2022 Annual Meeting Addresses

Serko Limited, Saatchi Building, Unit 14D 125 The Strand, Parnell, Auckland, New Zealand
PO Box 47-638, Ponsonby, T: +64 9 309 4754, F: +64 9 377 0545, company.secretary@serko.com
Incorporated in New Zealand ARBN 611 613 980


Market Release
31 August 2022

2022 Annual Meeting Addresses

The attached addresses will be given at Serko’s Annual Meeting which is to commence at 2.00pm
today (31 August 2022) and is being held online at http://www.virtualmeeting.co.nz/sko22

Chair’s Address – Claudia Batten
The first six months of this year have seen a dramatic increase in business travel. Alongside this
recovery, we are also seeing an evolution.
We continue to predict that overall volumes will return to pre-pandemic levels over time. But
business travel does not and will not look or feel the same. People will travel for work at
different frequencies, for different reasons and for different lengths of time than before.
And importantly, in this recovery we see new opportunities for how technology and Serko can
continue to shape the future of business travel.

Progress against our FY25 goals
In this context, our strategic priorities remain the right ones.
We are building Serko to be a global force - connecting business travelers everywhere with the
content, information and services they need at every stage of their journey.
Our proven record in Australasia, our partnership with Booking.com and our emerging presence
in North America underpin our global ambitions. We are well advanced in building a business
with the right settings to support this.
In unmanaged travel our aim is to establish significant market share working with Booking.com.
We are very pleased with the progress under this partnership and Darrin will provide more detail
on this.
The heart of our success in managed travel are our strong relationships with travel management
companies, many of which are long standing. In Australia and New Zealand, we are focused on
extending our market leadership, working closely with our TMC partners. And in North America,

Serko Limited, Saatchi Building, Unit 14D 125 The Strand, Parnell, Auckland, New Zealand
PO Box 47-638, Ponsonby, T: +64 9 309 4754, F: +64 9 377 0545, company.secretary@serko.com
Incorporated in New Zealand ARBN 611 613 980

we have laid solid groundwork and we are confident about the traction we have and the
sizeable opportunity that exists.

Investing for the opportunity
Our focus remains firmly on execution and building a globally competitive business.
We continue to make planned investments and pursue opportunities to build a global, scaled
business, underpinned by appropriate risk management and cost discipline.
Our FY22 revenue improved on FY21 while continuing to reflect the impact of the pandemic and
investments made ahead of recovery and investments in the Booking.com partnership.
Serko remains well funded. For the four months to the end of July, average cash burn is within
our expected range at $3.6 million
1
as we continue to invest in our technology. At the end of
July, cash and cash equivalents were $110.1 million.
We are aware that additional metrics would be helpful for shareholders to better understand our
progress. This needs to be balanced with the reality that many of our markets are new and in an
uneven recovery cycle. Accordingly, we will provide additional metrics as soon as practicable.

Disruption is at the heart of our philosophy
Disruption and change are both challenges to the business and a natural part of growing a
global business. They are also fuel for innovation and opportunity.
Serko was launched in 2007, immediately prior to the global financial crisis. We emerged
stronger from the GFC and we now have our heads down, building for the future alongside our
partners.
The core challenges we are responding to – alongside many other businesses - are attracting
and retaining the people we need, salary inflation and changing demands in the travel market.
The team at Serko has anticipated these trends and is executing on plans to respond to them.
Serko has an M&A strategy in place and we will continue to assess opportunities that would
enable us to accelerate our strategy. We have previously updated the market on a specific
acquisition under consideration. This process has not materially progressed and is not a current
focus for Serko.

1
Cash burn for 6 months to 31 March 2022 included the impact of non-recurring payments from customers as
reported at FY22 results. These additional receipts did not reverse in Q1 FY22 but are expected to reverse in Q2
FY22.

Serko Limited, Saatchi Building, Unit 14D 125 The Strand, Parnell, Auckland, New Zealand
PO Box 47-638, Ponsonby, T: +64 9 309 4754, F: +64 9 377 0545, company.secretary@serko.com
Incorporated in New Zealand ARBN 611 613 980


Building sustainable long-term business growth
Serko believes technology can play an important role in reducing the impact of travel on the
environment. We’ve identified a number of product opportunities arising from climate change
and in 2021 we launched Mission Zero in our Zeno booking platform. This allows customers to
actively reduce the environmental impact of their travel activity taking into account the seat
class and aircraft type, making it easy to identify and select more sustainable booking choices. It
also allows customers to offset certain carbon emissions when booking travel.
We are preparing for climate change reporting and have compiled our first carbon emissions
inventory, which is being externally assurance reviewed. In addition, we are preparing to meet
upcoming mandatory climate-change reporting standards.
We also believe in the power of supporting the communities in which we live and operate. We
actively provide opportunities for our people to support and volunteer in their communities. As
well as supporting our communities, these efforts are a core part of our strategy to attract and
retain talent.

Strengthening governance to support global growth
A vital part of scaling our operations is ensuring we have the right governance structures in
place.
Jan Dawson commenced as a new director at the end of last year’s ASM and a search for a
further independent director is continuing.
We have refreshed the responsibilities of all independent directors, who have each rotated into
a new role within the past 12 months. This has delivered fresh perspectives across all aspects of
governance while retaining critical knowledge within the Board. Clyde McConaghy moved from
Chair of the Audit & Risk Committee to the Chair of the People, Remuneration & Culture
Committee. Jan Dawson is the new Chair of the Audit & Risk Committee. Both Clyde and Jan
bring valuable and relevant expertise to these important governance roles. I greatly appreciate
the commitment and energy they both bring to the business.
The Board is also introducing a Technology Committee this calendar year. This advisory
committee will draw on global expertise to support our growth and scale objectives. It will build
on our existing capabilities and oversee strategic decisions and investments. I’m excited about
the value the committee will add at this stage of Serko’s growth.
(Chairperson’s address continues following CEO address below)

Serko Limited, Saatchi Building, Unit 14D 125 The Strand, Parnell, Auckland, New Zealand
PO Box 47-638, Ponsonby, T: +64 9 309 4754, F: +64 9 377 0545, company.secretary@serko.com
Incorporated in New Zealand ARBN 611 613 980


CEO’s Address – Darrin Grafton

Our executive team
I’m delighted to have members of the executive team here today.

What’s in it for me?
As Claudia noted, we are now in a business travel evolution and the reimagining of how we will
travel both now and into the future. Across the globe people are trying to figure out how to
make travel work for them while adjusting to supply challenges as the industry comes back from
COVID. Month to month the recovery globally is neither predictable nor linear, but it is heading
in a positive direction.
People who are travelling for leisure are taking into account their personal health and safety, the
impact of potential disruptions during travel if they fall sick or travel providers cancel bookings,
as well as the cost of travel and insurance coverage.
People who travel for work are also taking these factors into account but are also asking
themselves: “What’s in it for me?”. This is leading to new approaches to business travel, which in
some cases is extending travel or adding room nights to incorporate some leisure aspect to their
business trip.
We call this Bleisure, where business and leisure are blended together in a single trip. Emerging
trends like these started before COVID but are becoming more obvious as we return to travel.
There have also been people employed that have never met their manager or their team face to
face. Remote working also provides an opportunity for new forms of business travel to occur,
where employees meet up or visit a head office for an extended period to meet their teams and
managers and immerse into the company culture.
We are confident that business travel will return to pre-pandemic levels over time, however, we
believe a different baseline for how the travel industry measures and thinks about those
volumes will emerge.
Having just returned from the GBTA Convention, the world’s largest business travel convention,
the energy in the global travel industry has never been more exciting. GBTA brought together
4,500 delegates and more than 1,000 buyers in San Diego, reconnecting, reimagining and

Serko Limited, Saatchi Building, Unit 14D 125 The Strand, Parnell, Auckland, New Zealand
PO Box 47-638, Ponsonby, T: +64 9 309 4754, F: +64 9 377 0545, company.secretary@serko.com
Incorporated in New Zealand ARBN 611 613 980

recreating the future of business travel. I’ll share more on this when I cover the North American
market.

FY22 results
The 2022 financial year was another year affected by the impacts of COVID and lockdowns.
Revenue grew by 44% to $17.9 million but this was partially offset by government grant revenue
being down 77% to $1.0 million.
Revenue growth was driven by a partial business travel recovery in Australasia over the previous
financial year, a strong contribution from Booking.com for Business and a modest increase in
revenue from North American markets. These gains were diluted by the lockdown and travel
restrictions in New Zealand throughout the third and fourth quarters of the financial year.
EBITDAF losses increased 26% to $28.1 million from $22.3 million in the same period a year ago.
This increase reflects planned investment in operating expenses as we scale up for global
growth. Net losses after tax increased 22% to $36 million from $29.4 million.

Progress against our FY25 goals
The two areas of our strategic priorities I will focus on today are:
• Progress on Booking.com for Business including conversion, and
• North America.

Booking.com for Business progress
We have a strong partnership with Booking.com and our teams work incredibly closely together.
Since May as the restrictions on travel have further eased, we have met three times face to face,
which has been fantastic.
The path to where we are today with Booking.com started off differently before COVID.
Our intention in 2019 was to roll out country by country, building out the content and user
experience for each market as we went.
In July 2020, four months into the pandemic, Booking.com and Serko decided to take on a
large-scale global migration program for customers in a select group of the previous
Booking.com for Business customer base.

Serko Limited, Saatchi Building, Unit 14D 125 The Strand, Parnell, Auckland, New Zealand
PO Box 47-638, Ponsonby, T: +64 9 309 4754, F: +64 9 377 0545, company.secretary@serko.com
Incorporated in New Zealand ARBN 611 613 980

From March to October 2021 we migrated over 300,000 companies registered on Booking.com
for Business and to date in total there are now almost 500,000 companies registered on the
platform.
We now have two priorities. Our first is to grow revenue by focusing on customer conversion.
Our second, as conversion grows, is to use marketing investment to increase the number of
registered companies.

Booking.com for Business conversion
From April to June of this year, we worked closely with Booking.com to run experiment-led
development and user experience tests to improve customer conversion.
As part of this, we carried out testing to determine whether a user’s experience at the ‘hotel-
only’ shop phase led to increased conversion if it was more aligned to the Booking.com
experience and understand how they also handled the leisure aspects of purchasing.
This testing was completed in July and delivered significantly increased conversion.
For the remainder of the year we are therefore focusing our Booking.com for Business
development teams on building a hotel shop experience for Booking.com for Business
customers to better reflect the aspects of the Booking.com user experience. We will then use
this new experience to iterate more and more business features over the coming years.
While the development work is occurring, a transitional solution is using elements of the
Booking.com environment for most Booking.com for Business customers when they make a
hotel-only booking. Connected trip bookings and a portion of Booking.com for Business
customers continue to use the full original Zeno experience.
The successful experimentation and testing process, implementation of a transitional solution
and commencement of development work has taken place in a rapid timeframe, reflecting the
strong and agile partnership in place between the Booking.com and Serko teams. I thank these
teams for their commitment and focus in carrying out this important work.
The focus on experimentation and the insights that this can give us when deciding where we put
our capital will be a foundation of how we maximize the growth of the Booking.com for Business
platform. This approach enables us to follow the success Booking.com have had in leisure
business and gives us more certainty around the impacts of our investment and the returns we
can expect from these developments.
We will report Booking.com for Business measurements as part of our half and full-year
reporting.

Serko Limited, Saatchi Building, Unit 14D 125 The Strand, Parnell, Auckland, New Zealand
PO Box 47-638, Ponsonby, T: +64 9 309 4754, F: +64 9 377 0545, company.secretary@serko.com
Incorporated in New Zealand ARBN 611 613 980


Managed travel (Australasian transactions)
In the context of the pandemic, the Australia and New Zealand business has performed
exceptionally well. Not only have we retained the majority of our customers through the
pandemic, we have also grown market share. Since the start of this financial year, our travel
management partners have collectively won key large market accounts in the Australian market
off our competitors through selling Zeno.
In Australasia, we’ve seen total bookings using Serko technology rise from 78% of 2019 levels in
March to 101% in June. Note however that June 2022 had two more business days than 2019
and on a per business day basis June was just over 90% of 2019.
Australasian volumes to the end of July reflected the recovery underway as companies set new
budgets and travel plans.
As indicated in our full year we have released new features including sustainability choices for
travel and improved Duty of Care.
We are pleased with the recovery in our home markets and the new customer wins that our
partners are making. We attribute this success to our investment during the last two years of
COVID, which is a reflection of our strategy and support from the market.
We remain focused on increasing our market share and average revenue per booking as the
return to travel continues.

Managed Travel: Driving into North America
North America has been top of mind the last few weeks as I spent time at the GBTA Convention.
While GBTA is a global event there is a heavy focus on North America and many of our partners
were out in force and more enthusiastic than ever.
The functionality and usability of our Zeno platform versus competitors were highlights of the
feedback we received. I was also delighted with our growing brand recognition and comments
on the strength of our implementation and delivery. During the GBTA Convention, Kim Hamer,
the travel manager for Visa, was named 2022 Travel Manager of the Year by Business Travel
News, and her choice of Serko was specifically cited in her recognition.
This is the second time in the past four years that a Serko customer has won the award at GBTA
in the United States. It shows that our investment into Zeno can make a difference in one of the
largest travel markets in the world.

Serko Limited, Saatchi Building, Unit 14D 125 The Strand, Parnell, Auckland, New Zealand
PO Box 47-638, Ponsonby, T: +64 9 309 4754, F: +64 9 377 0545, company.secretary@serko.com
Incorporated in New Zealand ARBN 611 613 980

Our strategy in North America is built around three pillars: Mega travel management companies,
mid-market travel management companies and direct to corporate.
Overall, we have laid strong foundations in North America and we are now in the grow and scale
phase.
In May we announced we were appointed a global preferred partner for CWT, one of the mega
travel management companies. This is a critical cornerstone for North America and gives us
tremendous access to the market. We also announced that Visa had selected Zeno as its
corporate booking tool and is live via CWT and transacting across North and South America and
the Asia Pacific region.
North America is a large market that takes time to develop and we have been impacted for over
two years by the constraints on travel due to COVID. We are now benefiting from the
investment we made during this time in our brand and product development work. However, we
want to highlight that it will take time for us to gain material revenue as we scale up to meet
demand and our partners onboard customers through the return to travel.
We remain confident in our pipeline of opportunities in a sizeable market and expect to close
further partnerships and large customers during the financial year.

People
Firstly, to Serko’s employees - thank you. Thank you for your ongoing commitment, hard work
and results. The world continues to surprise us but you continue to be focused and dedicated
and a pleasure to work with.
In the past few months there has been a slight improvement in the availability of technology
skills, however the employment market remains challenging. Our time to hire has improved
following our decision to insource recruitment for a greater number of roles. We are also
focused on internal advancement opportunities to increase retention as well as enhancing our
graduate recruitment and internship programmes. Beyond competitive salaries, we also
continuously review the total benefits we offer as well as the employee experience, including
onboarding and engagement events such as our hackathon.
While the market remains challenging, I am confident that the emphasis we placed on attraction
and retention during the pandemic, including an always-on approach to talent attraction and
recruitment, has meant we have not been at a standing start at a time when we are focused on
investing for growth.

Serko Limited, Saatchi Building, Unit 14D 125 The Strand, Parnell, Auckland, New Zealand
PO Box 47-638, Ponsonby, T: +64 9 309 4754, F: +64 9 377 0545, company.secretary@serko.com
Incorporated in New Zealand ARBN 611 613 980

Thank you
To my management team, thank you for constantly going over and above, it is greatly valued by
myself and the Board. To all of the directors, and a particular thanks to Claudia, thank you for
your guidance and for your support during another significant year for Serko.
To our partners, clients and end consumers, thank you for trusting us with your travel. We love
what we do, and we love helping you travel to be together.
And finally to our shareholders. Your commitment is really appreciated. We are working
tirelessly to deliver on our goals and have every intention of exceeding your expectations. And
most importantly thank you for your questions and your feedback.
It really is great to see so many of you in person – and to those online and in the broader Serko
family. Thank you.

Chairperson’s Address (contd)
In conclusion, we remain confident in the direction of business travel and Serko’s role in the
recovery and beyond.
As signalled we are increasing our rate of investment into our products and markets to support
future growth. We are able to do so due to our confidence in the opportunities in front of us
and our strong cash position. We remain committed both to prudent cash management and
investment for growth.
We reaffirm the guidance provided in May and expect revenue for the year to 31 March 2023 to
approximately double from the prior year. Our guidance remains subject to ongoing risks
including geo-political uncertainty, the potential resurgence of COVID and other matters.
Thank you to my fellow directors. Thank you to Darrin and his management team and the
broader Serko family. The commitment by the team to execution is substantial. I also thank you,
our shareholders, for your continued support. To echo Darrin we greatly appreciate your support
during a volatile period for the travel industry and for the technology market. We are laser
focused on what we can control, which is our execution.
Thank you again for being here today.

ENDS

---

IMPORTANT NOTICE
•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 dollars unless 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 Financial Statements 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 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 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 auditors. Non-GAAP measures are used by management
to monitor the business and are useful to provide investors to access business performance. Refer to Serko’s latest
earnings announcement for descriptions of the non-GAAP measures used by management.
2
|

Chairperson
Welcome
Claudia Batten
3

Bob
Shaw
Clyde
McConaghy
Jan
Dawson
Darrin
Grafton
Claudia
Batten
SERKO’S BOARD
4
|

ORDER OF MEETING
Chairperson
Address
CEO
Address
Shareholder
Q&A
Formal
Business &
Resolutions
General
Business

Chairperson Address
Claudia Batten

Organisational
alignment
Maximisealignment
across our teams and
minimisefriction for our
customers to increase
organisationalefficiency
Culture
Grow a culture of
engaged Serkodians
aligned to our purpose,
mission and values
5
Platform
foundations
Build the marketplace
foundations through
technology enablement
of open integration
platform
Marketplace
and content
Commercialise
connected trip
experience through
an open platform
4
Retain
and grow
Scale growth in
North America and
extend our leadership
in the Australia and
New Zealand markets
Managed
revenue
Consistently grow
market share in global
managed travel market
through TMC
partnerships and
inorganic growth
3
Conversion
Grow revenue from
the unmanaged travel
segment by focusing
on customer conversion
Unmanaged
revenue
Establish significant
market share
in unmanaged
travel market
2
Product health
foundations
Increase customer
satisfaction by
continuing to enhance
the performance and
usability of our products
Customer
success
Deliver exceptional
customer experience
(CX) through
experimentation-
driven development
1
3yr
Strategic
Goals
FY23
Objectives
PROGRESS AGAINST OUR FY25 GOALS
7
|

INVESTING FOR THE OPPORTUNITY
New equity
raised in
capital raising
MILLION
$
110.1
Cash on hand
at the end
of July 2022
Average Cash
burn /month
4 months to
July 2022
$
3.6
$
80
MILLIONMILLION
Note the additional customer receipts in FY22 had not yet reversed in Q1 FY22 but are expected to reverse in Q2.
8
|

DISRUPTION IS AT THE HEART
OF OUR PHILOSOPHY
•Disruption and responding to external
factors are in our DNA.
•Core challengesare attraction and
retention, salary inflation and changing
travel market demands.
•Thesehave been anticipated and
execution of plans is underway.
•M&A strategy in place. Potential
acquisition not materially progressed and
not a current focus for Serko.

BUILDING SUSTAINABLE LONG-TERM BUSINESS GROWTH
We believe strong ESG practices give Serko
its social licenceto operate as well as creating
long-term value.
Continuously innovating — to adapt
to rapid environmental changes and
deliver sustainable and innovative
products to our customers
Powering our people —
to do amazing work that drives our
business and sustainability goals
Being a brand you can
count on — trusted by our
employees, customers,
investors and partners
10
|

STRENGTHENING GOVERNANCE TO SUPPORT GLOBAL GROWTH
Chair of the People, Remuneration & Culture Committee: Clyde McConaghy;
Chair of the Audit & Risk Committee: Jan Dawson
Governance focus is to support sustainable growth and scale
Introduction of Technology Committee to support global growth and scale, and
will be supported by global expertise.
11
|

CEO Presentation
Darrin Grafton
12

OUR EXECUTIVE TEAM
Ton y D’Astolfo
Senior Vice President, NORAM
Darrin Grafton
CEO & Co-founder
Sarah Miller
General Counsel &
Company Secretary
Ch arlie Nowaczek
Chief Operating Officer (COO)
Du anneO’Brien
Chief Technology Officer
Sh ane Sampson
Chief Financial Officer (CFO)
Rachael Satherley
Chief People Officer
Mu rray Warner
Head of Australasian Market
Nick Whitehead
Chief Marketing Officer
13
|

WHAT'S IN IT FOR ME?
Business travel recoverywill not be
predictable nor linear but is heading
in a positive direction.
Confident that business travel will return
to pre-pandemic levels over time.
New approaches to business travel
include remote teams travelling to be
together and ‘Bleisure’ (Business and
leisure blendedin a single trip).
14
|

P R OFIT (LOSS)R E VENUEA C T IVITYC O ST S
NET LOSS AFTER
T A X
$(36m)
EBITDAF
1
loss
$(28.1m)
RE VENUE
44%
Revenue from
customers
$17.9m
T OTAL INCOME
12%
Total income from all
sources including
grants
$18.9m
SE GMENT
RE VENUE
17%
Segment revenue
1
$19.8m
ROOM NIGHTS
C OMPLETED
1
320k
Total Booking.com
room nights
completed
320k
ON LINE TRAVEL
B OOKINGS
67%
Online travel platform
bookings for the
period
2.2m
P RODUCT
DE SIGN &
DE VELOPMENT
1
33%
143% of Revenue
Capex $15.3m
$25.5m
OP ERATING
E XPENSES
23%
Net FTE
1
increase in
the past 12 months of
25toa total of 312
employees
$55.1m
1
Refer to Appendix for definitions anddescriptions of the non-GAAP measures used by management.
FY22 RESULTS
PERFORMANCE COMPARED TO PRIOR COMPARABLE PERIOD
15
|

Organisational
alignment
Maximisealignment
across our teams and
minimisefriction for our
customers to increase
organisational efficiency
Culture
Grow a culture of
engaged Serkodians
aligned to our purpose,
mission and values
5
Platform
foundations
Build the marketplace
foundations through
technology enablement
of open integration
platform
Marketplace
and content
Commercialise
connected trip
experience through
an open platform
4
Retain
and grow
Scale growth in
North America and
extend our leadership
in the Australia and
New Zealand markets
Managed
revenue
Consistently grow
market share in global
managed travel market
through TMC
partnerships and
inorganic growth
3
Conversion
Grow revenue from
the unmanaged travel
segment by focusing
on customer conversion
Unmanaged
revenue
Establish significant
market share
in unmanaged
travel market
2
Product health
foundations
Increase customer
satisfaction by
continuing to enhance
the performance and
usability of our products
Customer
success
Deliver exceptional
customer experience
(CX) through
experimentation-
driven development
1
3yr
Strategic
Goals
FY23
Objectives
PROGRESS AGAINST OUR FY25 GOALS
16
|

BOOKING.COM FOR BUSINESS PROGRESS
FY 2020FY 2021FY 2022
FY 2023
•Agreement signed
•Piloting one country
at a time
•COVID-19 pandemic
•Revised plan –
large scale migration
•Build minimum
viable solution to cover
allkey countries
•Migration of 300k+
customers
•Experimentation
and testing focused
on conversion
•Development of new
hotel shop experience
17
|

BOOKING.COM FOR BUSINESS CONVERSION
•Experiment-led development and user
experience tests completed in Julyhas
led to significantly increased conversion.
•Now building ahotel shop
experiencefor Booking.com for Business
customers to better reflect the aspects of
the Booking.com user experience.
•While the development work is
occurring, a transitionsolution is using
elements of the Booking.com
environment for most Booking.com for
Business customers when they make a
accommodation-only booking.
•Connected trip bookings and a portion
of Booking.com for Business customers
continue to use the full original Zeno
experience.
Dashboard
Shop
Manage
FlightsAccommodation
Ground Transport
Shop
Booking.com
hotel only
* Infographic shows simplified user experience
18
|

MANAGED TRAVEL: ANZ RECOVERY
•Australasian business travel bookings
have recovered strongly.
•New Zealand bookingsexceed
pre-Covid levels due to market share
gains more than offsetting lower levels
of business travel.
* Percentages are measured against the same month in 2019to reflect pre-Covid-19 volumes.
** June 2022 had 2 more business days than June 2019 increasing volumes in the month relative to 2019. The business day impact reverses in July.
0%
20%
40%
60%
80%
100%
120%
140%
160%
180%
Australasia transactions as % of pre-Covid-19*
New Zealand TMCsAustralian TMCsAustralasia
19
|

MANAGED TRAVEL: NORTH AMERICA
Validation phase in North America
is complete. Announcement of CWT
and Visa (May 2022).
Three market segments:
1
•Mega TMCs (~75% market share)
•Mid market TMCs (~25% market share)
•Direct to Enterprise (Fortune 500)












































1
Source: Statista, Leading travel management companies in the United States in 2019, by share of air ticket transactions
https://www.statista.com/statistics/202250/air-ticket-transactions-of-travel-management-companies/
Representation of the US managed travel market segmentation
Size of circle indicates size of opportunity
20
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ATTRACTING & RETAINING
THE BEST PEOPLE
•During the quarter, slight improvement in
availability of technology skills, however,
employment market remains challenging.
•Time to hire has reduced following
insourcing of recruitment.
•Strong focus on career pathing and
enhancing graduate recruitment and
internship programmes.

Outlook
Claudia Batten

•We remain confident in the direction of business travel and Serko's role in
the recovery and beyond.
•As signalled, we are increasing our rate of investment into our products and
markets to support future growth.
•We have a strong cash position and are committed both to prudent cash
management and investment for growth.
•We reaffirm the guidance provided in May and expect revenue for the year
to 31 March 2023 to approximately double from the prior year.
•Our guidance remains subject to ongoing risks including geo-political
uncertainty, the potential resurgence of COVID and other matters.
OUTLOOK
23
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Thank you

Appendix

Non-GAAP(generallyacceptedaccountingpractices)financialmeasuresdonothavestandardisedmeaningsprescribedbyGAAPandthereforemaynotbe
comparabletosimilarfinancialinformationpresentedbyotherentities.Non-GAAPmeasuresareusedbymanagementtomonitorthebusinessandare
consideredusefultoprovideinformationtoinvestorstoassessbusinessperformance.Reconciliationofnon-GAAPfinancialmeasurestoGAAPmeasurescan
befoundwithintheAnnualReportdated18May2022.
•ARPB (Average Revenue Per Booking) is a non-GAAP measure. Serko uses this as a useful indicator of the revenue value per travel booking. ARPB for
travel-related revenue is calculated as travel-related revenue divided by the total number of online bookings. ARPB for recurring revenue is calculated
as revenue from customers less services revenue divided by the total number of online bookings.
•Total travel bookings include both online and offline bookings. Offline bookings are system automated bookings.
•Segment revenue (a non-GAAP measure) is Total revenue and other income before deducting consideration payable to customers.
•Total operating revenue (a non-GAAP measure) is revenue excluding income from grants and finance income; total income includes grants.
•Product design and development costs is a non-GAAP measure representing the internal and external costs related to the design, development
and maintenance of erko’s platforms that are included within operating expenses or capitalised but excludes amortisation.
•Operating expenses is a non-GAAP measure comprising expenses excluding costs relating to taxation, interest, depreciation, amortisation, finance
expenses and foreign exchange gains and losses.
•EBITDAF is a non-GAAP measure representing Earnings Before the deduction of costs relating to Interest, Taxation, Depreciation, Amortisation, Foreign
Currency (Gains)/Losses and Fair value measurement. See slide 15 for a reconciliation to Net loss after tax.
•FTE = Full time equivalent employee.
DEFINITIONS
Serko Limited, 125 The Strand, Parnell, Auckland, New Zealand
T: +64 9 309 4754
investor.relations@serko.com
Incorporated in New Zealand ARBN 611 613 980
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