Jayride : Quarterly Business Review and Appendix 4C

Record Contribution Profit, Delivering on Major Milestones

March Quarter Results and Appendix 4C

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28th April 2022 - Jayride Group Limited (ASX: JAY) ("Jayride" or the "Company"), the world leading global travel marketplace for airport transfers, is pleased to present its Quarterly Business Review and Appendix 4C for the quarter ended 31st March 2022 (Q3 FY22).

• ● Contribution profit margin of 52% in Q3 FY22 exceeds Company's 50% milestone for the first time,

• ● Contribution profit of $304K in Q3 FY22; up 82% vs Q2 FY22, up 306% vs Q3 FY21,

• ● Net revenues of $585K in Q3 FY22; up 48% vs Q2 FY22, up 200% vs Q3 FY21,

• ● Passenger Trips Booked of 75,000 in Q3 FY22; up 46% vs Q2 FY22, up 192% vs Q3 FY21,

• ● Cash receipts from customers of $554K in Q3 FY22; up 46% vs Q2 FY22, up 183% vs Q3 FY21,

• ● Stand Still Operating Cash Flows (pre-growth) of $(191)K,

• ● Positive outlook with reopening and seasonal tailwinds towards major milestones.

Co-founder and Managing Director Rod Bishop, said, "In February, based on the emerging travel recovery and our proven ability to win market share, Jayride announced bold new targets. Our record Q3 results demonstrate our ability to achieve these. I am delighted to announce in Q3 we have already achieved the first one: Contribution profit margin of 52%, exceeding our 50%+ target for the first time.

"We have a positive outlook. April trading continues to impress as the momentum from March continues, Jayride's latest growth investments begin to deliver returns, and the global travel recovery accelerates with the northern hemisphere summer season. With contribution profit margins above milestone levels we will now deploy these excess margins into additional customer acquisition to accelerate our growth in passenger trips and revenues.

"We are making progress towards the targets we outlined in February and will continue to invest in our platform to deliver sustained growth in Q4 FY22, FY23 and beyond."

Jayride Group Limited (ACN 155 285 528)

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Q3 Results - Contribution Profit Margin of 52%

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In February Jaryride announced new major milestones highlighting the Company's "raised ambitions" beyond the travel industry recovery. In Q3 Jayride achieved the first milestone with a contribution profit margin of 52%.

Trips	Net Revenue	Variable Cost	Contribution
Date	(#)	/ Trip ($)	/ Trip ($)	Margin (%)
Q3 FY21	25,700	$7.62	$4.70	38%	$75K
Q4 FY21	46,900	$7.43	$4.08	45%	$157K
Q1 FY22	64,900	$7.50	$4.62	38%	$187K
Q2 FY22	51,400	$7.71	$4.46	42%
Q3 FY22	75,000	$7.81	$3.76	52%

Contribution

Profit ($K)Contribution Profit V PCP

$167K +320%

$304K +306%

In summary Jayride shows increasing operating leverage:

• ● Passenger trips booked grew to 75K,

• ● Net revenue per trip grew to $7.81,

• ● Contribution profit margin grew to 52%,

• ● Operating and corporate costs remained stable and range-bound at $654K.

Jayride is on track to become stand-still EBITDA positive from 130,000 passenger trips per quarter, at $10 net revenue per trip with 50% contribution profit margin. This will achieve $654K of contribution profits to fully fund the Company's operating and corporate costs.

Jayride Group Limited (ACN 155 285 528)

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Passenger trips growth of + 46% in Q3 vs Q2 FY22

Passenger trips booked grew to 75K in Q3 FY22, up 46% vs prior quarter Q2 FY22, and 192% vs Q3 FY21.

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The Omicron headwind impacted trips at the start of Q3 but had passed by March as the global travel recovery continued to accelerate. In March in each of the US and Europe, Jayride had more trips booked than in any prior March (13K and 12K respectively), as Jayride is winning market share.

Jayride's passenger trips booked have risen to 72.5% of the required volume to achieve the Company's milestone of stand-still EBITDA positive. Calculated as requiring 130,000 trips per quarter at $10.00 net revenue per trip and 50% contribution profit margin to achieve $654K of contribution profit.

Q3 FY21	Q4 FY21	Q1 FY22	Q2 FY22	Q3 FY22	March run-rate
Progress to stand-still EBITDA positive	19.9%	35.9%	49.7%	39.3%	57.3%	72.5%

Net revenue per trip increases to $7.81

Net revenue per trip increased to $7.81 in Q3 FY22, after refunds of 26%. In March, net revenue per trip increased to $8.70, after refunds of 21% - this is the highest net revenue per trip, and lowest refund rate, since the onset of the pandemic, with further improvements ahead as growth continues.

• ● New vehicles and service classes launched in December continued to grow revenue per trip,

• ● Refunds were temporarily impacted by Omicron in January, but have resumed improvement in March as further borders reopened,

• ● Net revenues per trip are positioned to grow again as Jayride continues to roll-out premium service classes and vehicle types to more destinations and through more channels, and as refund rates continue trend to historical norms at 17% of revenues.

Jayride Group Limited (ACN 155 285 528)

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Date

Trips (#)

Revenue	Revenue	Refund	Net	Net Rev	Net Rev
Booked	Refunded	Rate	Revenue	/ Trip	V PCP

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Q3 FY21	25,700	$274,000	$(78,000)	28%	$195,000	$7.62
Q4 FY21	46,900	$498,000	$(149,000)	30%	$349,000	$7.43
Q1 FY22	64,900	$637,000	$(150,000)	24%	$487,000	$7.50
Q2 FY22	51,400	$548,000	$(152,000)	28%	$396,000	$7.71	+256%
Q3 FY22	75,000	$795,000	$(209,000)	26%	$585,000	$7.81	+200%
March 2022	31,600	$350,800	$(75,300)	21%	$275,500	$8.72

Contribution profit margin of 52%

Contribution profit margin increased to 52% in Q3 FY22, up from 42% in Q2 FY22. This is the Company's highest ever contribution profit margin result. The result successfully achieves the first key milestone highlighted in Jayride's 1H FY22 investor presentation published in February.

The contribution profit margin benefited from improvements in net revenue per trip and improvements in variable cost per trip.

• ● In Q3 FY22, variable costs per trip improved to $3.76, which is the Company's lowest ever cost per trip. This cost saving comes as a result of increasing automation and realising new economies of scale as volume of trips booked accelerates,

• ● Further improvements are ahead as refund rates continue to normalise towards 17% of revenue, and as net revenues per trip continue to increase towards the Company's target of $10.00 per trip,

• ● Now that the Company's 50% contribution profit margin target is achieved, Jayride intends to invest contribution profit margins above 50% to increase customer acquisition, to grow passenger trips and net revenues at accelerated rates.

Jayride Group Limited (ACN 155 285 528)

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Contribution profit growth of +82% in Q3 vs Q2 FY22

Contribution profit was $304K in Q3 FY22, up 82% vs the prior quarter, and up 306% vs Q3 FY21. This is:

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• ● The highest ever quarterly contribution profit,

• ● Jayride's fourth consecutive quarter with contribution profit above pre-pandemic all-time highs.

Progress towards stand-still cash flow positive

The Company reported Stand Still Operating Cash Flows (pre-growth investments) of $(191)K in Q3 FY22, compared to $(148)K in Q2 FY22. During Q3:

• ● Grants and stimulus reduced from $219K in Q2 to $2K in Q3; a $217K reduction in cash flow,

• ● This was entirely offset by significant improvements to contribution profit, from $168K in Q2 to $303K in Q3, and significant reductions in cash costs, from $577K in Q2, to $490K in Q3; combined for a $222K increase in cash flow. The remaining movement was due to timing on receivables,

• ● The Company selectively invested $1.23 million of capital into growth initiatives that will yield future scale, including new technologies and partnerships with travel brands.

Cash receipts from customers increased to $554K in Q3 FY22, up 46% vs the prior quarter Q2 FY22, and up 183% vs Q3 FY21. The improvements have come as a result of rapid revenue growth.

Related parties were paid $114K during the March quarter.

The Company's R&D tax incentive was not received by 31st March so it does not appear in this Q3 FY22 report, but was subsequently received on 19th April 2022 for an amount of $352K, higher than forecast.

On 31st March 2022, the Company held $4.0 million of cash and cash equivalents.

Jayride Group Limited (ACN 155 285 528)

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