Ride Tracker launched

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Increased traveller trust, average Increased website traffic with Increased total addressable Increased booking volume with
order values, conversion rates, organic and paid search presence market and conversion rate . First major travel brand partner and
and retention . for US market share . of many new languages. improved customer experience.
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Financials FY23

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FY23 Income Statement

Operating leverage expands with scale. Net revenue increases +99% while other operating and corporate costs increase only +7%.

	FY23	FY22	FY21	Movement
	AUD(000's)	AUD(000's)	AUD(000's)	23 vs 22 %
Net revenue	5,085	2,559	759	+99%
Direct marketing and operating costs	(2,706)	(1,335)	(489)
Contribution proft	2,380	1,224	270	+94%
Other Income and Grants	106	626	857
Other Operating and corporate and regulatory costs	(2,765)	(2,590)	(1,872)
Stand Still EBITDA	(279)	(740)	(745)	+62%
Business improvement costs	(3,914)	(2,389)	(1,217)
Share-based payments	(657)	(508)	(723)
Other non-recurring costs			(455)
EBITDA	(4,850)	(3,637)	(3,141)	-33%
Contribution Margin from Passenger Trips Booked (1)	47%	48%	36%	-2%
Stand Still EBITDA Margin from Total Revenues (2)	-5%	-23%	-46%	+78%

1. Contribution profit is net revenue minus all direct marketing and operating costs. Contribution profit margin is the profit as a percentage of net revenue. 2. Stand-still EBITDA is profit after the operating costs of the Company, excluding the cost of business improvement costs and capex.

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Growth Delivers

Operating Leverage

Passenger trips booked drive revenue growth as costs remain flat. Positive momentum and increasing operating leverage.

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Trips grow 97% in FY23.
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Margin to expand with
revenue per trip.
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Net revenue per trip declined
since Asia reopening. Work
to expand to $10 per trip.
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Costs grow 7% in FY23.
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Passenger Trips Booked x Net Revenue per Trip x Contribution Margin – Costs

• Net revenue grew to $1.55 million in Q4 FY23, up +34% vs $1.15 million in Q3 FY23,

• Contribution profit grew to $682K in Q4 FY23, up +33% vs $513K in Q3 FY23,

• Stand-still EBITDA (pre-growth investments) grew to $17K, up $197K vs $(180)K in Q3 FY23.

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Cash Flows to Fund Growth Investment

Stand-still operating cash flow for FY23 was $1.04M including $725K in Q4 FY23.

FY23 Cash Flow Waterfall

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• In FY23 Jayride generated $1.04 million of cash flow after stand-still operating costs with momentum into Q4.

• In Q4 stand-still operating cash flows were $725K, and operating cash flows were $(32)K.

• On 30th June 2023, the Company held $2.52 million of cash, no debt, and an additional $1 million credit line facility.

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Growth and Outlook FY24

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Jayride’s Vision Door-to-door rides to suit every traveller’s needs in every country, from anywhere to anywhere.

Delivering the Jayride Vision

Jayride Vision

Door-to-door rides to suit every traveller’s needs, in every country, from anywhere to anywhere.

Approaching Growth Horizon 1 with successful launch of key initiatives.

Global languages Global source markets Anywhere to anywhere In-destination book/hail

Growth horizon 2

European languages Asia optimisations New Jayride brand Q4 FY23 New travel agencies ✓ 800K trips/year run-rate @ $7.77/trip Ride Tracking for drivers

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● 10M+ trips/year @ $10+/trip
● $100M+ net revenue
● 50%+ contribution profit margin
● C/F & EBITDA positive
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• ✓ 44% contribution profit margin

• ✓ Stand-still C/F & EBITDA +ve

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Pre-booked only
Airports only
English only
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Growth horizon 1

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● 1M+ trips/year @ $10+/trip
● $10M+ net revenue
● 50%+ contribution profit margin
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• C/F & EBITDA positive

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Delivering Milestones Towards the Vision

1M+ passenger trips booked annualised run-rate achieved for the first full month in July 2023.

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10M+ Passenger
Trips Booked
per year
$10+ Net Revenue
per Passenger Trip
$7.77 PER TRIP IN Q4 FY23
Milestones to achieve cash flow positive Optimise channels and destinations
1M+ Passenger Trips
Booked per year
MILESTONE ACHIEVED
In July 2023
Stand-Still
EBITDA [2] Positive
MILESTONE ACHIEVED
For Q4 FY23
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Stand-Still
Cash Flow [2] Positive
MILESTONE ACHIEVED
For full FY23
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50% Contribution Profit[1] Margin MILESTONE ACHIEVED For 9 months

Achieving major new milestones – growth with enhanced financial performance.

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1. Contribution profit is net revenue minus all direct marketing and operating costs. Contribution profit margin is the profit as a percentage of net revenue.

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1. Stand-still cash flow and stand-still EBITDA are cash flows and profits after the operating costs of the Company, excluding the cost of business improvement costs and capex.

Riding the Trend to Book Travel Online

The structural shift to online booking for rides is in its infancy with significant long term growth ahead.

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Long-term growth
potential
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Online penetration of rides is at an early stage compared to other travel verticals.[1]

Travel brands use Jayride to supply their rides, and adoption of online booking is growing.

Quote requests from large travel brands are at a multiple of pre-pandemic levels.

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1. Statista.com online penetration by travel industry vertical % of revenue 2019, and management estimates

New Travel Agents Portal Launched in July

Expanded total addressable market. Higher average order values.

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• Travel agencies are a major global market for booking all-inclusive travel including transfers.

• Jayride has a long track record with agencies in Australia and New Zealand including Flight Centre.

• Jayride’s new travel agent portal launched in July and has now rolled out globally – a step change increase in Jayride’s Total Addressable Market.

• Agents can now access premium vehicles, luxury classes, in multiple languages, with high order values.

• Agencies with 3,000+ agents have signed on at launch.

• The launch provides a clear path to grow trips booked with attractive unit economics across FY24.

Travel agency customers include:

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Summary and Outlook

Result Summary

• A fundamentally enhanced and more profitable business moving to cash flow positive for FY24.

• Increased scale and market share. All key financial metrics achieve record levels in FY23, above pre-pandemic highs, with high growth rates: Passenger trips booked (+97%), net revenues (+99%), contribution profits (+94%).

• Expanded operating leverage. Trips, revenue, and contribution profit growth have occurred with stable operating and corporate cost base. Stand-still EBITDA margin of (5)% in FY23 up from (23)% in FY22.

• Q4 completes FY23 at record levels with Q4 operating cash flows of at a record level of $(32)K.

• Balance Sheet at 30th June 2023 with $2.5M in cash, undrawn $1.0M credit line facility, and no debt.

• Momentum into FY24 with a record 85K trips booked in July 2023, up +74% vs July 2022, achieving an annualised run rate of 1 million passenger trips booked for a full month

Delivering on a generational opportunity to become the world leader in rides for travellers.

Growth Outlook

• Continued execution of growth strategy to capture once-in-a-generation opportunity and become the world leader in rides for travellers.

• Growth to continue in FY24 as a result of the multiple growth initiatives launched throughout FY23.

• Jayride to be cash flow positive for FY24.

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Growth to continue in FY24
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Learn More and Conference Call

Learn More

• Attend the Company’s FY23 results conference call on 31st August at 2:30pm AEST

Investor next steps – you’re invited to join our upcoming conference call.

Conference Call Details

2.30pm AEST, 31st August 2023

Join Zoom Meeting

• Try the traveller experience for yourself www.jayride.com

• See the Company’s acquisition of www.airportshuttles.com

• https://us02web.zoom.us/meeting/register/tZ0uce ppzIsEtNd 5O0nrzrgQgjdtad3glsx#/registration

• Read investor releases at www.jayride.com/investors

• Read about Jayride in the media at https://www.jayride.com/investors/media

• Learn more about our shareholder benefits scheme with discounts on rides for Jayride shareholders -

• https://www.jayride.com/wp content/uploads/2023/01/20 - - - - - - - -

• 22 10 12 Discount on Rides for Jayride Shareholders.pdf

Meeting ID: 893 6619 9687 Passcode: 052074

Find your local number: https://us02web.zoom.us/u/keh4k2atgz

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Appendix FY23

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Board and Management

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Rod Bishop

Managing Director

Rod co-founded Jayride in 2012 and has built the Company from concept to a global leader. 15 years of experience in founding and leading teams. Deep expertise in rides, last-mile logistics, online travel, and global e-commerce.

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Peter McWilliam

Career CFO with 20 years in accounting and finance including specialist expertise with finance in technology startup companies and experience in the “Big 4”. Supported Jayride since inception in 2012, and has served as CFO since 2016.

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Liz Lovell

Seasoned product leader with expertise building and leading teams to deliver innovative, data-driven technology products across multiple industries, for both consumer and business markets, with corporate and start-up experience.

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Darren Carbine

A seasoned C-level Director with 20 years of expertise in global travel. Expertise in scaling companies, building ground-up operating teams, and driving customer retention. Previous leadership roles at STA Travel, Lastminute, Best Flights.

Proven expertise and deep knowledge of growing global brands in the online travel industry.

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Rod Cuthbert

Independent Chairman

Globally recognised thought leader in the online travel industry. Founder & former CEO of Viator, leader in tours and activities, acquired by TripAdvisor; former CEO & Chairman of Rome2Rio, acquired by Omio. Non-exec director of Veltra Corp.

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Yifat Shirben

Independent Non Executive Director

An experienced professional in messaging, go-to-market planning, PR, and digital marketing with over a decade of expertise in marketing and entrepreneurship. Also, a respected speaker and mentor in the Sydney innovation ecosystem.

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Sam Saxton

Independent Non Executive Director

Experienced business transformation leader with cross-sector expertise. A technology expert, active in technology ventures, experienced with supporting companies through right-sized governance and growth models.

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Tzipi Avioz

Independent Non Executive Director

Experienced global technology and business leader with focus on strategy, data analytics, ecommerce and marketplaces. Executive Vice President of Customer Success at Mirakl. Previous leadership roles at AMP Australia and Woolworths.

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Delphine Cassidy

Independent Non Executive Director

Accountant with 20+ years in financial, accounting, and executive roles in ASX 200 companies. Chief Communications Officer at Orica and previously NED of Simonds Group. Holds an MBA and is a Fellow of the Australian Institute of Company Directors.

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11-Year Track Record of Growth

Track record of delivering on key milestones to build scale in large markets and grow profitability.

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Jayride
Vision
Door-to-door rides to suit
Launch Launch Launch first Launch first Launch low cost Launch new Complete global Achieve unit Reach new highs New Jayride brand,
transport booking international travel model for new global roll-out to 95% of economics with with market share and acquisition of every traveller’s needs
platform systems destinations partners transport supply platform world airport trips high margins gains AirportShuttles.com in every country, from
anywhere to anywhere
FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23
COVID-19
Strategy remains unchanged Growth tailwinds continue
Retain travellers with Convert travellers Acquire travellers Capture reopening Win market share from Capture a structural
world–leading to book with the through partnerships destinations in the competitors in a shift to online booking;
travel experience. best selection. and search. global travel recovery. distressed market. the “connected trip”.
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A Global Customer Base

Jayride customer source markets

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Jayride customers are primarily from Europe and US.

Jayride customers are global, with 90% outside of Oceania. They use Jayride to book rides in global destinations.

Jayride customer destination markets

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Jayride customers book rides in global destinations.

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Growing Customer Retention Rates

Building the world’s leading customer experience to drive repeat purchases from retained travellers and travel brand partners.

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Key Competitive Advantages
Discover
Retain Book
Experience
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• Best Experience!

• Best Customer Service

• Best Refund Policy

• Best Track Record through COVID

• Expanded Traveller Offer

• Most Destinations

• Most Choice

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Returning Customers
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71% of trips booked
by returning customers.
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Trips Booked per Customer

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12.2 trips booked
per customer
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FY23 Balance Sheet

	30-Jun-2023 AU$(000's)	30-Jun-2022 AU$(000's)	30-Jun-2021 AU$(000's)
Current assets
Cash and cash equivalents	2,518	3,689	3,042
Trade and other receivables Other current assets	2,417 210	1,831 245	982 190
Total current assets	5,145	5,765	4,214
Non-current assets
Jayride website and technologies	2,468	3,202	2,444
Other non current assets	50	58	41
Total non-current assets	2,518	3,260	2,485
Total assets	7,664	9,025	6,699
Current liabilities
Trade and other payables	3,605	2,153	3,856
Future transport supplier payments	1,831	1,007	341
Total current liabilities	5,436	3,160	4,197
Non-current liabilities
Other non-current liabilities	100	68	41
Total non-current liabilities	100	68	41
Total liabilities	5,535	3,228	4,238
Net asset position	2,128	5,797	2,461

$2.5 Million of cash reserves, plus $1 Million undrawn credit line facility, and no debt.

• $4.4 Million of equity funding completed,

• Fidelity International new substantial shareholder (9.9%),

• At 30th June 2023, $2.52 Million of cash, with no debt,

• $1.0 Million undrawn credit facility available.

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Market Capitalisation

Shares on issue at 30/06/2023		(#)
Ordinary shares issued		203,374,023
Ordinary shares - held for future Employee Share Scheme issuances		263,780
Total Shares on Issue		203,637,803
Share Options held by directors and team members at 30/06/2023		(#)
Options issued under employee share scheme - Directors		2,665,767
Options issued under employee share scheme - MD, KMP and Team Members		10,727,924
Total Options on Issue		13,393,691
Shares held by notable substantial holders at 30/06/2023		(#)
Managing Director Rod Bishop		11,000,000
Thorney Investments		39,804,914
Fidelity Investments Australia		19,952,284
Acorn Capital Limited		14,434,544

Managing director and team members aligned with shareholders on performance.

Market capitalisation and EV	(AUD$)
Market capitalisation (at $0.11 per share)	$ 22,400,000
Cash at 30/06/2023	$ 2,500,000
Debt	$ -
Net cash	$ 2,500,000
Enterprise Value	$ 19,900,000

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About Jayride Group

Jayride Group is the world’s leading publicly listed airport transfers marketplace, where travellers compare and book rides around the world. With Jayride, travellers can compare and book with 3,700+ ride service companies, servicing 1,600+ airports in 110+ countries around the world which cover 95% of world airport trips, including across the Americas, Europe, Middle East, Africa, Asia and the Pacific.

The Jayride platform aggregates ride service companies and distributes them to travellers at Jayride.com, AirportShuttles.com, and via travel brand partners including other technology platforms, online travel agencies, travel management companies, and wholesalers. These travel brands implement Jayride APIs to sell door-to-door ride services that build traveller confidence and grow their core travel business.

Founded in 2012, Jayride Group is a global remote-first company incorporated in Australia and listed on the Australian Securities Exchange (ASX:JAY) ABN 49 155 285 528.

For more information, please visit www.jayride.com

Disclaimer

This announcement contains forward-looking statements that involve risks and uncertainties. Indications of, and guidelines or outlook on, future earnings, distributions or financial position or performance and targets, estimates and assumptions in respect of production, prices, operating costs, results, capital expenditures, reserves and resources are also forward-looking statements. These statements are based on an assessment of present economic and operating conditions, and on a number of assumptions and estimates regarding future events and actions that, while considered reasonable as at the date of this announcement and are expected to take place, are inherently subject to significant technical, business, economic, competitive, political and social uncertainties and contingencies. Such forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties, assumptions and other important factors, many of which are beyond the control of the Company, the directors and management. We cannot and do not give any assurance that the results, performance or achievements expressed or implied by the forward-looking statements contained in this announcement will actually occur and readers are cautioned not to place undue reliance on these forward-looking statements. These forward-looking statements are subject to various risk factors that could cause actual events or results to differ materially from the events or results estimated, expressed or anticipated in these statements. The Company makes no representation or warranty, express or implied, as to the accuracy, reliability or completeness of this announcement. The Company, its directors, employees, agents and consultants shall have no liability, including liability to any person by reason of negligence or negligent misstatement, for any statements, opinions, information or matters, express or implied, arising out of, contained in or derived from, or for any omissions from this material except liability under statute that cannot be excluded. This announcement should be read in conjunction with the Company’s other ASX releases and financial results which can be found on the Company's website.

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Visit www.jayride.com Email corporate@jayride.com

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