Serko FY23 Half-Year Results Announcement

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
23 November 2022

FY23 Half-Year Results Announcement
for the period ended 30 September 2022

Serko Limited (NZX:SKO) today announces its unaudited financial results for the six month period ended
30 September 2022.
Summary of Financial Results:
1,2

• Total income $19.4 million, up 106%
• Segment revenue $20.3 million, up 106%
• Average revenue per booking $7.85, up 54%
• Total travel booking volumes 2.3 million, up 73%
• Completed room nights on Booking.com for Business 454,000, up 432%
• EBITDAF $16.9 million, an increase of 44%
• Net losses after tax $19.7 million, an increase of 30%
• Cash and short-term deposits $102.9 million
• Average monthly cash burn $3.6 million
• Serko targeting return to cashflow positive during FY25
• FY23 revenue guidance affirmed.

All dollar amounts are New Zealand dollars, unless otherwise stated.

Please find attached the following documents containing additional information:
- Market Release
- Results Announcement (NZX Appendix 2)
- Half Year Financial Statements
- Investor Presentation
These documents will also be made available on: www.serko.com/investor-centre

Half-year Results Call
The half-year results will be discussed on a conference call at 11.00am (NZT) today.
To participate in the call dial one of the following numbers. The call confirmation code is 595514

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

Location Purpose Phone Type Phone Number
New Zealand Dial-in Tollfree/Freephone 0800 423 972
New Zealand, Auckland Dial-in Local +64 (0)9 9133 624
Australia Dial-in Tollfree/Freephone 1 800 590 693
Australia, Sydney Dial-in Local +61 (0)2 7250 5438
Hong Kong, Hong Kong Dial-in Local +852 5803 0798
Singapore Dial-in Tollfree/Freephone 800 120 7297
United Kingdom Dial-in Tollfree/Freephone 0800 358 6374
United Kingdom, Local Dial-in Local +44 (0)330 165 3646
United States/Canada Dial-in Tollfree/Freephone 800-289-0459

Or click on the below link that will also take you to the conference call:
https://event.webcasts.com/starthere.jsp?ei=1579420&tp_key=e4c650ec1b
There is no pre-registration required for the conference call.
For and on behalf of Serko by Shane Sampson, Chief Financial Officer.

Ends

For further information:
Shane Sampson
Chief Financial Officer, Serko
+64 9 884 5916
investor.relations@serko.com










1
Comparative numbers are for the prior comparative period (H1 FY22) unless otherwise stated. Certain comparative numbers have been
reclassified see note 1 of the Financial Statements for details.
2
See notes to this release for definitions of non-GAAP financial measures used through-out this release.

---

Serko Limited, Saatchi Building, Unit 14D 125 The Strand, Parnell, Auckland, New Zealand
PO Box 47-638, Ponsonby, T: +64 9 884 5916, investor.relations@serko.com
Incorporated in New Zealand ARBN 611 613 980



UNAUDITED FINANCIAL RESULTS FOR THE SIX MONTHS TO 30 SEPTEMBER 2022
RESULT REFLECTS FOCUS ON RECOVERY AND GROWTH
SUMMARY FINANCIAL RESULTS
1
,
2

• Total income $19.4 million, up 106%
• Segment revenue $20.3 million, up 106%
• Average revenue per booking $7.85, up 54%
• Total travel booking volumes 2.3 million, up 73%
• Completed room nights on Booking.com for Business 454,000, up 432%
• EBITDAF $16.9 million, an increase of 44%
• Net losses after tax $19.7 million, an increase of 30%
• Cash and short-term deposits $102.9 million
• Average monthly cash burn $3.6 million
• Serko targeting return to cashflow positive during FY25
• FY23 revenue guidance affirmed.

All dollar amounts are New Zealand dollars unless otherwise stated

Serko Limited (NZX & ASX: SKO) today released its first half 2023 financial results, which demonstrate the
benefits from the ongoing business travel recovery and its investment decisions made during the pandemic.
Serko has also seen strong growth in completed room nights under its partnership with Booking.com
following changes made during the period.
Serko Chief Executive and Co-Founder, Darrin Grafton, said: “The half-year result reflects our earlier
decisions and investments to maximise opportunities during the business travel recovery and achieve new
growth. Total income and segment revenue both increased 106%.
“Strong first-half revenue was underpinned by the recovery in Australia and New Zealand and a significant
uplift in Booking.com for Business completed room nights. Total travel booking volumes rose 73% to 2.3
million from 1.3 million and online travel bookings increased 75% to 2 million from 1.1 million.
“EBITDAF losses increased by 44% to $16.9 million from $11.8 million and net losses after tax increased by
30% to $19.7 million from $15.2 million. This is in line with our expectations and reflects planned operating
expenditure.
“Product design and development costs totalled $19.8 million during the period ($10.4 million in 1H FY22)
net of capitalisation of $5.5 million ($7.2 million in 1H FY22).
“Our cash position at the end of the half was $102.9 million. This will enable us to invest for future growth,
supported by our improving revenue position. Our net cash burn averaged $3.6 million per month for the
half year, in line with our expectations.
“In the second half, we will continue to focus on disciplined delivery to achieve our goals for FY23 and
beyond. This will include planned and focused product and development expenditure to achieve benefits in
the short and longer-term.”


1
Comparative numbers are for the prior comparative period (H1 FY22) unless otherwise stated. Certain comparative numbers have
been reclassified see note 1 of the Financial Statements for details.
2
See notes to this release for definitions of non-GAAP financial measures used through-out this release.

2


MANAGED TRAVEL
Mr Grafton said: “We have seen continued strong demand and recovery for business travel in Australia and
New Zealand. We have also won new business, which will provide further revenue growth following the
completion of onboarding. In these important markets, we are focused on continuing to understand the
changing needs of our travel management partners and travel customers to enable us to deliver exceptional
products and technology.

“For the Australasian region as a whole, average volumes in the first quarter were 91% of pre-COVID 19
levels and 93% in the second quarter.

“In New Zealand, volumes at the end of September were 145% of pre-COVID levels, averaging 142% for the
half year. This was an increase from 47% of pre-COVID levels at the end of September 2021, a period
following the imposition of strict lockdowns in August 2021.

“In Australia, volumes at the end of September were 89% of pre-COVID levels, averaging 84% for the half
year. This was an increase of 32 percentage points from the average over the six months to 30 September
2021 of 52%.

“North America remains a strategic focus for Serko. As outlined at the annual meeting, the North American
market is a long-term opportunity and Serko is working closely with its key travel management partners to
grow the market.”

UNMANAGED TRAVEL
Mr Grafton said: “We have seen a strong increase in Booking.com for Business completed room nights
during the first half, assisted by the changes implemented during the period. We remain focused on
working with Booking.com to achieve continued growth in conversions and revenue. Completed room
nights increased to 454,000 from 85,000, an increase of 432%. Average Revenue per Completed Room
Night (ARPCRN) for the service was €10.10 over the half year, up from €6.61 over the six months to 30
September 2021.
“We are on track with delivery of a new hotel shop experience for Booking.com for Business customers as
communicated at the recent annual meeting. We continue to make strong progress towards our joint
objectives. Both teams are working closely together to develop the technology and insights for the success
of the partnership.
“The number of businesses registered on Booking.com for Business continued to increase during the period
to 484,000 at 30 September 2022, up from 420,000 in May 2022.”

OUTLOOK

Serko’s first half total income exceeded the full year to 31 March 2022 with a strong exit rate from the half.
Serko notes that historically second half revenue is lower than the first half.
Serko is affirming its FY23 guidance of approximately doubling FY22 revenue.
Guidance remains subject to ongoing risks including geo-political and macro-economic uncertainty and the
potential resurgence of COVID.
Serko has significant cash reserves and is tightly managing investment levels with a focus on moving
towards profitability and cashflow breakeven. It is Serko’s intention, based on current market conditions, to

3

return to a cashflow positive position during the FY25 financial year with appropriate cash reserves on hand
at the point of breakeven.


Released for and on behalf of Serko Limited by:
Shane Sampson
Chief Financial Officer


INVESTOR CALL
Serko Chief Executive Darrin Grafton and Chief Financial Officer Shane Sampson will host a conference call
and webcast at 11am (NZT) this morning to discuss the results.
Details of the call are available on serko.com/investors. A webcast of the call can also be accessed at the
following link:

https://event.webcasts.com/starthere.jsp?ei=1579420&tp_key=e4c650ec1b

For further information:
Investor relations:

Media:

Shane Sampson Coran Lill
Chief Financial Officer The Project
+64 9 884 5916 +64 27 342 3836
investor.relations@serko.com coran@theproject.co.nz

ABOUT SERKO

Serko is a leader in online travel booking and expense management for the business travel market. Zeno is
Serko’s next generation travel management application, using intelligent technology, predictive workflows,
and a global travel marketplace to transform business travel across the entire journey. Listed on the New
Zealand Stock Exchange Main Board (NZX: SKO) and Australian Securities Exchange (ASX: SKO), Serko is
headquartered in New Zealand, with offices across Australia, China, and the United States. Visit
www.serko.com for more information.
____________________________________________________________________________________________________________

4

Important notes:
Non-GAAP (generally accepted accounting practices) financial measures do not have standardised meanings
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 considered useful to provide
information to investors to assess business performance. Reconciliation of non-GAAP to GAAP measures can
be found in the Financial Statements and Investor Presentation.

•
Average Revenue Per Booking (ARPB)
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.

•
ARPCRN
or
Average Revenue per Completed Room Night
(a non-GAAP measure) is the supplier commissions
revenue per completed room night for revenue generating hotel transactions.

•
Completed room nights
is a non-GAAP measure comprising the number of hotel room nights which have been
booked and the traveller has completed the stay at the hotel.
•
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 the Investor
Presentation for a reconciliation to Net loss after tax.
•
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.
•
Product design and development costs
is a non-GAAP measure representing the internal and external costs related
to the design, development and maintenance of Serko’s platforms that are included within operating expenses or
capitalised but excludes amortisation.
•
Segment revenue
is a non-GAAP measure representing Total Income before it is reduced to reflect consideration
payable to customers. In the period, consideration payable to customers comprised Serko’s share of jointly agreed
marketing expenses. See note 2 of the Financial Statements for a reconciliation to Total income.
•
Travel related revenue
is a non-GAAP measure comprising travel platform booking revenue and supplier
commissions revenue, as set out in note 2 to the Financial Statements.
•
Total travel bookings
include both online and offline bookings. Offline bookings are system automated bookings.

---

RESULTS ANNOUNCEMENT
23 November 2022
Results for announcement to the market


Name of issuer Serko Limited (“SKO”)
Reporting Period 6 months to 30 September 2022
Previous Reporting Period 6 months to 30 September 2021
Currency New Zealand Dollars
Amount (000s) Percentage change
Revenue from continuing
operations
$19,439 Up 106%
Total Revenue $19,439 Up 106%
Net profit/(loss) from
continuing operations
($19,733) Increase of
30%
Total net profit/(loss) ($19,733) Increase of
30%
Interim/Final Dividend
Amount per Quoted Equity
Security
No dividends have been paid during the period and there is no
intention to pay dividends while Serko pursues growth
opportunities
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
84.73 cents 57.68 cents
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
Please refer to the market release and unaudited interim financial
statements released in conjunction with this announcement.

Pursuant to ASX listing rule 1.15.3, Serko Limited confirms that it
continues to comply with the rules of its home exchange (NZX
Main Board).

Authority for this announcement
Name of person authorised to
make this announcement
Shane Sampson
Contact person for this
announcement
Shane Sampson, CFO
Contact phone number +64 9 884 5916
Contact email address investor.relations@serko.com
Date of release through MAP 23/11/2022

Unaudited financial statements for the six months ended 30 September 2022 accompany
this announcement.




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, investor.relations@serko.com
Incorporated in New Zealand ARBN 611 613 980

---

FINANCIAL
STATEMENTS
For the six months ended
30 September 2022
FY23 Interim Report

Contents
Consolidated statement of comprehensive income3
Consolidated statement of changes in equity4
Consolidated statement of financial position5
Consolidated statement of cash flows6
Notes to the financial statements7

3
Consolidated Statement of Comprehensive Income
For the six months ended 30 September 2022
Notes
6 months
Unaudited
6 months
Unaudited
12 months
Audited
30 Sep 202230 Sep 202131 Mar 2022
$ (000)$ (000)$ (000)
Revenue2 18,785 8,724 17,855
Other income2 654 728 1,019
Total income 19,439 9,452 18,874
Operating Expenses
Selling and marketing expenses (2,741) (1,477) (3,087)
Hosting expenses (3,242) (2,269) (4,932)
Remuneration and benefits (26,313) (14,878) (32,074)
Administration expenses (4,046) (2,588) (6,926)
Amortisation and depreciation (5,985) (3,663) (8,038)
Total operating expenses3 (42,327) (24,875) (55,057)
Loss before finance items (22,888) (15,423) (36,183)
Foreign exchange gains/(losses) – net 2,302 154 (35)
Finance income 1,141 163 696
Finance expenses (144) (57) (118)
Loss before income tax (19,589) (15,163) (35,640)
Income tax expense (144) - (319)
Net loss attributable to the shareholders of the company (19,733) (15,163) (35,959)
Movement in foreign currency reserve (840) (162) (57)
Total comprehensive loss for the period (20,573) (15,325) (36,016)
Earnings per share
Basic and diluted earnings/(loss) per share (dollars)11 (0.17) (0.14) (0.33)
The accompanying notes form part of these financial statements.

4
Consolidated Statement of Changes in Equity
For the six months ended 30 September 2022
* Items in other comprehensive income may be reclassified to the income statement and are shown net of tax.
The accompanying notes form part of these financial statements.
Notes
Share
capital
Share-based
payment
reserve
Foreign
currency
reserve
Accumulated
lossesTotal
$ (000)$ (000)$ (000)$ (000)$ (000)
Balance as at 1 April 2022 235,101 7,483 (236) (91,467) 150,881
Net loss for the period - - - (19,733) (19,733)
Other comprehensive income/(loss)* - - (840) - (840)
Total comprehensive income/(loss) for the period - - (840) (19,733) (20,573)
Transactions with owners
Equity-settled share-based payments 2,741 743 - - 3,484
Balance as at 30 September 202210 237,842 8,226 (1,076) (111,200) 133,792
Balance as at 1 April 2021 153,706 4,509 (179) (55,508) 102,528
Net loss for the period - - - (15,163) (15,163)
Other comprehensive income/(loss)* - - (162) - (162)
Total comprehensive income/(loss) for the period - - (162) (15,163) (15,325)
Transactions with owners
Equity-settled share-based payments 905 550 - - 1,455
Shares vested with employees via Restricted Share Plan - 80 - - 80
Shares forfeited by employees via Restricted Share Plan - (3) - - (3)
Non-executive directors’ settlement of non-recourse loan 247 (47) - - 200
Balance as at 30 September 2021 154,858 5,089 (341) (70,671) 88,935
Balance as at 1 April 2021 153,706 4,509 (179) (55,508) 102,528
Net loss for the year - - - (35,959) (35,959)
Other comprehensive income/(loss)* - - (57) - (57)
Total comprehensive income/(loss) for the year - - (57) (35,959) (36,016)
Transactions with owners
Issue of share capital 83,281 - - - 83,281
Cost of equity issued (3,188) - - - (3,188)
Equity-settled share-based payments 1,055 2,929 - - 3,984
Shares vested with employees via Restricted Share Plan - 95 - - 95
Shares forfeited by employees via Restricted Share Plan - (3) - - (3)
Non-executive director’s settlement of non-recourse loan 247 (47) - - 200
Balance as at 31 March 2022 235,101 7,483 (236) (91,467) 150,881

5
Consolidated Statement of Financial Position
As at 30 September 2022
For and on behalf of the Board of Directors, who authorise these financial statements for issue on 23 November 2022
Claudia Batten
Chair
Jan Dawson
Chair of Audit and Risk Committee
The accompanying notes form part of these financial statements.
Notes
6 months
Unaudited
6 months
Unaudited
12 months
Audited
30 Sep 202230 Sep 202131 Mar 2022
$ (000)$ (000)$ (000)
Current assets
Cash at bank and on hand 17,867 52,346 34,513
Short-term deposits 85,000 10,000 90,000
Receivables4 13,208 6,298 6,226
Income tax receivable - 13 -
Derivative financial instruments5 - 153 -
Total current assets 116,075 68,810 130,739
Non-current assets
Property, plant and equipment6 3,855 2,360 4,319
Intangible assets 7 32,832 27,343 32,058
Deferred tax asset 224 111 75
Total non-current assets 36,911 29,814 36,452
Total assets 152,986 98,624 167,191
Current liabilities
Trade and other payables8 13,695 7,634 11,308
Deferred income 1,126 266 1,008
Interest-bearing loans and borrowings - 63 28
Lease liabilities9 1,448 894 820
Derivative financial instruments5 375 - 16
Income tax payable 347 - 120
Total current liabilities 16,991 8,857 13,300
Non-current liabilities
Deferred income 895 662 853
Lease liabilities9 1,308 170 2,157
Total non-current liabilities 2,203 832 3,010
Total liabilities 19,194 9,689 16,310
Equity
Share capital10 237,842 154,858 235,101
Share-based payment reserve10 8,226 5,089 7,483
Foreign currency reserve (1,076) (341) (236)
Accumulated losses (111,200) (70,671) (91,467)
Total equity 133,792 88,935 150,881
Total equity and liabilities 152,986 98,624 167,191

6
Consolidated Statement of Cash Flows
For the six months ended 30 September 2022
The accompanying notes form part of these financial statements.
Notes
6 months
Unaudited
6 months
Unaudited
12 months
Audited
30 Sep 202230 Sep 202131 Mar 2022
$ (000)$ (000)$ (000)
Cash flows from operating activities
Receipts from customers 16,735 9,957 22,878
Receipts from government grants - Covid-19 subsidies - 511 962
Interest received 38 188 228
Receipts from other grants - 795 856
Taxation (paid)/refunded (34) 26 (44)
Payments to suppliers and employees (34,613) (21,673) (43,637)
Interest payments on lease liabilities (51) (28) (69)
Net GST refunded 973 403 370
Net cash flows (used in)/from operating activities12 (16,952) (9,821) (18,456)
Cash flows from investing activities
Purchase of property, plant and equipment (226) (372) (774)
Capitalised development costs and other intangible assets (4,794) (6,951) (15,320)
Short-term deposits 5,000 35,000 (45,000)
Net cash flows (used in)/from investing activities (20) 27,677 (61,094)
Cash flows from financing activities
Issue of ordinary shares 28 3 83,281
Cost of new share issue - - (3,188)
Payment of lease liabilities (464) (509) (1,064)
Non-executive directors non-recourse loan - 200 200
Net repayment of loans (23) (27) (62)
Net cash flows (used in)/from financing activities (459) (333) 79,167
Net (decrease)/increase in total cash (17,431) 17,523 (383)
Net foreign exchange difference 785 (96) (23)
Cash and cash equivalents at beginning of period 34,513 34,919 34,919
Cash and cash equivalents at the end of the period 17,867 52,346 34,513
Cash and cash equivalents comprises the following:
Cash at bank and on hand 17,867 52,346 34,513
17,867 52,346 34,513

7
Notes to the Financial Statements
For the six months ended 30 September 2022
1 BASIS OF PREPARATION AND ACCOUNTING POLICIES
The unaudited interim consolidated financial statements (‘Interim Financial Statements’) of Serko Limited (‘the Company’)
and subsidiaries (‘the Group’) were authorised for issue in accordance with a Board resolution.
a) Corporate Information
The Company is a limited liability company domiciled and incorporated in New Zealand under the Companies Act 1993 and
is listed on the New Zealand Stock Exchange (NZX) and the Australian Securities Exchange (ASX) as an ASX Foreign Exempt
Listing. Its registered office is at Unit 14d, 125 The Strand, Parnell, Auckland. The Company is an FMC Reporting Entity under
the Financial Markets Conduct Act 2013 and the Financial Reporting Act 2013.
The Group provides online business travel booking software solutions and is headquartered in Auckland, New Zealand.
b) Basis of preparation
These Interim Financial Statements have been prepared in accordance with generally accepted accounting practice in
New Zealand (NZ GAAP) and comply with NZ IAS 34 Interim Financial Reporting. The unaudited interim financial statements
have been prepared using the going concern assumption and are presented in thousands of New Zealand Dollars.
The Company is a profit-oriented entity.
c) Accounting policies and disclosures
The Interim Financial Statements have been prepared using the same accounting policies and methods of computation as,
and should be read in conjunction with, the financial statements and related notes included in the Group’s annual report
for the financial year ended 31 March 2022.
d) Comparatives
Certain comparative expenses and revenue have been reclassified in the prior period Interim Financial Statements
to be consistent with the classifications adopted in the audited Financial Statements for the year to 31 March 2022.
Revenue has been reclassified by an amount equal to the consideration payable to customers, which was previously
classified under selling and marketing expenses.

8
2 REVENUE AND OTHER INCOME
6 months
Unaudited
6 months
Unaudited
12 months
Audited
30 Sep 202230 Sep 202131 Mar 2022
$ (000)$ (000)$ (000)
Revenue – transaction and usage fees:
Travel platform booking revenue8,4384,8789,042
Expense platform revenue2,4741,9664,039
Supplier commissions revenue7,2119303,447
Services revenue4947911,007
Other revenue168159320
Total revenue18,7858,72417,855
Government grants6547231,006
Other-513
Total other income6547281,019
Total revenue and other income19,4399,45218,874
6 months
Unaudited
6 months
Unaudited
12 months
Audited
30 Sep 202230 Sep 202131 Mar 2022
$ (000)$ (000)$ (000)
Geographic information
Australia9,1025,61410,686
New Zealand1,1791,0451,539
US1,5891,3422,597
Europe and Other6,9157233,033
Total revenue18,7858,72417,855

9
Segment revenue
The Board and Executive team monitor the results of the Group’s operations as a whole for the purpose of making
decisions about resource allocation and performance assessment and therefore the Board has determined the Group
is a single reportable operating segment. This reporting segment is predominantly made up of revenue generated from
transaction and usage fees, which includes Travel platform bookings, supplier commissions and Expense revenue.
Serko evaluates the performance of the operating segment based on revenue before consideration payable to customers.
As required by IFRS 15 Serko reduces revenue by the amount of consideration payable to customers. In the period
the consideration payable to customers comprised Serko’s share of jointly agreed marketing expenses. The marketing
expenses are not set by reference to the amount of revenue received from the customer.
6 months
Unaudited
6 months
Unaudited
12 months
Audited
30 Sep 202230 Sep 202131 Mar 2022
$ (000)$ (000)$ (000)
Revenue – transaction and usage fees:
Travel platform booking revenue8,4384,8789,042
Expense platform revenue2,4741,9664,039
Supplier commissions revenue8,0971,3564,358
Services revenue4947911,007
Other revenue168159320
Other income6547281,019
Segment revenue20,3259,87819,785
Consideration payable to customers(886)(426)(911)
Total revenue and other income in accordance with NZ GAAP19,4399,45218,874

10
3 EXPENSES
6 months
Unaudited
6 months
Unaudited
12 months
Audited
30 Sep 202230 Sep 202131 Mar 2022
$ (000)$ (000)$ (000)
Operating profit before taxation includes the following expenses:
Marketing expenses9226381,536
Third party connection costs949431894
Other selling costs870408657
Total selling and marketing expenses2,7411,4773,087
Hosting expenses3,2422,2694,932
Employee remuneration21,65212,72526,059
Contributions to pension plans8513571,303
Share-based payment expenses3,4621,5254,095
Other remuneration and benefits348271617
Total remuneration and benefits26,31314,87832,074
Auditor remuneration and other assurance fees127152275
Directors’ fees234218493
Movement of expected credit loss allowance on receivables8756(23)
Bad debts written off453195
Rental and operating lease expenses10443172
Professional fees8341801,618
Computer licences6695781,306
Insurance costs484272705
Recruitment fees267173365
Donations--1
Other administration expenses1,2368631,819
Total administration expenses4,0462,5886,926
Amortisation of intangibles5,0412,8526,386
Depreciation9448111,652
Total amortisation and depreciation5,9853,6638,038
Expenses from ordinary activities42,32724,87555,057

11
4 RECEIVABLES
6 months
Unaudited
6 months
Unaudited
12 months
Audited
30 Sep 202230 Sep 202131 Mar 2022
$ (000)$ (000)$ (000)
Trade receivables3,6412,0542,354
Expected credit loss provision(283)(130)(192)
Trade receivables (net)3,3581,9242,162
GST receivable547262312
Sundry debtors433666
Contract assets7,3572,3702,373
Prepayments1,9031,7061,313
Total receivables13,2086,2986,226
5 DERIVATIVE FINANCIAL INSTRUMENTS
The Group uses derivatives in the form of forward exchange contracts (FECs) to reduce the risk that movements
in the exchange rate will affect the Group’s New Zealand dollar cash flows. Such derivative financial instruments
are initially recognised at fair value on the date on which a derivative contract is entered into and are subsequently
remeasured at fair value. Derivatives are carried as financial assets when the fair value is positive and as financial
liabilities when the fair value is negative.
The following table presents the Group’s foreign currency forward exchange contracts measured at fair value:
6 months
Unaudited
6 months
Unaudited
12 months
Audited
30 Sep 202230 Sep 202131 Mar 2022
$ (000)$ (000)$ (000)
Current:
Foreign currency forward exchange contracts: asset/(liability)(375)153(16)
Contractual amounts of forward exchange contracts outstanding were as follows:
Foreign currency forward exchange contracts23,5306,6072,853
Derivative financial instruments have been determined to be within level 2 of the fair value hierarchy. Foreign currency
forward exchange contracts have been fair valued using published market foreign exchange rates and contract forward
rates discounted at a rate that reflects the credit risk of the counterparties.

12
6 PROPERTY, PLANT AND EQUIPMENT
6 months
Unaudited
6 months
Unaudited
12 months
Audited
30 Sep 202230 Sep 202131 Mar 2022
$ (000)$ (000)$ (000)
Opening balance4,3192,5682,569
Additions4335983,402
Depreciation(944)(811)(1,652)
Currency translation475-
Closing balance3,8552,3604,319
7 INTANGIBLES
6 months
Unaudited
6 months
Unaudited
12 months
Audited
30 Sep 202230 Sep 202131 Mar 2022
$ (000)$ (000)$ (000)
Opening balance32,05823,30423,304
Additions4,7956,95115,320
Amortisation(5,041)(2,852)(6,386)
Currency translation1,020(60)(180)
Closing balance32,83227,34332,058
8 TRADE AND OTHER PAYABLES
6 months
Unaudited
6 months
Unaudited
12 months
Audited
30 Sep 202230 Sep 202131 Mar 2022
$ (000)$ (000)$ (000)
Trade payables1,7761,5801,945
Other payables5,1354263,376
Accrued expenses3,7532,9623,628
Annual leave accrual3,0312,6662,359
Total trade and other payables13,6957,63411,308
Disclosed as:
Current13,6957,63411,308
Non-Current---
13,6957,63411,308

13
9 LEASE LIABILITIES
Recognition and measurement of The Group’s leasing activities
The Group leases property for fixed periods of between one and six years and some include extension options.
These extension options are usually at the discretion of The Group and are included in the measurement of the
lease asset if management intends to exercise the extension.
Lease liabilities include the net present value of fixed payments less any lease incentives receivable. The lease payments
are discounted using the lessee’s incremental borrowing rate, being the rate that the lessee would have to pay to borrow
the funds necessary to obtain an asset of similar value in a similar economic environment with similar terms and conditions.
The amortisation of the discount applied on recognition of the lease liability is recognised as interest expense in
the income statement.
Key movements relating to lease balances are presented below.
6 months
Unaudited
6 months
Unaudited
12 months
Audited
30 Sep 202230 Sep 202131 Mar 2022
$ (000)$ (000)$ (000)
Opening Balance2,9771,4071,407
Leases entered into during the period2162262,628
Principal repayments(464)(570)(1,064)
Foreign exchange adjustment2716
Closing balance2,7561,0642,977
Classified as:
Current1,448894820
Non-current1,3081702,157
Closing balance2,7561,0642,977

14
10 EQUITY
6 months
Unaudited
6 months
Unaudited
12 months
Audited
6 months
Unaudited
6 months
Unaudited
12 months
Audited
30 Sep
2022
30 Sep
2021
31 Mar
2022
30 Sep
2022
30 Sep
2021
31 Mar
2022
$ (000)$ (000)$ (000)
NO. OF
SHARES
(000)
NO. OF
SHARES
(000)
NO. OF
SHARES
(000)
Ordinary shares 
Balance at 1 April235,101153,706153,706119,921107,822107,822
Issue of shares pursuant to institutional capital placement--75,000--10,638
Issue of shares pursuant to Share Purchase Plan (SPP)
placement
--8,281--1,209
Transaction costs for issue of new shares--(3,188)---
Non-executive director’s settlement of non-recourse loan-247247---
Issue of shares pursuant to US Options plan2144811
Issue of shares pursuant to RSU scheme2,7209011,051494215251
Share capital237,842154,858235,101120,423108,038119,921
  
Share-based payment reserve 
Balance at 1 April7,4834,5094,509
RSUs allocated to employees3,4651,4024,051
Shares vested to employees via RSU scheme(2,479)(869)(1,051)
RSUs forfeited by employees(256)(15)(108)
Shares vested to employees via RSP-8095
Shares forfeited by employees via RSP-(3)(3)
Non-executive director’s settlement of non-recourse loan-(47)(47)
Share-based payments - employee share options133237
Share-based payment reserve8,2265,0897,483

15
11 EARNINGS PER SHARE
Net tangible assets per security is a non-GAAP measure and is provided for NZX reporting purposes. Net tangible assets
per security is calculated as Total assets less Total liabilities less Intangible assets divided by the issued ordinary shares
(excluding treasury shares).
6 months
Unaudited
6 months
Unaudited
12 months
Audited
30 Sep 202230 Sep 202131 Mar 2022
$ (000)$ (000)$ (000)
Loss attributable to ordinary equity holders of the parent
Continuing operations(19,733)(15,163)(35,959)
(19,733)(15,163)(35,959)
NumberNumberNumber
Basic earnings per share
Issued ordinary shares120,423108,038119,921
Weighted average of issued ordinary shares120,268107,889111,839
Adjusted for unallocated employee restricted share plan shares(1,264)(1,290)(1,264)
Weighted average of issued ordinary shares outstanding119,004106,599110,575
Basic and diluted earnings/(loss) per share (dollars)(0.17)(0.14)(0.33)
6 months
Unaudited
6 months
Unaudited
12 months
Audited
30 Sep 202230 Sep 202131 Mar 2022
CentsCentsCents
Net tangible assets per security84.7357.68100.14

16
13 EVENTS AFTER BALANCE SHEET DATE
There were no significant events between the balance sheet date and the date these financial statements were authorised
for issue.
14 CONTINGENT LIABILITIES
There were no contingent liabilities as at 30 September 2022 (30 September 2021: $nil).
12 RECONCILIATION OF OPERATING PROFIT TO NET CASH FLOW FROM OPERATING ACTIVITIES
6 months
Unaudited
6 months
Unaudited
12 months
Audited
30 Sep 202230 Sep 202131 Mar 2022
$ (000)$ (000)$ (000)
Net loss after tax(19,733)(15,163)(35,959)
Add non-cash items
Amortisation5,0412,8526,386
Depreciation9448111,652
Deferred tax liability(149)-41
(Gain) / loss on foreign exchange transactions(2,297)(355)27
Share-based compensation3,4501,5254,076
(12,744)(10,330)(23,777)
Add/(less) movements in working capital items
(Increase) / decrease in receivables(6,982)(905)(833)
Increase / (decrease) in trade and other payables2,5471,420127
Increase / (decrease) in income tax227(6)6,027
(4,208)5095,321
Net cash flows used in operating activities(16,952)(9,821)(18,456)

Company Directory
Serko is a company incorporated with limited liability under the New Zealand Companies Act 1993
New Zealand Companies Office registration number 1927488
Australian Registered Body Number (ARBN) 611 613 980
For investor relations queries contact: investor.relations@serko.com
Registered Office
New Zealand
Saatchi Building
Level 1, 125 The Strand
Parnell, 1010
+64 9 309 4754
Australia
Boardroom Pty Limited
Level 8, 210 George Street
Sydney 2000
NSW, Australia
+61 2 9290 9637
Principal Administration Office
New Zealand
Saatchi Building
Level 1, 125 The Strand
Parnell, 1010
+64 9 309 4754
Share Registrar
New Zealand
Link Market Services Limited
Level 30, PwC Tower
15 Customs Street West
Auckland 1010, New Zealand
+64 9 375 5998
serko@linkmarketservices.co.nz
Australia
Link Market Services Limited
Level 12, 680 George Street
Sydney 2000
NSW, Australia
+61 1300 554 474
DirectorsAuditor
Claudia Batten (Chair)
Jan Dawson
Robert (Clyde) McConaghy
Darrin Grafton
Robert (Bob) Shaw
Deloitte Limited
Deloitte Centre
80 Queen Street
Auckland 1040, New Zealand
+64 9 303 0700

FY23 Interim Report
www.serko.com

---

Financial Results for thesix months to 30 September 2022
Investor Presentation23November 2022

Disclaimer
•This presentation has been prepared bySerko Limited. All information is current atthe date ofthis presentation,
unless stated otherwise. All currency amounts are inNZ dollars unless stated otherwise.
•Information inthis presentation
•is forgeneral information purposes only,and does notconstitute, orcontain, an offer orinvitation for
subscription, purchase, orrecommendation of securities inSerko Limited forthe purposes ofthe Financial
Markets Conduct Act 2013 orotherwise, orconstitute legal, financial, tax, financial product, or investment
advice;
•should be read inconjunction with, and is subject toSerko’s 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 inwhich Serko operates,
which are subject touncertainties and contingencies outside Serko’s control –Serko’s actual results
orperformance may differ materially fromthese statements,particularly as a result ofthe impacts
of Covid-19;
•includes statements relating topast performance information forillustrative purposes only and should
notbe relied uponas (and is not) an indication of future performance;
•may contain information fromthird-parties believed tobe reliable, however, norepresentations or
warranties are made as tothe accuracy or completeness ofsuch information.
•Non-GAAP financial information does nothave a standardisedmeaning prescribed byGAAP and therefore may
notbe comparable tosimilar financial information presented byother entities. The non-GAAP financial information
included inthis release has notbeen subject toreview byauditors. Non-GAAP measures are used bymanagement
tomonitor the business and are useful toprovide investors toaccess business performance.
SERKO •2
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

Contents
Darrin Grafton
CEO
Shane Sampson
CFO
1H FY23Highlights
Strategic Priorities
FinancialUpdate
Outlook
SERKO •3

1H FY23Highlights
SERKO •4

Result reflects focus on recovery and growth
•Benefits from the ongoing business travel recovery and
from our investment decisions during the pandemic.
•Total income and segment revenue both increased
106%. This was underpinned by the business travel
recovery and a significant uplift in Booking.com for
Business completed room nights, following changes
made during the period.
•Planned increases in investments for future growth
were reflected in EBITDAF and net losses after tax
(up 44% and 30%).
•Serko team remains laser-focused on execution and
achieving our goals.
454K
Total Booking.com
completed room
nights for the period
432%
ROOM NIGHTS
COMPLETED
75%
ONLINE TRAVEL
BOOKINGS
2.0M
Online travel
platform bookings
for the period
SERKO •5
Notes:
Refer to Appendix for definitions and descriptions of the non-GAAP measures used by management throughout this presentation.
Comparative numbers are for the prior comparative period (H1 FY22) unless otherwise stated.

FY23:Focus on recovery andgrowth
Performance compared tosix months to 30 September 2021
PROFIT(LOSS)REVENUECOSTSBALANCE SHEET
$3.6m
Avg. cash burn / month
For the 6 months to
30 September 2022
$42.3m
Operating expenses
$(16.9m)
EBITDAF
1
loss
$(19.7m)
Net loss
after tax
70%
Operating
expenses
$20.3m
Segment revenue
1
106%•
Segment
revenue
106%•
Total
income
$19.4
Total income
from all sources
including grants
$102.9m•
Cash
on hand
SERKO •6

Organisational
alignment
Maximisealignment
across our teams and
minimisefriction for our
customers to increase
organisationalefficiency
Culture
Develop 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
SERKO •7

Unmanaged revenue
Encouraging increase in completed bookings
1.We expect SME business booking behaviors will be different from our enterprise customers. It is uncertain when, and how often, migrated (also referred
to as activated) customers and new sign-ups will transact, particularly during COVID-affected periods and as a result of intermittent travel needs of
SME’s. There is no guarantee that migrated/activated customers, or new sign-ups, will make bookings in the current financial period or at all.
PHASE1:
MIGRATION
COMPLETE
PHASE2:
ACTIVATING
+ENGAGING
H2FY22-FY23
PHASE3:
SCALING
FY23-FY24
2
•Booking for Business completed room nights increased to
454,000 from 85,000, an increase of 432% over the prior
comparative period,assisted by the changesimplemented
during theperiod.
•Rooms booked on Booking.com for Business increased
from 121,000 to 208,000.
•At 30 September there were 484,000 businesses registered
on the platform, up from 420,000 in May 2022.
1
•Serko is on track with building the hotel shop experience for
Booking.com for Business customers as communicated at
the recent annual meeting.
SERKO •8
0
50,000
100,000
150,000
200,000
250,000
300,000
350,000
400,000
450,000
500,000
Booking.comfor Business Completed Room Nights
FY22 H1FY22 H2FY23 H1

Managed revenue
Continued strong demand for business travel
•For Australasia, average volume in the first quarter
was 91% of pre-COVID 19 levels and 93% in the
second quarter.
•In New Zealand, volumes at the end of September
were 145% of pre-COVID levels, averaging 142%
for the half year.
•In Australia, volumes at the end of September were
89% of pre-COVID levels, averaging 84% for the
half year.
•North America remainsa strategic focus for
Serko.Serko is working closely with partners to
grow the market.
3
* Percentages are measured against the same month in 2019 to reflect pre-Covid-19 volumes.
SERKO •9
0%
20%
40%
60%
80%
100%
120%
140%
160%
180%
Oct-21Nov-21Dec-21Jan-22Feb-22Mar-22Apr-22May-22Jun-22Jul-22Aug-22Sep-22Oct-22
Australasia total bookings as % of pre-Covid-19*
New Zealand TMCsAustralian TMCsAustralasiaAustralasia average per workday

Financial Update
Unauditedfinancial results for the six months to 30 September 2022
SERKO •10

Net Profit Summary/ EBITDAF Reconciliation
•Total income for the half
exceeded FY22 full year.
•Operating expense growth was
partially driven by non-cash items.
•The foreign exchange gain
primarily relates to revaluation
of intercompany balances as
a result of currency movements.
•The EBITDAF loss grew as Serko
continued to increase investment
for future growth.
11
1
nm stands for not meaningful
Net Profit SummaryFY23H1FY22H1
changechange
FY22
EBITDA Reconciliation6 months6 monthsFull Year
$'m$'m$'m%$'m
Revenue18.88.710.1115%17.9
Other income (including Grants)0.70.7(0.1)(10%)1.0
Total income19.49.510.0106%18.9
Operating expenses(42.3)(24.9)(17.5)70%(55.1)
Percentage of revenue(225%)(285%)(308%)
Foreign exchange gains/(losses)2.30.22.11395%(0.0)
Net finance (expense)/income1.00.10.9841%0.6
Net (loss) before tax(19.6)(15.2)(4.4)29%(35.6)
Percentage of revenue(104%)(174%)(200%)
Income tax benefit/(expense)(0.1)0.0(0.1)nm¹(0.3)
Net (loss) after tax(19.7)(15.2)(4.6)30%(36.0)
Net finance expense/(income)(1.0)(0.1)(0.9)841%(0.6)
Add back: income tax0.10.00.1nm¹0.3
Add back:depreciation and amortisation 6.03.72.364%8.0
Add back: net foreign exchange
(gains)/losses(2.3)(0.2)(2.1)1396%0.0
EBITDAF (loss)(16.9)(11.8)(5.1)44%(28.1)
EBITDAF (loss) margin(90%)(135%)(158%)

Revenue Analysis
•Segment revenue is presented to provide
visibility of both the underlying growth in
supplier commissions and the amount
contributed to marketing the Booking.com
for Business service.
•Growth in ARPB is driven by an increased
ARPCRN for supplier commissions revenue
and an increase in the proportion of
supplier commissions revenue as a
proportion of total revenue, both driven
by Booking.comfor Business.
•The ARPCRN for Booking.comfor Business
transactions was €10.10 (€6.61 FY22H1).
12
Revenue and Other IncomeFY23H1FY22H1
changechange
FY22
by Type
6 months6 monthsFull Year
$'m$'m$'m%$'m
Revenue –transaction and usage fees:
Travel platform booking revenue8.44.93.673%9.0
Expense platform revenue2.52.00.526%4.0
Supplier commissions revenue8.11.46.7497%4.4
Services revenue0.50.8(0.3)(38%)1.0
Other revenue0.20.20.06%0.3
Other Income0.70.7(0.1)(10%)1.0
Segment revenue20.39.910.4106%19.8
Consideration payable to customers(0.9)(0.4)(0.5)108%(0.9)
Total revenue and other income in accordance
with NZ GAAP
19.49.510.0106%18.9
Operating Revenue by Geography
Australia9.15.63.562%10.7
New Zealand1.21.00.113%1.5
North America1.61.30.218%2.6
Europe and Other6.90.76.2856%3.0
Total Revenue18.88.710.1115%17.9
Total travel bookings(000)2.31.31.073%2.6
Online bookings(000)2.01.10.975%2.2
ARPB (travel related revenue only/online
bookings)
$7.85$5.11$2.7454%$5.80

Operating Expenses
Note: A further breakdown of Operating Expenses can be found in Note 3 of the financial statements.
•Higher transaction volumes drove increased sales
and marketing, and hosting expenses, however,
these expenses fell as a percentage of revenue.
•Remuneration and benefits increased reflecting
higher staffing and higher average cost per staff
member and non-cash items such as the
employee share scheme and lower levels of
capitalisation.
•Administration expenses increased relative to the
six months to 30 September 2021 but were slightly
lower than the six months to 31 March 2022.
•Amortisationhas increased reflecting a higher
asset base and a number ofrecent projects being
amortisedover three years rather than five years.
•$9.5 million or 54% of the increase in operating
expense relative to the six months to 30
September 2021 related to product design and
development expenditure as investments for
growth increased. See next slide for details.
13
Operating ExpensesFY23H1FY22H1
changechange
FY22
6 months6 monthsFull Year
$'m$'m$'m%$'m
Total selling and marketing expenses2.71.51.386%3.1
Percentage of revenue15%17%17%
Hosting expenses3.22.31.043%4.9
Percentage of revenue17%26%28%
Total remuneration and benefits26.314.911.477%32.1
Percentage of revenue140%171%180%
Total administration expenses4.02.61.556%6.9
Percentage of revenue22%30%39%
Total amortisation and depreciation6.03.72.363%8.0
Percentage of revenue32%42%45%
Total Operating Expense42.324.917.570%55.1
Percentage of revenue225%285%308%
Number of employees at period end
3342953913%312

Product Design and Development
•Product design and development (PD&D)
costs is a non-GAAP measure
1
representing
the internal and external costs related to
PD&D that have been included in operating
expenses or capitalisedas computer
software development during the period
plus amortisationof previously capitalised
PD&D costs.
1
Refer to Appendix for definitions and descriptions
of the non-GAAP measures used by management.
2
We have recognised additional costs within the PD&D
costs to provide a more comprehensive view. This does
not impact the financial statements.
14
Product Design and
Development Expenditure
FY23H1FY22H1
changechange
FY22
6 months6 monthsFull Year
Reclassified²Reclassified²
$'m$'m$'m%$'m
Total Product Design & Development20.314.85.537%30.1
Percentage of revenue108%169%169%
Less: capitalised product development
costs
(5.5)(7.2)1.7(24%)(15.3)
Percentage of Product Design & Development
costs
27%49%51%
Total Product Design & Development
(excluding amortisation)
14.87.57.396%14.8
Percentage of revenue79%86%83%
Add: Amortisation of capitalised
development costs
5.02.92.277%6.4
Total19.810.49.591%21.2
Percentage of revenue106%119%119%

Balance Sheet
•In the six months to 30 September 2022
average monthly cash burn was $3.6m.
•Other current assets increased by104%
relative to 30 September 2021 primarily
reflecting higher trade receivables and
contract assets as a result of higher
revenues in August and September
relative to the prior year.
•Additional payments from customers in
the year to 31 March 2022 are expected
to reverse in the year to 31 March 2023
and are included in current liabilities.
•Non-current liabilities decreased relative
to 31 March 2022 primarily due to lower
lease liabilities.
15
Balance SheetFY23H1FY22H1
changechange
FY22
6 months6 monthsFull Year
$'m$'m$'m%$'m
Cash and Short Term Deposits102.962.340.565%124.5
Other Current Assets13.26.56.7104%6.2
Intangibles32.827.35.520%32.1
Other Non Current Assets4.12.51.665%4.4
Total Assets153.098.654.455%167.2
Current Liabilities17.08.98.192%13.3
Non Current Liabilities2.20.81.4165%3.0
Equity133.888.944.950%150.9
Total Liabilities and Equity153.098.654.455%167.2

Outlook
SERKO •16

•Serko’s first half total income exceeded the full year to 31 March 2022 with a strong exit rate
from the half. Serko notes that historicallysecond half revenue is lower than the first half.
•Serko is affirming its FY23 guidance of approximately doubling FY22 revenue.
•Guidance remains subject to ongoing risks including geo-political and macro-economic
uncertainty and the potential resurgence of COVID.
•Serko has significant cash reserves and is tightly managing investment levels with a focus on
moving towards profitability and cashflow breakeven. It is Serko’s intention, based on current
market conditions, to return to a cashflow positive position during the FY25 financial year with
appropriate cash reserves on hand at the point of breakeven.
Outlook
SERKO •17

Financial Results for thesix months to 30 September 2022
Investor Presentation23November 2022
Q&A
SERKO •18

Appendix
SERKO •19

•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.
•ARPCRN or Average Revenue per Completed Room Night (a non-GAAP measure) is the supplier commissions revenue per completed room night for revenue generating hotel transactions.
•Completed Room Nights (a non-GAAP measure) is the number of hotel room nights which have been booked and the travellerhas completed the stay at the hotel.
•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 11 for a reconciliation to Net loss after tax.
•FTE is a non-GAAP measure representing full time equivalent employees, contractors are not included within this measure.
•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.
•Product design and development costs is a non-GAAP measure representing the internal and external costs related to the design, development and maintenance of Serko’s platforms that
are included within operating expenses or capitalised but excludes amortisation.
•Segment revenue (a non-GAAP measure) is Total revenue and other income before deducting consideration payable to customers.
•Travel-related revenue is a non-GAAP measure and includes travel platform booking revenue and supplier commissions revenue.
•Total travel bookings include both online and offline bookings. Offline bookings are system automated bookings.
Non-GAAP (generally accepted accounting practices) financial measures do not have standardised meanings prescribed by GAAP and therefore may
not be comparable to similar financial information presented by other entities. Non-GAAP measures are used by management to monitor the business
and are considered useful to provide information to investors to assess business performance. Reconciliation of non-GAAP financial measures to GAAP
measures can be found within the Financial Statements and this Investor Presentation.
Definitions
SERKO •20

Building sustainable long-term business growth
We continue to enhance ourenvironmental,
social and governance program, with a
focus on climate change reporting.
We are currently preparing to meet the
upcoming mandatory climate-change
reporting standards and have compiled
our first carbon emissions inventory.
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
SERKO •23

c.500,000
SME Registered Companies
6,000+
Corporate customers
5 Offices
New Zealand –USA
Australia –China
330+
Employees worldwide
SKO
ASX & NZSX
2007
Founded
SERKO •22

Thank you