JAYRIDE GROUP LIMITED — Investor Presentation 2020

Feb 11, 2020

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1H FY20 RESULTS PRESENTATION

Rod Bishop, Managing Director Peter McWilliam, Chief Financial Officer 12th February 2020

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ASX release authorised by Rod Bishop,
Managing Director, Jayride Group Limited
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The world-leading global airport transfers marketplace

Jayride Group (ASX:JAY) www.jayride.com

MESSAGE FROM THE MANAGING DIRECTOR

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We are delighted to deliver our 1H FY20 results with strong growth in Passenger Trips Booked, positive Contribution Margins and major improvements to Operating Cash Flows.

Jayride is in the early stage of our long-term growth strategy and we’re investing for long-term success. It’s encouraging to see that our strategies have begun to deliver initial positive results.

Our new global foundation is set and we’re building upon that with three key strategies for growth.

First, we are leaning into traveller experience, for traveller retention and referral, and to improve operating effectiveness with automation and self-service for travellers.

Second, we are continuing to enhance our transport for travellers, to provide high-quality options and best prices, and to increase the conversion rate on the tens of millions of trips we quote.

Third, we are continuing to launch new travel partnerships, and reach new travellers through organic search, to grow the number of new travellers we reach.

We have a positive outlook for 2H as we continue to scale across six continents. We have clear line of sight on the operating milestones we need to deliver this success. We have a motivated team dedicated to delivering a world-leading traveller experience. We are confident in our ability to meet our shareholder’s expectations.

We look forward to sharing further updates towards these strategies across the year ahead.

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2

WHO IS JAYRIDE?

World-leading Global Travel Marketplace for Airport Transfers.

B2C Travel

Travellers read reviews, compare and book transport including ride-hails, shared airport shuttles and private transfers.

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B2C and B2B
websites to
compare and
book transport
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B2B Travel

Travel brands use Jayride APIs to create new ancillary revenues by selling airport transfers to their travellers.

ŗ 235K trips booked 1H FY20 ŗ Growth of 67% PCP

ŗ 1,500+ airports

ŗ 100+ countries

ŗ 3,600+ transport companies

Empowering the world’s leading travel and ride-service brands

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1H FY20 CONSISTENT STRONG GROWTH IN REVENUE, GROSS PROFIT & CONTRIBUTION

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1 2
Contribution
Scale drives
67% PCP has turned
operating
Growth
profitable for
leverage
second period
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1. Gross Profit after Paid Acquisition (GPAPA) is Net Revenue minus all Cost of Customer Acquisition.

2. Contribution after Variable Operating Costs is Net Revenue minus all variable costs, including Cost of Customer Acquisition and Variable Operating Costs.

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4

PERFORMANCE DASHBOARD

Significant progress on key operating metrics are driving positive growth in contribution margin. All variable costs now covered. Scale to enhance future returns.

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Passenger Revenue per
Trips Booked Passenger Trip
235K $10.06
Contribution Non-Variable
Margin Cash Costs [1]
10.6% $3.0M
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1. 1H FY20 Non-Variable Cash Costs includes all Non-Variable Operating Expenses, Corporate Costs, Growth Costs, and Capitalised Development Costs, excluding share-based payments.

DELIVERING GROWTH ACROSS 6 CONTINENTS

Demand for trips in Jayride’s new destinations delivers additional growth. Jayride trips and revenues now 75%+ outside Australia.

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Passenger Trips Booked by Destination
Delivering
strong growth
from new
destinations January Trading
+65%
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6

FINANCIALS

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INCOME STATEMENT 1H FY20

Revenue growth with profitable Contribution margins for second consecutive period drive strong improvement in Operating Profit margins.

Income Statement Summary

1H FY20 AUD(000's) 1H FY19 AUD(000's) Movement % Net Revenue from Passenger Trips Booked 2,365 1,413 +67% ▲ Interest Revenue 9 Other Income and Grants 40 (7)	1H FY20 AUD(000's) 1H FY19 AUD(000's) Movement % Net Revenue from Passenger Trips Booked 2,365 1,413 +67% ▲ Interest Revenue 9 Other Income and Grants 40 (7)
Gross profit 2,406 1,416 +70% ▲
Variable costs Cost of customer acquisition (1,097) (1,333) Variable operational costs (1,018) (495)
Total variable operational costs (2,115) (1,827) +16% ▲
GPAPA Margin (excl Other Income and Grants) 54% 6% Contribution Margin (excl Other Income and Grants) 11% -29%
Non-variable costs Non-variable operating costs (1,091) (782) Corporate costs (372) (387) Growth costs (excl capitalised development costs) (962) (1,776)
Total non-variable operational costs (2,426) (2,946) -18% ▼
Operating profit before Share-based payments (2,135) (3,357) -36% ▼ Share-based payments Share-based payments (948) (634) Total Share-based payments (948) (634)
Operating profit (3,083) (3,991) -23% ▼
Operating Profit Margin -130% -282%

• ŗ Consistent growth in Net Revenues of 67% PCP

• ŗ Contribution margin turns profitable and continues upward trend to 10.6% of Net Revenue from Passenger Trips Booked

• ŗ Each incremental Trip now improves the operational cash flows of the company

• ŗ Operating profit before Share-based payments improves 36%

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8 GPAPA is Gross Profit After Paid Acquisition.

CASH PERFORMANCE 1H FY20

Strong improvements to Cash Flows from Operating Activities and successful $5 million capital raise.

Cash Flow Summary

	1H FY20	1H FY19	Movement
	AU$(000's)	AU$(000's)	%
Cash from Operating Activities
Net receipts from customers	2,086	1,503	+39%	▲
Operating and corporate costs	(3,943)	(3,897)
Grants	999	838
Cash from Operating Activities	(858)	(1,556)	-45%	▼
Cash from Investing Activities
Plant, property and equipment	(2)	(274)
Capitalised technology costs	(582)	(1,043)
Other		(20)
Cash from Investing Activities	(585)	(1,337)	-56%	▼
Cash from Financing Activities
Proceeds from issue of equity (net of issue costs)	4,525	1,625
Proceeds from borrowings	296
Net payments related to office lease	(210)
Cash from Financing Activities	4,611	1,625	+184%	▲
Cash movement
Cash inflow/outflow	3,168	(1,267)
FX Movements on cash balances	(41)	(4)
Net Increase / (Decrease) in Cash	3,127	(1,272)	+346%	▲
Cash Position at 31 Dec 2019	4,573	2,289	+100%	▲

• ŗ 45% improvement in Net Cash Flow from Operating Activities

• ŗ Oversubscribed $5 million capital raise completed to fund the future growth of the Company

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9

BALANCE SHEET 1H FY20

Jayride is well capitalised to fund its next stage of global growth.

Balance Sheet Summary

	31-Dec-19	30-Jun-19	Movement
	AU$(000's)	AU$(000's)	AU$(000's)
Cash and cash equivalents	4,573	1,446	3,127
R&D Tax Incentive		959	(959)
Trade and other receivables	1,628	972	656
Total current assets	6,201	3,376	2,825
Non current assets	3,653	2,943	710
Total assets	9,854	6,319	3,535
Trade and other payables	2,554	1,719	835
Future transport supplier payments	863	850	13
Other current liabilities	1,315	369	946
Total current liabilities	4,731	2,938	1,793
Non-current liabilities	1,738	1,626	112
Total liabilities	6,469	4,564	1,905
Net asset position	3,384	1,755	1,629

• ŗ Cash and cash equivalents grow to $4.6 million following a successful capital raise

• ŗ Jayride well capitalised to fund the next stage of its global growth strategy

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10

GROWTH OUTLOOK

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TARGET 1M PASSENGER TRIPS BOOKED FY21

Jayride’s core objective is to grow Passenger Trips Booked to 1 million per year by 30 June 2021.

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Target 1 million Passenger Trips Booked FY21 1,000,000
1,000,000
900,000
800,000
700,000
600,000
500,000
351K
400,000
68% PCP Target Growth Rate
236K
300,000
144K
200,000
65% PCP Latest Trading
55K
100,000 29K
0
FY15 FY16 FY17 FY18 FY19 FY20 FY21
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Please refer to the disclaimer on forward looking statements on the final page of this presentation.

12

ASPIRATIONAL ECONOMICS

Targeting cash flow break even by 1M Passenger Trips Booked per year (2X today’s run rate), and 40%+ margin at 10M+ Passenger Trips Booked.

Aspirational Economics

Key Assumptions

Scenario	Global rollout completed	Global rollout completed	Retaining at scale	travellers	Key Inputs:
The aspirational scenarios are presented	2X today's scale of		Now targetting 40%+
for illustrative purposes only	125K trips per quarter		EBITDA margin at scale		Lastest run rates	Today's 1H FY20 Run Rate	Break Even Ecomomics
					Passenger trips booked (#)	474,000	1,000,000
Passenger Trips Booked		1,000,000		10,000,000	Revenue per Passenger Trip Booked ($AUD)	$10.06	$10.00
Net Revenue per Passenger Trip Booked		$10.00		$10.00	GPAPA per Passenger Trip Booked ($AUD)	$5.43	$5.00
GPAPA per Passenger Trip Booked		$5.00		$5.00	Contribution Margin (%)	10.6%	36%
					Total Non-Variable Cash Costs ($AUD)	(6,000,000)	(4,500,000)
Revenues
Net Revenue from Passenger Trips Booked	($	10,000,000)	($	100,000,000)
Other Income and Grants	($	900,000)	($	1,200,000)
Net Revenues	($	10,900,000)	($	101,200,000)
Variable Operating Costs
Cost of Customer Acquisition	($	(5,000,000)	($	(50,000,000)
Variable Operating Costs	($	(1,400,000)	($	(5,000,000)
Variable Costs	($	(6,400,000)	($	(55,000,000)
GPAPA Margin (excl Other Income and Grants)		50%		50%
Contribution Margin (excl Other Income and Grants)		36%		45%
Non-Variable Costs Non-Variable Operating Costs	($	(1,100,000)	($	(1,100,000)
Corporate Costs	($	(800,000)	($	(800,000)
Growth Costs and Capitalised Costs	($	(2,600,000)	($	(4,300,000)
Total Non-Variable Costs	($	(4,500,000)	($	(6,200,000)
Net Operating Cash Flows	($	-)	($	40,000,000)
Free Cash Flow Margin		0%		40%
Global Market Share of Trips to/from Airports				0.13%

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Note: The above scenarios are based upon estimates and projections that rely upon various assumptions. 13 These assumptions may or may not prove to be correct and accordingly no reliance should be made upon this information.

STRATEGIC PRIORITIES

Jayride has three strategic priorities. Traveller retention, conversion and acquisition.

Traveller retention “Lean into the traveller experience”
ŗ Give travellers more choice to tailor their experience with specifc inclusions and service types	H2 FY20
ŗ Create traveller membership systems and self-service tools to manage their bookings	H1 FY21
Traveller conversion “Enhance transport options in key destinations”
ŗ Targeted transport contracting across Europe and Asia to improve conversion	H2 FY20
ŗ Enhancements to traveller booking journey, especially on mobile	H1 FY21
Traveller acquisition “Grow travel partners and organic search”
ŗ Launch new travel partners and grow existing partner accounts	Ongoing
ŗ Continuous improvement to organic search	Ongoing

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14 Please refer to the disclaimer on forward looking statements on the final page of this presentation.

LATEST TRADING

ŗ Growth accelerated since last disclosure in quarterly business review ŗ Passenger Trips Booked in January 2020 growth of 65% PCP ŗ 48,631 trips booked in January 2020 compared to 29,429 trips in January 2019

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15

IN CONCLUSION

Strong results in 1H FY20

ŗ Delivered consistent growth in revenues and Passenger Trips Booked

ŗ Outperformed expectations for GPAPA profitability

ŗ Contribution after variable costs turned profitable for second consecutive period

• ŗ Early evidence of positive results in building upon global foundation across 6 continents

ŗ Opportunity set for ongoing growth

Growth outlook

ŗ Focused strategy of traveller retention, conversion and acquisition

ŗ Lean into traveller experience: Satisfaction to generate retention and referral and systems to improve operating leverage

• ŗ Improve transport options in key destinations: Increase conversion rates

• ŗ Continue to grow travel partnerships and organic search: Grow market share

Latest trading

• ŗ January Passenger Trips Booked growth of 65% PCP

ŗ Positive outlook for 2H FY20

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16

APPENDIX

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A STEP CHANGE IN LEAD INDICATORS

Unparalleled global expansion. Jayride destination countries step change from 5 countries in FY18 to 109 countries served (21X growth).

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18

ADDRESSING OUR HUGE GLOBAL MARKET

7.7B trips at airports each year. Jayride covers 90% of these airport destinations. Our focus now moves to converting our Trips Quoted.

FY19 Passenger Trips to/from Airports Globally ŗ Total Addressable Market 7.7B Passenger Trips in Jayride Countries FY18-19 Focus ŗ Jayride Market Access 6.6B Passenger Trips Quoted ŗ Jayride Current Demand – FY20 & 21 Focus Area 10M’s FY20-21 Focus Passenger Trips ŗ Jayride Revenue-Driver Booked 351K

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19

TRAVELLER RETENTION

As Jayride improves traveller experience, more travellers are retained. Higher traveller LTV improves Jayride’s unit economics.

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1H FY20
Travellers [1]
Discover
Key Drivers of
37.5K
Retention
ŗ Best Experience! Passenger
Retain
Book Trips Booked
ŗ Most Destinations 235K
ŗ Best Discovery
ŗ Most Choice
Trips per
Experience Traveller
6.2
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20

1. Travellers are counted by their unique email addresses.

TRAVELLER CONVERSION

60M+ Passenger Trips were quoted during 1H FY20, but conversion rates can improve. Focus on providing great transport options.

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Key Drivers of Conversion

Data-led approach to adding new transport options based on where travellers want to go.

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ŗ Most Destinations
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• ŗ Best Prices

• ŗ Options to suit every need

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TRAVELLER ACQUISITION

Jayride partners implement the Jayride API to sell airport transfers and add new ancillary revenue to their travel business.

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More partners
currently
implementing...
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22

API FOR PARTNERS

Jayride partners implement the Jayride API to sell airport transfers and add new ancillary revenue to their travel business.

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23

JAYRIDE MARKET CAPITALISATION

Shares and Options as issued

Shares on issue	(#)
Ordinary shares not escrowed	97,603,470
Ordinary shares under escrow	3,498,794 *1
Total Shares on Issue	101,102,264
Share Options on Issue	(#)
Options at $0.553 from Pre-IPO expires at 31/03/2020	16,334,738 *3
Options at $0.553 from Converible Note expires at 20/03/2022	3,616,637 *4
Options from ESOP (Class A and B Employee Options)	4,117,144 *5
Total Options on Issue	24,068,519

Market capitalisation and EV		(AUD$)
Market capitalisation (at $0.305 per share)	($	30,840,000)
Net Cash at 31/12/2019	($	4,392,000)	*2
Debt from Convertible Note matures at 20/03/2022	($	(2,000,000)	*4
Enterprise Value	($	28,448,000)

Pro-forma Shares and Options, fully diluted, assuming Options exercise

Shares on issue	(#)
Ordinary shares	101,102,264
Shares issued on Options exercise	24,068,519
Total Shares on Issue after Options exercise	125,170,783

Pro-forma section is illustrative only to show the effect of Options exercise if all Options are exercised

	Market capitalisation and EV		(AUD$)
	Market capitalisation (at $0.553 per share)	($	69,200,000)
	Net Cash at 31/12/2019	($	4,392,000)	*2
	Repayment of Debt from Convertible Note	($	(2,000,000)	*4
	Cash through conversion of Options from Convertible Note	($	2,000,000)	*4
	Cash through conversion of Options from Pre-IPO	($	9,000,000)	*3
	Cash through conversion of Options from ESOP	($	2,200,000)	*5
	Total Cash	($	15,592,000)
	Enterprise Value	($	53,608,000)

• *1 Shares under escrow are those issued under the Jayride Employee Share Scheme

• *2 Net Cash at 30th December 2019 plus $270K of cash from December share issue received in January

• *3 Options from Pre-IPO expire at 31 March 2020 with an exercise price of $0.553

• *4 Options from Convertible Notes expire at 20 March 2022 with an exercise price of $0.553. Debt from Convertible Notes matures on the same date, repayment funded by Options exercise

• *5 Employee Share Options (ESOP) vest over 4-years. 2,632,563 Class A Options have an exercise price of $0.533 and expire on 30 June 2023; 1,484,581 Class B Options have an exercise price of $0.553 and exprie on 30 June 2024

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24

ABOUT JAYRIDE GROUP

Jayride.com is a world leading global airport transfers marketplace, which creates seamless experiences for travellers by allowing them to compare and book airport transfers around the world. With Jayride.com, travellers can compare and book with 3,600+ transport companies, servicing 1,500+ airports in 100+ countries around the world, including the Americas, Europe, Middle East, Africa, Asia and the Pacific.

The Jayride.com platform aggregates ground transport companies and distributes them to travellers at Jayride.com; and via partnerships with other travel technology platforms, travel agencies and wholesalers. These partners implement Jayride.com APIs to sell ground transport and add new incremental ancillary revenue to their travel businesses.

Founded in 2012, Jayride.com is headquartered in Sydney, Australia.

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.

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FOR MORE INFORMATION corporate@jayride.com