Jayride : Quarterly Business Review and Appendix 4C

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Cash Flow Positive after Stand-Still Operating Costs

with Record Contribution Proft

June Quarter Results and Appendix 4C

28th July 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 30th June 2022 (Q4 FY22).

• Jayride delivers frst cash fow positive quarter after stand-still operating costs: $500K in Q4,
• Cash receipts from customers grew to $1.37M, a return to all-time high; up 148% vs Q3 FY22,
• Contribution proft grew to a record $566K in Q4 FY22; up 86% vs Q3 FY22, up 260% vs Q4 FY21,
• Net revenues grew to $1.09M in Q4 FY22; up 86% vs Q3 FY22, up 213% vs Q4 FY21,
• Q1 FY23 outlook is positive with growth set to continue - Jayride is winning share, leveraging the US and European summer, and is positioned well for the reopening of Asia and Oceania destinations.

Co-founderand Managing Director Rod Bishop, said: "We are delighted to report Jayride has delivered a record contribution proft and, importantly, achieved its frst ever quarter with positive cash fow after stand-still operating costs. After many periods of investment to build scale, it is gratifying to see our strong growth and operating leverage propel stand-still operating cash fow (pre growth investments) to positive $500K in Q4 from $(191)K in Q3, a $691K increase. Cash receipts from customers were $1.37M with growth of 148% vs the prior quarter, equal to our pre-pandemicall-time high. Contribution proft grew to $566K in the quarter, substantially above the prior all-time high and the largest proft growth on record. We are outperforming the travel recovery, winning market share, and generating more cash fow."

"In FY23 we look forward to further growth and the achievement of new major milestones as we take advantage of this once-in-a-generation opportunity to build a substantially larger and more proftable Jayride."

Jayride Group Limited (ACN 155 285 528) - 1

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Delivering major growth milestones

In February Jaryride announced new major milestones highlighting the Company's raised ambitions beyond the travel industry recovery. The Company has achieved its frst two milestones:

• Contribution proft margin above 50% for two consecutive quarters, and
• $500K of positive cash fows after stand-still operating costs in Q4.

In addition, Jayride is on track to achieve stand-still EBITDA proft for a full quarter for the frst time, having done so for the frst ever month in June.

$500K cash fow positive after stand-still operating costs in Q4

The Company reported stand-still operating cash fows (pre-growth investments) of $500K in Q4 FY22, compared to $(191)K in Q3 FY22, an increase of $691K. Cash receipts from customers increased to $1.37M, equal to pre-pandemicall-time highs with rapid growth of 148% vs the prior quarter Q3 FY22.

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• Contribution proft grew to $566K while operating costs remained stable at $581K.
• The Company spent $981K to selectively invest in growth initiatives that will yield future scale, including new technology and partnerships with travel brands.

Related parties were paid $141K during the March quarter.

On 30th June 2022, the Company held $3.7 million of cash and cash equivalents.

Signifcant improvement towards stand-still EBITDA proft

Jayride is on track to achieve stand-still EBITDA proft, doing so for the frst ever month in June.

	Trips	Net Revenue	Variable Cost	Contribution	Contribution	Stand-Still
Date	(#)	/ Trip ($)	/ Trip ($)	Margin (%)	Proft ($K)	Proft ($K)
Q4 FY21	46,900	$7.43	$4.08	45%	$157K	$(406)K
Q1 FY22	64,900	$7.50	$4.62	38%	$187K	$(198)K
Q2 FY22	51,400	$7.71	$4.46	42%	$167K	$(410)K
Q3 FY22	75,000	$7.81	$3.76	52%	$304K	$(250)K
Q4 FY22	136,000	$8.02	$3.86	52%	$566K	+$45K
June 2022	53,000	$8.09	$4.03	50%	$215K	+$102K

• Passenger trips booked grew to 136K,
• Net revenue per trip grew to $8.02,
• Contribution proft margin exceeded target at 52%,
• Operating and corporate costs improved to $624K.

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Passenger trips growth accelerates as Jayride wins share

Passenger trips booked grew to 136K in Q4 FY22, up 81% vs prior quarter Q3 FY22, and 190% vs Q4 FY21.

In Q4 FY22 Jayride continued to win market share, and has booked more trips in Europe and in the US than in any prior Q4. In particular in Europe, Jayride trips booked were 112% larger than any prior quarter.

Net revenue per trip increases to $8.02

Net revenue per trip increased to $8.02 in Q4 FY22, after refunds of 25%.

• New vehicles and service classes launched in December continued to grow revenue per trip, as the rollout continued into new partner channels, and to new destinations,
• Refunds remain stubbornly elevated at 25%, compared to pre-pandemic baseline of 17%, due in large part to fight cancellations and other disruptions, often resulting in travellers changing plans,
• 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.

	Trips	Revenue	Revenue	Refund	Net	Net Rev	Net Rev
Date	(#)	Booked	Refunded	Rate	Revenue	/ Trip	V PCP
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%
Q4 FY22	136,000	$1,457,000	$(366,000)	25%	$1,091,000	$8.02	+213%
June 2022	53,000	$586,500	$(157,500)	26%	$429,000	$8.09

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Contribution proft margin maintained at 52%

Jayride's contribution proft margin was maintained at 52% in Q4. The contribution proft margin benefted from improvements in net revenue per trip to $8.02 in Q4, up from $7.81 in Q3, and in line with strategy disclosed last quarter, Jayride deployed these additional margins into customer acquisition. This increase in customer acquisition increased variable cost per trip slightly to $3.86 in Q4 FY22, up from $3.76 during Q3.

As net revenue per trip continues to grow, Jayride will continue to selectively invest in customer acquisition, to further accelerate growth and scale, while retaining contribution proft margins at or above 50%.

Positive outlook for Q1 and beyond

Jayride is positioned to continue growth in passenger trips booked, revenues, profts and cash fows in Q1 FY23, and across FY23.

The Company anticipates that growth will to continue due to:

• Further market share gains driven by Jayride's enhanced competitive advantages and the structural changes in the industry as the global travel recovery continues,
• The US and Europe summer peak travel season, and further reopenings in Oceania and Asia,
• Ability to continue to grow margins above 50% and deploy surplus margins into additional customer acquisition that accelerates growth,
• Preliminary returns from Jayride's latest growth investments in sales, marketing, and technology.

The Company has achieved major milestones of 50% contribution margin and cash fow positive after stand-still operating costs, and is positioned to continue to achieve these in future quarters.

The company is on track towards further major milestones:

• Stand-stillEBITDA proft for a full quarter,
• Average $10.00 net revenue per trip,
• Growth of passenger trips booked to 1 million+ trips per year.

With Jayride's momentum and the substantial market opportunity, the Company intends to continue to invest in selective growth initiatives, including its expanded traveller ofer and launch of enhanced travel partnerships.

For more information please contact

Rod Bishop

Managing Director

Email: [e-mail]

ASX release authorised by Rod Bishop, Managing Director, Jayride Group Limited.

Jayride Group Limited (ACN 155 285 528) - 5