2023 Annual Meeting Materials & FY24 Guidance

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
28 June 2023



2023 Annual Meeting Materials & FY24 Guidance

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 as a hybrid meeting.

Slide 21 of the presentation contains a market outlook statement (see below).

We invite shareholders to join in person at the offices of Link Market Services Limited, Level 30, PwC
Tower, 15 Customs Street West, Auckland or virtually at www.virtualmeeting.co.nz/sko23.


Outlook and Trading Update
1


Serko has experienced a strong start to FY24 and is pleased to affirm its guidance provided in May that
it continues to anticipate FY24 total income of between $63m and $70m and total spend of between
$86m and $90m.

If June 23 quarter trends continue, Serko anticipates total income to be above the midpoint of this
guidance range.

Serko is well capitalised with cash of $88m (as at 31 March 2023) and no debt.

As well as top-line growth, Serko is focused on continued cost discipline and operational efficiency as it
tracks towards positive cashflow for the FY25 financial year.

Guidance remains subject to ongoing risks including geo-political and macro-economic risks.


For and on behalf of Serko by Shane Sampson, Chief Financial Officer.

ENDS

For investor relations queries please contact:
Shane Sampson
Chief Financial Officer
Serko
+64 9 884 5916
investor.relations@serko.com



1
This is to be read alongside the attached presentation and addresses as well as the guidance statement provided in the Investor
Presentation dated and released to the NZX and ASX 17 May 2023, published with full earnings results.

---

Market Release
28 June 2023


2023 Annual Meeting Addresses

The addresses below will be given at Serko’s Annual Meeting which is to commence at 2.00pm today
(28 June 2023) and is being held in person at the offices of Link Market Services Limited, Level 30,
PwC Tower, 15 Customs Street West, Auckland and online at www.virtualmeeting.co.nz/sko23



Chairperson Welcome

Tēnā koutou katoa. Ngā mihi nui ki a koutou katoa i tēnei ahiahi. Nau mai, haere mai ki tēnei hui ā-tau.
Kia Ora and good afternoon. My name is Claudia Batten. I am the Chair of Serko.
I’m pleased to see so many shareholders and familiar faces joining us today and of course we also
welcome those shareholders joining online.
Some housekeeping matters before we start.
For those shareholders and proxy holders who are attending the meeting in person, and who are entitled
to vote, you should have received a Voting Card when you registered upon arrival at the meeting. If you
have not received a Voting Card, please go to the Link Market Services registration desk where their
representatives will be able to assist you.

Please turn your mobile phones to silent.

If there is an emergency and we need to leave the venue, please do so through the marked exits and
follow the instructions of the venue staff.

Toilet facilities are on this floor down the corridor.
Those online will be able to vote and ask questions during the meeting. I’ll provide you with further
instructions as we progress. If you encounter any issues, please refer to the online portal guide or you
can phone the helpline on 0800 200 220.
We will be using some slides during the meeting. For those of you online you will be able to see these
and follow along. They will also be made available on Serko’s investor website.
It’s my pleasure to introduce my fellow directors:
• Jan Dawson, independent director and Chair of the Audit, Risk and Sustainability
Committee;
• Clyde McConaghy, independent director and Chair of the People, Remuneration and
Culture Committee;
• Darrin Grafton, executive director, CEO and Co-Founder; and
• Bob Shaw, executive director, Chief Strategy Officer and Co-Founder.

I am the only director who is standing for re -election today and as a result will hand over to Clyde
McConaghy to run the voting process for that re -election resolution.
I would also like to welcome the members of Serko’s management and staff in attendance.
Finally, I’d like to welcome our external auditors, Deloitte, our lawyers, Flacks & Wong, and also the team
from our share registrar, Link Market Services. They will help conduct the voting on the formal business
later in the meeting and also act as scrutineer.
Now for the formalities of the meeting.
For those of you online, you can send through your questions at any time through the online portal by
using the “Ask a Question” button, and I would encourage you to do so as early as possible as this will
allow us to answer these questions at the appropriate time of the meeting.
The Company Secretary has confirmed to me that the Notice of Meeting has been sent to shareholders
and other persons entitled to receive it.
I confirm that the requirement for a quorum for this meeting (three shareholders) has been met and I
declare the meeting open.
The items of business for this meeting, and the resolutions to be considered by shareholders, are
contained in the Notice of Meeting.
Darrin and I will begin by providing an overview of the highlights from FY23, our plan to deliver on our
goals for FY24 as well as an outlook and trading update. There will then be an opportunity to ask
questions after our addresses.
We will then attend to the formal business of the meeting.
Voting on all resolutions will be conducted by way of poll. Shareholders attending virtually will be able
to cast their vote using the electronic voting card received when online registration is validated. Please
refer to the online portal guide or use the help line specified.
Chairperson Address

Highlights and areas of focus

Our 2023 financial results reflect Serko's dedication and agility across a three year period that
commenced with the pandemic, an event which had the potential to destroy the business. The passion
and dedication of Darrin, his leadership team and Serko staff are a key reason for Serko having faced
down the challenges and being in the strong position we’re currently in.

The other key reason is you, our shareholders. We would not be here without the support you have
shown us. Thank you.

We completed the financial year with a deep sense of accomplishment. We undertook to maximise the
business travel recovery and deliver significant growth under the Booking.com for Business partnership.
We achieved both, in an often complex and uncertain external environment.

We remain well capitalised, with cash on hand as at 31 March of $87.7m. Cash burn peaked in the first
half of 2023. During the financial year underlying average monthly cash burn reduced from $3.3m to
$2.7m and underlying average monthly cash burn in 2H23 was $1.8 million.

We are in a strong position, with the job by no means done. We are relentlessly focused on our FY25
revenue and profitability goals. These goals will be achieved through:

• Winning in our chosen markets;
• Achieving global scale and operational efficiency; and
• Building a globally competitive business.
How we will deliver

We have been targeted and disciplined in what we invest in, and how we set goals, measure progress
and execute. This will continue and, in particular, we will:

• Increase the international expertise across all disciplines;
• Expand our experimentation-based approach to product development, evident most
recently in our work on the Booking.com for Business platform; and finally, we will
• Embed data-driven decision-making and a systems approach across the entire
organisation.
Building a sustainable business

Serko believes a sustainable approach means doing the right thing by our business, people, customers
and communities. This will drive our long-term value.

As part of our commitment to sustainability, we are currently working with internal and external
stakeholders to identify and assess the most important issues for us to measure, manage and report
on.

We have steadily advanced our sustainability journey over the past year and have reported solid
progress across environment, social and governance categories. We are committed to continuously
improving what we focus on. We encourage you to read our recently released ESG Report on our
website.

Board Priorities

Key Board priorities for the year are supporting the company to deliver growth in Booking.com for
Business and North America and delivering scale. These priorities will drive the achievement of our
FY24 and FY25 goals including profitability.

Critical to scaling will be the support and development of our talent and ensuring we have robust
succession planning across the business.

The board advisors we have put in place across our North America Strategy, Technology and Booking
strategy are providing significant value as we continue to scale up. We have specifically targeted
advisors who have direct experience scaling tech companies internationally.

We have previously signalled our intention to appoint an additional independent director to the Board
and it remains our intention to do so. We also continue to assess the needs and makeup of the Board to
ensure it is best placed to meet the challenges and opportunities ahead.

We have also enhanced how we communicate with shareholders, including aspects of our financial
reporting. We are pleased with the positive feedback we have had and are committed to continuing to
make improvements.

(Chairperson address continues following CEO address below)

CEO Address – Darrin Grafton

Thank you Claudia.

I am pleased to have several members of the executive team here today.

The progress over the last 12 months has been incredible, the team at Serko have delivered exceptional
results and world class technology.

We asked you to support us during COVID while we focused on building the technology needed for the
recovery. COVID was an incredible test of the Serko business and the team's resilience to stay true to
what they could control. I personally would like to thank you as our shareholders for the faith you have
shown in us. I would also like to thank the team, to be able to stand here today and present these
results is also a proud moment as a CEO.

We have accelerated our platform modernisation, building a world class ecommerce platform for
Booking.com for Business. We created world class data and A/B testing capabilities across our product
and company, and we have delivered technology at scale to support the global market recovery. We
have also built modern frameworks that will enable third parties to build onto our platforms in the
future. We have delivered a solution that has brought the two sides of our managed travel market and
unmanaged travel markets together with the recent launch last week with CWT and new and exciting
content options for business travel.

We have done this through a disciplined approach to cash management and investment.

We are now firmly focused on our current delivery programme to ensure FY24 is an even more
rewarding year for all.

The next 12 months will be exciting, as we are now at the scaling phase following these investments,
including the scaling of our customer base.

Disciplined execution driving strong growth

Total income increased 154% to $48 million reflecting business travel recovery and Booking.com for
Business growth. Total income was well ahead of the guidance provided at the start of FY23 of
approximately doubling revenue. We closed FY23 just ahead of our revised guidance range of $42
million to $47 million.

The progress we’ve made in the past twelve months reflected focused execution on our growth plans,
and prior investments. In particular:

• We successfully rode the business travel recovery wave in our home markets of Australia
and New Zealand;

• There has been significant growth under the Booking.com for Business partnership.

The investments made in FY23 and previously were targeted and disciplined. We have invested in the
right capability and technology to increase scale and operational efficiency.

We can see the benefits of those investments in these results. An example is the growth in unmanaged
revenue.

Progress against our FY25 goals

During FY23, we defined how we could achieve the outcome we believed was possible as the market
recovered. We broke these objectives down into five areas. Two of these are the revenue generation
areas (2&3) and the other three are the underlying frameworks to drive revenue and Serko’s long-term
success.
I’ll go into more detail on the revenue objectives and culture on subsequent slides, but will briefly touch
on the other two now.
The first of these being product health foundations, part of customer success and focused on our ability
to measure the impact our technology has on the customer. We experimented with new ways to
produce better conversion of bookings, stability and performance of our platforms and features needed
to truly make a difference as the travel industry recovered.
The second of these objectives is platform foundations. As we drive towards higher scale global
transactions, we needed to make sure our technology would stay ahead of this demand and have
undertaken a number of initiatives to support this. These are already changing how we build, measure
and drive Serko as well as strengthening our position for the future.
Unmanaged revenue – Progress against our strategy with Booking.com
During early FY23 Serko and Booking.com set the approach for success based on some foundational
work needed for conversion, scale and experimentation.
Booking.com shared key resources to enable Serko to build out our data platform and experimentation
technology that has now changed the way we build our products.
This overall work together as partners is reflected on the graphs on the screen. This has enabled
Serko’s strong revenue growth and underpinned our confidence in our outlook statements.
The CWT partnership deepens the Booking.com for Business offering and enables a wider appeal to
business customers. It also brings two of our key partners together while delivering new and exciting
content for business customers across the world.
The addition of CWT content is a significant step in delivering on our strategy of bringing the best of
business travel to Booking.com for Business and is the culmination of many months of planning by
Serko, CWT and Booking.com.
The new offering and platform went live last week, and we are continuing to bring new supply content
online over the coming period.
We now enter the phase of scaling, which will see Serko focus on engagement with the existing
migrated customer base and also other ways of attracting more customers to the platform.
Managed revenue – Capitalising on business travel recovery
Serko has continued to gain market share, and through its channel resellers, has secured one of the
largest travel accounts in Australia which is currently onboarding this month and we should see
transactions in the second half of the calendar year.
In North America, we have continued to build our strategic position in this market and sign new reseller
agreements.
As mentioned, the team at Serko have been working with the wider executive team at CWT to bring
about the addition of CWT content. We see this as an example of the opportunities available to us in
North America.

We have launched new updates to our expense technology within the market and are piloting new
innovations in this space with key customers.
We have continued to develop technology to support NDC, a data standard that allows airlines to evolve
how they personalise and sell inventory. Serko has already successfully collaborated with Visa, CWT
and United Airlines to deliver a significant NDC project.
Serko has continued work with NDC connections with airlines in our home markets and the USA
including Qantas, United and American Airlines. Serko has also committed to working closer with Sabre
to assist the progress of NDC and other initiatives needed for the global marketplace.
Culture – Targeted people investment to increase capability and scale
Our investments in people have been beyond targeted new roles to support scale and growth. We have
invested in establishing the pathways and tools for our people to advance within Serko, ensuring we
retain and grow our people.
As a result, we have seen a significant shift in our monthly pulse survey score for ‘I have access to the
learning and development I need to do my job well’, which improved from 62% favourable in March 2022
to 85% favourable in March 2023. The pulse result for learning is a core employee happiness metric for
high performing technology staff and we see this as a significant improvement.
We have also continued to strengthen our approach to diversity, publicly producing our Mind the Gap
report and holding ourselves accountable for striving towards our diversity and inclusion goals.
We are focused on improving our operational leverage and this is taking place through a number of
initiatives. Examples of these include:
• Fine tuning how we allocate our resources across multiple markets to achieve the right
cost-to-benefit balance.
• Restructuring our Expense division to materially increase efficiency - while also
innovating our Expense product to drive further revenue and customer growth.
• Expanding our China offices to access additional talent to complement other locations.
Our FY24 Objectives
Moving to our FY24 objectives. All five objectives directly drive towards our FY25 revenue and
profitability goals.

For customer success we are accelerating our experimentation efforts to bring more features to the
Zeno platform - powering both Booking.com for Business and our TMC managed travel markets.

The focus is on both customer acquisitions and conversion. We continue scaling our customer
acquisition models. Our objective is to have a platform that people love to use, not only for the
customer experience, but also for the content and savings that can be made through this platform.

During FY24 we will use insights from Serko’s 16 years of history in managed travel to enhance the
booking experience for the Booking.com for Business platform.

In Australasia, our focus is to retain and grow our customers through innovating in response to
customer needs and demands.

This includes new innovations such as NDC on Sabre and improving the online booking change and
servicing process for both customers and resellers. We will be paying a particular focus to delivering
advanced work around reducing friction in online changes and across operational systems.

We will be bringing these key innovations and functionality proven in this market to North America
where we are committed to driving customer growth via both our travel and expense offerings.

We will continue to drive our platform scale and capabilities through further investments, including in AI
and emerging technologies that can help shift how we build and also how our customers use our
technology through these advancements.

We also continue to ensure we have the right people with the right experience as we scale. On that note,
we were pleased to announce the appointment of Joydip Das into the new role of Chief Product Officer
last week. Joydip’s track record as a global product leader will propel our efforts to be a product-led
company that is working to create a connected, frictionless business travel experience.

To our valued customers and partners, thank you for your support. We love what we do and it’s our
privilege to deliver technology that supports your people and your business.

Thank you and I will now hand back to Claudia.

Chairperson Address (contd)

Outlook and trading update
Thank you Darrin.
We have had a solid start to the financial year with business travel demand tracking strongly to date.
We are pleased to affirm our guidance provided in May and, if June 23 quarter trends continue, we
anticipate total income to be above the midpoint of this guidance range.
As well as top line growth, we are focused on continued cost discipline and operational efficiency as we
track towards positive cashflow for the FY25 financial year.
Thank you
Thank you to my fellow directors and to everyone at Serko. You stepped up to another level this year
and our work continues.
Thank you again to our shareholders. Your commitment has meant we have been able to continue to
invest to maximise opportunities – and we are seeing the benefits of this. Our commitment to you is
that we are 100% focused on executing on our strategy and to building a globally competitive, profitable
business.
Thank you.

ENDS

---

Annual Shareholders Meeting
28 June 2023

Disclaimer
This presentation has been prepared by Serko Limited ("Serko"). 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 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 Financial Statements and Annual Reports,
market releases and information published on Serko’s website (www.serko.com);
•mayinclude forward-looking statements about Serko and the environment in which Serko operates,
which are based on assumptions and subject to uncertainties and contingencies outside Serko’s control –
Serko’s actual results;or performance may differ materially from these statements;
•may include 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; 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.
The informationin this presentation has beenprepared with all reasonable care. However, neither Serko (includingits related entities),nor any of their
directors, employees, agents or advisers give any representations or warranties (either express or implied) as to the accuracy or completeness of the
information.To the maximum extent permitted by law, no such person/s shall have any liability whatsoever to any other person for any loss (including,
without limitation, arising from any fault or negligence) arising from this presentation or any information supplied or omitted in connection with it.
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 assess business performance.
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
Serko2

Chairperson
Welcome
Claudia Batten

Serko's Board
Claudia
Batten
Jan
Dawson
Clyde
McConaghy
Darrin
Grafton
Bob
Shaw
Serko4

Order of
meeting
1.Chairperson Address
2.CEO Address
3.Outlook and Trading Update
4.Shareholder Q&A
5.Formal Business & Resolutions
6.General Business
Serko5

Chairperson Address
Claudia Batten
Serko6

Highlights and areas of focus
Maximise
recovery,
deliver
unmanaged
revenue
growth
Winning
in chosen
markets
Global
scale and
operational
efficiency
Building
globally
competitive
business
Serko7
FY23FY24

How we will deliver
•Targeted and disciplined in what we invest in and how
we set goals, measure progress and execute;
•Increasingthe international expertise across all
disciplines;
•Expanding our experimentation-based approach to
product development, evident most recently in our work
on the Booking.com for Business platform; and
•Embedding data-driven decision-making and a systems
approach across the entire organisation.
Serko8

Environmental, Social and Governance
Environment
•Improving our understanding of our
carbon footprint — completing our
first GHG inventories
•Readying ourselves for mandatory
climate reporting — providing a
roadmap and FY23 progress report
Social
•Introducing our new Community
Investment Programme
•Having our inaugural Community
Day for employees to give back to
their communities
•Publishing our first Pay and Gender
Equity Statement and registering on
the New Zealand ‘Mind the Gap’ Registry
•Comprehensively reviewing and improving
disclosure of our executive remuneration
•Increasing our leave and wellness
entitlements, including introducing
broader parental leave benefits with
gender neutral application
Governance
•Continuing to enhance our business
ethics programme, including introduction
of our Modern Slavery Policy and
statement
•Continuing to improve our risk
management framework, including
climate risk
•Establishing our new Data Governance
Group and Technology Advisory
Committee to provide oversight and
guidance on data and
technology-related matters
Highlights demonstrating our commitment to building sustainable business
Serko9

Serko10
Board priorities

CEO Address
Darrin Grafton

154%
INCREASE
Total
income
Disciplined execution driving strong growth
$82.8m$83.3m$(21.8m)
IMPROVEMENT
EBITDAFloss
$3.1m
Avg. cash burn / mth
$2.7m underlying
average monthly cash
burn
RevenueProfit (loss)CostsBalance sheet
$48m
50%
INCREASE
Operating
expenses
34%
INCREASE
Total
spend
$(30.5m)
IMPROVEMENT
Net loss
after tax
$87.7m
DECREASE
Cash
on hand
Serko12

Organisational
alignment
Maximisealignment
across our teams and
minimisefriction for
our customers to
increase organisational
efficiency
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
Commercialisethe
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 an exceptional
customer experience
(CX) through
experimentation-
driven development
1
3yr
Strategic
Goals
FY23
Objectives
Progress against our FY25 goals
Serko13

Unmanaged revenue
Completed room nights
up 381% YoY,
from 320k to 1.5m
Avg. revenue per completed
room night
up 36% YoY
Active
customers
up 144%
Material progress against our strategy with Booking.com
0.1 m
0.2 m
0.5 m
1.1 m
FY22 H1FY22 H2FY23 H1FY23 H2
€ 6.61
€ 7.04
€ 10.10
€ 9.03
FY22 H1FY22 H2FY23 H1FY23 H2
28 k
64 k
109 k
157 k
FY22 H1FY22 H2FY23 H1FY23 H2
Serko14

Managed revenue
•Australasia online bookings up 77%
•Average online bookings for Australasia were 89% of pre-pandemic levels.
(New Zealand 136% of pre-pandemic levels and Australia 82%)
•Strategicprogress in North America
* Percentages are measured against the same month in 2019 to reflect pre-pandemic volumes.
Capitalising on business travel recovery
1.1m
0.9m
1.7m
1.7m
FY22H1FY22H2FY23H1FY23H2
Australasia online bookings
(millions)
0%
40%
80%
120%
160%
200%
Australasia transactions as
% of pre-pandemic levels
*
$4.91
$5.11
$5.06
$4.87
FY22H1FY22H2FY23H1FY23H2
Australasia ARPB
•New Zealand TMCs
•Australasia
•Australian TMCs
•Australasia avg. p/workday
Serko17

Culture
Targeted people investments to increase capability and scale
312
331
363
364
-
100
200
300
400
FY22 H1FY22 H2FY23 H1FY23 H2
Total Headcount
EmployeesContractors
Geography of Headcount
New ZealandAustraliaChinaUSA
FY23
FY22
Serko18

The best place to do
your best work
An environment where
you can do career
defining work that
delights our customers
and partners
5
Adopt next gen tech
foundations
Continue development
of our next-gen
technology platform to
optimisescale, cost
and pace of innovation
4
Unlock the
US market
Utiliseour market
leadingA/NZ
experience to improve
the success of
our US-based TMCs
3
Make booking for
business easy
Combine Serko’s
experience of what
matters most to
business travellers
with the best of
Booking.com
2
Build travel software
people love
Engage and delight
our customers
through impactful
data-driven products
1
3yr
Strategic
Goals
FY24
Objectives
Our FY24 goals
Serko19
Culture
Develop a culture of
engaged Serkodians
aligned to our purpose,
mission and values
Marketplace
and content
Commercialisethe
connected trip
experience through
an open platform
Managed
revenue
Consistently grow
market share in global
managed travel market
through TMC
partnerships and
inorganic growth
Unmanaged
revenue
Establish significant
market share
in unmanaged
travel market
Customer
success
Deliver an exceptional
customer experience
(CX) through
experimentation-
driven development

Serko20
Outlook and trading update
Claudia Batten

Outlookand trading update
•Serko has experienced a strong start to FY24 and affirms its guidance provided in May that it
continues to anticipate FY24 total income of between $63m and $70m and total spend of
between $86m and $90m.
•If June 23 quarter trends continue, we anticipate total income to be above the midpoint of this
guidance range.
•Serko is well capitalisedwith cash of $88m (as at31 March 2023) and no debt.
•As well as top-line growth, Serko is focused on continued cost discipline and operational
efficiency as it tracks towards positive cashflow for the FY25 financial year.
•Guidance remains subject to ongoing risks including geo-political and macro-economic risks.
Serko21
This slide should be read alongside the full guidance statement provided in the
Investor Presentation dated 17 May 2023, published with full earnings results.

Thank you

Appendix
Serko23

Definitions
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 Annual Report dated 17 May 2023.
•Active customers (unmanaged) is a non-GAAP measure comprising the number of customers who have made a booking in the preceding 12-month period.
•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 is a non-GAAP measure and comprising the gross unmanaged supplier commissions revenue per
completed room night for revenue generating hotel transactions.
•Cash on hand is a non-GAAP measure comprising cash and short terminvestments.
•Completed room nights is a non-GAAP measure comprising the number of unmanaged hotel room nights which have been booked and the travellerhas
completed the stay at the hotel.
•EBITDAFis 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.
•Headcountis a non-GAAP measure comprising of the number of employees (excluding casual workers) and contractors employed on the last dayof the period.
•Online Bookings is a non-GAAP measure comprising the number of travel bookings made using Serko’s Zeno and Serko Online platforms.
•Operating expenses is a non-GAAP measure comprising expenses excluding costs relating to taxation, interest, finance expenses and foreign exchange gains
and losses.
•Product design and development expenditureis a non-GAAP measure representing the internal and external costs related to the design, development and
maintenance of Serko’s platforms, including costs within operating expenses and amortisation. It excludes capitaliseddevelopment costs.
•Total spend is a non-GAAP measure comprising of operating expenses and capitaliseddevelopment costs. It excludes depreciation and amortisation.
•Total travel bookings include both online and offline bookings. Offline bookings are system automated bookings.
•Underlying cash flow is a non-GAAP measure comprising cash flows excluding movements between cash and short terminvestments, cash flows related to
capital raises and unusual items from a timing perspective.
Serko24

2007
Founded
SKO
ASX & NZSX
360+
Size of our team
5 offices
New Zealand, USA,
Australia, China
6000+
Corporate
customers
c. 600k
SME registered
companies