EROAD accelerates towards next phase of growth

26 November 2021
Results for announcement to the market
Name of issuer EROAD Limited
Reporting Period 6 months to 30 September 2021
Previous Reporting Period 6 months to 30 September 2020
Currency New Zealand Dollars
Amount (000s) Percentage change
Revenue from continuing
operations
$47,987 5%
Total Revenue
$47,987 5%
Net profit/(loss) from
continuing operations
($2,863) -382%
Total net profit/(loss)
($2,863)) -382%
Interim/Final Dividend
Amount per Quoted Equity
Security
No dividend declared
Imputed amount per Quoted
Equity Security
Not Applicable
Record Date Not Applicable
Dividend Payment Date Not Applicable

Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
$1.27933612 $0.52416240
(incl deferred tax as intangible)
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
For commentary on the result, please refer to the Annual Report
for the year ended 31 March 2021.
Authority for this announcement
Name of person authorised
to make this announcement
Alex Ball
Contact person for this
announcement
Alex Ball
Contact phone number +64 29 772 5631
Contact email address alex.ball@eroad.com
Date of release through MAP
26 November 2021

Audited financial statements for the half year ended 30 September 2021 accompany this
announcement.


TEL +64 9 927 4700 PO Box 305 394

FAX +64 9 927 4701 Triton Plaza, North Shore 0757 Page 1
FREE 0800 4 EROAD Auckland, New Zealand eroad.co.nz

---

2022 INTERIM
REPORT
EROAD
Safer
and more
sustainable
roads

HIGHLIGHTS EROAD 2022 INTERIM REPORT
Significant progress
accelerating growth strategies
in continued challenging
macro-economic conditions
Focusing on
what is important
to our stakeholders
COVID-19
SUPPORTED
CUSTOMERS
during lock-downs in
New Zealand and Australia
PROGRAMME OF WORK
UNDERWAY
to benchmark EROAD’s GHG emissions. 
Led by our ESG Steering Group which
meets regularly to discuss and advance
EROAD’s sustainability goals    
TOITŪ
CARBONREDUCE
INDUSTRY LEADING
UPTIME 
demonstrating the integrity and
reliability of EROAD’s infrastructure
99.9
%
>
CUSTOMERS RENEWED
THEIR EROAD PLAN
(representing 16,481 units) reflecting
the quality of EROAD’s product and
service offering   
538
ROAD TO
SUSTAINABILITY 
findings help EROAD’s sustainability
efforts within the industry
INAUGURAL
REPORT
REDUCTION IN
SPEEDING FREQUENCY
by 31% of vehicles once they
installed Clarity Dashcam
OVER10%
up $2.2m from H1 FY21
(which included non-recurring
revenue of $1.6m)
REVENUE
48.0
$
m
added since FY21
despite COVID-19
CONTRACTED
UNITS
6,500
includes $2.0m
of transaction and
integration costs
REPORTED EBITDA
12.6
$
m
57.64
$
reflecting a $0.66c improvement
from FY21 from selling additional
products and services, offset by
$1.23c FX impact
MONTHLY
SAAS ARPU 
92.9
$
m
compared to $88.4m at FY21
and FCI increased $7.2m
from FY21 to $149.1m
AMRR
%
28
accelerating our technology
roadmap 
REVENUE
SPENT ON R&D
strategic partnerships
expanding addressable markets
PHILIPS CONNECT
AND
SEEING MACHINES 
TRANSFORMATIONAL
ACQUISITION
OF CORETEX
to accelerate key
growth metrics by two years   
%
94.1
ASSET
RETENTION RATE
(H1 FY21: 95.3%)
CONTINUED PROGRESS AGAINST
OUR MATERIALITY MATRIX MEASURES 

Letter from
the Chair and CEO
We are pleased to present our report for the half year to
30 September 2021.
As we have outlined previously, EROAD is focused on
building its business in North America and Australia, and is
transitioning to the next phase of growth.
Our operating cash flow and two capital raises over the
last 12 months have allowed us to accelerate investment
for organic growth, develop strategic partnerships and
undertake the transformational acquisition of Coretex.
Our financial results for the six months ended 30 September
2021 (H1 FY22) reflect both the continued investment in our
growth strategies as well as the resilience of our business in
continuing challenging macro-economic conditions.
LETTER FROM THE CHAIR AND CEO EROAD 2022 INTERIM REPORT

Financial result reflects
both continued investment
in our growth strategies
as well as the resilience
of our business model in
continued challenging
macro-economic conditions
Revenue increased $2.2m to $48.0m reflecting growth in
units, dashcams and additional add-onsubscriptions sold to
our customers. This was partly offset by a reduction in other
revenue from H1 FY21. The prior period included income from
the forgiveness of a North American COVID-19 government
support loan ($1.6m).
Over the period, contracted units grew by 5% reflecting
continued good growth in both New Zealand and Australia.
This is partly offset by a reduction in units in North America
due the loss of an enterprise customer (1,751 units) which
aligned its technology with that of its acquirer. We also
continued to see increased momentum selling add-on
hardware or SaaS subscription products with over 296
customers adding a product or service to their existing plan,
representing 7,341 Dashcam Clarity, Inspect, Logbook or Book-
it subscriptions added.
Our Asset Retention Rate remained high at 94.1%, reflecting
the quality of EROAD’s service and product offering.
In addition,538 customers renewed their EROAD plan
(representing some 16,481 contracted units). Our Annualised
Monthly Recurring Revenue metric, which provides a forward
view of sustainable revenue, increased to $92.9m from $88.4m
at 31 March 2021. We also saw an increase in Future Contracted
Income from $140.0m to $149.1 reflecting a considerable
number of renewals that occurred during the period including
the continuing 3G to 4G roll-out in North America (nearly 80%
of North America units now on 4G technology).
Operating expenditure increased from $30.5m in the prior
comparable period to $35.4m. This is due to $2.0m of
transaction and integration costs relating to the Coretex
acquisition, increased employee costs related to new hires and
the increased competition for talent, as well as an increased
level of annual leave accrued due to the COVID-19 lock-downs
in the period.
Accordingly, reported EBITDA reduced from $15.3m to $12.6m,
representing an EBITDA margin of 26%. For H1 FY22, once
transaction and integration costs are excluded, normalised
EBITDA is $14.6m, an increase from normalised EBITDA for
H1 FY21 of $13.7m once the one-off COVID-19 government
support loan in North America of $1.6m is excluded. EROAD’s
normalised EBITDA margin is 30%.
As anticipated, research and development spend increased
from $9.3m to $13.3m, representing 28% of revenue. As
we move ahead with our growth strategies, research and
development is focused on opening up our addressable market
for Enterprise customers.
Read more about our
financial results in our
investor presentation
EROAD 2022 INTERIM REPORT LETTER FROM THE CHAIR AND CEO

Successful delivery of our growth
strategy, as we build towards
becoming a bigger player in
North America and Australia
We are in a transitional period, as we move into the next phase
of growth and become a bigger player in North America and
Australia. To prepare to take advantage of these increasing
growth opportunities we are accelerating investment in our
platforms and products. We have previously stated our choice
to grow through organic growth, strategic partnerships and
acquisitions and we have successfully delivered on this growth
strategy in H1 FY22.
EROAD continues to extend its platform and launch new
products to enable it to organically grow its contracted units,
Average Revenue per Unit (ARPU) and retain customers. Since
the end of March 2021, we have launched 11 new products
or enhancements to do just that. With low video telematics
penetration across all our markets, we are focused on expanding
and improving our video telematics portfolio. In October 2021,
we expanded our video telematics offering with the launch of
EROAD Clarity Solo Dashcam. Solo dashcam is an integrated
dashcam and telematics device as such it expands our
addressable market into a wider range of fleets (e.g. US LCVs),
without the need to also install an EHUBO, and it can also be
installed alongside another telematics providers. Accordingly,
EROAD expects this launch to accelerate sales of dashcams.
Since 31 March 2021, we have released a series of
enhancements and new products including EROAD Analyst,
EROAD Book-it, EROAD Messaging and EROAD Where Mini
Tags, further increasing the range of products and services we
offer our customers.
Accessing additional product solutions through strategic
partnerships with quality technology providers enables
EROAD to fill product gaps concurrently with its continuing
organic investment. Our strategic partnership with Philips
Connect, that commenced in June 2021, has resulted in sales
of 666 Philips Connect solutions in H1 FY22. These Philips
Connect solutions help customers locate assets, give their own
customers a live view into their trailers, containers, and chassis
as well as increase customers’ productivity. This solution also
increases the addressable market of North American medium
and enterprise fleets and provides up-sell opportunities to
EROAD once a Philips Connect solution is sold. We entered
into a second strategic partnership with Seeing Machines in
August 2021, an industry leader in vision-based monitoring
technology. By integrating this technology into the EROAD
platform, we are able to target our dashcam sales to mixed
fleets that have biometric requirements (e.g. Hazemat).
EROAD CLARITY
DASHCAM 
EROAD CLARITY
SOLO
PHILLIPS
CONNECT 
EROAD DAY
LOGBOOK 
EROAD
INSPECT  
EROAD
WHERE   
3,087
UNITS
ADDED
Oct 2021
PRODUCT
LAUNCHED
666
SOLUTIONS
SOLD
966
DRIVERS SUBSCRIPTIONS
ADDED
1,665
DRIVERS SUBSCRIPTIONS
ADDED
2,650
TAGS
SOLD
EROAD 2022 INTERIM REPORT LETTER FROM THE CHAIR AND CEO

In July 2021, we entered into a conditional agreement
to acquire Coretex, a telematics vertical specialist provider
delivering enterprise grade solutions. The acquisition is
transformational for EROAD and we expect it to accelerate
our key growth metrics by two years, enabling us to capture
significant growth opportunity in North America and
Australia (particularly with respect to Coretex’s focus on
the Enterprise customer base). The acquisition also
accelerates growth by adding new strategic customer
verticals, broadening our product offering and customer
base and positions EROAD to become a bigger player in
the North America and Australian markets.
Combining EROAD’s expertise in broadly adopted regulatory
telematics solutions with Coretex’s extensive vertical telematic
expertise, products, and customer base is a great fit. Coretex
has a strong focus on working through the needs of enterprise
customers within the frame of the supply chain. Whether it
is temperature control, service verification, contamination
detection, location or fuel performance, Coretex takes an end
to end approach by industry vertical.
INTEGRATING CORETEX SUCCESSFULLY
TO MAXIMISE THE DEAL BENEFITS
The Coretex acquisition substantially increases our scale
in North America and Australia and provides the ability to
improve our competitive advantage, drive revenue synergies
and accelerate growth. A well planned and executed
integration is critical to maximising the synergies for any
major acquisition and both companies have been busy over
the last few months putting together a detailed plan to do
just that.
The acquisition received 100% shareholder approval in July,
Overseas Investment Office approval in October and NZ
Commerce Commission approval on 17 November and is
expected to complete with effect from 1 December 2021.
It is anticipated that the two businesses will be largely
integrated in approximately 12-18 months. Our initial focus
will be on North America and promotion of Coretex 360
platform and CoreHub hardware solution as EROAD’s next
generation product within weeks of completion to enable
sales momentum to begin back in that market.
EROAD expects the majority of investment to occur this
and next financial year, with revenue benefits commencing
from FY23.
< P. 10
MENU
STRENGTHENING EROAD FURTHER
WITH CORETEX’S CAPABILITY
Selwyn Pellett, CEO of Coretex, will join EROAD’s Board as an
Executive Director and be an advisor during the integration
period. Selwyn has worked in the technology sector in New
Zealand for over 20 years and brings a wealth of experience
in particular telematics and network security. The Board
intend to appoint an additional director from North America
by the end of FY22 with a particular focus on digital product
marketing and SaaS technology.
Akinyemi Koyi (“AK”) will join the Executive Team in a
new role as Chief Innovation Officer. He has been at the
helm of Coretex’s technology development for over seven
years as their CTO & COO and brings a strong blend of
strategic planning, technical skill and industry knowledge.
This role enables EROAD to continue accelerating strategic
development of the business. AK will lead cross functional
teams focussed on keeping EROAD at the forefront of
delivering technological innovation to solve business
problems for our customers. Tracey Herman, Coretex’s CFO,
will move into a senior commercial and finance role in the
combined business.
Both the EROAD and Coretex teams are excited about two
New Zealand based technology companies coming together.
Together we will have a wider set of talent and solutions
that will deliver benefits to our customers quicker instead
of working in silo of each other. Our products and services
complement one another and so provide better solutions for
existing and prospective customers. Accordingly, it made sense
to unite them.
P. 11 > EROAD 2022 INTERIM REPORT LETTER FROM THE CHAIR AND CEO
LETTER FROM THE CHAIR AND CEO EROAD 2022 INTERIM REPORT
The transformational
acquisition of Coretex

P. 13 >
Improving
sustainability
for us and our
customers
EROAD has always aspired to create safer and more
sustainable roads. We believe the use of our products and
services leads to positive outcomes for our customers and
the wider community. The significant progress we have made
towards our growth strategy increases our ability to make a
positive difference.
In October, we released Road to Sustainability, our inaugural
sustainability sentiment survey for New Zealand and
Australia. This gave us the opportunity to identify where
we can best help our customers adapt to new government
regulations and also help drive further change within the
transportation industry. We intend to use this report as a
launchpad to bring sustainability to the forefront of the
conversation when discussing transport carbon footprint
emissions. This will help us further our sustainability efforts
within the transport industry.
REDUCTION IN
SPEEDING FREQUENCY
by 31% of vehicles once they
installed Clarity Dashcam
OVER10%
Read our
Road to Sustainability Report
EROADSustainability
Report
ROAD TO
SUSTAINABILITY REPORT
October2021
Coretex products
LOOK TO OPTIMISE SAFETY
AND FUEL CONSUMPTION,
REDUCE WASTAGE
AND CONTAMINATION
REDUCTION IN FATIGUE
RELATED DRIVING EVENTS
with in-cab alerts
by Seeing Machines
OVER90%
EROAD also recently announced that it has partnered with
FUSO in New Zealand’s first zero emissions truck trial. The
100% electric FUSO eCanter vehicles will be trialled over the
next year by Mainfreight, Bidfood, Toll Global Express, Owens
Transport and Vector OnGas as part of the Auckland Inner City
Zero Emissions Area trial. The fleet of FUSO eCanters have
EROAD’s Ehubo 2.0 installed, with full access to the MyEROAD
platform. Providing the fleet managers with real-time GPS
tracking, driver behaviour alerts and performance reporting.
In addition to the impact our products and services have
and will continue to have, EROAD is keen to do its bit. In our
last annual report we made good progress moving towards
reporting against the GRI Standards sustainability reporting
framework and completed a materiality assessment. Over
the next twelve months, EROAD is looking to use this initial
work to build a base and, once the Coretex integration is well
in motion, set measurable objectives to measure, report and
drive improvements in our sustainability efforts.
EROAD’s ESG Steering Group meets regularly to discuss and
advance our sustainability goals. The ESG Steering Group
considers environmental matters (such as reducing our carbon
emissions), social factors (including diversity and inclusion
goals), and governance matters (such as new legislative
requirements including the TCFD and the Global Reporting
Initiative standards).
EROAD’s Global Market Development team continues to build
its strength in ESG, including the appointment of a Regulatory
Development Manager in Australia. The team plays a critical
role in continuing to build our strengths in ESG, including by
being a member of, actively working with, the International
Road Federation on a Taskforce for Climate Impact Mitigation.
In New Zealand, we are working with Toitu to complete the
carbon reduce programme. In line with this, our product
team is considering what further support our products and
services can offer EV fleets, and how we can better support
our customers through their own sustainability initiatives. This
includes supporting the New Zealand Government’s goal of
the public sector becoming carbon neutral by 2025.
LETTER FROM THE CHAIR AND CEO EROAD 2022 INTERIM REPORT

As previously announced in EROAD’s Q2 operating update on
21 October 2021, with continued challenging macro-economic
conditions (particularly in North America) and the Coretex
acquisition expected to complete 1 December 2021, we now
expect stand-alone FY22 revenue growth to be between 10%
and 13% and continue to expect normalised EBITDA margin
(prior to integration and transaction costs) to be at or around
the levels delivered in FY21.
While good growth is still being experienced in both Australia
and New Zealand, some anticipated growth has been deferred
to either later in FY22 or into early FY23 due to COVID-19 lock-
down restrictions delaying piloting activity, installation roll-outs
and lengthening sales lead-times. North America continues to
experience ongoing impacts of COVID-19 and its associated
economic challenges, in particular significant driver shortages
and supply chain issues impacting mid-market customers. As a
result, growth to date has been below EROAD’s expectations.
With the easing of COVID-19 restrictions and their impacts,
the launch of EROAD’s next generation Android platform
and hardware, the release of Clarity Solo in October, and the
completion of the Coretex acquisition, we do expect increased
sales momentum in FY23.
The Coretex acquisition is expected to complete with effect
from 1 December, therefore it is now appropriate for EROAD
to withdraw its FY22 stand-alone guidance as it is no longer
relevant for the combined entities.
FY22
outlook
LETTER FROM THE CHAIR AND CEO EROAD 2022 INTERIM REPORT
Thank you for your continued support of EROAD. We look
forward to updating you at the FY22 financial results as we
continue expand our capability, improve customer experience,
and expand our reach into new customer verticals.
Graham Stuart
Chairman
Steven Newman
Chief Executive Officer
NON-GAAP MEASURES
EROAD has used non-GAAP measures when discussing financial
performance in this document. The directors and management
believe that these measures provide useful information as they
are used internally to evaluate performance of business units, to
establish operational goals and to allocate resources. Non-GAAP
measures are not prepared in accordance with NZ IFRS (New
Zealand International Financial Reporting Standards) and are not
uniformly defined, therefore the non-GAAP measures reported
in this document may not be comparable with those that other
companies report and should not be viewed in isolation or
considered as a substitute for measures reported by EROAD in
accordance with NZ IFRS.
The non-GAAP measures EROAD have used are Adjusted EBITDA,
Annualised Monthly Recurring Revenue (AMRR), Costs to Acquire
Customers (CAC), Costs to Service & Support (CTS), EBITDA,
Normalised EBITDA, Normalised Revenue, EBITDA margin,
Normalised EBITDA margin, Free Cash Flow and Future Contracted
Income (FCI)
The definitions of these can be found on pages 41 of the
investor presentation. All numbers relate to the 6 months ended 30
September 2021 (H1 FY22) and comparisons relate to the 6 months
ended 30 September 2020 (H1 FY21), unless stated otherwise. All
dollar amounts are in NZD.
This report covers the six months ended 30 September 2021
and is dated 26 November 2021. This report has been approved by
the Board and is signed on behalf of EROAD Limited by Graham
Stuart, Chairman and Steven Newman, Manging Director and Chief
Executive Officer.

EROAD 2022 INTERIM REPORT SECTION TITLEP. 17 >< P. 16MENU FINANCIAL STATEMENTS EROAD 2022 INTERIM REPORT
Financial
Statements
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2021
GROUP30 SEPTEMBER 202130 SEPTEMBER 2020
Notes
Unaudited
$M's
Unaudited
$M’s
Revenue248.045.8
Operating Expenses3(35.4)(30.5)
Earnings before interest, taxation, depreciation
and amortisation
12.615.3
Depreciation of Property, Plant and Equipment8(5.0)(4.6)
Amortisation of Intangible Assets9(4.8)(4.8)
Amortisation of Contract and Customer Acquisition Assets(3.3)(3.5)
Earnings before interest and taxation(0.5)2.4
Finance income0.40.2
Finance expense(1.5)(1.4)
Net financing costs(1.1)(1.2)
(Loss)/Profit before tax (1.6)1.2
Income tax expense11(1.3)(0.2)
(Loss)/Profit from continuing operations(2.9)1.0
(Loss)/Profit after tax for the period attributable to the
shareholders
(2.9)1.0
Items that are or may be reclassified subsequently to profit
or loss
Other comprehensive income/(loss)0.4(0.7)
Total comprehensive (loss)/profit for the period(2.5)0.3
(Loss)/Earnings per share - Basic (cents) (3.34)1.49
(Loss)/Earnings per share - Diluted (cents) (3.34)1.49
The above Condensed Consolidated Statement of Comprehensive Income should be read in conjunction with the accompanying notes.

EROAD 2022 INTERIM REPORT SECTION TITLEP. 19 >< P. 18MENU FINANCIAL STATEMENTS EROAD 2022 INTERIM REPORT
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2021
GROUP30 SEPTEMBER 202131 MARCH 2021
Notes
Unaudited
$M's
Audited
$M’s
CURRENT ASSETS
Cash and cash equivalents7119.357.1
Restricted bank accounts713.510.5
Trade and other receivables12.78.2
Contract fulfilment costs3.23.0
Costs to obtain contracts2.12.5
Total Current Assets150.881.3
NON-CURRENT ASSETS
Property, plant and equipment840.234.7
Intangible assets952.445.3
Contract fulfilment costs3.02.4
Costs to obtain contracts1.71.0
Deferred tax assets6.17. 3
Total Non-Current Assets103.490.7
TOTAL ASSETS254.2172.0
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION (continued)
AS AT 30 SEPTEMBER 2021
GROUP30 SEPTEMBER 202131 MARCH 2021
Notes
Unaudited
$M's
Audited
$M’s
CURRENT LIABILITIES
Borrowings126.66.4
Trade payables and accruals10.47. 8
Payables to transport agencies713.410.5
Contract liabilities104.03.9
Lease liabilities1.11.0
Employee entitlements3.02.3
Total Current Liabilities38.531.9
NON-CURRENT LIABILITIES
Borrowings
1226.128.6
Contract liabilities103.12.7
Lease liabilities3.84.2
Interest rate swap0.1-
Total Non-Current Liabilities33.135.5
TOTAL LIABILITIES71.667. 4
NET ASSETS182.6104.6
EQUITY
Share capital6212.8131.7
Translation reserve(3.0)(3.4)
Retained Earnings(27.2)(23.7)
TOTAL SHAREHOLDERS' EQUITY182.6104.6
The above Consolidated Statement of Financial Position should be read in conjunction with the accompanying notes.
Chair of the Finance, Risk and Audit Committee, 26 November 2021
Chairman, 26 November 2021

EROAD 2022 INTERIM REPORT SECTION TITLEP. 21 >< P. 20MENU EROAD 2022 INTERIM REPORT NOTES TO FINANCIAL STATEMENTS
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2021
GROUP30 SEPTEMBER 202130 SEPTEMBER 2020
Notes
Unaudited
$M’s
Unaudited
$M’s
Cash flows from operating activities
Cash received from customers 43.9 46.3
Payments to suppliers and employees (32.9) (31.0)
Interest received 0.1 -
Interest paid (1.3) (1.0)
Net cash inflow from operating activities 9.8 14.3
Cash flows from investing activities
Payments for investment in property, plant & equipment (9.5) (1.7)
Payments for investment in intangible assets (11.8) (5.7)
Payments for investment in contract fulfilment assets (2.6) (1.6)
Payments for investment in customer acquisition assets (1.7) (0.7)
Net cash outflow from investing activities (25.6) (9.7)
Cash flows from financing activities
Receipts from bank loans 0.1 1.8
Repayments of bank loans (2.5) -
Payment of lease liability (0.8) (0.8)
Receipts from issue of equity 84.7 42.0
Payments for costs of raising equity (3.5) (2.0)
Net cash inflow from financing activities 78.0 41.0
Net increase/(decrease) in cash held 62.2 45.6
Cash at beginning of the financial period 57.1 3.4
Closing cash and cash equivalents 119.3 49.0
The above Consolidated Statement of Cash Flows should be read in conjunction with the accompanying notes.
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2021
GROUP
Share
Capital
Retained
Earnings
"Translation
Reserve"Total
Notes$M's$M's$M's$M’s
BALANCE AS AT 31 MARCH 2020 (AUDITED)
80.7 (26.5) (2.9) 51.3
Profit after tax for the period - 1.0 - 1.0
Other comprehensive income - - (0.7) (0.7)
Total comprehensive loss for the period, net of tax - 1.0 (0.7) 0.3
Equity settled share-based payments - 0.2 - 0.2
Share capital issued6 40 - - 40.0
Balance at 30 September 2020 (Unaudited) 120.7 (25.3) (3.6) 91.8
BALANCE AS AT 31 MARCH 2021 (AUDITED)
131.7 (23.7) (3.4) 104.6
Loss after tax for the period - (2.9) - (2.9)
Other comprehensive income - - 0.4 0.4
Total comprehensive Loss for the period, net of tax - (2.9) 0.4 (2.5)
Equity settled share-based payments 0.8 (0.6) - 0.2
Share capital issued6 80.3 - - 80.3
Balance at 30 September 2021 (Unaudited) 212.8 (27.2) (3.0) 182.6
The above Consolidated Statement of Cash Flows should be read in conjunction with the accompanying notes.

EROAD 2022 INTERIM REPORT SECTION TITLEP. 23 >< P. 22MENU EROAD 2022 INTERIM REPORT NOTES TO FINANCIAL STATEMENTS
RECONCILIATION OF OPERATING CASH FLOWS WITH REPORTED LOSS AFTER TAX
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2021
GROUP30 SEPTEMBER 202130 SEPTEMBER 2020
Notes
Unaudited
$M’s
Unaudited
$M’s
(Loss)/Profit after tax for the six month period attributable
to the shareholders
(2.9)1.0
Add/(less) non-cash items
Tax asset recognised1.2(0.3)
Depreciation and amortisation13.112.9
Other non-cash expenses/(income)(0.8)(0.5)
13.512.1
Add/(less) movements in other working capital items:
(Increase)/decrease in trade and other receivables(4.5)1.6
Increase in current tax payables-0.4
Increase/(decrease) in contract liabilities0.5(1.0)
Increase in trade payables, interest payable
and accruals
3.20.2
(0.8)1.2
Net cash from operating activities9.814.3

NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2021
NOTE 1 SUMMARY OF SIGNIFICANT GROUP ACCOUNTING POLICIES
The consolidated interim financial statements presented for the six months ended 30 September 2021 are for EROAD Limited
(EROAD), and its subsidiaries (collectively referred to as the “Group”). The Group provides electronic on-board units and software
as a service to the transport industry.
EROAD Limited (the “Company”) is a company domiciled in New Zealand registered under the Companies Act 1993 and listed on
the New Zealand Stock Exchange (NZX) Main Board and Australian Stock Exchange (ASX). The Company is a FMC reporting entity
for the purposes of the Financial Markets Conduct Act 2013.
The consolidated interim financial statements have been prepared in accordance with Generally Accepted Accounting Practice in
New Zealand (NZ GAAP). NZ GAAP in this instance being New Zealand Equivalents to International Financial Reporting Standards
(NZ IFRS) as appropriate for profit-oriented entities. These consolidated interim financial statements also comply with the New
Zealand equivalent to International Accounting Standard 34: Interim Financial Reporting (NZ IAS 34), and International Accounting
Standard 34: Interim Financial Reporting (IAS 34) and are prepared in accordance with the Financial Markets Conduct Act 2013 and
the Financial Reporting Act 2013.
The consolidated interim financial statements for the six months ended 30 September 2021 are unaudited and have been the
subject of review by the auditor, pursuant to NZ SRE 2410 (Revised): Review of Financial Statements Performed by the Independent
Auditor of the Entity as issued by the External Reporting Board.
These consolidated interim financial statements have been prepared using the same accounting policies as, and should be read
in conjunction with the Group’s last annual consolidated financial statements as at and for the year ended 31 March 2021 (‘last
annual financial statements’). These consolidated interim financial statements do not include all of the information required for a
complete set of NZ IFRS financial statements. However, selected explanatory notes are included to explain events and transactions
that are significant to an understanding of changes in the Group’s financial position and performance since the last annual financial
statements.
These financial statements were authorised for issue by the directors on 26 November 2021.
Basis of measurement
The financial statements are prepared on the historical cost basis, except for certain financial instruments carried at fair value.
Going concern
The directors have considered the ability of the Group to continue to operate as a going concern for at least the next 12 months
from the date the financial statements are authorised for issue. It is the conclusion of the directors that the Group will continue to
operate as a going concern and the financial statements have been prepared on that basis.
In reaching their conclusion the directors have considered the following factors:
-Cash reserves at 30 September 2021 of $119.0 million and bank borrowing facility of $61.1 million of which $28.0 million was
undrawn after including borrowing cost of $0.4 million. This provides sufficient headroom to help support the business for at
least the next 12 months.
-The future contracted income of $149.1 million provides certainty of future revenue; and
-The directors have made due enquiry into the appropriateness of the assumptions underlying the budgetary forecasts.
-The cash reserves are sufficient even after the completion of the planned acquisition of Cortex Limited. Refer to the Note 17 for
further details.
Presentation currency
The financial statements are presented in New Zealand dollars ($) which is the Group’s presentation currency, and all values are
rounded to million dollars to one decimal place ($M’s) except where stated. Items included in the financial statements of each
of the Group’s entities are measured using the currency of the primary economic environment in which the entity operates (the
“functional currency”). The functional currency of EROAD Limited is New Zealand dollars.
Impact of COVID-19
On 11 March 2020 the World Health Organisation declared a global pandemic as a result of the outbreak and spread of COVID-19.
Following this, in each of EROAD’s markets of New Zealand, the United States and Australia, lockdowns of varying severity were
introduced. These lockdowns continued in these markets from late March and while some lockdown restrictions have eased in each
of the markets, a range of preventive measures still remain such that each of the markets has yet to return to the level of economic
trading conditions prevalent prior to the COVID-19 crisis.

EROAD 2022 INTERIM REPORT SECTION TITLEP. 25 >< P. 24MENU EROAD 2022 INTERIM REPORT NOTES TO FINANCIAL STATEMENTS
NOTE 1 SUMMARY OF SIGNIFICANT GROUP ACCOUNTING POLICIES (CONTINUED)
Following the lockdowns being initiated in 2020, EROAD was designated an essential service in each of its three markets and
remained operational under its communicable illness business continuity plan. EROAD continues to be considered an essential
service in the current period. Despite this designation, EROAD still experienced a loss in customer demand for new or replacement
units and services, aside from those customers who themselves were designated as essential services. Accordingly, each of
EROAD’s markets were impacted differently due to the differences in lockdown conditions, as well as the differing proportion of
essential services customers in its total customer base.
A detailed assessment of the impact of COVID-19 on the EROAD statement of financial position was set out in the annual report
dated 31 March 2021 (financial statements note 2).
Doubtful debts - COVID-19 Provisions
To ensure EROAD has recorded sufficient credit loss provisions to account for the estimated financial impact of any future defaults
EROAD has performed an assessment of estimated credit losses not yet identified but driven by the increase in credit default risk
for its customers.
The assessment considered the following aspects:
• the risk level associated with the industry the customer is operating in, including whether this is an essential service;
• historical loss rates for each risk category; and
• macro economic conditions in the relevant market including COVID-19 responses and lock-down activity.
The impact of the assessment is a $0.1m reduction in the doubtful debt provision since 31 March 2021.
Government Grants - COVID-19
As at 30 September 2021 no Covid-19 related grants were received (31 March 2021 $1.6million).
Adoption of new and revised accounting standards, interpretations and agenda decisions
IFRIC - Configuration or Customisation Costs in a Cloud Computing Arrangement
The Group has capitalised as intangible assets the costs incurred in configuring and customising certain suppliers’ application software
in cloud computing arrangements. The Group considered that it would benefit from the implementation costs incurred in relation to
the cloud-based software over a number of years and has been amortising the capitalised costs over the years for which it believed
the benefit would be derived. In April 2021, the International Financial Reporting Interpretations Committee (“IFRIC”) issued an agenda
decision in relation to the accounting treatment for configuration and customisation costs in a cloud computing arrangement. The
IFRIC concluded that costs incurred in configuring or customising software in a cloud computing arrangement can be recognised as
intangible assets only if the activities create an intangible asset that the entity controls and the intangible asset meets the recognition
criteria. Costs that do not result in intangible assets are expensed as incurred unless they meet certain criteria where they can be
treated as a prepayment and expensed over the term of the cloud computing arrangement. The Group has commenced a review of
these capitalised costs to determine whether they may need to be expensed or reclassified as prepayments in line with the agenda
decision. At the time of finalising the 30 September 2021 interim financial statements, the Group’s review was still in progress due to
limited time available from the IFRIC agenda decision to the reporting date and the complexity of the various arrangements. The initial
review of the Group’s cloud computing arrangements has identified intangible assets requiring re-assessment with a total cost and net
book value of approximately $16.0 million and $8.8 million, respectively. While the final financial impact of the revised accounting policy
is still being quantified, it may be material for financial reporting purposes. The Group expects to implement the updated accounting
policy in the second half of the year with the full impact of the change in accounting policy, including any retrospective restatement,
reflected in the consolidated financial statements for the year ending 31 March 2022. The change in accounting policy may decrease
intangible assets and its associated amortisation, increase operating expenses, and reclassify costs incurred from an investing to an
operating cash flow. Prepayments may also be recognised as a result.
NOTE 2 REVENUE
GROUP30 SEPTEMBER 202130 SEPTEMBER 2020

Unaudited
$M’s
Unaudited
$M’s
Revenue from contracts with customers
Software as a Service (SaaS) revenue45.242.1
Transaction fee revenue 1.41.3
Other revenue0.70.3
Other income
Grant revenue0.72.1
Total Revenues48.045.8
Set out above is the disaggregation of the Group’s revenue. The disaggregation reflects the nature, amount, timing and uncertainty
of revenue and cash flows are affected by economic factors. Specifically, software as a service (SaaS) revenue represents revenue
earned from customer contracts for the sale or rental of hardware, installation services and provision of software services.
Transaction fee revenue relates to the collection of Road User Charges (RUC) fees.
Transaction price allocated to the remaining performance obligations
The below table represents the revenue allocated to performance obligations that are unsatisfied or partially unsatisfied at
the period end. The revenue amounts yet to be recognised under non-cancellable contract agreements at 30 September are
expected to be recognised by EROAD based on the time bands disclosed below.
GROUP20222021

$M’s$M’s
Software as a Service (SaaS) revenue
Not later than one year70.267. 9
Later than one year not later than five years78.972.1
Total price allocated to remaining performance obligations149.1140.0
The Group reports the Non-GAAP measure, Future Contracted Income. The definition of Future Contracted Income has been amended
to include all future hardware and SaaS cash inflows relating to income under non-cancellable long-term agreements. The disclosure
above aligns with the Future Contracted Income reported by the Group.
Software as a service revenue
The Group has determined EROAD’s customers do not have the right to direct the use of EROAD’s asset (Ehubo) as EROAD
continues to have the right and ability to change how the asset operates during the customer’s contract period. These contracts
are therefore accounted for as service contracts. The Group generates revenue through the sale of hardware assets, rental
of hardware assets, installation of hardware assets and provision of software services as part of contracts with customers as
part of a bundled package. These hardware units enable customers to access the software platform offered by the Group. The
transaction involving hardware and accessories do not convey a distinct good or service. The sale does not transfer control to
the customer as the Group provides a significant service of integrating the software service to produce a combined output.
The sale of the hardware, accessories and software service are referred to as Software as a Service (SaaS) revenue, which is
recognised on a straight line basis over the contract period to reflect the fulfilment of the performance obligations as they arise.
There are no variable consideration terms within the contracts.
A contract liability is recognised where consideration is received in advance of the completion of associated performance
obligations. The contract liability is derecognised over time. As a result there is a financing component which the Group
recognise as a finance cost when consideration is received in advance.
The Group offers installation services as part of a number of promises to transfer goods and services within each contract.
Installation services do not convey a distinct good or service and therefore are not a separate performance obligation as the
installation is a set-up activity that does not provide the customer a direct benefit other than access to the software services.

EROAD 2022 INTERIM REPORT SECTION TITLEP. 27 >< P. 26MENU EROAD 2022 INTERIM REPORT NOTES TO FINANCIAL STATEMENTS
As a result, the installation service is considered as part of the single performance obligation; referred to as Software as a Service
(SaaS) revenue, which includes the software service and hardware sale or rental for which the customer simultaneously receives
and consumes the benefit of the service. Where installation revenue is received in advance of satisfying the performance
obligation a contract liability is recognised. The contract liability is derecognised over time evenly over the period of the contract
as the customer derives the benefit evenly from the services provided over the contract period. The majority of contracts are
for 3 years and can be for a term of up to 5 years. As a result there is a financing component which the group recognises as a
finance cost when consideration is received in advance.
Transaction fees
The Group acts as an agent for transport authorities in the market that is operates in. Where fees are collected on their behalf,
the Group charges a commission. The revenue recognised is the net amount of the commission fee earned by the Group.
Grant income
Government grants are recognised at fair value in the statement of comprehensive income over the same periods as the costs
for which the grants are intended to compensate. No unfulfilled conditions or contingencies exist related to the government
grants.
NOTE 3 EXPENSES
GROUP30 SEPTEMBER 202130 SEPTEMBER 2020
Notes
Unaudited
$M’s
Unaudited
$M’s
Personnel expenses - net of capitalised employee
remuneration51 7.715.3
Administrative and other operating expenses11.79.8
SaaS platform costs5.65.0
Directors fees0.30.2
Auditor's remuneration - KPMG0.00.0
Other assurance services - KPMG0.00.1
Tax compliance and advisory services - KPMG0.10.1
Total operating expenses35.430.5
During the six months the costs expensed for Research and Development was $2.8m (30 September 2020: $4.2m).
NOTE 4 SEGMENTAL NOTE
Segment results that are reported to the CEO include items directly attributable to a segment as well as those that can be
allocated on a reasonable basis. Unallocated items comprise income tax.
The Group has four segments as described below, which are the Group’s strategic divisions. The strategic divisions offer different
services and are managed separately because they require different technology, services and marketing strategies. For each
strategic division, the Group’s CEO (the chief operating decision maker) reviews internal management reports. The following
summary describes the operations in each of the Group’s segments.
EROAD reports selected financial information segmented by geographic location for operating companies and corporate and
development costs.
• Corporate & Development: Corporate head office costs and R&D activities for development of new and existing products and
services
• North America: Operating companies serving customers in North America
• Australia: Operating companies serving customers in Australia
• New Zealand: Operating companies serving customers in New Zealand
Inter-segment pricing is determined on an arm’s length basis.
Reportable segment information
Information related to each reportable segment is set out below. Segment result represents Earnings before Interest, Taxation,
Depreciation & Amortisation (EBITDA), which is the measure reported to the chief operating decision maker.
Corporate &
Development
North America New ZealandAustralia
30 SEPT
2021
30 SEPT
2020
30 SEPT
2021
30 SEPT
2020
30 SEPT
2021
30 SEPT
2020
30 SEPT
2021
30 SEPT
2020
Unaudited
$M’s
Unaudited
$M’s
Unaudited
$M’s
Unaudited
$M’s
Unaudited
$M’s
Unaudited
$M’s
Unaudited
$M’s
Unaudited
$M’s
Revenue
Software as a Service
(SaaS) revenue
0.2 0.3 13.4 13.9 30.8 27. 4 0.8 0.5
Transaction fee revenue - - - - 1.4 1.3 - -
Other revenue ₁ 14.4 11.1 0.6 2.5 0.6 0.2 - 0.3
14.6 11.4 14.0 16.4 32.8 28.9 0.8 0.8
Earnings Before Interest,
Taxation, Depreciation &
Amortisation
(11.9)(8.9) 2.9 5.9 22.0 18.5 (0.6)(0.4)
Total assets 173.6 100.5 26.8 26.1 52.5 37. 2 4.0 2.7
Depreciation of
Property, Plant &
Equipment
(0.6)(0.6) (2.1)(2.2) (2.5)(2.4) (0.1)-
Amortisation of
Intangible Assets
(4.8)(4.8) - - - - - -
Amortisation of

Contract and Customer
Acquisition Assets
- - (0.8)(1.0) (2.4)(2.4) (0.1)(0.1)
₁ Revenue from Corporate & Development Markets includes R&D Grant Income of $0.7m (30 September 2020: $0.5m).
NOTE 2 REVENUE (CONTINUED)

EROAD 2022 INTERIM REPORT SECTION TITLEP. 29 >< P. 28MENU EROAD 2022 INTERIM REPORT NOTES TO FINANCIAL STATEMENTS
Reconciliation of information on reportable segments
GROUP30 SEPTEMBER 202130 SEPTEMBER 2020
Unaudited
$M’s
Unaudited
$M’s
Revenue
Total revenue for reportable segments62.257. 5
Elimination of inter-segment revenue(14.2)(11.7)
Consolidated Revenue48.045.8
EBITDA
Total EBITDA for reportable segments12.415.1
Elimination of inter-segment EBITDA0.20.2
Consolidated EBITDA12.615.3
Depreciation
Total depreciation for reportable segments(5.3)(5.2)
Elimination of inter-segment profit0.30.6
Consolidated Depreciation(5.0)(4.6)
GROUP
30 SEPTEMBER 202131 MARCH 2021
Unaudited
$M’s
Audited
$M’s
Total assets
Total assets for reportable segments256.9173.7
Elimination of inter-segment balances(2.7)(1.7)
Consolidated Total Assets254.2172.0
Geographic information
The geographic information below analyses the Group’s revenue and non-current assets by the Company’s country of domicile
and other countries. In presenting the following information segment revenue has been based on the geographic location of
customers and segment assets were based on the geographic location of the assets.
GROUP
30 SEPTEMBER 202130 SEPTEMBER 2020
Unaudited
$M’s
Unaudited
$M’s
Revenue
New Zealand33.729.5
All foreign countries:
USA13.515.8
Australia0.80.5
Total revenue48.045.8
GROUP
30 SEPTEMBER 202131 MARCH 2021
Unaudited
$M’s
Audited
$M’s
Non-current assets
New Zealand83.470.9
All foreign countries:
USA12.212.5
Australia1.71.0
Total non-current assets9 7. 384.4
Non-current assets exclude financial instruments and deferred tax assets.
NOTE 5 PERSONNEL EXPENSES
GROUP30 SEPTEMBER 202130 SEPTEMBER 2020
Unaudited
$M’s
Unaudited
$M’s
Salaries and wages - excluding capitalised commission costs21.216.6
Annual leave 0.70.6
Performance bonus0.60.5
Share-based payments0.50.2
Salaries and wages capitalised to Development and Software Assets(5.3)(2.6)
1 7.715.3
NOTE 6 PAID UP CAPITAL
All issued shares are fully paid up and have equal voting rights and share equally in dividends and surplus on winding up.
GROUP
Number of
ordinary shares
Issue price
$
Issued Capital
$
AT 31 MARCH 2021 (AUDITED)81,896,340131.7
Shares issued to employees - - 0.8
Shares issued in August 2021 equity placement 15,125,447 5.54 83.8
Costs of raising capital - - (3.5)
AT 30 SEPTEMBER 2021 (UNAUDITED)97,021,787212.8
On 4 August 2021 EROAD issued addtional 15,125,447 shares at a price of $5.54 each.
At 30 September 2021 there was 97,021,787 authorised and issued ordinary shares (31 March 2021: 81,896,340). 662,306 (31 March 2021:
732,741) shares are held in trust for employees in relation to the long-term incentive plan and are accounted for as treasury stock.
NOTE 4 SEGMENTAL NOTE
(CONTINUED)NOTE 4 SEGMENTAL NOTE (CONTINUED)

EROAD 2022 INTERIM REPORT SECTION TITLEP. 31 >< P. 30MENU EROAD 2022 INTERIM REPORT NOTES TO FINANCIAL STATEMENTS
The calculation of both basic and diluted loss per share at 30 September 2021 was based on the (loss)/profit attributable to ordinary
shareholders of ($2.9m) (30 September 2020: $1.0m). The weighted number of ordinary shares on 30 September 2021 was
85,835,006 (30 September 2020: 67,888,360) for basic earnings per share and also 85,835,006 for diluted earnings per share
(30 September 2020: 68,158,834).
Other components of equity include:
• Translation reserve - comprises foreign currency translation differences arising from the translation of financial statements of
the Group’s foreign subsidiaries into New Zealand Dollars.
• Retained earnings - includes all current and prior period retained profits and share-based employee remuneration.
NOTE 7 CASH AND CASH EQUIVALENTS, RESTRICTED CASH AND PAYABLES TO TRANSPORT AGENCIES
GROUP30 SEPTEMBER 202131 MARCH 2021
Unaudited
$M’s
Audited
$M’s
Cash and cash equivalents119.357.1
Restricted bank accounts13.510.5
132.867. 6
Cash and cash equivalents exclude restricted bank accounts. Restricted bank accounts are presented separately from cash and
cash equivalents on the face of the Statement of Financial Position and movements in restricted bank accounts are excluded from
the Statement of Cash Flows. The restricted bank accounts relate to Road Users tax collected from clients due for payment to the
appropriate government agency.
Payables to transport agencies(13.5)(10.5)
NOTE 8 PROPERTY, PLANT AND EQUIPMENT
GROUP
Right of
Use Assets
Hardware
Assets
Plant and
equipment
Leasehold
improvements
Motor
vehicles
Office
equipmentComputersTotal
$M's$M's$M's$M's$M's$M's$M's$M's
YEAR ENDED 31 MARCH 2021 (AUDITED)
Opening net book
amount
5.129.50.21.70.30.30.337. 4
Additions-4.4--0.20.20.35.1
Disposals--------
Depreciation charge(0.9)(7.8)-(0.4)(0.1)(0.2)(0.2)(9.6)
Depreciation
recovered
-2.1-----2.1
Effect of movement
in exchange rates
(0.1)(0.2)-----(0.3)
Closing net book
amount
4.128.00.21.30.40.30.434.7
Cost6.851.30.72.91.31.43.467. 8
Accumulated
depreciation
(2.7)(23.3)(0.5)(1.6)(0.9)(1.1)(3.0)(33.1)
Net book amount4.128.00.21.30.40.30.434.7
GROUP
Right of
Use Assets
Hardware
Assets
Plant and
equipment
Leasehold
improvements
Motor
vehicles
Office
equipmentComputersTotal
$M's$M's$M's$M's$M's$M's$M's$M's
SIX MONTHS ENDED 30 SEPTEMBER 2021 (UNAUDITED)
Opening net book
amount
4.128.00.21.30.40.30.434.7
Additions0.18.9---0.10.49.5
Disposals----(0.1)--(0.1)
Depreciation charge(0.5)(4.0)-(0.1)(0.1)(0.1)(0.2)(5.0)
Depreciation
recovered
-1.5--0.1--1.6
Effect of movement
in exchange rates
-(0.5)-----(0.5)
Closing net book
amount
3.733.90.21.20.30.30.640.2
Cost6.960.30.82.81.21.53.877.3
Accumulated
depreciation
(3.2)(26.4)(0.6)(1.6)(0.9)(1.2)(3.2)(37.1)
Net book amount3.733.90.21.20.30.30.640.2
Included in the Hardware Assets is equipment under construction of $11.3m (31 March 2021: $6.8m).
Items of plant and equipment are stated at cost, less accumulated depreciation and impairment losses. Cost includes the purchase
consideration, and those costs directly attributable to bringing the asset to the location and condition necessary for its intended use.
Where an item of plant and equipment is disposed of, the gain or loss recognised in the statement of comprehensive income is calculated
as the difference between the net sales price and the carrying amount of the asset.
NOTE 6 PAID UP CAPITAL
(CONTINUED)

EROAD 2022 INTERIM REPORT SECTION TITLEP. 33 >< P. 32MENU EROAD 2022 INTERIM REPORT NOTES TO FINANCIAL STATEMENTS
The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments
made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs to restore the underlying asset
or the site on which it is located, less any lease incentives received.
Subsequent costs
The Group recognises in the carrying amount of an item of property, plant and equipment the cost of replacing part of such an item when
that cost is incurred if it is probable that the future economic benefits embodied within the item will flow to the Group and the cost of the
item can be measured reliably. All other costs are recognised in the statement of comprehensive income as an expense in the period they
are incurred.
Depreciation
Depreciation begins when the asset is in the location and condition necessary for it to be capable of operating in the manner intended by
management. The following rates have been used on a straight line basis:
Leasehold improvements 3 to 9 years
Hardware assets 3 to 6 years
Plant and equipment 3 to 11 years
Computer/Office equipment 1 to 3 years
Motor vehicles 3 to 5 years
Right of use assets 3 to 9 years
The above rates reflect the estimated useful lives of the respected categories. Consideration was given to how long assets can be
deployed and any expected network changes. Leasehold improvements are depreciated over the contracted lease term.
NOTE 9 INTANGIBLE ASSETS
GROUPDevelopmentSoftwareTotal
$M's$M's$M's
YEAR ENDED 31 MARCH 2021 (AUDITED)
Opening net book amount32.79.442.1
Additions12.20.913.1
Disposals---
Amortisation charge(8.0)(1.9)(9.9)
Closing net book amount36.98.445.3
Cost68.214.782.9
Accumulated amortisation(31.3)(6.3)(37.6)
Net book amount36.98.445.3
GROUPDevelopmentSoftwareTotal
$M's$M's$M's
SIX MONTHS ENDED 30 SEPTEMBER 2021 (UNAUDITED)
Opening net book amount36.98.445.3
Additions10.61.311.9
Disposals---
Amortisation charge(3.9)(0.9)(4.8)
Closing net book amount43.68.852.4
Cost78.816.094.8
Accumulated amortisation(35.2)(7.2)(42.4)
Net book amount43.68.852.4
NOTE 8 PROPERTY, PLANT AND EQUIPMENT (CONTINUED)NOTE 9 INTANGIBLE ASSETS (CONTINUED)
The useful lives of the Group’s Intangible Assets are assessed to be finite. Assets with finite lives are amortised over their useful lives
and tested for impairment whenever there are indications that the assets may be impaired. Where an indicator of impairment exists
the Group makes a formal assessment of the recoverable amount. Where the carrying value of an asset exceeds its recoverable
amount, the asset is considered impaired and is written down to its recoverable amount. The recoverable amount is the greater of
fair value less costs to dispose of the assets and its value in use. For the purposes of assessing impairment, assets are Grouped at
the lowest levels for which there are separately identifiable cash flows (cash-generating units).
Research and Development
Expenditure on research activities, undertaken with the prospect of gaining new technical knowledge and understanding, is
recognised in the statement of comprehensive income when incurred.
Development activities involve a plan or design for the production of new or substantially improved products and processes.
Development expenditure is capitalised only if development costs can be measured reliably, the product or process is technically
and commercially feasible, future economic benefits are probable, and the Group intends to and has sufficient resources to
complete development and to use or sell the asset. The expenditure capitalised includes the cost of materials, direct labour
and overhead costs that are directly attributable to preparing the asset for its intended use. Other development expenditure is
recognised in the statement of comprehensive income when incurred.
Capitalised development expenditure is measured at cost less accumulated amortisation and accumulated impairment losses.
Other intangible assets
Other intangibles assets that are acquired by the Group, which have finite useful lives, are measured at cost less accumulated
amortisation and accumulated impairment losses.
Subsequent expenditure
Subsequent expenditure is only capitalised only when it increases the future economic benefits embodied in the specific asset
to which is relates. All other expenditure, including expenditure on internally generated goodwill and brands, is recognised in the
statement of comprehensive income when incurred.
Amortisation
Amortisation is recognised in the statement of comprehensive income on a straight line basis over the estimated useful life of
intangible asset. The estimated useful lives for the current and comparative periods are as follows:
Patents 10-20 years
Development Hardware & Platform 7-15 years
Development Products 5-10 years
Software 5-7 years
NOTE 10 CONTRACT LIABILITIES
The Group enters into contracts with customers for the provision of software services over a contracted period. As stated in the
accounting policies, this revenue is recognised over time as the customer simultaneously receives and consumes the benefit
of the service. The Group has determined that the benefit of the services provided is consumed evenly over the period of the
contract, and thus the performance obligations are satisfied evenly over the period. Where the Group receives a portion of the
transaction price of a contract in advance, this is recognised as a contract liability and released over the contract period as the
Group satisfies its performance obligations.
GROUP30 SEPTEMBER 202131 MARCH 2021
Unaudited
$M’s
Audited
$M’s
Opening balance 6.68.2
Amounts deferred during the period3.04.1
Amount recognised in the statement of comprehensive income(2.5)(5.7)
7.16.6
Current 4.03.9
Non-current3.12.7

EROAD 2022 INTERIM REPORT SECTION TITLEP. 35 >< P. 34MENU EROAD 2022 INTERIM REPORT NOTES TO FINANCIAL STATEMENTS
NOTE 11 INCOME TAX EXPENSE
GROUP30 SEPTEMBER 202130 SEPTEMBER 2020
Unaudited
$M’s
Unaudited
$M’s
(a) Reconciliation of effective tax rate
(Loss)/Profit before income tax(1.6)1.2
Income tax using the Company's domestic tax rate of 28% (0.4)0.3
Non-deductible expense/(non-assessable income)0.8(0.1)
Losses and timing differences not recognised0.7-
Effect of different tax rates0.2-
Income tax expense/(benefit)1.20.2
(b) Current tax expense/(benefit)
Current year-0.4
-0.4
(c) Deferred tax expense
Current year1.2(0.2)
1.2(0.2)
At 30 September 2021 there were no imputation credits available to shareholders (31 March 2021: Nil)
Income tax expense comprises current and deferred tax. Current tax and deferred tax is recognised in profit or loss except to the
extent that it relates to a business combination, or items recognised directly in equity or in other comprehensive income.
Current tax is the expected tax payable or receivable on the taxable income or loss for the period, using tax rates enacted or
substantively enacted at the reporting date, and any adjustment to tax payable in respect of previous periods. Current tax
payable also includes any tax liability arising from the declaration of dividends.
Deferred tax is recognised in respect of temporary differences between the carrying amounts of assets and liabilities for financial
reporting purposes and the amounts used for taxation purposes. Deferred tax is measured at the tax rates that are expected to
be applied to temporary differences when they reverse, based on the laws that have been enacted or substantively enacted by
the reporting date.
Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets, and
they relate to income taxes levied by the same tax authority on the same taxable entity, or on different tax entities, but they
intend to settle current tax liabilities and assets on a net basis or their tax assets and liabilities will be realised simultaneously.
A deferred tax asset is recognised for unused tax losses, tax credits and deductible temporary differences, to the extent that it is
probable that future taxable profits will be available against which they can be utilised. Deferred tax assets are reviewed at each
reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realised.
NOTE 12 BORROWINGS
GROUP30 SEPTEMBER 202131 MARCH 2021
Unaudited
$M’s
Audited
$M’s
Current borrowings
Term Loans5.05.0
Capital Expenditure facility2.02.0
Capitalised borrowing costs(0.4)(0.6)
6.66.4
Non-current borrowings
Term Loans 26.128.6
26.128.6
Terms and debt repayment schedule
GROUP
30 SEPT
2021
30 SEPT
2021
31 MARCH
2021
31 MARCH
2021
Nominal
Interest
Year of
Maturity
Unaudited
Face Value

$M’s
Unaudited
Carrying
amount
$M’s
Audited
Face Value
$M’s
Audited
Carrying
amount
$M’s
Term Loans 4.20%202331.131.133.633.6
Capital Expenditure facility3.90%20232.02.02.02.0
Capitalised borrowing costs-2023-(0.4)-(0.6)
33.132.735.635.0
The Group has a syndicated debt facility with the Bank of New Zealand (BNZ), Kiwibank Limited and China Construction Bank (CCB).
At 30 September 2021, EROAD had the following facilities in place:
$13m (NZD) Term Loan Facility A – to refinance existing debt. The Term Loan has a term of 36 months from the March 2020 refinance
date, with the facility having a maturity date in March 2023. The interest rate is variable with reference the to base rate (BKBM bid rate)
for the selected interest period plus a margin of 3.5%. EROAD may select an interest period of 1,2,3 or 6 months. Principal payments of
$1.25m are to be made quarterly commencing from December 2020 with the full outstanding balance payable on termination date.
$18.1m (NZD) Term Loan Facility B – used to refinance existing debt and general corporate purposes. The Term Loan has a term of 36
months from the March 2020 refinance date, with the facility having a maturity date in March 2023. The interest rate is variable with
reference the to base rate (BKBM bid rate) for the selected interest period plus a margin of 3.5%. EROAD may select an interest period
of 1,2,3 or 6 months. This is an interest only term facility full repayment on the termination date.
$25m Capital Expenditure Facility – to fund growth capital expenditure requirements. The Capital Expenditure Facility has a 36 month
term from the March 2020 refinance date, with the facility having a maturity date in March 2023. Drawings can be made on the facility
in NZD or USD. The loan is a current liability as it has a roll over feature at the end of each interest period. The interest rate is variable
with reference the to base rate (BKBM bid rate for NZD drawings and US LIBOR for USD drawings) for the selected interest period
plus a margin of 3.5%. EROAD may select an interest period of 1,2,3 or 6 months. Interest payments are made on the last day of the
determined interest period. In addition, a Commitment Fee of 45% of the per annum margin (1.58%) is payable on the undrawn balance
of the facility quarterly in arrears. The full outstanding balance is payable on termination date.
$5m Overdraft Facilities – for general working capital purposes. This is an on demand facility with the interest rate based on the Market
Connect Overdraft Prime Rate plus a margin of 1.5%.
EROAD’s operating covenants to support the above facilities include Debt Service Cover Ratio, Interest Cover Ratio, Leverage Ratio and
Obligor Assets to Group Assets. EROAD was compliant with all covenants during the period and at 30 September 2021.

EROAD 2022 INTERIM REPORT SECTION TITLEP. 37 >< P. 36MENU EROAD 2022 INTERIM REPORT INDEPENDENT REVIEW REPORT
The security package for the Multi-Option Credit Facility Agreement includes an all obligations cross-guarantee granted by EROAD
Australia Pty Limited and EROAD Inc in favour of the BNZ (in its capacity of Security Trustee for the banking syndicate) in respect of
the obligations of EROAD Limited, and a General Security Agreements granted by EROAD Limited, EROAD Inc and EROAD Australia
Pty Limited in favour of the BNZ (in its capacity of Security Trustee for the banking syndicate).
NOTE 13 RELATED PARTY TRANSACTIONS

Related party transactions are consistent in nature with those reported at 31 March 2021.
NOTE 14 CAPITAL COMMITMENTS

As at 30 September 2021 the Group had confirmed purchase orders open with its third party manufacturer of hardware units
amounting to $6.8m (31 March 2021: $5.1m).
NOTE 15 CONTINGENT LIABILITIES
At 30 September 2021 there were no contingent liabilities (31 March 2021: nil).
NOTE 16 NET TANGIBLE ASSETS PER SHARE

GROUP30 SEPTEMBER 202130 SEPTEMBER 202031 MARCH 2021
Unaudited
$000’s
Unaudited
$000’s
Audited
$000’s
Net assets (equity)182.691.8104.6
Less intangibles(52.4)(42.9)(45.3)
Total net tangible assets130.248.959.3
Net tangible assets per share ($) 1.34 0.62 0.72
The non-GAAP measure above is disclosed to comply with NZX Debt Market Listing Rule 2.3(f).
NOTE 17 EVENTS SUBSEQUENT TO BALANCE DATE
As announced on the NZX and ASX on 14 July 2021, the Group entered into a conditional agreement to acquire all of the shares
of Coretex Limited. On 30 July 2021 the Group’s shareholders approved the transaction and the Group received approval from
regulatory authorities to proceed with the acquisition on 17 November 2021. Management anticipates that the acquisition will be
completed on 1 December 2021.

NOTE 12 BORROWINGS (CONTINUED)



© 2021 KPMG, a New Zealand Partnership and a member firm of the KPMG global organisation of independent member
firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved

Independent Review Report
To the shareholders of EROAD Limited
Report on the condensed consolidated interim financial statements
Conclusion
Based on our review, nothing has come to our
attention that causes us to believe that the
condensed consolidated interim financial
statements o n pages 17 to 36 do not:
i. present fairly in all material respects the
Group’s financial position as at 30 September
2021 and its financial performance and cash
flows for the 6 month period ended on that
date; and
ii. comply with NZ IAS 34 Interim Financial
Reporting.
We have completed a review of the accompanying
condensed consolidated interim financial
statements which comprise:
— the condensed consolidated statement of
financial position as at 30 September 2021;
— the condensed consolidated statements of
comprehensive income, changes in equity and
cash flows for the 6 month period then ended;
and
— notes, including a summary of significant
accounting policies and other explanatory
information.
Basis for conclusion
A review of condensed consolidated interim financial statements in accordance with NZ SRE 2410 Review of
Financial Statements Performed by the Independent Auditor of the Entity (“NZ SRE 2410”) is a limited
assurance engagement. The auditor performs procedures, consisting of making enquiries, primarily of persons
responsible for financial and accounting matters, and applying analytical and other review procedures.
As the auditor of EROAD Limited, NZ SRE 2410 requires that we comply with the ethical requirements relevant
to the audit of the annual financial statements.
Our firm has also provided other services to the Group in relation to tax compliance, tax due diligence and tax
advisory and other assurance services. Subject to certain restrictions, partners and employees of our firm may
also deal with the Group on normal terms within the ordinary course of trading activities of the business of the
Group. These matters have not impaired our independence as reviewer of the Group. The firm has no other
relationship with, or interest in, the Group.
Use of this Independent Review Report
This report is made solely to the shareholders as a body. Our review work has been undertaken so that we
might state to the shareholders those matters we are required to state to them in the Independent Review
Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume
responsibility to anyone other than the shareholders as a body for our review work, this report, or any of the
opinions we have formed.

EROAD 2022 INTERIM REPORT SECTION TITLEP. 39 >< P. 38MENU EROAD 2022 INTERIM REPORT DIRECTORY
REGISTERED OFFICE
IN NEW ZEALAND
Level 3
260 Oteha Valley Road,
Albany, Auckland
New Zealand
INVESTOR RELATIONS
AND SUSTAINABILITY
ENQUIRES
Address: EROAD Limited,
PO Box 305 394
Triton Plaza
North Shore, Auckland
Email: investors@eroad.com
Telephone: 0800 437 623
LEGAL ADVISORS
Chapman Tripp
Level 34
PWC Tower
15 Customs Street
Auckland 1010
PO Box 2206, Auckland 1140
Telephone: +64 9 357 9000
REGISTERED OFFICE
IN NORTH AMERICA
7618 SW Mohawk Street
Tualatin, OR 97062
USA
MANAGING YOUR
SHAREHOLDING ONLINE
Changes in address and
investment portfolios can be
viewed and updated online:
www.computershare.co.nz/
investorcentre.
You will need your CSN and FIN
numbers to access this service.
BANKERS
Bank of New Zealand
Kiwibank
China Construction Bank
National Australian Bank
Wells Fargo

REGISTERED OFFICE
IN AUSTRALIA
Level 36, Tower 2
Collins Square
727 Collins Street
Docklands, VIC 3008
Australia
SHARE REGISTER -
NEW ZEALAND
Computershare Investments
Services Limited
Private Bag 92119,
Victoria Street
West Auckland 1142,
New Zealand
Email:
enquiry@computershare.co.nz
Telephone: +64 9 488 8777
Website:
www.computershare.co.nz/in-
vestorcentre
Directory





38

Responsibilities of the Directors for the condensed consolidated interim
financial statements
The Directors, on behalf of the Group, are responsible for:
— the preparation and fair presentation of the condensed consolidated interim financial statements in
accordance with NZ IAS 34 Interim Financial Reporting;
— implementing necessary internal control to enable the preparation of condensed consolidated interim
financial statements that is fairly presented and free from material misstatement, whether due to fraud or
error; and
— assessing the ability to continue as a going concern. This includes disclosing, as applicable, matters related
to going concern and using the going concern basis of accounting unless they either intend to liquidate or to
cease operations, or have no realistic alternative but to do so.
Auditor’s Responsibilities for the review of the condensed consolidated
interim financial statements
Our responsibility is to express a conclusion on the condensed consolidated interim financial statements based
on our review. We conducted our review in accordance with NZ SRE 2410. NZ SRE 2410 requires us to
conclude whether anything has come to our attention that causes us to believe that the condensed consolidated
interim financial statements are not prepared, in all material respects, in accordance with NZ IAS 34 Interim
Financial Reporting.
The procedures performed in a review are substantially less than those performed in an audit conducted in
accordance with International Standards on Auditing (New Zealand). Accordingly we do not express an audit
opinion on these condensed consolidated interim financial statements.
This description forms part of our Independent Review Report.



KPMG
Auckland
26 November 2021

EROAD 2022 INTERIM REPORT
EROAD
www.eroadglobal.com/investors

---

Market Release 26 November 2021
EROAD accelerates towards next phase of growth
Transportation technology services company EROAD (ASX/NZX: ERD), with its purpose of safer
and more sustainable roads, today released its financial results for the first half of the 2022
financial year.
All numbers are stated in New Zealand dollars (NZ$) and relate to the six months ended
30 September 2021 (H1 FY22). Comparisons relate to the six months ended 30 September
2020 (H1 FY21) unless stated otherwise.
Key highlights:
• Revenue increased $2.2m to $48.0m from H1 FY21 (which included non-recurring
revenue of $1.6m) and delivered reported EBITDA of $12.6m which includes $2.0m
of transaction and integration costs;
• Contracted units increased by 6,500 despite COVID-19 and monthly ARPU was
$57.64 reflecting additional products and services sold;
• Asset retention rate remained high at 94.1% reflecting the quality of EROAD’s service
and product offering; and
• Continued acceleration of growth strategies by increasing R&D spend to 28% of
Revenue, development of strategic partnerships and the undertaking of the
transformational acquisition of Coretex.
“EROAD’s financial result reflects both the continued investment in our growth strategies as
well as the resilience of our business model in continued challenging macro-economic
conditions. Sales momentum is expected to increase with the easing of COVID-19 impacts,
the launch of the next generation platform and hardware, the release of Clarity Solo, and the
Coretex acquisition.” said Steven Newman, Chief Executive Officer.
EROAD Chair Graham Stuart says: “We have always been clear, that EROAD chooses to grow
through organic growth, strategic partnerships and acquisitions. In H1 FY22, we have
successfully delivered across all these fronts. We are positioned for the next phase of growth
as we look to build our business in the North American and Australian telematics markets.”
Revenue increased $2.2m to $48.0m reflecting growth in units, dashcams and additional add-
on subscriptions sold to customers. This was partly offset by a reduction in other revenue
from H1 FY21. This prior period included income from the forgiveness of a North American
COVID-19 government support loan ($1.6m).
Over the period, contracted units grew by 5% to 132,703 reflecting continued good growth in
both New Zealand and Australia. This was partly offset by a fall in units in North America
predominantly due the loss of an enterprise customer (1,751 units) which aligned its

technology with that of its acquirer. EROAD also continued to see increased momentum
selling add-on hardware or SaaS subscription products with over 296 customers adding a
product or service to their existing plan, representing 7,341 Dashcam Clarity, Inspect, Logbook
or Bookit subscriptions added.
EROAD’s Asset Retention Rate remained high at 94.1%, reflecting the quality of EROAD’s
service and product offering. In addition, 538 customers across all markets renewed their
EROAD plan (representing some 16,481 contracted units). EROAD’s Annualised Monthly
Recurring Revenue metric increased to $92.8m from $88.4m at 31 March 2021. EROAD also
increased Future Contracted Income from $140.0m to $149.1m reflecting the considerable
number of renewals that occurred during the period, including the continuing 3G to 4G roll-
out programme in North America (nearly 80% of North American units now on 4G technology.
Operating expenditure increased from $30.5m to $35.4m. This increase includes $2.0m of
transaction and integration costs relating to the Coretex acquisition, increased employee
costs related to additional employees hired and the increased competition for talent, as well
as annual leave accruing over COVID-19 lock-downs.
Accordingly, reported EBITDA reduced from $15.3m to $12.6m, representing an EBITDA
margin of 26%. For H1 FY22, once transaction and integration costs are excluded, normalised
EBITDA is $14.6m, an increase from normalised EBITDA for H1 FY21 of $13.7m once the one-
off COVID-19 government support loan in North America of $1.6m is excluded. EROAD’s
normalised EBITDA margin is 30%.
As anticipated, research and development spend increased from $9.3m to $13.3m,
representing 28% of revenue. As EROAD moves ahead with its growth strategies, research
and development is focused on opening up our addressable market for Enterprise customers.
Successful delivery of EROAD’s growth strategy
EROAD is in a transitional period, as it moves into the next phase of growth. EROAD has
continued to deliver on its growth strategy, with operating cashflow and two capital raises
over the last 12 months allowing acceleration of investment for organic growth, the
development of strategic partnerships and the undertaking of the transformational
acquisition of Coretex.
EROAD continues to extend its platform offering. Since March 2021, EROAD has released a
series of enhancements and new products to enable growth, including EROAD Analyst, EROAD
Bookit, EROAD Messaging and EROAD Where Mini Tags. In October 2021, EROAD expanded
its video telematics offering with the launch of EROAD Clarity Solo Dashcam (with no in-cab
requirement for a pre-installed EHUBO unit). Clarity Solo is an integrated dashcam and
telematics device, as such it expands EROAD’s addressable market into a wider range of fleets
(e.g. US Light Commercial Vehicles), without the need to also install an EHUBO, and it can also
be installed alongside other telematics providers. With the low penetration of video
telematics across North American transportation fleets, this significantly increases EROAD’s
addressable market.

EROAD entered into a strategic partnership with Philips Connect in June this year which
provides customers a single view of all of their assets, including trailers and assets making
deployment and management easier. EROAD sold 666 Philips Connect solutions in H1 FY22.
EROAD has also entered into a partnership with Seeing Machines, an industry leader in vision-
based monitoring technology, that enable machines to see, understand, and assist people.
In July 2021, EROAD entered into a conditional agreement to acquire Coretex. The acquisition
is expected to accelerate key growth metrics by two years enabling EROAD to capture
significant growth opportunity in North America and Australia (particularly with respect to
Coretex’s focus on the Enterprise customer segment, which has been less impacted by COVID-
19 challenges). It also accelerates growth by adding new strategic verticals and broadens
EROAD’s product offering and customer base.

The acquisition has now received 100% shareholder approval, and both Overseas Investment
Office and NZ Commerce Commission approvals and is expected to complete with effect from
1 December 2021. It is anticipated that the two businesses will be largely integrated in
approximately 12-18 months. The initial focus will be on North America and promoting the
Coretex 360 platform and CoreHub hardware solution as EROAD’s next generation product
within weeks of completion to enable sales momentum to increase in that market.

FY22 Outlook
As announced in EROAD’s Q2 operating update on 21 October 2021, with continued
challenging macro-economic conditions (particularly in North America) and the Coretex
acquisition expected to complete before the end of 2021, EROAD now expects stand-alone
FY22 revenue growth to be between 10% and 13%, and continues to expect normalised
EBITDA margin (prior to integration and transaction costs) to be at or around the levels
delivered in FY21.
While good growth is still being experienced in both Australia and New Zealand, some
anticipated growth has been deferred to either later in FY22 or into early FY23 due to COVID-
19 lock-down restrictions delaying piloting activity, installation roll-outs and lengthening sales
lead-times. North America continues to experience ongoing impacts of COVID-19 and its
associated economic challenges, in particular significant driver shortages and supply chain
issues impacting mid-market customers. As a result, growth to date has been below EROAD’s
expectations.

With the easing of COVID-19 restrictions and their impacts, the launch of EROAD’s next
generation Android platform and hardware, the release of Clarity Solo in October, and the
completion of the Coretex acquisition, EROAD expects increased sales momentum in FY23.
The Coretex acquisition is expected to complete with effect from 1 December, therefore it is
now appropriate for EROAD to withdraw its FY22 stand-alone guidance as it is no longer
relevant for the combined entities.
Ends

Authorised for release to the NZX and ASX by EROAD’s Board of Directors.

Conference Call details:

EROAD’s Chief Executive Officer, Steven Newman, and Chief Financial Officer, Alex Ball, will give a
presentation on the company's financial and operational performance via a teleconference
commencing at 11.00am NZDT. Register in advance for this webinar:
https://us02web.zoom.us/j/85265986688?pwd=d1F6YmxCYkYzRFUveXRTQ3hmcE1Wdz09

After registering, you will receive a confirmation email containing information about joining the webinar. A
replay of this conference call will be available once it has been uploaded to the EROAD website under
‘presentations’ on
https://www.eroadglobal.com/investors
For Investor enquires please contact:
Anna Bonney
Investor Relations
+64 21844155
anna@merlinconsulting.co.nz

For Media enquiries please contact:
Courtney Ayre
ANZ Marketing Director
+61438763521
courtney.ayre@eroad.com



Non-GAAP Measures
EROAD has used non-GAAP measures when discussing financial performance in this document. The
directors and management believe that these measures provide useful information as they are used
internally to evaluate performance of business units, to establish operational goals and to allocate
resources. Non-GAAP measures are not prepared in accordance with NZ IFRS (New Zealand
International Financial Reporting Standards) and are not uniformly defined, therefore the non-GAAP
measures reported in this document may not be comparable with those that other companies
report and should not be viewed in isolation or considered as a substitute for measures reported by
EROAD in accordance with NZ IFRS.
The non-GAAP measures EROAD have used are Adjusted EBITDA, Annualised Monthly Recurring
Revenue (AMRR), Costs to Acquire Customers (CAC), Costs to Service & Support (CTS), EBITDA,
Normalised EBITDA, Normalised Revenue, EBITDA margin, Normalised EBITDA margin, Free Cash
Flow and Future Contracted Income (FCI).
The definitions of these can be found on pages 41 of the investor presentation. All numbers relate to
the 6 months ended 30 September 2021 (H1 FY22) and comparisons relate to the 6 months ended 30
September 2020 (H1 FY21), unless stated otherwise. All dollar amounts are in NZD.

About EROAD
EROAD Limited (ASX: ERD; NZX: ERD) (“EROAD”) purpose is safer and more sustainable roads.
EROAD develops and markets technology solutions to manage vehicle fleets, support regulatory
compliance, improve driver safety and reduce the costs associated with operating a fleet of vehicles
and inventory of assets. EROAD has a proven SaaS business model and is experiencing continuing
growth in installed units and revenue. EROAD has operations in New Zealand, North America and
Australia with customers ranging in size from small fleets through to large enterprise customers.  For
more information visit https://www.eroadglobal.com/global/investors/

---

EROAD
Safer and more sustainable roads
EROAD (NZX: ERD ASX: ERD) FINANCIAL RESULTS
FOR THE 6 MONTHS ENDED 30 SEPTEMBER 2021 (H1 FY22)
26 NOVEMBER 2021

IMPORTANT INFORMATION
The information in this presentation is of a general nature
and does not constitute financial product advice, investment
advice or any recommendation. Nothing in this presentation
constitutes legal, financial, tax or other advice
This presentation may contain projections or forward-looking
statements regarding a variety of items. Such projections or
forward-looking statements are based on current expectations,
estimates and assumptions and are subject to a number of
risks, uncertainties and assumptions.
There is no assurance that results contemplated in any
projections or forward-looking statements in this presentation
will be realised. Actual results may differ materially from
those projected in this presentation. No person is under any
obligation to update this presentation at any time after its
release to you or to provide you with further information about
EROAD.
While reasonable care has been taken in compiling this
presentation, none of EROAD nor its subsidiaries, directors,
employees, agents or advisers (to the maximum extent
permitted by law) gives any warranty or representation
(express or implied) as to the accuracy, completeness or
reliability of the information contained in it nor takes any
responsibility for it. The information in this presentation has
not been and will not be independently verified or audited.
NON-GAAP MEASURES
EROAD has used non-GAAP measures when discussing
financial performance in this document. The directors
and management believe that these measures provide
useful information as they are used internally to evaluate
performance of business units, to establish operational
goals and to allocate resources. Non-GAAP measures are
not prepared in accordance with NZ IFRS (New Zealand
International Financial Reporting Standards) and are not
uniformly defined, therefore the non-GAAP measures reported
in this document may not be comparable with those that other
companies report and should not be viewed in solation or
considered as a substitute for measures reported by EROAD
in accordance with NZ IFRS.
The non-GAAP measures are not subject to audit or review.
Definitions can be found in the Glossary on page 41 of this
presentation.
02

HIGHLIGHTS
4-5
OPERATING
UPDATE
6-12
FINANCIAL
UPDATE
13-25
GROWTH
OPPORTUNITIES
26-34
FY22
OUTLOOK
35
AGENDA
03

Significant
progress
accelerating 
growth strategies
in continued 
challenging
macro-economic
conditions 
04
up $2.2m from H1 FY21
(which included non-recurring
revenue of $1.6m)
REVENUE
48.0
$
m
added since FY21
despite COVID-19 
CONTRACTED UNITS
6,500
includes $2.0m
of transaction and
integration costs
REPORTED EBITDA
12.6
$
m
57.64
$
reflecting a $0.66c improvement
from FY21 from selling additional
products and services, offset by
$1.23c FX impact
MONTHLY SAAS ARPU 
strategic partnerships
expanding addressable markets
92.9
$
m
compared to $88.4m at FY21
and FCI increased $7.2m
from FY21 to $149.1m
AMRR
%
28
accelerating our technology roadmap 
REVENUE
SPENT ON R&D
PHILIPS CONNECT
AND
SEEING MACHINES 
TRANSFORMATIONAL
ACQUISITION
OF CORETEX
to accelerate key
growth metrics by two years   
%
94.1
ASSET RETENTION RATE

(H1 FY21: 95.3%)

Focusing
on what is
important
to our
stakeholders
05
1
Published by EROAD Download here
COVID-19
SUPPORTED
CUSTOMERS
during lock-downs in
New Zealand and Australia
ROAD TO
SUSTAINABILITY 
TOITŪ
CARBONREDUCE 
findings help EROAD’s sustainability
efforts within the industry
PROGRAMME OF WORK
UNDERWAY
to benchmark EROAD's GHG emissions. 
Led by our ESG Steering Group which
meets regularly to discuss and advance
EROAD's sustainability goals
  
INDUSTRY LEADING
UPTIME 
demonstrating the integrity and
reliability of EROAD’s infrastructure
99.9%
>
REDUCTION IN
SPEEDING FREQUENCY
by 31% of vehicles once they
installed Clarity Dashcam
OVER10%
CUSTOMERS RENEWED
THEIR EROAD PLAN
(representing 16,481 units) reflecting
the quality of EROAD’s product and
service offering   
538
INAUGURAL
REPORT¹
CONTINUED
PROGRESS AGAINST
OUR MATERIALITY
MATRIX MEASURES 

OPERATIONAL
UPDATE
Steven Newman
Chief Executive Officer
06

5% growth in H1
FY22 despite 
challenging
macro-economic
conditions
• Contracted units continued to grow in New
Zealand and Australia, despite lock-downs
in both regions in Q2 
• North America contracted units fell 1,445
units reflecting:
• 1,751 units representing the loss
(as previously disclosed) of an enterprise
customer who has aligned its technology
with that of its acquirer 
• only 306 net additional units added
(gross sales: 1,993) in H1 FY22 which
was below expectations given the high
level of returns due to lagging COVID-19
related impacts
• Delayed conversion of pipelines into
FY23 in North America and Australia
as customers wait for the platform and
products available through the Coretex
acquisition
2
North America units for FY19 are restated for data cleansing adjustments identified as part of the new business systems implementation
3
As disclosed in the Q1 Quarterly Operational Update, a recently acquired North American enterprise customer has aligned its in-cab technology away from EROAD to that of its parent. This has resulted in the return of 1,751 units.
FY14FY15FY16FY17FY18FY19FY20FY21H1 FY22
9,973
14,332
19,864
26,031
31,298
36,953
43,430
48,041
59,538
77,600
86,240
96,106
108,414
-
30,000
60,000
90,000
120,000
150,000
9,973 14,332 19,264 24,041 28,140 32,452 38,129 41,939 49,802 59,843 65,28571,446 75,674
1,513
600
1,990
3,158
4,501
5,301
6,102
9,736
17,757
20,955
24,660
31,227
116,488
80,366
2,120
34,002
122,193
84,526
2,373
35,294
126,203
132,703
87,892
2,874
35,437
93,639
5,072
33,992
TOTAL CONTRACTED UNITS
07
Australia
North America
New Zealand
ANZ

Growth through Retention and Account Upgrades
despite uncertainty for our customers
538
⁵
CUSTOMERS RENEWED
THEIR EROAD PLAN
(16,481 contracted units)
472
⁶
CUSTOMERS UPGRADED
THEIR EROAD PLAN
(4,944 units)
296
⁷
CUSTOMERS ADDED
ADDITIONAL PRODUCTS AND
SERVICES TO THEIR PLAN
(7,341 subscriptions)
08
%94.1
⁴
ASSET
RETENTION RATE
m
$
149.1
FUTURE CONTRACTED
INCOME
(up from $141.9m at FY21
reflecting a high level of renewals)
4 95.5% excluding the loss of a North America Enterprise customer (1,751 units) 5 defined as a customer who re-signed a new contract, contracted unit numbers as at end of old contract
6 Upgraded from Ehubo1 to Ehubo2, or upgraded type of plan (connected, advance, safedriver, starter and premium) 7 Existing EROAD customers that added a dashcam, logbook or bookit subscription to their plan

Growth through account expansion
EROAD CLARITY
DASHCAM 
EROAD CLARITY
SOLO
PHILLIPS
CONNECT 
EROAD DAY
LOGBOOK 
EROAD
INSPECT  
EROAD
WHERE   
Dual facing dashcam. Integration
of dashcam with Ehubo data and
other key driver and vehicle
statistics supports advanced
driver coaching and accident
exoneration in MyEROAD Replay
Stand alone dashcam
with telematics included.
It can be installed as its own unit
or alongside telematics from
another provider.
Advanced trailer and
asset monitoring 
Simplifies fatigue management by
enabling drivers to capture work
and rest hours via a smart phone
or tablet
Makes vehicle inspections easy,
capturing defects with your
mobile device, and providing
transparent and traceable
inspection information
Affordable
asset tracking
 
3,087
ADDED
(26 WHICH WERE
NEW EROAD CUSTOMERS) 
H1 FY22: 4,141; FY21: 1,054
Oct 2021
LAUNCHED
666
SOLUTIONS
SOLD
SINCE ENTERED PARTNERSHIP
IN JUNE 2021
966
DRIVERS SUBSCRIPTIONS
ADDED
(71 WHICH ARE STANDALONE) 
H1 FY22: 7,621; FY21: 6,655
1,665
DRIVERS SUBSCRIPTIONS
ADDED
OVER 27 CUSTOMERS
H1 FY22: 12,155; FY21: 10,490 
2,650
ADDITIONAL TAGS
SOLD TO
OVER 83 CUSTOMERS 
H1 FY22: 9,100; FY21: 6,450 
09
Increases
addressable market
Improved
ARPU
Retention
tool
New Zealand
market
North America
market
Australia
market

CHALLENGING
MACRO-ECONOMIC
ENVIROMENT  
• COVID-19 lock-down restrictions in Q2
pushed some sales into H2 and caused some
supply chain issues
CONTINUED EXECUTION
OF STRATEGY
• Grew contracted units by 5,747 to 93,639
reflecting the roll-out of the Ventia contract
(941 units) and growth with both existing
customers and new customers
• 329 customers upgraded their EROAD plan
(1,740 units) and 180 customers added products
and services to their plan (4,876 subscriptions)
GROWTH OPPORTUNITY
• Expect EROAD growth similar levels to prior
FY21 (added 9,000+ connected vehicles p.a)
• Coretex will add 7,628⁸ contracted units
in New Zealand
New Zealand remains
a significant growth opportunity
GROWTH
IN UNITS
7
%
(H1 FY22: 93,639 H2 FY21: 87,892)
ASSET RETENTION
RAT E
9 7. 3
%
(H1 FY21: 95.7%)
NZ MONTHLY
SAAS ARPU
(H2 FY21: $56.18 H1 FY21: $55.36)
56.78
$
EBITDA
(H2 FY21: $20.3m H1 FY21: 18.5m)
22.0m
$
10
CUSTOMERS
RENEWED THEIR PLAN
360
(12,068 units)
CUSTOMERS
ADDED PRODUCTS
AND SERVICES
TO THEIR PLAN
180
(4,876 subscriptions)
8
As at 30 September 2021

North America increasing
the addressable market
9 As disclosed in the Q1 Operating Update, after its acquisition a North America customer aligned its in-cab technology to that of its parent
10
In NZ$ ARPU fell from NZ$67.30 in H1 FY21 to NZ$62.77
11
As at 30 September 2021
11
UNITS
33,992
⁹
(H2 FY21: 35,437)
ASSET RETENTION
RAT E
86.5
%
(H1 FY21: 94.3%)
MONTHLY
SAAS ARPU
10
(H1 FY21: US$43.07)
44.42
US$
EBITDA
(H1 FY21: $5.9m)
2.9m
$
172
(4,231 units)
86
(1,873 subscriptions)
CHALLENGING
MACRO-ECONOMIC
ENVIROMENT  
• Lagging COVID-19 related impacts of driver
shortages, loss of underlying contracts and broader
macro-economic concerns 

CONTINUED EXECUTION
OF STRATEGY
• 306 net additional units added (gross sales: 1,993)
was below expectations reflecting returns from 
mid-market customers seen thought the high level
of renewals through the period due to the 3G
upgrade programme (nearly 80% of units now
on 4G technology)
• Loss of 1,751 units (as previously disclosed) of an
enterprise customer who has aligned its technology
with that of its acquirer 
GROWTH OPPORTUNITY
• Some delay with two enterprise prospects in pilot
and the solid mix of mid-market pilots launched or
beginning as customers wait to pilot next generation
platform  
• Expected to promote Coretex 360 platform
and Corehub hardware solution in North America
as EROAD’s next generation platform/product
within weeks
• Successfully increased addressable market through
Philips connect partnership and the launch of
dashcam Clarity and Clarity Solo
• Coretex will add 50,946 units
11
and an advanced
short-to-medium term Enterprise pipeline
CUSTOMERS
RENEWED THEIR PLAN
CUSTOMERS
ADDED PRODUCTS
AND SERVICES
TO THEIR PLAN

Building the brand
in Australia
UNITS ADDED
IN H1 FY22
2,198
(H1 FY22: 5,072 H2 FY21: 2,874)
EBITDA
(H1 FY21: $(0.4)m)
(
0.6
)
$
m
MONTHLY
SAAS ARPU
12
(FY20: AU$35.86)
29.86
AU$
12
In NZ$ ARPU fell from NZ$35.12in H1 FY21 to NZ$31.72 in H1 FY22 reflecting the mix of solutions sold

13
As at 30 September 2021
12
OF VENTIA ROLL-OUT
COMPLETE
13
60
%
CHALLENGING
MACRO-ECONOMIC
ENVIROMENT  
• COVID-19 lock-down restrictions in Q2 caused delay
in installations due to access to worksites and supply
chain issues  

CONTINUED EXECUTION
OF STRATEGY
• Largest Australian Enterprise customer the Ventia AU
roll-out was almost 60% completed In H1 (1,129 AU
units
13
already rolled out) and is expected to complete
in Q4 FY22
• Excluding Ventia, continued momentum in winning
small-to-medium customers in Australia adding 1,069
units (H2 FY21: added 501 units, H1 FY21: added 253 units)
• National Sales Manager and Product marketing
manager added to leadership team to support
Enterprise and market development activities
• Increased brand marketing spend with a focused
approach on digital marketing, targeting funnels
and remarketing
GROWTH OPPORTUNITY
• Some delay in crystallisation of short-medium term
enterprise pipeline of some 15-20k with longer sales
lead-times given COVID-19 restrictions and customers
waiting for Coretex platform and products
• Coretex will add 7,879 units
13
improving EROAD’s
market position. Coretex’s sales momentum is expected
to increase with the launch of Electronic Work Diary
(EWD) and a new construction product currently in trail
with an Enterprise customer

H1 FY22
FINANCIAL RESULTS
Alex Ball
Chief Financial Officer
13

-
(2.0)
2.0
20.0
-
40.0
60.0
H1 FY20H2 FY20H1 FY21H2 FY21H1 FY22
$
38.5m
$
42.7m
$
45.8m
$
45.8m
$
48.0m
H1 FY20H2 FY20H1 FY21H2 FY21H1 FY22
$
11.9m
$
15.2m
$
15.3m
$
15.4m
$
12.6m
H1 FY20H2 FY20H1 FY21H2 FY21
H1 FY22
$
(
0.1
)
m
$
(
1.6
)
m
$
1.5m
$
1.2m
$
0.7m
H1 FY20H2 FY20H1 FY21H2 FY21H1 FY22
$
(
8.6
)
m
$
(
15.8
)
m
$
(
4.2
)
m
$
0.6m
$
4.7m
-
15.0
20.0
10.0
5.0
-
(5.0)
5.0
(10.0)
(15.0)
(20.0)
H1 FY20H2 FY20H1 FY21H2 FY21H1 FY22
$
11.9m
$
15.2m
$
13.7m
$
15.4m
$
14.6m
-
15.0
20.0
10.0
5.0
20.0
-
40.0
60.0
H1 FY20H2 FY20H1 FY21H2 FY21H1 FY22
$
38.5m
$
42.7m
$
44.2m
$
45.8m
$
48.0m
Solid financial performance reflecting acceleration of growth strategies
+5%-18%+9%+7%
-
$
2.8m
-
$
20.4m
REVENUEEBITDA PROFIT/
(
LOSS
)

BEFORE TAX
FREE
CASH FLOWS
14
Reported Revenue
up $2.2m from H1 FY21
Normalised Revenue
Normalised for a one-off
($1.6m) COVID-19 grant
in H1 FY21
Reported EBITDA margin
of 26%
Normalised EBITDA
Normalised for one-off ($1.6m)
COVID-19 grant in H1 FY21
and ($2.0m) transaction and
integration costs in H1 FY22
Normalised EBITDA margin
of 30%
Free Cash Flow down $20.4m
reflecting additional money spend
on R&D, assets to support growth
such as hardware and transaction
and integration costs together
totaling $23.3m
14
Please refer to the glossary on page 41 for definition

REPORTEDREPORTEDNORMALISED
14
NORMALISED
14

YEAR ENDEDH1 FY22H2 FY21H1 FY21
Movement
H1 FY22 vs
H1 FY21
Revenue48.045.845.82.2
Expenses(35.4)(30.4)(30.5)(4.9)
Earnings before interest, taxation,
depreciation and amortisation
12.615.415.3(2.7)
Depreciation of Property, Plant & Equipment(5.0)(5.0)(4.6)(0.4)
Amortisation of Intangible Assets(4.8)(5.1)(4.8)0.0
Amortisation of Contract and Customer Acquisition Assets(3.3)(3.3)(3.5)0.2
Earnings before interest and taxation(0.5)2.02.4(2.9)
Net Financing Costs(1.1)(1.3)(1.2)0.1
Profit/(loss) before tax(1.6)0.71.2(2.8)
Income tax (expense) benefit(1.3)0.3(0.2)(1.1)
Profit/(loss) after tax for the
year attributable to the  shareholders
(2.9)1.01.0(3.9)
Other comprehensive income0.40.2(0.7)1.1
Total comprehensive income/(loss) for the year(2.5)1.20.3(2.8)
Statement of Income (NZ$m)
• Revenue increased 5% to $48.0m, reflecting
growth in contracted units offset by the
reduction in other revenue. H1 FY21 benefited
from the forgiveness of a COVID-19 government
support  loan in North America of $1.6m,
normalised for this revenue grew 9%
• Operating expenditure increased 16% reflecting
$2.0m integration and transaction costs and
increased R&D. EROAD is also experiencing some
cost pressures in remuneration and recruitment
given the competitive labour market. 
• Some timing related costs associated with annual
leave expected to reduce as markets open up from
lock downs
• EBIT reduced from $2.4m to a loss of $0.5m
reflecting increased spending related to the
Coretex acquisition
15

($m)
H1 FY22H2 FY21H1 FY21
Movement
H1 FY22 vs
H1 FY21
New Zealand22.020.318.53.5
Australia(0.6)(0.5)(0.4)(0.2)
North America2.94.15.9(3.0)
Corporate & Development(11.9)(8.6)(8.9)(3.0)
Elimination of inter-segment EBITDA0.20.30.2-
Reported EBITDA12.615.415.3(2.7)
Reported EBITDA Margin26%34%33%-7%
Normalised EBITDA
15
14.613.7
Normalised EBITDA Margin
15
30%30%
EBITDA down reflecting integration and
transaction costs for Coretex acquisition
NEW ZEALAND
Continued growth into existing customer fleets, 
attracting new customers and continued high asset
retention resulted in a 19% increase in EBITDA to
$22.0m
NORTH AMERICA
North American EBITDA fell $3.0m reflecting the
one off COVID loan forgiveness in H1 FY21 ($1.6m)
and increased staff costs related to the 3G upgrade
programme. It also reflects lower travel and
marketing in H1 FY21 due to COVID-19 ($0.5m) and
the strengthening of the NZD against USD ($0.3m) 
AUSTRALIA
Continuing SaaS revenue growth (up 55% from
H1 FY22) offset by increased investment in staff
to support growth resulted in EBITDA of $(0.6)m
CORPORATE
Corporate EBITDA fell $3.0m reflecting integration
and transaction costs ($2.0m) and employment
costs including labour market pressures and timing
of annual leave
16
15
$1.6m one off grant revenue benefiting H1 FY21 and $2.0m of integration and transaction costs impacting H1 FY22

-
50.0
100.0
150.0
-
20.0
40.0
60.0
80.0
100.0200.0
75.8
84.0
84.8
88.4
92.9
H1 FY20H1 FY21H2 FY20H2 FY21H1 FY22
130.9
134.4
140.0
141.9
149.1
H1 FY20H1 FY21H2 FY20H2 FY21H1 FY22H1 FY20H1 FY21H2 FY20H2 FY21H1 FY22
20
21
17
13
14
1111
22
28
8
23
99
6
7
-
10
20
30
R&D Expensed
R&D Capitalised
Total R&D
AMRR increase reflects growth in recurring revenues from 
new units and SaaS ARPU, supported by a positive FX
impact of $0.4m in H1 FY22
FCI increased reflecting a considerable number of
renewals that occurred during the period including
the continuing 3G to 4G roll-out in North America
R&D as % of Revenue of 28% with R&D spend
focused on opening up the addressable market for
Enterprise customers
Monitoring Performance LEADING GROWTH INDICATORS
ANNUALISED MONTHLY
RECURRING REVENUE
(
$m
)
FUTURE CONTRACTED
INCOME
(
$m
)
RESEARCH AND DEVELOPMENT
AS % OF REVENUE
17

Monitoring Performance ENTERPRISE VALUE FROM EXISTING CUSTOMER BASE
Monthly SaaS ARPU down from FY21 reflecting $0.66 improvement from
selling additional products and services, offset by a $1.23 FX impact.
Asset Retention Rate has remained relatively stable over time. Significant
renewal programmes, in particular North America with the 3G upgrade
programme which saw significant fleet reduction due to lagging COVID-19
impacts.
-


60
50
40
30
20
10
$57.60
$58.38
H1 FY20H1 FY21H2 FY20H2 FY21H1 FY22
$58.80
$58.30
$57.64
-
20
40
60
80
100
94.9% 94.9%
94.1%
95.2% 95.3%
H1 FY20H1 FY21H2 FY20H2 FY21H1 FY22
ARPU
ASSET RETENTION RATE
18
16
Asset Retention Rate of 95.5% excluding the loss of large Enterprise customer

-
5
10
15
20
25
-
1
2
3
4
5
6
CTS
1313
22
1717
10
14
5
16
H1 FY22 excluding loss of enterprise customer
4.9
4.4
4.4
4.7
5.6
11
13
2
3
33
CAC Expensed
CAC Capitalised
Total CAC
H1 FY20H1 FY21H2 FY20H2 FY21H1 FY22H1 FY20H1 FY21H2 FY20H2 FY21H1 FY22
$0
$250
$500
$750
$1,000
$1,250
$1,500
$1,750
$1,026
$1,536
H2 FY21H1 FY21
$947
$1,202
H1 FY22
Monitoring Performance PROFITABILITY
CAC would be expected to trend downwards over time as
revenue grows, reductions will be partly offset by investment
in development markets ahead of revenues.
COST TO ACQUIRE CUSTOMERS
(CAC) AS % OF REVENUE
COST TO ACQUIRE
PER UNIT
COST TO SERVICE AND SUPPORT
(CTS) AS % OF REVENUE
19
CTS has increased, reflecting investment in billing
improvements and automated customer support.
CTS will improve over time as scale and leverage increases.
The cost to acquire per unit has increased 
reflecting the loss of a North America enterprise
customer (1,751 units). When adjusted for this,
cost to acquire fell due to the strong sales in
New Zealand and Australia.

Operating Expenses
$10.0m
$5.0m
$15.0m
$25.0m
$20.0m
$35.0m
$40.0m
$30.0m
-
SCALECAPABILITYEXPANSION
STRATEGIC
INITIATIVES
LEGAL
COSTS
Increased
Decreased
Total
30.5
H1 FY21
35.4
H1 FY22
2.4
Personnel
Integration and
Transaction
2.0
Other
(0.6)
0.0
Other Employment
0.0
Sub-Contractors
Other Professional
Fees
0.0
Sales and
Marketing
0.2
Software and Systems
0.4
(0.1)
Legal
0.6
SaaS Platform
20
Operating expenses were impacted by $2.0m transaction and integration costs, a higher number of employees with increased pressure on employment
costs given competition for talent and a build up of annual leave balances, likely to reverse in H2.

PROPERTY PLANT &
EQUIPMENT
• PPE spend up $7.7m due to hardware purchases
to support a  combination of new units, release
of dashcam hardware and increased inventory
levels in response to global supply chain
shortages
INTANGIBLE ASSETS
• Total intangible additions for both development
and software were $11.8m
• Total R&D spend of $13.3m has increased $4.0m
representing 28% of revenue. 
• Higher levels of investment in R&D includes
increased development, the use of outsourced
support, along with some labour pressures given
skill shortages and border closures. 
• Of the total R&D spend, $10.5m was capitalised
as development 
ADDITIONS TO PROPERTY, PLANT AND EQUIPMENT
ADDITIONS TO INTANGIBLE ASSETS
1.7
9.4
10.00
8.00
2.00
4.00
6.00
-
Total
PPE Additions*
($m)
1.5
8.9
Hardware
Asset Additions
($m)
1.8
4.0
H1 FY21H1 FY22H1 FY21H1 FY22H1 FY21H1 FY22
*Excluding Additions to Right of Use Assets
Hardware Asset
Additions excluding
Inventory Management
($m)
5.6
11.8
5.1
10.5
0.5
1.3
H1 FY21H1 FY22H1 FY21H1 FY22H1 FY21H1 FY22
Total Intangible
Asset Additions
($m)
Development Asset
Additions
($m)
Software Asset
Additions
($m)
21

Increased investment in R&D
TO SUPPORT NEW PRODUCT DELIVERY IN FY23 AND FY24
RESEARCH AND DEVELOPMENT
(
$m
)
MOVEMENT IN INTANGIBLES
(
$m
)
22
R&D ExpensedR&D Capitalised
-
15
10
5
H1 FY20H1 FY21H2 FY20H2 FY21H1 FY22
5.0
5.1
8.0
3.2
8.2
4.6
2.8
2.8
4.2
4.0
7.4
9.3
12.0
10.5
13.3
IncreaseDecreaseTotal
AdditionsAmortisation
-
60
40
20
FY21H1 FY22
45.3
11.8
(4.7)
52.4

22.0
2.9
(2.1)
(0.9)
(1.4)
(0.7)
-
-
(0.6)
(0.3)
(0.7)
(0.1)
(0.4)
20.0
15.0
25.0
10.0
5.0
-
(5.0)
(10.0)
(15.0)
(20.0)
CDE EBITDA
Development Assets
Software Assets
Interest Paid
Group Free Cash Flows H1 FY22
(2.0)
0.1
NEW ZEALAND
$17.1m (H1 FY21: $15.4m)
NORTH AMERICA
$0.5m (H1 FY21: $5.0m)
AUSTRALIA
($1.8m) (H1 FY21: ($0.3m))
CORPORATE & DEVELOPMENT
($31.6m) (H1 FY21: ($15.4m))
Other Operating Cash Flows‡
EBITDA
Other PPE
CA Assets
H&A Assets
CF Assets
EBITDA
Other PPE
CA Assets
H&A
CF Assets
EBITDA
Other PPE
CA Assets
H&A
CF Assets
H&A under Construction
Operating Companies FCF H1 FY22
(11.9)
(15.8)
(4.9)
Other PPE
(0.5)
(10.5)
(1.3)
(1.3)
10.9
(1.2)
Free Cash Flow Analysis by Segment
H&A Assets - Hardware & Accessory Assets • CA Assets - Customer Acquisition Assets • CF Assets - Contract Fulfilment Assets • CDE EBITDA - Corporate, Development and Elimination EBITDA • H&A under Construction - Hardware & Accessories under Construction
23
$13.8m investing
for growth
and scalability

Cash flow statement (NZ$m)
• Operating cash flows have reduced by $4.5m
reflecting the increased spending related to the
Coretex acquisition along with an increase in
receivables and prepayments
• Investing cash out flows grew from
$9.7m (H1 FY21) to $25.6m reflecting the
increased investment in intangibles (research
and development) and growth in units along
with inventory levels (in response to global
supply chain pressures)
• Financing cash flows were $78.0m for the period
as a result of the issue of equity of $84.7m in July
(placement and share purchase plan)
Year ended
H1 FY22H2 FY21H1 FY21
Movement
H1 FY22 vs
H1 FY21
Cash flows from operating activities
Other operating cash flows11.015.315.3(4.3)
Net interest paid(1.2)(1.5)(1.0)(0.2)
Net cash inflow from operating activities9.813.814.3(4.5)
Cash flows from investing activities
Property, Plant and Equipment (including hardware assets)(9.5)(3.0)(1.7)(7.8)
Intangible Assets(11.8)(7.4)(5.7)(6.1)
Contract fulfillment and Customer Acquisition Assets(4.3)(2.7)(2.3)(2.0)
Net cash outflow from investing activities(25.6)(13.1)(9.7)(15.9)
Cash flows from financing activities
Bank loans(2.4)(2.6)1.8(4.2)
Issue of Equity84.710.942.042.7
Cost of raising capital(3.5)(0.1)(2.0)(1.5)
Other financings cash flows(0.8)(0.8)(0.8)0.0
Net cash inflow/(outflow) from financing activities78.07. 441.037.0
Net increase/(decrease) in cash held62.28.145.616.6
Cash at beginning of the financial period57.149.03.453.7
Closing cash and cash equivalents119.357.149.070.3
24

AS AT PERIOD ENDH1 FY22FY21Movement
Cash119.357.162.2
Restricted Bank Account13.510.53.0
Costs to Acquire and Contract Fulfilment Costs5.35.5(0.2)
Other12.78.24.5
Total Current Assets150.881.369.5
Property, Plant and Equipment40.234.75.5
Intangible Assets52.445.37.1
Costs to Acquire and Contract Fulfilment Costs4.73.41.3
Other6.17. 3(1.2)
Total Non-Current Assets103.490.712.7
TOTAL ASSETS254.2172.082.2
Payables to Transport Agencies13.410.52.9
Contract Liabilities7.16.60.5
Borrowings32.735.0(2.3)
Other Liabilities18.415.33.1
Total Liabilities71.667. 44.2
NET ASSETS182.6104.678.0
Balance sheet (NZ$m)
• Cash has increased by $62.2m as a result of
the capital raise during July 
• PPE has increased primarily as a result of
investment in inventory given the current global
supply chain pressures and delays
• The increase in other assets within current 
assets category is as a result of the combination 
of an increase in our receivables balance and
prepayments
• Contract Fulfilment and Customer Acquisition 
Assets increased by $1.1m reflecting growth and a
strong period of renewals 
• Intangibles increase relates to the ongoing
capitalisation of R&D development
• Borrowings from long term bank loans have 
reduced due to scheduled repayments
25

GROWTH
OPPORTUNITY
AND OUTLOOK
Steven Newman
Chief Executive Officer
26

27
We choose to grow and have significantly
accelerated our growth strategy
27
ORGANIC GROWTH
ACQUISITION
Executed 11 launches of new products or enhancements in H1 FY22
• launched Clarity Solo in October increasing the addressable market 
• Integration of Philips Connect and Seeing Machines increasing the
addressable market 
• launched EROAD Analyst, EROAD Messaging and EROAD Where
mini-tags as well as a number of  other enhancements improving the
customer value proposition 
Acceleration of R&D spend focused on winning Enterprise customers. The
Coretex acquisition allows EROAD to stop developing its own next generation
platform and accelerate other aspects of its technology and product roadmap 
Focused workstreams on managing risk around the global supply chains
Increased solution-based selling focused on winning Enterprise customers in
all markets. Coretex’s enterprise grade solutions will increase ability to win
enterprise customers
Coretex acquisition expected to complete 1 December 2021 accelerates growth
metrics by 2 years   
Focus on integration over next 12 to 18 months, although will continue to look
for further inorganic opportunities in a consolidating industry
STRATEGIC PARTNERSHIPS
Entering into partnerships with quality partners enables EROAD to fill product
gaps more effectively 
Entered strategic partnership with Philips Connect in June 2021 and with
Seeing Machines in August 2021

Expanding EROAD’s
Video telematics
portfolio
4,141
CLARITY DASHCAM
UNITS SOLD
since sales begun in March 2021
28
It would have appeared
as a harsh braking incident,
but with the dashcam you see
a second jolt – it’s clear
that there was another
point of impact.
Frews Transport
(Beta testing Clarity Solo)
“
OVER10%
REDUCTION IN
SPEEDING FREQUENCY
by 31% of vehicles once they installed
Clarity Dashcam
• With low video telematics penetration across all
markets, focus on expanding and improving video
telematics portfolio
• Only c30% penetration of North America Class 8
vehicle market (4.4m vehicles and growing at 15% p.a)
• Sold some 4,141 Clarity dashcam units since sales
begun in March 2021 increasing ARPU with a number
of pilots underway
• Launched Clarity Solo new stand-alone dashcam
product (with no in-cab requirement for a pre-
installed Ehubo) late October
• Expands addressable market to fleets with a
competitors telematics solution and reach beyond
class 8 into light duty
• Improved functionality with technology that
associates all video and telematics to a specific
driver and a more agile search system
• The Coretex Corevision camera is an entry-level dual
dashcam which widens EROAD’s video telematics
portfolio servicing different market needs

Strategic partnership
with Seeing Machines
increases addressable
market
SEEING MACHINES
IS INDUSTRY
LEADER IN VISION-
BASED MONITORING
TECHNOLOGY THAT
ENABLE MACHINES TO
SEE, UNDERSTAND AND
ASSIST PEOPLE
29
OVER90%
REDUCTION IN
FATIGUE RELATED
DRIVING EVENTS
with in-cab alerts reducing fatigue
by >60% and 24/7 monitoring
centre analysis and intervention
decreasing the occurrence of
fatigue by an additional 30%
• Entered strategic partnership with Seeing Machines
in August 2021
• Guardian technology utilises face and eye tracking
algorithms to detect fatigue and distraction, allowing
proactive intervention before a risky driving incident
occurs
• Integrated their technology into MyEROAD, to
provide customers with a single interface for
managing video telematics
• Enables EROAD to target dashcam sales to fleets that
have biometric requirements for all or a portion of
their fleet. For example Hazemat or long-haul driving
with dangerous loads
• Initial focus on New Zealand and Australia markets. In
one month sold approximately 170
17
Clarity Dashcams
and a number of pilots underway in response to
partnership
17
As at 30 September 2021.

Strategic partnership
with Philips Connect
increasing
North America
addressable market
PHILIPS CONNECT DEVICES, SENSORS AND REPORTING
BRINGS ADVANCED TRAILER AND ASSET MONITORING
TO EROAD’S CUSTOMERS
A SOLUTION FOR EVERY ASSET
Trailers
Gain total awareness into
your trailer with data,
insights and analysis of
trailer health in real-time.
Chassis
Comprehensive monitoring
of chassis sensors. Receive
status updates and
notifications about issues
before they happen.
Container
Monitor location and status
of containers and cargo
with real-time alerts from
a single hub.
Other
Monitor the location and
status of small vehicles and
heavy equipment with our
high-performance tracking
systems.
30
• Entered Philips Connect strategic partnership in June
2021 and have added 666 Philips Connect Solutions in
H1 FY22
• Phillips Connect solutions help customers locate
assets, maximize productivity, and give their own
customers a live view into their trailers, containers,
and chassis
• Integration of Philips Connect into MyEROAD
provides customers a single view of all of their assets
including trailers and assets making deployment and
management easier
• Increases addressable market by meeting the needs
of North American medium and enterprise fleets and
provides up-sell opportunities once a Philips Connect
solution is sold
• Current focus on North America market, will look at
moving into New Zealand and Australia over time

The Transformational
Acquisition of Coretex
Increased ability
to win Enterprise
accounts
Accelerates
technology
and product
roadmaps
Lifting market
position adding
66,453
18
units in
North America,
Australia and
New Zealand
Increased growth
velocity towards
250,000 units

Increased
Addressable Market
Refrigerated transport

Construction
Less than a truckload (LTL)
Waste & Recycling
31
18
As at 30 September 2021
Building a safer,
greener and more
productive world
Products that
optimise safety and
fuel consumption,
reduce wastage and
contamination
COMPLETION IN EFFECT ON 1 DECEMBER 2021

32
EROAD’s broadly adopted regulatory telematics solutions
combined with Coretex’s extensive vertical telematics
expertise and products creates an advanced market fit
Easy to use, install
and maintain 
Custom Driver
Forms & Checklists
Data Insights
platform
Enterprise API
for integrations
IN-VEHICLE HARDWARE SOLUTIONSALL VEHICLES
ALL ASSETS
ONE PLATFORM
for end to end visibility
Coretex brings with it next generation hardwareSignificantly enhanced Back Office Capability
Driver’s tablet Driver’s logbookEhubo2
Camera options
IOT sensors
and tag
IOT Hub (Corehub)

Coretex’s operating update for H1 FY22
• Contracted units grew by 4% reflecting growth in
North America
• increased units in North America by 3,321
with an additional 4,144 of closed sales not
yet shipped
• stable units in Australia with growth
anticipated with the launch of Electronic Work
Diary (EWD) and new construction product
being piloted
• Following approval from shareholders,
Overseas Investment Authority and the
Commence Commission Completion
acquisition will complete 1 December 2021
30 September 202131 March 2021
Total Contracted Units 66,45364,177
New Zealand7,6288,676
North America 50,94647,625
Australia 7, 8 797, 8 76
Group Asset Retention Rate85.1%
19
85.7%
20
19
Excluding fleet reduction H1 FY22 asset retention rate of 93.8%
20
Excluding fleet reduction FY21 Asset Retention Rate would have been 94.7%
33

Successful integration of Coretex
key to maximising synergies
Stabilise &
Minimise Risk
Strategy
Refresh
Quick Wins
Enterprise
Customer Focus
Platform Consolidation
Unification of Systems,
Structures & Brand
Organise, Stabilise,
Motivate, Excite
Leadership
Development Align
T’s & C’s
Culture, Ways
of Working,
Acceleration
Optimise Structures
and Teams to
Accelerate
Interface existing systems
Stabilise & Secure Environment
Analyse & Choose Internal
Systems & Processes for scale
Consolidate internal
systems and processes
for scale
1 December Settlement
June 2021September 2021December 2021March 2022June 2022September 2022
Integration Planning
North American Focus via
Coretex Platform
Early Integration Options NA /AU
Acceleration Options - Partnerships
Multiple
Verticals
Architecture
Alignment
Major Theme
Product,
Development
and Engineering
People
Systems &
Processes
34

35
On 21 October EROAD announced it expects stand-alone
FY22 revenue growth of 10-13% and Normalised EBITDA
margin (prior to integration and transaction costs) to be
at or around the levels of FY21
Good growth in both Australia and New Zealand,
with some anticipated growth deferred to either later
in FY22 or into early FY23 due to COVID-19 lock-down
restrictions delaying piloting activity, installation
roll-outs and lengthening sales lead-times
North America continues to experience ongoing impacts
of COVID-19 and its associated economic challenges
The Coretex acquisition is expected to complete with
effect from 1 December, therefore it is now appropriate
for EROAD to withdraw its FY22 stand-alone guidance
as it is no longer relevant for the combined entities
FY22 outlook
EROAD STAND-ALONE GUIDANCE

QUESTIONS
& ANSWERS
36

APPENDIX
37

YEAR ENDEDH1 FY22H1 FY21
Profit/(Loss) after tax for the year attributable to the shareholders(2.9)1.0
Add/(less) non-cash items
Tax asset recognised1.2(0.3)
Depreciation and amortisation13.112.9
Other non-cash expenses/(income)(0.8)(0.5)
Add/(less) movements in other working capital items:
Decrease/(increase) in trade and other receivables(4.5)1.6
Increase/(decrease) in current tax receivables --
Increase/(decrease) in current tax payables
-0.4
Increase/(decrease) in contract liabilities0.5(1.0)
Increase /(decrease) in trade payables, interest payable and accruals3.20.2
Net Cash from operating activities9.814.3
Reconciliation of Profit to movement in cash
38

NZ$Local$
H1 FY22H1 FY21H1 FY22H1 FY21
New Zealand ARPU NZ$56.78NZ$55.36NZ$56.78NZ$55.36
North America ARPU NZ$62.77NZ$67.30US$44.42US$43.07
Australian ARPU NZ$31.72 NZ$35.12AU$29.86AU$32.79
ARPU reconciliation of local currency to NZ$
39

R&D Investment
48%
New to EROAD
16%
Quality/Bugs
6%
New to World
72%
3%
Learning/Future
9%
Reliability,
Availability,
Serviceability
and Scalability
16%
Planned
Enhancements
2%
Unplanned
Enhancements
CUSTOMER FACING
R&D
INVESTMENT
PROFILE
21
For the six months ended 30 September 2021. Analysis excludes internal system development and individual customisation
• R&D is critical in developing new products
and services to retain customers, open up
the addressable market, grow connected
vehicles and grow average SaaS monthly
revenue per unit
• Target ~60% of R&D spend on customer
facing elements 
• Executed 11 key launches or enhancements
over H1 FY22 as a result of previous R&D
investment
• In recent years spent 18-22% of revenue
on R&D. Spent 23% in FY21. For FY22 and
FY23 expect to spend 24-27% as continue
to accelerate investment for growth
• Focused on product development that
opens up the addressable market for
enterprise customers 
40

Glossary
• ANNUALISED MONTHLY RECURRING
REVENUE (AMRR) is a non-GAAP measure
representing monthly Recurring Revenue for
the last month of the period, multiplied by 12. It
provides a 12 month forward view of revenue,
assuming unit numbers, pricing and foreign
exchange remain unchanged during the year.
• ASSET RETENTION RATE The number
of Total Contracted Units at the beginning
of the 12 month period and retained as Total
Contracted Units at the end of the 12 month
period, as a percentage of Total Contracted
Units at the beginning of the 12 month period.
• COSTS TO ACQUIRE CUSTOMERS
(CAC) is a non-GAAP measure of costs to
acquire customers. Total CAC represents
all sales & marketing related costs. CAC
capitalised includes incremental sales
commissions for new sales, upgrades and
renewals which are capitalised and amortised
over the life of the contract. All other CAC
related costs are expensed when incurred and
included within CAC expensed.
• COSTS TO SERVICE & SUPPORT (CTS)
Is a non-GAAP measure of costs to support
and service customers. Total CTS represents all
customer success and product support costs.
These costs are included in Administrative and
other Operating Expenses reported in Note 4
Expenses of the H1 FY22 Financial Statements.
• EBITDA is a non-GAAP measure representing
Earnings before Interest, Taxation, Depreciation
and Amortisation (EBITDA). Refer
Consolidated Statement of Comprehensive
Income in Financial Statements.
• EBITDA MARGIN is a non-GAAP measure
representing EBITDA divided by Revenue.
• EHUBO, EHUBO2 and EHUBO 2.2
EROAD’s first and second generation electronic
distance recorder which replaces mechanical
hubo-dometers. Ehubo is a trade mark
registered in New Zealand, Australia and the
United States.
• ELECTRONIC LOGGING DEVICE (ELD)
An electronic solution that synchronises with a
vehicle engine to automatically record driving
time and hours of service records.
• ENTERPRISE means a fleet of more than 500
vehicles in North America and more than 150
vehicles in Australia or New Zealand.
• FREE CASH FLOW is a non-GAAP measure
representing operating cash flow and investing
cash flow reported in the Statement of Cash
Flows.
• FUTURE CONTRACTED INCOME (FCI)
A non-GAAP measure which represents
contracted Software as a Service (SaaS)
income to be recognised as revenue in future
periods. Refer Revenue Note 3 of the FY21
Financial Statements.
• FY Financial year ended 31 March.
• H1 For the six months ended 30 September
• H2 For the six months ended 31 March
• MONTHLY SAAS AVERAGE REVENUE
PER UNIT (ARPU) is a non-GAAP measure
that is calculated by dividing the total SaaS
revenue for the year reported in Note 2 of the H1
FY22 Financial Statements, by the TCU balance
at the end of each month during the year
• NORMALISED EBITDA excludes one-off
items including the COVID-19 grant in H1 FY21
($1.6m) and the transaction and integration
costs in H1 FY22 ($2.0m).
• NORMALISED EBITDA MARGIN excludes
one-off items including the COVID-19 grant in
H1 FY21 ($1.6m) from Revenue and EBITDA and
the transaction and integration costs in H1 FY22
($2.0m) from EBITDA.
• NORMALISED REVENUE excludes the
one-off COVID-19 grant in H1 FY21
• ROAD USER CHARGES (RUC) In New
Zealand, RUC is applicable to Heavy Vehicles
and all vehicles powered by a fuel not taxed at
source. The charges are paid into a fund called
the National Land Transport Fund, which is
controlled by NZTA, and go towards the cost of
repairing the roads.
• SAAS Software as a Service, a method of
software delivery in which software is accessed
online via a subscription rather than bought
and installed on individual computers.
• SAAS REVENUE Software as a service
(SaaS) revenue represents revenue earned
from customer contracts for the sale or rental
of hardware, installation services and provision
of software services.
• TOTAL CONTRACTED UNITS represents
total units subject to a customer contract
and includes both Units on Depot and Units
pending instalment.
• UNIT is a communication device fitted in-cab
or on a trailer.  Where there is more than one
unit fitted in-cab or on a trailer, it is counted as
one unit.
41

GLOBAL HEAD OFFICE
AND ANZ HEADQUARTERS
260 Oteha Valley Road, Albany
Auckland, New Zealand
www.eroad.co.nz
NORTH AMERICAN
HEAD OFFICE
7618 SW Mohawk Street
Tualatin, OR 97062, USA
www.eroad.com
AUSTRALIA
Level 36, Tower 2, Collins Square
727 Collins Street, Docklands
VIC 3008, Australia
www.eroad.com.au
ASX & NZX: ERD • investors@eroad.com • eroadglobal.com/investors
For further information please contact:
Alex Ball, Chief Financial Officer
alex.ball@eroad.com