Serko FY24 Half Year Results Announcement

Serko Limited, Saatchi Building, Unit 14D 125 The Strand, Parnell, Auckland, New Zealand
PO Box 47-638, Ponsonby, T: +64 9 884 5916, F: +64 9 377 0545, investor.relations@serko.com
Incorporated in New Zealand ARBN 611 613 980
Market Release
15 November 2023
FY24 Half-Year Results Announcement for the period ended
30 September 2023


Serko Limited (NZX:SKO) today announced its unaudited financial results for the six month period
ended 30 September 2023.

SUMMARY FINANCIAL RESULTS
1,2

• Total income of $36.3m, up 87%
• Online bookings of 2.5 million, up 26%
• Completed room nights on Booking.com for Business of 1.3m, up 192%
• EBITDAF loss of $0.8 million, a 96% improvement
• Net loss after tax of $7.2 million, a 64% improvement
• Average monthly cash burn of $0.6 million, an 84% improvement
• Increase to FY24 guidance for total income to $67 million to $74 million
All dollar amounts are New Zealand dollars, unless stated otherwise.
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 be made available on www.serko.com/investors.
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 310788.
Location Phone Type Phone Number
New Zealand Tollfree/Freephone 0800 423 972
New Zealand, Auckland Local +64 (0)9 9133 624
Australia Tollfree/Freephone 1 800 590 693
Australia, Sydney Local +61 (0)2 7250 5438
Hong Kong, Hong Kong Local +852 5803 0798
Singapore Tollfree/Freephone 800 120 7297
United Kingdom Tollfree/Freephone 0800 279 0424
United Kingdom, Local Local +44 (0)330 165 3646
United States/Canada Tollfree/Freephone 800-289-0459


1
Comparative numbers are for the prior comparative period (1H23) unless otherwise stated.
2
See notes to this release for definitions of non-GAAP financial measures used the released materials.

Serko Limited, Saatchi Building, Unit 14D 125 The Strand, Parnell, Auckland, New Zealand
PO Box 47-638, Ponsonby, T: +64 9 884 5916, F: +64 9 377 0545, investor.relations@serko.com
Incorporated in New Zealand ARBN 611 613 980


The webcast link will be made available at www.serko.com/investors.

The interim results and a presentation will be released to the NZX and ASX prior to the
call. Management discussion will be followed by a question and answer session.

There is no pre-registration required for the conference call.

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

FURTHER INFORMATION

Investor relations
Shane Sampson
Chief Financial Officer
+64 9 884 5916
investor.relations@serko.com
Media relations
Coran Lill
+61 (0)468 963 068
coran.lill@csladvisory.co.nz

---

Serko Limited, Saatchi Building, Unit 14D 125 The Strand, Parnell, Auckland, New Zealand
PO Box 47-638, Ponsonby, T: +64 9 884 5916, F: +64 9 377 0545, investor.relations@serko.com
Incorporated in New Zealand ARBN 611 613 980
Market Release
15 November 2023


Serko’s unaudited financial results for the six months to 30 September 2023
Revenue growth and operational leverage underpin strong
financial results


SUMMARY FINANCIAL RESULTS
1,2

• Total income of $36.3m, up 87%
• Online bookings 2.5 million, up 26%
• Completed room nights on Booking.com for Business of 1.3m, up 192%
• EBITDAF loss of $0.8 million, a 96% improvement
• Net loss after tax of $7.2 million, a 64% improvement
• Average monthly cash burn of $0.6 million, an 84% improvement
• Increase to FY24 guidance for total income to $67 million - $74 million
All dollar amounts are New Zealand dollars, unless stated otherwise.

Serko Limited (NZX & ASX: SKO) today released its financial results for the six months to 30
September 2023, with total income up 87% to $36.3 million, reflecting high revenue growth across
managed and unmanaged travel.
Serko Chief Executive and Co-Founder, Darrin Grafton, said: “The first-half result reflects our focus on
maximising growth from the travel recovery, materially growing revenue under the Booking.com for
Business partnership and putting Serko on a clear path to profitability. We are executing according to
our plans and are now strengthening the depth of our capability and building a scaled and globally
competitive business.
“The first-half result also benefitted from a higher Average Revenue Per Booking, favourable foreign
exchange rates and higher-than-expected business travel volumes in Australasia.”
Higher revenue and limited cost growth in the period has led to an 84% reduction in average monthly
cash burn from $3.6m in 1H23 to $0.6 million in 1H24.
EBITDAF losses were $0.8m, down from a $16.9 million EBITDAF loss, a 96% improvement.

UNMANAGED TRAVEL
Mr Grafton said: “The results being delivered under the Booking.com partnership reflect the continued
focus of Serko and Booking.com teams and encouraging levels of customer demand.
“Completed room nights on Booking.com for Business rose 192% to 1.3 million from 454,000 in 1H23.
When compared with 2H23, completed room nights on Booking.com for Business rose 22% in 1H24.
“Active customers using the Booking.com for Business platform have continued to increase, up 61%
to approximately 176,000. Average Revenue per Completed Room Night was in line with 1H23 and up
12% on 2H23.

1
Comparative numbers are for the prior comparative period (1H23) unless otherwise stated.
2
See notes to this release for definitions of non-GAAP financial measures used throughout 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, F: +64 9 377 0545, investor.relations@serko.com
Incorporated in New Zealand ARBN 611 613 980
“During the half, content and servicing from CWT within our Zeno technology platform went live in the
Booking.com for Business offering, increasing travel options and reducing friction for businesses.
“We are now focused on implementing further scaling strategies with Booking.com alongside the
delivery of new features.”

MANAGED TRAVEL
Mr Grafton said: “Online bookings were up 14% in Australasia to two million, the result of continued
strong growth and increased market share. Rio Tinto, one of the largest corporate travel accounts in
Australia, went live on Zeno during the half via American Express Global Business Travel.
“We continue to see future growth in Australasia underpinned by high rates of customer retention.
“In North America, we are developing the market and delivering to our partners. We are executing on
our plans including taking steps to activate additional customers, increasing the depth of our
capability and undertaking targeted product development.”

OUTLOOK
Business travel demand is demonstrating resilience and Serko continues to anticipate revenue growth
over the medium to long term.
Considering the growth in the first half, and second half seasonality, Serko revises its anticipated total
income for the FY24 year upwards from $63 million - $70 million to $67 million - $74 million. Serko
affirms its total spend guidance of $86 million - $90 million for FY24 and anticipates tracking towards
the lower end of this spend range.
Serko is well capitalised with cash on hand of $84.3 million (as at 30 September 2023), declining cash
burn and no debt. Serko continues to be open to organic and inorganic investments and will consider
opportunities that would advance strategic objectives.
Macroeconomic and geopolitical factors continue to be uncertain, which may impact future
performance, including in the short term. Factors that could impact results include currency
fluctuations, the impact of regional conflicts and changes in hotel room rates.
Serko retains its aspiration of $100 million in total income in FY25. Serko remains committed to
achieving positive cashflow for the FY25 financial year with appropriate cash reserves on hand at the
point of breakeven.

ENDS

Released for an 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 in the covering announcement and a live webcast link is available at
serko.com/investors.

Serko Limited, Saatchi Building, Unit 14D 125 The Strand, Parnell, Auckland, New Zealand
PO Box 47-638, Ponsonby, T: +64 9 884 5916, F: +64 9 377 0545, investor.relations@serko.com
Incorporated in New Zealand ARBN 611 613 980
FURTHER INFORMATION
Investor relations
Shane Sampson
Chief Financial Officer
+64 9 884 5916
investor.relations@serko.com
Media relations
Coran Lill
+61 (0)468 963 068
coran.lill@csladvisory.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.

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.
• 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 comprising the gross
unmanaged supplier commissions revenue per completed room night.
• Cash on hand is a non-GAAP measure comprising cash and short term investments.
• Completed room nights is a non-GAAP measure comprising the number of revenue generating unmanaged
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.
• Headcount is a non-GAAP measure comprising the number of employees (excluding casual workers) and
contractors employed on the last day of 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 expenditure is 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 capitalised development costs.
• Total spend is a non-GAAP measure comprising operating expenses and capitalised development 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 term investments, cash flows related to capital raises and unusual items from a timing
perspective.

---

RESULTS ANNOUNCEMENT
15 November 2023
Results for announcement to the market


Name of issuer Serko Limited (“SKO”)
Reporting Period 6 months to 30 September 2023
Previous Reporting Period 6 months to 30 September 2022
Currency New Zealand Dollars
Amount (000s) Percentage change
Revenue from
continuing operations
$36,345 Up 87%

Total Revenue $36,345 Up 87%
Net profit/(loss)
from continuing
operations
($7,167) Improvement
of 64%
Total net profit/(loss) ($7,167) Improvement
of 64%
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
$0.7343 $0.8473
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 15 November 2023

Unaudited financial statements for the six months ended 30 September 2023
accompanying 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 2023
FY24 Interim Report

Contents
Consolidated statement of comprehensive income 1
Consolidated statement of changes in equity 2
Consolidated statement of financial position 3
Consolidated statement of cash flows 4
Notes to the financial statements 5

Consolidated Statement of Comprehensive Income
For the six months ended 30 September 2023
The accompanying notes form part of these financial statements.
Notes
6 months
Unaudited
6 months
Unaudited
12 months
Audited
30 Sep 202330 Sep 202231 Mar 2023
$ (000)$ (000)$ (000)
Revenue2 35,775 18,785 46,492
Other income2 570 654 1,533
Total income 36,345 19,439 48,025
Remuneration and benefits (25,844) (26,313) (49,329)
Other operating expenses (11,255) (10,029) (20,450)
Amortisation and depreciation (8,253) (5,985) (13,040)
Expenses from ordinary activities3 (45,352) (42,327) (82,819)
Loss before finance items (9,007) (22,888) (34,794)
Foreign exchange gains – net 192 2,302 1,737
Finance income 2,098 1,141 2,878
Finance expenses (120) (144) (282)
Loss before income tax (6,836) (19,589) (30,461)
Income tax expense (331) (144) (79)
Net loss attributable to the shareholders of the company (7,167) (19,733) (30,540)
Movement in foreign currency reserve 350 (840) (440)
Total comprehensive loss for the period (6,817) (20,573) (30,980)
Earnings per share
Basic and diluted earnings/(loss) per share (dollars)11 (0.06) (0.17) (0.26)
1

Consolidated Statement of Changes in Equity
For the six months ended 30 September 2023
*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.
6 months Unaudited
30 Sep 2023
Notes
Share
capital
Share-based
payment
reserve
Foreign
currency
reserve
Accumulated
lossesTotal
$ (000)$ (000)$ (000)$ (000)$ (000)
Balance as at 1 April 2023 237,976 10,637 (676) (122,007) 125,930
Net loss for the period - - - (7,167) (7,167)
Other comprehensive loss* - - 350 - 350
Total comprehensive loss for the period - - 350 (7,167) (6,817)
Transactions with owners
Equity-settled share-based payments 6,267 (3,913) - - 2,354
Balance as at 30 September 202310 244,243 6,724 (326) (129,174) 121,467
6 months Unaudited
30 Sep 2022
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 loss* - - (840) - (840)
Total comprehensive 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 2022 237,842 8,226 (1,076) (111,200) 133,792
12 months Audited
31 Mar 2023
As presented in the 31 March 2023 Annual Report
Balance as at 1 April 2022 235,101 7,483 (236) (91,467) 150,881
Net loss for the year - - - (30,540) (30,540)
Other comprehensive loss* - - (440) - (440)
Total comprehensive loss for the year - - (440) (30,540) (30,980)
Transactions with owners
Equity-settled share-based payments 2,875 3,154 - - 6,029
Balance as at 31 March 202310 237,976 10,637 (676) (122,007) 125,930
2

Jan Dawson
Chair of Audit, Risk and Sustainability Committee
Claudia Batten
Chair
For and on behalf of the Board of Directors, who authorise these financial statements for issue on 15 November 2023
The accompanying notes form part of these financial statements.
Consolidated Statement of Financial Position
As at 30 September 2023
Notes
6 months
Unaudited
6 months
Unaudited
12 months
Audited
30 Sep 202330 Sep 202231 Mar 2023
$ (000)$ (000)$ (000)
Current assets
Cash at bank 23,830 17,867 15,244
Short-term deposits 60,500 85,000 72,500
Receivables4 15,996 13,208 13,691
Derivative financial instruments5 596 - 144
Total current assets 100,922 116,075 101,579
Non-current assets
Property, plant and equipment6 3,119 3,855 3,946
Intangible assets 7 32,962 32,832 35,041
Deferred tax asset 393 224 350
Total non-current assets 36,474 36,911 39,337
Total assets 137,396 152,986 140,916
Current liabilities
Trade and other payables8 11,431 13,695 9,862
Deferred income 1,498 1,126 1,204
Lease liabilities9 1,075 1,448 1,093
Derivative financial instruments5 - 375 -
Income tax payable 155 347 83
Total current liabilities 14,159 16,991 12,242
Non-current liabilities
Deferred income 222 895 727
Lease liabilities9 1,548 1,308 2,017
Total non-current liabilities 1,770 2,203 2,744
Total liabilities 15,929 19,194 14,986
Equity
Share capital10 244,243 237,842 237,976
Share-based payment reserve10 6,724 8,226 10,637
Foreign currency reserve (326) (1,076) (676)
Accumulated losses (129,174) (111,200) (122,007)
Total equity 121,467 133,792 125,930
Total equity and liabilities 137,396 152,986 140,916
3

Consolidated Statement of Cash Flows
For the six months ended 30 September 2023
The accompanying notes form part of these financial statements.
Notes
6 months
Unaudited
6 months
Unaudited
12 months
Audited
30 Sep 202330 Sep 202231 Mar 2023
$ (000)$ (000)$ (000)
Cash flows from operating activities
Receipts from customers 37,257 16,735 43,102
Interest received 944 38 2,170
Receipts from government grants - other - - 1,629
Taxation paid (89) (34) (393)
Payments to suppliers and employees (37,001) (34,613) (70,812)
Interest payments on lease liabilities (95) (51) (223)
Net GST refunded 1,220 973 2,201
Net cash flows (used in)/from operating activities12 2,236 (16,952) (22,326)
Cash flows from investing activities
Purchase of property, plant and equipment (41) (226) (463)
Capitalised development costs and other intangible assets (5,095) (4,794) (13,551)
Short-term deposits 12,000 5,000 17,500
Net cash flows (used in)/from investing activities 6,864 (20) 3,486
Cash flows from financing activities
Issue of ordinary shares - 28 21
Payment of lease liabilities (518) (464) (951)
Net repayment of loans - (23) (28)
Net cash flows (used in)/from financing activities (518) (459) (958)
Net increase / (decrease) in total cash 8,582 (17,431) (19,798)
Net foreign exchange difference 4 785 529
Cash and cash equivalents at beginning of period 15,244 34,513 34,513
Cash and cash equivalents at the end of the period 23,830 17,867 15,244
Cash and cash equivalents comprises the following:
Cash at bank 23,830 17,867 15,244
23,830 17,867 15,244
4

Notes to the Financial Statements
For the six months ended 30 September 2023
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 Interim Financial Statements have been prepared
in accordance with the requirements of 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 2023.
d) Sales tax
The Income Statement and the Statement of Cash
Flows have been prepared so that all components are
stated exclusive of sales tax, except where sales tax is
not recoverable. All items in the Statement of Financial
Position are stated net of sales tax with the exception
of trade receivables and trade payables, which include
sales tax payable. Sales tax includes Goods and
Services Tax.
e) Application of new and revised standards,
amendments and interpretations.
There are no new revised or amended IFRS Standards
that have a material impact on the Group for the period.
The accounting policies adopted are consistent with the
prior period.
5

2 REVENUE AND OTHER INCOME
6 months
Unaudited
6 months
Unaudited
12 months
Audited
30 Sep 202330 Sep 202231 Mar 2023
$ (000)$ (000)$ (000)
Revenue – transaction and usage fees:
Travel platform booking revenue9,5738,43816,283
Expense platform revenue2,6182,4744,960
Supplier commissions revenue22,6817,21123,363
Services revenue7404941,555
Other revenue163168331
Total revenue35,77518,78546,492
Government grants5706541,533
Total other income5706541,533
Total revenue and other income36,34519,43948,025
6 months
Unaudited
6 months
Unaudited
12 months
Audited
30 Sep 202330 Sep 202231 Mar 2023
$ (000)$ (000)$ (000)
Geographic information
Australia10,1749,10218,130
New Zealand1,5761,1792,480
US1,6341,5893,015
Europe and Other22,3916,91522,867
Total revenue35,77518,78546,492
Serko reduces supplier commissions revenue by the amount of consideration payable to customers relating to jointly
agreed marketing fees. For the six months ended 30 September 2023, consideration payable to customers was
$1,691,679 (30 September 2022: $886,004; 31 March 2023: $1,816,833).
6

3 EXPENSES
6 months
Unaudited
6 months
Unaudited
12 months
Audited
30 Sep 202330 Sep 202231 Mar 2023
$ (000)$ (000)$ (000)
Operating loss before taxation includes the following expenses:
Employee remuneration22,15921,65237,995
Contributions to pension plans1,0528514,688
Share-based payment expenses2,3543,4626,008
Other remuneration and benefits279348638
Total remuneration and benefits25,84426,31349,329
Hosting expenses3,8123,2426,638
Third party connection costs1,1499491,889
Other platform related costs1,4578701,918
Auditor remuneration and other assurance fees103127268
Directors’ fees229234465
Movement of expected credit loss allowance on receivables-8728
Bad debts written off / (recovered)(113)413
Rental and operating lease expenses18104134
Professional fees7618341,627
Computer licences7866691,540
Insurance costs558484986
Marketing expenses7009221,610
Recruitment fees211267567
Donations3-11
Travel and entertainment7094441,128
Other expenses8727921,628
Total other operating expenses11,25510,02920,450
Amortisation of intangibles7,3575,04111,163
Depreciation8969441,877
Total amortisation and depreciation8,2535,98513,040
Expenses from ordinary activities45,35242,32782,819
7

4 RECEIVABLES
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:
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.
6 months
Unaudited
6 months
Unaudited
12 months
Audited
30 Sep 202330 Sep 202231 Mar 2023
$ (000)$ (000)$ (000)
Trade receivables2,8063,6413,289
Expected credit loss provision(39)(283)(220)
Trade receivables (net)2,7673,3583,069
GST receivable291547545
Sundry debtors414317
Contract assets11,7647,3578,287
Prepayments1,1331,9031,773
Total receivables15,99613,20813,691
6 months
Unaudited
6 months
Unaudited
12 months
Audited
30 Sep 202330 Sep 202231 Mar 2023
$ (000)$ (000)$ (000)
Current:
Foreign currency forward exchange contracts: asset/(liability)596(375)144
Contractual amounts of forward exchange contracts
outstanding were as follows:
Foreign currency forward exchange contracts55,92723,53038,806
8

6 PROPERTY, PLANT AND EQUIPMENT
6 months
Unaudited
6 months
Unaudited
12 months
Audited
30 Sep 202330 Sep 202231 Mar 2023
$ (000)$ (000)$ (000)
Opening balance3,9464,3194,319
Additions414331,481
Disposals--(4)
Depreciation(898)(944)(1,877)
Currency translation304727
Closing balance3,1193,8553,946
7 INTANGIBLES
6 months
Unaudited
6 months
Unaudited
12 months
Audited
30 Sep 202330 Sep 202231 Mar 2023
$ (000)$ (000)$ (000)
Opening balance35,04132,05832,058
Additions5,0954,79513,551
Amortisation(7,357)(5,041)(11,163)
Currency translation1831,020595
Closing balance32,96232,83235,041
8 TRADE AND OTHER PAYABLES
6 months
Unaudited
6 months
Unaudited
12 months
Audited
30 Sep 202330 Sep 202231 Mar 2023
$ (000)$ (000)$ (000)
Trade payables7941,7762,311
Other payables-5,135-
Accrued expenses7,2573,7534,644
Annual leave accrual3,3803,0312,907
Total trade and other payables11,43113,6959,862
Disclosed as:
Current11,43113,6959,862
Non-Current---
11,43113,6959,862
9

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 202330 Sep 202231 Mar 2023
$ (000)$ (000)$ (000)
Opening Balance3,1102,9772,977
Lease entered into / modified during the period82161,073
Principal repayments(527)(464)(951)
Foreign exchange adjustment332711
Closing balance2,6232,7563,110
Classified as:
Current1,0751,4481,093
Non-current1,5481,3082,017
Closing balance2,6232,7563,110
10

10 EQUITY
6 months
Unaudited
6 months
Unaudited
12 months
Audited
6 months
Unaudited
6 months
Unaudited
12 months
Audited
30 Sep
2023
30 Sep
2022
31 Mar
2023
30 Sep
2023
30 Sep
2022
31 Mar
2023
$ (000)$ (000)$ (000)
NO. OF
SHARES
(000)
NO. OF
SHARES
(000)
NO. OF
SHARES
(000)
Ordinary shares 
Balance at 1 April237,976235,101235,101120,443119,921119,921
Issue of shares pursuant to institutional
capital placement
------
Transaction costs for issue of new shares------
Issue of shares pursuant to US Options plan-2121-88
Issue of shares pursuant to RSU scheme6,2672,7202,8541,349494514
Share capital244,243237,842237,976121,792120,423120,443
  
Share-based payment reserve 
Balance at 1 April10,6377,4837,483
RSUs expensed during the year2,3773,4656,542
Shares vested to employees via RSU scheme(6,267)(2,479)(2,854)
RSUs forfeited by employees(29)(256)(516)
Share-based payments - employee share options613(18)
Share-based payment reserve6,7248,22610,637
11

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 202330 Sep 202231 Mar 2023
$ (000)$ (000)$ (000)
Loss attributable to ordinary equity holders of the parent
Continuing operations(7,167)(19,733)(30,540)
(7,167)(19,733)(30,540)
NumberNumberNumber
Basic earnings per share
Issued ordinary shares121,792120,423120,443
Weighted average of issued ordinary shares120,781120,268120,344
Adjusted for unallocated employee restricted share plan shares(1,264)(1,264)(1,264)
Weighted average of issued ordinary shares outstanding119,517119,004119,080
Basic and diluted earnings/(loss) per share (dollars)(0.06)(0.17)(0.26)
6 months
Unaudited
6 months
Unaudited
12 months
Audited
30 Sep 202330 Sep 202231 Mar 2023
CentsCentsCents
Net tangible assets per security73.4384.7376.26
12

12 RECONCILIATION OF OPERATING PROFIT TO NET CASH FLOW FROM
OPERATING ACTIVITIES
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 2023 (30 September 2022: $nil).
6 months
Unaudited
6 months
Unaudited
12 months
Audited
30 Sep 202330 Sep 202231 Mar 2023
$ (000)$ (000)$ (000)
Net loss after tax(7,167)(19,733)(30,540)
Add non-cash items
Amortisation7,3565,04111,163
Depreciation8979441,877
Deferred tax loss/(gain)(43)(149)(275)
(Gain) / loss on foreign exchange transactions(286)(2,297)(1,681)
Share-based compensation2,3543,4506,008
3,111(12,744)(13,448)
Add/(less) movements in working capital items
(Increase) / decrease in receivables(2,305)(6,982)(7,465)
Increase / (decrease) in payables1,3582,547(1,376)
Increase / (decrease) in income tax72227(37)
(875)(4,208)(8,878)
Net cash flows used in operating activities2,236(16,952)(22,326)
13

Company Directory
Serko’s ESG Report, which includes its Corporate Governance Statement,
can be found at www.serko.com/investors.
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 12, 225 George Street
Sydney 2000
NSW, Australia
Principal Administration Office
New Zealand
Saatchi Building
Level 1, 125 The Strand
Parnell, 1010
+64 9 309 4754
Australia
Level 8, 75 Elizabeth Street
Sydney 2000
NSW, Australia
+61 2 9435 0380
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
Darrin Grafton
Robert (Clyde) McConaghy
Robert (Bob) Shaw
Deloitte Limited
Deloitte Centre
80 Queen Street
Auckland 1040, New Zealand
+64 9 303 0700
14

FY24 Interim Report · Serko Limited
serko.com

---

Financial Results
Unaudited financial results
for thehalf year ending 30 September 2023
Investor Presentation - 15 November 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 resultsor 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;
•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, howeverneither 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.
Comparative figures are for the prior comparative period (1H23) unless otherwise stated.
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

Contents
04 1H FY24 Highlights
12Strategic Priorities
18 Financial Update
27 Outlook
Darrin Grafton
CEO
Shane Sampson
CFO

1H FY24 Highlights
Refer to Appendix for definitions and descriptions of the non-GAAP measures used by management throughout this presentation.
Serko4

Serko5
Strong progress and delivery on growth plans
Maximise
recovery,
deliver
unmanaged
revenue growth
Winning in
chosen markets
Global
scale and
operational
leverage
Building
globally-
competitive
business
FY23FY24

$36.3m
Total
income
87%INCREASE
1H FY24: Revenue growth and operational leverage
$(0.8m)
EBITDAFloss
96% IMPROVEMENT
$0.6m
Avg. cash burn / mth
84% IMPROVEMENT
RevenueProfit (loss)CostsBalance sheet
$45.4m
Operating
expenses
7% INCREASE
$42.2m
Total
spend
3% INCREASE
$(7.2m)
Net loss
after tax
64%IMPROVEMENT
$84.3m
Cash
on hand
DECREASE HoH
Serko6

Growth from unmanaged and managed travel
•Total 1H24 income of $36.3m, up
87% on 1H23 and up 27% on
2H23
•Growth driven by
progressofBooking.com for
Business and increased volumes
in Australasia
•First-half benefitted from higher
ARPB, favorable foreign
exchange rates and higher-than-
expected business travel
volumes in Australasia
Serko7
$9.5m
$9.4m
$19.4m
$28.6m
$36.3m
$0m
$5m
$10m
$15m
$20m
$25m
$30m
$35m
$40m
1H222H221H232H231H24
Total income

$9.5m
$9.4m
$19.4m
$28.6m
$36.3m
1H222H221H232H231H24
Up 87% on1H23
Up 26% on 1H23
Up 192% on 1H23
Total incomeTotal online bookings*Completed room nights**
Serko8
Focus on delivering sustainable growth
0.1m
0.2m
0.5m
1.1m
1.3m
1H222H221H232H231H24
1.1m
1.0m
2.0m
2.2m
2.5m
1H222H221H232H231H24
* Total online booking figures include both unmanaged and managed bookings.
**Completed room nights only relate to revenue generating unmanaged travel bookings.
Up 192% on 1H23

Increasing benefits from cost discipline
•Total spend of $42.2m for 1H24
•Total spend growth was
up 3% on 1H23 and in line with
2H23
Serko9
$28.4m
$33.9m
$41.1m
$42.2m
$42.2m
$0m
$5m
$10m
$15m
$20m
$25m
$30m
$35m
$40m
$45m
$50m
1H222H221H232H231H24
Total spend

Total income growth exceeded cost growth
Total spend as a percentage
of total income decreased
from 212% in 1H23 to 116% in
1H24
Serko10
$9.5m
$9.4m
$19.4m
$28.6m
$36.3m
$28.4m
$33.9m
$41.1m
$42.2m
$42.2m
$0m
$5m
$10m
$15m
$20m
$25m
$30m
$35m
$40m
$45m
$50m
1H222H221H232H231H24
Total incomeTotal spend

Reduction in underlying average monthly cash burn
* Underlying cash burn is adjusted for one-off items such as net funds from capital raise and payments
made in 2H23, that ordinarily would have been paid in 2H22 and relate to FY22.
Serko11
-$17.6 m
-$22.1 m
-$21.6 m
-$11.0 m
-$3.4 m
-$25 m
-$20 m
-$15 m
-$10 m
-$5 m
$0 m
1H222H221H232H231H24
Underlying cash flow
$2.9m
$3.7m
$3.6m
$1.8m
$0.6m
$ 0 m
$ 1 m
$ 2 m
$ 3 m
$ 4 m
1H222H221H232H231H24
Underlying average monthly cash burn*

Strategic Priorities
Serko12

The best place to do
your best work
An environment where
you can do career
defining work that
delights our customers
and partners
Culture
Develop a culture of
engaged Serkodians
aligned to our purpose,
mission and values
5
Adopt next-gen tech
foundations
Continue development
of our next-gen
technology platform to
optimisescale, cost
and pace of innovation
Marketplace
and content
Commercialisethe
connected trip
experience through
an open platform
4
Unlock the
US market
Utiliseour market
leading A/NZ
experience to improve
the success of our US-
based TMC’s
Managed
revenue
Consistently grow
market share in global
managed travel market
through TMC
partnerships and
inorganic growth
3
Make booking for
business easy
Combine Serko’s
experience of what
matters most to
business travellers
with the best of
Booking.com
Unmanaged
revenue
Establish significant
market share
in unmanaged
travel market
2
Build travel software
that people love
Engage and delight our
customers through
impactful data-driven
products
Customer
success
Deliver an exceptional
customer experience
(CX) through
experimentation-
driven development
1
3yr
Strategic
Goals
FY24
Objectives
Progress against our strategic goals
Serko13

Strengthening our executive team
Joydip Das
Chief Product Officer
•Experience as a global product
leader
•Until recently, Chief Product Officer
of technology company Iress
•Formerly Vice President, Product
at Salesforce.com and SAP
•Commenced October 2023
Liz Fraser
Chief Revenue Officer
•Extensive experience driving
revenue growth in travel and media
sectors
•Experience includes senior
leadership roles at TVNZ,______
Air New Zealand and MediaWorks
•Commences January 2024
Serko14

2. Unmanaged revenue
Completed room nights
up 192% on 1H23
Avg. revenue per completed room night
in line with 1H23
Active customers
up 61% on 1H23
Phase 1
Migration
Phase 2
Activating +
Engaging
Phase 3
Scaling
CompleteH2 FY22 –23FY23 –24
Continued delivery with Booking.com
Serko15
0.1m
0.2m
0.5m
1.1m
1.3m
1H222H221H232H231H24
€ 6.61
€ 7.04
€ 10.10
€ 9.03
€ 10.09
1H222H221H232H231H24
28
64
109
157
176
1H222H221H232H231H24

Phase 3: Scaling
2. Unmanaged revenue
•We are now focused on implementing our scaling strategies with Booking.com alongside the
delivery of new features.
•Scaling initiatives include bringingmore of the features found in our Zeno platform into
Booking.com for Business, along with new product offerings. These are supported by the strong
technology foundations in place. Further product enhancements are scheduled to be released in
the second half.
•During the half, content and servicingfrom CWT within the Zeno technology platform went live
in the Booking for Business offering.
•We entered into a five-year agreement with Booking Holdings in October 2019 and will
undertake formal renewal discussions at the appropriate time. We will keep the market
appropriately informed.
Phase 1
Migration
Phase 2
Activating +
Engaging
Phase 3
Scaling
CompleteH2 FY22 –23FY23 –24
Serko16

3. Managed revenue
Australasia
•Online bookings were up 14% in Australia and New Zealand to____
2 million, the result of continued strong growth and increased
market share
•Driven by increased transaction volumes in Australasia and new
customer wins.Rio Tinto, one of the largest corporate travel
accounts in Australia went live on Zeno during the half via
American Express Global Business Travel
Serko17
1.1m
0.9m
1.7m
1.7m
2.0m
1H222H221H232H231H24
Australasia Online bookings (millions)
$4.91
$5.11
$5.06
$4.87
$5.02
1H222H221H232H231H24
Australasia ARPB
North America
•In North America, we continue to develop the market and deliver to
our partners
•We are executing on our plans to increase customer activations
and acquisitions, capability and targeted product development

Financial Update
Unaudited financial results
for the half year ending 30 September 2023
Serko18

Net profit summary /
EBITDAF reconciliation
•Significant operating leverage
achieved as revenue grew strongly
•Increasing interest rates have
driven stronger interest income
Serko19
Net Profit Summary1H241H23changechangeFY23
EBITDAF Reconciliation$'m$'m$'m%$'m
Revenue35.818.817.090%46.5
Other income0.60.7(0.1)(13%)1.5
Total income36.319.416.987%48.0
Operating expenses(45.4)(42.3)(3.0)7%(82.8)
Percentage of revenue(127%)(225%)(178%)
Foreign exchange gains/(losses)0.22.3(2.1)(92%)1.7
Net finance (expense)/income2.01.01.098%2.6
Net (loss) before tax(6.8)(19.6)12.8(65%)(30.5)
Percentage of revenue(19%)(104%)(66%)
Income tax expense(0.3)(0.1)(0.2)130%(0.1)
Net (loss) after tax(7.2)(19.7)12.6(64%)(30.5)
Percentage of revenue(20%)(105%)(66%)
Deduct: net finance (expense)/income(2.0)(1.0)(1.0)98%(2.6)
Add back: income tax0.30.10.2130%0.1
Add back:depreciation and amortisation8.36.02.338%13.0
Add back: net foreign exchange (gains)/losses(0.2)(2.3)2.1(92%)(1.7)
EBITDAF (loss)(0.8)(16.9)16.1(96%)(21.8)
Percentage of revenue(2%)(90%)(47%)

Revenue analysis
•Continued growth in the Booking
for Business partnership drove an
increase in revenue in the Supplier
Commissions category and in the
Europe and Other geography
•Recovery in travel volumes and
marketshare gainsdrove increases in
Travel platform revenuein the
Australia and New Zealand
geographies
•ARPB grew driven by the increased
proportion of Booking.com
for Business transactions
•ARPCRN was in line with 1H23 but up
on FY23
Serko20
Revenue and other Income by Type
1H24
1H23changechangeFY23
$'m$'m$'m%$'m
Revenue – transaction and usage fees:
Travel platform booking revenue9.68.41.113%16.3
Expense platform revenue2.62.50.16%5.0
Supplier commissions revenue22.77.215.5215%23.4
Services revenue0.70.50.250%1.6
Other revenue0.20.2(0.0)-3%0.3
Other Income0.60.7(0.1)-13%1.5
Total revenue and other income36.319.416.987%48.0
Operating Revenue by Geography
Australia10.29.11.112%18.1
New Zealand1.61.20.434%2.5
North America1.61.60.03%3.0
Europe and Other22.46.915.5224%22.9
Total Revenue35.818.817.090%46.5
Total travel bookings (m)2.92.30.627%4.8
Online bookings (m)2.52.00.526%4.1
ARPB (travel related revenue only/online bookings)$12.88$7.85$5.0364%$9.56
Average revenue per completed room night (ARPCRN)€10.09€10.10(€0.01)0%€9.34

Operating expenses
•Third party direct costs increased
broadly in line with increased online
travel booking volumes
•Amortisationhas increased reflecting
a higher proportion of intangibles
being amortisedover three years
rather than five years
Note: A further breakdown of Operating Expenses
can be found in Note 3 of the interim financial statements.
22
Serko21
Operating expenses1H241H23changechangeFY23
$'m$'m$'m%$'m
Total remuneration and benefits25.826.3(0.5)(2%)49.3
Percentage of revenue72%140%106%
Third party direct costs6.45.11.427%10.4
Percentage of revenue18%27%22%
Other operating expenses4.85.0(0.1)(3%)10.0
Percentage of revenue14%26%22%
Total amortisationand depreciation8.36.02.338%13.0
Percentage of revenue23%32%28%
Total Operating Expenses45.442.33.07%82.8
Percentage of revenue127%225%178%
$0.8m
$1.4m
$2.3m
$0.0m
$1.1m
$0.3m
$35m
$37m
$39m
$41m
$43m
$45m
$47m
Operating Expenses 1H24 v 1H23

Total spend
•Total spend grew by only 3% with
lower employee share scheme costs
largely offsetting the increase in third
party costs and increased employee
remuneration expenses
23
Serko22
Total Spend1H24
1H23
changechangeFY23
$'m$'m$'m%$'m
Total Operating Expenses45.442.33.07%82.8
Add back: capitaliseddevelopment5.14.8(0.3)(6%)13.6
Deduct:depreciation and amortisation(8.3)(6.0)(2.3)38%(13.0)
Total Spend42.241.11.13%83.3
Percentage of revenue118%219%179%

Serko23
Total spend: Headcount

Product design and development
•Product design and development (PD&D)
costs is a non-GAAP measure 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
•PD&D expenditure grew in absolute terms
but reduced as a proportion of revenue
reflecting continued investment in our
product and underlying technology and
operating leverage on revenue growth
24
Serko24
Product Design and Development Expenditure1H24
1H23
ChangeChangeFY23
$'m$'m$'m%$'m
Total Product Design & Development21.320.31.05%41.7
Percentage of revenue60%108%90%
Less: capitalisedproduct development costs(5.1)(5.5)0.4(7%)(13.6)
Percentage of Product Design & Development costs24%27%32%
Total Product Design & Development (excluding amortisation)16.214.81.49%28.2
Percentage of revenue45%79%61%
Add: Amortisationof capitaliseddevelopment costs7.45.02.346%11.2
Total23.619.83.719%39.3
Percentage of revenue66%106%85%

Underlying cash flow
•Underlying cash flow is a proxy for
Free Cash Flow and excludes
movements between cash and short
term investments, cash flows related
to capital raises and unusual items
from a timing perspective
•Serko achieved positive operating
cash flows while continuing to invest
in our product and underlying
technologies
24
Serko25
1 nm stands for not meaningful
Adjusted Cash flow1H241H23ChangeChangeFY 23
$'m$'m$'m%$'m
Adjusted cash flows from operating activities1.7(17.4)19.2(110%)(19.2)
Adjusted cash flows from investing activities(5.1)(5.0)(0.1)2%(14.0)
Adjusted cash flows from financing activities-0.0(0.0)(100%)0.0
Net foreign exchange differences0.00.8(0.8)(99%)0.5
Underlying cash flow(3.4)(21.6)18.2(84%)(32.6)
Average monthly underlying cashburn(0.6)(3.6)3.0(84%)(2.7)
Cash, cash equivalents and short term deposits
at beginning of year87.7124.5(36.8)(30%)124.5
Add back adjustments:
One-off payment relating to 2022 made in 2023--nm
1
nm
1
(4.1)
Reported Cash, cash equivalents and
short term deposits at the end of the year84.3102.9(18.5)(18%)87.7

Balance sheet
•Serko’s balance sheet remains strong
with cash and short term investments
of $84.3 mi
llion and no debt
•Receivables grew driven by increased
revenue
•Payables declined relative to 30
September 2022 due to the repayment
in 2H23 noted in the Underlying Cash
Flow. Payables declined relative to 31
March 2023 reflecting the seasonal
profile of payables
Serko26
Balance Sheet1H241H23ChangeChangeFY23
$'m$'m$'m%$'m
Cash and Short Term Deposits84.3102.9(18.5)(18%)87.7
Other Current Assets16.613.23.426%13.8
Intangibles33.032.80.10%35.0
Other Non Current Assets3.54.1(0.6)(14%)4.3
Total Assets137.4153.0(15.6)(10%)140.9
Current Liabilities14.217.0(2.8)(17%)12.2
Non Current Liabilities1.82.2(0.4)(20%)2.7
Equity121.5133.8(12.3)(9%)125.9
Total Liabilities and Equity137.4153.0(15.6)(10%)140.9

Outlook
Serko27

Outlook
Considering the growth in the first half, and second half seasonality,Serko revises its anticipated
total income for the FY24 year upwards from $63 million - $70 million to $67 million - $74 million.
Serko affirms its total spend guidance of $86 million - $90 million for FY24 and anticipates
tracking towards the lower end of this spend range.
Serko is well capitalised with cash on hand of $84.3 million (as at 30 September 2023), declining
cash burn and no debt. Serko continues to be open to organic and inorganic investments and will
consider opportunities that would advance strategic objectives.
Macroeconomic and geopolitical factors continue to be uncertain, which may impact future
performance, including in the short term. Factors that could impact results include currency
fluctuations, the impact of regional conflicts and changes in hotel room rates.
Serko retains its aspiration of $100 million in total income in FY25. Serko remains committed to
achieving positive cashflow for the FY25 financial year with appropriate cash reserves on hand at
the point of breakeven
.
Serko28

Q&A
Serko29

Appendix
Serko30

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 and throughout this Investor Presentation.
•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 comprising the gross unmanaged supplier commissions revenue per
completed room night.
•Cash on hand is a non-GAAP measure comprising cash and short term investments.
•Completed room nights is a non-GAAP measure comprising the number of revenue generating 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 the number of employees (excluding casual workers) and contractors employed on the last day ofthe 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 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 term investments, cash flows related to
capital raises and unusual items from a timing perspective.
Serko31

Serko32
1H 24 results summary
1H232H23FY231H241H24 v 1H231H24 v 1H23
%
1H24 v 2H23
%
Financial ($m)
Total income$19.4m$28.6m$48.0m$36.3m$16.9m87%27%
Total spend$41.1m$42.2m$83.3m$42.2m$1.1m3%0%
EBITDAF loss($16.9m)($4.9m)($21.8m)($0.8m)$16.1m(96%)(84%)
Net loss after tax($19.7m)($10.8m)($30.5m)($7.2m)$12.6m(64%)(34%)
Average monthly cash burn$3.6m$2.5m$3.1m$0.6m($3.0m)(84%)(77%)
Underlying average monthly cash burn$3.6m$1.8m$2.7m$0.6m($3.0m)(84%)(69%)
Operational
Online bookings (millions)2.0m2.2m4.1m2.5m0.5m26%17%
Completed room nights (millions)0.5m1.1m1.5m1.3m0.9m192%22%
ARPB$7.85$11.16$9.56$12.88$5.0364%15%
ARPCRN€ 10.10€ 9.03€ 9.34€ 10.09(€ 0.01)0%12%
Active Customers (000)1091571571766761%12%

2007
Founded
SKO
ASX & NZX
340+
Size of our team
5 offices
in New Zealand, USA,
Australia, China
7000+
Managed registered
companies
Current as at 30 September 2023.
c. 600k
Unmanaged registered
companies
Serko33

Thank you