2019 Interim Results Investor Briefing Presentation

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Serko Limited
FY19 Interim Results –for the period ended 30 September 2018

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•This presentation has been prepared by Serko Limited.
•All information is current at the date of this presentation, unless stated otherwise. All currency amounts are in NZ dollarsunless stated otherwise.
•Information in this presentation
•is for general information purposes only, and does not constitute, or contain, an offer or invitation for subscription, purchase, or recommendation of securities in Serko
Limited for the purposes of the Financial Markets Conduct Act 2013 or otherwise, or constitute legal, financial, tax, financial product, or investment advice;
•should be read in conjunction with, and is subject to, Serko’s Interim and Annual Reports, market releases and information published on Serko’s website (www.serko.com);
•includes forward-looking statements about Serko and the environment in which Serko operates, which are subject to uncertainties and contingencies outside of Serko's
control –Serko's actual results or performance may differ materially from these statements.
•includes statements relating to past performance information for illustrative purposes only and should not be relied upon as (and is not) an indication of future performance;
•may contain information from third-parties believed to be reliable, however, no representations or warranties are made as to theaccuracy or completeness of such
information.
•Non-GAAP financial information does not have a standardised meaning prescribed by GAAP and therefore may not be comparable to similar financial information presented by
other entities. The non-GAAP financial information included in this release has not been subject to review by auditors. Non-GAAP measures are used by management to monitor
the business and are useful to provide investors to access business performance.
•Interim results are unaudited.
Disclaimer

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CEO WELCOME

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•CEO Introductions
•Financial Highlights
•Strategic Update
•Outlook Statement
AGENDA

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FINANCIAL HIGHLIGHTS

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PERFORMANCE DASHBOARD
PROFITREVENUEACTIVITYCOSTS
FY19 (H1) VS FY18 (H1)
NET PROFIT
BEFORE TAX
$1m
EBITDA
1
up 12% over prior
corresponding
period
$1.5m
KEY MEASURES
OPERATING
REVENUE
25%
Operating revenue
from core products
plus services
revenue
$11.4m
RECURRING
REVENUE
2
20%
Recurring revenue
(core product
revenue only) is 85%
of total operating
revenue
$9.6m
TOTAL
INCOME
23%
Total income from all
sources including
grants
$11.8m
PEAK ATMR
3
15%
Indicator of future
growth potential
$19.4m
ONLINE
BOOKINGS
21%
Growth against prior
corresponding
period
21%
R&D COSTS
4
58%
Opex$1.9m
Capex $1.9m
34% Revenue
$3.8m
OPERATING
EXPENSES
25%
Net FTE
5
increase in
the period
$10.7m
Notes 1 –5: Refer to Appendix for Definitions
AnnualisedTransactional Monthly Revenue (ATMR) of 19.4m is as at August 2018 and represents peak for the period. % increase calculated against August 2017 of 16.9m

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H1 FY19
$000
11,350
465
11,815
(10,686)
-94%
952
8%
(177)
(32)
920
32
177
361
1,490
13%
Revenue and
cost growth
balanced at 25%
FY13FY14FY15FY16FY17FY18
EBITDA
Net Profit Summary
EBITDA Reconciliation
Operating Revenue
Other income (including Grants)
H1 FY18
$000
9,070
499
Total income
Operating expenses
9,569
(8,530)
Percentage of operating revenue-94%
Net profit before tax1,166
Percentage of operating revenue13%
Net finance income (losses)127
Income tax expense(69)
Net profit 1,097
Add back: income tax expense
Add back (Deduct): net finance (income)/expenses
Add back: depreciation and amortisation
69
(127)
286
EBITDA 1,325
EBITDA margin15%
change
$000
2,280
(34)
2,246
(2,156)
(214)
(304)
37
(177)
(37)
304
75
165
%
25%
-7%
23%
25%
-18%
-239%
-54%
-16%
-54%
-239%
26%
12%
FY2018
$000
18,279
994
19,273
(17,684)
-97%
2,003
11%
414
(171)
1,832
171
(414)
597
2,186
12%
6 months
6 months
12 months
EBITDA at $1.5m up 12% over prior period
Historic EBITDA by Financial Year

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Revenue
Analysis
Revenue by Type
Travel platform revenue
Expense platform revenue
Content commissions
Other revenue
Recurring revenue
Recurring revenue %
Services revenue
Total operating revenue
Total revenue and other income
Australia
New Zealand
USA
India
Singapore
Other
Revenue by Geography
H1 FY19
$000
7,721
884
834
189
9,628
85%
1,722
11,350
11,815
6 months
9,822
998
392
24
36
78
11,350Total operating revenue
H1 FY18
$000
6,552
673
670
149
8,044
89%
1,026
9,070
9,569
6 months
8,517
350
107
27
24
45
9,070
change
$000
1,169
211
164
40
1,584
696
2,280
2,246
1,305
648
285
(3)
12
33
2,280
%
18%
31%
24%
27%
20%
68%
25%
23%
15%
185%
266%
-11%
50%
73%
25%
FY2018
$000
13,283
1,539
1,288
334
16,444
90%
1,835
18,279
19,273
12 months
16,599
1,038
457
57
42
86
18,279
change
Total other income
Government grants
Sundry income
461
4
498
1
(37)
3
-7%
-
956
38
465499(34)-7%994

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H1 FY19
$000
1,940
3,843
34%
(461)
240
(1,903)
1,719
15%
Product
Investment
R&D Costs –Expensed
Research costs (excluding amortisationof
amounts previously capitalised)
H1 FY18
$000
2,234
Total R&D costs (including amounts capitalised)
2,425
Percentage of operating revenue27%
Less: Government grants
Add: Amortisationof capitaliseddevelopment costs
(498)
200
Less: capitalisedproduct development costs(191)
Net product development costs1,936
Percentage of operating revenue21%
change
$000
(294)
1,418
37
40
(1,712)
(217)
%
-13%
58%
-7%
20%
-896%
-11%
FY2018
$000
4,523
4,906
27%
(956)
412
(383)
3,979
22%
6 months
6 months
12 months
•Total R&D Costs up 58%
•Represents 34% revenue
•50% Capitalised relating to
future year benefits
•Net product development in P&L
at $1.7m represents 15% of
revenue
change
50%Percentage of R&D costs8%8%

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FINANCE
•One off ASX Listing costs were $0.3 million.
•Net funds raised in August 2018 of $14.3 million.
•Closing cash balances were $19 million.
•Net cash movement for the 6 month period, excluding funds raised, was $0.5 million
decrease.
•Headcount has increased from 106 as 31 March 2018 to 160 as of end of October 2018.
OTHER HIGHLIGHTS

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STRATEGIC UPDATE

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ZENO EXPANDS CUSTOMER BASE IN
HOME MARKETS
•Agreements have been entered into with approximately two thirds of our Australasian TMCs that enable them to offer Zeno to
their corporate customers -as measured by transactional volume.
•Tandem Travel, signed in the prior period, fully onboarded during the period.
•Serko now has over 350 corporates who have transacted through Zeno, including large corporates who transact more than
1,000 bookings per month.
•Serko announced Orbit World Travel (House of Travel) as a new TMC reseller on 4
th
July 2018 and this client will commence live
bookings this month on Zeno.
•Flight Centre launched Saviin September 2018 which is powered by the Zeno technology. Four year contract extension that
includes commitment of ongoing development spend and ongoing price increase across all transactions

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ZENO EXPANDS CUSTOMER BASE IN
NEW TERRITORIES
•ATPI UK is now operational with first transactions occurring in July 2018 following deployment of the platform for customer
testing. ATPI intend to launch its Zeno related marketing activities in the second half following this successful trial.
•ATPI plan to continue their rollout to further countries within Europe with Norway and the Netherlands as their next priority.
•North America expansion continues following the signing of Custom Travel Solutions and Voyages Travel Encore, both head
quartered in Canada. We are working to complete content integration, language features and system optimisation.
•We announced in August 2018, Flight Centre’s intention to extend its Serko offering to include Canada, United States and
Mexico.
•Serko is in commercial discussions with other significant TMCs for further rollout in North America.

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TECHNOLOGY INNOVATION
•Investing in and future proofing our Zeno platform
•In May 2018, Serko announced that through a strategic partnership with Qantas,
Serko has achieved level 3 NDC certification and connects directly with the
Qantas QDP platform.
•Integrations complete for UK rail and Air Canada
•BTN Group Innovate Conference -People’s choice award winner for Business
Travel Innovator for 2018
•New Zealand Trade and Enterprise’s New Zealand Business Awards –Excellence
in innovation
THE
CONNECTED
TRAVELLER
Zeno is a single application to
manage travel across every
phase of the journey

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ARPB GROWTH
•Content commissions (24% growth) have increased at a rate higher than
transactional growth (21%).
•Attachment rates have increased to over 6% over the period, up from 5.4% at the
same time a year ago.
•Content additions have continued with integration channels for RoomITHotels,
Hinterland, Air Chathamsand Sounds Air.
•Uber receipt integration into Expense is in beta testing.
•Content sources beyond hotels are still at infancy stage and this is expected tobe
a growth area in the future.

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OUTLOOK STATEMENT
•Serko maintains revenue growth guidance of 20-30% for the year ended 31
March 2019. Currency fluctuations and the timing of customer onboarding
will be key factors determining the final result as ususal.
•Full work programme underway to integrate content, develop additional
functionality for Northern Hemisphere, and increase infrastructure to support
global growth.
•EBITDA is expected to be largely in line with prior year $2.2 million with
continued capitalisation of internal development costs.
•As stated in capital raise, we are carefully utilising capital to accelerate growth
opportunities and we are also investigating potential acquisition opportunities
to achieve long term goals.

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QUESTIONS

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APPENDIX

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COMPANY SNAPSHOT

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For further information refer to Serko’s website www.serko.comand its 2018 Annual Report which can be found under Investor Centre.
ABOUT SERKO
•Serko provides innovative cloud based corporate travel and expense technology solutions.
•Founded in 2007 by Darrin Grafton and Robert Shaw, Serko listed on the New Zealand stock exchange in June 2014, and more
recently in June 2018, has listed as a foreign exempt listing on the Australian Securities Exchange. Serko remains founder led.
Serko trades under the ticker ‘SKO’.
•Serko is a leading supplier of technology solutions for Travel Management Companies (TMCs) in Australasia and is now
expanding into Northern Hemisphere markets with signed global supply arrangements.
•The majority of Serko’s revenue comes from TMCs who provide our solution to their corporate customers.
•Serko is head quartered in New Zealand and employs more than 160 people worldwide including offices in Australia, United
States and China and India.

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OUR PRODUCT SUITE
6

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THE CONNECTED TRAVELLER
Zeno is a single application to manage travel across every phase of the journey

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OUR
STRATEGY
ARPB : Average Revenue Per Booking is a non-GAAP measure.

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COMMERCIAL MODEL
$
Corporate travellermakes a
booking via Serko
Online/Zeno
Booking and other fees
S er ko cha r ges t he T M C s a f ee p er booking (which
va r ies ba s ed on volum e).
Period ended 30 September2018
Travel platform booking revenue
Expense platform revenue
Supplier commissions revenue
Other revenue
7,721
884
834
189
Recurring product revenue9.628
Services revenue1,722
Total Operating revenue$11,350
$
Travellerbooks hotel or taxi
via Serko Online/Zeno
Supplier commission
S er ko a ls o gener a t es r evenue t hr ough com m is s ions
on hot els , r ent a l ca r s , a ir p or t t r a ns f er s a nd ot her
t ravel providers t hat are booked t hrough it s
p la t f or m .
$
Travellerdownloads and
uses Serko Mobile
Mobile subscription
$
Travellersubmits receipts
using Serko Expense/Zeno
Monthly user fee
S er ko E x p ens e cus t om er s p a y a f ee ba s ed on t he
num ber of a ct ive us er s ea ch m ont h dir ect ly t o S er ko.
Additional Services
S er ko a ls o ea r ns ot her m is cella neous r evenue s uch
a s m obile licens es
Services Revenue
$
P a id cus t om is a t ion, m a r ket p la ce int egr a t ion or
im p lem ent a t ion a s s is t a nce

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HISTORIC MEASURES
Total revenue growth (%)
Revenue growth –Travel Platforms (%)
No of transactions (indexed, where FY13=100)
Transaction growth (%)
Recurring product revenue as % total revenue
Operating costs (excl depreciation & amortisation) (% change)
Employees (number at end of year)
Average revenue per FTE (NZ$000)
Research & development costs -expense and capex (NZ$000)
Annualisedtransactional monthly revenue (ATMR) (NZ$m)
Selected Operational Metrics
27%
41%
100
35%
84%
35%
47
119
2,340
*
FY13
39%
12%
123
23%
71%
62%
87
100
3,387
*
FY14
55%
62%
179
45%
80%
105%
133
94
5,762
*
FY15
27%
49%
275
54%
93%
13%
127
101
6,268
11.2
FY16
9%
8%
326
18%
91%
(10%)
108
122
5,836
15.3
FY17
28%
23%
390
20%
90%
(5%)
106
170
4,906
18.4
FY18
* indicates not previous measured or reported.

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DEFINITIONS
1.EBITDA is a non-GAAP measure representing Earnings Before the deduction of costs relating to Interest, Taxation, Depreciation and Amortisation.
2.Recurring product revenue (a non-GAAP measure) is the recurring revenue derived from transactions and usage of Serko products bycontracted
customers. It excludes revenues from customisedsoftware development (services revenue).
3.ATMR (AnnualisedTransactional Monthly Revenue) is a non-GAAP measure. Serko uses this as a useful indicator of recurring revenues from Serko
products. It is calculated by annualisingthe combination travel and expense platform monthly revenues for the most recent non-seasonal month. The travel
platform revenue is annualisedby taking the monthly online booking transactions divided by the number of weekdays for that month multiplied by the
average year to date ARPB and multiplied by 260 days. The expense platform revenue is based on the monthly revenue from active users multiplied by 12
months.
4.R&D (Research & Development) costs is a non-GAAP measure representing the internal and external costs related to R&D both expensed and capitalised.
5.FTE = Full time equivalent employee.
6.ARPB (Average Revenue Per Booking) is a non-GAAP measure.Serko uses this as a useful indicator of the combined value from transactional booking fees
and the supplier commissions earned from the travel platform. It is calculated by taking total travel platform booking revenue and supplier commission
revenue divided by the total number of bookings.
7.Operating Costs is a non-GAAP measure which excludes costs relating to taxation, interest, depreciation, and amortisationcharges.