Swvl Holdings Corp · NASDAQ:SWVL
Swvl — SPAC Merger (July 2021)
80 slides from Swvl's SPAC merger presentation, Jul 28, 2021
Slide 1: Revolutionizing Mass Transit and Shared Mobility
Revolutionizing Mass Transit and Shared Mobility July 2021 Revolutionizing Mass Transit and Shared Mobility July 2021
Slide 2: Disclaimer - 1/2
Disclaimer - 1/2 Forward-Looking Statements This presentation (the “Presentation”) contains “forward-looking statements”. Actual results may dier ff from the expectations, estimates and projections set forth herein and consequently, you should not rely on these forward-looking statements as predicti
Slide 3: Disclaimer - 2/2
Disclaimer - 2/2 The Presentation includes certain non-IFRS nancial fi measures (including on a forward-looking basis). These non-IFRS measures are an addition to, and not a substitute for or superior to, measures of financial performance prepared in accordance with International Financial Reporting
Slide 4: Risk Factors - 1/2
Risk Factors - 1/2 All references to “Swvl Inc.,” “we,” “us” or “our” refer to the business of Swvl Inc. (“the Company”) and its subsidiaries prior to the consummation of the proposed business combination with Queen’s Gambit Growth Capital (“SPAC”) (the “Potential Transaction”). The risks described
Slide 5: Risk Factors - 2/2
Risk Factors - 2/2 • Natural disasters, economic downturns, public health crises, including the COVID-19 pandemic, or political crises in the jurisdictions in which we operate could materially and negatively impact our operations in such jurisdictions; • We conduct a substantial amount of our busine
Slide 6: Swvl and Queen's Gambit: A combination to accelerate mass transit revolution
Swvl and Queen’s Gambit: A combination to accelerate mass transit revolution Overview Valuation ● ● Swvl to combine with Queen's Gambit Growth Capital Reflects ~$1.1bn pro forma enterprise value (2.8 × 2023E gross revenue) and ~$1.5bn equity value (2) ● ● Queen’s Gambit is focused on disruptive, hig
Slide 7: Queen's Gambit is positioned to make differentiated and immediate impact
Queen's Gambit is positioned to make dier ff entiated and immediate impact Overview Unique and Empowered Board and Advisory Team ● Seasoned and experienced management team Jennifer Barbetta ● Senior MD, COO at Existing strategic relationship with Agility and a host of other board relationships Starw
Slide 8: Agility is expected to provide immediate synergies and new opportunities
Agility is expected to provide immediate synergies and new opportunities Multi-billion dollar corporate logistics leader is uniquely positioned to offer strong operating and strategic benefits globally Leverage Agility’s Regional Expertise to Expand in Emerging Markets • Critical access and understa
Slide 9: Swvl, a leading mobility player with multiple synergistic business segments
Swvl, a leading mobility player revolutionizing mass transit with multiple synergistic business segments Consumer Retail: users book seats on vehicles available exclusively to the Swvl platform to commute within a given city Fulfilled by Travel: users book and go on long-distance trips either on bus
Slide 10: Why Swvl?
Why Swvl? 1. The ~$1 Trillion Challenge: Mass Transit is a Rigid and Outdated Solution for the Fast Changing Modern World 2. The Swvl Solution: Responsive, Self-Optimizing, Supply-Agnostic and Asset Light Mass Transit Solution 3. The Foundations: Customer Centric Operating Model Enabled by Swvl Grow
Slide 11: The ~$1 Trillion Challenge
The ~$1 Trillion Challenge 11
Slide 12: ~$1tn+ Mass transit opportunity
~$1tn+ Mass transit opportunity Poor Access and Reliability Limited Safety Prohibitive Societal Cost ~10% $88 billion (4) of commuter demand is currently met by annual cost of traffic in the US 78% (1) Dubai metro of women in Karachi mention being (3) harassed on public transport 40 minutes ~4% Cost
Slide 13: Poor access and reliability are consistent features of mass transit systems
Poor access and reliability are consistent features of mass transit systems, particularly in emerging markets… Share of urban populations with convenient access to public transport, (% of urban pop. w/ convenient access to public transport) On avg., ~2x as many people have convenient access to publi
Slide 14: Safety remains a concern across emerging markets' public transport
… with safety remaining a concern across many emerging markets’ public transport systems Women's experiences of sexual harassment on public transport, (%) 81% 78% 64% 64% 55% 54% Baku Karachi Mexico City Bogota Mumbai Nairobi 14 Source: Social Development Project Report, Addressing Gender-based Viol
Slide 15: Governments spend billions on inefficient public transport systems
Governments spend billions of dollars of CAPEX and OPEX to deliver and operate inecient p ffi ublic transport systems... Country deep-dive, Pakistan Metrobus, Rawalpindi-Islamabad $12.5mm 55% ~30% Annual operating Actual capacity Delay in project (3) subsidy compared to initial (1) completion (2) de
Slide 16: Societal costs further escalate government bills
... this is compounded by associated societal costs that further escalate government bills Number of hours lost in congestion per person, (hours) 134 133 100 100 94 93 88 88 87 86 86 85 81 74 67 Bucharest Bogota New York City Moscow Philadelphia Zagreb Paris Tallinn Quito Chicago Vilnius Bordeaux Ca
Slide 17: Inefficient and underutilized quality private buses
Inefficient and underutilized quality private buses, unable to fulfill latent mass transit demand Inefficient bus usage Underutilized buses Untapped potential (1) (1) 2 trips/day 8 months/year +155k (2) Vehicle owners typically work Vehicle owners tend to be out of Private buses in Cairo alone for a
Slide 18: The Swvl Solution
The Swvl Solution 18The Swvl Solution 18
Slide 19: Demand-Responsive, Self-Optimizing, Supply-Agnostic and Asset Light Mass Transit Solution
Demand-Responsive, Self-Optimizing, Supply-Agnostic and Asset Light Mass Transit Solution Reliable and Convenient Safe Valuable 7 minutes to station Vetted drivers with background checks Low avg walk to station (7 mins) Taxi Ride-hailing $6.00 - $5.00- 5 days in-advance booking system $1.10 - In-rid
Slide 20: Swvl's operating system: an integrated, customer-centric ecosystem
Swvl’s operating system; an integrated, customer-centric ecosystem enabled by commute-specic pr fi oducts Swvl operating system Work Swvl's operating model enables it to continuously utilize vehicles by Fulfilled by Powered by pooling demand across different use cases and seasonality, thus Mall sign
Slide 21: Swvl's growth cycle is at the foundation of its operating system
Swvl’s growth cycle is at the foundation of its operating system Lower cost structure NETWORK EFFECTS OF THE PLATFORM Adding more drivers and vehicles to the platform enables Better selection more route creation Lower average fare per trip Creating more routes and having more drivers enables cross-
Slide 22: Swvl's impact in revolutionizing mass transit 2017-2021
Swvl's impact in revolutionizing mass transit 2017-2021 ~430% 10 Cities 53mm ‘17A - ‘20A gross in 6 countries bookings to date (1) revenue CAGR ~1.6mm ~17k 52% riders have commuted drivers generated of Swvl’s student customer on Swvl to date income from Swvl base are female 1. Gross revenue is a non
Slide 23: Data infrastructure and growth cycle create a robust cost barrier for competitors
An established data infrastructure, growth cycle and business offering that creates a robust cost barrier for competitors Strong competitive moat with increased profitability Gross Revenue Per User Driver Earnings Customer Price 23% ~2x 40% Of inter-city users use two categories over Drivers who end
Slide 24: Swvl's journey backed by rapid and increasingly efficient expansions
Introduction to Swvl’s journey that is backed by a history of rapid and increasingly efficient expansions ● Crossed 40,000 bookings/day ● ~$29mm gross revenue (~166x (1) ● growth in 2 years) Ranked #16 in Forbes Top 100 ● Launches in Saudi Arabia via Startups in the Middle East ● Reached 1,000 activ
Slide 25: Explosive growth since inception
Explosive growth since inception... Pre COVID-19 exit Post COVID-19 recovery US$ 79 Annualized gross revenue, ($ million) ~ 7x US$ 51 US$ 49 US$ 18 ~ 16x US$ 8 US$0.5 US$ US$ 0 .9 1 US$ 1 Oct-17 Apr-18 Oct-18 Apr-19 Oct-19 Feb-20 Dec-21 (E) Bookings, (‘000) 3,780 ~6x 2,855 2,689 1,107 ~25x 449 48 18
Slide 26: Consistently improving margins and a pathway to 30-40% gross margin
...coupled with consistently improving margins and a pathway to 30-40% gross margin ~73 p.p improvement in gross margin to reach 20% profitability currently; path to achieve +40% gross margin through supply focused interventions (e.g., bidding, dynamic routing) Margins, (%) 28% 20% 20% 20% 20% 18% 1
Slide 27: Swvl significantly improves supply efficiency and drivers' earnings power
Swvl significantly improves supply efficiency and drivers’ earnings power Private Bus Driver Swvl Bus Driver Driver’s realized revenue, $ Inecient b ffi us usage Efficient bus usage ~US$760 US$ 760 2 trips/day 4-6 trips/day ~US$700 US$ 549 ~US$185 US$ 194 Under-utilized buses Adequately utilized bus
Slide 28: Swvl outperforms peers across the globe, despite being the newest player
Swvl outperforms peers across the globe, despite being the newest player Company Founded 2017 2012 2012 2011 2015 Stage Growth Growth/Mature Mature Mature Mature (1) Geographic Scope Global Global MENA, Indian sub-continent Global Single Country Diversified between consumers (inter and intra-city),
Slide 29: The Foundations
The Foundations 29The Foundations 29
Slide 30: Proprietary technology is the core of Swvl's virtuous growth cycle
Cutting-edge proprietary technology is the core of Swvl’s virtuous growth cycle and creates a superior competitive moat Lower cost structure Reliability and convenience technology focus areas Better selection Lower Shorter avg. Denser walk to fare per network station trip distance 1 Predict and iden
Slide 31: Predict and identify latent demand
Predict and identify latent demand: 1 Predicting demand for facilitating better selection Map the City Swvl divides the city into equal areas (i.e., hexes) Capture Latent Demand and Optimize Existing Areas Hexes are the basic unit of analysis to build a network • Determines which hexes to place Swvl
Slide 32: Create routes centered around demand clusters
Create routes centered around demand clusters: 2 Automated route creation with an objective to maximize demand conversion Create routes centered around Demand estimation Route creation demand clusters and deliver on the reliability promise ● A ML algorithm identifies key pockets of latent and existi
Slide 33: Create dynamic routes
Create dynamic routes: 3 Dynamic routing improves user experience, providing greater convenience ● Dynamic Routing (DR) is a proprietary Evolution of a route dynamically computational technology developed by Swvl upon discovering a new rider ● Enables Swvl to adapt, real-time, to actual demand pocke
Slide 34: Better selection expected to yield faster profitability of routes
Better selection ultimately expected to yield 3 faster protfi ability of routes (1) Number of searches on the platform that meet customer promise , (%) ~35% increase 35% 26% Jul-20 Mar-21 Time to profitability per route, (months) ~40% reduction 7 ~75% reduction 4 1 2019 2020 2021 34 Note: Data reect
Slide 35: Dynamic routing reduces walk to station
Dynamic routing reduces walk to station, 3 increasing conversion to bookings and thus, margins Average walk to station time in Cairo, (min) ~40% reduction 20 ~25% reduction 12 ~22% reduction 9 7 Feb-20 May-20 Sept-20 Apr-21 35 Note: Reflects Cairo only. A combination of factors contribute to a compo
Slide 36: Create cost efficient plans and schedules
Create cost ecient pl ffi ans and schedules: 4 Providing a more aor ff dable customer ride starts with minimizing the cost per KM incurred while enhancing vehicle ROI 1 4 2 2 3 ● Machine learning (ML) algorithm “stitches” 1 multiple routes into a plan 4 ● A plan optimizes for driver convenience and
Slide 37: Price supply via bidding and smart assignment system
Price supply via bidding and smart assignment system: 5 Once a plan is created, supply is priced via bidding and plans are assigned via smart assignment system, minimizing overall costs (~12% savings) Smart assignment technology dynamically prices supply via bidding Bidding Portal Swvl optimizes the
Slide 38: Technology allows +85% drivers retention and increases vehicle ROI
Technology allows +85% drivers retention, 5 while decreasing cost per KM and increasing vehicle ROI By increasing rides per vehicle by ~40% Technology allows +85% vehicle retention Weekly rides/vehicle 14.3 13.9 13.7 13.2 (1) 13.0 12.8 30-day rolling retention 12.5 12.2 12.2 12.0 11.9 11.9 11.9 11.0
Slide 39: Price demand dynamically
Price demand dynamically: 6 Demand is priced dynamically to give riders the optimal price at the right time based on real-time data Dynamic user level pricing Engine predicts user reaction to pricing based on: ● A ML model is continuously running to maximize Route-level retention Active Demand Curre
Slide 40: 50% increase in revenue/user with accelerated growth
Price demand dynamically: 6 50% increase in revenue/user & accelerated growth to hit $13/month with 60% annual gross revenue retention 2019 cohorts took 12 months to reach $13 per month of gross revenue per user Activation Consumer business Month 1 Month 2 Month 3 Month 4 Month 5 Month 6 Month 7 Mon
Slide 41: Suite of SaaS/TaaS enterprise products for corporates, schools and transit agencies
Swvl consumer proprietary-tech was packaged into a suite of SaaS/TaaS enterprise product dedicated to corporates, schools and transit agencies A new SaaS product SaaS product oer ff ings Transit agencies and Tiered suite of services oer ff ed to businesses municipalities and corporate institutions w
Slide 42: SaaS/TaaS enterprise product achieved exponential growth with ~115% net dollar retention
SaaS/TaaS enterprise product achieved exponential growth (~4x in gross revenue per client) with a net dollar retention (~115%) only achieved by the top-quintile SaaS/TaaS products Net dollar retention Activation Jun-2020 Jul-2020 Aug-2020 Sep-2020 Oct-2020 Nov-2020 Dec-2020 Jan-2021 Feb-2021 Mar-202
Slide 43: The Vision
The Vision 43 43The Vision 43 43
Slide 44: Swvl aims to build a global non-displaceable technology revolutionizing mass transit
Swvl aims to accelerate the build-up of a global non-displaceable technology revolutionizing mass transit 2025 goals ~$1bn+ 20 ~30%-40% (1) (1) Annual gross revenue Countries Gross margin 5 continents ~50% ~50% ~15% MENA, South America, North Consumer SaaS+TaaS Adjusted EBITDA margin America, Europe
Slide 45: Unlocking accelerated top-line expansion
Unlocking accelerated top-line expansion by building on our exponential growth history (1) Annual gross revenue , $ million ~28x growth over the next five years 1,304 814 Similar business activity to 2019, despite three months of complete 403 lockdown and recovery throughout the remainder of the yea
Slide 46: Roadmap to a gross margin potential beyond 40%
Roadmap to a gross margin potential beyond 40% without further increase in customer pricing Unit economics in Cairo Retail, $ 40% Gross margin forecasts for Consumer segment Profitability zone – RASK > CASK US$ 0.03 US$ US$ 0 0. .0 028 28 US$ US$ 0 0. .0 029 29 41% US$ US$ 0 0. .0 027 27 US$ US$ 0 0
Slide 47: Illustrative journey of mature markets to +40% gross margins: Cairo Retail
Illustrative journey of mature markets to +40% gross margins: Cairo Retail Margins - Cairo Retail, % (10%) 12% (10%) 8% 41% 0 30% 20% 20% Current ATF CPS Utilization Steady-state Net-margin Steady-state EBITDA Steady-state GM improvements improvements improvements GM interventions NM interventions A
Slide 48: The Path Ahead
The Path Ahead 48The Path Ahead 48
Slide 49: Five principles guide Swvl's approach to international expansion
Five principles guide Swvl’s approach to international expansion Reliable, convenient, safe and valuable global mass-mobility technology Balance organic, Adopt a rapid-fire Opt for breadth in the inorganic and serial Balance growth and Lead expansion iterative expansion early expansion stages innova
Slide 50: Guiding principles translate into a comprehensive expansion approach
Guiding principles translate into a comprehensive expansion approach across all categories Existing portfolio consolidation in core geographies, creating the basis of a non- displaceable, pre-eminent emerging market mobility player US LATAM EU Full-portfolio expansion across LATAM, given the market
Slide 51: Geographic expansion roadmap
The approach translates into a well orchestrated geographic expansion roadmap 2021 2022 2023 Y KSA Y Philippines Brazil Mexico Bangladesh KSA Brazil Mexico Spain/Italy Poland Greece Philippines Jordan/UAE KSA Brazil Mexico Spain/Italy DE/UK/FR PH/MY/ Bangladesh US Indonesia 51 DE/UK/FR : Germany, Un
Slide 52: A tried and tested approach to accelerate portfolio expansion
Swvl will follow a tried and tested approach to accelerate portfolio expansion Country deep-dive, Brazil Standardized market-entry approach, Retail focused in a Brazilian city Target of 30-45 days from team hitting the ground to operations Registration and Market entry Acquire Growth Hire team Kick-
Slide 53: The Transaction
The Transaction 53The Transaction 53
Slide 54: Detailed transaction overview
Detailed transaction overview Illustrative Pro Forma Valuation ($ in mm, except per share amounts) Agreed Share Price $10.00 PIPE Investors 7% Pro Forma Shares Outstanding (mm) 153.8 GMBT Public Shareholders 22% Pro Forma Equity Value $1,538 Less: Projected Net Cash at Close (405) Pro Forma Enterpri
Slide 55: Use of proceeds catalyzes Swvl's global expansion
Use of proceeds catalyzes Swvl’s global expansion ● Capital raise will enable Swvl to fund its geographic expansion across all segments ● Rapid expansion plan to be in 20 countries by 2025 ● Capital investment primarily allocated to growth marketing, technology infrastructure and associated people c
Slide 56: Proceeds can be used to drive significant top-line growth
Proceeds can be used to build on Swvl’s exponential growth to drive to significant top-line growth (1) Annual gross revenue / Annual bookings, $ million / million bookings 565.9 Consumer ($ in mm) travel CAGR ('20A -'25E): 118% 1,304 SaaS/TaaS ($ in mm) Total Bookings (mm) 344.9 602 814 363 183.1 40
Slide 57: Detailed financial projections
Detailed financial projections Actual Projected Commentary 2020A 2021E 2022E 2023E 2024E 2025E CAGR ($ in millions) (’20A-’25E) Total Bookings (in millions) 17 28 78 183 345 566 102% %YoY Growth 184% 134% 88% 64% 64% • Consumer Gross Revenue $28 $82 $215 $451 $702 Significant gross revenue growth Sa
Slide 58: Swvl's valuation is attractive relative to peers
Swvl’s valuation is attractive relative to peers (1) Enterprise Value / 2022E Revenue , multiple Shared Economy Peers Median: 7.5x SaaS Peers Median: 19.5x 35.5x 24.2x 19.5x 17.3x 15.4x 13.6x 12.6x 10.8x 8.0x 4.3x 4.1x 3.9x (2) (3)(4) (5) (6) (1) Enterprise Value / 2023E Revenue , multiple SaaS Peer
Slide 59: Unparalleled near and long-term growth prospects
With unparalleled near and long-term growth prospects… 2021E - 2023E Revenue CAGR, % 194% Shared Economy Peers Median: 32% SaaS Peers Median: 25% SaaS Peers Median: 26% 42% 40% 33% 32% 29% 26% 25% 25% 23% 19% 19% (1) (2) (3) Current Run-Rate 2023E Gross 27% ~40% 24% 38% 60% 63% 80% 55% 81% 60% 65% 6
Slide 60: Compelling long term valuation fundamentals
…Leading to even more compelling long term valuation fundamentals… (1) Enterprise Value / 2024E Revenue , multiple Shared Economy Peers Median: 2.8x SaaS Peers Median: NA 9.0x 8.2x 2.8x 2.8x 2.4x 1.4x NA NA NA NA NA NA (2) (3)(4) (5) (6) Source: Latest available filings and management / investor pres
Slide 61: Team and values
Team and values 61Team and values 61
Slide 62: A multi-disciplinary team of industry veterans
A multi-disciplinary team of industry veterans will deliver on the set opportunity Executed > 20 infrastructure Youssef Launched Careem in 8 cities in 6 months M&A, capital raises and Mostafa Kandil Spearheaded Rocket Internet operations financings with > $65bn in value; Salem CEO in Philippines and
Slide 63: Swvl values: differentiated ESG investment
Swvl values: dier ff entiated ESG investment Advancing Social Justice Reducing Prohibitive Societal Burden Lowering Carbon Footprint • Aor ff dable, convenient and safe • • Can contribute to reduced congestion Shared mobility model can contribute to transportation that increases social and via optim
Slide 64: Appendix
Appendix 64Appendix 64
Slide 65: Swvl's technology ecosystem
Swvl’s technology ecosystem Corporate or school Network planning and Scheduling Trip monitoring Invoicing analytics Powered by Transit Agency Network planning and White-labeled rider Fixed and dynamic routing Pricing and revenue analytics and driver application systems management systems Rider and d
Slide 66: Effortless and brilliant user experience
Provides an eor ff tless and brilliant user experience… Rider mobile application enables riders to access all available trips easily, nd their fi desired destinations, and make available stops and book in advance. Plan entire work week ahead Real time Walk to station tracking visibility Walk to stat
Slide 67: A superior driver experience
… and a superior driver experience Enabling drivers to access all upcoming/past trips easily, check-in/check-out, manage nanc fi es and 24*7 support, and training modules to learn best practices. Trip management Training modules Seamless check-in experience 24*7 support 67 67… and a superior driver
Slide 68: Enables corporate admins to schedule rides
Enables corporate admins to schedule rides… Easy access to drivers & vehicles information. Ability to mass upload and update ride schedules to drivers including all details; dates, timings, pickup and drop o ff Schedule locations. timings, stops and routes. Update schedules with a press of a button.
Slide 69: Optimized routes to improve cost efficiency
… and get optimized routes to improve cost ecienc ffi y… AI algorithm optimizes supply cost Optimize routes based on different and/or travel time significantly via rider location and machine learning through various Optimize routes based destination inputs. on distance vs. time. data points involvin
Slide 70: Real time visibility on all rides to ensure safety
… while having real time visibility on all rides to ensure safety of passengers Ability to monitor rides in real-time with complete visibility over ride timings, driver information, vehicle types, and current ride progress. Mass upload ride schedules to drivers. 70… while having real time visibility
Slide 71: Automated invoicing capability and transparency
Automated invoicing capability and transparency E2E automated payment system covering for all payment cases, scenarios such as - Daily wage, km payout, tolls, fines, etc. 71Automated invoicing capability and transparency E2E automated payment system covering for all payment cases, scenarios such as
Slide 72: Live pricing and revenue management
Live pricing and revenue management 72Live pricing and revenue management 72
Slide 73: Real time analytics for informed decision making
Real time analytics for informed decision making 73Real time analytics for informed decision making 73
Slide 74: 100+ TaaS clients across the globe
100+ TaaS clients across the globe with aor ff dable, reliable & convenient enterprise solution 74100+ TaaS clients across the globe with aor ff dable, reliable & convenient enterprise solution 74
Slide 75: Reconciliation from Gross Revenue to IFRS Revenue
Reconciliation from Gross Revenue to IFRS Revenue ($ in millions) 2019A 2020A 2021E 2022E 2023E 2024E 2025E Gross revenue $28.8 $26.2 $46.5 $ 141.4 $402.5 $813.6 $ 1,304.3 Less: Promotions and incentives (10.9) (5.7) (6.6) (15.6) (33.2) (52.7) (62.0) Less: Refunds (2.1) (1.8) (4.0) (8.9) (9.7) (8.1)
Slide 76: Reconciliation from IFRS Operating Expenses to Other Operating Expenses
Reconciliation from IFRS Operating Expenses to “Other Operating Expenses” ($ in millions) 2020A Commentary Operating Expenses General and administrative expenses ($19.3) Selling and marketing costs (3.4) Other expenses (0.2) Total Operating Expenses ($22.9) Expenses captured above Growth marketing 2
Slide 77: Reconciliation from Adjusted EBITDA to Total Comprehensive Loss
Reconciliation from Adjusted EBITDA to Total Comprehensive Loss ($ in millions) 2020A Commentary Adjusted EBITDA ($29.0) Less: Expenses below Adjusted EBITDA included in G&A, S&M, and other expenses Depreciation of property and equipment (0.1) Depreciation of right-of-use assets (0.4) Provision for
Slide 78: 2019 Monthly Gross and Net Margin Reconciliation
2019 Monthly Gross and Net Margin Reconciliation ($ in millions) 2019-2 2019-3 2019-4 2019-5 2019-6 2019-7 2019-8 2019-9 2019-10 2019-11 2019-12 Number of bookings (in millions) 0.95 1.09 1.11 1.31 1.22 1.85 1.66 2.39 2.86 2.98 2.92 Average price ($) US$1.18 US$1.30 US$1.32 US$1.31 US$1.34 US$1.44 U
Slide 79: 2020 Monthly Gross and Net Margin Reconciliation
2020 Monthly Gross and Net Margin Reconciliation ($ in millions) 2020-1 2020-2 2020-3 2020-4 2020-5 2020-6 2020-7 2020-8 2020-9 2020-10 2020-11 2020-12 FY 2020 Number of bookings (in millions) 2.72 2.69 2.24 0.67 0.54 0.59 0.69 0.86 1.18 1.37 1.70 1.58 16.83 Average price ($) US$ 1.38 US$ 1.58 US$ 1
Slide 80: Slide 80