2019 Annual Meeting Addresses & Presentation

Serko Limited, Saatchi Building, Unit 14D 125 The Strand, Parnell, Auckland, New Zealand
PO Box 47-638, Ponsonby, T: +64 9 309 4754, company.secretary@serko.com
Incorporated in New Zealand ARBN 611 613 980




Market Release

21 August 2019


Serko Limited – 2019 Annual Meeting Addresses & Presentations

The attached addresses and presentation will be given today at Serko’s Annual Meeting which
is to commence at 2.00pm and is being held at Link Market Services, Level 11, Deloitte Centre,
80 Queen Street, Auckland, New Zealand.

1. 2019 Serko Limited – Chair and CEO’s Address
2. 2019 Serko Limited – Presentation

The presentations include a market outlook statement.

The meeting is also being webcast at: https://vimeo.com/348948801/ee7861848c



ENDS

For investor relations queries please contact:
Susan Putt, Chief Financial Officer, Serko
+64 9 309 4754
investor.relations@serko.com

---

The attached addresses and presentation will be given today at Serko’s Annual
Meeting which is to commence at 2.00pm and is being held at Link Market
Services, Level 11, Deloitte Centre, 80 Queen Street, Auckland, New Zealand.

Chairman’s Address
Delivery against our strategy for FY19 - Slide 5
Serko is transforming the way businesses manage travel and expenses by pursuing a
three-pronged strategy of:
• Being a technology leader – We aspire to be the world leader in corporate
travel and expense management.
• Growing our customer base - By expanding into new territories through
strategic alliances as well as reaching the under-served small and medium
sized enterprise (SME) market; and
• Increasing Average Revenue Per Booking (ARPB) - By offering a broader range
of content throughout the entire customer journey and cross selling expense.
Serko has delivered another successful year, making important advances in all three
areas.
We are a technological leader in the sector. Our Zeno platform is resonating in our
Australasian business and, importantly, in the international markets we’re targeting.
We know that we must listen to our customers and relentlessly pursue innovation to
maintain our leadership position. Ahead of us, we have identified a strong pipeline of
development opportunities that we believe will allow us to maintain this leadership
position and build on our past successes.
We have laid the foundations for sustained growth in new markets. We have
transitioned from a research and discovery phase in the Northern Hemisphere to a
development and delivery phase, with key product rollouts commencing in the next
couple of months.

- 2 -

This transition has required a considerable level of investment in Zeno development
work, including porting a broad range of new content for the UK, Canadian and US
Markets such as rail and new air connections, onto the Zeno platform.
We are delighted with the response we have received. Our pipeline of customers
continues to grow.
In the North American market, we are gaining a broad following among travel
management companies (TMCs). We are pleased to count among our customers some
of the most significant TMCs in the sector, including CWT, one of the world’s largest.
And we continue to have more commercial opportunities available to us than we have
capacity to deliver currently.
As a result, we are prioritising delivery to the markets and customers that represent
the best opportunity for Serko at this time. As you would expect, we continue to
strategically assess the opportunity set available to us and whether we can exploit
avenues to accelerate execution of our strategic plan.
Our ability to succeed in these markets has also been lifted with the acquisition of US-
based InterplX, an expense management software company, which also provides
additional functionality that is important in that market, including audit and payment
agency services.
InterplX is based in Minneapolis and the acquisition provides Serko with additional
cross-sell opportunities and a convenient and populous Mid-west base from which we
can expand our North American operations as we grow. It is also located within a few
kilometres of two key partner TMCs, CWT and Direct.
Finally, we are growing Average Revenue per Booking as more customers transfer to
our premium Zeno travel and expense management solution and we add new content
to the platform. We are committed to continue to both offer and drive the adoption
of a broad range of additional content.

- 3 -

We have secured 85%
1
of our existing resellers onto new Zeno contracts and the
number of corporates transitioning to Zeno continue to lift.
All of these efforts have been supported by the company’s successful raising of $15
million of new capital in August last year. This capital has allowed us to significantly
expand our team and associated resources to enter into new global markets.
Performance Dashboard Slide - Slide 6
Our performance dashboard shows the 2019 financial year against the key metrics we
monitor.
Earnings before Interest, Tax, Depreciation and Amortisation and the Fair value
remeasurement of a contingent consideration related to the acquisition of InterplX
was $2.6 million, up 19% from the prior year.
Having recorded our maiden profit last year, we posted another positive result with
Net Profit After Tax of $1.6 million.
Operating Revenue increased 28% to $23.4 million with most of the growth coming
from our core Australasian markets. Northern Hemisphere markets made a small, but
growing contribution to the group.
Recurring revenue rose 26% to $20.7 million and in aggregate, representing 89% of
operating revenue. Transactions across our travel platform grew 17% over the last
year to 4.14 million.
Total income, including grants, was $24.6 million for the year. Peak Annualised
Transactional Monthly Revenue (ATMR), which provides an indicator of the future
growth potential of Serko’s recurring revenues, reached a peak of $26.0 million in
February 2019, up 41% on the same period a year ago.
Moving to expenditure. R&D spending was $9.2 million, up 87% from the prior year’s
spend of $4.9 million. The capitalised portion increased over the prior year to $6.7

1
As measured by transactions for the year ended 31 March 2019

- 4 -

million from $0.4 million. R&D spend - primarily investment in the Zeno platform -
represented 39% of revenue for the period.
Operating costs also increased 32% over last year as we dedicated more resources to
support international growth. This included an increase in headcount, as measured by
FTEs, from 106 to 173 people at the end of March.
A more detailed analysis of the financial performance is included in the Annual Report
which can be found on our website. We also have copies available here today.
It is pleasing to see our performance recognised in our share price. Two years ago, in
March 2017, Serko’s share price was at a low of 29 cents. It rose to $2.45 a year later
and ended the 2019 financial year at $3.18 per share.
Since announcing our 2019 financial year results, our share price has continued to
climb and hit an all-time high of $4.40 in July 2019 off the back of the continued
strength in financial markets. We continue to trade at a healthy multiple of our IPO
price of $1.10 in June 2014.
The entire team at Serko is focussed on delivering the performance and building the
shareholder value that has underpinned this rise in our market valuation, now and
into the longer term.
These efforts also include making positive improvements in social, economic and
environmental outcomes. On our website you can find our latest report on our
environmental, social and governance progress for the company – a programme of
work that we continue to develop and grow.
We understand the importance of bringing our stakeholders along with us on our
strategic growth journey and we have made a concerted effort to further enhance
communication with our stakeholders over the past two years.
This has included simplified and clearer reporting of our key strategic measures,
providing more detailed analysis of our financial results in the Annual Report, as well
as providing our ESG report.

- 5 -

As part of our dual listing and capital raising, we have expanded into the Australian
investment markets and now host regular investor roadshows in Melbourne and
Sydney, where we enjoy a strong level of interest in our progress. We have found the
Australian financial markets benefit from a deep pool of investors that understand the
dynamics of our industry.
We were gratified to have these investor relations efforts recognised by the finance
industry at the annual New Zealand Institute of Finance Professionals awards, where
we won the NZX Emerging Leaders Best Investor Relations award. This followed our
nomination as a finalist in the category in the prior year.
The 2019 financial year has been a good one for Serko and we are confidently looking
forward to the next year. Serko is executing on its business plan and remains on track
to deliver within its FY20 guidance range of 20-40% year-on-year revenue increase and
on its longer-term forecasts. Darrin in his presentation will also cover off the outlook
update in further detail.
On behalf of the Board I would like to acknowledge and thank the entire Serko Team
for their hard work and dedication to deliver on our goals.
I’ll now invite Darrin Grafton, CEO, to address you.
At the conclusion of Darrin’s presentation, we will take your questions before we
move to the formal business of the meeting where you will also get the opportunity
to ask questions on the particular resolutions.

CEO’s Presentation
CEO’s Presentation Slide – Slide 7
Thanks Simon. Welcome everyone.
Zeno – Slide 8
When we reflect back on the 2019 financial year, the most important development
was the official launch of Zeno, our flagship product, which was a concept developed
before we listed in 2014.

- 6 -

The launch was pivotal because it is the platform we are using to spearhead our
growth into new markets. At the same time, it has also opened up new revenue
streams in our home market of Australasia.
As Simon mentioned, since our launch across multiple markets, we have secured 85%
1

of our existing resellers onto new Zeno contracts and we are now seeing continuous
onboarding of corporates to the platform. The number of customers now using Zeno
has doubled since March 2019 to over 1,000 active trading customers per month.
The Serko team has just returned from a very exciting GBTA conference in Chicago -
GBTA is the largest business travel event in the world - which highlighted several
new areas of opportunity and has re-confirmed to Serko the growth opportunities,
the relevance and the demand for our technology. It is satisfying to see Zeno
resonate with the global market.

Here is a snapshot from the Event.

[Slide 9 – GBTA Video to play]

These endorsements have seen us secure a strong pipeline of customers and, as Simon
mentioned, the support of some of the world’s largest resellers. This, combined with
our strong market position in Australasia, gives us confidence that we can transition
our business to a truly global supplier of travel and expense products.

Strategic Goal $100m – Slide 10
Zeno is the technology platform that will allow us to achieve our next growth
milestone – to build our business so it is sustainably generating annual revenues of
more than $100 million.
I now want to talk you through this next phase of Serko’s growth.
Obviously with operating revenue in the 2019 financial year standing at $23.4 million,
our goal to achieve $100 million revenue represents a high bar. At this stage we are

- 7 -

not defining the exact timing to achieve this milestone but have secured enough
pipeline to give us confidence that we can achieve this goal.
Why? Because we have a clear strategy.
The Path to $100m – Slide 11
We expect to lift travel bookings from Australasia through our platform to 5 million
from the current 4.14 million. This will come via the onboarding of House of Travel’s
Orbit corporate business and from the organic growth of our resellers through
acquisition of customers from a competitor technology.
We will also grow Average Revenue Per Booking (ARPB) to $7 from the current $5.65,
based on FY19 total revenue divided by total travel bookings.
If we achieve this goal, we will be generating a forward run-rate of $35 million from
this market alone. But that is not the end-point for Serko.
We are also confident we can replicate our Australasian success in the Northern
Hemisphere. If both the North American and UK/European markets deliver 5 million
bookings each at a similar $7 ARPB, we will exceed our $100 million revenue goal
across the three markets.
Growth Pillars – Slide 12
This strategy is founded on three growth pillars:
• Continuing to build our TMC reseller network
• Capturing a larger share of the unmanaged travel market; and
• Growing a travel marketplace for travel products and services on our platform
in much the same way as Apple or Google have created a marketplace for
apps.
The first of these strategic goals is in line with our broader strategic objective to grow
our customer base, while the second is aligned with our strategic goal of growing ARPB
across our platform.

- 8 -

Meanwhile, all three pillars are underpinned by our technological leadership of the
travel and expense management sector with Zeno, which was developed to achieve
these goals.
In Australia our target is linked more to growing our share of the unmanaged travel
market and by growing ARPB.
In the new markets of North America and the United Kingdom, our strategy relies less
on the unmanaged travel market and more on working with the TMCs who we have
signed and are rolling-out Zeno to their larger corporate customers. In short, it means
replicating the model that has served us so well in Australasia.
Global Managed Travel Opportunity – Slide 13
Let’s start with the first of these – building out our Travel Management Reseller
network.
Serko’s success is founded on:
• the strong relationships we have established with TMCs; and
• our development of an ecosystem of travel and expense management tools
and services and travel-related content.
Our technology has improved TMC operational efficiency and their profitability while
still allowing them to deliver to their customers – and to the corporate travellers – a
great and ever-improving customer experience.
This approach delivers base transaction revenue.
At the same time, it opens the door for Serko to add value to the relationship between
the travel management company and their customers - and be rewarded for doing so.
We do this when we add new content such as accommodation, airport transfers and
meals or when they sell or refer our expense technology.
We only need to achieve small market penetration in the UK, Europe and in North
America for each of these markets to be generating the equivalent revenue we are
now experiencing in Australasia. These are realistic medium-term targets.

- 9 -

We have been very encouraged by the response we have received in these Northern
Hemisphere markets since we launched last year.
Our efforts were given a big boost this month when Southwest Airlines, one of the
largest airlines in the US, selected Serko and Zeno as their launch partner to showcase
their NDC capabilities.
This is significant for Serko as this NDC capability will increase the demand for the Zeno
product over time.
The endorsement of Zeno by one of the largest airlines in the USA cannot be
underestimated. Southwest had the choice of all our competitors to work with, yet
they selected Serko and Zeno because we could deliver and showcase the future of
airline retailing.
We now have a sales pipeline well in excess of our expectations and we have signed
enough resellers in the USA and Canada to build towards our initial target of 5 million
bookings for Serko in the North American market in the medium term.
While Serko has prioritised North America entry in the near term, there is an
opportunity for Serko to drive further European market penetration by leveraging the
entry made into the UK with ATPI in 2018.
Growth in these markets means investment into more people, both in technology
development and customer support. It also means more investment into
sophisticated failsafe features and monitoring systems, and into streamlining the
product for speed across all markets.
In short, it means evolving Serko to become a global organisation. This is why Serko
raised an additional $15 million last year. Staff numbers have increased from 106 to
173 during the 2019 financial year and we now employ over 200 people globally as we
undertake a surge level of investment in Zeno for growth in North America. However,
this spend is expected to normalise in the 2021 financial year and drive increased
profitability through revenue uplift and economies of scale.
Addressing Un-Managed Travel Spend – Slide 14

- 10 -

Alongside our TMC partners we are now offering small and medium sized businesses
an online booking tool that they can configure and manage themselves. This is
referred to as the unmanaged travel opportunity.
In the past it was hard to get this market to use our platform because the cost to
acquire and onboard the customer was more than the revenue the travel
management company would make from securing this size of client. The small
business also liked the direct appeal of the airline sites.
However, our self-onboarding technology combined with the new NDC distribution
standard that is being adopted by airlines around the world, now offers the rich
experience SME customers expect. It also offers this experience across a broad range
of airlines and other travel related content.
SMEs, for the first time, will be able to easily create and overlay travel management
policies on the vast travel content that is available. This will enable them to more easily
discharge their duty of care arrangements with their employees. They will also be able
to access savings through ensuring travel is vetted upfront.
This white label SME product is based on the serko.travel platform we released three
years ago, which forms a base for Zeno that allows self-onboarding of small customers
in an efficient way for the Travel Management Company to service the corporate. This
is the product that powers Flight Centre’s CTGO offering and Helloworld’s
Business.Travel offering.
The flexibility of the product has also opened up new and exciting reseller channels
for our solutions that will allow non-travel partners, such as business service
providers, that could add to the scale of our small business offering.
As I mentioned, success in the un-managed travel market provides upside
opportunities in the medium term. We expect a large portion of our travel
management resellers will, over time, start to adopt the self on-boarding technology
and provide this to new market sectors and partners globally.
Market Place – Slide 15

- 11 -

The third leg of our strategy is our Market Place, allowing partners such as PredictHQ
and FaceMe, to build into our eco-system of resellers and customers. These
partnerships enable new revenue streams for all parties involved. It was fantastic to
showcase these two New Zealand tech companies as part of the launch of the
marketplace.
The recently announced alliance with FaceMe puts digital humans - highly realistic,
visual representations of a virtual face created by software and driven by Artificial
Intelligence - at the forefront of online corporate travel and expense management.
The move to provide an Omni channel booking experience is a world first. You will be
able to experience this feature in the product demos we will hold after the meeting.
Our AskZeno chatbot introduced conversational commerce and an integration point
with enterprise collaboration platforms, and we believe the FaceMe virtual consultant
is the next evolution of that. Meanwhile our alliance with PredictHQ gives corporate
travellers intelligent travel demand forecasting with insight into planned events that
could impact the cost of travel to a given destination.
These alliances build on relationships we have already established with Uber for
Business, Booking.com and Expedia, among many others. As the range of services and
the number of users grow, we benefit from a multiplier effect. We become an effective
entry point for service providers to access the corporate travel market and all of this
offers new opportunities to grow our ARPB.
We are now looking to accelerate the growth of this eco-system to enable more start-
ups and partners to connect into our platform and scale the services available to our
network. All content will be offered with security and controls that will give
corporations the flexibility to manage the content and partners they want to work
with. The marketplace also assists our travel management resellers to earn revenue
off a wider range of partners as well.
Together these initiatives represent a compelling proposition. We have a strong
record of growing our content and expense revenue which contributes to improving
our ARPB over our base transaction revenue.

- 12 -

Environmental, Social & Goverance – Slide 16
Before moving on to the summary and outlook, I want to spend a few moments talking
about our Environmental, Social and Governance program, which is aimed at ensuring
Serko does the right thing by our people, customers, community and our
shareholders.
We aim to achieve this through:
• Focusing on long-term growth and business sustainability;
• Applying best practice governance and risk management procedures;
• Cultivating an inclusive workplace of diverse and engaged staff; and
• Enabling environmentally sustainable choices through technology
This programme is at the centre of Serko’s culture.
We have some exciting plans that extend our current ESG program, particularly in
terms of building our culture and promoting environmentally sustainable choices
through technology.
Te Reo – Slide 17
Next month, during Maori language week, we will launch a full Te Reo language
version of our Zeno platform.
As the travel technology platform adopted by the majority of corporate and
Government organisations in New Zealand, we have a unique opportunity to support
the introduction of the Maori language through day-to-day tools used in the
workplace. We are proud to be taking a leadership position in the New Zealand
technology industry with this initiative and hope it sets a benchmark that other
companies will follow.
Also, as part of our ESG program we need to consider the environment and the
impacts that travellers make on the world. To support this Serko will look at ways to
assist our users to track and offset carbon emissions within the Zeno platform. This

- 13 -

will help travellers make the best choice at point of purchase, considering both the
financial and environmental costs.
Outlook FY20 - Slide 18
So, to our summary and outlook. We are targeting $100 million revenue in the
medium term and this is going to come from three key sources:
1. In Australasia we will drive towards 5 million transactions per annum in the
short-term and target an ARPB of $7 in the current financial year.
2. In North America we see strong potential to progress towards the 5 million
transaction target over the mid-term. Several of our resellers can support
more than this level on their own, so achievement of the target is heavily linked
to delivering them a robust platform.
3. Europe is growing but we also have to be realistic around the number of
distinct countries and content connections that will be required to service this
territory. However, the UK alone is three times the size of the Australian
market – so staying focused on where we can be successful will be key.
We expect that when we reach our $100 million revenue target, that this will result in
a strong EBITDA margin upwards of 50% based on economies of scale at this revenue
level.
We are comfortable that we have enough business signed or in the pipeline to
meaningfully contribute to our goal of reaching $100 million revenue within the
medium term.
However, the rate at which this will be achieved is dependent on a number of factors
including:
• Product build rates
• TMC readiness
• Corporate uptake and onboarding
• End-User uptake

- 14 -

Naturally, macro global political and economic events can impact the travel industry;
and have flow-on effects to Serko’s revenue. Accordingly, these events are monitored
and reflected in to Serko’s forecasting process.
It is for these reasons that the Board is focused on medium and long-term value
creation and why we encourage our shareholders to share this focus, particularly as
we enter new markets.
In terms of current trading trends:
• As already noted, we continue to expect operating revenue to grow between
20% and 40% for the full year to 31 March 2020.
• Our anticipated growth for the North American and European markets is
currently forecast to commence in the second half of the current financial year.
These are subject to firstly undertaking pilots, and then initial onboarding
phases, that are unpredictable as to the timing and number of transactions.
The ability to forecast the uptake rate is unknown, and as such it is too early
to narrow our full year guidance range. We will seek to update the market as
we progress during the year.
• While Serko strives to have positive EBITDAF, we are focussed on maximising
long-term value. As such, we intend this year to balance increased spending
with our ability to accelerate growth opportunities, which are expected to
generate revenues in future years.
• We will continue to assess the opportunities that Serko has with the demand
for the product and look for ways to accelerate that delivery.
I am happy to take questions now or talk to you after the meeting is completed. I will
hand back to Simon to moderate any questions during the Q&A session.

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2
Chairman Welcome
Simon Botherway
2

3
ORDER OF MEETING
Chairman
Welcome
CEO
Presentation
Shareholder
Q+A
Formal
Business +
Resolutions
General
Business

4
SERKO’S BOARD

5
DELIVERY AGAINST STRATEGY – FY19
Grow ARPB by offering
increased content and
moving customers to Zeno
Offer premium, integrated
global solutions
Expand into new territories
through strategic alliances and
reach the unserved SME market

6
PERFORMANCE DASHBOARD
PROFITREVENUEACTIVITYCOSTS
FY19 vs FY18
NET PROFIT
AFTER TAX
$1.6m
EBITDAF
1
up 19% over prior
year
$2.6m
OPERATING
REVENUE
28%
Operating revenue
from core products
plus services
revenue
$23.4m
RECURRING
REVENUE
2
26%
Recurring revenue
(core product
revenue only)
89% of total
operating revenue
$20.7m
TOTAL
INCOME
28%
Total income from
all sources including
grants
$24.6m
PEAK ATMR
3
41%
Indicator of future
growth potential
based on current
trading
$26m
TOTAL
BOOKINGS
17%
Total bookings
4.14m
R&D COSTS
4
87%
39% of Revenue
Opex $2.4m
Capex $6.7m
$9.2m
OPERATING
EXPENSES
32%
Net FTE
5
increase in
the year of 67
$23.3m
Notes 1 – 5: Refer to Appendix for definitions and for reconciliation of Net Profit to EBITDAF. Refer to Annual Report for further information

7
CEO Presentation
Darrin Grafton
7

8
85% resellers signed*
1,000 customers active trading
Northern
Hemisphere:
UK launch in FY19
US and Canada
launch:
Pilot customer trials
Major US TMCs
signed:
CWT, Direct, Vision, FCM
SME white-label
platforms:
Launched in FY19
*
As measured by transactions for the year ended 31 March 2019

9
GBTAVIDEO

10
Today
$100 million
Strategic Goal - $100 million

11
The path to $100 million
Australia &
NewZealand
5m$7
$35m
North America
UK & Europe
5m$7
$35m
5m$7
$35m

12
Growth Pillars
How will we get there?
Expand Travel
Management Reseller
network
Penetrate SME
Market with self on-
boarding module and
non-travel resellers
Additional content
offerings through
Marketplace

13
Global managed travel opportunity
Source: GBTA BTI Outlook of total addressable market – August 2019

14
Addressing unmanaged travel spend

15
*Not yet available in Zeno Marketplace
15
Marketplace

16
Focusing on long-term
growth and business
sustainability
Applying best practice
governance and risk
management procedures
Cultivating an inclusive
workplace of diverse and
engaged staff
Enabling environmentally
sustainable choices through
technology
Environmental, Social & Governance
16

1717
Te Reo version of Zeno

18
Total Operating Revenue Growth expected to be in
the range of 20%-40%
North American and European markets is currently
forecast to commence in the second half of the
current financial year
Outlook

19
Q&A

20
APPENDIX

21
For further information refer to Serko’s website www.serko.comand its 2019 Annual Report which can be found under Investor Centre.
•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 Travel Management Companies (TMCs) who provide our solution to their corporate customers.
•Serko is head quartered in New Zealand and employs more than 170 people worldwide including offices in Australia, United States and China and India.
ABOUT SERKO

22
Zeno TravelZeno Expense
Zeno Travel is an Online
Booking Tool (OBT) that
corporate travellers use to
book flights, trains,
hotels, rental cars and
airport transfers in line
with their corporate travel
policies.
Zeno Expenseautomates
the process of corporate
card and out-of-pocket
expense submission,
reconciliation and
reimbursement
ABOUT SERKO

23
TMCsExample corporates
The majority of Serko’s revenue comes from Travel Management Companies (TMCs) that act as reseller partners,
providing our solutions to their corporate customers as part of their overall managed travel service.
CUSTOMERS

24
$
Corporate traveller makes a
booking via Serko
Online/Zeno
Booking and other fees
Serko charges the TMCs a fee per booking (which
varies based on volume).
Period Ended 31 March2019
Travel platform booking revenue
Expense platform revenue
Supplier commissions revenue
Other revenue
$000
15,948
2,710
1,538
467
Recurring Product Revenue20,663
Services revenue2,698
Total Revenue23,361
Percentage of total revenue89%
$
Traveller books hotel or taxi
via Serko Online/Zeno
Supplier commission
Serko also generates revenue through commissions
on hotels, rental cars, airport transfers and other
travel providers that are booked through its
platform.
$
Traveller downloads and
uses Serko Mobile
Mobile subscription
$
Traveller submits receipts
using Serko Expense/Zeno
Monthly user fee
Serko Expense customers pay a fee based on the
number of active users each month directly to
Serko.
Additional Services
Serko also earns other miscellaneous revenue such
as mobile licenses
Services Revenue
$
Paid customisation, market place integration or
implementation assistance
COMMERCIAL MODEL

25
FY19
$000
24,576
(23,320)
-100%
1,546
7%
290
87
1,633
(87)
(290)
1,048
287
2,591
11%
Net Profit Summary
EBITDAF Reconciliation
FY18
$000
Total income
Operating expenses
19,273
(17,684)
Percentage of operating revenue-97%
Net profit before tax2,003
Percentage of operating revenue11%
Net finance income 414
Income tax benefit (expense)(171)
Net profit after tax 1,832
Add back/(deduct): income tax expense
Deduct: net finance income
Add back: depreciation and amortisation
Add back: fair value remeasurement*
171
(414)
597
-
EBITDAF 2,186
EBITDAF margin12%
change
$000
5,303
(5,636)
(457)
(124)
258
(199)
(258)
124
451
287
405
%
28%
-32%
-23%
-30%
151%
-11%
-151%
30%
76%
n/a
19%
*Fair value remeasurement of contingent consideration on deferred consideration for InterplX acquisition added to EBITDA as non-cash expense
EBITDAF GROWTH
EBITDAF
19%

26
HISTORIC MEASURES
Total revenue growth (%)
Revenue growth – Travel Platforms (%)
Total travel booking transactions (000s)
Online booking transactions
1
(000s)
Online transaction growth (%)
Recurring product revenue as % total revenue
Operating costs
2
(% change)
Employees (number at end of year - FTE)
Average revenue per FTE (NZD$000)
Research & development costs - expense and capex (NZD$000)
Annualised transactional monthly revenue (ATMR) (NZD$m)
Selected Operational Metrics
27%
41%
987
821
35%
84%
35%
47
119
2,340
*
FY13
39%
12%
1,107
1,011
23%
71%
62%
87
100
3,387
*
FY14
55%
62%
1,588
1,468
45%
80%
105%
133
94
5,762
*
FY15
27%
49%
2,407
2,262
54%
93%
13%
127
101
6,268
11.2
FY16
9%
8%
2,913
2,673
18%
91%
(10%)
108
122
5,836
15.3
FY17
28%
23%
3,526
3,207
20%
90%
(5%)
106
170
4,906
18.4
FY18
1 – Online bookings exclude Offline and Custom bookings (system generated bookings) which are included in Online booking pricing or at a reduced rate
2 – Operating costs are Operating Expenses excluding depreciation and amortisation and fair value remeasurements of contingent consideration
* indicates not previous measured or reported
28%
20%
4,138
3,743
17%
89%
29%
173
167
9,165
26.0
FY19

27
DEFINITIONS
•Peak ATMR (Annualised Transactional Monthly Revenue) is a non-GAAP measure. Serko uses this as a useful indicator of recurring revenues from Serko
products. It is calculated by annualising the combination travel and expense platform monthly revenues for the most recent non-seasonal month. The
travel platform revenue is annualised by taking the monthly online booking transactions divided by the number of weekdays for that month multiplied
by the average ARPB and multiplied by 260 days. The expense platform revenue is based on the monthly revenue from active users multiplied by 12
months.
•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.
•Recurring product revenue (a non-GAAP measure) is the recurring revenue derived from transactions and usage of Serko products by contracted
customers. It excludes revenues from customised software development (services revenue).
•R&D (Research & Development) costs is a non-GAAP measure representing the internal and external costs related to R&D both expensed and
capitalised.
•Operating Costs is a non-GAAP measure which excludes costs relating to taxation, interest, depreciation, and amortisation charges.
•EBITDAF is a non-GAAP measure representing Earnings Before the deduction of costs relating to Interest, Taxation, Depreciation and Amortisation and
Fair value remeasurement of contingent consideration.
•FTE = Full time equivalent employee .

28
This presentation is given on behalf of Serko Limited. Information in this presentation:
•is for general information purposes only, and is not an offer or invitation for subscription, purchase, or recommendation of securities in Serko Limited;
•should be read in conjunction with, and is subject to, Serko’s Annual Report, 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, which should not be regarded as a reliable indicator of future performance; and may contain information from third-
parties believed to be reliable; however, no representations or warranties are made as to the accuracy 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 the auditors. Non-GAAP measures are used by management to
monitor the business and are useful to provide investors to access business performance.
All information in this presentation is current at the date of this presentation, unless otherwise stated. All currency amounts are in NZ dollars unless stated otherwise.
IMPORTANT NOTE